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jinandal
The
flflUflitC tl
INCLUDING
Bank & Quotation Section
Railway Earnings Section
li- rtintrfr
Railway & Industrial Section
Bankers' Convention Section
VOL. 108
SATURDAY, MARCH 29 1919
The (Orr:mitle
Week ending March 22.
PUBLISHED WEEKLY.
1919.
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months (including postage)
7 50
Annual Subscription in London (including postage)
22 14s.
Six Months Subscription in London (including postage)
21 118.
Canadian Subscription (including postage)
•$11 50
Subscription Includes following SupplementsBANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(twice yearly)
RAILWAY EARNINGS(monthly) ELECTRIC RAILWAY(twice yearly)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
Terms of Advertisind-Per Inch Space
Transient matter per inch space(14 agate lines)
(8 times)
Two Months
iryall)
ii,
iitlis (13 times)
Standing Business Cards 'Mx
(26 times)
TweiveMonths(52 times)
CHICAcio OFFICE-39 South La Salle Street,Telephone Majestic 7396.
-Edwards
& Smith,1 Drapers' Gardens, E. C.
LONDON OFFICE
$4 20
22 00
29 00
50 0()
87 00
WILLIAM B. DANA COMPANY, Publishers,
Front. Pine and Deneyster kits.. Now York.
--Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and
Secretary. Addressem of both, Office of the Company.
CLEARING
HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $6,566,653,445, against $7,688,818,410 last week and $5,714,006,377 the
corresponding week last year. Good Friday, partial holiday, in week last year.
Clearings-Returns by Telegraph.
Week ending March 29.
New York
Chicago
Phtladel plata,
Boston
Kansas City
St. Louts
San Francisco
Pittsburgh
Detroit
Baltimore
Now Orleans
1919.
52,827,132,791
411,699,701
322,055,320
236,624,701
151,584,676
117,402,804
•
90,315,530
110,620,686
68,014,740
53,236,675
47,317,462
per
Cent.
1918.
$2,685,876,582
+5.3
432,990,593
-4.9
219,476,547
+46.7
221,113,735
+7.0
134,275,044
+12.9
129,623,201
-9.4
76,174,260
+18.4
50,184,531 +120.4
43,408,759
+56.7
30,431,234
+74.9
43,661,469
+8.4
Eleven cities, 5 days
Other cities, 5 days
34.436,005,086
920,148,367
$4,067,215,955
788,463,278
+9.1
+16.7
Total all cities, 5 days
All CMOS, 1 day
$5,356,153,483
1,210,499,962
$4,855,679,233
858,417,144
+10.3
+41.0
AR.511R 1153,14A
RA 715 non '277
_LIA A
monk
The full details for the week covered by the above wil be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon onSaturday, and hence in the above the last day of the week has to be in
all Cases estimated, as we go to press Friday nithg.
Detailed figures for the week ending March 22 show:
Week ending March 22.
Clearings at1919.
1918.
4,325,403,377 3,026,182,450
Now York
Philadelphia _ _ _ 452,568,996 334,999,806
167,437,696
80,404,843
Pittsburgh
84,096,797
48.349,978
Baltimore
21,323,523
19,603,471
Buffalo
15,141,764
13,034,478
Washington
4,280,142
4,277,744
Albany
8,991,821
6,041,819
Rochester
3,647,657
3,686,307
Scranton
3,345.449
3,885,392
Syracuse
2,200,000
2,468,362
Reading
2,800,000
2,952,577
Wilmington
2,359,383
Wilkes-Barre___ _
2,265,236
4,082,563
4.013,425
Wheeling
2,350,000
3,257,390
Lancaster
2,250,000
2,439,585
Trenton
1,209,017
1,189,536
York
1,784,120
1,933,976
Erie
757,100
Binghamton __
818.000
886,220
850,000
Greensburg
1,239,000
1,304,274
Chester
874,669
818,089
Altoona
361,396
434,723
Montclair
Total Middle_ 5,109,390,693 3,565,211,537
Boston
Providence
Hartford
New IIaven
Springfield
Portland
Worcester
Fall River
Now Bedford
Holyoke
Lowell
Bangor
320,456,060
8,932,400
7,942,142
4.554.404
3,888,489
2.204,386
3,099,825
1,349,269
1,339,065
611.146
905,424
016,856
263,505.085
11,996,900
7,147,814
4,94:3.485
3,603.825
2,100,000
3,339,804
2,880,180
1,971,064
617,785
1,000,000
768,160
Inc. or
Dec.
1917.
1916.
+42.9 3,259,237,817 2,651,819,063
+35.1 332,622,500 204,105,477
+108.2
81,806,183
62,097,864
+73.9
38,713,051
36,413,253
+8.8
16,110,834
12,330,726
+16.2
9,540,557
8,360,692
+0.2
5,028,442
4,547,129
+48.8
5,715,131
4,495,015
-1.0
3,077,029
2,990,012
-13.9
3,301,949
2,639,021
-10.9
2,212,607
2,024,041
-5.2
2,870,135
2,646.987
+4.1
1,902,533
1,544,507
+1.7
3,614,087
2,688,626
-27.8
2,380,236
1,699,215
-7.7
2,014,504
2,073,741
+1.7
1.004.882
945,216
-7.7
1,456,092
1,143,122
-7.5
834,300
724,700
+4.3
725,000
705,476
-5.0
1,174,456
876,153
+6.9
644,533
550,984
-16.8
• 408,206
328,396
+43.3 3,776,395,064 3,007,858,416
+25.0
-25.5
+11.1
-7.9
+7.9
+5.0
-7.2
-53.2
-32.1
-1.1
--9.5
--19.8
213,770,039
9,589,300
8,604,657
4.624,234
3,654,631
2,200,000
3,403.250
1,695,331
1,850,000
888.611
1,014,604
582,700
201,523.346
8,155,300
7,224,698
3,484,582
3,709,142
2,058,586
3,618,560
1,797,519
1,326,314
932,200
850,033
547,648
'rot. New Eng_ 364,001.266 303,874,102 +20.1 251,877,357 235.028.227
Note.-For Canadian clearings see !*Commercial and Miscellaneous News."
NO. 2805
Clearings at-
Terms of Subscription-Payable in Advance
T.,1,-.1 .11 nl+Inat fnr
Electric Railway Section
State and City Section
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Raplds
Dayton
Evansville
Springfield, Ill
Fort Wayne_ _ _
Lexington
Youngstown __
Rockford
Bloomington _ _
Quincy
Akron
Canton
Decatur
Springfield, 0
South Bend
Mansfield
Danville
;Jacksonville, Ill_
Lansing
1.1ma
Owensboro
Ann Arbor
Adrian
1918.
$
517.098,111 538,935,271
68,878,690
58,515,221
124,087,433
72.081,289
123,000,0(0
53,842,015
33,495,570
29,572,593
12,615,000
13,512,000
12,470,800
9,295,700
11,389,942
10,349,909
5.020,534
6,034,262
4,695,3371
4,991,136
3,300,000;
3,807,847
4,348,753
3,804,195
2,151,039
2,300,000
1,163.587
1,194,979
1,500.000
1,591,532
3,286,166
2.438,406
2,095,049
1,984,804
1,483,641
1,510,532
1,526,957
1,511,458
8,228,000
4,555,000
4,071,639
3,000,000
1,021,028
1,027,628
1,205,842
1,296,585
1,125,000
1,070,253
1,148,288
1,108,448
605,000
550,000
557,703
462,894
880,000
300,000
776,220
750,000
1,182,384
927,253
511,206
317,010
136,037
117,112
Tot.M id.West
054,843,203
San Francisco___
Los Angeles
Seattle
Portland
Salt Lake City_ _
Spokane
Tacoma
Oakland
Sacramento
San Diego
Stockton
Fresno
San Jose
Yakima
Pasadena
Reno
Long Beach
Total Pacific
146,993,960
36,871.000
45,745,426
31,472.820
12,050,000
9,654,420
5,217,364
8,038,972
3,613,869
2,071,366
1.998,330
2,847,876
1,658,543
1,057,476
1,314,066
523,933
1,306,454
312,515,815
Kansas City__ _
Minneapolis
_
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Topeka
Cedar Rapids__ _
Colorado Springs
Pueblo
Fargo
Duluth
Waterloo
Helena
Fremont
Hastings
Billings
Aberdeen
Tot.Oth.West.
193,453,401
37,242,421
62,198,077
15,365,692
19,412,728
17,232,458
10,035,330
10,079,278
10,473.444
5,016,155
3,106,270
2,375,454
896,914
803,381
2,400,000
5,082,240
1,583,304
1,954,544
795,062
603,613
1,246,235
1,238,263
402,594,464
Inc. or
Dec.
1917.
1916.
-4.1
+17.7
+72.1
+128.5
+13.3
-6.6
+34.2
+10.0
-16.8
-5.9
-13.3
+14.:3
-6.5
-2.6
-5.7
+34.8
-5.3
+1.8
+1.0
+80.6
+35.7
+0.6
-7.0
+5.1
-3.5
+10.0
-17.0
+10.0
+3.5
+27.5
+61.2
+16.2
$
I
$
451,725,989. 353,879,129
38,863,346
31,582.250
56,648,379, 33.178,000
53,620,697; 36,011,809
23,689,472; 17,243,422
11,994,000;
8,477.099
8,924,000.
7.723,400
10,677,2981
8,008,877
4.000,000;
3,521.201
4,235,888;
3,382,540
3,507,790'
2,637.932
2,384,273
1,757.720
1,784.278
1,430,198
1,706,215
1,237,680
716,015
650,000
1,576,792
3,007,485
1,546,563;
1,152,995
777.864
1.071,698;
1.204,3341
1,104.103
3,403,000
6,712,000;
2,321,360
3,053,920,
548,128
795,359;
985,2431
887,069
691,966
878,884
608,066
1,004,778
603.471
537,961
286,049
342,161
987,101
950,000
731,986
591,615
332,913
629,208
349,588
291,771
97,797
133,248
833,466,735 +14.6
698,354,239, 527,040,932
92,956.927 +58.1
85,974,297; 55,755,681
22,311,487
27,617,000 +33.5
31,837,000
33,705,906 +35.7
21,237,378' 13,542,972
20,853,890 +50.9
10,669,242
14,649,313
11,419,112
7,322,207
11,501.914;
+5.5
4,181,727
8,344,660 +15.7
6,042,392;
2,385,922
4,012,806;
4,958,459 +6.8
5,555.814 +44.7
3,639,374
4,753,539,
2,331,363,
1,708.900
3,469,378
+4.1
2,107,5111
2,263,889
2,007,901
+3.2
1,189,266
1.989,053 +0.5
1.591,575;
1,018,861
2,069,966 +37.6
1,499,6821
889,915 +86.4
598,674
650,000
719.614 +47.0
478.698
601,3711
973,179
1,009,124 +30.2
1,521,550;
484,682
308,989
501,948;
+8.0
959.872 +36.2
549.724
721,426
219,011,283 +42.7 191,585,745 128,898,592
1
212,868,960 -9.1 117,135,300I
76,380,733
33,005,603 +12.8
22.520,845
24,899,725
64,342,926 -3.3
24,000,000
29,720,389
15,273.598 +0.6
14,590.190
13,971,108
21.720.387 -10.6
15,492,567; 10,258,257
20,768,104 -17.0
14,586.713
9,194,295
11,040,178 -9.1
6.034,266
7,475,310
10.764,227 -6.4
4,477,469
5,258,366
4,218,823
8.754.278 +19.6
4,906,407
2,723,145
5,120,354 -0.08
3,437,7271
4,400,000 -29.4
2,714,225
1,724.984
1,920,404
1,999.583 +18.8
2,521,870
754,231 +18.8
750,345
710,643
736.427
+9.1
383,147
506.926
2,016,836 +19.0
1.901,043
1,526.783
4,771,974
4,577,315
4,165,353
+6.9
2,706,117 -41.5
2,573,447
2,340,148
1,143.428
1,687,586 +15.8
1,518,504
1,136,759 -30.0
426,512
531,941
699,243 -13.7
266,148
467,221
897,237 +26.2
084,897
873,847
1,091.016 +13.4
746,860
607.654
426,645,624 -5.6 255,367,727 191,496,583
St. Louis
167,872,398 165,201,781
+3.4 121,752,265
89,521,726
New Orleans
55.935,199
54.105,735 +3.4
33,029.623, 23.021.901
Louisville
18,250,000
24,277,505 -24.8
18,279,287
16,971.390
Houston
15,701,685
14,800,000 +6.1
10,980,061, 10,226,187
Galveston
5,773,299
5.000,000 +15.5
4,385,721
4,715,831,
Richmond
55,373,335
42,943,889 +24.5
16,734,513
22,605.183
Forth Worth_ _ _ _
13,720,586
15,055,568 -8.9
8,647,549
11,835,391
Memphis
16.969,164
13,490,836 +25.8
9.661,223,
7,246,765
54,575.521
Atlanta
47,219,725 +15.6, 22,345,129
15,553.454
Savannah
5,873,498
6,174,878 -4.9,
5.518,964
4,658,981
Nashville
15,759,261
14.431,552 +9.2,
8,442,948
6,880.247
Norfolk
7,659,176
4.421,754
7,335.465
+4.4,
4,991,615
Birmingham _ _
14,086,276
4,840.382+191.0
2,605,541
3.784.504'
Augusta
3,859,650
3,983,017 -9.9,
1,213,334
1,988,561i
Jacksonville ___
3,499,071
9,425.887
4,568,313 +101.9,
4,098,3611
Mobile
1,600,000
961,372
1,572,840
+1.71
1,160,783,
Knoxville
2,272,140
2,042,899
2,605,243 -12.8;
2,517,385,
Little Rock
4,695,248
2.419.844
5,397,939 -13.0;
3,272,156
Chattanooga _ _ _
6,081.098
2,623,965
4.409,646 +37.9
3,473,3011
Charleston
2,183,539
2,700,000
3.000,000 -10.0
2,475,422.
Oklahoma
0,716,648
3,251,415
9,250,829 +5.0
6,728,179
Macon
1,800.000
3,302,558
2,000.000 -10.0,
1,161,888!
Austln
12,613,728
4,900,000
5,000,000 +152.3
5,2
100
506
0!
69:00
Vicksburg
184,113
384,991 -17.5'
217,730
Jackson
532.154
552,738
568,652 -2.8
513,071;
Tulsa
3,007,723
8.706,782
7,701.906 +13.0
8,705,918,
Muskogee
2,686,534
1.524,134,
1,140.437
2,724,079
+1.4
Dallas
7,310,144
27.388,883
13,500,000 +102.9
11,329,037,
Shreveport
2.341.924 +21.0
2,832.980
1.600.000
Total Southern 544,566,969
483,849,156 +12.5 330,999,793 250,308,280
_
Total all
7
-,688,818,410 5,832,058,437 +31.8 5,504,579,931 4,340,8307
- 703
Outside N. Y_ 3,363,415,013 2,805.875,987 +19,9 2,245,452,114 1,689,011,640
1200
THE CHRONICLE
[VoL. 108.
tention that an arbitration award is mat a mere
scrap of paper, to be lightly thrown aside for poELECTRIC RAILWAY SECTION.
With to-day's issue of the "Chronicle" we send to litical or other purposes; to maintain port cl2aaes
New York
our subscribers a new number of our "Electric Rail- at such a level that the supremacy of
her comof
diversion
the
by
destroyed
not
be
will
way" Section, revised to date.
merce; to establish with our employees a permanent
board, with equal representation to employer and
THE FINANCIAL SITUATION.
The deadlock in the struggle between the boat employee, to do away with future controversies."
owners and the striking harbor workers continues They were prepared, they add, to accept the sounabated and without present prospect of even the called Macy award, but the strikers would not, and
familiar temporary settlement which is soon fol- then "the several departments of the U. S. Governlowed by a renewed outbreak. About two weeks ment which were committed to that award proago, not only was there some anxiety expressed over ceeded at once, and without any attempt at explanathe fuel supply, necessary for continued operation tion or justification of their course, to set it at
of the subways, but the departure of foreign liners naught." They close their statement by quoting
and even vessels in important Government service from the Merchants' Association that condoning
was so hindered that a few had to leave port without violation of an arbitrator's award is reprehensible,
their regular loading and some were diverted else- and "doubly harmful when sanctioned by Governwhere. At that time, the "conciliator" attached mental authority, for it is then tantamount to
to the Government's Department of Labor said that notice that the Government will not enforce the
the Army and Navy and the Shipping Board had obligations of good faith, but, on the contrary, will
arranged -to pay the Railroad Administration's reward the delinquents by conceding their demand."
So, as a Government official who is not named
wage scale and accept its working conditions, and
that three alternatives lay open:,the private boat but is said to be well-informed, puts the situation,
owners could do likewise, or they could charter the boat owners feel absolutely solid and say they
their boats to the Government "bare" (without will resist attempts to commandeer their property,
crews), or the Government would commandeer the the war being over, while the strikers are confident,
boats, also, that "the Government's interests will and "I see no rift in the lute."
Is not the lute all rift, and while nobody can yet
not suffer."
the
that
how or when the deadlock is to be temporarily
say
charged
owners
the
time,
same
the
At
Government was working in harmony to force them broken is not the incapacity of Governmental
to follow the action of the Railroad Administration methods in the adjustment of wage difficulties once
but that they could not afford to yield indirectly more exemplified? The welfare and the work of
to the unions by permitting their craft to be taken. this city and port are not local; they are not of naThey attempted to make private bargains with tional consequence merely; they are international.
some of the strikers, but unsuccessfully, seeming The President, the responsible head of our Govto accomplish only an increasing bitterness of lan- ernment and for several years past the most powerful
guage and a threat that the longshoremen would ruler on earth, is spendin'g his time and effort, on
go on a sympathetic strike unless they desisted. foreign soil, in trying to enforce adoption of an
On the 20th the situation was reported to be one of international agreement which, whatever else be said
abandonment of all hope of settlement when it or thought of it, properly comes after the framing
became known that the boat owners "will co-or- and signing of a peace draft whereby an official and
dinate their resources and make a determined effort technical end may be made of "this present war."
to break the tie-up." The head of the Government's Meanwhile bloodshed, destruction and menace to
transportation service sent a message for "those both property and life, and upheaval in nearly every
connected with the strike of marine workers" that respect, prevail all over the so-called civilized world.
the Department "views with alarm any act on their There are no dividends in quarrels, yet quarrels
part which tends to interfere with the handling of and bitter menaces enwrap the globe like a poisonvessels engaged in the return of American troops" ous atmosphere. The sharpest present need, in
and requests co-operation and assurance that the whose lack lurk the gravest dangers, is for a basis
movement of such vessels will not be interfered with. of stability, a revival of productive industry, a
One of the strike leaders thereupon decided to help modus vivendi; the call for pacification is loud right
the departure of vessels, and the handling of fuel here at home.
All large labor quarrels of at least the last fifteen
for public utilities was also set down for favorable
have ended in one way: by intervention and
years
consideration.
Government is appealed to and comes
advertised
surrender.
have
part,
their
on
The boat owners,
another statement of the matter, due to the suffer- in, always on behalf of the striking workers and
ing public. Condensed to the utmost, it is this: always putting pressure on the employer to yield.
at the start of the trouble, 233 concerns, owning Always it is assumed that the public interest reor operating practically all the privately-held marine quires that transportation or whatever else is the
harbor equipment of this port, determined to resist work shall go -on, and therefore, inasmuch as the
to the uttermost the demand for a fictitious eight- strikers are essential to it and are determined not
hour day, impracticable for the reasons stated in to yield, the employers must yield because the
their former advertisement and admitted to be so public cannot bear inconvenience. Government
both by the War Labor Board and by umpire Macy. never speaks with authority to the strikers; it alSince the Government surrendered to the strikers, ways coerces the employers, sometimes appealing
they say, four of their number have acceeded to to them to surrender once more, in the name of
the union demands, but 229 concerns, owning more patriotism and the welfare of the country, and
than 99%, "are determined to resist to the end." sometimes threatening to seize their property if
They stand on three principles: "to uphold the con.- they do not. Always the voice of Government
MAR. 29 1919.]
THE CHRONICLE
1201
is soothing to the strikers and stern to the employBuilding construction wijuld appear now to indiers; always it comes upon the scene of strife to end cate some recovery from the extreme inaction that
that by helping the complainants to win their de- was the feature of operations in the industry for an
mands once more. It is always once more, by the extended period, the returns at hand denoting that
necessities of selfish human nature; the way to raise a greater volume of work was put under contract
their own wages having been shown to the strikers, in February than at any time since last August. At
they resort to it periodically, and as for arbitrations the same time it is to be noted that operations are still
and agreements those are kept until what they grant far below normal, a situation in which the high cost
is exhausted, when they are thrown to the scrap- of labor and materials, and the scarcity of some
deheap and a fresh demand is made, not necessarily scriptions of the latter, are not unimportant elements.
waiting until the agreed term of truce is half ex- The need of structures both for business and dwelling
pired. Government bows to organized labor, be- purposes is becoming so urgent, however, that concause of its solid and always over-estimated "vote," siderable building is likely to be done in the near
fuand expends itself upon "capital."
ture despite the various drawbacks. Recently some
The individual right of hire and of quitting work shading of prices has been reported in a few
materials,
at pleasure, subject to a damage suit in case of vio- but for such an essential as common brick a
further
lation of contract, is of course fundamental; the advance is expected as a result of new labor
condiright of a mass of men simultaneously to quit work, tions in that industry. Referring to the
materials
with the intent of coercing the employer, is as far situation the Dow Service Report remarks that
in
from the other right as the south pole from the such basic material "as lime, cement, &c., the
renorth. What is lawful in one person may be con- serves are so low as to indicate beyond any question
spiracy when concertedly arranged by a number of that the price lists are where acceptance is immedipersons. The Sherman Act broadly forbids "every ate." Whether the recommendations of the Incombination, in the form of a trust or otherwise, in dustrial Adjustment Board, organized at the
sugrestraint of trade," and provides a penalty for gestion of Secretary. Redfield of the Departme
nt of
"every person" engaging in such conspiracy. There Commerce, for the purpose of bringing about fair
is no distinction made or exception granted. A prices for basic commodities, especially those used in
combination to stop a certain business, to suspend building, will give impulse to construction work,is, of
a public utility, to tie up the commerce of a great course, conjectural, but action is awaited with much
seaport, to halt all transportation and reduce a interest.
city to the famine state of a siege, unless certain
Our February compilation, covering returns from
demands are granted, is a conspiracy in restraint of 168 cities in various sections
of the country, inditrade, or words have no meaning. The responsi- cates that the expenditures
arranged for under the
bility of union members for obeying their leaders permits issued are moderatel
y greater than a year
rather than the law, and of the leaders for threaten- ago but with that exception the
smallest for that
ing and attempting coercion, is fully established month in over a decade. The
total contemplated
under the law. The means of dealing with labor outlay foots up $34,133,487, against
$29,643,556 in
conspiracies exist; the disposition to enforcement 1918, or an increase of 15.1%,
but the loss from 1917
alone is lacking.
reaches fully 40%. The result for Greater New York
The labor problem is the largest, ugliest and most is very much better than a year
ago, an outcome due
difficult confronting the world to-day. Despair very largely to operations
in Manhattan, although
about it is not to be admitted; it must be settled, all other boroughs except the
Bronx show important
and it will be, for otherwise the world cannot go gains. The current aggregate of
outlay is $8,125,on to prosperity. Though organized labor is dog- 613, against $4,328,691, but
compares with $12,edly hostile in attitude, and intensely determined 434,792 two years ago. Outside of this
city the estito surrender not a jot of the concessions in hours mated expenditures reached
$26,007,874, against
and wage wrested by it through the stress of war, $25,314,865 in 1918 and $44,975,4
20 in 1917, and of
there are factors of reason at work which in course the 167 cities 98 exhibit increases
over last year, with
of time will mollify the antagonism. Co-operative the percentages heavy in many
instances. In this
producing and selling is one; group insurance is category are
Philadelphia, Baltimore, Omaha, Minanother; "industrial republic" plans such as have neapolis, Los
Angeles, Richmond, Detroit, Milwaubeen evolved by the Standard Oil and other great kee, Indianapolis,
corporations are another. The truth that labor cuse,Memphis, Toledo, Atlanta, Rochester, SyraHartford,Seattle,Birmingham,Akron
and capital are natural partners and cannot live and Fort Worth.
On the other hand, decreases of
asunder will bring together the ends of the circle; noteworthy size
are to be seen at Chicago, Boston,
but labor must be taught that it is not a "class" and Kansas City,
New Orleans, Jersey City, Buffalo,
that its responsibility to law cannot be evaded by Newark, New
Haven, Washington, and a number of
any riders on appropriation bills and any provisos cities of lesser
importance. As arranged by us in
tucked into laws aimed at capital and large busi- groups, the cities of
New England record a slight
ness.
diminution in expenditure from last year, and the
What is a Government worth which has authority "Other Western" division
a loss of a little over 13
%
for one set of men and cringes before another set? million dollars. The
Middle group (exclusive of
Is it worth fighting for; is it worth retaining, or has Greater New York)
shows a gain of about threeit stability, not having the element of even-handed quarters of a million, the
Middle West 2-3 of a million,
justice? Is it not plain that we need more of the the Pacific Coast
a little over a million, and the
spirit of Mayor Hansen of Seattle, a spirit which so South Yi of a million.
commended itself to admiration that he was imFor the two months of 1919 the total estimated
mediately mentioned as a possible candidate for the outlay at the identical 168
cities reaches $57,109,645,
Presidency?
against $58,580,821 in 1918 and 116 millions in 1917,
Greater New York's share of the aggregate being 12
THE CHRONICLE
1202
millions, against 93/ and 22 1-3 millions. Outside
of New York this year's portion is $45,061,127,
against $49,006,380 and 94 millions. New England's total of $4,146,875 for 25 cities is over a million
less than a year ago, and that of $14,486,503 for 30
municipalities in the Middle West falls behind 1918
13 millions. The Middle'group (Greater New York
excluded) also shows a slight falling off and the diminution in the "Other Western" division, 24 cities,
runs over 2 millions. At the South (34 cities) a gain
of 1-3 of a million is exhibited, and 15 cities on the
Pacific Coast record an increase of $366,620.
Canadian building operations for February 1919
also furnish evidence of more activity, the returns
at hand from a majority of the reporting cities indicating a greater volume of work under permit than
in the corresponding period of 1918. Returns for 25
cities in the Eastern Provinces combined exhibit an
increase of $821,054 ($1,512,717, contrasting with
$691,663 a year ago). At 12 cities in the western
part of the Dominion, however, the outlay called for
by the permits issued is only $178,910, against
$206,140. Consequently, the 37 cities furnish an
aggregate of $1,691,627, against $897,803 for the
month of 1918 and $1,621,884 in 1917. For the two
months the Eastern total is $2,415,081, against
$1,544,877, with the gain accounted for in greatest
part at Toronto, Hamilton, Halifax and Kitchener.
The Western aggregate, on the other hand, is only
. $403,237, against $923,695, with the loss almost
wholly at Calgary. For the whole of the Dominion
(37 .cities) $2,818,318 this year contrasts with
$2,468,572 in 1918.
[VOL. 108.
schedule, the change having been conceded and
put into effect Feb. 3; the shutting down for an
indefinite period of the eight mills of the American
Printing Co., and more or less curtailment by other
establishments. With this the situation, it is not
to be expected that stockholders will fare anywhere
near as well in the immediate future as in the two or
three years last past.
Our compilation of dividends declared by the
Fall River mills for the opening quarter of 1919 indicates that of the 37 corporations included 19
increased the rate of distribution as compared with
a year ago, 2 reduced it and 16, following a conservative course, adhered to the rate hitherto prevailing.
In all, the amount to be paid out in the period this
year reaches $1,131,184, or an average of 3.42% on
the capital invested, whereas in 1918 the distribution
was only $955,059 or 2.90%; in 1917 aggregated
but $761,975 or 2.51%, and the preceding year,
$342,417, or 1.13%. For all earlier years back to
and including 1910, the return to shareholders was
very much below the current average, and even in
1907 and 1909, when the situation was considered
more favorable than usual, the first quarter's distribution was but 2.71% and 2.70%, respectively.
A delegate to the Peace Conference was quoted on
Monday as saying that the situation in Europe had
developed into "a race betwen peace and anarchy."
Whether altogether accurate, this is certainly an
epigrammatic word picture. All of the developments of the week in Paris on the one hand, and in
Hungary, Russia and Germany on the other, represent largely the filling in of the details. As last week
E. M. House was quoted as
The dividend distributions by the Fall River drew to a close Colonel
statement, with confidence,
cotton manufacturing corporations for the first having made the definite
of the peace treaty would
framing
quarter of 1919 are a continuation of recent satis- that by to-day the
that within three weeks
and
fact
shed
factory results and do not reflect the change in be an accompli
be in Versailles. Last
should
delegates
that industry that came with the signing of the the German
the Committee on the
was
ed
determin
so
,
is
Saturday
armistice. The current distribution, however,
complete the re-drafting of
not as heavy as that for the three quarters that League of Nations to
that announcement was made
immediately preceded it, nor is it as good as the covenant that day,
continuous sessions—well into
for the third and fourth periods of 1917, and yet that it would hold
.
it is appreciably larger than for the first quarter of the night if necessary
only slight progress is said to
fact,
of
matter
a
As
opening
the
for
record
high
a
ntly,
1918 and, conseque
ent was taken until
three months of any year. It is to be noted also have been made and adjournm
definite and seemto
g
that all the mills remain on a dividend paying basis Monday evening. Accordin
made public on
was
that
on
and quite generally where increased rates of distribu- ingly official informati
made at the
was
progress
al
substanti
tion had been established, they are maintained. Tuesday,
on that
The
informati
session.
evening
As intimated, this excellent showing is based upon Monday
indicate,
to
seem
would
y
yesterda
the
hand
to
reflect
came
past earnings and does not in any sense
week could
present situation. On the contrary there has been however, that the statements early in the
was indiIt
sources.
official
from
the
come
by
not
have
created
demand
a decided change since the
in
reached
been
war ceased, and hereafter, except as it may be main- cated then that an agreement had
to
nt
amendme
an
to
tained by drawing upon accumulated surplus, the the committee with respect
, which it
distribution to shareholders is likely to be materially Article X relative to the Monroe Doctrine
s
raised in
objection
the
satisfy
would
reduced. Not only are the mills at the moment work- was believed
le
any
undesirab
in
result
not
and
States
United
in
the
ing much below capacity and finding difficulty
Gregory
-General
Attorney
Former
ions.
complicat
products
for
the
prices
disposing of their output, but
was perfectly
show a considerable reduction. Taking printing was said to have held that this article
covenant
the
of
draft
the
in
appeared
it
as
sound
28-inch
64x64s—
that
note
we
cloths as an example,
upon by
agreed
the standard—which were quoted at 14 cents per of the League of Nations originally
brought
Wilson
yard in April and May last, have been rapidly de- the committee, and which President
to the
g
Accordin
clining of late and at the moment rule at only 73 with him to the United States.
stipunt
amendme
the
,
cents as against 10% cents a year ago. In other information made available
will
not
covenant
the
ts
under
agreemen
classes of goods, too, there have been important lated "that
the
principles
upon
ment
infringe
an
as
d
reductions, but wages continue at the highest level be considere
in the history of the industry. Specifically, recent of international policies heretofore generally recogdevelopments include the demand for a 48-hour nized." This language is certainly indefinite enough
working week to take the place of the 54-hour for any ultra-conservative. It was made so pur-
T...,•*••••••••••.•
MAR. 29 1919.]
THE CHRONICLE
posely, presumably upon the recommendation of
Mr. Gregory, who counseled against making it
possible, through an amendment, for the door to
European nations being opened more widely than
the United States might think best. In order to
further protect Article X in its original form, it was
stated that the amendment would not be made an
integral part of it, but only an appendix, pledging
members of the League "to respect and preserve,
against external aggression, the territorial integrity
and existing political independence" of members.
Specific mention was not made of the Monroe Doctrine in the amendment. Yesterday it was set forth
in Paris advices that the Committee on the League
of Nations had practically completed its work and
that the covenant then contained no mention of the
Monroe Doctrine and not even an amendment of
Article X. There was said to be no reference either
to the demands of the Japanese delegation for recognition of the racial equality of nations.
The covenant has been turned over to a special
committee, consisting of Col. House, Lord Robert
Cecil, Premier Venizelos of Greece, and Ferdinand
Larnaude, Dean of the Paris Law Faculty, which
is carefully considering the wording of the document.
This committee has been directed to return it in revised form to the general committee at the earliest
possible date, which may be within the next two or
three days. The covenant is said to still contain 26
articles, the same as in the original draft. Naturally
there was great curiosity in Peace Conference circles
and in Paris generally yesterday as to the reasons
for not including an amendment to the Monroe Doctrine article and a provision that would satisfy the
Japanese delegation. No definite information on
these matters was forthcoming, but it was intimated
that stumbling blocks had been encountered in both
instances, which so far it had not been possible to
overcome. According to Washington advices last
evening, the belief was entertained in official circles
there that the Monroe Doctrine "would be icorporated in some effective form." Very little was
said in Paris officially relative to the amendments
suggested by former President Taft, one of which was
said to deal directly with the Monroe Doctrine. From
Washington came the statement, however, that President Wilson had cabled Secretary Tuinulty expressing
his appreciation of the suggestions. Some surprise
was expressed over the announcement yesterday
that among the amendments adopted by the committee was one directly recognizing the principle
of woman suffrage, by providing that the offices
of the League shall be open to women as well as to
men. Permission to withdraw from the League, on
two years notice, was granted provided that the
nation making application shall have fulfilled its
international obligations.
It was reported in Paris late yesterday afternoon
that the membership of each of the individual States
in the Executive Council would be increased from two
to three, and it was intimated that the new member
would be a representative of labor. A new Council,
to be composed of foreign ministers and foreign
secretaries of Great Britain, the United States,
France and Italy, is said to have been created, to
work simultaneously with President Wilson and the
Premiers on some of the most technical, but important problems of the peace settlement. It was said
also that Japan would not be represented in the new
Council. Lloyd George, in a communication to the
1203
"Manchester Guardian" yesterday, vigorously urged
disarmament as essential to the success of the League
of Nations.
On Tuesday another important development at
the Peace Conference came to light. Up to that
time the Council of Ten had practically dominated affairs. It was claimed, however, that, with special
advisers, clerks, stenographers, &c., a session often
became a body of 25 or more, and that the progress
desired in working out the peace treaty was found
to be practically impossible. Accordingly, President Wilson, Premiers Lloyd George, Clemenceau
and Orlando decided that they must take matters in
their own hands and constitute themselves what has
since come to be designated as the "Council of
Four." It was said that the Council of Ten would
be called together "only as a Supreme War Council
to consider important military matters." The Bolshevist control of Hungary was reported to have
been the final factor in bringing the four big leaders at the Peace Conference to this decision.
The next sensation in Peace Conference circles
came the following day, when well-defined reports
were circulated that the leading commissioners were
considering the advisability of framing one general
..all the nations should become sigtreaty to which.
natories, instead of making a single treaty for Germany to sign at the earliest possible date, and the
making of individual treaties with .the other nations
subsequently. In support of this plan it was
claimed that, after some weeks of careful study, it
was realized that the "questions affecting all the
enemy nations are so complicated that it was impossible to separate them." It wsa further urged
that "the general treaty would make Germany a
party to the peace obligations." Still another argument offered in support of the general document
was the "fear that if the demands on Germany were
publishedi.before those of other enemy countries uprisings might occur in those countries." The claim
was even setrup that the new armistice demands on
Hungary were chiefly responsible for the overthrow
of the Karolyi Government by the Bolshevist element.
At first most of the foregoing reasons given for the
proposed change as to the form of the treaty were
not regarded as convincing. Even those who
favored it, all things considered, admitted that it
would delay considerably the making of peace with
Germany. According to one of the estimates, said
to be semi-official, it would not be possible to submit the peace plan of the Allied Powers to Germany,
Austria-Hungary, Turkey and Bulgaria before May 1,
and that it would probably be May 10 before the
final session of the Peace Congress could be held.
However, hopes were said to have been expressed
in Peace Conference circles Thursday that the treaty
might be signed by April 20. As the week advanced nothing definite was made public to
show that the idea of a general treaty had
been abandoned. Thursday's advices indicated that
President Wilson was credited or charged with—
whatever way one may wish to view the matter—
with being responsible largely for the decision to
combine all the peace treaties into one. The understanding was reported to exist in Paris yesterday
that President Wilson and Premier Orlando favored
the comprehensive agreement, but that Lloyd George
1204
,
THE CHRONICLE
and Premier Clemeceau had not yet given their
approval of the proposed change. The reported
threat of the Italian delegation to return to
Rome, to make a separate peace with Austria, and
to refuse to sign the Allied peace treaty with Germany, unless Austrian peace terms were taken up
at the same time with those of Germany, is believed
to have carried considerable weight with the Entente
delegation and President Wilson. The change of
front by the latter, however, could not help being
regarded as surprising, in view of his determination
hitherto for an early peace with Germany alone.
Needless to say that the big sensation of the week
did not occur in Paris, but in Hungary. While it
is now claimed that the Peace Commissioners had
been warned for some weeks by the confidential
representatives whom they had sent into that and
neighboring countries, as to actual conditions, which
at any time might result in an outbreak, still the
resignation of the Hungarian Cabinet, of which
Count Michael Karolyi was the President, appeared
to come as a real surprise in Paris. Knowledge of
the fact became known there on Sunday. The same
day came reports from several points that the proletariat of Hungary had set up a Government, and
was even signing a proclamation acknowledging a
state of war between Hungary dnd the Entente.
The Socialists and Communists were said to have
declared martial law throughout the country immediately following the giving up of the Karolyi Cabinet. According to a statement of the new Hungarian
Government, the chief and final grievance against
the Entente Powers was the decision of the Peace
Congress to use Hungary as a sort of buffer State,
or "dumping ground," to repeat a much less elegant
expression, of which rather frequent use was made
by supporters of the new regime. The proposed
complete socialization of all the resources, industries,
by supporters of the new regime. The proposed complete socialization of all the resources, industries,
transportation systems, &c., of Hungary were set
forth in the original declaration, while "complete solidarity with the Russian Soviet Government and affairs and the forming of an immediate alliance with
the proletariat of Russia" were specifically mentioned.
The fate of Count Karolyi appeared to be rather uncertain for several days,so far as one could judge from
the conflicting reports that were received. On Wednesday London had a dispatch from Vienna saying that
he had been assassinated by the Communists. The
next day advices sent out from Vienna to Copenhagen stated that he had not been killed, but only
arrested and that he would be brought before a
revolutionary tribunal for trial. On Thursday
evening, according to advices received in London
from Budapest, both Karolyi and his companions
were at liberty.
It has been impossible to get at the facts as to
just what has occurred in Hungary during the week.
Undoubtedly, as usual, there has been much. exaggeration in the published statements and reports.
The opinion was even ventured that actual conditions were not nearly as bad as set forth and that
many of the statements represented German propaganda. At the outset it was claimed that a Bolshevist army of 70,000 from Russia had crossed
the Dneister River south of Lemberg, for the purpose of joining the Hungarian "reds." On the
other hand, it was claimed in Copenhagen that a
[VoL. 108.
Czecho-Slovak army had been sent against Hungary.
In the same breath announcement was made of the
resignation of Professor Thomas G. Masaryk,
President of Czecho-Slovakia since Oct. 20 last.
Yesterday the resignation was denied by the CzechoSlovak mission in Washington and was declared
to be only German propaganda.
On Wednesday bloody street fighting between
the Communists and anti-Bolshevik forces was reported in Budapest, with some 900 killed. The
very next day, however a special dispatch from that
centre stated that the Hungarian Soviet republic
had been firmly established, without either disorder
or bloodshed. It was even asserted that "amicable
relations" still existed with Allied representatives,
and, moreover, that all aliens and Allied soldiers
were at complete liberty. From Vienna came the
report last night that a general railway strike had
been proclaimed throughout Austria.
Whatever the facts may have been, it is perfectly
reasonable to assume that the leaders at the Peace
Conference were in a better position to know the
truth than anyone else. All the advices indicated
that President Wilson and the three big Premiers
regarded the situation.as serious, and that from the
beginning they had given it the most careful consideration. As to the correctness of the allegation
heard on many sides that Germany was behind the
outbreak in Hungary, the Peace Commissioners
should have had the best information also. On the
part of practically everyone else, it could only be
a surmise at the best. It did appear that the Bolshevists in Hungary were in close wireless connection
with Lenine and his followers in Russia. Last evening in London it was stated that Lenine had sent a
wireless message to the Hungarian Government urging it to send an army against Vienna. The Russian
Premier is even said to have promised to advance
$20,000,000 to finance the undertaking. Greetings
were said to have been sent to him earlier in the week
as "Leader of the International Proletariat." In return he is reported to have wired "Communist greetings and a handhsake." There was general agreement
upon the suggestions that conditions in Hungary,
whatever they might be, actually hurried on consideration of the peace treaty, although it was necessary
for the Peace Commissioners and their advisors to
give much attention to conditions in that country,
thereby lessening their time for specific work on the
peace treaty and the League of Nations.
Not until Thursday was any definite announcement made of steps on the part of the Entente Powers
to get control of the Hungarian situation. Then it
was stated in Paris that General Mangin, one of the
leading officers of the French Army, had been recalled
from Mayence to undertake "a mission" to Hungary. Earlier in the week it was understood that
Marshal Foch had been called in to several conferences regarding developments in Hungary, and yesterday it was stated that he might be placed in
supreme command of Allied forces. In some circles
it was estimated that 500,000 men could be brought
together within a short time. Evidently from now
on the Entente Powers will pursue a vigorous policy
with respect to Hungary. The doubt was expressed
by some authorities that the Bolshevist element in
that country, Germany or Russia, would offer vigorous resistance to a formidable Allied army. Considerable disturbance in the French Chamber of
Deputies developed about midweek over the report
MAR. 29 1919.1
THE CHRONICLE
that France was about to send an army to Russia.
The idea was vigorously opposed by the Socialist
element of the Chamber. Yesterday there was a
renewed demand on the part of the same element for
a definite statement of the Government's policy regarding Bolshevism in general and Russia in particular. It was said that Premier Clemenceau might
even have to ascend the tribune to explain what the
Government intends to do about those matters.
1205
German export agreement, it should be stipulated
that "France and Italy:should have thelight to decline to purchase German exports, org they did purchase them, other means thaedepreciated currency
should be employed."
Lloyd George and his associates in the British
Government must have been measurably relieved
over the favorable turn in the labor situation in their
country. As early as a week ago to-day.'it became
known that after several hours of consideration the
night before, the representatives of the Railwaymen's
Union had decided to adjourn until the next day and
approach the Government with a view to breaking
the deadlock caused by the rejection earlier of the
terms offered by the Government. The following
day it became apparent that so far as the railwaymen
were concerned, there would be no strike. Late
Thursday of this week, announcement was made
that they had definitely decided to accept the
Government terms, with some modifications, and
had rescinded their strike order. Comparatively
little improvement up to that time could be noted
with respect to the miners. At various points several
thousands of the men were reported to be out and
not inclined to accept the propositions that had been
made to them. According to advices from London
last evening, however, 30,000 Welsh miners had returned to work, while the remainder were expected
to go back to-day.
Estimates of the cost of the war andlways of meeting it continue to appear. While it was said that
the question of reparation was still being given careful consideration by the committee specially charged
with the task, no definite announcement was made
as to the results of the deliberations. Conservative
authorities still maintain that the amount of the
indemnity that should be levied upon Germany,
and which could be collected within a reasonable
time, should not be made more than $40,000,000000. Edgar Crammond, a British financial writer,
placed the aggregate cost of the war, including indirect losses, at $260,000,000,000. He escimated
Great Britain's wealth at $120,000,000,000 and the
income thereon at $17,500,000,000, and added that
the national debt would represent 20% of the former
and the post-war budget 22% of the latter. In
his judgment the country would be able to spend
$2,000,000,000 a year at home on renewals, machinery, roads, &c., and $2,500,000,000 additional,
largely within the Empire. These estimates were reThe decision of the directors of the Cunard Line
garded in conservative Circles as unduly optimistic.
Dr. Schiffer, German Minister of Finance, esti- to give their shareholders a 100% bonus by capitalmated the cost of the war to Germany at $46,500,- izing £1,485,000 of the company's reserve fund,
000,000. He believed that the national annual ex- received favorable comment. With the new stock
penditure for the future would be $3,500,000,000, the total capitalization will be 0,000,000. For 1918
compared with only $600,000,000 before the war.
the dividend disbursements totalled 20%. Another
France came forward with the only definite finan- step toward a return to normal trade conditions
cial plan of any European Power. It is an internal. was the lifting by the Government of the export ban
loan to be known as "The Loan of National Restora- on an additional list of articles, among which are foodtion." The rate of interest will be 5% and the issuing stuffs, agricultural and textile, machinery, wires,
price 95. The amount, which is to be fixed by the cables, &c. On Thursday J. Austen Chamberlain,
Ministry of Finance, has not been made public. An Chancellor of the Exchequer, announced that the
American authority_ on finance was quoted in Paris Treasury had lifted all restrictions upon the issuance
as saying that, while financial cnoditions in that of securities by companies established in the United
country are worse than in that of any other Entente Kingdom,the proceeds of which would be used within
nation, they were not beyond remedy. It was sug- its limits. No change was made in the restrictions
gested that the French Government began too late upon issues the proceeds of which would be used
in the war to levy direct taxes, and that from now abroad.
on wealthy men, who became much wealthier still
Until midweek, at least, the business of the
as a result of the war, should be called upon to give country was still hesitating, largely because of the
up substantial amounts of their holdings. Atten- labor situation, which, while regarded hopefully,
tion was further drawn to the anomalous financial was not definitely settled, even as to the railway
condition in France, namely, that many of the people men. With the return of more nearly normal conare wealthier than ever before, while the Govern- ditions, a considerable number of new capital issues
ment finds itself severely embarrassed. Portugal are likely to be brought out. Among those menis said to have demanded a war indemnity of $600,- tioned was £5,000,000 by the British Dyes Corpor000,000.
ation. The stock market continued dull in most
Another financial question that received careful respects, until yesterday, when greater activity was
consideration by the Inter-Allied Economic Council in evidence. Next Tuesday will mark the opening of
was the method of payment to Germany for exports the new Stock Exchange year and many members
from that country. France and Italy suggested who have been in the war are expected to return.
that such commodities as they might take should be Pronounced advances in existing securities are not
paid for in francs and lire and also that the Allies looked for in the immediate future, because of the
should fix the prices, because of the great deteriora- new issues that are known to be impending.
tion recently in French and Italian exchange. The
Economic Council is said to have finally decided to
In Germany there were no important new upask the Council of Ten to draft a telegram to the risings on the part of the Spartacides, or any other
German Government, proposing that at a conference faction. It was claimed, however, that that element
to be held in Cologne to arrange the details of the was planning a fresh outbreak before April 1, par-
1206
THE CHRONICLE
ticularly in Berlin, and that an effort was being made
to secure the co-operation of the Russian Bolshevists.
It was reported in Copenhagen on Monday that
Max Warburg and Professor W. M. A. Schuekring
had declined to serve as delegates to the Peace
Conference. Karl Kautsky was spoken of as a
possible new member, while it was said that a
financial man would be put in the place of Herr
Warburg.
[VOL. 108.
other serious maladies. Only the Bolshevist soldiers
were said to be receiving necessary quotes of food.
In any attempt to outline the disturbances in
Europe during the week, mention should be made
of the announcement during the first day or two of
the declaration of martial law throughout Spain and
of strikes in BarCelona that were reported to have.
tied up nearly all the important industries in the city.
Winston Churchill, in the course of a speech in
Satisfactory progress appears to have been made Parliament, conveyed the information that practiin the sending out of German ships for American cally all Egypt was in a state of turmoil.
food and in starting the food in several vessels on
Further evidence that the British authorities are
its way to Germany, under the agreement made
recently. Atithe beginning of this week announce- continuing their policy of curtailing outstanding;
ment was made that the North German Lloyd obligations is contained in the British revenue stateSteamship Company had, at Bremen, 23 vessels, ment for the week ended Mar. 22, which showed
with a capacity of 250,000 tons, coaled, equipped another reduction of £8,958,000 in the volume of
and ready to send out. A day or two later nine Treasury bills. This brings the grand total of
German ships were reported to have left Hamburg Treasury bills outstanding down to £948,536,000,
for Entente and American food. Already a barge as compared with £957,494,000 a week ago. The
load has arrived in the Coblenz district and is being outgo, however, exceeded income and the week's
distributed in the occupied territory.
financing resulted in a deficit of £380,000 in the.
exchequer balance. Expenditures for the week
President Ebert is reported to have said in a public were £48,344,000 (against £42,408,000 for the week
address last Sunday that while Germany was pre- ending Mar. 15). The total outflow, including.
pared to agree to the neutralization of the ViStula, repayments of Treasury bills and other items.
which would include Danzig as a free port, it would amounted to £109,398,000, comparing with £124,not sign a peace treaty involving the annexation of 751,000 for the week previous. Receipts from all
Danzig by Poland. Carl Radek, Russian Bolshe- sources totaled £109,018,000, as against 4125,121,vist paymaster in Germany, who was arrested last 000 last week. Of this total, revenue contributed
-February in connection with the Spartacides up- £33,174,000, in comparison with £35,233,000 a week
,rising, is definitely reported to have been released ago; war savings certificates brought in £1,150,000,
by the German Government.
against £1,000,000; war bonds yielded £5,402,000,,
A full list of the German military representation comparing with £4,243,000, while other debt added
to the Peace Conference has been made public, £8,395,000, against £11,998,000. A total of £11,while the Finance Commission was summoned to 717,000 was received from advances, in comparison
Weimar to receive instructions from the German with only £3,000,000 in the week preceding. Sales
Government before setting out for Versailles. Judg- of Treasury bills were £49,030,000, as against £69,ing from the latest developments in Peace Con- 547,000 a week ago. The volume of bills repaid
ference circles, this trip is likely to be delayed some- equaled £57,928,000. Exchequer balances now
what beyond the original expectations.
total £7,404,000, which compares with £7,784,000,
Prussian Finance Minister Suedekum in asking last week. Temporary advances outstanding have
for a credit of 10,000,000 marks in the Prussian reached a total of £456,998,000, as compared with
Assembly, said that the total debt of the State of $446,770,000 the week before. Revenue up to last
Prussia by the end of May would be 6,000,000,000 Saturday amounts to £850,905,000, and already
exceeds the estimate for the year ending Mar. 31.
• marks, and the total deficit 2,400,000,000 marks.
Sales of war savings certificates during the week
Conditions in Russia do not appear to be changing were £1,859,000, which brings the aggregate to
materially, at least not for the better. W. C. Bullit £304,626,000.
War bonds sales last week through the banks
.and Lincoln Steffens, who were sent by the American
delegation to investigate conditions in that country, totaled £4,725,000, and the aggregate sales now
are said to have reported to President Wilson and stand at £28,427,000. Sales during the preceding
his associates that Lenine and Trotzky have a much week through the post offices were £221,000, making
better hold upon the situation than had been previ- a total of £971,000. The grand total is £29,408,000.
ously reported. They are also said to have recomOfficial discount rates at leading European centres
mended recognition of and dealing with the Lenine
Government. It was even claimed that an effort continue to be quoted at 5% in London, Paris,
would be made to bring about a conference with the Berlin, Vienna and Copenhagen; 53/2% in SwitzerEntente Powers of representatives of all the import- land,6% in Petrograd and Norway,63/2% in Sweden
ant factions in Russia similar to that proposed several and 432% in Holland and Spain. In London the
weeks ago at the meeting called for the Princes' private bank rate was changed for the first time in
Islands. Paris had a rumor last evening that the some months, having advanced to 3% for sixty
United States had received a note from the Russian and ninety-day bills, as against the previous figure
Premier and the War Minister asking recognition for of 3 17-32%. Money on call in London remains
their government. These reports were not generally as heretofore at 33%. So far as we have been
credited. A dispatch from Petrograd said that food able to ascertain, no reports have been received by
and fuel conditions were extremely bad. A large cable of open market rates at other European
percentage of the population, according to these ad- centres.
vicAgt. WAR suffering fronaLtvphus fever, smallpox, and
THE CHRONICLE
MAR. 29 1919.]
The Bank of England announces a further gain
in its gold holdings of £837,726, although the total
reserve was reduced £604,000, owing to an expansion
in note circulation of £1,441,000. Declines were
shown in public deposits of £1,588,000 and in other
deposits of £75,000, but owing to the decline in
reserve the proportion of reserve to liabilities was
lowered to 19.71%, as compared with 19.90% a week
ago and 1714% last year. Government securities
expanded £343,000, but loans (other securities) were
contracted £1,393,000. Threadneedle Street's stock
of gold on hand aggregates £84,252,450. In the.
corresponding week of last year the total was £60,611,279 and in 1917 £54,009,039. Note circulation
has reached a total of £73,649,000, as against £47,817,000 in 1918 and £38,289,135 the year before.
Reserves now stand at £29,053,000, which contrasts
-with £31,244,000 and £39,169,994 one and two years
ago, respectively. Loans total £79,451,000. Last
year they amounted to £112,356,263 and in 1917 to
£139,610,254. Clearings through the London banks
for the week totaled £446,860,000, against £438,120,000 a week ago and £474,000,000 last year. Our
special correspondent is not as yet able to give details
by cable of the gold movement into and out of the
Bank for the Bank week, inasmuch as the Bank has
not resumed publication of such reports. We append
a tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1915.
1916.
1917.
1918.
1019.
March 26. March 27. March 28. March 29. March 31.
73,649,000
Circulation
Public deposits_ _ _ _ 25,623,000
121,759,000
Other deposits
56,992,000
Govt. securities....
79,451,000
Other securities
Reserve notes & coin 29,053,000
84,252,450
_
_
Coin and bullion_
Proportion of reserve
19.70%
to liabilities
5%
Bank rate
47,817,000
43,842,000
137,548,000
55,951,000
112,356,000
31,244,000
60,611,279
38,289,135
49,945,343
129,647,012
24,003,237
139,610,254
34,169,994
54,009,039
33,577,300
57,063,783
87,362,302
32,838,646
88,350,161
41,534,004
56,661,364
35,173,465
113,690,199
89,713,596
44,606,158
140,003,581
37,144,786
53,868,251
17.22%
5%
19.02%
%
28.75%
5%
18.26%
5%
The Bank of France continues to report gains in
its gold item, this week's increase being 2,575,350
francs. The Bank's aggregate gold holdings, therefore, now total 5,542,691,175 francs, of which
1,978,308,475 francs are held abroad. This compares with 5,373,545,714 francs last year and with
5,200,095,813 francs the year before; of these
amounts 2,037,108,484 francs were held abroad in
1918 and 1,947,671,846 francs in 1917. During the
week general deposits were augmented by 24,584,046
francs. Silver, on the other hand, recorded a decline
of 1,185,256 francs, bills discounted fell off 28,953,893
francs, advances were diminished 2,209,969 francs,
and Treasury deposits contracted 63,185,350 francs.
An expansion of 109,376,870 francs occurred in note
circulation, bringing the total outstanding up to
33,371,660,760 francs. In 1918 and 1917 the
amounts were 25,179,327,655 francs and 18,459,831,460 francs, respectively. On July 30 1914, just
preceding the outbreak of war, the amount outstanding was only 6,683,184,785 francs. Comparisons of the various items in this week's return with
the statement of last week and corresponding dates
in 1918 and 1917 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT,
Status as of
Changes
Mar. 27 1919. Mar. 28 1918, Mar. 29 1917.
for Week.
Francs.
Francs.
Francs,
Francs.
Gold Holdings—
Inc. 2,575,350 3,564,382,700 3,336,437,229 3,252,423,067
In France
1,978,308,475 2,037,108,484 1,947,671,846
No change
Abroad
Inc. 2,575,350
Total
Dec 1,185,256
Silver
Dills discounted_Dec. 28,953,893
Dec. 2,209,969
Advances
Note circulation_Inc.109,376,870
Treasury deposits...Dec. 63,185,350
General deposits...Inc. 24,584,046
5,542,691,175 5,373,545,714 5,200,095,813
255,424,711
313,002,921
263,383,466
1,000,446,847 1,328,217,927
522,545,847
1,228,259,983 1,115,731,380 1,210,323,216
33,371,660,760 25,179,327,655 18,459,831,460
47,275,404
42,717,538
173,698,530
2,687,976,293 2,808,557,204 2,540,636,616
1207
Spectacular changes were shown by the Imperial
Bank of Germany in its statement issued as of
March 15, which include an increase in bills dis-'
cou'nted of 2,010,255,000 marks, due undoubtedly
to the quarterly settlement and an expansion of
2,162,072,000 marks in deposits. Note circulation
was increased 102,210,000 marks, while other liabilities declined 338,742,000 marks. The gold item
was reduced 4,506,000 marks and total coin and
bullion decreased 4,724,000 marks. Declines were
also recorded of 70,948,000 marks in Treasury notes,
4,873,000 marks in investments and 5,568,000 marks
in other securities. Notes of other banks expanded
1,002,000 marks and advances 1,396,000 marks.
The Bank reports its gold holdings as 2,239,818,000
marks, which compares with 2,407,200,000 marks
last year and 2,529,180,000 marks in 1917.
Declines in loans and discounts and also in reserves.
featured Saturday's statement of New York Clearing
House banks and trust companies. The loan item
showed a reduction from last week's high record
of $58,086,000, while net demand deposits decreased
$35,889,000, to $3,940,779,000 (Government deposits of $260,323,000 deducted). Net time deposits
increased $1,734,000, to $150,290,000. Cash in
own vaults (members of the Federal Reserve Bank)
was reduced $551,000, to $94,629,000 (not counted
as reserve). Reserves in the Reserve Bank of member banks registered a decline of $21,035,000, to
$541,884,000. An increase of $286,000 was shown
in reserves in own vaults (State banks and trust
companies) and of $1,057,000 in reserves in other
depositories (State banks and trust companies).
Aggregate reserves decreased $19,692,000, which
brought the total to $565,806,000, as against $548,947,000 in the corresponding week of 1918. Reserve
requirements were curtailed by $4,575,030; hence
the loss in surplus was cut to $15,116,970, and this
carried excess reserves to $43,666,540, which compares with $54,965,830 a year ago. These figures
are on the basis in each instance of re3erves of 13%
for member banks of the Federal Reserve system,
but excluding cash held in vault by these banks,
which last Saturday amounted to $94,629,000.
Circulation was expanded $1,217,000,to $37,613,000.
The bank statement in fuller detail will be found on a
later page of the "Chronicle."
There was the usual one-day flurry in the local
money market. This week it occurred late Wednesday afternoon, when the quotation on all industrial
loans jumped to 7%, the highest level reached for
some time. It was reported that belated Stock
Exchange houses experienced some difficulty in
arranging their loans. Although a continuance of
the high quotation was expected, at least until after
the renewals were made the next morning, the opening rates, as a matter of fact, were 532% on mixed
collateral loans and 6% on all-industrial accommodations. A little higher level was again reached yesterday, but no one was alarmed.
For some little time firm money rates have been
looked for, at least until after the Victory Loan campaign is out of the way. While money may have
been a little tighter this week, it cannot be said that
there has been any comprehensive change in the
situation. For several days the stock market appeared to be largely professional, except perhaps in a
comparatively few securities. Transactions of this
THE CHRONICLE
character, of course, do not require the money with
which to finance them that regular commission business does.
Offerings by the corporations continue on a relatively small scale. The industrial companies are
calling upon their bankers for assistance only in
respect to absolute requirements as they develop.
Just now the railroads are doing practically all of
their financing through the War Finance Corporation. Under an arrangement recently made between
the United States Railroad Administration and the
railroads, the latter are securing the money needed
for April 1 interest and dividend payments. The
Chicago Burlington & Quincy RR. Co., one of the
strongest in the country, was said to have obtained
the first loan, thelamount being 4,000,000. While
the Railroad Administration has not made a definite
.announcement, the railroad officials expect that a
similar methodlwill be adopted to secure funds with
which to pay the railroads another installment of
rental in time to meet their May 1 obligations.
Beyond that nothing islbeing said at the moment
relative to a continuance of this novel method of
financing.
That the War Finance Corpoation may be in a
position to participate in international financing to
ah extent, steps are being taken to secure the necessary funds. Apparently the plan of offering $200,000,000 bonds carrying 4% interest is developing
gradually. Provision must be made also for aiding
the Government to facilitate export trade by advancing substantialiamounts to exporters.
The Peace Commissioners at Paris have been so
much occupied inidealing with the Hungarian situation and with the League of Nations and the peace
streaty that apparentlyLthey have not taken any
definite steps toward working out plans whereby
the European nations will receive financial aid from
this country when they really undertake reconstruction work. Our Government this week extended $100,000,000 additional credit to France,
making the total advances to all the Allied nations
so far considerably in excess of $9,000,000,000.
There is a difference of opinionr.as to what extent our
bankers or our Government will be called upon to
finance export trade to Europe. It is believed that
even the strongest nations will/do all in their power to
keep their purchases from outside sources to their
lowest limit. This would be perfectly natural, in
view of the already heavy adverse balances that they
are carrying. As a matter of fact, conditions in
Europe, even in Great Britain, are not sufficiently
settled to make possible the working out of definite
financial schemes.
Yesterday afternoon Secretary of the Treasury
Glass made public the terms of payment of subscriptions to the forthcoming Victory loan. He stipulated that the initial installment.of 10% must accompany the application and must be paid on or before
May 10. The remaining 90% is distributed over a
period extending to Nov. 11 next.
Referring to specific rates for money, loans on call
this week have covered a range of 5@6%, against
3/,iet,6% a week ago. On Monday the high was
532% and 5% the low and also the renewal rate.
Tuesday the Stock Exchange was closed on account
of the tribute to the returning men of the 27th Division (home from France), and there was no market
for call money. On Wednesday 6% was the highest. although the low was still at 5% and also the
[VOL. 108.
renewal basis. There was no range on Thursday,
the high, low and ruling rate having remained at
532% all day. On Friday quotations went back to
6% high, while the minimum was 59j% and renewals at 6%. The stiffening in call rates which
took place on Wednesday was more pronounced in
all-industrials than on loans for mixed collateral,
and the rate for the former went as high as 7%, or
1% higher than for regular mixed collateral loans.
The quoted figures are always for mixed collateral
loans, while loans on all-industrials are usually only
M of 1% higher. In time money very little actual
business is being done. The undertone was firm,
but 532% is still quoted for all maturities from sixty
days to six months. Some trades were made for
sixty and ninety-day periods. Fixed date loans on
industrials are being put through at 5M@5%%.
In the corresponding week of 1918 time money for
all periods was quoted at 6%.
Mercantile paper was dull. Out-of-town institutions were in the market, but offerings were light
and the volume of business transacted was small.
The range for sixty and ninety days' endorsed bills
receivable and six months' names of choice character
continues at 53-@52%, with names not so well
known still at 532%.
Banks' and bankers' acceptances have ruled firm
at previously established levels. Dealers reported a
slight improvement both in the supply of bills and the
demand early in the week, but the flurry in call rates
served to check this movement and largely offset
the stimulus to buying which had been looked for
from the postponement of the offering of Treasury
certificates of indebtedness. Demand loans on
bankers' acceptances remain at
Quotations
in detail are as follows:
Spot Delivery
Ninety
Sixty
Thirty
Days.
Days.
Days.
4(
6®431 434@44 4%(4)4
©42
434©434
434,(4)4
434
534,@434 531©435 534(43435
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills
4
Delivery
within
30 Days.
42As bid
4% bid
6
bid
No changes in rates, so far as our knowledge goes,
have been made the past week by the Federal Reserve banks. Prevailing rates for various classes
of paper at the different Reserve banks are shown
in the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
CLASSES
OF
D1SCOUNTS AND LOANS
a4
:seounts—
Dl
Wit lin 15 days.incl. member
be nks• collateral notes__
to 60 days' maturity—
61 to 90 days* maturity__
Agricultural and live-stock
pa per over 90 days
Secured by U. S. certificates
of Indebtedness or Liberty Loan bonds—
ithin 15 days, Including
member banks' collateral notes
1 to 90 days' maturity
acle Acceptances—
1 to 60 days' maturity
61 to 90days' maturity._
New York.
1208
g
1
I i
g
2
c3 1
1
1 A
it
1
4 4 4 434 435 434 4 4 435 434 434 434
434 454 43( 434 434 434 434 434 431 5 434 5
431 434 431 434 434 434 434 431 5 5 5 5
5
5
5
534 5
5
534 535 535 535 534 534
4 4 4 4 2434 4
4 4 4 434 4 434
434 434 431 434 2434 2431 434 2434 434 434 434 434
435 435 435 412a 435 412a 435 435 435 434 434 430
414 434 434 414 414 434 414 414 414 414 414 4t4
Rates for discounted bankers' acceptances matur ng within 15 days, 4%1
within 16 to 60 days, 431%, and within Otto 90 days, 435%.
2 Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper rediscounted has been taken by discounting member banks at rate not exceeding
Interest rate on bonds.
a Fifteen days and under, 434%.
Note 1. Acceptances purchased In open market, minimum rate 4%
Note 2. In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade acceptances maturing within 15 days will be taken at the lowerrats.
Note 3. Whenever application Is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
paper of the same class.
Rates for commodity paper have been merged with those for commercial paper
of corresponding maturities.
Sterling exchange has ruled weak and irregular,
with a further recession during the week to 4 58
for demand bills. This is about 10 points under the
MAR. 29 1919.]
THE CHRONICLE
low level of last week and brings the quotation to
within measurable distance of the low record of
4 50 established in 1915. A fairly good inquiry was
noted and on several occasions quotations steadied
slightly, but the upward trend was not maintained
and prices sagged off again. Opinion differs widely
as to the future course of exchange and among the
mass of conflicting rumors and reports constantly
being circulated it is difficult to arrive at any satisfactory conclusion of the real situation. There are
still some who assert the decline is only temporary
and higher levels will again be established, but the
general expectation is that even lower levels are
likely to be reached. Dispatches from London are
intimating that the time has come for the United
States to take up the task of maintaining the relations
between dollars and sterling.
There are those who argue that as long as Great
Britain was compelled to import enormous quantities
of materials, the cost of controlling exchange to
prevent demoralizing breaks was justified, but now
that the war has ended it is unquestionably more
advantageous to allow rates to take their natural
downward course and thus discourage imports,
while at the same time encouraging home production
and removing the advantage neutrals have been
taking of the fixed rate. Some interesting details,
recently published, which serve to illustrate the huge
cost to Great Britain of "pegging" sterling rates,
indicate that during the period in which the market
was under control of the British Treasury authorities, J. P. Morgan & Co., fiscal agents of the British
Government, purchased something like $3,000,000,000 to $4,000,000,000 worth of sterling exchange in
the American market. When British purchases in
this country were at their height in 1916 and 1917
the Morgan firm bought often as much as $20,000,000
of sterling bills in a day. The funds wherewith to
make these purchases for the purpose of stabilizing
sterling were derived from various sources, such as
private credit arrangements, public loans sold to
American investors and the advances made to Great
Britain by the United States soon after its entry into
the war. Under the comprehensive scheme by
which the British Treasury was able to sustain
sterling rates at a fixed level in spite of an enormous
adverse trade balance, the Morgan firm bought up
almost all of the exchange offered in this market.
The arrangement which went into effect in the latter
part of 1915, after sterling had dropped to $4 50
to the pound, was pre-eminently successful and
soon restored the rate for cable transfers to 4 76 7-16,
at which level it was maintained for more than two
years, or until last week, when announcement of the
withdrawal of support resulted in a sharp decline.
There is talk in London that the rate may even
go a3 low as $4, though it is believed that American
dealers will endeavor to prevent any such heavy decline. One thing would seem to be certain, and that
is that unless steps are taken to prevent it further
recessions are practically inevitable. Some experts
here are advocating the resumption of a free gold
movement. It is estimated that probably not more
than $50,000,000 in gold would be required to settle
the adverse balances at present outstanding against
the United States. The repeated suggestion that
the ban existing on gold shipments be removed has
not as yet met with official approval, but it is hinted
that such a step is within the immediate possibilities.
1209
Referring to quotations in greater detail, sterling
exchange on Saturday again broke sharply, demand
touching as low as 4 58, though the range was 4 58@
4 65; cable transfers were equally weak and ruled
at 4 59@4 66, and sixty days at 4 55%@4 623.
On Monday movements were erratic and quotations
fluctuated nervously, although not touching as low
a level as On the day preceding; the range was 4 625,6
@4 63 for demand, 4 633/
2@4 64 for cable transfers
and 4 583'@4 60 for sixty days; trading was intensely dull and rates little more than nominal.
As a result of the observance here of the State holiday in honor of the return of New York troops,
business was reduced to minimum proportions on
Tuesday; quotations were fairly steady, until late
in the afternoon when weakness developed and de2, while cable transmand bills reached 4 61@4 613/
fers were 4 62@4 623.' and sixty days 4 57@
4 583'. On Wednesday a fair degree of activity was
noted and some trading was done between banks,
especially in commercial bills; rates were about steady
early in the day but at the close weakness again set
in and there were further declines with the range
2@4 6234
at 4 603/
2@4 613/ for demand and 4 613/
for cable transfers; sixty days remained at 4 57(44
4 583/. Dulness marked Thursday's dealings and
quotations were marked down to 4 59@4 60 for
demand, 4 60@4 61 for cable transfers and 4 55@
4 57 for sixty days. On Friday the market was
irregular and weak, with demand down to 4 58@4 59,
cable transfers at 4 59@4 60, and sixty days were unchanged at 4 55@4 57. Closing quotations were
4 553' for sixty days, 4 58% for demand and 4 599
for cable transfers. Commercial on banks finished at
%,sixty days at 4 55, ninety days at 4 54, docu4 583
ments for payment (sixty days) at 4 553', and sevenday grain bills at 4 58. Cotton and grain for payment closed at 4 58. Gold engagements this week
were $115,000 for export to South America and a
consignment of $70,500 to Canada, a total of $185,500. No imports were reported.
Trading in the Continental exchanges this week
continued to be marked by nervousness and hesitancy and movements in rates were extremely erratic.
As a matter of fact quotations fluctuated so widely
as to make it almost impossible to determine market
levels, and in consequence the volume of business
transacted was small. Among the more important
developments of the week was a further severe break
in French exchange, which under the pressure of
liberal offerings of bills declined to as low as 6 00 for
checks, or 20 points below the extreme low of a week
ago. How much further the decline will go exchange
experts are refusing to venture any opinion, but it is
felt that unless action is taken soon to check it, francs
and other Allied exchange are likely to reach considerably lower levels. In some quarters the suggestion is made that bank credits be granted on an
extensive scale or else advances continued by the
Government, as a means of preventing additional
disastrous breaks in exchange. Sentiment is pretty
evenly divided as to whether credits or advances
would be most advantageous, but it can be stated
that for the present, at least, no considerable credits
either to Allies or neutrals are under negotiation
here, while a growing sentiment exists in financial
circles generally against the continuation of Government advances. Belgian exchange, the market
for which is purely nominal, moved in sympathy
with French francs and dropped to 6 22 for checks.
•
1210
THE CHRONICLE
There is nothing new to report in the Russian situation and rubles are not quoted. Rates on German
and Austrian exchange are likewise unobtainable,
but Austrian kronen for use in Bohemia and other
Czecho-Slovak territory are now quoted at 6 50.
As to lire, the attitude of the Italian Institute, which
was somewhat in doubt at the close of last week, was
made clear by an official statement promulgated on
Saturday last, which reads as follows:
"From time to time the Director of the Division of Foreign Exchange of the Federal Reserve Board has issued
regulations concerning trading in lire exchange in so far as it
was being carried out by dealers in the United States. All
such regulations have now been withdrawn. The Instituto
del Cambi in Italy, which has charge of the Italian (Ixchanges in that country under the supervision of the Italian
Government, has not yet withdrawn any of its regulations,
and until it does so it is necessary for American dealers in
carrying out their transactions in Italy to operate in accordance with the rules of the Italian Institute of Exchange.
Such rules do not affect the buying or selling of lire by
dealers in the United States, but the buying and selling of
dollars in Italy are entirely subject to the rules of the Institute. The Institute in New York will be in the market
to buy or sell lire as it is considered advisable, but at the
moment is not selling cable lire under 6 45."
This is taken to mean that while it is possible to
send money to Italy without the consent of the Institute, it is not possible to get money out of Italy
without such consent. The almost universal comment on this pronouncement was that the Italian
Government was likely to experience extraordinary
difficulty in maintaining so strained a position, and
proof of this was shown later in the week, when
what amounted to a practical demoralization in quotation for lire set in and the Italian Institute was
obliged to announce a further reduction in the official rate for cables from 6 45 to 6 75. But this
failed to influence quotations, as the new level was
completely out of line with current valuations. On
Thursday it was ieported that lire checks had
dropped to the unprecedentediy low rate of 8 05,
though this could not be confirmed. On Wednesday information was received here to the effect that
restrictions on lire had also been removed in London, thus indicating that a free market for this exchange now exists at the two leading trade centres.
Some doubt still exists as to the position of Paris in
this matter, but it is stated that the French Government is trying to enforce a rate of about 5 70
francs to the dollar in Paris, just as a rate of 6 75 for
lire cables is being enforced in Italy. The fluctuations in Italian exchange in London are said to have
been more violent than here, there having been a
break to 36 lire to the pound. In view of the present
uncertainties in the exchange situation, quotations
are hardly more than nominal, and represent very
little actual trading. The official London check rate
in Paris closed at 27.70, comparing with 27.05 last
week. In New York sight bills on the French centre finished at 6 00, against 5 71; cable transfers at
5 98, against 5 65; commercial sight at 6 02, against
5 77, and commercial sixty days at 6 06, against 5 82
a week ago. Lire closed at 7 70 for bankers' sight
bills and 7 65 for cable remittances. This com2 and 6 80, the previous close. Belpares with 6 823/
gian francs finished at 6 22 for checks and 6 20 for
cable transfers, as against 5 95 and 5 96 in the preceding week..
Very little of moment has transpired in the neutral
exchanges. During the earlier days of the week
sharp declines were noted in sympathy with the
weakness in Allied exchange, though so little business
[VoL. 108.
is passing that movements were without special
significance. Later there was a slight upward
reaction, notably in guilders and the Scandinavian
rates, mainly because of the movement of sterling
against London and in favor of neutrals in the various
Continental markets, a development which is
attributed to the recent unsettling international
developments and the probability that the blockade
may not be lifted as speedily as had been hoped.
Spanish pesetas were relatively steadier than the
rest of the list. At the extreme close the Scandinavian rates sagged off again.
Bankers'sight on Amsterdam closed at40%,against
40 5-16; cable transfers at 403., against 4032; commercial sight at 40, against 403, and commercial
sixty days at 39 11-16,against 39 15-16 on Friday of
last week. Swiss francs finished at 5 03 for bankers'
sight bills and 5 00 for cable remittances. A week
ago the close was 4 98 and 4 94 respectively. Copenhagen checks closed at 25.25 and cable transfers at
25.50, against 25.60 and 25.80. Consul-General
Letcher at Christiania reports that for the first time
since November 1915 the dollar is quoted above par
in Norway. Checks on Sweden finished at 26.75
and cable transfers 27, against 27.50 and 27.70,
while checks on Norway closed at 25.75 and cable
remittances at 26, against 26.30 and 26.50 a week
ago. Spanish pesetas finished at 20.15 for checks
and 20.25 for cable remittances. This compares
with 20.25 and 20.35 last week.
As to South American quotations, declines have
been noted and the rate for checks on Argentina
closed at 43% and 44.00 for cable remittances, comparing with 44.70 and 44.80 a week ago. For Brazil
the check rate finished at 25% and cable transfers
at 25.75, against 26.25 and 26% last week. Chilian
exchange is still quoted at 10 7-16 and Peru at
50.125@50.375.
Far Eastern rates are as follows: Hong Kong,
75@753', against 75@7534; Shanghai, 112@1123,
2;
against 112@1123/
Yokohama, 50.75@50.85,
against 50.75@50.85. Manila, 50 (unchanged);
Singapore, 563 (unchanged); Bombay 36 (unchanged), and Calcutta (cables), 363 (unchanged.)
The New York Clearing House banks, in their
operations with interior institutions, have gained
$2,609,000 net in cash as a result of the currency
movements for the week ending March 28. Their
receipts from the interior have aggregated $7,593,000, while the shipments have reached $4,984,000.
Adding the Sub-Treasury and Federal Reserve operations and the gold exports, which together occasioned
a loss of $87,645,000, the combined result of the flow
of money into and out of the New York banks for
the week appears to have been a loss of $85,036,000,
as follows:
Week ending March 28.
Into
Banks.
Banks' interior movement
Sub-Tiessury and Federal Reserve
operations and gold exports
Total
Out of
Banks.
Net Change in
Bank Holdings.
$7,593,000
84.984,000 Gain $2,609,000
34,545,000
122,190,0001Loss 87,645,000
842,138,000 $127,174,000 Loss $85,036,000
The following table indicates the amount of bullion
in the principal European banks:
III CUM sI
marca Zo solo.
11111I.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
£
£
£
£
£
£
84,252,450 60,611,279
England__ 84,252,450
60,611,279
Francea__ 142,575,308 12,500,000 155,075,308 133,457,504 10,186,280 143,643,784
Germany _ 111,991,050 1,037,010 113,028,060 120,368,750 5,936,750 126,305,500
Russia ._ .. 129,650,000 12,375,011 142,025,000 129,650,000 12,375,000 142,025,000
Aus-Hun c 10,918,000 2,368,000 13,286,000 11,008,000 2,289,000 13,297,000
Spain ____ 90,250,000 25,740,000115,990,000 79,978,000 28,194,000 108,172,000
Italy
33,710,000 3,086,000 36,796,000 33,448,000 3,465,000 36,913,000
776,000 57,188,000 60,317,000
Netheri'ds 56,412,000
610,200 60,927,200
600,001 15,980,000 15,380,000
Nat.Bel.h 15,380,000
600,000 15,980,000
Switz'land 16,383,000 2,590,000 18,973,000 14,715,000
14,715,000
Sweden__ 16,004,000
16,004,000 13,069,000
13,069,000
Denmark_ 10,400,000
136,000 10,536,000 9,641,000
136,000 9,777,000
6,708,000 6,521,000
Norway... 6,708,000
6,521,000
Tot. week.724,633,808 61,208,011 785,841,818688,164,533 63,792,230,751,956,763
Prey.week 723.907.36S 61.164.000785.071.368687.987.299 63.735.700 751.722.000
a Gold holdings of the Bank of France this year are exclusive of £79,132,339
held abroad.
* No figures reported since October 29 1917.
c Figures for 1918 are those given by "British Board of Trade Journal" for
Dec. 7 1917.
h August 6 1914 in both years..
MAR. 29 1919.]
THE CHRONICLE
1211
In the first place, this particular propaganda has as
yet shown no sign of actually getting control, exThe news received at the beginning of this week, cept in the case of a country defeated in war and
that the Government of Hungary had been seized by confronted with economic ruin. It was under those
the Workers', Peasants' and Soldiers' Councils, circumstances that the Bolsheviki seized power in
seemed to strike many people, both here and at Russia during October of 1917, and it is under even
Paris, with surprise and consternation. Yet there more aggravated similar circumstances that the
was no great reason for surprise. The provinces of Hungarian demonstration has been carried out.
It was under similar conditions that the "Spartathe disintegrated Austrian Empire,ever since November, have in a political way been in the most critical cus uprising" occurred at Berlin, where for a fortcondition of all the belligerent communities. Unlike night it threatened the existence of the Provisional
even Russia, they could no longer be said to have Government. But in the second place, it should
allies. Unlike even Germany, the instinct of po- be noticed that a successful Bolshevist revolution has
litical cohesion on the old territorial lines had dis- as yet occurred in no case except where the previously
recognized Government had collapsed, yet where the
appeared.
Independent States, formed under the encour- Provisional Government substituted for it had not
agement and auspices of the Entente, had arisen in been created by direct and universal vote of the
the heart of what was once Austria-Hungary. Vi- people. The Russian Bolsheviki had seized conenna and the so-called "German Austria" were talk- trol before the Constituent Assembly had convened,
ing of incorporation into Germany. Nothing was and when it met, they were able to disperse that
known of the probable terms of peace for the Aus- Assembly before it had a chance to vote or to protrian States, most of which were partly under occu- vide for a popular election.
pation by enemy forces. All these conditions were I In-Prussia, the really critical moment of the Sparaggravated through complete financial demoraliza- tacus insurrection was before Germany's popular vote
tion and scarcity of food. If the Commune was a of Jan. 19, for the Constitutional Legislature. Up
natural outcome of the situation at Paris in 1871, to the taking of that vote, it was possible for Liebthen uprising and seizure of government by the knecht and the other German Bolshevists to assert
forces which nowadays correspond to the Paris Com- that they had as much right to form a Provisional
mune of nearly half a century ago was even more Government as the Ebert group. After that eleclogical an outcome in Hungary.
tion, however, resulting as it did in a choice of only
This fact was openly recognized by Karolyi, who 24 delegates out of 421 for the party to which the
since November 1918 had been President of the Spartacans belonged, such a claim could have no•
Provisional Republican Government. The Entente, possible standing. If the leaders of that party werehe declared at the close of last week when announc- then to attack the Government (as in fact they did
ing the resignation of his Cabinet, was aiming to at Berlin), their position at once became the posimake Hungary "the region of operations against the tion of a small minority rebelling against the imRussian Soviet army which is fighting on our fron- mense majority of the people, who had signified tb
tier." As Provisional President of the Republic, he will by a formal vote. This is why Germany has
had decided to "turn to the proletariat of the world not been seriously shaken by the Bolshevist demonfor justice and support, as against the Paris Peace strations since January.
Conference."
Nevertheless, the problem how to deal with the
It is not altogether clear exactly what this state- Bolshevist propaganda is more urgent now than it
ment by the retiring Hungarian Premier meant. was before, when the uncertain and temporizing
But it was evident at any rate that he had abandoned attitude of the Entente toward the Petrograd Soviet
hope of controlling the country and directing its Government left the whole question in doubt. It
fortunes, and had turned the whole problem over is true enough that the feeding of the overrun counto another revolutionary faction. That new Gov- tries through supplies from the Entente countries was
ernment at once issued the following proclamation:
likely to be one safeguard against the more violent
decision
of the Paris Conference to occupy demonstrations of the Bolsheviki. That is now be"By the
Hungary, the provisioning of revolutionary Hungary ing done, though somewhat late. The question
becomes utterly impossible. Under these circum- whether the Bolsheviki of Russia and Hungary
stances the sole means open for the Hungarian Gov- united will attack the rest of Europe is more easy to
ernment is a dictatorship of the proletariat.
"Legislative, executive and judicial authority will answer. Neither country is in any condition to unbe exercised by a dictatorship of the Workers', dertake such a task. Resistance on their own soil
Peasants' and Soldiers' Councils. The Revolu- is always possible; but such overrunning of neightionary Government Council will begin forthwith boring States as was successfully, achieved by the
work for the realization of Communist Socialism.
French revolutionary armies of 1789 is in the highest
"The Council decrees the socialization of large degree improbable. The achievement was possible
estates, mines, big industries, banks and transport a century and a quarter ago, first, because the
lines, declares complete solidarity with the Russian
Soviet Government, and offers to contract an armed equipment of an army was a simple task as compared with the same task nowadays; and second,
alliance with the proletariat of Russia."
because the early invading armies of the RevoluSubsequent dispatches had indicated that bank tion were able to support themselves in the rich,
deposits and private fortunes have been seized; but fertile and prosperous countries which had not been
the precise manner and scope of such seizures is left touched by the hand of war. But no such situation
obscure.
as this exists to-day anywhere in Europe.
The events in Hungary, confused though they
Furthermore, it is by no means clear as yet just
may be, bring up the whole question of the spread what the Hungarian revolution really is. The first
of what we call Bolshevism. As to this, there are reports were conflicting; many of them have alseveral points which are not always kept in mind, ready turned out to be erroneous. Cables declarHUNGARY'S BOLSHEVIK REVOLUTION.
1212
THE CHRONICLE
ing that the Soviet Government had declared war on
the Entente and had invoked a military alliance
with Russia have hardly been borne out; later dispatches have indicated far more pacific purposes by
the new Hungarian regime, and a far more cool reception of the event by Petrograd, than had been
originally intimated. It will be time to draw definite
conclusions when we know how far the proletarian
revolution at Budapest is identical in its character,
methods, actions and political purposes with that
of Petrograd.
However this may be, it is becoming evident
that, as a political problem pure and simple, the
attitude of the Entente States towards the Soviet
Governments will have to be dictated by the League
of Nations, formally constituted, after the terms of
peace have been laid down. For this reason there
is much ground for reassurance in two developments of the present week at Paris—first, the semiofficial announcement that the covenant of the
League will be so amended as to remove the really
serious objections made to it, in our own Congress
as elsewhere; second, that instead of formulating
terms of peace for Germany alone, leaving the terms
for Austria, Bulgaria and Turkey to be drawn up
afterwards, it is now planned to construct a treaty
which will deal simultaneously with all the enemy
countries. This is as logical as the course of events
has shown it to be necessary. With such a purpose
in view, the Paris Conference may be said to have
reached the final stage of its deliberations. If successful in this, it should presently be able to confront the question of the Bolshevist Governments
with the authority of a World-wide union of the rest
of the civilized States.
THE PROHIBITION AMENDMENT AND ITS
OUTLOOK.
';Locking the stable door after the horse is stolen,"
is an old saw that has new illustrations all the time.
It would be too harsh a judgment to say that any
liberties have been "stolen" from the people, but
undoubtedly some of them are gone. They disappeared while we were engaged, patriotically, in
important measures looking to the world's welfare.
The personal liberty to drink alcoholic beverages is
one of them. It is said that tobacco is next on the
, list for prohibition. And some apprehend that the
list will receive immediate extension. It is possible
that some one will propose that we adopt a simple
and uniform dress, of prescribed form and materials,
in order that we may,by economy, pay the war debt.
The significant thing, now, is that the people
are awaking to the fact that it is one thing to remove
temptation, another to conquer it; that it is one
thing to attempt to make men good by law, another
to make law good by the good will of men.
"Prohibition" is not to be enforced without protest. The constitutional amendment is to be
"tested," though we are nebulous as to the available
means. Societies are springing up with the avowed
purpose of defending personal rights and liberties.
Demonstrations against enforcement are scheduled.
Labor unions are passing resolutions. And the
"question" is very much alive though it would seem
to be settled. The repeal of the "Amendment" is
still open, but invites little enthusiasm.
It is probable that when we have had ten years
of perspective on this subject it will be freely acknowl-
[voL. 108.
edged that the reformers pressed their advantage
(the advantage of an admission that the war measure
was best) at a time when the thought of the people
was engrossed with war, peace, and reconstruction.
But this is only in keeping with the spirit of reform.
"Reform" in the abstract cannot be called upon to
respect individual preferences, pleasures, possessions.
There would be nothing to do. It was taught us in
our childhood that good and evil were placed before
man that he might choose. But the reformer
evidently regards this as a mistake since he would
take away the evil and leave no opportunity for
choice. There was always a mystery about this to
the young mind, that age has never resolved. But
nothing has ever destroyed the belief that men were
not made angels, without the power to do evil, "in
the beginning." It remained for the professional
reformer to improve upon the work of the Almighty
by means of a Constitutional Amendment. Temperance was always considered a virtue, but there is
to be no such thing forevermore. If we could only
take away death, taxes, and the devil in the same
way, what a boon it would be.
Not only is reform in the abstract willing to
improve upon nature, but it cannot be expected to
turn aside from its purpose by contingent circumstances. Witness—at the very moment when we are
engaged in "humanizing" the world, in destroying
the foul autocracy that takes away men's liberties,
when hope soars skyward that conscription even may
be prevented, at this very moment "big with fate",
can he who would abolish the admitted evil of
drunkenness be expected to desist because forsooth
it involves a question of personal liberty? No—
reform sees its duty clear; and does it. For, it is a
singular component of reform that nothing is so
important as the task in hand, whether i,t be the
manufacture and sale of intoxicants, or the eighthour day, or daylight saving, or the removal of signboards from vacant lots. But if reform in the
abstract should succeed what would become of the
reformers?
Admit that this subject is fraught with peril to
attempted analysis. Admit that the women and
children cry out to the sympathy and protection of
mankind to save them from the consequences of
drunkenness. Admit the saloon itself to be an evil
to social life and even the body politic. Admit that
prohibition as a war-time measure made for the success of a sublime cause. What, then? The question is, Is it necessary to take away a personal
liberty in order to accomplish the end sought? Is
there no other way? Wine and beer countries are
not noted for intemperance. This only divides the
question, offers a compromise. And if there is no
other way—then,to put the question squarely,should
personal liberty be sacrificed to this end? And this
is just what the American people have awakened to,
now that the deed is done.
There are many stumbling blocks by the way—
and there are some sinister intimations that the
question may become a pretext or perhaps a means
of creating industrial trouble. No law can be easily
enforced against a preponderance of opinion, against
the combined will of large masses, even though it is
enacted. Advocates of the measure have given it
out that they do not at first intend to invoke the
right of search against the home. And it is manifest
that a body of opinion is being fostered, is growing,
and will grow, against the measure. Men are just
MAR. 29 1919.]
THE CHRONICLE
1213
beginning to realize that they did not vote directly this it.must be seen that the example here given to
on the principle or the amendment—that the latter the world has gone beyond any semi-rational theory
is a product of Congress and the legislatures, and at even, and can have its base only in the unbridled
a time when they were individually thinking and passions of a "reign of terror." It is part and parcel
of the rule of hate and force that defies every instiworking for—let us say "democracy."
The moral of it all is, and it is a very big moral, tution that is old and revered.
In modern discussions the civil institution of marthat we cannot preserve either our liberties, our
institutions, or our peculiar form of government, if riage has been attacked from many sides. That it is
we are to let self-appointed guardians of the public a contract between the parties the courts would seem
weal seek the cover of general law for the purpose of to sanction by providing divorce as a means of anobtaining their self-satisfying ends. This prohi- nulment, as against the theory that it is a divine
bition measure and mandate is but one of these ends. rite of the Church, a doctrine still adhered to by
It is, whether good or bad, a theory of the proper Catholicism. But the solemnity and divinity of love
social life. In precisely the same manner theorists itself as the basis and right of the marriage relation,
are seeking to control individual life in commerce. though this has taken on various determinations
Here, it is not necessary to go further than Congress among analysts, seems to have emphasized the beand a commission. And,it is worth repeating, while lief, held openly by some, that neither the priest nor
we are saving the world we are sleeping on our own the magistrate can add anything more than a public
acknowledgment to that which love alone can sancrights, and sooner or later will awaken to the fact.
There is a probability that sentiment will serve to tion and maintain. Whatever the primary belief or
protect violations of the prohibition amendment in the contributing cause divorce has greatly increased.
Some of the theories advanced seem to take a sort
certain localities. It is possible that States will
pass laws that are practically open rebellion to it. of progression until they startle the minds of many
And, to use the new word-coinage,.the morale of the by their audacity as wb11 as enormity. Thus it has
people will not be benefited. The arousal should been repeatedly advanced that a mere convention
be all along the line. No reform in personal man- should not prevent a direct "proposal" by the woman
ners and customs, however worthy and sincere,• —and following this it has been advocated that a
has a right to invade the sacred citadel of liberty as woman has a natural right to bear a child, and thereembodied in our Constitution and Government, to fore the right to choose its father, regardless of laws
accomplish its panacea for the ills of life. And the of State or Church. Loveless marriages have been
sacrifice is here, and not in the deprivation of per- held up in contrast to what may be termed lawless.
sonal privileges which may be borne, that we are But beneath all these excursions, however true or
apathetically making, and seem scarcely to know it. false they have been, has been a recognition of the
The people should be alert to these advances, or we essential requirement of love, the right of the free
shall sometime find them fastened irrevocably upon consent of the parties to the union, and at least a
partial acknowledgment of the claims of society.
us.
It has remained for these mad monsters of Russia
AN AFFRONT TO ALL THE WORLD: THE
to
deny the purity and power of love, even as they
"NATIONALIZATION" OF WOMEN.
•
deny God; to destroy utterly the home, even as they
Ambassador Francis, in his testimony before the
deny the right of ownership in property; and to
Senate Committee investigating Bolshevism, is re- requisition and parcel out women by a decree of
ported to have said:
Government. No other affront to civilization could
"Gentlemen, the Bolsheviki do not merit recogni- equal this infamy. The wake of this awful war may
tion. They don't even merit recognition to the have many surprises in store as to ensuing social
extent of entering into business relations with them. relations, but there can be nothing to compare to
They have instituted a reign of terror. They are
killing everybody who wears a white collar. Several this. Socialism, theoretically at least, may be comprovinces have gone so far as to nationalize their pelled to turn the child over to the care of the State,
women."
but even "free love" cannot advocate this slavery
"You know that?" asked Senator Overman.
by the autocratic power of State. Nor can all the
"I get my information from the official papers of wrongs against wedlock from time immemorial lead
the Bolsheviki. The Central Soviet has not issued to this revolting condition.
a nationalization of women decree. It has been done
Fantastic as are some of the maunderings over
by provincial Governments. But the Central Govand "soul-mates," truth must admit a
"affinities"
ernment has issued a decree making marriage and
divorce so easy that a mere notice to that effect is thread, tenuous though it be, a tendency, to spirsufficient. There is not even a limit of time as to the itualize and exalt love itself. And though Russia
duration of marriage."
under Bolshevist rule is little more than a bedlam,
We quote this because it is an official confirmation and to the quietude and order of our conventional
of the testimony previously given the Committee by civilization very far away, these fearful "reforms"
Dr. Simons, who submitted the text of one of these must serve to bring back to the mind, from all these
decrees, and because it sets at rest any doubts that imaginings and theories of sex relations, the sacred
may exist as to this feature of Soviet rule in Russia. simplicity of the home as we know it. Marriage will
Translations of other decrees have since been pub- never be a perfect state without perfection in man
lished.
and woman. No less an analyst of life than George
Perhaps it were better to pass in silence this Meredith, a few years before his death, proposed a
abysmal deep of "socialization." On the other hand, "probationary" marriage, a time limit to the original
"the sex problem" has had such exploitation in contract, and yet the idea did not extinguish the old
recent years, in fiction and on the stage, that this English proverb that a man's home is his castle.
mad attempt to solve it by Government, may, by
Perhaps the leading lesson to be drawn from this
its reactionary effect, point to the moral of the real Russian edict is that of the need of mental balance.
sacredness of love and the home. And yet in saying Men are being taught in many of the relations of life,
1214
THE CHRONICLE
[VoL. 108.
economic and commercial, as well as social, that they
and glistnssions
are suffering the weight of all the woes and wrongs
of the past, because our conventional civilization is
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
not perfect, all-just and all-wise. They thus ignore
ninety
day British Treasury bills
offering
of
usual
The
the progress and present beneficence of law and order.
by
J.
P. Morgan & Co. on a
of
this
week
was
disposed
They become the victims of their own delusions and discount basis of 532%, the rate prevailing
in recent weeks.
come to countenance excesses of radicalism that The bills are dated Monday, March 24.
others pass over as worthy only of silent contempt.
The vast upheaval of war throws the refuse in men
NEW CREDITS TO FRANCE AND GREECE.
and measures to the surface as well as the worthy
A new credit of $100,000,000 was extended to France by
and good. What the people of every country need, the United States Treasury on Mar. 27, making the total
as Galsworthy recently pointed out in an American credits to France $2,617,477,000; at the same time it was
that a new credit of $3,858,930 had been granted
interview, to which we alliided in our issue of March 8, announced
to Greece, raising the total credits to Greece to $43,412,966.
is to get back to the principles and conditions of the The total credits to all the Allies, it is reported, are $9,,
"simple life"—if there is to be any firm ground to 036,269,590.
itand on, from which to view the new outlook.
PROFITS OF BANK OF ENGLAND DURING
It is not therefore necessary to "take to heart" EXCESS
WAR SURRENDERED TO GOVERNMENT.
these modern criticisms of marriage. There is no
The following was contained in a special cablegram to the
need to become alarmed at the excesses of "socializa- "Journal of Commerce" from London, Mar. 23:
its entire unstated but very largo
tion." And surely the view from man's "castle" The Bank of England has surrendered
excess profits during the war to the Government. The prompt unpegging
will
his home, is the vantage ground civilization
of the exchange caused some surprise but was considered inevitable.
Moreton Frewen, the well known writer on economics, prophesies that
never relinquish. For the home is the security of the sterling
will be about four dollars for the next ten years.
State and the answer to all, questionings. There,
love is supreme, spiritual, and sacred. There, is the
SOUTH AFRICANS WANT BOUNTY ON GOLD.
sublimity of "liberty." There alone is joy, rest, and
A cablegram to the "Journal of Commerce" from London,
soul-communion. It may be but a cabin "by the Mar. 27, stated that it was reported that the South African
side of the road," but all that is noble and pf good 'Government is urging the British Government to reopen the
repute the world around ministers to it. There, he question of giving a bounty to encourage gold production
and to meet increased working costs.
who would build a State, protective and perpetual
by his own will, protects and cherishes the partner of
M.PERET'S PROPOSAL FOR FRENCH CREDIT SUPhis bosom, the mother of his children, the consoler of
PORTED BY UNITED STATES AND GREAT
all his sorrows and the reward of all his toil and amBRITAIN.
bition, and love is its shield and its sword, GovernThe following regarding a proposal of Raoul Perot, of the
ment, society, and trade, may change, but when the Budget Commission of the French Chamber of Deputies
home is lost allis lost. And there the"old life" will live for an inter-Allied loan 'involving support by the United
States and Great Britain of French •credit, was received in
on, there the "old love" will compensate to the end. special copyright cable advices to the New York "Times"
out-rent gututs
from Walter Duranty at Paris, March 20:
THE CANADIAN GOVERNMENT'S TARIFF
POLICY.
Ottawa, Canada, March 28 1919.
An attempt in the House of Commons this week
to dynamite the Unionist Government with a heavy
bomb of free trade sentiment in the form of a wantof-confidence resolution met an ignominious failure.
By a vote of 115 to 61 the Unionist Government was
sustained and what is even more remarkable, after
the loud rumblings of a tariff upheaval, nearly all
the grain growers' representatives from the prairie
provinces voted unhesitatingly with the Government. Of course, the Government whips ,had
taken good care to neutralize the attack by dribbling out sufficient information on the Government's
tariff program to show the Westerners that reductions were actually coming.
The Minister of Finance, replying to the Liberal
demand for wholesale slashing of tariffs, expressed
his conviction that the Government's plans would
meet approval in all parts of the country. Other
Government leaders spoke in such a vein as to lead
observers to infer that practically all protection on
agricultural implements will be thrown off. With
scarcely an exception, the Western members of
Parliament, commonly regarded as an uncertain
quantity in a trial of parliamentary strength, repudiated any intention of throwing the present
Government out of power and held to the ground
that tariff changes, while essential to placate public sentiment, must be brought about with minimum
interference with the established commercial organization.
A suggestion for relieving French financial difficulties is made by Raoul
Peret, President of the Budget Commission of the Chamber of Deputies, in
an interview published to-day by the newspaper "France" of Bordeaux.
M. Peret's proposal is for the emission of an interallied loan bearing the
signatures of America, France, England and Italy, of which the proceeds
are to be shared among the signatories in proportion to their war expenses.
The sinking fund for the eventual redemption and annual interest would
be guaranteed by international taxes on freights, cables, ports, Scc., which,
as M.Peret points out, would be a practical first step in the financial operations of the Society of Nations.
According to the figures, M. Perot gives in the interview, there is a
deficit of some 21,750,000,000 francs in the French budget since the outbreak of the war, while at the lowest estimate there would be a shortage
of 10,000,000,000 francs if there Were an annual budget. So far M. Klotz,
the Finance Minister, has made no suggestion as to how these sums are to
be raised, save by a tentative allusion to a tax on capital, which was hastily
dropped in view of the general opposition. Unless he can find a better solution in the few days that intervene before the subject is next discussed in
the Chamber, it is generally thought here that he will be forced to resign,
and M. Peret is named as the most probable successor. This fact gives
importance to the latter's declarations, which at least contain the elements
of a constructive policy.
True M.Peret's proposal, like the others made hero, involves support by
America and Great Britain of French credit. But, as I have emphasized
in previous dispatches, it will be necessary sooner or later that the Allies
resign themselves to this. The manner in which the support is given may
be other than that suggested by M. Perot or any one else; but unless it is
forthcoming in ono form or another, it will be impossible for France to
resume her place in the business of the world which the interests of American
and British exporters—to say nothing of her own—demand.
France's financial situation, as it is at present, can be stated quite
simply. There is a great quantity of money in the country, but this
money is almost wholly paper. No appreciable quantity of good—which
alone represent real cash—can be produced without purchases of raw
material, machinery, Sm., from abroad. But for that this paper cannot
be used without its depreciating to such an extent that French buyers must
pay double, unless—and here is the point the French advance—this paper,
or in other words France's credit be guaranteed abroad at or near its face
value. That is what France hopes her allies will be willing to do. In the
meantime her representatives in the Peace Conference are trying to remedy
matters by demanding, first, that the utmost possible amount be extorted
from Germany right away, and, secondly, that Franco have a preferential
call on it.
But experts are pretty well agreed that the very most France could hope
for from Germany in the next twelve months would be $1,000,000,000.
This would not be enough, though, it is at least sufficient to account for
the French insistence on the point. The fact is, the war has pressed far
more heavily on France than on any of the major allies, and unless something is done to help her she will find it terribly difficult to recover. The
world professes to be greatly concerned over tho danger of Bolshevism, but
it is a truism that there is no such fertile soil for Bolshevism as a country
where prices are prohibitively high and unemployment common. Both
those conditions, it is held, must fatally obtain in France unless her credit is
supported.
THE CHRONICLE
MAR. 29 1919d
ERS OF
CANADIAN BANKS OPENING LARGE NUMB
NEW BRANCHES.
The following letter is self-explanatory:
OF COMMERCE.
AGENCY OF THE CANADIAN BANK
New York, March 25 1919.
Chronicle, New York City:
The Editor, the Commercial and Financial
ce the Canadian banks, which
Dear Sir:—Since the signing of the armisti
by the shortage of men from
during the period of the war were precluded active in this respect, and
larly
opening now branches, have been particu
since the 11th of November, 1918,
You may be interested to know that
, as follows:
67 branches of this bank have been opened
1215
A Buenos Aires press dispatch on March 20 said:
for the purchase of
The Argentine credits to France under the agreement
that time French exgrain made last year expired on Tuesday, and since
peso to 5 francs 70
change has rised from 5 francs 60 centimes for a gold
two countries ha- not
centimes. A new credit convention between the
yet been ratified.
G NEW
BRITISH TREASURY REGULATIONS GOVERNIN
CAPITAL ISSUES—LICENSE REQUIRED.
A new Defense of the Realm Regulation concerning capithe
tal issues in Great Britain was announced as follows by
24:
on
Feb.
ttee
British Treasury Commi
resepct to new capital
301. The following provisions shall have effect in
capital:
to dealings in securities issued for the purpose of raising
and
issues
Arborg, Man.
nce of a license granted
(1) No person shall except under and in pursua
Basswood, Man.
by the Treasury:
Beatty, Sask.
stock, shares or securities.
Drumheller, Alta.
(a) Issue, whether for cash or otherwise, any
Elstow, Sask.
or
Alta.
s,
Empres
express or implied
(b) Pay or receive any money on loan on the terms
Fiske Sask,
future date in payment
Headingly, Man.
that the money is to be or may be applied at some
er date to the perat
whatev
issued
be
Hyas, Sask.
of any stock, shares, or securities to
Irricana, Alta.
son making the loan; or
or debentures of a
(c) Sub-divide any shares or debentures into shares
Ontario.
date any shares or debentures of a large
consoli
,
or
nation
denomi
smaller
Toronto—(Conci.)-Dashwood,
Amherstburg.
Danforth and Geeen- denomination; or
Fairbank,
securities; or
Baden,
wood.
(d) Renew or extend the period of maturity of any
que,
Ganano
lle,
Beamsvi
shares, or securities
Danforth and Woodake.
the-L
a-onNiagar
(e) Purchase, sell, or otherwise transfer any stock,
Bluevale,
bine.
,
conferring a right
ent
Centre
benefit of any agreem
Niagara Falls
the
or
,
t
therein
interes
any
Brighton,
or
d.
Oakwoo
ies
Toronto—
Campden,
shares, or securities if the stock, shares, or securit
stock,
any
,
receive
Walton
to
Landsand
Clair
St.
d, or the period of
C/apreol,
Weston.
downe,
were issued, sub-divided or consolidated, or renewe as the case may be,
Carleton Place,
made,
maturity thereof extended, or the agreement was
permission
Maritime Provinces and Quebec.
between Jan. 18 1915, and Feb. 24 1919, and the
Murray Harbour,P.E.I. at any time
division, consolidation,
subS.—
N.
,
issue,
the
to
d
Halifax
not obtaine
was
ry
Treasu
Bass River, N.S.
the
of
B.
,
N.
Stanley
Gottingen St.,
ent, as the case may be.
Berthierville, Que.
Stanstead, Que.
renewal, or extension, or the making of the agreem
Quinpool Road,
nce of, a license granted
Bury, Que.
Bridge, P.R.',
South Barrington St. Vernon th,
(2) No person shall, except under, and in pursua
Devon, N. B.
S.
N.
Yarmou
S.
N.
on,
Kingst
ry:
Treasu
the
by
Que.
n,
Eastma
securities except for cash or
Lunenburg, N.S.
(a) Buy or sell any stock, shares, or other
recognized Stock Exchange,
when the purchase or sale takes place in any
Newfoundland.
exchange;
subject to the rules or regulations of such
Grand Bank.
es which have not re(b) Buy or sell any stock, shares, or other securiti
Kingdom since Sept. 30 1914.
mained in physical possession in the United
Island of St. Pierre et Miquelon.
may be granted subject to any
(3) A license granted under this regulation
St. Pierre.
and conditions specified therein.
terms
s
ion or if any person
member
provide positions for former
(4) If any person acts in contravention of this regulat
The opening of these branches will
being reinstated. Up to the present to whom a license has been granted under this regulation subject to any
now
are
who
bank
the
of
staff
of the
demobilized have applied for rein- terms or conditions fails to comply with those terms or conditions, he shall
time about 300 men who have been
into the service, out of a total of be guilty of a summary offense against those regulations.
statement and have been taken back
ties" includes bonds, debenorder to take up military duties.
(5) In this regulation the expression "securi
1,704 of our staff who resigned in
ies.
Yours truly,
debenture stock, and marketable securit
tures,
in the House of ComF. B. FRANCIS, Agent.
Mr. Bonar Law, in answer to questions, stated Chancellor of the Exthe
mons on Feb. 27 that he had consulted with
state that the Governto
ty
chequer and his advisers, and had their authori
ND
retrospective effect.
TERMS WHEREBY ARGENTINA WILL EXTE
ment intend to issue a now order removing the
1Vestern Canada.
Ituna, Sask.
Kelvington, Sask.
Laporte, Sask.
Leslie, Sask.
Marshall, Sask.
Norquay, Sask.
Ochre River, Man.
Parkland, Man.
Pathlow, Sask.
Rosebud Creek, Alta.
St. Brieux, Sask.
St. Norbert, Man.
St. Paul de Metis, Alta.
Sedgewick, Alta.
Semans, Sask.
Bitten, Man.
Star City, Sask.
Teulon, Man,
Vanderhoof, B. C.
Vawn, Sask.
Wroxton, Sask.
CREDITS TO EUROPEAN ALLIES.
, also adds
The Press Bureau in making public the above
take the
From the "Wall Street Journal" of March 13, we
note.
above
the
Argentina has
News"
following regarding the terms under which
In publishing the above the London "Financial
, to which
Allies
ean
Europ
the
the
by
d
s
to
panie
credit
d
accom
exten
was
to
it
that
arranged
526, and of Feb. 25 announced
reference was made in these columns Feb. 8, page
ment:
state
ing
follow
the conclusion of the
March 1, page 823:
ment a
of the changed conditions resulting from
In view
the Argentine Govern
Copies of the official convention by which
has had under consideration the arrangements
, France and Italy credits aggre- .armistice, the Treasury
for the control of new issues of
few weeks ago extended Great Britain
in
grain
for the purchase of
which have been in force during the war
00,000)
($197,0
pesos
gold
gating 200,000,000
the
of
the
lines
on
.
drawn
capital
is
ent
new capital issues has been perArgentina, are now to hand. The agreem credit for an equal amount was
The work of scrutinizing proposals for
a
one entered into over a year ago, whenexcept that the minimum rates at formed during the war by the Capital Issues Committee, the object being
,
France
projects not immediately connected with the
granted to Great Britain and
may roimbarse itself by the sale of to refuse sanction for all
which the Argentine Government now fixed at 49 pence and 5.25 francs successful prosecution of the war. The decisions of the Treasury, taken
are
committee, have, however, not had any binding
exchange on England and France
the former quotations of 50 pence and upon the advice of this
Stock
to the gold peso, in the place of
ion force, beyond what is derived from the emergency regulations of the
protect
ent
for
the
agreem
the
in
ed
embodi
issues which have not re5.65 francs. A provision is
ment agreeing Exchange, which forbid dealings in any new
ne
Govern
Argenti
the
Aires,
Buenos
in
of dollar exchange
.
draw on the three debtor nations, directly ceived Treasury consent
g financial conditions to dispense
not to offer the exchange it will
While it is not possible under existin
The following is the essential portion
States.
ry
United
the
in
tly,
indirec
or
control of capital issues, it has clearly become necessa
the
with
her
ion:
altoget
convent
the
of the official English text of Government shall open a credit in favor of to reconsider the principles upon which sanction has been given or refused
ine
ng
Argent
providi
of
"Article 1. The
es may be placed in the way
sum of 80,000,000 Argentine gold pesos, in order that no avoidable obstacl
the British Government up to the
restoration of commerce and industry,
speedy
the
for
ry
amount
a
necessa
for
similar
credit
similar
capital
a
the
y, and
or its equivalent in paper currenc further credit up to the sum of 40,000,000 and the development of public utility services.
ls for fresh issues of capital which
to the French Government; and a
In view of the numbers of the proposa
Government. The amounts drawn
Italian
the
to
pesos
Argentine gold
ry to provide further machinery for dealing
interest at 5% per annum, to be paid quar- are to be expected, it is necessa
carry
shall
credits
them effective. A regulation
these
upon
ns
under
with them and for making the decisio
ting
terly.
re under the Defense of the Realm Act has accordingly been made prohibi
signatu
the
from
montns
four
twentyof
period
a
"Article 2. Within
from the Treasury.
French and Italian Governments shall all capital issues except under license
,
British
the
has
tee
tion,
Commit
conven
Issues
the Capital
of this
balance outstanding on their respective
As already announced in Parliament
are as follows:
cover at Buenos Aires in gold the
ituted with new terms of reference, which
reconst
been
accounts.
tions received by the Treasury for
the time-limit stipulated in the preceding
"To consider and advise upon applica
"Article 3. Before the expiry of
Regulation(30 F)for fresh issues of capimay draw against the British, French licenses under Defense ofthe Realm
ment
Govern
ne
the reconstruction period for
Argenti
during
the
capital
article,
view to preserving
any
direct operations in exchange to the equivalent tal, with a
United Kingdom, and to preventing
and Italian Governments for
essential undertakings in the exchan
rate
the
,
export of capital, except
the
'when
ned
by
credits
ges
mentio
abovethe
foreign
under
le drain upon
'
avoidab
drew:1r
of the amounts drawn
special
that
ry
Treasu
the
of
49 pence on London; 5.25 francs on France where it is shown to the satisfaction
of exchange does not fall below
drawings not to be used for direct or indirect stances exist.'
such
Italy,
on
'fres
6.15
and
tee that, in order that applicationta
of North America.
It will be an instruction to the commit
remittances to the United States
evidence to be given
and Italian Governments will apply the
with expeditiously and to enable oral
dealt
be
may
"Article 4. The British, French
from the said credits for the purchase of pro- in support of them when desired by the applicant, that the committee should
sums which they may utilize
n of the panels to be
decisio
s, the
sit by panels consisting of three member
duce to the country."
in operation, the Argentine Government
confirmation by the full committee.
to
In order to put the convention
subject
of the Nation to open a credit in favor
be made in the first instance In writing
All applications for licenses must
enacted a law authorizing the Bank
of 200,000,000 gold pesos. The Bank in on a form which can be obtained from the Secretary of the Capital Issues
of the Government to the amount
Conthe
to
deems it necessary, apply
Committee, Treasury, S. W. 1.
turn will, whenever the Government
the committee will give the applicant
power of issue in the country, for legal
Before any application is refused
version Bureau, which has the sole
Great
case.
of
ments
the
credits
Govern
the
of
of giving oral evidence in support of his
nity
opportu
currency notes up to the amount
an
is
utilized. But the delivery of such notes
the caption
Britain, France and Italy have
under
1
Mar.
of
"
omist
below
"Econ
not
is
c
when the metalli reserve
The London
to be made by the bureau only
ing comment regarding
follow
ry circulation.
the
makes
ce"
Finan
up
g
the legal limit of 40% of the fiducia
of the Nation 'will be required to "Tyin
As the credits are paid off, the Bank
amount of currency notes, so that on the now regulations:
return to the bureau a corresponding
t is being made to loosen the control of
to the three Governments,the
At a time when some attemp
the cancellation of the credits granted
ion therewith will be totally with- industry, as the Government's rear of public exasperation gets the better
connect
in
issued
been
have
which
notes
the profit which the Bank of the of its pliancy in the hands of the big interests, it seems that the bonds which
drawn from circulation. One-half of
receive from the Conversion Bureau choke financial activity are to be, if anything. strengthened. In last
Nation may make from the notes it will
the reserve held by the bureau week's "Economist" we recorded that the Committee on New Issues was
is to be converted into gold and added to
notes.
ding
outstan
against
1216
THE CHRONICLE
to be reconstituted and continued, and
a Royal Proclamation has now
amended and beautified D. 0. R. A.
Much, of course, will depend on the
personnel of the new committee,
and the way in which it interprets those
anything to do with the old one can only regulations. Anyone who had
describe his experiences in language quite unfit for our columns. It
is, in fact, commonly referred to as
the classical example of bureaucratic
secretiveness, tardiness, and ineptitude
and it is only fair to our beraucrats to
point out that it was not composed
of officials, but of what is sometimes
even more unapproachable and impossible, namely, business men clothed in
official trappings. A regulation
which seems to be purely fatuous is the
one
of shares. We are solemnly assured that which forbids the sub-division
the reason for it is the fear that
if, for example, a £20 share is split into
20 El shares, and so becomes more
marketable and popular, it will compete
with War bonds more efficiently.
The fact that its sale would merely involve
a
not absorb a pennyworth of money seekingtransfer from A to B,and would
investment, does not seem to
have dawned on the wiseacres who rule
us. The retrospective effect of
clause (e) raised a storm in the House of
Commons on Thursday, which
produced an apology from Mr. Bonar Law
The other regulations are mostly a continu and a promise of amendment.
ance of the measures taken to
reserve the market for War bonds, and to
check exports of capital for fear
of what may happen to the exchanges.
It is, surely, nearly time to recognize that if we go on indefinitely shudder
ing before this fear we shall put
off our financial and industrial recover
y until the crack of doom.
APPROVAL BY INTERNATIONAL HIGH COMMISSI
ON
OF GOLD POOL FOR THE AMERICAS.
[VOL. 108
MAILING OF MANUFACTURED GOLD
OR SILVER
ARTICLES ABROAD.
Directions with regard to the mailing
of manufactured
gold or silver articles to France have
been issued as follows
by Second Assistant Postmaster-Gener
al Praeger:
OFFICE SECOND ASSISTANT
POSTMASTER-GENERAL,
Manufactured articles of gold or silver Washington, March 15 1919.
will be accepted in the regular
mails for France when contained in
registered sealed letters, or as
tered packages containing samples
regis, in accordance with tho existing
instructions applicable to samples appeari
ng in section 39, on page 124, of
the "Annual Postal Guide" for
1918.
The acceptance of these gold or silver
articles will be in accordance with
the following conditions:
(1) All registered letters or packages of samples
should be directed to the
addressees, care of the Bureau de la
Garanite, 4 Rue Guenegaud, Paris,
France;
(2) The French Postal Administration will
assume only the ordinary
responsibility provided by the internat
ional regulations in the matter of
the indemnity for the loss of registered
articles; that is, an indemnity not
to exceed 50 francs, approximately
$9 65, in any one case:
(3) Manufactured articles of gold or silver
will not be accepted for transmission by parcel post for France.
Section 79 on page 128 of the "Annual Postal
Guide" for 1918 is modified
accordingly.
OTTO PRAEGER, Second Asst. Postmast
The International High Commission, in session
er-General.
at Washinton on March 24, approved, according to a
Washington
dispatch in the New York "Sun" the State
Department BAN AGAINST IMPORTATION OF DIAMONDS INTO
convention for the establishment of a gold pool,
THE UNITED KINGDOM LIFTED.
or international gold settlement fund, between all of the
The War Trade Board announced on March
Americas.
24, for the
The "Sun" said:
information of exporters in the United States
, that it had
Creation of such a fund was recommended by
the Commission as cal- been informed that the procla
culated to aid and stimulate trade between the
mation of July 28 1915, proUnited States and South hibitin
and Central American countries.
g the importation of unset diamonds into
the United
The fund will be used for settlement of trade
balances between all coun- Kingdom has been revoked.
tries of the Western Hemisphere.
The "Journal of Commerce" in its issue of March 27 had
REMOVAL OF RESTRICTIONS ON DEALINGS
the following to say regarding the proposal:
IN
The America
n section of the Joint High Commission having
ITALIAN LIRE.
given its approval-to the plan for an international gold clearance fund,
It is now only a
The removal by the Federal Reserve Board of
matter of time before the treaty agreements will be
all restricconsummated, and tions as to
commerce with Latin America will be furnished banking
the sale or purchase of lire exchange by dealers in
facilities corresponding to the excellence of our Federal Reserve
foreign
exchan
ge was noted in these columns last week,
system. The plan is
designed to facilitate exchange by dispensing with the
losses and the risk page 1116. "Financial America"
attendant on shipping gold to pay for purchases of goods
of March 22 reported
in a foreign coun- the
issuance on that day of the following statement
try. In the United States if a merchant in New York
buys anything in
by the
San Francisco, he may pay by buying exchange, or he
representative of the Italian Institute of Exchan
may
ge:
ligation by actually expressing the gold, the safe transpor meet the obt
of
which he
From time to time the Director of the Division
secures by insurance. All this costs and is cumbers
ome, so that the sim- the Federal Reserve Board has issued regulati of Foreign Exchange of
ons concerning trading in
pler expedient of bank exchange has been substituted.
When the trans- lire exchange in so far as it was being carried
action is between parties in different countries the situatio
out by dealers in the United
n
becomes
States.
more
All
such
regulati
ons
have
now
been withdrawn. The Instituto
complicated. In former times it was the practice to
ship the gold subject dei Cambi in Italy, which has charge
of the Italian exchanges in that
to the losses of sea transportation, the abrasion of coin
in handling and country under the supervision of the Italian
the necessity for insurance.
Government has not yet
withdrawn any of its regulations and until it
The modern method is to buy and sell foreign exchang
does so it is necessary for
e. leaving the American dealers in carrying out their transact
ions in Italy to operate in
banks through their systems of clearance to make settleme
nts of accumula- accordance with the rules of the Italian
Institute of Exchange. Such rules
tions of credit at stated periods. The process is simply that
the buyer in do not affect the buying or selling of lire by
dealers in the United States,
one country draws on his account, and the bank telegraphs the
credit. In but the buying or selling of dollars in Italy are entirely
the United States the matter is done through the Federal Reserve
subject to the rules
banks, of the Institute. The Institute in Now York will
which are now connected by a system of leased wires, so
be in the market to buy
that balances are or sell lire as it is considered advisable, but
at
the moment is not selling
cleared by 10 o'clock every day for the preceding day's business
. The cable lire under 6.45.
average weekly volume of these clearances last year,
from July 1 to the
end of the year, was $1,064,000,000. It is the purpose to apply
to international trade between the republics of the Western Hemisph
ere this same
THE DROP IN STERLING EXCHANGE.
system of exchange.
The features of advantage in the proposed plan aro that there
The decline to $4 50 a pound of cable transfer rates
will
be
a
in
multiple guaranty of safety, the funds deposited in any
one country will not London on March 21 was
announced in the cablegrams reonly have the protection of that country but of all the rest
in a joint guaranty or obligation to make good any loss. The idea will
ceived by the daily press from there on that date, which
be for each counwe
try to designate two banks under regulations which they
will formulate to quote as follows:
deal with each other just as if they were in the same jurisdic
tion and using
Cable
transfer
rates
dollar
on
exchang
e fell to $4 50 a
the same clearing house.
to-day when announcement was made that Governm pound in London
It is of special interest at this time that the proposed treaty
ent support of exis expected to change had ceased.
contain an agreement that all funds employed for the purpose
of maintainThe announcement from American sources that
ing the system of clearance shall be inviolate in war as well
the
Government had
as in peace. withdrawn its support from exchange came
This of itself is worth the effort to secure the signatures of
as a bombshell on the market,
the American where dollars immediately fell to
$4 52 per pound sterling and later sagged
republics in the scheme. The examples of brigandage
during the late war to $4 50. After excited dealings the
closing rates for dollars were from
in connection with the treatment accorded to alien propert
y and alien funds $4 55 to $4 58 to the pound.
ought forever to shame the modern business man of even
the most rudimentary conscience. Arrangements will be made to provide
The removal of the "peg" from the sterling exchange
for a settlement at stated periods, which will probably vary between
some countries market was referred to at length
being made every two months, with others every four months
in these columns a week
and in some
instances probably not oftener than nine months or a
year; all this de- ago, page 1114. On March 24 Associated Press advices
pending on the volume of transactions and the amounts
involved in the from London had the following to say regarding the day's
clearance transactions.
dealings:
To establish a clear plan it is proposed to make a new
standard coin
which has been called the "Panamericaho" of the value of
The pound sterling was worth only $4 62 at the close of
20 cents, which
trading to-day
shall be 0.33437 of a gram in weight and nine tenths fine.
The use of this on the Stock Exchange. This was the best offer which traders wishing
standard will obviate the confusion incident to the varying
systems of to remit funds to New York could get.
coinage in the different republics and expedite transact
Earlier in the day business cable transfers were done at
ions. The new
a few cents
system will not be obligatory. Those who prefer to ship
gold may con- higher, but the rate seemed more settled at the lower level.
tinue to do so. But the convenience of the exchange system,
devised on
the most approved lines of modern banking, will be availabl
e to all who can
make use of it. In certain conditions of finance, when critical
NEW PRICE FOR SILVER IN LONDON.
situations
arise, accumulations of funds in the clearance system may
be employed
A
Londo
to relieve stringency under properly adjusted limitations
n cablegram of March 25 said:
previously agreed
on.
The Government has fixed a new maximum price for silver, dating
from
The treaties which will put the new system in operation will
require the to-day. It is equivalent, at the current rate of exchange, to 95 cents per
Government of each signatory country to act as trustees
of the clearance standard ounce.
funds. The treaty wil be binding for one year after notice
of withdrawal
by any country desiring to separate itself from the combina
BAR SILVER RISES IN LONDON.
treaty in such cases to be formally denounced in the usual tion. The
manner. Of
course all financial obligations in such cases would continu
March
On
e until properly
25 London advices to the daily press stated
adjusted. At this time it is understood that assent in principl
e to the plan that the price of bar silver advanc
has been given by over half of the required number to
ed that day from 473id.
put it in operation.
so that it is assured that within a short time, comparatively,
the new sys- to 49 5-16d. an ounce to reach the equivalent of American
tem will be available to exporters.
exchange. Later there was an advance to 50d.
MAR. 29 1919.]
THE CHRONICLE
1217
s, Assistant Cashier
"Branch Banks," by Charles H. Ayer
.
RSE
BOU
IS
ure Relations BePAR
"Fut
it;
ON
RUSH OF SELLING ORDERS
of the People's State Bank, Detro
Standpoint of the
s"
the
Temp
"Le
from
s
d
Bank
unce
try
anno
26
Coun
h
and
tween City
A Paris cablegram on Marc
Cashier of the
tant
h,
Assis
Smit
B.
in its Bourse report as saying:the beginning of the peace negotia- City Banker," by George
onal Bank, Chicago;"Future
The Bourse had its worst day since Hungary caused a rush of selling Continental & Commercial Nati
ts in
s from the Standtions. The Bolshevist developmen
Relations Between City and Country Bank
es.
ns, Cashier of
orders and very important declin
Colli
.
heavy
Fred
was
lly
by
genera
er,"
the tendency
point of the Country Bank
Rentes dropped appreciably, and
"New Income
the
and
.,
Tenn
n,
Mila
Co.,
ing
Bank
n
the Mila
t Co.
YORK NEXT WEEK Tax Law," by James Rattray, of the Guaranty Trus
MEETING TO BE HELD IN NEW L OF FOREIGN
of New York.
UNDER AUSPICES OF COUNCI
Credits, based on:
There will also be addresses on Bank
RELATIONS.
ant Cashier of the First
Assist
y,
R.
Roone
Edw.
by
,"
Hides
and
"Wools
has called a meeting
II. Dosker, Vice-President of
nal Bank, Boston; "Tobacco," by N.
The Council of Foreign Relations
Natio
by J. D. Gillesthe Metropolitan Club of the National Bank of Kentucky,Louisville, Ky.; "Cotton,"le,"
by Snelson
for Wednesday next, April 2, in
ia, pie, Cashier of the Tenison National Bank, Dallas; "Catt
delph
ago,
Phila
Chic
city,
this
s City, Mo.;
of
Kansa
ers
National Bank,
th
nweal
the leading bank
Commo
the
of
ey,
Chesn
for the purpose of making "Auto
Vice-President of the National
mobiles," by Charier R. Talbot,
Boston, St. Louis and Detroit,
F. Herb,
this country vast Bank of Commerce, Detroit; "Sugar and Coffee," by Charles
in
ilate
assim
to
ents
ngem
ns.
arra
definite
com- Vice-President of the Hibernia Bank & Trust Co., New Orlea will be
only
the
are
h
whic
,
ities
secur
gn
speakers
amounts of forei
At the banquet on Monday night the
sell in the near future.
r of the Madison Ave-modity the Allies and neutrals can
Rev. Charles A. Eaton, D.D., pasto
er,
ch, New York City, and John M. Park
.
M nue Baptist Chur
Thos
FRO
n.
ION
iatio
MPT
OF
Assoc
EXE
y
ECT
Valle
EFF
i
ssipp
ON
Missi
President of the
L. T. McFADDEN
City
rve
DS.
Rese
BON
of
n
N
iatio
LOA
M
Assoc
TAX OF FAR
B.Me.Adams, President of the
esentative L. T. McFadden Bankers and Vice-President of the Merchants' National
In an interview given by Repr
of the House Committee on Bank of Richmond, will be the toastmaster. The other
of Pennsylvania, a member
public Mar. 27, explaining officers of the Association are: Vice-President, George B.
Banking and Currency, and made
to amend the Federal Smith, Assistant Cashier of the Continental & Commercial
sal
propo
the
why he is opposed to
Walter Kasten, Vicesaid:
dden
National Bank, Chicago; Treasurer,
Farm Loan Act. Mr. McFa
, Milwaukee, Wis.;
Bank
small importance that some of its
onal
the
Nati
n
of
onsi
means
Wisc
any
the
by
t
of
Presiden
That bill was not
carried a permanent appropriation of
It
dent of the HiPresi
ed.
Viceassert
h,
e
wort
Senat
Ells
the
friends in
buy Secretary, Fred W.
the National Treasury to be used to
from
taken
be
to
0
ns,
00,00
Orlea
$50,0
bernia Bank & Trust Co., New
Farm Loan bonds.
ng over us and the Secretary of the Treas
With our great war debt hangi scheme to pay current expenses, I think
a
op
devel
to
end
wits'
ury at his
of $50,OUGH NEW YORK
to be careful about voting away items
every Congressman ought
BROOKLYN BANKS TO CLEAR THR
K.
BAN
E
ERV
RES
I
L
n,
000,000 each.
ERA
eratio
FED
Farm Loan Act was under consid
Three years ago when the
ks of Brooklyn
chee
of
ing
several important amendments were made
clear
unless
the
for
that
plans
e
ng
debat
erni
Conc
stated in
s a year and
beginning
se would be about half a million dollar
expen
Bank
rve
Rese
ead
ral
overh
Fede
the
York
that
incurred by the Government. My estimate was banks by the New
of
le"
Mar. 25
that great risks would be
"Eag
klyn
Broo
ly high.
Tuesday next, April 1, the
declared to be unreasonab
of $241,820 was made for part of the expenses
n
riatio
approp
an
week
Last
said:
beginning July 1 1919. That does not in
checks cleared by the Federal Reserve
of the system for the year
e
Brooklyn banks will have all
ses otherwise provided for. The twalv
tion Dedude numerous general expen with the free use of nearly $9,000,000 Bank of New York beginning April 1, through the City Collec
to all
ution. Notice to this effect has been sent
Federal Land banks started out
instit
cost
has
that
that
of
3%
ent
of
rate
partm
low
l. At the
which is
of Brooklyn banks, with the copy of the usual form of agreement,
of Government money as capita
1916
in
made
ate
estim
My
year.
a
s
officer of the bank.
over a quarter of a million dollar
to be signed by the executive
ses was too low.
ct advantage to the Brooklyn institu$500,000 a year for overhead expen dollars a year is nothing, a mere bagaThe new arrangement is a distin of the New York Clearing House and
n
a
millio
half
of
se
expen
members
But this
to
direct
nue
not
conti
are
will
and
which
ned
tions
sustai
enjoys.
country
same privileges that direct membership
telle, compared with the loss the
Loan bonds. Within a few years have not had access to the
gh Manhattan banking correthrou
d
cleare
sustain through tax exemption of Farm s a year through loss of taxes.
been
have
s
Heretofore check
n dollar
, and it has been necessary that large balthat may exceed a hundred millio
the impairment of the national spondents of Brooklyn banks
tion.
Even that loss is small compared with
n .ances be carried with the Manhattan banks for the purposes of protec
titio
compe
gh
throu
bonds
ty
Liber
st at the rate of approximately
credit and reduction of the price of
balances have been allowed intere
These
t
permi
not
the present high rate for money did
with Farm Loan bonds.
ned by owners of $17,000,000,000 21(L% which in view of
ved.
invol
funds
the
Figure out for yourself the loss sustai
ge
upon
avera
an
to
par
return
from
of sufficient
t depreciation
al Reserve Bank of New York to act as
of Liberty bonds through their marke
The willingness of the Feder
ng these
00. Farm Loan bonds drawing 5%
of about 95. It is over $800,000,0tion the same as Liberty 33,i% bonds, clearing agent for Brooklyn banks relieves the necessity of carryi
exemp
greater earnings. These balinterest have the complete tax
balances, and will allow the banks
exempt.
tax
large
ly
entire
reached
have
ces
instan
are
while no other Liberty bonds
have varied and in numerous
Loan bonds are Government obligations ances in the past
. Brooklyn banks with balances of the
0,000
$1,00
of
le
Many people think that Farm
or
syllab
excess
word
line,
a
in
not
ts
is
amoun
. There
ence between the
or guaranteed by the Government responsible. Many misleading state- latter amount in Manhattan can now earn the differ
nment
t money rates, which
in the law to make the Gover
nment rate of interest which they now receive and the presen
the
Gover
from
es
salari
ng
drawi
e
peopl
ments have been made by
is slightly in excess of 3%.
m
Government is responsible.
members of the Federal Reserve syste
to make the public think the exemption goes to rich people and millionFurthermore, banks that are
as
tax
of
t
benefi
the Federal Reserve Bank of New York,
e
with
The principal
e
receiv
who
reserv
200
a
d
over
are
carrie
There
.
have
and it will now be
t bonds
aires who buy the tax exemp s a year. The income tax on tho excess well as with their Manhattan bank correspondents,
ve Bank.
incomes of over a million dollar taxable securities. Ono of these million- necessary for them to carry balances in only the Federal Reser lyn, has
on
of Brook
Bank
77%
is
s
the Mechanics'
of
dent
Presi
on
above a million dollar
year
Mott,
a
00
De
g
$38,5
M.
Harry
would evade payin
that will be of
factor in bringing about the change
aire individuals or corporations
Land Bank bonds. According to observa- been the outstanding
of bankers were
$50,000 received from Federal opinions of scientific economists like the distinct benefit to all of the Brooklyn banks. Meetings
and finally
the
them,
his plan was presented to
tions of business men and
also the American Economic Association, called at his instance, at which the purpose of sending to the Governor of
National Tax Association and
for
d
wer.
drafte
borro
the
to
was
t
goes
benefi
letter
tion
a form
the tax exemp
signed by the executive of each institution.
only a very small part of
estimate that the bond holder makes about the Reserve Bank, which was
ve Bank and
Various reliable authoritiesby the borrower. In some localities the ratio Mr. De Mott took the matter up directly with the Reser
d
derive
as proposed by him.
plan
the
to
ble
six dollars to one
agreae
were
found that they
others it might be five to one,
Brooklyn which are direct members of the
is seven to one and in
There are four institutions in
was not so important a matter when the law
same privExemption from taxation
and it has been proposed that the
Farm
House
The
ing
war.
the
ng
Clear
enteri
of
York
sly
seriou
New
ht
thoug
ate members be opened to them
was enacted before we
ing wealthy individuals ileges that have been opened to the associ
of
enabl
se
purpo
the
rship are
for
d
membe
g
passe
. The institutions havin
Loan Act was not
by the Federal Reserve Bank
that is now one of its important functions.
lyn Trust Co., Franklin Trust Co. and
Brook
to evade war taxes, but
Act
Bank,
Loan
Farm
nal
e
the
Natio
enabl
u
n
would
Nassa
the
tion sectio
to pay a
The repeal of the tax exemp
- I'eoples Trust Co. Those institutions have been called upon p of th e
purposes intended when it was proposed, formu
went toward the upkee
to be used for all of the
purpose of membership, which
the
for
fee
lated and enacted.
d to
issues of Federal Land Bank bonds and joint institution.
steps that have been taken with regar
Tax exemption of future
It is now expected that the
rs our national credit and depreciates the
impai
ded to other inbonds
bank
to the clearance of checks for Brooklyn banks will be exten
stock land
duals
indivi
and
ations
hy
.
corpor
wealt
antic!
is
it
and
enables
ses stitutions through the Second Federal Reserve District,
price of Liberty bonds;
direct loss to the National Treasury; increa
ded it will open up further
exten
is
ege
privil
and
e
evade war taxes; causes a
sever
action
s
pated that if such
rty that cannot escape taxation; cause
taxes on persons and prope
ses possibilities.
patriotic buyers of Liberty bonds and increa
losses to over 20,000,000
for
prices
high
make
taxes
high
se
becau
mers,
the cost of living to all consu
P. MORGAN AS MEMA. B. HEPBURN SUCCEEDS J.
the necessities of life.
L OF FEDERAL REBER OF ADVISORY COUNCI
CITY
E
ERV
RESERVE BANK
OF
RES
ON
ER
ATI
OTH
OCI
RD—
ASS
BOA
SERVE
CONVENTION OF
S.
S.
NGE
KER
CHA
BAN
in its March "Bulletin" reCity Bankers will hold its
The Federal Reserve Board
The Association of Reserve
k—
wee
next
ans
Orle
New
following changes in personnel:
seventh annual convention at
1 and 2. ports the month of January several important changes in personner
April
31,
h
Marc
y,
esda
Wedn
During the
Monday, Tuesday and
system. In the Advisory Council
on the "Possibility of the have occurred in the Federal Reserve by
Mr. A. B. Hepburn for the SecThe program includes an address
has been succeeded
n
Morga
A.
P.
in
J.
Melv
by
Mr.
em,"
Syst
ing
succeeded by Mr. Joseph 0.
Bank
been
has
orm
od
Unif
Norwo
W.
a
of
J.
Mr.
Development
of ond District;
Bank
Mitchell has been succeeded b
ngs
Savi
R.
J.
&
t
Mr.
ct;
Trus
Distri
Fifth
First
the
the
e
Brown for
Traylor, President uf
District; and Mr. Herbert Fleishhack
David G. H. Penny, Vice- Mr. C. T. Jaffray for the Ninth
ictGovernor.
th
Chicago; "Dollar Exchange," by
by Mr. A. L. Mills for the Twelf Distr
ded
succe
;
York
been
has
New
in
of Commerce
President of the National Bank
1218
THE CHRONICLE
[VOL. 108.
Rolla Wells of the Federal Reserve Bank of
St. Louis has been succeeded
Resolved, That this organization recommends to
by Mr. David C. Biggs. In the Atlanta
its members not only
district, Federal Reserve Agent that they back
the Victory Liberty Loan with their dollars to the
M. B. Wellborn has succeeded Mr. Jos. A.
limit of
McCord as Governor of the their ability, but
that they give freely and unreservedly of their
Federal Reserve Bank of Atlanta, while Mr.
time and
McCord has become Federal efforts as they have
in the past to make this last loan an overwhe
Reserve Agent in place of Mr. Wellborn.
lming
Mr.
merly Assistant Secretary of the Federal Reserve Louis C. Adelson, for- success.
Board, has become Deputy Governor of the Federal Reserve Bank
of Atlanta. In the New York
district, Mr. R. M. Gidney, formerly Assistan
t Federal Reserve Agent,
CAPITAL AS ESSENTIAL AS LABOR IN SOCIA
has become Manager of the new branch of
L
the Federal Reserve Bank of
PROGRESS—F. I. KENT'S VIEWS.
New York at Buffalo. Mr. George L.
Harrison, formerly Assistant
Counsel of the Federal Reserev Board, has been
An address by F. I. Kent, Vice-President of the Banker
appointed General Counsel of the Board in place of General Counsel Milton
s
C. Elliott, who has re- Trust Co. of New York,
signed to enter private practice. Mr. Elliott
in which he endeavors to combat the
continues as consulting
counsel to the Federal Reserve Board.
propaganda which is being carried on for the purpose
of fur-
thering the unrest of labor, is being distributed by the
trust
0. M. ATTEBERY SUCCEEDS W. H. HOXT
compa
ny in pamphlet form. The address is one which was
ON AS
delivered by Mr. Kent before the Maryland Bond
DEPUTY GOVERNOR OF FEDERAL REBuyers'
Association at Baltimore on Feb. 27. It is interes
SERVE BANK OF ST. LOUIS.
ting to
record what
W. H. Hoxton has resigned as Deputy Governor
of the ter. Overhe prompted Mr. Kent in dealing with the matFederal Reserve Bank of St. Louis to take charge
aring two laboring men talking with each other,
of a new and
asserting that all capital and interest come out of labor,
banking acceptance department to be established
by the Mr. Kent
investment house of Otis & Co. of Cleveland. Mr.
took occasion to ask a number of business men
Hoxton how they
has been with the Federal Reserve Bank since its
would answer such statements. The answers reorganiza- ceived
made it evident that not many business men had
tion in November 1914, and before that had been
with the taken
the time to study such problems, and that conseSt. Louis Clearing House Association. He will
assume his quentl
y they were at a considerable disadvantage in meetnews duties April 1. Olin M. Attebery who has
been with ing
the false statements going the world's rounds with
the St. Louis Federal Reserve Bank since its
organization such
serious effect. As a result of the situation Mr. Kent
and who recently became Cashier has been made
Deputy was reques
ted to develop some statement which in concise
Governor, succeeding Mr. Hoxton, Mr. Attebe
ry will form
might give some light in the matter without the necesretain the post of Cashier. Mr. Attebery, who
had served sity
of reading books on economics. In presenting the adas Transit Manager of the Mechanics-American
Bank in dress
in pamphlet form the Bankers Trust states that it
St. Louis and also in the Fort Dearborn Nation
Chicago, was placed in charge of the manage al Bank at publishes it "because it believes that straigh
t thinking
ment of the
Transit Department in the St. Louis Federal Reserv
e Bank about the relations of capital and labor is essential to the
with the establishment of the bank. He was
progres
s and peace of the world." It added: "Mr. Kent's
later made
Assistant Cashier and then Cashier of the institution.
demonstration that capital and interest are as fundamental
factors for our social progress as labor is clear and
convincing, and ought to be helpful in seeking a just solutio
INCREASE IN DUES OF NEW YORK STOCK
n
of present-day labor problems." The following is the
EXCHANGE.
address in part:
A proposed amendment to the constitution of the New
At present the world is seething
false propaganda, which can only
York Stock Exchange stipulating that the dues of members be answered by knowledge. Laborwith
has been and is being taught
"shall not exceed $300 a year" was adopted by the Govern and it cannot be blamed for absorbing misinformation if it is notfalsely,
intelli- gently counteracted. It is being urged upon labor that
everythi
ing Committee of the Exchange on W6dnesday last,
It
March has not belongs to It by right, and has been taken from it. Unlessngthis
26. The dues were $100 up to last August when they
point of view is successfully met the human conscience, which
even to-day
were tells
labor that its self-appointed teachers are disseminating
raised to $150. The following is Secretary Ely's announ
dishonest
ce- propaganda certain to lead to mental and moral
destruction, will be lulled
ment concerning the amendment adopted this week:
to sleep through constant repetition and lack of refutation.
That men may legitimately profit greatly in excess of their
neighbors,
and at the same time have such neighbors benefit, is possibly
most simply
seen in the old formula of the community living at the foot
of a mountain.
It might be well to show the fallacy of the present agitation
for confiscation
by developing this idea a little. We will suppose every individu
al in this
community, consisting of say 100 persons, is required to
use all of his time
in producing and preparing his food, clothing and shelter.
Water can only
be had from a spring near the top of the mountain, which
is soon lost in
its internal crevices. Every man once a day is obliged
to take his pail
and climb up the mountain to the spring and back again in
order to get the
water necessary for his livelihood. It occurs to one of these
men
he can build a sluice from the spring to his house it will be unnecess that if
ary for
him to climb the mountain. He therefore works with all
the rapidity that
he can each day in order to have more time for his project,
and little by
little works on his sluice. When it is ready he makes the
connection at
the spring, and the water runs into a basin which he has prepared
at the foot
of the mountain. The time taken for the round trip of those
going for
water to the spring is one hour. The man who built the sluice
STAMP TAX ON "RIGHTS TO SUBSCRIBE."
finds that
he has more water than he can use, and in fact that he has
sufficient water
In calling attention to the stamp tax on "rights to
sub- to enable him to supply all the other members of the community.
He
scribe" which goes into effect April 1 the New York
therefore says to his neighbors: "If you will each give
me the product of
Stock fifteen
minutes of your time each day, I will allow you to take
Exchange issued the following statement on March 26:
water
from
my basin which is furnished by my sluice." This man
will now have the
Under the nex tax law there is a stamp tax on
"Rights to Subscribe" result of a total of 24( hours of labor of his 99 neighbor
for:stock and it will go into effect on Tuesday, April
s each day, which
1. The only "Rights" will make it unnecessary for him to work, but they
will each have gained
onIthe Exchange at the present time that will be
affected are Oklahoma three-fourths of an hour a day.
Producing and Refining Company Rights to
subscribe for new stock.
This man having all of his time to spend, and noticing the
power of the
One hundred "Rights" as traded in on the Exchang
e is the privilege in water coming through his sluice works out a simple water
wheel, and
this case to subscribe for 20 shares of new stock of a par
value of $5 each places it in the sluice, finds that considerable power is develope
d through
or $100 par value in all, so that the tax will amount to
the water turning the wheel. Supposing the spring to
2c per 100 Rights.
be large enough,
he then uses a part of his time in building a larger sluice,
and employs a
quarter of an hour a day of the time saved by the other
99 men through
RESOLUTION PLEDGING SUPPORT OF NEW
a return to them of a fraction more than the equivalent
of their work of
YORK one-quar
ter of an hour. This still leaves every man with ono-half
STOCK EXCHANGE TO VICTORY LIBERTY LOAN.
hour
of extra time while engaged in this work. In the course
of
a short period
A resolution pledging the unqualified support
the new sluice is ready, a large wheel is properly placed,
of the mill
and a primitive
is construc
Stock Exchange to the Victory Liberty Loan was
The man then notifies his neighbors that if they will
adopted bring their grainted.
to his mill, he will grind it for them for the equivalent of
as follows by the Governing Committee of the Exchan
ge on the production of say 1-5 of the time that it would take them to do It
March 26:
themselves.
He then finds that it is necessary for him to have help
Whereas, The Secretary of the Treasury has announc
in order to grind
ed
a
fifth and the grain, and he agrees to give
probably the last popular Government loan to be
another member of the community the
known as the Victory equivalent of
an extra hour's work a day, which he pays from the products
Liberty Loan, and
received for the work of his mill, and still has a profit
Whereas, The proceeds of this loan are to be used
left for himself.
in payment of bills The community
is again benefited, and the 98 men who are left in their
Incurred by our Government in military preparat
ions that brought the regular pursuits
war.with Germany to a close months sooner then
have
saved
further
a
amount
of time each day.
was generally expected,
The inventor, if we may so call him, begins to study the
thereby saving tons of thousands of lives of America
work of his
n boys, and
neighbors. He decides that each one in making his own
Whereas, It is therefore the patriotic duty of every
shoes is wasting
American to support time that might be
saved if shoes for the comminuty could be made in
this loan and
one place. Having an income from the products of labor
Whereas, The business of the country cannot
of the other 98
go on
until after the Government has been properly financedin a normal manner men that he can afford to risk, he picks from the community someone
and
who
seems to be making the best shoes for himself, and agrees to
Whereas, The members of this organization have
pay him
given unstintedly of the equivalent of
their time and energy to the last four Liberty olan
one hour more in labor a day than this man could othercampaigns and thereby wise make in the
contributed greatly to the success of the said loans; now
things that he required for his livelihood, if he would give
therefore be it
up all of his other work and make only shoes. This
Resolved, That this organization hereby pledges
arrangement being
its unqualified support made, the
to the Victory Liberty Loan and further be
other men in the community are told that for an amount
it
of
6.1
labor equivalent to say 1-10 of the time that it has
taken them to make
NEW YORK STOCK EXCHANGE.
New York, March
The following amendment to the constitution was adopted 27 1919.
by the Governing Committee on March 26 1919, and is submitt
ed to the Exchange
in accordance with the provisions of Article XXX.VIII
of the constitution
and will become law on April 3 1919, if not disapproved
prior to that date
by a majority vote of the entire membership:
Article XIV. "Seed. The dues payable by a member
of the Exchange
In each year exclusive of fines and of assessments under
the constitution shall not exceed three hundred.dollars Article XVIII of
a year. Said dues
shall be payable in semi-annual installments on May 1
and
year and the amount of each installment shall be determin Nov.1 in each
ed by the Governing Committee at least fifteen days before the date
on which the same
Is payable." Yours truly,
GEORGE W.ELY,
Secretary.
MAR. 29 1919.]
THE CHRONICLE
1219
be made to work for
time by those able to do so
the inven- it, that the saving of
h, which under our
for them by the employee of
time is what constitutes wealt
their own shoes, shoes will be made of the time which it has spent in mak- all. This saving of
and banking, is expressed in
ncy
ge,
curre
stora
and
9-10
trade
save
tor. The community will
at this trade, Peesent systems of
in collecting these dolg them, working constantly
s. The seller of investments
ing shoes, and as the man makin
better shoes this country in dollar
community is doing a
where they will work for the
not long before everyone had
is
them
it
ng
ient,
placi
and
profic
lars
more
es
becom
and acts with proper
ty
sibili
respon
his
izes
recogn
public service, if he
than he had before.
pick out the man who in his great
to
is
tor
inven
the
by
intelligence.
The next step taken
gement.
s, and make a similar arran
opinion makes the best clothe
that he is receivWAR FINANCE
and other operations finds
these
gh
throu
tor
PROPOSED BOND ISSUE BY
inven
use.
The
he can
paid to him more of things than
ON.
ATI
POR
e
COR
rtabl
ing in the results of labor being
comfo
more
might be able to build a
It then occurs to him that he
d to be the best
plans for the floating
ng out the man who seeme
The following with reference to
house for himself, and so picki
cts over what
of bonds by the War
for his time in an excess of produ
,000
him
,000
pay
to
$200
s
of
agree
he
ted,
issue
r,
accep
builde
of the proposed
himself. The proposition being
h was made in these
s
whic
house
the man had been able to produce
of
other
the
ion
complete in every way than
Finance Corporation, ment
save
to
a house is built that is far more
able
g
been
in the New York
havin
and
ared
g the house,
e 1128), appe
in the community. Others seein operations of the inventor, employ the columns last week (pag
of the
se
becau
28:
h
time
Marc
y,
their
of
much
"Times" of yesterda
Corporation,
the inventor
builder to work for them.
Director of the War Finance
of labor develops further, and
Eugene Meyer Jr., Managing
00 in War Finance
000,0
es
$200,
servic
As time goes on and division
of
bors
issue
sed
neigh
his
propo
to
the
week or
enable him to sell
is planning to bring out
discovers new mthods that
of living in the
date, possibly within the next
time, the ease and comfort
Corporation bonds at a very early which reached the financial district
that in every case save them
n
by the individuals
matio
used
be
infor
can
to
that
ding
accor
saved
ten days,
York at the end of last week,
community grows, and time is
Mr. Meyer, who was in Now
sent yesterday.
the details of the proposed
to better themselves mentally.
all of these operations, would repre not has been seeking banking opinion regarding
out
carry
to
order
in
,
would
As barter
virtually been decided that the
goods
nas
it
ing
that
receiv
stood
those
under
se
is
becau
and it
ity, and that
another groat waste of time, others available, the inventor now estab- flotation,
the legal minimum, in matur
d
bonds shall not exceed one year,
always be the ones who desire
stores all goods brought to .him, the interest rate shall be either 4% or 5%•
he
which
in
able to make
ouse
advis
wareh
to the
lishes a general
believe it will be
payment in the things they desire
It is understood that the bankers here
certificate
giving those who deliver goods
With the 4%% Treasury
n
plus expenses and
ved,
titio
recei
compe
e
goods
escap
the
of
to
as
labor
the rate 5% so
bonds would not
equivalent value in hours of
we will say that it took more of indebtedness. At 4 % the War Finance Corporation
ouse
wareh
, and as
this
icates
build
profits. In order to
immethe Treasury certif
representing his income than he had which be as attractive to the large banks as are
to be
to institutions, this is held
accumulation of the goods
y
w goods
mainl
to
borro
him
for
sold
be
sary
to
ted
neces
r are expec
hands of the
diately available, which made it community who preferred to continue to the forme
matter is entirely in the
the
er,
Howev
n.
te
eratio
defini
the
have been saved by a part of
order to a vital consid
until they act nothing
Finance Corporation, and
which had been saved them, in
were directors of the
work for a portion of the time
s
store
.
These
crops
bad
or
emergency
offered in the
store goods against a time of
take from can be said.
Corporation bonds would be
the men whose time he had to
The report that the Finance
some of whom
needed by the inventor to pay to
ouse. When bora surprise to local bankers,
wareh
the
of
ng
hing
buildi
somet
as
of
came
o
se
after the Victory Loan
their own work for the purpo
goods wnen he near futur
ng would not be made until
give each man 6% more in
his had expected the offeri is reported, however, that an understanding has
from
rowing the goods he agrees to
s
know
he
st
This
intere
the year.
n officials
was out of the way. It
pays them back at the end of
War Finance Corporatio
will receive from.
ed between Treasury and
from the payment which he
ed that the
to them be- been reach
Past experience he can save
right of way, as it is believ
saved
be
the
will
has
which
ution
time
instit
the
latter
sale, whereaS
the community of a portion of
st is seen, so that the
success ofthe Victory Loan Corporation's
warehouse. This payment of intere
bonds will not interefere with the
Finance
part
the
a
cause of the operations of his
sell
of
to
er
ult
labor
diffic
g
be
savin
the
to
a return
that sale it might
service coming after
therefore, to represent in effect
later have to make himself for the
.
of the payment which he will
ad, therefore, of bonds
Inste
ouse.
wareh
the
by
which will be rendered him
the time
ERING OF TREASURY
, the equivalent of say 1-5 of
SCRIPTIONS TO EIGHTH OFF
SUB
have
such laborer having to Pay goods
only
would
he
ouse,
wareh
of the
PATION OF VICTO4Y
saved him through the operations
the differCERTIFICATES IN ANTICI
say 1-6 of the time saved him,
N.
inLOA
to
to pay goods to the amount of
as
LIBERTY
received by him. This operation
ence representing the interest
d on March 22 that
unce
with many of the transactions
anno
ction
nt
conne
rtme
in
Depa
red
occur
The Treasury
terest might have
is towould have represented what
received to the
it
been
case
every
had
In
oned.
,000
repre$542,197
already menti
in every case this interest would on of subscriptions of
of Indebtedness
es
day a payment of interest, and
ficat
porti
Certi
profits received from the
eighth offering of Treasury
sent a return by the borrower of the
Loan. These
rty
Libe
been obliged to pay for the
had
ory
they
Vict
which
the
nity
of
on
commu
the time saved the
community issued in anticipati
as series 5-H,
would any member of the
n
know
case
no
and
in
and
est
any
red,
e
inter
of
servic rende
work
certificates, bearing 432%
labor, nor would the extra
12 1919. A
st.
Aug.
intere
have suffered the loss of a minute's
re
the
matu
13 1919 and
been required in order to pay
with- are dated March
member of the community have
the total subOf
ed.
account are installed so that
offer
of
was
books
e,
,000
nienc
,000
conve
For greater
when goods minimum of $500
warehouse need be made only
ent was made in the apfor any
drawals from the deposits in the
development makes it possible
scriptions of $542,197,000, paym
Certificates
deare required, and then a further
to
an
ousem
$65,000,000 in Treasury
a request of the wareh
member of the community to make
effect proximate amount of
e amount of
egat
d to his credit. A bank in
aggr
store
The
goods
.
er
1918
memb
5
er
Dec.
to
anoth
liver
portation of Series 5-A, dated
resulted in reducing the trans
has now been built up, which has
The
ipation of the Victory Liberty
distance to find their market.
certificates outstanding in antic
d,
of
of all goods to the least possible
ity
necess
the
of
the elimination
Treasury Department announce
saving of time represented through
in- Loan up to March 22, the
Federal
by
ts
obliged to go from individual to
resul
The
being
trade
to
00.
56,5
goods
g
55,2
goods is approximately $4,8
those havin
d his goods and who had other
dividual to find someone who wishe could use represents a part of the
the eighth offering, arranged
trader
Reserve districts, in the case of
to exchange for them that the
to-day.
community
their quotas are as follows:
the
of
on
to
ripti
ds
subsc
exten
ng
r of the
great saving that banki
Subscriptions
continued over periods now repre- in the orde
wore
nity
commu
a
such
of
life
If the
Allotted.
no was
Quota.
mind of the inventor grew so that
$14,358,000
0
Federal Reserve District—
sented by generations, and the generating electricity, with which electric
00,00
$12,0
6,500
82,65
for
Dallas
70,000,000
able to use the water power
53,300,000
means of transportation was developed,
go
45.300,000
light was produced and electric nity to begin to trade with other com- Chica
4,000
48,45
land
Cleve
43,300,000
commu
22,219,000
enabling the members of the
had
n
20,000,000
be along the same lino, in so far as it al Bosto
11,500
183,1
Louis
0
St.
00,00
munities, every operation would
169,6
origin
members of the community, as the
36,758,000
New York
35,300,000
to do with the progress of the
18,000.000
Philadelphia
17,300,000
sluicing of the water.
In
bors
s
35,450,000
neigh
his
to
apoli
r
water
Minne
delive
0,000
35,30
d to
If when the inventor first offere
15,764,500
to San Francisco
said
0,000
had
they
17,30
labor
their
of
part
n
13,175,500
exchange for the proceeds of a certai
14,600,000
sure you have Richmond
be
to
one—
are
you
and
16,750.000
nine
and
ta
Atlan
20,000,000
him, "No, we are ninety
2.200,000
but we are stronger than you, Kansas City
ain,
mount
the
down
water
brought the
inThe
ned?
ury
happe
Treas
have
would
what
it,"
take
to
going
arc
197,000
$542,
we
and
$500,000,000
of his time that enabled him to see the
Total
ventor would have lost the use
issued
28)
ch
any interest in en(Mar
lost
have
also
y
erda
would
yest
he
,
and
Bank
wheel
value of the water
The Federal Reserve
er methods for saving time, as his incendeavoring to develop any furth
t:
knew that it was going to be necessary for the following statemen
1919, the
tive would be gone. If he
Dec. 5 1918 and up to March 13
everything required to produce his food
Regularly and bi-weekly since
icates of
him to continuo to do himself
ng
offered eight issues of U. S. certif
findi
has
Treasury
even if he did succeed in
r,
the
of
shelte
his
tary
ain
Secre
Liberty
maint
ry
and
Victo
ng
of the
pation
and clothi
antici
in
and
5,
s,
effort
Series
as
his
of
n
sness
know
see the useles
indebtedness,
ways to save time for all he would
with
ed
hundr
the
of
one
only
the
was
he
amounts
Loan.
supposing for clearness that
ry thus offered for subscription
have been immediately stopped.
The minimum total for the count
nt subscribed equals
amou
the growth of the community would
the
and
s
dollar
ple
n
princi
billio
the world to-day tee same
to over four and ono-half
In communities as they exist in
district amounting to $1,575,exity of life, even though there are many nearly five billion dollars, the quota for this
to $750,follows through the whole compl
d in amount from $500,000,000
lines,
range
cal
s
in
issues
chemi
other
lines,
eight
nical
The
mecha
in
00.
600,0
iate needs of the Governtime-saving inventors—some
ial methods, and others 000,000, depending in each case upon the immed
in
s
financ
other
ds,
metho
some in commercial
things covernig all together every form of ment at the time of the issue.
nt of income
again in innumerable little
Government from the payme
time-saving inventions it becomes possible
Because of the receipts by the
the lessening
human activity. From such
1919, and also because of
gov15
h
ain
Marc
maint
to
of
es
and
as
and
scienc
arts
taxes
s
the
g the
of
profit
and
to pay for the development
compared with tne stress durin
ence at what stage of development humanity strain just now upon the Trea.sury,
the Treasury has decided
of
ernment. It makes no differ
tary
of
Secre
the
power
d,
the
cease
and merely because it has
icates
period after hostilities
may be, if a majority steps in,
offering of U. S. Treasury certif
the labor-saving devices of the minority, to postpone beyond April 3 1919 the
ance of the original
numbers confiscates the results of
rial organ- which would normally have been announced in pursu
indust
and
ial
,
financ
rcial
comme
which cover all of the great
that moment, unless those who confis- financial program.
tary of the
izations, progress is stopped from
New York stated that the Secre
there is merely a transfer of ownercase
which
The Federal Reserve Bank of
in
work,
the
on
there will be no issue of Treascate carry
that
ally
but
offici
ed,
nced
ess
stopp
is
annou
progr
only
Not
scale.
Treasury to-day
ship through stealing on a large
y commence. 'rho dregs of humanity ury certificates dated April 3 1919.
injustice and suffering immediatel
led middle classes
the
and
so-cal
labor
and
er,
prosp
seem to temporarily
DE BY WAR FINANCE
degradation and misery.
FINANCING OF FOREIGN TRA
must go through a long period of
fact that the creation and possession of
COTTON EXPORT
ED
POS
PRO
ON—
The rights of property, and the
alCORPORATI
community, taking nothing from it but
ON.
property is of benefit to the
ATI
CORPOR
seen from this development.
ways adding to it, can be clearly
ained in time-saving inventions to
osed financing of foreign trade by
prop
the
A sufficient speed must be maint
ng
ess
erni
progr
Conc
or
,
ation
density of popul
sing
increa
the
with
pace
more than keep
ion, that body this week issued
as an aid to the building up of a life the War Finance Corporat
will stop. It is necessary, therefore,
shelter and
ing,
cloth
food,
t:
them
emen
gives
stat
for the mass of the people that
use the following
l development, if they choose to
proper time for recreation and menta
1220
THE CHRONICLE
[VOL. 108.
Concerning the financing of foreig
n trade by the War Finance Corpo
ra- tary Glass states
tion, the fact is that some inquiries
that 10% of subscriptions would be due
have been made by export houses
and
manufacturing industries, and
the formation of a large cotton-exhort with application on or before
May 10, another 10% on or
corporation is under discussion.
before July 15 and four subsequent
Conferences have been hold with banke
installments of 20%
rs interested in the subject.
Representatives of tngland, Franc
e, Belgium and Italy have been in- each on or before Aug. 12, Sept. 9, Oct. 7 and Nov.
formally furnished with information
11.
and copies of the War Finance Cor- Accrued interest on deferred insta
poration amendment authorizing loans
llments will be due with
for export trade. Various methods the last
paym
and plans to meet the difficulties of
ent.
Payment in full may be made May 20,
the international trade situation are
under consideration, but it will only
be when foreign purchasers and do- if desired, the 10% with application having been
mestic exporters meet on terms satisf
paid prior
actory to both themselves and the to May 10. Payment also
exporter and then request advan
can be completed on any inces
Finance Corporation that the author on security acceptable to the War stallment date with accrued inter
est.
ity granted under the law will become
effective. The directors are devoting
In several appearances before Liberty
their time and thought to the export
Loan organizasituation, and it is hoped that result
s beneficial to our own indust
ry wil tions, financiers, editors and publishers in Chic
be obtained at no distant
day.
ago on
Marc
Many unusual factors in internationa
h
21
Secre
tary Glass gave assurance that the Fifth
l trade conditions make necess
or
ary Victo
unusual methods, and these require
ry Liberty Loan would be the last popul
time to develop in the proper way.
On the question of security the law reads
ar loan. He.
as follows:
confi
dentl
y
predi
cted
that the American people "will make
"Any such advances made by the
corporation shall be made
promissory note or notes of the
the the greatest success in the finan
borrower with full and adequateupon
cial history of the world."
in each instance by indorsemen
security
t,
guara
nty
or
otherwise. The corporation In one address he said:
shall retain power to require additi
poration in its discretion may, upon onal security at any time. The corThe Victory Liberty Loan should be
ment of any such advances through like security, extend.,the time of paysubscribed by the people from their
renewals, the substitution of new obli- savings and earnings. They
gations or otherwise, but the
may on the one hand lend to their
for the payment of any such
Government
shall not be extended beyondtime
advan
and receive their capital with intere
ces
five
years
from
st, or the Government will have
the
date
on which it was to raise funds by
originally made.
direct taxation which takes away
the
funds
entire
ly from
the people.
The Victory Liberty Loan will be
SUBSCRIPTIONS TO FOURTH ISSUE
the last popular loan. At the close
of
the
appro
OF TREASURY
aching drive the organization which
has so successfully con•
CERTIFICATES IN PAYMENT OF
ducted the Government's war financing
will be disbanded. Such further
TAXES.
financ
ing
as
we
find
necess
ary
will
Subscriptions of $337,516,000 to the offer
conducted through a bond bureau
ing of Treasury which will be created in the TreasurybeDepar
tment.
Certificates of Indebtedness (Series T-3)
, dated March 15
The Secretary said that he was looking
1919 and maturing June 16 1919, were anno
unced by Secre- readjustment of conditions "and trust forward to a speedy
that before the middle
tary of the Treasury Glass on March 22.
Of the above of April that readjustment will be
amount payment was made in other certi
so far effected that the
ficates acceptable flotation of the Victory Liberty
Loan will have but small
in payment of taxes in the approximate
amount of $130,- effect on the money market."
000,000. As indicated last Saturday
(page 1117), the
It was reported in Associated Press
Secretary of the Treasury announced
dispatches from
on March 20 that Washington on March 22 that
Governors of the Federal
subscriptions had been received from
subscribers through Reserve banks attending a
conference closing that night
the Federal Reserve banks throughout the
country in such were told that although official
statements of the amount of
large amounts for the issues of Treasury
Certificates of the loan heretofore have referred
Indebtedness, Series 5-H (dated March
to "five or six billions,"
13 1919 and maturing the higher figure was neare
r correct. Treasury officials,
Aug. 12 1919) and Series T-3 (dated Marc
h 15 1919 and however, are said to have emph
asized that the amount of
maturing June 16 1919), that it was determin
ed to close the the loan had not actually been dete
subscription books for certificates of Serie
rmined.
s T-3 at the close
of business March 20 and postpone the
next
offer
ing
of
Treasury certificates until April 3 or
April 10. The fol- FEDERAL TRADE COMMISSION TO AID IN PROTECTING LIBERTY BOND HOL
lowing are the results by Federal Rese
DERS FRO
rve districts to the
offering of Series T-3:
SCRUPULOUS PROMOTERS—PRESE M UNNTFederal Reserve
MENTS BY SECRETARY GLASS.
Subscripttons Federal Reserve
District—
Subscriptions
Allott
ed.
District—
Boston
Allotted.
In furtherance of the efforts of the Trea
$25,364,500 Chicago
sury Department,
New York
$36,267,000
179,808,000 St. Louis
the Capital Issues Committee and the
Philadelphia
6,437
,000
18,148
,000
Federal Trade ComMinneapolis
Cleveland
3,500,
00Q
41,750.000 Kansas City
mission, assisted by private banking,
Richmond
1,820,000
business and com8,586,500 Dallas
Atlanta
3,311.000 mercial organizations
3,699,000 San Francisco
throughout the country to curb
8,825,000
the
prese
nt widespread traffic in worthless
Total
securities, first
$337,516,000
steps by the Federal Trade Commissi
on to protect holders
of Liberty Bonds and War Savings
REDEMPTION OF SERIES 5-A
Stamps from misrepreCERTIFICATES OF sentations
and Blue Sky practices in the
INDEBTEDNESS.
stocks and securities, were brought unde inter-State sale of
Reference was made in our issue
r way on March 4.
of Saturday last, page Acting in accordance with
its promise, made known Feb.
1117, to the announcement that the
Secretary of the Treas- 21, that it would accor
d immediate consideration to comury had authorized the Federal Rese
rve banks until further plaints brought befor
e it, the Commission has taken
notice to redeem in cash before maturity
up
at par and accrued concrete cases alleging fraud
ulent operations by stock prointerest to date of redemption Treasury
Certificates of In- moters seeking to induce Liber
debtedness of Series V-A (issued in
ty Bond holders to part with
anticipation of the their Government bond
s in exchange for securities false
Victory Liberty Loan), dated Dec. 5
ly
1918 and maturing held forth, it is alleg
ed, as of superior "gilt edge"
May 6 1919. The Federal Reserve Bank
value.
of Minneapolis Announcement was made
by the Commission on the 4th
on March 24, in calling attention of bank
s in the district that it would call for reports
to the redemption of these certificates,
from concerns against whom
says:
there appears reasonable evidence of
You are hereby advised that the
questionable practice.
Secretary of the Treasury has authorized At
the same time it was made know
the Federal Reserve banks, until
furthe
n that the Treasury
maturity, at par and accrued intere r notice, to redeem in cash before Departme
nt, Capital Issues Committee and
st to date of redemption, Treasury
Certificates of Indebtedness of the
private busiseries dated Dec. 5 1918, matur
May 6 1919, at the holder's option
ing ness and commercial organizations througho
, the right being reserved, however,
ut the country
by were assembling
the Federal Reserve banks to make
evidence of widespread fraud in
such redemption only after ten days'
notice from the holder to the Federa
the advertisement and sale of oil and other
l Reserve Bank of the district, of
the
intention to exercise such option.
stocks, and added data
was being turned over to the Comm
It is, therefore, your privilege to
ission
forward to us at any time between now
and May 6 Certificates of Indebtedne
Commissioner Huston Thompson, newl for examination.
ss of the Doc. 5 issue for redemption
y
.
The Secretary of the Treasury
missi
advises that for the present he will
oner in general charge of the subject appointed comnot
require the ten days' notice. He
had begun active
reserves the right, however, to
exercise investigation of certain comp
this requirement if the circumstance
anies charged with unfair
s warrant.
pract
ices
in the flotation of securities. It is
The subscription to this offering of
expected'macertificates, the first tonal headway
issued in anticipation of the Fifth or
will be made in time to protect the
Victory Liberty Loan, Government
next
security, issue early in the spring.
were $613,438,000. The "Wall Street
Journal" on March 22
Under date of March 11, the Commissi
said:
on announced that
searching questionnaires had been sent
The reason for offering to purch
out to many firms,
ase these certificates is to help
money market and the general
the whose literature
situation. The Treasury now finds
had been turned over to it for exam
itself
flush with funds from the tax
ination.
payments on March 15 and might as
They contained 32 questions bearing
well
save the few weeks' interest still
on the amount of proremaining before those certificates
mature. motion stock and sums actually
on May 6 hext.
invested
tion's organization, business, plans, prope and the corporarties and financial
VICTORY LIBERTY LOAN PAYMEN
condition. The questionnaire was so
TS.
framed as to reveal
According to an announcement made
by
the
answ
ers
the bona fide character of the business
by
being
Treasury Glass yesterday (March 28), Secretary of the investigated. A letter accompan
ying the questionnaire
the payments for
the forthcoming Victory Liberty Loan
follo
ws:
may be extended over
a period of six months, from May
This Commission officially requests,
under Sections 5, 6, 9 and
10 to Nov. 11. Secre- ofSirs:
the Federal Trade Commission Act
10
that you
report to it and furnish
MAR. 29 1919.1
THE CHRONICLE
As to any
for by the annexed schedule.
at once the information called
t answer immediately please supplement
portions thereof which you canno
. The
this
letter
t
of
days from the receip
r
your first statement within seven
ations for an extension of time to answe
applic
der
consi
will
ssion
Commi
tcause shown. Your attention is respec
any specific question for good
al Trade
provided in Section 10 of the Feder
fully called to the penalties
any
Schedule A. herewith enclosed) for
Commission Act (last page of
answer
in
t
made
repor
any
of or in
n
icatio
falsif
or
delay
l,
refusa
failure,
ies.
to this Commission's lawful inquir
the duty of preventing unfair methods
This Commission is charged with
n of corporations and it may make
igatio
invest
the
with
of competition and
obtains as it may deem in the public
it
n
matio
infor
the
of
much
public so
inforthe small inconvenience of filing the
interest. It is believed that
se
will be borne cheerfully in general becau
mation which we now request
st
its
intere
of
se
e to the public and becau
of the benefit which will accru
,
truly
very
therein. Yours
FEDERAL TRADE COMMISSION,
HUSTON THOMPSON,
Commissioner.
tives of the Treasury
At a public hearing by representa
e and Federal Reserve
itte
Comm
s
Department, Capital Issue
of the powers conferred
use
e
diat
imme
the
21
Feb.
on
Board
on to prevent unfair methods
on the Federal Trade Commissi
erce to curb "blue sky"
comm
of competition in Inter-State
the sale of stocks and
in
n
atio
sent
epre
misr
of
practices
ission. The latter in
Comm
the
upon
d
securities was urge
announcing this, said:
in co-operation
1221
Dr. Orlando Ducker, American
representing Remick Hodges & Co.;
e H. Hickok, New York attorney; Chas.
Agricultural Association; Eugen
tary of the Merchants & ManufacJ. Columbus, Washington, D. C., Secre
ngton, representing the same organiturers Association; M. A. Leese, Washi
ve Bank of New York; and Jason
zation; James A. Gill, Federal Reser
York Stock Exchange.
Westerfield, representing the New
d institute -steps to
In indicating on Feb. 27 that it woul
ts presented to
lain
comp
to
ion
derat
accord immediate consi
the sale of sein
ices
pract
it involving alleged fraudulent
ission anComm
the
,
erce
Comm
e
r-Stat
Inte
curities in
Huston
oner
issi
Comm
ed
gnat
desi
nounced that it had
ct. On that date
Thompson to supervise the entire subje
d to the Commission
there was made public a letter addresse
which the latter in
in
s
Glas
by Secretary of the Treasury
ks had "already
stoc
s
hles
of
s
wort
oter
prom
that
stating
nt bonds by
rnme
Gove
of
nt
amou
displaced a very large
"menace
that
ared
decl
taking them in exchange for stock"
ng of the
placi
the
with
fere
inter
usly
serio
may
h
exists whic
are left
s
oter
prom
k
stoc
the
if
,
now Government issue
Secretary Glass's
without any restraint or restriction."
letter in part follows:
tes with the offering of
public compe
The offering of investments to the
to
are aware, the Treasury proposes
Government securities, and, as you
large issue of securities shortly.
very.
a
invite the public to subscribe to
with
te
investment character compe
Stocks and securities of a legitimate
stocks
so much as highly speculative
the Government, but not nearly
e
rity
autho
its
y
emplo
to
customarily held out by irresponsibl
s
ement
allur
the
all
with
The Commission was asked
d
ct
offere
investors without
and others, especially at this time to prote
pal design is to obtain money from
princi
whose
ct
with the Treasury Department
ns
subje
rs
perso
holde
nment
stamp
gs
bond and War Savin
sold. The operation of the Gover
the great number of Liberty
In a public regard to the value of the stock
ase
e persons of all classes to purch
stocks by unscrupulous promoters.
to the offerings of inferior
rs of in the past, in endeavoring to induc
holde
that
a very
d
ciate
is
appre
it
that
said
large degree, brought into being
a
to
have,
,
bonds
nment
statement, the Conunission
ters
Gover
without experience or knowledge
"are being sought out by stock promo
and new class of investors who are
Government war securities
such attractive disguises that they hook largo
s. But the very efforts of the
with very tempting baits under who have started upon systematic plans to guide them wisely in making investment ns to become investors, have
perso
those
such
of
rs
ading
numbe
persu
in
s,
great
agent
land
and
Government
many worthless stocks.
Government's campaigns."
ed it prepared the way for promoters to place
for saving as a result of the
aced a very
Commission urged that powers grant
that these promoters have already displ
been
has
Those appearing before the
ng
the
result
The
curbi
in
ive
ssion would be effect
them in exchange for stock,
ry largo amount of Government bonds by taking
In the Act creating the commi
count
the
ghout
throu
e
ial for the
activ
essent
now
brokers
which is so
s to and to such an extent, as toTundo the work
operations of large numbers of
nment
entations to induce Liberty bondholder
operations; because the Gover
ial
financ
's
nment
Gover
In attempting by false repres
the
of
ss
succe
preservation
us "gilt edge" securities.
ions of its own securities, or the
flotat
sful
succes
under
t
it
part with their bonds for vario
ng
expec
t
placi
s
canno
rtion
ed inter-State propo
t, unless the great number
That the practice has assum
as an unfair of a proper price therefor in the financial marke
of the Federal Trade Commission
.
iction
bonds
jurisd
their
hold
iate
to
nue
immed
t decisions of small buyers conti
the
e
ate commerce was urged. Recen
Department feels that a menac
method of commerce in inter-St
s and securities
Warned by the past the Treasury
new Governpointed out, have held that stock
interfere with the placing of the
sly
seriou
decimay
which
of Federal courts, it was
these
exists
taken
chas
restri
without any restraint or
The Commission already
are articles of commerce.
have come ment issue, if' the stock promoters are left
heretofore concrete cases which
sions under consideration; but
postal authorities tion.
the
to
nce
refere
by
ation, even if promptly eneither
It can not be expected that proposed legisl substantial benefit to the
before it have been disposed of
in those cases.
e or upon the facts developed
tive in time to be of
opera
at
e
shall
becom
,
can
or the Department of Justic
ssion
acted
Commi
the
of whether
The hearing was upon the question
in a nation- Government in the next loan campaign.
Trade Commission has authority,
co-operation with the Treasury
once adopt the policy of active
It has been suggested that the Federal
ties. The Commissecuri
of
sale
the
would remedy the evil, at least
in
ces
wide effort to curb unfair practi
under its organic act, to take action which
fraudulent promoters
can be found whereby even the
the
of
way
a
If
ves
sion's statement follows:
part.
entati
in
repres
from
g stock can be stopped.
of requests
sellin
in
ces
result
the
practi
is
ng
unfair
in
heari
c
ge
al
publi
indul
"The
and the Feder
and those who
Capital Issues Committee,
action will be of great benefit to
Treasury Department, the
consideration the Treasury Department feels that such
al Trade Commission give
e.
futur
the
iate
ghout
Reserve Board, that the Feder
immed
the
in
throu
it
ion
be
situat
to be a serious
n by you to that end, and will
to what is generally recognized
s under circumThis Department will welcome actio
sale of speculative stock
the
r.
with
manne
r
ction
prope
conne
in
in
every
ry
count
glad to co-operate
stances of misrepresentation.
under the Federal- Trade Commission
"The Commission is authorized
n
in
titio
of
compe
ds
prevent unfair metho
IN FIRST INSTALLMENT
Act approved Sept. 26 1914, to
who know INCOME TAX PAYMENTS
require all corporations and others
to
and
rce
comme
State
ds
interOF OVER A BILLION DOLLARS.
Commission as to their business metho
about its affairs to inform the
of the information which it
much
reporting on Mar. 22
so
c
publi
and practices and to make
The Bureau of Internal Revenue,in
public interest. Ample powers for the
allment
the
in
be
to
deem
ies receipts of $1,001,244,575 from the first 25% inst
obtains as it may
given under section 9, and heavy penalt
one district
enforcement of its powers are corporations under section 10 who fail to
with
,
taxes
ts
s
profi
exces
and
me
inco
or
red, or payment of
are imposed upon persons
produce documentary evidence requi
n a 30 days' extension for
answer its lawful inquiries,
missing (Hawaii—which was give
entary evidence.
docum
oy
destr
or
ments
this indicates that the
that
al
s
Feder
note
who make false state
the
of
rns)
ons
t
retu
recen
decisi
of
dy considered
the filing
"The Commission has alrea securities are articles of commerce. The
ress may be realized.
Cong
by
d
mate
and
00 yield esti
courts holding that stocks
e the Conunission have $4,700,000,0
befor
come
fore
d $145,551,884 of
ishe
hereto
ict furn
concrete cases which have
or the Depart- The Second New York Distr
reference to the postal authorities
largest collection
the
,
rted
emen
been disposed of either by
repo
s
gentl
The
taxe
cases.
t
those
in
developed
me and profi
con- the inco
ment of Justice, or upon the facts
$75,203,663,
iate
's
with
immed
ssion
s,
sett
Commi
the
achu
for
Mass
ity
d
present will develop the necess ion of policy as to whether it will co- of any district. The Thir
quest
Chicago, reported
ding
inclu
ois,
Illin
sideration of the important
ces
First
r
practi
The
curb
unfai
was second.
Department and others to
operate with the Treasury
des
089,000. The Twenty-Third
time and thereafter unless Congress provi
incomplete returns of $72,
in the sale of stocks at this sly with this important question.
All but five districts showed
some legislation dealing expres
ced Pennsylvania had $54,315,333.
d that there are a great many inexperien
of last year's income tax
25%
"The fact is appreciate
the
t
sough
over
being
are
who
ases
s,
gs
, and War Savin stamp
decided incre
investors in Liberty bonds
tive
attrac
Minnesota, New Mexico,
such
under
baits
were
ing
ns
tempt
ptio
very
The exce
ters with
out by stock promo
started collection.
have
who
of
those
rs
The statenumbe
great
land
and
Pittsburgh and West Virginia.
disguises that they hook
saving as a result of the Government's cam- Philadelphia,
said:
au
upon systematic plans for
Bure
the
by
d
issue
ment
Congress
pans."
n dollars was estimated by
ce widespread," said James A. Gill, representmay
Four billion seven hundred millio
"We have found this practi
nt indicates that this figure
ters of fictitious
payme
h
"that
promo
York,
Marc
the
New
of
and
es,
sourc
Bank
ve
from those
are tentative. It
ing the Federal Reser
sales forces during all of the Liberty
returns made by corporations
their
the
of
over
d
all
as
turne
ed,
ties
realiz
they
securi
which
be
and doubtful
bond
amount of tax to
sale of Liberty bonds. The names of all
that they estimated the minimum
ete
Loan campaigns for the
pt- is assumed
will be shown in the compl
card-indexed and now those salesmen are attem
subjected. The actual amount
be
will
purchasers were carefully
not
ty bonds is
1.
on
st
Liber
May
%
intere
than
43i
the
later
not
filed
times
be
returns.
um returns to
ing to show that in peace
country is indicated by the
are offering par and sometimes par and a premi oil
General prosperity throughout the
from all sources since
ted
sufficient return. They
collec
for
has
nged
ue
are
excha
ty
bonds
ding that the Liber
The Bureau of Internal Reven
,000 of revenues.
high as
for Liberty bonds provi
year, about $2,250,000
alleged to yield in some instances as
July 1, the beginning of the fiscal decided increase over the 25% of last
or other stocks that are
"
a
less.
d
worth
part
showe
ts
most
repor
ct
the
All the distri
isted to $750,000,000, with the
50% and which are for
c should be warned at once against advert
collections, which amoun
delphia, Pittsubrgh, and West
Speakers urged that the publi al "propositions" in stocks. Especially year's income tax
Phila
o,
Mexic
unusu
erly
Minnesota, New
collections Minnesota's quart
ing and circulars presenting
stions exception of
sugge
red;
year's
decla
,
was
it
last
public
the
of
d
offere
$11,Virginia. On the basis
are worthless oil stocks being
00,000, but they were only
$15,0
in payment.
ted
be
accep
will
about
bonds
ty
been
Liber
have
00,000, but they were
in, deposits should
frequently being made that
's should have been $41,0
e the Commission were: Charles S. Ilaml
00,000 and were $10,al 000,000; Philadelphia
Among those appearing befor
Virginia's should have been $11,0
Committee and Governor of the Feder
Issues
West
al
0:
Capit
00,00
the
$38,0
of
00,000 and were $54,Chairman
Com$30,0
s
been
have
Issue
d
al
shoul
Capit
the
for
el
's
Couns
burgh
r,
Pitts
W. Palme
sen- 000,000, while
Reserve Board; Bradley
N. Y. C., representing that body; Repre
000,000.
Bureau say, will show
mittee, and W. C. Ilibberd,
of the House Irrigation
man
officials of the Internal Revenue
Chair
ado,
s,
Color
report
r,
Later
all of last yeses coltative Edward T. Taylo
Secretary of Agriculture; G. II. beyond question that all of these districts will exceed
ant
Assist
y,
Ousle
nce
that Pittsburgh's payment
Federal
on
Committee; Clare
opini
n,
V.
the
is
Bowa
it
R.
,
e;
burgh
Justic
of
Pitts
tment
As to
was
Thorne, representing the Depar
ber of lections.
the $80,000,000 mark, which
E. J. Davidson, United States Cham
installments will not come up to
that many of
Reserve Bank of New York;Investment Bankers' Association of America; of first
total. It is explained by the fact
year's
last
of
ct
er
r,
distri
quart
Keyse
burgh
Commerce; Paul V.
an, rep- the
which paid last year in the Pitts
Educational Association; W. R. Spilm
the big steel companies
ct. The fact that New
,
distri
Frank Warrick, American
Beebe
York
F.
rd
New
Howa
the
ctor;
in
Inspe
year
Post Office
bly paid this
resenting the office of the Chief
representing proba
congestion of business.
Forbes & Co.; Richard H. Lee,
Mexico is behind is due to the
N. Y. C., representing IIarris
W. Hodges, N. Y. C.,
e
Georg
;
World
the
of
Associated Advertising Clubs
1222
THE CHRONICLE
The largest increase in depos
its over the quarter of last year'
shown in North Dakota and
the Eighth Illinois District, where s total is
240% increase. The Third
Iowa shows a 180% increase and there was a
the Fourth
Worth Carolina 155% increase;
the Fifth North Carolina and
South Carolina, 125% increase.
General prosperity throughout
the
dicated by the returns. The Burea country, officials point out, is inu of Internal Revenue has collec
from all sources since July 1,the
ted
beginning of the fiscal year. about
000,000 of revenues.
$2,250,-
[VOL. 108.
The so-called Wheat Guarantee
Bill was signed by Presi• dent Wilson on Mar. 4. Reference to the legislation as it
had passed the House on Feb. 22
was made in these columns
Mar. 1 (page 835) and its final enac
tment was noted in our
issue of Mar. 8, page 934.
In the closing hours of Congress
, as we have previously
indicated, a cotton futures rider, was
incorporated in the bill,
and made a part of the new Act.
TEXT OF WHEAT GUARANTEE
We give herewith the
BILL.—QUESTION AS text of the Wheat Guarante
e Bill as enacted into law:
TO USE OF $1,000,000,000 FUN
D.
[PUBLIC—NO.348-65T11
CONGRESS.)
In stating that considerable doubt
has arisen with refer[H..R. 15796.1
ence to the proper uses to be made
AN ACT to enable the President to
of
carry out the price guaranties
the $1,000,000,000
made
to producers of wheat of the crops
appropriation made by Congress for
of
the purpose of carrying
United States against undue enhan 1918 and 1019 and to protect the
into effect the price guarantees to
cement of its liabilities there
Be it enacted by the Senate and House
under.
producers of the wheat
of
crop of 1918 and 1919, the "Journal
of America in Congress assembled,'That Representatives of the United States
of Commerce" in special out
by reason of the emergency growi
of
the
ng
war
with Germ
Washington advices published in its
and in order to carry out the
issue of Mar. 26, said to producers of wheat of any
guaranties made
the crops of 1918 and 1919
in part:
by
the
two
proclamations of the President of
I.
the United States dated, respe
ctively, the 21st
There are several points of view with
day of Feb. 1918, and the 2d day of
reference to this matter. One
Sept. 1918, pursuant to Sec. 14
that the money was provided for the
is
of
"An
Act
provi
to
de further for the national secur
purpose of paying back to
ity and
the farmer couraging the production
any deficiency that might have occur
, conserving the supply and defense by enred in the price of wheat.
Thus, for distribution of food produ
instance, if wheat should naturally
contro
lling the
cts and fuel," approved Aug.
go to $1 50 per bushel, never
theless, protect the United State
the Grain Corporation would stand
ready to buy at $2 26 or else
s against undue enhancemen 10 1917, and to
t of its liabilities
would see under said guaranties
that producers of grain got their full
, the instrument
price through a bonus to them
.
The recent statement of Herbert
authorities, duties, obligations, and alities, means, methods, power,
Hoover that the price of grain
prohibitions hereinafter set
have been some $3 50 per bushel
forth
had it not been for Governme would are created, established, conferred and prescribed.
nt interference and price fixing has put a
Sec. 2. That, in carrying out the provi
new face on the situation.
sions of this Act, the President
Some now Is authorized to make
predict that the price of grain will
such regulations and issue such
in fact go to some such level
orders as may be
before the necessary, to enter into
end of the present season, and that
any voluntary arrangements
then the Grain Corporation
or
faced with the duty of "maintaini
will be use any existing agency
or agencies, to accept the servic agreements, to
ng" a price of $2 26 per bushel
es of any person
of the flour miller, that is to say
in favor without compensation, to
in favor of the consumer.
co-operate with any
When the embargoes are taken
any department or agency of the Government agency or person, to utilize
off, consequent upon the concl
,
inclu
ding
the Food Adminisusion of tration Grain Corporatio
peace, the question will have to
n, and to co-ordinate their activi
be settled whether the grain produ
ties so as to avoid
this country can be freely sold abroa
ced
d or whether the Grain Corporatio in any preventable loss or duplication of effort or funds.
to be permitted to take it over
n
is
Sec. 3. That whenever the President
at the old price. Most persons assum
shall
find it essential,
it cannot take the grain in this way
e that to carry out the guaranties
after the conclusion of pbace, and
aforesaid or to protect the Unite in order
consequently the billion dollars may
that against undue enhancemen
d States
t of its liabilities thereunder,
prices, if established in the marke be needed in buying the grain at higher to buy, or contract for
he is authorized
the purchase of, wheat of said
t in accordance with the Hoove
crops
diction and in supplying it at a
r
of
pre1918 and
1919 at the places designated for the deliv
fixed price to the consumer.
ery of the same by the President'
The grain situation is proving a sourc
s
e of no little anxiety and discussion proclamations or such other places as he may designate,
In Government circles, although
for
cash
at the
said
guara
nteed
prices
from the most diverse points of
and he is authorized thereafter
view.
to
This whole situation is expected
buy or contr
for the purchase of. for cash, or sell,
to be laid before the President
consign, or contract for the sale act
soon after for cash or on credit
his return, which is now anxiously
of.
, wheat of the said crops of
awaited, with a view to the ascer
1918 and 1919 and flour
of his ideas on the general quest
tainment produced therefrom
ion
at the said guaranteed prices
or at
None of the funds are likely to of protecting the farmer and consumer. and on such terms or
conditions as may be necessary such other prices
be expended immediately; indeed,
thought likely that there will have
to carry out the
it is purposes of this Act
and to enable the people of the
to be some new agency erected
administration of the grain law.
for the purchase wheat produ
United States to
This work might be placed in the
cts at a reasonable price; to make
any one of several agencies of
hands of pensation for handling,
reasonable comthe Government, and it has been
trans
that the work would fall to the Grain
supposed respect to wheat and wheat portation, insurance, and other charges with
Corporation, which, however, has
flour of said crops, and for stora
hands full with its regular work,
its
ge thereof in
elevators, on farms, and elsew
and
here; to take such steps, to
new work. On this point it is suppo so may not be requested to do all the arrangements, and to
make such
adopt
sed
that
such
actio
metho
n
ds
will
as
be
may
needf
ul at a
be neces
paratively early date after the
arrival of the President in Washi com- tain and assure an adequate and continuous flow of wheat sary to mainSenator Kellogg's interpretation
ngton. In the channels of trade
and wheat flour
of the bill is as follows:
, including the protection or
indemnification of
"One plan contemplated opening
millers, wholesalers, jobbers, bakers,
the markets of the country and allow
and retail merchants who purch
grain to be sold at prices decla
ing
ase in
carlo
ad
lots against actual loss by them on
red by
account of abnormal fluctuatio
markets of this country-and in Europ the various grain exchanges in the in the price of wheat
ns
and wheat flour of said crops due
e. and settling with the farmer for
to
difference between the price he
the action of the
the Government; to borrow
actually received at his marke
t and the property or other assets such sums of money as may be secured by the
price he would have received had
acquired under this Act; to lease
he been paid the Government guara
price of $2 26.
and utilize storage
nteed facilities for, and to store
, such wheat and wheat flour
"There seemed to the committee,
stora
ge
facili
ties
therefor. He shall ascertain and pay ; and to requisition
as I understand, though I am not
a
the committee, various objections
just compensation
upon for facilities so requisitio
to this, namely that it would requi
ned. If the compensation so
re the President be not
vast machinery of the Governme
satisfactory to the person entitled ascertained by the
nt to deal with millions of farmers
to receive the same,
indi- such person shall be
vidually; that the farmer would
feel an
paid 75% of such amount and shall
be entitled to sue
going to receive from the Government uncertainty as to what price he was the United States
to recover such further sum as,
; and that he would have to instit
added to said 75%,
a claim against the Governme
ute will make up such amou
nt and collect it. I believe it may
nt as will be just compensation
be said and jurisdiction
without reflecting upon public
for such facilities;
is hereby conferred on the United
officials that the people do not
look with to hear and deter
States District Courts
favor upon the practice of collec
mine all such controversies.
ting their losses from the Gover
nment.
"Throwing open the grain excha
Sec.
4.
That
whenever the President shall find
nges
of
the
count
ry
would
also have tices, or trans
that operations, practended to manipulation. Forei
actions, at. on, in, or under the rules
gn countries could enter the marke
of any exchange, board
refuse to compete, and either
ts or of trade, or simil
crowd prices down and increase
ar
the loss to cause unjust marke institution or place of business cause or are likely to
the Government or push them
up after the farmers had sold
t manipulation, or unfair and misle
their
In any event, it seemed to the
ading market quocommittee that it was an impracticagrain. tations, or undue depression or fluctuation of the
prices of, or injurious
of adjusting the loss and compe
nsating the farmer, who would have l way speculation in, wheat or wheat flour, hereafter in
this
deal with each local elevator
had
section called evil
to
practices, calculated
or grain market agent in every villag
and market of the country,
e, town United States under or likely to enhance unduly the liabilities of the
and the Government would have
the
said
guara
nties
he
,
is
authorized to prescribe such
been com- regulations gover
pelled to make the agent its repre
ning,
losses with the individual farme sentative for adjusting the credits and practices, and trans or may either wholly or partly prohibit, operations,
r. So that plan was not adopt
actions in wheat or wheat flour at,
ed.
"The second plan was to buy
on, in, or under
the rules of any excha
the grain and to sell lc to the Ameri
people, or so much of it as could
can of business as he may nge, board of trade, or similar institution or place
be
find
sold,
essent
at
the
ial
guara
in
order
nteed
to
preve
price, thereby such evil practi
nt, correct, or remove
compelling the American peopl
e to pay for their flour on the
ces. Such regulations may requi
basis of
re all
per bushel for wheat, irrespective
of the price charged by us for the 32 26 within their provisions to keep such records and state persons coming
which we might sell in foreign
ments of account.
surpl
us
and
may require such
countries, and irrespective of the
foreign countries would pay for
price that or otherwise, as will persons to make such returns, verified under oath
their bread. It seemed, I believ
fully
and
correc
tly
disclo
se
all
transactions in wheat
commi,tee that we ought not to
e,
charge the American workingman to the or wheat flour at, in, on, or under the rules of any
such exchange, board
American business man and the
and the of trade, or similar
millions of people in this count
institution or place of business,
inclu
must have bread a higher price
ry
ding the making,
who
execu
tion, settlement, and fulfillmen
than other countries were payin
t thereof. Ile may also requi
any more than what ordinarily
g for it or persons acting in
re all
would be the normal market
the capacity of a clearing house,
price.
clearing associatio
"The third plan, which I under
or similar institution, for the purpo
stand to be the one really adopt
se of clearing, settling, or adjus n,
committee was to authorize the
ed by the transactions in
ting
wheat or wheat flour at, in, on, or
President to purchase the grain
under the
guaranteed price and to sell it
at the such exchange, board
at a fair world market price.
of trade, or similar institution or place rules of any
provision in the bin which is
There
is
of
a
busin
to
keep
ess,
such records and to make such retur
supposed to effectuate that objec
ns as will fully and correctly
t.
"It provides that the President
disclose all facts in their possession
may purchase 'for cash, or sell,
relati
ng
to
such
or contract for the sale of, for
consi
trans
gn, may appoint agents to
actions, and he
cash or on credit, wheat of the
conduct all investigations necessary
said crops of provisions of
1918 and 1919 and flour produ
to enforce the
this section and all regulations made
ced therefrom at the said guara
or at such other prices and on
nteed prices thereof, and
by
him
in pursuance
such terms or conditions as may
may fix and pay the compensation
be necessary person who
of such agents. Any
to carry out the purposes of this
intentionally and willfully violates
Act and to enable the people
any regulation made purof the United suant to this
States to purchase wheat produ
section, or who knowingly engag
cts
es in any operation, practice,
"Of course, the Grain Corporatio at a reasonable price.'
or transaction prohibited pursu
n, which is the machinery to
ant to this section, or who inten
purchase and sell this crop,
be
used
to
tionally
and
willfully aids or abets in such violat
may undoubtedly have some
ion,
or any such prohibited operforeign markets in fixing the
influence in ation, practice,
world
or transaction, shall be deemed guilt
Europe draws from Argentina, 's level prices, because whatever amount and upon convi
y of a misdemeanor,
ction thereof, be punished by a fine
from Australia, from Canada
and those are the only count
not exceeding $1,000.
or India— The President
ries from which the European
shall take seasonable steps to provi
de for and to permit the
countries can establishment
obtain a supply—in all human
of a free and open market for the purch
probability she must still purch
ase, sale, and handling
from 250,000,000 to 350.0
ase from us of wheat and
00,000 bushels of wheat, depen
wheat products upon the expiration
ding upon the
world's crop, and while we
of this Act.
Sec. 5. That, from time to time,
may
whenever the President shall P9
yet I think anybody will realiz have a much larger surplus than that, it essential
find
to
e
Influence in the European count that our selling agency may have some facture, stora license any business of importation, exportation, manuge,
ries in fixing prices. But
sheath . , be a great world
undoubtedly into effect any or distribution of wheat or wheat flour in order to carry
surplus we could maintain the
of
at .
world market Provided, That the purposes of this Act, and shall publicly so announce:
shel."
as between the two articles menti
oned preference
be given to the exportation of flour
, except when the public interest shall
would.
MAR. 29 1919.]
THE CHRONICLE
in the judgment of the President, be injuriously affected thereby, no
person shall, after a date fixed in the announcement, engage in or carry
on any such business specified in the announcement unless he shall secure
and hold a license issued pursuant to this section. The regulations prescribed pursuant to this Act may include requirements with respect to the
issuance of licenses, systems of accounts, and the auditing of accounts to
be kept by licensees, submission of reports by them, with or without oath
or affirmation, and the entry and inspection by the President's duly
authorized agents of the places of business of licensees. It shall be unlawful for any licensee to engage in any unfairly discriminatory or deceptive
practice or device, or to make any unjust or unreasonable rate, commission,
or charge, or to exact an unreasonable profit or price, in handling or dealing
in or with wheat, wheat flour, bran and shorts. Whenever the President
shall find that any practice, device, rate, commission, charge, profit, or
price of any licensee is unfairly discriminatory, deceptive, unjust, or unreasonable, and shall order such licensee, within a reasonable time fixed in
the order, to discontinue the same, unless such order, which shall recite
the facts found, is revoked or suspended, such licensee shall, within the
time prescribed in the order, discontinue such unfairly discriminatory,
deceptive, unjust, or unreasonable practice, device, rate, commission,
charge, profit, or price. The President may, in lieu of any such unfairly
discriminatory, deceptive, unjust, or unreasonable practice, device, rate,
commission, charge, profit, or price, find what is a fair, just, or reasonable
practice, device, rate, commission, charge, profit, or price, and in any
proceeding brought in any court such order of the President shall be prima
facie evidence. Any person who, without a license issued pursuant to this
section, or whose license shall have been suspended or revoked after opportunity to be heard has been afforded him, intentionally and knowingly
engages in or carries on any business for which a license is required under
this section, or intentionally and willfully fails or refuses to discontinue
any unfairly discriminatory, deceptive, unjust, or unreasonable practice,
device, rate, commission, charge, profit, or price, in accordance with the
requirement of an order issued under this section, or intentionally and
willfully violates any regulation prescribed under this Act, shall be deemed
guilty of a misdemeanor, and upon conviction thereof be punished by a
fine not exceeding $1,000: Provided, That this section shall not apply to any
farmer or co-operative association of farmers or other person with respect
to the products of any farm or other land owned, leased, or cultivated by
him, nor to any common carrier.
Sec. 6. That whenever the President shall find it essential in carrying
out the guaranties aforesaid, or to protect the United States against undue
enhancement of its liabilities thereunder, and shall make proclamation
thereof, it shall be unlawful to import into the United States from any
country named in such proclamation, or to export from or ship from or
take out of the United States to any country named in such proclamation,
wheat, semolina, or wheat flour, except at such time or times, and under
such regulations or orders, and subject to such limitations and exceptons
as the President shall prescribe, until otherwise ordered by the President
or by Congress: Provided, That no preference shall be given to the ports
of one State over those of another. Any person who shall import, export,
ship, or take out of the United States, or attempt to import, export, ship,
or take out of the United States, any wheat, semolina, or wheat flour in
violation of this section or of any regulation or order made hereunder,
shall be deemed guilty of a misdemeanor, and, upon conviction thereof be
punished by a fine not exceeding $1,000: Provided further, That when the
President finds that the importation into the United States of any wheat,
semolina, or wheat flour produced outside of the United States materially
enhances or is likely materially to enhance the liabilities of the United
States under guaranties of prices therefor made pursuant to law, and
ascertains what rate of duty, added to the then existing rate of duty on
wheat and to the value of wheat, semolina, or wheat flour at the time of
importation, would be sufficient to bring the price thereof at which tinported up to the price fixed or prevailing under the direction of the President under or pursuant to this Act, he shall proclaim such facts, and thereafter there shall be levied, collected, and paid upon wheat, semolina, or
wheat flour when imported in addition to the then existing rate of duty
the rate of duty so ascertained; but in no case shall any such rate of duty
be fixed at an amount which will effect a reduction of the rate of duty
upon wheat, semolina, or wheat flour under any then existing tariff law
of the United States.
That the United States Cotton-Futures Act, approved Aug. 11 1916
(Thirty-ninth Statutes at Large, page 476), is hereby amended as follows:
In the fifth Subdivision of Section 5 of said Act, strike out the words
"good ordinary" whenever the same occur and substitute therefor the
words "low middling:" strike out the words "low middling" and substitute
therefore the word "middling:" and strike out the words "if stained, cotton
that is below the grade of middling" and substitute therefor the words
"If yellow stained, cotton that is below the grade of strict middling, or, If
blue stained, cotton that is below the grade of good middling," so that the
said subdivision shall read as follows:
"Fifth. Provide that cotton that, because of the presence of extraneous
matter of any character, or irregularities or defects, is reduced in value
below that of low middling, or cotton that is below the grade of low middling, or, if tinged, cotton that is below the grade of strict middling, or, if
yellow stained, cotton that is below the grade of good middling, the grades
mentioned being of the official cotton standards of the United States, or
cotton that is less than seventh-eighths of an inch in length of staple, or
cotton of perished staple or of immature staple, or cotton that is 'gin cut'
or reginned, or cotton that is 'repacked' or 'false packed' or 'mixed packed'
or 'water packed,' shall not be delivered on, under, or in settlement of such
contract."
Strike out the sentence comprising the seventh subdivision of Section 5
of said Act and substitute therefor the following:
"Seventh. Provide that all tenders of cotton and settlements therefor
under such contract shall be in accordance with the classification thereof
made under the regulations of the Secretary of Agriculture by such officer
or officers of the Government as shall be designated for the purpose, and
the costs of such classification shall be fixed, assessed, collected, and paid
as provided in such regulations. All moneys collected as such costs may
be used as a revolving fund for carrying out the purpose,of this subdivision,
and Section 19 of this Act is amended accordingly."
Strike out the last sentence of section 5 of said Act and substitute therefor
the following:
"The Secretary of Agriculture' is authorized to prescribe regulations
for carrying out the purposes of the seventh subdivision of this section,
and the certificates of the officers of the Government as to the classification
of any cotton for the purposes of said subdivision shall be accepted in the
courts of the United States in all suits between the parties to such contract,
or their privies, as prima facie evidence of the true classification of the
cotton involved."
The foregoing amendments to Section 5 of said Act shall become effective
on and after the approval of this Act, but nothing herein shall be construed to diminish any authority conferred on any official of the United
States necessary to enable him to carry out any duties remaining to be
1223
performed by him under said Act as unamended, or to impair the effect
of such Act as to any contract subject to its provisions entered into prior
to the effective date of said amendments, or to impair the effect of the
findings of.the Secretary of Agriculture upon any dispute referred to him
under said_Section 5 as unamended.
Effective on and after the date of the passage of this Act, insert at the
end of Section 8 of said Act the following:
"Provided further, That it shall be the duty of any person engaged in
the business of dealing in cotton, when requested by the Secretary of
Agriculture or any agent acting under his instructions, to answer correctly
to tire best of his knowledge, under oath or otherwise, all questions touching
his knowledge of the number of bales, the classification, the price or bona
fide price offered, and other terms of purchase or sale, of any cotton involved in any transaction participated in by him, or to produce all books,
letters, papers, or documents in his possession or under his control relating
to such matter. Any such person who shall, within a reasonable time prescribed by the Secretary of Agriculture or such agent, willfully fail or refuse
to answer such questions or to produce such books, letters, papers, or
documents, or who shall willfully give any answer that is false or misleading,
shall be guilty of a misdemeanor, and upon conviction thereof shall be
punished by a fine not exceeding $500."
Sec. 7. That any person who intentionally and knowingly makes any
false statement or representation to any officer, agent, or employee of the
United States engaged in the performance of any duty under this Act,
or falsely represents to any of said persons that the wheat he offers for
sale was grown as a part of the 1918 or 1919 crops for the purpose of securing any of the benefits of the aforesaid guaranties, or any person who
willfully assaults, resists, impedes, or interferes with any officer, agent,
or employee of the United States in the execution of any duty authorized
to be performed by or pursuant to this Act, or any person who intentionally
and knowingly violates any. regulation issued pursuant to this Act, except
as otherwise made punishable in this Act, shall be deemed guilty of a misdemeanor, and, upon conviction thereof, shall be punished by a fine not
exceeding $1,000.
Sec. 8. That for carrying out the aforesaid guaranties and otherwise
for the purpose of this Act, there is hereby appropriated, out of any moneys
in the Treasury not otherwise appropriated, to be available during the
time this Act is in effect, the sum of $1,000,000,000, of which not to exceed
$3,000,000 may be used for such administrative expenses, including the
payment of such rent, the expense, including postage, of such printing and
publications, the purchase of such material and equipment, and the employment of such persons and means, in the District of Columbia and
elsewhere, as the President may deem essential. Any moneys received
by the United States from or in connection with the disposal by the United
States of wheat or wheat flour under this Act may, in the discretion of the
President, be used as a revolving fund for further carrying out the purposes of this Act. Any balance of such moneys not used as part of such
revolving fund shall be covered into the Treasury as miscellaneous receipts:
Provided, That no part of this appropriation shall be used to pay rent in
the District of Columbia.
Sec. 9. That an itemized statement, covering all receipts and disbursements under this Act, shall be filed with the Secretary of the Senate and
the Clerk of the House of Representatives on or before the twenty-fifth
day of each month after the taking effect of this Act, covering the business
of the preceding month, and such statement shall be subject to public
inspection. Not later than the expiration of sixty days after this Act
shall cease to be in effect the President shall cause a detailed report to be
made to the Congress of all proceedings had under this Act. Such report
shall, in addition to other matters, contain an account of all persons appointed or employed, the salary or compensation paid or allowed each,
the aggregate amount of the different kinds of property purchased or
requisitioned, the use and disposition made of such property, and a statement of all receipts and expenditures, together with a statement showing
the general character and estimated value of all property then on hand,
and the aggregate amount and character of all claims against the United
States.growing out of this Act.
Sec. 10. That words used in this Act shall be construed to import the
plural or singular, as the case demands; the word "person", wherever
used in this Act, shall include individuals, partnerships,'associations, and
corporations. When construing and enforcing the provisions of this Act,
the act, omission, or failure of any official, agent, or other person acting
for or employed by any individual, partnership, association, or corporation.
within the scope of his employment or office, shall in every case also be
deemed the act, omission, or failure of such individual, partnership,
association, or corporation, as well as that of the person.
Sec. 11. That the provisions of this Act shall cease to be in effect whenever the President shall find that the emergency growing out of the war
with Germany has passed and that the further execution of the provision
of this Act is no longer necessary for its purposes, the date of which termination shall be ascertained and proclaimed by the President; but the
date when this Act shall cease to be in effect shall not be later than the •
1st day of June 1920:Provided, That after June 1 1920, neither the President
nor any agency acting for him shall purchase or contract for the purchase
of wheat or flour. The termination of this Act shall not affect any act
done, or any right or obligation accruing or accrued, or any suit or proceeding had or commenced in any civil case before the said termination
pursuant to this Act; but all rights and liabilities under this Act arising
before its termination shall continue and may be enforced in the same
manner as if the Act had not terminated. Any offense committed and
all penalties or liabilities incurred prior to such termination may be prosecuted or punished in the same manner and with the same effect as if this
Act had not been terminated.
Approved, March 4 1919.
G. N. PEEK ON MISUNDERSTANDING OF HERBERT
HOOVER'S STATEMENT AS TO $350 WHEAT.—
LOWER FOOD PRICE PREDICTIONS.
A statement in which he noted that a general misunderstanding had arisen with respect to the declaration on Mar.9
by U. S. Food Administrator Herbert Hoover (reported in
these columns Mar. 15, page 1022) that "we might see wheat
at $3 50 a bushel," was made on Mar. 24 by George N.Peek,
Chairman of the Industrial Board of the Department of
Commerce. Incidentally, Mr. Peek stated that the $1,000,000,000 grain appropriation was made by Congress to
enable the public to get wheat products at reasonable price s
as well as to make good the guarantee to the producer. His
statement follows:
1224
THE CHRONICLE
[Vol,. 108
Food Administration officials felt that it was unfortunate that there had
been such general misunderstanding of Mr. Hoover's statement that "we
might see wheat at $3 50 a bushel."
What Mr. Hoover said was "we might see wheat at $3 50 a bushel, as
It was in the spring of 1917, if there is a free market in wheat and uncontrolled prices. So much for the 1918 crop. There can be no free market of 90% of the world's exports. As to the 1919 crop it is, of course,
too early to come to any precise conclusion."
It is clear that, as Mr. Hoover says, 'There can be no free market' at
present, in the first place, because of the unsettled conditions in business—.
especially in shipping and finance.
Further, the phrasing of the Grain Appropriation Bill clearly indicates
that the $1,000,000,000 appropriation was made by Congress, not only to
make good the $2 26 guarantee to the farmers, but to enable the Government to sell wheat and flour at the guaranteed prices, "or at such other
prices and on such terms or conditions as may be necessary to carry out
the purposes of the Act," and to enable the people of the United States to
purchase wheat products at reasonable cost.
Wheat is the basic food commodity. What is a reasonable cost must be
determined by conditions. In July the new wheat crop, estimated at more
than a billion and a quarter bushels, will begin to come to market.
I believe, therefore, that there is every reason to expect lower food prices
in the relatively near future. This view, I believe, the men in charge of
the affairs of the Food Administration will share.
the conference, it was said, was to consider conditions caused
by rising prices of hogs and pork products. The following
is the statement of the 20th inst. issued at the offices of the
Grain Corporation:
CONTRACT FOR SISAL HEMP.
The hemp producers of Yucatan, through their cooperative selling organization, the Comision Reguladora del
Mercado de Henequen, with an Agency at 120 Broadway,
this city, announced on Mar.8 that they had closed arrangements through the U. S. Food Administration for the sale of
63,500 bales of sisal hemp at 15 cents per pound f. o. b.
Gulf ports, and 153/i cents per pound ex-warehouse to
binder twine manufacturers. Announcement of this was
made in a statement issued on the 8th inst. at the New York
office of Comision Reguladora, which also added:
BILL ABOLISHING NEW YORK STATE ICE COMPTROLLER SIGNED BY GOVERNOR.
The Sage-Machold bill, abolishing the office of State Ice
Comptroller, which was held by former Governor Benjamin
B. Odell, was signed by Governor Smith at Albany on
Mar. 21. The office was created for the war emergency.
A meeting of the executive officers of the Food Administration held
at the office of the Food Administration Grain Corporation this morning,
discussed a recent cable from Mr. Hoover expressing his regret that the
Food Administration had been forced to abandon the stabilization of hog
prices, some two weeks ago, against his protest, and as a result, prices have
risen, as he had foreseen. The hog producer was perfectly satisfied with
the stabilization agreement, and joined the Food Administration in its
protest.
It now develops that the consumer, in whose behalf the removal of
stabilization was urged, has suffered by the removal of this check on prices.
With the abandonment of the stabilization plan, supported as it was by
the hog producers and accepted by the packers, under a profit limitation,
there now exists no authority vested in the Food Administration, under the
law, to fix maximum prices on hogs or pork products. The sole activity
of the Food Administration, and other Governmental agencies as well,
must now be to insure against undue influence, the free play of supply and
demand. No one can quarrel with prices made by a fair play of supply and
demand; but only those who are familiar with the total exhaustion of the
food stocks of the consuming world and the fact that literally thousands of
people are looking to America for their only chance of preservation of life,
can realize that America, fortunate in its food stocks, must share these
GERMAN TEXTILE MILLS.
supplies with these other peoples. Price opinion based solely on America's
An interesting item, bearing upon the situation in the fortunate position as to food supply will prove misleading unless America
German textile industry, appeared in the Manchester (Eng.) should build a wall about its own food reserves and stop its ears to the
great cry of distress, suffering and death continuously arising abroad,
"Guardian" of Mar. 8, as follows:
which is unthinkable. Even friendly neutrals have a right to expect us to
A number of German cotton and woolen companies have issued reports
aid in solving food problems of their people, and friendly relations between
which show that war conditions suited them very well in some respects,
nations were never more necessary than now. National selfishness at this
as in the absence of competition from abroad they were able to make
time may produce international disorder.
considerable profits. They are anxious, however, about the future. It is
Mr. Hoover urges continuation of stabilization in sugar, and cottonseed
pointed out that Germany used to import 450,000 tons of cotton (approxiproducts, and wheat—the only remaining controlled commodities—for if
mately 1,800,000 bales) and 200,000 tons of wool, at a cost of about £75,these vital foods are thrown open without any steadying hand, the dire
000,000 per annum,and that at present prices, with heavy loss on exchange,
need of the world may produce further dislocation and create a further
the value of similar quantities will be more like £250,000,000. Calculaburden on our own consumers. Ocean transport is still restricted and food
tions of that kind, however, are not of much use, as exports will be resumed
must still be furnished in its most concentrated forms; but with the enlargeat the earliest possible moment, and although they may be small for a time
ment of tonnage available, it is hoped that opportunity will be offered to
they will doubtless grow, and exchange will improve at the same time.
relieve part of the pressing food vacuum abroad by shipments of certain
It is also improbable that raw material prices will remain at their present
foodstuffs in which America has an apparent surplus, such as,beams, rice,
level for a very long period.
canned vegetables, canned fish and others.
SURPLUS SHOE LASTS TO BE DISPOSED OF BY
SURPLUS PROPERTY DIVISION AT 30 CENTS
PER PAIR.
According to the "Official Bulletin" of Mar.25 the Surplus
Property Division, War Department,' announces that a
fixed price of 30 cents per pair has beeniplaced,onl all shoe
lastsideclared surplus, and this property is to be sold immediately in any quantity at the above price. The announcement in the "Bulletin" says:
Only 3,500 bales will be sold under the latter condition. Delivery is
to be made in March and April. This is one of the largest hemp contracts
arranged by the Food Administration for some time and at the price announced, on the basis of 375 pounds to the average bale, it represents a
sale of more than $3,500,000. This hemp will be used in the manufacture
of binder twine for the extraordinarily large wheat harvests expected this
year. This sale gives added strength to the hemp market. Inquiries
which are coming in to the Comision Reguladora from all parts of the world
The lasts range in size from 5 to 14, inclusive, and widths from "A" to
Indicate a great shortage of that raw material in practically all of the five
continents. Manufacturers have informed the Comision Reguladora that "ER," inclusive. Lasts can be inspected at the various zone supply offices
they will shortly be in the market for additional amounts which have not in the following cities:
New York,rN. Y
Boston, Mass.
yet been determined.
St. Louis, Mo.
Philadelphia, Pa.
Atlanta, Ga.
San Francisco, Cal.
These offices have authority to sell at the price fixed all shoe lasts in their
FOOD ADMINISTRATION NOT AUTHORIZED TO FIX
possession.
HOG PRICES—CONTINUED STABILIZATION OF
SUGAR AND WHEAT URGED.
BRITISH PRICE REGULATIONS STILL GOVERN.
While the U. S. Grain Corporation issued a statement on
The receipt of following cablegram from Consul General
Mar. 20, stating that "there now exists no authority vested Robert P. Skinner at London under date of March 15 is
in the Food Administration, under the law, to fix maximum announced by the Department of Commerce:
prices on hogs or pork products," a press dispatch from
The Board of Trade has revoked raw cotton order 1968 as respects East
Chicago on Mar. 17 reported that the Food Administration Indian Peruvian, and all growths of cotton except American and Egyptian.
Effect
that minimum price regulations are withdrawn except for Amerihas authority to fix hog prices, and may and does limit can andisEgyptian
cottons, and accordingly no restrictions now exist upon
profits on pork food products, according to a telegram re- prices at which such non-American anda.non-Egyptian cottonsisanibe
ceived on the 17th by Everett C. Brown, Chairman of the bought and sold.
Hog Price Committee in Chicago, from F. S. Snyder, Chairman of the Meat Division of the Food Administration in AUSTRALIAN REGULATIONS AFFECTING DYE IMPORTS—FIGURES AS TO DYE EXPORTS.
Washington. The dispatches also said:
Reports that the Australian Government had prohibited
The telegram was received in reply to one sent last Friday (Mar. 14) by
Mr. Brown, following a conference here between packers and represents, the importation of all imports except those of British origin
tives of the Food Administration regarding the fixing of a maximum price
following official advices received from
for hogs. A maximum of $17 50 to $18 the hundred pounds was suggested are denied in the
at the conference, and an official announcement was expected from Wash- the Commonwealth by Henry Y. Braddon, Commissioner
ington soon.
for Australia in the United States:
The only action taken by the Government was the issuance of a proclaThe Grain Corporation's statement was issued at the
mation on Feb. 26 prohibiting the importation into Australia of dyes other
conclusion of a conference'at its offices in New York City than
those of British origin except with permission of the Minister of Trade
between F. S. Snyder, of the Meat Division of the Food and Customs.
Administration, Edgar Rickard, Acting Food Administrator
The National City Bank in a statement relative to the
during Herbert Hoover's absence , and B. S. Allen of the above, issued on March 18 says:
Reports of an Australian embargo on all merchandise not originating
Food Administration. Advices from Washington on Mar. 18
Great Britain seems to have grown out of an order limiting the imporregarding the proposed conference announced that• Mr. in
tation of dyes into Australia to those of British origin. Mr. Henry Y.
Snyder had telephoned Food Administration officials from Braddon, Commissioner of the United States for the Australian CommonBoston regarding Chicago reports that maximum hog prices wealth has received a cablegram from Australia indicating that no prohibition of importation has been made except that relating to dyestuffs
would be fixed, that the only action he had taken had been not
made in Great Britain. A compilation by the National City Bank of'
to urge packers to hold down hog prices. The purpose of New York shows that the importation of dyestuffs into Australia amounts.
MAR. 29 1919.]
THE CHRONICLE
under normal conditions, to about $350,000 per annum, and that our own
exports of dyes and dyestuffs to Australia in 1917 amounted to $72,500. as
against $16,725 in the year preceding the war.
This quadrupling of our exports of dyes to Australia during the war
period illustrates, says the bank's statement, the promptness with which
the world responded to the development of the dyestuff industry in the
United States. It is well known that the production of dyes and dyestuffs in the United States increased very rapidly following the termination of trading relations with Germany, from which country most of our
dyes were formerly drawn, but it is interesting to note that this increase
was sufficient to not only meet our own growing requirements but to also
enable us to come to the relief in a modest way of our neighbors in other
parts of the world. Exportation of dyes and dyestuffs from the United
.States for the year immediately preceding the war, the fiscal year 1914,
was but $356,919, advancing to $1,177,925 in 1915, $5,102,000 in 1916,
$11,709,000 in 1917, and $16,922,000 in 1918. Analino dyes alone formed
nearly one-half of the 1918 exports, or to be exact $7,298,000, logwood
extract $2,239,000, and all other dyes $7,284,000.
Tho whole world "sat up and took notice" of the fact that the United
States had become a source of supply of this important requirement of
the industries, for our exportation of' dyes and dyestuffs in 1917 was distributed to no less than 70 countries in every part of the world, amounting
in that year to $11,709,000, while in 1918 the total exports amounted to
$16,922,000 or practically double the value of our entire importation of
dyestuffs in the year preceding the war. Japan in 1918 took $3,233,000
worth of our dyes, against $522,000 in 1917 and $167,000 in 1916; India
took $1,948,000 worth in 1018, against $107,000 in 1916; Brazil $1,882,000,
against $71,000 in 1916; Italy, $1,182,000, against $905,000 in 1916;
Franco, $1,630,000, against 3247,000 in 1916, and all Europe about $9,000,000 worth in 1918 against approximately 82,500,000 in 1916.
Germany was the world's chief producer ad ocporte r of dyes prior to
the war, her total exportation of dyestuffs amounting in 1913 to $54,700,000 which was, however, slightly less than the value of our own manufacture of dyes in 1917, since the United States Tariff Commission in a
recent report states the production of coal-tar dyes alone in the United
States in the calendar year 1917 at $57,796.228.
1225
page 1122. In announcing the schedule of reduced prices
agreed to, Judge Gary points out that "the objects to be
secured are a revival and stabilization of business by establishing a reasonably low basis of prices which would be
satisfactory to the consuming public, and yet so far as
practicable, would yield a moderate and reasonable return
to the investor." He further notes that "the iron and
steel industry was the first called upon by the Board to meet
the business situation and to lend its energies and assistance
in bringing about readjustment and restoration of the good
business conditions, and therefore was the first called upon
to make the necessary sacrifice in profits." It is stated
by the Industrial Board that "it is fully understood and
expected that the present wage rates or agreements will
not be interfered with, the approved prices having this in
view." The new prices become effective at once. The
following is Judge Gary's statement as given Out by the
Industrial Board:
After careful consideration and full discussion relating to cost of production, and all other facts and circumstances relating to the iron and steel
industry, representatives of the industry submitted to the Industrial Board
of the Department of Commrce a schedule of proposed reduced prices of
the principal iron and steel products, which with modifications suggested
bY the Board and accepted by the industry, has been approved by the
Board.
The objects to be secured are a revival and stabilization of business by
establishing a reasonably low basis of prices which would be satisfactory to
the consuming public, and yet so far as practicable would yield a moderate
and reasonable return to the investors where they are entitled to it in the
application of sound business principles, and at the same time would not
disturb wage rates or interfere with wage agreements; and further having
determined upon prices which it is expected will not be reduced during this
• RELAXATION OF BRITISH PAPER IMPORT
year, it is believed that the volume of business will be promptly increased,
RESTRICTIONS.
and that furnaces and mills will be operated at a largely increased capacity
Commercial Attache Philip B. Kennedy at London in thus giving employment to a correspondingly increased number of employees.
advices to the Department of Commerce at Washington
It has been necessary to ascertain and scrutinize all the facts and figures
says:
in order to prevent any injustice, and this has been the °erasion for considerThe Board of Trade has issued an order to be known as Paper Restric- able discussion and some differences, but as a final result of the conferences
tions Order No. 3, revoking certain previous paper orders as of Jan. 1 which have taken place during the last two days and before, the committee
1919. This new order also enables the Paper Controller to issue regula- appointed to represent the entire iron and steel industry joined in the report
tions as to the importation, distribution, and priority of supply of paper • which was made to the Industrial Board.
While in the opinion of some of the manufacturers the Board has insisted
making materials. These regulations, which will be issued shortly, will
provide inter alia for an increase in the imports of papor and materials, upon some changes in the schedule submitted before approving the same,
and for the rolaxtion of imports of certain kinds of paper. They will also yet the Iron and Steel Comm,ttee are convinced that the members of the
provide that consideration may he extended to new or increasing business Board have been governed solely with the intention of protecting and
and will effect certain alterations under which priority certificates may be promoting the best interests of the public, the investors of capital and the
employees, without discrimination and that the action of the Board has
issued.
been wise and just.
The iron and steel industry was the first called upon by the Board to meet
PHILADELPHIA BOURSE OPPOSED TO INCREASE IN the business situation and to lend its energies and assistance in bringing
about readjustments and restoration of good business conditions and,
MEMBERSHIP OF FEDERAL TRADE COMMISSION.
therefore, was the first called upon to make the necessary sacrifice in profits;
Declaring that the paternalistic methods being pursued but those connected with the trade believe that as a result
for the year as
by the Government are having a tendency to "Prussianize" a whole they will be compensated and that if other lines of industry show
disposition,
undoubtedly
as
they
will,
great busiwe
may
expect
same
the
conditions in the business world, directors of the Philadelprogress and prosperity in the near future.
phia Bousre have placed themselves, on record as opposed ness
The price list and reductions submitted and approved by the Industrial
to any increase in the membership of the Federal Trade Board is as follows:
Commission at this time for the purpose of enlarging its
powers. The action of the Bourse directors was taken in
voting on the referendum of the Chamber of Commerce of
the United States.based on the report and recommendations
of a special committee with respect to effecting changes
in anti-trust legislation in order to meet conditions growing
out of the war. The recommendations of the national
chamber's committee were:
1. That Congress should at once consider the situation of all statutes
constituing our anti-trust legislation.
2. There should be formulated standards of general business conduct
to be administered by a supervisory body.
3. That an enlarged Federal Trade Commission should be made the
supervisory body.
4. That tno membership of the Federal Trade Commission should be
Increased from five to nine.
The Bourse board recognized the necessity of new anti-trust laws, and
indorsed this particular recommendation, but in doing so it attached the
following explanation to the ballot which It returned to Washington on
the other recommendations:
The Philadelphia Bourse while recording its vote desires to express its
opinion that Recommendation No. 1, which it favors, does not go far
enough but should have included a recommendation that Congress should
either amend the present laws or enact new legislation that would permit
citizens to legally employ the principles and parctices now pursued by the
Federal Government which if now so employed by citizens would be illegal
under the Sherman and Clayton acts.
The Bourse opposes the second, third and fourth recommendations believing that there is already too much paternal regulation by Government
of general business, tending to destroy initiative and reduce all business
to a common level, thus bringing about conditions not inaptly styled
"Pr ussianized."
STEEL PRICES AGREED ON AT CONFERENCE OF STEEL
INTERESTS AND INDUSTRIAL BOARD.
Details of the steel prices agreed on at last week's conference of representatives of the steel industry and the
Industrial Board of the Department of Commerce were
announced in a statement of Judge E. H. Gary of the United
States Steel Corporation, issued by the Board on the 21st.
Reference to the conferences and some of the prices which
had been approved was made in these columns last Saturday,
Reductions.
Industrial Board,
Department of
Commerce.
Pig iron, basic
Billets, 4-inch
Billets, 2-inch
Sheet bars
Slabs
Skelp,sheared
Skelp, universal
Skelp, grooved
Merchant bar-base..
Sheared plates
Structural base
Wire rod
Plain wire
Nails
Black sheets No. 28_ _
Blue annealed No. 10_
Galvanized sheets No.
28
Tin plate No. 100, box
Tubular products_ _- Hoops, base
Light rails
Rails, standard Bessemer
Rails, standard 0. H..
Ore
Nov. 11
Price.
Present
Price.
New
Price.
From
Nov. 11.
From
Present.
*33.00
*47.50
*51.00
*51.00
*50.00
a3.25
a3.15
a2.90
a2.90
a3.25
a3.00
*57.00
a3.25
a3.50
a5.00
a4.25
30.00
43.50
47.00
47.00
46.00
3.00
2.90
2.70
2.70
3.00
2.80
*57.00
3.25
3.50
4.70
3.90
25.75
38.50
42.00
42.00
41.00
2.65
2.55
2.45
2.35
2.65
2.45
*52.00
3.00
3.25
4.35
3.55
7.25
9.00
9.00
9.00
9.00
b12.00
b12.00
b9.00
b11.00
b12.00
b11.00
*5.00
b5.00
b5.00
b13.00
b14.00
4.25
5.00
5.00
. 5.00
5.00
b7.00
b7.00
b5.00
b7.00
b7.00
b7.00
*5.00
b5.00
b5.00
b7.00
b7.00
a6.25
7.75
(c)
a3.50
a3.00
6.05
7.35
(c)
3.30
2.70
5.70
7.00
(c)
3.05
2.45
b11.00
b15.00
(c)
b9.00
b11.00
b7.00
b7.00
b7.00
b5.00
b5.00
*55.00
*57.00
(d)
*55.00
*57.00
*45.00
*47.00
*10.00
*10.00
*10.00
*10.00
* Gross tons.
a Hundredweight.
b Net tons.
c Three and ono-half points off card.
d No change.
Basing points and differentials unchanged. Prices effective at once.
The Industrial Board issued the following statement:
In giving its approval to the schedule of prices just decided upon for the
principal articles of iron and steel, the Industrial Board of the Department
of Commerce, carrying out the purpose for which it was created, believes
that a level has been reached below which the public should not expect to
buy during the current year. The purpose of the Board is to bring about
such a lower level of prices as will effect stability and stimulate trade, to
1226
[VOL. 108.
THE CHRONICLE
the end that business and industry can proceed and build up with confidence
and provide maximum employment.
In its effort to effect co-operation between the Government, representing
the public, and capital and labor,it has in view a due and just regard for all
of those interests, and therefore, in giving its approval to these prices and
others, which it will consider immediately, it will endeavor to strike a
balance which, while calling sooner or later for some sacrifice or adjustments
on the part of all, yet will not subject any of these interests to undue hardship.
The Board is asking industry to co-operate in taking the first step and
voluntarily make temporary sacrifices in the interests of all, and has asked
the iron and steel industry, because of its fundamental importance, to be
first to act, and the Board is highly gratified with the spirit in which it
has responded.
It is fully understood and expected that the present wage rate or agreement will not be interfered with, the approved prices having this in view.
The reduction in the price lists may involve the necessity of some high
cost plants either shutting down temporarily or running at a loss for a
period, but it is expected that with an increased volume of business soon
to be developed a reasonable return to the average and the better than
average producers will be afforded. In view of the higher costs developed
throughout the world as a result of the war, a return to anything like prewar prices is regarded as out of the question. It is expected that other
industries as well as the consuming public and labor will recognize their
obligations in the circumstances and co-operate in the same generous spirit
as has the steel industry.
A statement was also issued by the U. S. Shipping Board
on the 21st, saying:
The immediate reduction in steel prices, Just announced by representatives of the steel industry and by the Industrial Board of the Department of Commerce, means a reduction in the cost of ships being built on
certain contracts for the United States Shipping Board. Most of the steel
ship contracts, however, were made for a lump sum price and these are
not effected by the drop in the cost of steel.
"There are certain contracts made on the basis of cost and a fee," explained D. H. Cox, Manager of the Steel Ship Section of the Emergency
Fleet Corporation, Philadelphia. "In these cases the Emergency Fleet
Corporation will get the benefit of the reduced rates.
"The majority of contracts, however, for steel vessels now under construction for the Government are on a lump-sum price. These contracts
were signed before the cut in steel and therefore the new rate does not mean
any change to the prices previously agreed upon.
"In most instances the shipyards have undoubtedly purchased their
steel. Accordingly, the new prices will have little effect upon them.
"All future contracts will, of course, be ruled by the new rate. But we
are not signing any contracts at present."
This reduction in the cost of steel is regarded by the Shipping Board as a
step in the right direction and calculated to encottrage,the shipbuilding
industry of the nation.
The Associated Press dispatches from Washington in
their announcement of the new steel prices said:
The announcement of the new prices following the conference was taken
as an indication that the Board's efforts to reduce and stabilize prices
through agreement with producers would not meet with opposition from
the Department of Justice.
Steel men, who in joint conference with the Board framed the new schedule, before leaving Washington yesterday, said that it was understood that
the question of price agreements was to be laid before the Attorney-General
by the Board. Chairman Peek of the Board, however, after the visit to
Mr. Palmer's office, said that the Board had "merely paid a social call on
the new Attorney-General."
INCREASE IN MAXIMUM PRICE OF BRITISH STEEL
The Department of Commerce reports the receipt of the
following advices from Consul General Robert P. Skinner
at London on March 3:
The Minister of Munitions gives notice of the following increases in the
maximum price of steel for home sales, as from Mar. 1 1919, prices in
each being net f. o. b. makers'works: Mild steel, billets, blooms,slabs, sheet
and tin plate bars, ordinary quality £12 5s. per ton; small angles, tees and
flats extra first E, rerollers only,£17 5s. per ton; small rounds, squares and
hexagons, extra list G, rerollers only, £17 5s. per ton. The steel makers'
price for small angles, rounds, &c., remains unchanged at £16 10s. per ton.
A SUGGESTION FOR THE STEEL PRODUCERS.
E. C. BENEDICT & CO.
New York, March 27 1919.
Editor Commercial & Financial Chronicle,
New York City.
Dear Sir—About two weeks ago I noticed an article pubWished by the Packard Motor Car Co. guaranteeing purchases of their car against reduction in price stating that in
case the price was reduced during the year 1919 they would
make a refund.
Do you suppose it would help the present situation if our
steel producers made the same declaration?
Yours very truly,
M. J. QUINN.
PLANS FOR SALE OF GOVERNMENT'S SUPPLY OF
COPPER.
Announcement with regard to an agreement reached with
representatives of the copper producers for the sale of 100,000,000 pounds of copper, held by the War Department,
was made as follows by the Director of Sales by the War
Department:
An agreement has been reached whereby the United Metal Selling Co.,
representing the copper producers, will sell for the War Department
approximately 100,000,000 pounds of copper and also whatever amount
of copper scraps the War Department nas to dispose of. Not less than
5,000,000 pounds of copper will be delivered by the United States to the
copper producers each month for a period of 10 months, and then 10,000,000 pounds of copper per month will be delivered for a period of five
months.
It was further agreed that the amounts delivered to the copper producers
itould be at least 10% of their total sales, and in the event of good market
conditions the copper producers would take in excess of this amount.
The copper will be sold by the copper producers at market prices as determined by the average published quotations. A small consideration will
be allowed the copper producers in marketing the copper for the Government to cover expenses of sales.
COAL OPERATORS DECLINE TO ENTER INTO AGREEMENT WITH INDUSTRIAL BOARD UNLESS
RAILROAD ADMINISTRATION CO-OPERATES.
Commenting on the reductions "Financial America" Of
Bituminous coal operators, members of the National
March 21 said:
Coal Association, which had been in conference with the
The reductions in the prices for pig iron and steel products announced
from Washington were rather small than many had been led to believe Industrial Board of the Department of Commerce with a
would result. It had been feared that the Government would demand
view to readjusting coal prices, issued a statement on Mar.
reductions which could not be met under the present cost of production
and the high wages being.paid to the workers.
27, asserting that co-operation on the part of the Railroad
laAs a matter of fact private advices received in this city late Thursday Administration was not forthcoming, and that it was apparstated that the Industrial Board of the Department of Commerce had
requested largo cuts, but had been dissuaded from pressing their requests ent that no beneficial results for the public could be obtained,
by the steel men who frankly submitted all the data at their command to unless the Railroad Administration would lend its co-operashow what they could do in the way of prices.
tion and bind itself to accept the findings of the conference.
The intimation in some Washington dispatches that some companies
It was made clear to the Board, the statement said, that
which were brought to life during the war would be forced out of business
Is believed true in some respects, but it is known that this has been done whenever such co-operation of the Railroad Administration
against the wishes of the leaders in the steel industry. These authorities
Departments buying coal is secured
do not care to have the smaller interests forced to close, but if it is done by and other Government
the operators stand ready to resume the conferences. The
the action of the Government, there is nothing to do but submit.
It has been the impression in the steel trade for some months that with statement follows:
large scale for its requirements,
the Government entering the market on a
regular business in this country will be stimulated, and there is no reason
to expect that this belief has been changed. It is known that the Government's requirements for its various departments are large, and when orders
are placed front Washington, the rank and file of consumers are reasonably
expected to follow, especially as new tne prices are to rule until the end of
the year, at least.
In the financial district it was the general impression that the price
agreement eliminated practically every possibility of the dissolution suit
against the United States Steel Corporation being pushed by the Government. It was asserted that even if the Department of Justice were inclined to press the case, the action taken in Washington on Thursday
would weaken the Government's case materially and would possibly result
In the entire suit being eventually dropped.
It was the general opinion in Wall Street that the steel industry has been
considerably strengthened and that although the lull in regular domestic
buying of steel products might continue for a time, the demand would
gradually increase following the lead of the Government in placing orders.
A decided reversal of conditions has taken place in the market for steel
and iron scrap during the past week, and prices have been advanced about
31 per ton. The unturn was brought about by buying by the Bethlehem
Steel Corporation, which took heavy melting steel scrap from $13 75 to
314 50 per ton and old wrought iron pipe from $17 to $18 per ton. In
both instances the highest price was paid on the last contract. The Eastern Steel Co. entered the scrap market for a round lot of blast furnace
turnings and advanced the price from $11 to $12 per ton.
It is stated in the steel trade that the scrap dealers are most optimistic
on the outlook. They have been stating right along that their market
was out of line, due to the competitive offerings by some interests, and
their opinion is supported by the fact that as soon as a demand developed
the marl:ot responded with advances in quotations.
Four hundred operators, members of the National Coal Association, and
representing every producing field in the United States, have been in
conference in Washington for the last two days at the request of Secretary
Redfield's Industrial Board, of which George N.Peek is Chairman. harry
A. Garfield, United States Fuel Administrator, met with Secretary Redfield's board. The purpose of this conference was to put into effect within
the coal industry tne broad principles involving readjustment which had
been advocated by Secretary Redfield and approved by the President.
The coal operators held a conference Wednesday afternoon with Chairman Peek and his board. At this session the bituminous coal operators
explained to the board that approximately 30% of the total production of
bituminous coal is consumed by the railroads of the United States, and
therefore, would be purchased by the United States Railroad Administration. Under these circumstances, the operators consider it vital for the
board and the industry to know at the outset whether or not the United
States Railroad Administration would accept the decision of the conference
as to reasonable and fair prices for coal and make its purchases of railroad
fuel at these prices.
It developed at the meeting that, in spite of Director Illness publicly
announced policy in the purchase of railroad fuel, the United States Railroad Administration had adopted unfair practices, which would drive the
price of railroad fuel below the cost of production. This would necessitate
advancing the price of coal for the general constuning public to a point
sufficient to absorb the loss involved in the production of coal for railroad
use. It was therefore apparent that, unless the Railroad Administration
would lend its co-operation and bind itself to accept the findings of the
conference, no beneficial results for the general public could be obtained.
Such assurance of co-operation on tne part of the Railroad Administration
was not forthcoming. The operators accordingly made clear to the Board
their readiness to resume the consideration of the question of prices when-
MAR. 29 1919.]
THE CHRONICLE
ever the co-operation and support of the Railroad Administration and other
Government departments buying coal had been secured.
The resolution in which the operators went on record to this effect is
as follows:
Resolved, by the representatives of the bituminous coal operators of the
United States, in meeting assembled, in Washington, March 27 1919, at
the request of the Industrial Board fof the Department of Commerce,
acting in conjunction with the United States Fuel Administrator. That
the operators of the country declare themselves ready to go into conference
with the Industrial Board with a view to co-operating with the Government
in stabilizing prices of bituminous coal during the readjustment period upon
their being assured by the Industrial Board that the United States Railroad
Administration and other Governmental agencies purchasing coal are also
willing to co-operate.
A statement on behalf of the Railroad Administration by
H. B. Spencer, Director of the Division of Purchases, said:
The United States Railroad Administration has been in constant touch
with the officials of the National Coal Association with reference to the
carrying out of the fuel policy announced by Director-General Hines.
We have requested the members of this Association to bring to the attention of the Railroad Administration any failure to carry out the instructions
issued by the Director-General so that we could investigate the matter and
remedy the fault, if any existed. So far as we are advised, the purchasing
departments are absolutely adhering to the policy laid down by Mr. Hines.
The Railroad Administration has co-operated to the fullest extent with the
National Coal Association.
PLANS FOR CONTINUING FEDERAL CO-OPERATION
WITH COAL INTERESTS.
A plan to promote public welfare by more effective cooperation between the Government and the coal industry
has been submitted in referendum form to the members
of the National Coal Association, according to an announcement made by the U.S.Fuel Administration on March 23.
It is stated that the plan is the outcome of conferences called
by Fuel Administrator Harry A. Garfield, in which coal
operators and mine workers participated. An announcement issued in the matter says:
Pursuant to arrangements at one of these conferences, held Feb. 11-14,
the matter was laid before the President prior to his recent departure for
France.
Operators in all producing fields have been requested to study the proposals, to hold meetings in the near future, to discuss them, and advise the
representatives in the association's directorate of their attitude and wishes.
The consensus of the association's opinion will thus be available within
the next two weeks, and will be presented at a meeting of its directors at
Cleveland, Ohio, April 4, at which time further consideration will be
given to the plan.
The plan takes full cognizance, it was announced, of the interest of the
public in all matters pertaining to the coal industry, especially the price
it has to pay for coal. It is therefore proposed that the public be represented fully and adequately in placing in effect any plan looking toward
the betterment of conditions, and to this end the proposed plan provides
for such representation on the part of the public by the United States
Government, to continue during the period of readjustment and thereafter, when business shall have returned to a normal, peace-time basis.
In brief, the plan proposes:
First. That all fact relating to the industry or any question touching
it, such as the cost of living, the cost of production, labor conditions,
transportation facilities and other factors entering into the cost of coal
be officially and accurately ascertained by some of the regular Government
agencies, since the Government is the most appropriate representative of
the public.
Second. That the public is one of the parties at interest, the other two
being capital and labor, and that no action affecting any of the findings
of fact be taken until all three parties, through their duly qualified representatives, shall have had an opportunity to consider and discuss the
proposals.
Third. That the determination of facts, as outlined, ahd the formulation of administrative policy are two separate and distinct functions and
therefore should not be performed by the same agency of the Government.
Fourth. That the findings of facts, thus proposed, should be submitted
apermanent department or commission of the Government. In this
connection it is pointed out that the plan does not contemplate the creation
of new agencies, but proposes to utilize existing permanent governmental
organizations.
Fifth. That the President designate some Cabinet officer, or other
appropriate official, to represent the public in considering any policy proposed, and that as advisers to the commissioner there should be an equal
number, say three, of representatives of operators and miners. The
function of the commission would be the consideration of all problems
affecting the industry, and the formulation of policies to deal with such
problems, the commission being a purely advisory body.
Sixth. That the commission shall make recommendations to the President, who would thus be placed in close relation with the industry and all
factors entering into it, making for its prosperity or retarding its development.
Such a plan, modified to suit diverse conditions, it Is conceivable, might
be adopted not only by the coal industry, but by other basic industries of
the country as well, in which event the Government would be placed in
possession of intimate facts, figures, and findings, and recommendations in
meeting industrial problems relating to any industry as such problems
might arise. It does not conflict with the work now being carried forward
by the Industrial Board of the Department of Commerce.
LEGISLATIVE PROGRAM OF WISCONSIN STATE
FEDERATION OF LABOR.
The program of "construction" of the Wisconsin State
Federation of Labor, in which, according to the Milwaukee
"Sentinel," are incorporated proposals from practically
every central labor union in the State, individual labor organizations and individual laboring men, was made public
at the opening session of the Federation on the 11th inst.
The "Sentinel" says:
An eight-hour day, thirty days' notice of dismissal, a guarantee of the
right to organize, representation on all State educational boards, prohibition
1227
of injunctions and a guarantee of constitutional rights of free speech and
free assemblage are among the demands made by the organization.
"Under the quiet surface of our lives great forces are gathering," states
the program. "The mighty transformations that have startled the world in
the last four years and that will continue to startle it for many years
more, are stirring us into a realization of our latent power, and awakening
a desire to use that power to help bring to realization of the better world
of which we have long dreamed."
A series of recommendations to the Legislature proposed
by the Federation are given as follows in the "Sentinel:"
Requirement of a minimum of thirty days' notice of dismissal or the
payment of thirty days' wages by the employer.
Guarantee of the right to organize.
Right of workers to be free from injunctions restraining them from the
performance of lawful acts or of acts which would be lawful if performed
individually and not as an organization.
The collection of adequate labor statistics by the State industrial commission from the employers.
The adoption of emergency measures to meet the present and future
acute crises of unemployment.
Nationalization of the railroad and of the coal business.
Publie development of water powers to conserve millions of tons of
coal annually and materially reduce the cost of living.
Cities to become owners of municipal milk distributing plants.
Labor to be represented on any marketing commission which shall be
created and empowered by the State legislature to investigate and publish
facts concerning cost of production of farm and manufactured products
in Wisconsin.
Housing and community plans together with a definite land settlement
policy.
Legislative dismissal of appointive State administrative officials.
Initiative referendum and recall of elected officials.
Industrial efficiency through industrial democracy.
Taxation based on ability to pay but no to discourage right living conditions.
Guarantee of training for Americanization through adequate educational
advantages to all.
$200,000 for use by the State Board of Vocational Education and representatives of labor on all State educational boards, including the university.
The paper quoted above also says:
Gov. E. L. Philipp welcomed the labor representatives to Madison.
He explained the administration bill to create a board for conciliation for
the settlement of labor disputes, and praised the accomplishments of labor
during the war. He said that the' unemployment situation was not as yet
serious in Wisconsin.
"Love of country made possible the great accomplishments of labor
during the war," he said. "The product of the war industry factories
was the product of labor. Whatever the Government can do now to
lower the cost of living should be done immediately.
"I have asked the State legislature to create a board to investigate labor
controversies. This board will not have the power to fix wage schedules,
but.will merely discover and acquaint both sides with the true state of
affiirs. What you want is the pay the employer can Pay you. You are
never going to get anything the employer cannot give you. The principle
Which must be recognized is that every honest and industrious man has a
right to a fair living. Everything should be done by the Goverment to
lower the price of meat and bread. trigh prices and low wages never go
hand in hand. Somehing must change."
STATE INCOME TAX INTRODUCED IN NEW YORK
LEGISLATURE.
Three tax bills designed to raise approximately $53,000,000 during the next fiscal year were introduced in the
New York Legislature yesterday (March 28). The measures, which embody the recommendations of the special
legislative tax committee of which Senator Frederick M.
Davenport is Chairman, provide for:
A State income tax of 2% on incomes of single persons in excess of $1,000
and on incomes of married persons in excess of $2,000. Virtually the same
deductions are made as under the Federal Income Tax law, except that
incomes of State employees would be taxed.
An increase from 3 to 4%% on net incomes of corporations. The permissive levying of a tax by cities and other local communities of one-half
of 1% of the assessed value of tangible personal property above the value
of $3,000.
With regard to the proposed measures Chairman Doherty
says:
The problem before the committee was to obtain revenue for a prospective deficit for the coming year of approximately $20,000,000 for the State
and $33,000,000 for the localities, a total of $53,000,000. It was necessary to take the needs of the localities as well as of the State Government
itself into consideration.
In investigating sources for new revenue the committee found that rural
property in the State was bearing much more than its share of the burden.
It found that it is impossible to depend upon the taxation of personal
property as an adequate source of revenue.
Suggestions were made to the committee that the extension of the socalled indirect taxes, such as the inheritance tax and others of a similar
nature, would provide the way out. Upon investigation we found that a
few more millions might reasonably be obtained from certain of these
indirect sources. But it seems to the committee that we cannot look
here for anything like an adequate solution of our problem.
So we came, by the process of elimination, to the personal income tax
as the one which moots the need and conforms with the demands of justice
and fairness in taxation. The committee earnestly recommends it as the
core of our system. There is no tax which so brings the taxpayer to close
quarters with Government revenues and expenditures or so practically
brings home to him the responsibilities of citizenship.
The income tax should be greatly reduced in the nation and more and
more employed by the State. The rate proposed is a flat rate of 2%, in
view of the present very high and graduated Federal rate.
While it is not easy to make accurate forecast of the expected yield of
any tax, the committee is informed by its experts that a 2% rate should
yield approximately $50,000,000, which will satisfy the present needs of
the State and leave, in addition, an adequate sum for the immediate relief
of our great local municipal communities.
In the matter of the present tax-exempt securities of New York State.
as well as the securities subject to the present investment tax, the committee proposes to continue the exemption for existing securities in order
1228
THE CHRONICLE
to involve no breach of faith. But it proposes to tax further securities.
We suggest the distribution of the yield between the State and the localities
on a basis of 50%.
The income tax alone may fail to solve the local municipal problem,
especially in New York City, where over-taxation of real estate has become
acute. If this should prove to be the case, additional supplementary taxes
may be imposed for distinctly local purposes, such as a low-rate tax on
tangible personal property or an optional local business tax. The committee has had supplementary bills prepared covering these two proposals
also for the consideration of the Legislature and the people of the State.
DAYLIGHT SAVING IN EFFECT TO-MORROW—RAILROAD ORDER DIRECTING TURNING
BACK OF CLOCKS.
At 2 a. m. to-morrow, Sunday, March 30, the clocks of
the country will be advanced one hour, in accordance with
the daylight saving law enacted last year. In answer to
protests by farmers against the continuance of the law,
efforts to repeal it were made at the recent session of Congress; the failure, however, of the Senate before adjournment to pass the Agricultural Appropriation bill to which
the Senate Agricultural Committee had tacked on a rider
providing for the repeal of the Daylight Saving Act resulted
in the defeat of these efforts. In celebration of this the
Executive Committee of the National Daylight Savings
Association, of which Marcus M. Marks is President, will
give a luncheon as the Aldine Club this city to-night. The
daylight saving period will continue until the last Sunday
in October. Charles Lathrop Pack, President of the National War Garden Commission, who has taken occasion
to praise the press for aiding the Commission in its battle
to save the Daylight Saving law, says:
The law goes into effect the last Sunday in March. It stays in effect
for 210 days. To one hundred million people that means twenty-one
billion extra hours. In other figures that is two billion six hundred and
twenty-five million extra eight hour days. Think what that means with
the world facing a food crisis not only to the home food production campaign but to the better health and recreation of the country. Can any
sane man want to take that boon away from the bench, shop, desk and
counter workers of the land? Every leading country in Europe has daylight saving and the United States is the last great country to take it up.
Let us keep it up.
The Railroad Administration has issued the following
order directing the turning ahead of the clocks:
Washington. March 15 1919.
General Order No. 61.
The Committee on Transportation, American Railway Association,
having, at the request of the Director-General, submitted a report in connection with the Federal statute "To Save Daylight and to Provide Standard Time for the United States," which became effective at 2 a. m., Sunday, March 31 1918, the following instructions, based on such report, are
hereby issued:
First (a) At 2 a. m. Sunday, March 30 1919, and on the last Sunday in
March of each year thereafter, all clocks and watches in train dispatchers'
offices, and in all other offices open at that time, must be advanced one
hour, to indicate 3 a. m.
(b) At 2 a. m: of the last Sunday in October of each year all clocks and
watches in train dispatchers' offices, and in all other offices open at that
time, must be turned back one hour, to indicate 1 a. m., and regular trains
must be held to conform to schedules after change in time.
Employees in every open office must as soon as the change has been
made compare time with the train dispatcher. Clocks and watches in all
offices at the first opening, at or after the time the change becomes effective,
must be advanced (in March) or turned back (in October) to conform to
the new standard time, and employees, before assuimg duties in such
offices, must, after tne change is made, compare time with the train dispatcher.
Second. Each railroad will issue necessary instructions and arrange
for such supervision and check of the watches of its employees as to insure
that they have been properly changed to conform to the new standard
time.
Third. Owing to the varying conditions which will prevail on the railroads of the United States it is not advisable to issue a uniform rule or
order to cover the details involved in the movement of trains at the period
the change in standard time becomes effective. Therefore, each railroad
must adopt such measures as may be necesary to properly safeguard the
movement of its trains on the road at the time of the change.
Fourth. This order shall continue in effect during Federal control of
railroads unless such Federal statute, "To Save Daylight and Provide
Standard Time for the United States" shall be repealed or amended in
such way that this order will become inconsistent therewith.
WALKER D. HINES,
Director-General of Railroads.
[Vol,. 108.
ENGLAND TO CONTINUE DAYLIGHT SAVING PLAN.
The "daylight saving" plan, whereby clocks of Great
Britain are set ahead, will go into effect this year on March
30 and will continue until Sept. 28.
PLANS FOR MEETING FINANCIAL REQUIREMENTS
OF RAILROADS.
Following the announcement on March 26 of the completion of arrangements for making advances to railroads
to meet their April 1 financial requirements, it was made
known that the War Finance Corporation had on that day
advanced the first loans to the roads on the security of certificates of indebtedness issued by the Railroad Administration. These loans were for a total of about $5,700,000,
about $4,000,000 being advanced to the Chicago Burling:
ton & Quincy, $931,000 to the Western Maryland and
00,000 to the Chesapeake & Ohio. It was stated that
other applications for loans had been made and would be
acted upon soon. It was further announced that in all
cases the War Finance Corporation would make advances
only on adequate security and to roads financially responsible, the officials of the Corporation making this
explanation with a view to correcting the impression that
special attention would be given by the Corporation to the
needs of weak roads. The following is the announcement
made on Jan. 26 by Eugene Meyer Jr., Managing Director
of the War Finance Corporation, regarding the procedure
to be followed in the making of loans:
Applications for advances are being filed with the War Finance Corporation by a number of the railroads under Federal control for the purpose of
obtaining funds to meet their April 1 requirements. The railroads are
offering as collateral to their notes certificates issued to them by
the Director-General of Railroads for amounts duo them under the terms
of the Federal Control Act. The matter of preparing applications, resolutions to be passed by the directors of the various railroad companies,
and information as to obtaining certificates from the Director-General of
Railroads, is in charge of Alfred P. Thom, Secretary of the Railroad Executive Committee, in the Munsey Building, Washington. A form of
certificate which is acceptable to the War Finance Corporation was prepared by Alfred A. Cook, Esq., special counsel for the War Finance Corporation, and this form has been approved by the Railroad Executive
Committee and by the General Counsel for the Director-General of Railroads.
As each application is presented to the War Finance Corporation It will
be considered by the directors of that corporation upon its merits and in
strict compliance with the provisions of the War Finance Corporation
Act as to adequacy of security, margin of security and in all other respects.
The policy of lending money to railroads is by no means a new one for
the War Finance Corporation. As early as March 1918, when the bill to
create the corporation was pending in Congress, the Secretary of the
Treasury, Mr. McAdoo, expressly pointed out in his testimony before the
committee that loans to railroads would be among the functions of the War
Finance Corporation. In fact, Section 9 of the Act, passed on April 15
1918, expressly contemplated that advances be made by the corporation
to railroads while in the possession and under the control of the President.
In pursuance of this authority, the War Finance Corporation, beginning
with tho autumn of 1918, began to lend money on a largo scale to railroads
on their offering of adequate security and in this way a material part of
the resources of the corporation was engaged in railroad loans even before
January 1 1919.
The policy, therefore, which is being pursued in loaning funds for the
operation of railroads is entirely in line with the original intention of
Congress as expressed by the statute and also in line with the settled
procedure of the corporation throughout the course of its brief history.
The number of applications from railroads for advances has been greatly
augmented by the failure of Congress to provide the appropriation asked
by the Director-General just before the adjournment of Congress.
Mr. Meyer, while in New York on Thursday, had the
following to say concerning the plans for giving financial
assistance to the railroads:
The War Finance Corporation has worked out a form of certificate with
the Director-General of Railroads which will be acceptable to the Corporation, and, we believe, to others as well, as security for loans to the railroads.
We have endeavored to simplify the work for the railroads as much as
possible, and a standard form for applications and the resolutions of direotors to accompany this form have been prepared by our sounsel. These
will be obtainable at the office of A. 1'. Thom, general counsel of the
Association of Railroad Executives in Washington.
A survey is being made of the entire transportation situation for the
next few months, and we shall endeavor to form a program to cover the
entire financial situation In co-operation with Director-General Hines, the
railroads and their bankers.
As to plans for financing equipment companies, a Washington dispatch appearing in the New York "Tribune" of
March 28 said:
CANADIAN RAILWAYS TO CHANGE CLOCKS.
A new plan for financing locomotive and car builders, developed by the
Administration and the Treasury, is based on the proposal that
Railroad
Montreal press dispatches on March 27 stated that the Railroad
Administration shall issue warrants or certificates of indebteddespite the reported decision of the Government not to re- ness to equipment companies, which may borrow from the War Finance
as security.
introduce daylight saving this year, all Canadian railways Corporation with these warrants
This program has not yet been fully matured, it was said to-day, but it
will operate under the scheme. They were ordered to do is certain that the former suggestion for the issuance of trade acceptances
so—by the Canadian Railway War Board on the 27th the by equipment companies on the Director-General has been abandoned
doubt whether these would be eligible for rediscount with Federal
order stating that the change would be made at 2 a. m. because of
Reserve banks,since the Government agency would constitute the acceptor.
Sunday morning, the hour on which the daylight saving
The new plan is similar to that practiced by the Railroad Administraschedule goes into effect in the United States. The Mon- tion in dealing with railroad companies to whom tho Railroad Administreal Stock Exchange and a number of large factories in tration owes money.
Last week, page 1128, we referred to the intention of the
Montral, it is stated, will also adopt the daylight saving
Department to advance $100,000,000 to the Railroad
War
scheme.
MAR. 29 1919.1
THE CHRONICLE
Administration. The following is the announcement of
this made on March 21 by Director-General of Railroads
Walker D. Hines:
The Railroad Administration received to-day from the War Department
$100,000,000 as payment on account for freight and passenger transportation services heretofore rendered by the railroads under Federal control to
the War Department. In ordinary course those payments would have
been spread over the next three months.
While ordinarily such payments would have been made directly by the
War Department to the Federal Treasurers of the various railroads which
rendered this service, it was arranged in order to meet more conveniently
the present financial situation that the money be paid directly to the Railroad Administration at Washington.
The sum thus received by the Railroad Administration will therefore in
substance be subtracted from what the railroads would otherwise,have
received in approximately the next three months, and hence must be distributed by the central administration to meet the current cash requirements of the Federal Treasurers.
In an address before the Pittsburgh Chamber of Commerce on March 27 Mr. Hines in referring to the needs of
the Railroad Administration said:
I take this opportunity to try to remove the impression that the $750,000,000 appropriation which was asked of Congress was needed to make
up losses sustained by the Railroad Administration. This was not the
case. The appropriation was needed and still is needed to aid the Government temporarily to carry the expenditures made on behalf of the railroad companies, which will be gradually refunded by the railroad companies, as they are able to finance their requirements otherwise.
When the appropriation of $750.000,000 shall be made there will have
been appropriated for the Railroad Administration a total of $1,250,000,000. Of this about $200,000,000 represented the loss incurred in the
calendar year 1918, due to the abnormal winter and to the fact that the
Railroad Administration had only six months of increased rates to meet
twelve months of increased. wages.
The $1,050,000,000 balance, Mr. Hines said, represents
funds temporarily tied up by the Government in railroad
operation, distributed roughly as follows: Working capital, $340,000,000; loans to be repaid by railroads, $340,000,000; estimated loans to be made this year and later
repaid, $370,000,000.
Mr. Hines who has embarked on a speaking tour designed to advise business that the Railroad Administration
intends to co-operate with private industries in re-establishing normal conditions, also addressed the Traffic Club at
Pittsburgh; his speech on this occasion is referred to under
another head.
1229
do not desire to destroy the utilities. But there is suspicion as to capitalization, distrust as to the necessity for the expense, extreme hesitation on the
part of the people to increase their own expenses by making the necessary
increase in rates, and consequently there is non action. This illustrates
in a small way the same conditions which operated in the country as a
whole with respect to the railroads. Unless there can be fundamental
changes which will change these conditions, there can be no reasonable
and continuing assurance of an adequate return for capital.
One of the fundamentals is a standard of return so that the regulating
body will have a definite statutory protection for any action taken on this
subject. Whenever you get to the point of prescribing a standard of return which must be realized, you have created a sort of a Government
guaranty. To my mind,the great problem is whether to have this guaranty certain or uncertain. Of course, the more certain the guaranty, the
less initiative on the part of the management. On the other hand, while
a less certain guaranty stimulates initiative, it also is less promising to
capital and tends to defeat the ultimate objective which is the attraction of
adequate capital into the business.
The combination of these great factors is the thing to be accomplished.
It is far from easy. It cannot be dealt with by a reproduction of the old
conditions with a few palliating amendments. We have got to decide
upon how definite we shall make the Governmental assurance of an adequate return and how we can accomplish this to a sufficient extent while
preserving a sufficient measure of private initiative.
My own view is that a moderate guaranty on capital should be prescribed,
so.as to give a reasonable assurance to capital; and that there should be a
right to a participation in any profits made in excess of that guaranty so
as to furnish the needed stimulus to private initiative.
I further believe that the Government should be strongly represented on
the board of directors and that these Government directors should constitute an important part of the regulating body which prescribes the rates
so that this regulating body will know as necessities develop that the
necessities are developing and will be able to meet the needs of the situation
much more nearly at the time the needs arise than is possible at present.
I do not believe these fundamental changes can be successfully carried
through except by the construction of a comparatively few great railroad
corporations each of which will so combine the prosperous and unprosperous
roads as to present a fair average result and get away from the hopeless
diversity in earnings which has existed in the past; and upon each of which
it will be practicable to have ample Governmental representation.
CONTRACTUAL OBLIGATIONS OF RAILROAD ADMINISTRATION TO CAR AND LOCOMOTIVE
BUILDERS—CASH RECEIPTS AND DISBURSEMENTS.
A statement of the contractual obligations of the Railroad
Administration to. the car and locomotive builders as of
Dec. 31 1918 has, according to the "Railway Age" of March
21, been filed in the record of the hearings before the Senate
Committee on Inter-State Commerce. The following is one
WALKER D. HINES'S PROPOSALS FOR RAILROAD CON- of the tables published in the "Ake":
Contractual Obligations, Dec. 31 1918—Contracts for 100,000 Standard Cars.
TROL—IMPROVEMENT WORK TO BE CONTINUED.
Number
Price.
Type—
Amount.
20,000
C. G
$53,944,000 00
$2,697 20
In an appeal "for support and understanding in the vastly 25,000
Hopper
70,416,750 00
2,916 67
D. S box
difficult task of rendering an adequate public service during 25,000
72,972,000 00
2,918 88
S. S. box
76,251,250 00
3,050 05
the temporary period of Federal control" of the railroads, 25,000
70-ton
5,000
15,869,450 00
3,173 89
Walker D. Hines, Director-General of Railroads in an 100,000
$289,453,450 00
address before the Traffic Club at Pittsburgh on March 26
Balance due on locomotives
$74,370,918 62
stated that he believed that such support and understanding Balance due on cars
212,266,942 37
would be forthcoming "more completely if the public appreTotal
$286,637,860 99
ciates the important respects in which the Goveriunent
From a table showing "Contractual Obligations, Dec. 31
control promoted the objects of the war and also protected 1918, contracts for 1,930 Standard Locomotives," we take
temporarily railroad investors." Stating that he is doing the following:
Less Payment
all in his power "to promote a good and adequate service,
Balance Due.
on Account.
Total Cost.
Name and Type—
and to stimulate efficiency on the part of both officials and American Locomotive Co_ $43,820,411 25 $30,488,037 22 $13,332,374 03
do
30,234,018
contract)____
75
75
30,234,018
(1919
employees," Mr. Hines pointed out that the efforts of the Baldwin Locomotive Works 31.651,933 60 8,000,000 00 22,651,933 00
Railroad Administration "are being pressed to the limit of Lima Locomotive Works__ 9,265,740 00 2,112,147 16 7,152,592 84
$114,972,103 00 $40,601,184 38 $74,370,918 62
Total
our strength regardless of the embarrassment which suddenly Less
units completed and
33,769,997 76 33,769,997 76
confronted us by the failure of the railroad appropriation."
delivered
"Unfortunately," says Mr. Hines, "the impression has gone
$81,202,105 24 $6,831,186 62 $74,370,918 62
Balance uncompleted
out that the Railroad Administration has decided to cut off
The "Railway Age" also reports that Director-General
all improvement work, including additions and betterments Hines has filed with the Senate Committee on Inter-State
Commerce to be printed in connection with the report of
and 'maintenance." Continuing he said:
lc This is not a fact. What has happened is that we are taking steps to his testimony before the committee in February the following
give the railroad corporations full opportunity to determine whether they approximate statement of cash receipts and disbursements for
should assent to the work which they must finance. It is the intention the year 1918, which shows that the amounts actually paid
of the Railroad Administration to carry forward just as much additions to the railroad companies on account of their compensation
and betterments and maintenance work as possible in order that labor during
the year was $253,000,000, of which $138,000,000
may not be thrown out of employment unnecessarily and In order that
the railroads be kept in good repair and extended to meet the needs of was taken from the revolving fund and $115,000,000 from
income from operation.
the situation.
Statement of Cash Receipts and Disbursements for the Year 1918.
In submitting suggestions bearing on the subject of a
Revolving Fund. Operation.
Total.
Receipts—
permanent solution of the railroad problem, Mr. Hines Original
appropriation
$500,000,000
$500,000,000
Co_
Express
$42,157,416
Railway
American
42,157,416
said in part:
4,759,000
Wells, Fargo Co. Express
4,759,000
I do not believe in Government ownership as a permanent policy and I Net operating income (note)
785,397,957
785,397,956
wish to see a policy adopted which will preserve, if possible, the advantages
$500,000,000 $832,314,372 $1,332,314,372
Total
and economies of private initiative while meeting the public necessities for
adequate control.
Disbursements—
A great many arguments on this subject seem to proceed on the assump- Loans to railroad companies:
$110,317,500 $34,185,460 $144,502,960
Secured
tion that we have an unlimited choice of methods and that it is easy to
15,500,250 34,932,863
50,433,113
Unsecured
find a satisfactory solution. It requires only a little thought to realize Advances
on compensation
that this is not the case. We cannot go back to unrestricted private Payment of corporate liabilities 138,331,660 114,946,140 253,277,800
management and we ought not to go back to a method of regulation that
in excess of corporate assets
68,743,883
received or collected
68,743,883
proved unsuccessful.
and betterments exAdditions
The object which any successful plan of regulation must accomplish is
455,817,710
penditures
455,817,710
to attract adequate capital for the great development which must yet be Purchase of standardized equip114,514,400
114,514,400
ment
brought about in order to meet the wonderful expansion which the commerce
4,361,486
4,361,486
Advances to inland waterways_
of this country Is likely to have.
Advances to Federal managers_ 74,791,000 (74,791,000)
We must not deceive ourselves as to how things worked in the past and Miscellaneous (note)
(6,436,980)
(6,436,980)
as to how they will work in the future unless there is a fundamental change.
$453,454,810 $631,759,562 $1,085,214,372
Total
Consider the public utilities throughout the country. Doubtless in every
city the public has a reasonably good intention and the people in office
Balance
$46,545,190 $200,554,810
$247,100,000
1230
THE CHRONICLE
Note.—This statement presupposes that all the income was actually
collected in cash; this is not actually the case, partly because substantial
amounts of freight and passenger fares were not actually paid in cash, and
in part materials and supplies have necessitated the employment of a part
of the cash. The inclusion of the item of ($6,436,980) (in parentheses) is
a rough way of reflecting these and other similar factors.
Statement of Account with Railroad Companies Whose Properties Were in
Federal Control as of December 31 1918.
Credit to Companies.
$928,314,372
Compensation—standard return
Less—
$253,277,800
Advances
Loans,excluding New Haven loan143,461,073
396,738,873
$531,575,499
Balance due on comptpsation
Deductions.
Other items in account with the corporations
which may be retained in payment of balance of compensation:
Surplus income which can be applied to addi$214,211,190
tions and betterments
'Balance due companies in open account which
'
is estimated can be retained from compen55,929,620
sation on settlement thereof
$270,140,810
Less—
Balance payable to companies on
$20,372,215
open account
Depreciation accruals payable to
100,000,000
companies
$120,372,215
$149,768,595
Net amount to be retained
Balance payable to companies in settlement of compensation
for the year 1918, and on open account, and for additions
and betterments to the companies' property to the extent
$381,806,904
that compensation suffices therefor
Note.—The figures with reference to open account are based on report
as of Sept. 30 1918, the latest available; it is believed that those figures
will not be materially changed Dec. 31 1918 All other figures shown are
of Dec. 31 1918. The date as to amounts which can be retained from
companies' income to apply on additions and betterments are, of necessity,
estimated.
SOUTHERN PACIFIC SYSTEM EARNED MORE THAN
'
THE STANDARD RETURN.
In publishing the following letter it is proper to say that
the compilation to which it refers was published by us
just as it came from the Bureau of Railway Economics.
THE PRUDENTIAL INSURANCE CO. OF AMERICA.
Newark, N. J., March 26 1919.
Editor of the Commercial and Financial Chronicle,
New York, N. Y.
Dear Sir—I have read with a great deal of interest the article appearing
In your issue of March 22, containing an analysis of the deficit the Government will incur on the basis of standard return compensation from the operation of the railroads of the country during the year 1918.
This article also contains a list of sixteen systems receiving 60% of the
rental paid by the Government. According to this list the operations of
the Southern Pacific will result in a deficit to the Government of $17,000.
May I call your attention to the fact that so long as this list purports to
give the operating results of railroad systems, it would have been more
correct to give figures pertaining to the Southern Pacific System as a whole
and not, as now has been done, the figures relating to the Southern Pacific
Co.only. As the statement now stands one would think that the operation
of the Southern Pacific System resulted in a deficit to the Government of
$17,000, while, on the other hand, the operation of the Union Pacific
System netted the Government a surplus of $22,392,000. As a matter
offact,the operation of the entire Southern Pacific System gave the Government a surplus of $5,017,000 over and above the standard return as can
be seen from the following:
Standard Net Operating
Surplus.
Income.
Return.
Galveston Harrisburg & San Antonio $3,230,645 $5,347,757 $2,117,112
568,801
1,717,506
2,286,307
Houston & Texas Central
28,451
404,017
375,566
Houston East & West Texas
198,746 def.158,607
357,353
Louisiana Railway & Navigation
928,401
1,823,579
895,178
Louisiana Western
1,168,804
2,357,330
Morgan's La. & T.P. RR.& Navig'n 1,188,526
131,903
744,454
Northwestern Pacific (50%)
617,551
249,491
964,627
715,136
Texas and New Orleans
[VOL. 108.
capital during the war. The country had to face the fact to-day that
with the railways there would be a loss of over a quarter of a million pounds
daily, while the Government was pledged to continue its guarantees for
two years.
Iftransportation was not to continue to run at the cost of the taxpayer, there must be a real transportation policy, and the Government
had come to the conclusion that some measure of unified control was
necessary. There must be some body which should be responsible for
the transportation policy. It was only the Government, the Minister
declared, which could take over the position.
In the present conditions, said the Minister, it would be criminal to permit the old system of competition. One block of capital must do the
work, and not two in competition. This would be bad news for some
interests, but it was a cold bath which the country must take.
The Government must in some form or other have a say in the conditions under which labor worked and with regard to the discipline to be
expected in trade unions. The State must step in at once and make possible an economic balance, which was impossible in the present condition
of things.
In order to get rid of empty haulage, continued Sir Erie, the Government would take over the power to acquire privately owned cars on the
railways, which constituted nearly half the cars employed. During the
next two years the same organization would be continued that existed
during the war, but thereafter there was certain to be some central control—commissions on which the Government and labor would be represented. It would also be necessary to have a central control over docks
and canals.
Nationalization of railways might care for the present conditions—he
did not know. He looked upon nationalization as a means to an end,
which might have to be adopted finally.
Under date of Feb. 28 British Wireless Service advices
to the daily papers from London said:
Publication of the Government's Transport bill, which has been introduced in Parliament, shows that it will give the Minister of Transport
complete control over every conceivable form of land transport. The
bill provides that complete management of the railways of the United
Kingdom is to be conducted by the State for two years, partly to enable
the Government to make the railways pay dividends and partly to facilitate the movement of men and materials during the period of reconstruction.
Complete power is given to the Minister during the two years to settle
all railway rates and charges, salaries and wages and conditions of employment, and to make any alterations in the policy of the roads and
accounts that he may deem desirable.
The Minister is authorized to purchase various kinds of railway companies by agreement or by compulsion. Under those provisions he could
purchase in whole or in part any railway, light railway, street car company, canal, inland waterway, or harbor and dock undertaking during
the first two years of the Ministry.
PRANK H.FAYANT ON THE SITUATION OF ENGLISH
RAILROADS.
Sir Eric Geddes's statement in the House of Commons to
the effect that the English railways are in a "semi-paralyzed financial condition" has brought some salient facts
as to the plight of the English roads from Frank H. Fayant,
assistant to the Chairman of the Association of Railway
Executives, who recently returned from Europe, where he
made an investigation of the effect of the war on the railways of England and France. Mr. Fayant says:
The English railway employees, including workers in coal mines and
industries supplying materials to the roads, have in effect confiscated
the property. The whole English railway system to-day is potentially
bankrupt. The burden of meeting the deficit in operation and paying
the rental to the owners is being carried by the public Treasury; that is,
the increased labor cost is being met by the English people through taxation.
When the English Government took control of the railways for war
purposes in 1914, guaranteeing as rental to the owners the pre-war net
income, the annual receipts were $680,000,000 and the operating expenses were $430,000,000, of which $250,000,000 was the pay-roll, $25,000,000 covered taxes, and $155,000,000 paid for coal and materials.
This left a net income of $250,000,000 to pay interest and dividends on
invested capital giving a return to the owners of less than 4%.
English railway wages before the war were very low—too low for decent
living conditions. At that time the average annual wages earned per
employee were less than $350, while in this country our average was then
more than $800. The rapid rise in the cost of living and in wages paid
$9,097,461 $14,131,817 $5,034,356 munition workers created great unrest among the English railway men.
Total subsidiaries
The
Government attempted to deal with the problem by giving "war
38,021,938 38,005,106 def.16,832
Southern Pacific
bonuses" based on the rise in the cost of living. The workers gladly acEntire Southern Pacific System.._ _$47,119,399 $52,136,923 $5,017,524 cepted the money but they objected to the way it was tagged. They
wanted wages that would continue after the war and not bonuses. The
You will observe from the above that I have made the results of the Government accordingly dropped the word.
Southern Pacific subsidiaries include those of the Northwestern Pacific
Instead of giving the larger increases to the less well paid men and
to the extent of 50% in order to correspond with the Southern Pacific's smaller increases to the better paid, as our Railroad Administration has
interest in that property.
been doing, the English Government gave identical increases to all emYours very truly,
ployees. Beginning in October 1914 and running to November 1918,
RUD OLPH DIAMANT.
there were eight successive wage increases, varying from 3 shillings to
6 shillings a week, and totaling 33 shillings, or $7 40. These increases in
the weekly wage added $275,000,000 to the payroll. Then at the end of
SIR ERIC GEDDES ON SEMI-PARALYZED FINANCIAL the war, when Lloyd George appealed to the country for a vote of confidence, the railway unions made a renewed demand for an eight-hour day.
CONDITION OF BRITISH RAILWAYS.
Lloyd George granted the demand and this added $125,000,000 more to
The statement that financially the transportation system the pay-roll, making the total increase in wages $400,000,000, or 160%.
This brought the payroll up to $650,000,000, as compared with total
of Great Britain, with the exception of the street railways,
railway revenue before the war of $680,000,000. There was also, as in
was in a semi-paralyzed state, is attributed to Sir Eric this
country, a very large increase in the cost of coal, steel and other
Geddes, Minister without portfolio, in introducing in the materials, which added $140,000,000 more to the operating expenses.
The
greater
part of this item, of course, is made up of increases in wages
House of Commons on March 17 a bill to establish a Ministo coal minors and steel workers. The increase in the cost of materials
try of Transportation. The cablegrams to the daily press added to the increase in wages brings the operating expenses of the English roads up to $970,000,000 a year; including the rental, or the interest
have the following to say as to Sir Erie's remarks:
Only the municipal street railways were prosperous. Before the war on the investment, the total cost of producing transportation is now
railway capital returned 4.2%; to-day there was a loss of from 2 to 3%. $1,220,000,000 a year, as compared with $680,000,000 before the war—
Before the war canals were earning 1M %, while to-day they were worked an increase of about 80%. There has been no increase in freight rates in
England to meet the great increase in the cost of operation. Passenger
at a loss and were heavily subsidized.
Roads which cost the country £20,000,000 a year were earning prac- fares wore raised 50% early in the war, more for the purpose of reducing
travel than for producing revenue. The increase in passenger rates has
tically no income, while harbors and docks were earning 3%.
The transportation systems were physically ill-equipped to meet the probably added $100,000,000 to the revenues, bringing them up to $780.strain of the demands made upon them, partly owing to lack of men and 000,000.
MAR. 29 1919.]
THE CHRONICLE
The gross receipts of the English roads, therefore, are $90,000,000 lee
than the operating expenses and $440,000,000 less than the total cost of
producing transportation, the return on capital included. It is this $440,000,000, amounting to about one and one-quarter million dollars a day,
that Sir Eric Geddes referred to in Parliament in his speech on Monday,
when he showed that the war control had virtually bankrupted the roads.
The English Government must continue, under the War Control Act,
to operate the roads for two years more and pay the rental to the owners.
If returned to the private companies on their present basis of rates and
costs, they could earn neither dividends nor interest, and most of them
could not oven earn their operating expenses. A freight rate increase of
100% would be necessary to enable the companies to survive, and the
feeling in England is that with rates already nigh, no Government would
have the courage to grant such a large increase to the private companies.
For this reason it is believed that nationalization of the English roads
will be the only way out of the muddle, and the general public, through
taxation, will then make up the revenues unprovided by shippers and
passengers.
Fortunately, the American railways are in no such plight as the English roads. While England, at the beginning of the war, had high freignt
rates and low wages, we were fortunate in having low freight rates and high
wages. In this country we wore not obliged to make such an enormous
percentage increase in wages, although our labor cost has risen greatly,
and we could raise freight rates. It is estimated that the increases in
freight and passenger rates made by the Railroad Administration last year
have added close to $1,000,000,000 to the revenues. The increases in
wages thus far granted are close to $900,000,000 and other advances now
under consideration will probably bring the increase up to $1,000,000,000.
Our advance in rates, therefore, has apparently provided for the wage increase, but it has not provided for the war increase in the cost of coal
and materials, which has been estimated between $300,000,000 and $400,000,000 a year.
In considering our American railroad wage increase under Government
operation, approaching $1,000,000,000, or between 50 and 60%, it is to
be remembered that in the years 1916 and 1917 the railroads under private
management advanced wages by $350,000,000, including the $70,000,000
cost of the Adamson Act. Since 1915 the annual average earnings of
American railway workers have been advanced from $800 to $1,400;
in England they have risen from $350 to $900.
1231
who mourn their absence.IEWe see the brilliant spectacle of this parade
through tears for them, yet we know that they preferred death and physical
torture to dishonorable personal safety.
All welcome to the 27th Division, the old National Guard of New York,
brave soldiers and good citizens.
A message of greeting from King Albert of the Be!gians
and the Belgian nation was received on the 24th by MajorGeneral O'Ryan through the Belgian Legation at Washington. The King's message read:
Having been informed of the triumphal return of the 27th Division of
the American Army, I address to you and to your valiant and victorious
men who fought so bravely in Flanders the grateful greetings of the whole
ALBERT.
Belgian nation.
Major-General O'Ryan on the 24th released for publication the official list of the casualties of the 27th Division
in the overseas service. The total number of officers and
men who perished in the overseas service, in battle and from
other causes, was 1,980, as shown by the official records now
virtually complete.
PRESIDENT WILSON'S STATEMENT THAT COMMISSION_ON LEAGUE OF NATIONS IS NOT
DELAYING PEACE.
A statement in which he seeks to dispose of the fears which
have arisen in some quarters that peace is being delayed by
the discussions of the Commission on the League of Nations
was issued by President Wilson at Paris on March 27.
Besides stating that the conclusions of the Commission were
the first to be laid before the plenary conference the President
announces that the revised covenant is now practically
finished and will shortly be presented to the public. His
statement follows:
REVIEW OF TWENTY-SEVENTH DIVISION.
In view of the very surprising impression which seems to exist in some
that it is the discussions of the Commission on the League of
Business in New York was brought practically to a stand- quarters that
are delaying the final formulation of peace, I am very glad
Nations
to
the
27th
pay
honor
to
25,
March
still on Tuesday last,
to take the opportunity of reporting that the conclusions of this Commission
NOV4 York Division, headed by Major Gen. John F. O'Ryan. were the first to be laid before the plenary conference.
They were reported on Feb. 14, and the world has had a full month in
Never before, perhaps, has Fifth Avenue witnessed such an Which
to discuss every feature of the draft covenant then submitted.
to
welcome the
immense gathering as was brought together
During the last few days the Commission has been engaged in an effort
of the covenant
returning soldiers. The weather was ideal, and every to take advantage of the criticisms which the publication
has drawn out. A committee of the Commission also has had
point of vantage along the line of march from Washington fortunately
the advantage of a conference with representatives of the neutral States.
Square to 110th Street was massed with people eager to who are evidencing a very deep interest and a practically unanimous desire
themselves with the League.
accord tribute to the Division to which is given the credit to alignrevised
covenant is now practically finished. It is In the hands of a
The
of having smashed the Hindenburg line. The Avenue itself committee for the final process of drafting and will almost immediately be
was befittingly decorated, and the Victory Arch erected at presented a second time to the public.
The conferences of the Commission have invariably been held at times
Madison Square, the Court of the Heroic Dead at the When
they could not interfere with the consultation of those who have
were
conspicuous
Jewels
of
Public Library and the Arch
undertaken to formulate the general conclusions of the conference with
among the features which had been prepared to celebrate regard to the many other complicated problems of peace, so that the members of the Commission congratulate themselves on the fact that no part
the return of the fighters, about 20,000 of whom passed in of
their conferences has ever interposed any form of delay.
of
acknowledgment
the
In
review in Tuesday's parade.
reception accorded his men, Major Gen. O'Ryan on the 24th BRITISH DOMINIONS DISCLAIM RESPONSIBILITY
issued a letter saying:
FOR JUDGING EUROPEAN DISPUTES UNDER
The officers and men of the 27th Division have been quite overwhelmed
LEAGUE OF NATIONS.
and
arrival
arrival
since
our
our
upon
given
reception
by the kindness of the
That the British Dominions do not feel that they should
in New York. We are greatly impressed by the plans of the State and
municipal authorities in connection with the parade. The entertainments take the responsibility of entering into the deciding of the
and other features of the homecoming provided by the Mayor's Committee
of European nations where the British Empire is
of the City of New York have afforded our officers and men great pleasure differences
not directly involved, was set forth in a memorandum on the
and their appreciation is keen.
I think it is due the officers and men of the Division to say that while League of Nations submitted by Sir Robert Borden, the
they are proud of their record they realize that they were not the only
at the Peace
combat division of the American Anny which did well in Europe, for there Canadian Premier, to the British delegation
were many others. Many of our officers and men have expressed the Pope Conference, according to advices from the Paris correthat the people of Now York will give a rousing welcome to other divisions spondent of the "Morning Post" on March 22.
as they return, and more particularly to our own 77th Division and to the
The memorandum, the correspondent stated, is supported
Rainbow Division, in which we are so handsomely represented by the
, gallant 69th.
by the American delegation. It was not submitted, he
We stand ready with our armories, equipment, and enthusiasm to aid
added, after consultation with the Australian delegates, but
in every way adequate receptions for the other homecoming divisions.
JOHN F. O'RYAN, Major General.
Premier Hughes of Australia, according to the correOn the 25th Acting Secretary of War Crowell, speaking spondent, has pointed out that this 'does not imply that
Australia disagrees with it.
for the War Department, issued a statement saying:
The tremendous ovation which the City of New York is giving to the
officers and men of the 27th Division of the triumphant American Army
springs from just pride in achievement worthy of the highest national
traditions.
These sons of the metropolis and the Empire State are the heroes of
Kemmel Hill, of Peronne, of Bellicourt, of St. Quentin, Cambrai, of Bony
and Le Catelet.
These men who swing along beautiful Fifth Avenue to-day, resplendent
in health and good spirit, each man looking to a future of good citizenship
in the safe peace his valor established, are survivors of the historic American
drive at the Hindenburg line of last summer and fall. They fought glen!.
ously. They helped win the most stupendous conflict the world has ever
seen. The fruit of the victory is now in the hands of the people of all
civilized nations, great and small.
These men who parade to-day are of the American stuff that heartened
the weary British and French heroes in the summer of 1918, and, when it
came their turn to fight on their own sectors, they exhibited strength
and ability which swept down the enemy like the wrath of an avenging God.
In their last great drive the enemy fell back before them for thirteen miles,
and some 3,000 prisoners were taken into the lines of the 27th Division.
These feats of glory are being celebrated by the home folk to-day. They
will illumine the pages of American history for all time. These men are
worthy of the laurel wreath New York so generously bestows upon them.
In the hour of rejoicing we shall not forget the bravest of the brave who
may only parade Fifth Avenue to-day In spirit—the comrades who did not
return. They died or are suffering in army hospitals that we might enjoy
the security of this day. Our hearts turn to them, and to those loved ones
OFFICIAL COMMUNIQUES OF THE PEACE
CONFERENCE.
Events at the Peace Conference in Paris have been brought
out in relief rather than overshadowed by the importance of
happenings elsewhere in Europe, which by common consent
are attributed to the delay of the Conference in arriving at
a basis of peace that will set the wheels of trade and industry
moving and bring relief to the people of the Allied and
neutral countries as well as to those of the enemy States.
Hungary has apparently thrown herself into the arms of
the Bolsheviki; German-Austria is hanging in the balance,
and Germany itself is reported to have sent Karl Kautsky
to Moscow to open tentative negotiations with the Lenine
Government. Meanwhile at Paris, the press dispatches
reflect what seems like a state of confusion and indecision,
with an interminable succession of side. issues constantly
cropping up to divert attention and consume time. Italy
has threatened to bolt the Conference if her demands in
regard to Fiume are not granted, while the Jugo-Slavs
1232
THE CHRONICLE
are equally determined in maintaining their stand. It is
almost impossible to keep track of the numerous commissions
that have been sent to study various questions relating to
boundaries, racial divisions and economic problems.
Partly, as a result of the leakage of important information
(which contributed, it is said, to the overthrow of the Karolyi
Government in Hungary), and partly in order to speed up
the work of the Conference, the Supreme Council, or Council
of Ten, composed of President Wilson, Secretary Lansing,
the Premiers and Foreign Secretaries of Great Britain,
France and Italy, and two Japanese delegates, has apparently
been to a large extent superceded by a still smaller group,
made up of President Wilson, and Premiers Lloyd George,
Clemenceau and Orlando. These four have held frequent
and prolonged conferences during the past week, while the
session of the Supreme Council have been correspondingly
few; The important events of the week at Paris are reviewed
elsewhere. We give herewith the official communications
as reported by the daily papers.
THE SUPREME COUNCIL.
The Supreme Council on March 21 took up the question
of sending the three Polish divisions now in France to
Poland by way of Danzig, but no decision was reached.
The same subject was discUssed on March 22, when the
Council received a fresh report from the special committee
on Polish affairs. The report was discussed and reserved
for final decision later, which, it was announced, would be
made in connection with the subsequent fixing of the boundary lines affecting Germany. An Associated Press dispatch from Paris on the 23d,in discussing the Polish question,
said:
When the Council of the Great Powers met yesterday it was in an atmosphere of considerable apprehension over Poland, which is the chief subject
of discussion. This is not on account of Poland itself, but because of
differences which have arisen affecting the fundamental question of nationality to which President Wilson has given his strong approval and also his
thirteenth point, which called for an independent Polish State with access
to the sea.
This last clause has introduced an issue on which there is a wide divergence of views. A committee under the Chairmanship of Jules Cambon,
with Sir William Tyrrell as the British and Dr. Robert H. Lord as the
American member, has reported the plan giving Poland this access to the
sea by means of a "corridor" sixty miles wide running across East Prussia.
But the effect of this concession is to place about 1.500,000 Germans within
the new Poland and to detach the easternmost part of Prussia from Germany.
Premier Lloyd George has taken the view that this denationalization
of a large body of Germans would cause such discontent as would be likely
to bring on another war, and it is understood President Wilson also is not
entirely satisfied with the proposal. M. Cambon's committee, therefore,
has been asked to revise the plan, and this revision is under discussion.
The committee, nevertheless, is said to adhere to its original plan for a wide
corridor.
[VOL. 108.
Conference on Feb. 14. Two preliminary meetings had
been held, however, on Mar. 20 and 21, of a sub-committee
of the commission, for the purpose of receiving suggestions
from neutral States in regard to the constitution of the
League. Six European neutrals, six South American
Republics and Persia participated in these preliminary
meetings, and in the main took an attitude favorable to
the covenant as drawn. Thirty-odd changes were suggested,
all textual and formal in their nature except two. One of
these, brought forward by the Swiss delegation, would
guarantee the sovereignty of member States and provide
against interference by the League in their internal affairs.
The effect of this proposal, as generally interpreted, would
be to safeguard the Monroe Doctrine. It read as follows:
This covenant shall not be interpreted as containing anything contrary
to the sovereignty of States except in so far as the State itself, by adhering
to the covenant shall consent, and the covenant itself shall not interfere
with the internal affairs of any of its members.
A second proposal, designed to increase the influence of
the neutral States and small Powers of the League, provided
that the latter should be given representation on the Executive Council of the League of Nations. As now drawn,
the covenant provides that the Executive Council shall be
made up of two delegates each from the British Empire,
France, Italy, Japan and the United States. The new
proposal is that eight members be allowed for all other
States, which would unite in groups for the purpose of
selecting delegates.
At the close of the first preliminary meeting on March 20
an official statement was issued which said:
Representatives of neutral States were received informally this afternoon by a small committee of the League of Nations Commission.
A draft of the covenant, as read at the plenary session held Feb. 14,
was the basis of discussion and delegates from neutral countries proposed
amendments after the first fifteen articles had been read.
An Associated Press dispatch describing the meeting read
as follows:
Neutral countries of Europe, Asia, and America had an opportunity
to-day to express their views and propose amendments to the League of
Nations plan, meeting in response to the invitation of the Supreme Council.
The meeting was held at the Hotel de Crillon, the American headquarters.
in the same room where the covenant was framed. Lord Robert Cecil
of Great Britain was Chairman and Premier Venizelos of Greece, Dr. M.R.
Vesnitch of Serbia, Paul Hymans of Belgium, Colonel E. M. House of
the United States, and Leon Bourgeois of France sat as members of the
sub-commission.
The meeting proved an impressive occasion. Thirteen neutral powers
were represented by Ambassadors, Ministers and delegates, with retinues
of military and civilian attaches. The nations directly represented were
Norway, Persia, Salvador, Switzerland, Argentina, Spain, Holland,
Denmark and Sweden. At the close of the session it was announced that
no serious differences or disagreements had developed and that the discussion was proceeding satisfactorily.
On Monday, the 24th inst., the Supreme War Council • The meeting on the 22d was described as follows in the
again discussed the Polish question and passed finally on official statement:
At the meeting of the League of Nations Commission Committee this
the question of the disposition of the German cables cap- afternoon
the neutral representatives gave their further views on the
tured during the war, the official statement reading:
draft covenant, of which the remaining articles were examined.
The Supreme War Council met this afternoon from 4 till 6 o'clock.
The question of submarine cables captured from the enemy was examined.
The future of those cables was decided on and the terms of reference regarding that status were referred to the Drafting Committee.
The American proposals regarding the powers of the Teschen Commission
were adopted.
Lord Robert Cecil thanked them for their assistance in the labors of
elaborating the projects of the League of Nations which was of much use
to the commission.
The Peace Conference, he declared, hoped that all the States there
represented would become original members of the League.
President Wilson met Premiers Clemenceau, Lloyd George and Orlando
at the Foreign Office at 3 o'clock this afternoon for an hour's conference
before the assembling of the Supreme War Council.
Both the Conference and the Supreme Council were held amid a feeling
of concern over the revolutionary developments in Eastern Europe, and
the lack of definite results thus far reached in the Paris Conference in
stabilizing European conditions.
President Wilson was known to regard the situation as serious and as
calling for energetic action toward hastening the work of the Conference to
completion, and there was reason to believe that this would be one of the
main subjects before both meetings, rather than the formal questions
on the program.
The War Council to-day again discussed Poland, which question is close
to settlement. It is understood that the recommendations of the Cambon
Committee for a Polish corridor across East Prussia to the Baltic will
prevail despite the objections raised by Premier Lloyd George.
The Polish divisions now in France will probably proceed at once to the
Baltic and may land at Konigsberg instead of Danzig in order to avoid a
clash with the Germans over Danzig.
Chile—Senor Ibanez, Minister at Paris.
Colombia—Carlos Arbelaez, Minister at Paris.
Denmark—H. A. Bernhoft, Minister at Paris; Dr. P. Munch, and H.
Neergaard, former Premier.
Holland—Chevalier de Stuers, Minister at Paris; former Premier Loudon
M. Loder of the High Court of Justice, and Professor van Eysinga.
Norway—Baron de Wedel Jarisberg, Minister at Paris.
Paraguay—Arnold Schoch, Charge d'Affaires at Paris.
Persia—Moshavar-el-Mamalek, Minister for Foreign Affairs.
Salvador—M. Matheu, Charge d'Affaires at Paris.
Spain—Gonzalez Hontoria, Deputy.
Sweden—Count Ehrensvard, Minister at Paris; Count Wrangel, Minister
in London.
Switzerland—Felix Calonder, former President; Alfred Froy of National
Council, Professor Max Huber, and Professor Rappard.
Venezuela—M. Fortoul, Minister at Paris.
It was also announced that the following representatives
The newspaper reports of the day gave the following of neutral nations took part in the discussions:
additional information:
Argentine—M. T. de Alvear, Minister at Paris.
The following communique was missing from our record
last week:
March 12.—The Supreme War Council met to-day from 3 to 5 p. m.
The aerial terms to be imposed on Germany in the preliminaries of peace
were discussed. The articles drafted by the military experts were examined
In detail, and adopted.
The next meeting will take place on Friday, March 14, at 3 p. m.
LEAGUE OF NATIONS COMMISSION.
The Commission on a League of Nations held a formal
session on March 22 under the chairmanship of President
Wilson, the first meeting of the full commission, since the
draft of the proposed covenant was laid before the Peace
The suggestions brought forward by the neutral States
were taken up at the meeting of the full commission on the
22d, at which, as stated, President Wilson presided. At
this meeting, also, it is understood that consideration was
given to the objections raised against the League covenant
by various American Senators and others,also to the Japanese
proposal that equal treatment for the nations of all member
States be incorporated in the covenant. In regard to the
latter, it was stated in the newspaper dispatches that a
compromise was likely to be reached by substituting the
words "just" treatment for "equal" treatment of nationals.
Japanese delegates were also quoted as saying that Japan
would not refuse to joint the League no matter how their
proposal was finally disposed of, but would reserve the right
MAR. 29 1919.]
to bring up the matter later. The official communique
issued on March 22 said:
The Commission on the League of Nations met this afternoon under the
chairmanship of President Wilson. This was the first meeting of the
commission since the draft of the covenant was presented to the plenary
session of the conference on Feb. 14.
A discussion took place on a number of amendments suggested by the
members of the commission, as a result either of the recent exchange of
views with the representatives of neutral States or of the constructive
criticism to which the covenant has been generally submitted.
The commission will resume its examination of the covenant on Monday
evening at 8:30 o'clock.
After a lengthy session of the commission on Monday
night, it became evident that extensive changes were to be
made in the League covenant, which was being overhauled
section by section. The American delegates especially were
endeavoring to clarify the language and meet as far as possible the constructive criticisms brought forth by the publication of the original text. The official statement issued
on March 25 said:
The twelfth meeting of the League of Nations Commission, which was
the second meeting held to consider amendments to the draft of the covenant, took place at the Hotel de Crillon at 8:30 p. m. on Monday. March
24. Amendments to the articles from IX to XVI of the covenant were
considered, so that two-thirds of the draft have been examined.
The next meeting of the commission has been provisionally fixed for
Wednesday, March 26, at 3 P. In.
With regard to the changes to be made in the League covenant, the Associated Press dispatches of the 25th said:
Changes in the covenant were made at last night's meeting of the League
as
of Nations Commission which are regarded by the American delegates
of great importance and calculated to meet suggestions and objections
emanating from America.
of foreign
An American amendment to protect nations against the influx
of any
labor has been adopted by the commission. It affirms the right
jurisdiction.
within
domestic
solely
matters
control
country in the League to
affects Article
Another important amendment to the League covenant
for the
VIII, which empowers the Executive Council to formulate a plan
so as to
is
altered
article
the
reduction of armaments. The language of
to
the
Governrecommendation
simple
a
limit the powers of the Council to
ments affected.
The American Peace Delegation, it is understood, has definitely agreed
upon the amendment it will offer to Article X of the covenant to safeguard
the Monroe Doctrine.
The amendment is said to provide that agreements under the covenant
shall not be construed as an infringement upon the principles of international policies heretofore generally recognized. As framed the amendment will be an appendix to the article pledging members of the League
"to respect and preserve against external aggression the territorial integrity
and existing political independence" of members. Mention of the Monroe
Doctrine by name is avoided purposely. Provision was also made for the
revision of the covenant itself from time to time, thus meeting the objection
that it was inflexible.
The admission of other States was provided for, but it was agreed that
any change in numbers must be with due regard to the proportion between
the representation of the large and small powers on the Executive Council
as defined in the articles creating the Council.
Many changes in the text of the covenant were made with the special
to which attention had
purpose of clarification and removing ambiguities
Some doubt is entertained
been called by speakers in the United States.
in some quarters as to the wisdom of amendments affirming absolute
as possibly prohibiting the
control of countries over their internal affairs,
and it is possible that this
extension of outside aid to put down revolutions,
language may be further modified.
that powers which are not
One amendment to be submitted provides
specifically delegated to the League are reserved to individual members.
the right of a nation
affirmatively
Nothing has yet been done to state
nor has the Japanese
with regard to its withdrawal from the League,
amendment regarding racial discriminations been reached. This latter,
however, has been modified so as simply to declare for the right of "just"
treatment, and is likely to be accepted.
of a general military
A French amendment providing for the maintenance
staff has been proposed, but thus far it has not been accepted.
COMMISSION ON INTERNATIONAL LABOR LEGISLATION.
The Commission on International Labor Legislation virtually wound up its work on March 21 when it was announced tbat nothing remained to the be done but the final
drafting of its report. Two important decisions were
made in the large few sessions. One was the adoption
of the principle that moral suasion alone should be used to
carry out the policies adopted by the international labor
congresses; the other, that no standards adopted should
operate to lower labor standards already in existence. In
announcing the conclusion of the Commission's work the
press advices of the 22d said:
Announcement was Made by the Conference Commission on International Labor Legislation to-day that the only thing remaining for the
Commission to do was to draw up its report to the Conference. At its
session to-day the Commission completed consideration of the proposals
laid before it by a deputation from women's organizations.
In recognition of the principle of self-determination in labor questions,
the Labor Commission to-day introduced a clause into its report providing
that "no recommendation or draft convention shall in any case be accepted
or applied so as to diminish the protection already accorded to workers by
the existing laws of any of the high contracting parties."
The intention of the clause is to safeguard legislation already in effect in
any country which might be regarded by that country as better for the
workers than that recommended by the Labor Bureau.
The report was largely a discussion of the Seamen's Act in the United
States and recognition of the possibility that the bureau might make
recommendations on that subject which, while improving the condition
of seamen generally, would not measure up to the standard fixed by the
United States.
1233
THE CHRONICLE
The Labor Commission has definitely decided that the findings of the
bureau must be supported by moral suasion if. countries where special
problems exist rather than by invoking any force which the League of
Nations might offer.
The following official communications have come to hand:
March 13.—The twenty-first and twenty-second meetings of the Commission on International Labor Legislation took place under the Presidency of Samuel Gompers. The third reading of the British draft of the
convention was completed with the exception of two articles on which a
final decision was deferred until Monday. The Commission proceeded
to discuss the arrangements for the first meeting of the international labor
conference in October and decided to recommend to the Peace Conference
that it should be held in Washington if the Government of the United
States would consent to convene it. The necessary preparations will be
placed in the hands of an international committee.
March 14.—The twenty-third meeting of the Commission on International Labor Legislation took place this morning under the Presidency
of Mr. Samuel Gompers.
The Commission considered the agenda for the first meeting of the international labor conference in October next. It was also decided to receive the deputation of women's organizations on Tuesday next at 10.30
a.m.
[The communications for March 17 and March 18 were given in our
issue of March 22, page 1132.)
March 19.—The twenty-eighth and twenty-ninth meetings of the Committee on International Labor Legislation took place to-day under the
presidency of Mr. Gompers. The special sub-committee appointed to find
a solution for the difficulties which have arisen in regard to the application of labor conventions by certain Federal States presented a report
suggesting a solution, which was adopted by the Commission.
The final reading of the British draft convention for the establishment
of a permanent organization for International Labor Legislation was completed and the draft convention as amended was adopted by the Commission
for submission to the Peace Conference.
The Commission then continued the discussion of the labor clauses to be
recommended for inclusion in the treaty of peace.
On March 21 Samuel Gompers, Chairman of the Commission, was received by President Wilson, who thanked
him for his work on the Commission. Mr. Gompers then
went to England for a final conference with English labor
leaders.
•
COMMISSION ON REPARATION.
Nothing official has appeared during the week in regard
to the work of the Commission on Reparation. It is understood, however, that the subject has been under discussion by President Wilson and the French and British
Premiers. In discussing the subject on March 20 an Associated Pressdispatch said in part:
The chief issue of the question of reparations is not what Germany should
pay, but what she can pay. The commissions which have studied the
subject have gradually reduced the claims to a total of about $40,000,000000. One proposal was to spread the payment over forty years. On this
basis the principal, with interest, would amount to $80,000,000,000 at the
end of the period. Against this proposal the Commission has estimated all
the available wealth and resources of Germany at home and abroad. The
American view as to these estimates is that $12,000,000,000 is the utmost
that can be expected. This $12,000,000,000 is made up roughly as follows:
German resources outside of that country, $8,000,000,000, represented
in merchant ships, railways, and mines in Alsace-Lorraine, coal and iron
deposits in the Sarre Valley, foreign securities and Government property
in former German colonies. Seven billions of this property, the Commission estimates, belongs to private citizens and the remainder is owned
by the Government Of private resources, Germany has property valued
at $1,000,000,000 in South America, $750,000,000 in the United States,
and $3,000,000,060 in other countries. All this outside property is regarded
by the Commission as subject to confiscation by the Allied and Associated
Powers.
Should this view prevail, it would yield $8,000,000,000 for the immediate
liquidation of war losses. This would leave $4,000,000,000 to be paid, if
the American estimate of the total to be claimed is adopted.
The American view as to the means to provide for this balance is that the
chief reliance will have to be placed in Germany's balance of trade. This
in turn has opened another large and subsidiary question, as to how far
German industry should be allowed to compete with the rest of the world,
particularly with nearby countries like France. The French delegates
hold that German industry should be curbed by checking exports and imports. The American and British views tend toward permitting Germany
to resume industrial activity in order to pay the balance of the $4,000,000,000 debt to the Allies and Associated Powers. The Commission's
experts estimate the exports and imports would yield a balance of about
$300,000,000 annually, or approximately a billion dollars every three
years.
On this basis the balance of the debt could be extinguished in twelve
years and the entire operation concluded. This view,it is said,is far from
meeting with general acceptance. The French, and to some extent the
British, are inclined to ask much heavier reparation, spread over a much
longer period.
Serious division of opinion also exists over the allotment of damages
among the Allied Powers. The French claim priority for the destruction
of invaded regions, while the British insist on an allotment on the basis of
war costs. It is generally conceded that France has suffered the largest
material loss, while Great Britain has imposed the largest burden of taxati n on her people.
The United States has put in a maximum claim for loss of life and property during the war aggregating a little less than $1,000,000,000. Th e
amount for individual loss of life is $25,000 in each case.
ECONOMIC COMMISSION.
The economic subjects which are to be introduced into
the preliminary peace treaty were definitely determined at a
meeting of the Economic Commission on March 22. These
take a wide range of important subjects, including the disposition of German patents, trade marks and copyrights,
and alien property, such as that held by the Custodian of
1234
THE CHRONICLE
such property in the United States. The main subjects
which, it is said, will appear in the treaty are:
First—The future status of German commercial treaties with the allied
countries, all of which have been abrogated.
Second—A tariff arrangement, under which trade may be resumed and
providing against discrimination between the allied countries.
Third—A provision regulating pre-war contracts between German
business interests and allied business interests, which were suspended by
the war.
Fourth—Provisions for the disposition of German property in allied
countries, mostly in the hands of Government Custodians, and also allied
property in Germany. This branch includes German patents, trade
marks, and copyrights.
Fifth—A provision for the assembling of an international conference to
deal with economic and commercial questions.
The foregoing subjects are being drafted in treaty form
for inclusion in the treaty.
FINANCIAL COMMISSION.
March 15.—The Financial Commission met March 15 at 11 a. m. at
the Ministry of Finance with Rt. Hon. E. S. Montague presiding. The
committee commenced the examination of the new financial questions
which have been submitted to it by the Council of Ten and will meet again
on Monday, March 17.
COMMISSION ON PORTS, WATERWAYS AND RAILWAYS.
The following official statements in regard to the work
of this Commission have appeared, some of which were
missing from our former account:
March 15.—The Commission on the International Regime of Ports,
Waterways and Railways met this morning at 9.50 at the Ministry of
Public Works, in plenary session. The Commission continued the discussion of clauses to be inserted in the treaty of peace in regard to the
navigation of the Rhine.
March 19.—The Commission on the International Regime of Ports,
Waterways and Railways met this afternoon at 4.15 at the Ministry of
Public Works. The Commission had under consideration clauses in regard
to transportation by rail, to be inserted in the treaty of peace. These
clauses will be under consideration at the next meeting of the Commission
Thursday, March 20, at 10 a. m.
March 21.—A draft of clauses regarding the freedom of transit to be
inserted in the treaty of peAce was considered to-day by the Peace Conference Commission on the International Regime of Ports, Waterways
and Railways. The clauses were presented by the British delegation. The
meeting, which was held at the Ministry of Public Works, adjourned at
1 o'clock p. m.
March 22.—The Commission on the International Regime of Ports,
Waterways and Railways met this afternoon at the Ministry of Public
Works, and examined clauses to be inserted in the treaty of peace in regard
to the regime to be applied in the Danube. The Commission will continue the examination of these clauses on Monday.
JAPANESE AMBASSADOR WANTS RACIAL DISCRIMINATION ENDED BY LEAGUE OF NATIONS.
A plea for some provision in the Constitution of the
League of Nations which should guarantee against discrimination on account of race was voiced on March 14 by
Viscount Ishii, Japanese Ambassador to the United States,
in an address delivered at the annual banquet of the Japan
Society in this city. The Ambassador and his wife were
the guests of honor, and the banquet was presided over by
George W. Wickersham, former Attorney-General who
discussed the proposed covenants of the League. The Ambassador declared that the question of racial discrimination
should be considered apart from the labor or immigration
questions, because the former is "essentally a question of
sentiment, of legitimate pride and self-respect." He declared that Japan would stick to her "gentleman's agreement" to restrict emigration, in the event a new section
should be inserted in the League covenant guaranteeing
against race discrimination.
Viscount Ishii was quoted as follows in the daily papers:
Race prejudice has been a fruitful source of discontent and uneasiness
among nations in the past, and promises to be an increasingly disturbing
element for the peace of the future, unless a proper remedy be brought
upon the matter at this opportune moment," said Ambassador Ishii. "If
the foremost object of the great conference now sitting in Paris is to establish a solid and permanent peace on earth, nothing would more effectively
contribute to the attainment of this object than the timely elimination
of this cause of international discord. In this world war the Asiatics have
fought side by side with the Anglo-Saxons, Latins and Slays against the
common foe, the Teutons, Turks and Bulgars.
• The single and unmingled object of the war was the maintenance
international justice and the establishment of durable peace. No consideration of racial feeling entered in the supreme decision for the sacrificing of blood and treasure on the part of any of the Allied or Associated
Powers. And now when this war for international justice is about to come
to its happy termination, and when the world League for permanent peace
is being contrived, why should this question of race prejudice, race discrimination and race humiliation alone be left unremedied? When restriction or prohibition of discriminatory treatment against chattels and commodities are being adequately provided for, why should this unjust and
unjustifiable discrimination against persons be allowed to remain untouched?
An idea however good loses most of its value if only half executed. The
Constitution for a League of Nations, for which the eminent representatives of international justice and peace are now working in Paris with
their untiring energy, would not be worthy of the great world conference,
If it omitted the necessary provision for the remedy of this conspicuous
injustice arising out of race prejudice.
It may be added in order to avoid possible misunderstanding that this
question of straightening out the existing injustice of racial discrimination
should be considered independently of the question of labor or immigra-
[VOL. 108.
tion. The one is principally economical in its nature, while the other is
essentially a question of sentiment, of legitimate pride and self-respect. •
If any one is afraid that a stipulation introduced in the League covenant
for the prohibition of any discriminate treatment on account of racial differences will necessarily bring about labor difficulties or economic troubles,
that man has singularly overlooked the actual facts of international intercourse. The existing treaty between Japan and the United States guarantees to the people of Japan the right of freely entering and residing in
this country. In spite of this express treaty stipulation my Government
invariably stick to their policy of strict restriction upon the emigration of
their countrymen into the United States. Why? The Japanese Government and people understand that the labor question in America constitutes an exceptional circumstance which even a solemn treaty can not
stipulate away in a sweeping manner.
While, therefore, they must not be expected to be contented with the
situation, you can depend upon the wise patience of the Japanese nation
who calmly, though anxiously, wait the time when by the gradual process
of evolution this difficult matter will be finally cured and settled to the
mutual satisfaction of the two countries. In the meantime, Japan in her
faithful adherence to the spirit of what is called a gentlemen's agreement
will continue in her policy of strict and self-imposed restriction in this
delicate matter of labor emigration, notwithstanding her treaty right.
This fixed policy of Japan as abundantly attested by her past record
will, I hope, disarm any alarmistic and unwarranted view pointing to the
probability of Japan's taking advantage of the coveted article in the League
Constitution against racial discrimination with the consequent relaxation
In her policy of emigration restriction. I have no hesitation to state that
nothing will be farther from Japan's thought than to hastily force the issue
of labor question in the event of the League covenant being modified in accordance with her desire, that is upon a new article being inserted in the
covenant against racial discrimination.
In the course of the last twenty-five centuries we have passed through
various stages of wars; the wars between tribes, the wars between races,
the wars of religion, the wars of interest and ambition. The present
world war has been the first instance in the history of mankind in which
men and women of different nationalities, creed and races have combined
for a noble principle and lofty ideals, that for the maintenance of liberty
and humanity and for the promotion of justice and civilization. This
world war has done away,forever let us hope, with the wars of domination
and oppression, and the only wars we may yet have to fight in future will be
the wars of anti-anarchism, of anti-Bolshevism. In this forthcoming
struggle people of every nationality and of every race should act in unison
against the common foe, and all consideration of different creed or of
different races should merge for all time and in all countries.
WESTERN SENATORS ROUSED BY PLEA OF JAPANESE
AMBASSADOR FOR RACIAL EQUALITY IN LEAGUE.
The speech of the Japanese Ambassador, Viscount Ishii,
delivered at the annual banquet of the Japan Society in
New York on March 14 in which he pleaded for a provision
in the covenant of the League of Nations guaranteeing
against racial discrimination, aroused a great deal of comment among Western Senators and Congressmen, and was
promptly seized upon by those who are opposed to the
League of Nations as additional argument against the ratification of the League by the United States. Senators
Chamberlain of Oregon, King of Utah and Poindexter of
Washington were the most outspoken in their comment,
and declared that as long as Japan had served notice that
she would insist upon racial equality being incorporated in
the League Constitution to the compact."
A statement issued by Senator Chamberlain of Oregon,
Chairman of the Senate Committee on Military Affairs,
read as follows:
I have read with interest the speech of Viscount Ishii at the Japan Society meeting in New York on the evening of the 14th inst. It is quite
significant, in view of the fact that it comes from a man of undoubted
learning and ability who is now serving his country as Japanese Ambassador to the United States and who participated in the negotiations with
Secretary Lansing which led to what is known as the Ishii-Lansing Agreement in reference to the so-called Monroe Doctrine of the Orient, which
recognized that Japan has special interests in China, particularly in the
part to which her possessions are continguous.
The speech of Viscount Ishii is but a repetition of the insistence made by
Count Okuma in an article prepared by him for the New York Sun
about three years ago. That article with great force argued for the abandonment of racial discrimination. A'copy of that article was printed in
the Congressional Record and nroused a good deal of divcussion in the
United States, and particularly on the Pacific Coast, where Oriental immigration and questions akin to it have for a half century or more been
extremely acute, and not only in the United States but in the Western
Provinces of Canada.
The Peace Conference and the proposed League of Nations have given
Japan the first opportunity she has had to insist on the abandonment of
racial discrimination, and it was expected that that opportunity would
not be lost sight of. The refusal to recognize the insistence of Count
Okuma and Viscount Ishii opens the door to dangerous possibilities of
combinations between Germany, Russia and Japan, and possibly the Republic of China, while, on the other hand, the inclusion in the League of
Nations of a clause such as that insisted upon by Japan and her statesmen
opens up the question of unrest in the United States and of complications
between the United States and the Executive Council proposed by the
League of Nations which it is impossible to forecast. That Japan will
remain firm in her insistence goes without saying, and she cannot be
blamed, proud and efficient nation as she is, upon remaining insistent.
So far as the West is concerned, speaking as one who is familiar with the
situation in that section of the country, I believe the inclusion of the
provision insisted upon by Japan would greatly imperil the chances of
success of any proposed League of Nations and, at the same time, imperil
the peace and safety of the United States as a whole. Personally, I feel
that the question of immigration of aliens to America is purely a domestic
question and ought not to be included in the League of Nations. The
question has been treated by Japan herself as a domestic question and the
very things with reference to Oriental immigration which Japan has seen
fit to apply against the immigration of aliens has been resisted by her when
America has sought to apply the same restriction upon the immigration
of aliens. The question ought to be treated, as it now seems to be treated
MAR. 29 1919.]
THE CHRONICLE
1235
Whereas, Among other things the coming conference has proposed a
League of Nations and has submitted the Constitution thereof to the Peace
Conference for its consideration;
Resolved, therefore, by the House of Representatives of the Fiftieth Missouri
Senator Poindexter's statement said in ,part:
Assembly. That it is the sense of this body, the Senate concurring therein,
peoJapanese
intelligent
the
that
shows
This statement of Viscount Ishii
that it is our desire that the nations of the world should unite to promote
are not willing to transfer from the Japanese people and Government to peace and, general disarmament, and in so far as possible make future
a League, dominated by foreigners, the decision and control of their most wars impossible; and be it further
vital interests. This is a most intelligent and statesman-like attitude to
Resolved, That to this end our Senators in Congress give careful conassume. It also indicates an intelligent appreciation of the consequences sideration to such plans as may be submitted to them for ratification,
notwithstanding
Government,
world
a
for
Constitution
proposed
the
of
reserving, however, and keeping steadfast and inviolate unto ourselves,
the interpretation placed upon its plain language by some of its authors. our traditional policies and the individual sovereignty of our nation and
It is a•well-known rule of construction that instruments of Government its Constitution, and oppose any plan or scheme which would abridge,
must be given the effect which their terms plainly indicate, whatever may limit or restrict in any degree any of these rights, powers and policies,
be the mental reservations or verbal explanations of their authors.
written or unwritten.
This question of immigration is of as vital importance to the United
Resolved, That, upon the concurrence of the Senate herein, the chief
States as to Japan. It is only one, however, of a large number of ques- clerk of the House of Representatives be directed to send a copy of said
same
statesmanship
and
the
people,
our
to
tions of most vital importance
resolution to the secretary of the Senate of the United States, chief clerk
on the part of the United States Administration as that indicated by of the National House of Representatives and the President of the "League
the Japanese representatives will compel them to insist that our inter- to Enforce Peace."
ests be likewise safeguarded by express reservations in the League ConThe House of Representatives of West Virginia on March
stitution. It is manifestly impossible, however, that either nation
this
over
sovereign
control
ultimate
its
surrender
18
adopted the Wysong resolution, 52 to 56, putting that
to
will be induced
matter and since Japan has expressly declared that she will not ratify section of the Legislature on record as opposed to the League
the League unless such a provision is embodied in the Constitution,
as the United States ever becoming a
it is obvious that no such Constitution can be agreed upon; and not being of Nations, in so far
agreed upon by Japan and the United States, cannot be given effect, as member of such a League is concerned. The vote was taken
without the agreement of these two nations the League would bo worse after an hour of debate in which, with one exception, Rethan useless.
by the majority of the delegates to the Peace Conference, as one purely
domestic, and unless it continues to be so treated there is no telling to what
unfortunate results the whole negotiations may lead.
publican members spoke in favor of the resolution and
Senator King of Utah, while not blaming Japan for feeling Democratic members opposed it.
as she does on the quesion of discrimination declared that
By a vote of eight to four the Nevada Senate on March
American labor would never stand for letting down the bars 18 refused to pass a resolution endorsing a League of Na,to Asiatic immigration. His statement read in part:
tions "of which the United States shall be a member." The
In my opinion American labor will never submit to the ontrace of OrienAssembly early in the season.
tals, Hindoos, Chinese and Japanese into this country indiscriminately. resolution was passed by the
With labor conditions as they are now are in this country, no one can take The previous week the Senate tabled a resolution condemnexceptions to the attitude of American workers on such a vital question.
ing the proposed League of Nations.
On the other hand, Japan cannot be blamed for her insistence, because
Wyoming plans to hold a popular referendum on the subthis question closely touches her honor. The whole situation clearly exemplifies the urgent necessity of concluding a peace treaty immediately ject of a League of Nations, according to advices from
and leaving until later the formation of an international body of some sort,
Cheyenne on March 11, The State holds a special elecnot necessarily a League of Nations as we have come to understand the
in highterm, but a tribunal of arbitrament which will consider and decide ques- tion April 22 to vote on the issuance of $3,000,000
tions likely to lead to war.
way bonds, and it is proposed to have a separate ballot
The comments of Senator Jones were along the same printed for electors to express their views for or against
lines, his statement reading:
the proposed League.
As I read the remarks of the Ambassador the demand of Japan is that in
A proposal for a referendum on the League of Nations
prothe very Constitution of the League of Nations there be inserted a
embodied in a resolution introduced in the lower house
was
the
upon
from
restrictive
immigration
vision which will obliterate our laws
Far East.
of the Ohio Legislature on Feb. 28 by Representative Yorck.
The opponents of the League of Nations it seems were very wise when A similar resolution providing for a nation-wide referendum
they demanded that the proposed League of Nations compact be scrutinized
the House of Repreclosely so that it should be revealed just what it means. They predicted was embodied in a bill introduced in
that this question of immigration from the Asiatic nations would arise. sentatives at Washington on Feb. 24 by Representative
The supporters of the League Constitution, however, insisted that the
Lundeen of Minnesota. Neither of these resolutions,'
immigration laws of the United States were purely a domestic matter and
seems
It
was acted upon.
Nations.
of
however,
League
the
of
scope
the
within
come
would not
that the supporters of the League were entirely wrong in their estimate of
the situation as shown by the Japanese Ambassador.
Should the League be formed without Japan and China, Russia and
Germany, there would be merely another great division of the powers of
the world with war threatening.
All of which emphasizes the point made by many Senators, that the
League of Nations should not be entered by the United States without a
very clear understanding to what the compact really means and what the
United States will have to agree to.
I do not think that Mr. Cummings, the Chairman of tho Democratic
National Committee, would have been so quick with his statement declar.
ing that the League of Nations does not concern our immigration laws if
he had known what the Japanese Ambassador was going to say last night
in New York.
In connection with the Ambassador's address considerable attention was attracted by a resolution adopted in
Japan by the Seiyukai party and addressed to Marquis
Saionji, head of the Japanese peace delegation. This
document, received at Washington through diplomatic
channels, says:
It is our sincere desire that you make full use of this opportunity to assort the rights of the Japanese nation from the international viewpoint,
and cause the other powers to remove all the the restrictions imposed upon
the Japanese for no stronger reasons than racial prejudice, so that Japan
may be placed upon strictly equal footing with the rest of the world and
the foundations of the future development of Japanese may be firmly
laid down.
ACTION BY STATE LEGISLATURES EXPRESS
OPINIONS ON LEAGUE OF NATIONS.
Resolutions approving or condemning the proposed Legue
of Nations have been introduced in the Legislatures of a
number of States, and proposals for a popular referendum
on the subject have been brought forward in others. So
far one State legislative body—the House of Representative
of Missouri—has endorsed the League proposal, but with
reservations in regard to the maintenance of the "traditional policies and individual sovereignty of our nation,
and its Constitution," and opposing any scheme which "would
abridge, limit, or restrict in any degree any of these rights;
powers and policies, written or unwritten." The text of the
resolutions was as follows:
Whereas, Owing to the victory of the arms of the United States and of
the nations with whom it is associated, the great world war has been brought
to a close, and
Whereas, The victors of that great conflict are engaged in the formation
of the terms of peace with the nations against whom the war has been
waged and won, and
DENIAL OF REPORTS OF DISSENSIONS IN LEAGUE
TO ENFORCE PEACE.
Reports that there were dissensions in the League to
Enforce Peace because of the views expressed by ex-President William H. Taft and President Lowell of Harvard
University, officers of the League relative to the proposed
League of Nations, brought about the issuance on March
18 by the League to Enforce Peace of a statement to members saying:
The League to Enforce Peace issues this statement to reassure members
Who may be disturbed by reports that the organization is rent by doubt and
schism. Since the League announced its endorsement of the principles
of the Paris covenant only eight members have resigned out of a total list
of 300,000. Only three of these are officers, two connected with State
branches and one a member of the Executive Committee, the controlling
body of the League, which numbers eighty-two members and represents
nearly every State in the Union.
The statement that Mr. Taft as President of the organization has been
showered with letters of protest from League members and officers is
equally untrue. There is no truth in the report that serious differences of
opinion among officers of the League have threatened to split the organization. Senator-elect Capper of Kansas, who, according to Wasnington
dispatches published this morning, has repudiated his allegiance to League
principles, assures the League in a letter received at headquarters, several
days after the publication of the Paris covenant and its endorsement by
the League, that he agrees with the stand taken by Mr. Taft.
Of the 7,300 volunteer speakers pledged to work in different parts of the
country under direction of the League's Speakers' Bureau not one has
withdrawn his pledge as a result of the League's policy. The same is true
of more than 3,000 prominent clergymen all over the country who are
listed as active workers in the League cause and who are speaking for it at
least once a week.
From constant touch with every part of the United States the officers
of the League are confident that the present spasm of opposition to the
Paris plan is due mainly to misrepresentation backed by reactionary elements of our population, who fear that a change in our methods of handling
international questions will interfere with their vested privileges. This
is the real basis of the opposition. It is supported also by some who under
the guise of patriotism seek to advance their personal political fortunes.
Mr. Taft's attitude, which is substantially that of the League, is that he
it
would accept the Paris Covenant as it stands and thank God for it; that
does not, however, fully meet his ideals, not being as strong in some respects as the plan we have been advocating; that he would be glad to see
amendments that would strengthen it and thinks it wise to make changes
to
that will make still more clear the meaning which we understan,1 it
carry. He is also favorable to making changes that will placate opinion,
especially in the direction of definite acceptance of the Monroe Doctrine,
which we understand is already the real basis of the instrument.
Neither Mr. Taft nor the League, however, favors amendments after the
probably
treaty is finally adopted in Paris, as amendment Would then
mean defeat of the League.
1236
THE CHRONICLE
[VOL. 108.
This is exactly the position taken by Washington regarding adoption
of but one vote in opposition to the adoption of the resolution,
the poustitution of 1787 unchanged, when he said:
"The Constitution that is submitted is not free from imperfectiont; but which reads as follows:
there are few radical defects in it as could well be expected, considering
The Republican Club of the City of New York endorses the general
the
heterogeneous mass of which the convention was composed and the di- project of a more effective union among the nations for the preservation
of peace, a project for which the Republican party and this club have conversity of interests which were to be reconciled.
"A constitutional door being opened,for future alterations and amend- sistently stood in the past, and for that reason endorses the action of the
ments, I think it would be wise in the people to adopt what is offered to Republican members of the Senate in pointing out to the members of the
them, and I wish it may be by as great a majority of them as in the body Peace Conference now sitting in Paris, in ample time for consideration and
that decided on it; but this is hardly to be expected, because the impor- action by said conference, the view of such Senators that, in the interests
of permanent peace and general disarmament, "the proposed Constitution
tance, and sinister views of too many characters will be affected by
the
change. Much will depend, however, on literary abilities, and the recom- of the League of Nations in the form now proposed to the Peace Confermendation of it by good pens, should it be openly, I mean publicly, at- ence should not be accepted by the United States," but should be antended
tacked in the gazettes."
to meet the grave objections which have been pointed out on the floor of
the Senate.
[11.•••=0•11•10•111
SENATOR KNOX DESCRIBES LEAGUE OF NATIONS
AS "EVIL THING WITH HOLY NAME."
A resolution urging the calling of a special session of
Congress to "meet the pressing demands of the nation" was
also adopted by the club.
In eulogizing the late Presidents McKinley and Roosevelt
at the annual banquet of the Canton (Ohio) McKinley Club
ENDORSEMENT OF LEAGUE OF NATIONS BY
on March 7 Senator Philander C. Knox took occasion to
MANHATTAN CLUB.
refer to the League of Nations in stating "McKinley and
A resolution declaring their "whole-hearted confidence"
Roosevelt—would to God they were with us now, with their
sound judgment to tell us whether this evil thing with the in President Wilson, and endorsing the proposed League
of Nations was adopted as follows by the members of the
holy name should be accepted by the American people."
Manhattan Club (Democratic) of this city on March 20:
EXTRA SESSION OF SENATE TO CONSIDER LEAGUE
OF NATIONS URGED BY UNION LEAGUE CLUB.
The calling by President Wilson of an extra session of
the U. S. Senate in order that it might consider and advise
with him on the proposed draft of a League of Nations is
urged in resolutions adopted by the Union League Club
of this city on March 14. The adoption of the resolutions
followed the presentation to the club of a report on the
League of Nations by the club's Standing Committee on
Political Reform, composed of William D. Guthrie, Chairman; Martin L. Stover and J. Van Vechten. Olcott. The
following is the resolution in part:
Resolved, That it be stated to the President in such petition that in the
judgment of this club the calling of an extra session of the United States
Senate would tend to allay objectionable public agitation and to promote a
better realization of the difficulties involved, a wiser solution of the great
problem of how to enforce peace throughout the world, and particularly
a truer understanding by the people of the United States of the nature and
extent of the obligations which it is proposed they shall assume and be
called upon to perform in the future, and which they cannot be expected
to perform unless they rest under such a sense of moral duty and pledged
faith as can arise only if their duly constituted representatives in the
Senate have consulted before such obligations are undertaken in their name
and behalf.
Resolved, That the Manhattan Club, founded to advance Democratic
principles, and, true to its traditions, hereby expresses its whole-hearted
confidence in Woodrow Wilson, President of the United States, in his
earnest effort to restore peace after the vicissitudes of a world war, and
hereafter, by a League of Nations, to promote international co-operation
and to secure international peace and security.
It congratulates him as Chairman of a committee of the Peace Conference,• representing the United States, Great Britain, France, Italy,
Japan, Belgium, and eight other nations, in unanimously recommending
to the Peace Conference the Constitution of such a League of Nations,
and it proclaims its conviction that the proposed League of Nations will
go far to insure peace on earth and for all future generations.
The resolution was presented by John G. Saxe.
PROPOSALS OF FARMERS' ORGANIZATIONS AS TO
LEAGUE OF NATIONS.
At Washington on March 3 five national farmers' organizations pledged to President Wilson their support of his
League of Nations plan but submitted, however, some
proposed amendments to the League Constitution in a
short conference with the President. The farmers are said
to have particularly urged the organization within the
League of an International Investment Board, an International Board of Trade, an International Commerce ComAs to the attitude of the Republican Party toward the mission, and an International Institute of Agriculture, in
proposal for a League of Nations, the report said in part: . addition to the International Labor Bureau already provided
The great, noble and elevated theme of a League of Nations, essential for. In their memorandum
to the President they said:
as many believe to the future peace, security
happiness
of the world,
and
should not be dragged down into the field of partisan political IS911(39. It
has not heretofore been treated as such. • Long before President Wilson
ever made the slightest suggestion on the subject, American statesmen of
all parties were advocating the principle of such a League or Society of
Nations.
It is a source of gratification to us Republicans that the foremost statesmen of our party, men like Elihu Root, John flay, Joseph II. Choate, exPresident Taft, Senator Lodge and Senator Knox were long ago prominent in the advocacy of the principle. The substance of such a project
cannot be changed or an ancient idea and conception transformed into a
new discovery by merely changing its name.
Nor should the Republican party permit Uself to be driven into a false
attitude. Its leaders have long been in favor of a safe, sound and practical
League of Nations or League to Enforce Peace. The issue at the present time
is not as to the principle of a League of Nations, but solely whether this
particuiar draft in its present form, avowedly tentative and subject to
amendment and revision, shall or shall not be adopted and ratified without
meeting any of the amendments and revisions that the Senate may advise.
The signers of the resolution drafted by Senator Lodge have not thereby
declared that they are opposed to the principle of a League of Nations or to
an effective establishment of that principle in international conduct; but,.
to quote their own words, their attitude is that the Constitution of the
League of Nations in the form now proposed to the Peace Conference
should not be accepted by the United States."
The United States Senate is performing its imperative duty under the
most recent mandate from the American people, as well as under the Constitution of the United States, when the majority of the Senators urge that
their advice and consent shall be obtained in a fair and appropriate manner, and when they protest against a procedure on the part of the President
which tends practically to deprive them of the power to advise and consent
in any just and reasonable sense, and which would leave them in the position of having to concur in or reject as a whole the most important and
far-reaching treaty ever negotiated in our history, under the coercion of a
situation deliberately created, so that any objection or delay on their part,
no matter how sound and reasonable, would operate to continue a state of
war and render them responsible for the appalling consequences of further delaying peace in a Europe seething with revolution and menaced
with starvation and political chaos. .
REPUBLICAN CLUB ENDORSES STAND OF REPUBLICANS OF SENATE ON LEAGUE OF NATIONS.
The Republican Club of this city on March 18 adopted
a resolution endorsing the action of the Republican Senators
opposing acceptance of the Constitution of the League of
Nations in its present form. The resolution of the Republican members of the Senate was given in these columns
March 8, page 922. The resolution adopted by the Republican Club was drawn by its Committee on National
Affairs, of which James M. Beck is Chairman; there was
We pledge to you the support of the organized farmers of America for a
League of Nations. Unless such a League can be established the war will
have been fought in vain.
The following organizations were represented at the conference with the Preasident: National Grange, Patrons of
Husbandry, by Dr. T. C. Atkeson and A. M. Loomis;
Farmers' National Council, by George P. Hampston and
Benjamin C. Marsh; National Federation of Gleaners, by
Grant H. Slocum; American Society of Equity, by J. M.
Tittomore, and Nonpartisan League, by Arthur Le Suer.
CHILI OPPOSED TO.LEAGUE OF NATIONS.
According to press dispatches from Washington March
13 the State Department was advised on that date that
Alejandro Alvarez, legal adviser to the Chilean Deprtment
of Foreign Affairs, had published a statement to the effect
that the League of Nations would be unfavorable to Chilean
interests. The dispatches also state:
The Department's information came from Lima in a dispatch saying that
"La Pronsa" had published the Alvarez statement. The message did not
further describe the, statement.
INTERNATIONAL CONFERENCE OF CHRISTIAN SOCIAL WORKERS ENDORSES LEAGUE OF NATIONS.
According to press advices from Lucerne, Switzerland, on
March 19 the International Conference of Christian Social
Labor Associations, in session there on that date passed
a resolution strongly supporting the League of Nations.
It is stated that there were 150 delegates, including representatives of associations in Switzerland, Germany, Austria
Hungary, Holland and Lithuania. Among them, it was
said, were members of a Lithuanian committee from America.
CHARLES E. HUGHES ON LEAGUE OF NATIONS.
Speaking at the Victory dinner of the New York County
Bar Association in this city on March 8 Charles E. Hughes,
while stating that ho would at the proper time discuss carefully and fully the proposed constitution of the League of
Nations, noted that he considered it "vital and important
that certain preliminaries should be recognized" in any
MAR. 29 1919.]
THE CHRONICLE
1237
Deliberation before war—the investigation of all disputes of their kind
and character before hostilities begin. This almost ends war. The idea
is taken from the thirty treaties negotiated by the United States with threeThis question must not be approached from any point of view as a par- quarters of tho world. Our nation, therefore, gives to the Peace League
its greatest piece of machinery.
tisan question. It is a great American question, and whether we are on
Second, the reduction of armaments will make it impossible for a nation
one side or the other, it has nothing to do with partisanship.
dealing
in
to prepare for war without notifying the world of its intention.
This is a time when we must speak frankly, fully, and carefully
calling
in
believed
never
have
I
Third, the abolition of secret treaties, which will do much to prevent the
with a great public question such as this.
nothing
names in political discussions. I have never found it necessary to indulge combinations which lead to war. If the League of Nations did
more than provide these three things, our nation would be justified in
in abuse. That is a sign of weakness. I deprecate on either side of the
supporting it to the utmost.
controversy imputations of motives on the other side.
It is not to be expected that so great an idea as the League of Nations
Because the Constitution of the United States has been criticised it
Constituthe
as
as
good
is
criticised
is
that
be made perfect in detail in so short a time. There are defects that
'would
anything
does not follow that
should be corrected, and the fullest discussion of proposed amendments
tion of the United States.
have
should be invited. The newspapers of Great Britain, France, and Italy are
Generalities were absolutely necessary in the Constitution. We
not backward in the expression of their views as to changes that should
some great generalities in that document. What excited our admiration
be made. Why should the American people be silent? Ours is the
in it is the extraordinary skill with which the great phrases placed therein
nation most influential in the League, and most powerful because most
were framed by the founders who could not see into the future.
gendisinterested. Its people should help by free and frank discussion to
It does not follow then that, because it was necessary to express a
great
a
is
There
perfect the League. The President has done the best he could, but he will
eral opinion, everything ambiguous can be defended.
the idea.
distinction between a necessary principle and an unnecessary ambiguity. be aided by intelligent criticism from those friendly to
I venture to point out certain amendments that should in my judgment
It is therefore not necessary to take something we don't understand.
First, the basis
I believe in dealing with these things in a general, analytic way. I do be made in the interest of a stronger and better League.
of voting
not believe in crusading. I do not believe in allowing emotion to get the of representation is not fair to the United States. A comparison
strength will show that while our nation is the most powerful in the comupper hand in so vital a question.
We have got to have a thorough discussion on both sides and then do bination, whether measured by population, wealth, or moral influence.
wealth,
what may be necessary. We have a great responsibility. We must have It has no larger vote than nations much inferior in population,
corrected, for
a new international order. We must have a firm basis for international and influence. This inequality ought, if possible, to be
rest in perpeace. America must learn by a careful searching of the heart what her Justice is the only foundation upon which any institution can
duty is, and our point is to ascertain what our obligation and interest are manent security.
join hereto
desire
may
that
nations
to
Second, the terms of admission
and then to do these things.
a new nation
Whatever we do, we must make no engagement that we do not under- after are not fair. To require a two-thirds vote to admit
out an unconstand and are not ready to perform. We are not going to enter into any suggests the social club, where a few blackballs may keep
genial applicant. This world League is for the world. The President has
moral obligation so that our obligations in the future may be repudiated.
all nations are
unless
League
a
in
democinterested
not
is
well said that our nation
There is nothing to be gained for the world if the great successful
it ought
racy of America impairs its usefulness and integrity. I believe thoroughly in it. The qualification for admission ought to be fixed, and then
gain admission.
that we must have an international court in order to organize the facilities to be made as easy as possible for those who are qualified to
be
majority
a
than
of peace. We must try to develop a body of international law and not Under no circumstances should the consent of more
leave it in the haphazard manner in which it has been left for some time required for the admission of any qualified nation.
The faults of the constitution are found to be in its indefiniteness rather
past.
it is not stated with
The crucial point will come when we consider the guarantees that we than in things positively objectionable. For instance,
Our nation Is
are to give and how far our guarantees are to go in respect to protecting the sufficient clearness that the Monroe Doctrine is preserved.
European disputes,
of
settlement
the
our
in
assist
not asking to be permitted to
integrity of European States, and how far we will go in guaranteeing
influence in
committal of these things. All I want to do is to call attention to the and therefore it ought not to be asked to give up its paramount
to its entry into the
necessity of the method of discussion. And I want also to say this; Let the Western hemisphere as a condition precedent
a League
that
us never sink into vague and empty internationalism that devotion that League. Then, too, it is not stated with sufficient clearness
ought to be definitely
keeps us safe in democracy and promotes our safety and the peace of the member is not required to become a mandatory. It
stated that a nation asked to become a mandatory is at liberty to accept
world.
interor decline. Again, it should be made clear that the League is not to
In commenting adversely on the proposed draft of the fere
in the internal affairs of the nations belonging to the League. The
adjustthe
for
not
disputes,
Hughes
E.
League is for the settlement of international
constitution of the League of Nations, Charles
between a nation and its own people.
in an interview in Washington, was quoted in the New York ment of differences
Another matter that should be made clear—and nothing can be more
itself
"Times" of March 7 as saying:
important than this—is that each nation has a right to decide for
I had expected that the President would give the country the benefit of 'whether it will undertake the things advised by the General Council.
an analytical exposition of the proposed constitution, and I regret he has The language of the constitution, while not definite, would seem to indinot done this.
cate that no nation is required to furnish force to back up a decision of the
I do not favor the constitution of the League as it stands. I think it is council. But no doubt should be left on this subject.
a
can
we
believe
I
But
it.
Idle to say that the opinion of the country favors
This nation cannot afford to allow a council in which it has so small
do much toward securing the basis of a new international order without voice to carry it into war against its will. Our people will have as much
have
will
sacrificing our essential interests. We ought to devote our thought to this. sense when the time comes to act as they have now, and they
more light to guide them. When the emergency arises, and they underto assist
willing
be
may
they
conditions,
and
stand all the circumstances
by force; but they cannot decide in advance and allow a council to decide
discussion of the subject. The New York "Times" quoted
him as saying:
SAMUEL GOMPERS CALLS LEAGUE OF NATIONS
"A LEAGUE OF THE PEOPLE."
Associated Press dispatches from Paris March 10 in reporting a visit to the Labor Exchange of the delegates of
the American Federation of Labor, quote Samuel Gompers,
head of the delegations as saying:
The League of Nations is Above all, a league of the people, which must
assure to; t t proletariat world guarantees of peace and liberty •
Mr. Gompers is said to have urged a universal union of
the working classes in a fraternity of the peoples.
for them.
The constitution of the League would seem to imply the right of the
council to compel the declaration of an economic boycott by the members
of the League. This is not quote so serious as the declaration of war, but
economic boycott is likely to develop into a war and an economic boycott
declare it.
may be pecuniarily advantageous to the nations that want to
to have a
Our interests may not be identical in this respect, and we ought
right to say at the time whether we would declare such a boycott.
be
I venture to suggest that the scope of the League's work might well
be
extended beyond what is now contemplated. A substitute for war must
of
able to deal with every situation that can become a cause of war. One
the most fruitful causes of war has been the necessity for expansion. Growon
war
ing nations feeling the necessity for more room have often gone to
some clumsy pretext when the real purpose has been to secure territory for
rights.
an increasing population. The right to live is one of the inalienable
It is a primal right that must be recognized in nations as well as individuals.
Nations exer,.ise the right of taking unused land and distributing It
among those who need it. So, if the League of Nations is to substitute
the
reason for war, it must be able to deal with claims that are made for
waste places of the earth. A nation feeling a need for more territory
should be able to go before the League and present its claims, and point
out the territory which it can use to advantage. The Council should
consider the claim and advise upon it, and the force of public opinion
a
should be used to secure such an adjustment of equities as would afford
could
peaceable means of securing needed territory. Such adjustments
nation
any
that
proposition
be made the easier if the League indorsed the
extending its sovereignty over new territory should stand ready to purthe
chase the property of residents who do not desire to remain under
new sovereignty. The resident does not go with the land. Ile has rights
he
will,
his
against
If
land.
the
to
right
independent and superior to the
Is brought under new sovereignty, he ought to be able to sell his property
without loss, and choose a sovereignty of his own liking.
I have suggested what seemed to me to be desirable changes, some being
modifications, some being merely more explicit statements. I conclude as
nearly
I began, that while we should endeavor to make the League as
rejecperfect as possible, we should not allow its imperfections to lead to its
or
League
the
accept
we
tion. We must take risks, no matter whether
we
reject it. The risks that we take in accepting it are less than the risk
slaughter.
take if we reject it and turn back to the old ways of blood and
great
God grant that those who are intrusted with the launching of this
and,so
greed
and
work may have the widsom to so purge it of selfishness
war.
of
end
the
;
make
to
as
Peace
of
Prince
infuse into it the spirit of the
WILLIAM J. BRYAN,IN ENDORSING LEAGUE OF
NATIONS, PROPOSES AMENDMENT:.
While proposing what to him appear desirable changes in
the draft of the League of Nations, William Jennings Bryan
states that "while we should endeavor to make the League
as nearly perfect as possible, we should not allow its imperfections to lead to its rejection." A statement setting out
Mr. Bryan's views dictated from a sick bed in Washington,
was issued by him on March 11. He described the League
as "the greatest stop toward peace in a thousand years," and
states that "the idea is taken from the_thirty treaties negotiated by the United States with three-quarters of the world."
According to Mr. Bryan, "the faults of the Constitution
are found to bo in its indefinitgness rather than things positively objectionable." ."For instance," he says, "it is not
stated with sufficient clearness that the MonroelDoctrine is
preserved." Among other things he observes "it should be
made clear that the League is not to interfere in the internal
affairs of the nations belonging to the League. The League
is for the settlement of international disputes, not for the
adjustment of differences between a nation and its own INCOME TAX RETURNS—DISCLOSURE BY TAXpeople." We give the statement herewith.
PAYERS OF AMOUNT OF INTEREST RECEIVED
The League of Nations is the greatest stop toward peace in a thousand
ON MUNICIPAL OBLIGATIONS.
interof
for
in
force
the settlement
years. The idea of substituting reason
In response to inquiries about the requirements of the
national disputes is in itself an epoch-making advance. 'rho constitution
of the League as announced provides for three things which constitute
Federal income tax law as to disclosures of municipal inin themselves an advantage the importance of which can scarcely be
come of taxpayers, an opinion in the matter has been subestimated.
1238
THE CHRONICLE
mitted to the Committee on Taxation of this association by
Reed, McCook & Hoyt, special counsel of the committee,
and is published a bulletin issued by the association under
date of March 15. In part the opinion says:
[VOL. 108.
In our opinion, based upon the view that there is an implied prohibition
against the power of the Federal Government to burden the instrumentalities of the States, this consideration in itself renders the instant provision
unconstitutional. This prohibition has been held to be a limitation even
upon the express powers of the Federal Government and its effect in the
present instance is not altered by any assumption that the inquiry relates
to some subject matter within the general powers of Congress.
You will note that on both points stated above, the view which we take
is opposed to the constitutionality of the statutory requirement. Neither
point has been actually adjudicated, so far as we have found, in any decided case, and, even upon a fuller investigation, we doubt if it would be
possible to reach a more conclusive opinion than we are now giving you.
We shall, however, be glad to continue our investigation and render you
a further and final opinion if that is desired. Very truly yours,
(Signed).
REED. McCOOK & HOYT.
It is, we think, clear on principle that Congress has no general power to
require a citizen to disclose information or answer inquiries, imposing a
penalty for refusal, merely as a matter of Governmental curiosity or inquisitiveness into the private affairs of a citizen,. In the language of Mr.
Justice Harlan, speaking of the inquisitorial powers of the Inter-State
Commerce Commission in I. C. C. vs. Brimson, 15.
4 U. S. 447, 478:
"Neither branch of the legislative department, still less any merely
administrative body,established by Congress, possesses, or can be invested
with, a general power of making Inquiry into the private affairs of the citizen."
This general principle has been frequently asserted. In re-Chapman,
166 U. S. 661, 668, Mr. Chief Justice Fuller said:
"In Kilbourn vs. Thompson, 103 U. S. 168, among other important
rulings, it was held that there existed no general power in Congress, or AD VICES TO INTERNAL REVENUE COLLECTORS AND
in either House, to make inquiry into the private affairs of the citizen:
RESERVE BANKS ON COLLECTION
that neither House could, on the allegfation that an insolvent debtor of
the United States was interested in a private business partnership, investiOF INCOME TAXES.
gate the affairs of that partnership, as a mere matter of private concern;
and that consequently there was no authority in either House to compel
A circular, with reference to the collection and deposit of
a witness to testify on tho subject."
income and profits taxes during March, was addressed by
Although the actual decision in none of these cases is on all fours with the
statutory requirement now before us, they all recognize as fundamental Secretary of the Treasury Glass to collectors of Internal
the right of the individual to refuse to answer an unauthorized inquiry. Revenue and Federal Reserve banks in anticipation of the
It is immaterial whether we look at the question as one of the right of the tax
payments. Among other things it requested Federal
individual, a right of privacy and a necesary part of his liberty, which is
specially safeguarded by the Constitution, or as a question of the authority Reserve banks to give immediate credit and issue certificates
in the particular case to make the inquiry and compel an answer. It is of deposit for the full amount of all checks received
from
sufficient to say that the individual cannot be compelled against his will collectors
of internal revenue in payment of income and
to submit to any official of Governmental demand, unless that demand is
within the authority of the official or body making it. The inquiry must profit taxes where possible. The circular follows:
be authorized, that is, in the present case, within the constitutionsl power
To Collectors of Internal Revenue and to Federal Reserve Banks:
of Congress. The Federal Government is sovereign only within the sphere
For Special Attention of Collectors.
of its delegated powers. If the inquiry falls within those powers, and is
All checks received by collectors of internal revenue and by deputy colnot otherwise inhibited, it is constitutional.
Is the present inquiry within the powers of the Fedearl Government? lectors, exclusively in payment of income and profits taxes, on and after
In attempting to answer this question we assume that the Federal Gov- March 10. and to and including March 22 1919, must be forwarded by the
ernment is without power to tax (or otherwise burden) the instrumen- collectors each day, in separate packages containing an inner wrapper or
talities of the States including the obligations issued by it or its subdi- label plainly marked "Income and profits tax checks," to the Federal
visions. We have already given our opinion to the association to this Reserve Bank of the district in which the collector's head office is located,
effect. In the present Act, the interest from such obligations is specifi- unless otherwise specifically instructed. Specific instructions will be given
cally exempted, assumedly in recognition of the lack of power to tax it. in certain instances for the deposit of such chocks with Federal Reserve
The inquiry, therefore, is not directed to the discovery of taxable income banks of other districts and with branch Federal Reserve banks, and the
or of income which Congress has any power or intention to tax, but to the words "Federal Reserve Bank" in these instructions include such branches.
discovery of income which Congress in the very paragraph requiring the Collectors may arrange with Federal Reserve banks to deposit such checks
disclosure specifically exempts from taxation and which it is assumedly received earlier in March than March 10 and later in March than March
22 under the same conditions. Stamps deputy collectors who are located
without power to tax.
It may be said that the inquiry can be legitimately sustained on the away from the main office and who receive chocks in payment of income
assumption that Congress may wish the information for some other legiti- and profits taxes should transmit such checks to the collectors of internal
mate purpose than that of revenue, for some purpose not disclosed but revenue for their respective districts. Checks received in payment (in
which, if disclosed, would sustain it. This, in the last analysis, is the most whole or in part) of other taxes than income and profits taxes shall be dealt
serious point involved. Such an assumption is unusual. It would com- with in the ordinary course and not sent to the Federal Reserve Bank unpel the taxpayer at his peril to speculate on this assumed possibility and less that has been the usual practice, and if so sent to the Federal Reserve
to answer any question put to him for fear that Congress might have in- Bank, must not be included in the envelopes containing income and profits
tended it to be directed to some undisclosed legitimate purpose. He tax checks.
The collector should stamp on the face of each check the words: "This
would not only have to know in fact what he is in theory supposed to know.
all the constitutional powers of the Federal Government, but he would check is in payment of an obligation to the United States and must be paid
par, no protest," with his name and title.
at
have ta be sufficiently ingenious to establish the connection, or lack of
When transmitting the checks to the Federal Reserve Bank it should be
connection, between each of those powers and the inquiry made into his
personal investments. As an extreme assumption, for instance, Congress requested to issue a certificate of deposit on Form 15 in your name; and the
might desire to inform itself as to the methods adpoted for financing State duplicate and triplicate of such certificates of deposit should be sent to
and municipal activities for the purpose of improving the methods of Fed- Your office, the triplicate for your files, and the duplicate to be transeral financing. The inquiry might have some undisclosed connection mitted by you to the Commissioner of Internal Revenue.
In forwarding these checks, whether certified or uncertified, they should
with the prosecution of the present war, or with the financing of the war.
Congress might conceivably wish to call upon citizens holding non-taxable be indorsed:
"Pay to the order of the Federal Reserve Bank of
securities for voluntary contributions to the war. Or it might wish to in(Insert name of bank of your district)
form itself generally on the wealth of the country, or be inquisitive as to
the extent to which wealthy taxpayers are holding non-taxable securities Income and Profits Tax Account."
checks
The
must
in
all cases be forwarded by registered mall. Inasmuch
with a view to some effort to reach indirectly what it cannot reach directly.
Or it might be considering the proposal of a Constitutional amendment as the indorsement is specific, it is not deemed necessary that they be intaxing State and municipal bonds. The latter supposition would, of sured. Collectors and deputy collectors must, however, retain a record
course, support any inquiry that Congress might choose to make on any of the checks forwarded so that if any chocks are lost payment may be
matter within the imagination of man. We cannot, in the absence of a immediately stopped and duplicates secured. The Commissioner of Indecision to the contrary, bring ourselves to the view that an inquiry of this ternal Revenue authorizes you to incur any necessary expense from the
nature directed to nothing in particular can be sustained on the assump- appropriation "Collecting the war revenue" for postage and registration
tion that it might apply to some undisclosed and conceivably legitimate charges.
Taxpayers whose checks are returned uncollected by a Federal Reserve
subject matter. We are inclined to the view that a Governmental inquisition must be sustained, if at all, as requiring information on the sub- Bank should be immediately notified by the collector to make the checks
ject matter to which it is ostensibly directed by the officer or body making good. If any taxpayer should fail to do so, the collector should proceed to
the inquiry, whether that body be an executive officer or Commission, collect the taxes by the usual method, as though no chock had been given.
legislative investigating committee or Congress itself. Otherwise the
For Special Attention of Federal Reserve Banks.
liberty of the citizen, his freedom from unauthorized inquiries into his
Federal Reserve banks are requested to give immediate credit and issue
personal affairs, exists only in theory, not in fact.
Is the inquiry inhibited by the Constitution? It is undoubtedly true certificate of deposit for the full amount of all chocks received from colthat the provision constitutes an indirect burden on State and municipal lectors of internal revenue in payment of income and profits taxes, where
bonds. It has the effect, tho very substantial effect we understand, of possible, and in the event that any of such checks are returned to the
burdening the recipient of any such income by compelling him to make a Federal Reserve Bank as unpaid for any reason, the collectors should be
computation and disclosure thereof and of the obligations on which it is promptly notified and the cheek or checks should be hold in suspense for
received. If the power to impose this burden is granted, there is apparently a few days while the collector makes an effort to collect the amount. If
no limit except that of inquisitorial ingenuity which may be placed upon it. he fails to do so within a reasonable time, the check or chocks should be
Additional details as to the varying character of these obligations, their returned to the collector and his receipt taken therefor. This receipt
dates, maturities, interest rates, purposes, statutory authority and other should show the date, number, and amount of each certificate of deposit
matters may be insisted upon, until the holder would gladly pay a tax in which the amount of the unpaid check or checks was included. The
upon them in order to be relieved of the greater burden imposed. It seems Federal Reserve banks, on receipt of such receipt issued by the collector
to be recognized that this inquiry substantially affects the marketability of internal revenue, will immediately charge the amount with appropriate
and price which such bonds bring when offered by the issuing governments; description in their current transcript of the Treasurer's account on Form
17 and forward therewith in support of the entry a debit voucher on form
in other words it affects the interest rate which they have to pay in
borrowing money to carry on their Governmental functions and limits their that will be forwarded by the Department for this purpose.
Checks received from collectors of internal revenue during the above
power to borrow money and to perform such functions. This is due to the
universality of the burden imposed, the natural antipathy of the tax- mentioned period for which the Federal Reserve banks are not willing to
give
immediate credit, should be credited by the Federal Reserve Bank
payer to the inquisition and to the work involved in answering it.
Speaidng of the power of Congress to require various kinds of miscel- In a special collection account, for a period not in excess of five days, and
laneous information under the census power, authorized by the Contitu- when collection has been made or the five-day period has elapsed a certificate of deposit should be issued as usual.
tion, District Judge Ricks said in U. S. vs. Mitchell, 58 Federal 993, 999:
Federal Reserve banks are specially requested to use groat care in speci"It may not be amiss to suggest that there
be a limit to the power fying upon the face of certificates
of Congress to compel a citizen to disclose may
of deposit on Form 15, national banks,
information concerning his
business undertakings, and the manner in which they
carried on. This deposits of "Income and profits taxes" separate and distinct in each case
limit must relate, not only to the kind of informationare
he may properly re- from deposits of "Miscellaneous internal revenue collections (formerly
fuse to disclose, . . . but also the extent of the information.
. . . called Ordinary)." It is not necessary to make further separation of
Is it within the power of Congress to make such answers
classes of internal revenue deposits on the face of certificates of deposit
. . . The zeal with which such information is sometimescompulsory?
solicited
to
maintain favorite theories of public officials, or to afford the basis for dison Form 15, national banks, than above specified.
cussing economical questions, often loads to excesses."
CARTER GLASS, Secretary.
MAE. 29 1919.]
THE CHRONICLE
1239
"There is another and rather drastic regulation with respect to invested
capital which is interesting but not easily worked out," Mr. Eisner went
on. "It is provided that the profits ascertained at the end of the taxable
year shall be deemed to arise ratably throughout the year. That is to
say, that if on Dec. 31 1918 it is ascertained that a corporation has made
$24,000 for the year, these profits will be deemed to have arisen at the
rate of $2,000 a month. The regulation in question provides that the
taxes for the taxable year shall also arise ratably, and that where any
distribution has been made during the year, the accrued taxes up to that
T. D. 2805.
time shall be a first charge out of the accrued earnings, and if the distribution and the accrued taxes exceed the accrued earnings, then the
TREASURY DEPARTMENT.
Internal
of
capital at the beginning of the year must be diminished pro
invested
Revenue.
Commissioner
Office of
Washington, D. C.
tanto.
"For example,let us assume that Corporation A on Dec. 31 1918 ascerTo Collectors of Internal Revenue and Others Concerned:
In any case where an affiliated corporation has made its income tax tained that it had earned $48,000 upon which it would have to pay taxes
different
year
from
that on the basis of of $24,000. Assume further that on June 15 1918 it had paid its income
return on the basis of a taxable
which a consolidated excess profits return in which it is included has been and excess profits taxes for 1917, amounting to $12,000. Andllet:us say that
made under the provisions of Articles 77 and 78 of Regulations No. 41 and Its invested capital on Dec. 31 1917 was $200,000. Assume further that
of T. D. 2662, an amended income tax return may be made on the basis on July 1 1918 this corporation paid a dividend of $30,000. The first
of the same taxable year as the consolidated return even though notice reduction of the invested capital will arise out of the payment of the
was not given within the time prescribed in Articles 211 to 215 inclusive, 1917 taxes on June 15 1918, amounting to $12,000, which amount having
of Regulations No. 33 (revised), or in Regulations No. 45. In such a been retained in the corporation for five and a half months will count
case an amended income tax return shall also be made for any unac- as invested capital to the amount of $5,500, and will reduce the invested
counted-for portion of the corporation's taxable year.
capital at the beginning of the year $6,500.
Collectors of internal revenue may accept amended returns made under
'Forty-eight thousand dollars profit arising as a result of the 1918 busithe provisions of this Treasury Decision.
ness of the company has arisen ratably, to wit, at the rate of $4,000 a
DANIEL 0. ROPER,
month, so that on July 1, the date of the dividend distribution, $24,000
Commissioner of Internal Revenue,
has been earned. But there have accrued the taxes of the taxable year.
Approved March 14 1919.
total $24,000, up to July 1, $12,000. This $12,000 of accrued taxes of
L. S. ROWE,
the taxable year, being a first lien against the $24,000 accrued earnings,
Acting Secretary of the Treasury.
leaves $12,000 available for distribution. But there has been distributed
a dividend of $30,000, an excess of $18,000 over the $12,000 available,
which $18,000 must therefore be deducted from the invested capital at
INCOME TAX—EXTENSION OF TIME FOR FILING the
beginning of 1918, for six months, or $9,000 in all.
CERTAIN PARTNERSHIP RETURNS.
"The foregoing calculation is easy because it has been assumed that the
But the difficulty lies in the
In our issue of March 8, page 941, we referred to the taxes for the taxable year would be $48,000.
fact that the amount of taxes which the corporation must pay depends
granting of an extension of time to include May 15 for the upon its invested capital. And by the regulation in question, the invested
filing of returns of information (forms 1099 and 1096) capital depends upon the amount of taxes the corporation must pay.
Until some modification is made of this regulation, it may be difficult
fiduciary returns, returns of partnerships, &c. With re- for
many corporations to file an accurate return.
gard to the extension of time for filing partnership returns
"About the only suggestion that can be made, unless a change is effected
has
Commissioner
in
Revenue
regulations, will be to compute the tax upon an invested capital
the
issued
the folthe Internal
without the adjustment inquestion.
lowing:
"Referring again to the requirement of the regulation that payment of
T. D.2804—Income Tax—Extension of Time for Filing Returns of Partner- taxes for the previous year cannot be held to have been made out of current
ships Whose Fiscal Year ended in 1918.
earnings, it is quite likely that this requirement will meet considerable
TREASURY DEPARTMENT.
opposition. The logic of the regulation is that taxes are properly a charge
Office of Commissioner of Internal Revenue,
against the profits of the year for which the taxes are assessed and are
Washingtin, D. C.
not a proper charge against the earnings of the subsequent year, in which
To Collectors of Internal Revenue and Others Concerned:
the taxes of the previous year were paid. That is perfectly good acBy Treasury decision 2796 the time for filing certain classes of returns counting, but the difficulty lies in the fact that ofttimes an excellent acwhich are not the basis for an assessment of tax was extended to May 15 counting theory may be at variance with the actual facts. It is quite
1919, and tile time for filing returns of partnerships and corporations having likely that many corporations failed to set up a reserve for taxes at the
a fiscal year ended on the last day of some month (other than December) end of the year 1917, and when they in fact paid their taxes on June 15
in the year 1918, and which had secured extensions of time in which to file 1918, their book entries may show that taxes paid were charged against
returns, such extensions not having expired, was further extended to earnings of the year 1918. If the facts show that there were earnings sufMar. 15 1919.
ficient to pay the taxes, there will doubtless be many serious contenIn view of the fact that necessary forms are not yet available, a further tions raised that the facts should control, not an accounting theory."
extension to May 15 1919 is hereby granted all such'partnerships. Individual members of such partnerships, as in the case of partnerships filing
on the basis of the calendar year, will be required to include in their indi- INCOME TAX—SURTAX RULING ON DIVIDENDS.
vidual returns their distributive shares of the earnings of such partnerships
According to "Financial America" of March 12, Internal
(ascertained or estimated) and pay at least one-fourth of the tax'due on
Mar. 15.
Revenue Collector Roper has issued a ruling that 1917 ca,,M
DANIEL C. ROPER,
INCOME AND EXCESS PROFITS TAXES—AMENDED
RETURNS.
In announcing that amended returns of income and excess
profits taxes may be made so that the taxable year of affiliated
corporations will coincide, the Treasury Department issues
the following notice to collectors:
Commissioner.
Approved Mar. 13 1919.
L. S. ROWE,
Acting Secretary of the Treasury.
dividends which were paid in 1918 will be surtaxed at the
1918 rate. The paper quoted says:
The ruling excepts two classes of stock dividends which will be surtaxed
at the earlier surtax rates, although the accumulations of these particular
excepted classes of stock dividends will be added to the peak of the taxpayer's 1918 income for the purpose of determining what particular surtax rate for 1917, 1916 or other year prior to 1918 shall be levied.
The decision is that income which is taxable at rates for 1917 is, for purposes of determining the surtax rate to be made applicable, added to the
peak of the 1918 income, and that it should not be added to the peak of
the 1917 income.
INCOME TAX—MARK EISNER IN EXPLANATION OF
REGULATIONS AS TO INVESTED CAPITAL OF
- CORPORATIONS.
The confusion as to the income tax law and the regulations
governing invested capital confronting corporations in the
preparation of amended returns to take the place of those INCOME TAX—TAXABILITY OF BANK DIVIDENDS
DECLARED FOR PURPOSE OF INCREASING
tentatively filed before March 15, has prompted Mark
CAPITAL.
Eisner, who has just retired as Collector of Internal Revenue
for the Third District of New York, to seek to clarify the
In answer to a query as to the taxability of dividends
situation. The New York "Times" of March 22, in re- declared out of surplus to increase the capital of a bank, the
porting Mr. Eisner's efforts to explain the requirements, says: Commissioner of Internal Revenue has replied as follows,
He said that many corporations which had determined their invested
according to the Federal "Reserve Bulletin" for March:
capital last year now found themselves confronted with the necessity
for a redetermination because of the new law, even though no actual
change in their assets had been manifested.
Mr. Eisner began by pointing out that patents which last year were
tangible property are intangible this year and intangible property cannot be included in invested capital under the present law beyond 25%
of the par value of the stock of the corporation outstanding Mar. 3 1917.
Conditions with regard to borrowed capital likewise have changed since
last year, such capital, no matter how treated by the corporation, could
not be included in its invested capital, while under the new regulations
there are circumstances under which sums standing on the books as indebtedness may be treated as paid in surplus.
Prior to the issuance of the new Regulation 45 of the Bureau of Internal Revenue, Mr. Eisner said, there was considerable controversy as
to whether it was better from the standpoint of invested capital to set
up a reserve at the end of the year for taxes, or to set up no reserve and
pay the taxes out of earnings.
"The reserve for taxes," he explained, "concededly is part of the invested capital up to the time the taxes are actually paid out of that reserve,
and many corporations believed that they made a mistake in setting up
such a reserve which could only have been included in invested capital
up to Juno 15 1918. however, the regulations have settled this by providing that whether paid out of surplus or charged on the books of the
company against current earnings, the amount of income and excess
profits taxes paid must be held to diminish the invested capital at the
beginning of the year to the proportion which the period between the
payment and the end of the year bore to the full year.
February 28 1919.
Sir.—Receipt is acknowledged of your letter of February 11 1919.
to the following
given
a
that
so
proper reply may be
requesting information
telegram received by you from one of the Federal Reserve banks:
"Please advise if dividend from surplus to increase the capital stock of a
bank is subject to taxation."
It is not clear what this question means. If the bank declares a cash
dividend in pursuance of a plan by which all or part of the stockholders
are to pay back to the bank the amount so paid, in exchange for new
stock, these dividends are taxable to the extent that any other cash divident
are taxable under the Act. If, on the other hand, a stock dividend is
declared, it is subject, to the rules laid down in the Act with reference to
stock dividends.
A distribution by a corporation out of earnings or profits accumulated
prior to March 1 1913,or out of any assets except earnings or profits accumulated since February 28 1913, is not a dividend within the meaning of the
statute. A distribution by a personal service corporation out of earnings
or profits accumulated since December 31 1917 is not a dividend. A
distribution out of earnings or nrofits accumulated before March 1 1913 Is
free from tax as a dividend; out of assets other than earnings or profits
accumulated since February 28 1913, may or may not be free from tax,
according as each stockholder receives more or less than he paid for his
stock or its fair market value as of March 1 1913, and, in the case of a
personal service corporation, out of earnings or profits accumulated since
December 31 1917, is taxed to the stockholders as though they were partners.
1240
THE CHRONICLE
Dividends paid in securities or other property (other than its own
stock), in which the earnings of a corporation have been invested, are
income to the recipients to the amount of the fair market value of such
property when receivable by the stockholders. A dividend paid in stock
of another corporation is not a stock dividend. Where a corporation
declares a dividend payable in stock of another corporation, setting aside
the stock to be so distributed and notifying the stockholders of its action,
the income arising to the recipients of such stock is its fair market value
at the time the dividend becomes payable. Scrip dividends are subject
to tax in the year in which the warrants are issued.
A dividend paid in stock of the corporation is income to the amount of
the earnings or profits distributed, as shown by the transfer of surplus to
capital account on the books of the corporation, usually equal to the par
value of the stock distributed. But stock distributions made out of
surplus other than earnings or profits accumulated since February 28 1913
are not dividends within the meaning of the statute and are free from tax
as dividends. Stock dividends paid from earnings or profits accumulated
after February 28 1913, received by a fiduciary and retained as an accretion
to the estate under the terms of the will or trust, are income to the estate.
Any stock dividend received by a taxpayer between January 1 and
November 1 1918, or declared and credited to a stockholder during such
period and received by him before the expiration of thirty days after the
passage of the statute, is deemed to have been paid from the most recently
accumulated earnings or profits and shall be taxed to the recipient at the
rates prescribed for the years in which the corporation accumulated the
earnings or profits so distributed. Thus, such a stock dividend will be
deemed to have been paid from the earnings of 1918 (unless paid during the
first sixty days of 1918), and the recipient, if an individual, will be liable
to any surtax at the rates for the year 1918, unless at the time such dividend
was paid or credited the current earnings up to that time were not sufficient
to cover the distribution, in which case the excess over the earnings of the
taxable year will be deemed to have been paid from the most recently
accumulated surplus of prior years and will be taxed at the rate or rates for
the year or years in which earned. A corporation declaring and paying
such a stock dividend out of earnings accumulated over a period of years
should make a record in its book of the amount of the dividend paid out of
each year's undistributed profits and advise the stockholders accordingly.
Respectfully,
(Signed) DANIEL 0. ROPER, Commissioner.
INCREASE IN CAPITAL STOCK TAX—LIABILITY OF
GOVERNMENT CONTROLLED RAILROADS.
In a decision dealing with the liability to the capital stock
tax of railroads under Government control, the Treasury
Department draws attention to the fact that the excise tax
which corporations are required to pay has been increased
from 50 cents for each $1,000 of the fair value of capital stock
to $1 for each $1,000, and that the exemption is reduced
from $99,000 to $5,000. As to the question of liability of
corporations owning railroads controlled and operated by the
Government, the Treasury Department states that "the
liability of a concern which actually does do business is not
affected by the control exercised by the Government." The
decision in full follows:
(T. D. 2800.)
TREASURY DEPARTMENT,
Office of Commissioner of Internal Revenue.
Washington, D. C.
To Collectors of Internal Revenue and Others Concerned:
Under Section 407 of the Act of Sept. 8 1916, every domestic corporation
was required to pay annually a special excise tax with respect to the carrying
on or doing business, equivalent to 50 cents for each $1,000 of the fair
value of its capital stock. The Act approved Feb. 24 1919 increased the
tax to $1 for each $1,000 of the fair average value of the capital stock, and
reduced the exemption from $99,000 to $5,000. Questions have been
raised as to the liability to the capital stock tax of corporations owning
railroads controlled and operated by the Federal Government. Such a
concern is exempt from liability for a given tax year only in case it does no
business during such year. The liability of a concern which actually does
do business is not affected by the control exercised by the Government.
For the purpose of determining whether or not a corporation owning a railroad operated and controlled by the Federal Government did or did not do
business during a given year, the following rules have been laid down:
Organization.—A corporation may perform the acts necessary to maintain
an effective organization, offices, and clerical force, pay salaries, elect directors and officers, hold meetings, &c., without being regarded as doing
business.
Ownership.—Tax does not attach because of more naked ownership
either of railroad property or'other property.
Management.—A corporation which takes any part in the actual management of a railroad or other enterprise, as, for instance, a coal mine, is
doing business. A corporation may, however, collect and distribute the
Income from property which it does not manage without incurring liability.
Maintenance and improvement.—A corporation which directly maintains
or improves or enters into wire, skiing, conduit, crossing, or other contracts
for the maintenance or improvement of railroad or other directly productive
property, will generally be held liable. However, if the execution of such
contracts by the corporation is a mere formality for the accommodation
of the United States Railroad Administration, and financial responsibility
therefor is assumed by the United States, the execution thereof will not be
regarded as doing business by the company.
Borrowing.—Borrowing for the purchase of Government bonds or in connection with obligations previously assumed is not regarded as doing
business. Borrowing for the purpose of financing new operations will be
regarded as the doing of business.
Purchase.—A corporation may purchase stocks and bonds of other concerns and similar intangible property, which would be considered as
"maintaining investments," without incurring liability. The purchase of
railroad equipment or of real estate or other tangible property, whether for
railroad or other productive purposes or for resale, certainly is doing
business in any ordinary sense, and such activity is regarded as ground for
assessment of the tax.
Sale.—A concern which sells its entire property or a part once used in
operating its business and for which it has no further use in the conduct
of its business does not thereby incur liability. This, however, would not,
presumably, apply to the sale of property not acquired for use in connection
with the conduct of the business. The sale of property acquired for
speculative purposes or in the course of a business of dealing in such property would cause liability to attach.
Leases.—A concern which makes long-term leases, whereby it parts with
the control of the property, which is to be maintained by the lessee, will be
[VoL. 108.
regarded as thereby going out of business with respect to such property,
and the execution of such leases will accordingly not be treated as doing
business. However, the execution of leases whereby the corporations are
obligated to maintain the property or covering property held for renting
purposes will bo regarded as doing business.
In short, it is concluded that:
(1) A corporation owning a railroad operated by the Federal Government
may, without incurring liability to the capital stock tax, (a) maintain its
corporate organization; (b) own property: (c) collect and distribute the
income therefrom; (d) purchase stocks and bonds of other organizations;
(e) sell all or part of the property used in the operation of its railroad or
other business; (f) enter into long-term leases whereby it is divested of
control of and is not obligated to maintain the property; and (g) borrow
money for the purchase of Government bonds or for the financing of obligations previously incurred.
(2) A corporation will incur liability if it (a) manages, (b) maintains, or
(c) purchases railroad or other tangible property; (d) sells property not
used in the conduct of the ralroad or other business; (e) borrows money
for the financing of new operations; or (f) makes leases of property held
for renting purposes, or whereby it is obligated to maintain the property.
The extent of the activity, if it is of a kind causing liability to incur, is
unimportant. Von Baumbach vs. Sargent Land Co., et al., 242 U. S. 502.
To assist in determining the question of liability under the statute as
interpreted in the rules laid down above, each corporation owning a railroad
under Federal control and operation and claiming exemption from the tax
will be required to file an affidavit supplying certain information. No
claim on file or hereafter filed will be favorably considered in the absence
of such affidavit. A printed form has been prepared. Copies thereof
may be secured upon application. It reads as follows:
TREASURY DEPARTMENT,
Bureau of Internal Revenue.
Affidavit.
Capital Stock Tax—Railroad Corporations.
Each corporation owning a railroad and claiming exemption from the
capital stock tax on the ground that the railroad is controlled and operated
by the Federal Government shall execute this form. All answers must relate to the period for which exemption is claimed, unless otherwise indicated.
Name of corporation
Address
For which period is exemption claimed?
(Ans.) Taxable year ended June 30 19—.
1. (a) Did the corporation maintain its corporate organization?
(b) Did it own tangible property other than railroad property?
(c) (1) Did it collect and distribute the income from the railroad
property?
(2) Did it receive any income from other than
railroad and intangible property?
(d) Did it purchase stock and bonds of other organizations?
(e) (1) Did it sell all or any part of the property used in the operation
of its railroad?
(2) Did it sell all or any part of the property used in the operation of any other business?
(f) Did it enter into any long-term lease or leases whereby it was
divested of control of and was not obligated to maintain the
property?
(g) (1) Did it borrow money for the purchase of Government bonds?
(2) Did it borrow money for the financing of obligations
previously?
2. (a) (1) Did the company take any part in the management of a railroad?
(2) Did it take any part in the management of other
property?
(b) (1) Did it take any part in the maintenance of a railroad?
(2) Did it take any part in the maintenance of any other property?
(c) (1) Did it purchase railroad property?
(2) Did it purchase any other tangible property?
(d) (1) Did it sell property not used in the conduct of the railroad?
(2) Did it sell property not used in the conduct of any
business?
(e) (1) Did it borrow money for the financing of new operations in
connection with the railroad property?
(2) Did it borrow
money for the financing of new operations in connection with other
property?
(f) (1) Did it make leases of property held for renting purposes?
(2) Did it make leases of property whereby it was obligated to
maintain the property?
3. (a) State briefly the nature of any expenses other than general office
expense.
(b) Was there any income other than the compensation received from
Amount received?
the Federal Government?
From whom received?
Remuneration for?
Cause? _ _ _
(c) Were there any losses?
Amount?
(d) (1) State briefly the nature of any contracts (except contracts with
the Federal Government) relating to the actual operation or maintenance of the railroad
(2) State briefly the nature of any contracts relating to the actual
operation of other property.
We,
, Treasurer, of the above, President, and
named company, being severally duly sworn each for himself desposes and
says that the data contained in the foregoing affidavit aro, to his best
knowledge and belief and from such information as he has been able to
obtain, true and correct.
, President.
, Secretary.
1919.
of
day
Sworn to and subscribed before me this
(Official capacity of officer taking affidavit.)
DANIEL C. ROPER, Commissioner of Internal Revenue.
Approved: March 12 1919.
CARTER GLASS, Secretary of the Treasury.
INCOME TAX RETURNS BY BANKS—DISCOUNTS
EARNED OR ACCRUED.
A ruling relating to the method of making income tax
returns by banks, State and national, which keep interest
and discount accounts upon the accrual basis, received by
M. A. Graettinger, Secretary of the Organization of Secretaries of Bankers' Associations, Chicago, from the Deputy
Commissioner of Internal Revenue at Washington, was
published as follows in the Kentucky Bankers' Association
Bulletin of March 1:
MAR. 29 1919d
THE CHRONICLE
1211
In reply you are advised that national banks and other banking companies which keep their books of account and prepare and file their returns of annual net income on the frasis of actual receipts and disbursements are required to return as income discounts actually received during
the year whether such discount is earned or unearned.
Banking companies, however, Which keep their books upon the accrual basis and carry accounts for earned and unearned discount are permitted under the provisions of the Act of Sept. 8 1916, as amended by
the Act of Oct. 3 1917, to prepare and file their returns upon the basis on
which their books are kept.
Consequently, such corporations keeping accounts of the character
mentioned may report such discount for the year during which it is actually
earned providing their books of account properly indicate the actual
acts connected with the transactions.
ADVISORYiTAX BOARD—FAILURE TO'REPEAL LUXURY TAXiCLAUSE OF WARLRE VENUE ACT.
The names of five of the six members:of the Advisory Tax
Board whose appointment by the Internal Revenue Commissioner is authorized in the recently enacted War Revenue
Act, were announced on March 14 by Commissioner Roper.
The appointees, who will hear appeals from taxpayers to
revenue officials concerning the fairness of assessments
and questions arising out of the auditing of returns, are
Dr. T. S. Adams, Chairman; J. E. Sterrett, Stuart W. Cramer, L. F. Speer and Fred T. Field. The sixth memberMEANING OF NON-RESIDENT ALIEN DEFINED BY ship, it is announced, has been reserved as a roving commission for experts who will be called in from time to time from
COMMISSIONER OF INTERNAL REVENUE.
The following was published in the "Official Bulletin" various industries. In making known the names of those
appointed to the Board, Commissioner Roper said:
fo Feb. 25:
TREASURY DEPARTMENT,
OFFICE OF COMMISSIONER OF INTERNAL REVENUE,
Washington, D. C.
To Collectors of Internal Revenue and Others Concerned:
"Non-resident alien individual" means an individual (a) whose residence
is not within the United States, and (b) who is not a citizen of the United
States. Residence will be determined in accordance with the following:
(1) Establishment of Residence.—Any alien living in the United States
who is not a mere transient, as explained below, is a resident of the United
States, for purposes of the income tax. Whether he is a transient or not is
determined by his Intentions with regard to his stay. If he lives in the
United States, and has no definite intention as to his stay, he is a resident.
The best evidence of his intention is afforded by the conduct, acts, and
declarations of the alien. The typical transient is one who stops for a short
time in the course of a journey through the United States—sometimes
performing labor, sometimes not—or one who enters the United States
intending only to stay long enough to carry out some purpose, object, or
plan not involving an extended stay in the United States. A mere floating
Intention, indefinite as to time, to return to another country, is not sufficient to constitute him a transient.
(2) Proof of Residence.—An alien's statements as to his intention with
regard to residence are not conclusive, but when unequivocal will determine the question of his intentiml, unless his conduct, acts or other surrounding circumstances contradict the statements. It sometimes occurs that an alien who genuinely intends his stay to be transient may put
off his departure from time to time by reason of changed conditions, romaiming a transient though living in the United States for a considerable
time. The fact that an alien's family is abroad does not necessarily indicate that he is a transient rather than a resident. An alien, who enters
this country intending to make his home in a foreign country as soon as he
has accumulated a sum of money sufficient to provide for his journey
abroad, is to be considered a transient provided his expectation in this
regard may reasonably be fulfilled within a comparatively short time,
considering the rate of his savings.
(3) Loss of Status as a Resident.—It will be presumed that an alien who
has established a residence in the United States as outlined above, continues to be a resident until he or his family evidence an intention of change
of residence to another country by starting to remove. Thus, alien residents who, following the armistice agreement of November 1918, take
steps toward returning to their native countries as by applying for passports, are to be regarded as residents for that portion of the taxable year
which elapsed up to the time such step was taken.
(6) Practice of Employers in Determining Status of Alien Employees.—
Aliens employed in the United States are prima facie regarded as nonresidents. If wages are paid without withholding the tax, the employer
should be provided with written proof of facts which overcome the presumption that such alien is a non-resident. Such facts include the following: (a) If an alien has been living in the United States for as much
as one year immediately prior to the time he entered the employment of
the withholding agent, or if he has been regularly employed by an individual resident in the United States or by a resident corporation in the
same city or county for as much as three months immediately prior to any
payment by the employer, he may be treated as a resident in deciding as
to the necessity of withholding part of such payment, provided no facts
are known to the employer showing that he is in fact a transient, such as
one of the typos mentioned under (1) The facts with regard to the length
of time the alien has thus lived in this country or has been so regularly
employed may be established by the certificate of the alien; (6) the employer may also obtain evidence to overcome the prima fade presumption
of non-residence by securing from the alien Form 1078, revised, properly
executed or an equivalent certificate of the alien establishing residence.
Having secured such evidence from the alien, the employer may re13
thereon unless the statement of the alien was false and the employer had
reasonable cause to believe it false, and may continue to rely thereon until
the alien ceases to be a resident under the provisions of the preceding
paragraph. An employer who seeks to account for failure to withhold
before this date if he did not at the time secure Form 1078 or its eqivalent,
is permitted to prove the former status of the alien by any material evidence.
(5) Treasury decision 2242 is modified so far as inconsistent herewith.
Form 1078, as revised, is as follows:
Form 1078—Revised.
This Certificate Has No Effect on Citizenship.
Certificate of Alien Claiming Residence in the United States.
(To be filed with withholding agent by alien residing in the United
States for the purpose of claiming the benefit of such residence for income
tax purposes.)
I hereby declare that I am a citizen or subject of
; that I
arrived in the United States on or about
; that I am living in
the United States and have no definite intention as to when (if at all) I
will make another country my home; that the address in the United States
whore any notices relative to income tax may be sent or mailed to me is
(City)
(Street and number)
(Signed)
day of
Sworn to and subscribed before me this
(Official capacity)
Approved: Feb. 21 1919.
CARTER GLASS,
3erretory of the Treasury.
(State)
191_ _
DANIEL C. ROPER,
Commissioner of Internal Revenue,
Particular attention will be given to problems arising where differences
of opinion exist between the taxpayers and the bureau. Such differences
occur not only with individuals, but also with groups and even with classes
of' industry. Formal hearings will be given to taxpayers in every ease
where the facts warrant.
The Board will be called upon to decide questions involving the general
aspects of taxation and differentiation of economic activities, accounting,
forms of organization, trade customs, industrial management, legal procedure, and administration.
Special studios will be made of such matters as they affect Federal taxation.
The connections of the members named to the Board
are announced as follows by Commissioner Roper:
Dr. T. S. Adams, professor of political economy of Yale University, and
formerly of the Wisconsin Tax Commission.
J. E. Sterrett, of New York, certified public accountant, and formerly
President of the American Institute of Accountants.
Stuart W. Cramer, of Charlotte, N. C., engineer, contractor and cotton
manufacturer; former President of the National Association of American
Cotton Manufacturers,
L. F. Speer, former Deputy Commissioner, Bureau of Internal Revenue,
Income Tax Division.
Fred T. Field, of Boston, Mass., expert tax lawyer and formerly Assistant
Attorney-General of Massachusetts.
One of the measures which failed of enactment before the
adjournment of Congress was the resolution providing for
the repeal of the so-called luxury tax clause in the War Revenue bill. The resolution passed the House on March 1
without a record vote, but failed of action in the Senate.
Announcement that retailers selling taxable luxuries, such
as expensive clothing, may not include the tax in the selling
price, but must specify the amount of the tax in collecting it
from the customer, was made on March 18 by the Bureau of
Internal Revenue at Washington,following a conference with
merchants. The Bureau explained that the rule would prevent the raising of prices more than the amount of the tax.
The so-called luxury taxes will go into effect May 1 and be
collected monthly. Taxes on toilet articles will be collected
by sale of stamps to be bought by retailers and affixed to
each article sold. The cost of these stamps may be included
in the selling price of the article.
ITEMS—ABOUT BANKS, TRUST COMPANIES, ETC.
No sales of bank stocks were made this week at auction
or at the Stock Exchange. Ten shares of trust company
stock were sold at auction.
Shrs.rTRUST CO.—New York. Low. High. Close.
10 Guaranty Trust Co
385 385 385
Last previous sale
Feb. 1919 38431 •
Three New York Stock Exchange memberships were reported posted for transfer this week, the consideration being
stated as $74,500 for one and $75,000 each for the other two.
The last previous sale was at $74,000.
The directors of the National Park Bank of this city have
increased the quarterly dividend from 5% to 6%, placing the
stock on a 24% annual basis. The dividend is payable
April 1 to stock of record March 21.
•
A comprehensive review of the trend of foreign exchange
during the war is contained in a booklet being distributed
by the American Exchange National Bank. Of the outlook
for the American trade balance it says:
"Hereafter an invisible balance of trade will run in our favor as it has
done in England's case for generations. How great it will be and how
long it will continue depends on the ntanner in which we push our foreign
trade and handle our international finances. American bankers, merchants and importers must not forget that if the rate of exchange remains
heavily in our favor, it will be proportionately heavy against our best
customers and will tend to check their purchases from us while stimulating
+hem to sell merchandise to us to the possible detriment of our industries."
The Fidelity Trust Co., Chambers and West Broadway,
this city, increased its last quarterly dividend to 2%%,payable to stockholders of record March 31 or at the rate of
10% per annum. Heretofore the company has paid regular
1242
THE CHRONICLE
[VoL. 108.
quarterly dividends of 2% with an extra dividend of 2% in
Daniel Van Brunt Hegeman,former President of the NasDecember.
sau National Bank of Brooklyn, died on March 23 at White
Plains, N. Y., after a prolonged illness. Mr. Hegeman was
Samuel S. Conover, President, will tender a dinner to the born
in the old town of New Utrecht (Brooklyn) of Holland
officers and employees of the Fidelity Trust Co. at the Hotel
Dutch stock forty-nine years ago and was educated in the
Astor to-night, March 29. President Conover is proud and
Polytechnic Institute, Brooklyn. He entered the Nassau
appreciative of the good work done by his staff during the
National Bank when a young man and by his proficiency and
period of the Liberty Loan campaigns, and when the force
attention to his duties rose to be-President of the institution.
was depleted to some extent by the men in the service of
In the fall of 1915 he became incapacitated and in 1917 he
the Government. These returned men will have the posiwas obliged to resign from the bank on account of continued
tions of honor at the dinner table, while silent tribute will be
ill-health. Mr. Hegeman was prominent in the civic life
paid to those who lost their lives in the service.
of Brooklyn and deeply interested in its philanthropic and
Plans whereby the capital of the Coal & Iron National educational institutions.
Bank of New York City is increased from $1,000,000 to
A special meeting of the stockholders of the People's Trust
$1,500,000 have been approved by the Comptroller of the
Co. of Brooklyn has been called for April 9 for the purpose of
Currency. The proposal to increase the capital was ratified
by the stockholders of the bank on Feb. 28 1919. The voting upon the question of increasing the capital from
$1,000,000 to $1,200,000. The reason for the proposed inadditional shares were disposed of at $150 per $100 share.
crease, we understand, is that the company may be in a
position to open additional branches when the opportunity
The East River National Bank at 680 Broadway, this city,
presents. Brooklyn institutions are required to have a
announces the election of A. II. Giannini, succeeding Oscar
capital of $500,000 before they can open a branch and must
Stiner, who, as noted in another item, has retired from the
add $100,000 to the capital for each branch office opened.
Presidency to take the active management of the CosmoAs the People's Trust Co. now maintains five branches and
politan Bank in the Bronx Borough. George E. Hoyer has
been elected Vice-President of the East River National, its capital is $1,000,000, it has therefore reached the limit
in that respect.
having been promoted from Cashier. A. Hampton Gibson
has been elected Cashier, being advanced from the office
The Comptroller of the Currency reports the issuance of
of Assistant Cashier.
a charter for the Broadway National Bank of Buffalo,
The application made by the Commonwealth Bank of N. Y., capital $200,000.
New York (formerly the Germania Bank)for the listing of its
Philip L. Reed has been elected a director of the Old
$400,000 capital on the New York Stock Exchange, has been Colony Trust Company of Boston. Mr. Reed
is Treasurer
approved by the Governing Committee of the Exchange, of Winslow & Co., Inc.
following the recommendation of the Committee oil Stock
List of the Exchange for the admission of the stock to the
The Brookline Trust Co. (Boston) on March 18 voted to
list. The change in the name to the Commonwealth Bank double both its capital and surplus, making the same $200,went into effect in April last year. At the time the capital 000 each instead of $100,000 as at present. The new stock
of the bank was increased the previous year (April 1917) will consist of 1,000 shares and will be sold at $200 per share.
from $200,000 to $400,000, a stock dividend of 100% was We understand present stockholders will be given the privideclared. On Feb. 21 last the bank reported in addition to lege of subscribing in an amount equal to their present
its, $400,000 capital a surplus of $600,000 and undivided holdings. Charles H. Slattery, formerly City Treasurer
profits of $162,019. Its deposits amount to $8,437,015, of Boston, has been elected Vice-President and director of
while its resOurces aggregate $9,722,971.
the Brookline Trust Co. and Philip L. Reed, George R.
*—
Jones and George W. Wightman have also been made memInvitations for the inspection of the remodeled quarters bers of the board. The Brookline Trust Co. was originally
of the Central Union Trust Co. of this city at 80 Broadway, chartered as the Brookline National Bank
in 1886, but in
beginning Monday last, March 24, have been issued by the 1910 it was converted into a trust company.
Ernest B.
institution. Since the merger of the Central Trust Co. and Dane is President.
the Union Trust Co. into the Central Union Trust Co. last
June, the business of the two had been conducted under the
Edward T. James and Edward J. Paul have been apnew name at the quarters of the Union Trust, 80 Broadway, pointed Assistant Cashiers of the Corn Exchange National
and those of the Central Trust Co. at 54 Wall Street. With Bank of Philadelphia. Mr. James has been connected with
the completion of the alterations at 80 Broadway, the offices the bank since 1898, while Mr. Paul's connection with it
at 54 Wall Street were transferred last week to the Broadway dates from 1892.
location. The institution operates the following branch
A. King Dickson has been elected elected VicoPesident
offices: Plaza branch, 786 Fifth Avenue; 42d Street bra ch,
Madison Avenue and 42d Street; and Fifth Avenue branch, and Trust Officer of the Real Estate Title & Trust Company of Philadelphia. Mr. Dickson had been Assistant
425 Fifth Avenue.
Trust Officer for the past ten years.
John Cone, New York Agent of the Anglo South American Bank, Ltd., announced this week that an interim diviDouglas H. Thomas, President of the Merchants-Mechandend of 6 shillings per share had been declared on the bank ics First National Bank of Baltimore and for many years
stock. Notification was made by cable from the main office a leader in the financial life of that city, died on March 12
in London.
after a protracted illness. Mr. Thomas was born in Baltimore 72 years ago. When a lad of 16 he entered the FarmAmong the passengers on board the steamship Abaners' & Merchants' Bank, of which his father was President
garez, which sailed for Barranquilla, Colombia, on March
at the time, as a clerk and remained with that institution
19 via Havana and Kingston was Phanor J. Eder, Secretary
eight years, rising to the position of teller. He then became
of the Mercantile Bank of this city. A statement issued
a member of the stock brokerage firm of Winchester &
by the bank says in part:
Thomas. In 1878 he was elected Cashier of the Marine
Mr. Eder is an expert on Colombian affairs and is the author of the
standard work on that country. He is making an extended tour of Colom- Bank of Baltimore, remaining for two years and leaving
bia covering a period of four of five milting for the purpose of inspecting to accept a similar position with the Merchants' Bank. Six
the eight branches of the Banco Mercantil American° de Colombia, a sub- years later
he was made President of the institution. In
sidiary of the Mercantile Bank of the Americas. Mr. Eder was born and
brought up in Colombia though of English extraction. His personal in- 1912 the Mechanics' Bank was merged with the Merchants'
terests are mainly on the western coast of Colombia in the region known Bank and in September 1916, the First National Bank
as the Cauca Valley, being President of the Cauca Valley Agricultural
joined the consolidation. Throughout these changes in
Company and Director and Treasurer of the Cali Electric Light and Power
organization, Mr. Thomas continued as President, holding
Company.
The Banco Mercantil American° de Colombia, the branches of which the position until his death. Mr. Thomas was a director
are located at Bogota, Barranquilla, Cartagena, Medellin, Manizales,
numerous financial and business institutions in BaltiGirardot, Cali and Honda, constitutes the only complete chain of banks of
which reach all of the important commercial centres of Colombia. Though more and for many years was prominent in its civic affairs.
having been in existence but a little over a year, these banks have proven
of great importance not only to the native of Colombia, who for the first
time has been able to avail himself of modern banking methods, but to
American exp3rters and importers for whom these banks have derformed
many valuable services.
•••••••••••
A department for savings was recently opened by the
National Exchange Bank of Baltimore and is in charge of
William Hambleton who has been identified with the bank
for many years. Mr. Hambleton has just returned from
MAR. 29 1919.]
THE CHRONICLE
1243
abroad where he has been serving with the American ExThe Comptroller of the Currency has approved an inpeditionary Forces. Waldo Newcomer is President of the crease of $100,000 in the capital of the Waukesha National
institution.
Bank of Waukesha, Wis.raising itfrom $150,000 to $250,000.
A meeting of the stockholders of the American Security
An increase of $100,000 in the capital of the Citizens'
& Trust Company of Washington, D. C., will be held on
April 14 to act on the question of increasing the capital National Bank of Green Bay, Wis., raising it from $250,000
to $350,000 has been approved by the Comptroller of the
from $3,000,000 to $3,400,000 and on the proposal looking
Currency.
to the consolidation with that institution of the Home
Savings Bank of Washington (capital $100,000).
An increase of $50,000 in the capital of the Nebraska NaThe Homewood Peoples' Bank of Pittsburgh, Pa., on tional Bank of Hastings, Neb., raising it from $50,000 to
March 17 acquired the building adjoining the bank on $100,000 has been approved by the Comptroller of the
Homewood avenue. When the necessary alterations and Currency.
improvements are made, the property will give the bank the
Anouncement was made on March 8 of the merger of
additional space needed for some time to increase its facilithe Guaranty State Bank of Muskogee, Okla. (capital
ties.
•
$50,000) with the Muskogee National Bank of that city
A new banking institution—the Liberty Trust Co. of (capital $100,000) under the name of the latter institution.
Allentown, Pa.—was organized recently in that city. The The enlarged bank has a capital of $200,000. It has a
new trust company has an authorized capital of $200,000 surplus (earned) of $25,000 and deposits (March 8) of
(over subscribed to the extent of $44,000, making it neces- $2,397,929. The officers are A. C. Trumbo, President;
sary to furnish each subscriber with a less amount of stock J. W. Gilliland, L. C.Parmenter, R. A.Patterson and E. A.
than was asked for) and surplus and undivided profits of Edmondson, Vice-Presidents; L. S. Bagley, Cashier, and
$20,000. The officers chosen for the new company are: J. M. Stout, Guy Cleaver and H. A. Houston, Assistant
Allen W. Hagenbach, President; W. J. Roberts, Vice-Presi- Cashiers.
dent; H. S. Landis, Secretary-Treasurer; M. P. Schantz,
A new national bank has recently been organized in
Trust Officer, and J. A. Danner, Real Estate Officer. Mr.
Hagenbach is an attorney of Allentown.
Kansas City, Mo., and will be located in the downtown
section of the city. The new institution, which is to be
Warren C. Spurgin has acquired the Landon C. Rose known as the Continental National Bank, will start with a
interests in the Michigan Avenue Trust Co. of Chicago and combined capital and surplus of $550,000—$500,000 reprehas succeeded Mr. Rose as President of the institution. senting the capital; the stock is being placed at $110 per
Mr. Spurgin has been identified with the Michigan Avenue share. W. L. Buechle, who has been one of the prime
Trust Co. since 1914 as Vice-President. Prior to that time movers in the enterprise, has been elected President of the
he was for several years Cashier of the' Guthrie County Continental National. Up to Jan. 1 Mr. Buechle was
National Bank of Panora, Iowa.
uring the four years President of the Security National Bank of Kansas City and
Mr. Spurgin has been identified with the Michigan Avenue prior to that connection was a Vice-President of the SouthTrust Co. deposits have increased from $1,200,000 to west National Bank of Commerce of the same city. The
$2,675,000. The capital of the trust company is $200,000, organization committee has temporary offices at 514 Finance
while surplus and undivided profits stand at $83,571.
Building. The bank will be located at 917 Walnut street,
•
and will open for business there as soon as the building can
Frederick N. Mercer, heretofore Cashier of the Drovers be remodeled. The
members of the organization committee
National Bank of Chicago, has been elected a Vice-Presi- are:
dent of the institution and George A. Malcolm, formerly
W. L. Buechle, Chairman; W. P. Hemphill, Secretary; Charles R. ButAssistant Cashier, has succeeded Mr. Mercer in the Cashier- ler. President. Butler Manufacturing'Co., Steel Products; John A. Butler,
President. Butler Motor Company, Dodge Bros. Motor Car; Robert F.
ship.
The directors of the National City Bank of Chicago this
week elected Walker G. McLaury a Vice-President and
Raymond V. Kelley an Assistant Cashier of that institution. Mr. McLaury has for some years past been Cashier,
and the new office is in addition to the one he previously'
held. Mr. Kelley's election makes him, it is believed, the
youngest officer in the larger Chicago banks. He is 27
years of age, and at 15 began his career as a bell boy of the
National City Bank. He has gradually worked his way
through various departments and for the past three
years has been Manager of the transit department. Mr.
Kelley will be associated with the banks and bankers' department. At the same meeting the board voted to increase the dividend rate to a regular 8% basis. Heretofore an established rate of 8% has prevailed, and an occasional 2% extra dividend has been paid.
Crawford, General Manager, Emerson Brantingham Implement Company; D. B. Fant, Treasurer and Manager, Missouri Inter State Paper
Company, Wholesale Paper; Lawrence F. Larson, Pearson & Larson,
General Agents, Northwestern Mutual Life Insurance Company, of Milwaukee; Milton H Luce, Vice President, Luce Trunk Company. Luggage
Manufacturers; Frank J. Morgan, Stuart, Orlander. Morgan Live Stock
Company, Stock Yards Live Stock Commission Merchants; Guy H.
McCanles. President, McCanles Investment Company; E. J. McNamara,
President, Clemons Produce Company, Wholesale Fruit and Produce;
James N. Russell, President, Russell Grain Company, Receivers and
Shippers of Grain and Hay; WillardiB. Weaver, Investments and Real
Estate; H. B. Wilber, President, K. 0.8addlery Company.
Herbert D. Condie has been elected a director of the
Mississippi Valley Trust Co. of St. Louis, Mo. Mr. Condie
is President of the Condie-Bray Glass & Paine Co. and
Vice-President of the Overland Automobile Co., and a diretor and member of the executive committee of the Broadway Savings & Trust Co. of St. Louis.
Herbert C. Roer, heretofore Cashier of the Fort Dearborn
Trust & Savings Bank of Chicago, was recently elected a
Vice-President of the institution. He is succeeded as
Cashier by Emil E. Rose, formerly chief clerk and for eight
years connected with the Fort Dearborn National Bank, its
affiliated institution.
John G. Lonsdale, President of the National Bank of
Commerce in St. Louis will be one of the speakers at the
dinner of the Council of Foreign Relations to be given at the
Metropolitan Club in New York City on April 2. Mr.
Lonsdale will address the gathering on the subject of "Investment of American Capital Abroad."
At a recent meeting of the directors of the Central Manufacturing District Bank of Chicago J. W.Embree, President
of the Rittenhouse & Embree Co. and Harry S. Schram,
Secretary nd Treasurer of Straus & Schram, were elected
directors of the institution.
•
Raymond Greene has been elected Cashier and a director
of the Ogden Avenue State Bank of Chicago to succeed
Elmer F. Adams, resigned. On March 4 the bank, which
has a capital of $200,000 and surplus and profits of $15,000,
reported deposits of $826,082 and resources of $1,044,752.
On Doc. 31 1918 the resources stood at $995,745, while at
the end of to previous year, Dec. 31 1917, they amounted
to but 17,117.
Alexander P. Grice, President of the Guaranty Title
& Trust Corporation of Norfolk has been elected a director
of the Citizens' Bank of that city.
Following an unfounded rumor that the Church Hill Bank
of Richmond was insolvent, an all-day run on the institution
occurred on Mar. 12, resulting in the withdrawal of from
$150,000 to $175,000 by small depositors. During the day
deposits aggregating $25,000 or more were made by well
known business men of the city to show their confidence in
the institution. In order to accommodate those who
wished to withdraw their money and allay their nervousness,
the bank was kept open until 6 p. m. From time to time
in the course of the afternoon chests containing from $20,0300
1244
THE CHRONICLE
to $40,000 were hurried into the bank from one of the
strongest banks in Richmond to provide funds to meet all
demands. The Clearing House Association of Richmond
at once appointed a committee of three to make a minute
and searching examination of the books of the institution,
which lasted until midnight of the 12th, and upon receipt
of the report of this committee the following statement was
issued by the Association over the signature of its President
and Vice-President:
[VoL. 108.
R. M. Woolfolk, Assistant Cashier and N. Riviere, Assistant
Trust Officer and Custodian.
Applications for charters for two new Fort Worth banks
have been made to the Comptroller of the Currency—the
Central National Bank, capital $500,000 and the National
Bank of Commerce, capital $1,000,000.
Captain F. H. Nichols has recently acquires the majority
of the stock of the Continental National Bank, Los Angeles, held by R. S. Heaton, the President of the institution,
and will take his place as Chief Executive, Mr. Heaton
continuing as a member of the board of directors and of the
Finance Committee. Mr. Heaton had been President since
the organization of the bank. Captain Nichols has just
been retired from the Aviation Branch of the Army. He
was one of the founders of the California Savings & Commercial Bank of Los Angeles. The Continental National
The capital of the Church Hill Bank is $150,000, with Bank has a capital of $500,000 with surplus and undivided
surplus of $65,000 and deposits of $1,300,000. Oscar E. profits of $30,000.
Parrish is President.
The Standard Bank of Canada (head office Toronto)
The Atlanta Trust Co. of Atlanta, Ga., recently acquired has declared a dividend for the current quarter ending
the property in that city known as the Empire Building, April 30 1919 at 33%, being at the rate of 13% per annum
having a frontage on Marietta, Broad and Walton Streets, upon the paid-up stock of the bank, and which will be payand considered one of the finest banking sites in Atlanta. able on and after May 1 1919, to shareholders of record
At the expiration of present leases on the ground floor of the as of April 19 1919.
new acquired building .and as soon as the necessary alterations can be made, the Atlanta Trust Co. will move to its
THE ENGLISH GOLD AND SILVER MARKETS.
new home. Heavily increasing business, for which its
We reprint the following from the weekly circular of
present quarters were inadequate, made the step necessary.
Samuel Montagu & Co. of London, written under date of
In January last the capital of the institution was increased
Mar. 6 1919:
from $500,000 to $1,000,000, at the same time the operaGOLD.
The Bank of England gold reserve against its note issue is £80,003,075.
tions of the company being enlarged so As to embrace a a decrease
of £447,090 as compared with last week's return.
The West African gold output for Jan. 1919 was £104,063, as compared
general commercial banking business and the addition of
with £107,863 for Jan. 1918 and £112,621 for Dec. 1918.
other departments necessary to provide adequate facilities
SILVER.
for handling with despatch all matters of a banking or trust
The market continues of a quiet and steady character. The Shanghai
has fallen to 4s. Oid. the tael.
nature, instead of being confined simply to the operations exchange
The Indian financial statement presented on the 1st inst. reveals the
inconvenience—to use no stronger word—caused by an insistence upon
of a trust company. Frank S. Etheridge is President.
metallic money. We use advisedly the word money—and not cur"In view of certain rumors concerning the Church Hill Bank of Richmond, the Clearing House Association of Richmond has caused an examination of the said bank to be made by a committee of three members of
the said association.
"The report of this committee shows the Church Hill Bank to be in an
excellent condition with sufficient assets to meet any and every requirement.
"The following members of the Clearing House Association of Richmond
stand ready to furnish the Church Hill Bank with the necessary cash to
meet any and all demands upon it: First National Bank, Planters National
Bank, National, State and City Bank, Merchants' National Bank, American National Bank, Broad Street Bank, Central National Bank.
The directors of the Hibernia Bank & Trust Co. of New
Orleans have declared a quarterly dividend of 6%, payable
on April 1 1919, to stockholders of record of March 31 1919.
This is the fourth consecutive 6% quarterly dividend that
the Hibernia Bank has paid. Prior to July 1 of last year,
the rate for a number of years had been 53/ quarterly.
rency—because the bulk of the silver coin is required for hoarding
(notes being perishable) rather than currency. The circulation of one
ruppee notes has risen to 90,000,000 rupees, but this amount, though
encouraging, is slight, compared with heavy absorption of coin recorded
by the Indian currency returns, notwithstanding extremely large remittances of silver from America. Obviously the hoarding habit is still in
full swing. The same conditions, though in a much less degree, obtain
in the West African colonies, where an addition of £1,388,100 in silver
coin was made in the year ending Juno 30 last. The fact is that the
natives of these populous countries are seeking to acquire possession of
silver in excess of production and other sources of supply.
Indian Currency Returns.
(In lacs of ruppes)—Feb.15. Feb. 22. Feb. 28.
Notes in circulation
15068
15107
15148
Silver coin and bullion in India
2486
2425
2367
Silver coin and bullion out of India
898
1098
998
Gold coin and bullion in India
1814
1814
1813
Gold coin and bullion out of India
12
12
12
Securities (Indian Government)
1608
1608
1608
Securities (British Government)
8250
8250
8250
The stock in Shanghai on the 3rd inst. consisted of about 29,550,000
ounces in sycee and 14,500,000 dollars, as compared with about 28,550,000
ounces in sycee and 13,300,000 dollars on Feb. 15.
Statistics for the month of February are appended:
Highest price for cash
48 7-16d.
Lowest price for cash
47%d.
Average price foe cash
48.02d.
Quotations for bar silver per ounce standard:
Feb. 28
cash_47 d. Mar. 6
cash _4
47743.
Mar. 1
47'%d. Average
Mar. 3
47%d. Bank rate
5%
Mar. 4
4734d. Bar gold per oz. standard_ _77s. 9T1°
.
Mar. 5
473id.
No quotation fixed for forward del very.
The quotation to-day for cash delivery is tho same as that fixed a week
ago.
The Marine Bank & Trust Co. of New Orleans in addition
to its purchase a year ago of the Denegre building on Carondebt street, that city, and which it is now reconstructing
and remodeling for a permanent home (referred to in our
issue of Aug. 10) recently purchased an adjoining building
on the same street, known as "Old No. 27" and one of New
Orleans famous landmarks. By the acquisition of this
building, the institution adds a frontage of 21 feet to its
property on Carondelet street. It is the purpose of the
bank, we understand at the expiration of the present leases,
to tear down the building and erect one that will correspond
with the remodeled Denegre building. The purchase price
of the property is said to be 7,000. The Marine Bank
& Trust Co., although it began business but a year ago
had deposits(March 4 1919) of $10,299,902, and recently (see
our issue of Feb. 15) increased its capital from $400,000 to
ENGLISH FINANCIAL MARKETS—PER CABLE.
$800,000 in order to adequately meet the needs of its rapid
The daily closing quotations for securities, &a., at London,
development. It has a surplus fund of $217,400 and unas reported by cable, have been as follows the past week:
divided profits of $77,827. L. M. Pool is President.
London,
Week ending Mar. 28—
Mar.22. Mar.24. Mar.25. Mar.26. Mar.27.Mar.28.
Mon. Tues. Wed.
Sal.
Thurs. Fri.
To meet the future needs of its rapidly increasing business, Silver, per oz
4734
473i
d. 473i
49 3-16 49 7-16 50
Holiday 57 X
____
the United States Trust & Savings Bank of New Orleans re- Consols,2% per cents
5634
5634
5534
British,
5
per
Holiday
cents
95
95
95
95
cently purchased the property known as 610-612 Common British, 434 per cents
Holiday 9934
_-__
9934
9934
09J.
street adjoining its present bank building for a sum said to French Rentes (in Paris)..fr. __. 63
62.25 63
63
62.80
be $30,000. In announcing the purchase, A. B. Wheeler, French War Loan(inParLs),fr. ___ 88.75 88.95 89.25 89
The price of silver in New York on the same day has been:
President of the United States Trust Co., said: "While
there is no doubt the banking quarters will be extended Silver in N. Y., per oa....ots_101% 10134 ---- 10131 10134 10134
over the newly acquired site, the directors of the United
States Trust & Savings Bank are not yet prepared to an- Comm erciat intU tscv Itau ID us4.ews
nounce anything definite concerning building plans." As
National Banks.—The following information regarding
an indication of the rapid growth of the institution, debanks is from the office of the Comptroller of the
posits which stood at $1,969,202 at the end of 1918, are national
Currency, Treasury Department:
now nearly $2,500,000. The capital of the United States
CHARTERS ISSUED.
Trust & Savings Bank is $100,000 with surplus and un- Original organizations:
The First National Bank of Menne, South Dakota
$25,000
divided profits of $144,000. Besides Mr. Wheeler, who has
The First National Bank of Lepanto, Arkansas
35,000
of State banks:
been President of the institution for over twenty-five years, Conversion
Mead,
Colorado
Bank
National
First
of
The
25,000
Conversion of the Mead State Bank.
the officials are: E. J. Demarest, T. H. Lyons and Louis
P. Rice, Vice-Presidents; W. L. Miltenberger, Cashier
Total
385,000
APPLICATIONS FOR CHARTER.
Capital.
For organization of national banks:
The First National Bank of McCabe, Montana
The First National Bank of Paris, Arkansas
The American National Bank of Lake Crystal, Minnesota_ __ _ 30,000
Montana
The Powder.River National Bank of Broadus,
100,000
The Peoples National Bank of Southbridge, Mass
The Farmers National Bank of Ladysmith, Wisconsin
Oklahoma
Oak,
Red
of
The First National Bank
The Luzerne National Bank, Luzerne, New York
For conversion of State banks:
Mexico
The First National Bank of Springer, New
Conversion of the Bank of Springer.
Wisconsin
Sparta,
of
Bank
National
The Farmers
Conversion of the Citizens State Bank of Sparta.
$25,000
25,000
25,000
50,000
25,000
25,000
50,000
50,000
$405,000
Total
CHARTERS EXTENDED.
N. Y. Charter
The Oysterxnen's National Bank of Sayville,
extended until close of business March
INCREASES OF CAPITAL APPROVED.
26 1939.
Amount.
Harrisonburg, Virginia.
The Rockingham National Bank of
$40,000
to $100,000
Capital increased from
Carolina.
The First National Bank of Tarboro, North
to $100000
Capital increased from
of New York, N. Y.
The Coal and Iron National Bank of the City
500,000
Capital increased from $1,000,000 to $1,500,000
The First National Bank of Galva, Iowa.
25,000
Capital increased from $25,000 to 350,000 Carolina.
The First National Bank of Smithfield, North
25,000
Capital increased from $75,000 to $100,000
New Mexico.
The First National Bank of Tucumcari,
$100,000
to
$50,000
from
Capital increased
California.
The Exchange National Bank of Long Beach,
Capital increased from 3125,000.to $150,000
New Jersey.
The First National 13ank of South River,
50,000
Capital increased from $50,000 to $100,000
Indiana.
The First National Bank of Hammond,
100,000
Capital increased from $150,000 to $250,000
South Dakota.
The First National Bank of Lake Norden,
Capital increased from $30,000 to $35,000
Texas.
The State National Bank of Corsicana,
Capital increased from $100,000 to $200,000
$970,000
Total
CONSOLE DATION.
the
and
Indiana,
Bend,
The Citizens National Bank of South Bend, Indiana, under the
South Bend National Bank, South
of South
charter and title of "The Citizens National Bank
Bend," with capital stock of
n
consolidatio
to
prior
banks
of
capital
Combined
$200,000
Increase
$60,000
$50,000
50,000
50,000
25,000
5,000
100,000
200,000
200,000
Canadian Bank Clearings.-The clearings for the week
ending Mar. 20 at Canadian cities, in comparison with the
same week in 1918, show an increase in the aggregate of
8.0%.
Week endiag March 20.
Clearings at1919.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Prince Albert
1245
THE CHRONICLE
MAR. 29 1919.]
1918.
Inc. or
Dec.
1917.
1916.
$
%
$
$
$
95,089,275 74,385,579 +27.8 76,007,257 66,156,951
66,039,707 53,063,625 +22.4 52,931,625 43,127,277
19,109,051 45,660,549 -36.3 39,503,095 28,848,306
10,632,602 9,164,451 +16.0 7,046,050 5,759,717
6,196,126 5,877,460 +5.4 4,937,935 3,692,200
4,435,172 3,564,415 +24.4 3,835,033 2,028,144
3,589,461 2,900,013 +20.0 2,427,174 2,121,566
4,735,503 4,605,004 +28.2 4,117,528 3,303,167
2,216,345 2,157,396 +2.7 1,774,053 1,586,700
2,308,359 2,045,248 +12.9 2,041,401 2,046,042
5,009,582 6,523,604 .--23.2 5,389,065 3,778,595
1,840,602 1,740,840 +5.8 1,319,000 1,298,000
+2.2 2,597,559 1,907,619
3,197,996 3,127,738
2,994,803 3,089,616 -3.1 2,767,291 1,529,900
-26.3
619,046
507,636
472,521
456,794
730,510 -21.5
672,923
464,722
573,043
898,318
1,460,200 1,553,660 -4.9 1,776,324
852,285 --3.3
809,676
588,597
824,311
+4.2
049,591
814,758
1,258,474 1,208,286
+1.5
542.194
431,576
351,070
550,275
342,995 +27.3
272,700
213,959
432,531
497,061 -30.6
533,979
368,638
345,353
667,133 -13.5
512,079
380,362
577,171
809,144 +9.7
523,019
731,300
887,412
561,201 +20.1
513,338
674,509
250,606 +29.9
325,483
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh
$ per sh. Shares.. Stocks.
Shares. Stocks.
3 Continental Passenger Ry__ - 96
4,996 Campania de Los Terrenos de
common..
Stetson,
B.
.32214
5
John
nonand
paid
fully
Laguna
2 Perpetual membership in
assess. at portador shares,
54
Mercantile Library
100 Mexican pesos each and
20 Kittaning Coal,$25 each. _ _ 21
29,900 shares The Laguna
4 Lackawanna Coal & Lum-(
Corp. (of Del.), $100 ea...$50,000
i$5 lot
ber, $25 each
10 Girard Life Insur., $10 each_834
24 Coal Lands &cur.,$50 each
725 Pa.. Garage .11: Service,$10 ea_ 1
10 Unitei Gas& Elec.,1st pf.39%-40%
520
13 Fidelity Trust
Per cent.
Bonds.
50
5 Belmont Driving Club
31.000 Springf. Cons.\Vat. 5s, 1958 50
710
1 Philadelphia Trust
4
15 Guar. Trust & S. l)..12034-12134 1,000 OceanC'Y,N.J.,fund.53,'4 10014
3334 4,000 Logan Co. Light & Power__ 91
25 Mutual Trust, $50 each
1st 534s,'30 0534
28 Fire Assoc. of Phil.,$50 each.32034 1,000 Enterprise Mfg.
05 Franklin Fire Ins. rights.... 1234 5,000 Williamstown GlaasIst 55,'38 1334
DIVIDENDS.
all the dividends announced for the
shows
following
The
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
50c. Apr. 1 Holders of rec. Mar.20a
Beech Creek (guar.)
Belt RR. & Stk. Yds., IndianapolisApril 1
2
(guar.)
Common.
13-4 April 1
Preferred (guar.)
Mar.31 Holders of rec. Feb. 28a
2
Boston & Albany (quar.)
234 Apr. 1 Holders of rec. Mar.20a
Boston do Providence (guar.)
134 Apr. 1 Holders of rec. Mar. 22a
Boston Revere Beach & Lynn (guar.)
Holders of rec. Mar. 15a
Buffalo de Susq. RR. Corp., corn. (qu.) 134 Mar.29
yi Mar.29 Holders of rec. Mar. 15a
Common (extra)
24 Apr. 1 Holders of rec. Feb. 28a
Canadian Pacific, common (quar.)
Apr. 1 Holders of rec. Feb. 28
2
Preferred
134 Apr. 1 Mar. 8 to Apr. 8
Chicago & North Western, corn. (quar.) 2
Apr. 8
Apr. 1 Mar. 8 to
Preferred (quar.)
Apr. 21 Holders of rec. Apr. 1
Clay. Cin.• Chic. & St. L., pref. (quar.) 134
22a
Mar.
rec.
of
Holders
30
Apr.
5c.
(monthly)
Dayton Coal, Iron & Ry., pi.
*$2.50 April 21 *Holders of rec. April 4
Delaware Lack. cfc Western (quar.)
4a
Apr.
rec.
of
1
*Holders
May
*13j
Great Northern (guar.)
134 Apr. 7 Holders of rec. Mar.254
Joliet & Chicago (guar-)
15 Holders of rec. Mar4314
Apr.
1
_
_
(quar.)
pref.
Southern,
City
iKansas
Apr. 1 Holders of rec. Mar. Ta
1
Lackawanna RR.of N.J.(quar.)
Apr. 5 Holders of rec. Mar alln
tLehigh Valley, corn. & pref. (quar.).. $1.25 Apr.
1 Holders of rec. Mar. 154
134
(guar.)
common
Matie Central,
1 Holders of rec. Mar. 154
Apr.
154
Manhattan Ry. (guar.)
Apr. 1 Holders of rec. Apr. 20a
$1
Meadville Conreaut Lake & Li eso
Apr. 15 Holders of rec. Mar.204
Minn. St. P.& 8. 8. M.. corn. & pref.. 334
Apr. 1 Holders of rec. Mar.20a
2
Minn. St. Paul & 8. S. M.leased lines_
1 Holders of rec. Mar.24a
Apr.
3
Bloomfield
&
Newark
234 Apr. 2 Mar. 14 to Apr. 1
New Lends a Northern (guar.)
ig May 1 Holders of rec. April 8a
New York Central RR.(quar.)
Ili Apr. 1 Holders of rec. Mar. 14a
N.Y. Lackawanna & Western (quar.)
May 19 'Holders of roc. Apr. 30a
Norfolk do Western adj., pref. (guar.)._ _ *1
*la( May 1 *Holders of rec. April 15
Northern Pacific (guar.)
1 Holders of rec. Mar. 100
Apr.
13-4
(guar.)
Northern RR. of N. H.
Apr. 1 Mar. 16 to Mar. 31
2
Norwich & Worcester, preferred (guar.)
la( Apr. 1 Hollers of rec. Mar. 15a
Old Colony (guar.)
234 Apr. 10 Apr. 1 to Apr. 10
Philadelphia & 7're,ton (guar.)
1 Holders of rec. Mar. 15
Pittsb. Bessemer & Lake Erie, common- 758. Apr.
(qu.)
154 Apr. 8 mar. 11 to Apr. 8
guar.
reg.,
Chic.,
&
Pittsb. Ft. W.
1 mar. 11 to Apr. 8
I%
Apr.
Special guaranteed (guar.)
May 8 Holders of rec. Apr. 16a
Reading Company, common (quara_ _ _ $1
10
Holders of rec. Mar. 25a
Apr.
50c.
_
(quara_
pref.
2d
Reading Company
St. Louis & San Francisco
26 to Apr. 1
Apr. 1
1
K.C.Ft.S.de M.pref. trust ctfs.(qu.) 134 Apr. 1 Mar.
Holders of rec. Feb. 28a
Southern Pacific (Guar.)(No.50)
of rec. Mar. 15a
1
Holders
Apr.
2
Southern Ry., M.& 0.stock trust ctfs134 Apr. 1 Holders of rec. Mar.25a
Toronto Hamilton da Bufmlo (guar.)._
to Apr. 8
9
1
Apr.
234
Mar.
(quay.)
Union Pacific. common
2
Apr. 1 Mar. 9 to Apr. 8
Pre erred
234 Apr. 10 mar. 21 to Mar.31
(quar.)
Canal
&
RR.
J.
N.
United
$1.75 Apr. 15 Holders of rec. Apr. 5a
Warren RR
$1.25 April 1 Holders of rec. Mar. 15a
West Jersey de Seashore
Apr. 1 Holders of rec. Mar 20a
2
preferred
Wisconsin Central.
Street & Electric Railways.
•
154 Apr. 1 Holders of rec. Mar. 18
Asheville Power & Light, pref. (ouar.)_
Apr. 1 Holders of rec. Mar. 20a
Baigor By. & Elec., pref. (guar.)(No. 30) la(
134 Apr. 1 Holders of rec. Mar. 17
(quar.)_
common
Ry.,
Elevated
Boston
34
Apr. 1 Holders of red. Mar. 15
(quar.)
pref.
Brazilian Tr., L. & Pow.,
Ili Apr. 1 Mar. 15 to Mar. 31
Capital Traction, Wash., D.C.(quar.). la( Apr. 1 Holders
of rec. Mar. 18
40)
(No.
(qu.)
Pf.
de
Lt.,
Carolina Power
'134 Mar.31 *Holders of rec. Mar. 25
Chicago City Ry.(quar.)
April 1 Mar. 21 to Mar.31
1
Chic. & Hamilton Tract., common (qu.)
134 April 1 Mar. 21 to Mar.31
Preferred (guar.)
758. Apr. 1 Mar. 16 to Mar. 31
Cincinnati Street Ry.(guar.)
_
34 Apr. 1 Holders of rec. Apr. 15a
(monthly)_
pref.
de
corn.
Cities Service,
May 1 Holders of rec. Apr. 15a
Common (payable in common stock)- 11 May 1 Holders of rec. April 15a
3.4
Cities Service, corn. &. pref.(monthly)..
May 1 Holders of rec. April 15a
stock).
fl
common
in
Common (payable
Ili Apr. 1 Holders of rec. Mar. 154
245,760,540 227,512,559 +8.0 214,405,188 173,160,148 Cleveland fly.(quar.)
Total Canada
134 Apr. 1 Mar. 26 to Mar. 31
(gu.)
pj
RR.,
El.
.
es
Zar
&
New'k
Columbus
14 Mar.31 Holders of rec. Mar. 2Ia
Traction, pre,
Apr. 1 Holders of rec. Mar. 154
1
Auction Sales.--Among other securities, the following Corestoga
Duluth-Superior Trac.. pref. (quar.)..
17)
(No.
154 May 1 Holders of rec. Apr. 1
(qu.)
pref.
Exchange
were
Stcck
Co.,
recently
sold
the
Light
in
at
Duquesne
not usually dealt
31 Holders of rec. Mar. 154
Mar.
(qu.)
pi.
154
1st
Elmira Water Light & RR.,
14 Mar.31 Holders of rec. Mar. 15a
at auction in New York, Boston and Philadelphia:
Second preferred (quar.)
34
1 Holders of rec. Mar. la
Apr.
&
(quar.)..
Sons,
New
Muller
York:
(Phila.)
H.
Adrian
Frankf. & Southwark
By Messrs.
Mar. 31 Mar. 25 to Mar. 31
2
Per ce,I. Honolulu Rapid Tr. & Land (guar.)
Per cc t. Shares. Stocks.
Shares. Stocks.
Apr. 1 Holders of rec. Mar. 15a
3
22)
50
(No.
Great
pref.
American
Trite.,
25
Insurance_
Co
County
&
38514
Dunn
J.
Houghton
F.
18
.14 Apr. 1 'Holders of rec. Mar. 15
27 Uni•ed Gas & Electric first
385
Illinois Traction, pref. (quar.)
10 Guaranty Trust
67) 134 Mar.31 Holders of rec. Mar.20
preferred
$2 lot
Iowa Ry.,Se Light, pref.(quar.)(No.
15 Metropolitan Street Ry
(qu.)- 24 Mar. 31 Hold rs of rec. Mar.314
25
cow
db
Lt..
By.
Merchants'
of
Bank
35
National
(Pa.)
Co
Co.
Fahre
L.
Lancaster
Clarence
200
134 Mar. 31 Holders of rec. Mar.274
Jersey City
Preferred (guar.)
109 Fabre & Albrecht, Inc
134 Mar.31 Holders of rec. Mar.224
1,800 Poulson Wireless, voting trus_
119
Manhattan Bridge Three-Cent Line(qua
1,250 Jackson Mg., L.& Devel_ __
Apr. 1 Holders of rec. Mar.22a
14
(quar.)
sh.
Lig.
certificates
&
er
$
RR.
Paper
.
p
th
&
r
5
Elec.
Pulp
Manila
10 La.
7 Holders of roe. Mar.31a
Si) Chicago South Bend & NorthMonongahela Valley Trac., pref. (guar.) 3734c. Apr.
Ctf. of metnb. Riding de DrivApr. 1 Holders of red. Mar. 1Ca
ern Indiana Ry., pref_- _ 3410 lot Northern Ohio Trac. de Lt., pref.(quar.) 1
332
ing Club of Brooklyn
1 Holders of roe. Mar. 15a
Apr.
1
Co
Holding
1 Glenwood
Ottawa Traction (quar.)
758. Apr. 30 Holders of rec. Apr. 14
Bo,dsPhiladelphia Company, common (guar.)
1 Ctf.mem.Marine&FieldClub
May 1 Holders of rec. Apr. la
$1.50
interest
1-3
in
(quar.)
31,000
pref
preferred
Club
Criterion
cent
Sales,
Cash
per
S.
Six
U.
10
Ayr. 1 Holders of rec. Mar. 104
$2
of New York 45
auto Philadelphia Traction
20 U. S. Cash Sales, C9111111011_ _
Holders of rec. Mar. 31a
Philadelphia & Western Ry., pref. (qu.) 624c Apr. 15
& Hagen, Boston:
Apr. 1 Holders of rec. Mar. 15a
1
(guar.)
By Messrs. Millet, Roe
common
Co.,
Bluff
Pile
of rec. Mar. 15a
Shares.
1
Holders
sh.
$
sh.
per
Apr.
Stocks.
per
$
154
Shares. Stocks.
Preferred (guar.)
2.1 Bay Stnte Hardware
9814
12514
134 Apr. 1 Holders of rec. Mar. 20
110 Lawton Mills
Porto Rico Rys., preferred (guar.)_ _ _ _
of rec. Mar. 280
Ana
Holders
25
31
rews
Mar.
Real
1161(
114
73
.116Estate
Trust__
P.&E.,ex4liv
common..
J.,
TurnersFalls
N.
of
Corp.
10
Public Service
161 14 25 Sallivan Machinery
Mar. 31 Holders of rec. Mar.20a
142
10 Pacific Mills
Fret. (div. for 1 mo. at 8% per an.). 66 2-3c Apr. 15 Holders of rec. Mar. 31
5 American Glue,9
134
common0310
4 American Mfg., pref., es-div.
Republic Ry.& Lt., pref. (qu.)(No. 31) $3
Apr. 1 Mar. 16 to Apr. 1
851-I
6 Waltham Watch, prat
Ridge Ave. Pass. Ry., Phila. (quar.).. $3
Apr. 1 Holders of rec. Mar. la
Second & 3d Sta. Pass., Phila.(quar.)_.
Co., Boston:
By Messrs. R. L. Day$ &
‘pr. I Holders of rec. Mar. 140
(qua
134
ord.
Lt..
&
Ry.
(Mo.)
per sh. Shares. Stocks.
$ perosh. Springfield
31 Holders of rec. Mar. 15
Mar.
_
Shares. Stocks.
_
(quar.)
134
Springfield de Xenia Ry., pref.
13 State Street Exchange
34 Apr. 1 Holders of rec. Mar.200
4 First Nat. Bank, Boston, exTri-City Ry.& Light, corn. (quara_ _ _ _
5 Plymouth Cardage
215
455li-460
1 Holders of rec. Mar.20a
dividend
Apr.
134
Preferred (quar.)
26614 5 Greenwich Lettherwood Corp__ 80
134 Apr. 1 Holders of rec. Mar. 15a
1 Merchants' National Bank
Twin City Rap. Tr., Minneap., pf.(mi.) I
I,-.well Gas Light
170
Apr. 1 Mar. 5 to Mar. 15
(quar.).
11 Bigelow-Iran. Carpet, pref....98-93l4 9
common
Rys.,
&
Light
United
I worceater Gas Light
10S1)
81
134 Apr. 1 mar. 5 to Mar. 15
1 Dwight Manufacturing
First preferred (quar.)
5 Tamers Falls P.& E., ex-tilt,
._ _116l(
1115
154 Apr. 1 Holders of rec. Mar. 18
5 Naumkeng Steam Cotton
Utah Power & Light, pref.(qu.)(No.25) $1
165
Apr. 1 Mar.21 to Mar. 31
com.(qu.)
2 Bigelow-Hart. Carpet, coin__ _ 3234 8 Cambrligo Gas Light
RR.
El.
Annap.
Wash.Balt. de
5 Woaaward Iron, common
40
255
Apr. 1 Mar.21 to Mar. 31
750.
9 Batas Manufacturing
Preferred (quar.)
6 Chirleatawn Gas & Eke.,$50 ea. 95
P10
April 1 Holders of rec. Mar. 14
2 Pepperell Manufactaring__ ..
Power,Spokane(qu-) I
Water
Washington
10 Merrimack manufacturing, cont. 6314 20 Copley Square Trust, pref._ _ _55 flat
_ _ 31.75 Apr. 1 Mar.22 to Apr. 1
West End St. Ry., Boston, common_45)
1 Mar. 24 to April 1
16114
April
25 Pacific Mills
West India Electric Co.(quar.)(No.12). 134 Apr. 1 Holders of rec. Mar. 18
Bonds134
5 Richard Borden Manufacturing _156
Power, pf.(qu.)(No.
1i.( w.f... al 11
1,10ra .f row. Ago* 1C
,
e . Yadkin River.t.C11)1n
c5
:
$1,000 Minneapolis General ElectPreirfo
of to,,
26 American Mfg., corn.. ex-"iv _ _1:10
flyer
Yntingstown
1st 5s, 1934
.20 Bay State Street Ry., 1st pref._ 31
1246
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Banks.
Atlantic National (guar.)
23-4
Chase National (guar.)
4
Chatham & Phenix National (guar.).
4
Citizens' National (guar.)
23.4
Coal & Iron (guar.)
2
Colonial (quar.)
3
Commerce, Nat. Bank of (quay.)
23.4
Fifth Avenue (guar.)
1234
Fifth National (guar.)
3
First National (guar.)
5
First Security Co. (guar)
5
Garfield National (guar.)
3
Gotham National (guar.)
*2
Greenwich (guar.)
4
Hanover National
8
Irving National (guar.)
3
Liberty National (guar.)
43.4
Manhattan Co., Bank of the (guar.)._ _ $2
Extra
50c.
Mechanics' (Brooklyn) (guar.)
$1
Metropolitan (guar.)
254
Mutual(guar.)
5
Nassau National (Bklyn.) (guar.)
234
New Netherland
04
New York,Bank of, N.B.A.(guar.) _ _
5
Park, National (guar.)
6
Seaboard National (guar.)
3
Washington Heights, Bank of (guar.)
3
Yorkville ((Man)
5
Books Closed.
Days Inclusive.
Name of Company.
[Vol,. 108.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
Autosales Corporation, pref. (quar.)
50c Mar. 31 Holders of reo. Mar. 15
Avery Company, preferred (quar.)__ _ _
194 Apr. 1 Mar.23 to Apr. 1
Babcock & Wilcox Co.(guar.)
2
April 3 Holders of rec.
Balthnore Tube,common & pref.(guar.) In Apr. 1 Holders of rec. Mar. 31a
Mar. 20a
Barnhart Bros. & Spindler,
First & second preferred (guar.)
194 May 1 Holders of rec. Apr. 25a
Barrett Company, common (quar.)_ _ _
2
Apr. 1 Holders of rec. Mar. 20a
Preferred (guar.)
131 Apr. 15 Holders of rec. Mar. 31a
Bell Telephone of Pa. (guar.)
13.4 April 15 Holders of rec. April 5a
Bell Telephone of Canada (guar.)
2
Apr. 15 Holders of rec. Mar. 31a
Bethlehem Steel,common (guar.)
134 April 1 Holders of roe. Mar. 12
Common (extra)
13-4 April 1 Holders of reo. Mar. 12
Common B (guar.)
13-4 April 1 Holders of reo. Mar. 12
Common B (extra)
134 April 1 Holders of rec. Mar. 12
Cumulative convertible pref. (quay.)- 02
April 1 Holders of reo Mar. 12
Non-cumulative preferred (a uar.)
el% April 1 Holders of reo. Mar. 12
Billings & Spencer Co.(guar.)
75c. Apr. 1 Holders of rec. Mar.20a
Extra
50e. Apr. 1 Holders of rec. Mar.20a
Special
$1.25 Apr. 1 Holders of rec. Mar. 20a
Bingham Mines (guar.) (No. 8)
25c. Mar. 31 Holders of rec. Mar.20a
Bliss (E. W.), common (guar.)
6234c Apr. 1 Holders of rec. Mar. 22a
Common (extra)
$5
Apr. 1 Holders of rec. Mar. 22a
Preferred (guar.)
$1
Apr. 1 Holders of rec. Mar. 22a
Booth Fisheries, common (guar.)
500 Apr. 1 Holders of rec. Mar. 12a
Preferred (quay.)
134 Apr. 1 Holders of
Mar. 12a
Borden's Cond. Milk,pref.(qu.)(No.70) 154 June 14 Holders of rec.
roe. May 31a
Brandram-Henderson, Ltd., pref.(qu.)
134 Apr. 1 Holders of rec. Mar. la
Brier Hill Steel, common (guar.)
134 Apr. 1 Mar. 22 to Apr. 1
Common (extra)
1
Apr. 1 Mar.21 to Apr. 1
Preferred (guar.)
154 Apr. 1 Mar. 21 to Apr. 1
. Trust Companies.
British-American Tob., ord. (interim)- 6
mar. 31 Holders of coup. No.71k
Bankers (guar.)
5
Apr. 1 Holders of reo. Mar.22a
Preference
Mar. 31 Holders of coup. No. 31
Brooklyn (guar.)
5
April 1 Holders of ree. Mar. 21a Brooklyn Union Gas (guar.) (No. 72).... 234
13.4
Apr.
1 Holders of reo. Mar. 15a
Central Union (guar.)
53.4 Apr. 1 Holders of reo. Mar. 22a Brunswick-Baike-Collender
Co.,Pf.(gu.) '134 Apr. 1 Mar. 21 to Apr. 1
Columbia (quar.)
4
Mar. 31 Holders of roe. Mar.21a Bucyrus Co., pref. (guar.) (No.
16)1
Apr.
1
Holders of rec. Mar.20
Empire (guar.)
3
Mar.31 Holders of rec. Mar.22a Buffalo General Electric (guar.)(No.98) 2
Mar. 31 Holders of roe. Mar. 20a
Equitable (quar.)
5
Mar. 31 Holders of rec. Mar.26a Bush Terminal Bldgs., pref. (guar.)
134 April 1 Holders of rec. Mar. 31a
Fidelity
23.4 Mar. 31 Mar.25 to Mar. 31
California Elec. Generating, pref. (qu.)
13.4 Apr. 1 Holders of rec. Mar.22a
Franklin (Brooklyn) (guar.)
3
Mar. 31 Holders of roe. Mar. 29a Calif.Packing Corp., pref.(qu.)(No.10)
134 Apr. 1 Holders of reo. Mar. 15a
Guaranty (guar.)
5
Mar.31 Holders of rec. Mar. 20
California Petroleum Corp., com.(gu.)194 Apr. 1 Mar. 18 to Mar.23
Hudson (guar.)
2
Mar.31 Mar.27 to Mar.30
Prof.(In L.L. bds. acct. accum. diva.) 12
Apr. 1 Mar. 18 to Mar.23
Irving (guar.)
2
Apr. 1 Holders of roe. Mar. 15
Cambria Iron
$1
Apr. 1 Holders of roe. Mar. 15a
Lawyers Title & Trust (guar.)
13.j Apr. 1 Mar. 16 to Apr.
Canada Bread, Ltd., pref.(guar.)
tort! 1 Mar. 16 to Mar.30
134
Manufacturers (Brooklyn (guar.)
2
April 1 Holders of reo. Mar.20a Canada Cement, Ltd. (guar.)
13.4 Apr. 16 Holders of rec. Mar. 31
Metropolitan (guar.)(No.89)
6
Mar. 31 Holders of rec. Mar.21
Canada Steamship Lines, pref. (quar.)_
134 Apr. 1 Holders of reo. Mar.21a
New York (guar.)
8
Mar. 31 Mar.23 to Mar.31
Canadian Car & Fdy., pref.(guar.__
131 Apr. 10 Holders of reo. Mar.26a
Peoples (Brooklyn) (guar.)
4
Mar. 31 Holders of rec. Mar.29
Canadian Consol.Rubber.Ltd., pf.(qu.) 134 Mar.31 Holders of rec. Mar.
Scand;navian (quar.)
*23.4 Mar. 31 Holders of rec. Mar. 15
Canadian Cottons, Ltd.,common (qu.).. 13-4 Apr. 4 Mar.26 to Apr. 17
3
Title Guarantee & Trust (guar.)
5
Mar. 31 Holders of reo. Mar.22
Preferred (guar.)
13-4 Apr. 4 Mar. 26 to Apr. 3
U. S. Mtge. & Trust (guar.)
*6
Mar. 31 *Holders of reo. Mar. 28
Can. Crocker-Wheeler, corn. & p1. (qu.) 2
Apr. 1 Mar. 21 to Mar.31
Canadian Gen. Elec., Ltd.(qu.)(No.79) 2
Apr. 1 Holders of reo. Mar. 15
Fire Insurance.
Preferred (No. 46)
33.4 Apr, 1 Holders of roe. Mar. 15
Hanover (guar.) (No. 150)
23.4 April 1 Mar.22 to April 1
Canadian Locomotive, corn. (quar.)
13-4 Apr. 1 Holders of rec. Mar. 20
Preferred (quar.)
134 Apr. 1 Holders of roe.
Miscellaneous,
Canadian Westinghouse, Ltd. (guar.).- 134 Apr. 1 Holders of rec. Mar. 20
Mar. 20a
Abitibi Power & Paper, Ltd., pref.(qu.) 13-( Apr. 1 Holders of reo. Mar.20
Carbon Steel, 1st preferred
n4
Mar.31 Holders of roe. Sept. 28
Adirondack Elec. Pow., pref. (guar.)
13.4 Apr. 1 Holders of rec. Mar. 20a
Second preferred (annual)
July 30 Holders of reo. July 213
Advance Rumely. preferred (No. 1).._
134 April 1 Holders of rec. Mar. I7a Cardenas-Amer.Sugar, preferred (guar.)
194 Apr. 1 Holders of reo. Mar. 24
Ahmeek Mining (guar.)(No. 29)
$1
Mar. 31 Holders of rec. Mar. 15
Case (J. I.) Thresh. Mach., pref.(qu.)
134 Apr. 1 Holders of roe. Mar. 17a
Air Reduction,common (guar.)
April 15 Holders of rec. Mar. 31
$1
Celluloid Company (guar.)
2
Mar.31 Mar.5
to Mar. 25
Preferred (guar.)
13.( April 15 Holders of reo. Mar.31
Central Aguirre Sugar Cos.,corn.(guar.) 23-4 Apr. 1 Holders of reo. Mar.120
Allis-Chalmers Mfg., pref. (guar.)
151 Apr. 15 Holders of roe Mar. 31a Central Bond & Mtge., pref. (guar.)
Mar. 31 Holders of rec. Mar. 20
134
Preferred (account accum.dividends)_ 01 Apr. 15 Holders of rec. Mar. 31a Central Coal
&
Coke,
common
13.4
(guar.)
April
15 Holders of rec. Mar. 31a
Allouez Mining (guar.)
$1
Mar.31 Holders of reo Mar. 17a
Preferred (guar.)
134 April 15 Holders of reo. Mar.31a
Amer. Agri°. Chem.,cons.(qu.)(No.30) 2
Apr. 15 Holders of rec. Mar.24a Central Foundry, 1st pref. (guar.)
2 April 15 Holders of rec. Mar. 31a
Preferred (guar.) (No. 55)
134 Apr. 15 Holders of reo Mar.24a Central Leather, common (guar.)
194 May 1 Holders of rec. April 10
American Bank Note, pref. (guar.).
750. Apr. 1 Holders of reo. Mar. 15a Central Leather, preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 10a
Amer. Beet Sugar, common (guar.)
p2
Apr. 30 Holders of rec. Apr. 12a Central Petroleum, preferred
234 Apr. 1 Holders of roc. Mar.27
Preferred (guar.) (No. 79)
134 Apr. 1 Holders of rec. Mar. 15a Central & S. A. Telegraph (guar.)
1
AprI111 Holders of reo.
American Bosch Magneto (No. 1)
*$1 .50 April 5 *Holders of rec. Mar.31
Cent.StatesEloc.Corp.,pf.(qu.)(No.27) 134 Apr. 1 Holders of rec. April ba
Mar. 10
Amer. Brake Shoe & Fdy ,com.(guar.). 134 Mar. 31 Holders of rec. Mar,21a Certain-teed Products
Corporation,
Preferred (guar.)
3
Mar. 31 Holders of ree. Mar.21a
First dx second pref. (guar.)(No.9)_ - 194 Apr. 1 Holders of reo. Mar. 21a
American Can, preferred (guar.)
134 Apr. 1 Holders of reo. Mar. 14a Chandler Motor Car (quar.)
3
Apr. 1 Holders of reo. Mar. lie
Amer. Car & Fdy., corn.(qu.)(No.66)_ 2
Apr. 1 Holders of rec. Mar. 14a Charcoal Iron of America, corn.(guar.).
20c. Apr. 1 Holders of rec. Mar. 15
Preferred (guar.) (No. 80)
134 Apr. 1 Holders of reo. Mar. 14a Chicago Pneumatic Tool (guar.)
134 Apr. 25 Holders of reo. Apr. 15ps
American Chicle, preferred (guar.)
13.4 Apr. 1 Holders of rec. Mar.22
Chicago Ry. Equipment (guar.)
134 dApr. 1 Mar. d22 to Apr. 3
American Cigar, preferred (guar.)
13.4 Apr. 1 Holders of rec. Mar. 15a Chicago Telephone (guar.)
2
Mar.31 Holders of reo. Mar. 29a
Amer. Cyanamid, pf.
.(acct.accum.div.) h6
Apr. 10 Apr. 1 to Apr. 10
Chino Copper (guar.)
75e. Mar.31 Holders of rec. Mar. 14a
American Express (guar.)
134 Apr. 1 Holders of reo. Feb. 28a Cincinnati Gas & Electric (quar.)
Apr.
1 Mar. 15 to Mar.21
134
American Fork & Hoe, preferred
334 April 15 Holders of reo. April 5
Gin. & Suburban Bell Telephone (guar.) 2
Apr. 1 Mar. 25 to Mar.31
Amer. Gas & Elec. corn.(qu.)(No. 36) $1.25 Apr. 1 Holders of reo. Mar.20
Cincinnati Tobacco Warehouse
1
Apr.
15
Holders of rec. Apr. 5
Preferred (guar.;(No.49)
75e. May 1 Holders of reo. Apr. 18
Citizens Gas do Fuel, Terre Hte.,cons.(gu.) 8
Mar. 27 Holders of reo. Mar. 14a
American Glue, common
*5
May 1 *Holders of rec. April 18
Preferred (guar.)
134 April 1 Mar. 14 to April 1
Corn. (extra, payable in L. L. bonds)._ _ .45 May 1 *Holders of reo. April 18
Citizens Gas of Indianapolis
Amer. Graphophone,com.(qu.)(No.55) 134 Apr. 1 Holders of rec. Mar. 15a City Investing, preferred (No. 19).._. $1.25 Mar.29 Mar. 13 to Mar.29
(guar.)
IX April 1 Holders of reo. Mar.27
Preferred (guar.) (No. 83)
134 Apr. 1 Holders of reo. Mar. 15a Cleveland-Akron Bag, common (guar.)_
191 Apr. 1 Mar. 23 to Mar. 31
Amer. Hardware Corp. (guar.)
2
April 1 Mar. 23 to April 1
Cleve. Automatic Machine, pref.(guar.) 194 Apr. 1 Holders of reo. Mar. 20a
American Hide & Leather, pt.(guar.)._
13( April .1 Holders of reo. Mar. 15a Cleveland Worsted Mills Co
154 Mar. 31 Holders of roe. Mar. 20a
American Ice. pref. (guar.)
April
25
Holders
134
of rec. April 15
Cluett, Peabody
Amer. Internat. Corp.,corn.& pre!.(qu.) 90c. Mar.31 Holders of reo. Mar. 15a Colorado Power,& Co., Inc., pref. (qu.) 194 Apr. 1 Holders of roe. Mar.21a
common (guar.)
H Apr. 15 Holders of reo. Mar.31a
Am.La France Fire Eng.,Inc.,corn.(qu.) 2
May 15 Holders of rec. May 8a Colt's Patent Fire Arms Mfg. (quar.).... $1.25 Apr.
Preferred (guar.)
134 April 1 Holders of rec. Mar. 22a Columbia Graphophone Mfg.,com.(qu.) $2 50 Apr. 1 Holders of reo. Mar. 15a
1 Holders of reo. Mar. 15a
Amer. Laundry Machinery, pref.(qu.)_
134 Apr. 15 April 6 to April 15
Common (payable in corn. stock).... (x) Apr. 1 Holders of roe. Mar. 15a
American Locomotive,common (guar.). 134 Apr. 3 Holders of rec. Mar. 18a
Preferred (quar.)(No. 4)
Apr. 1 Holders of reo. Mar. 15a
134
Preferred (guar.)
134 Apr. 21 Holders of reo. Apr. 4a Commonwealth Finance Corp., pf.(qu.) 134 Apr. 15 Holders of
reo. Mar. 31
Amer. Manufacturing,common Xquar.). w13.4 Mar.31 Mar. 16 to Mar.30
Computing-Tabulating-Recording (qu.) 1
Apr. 10 Holders of roe. Mar.25a
Common (extra)
2
Mar.31 Mar.16 to Mar.30
Consol. Gas, Elec. L. & P.. Bait.(qu.)- 2
Apr. 1 Holders of roe. Mar. 15a
Preferred (guar.)
W 1 X Mar.31 Mar. 16 to Mar. 30
Consumers' Elec. L. & Pow.,iVew Orleans.
Amer. Multigraph, preferred (guar.)
134 Apr. 1 Mar. 21 to Apr. 1
Common
1
Mar. 27 Holders of reo. Mar. 27a
American Piano, pref. (guar.)
*134 April 1 *Holders of reo Mar. 25
Pref.(guar.)
134 Mar. 31 Mar. 9 to
Amer.Power dc Light, pi.(nu.)(No.38) 134 Apr. 1 Holders of rec. Mar.20
Consumers' Power (Mich.), pref.(guar.) 134 Apr. 1 Holders of reo. Mar. 31
Mar.21a
Amer. Public Service, pref. (quar.)_...._
154 Apr. 1 Holders of reo. Mar. 15
Continental Can, Inc., corn. (quar.)... 13-4 Apr. 1 Holders of reo. Mar.20a
Amer. Public Utilities, pref. (guar.)
gl
April 1 Holders of reo Mar. 20a
Preferred (guar.)
13.4 Apr. 1 Holders of reo. Mar.20a
American Radiator, common (guar.)._
3
Mar.31 Mar. 23 to Mar.31
Contineltal Motors Corp., pref. (guar.)_
194 April 15 April 9 to April
Corn.(extra pay.in L.L.4 3. % bonds) m4
Mar. 31 Mar.23 to Mar.31
Corn Products Refining, pref. (guar.)._ *194 April 15 *Holders of roe. April 15
5
Amer. Rolling Mill, cam.(guar.)
750. April 15 Holders of reo. Mar. 31a Creamery Package Mfg., common (qu.)
194 Apr. 10 Apr. 1 to Apr. 10
Preferred (guar.)
13.4 April 15 Holders of rec. Mar. 31a
Preferred (guar.)
Apr. 10 Apr. 1 to Apr. 10
American Screw (guar.)
134 Mar. 31 Holders of roe. Mar.24a Cresson Cons. Gold M.& M.(monthly) 134
10o. Apr. 10 Holders of reo. Mar.31
American Seeding Mach., corn. (guar.)
1
April 15 Holders of rec. Mar. 31a Crocker-Wheeler Co., corn. (guar.)
2
April 15 Holders of rec. April 5
Preferred (guar.)
13.4 April 15 Holders of roe Mar. 31a
Preferred (guar.)
April 15 Holders of rec. April 5
134
Amer. Shipbuilding, corn. (guar.)
13-( May 1 Holders of reo. April 15
Crucible Steel, pref.(guar.)(No.68).._
Mar.
31 Holders of reo. Mar. 15
134
Common (extra)
23-1 May 1 Holders of rec. April 15
Cuba Cane Sugar, preferred (guar.) _ _
13-1 Apr. 1 Holders of rea. Mar. 15a
Preferred (guar.)
13-4 May 1 Holders of rec. April 15
Cuban-American Sugar, corn. (quar.).. 23-4 Apr. 1 Holders of rec.
Mar. 14
Amer.Smelters Securities, pref. A (qu.)_
134 April 1 Mar. 16 to Mar.24
Preferred (guar.)
134 Apr. I Holders of reo. Mar. 14a
Preferred B (guar.)
134 April 1 Mar. 16 to Mar. 24
Cudahy Packing, common (guar.)
13-4 Apr. 5 Mar. 27 to Apr. 4
American Snuff, common (guar.)
3
Apr. 1 Holders of rec. Mar. 15a Dayton Power & Light, preferred (guar.) 134
Apr. 1 Holders of reo.
20a
Preferred (guar.)
13-4 Apr. 1 Holders of rec. Mar. 15a Delaware Lack. & West. Coal (quar.)..... $1.25 Apr. 15 Holders of rec. Mar.
April la
American Steel Foundries (guar.)
2
Mar. 31 Holders of rec. Mar. 15a Detroit Edison (guar.)
2
Apr. 15 Holders of rec. Mar,31a
American Stores, first pref. (quar.)_._.. 134 Apr. 1 Mar.22 to Apr. 1
Detroit Iron & Steel, corn. (guar.)
25e. April 15 April 6 to April 15
Second pref. (guar.)
13( Apr. 1 Mar.22 to Apr.
Preferred (guar.)
173-4c. April 15 April 6 to April 15
Amer.Sugar Refining,corn. dc prof.(qu.) 131 April 2 Holders of reo. Mar. 1
la Distillers Securities Corp.(guar.)
3-4 April 18 Holders of rec. April 2a
Common (extra)
'
M April 2 Holders of reo. Mar. la
Extra
194 April 18 Holders of rec. April 2a
American Surety (guar.) (No. 119)___ _ $1
Mar.31 Holders of reo. Mar. 22a Dodge Manufacturing, common
(guar.) 134 Apr. 1 Holders of reo. Mar.28a
American Telep.& Teleg.(guar.)
2
Apr. 15 Mar. 15 to Mar. 25
Common (special)
1
Apr. 1 Holders of reo. Mar. 28a
American Thermos Bottle
$6 Apr. 15 Holders of rec. Apr. 5
Preferred (guar.)
134 Apr. 1 Mar.22 to Mar.
Amer. Tobacco, preferred (guar.)
13-4 Apr. 1 Feb. 16 to Mar. 16
Dominion Canners, Ltd., pref. (quay.). 194 Apr. 2 Mar. 23 to Mar. 31a
Amer. Type Founders, corn. (guar.)_ _ _
31
1
Apr. 15 Holders of rec. Apr. 103 Dominion Glass, Ltd., corn.(quar.)..... 1
April 1 Holders of rec. Mar. 15a
Preferred (guar.)
134 Apr. 15 Holders of rec Apr. 103
Preferred (guar.)
13-4 April 1 Holden of reo. Mar. 15
Amer. Window Glass Mach., pf. (qu.).. 13.1 Apr. 1 Holders of reo. Mar.21a
Dominion Iron & Steel, Ltd.. pref. (au.) 13.4 Apr. 1 Holders of reo. Mar.
American Woolen, common (guar.)
15
134 Apr. 15 Mar. 18 to Apr. 1
Dominion Steel Corp., Ltd., corn.(qu.)
13-4 Apr. 1 Holders of roc. Mar. 5
Extra (payable in Liberty Loan bonds) 410
Apr. 15 Mar. 18 to Apr. 1
Dominion Textile, Ltd., corn. (guar.)
2
Apr. 1 Holders of reo. Mar. 15
Preferred (guar.)
134 Apr. 15 Mar. 18 to Apr. 1
Preferred (guar.)
134 Apr. 15 Holders of roe. Mar. 31
Amosekeag Manufacturing (guar.)
$1 April 2 Holders of rec. Mar. 25
Draper Corporation (guar.)
2
Apr. 1 Holders of reo. Mar.
Anaconda Copper Mining (guar.)
$1
May 26 Holders of rec. April 19
Duluth Edison Elec.. Pf (qu.)(No.52). 13-4 Apr. 1 Holders of roe. Mar. 8
Arkansas Light & Power, pref.(guar.)._
21a
131 April 1 Holders of rec. Mar. 28a duPont(E a de Nem.&Co.deb.stk.(qu.) 134 April 25 Holders
of rco. Apr. 10
Armour & Co., preferred (guar.)
134 Apr. 1 Mar. 16 to Mar. 31
du Pont(E.1. de Nem.Powd.,com.(111.) 13-4 May 1 Holders of rec. Apr. 19a
Asbestos Corp.of Can.,Ltd.,corn.(qu.) 134 Apr. 15 Holders of reo. Apr. 1
Preferred (guar.)
13-4 May 1 Holders of rec. Apr.
Preferred (guar.)
134 Apr. 15 Holders of reo. Apr. 1
East Coast Fisheries, pref.(MO (No. 5) 13-4 Apr. 1 Holders of reo. Mar. 19a
28
Associated 011 (guar.)
134 Apr. 15 Holders of reo Mar. 21a Eastern Steel. common
(guar.)
234 Apr. 15 Holders of rec. Apr. 1
Atlantic Gulf ez W.I. S. S. L.. pf.(qu.) .1134 Apr. 1 Holders of reo. Mar. 10a Edison Elec. Co.,
Lancaster, Pa.(guar.)._ 3
Mar. 31 Holders of rec. Mar.
Atlantic Steel, common (quar.)
134 April 1 Mar.23 to April 1
Edmunds & Jones Corp., pref. (guar.). 13-4 April 1 Mar. 21 to Mar.21a
31
Apr. 1 Holders of rec. Mar.28a
Apr. 1 Holders of rec. Mar.25a
Apr. 1 Mar. 20 to Mar. 31
April 1 Holders of rec. Mar. 22a
April 1 Holders of reo. Mar. 12a
April 1 Holders of rec. Mar.20a
Apr. 1 Holders of rec. Mar.20a
Apr. 1 Holders of rec. Mar. 31a
Apr. 1
Apr. 1 Holders of rec. Mar. 31a
Apr. 1 Holders of rec. Mar. 31a
Mar.31 Mar. 27 to Mar. 31
Apr. 1 *Holders of rec. Mar. 31
Apr. 1 Holders of rec. Mar. 21a
April 1 Mar.23 to Mar.31
Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar.25a
April 1 Holders of reo. Mar. 26a
April 1 Holders of rec. Mar. 26a
April 1 Holders of rec. Mar.22a
Apr. 1 Holders of rec. Mar.20a
April 1 Holders of reo. Mar.24a
Apr. 1 Holders of rec. Mar.28a
Apr. 1 Holders of rec. Mar. 31a
Apr. 1 Holders of rec. Mar.22a
April 1 Holders of rec. Mar.213
April 1 Holders of rec. Mar.25a
Apr. 1 Holders of rec. Mar. 31a
Mar,31 Holders of reo. Mar.21a
Name of Company.
1247
THE CHRONICLE
MAR. 29 1919
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
Miscellaneous (Co:ttinued)
13
4 April 1 Holders of rec. Mar. 18a
234 Apr. 1 Holders of rec. Feb. 28a Manhattan Shirt, pref. (quar.)
Eastman Kodak,common (quar.)
2% Apr. 1 Holders of rec. Feb. 28a Manning, Maxwell & Moore (guar.)... 154 Mar. 31 Holders of rec. Mar.31
Common (extra)
Mar. 31 Holders of rec. Mar.31
5
May 1 Holders of rec. Mar. 31a
Extra
Common (extra)
$1 April 15 Holders of rec. Mar. 31a
1% Apr. 1 Holders of rec. Feb. 28a Manufacturers' Lt. & HI. (qu.)
Preferred (guar.)
234 April 18 Holders of rec. April 3
Eisenlohr (Otto) & Bros., Inc., p1.(qu.) 1%, Apr. 1 Holders of rec. Mar. 20a Maple Leaf Milling, corn. (guar.)
April 18 Holders of rec. April 3
1
Apr. 1 Holders of rec. Mar. 17a
Comnum (bonus)
Elec. Storage Battery,corn.& pref.(qu.) 1
April 18 Holders of rec. April 3
Preferred (guar.)
Apr. 1 Holders of rec. Mar.28a
Electrical Securities Corp., corn.(guar.) 2
25c. July 1 June 2 to June 14
13j May 1 Holders of rec. Apr. 22a Marconi Wireless Teleg. of America
Preferred (guar.)
April 11 April 5 to April 10
51
I%
Apr.
1
Holders
of
rec.
Mar.
24a
Marlin-Rockwell
Corp.
(monthly)
(quar.)
pref.
Elyria Iron & Steel,
April 1 Holders of rec. Mar. 10a
Mason Tire & Rubber, pref. (guar.)
Emerson-13rantingham Co. (pref. qu.)- *1% May 1 *Holders of rec. April 18
3
*1%
May 1 *Holders of rec. April 15
Apr. 1 Holders of rec. Mar. 27
Massachusetts Gas Cos. (guar.)
Erie Lighting, pref. (quar.)
April
15 Holders of rec. Mar. 25
134
April
10
Lighting
pref.
(qu.)
Holders
of
rec.
Massachusetts
Cos.,
Mar.
31
50c.
Everett, Heaney & Co., Inc. (guar.).-1% Apr. 1 Holders of rec. Mar. 25a
Apr. 1 Holders of rec. Mar. 20a Mathleson Alkali Works, pref. (guar.).
2
Fairbanks Co., preferred (quar.)
Apr.
•
1 Holders of rec. Mar. 20a
April
1
Department
Stores,
pref.
(quar.)..
IIolders
134
of
10c.
rec.
Mar.
20
May
(quar.)
preferred
Federal 011,
April 1 Holders of rec. Mar.20a
1% April 1 Holders of rec. Mar.27a McCrory Stores Corp., pref. (quar.)_
Finance & Trading Corp., pref.(quara_
134 Mar. 31 Holders of rec. Mar. 24a
Firestone Tire & Rubber, pref.(guar.)- lA Apr. 15 'Holders of rec. Apr. la Merchants Despatch Transport.(qu.)
134 April 1 Holders of rec. Mar. 20a
Mar. 31 Holders of rec. Feb. 28a Merchants' Public Util., pref.(guar _ _ _
Galena-Signal Oil, pt. & new p1. Mara 2
Mergenthaler Linotype (quar.)(No. 93) 234 Mar. 31 Holders of rec. Mar. 5a
General Amer. Tank Car, corn. (guar.)- $1.50 Apr. 1 Mar.d19 to Apr. d8
Apr. 10 Holders of rec. Mar. 15a
Mexican Petroleum, common (guar.).- g2
14 Apr. 1 Mar.d19 to Apr. d3
First and second preferred (guar.) _ 2
Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
General Baking, pref. (guar.) (No. 29)- 1% Apr. 1 Holders of rec. Mar 27
234 April 16 Holders of rec. April 10a
134 Apr. 1 Holders of rec. Mar. 18a Mexican Telegraph (guar.)
General Chemical, preferred (guar.)
15c
Apr.
1 Holders of rec. Mar.d15
corn.
(mthly)
Co.,
Apr.
15
Drop
Forge
2
Holders
Michigan
of
rec.
Mar.
15a
General Electric (guar.)
134 April 1 Holders of rec. Mar. 15
Preferred (guar.)
General Fireproofing, corn. & pref.(qua rl% Apr. 1 Mar. 21 to Mar. 31
15.4 Apr. 1 Holders of rec. Mar. 15
May 1 Holders of rec. April 15
Michigan Light Co., pref.(guar.)
3
General Motors, common (guar.)
Michigan Limestone & Chem., pf.(qu.)_ 4334c Apr. 15 Holders of rec. Mar. 31a
1% May 1 Holders of rec. April 15
Preferred (guar.)
1% May 1 Holders of rec. April 15
Michigan Stamping, common (monthly) 1234c. Apr. 1 Holders of rec. Mar. 16
Debenture stock (guar.)
134 Mar. 31 Holders of rec. Mar. 24a
Apr,
1%
1
Holders
ot
rec.
Mar.
20
Michigan State Telep.. pref. (quar.)
23)
(No.
(qu.)
corn.
Signal,
General Sty.
Apr. 1 Holders of rec. Mar. 24
1%
Apr.
1
Holders
of
rec.
Mar.
20
Middle States Oil Corp. (monthly)---- 1
Preferred (guar.)(No. 59)
*51
May 1 *Holders of rec. April 12
134 April 1 Holders of rec. Mar. 20a Mohawk Mining (guar.)
General Tire de Rubber, pref.(guar.)
Api.
. 1 Holders of rec. Mar. 15a
134
31
May
$2
Holders
of
rec.
(No.
May
1
Power,
corn.
(qu.)
Montana
26)
(quar.)
Razor
Safety
Gillette
1%
Apr. 1 Holders of rec. Mar. 15a
May
31
$1
Holders
of
1
(No.
26)
rec. May
Preferred (guar.)
Extra
Apr. 1 Holders of rec. Mar.31
Montgomery, Ward & Co., pref. (guar.) 1% Apr. 1 Holders of rec. Mar.20a
Gold & Stock Telegraph
2
April 15 Holders of rec. Mar. 31a
May 15 Holders of rec. May 5
Montreal Te!egraph, guar. (guar.)
Goodrich (B. F.) Co.. common (guar.). 1
134 Mar. 31 Holders of rec. Mar. 22
134 April 1 Holders of rec. Mar. 21a mortgage-Bond Co. (quar.)
Preferred (guar.)
July 1 Holders of rec. June 204 Mountain States Telep. & Te'eg. (guar.)_
134 Apr. 15 Holders of rec. Mar. 31
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 15a
Apr. 1 Holders of rec. Mar. 15a Narragansett Electric Lighting (guar.). Si
Goodyear Tire & Rubber, pref. (guar.).
2
Mar. 31 Holders of rec. Mar.26a
2
May 1 Holders of rec. Apr. 15a
Nassau I.ight & Power (quar.)
Second preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 24a Nat. Aniline & Chem., pref. (guar.)__ _ _ *134 Apr. 1 *Holders of rec. Mar. 26
Gorham Manufacturing, prof. (guar.)._
134 April 15 Holders of rec. Mar.31a
Gorton-Pew Fisheries common (guar.).- 50c. April 1 Holders of rec. Mar. 22a National Biscuit, com.(quar.)(No. 83)134 Mar. 31 Mar. 21 to Apr. 4
Apr. 1 Holders of rec. Mar.22a National Casket (quar.)
2
Preferred (guar.)
1
Mar. 31 Mar. 21 to Apr. 4
May 1 Holders of rec. Apr. 18a
Extra
Granby Cons. Min.,Smelt.& Pow.(qu.)
Apr. 1 Holders of rec. Mar.21
Nat. Cloak & Suit, corn. (qu.)(No. 9).. 134 April 15 Holders of rec. April 8a
Gray & Davis, preferred (guar.)
Nat. Enamel & Stampg, pref. (quar.).. el% Mar.31 Holders of rec. Mar. Ila
Extra (on acct. of accumulated diva.)- hl% Apr. 1 holders of rec. Mar.21
234 Apr. 15 Holders of rec. Mar.31a
*2
April 1 *Holders of rec. Mar.20
National Fuel Gas (quar.)
Great Lakes Steamship (quar.)
Apr. 1 Holders of rec. Mar. 15
April 1 *Holders of rec. Mar.20
*2
National Glue, corn. and pref. (guar.)._ 2
Extra
Mar. 31 Mar. 16 to Mar. 31
Natlonal Ice & Coal, lot pref. (guar.).- 1% April 1 Holders of rec. Mar.20a
Great Lakes Towing, common (guar.)Mar.31 Holders of rec. Mar. 14a
134
Apr.
1
Mar.
16
to
common
Apr.
1
Lead,
(guar.)
National
134
Preferred (quar.)
Apr. 9 Holders of rec. Mar. 20a National Licorice, pref.(qu.)(No.67)- 134 Mar. 31 Holders of rec. Mar.24
$2
Great Northern Iron Ore Properties
April 1 Mar.27 to Mar.31
pref.
_
(quar.).
134
April
2
of
rec.
Mar.
15a
Pow.,
1g
Holders
Heat
de
Nat.
Light,
(guar.)
corn.
Sugar,
Western
Great
20c Apr. 15 Holders of rec. Apr. la
April 2 Holders of rec. Mar. 15a National 011, preferred (quar.)
Corn. (spec., pay.in U. S. L. L. bds.) (10
Apr. 15 Holders of rec. Mar.31a
- 134 April 2 Holders of rec. Mar. 15a National Paper & Type, corn. (quar.).. 2
Preferred (guar.)
la( Apr. 15 Holders of rec. Mar.31a
$1.25 Apr. 1 Holders of rec. Mar. 19a
Preferred (guar.)
Guantanamo Sugar (guar.)
2
Apr. 1 Holders of rec. Mar. 15
1
Apr. 1 Holders of rec. Mar. 15a National Refining, preferred (quar.)
Gulf States Steel, corn. (quar.)
Apr, 1 Holders of rec. Mar. 15a National Sugar (guar.)
154 Apr, 2 Holders of rec. Mar. 10
First preferred (guar.)
3
Apr. 1 Holders of rec. Mar. 20a
134y
Apr.
1
IIolders
of
rec.
Mar.
15a
National
Surety
(guar.)
(guar.)
Second preferred
3
Apr. 1 Mar. 22 to Mar.31
Harbison-Walker Refrao., pref. (guar.). 134 Apr. 19 Holders of rec. Apr. 9a National Tool, common (guar.)
134 Apr. 1 Mar.22 to Mar. 31
Mar. 27 Holders of rec. Mar. 19a 'Preferred (guar.)
Harrisburg (Pa.) Light de Pow., com.(gu.)
Mar. 31 Holders of rec. Mar. 19a Nevada Consolidated Copper (guar.)._ 3754c Mar. 31 Holders of rec. Mar. 14a
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 17a
New England Power, preferred (quarj_
Hartford City Gas Light, corn. & pf.(qu.)_ 50c. Mar. 31 Holders of rec. Mar. 17
134 Mar.31 Holders of rec. Mar. 19
Mar.
31 Holders of rec. Mar.20a New England Telep. & Teleg.(quara
(qu.)
pref.
Inc.,
Marx,
Hart,Schaffner .4:
Apr. 1 Holders of rec. Mar. 17a N. Y. Title & Mortgage Co.(quar.)... 13.4 Apr. 1 Holders of rec. Mar. 21
$1
Haskell & Barker Car (guar.)
4
Apr. 15 Holders of rec. Mar.22
Helme (Geo. W.) Co., common (guar.). 234 Apr. 1 Holders of rec. Mar. 15a New York Transit (guar.)
13.4 Apr. 15 Holders of rec. Mar. 31
Apr. 1 Holders of rec. Mar. 15a Niagara Falls Power, pref. (quar.)
Preferred (guar.)
25e. Apri121 Apr. 1 to Apr. 17a
April 1 Holders of rec. Mar.20
NIMssing Mines (guar.)
HendeeManufacturing,pref.((iu.)(No.22)
134 Apr. 1 Holders of rec. Mar.20
% Mar. 27 Holders of rec. Mar. 15a North American Co. (quar.)
Houston Heights Water de Land Assn__
April 1 Holders of rec. Mar. 20a NorthwesternElec.Co.,pf.(qu.)(No.16) 134 Apr, 1 Holders of rec. Mar.24
1
Howe Scale, common (guar.)
134 April 1 Hinders of rec. Mar.20a Nova Scotia Steel&Coal,Ltd.,corn.(qu.) 134 Apr. 15 Holders of rec. Mar.31a
Preferred (quar.)
2
Apr. 15 Holders of rec. Mar.31a
Sc. April 15 Holders of rec. Mar. 31
Preferred (quar.)
Howe Sound Co.(guar.)
April 1 Holders of rec. Mar.20
April 1 Holders° f rec. Mar.22
Ogilvie Flour Mills, Ltd., corn. (quar.). 3
Huntington Bevel.& Gas, pref.(quar.).
134 April 1 Holders of rec. Mar. 15a
Ohio Cities Gas, pref. (guar.)
Hupp Motor Car.Corp.,PL(qua (No.14) 134 Apr. 1 Holders of rec. Mar. 20
6234c.
Apr.
15 Holders of rec. Mar. 31a
Mar.
31
Mar.
20a
(guar.)
Holders
of
rec.
Supply
2
Fuel
Ohio
(guar.).
_
corn.
Hydraulic Pressed Steel,
$1.25 Mar.31 Mar. 1 to Mar. 27
1% Mar. 31 Holders of rec Mar. 20a Ohio 011 (quar.)
Preferred (guar.)
$4.75 Mar.31 Mar. 1 to Mar.27
Mar. 31 *Holders of rec. Mar. 12
Extra
Imperial Tobacco of Canada, preferred_ *3
134 Apr. 1 Holders of rec. Mar.20a
134 April 1 Mar.21 to Mar. 31
Ohio State Telephone, pref. (quar.)_ _
Indiana Coke & Gas, common
Oklahoma Producing & Refining (guar.) 1230 April 2 Holders of rec. Mar.20a
134 April 1 Mar. 21 to Mar. 31
First preferred
Mar. 31 Holders of rec. Mar. 15
134 April 1 Mar. 21 to Mar. 31
Osceola Consol. Mining (qu.)(No. 94). SI
Second preferred
134 Apr. 15 Holders of rec. Mar.31
$1 May 15 Holders of rec. April 24
Otis Elevators, common (quar.)
Indiana ripe l'Ane (guar.)
134 Apr. 15 Holders of rec. Mar.31
3
Apr. 1 Mar. 22 to
mar.31
Preferred (quar.)
Indianapolis Water Works Sec., pref._
1
April 1 Holders of rec. Mar.15a
$1.50 April 28 Holders of rec. April 11
Ottawa Car Mfg. (guar.)
Inspiration Cons. Copper Co. (quar.)
April 1 Holders of rec. Mar. 20
2
Ottawa Lt., Ht.& Pow.(qu.)(No. 51). 13.4 April 1 Holders of rec. Mar.204
Interlake Steamship (guar.)
April 1 Holders of rec. Mar. 20
2
Owens Bottle-Maxillae, corn. (quar.).. 75c. April 1 Holders of rec. Mar.22a
Extra
134 April 1 Holders of rec. Mar.22a
Apr. 15 Holders of rec. Mar. 31a
Preferred (guar.)
Internat. Agric. Corp., prof. (quar.)_
134 Apr. 15 Apr. 1 to Apr. 15
3 Apr. 1 Mar. 21 to Mar. 31
Pacific Telep. & Teleg., pref. (guar.)__ _ _
International Banking Corporation.PantunaPow.&Lt.Corp.,pf (qu.)(No.8) 13-4 Apr. 1 Holders of rec. Mar. 22
Internat. Button Hole Sew.Mach. (qu.) 100. Apr. 1 Holders of rec. Mar. 15
Apr.
15
061.25
Apr. 10 Holders of rec. Mar. 15a
(qu.)
_
Holders
corn.
of
Tramp.,
rec.
Mar.
25a
Petrol.
&
Pan-Am.
Internat. Harvester, corn.(quar.)(No.3)
13-4 Apr. 1 Holders of rec. Mar. 150
April 15 April 9 to Apr1123
Preferred (guar.)
International Paper, pref. (guar.)
52
Apr. 1 Holders of rec. Mar. 20
1
Apr.
Holders
of
134
rec.
(quar.)
Mar.
Co.
15a
Davis
&
Parke,
(guar.)
International Salt
April 1 Feb. 25 to Mar. 2
134 May 15 Holders of rec. May 5
Pen mans, Limited, common (quar.)
International Silver, pref. (guar.)
134 May 1 Holders of rec. Apr. 21
al April 1 Holders of rec. Mar. 28
Preferred (quar.)
Island Creek Coal, corn. (guar.)
154 Mar.31 Holders of rec. Mar. 15
$1.50 April 1 Holders of rec. Mar. 28
Pennsylvania Rubber,common (quara_
Preferred (guar.)
134 Mar. 31 11.s! lets of rec. Mar. 15
50c. Mar.31 Holders of rec. Mar. 7
Preferred (quar.)
Isle Royale Copper Co.(quar.) (No. 13)
,
11era of rec. Mar.31
Apr. 1 Holders of rec. Mar. 28
Pennsylvania Salt Manufacturing (guar.)_ *750. Apr. 15 *11
Jewell Tea, preferred (guar.)
134 Apr. 1 Hollers of rec. MST. 19a
(No.
21)
1
Apr.
(guar.)
Holders
of
roe.
Water
&
Power
Mar.
22
Penn.
Kansas Gas & Elec., prof.(qu.)(No.36) 134
Apr. 1 Holders of rec. Mar. 20
Pettibone.Mulliken Co.,1st& 2d pf.(qu.) I% Apr. 1 Hol !ere of rec. Mar.20a
Kaufmann Dept. Stores, Inc., pt.(qu.).
23.4 Apr. 2 Holders of rec. Mar.20a
Apr. 1 Holders of rec. Mar. 20a Phelps, Dodge Corporation (quar.)_
2
Kayser (Julius) & Co., corn.(quar.)
May 1 Holders of roe. Apr. 21a Pierce-Arrow Motor Car,common (quar.). $1.25 May 1 Holders of rec. Apr. 15
First and second prof. (quar.)
2
Apr. 1 Holders of rec. Mar. 17a
April 1 Mar. 18 to Mar.31
Pierce-Arrow Motor Car, pref. (guar.)_
Kelly-Springfield Tire, prof. (guar.)._ _ _
April 1 Mar. 27 to Mar. 31
Pittsburgh Plate Glass, common (guar.) 134 Apr. 1 Holders of rec. Mar. lba
Kelsey Co., Inc., common (guar.)
12 Apr. 1 Holders of rec. Mar. 15a
la( April 1 Mar. 27 to Mar. 31
Preferred (annual)
Preferred (guar.)
25e. Mar. 31 Holders of rec. Mar. 18a Pittsburgh Rolls Corporation, pref.(qu.) 134 Apr. 1 Holders of rec. Mar. 25
Kennecott Copper Corp. (guar.)
25c. Apr. 1 Holders of rec. Mar. 28
250. Mar. 31 Holders of rec. Mar. 18a Pond Creek Coal (guar.)
Capital distribution
3
April 30 Holders of rec. Mar. 31a
April 1 Holders of rec. Mar. 21
Prairie 011 & Gas (guar.)
Keystone Tire & Rubber, corn. (guar.). 3
2
f15
April 30 Holders of rec. Mar. 31a
May
20
Holders
stock)_
of
common
rec.
May
in
Extra
1
(payable
Common
3
Apr. 30 Holders of rec. Mar.31a
April 1 Holders of rec. Mar. 20a Prairie Pipe Line (guar.)
Kirshbaum (A. B.) Co., pref. (q uar.) _
2
Apr. 1 Mar. 15 to Mar.31
134 Apr, 1 Holders of rec. May 22
Price Bros.(guar.)
Kolb Bakery, pref.(guar.)(No.29)_
2
13
April
15 Holders of rec. Mar.25a
Apr.
1
_
(guar.)
Holders
(quara_
pref.
of
Gamble,
rec.
preferred
Procter
&
Mar.
17a
Kresge (S. S.) Co.,
1
50c. April 1 Holders of rec. Mar.20a
May 1 Holders of rec. Apr. 19a Providence Gas (quar.)
Kress (S. II.) Co., common (quar.)_ _
*al
Mar. 31 *Holders of rec. Mar. 25
13( Apr. 1 Holders of rec. Mar. 20a Providence Telephone (guar.)
Preferred (guar.)
1
Apr. 1 Holders of rec. Mar. 15
Mar.31 Holders of rec. Mar. 17a Provincial Paper Mills, Ltd.. corn.(qu.) 1
La Belle Iron Works, corn.(guar.)
2
Mar.31 Holders of rec. Mar. 17a
134 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
Common (extra)
2
Mar. 31 Holders of rec. Mar. 17a Public Utilities Corp., pref. (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
3
April 15 Holders of rec. April la
Mar.31 Holders of rec. Mar. 10a Quaker Oats,common (guar.)
Lackawanna Steel, common (guar.)
1
April 15 Holders of rec. April la
134 Mar. 31 Holders of rec Mar. 21a
Common (extra)
Lancaster Elec. Light, Heat & Power
1
13.4 May 31 Holders of rec. May la
Mar. 31 Holders of rec Mar. 212
Preferred (guar.)
Lancaster Gas Light (12 Fuel
3
$1 Mar. 31 Holders of rec. Mar. la
Apr. 1 Holders of rec. Mar. 24
Quincy Mining (quar.)
Laurentlde Company, Ltd. (quara_ _
2
1
Mar. 31 Holders of rec. Mar. 170
Apr. 15 Holders of rec. Mar. 31a Railway Steel-Spring, corn. (quar.)_ _
Laurentlde Power (guar.) (No. 1)
50c Mar. 31 Holders of rec. Mar. 14a
2
Apr,
1
(guar.)
Holders
Consolidated
Copper
of
(quar.)
rec.
Mar.
21
Co.
Ray
Mortgage
Lawyers'
$2
Apr. 1 Holders of rec. Mar. 20
Reece Button Hole Mach.(qua (N0.132) 300. April 1 Holders of rec. Mar. 15
Lehigh Valley Coal Sales (guar.)
134 Apr. 1 Holders of roe. Mar.d21
Reece Folding Machine (qu.)(No.40)._ 10c. April I Holders of rec. Mar. 15
Library Bureau, common (quar.)
2
Apr. 1 Holders of rec. Mar.421
134 April 1 Holders of rec. Mar.21
Regal Shoe, pref. (guar.)(No. 97)
Preferred (guar.)
Holders of rec. Mar. 31
April 1 Holders of rec. Mar. 2Ia Remington Typewriter, 1st pref.(quar.) 134
Liggett & Myers Tobacco,corn. (extra)_ 4
2
Holders of rec. Mar. 31
Apr. 1 Holders of rec. Mar. 17a
Second preferred (quar.)
Liggett & Myers Tobacco, pref.(quaHolders of rec. Mar. 11
6 2-3 Mar. 31 Holders of reo. Mar. 1a
Second pref. (acct. accum. diva.)-_ h2
Lindsay Light, common (guar.)
25c. April 1 Holders of rec. Mar. 15
2 1-3 Mar. 31 Holders of rec. Mar. in Rico Motor Car, common (guar.)
Preferred (guar.)
I%
May
1
Holders of rec. April 21a
334
_
Apr.
1
Steel,com.(qu.)
(No.10)
preferred_
Iron
&
America,
Holders
of
roe.
Republic
Co.
of
Mar.
Locomoblle
29
2
134 April 1 Mar. 21 to April 16
Mar. 31 Holders of rec. Mar. 15a
Preferred (quar.)(No. 62)
Lone Star Gas (guar.)
April 1 Holders of rec. Mar. 21a
dApr.16 Holders of rec. Mar. 25a Reynolds (R. J.) Tobacco, corn. (guar.) 3
Lone Star Gas (extra, in L. L. bonds)-- i4
3
April 1 Holders of rec. Mar. 21a
I% Apr. 1 Holders of rec. Mar. 18a
Common B (guar.)
Loose Wiles Biscuit, first pref.(quar.)_ _
13-4 April 1 Holders of rec. Mar. 21a
3
Apr. 1 Holders of rec. Mar. 154
Preferred (guar.)
Lorillard (P.), common (guar.)
Apr. 1 Holders of rec. Mar. 15a Riordon Pulp de Paper, pref.(qu.)(No.27) 134 Mar. 31 Holders of rec. Mar. 27
Preferred (quar.)
2
Mar.31 Holders of rec. Mar. 15a
1
April 15 April 1 to April 14
Royal Baking Powder,common (quar.)_
Lukens Steel (guar.)
134 Mar.31 Holders of rec. Mar. 15a
Preferred (guar.)
MacA ndrews & Forbes Co., corn. (qu.). 1234 April 15 Holders of rec. Mar. 31
3
(guar.)
May
1 Holders of rec. Apr. 17
preferred
134
Car,
April
15
Motor
Russell
Holders
of
rec.
Mar.31
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 8a Safety Car Heating & Lighting (guar.). 13.4 Apr. 1 Holders of rec. Mar. 15a
Mackay Cos., common (quar.)(No. 55)
2
Apr.
1 Mar. 21 to Apr. 1
(guar.)
1
Yards
Apr.
Stock
1
Joseph's
Holders
of
rec.
St.
Mar.
8a
61)
(No.
Preferred (guar.)
Apr. 10 Holders of rec. Mar.31a
Mar. 31 Holders of rec. Mar. 25
SI
St.L.RockyM t.&P.0.,com.(qu.)(No.20) 1
Magor Car Corp., common (quar.)_ _
134 Mar.31 Holders of rec. Mar.200
Mar.31 Holders of rec. Mar.25
$2
St.Louis Rocky Mt.& Pax.Co.,pf (qu.)
Common (extra)
5
Apr. •1 Holders of rec. Mar. 24
Mar. 31 Holders of rec. Mar. 25
Scovill Manufacturing (guar.)
Preferred (guar.)
5
Mar.31 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 14
Seamans Oil (guar.) (No. 8)
Manatl Sugar, preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15a
April 1 Mar. 11 to Mar. 25
Sears, Roebuck & Co., prof. (quar.)- Manhattan Elec.supply, corn.(quar.)_. 1
*al
Apr. 10 *Holders of rec. Apr. 2
April 1 Mar. 11 to Mar.25
Sharon Steel Hoop (guar.)
First & second preferred (guar.)
154
134
134
13-4
.)_
13-i
134
134
134
134
134
134y
134
134
134
134
134
134
134
134
134
134
134
134
134
134
134
134
134
13(
134
134
13-4
134
134
1248
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
Shattuck-Arizona Copper Co. (quar.)_ _
250. Apr. 10 Holders of roe. Mar. 31a
Shawinigan Water & Power (guar.)_ _ _ _
114 Apr.d10 Holders of rec. Mar. 27a
Sherwin-Williams Co.of Canada,Ltd.
1% Mar.31 Holders of rec. Mar. 15
Preferred (quar.)
Shredded Wheat, common (guar.)
2
Apr. 1 Mar. 22 to Mar. 31
114 Apr. 1 Mar.22 to Mar.31
Preferred (quar.)
Sloss-Sheffield Steel & Iron, pref. (qu.). 1% April 1 Holders of rec. Mar.21a
South Penn Oil (guar.)
5
Mar.31 Mar. 13 to Mar. 31
South Porto Rico Sugar Co., corn. (qu.) g5
Apr. 1 Holders of rec. Mar. 15a
2
Preferred (guar.)
Apr. 1 Holders of roe. Mar. 15a
South West Pa.Pipe Lines (guar.)
3
Apr. 1 Holders of rec. Mar. 15a
Southwestern Cities Elec., pref.(guar.)- 1% Apr. 1 Holders of recs. Mar. 15a
Spicer Manufacturing, first pref. (quar.) *2
Apr. 1 *Holders of rec. Mar.20
3
Standard 011 (Kentucky) (guar.)
Apr. 1 Mar. 16 to Apr. 1
Standard 011 (Ohio) (guar.)
3
Apr. 1 Mar. 1 to Mar. 19
Extra
1
Apr. 1 Mar. 1 to Mar. 19
Standard Parts, preferred (guar.)
114 Apr. 1 Mar. 21 to Apr. 1
Standard Screw, common (guar.)
6
April 1 Holders of rec. Mar. 22a
Stand.Textile Prod.corn.(qu.)(No. 14) 1
Apr. 1 Holders of rec. Mar. 15
Preferrei class A & B (guar.)
13( Apr. 1 Holders of rec. Mar. 15
Standard Undergroula Cable (guar.)._ _ _ 3
Apr. 10 Apr. 6 to Apr. 10
Steel Products. pref. (guar.)
1% June 1 Holders of rec. May 15a
Stewart Manufacturing, 1st pref.(guar.) *2
April 1 *Holders of rec. Mar. 20
Stromberg Carburetor (guar.)
75c. Apr. 1 Holders of rec. Mar. 13a
Extra
250. Apr. 1 Holders of rec. Mar. 154
Stutz Motor Carol Amer.,Inc. (quar.)_ $1.25 April 1 Holders of rec. Mar. 22a
Subway Realty (guar.)
*114 Apr. 1 *Holders of rec. Mar. 20
Superior Steel Corp., common (guar.)_ _ _ _
114 May 1 Holders of rec. Apr. 15
First and second preferred (guar.)
May 15 Holders of rec. May 1
2
Swan & Finch Co
214 May 1 Holders of rec. Apr. 1
Swift & Co.(guar.)(No. 133)
2
Apr. 1 Holders of rec. Mar. 10
Taylor Wharton Iron & Steel, corn.(qu.) 3
Apr. 1 Mar. 25 to Mar.31
Texas Company (quar.)
234 Mar. 31 Holders of rec. Mar. 7a
Texas Pacific Coal & 011 (guar.)
114 Mar.31 Mar. 16 to Mar.31
Extra
5
Mar.31 Mar. 16 to Mar. 31
Thompson-Starrett Co., preferred
4
Apr. 1 Holders of rec. Mar. 25
Tide Water 011 (guar.)
2
Mar.31 Holders of roe. Mar.21a
Extra
2
Mar. 31 Holders of roe. Mar.21a
Tobacco Prod. Corp., pf.(qu.)(No. 25) 13( April 1 Holders of rec. Mar. 14a
Tonopah-Belmont Development
100. Apr. 1 Mar. 16 to Mar. 21
Tonopah Extension Mining (guar.)-_
Sc. Apr. 1 Mar. 12 to Mar. 21
Tonopah Mining of Nevada
15e. Apr. 21 Holders of rec. Mar. 31a
Torrington Co., corn. (guar.)
75e. Apr. 1 Holders of rec. Mar. 21
Common (extra)
25c. Apr. 1 Holders of roe. Mar.21
Transue & Williams Steel Forg.(guar.)_, $1.25 Apr. 15 Holders of roe. Apr. 2
Trumbull Steel, common (guar.)
114 Apr. 1 Mar. 21 to Mar. 31
Common (extra)
1
Apr. 1 Mar. 21 to Mar. 31
Preferred (quar.)
1% Apr. 1 Mar. 21 to Mar. 31
Underwood Typewriter, corn. (guar.)._
2
Apr. 1 Holders of rec. Mar. 15a
14i Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)
Union Carbide & Carbon (guar.)
$1.25 Apr. 1 Holders of rec. Mar. 10a
Union Natural Can Corp. (guar.)
2% Apr. 15 Holders of rec. Mar. 31a
Union Stock Yards of Omaha (quar.)_ _ _
114 Apr. 1
Extra (account change in div. period)_
z14 Apr. 1
United Drug. common (guar.)
1% April 1 Holders of rec. Mar. 21a
First preferred (guar.)
8734c May I Holders of rec. April 15a
Second preferred (guar.)
114 June 2 Holders of rec. May 15a
United Dyewood Corp.,com.(quar.).._
114 Apr. 1 Holders of rec. Mar. 14a
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 14a
United Fruit (guar.) (No. 79)
234 Apr. 15 Holders of rec. Mar.20a
Extra
50c. Apr. 15 Holders of rec. Mar.20a
United Gas de Elec. Co. of N. J., corn_ _
1
Mar.31 Holders of rec. Mar. 31a
United Gas Impt.(quay.)
AprIl 15 Holders of rec. Mar. 31
$1
United Shoe Machinery, corn. (quar.)_ _ 50e. April 5 Holders of rec. Mar. 19
Preferred (quar.)
3714c April 5 Holders of rec. Mar. 19
.S. Bobbin & Shuttle, common (quar.) 114 Mar. 31 Mar. 13 to Mar. 31
Preferred (guar.)
1% Mar. 31 Mar. 13 to Mar. 31
U.S. Gypsum, preferred (guar.)
I% Mar. 31 Mar. 16 to Mar. 31
U. S. Indus. Alcohol, pf. (qu.) No. 50)_
114 Apr. 15 Holders of rec. Mar.31a
U. S. Playing Card
3
Apr. 1 Holders of rec. Mar. 21a
U. S. Steel Corporation, corn. (quar.)... 114 Mar. 29 Mar. 1 to Mar. 3
Common (extra)
1
Mar.29 Mar. 1 to Mar. 3
U.S. Worsted, first preferred (quar.)__ _
114 Apr. 15 Apr. 12 to Apr. 14
United Utilities, preferred (guar.)
13j Apr. 1 Holders of rec. Mar. 21a
(Jolted Verde Extension Mining (quar.)
50e. May 1 Holders of roe. Apr. 7a
Utah Copper Co. (quar.)
$1.50 Mar. 31 Holders of rec.Mar. I4a
Utah Gas do Coke, preferred (guar.)
*gl)4 Apr. 1
*134
Utah Metal & Tunnel
Apr. 1 *Holders of roe. Mar.23
Va.-Carolina Chem., corn. (qu.)(No. 47). 1
May 1 Holders of rec. April 15a
Preferred (guar.) (No. 94)
April 15 Holders of rec. April 7a
2
Victor Talking Machine, corn. (quar.).. 5
Apr. 15 Apr. 1 to Apr. 6
Preferred (guar.)
114 Apr. 15 Apr. 1 to Apr. 6
Vulcan Detinning, pref. (guar.)
134 Apr. 20 Holders of rec. Apr. 100
Preferred (on acct. accum. divs.)
Apr. 20 Holders of rec. Apr. 105
hi
Wabasso Cotton Co.. Ltd. (qu.)(No. 5) 134 April 2 Holders of rec. Mar. 14
Warner (Chas.) Co. of Del., corn. (guar.). 1
Apr. 17 Holders of rec. Mar. 31a
First and second preferred (guar.)
134 Apr. 24 Holders of rec. Mar. 31a
Warren Bros. & Co., 1st pref. (guar.)._ 75e. April 1 Holders of rec. Mar.20
Second preferred (guar.)
87140 April 1 Holders of rec. Mar. 20
Western Electric Co.,common (guar.)._ $2.50 Mar. 31 Holders of rec. Mar. 24a
Preferred (guar.)
114 Mar. 31 Holders of rec. Mar.24a
Western Grocer. common
June 30 Holders of rec. June 20
4
Preferred
3
June 30 Holders of rec. June 20
Western Power Corp., preferred (guar.) 1
April 15 Holders of rec. Mar.31a
Western Union Teleg.(guar.)(No. 200) 134 April 15 Mar. 21 to Apr. 9
Westinghouse Air Brake (guar.)
$1.75 Apr. 30 Holders of rec. dApr. 8
Westinghouse Elec. dc Mfg., corn. (guar.). 8714c. Apr. 30 Holders of rec. Apr. 4
Preferred (guar.)
8734e. Apr. 15 Holders of rec. Apr. 4
West Kootenay Pow.do Light,corn.(qu.) 2
Apr. 1 Holders of rec. Mar. 28
Preferred (quar.)
131 Apr. 1 Holders of rec. Mar. 28
Westmoreland Coal (guar.)
$1.25 Apr. 1 Mar. 19 to Apr. 1
Weyman-Bruton Co., common (guar.)_
214 Apr. I Holders of rec. Mar. 17a
Preferred (quar.)
114 Apr. 1 Holders of rec. Mar. 17a
Wheeling Mold dc Fdy., tom. (guar.). 1
May 1 Apr. 22 to May 1
Common (extra)
3
May 1 Apr. 22 to May 1
Preferred (guar.)
2
Apr. 1 Mar. 22 to Apr. 1
White Motor (guar.)
$1
Mar.31 Holders of roe. Mar. 154
Willys-Overland Co., preferred (guar.). 114 Apr. 1 Holders of rec. Mar.20a
Wilson dr Co., Inc., pref. (quar.)
13j April 1 Holders of rec. Mar. 24a
Wolverine Copper Mining (guar.)
*500. Apr. 1 *Holders of rec. Mar. 15
Woods Mfg., preferred (guar.)
114 Apr. 1 Holders of rec. Mar.24
Woolworth (F. W.) Co., pref. (guava_ _
15( Apr. 1 Holders of rec. Mar.10a
Worthington Pump & Mach., pf. A (qu.) 114 Apr. 1 Holders of rec. Mar. 20a
Preferred B (guar.)
114 Apr. 1 Holders of rec. Mar. 20a
Yale & Towne Mfg. (qu.)(No. 100)._
214 Apr. 1 Holders of rec. Mar. 22
Young (J. S.) Co., common (guar.) _ _
214 Apr. 1 Holders of rec. Mar. 21a
Preferred (guar.)
114 Apr. 1 Holders of rec. Mar. 21a
Youngstown Sheet et Tube, coin. (quar.) *3
Apr. 1 *Holders of rec. Mar. 20
*134 Apr. 1 *Holders of rec. Mar. 20
Preferred (guar.)
Yukon-Alaska Trust (guar)
$1 Mar.31 Mar.8
to Mar. 9
* From unofficial sources. t Declared subject to the approval of Director-Generel
of Railroads. I The New York Stock Exchange has ruled that stock will not be
auoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend. b Less British income tax. d Cor
rtection. e Payable in stock. f Payable in common stock. g Payable In scrip
h On account of accumulated dividends. f Payable in Liberty Loan bonds. I Red
Cross dividend. m Payable hi U. S. Liberty Loan 434% bonds.
j Declared 7% on pref., payable In quarterly installments of 134% each on April 1,
July 1,Oct. 1 1919 and Jan. 11920,to holders of record on Mar. 10, June 10, Sept. 10
and Dec. 10, respectively.
k All transfers receiveri in order In London on or before March 17 will be in time
to be passed for payment of dividend to transferees.
a Declared 8% on first pref. stock, payable 4% as above and 4% on Sept. 30 1919
to holders of record Sept. 26.
o Also declared on the new stock a pro rata dividend from March 1 at the same
annual rate.
p Declared 8% payable 2% each AprIl 30, July 31 and Oct. 31 1919 and Jan.31
1920, to holders of record on April 12, July 12 and Oat. 11 1919 and Jan. 10 1920.
respectively.
/ Payable half in cash and half in Fourth Liberty Loan bonds.
[VOL. 108.
110
r Declared 7% on pref.. payable 114% each on April 1, July 1, Oct. 1 1919 and
Jan. 1 1920.
s Declared 7% on pref. payable in quarterly installments of 114% each on Mar.31,
June 30, Sept. 30 and Dee. 31 to holders of record on March 11, June 10, Sept. 10
and Dee. 11, respectively.
I Declared 7% payable 144% each on AprIl 1, July 1, Oct. 11910 and Jan. 1 1920,
to holders of record March 14, June 14, Sept. 13 and Dec. 13, respectively.
o Declared 8% on cum.cony. pref. and 7% on non-cum. pref., payable In quarterly
installments of 2% and 134%,respectively, on Apr. 1, July 1, Oct. 1 1919 and Jan.2
1920 to holders of record on Mar. 12, June 16, Sept. 15 and Dec. 15, respectively.
20 Declared 6% on corn, and 5% on pref., payable in quarterly Installments of
134% and 134% each, respectively, payable Mar. 31, July 1, Oct. 1 and Dec. 31.
Books closed the fifteen days before date of payment of any dividend.
z Declared one-twentieth of a share in common stock.
y Declared 7% on 1st pref. and 6% on ad pref., payable in quarterly Installments
of 134% and 134% each, respectively, on Sept. 1, July 1, Oct. 1 1919 and Jan. 1
1920, to holders of record on Mar. 15, June 16, Aept. 15 and Dec. 15. respectively.
z Fiscal year changed from Nov. 30 to Deo. 31 and dividend periods changed from
Q.-M. to Q.-J.
Statement of New York City Clearing House Banks
and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Mar. 22. The figures for the
separate banks are the averages of the daily results. In the
ca.,3e of totals, actual figures at end of the week are also given.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
(Stated in thorrsandsv of clullars--that is, three ciphers (3)001 omitted.)
,
CLEARING
Loans,
1 Net
Reserve
HOUSE
Capital Pro/Us. Discount. Cash
Leith
Net
Time
MEMBERS.
Investin
Legal Demand
De(.000 omitted.) Nat'l, Mar. 4 meats. Vault. Deposi- Deposits. posits.
Week ending State. Feb. 21
tortes.
&c.
larch 22 1919.Tr.Cos,Feb. 21
Members of
red. Res.Bank
lk of NY,NBA
danhattan C.
derchants' Nat
dech&Met Nat
lankof America
fational City_ _
3hemical Nat __
itiantic Nat_
Tat Butch & Dr
imer Exch Nat
Tat Bk of Cow
%elite Bank_ _
;hat & Phen N
lanover Nat.._
dtizens' Nat.._
letropolitan _ _
;ens Exchange.
mpairrad Nat.
Tational Park..
;sat River Nat
econd Nat.....
'irst National_
rving National
TY County Nat
lontinental ___
:base National.
Ifth Avenue__
:email Each__
:ommonwealth
Jacobi Nat L._
kirfield Nat.__
11th National..
eaboard Nat'l_
Merty Nat'l__
:cal & Iron Nat
Snion Exch Nat
irooklyn Tr Co
linkers Tr Co_
T S Mtg & Tr__
luaranty Tr Co
'idelity Tr Co_
1olumbia Tr Co
'copies Tr Co..
few York TrCo
ranklin Tr Co.
incoin Tr Co_
letropolitanTr,
fassauNdlklyn'
rving Trust C.)1
'arm L & Tr Co;
Average. Average Average Average Average
$
$
$
$
$
$
3
2,000 5,739
49,647
606 4,454
31,539 1,818
2,500 7,210. 66,699 1,784 10,475
62,661
31,570
2,000 2,836
530 3,274
23,985
334
6,000 11,643 163,257 10,333 23,866
162,723 4,031
1,500 6,780
32,080 1,066 4,218
27,348
25,000 54,132 583,655 14,414 122,058
688,110 26,137
3,000 9,578
83,623 1,652 8,310
60,215 5,927
1,000
958
16,969
521 1,958
14,413
658
300
109
3,433
123
571
3,355
5,0001 6,167 116,921 1,713 12,38:3
91,162 5,664
25,0001 25,651 390,552 2,373 36,040
279,927 4,934
500 1,134 '16,330 1,179 2,496
16,560
75
3,500 2,822 104,614 4,721 11,359
84,133 9,034
3,000 17,363 120,411 5,651 20,700
127,185
2,550 3,286
39,838
978 5,405
34,855
249
2,000 2,401
55,333 1,905 3,573
25,281
49
4,200 8,290 122,410 5,775 19,223
126,297 2,115
1,500 8,163
38,506
730 3,433
25,705
8
5,000 19,439 206,588 1,582 21,591
161,642 2,861
1,000
626
6,669
209
829
6,485
93
1,000 4,066
20,160
898 2,384
16,281
10,000 31,297 259,453 1,365 20,458
160,075 2,11)7
4,500 6,112 114,214 3,647 19,274
119,198
830
12,336
715 1,839
421
1,000
11,919
727
7,166
1,000
148
642
793
5,503
10,000 16,870 350,046 6,741 39,712
289,290 11,432
200 -2,301
20,654 1,261 2,537
18,477
200
858
278 1,006
7,446
6,757
400
382 1,039
762
8,042
8,085
1,000 2,067
16,053 1,437 2,001
47
15,173
1,000 1,312
12,935
262 1,716
34
12,029
250
307
6,904
302 1,265
7,507
506
1,000, 3,782
966 6,653
51,642
44,559
240
3,0001 4,704
89,339
55,809 1,809
715 8,015
1,0001 1,122
19,275
11,079
733 1,398
411
1,0001 1,271
489 1,984
15,384
381
14,923
1,5001 2,289
39,539
27,885 6,576
731 4,041
15,0001 17,361 286,698
968 33,218
239,091 8,581
2,000 4,551
66,698
609 9,563
57,843 1,010
25,000; 23,525 522,312 3.271 48,848 t440,180 23,880
1,000; 1,284
11,953
297 1,231
8,9'32
557
5,000; 6,904
94,314 1,032 9,263
71,935 6,548
1,000; 1,412
945 2,623
28,940
26,668 1,777
3,000; 10,677 107,558
367 8,459
58,539 2,130
1,000; 1,305
406 2,113
30,774
15,577 1,631
1,0001
663
23,830
19,411 1,615
401 2,579
2,0001 4,402
31,347 1,094
806 3,979
47,054
1,000; 1,220
455 1,120
15,964
868
10,604
1,500; 1,189
41,865 2,439 5,013
42,382 1,080
5,0001 12,006 134,611 4,152 15,879 t147,596 8,704
Nat'l
Bank
Circulotion.
Avge.
$
779
1,823
3,774
1,422
439
142
299
4,931
2,241
150
992
51
4,971
50
644
8,300
1,310
199
1,500
210
397
248
70
797
415
399
50
vge. for week_1198,1001,366,153 1,726,384 95,063 576,337 c3,858,708 148,702 36,603
'otali,actual:co'nclition
'otals.actual co!wiltIon
otaLs.actual condition
'otals,actual condition
94,820541,884 c3,809,027 148,883 37,613
95,180 532,919 c3,845,432 147,16236,396
93,828 338,379 3,734,276 143,43036,220
91,947 531,027 3,746,462 142,41736,047
...-__-..
;rare Banks. i----Not.
711-1
eTnbera of Federal Reserve Rank
•
reenwlch .._ _ _'
17,075 2,270 1,368
500 1,559
17,110
25
250
5,930
owery Bank _ ..!
684
812
327
5,452
21,867 2,622 2,027
'Y Prod Each' 1,000 1,242
25,197
607
41,007 4,378 3,374
late Bank__ _ _1 2,000
58
42,573
90,879 9,963 7,096
vge. for week..1 3,750 4,221
90,332
83
r--otals,actual co,ition
Mar.22
91,175 10,134 6,897
01,222
85
otals,actual co'ndition NIar.15
91,859 9,914 6,411
90,260
76
89,613 9,865 7,172
otabi.actual co ndition Mar. 8
90,526
75 --otals,actual condition Mar. 1
89,397 9,583 6,777
88,829
75 -_
rust Compan les. •V at Mew bers of 1", icrat Reserve Ba alc.
Me Guar & Tr 5,000 12,033
41,702
907; 2,954
25,638
789
awyers T & Tr 4,000 5,264
830, 1,487
23,284
15,000
531
Mar.22 1,709,770
Mar.15 1,765,646
Mar. 84,855,800
Mar. 14,704,203
40,636 1,320
vge. for week.. 9,000 17,297
81,986 1,737 4,441
- 40,530 1,322
otals,actual co tilition Mar.22
61,012 1,771 5,120
40,987 1,318
otals,actual co nditian Mar. 15
63.538 1,705 4,549
41,391 1,315 -_
otals.actual condition Mar. 8 64,621 1,631 5,123
40,285 1,002 -utals.actual co ndition Mar. 1
63,904 1,625 4,528
-..----==... .....
-..-... --,,==.
.-_,_-__-, ..-,:-...--, -- -_=== -,• ==.,-- - =7.-r'd aggr,avge. 210,350:1-37,672 1,S
-82,249 104,763.537,874 13,989,676 150,105 36,603
oaiparia on, pr cc wee::,
+31,939 -059+37508 +84,522 +2,349 +506
r'd aggr, act'l sonsrn 1iClar.22 4,364,957 106,534553,901 e3,940,779 150,29037,613
omparison pre v. WeCtii _ _ _.. _ --58,03 --265-19,078 -35,889 +1,734 +1217
...-ar'd aggr, act'l caran ;Mar. 15 1,023,043 103,799 573,879 e3,976,668 148,55636,396
r'd aggr, act'! cow-1'n 1Mar. ,1,810,034 103,127550,674 3,886,192 144,820136,220
ar'd aggr. act'l cosyrn 'Mar. 11,857,594 101,135 542,332 3,875,556 143,494 36,047
r'd astir. nen eon-ro Feb. 01 4.786.565 112.046 512.836 3.831.656140.603 36.058
tIncloica dep 'sits in ha eign br ,,nches not included in total footi igs as follows:
National City 13 ink, 511,978,01d: Giriranty 'rrust Co., $61,368,000; Farmers' Loan
Sc Trust C
324,181,1)31 it din !li c trrIel In banks in foreign countries as reserve
for :rich deo )41).-1
N Won ml City 11 ink, $25,007,000; Guaranty Trust Co.,$16,403,000; F irners' La-in & Trust Co., $7,665,000.
c Deposits In foreign branche4 not included.
d U. S. deposits deducted, $277,327,000.
e U. S. deposist delucted, $260,323,000.
Bills payable, reilscounts, acceptances and other liabilities, 5771,873,000.
1249
THE CHRONICLE.
MAR. 29 1919.]
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY..
:STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Trust Companies.
State Banks.
Week gnded Mar. 22.
Averages.
Cash
Reserve
in Vault.
Members Federal Reserve Bank
• State banks*
'Trust companies*
9,963,000
1,737,000
Total Mar.22_ _ _
Total Mar. 15_ - -Total Mar. 8---Total Mar. 1 _
11,700,000
11,603,000
11,287,000
11,399,000
a
Reserve
Required.
Reserve
in
Depositaries
Total
Reserve.
Mar. 22
1919.
Surplus
Reserve.
576,337,000 576,337,000 506,093,100 70,243,900
799,240
7,090,000 17,059,000 16,259,760
82,600
4,441,000 6,178,000 6,095,400
587,874,000 599,574,000 528,448,260
550,366,000 561,969,000 517,371,000
541,289,000 552,576,000 510,989,920
540,662,000 552,061,000 508,246,570
71,125,740
44,598,000
41,586,080
43,814,430
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
b
Reserve
Required.
Total
Reserve.
Surplus
Reserve.
$
$
$
$
$
MembersFederalRe541,884,000 541,884,000 499,640,000 42,244,000
serve Bank
17,031,000
16,419,960
611,040
6,897,000
10,134,000
banks*
State
811,500
1,771,000 • 5,120,000 6,891,000 6,079,500
Trust companies*
11,905,000 553,901,000 565,806,000 522,139,460
Total Mar.22._
Total Mar. 15....... 11,619,000 573,879,000 585,498,000 526,714,490
11,499,000 550.674,000 562,173,000 512,261,930
Total Mar. 8..
PrItal Atrar. 1
11.185.000 542.332.000 553,520,000 513,341.540
43,666,540
58,783,510
49,911,070
40.178.460
* 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 includes also amount of reserve required on net time deposits, which was as follows
Mar. 22, $4,461,060; Mar. 15, $4,391,010; Mar. 8, $4,297,890; Mar. 1, $4,215,510.
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 amoutit of reserve required on net time deposits, which was as follows: Mar. 22,
$4,466,490; Mar. 15, $1,414,860; Mar. 8, $4,302,900; Mar. 1, $1,272,510.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports week13
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
$28,807,200 19.87%
$99,865,700
Mar. 22
1919.
Differences from
previous week.
99,550,000
24,100,000
Capital as of Nov. 1169,723,000
42,973,000
Surplus as of Nov. 1_
Loans & investments 581,991,600 Dec. 2,664,700 2,130,550,200 Inc. 29,916,000
48,000
11,482,200 Inc.
131,100
8,447,900 Dec.
Specie
778,500
20,845,300 Dec.
335,200
24,880,900 Dec.
Currency & bk. notes
Deposits with the F.
50,621,000 Dec. 5,992,500 304,587,000 Inc. 99,321,100
R. Bank of N. Y
683,735,800 Inc. 16,296,400 2,069,649,600 Inc. 46,426,900
Deposits
Reserve on deposits_ 104,285,200 Dec. 1,597,500 290,799,900 Inc. 1,455,500
0.3%
20.1% Dec.
17.3% Dec.
0.3%
P. C. reserve to den..
Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the
"Clearing House return" on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Staled in thousands of dollars-that is, three ciphers 10001 omitted.)
Net Loans,
Capital. Profits. DUCLEARING
counts, Cash
NON-MEMBERS1
in
. InvestWeek ending iStatebkiFeb21 malls, Vault.
March 22 1919. 1Tr.cos. Feb.21 &c.
Members of
Fed'I Res. Bank.
Battery Park Nat_
Columbia
Mutual Bank.... _ _
New Netherland...
W R Grace & Co's
Yorkville Bank.._
First Nat'l, Bklyn
Nat'l City, Bklyn_
First Nat'l, Jer Cy
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from
March 22.
previous week
$815,821,800 1nc.$17,008,300
Loans and investments
8,138,400 Dec.
19,100
Specie
16,003,600 Dec. 1,072,100
Currency and bank notes
60,038,300 Dec. 5,514,900
Deposits with the F.R. Bank of New York
830,771,300 Inc. 23,165,000
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City, exchanges and U.S. deposits 743,937,800 Inc. 15,389,800
128,673,000 Dec. 4,469,700
Reserve on deposits
Percentage of reserve, 18.9%.
RESERVE.
- -Trust Companies-State Banks
315,335,200 10.58%
368,835,100 12.91%
Cash in vaults
9.29%
13,472,000
31,030,600
Deposits in banks and trust cos
5.82%
Total
Differences from
previous week.
18.73%
5
1,500
1,000
200
200
500
200
500
300
400
4,800
State Banks
Not Members of the
Fed'l Reserve Bank.
100
Bank of Wash Efts
500
Colonial 13ank__ _ _
500
InternationalBank
Mechan'es,Bkiyn. 1,600
200
North Side, Bklyn
Total
2,900
Total
Trust Companies
Not Members of the
Fed'l Reserve Bank.
Hamilton Tr, Bkln
Mech Tr, Bayonne
Total
Nat'l
Bank
Mess-
halos.
Average Average Average Average Averag Average
$
$
$
$
3
$
$
69
195
1,526 12,547
234 1,077
7,533
397
____
672; 15,506
534 1,950 14,723
26
163 1,481 10,352
5601 10,865
69
......_
786
5,232
195 6,185186,
4,071 1,345 -_
10(
766
835 7,37
331 1,088
5,949 4,449
633 10,579
300
7,129
619
747
165
686 9,735
120
5,593
495
197
580
587 6,667
400
____
813
5,972
605
1,379 11,095
7,076 90,479 2,425 9,288 66,554 7,710 1,015
-!=.--
441 2,531
1,137 11,910
222 6,630
907 27,591
220 4,777
146
315
1,328 1,019
308
740
1,426 2,431
459' 314
2,458
12,443
5,681
26,935
4,573'
-650
150
339
2,928 53,439
4,268
4,218
52,090
1,139
--- ___ _
500
200
1,045
384
8,171
9,694
488
307
293
441
5,901
4,903
1,166
4,222
700
1,43017,85
795
734
10,804
5,388
____
7,488 14,240a129,448
--95 -993 -5,277
- -7,583 15,233 134,725
7,625 14,595! 132.312
7,643 14,284 129.443
7.884 14.1031 128.509
14,237
--41
1,015
1-7
14,278
14,155
13.997
13.530
1,008
981
985
1.005
Grand aggregate... 8,400 11,435161,783
--1,192
Comparison previo us week
Gr'd aggr. Mar. 15
(it'd aggr, Mar. 8
Gr'd aggr, Mar. 1
Gr'd altar. Feb. 21
Reserve
Net
Net
with Demand Time
DeLegal
DeDeposi- posits. posits.
tortes.
8,400
8,400
8,400
8.200
11,300162,975
11,300161.272
11,063157,873
11.063155.846
_ __ _
a U.S. de osits deducted, $7,920,000.
Bills payable, rediscounts, acceptances and other liabilities, $9,400,000.
Banks and Trust Companies in New York City.-The
Excess reserve, $373,030 decrease.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
Boston Clearing House Ban.k3.-We give below a sumand trust companies in Greater New York City outside of
mary showing the totals for all the items in the Boston
the Clearing House, are as follows:
Clearing House weekly statement for a series of weeks:
COMBINED RESULTS OF BANKS AND TRUST
COMPANIES IN
GREATER NEW YORK.
Week endedNov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. 1
Mar. 8
Mar. 15
Mar.22
Loans and
Investments.
Demand
Deposits.
*Total Cash
in Vault.
Reserve in
Depositaries
$
5,499,400,200
5,471,164,400
5.489,226,000
5,470,203,800
5,360,177,900
5,330,133,600
5,384,107,700
5,373,134,600
5,378,736,500
5,416,960,500
5,473,492,200
5,495,539,400
5,544,714,000
5,525,768,300
5,492,269,000
5,509,784,600
5.571,631.800
5,583,221,600
5,629,541,700
5,649,123,500
5,698,070,800
$
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
4,733,613,800
$
139,935,700
137,695.000
141,922,100
141,983,700
141,405,200
142,319,200
142.105,300
141,455,900
146,531,400
147,245,300
118,938,900
141,934,500
135,813,100
132,677,300
130,568,700
133,267,700
133,632.800
131,342,200
128.952,600
132,655,200
130.905.000
$
638,211,600
648,002,100
667,230,500
661,674,400
661,755,700
646,812,500
661,730,000
678,028,900
649.133,50(1
697,931.00C
688,196,70C
676,355,70C
646,887,00C
648,143,60(
645,124,8(k
628,112,40(
625,109,70(
643,761,01X
647,186,90(
658,275,50(
Coo Aug nil(
•This item Includes gold, sliver, legal tenders, national bank notes
and Feder:,I
Reserve notes.
New York City State Banks and Trust Companies.In addition to the returns of "State banks and trust companies in New York City not in the Clearing House," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various item,
are made up,see "Chronicle," V.98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V
104, p. 1975). The regulations relating to calculating the
• amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chroni- 1
cle" April 4 1914 (V. 98, p. 1045).
BOSTON CLEARING HOUSE MEMBERS.
March 22
1919.
Changes from
previous week.
$
4,745,000 Dec.
Circulation
Loans, disc'ts & investments.. 533,150,000 Dec.
Individual deposits, Incl.U.S. 434,286,000 Dec.
111,537,000 Inc.
Due to banks
12,346,000 Inc.
Time deposits
Exchanges for Clear. House- 14,331,000 Dec.
67,632,000 Inc.
Due from other banks
Cash in bank & in F.R.Bank 58,979,000 Dec.
Reserve excess in bank and
Federal Reserve Bank __ _ 12,223,000 Dec.
March 15
1919.
March 8
1919.
$
$
$
4,000 4,749,000 4,764,000
4,019,000 537,169,000 528,406,000
2,583,000 436,869,000 423,318,000
1,459,000 110,078,000 106,408,000
24,000 12,322,000 12,432,000
730,000 15,061,000 14,675,000
5,526,000 62,106.000 63.378,000
6,219,000 66.326,000 59,310.000
6,755,000 18.978.000 13,770,000
Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending March 22, with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in
vaults" is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending March 22 1919.
Two ciphers (00) omitted
Membersof
F.R.System
Trust
Cos.
March 15
1919.
March 8
1919.
Total.
529,675.0f 53,000,0, $32,675,0 $32,475,0 532.475.0
Capital..
7,631,01 87,649,0 87,552,0 86,316,0
80,018,0;
Surplus and profits
Loans. disc'ts & investm'ts 759,987,0! 27,451,01 787,441,0 777,767,0 766,251,0
1:9
99A:01
603,0! 24,594,0 24,127.0 21,006,0
23
Exchanges for Clearilouse 10
10,0! 101,921,0 102,066,0 97,086,0
Due from banks
155,524,0;
288,01 155,812,0 156,669,0 153,487,0
Bank deposits
480,824,0! 19,038,0! 499,862,0 501.941.0 484,892,0
Individual deposits
5,451,0
5,498,0
5,696,0i
5,696,0
Time deposits
642,041,01 19,326,0 661,370,0 634,061,0 57,193,0
Total deposits
38,270,0 37,527.0 30,951,0
U.S.deposits(not Included)
54,035,0 53,792,0 54,048,0
Res've with Fed.Res.Bank 54,035,0!
4,479,0
3,145.0
3,221,0
3,224,0
Ileteve with legal deposit's
919,0 16,319,0 16.576,0 16,824,0
15,400,0;
Cash in vault*
4,143,0 73,578,0 77.847,0 74,017,0
Total reserve At cash held_ 69,435,01
2,806,0 54,020,0 54,359,0 53,072,0
51,214,0,
Reserve required
1,337,0 19.558,0 23.488,0 20,945,0
Excess res. & cash In vault 18,221.0,
*0.(sh in vault Is not counted as reserve for Federal Reserve bank members.
1250
THE CHRONICLE
[VOL. 108.
Member Banks of the Federal Reserve System.-Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
contained in the statement were given in the weekly statement issued under date of Dec. 14 1917 and which was published
In the "Chronicle" of Dec. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OP MEMBER BANKS LOCATED IN CENTRAL RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS MARCH 14 1919.
Aggregate increases of about 237 millions in the holdings of U. S. securities following tho placing of 542 millions of Treasury certificates in
anticipation of the Victory Loan, also large increases in demand and
Government deposits are indicated in the Federal Reserve Board's weekly
statement showing condition of 771 member banks in about 100 selected
cities.
Of the increase of nearly 240 millions of Treasury certificates shown
for all reporting banks, the share of the member banks in New York City
is 97 millions and the share of the member banks in all 12 Federal Reserve cities 174.6 millions. United States bonds on hand show a slight
decrease, while loans secured by U. S. war obligations (so-called war
paper) fell off 18.6 millions at all reporting banks, and even more at the
New York banks. Other loans and investments show an increase for
the week of 76.1 millions, largely at the banks in New York City and
Chicago.
United States war securities and war paper aggregated 4,021.2 millions, as against 3,803.1 millions the week before, and constituted 27.9%
of total loans and investments, as against 26.9% the week before. For
the New York banks an increase in this ratio from 31.1 to 32% is shown,
and for the banks in the 12 Federal Reserve cities an increase from 28.3
to 29.2%.
Government deposits went up 139.7 millions, while net demand deposits show an increase for the week of 217.6 millions. It is probable
that the larger portion of this increase represents balances of non-reporting banks with correspondent member banks in the larger centres to be
used in payment of income taxes due on the following day. Time deposits increased 16.8 millions, reserve balances with Federal Reserve
banks 30 millions (largely in New York City), while cash in vault shows
but a slight gain.
1. Data for all reporting banks in each district. Two ciphers (00) omitted.
Member Banks.
Boston. New York. Philadel. Cleveland. Richm'cl. Atlanta.
Chicago. 81. Louis. Minneap. Kan. City Dallas. San Fran.
Total.
45
106
56
90
82
47
101
37
34
76
44
53
771
$
$
$
$
$
3
$
$
$
$
$
$
$
U.5.bonds to secure circulat'n 14,402,0
47,520,0 11,597,0 40,982,0 25,090,0 15,265,0
19,911,0 16,908,0 6,820,0 13,984,0 17,931,0 34,605,0
265,015,0
Other U. S. bond% including
Liberty bonds
19,736,0 286,227,0 38,010,0 72,644,0 50,163,0 31,711,0
60,322,0 22,319,0 11,134,0 24,186,0 20,574,0 35,283,0
672,309,0
U.S. certifs. of indebtedness_ 160,389,0 1,004,564,0 140,744,0 185,493,0 68,689,0 69,904,0 283,357,0 72,176,0 44,902,0 56,217,0 33,693,0
2,234,246,0
Total U.S.securities
194,527,0 1,338,311,0 190,351,0 299,119,0 143,942,0 116,880,0 363,590,0 111,403,0 62,856,0 94,387,0 72,198,0 114,118,0
184,006,0
3,171,570,0
Loans see. by U.S. bonds, atc. 89,239,0 560,695,0 142,916,0 95,922,0 38,745,0 20,644,0
89,921,0 26,396,0 11,448,0 10,724,0 7,570,0 20,391,0 1,114,611,0
All other loans & investments 761,873,0 3,943,507,0 614,730,0 985,465,0 366,336,0 303,365,0 1,415,896,0 384,222,0
228,508,0 444,002,0 172,130,0
10,130,569,0
Reserve bal. with F. R.bank_ 64,892,0 659,005,0 67,219,0 94,744,0 37,002,0 28,685,0 165,324,0 43,048,0 23,023,0 43,651,0 17,382,0 510,526,0
48,190,0 1,292,165,0
Cash in vault
23,257,0 115,566,0 19,400,0 33,123,0 16,666,0 14,555,0
62,112,0 10,142,0 8,044,0 15,023,0 8,679,0 $2,166,0
346,733,0
Net demand deposits
719,038,0 4,685,803,0 666,538,0 835,498,0 324,877,0 246,760,0 1,243,732,0 318,633,0 223,696,0 394,628,0 158,881,0 435,093,0 10,253,232,0
Time deposits
104,763,0 267,408,0 21,822,0 292,048,0 71,691,0 103,371,0 419,470,0 94,310,0 53,420,0 66,373,0 27,930,0 135,825,0 1,658,431,0
Number of reporting banks_
ltOr rf A,T n
2. Data for Banks in Federal Reserve Bank Cities, Federal Reserve Branch Cities and-Other Reporting Banks.
New York.
Mar. 14.
Mar. 7.
No.reporting banks
65
65
U. S. bonds to secure cir$
$
culation
37,922,0 36,671,0
Other U.S. bonds, including Liberty bonds
250,593,0 243,350,0
U. S. ctfs. of indebtedness 936,852,0 839,906,0
Total U.S. securities
1,225,367,01,119,927,0
Loans see. by U.S. bds.,&c. 520,924,1 544,083,0
All other loanaStinvestmls3,594,230,03,562,016,0
Res. balances with F.R.Bk 629,713.0k 603,685,0
Cash in vault
104.006,Oj 102,612,0
Net demand deposits
4,338,864,04,222,288,0
Time deposits
204,241,01 199,695,0
Government deposits
286,544,0 232,688,0
Ratio of U.S. war securities
and war paper to total
loans and investments%
32.0
31.1
Chicago.
Mar. 14.
44
$
1,160,0
21,866,0
161,885,0
184,920,0
65,379,0
884,459,
114,137.0
36,739,0
843,932,0
160,297,
47,446,0
All F. R. Bank Cities. F. R. Branch Cities.
Mar. 7.
Mar. 14.
Mar.7.
Mar. 14. I Mar. 7.
All Other Report'g Banks
Mar. 14.
Mar. 7.
44
255
25515
isoi
9
357
357
$
$
$
$
$
$
$
1,169,0 102,326,0 101,193,0 54,729,0, 54,729,0 107,960,0 108,453,0
Total.
Mar. 14.
771
$
265,015,0
Mar. 7.
771
$
264,375,0
23,610,0 374,761,0 372,089,0 119,805,0 118,357,0 177,743,0 185,186,0 672,309,0 675,632,0
147,745,0 1,547,046,01,372,413,0 344,709,0 310,182,0 342,491,0 311,661,0 2,234,246,0 1,994,256,0
172,524,02,024,133,0 1,845,695,0 519,243,0 483,268,0 628,194,0 605,300,0 3,171,570,0 2.034,263,0
64,977,0 887,084,0 907,095,0 103,783,0 103,596,0 123,764,0 122,502,0 1,114,611,0 1,133,193,0
861,297,06,710,953,06,613,443,0 1,517,927,0 1,497,275,01,901,689,0 1.943,820,0 10,130,569,0 10,054,538,0
115,322,0 963,972,0 942,004,0 156,788,0 148,631,0 171,405,0 171,614,0 1,292,165,0 1,262,249,0
35,939,0 202,038,0 200,029,0 57,314,0 55,616,0 87,381,0 89,790,0 346,733,0 346,035,0
830,644,07,270,833,0 7,074,765,01,304,008,0 1,244,799,0 1,669,391,01,716,146,0 10,253,232,010,035,620,0
160,154,0 666,532,0 660,410,0 481,854,0 477,491,0 510,045,0 503,730,0 1,658,431,0 1,641,631,0
38,856,0 498,541,0 404,628,0 70,627,0 63,547,0 116,779,0 78,015,0 685,947,0 546,190,0
22.0
21.5
29.2
28.3
'
26.5
25.5
24.3
23.2
27.9
26.9
The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on March 22:
Aggregate gains of 11.8 millions in reserves, largely gold, and considerable gains in Government deposits, representing chiefly income tax
collections due on March 15, are indicated in the Federal Reserve Board's
weekly bank statement issued as at close of business on March 21
1919.
War paper on hand shows net liquidation of 10.7 millions, while other
discounts went up 5.8 millions. No appreciable changes are shown in
the total holdings of acceptances or of United States bonds, while Treasury certificates on hand increased 4.1 millions. Total earning assets
stand at 2,543.2 millions, or about 1 million below the total for the week
before.
Government deposits increased 135 millions, while members' reserve
deposits declined 70.3 millions. Net deposits because of the larger "Float"
reported this week, show a slight decline. Federal Reserve notes in
circulation increased 7.6 millions, substantial gains being reported by
the Boston, New York, Atlanta and Chicago banks. The banks report
also an increase of 3 millions in their aggregate liabilities on Federal Reserve bank notes. Their reserve percentage shows a rise from 51.4 to
51.6%.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present the results for each of the seven preceding weeks, together with those of the corresponding week of last year,
thus furnishing a useful comparison. In the second table 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 Agents and between
the latter and the Federal Reserve banks.
FEDERAL RESERVE BANK OF NEW YORK.-The weekly statement Issued by the bank subdivides
.some certain items that are included
under a more general classification in the statement prepared at Washington. Thus,
deposits, Sm.,' as of Mar. 22, consisted of "Foreign
Government deposits," $95,146.540; "Non-member bank deposits," $7,397,452, and "Due to War Finance Corporation,"
$1,869,189.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
MAR. 14 1919
Mar.211919. Mar,14 1919. Mar.7 1919. Feb. 28 1919. Feb. 20 1919. Feb. 14 1919. Feb. 7 1919. Jan. 31 1919. Mar. 22 1918.
RESOURCES.
;old coin and certificates
)old settlement fund,F.R.Board
3old with foreign agencies
$
329,741,000
566,864,000
5,829,000
$
332,749,000
501,078.000
5,829,000
a
341,070,000
511,227,000
5,829,000
5
345,762,000
463,484,000
5,829,000
a
350,417,000
457,889,000
5,829,000
a
347,764,000
437,278.000
5,829,000
$
a
a
338,916,000
422,686,000
5,828,000
470,529,000
379,866,000
52,500,000
Total gold held by banks
3old with Federal Reserve agents
lold redemption fund
902,434,000 839,656,000 858,128,000 815,075,000 814,135,000 790,871,000 773,484,000 767,430,1)00
1,112,938,000 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
125,470,000 119,277,000 117,513.000 120,163,000 112,923,000 111,113,000 103,533,000
91,348,000
902,895,000
878,805,000
21,114,000
Total gold reserves
'..egal tender notes, silver, ea
2,140,842,000 2,129,534,000 2,139,479,000 2,122,998,000 2,125,041,000 2,119,347.000 2.108,183,000 2,112,108,000 1,802,814,000
67,736,000
67,203,000
65.725,000
65,983,000
65.971,000
86,491,000
67,431,000
67.540,000
52,558,000
2,208,578,000 2,196,737,000 2,206,462,000 2,183,723,000 2,191,532,000 2,185,318,000 2,175,614,000 2.179,646,000 1,862,372,000
348.605,000
419.050,000
5,829,000
Total reserves
3111s discounted:
Secured by Govt. war obligations..-- 1,691,678,000 1,702,351,000 1.701,487,000 *1 867 965000 1,596,458,000 1,603,052,000 1,451,147,000 1,357,650,000 23,2962,000
All other
189,881,000 184,012,000 186,240,000 .211,855,000 221,996,000 233,849,000 243,254.000 243,478,000 260,157,000
Ills bought in open market
261,924,000 262,139,000 273.493,000 278,919,000 289,920,000 275,068,000 282,702,000 281,293,000 328,880,000
Total bills on hand
2,143,463,000 2,148,502,000 2,161,220,000 2,156,739,000 2,088,374,000 2,111,969,000 1,977,103,000 1,882,421,000 871,999,000
J. S. Govt. long-term securities
27,222,000
27,223,000
27,057,000
27,094,000
28,095,000
28.101,000
28,250,000
28,252,000
61,039,000
J. S. Govt. short-term securities
172,471,000 168,348,000 159,835,000 155,888,000 147,123,000 141,204,000 139,501.000 266,532,000 226,036,000
kli other earning assets
4,000
4,000
4,000
4,000
4.000
4,000
4,000
4,000
4,240,000
Total earning assets
2,343.160,000 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 1,163,314,000
lank premises
9,720,000
9,711,000
9,720,000
9,713,000
8.989.000
8,987,000
8,672,000
8,648,000
Uncollected items and other deductions
from gross deposits
797,303,000 683,017,000 599,197,000 653,465,000 633.808,000 701.465,000 824,861,000 691,454,000 376,622,000
redemp.
fund agst. F.R. bank notes
$%
8,901,000
6,745,000
7,429,000
6,813,000
8,809,000
6,842,000
6,822,000
6,767,000
537,000
'di other resources
7,772,000
7,507,000
8,210,000
8,407,000 . 8,480.000
10.658.000
9,788,000
11,631,000
550,000
Total resources
5,373,425,000 5,247,803,000 5,178,134,000 5,206,736,000 5,113.192,000 5,194,528,000 4,970,615,000 5,075,355.000 3,403,395,000
3old reserve against net deposit nab
47.3%
47.6%
51.0%
45.4%
45.2%
47.0%
47.8%
48.3%
60.0%
3old res. agst. F. R. notes in act. ciro'n
49.3%
51.1%
51.4%
53,4%
53.2%
53.8%
54.3%
54.8%
62.9%
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
48.9%
49.9%
50.0%
49.7%
50.3%
50.5%
52.6%
51.1%
61.4%
Ratio of total reserves to net deposit and
F. R. note liabilities combined
51.6%
51.4%
51.3%
51.4%
52.2%
51.9%
53.5%
53.0%
63.4%
Etatio of gold reserves to F. R. notes in
circulation after setting aside 35%
waitingt nAt dAnnnIt liabilities
RR 'A(1/1
RR (10Z,
63.3%
63.1%
64.3%
63.805,
65.605.
85.205,
*Amended figures.
1251
THE CHRONICLE
MAR. 29 19194
Feb. 14 1919. Feb. 7 1919. Jan. 311919. Mar. 22 1918.
Mar.21 1919. Mar. 14 1919. Mar.7 1919. Feb. 28 1919. Feb. 20 1919.
74,011,000
80,913,000
LIABILITIES.
81,061,000
81,211,000
81,406,000
81,452,000
81,490,000
81,562,000
81,612,000
1,134,000
22,738.000
22,738,000
Capital paid in
22,738,000
22,738,000
49,466.000
49,466.000
49,466,000
49,466,000
91,505,000
64,928.000
96,809,000
Surplus
192,970,000
205,675,000
210.547,000
285,785,000 150,783,000 195,559,000
1,480,025,000
1,693,132,000
Government deposits
1,590,441,000
1,623,158,000
1,604,719,000 1,675,045,000 1,626,076,000 1,620,972,000 1,563,912,000 517,726,000 439,221.000 472,042,000
229,115,000
Due to members, reserve account
555,019,000 509,112,000 456,289,000 494,653,000 480,257,000 112,273,000 112,551,000 120,809,000
81,751,000
Deferred availability items
123,363,000 124,032,000 114,758,000
Other deposits, incl. for. Govt. credits_ 120,420,000 117,522,000
2,446,127,000 2,239,022,000 2,350,911,000 1,882,396,000
2,364,602,000
2,450,204,010
2,401,287,000
2,452,462,000
2,565,949,000
Total gross deposits
2,454,105,000 2,450,729,000 1,429,509,000
2,510,687,000 2,503,095,000 2,488,537,000 2,472,307,000 2,466,248,000 2,468,388,000
7,978,000
129,445,000
F. R.notes in actual circulation
136,591,000 134,012,000 133,465,000 132.291,000 131,315,000
8,367,000
40,619.000
F.It. bank notes in circulation-not Ilab 142,442,000 139,479,000
42,314,000
43,773,000
44,733,000
45,993,000
20,763,000
21,739,000
23,269,000
All other liabilities
4.970,615,000 5,075,355.000 3,403,395,000
5,373,425,000 5,247,803,000 5,178,134,000 5,206,736,000 5,113,192,000 5,194.52'3,000
Total liabilities
$
1,219.601,000
Distribution by Maturities1,530,432,000 1,511,355,000 1,451,139,000 1,450,476,000 1,302,953,000
345,123,000
61,546,000
1-15 days bills bought In open market.._ 1,529,079,000 1,525,076,000
82,689,000
76,048.000
81,985,000
82,025,000
83,799,000
09,651,000
87,157,000
55.000
1-15 days bills discounted
7.869,000
6,339,000 132,845,000
12,563,000
18,714,000
19,745,000
23,503,000
24,242,000
186,681,000
1-15 days U. S. Govt. short-term secs_
1,000
1,000
77,373,000
1-15 days municipal warrants
57,683,000
72,951,000
56,820,000
57,883,000
54,691,000
55,292,000
58,574,000
74,984,000 } 126,263,000
10-30 days bills bought In open market
63,848.000
65,083,000
66,051,000
76,479,000
81,948.000
68,850,000
72,289,000
13.000
370,000
16-30 days bills discounted
724,000
130,000
2,787,000
16-30 days U. S. Govt. short-term secs_
1,000
4,000
3,000
3,000
95,112,000
16-30 days municipal warrants
88,873,000
87,087,000
95,961,000
202,040,000
207,151,000
249,549,000
31-60 days bills bought in open market _ _ 221,949,000 225029,000
98,850,000 103.967,000 103,872,000 103,623,000
93,348,000
90,833,000
70,312,000
81.343,000
3.000
631,000
967,000
31-60 days bills discounted
130,000
202,000
202,000
221,000
6,271,000
31-60 days U.S. Govt.short-term secs_ _
4,000
4,000
4,000
3,000
184,717,000
31-60 days municipal warrants
204.853,000
218,152,000
86,221,000 191,538,000
74,323,000
59,319,000
50,922,000
42,660,000
41,140,000
61-90 days 1)1115 bought in open market
37,699,000
24,564,000
23,034,000
25,067,000
16,913,000
17,326,000
21,135,000
469,000
15,000
61-90 days 1)1113 discounted
7,169,000
217,000
350,000
350,000
2,816,000
2,815,000
6,466,000
2,901,000
1,000
61-90 days U.S. Govt.short-term secs_ _
24,925,000
61-90 days municipal warrants
24.771,000
23,503,000
22,996,000
22,321,000
21,130,000
21,047,000
21,015,000
8,404,000
Over 90 days bills bought in open market
1,000
132,671,000
Over 90 days bills discounted
137,072,000 136,624,000 134,080,000 132,264,000 125,026,000
27,396,000
3,000
Over 90 days U.S. Govt.short-term secs 141,542,000 141,828,000
Over 90 days municipal warrants
Federal Reserve NotesIssued to the banks
Held by banks
In circulation
Fed. Res. Notes (Agents Accounts)Received from the Comptroller
Returned to the Comptroller
2,696,544,000 2,679,024,000 2,670,903,000 2,678,605,000 2,677.835,000
185,857,000 175,926,000 182,366,000 206,299,000 211,587,000
2,690,702,000 2,691,859,000 2,703,420,000 1,558,705,000
129,196,000
222,314,000 237,694.000 252.691,000
2,510,667,000 2,503,095,000 2,488,537,000 2,472,307,000 2,466,248,000
2,468,388,000 2,454,165,000 2,450,729,000 1,429,509,000
4,001,520,000 3,985,680,000 3,967,080,000 2,100,160,000
4,141,010,000 4,117,600,000 4,071,740,000 4,056,760,000 4,013,680,000 883,253,000 858,001,000 824,285,000
309,705,000
1,044,331,000 1,023,629,000 985,686,000 940,247,000 916,175,000
3,142,795,000 1,790,455,000
3,127,679,000
3,118,267,000
3,097,505,000
3,116,513,000
3,086,054,000
3,096,729,000 3,093,971,000
231,750,000
Amount chargeable to agent
427,565,000 435,820,000 439,375,000
400,185,000 414,950,000 415,150,000 437,907,000 419,670,000
In bands of agent
2,703.420,000 1,558,705,000
2,691,859,000
2,690,702.000
2,677,835,000
2,678,606,000
Issued to Federal Reserve banks__ _ _ 2,696,544,000 2,679,021,000 2,670,903,000
271,658,000
How Secured225,147,000 225,147,000 240,527,000
243,006,000 240,146,000 232,146,000 229,147,000 225,147,000
By gold coin and certificates
679,900,000
1,450,090,000
By lawful money
1,460,693,000
1,473,339,000
1,583,606,000 1,508,420,000 1,507,063,000 1,490,846,000 1,479,852.000
47,021,000
80,142,000
By eligible paper
84,562.000
83,758,000
83.379,000
87,438,000
73,457,000
78,718,000
78,005,000
560,126,000
932,661.000
Gold redemption fund
908,458,000
921,457,000
889,457,000
791,927,000 851,737,000 852,237,000 871,175,000
With Federal Reserve Board
2,690.702,000 2,691,859,000 2,703,420,000 1,558.705,000
2,696,544,000 2,679,021,000 2,670,903,000 2,678,606,000 2,677,835,000
Total
852,674,000
2,037.506,000 1,920.051,000 1,823,485.000
2,022.006,000
2,099,999.000
2,101,419,000
2,080,990,000
Eligible paper delivered to F. R. Agent_ 2,084,708.000
MARCH 14 1916.
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Two ciphers (00) omitted.
Boston.
New York.
$
RESOURCES.
3,598,0
3oldcoin and certificates
anidSettletnent Fund, F. R. D'd 31,381,0
408,0
Jold with foreign agencies
35,387,0
Total gold held by banks ....
. 55,604,0
,
bold with Fed. Reserve Agen
11,368,0
Rad redemption fund
Total gold reserves
..egal tender notes, silver, drc _
102,359,0
6,334,0
108,693,0
Total reserves
3111s discounted: Secured by Gov136,864,0
ernment war obligations
5,085,0
All other.
10,572,0
1Flilis bought In open market_ _
152,521,0
Total bills on band
538,0
J. S. Gov't long-term securities_
J. S. Gov't short-terra securities 14,416,0
assets
earning
other
6,11
167,475,0
Total earning assets
800,0
lank premises
Incollected items and other de77,164,0
ductions from gross deposita
,% Redemption fund-F. R.
716,0
bank notes
224,0
III other resources
Phila.
Cleveland. Richm'nd
$
$
$
$S
205,0 21,746,0 2,180,0
244,721,0
187,527,0 41,377,0 66,222,0 41,092,0
204,0
525,0
408,0
2,011,0
Atlanta. Chicago. Si. Louis. Minneap. Kan.City. Dallas. San Fran.
$
$
S
S
S
106,0
8,039,0 22,732,0 4,260,0 8,289,0
9,312,0 98,751,0 16,634,0 10,444,0 25,118,0
291,0
233,0
233,0
816,0
175,0
$
Total
s
6,085,0 7,780,0
8,140,0 30,866,0
321,0
204,0
1
329,741,0
560,864,0
5,829,0
21,127,0 18,966,0 25,515,0 14,429,0 38,967,0 902,434,0
434,259,0 41,990,0 88,493,0 43,476,0 17,526,0 122,299,0 42,163,0 52,877,0 39,622,0 18,041,0 96,609,0 1,112,938,0
265,433,0
269,230,0 59,059,0 132,060,0 42,104,0 40,136,0 28,356,0 5,084,0 6,067,0 3,359,0 2,173,0
682,0 125,470,0
5,438,0
24,918,0 27,071,0 1,755,0 9,199,0
77,910,0 68,496,0 34,643,0 136,258,0 2,140,642,0
68,374,0
416,088,0
63,100,0
94,779,0
222,308,0
728,407,0 128,120,0
67,736,0
234,0
124,0 2,127,0
102,0
1,421,0 2,198,0
877,0
433,0
1,101,0
356,0
52,429,0
68,620,0 36,770,0 136,492,0 2,208,578,0
78,012,0
70,572,0
417,509,0
63,977,0
95,212,0
223,409,0
780,836,0 128,476,0
27,356,0 50,589,0 21,158,0 73,987,0 1,691,678,0
676,608,0 169,255,0 114,661,0 86,799,0 65,423,0 191,704,0 77,274,0 1,404,0 38,688,0 29,386.0 17,923,0 189,861,0
8,627,0
32,052,0 13,620,0 3,654,0 11,898,0 12,621,0 14,903,0 14,278,0 33,611,0 13,751,0 1,803,0 47,821,0 261,924,0
49,253,0
27,158,0 2,291,0 47,231,0 6,932,0 7,223,0
62,371,0 103,028,0 52,347,0 139,731,0 2,143,463,0
735,818,0 185,166,0 165,546,0 105,629,0 85,267,0 255,860,0 100,179,0
27,222,0
117,0 8,866,0 3,967,0 2,633,0
1,153,0
378,0 4,476,0
1,234,0
1,083,0
1,385,0
1,390,0
9,338,0 6,068,0 4,400,0 5,547,0 , 172,471,0
9,068,0
16,612,0
8,474,0
5,375,0
13,457,0
15,280,0
64,436,0
4,0
4,0
--117,061,0 60,714,0 147,911,0 2,343,160,0
71,826,0
110,400,0
276,948,0
94,123,0
112,238,0
801,644,0 201,831,0 180,080,0
9,711,0
400,0
221,0
400,0
540,0
217,0 2,936,0
295,0
100,0
500,0
3,302,0
43,996,0 19,072,0 61,287,0 43,258,0 37,346,0
180,933,0 72,273,0 66,420,0 55,924,0 43,810,0 95,820,0
356,0
335,0
690,0
254,0
259,0
408,0
426,0
315,0
623,0
700,0
1,819,0
1,008,0
709,0
405,0
114,0
307,0
657,0
273,0
448,0
537,0
1,389,0
1,701,0
797,303,0
6,901,0
7,772,0
226,074,0 169,278,0 249,366,0 142,007,0 323,513,0 5,373,425,0
355,072,0 1,770,235,0 405,169,0 471,175,0 264,432,0 202,826,0 794,278,0
Total resources
LIABILITIES.
81,612,0
11,372,0 3,825,0 2,969,0 3,738,0 3,196,0 4,720,0
3,180,0
4,114,0
9,218,0
7,576,0
20,927,0
6,775,0
49,466.0
3apItal paid in
1,184,0 2,448,0
1,60:3,0 1,415,0 2,421,0
1,510,0 6,416,0
21,117,0 2,608,0 3,552,0 2,196,0
2,996,0
285,785,0
lurplus
17,502,0
12,040,0
22,517,0
0,375,0
12,094,0
:39,241,0
43,766,0 20,771,0 27,474,0 28,078,0 13,708,0 42,219,0
lovernment deposits
49,434,0 71,617,0 39,406,0 77,591,0 1,604,719,0
59,656,0
221,429,0
44,221,0
50,397,0
130,663,0
3ue to members, reserve account 85,311,0 687,643,0 87,351,0
15,1'36,0 34,252,0 28,021,0 16,342,0 555,019,0
39,856,0 130,978,0 65,225,0 57,026,0 45,826,0 19,444,0 69,926,0 32,987,0
)eferred availability items
528,0 6,619,0 120,426,0
182,0
419,0
510,0
82,0 3,172,0
90,0
643,0
297,0
170,0 107,714,0
kil other deposits
118,054,0 2,565,949,0
79,995,0
128,568,0
71,364,0
105.247,0
161,578,0 970,101,0 173,990,0 215,460,0 124,391,0 77,455.0 336,746,0
Total gross deposits
190,262,0 2,510,687,0
127,441,0 112,269,0 418,932,0 107,025,0 87,662,0 100,435,0 50,279.0 6,440,0 142,442,0
P. R. notes In actual circulation_ 165,338,0 715,569,0 205,885,0 229,500,0
6,396,0
12,918,0
5,243,0
7,536,0
18,711,0
7,556,0
34,236,0 13,355,0 11,799,0 5,218,0
23,269,0
1,589,0
P. R. bank notes-net liability_ 13,0:34,0
955,0
1,286,0
625,0
838,0
856,0 2,101,0
1,556,0 1,072,0
1,755,0
8,285,0
2,351,0
111 other liabilities
5,373,425,0
323,513,0
142.007,0
249,366,0
169,278,0
226,074,0
794,278,0
355,072,0 1,770,235,0 405,169,0 471,175,0 264,432,0 202,826,0
Total liabilities
;ontingent liability as endorser
83.690_
22.777.0
on bills discounted with or sold
on non n
an noon
to other Federal Reserve banks 10.913.))
OF BUSINESS MARCH 14 1919
STA TEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE
Two ciphers (OW omitted.
Federal Reserve notes:
Received from Comptroller
Returned to Comptroller
Chargeable to F. R. Agent
In hands of F. Ft. Agent
Boston.
$
271,360,0
79,809,0
191,551,0
22,680,0
Issued to F. It. Bank, less toot
returned to F. R. Agent for
redemption:
168,871,0
10',Hari security for outsrg notes:
Gold coin and(Ws. on hand_
8,601,t)
Gold redemption fund
47,000,0
Gold Serm't Fund, F. It.
Eligible paper, min'm required 113,267,0
Total
Dallas San Fran.
(?leteland Richmond Atlanta. Chicago. St. Louis. Minneap Kan.City
s
$
5
$
5
$
$
$
S
$
174,920,0 124,880,0 159,700,0 101,960,0 254,420,0 4,141,060,0
1,303,080,0 341,420,0 335,060,0 213,020,0 206,960,0 564,280,0 42,843,0 24,997,0 38,701,0 26,719,0 31,017,0 1,044,331,0
462,702,0 99,93:3,0 59,018,0 53,662,0 36,948,0 87,952,0
132,077,0 99,833,0 120,999,0 75,241,0 22'3,373,0 3,096,729,0
930,378,0 241,487,0 276,042,0 159,358,0 170,012,0 476,328,0
10,390,0 14,380,0 23,700,0 6,000,0 400,185,0
131,600,0 23,200,0 31,860,0 28,740,0 51,505,0 40,760,0 12,370,0
New York
Phila
$
$
.
1(38,671,0
Total
kmount of eligible paper deliv152,521,0
ered to F. R. Agent
163,871,0
F. It. notes outstanding..
3,533,0
F. It. notes held by bank
89,493,0 106,619,0 51,511,0 217,373,0 2,696,544,0
798,778,0 218,287,0 244,182,0 130,618,0 115,507,0 435,568,0 119,707,0
12,581,0 2,850,0 243,006,0
13,052,0
2,503,0
23,270,0
188,740,0
78,005,0
3,325,0 4,262,0 2,776,0 11,490,0
10,490,0 11,170,0 13,790,0 2,104,0 2,633,0 5,129,0 2,232,0 36,500,0 35,360,0 2,6840 82,259,0 791,927,0
39,931,0
260,304,0
35,000,0
40,000,0
95,000,0
47,889,0
70,000,0
33,500,0 120,761,0 1,583,606,0
66,997,0
36,616,0
77,544,0
170,135.0
75,371,0
529,548,0 159,228,0 112,122,0 88,514,0
119,707,0 89,493,0 106,619,0 51,541,0 '217,373,0 2,656,514,0
798,778,0 218,287,0 244,182,0 130,618,0 115,507,0 435,568,0
93,100,0 60,047,0 103,028,0 52,347,0 123,369,0 2,084,708,0
735,818,0 164,274,0 164,804,0 102,533,0 77,007,0 255,860,0
89,493,0 106.619,0 51,541,0 217,373,0 2,696.544,0
793,778,0 218,287;0 244,182,0 130,618,0 115,507,0 435.518,0 119,707,0 1,831,0 6,184,0 1,262,0 27,111,0 185,857,0
12,682,0
83,209,0 12,402,0 14,592,0 3,177,0 3,238,0 16,636,0
0. It. notes In cctual elm ilatIon. 1(15.338.0
118,932,0 107.025.0 87.062,0 100.435.0 50,279,0 190,262,0 2.510,687.0
715.569.0 205.885.0 229.590.0 127.441.0 112.219.0
LW
1252
THE CHRONICLE
For daily volume of business see page 1261.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
fSantersr 05azette.
V`
µ
Wall Street, Friday Night, March 28 1919.
The Money Market and Financial Situation.-Several influences have combined to make the security markets
dull and uninteresting this week. The most important of
these, undoubtedly, has been the news from Europe. Probably a few if any are inclined to minimize the importance
or magnitude of the matter which the Peace Congress at
Paris has in hand, but the need for completion and final
action on the treaty, in view of the political and social conditions in Central and Eastern Europe, is so imperative
that the delay is causing great anxiety.
Of domestic affairs the condition of the railroads as a result of Government control is attending wider attention
on the matter becomes better understood. Railway securities have been neglected and prices have in practically
every case declined throughout the week. The aggregate
volume of business was, of course, reduced by the great
military parade in this city on Tuesday but that was not a
reason for the decline of prices referred to. On the contrary,so much enthusiasm should have had the opposite effect.
It is reported that steel producers are somewhat disappointed because the lower scale of prices has not been more
liberally responded to by consumers and steels declined
more than the average drop of the industrial group of stocks
this week until to-day. Increased orders for steel will
doubtless come later when prices for other material and
labor are equally well established.
To what extent, if any, the lower price of exchange on
London and Paris this week affected the security markets
,here is not apparent. The money market has continued firm.
Foreign Exchange.-The sterling market has ruled
heavy and further declines have been noted. In Continental exchange weakness has also been the predominant
feature, with French francs and Italian lire again particularly weak.
To-day's (Friday's) actual rates for sterling exchange were 4
55(0)4 57
for sixty days, 4 58(4)4 59 for cheques and 4 59(q44 60 for cables.
3 sixty days, 4 53@4 55 ninetyCommercial on banks sight 4 583'@4 58%
4 52@4 54 and documents for payment (sixty days) 4 55(qe4 56. days
Cotton for payment 4 58j®4 583 and grain for paymnet 4
58@4
•
To-day's (Friday's) actual rates for Paris bankers francs were58
6 06@)
6 09 for long and 6 02(46 05 for short. Amsterdam bankers guilders
were 39 11-16©39 13-16 for long and 40@)40% for short.
Exchange at Paris on London, 27.70; week's range, 27.02 high and 27.70
low.
The range for foreign exchange for the week follows:
Sterling, ActualSixty days.
Checks.
Cables.
High for the week.._ ..4 62%
4 65
4 66
Low for the week_ _.A 55
4 58
4
59
Paris Bankers' Francs
High for the week_ _ _5 82
5 75%
5 74%
Low for the week__ _6 09
6 03
6 02
Amsterdam Bankers' GuildersHigh for the week_ _ _ 39 13-16
403i
40%
Low for the week..__ 39 5-16
393(
40
Domestic Exchange.-Chicago, par. St. Louis, 15@25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal,$26 25 per $1,000
premium. Cincinnati, par.
State and Railroad Bonds.-Sales of State bonds at
the Board include $1,000 N. Y. Canal 43/
2s at 108 and
$28,000. Virginia 6s deferred trust receipts at 70 to 703/2.
No change is noted in the tone or characteristics of the
market for railway and industrial bonds. Only 11 declined
out of a list of 18 representative issues, as against 13 last
week, 3 are unchanged, against 2 and 4 have advanced
against 3. Of the latter 3 are local traction bonds which
have reacted from the recent rather violent decline. The
Inter. Met. 43/2s have broken away from the rest of the
group, however, and made themselves conspicuous by being
the most active bonds dealt in during the week and by
adding 33' points to their previous decline. U. S. Steel
5s are fractionally lower;the shares recovered 2 points to-day.
United States Bonds.-Sales of Government bonds at
the Board include $10,000 4s reg. at 1059.-i, $3,000 4s coup.
at s-5-f. 1053
%,$2,000 Panama 3s reg. at 91, $1,000 Panama
3s coup. at 91, Liberty Loan 332 at 98.96 to 99.10, L. 1.1.
1st 4s at 94.20 to 94.42, L. L. 2d 4s at 93.40 to 93.70, L. L.
1st 43s at 94.24 to 94.50, L. L. 2d 43s at 93.44 to 93.70,
L. L. 2d 434s (32 to 47) at 95.84 to 95.84, L. L. 3d 43s at
94.90 to 95.28 and L. L. 4th 4Yis at 93.50 to 93.78.
Railroad and Miscellaneous Stocks.-The stock market has been less active than of late and generally weak.
The transactions averaged a little more than 700,000 shares
per day against more than 1,000,000 last week and of a
list of 30 most active issues 20 have declined. Railway
shares have been especially soft, influenced no doubt by
the continued unfavorable reports of traffic operations.
To-day's market has, however, been more active, and substantial recoveries were made by a few issues led by the
steels and some oil and motor stocks, all of which have
fluctuated widely during the week. Texas Company has
covered a range of 10 points with a net loss of 4. General
Motors has covered nearly 12 points with net gain of 5%.
Kelly S. Tire dropped 2 and gained 732, Mexican Pet.
dropped 9M and recovered nearly 6, while U. S. Steel,
leading the entire list in the matter of activity and interest,
declined over 3 points which it fully made up to-day and
closes without net change.
Of the railroad list only Canadian Pacific shows a net
gain of M point, although Northern Pacific is unchanged.
All other issues in this group which have been at all active
are fractionally lower as a result of the week's operations.
[VOL. 108.
STOCKS.
Week ending Mar. 28.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
.!
Range since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ Per share.$ per share.
Adams Express
100 840 33 Mar 28 34 Mar 24 33
Mar 50
Jan
Am Brake 8& F pref 100
200 160 Mar 26 161% Mar 22 160
Jan 168
Mar
Am Smelters Securities
preferred Ser A_ ....100
100 94 Mar 27 94 Mar 27 92% Feb 94
Mar
Am Suinatra Tob pref 100
200 95 Mar 27 95 Mar 27 93
Jan 98
Feb
Assets Realization_ _ _10
100 1% Mar 22 1% Mar 22 1
Jan 3% Mar
Assoc Dry Goods_ 100 1,500 23 Mar 27 24% Mar 24 17% Jan 27
Mar
First preferred_ _ _ _100
100 65 Mar 24 65 Mar 24 61
Ma 65
Feb Associated Oil
100
100 73% Mar 27 73% Mar 27 68
Jan 76% Jan
Atlanta Sir & Ati.._ _10
100 634 Mar 28 IN Mar 28 6% Ma
8
Jan
Baldwin Locomo pf_100
200 104 Mar 28 105 Mar 24 102
Jan 106% Mar
Barrett, pref
100
200 11534 Mar 28115% Mar 27 110
Fe 115% Mar
Batopilas Mining_ _ _ _20 1,500 1% Mar 24 1% Mar 27 1% Jan 1% Feb
Bethlehem Steel pref 100
400 91% Mar 22 91% Mar 24 90% Feb 95
Feb
Bklyn Rap Tr Ufa dep.. 1,400 20 Mar 27 21 Mar 22 19% Ma 24% Mar
Brown Shoe, Inc_ ......100
300 74 Mar 22 74 Mar 22 71
Fe 74% Mar
Brunswick Term'i- 100
300 8% Mar 22 8% Mar27 834 Ma 10% Mar
Bush Terminal
100
100 85 Mar 28 85 Mar 28 85
Ma 85
Mar
Butterick
100
800 2234 Mar 27 23% Mar 28 16
Jan 23% Mar
Calif Packing pref......100
100 111
Mar 27 111
Mar 27 109
Mar 111
Mar
Calumet & Arizona.... _10
300 57% Mar 24 59 Mar 22 56% Mar 61% Jan
Case (J I) pref
100
500 93% Mar 22 94% Mar 27 91% Jan 9434 Mar
Cent & So Am Teleg_100
10 110. Mar 24 110 Mar 24 107
Jan 117% Jan
Certain-Teed Prod no par 1,200 31% Mar 24 35 Mar 22 31% Mar 35
Mar
Cluett,Peabody&Co 100
600 62% Mar 22 63% Mar 28 60% Fe 65
Jan
Computing-Tab-Ree 100
300 43% Mar 28 45% Mar 22 37% Jan 46% Mar
Cons Interstate Call.._10
100 6% Mar 26 634 Mar 26 6% Mar 8% Jan
Deere & Co pref _ ..100
100 96 Mar 26 96 Mar 26 93% Feb 96
Jan
Detroit Edison
100
5 112% Mar 26 112% Mar 26 110
Jan 110
Jan
Elec Storage Battery 100 600 70 Mar 22 71
Mar 24 55
Feb 71
Mar
FederalMg&Smeltg..100
300 10 Mar 24 10 Mar 24 9% Feb 11% Mar
Preferred
100
200 36% Mar 24 36% Mar 22 33
Jan 39% Mar
Fisher Body Corp_ no par 7,200 4734 Mar 24 57% Mar 28 3834 Jan 63% Mar
Preferred
100
300 95 Mar 27 9534 Mar 27 91
Feb 9734 Mar
Gen Chemical pref. A00
22 103 Mar 27 103 Mar 27 102
Ja 108
Feb
General Cigar Inc...._100 8,300 52% Mar 26 5534 Mar 28 47
Jan 55% Mar
Gen Motors,deb stk-100 6,100 90 Mar 22 90% Mar 26 82% Feb 91
Mar
Gulf Mob & Nor pref 100
100 32% Mar 26 32% Mar 26 31% Jan 3534 Feb
Jewel Tea Inc
1
6,700 3734 Mar 28 42% Mar 22 28
Feb 48
Mar
Preferred
100
100 89% Mar 27 89% Mar 27 84
Feb 91
Mar
Kelly-Springfield pf-10
200 95% Mar 26 95% Mar 26 coili Jan 05% Mar
Kelsey Wheel Inc.....100
200 3734 Mar 24 39% Mar 24 34
Jan 41
Mar
Preferred
100
100 94% Mar 27 94% Mar 27 89
Jan 95
Feb
Kress (8 H)& Co
100 64% Mar 24 64% Mar 24 63
Feb 64% Mar
100
Laclede Gas
300 69% Mar 26 6934 Mar 27 69% Mar 83
Jan
Lake Erie & Western 100 200 7% Mar 22 7% Mar 27 7
Feb 9% Jan
Liggett & Myers Tob 100
100 211 Mar 22 211
Mar 22 204% Jan 224% Jan
Loose-Wiles 1st pref..100
200 100 Mar 22 100 Mar 241 94% Jan 100% Mar
Lorillard (P)
100
100 158 Mar 26 158 Mar 26 153
Mar 168% Jan
Manhat (Elev) guar-100 1,100 70 Mar 28 80 Mar 22 70
Mar 88
Jan
Marlin-Rock v t c.no par
100 71 Mar 22 71 Mar 22 71
Mar 79% Feb
Mathieson Alkali.... _50
200 30% Mar 24 31 Mar 24 25
Mar 31
Mar
May Dept Stores__ -100 3,800 72% Mar 27 75 Mar 22 60
Jan 75
Mar
Preferred
100
100 108 Mar 28 108 Mar 28 104
Jan 108
Feb
M St P & 13 Marle_100
100 85% Mar 28 85% Mar 28 85% Mar 91% Mar
National Acme
50 1,200 32% Mar 24 3334 Mar 28 2914 Jan 33% Mar
National Biscuit......-100
200 120 Mar 27 124 Mar 22 109
Jan 126
Mar
Preferred
100
100 116 Mar 28 116 Mar 28 115% Jan 121
Mar
Nat'l Cloak & Suit 100
100 74% Mar 24 74% Mar 24 70
Jan 75
Jan
Nat Rye hlex 2d pref 100 3,900 10% Mar 27 11% Mar 24 5% Feb 14
Mar
New York Dock
_100
200 20% Mar 27 20% Mar 27 10% Feb 26% Jan
Preferred
100
100 45 Mar 26 45 Mar 26 4434 Mn 48
Jan
Nova Scotia S & C_ _100
800 49% Mar 27 51
Mar 22 46
Jan
Jan 55
Ohio Fuel Supply_ _ _ _25 1,100 46 Mar 27 46% Mar 24 43
Mar
Jan 47
Oklahoma P & R rights_ 28,600
% Mar 22
% Mar 28
9-16 Feb 13-16 Mar
Owens Bottle-Mach _ _25
200 48% Mar 27 48% Mar 27 46
Mar 49% Feb
Pacific Coast
100
100 40% Mar 27
% Mar 27 40% Mar 42
Jan
Second preferred....100
200 55 Mar 27 55 Mar 27 55
Mar 55
Mar
Pacific Tel &
_..100
_1
300 24% Mar 26 24% Mar 27 22
Jan 29
Feb
Penn-Seab Say t c _no par
800 3434 Mar 28 36% Mar 22 30
Mar 37
Mar
Peoria & Eastern__ _100
200 4% Mar 26 5 Mar 24 4% Mar 5% Mar
Pitts Ft Wayne & C.100
18 134% Mar 27134% Mar 27 165% Mar 16534 Mar
Royal Dutch N Y shares 86,000 88% Mar 26 94% Mar 22 86% Mar 95
Mar
St L-San Fran pf A _ _100
200 25 Mar 24 25 Mar 26 22
Jan 27
Jan
Sloss-Sheffield pref...100
9 89 Mar 24 89 Mar 24 85
Mar 88
Feb
So Porto Rice Sag pf_100
10 107 Mar 26 107 Mar 26 107
Jan 108
Jan
Standard Milling_ _ _100
175 134 Mar 27 134 Mar 27 124
Jan 134
Mar
Third Avenue Ry_ ....100
700 13% Mar 27 14 Mar 22 13% Jan 16% Feb
isransue & W'ms_no par 2,000 40% Mar 26 41% Mar 28 3734 Jan 41% Mar
United Drug
100
500 106 Mar 24 112 Mar 28 90% Jan 112
Mar
First preferred
so 200 55 Mar 26 5534 Mar 26 50% Jan 55% Mar
Second preferred...100 1,800 102 Mar 26 105 Mar 22 91
Jan 105
Mar
S Express
100
100 22 Mar 28 22 Mar 28 16% Feb 24% Mar
US Realty & Impt_ _100 4,100 32 Mar 22 36% Mar 26 17% Jan 36% Mar
Wells, Fargo Express 100
100 59% Mar 22 50% Mar 22 59% Mar 75
Jan
Outside Market.-Business on the "curb" this week at
the outset was only moderately active and price movements
irregular but in the last two days developed strength and
turned more to the industrial issues than the oil stocks. The
packing issues in particular were strong. Swift International
after early decline from 56 to 553/i moved up to 64, the close
to-day being at 63. Libby, McNeil & Libby gained 4
points to 303/i and ends the week at 30. Keystone Tire &
Rubber com. after a loss of three points to 82, sold up to.
853', but reacted finally to 843. Famous Players-Lasky
Corp. lost all of its recent improvement in a drop from 57 to.
50. General Asphalt corn. improved a point to 683-f, then
broke to 63, the final figure to-day being 64k. Gillette
Safety Razor was conspicuous for an advance from 133 to
144, the close to-day being at 143. Philip Morris & Co. sold
down from 103/i to 93's and to-day up to 11%. National
Aniline & Chem. corn. lost three points to 24 and was traded
in to-day at 25. Nat. Ice & Coal declined from 673 to 61.
Standard Oil shares quiet. In the other oil issues Merritt
Oil was active and after an early advance from 303/ to 31%
ran down to 29, but advanced to-day to 323., closing at
32. Sinclair Gulf Corp. was also prominent, gaining 63/i
points to 463, the close to-day being at 463
%. Sinclair Oil
-warrants sold at their highest in an advance from 63 to 80.
The final figure to-day was 75. Louisiana Oil & Ref. lost
33/i Points to 353', but recovered finally to 37. Omar Oil
& Gas rose from 59c. to 64c. and Rangeburnett from 54c.
to 69c. Mining shares, more particularly silvers, were
especially active. Bonds dull. Interurban R. T. 7s weakened from 87 to 85, but recovered finally to 863/2. Russian
Govt. 63/2s after an early advance from 64N to 66M dropped
to 63, the 53/2s losing three points to 55, with a final recovery
to 5534,•
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
OCCUPYING TWO PAGES
1253
see preceding page.
For record of slles during the week of stocks usually inactive,
PER SHARE
PER SHARE
Range for Previous
Range Since Jan. 1.
STOCKS
Salesfor
Ytar 1918.
lots.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
-share
100
of
basis
On
STOCK
YORK
NEW
the
EXCHANGE
Week
Friday
Thursday
Tuesday 1Wednesday
Monday
Highest.
Lowest.
Saturday
Highest.
Lowest.
Shares
28
March
27
March
March 26
March 25
March 24
March 22
$ per share $ per share $ per share
Par $ per share
Railroads
per
share
$
Per
share
share
$
per
$
3
81 Mar, 9934 Nov
$ per share $ per share $ per share
9114 2,000 Atch Topeka & Santa Fo__100 90 Feb 3 9414 Jan
9114 9073 9114 91
91
80 Jan 9212 Nov
9278 9134 92
*92
100 86 Jan21 89 Jan 4
Do prof
500
8612 8612 8612 8634
87
*86
87
8612 8614 *86
893* Apr 109 Nov
RR 100 95 hlar27 99 Jan 11
Line
Coast
Atlantic
300
96
96
95
95
96
96
Mar12
4813 Dec 62 Nov
0712
5012
*95
Jan21
100
44
Ohio
Sc
Baltimore
4712 47
478 3,300
47% 4773 47
4814
4814 48
48
53 Apr 6412 Nov
Marll
5613
100 53 Feb10
Do pref
500
5512
*54
55
5414 5412 *54
2538 Des 4814 Jan
2678 Jan 8
5114 5414 *5414 55
Jan27
0
18%
Transit-10
Rapid
Brooklyn
18,700
21
2114
2012
1934
21
21
21
21
Mar 1747 Oct
135
2012 21
Feb27
165
Jan21
100
15534
Pacific
8,600 Canadian
156 15634 15773 160
15614 159
159 15978
4934 Jan' 6238 Nov
15012 160
100 5334 Jan21 6034 Mar12
2,700 Chesapeake & 01310
58
5752
5814
5758
58%
5712
918 Feb27
6 Apr 11 Nov
5812 5858 5814 5878
718 Jan21
_100
Western__
Groat
Chicago
200
*734 814
8
8
*734 8
814
*8
1813 Apr 32 Nov
8
8
100 23% Jan21 27 Feb27
Do pref
400
25
24% *24
2412 2412 24
3714 Apr 5414 Sept
*2412 2512 *2412 25
& St Paul-100 3413 Feb15 4112 Mar12
3712 3734 3714 3734 3673 3712 4,400 Chicago Milw
3814
Apr 8638 Nov
6614
Mar12
38
3872 38
74%
100
Jan21
6512
prof
Do
6953 5,200
68
6973 7014 6873 70
6934 71
8912 Mar 107 Nov
6978 70
.100 93% Jan21 98 Mar12
9418 9413 9414 9414 9414 9412 1,400 Chicago Sr Northwestern. 100
9512 9418 9412
95
Mar10 133 JanI7 125 July 137 Jan
131
pref
Do
*129
133
133100
*129
13114 13114
3
18 Apr 3212 Nov
•131 135 *131 13534
2312 2312 5,100 Chic Rock id & Pao temp ctfs. 22% Jan21 2612 Jan
2312 24
2314 24
2432
2112 2118 24
5634 Jan, 88 Nov
7314 Jan21 8014 Jan 3
7% preferred temp Ws__
600
76
76
76
7618 7618 76
3
Jan' 75 Nov
46
Jan
76% 7614 7614 7614
67
Jan21
ctfs____
temp
61%
preferred
6%
6518
6518 1,100
6512 6518 651s
65
Nov
*6512 6612 6512 6512
20C1 Clev Cin Chic Sc St Louls-100 32 FebI7 36% Feb271 26 Feb' 40 Nov
__ ____ _______
34
34
35
Jan16
34/2 3412 *32
5834 May 70
70
66%
100
Jan15
f
D
72
*65
Nov
701,
2712
*65
75
Apr
18
Mar10,
*65
2814
Jan22
19%
100
Southern
Sc
*23% 2334 -23i2 -2-4-- 'i2ii2 14-1-2 - 1,666 Colorado
2418 2418 2312 24
100 4814 Jan 3 5412 Mar21' 47 Apr 55 Nov
Do 1st pref
200
51
54
57
*54
57
*54
56
*54
51
Mar 31 40 Apr, 48 Dee
54
47%
4
Feb
0
45
prof
2d
10
Do
*44
48
48
*45
48
*45
48
3145
48
*45
Jan20 10912 Mar12 10012 Apr! 11934 Nov
100 101
900 Delaware Sc Hudson
101 104
104 10412 104 104
Sept
10412 10112
*103 105
100 Delaware Lack & Westem_ _ 50 17212 Mar18 18234 Jan 2 160 Apr 185
173 173
7 Nov
214 Jan
*170 180
514 Jan14,
8
Jan
-100
_
Grande__
334
Rio
Sc
Denver
-------100
-------514
5
5
Jan
1338
Apr
514 *4
Feb26,
*4
5
8%
100
3
613 Feb
Do pref
.-1,300
714 72
712 712
*712 734
*712 8
14 Apr 2332 Nov
100 1512 Jan21 18 Mar10
8 1538 5,400 Erie
1612 1612 1614 1612 --14i-3612 Nov
*1612 1634
1634 17
231
Jan
3;
Mar
31
100
Jan21
2434
pre
1st
Do
3,100
28
2812 2712 2734 2738
28
2834 2914 2812 2878
100 18 Jan21 22 Jan14, 1812 Jan 2714 Nov
Do 2d prof
19
19
*1812 20
20
*19
*1812 20
Jan 1061 Nov
100 9014 Jan21 9512 Jan 21 86
9318 4,400 Great Northern pref
9313 9334 9234 0338 93
-55r2 0334 9358 94
par 3134 Jan 2 4412 Mar12, 251 Jan 34% Nov
_No
properties_
Ore
Iron
4138 12,400
404 411s 4012 4078 41
1134
41
4112 42
Jan 10512 Nov
Mar221
92
100
100
96 Jan21
400 Illinois Central
09
9834 9834 99
993 993
*98 100
912 Jan
100 100
434 Dec
712 Feb24
318 Mar24
3% 312 27,700 Interboro Cons Corp..No par
314 334
312 331
4712 Jan
312 418
312 334
Dec
171
Feb24
24
100
Mar28
1114
pref
Do
1114 1214 17,000
113 13
1234 133
1312
1434 13
13
City Southern_ _ 100 16% Jan30 2134 Feb27, 1513 Apr 2414 Nov
Kansas
1,200
1334
19
1812
19
1914
191.4
*1612
20
1938 1978
100 4012 Jan21 53% Mar24, 45 Jan 5912 Nov
Do pref
100
54
*53
54
*53
54
*53
54
5378 5378
*53
50 54 Jan 2 57% Jan25
533* Dec 6518 Nov
5412 5412 5434 0,100 Lehigh Valley
54
543* 547
Jan 12434 Nov
5518 5434 5513
55
100 Louisville Sc Nashville_._ -100 113 Mar 8 119 Jan13 110
115 *113 115.
*113
115
*113
11414 11414
Feb28
12%
713 Apr 1578 Nov
Jan21
_100
___
(new)
L
918
St
Sc
Minneap
12
*1014 1214 *1018
*1014 12
634 Nov
Jan
;1012 12
*1012 12
Feb27
432
7
438 Feb10
6
6
1,200 Missouri Kansas Sc Texas-100
6
6
6
6
638 632 *618 612
612 Jan 1313 Nov
100
812 Jan13 1414 Feb27.
Do prof
100
12
*1034 1114
*11
12
*11
11
11
12
8 Nov
*11
315
20
3
Jan
Jan
27
Jan21
trust
ctfs_100
2234
Pacific
6,900 Missouri
2338 2373 2312 .2334 2338 237
2114
24
2414 24
Jan 62 Nov
41
100 4914 Jan21 5434 Jan 3
500
Do pref trust ctfs
5112 5118 5114 5114
51
51
52
51
*51
5112 .
Jan 8438 Nov
100 6914 Jan21 77% Mihr12
2
Central
671
York
New
4,600
75
747
7412
7412
7414
7414
7538 7473 7518
75
27 Ain' 458 May
2914 2912 0,600 N Y N H Sc Hartford...-100 2534 Feb13 34% Mar10
2858 29
2812 30
3014 2934 3012
30
1814 Yin 2438 NOV
300 N Y Ontario Sc Western...100 1812 Jan21 2114 Mar 3
1973 1973 1912 1912 *1878 20
*1912 1934 1958 1958
2
Jan
Jan 11214 Nov
102
10314
100
6
Mar
Western
Sc
103
400
10512
Norfolk
*10312
10314 1033* *133 10512
10412 10412 104 101
Mar12
94%
Jan 105 Nov
81%
100 8852 Jan21
8,700 Northern Padific
9178 9234 9212 93
93
92
9252 9234 9212 9234
46 Jan 7, 4314 June 5018 Nov
50
Mar20
443
a
43%
437
9,150
Pennsylvani
4418
4418
437
4118
4372 44
4378 44
100 1218 Jan21 15114 Mar 4
912May 18% Nov
1,600 Pere Marquette v t c
1212 1234 1234 13
*1314 16
*1212 1412
5212 Apr 64 Nov
100 56 Mar27 59 Mar10
Do prior pref v t c
700
*5578 58
58
5712 5734 56
58
-Ea- 58 58 43
Jan15
4312
Apr 50 Nov
30
100
8
c
t
Mar
v
pref
Do
40
43
*__ __ 43 *-__
__
4033 Nov
5,700 Pittsburgh Sc West Va..-100 34 Jan21 4032 Feb27' 2258 Jan 82
3658 3- 4is 37
3612 37% 3633 43*Nov
-5E4 3712 3058 3713
Jan
61
100 79 Jan31 83 Feb27
prof
Do
100
80
80
8212
*7012
8212
*7912
82
9614 Oct
*80
82
*80
Jan
7012
Mar12
s
867
50
Jan21
75
833* 813* 39,400 Reading
8278 84
8318 85
May
39
8412 8512 8438 8512
4
Jan
35
Feb
38%
50 3612 Jan
Do 1st prof
39
*37
*3712 39
*3712 30
July
*3712 3812 *3712 33
5 37 Jan 2 3812 Mar 7 35 Mar 40
100
Do 2,1 prof
3812 *3712 3734
3812 *37
*37
3812
*37
38
38
938 Apr 17%. Dec
700 St Louis-San Fran tr cas..-100 10% Jan21 1414 Jan 3
1134 12
1212
*12
Nov
12
25
*1214 1212 12
3
19 Oct
St Louis Southwestern.. -100 17 Jan28 1938 Mar
;ia- -21- *16 2212
22
*16
10
*17
20
*18
Oct 4012 Jan
28
100 2812 Feb 4 3372 Mar10
Do prof
34
34
*30
*30
34
*30
Nov
3034
32
12
*30
3
30
.
Jan
Apr
7
00
1
Feb13
732
310 Seaboard Air Line
734 734
.
738 734 -- - - • ---*734 8
*734 8
15% Apr 2514 Nov
100 1534 Feb 3 1914 Mar12
Do pref
100
*1712 1312
*1712 1812
1813 1818 *1712 18
8012 Jan 110 Nov
100 9518 Jan21 101 Mar10
Co
Pacific
10112
43,700
Southern
10034
10038 101% i°438
102 10234 10112 10238
20% Apr 34% Nov
100 25 Jan21 3014 Mar 3
00 B01434t0
10
fatiway
2838 28
283* 10,8
2838 2734 1-6114
28
2812 28% 2814 29
Jan 7514 Nov
57
100 6634 Jan21 70 Jan 2
prof
*677 6812 6734 68
68
68
63
68
68
68
3
Jan
14 May 2912 Dec
3612
100
Jan21
2712
Pacific.
33
Sc
15,200
Texas
3214
3312 3112 3312
33
65% Jan
3314 3414 3314 3312
32
49
Dee
Feb28
100: Twin City Rapid Transit.-100 38 Jan16
4814 3145
1814
*45
50
*45
50
3145
48
48
100 124% Jan21 13234 Mar 3 10934 Jan 13712 Oct
128 12812 10,200, Union Pacific
12712 12834 12712 129
7634 Nov
129 12934 12833 12912
5
Jan
63
Mar
74%
100
Jan14
72
715: Do prof
*73
7312
*7214 73
7218 73
7314
7312 73
*73
434 Jan 12 June
714 Jan 9 1314 Feb21
600. United Railways Invest__ -100
11
11
1018 1012 1014 1014
*1034 1114
1012 Apr 20 May
2773 Feb26
100
Jan13
15
prof
Do
2412
4
2534
2,200j
*233
2412
2412
24
2414 2114
7 Apr 1134 July
9 Mar 3
100
734 Jan20
8
8
1,900 Wabash
1314
8
818 814
3078 Der 4412 Jan
-;g4 812 *814 812
100 30% Jan21 3614 Mar12
33
2,800: Do prof A
3314 3234 3318 33
33
3314 3358 3314 3314
1 Dec 2612 June
3
Mar
22%
100
Jan23
19
19
13
prof
22
Do
*21
20
1,000,
20
197 20
21
*20
*2014 21
10 Der 1734 Feb
1012 103* 1012 1053 1,100 Western Maryland (new).100 10% Feb 7 12% Jan 9
*105s 11
20 Jan 32 June
*1034 1114
*1034 11
100 24% Mar15 26 Mar14
2d pref
*20
26
26
Do
I
*20
28
*20
28
*20
26
*22
13 Rio 2134 Nov
100 17 Feb 31 2212 Mar 4
20
1818 1818
18t4 1814 *18
200, Western Pacific
*1814 20
Jan 66 TIM
*1814 20
46
100 5218 Feb20' 6112 Jan 9
60
Do pref
*5312 58
200
*5312 5612 *53
55
54
*5312 56
8 Apr 1234 Nov
Mar 5
934 Feb27
Sc Lake Erie Ry-100
838
814
8
*734
4
Wheeling
8
800
73
8
8
26 Nov
8
812
1712
*8
Apr
3
Mar
21
100
Jan30:
17
Do prof
*1732 20
100
*1712 2012 *1712 2012
21
*17
17
2978 Dec 3934 Oct
17
100 3014 Jan22 3612 Mar 7
36
*32
*32
36
I Wisconsin Central
38
*32
35
32
36 .
*32
! Industrial Sc Miscellaneous.
Jan 2638 Nov
11
Jan21 293* Mar17
100 21
2612 2613 1,700* Advance Rumely
2612 2512 26
26
27
27
257 Jan 6278 Nov
28
28
100 5612 Jan20' 65 Mar15
Do pref
7001
613* 613* 6112 6112 6112 62
62
7214 Dec
6212 62
Jan
49
Feb27
*62
81
Jan13
50
60
Inc
72
7212 7212 7238 1,903 Ajax Rubber
72% 73
538 Nov
7312 7312 7312 7312
114 Apr
414 Jan15
10
314 Mar28
314 332 4,300 Alaska Gold Mines
338 3%
3%312
312 312
353 312
3% June
112 Apr
Marll
238
2
Jan
134
Min'g_10
214
Gold
Juneau
*2
Alaska
j
7,600
2
'
2
218 214
May
1734
37
214 238
Jan
Mar19
3638
Jan21
100
30
3434 3512 3412 348 -521T2 -311; 0,000 Allis-Chalmers Mfg
3512 3312 3514 36
7214 Jan 8612 May
100 817 Jan23 913* Mar20
01
Do prof
700
9112 9112
01 : 91
01
Oct
106
9073 9073 01% 9112
Jan
78
Mar17
10838
997
Jan29
109
Chem_.
Agricultural
10112
10114
10312
2
6,710 Amer
103 10134 1037
10658 10712 x103 10514
8912 Jan 101 Aug
100 98 Jan 9 108 Mar15
*99 101
300
Do pref
*9812 10112 100 100
10134 10134 *3812 103
48 Nov 84 Feb
Jan 3 77 Jan 9
76
62
109
4
753
Sugar
7512
Beet
7412
American
7512
10,200
74
7634
7534 7614 75
100 8434 Jan13 90 Feb26 z82 Sept 9112 May
prof
93
*86
95 1 *86
*86
05
*90
345 Jan 5034 May
95
*86
100 427 Febll 5132 Niar22
5013 97,100D
American fan
4312 4912 4814 488 4878 03
4932 5132 4914 5118
8914 Jan 99 Dec
987 Jan 6 103 Mar10
100
pref
Do
1013
4
1013
4
*10114
100
10134
10212
*101
943
*101 10212 *10012 10212
6814 Jan 9334 Dec
Feb28
Feb10
0
8412
9034 01
9112 5,500 American Car Sc Foundry-10
8934 9012 90
Jan 11512 Dec
9112 9214i 9012 91
100 113 Jan18 116 Feb24 108
115 115
*11513 117 '3'112 115
Do prof
100
Jan 4484 Oct
25
Mar19
4978
2
Jan
100
Oil
ton
393*
t
r5o
n
ricap
4734
4:3
4712
1818'
peo
47
)3 Am
2
4878 5.91:
4812
88 Dec
•4834 4912 48
May
78
Mar18
91
7
Jan
100 88
93
*90
93
18914 8914 *89
93
93 1 4188
*88
Jan24 1414 Mar 7
0
1012
Syndisate_1
13
1278
Drusgists
13
1234
Amer
7,000
1234
1314
22% Sept
13% 13321 1318 1314
Jan
1178
Feb23
4
2012
Jan
1318
100
Leather
&
Hide
1812 1.314 183k 1,600 American
181k *18
18
1812 1858; 1832 1878
50 Jan 947 Aug
100 7114 Jan 2 10112 Mar 5
Do pref
9714 983* 24,400
9634 0535 97
95
90
98341 97
95
1112 Jan 49 Oct
Mar17
49
Jan21
100
38
Ice
4412
4434
45
4534
American
3,400
44%
458
Oct
46121 4534 4618
40
3834 Jan 61
100 543 Jan20 6412 Mar 7
63
63 I 63
Do pref
63
63
1,600
62
6212 62121 6178 6214
5112 Sept 6012 Oct
7178 66,600 Amer international Corp_ -100 5238 Feb 8 7212 Mar15
7018 7218 703* 713* 71
703s 7111 6912 72%
27 Jan 4712 Dec
9
Jan
5234
1
Mar
4418
100
Linseed
4712
American
4834
4712
7,30()
483*
493*
4834 4834 477k 4773
"i
6914 Jan 92 Dec
100 85 Mar 1 9234 Jan 7
Do pref
1,400
893
883 8838: 8812 8878 89
8812
8852• 88
88
5312 Jan 7134 May
6434 6531 67
12,100 American Locomotive_ _ _ -100 58 Jan21 68% Mar10
6334 6512 61
Jan 10238 Dec
667 6734 6512 66
5
x95
Mar
105
Jan14
100
100
pref.
*103
105
105
Do
*103 105
105
232 Sept 1312 Feb
•103 105 *102 105
7
Jan
JanI7
1
438
100
1341
134
134
800 American Malting
173 173
134
218
2
2
41 Sept 48 Dec
2
of dep.. 4312 Feb19 51 Mar 7
certifs
497
pref
1st
I
4912
49
Do
4912
51
2,200
49
50
*48
50
73 May 9434 Oct
3
*48
68
68341 683* 69
6834 7012 28,009 Amer Smelting & Reflning-M 621 Feb 6 7838 Jan
6812 7014
6834 70
100 103 Feb20 107 Jan14 103 Sept 11014 Nov
Do pref
1,000
103 104181 10358 10358 101 104
Jan 95 Nov
10512 10512 10412 10412
58
00 68 Feb 8 8734 Mar10
Foundries_1
Steel
81
817
82
7012
American
8018:
2,500
80
82
8213 80
98 Jan 116 May
82
Mar24
124 12538 12114 12658 12512 12613 21,200 American Sugar Refining-100 11114 Jan21 1263*
11412 Dee
Mar
12452 12612 12418 12658
1081
5
100 11312 Jan 6 118 Feb
Do prof
100
11634 11634 *115 117 *115 117
*115 118 *115 117
6034 Jan 145 May
100 961 Jan13 118 Mar12
8,900 Amer Sumatra Tobacco
110 111341 1093k 11118 1103* 112
10914 Feb
52
11212 11453 11114 11234
Aug
90
Mar10
Jan29
1083*
9834
4,90 Amer Telephone & Teleg_100
13312 101141 10318 10352 10372 104
10432 10434 10418 10458
100 19178 Feb 4 215 Mar12 14012 Jan 19834 Dec
5 Ameris,an Tobacco
.670
203 203 •*202 208 *202 20330
6
100% Dec
Jan
20814 20834 *203 210
Sept
9213
.106
Feb24
100
100
Do pref(new)
*101 103 1 1013* 1132 *10012 102
447 Jan 6078 May
102 102 *101 103
5414 2,500 Amer Woolen of Mass__..100 4514 Jan16 6712 Mar15
54
517 5212 5214 53
5312 5312 59% 53
92 Jan 9634 Dee
943 Feb 8 102 Mar12
100
pref
98
Do
9734
08
300
973
4
1001
*97
*97 100
30
*97
2014 Apr 393 Aug
Mar 7
37
4014 5,500 Amer Writing Paper pref__100 273* Jan 2 43
3732 3714 404 39
3614 37
3612 37
11 Dec 2132 July
Jan31 15 Feb28
600 Amer Zinc Lead Sc Smelt__ _25 11
1318 1318 *1212 1312 1314 1314
13
1312 13
13
3834 Dec 531 July
Mar19
45
Jan21
40
25
prof
Do
.42
200
4212
2
4
12
*1212 44 I
*1212 44
Dec 37414 Oct
44
*42
59
Mar10
6314
6
Feb
6014 6118 66,520 Ancaonda Copper Mining_ _50 5613
607
5934 6012: 60
6234
6134 6212 60
9734 Jan' 12014 Feb
8 11812 Mar18
11112 113 1 11112 11314 11212 11412 15,200 Atl Gulf Sc W I SS Line___100 92 Feb
112 11414
Jan' 6738 Nov
2
Jan
11334 114
58
67
Jan29
04
0
prof
10
Do
*61 67
67
66341 *66
*65
6634
*65
67
60
.
56% Jan 10134May
Mar12
8712 898 107,600 Baldwin Locomotive 3Vks I00 64% Jan29 9114 Mar18
8512 8778' 8534 87
85 Jan 110 Dee
88% 9118 8712 83
12512
2
Jan
103
100
(The)
Co
1,500
Barrett
121
121
12012
12114 12114 12012
60 Dec 94 May
120 120% 120 12114
Jan20 6972 Mar22
6614 6614 *85
200 Bethlehem Steel Corp_ ___100 5512
63
6613 6612
5934 Nov 94 May
69% 69% *6614 68
Do Class B common_ _1130 553 Jan21 7114 Mar11
73,600
6738. 651a 6612 663s 69
65
9612 Jan 10672 Apr
Mar10
6758 69% 6638 6758
107
Jan22
10138
pref.._
8%
cony
gum
Do
920
*10134 105 i 10134 10134 105 105
Jan 2812 Sept
21
6
105 105
Jan
105 105
2234
Jan14
ar 1814
m
No p
2012 2112 2,650 Booth Fisheries
2011 2012 1934 20
2012 2012 2034 2072
138 Feb 6 157 Jan 3 108 Feb 61% Oct
1,000 Burns Bros
14034 142 i 14012 11012 14012 141
1127 July
51
6
512
Dec
Jan
14234 14234
*112 143
71
Feb20
c.._5
t
v
1,1 0 Butte Copper Sc Zinc
634!
678 7
618 6141 +A
161 Jan 331* May
63s 678
*634 7
1672 Febll 2512 Feb28
22 I 2078 21 1 2114 2153 2,200 Butts A Superior Mining_ .10
22
2178
21
23
22
Less than 100 shares. a Ex-div. and rights. z Ex-dividend.
* Bid and asked prieec no sales On this day. t Ex-rights.
1254
New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive,
see second page preceding.
PER SHARE
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
PER SHARE
Salesfor
STOCKS
Range Since Jan. 1.
Range for Previous
the
NEW YORK STOCK
On basis of 100-share lots.
Monday
Year 1918.
Tuesday
Wednesday
Thursday
Friday
Week
EXCHANGE
March 24
March 25
March 26
March 27
March 28 Shares
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share
$ per share
IndustrIal&Misc.(Con.) Par $ per share
$ per share $ per share $ per shore
594 6012 5914 5934
5834 5934 5734 59
5014
5912
5,700
California
Packing__
__No
par
4814 Jan 2 62 Mar18
26
2612 2618 2612
3612 Jan 50 Nov
26
26
2534 2578 2534 2578 2,500 California Petroleum
100 20% Jan 2 2834 Feb21
698 6978 69
12 Jan 2478 Nov
70
6834 69 .6814 6934 69,
8 6978 1,100
Do pref
100 6418 Jan 2 74% Mar 7
7118 7214 70
,
36
8 7214
Jan 7012 Dec
70
71
6934 7238 7338 7334 33,700 Central Leather
100 5613 Feb 8 7412 Mar15
.10778 _
10778 10778
5434 Dec 7338 Feb
.107 ___ .10713 ____ .10738 110
200
Do pref
100 10413 Jan 7 10773 Mar21 10112 Dec 108 Nov
3212 3212 3214 34
3312 3434 35
364 3534 3678 11,200 Cerro de Pasco Cop___No par 31
Jan22
3678 Mar28
124 124
2914 Mar 39 Nov
12334 125
122 12378 123 123
123 126
3,400 Chandler Motor Car ........100 103 Jan18 12812 Mar12
1812 1878 1834 2018
6814 Jan 10978 Dec
2014 2114 2013 21313 2114 2478 99,500 Chile Copper
25 1718 Jan21 2478 Mar28
3412 347.3 3438 3512
1412 Apr 2.4
Oct
34
35
3412 3412 3412 35
8,100
Chino
Copper
5 3218 Feb 6 3512 Mar24
4212 4312 .41
3138 Dec 4714 May
43
4112 4212 .40
42
4212 438 1,800 Colorado Fuel de Iron
100 34%Feb 10 4413 Mar15
45
45
3434
Jan 5413 May
4412 4518
4412 45
4414 4412 4418 444 6,800 Columbia Gas dr Elec
100
3914
Feb
4678
1
Mar18
.924 94
2834 Mar 4478 Dec
93
93
92
9218 .92
94 .92
94
700 Consolidated Gas(N Y)....100 8713 Jan27 98 Feb27
7812 7914 78
8234 July 10538 Nov
784
77
7738 7634 77
7712 7712 4,500 Continental Can, Inc
100 6512 Feb10 8212 Mar10
5358 5414 523,3 5334
0512 Oct 95 Feb
52
5378 53
5312
53
561
100200
Corn
Products
Refining.
10
0
40
Jan21
5614 Mar28
•105 107
2973 Jan 5018 Nov
106 10612
. 10512 105
105 10558 ----- ----_
600
Do pref
101) 102 Jan23 108 Mar19
6712 6834 66
6712
6434 6638 65
68
6618 6714 24,300 Crucible Steel of Amerloa_100 524 Feb 7 70(4 Mar14 29013 Jan 104 Dee
94
94
52 Jan 7478 May
91
94
.9112 100
944
944
*9312
9412
600
pref
Do
100 91
Jan 2 95 Marll
2312 2334 2313 2378
86 Jan 9134 June
2314 24
2314 2312 2314 2312 6,303 Cuba Cane Sugar ____No par 2038
Jan27 3112 Jan 9! 2713 Apr 34 Nov
7412 7434 *7312 74
7318 7338 7313 7312 74
74
1,900
Do prat
100 6912 Mar 1 80 Jan 9: 7714 Dec 83 Feb
6418 6538 6312 6414
6238 6334 62
3312
3
633
6438
22,600
Distillers'
Securities
Corp_100 z49 Jan 2 6633 Mar141 :33 Jan 6434 May
1258 1258 1212 127
1213 1212 12
1238 12
12
3,900 Dome Mines. Ltd
10 1038 Jan31 1314 Feb18'
2912 30
29
6 June 15 Nov
2934
29
2913 30
30
2958 3118 10,940 Gaston W & W Inc. No par 254 Jan21 3334 Mar 3
156 15078 15612 15634
2534 Oct 39 Feb
15612 15634 *15513 15712 *15512 157
700
General
Electric
100 14412 Feb 3 161 Marll, 12734 Jan 15813 Oct
16134 16334 15814 16112
1554 15912 159 16212 19218 16313 83,200 General Motors Corp
100 11812 Jan21 16812 Mar28, 10634 Jan 164 Aug
90
9018 8978 897k
89,
8 90
8978 904
1,900
Do prof
100 82 Jan 6 9134 Mar15, 75% Oct 88 Feb
6614 6714 6512 66
65
6538 6434 6612 -aa9,100 Goodrich Co (B F)
100 5613 Jan10 7134 Feb27, 33 Jan 5978 Oct
*10412 112 .105 112
.105 112 .105 112 .105 1091
Do prof
00 103 Jan 8 108 Feb26
65
6518 67
6712
.65
69 .65
68 .67
71
700 Granby Cons M S & P__ _ _100 65 Mar21 80 Jan 3' 9558 Dec 104 Dee
4233 4338 4212 43
Oct
Jan 86
421 4212 4212 4212 42
43
1,709 Greene Cananea Copper..100 41 Feb13 4612 Jan 9! 74
5634 5634 5312 55
3312 Jan 5814 Nov
53
53
5312 .52
53
53
700 Gulf States Steel tr ctfs_100 4912 Feb 8 0178 Jan 3
.41
42
41
5834 Dec 11112 Apr
41
42
42
4238 4212 4312 41
1,200
Haskel
&
Car...No
Barker
par
40 Feb 6 4578 Jan 4, 34
4758 483s 4612 4812
Jan 4914 July
4614 47
4638 4814 48
4834 38,700 Inspiratlon Cons Copper.. 20 4212 Feb 6 48
,
8 Mar10
18
1834 .17
4118 Dec 5812 Oct
1812
1618 17
1658 1714 .16
1712
800 Internat Agricul Corp_...100 1012 Jan 2 19 Mar19
6814 6834 6738 68
10 Jan 19 June
6412 664 6512 6114 05
6712
2,500
Do
pref
100 48 Jan 4 6914 Mar20
12512 12712 z123 123
38 Jan 65 June
12318 12312 12114 122
12'334 124
2,000 Inter Haverster (new)
100
Jan21 129713 Mar17 104
2718 2778 2658 2778
Ott 121 Nov
2313 2738 2634 2738 2634 2712 18,200 Int Mercantile Marine.. 100 11018
2114 Jan31 284 Marl()
11158 11273 10934 11178
8
23
1,8
N
Oct
n
10913 11238 1114 11238 11138 11234 103,700
Do
pref
100 9234 Feb10 11438 Mar19
2512 2578 2513 26
Jan
1235313
2538 2514 2513 2534 255/3 27
21,000 International Nickel (The) 25 244 Feb 3 3238 Jan 3
45
27 Jan 35 Nov
4534 4412 4514
4234 4434 4314 44
43% 4512 14,600 International Paper__
100 3014 Jan 3 4834 Feb27
2413 Jan 4512 May
72
7214 72
724 7178 72
700
Da stamped pref
100 62 Jan13 7512 Mar10
11312 1147 112 11414
53 Jan 654 Jan
112 114
114 11312 11313 12014 37,600 Kelly-Springfield Tire
25 68 Jati21 1234 Mar 6
314 31,
8 31
41
Apr 72 Dec
3178
304 31
3012 3034 3034 3138 15,600 Kennecott Copper____No par 2918 Feb13
333i -litn31)
70
29 Mar 4114 Nov
72
6918 7012
6834 6912 6834 6912 70
71
8,900 LackawannaSteel
' 100 6212 Jan21 x7234 Mar10
2412 25
6513 Dec 9158 May
2412 2412 •
2414 2412 *2414 25 .2414 25
700
Rubber
Lee
&
Tire.
_No
pat
21
Jan22
2712
,
1
01124
.47
12 Apr 24 Dec
49
46
46
46
46 .4512 48
474 49
800 Loose-Wiles Blscuit tr otfs 100 4018 Foi>17 4934 Mar 7
*103 105 .103 105
1712 Jan 4558 Dee
.103 105
10178 10178 *101
___
100
Do 2d pref
100 91 Feb 5 103 Mar17
.73
53 Feb: 96 Dec
76 .72
76
73
73 .70
75
*70
rj
75
•
100
Mackay
Companies
100 70 1'1122 7334 Fob 4
.64
65 .64
70 Dec i 7812 Feb
65
64
64 .64
65
64
300
64
Do prof
100 64 Jan15 65 Jan 4
3518 3612 3112 3512
57 Jan 65 May
3418 3514 3134 3738 3634 39
5,800 Maxwell Motor, Inc
100 2634 Jan22 41 Mar14
6234 6434 6158 7334
2312 Jan 4213 Nov
63
64
6414
664
657
8
67
8,800
Do
1st pref
100 50113 Jan22 6178 M ar 14
28
29
50 Dec 6978 Nov
2712 29
28
28
2912 3078 3038 314 2,500
Do 24 prof
100 194 Jan 2 3312 Mar14
18112 186
19 May 3238 Nov
179 1324
176 17938 176 18134 1814 18234 200,100 Mexican petroleum
100 16234 Jan23 1974 A!, 2
0
79
Oct
Jan' 194
-- --- 106313
1003s
Do pref
100 105 Feb 7 103 Marti) 87 Jant 107 Dec
23
23
227 23.38
2234 23
-2234 23-- 23
2314 2,603 Miami Copper
5 2134 Feb 7 2438 Janll
46
4738 4514 46
2214 Dec 334 Jan
4518 43
4514 45,
8
474
28,200
4512
Midvale
Steel
&
Ordnance50 4014 Feb 7 48 Mar10
707g 71_
41 Deo 61 May
.70
72
71
71
69
400 Montana Power
70
100 69 Mar28 77 Mar 3
.10512 -64 June 8112 Nov
*10512 _-_- .10512 _-_- .10512
Do prof
100 105 Jan22 10614 Feb25
161,4 1834 16.18 16
95 Mar 1064 Dec
.
34
1534 16
157
16
8
1634
3,900
1538
Nat
Conduit
Cable_No
&
par 14 Feb 8 1714 Mar 7
51
514 51
13 Nov 2138 July
5114
5058 5114 5053 5138 51
5238 5,500 Nat Enam's & Stamp'g_100 4513 Feb 8 5253 Fe026
.98 103 .93 103
3711 Jan 5413 May
.98 108 .98 108
*93 108
Do prof_
100 93 Jan15 99 Mar10
6812 6834 .6012 68
88 Nov 9912 Feb
3
1,100
6812
67
6
8
661
663
*6612
4
National
Lead
E.
100 64 Janll 6834 Is.lar22
.10578 111 *105 111
4314 Jan 6934 Deo
.105 109 .107 103
t103 103
103
Do pref
100 107 Jan 3 11018 Jan25
1578 1618 1534 16
9934 Mar 10512 May
1534 1578 1534 1534 16
01
1634 3,000 Nevada Consol Copper
5 1512 Mar18 1712 Jan 3
.108 110 .107 110
1612 Dec 21,
8 May
10612 10718
_400
_
New York Air Brake.- __100 9114 Feb 3 x115 Mar14
5018 52 .43
9312
Deo 139 May
52
*49
52 .485i-- .495?:
- - - 1,200 North American Co
100 47 Jan 1 1 52 Mar 4
40
4053 3938 4038
3712 Aug 5712 Nov
394 3934 3312 39
3858 40
21,303
Ohio
Cities
(The)
Gas
._
.
_
25
a3554
Feb14 41,
8 Jan 3
814 834
3518 Mar 48 Oct
838 858
838 812
814 813
338 812 18,600 Oklahoma Prod & Refining 5
8 Feb 3 1018 Jan10
638 638
614 638
64 614
14
618 618
1,400 Ontario Sliver Mining
54 Mar18
100
8 Feb 1
.33
35 .32
44 Jan 13 June
3312
*31
35 .31
35
;5i-3
6
.Pacific
Mail
SS
2912
5
Feb 8 3312 Jan 4
81
2312 Jan 40 Dec
8238 79
81
77
79
7712 7938 7934 8038 36,100 Pan-Am Pet & Trans
50 67 Jan21 8412 Mar12
.142 145
6314 Oct 7214 Oct
*136 140 *135 145 .135 145
Do
pref
Jan22
117
100
14113
Mar12
50
86
60
Jan 12412 Oct
;46- -561;
4814 49
49
49
4918 5912
800 People's 0 L & C (Chic) 100 4518 Jan22 5234 Mar10
3958 Jan 61 Nov
357 36
*35
35
35313 3514
3414 35
*3414 3514 2,500 Philadelphia Co (PIttsb)
50 30 Jan 3 3634 Mar18
21 Apr 3514 Oct
4412 45
4418 4514
4412 45
4414 4478 4412 4538 15,100 Pierce-Arrow M Car_ __No par 3834 Jan22 41338 Feb27
31
Jan 5134 Nov
103 103
103 103 .10212 103
500
Do prof
100 10112 Jan 3 10513 Mar13 I 8934 Jan 104 Dec
1814 1813 lSlj 1858
174 1838 18
1814 12,400 Pierce 011 Corporation
1838 18
15 Sept 1518 Oct
25 16 Jan 2 1918 Jan 6
49
50
4812 4914
4838 4838 4734 4818 4813 4978 4,600 Pittsburgh Coal of Pa
14
100 45 Feb 3 5012 Jan 9
42 Jan 5334 Fob
86
86
86
86
.85
to
8634 .8534 8712 .8534 8712
200
Do prof
100 8513 Mar17 87 Jan 9 I 7034 Jan 8578 Dec
71
7178 6914 7012
68
3912 38
6812 69
6978 2,600 Pressed Steel Car
100 :59 Febll 7234 Mar14
5512 Nov 73 Aug
.
9934 103 .9934 103
.9934 103 .9934 103 .0934 103
Do
pref
100 100 Mar 3 101 Jan14
.85
93 Apr 100 Aug
90 .85
90
88
86 .83
86 .83
100 Public Serv Corp of N J..100 82 Jan31 9134 Jan 7
00
.119 121
85 Oct 10912 Mar
120 121
11912 120
119 11912 120 120
1,400
Pullman
Company
100
111
Febl
,
8
1223
4 Mar19 10018 Jan 13214 Nov
7834 7978 7814 7834
7718 7712 7712 7712 7778 7334 3,100 Railway Steel Spring
14
100 6812 Feb10 8314 Mar14
.106 110 .106 110
4513 Jan 7812 Dec
.106 110 .103 110 .105 110
Do pref
100 104 Feb 4 107 Feb21
1978 197
95 Jan 10513 Dee
197 2018
1958 20
1958
1914
8,400
193
2014
Consolidated
4
Ray
Copper_
10 19 Mar 4 2134 Jan 3
8212- 8458 8178 8278
1914 Dec 2814 May
8038 82
8034 8178 8112 8234 12,103 Remiblic Iron de Steel...100 7113 Jan18 86 Mar12
*102 10412 103 103
z7258 Jan 96 May
*10112 10312 *10114 10312 .10114 10312
103
Do pref
100 100 Jan13 105 Mar19
9253 Jan 10212 Sept
9438 9534 94
9614
91
93
9214 9312 9234 9378 32,003 Royal Dutch Co (Am shares) 7034 Jan21 9912 Feb201
:70 Dec 145
Oct
712 8
8
838
738 7713
7
753
718 712 7,103 Saxon Motor Car Corp
614 Mar21 12 Fob26
100
.175 180 .176 180
434 Aug 18 Nov
175 175 .173 180
100 Sears. Roebuck & Co....100 16812 Feb13 18514 Jan 8 13334
176 176
.10
June 17613 Dec
1014 1014 1014
1014 1014 1014 1012 1012 1034 5,701 Shattuck Aria Copper
14
10 10 Feb19 1312 Jan10
4414 4538 4334 4513
4458 4614 4514 4338 4614 4534 145,900 Sinclair 011 & Ref'g_No par 3314 Jan 2 4634 Mar28 :13 Dec 1814 Feb
5578 50
2514 Apr 39 Feb
53
51
52
5213 .51
1,500 Sloss-Sheffield Steel & Iron 100 4612 Feb10 59 Mar12
53
51
53
38
39 Jan 7114 May
33
39
3913
3834 3834 39
30
39
603 Stromberg-Carburetor_No par 3634 Jan10 42 Jan15
39
6214 6313 6118 6238
61
6238 6078 6238 6212 6313 45,700 Studebaker Corp (The) ..l00 4534 Jan22 6512 Mar13
337 Apr 727 Nov
.96
97
96
03
96
95 .95
07 .93
300
Do prat
97
100 92 Jan22 96 Mar24
8013 July 100 Nov
5238 5233 5134 .5134
51
51
5112 52
1,000 Stutz Motor Car of Am_No per 4214 Feb14 54 Mar19
51
51
3634 37
37 Oct 55 Dec
36
37
3534 3714 *38
37(3 37
33
2,000 Superior Steel Corp'n_ _100 32 Jan21 38 Mar28
'9214 93 .96
3114 Mar 4553 May
93
.05
98 .06
Do 1st prof
93
98 .93
100 98 Mar12 98 M ar 12
13
95
Feb 100 Sept
13
1234 1318
1258 1234 *1213 13
1234 1234 1,200 Tenn Copp & C tr otts-Na pa
1218 Mar17 1412 Jan 4
212 21514 2104 213
1234 Deo 21 July
205 210
2054 20914 20014 212
33,100 Texas Company (The)....l00 184 Jan 2 21734 Mar18
9134 93
9112 9212
90
9114 9018 9134 9134 9212 59,703 Tobacco Products Corp..100 7238 Jan29 03 Mar22 13613 Jan 203 Oct
100 10134 .9312 102
4813 Mar 8238 Dec
100 100
101 101
600
101 101
Do prof
100 9913 Mar20 106 Jan 8
.79
Mar 10178 Dec
83 .79
83
.79
86 .75
Union Bag & Paper Corp_100 75 Jan 3 84 Mar12 28714
83
80
*73
65
4234 4313 4212 43
Jan 80 May
4212 43
4212 4234 4212 43
1,900 United Alloy Steel....No par 3738 Janll 44% Mar14
3678 Oct 4412 May
13314 13112 13212 134
13214 13312 13214 13478 135 13612 35,400 United Cigar Stores.. ..100 10714 Jan 2 13812 Mar18
_ *110 120 .107 112
8334 Mar 10834 Dec
.107 112 .107 117 *107 117
Do,
prof
100 106 Feb 5 111 Mar21 10114 Jan 110 July
16934 17014 163 170
16734 169 .165 170
153 18912 1,100 United Fruit
100 157 Feb10 176 Mar14 11614 Jan 16611 Dec
19-38 20
1938 193s
19
1914 .19
1912 1918 1938
900 179 Cast I Pipe Se Fdy__100 14
Jan15 214 Mar18
1118 Apr 19 May
5434 5131 .52
55
.52
55 .52
55
400
Do prat
55
53
100 4213 Jan16 56 Mar18
41 Mar 4734 Feb
141 11312 13914 142
13818 14014 133 1.12
Industrial
US
40,500
142
14112
Alcohol__
Jan22
100
14634 Mar14 :98 Der 137 May
9714
*102 107 .103 103
.103 105 .103 105
Do pref
100
10312
10314
964
Jan
100
2
108
Mar14
94
Oct 99 Mar
8318 8412 83
83
81
8212 81
8214, 82
8118 25,500 United States Rubber__ _MO 73 Jan21 87 Mar15
51
Jan 804 Dec
*11113 112 *11112 112
Do 1stproferre•I.
750
111 111% 111 11118! 11118 11118
100 109 Jan20 11214 Marll z95
Jan 110 Dec
4958 4934 4834 4914
4812 4812 4812 4313 .1312 1918 1,000 U S Smelting Ref & M __ ._ 51 434 Jan21
51 12 Mar12
3212 Apr 5034 Oct
.45
50 .45
50
*4612 4934 *47
Do pref
4934 *47
51 45 Jan18 50 Mar 2
4914
4238 Apr 4714 Dec
99 10058 9714 9334
904 9734 9334 9734' 9778 9978 731,100 United States Steel Corp._ MO 3314 Feb10 10038 hlar22
8612 Mar 11613 Aug
.11412 11538 11478 115
11434 115 ,.1.14 11434 11433 11134 1,209
Do prof
LW( 11318 Feb10 11512 Jan14 103 Mar 11358 Dec
723A 74
724 74
7112 7234! 7134 7234, 7253 7312 20,200 Utah Copper
10 654 Feb 7 74,
8 Jan 2
7114 Dec 93 Oct
1518 1518 15
1514
15
1518' .1412 1534' 1414 1413 1,100 Utah Securities v t c
13 Jan 2 1712 Feb 4
it Sept 1634 Nov
5814 5912 57
53
57
5718 56
5334 57
53
3,60) Virginia-Carolina Chem- _100 51 Feb10 6018 Mar17
1 Jan 6014 Nov
33
•112 114 .112 111
*111 114 '•11.1 114 I 11.114 11114
110
100
09
0 110 Jan 7 114 Mar19
Do Prof
98 Jan 11358 Dee
I
_
_
Virginia
Iron
C &C
• 100 56 Jan23 5934 Mar12
50 Jan 734 July
-8614 861 88 "ifi"
8538 8514 8453 85% 8513 8611 5,500 Western Union Telograph_100 8138 Mir27 3978 Jan13
774 Aug 9558 Apr
4634 47,3/3 4813 47
4534 4612 4534 45 I 46
no 14stm:
4312 13.303 Weatingh
4013 Jan21 474 Mar12
3812 Jan 4712 May
.61
67 .61
(17
.62
67 i .62
:
reefi'eTretalt Mfg- 5
67 I .62
67
5'0
3 61 Feb27 6312 Mar 4
59 Jan 6113 Feb
53
5314 5314 51
5314 5318 53713 5312' 53
5113 2,310 White Motor
50 45 Jan 3 5712 Feb20
3634 Jan 49 Nov
29
2914 2814 29
284 2812 2338 29 I 287 2938 37,609 %Villys--Overland (Thin-12
2314 Jan22 3078 Mhr18
:
o
1512 Jan 30 Nov
.92
91
9212 9212
9214 93
0.314 9314' .9212 9314
500, Do prat (new)
100 8734 Jan 7 9312 Mar17
75
Jan 8914 Nov
7914 8038 7712 3134
8114 8338 81
8212 81
3'118 35.70') Wilson & Co, Inc. v t o No par 6538 .Ian20 83'8 Mar20
4514 Jan 7714 Deo
•123 126 .123 127
12234 1223.1 __
Woolworth
200
(F W)
123 123
120 Feb 7 13312 Jan 9 110 Mar 12312 Oct
*116 118 .116 117 I
*
Do prat
_
100 115 Jan22 11712 Jan17 111
Oct115 Sept
6412 6412 62
6312
6113 6.214 -iiii.2 -6-2-1-2 -iii- Wiii _ 1_______ Worthington P & M v t c_100 50 Feb13 687s Mar
34 Jan 69 Aug
.88
9212 .39
9212
.894 92 , .3911 92 , .92
Do prof A
100 84 Jan 9 0434 Mar18
95
853s Feb 9112 Apr
7134 7134 .70
7134
79
70 .61
Do nref 11
71 ' .6912 11300
(16
Jan 3 72,
.100
8 Mar10
59 Jan 7033 Slily
'Did and asked paces; no sales on this day 3 Leas than 100 shares
Ice-rIghta. a Ez-div.
twat* r 14t-divi4end.
Saturday
March 22
-(c6ii
New York Stock Excliarige-Bond Record, Friday, Weekly arid Yearly
1255
interest"-escept for interest and defaulted bonds.
Jon. 1909 the Exchange method of quoting bands was changed and prices are now-"and
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 23
Price
Friday
March 28
tr.
Ask!Low
Bid
U. S. Government.
3 sic lot Liberty Loan. _ _1932-47 ID
D
1932-47
4s lot Liberty Loaa
45 2d Liberty Loan_ _ _ _1927-42 NI N
4319 1st Liberty Loan_.1932-47 JD
1927-42 It N
4 sis 2,1 Liberty Loan_
1932-47 ID
430 2(1 Liberty Loan
1924 tel S
4 sic 3d Liberty Loan
1934 A 0
448 4t11 Liberty Loan
d1930 (.1
28 consol registered
0.930
29 consol coupon
1925 Q F
48 registered
1925 Q F
is coupon
Pan Canal 10 30-yr 2s.____k1936 Q F
.4 Q N
reg_193
2s
Pan Canal 10-30-yr
1931 QM
Pamlina Caoal 3s g
1931 Q M
Iteglitered
Pbillppino Island 45._ __ .1911-34 Q
Week's
Range or
Last Sale
33
s
6
,,
Range
Since
Jan, 1.
Ifighl No. Low
High
Sale 98.9.1 09.10 2113 98.20 99.80
Sale 91.23 91.421 532 92.59 91.50
Sale 93.40 93.702395 92,1091.10
Sale 91.21 91.501 2,13 91.20 96.60
Sale 93.14 93 704532 93.60 95.32
9 95.42 95.31
95.81 95.84
15-.20 -dale 91.93 95.28 14303 91.90 96.50
93.63 Sale 93.50 93.78 21122 93.59 95.72
97% 97%
97 -..-- 9778 Feb '19
98 Mar'19
98
98
105% 10 101% 105%
10512 10611 1058
3 10114 10312
105%
10512 --- 105%
9814 9814
9314 Mar'19
09 July•IS -.
91
1 3712 91
91
Sale 91
2 91
91
91
Sale 91
91
100 Feb '15
_
99.04
91.42
93.61
94.48
93.61
Foreign Government.
99% 423 99% 9978
9938 Bile (3914
1919 F A
Amer Foreign Secur Ss
A 0 97
9/ X4 2753 95% 97%
Hale 95%
Anglo-Frettch 5-yr 5s Exter loan _
83 M11'19
93
81
85
8.3
ai
_
1909_
of
5s
Internal
Argentine
103 -273 99 10212
N 9914 Sale 91
Bordeaux (City of) 3-yr 6s 1919 tel
1 70
7038
7213
7178 70%
70
Chinese (IIilicuang fly) Si of 1911 J DI 07
4 9212 97
97
Sale 95%
Cuba-External debt 55 of 1901.
9212 92% Mar'19
9013 9312
Ester (It 5s of 1914 ser A 1949 F A 9112 8412
83
5 82
82
8414
1919 F A 82
External loan 1138
11 9734 99
93%
Sale 97%
1921 A 0 08
Dominion of Canada it 5s
91%
17 93,
3 98
1926 A 0 9714 Sal, 97
do
do
0772 35 9714 9818
1931 A 0 9773 Sale 9712
do
do
4 321 103 10538
105;4 Sale 10518 1055
French Repub 5)35 secured loan.
9233 80 86% 92-; I 9212 Sale 9114
Japanese Govt-.E loan 430-1925
8 Sal, 92
0234 51 86
J,:s923
92%
J
1925
4335
series
Second
8412 13 84
I 86
89
Sale 8513
do do "German stamp".
77%
7978 77% Mar'19
75
t 70
19:31
Sterling loan 4s
9/
260
m
100
0914
99
Site
10212
N
1919
Lyons (City of) 3-Yr 63
291 91334 10212
100
N' 9913 993 9434
Marseilles (City of) 3-yr 6s_1919 tel
1 61
75
7913
8014 75
Q J 72
Mexico-Exter loan E 5s of 1399 j
60 Mar'19
61
0, 55
50
60
1951
Gold debt 4s of 1904.
451 97% 10014
99
Sale 9778
1921 A 0 98
Paris (City of) 5-year fis
22 81
81
81
83
8 81
M 5: 79,
Tokyo City 51 loan of 1912
I
K of Ot Brit tic Ireland99% 422 99%10)W8
9912 Sale 09%
1919 m N
3 year 53i% notes
98% 483 9734 99
Sale 9734
_ _ 1921 m N, 98
5-year 5-3% notes
103 101%
Jan '19
Convertible 5 13% notes 1919 FA....190'4
9338
100% 803 99% 10134
20 year gold bond 5(4s_1937 F A 0678 Sale
S5to.E
These are prices on the basis of
State and City Securities.
N Y City-1 his Corp stock_1960 MS
431s Corporate stock. .1964 MS
4 h1s Corporate stock .... _ _1966 AO
4)-3s Corporate stock July 1967
1965 ID
414s Corporate stock
1963 MS
433s Corporate stock
1959 M
stock
Corporate
4%
1958 51 N
1% Corporate stock
N
1957
4% Corporate stock
MN
reg__1956
stock
4%Coroorate
1957 51 N
New 4333
4)3% Corporate stock_ 1957 MN
34% Corporate stock_ 1954 MN
1911 MS
N Y State-ts
Canal Improvement 45_ 1961 J J
.1
1932
Canal Improvement 4s
J
1960 J
Canal Improvement 4s
J
Canal Improvement 4338_1961 J
J
Canal Improvement 4318_1965 J
Highway Improv't 4335_1963 51 S
Hlghway Improv't 4318_1965 MS
Virginia funded debt 2-3s 1991 J .1
68 deterred thrown Bros ctfs___ Railroad.
51995 Q J
Ann Arbor 1st g 48
Atchison Topeka & Santa Fe1995 A 0
Gen it 4s.
1995 A 0
Registered
51995 Nov
Adjustment gold 4s
h1995 Nov
Registered
51995 51 N
Stamoel.
1955.1 I)
Cony gold -to_
D
1960
Cony is iSitle of 1910_
East Okla Div 1st g 41...A928 rd S
J
Rooky NW] I)Iv 1st 13_1965
Trans Con Short L let 18_1958 J .1
Cal-Arlz 1st & ref 4 his"A"1962 M S
5 Pe Pres & Ph 1st it 5s. 1912 51 S
511 Coast L let gold 48.......111952 M S
1934 J D
Oen 'mined I his__ ._
Ala Mid lot gu gold 55-1928 51 N
J
Bruns & IV lot go gold 48_1933 J
J
Charles & Say lit gold 78_1936 -1
N
01952
45
coil
gold
N
&
L
Say F ic IV 1st gold 5s_ _1931 A 0
1991 A 0
1st gold 51
Balt Se 01110 Prior 3 35"
."-;11M
Registrd
1st 50-year gold 49......51913 A 0
481913 Q
RegIsterei.
10.yr cony 4 tis_ .......1133 . _
Refund & gen 5s Series A.1915 J
.1
Pitts lone 1st gold 6s... _1922 J
P.111110 & II Div 1st it 3338 1925 NI N
PLE&W Va Sys ref 45._11111 NI N
.1
Smithy(' Div lot gold 3353-1925
Cent Olio It lot cg 130_1930 NI S
Cl Lor & W con 1st g 53-1933 A 0
Monon River 1st go it 5s__1919 F A
Ohio River RR. lot it 5s___193,1 J
General gold 5s.........-.1937 A 0
0
PO Ls Cleo & ['oil-it 68._1922
Tol & Cia 'tic lot ref to A A951 J
5
NI
50........1937
Buffalo It & P gen it
1957 51 N
Consol 4338.
All & West 1st g Is gli. _1993 A 0
J
Clear & Mats lit go it 59_1913 J
Roch & Pitts lot gold 33 1921 F A
0
.1
1922
Consol 1st g Cs
Canada Soo eons go A 58_19132 A 0
Car Clinch & Ohio lot 30-yr 5,3'38 1 I)
F A
Central of(la 1st gold 5s_
Cousol gold 5s...... ____1915 tel N
1
1931
4s
g
mosey
our
Div
Chat,.
J
Mao As Nor Div 1st it 5s-1913 J
J
1917
Mid Ga & Vl Div 5s
J
.1
1911
Mobile Div tel it 55
Centittt & II of(la coil it 56_1937 51 N
J
1947 J
Center 11 J gen gold 39
Registered........._51967 (4 J
.1
1921 J
Am Dock & Imp Igo 58
Lett & Hal RN gen igit SLAV()J .1
NY & Long Br gen g 13_1911 M S
Cent Vermont 1st gu it 4s_el92.0 Q
J
Chola & 0 fund & Impt 58_ _1929
1939 M N
consol gold 55
N
M
1939
Registered
0013 Sale 9(1(8
95%
96
9638 95 Mar'11)
94
9(1% 9314 Mar'19
10012 1003t 10012
10012
LOU% 100% 10012 NI tr'19
101
10038 10034 10012
91
91
9114 91
9138 91 Mar'19
91
0112
9012 Mar'19
91 Mar'19
014
10012
190012 00
151
;10012
10013
10012 100% 10012
81% Mar'19
8134
9612 9714 99 July'18
9712 Jan '19
9734 Dec '113
)3:l
96
96(2?i
97340.1 '18
103
1073s 108 103
10212 Dec '14
10(312
100% Mar'19
1,10 June 18
7873 Dec '18
7012
-si;le 70
5514 58
55
33
9714
96
93
96
9614 99%
10038 10134
10912 10112
2,3 100 102
15
90% 9212
9012 9214
0012 9012
91
91
14 10012 102
23 10038 10112
8113 82
9712 4712
-idi
10G8 l035
28 -di
2 55
8238 50
8233 Sale 8213
82 Mar'19
89
1
7448
5%
312 7:4
797
5
__ 86
7313 Junte18 ---75
74%
71 Feb '19
76
74
9473 9(114 9134 Mar'19
8918 91 18 92% Feb '19 ....-79 June'18 -- -.
76
74
75% 79
7713 Mar'19 ---85 Mar'19 -85 90
93 10018 99% July'17 -.8212 1:3
82
Sale 82
82
83
824
8234,
I
9312 Feb '19 --967
78 Oet '18 -81% 89
11112 ___. 129% Aug '1.5 -..7212 7412 73%
10
7514
108 __ 108 Dec '13 -.95% _ _ _ 105 July'15
83
8814 8812
8812 -- -6
87
87 Feb '19
76
7612 10
7612 7 13
_
.. 76
8 9234 mar'17
,
-7,.
754 108
74% Sale 73
8012 41
Sale 78
78
98%._ 112 Jan '1-2 .-..
81
8714 81314 Mar'19 --- 7:1
7-2
6
7214
22
831
8312 8373 83%
95,8
85
9
9 __.....::
ir:118
/slu.g
8 -57- ,
3: A
89
-711
7434
58
8134 8512
2,4
71,8 80
80
BONDS
N. Y. STOCK EXCHANGE
Week Ending NI troll 28
1:37c2
Price
Friday
March 28
IVeek's
Range or
Last Sate
13Range
4 ; Since
2,
: Jo,i. 1.
High No. Low High
Ask Low
Bid
Chesapeake & Ohio (Con)83%
7813 11 : 77
1992 301 5 7733 Bale 77-34
General gold 433s
--__ 1_ _ __ - _ _ _
WWII
73
7.534 8534
1992 M S
Registered
4 I 7734 8112
784
7814 7834 7814
20-year convertible 430_1930 F A
8534 99.1 3414 _8_9_.
30-year cony secured 3s_1916 A 0 83% Sale 85/2
7813 -- ._ 75 Noy'18,........1._
1944 J D
Big Sandy 1st 4s
--- I__ _. _ _ _.
72
8512
8234
Nov'16
D
.1
_1945
Is.
lot
gu
River
Ely
Coal
1940 J J 82% _-__ 961 Feb '16 __ -- ._ __ _
Craig Valley 1st g 5s
6634 _-_- 8134 Jan '13
Potts Creek Br lot 4s__ _ _1916 J .1
7613 Nov18 ---It & A Div lot con g 4s_ 1939 .1 J 7412 80
71 Oct '17 --_- ___ _
J 6918 85
1939 .1
old 4s
2d consul g.
8313 Seot'16 ____ _ __ _
7418
Greenbrier Ity 1st gu g 43_1910 NI N
Warm Springs V lot g 5s 1911 51 s 80 ____ 11314 Feb '15-.
3
40
5114
4 5
1 3
2
5;2
50
Chic & Alton Ril refit 3s_ 1949 A 0 5918 5114 5114
36
36
Sale 36
J
1950 J
Rail way 1st lien 3349
Chicago Burlington & Quincy1922 F. A 100 _-_. 9914 Jan '19 ---- 9914 9914
Denver Div 4s.
3 7313 7534
Illinois Div 3his
94111:2 J j
19
2 8
e419 -- 8318 8578
2 8
31'4
3'4 8
74
7:3
:137(3 Ma7
7:'
Illinois Div 4s
99,84
, 993
:
93
,
'19 ,.___ 9
Iowa Div stoking tuni 58_11319 A 0 9954 --__ 9934 Jan
1919 A 0 9914 9914 99:8 Feb '19
Sinking fund 4s
Joint bonds. See Great North
917 9234 9212 Mar'19 ---- 9212 9334
1927 (1 N
Nebraska Extension 4s
93 __ __ 91 tel ,.r18 -- - - - - - - - 1927 t1 N
Registered
8312
10 80
8114
195 m S 8114 Sale 8014
General 4s
27
28 Mar•li) ---, 25
31
29
3
J
g....1955
Imo
ts
&
Chic & E Ill ref
25
22
2812
23
2518
4
23
II 5 Mt.g & Tr Co tots of dep..
19*.4 7t- -6 ____ 195 194 Feb '19 ---- 10312 104
let conic,' gold es
8 __-___-_ 755,8 70
'410
12
8_3
2 755,4 k'
.
4,.
518
1_4 .2
7_5
li)
Ne
1937 NI di .7
General consol 1st So
II 8 NItg & Tr Co ctfs of dep . - -73 Noy'18 --- ____ _ _ _
73
Guar Tr Co ctfs of dep..... _- - 75
56 ---- 97% Feb '13 ---- - - - - - - - Pivot' money lot coal 5s__1912 F A
_
32 NItr'17
Chic & Ind C Ely lot Ss_ 1936
--55 -i65-8 -6i1-3
Chicago Great 111'tt 1st 48_1959 NI S 10
691
s
t
--_Jati6
103 103
:3-'4
5
1(
.t.
e
l
.
1
2
.
J
7
17
94
Cole Ind Sc LouLsv-Ref U.110
8213 ___ 10012 AV,'17 -- -- - - - - -Refunding gold 5s
--'17
___ _ __ __
8112
Air
---.
____
68%
-1
J
1947
C
Series
Refunding 40
60% ___. 70 Nov•10 ---1933 1 J
Ind & !Amiss, 1st gu 40
4 -it3-34
-if3378'4 Feb '19
81
Chic Ind & Sou 50-yr 45._ -1956 I ./ 73
Chic [.5 & East 151 4340
1909 .1 1) 82 -._ 97-3 Dec '16 --__ ____ _
8 723,3 72
70.,
Coicago NIllwaukee & St Paul-- 2 J
7(112
72
1 72
Gen'l gold 44 Series A__ _e1939
el941) 14 J --,-- ---- 92,3 Feb '13 -- .._ _ _ _
Registered
1933 j 0 8314 Sale 82
Permanent 4s
414
74
113 8
88
6
4
3 63
Gen Sc ref Sor A 430.--a-2011 ..: 0
12 7734 81%
80
J
P,. A
Gen ref cony Ser B .3.1___a2014 J
_ _8_0_ _ _84
3
39
7_2
_
t: 66
S
4 -2
8
_58
031:8
70
'
8
3
3 Nov
Gen'l gold 31.4o Ser 11._e1989
0:4
89
7
s Sale 8
70
914
General 1 his Series C._ _e19,39
78
, 70
%
13
71,1
0 75
138 32
0Z 8
2 s
8
,3
0;4
7
1:
73
.1 77
19:34 ..1
25-year debenture 4s
Convertible 4i-3s
8 Deo '18
9812 97,
J 9G
J D
1j
932
1
192
Chic & L Sup Div g 3s
92 Oct '18 --_- ..,ii _ ..ii„;
18v g1)
1,
51: 5s__ _1920 J .1 ---- 100
oR
NIvv
At P
e&
liiic
Cu
1
9714
9714 0778 9714
J
1921 .1
6312 .....
c M & Puget Si 1st gu 45_1919 1 J 6812 6914 6312
Dubuque Div 1st s f 6s___1920 J .J1 99
41
9'38
-2
-0
-- 10
s
1 969871: 979078
e9177
77 Se.p9
1:
99
Fargo & Sou assum g 6s-1924
1919 J .1 9818 10314 99% FeO '19 __I -ii - -ii58
La Cros.se & D 1st 3s
98% 9818
4 101
....
963
'19
Jan
J
98%
19212
53
g
Div
Minn
&
Wls
99
34
99
---'19
Jan
99
--1 96 Wis Valley Div 1st 6s._ ..1920 J
214 8
9i4 8
90
90
8% Mar'19 --- 8834 88,
4) 86
4
Milw & Nor lit ext 41.4o..1934 J 1)
,s Dec 'IS ..:::: -._. _ _ _ _
Cons extended 4 his__ _ _1931
_ ___ _ _ _ _
s 7
90
9:ile
0 8
2% Dee '18
79
8
A
N
11.1
386-1926 1,
Chic Sc Nor West Ex 4s 1,
95 Dee •18
- __ __ _ _ _ _
92
1, A 87
18'36-1926 '
Registered
-1 70
71
70
1.987
General gold 3 his
70
69 Mar'19 ---- 69
P1987 Q F 7013 71
Registered
8212
1 81
1987 m N 82% 81
8234
8234
General 4s
8114 813 81% Oct 'IS .....
1937 tel N
Stamped Is
-- i(11.
9812 Sale 9812
.8_ -6i12
983 _3
N
Ns __
General 5s stamped_ __ _ _1987 :._
8 10112 104 May'18
-- - - ----1879-1929 A 0 101,
Slaking fund 6s
-'16
Apr
10913
--0
1879-1929 A
Registered
8 -6tits
9638 Feb '19
-i6,1479-1929 A 0 9312 91
Sinking fund 39
1379-1929 A 0 96% ---- 96 Nov•IS -Registered
bli8112 2 Mar'19
Debenture 5s
97
---2
Registered
1933 NI N
9318 97
819 _..1 -9
'
966
9312 Feb9
471-2 -9
96
6
2
81Sinking fund deb 5s
__
1933 M N 90% ---- 97 Nov'18 --__ _
Registered
---- 10112 Oct '16
Des Plalnes Val 1st go 4)3s '47 I" S 80% -'19 ..-2 1_0_3
._ 1_0_9_
-- 103 Feb '17..
Frem Elk &110 V 1st 65_1933 A 0 10318
GO ---- 88 Jan
J
Man G 13 & N 1V 1st 33,0_1911 1
Mew & S [.1st gu 333s_ _1911 1 J ,-,-_-,- ---- 100,2 Aug '18 ............
1921:01 S 11-111%---N.111 L 9 Sc West 1st it es
- 9814 99
4 DNI,chr'1159
18
18
:19
s 10
1 i-_-;__97
F A
5 1„4
929
...:11.0
1.
.58
d6
sitillitenlimip),svf,g8o4la
As
E
231: 2
..-
__ ___ _ _ _ _
74,3 7912
77
71
9:334 9514
9218 9218
__
77-12 81
85
85
-------82
85%
8231 88
9312 9612
___ _ _ _ _
_
--'7:373
- -781-2
_ _ _. - _
....... _ _ _
88
8914
Mich Env la gold 68_ 11,24 j 2 101 10614 192% Nlay'18 ---.:: :::: :-_-_-...
7534
73 . 7814 Feb '19 - _ 73
NIII S.tar Sc N W tot go 4s_1917 M 8 73
93
1 ---- 91% 93 Feb '19 --- 93
St L Peo & N W lit go Ss 1913 J
Chicago Rock 1st Sc Pac7714 79 1 78% Mar'19 ____ ' 7512 7912
R111,rgy general gold 4s_ _ _1988 3 J
Registered_
191.'
,4 0
4 -L-112
2 ----i(71e 70
218 701 7034 7612
'
7
4 MaY
11
Refunding gold 4s
J -- - - 7012 Mar'19 ----1 7012 7012
1932 .1
20-year debenture 5s
69
It I Ark Sc Louis it 4334._1934 M S 6-9. 6'578 69
72
1% 96
69
Burl C it ScN 1st g 5,i_ _1934 A 0 95 -„- 95 Mar'19 _-__11 9
C RI F& NW 1st gu 53_1921 A 0 -„- 9812 97% Feb '19 -- 9714 97%
VS% ---- 97 Nlah'18
Clio Okla & G gen g 5s__g1919 J J
1952 74 No -0
Consol gold Is
7;
- -69
;
873- 6939 ViiY
703s
Mtr4g :::- 65
Keok & Des Moines 1st 5s 1923
7; 68% 71
68',
St Paul Sc K C Sh I., 1st 4 44'41 F A
1806338'8
4
8
:
71
4
8
5
6_9
6
0
1_0
18
107
105
1;
1)
1930 -I
Cille St P tel & 0 cons 6s
8,7
Se iplt.
)
•618 __ cii
.19
,7 2,,,,
Is 8853 03
rd )
0i
30
Cons (Is reduced to 330 23
Debenture 55,.
_
_
_
___
_-__
DI
Nov'
118
---102%
J
J
North Wisconsin lit fls__ _1930
8
7% 8
75
2131z
87
St P Sc S City 1st it fis _ _ _ _1919 A 0 93'2 ---- 100 Feb '19 --- 9978 WO
-,i-3- - -4,i' Saperlor Short L 1st .54 4..e19:30 NI 3 92 -„, 95 NI '18 ---- _.
tifs 60 Feb '19 ____ -60 - -60 - 10
,
Chic T II Sc 80 East 1st 51..1960 1 NC 751,
78
8212
109 Mar'19 --_- 10212 103
Chte Sc Wt Ind gen 46s-01932 Q
.i-,2- .8-6 .4
-8
.
65
61
61
62 Mar'19
60
J
J
1952
Is...
Consol 50-year
Cln FI & D 2d gold 4 his__ _1937 .1 3 80 ---- 90 M .v17
73
72
:::::
:
::
C Find Sc Ft W let gu Is g 1923 NI N --_- ---- 83 Marl!
83
81114
81 ---- 79 Nov'18
- - - - ---Day & Mich lit cons 433s 1931 1 J
8934 89%
6712 68
6712 Mar'19
Cleo COI Cn Sc St L gen Is..1931 J D
77
78
70
2 6
7'2 8
212
77
76
77
20-year deb 43-3s...... _1931 .1 .4
__-- --__ 10114 Nov '16 --._ - - - - - - - -- - - - --Urn 1 D 8214 8134 8614 tug '18
9113 _-_- 93 Jan '19 __ -iiti. - -91'
General 58 5eries B._
91 __._ 91,13
1 09
9113
(7:11ro Div tot gold Is
9118
-I173-4 -673-4
io'
-1,_ 6
8'7%148 1%,•te'r
9
17
.1
1 -8
73
1718
2
2 1
15
919
9912 ......_ 9918 Mar•18 --_- _
Cin W Sc tel Div lot g Is_119
_ __
7112 76
74 NI ar•19 _--- 74
761s
St L Div lot coll It g 1s___1910 51 N
6:312 113
3318 Mar'19 -- - 6112 63
99
Sor & Col Div tot g 4s.___1910 NI S 7414 ---- 7413 Jan '19 --- 7118 71%
9718 10/
99 Mar'19 .-_ 99
- -J
N
m
1
_1910
_
tot
Is_
g
8913 ._ _. 99'O',t
IV W Val DIY
t '17 -- ....._ _ _ _
i:N ::::
_"t
Nao
4 3
89
8 9
-1-)
10(
11
71'
9
7434 9412 07 Nov1.6 ---C I it L 34C cootol is__ _1)20
87 Dec '17 .___1 _ _ _ _
11936 (4 F 8214 00
10 1 34 Feb '16 --- -- - - __- - - 88 __
lot gold Is
- , ---- 8813 II 4•'1 5; ----1 -_- - -_-2- 119313 (4 F„
1007 10214 101 Nov•18---- ---- -- -Registered
Cin 113 Sc Cl cons 1st g 5s_1923 1 J 02374 ,.„.. 9373 Mar•19i___.; 9i7g 9373
10112 10214 101(2 Mar19 -- 101-12 101-1-2
10118 107 107 Fee, 19i _ 1 107 107
J
.1
1931
t:
gen
I
dons
c
c
c
So..
Sc
92
92
83
9573
2 92
92
-- 1 ____ -- 7512 8212 80 Mar'19 -- 81) 82
Ind B Sc W 1st pref 4s___1910 A 0 7518 ----. 91 filly0481....
0 Ind & W 1st pref -is__ Altrli 0 .1
99% ---- 100 Mar'It) ....._ 100 10012
36
1 -iti
:
5
'14!
3
3
5214
3
Feb
0
A
1,4_1910
90
Poorle.& East lit cons
91
99
7 8914 9178
90
1213
1212 Pet) •19......:1 12
1990 Apr , 1.27s 13
Income 49
7514 Sale 7314
1 7534 7514,
751.5
89
1 37
87 1
AI -8
7
7
--87
8734 8
A 0
Cleve Short L 1st gu 414s_ _1961 F
8213 --- 90 13.1,hy'18 -8914
87
15
8711;
9013 _- 9734 111(0 17 --- -- - - - - Coloritia Sc Soi lit 4 Ls..._1929
3
7734' 17, 7714 7912
Refund Sc Ext 4 14i____1945 M NI 77 4 Sale 771
94
9114 Jan'19 ...... 9114 9134
92
9934
...; 99
Ft W• Sc Den C lit it Cs. _1921 .1 0 9812 9934 91 Feb '19
89
10 89
89
89 _-__ 89
0
Conn Sc Pas Wits lot 4 Is. _1943 A
8 102 105
10212
10212 Sale 10213
4 5.3 Feb'ifi'
-- ___ . -_ _
Cuba (lit lit 50-year 5s g__-1952 3 11 ---- gi3101 102 10114 b'et) '19 __ 11)1% 10114
Del Lack Sc Western99
i
9473 100% 99 Felt '19 --- 99
77 I 71 uct '18!........I _._ __ _
Morris Sc IC-vs 1st go 310_2339 .1 01 72
9914 ____ 100 Apr '18 __.- .___ ___ _
J 10012 10134 102 Doe '18i ____ _ _ _ _ _
NY Lack Sc W lot 6s.._ _1921 ./
8833 __ 10012 Jan '13
1 9i14 101
____
Mar'19
-9712
A
9734
Constrection 3s___ ___1923 V
65
63 Jan '19 ......, 65
60
68
92 Dec 'IS ._.....
9234 94
U423 hi N
Term ,It trnoroyt 4s_
9313
90
9012 89 Mar'19 .......• 41
_._ _ ___
__I
.
'08:
A
6712
_-Feb
102'8
F
2009
3141
g
gu
ref
1st
Warren
0 9714 9912
98
Salo. 98
98
_
_ _ __ 100 ,10112 Jan '17,____i __ ---- July. ID le Aug. 0 Due Oct. p Due Nov. g Due Dec. $ Optioo 811e.
•No price Friday; latest the week. a Duo Jan. d Duo April. e Due May. g Due Juno. h Due
256
SEIONDS
N. Y. STOCK EXCHANGE
Week ending March 28
New York Bond Record-Continued-Page 2
b't
u
Price
Friday
March 28
Bid
Week's
Range or
Last Sale
Ask Low
Range
Since
Jan. 1.
High No. Low
High
Delaware Sr Hudson1st lien equip g 430
1922 J J 964 964 964 Mar'19
_ 913
964
1st & ref 4s
1913 M N 8312 8112 8414
8112 10 834 8514
20-year cony 63
92
1935 A 0 9078 92
92
1 92
9514
Alb & Susq cony 3lis---191.1 A 0 --- 75'2 76 Mar'19 --- 7555 77
Renss & Saratoga 1st 7s 1921 51 N 10218 101 10338 Seot.18
Denver & Rio Grande6312 69
1st cons g 45
4 69
1038 J J 68
69
73
Consol gold 430
1933 J J 73 Sale 73
7334
6 73
76
Improvement gold 5s
7634 79 Mar'19
1923 J D 76
79
7918
31 4812 571 1
1st & refunding Is
4834 4312
1955 F A 48
49
Rio Or June 1st gu g 5S-1939 J D 82 ---- 8734 Nov.16
Rio Or Sou 1st gold 4s
1940 J38 6114 Apr '11
Guaranteed
39 July'17
1940 1 J
Rio Or West 1st gold 45..1933 J J 68
6878 69 Mar'19
69
723t
Mtge& coil trust 43 A 1919 A 0 55
53
5612
5612 59
5012
Det & Mack-1st lien g 4s 1995 J D 60 78
82 Dec '16
_
Gold 4s
___ 89
7512 July'16
1995 J D
Det Riv Tun Ter Tun 4 s._ 1951 11.1 N 81
8112 8114
8114
8114 8114
Dui Missabe & Nor gen 58_1941 J J 9678 ---.. 9634 June'18
Dui Sr Iron Range 1st 5s
5 10 9114 Feb '19
1937 A 0
0114 912
Reglatered
1937 A 0 ---- ----10513 Mar'08
Dul Sou Shore & All g 58.-1937 J J 81
85
83 Feb '19
83 83
Elgin Joliet & East 1st g 58_1911 511 N 9158 102
99 Nov'18
Erie 1st consol gold 75
1920 M S 1004 10078 1007s Mar'19
-6655 iddii
N Y & Erie 1st ext g 4s---1947
N 8112
784 Oct '18
2d ext gold 5s
9378 9518 June'18
1919 M S 9914 ---3rd ext gold 4s
1923 M S 91 ---- 934 Jan '18
dth ext gold 58
1920 A 0 9538 ---- 9912 July'17
5th ext gold Is
1928 J D 82 ---- 9134 Ney'15
N Y L E&W 1st g fd 7s_-192o M S *99 -_ 10018 July'18
Erie 1st cons g 4s prior. 199'! J J
60
6612 M tr'19
7012
60
Registered
81 Dec '16
J
199(1
1st consol gen lien g 43_199; 1 J 65"
ETSol;
53
5338
5212
52'a 534
Registered
1991
73 June'19
-- -J 76Penn coil trust gold 49-1951 F A
7734 Feb '19
7738 78
50-year cony 4s Ser A 1953 A 0 4658 Sole 464
4614 15 4318 49
do Series B
4718
1951 A 0 4618 47
4718
1 46
4873
Gen cony 45 Series D__ _195'1 A 0 4938 Sale 4812
4912 33 4712 5238
Chic & Erie 1st gold 5s
1982 .51 N _
91
91 Feb '19 ---- 91
951s
Clev & Mahon Vail g 58-193-1
511; -_ 1034 Jan '17
Erie Sr Jersey 1st s f (18.._1951 J J 9738 997 9734
9734 10 661; joyGenesee River 1st s Ids-1957
J 95
9712 9714 Mar'19 -- 954 101
Long Dock consol g Os _..1935 • 0 107 --._ 108 Mar'19 ---- 108 108
Coal & RR 1st cur gu 6s-1922 hi N 9318 --- 103 Jan '18
- Dock & Impt 1st ext Is. 1941 1 J 8712 ---- 1024 July'17
--N Y Jr Green L gu g 5s_ -1943 hi N 8634 --- 85 Jan '18
-N Y Susq & W 1st ref 5.9.-1937
77
76 M tr'19
J 76
75
78'4
2d gold 4s
55 10014 Dec '03
1937 F A
General gold 55
62 60 June'18
1910 F A
Terminal 1st gold 58___1913 hi N 8512 --.. 97 Dee '18
Mid of NJ 1st ext 5s___1910 A 0 86 --..... 103 Jan '17
- ---Wilk & East let gu g 5s._1942 J D_...._ 70
72 Jan '19 -.- 72
72
By & Ind 1st cons gu g 35 1923 J J
2312 Jan '17
_
Evansv & T 11 1st cons 6s_1921 J J 96 100
95 Feb '19 ---- 913
93
lit general gold 5:3-_1912 A 0 6618 --Mt Vernon 1st gold 6s-__1923 A 0
10
88
53 j
,
171,n
)ve:111
1.
Suit Co Branch 1st g 5s_1930 A 0 _
9858 95 June'12
Florida E Coast 1st 4lis___1959 1 D
82 Mar'19
82
85
Fort St U D Co 1st g 430-1011 J J .
92 Aug '10
--Ft Worth & Rio Or 1st g 48_192i J -7 5613
47
8
5012 Oct :1.
Galy lions & lien 1st 5s____1933 A 0
-Great Nor C El & Q coll 4s__1931 J j 9512 Sole 9512
9514 194 9535 96
Registered
1z1921 J J ____ 954 9512 Mar'19 -- 954 9558
let AC ref 41is Series A....1931 J J 8512 86
854
10 8514 89
86
Registered
1931 • J 83 -- 96 June'16 - St Paul M & Man 48
_
8913 Apr 'IS
1933 J 2 88
1st consol g 68
J 107,8 100 111 Nov'18
1933 J
Registered
- 118 Apr '17
1933 J J 101
Reduced to gold 435s..1931 J 2 0212 05
95 Jan '19 -- 91
95
Registered
193:1 1 J 90t2 09 1024 May'16
Mont ext 1st gold 4s_ 1937
D 86 ....-- 861s Mar'19 ---- 861s 884
Registered_
1937 J D 81 _-_- 9512 54 tr'19
Pacific ext guar 4s _ _1910 J J 77 -__- 851z Nov.15
E Minn Nor Div 1st g 43._1913 A 0 774 --- 80 Nov'18
Minn Union 1st g (Is
1922 J J 101 -__ 10014 Moy'18
Mont c 1st gu g 68
1937 J J 101314 __-- 103 Nov'18
Registered
1937
101 ---- 13614 Moy'06
1st guar gold Is
1937
J 98 ---- 9818 Mar'19 __.. 9318 9912
D 199
Will & S F 1st gold 5s..-191;
_ 10934 .tug
Green Bay & W deb ate"A"- _- Feb
5218 65
5114 Feb '19 ---- 51
52
Debenture ctfs"B"
Feb
634 74 712 Feb '19
7
818
Gulf &S list ref & t g 58_51952
____ 7614 80 Jan '19 -- 80
8212
Hocking Vol 1st cons g 41'9 1999 J J 78
Sale 78
2 78
78
83
Registered
1999 J J
73,2 June'18
Coi&ffV1stextg4s__19tS• 0 7534
7312 Oct '18
Col & Tol 1st ext 4s
7614 ---- 75 Feb '18
1951 E. A
Houston Belt & Tem 1st 5s_1937 J J 80
8812 85 Dee '13
Illinois Central 1st gold 4s_1951
J 87 ...... 87
83
87
88
Registered
92 Sept'17
1951 J J ___ 95
j 7218 ___ 7534 Oct '18
1951
1stgold34s
Registered
1951 J J 7114 -- 81 Nov.1.5
Extended 1st gold 310
1951 A 0 7218 -- 80 Jdne'17
Registered
1951 A 0 7138 let gold 3s sterling
1951 si SJuiy"
:
67.;
Registered
1951 m s ---- -------Collateral trust gold 45._1952 A 0 7(3
77 Feb '19 ---- 77
79
79
Registered
1951 A 0
954 Sept'12
1st refunding Is.
2 .7-078 7934
10 7934 8114
1955 IL N 7:97
80
Purchased lines 3%is
1952 J J 704 734 72 Jon '19
72
72
L N 0 & Texas gold 48___1953 M N 74
744 7412 Mar'19 ..- 7118 774
Registered
7118 85
72 Feb '18
1953 11 N
Cairo Bridge gold 45_ 1950 1 0 78 ---- 78 Nov'18
Litchtioli Div 1st gold 38_1951 J J
57 ---- 73 Feb .14
Loulsv Div & Term g 3qs 1953 7 -7 674 ---- 7312 Nov.14
Registered
83 Aug '12
1953 J J
Middle Div reg 53
1921 F A 9718 _-__ 102 June'16
Omaha Div 1st gold 31-1951 F A 61 --- 5814 Sept•18
St Louts Div & Term g 3s-1951 J 1 t35 62 Oct '18
Gold 314s
J 70
1951 J
8314 651s Oct '18
Registered
80 June'16
J 61581951
Spring( Div 1st g 3143- _ -1951
J
;3112 804 Noels
Western Lines 1st g 49
19.11 F A 7(312 80
8012 Dee '13
Registered
1951 F A _ _
92 IsT:tv'11)
Bellev & Car 1st (Is
1) 9518
1923
11712 Moy'll)
Carb & Shaw 1st gold 4s 1932 hi S 70 --- 90 Jan '17
Chic St L & N gold 5s 1951 .1 D 99 ---- 9834 Feb '19
9118 994
Registered. _____
_1951 .1 D 9113
954 Feb '19 __ 9518 954
Gold 3SO
6614
1951 J
6512 July'18
Registered
1051 J D
Joint lit ref 55 a3ries A_1963 J 0 85
904 9012 Feb '19 ____ 904 95
Memph Dv 1st g 18_1951 J D 7211 --_ 7013 Oct '18
Registered
1951 J 0 71
65 N.y•17
78
St Lou!8 Sea 1st go g 4s_19:31 If S 804 _-_- 794 Jan .19 ____ 794 7914
Ind III & Iowa 1st g 4s
1950 J .1 8918 93 804 Feb '19
__ 8914 82
fat & Great Nor let g 6s___ _1919 NI
9512 934
5 934 90
9358
James Frank & Clear 1st 45_191()
D
N8034 99 82 Feb '19- 82
82
Kansas City Sou 1st gold 33_195() 4 J 60 65
6112
6112
1 6112 614
Registered_
1950 4 0
. 78 Oet '09
Ref &(mot 54
Apr 1950 J J 824 8114 83
8312
2 83 8514
Kansas City Term let Is...1990 .1 J
7814 7338 7712
784 19 7678 81
Lake &le & %Vest 1st g 5s....1937
J 89
90
89
8911
9 83 90
25 goid 53.
__
J
J
83 804 Feb '17
1911
- - North Onto let guar g 5.s._1915 .1 0 ___ 95
801s Oct '18 Leh Val N Y ist
g 4 1-is_ _1910 .f 1 89
8912 89
89
2 89 - -92 Regist3rel.
1910
J 81
93
89 Oet '17
Lehigh Val (Po) cons g 44_2093 51 N 804 91
801s
-46 804
General cone 441.- ___2001
N 8318 86
85,8
1 8518 90
85's
----
----
----
----
----
---.
BONDS
N. Y. STOCK EXCHANGE
Week ending March 28
a
is
Price
Friday
March 28
[VoL. 108.
Week's
Range or
Last Sale
Rang'
Since
SinC.4
Jan. 1.
Bid
Ask Low
High No., Low High
Leh V Term Ry 1st guy 5s-1941 A 0 100 ____ 10011 Feb '19
9818 10214
Registered
1911 A 0 *10178 192 113 Mar'17
Leh Vol RR 10-yr coll 03_,31928
10134 Sale 10134
102
42. 10118 1024
9814
Loh Val Coal Co 1st gu g 5s-1933
9714 Mar'19
9714 9714
Registered
1933 J J
1st int reduced to 48
1933 J J
Leh & N Y 1st guar g 4s- 1915 Ni S 70,4 - 70 July'18 -Registered
1945 MS
Long 1818 1st cons gold 5s_1i1931 Q 5 964 99
9634 Mar'19 ---- 9(334 90
1st consol gold 45
51931 Q j 87 ____ 9914 June'16
- - - -General gold 43
1938 • 13 7818 7812 79 Jan '19 __-- 79
80
Ferry gold 436s
1022 M 3 8312 95
8613
8618
56's 8618
Gold 4s
1932 J D *75 ___ 9914 Oct
Mar'19..
'00
_
Unified gold 43
1919 M 8 7514 89
7514
751 t
1 7514 7514
1931 J D 77
81
Debenture gold 5s
81 Jan '19 _--_ 81
81
20-year p in deb 55
1937 I51 N 731s 7633 764
7612
2 75
7712
Guar refunding gold 4s
1949 M S 7614 7612 764
7612
3 76
7612
Registered
1919 M 895
NYB&MBletcong5s_1935 A 0 94 ---- 91 Jan'1994 91
N Y & R 13 1st gold 5s..
1927 NI S 92
98
91 Dee '18 ---11
Ni9
Nor Sh B 1st con g gu 55-01932•
J
____ 91
91 1
91
91
Louisiana & Ark 1st g Is -1927
8911 87
S 87
8814
87
87
Louisville & Na3hor gen 63_1930 .1 D 10712 11212 108 Feb '19 ---- 108 108
m
N
Gold Is
9714 102 10012 Jan '19 --__ 10014 10012
1937
Unified gold 4s
1910 J J 8812 8878 8312
8312
2 8312 8812
Registered
1910 J J
8412 9653 Jan '17
Collateral trust gold 5.s
1931 ;34 N 9713 101) 100 Jan '10 ___ 100 100
L Cin & Lex gold 4 %is. _1931 Ni N 924 95
9318 Feb '19 _.... 9318 9318
N 0 Jr NI 1st gold 65
1930• j 1024 10112 1051z Jan '19 ---- 10512 10512
25 gold Os
1930 j J 9314 -_ 100 Jan '19 ---- 100 100
Paducah & Mom Dlv 48..1914 F A 80
7913 Jan '19 ---_ 7913 7912
84
St Louts Div 1st gold 68_1921 141 S 994 ---- 10014 Jan '19 ____ 10014 100,4
25 gold 3s
1930• S 55 ____ 57 Feb '19 -__ 57
57
All Knox & Cln Div 43.-1955 111 N 77
79
78 Mar'19- 7518 '7814
An Knox Jr Nor 1st g 53_1916
9558 ___ 95 Nov'18
Hensler Eidge 1st 8 f g Os...1931 M
1013s ____ 10312 Seot'18 -----------Kentucky Central gold 45.1937 5 J 7514 77
75 Mar'19 ...._1 8
74
5 81
80
51:3
,
Lox Jr East 1st 50-yr Is gu 1905 A 0 9218 95
95
95
L&N&EvIctral Istg431s 1945 Ni S 8512 ____ 88 Nov'18
__
L & N-South M joint 4s 1952 J J
7112 80
7214 Mor'19 -- 71 '7212
Registered.
51952 Q J
N Fla & S 1st gu g 58......1937 F A -- 98
95 Aug .1.4
N & C Bdge gen gu g 430_1915 J J 8512 __- 9778 Moy'10
Pensac & All 1st go g 63_1921 F A 10138 -__ 10133 Jan '19 -- 10114 10138
S & N Ala cons gu g 58_ _1936 F A 9612 9812 9638 Mar'19
964 91138
Gen cons gu 50-year 58_1963 A 0 9:3
9512 93 Mar'19 -- 93
93
L & Jeff Bdge Co gu g 4s_ 1915 M S 70 --- 60 July'18 -Manila 1113.-Sou lines 45_ _1936 M N
- Nlex Internal 1st cons g 48-1977 M S --- 60
77 Mar'10
---Stamped guaranteed
1977 Ni S
-- 75 Nov.10'-Midland Terni-lst s I g 58_1925 J 0 80 - 9112
Minn St Louts 1st 7s
1927 J D 101 ._ ._ 101 July'18.............
Pacific) Ext 1st gold 63....1921• 0 97 101
99 Feb 18
9
9914
78
9
78
914
1st consol gold 55
1931 If N 7514 7814 7814 Mar'
1st & refunding gold Is....
-1919 M 8 41
41
4412 Mar'19
.4_4_ _4
.
.
7
!
1
Ref & ext 50-yr 53 Ser A 1962 Q F
464 5018 Dec '18 ___
Des M & Ft D 1st gu 45_1935 J J
60 Feb '15
Iowa Central 1st gold .54_1938 J D -f65; -AV; 77 Jan '19 ____ 77
77
Refunding gold Is
1951 M 5 4314 44
4312
4312
3 8
44
2
4
8618
8
MStP&SSNIcong4sintgu 1938
81
4
1st cone Is
1938
-5
-1
.
3
. 8
33'1 -8
97
434 Feb '19 ....- 9734 9'734
87
j
_ 9
1st Chia Term s f 45
1911 Ni -N 88 --- 92 Jan '17
-_ _
MSSM&A 1st g is lnt gu_'211 J J 9212 94
9112 Jan '19 ___ 9412 9112
Mississippi Central 1st 53-__1919 J .1 814 -- 95 Deo '16
- -Missouri Kansas & Texas64
65
1st gold 4s
1900 J D 61
6514 12 61
69
25 gold 4s
314
g1990 F A 30 32
314
2 2978 314
lit ext gold 5s.
2012 28
1914 Ni N
32 3ept'18
1st & refunding 4s00
45
4234 Feb '19..Ni S 41
9
14
2.0
-2:7
3.8.71
Trust Co cents of Sep ______
43 Feb '19 _- 43
42
43
Gen sinking fund 4145- 1938 3-3 30
3212 2978
2978
2 297
St Louis Div 1st ref g 48_2001 A 0 --_- 30
40 Nov.16 -5% secured notes "ext" '16
Doll Sr Waco let gu g 58..1940 371
13912 Apr 17 -- - -Kan City & Poe 1st g 48_1990 F A 58 __60 Oct '18
Mo K& E 1st gu g 5s_ _1912 A 0 40
62
50 Jan '19 __50 50
M K & Okla 1st guar 54_1912 hi N 60
70
714 Jan '19 ___ 7112 714
MK&TofTlstg,ig5s 1912 11 5 5012 55
5038 Mar'19__ 5038 51
Sher Sh St So 1st gu g 58..1912 J D
51 Deo
65
Texas Jr Okla 1st go g 5s__1913 Ii S __ 40
3013 Nov'18
-_Missouri Pacific (reorg Co)87 8733 Jan '19 _.
1st & refunding Is Ser A _19115 F A
877
8481
7
1st & refunding 51 Ser Be 1923 F A 9114 Sole 9114
1 911g
91,4
13t & refundlag Is Ser C._1926 F A 8812 Sale 8812
8312
2 8812 92
General Is
1975 NI 5 5834 Sale 5812
594 223 5812 6312
Nilssaeri Pac let cons g Os. 1920 Ni N 994 Solo 0912
9912
3 9918 100
40-year gold loan 4s1915 MI 8
58 Oct '18
38 7:3 extended at 4%--1938 NI N 65
7
18
02
0 Apr 413
Boonv St L & S lst 5s gu_ 1951 F A
Cent Br U P 1st g 4s ___1948 J
- 1418 9713 Dee '13
Poe R of Mo 1st ext g 4s_1933 F
8014 90
81 Jan '19
81
82
25 extended gold 5s____1938
J 8718 -- 10014 Apr '18 ..St L Ir & 3 gen con g 5,3 19:11 A 0 9318 9518
95
Gen con stamp go g 5s_1931 A 0
19
052'3 J
NI?y
LI r:119
4 ---9612
Unified & ref gold is _1929
J 80
8012 80
1 -fii 8212
80
Registered
1029 Jm N
41i 8
70
J
.
,1174
.
7.
8 Oct7
'
41,7
4
Rlv & 0 Div let g
721.1
1 74'i 77
Verdi V I & W 1st g Is
1926 hi S 904
__ 78 Sopt'15
Mob & Ohio new gold is__ __1927 J D 10278 1,5312 10358 Feb '19 7.1-013:58: 1.10
- .
.
-5T!
1st ext gold 6s
Q
J 9518 ____ 95 M ty'18
51927
19:33 Ni S 65 ---- 71 Nov'18
General gold Is
Montgomery Div 1st g 5s_1917 F A 8618
_ 93 July'17 -St Louis Dly 5s,
81
1927 J
87 864 Mar'19
13.67-8
St L & Cairo guar g Is__ __UM
1 8018 8118 78 Oct '18
Nashv Chatt & St L 1st 5s 1923 A 0 9312 10D 100 Mar'19
166 - i1515 Jasper Branch 1st g Os
1923
.1 10018 103 13
15
014 A5iu
lage.1
10
7 -Nat Rys of alex pr Ilen 130_1957
J
50 Mar'19
'g6- "Si
Guaranteed general 13_ __1977 A 0
-Nat of hex prior lien 4 qs_1920 I J --------21978 F
Aebg :13
1st consol Is
1951 A 0
New Orleans Term 1st 45.....1953 J
J -g3
;-',711171 63
OR%
3 -(3i32 -813;
4
N 0 Tex & Mexlco 1st 6s_ ._1925 J
_-__ 9534 95
95
10 95
974
Non-corn Income 5s A__ _.1.935 A 0 5:1
51
51
51
10 54
5812
New York Central RRCony deb (Is
1935 M N 9714 Sole 97
9418 201 97
9934
Come' 48 Serlea A
1993 F A 7413 Sale 734
7413
8 8
72
34 8
751
814
2
Ref & imp 4
2013 A 0 8258 85
8212
9
"A"
81
New York Cent & ILA RivSilo 71
71
Mortgage 31.s
1997 J
7178 13 71
73
724 6,14 Aug '18
Regliterel
1997 J J
Debenture geld 48
1931 111 N 8.312 81
81
2 8214 -i6ru
79
_1931
Registered
N
Nov'41.3.....j
Lake Shore coil g 3%is_ _ _..1993 F A 6312 (3312 65
6514
4 -ji -68
Registered
1998 F A _-- 6518 67 Jan '19 ___ 67
67
Mich Cent coil gold 31.e..1998 F A 63
65 Mar'19_ _ 65 '70
66
Registered
75 Mor'17
1998 F A _ - 76
B ottle Cr & Star let gu 38_1989 J 0 51
Beech Creek let gu g 4s__1936
Reglitered,
1336 J
9534 Nov16
2 -1W1
83;---- 10
25 guar god 55
19:36 5 1
8'1114 5
111713/.4
18
6
-- Registered.
1936 J J
-Beech Cr Ext 1st g 3%0./31951 A 0 65 ------ -Cart & Ad 1st gI g Is. _1931
No7-1.11
J D 9705'4
Geuv & Oswe let gu g 54_1912 5
Mob & Mat 1st
g Is.._1991 Ni S 754 --- -731;Oct•0914 _-_- 8912 Feb '19
N .1 June R guar let As. ITO F A
N Y dr Harlem g 3 %is_ _2090 M N
75
80 May'17
N V & Northern let g 53_1923 A 0 9718 9812 9714 Feb '19
Friday; late.st told end asked this week. a Due leo. 0 Due Fats, e Due June, 5 Due July. ts DUO Bel* •Due Oil. a Option eels,
I
""
BONDS
N. Y. STOCK EXCHANGE
Week ending March 28
11
Price
Friday
March 28
Week's
Range or
Last Sale
3-
a4
Rang.
Since
Jan. 1.
High No. Low High
Ask Low
Bid
N Y Cent & H R RR (Con)80
78
80 Feb '19
N Y Pu 1st cons gu g 48_1993 AO 7438
113 May'15
Pine Creek reg guar Os_ _1932 J o 1033s --- 99 Jan '19
-ii- -66.4- 1
W &0 con 1st ext 5s....h1922 AO 98/
67
Jan '19
87
Rutland 1st con g 43-0_1941 J J 764 80 67
6118 6118
8118 Feb '19
Og& L Chain 1st gu 4s g 1948 J J 6112 -- 67 Feb '19
67
67
J
5612 -Rut-Canada 1st gu g 443_1949
Nov'16
St Lawr & Adir 1st g 5s_ _1996 J J 8314 -- 101
4 - 103 Nov'16
1
1996 A0 88/
2d gold Os
94
'18
Apr
-9514
J
45_1922
g
gu
Utica & Blk Itiv
8 -fit; "fa4
1
72/
7218
1997 3D 7213 74
Lake Shore gold 331s
4 Nov'18
1
4 73/
1
75/
1997 J D
Registered
8
867
8
1 8078 90
867
Sale
8
867
MS
1928
Debenture gold 95
1 86 89
864
1931 MN 8614 8614 864
25-year gold 4s
8373 Nov'17
_
1931 MN
Reglatered
Ka A & G R 1st gu c 5s-1938 J J
9518 ____ 10412 Dee '15
Mahon Cl RR 1st 5s.._ -1934 J J 98
____ 103 May'17
Pitts & L Erie 'Id g 5s___a1928 AO
___ 13018 An .09
Pitts McK & Y 1st gu 69..1932 J J 10312
4 --__ 12314 Mar'12
1
1934 J J 102/
2d guaranteed 6s
9318
___
9913 Aug '17
MS
1931
Michigan Central Is
4 Nov'18
1
98/
1931 Q M
Registered
84 Mar'19
82 84
8314
4
/
811
.1
J
1940
4s
87
Feb '14
1940 J
Registered
_ 90 June'08
4
1
J L & S 1st gold 330-1951 M S 70/
4 July'17
1
79/
4.
1
70/
1952 MN
lat gold 3AS
83 85
83 Mar'19
82
85
20-year debenture 45_1929 AO
81 Mar'19
81
80 82
8014
A0
1937
4s
g
let
L
St
&
Chi
NY
___
77
_
86
Nov'17
AO
1937
Registered
71
75
75 Mar'19
1931 MN 7412 75
Debenture 4s
75
V 75 8112
7713 75
2361 J J 75
West Shore 1st 4s guar
Feb
'19
7834
78
75
78
---____
J
▪
2361
Registered
4 Feb '19 --- 9913 9911
/
gots __ 991
N Y C Lines eq tr 55..1919-22 MN
4 July'17
/
981
102
- - - -Equip trust 4 As__1919-1925 J J
3 84
4 81
1
84
85/
86
Y Connect 1st gu 4 As A.-1953 FA -8312
NYNH& Hartford54
53 Feb '19
53
00
M
1947
4s
deben
Non-cony
50 Mar'19
5013
50
Non-cony deben 34s._..1947
52 Mar'19
5013 52
4 54
/
1954 A 0 501
Non-cony deben 3As_
54
5678
56
55
Mar'19
52
J
1955
Non-cony deben 48
53
53
5912
5: 52
52 56
1956 M
Non-cony deben 4s
52
50 Mar'19
60
1950 J J 501,3 52
Cony debenture 3As
0
52
3 82 88
. 8
tle
1948 .1 .1 82 .
Cony debenture Os
0038
317
'
Cons Ry non-cony 4s_ - 1930 FA
Jan '12
9113
J
J
1954
4s
deben
Non-cony
60 Jaiy•Ig
Non-cony tleben 4s__._1955 J
1955 AO
Non-cony deben 4s
......
- 58
1956
4s
Non-cony deben
-4 Dec 18
1
7434 ---73/
Harlem 11.-Pt Ches 1st 48_1954 M
11 i
2:
79
6
0
Daete :1
17
2314, _
75
13 & N Y Air Line 1st 45..1955 F A 5
J
• Cent New Eng 1st gu 48_1961
Hartford St Ry 1st 4s- 1930 M
Mira NlayTi
"fig
Housatonic it cons g 58_.1937.M
7914 -- 87 July'14
1954 M
Naugatuck RR 1st 4s
83 Aug '13
1942 A 0 8158
N Y Proy dr Boston 4s
15
45
4412 Sa-le 44
NYW'ches&B 1st ser I 4%8'46 J
Boston Terminal 1st 48...1939A
4 ....-1
90/
19451
New England cons 5s
id- Sept'17
7414 ---'
19451
Consol 48
-. -- 40 Feb '19
Providence Secur deb 4s 19571M
99/
4 Dee '13
1
-85
192211
51
1st
Springfield
Pray &
4 --- 8818 Feb '14
1
69/
Providence Term 1st 45. _ -1958 M
W & Con East 1st 4 As_ __1943 J
mf-u7i5
-Hi 70
"ifrs
'NY O& W ref 1st g 45.-g1992 M
____ 70 9213 J une'12
Registered $5,000 only_g1992 M
65 60 Aor
1955 J
General Is
681
4
/
6812 12 6713 6913
Norfolk Sou 1st & ref A Is._1961 F A 6,8r: Sale 81,
3 June'18
8718 95
1911 M
Norf & Sou 1st gold 55
12 108 10012
108
108
109
105
A
M
1031
gold
Os...
West
gen
&
Norf
4 109 122 Nov'16
/
Improvement & eat g 65_1934 F A 1061
104 109 10713 Dec '18
New River 1st gold Os____1932 A
14
8412
8412
Sale
4
1
/
84
A
49_1993
g
cons
1st
Ity
N&W
9313 Dee '10
1996 A
Registered
8018
"ii5-8 80 8015
Div'l 1st lien & gong 4s.1944 J
8413 Feb '19
--71
J
1932
4s_
cony
10-25-year
11714 Mar17
-1932 M
10-20-year cony 45
10113 Dec '18
10-25-year cony 430-1938 M
10718 76
10834 Sale 10613
10-year cony Os(w I) _ 1929
4 8314 85 Feb '19 1
83/
Pocah C dr C joint 4s_ _ _1941 J
103 Sept'16
91%
C 0 & T tat guar gold 55_1922 J
79 -id 81 Jan '19
Selo V dr N E lat gu g 4s_1989 M
"Northern Pacific prior lien rail3318 30 8213 86
83 8213
8213
1997
4s_
g
way dr land grant
4 82 Mar'19
/
_ 821
82
82
1997 Q
Registered
4
1
t-3 58/
59/
4
1
4 0178
1
591 58/
59
0017 Q
General lien gold 38
53
Oct
'18
a9047 Q
Registered
-id - -id 83 891s 90 Jan '19
9017 J
Ref & imp 43:0 ser A
71 Aug '18
7512 88
St Paul-Duluth Div g 4s_ _1996 J
10113 102 Mar'19
idi 102
102
St P & N P gen gold Os. 1923 F A
- 10314 Sept'17
4
/
Registered certificated_ _1923 Q A 1011
97 Feb '19
97
9718 idd
OS'z
St Paul & Duluth 1st 5s_1931 F
78 Dee '18
7313
10684
1st consol gold 4s
Ws Dec '16
89 85
Wash Cent 1st gold 45_ _1948 QM
3 Mar'19
10714 107's
Nor Pao Term Co 1st g 05_1933 J J 10733 10812 1073
7712
7713
4
1
3 7478 79/
Oregou-Wash 1st & ref 45_1901 J J 7712 78
86 Mar'19 ---- 85 88
Pacific Coast Co 1st g 5s._ A946 3D __ 90 1001
4 Feb '17
/
- 95
- Paducah & Ills 1st s f 4343..1055 J J
954 Nov'18
55/
4
1
- - Pennsylvania RR 1st g 49..1923 MN 4 Feb '19
1
99/
4 Lou
1
4 99/
1
4
1
99/
1919 MS 99/
Consol gold 58
4 9914 Feb '19 ..- 9914 9914
1
4 99/
/
1919 Q M 991
Registered
N 86 00 904 Nov'18
1943
Consol gold 4s
1948 MN 8813 9534 8913 Mar'10
Consol gold 45
9513
90
i
-5
16
1960 FA 94% 97 9413
i
2
14
1:
Consul 4)48
4
1
4 Sale 85/
1
8634 29
1965 J o 85/
General 431s
93 219 941/3 9734
1968 J D 9414 Sale 9418
General 58
81 --- 8713 Nov'18
Alleg Val gen guar g 48_ 1942 RI
D P. RR & Wee let go 4$ g 1936 P A 8034 - 8413 Sept'16
Phila Bait & W 1st g 48_1943 Nt N 87 - 8713 Jan '19
Sodus Bay dr Sou lit g 5s..1924 ▪ J 93 -- 102 Jan '93
8914.
Sunbury & Lewls 1st g 48_1933 J
935 92 Deei'17
U NJ REt dr Can gen 45_1914• S 85%
'Pennsylvania Co9712 NI tr'19
98
9713
9718 9813
J
1021
Guar 1st gold 4348
9338 ....- 9713 July'18
1921 J
- -Registered
87 Feb i 7
Guar 3)48 coil trust rag A1937 M S 7638
78 Jan '19
Guar 3N4s coil trust ser B.1911 F A 7678 82
Guar 3143 trust Ws C_1912 J 0 77 ---- 811a July'17
3714 Dee '10
Guar 330 trust ctfs I). 1914 1 D 75 88
85
86
85
Guar 15-25-year gold 48...1931 A 0 85
40-year guar 43 ctfs Ser E_1959 M N 8218 8958 8512 Feb '19
86
Oct
8114
17
N
M
g....1912
Is
gu
Nor
Cin Lab &
9614 7.f.ty'17
95
•CI & Mar 1st gu g 4 As_ _ _1935 M N 88
__ 9334 May 18
-Cl & P gen gu 4315 ser A_1942 4 J 92l3
104 Oet• '5
1942 A 0 9212
Series B
--- 9614 Fab '12
tot reduced to 330_1912 A 0
4 eel
/
1048 M N 7318 --- 901
Series 3As
4 Feb 17
1
4 --- 88/
1
1950 F A 73/
330
Series
7718 __ 83 Apr '17
Erie & Pitts go g 330 13 1940 I
90,g July 12
1910 J J 7718
Series 0
Or It dr lax 1st gui g 4345_1941 J J 89 - - 811s Dec '18
1943 M S 8311 ____ 78 Oct '18
,Ohio Connect 1st gu 45
4 ---- 93 NI
1
Pitts Y & Ash 1st cons Is_1927 M N 97/
Tol W V & 0 gu 4 jis A _1931 J J 8913 .-- 9314 Apr '17
92 Doe '17
J
8918
J
1933
430
Series 13
8818 Sept'17
1912 M S
Series C Is
4 Jan '19 _-__ 9113 9413
1
9113 94/
7813--,P 0 C & St L
4 As A__1940 A 0 91
923i 92/
4
1
1912 A 0 9958 9613 9214 Jan '19
Series B guar
99 June'171____
1942 M N 9058 99
Serbs C guar
90
SeP
_ 0
2s
4
1
;)1'8
pt:118
81 -. =
8835 9.0/
1945 NI N 88
Series D is guar
Series E 314s vier 1101_1919 F A
• No price Friday: latest bid and asked. a Due Jan, 2 DUO Fob. g Due June,
1257
New York Bond Record-Continued -Page 3
MAR. 29 1919.]
ar7;
--5 -9i8645;
183
BONDS
N. Y. STOCK EXCHANGE
Week ending March 28
'd1:1
Fries
Friday
March 28
Week's
Range or
Last Sale
C4
Range
Since
Jan, 1.
Highls17.1 Low High
Ask Low
Bid
P. C. C.& St. L (Con.)91 Sept'18
Series F guar 45 gold...._1953 J D 8858 93
1 ig58 jilt;
8858
8853
1957 M N 88% 90
Series G 48 guar
Series I cons gu 4348.-1963 F A 9035 9212 95 Nov'18
7 :::: idi - idtiJan
19
4 100
.
!
'
02 j
une.
1_0_4_3
C St L & P 1st cons g 5s 1932 A 0 _100__7
---- ---Peoria & Pekin Un 1st 6s g 1991 Q F
87 Meet°
:
1 M !I_
6
2
95
b19
.1
2d gold 4As
i ii14 -811;
8 8414
8414
84 -873Pere Marquette 1st Ser A 5s
72 Mar'19 ____I 6814 7214
4 72
/
701
1956
1st Series B 4s
47
47 Mar'19 ____I 45
4 48
1
Philippine Ry 1st 30-yr s f 48 1937 :1 "i 45/
3 A 0 98 __ 99 Jan '18 ........1
240
19
Pitts Sh & L E 1st g 5s
'17
__9714
-----Dec
1st consol gold Is
8438 11 -811-2 -8834
8P4 -ga-1; 8313
J 9
1997 4 j
Reading Co gen gold 4s
4 811
/
11 811
8112
4
/
1997 J J 8113 Sale 8112
Registered
____I 8414 85
Mar'19
4
1
/
84
8
853
81
0
1951 A
Jersey Central colt g 4s
J
1951 J
Atlantic City guar 48 g
-66- --i -id- -idSt Jos & Grand lsllst g 48 1947 J J -id- -id- -idSt Louis & San Fran (reorg Co)501, 60 64
61
1950 J .1 604 Sale 60
Prior lien Sec A 48
4 7933
1
J 7514 764 77 Mar'19 ..--1 76/
1950 J
Prior ilea Ser B 58
4 471 6213 69
/
661
4 Sale6513
/
Cum adjust Ser A 6s,....819551 A 0 661
6: 4013 4512
4212
4214
424
81960 Oct
Income Series A 6s
102 Feb '19 __I 102 102
J 1 102
-1
St Louis & San Fran gen 6s931
98 Mar'19 --, 98 98
1931 J J 9612 98
General gold 53
7
.
may:18
78 M
00
7 ....2.-1 -_-_- :1
'70
---J
.1
4s-1996
g
St L dr S F RR cons
Southw Div 1st g 5s--1947 A 0
2 1034
3 reigq 102 Mar'19 __- 1011K C Ft S dr M cons g 611_1928 IN N ii57117, 6612 Mt
4
/
68
661
68
K C Ft S & M Ry ref g 43_1936 A 0 66
____ _ _ __
K C & M R & B 1st gu 53-1929 A 0 8714 _ _ _ 8518 Aug '18 __! 6873 74
6878 Mar'19 ____1
St LB W 1st g 4s bond ctfa 1989 M N --- 69
'19
5714 6812
___-1
Feb
4
1
/
58
8
577
57
J
J
20 g 45 income bond etts_p1989
11 57/
4 6134
1
5918
591g
1932 J D 59 60
Consol gold 48
59 Mar'19 _ __I 5838 62
61
1st terminal dr unifying 53_1952 J J 59
__
___
_I
_
'14
9812
____
Jan
85
D
Gray's Pt Ter 1st gu g 53_1947 J
10 6434 68
65
1943 .1 J 65 67 65
BA dr A Pass 1st gn g 4s
72
71
7113
71
____
Mar'19
694
0
A
1950
Air
4s
Line
g
Seaboard
4 74
1
4 71 Mar'19 ___; 70/
/
4 711
1
1950 A 0 70/
Gold 4s stamped
4 5314
1
4814 4818
4813 33 47/
01949 F A 48
Adjustment 53
4. 57 60
4
1
5814
1959 A 0 5814 Sale 57/
Refunding 4s
80
79 79 Mar'19 ____I 74
Atl Birm 30-yr 1st g 4s_e1933 M 13 75
4 ____ 76 Oct '18
1
Caro Cent 1st con g 48-1949 1 J 74/
4
3i(16
2
(i61.
1
5
9
..!
1
0
1
ar:1
ec
-0
0
1
M
D
12
10318
10014
J
Fla Cent & Pen 1st ext 68_1923 J
1st land grant ext g 53..1930 .1 J
90
90
90
Jan
'19
----,
-Iiia
-iiii
J
J
1943
5s
gold
Consol
Ga & Ala Ry 1st con 5s_ -o1945 J 1 9112 ____ 9012 June'18 ___ 1 ____ -4 __ 94 June'18
1
Ga Car & No 1st gu g 55-1929 J J 93/
4 96
1
Seaboard dr Roan 1st 511_1926 J J 9512 ..... 9513 Mar'19 .....1 95/
Southern Pacific Co91 75
77
77
Sale 77
Gold 4s (Cent Pac coll)._k1949 J D 77
k1949 J D -... _ 90 Feb '14
Registered
8338 115 823 855*
4
1
g1929 M 8 8314 Hale 82/
20-year cony 4s
10334 231: 100 105
1934 J D 10234 Sale,10214
20-year cony 58
7812 38 7814 83
7 84
Cent Pao 1st ref gu g 4s__1949 F A 7813 Sall
8713 Sept'16 ___:
1949 F A ---Registered
4
.
1, 84 i51
84
83
8612
84
D
J
Mort guar gold 3Y-03_21929
1 7512 80
80
4 80 80
/
Through St L let gu 45 1954 A 0 701
G II it s A iat ,ss p 1st 581931 M N 9138 101 100 Oct '18
---1931 J 1 85 97 9634 Jan '18
---2d exten 58 guar
95 Nov'18
Gila V G & N 1st AI g 58 1924 M N 9018 102
5 Ws;
-61;
Holm E dr W T 1st g 55_1933 M N 9235 99 9235 Mar'19
.16
1933 M N 9238 ___ 100 Oct
1st guar Is red
9934 97 Mar'19
II & T C let g 58 let gu._ 1937 J 1 97
Gen gold 4s int guar__ _ _1921 A 0 9318 94 93 Nov'18
Sale 94
5
94
Waeo & N NV div 1st g Gs '30 M N 94
1941J J 85 95 93 Nov'18
A & N W lat gu g 53
1921 J J 99 ...._- 10014 Oct '17
Louisiana West 1st Os
Morgan's La & T 1st 68_1920 J J 97 102 100 Apr '18
4
1
1021
4 Oct '18
/
1938 A 0 93/
No of Cal guar g Is
9812 12 98 981:
Ore dr Cal 1st guar g 5s__ _1927 J J 98 101121 9812
So Pea of Cal-Go g 5s- _1937 Ni N 9012 ____ 10712 Sept'18
93
93
____
93
Jan
4
1
/
92
'19
1
J
So Pea Coast 1st gu 4513_1937
019
: 77 8014
:
11
$8
63 .....2.
A:
:
San Fran Termi 1st 43_1950 A 0
4 94 Noe 16
1
Tex & N 0 con gold 5s_ _1943 J J - 89/
-id - -Eli
1955 .1 J 804 Sale
So Pao RR 1st ref 4s
4
1
e 9314
.
36 93 96/
..1.
..a
.1 ..S
.
3
94
_9!
Southern-let cons g 5.s--1994 J J .
4
:
0
8
70
8
10
78's
77
J
J
1994
Registered
754! 42
66
6
68'
2 66
Sale 60
Develop & gen 4s Ser A....1956 A 0 66
4
1
66
67/
Sale 66
Mob & Ohio coil tr g 4s__ _1938 M S 66
4 90/
1
4
1
4 ..-- 9013 Mar'19 ____ I 90/
/
Mem Div 1st g 430-58_1996 J J 881
4
1
74/
72 Meet% ___1 72
4 72
/
1951 J 1 711
St Louis dly 1st g 4s
... 93 93
.
Ala Gt Sou 1st cons A 5s_1943 J 12 88 ____ 93 Jan '19!
88
Atl dr Chad A L 1st A 4 Ms 1944 J J 8712 8814 88 Mar'19...., 88
9313 97/
4
1
4 Mar'19,__
/
4 9312 9413 931
J .1
4 .1
24s
19
1st 30-year 55 Ser B
_ 71012 Oct
5
1948 J 1 74 '75
Atl & Deny 1st g 43
24 4s
---- ---All dr Yad let g guar 4s 1949 A 0 7034 ___ 75 Fob '171____1
97
1930 J J 9512 9913 97 Mar'19j___-: 97
E T Va & Ga Div g 5s
4
/
9218' 10 9218 97
1956 M al 9214 9712 921
Cons 1st gold 548
'111,..,.,.
9514
9513
9514
9514
Jan
92
S
RI
_1938
g
5s___
lien
E Tenn reorg
52
1946 A 0 5214 ........: 52 Jan '19:..... _ 52
Ga Midland 1st 3s
101 101
4 10014 101 Jan'
1
1922 J J 100/
Ga Pao Ry Ist g 68
100
Oct
'18
10134
14
100
J
J
66_1925
g
Knox,/ & Ohio 1st
4 Oct '18 -,
/
97, 911
Mob & Bit prior lien g 513_1945 J J 91
1945 J J --- 6812' 68 Jan '18 ......-1
Mortgage gold 4s
95 Jan '113
Rich & Dan deb 55 stmpd_1927 A 0 9335102
1948 NI N 70 _ 73 Sept'12
Rich & Meek 1st g 5s
99
99
99
Jan
'19
100
9913
N
IN
1919
5.3
g
So Car & Ga 1st
Virginia Mid Sec D 4-58_1921 M ti 95 __ 10213 June'll
93 Apr '18
1926 M S 09-35100
Series E 5s
4 _-- 10413 Dec '16
1
1926 M S 91/
Serlel F 53
5
98
1936 IN N 96 Sale 96
General Is
811
4 Sept'18
/
Vs & So'w'n 1st gu 58_2003 J J 8734 94
4 70's Nov'18
1
78/
1st cons 50-year 58_1958 A 0 70
4 Mar'17
1
6! _..i
... 93/
:
56
..i
W 0& W lst cy gu 48_ _ _ _1924 F A _8
9534 7.tar'17 _ .
Spokane Internet 1st g 55_1955 J J
2
9112 Jan '19,__- -6fii -411Terra Assn of St L 1st g 4315.1939 A 0
981s
1894-1944 F A 9014 9378 98 Feb '19'__ _ 98
1st cons gold 58
'73
7'7
73
7413
72
J
J
1953
g
f
4s
Gen refund a
I--3 ___ - -ii 113,
845
8:
.fituly
'118
y73
::
St L M Bridge Ter gu g 58_1930 A 0 9034 9413 98
4 90 Mar'19
1
Texas dr Pee 1st gold 5s_ _ _ _2000 J D 88 90/
g2000 Mar
2nd gold Income A3
1931 J J -iiii::::
La Div B L 1111 g 5s
xav.o4;__ - ---.::::
oi.. Iowa Sept'18!..........
.
---.
i_ .
.
I A -o
W Min NV & N NV 1st gu 5s1930 ,
904 Oct '181 _
J
Tol & Ohio Cent let gu 58-1935 J
87 87
9212 87 Jan '19
1935 A 0 87
Western Div 1st g 541
7513 93 Oct '18
1935 J 0 74
General gold 5s
1990 A 0 6835 80 6713 Sept'18
Kan & NI 1st gu g Is
-idti -if4 Feb '19
1
1927 .1 1 9013 9114 90/
2(1 28-year sa
36 Feb '19 _.-.36 36
1917 J J 36 ___
1.,,i P & AV let gold Is
4
1
4 75/
1
73 831 7535 Feb '19 ____ 75/
Tol St L & IV pr long 310_1925 J J
51
8 45
47
1950 A 0 4614 4812 46
50-year gold 45
___
---Mar'00
s
183
32
191'7 F A -Coll trust 4s g Ser A
- - - - -18 Aug '18
30
Trust co ctts of deposit
80 Apr '17
- - - - --Tor Hain & Buff 1st g 43_81946 J D 7013 87
8914 Dec '18
Ulster & Del 1st cons g 511_1928 1 D 8914 95
2 -..,-.:58 Sept'17 . _ 21952 A 0 __-- 70
1st refunding g 4s
8038 29 851z 8973
4 t la 8512
1
1947 .1 J 85/
Union Pacific 1st g 4s
8512 Oct '18 ___ _ 1947 J J, Registered
ti ii12 iits
4
1
8612
; Sa e 85/
1927 J J: -851
20-year cony Is
8118. 31 80 83/
4
4
1
/
g200.3 1N1 6 8018 Sale 801
1st & refandIng Is
4 50 10234 106
/
1031
10-year porm secured 68_1928 J J 10338 Sale 10234
86
81
Mar'19__
82
7618
81
D
J
4s_1946
g
con
Nay
Ore RR A
4 10113
1
4 100781- 1 100/
1
Ore Short Line let g Os...1922 F A 10013 101 100/
4
1
2 9678 98/
9678!
4 9678
1
1946 J J 9678 97/
let consul g Is
9 8412 88
4
1
86351
85/
1929 J D 8514 86
Otter refand 4s
____ 98 Dee '171,---- .....- -Utah & Nor gold 5s__ _1926 1 J
89 Feb '181--- - - _- - - - 1933 3 J 3312 86
1st extended 48
Vandalla cons g 4s Ser A .... _1955 F AI __ _ ____ 80 Jan '181_. ....... ......
_
4 June'18.
/
1957 7.4 14; 8018 -- 801
Consols 49 Series 13
35 Sept'17 -------J ____ 35
Vera Cruz & P let au 4148.1934 J
sale.
1
A Due July, k Due Aug. .;o Due Oct. p Due Nov. q Due Dee. a Option
.t.
----1
1258
BONDS
N. Y. STOCK'EXCHANGE
Week ending March 28
New York Bond Record-Concluded -Page 4
Price
Friday
March 23
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Bid
Ask Low
Hioh No. Low High
9038
Virginian 1st 5s series A---1962 1W N 9014 9038 9038
1 8934 9412
9434 94
94
1 94
1939 IN N 94
Wabash 1st gold 58
98
2d gold 5s
1939 F A 8334 8413 8478 Mar'19
84 89
90 Aug '18
Debenture series B
1939.0 J
1921 IN 5
98 Nov'18
1st lien equip fd g 58
-1st lien 50-yr g term 43.....1954 J J 65 ---- 65 Sept'18 -1941 J .1 90
8814 Feb '19 -- 8814 8814
Det & Ch Ext 1st g 5s
- -_- 80 Aug '12
Des Moines Div 1st g 49_1939 J J
Om Div 1st g 330
89
1941 A 0
67 67
67 Feb '19
74 Jan '19 -- 74
Tol & Ch Div 1st g 48--1941 M S
74
Wash Terml 1st gu 310.-1945 F A 7413 75i2 7512 Mar'19
7512 7512
82 Aug '18
1945 F A 8218 __.
1st 40-yr guar 48
- la 58
West Maryland 1st g 4s.......1952 A 0 60 Sale 5978
6214
62
West N Y & Pa 1st g 58_ _ _1937 J J 9738 ___ 100 Mar'19 --- 100 100
1943 A 0 ---- 8558 70 Dec '18
Gen gold 48
-- p1943 Nov
36 Oct '17
Income 58
- - - -- ---Western Pac let ser A 5s .1946 M S
5 82
-5-ale 82
804
8212
Wheeling & L E 1st g
_1926 A 0 9113 96
93 Oct '18
Wheel Div let gold 5s. _ _ _1928 J J ---- 96 100 Feb '17
-9058 Mar'17
Eaten & Impt gold 5.9_ _ _1930 F A
• Refunding 4 Ms series A _1980 M S 5914 66
64 Jan '19
7518 69 Nov'18
1949 M S 65
RR let consol 4s
J
75
82
Winston-Salem S B 1st 48_1960 J
75 Feb '19
77 Sale 77
Wis Cent 50-Yr let gen 4s.i949 J
77
5 77
80
75
80
7234 Mar'19
Sup & Dul dtv & term 1st 4s'30 1W N
7214 7412
Street Railway
Brooklyn Rapid Tran g 58_ _1945 A
1st refund cony gold 48_ _2002 J
6-year secured notes 5s_ _.i918 J
Ctrs 3-yr sec 7% notes opA1921 J
3-yr 7% secured notes_ _h1921 J
Bk City 1st cons 5s_ _1916-1941 .1
Bk Q Co & S con gu g 58_1941M
Bklyn Q Co & 1st
_ _1941 J
Bklyn Un El 1st g 4-St. 1950 F
Stamped guar 4--5s
1950 F
Kings County E let g 4s._1949 F
Stamped guar 48
1919 1?
Nassau Elec guar gold 46_1951 J
Chicago Rys 1st 58
1927 F
Conn fly & List & ref g 401951 J
Stamped guar 44s
1051.0
Dot United 1st cons g 40_1932 J
Ft Smith IA, & Tr 1st g U.._ _1936 M
Hud & Manhat 58 ser A___ .1957 F
1957
Adjust income 58
1932 F
N Y & Jersey 1st 5s
Interboro-Metrop coil 4 10_1956 A
Interboro Rap Tran 1st 5s_ _1966
Iidanhat Ry(N Y)cons g 413_1990 A
1990 A
Stamped tax-exempt
Manila Elec Ry & Lt s I 58-1953 M
Metropolitan Street RyBway & 7th Av 1st e g 58_1943 J
Col & 9th Av 1st gu g 5s 1993 M
Lex Av & P F 1st gu g 58_1993 M
Met W 8 El(Chic) 1st g 45_1938 F
MIlw Flee Ry & Lt cons g 15a 192C F
Refunding & eaten 4348_1931 J
Minnesp St let cons g 5.... _1919 J
Montreal Tram 1st & ref 58_1941 J
New On Ry & Lt gen 4;0_1935 .1
NY Municip Ry 1st s f 5s A 1966.1
N Y Rya 1st It E & ref 4s__ _1942 .1
a1942 A
30-year ad) Inc 5s
N Y State Rys 1st cons 4345 1962 M
Portland Ry 1st & ref 58.... _ _1930 M
Portld Ry Lt & P lat ref 58_1942 F
Portland Gen Elec let 58.1935 J
St Jos Ry L 1.1 & P 1st g 5s_ _1937
St Paul City Cab cons g 58_1937 J
1960.0
Third Ave 1st ref 4s
Adj income St
a1960 A
1937 J
Third Ave Ry let g 5s
Tr -City Ry & Lt 1st at 58-1923 A
Undergr of London 434e._ _1933
1948
Income 6s
United Rya Inv 58 Pitta Its..1926
United Rys St L 1st g 4s__ _.1934 J
St Louts Transit gu 55_...1924 A
United Rita San Fr s f 4s__ A927 A
Union Tr(N Y)
de9-----Eguit Tr (N Y) inter
_
Va Ry & Pow 1st & ref 5s__ _1934
0 71
J 4534
J
J
.1 -if-irz
.1 80
N --J
A 76i2
A 7878
A 64
A 60
J 50
A 75
J 8418
J ---J 8114
5 60
56
A
1434
A 9012
0 29
J 6918
0 ........
0 ---S 78
12 65
7313 70
74
76
4912 49 Mar'19
45
53
9534 Dec '18
-- - -9614 Aug '18
8312 47 75 86
-8312 81
92 Dec '18
92
____ ---70 80 May'12
101 May'13
7914
Mar'19 - -fi- 7914
7814
8718 7812 Mar'19
7134 7912
64 Mar'19
66
57
05
725s 62 Jan '19
02 02
55
5434 Mar'19
5434 5434
7814 Mar'19
78
77
81
8818 854
8514 88
8514
844 8614 Oct '18
-8112 51 71
Sale 81
8112
84 Jan '14
----63 54
Sale 54
56
0014
1578 76 14
Sale 14
18
2 9012 9012
9012
Sale 9012
Sale 2812
3234 1027 2812 433t
Sale 6634
70 527 6634 7412
7214
7234 72 Feb '19
72
70
70
70
1 70
7412
77 Mar'19
77
77
D 65 Sale 65
70
70
65
S ---- 65 68 Feb '19
88 68
74 Jan '19
S ---- 74
74
74
54 Dec '18
A
-A
_ 10013 June'17
77 844 8112 Deo 'IR
95--9834 Aug '17
J
8613 974 July'17
J 82
- --J ---- 7812 74 Aug '17
60 Feb '19
J 55
65
5.5 -oi
39
30
40
4418
J 3812 39
0 1178 Sale 1078
1178
1078 1514
N 55 Sale 55
57
55 62
8813 Nov'16
75
79
N
_624
A
6312 Mar'19
6312 634
J 85
9012 Feb '17
- 95 July'17
N 81
- ---J 85
9912 10213 Mar'12
J 50 Sale 50
5018
-E6 5413
321
0 2612 Sale 25
134
2712
25
J 9112 9312 97 Dec '18
94
0 9234 9512 95 Mar'19
97 76 NI ar'18
J 7578 _
62
90
78 Mar'19
-if 78
-__ 75
65 Dec '18
49
4813 Feb '19
4313 5218
0
- 6913 50 June'17 0 3218 3334 32 Mar'19
323.
22
327s Sale 3234
90 22
334
33
33 Sale 3234
3313
8 22
3314
7712 7738 Mar'19
7738 79
Gas and Electric Light
95 -- 103 Sept'l5
Atlanta 0 L Co 1st g 5&..-1947 J
93 9414 93 Feb '19
Bklyn Un Gas let cons g 58 1945 IN
Mein Gas & Elec lst&ref 15s 1956 A
91 -- 91 Dec '18
8334 88
1927 J
84
84
Columbia G & E let 5s
87
97 Feb '15
Columbus Gas 1st gold 58..1932 J
101
Consol Oat cony deb 6s
Sale 10034 101
1920 Q
9613 Feb '19
9612 99
Cons Gas EL&P of Bait 5-yr 58'21 M
9613 Mar'19
9612 _ _
Detroit City Gas gold 5s__ _1923 J
90
Detroit Edison 1st coil tr 58_1933 J
9612 9612
9612
934 Mar'14
let & ref 58 ser A
h1940 M 8 9312 94
Kg GLNY 1st cons g 5s-1932 IN
94 Feb '18
Gas & Elec Berg Co c g 58_1949 J
100 Feb '13
85
Havana Elec consol g 5s .1952 F A 8438 90
9218 Nov'17
Hudson Co Oat 1st g
M
9014 9113 9014 Mar'19
Kan City (Mo) Gas let g 58_1922 A
9078 Dec '16
9118 _ _
King/. Co El L & P g 5s
94 Feb '19
9078 92
1937A
100 110 1004 Mar'19
Purchase money Os
.1997 A
Convertible deb Os
1925 IN
90 Jan '19
944
Ed El III Bkn let con g 48.1939 J
8038 82 80 Mar'19
Lao Gas L of St L 1st g 58_61919 Q
995,2 100 9953 Mar'19
92 944 9418
Ref and ext 1st g 5s
.1934 A
9418
8714 90 88 Mar'19
Milwaukee Gas L 1st 4s_. _.1927 IN
Newark Con OM g 5s.1948 J
89 91 10412 Apr '17
9212
9112 924 9213
NYGELH&Pg 5s___1948 J
Purchase money g 481949 F A 69
73 Mar'19
72
Ed Eiec III 1st cons g 5s_ 1995 J
98 100
99 Mar'19
NY&Q El LAP let con g 58.1930 F A 89 90
91312 Aug '17
Pacific 0 & El Co-Cal 0& ECorp unifying dt. ref be__ _1937 M
9312 Salo 9312
94
Pacific 0 & 1.3 gen & ref 59_1942 J
8612 Sale 8134
8712
Pee Pow & Lt let & ref 20-yr
158 International Series_1930 F A _-_- 91
88 Jan '19
Pat & Pasaalc 0& El 5.s_
1949 M 1.3 85 .-_. 100 July'17
Peop Gas & C 1st cons g 611.1943 A
10018 102 10018 Feb '19
Refunding gold 5.1
1917 M
77
7712
Ch 0-1.& Coke 1st gu g 58 1937 J
82
8978
ConG Co of Ch 1st gu g 5131936 J
10
0
97
096
:
4
0: A
8N
jiu
4'M :
7
79
-. 8473
Ind Nat Gas & Oil 30-yr 581936 M
89 Mar'17
Mu Fuel Gas 1st gu g hs_1949 M
78 _.
Philadelphia Co cony 58
1919 F A . - 9914 Nov'15
Cony deben gold 5s
1922 M
917s Sale 911.
92
Stand Gas & El cony s f 68_1926 J
954 9613
95
Syracuse lighting 1st g 5s_. 1951 1
---- 85
Syracuse Light & Power 50_1954 J
7212
70 Nov'18
Trenton 0 & El 1st g &L
1949
9838 Oct '17
Union Flee Lt & P let g 58_1932
9114 90 Mar'19
Refunding & extension 511_1933 IN
80 ___ 10158 Nov'16
Unfted Fuel Gas lets I 05....1936 J
9678 97
96 Mar'19
Utah Power & Lt 1st 5s____1944 F A 88 Sale 88
8812
Utica Elec I. & P 1st g 513_1950 J
101 June'17
Utica Gas & Elec ref U
1957,J
-83 9212 90 Feb '19
Westchester Ltg gold 5s____1950
97
90 Feb '19
85
'No odes rrldav: latest bid and Wed.a Due Iasi. 4 Due April.
03
95
2 82
84
idi
62
9612
9818
2 954
93
97
9618
9613
94
9014 9014
94
100
90
797g
9914
1 94
88
94
105
90
84
9934
97
88
-4171-2 94
69
7414
98 100
-11 9312 964
15 8534 88
88
88
100
101
45 91
18 91
02
95
7414 7712
---_____-_.
_._
92
95 98
894
5 88
00
"id90
90
92
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 28
Miscellaneous
Adams Ex coil tr g 48
1948 M
Alaska Gold M deb 65 A--1925 M
Cony deb 65 series B
1926 IN
Am SS of W Va 1st 53
1920 M
Armour & Co 1st real est 430'39 .1
Booth Fisheries deb 5 1 Os
1926A
Braden Cop M coil tr a I 6a_1931 F
Bush Terminal let 4s
1952 A
Consol 5s
1955 J
Buildings 5.9 guar tax ox..1960 A
Chic C & Conn Rys a f 5.4_1927 A
Chic Un Stat'n 1st gu 430 A 1963.3
Chile Copper 10-yr cony 78_1923 IN
Recta (part paid) cony Ss ser A A
Coll tr & cony Os ser A-1932 A
Computing-Tab-flee a f 65...1941 J
Granby Cons M S & P con (is A 28 IN
Stamped
1928 M
Great Falls Pow 1st s f 5s
1940 M
Int Mercan Marine s f 6s....1941 A
Montana Power 1st 5s A
1943 J
Morris & Co 1st s f
J
Mtge Bonds(N Y)48 ser 2..1966 A
10-20-year 5s series 3_ _.1932 J
N Y Dock 50-yr 1st g 48_ _1951 F
Niagara Falls Power 1st 5s_ _1932 .1
Ref & gen 60
a 1932 A
Niag Lock &0 Pow 1st 58_1954 M
Nor States Power 25-yr 55 A 1941 A
Ontario Power N F 1st 58_1943 F
Ontario Transmission 58____1945
Pan-AmPet&Trlst convas'19-'27 J
Pub Serv Corp N J gen 59_1959 A
Tennessee Cop 1st cony 08..1925 M
Wash Water Power 1st 5s__1939 J
Wilson & Co let 25-yrs f 68_1941 A
[V oL. 10S.
Price
Fridal
March 28
Week's
Range or
Last Salo
Range
Since
Jan. 1.
Bid
59
29
26
Ask Low
High, No.I Low High
60
5912 Mar'19 .... /19
65
30
26
26 I
1 20
35
30
27 Mar'19 ___ -1 2614 35
.1
8714 Sale 8714
874 14, 86 8834
- - - 90 Feb '18 ...-1. 93--Sale 9212
93
2 9212 95
83
81 Mar'19 ......1 8018 81
81
83 Mar'19 .....I 80 855s
8034 83
7978
7918 80
7973, 10 '7978 81
40
50
58 Iklar 18,_ _.1 _
_87
8714 8134
8656' 11 8612 89
11513 179 10534 110
11512 Sale 108
8614 Sale 845s
8638 170 8212 863g
854 605 814 854
8513 Sale 85
85
84
85
85
11 83 854
99 107
9812 Feb '19 --- 97 984
99 107
98 Jan '19 -__ 98 98
9414 ___
944 Mar'19'- _ 9314 941s
9713 9838 9734
9834 55 97 102
911z Sale 9112
92
10 91
9578
8378 8778 83 Feb '19
83
/33
____ ___. 83 Apr '14
-.
- ---94 June'16
-6i- -iais 69 Mar'19
-tici- 71
914 96
9378 Mar'19
9378 97
101
Sale 101
1 101 101
101
90
9314 8913 Oct '17
88
8914 89 Mar'19
-854
. -668912 93
9014 Mar'19
89 91
--- 95
84 June'17
125
_ 135 Mar'19
i114
- Hit) 7714 "Sale 7714 7884 10 754 80
N 90
9412 9213 Feb '19 ___ 91
9213
J 9014 93
92 Mar'19 ......_ 92
93
O 985a Sale 9838
09
54 9634 99
S
S
S
N
D
O
A
O
J
O
O
J
N
O
O
J
N
N
N
O
J
.1
o
J
A
.0
O
N
O
A
N
J
Manufacturing & Industrial
Am Agric Chem 1st o 5s____1928 AO
Cony deben 58
1924 FA
Am Cot 011 debenture 58._ _1931 MN
Am Hide & L 1st s f g Os__ _1919
S
Am Sm & It 1st 30-yr 5s ser A '47 AG
Am Tobacco 40-year g Cis
1944 AO
Gold 48
1951 FA
J J
Am Writ Paper 1st s f 5s_
Trust Co Ws of
Loco Worksdeposit.Balw 1st 58-1940 MN
Cent Foundry 1st s f 6s
1931
Cent Leather 20-year g 53_1925
Consol Tobacco g 4s
A
1951
Corn Prod Rerg s f g
let 25-year a f 58
1934
Distil Sec Cor cony lat g 56_1927 A
E I du Pont Powder 4 Ms-1936
General Baking 1st 25-yr 68_1936
A
Gen Electric deb g 3Ms
1942
Debenture 58
1952
Ingersoll-Rand let is
1935
Int Agric Corp let 20-yr 58...1932
Int Paper cony s 1 g 58
1935
let & ref s f cony 58 ser A.1947
Liggett & Myers Tobao 7s...1944 A- -1i
5s
1951 FA
Lorillard Co (P) Ts
1944 AO
58
1951 FA
Mexican Petrol Ltd con as A 1921 AO
1st lien & ref Os series C 192I AO
Nat Enam & Stampg 1st 58_1929 3D
Nat Starch 20-year deb 5s...1930 J J
National Tube 1st 58
N
1942
N Y Air Brake 1st cony 014_1928
N
Pierce 011 5-year cony 6s_q1920 J o
10-year cony deb Os
h1924 J J
Sinclair Oil & Refining1st 5 1 75 1920 warrants attach FA
do without warrants attach 1? A
Standard Milling 1st 5s-1930 MN
The Texas Co cony deb 05_1931 j J
Union Bag & Paper let 58_1930 j J
Stamped
1930 j J
Union 011 Co of Cal 1st is. _1931 J J
U 5 Realty & I cony deb g 5s 1924 J .1
U S Rubber 5-year see 7s
1923 J O
let & ref 55 series A
1947• J
U S Smelt Ref & M cony 68_1926 FA
Va-Caro Chem 1st 15-yr 5s-1923 J O
Cony deb 68
e1924 AO
West Electric 1st 58 Dec_ _ _1922 J J
9712 100 100
100
4 98 101
105
Sale 10413 105
18 100 10714
86
8814 88 Mar'19
88
8914
100 10012 100
100
17 9934 1004
9014 25 8913 93
903s Sale 9014
119 -- 11913 Mar'19 -019 1191k
78
76
814
9
78
931: 157
7812 9
2i1 8
78
212 9
7,84
9934 Sale
90
90 91
9014 21,, 86
9014
8113 m
100 10112 102
Ma
ar0
r:1
10 ____ 1 101 10112
78 82
82 82
96
9614 39 9578 97
Sale 957g
74
8012 7313 Dec '18 ........991g..
99l Feb9,119
9913 100
4
.. 9
1(
fig
9911
2
9913 10013 9913
100
9021123
Sale 9
_2
..
1 8
91
92
912
2 92
112
9212 100
Mar'19
88 Feb '19
8414 _
88
88
73'
2
7014
7234
7234
2 7234 7312
9734 100
4 9712 10034
9978
9978
9778
_
8112 Sale
13 -fil-2 8214
84
6
9758
_ 9
14 ONo°tv9.'21188
--87 92
9012 Nov'18
11112 14 111 1131.
11013 111 111
89
9118 9012 Mar'19 --_- 90 934
---- 111 10934
11112
2 10934 113
89 904
9014 94.
19
6r Mar'19Nov 8
185 Jan '19
185
9518 96
06 Mar'1996 96
9313 ---- 94 Aug '18
94 Mar'19
9418 95
-icits10014 103 loots
10118
5 9953 111118
103
1037/1
16 10014 104
104
95
95 Sale 9334
21 8834 961s
10413 Sale 1027a
10412 143 984 1044
9614 Sale 913
9718 99 95
9732
93 Mar'19
9218 98
93 95
10213 103 10238
10212 -L 10013 103
8812 Sale 8812
8812
85 8984
87 _
87 Dec '18
937 937k
93 94
9378 Jan '10
7114 714 71
7112 16 60 74
1035s Sale 1034
1037s 14 10234 1044
87 Sale 863t
87
111 80
877e
9812 0913 99,2
9912
3 9734 100
9514 96
33 9514 96
95'4
9(1
101 10134 10134 101,
0 10014 10214
4
9712 Sale 9712
9 97 9914
9712
Coal, Iron & Steel
Beth Steel ist ext s f 5e
953.. 9614 96
1926
96
1st & ref 5s guar A
88
89
1942
89
8914
84
20-yr p rn & imp f 56_1930
Salo 8334
8412
91
Buff & Suso Iron s I 5s...„1932
90 May'18
96
Debenture is
a1926
8614 July'18
Cahaba C M Co 1st gu 613_1922
-.- 101 Dec '14
Colo F & I Co gen f 5s____1943
A 8918 90
90 Feb '19
Col Indus let & coll 58 gu_1934
A 75
754 7512 Mar'19
Cons Coal of Md lat&ret 53.1950
88
91
90 Fob '19
Elk Horn Coal cony 65
98 Feb '19
1925
Or My Coal & C let g 6s_h1919 A
-- 94 Feb '18
Illinois Steel deb 4348
84
8518 84
1940 A
8418
Indiana Steel let 58
96
1952
9614 98 Mar'11)
Jeff & Clear C & I 2d 58.... _ -1926
90
9714
Lackawanna Steel 1st g 55_1923 A
9714 Sale
9714
let cons be series A
89
9012 90
1950
90
Midvale Steel &0cony s f 581936
89 Sale 8678
89
Pleasant Val Coal lst s f 58_1928
8012
Pocali Con Collier 1st s f 5s-1957
8734. 88
88
88
Repub I it S 10-30-yr 5.3 f.1940 A 0 95
9534 95%
9534
St L Rock Mt & PS.stmpd-1955
- 827s 8034 Mar'19
Tenn Coal I & RR gen 58_1951
92
92 Mar'19
93
10018 Sale 100
U S Steel Corp-jcoup...41963
1001:
at 10-60-year &sires ____d1963
1004 9934 Mar'19
Utah Fuel 1st s f is
87
_
1931
Victor Fuel 1st s f 5s
55
70 70 Mar'19
1953
8 8578 86
Va Iron Coal & Coke let g 5s 1949
8758 Jan '19
Telegraph & Telephone
Am Telep & Tel coil tr 4s
1029
Convertible 4s
1936
20-yr convertible 434s....1033
30-yr temp coil tr 15a
1946
7-year convertible ga
1925
Cent Dist Tel 1st 30-yr 58_1943
Commercial Cable let g 4s_ _2397
Registered
2397
Cumb T & T 1st & gen 58-- -1937
Keystone Telephone 1st 58_1935
Mich State Teleph 1st 5s_ _ _1924
NYJeNJ Telephone is g_ _1920
N Y Telep let & gen I) f 4 t.1931)
Pacific 'rel & Tel let 5s
1937
South Bell Tel & T 1st a f 58_1941
West Union coil tr cur 58_1938
Fund & real eat g 410-1950
Mut Un Tel gu ext 5s
1941
Northwest Tel gu 434s g_1934
tB
2 9512 MI
9 87 897a
23 80 8412
88
WI;
87
95
774
90
9884
7312
3 -811;-Eli
9512 981g
901
17 80
95 86
98
904
89
88
88
35 943s 9534
8034 8034
92
92
85 993a 10113
gius 1001.4
70 "ici"
8754 875y
Sale 8378
8438 26 8384 8512
80 I 7838 Mar'19
77
7812
Sale 8813
8813
1 8512 90
91
Sale 9034
59 9038 94
Sale 102711
1034 107 10934 105
06
9812 Feb '19
9812 9812
73 Nov'17
6818 Jan '18
9312 __-- 934
9312
2 93 94
9634 98 Ant '16
9112 92
92 Mar'19
9818 9918 9812 Jan '19:
-0
68C2 -6
91
81i
813
8914 8913
90
41 88 914
92
9178 Sale 9178
4 9178 9538
93 Sale 93
9314 10
93
94
93
93
93
173 93
414
8534 86
867s Mar'10
851s 92
--- 99 10112 Sept'17
814
94 Nov'16
8434
7812
8812
91
103
65
Due May. y Due June. 31 Due July. 2 Due Aug. o Due Oct. y Due Nov. a Due Dee. *Option sale.
Saiesfor
the
Week
Friday
Thursday
March 27. ! March 28. Shares.
SHARE PRICES-NOT PER CEN7'UM l'RICES.
Saturday I Monday
March 22. March 24.
1259
BOSTON STOCK EXCHANGE-Stock Record
MAR. 29 1919.1
Tuesday
March 25.
Wednesday
March 26.
STOCKS
BOSTON S rocK
EXCHANGE
Range for Previous
Year 1918
Range Since Jan. 1.
Lowest
Highest
Lowest
I
Highest
Railroads
I
1
Feb27 12212 Apr; 146 Nov
!
Jan 8i 140
1001 131
25'Boston .1, Albany
__- 13812 13812 13812 13334 *13812 ---1 ---- ---Jan' 80 Nov
37
-15138
Jan14
*138
100 6434 Mar24; 73
BostonElevated
379
4
653
6534
6512
6512
___
*65
I
66
65
66
6434
Jan 3
- 1
80 July 104 Nov
6512 -66
100 85 Feb 81 95
Lowell
&
Boston
Mar'19
Sale
9112
Last
'
95
__ 1 *91
- *91
Jan 40 Sept
- *91
19
7
*91
Mar
33
Jan30
28
100
Maine
&
536 Boston
3018
3018, 30
30 , 30
30
3012 1012 30 -3014
Apr 170 Aug
Jan 6 150
31 If
100 165 Mar25 163
8 Boston & Providence
165 165 +165 167 1 _
3 June
165 165
.50 Dec
+163 167 *163 167
par
Elec__no
Suburban
Boston
Site
12
Dec'18
Last
2
*1
2
*1
15 June
*12 2
*12 2
1014 Mar
Jan14
7
Feb 3 11
no par
Do pref
Feb'19
Last Sale 7
*612 10
Apr
*512 10
*612 10
*512 10
147
July
4
Jan
138
Jan 4 135
Chic June Ry & U S Y____100 135
Last Sale 135 Mar'19
8212 Apr 8512 Dec
*___ 135 *___ 135 *____ 135 *____ 135
100 84 Feb14 8712 Jan 9
Do pref
Last Sale 86 Mar'19
___*85
Nov
__
*85
125
r
Feb
___
*85
1
104
arl
NI
114
Jan15
112
100,
_
Connecticut River
Last Sale 114 Mar'19
Jan
Jan 65
53
Jan 2
*114 120 *114 120 *115 120 *115 120
100 55534 Feb28 58
10 Fitchburg pref
57 1 ____ ____
5612 5612 *56
57
*56
57
*56
Sept 11614 Jan
57
*50
100 Georgia Ry dr Elec stampd.100 9938 Mar15 100 Mar14 106
Feb
*9938 -- - *9938 ---- *9938 -- --I *9938 ____
81
Oct
70
Feb27
74
*9938 ___- 100 100
Mar15
100 70
Do pref
Last sale 70 Mar'19
__
7712 June 88 Nov
100 80 Jan23 83 Jan 6
25 Maine Central
-gb so so I ____
86 ;iti" .. o." -S.15134 Sept
7'2 May
312 Jan14
'1'75" - cr. ;75" -71 Mar21
100
158 10,257 Mass Electric Cos
114
P81
1
13.
112
8
13
112
8
15
8
13
812 Jan 33 May
134
4 Mar27 1714 Jan14
112
100
Do prof stamped
4341
4
412 514 0,902
434 512
512
5
514
46 May
5
538
27 Feb
5
Mar10
3412
Feb13
8
257
100
Hartford
&
11
N
Y
N
421
29 1 2912 2934
29
3012 2834 30
*30
30
Oct 95 Nov
3014 30
30
84
Northern New Hampshire_100 92 Feb21 91 Mar 1
Last Sale 91 Mar'19
94
*90
94
*90
94
*90
91
*90
Jan 3 58812 June 11212 Dec
100 97 Feb28 105
Old Colony
Last Sale;102 Mar'19
Jan
25
Jan
•
*100 104 *100 10114 *100 104 *100 104
20
20
Jan18
Jan24
19
pref
1001
50 Rutland
19 1 __
*10
19
19
21
*19
Oct
21
90
*19
21
+19
80 Aug
Jan18
Jan 6 100
95
Last Sale 954312
511
3139
4.
4
Feb
*95
50 July
37 Feb
4712 Jan 8
Mar21
40
50
West
4414 4318 4334
-ii- 43
Apr
62
Jan
6
Jan
;,16- If- 745" 1O-- -iiir2
47
55
Mar13
4912
50
52
52
52260 Do pref
52
53
52
52
51
5014 51
50
50
Miscellaneous
Oct
7812 Jan 106
Jan29 10812 Mar15
100 100
228 Amer Agricul Chemical
104 10414 10438 10412 10414 10112
10412 105
107 108 z103 105
8858 Jan 100 Dec
100 9712 Jan :3 10212 Mar15
Do pref
290
100
9912
100
9978
100
100
100
100
9912
10112 10112 x9912
Marl() 6778 Mar20
6434
par
Magneto_no
Bosch
Amer
2,010
66
6614
6638
4
663
653
6612
8
6638 663
212 -Mar
6534 6634
6614 67
.40 July
114 Feb 3
25 550 Jan 2
21T Amer Pneumatic Service
.90 .00 *.65 .93 *.65 .93
*.60 .91 *.60 .92 *.65 .92
4 Sept 1558 Mar
Jan 8
6
Jan 7
5
50
Do pref
Last Sale 5
434
Feb'19
434 *
_ __
434 *_12418
434 * __
Jan 11512 May
*
09
Jan 2 12614 Mar24
100 111
Refining
Sugar
Amer
253
126
126
12518
126
12518
12434
12418
*12412 12512 12534 12614
Jan 2 511812 Feb27 107 June 115 Dec
100 113
1161 1 116 11612
156 Do pref
*116 11612 116 11612 116 11612 116 11612 11614
9034 Aug 10918 Oct
Jan29 10814 Mar10
100 99
8 1,481 Amer Telep & Teleg
10418 10134 10414 10134 10412 1013.1 10378 10134 10338 10334 10334 1013
4512 Jan 6058May
Jan20 6738 marl].
46
Mass_100
of
Woolen
5.114
American
26
53
54
5214 5214 *52
54
*52
54
9712 Dec
*53
54
*53
Jan
Mar12
Jan21
10112
90
94
100
227 Do pref
9712 9818 9712 9712 0'712 98
08
9734 977s 9734 9778 98
Janll
6012 Jan 92 Nov
g_ __. 79 Feb15 83
Manufacturin
_
Amoskeag
219
_
*81
82
8214
82
82
2
x8
82
82
82
Jan 82 June
9 84 Mar22
82
Jan
76
7812
pref
Do
291
82
82
84
*81
_
*81
81
81
84
84
11 Feb x19 Dec
511 Art Metal Construc Inc___ 10 1712 Jan21 22 Feb20
20
20
-3.3 -21-1,1
20
20 - 20
*19 -20
1912 1912 *19
Jan 12014 Feb
9.8
All Gulf & W 1 SS Lines_100 97 Feb 3 117 Mar18
Last Sale 116 Mar'19
113
667
8
Jan25
Feb15
5812 Jan 6714 Nov
63
100
*110 115 *112 11312 *11112 114 *111
pref
Do
2
____
66
*64
_--- 66
*64
____ *64
2
-- -- *64
2812 Sent
Jan
2212
Jan
7
*64
Feb
21
1814
par
no
415 Booth Fisheries
__2034
2038 2012 2034 -'2-0.3-4 2014 2012 20
1478 Dec
*2012 21
Jan10 1512 Mar17
1014 May
4,518 Century Steel of Amer Inc.. 10 1358 Mar26
1458 1434 '1438 1412 -1412 -1-4371
1434 15
1478 1514
2
1711 May
Jan
145g 1538
14
Nov
1112
10
10
Cement__
Portland
520 Cuban
1014 1014
1034 1034
11
1112 10
1112 *11
1112 *11
534 May
*11
8
Jan14
63
4
Jan
Jan
4
412
10
90/ East Boston Land
*458 5
----*458 5
458 478 *458 5
Jan 2 134 June 186 Nov
172
*412 5
Feb18
164
100
Illum
Electric
Edison
44
168
____ *166
Nov
167 16812 166 166 *104
6414
21
166 166
Jan
June
6114
2712
Jan21
5212
25
54
- .4..' . -571-4 4,120 Fairbanks Co
Jan 15724 Nov
*5414 5512 *5414 5512 *5414 5512 54
5412 55
100 14678 Feb 7 15712 Mar15' 128
56 General Electric
156 156
15614 15614
15612 157 *156 158
35 Aug
*156 158 .156 158
Aug
321s
Jan10
6
27
Mar
4
283
50
Fisheries
249 Gorton-Pew
2!)
29
2834 2914
*2834 2912 2834 29
*2812 29
30
*29
712 Oct
512 Jan 2
412 Oct
414 Mar26
590 Internat Port Cement__- 10
414 414 *434 5
434 434
434 434
*412 434
23 Nov
Jan 4 21 Febll
12 Apr
50 18
*19 2055 Do pref
19
19
20
*19
19
19
20
•18
40
Mar26
Mar20
19
par
no
2,898 Internat Products
3312 36
-55; -ii3712 40
37
*2612 ---- 2512 2614 27
8 Dec
93s Feb20 -11Jan 2
8 Aug -656
833
814
814 8ife 5,223 Island Oil& Trans Corp___ 10
838
8
734 734
778 8
7% 8
88 Sept 93 Nov
35 McElwain (NV II) 1st pret_100 90 Jan17 09 Mar26
98
98
*98
99
99
_--Nov
_--- *98
9
9114
Jan
*98
Jan
z7714
86
Jan20
1008112
83
83
- -92 Massachusetts Gas Cos
- - 8212 8212 8212 -83
*8212 8312
8312 8312 *98-Jan13
*8312 84
71 Nov
62 June
100 6812 Mar24 71
60 Do pref
70
*69
6812 70
70
*69
70
*69
Nov
6812 69
70
*69
147
136
Mar12
Feb10
June
130
107
-100
Linotype
Mergenthaler
_--Last Sale 13412Mar'19
*134
__-Oct
•134 130 *134
95
Jan
Jan 7
Jan 7 • 92
88
Last Sale 92 Mar'19
New Eng Cotton Yarn____100 92
____
- - *00
-*90
____ *134-___. *00
*90
Jan22 96 Mar10
90
8212 July 10012 Oct
1
70 New England Telephone_
9412 9334 94
941.4 -9.fs4 94
94
Jan
9414 0414 94
69
5
52
Mar
Dec
Jan25
53
46
C__100
&
---- --- - -20 Nova Scotia Steel
51
51
53
*50
55
*50
55
*50
55
*50
Jan 130 Nov
100 11312 Feb13 12212 Jan15 102
---- ---- - 16 Pullman Company.
__ __ *11912 12012 11914 11914 -------Dec
121 121 *120
51
Jan10,
54
Jan
1
29
Feb
48
50
Sugar
Alegre
50 Punta
51
5114 *49
5114 *49
*49
51
---- ----E" If" +50
1378 Mar
Jan
11
10 Reece Button-Hole
15
1434 1434
*14
15
*14
15
1514 *14
1514 *14
*14
!
n21 1034
aa
Oct 4112 Nov
10 D18 ja
27
3914 4018 7,415 Stewart Mfg Corpn
39
3834 3914 3914 3934 3914 3934 39
1
3838 39
Aug
Jan30
14614
Aug
102
115
100
og
C
gt
orlfrtio&
rw
S
4',
82
3,92
12912 12978 130 135
12912 130
12912 12934 12934 130
56 Dec
5 M
30
12912 130
Fe
Jan
ab
r2
1
Jan13 6
28
45
___
59
59
59
59
60
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60
*59
00
*59
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)
1015
Fruit
United
817
-9
6
1
1691683
s
168
169
168
16712 108
16778 170
16958 170
Jan13 505s Mar12
3312 July 4812MaY
25 44
4812 4812 4834 1,685 United Shoe Mach Corp
4812 48
48
4812 4914 4838 4834 4834 49
Jan25
2434 Aug 2612 May
25 2614 Jan 2 31
Do pref
251
2678 27
2678 27
*2678 27
27
27
2718 271s 2678 27
Mar 11612 Aug
8814 Feb10 10012 Mar22
87
100
Corporation
Steel
S
U
8
13,636
993
4
973
s
973
99 10012 9718 9812 9718 9758 983a 9738 9678
2
Jan
11512
Mar 11338 Dec
Jan25
108
113
100
451 Do pref
1143t 11434 11412 11412 ---- -11434 115
9 Nov
*11412 115 *11414 115
1012
Jan21
Jan
Feb15
734
5
2,725 Ventura Consol 011 Fields_ 5
934 10
934 10
978 978
*978 1018
10
10
10
10
Stifling
134 Jan
6
Feb
.75
June
6
Feb
12
.56
25
Last Sale .75 Mar'19
Adventure Con
•.50 .85 *.50 .85 *.50 .85 *.50 .85
Feb10
69 Dec 86 Nov
25 6212 Mar22 71
330 Ahmeek
6412 65
6412 65
6412 65
64
631t 0314 64
538 Nov
6212 63
414 Marl 1
138 Apr
Mar26
314
1C
Gold
Alaska
200
358 358
338 338
314 314
338 338
338 338
.45 May
*338 334
.15 July
'19
Mining 25 20c Jan15 30e Feb 7
Algomah
Last Sale .30 Mar
0.25 .30 *.25 .30
+.25 .30 •.25 .30 '
4012 Dec 54 Feb
Jan21
25 36 Mar24 44
3612 37
305 Allouez
3612 37
36
36
37
36
38
38 , 36
37
2114 July
Feb28
8
Dec
147
re
,
gn
10
e
11:334
N
Smelt_
&
Lead
Zinc,
Amer
10
14
*1234 1312 1212 1212 *1212 1314 *1212 1312 *1212 1312 *13
4012 Dec 54 July
Do prat
Last Sale 431t Mar'19
43
*42
44
+42
44
44 1 *42
'42
1614 Aug
*42
Jan
1234 Jan 6
1034 Feb28
11
485 Arizona Commercial
*1112 12
1134 1134 1112 1178
1134 1178 1178 1178 *1112 12
.48 Nov
20c
.20 Oct
Jan17
Jan30
30c
10
Copper__
ava
Butte-13alakl
Last Sale .22 Feb'19
814
+.22 .30 '1%22 .30 *.22 .30 +.20 .30
May
g
i
ete
ta
33
Dec
12
Feb28
7
17
1634
22
22
*20
*20
50 Butte & Sup Cop (Ltd)___
22
*20
22
2314 2078 207g •20
*22
Dec 7312 May
61
10
Arizona
&
Calumet
80
58
5818 *5814 5834 58
Dec
*5714 5812 *5712 5812 58
59
59
470
Dec
445
3
Jan
Mar14
350
425
25
157 Calumet & Hecla
405 410
405 407
405 405
400 405
400 400
396 400
1412 Feb
14 Feb13
1034 June
25 12 Mar21
135 Centennial
1212
1212 12
*12
12
1212 12
1212 1212 *12
*1212 13
5112 Nov
Dec
Jan25
5
4212
Mar
39
40
25
Co
Range
484 Copper
4012 403.1 *4012 41
4114 4118 4134 4034 41
41
4034 41
3 Sept
314 Marll
112 Apr
2 Marll
20
715 Daly-West
234 3
234 234
3
3
*278 3
*278 3
*278 3
678 Mar
538 Jan31
434 Dec
434 Feb13
10
755 Davis-Daly Copper
518
5
518
+478 518 *5
5
5
5
5
478 5
Nov
12
Mar
3
912
Jan
Feb28
812
8
10
Min
Copper
495 East Butte
814 812 *814 834
812 812
814 834
*812 834 *812 834
6 Feb
6
Jan
8
June
37
3
212 Mar21
25
3
314
325 Franklin
*3
314
314 *3
+278
314 *3 314 *3
June 8434 Oct
7312
Feb13
1
7312
Mar
68
100
Consolidated
Granby
Last Sale 70 Mar'19
69
*65
68
69
*66
*66
67
+03
5734 Nov
39 Jan
100 4214 Mar27 4534 Jan 2
Greene Cananea
43
Last Sale 4214 Mar'19
*42
44
*12
43
*42
*4258 44
1018 Jan
512 Jan 2
434 Dec
458 Feb 6
25
165 Hancock Consolidated
512
*5
5
5
5
5
*478 5
*478 5
5
5
Jan
1
8
75c
July
Mar
.40
Feb18
50c
25
Mining
'19
Indiana
Last Sale .50 Mar
•.50 .75 *.50 .75 *.50 .60 *.50 .60
May
4
70
48
Dec
Jan
7
4478
Feb
4212
1
ref Coal
Do Creek
435 Island
4212 4212 *4212 44
4212 43
43
4412 4412 *4312 4518 43
Oct 84 Feb
4 8234 Jan21
Mar
79
7912
1
.
82
82
*79
82
*80
*80
82
80
*80
80
82
*80
Jan 2 27 Feb27
1912 Jan 29 July
25 24
229 Isle Royale Copper
25
2412 2412 2412 2434 25
2412 2514 *2412 25
5
Jan
*2412 25
612 Oct
534 Jan24
Jan17
4
5
215 Kerr Lake
533 538
514
518 518 *518
518
518
*518 514 *518 51
134 May
4
990
.80 Sept
118
Feb10
Mar
25
Copper
Keweenaw
Mar'19
11.1
Last Sale I
112 *118
114 *118
112 *1
*118
4 May
412
2
Jan
83
Jan25
Dec
3
4
3
25
3
Lake Copper Co
*314, 4
*314 4
Last Sale 312 Mar'19
*314 4
*314 4
314 Mar
Jan
Jan21
2
Copper
Salle
La
60
234
3
23
*212
*212
*212
212
4
212
*212 3
*212 3
6 Feb
Dec
34
22
2
Mine
Valley
Mason
Last Sale 214 Mar'19
*214 3
.214 3
+238 278 *214 3
7 Jan
434 Jan 2
4 Feb 7
334 Sept
25
50 Massachusetts Consol
412
*4
*4
412 *4
412 *4
4
414
4
412
+4
412 Nov
4 Mar12
Jan13
.65 Mar
2
25
314 358 3,296 Mayflower-Old Colony
314
3
338 37X,
338 312
312 312
*314 312
414 Oct
June
418
Jan23
.40
212
Feb24
25
220 Michigan
314
3
*3
*3
3
314 *3
31,150
314
314 *3
• *3
May
6612
5434
Dee
1012
3
Jan
7
Feb
25 4912
Mohawk
53
53
52
*5112 5312
5218 521s *52
5212 53
53
53
4 Mar26 1014 Mar 5
1612 Dec 2012 May
5
151
Consolidated
Nevada
5
16
1612
*1534
*1514 16
.1.5% 1614 *1558 1612 1514 151 t *1512
July
212
Aug
Jan14
4
114
13
1
8
Mar
25
Copper_
25 New Arcadtan
134
1$4
134 *114
112
*114
13.1
1,2 *114
134 *114
*114
Jan13
5 1434 Mar 5 17
6,562 New Cornelia Copper
_ _ ____
1534 16
*1512 1614 *1534 1614
1512 1514 16
*15
4 Dec 171 Mar
912 Jan18 -631
Marl
814
5
__
Quicksilver
Idris
New
4
X
Mar'19
81
Last Sale
8
12 8
8
_
*_ ,i ii.,
Jan
1012 Jan28
12 Aug 20
878 Febll
100
Last Sale 9
Feb'19New River Company
. 12 918
*812 918 *-;8
912 *812 918
Jan
6312 Jan20
6312 Dec 80
100 5712 Mar 1
5 Do pref.
30
42
51,1 *60
4 6
,14 __,__ _0_1_4
,
65
,
4 *601
'9
,
, 581
5812
312
,
6
9
1 *58
01,2
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978 Apr
,4 Jan
83
814 Jan15 1034 Jan13
5
Ntpissing Mines
May
4
175s
Dec
Jan
1112
1012
0
Feb20
15
235 North Butte
10
10
10
10
1014 *10
10
1013 10
1012 10
*10
.95 Mar
.25 Feb
25 40c Jan 7 60c Feb20
150 North Lake
.50 .50
.50 .50 ..50 .60 *.50 .75 *.50 .60 *.50 .60
138 Dec
12June
158 Jan13
25 75c Mar15
155 Ojibway Mining
34
Last 3i
114 33
3
Sale2 1 33 Mar'19
4 *3
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111.2
112 33
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114 '
33
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;118 _3_3_ *3
Jan
4512
Dec
32
5
3514
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25 3012 Mar
ominion Co
Dlo
sceo
Old
Jan
4612 June 65
Jan14
Mar17 52
45
25
0
142
46
47
4514
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46
4512
4512
4512 *45
4612 45
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Feb
2014
Dec
2
8
1234
Jan
1312
Feb
121s
10
13
13
13
1312 13
1318
131,175 Pond Creek Coal
*13
13
13
1314 1314
May
78
3
61
Dec
Jan
59
25 52 Mar22
400 Quincy
52
52
52
52
52
5212 52
52
52
52
54
52
1912 Dec 2534 May
Jan 6
200 Ray Consolidated Copper- 10 1912 Feb 8 21
2334
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2034 +1912 20
*20
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20
20
.1912 20
Jan
33 Dec 57
25 40 Mar 4 43 Feb 4
10 St Mary's Mineral Land
1
1012 42
42 :3
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1312 4312
14
*411
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13
40
40
43
+40
1534 Dec
7 Jan
Jan22 1412 Jan 4
13
par
Corp__no
Copper
Seneca
635
14
-------*13
8
135
1314 133s
13
534 Jan
Dec
312
Jan
9
4
Mar15
23
.112
10
2
2
1,650 Shannon
218
2
1% 2
178 2
178
2
2
2
Jan
12 Sept
4 Feb14
15
25 40c Jan13
80 South Lake
114
*118
111
114
114
114
*114
112
*1.1".(4 2
114
*118
.20 Jan
14c Feb10
.10 Dec
80 Janll
5
South Utah M & 5
Last Sale .13 Mar'19
*Al .12 *Al .12 *.11 .12 •.11 .12
878 Nov
4
6
8
4 Feb
Jan
Mar
4
25
412 412 *414 434 *414 5
*414 5
434 434
434 Sept
114 Aug
3 Jan 4
1 Mar28
1,835 Superior & Boston Copper_ 10
2
1
178 1%
178 1%
178 1%
114
1% 1% *118
412 Feb
212 Sept
3 Jan13
2 Feb 3
25
212 212
448 Trinity
212 238 *212 258
238 258
212 2541
212
212
Aug
1%
Dec
1
1
000
.73
Febl
Febl
75c
1
.78 .79 1,000 Tuolumne.Copper
'.80 .83 *.80 .00 *.80 .90 *.80 .90 ..80 .90
36 Apr 5012 Oct
Jan21 5158 Mar12
50 43
Min.dr
Refin
Smelt
S
U
385
49
4838
4812
4812
4812
4812
4812
4812
4912
4958 4938 4812
4712 Nov
July
42
Mar14
4912
Jan24
4414
50
pref
426Do
4718 4718
48
4812 4712 4712 4712 4712 47
4838 47
*47
114 May
418 Nov
318 Jan 3
6 Mar28
/
5 21
525 Utah-Apex Mining
/4 '2'
(
4
218 23
/
/
21
6 21
238 *218
238
218
218
238
*2
Jan
838 Jan 2
7 Dec 12
712 Jan18
5
712 784
712 734
1,315 Utah Consolidated
734 8
8
• 8
8
8
812
+8
/4 Apr
31
Dec
1
Mar12
214
Jan28
114
1
1,205 Utah Metal & Tunnel__
178
178
134
134
178
134
134
134
134
134
178
178
3 Jan
214 Jan 2
158 Dec
114 Mar13
25
Victoria
2
2560
2
*13A
4
173
8
•13
17
Vs
2
4
134 *13
158
Jan
2
114 Jan 4
12 Nov
25 SW Jan 9
341 Winona
.
.
1
1
.80 .00
+.90
*.90
1
+.90
1
Jan
*.90
18 Dec 36
Jan14
15 Mar 5 19
25
47 Wolverine
1612 *16
1612
16
*1612 17
1612 1612 *1612 17
*1612 17
1 ix. Mar
.40May
50c Mar13
Mar13
400
25
Wyandotte
Last Sale .50 Mar'19
1 1 *.50 .75 *.50 .60
•.75
1
*.75
h Ex-ri,thts. z Ex-dividend. to Half-paid.
•Bid and asked prim. d Ex-dividend and rIghtS. o Assessment pahl. S Ex-took dividend.
taerbil41
,U111,
1 ,1
r !Taann
1260
THE CHRONICLE
[vol.. 108.
2
Outside Stock Exchanges
Baltimore Stock Exchange.-Complete record of the
transactions at the Baltimore Stock Exchange from Mar.22
----- Boston Bond Record.-Transactions in bonds at Bos- to Mar. 28, both inclusive, compiled from the
official sales
ton Stock Exchange Mar. 22 to Mar. 28, both inclusive:
lists, is given below. Prices for stocks are all dollars per
Friday
share, not per cent. For bonds the quotations are per cent
Last Week's Range Sales
Range since Jan. 1.
Sale.
of par value.
of Prices.
for
Bonds.
Price. Low.
U 8 Lib Loan 3348_1932-47
1st Lib Loan 4s_1932-47
2d Lib Loan 4s_1927-42
1st Lib L'n 434s_1932-47
2d Lib L'n 4%8_1927-42
3d Lib Loan 434s_ _1928
4th Lib Loan 434s_ A938
Am Agri() Chem 5s_ _ _1924
Am Tel & Tel colt 4s_ A929
Collateral trust 5s_ _1946
Convertible 6s
1925
Atch Top & S Fe 4s_ A995
AtIG&WISSL 58_1959
Gt Nor-C B & Q 4s_ _1921
K C M & Birm Inc 58_1934
Mass Gas 4348
1929
434s
1931
Miss River Power 5s_ A951
N E Telephone 5s.. _ _1932
Punta Alegre Sugar 6s 1931
Swift & Co 1st 5s
1944
U S Smelt R & M cony 6s..
Ventura 011 cony 7s
Western Tel & Tel 53_1932
High. Week.
Low.
I
98.74 99.00 $97,950 98.04 Feb
94.04 95 00 14,150 91.64 Jan
93.30 9 .74 13 200 92.04 Jan
94.00 94.40
,450 93.44 Feb
93.24 93.74 5,750 93.04 Mar
94.71 95.16 147,300 94.40 Mar
93.34 93.94 120,700 93.34 Mar
103 103
3,000 100
Jan
83% 84
3,000 8 % Jan
9134 9134 5,000 9134 Mar
103 103
2,000 100% Jan
82
8234 5,000 82
Mar
81
81% 13,000 79
Feb
95% 95% 6,000 95% Jan
72% 72% 3,000 72
Mar
93% 93% 2,000 92
Jan
86
86
5,000 86
Jan
7934 7934
1,000 7734 Jan
so% 9034 1,000 90% Mar
92
92
3,000 87
Jan
95% 96
24,700 95% Mar
99% 99% 3,000 99
Feb
109 109
1,000 94
Jan
89
90
10,000 89
Jan
96
90
High.
99.64 Mar
95.00 Mar
94.02 Jan
96.50 Jan
95.90 Jan
96.50 Jan
96.50 Jan
106
Mar
8434 Feb
91% Feb
103% Mar
83% Jan
83% Jan
95% Jan
74
Mar
94
Mar
87% Mar
79% Jan
93% Feb
94
Mar
96% Jan
100
Jan
110
Mar
Mar
91
Chicago Stock Exchange.-Record of transactions at
Chicago Mar. 22 to Mar.28,compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
American Radiator.._ _ _100
Preferred
100
Amer Shipbuilding........100
Armour & Co preferred.._ - 100%
Booth Fisheries, corn
new
(no par) 2134
Preferred
100
Chic City&C Ry pt sh corn
Preferred
8
Chic Pneumatic Tool_ ..100
Chic Rys part ctf "2"
Commonwealth-Edison 100
Cudahy Pack Co corn_ _100 109
Deere & Co pref
100
Diamond Match
100
Hart,Shaff & Marx,com100
Illinois Brick
100
Libby(W I)
29%
Lindsay Light
10 15%
National Carbon pref._100
Peoples Gas Lt & Coke_100
Pub Serv of No Ill com_100
Preferred
100
Quaker Oats prof
100
Sears-Roebuck corn_ _ _100
Shaw W W common_....100
Stewart-Warner Sp com100 91
Swift & Co
100 135
Swift International
6234
Union Carbide & CarUnion Car&CarRights"B"
bon Co
(no par) 6634
US Steel common
100
Ward, Montg,& Co pref.Western Stone
Wilson & Co common....100 8334
Preferred
100
BondsBooth Fisheries s f d 65'26
Chicago Rys 5s
1927
Chic Rys 4s series "13"___Commonw-Edison 58_1943 --9334
Metr W S El ext g 48_1938
Peo 3 L & C ref g 58_1947
Pub Serv Co 1st ref g 5s'56 8734
Swift & Co 1st g 55.. _ _1944
Wilson & Co 1st
285
120
105
100%
285
120
110
101
10
15
245
2,117
Range since Jan. 1.
Low.
20
2134 2,470 18
8134 8134
10 79
20
34
%
634 8
1,070
634
63
64
75 60%
7% 7%
30
7
114 114
130 111
10734 109% 1,532 10034
96
9634
40 95
110% 112
230 109
76% 7734
204 68
65% 65%
25 56
26% 30
41,359 19%
14
1534
1,900
9%
121 121
10 121
48% 50
364 46
92
92
20 8834
90% 92
40 89
102% 103
85 101
175 178
215 16834
92
92
10 91
90
91%
1,645 84
129% 135
11,944 115%
55% 63% 69,067 4134
4%
61%
97%
111
5%
7934
99
5
67
97%
111%
5%
83%
99
9334
77
45
93%
5034
7734
8734
06%
99
94
77%
45
93%
5034
7734
8734
96%
99
High.
285
Feb 290
Jan
116
Mar 120
Mar
100
Feb 112
Feb
10034 Mar 102% Mar
Feb
Feb
Jan
Mar
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
22
83
1
11
66
9
115
109%
97
114
77%
68
30
16
12234
52
92
92
103
180
92%
93
135
6334
135
3% Feb
5
27,675 56
Jan 67
50 97% Mar 97%
70 110
Jan 112
50
4 ,Jan
534
3,280 66% Jan 83%
100 95
Feb 100
15,000,
7,000
5,000,
14,000'
1,000
7,000
19,000
22,000
1,000
89%
77
45
93
50%
77%
87%
95%
96
Feb
Mar,
Mar'
Febl
Feb
Mari
Jan!
Mari
Mar'
94
81
60
9434
51
7734
87%
98%
09
Mar
Mar
Feb
Feb
Mar
Feb
Jan
Mar
Feb
Feb
Feb
Mar
Mar
Feb
Mar
Feb
Jan
Mar
Feb
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Mar. 22 to Mar. 28, compiled from official sales
lists.
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale.
Week.
Par. Price. Low. High. Shares.
Amer Rolling Mill, com_25
Amer Sewer Pipe
100
Amer Wind Glass Mach100
Preferred
100
Amer Wind Glass, pref..100
Carnegie Load & Zinc_ ..5
Columbia Gas & Elec.. _100
Commonwealth Trust..100
Consolidated Ice, com _50
Preferred
50
Harb-Walk Refrac,com100
Indep Brewing, coin_ _ _ _50
Preferred
50
La Belle Iron Wks,com.100
Lone Star Gas
100
Mfrs Light & Heat
50
Nat Fireproofing, corn....50
Preferred
50
Ohio Fuel 011
1
Ohio Fuel Supply
25
Oklahoma Natural Gas_25
Oklahoma Prod & Refg _ 5
Pittsb Brewing,corn.. _ _50
Preferred
50
Pittsburgh Coal, corn...100
Preferred
100
Pittsb Jerome Copper......1
Pitsb & Mt Shasta Cop _1
Pittsburgh Oil & Gas...100
Pittsb Plate Glass, corn 100
Riverside Eastern Oil, p1.5
San Toy Mining
1
U S Glass
100
US Steel Corp, com......100
Western Insurance Co.._50
West'house Air Brake_ _50
West'house Elec & Mfg_50
Bonds.
Amer Sewer Pipe 6s_ _1920
Indep Brewing 6s_ - _ _1955
1834
82%
80
100%
334
210
5034
7%
14%
18%
4634
31%
834
5%
15
15c
10%
2%
31
9834
98
4634
96
50
45
45
1834 1934
8234 83
80
81
100% 100%
6)4 7
45
4534
140 140
6% 7%
2234 24
120 120
3% 4%
9
1034
100 100
209 213
50% 5034
734 8
14% 15
1834 19
45% 46%
31
31%
8% 834
5% 634
13% 15
4934 49%
8634 8634
15c 150
30c 30c
10% 1134
118 118
2% 2%
8c
Sc
31
3134
9654 100
50
50
98 10034
46
46%
96
96
49% 50
50
190
115
70
30
250
50
15
1,035
210
20
1,965
415
275
215
482
680
305
170
2,550
2,215
203
1,010
345
10
90
7,500
1,500
9,151
10
200
1,000
230
355
10
720
393
$1,000
6,000
Range since Jan. 1.
Low.
High.
44% Jan
16
Jan
79
Jan
7734 Jan
Mar
98
6% Mar
39% Feb
130
Mar
3
Jan
15
Feb
120
Jan
134 Jan
534 Jan
04% Feb
170
Jan
48% Jan
5
Jan
10
Jan
16
Jan
4234 Feb
28% Jan
8% Mar
2
Jan
7
Jan
45
Feb
8534 Feb
8o
Jan
21c
Jan
8
Jan
116
Jan
23.4 Jan
6c Feb
30
Feb
88% Feb
50
Mar
93
Jan
40% Jan
47% Jan
21)4 Mar
Jan
88
Mar
82
100% Mar
734 Mar
46% Mar
140
Mar
7% Mar
24
Mar
120
Jan
4% Mar
1034 Mar
105% Mar
227
Mar
53
Jan
1034 Jan
1834 Jan
2034 Feb
47
Mar
31% Mar
Jab
10
6% Mar
15
Mar
Mar
50
86% Mar
200 Feb
340 Feb
11% Mar
120
Jan
2% Mar
9c
Jan
33
Jan
Mar
100
Mar
50
10234 Mar
47% Mar
96
36
Mar
Jan
96
Mar
48% Mar
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Alabama Co, 2d pref__100
65
65
Atlantic Petroleum
10
2% 2%
Baltimore Tube
100 70
70
70
Preferred
100 85
85
85
Celestine Oil voting trust.... -----1.05 1.10
Commercial Credit, pf B 25
25
25
Consol Gas,E L& Pow 100 105
105 106
Consolidation Coal__ ..100 82% 8134 82%
Cosden & Co
5
7%
7% 7%
Preferred
5
4%
4% 4%
Davison Chemical.. no par 35% 3534 36%
Elkhorn Coal Corpn_ _ _ _50 2734 27% 28
Houston 011 pref tr ctfs.100 83
83
83%
Mer & Min Trans V T.100
55
55
Mt V-Woodb Mills v t r100
18
18
Preferred v t r
75
100 75
76%
Northern Central
50
71% 71%
Pennsylv Wat & Pow.._100 7934 79
79%
United Ry & Electric_ _50
1634 17
Wash Bolt & Annap_ _50
24% 25
15 60
Feb 68
Mar
850
2
Jan
3% Jan
50 70
Jan 72% Ma
82 7134 Feb 85
Feb
200
1.05 Mar
1.50 Feb
15 25
Jan 25
Jan
443 105
Jan 11034 Mar
350 7934 Feb 83
Jan
1,117
6% Feb
831 Feb
455
4
Jan
434 Feb
440 32
Jan 40% Feb
325 27
Mar 30
Jan
85 72% Jan 90
Feb
57 54% Mar 60
Feb
50 16
Jan 18
Mar
325 71
Feb 76% Mar
68 71
Mar 80
Feb
441 7734 Jan 81
Mar
780 15
Mar 2034 Jan
182 24% Mar 27
Jan
Bonds.
Charl Cons Ry,G&E5s1999
8854 88%
Charles City Ry 1st 5s 1923
96
96
City & Sub 1st 5s.. _1922
9754 973.4
Consolidated Gas 5s.. _1939
10034 100%
General 4345
1954
88
89
Consol 3,E L & P 430'35 8434 84% 84%
5% notes
98
98
6% notes
97
9734
7% notes w
100% 100% 100%
Consorn Coal cony 68 1923
10034 100%
Cosden & Co Set B 6s 1932 8934 8934 90
Florida South 1st 4s_ _1945
83
83
Georgia & Ala cons 53.1945
94
94
Kirby Lumb Contr 6s_1923
98% 08%
M St & St PC Joint 58.1928
90
90
Monon Vail Trac 7s
98% 98)4
5s
1942
86
86
Norf & Carolina 1st 55 1939
99
99
Omaha & C B 5s
1928
78
78
United IV & Elec 48 _1949
71% 72
Income 48
1949
.5134 51%
Funding 5s
1936
74
74
6% notes
94
94
$1,000 88% Mar 88% Mar
1,000 96
Mar 96
Mar
1,000 97% Mar 100 Jan
1,000 100% Mar 100% Mar
2,000 88
Mar 89
Jan
1,000 84% Mar 8534 Jan
2,000 9534 Jan 98% Mar
5,000 97
Mar 9834 Feb
21,000 100% Mar 100% Mar
10,000 99% Jan 100
Jan
12,000 85% Jan 92% Feb
2,000 83
Mar 83
Mar
1,000 94
Mar 95% Jan
3,000 9834 Jan 99% Feb
1,000 89% Mar 93% Jan
3,000 97% Jan 98% Jan
3,000 86
Jan 86
Jan
1,000 99
Jan 99
Jan
5,000 78
Mar 78
Mar
20,000 7134 Mar 76% Jan
2,000 50
Mar 55% Mar
2,000 74
Mar 76
Mar
1,000 94
Mar 96
Jan
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Mar. 22 to Mar. 28, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks-
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Alliance Insurance
10
2034 2034
20 19
Jan 2034 Mar
American Gas
100 64
64
65
64 60
Jan 69
Jan
American Rys pref.. _ _ _100
64
64
5 64
Mar 6934 Jan
American Stores......no Par
25
125 25
25
Jan 28
Feb
Baldwin Locomotive. _100 89
8634 9034
670 6534 Jan 9034 Mar
Buff& Susq Corp pf v t c100
52
52
10 50
Feb 53
Jan
Cambria Iron
50
40
40
50 40
Jan 4134 Feb
Elec Storage Battery__100 7154 6934 7234 19,098 5134 Jan 7234 Mar
General Asphalt
100 65
63
67
485 39
Jan 7234 Feb
Preferred
10134 10134
100
25 76
Jan 108
Feb
Insurance Coot N A___10 2834 2834 20
224 2534 Jan 29
Jan
J G Brill Co
100 89
1,292 1934 Feb 3934 Mar
32
39
Keystone Telephone
_50
8
8
10
8
Mar
Mar
8
Preferred
47
47
50 47
40 47
Mar 50
Jan
Lake Superior Corp_ _ _100 20
1934 2034
1,170 17
Jan 2134 Feb
Lehigh Navigation
50 6934 69
6934
294 69
Jan
Mar 73
Lehigh valley
50 5434 5131 5534
1,100 5434 Mar 563.4 Jan
Little Schuylkill
44
50
44
40 44
Mar 45
Mar
Midvale Steel & Ord._ _ _50 47
47
47
10 41
Jan 47
Mar
Minehill & S H
52
50
53 50
5236
Jan 54
Mar
Northern Central
51)
7134 72
126 7134 Feb 75
Jan
Pennsylvania Salt M fg _ _50
8334 84
76 83
Mar 843.4 Feb
Pennsylvania
44
50
4436
1,573 44
Mar 4634 Jan
Philadelphia Co (Pitts)_50
36
3534
25 30
Jan 3634 Feb
Pref(cumulative 6%)-50 3434 3434 35
934 3134 Jan 3634 Mar
Phila Electric of Pa
25 2534 2534 2534
1,315 2454 Jan 2534 Jan
Phil Rap Tran vot tr rct_ 50 217-4
155 x237' Jan 28
2434 25
Jan
Philadelphia Traction _ _50 67
67
261 67
6734
Mar 71
Jan
Reading
50 8454 8334 8474
120 7634 Jan 86
Mar
First preferred
50
37
205 37
Mar 3834 Mar
3734
Tono-Belmont Devel-__f
3 1-16 3%
334
950
234 Jan
334 Feb
Tonopah Mining
3,4
1
3
3,4 3,605
234 Jan 3 3-16 Feb
Union Traction
3834 393i
50 383.4
327 37
Jan 3934 Jan
United Cos of NJ
x187 x187
100
3 185
Jan
Feb 190
United Gas Impt
50 7034
1,190 7034 Jan 7434 Jan
7034 7231
U S Steel Corporation.100 9934 9654 10034 10,775 8834 Feb 10034 Mar
Preferred
100 11434 11434 11434
2 11434 Feb 11454 Feb
Warwick Iron & Steel_ _10
50
834 Jan
834 834
834
834 Mar
West Jersey & Sea Shore 50
42
42
8 42
Mar 46
Jan
Wm Cramp & Sons_ _ _100 9334 91
9534 4,205 75
Feb 953.4 Mar
York Railways
50
734 734
100
7
734 Mar
734
Mar
BondsUS Lib Loan 33413_1032-47
98.60 98.60
$150 98.39 Feb
1st Lib Loan 49_1932-47
93.80 93.80
250 92.30 Feb
2d . *b Loan 48.. 1927-42
93.20 93.20
650 01.80 Jan
2d Lib Loan 434s_ _ _1028
94.60 95.08 19,350 94.50 Feb
4th Lib Loan 4 gs....1938
93.20 93.66 72,050 93.20 Mar
Amer Gas & Elec 5s _2007
8554 8531
1,000 8534 Mar
Elec & Peo tr Ws 48_1945 65
65
70
9,000 65
Mar
Small
1945
65
835 65
70
Mar
Inter-State Rys coil 4s 1943
4034 4034 . 7,000 4034 Mar
Lake Superior Corp 5s 1924
62
62
10,000 58
Jan
Lehigh Valley Os
1928 10174 10134 102
29.000 10134 Jan
Gen Consol 474s..2003
85
85
1,000 85
Mar
Lehigh Val Coal 5s.... _1933
1003-4 10034 2,000 100
Jan
Pennsylv RR gen 5s _1968
2,000 933.4 Mar
9434 943-4
Pa & Mid Steel cons 6s..'25 101
101 101
2,000 101
Feb
Phila Co 1st 58 stmpd _1949
10034 10034 1,000 100
Jan
Cons & coll tr 5s stpd 251
8634 8634 1,000 86
Feb
Pint Electric 1st 55..1966 9334 9334 94
7,000 9334 Jan
Small
1966
9374 94
. 600 9334 Feb
Reading gen 4s
1997 8434 843.4 8434 4,000 8434 Mar
United Rys Invest 58..1926 7056 6834 7074 46,000 6234 Jan
•-,....,,, .-..,.., ..,.. ... insq inn
inn Inn
1 non inn
mar
09.70 Jan
94.00 Mar
93.68 Jan
96.38 Jan
95.64 Jan
Jan
88
Jan
71
Jan
75
4034 Fob
6'334 Mar
10234 Jan
Feb
93
10054 Mar
98
Jan
10234 Jan
10034 Mar
8954 Feb
Jan
96
9734 Jan
8634 Jan
7054 Mar
100% Feb
Sales
Friday
Last Wears Range for
Week.
of Prices.
Sale.
Stocks (Concluded) Par. Price. Low. High. Shares.
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
March 28 1919.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
State. Mon.
ctt Foreign
Bonds.
Railroad,
&c.,
Bonds.
Stocks.
Shares.
Par Value.
$956,000
595,275 $56,473,000
1,778,000
739,325 60,638,000
HOLI DAY
1,816,000
753,550 70,629,500
1,625,000
639,790 68,562,500
2,042,500
790,300 69,729,000
3.518.240 $322.032.000
1919.
a
Wayne Coal
World Film Corp v t
Wright-Martin Airo_r-(t)
U. S.
Bonds.
$786,000 $4,885,000
1,420,000 9,325,000
2,198,000 12,227,000
1,462,000 10,313,000
857,000 10,546,000
$8,217,500 $6,723,000 $47,296.000
Week ending March 28.
Sales at
New York Stock
Exchange.
1918.
Jan. 1 to March 28.
1919.
1918.
2,251,216
40,451,217
33,352,563
3,518,240
Stocks-No.shares_ _ _
$322,032,000 $210,352,100 $4,172,972,305 $3,125,869,300
Par value
$28,700
$12,400
$2,600
Bank shares, par
Bonds.
$528,958,000
$175,109,500
Government bonds_ _ _ $47,296,000 $44,448,000
119,544,000
3,724,500
55,944,500
6,723,000
State,mun.,&c.,bonds
104,617,500
76,072,500
3,086,000
8,217,500
RR.and misc. bonds
Total bonds
$62,236,500 $51,258,500
$753,119,500
$307,126,500
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
March 28 1919
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Baltimore.
Philadelphia.
Shares. IBondSales. Shares. Bond Sales. Shares. Bond Sales
11,448!
18,2911
12,894
18,238
15,016
24,920
$37,500
72,400
201,950'
137,100:
70,850.
4,000'
100,807' $523,800.
9,907
11,339
6,346
11,699
5,714
8,425
$6,100
28,500
46,450
62,135
11,750'
78,0001
53,4301 $232,9351
1,087
$18,000
2,263
26,000
HOLI DAY
30,000
1,159
953
36,000
5,000
1,211
0,673
$115,000
New York "Curb" Market.-Below we give a record of
the transactions in the outside security market from Mar.22
to Mar. 28, both inclusive. It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the "Curb" as to those on the regularly
organized stock exchanges.
On the New York Stock Exchange, for instance, only
members of the Exchange can engage in business, and they
are permitted to deal only in securities regularly listed-that
Is, securities where the companies responsible for them have
complied with certain stringent requirements before being
admitted to dealings. Every precaution, too, is taken to
Insure that quotations coming over the "tape," or reported
In the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever. Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind,
particularly as regards mining shares. In the circumstances,.
It is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Sales
Friday
Last Week's Range for
Week.
Sale.
ofPrices.
Par. Price. Low. High. Shares.
Week ending Mar. 28.
Stocks-
1261
THE CHRONICLE
MAR. 29 1919.1
9%
9)4
9
Aetna Explosives_ r(no Par)
66
6634
Amer Bosch Magneto,(t) 66
37
33
33
100
Machinery-r
Road
Am
54
5
Amer Writing Parr corn 100
74 74
74
5
Annapolis Ferry_r
2254
22
Brit-Amer Tub ordinary £1
24
23
£1 24
Ordinary bearer
100 134 1254 13%
Bucyrus Co_r
84 94
Chalmers Mot Corp-r-(t)
Cities Service Co- •
36
354 36%
Bankers' shares
11
8
9
Dietograph Products_ r_ 10
354 354
Emerson Phonograph_ .5
574
56
25 57
Fairbanks & Co_r
Famous Players-Lasky
56
50
(no par) 50
Corp
424 4354
Freeport Tex Co.r (no par)
6854
General Asphalt com-r 100 644 63
101 101
100
Preferred _r
135 144
Gillette Safety Razor r (t) 143
454 554
Hall Switch & Sig com_100
351 34
Havana Tub pref_r__ 100
754 854
851
Hupp Motor Car Corp-10
17
1754
Imp'l Tob of G B & Ire_£1
174
184
17
Rubb_100
Intercontinental
39
36
Internat Products_r
100 244 244 264
Jones Bros Tea_r
8554
Suet Tire & Rub corn--10 844 82
Lackawanna Co Coal r_10 314 304 354
2651 304
Libby, McNeil & Libbyr10 30
454 44
454
Marconi Wirel Tel of Am_5
954 11%
Morris(Philip)& Cow 1_10 11%
27
24
25
Antline&Ch,com.r.100
Nat
65
61
100
Nat Ice & Coal_r
1051 17
N Y Transportation_ _10
5%
434
4
No Am Pulp&Pap.(no par)
Pacific Gas & Elea comr100 524 524 534
231 354
1
3
Pearson Coal_ r
34
54
• 54
Perfection Tire & Rubb r 1
404
404 39
Stewart M fg.r
Submar Boa( Corp v to. 5 134 1354 14
554 64
15 63
Swift Internat'l.r
1154
Themells Bros Co,Inc r 10 114 11
66
63
Union Carb & Carb-r-(t) 66
4454
44
United Motors_ r_.(no par)
United Profit Sharing__250 111-16 1 7-16 113-16
251
254
2
10
U Steamship
Range since Jan. 1.
Low.
7,300
64 Jan
450 *614 Feb
4,760
8
Feb
2,300
254 Jan
2,100
74 Mar
1,100 22
Mar
3,700 23
Mar
1,100 1234 Mar
600
454 Mar
21,200
3,200
200
2,600
35
8
2
543(
Feb
Mar
Feb
Mar
1,550 60
Mar
600 33
Feb
4,000 3954 Jan
10 834 Jan
Jan
2,052 109
800
44 Mar
500
3
Jan
22,300
4% Jan
1,100 1454 Feb
2,000 104 Jan
Mar
600 36
1,200 2454 • Mar
2,510 4354 Jan
10,860 104 Feb
20,300 19
Jan
4
8,500
Jan
20,500
7
Feb
5,100 24
Mar
700 47
Jan
1,300 10
Mar
16,900
251 Jan
1,500 524 Mar
6,200
134 Jan
25,000
51 Feb
2,900 3854 Mar
4,100 10
Feb
38,500 404 Jan
3,200 10
Mar
4,200 604 Feb
400 334 Jan
7-16 Jan
19,500
2
Mar
33,000
High.
1054
6754
40
554
74
2454
25%
1754
12
Feb
Mar
Mar
Feb
Mar
Feb
Feb
Mar
Mar
384
12
454
6054
Mar
Mar
Mar
Feb
58
45
724
109
144
54
43-4
954
174
21
39
28
854
36
304
Mar
Mar
Feb
Feb
Mar
Mar
Jan
Mar
Feb
Jan
Mar
Mar
Mar
Niar
Mar
Mar
11% Mar
30
Mar
674 Mar
Mar
17
554 Mar
534 Mar
354 Feb
1
Feb
41
Feb
1654 Feb
64
Mar
Mar
Mar
66
45
Mar
254 Feb
551 Jan
1151
34
44
Rights.
Merritt Oil_r
Former Standard 011
Subsidiaries
Cumberland Pipe Liner100
Illinois Pipe Line_r_ _100
Indiana Pipe Line_r_ _50
100
N Y Transit_r
25
Ohio 011_r
Prairie Oil & Gas_r____100
Prairie Pipe Line_r _ _100
100
South Penn 011_r
Standard Oil (Calif)_ -100
Standard Oil (Ind)_r _100
Standard °Hof N J_r-100
Standard OH of N Y-r100
100
Vacuum Oil_r
264
265
679
416
Range since Jan. 1.
Low.
High.
354
51
334
2,300
4
51 4,600
454 12.400
354 Feb
% Mar
3
Feb
4)4 Jan
.3(. Mar
4;4 Jan
2
3
3,500
3-4 Mar
100
173
101
195
339
660
264
302
265
775
679
348
416
100
173
101
195
340
685
269
302
268
775
687
350
420
10
10
10
10
20
15
70
10
40
10
165
32
40
100
164
99
195
315
630
264
297
258
772
673
310
395
Mar
Jan
Mar
Mar
Jan
Jan
Mar
Feb
Jan
Mar
Mar
Jan
Jan
Other 011 Stocks.
1 2 7-16 1 11-16 251 29,300
51 Jan
Allen 011_r
54 5,600 3-16 Jan
54 3-16
1
Barnett 011 Gaa_r
Mar
3
554 22,000
4
54
5
Boone 011_r
310 37c 40,000 18o Jan
Boston-Wyoming 011_r-1 32c
Mar
4,800 37
474 50
Com'nw'th Petrol_r iv (t) 48
7,000
64 Jan
74 8
74
5
Cosden & Co. oom_r
Jan
4
500
5
.434 41-1
Preferred _r
154 Feb
16,000
151 2
154
Crystal Oil& Refining_r_l
Jan
7,500
6
7
651
64
Petroleum-r-5
Elk Basin
4540 5540 42,200
4o Jan
50
Esmeralda OH Corp..r.. 1
Jan
24
2
254 254 15,200
5
Federal 011.r
351 Mar
454 5
454
29,900
10
Glenrock 011.r
1
Mar
154
14 154 17,000
Great Plains Petram_r__1
Mar
1051 2,800 10
Hercules Petrol Class A r 10 1054 10
400 420 13,000 400 Mar
1
Homa 011..r
Feb
1,400 10
18
16
Home Oil& Refg_r w 1_ _10 18
Jan
80
100 75
80
Houston 011. com_r--100
18,600 550 Feb
151 3
2
1
Hudson Oil _r
Internat Petroleum_r__ £1 2154 2154 21% 6,300 1054 Jan
754 854 59,000
834
654 Jan
Island Oil & TransP-r--10
8c 24,600 651c Mar
7c
70
1
Kenova Oil
5,900 2334 Jan
35)4 39
Louisiana 011 dc Refin_r_50 37
634 Mar
631 754 12,800
634
5
Marland Petrol_r
2,300
154 Mar
14 2
McCombs Prod & Ref.r_ _1
Jan
98,500
21
2834
3254
3254
10
.r
Merritt 011 Corp
24 Jan
Metropolitan Petroleum 25 3 11-16 3 9-16 34 10,000
1.13 Jan
1 1 9-16 154 1 13-16 33.500
Midwest Oil. corn..,
154 Jan
134 251 9,000
1
Preferred r
Jan
600 124
154 156
150
Midwest Refining_r_
1
2% 24,500
Mar
1
254
Morton Pet of Me_w l_r_l
500 59c 32,720 46o Feb
1 52c
Northwestern 011_r
354 Mar
44
351 454 10,800
Oklahoma & Texas Oil_r_5
590 64c 160,000 220 Jan
1 64c
Omar 011 & Gas,com
10 144 1454 1554 13,000 114 Feb
Pennok 011_r
140 19c 93,000 13o Feb
1 170
Queen 011..r
590 640 49,050 3150 Mar
1 64c
Rangeburnett 011.r
6,050 23c Mar
23c 250
_ _ _ _1 25c
Ranger-Homer Oil_r.
Mar
2,800
6
7
64
6
5
Rickard Texas Co.r
450 550 80,525 420 Mar
100 520
Rock 011
Mar
43
3,500 38
38
Salt Crk Produc Assoc r 25
Jan
600
7
754 754
5
Sapulpa Reiffling _r
Jan
Sinclair Gulf Corp_r--(t) 46% uni 4654 43,500 22
Jan
59 38
80
63
75
Sinclair Oil warrants
33.4 Mar
351 354 5,200
354
Southern 011 dr Transp r 10
9,000 36c Feb
410 430
1 430
Southwest 011.r
454 29.200
Mar
4
4
451
Southwest Prod & Refg r 5
34 15,700
54 Mar
1
%
Stanton On_r
32c 40c 25,000 110 Jan
1 34c
Texana 011 & Ref _r
200
15( Mar
151 1)4
1
Tyopa 011.r
254 Jan
254 234 3,600
254
10
Victoria 011_r
Mar
34
1,500 30
31
Western States Oil & L r 1 34
Mining Stocks.
300 330 28,500
1 33c
Adelphia M & M.r
370 40c 18,100
Alaska-Brit Col Metals I 40c
1 67c
66c 67c 28,100
Allied Gold_r
1
1
1
1,900
1
America Mines.r
54 3,750
54
Amer Tin & Tungsten_r_ 1
3,000
7
4
54
51
Arizona Bing Copper
1
2.500
64
60
1 63
Arizona Butte_r
60
5540 60 60,200
1
Atlanta Mines
54 10.200
)4 7-16
5
Big Ledge Copper Co
150 290 51,500
1 23o
Booth_r
510 56e 39,000
Boston & Montana Dev 5 540
185
1
%
3-4
Butte & N Y Copper
300 33c 11,400
1 320
Caledonia Mining
54 7-16 4,850
Calumet & Jerome Cop_r.1 7-16
151 13-4 8,100
Canada Copper Co Ltd_ _5 1 9-16
61c 650 41,600
1 650
Candalaria Silver_r
10c 1551c 208,100
1 140
Cash Boy
454
33-4 451 6,700
Cerbat Silver (new).,.._5
1
154 14,300
Como'Arizona Smelt__..5 1 1-16
3,400
5
43-4 5
Cresson Con Gold M &M 1
151 251 12,500
234
El Salvador Silver M _ _ _1
154 154 2,700
Eureka Croesue Mm Co.rl
3,400
750 780
1 76c
Florence Silver_r
5,400
354
5
33.4 4
Gadsden _r
354
354 4 ' 23.600
Golden Gate Explor_r _ _ _5
17c 20c 12,000
10 19c
Goldfield Consol
52
15,000
35
Goldfield Florence.r_ _ I 52
6c
5540 654c 33,700
1
Goldfield Merger.,
1 4)4c 4540 4540 3,000
Great Bend_r
2,100
730 75c
Hamilton M & S
386 500 66,000
1 430
Hattie Gold Min_r
3,345
454 5
25c 4 15-16
Hecht Mining
4.200
34c 35c
1
Jim Butler_r
2,000
14c
14c 14c
1
Jumbo Extension
6c 654c 22,500
6c
1
Kewanus_r
90 15c 402,700
9c
1
Lone Star Cons'd_r
54 1,400
1
31
34
Louisiana Cons
49c 53c 115,000
MacNamara Mining--r 1 51c
1 6-16 5-16
34 17,000
Magma Chief.r
2,000
29
25
5
Magma Copper
4c 4540 2,000
1
Marsh Mining.r
100
24
254
5
Valley
Mason
6,900
34c 37c
1 340
Mother Lode.,
1
50c
74 1 1-16 14,100
Nat Tin Corp_r
5,000
1
34c 47c
Nixon Nevada
3
354 1,000
3
onondago Mines Corp.r..1
1%
131 254 5,500
Bay Hercules MIn.r.. 5
230 290 17,800
1 260
Rochester Mines
35c 40c 44,000
1 370
Seven Metals Min_r
9c 110
2,500
1
r
10540
Consol
Pick
Silver
% 1,500
54
51
Standard Sliver-Lead----1
140 15c 15,300
1 15c
Stewart
4c
4c
40
5,000
1
Success Mining
1 840 740 954c 74.500
Tonopah Divide_,
254 1,700
2
1
Tonopah Extension
250
1
2 15-16 3
Tonopah Mining
50c 60c 22,200
Tuolumne River Placer r _1 60c
51 5,100
34
)4
United Sulphur Mines.r.1
64 100 12,500
90
1
U 5 Continental_r
23c 280
9,500
Ward Min & Milling_ r_ _1 264
4,800
820 83c
Washington Gold Quarts_l 820
1
151 5,400
1
West End Consolidated„5
14540
1354e
14c
23,500
.10e
Mining..
White Caps
350
154 154
White Knob Cop, pf_r..10
3
Mar
100
173.
104
195
349
685
270
320
280
780
731
355
437
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
2%
5-16
554
470
515(
854
4%
2
7
80
3%
5
251
1054
52e
18
8654
3
23
851
160
42
*254
325(
4%
134
24
161
251
590
454
640
1651
300
69c
250
751
550
43
714
4651
80
3%
440
451
134
470
351
3
34
Feb
Jan
Mar
Feb
Mar
Feb
Mar
Mar
Mar
Mar
Feb
Jan
Mar
MarMar
MarFeb
Mar
Feb
Feb
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Max'
Mar
Mar
Mar
Jan
Mar
Max'
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Max'
Jan
Mar
Feb
Feb
Max'
260 Mar 33c Mar
Jan
35c Feb 50c
66c Mar 670 Mar
1% Feb
Feb
51 1
51 Mar
51 Mar
14 Jan
% Mar
Mar
Feb 64
46
60 Mar
354c Feb
54 Mar 15-16 Jan
1234e Jan 29c Mar
420 Feb 560 Mar34 Jan
34 Jan
270 Jan 330 Jan
34 Jan
ife Feb
1 5-16 Jan 234 Feb
520 Jan 65o Mar
50 Feb 15540 Mar
454 Mar
3% Mar
Feb 1 9-16 Jan
1
54 Jan
454 Feb
154 Mar
Feb
3
154 Feb
154 Jan
600 Jan 850 Feb
634 Feb
Feb
3
251 Feb
43.4 Mar
Jan
17e Feb 24o
Mar
Mar 52
35
5o Feb 7540 Mar
60 Jan
30 Jan
410 Jan 770 Mar
30c Mar 60o Feb
Mar
5
434 Jan
Jan 440 Feb
32c
120 Feb 150 Jan
8o Jan
5413 Feb
300 Mar
50 Feb
% Mar
34 Feb
340 Mar 600 Mar
54 Fet
22e Feb
Mar
Feb 29
25
30 Feb 44c Mar
334 Jan
254 Feb
28e Feb 390 Mar
14, Mar
54 Mar
32c Feb 48c Jan
351 Jan
Jan
3
134 Jan
33( Jan
170 Mar 32e Feb
35c Mar 400 Mar
540 Feb 11e Mar
54 Jan
3.4 Jan
14c Mar 18o Jan
40 Jan
70 Jan
5540 Mar 954c Mar
3
Feb
14 Jan
Mar
3
254 Jan
1.55 Feb
300 Jan
54 Mar
134 Jan
60 Jan 12o Feb
23c Mar 40o Feb
810 Mar 940 Mar
1% Feb
1
Mar
be Jan 18340 Jan
154 Jan
154 Jan
1262
THE CHRONICLE
Friday
Last Week's Range Sales
Sa!e.
of Prices.
for
Price. Low. High. Week.
Bonds.
Range si.:ce Jan. 1.
Low.
I
High.
3 Mar
Am T & T 6% notes--1924 99% 99% 99% $92,000 98% Jan 994
Amer Tob serial 7s_r_1923
104 104
2,000 102% Jan 104% Feb
Anaconda Cop Min Os -'29 97% 97% 98 187,000 9734 Feb 9934 Jan
Beth Steel serial 7s_ __1922 101% 101% 101% 5,000 101
Jan 101% Mar
Canada(Dom of) 5s-1919
99% 99% 10,000 993. Jan' 9934 Feb
Ch Milw & St P 4 As_r___
99% 99% 2,000 99% Mar 9934 Feb
Cudahy Pack7%notes r'23
102% 102% 5,000 102
Feb 102% Feb
Federal Farm Loan 5s_ _ _ _ 104% 104% 104% 20,000 103
Jan 104% Mar
Gen Elec
notes_ _ _1920 101% 101% 101
5,000 100% Jan 101% Mar
Ills Cent 5%s
1934 96% 9634 96% 282,050 96
Mar 97
Feb
Interboro R T 7s
1921 86% 85
87 152,000 85
Jan 92% Feb
Laclede G L coil 7s_ _ _1929 99% 99% 100% 45,000 100
Mar
Jan 101
N Y Telep deb es__ _A949 100
99% 100 255,000 9934 Feb 1014 Jan
Phlla Elec 6s_r
96% 96% 43,000 95% Feb 96% Mar
Russian Govt 6348r..1019 63
63
Jan 72
Feb
66% 135,000 48
1921
s-r
9,000 47
Feb
55
Jan 65
56
Sinclair Gulf Corp Os r '27
94% 96
75,000 83
Mar
Jan 96
South Ry 6% notes_ A922 99% 99% 99% 128,000 993's Feb 99% Mar
Swift &Co 6% notes_ r 1921 100
99% 100
31,000 99% Feb 100
Mar
Wilson & Co Inc ffa_ _ _1928 9534 94% 95% 505,000 92% Jan 9534 Mar
• Odd lots. t No p sr value. C 1,1-otefi as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found. o New stock.
r Unlisted. to When issued. z Ex-dividend. y Ex-rights. a Ex-stock dividend.
Dollars per 1,000 lire. flat.
CURRENT
NOTICES
* MONTGOMERY S "INCOME TAX PROCEDURE."
The 1919 edition of this important manual.is now off the press. Col.
Robert H. Montgomery, C.P.A., the author, has painstakingly revised
the earlier editions of his book and in fact largely re-written it, in view
of the many important changes in the income and excess profits tax law
and the practice thereunder during the past year. While returns of the
calendar year 1918 were due on March 15, practically all corporations, as
well as many Individuals, secured an extension for making such returns
to April 29 1919. In order, however, that the book might be in the hands
of its readers well before the end of March, It was not feasible to wait with
the printer's work until the new Regulations had been issued. A supplement dealing with such features of the Regulations as were not anticipated in the treatment of the law in Col. Montgomery's book is in course
of preparation. The author's effort to explain and simplify the intricades of the income tax laws is too well known to need repetition in these
columns. Robert H. Montgomery, a member of the firm of Lybrand,
Ross Bros. & Montgomery, is a lawyer and accountant of the highest
standing, and he is considered the foremost authority on income tax afrairs.
* "Income Tax Procedure-1919 Edition": Robert H. Montgomery.
Price 56 00 per copy. Ronald Press Company, 21) Vesey St., New York.
STOCK OF MONEY IN THE COUNTRY.
-The following table shows the general stock of money in the country,
as well as the holdings by the Treasury and the amount in
circulation on the dates given:
-Stock of Money Mar.1'19- -Money in Circulation
in U. S. afield in Treas. Mar.1 1919. Mar. 1 1918.
Gold coin (including bullion
in Treasury)
3,084,213,002
Gold certificates
Standard silver dollars_ _ _ _ 349,335,930
Silver certificates
Subsidiary silver
242,742,373
Treasury notes of 1890
United States notes
346,681,016
Federal Reserve notes__ __c2,678,607,950
Federal Reserve bank notes 142,840,180
National bank notes
721,879,473
368,226,767 b984,924,231 987,869,451
630,738,364 985,305,479
50,288,097
81,165,206
76,595,954
216,103,387 459,427,946
11,287,225 231,455,148 214,412,531
1,779,240
1,876,790
12,866,438 333,814,578 332,762,916
36,090,813 2,475,284,532 1,320,867,787
6,196,330 136,643,850
11,882,235
60,740,275 661,139,198 701,529,593
Total
7,566,299,924 545,695,945 5,753,047,734 5,092,530,682
Population of continental United States estimated at 107,022,000. Circulation
per capita, $53 76.
a This statement of money held in the Treasury as assets of the Government
does not include deposits of public money in Federal Reserve banks and in national
banks and special depositaries to the credit of the Treasurer of the United States,
amounting to $1,596,246,927 16.
b Includes $474,574,841 Federal Reserve Gold Settlement Fund deposited with
Treasurer of the United States.
c Includes own Federal Reserve notes held by Federal Reserve banks.
Note.-On Mar. 1 1919 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes $892,402,860 gold coin and bullion, $207,920,780
gold certificates and $167,232,605 Federal Reserve notes, a total of $1,267,556,245.
against $928,090,198 on March 11918.
New York City Banks and Trust Companies
All prices now dollars
per share.
Banks-N.Y. Bid. Ask.
Banks.
Bid.
America.____ 535
,tirvtna (trust
Amer Each_ 235 240certificates) 330
Atlantic
170 180 Liberty
550
Battery Park_ 205 215 Lincoln
270
Bowery '3_ _ _ 425
___ Manhattan •_ 207
BroadwayCen 135 145 Mesh & Met_ 355
Bronx Boro•.. 125 175 Merchants
145
Bronx Nat.__ 155 155 Metropolitan* 180
Bryant Park* 145 155 Mutual "
375
Butch & Drov 25
35 New Nethe.... 200
Cent Mere..._ 165 170 New York C 130
Chase
408 412 New York_ _ _ 440
Chat & Phen_ 310
_ Pacific•
150
Chelsea Each* 100 110
-- - Park.,
625
Chemical- _ 500 520 Prod Exch*._ 200
Citizens
225 235 Public
1250
City
450 460 Seaboard _ 475
Coal & Iron_ 210 220 Second
400
Colonial•___ 400
- Sherman
115
Columbia'__. 165 1775 - State *
124
Commerce__ 211 214 23d Wards
115
Comm'l Ex*. 390 410 Union Exch._ 165
CommonUnitedStates• t150
wealth 8,, 200 210 Wash Irts*... 275
Continental*. 107 115 Westch Ave- 160
Corn Exch*... 317 322 Yorkville*- 290
Cosmoplans_ 100 110
Cuba(Bk of). 175
Brooklyn.
East River__ 150 1-36. Coney Island* 140
Europe
110
First
190
Fifth Avenue*2200 2500 Greenpoint _ 150
Fifth
215 230 Hillside •_
110
First
965 980 Homestead •
70
Garfield
185 195 Mechanics' 8- 70
Gotham
200
Montauk'..__ 85
Greenwich'.,.. 340
--- Nassau
200
Hanover
735 745 National City 133
Harriman
275
North Side*., 175
Imp & Trad.._ 550
130
People's
*Banks marked wit i a (s) are State banks
Exchange this week ;Includes one-third share
yEx-rights.
Ask.
Ask.
340
405
415
320
100
300
425
460
225
260
Trust Co's. Bid.
New York.
Bankers Trust 400
Central Union 410
166" Columbia__ 310
213 Commercial_ 90
365 Empire
1290
155 Equitable Tr_ 418
Farm L & Tr 450
Fidelity
218
Fulton
240
140 Guaranty Tr_ t385
Hudson
132
Irving Trust.. Mee
650
'Nat
Law Tit dr Tr 107
260 Lincoln Trust 175
Mercantile
& Deposit 210
425
125 Metropolitan_ 350
130 Mutual(W
cheater)
130
105
175 N Y Life In
160
dc Trust.__ 790
N Y Trust
610
175 Scandinavian 295
310 Title Cu & Tr 350
Transatlantic.
US Mtg de T 410
- 155 United States 900
200 Westchester._ 130
165
Brooklyn.
120 Brooklyn Tr 505
80 Franklin
220
80 Hamilton__ _ 260
95 Kings County 650
207 Manufacturers 160
138 People's
295
200 Queens Co-__ 70
140
ice
Irving
Bank
115
185
125
810
620
315
360
170
420
912
140
515
225
270
700
165
305
80
t Sale at auction or at Stock
Irving Trust Co. I New stock.
[Vol,. 108.
New York City Realty and Surety Companies
All prices now dollars per share.
Bid. Ask.
---- ma:
118 Realty Assoc
70 .' Lawyers Mtge 113
Alliance R'ity 60
Amer Surety_ 60
(Brooklyn). 80
95
65 ;Mtge Bond_ 90
Bond & M 0. 250 255 ;Nat Surety_ 222 227 U S Casualty_ 185
Casualty Co_
75 jN Y Title &
_
U S Title Guar 50
City Investing
Mortgage.... 96
100 West & Bronx
- 20
67
Preferred _ 60
Title & MG 150
Ask
85
200
60
170
Quotations for Sundry Securities
All bond prices are "and interest" except where marked "f."
I Share
Standard 011 Stocks Per
RR. Equipments-PerCt.Basis.1
Par Bid. I Ask. Baltimore & Ohio 434s
5.90 5.55
knglo-American Oil now. £1 1734 1814 Buff Roch & Pittsburgh 434; 5.90 5.65
1001250 1275
ktlantic Refining
Equipment 4s
5.90 5.65
Bome-Scrymser Co
100 490 615
Equipment es
5.90 5.65
Buckeye Pipe Line Co-__ 5 *98 100 Canadian Pacific 434s
5.85 5.50
Chesebrough Mfg new _ _ _100 315 340 Caro Clinchfield & Ohio 5s.... t1.20 5.75
1 o I 535 550 ;Central of Georgia 4345
Continental 011
6.25 5.75
Crescent Pipe Line Co..- 50 .36 39 iChicago & Alton 4345
6.80 6.00
Cumberland Pipe Line_ _ _100 190 200
Equipment 5s
6.80 6.00
Eureka Pipe Line Co_ _ _.,100 168 174 IChicago & Eastern Ill 5%5.... 7.00 6.00
Galena-Signal 011 corn _100 101 105 'Chico Ind & Louisv 454s
6.50 6.00
Preferred old
100 125 150 !Chic St Louis & N 0 50
5.85 5.40
. Preferred new
106 109 'Chicago & N W 44s
5.60 5.25
I
Illinois Pipe Line100 170 175 ;Chicago
K I & Pao 434e
0.30 5.85
Indiana Pipe Line Co__ 50 99 102 I Equipment 5s
6.30 5.85
International Petroleum_ £1 *2114 2134 Colorado & Southern 55
6.50 6.00
National Transit Co_ _ _12.50 *21 23 Erie 5s
6.40 5.90
New York Transit Co_ _ _1 i i 185 200
Equipment 44s
6.40 5.90
Northern Pipe Line Co__100 108 115 Hocking Valley 4125
5.00 5.40
Ohio Oil Co
258335 340
Equipment 55
5.90 5.40
Penn-Mex Fuel Co
25 •53 58 Illinois Central 55
5.65 5.25
Prairie 011 & Gas
100 635 645
Equipment 434fi
5.65 5.25
Prairie Pipe Line
100 263 269 Kanawha & Michigan 4%a__ 6.25 5.75
Solar Refining
100 355 370 Louisville & Nashville 5e__. 5.65 5.25
Southern Pipe Line Co_100 165 170 Michigan Central 5s
6.00 5.65
South Penn 011
100 293 298
Equipment 65
8.00 5.65
Southwest Pa Pipe Lines_100 95 100 Minn St P &(18 M 4345
5.85 5.35
Standard 011 (California).100 264 268 Missouri Kansas & Texas 59., 7.00 6.00
Standard 011 (Indiana) _ _100 770 780 ,Missourl Pacific 55
7.00 6.00
Standard 011 (Kansas)___100 580 600 Mobile & Ohio 55
6.25 5.75
Standard 011 (Kentucky)100 390 400
Equipment 445
6.25 5.75
Standard 011 (Nebraska).100 540 560 New York Central Lines 5*.,. 5.90 5.50
Standard Oil of New Jer_100 678 685
Equipment 434*
5.90 5.50
Standard 011 of New Y'k.100 347 352 NY Central RR 410
0.00 5.70
Standard 011 (Ohio)
100 470 490 N Y Ontario & West 434s.,._ 6.25 5.75
Swan & Finch
1 1 i 98 103 Norfolk & Western 414s____ 5.60 5.20
Union Tank Line Co
1 1 1 114 116 Pennsylvania RR 4345
5.55 5.15
Vacuum Oil
100 414 418
Equipment 45
5.55 5.15
Washington Oil
1' *35 40 St Louis Iron Mt & Sou 55„ 6.75 6.00
St Louis & San Francisco 58. 7.00 6.00
Seaboard Air Line 5s
6.60 6.00
Ordnance Stocks-Per Share.
Equipment 43.0
6.60 6.00
Aetna Explosives pref._ _100 61 65 Southern Pacific Co 43,48
5.65 5.35
American & British Nlfg_l ii
3
4 Southern Railway 43.4s
6.10 5.65
Preferred
100 20 30
Equipment 55
0.10 5.65
Atlas Powder common_ _ _100 141 146 Toledo & Ohio Central 45- _ 6.30 5.80
Preferred
l's 88 92
Babcock & Wilcox
1 1 I 108 111
Tobacco Stocks-Per Share.
Bliss (E W)Co common_ 51'250 325
Pot Bid. Ask
Preferred
50 •135 75 American Cigar common_100 125 135
Canada Fdys & Forgings.100 185 195
Preferred
100 85 90
Carbon Steel common..,_1 I 1 86 95 Amer Machine & Fdry_ _100 80 95
1st preferred
100 98 103 British-Amer Tobao ord., £1 •22 24
2d preferred
100 67 70
Ordinary, bearer
£1 *23 25
Colt's Patent Fire Arms
Conley Fell
100 200 215
Mfg.,.,..
25 *47 50 Johnson Tin Foil & Met_100 80 100
duPont(E I) de Nemours
MacAndrews & Forbes__100 205 215
& Co common
100 258 265
Preferred
100 93 100
Debenture stook
100 911 9212 Reynolds(R J) Tobacco_100 420 450
Eastern Steel
100 74 78
13 common stook
100 370 390
Empire Steel & Iron com..100 30 35
Preferred
100 109 112
Preferred
100 70 75
A dividend scrip
97 100
Hercules Powder corn.,..,100 212 220
B dividend scrip
97 100
Preferred
111 106 109 Young (J S) Co
100 125 150
Niles-Bement-Pond corn.).i I 104 106
Preferred
101 95 105
Preferred
100 90 99
Penn Seaboard Steel (no par) '30'i 3114
Short Term Notes-Per Cent.
Phelps-Dodge Corp
If I 240 290 Amer Cot 0115s 1919.....M&
9912 904
Scovill Manufacturing_l if 340 360
7% notes Sept 1919
1001210034
Thomas Iron
,s *20 30 Amer Tel & Tel 6111924_ F&A 99%99%
Win Repeat Arms corn w 1 __ d100 --- Balto & Ohio 5s 1919_ _ _J&J 9958 9934
Preferred w 1
d90 100 Canadian Pao Os 1924.M&S 2 1001210034
Woodward Iron
100 44 52 Del & Hudson 58 1920_ _F&A 9834 99
Preferred
85 95 Erie RR 5s 1919
A-S. 99%100
Fed Sugar Rfg 5s 1920._J&J 9814 9914
General Elea 6s 1920_
J&J 101 10112
Public Utilities
6% notes (2-yr) 1919.J&
100381005s
Amer Gas & Elec corn..., 5o *122 123 Great North 5s 1920.._M&' 9854 99
Preferred
5f *41 43 K C Term Ry 43,48 1921_J&
96 97
Amer Lt & Trao corn
100 238 241
5s Nov 15 1923__M&N 1 100 1001s
Preferred
100 98 100 Liggett&Myers'l'obOs'2iJ&s 100 10015
Amer Power & Lt com_l Ii 66 59 N Y Cent 5s 1919__M&S 15 9938 9958
Preferred
1 o o 76 7812 Penn Co 43,48 1921__J&D 1
97 9714
Amer Public Utilities coral o-_-- 15 Pub Ser Corp NJ 7s '22.M&S 97 9712
. Preferred
100 ____ 35 Southern Ry Os 1022w 1 M&S 99 9914
Carolina Pow&LIght corn 100 30 35 Swift&Co Os 1921 w I F&A 15 9978 100
Cities Service Co corn.,..,100 344 348 Utah Sec Corp Os'22.M&S 15 90 91
Preferred
100 79 80
Colorado Power coin_ _ _100 24 27
Industrial
Preferred
100 97 100
and Miscellaneous
Com'w'th Pow Ry & Lt....100 21 2112 American Brass
100 206 209
Preferred
100 4312 4414 American Chicle corn.,..,.100 78 80
Elec Bond & Share pref_lii d94 96
Preferred
100 75 79
Federal Light & Traction.'Ii
8 12 American Hardware
111 135 138
Preferred
lii 44 48 Amer Typefounders com_100 42 46
Great Wait Pow 5s 1940.J&J 84 87
Preferred
1 1 1 88 92
Mississippi Riv Pow com.100 10 12 Borden's Cond Milk corn.!** 115 118
Preferred
111 40 4414
Preferred
111 99 101
First Mtge 55 1951......J&J 7812 80 Celluloid Company
100 130 136
Northern Ohio Elec Corp-(t) 4141 16 Columbia Graphoph Mfg (t)*192 194
Preferred
100 55 58
Preferred
100 91 93
North'n States Pow com_100 68 72 Freeport Texas Co
(t) *4212 4312
Preferred
100 91 93 Havana Tobacco Co-__100
114 214
North Texas Elect Co corn 100 49 54
Preferred
100
3
4
Preferred
1
70 75
1st g 513 June 1 1922--J-D f40
Pacific Gas & Elec com_ _100 52 54 Intercontinen Rubb com_100 1734 18
LA preferred
88 90 Internal Banking Co.....100160
1
Puget Sd Tr L & P corn_ _100 15 1712 International Salt
ioo ____ V
Preferred
100 57 62
1st gold 55 1951
A-0 70 7134
Republic Ry & Light_ _ _100 20 22 International Silver pref.100 90 ---Preferred
1
58 62 Lehigh Valley Coal Sales- 50 *83 86
South Calif Edison corn..100 88 92 Otis Elevator common--100 68 -Preferred
Preferred
100 98 102
100 86 90
Standard Gas & El (Del). 5 *33 35 Remington TypewriterPreferred
Common
50 •44 45
100 41 42
Tennessee Ry L & P com.100
5
1st preferred
6
100 91 93
Preferred
100 21 23
2d preferred
100 93 -United Gars & Elea Corp_100
5 Royal Baking Pow corn--100 130
3
let preferred
100 35 38
Preferred
100 93 98
2d preferred
100
5
8 Singer M anufacturing _ --100 191 193
United Lt & Rya com___100 39 41 Texaa Pao Coal & Oil__ _100 1600 1625
1st preferred
100 71 73 W'houseChurchKerr&Co 100 63 66
Western Power common..100 17 19
Preferred
100 81 86
Preferred
100 65 67
- •Per share. S Basis. d Purchaser a so pays accrued dividend. s New stock.
Flat price. n Nominal. z Ex-dividend. y Ex-rights. (t) Without par value.
1263
THE CHRONICLE
MAR. 29 1919.]
Inxtestuunt an
ailroatt pteiligatte.
EARNINGS
RAILROAD GROSS
or monthly returns
of various STEAM roads from which regular weekly
The following table shows the gross earnings
month, and the last two
or
week
latest
the
for
earnings
gross
the
give
figures
of
of the electric
oan be obtained. The first two columns
1 to and including the latest week or month. The returns
oolumns the earnings for the period from Jan.
page.
t
subsequen
railways are brought together separately on a
ROADS.
Jan. 1 to Latest Date.
Latest Gross Earnings.
Previous
Current Previous Current
Week or
Year.
Year.
Year.
Year.
Month.
Jan. 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
$
$
$
8
142,833
$
$
101,089
$
101,089 142,833
Mo Okla & Gulf___ January
177,178
5,870,844
177,178
241,285
6,810,632
241,285
6,810,632 5,870,844
January
__
Pacific_
Alabama & Vicksb_ January
Missouri
534,554
158,171
799,501
60,929
305.361
80,044
2d wk Mar
305,361 158,171
January
a
Ann Arbor
256.692
388,454
12568683 10540239 25,597,223 21,375,027 Monongahel a Conn. February
174,940 125,609
Atch Topeka & S Fe February
73,293
84,158
1,440,013 1.598,514 1,440,013 1,598,514 Monongahel
73,293
84.158
January
Gulf Colo & S Fe_ January
Montour
454,174
403.437
403,437 454,174
2,883,360 2.597.444
Panhandle & S Fe January
Nashv Chatt & St L February 1,369,382 1,403,776
340,273
41.501
340,273
381.525
42,523
381.525
3,626
January
3,527
wk Mar
Atlanta Birm & Atl
165,736 Nevada-Cal-Oregon 2d
227,134
222,015
182.836
222,015 165,736
182,836 227,134
Atlanta & West Pt_ January
184,592 Nevada NorthernSh January
105,054
295,540
257,389
295,540 184,592
57.682
January
127,714
February
Atlantic City
& Sou
Newburgh
148.130
8,570,971
176,214
4,357,022
10,847,066
4,959,225
176.214 148,130
Atlantic Coast Line February 11228986 8,976,321 24,561,103 16,507,956 New Orl Great Nor_ January
457.216
505,694
505.694 457,216
Baltimore & Ohio February
New Orb & Nor East January
173.483
72,645
96.640
72,645
127,687
127,687
173,483
January
96,640
Term_
B &0 Oh
Tex & Mexico_ January
123.160
121,862
470,484
322,039 N 0
470,484 322,039
121,862 123,160
Bangor & Aroostook January
Beaum S L & W.January
325.572
400,709
5.980
9,313
5,980
9,313
400,709 325,572
Bellefonte Central _ January
St L Browns & M January
33,129.149
257,282
418,716
45,365,185
475,683
219,450
343
16882
February
Chicago_
580
20513
Belt Ry of
York Central_ February
211,994
605,846
458,963 New
662,851
662,851 458,963
605.846 211,994
Bessemer & L Erie_ January
Ind Harbor Belt_ January
522,477
764,567
146,137
264,349
146,137 264,349
764,567 522.477
Bingham & Garfield January
Lake Erie & West January
3.505,413
5,900,537
106,148
114,876
223,459
57,972
3.505,413
February
5,900,537
South_
Birmingham
Michigan Central January
7,631,878
9,908,464 8,047,964
L. February 4,970,524 4,098,856 10,318,405
St
C
&
Boston & Maine_ _ _ February 4,462,919 3,937,316
0
Clev
140.043
233,557
53,206
53,206
65.863
65,863
233,557 140,043
Bklyn East D Term January
Cincinnati North January
5,167,882 3,691,724
342,540 3,117,875 3,408,564
Buff Roch & Pittsb 3d wk Mar 248,480
Pitts & Lake Erie February 2,375,042 1,881,431
463.463
600,982
193,664
192,811
192,811 193,664
600,982 463,463
Cent_ January
Buffalo & Susqueh_ January
Ohio
&
Tol
250,181
267,965 250,181 ' 267,965
Canadian Nat Ttys_ 3d wk Mar 1,404,051 1,292,511 16,833,011 12,668,632
Kanawha & Mich January
987,810
2,069,363 987,810 2,069,363
Canadian Pacific 3d wk Mar 2,832,000 2,846,000 31,525,000 27,848,000 NY Chic & St Louis January
233,219 NY N H & Hard.. February 6,954.768 5,918,148 14,291.542 11,907.513
310.166
310.166 233,219
Can Pac Lines in Me January
684,203
793,523
684.203
300,978
487.897
300,978
487,897
793,523
January
Ohio
January
Caro Clinch &
N Y Ont & Western
509,474
604,443
271,377 258,461
Central of Georgia.. February 1,546,001 1,644,264 3,204,807 3,187,191 N Y flusq & West February
9,864.096
Central RR of N J- February 3,002,683 2.637.714 6,614,686 5,072,246 Norfolk& Western_ February 5,832,320 5,076,193 11.932.334
336.645
481.422
336,645
519,439
372,258
372,258
481,422
519,439
Cent New England_ January
Norfolk Southern January
79.087
111.656
432,297
315,753 Northern
79,087
432,297 315,753
111.656
Alabama_ January
Central Vermont January
12,196,267
14,779,065
257.979
209,747
209,747
6,031,437
257,979
6,844,715
January
Car
W
February
_
&
Pacific_ _
Charleston
Northern
81.972
76,837
81,972
7,776,571
76,837
Ches & Ohio Lines_ February 4,796,049 4,214,230 10,828,119
Minn & Internat. January
347,384
383,405
3,856,411 2,670,001 Northwest'n
383,405 347,384
Pacific January
Chicago & Alton.. February 1,823,758 1.436,375 22,126,427
1.377.715
1,405,733
102.799
18,018,970
8,910,265
87,367
Chic Burl & Quincy February 10479346
Oahu Ry & Land Co November
546.913
489,349
489,349 546,913
2,093,216 1,307,376 2,093,216 1,307,376 Pacific Coast
January
Chicago & East Ill_ January
38,775,520
Chicago Great West February 1,611,063 1,308,824 3,264,680 2,449.640 Pennsylvania RR February 26048657 19118070 56,526,140
9,547
88,077
867,334
9,547
490,061
490,061
88.077
867,334
Balt Ches & Atl_ _ January
Chic Ind & Louisv_ January
592,186
855,456
314,804
160,201
374,408 290,143
314,804 160,201
Chicago Junction_ January
Cumberland Vall February
2,219,600
2,902,203
1,095,135
20,870,745
14,815,284
7.322,765
1,402.621
9,816,028
February
Long Island
Chic Milw & St P February
9.332
83,469
9,332
13,879,153
83.469
Mary'd Del & Va January
Chic & North West_ February 9,063,485 7.069,550 18,859,327
343.829
615.810
125,305
125,040
615,810 343.829
125,305 125,040
N Y Philo & Nod January
Chic Peoria & St L. January
940.113
1,413.680
480,805
15,506,298
12,771.195
677,793
6,462.895
W Jersey & Seash February
Chic RI & Pacific February 7.503,341
371,330
358,603 Pennsylvania Co... February 6,775,759 4,626,354 14.248,645 8,783.254
371,330 358.603
Chic R 1 & Gulf_ January
800.642
531,477 432,077 1.046,255
2.314,848 1,659,116 2,314,848 1,659,116
Grand Rap & Ind February
Chic St P M & Om_ January
14,019,795 9,384,726
347,390
217,287
347,390 217,287
Pitts 00& St L. February 6,642,521 4,905,695
Chic Terre H & 8 E January
80,274
104,722
80,274
104,722
439,641
466,293 Peoria & Pekin Un_ January
206,498 257,606
Cinc Ind & Western February
1,542,526 4,710.374 2,804,552
Colo & Southern_ 3d wk Mar 229,049 217,994 2,715,338 2,503,258 Pere Marquette... February 2.236,940
241,578
183.050
114,050
67,766
635,242 Phila Beth & N E February
773,786
773,786 635,242
Ft W & Den City January
100,850
120.546
120,546 100,850
91,184 Pittsb A Shawmut_ January
116,212
91,184
116,212
Trin & Brazos Val January
131.745
100,502
100,502 131,745
77,277 Pittsb Shaw & Nor_ January
96,283
77,277
96,283
Colo & Wyoming January
133,148
122.255
122.255 133,148
79,635 Pittsb & West Va... January
22,403
79.635
22.403
tCrip Crk & Col Spgs January
94,566
224,437
94,566
224,437
1,231.835
1,166,271
January
1,231,835
1.166,271
.
Reading
January
Port
Railroad___
Cuba
73,323
84.483
73,323
84,483
4,937,534
4,081,061
January
Quincy0m&Kan0 _
Delaware & Hudson February 2,273,580 1.958,698
Del Lack & West February 5,355,451 4.196,251 11,054,505 8.590,197 Reading Company:
8,973,934
10,646,006
4,475,363
4,695.025
2,568,465
February
2,342,478
2,342,478
Reading_
Grande
2.568,465
&
Rio
January
Phila
Deny &
412,349
760,371 412,349 .760,371
136,684
63,670 Rich Fred & Potom January
136,684 • 63,670
Denver & Salt Lake January
230,414
446.806
446,806 230,414
100,785
73,828
73,828
Wash Southern January
100,785
Detroit & Mackinac January
309,969
327.564
309.969
327.564
362,987
January
112,758
112,758
362,987
Rutland
Detroit Tol & front January
201.156
230,563
201.156
230,563
205,124
110,969 St Jos & Grand Isl'd January
205,124 110,969
Dot dc Tol Shore L_ January
5.803.741 4.409,517 5,803.741 4,409.517
102,528
102,236 St Louis-San Fran.. January
102,528 102,236
Dul & Iron Range.... January
80,391
91,089
80,391
91,089
January
192,049
142.987
142,987
192,049
Ft W & Rio Or...
Dul Missabe & Nor January
144,458
99,464
99,464 144,458
63,152
715.907
643,314
67,585
St L-S F of Texas January
Dul So Shore & Atl_ 2d wk Mar
903,075
999,277
903,075
999,277
January
166,747
132,527
Southwest
132,527
166.747
Louis
January
Pac
St
&
Duluth Winn
516,044 640,827 6,553,608 5,840,929
98,596
62,802
62,802
98,596
St L 8 W of Texas December
East St Louis Conn January
70.129
99,623
70,129
99,623
860,545 St Louis Transfer January
1,952,205 860,545 1,952,205
Elgin Joliet & East_ January
378,505
349,573
349,573 378,505
January
Pass_
1,228,640
2,092,076
2,448,256
Ar
&
San Ant
El Paso & So West_ February 1,011,243
5,233,427
6,708,909
2,704,291
3,368,612
February 6,335,757 4,731.132 13,290,383 9,265,760 Seaboard Air Line February
Erie Railroad
155,941
304,212
73,112
136.468
February
804,897 603.169 1,628,169 1,105,983 South Buffalo
Chicago & Erie February
12923802 10933418 12,923,802 10,933,418
1,008,152 755,494 1,008,152
755,494 Southern Pacific_ January
Florida East Coast. January
368,397
370,881
370,881 368,397
80,275
93,504
93.504
80,275
Arizona East_ __ _ January
Fonda Johns & Glov January
1.815,6521.744.228 1,815.652 1,744,228
114,334 111,086
114,334
111,086
Galv Harris & S A January
Ft Smith & Western January
726,648
685.635
685,635 726,648
76,610
86,013
86,013
76,610
bus & Tex Cent January
Galveston Wharf January
168.598
192,978
192,978 168,598
545,491
545,491 431,997
431,997
Hous E & W Tex_ January
Georgia Railroad January
311.095
338,082
311,095
338,082
January
88,975
West'n
155,468
76,622
174,318
Louisiana
Georgia & Florida February
595,357
696,359
595,357
696,359
336,770 153,480
336,770
Morgans La & Tex January
153,480
Gr Trk L in New E. January
562,360
580.960
580,960 562,360
777,730
81,500 107,238
Texas & New Orb January
904,035
Grand Trunk Pac 4th wk Feb
7,775,887 19,634,133 15.052,445
Grand Trunk Syst_ 3d wk Mar 1,235,013 893,804 12,108,995 8,081,514 Southern Railway... February 9,507,704
544,012
813,239
544,012
813,239
Ala Great South_ January
Grand Trunk Ity_ 4th wk Feb 1,261,335 909,456 8,493,952 6,010,530
2,806,018 1.675,977
913,149
1,623,464 913,149 1,623.464
Cin N 0& Tex P_ February 1,294,901 825,222
Grand Trk West_ January
980,591
1,215,144
980,591
1,215,144
8,874,400 5,785,624' 8,874,400 5,78564
Mobile & Ohio January
Great North System January
266.776
408,907
408,907 266.776
194,666 171.631' 194,666
Georgia Sou & Fla January
171,631
Gulf Mobile & Nor_ January
121,498
145,357
121,498
145,357
January
Miss
175,865 187,675, 175,865
South Ry in
187,675
Gulf & Ship Island_ January
65,428
77.707
65.428
77.707
509,764 623,115' 509,764
January
623,115 Spokane Internat'l_ January
Hocking Valley
737,832
553.084
737,832
553,084
January
Seattle
&
7,210.448
Portl
February
7,925,216
Spok
16,429,179
Central
13.543,526
Illinois
73,968
184,507
73,968
184,507
1,105,7:36 1,052,523 1,105.736 1,052523 Staten Island It T January
Internat & On Nor January
20,790
25,560
2,735
2,507
88,363
72,679
133,470
191'442 Tenn Ala & Georgia 2d wk Mar 243,038
Kan City Mex & Or February
127.119
243,038
127,119
January
67,786
February
Tex
Central_
97,805
of
Tennessee
0
142,790
206'339
K0 Max &
252.314
300,711
300,711 252,314
1,263,651 1,090.213 1.263,651 1,090,213'
Kansas City South_ January
Term RRAssnof 5114 January
202,432
255,875
255,875 202,432
98,108
95,136'
St L Men Bdg T.. January
98,108 . 95136
Texark & Ft Sm. January
4.702,191
6,266,707
454,231
576,145
wk
Mar
2d
_
_
_
January
107,670
Term_
Pacific_
90,8071
90'807 Texas &
107,670
Kansas City
93.589
161,733
93,589
161,733
206,406 148,7021 206,406
148'702 Toledo Poor & West January
Lehigh & Hud Riv_ January
881,816
511,955 482,383 1,087,578
307,128 192,218! 307,128
192'218 Toledo St L & West February
Lehigh & New Eng_ January
51,026
57,989
51.026
57,989
January
February
4,101,561
Delaware_
3,257,889 9,164,126 6,453,778'
Ulster &
Lehigh Valley
February 7.615.256 5,523,304 16,209,730 11,347,254
1,300,742 1,031,989, 1,300,742 1031989 Union Pacific
Los Ang & Salt Lake January
2,945,533 2,413,593 2,945.533 2,413,593
156,193 133,2911
Oregon Short Line January
156,193 '133'291
Louisiana & Arkan_ January
2,033,603 1,644.525 2,033,603 1,644,525
273,245 207,839
Ore--Wash RR &N January
273,245
Louisiana Ry & Nay January
207'839
630,540
532,634 326,081 1,115,590
8,256,212 6,243,830 8.256,212 6.243,830'
Union RR (Penn) February
Louisville & Nashv_ January
115,208
101.670
101,670 115,208
January
238,688
January
L
166,754'
St
&
Utah
Hand
238,688
166754
Louisv
200,754
271,586
200,754
271,586
February 1,271,707 895,612 2,688,123 1,847,393 Vicks Shreve & Pac January
Maine Central
665,128
957,410
957,410 665,128
January
50,727
Virginian Eft
50.727
Midland Terminal_ January
4,927,915
February 3,321,093 2,582,547 7,062,811
309,510 249,3611
486,861 Wabash RR
613,962
Midland Valley_ _ _ _ February
883,077 903,314 2,214,745 1,822.135
17,452
21,3711 205,462
226197 Western Maryland_ February
Mineral Range.... 2d wk Mar
858,292
870,857
870,857 858,292
January
925,822 875,021
925,822
875'021 Western Pacific_
Minneap & St Louis January
182,440
225,899
225,899 182,440
3,175,355 1,984,9711 3,175,355 1,984,971'
Western By of Ala_ January
Minn St P & S 8 M January
681.232
779,417
681,232
779,417
74,706
84,949
74,706
84949 Wheel & Lake Erie_ January
Mississippi Central_ January
87,698
131,655
87,698
131,655
January
W.
2,623,358
N
January
&
2,042,840,
Tex
Falls
3c
With
2.042,840'
2,623,358
Missouri Kan
1,860,167 1,512.501 1,860.167 1,512.501
1,740,155 1,490,216' 1,740,155 1.490.216 Yazoo & Miss Vail_ January
Mo K & T Ry of Tex January
93,487
0.487
139.885
139.8851
Mo & North Arkan_ January
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
+976.152 22.80
1st week Jan 13 roads).._.... 5,1,043 4,210,891
2d week Jan 12 roads)....__ 6,073,616 4,701,322 +1,372,294 29.19
14 roads........ 6,810,241 4,968,084 +1,842,157 37.09
3d week Jan
4th week Jan 14 roads......_ 10,082,381 7,814,588 +2,267,793 28.87
1st week Feb 14 roads,...... 6,091,560 4,638,628 +1,452,932 31.32
2d week Feb 14 roads)._.._ 6,611,679 5.132,672 +1,479.007 28.80
3d week Feb 14 roads)..... 6,422,429 5,316,165 +1,106,264 20.81
4th week Feb 14 roads)--- 6,812,647 5,606,328 +1.206,31921.52
1442,041 7.78
1st week Mar 14 roads)._- 6.124,280 5,682,239
741,817 13.13
2d week Mar 14 roads)____ 6,390,893 5,649,076
355.744 AR
3d week Mar 8 roads)_ - _ - 5,948.593 5.592.849
t Road ceased to operate all steam lines Dec. 31 1918. I' We no longer
*Monthly Summaries.
Current
Year.
Previous
Year.
Decrease or
Decrease.
%
$
Mileage. Curr.Yr. Prev.Yr.
1 9.65
238.891 237.463 285,776,203 260.617.752 +25.148,45
March
319,274,981 +50.134,914 15.70
April.233,734 232,255 369,409.895 342,146.096
1
9.38+32.091.00
374.237.097
May-- 230.355 228.892
2 12.38
220.303 219.294 363.165.528 323.163,161 +40,002.41
June
+11766131534.
346.022.857
463,684.172
230.570
.231,700
July
+135759.795 37.45
230.743 230.015 498,269.356 362.509.561
August
357,772,850 +129367.931 36.16
September 232.186 232.378 487.140,781 377,867,933
+106956.817 28.30
484.824.750
230.576
October _ _230.184
356,438,875 +82.163,408 23.06
November 232,274 232,259 438.602,283
+102757756 30.62
December ._232,774 232,399 438,365,327 335,607,571
232,655233,199 395,552,020 284.131,201 +111420.819 39.22
January
include Mexican roads in any of our totals.
1264
THE CHRONICLE
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies reported this week:
[VOL. 108.
Gross
Net after
Other
Gross
Fixed
Balance,
Earnings.
Taxes.
Income.
Income.
Charges.
Surplus.
$
$
$
$
$
$
Cuba Railroad•
Jan '19 1,166,271
264,844
12,256
277,100
107,113
169,987
'18
1,231,835
454,171
1,619
455,790
105,551
-Gross Earnings--Net Earnings
350,239
7 mos'19 6,132,696 1,283,925
88,721 1,372,646
748,374
Current
624,272
Previous
Current
Previous
'18 5,783,350 1,590,445
9,542 1,599,987
Roads.
741,190
Year.
858,797
Year.
Year.
Year.
Fonda Johnstown & Gloversville Railroad$
$
$
16
Atch Top & Santa Fe_ b _Feb 12,568,683 10,540,239
Feb '19
80,378
17,509
2,885
20,394
3,228,621 2,898,816
31,437 det11,437
Jan 1 to Feb 28
'18
74,568
21,793
25,597,223 21,375,027 5,519,532 5,534,887
2,887
24,680
31,816 def7,136
2
mos
'19
173,883
42,177
5,408
47,585
63,308 def15,723
Atlantic Coast Line_ b_ _Feb 4,959,225 4,357,022
827.940
1,471,030
'18
154,843
46,868
5,800
52,668
64,021 det11,353
Jan 1 to Feb 28
10,847,066 8,570,977 2,350,726 2,735,547
Baltimore & Ohio_
__Feb11,228,986 8,976,321 d12,040,933 def827,466 ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Jan 1 to Feb b_28
24,561,103 16,507,956 df3,213.948df3,301,479
Latest Gross Earnings.
Belt Ry of Chicago_ b_ _ _Feb 219,450
Jan. 1 to Latest Date.
257,282 def21,171 def11,512
Name or Road
Jan 1 to Feb 28
475,683
418,716 def54,357 def99,899
or Company.
Week or Current Previous Current
Previous
Birmingham Southern.b.Feb
57,972
Month.
106,148
Year.
15,850
Year.
7,276
Year.
Year.
Jan 1 to Feb 28
114,876
223,459
39,941
13,959
Boston & Maine_b
Feb'4,462,979 3,937,316 def191,546 def214,715 Adirondack ElPowCo February
134,804 150,678
Jan 1 to Feb 28
283,576
317,376
9,908,464 8,047,964 def171.932 def697,991 Alabama Power Co__ January
269,141 205,322
269,141
205,322
Central of Georgia_b_ _ _Feb 1,546.001 1,644,264
Pow & Lt Co- January
1398,795 1163.848 1.398.795 1.163,848
84,039
566,895 hAmer
Atlantic
Jan 1 to Feb 28
Shore
February
3,204,807 3,187,191
10,850
154,397
8,261
984,786 Aurora Elgin &Ry___
22,456
19,093
Chic.. January
186,780 183.518
Central RR of N J_ b_ _ _Feb 3,002,683 2,637,714 def163,847
186,780
183.518
222,715 Bangor Ry & Electric January
82,595 77,776
82,595
Jan 1 to Feb 28
77,776
6,614,686 5,072,246
Baton
462,808
Rouge Elec CoVanuary
243,607
31,272 21,530
31,272
21.530
Blackstone V G & E1_ ,January
Chesapeake & Ohio_ b_ _Feb 4,796,049 4,214,230
235,183 186,695
235.183
331,159
186.695
817,487 bBrazilian Trac
Jan 1 to Feb 28
L & P,December 18531000 f8069000 1101894000 192200,000
10,828,119 7,776,571 1,418,900
926,942 Brock & Plym
St Ry January
8,774
7,559
8,774
7,559
Chicago & Alton_b
Feb 1,823,758 1,436,375
164,306
64,959 g Bklyn RapTranSyst,October
2490.780 2552.117 26,227,664 25,720,253
Jan 1 to Feb 28
3,856,411 2,670,001
338,221
def6,884 Cape Breton Elec Co January
52,190 41,428
52,190
41,428
Cent Miss V El Prop_ I December
Chic & North West_ b_ _Feb 9,063,485 7,069,550
30.700 29.258
339,076
311.630
616,482
98,283 Chattanooga Ry & Lt,January
Jan 1 to Feb 28
146,323 133,002
18,859,327 13,879,153 1,170,979 def573,784 Cities
146,323
133,002
Service Co_ _ _ _
1767,276 1849,611 3,620,874 3,881,073
Chic Burl & Quincy_ b_ _Feb10.479.346 8,910,265 2,281,029 1,737,899 Cleve Painesv & East:February
December
41,730
42,944
553,360
539,108
Jan 1 to Feb .28
22,126,427 18,018.970 4,682,363 3,366,382 geolumbia Gas & El_ December 1123.844 1125.086 11.451,863 10.865,673
Columbus(Ga) El Co January
Chicago Great West _ b_ _Feb 1,611,063 1,308,824
121,785 108,978
121,785
108,978
216,344
151,429 Colum (0) Ry. P & LI December 417,737
Jan 1 to Feb 28
385.269 4.264,485 4.024.186
3,264,680 2,449,640
315,563
141,926 Com'w'th P. Ry & Lt February 2036,430
1619,202
4,185,984
3,319.672
Chic Milw & St Paul_ b_ _Feb 9,816,028 7,322.765
744,365 def466,427 Connecticut Pow Co.. January
110.682 81.913
110,682
81,913
Jan 1 to Feb 28
20,873,745 14,815,284
726,134 def557,591 Consum Pow (Mich)_ January
682,732 520,963
682,732
520,963
jCumb Co(Me)P& L January
215,722
Chic R I & Pacific_b _ _ _Feb 7,503,341 6,462,895
231,606
215,722
231,606
427,245
626,783 Dayton Pow & Light February
247,207 193,186
Jan 1 to Feb 28
518,832
388,663
15,506,298 12,771,195
473,304 1,043,540 gDetrolt Edison
February 1309.879 1142,497 2,780,558 2,420.263
Gin Ind & West_b_,_'_ _Feb 203,498
gDetroit United Lines January
257,606 de133,817
1747,883 1406,271 1,747,883 1,406,271
47,304
Jan 1 to Feb 28Duluth-Sup
erior
Trac
February
439,641
466,293 def99,263
141,929
131,230
72,132 East St Louis
290,598
272,201
& Sub.. January
366,418 299,688
366,418
Gin N 0 & Tex Pac_b__Feb 1,294,901
299,688
825,222
148,480
52.396 Eastern Texas Elec January
110,965 84,459
110,965
Jan 1 to Feb 28
84,459
2,806,018 1,675,977
588,420
90,912 g El l'aso Electric Co January
127.963 114,360
127,963
114,360
Delaware & Hudson_ b_ _Feb 2,273,580 1,958,698 def152,202 def515,734 Fall River Gas Works January
63,035 53,841
63,035
53,841
Jan 1 to Feb 28
4,937,534 4,081,061 def232,861df1,131,749 Federal Lt & Trac_ _ _ January
333,629 310,344
333,629
310,344
Ft Worth Pow & Lt January
119,881 119,818
119,881
Delaw Lack & We,st_b_Feb 5,355,451 4,196,251 1,234,953
119,818
836,196 Galv-Hous Elec Co January
242.487 194,183
242,487
Jan 1 to Feb 28
194.183
11,054,505 8,590,197 2,433,732 1,728,505
Georgia L, P & R's January
121,264 101,792
121.264
101,792
Grand Rapids Ry Co December
El Paso & Southwest_ b_Feb 1,011,243 1,228,640
117.656 117.238 1.278.348 1.303,860
406,325
578,602
g Great West Pow Sys February
Jan 1 to Feb 28
406,016 348,452
2,092,076 2,448,256
831,765
796,149 1,109,424 Harrisburg
713,725
Railways December
135.264 112,829 1,325,181 1.186,731
Erie_ b
Feb 6,335,757 4,731.132 def20,585 def658,316 Havana
By, L & P January
726,357 645,010
Jan 1 to Feb 28
726,357
13,290,383 9,265,760 def500,448df1,789,041 HonoluluEl
645,010
R T & Land January
60,059
58,356
60,059
Chicago &
58,356
_ __Feb 804,897. 603,169
93,392 def28,751 Houghton Co El L Co January
44,713 41,082
44,713
\ Jan 1 toErie_b41.082
Feb 28
1,628,169 1,105,983
196,369 def491,702 Houghton Co Tr Co.. January
24.455 29.423
24,455
29,423
Georgia &
b Hudson & Manhat_ January
_ _Feb
76,6?.2
83,975 def18,937
658,965 562,916
14.38
658,965
6
562,916
Jan 1 Florida_b
Illinois Traction.. February 1353,235 1165,482 2,814,271
to Feb 28155,468
174,318 def34,988
19,815 S
2,397,553
Interboro Rap Tran_ January
Illinois Central_b
3813,648 3569,021 3,813.648 3,569,021
Feb 7,925,216 7.210,448
679.779 1,358,814 Jacksonville Trac Co January
Jan 1 to Feb 28
85,868
65,557
16,429,179 13,543,526
85,868
65,557
966,031 1,375,853 Keokuk Electric Co_ January
26,709 21.866
K C Mexico & Orient_ b_Feb
26,709
21,866
72,679
88,363 de156,541 def27,287 Key West Electric Co January
19,589 13,775
Jan 1 to Feb 28
19,589
13,775
133,470
191,442 def142,437 def36,186 Lake Shore Elec Ry_ December 200,636
167,572
2,189,324
1,786,012
K C Mex & 0 of Tex_ b_Feb
Lewist
Aug
67,786
&
Watery
January
97,805 def80,201
def5,476
78,070 47,120
78,070
47,120
Jan 1 to Feb 28
142,790
206,339 def160,072
16,693 18,194
def6,101 Long Island Electric_ October
195,766
219,104
Lehigh Valley_ b_ _.
Feb 4,101,561 3,257,889 def41,777 def364,684 Louisville Railway December 333,899 291,955 3,711,446 3,284,984
Jan 1 to Feb 28
Electric Corp_ January
9,164,126 6,453,778
95,954 68.270
234,773d1'1,188,258 Lowell
95,954
68,270
Manhat Bdge 3c Line October
Maine Central_b
12,374 11.569
Feb 1,271,707
119.476
103.609
895,612 def94,089 def141,040 a Milw El Ry & Lt
Co February
Jan 1 to Feb 28
2,688,123 1,847,393
203,049 def372,564 Mississip Riv Pow Co December 1157,350 930,901 2,391,268 1.898,935
186.906 158,989 2,213.392 1,976,461
Midland Valley_ b
Feb 300,510
249,361
75,162
65,180 Nashville Ry & Light January
272,317 204,521
272,317
Jan 1 to Feb 28
204,521
613.963
386,861
109,284
109,820 New England Power_ February
318,721 248,556
636,755
509,915
Monongahela Connect b Feb 174,940
125,609 def25,956 def15,858 Newp N & Ry.G&E November 230.308 142,032 1,996,921 1.223.444
Jan 1 to Feb 28
388,454
256,692 def64,523 def14,013 N Y & Long Island_ October
42,636 47,519
420,251
397,578
N
Y
&
North
Newburgh & So Shore.b.Feb 127,714
Shore October
12,829 14,910
57,682
127,545
22,218 def16,874 N Y & Queens
143.655
Co.._ _ October
Jan 1 to Feb 28
83.675 77,764
257,389
105,054
805.675
31,362 def43,022 New York
952.420
Railways_ December 979,862 918,775 11,212.760
Nashv Ohatt & St L_b_ _Feb 1,369,382 1,403,776 def72,490
12,406,651
290,387
Northampton Trac January
22,395 17,038
Jan 1 to Feb 28
22,395
17,038
2,883,360 2,597,444 de1196,659
386,520 Northern Ohio Elec._ February
673,935 533,095 1,370,129 1,081,487
New York Central.b_ _ _ _Feb20,513,580 16,882,343 1,920,923 1,369,667 North Texas Elec
January
244,490
250,312
244,490
250,312
Jan 1 to Feb 28
45,365,185 33,129,149 6,206,358 1,255,269 Ocean Electric (L I)_ October
7,880
7.503
144,001
145,015
Pacific Power & Light January
Clev Gin Ch & St L_b_Feb 4,970,524 4,098,856
882,297
170,506 153,062
644,923 Pensacola
170,506
153,062
Jan 1 to Feb 28
Electric Co January
10,318,405 7,631,878 1,621,808
50,496 37,143
727,905 Phila Rapid
50,496
37,143
Transit..
November
Pittsb & Lake Erie_b_Feb 2,375,042 1,881,431
2764.923
2512,229
28,820.945 27,104,497
418,892
271,565 Phila & Western..
Jan 1 to Feb 28
February
48,915 40,564
5,167.882 3,691,724 1,162,173
99.838
82,023
482,213 Portland Gas & Coke January
190,029 131,861
NY N H & Hartford_b_Feb 6,954,768 5,918,148 def39,394
190,029
137.861
631,179 Port(Ore)Ry,L&PCo. December 744,002 594.020
Jan 1 to Feb 28
7.669,389 6.023,510
14,291,542 11,907,513 def351,988
837,686 Porto Rico Railways_ January
90,038
82,121
90,038
N Y Susq & Western_ b_Feb 271,377
82,121
Richmond Lt & RR_ October
258,461
def2,576
def5,413
33.249
34.256
372,523
Tan 1 to Feb 28
384,961
604,443
509,474
36,293 def26,907 St L Rocky Mt & Pac December 378,985 422,020 5,137,089
3,992,780
Norfolk & Western_b___Feb 5,832,230 5,076,193 1,107,713
Santiago El Lt & Tr.. December
53,502 56,459
957,226
665,250
583.594
Jan 1 to Feb 28
11.032,334 9,864,096 1,959,956 1,594,909 Savannah Electric Co January
114,115 93,374
114,115
93,374
Second Avenue (Rec) October
Northern Pacific_b
68.478 75,545
Feb 6,844.715 6,031.437 1,699,031 1,322,996 Southern
698,713
728.373
Boulevard_ October
Jan 1 to Feb 28
18.629 18,338
14.779,065 12,196,267 3.668,283 2,569,076
169,557
185.370
Cal Edison_ February
714,256
643,458
Pennsylvania RR_ b_ _ _ _Feb 26,048,657 19,118,070 1,244,365def2366,079 Southern
1,514,749 1,306,799
Staten Isld Midland.. October
20,728 23,834
Jan 1 to Feb 28
239,263
305.986
56,526,140 38,775,520 1,811,520def4190,769 Tampa Electric Co.._ January
104,648 86,449
104,648
86,449
Cumberland Valley_b_Feb 374,408
Tennessee I'ower
290,143 def49.159
January
221,788
81.766
158,569
221,788
158,569
Jan 1 to Feb 28
k
Tenn
Ry,
855,456
Lt
&
P
Co
January
592,186
33,904
561,989 440,328
149,748 Texas
561,989
440,328
Power & Lt Co January
Long Island_ b
Feb 1,402,621 1,095,135 def39,510
311,204
278,820
311,204
34,168 Third Avenue System January
278,820
Jan 1 to Feb 28
2.902,203 2,219,600 def137,895
800.552 748,351
800,552
54,261
748,351
DDEB&B RR October
W Jersey & Sea.sh_b_ _Feb 677,793
40,280 40,780
401.262
480,805 def95,048 def101.133
378,896
42dStM&StN A Ry October
131,613
Jan 1 to Feb 28
151.893
1,365.743 1,491,853
1,413,680
940,113 def285,225 def259.233
UnionRyCo(NYC) October
217.034 239,669 2,231,404 2,475.238
Penna Company_ b__ _Feb 6,775,759 4,626,354 def202,571 def811,281
Yonkers Railroad_ October
66,227 71.868
685,537
Jan 1 to Feb 28
691,361
14,248,645 8,783,254 def533,137def2120,444
N Y City Inter By October
55,108
60,805
568,880
620,351
Grand Rapids & Ind b Feb 531,477
Belt Line By
432,077
October
def8,114
44,079 58,869
3,440
480,912
571.969
Jan 1 to Feb 28
Third Avenue
1,046,255
October
800,642 def79,103 def55,470
303,285 344,645 3,164,752 3,444,283
Twin City Rap Tran_ February
Pitts C 0 & St L_b__Feb 6,642,521 4,905,695
829,500 780,373 1,704,084 1,622,097
120,668 def67,397 Virginia
By & Power_ February
Jan 1 to Feb 28
14,019,796 9,384,726
688,288 608,730 1,413,739 1,224,316
371,734 def796,540 Wash Bait
& Annap_ January
Pere Marquette_b
204,345 172,438
204,345
Feb 2,236,940 1,542,526
172,438
301,491
Westcheste
890
r
Electric..
October
42,390 44,908
Jan 1 to Feb 28
499.739
4,710,374 2,804,552
468.308
629.893 def250,066 York Railways
February
109,479 91,542
227,451
Phila & Reading_ b
189,070
Feb 4,695,025 4,475,363 def385,808
Youngstown & Ohio_ January
del
842
37,300
30,823
37,300
Jan 1 to Feb 28
30,823
10,646,006 8,973,934 def295,297
6,934
a Includes Milwaukee Light, Heat & Traction Co. b Includes
Phila Beth & New Eng b Feb
all sources.
67,766
114,050
f
Earnings
given
11,445
in
milreis.
22,561
g Includes constituent or subsidiary companies.
Jan 1 to Feb 28
183,050
h
241,578
Subsidiary
34,836
companies only. j Lewiston Augusta & Waterville Street
44,117
Ry.
Seaboard Air Line_ b_ _ _ _Feb 3,368,612 2,704,291
expenses, &c., not included in 1919.
205.435
Includes Tennessee By..
527.251 earnings,
Jan 1 to Feb 28
Light & Power Co., the Nashville Ry. & Light kCo.,
6.708,909 5,233,427
528,345
933,663 Co.
the Tennessee Power
and the Chattanooga Ry.& Light Co.
South Buffalo_ b
Feb 136,468
73,112
47,172
def11,116
Jan 1 to Feb 28
304,212
155,941
100,864 def17,916
Electric Railway and Other Public Utility Net EarnSouthern Railway_ b_ _ _ _Feb 9,507,704 7,775,887
698,683 2,079,817 ings.-The
Jan 1 to Feb 28
following table gives the returns reported this week:
19,634,133 15,052,445 1,952,353 3,575,251
Toledo St L & West_ b_ _Feb 511,955
-Gross Earnings--Net Earnings
482,383
55,763
64,032
Jan 1 to Feb 28
1,087,578
Current
881,816
Previous
14733
Current
18,290
Previous
Union Pacific_b
Companies.
Year.
Feb 7,615,256 5.523,304 2,320,971 1,484,473
Year.
Year.
Year.
Jan 1 to Feb 28
$
16,209,730 11,347,254 5,194,715 3.090,764 Gt West
$
$
3
Pow System_a_Feb 406,016
348,452
Union RR of Penn..b.._ _Feb 532,634
255,154
211,524
326,081
29,327 def202,433
Mar 1 to Feb 28
4,762,448 4,051,611 2,981,388 2,508,319
Jan 1 to Feb 28
1,115,590
630.540
86,379 def423,287 Illinois Traction Co_a__Feb
1,353,235 1,165,482
Wabash_ b
390,888
Feb 3,321,093 2,582,547
337.855
90,896 def60,705
Jan 1 to Feb 28
2,814,271 2,397,553
Jan 1 to Feb 28
818,141
7,062,811 4,927,915
647,059
248,409 def376,855 Massachusetts Gas Co:
Western Maryland_ b_ _ _Feb 883,077
903,314
def97,765
Gas
def83,879
Departmen
t
Feb
Jan 1 to Feb 28
133,289
2,214,745 1,822,135 def244,116 def131,602
125,572
Jan 1 to Feb 28
295,243
272,061
Miscellaneous
b Net earnings here given are before the deduction of taxes.
Feb
162,644
162,516
Jan 1 to Feb 28
293,267
349.983
MAR. 29 1919.1
1265
THE CHRONICLE
Balance,
Fixed
Net after
Gross
Surplus.
-Gross Earnings--Net Earnings
Charges.
Taxes.
Earnings.
Previous
Current
Previous
Current
Year.
Year.
Year.
def 810
Year.
342
def 468
Roads.
2.753
Columbia (Pa) Gas Dec 18
$6
$
213
$
324
557
2,868
17
Co
,668
9,159
11,038
2,485
22,395
4,112
..Jan
Co
6,597
37,305
Northampton Trac
12 mos '18
18,235
24,008
3,193
39,326
3,882
7,075
49,975
31,484
Feb
'17
Ltd
Co
Pow
Sou Canada
88,104
116,814
194,861
1,413
247,625
26,722
28,135
106,538
Oct 1 to Feb 28
Conestoga Trac Co Dec'18
22,448
15,155
27,193
42,348
37,693
102,665
'17
(Lancaster, Pa)
West PowCo of Can,Ltd_Jan 453,504
92,515
296,769
324,359
416,874
12 mos'18 1,243,200
Feb 1 to Jan 31
202,870
323,856
526,726
'17 1,206,638
deducting taxes.
a Net earnings here given are after
5.092
6.962
12,054
46,019
& Dec'18
Lt
El
s
Consumer
Balance,
Fixed
after
Net
8,378
Gross
6,845
15,223
33,845
Pow Co (New Orl, '17
,Surplus.
Charges.
Taxes.
44,857
[Earnings.
82,250
127,107
411,265
'18
12 mos
La)
3
92,094
80,696
172,790
369,368
'17
20,488
21,959
42,447
134,804
28,874
Feb '19
10,351
39,225
Adirondack Elec
83.825
Dec '18
10,006 Edison Elec Co
21,198
31,204
150,678
'18
26.497
9,388
35,885
Power Corp
73,393
'17
184,329
262,553
(Lancaster, Pa)
446,882
241,473
12 mos '19 1,800,277
117,638
359,111
803,422
'18
mos
12
110,713
255,653
366,366
'18 1,680,764
225,691
108.037
333,728
729,524
17
4,599
20,306
24,905
82,595
25,392
17,189
42,582
134,810
Bangor Railway & Jan '19
7,948 Elmira(N Y)Water Dec 18
19,659
27,607
77,776
'18
27.393
17.090
44,483
Electric Co
125,416
17
83,893
Co
&
239,741
RR
Lt
323,634
927,891
210,892
12 mos '19
247,059
457,951
1,399,559
18
mos
12
150,526
229,376
379,902
889.212
'18
255,276
234,591
489,867
17 1.261,302
36,520
12,460
48,980
190,594
Jan '19
20,326
15,953
36.279
103,714
Caddo Oil & Ref
27,744 Harrisburg (Pa) Lt Dec 18
12,054
39,798
106,419
'18
29.606
14,657
44,263
Co of La, Inc
100,027
17
571,883
Co
143,032
Power
&
714,915
2,161,729
12 mos '19
181.615
190,502
372,117
993,904
18
mos
12
415,641
141,745
557,386
'18 2,003,621
291,563
168,363
459,926
898,929
17
9,366
21,938
31.304
146,323
Jan '19
4.822
6,963
11,785
Chattanooga By
71.099
def8,501 Houston (Tex) Gas Dec 18
30,698
22,197
133,002
'18
15,534
6,701
22,235
& Light Co
61,749
17
116,250
295,175
& Fuel Co
411,425
84,223
12 mos '19 1,853,600
82,832
167,055
671,682
18
2
mos
12
def149,79
360,510
210,718
'18 1,384,980
147,920
82,264
230,184
582,666
17
150,098 1,559,082
'19 1,767,276 1,709,180
714
130
844
Cities Service Co Feb '18
2,521
214 1,815,875 Houston His(Tex) Dec 18
1.849,611 1,816,089
887
130
1.017
2,396
17
0
Assn
Lt
530,262 20,912,79
Water &
12,509
12 mos'19 22,019,869 21,443,052
1,560
14.069
30,677
12 mos 18
2,681 19,226,388
'18 19,597,249 19,229,069
14,403
1,545
15.948
30.685
17
236,924
536,287
773,211
174,686 def52,211
122,475
Com'wealth Power Jan '19 2,149,553
727,922
18
Dec
def86,312
System
475,933
Internat'l
389,621
1,700,470
'18
10,618
150,538
161,156
676,372
BY & Lt Co System
17
Y)
N
1,274,138
(Buffalo,
6,097,668
12 mos '19 22,367,145 7,371,806
59
12 mos 18 7,502,776 1,058,905 2.213,164def1154,2
'18 19,806,488 7,141,690 5,334,681 1,807,009
950.422
2,852.122 1,901,700
8,255,279
17
123,858
132,709
256,567
682,732
2,687
2,281
4,968
Consumers Power Jan '19
27,827
98,073 Lancaster (Pa) Gas Dec 18
95,541
193,614
520,963
'18
3,585
2,112
5.697
Co (Michigan)
22,848
17
1,467,518
Lt & Fuel Co
54,294
12 mos '19 6,769,869 2,855,549 1,388.031
27,013
81,307
295,599
12 mos 18
954,091 1,402,182
'18 5,809,006 2,356,273
60,953
25,272
86,225
243,487
17
1,503
56,689
58,192
215,722
6,182
2,884
Cumberland County Jan '19
9,066
28,125
70,882 def52,614 Leavenworth(Kan) Dec 18
18,268
231,606
'18
2,884 def1,371
Pow & Lt Co *
1,513
24,666
17
120,779
Co
&
Pow
Ht
844,929
Lt
965,708
def15,443
34,609
(Portland. Me)12 mos'19 3,211,015
19,166
260,255
18
mos
12
146,668
825,116
971,784
'18 3,074,814
12.237
34,609
46,846
246,437
17
x2,663
13,691
14,650
141,929
Feb '19
1.940
7.876
9,816
Duluth-Superior
47,324
z9,328 Lockport(N Y) Lt Dec 18
13,743
21,392
131,230
'18
2,291
7,663
9,954
Traction Co
43,146 .
17
z1,694
28,832
Ht & Power Co
27,007
290,597
2 mos '19
21,108
83,575
104,683
445,582
18
x16,393
mos
12
28,879
41,860
272,201
'18
24,236
71,937
96,173
377,954
17
1,392
69,013
67,621
366,418
Jan '19
396
4,525
4,921
East St Louis &
16,233
65,730 def29,051 Richmond (Ind) Lt Dec 18
36,679
299,688
3.532
4,694
Suburban Co System '18
8,226
20,937
17
126,940
816,571
Heat & Power Co
943,511
12 mos '19 4,282,618
def3,650
54,914
51,264
172,778
18
mos
362,777
12
787,047
1,149,824
'18 3,699,552
7,535
65,990
64,525
198.031
17
x30,304
12,867
43,046
110,965
1,212
3,536
4,748
Eastern Tex El Co Jan '19
19,269
z27,953 Union Gas & El Co Dec 18
11,843
36,693
84,459
'18
180
3.509
3,689
16,373
17
(Bloomington, Ill)
149,955 x330,788
475,946
12 mos '19 1,158,258
21,601
42,448
64,049
213,886
18
mos
x316,358
12
125,165
418,600
943,181
'18
6,297
42,523
48.820
178,018
17
45,657
52,099
97,756
333,629
Jan '19
20,741
21,571
Federal Light &
42,312
106,725
48,157 The Wilkes,Barre Dec 18
50,184
98,341
310,344
'18
9,218
20,519
Trac Co
29,737
89,947
17
325,514
726,210
(Pa) Co
12 mos '19 3,520.516 1,051,724
114,572
258.622
073,194
978,754
18
mos
143,264
12
718,309
861,573
2,933,776
'18
122,854
243.547
366.401
817,683
17
19,105
38,183
57,288
121,264
Georgia L,P & Rys Jan '19
2,556
38,049
40,605
American Cities Company.
101.792
'18
Balance,
Fixed
x208,647
Net after
148,402
Gross
348,038
726,357
'19
Jan
By
Elec
Havana
Surplus.
Charges.
x238,954
Taxes.
132,601
[Earnings.
362,708
645,010
'18
Lt & Power Co
s
3
$
$
414,921 Cr56,344 x476,945
792,103
Dec '18
30,967
Hudson & Man69,806
100,773
364,749
4,929 x282,270 Birmingham (Ala) Dec '18
284,017
573,416
'17
49,781
hattan
69,487
119,268
342,636
'17
Co
Power
Ry. Lt &
x272,687
271,564
255,958
658,965
838,486
Jan '19
Hudson & Man12 mos '18 3,742,865 1,094,444
4,812 z258,304
261,254
476,353
562,916
830,088
'18
hattan
'17 3,655.894 1,306,441
28,064
16,009
44,073
29,156
8,977
96,433
38.133
102,349
• Huntington Devel Jan '19
Dec '18
25,171 Houston (Texas)
16,600
41,771
39,535
8,129
89,754
'18
47,664
87,977
& Gas Co
Lighting & Power Co '17
270,352
192,561
462,913
343,869
998,918
103,815
347,684
12 mos '19
12 mos '18 1,024,866
178,715
192,096
370,811
260,317
142,500
678,860
'18
402,817
878,803
'17
19,995 def17,162
2,833
35.043
20.578
78,070
55.621
Jan '19
121,281
Lewiston Aug &
Dec '18
(Tenn)
Knoxville
15,911
def41.795
def25,884
19,872
47,120
20,364
40,236
'18
100,964
'17
Watery Si By
Co
Light
&
Railway
231,694 def19,299
132,395
214,718
925,734
247,993
462,711
12 mos '19
1,223,305
'18
mos
12
def6,062
187,292
181,290
883,790
'18
183,040
249,644
432,684
'17 1,087,072
41,345
39,941
81,286
3,264
272.317
19.625
22.889
Jan '19
143,620
Nashville By &
31,922 Little Rock (Ark) Dec '18
41,037
72,959
617
204,521
17,985
18,602
'18
111.617
'17
Light Co
Ry & Electric Co
497,114
977,674. 480,560
34,334
230,224
264,558
1,436,070
12 mos '19 2,934,009
'18
mos
12
375,398
489,869
865.267
223,477
214,054
437,531
'18 2,452,973
'17 1,125,689
79,217
40,661
119,878
318.721
52.473 def6,673
45,800
184.697
Dec '18
New Eng Company Feb '19
54,266 The Memphis
36,350
90.616
248,556
25,327
45.578
71.305
'18
184,284
'17
Power System
(Tenn) St By Co
169,339
81,325
250,664
636,755
38,882
543,793
582,675
2 mos '19
2,038,190
'18
mos
12
70,760
72,717
143,477
509,915
275.199
532.556
'18
807,755
'17 2,130,116
11,186
13,162
24,348
66,743
def3,920
167,899
'19
Feb
163.979
Carolina
915,895
'18
Dec
North
8.877 New Orleans (La)
12,950
21.827
56,265
109,874
162,728
'18
272,602
707,393
'17
Pub Sem,Co
By & Light Co
120,893
157,735
278,628
727,894
151,292
12 mos '19
12 mos '18 8,646,509 2,158,994 2,007,702
102,351
155.352
257,703
636,954
877,387
'18
1,926,656
2,804,043
'17 7,792,955
181,629
269,567
451,196
714,256
87,837
339.358
427,195
1,832,591
Southern California Feb '19
'18
Dec
Total
151,009
232,868
383.877
643,458
245,006
'18
324.671
Edison Co
'17 1,534,871569,677
3,972,013
12 mos '19 8.943,408 5,586,935 2,994,337 2,592.598
5
4.911,066
18,111,80
'18
mos
12
'18 8.168,531 5,259,223 2,523,099 2,736,124
'17 16.670,529 6,191,271 3,895.398 2,295,773
50,169
52,861
103.030
221.788
Jan '19
Tennessee Power
General Gas Sc Electric Co.
4.983
57.883
52,900
158,569
'18
Company
293,069 Statement of Net Income of Affiliated Companies Month of February 1919 and
922,296
629,227
12 mos '19 2,300,370
62,685
614,452
677,137
Comparison With Previous Year.
'18 1,942.769
Increase.
1918.
1919.
89,133
218,632
129,499
System561,089
'19
Jan
Tennessee By Lt
$5,455
$4,926
$10,381
17,432
155,857
138,425
Rutland
440,328
'18
& Power Co t
1,010
def4,001
def2,991
777,153 Northwestern Ohio
12 mos '19 6,264,611 2,345,747 1,568,494
2.652
3,693
6,345
165,557
1,783.657
Sandusky
1,628,100
5.273,624
'18
227
1,866
2,093
Sayre
429
6.656
7,085
* Lewiston Augusta & Waterville Street By. earnings, expenses, &c., Binghamton
1,800
3,715
5,515
not included in 1919.
Jersey
New
of the Tennessee Railway Light &
27
clef 733
dot 706
t Statement Is the combined results
Co., the Tennessee Power Co. Jersey Corporation
197
def 273
def 76
Power Co., the Nashville Railway & Light
Co.for the month and twelve months Interurban Gas Co
and the Chattanooga Railway & Light
n with 1918, all transactions between
$11,797
$15.849
$27,646
ended Jan. 31 1919, and compariso
Total
d.
these companies being elimintae
x After allowing for other income received.
Fixed Chgs. Balance,
Net
Gross
Surplus.
Earnings. Earnings. ec Taxes.
$
$
$
$
Annual, &c., Reports.-The following is an index to all
180,912
674,604
855,516
Com'wealth Power Feb '19 2,036,430
def14,145
570,061
584,206
1,619,202
and other reports of steam railroads, street railways
'18
annual
Co
Light
&
By
417,836
2 mos '19 4,185,983 1,761,728 1,343,892
neous companies published since Feb. 22.
miscella
and
'18 3,319,672 1,077,883 1,178,339 def100,456
which is given monthly, does not include
index,
This
60,825
223,127
162,302
673,935
Feb '19
Northern Ohio
35,535 reports in to-day's "Chronicle."
178,030
140,495
533,095
'18
Elec Corp
123,008
324,867
447,875
2 mos '19 1.370,129
11-face figures indicate reports published at length.
69,538
352,566
283,028
'18 1,081,487
Page.
Page. Electric Roads (Concluded).43,692
147,166
190,858
Roads829.500
Steam
Feb '19
Twin City Rapid
876
1157 Boston Elevated Ry
30,919 Canadian Pacific Ry
144,919
175,838
780,372
'18
Transit Co
877
877 Brooklyn Rapid Transit
91,278 Chicago & North Western Ry
400,623
309,346
2 mos '19 1,704,084
877
Co
Light
&
Power
Carolina
877
RyOmaha
49,964
&
Mimi.
305,434
355,398
Chic. Bt. Paul
'18 1,622,097
1164
RR
Interurban
Charleston
Chicago North Shore & Milwaukee_ 972
1157
1061 Chicago City Ry
United Gas & Electric Corporation.
Erie RR
Co_1056
Fixed
Balance, Government Control of Railroads 973 Commonwealth Pow.,Ry.& Lt.
Net after
Gross
973 Galveston-Houston Electric Co__ 1164
Surplus. New York Central RR
Charges.
Taxes.
Earnings.
878
Co.
Can.).
(Ontario,
Ry.
St.
London
967
$
Co
ia
Pennsylvan
878
966 New Orleans Ry.& Light Co
8,243 Pennsylvania RR
3,638
11,881
29,030
Dec '18
872
Citizens Gas &
York State Rye
New
967
Ry
Louis
St.
&
7.483
Chic.
3,823
Ono.
11.306
Pitts.
27,049
873
Fuel Co(Terre Haute, '17
Co
Traction
Ohio
879
86,061 Pittsburgh Rye
130,467
44,406
316,369
12 mos '18
1165
_872,
Ind)
Co_
Trans.
ia
Rapid
974 Philadelph
81,339 Rhode Island Co
46.658
127,997
288,955
'17
1054
Co
Transit
Rapid
City
Twin
974
Co
Pacific
&
Mt.
Rocky
9,552 St. Louis
12,460
22,012
88,845
974
Dec '18
974 Union Traction Co
Colorado Springs
2,310 Southern Pacific Ry
12,460
14,770
872
51.605
United Rye. Co.01St. Louis
(Colo) Lt Hi & Pow 17
Electric Roads73,406
149,528
222,934
1166
Co
603,515
Electric
12 mos 18
India
West
1059
Co
972,
Ry
57,707 Bay State Street
149,516
207,223
570.837
Q17
FINANCIAL REPORTS
1266
THE CHRONICLE
Miscellaneous-
Miscellaneous (Concluded)-
Page.
[VOL. 108.
EARNINGS OF PUBLIC SERVICE CORPORATION OF
NEW JERSEY
AND SUBSIDIARY COMPANIES FOR YEARS ENDING
DEC. 31.
1918.
1917.
1916.
1915.
Gross earnings of leased
and controlled cos_ ___$52,997,839 $47,291,342 $42,548,77
5
$37,471,2
28
Oper. exp. and taxes.._ 33,824,8261 30,529,369 25,863,854
22,094,678
Amortization charges__
Abbott's Alderney Dairies Co
975 Kress & Co
970
Alaska Gold Mines Co
880 La Belle Iron Works
1064
Allis-Chalmers Manufacturing Co
880 Lackawanna Steel Co
883
American Bank Note Co
968 Laclede Gas Light Co
875
Amer. Tel. & Tel. Co
1053 Lee Rubber & Tire Co
1169
Amer. Brake Shoe & Foundry Co 1162 Liggett & Myers
Tobacco Co
876
American Cigar Co
1162 Loose-Wiles Biscuit Co
3,113,559f
883
American Gas Co
1166 Lorillard Co
Net earnings
884, 969
$16,059,454 $16,751,973 $16,684,921 $15,376,550
American International Corp
1157 McCrory Stores Corp
Non-opeta
tive
income
1169
472,518
397,706
American Locomotive Co
516,529
419,073
968 Mantanzas-American Sugar Co_ _ _ _1064 P. S. Corp. of N. J. inc.
American Malting Co
1062 Marconi Wireless
from securs. pledged
American Smelting & Refining Co._1159 Merchants' Heat Telegraph Co_._ _1064
(excl.
&
Light
of
diva.
Co
on
stks.
1064
American Snuff Co
969 Mississippi River & Power Co
of oper. cos.), Sc from
1064
American Steel Foundries Co
968 Mohawk
miscell. sources
Co
1064
*1,891,667
1,729,865
American Sugar Refining Co_1055, 1163 MontrealValley
1,802,536
2,351,809
Cottons
Co.,
Ltd
1064
Total
American Tobacco Co
$18,423,639 $18,879,544 $19,003,980 $18,147,432
1054 Narragansett Electric Light Co
884
DeductAmerican Wringer Co
880 Nash Motors Co
1064
American Writing Paper Co
880 National Aniline & Chemical Co_ _ _1169 Bd., &c., int. of sub. cos.$12,320,529 $12,299,838 $11,963,114 $12,209,215
Arkansas Natural Gas Co
1062 National Enameling & Stamping Co_ 970 Fixed charges of Public
Service Corp. of N. J. 4,282,680 4,202,307
Arizona Power Co
4,099,005
881 National Fireproofing Co
3,966,965
1064
Armour & Co
Net income
881 National Transit Co
$1,820,430 $2,377,400
884 Deduc'ns
$1,971,252
Asbestos Corp
from net inc_aCr.841.866 Cr.117,161 $2,941,868
881 New York Air Brake Co
Cr.5,826
873
124,947
Atlas Powder Co
Dividends paid
1055 New York Telephone Co
(6%)1,799,976 (8)2,399,968(7 U)1937500(631)1562500
1169
Baldwin Locomotive Works
875 Nevada Consolidated Copper Co__ 884
Balance,
surplus
$862,320
$94,593
Bethlehem Steel Co
$1,010,194
$283,805
1158 Nippissing Mines
1064
Blackstone Valley Gas & Elec. Co_ _1166 North American Co
Co
* After deducting in 1918 $148,575 and in 1917 $223,232 for expenses
1161
(E. W.) Bliss Co
1159 Northern California Power Co
and-tax
es.
884
Brandram-Henderson,Ltd
1166 Nova Scotia Steel & Coal Co
a Includes in 1918 appropriation accounts (1) of sub. cos., viz., amortiza1064
British Columbia Packers' Assn_ _ _ 975 Ohio Cities
Gas Co
884 tion of new business expenditures prior to Jan. 1 1911, $40,330, and adBrooklyn Edison Co
873 Ohio Fuel Supply Co
justments
(debit) of surplus account, $376,130. (2) Appropriations ac971
Bucyrus Co
1062 Ohio 011 Co
884 counts of Public Service Corp. of N. J., exclusive of dividends, $1,258,325
Butteriek Co
1167 Ohio State Telephone Co
.
1169
Butte & Superior Mining Co
PUBLIC
SERVICE CORPORATION BALANCE SHEET DEC.
881 Oklahoma Natural Gas Co
1057
31.
California Petroleum Co
1167 Oklahoma Producing & Refining Co_ 876
1918.
1917.
1918.
Cidumet & Hecla Mining Co
1917.
1167 Osceola Consolidated Mining Co_ 1064
AssetsLtabliftles$
Canada Cement Co
1167 Ottawa Light, Heat & Power Co.- 977 Perpet. interestStock
29,999,600 29,990,600
Canada Foundries & Forgings Co_ _ _ 975 Pacific Lighting
bearing
cents.
Corporation
867,485
867,485 Gen.M.5% bds. 50,000,000 50,000,000
884
Canada Steamship Lines
975 Pacific Mail Steamship Co
Perpet. interest1057 Secure. of sub. Sc
Case Threshing Machine Co
1167 Pacific Power
leased cos_ __ _102,768,300 98,639,155
Light Corp
bearing certfs. 20,050,770 20,050,770
884
Central Illinois Public Service Co 1167 Parke Davis &&
Other
securities.
437,815
Co
120,015 3-yr. 5% coll.nts. 7,500,000
884
7,500,000
Central Leather Co
874 Penman's Limited
Gen.M.5s in tey. 12,500,000 12,500,000 Adv.from oth.cos. 4,000,000
1064
250,000
Chandler Motor Car Co
976, 1058 Penn Seaboard Steel
40,000
1,710,000 Bills pay'le (see
1064 Advances to cos.
Chic. Jot. Rys. & Union Stock Yds_1167 (Albert) Pick & Co Corp
Real
estate,
Sm.
363,488
363,478
a subs'qt page) 7,111,000 0,931,000
884
Chicago Pneumatic Tool Co
1162 Pittsburgh Coal Co
Cash
365,020
85,689
Accts.
1064
payable_
2,025
1,643
Cities Service Co
881 Pittsburgh Oil & Gas Co
175,346
159,924 Accrued taxes
884 Accr.int.& rents.
3,338
61,207
Colorado Fuel & Iron Co
1055 Pittsburgh Plate Glass Co
10,788
• 801 Accrued interest
1056 Accts. receivle_
883,111
852,321
Colorado Power Co
881 Pittsb. Terml & Wareh.Transf.
0th. susp., &c_ _
8,826
9,551
0th
.
Co.
884
.acerd
.items
102,633
99,872
Columbia Gas & Electric Co
1062 Portage Rubber Co
1,204,637 Prem.on stks.res.
1170 Sinking fund__ - 1,481,496
1,500
1,500
Commonwealth Edison Co
969 Portland Gas & Coke Co
977,983
1,026,908 Contractual res.
884 0th. spec. funds
831,632
854,736
Commonwealth Public Service Co_ _1167 Porto Rican-Amer
Unamort. debt
ican
Tobacco
Co-1065
Res.for sink.fd.of
Computing-Tab.-Recording Co_ _1157 Pressed Steel Car
disct. & exp. 3,899,929
Co
4,027,658
Gen.M.bonds.
874
1,257,012
Consolidation Coal Co
1158 Provincial Paper Mills Co
Profit and loss_ _ 3,410,865
885
2,855,640
Consol. Gas & Elec. Lt. & Pow. Co-1062 Punta Alegre Sugar
Co
979
Deere & Co
882, 969 Quaker Oats Co
Total
123,896,475 120,715,311
885, 971
Total
123,896,475 120,715,311
Diamond Match Co
1168 Railway Steel Spring Co
978, 1057 -V. 108, p. 1166.
Donner Steel Co
1063 Remington Typewriter Co
1158
East Bay Water Co
1062 Republic Iron & Steel Co
1054
Electric Storage Battery Co
Philadelphia Rapid Transit Company.
1168 Republic Rubber Corp
1157
Empire Steel & Iron Co
882 Riordon Pulp & Paper Co
1065
(Annual Report-For Fiscal Year Ending Dec.31 1918.)
E.I. du Pont de Nemours & Co.968,1054 Savage Arms Corp
967,
982
Federal Mining Sc Smelting Co
1168 Shattuck-Arizona Copper Co
Chairman T. E. Mitten March 13 wrote in substance:
1065
Fisk Rubber Co
1058 Sloss-Sheffield Steel & Iron Co
1055
New Fiscal Year.-Our fiscal year has been changed to the calendar year.
Ft. Worh Power & Light Co
882 Southern Calif. Edison Co.._ _1065, 1157
Res-Wis.-Gross earnings have been abnormal, due to war-time activities,
Galena-.Ignal 011 Co
1168 Southwestern Power & Light Co__ _1170
and show an increase of $1,977,501, or 6.65%. Operating expenses
General Amer. Tank Car Corp
882 Sperry Flour Co
have
885
General Baking Co
882. 1057 Standard Oil Co. of California_ _978, 1162 been excessively high, due to the enormously increased cost of both labor
General Cigar Stores Co
882, 1058 Standard 011 Co.of Indiana__ _1065,1171 and material, and represent an increase of $3,252,033, or 19%. Fixed
charges
show
a
net
General Motors Corp
increase
$54,336,
of
caused mainly by payment of inter882 Standard Oil Co. of Kentucky
885 est on passenger cars secured by lease from
General Railway Signal Co
U. S. Government. The surplus
1168 Stern Bros
1171 for the year, due to excessively high
Gera Mills Co
costs of operation, was but $1,534,816,
1063 Stollwerck Chocolate Co
885 as against $2,863,685 for the preceding
Gossard Co
fiscal year. Two dividends were
1063 Studebaker Corporation
1160
declared, Nos. 4 and 5, 23. % each, calling in the aggregate for
GranbyCons.Min.,Smelt.&Pow.Co.1168 Submarine Boat
$1,499,290.
Corporation
1171
City Rapid Transit Contract.-The city's plan for operation of
Greene Cananea Copper Co
1063 Superior Steel Corp
city-built
873, 887 subway and elevated lines was
Gulf Oil Corp
accepted by the company, in accordance
1168 Swift & Co
885
Hale & Kilburn Co
1168 Taylor-Wharton Iron & St. Co.978, 1171 with the vote of the stockholders Feb. 8 1918. The proposed contract for
joint
operation
of
city
Hartman Corp
and
company
lines
Was
977,1162 Texas Co
1171 although it changed the position of the P. R. accepted by the company,
Helme Co
T. stockholder from being an
970 Tonopah Mining Co
978 operator of the property to that of an investor
Hercules Powder Co
1055 Union Natural Gas Corp
with an assured return of
886 5% per annum upon the paid-in capital
Hood Rubber Co
stock. The contract for joint
1168 United Drug Co
886,
976,
984
operation
having been now disapproved by the P. S. Commission, this
Illinois Pipe Line Co
883 United Gas Improvement Co
886 management will in due course make representa
Imperial Tobacco Co. of Great Brit_1163 United Paperboard Co
tions to the city, urging
1065 that the interests of all require co-operati
Indian Refining Co
ve effort to meet the demands
1063 United Profit Sharing Corp
1171
International Silver Co
1058 U.S. Cast Iron,Pipe & Foundry Co_1161 of the near future.
Frankford Elevated, &c.-The elevated to Frankford now under construcInterstate Electric Corp
883 United States Worsted Co
1058 tion is really an extension of this company's
Intertype Corp
Market St. El. and must, at
883 Welsbach Co
1171 the outset, depend upon the Market St. Sub. for
Jewel Tea Co
its terminal stations in
970 Western Electric Co
1171 the delivery district. It is now stated that this extension
Kansas Gas & Electric Co
will not be ready
883 Wheeling Steel & Iron Co
886
for
operation
before the summer of 1920. The passengers to be carried will
Kelly-Springfield Tire Co
970 Wilson & Co
1055 be largely drawn from the paralleling surface street
Kelsey Wheel Co., Inc
cars which it has been
1168 Worthington Pump & Mach. Corp _1160 estimated
will
suffer
a
net
lass,
withdrawi
Kresge Co
after
ng all possible street-car
876 Yale & Towne Manufacturing Co.._1054 service,
of not less than $650,000 per annum. The financing
Canadian Pacific Railway Co.
(Report for the Fiscal Year ending Dec. 31 1918.)
The remarks of President E. W. Beatty, along with income account and numerous other tables, will be found on
a subsequent page. A comparative income account was
published in V. 108, p. 1157.
BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
1917.
$
Liabilities$
$
Property invest.542,656,975 538,510,563 Ordinary stock-2
60,000,000
260,000,00
0
Ocean&coast.SS. 27,509,420 26,810,547 4% pref'nce
80,681,921 80,681,921
Acquired securs.123,195,564 123,126,926 4% consol. stk.
deAdv. to control.
benture stock 216,284,882 216,284,882
property, &c. 6,660,747
6,747,259 Mtge. bonds_
3,650,000
Def. payments_ 60,704,530 55,826,199 Note cert. 6% __ __ 3,650,000
52,000,000 52,000,000
Imp. & Domin.
Aud. vouchers__ 9,188,178
5,381,664
Govt. secure_ 30,682,057 33,366,509 Pay-rolls
5,216,538
5,064,659
Prov.&mun.sec. 2,031,721
2,031,721 Misc. accts. pay. 8,960,573 8,821,809
Deb.stk. loaned 40,000,000 40,000,000 Accruals
539,283
535,025
Miscell. invest- 26,897,558 25,465,453 Equip. oblig'ns_
8,930,000 10,030,000
Lands Sc prop.
Fire & marine
assets
105,109,626 112,373,924 insur. fund_
1,483,810
Cash
13,482,364 10,586,734 Equip. replace't 3,959,932
4,051,021
Mat'ls & suppl's 22,135,952 17,902,956 SS. replacement 18,649,396
5,033,171
Agents and conRes.for conting.
ductors' baLs_ 4,040,563 2,642,247 &cont.war tax.21,929,788
22,659,909
Traffic balances
442,992
335,440 Prem. on ord'y
Accts. due for
stock sold_ _ _ _ 45,000,000 45,000,000
transportat'n. 3,797,887
4,344,300 Lands&townsites 84,079,685 76,487,298
Misc. accts. rec. 6,377,139
6,579,313 Our. rev. from
Cash
39,548,417 31,424,894 operations _127,275,370 127,275,370
Spec.res.for tax_ 2,203,621
Surplus
106,724,348 113,634,444
Total
1,055,273,514 1038 074 983 Total
1,055,273,514 1038 074 983
-V. 108, p. 1157.
Assets-
$
Public Service Corporation of New Jersey.
(10th Annual Report-Year ending Dec. 31 1918.)
The remarks of President Thomas N. McCarter will ho
found at length on subsequent pages, together with the
income account of the company and balance sheets of the
company and its subsidiaries, and numerous interesting
statistical tables covering a number of years. A map showing the lines of the system will be found in the "Electric
Railway" Section of Mar. 29 1919.
the Frankford El. was accomplished by the issuance of city bonds withof
sinking fund
and interest added annually to construction costs until building
is completed and for one year thereafter. The delayed operation is now,
therefore, pyramiding costs in a way quite detrimental to a low rate
of fare.
There is no expressed hope that any of the city's projected subway
lines
will be ready for operation for some years to come and no great amount
of
construction work has thus far beon accomplished.
Terminal facilities are the prime requisite of the
situation. The
city's plans will not provide adequate relief in thispresent
regard for many years
to come.
The city's plans and method of procedure have so limited the credit of
the company as to make any adequate development impossible
under the
circumstances. The needs of the coming year may be possibly
met by
use of surface cars leased from the Government, the diversion
of surface
car traffic to the Market St. El. and the greater use of car capacity
the
skip-stop system. The Frankford El. serves but a small per cent by
of the
people. The present system is now carrying an average of
2,240,000
passengers per day, an increase of 300,000 passengers per day over
last year.
It is apparent that, unless additional provision is made, Philadelph
business activities must, within a short time, be seriously interfered ia's
with
for lack of adequate transit facilities.
The P. R. T. stockholders completed the payment of their subscripti
ons
on the strength of the 1907 agreement under which they
were led to believe
that 67
° per annum was to them assured. The return paid
upon
their
money does not thus far equal 1% per annum from the time when It was
actually paid in. The advance in labor and material
has so increased
physical values as to make it quite doubtful whether the property
now here
used could be reproduced for a total sum upon which a fair return would
be
less than the amount required by P. R. T. to meet its fixed
charges
and
pay a return to its stockholders.
[For the eight-year record of present management-1910-1918-as given
in report, see V. 108, D. 872.1
INCOME ACCOUNT.
-Calendar Years- -June 30 Years
1918.
1917.
1917-18.
1916-17.
Passenger earnings
$30,568,788 $28,621,183 $29,318,138 $27,504,041
Other receipts
1,135,640
1,105,744
1,125,813 • 1,049,574
Total
$31,704,428 $29,726,927 $30,443,951 $28,553,614
ExpensesMaintenance
$4,755,664 $4,459,039 $3,544,220 $2,712,121
Reserve for renewals_
1,022,372
1,570,921
Oper. of power plants
2,719,097
2,061,904
2,576,845
1,694,151
Operation of cars
8,951,881
7,494,130
7,843,021
7,129,739
General
2,071,744
1,529,197
1,750,668
1,498,826
Taxes
1,871,186
1,573,269
1,845,455
1,398,413
Total expenses
$20,369,571 $17,117,539 $18,582,581 $16,004,171
Net earnings
$11,334,856 $12,609,388 $11,861,370 $12,549,443
Interest
$2,314,649 $2,260,310 $2,268,492 $2,280,180
Rentals
7,365,391
7,365,393
7,365,891
7,365,393
Sink, fund city contract
120,000
120,000
120,000
120,000
Dividends (5%)
1,499,290
1,409,290
1,499,583
1,499,278'.
Total
$11,299,330 $11,244,993 $11,253,966 $11,264,852
Balance, surplus
$35,520 $1,364,395
3607,404 $1,284,591
1267
THE CHRONICLE
MAR. 29 1919.]
BALANCE SHEET.
Dec. 31 '18. June 30 '18. June 30 '17.
$
$
$
AssetsLeases, franchises, construe., equip., 48,768,607 113,478,757 113,096,798
adv. to leased lines, sink.fund, &c.
2,350,000
750,000 x2,132,000
Securities in treasury
3,386,460
1,933,326
1,435,423
Cash
2,525,000
2,625,000
y1,127,321
Reserve fund for renewals
789,679
Fire insurance fund
Supplies, material, prepaid items and 3,118,808
1,602,636
3,247,804
accounts receivable
1,973,593
Deferred assets
57,963,432 123,416,887 122,960,893
Total
Liabilities29,991,660 29,991,660 29,991,585
Capital stock paid in
,000 80,225,475 81,092,475
Bonds, mortgages, ground rents, &c_a16,946
1,343,301
2,018,219
677,997
Accts. pay'le, pay-roll, accr. taxes,&c. z3,657,219
2,477,729
2,477,729
&c
charges,
fixed
Accrued
1,073,673
,
,
880,265
Accident reserves
2,525,215
2,627,548
1,126,802
Renewal reserve
111,015
139,889
201,369
Other reserves
4,345,900
4,482,120 4,884,078
Surplus
/ 122,9-60,893
123,416,88
57,963,432
Total
T. 5% bonds of 1912,
x Securities in treasury in 1918 include P. R.
representing $909,$1,382,000, and certificates of participation, $750,000,
1912.
of
bonds
000 P. R. T.5%
and
$333,000.
securities
$794,321
y Reserve fund for renewals incl. cash
z Includes in 1918 Federal taxes.
5 of
$57,050,42
the
include
not
does
1918
in
a This item of funded debt
shown below. This rebonds and mortgages of underlying companies
in the
ing
reduction
correspond
a
required
which
liabilities,
statement of
ed by the City Comptroller,
leased lines asset account, was recommend
guaranty of interest or principal of
It having been determined that thenot
a present liability of
constitute
does
debt
funded
leased company
change has also been approved as being in
P. R. T. Ce. as lessee. This specifically
prescribed by the P.S. Comm
conformity with the accounts
ING COS. DEC. 31 1918.
$57,050,425 FUNDED DEBT OF UNDERLY
the guaranty of interest or
(Now excluded from balance sheet because
principal does not constitute a present liability.)
Co. & Class of Security.
Amount.
Gillette Safety Razor Co.
(Annual Report for the Fiscal Year ending Dec. 31 1918.)
On subsequent pages will be found the report of the
President, J. E. Aldred, with balance sheet and other data.
Early in the year 1918 the United States Government
decided to include a razor in the kit of each soldier. The
Gillette Company came in for a large share of this new business, with the result that its sales of razors during the year,
including its subsidiaries in England, France and Canada,
ran up to 4,580,987, an increase of 318% over 1917. Its
shipments to the U. S. military and naval forces amounted to
3,479,472 razors and 3,002,355 dozens of extra blades.
At the same time the company's ordinary sales increased
45% over 1917 in razors and 11% for extra blades.
CO.'S NET EARNINGS WITHOUT RESERVE FOR TAXES-SALES.
Canada.1
-The sales include the sales of subsidiaries in England, France and
Total Sales (incl. Sub. Cos.) Company's
Net Earns.
No. Razors. Doz. Blades.
$5,252,136
12,895,618
4,580,987
1918
4,603,782
9,619,030
1,094,182
1917
3,192,832
1916
2,427,174
5,928,117
451,861
1915
1,673,436
4,414,153
350,765
1914
1,372,273
3,448,021
397,504
1913
1,155,669
2,869,576
405,292
1912
933,629
2,970,056
444,294
1911
31.
ER
-DECEMB
SHEET
BALANCE
1917.
1918.
1917.
1918.
$
Amount.
Co. de Class of Security.
Phila. Pass. fly. 3s_. $246,000
Union Trac.4% Coll. M.bds-$1,270,000 West
750,000
do 5.8
Electric & Peoples Trac. 4%
29,731,114
stock trust certificates
Peoples Passenger fly. 4%
5,529,000
stock trust certificates
500,000
Union Pass. fly. 1st M.4s_ _ _
250,000
4s
M
2d
do
10,000,000
Market St. 1st M.48
82,000
do 5% Equip."A"
Phlia..St Will. Or. St. fly. 4 M s 1,000,000
Darby & Yeadon St. fly. 4 M s 200,000
219,000
Peoples Pass. fly. 4s
285,000
do 2d M 4s
246,000
do Consol. 4s
100,000
48
RR.
Darby
&
Phila.
200,000
Phila. City Pass. fly. 4s
100,000
do debenture 5s
200,000
Empire Pass.fly. 3)is
280,000
Continental Pass. fly. 4s
100,000
17th & 19th Sta. Pass. fly. 5s_
400,000
.
Ss
fly.
Pass.
fits.
15th
&
13th
36,000
do 3345
Catherine & Bainbridge SW.
150,000
Pass fly. 1st M 5s
132,100
Frankford & Southwark 4s
180,000
do 3348
Had. Mant. & Fmt. Pass. 5s_ 1,050,500
199,500
do 334s
500,000
Doylestown & W.Gr. 4s
991,000
Darby Media & Chester 4 M s_
Real Estate Mtge.& Or. Rents 2,154,211
AssetsReal est. & bidgs.
(after depreo'n)_ 1,720,424
Mach'ry & tolls__ 1,848,386
12,002,307
Patents
1,580,810
Cash
Accts. receivable_ 1,290,054
3,377,552
Inventories
Investments (sub.
84,418,130
cos., dm.)
35,736
Deferred charges_
Total
$
1,380,502
1,959,812
12,002,307
1,672,475
2,102,496
1,941,589
$
Liabilities15,934,500 15,200,000
Capital
Accounts payable_ 1,712,238 1,233,536
120,000
66,590
Notes int. payable
5,265,509 6,000,000
Notes
Employees' stock
122,041
fund
838,658
3,294,571
Surplus
2,294,912
160,142
26,273,398 23,514,235
Total
26,273,398 23,514,235
convertible
x Including $1,936,000 of the company's Five-Year 6%
gold notes.-V. 108, p. 687.
-V. 108, p. 1165.
Shawinigan Water & Power Co.
(21st Annual Report-Year'ended Dec. 31 1918.)
The remarks of President J. E. Aldred, together with the
profit and loss account for the year 1918 and the balance
sheet of Dec. 31 last, will be found on a subsequent page.
INCOME ACCOUNT FOR CALENDAR YEARS.
1915.
1916.
1917.
1918.
81,920.143
Gross earns., all sources. $3,621,074 $2,902,210 $2,325,873
225.038
.427,928
752,842
1,286,021
nt.
n.exp.&mai
Op.exp.,ge
1915.
1916.
1917.
*2,335,053 $2,149,368 $1,897,945 81,695,105
1918.
earnings
Net
68,545,481 66,104,431
DeductRevenue passengers.. _ _ _ 80,179,210 66,044,230
*250,000
$250,000
$250,000
2.3,002,522 19,617,337 21,489,744 20,378,525 Int.on consol. M.bonds $250,000
Free transfers
246.437
246,437
$5,539,465 $5,191,627 Int. on debenture stock_
246,437
$5,492,359
246,432
$7,035,500
earnings
Gross
29,636
*3,009,072
47,771
*3,280,486
202,066
*3,791,264
328,527
Interest, general, &c....
Expenses and taxes_ _ _ _ 5,082,516
787,131
989,006
1,050,000
1,077,528
(7%)
$2,182,555
$2,258,979
Dividends
$1,701,095
$1,952,954
Net earnings
22,328
27,510
37,203
41,749
Other income
Total deductions_ - $1,902.487 $1.748,504 $1,533,215 $1,313,204
$381,901
$1,994,703 $1,738,298 $2,286,489 82,204,883 Balance,surplus
$364,730
$400,864
$432,566
Total income
39,473
26,691
*1,320,591 $1,224,150 81,194,035 $1,187,997 Previous surplus
44,280
30,144
Fixed charges
425.000
425,000
425,000
425,000
Div,on pref. stock(5%)
00
(7%)455,0
(7
%)455.000
%)422,500
$421,374
$391,421
$445,144
(5%)325,000(6
$462.710
Div. on corn. stock_
Total
$100,000
$100,000
$136,886 Depreciation reserve.. _ _ 3100,000
$100,000
$212,454
def.$75,888 adef.$33,352
Surplus
279,683
232,141
250.000
250,000
Reserve and sink. fund_
50,000
in accordance with Inter-State Reserve for taxes
75,000
* Includes depreciation of equipment accounts.
15,000
15,000
15,000
of
20,000
on
Other reserves
Commerce Commission classificati
to a 51-days strike on the coma The deficit in 1917 was due principallyand
$26,691
in
the
$44,280
operating
increase
to
$30,144
1917
$17,710
April
31.
Dec.
and
surplus
March
Total
during
s
pany lines
costs.-V. 107, p. 2189.
BALANCE SHEET DEC.31.
1917.
1918.
1917.
1918.
$
Liabilitiesries.
Subsidia
and
*
$
Co.
AssetsSteel
nna
Lackawa
15,000,000
_16,342,500
_
stock.
Capital
&
prop.
Real est.,
bonds 4,313,000 4,382,500
Washington Ry. & Electric Co., Washington, D. C.
(Statement for Fiscal Year Ending Dec. 31 1918.)
(Report for Fiscal Year ending Dec. 31 1918.)
The report will be cited fully another week.
INCL.SUBSIDIARY cos.
CONSOL.RESULTSFOR CALENDAR YEARS.
1916.
1915.
1917.
1918.
1 $53,970,836 827,792,935
877,446,24
Gross sales & earnings...483,438,135
leess-Mfg.eostSzop.exp. 58,190,318 46,650,979 36,865,430 21,061,731
2 $17,105,406 $ 6,731,204
Net from mfg.& oper.825,247,817 $30,795,26
344,622
663,324
858,190
980,892
Add-Divs.on inv., Ste_
$26,228,709 $31,653,452 $17,768,730 87,075,826
Total income
1,098,357
1,819,535
1.677,872
&c._
2,809,804
Selling exp., taxes,
$23,418,905 829,833,917 $16,090,858 $5,977,469
Net earnings
DeductionsExting. of mines & min412,603
313,115
368,730
255,549
ing investments
1,789,059
1,653,847
1,210,528
Deprec. & accr. renew.... 2,767,843
excess
Federal
for
Res've
10,950,000 10,040,000
profits taxes
Int. Lack. Steel bonds,
1,285,357
1,633,283
1,445,194
923,559
&c
,
debentures
191,379
303,317
309,900
173,600
Int. bds.,&c.,of sub.cos_
8,543
101,536
101,536
Rentals and royalties_.
Div. on corn. stock (834 %)2,983,288(9)3,158,777(9)3.152,338
87
Div. on pref. stock
8 $7,024,961 $3,568,449
Total deductions___818,053,839 $16,885,719
$5,365,066 $12,948,19 $9,065.897 32.409,020
Balance, surplus
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUBSID. COS.).
1918.
1917.
1917.
1918.
Liabilities$
$
Assetsstock_
Common
35,0117,500
35,47,500
Cost of real est.,
stock
cos.
plants, &e.._.. 61,849,028 72,673,365 Sub. owned_ __
not
3,887
3,887
Invest'ts In ore
0,220,268 1st M.58 conv.g. 11,530,000 11,750,000
companies,&a. 4,778,701
1st consol. mtge.
Liberty bonds6,902,500
2,535,400 series A 5s- __ 6,902,000
For company. 3,564,150
3,646,000
858,200 Sub. cos. bonds_ 3,440,000
For employees 1,350,566
930,000
1,054,000
449,827 Car trust ctfs...
194,340
Deferred charges
Current acc'ts_ 7,141,191
6,231,144
Bond sink'g,&c.,
37,018
208,886
1,334,440 Bills payable_._
504,493
fund, cash....
292,243
933,590
Inventories ____ 18,527,144 16,964,594 Taxes & intaccr.
Res'y'd for Fed.
Misc. accounts
589,420 inc. & excess
826,720
receivable __
profits taxes_ 11,729,254 10,040,000
Customers' ace's
(less reserve) _ 9,791,215 10,735,774 Mines exting. &
4,338,366
295,694 mining invest.
289,248
Notes receivable
Deprec'n &reCash in bank &
9,056,215
4,339,756 place't funds_
5,458,029
on hand
625,709
248,898
Cont.&miso.fds.
Marketable sec.
362,531 Prof. & loss acct. 33,777,280 28,284,025
4,802,791
at cost
Total
111,936,485 117,359,268
Total
111,936,485 117,359,268
Note.-Preferred stock authorized as of Dec. 311918. $10,000,000, none
of which Is outstanding.-V. 108, IL 883.
power develop1.13,325,303 13,178,984 5% cons. M.
3,973,744 3,724,249 434% deb.stock__ 5,476,261
Machinery
Transmission lines. 3,667,607 3,385,803 2-year 5% notes
2-year 6% notes__ 3,582,900
Securities of sub955,213
sidiary, &a.,cos.10,468,630 11.077,833 Bills & accts. pay__
410,593
Bond int.& div.._
Loose plant and
256,276 Coating., &c.,fds. 101,720
435,870
equipment
2,968,247
fd.
sink.
&
Res've
bills
Accounts and
2,891,544 2,857.978 Deprec &c.,fund 800,000
receivable
25,000
289,339 Empl. pension fel_
304.848
Cash in bank, &c_
50,735 Res.for income tax • 125,000
50,598
Prepaid charges
17,710
Profit & loss sect_
34,821,195
Total
5,476,261
2,500,000
3,000,000
544,214
387,500
68,370
2,662,206
700,000
20,000
50,000
30,144
35,118,144 34,821,195
35,118,144
Compare map, page 184 of the "Railway & Industrial" Section.
V. 108, p. 386.
Total
Western Union Telegraph Co.
(Report for Fiscal Year ending Dec. 31 1918.)
The remarks of President Newcomb Carlton will be found
at length on subsequent pages, also the income account for
the calendar year 1918 and balance sheet as of Dec. 31 1918.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1915.
1916.
1917.
1918.
$76,995,511 *61,919.140 $51,171,795
Gross oper. rev, for year
411
do for 7 months_ _ _a$54,288,
reserved for deprec'n,
rent for lease of plants,
a46,604,926 62.783,006 48.727,921 40,972,541
taxes, &c.)
5 814,212,505 $13,191,219 $10,199,254
a$7,678,48
Balance
Due from U.S. Govt.for
5 mos. compensation_ b3,327,113 1,484,712
1,303,926
1,702,460
Inc.from loans & invest. 1,391,129
$12,396,726 $15,697,216 $14,893,679 $11,503,180
Not income
Disbursementsc$776,913 31.331,850 $1,331,850 $1.335,588
Bond interest
1,166,424
Special paym't to empl_
Transferred to reserves1,000,000
1,900,000
Accrued depreciation.. 1,000,000
750,000
152,816
Deprec'n of securities
(7%)6,982,381 (7)6.982,298(6)5,984,567 (5)4,986,364
Cash dividends
214,033
Adjustments (net)
39.482,841 36.321,953
Total disbursements_ $9,126,143 $10,964,147 *5,410,838
85,181,227
33,270,583 34.733,069
Balance,surplus
ended July 31 1918 and
months
for
seven
System
Line
Land
the
From
a
for the calendar year. See
from the Cable System and Maritime Provinces
from the U. S. Govern"b." b This is the compensation due the company
1 1918 to Dec. 31 1918.
Aug.
from
Lines
Land
the
of
use
the
ment for
c Seven months to Aug. 1 1918.
1268
THE CHRONICLE
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
AssetsLiabilities-$
aTeleg.lines and
Capital stock__ 99,786,727
equip't, real
Sub. stocks not
estate, &c_161,587,143 151,988,083 owned (par)Amount recoverPerpet. leases 1,350,825
able at expiraStk.ownership
tion of lease__ 1,180,000 1,180,000 Fund debt("Ry. 431,550
Stock of cos.
& Ind. Sec.") b31,994,000
leased (not inNotes and accts.
cluding secure
payable
2,552,800
held as lessee) 6,010,616 6,029,981 Notes payable e7,947,200
Stock of cos. not
Awl vouch.,&c.,
leased
6,182,860 6,193,688
accts. pay
4,393,937
Sinking fund_ _ _
368,050
327,433 Def. account_ __
Mat'l & supplies 1,545,938 3,522,183 Accr. taxes (est.) h3,402,270
4,057,619
Bills&accts.rec.
Int.& guar.divs.
(less reserve). 5,332,931 13,561,005 accrued
225,640
Oblig. of U. S.
Unpd.divs.(inci.
Gov't
7,947,200
Jan. 15)
1,765,962
do under agree't f 3,506,955
Deferred nonCash adv. to U.
it.-bearing
S. Gov't
2,467,172
liabilities_c __ 12,948,357
Due from U. S.
Res've for cables 6,457,080
Gov't
g5,707,765
Res.for deprec.,
Cash at banks &
&c.,land lines 7,048,586
outside deposEmployees' benitories and in
efit fund
1,000,000
transit
312,096 5,635,124 Depr'n of secur_
801,506
Marketable seSurplus
32,518,994
curs. (at cost) 16,594,326 15,869,654
1917.
$
99,786,727
1,351,325
431,550
31,994,000
7,683,490
3,745,637
225,805
2,514,975
12,931,086
5,643,408
7,000,738
1,000,000
750,000
29,248,410
Total
218,743,053 204,307,150 Total
218,743,053 204,307,150
a Includes properties controlled by stock ownership or held under perpetual leases and merged in the Western Union system. b Funded debt
includes bonds of sub. cos. assumed or guaranteed by the W. U. Tel.
Co.,
$6,500,000 less held in treasury, $3,143,000. c Deferred non-interest
bearing liabilities in respect of proceeds of sales of securities and other properties held under,leases for terms expiring in 1981 and 2010 from cos. in
which the W. U. Tel. Co. has, for the most
a controlling interest,
payable only on the termination of the leases. part,
e Obligation of U. S. Govt.
in respect to note payable. Since July 31 1918
company has made
notes amounting to *37,947,200 as shown above,the
to finance the Federal
Administration and against which the company pledged
securities. Section
7 (a) of the agreement with the U. S. Govt. requires tho
Government to
assume all such notes and return the collateral. f For
compensation,
Interest and accrued fixed charges. g In respect to working
and matorials and supplies, turned over at Aug. 1 1918; returnable cash
at termination
of Federal control, without interest. h Payable to U. S. Government
for
additions to plant, payable in twenty annual installments, with interest
at 5%, after termination of Federal control.-V. 108, p. 689.
Case Threshing Machine Co., Racine, Wis.
(Report for Fiscal Year ending Dec. 31 1918.)
The report of President Warren J. Davis is cited at length
on subsequent pages of to-day's "Chronicle," together with
the income account for the year 1918 and the balance sheet
of Dec. 31.
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
1918.
1917.
1916.
1915.
Gross sales
$25,162,770 $17,657,754 $13,047,257 $14,058,632
a Profit from sale of product
$5,092,024 $3.775,922 $2,385,110 $2,889,282
Bond, &c., interest _ b
$572.621
$726,540
$737,389
$9.)',,457
Res.for conting.losses,Src
6.,000
cPrem.on $...,532,000bds
purch. & canc'd, &c_
225,032
143,315
War losses in foreign
countries
807,076
274,294
Deprec'n on plant, &c
555,519
Amort. of plant expense
251,727
Reduc.in invent. value_
376.811 •
Prov. for Federal taxes_
850,000
275,000
Preferred divs. (I%)___
850,500
850,500
850,500
850,500
Total deductions ____ $4,489,288 $2,269,649 $1,58/,889 $1,807,957
Balance,surplus
$1,502,736 $1,506,273
$797,221 41,081.325
a The profit from sale of manufacturing product and income from other
sources as above Is shown after deducting all operating expenses,
ordinary
losses, but before deducting interest charges, bond discount
applicable to
the year, provision for depreciation on plant, and other charges.
b Includes proportion of bond discount applicable to the year.
c Includes deferred discount cnarge applicable to such
bonds.
BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
1917.
Assetsg
$
I LiabilitiesReal est.,plants,&c. 9,651,986 10,783,516 Pref. stock (auth.,
Pat'ts, designs,&c. 1,037,950 1,037,399 $20,000,000) _ _12,150,000 12,150,000
Inventories
16,050,092 12,814,180 Corn.stock (auth.,
Notes receivable_ ...5,501,096 8,512,455 $20,000,000)
_ __ 8,300,000 8,300,000
Acq'ts receivable
618,165 1,121,17'3 1st M.6% bonds-x3,206,000 6,012,000
Cash
763,409 1,492.167 Bills payable
1,785,000 2,225,000
Prop. held for sale. 138,955
182,704 Audited vouchers_ 1,177,393 1,087,617
y Investments_ _ _ _ 388,622
519,637 Accounts payable
U. S. Liberty and
(dealers, &c.)
249,049
244,825
Can.Vict. bonds 872,909
263,969 Accrued int., &c
498,016
580,245
Due from property
Prov. for Fed. inc.
sold
140,000
175,000 & exc. prof taxes 850,000
275,000
Funds accum.8c reRes've for loss,&c.
2,300,000
tained in Europe 1,251,968 1,759,997 Other reserves,&c. 2,300,000
1,298,117
9,037
Bond discount,&c.
97,621
316,377 Profit and loss_- 6,260,728 4,757,992
Prepaid int., &c
269,450
252,220
Total
36,785,223 39,230,796 Total
36,785,223 39,230,796
* Includes notes of a face value of $5,015,000 pledged as collateral
security to the 1st M.6% serial gold bonds
outstanding
on Dec. 31 1918.
x After deducting $8,794,000 bonds redeemed and canceled.
y Investment in and advances to Compagnie Case de France,
S. A
-V. 108, p. 1167.
Montana Power Co.
(Report for the Fiscal Year ending Dec. 31 1918.)
The text of the report, together with a comparative balance sheet, will be cited in a subsequent issue.
COMBINED EARNINGS & STATISTICS FOR FISCAL YEARS.
Statistics1918.
1917.
1916.
1915.
Total rated generating
capacity (k. w.)
212,340
172,450
150,000
120,000
Tot.k.w. hrs. gener'd_ A.108,125,350 947,732,014
867,940,326 488,517,672
ResultsGross earnings
$7,558,741 $6,905,256 $6,219,148 $4,231,223
Int. rec'd from banks,&c.
9,367
1,923
17,034
53,400
Divs. on investments_
41,760
5,185
8,723
74,785
Total gross earnings.. _ $7,609,868 $6,912,364 $6,244,905
$4,359,408
Oper. expenses & taxes_ 2,473,563
2,023,332
1,491,623
1,191,903
Net income
$5,136,305 $4,889,032 $4,753,282 $3,167,505
Interest charges
1,686,110
1,491,711
1,391,551
1,359.197
Balance over charges_ $3,450,195 $3.397,321 $3,361,731
$1,808,308
Miscellaneous
77,486 Cr.$96,106 Cr.$71,816 0'3170,035
Depreciation
400,000
350,000
350,000
300.000
Pref. dividends (7%)..._
677,026
677,026
677,026
677,026
Common dividends_ __ _ *1,916,208 *1,654,958
*1,067,364
*604,283
Balance, surplus
3379,475
$1,339,157
$397,033
* In 1918, 0.1,%; in 1917, 6M%; In$811,443
1916, 4 1-12%; in 1915, 2%.
[Vol, 108.
CONSOLIDATED BALANCE SHEET DEC. 31.
Assets1918.
1917.
Property, being the value of the rights,franchises,
real estate, buildings, plant and equipment, 2-3
interest in Great Falls Townsite Co. and other
investments
$92,595,481 $91,807,108
Materials and supplies
479,990
503,207
Ir. S. Liberty Loan 4% bonds at par and W.S. S..
461,250
Accounts and notes receivable, $943,773; cash, 1,959,628
$1,489,597 (against $1,454,597)
2,371,559
Sinking fund deposits, $35,894; deferred charges, 2,433,370
$74,857
110,751
182,826
Discount on bonds sold
3,018,342 2,351,866
Total
$100,597,561 $97,677,815
LiabilitiesPref. stock-Auth., $25,000,000; unissued, $15,- ,
300,000, and $28,200 in treasury of Great Falls
Power Co.; with public
Common stock-Auth., $75,000,000: unissued, $9,671,800 $9,671,804
$25,366,700: in treasury of Great Falls Power
Co., $225,800; balance
x49,407,500 49,407,500
First & Ref. Mtge, Sinking Fund gold bonds
22,340,000 17,040,000
Mtge. bonds-Butte Elec. Se Power Co., $3,985,000; Montana Power & Transmission Co.,$523,000; Madison River Power Co., $2,109,000,
and Great Falls Power Co., $4,287,000
Bills payable-Banks, $815,000; Great Falls 10,904,000 11,270,000
Power Co. (due to G. F. Townsito Co.),
$50,000
865,000
3,790,000
Accounts payable, $870,110; accrued interest,
$666,228; total
1,536,338
1,258,606
Dividends payable Jan. 2 1917 and 1918
674,350
605,600
Reserves-Depreciation, $1,547,368; accident,
&c., $48,320
1,595,688
1,410,899
Surplus, Dec. 31
3,602,884
3,223,410
Total
$100,597,561 $97,677,815
x Consists of $40,407,500 common stock outstanding in the hands of
the public and $9,000,000 under voting trusts with dividends deferredV. 107, p. 2372.
Corn Products Refining Co., New York.
(Report for Fiscal Year ending Dec. 31 1918.)
Income Acc't Cal. Yrs.
1918.
1917.
1916.
1915.
Profits from oper
$24.282,303 $16,852,793 $7,900,188 $4,682,658
Int. on dep.,loans, &c.._
215,844
219,958
146,204
27,437
Int. & divs. on secur's
828,205
314,472
231,081
191,319
Rents real est. not in op_
2,602
1,837
4,038
4,961
Totalincome
$25,328,954 $17,389,061 $8.281,600 $4,906,375
Int. on bonded debt........ $201,187
$225,803
$255,608
$305,710
General taxes
195,997
131,363
222,792
111,071
Insurance
202,470
132,758
87,679
205,304
Preferred dividends__
2,087,885 6,313,361
3,131,825
1,491434s
Dividend rate
(21 1-6%)
(101.5'70
Depreciation
2,547
.14 2,050,676
807,044
Inc. & war exc. prof. tax 13,000,000 3,500,000
Repairs & replacem'ts_ _
612,230
601,414
Special & extra. losses.._
482,000
212,500
Total deductions.. _318,764,438 $12,353,962 $5,329,678 $3,229,352
Surplus
$6,564,516 $5,035,099 $2,951,922 $1,677,023
NATIONAL STARCH CO.-RESULTS FOR CALENDAR YEARS.
Calendar
Net
Other
Bond
Insur. c% Deprecia- Balance.
Years- Profits. Income. Interest.
Taxes.
Lion.
Surplus.
1918
$948,293 $13,938 $197.652 x$318,465 $250,304 $195,810
1917
533,112
12,606 227,727
59,447
250,317
8,227
1916
544,106
11,090 243,933
43,282 261,396
6,585
x Includes $250,000 reserved for income and excess profits tax.
The National Starch Co. has outstanding in the hands of the public
only $16,200 pref. and $99,300 common stock, the balance owned
by the
Corn Products Refining Co. Of its $5,168,000 debenture (guaranteed
).
only $825,000 on Dec. 31 1918 were in hands of public. 5sOn that date
the company itself held $1,365,000 of the issue for redemption (against
$770,000 on Dec. 31 1917). while the Corn Products Refg. Co. held an
amount that had cost it $2,833,969 (against $2,824,029 on Dec. 31 1917),
acquired by purchase or exchange.
CORN PRODUCTS REFINING CO.-GENERAL BAL. SHEET DEC. 31.
1918.
1917.
1918.
1917.
Assets$
$
Liabilities8
8
Real est., bidgs.,
Pref. stk. outst_ 29,826,933 29,826,867
mach., &c_ _ _ 80,628,167 79,976,617 Corn. stk. outst. 49,777,333 49,777,33$
Misc. securities. b6,866,433 4,436,116 1st M. 5% gold
Furniture,. &c__
57,160
31,687
bonds
x5,065,000 5,187,000
Bonds acq'd by
25-year 5% deb.
pur. & exch- c6,241,849 4,847,429
bonds
734,000
848,000
Cash
2,212,332 1,071,868 N.Y.Oluc.lst 6s.
817,920
908,800
Demand loans
4,800,000
Nat.Starch deb. (See note above.)
Accr. band,&c.,
Vouchers pay'le. 2,746,292 1,419,649
interest
295,722
161,160 Acc'ts payable_
303,291
227,064
Notes&accts.rec 12,855,423 11,710,400 Accr.int.on bds_
64,683
46,655
Due from affiliaDividend pay'le
521,972
521,971
ted cos
3,871,609 3,511,863 Outst'g stock of
Mdse.& supplies 11,226,012 6,097,317
merged cos__
20,648
21,348
Prepaid expenses
13,005
30,725 Reserves
a14,798,884 4,932,682
Ins, prem. unexSurplus
24,905,864 18,341,348
Orel propor'n
108,593
53,692
Claims & unadjusted acc'ts_
406,515
126,741
5,116
Total
129,582,820 112,058,616
Total
129,582,820 112,058,616
a Reserves for 1918 include $50,000 for bad debts, $61,500 for general
State and corporate taxes, $211,736 for legal expenses
and accounts in
course of adjustment,$737,129 for war risks and contingencie
s and $13,738.519 reserve for income and war excess profits taxes.
b Including U. S. Liberty bonds and securities pledged under let M.
c Includes Corn Products Ref. Co. 1st M. 5s, $2,601,000,
and debenture
5s, $327,000; N. Y. Glucose Co. 1st M.6s, $479,880, and National
Starch
Co. debenture 5s (at cost), $2,833,969 (see x above and "Noto" below.)
x Includes "bonds acquired by purchase and exchange."
Note.-The total surplus Dec. 31 1918 was $24,905,864, including (a)
$8,580,298 represented by investments in stock of merged and
sub. cos.,
miscellaneous securities, &c. (b) $9.984,971 expended in acquiring
bonds
for redemption and in reduction of funded debt under sinking fund requirements (Corn Products Ref. Co. 1st M. 5s, $3,542,049, and debenture 5s,
$1,647,899); Granite City Mfg. Co. 1st 6s, $300,000; N. Y. Glucose Co.
1st 6s, $1,661.054, and National Starch Co. debenture 5s,
(d) $6,340,595 reserved for working capital.-V. 107, p. 1794.$2,833,969:
McCrory Stores Corporation, New York.
.(Report for Fiscal Year ending Dec. 311918.)
INCOME ACCOUNT FOR CALENDAR YEARS.
1018.
1917.
1916.
$9,607,251 $7,831,500 $6,787,117
6,617,225
5,397,876 4,634,713
Gross profits
$2,990,026 $2,433,633 $2,152,405
Exp., taxes, depr., interest, &c
2,642,912
2,111,886
1.730,256
Net income
$347,114
$321,747
$422,148
Preferred div. (7%)
84,740
86,807
87,500
Provision for retirement of stock__ _ _
a38,392
36,369
27,500
Balance, surplus
$123,132
$198,571
$307,148
a Provision for retirement of preferred stock less discount of
$5,608
on stock retired during 1918.
Sales
Cost of sales
MAR. 29 1919.1
THE CHRONICLE
1269
this,
a reasonable profit. Subsequently business gradually declined, and
BALANCE SHEET DECEMBER 31.
together with heavy stocks and open weather, rapidly developed a general
1917.
1918.
Liabilities1917.
1918.
31.
Dec.
in
Assetseffect
overupply
trade status of
McC.Realty Corp. *$446,560 $428,189 7% cutn. pref. stk.$1,178,900 $1,223,700
Production.-The total tonnage produced and handled for the year,
5,000,000
Impts., furn., &c.. 1,509,870 1,481,895 Common stock__ 5,000,000
exclusive of outside coal purchased and handled by the subsidiary com1,127,311
821,436
payable
Bills
1,915,410
2,424,812
supply.&
Mdse.
all districts, was 17,160,799 net tons, a decrease under 1917
602,602 panies and innet
36,078 Accounts payable. 1,001,450
46,081
Accounts receiv'le.
tons, or 6.69%, practically all in the Pittsburgh district.
101,506 of 1,230,484
50,000 Acct.int.,taxes,&c. 134,956
Liberty bonds.___ 121,886
net earnings for the year after all usual charges, but
-The
Earnings.
93,978
Res. for conting.
Surrender value in& excess profit taxes not yet determined, were $9,006,854.
income
to
subject
retirefor
74,449 Reserve
84,554
surance policies_
dividends, including the dividends payable Jan. 25
of
payment
After
66,000
ment of stock__ 110,000
725,681
433,123
account Dec. 31 1918 stood at $23,822,652.
Cash
691,358 1919, the undivided earnings
915,339
191,752 Surplus
Prepaid rents, &c.. 148,196
an increase of 33,398.924, subject to payment of Government taxes for
4,000,000 4,000,000
Good-will
1918 and adjustment of additional tax claims for 1917.
Working Capital.-The company owns $9,404,351 U. S. Government
$9,215,081 $8,906,455
Total
$9,215,081 $3,906,455
Total
securities viz.: Certificates of Indebt., 31,500,000; bonds of all issues and
War Savings Stamps, $7,904,351. •
* Includes McCrory Realty Corp. common stock, 3,170 shares(par $100).
Exclusive of and due to this investment and the dividends payable
in 1918, $342,720, and advances for the acquisition and improvement of Jan. 25 1919, the net working capital as of Dec. 31 1918 was $14,943,730,
real estate taken subject to mortgages of $35,000. in 1918 $103,840.- a decrease of 31,478,591, subject to tax payment adjustments as above
V. 108, P. 1169.
stated.
Deposit of Govt. Bands Relieves Company from Sinking Fund Payments.
There were outstanding Dec.31 $5,213,000 1st M.6% bonds of the MononCo.
&
Light
Railway
Electric
e
Milwauke
to magahela River Consol. Coal & Coke Co. which are not callable priortrustee,
turity, Oct. 1 1949. An arrangement has been made with the
(Report for Fiscal Year ended Dec. 311918.)
it of
terminable by either party on notice, under which on deposit with
(the interest being payable to the company
Pres. James D. Mortimer on Feb. 19 wrote in substance: $5,500,000 U. S. Govt. bonds
the
as
long
so
discontinued
were
payments
fund
of $987,402, or 12.4%, in the meantime) sinking
Results.-Operating revenues show an increase
increase was 3412,448, or 8.3%. interest on the bonds is paid. Such deposit also secured the release of
over 1917. In the railway department the
reinvestment
and
fund
sinking
in
the
securities
and
money
energy
In
The
or
$574,953,
$1.325,054.
19.1%.
In the electric and heating department
and the average re- fund as of Dec. 31 1917.
sold was 103,772,028 k. w. h., an increase of 11.84%,
issues were
with 2.91 cents.
Financial.-During the year $1,388,000 bonds of the several
ceipts per k. w. h. were 3.07 cents, compared
were issued for
inexpenses
operating
$987,402,
retired and canceled; real estate mortgages of $2,802,189
While operating revenues increased
chiefly to
issued,
were
payable
bills
higher property purchased and $1,546,560
creased $1,309,089, The cost of labor and material reached still
Govt. tax payacquire U. S. Govt. certificates of indebtedness for U.,S.
levels than in 1917.
conservative
the
transactions
these
all
for
allowed
Having
were maintained ment use.
The appropriations for maintenance and depreciation
estate, coal lands
to stabilize net earnings pending values at which our assets are carried, exclusive of real
at a subnormal level during 1918 in orderfor
increased rates.
and all improvements thereon, exceed all liabilities (other than capital
the relief on the pending applications
31,683,756.
of
1917
over
an
increase
or
by $8,268,592,
Gross income available for interest and dividends was $1,942,060, a stock)
Act of 1916
Valuation of Real Estate and Coal Lands.-The U. S. Revenue
decrease of 13%. Interest charges were increased because of the larger required
a valuation of real estate and coal lands should be made and the
amounts of bonds and notes outstanding. for additions, extensions and result
appraisers
disinterested
competent
Three
entered on the books.
Property Additions.-The expenditures
exclusive of all imchargeable to the railway, accordingly appraised our real estate and coal lands,
caused
betterments aggregated $984,454, viz.: $452,606
have
directors
the
t
report
appraisemen
such
on
Based
the
provements.
heating utility.
to
$515,542 to the electric utility and $16,306
carried upon
the value of the physical the value found by them in excess of the amount heretofore
Reproduction Cost of Physical Property.-If to of
to "coal lands and real estate" accharged
be
to
1914
of
$43.886,308
1
the
books
Jan.
Wisconsin
Commission
coal
property as fixed by the Railroad
Jan. 1 1914 to Dec. 31 count and credited to "surplus from revaluation of real estate andbooks
($2b,109,872) we add the capital expenditures from
lands" account. As of Dec. 31 1918 such asset is carried on the
$32,848,828.
1918, the aggregate reproduction cost becomes
of
.
the
at
of
issue
$2,000,000
$114,225,249
for
Financing.-In connection with the plan
Labor.-Labor disputes under Government supervision were practically
Wisconsin Edison Co.
0 notes, the company sold to the
Two-Year 77
bonds, subject to an option eliminated, and there was strict compliance with the miners' contract of
$3,000,000 of General and Refunding Mortgage
as
Oct. 1917.
were thereupon pledged
to repurchase at the sale price. Such bonds
Operations.-The number of mining plants in all regions, their use and
ar 7% notes. These
collateral security to an issue of $2,000,000 Two-Ye
bankers disposition, were: Working all or part of the year, 68; leased, 3; available
General connotes were dated May 15 1918 and were sold through investment
but idle, 2; consolidated with other workings, 1; total, 74.
(V. 106 p. 2229, 2345).
made possible only a 70% use
from the Milwaukee Light, Heat ditions of transportation and labor supply
maximum
this
of
Late in the year the company purchased
and
plants
mine
the
of
capacity
production
full
the
of
to
$4,500,contract
acquire)
& Traction Co.(whose property we are under
liquidation of advances made to only 78.73 o was realized during 1918. was put in operation and one is
000 General Mortgage bonds, in partial
plant
mining
new
lants.-One
Mining
company
your
as
collateral,
acquired
that company. Using these bonds so
At the close of the year these now under construction.
has issued $3,600,000 Five-Year 7% notes. The
raxes.-Taxes during the year for all companies, exclusive of Federal
proceeds will be used, in
notes were in process of sale to the public. additions
taxes amounted to $1,to plant and in part income and excess profit and Canadian war profit
part to pay our floating debt incurred for
002,400, and the outlook is for higher valuations and rates for the current
for future extensions (V. 108, P• 171)•
year.
Commission
Railroad
Wisconsin
the
hereRates.-By order of June 1 1918
Merger.-The company has taken over that portion of the business
tickets within the
and Is liquidating
ordered a discontinuance of the sale of commutation
therefor of a straight 5-cent tofore done through seven of its subsidiary companies
Milwaukee single faro area and the substitution partial
them.
in
the
relief
railway
cover 10.085 acres;
cash faro. This increase afforded the company
Purchases.-Additional purchases, chiefly coal lands,
cost of service and
on deferred payments to
department, but was not sufficient to pay the increased
by the Commission. On payment was made in part by cash and balance
provide a reasonable return upon the value fixed
fund.
reservation
the
of
out
met
be
&
Heat
Light,
certified that a greater
Aug. 19 1918 this company, together with the Milwaukee
Pref. Stock Fund.-The Chief Engineer havingthan
in revenues in addion Jan. 1 1916, no
Traction Co., filed a new petition asking for increases
on Dec. 31 1918
s order of June 1. Hearings unmined coal content remained
year. From tonnage depletion
the
during
tion to those provided for in the Commission'
retired
been
has
stock
pref.
Commission to Dec. 31.
of $33,923,657
credit
total
a
1918
31
Dec.
of
were had but no action had been taken by the
as
sales
property
wages resulted in a strike of credits and
Wages, &c.-Failure to receive increased on
been expended for other germane property and the
Jan. 1 1919. The men resulted; $3,273,710 hascarried
capital.
working
the
in
the transportation department employees
is
$619,948
of
balance
made with the Milmeet any trade
returned to work that evening under an agreement
Outlook.-Our company is as well prepared as any to
would agree to pay
conditions may develop, and with an active
waukee Association of Commerce whereby the company
time the Association expec- situation which the changing ment
a reasonable confidence can be
effected
increased wages during January, within which
re-establish
business
general
ted to have the Commission take definite action on the company's petitions held as to its ability to earn and pay dividends upon both classes of its
for increased rates. The agreement on the part of the company was ex- stocks thereafter. The surplus earnings for 1918 will provide such divishould those of 1919 to any extent
tended to March 15 1919.
rates on its electric dend payment through the current year
The Railroad Commission authorized increases inSept.
15 1918, greatly possibly fall to do so.
light and power and steam heating business effective
(INCL. SUBSIDIARIES).
YEARS
CALENDAR
increased operating costs. CONSOL. RESULTS FOR
assisting the company in counteracting the largely gave
-Pittsburgh Coal Co.- P.C.Co.,N.J.
to its employees the
By contract dated April 10 1918, the company
1916.
1917.
1918.
and
hours
working
Production (Tons 2,000 lbs.)right to bargain collectively in the matter of wages,
15,037,338 15,765,955 16,935,640
coal
conditions; agreed to adjust wages in approximate accordance with tho Pittsburgh district
1,202,920
1,293,289
1,300,589
coal
Hocking district
cost of living, &c.
471,184
785,555
735,356
year all business impressed Illinois district coal
Business en Milwaukee.-At the close of the
100.182
144.416
practically ceased. So long as Kentucky district coal
with Government use for war purposes had
$29,375,788
$50,025,017
$49,608,827
for
no
look
we
in
level,
reduction
Gross receipts
the cost of living remains at its present
$27,510,038 $21,559,203
_$34,390,529
&c_
_
higher
from
repairs,
of
maint.,
come
efficiency
will
charg3s,
which
Oper.
that
except
the cost of labor
858,127
1,186,598
a1,002,400
Taxes accrued
utilization.
778,407
Int. on bonds, &c., of subsidiary cos_
587,253
1.128,887 1,060,160
INCOME ACCOUNT FOR CALENDAR YEARS.
insurance, &c
Losses,
1916.
1,798,673
1917.
1915.
46,860
1918.
Amounts charged off
107,528,091 91,400,946
Revenue passengers_ _ _ _114,149,000 115,626,143
$36,568,676 831,555,469 823.782,989
45,709,197 47,232,242 44,655,506 37,868,654
Total deductions
Transfers, number
92,789,996
67,737,146
53,751,284
$13,040,151 $18,469,548 $5,592,799
• Electric sales, k.w. hours103,772,028 $4,953,357 $4,612,397 33,911,942 Profits after all expanses
Depletion coal lands, &c
Oper. rev., railway dept. $5,365,805
1,087,623
1,821,280
3,014,836
2,348,754
2,059,773 Depreciation plant and equipment__ 1,553,030
light, power,&c. 3.589,790
do
384,654
942,256
895,708
$8,955,595 $7,068,193 $6,961,151 $5,971,715 Interest paid and accrued
Total
Open exp., taxes, &c,
$3.143,926
$14,076,852
89,006.8.54
Not profits
137,147,827 133,780,140 $3,466,480 $2,992,426
Railway dept
1,464,844
1 2,058,598
1,172,455 Income and excess prof. taxes (1917) 1,839,470
Light, power, &c_ _ _ _ j
(6%)2.160,000(b)4,005,000 (5)1,350,898
Preferred dividends
$2,129,454
$2,029,828
$1,806,8S4
$1,807,768
income..
1,608,460
net
Total
(5%)
108,127
77,173
29,321 Common dividends
134.292
Non-operating revenues
810,071,852 $1,793,028
$3,398,924
$2,237,581
profits
$2,107,001
31,836,155
$1,942,060
Undivided
Gross income
$931,362
$759,394
On Pittsburgh Coal Co.
$793,570
$1,224,258
Interest charges
Exclusive of income and excess profits tax. b in
270.000
270,000
all, 5%% (to Pitts.
270,000 ofaPenna.,
270,000
stock. April 1916 to July 1917,
prof.
Prof. dividends (6%).. _ _
X
1
)
)1034250(10
of accumulations.
763
375
%)
058875(7
)620,550(103
settlement
in
in
1917
July
(6.3%
dividends_
Common
Coal Co. of N. J.); to public
1917, quarterly, 1%
25
Oct.
stock;
pref.
of
1-3%
$2,235,611
33
$2,088,269
with
cash
$2,114,808
$1,826,945
_
_
_
3.48%
deductions
Total
134%.
192,709
cash; Jan. 1918,
Cred. to sue'. from res._
$1,970
$9,210
$18,732
$19,961
Balance, surplus
CONSOL. BALANCE SHEET DEC. 31 (INCL. SUBSIDIARIES).
1917.
1918.
1917.
1918.
BALANCE SHE'ET DEDEMBER 31.
Liabilities$
Assets1918,
1917.
1917.
1918.
Preferred stock_r36,000,000 36,000,000
and
lands
3
Liabilities-zeoal
$
$
$
Assetsstock _r32,169,200 32,169,200
stock_ __ 4,500,000 4,500,000
real estate_ -114,225,249 66,929,483 Common
Property dr plant_40,245,629 37,471,330 Preened
1st mtge. bonds 5,213,000 5,480,000
stock__ 9,850,000 9,850,000 'Plants & equip. 14,649.093 15,881,589 Debenture
Capital expend__ 984,454 2,328,405 Common
bds_ 3,991,500 4,463,500
in
Investments
debt.
Funded
0
78,500
__....25,866,35 20,346,000
Sundry investmls 3,533,467
Other cos' bonds t1,584,000 1,935,000
stocks, bonds,
170,640 Notes & bills pay_ 771,874 1,613,000
337,983
Cash
Bonds of sub.cos. 5,410,000 5,708,000
7,991,487
y8,714,864
dtc
payableAccts.
4,566,814
1,010,500
5,884,452
Accts. receivable_ 2,779,565
1,351,697 Mtges. payable_ 4,308,289 1,506,101
Cash with trus's
Matured int., &c.,
540,000
540,000
Notes and bills
Pref. div. pay'le
unpaid
36,357
22,658 Sinking and re527.828
5,628
402,115
receivable
Com.div. pay'le
5,502,870
fdsinvestm't
Int.,
taxes,
acc.,
2,129.428
734,751
1,241,494
Materials &suppl_ 2,070,888
fund
Compens'n
inaccrued
802,303
586,982 Pension fund
2,525
6,465
197,706
212,994
Prepaid accounts_
187,406 Pension fund___
189,410
vestments .__
Miscellaneous....
167,509
174,533
1,546,560
Open accounts.- 2,329,514 1,653,147 Open
payable..__
Bills
4,980,877
36,750,917
_
_
Inventories
accounts._ 468,169
338,321
3,491,684
3,618,752
payable_
Accts.
Reserves
7,446,725 6,899.050 Accounts & bills
323,504
385,778
receivable _._ 9,214,739 10,390,089 Insurance funds 43,886,308
Profit and loss.... 1,373,807 1,353,845
5,085,502 5,083,038 Revaluat'n surp.
Cash
20,423,727
_z23,822,652
earns_
Undiv'd
177,507
Total
52,293,594 50,251,253 Mtges. recehele
52,293,594 50,251,253
Total
-V. 108, p. 480, 378.
164,332,644 112,973,173
Total
164,332,644 112,973,173
Total
supplies at
$ Includes in 1918 coal on docks and in transit, $3,947,204;
t Includes Shaw
Pittsburgh Coal Company (of Pa..)
$1,326,954.
at
shops,
supplies
and
mines, $1,476,758,
Midland Coal Co. tract purchase
bonds,
$889,000;
purchase
tract
Co.
Dec.
ending
311918.)
Coal
Year
Fiscal
(Report for
bonds, $46,000. x Properties
bonds, $649,000, and Midland Coal Co.
plants and
1918, consisting of coal and surface lands, mine
Chmn. M.H.Taylor,Pittsburgh, Mar. 10, wrote in subst.: owned Dec. 31
Great Lakes, &c., were: Coal
on
docks
cars,
railway
railways,
equipments,
full
year
practically
control of
;
plants and
3114,225,249
1918 Trade Conditions.-Throughout the
depletion,
for
allowance
loss
Administration. Production lands and real estate,
all operations was exercised by the U. S. Fuel
, $14,649,093. y Includes in 1918 U. S.
by the armistice date and at prices equipments, less depreciation
and stocks, $4,810,513.
bonds
other
and
had gradually reached full demand
33.904.351,
certificates
and
a thorough examination into costs bonds
profits taxes.-V. 108, p. 1064.
fixed by the Fuel Administration, after the
tonnage required and also yield z Subject to Federal income and excess
had been made, as necessary to produce
1270
THE CHRONICLE
Union Natural Gas Corporation.
(17th Annual Report-Year ended Dec. 31 1918.)
The board of directors as of Feb. 25 reports in substance:
Properties.-Sinee the last annual report your company, through its
underlying companies, has acquired 152,765 acres of now oil and gas leases
and surrendered 76,2353i acres that have proven unproductive, and now
holds 707,959 acres. Your company also owns a one-half interest in 56,023
acres in West Virginia through its ownership of stock in the Reserve Gas Co.
Wells.-During the year we drilled 192 wells, of which 31 were oil wells,
105 were gas wells, and 56 were unproductive. In addition to this 1 gas
well was purchased, making a total of 164 oil wells in Ohio and 993 gas
wells in Ohio and Pennsylvania, and, through ownership of stock in the
Reserve Gas Co., a one-half interest in 688 gas wells and 7 oil wells in West
Virginia.
Additions, &c.-There were laid in main and field lines 54.43 miles; in
extensions in cities and towns 3.05 miles; a total of 57.48 miles of pipe.
This includes 10.60 miles of 12-in., 3.77 miles of8-in. and 3.48 miles of6-in
pipe lines, to reach new developments in Ashland-Lorain and Sugar Grove
Fields, Ohio, and in Jefferson County, Pa.
The new ;work also includes (a) Completion of new gas compressing station at Avon, Lorain County, Ohio, consisting of two 425 h.p. S. T.
engine gas compressor units, begun in 1917. (b) Gas-purifying plantgas
at
Union Furnace, Ohio. (c) Purchase of 1 gas well and lease in Perry Co.,0.
The total investment for the year was $1,190,147. The labor cost of
drilling oil wells, which in previous years was charged to investment, is
entered as operating expense.
Preston Oil Co.-Operations were successfully continued, a net daily
average of 594 barrels being maintained.
Appraisal.-The inventory and appraisal of the physical plants of the
various operating companies to ascertain at their actual value as public
utility properties, was completed, with the exception of the leasehold values,
and booked during the year.
OPERATIONS OF THE CORPORATION AND ITS AFFILIATED
COMPANIES FOR CALENDAR YEARS.
1918.
1917.
1916.
1915.
Gross earns., gas, oil, &c_$7,560,976 $8,076,613 $6,642,541 $5,271,612
Ordinary taxes, drilling,
rentals, royalties, &c__ 2,884,928 2,800,975 2,149,539
1,872,856
Gas purchased
1,772,136
1,653,861
1,553,761
1,364,124
War income and excess
profits taxes
516,670
471,747
Net earnings
$2,387,242 $3,150.030 $2,939.241 $2,034,632
Int., divs..&c.,received_ 485,437
424.647
504.276
460,772
Gross income
$2,872,679 $3,574,677 $3,443,517 $2,495,404
Interest on bonds, &c.. _ _ 5268,697
5266,812
$317,798
$372,307
Dividends (10%)
984,000
984,000
1,000,000
1,000,000
Depreciation
908,986
858,188
815,908
793,178
Miscellaneous
45,003
Cr.29,512
39.057
54.407
Total deductions
$2,206,686 $2,079,488 $2,172,763 $2,219,892
Surplus
$665,993 $1,495.189 $1,270,754
$275,512
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
1911.
Assets-.
$
$
LiabilitiesPlant,stocks, LibCapital stock ____ 9,810,000 9,840,000
erty bonds, &o.36,792,597 27,403,165 Bonds."Union"__ 2,656,000 3,156,000
Material & supp__ 1,135,326
831,925 Aftli'd co. bonds__ 649,000
659,000
Notes& ace'ts ree- 902,380 1,124,531 Notes payable-- 1,547,650
958,200
Cash
315,000
270,301 Accounts payable_ 626.478
560,943
Sinking fund
15,073
Dividends payable 246,000
246,000
Special deposits__
8,960
Accr.int. & taxes_ 458,262
791,567
Prepaid rents,royDeferred credits__
76,830
35,358
alties, &o
116,963
137,088 Mat.bonds & con_
7,960
5,055
Deferred charges- 100,600
70,210 Inventory adjust't 7,644,923
Depree'n reserve__ 7,170,006 5,903,811
Other reserves__ __
21,331
13,048
Surplus
8,442,557 7,718,289
Total
39,388,997 29,887.270 Total
39,386,997 29,887,270
-V. 108, p. 886.
[VOL. 108.
Harbison-Walker Refractories Co., Pittsburgh,Pa.
(16th Annual Report-15 Months ended Dec. 31 1918.)
President H. W. Croft, March 10 1919, says in substance:
During the 15-months period three wage advances were made, making
a total of seven advances in the years 1916. 1917 and 1918, which combined
amounted to over 100%. These wage advances were not all accompanied
by corresponding advances in the selling price of brick, the last general
advance in brick prices being in July 1917. Tho conditions, under which
we operated, due to shortage of labor, car supply, coal and other material,
were much less favorable than the preceding year, resulting in a considerably decreased output.
These conditions, together with the fact that our income and war profits
taxes were very much higher than the preceding year, make this statement, all things considered, a fairly satisfactory one.
PROFIT AND LOSS ACCOUNT.
15 Mos. to
Sept. 30 Years
Dec. 31 '18. 1916-17.
1915-16.
1914-15.
Net earnings
$9,419,037 $8,865,386 $4,991,233 $1,960,121
DeductOrdinary repairs, &c.._ _ $2,211,31.
5 $1,343,081
$685,783
$286,330
Extraor.exp.,impts.,&c..
626,347
675,614
108,334
Deprec. plant & equip
1,357,239
Deprec. of mining, &c.,
outfits
282,454
139,338
59,511
37,118
Depletion of clay, coal
and ganister prop'ios_
63,073
30,803
29,721
29,450
Total deductions..
$3,914,081 $2,139,569 $1,450,629
$461,232
Net profits
85,504,957 $6,725,817 $3,540,604 $1,498,889
Divs. on pref. stk.(67)
720,000
576,000
576,000
576,000
Divs. on com. stk.*(133)2,430,000(8)1,440,000(7)1,260,000 (2)360,000
Balance,surplus
$2,354,957 $4,709,817 $1,704,604
$562,889
Previous surplus
10,017,075 8,547,258 6,842,654 6,279,765
Total
$12,372,032 $13,257.075 $8,547,258 $6,842,654
Common divs. (18%)
a3,240,000
Total surplus
$12,372,032 $10,017,075 $8,547,258 86,842.654
The earnings as above in 1918 and 1916-17 are stated after deducting
estimated income and excess war taxes (see text above).
a Declared and paid from surplus prior to Mar. 1 1913. * Includes 6%
on common stock and 2% of common stock in 1916-17 and in 1918, 73i%
with 6% extra.
BALANCE SHEET.
Dec.31'18 Sept. 30'17
Dec. 31 '18 Sept. 30'17
Assets$
Prop. & franch. of
Common stock.. _ _18,000,000 18,000,000
constituent cos-28,121,212 23,142,802 6% cum. pref. stk. 9,600,000 9.600.000
Bets completed- 2,935,824 2,075,072 Clay, coal & ganBet's uncomplet'd 149,083 1,008,392
nLster properties
Deferred chgs. to
depletion fund_ 312,043
251,275
future opera'ns_ x467,154
546,006 Pay-rolls
298,089
248,777
Inventories
1,521,606 1,586,883 Accts payable__ 875,607
983,340
1,731,975 2,575,919 Sundry reserves.. _ 5,330,910 3,299,649
Cash
Acc'ts receivable.. 3,281,007 3,746,817 Surplus
12,372,032 10,017,075
64,404
Notes receivable....
Bills receivable..
4,096
Invest, of reserves 1,781,399 1,925,806
Other securities__ 6,733,049
788,323
Total
46,786,711 42,400,116
Total
46,786,711 42,400,116
x Includes clay and ganister outfits ($296,653), advanced royalties.
stripping, prospecting, uncompleted extraordinary repairs, &c.-V. 108.
P. 83.
Gulf States Steel Co., Birmingham, Ala.
(5th Annual Report-Year ended Dec. 31 1918.)
President James Bowron says in substance:
Income Account.-The not operating income for the year 1918 amounted
to $1,725,849, a decrease of $2,474,075 from the year 1917. After making
provision for depreciation and all taxes the net profits carried to surplus
amounted to $1,191,662.
Dividends paid include, with $140,000 on 1st prof. stock and 517,473
on 2nd pref. stock, the following payments on the common stock: April 1
INCOME ACCOUNT (INCLUDING SUBSIDIARY COMPANIES).
1918 (236 %),_$203,545; Juno 3 1918(25% in stock),$2,222,250; July 1 1918
11 Mos. to 12 Mos. to Oct. 4 '16to (23i %), $277,055: Oct. 1 1918 (2)%), $277,842; Jan. 2 1919 (2j.7
Dec.31'18. Jan. 31 '18. Jan.31 '17 $279,557; total dividends on common stock (10%, cash: 25%, stockY,
Net earnings after deducting ordinary
$3,260,219. After making those payments the profit and loss balance.
repairs and maint. (and incl. for
Dec. 31 1918,stood at 32,223,236. as against $4,449,297 on Dec. 31 1917.
Period 1916-17 earnings of CheboyEffect of Entrace of U. S. Into War.-Although in 1917 58% of our shipgan Paper Co.from Nov. 1 1916 and
ments were made to foreign countries, all export business was absolutely
Badger Bag & Paper Co.from Nov.
stopped [in 19181 except for the Allied Governments of steel under alloca16 1916)
$2,619,173 53,131,106 32,832,277 tion from the Director of Steel Supply in Washington. Instead of an
Less-Provision for depreciation
and profitable export business, the company was requested to
$460,711
3261,006
3240.199 extensive
Interest on 5% 1st M. bonds Un. B.&
make shell steel for which its equipment was not adapted; and in lieu
P. Co.,5137,784; on 6% Allen Bros.
thereof was then required to deliver steel for railroad equipment of a
Co. bonds, 58,950; on 5% 1st M.
character unsuited to the company's works at a point geographically outside
bonds of Cheboygan Paper Co.,$40,of the ordinary range of its markets. Lack of ocean tonnage also prevented
417; total
the delivery of our supply of high grade ferro manganese.
187,151
211,620
187,523
Prov.for excess profits & income taxes 601.467
The prices of stool were severely restricted-the billet price being reduced
555,764
Deduct-Propor. of inc. of Un. B.& P.
from $90 to $47 60 Pittsburgh basis, materially affecting our earnings.
Co. from Feb. 1 to Oct. 4 1916, apthe greater part of our export tonnage consisting of billets. We also
plied in reduction of property acc't_
821,763 accepted on allocation from Washington 18,025 tons of material of unfamiliar character at the prices designated by the department, upon which
Balance
$1,369,844 $2,102,716 $1,582,792 a direct loss of $109,343 accrued in manufacture. War and other requireDividends: Four quer. diva, of 13i%
ments sharply restricted manufacturing operations during the late winter
each in 1917-18, 2 extra of 2%,paid
1917-18, forcing a suspension of operations for several days, and a perinU.S.Liberty bonds
(6%)589,075 (10)988,438(331)350,000 manent reduction in our capacity operation owing to the lack of gas coal
commandeered for other purposes.
Surplus Jan.31 as per balance sheet_ $780,769 81,114,278 51.232,792
The necessities of the U. S. Railroad Administration led to a horizontal
advance of 25% on all other freight, but blast furnace raw materials
were advanced in the case of this company from 50% to 12270, although
CONSOLIDATED BALANCE SHEET.
the same rates had already been increased during 1917 by the railroad
AssetsDec. 31 '18. Jan. 31 '18. companies concerned, from 10% to 102%. No relief from this preferential
Plants, water power, timber rights, &c
$10.670,097 810,966,512 has yet been granted.
St. Maurice Paper C
óo. stock
3.750,000
Our working forces were severely depleted by the effects of the war,
3,750,000
Investments (IL S. Liberty bonds)
86,620
25,191 producing an artificial scarcity of labor which has continued to restrict
Inventory (at or below cost):
our operations to a maximum of 80% capacity during tile year 1918, while
Pulpwood in rivers and piles
1,698,854
1,089,222 the labor that remained employed became less efficient. Moreover,
Supplies, stores, fuel, &c
653,498
461,376 wages of steel workers were raised to meet the various awards of the War
Merchandise on hand and in process
1,941,360
1,566,635 Labor Board, while the wages of the miners were fixed by agreement made
Accounts receivable
999,806
855,967 through the U. S. Fuel Administration.
Cash
410,702
Shannon Ore Mine.-Construction work having been impeded by the
418,318
Prepaid insurance, &c
95,320
87,827 character of the strata, it was deemed best to complete the slope in permanent
shape. The size of the slope is 18 ft. wide by 9 ft. 10 in. high.
Total
$20,306,256 319,221,049 with double tracks consisting of 70 lb. rails laid on concrete stringers.
LiabilitiesOn Dec. 31 1918 it had been completed to the depth of 1915 ft. The
Capital stock_ x
$10.000,000 $10,000,000 estimated distance yet to be completed (before reaching the ore) is 744 ft.
Funded debt: 1st M. 5s Un. B. & P Co
Y2,956,000 3,043,000 of which the last 460 ft. is not expected to require concreting, being through
1st M. 5s Cheboygan Paper Co
800,500
903,500 hard rock. The work has been delayed by shortgage of labor and mate6% Allen Bros. Co. bonds
160,000
170,000 rials. The outside equipment, consisting of steel tipple, &c., has been
Accounts payable
587,562
305,573 completely erected and the steam plant is now being used during conBond interest accrued
95,567
39,229 struction. The mine when opened is planned for a capacity of 2,000 tons
Accrued excess profits and income taxes
675,000
555,764 each 24 hours.
Surplus disclosed on appraisals of properties as of
Clinton Ore Mines.-This mine has continued to be operated steadily
Jan.31 1917
1,856,912
1,856,912 and under the amortization charge the debit against our investment has
Surplus
3,174,716 2,347,070 been reduced during the year from $87,445 to $40,679.
Sayre Coal Mines.-This property was taken over July 1 1918. It was
Total
$20,306,256 $19,221,049 found to be in poor condition and repair work and general improvement
made necessary by cyclone is not yet complete. Five new coal cutting
x Includes 1,130 shares reserved for exchange for outstanding shares
of machines have been purchased.
pref. and corn. stock of the Union Bag & Paper Co. in
accordance with
Virginia Coal Mines.-To facilitate operations electrification was adopted.
consolidation plan;outstanding,98.870 shares. y After
deducting $606,000 2-200 k.-w. steam operated a. c. generators being installed and 5 electric
bonds in treasury and 1,438,000 bonds redeemed and held
by
haulage
trustees
locomotives ordered.
of
sinking fund.
Conversion.-Many stockholders to take advantage of the common
Note.-OontIngent liability notes of St. Maurice Paper Co.,
stock
Ltd.
dividend
for
converted their 2nd pref. shares into common shares. The
$185,000 discounted and contractor's notesfor $194,217 endorsed.-V.I08, amount
of 2nd prof. stock now outstanding amounts to but $85,700 par
p. 387.
value.
Union Bag & Paper Corporation.
(Report for 11 Months ending Dec. 31 1918.)
MAR. 29 1919.]
THE CHRONICLE
1271
TONNAGE PRODUCED, IN GROSS AND NET
TONS.
Outlook for New Business.-The development
1918. 1917. I
by us of the standardized
1918. 1917.
steel cargo vessel has progres
Minessed to such
ties
extent that the management
568
believes
Coal-Va. mines (net).. _146,504 275,945'Bale
586
it will be able to create an internatan
Staples
ional business in the production
of
1,796
standar
d
2,117
steel
do Altoona (net). __ 80,364 101,835 Wire rods (gross)
cargo vessels and the furnishing of parts for
the assembling
67,538 78,287 of said vessels in foreign countrie
do Sayre
s. In addition to the standar
80,804
i Wire, plain (net)
d type 5,50068,759 84,024 ton vessel, we have developed plans
Coke-Va. mines (net)_
54,957•Wire, galvanized (net).- 24,472
for
several
types
of
vessels
of largerdimensi
ons.
36,977
do Alabama C. (net)163,261 127,542,Wire, barbed (unpain
ted) 5,619
Dividen
d
Action
do Sayre
Deferred
.-Beca
use
4,800
of the large volume of business in
!Wire, barbed (painted)- 2,045 5,049 hand and the
Limestone-Spencer
amount
expended on account of increase of rate
I Wire,barbed(galvanized) 10,216 21,999 which has not
wages.
yet been reimbur
Quarry (gross)
14,543 20,573 Woven wire fence
to the company, the board hasofdeferre
11,504 10,160 action in regard to the paymentsed
d
Alabama Cityof dividends upon the stock, believin
Bars,
plain
24,363
It
g that
is
best
to
26,525
wait until all matters relating to our affairs
Pig iron (gross)
68,085 99,438.Bars, twisted
are
more
313
definitely
determined, so that when dividends shall
do A ttala (gross)_ _ 4,256 6,7431Tin plates
be resumed the outlook will
1,562 3,743 warrant the anticipation of a permanent
Ingots (gross)
167,930 209,312 Nails
continuance thereof.
30,042 35,847
Diesel Engines.-The technical forces have
Ilillets & slabs (gross)_ _ _143,068 180,400 Galvanized nails
been studying the develop293
123 ment of a proper Diesel engine for cargo vessels,
which is of a different type
from that required for submarine torpedo
IN0OME ACCOUNT FOR CALENDAR YEARS
boats,
.
and it is expected that
during the coming year Diesel engines of large
power will be produced by us
1918.
1917.
which
will
create
1916.
a
large
busines
1915.
s for the manufacturing facilities of the
Gross sales
$11,206,468 $11,763,476 $7,626,250
compan
and
y
may require additional plants for
Gross profits
quantity production.
$1,725,850 $4,199,925 $2,650,007 $4,406,618 The commercial value of large
Diesel engines for cargo vessels
$633,105 demonst
Depreciation, taxes, &c.,
has been
rated by certain engines of Europe
an
reserves
design.
534,188
1,328,446
Director
s.-These include Henry R. Carse, Thomas
197,496
24,162 W.
First pref. dividends_ _ _(7%)140,000 (7)140,000
C. Dawson. George
Hoyt,
Reginal
d
B.
(7)1400
Lanier,
00(151William
6)191100 A. L. Scheuer
Second prof. dividends_
H. Remick, Isaac L. Rice Jr..
17,474 (6)64,543(54)207,068
, Lawrence Y. Spear and Henry
Corn. divs. (cash)__(10%)1,037,999 (11)874
R. Sutphen, all of N. Y. City;
H. A. G. Taylor, Newark, N.J.; Gregory
,188 (2)141,660
C. Davison, New London, Conn.;
do (stock)
(25%)2,222,250
Henry C. Sheridan, Washington.
D. C.
[The
income
accounts of the Submarine Boat Corp. and of
Balance, surplus _def.$2,226,061 $1,792,748 $1,963,
the Electric
783
$417,843 Boat Co., were published in V. 108, 13. 1171.1
Previous surplus
4,449,297
2,656,549
692,766
274,923
SUBMARINE BOAT CORP.-BALANCE SHEET
DEC. 31.
Total surplus
$2.223,236 $4,449,297 $2,656,549
AssetsNote -The 10% dividends on common
6
1918.
1917.
stock deducted from the$692,76
ents-Stock of Electric Boat Co
earnings Investm
of 1918 include:
$7,658,100 $7,648.100'
% April 2; 23.i% July 2; 24% Oct.
Cash
1 1918;
Jan. 2.1917.
% Accounts receivable
622,7701
BALANCE SHEET DEC. 31.
182,8741
7,055
Deferred as.sets
90,646
6.723
United States Treasury certific
1918.
1917.
1,000,000
1918.
Liberty bonds (market value) ates
1917.
Assets$
Liabilities672,680
Materia and supplies
Works&prop.based
*First pref. stock- 2,000,000 2,000,000 Work inlsprocess
266,648
on stock purch..14,765,161 14,182,895 *Second pref.
52,797,120
stk_
85,700
860,800
Investments
40,679
87,445 *Common stock_ _11,136,
550
8,139,20
Total
0
U.S.ctfs.of indebt.
500,000 Self Flux Ore Co.
$63,290,838 $7,661,878.
LiabilitiesLiberty bonds_ _ _ _ 643,350
310,400 bonds
209,000
210,000 Capital stock voting trust certificates outstanding_ _$7,658
Cash
725,622
999,947 Land purch. notes
,100 $7,648,100,
Account
475,000
s payable, &c
Notes & aocts. rec. 885,367 1,350,486 Accounts payable..
673,857
433,196
20.709
325,089 Emergency Fleet Corp.-advances
InventoriesNotes payable_ _ _ 140,000
21,658,
107
Merchan
dise
supplie
Salable
d
513,422
626,017 Accrued items_
33,134,926
129,196
110,010 Profit and loss
Convertible _ _ _ _ 1,006,699 1,121,536 Div. pay.
Jan_
165,848
_ _ _ 316,298
def.6.931
Consumable
777,925
540,978 Reserves
a2,705,324 3,176,404
Total
Unexp. Insur., &c_
20,274
26,097 Surplus
$63,290,838 37,661,878.
2,223,236 4,449,297
ELECTRIC BOAT CO. INCOME ACCOUNT FOR
CALENDAR YEARS.
Total
19,378,500 19,745,800 Total
19,378,500 19,745,800
(Including Electric Boat Co. and Electro-Dynantic
Co. and Subsidiaries.)
* After deducting in 1918 $1,000,000 1st pref., $1,000,
1917.
$277,750 common stocks held in treasury. a Includes 000 2d pref. and Gross earns, from construe. & sales, $29,499,535; 1918.
in 1918 reserve for
cost of construe.& sales, $28.032,782;gross profit
depreciation and extinguishment, $769,288; for special
31,466,752 $3,164,551
reserve against Expenses and taxes
property, $1,644,819; for taxes, $200,000; for
replacements and sundries,
859,180
793,963:
$80,911, and for bad debts, $10,305.-V. 108, p.
976.
Net profit from operations
$607,57
2
$2.:370,
588.
Interest
,
discoun
t
and other income
' Submarine Boat Corporation, New York.
407,401
241,424
Gross income
(Report for Fiscal Year ending Dec. 31 1918.)
$1,014,974 $2,612,012ELECTRIC BOAT CO. BALANCE SHEET
DECEMBER 31.
President Henry R. Carse, March 12, wrote in substance:
(Including Electric Boat Co. and Electro-Dynamic Co.
and Subsidiaries.)
Electric Boat Co. and Other Subsidiaries.-The busines
s of the Electric
1918.
1917.
Boat Co. the Electro-Dynamic Co. and the Now London
1918.
1917.
Assets
Co. has '
been largely the construction of submarine torpedo Ship & Engine Patentsgood-will,
boats and this
Cominon stock_ __ 4,999,603 4,999.60
work during the past year has been almost entirely
&c.,
0'
real
for
estate,
the
account of the
Preferred stock__
United States Government.
1 2.672.500,
plant, &c
*8,187,710 8,031,828 Accounts payable__ 2,672,501
The launch works of the Electric Boat Co. build motor
956,738 4,791,227
Invest'ts
in
stocks.
1,106,68
boats
4
and
1,186,54
have
3
do
for Govern't
been engaged during the year in the construction of submari
ne chasers for xLiberty bonds-.._ 380,220
291,600
work when paythe account of the United States, Italian, French
and British Governments. :Anglo-French 5s_ 537,075
489,951
meats are rec'd. 2,294,723
The gross business of the different departments
800,120.
Cash
of
the
Electric
1,703,80
Boat
5
1,439,51
Co.
Notes & loans pay.
during 1918 amounted to $29,500,000, and there was
490.000
Notes receivable 4,242.662} 3,285,8013 Payment
unfinished busines
on hand at Dec. 311018 of $23,000
s account
,000, in addition to which negotiationss Acc'ts receivable
785,700
work
were pending relating to an additional
in
process_
4,199,7991 1.088,082
contract for submarine torpedo boats Material and supAdv.by U.S.Govt. 700,000f
of $9,000,000 which is expected to be consummated
shortly.
plies
z4,427,645 3,020,140 Unpaid dividends
The profits of the launch works and of the dynami
34
c
Deferred
compan
assets
y
,&o
have
86,758
been
743,735
Continge
very satisfactory for the year, but
nt res'ves 748,944
469,948
of the great increase in the rate U.S.Treasury cerAccrued royalties_ 729,796
of wages caused by Governmentalbecause
729,795
directio and the inefficiency of pro.tificates
1,600,000
Profit
and
duction caused by the necessity of training n,
loss_
_ _ _ 5,756,147 5,447,804
and utilizing men unskilled in
the work performed, the expenditures for the
constru
Total
of submairne
23,058,258 18,489,111
Total
torpedo boats have been much greater than the amountction
23,058,258 18,489,111
s received for such
work, However, as these extraordinary
expenditures were caused by in* After deducting $1,953,474 reserve for depreci
crease in the rates of wages directed by the Government,
ation.
x At market
it is expected that price. y Includes in 1918 cash in U. S. banks,
an adjustment of contracts will be made by which the compan
$582,141: in Wench banks,
y will be re- $6,213; and in Russian banks, $1,115452 (8,580,
imbursed for the excess amounts paid.
396.70
rubles
at 13c.).
Include
z
s in 1918 materials and supplies, $1,350,
During 1918 the company completed and delivered to the U.
miscellaneous work
S. Govern- in process, $392,153; and work in progress, U. S.621;
ment 22 submarine boats of different typos; all have
Govt., $2.684,871.
been
operate
d
satisfactorily.
NEW LONDON SHIP & ENGINE CO.-RESULTS FOR
CAL. YEARS.
Owing to the manufacturing facilities of this country having
1918.
1917.
been prac1918.
tically commandeered by the U. S. Government during
1917.
Gross
sales less rethe
past
Net income
year.
this company was not able to undertake any work in the
$362,010
$652,164
turns
&
allow's_
$4,698,948 35,085,237 Res've for doubtful
building of submarine torpedo boats for foreign countries, although several
Cost of sales
4,357,64
9
4,471,54
negotiat
7
accounts
ions
, &c
were in progress which would otherwise have undoubt
1227,689
101,177
edly been con1st pf.
. divs.(8%)_
and the only order for submarine boats received
48,832
48,832
during the
summat
been for six additional boats from the U. S. Govern
year hased'
profit
Net
$341,299
$613,690
ment,
Balance,
the
con- Add-Ren
surplus $85,489 $502,l5
tract for which has not yet been actually executed.
tals,
&c.
20,711
38,474 Previous surplus__ 1,132,982
New Motor.-The Electro-Dynamic Co. has developed a
643,492
line of alterDeduct-Adjustrn't
nating current motors and it is the expectation that
the
ial business
of deprec. acc't_
of this company will be very largely extended during commerc
43,694
12,6651919,
Russian Situation.-There has been no change in the affairs
Net income_ - $362,010 $652,164
of this comTotal surplus _$1,174,777 $1,132,982pany as regards the Russian situation and the compan
y
has
received no
x Includes Federal income and excess profits tax for
advices from that country during the year except that its
1917.
representatives NEW LONDO
there aro safe and well. There still remains on deposit
N SHIP & ENGINE CO.-BALANCE SHEET
banks as credit 11,900,000 rubles, which the companyinisdifferent Russian
DEC. 31
Assetscarryin
1918.
g in the
1917.
balance sheet at 13 cents per ruble, the market rate.
1918.
1917.
Real estate,b1dgs.,
First pref. stock__ $610,400 $610,400.
Patent Claims.-Notice of claims for royalties on submari
machiner
y,
ne
&c..$1,9
boats
01,485
$1,761,8
built
93 Second pref.stock. 250,000
in Germany and Austria based on patents of this company
250,000
Pat'ts,
rights,g
ood
has been forCommon stock__ 1,175,000 1,050,000
mally presented to the State Department at Washington.
will, &c
415,022
465,023 Notes payable__ __
Cargo Vessels-Government Shipyard.-The Submarine
40,000
125,000
Boat Corporation Cash
116,240
21,299 Accounts payable_ 186,811
in addition to the activities of the Electric Boat Co.
696,332
and
U.
S. Lib. bonds
50,000
Mortgage payable. 125,000
has been engaged directly in the construction of 150 steel its subsidiares, Acc'ts
receivable__ 641,597
cargo vessels of
916,038 Accr.payrolls&ins
5,500-ton deadweight capacity for the U. S. Shippin
31,349.
g Board Emergency Mdse.in process_
832,374
321,391 Unclaimed wages
Fleet Corporation and has made substantial and satisfac
53
tory progress on Mdse. for current
Contingent reserve 733,800
this contract, although delayed by many obstacles,
30,377
all
contract
beyond
s
our
330,882
control.
433,660
Profit and laws_ _
In addition to building the ships the company has also
1,174,77
7
1,132.98
2
Deferred
charges_
constructed the
8,207
7,191
Newark Bay shipyard at an expenditure of about
$15,000,000 for the account of the Emergency Fleet Corporation; to do the
work
Total
at
the
$4,295,7
yard
88
$3,926,4
it
94
was necessary to establish a training school equipped to
Total
$4,295,788 $3,926,494
graduate about -V. 108, p. 1171.
1,000 men each month.
Twenty vessels wore launched during the year, but owing
to
the
Butte
rick Company.
difficulty
of obtaining machinery our work was delayed and only one
mally delivered. The difficulties in relation to the machinevessel was for(Consolidated Balance Sheet as of Dec. 31 1918).
ry have now
been overcome and we have been able to resume work
on
a
proper scale.
1918.
1917.
We have now delivered four completed ships and
1918.
1917
AssetsLiabilities$
at the rate of 10 or 12 per month during 1919. expect to make deliveries Real
$
$
eat. & Impts. 1,633,295 1,618,430 Capital stock..
Contract Modified.-At the urgent request of the Director
-14,647
,200
14,647,2
00
-General of the Machinery & plant 1,929,863 1.834,856 Fed.Pub.Co. bds. 178,000
Emergency Fleet Corporation your directors agreed to a
184,000
modification of the Pats., good-will,
Ridgway Co. bds.
contract of Sept. 14 1917 and addenda thereto, under
63,800
which
contr.,
copyr'ts
these
,
vessels
Mortgages
were being built on a cost and fee basis and entered
500,000
500,000
a new contract on
trademarks,&c..12,873,400 12,873,400 Buerick
May 18 1918 by which this company underto tointo
Co.notes. 272,000
363,000
deliver the completed Stock owned, book
vessels at a fixed price, the Emergency Fleetok
Bills pay., Lib.bds. 343,900
110,000
Corpora
tion,
value
5,860
15,860 Bills payable
cepting the contingency of any increases in the rates of wageshowever, ac- Liberty
816,387
808,933
bonds_ _ 125,000
and the cost
Accounts payable_ 379,060
of material over the prices for which contracts had already
360,442
been executed Accounts receiv'le,
Reserves & deprec. 1,517,354 1.417,843
for said material, The Submarine Boat Corporation
Liberty bonds
173,256
92,496 Surplus
Newark Bay shipyard under lease from the Emergency is operating the
2,340,833 1.394,938
Fleet Corporation, Accts. receivable. 2,465,395 2,301,855
which provides that no work shall be
at the Newark Bay shipyard Paper in stock__
645,698
448,024
except for the Emergency Fleet Corporadone
tion.
Merch. m'f'tured
It is not yet possible to make any calculations to the cost
and In process.. _ 952,799
of completing
950,346
the contract, or of the profits, if any, that mayasaccrued
to the company, Cash
220,169
218,889
but the management feels that the progress and improvement
past six months has been very gratifying and that the results during the
Total
will
21,024,7
justify
35 20,354,155 Total
the action of the board in agreeing to deliver these ships to
21,024,735 20,354,155
the GovernProfit for the year ended Dec. 31 1918 amounted to
ment at a, fixed
$441,596. against
$261,014 for 1917 and $304,854 for 1916.V. 108, 13. 1167.
THE CHRONICLE
1272
Pettibone-Mulliken Co., Chicago and New York.
(Report for Fiscal Year ending Dec. 31 1918.)
President A. H. Mulliken says in substance:
net earnings were
1918. The
Our business has shown a decrease during
$753,961 as compared with 1917. Full divi$928,393. being a decrease of and
preferred stocks.
dends were paid on the first the second
years 1912, 1913, 1914, 1915, 1916 and
The total net earnings for
the net income for the year 1918 this makes
1917 were $3,793,364. Adding average
of $674,537 per annum for the last
an
being
57,
$4,721,7
of
total
a
times the annual dividend requirements
seven years, which is more than six
stocks.
on the first and second preferred $340,300
of the first preferred stock was
From accumulated net profits
, leaving outstanding
acquired through the sinking fund, and canceled
Jan. 1 1919 $1,000,000.
the year 1918.
during
capacity
70%
about
d
employe
The plant was
Some improvements were made.
31.
INCOME ACCOUNT YEARS ENDING DEC.
1915.
1916.
1917.
1918.
Mfg. profits, JOSS maint.,
taxes, selling and ad$219,152
$606,152
ministration expenses $933.741 81.669,202
Int., discounts, divi13,659
11,599
13,151
dends, &c.,received__
Less interest paid on
5,348
borrowed money
$232,811
$617,751
$928.393 $1,682,354
Net income for year.. _
$115,938
$122,500
$112,072
$70,000
First pref. divs. (7%)._
52,500
52,500
50,890
33,127
Second pref. divs.(7%)72,514
95,027
100,709
90,510
_
_
plant..
of
Depreciation
Approp. for first pref.
176,000
175,000
350,225
338,202
stock sinking fund..
Provision for war excess
440,000
256,688
profits and income tax
.458sur.$172,724 def.$184,141
sur.$628
$139,866
Balance, stir, or def_sur.
g for sinking fund of first preferred
The deficit for 1915, after providin
surplus.
ted
accumula
of
out
stock, was met
BALANCE SHEET DEC. 31.
1917.
1918.
1917.
1918.
$
Liabilities-ssets7,000,000
7,000,000
stock___
Common
Real estate, build1,340,300
1,499,989 1,756,590 1st pref. stock....._ 1,000,000
ings, &c
750,000
pref. stock.... 750,000
Pat'ts & goodwill_ 6,201,448 6,541,748 2d
169,257
97,857
payable_
Accounts
309,011
Pref. treas. stock_ 350,957
payable
Notes
Notes & accts. rec. 589,072 1,049,132 Reserve
taxes_ 250,000 x440,000
for
765,307
710,684
es
Inventori
164,287 Special surplus..
811,339
Cash
140,000 Profit and loss_ _ _ 1,166,382 1,026,517
100,750
U.S. Lib. bonds
10,264,239 10,728,075
Total
10,264,239 10,726,075
Total
and income taxes.
profits
excess
war
for
x Including full provision
-V. 108, p. 688.
[VOL. 108.
COS.) DEC. 31.
CONSOLIDATED BALANCE SHEET (INCL. SUB.
1917.
1918.
1917.
1918.
3
LiabilitiesAssets4,915,000
4,865,000
cum_
7%
pref.,
1st
bidgs.,
Real est.,
2,000,000
2,000,000
cum_
7%
pref.,
2d
2
plant,g'dwill,&c.13,040,234 13,075,56
8,000,000 8,000,000
Inventories (cost).. 4,451,973 4,450,469 Common
1,850,000 3,875,000
Notes payable__
Accounts receiv'le
603,969
848,223
payable.
(less reserve)..... 3,060,476 2,837,107 Accounts
excess
war
.for
Prov
104,893
103,393
vest.,&c.
MIscelLin
300,000
1,697,614
taxes..
income
&
U.S.cert. of indebt.
Conting. reserve_ 1,089,870
and Liberty bds. 1,160,013
of
relemp.
for
Res,
44,585
Advances
85,000
85,000
1st pref. stock....
720,005
Cash on hand,&c_ 799,016
2,298,033 1,588,861
135,209 Surplus
Prepaid insur.,&c. 118,635
22,733,740 21,367,830
Total
22,733,740 21,367,830
Total
-V. 108, p. 883.
Certain-teed Products Corporation.
(Report for Fiscal Year ending Dec. 31 1918.)
ce:
Pres. Geo. M.Brown on Feb. 24 1919 wrote in substan
to Government shut-down
Results.-After June 30 our troubles due
red, and having been rated an
orders and shipping difficulties disappea
all necessary raw products,
of
essential industry, we were practically assured
used in all war work, but the volume
&c. Our lines of goods were generallyaverage
volume. Restrictions
peace
the
one-fifth
than
so required was less
severe that there was very
on general building and repair work were so
armistice to Jan. 1 our business
little fall business. From the signing of the
a substantial blow to our profits
practically stopped, and our losses wereof
the year.
accumulated during the earlier periods
than for any previous year, the
Although the sales for 1918 were greaterincrease
in expenses of all kinds.
big
the
by
net profits were much reduced
ately $100,000 in excess of any
The advertising charged off was approximfor
and depreciation waS
repairs
off
charged
total
The
record.
previous
more business than in anylrovious
also at high water mark. While we didany
year in our history.
year the margins were smaller than for
stocks have been
Pref. Stocks, &c.-All dividends on both the pref.
par value first prof.
paid promptly when due. We cancelled $275,000 additional first prestock during the year and are required to purchase no
ferred before Apr. 1 1920.
have had larger orders than
Current Business Outlook.-Since Jan. 2 weprevious
year. We have also
we have ever had during a like period of any
better basis, and while our
a
to
ns
adjusted our manufacturing conditio ive in order to got business started
selling prices have been quite competit
ng of costs, during the first
up, and we shall have considerable readjusti
conditions, present indications
two or three months of the year, to peace
of the next year.
point to a much improved showing for the close
d our Pacific Coast plant by
New Plant.-Early in 1918 we completebay
San Francisco. No
from
building a felt and paper mill across the
is necessary in the imfurther expenditure for development of plants
mediate future.
CALENDAR YEARS.
INCOME AND SURPLUS ACCOUNT FOR
1917.
1918.
79 $3,109,148
Operating profit after repairs, maint. & doproc'n__ $2,562,6
705
72,411
Other income
$3,109,853
90
$2,635,0
income
Gross
1,717,271
2,152,378
Less-Selling, admin., general expenses and int
296,561
43,871
Diamond Match Company.
Federal taxes
225,400
234,938
(7%)
stock
pref.
Dividends on first
1918.)
123,970
31
Dec.
134,750
ending
Year
(Report for Fiscal
Dividends on second pref. stock (7%)
240,000
1915.
1916.
1917.
on common stock (13 1-3%)
1918.
Dividend
17,000
47,070
64
$2,284,5
06
$2,925,8
25
donations, &c
Net profits, all sources.._ $3,679,168 $5,637,9
291,188 War
252,944
429,440
844,941
Deprecia'n, repairs, &c_
$489,652
$22,084
388,368
192,350
year
0
for
surplus
1,700,00
to
credit
420,000
y
Net
Reeve against inventor
1,103,098
550,000
COMPARATIVE BALANCE SHEET.
U. S. Govt. taxes
1917.
1918.
1917.
Reserves against1918.
400,391
LiabilitiesCost of potash plants..
$
Assets300,000
25,000 3,500,000
stock_3,2
7%
pref.
First
2,585,669
Price decline
3,025,526
&c
Real estate,
pref. 7% stock.... _1,925,000 1,925,000
Water power rights_ 289,630 289,630 2d
$1,864,227 $2,405,387 $2,780,121 $1,605,009 Cash
Net earnings
199,435 235,622 Common stock -no
279,475
a194,400
value declaredpar
7,141
12,643
Bryant & May,Ltd_ __ _
.._
Customers' notes_
60,000 she, at 830.1,800,000 1,800,000
09 Accts. receivable$2,058,627 $2,684,862 $2,780,121 $1,605,0
5,000 she. at $40... 200,000
Total
Cust'rs, less res've 839,065 1,226,649
$250,000
1,185,000 200,000
Notes payable
Approp. for gen. reserve
Subsid'y & affii'd
150,000
$150,000
$180,000
58,232 Accounts payable......206,173 378,315
Depreciation reserve..._
cos. mdse
94,938
1,357,208 (9)1,526,859(7%)1314795(7)1,130.599
Preferred dividends_ 90,125
Dividends
S desmen and em86,150
53,641
64,553 Accrued taxes
10,353
Plwees
$74,410
26
$1,315,3
712,145
$978.003
in
and
$701,419
26,068 Surplus paid
Surplus
Miscell. accounts.. 29,529
880,320
454,730
1
520,056
1,223,881
718,060
accretions
1,678,228
1,606
Previous surplus
&c....1,87
Raw materials,
950,133
29,399 Surplus earnings_ _ _ J
$954,730 Exp. paid in advance 50,755
$1,449,479 $1,498,059 $1,770,056
10,000
Total
500,000 Invest. In other cos.. 10,000
1.250,000
749,999
137,858
1,626
Patents, &c., written off
Sink.fd. 1st pref.stk.
3454,730 Good-will, trade-mks
$520,056
3748,060
$1,449,479
Surplus Dec. 31
3,295,830 3,297,631
patents, &c
of ordinary stock.
sale
from
profit
in
1917,
,
dividend
stock
1918,
a In
25,000
Liberty Loan
248,022
acct.
pur.
stk.
Empl.
31.
DEC.
SHEET
BALANCE
1917.
1918.
9,908,820 9,646,681
Total
1917.
1918.
Total9,908,820 9,646,681
S
$
Liabittites$
Assets_16,965,100 16,965,100 -V. 107, p. 1669.
stock__
Capital
5,859,686
6,708,076
Arc
Plants,
487,275
Accounts payable_ 1,534,087
Pine lands,&c_ _ _ _ 2,582,126 2,668,769 Pay-roll
63,628
Pacific Lighting Corporation, Los Angeles, Cal.
97,555
1
1
PaVts, rights, &c..
1,214,332
699,203
(est.).
accrd
Taxes
(Report for Fiscal Year ending Dec. 31 1918.)
691,516
955,739
Foreign,&c.,1nvest.
3,033,136 2,120,406
132,959 Reserves
Def.chgs. to oper_ 200,849
President C. 0. G. Miller, San Francisco, Feb. 15 1919,
748,060
1,449,479
profits&
Surplus
9,202,044
2
10,382,86
Inventory
wrote in substance:
Notes & accts. rec.
the Los Angeles Gas
less reserve...... 1,795,979 1,908,153
Results.-Adding to the gross operating revenue of
of the Pacific Lighting
1,135,668
1,153,827
Cash
& Electric Corporation the other income receipts
gross income for the
total
the
on sales of bonds
23,779,460 21,598,802 Corporation and profits
g expenses, taxes, interest,
Total _
23,779,460 21,598,802
Total
year was $5,038,325. Deducting all operatin
of
bond discount, there
tion
and
amortiza
o
Francisc
-V. 108, p. 1168.
office expenses in San
There was written off for depreremained a gross profit of $1,319,889. for
of
year
$754,165.
tho
profit
net
a
leaving
Co.
,
t
3565,724
ciation
Loose-Wiles Biscui
pay dividends quarterly.
During the year this corporation continued toper
annum, amounting to
of $5
Upon the prof. stock at the regular rate
(Report for the Fiscal Year Ending Dec. 31 1918.)
per annum, amount$208,100. Upon the common stock at the rate of $12
in subst.:
s paid $784,100.
President J. L. Loose on Feb. 20 1919 wrote
ing to $576,000, and making the total of dividend
quantities of biscuit
$75,100 of Liberty bonds held by the
to
the
al
addition
substanti
-In
supplied
Loans.
Liberty
company
the
year
the
During
little inconvenience to civilian Pacific Lighting Corporation, the Los Angeles Gas & Electric Corp. owns
rations for the army and navy forces, withhaving
been entirely satisfied and holds 3225,000 of Liberty bonds.
customers. The domestic demand not
during 1918, adding
ly expected the consumption
confident
is
it
The abnormal costs of 1917 continued and increased
months,
18
during the past
serving comeven during the period
n,
operatio
gas and electric enterprises except those
will increase, with reasonable profits from ons by U. S. Food Administra- to the burden of allwar
increase in the
great
a
about
activities brought
munities in which
of readjustment. The removal of restricti
more volume
in Los Angeles where your
a
case
with
the
coupled
not
,
was
This
materials
raw
of
use
business.
d
of
unlimite
tion now permits the
largest investment is.
plentiful supply of labor.
effect in Dec. 1917
with respect to Federal
Rates.-The Los Angeles gas rates which went into
Pending the determination of the actual liability
for contingencies," averaged 68.17 per 1,000 cu. ft. in 1918, an increase of but 17-100ths of a
taxes, a specific appropriation, as well as a "reserve
cent over the previous rate.
have been set up.
had installed 1,434
together with the great
Property.-On Jan. 11019 your Los Angeles company
188,354
The necessity for increased working capital,
y to carry a larger floating miles of gas street mains, 3,006 miles of main lino wire, and hadnts
made
growth of the business, has made it necessar
betterme
its
of
a
cost
to
net
purpose to reduce this debt
meters set, a gain of 2,702 meters. The
debt than we deem desirable and it is our
and
done
is
this
.
When
$154,081
possible.
was
as
year
soon
the
during
had
most conservative amount as
1919
1
Jan.
on
ion
and
Corporat
resumed
Lighting
be
will
s
Indebtedness.-The Pacific
Electric
earnings permit, the second preferred dividend
the foregoing has been accom- neither a floating nor a bonded debt. The Los Angeles Gas &
decrease
accumulated dividends discharged. Until
a
00,
of
$8,318,0
debt
bonded
ed.
a
1918
consider
be
34
cannot
Dec.
Corporation had on
plished, dividends on the common stock
debt, practically all of which was
for the year of $48,000. It had a floatingof
AR YEARS.
$33,452. There were $735,868
for current items, of $591,625, an increase
CONSOLIDATED INCOME ACCOUNT FOR CALEND
of $81,133 for the year.
increase
an
funds,
1915.
sinking
1916.
1917.
in bonds and cash in its
1918.
were registered 345 holders of the
$386,271
Stockholders.-On Feb. 1 1919 there
$2,043,229 $1,028,216
Net profits
of
pref. stock, against 331
holders
.
ag
d
rne
a
36,100
a
e
,
y
ck
e
o
n
st
o
n
y
29,778
o
l
n
oxe
c
c
pe
's
es
n
19,132
4roajior
nTo
ao
c
Int. & div. received..
Total profits
General expenses, &c
Int. real estate mtge...
Special expense, &c.. _ .._
Int. on borrowed money
Prov.for war excess profits and income taxes.._
Net income
1st pref. div.(7%)
Not
stated.
$2,062,361 $1,057,994
$54,541
$77,226
$422,371
$54,574
151,449
99,753
137,786
107,468
162,731
300,000
$1,053,222 $1,522,404
344,050
344,050
$752,252
344,050
3122,543
344,050
507
Balance, stir. or def_sur.$709,172sr.$1.178,354 sur$408,202 def3221,
INCOME ACCOUNT FOR CALENDAR
1915.
1916.
1917.
1918.
65
$5,038,325 $5,118,516 $4,387,207 $4,443,6
Total grass income
7
3,028,30
5
0
2,975,47
3,467,62
Oper. exp., taxes, Int.,&c. 3,718,436
58
$1,319,889 $1,650,896 $1,411,732 $1,415,3
Balance
$842,158
3730,863
3773,384
3565,725
Depreciation
208,100
208,100
208,100
208,100
(5%)
Preferred dividends
00 (8)384,000
Common dividends__(12%)576.000(10)-i)504,000 (8)381,0
dof.318,900
769
.412
sur.388.
sur.$165
.934
def.$29
Balance
MAR. 29 1919.]
THE CHRONICLE
BALANCE SHEET JANUARY 1.
1919.
1918.
1919.
AssetsStocks-Miscell _
80,200
26,200 Pref. stock (41,620
do Gas& elec.cos 9,271,918 9,271,918 shs. at $100
ea.) 4,162,000
Bonds-Los Aug.
Corn.stock (48,000
G. & El. Co. &
shs. at $100 ea.) 4,800,000
its underly'g cos.
51,475
104,541 Dividend accrued
Bonds-Other cos. 363,381
455,647 on pref. stock__
34,683
U.S. Lib. bonds_ 75,100
30,000 Profit & loss acc't
Cash
112,540
43,103 & undistributed
Sundry debtors.. _ 7,884
74,153
profits
965,815
Total
9,962,498 10,005,563
Total
•
9,962,498
-V. 106, p. 1228.
1018.
4,162,000
4,800,000
34,683
1,008,880
10,005,563
New England Company Power System.
(Report for Fiscal Year ending Dec. 31 1918.)
George S. Smith, President of the New England Co.
as
of March 12 reports in substance:
1273
The payment of the principal and
of these bonds is an obligation
on the part of the B. & 0. and an interest
equitable lien upon the assets thereof
prior to its outstanding $60.000,000 pref.
and
3152,317.468 common stocks.
-V. 108, p. 972. 578.
Bangor & Aroostook Ry.-Federal
t Signed.The Director-General of Railroads, according Contrac
to a press dispatch, has
signed the contract with this company
, the annual compensation being
fixed at 31,575.000.-V. 108. p.
266.
Bay State Street Ry.-Foreclosure Sale.-Channing
H.
Cox, Special Master, is advertising for sale under
foreclosure
at public auction in Salem, Mass., April 21, all the
property
of this company:
(a) Covered by the mortgage dated July 1
1904 made by the company
under its then corporate name of
Boston & Northern Ry. to the Adams
Trust Co., trustee.
(6) All the property, &c., covered by the lien
of the deed of trust dated
July 1 1904 made by the Old Colony Street
By. prior to its merger with the
Bay State Co., to the Old Colony Trust Co.,
as trustee.
(c) All the property of the Bay State Compan
y other than the property
subject to the Boston & Northern Refunding and
First Mortgage and the
Old Colony By. Refunding First Mortgage.
The Special Master will not accept any bid less
$1,600,000; (b) for Parcel B. $1,400,000; (c) for than: (a) For Parcel A,
Parcels A and B when offered together, $3,000,000; (d) for Parcel
C, $600,000; (e) for Parcels A,
B and C when offered together in a single lot
as an entirety, $3,600,000.
Additions.-T he Nov England Power Co. is
adding at Its Uxbridge
steam station a 10,000-kilowatt turbine, whichnow
it is hoped to have ready
for operation by April 1. When this unit is installed
will be a modern steam station with a capacity of the Uxbridge station
15,000 kilowatts. At
No. 5 station additional capacity in transformers, switches
, &c., have been
installed, thus bringing the 60-cycle capacity of the
up from 10,500
to 15,000 kilowatts. The lines have been extended station
from
Ayer
to Nashua,
Reorganization Plan (Concluded).about 18 miles, and energy in large quantities is now being
supplied to the
•
Nashua Mfg. Co.
The time for making deposits under the plan was
extended from March 25
Additional Current.-Additional generating capacity has
to March 28. (No further extension is
to have been made.)
also been arranged for from three additional separate sources, viz.:
The plan, already cited in our issues ofbelieved
(a)
March
8 and March 15, authorizes
Illuminating Co. of Boston, a high-tension connection now Edison Electric new security Issues (additional to old
issues shown in "Chronicle" of
being installed March 15,
will enable an interchange of from 10,000 to 15,000
p. 1059) substantially as follows:
kilowatts of energy
between the two systems; (b) Shore Line
Electric
(1)
Refund
Co.
steam
ing
Mortgag
e-Old Colony Trust Co., Trustee.
Norwich, Conn. 'rho high-tension lino now being built plant south of
To secure both the old bonds
(the portion in
Massachusetts by the Now England Power Co.)
will enable an interchange
equally except as stated in (a). assumed and all the new Refunding bonds
of 10,000 kilowatts of energy; (c) the Narragan
sett
Electric
Lighting Co.
(a) Refunding M ge. Serial Bonds, payable within
has added to its boiler capacity, increasing by 10,000
10 years from date.
which it can deliver to the New England Co. power kilowatts the energy These bonds will bear interest payable semi-ann
system.
as shall be fixed for the several series thereof. ually at such rate or rates
Outlook.-The power requirements for 1917 and 1918
"may be given a first
greatly increased on account of the war; but since the signinghave been very lien upon all the earnings of the new companyThey
applicable to dividends in
of the armistic
the year in which the installments thereof mature,
tho demand has slightly decreased.
was to be expected. Contractes Interest
and any or all of the
have been made with new customerThis
on any such Refunding Mtge. Serial bonds may
s, including the Nashua Mfg. Co.,
be accorded such
priority over any or all other obligati
the Lonsdale Co. and the Fall River Electric Light
ons secured by the Refunding Mtge.,
Co.,
and
the
load
from
whether
for principal,interest or otherwise, as the Reorgani
these companies will much more than offset the loss of war
zation Managers
business. Our may determine. Total
plants and lines have been maintained at a high state of
amount
authoriz
ed
at
no time to exceed $5,000,000.
system has certainly played its part in the winning of theefficiency and the
(aa) Now sold to the underwriters (and offered
war,
having
by
kept
them
as stated In
92 concerns who were working on war contracts supplied with
V. 108, p. 972, under caption "Eastern Mass.
the neces- installm
St. Ry.). "Each annual
sary energy.
ent of these bonds shall
given a first lien upon all the earnings
of the new company applicable be
COMPARATIVE STATEMENT OF EARNS. FOR YEARS
to dividends in the year in which such
END. DEC.31. installment matures'
$2,500,000
1918.
1917.
(bb) Reserved issuable for refunding old assumed
1916.
Kilowatt hour output
bonds and Ref. Mtge.
323,000,000 300,000,000 246,000,000 serial bonds maturin
g; also for full cost of impts., add'ns, &c_
Gross earnings
$3,557,281 $2,645,973 $2,068,436
_32,500,
000
[Also in connection with refunding, &c., as above
Operating expenses and taxes
stated,further amounts
2,234,400
1,501,778
757,304 for such purposes to a total not exceeding the aforesai
d
limit
of
$5,000,0
for
00
all
these
Serial Ref. Mtge. bonds.]
Net earnings
$1,322,881 $1,144,195 $1,311,132
(cc) Refunding Mtge. Serial bonds may
Bond interest
in
the
463,918
discretio
n
440,963
of
the
Re446,319
organiza
Other interest
tion Managers be certified and placed in escrow for sale
200,751
if necessary
156,781
153,143 to the Treasurer and Receiver
Accrued dividend, preferred stocks
-General under the provisions of section 10
293,227
278,412
237,102 of the pedal Act of the
Accrued dividend, 2d prof. stock__ _
Mass. Legislature (chapter 188, Special
108,800
108,800
Acts of
108,800 1918), and such bonds shall
until sold be included in the computation
of the $5,000,000 Ref. Mtge.not
Balance
Serial bonds which may be outstanding at
$256,185
$159,239
$365,76
any
ono
8
time. Section 10
the Act in question provides for the sale of
Annual Kilowatt Hour Output and Gross Earnings
the bonds in question to theofcities
Since 1910.
and towns served in proportion to their
1910.
1912.
1914.
contribution in order to meet any deficien
1916.
1918.
Kilowatt
cy of earnings as to certain charges
(6) Refunding Mortgage Bonds (other than Ref.
hr. output34,000,000 64.000,000 *120.000,000 *246,000
Mtge. Serial Bonds).,000 *323,000,000
These bonds are to be gold bonds bearing interest
Gross earn. $270,000 $514,000
$982,000 $2,068,000 $3,557,000 not
at such rate or rates
exceeding 7% p. a.as may be fixed for each issue and
issuable in separate
series, dated, maturing, subject
*These figures do not include the water output
to call at such times and at such prices
at Bellows Falls.- with such fixed or continge
V. 108, p. 687, 176.
nt sinking fund as may be determined for each
series. The mortgage is an "open mortgag
e."
but
the
issuing of bonds
Is carefully restricted as below indicated.
The special provision that the
Reorganization Managers may at their option
provide
that
the Refunding
Mortgage shall not be forecloseable for a period of
10 years, and in
event shall create a general mortgag
e, is mentioned under (2) below. this
In respect of any Ref. Mtge. bonds issuable
under the plan other than the
Ref. Mtge. serial bonds, any installm
of interest payable at any time
RAILROADS, INCLUDING ELECTRIC ROADS.
prior to June 30 1921 may be extendedent
at the option of the new company
If there is no available Income as defined in
the plan for the payment thereof.
American Cities Co.-Annual Income.The interest so extended, plus 20% of its amount,
shall be payable 60 days
after the close of the first period ending
Summary Statement of Earnings for the 12 Months ended
June
30 or Dec.31 in which
Dec.
e
(Excluding Subsidiary Companies Showing Deficits.) 31 1918. income as defined in the plan shall have accrued for the paymentavailabl
thereof,
but in no event later than Dec. 31 1925. In the
Balance of operating companies
meantim
e
the
total
sum
so
$939,05
payable
2
shall
bear interest payable semi-annually at the rate of
Deduct: Reserve for renewals and replacements
6% p. a.
Both the said total sum and the said Interest
Proportion for earnings applicable to stock of subsidiary$547,441
thereon shall be payable upon
presentation of the coupon for the installm
companies owned by publ c
ent
of
Ref.
Mtge.
extende
d int.
13,698
Such Ref. M.bonds are to be available for issue under
the plan as follows:
561,139
(aa) 434% Ref. Mtge. Bonds, due Jan. 1 1948, carrying
interest
from
Balance *
Jan. 1 1919 (except $180,000 from
11918) payable J. & J. 1, redeemAdd -- Net income from bond investments and sources other
able at 105 and int. on any interestJan.
up to and incl. July 11943, at 104
than3377,913 and
those covered above
Interest in 1944, at 103 and int.day
in 1945, at 102 in 1946, at 101 In 1947:
106,897
In exchange, par for par,for existing
bonds, chiefly Boston &
Total
Nor. and Cold Col. St. Ry. Ref. M.
4s (V. 108, p. 1059) _$14,956,000
$484,810
Deduct-Int. on American Cities Co. bonds and notes
(bb)
5%
Ref.
Mtge.
Bonds,
due
Jan.
11948,
$630,000 1019, payable
carrying
Amortization of debt discount and expense
from Jan. 1
J. & J. 1, redeemable at 110 and int. on interest
45,000 to and
any interest day up
incl. July 1 1938 at 109 and int. In 1939, at 108 in
Balance, deficit
1940, 107 in 1941.
106
in
1942,
105
1943;
in
104
in
1944, 103 in 1945, 102 in 1946, 101 in 1947:
3100,190
* Balance of subsidiary operating cos. oper.,deducting
For sale to holders of Bay State and Massachu
setts Electric
The annual statements by the subsidiary operating deficits,$131,511.
Co.'s pref. shares (see p. 972, "Chronicle" March
companies are given
8)____ $2,870,409
in the "Earnings Department" above.-V. 108, p. 577,
(cc) 6Vo Ref. Mtge. Bonds, due Sept. 15 1927, carrying
478.
Sept. 15 1918, redeemable at 103 and int. on any semi-anninterest from
Baltimore & Ohio RR.-Exchange of Coal de Coke
ual int. date
up
and
incl.
to
Sept. 15 1926 and at 100
int. on March 15 1927:
Issuable in exchange for Bay State St.and
Bonds-Offering of Collateral Trust 63.-Townsend, Ry.5%
Ry. 5% One-Year Coll.
Scott
notes,
due
&
Mar.15
'18.
$1.000
of bonds for every $875
Son, Baltimore, are offering, at 973/ and int., to yield
(c) Additional Ref. Mtge. bonds other than the Ref. of notes $971,428
about and
Mtge. Serial bonds,
6.60%, $3,000,000 (closed issue)6% Collateral Trust
the other bonds issuable under the plan, may be issued
5-ye
ar
not exceeding at par value 60% of the cost of future addition to an amount
gold bonds dated April 11919, due April 11924, the
s and improvements, but only when the annual net earnings availabl
offerin
g
e for the payment
being made subject to the right of holders of the Coal
of interest on the Ref. Mtge. bonds are at least 1% times
&
Coke
the interest
charges on all Ref. Mtge.
Ry. 5% bonds to exchange their bonds for this new
outstanding and applied for and on all
issue, prior lion issues. This netbonds
earnings provision may, by the firm
which privilege expired March 27.
of Lee,
Higginson &
as now or hereafter constituted, Harris,
Forbes & Co.,Inc..
Interest A. & 0. at the office of the company in either
or its successo
Co.
r, and the firm of William A. Read & Co. as
now
hereafter
New York or constituted, be waived
Baltimore. Authorized and outstanding, $3,000,0
in respect of any issue made before Jan.or
00. Denom.
1 1929.
$1,000 c.
Redeemable as a whole at 101 and int., at the option
(2) Gent. Mtge. to be created in case Ref. Mtge. is Not to be Foreclos
ed for
any int. date upon 60 days' notice. Mercantile Trustof&the company, on Ten Years.-In the discretion of the Reorgani
zation Managers the Ref.
Deposit Co., of Mtge. may provide that it shall
Baltimore, Md., trustee.
not be foreclosed for a period or 10 years,
and in such event a General Mtge.shall be created subject to the
Extracts from Letter of Vice-President George M.
Mtge. and covering the same properties and securing principal Refunding
Purpose of Issue.-To refund in part an issue of
and
$5,000,000 par value of all Refunding Mtge. bonds other than Refunding Mtge. Serialinterest
Coal & Coke Ry. First Mtge.5s of 1904,due April 11919;
bonds,
the cash payment and in the discretion of the Reorganization Managers the interest
at maturity of the remaining $2,000,000 of said bonds being
or
principa
l
or
both
of
the
Refundi
ng Mtge. Serial bonds. Interest on the
provided for Refundi
by the Baltimore & Ohio RR.
ng
Mtge.
Serial bonds so far as secured by this General Mtge.
Security.-The direct obligation and additionally secured
may
accorded
be
priority
by
thereund
er
over
pledge
any
other
of
an
obligation secured thereIssue of 35,000,000 First (closed) Mtge. 5% bonds, duo 1924,
of the Coal & by, but subject to this exception all obligations secured by
Coke By., which company was acquired on Feb. 1 1917
General
by the B. & 0. Mtge. shall be equally secured thereby. The said Generalsaid
RR. at a total cost of $7,599,148. 'rho bonds are thus
Mtge. shall
be
subject
to
foreclos
pledged
ure
any
at
time
in
at
case
the rate
of default.
of 166 2-3% of the par value of the present collateral trust
issue.
(2) First Preferred Stock and (3) Sinking Fund Stock.
Property.-Tho pledged bonds are a first and direct
lion upon the entire
The First Preferred Stock and the Sinking Fund Stock shall
property of the Coal & Coke By. comprising 197.3
miles of first track,
be cumuwith lative stock, ranking equally and pro rata for dividend
a total of 239 miles of all track,together with 34 locomoti
s and in liquidation,
cars and 2,066 freight cars. The entire equipment has ves,30 passenger and preferred as to dividends, and also as to par and
accrued
been
dividend
s
estimate
d to in liquidation, over the Pref. B Stock, the Adjustment
be worth, under normal conditions, $1,500,000.
Stock and the
Common Stock; dividends payable semi-annually (F.
The line of road extending from Elkins, W. Va., to
A.15).
Charleston. W. Va.,
The new company shall not without the authorizing&vote
affords the only direct connection between northern
Charleston, and as part of the B. & 0. System offers West Virginia and of the First Prof. Stock and the Sinking Fund Stock voting of a majority
a route for tonnage issue any stock having priority
as one group
between the Pittsburgh District and Central West
as to dividend
Virginia.
Sinking Fund Stock or the First Prof. Stock. s or in liquidation over the
Standard Return.-The I.-S. C. Commission
certified the standard
First
return of this property as provided under the has
Pref.
Cum.
(2)
Stock.
-Issue
not
limited.
Callable as a whole or in
Compensation Act, to be part (when drawn by lot) on
$282,322 per annum, or more than sufficient to
any send-annual dividend day at 120 and diva.
pay the interest on the
First Prof. Stock issued under the plan will be entitled
bonds pledged, and Is equivalent to over 1 times
to dividends at
the interest charges rate of 6%
p. a. and no more; any subsequently issued shall
on this $3.000.000 Issue.
be entitled to
such dividends as shall be fixed at time of issue thereof.
GENERAL INVESTMENT NEWS
1274
THE CHRONICLE
[Vol,. 108
willing to issue, and to apply
$919,416, or such part thereof as he may be
from Feb. 15 1919:
of 8735,532 needed to
First Pref.6% Cum. Stock, now issuable, ranking for dies.
to the War Finance Corporation for an advance
4,670
shares-.$85
was also authorized to issue
receiver
Common
Cos.
The
Elec.
due.
tts
coming
Massachuse
of
meet payments
For sale to holders
as security, as well as
loans
bank
certificates
Ry.
the
State
notes for the advance and pledge
Issuable (a) in exchange, $ for $, for Bay choose
682.
First Pref. in
other securities which may be required.—V. 108, p. 972,
and coupon notes whose holders may for $ for
State
Bay
$
(b)
Stock;
preference to Sinking Fund
comce RR.—Debenture Issue.—
Providen
&
Boston
claims not otherwise provided for; (c) compensation of
issuance of $2,170,000
as required
Information has just come to hand regarding1 the
mittees, &c
1923, for the purpose of
5-year 6% Gold Debenture bofids due July
(3) Sinking Fund 6% Cumulative Stock.
amount of 4% bonds due July 1 1918.
like
a
of
maturity
the
necessary
financing
if
only
increase
Authorized issue of $3,239,000 subject to as a whole or in part on. Interest on the new bonds is payable at the First National Bank and the
for the consummation of the plan. Callable
Boston. We are informed that this issue was
in order of series Num- National Shavrmut Bank,Morgan
& Co.—V. 106, P. 923, 821.
any semi-annual dividend day at par and interest
the new company is placed privately by J. P.
bers 1 to 21, inclusive, by a sinking fund to which
an amount equal to the
Co.—Decision.—
Transit
Rapid
to pay each year, beginning February 1 1920,
n
Brookly
or
on
dividends
any
Court at N. Y. on Mar. 24
series due February 15 of such year, before declaring
Judge Julius M. Mayer in the U. S. District
t Stock or
Adjustmen
Stock,
B
Preferred
any
of
on Mar. 22. on the request of
purchase
hearing
any
a
making
determined by lot filed a memorandum, following s relative to the [about' 829,000.000 bonds
Common Stock. The shares to be redeemed shall be
instruction
for
Garrison
entirety.
Receiver
its
series in
The point involved was as to
in case funds are not available for the payment of any
first six series which had been deposited as collateral.
Of the Sinking Fund Stock $1,425,000, including all of the
to recover possession of the bonds in
is to be divided whether action should be brought arrangemen
ts providing for an upset
and part each of series 7 to 15, is allocated to bank loans and
no
been
had
there
as
agree.
cases
shall
such
market because of default.
among the bank creditors in proportion to their claims as they
price in case they should be thrown uponsthe
were bona fide, in
Series 1 to 14 are for $150,000 each..
The Court holds that the transaction in question
of Series 7
The remaining $1,814,000 of this stock being the remaindernotes
made were valid that
in the accordance with usage and that the arrangementstime
to take any steps
to 15, and all of series 16 to 21, are allocated to the couponthe
present
the
at
7th series it would especially be inadvisable
order of the maturity of the notes, beginning with 857,000 of
regard to such matters.
being the which might tend to disturb public confidence in
of the kind
action
no
for the 1918 maturity, and increasing gradually to $202,000,
that
therefore,
is,
um
memorand
the
of
purport
The
whole of the 21st series, for the 1932 maturity. (See table 4, p. 1059.)
mentioned should be instituted.—V. 108, p. 1164, 972.
Sinking Fund Stock, Series 1 to 21, ranking for dies, asfrom Feb. 15 1918.
e—Status.—
Chicago Elevated Railways.—Leasfollowing:
(a) In exchange, par for par, for Bay State Street Ry.Co.20-year
The "Chronicle" has been favored with the of
5% serial coupon notes, dated Aug. 15 1912, not to exceed$3,239,000
committee the Chicago City Counion
transportat
(Chicago)
loans,
local
$1,425,000
The
bank
State
Bay
and
,
$1,814,000
have been cil drafted an ordinance embodying the recommendations of the commission
As a matter of convenience, the figures contained in the plan
Stock with certain changes, but this ordinance was defeated at a referendum vote
prepared on the assumption that the option to take First Preferred
committee thereupon
exercised.
be
not
of the people Nov. 5 1918 by a small margin. The
will
Stock
in lieu of Sinking Fund
ordinance and recommenup the question of a revision of the defeated
took
e.
drawn for submisbeing
Cumulativ
6%
now
is
Stock
(4) Preferred B
lease of the traction properties which
and at ded ato
a referendum vote.—V. 107, p. 2187.
Preferred as to dividends at the rate of 6% p. a. and no more,
sion
and
Stock
t
Adjustmen
the
over
,
par and accrued dividends in liquidation
d.—
cash or in
Cincinnati & Columbus TractiononCo.—Sol
the Common Stock. Dividends are to be payable (F. & A.1) inpart
Feb. 15 by the Union
(when
This property was bid in at public auction
common stock. This stock is to be callable as a whole or inon
at $200,000.
s
bondholder
stock
the
the
for
Dividends
drawn by lot) on any dividend day at 110 and int.
Savings Bank & Trust Co., as trustee,
Issued under the plan shall accrue from Feb. 11919.
Compare V. 108, p. 479, 267.
in
paid
are
year
any
in
which
stock
this
The rate of the dividends on
on the AdjustCincinnati Traction Co.—Fare Increase
common stock (1) shall not exceed the rate of the dividends
April 1 it will charge a,
unless all the
This company has announced that beginning
ment Stock which in such year are paid in common stock,
cents at the becommon
in
paid
are
any,
if
year,
fare. The fare was increased to five and one-half
six-cent
dividends on the Adjustment Stock in such
rate of the dividends ginning of this year under the service-at-cost arrangement.—V.108, p. 1164.
stock, and (2) shall be less by at least 2% than thecommon
unless
stock,
in
paid
are
year
such
in
which
on the common stock
RR.—Extension.—
Cleveland Painesville & Easternthe
all the dividends on the common stock in such year, if any, are paid in
first Consolidated mortWe are informed that the first mortgage and1918,
common stock.
were extended for five
follows:
as
1
plan
Oct.
the
due
under
company,
issue
5% bonds of this
Preferred B Stock is to be available for
gage
For sale to holders of Bay State St. Ry. Co. pref. stock_ _ _ _82,998,500 years to Oct. 1, 1923 at 7 %.—V. 107, p. 1191.
Privilege.
(5) Adiustment Stock, 5% Cumulative.
Coal & Coke Ry.—Payment of Bonds—Exchange
A cumulative stock, preferred as to dividends at the rate of 5% p. a. and
See Baltimore & Ohio RR. above.—V. 107, p. 1287.
no more, and at par and accrued dividends in liquidation, over the common
stock. Dividends payable semi-annually (A. & 0.1) in cash or in common
Dallas Railway Co.—Dir-ctors.— Monte Daniels, Charles F.
int.
stock. Callable as a whole or in part on any dividend day at par and
The following directors have been elected: La
be
Calder, G. A. Trumbull,
Dividends on Adjust, stock issued under the plan shall, except as maythe
Weiland, John V. Hughes, W. B. Head, 0. E.
from
W. R. Ellis, C. W. Hobson,
otherwise determined by the Reorganization Managers, accruecompany.
Fred E. Johnston, J. C. Duke, M. L. Morris
h, J. F. Strickland. J. K. Hester. S. W.
day on which the principal properties are transferrel to the new
McDonoug
H.
J.
Olmsted,
A.
H.
The rate of the dividends on this stock which in any year are paid in King Jr., R. D. Suddarth, Orville Thorp, M. B. Shannon, W. S. Mosher
C. E. Calder and
common stock shall be less by at least 2% than the rate of the dividends
and F. R. Bissell. Officers elected were J. C. Duke,
on the common stock which in such year are paid in common stock, unless Richard Meriwether as Vice-Presidents: all other officers were re-elected.
all divs. on the common stock in such year, if any, are paid in coin. stock.
—V.105, p. 2271.
as follows:
Adjustment Stock is to be available for issue under the plan,
Payment.—
To holders of Bay State and Mass. Electric Cos. preferred stock
Delaware & Hudson Co.—Dividend
$843,946
funds from the U. S. Railroad
plan
the
under
exercising their rights of purchase
The company has received the necessary
declared. Compare
7,875,000
To secure three-year 6% notes
Administration to pay the quarterly dividend recently
In exchange, par for par, for claims against Massachusetts
p. 578.—V. 108, p.878.
108,
V.
than
other
plan
the
Electric Companies participating in
Contract Signed.—
claims in respect of securities expressly provided for__ as required
Detroit Bay City & West. RR.—Fed. Federal
operating conThe Director-General of Railroads has signed the
(6) Common Stock.
p. 268.
108,
V.
tract, fixing annual compensation at 385,067.—
Common stock is to be issued under the plan to the amount permitted
e Decision.—
by the Special Act as determined by Reorganization Managers.
Detroit Jackson & Chicago Ry.—Far
on March 21 ordered fares
Common stock is to be available for issue under the plan as follows:
Judge Hosmer in the Circuit Court at Detroit
$1,424,450
reduced to the pre-war
Jackson
and
For sale to holders of Mass. Elec. Cos. common shares
Detroit
between
lines
this company's
For sale to holders of Mass. Elec. Cos. preferred shares_ the balance on
basis of approximately 1M cents a mile.—V. 85, p. 345.
ALso any further amounts found necessary by Reorganization Managers
d in New Jersey.—
for other purposes.
Erie RR.—Note Issue Authorize
n has authorized this company to
Voting Rights.—All classes of stock shall have full voting rights, except
The New Jersey P. U. Commissioto
nor
3-year 6% gold notes to the
issue
and
collateral
as
bonds
that the common stock shall have no voting rights until Jan. 1 1921,
Stock pledge certain
1060
thereafter at any time when $5 of dividends upon the Adjustment
amount of $15,000,000. Compare V. 108, p. 1164,
are in default.
.—
Increase
k
Ry.—Stoc
l
Termina
Notes.
6%
Essex
Three-Year
the Parliament of Canada
Adjustment
Notice is given that this company will apply to
These notes shall be issued by trustees (to be known as
p. 1713.
Foye, and Walter L. for an Act increasing capital from $400,000 to 81.500,000.—V. 101,
Trustees). viz., Francis L. Higginson Jr., E. Elmerupon
Reorganby the
.—
Decision
Haehnlen, or such other persons as shall be agreed
--Fare
Co.
of Nov.30 1917.
Galveston-Houston Electric
ization Managers and the committee under the agreementduring
Tex., in a decision handed
which the
The Court of Civil Appeals at Galveston,
The notes shall be dated the first day of the month
the
grant
to
Houston
of
city
the
of
bear down March 20, upheld the refusal
principal properties are transferred to the new company, but shall
Stock at six-cent fare requested by the Houston Electric Co.—V. 108, p. 1164.
interest from Oct. 1 1918, payable at maturity. Adjustmentamount
of
the rate of $250 of Adjustment stock for every $100 principal source of
eral Contract.—
Georgia Florida & Alabama RR.—Fed
notes will be delivered to the trustees, and will be the exclusive
the Federal operating conThe Director-General of Railroads has signed
payment of the notes.
on at 857,637.—
compensati
annual
the
fixing
warrants"
tract with this company,
This Adjustment stock may be purchased by holders of' option
V. 100, p. 1672.
(see below) upon payment therefor at the rate of 836,$38 and $40 a share,
the
following
months
12
respectively, during the first, second and third
Grand Trunk Pacific Ry.—Status.—
Any
date of the notes, with an adjustment of interest and dividends.
to have ratified the OrderThe Canadian House of Commons is reported
principal,
of Railways
payments by option warrant holders, whether of interest or ofduring
ouncil placing this property in the hands of the Minister
the
in-C
interest,
may be made in notes at 90% of their par value and
next as receiver.
of ComHouse
Canadian
first 12 months following the date of the notes, at 95% during theminus
the
in
debate
It transpired in the course of the
12 months, and at 100% during the next 12 months in each case
Canadian Government, confirming
mons on Mar. 20 that in July last the
should
t
Governmen
the
any distributions previously made on such notes.
that
proposed
February,
the an offer of the preceding
All payments received from Option Warrant holders may be held by dislinos and the Grand Trunk By. Co..
take over the G. T. P. Ry. and branch
companies, and make
of
trustees pending the maturity of the notes, or, in their discretion,notes
both
obligations
all
a.ssume
and
assets
all
acquire
of the
tributed pro rata on all notes outstanding. At the maturityStock
three years, $3,000.000 for the
unsold annual payments of $2,500,000 for the first
such sums to
all funds in the hands of the trustees and all Adjustment
succeeding five years and $3,600,000 annuallytthereafter;
shall be divided pro rata among the holders of the notes. and the notes
as they might determine
managemen
Trunk
Grand
the
by
be distributed
t also
Governmen
The
shall be surrendered and canceled. The trustees may sell Adjustment
stocks.
other
and
of 4% guaranteed
to a board of
Stock at such price as they shall think proper to facilitate this distribution among holders
offered an alternative, namely, to submit the entire question
and for the payment of their expenses and compensation.
.
Upon all purchases of Adjustment Stock by Option Warrant holders, arbitration
wrote: "At our meeting yesThe Grand Trunk Ry. Co. on Aug. 8t1918
and in all distributions of Adjustment Stock, the trustees unless and until
should pay a net annual sum of
have terday I proposed that the Governmen
the year 1913, the last nor75% of the Adjustment Stock originally held by the trustees shall
for
earnings
net
of
amount
the
being
the course pursued by the Britbeen purchased by Option Warrant holders, may in their discretion deliver 1977,000,
year before the war, and thus following
and leave to arbitration what
in lieu of stock certificates, voting trust certificates, enabling the trustees malGovernmen
railways,
British
the
towards
t
ish
entitled to in respect of the prounder to retain the voting power for such period.
further sum, if any, the shareholdersetare
undertaking rtehpa atmust arise from the development f
Three-Year 6% notes are to be available under the plan as follows:
n.of
ioue
spective
geomn
In exchange for $3,000,000 Massachusetts Electric Comitsoffer! now
offer should be made of a
panies 5% gold notes, due Apr. 1 1918, at the rate of
"But it was aLso suggested that an alternative
am authorized to say the board
$1 par value, of the three-year 6% notes for each dollar
definite sum without arbitration, ands I
of an annual sum of
payment
the
shareholder
of the principal amount of said notes and of the accrued
to the
83,150,000 would recommend
interest thereon to Oct. 1 1918 at 5%
£1,163.000."—V. 108, p. 1060, 973.
Adjustthe
Purchase
to
Option
$7,875,000 Option Warrants—Giving
,
Grand Trunk Ry.—Negotiationsadditional
ment Stock Securing the Three-Year 6% Notes (which see above).
bonds came up bet
The bill authorizing the company to issue
Option Warrants are treated as of the par value of the Adjustmen
25 that was held over for
Mar.
on
Commons
of
House
issue fore the Canadian
Stock which they give the right to buy. They are to be available for
further consideration.
Canadian Government are menthe plan as follows:
The negotiations of last summer with the
108, p. 1060, 268.
For sale to holders of Massachusetts Electric Companies$7,476,035
tioned under Grand Trunk Pacific Ry. above.—V.
pref. shares, and common shares
398,965
RR.—No Bids.—
Western
&
For other purposes of the plan
le
Greenvil
S. 0., states that there were no bids for
Compare also resume of plan in V. 108, p.972, 1059.—V. 108, p. 1164.
A press report from Greenville,for
sale at an upset price of $100,000.—
offered
property
company's
this
roval.—
Boston & Maine RR.—App
an order approving V. 106, p. 822.
The Massachusetts P. S. Commission has issued and
also authorizing
Hudson Valley Ry. Co.—Earnings.-the petition for the reorganization of this company,
g notes.
1918.
Cal. Year—
1917.
the issuance of $13,306,000 of bonds to fund the outstandin
1918.
Cal. Year—
granted this
,560
$240,595 $1390147.
Judge Morton in the U. S. District Court at Boston has of
$1,025,715 Total income
of the hearing its petition Oper. revenues_ _ _81,120,004
a720,240 Fixed chgs.& taxes 358,959 a317,797
company an extension until Mar. 31 as the datethe
891,174
expenses...
time
Oper.
of
extension
third
det.118,304 det.13,237
income
Net
for discharge from receivership, this being
$299,475
$234,890
revenue
Net
5,085
5,705
granted.
the Other income
V 89, p. 286
Judge Morton on Mar. 26 authorized the receiver to accept from
a In 1917 taxes were included in oper. expenses—
to about
Director-Genera of RRs. certificates of indebtedness amounting
MAR. 29 1919.]
THE CHRONICLE
1275
Interborough Consolidated Corp.-Committee-Deposits of Stock Invited.-The committee named below is inviting all holders of preferred and common stock to deposi
their certificates with its depositary, Mercantile Trust &t
Deposit Co., New York City. (See also adv. pages.)
Committ
senting holders of the 30-year Adjustment Mortg
age Income
5% bonds, urges the deposit thereof with
Trust Co., N. Y., as depositary, or the Old the Bankers
Trust
Co., Boston, and the Commercial Trust Co.Colony
of Philadelphia, as sub-depositaries.
Maine Central RR. Co.-Earnings, 1918.-
Pennsylvania RR.-Indebtedness
ee.-Eugene V. R. Thayer, Chairman; Chellis
Austin, MorCommittee.-John Candler Cobb, Chairman; Oscar
timer N. Buckner, Charles Hayden, Edwin S. Marston, A.
Cooper, Haley Fiske,
with Charles D. Frank L. Hall, Duncan
Makepeace. Secretary, 115 Broadway, N. Y., and Rushmo
A. Holmes, Ernest Stauffen Jr., Richard
re,
Bisbee
H. Swart&
wont,
with B. W. Jones, Sec'y, 16 Wall St.,
Stern, counsel.-V. 108, p. 1165, 878.
N.
Y..
and
Murray,Prentice
& IIowland, Counsel. Compare V.
108, P. 1165.
Jacksonville (Flat) Traction Co.-Deposit of Notes.Norfolk & Southern Ry.-Federal Manager.We learn that the holders of a sufficient majorit of the
$750,000 6%
Morris S. Hawkins has been appointed
coupons has assented to the deposit agreement of yFeb.
Federal
r for this com24 1919, under pany, the Carolina RR.
and Kinston-Carolina RR.,Manage
which the State Street Trust Co. of Chicago is trustee, to ensure
with office at Norfolk,
of this measure. A considerable part of the bank loans has alsothe success -Va., to succeed J. H. Young.-V. 108, p. 269.
assented.
Digest of Statement by Assistant Clerk Guy L. Weymouth,
Omaha Lincoln & Beatrice Ry.-Fare Increas
Feb.24'19
e.The company has outstanding $750,000 of 6% coupon notes due Mar,
Nebraska Ry. Commission has
1 itsThe
ed this company
1919, and is borrowing from banks on short-term notes $295,00
rates beginning Mar. 15 from 5 to 6authoriz
cents.-V.104, p. 73. to increase
0.
Financial Showing of the Company for Year 1914, Immediately Precedin
g the
Pacific Electric Ry.(Los Angele
War, and for Year 1918.
This company has applied to the Californias).-Fare Application.YearRR.Commission for authority
1914.
1918.
Year1914.
to issue a new schedule of increase
1918.
Gross earnings.. _ -3715,254 $945,568 Net earnings
d fares in the City of Los
9 $235,901 V. 107, p. 2290.
Angeles.
Oper. expenses_ _ _ 417,490 638,336 Interest charges $247,19
140,191
175,824
Taxes
50.564
71,330 Bond sink.fund
Paducah Traction & Light Co.-Reorganizat
12,450
23,241
Balance, surplus,for year
ion Plan.$94,558 $36,835
As stated last week (p. 1165) the plan of March
It will be seen from these figures that the gross °ambito;
18 calls for an immediate
have increased Issued by the Paducah Electric Co., Inc., of (a) $536,00
In this interval of four years $230,314, or 32%,
0 1st M. bonds;
while
(b)
the
$576,00
balance
6%,
0
20-year
remaini
debentu
ng
res,
converti
ble
after fixed charges has decreased $57,723, or 61%, and this
option of holder, after Jan. 1 1924• (c) $605,00into 7% cum. pref. stock,
been brought about by an abnormal increase in expenses of condition has atThe
0 capital stock in $25 alas.
plan furnishes also the following particulars:
$220,845.
In 1914 trainmen were paid from 19 to 23 cents per hour; during
•
Descript
the
last
ion of Mortgage Bonds and Deed of Trust
six months of 1917 from 22 to 26 cents per hour. Several
Securing Same.
increase
s
in
wages
No bonds in excess of $1.000,000 shall be issued
became necessary during 1918, and since Sept. 27 1918 trainme
The mortgage bonds to be initially issued may prior to Jan. 1 1924.
paid from 38 to 42 cents per hour, a total increase from 1914n have been
be
partly
of
approxibonds,
mately 100%. This enormous increase has been
(b) 5-year 6% bonds, and partly (c) 20-year (a) 5-year 6%
partly by war con- amountpartly
6% bonds,
ditions and partly by decisions of the National caused
of each to be determined by exercise
War Labor Board.
of the options hereinafthe
provide
d
Along with the increase in cost of labor of $146,00
for.
ter
All five-year bonds initially issued
0, or 53%, there came, time on 30 days'
shall be callable at any
an increase in cost of coal of $37,000, or 116%, and an
notice
at
100
and
in
All
20-ye
increase
ar bonds initially issued
penses of $38,000, making the total increase $221,000. The in other ex- shall be callable at any time on 30 days' notice at
102;6 and int.
Bonds issued subsequently may bear such
In trainmen's wages, caused by decisions of the National War last advance
interest, mature at such time
Labor Board, not later than Jan.
took place on Sept.27 1918, and amounted to 12 cents per hour.
1939, be in such pieces, contain such
The effect be subject to such 1sinking
rights ofexchange,
of this increase, therefore, appears only in the last three
provisions and callable at such
of the year may be determined at timefund
prices as
1918, and its full annual effect will not be evident until months
of the issue
October 1919.
Bonds to a total of $200,000 (in additionthereof.
Under present business conditions it is difficult to estimate
to said initial $536,000) may be
future results, issued to the extent, in face
but if the present rates of wages and prices of coal and material
value of bonds, of 100% of the cash
costa of
it seems probable that the company in 1919 with gross earnings s continuo, new construction or of the cash costs of securitie
s of the Paducah Railway
of $1,000- Co. Inc., issued by it at
000, will fall to earn interest on its outstanding bonds and
100% of the cash costs of new
notes by approxi- Bonds issued
against new construction in addition to said construction.
mately $40,000.
$200.000, shall
be issued only to the extent, in face value
The company is now charging a 5-cent fare in accordance with
of bonds, of 75% of the
a specific costs of now construction or of the cash
cash
provision of its city franchise. The city charter
costs of securitie of the Paduca
requires all franchises or Railway Co.. Inc., issued
h
by it at 100% of the cash costssof
amendments thereto secured by city ordinance to be ratified
new construcby popular tion. [All the outstanding stock and bonds of
referendum. Every effort has been and will be made to secure this
Paducah Railway Co.,
increase Inc., will, when and as issued, be acquired by the
but several months may be required to bring about this result, and
the
new
Paducah
Electric
in the Co. and pledged to secure its own bonds.]
meantime the company is clearly in no position to refinance its
Bonds of a later maturity may be issued and
maturing
notes. The directors however, believe that an increase
used to
at maturity
in fare can be bonds of an earlier maturit
y by exchange at par or byrefund
obtained in shorter time and with less expense without a
payment through
receivership. application thereto of proceeds of sale.
Broadly speaking, the conditions at Jacksonville do not differ from
No bonds in excess of $736,000 shall be
those in
other cities, and the directors have no doubt as to a final successf
issued unless the combined net
outcome. earnings, after taxes, of the compani
To carry out this plan, the following individuals have consentul
es
for
12
consecutive months within
ed to serve the preceding 15 months are at least twice the interest
as a committee to represent the noteholders: Allan Forbes, Presiden
charges on all outstaniling bonds and those proposed to be
Street Trust Co.; Stedman Buttrick of Estabrook & Co.; Orrin G. t State issued
issued, except when bonds
to refund maturities previously outstand
Wood,
are
V.-Pres. of Merchants' Nat. Bank, and Edwin S. Webster, member
ing.
The
deed
of
of
trust
shall
provide for the release under safeguarded
firm of Stone & Webster. To these will probably be added a fifth
restricmember tions of the securities of Paducah Railway
to represent the banks in Jacksonville now holding notes of the compan
Co.,
Inc.,
and
Paducah Realty
Co. pledged thereunder.
y.
The deposit agreement covers period
six months, after which time
the depositor may, at his option,awithdrawofhis
Distribution of Securities.
notes unless a plan has been
submitted and approved, it provides that
(1)
$98,000
People's
Light, Power & Ry. 6% bonds-extended
no settlement or adjustment of
the situation shall be made which does not result
1918 with Sept. 1 1918 coupons
Sept. 1
in the payment of all notes receive
attached. Holders of these to
at par and int. thereon without first giving notice
bonds will
either (a) the face value thereof in cash
to the noteholders for or
and int. to date of paymen
their further individual consideration, and submitting
(b)
at
their
t,
option,
$
for
$ in new 5-year 6% mtge.
to them a plan probonds
(to
posed [approval of any plan by 66 2-3% of the total face
bear
from
interest
Jan. 1 1919), with interest to Jan. 1 1919, in cash.
of the notes
deposited resulting in its adoption], and giving them anvalue
358,000
Paducah
(2)
Street
Ry.
Co.6% bonds, due 1920, with July
nity [for
15 days] to withdraw should they disapprove. Noteholopportu
subsequent coupons attached. Holders
ders will be re- and
will receive either (a) 1 1918
lieved from all expenses in connection with the deposit manager
value thereof in cash and int. from July
face
1 1918 to date of paymentthe
s unless at their
some plan is submitted acceptable to the deposito
,
option,
$
for
$,
in
5-year
rs.-V.104, p. 1702.
6%
bonds, to bear interestor (b)
Jan. 11919, with interest from July 1 mtge.
1918 to Jan. 1 1919 in cash. from
• Iola (Kansas) Electric Ry.-Suspension.(3) $98,000 Paducah Street Railway Co. 6% bonds, due
Operation of the city lino and line connecting Iola with Gas
1923, with July 1
City, La 1918 and subsequent coupons attached. Holders will receive:
Harpe and Bassett has been suspended due to the recent increase
(a) $ for $,
d Costs in 5-year 6% mtge. bonds, to bear interest from Jan. 1 1919, with
of operation. It is stated that the line will probably be junked.
from
interest
Oct.
1
1918
to
Jan.
1
-V.
1919,
in
cash, (b) at their option, 20-year
81, mtge.
P. 1791.
6%
bonds, to bear Interest from Jan.or
1 1919, with interest from Oct.
1918 to Jan. 1 1.919, in cash.
1
Kansas City Clinton & Springfield RR.-Officers.-(4)
$325,00
Paducah
0
City Railway Co. 5% bonds,
H. N. McDaniel has been elected President of this company. J.
1932, with July 1
T. 1918 and subsequent coupons attached. The holdersdue
Woodruff has been elected V.-Pres., and S. E. Trimble
of
these bonds [other
, Sec.-Treas.-- than $87,000 owned by Paducah Traction
V. 107, p. 2476.
& Light Co., which will be
rendered without compensation] will
surreceive, (a) for 3, in 5-year 507
mtge. bonds, to boar interest from Jan.
Kansas City Southern Ry.-Dividend Conditional.1
1919,
or
(b) at their option 6%
20-year
mtge.
bonds
to
bear
interest
The usual quarterly dividend of 1% has been declared on the pref.
from Jan. 1 1919.
stock,
(5) 31,058,000 Paducah Traction & Light Co., collater
payable Apr. 15 to holders of record Mar. 31, "conditional
al trust
bonds,
sufficient funds from the U. S. RR. Administration. -V. on receipt of duo 1935, with Nov. 1 1918 and subsequent coupons attached.5%
[Of these
108, P. 378.
$1,058,000 bonds, $98,000 are held in the sinking fund
pledged
to secure floating debt.] Holders will receive and $346,000 are
Louisville & Nashville RR.-Bonds Called.60% of the face
value in debenture bonds, to bear interest from
Seven hundred sixty-five ($765,000) Gen. Mtge.
May 1 1919, and 50% in
bonds, of 1880 capital stock.
(outstanding, 3882,000), have been called for paymen6%
t
1 at 110 and
(6) $335,000 Floating Debt, secured by $346,000 Paducah
int, at the company's office, 71 Broadway, N. Y. ForJune
Traction &
s of called Light Co. 5% bonds, due 1935, with Nov. 1 1918
bonds, see advertisement on a preceding page.-V.108,number
subsequent coupons
p. 1165, 268.
attached. In consideration of the discharge ofand
this debt, the holders
Louisiana & North West RR.-Status of Foreclosure.- thereof will receive for the collateral bonds securitie
s as under Item 5.
(7) $500,000 Paducah 7'raction c% Light Co. 5% pref.sto
The "Chronicle" is informed that there has not yet been
ck. Holders will
foreclosure receive 25% in the capital stock of Paducah Electric
sale-merely a request from trustee under the first mortgage a
Co., Inc.
asking that a
(8) $1,000,000 Paducah Traction & Light Co. common
decree of sale be entered. The case has been assigned for
will
hearing
not
be
entitled
on
to participate in the reorganization.stock. Holders
April 12 next.
The bondholders, it is stated, have no plan except to sell the road
Earnings for Twelve Months ending Dec. 31
1919.
to
the
best advantage. The trustee's petition asks that it be sold with
earnings
$376,214 f Int, on initial bonds,not over.$3
privilege Grossafter
to purchaser to operate in whole or in part or to dismantle. The
2,160
taxes
$93,150 Balance
Louisiana Net,
Railway Commission has intervened asking in effect that
$60,990
Appraisal.-Appraisal of the operating properties
whoever buys
based on prices prethe road be compelled to keep it in operation. These points will
vailing
as
of
Dec.
31
1913,
indicate
be
s
a
value in excess of the above total
covered capitalization. Compar
at the forthcoming hearing.-V.108, p. 784.
e V. 108, p. 1165.
The annual report for the calendar year 1918 shows:
Income from lease of road [to the U. S. RR. Adminis
]--32,998,417
Dividend income,$66,470;other income,$79,256;totaltration
income__
145,726
Railway operating expenses, $30,252; tax accruals, $69,401
_ _ _ _Deb.99,653
Gross income
Rent for leased roads
$905,591 Miscell. income charges.. *3 044,490
--3189,310
Miscellaneous rents
23,029 Improvements
94,486
Miscellaneous tax accruals.. 4,046 Sinking & other res've
funds
16,045
Interest on funded debt
805,872 Dividends
870,888
Interest on unfunded debt.. 49,962 Balance, surplus
$85,259
-V. 108, P. 480. 268.
Missouri Kansas & Texas Ry.-Federal Manager.Charles N. Whitehead has been appoint
ed Federal Manager for this
system with headquarters at St. Louis.-V. 108, p. 1061.
New York Central RR.-Favorable Decision.-
The Court of Appeals on March 21 unanimously
, without
opinion, the judgment dismissing the complaint broughtaffirmed
by O. H. Venner
against the New York Central companies. The
plaintiff's action was
brought to undo the consolidation of the New York
and Lake
Shore RR. accomplished in December 1914.-V. 108. P.Central
1061, 974.
N. Y. N. H. & Hartford RR.-Sale Date
Extended.Judge Julius M. Mayer, in the Federal District
at N. Y., has
has granted an extension of time until July 1 1921 forCourt
the
disposit
ion of the
various properties formerly owned by the company, but which
under decree
of the Court it was compelled to give up.-V.108, p.
974, 879.
Now York Railways Co.-Deposits of 30-Year
ment Bonds Urged.-The committee named below,Adjustrepro-
Authorized.The stockholders on March 25 at the annual
meeting of the company
adopted the resolution approving of the
in the company's indebtedness to the extent of $75,000,000.-V. increase
108. p. 1165, 1061.
Pittsburgh Fort Wayne & Chicago
pital Readjustment.-Exchange of Certificates-SpeciRy.-Ca
al Dividend.-In
a circular to shareholders dated Feb. 19 1919,
signed by
Charles Lanier as President and R.M. Coleman, Sec.-T
reas.,
the following is set forth:
New Namesfor Stock Issues, &c.-At
special meeting held on Oct. 17
1917, and at the annual meeting May the
15
the capital stock was increased from 372,150,585 71 (guaranteed 1918,
7% stock 319,714,285 71 and
guaranteed special stock $52,436,300) to $100,00
Of the $72,150,
585 71 outstanding, the original amount capital0,000.
stock of $19,714,285 71is to be preferred capital stock, and theof
ng $52,436,300 of former
Guaranteed Special stock is to be commonremaini
capital stock, and all stock hereafter Issued is to be common capital stock (compar
e V. 105, P. 716)•
Exchange.-The new stock, both pref. and common
, is to be exchanged
at par for the corresponding outstanding issues,
each to bear 7% annual
interest, payable Q.-J., each being guarant
eed by an obligation of the
Pennsylvania RR.
Holders of outstanding Guaranteed Original, and Special
stocks are
requested to send their certificates to Messrs.
Winslow, Lanier & Co.,
transfer agents, New York, on or after
11 1919, for exchange.
Transfer books will be closed on March 10 March
and opened April 9.
Special Dividend.-Assoon as practicable after
new stock is exchanged
and the costs and expenses. incl. taxes, and in thethe
issuance and substitution
of certificates of stock, are ascertained, It is expecte
d
that the company will
declare a special dividend [understood to amount to
about $1,000,000],
payable from the cash and funded securities in
treasury,to all its shareholders other than the Pennsylvania RR. anditsPennsyl
vania Co.. which
THE CHRONICLE
1276
dividend to them. [It is unhave waived the payment of such special
will be paid some time within the next
derstood that this special dividend
authorized the listing of the
has
e
Exchang
Stock
Y.
N.
The
six months.
in place of the old stock, when
certificates of stock bearing the new names
105, p. 716, 2095; V. 106,
V.
in
plan
Compare
-Ed.]
d.
exchange
as
and
p. 500, 709; V. 108, P. 1166.
Public Service Corp., N. J.-Fares-Report.-
P. U. Commission,trolley fares in New
Under an order of the New Jersey
1 to six cents, with the charge of one cent
Jersey will be reduced on Aprilhas
charging seven cents since last
been
company
The
for transfers
Commission's decision at that time
October, but under the terms of 1the
1919. At a hearing on Mar. 26 before
fares were to be reduced on April
the company insisted that a continued 7-cent
the State Utility Commissionits
.
financial
fare was necessary to insure pages of thisstabillty
issue.-V.108, p. 1166,974.
See annual report on other
[VOL. 108.
INDUSTRIAL AND MISCELLANEOUS.
Paid.Aetna Explosives Co.-InterestatOrdered
New York has made an order
Judge Mayer in the U. S. District Court
on bonds on April 1, but
directing the receiver to pay $33,561 interestldue
payment of indebtedness
excluding any bonds outstanding as collaterap.for
381.
785,
108,
or due performance of contracts.-V.
Glue Co.-Dividend in "Liberty" Bonds.- •
American
on the common stock, payAn extra dividend of 5% has been declaredof
nt fractions in cash), in Ito:Wiable in Liberty Loan bonds (with adjustme
March 1 to holders of
payable
both
of
5%,
dividend
ual
tten to a semi-ann
in Nov. last.
record April 17. An extra of 5% in Liberty bonds was paid
1580.
p.
107,
-V.
American La France Fire Engine Co.-Officer-Earns.
Paul Appenzellar has been elected Vice-President. 1916.
1915.
1917.
1918.
Calendar Years.$269,132
$353,570
$596,289
$415,975
has
Rice
profits
-General
Net
Attorney
zareorgani
the
for
g
providin
160,934
a
bill
tatives
106,627
Represen
Rhode Island House of in all parts of the State, except Newport County, Income,&c.,taxes (est.)
140,000
140,000
140,000
(7%)_...138,873
tion of the street railways
ed Pref. dividend
(4)58,000 (4)58,000
(6%)85,602 (434)65,250
Railways Co. The receivers are to be authoriz
Common dividends
as the United Electric
to
and
control
their
under
railways
the
sell
to
by the terms of the measure
$71,132
$155,570
$230,105
$84,873
other securities in payment. The capitalization
Balance, surplus
accept stock, bonds and is
State
that the State shall at all times have
The taxes as reported above in 1918 and 1917 include Federal,
is fixed at $500,000. It aprovided
.
Governor
the
by
d
appointe
ative
income and war taxes.-V.106, p. 2231.
on the board of directors represent
684.
Dividend.V. 108, p. 974,
American Road Machinery Co.-Scrip
on the preferred stock.
creased Fare Defeated.A scrip dividend of 29 Vi % has been declared
Saginaw Bay City Ry.-Inhave
runs for 10 years
e
franchise
scrip
The
revocabl
22.
the
Mar.
defeated
record
of
Mich.,
holders
to
31
Mar.
Saginaw,
payable
The voters of
regular quarterly dividend
last year.-V. 107. p. 502
and pays 6% interest, April and October. inThe
providing 6-cent fares granted this company
cash on May 15 to holders of
has also been declared, payable
of
134%
St., N. Y., who, early
ime Extension.record May 1. Charles H. Jones & Co., 20 Broad
San Diego & ArizonatoRy.-T
g the securities of the comthe Calif. RR. Comm. for an extension to in March, issued a descriptive circular regardin
dividend.-V.108.
this
to
This company has applied
as
t
statemen
ntary
balance
the
bonds,
suppleme
00
a
issued
$1,739,0
have
issue
may
it
pany,
Mar.30 1920 of the time in which
to construct the road.-V.108, p. 172.
p. 1062.
of an issue of $5,550,000 auth.
Dividend.tion.
American Shipbuilding Co.-Extra
Oakland Term. Rys.-Note Applica
San Franciscoapplied
on the common stock,
a RR. Comm. for authority
extra dividend of 234% has been declared
An
Californi
the
to
has
company
May 1 to holders
payable
This
134 %, both
in renewal of notes held by various banks. along with the regular quarterly of
last.-V.108,p.81.
to issue notes for $169,520
of record April 1. A like amount was paid extra in Feb.
-V. 108, p. 1061. 880.
nization Bill.Rhode Island Co.-Reorga
prepared and on Mar. 27 introduced in the
Seashore Electric Ry.-Bond Extension.-
bonds due Jan. 1 1919 has been
The issue of $200,000 First Mortgage 6%
152.
extended for one year at 6%.-V. 63, p.
Valley Ry.-Fare Application.-
Seattle-Rainier
the Washington P. S. Commission a new
This company has filed with
the company'slines by 20%.-V.108,p.380.
tariff increasing all car fares on
American Steel Foundries, Chicago.-Official State.ment as to Proposition to Authorize $25,000,000 Pref. Stock
and to Divide•Each $100 Common into Three Shares of $33 1-3
Each-Proposed Acquisitions, &c.-As already announced,
shareholders will vote April 22 on the following propositions:
and the par value thereof
(a) Change the present capital (common) stock of
the par value of $100
from $17,184,000, divided into 171,840 shares,
of the par value of
shares,
each, to $17.184,000, divided into 515,520
This company has applied
cents
each.
6
to
5
1-3
from
33
rates
$33
authorized to increase
was
common stock) to
(all
000
company
317,184,
from
the
stock
last
capital
Dec.
(b) Increase the
000 preferred stock, divided into 250,000
for cash fares.-V. 104, p. 664.
$42,184,000, by authorizing $25,000,
of the Amended
IV
Article
amend
to
end,
that
to
and
each,
of
$100
shares,
d.y.-Omission of Dividenof
Incorporation in effect as follows:
Toronto Railwa
the quarterly divi- Certificate of
ng the omission
is $42,184,000, divided into
stock
explaini
issued
capital
ed
been
authoriz
total
has
The
IV.
circular
A
necessary by the extraordinary increase in oper- 250,000 shares of pref. stock, of the par value of $100 each, and 515,520
dend as having been made
disburseeach.
ry purchase of new rolling stock, ands,the
of common stock, of the par value of 333 33 1-3
ating expenses, compulso
entitled to receive, when and
increase in wages of employee pursuant to shares
for
required
$150,000
The holders of the preferred stock shall be
ment of
adds in subcircular
The
ion.
ion, yearly divithe
Conciliat
corporat
of
profits
of
net
or
Board
the
surplus
as declared, from the
recent decision of
payable quarterly.
ure is the more regrettable because there was
at the rate of 7% per annum, and noofmore,
stance: "This latter expendit
on (whether
the company and its employees dends
any
liquidati
between
case
In
ve.
contract
cumulati
a
be
s
shall
existence
dividend
already in
was made by order of a previous Board of Such
the preferred stock shall be entitled to be paid
which, it will be remembered, 1917, and was not to expire until June 15 voluntary or involuntary), unpaid
dividends accrued thereon, before any
and
par
the
both
full,
In
Conciliation, effective June 15itself
provided for an increase of wages amount shall be paid on the common stock. The preferred stock shall not
1919; this earlier contract in
1166, 1061.
the stockholders, nor to notice of
be entitled to vote at any meeting of ed
about $700,000 annually.-V.108.p.
preferred stock shall not be inmeetings: Provided, That the authoriz
ded.-Refun
c
Co.
Electri
&
amendments shall be made to the
no
that
Gas
and
$25,000,000,
United Ry.
April 1 1919 will be creased beyond
tion in any way diminishing the rights, of
incorpora
the $3,000,000 5% bonds dueCo.
of
e
certificat
amended
We learn officially that
and that in conds in
at the office of the Bankers Trust$1,500,0
stock, except with the assent of the holders of two-thir
paid off at maturity
00 6% gold such preferred
ing, expressed in writing,
, the company will issue
amount of the preferred stock at the time outstand
nection with this payment
ders specially called for that purpose.
Jan. 1 1922.
due
stockhol
and
pref.
such
of
1919
1
meeting
Jan.
a
at
or
dated
bonds
Statement by President R. P. Lamont, Chicago, March 20.
tions.St. Louis.-Loan Negotialoan
ization and readjustment
United Rys. of that
in Resources.-In 1908 in the recapital
War
Growth
the
from
matured
the
of
matter
the
was placed at $17,184.000.
The company writes yet been taken up but negotiations are under way of the securities the net worth of this company
fixed
on
properties, after ample
spent
been
has
00
$2,000,0
over
Finance Corp. has not
then
Since
approved
the War Finance Corp.
In May 1918'
capacity of the plants has been increased
for taking care of the same.
June 1 1918 at allowance for depreciation,and the
of $3,235.000 for six months from
of $3,398,914 have been paid off; the outextent
the
to
Bonds
the
30%.
of
over
a loan to the company
6s
of
First
issue
entire
the
00 to 31,372,800,• the
pledging as security
debentures have been reduced from $3,436,8
7%, the companyCo.
to 310,547,594-all resulting
and $800,000 of3%% U.S. Liberty bonds.-V.108. standing
Union Depot RR.
working capital has increased from $4,799,546 000.
The undivided surplus
313,000,
In an increase in net worth of aboutearnings
p. 872, 581.
or profits have been:
has increased $7,182,846 The net
-Earnings.United Traction Co.1917.
Annual Net Earnings of the Company for the Past Seven Years.
1917.
1918.
Cal Year1918.
1917.
Year1918.
Cal.
1916.
$509,380 $563,506
1915.
1913.
1914.
1912.
8 Total
Oper. revenues___$2,530,057 $2,458,84
658,862 $962,000 $1,490,000 $241,000 $264,000 $3,969,000 $5,532,000 $2,696,000
2,055,196 Fixed chgs.& taxes 642,120
and
, it is
such
resources
earnings
-With
cation
Oper. expenses..__ 2,211,417
$95,356
Diversifi
Enlargement and
$318,640 $403,653 Net income____def.$132,740
to the enlargement, deNet revenue
deemed wise and essential to take means looking
159,853
190,740
,
of
the
and
company
products
activities
the
Other income
of
cation
diversifi
and
t
velopmen
-v.107,P.2478.
the stabilization of its earnings, and as nearly as may be free it from the
ced.
experien
e
heretofor
ons
c
RR.
fluctuati
lis
Electri
s.-At the present time, by a
Washington Baltimore & Annapo
Opportunity to Purchase Other Propertiethere
s for Calendar Years.
is an opportunity to buy
Comparative Summary of Operation
favorable combination of circumstances,
1915.
1916.
one of which acquired on a
any
1917.
s,
businesse
1918.
shed
well-establi
three
or
two
Cal. Years$845,682
25
$946,202
and strengthen the posi$1,560,1
earnings
the
14
stabilize
32.902,0
basis will materially
Ry.oper.revenues
469,572 proper
511,616
738,596
1,740,281
. During the past two years the organization has
0 tion of the company
Ry. oper. expenses*
0
Cr.14,87
Cr.12,68
4
of business, and there is
volume
Cr.25,57
large
a
88
handle
Cr.127,1
to
ability
its
demonstrated
Auxiliary operations
working capital under normal conditions to take care of considerably
Taxes, including income
42,582 amplethan
50,934
129,051
business.
523,426
pre-war
average
our
more
taxes
and war
the company to be In
It is believed that it will be of very great benefit to ties
$348,398
$396,331
to acquire other
$718,051
advantage of favorable opportuni
Operating income_ _ _ _ $765,495
12,465 a position to take
13,340
to time, and to that
time
12,892
from
es
themselv
17,953
present
they
s
as
propertie
good
Non-oper. income
l results.
with
beneficia
made
be
can
the preferred stock
$360,863 end use of on
$409,672
the reduction of
$730,944
$783,448
Subdivisi of Common Shares-It is believed also thatper
Gross income
258,689
262,577
to
268,293
1-3
share and in333
stock
)
(common
288,912
present
the
of
Deductions
87,345 the par value
87,345
will materially help the
87,157
87,072
creasing the number thereof to 515,520 shares
Pref. dividends(6%) (6%)180
s,
its
's
0
securitie
business and
)180,00
company
the
,000(6%
of
tion
stabiliza
and
_
_
ent
cash_
developm
Common divs.,
stimulate and enits earnings. It is hoped that the smaller units will
do Liberty bonds (7%)225,000
by small investors in the towns in which
shares
the
of
buying
the
courage
,829
sur.$2.464 sur.$195,494 sur.$59,750 sur.314
located and particularly by our employees, thereby improving
Balance, surplus
$174,993 our plants arebetween
$230,359
the community, the company and its employees.
___sur.$428,318 y$425,854
the relations
Total corp.surplus..exp.
od that the management contemplate the purchase of a
is
understo
[It
op.
By.
ge
Percenta
55.52%
54.07%
47.35%
59.96%
in
ble
interest the Griffin Wheel Co. See V. 106. p. 1679; V. 95.
considera
to By.oper.revenues_
p. 1125; V. 96, p. 364.1
of war work facilities.
account
on
ion
depreciat
report, &c.. V. 108, p. 968, 975,785.
annual
Compare
special
* Includes
common stock in Jan
the 3% dividend paid on the3%
y After deductingbeing
in Oct. 1917, makone & Telegraph Co.-Director.Teleph
an
included with the initial
Americ
1918 this dividend
t for the year 1917.William A. Gaston was elected a director to succeed George D. Milne.
ing 4% in all, in the foregoing income statemen
17 to 19, all other directors being re-elected.
from
d
The board was increase
V. 107, p. 2377, 1580.
ard Return. -V. 108, p. 1053.
-Stand
on.
Extensi
-Bond
Ala.
of
Ry.
n
Wester
Notes Paid.
% First Mtge. bonds, due Oct. 1
00
American Woolen Co.-Acquisition-Sub.Co.
This company's issue of 31,543,0
ne Mills at Elmuntil Oct. 11928.
This company, it is stated, has purchased the Whitesto
1918, were extended at 6%
on
the Railroad Administration was ville,
has
hand
orders
with
company
the
sufficient to
that
contract
stated
is
g
It
operatin
Conn.
The Federal
the annual compensation being fixed at 3288capacity operations.
executed on Jan. 18 1919,
yearly income on the 1918 basis assure
further
975.
p.
1062,
108,
have
-V.
will
below.
Co.
Mills
Ayer
company
See
237 53. The
of 339,809.-V. 107, p. 183.
Anaconda Copper Mining Co.-Dividend Reduced.-Note Renewal.The directors have declared a quarterly dividend of $1 (2%) per share on
Wheeling Traction Co.
of
this
comnotes
Purchase
Stock
$309,530
the
the $116,562,500 outstanding capital stock (par $50), payaiole May 26 to
We learn officially that
were renewed for a three-year period, the interest holders of record Apr. 19. This compares with $1 50 (3%) paid in Feb.
pany due Dec. 1 1918
2478.
p.
107,
last and $2 (4%) paid quarterly in 1918.-V. 108, P. 975.
being changed to 7%.-V.
Ry. & Power Co.-Fare Increase.
Sherbrooke (Quebec)
for an increase in fares from 6 to 7 cents. In
s (N. Y.) RR.-Fare Increase.-
Yonker
n has allowed this company to charge an
The Yonkers Board of Alderme
lines affected
re beyond the city limits. The
extra five-cent fare everywhe
t Park terminal of the subway to
Cortland
Van
the
to
are those running Elevated terminal at 198th St., and to Mount Vernon,
the Third Avenue
e and Jerome Avenue trolley lines in the
Hastings-on-the-Hudson, Tuckaho
Bronx.-V. 107. p. 2009.
Street Ry.-Retirement.Youngstown Park & Falls
bonds due Jan. 1 1919 were paid off at
The $194,000 First Mortgage 5%
maturity.
Arizona Commercial Mining Co.-Litigation.Ayer Mills Co.-Notes Paid Off.-
See Iron Cap Copper Co. below.-V. 106. p. 309.
We learn that the $1,000,000 5% notes duo Mar. 1 1910 were paid off
by the company out of earnings, no refunding being necessary.-V. 106,
p. 2562.
Bethlehem Steel Corporation.-Dividends in 1918.-
As every one familiar with this company knows perfectly well, dividends
at the rate of 10% per annum were paid all last year on both classes Of
MAR. 29 1919.]
THE CHRONICLE
common stock, amounting in the aggregate to $5,944,
800 for the $14,862,000 old common and $44,586,000 Class B
common combined. Curious
ly
enough, precisely the same sum, $5,944,800,
was distributed in cash on
these stocks in the year 1917, but in very differen
t rates on the two classes.
The old common received 10% in cash in April and
thereafter threo quarterly payments of 23,6% each, amounting in all to 17
,6%, or $2,600,850,
while the Class B stock, not having
issued till April 1917, partici
only in the three payments of 234%been
each made in July and Oct. 1917pated
and
Jan. 1918, these amounting on the
issue to 74%, 33,343.950. The
total.for the two stocks was, therefo"B"
re, as stated, the same in both
years.
This coincidence resulted in an improp
er allocation of the common
stock dividend moneys in the income account
1918 as published last
week, on page 1159, the editor in an unguardedfor
moment when asked by a
new hand in the statistical department how to
assign the dividend moneys
for the common shares, gave the wholly unjustif
instruction to follow
the procedure of the preceding year, not noticingied
the absurd result as to
percentages for the year 1918. A correct
ed statement follows:
Dividend Statement for Calendar Years.
1918.
1917.
1916.
1915.
Net for dividends (after
interest, deprec., &c.)$15,930,390 $27,320,739
$43,593,968 $17,762,812
8% pref. divs. No. 1_(8 2,397,800 (2)594,
480
Preferred dividends_ _(7 1,043,560
1,043,560
1,043,560
1,043,560
Common dividends_(10 1,486,200(17%
)2600850(30)4458600
Common "B" divs_(10%)4,458,000(7)3
343950
Red Cross dividends_
594,480
Balance, surplus
$6,544,230 $19,143,417 $38,091,808
$16,719
The report for 1918 was cited quite fully in
V. 108, p. 1158, 1159.,252
Borden's Condensed Milk Co.-Pric
e Reduction.Announcement is made of an agreement
ng lower prices for all
grades of milk, the reduction being one cent providi
less
per
quart in April. This
price will decrease one cent per month for four months
, when the price of
Grade "B" bottle milk will be twelve cents
instead of sixteen cents.-V.
p. 82.
108,
Brandram-Henderson, Ltd.-Offering
dated Mtge. Bonds.-Nesbitt, Thompson & of 6% Consolitd., Montreal, are offering, at 94% and int., to yield 6
Co.,A
$655,000
6% Consolidated Mortgage Sinking.Fund gold
bonds dated
March 15 1919, due March 15 1939.
,%,
1277
A press dispatch says that it was announced at
the annual meeting
Toronto on March 24 that the annual
dividend rate would be increasin
ed
from 6% to 8%.-V. 106, p. 1580.
Central Hudson Gas 86 Electric Co.
-Offering of Bonds.
This company is offering at par and int.,$750,000
10-year 7% convertible
debenture gold bonds, dated Jan. 1 1919,
due
Jan.
1 1929, with in J. & J.
Denom. $1,000, $500 and $100 cr. The bonds are
convertible into stock
at the option of the holder on Jan. 1 1921
and any interest date thereaf
ter,
par for par, with adjustment of interest and
dividends. Redeemable all
or part at the option of the compan
y on any interest day at 105% plus int.
on 30 days' notice.
The proceeds of the issue are to be used in paymen
t for capital expendi
tures heretofore made in the extensi
and improvement of its plants andequipment and to provide funds for on
additio
nal
capital
expenditures to be
made.
Stock Increase.-
This company has increased its authori
common capital stock from
$2,500.000 to $2,600,000, of which amountzed
is outstanding $1,765,500.
The new stock is issued to provide for the there
above. This company has paid quarterlyconversion of debentures noted
Aug. and Nov. 1 1918, and in the current dividends of 2% Feb. May.
first quarterly disbursement.-V. 108, p. year 2% on Feb. 1, being the
1167, 786.
Chesapeake & Ohio Canal.-Resu
mption.This property was to resume operati
ment has decided to discontinue the ons yesterday, although the Governpany last year.-V. 107, p. 1194. financial assistance given to the comColorado Springs Light, Heat & Power Co.
-Extension.
A circular letter from Pres. George Bullock,
dated March 12, addressed
to the holders of the First & Refund
ing Mtge. 5% gold bonds
1920, asking approval of an extension
Aug. 1
of the first mtge. bonds,due
due April
1919, says:
An extension for one year of the $300,000 First
Mtge.
bonds,
57
April 1 1919, is deemed necessary for the followi
due
ng reasons: This issue is
lien upon property prior to the refundi
a
ng mtge., and refunding mtge.
are reserved to provide funds for the paymen
bonds
t
of
the
$30000
0
bond
due April 11919. But, by reason of present
issue
conditi
ons, it is impossible to
sell the reserved refunding mortgage bonds at
The company has arranged with its bankers tothis time.
underwrite the aforesaid
extension of the maturing bonds, for
one
year
at 7% provided the holders
of 75% of the outstanding ref.
bonds give prompt notice of
approval of such extention to themtge.
their
New York Trust Co., trustee
, 26 Broad
way, New York City.-V. 106, p. 2454.
Interest M.& S. at the Royal Bank of Canada in
Montreal, Toront and
Halifax, and at the agency of the
bank in N. Y. Redeemable, o
part, on March 15 1924, or on anysaid
all or
interest date thereafter at 105
and int.
Denom. $500 and $1,000 c*. Trustee
Consolidated Interstate-Callahan Mining
, Montreal Trust Co.
CapitalizationCo., N. Y.An official circular dated Mar.7 says in brief:
Authorized. Outstand'g.
Common shares (paying 4%)
During
February the company produced and shipped
$1,250,000 $970,000 and lead-silver
6,150
79' Cumulative preferred stock
tons of zinc
ores, giving a production of 4,180,000 lbs.
500,000
of zinc, 1.750,000
500,000 lbs. of lead and 30,600
69' First Mortgage bonds ($155,000 redeemed).
ozs. of silver, which is the largest
.... 500,000
6% Consol. M. bonds ($250,000 In
345,000
product
any
ion for
month
since Aug. 1917. The lead shipments were
treasur
the largest in our
to retire 1st mtge. bonds, $345,00 y, in
history, exceeding January by 476 tons.
0)
1,250,000
655,000
However, owing to the high cost of supplies and
Data from Letter of Pres. George Henderson,
labor entering into the
Company.-Incorp. in 1906 in Canada, to carryMontreal, Mar. 15 1919. cost of production and the low prices for lead and zinc
the directors deemed
on the business of Hen- It best to suspend operations on March
derson & Potts, Ltd., manufacturers
1 until such time as it is possibl
of
paints,
dry
make
colors,
a
e to
oils,
fair
margin of profit on
varnishes,
&c.,and to acquire the entire business in Canada
product.
of Brandram Bros.& Co.,
The mine never has been in asour
Ltd., of London, Eng., corroders and
good
physica
l
condition for production as
company has since acquired the busines manufacturers of white lead. The at the present time, having three years'ore supply blocked
out at
plant of Pinchin, Johnson & rate of production, while the change
present
Co. Canada), Ltd., at Toronto,and s and
s and improvements recentlythe
Alberta Linseed 011 Mills
completed
of Medi- in the mill have brought the plant up to the highest
cine hat, Alberta. As a result of thethe
point
last
purchas
of
e,
efficien
a
But
cy.
while
subsidi
the
ary
prices for lead and zinc have fallen to a peace
company,
the Alberta Linseed Oil Co., Ltd., was organized
basis, the cost
in June last.
of mining and milling has remain
Security.-Subject to the
ed practically the same as during
ding First Mtge. bonds, a direct lien on No company is justifie
the
war.
all the plants and propertiesoutstan
d
in
continuing operations for long under
now owned or hereafter acquired, and a floatin
such conditions.-V. 107, p. 2191.
charge on all the current assets, and
a direct lien on the entire issued capitalg
stock of the Alberta Linseed Oil
Co.
Ltd.
except
Coron
five
a
Typew
director
riter
s'
shares,
and on all subsequent issues of stock' of said
Co., Inc.-Offering of8% First Pref.
company.
The company carries $623,000 insuran
ce on plants and buildings, and Stock.-Richardson, Hill & Co., Boston, &c., are offering, by
$820,000 on its raw materia
ls
and
manufa
advert
ctured
isemen
product
s,
t
on
anoth
and
er
also
page,at $100and
occupancy insurance.
use and
cum,ulative first pref. (a. & d.) stock. A div.,$500,0008%
Sinking Fund.-2% per
commencing March
circular shows:
1924 and the interest on all bonds redeemannum
ed for the purchase or call15
Dividen
ds
payable
Q.
of
-F.
bonds.
Redeem
able at $105 to Mar. 1 1924; thereAssets.-Total net assets, Including the proceed
s from these bonds, after after at $110.
deducting current liabilities,
Capitalizationover $3,000,000. Net current assets,
including the proceeds from thisare
Authorized. Outstanding
89' Cumulative First preferred
issue, after deducting all current liabilit
are over $1,100,000.
ies, 7%
$500,000
$500,000
cumulative preferred
Profits.-Average net profits, after bank interest
1,000,000
662,100
, but before deprecia- Common stock no par value)
tion for four years ending Dec. 31
10,000 shs. 7,894 shs.
Compan
y.
-Manuf
1918,
were
over
acture
$214,00
s
at
0. The net a
Groton N. Y., the Corona Typewri
profits for the 13 months ending
ter,
portable machine known all over the ,world.
Dec. 31 last, on the same basis, were
$238,133.
More
than
200,000 are in
use. The business was founded in 1909 by the
Purpose of Issue.-The proceeds from these bonds
present management. In
1910
the
output
was
3,875
will
pay
machines, compared with 53,143 in
bank loans the
and provide additional working capital. For report
last three months the output has run
For
see V. 108, p. 1166.
55% larger than in the 1918.
same three
months of a year ago.
Bronx Gas 45 Electric Co.-Rate Litigation.Assets.-Net quick assets are equal to $158 a
Justice Mullan in the Suprem
share, and total net tangible
has restrained this compan from assets to $325 a share, for each share of this issue.
carrying out its announced plan eofCourt
Earnings.-Not earnings for 1916-1917-1918,
chargin the consumers $1 5.) pery1,000
after allowances for depreCu.ft. of gas after April 1,instead of$1 00. g The
.
elation
,
taxes and all other charges, were over five
order is returnable April 3.
-V. 108, p. 1167.
times 1st pref. dividend
requirements.
Sinking
Fund.
-A
cumulat
ive sinking fund of 10% of net earnings
(Edward G.) Budd Manufacturing Co.,
after
prof. divs. and taxes, with a minimum of $25,000
a year, has been created
Offering of Pref. Stock.-Frazier & Co., William Phila.- for the retirem
ent of the first preferred, payable before
any common diviA.
Read
dends
are
paid.
& Co. and Brown Bros. & Co. are offering at 97
No mortgage (other than purchase money mortga
yielding about 8.25%,$1,500,0008% cumulative and div., maturi
ng later than one year, or stock of any kind ge) note or bond issue
having prior or
equity may be issued without the consent
(par $100). Divs. F.& A. Callable all or part at pref. stock standin
of holders of 75% of theequal
out110
g first preferred.
&
div.
Property, &c.-Tha company's plant comprises
Purpose
of
Issue.
issue is for the purpose of permanently
concrete buildings, with 650,000 sq. ft. of floor four modern steel and the new plant and -This
financing
providing working capital for increas
modern machinery for tho manufacture of stamped space, equipped with
ed business.
Further particulars should appear another week.
cipal products being "All-Steel" automobile bodies metal goods; tho prinand parts, which are
supplied to many of the largest manufacturers
Lucey Manufacturing Corp.-Stock Increase.in that trade.
CapitalizationThe shareholders on Mar.24
First M.6% ser. g. bonds(367,000 retired at mat.)Authorized, Outstanding from $2,000,000 to $5,000,000.voted to increase the authorized capital stock
$2,000,000
$933,000
8% cumulative preferred stock
2,251,700
Elliott-Fisher Co.-Bond Call.2,251,700
Common stock
4,498,300
548,400
Notice is given that the First Mtge. 6% gold
Extracts from Letter of Edward G. Budd, Esq.,
bonds dated April 1 1914
Prest.
have
of
been called for payment at 105 and int. at the
the
Co.
Purpose of Issue.-To provide the compan with
Harrisburg Trust
funds to take up the Harrisburg, Pa. It is understood this include
floating debt and furnish additional workingycapital.
s the entire issue.-V.Co.,
77.
P. 300.
Earnings Applicable to Pref. Divs., Before Deprec., after
Providing Taxes.
Emerson Shoe Co., Boston.-Stock Increase.
Calendar Years1915.
1916.
1917,
Gross business
The shareholders will vote April 1 on increasing the
1918.
$3,637,951 $5,078,592 $8,640,651
present outstan
$15,109,436 First Preferred stock from $500,000
Earns.applic.to pref.divs.
569,789
to $1,000,000.-V. 108, p. 2098.ding
25
839,180
1,014,105
The balance sheet, as of Feb. 28 1919,1,052,6
after giving effect to this financi
Gener
al
shows net quick assets of over $3,000,000, and provisi
ng,
Motor
s
Corp.
-Acqui
sition
.The company, it is reported, has purchased the
must be maintained at an amount at least equal to on is made that these
the outstanding pre- joining of the Interst
plant and 40 acres adferred stock.
ate Automobile Co. at Muncie,Ind.,
on which improvements will be made with a view to manufa
Neither the present authorized mortgage of
cture parts.-V.108, p. 976,882.
$2,000,000 ($1,000,000
issued), nor the present issue of $2,251,700 pref. stock,
may be increased
Goldf
ield
without the consent of 2-3 of the outstanding pref.
Conso
lidat
ed
Mines
Co.
-Leas
e, &c.stock.
C. F. Burton, Sec. & Treas. in circular dated
Sinking Fund.-To retire annually by purchase or call
at Reno, Nev., Feb. 18,
3% of the maximum says
pref. stock issued, unless the net earnings (after
depreciation) exceed
$1,000,000, in which event 10% of such net earning
u
past
two
years
our
leasing policy has been gradually extended
s shall be paid into the until it now
sinking fund. Further particulars should appear another
appears the small amount of ground
worked
week. Compare account does not justify
company
V. 104, p. 1047; V. 106, p. 299.
its administration. A. five-year lease on
covering our
entire mining property in the Goldfield District
, milling plant excepted,
Buffalo General Electric Co.-Earnings.has been given to the Goldfield Development Co.,
an entirely independent
organization, who will pay your company a
Calendar Yearsroyalty of from 15% to 20%
1918.
1917.
1916.
of the net proceeds from the sale of all ore produc
1915.
Total revenues
$5,373,702 $4,209,719 $3,356,953
ed.
The same company
$2,134,180 has purchased the Hazel Queen claim and obtained a bond
Net after oxp. & taxes
1,294,881
1,365,049
1,102,018
735,535 claim. It is not intended to effect an exchange of stock on the February
Gross income
1,415,554
1,479,7
57
1,226,0
Consoli
07
Mines Co. for the Goldfield Developmentof the Goldfield
Dividends
(7 %)429,791(6%)374,335 (6)299,151 (6)788,985 whetherdated
Co. stock, and
or not you avail yourself of the opportu
244,500
nity offered by the Development
Co.
to
purchas
e stock of that company,your interst
Balance, surplus
$159,630
in
the Goldfield
$424,18
3
Consoli
$387,572
dated Mines Co. remains unchanged.
$245,929
-V. 108, p. 786.
[The Goldfield Development Co., Goldfie
ld, Nev., in circular of Feb. 18
(F. N.) Burt & Co., Ltd., Toronto.-Earnings
1910, advises that it has been incorpo
-Dividend assessable shares. The directors includerated in Nevada with 2,500,000
Cal.Year. Profits. Pf.Div.(7%). Corn.
the President, Corrin Barnes, an
Div.
Reserves.
Bal. Sur, old mining engineer of the Goldfie
1918.-3470,376
$138,264
ld District' the Vice-President, A. I.
(6%445
,000
*$366,4
56
$103,920 D'Arcy, Gen. Mgr. of the Reorganized
1917---- 369,990
138,264
Atlanta
(6%)
Mines, &c.; the Sec.-Treas.,
45,000
120,710
40,345 II.
* Out of profits $25,886 has been written
McMahon, of the reorganized Crackerjack
off "patents account" and TheG.
Mining Co., and others.
$37,306 (not included in "reserves") has
property in the past has produced over
been
transfe
$70,000,000, and has paid
rred
to
a
reserve for dividends in excess of $28,000,000. There
Government taxes.
is in the mine exposed a limited
tonnage of commercial grade, and the new manage
ment feels quite confident
[VOL. 108.
THE CHRONICLE
1278
further development work.
that new ore reserves will be blocked out by
offered until March 20,
The first privilege of purchasing the stock wasfor
each two shares of the
share
per
cents
5
at
share
one
of
basis
onithe
without surrender of
owned,
Co.
Mines
ted
stock of the Goldfield Consolida
stock now held.I-V. 106, p. 2232.
Pineapple Co., Ltd., Honolulu.-New Stock.
Hawaiian
the capital stock from
The stockholders on Feb. 14 voted to increase
of 20,000 shares of $20 each, totaling
$1,200,000 to $1,600,000 by the issueers
of record Feb. 21 1919 at par for
$400,000, to be offered to stockhold
time. The subscriptions are
cash in proportion to their holdings at that
office,
due and payable on or before May 1 1919 either at the San Francisco
112 Market St., or at Honolulu.
inlarge
the
of
view
in
capital
additional
provide
will
This new stock
an increased outlay
crease in the company's business which has required
t and warehouse
on its plantation at Wahiawa and additional equipmen
amounted
output of the company
capacity at its cannery at Honolulu. The an
increase of 5707 over the 1917
for the cal. year 1918 to 1,206,235 cases,
the year
during
produced
n
plantatio
own
its
on
on
corporati
The
output.
is President
84.8% of the fruit handled at the cannery. James D. Dole
and .IC. B. Barnes, Secretary.-V. 108, p. 787.
Hess Steel Corp.-Sale of First Mtge.6s.-Announcementwas made in these columns Feb. 22 of the sale at a subscrip
tion price of 94 and int., yielding about 73/2%, by the Baltimore Trust Co., W.W. Lanahan & Co. and Robert Garrett
Sink& Sons, Baltimore, of $400,000 First Mtge.6% 5-year 1924.
ing Fund gold bonds, dated Feb. 1 1919, due Feb. 15
Authorized and outstanding, $400,000.
March 21.
Data from Letter of Pres. C. L. Holman. Dated St. Louis. tinder an
organized
Organization.-The company was created by and
a percharter
said
under
has
and
1857,
in
e
Act of the Missouri Legislatur
the City of St. Louis. The
petual right to vend gas within the limits of
Court.
Supreme
State
the
by
d
establishe
been
has
charter
its
validityof
Auth. • Outstanding
Capitalization upon Completion ofPresent Financing $2,500,00
0 $2,500,000
Preferred stock (5% cumulative)
00 10,700,000
*37,500,0
Common stock
10,000,000
00
a20,000,0
Ref. & Ext.(then closed 1st) Mtge. 5s, due 1934
16,000,000
(b)
issue)._
1st M. Collateral & Ref. 7s, due 1929 (this
converagainst
treasury,
in
held
be
will
00
* Of which amount $16,000,0
sion of the Series "A' bonds.
bonds, due
M.
1st
the
t
of
retiremen
upon
00,
$10,000,0
a The remaining
Coll. & Refunding bonds.
May 1919, will be pledged securing the 1st Mtge.
(See V. 108. p. 273.)
b Authorized issue defined by the trust deed.
to retire at maturity
used
be
will
proceeds
-Tne
Purpose of Issue
and for general purposes.
May 1 1919 the $10,000,000 First M. 5% bonds
physical property, subject
Security.-A direct mortgage lien upon all
of which bonds are reserved
only to outstanding bonds for the retiremen1t 1919
of the $10,000,000 First
under this mortgage. At maturity on May
t threeof a like amount of
retiremen
in
issuable
be
will
there
bonds
Mtge.
will then become a first
bonds
latter
Refunding & Extension bonds, which
mortgage on the entire property of the company.
1918.
Year
Earnings for Calendar
$1,244,381
Gross income, all sources_$4,946.4101Interest charges
$817,877
Balance
Net, after taxes & maint.2,062,258 Iwith
the Missouri P. S. Commission
Rates.-Schedules have- been filed
Hearings
ft.
Cu.
1,000
per
15c.
of
rates
providing for an increase in gas
on furnished,
have been held, complete detailed exhibits and full informati
reasonable, and there
showing that the increase prayed for is justonand
than favorother
act
_can
seems no reason to believe that the Commissi
ably upon the company's petition.
feature
lity
convertibi
the
giving
issue,
this
of
n
descriptio
A complete
be found
with table, the detailed security and mortgage provisions may report.
in our issue of Jan. 18 1919 (V. 108, p. 273). See also annual
V. 108, p. 977, 875.
Co., BaltiInterest F. 8c A. 15 in U. S. gold coin at the Baltimore Trust
ions of
more, Md. (trustee). Coupon bonds in interchangeable denominat
for any Federal
$1,000 and $500. Interest payable without ededuction
excess
in
not
source
the
at
deductibl
hereafter
or
now
normal income tax
of this State
of 2%. State of Maryland, Baltimore city and county taxes
MacAndrews & Forbes Co.-Common Dividend Paid in
will be refunded.
the company, as a whole
Redeemable at 101 and int. at the option of
Bonds.Liberty
been declared on the common
or in part, on any interest date upon 30 days' notice.
The regular quarterly dividend of 2j % has
e, Feb. 10 1919.
record Mar.31.
3rd Liberty bonds on Apr. 15 to holders ofregular
Data from Letter of Pres. Henry Hess, Dated Baltimor
payable
stock,
quer. of
furnaces, In Jan. last anin
to the
electric
addition
own
in
its
paid
in
was
%
res,
of
manufactu
on
extra
234
corporati
Business.-The
axles,
for
rers
2380.
manufactu
p.
e
107,
%, both were paid in cash.-V.
a high grade of steel, which is used by automobil
propeller shafts,
gears,
knuckles,
steering
rods,
g
connectin
shafts,
crank
Removed.s, bearings and gears of all
Mackay Companies.-President Mackay
transmission parts, &c. It is used for aeroplane
Telegraph Cable Co. has
tools and, for machine parts
President Clarence H. Mackay of the Postal
kinds, for the manufacture of high-grade resistance
.
r-General.-V.108, p•
important
Postmaste
is
the
of
action
by
wear
or
office
from
strength
special
removed
been
generally wherever
property, plant and 787, 782.
Security.-An absolute closed first mortgage on the
$419,000. Net quick
equipment, having conservative appraisal of about
-Copper Production (lbs.)
net quick assets
maintain
to
covenants
Magma Copper Co.-No Div.
company
assets are $659,659. The
the quarterly
ng. The company has sold
taken by the directors on the declaration of
was
action
No
equal to at least 100% of the bonds outstandi
stock. The entire dividend usually paid at this time. A dividend of 50c. per share was paid
at par ($100) $50,000 8% cumulative prior lien2dpref.
actual
s
represent
pref.
1919.
Jan.
to
$125,000
1915
and
quarterly from Sept.
issue of $300,000 prior lien pref.
Increase. 1919-2 Months-1918. Increase.
cash put into the property.
1919-February-1918.
627,011
Outeg.
1,484,164
Auth.
317,41912,111,175
893,756
1,211,175
Capitalization, After Effecting This Financing$400,000 $400,000 -V. 108, p. 787. 273.
First Mortgage 6% bonds
300,000
300,000
stock
preferred
l.Sheet Dec.31
Prior Lien 8% cumulative
Magnolia Petroleum Co., Dallas, Tex.-Ba1918.
500,000 125,000
1917.
7% second preferred stock
1917.
1918.
1,000,000 900,000
Common stock
Liabilitiesand
plant
to
additions
Assetsto
applied
be
22,000,000
00
_*44,003,6
Purpose of Issue.-The proceeds will
stock_
Capital
addifor
nts, and
Produc'g prop.,
equipment necessitated by present increased requireme
First mtge. bds_ 9,508,000 9,603,000
leaseholds, oil
tional working capital.
Capital surplus.. 60,278,618 41,146,221
wells,real est.,
of the bonds will be retired
Sinking Fund.-Through a sinking fund halfand
Notes payable._ b2,133,333 18,320,000
pipe lines, re1921 and $50,000 Feb.
3,713,071 2,483,567
by maturity as follows: $25,000 Feb. 15 1920
fineries, &c_a113,021,160 93,716,870 Acc'ts payable_
15 1922 to 1924, incl., by purchase or call.
Acc'ts payable
21,640,471
23,460,388
supp
&
Material
1918.
for
Charges
Depen
Certain
and
Tax
Profits
1,702,584 1,695,725
Excess
oil__
in
crude
Deducting
452,529
Earns.Before
460,484
Miscellaneous_ _
515,135
878,528
Operating. Net Earns. Investment
Gross.
240,885 Taxes, int., &c.
___ c340,885
Year40,744
$123,358 Lib. bds. atspar_
63,856
res've
$113,989
Insurance
$237,347
467,350
2,150,950
1917
199,484
7,293,603
1,120,16
183,025
paymentsAdv.
382,509
S. Treas.ctfs. 5,625,000
1918
net profit for six months of U.
Duo on pur. of
subscrip.
to
Due
Is Present orders, it is estimated, will show a has
been offered contracts,
property _ _ 2,120,883
The company
of cap'l stock_ 6,226,504 1,380,262
1919 in excess of $184,000. enable
714,640
156,609
it to accept, which should give addi- Notes&accts.rec. 5,467,161 4,214,339 Deferred charges
which this new financing will
31,463,523 19,009,804
making total esti- Cash
$200,000,
Surplus
over
709,731
well
of
486,330
year
the
for
earnings
net
tional
$384,000.
mated earnings for 1919 over
157,238,862 122,822,437
New Financing.
157,238,862 122,822,437 Total
Total
Balance Sheet as of Dec. 31 1918 After Giving Effect to
shares of $100
*Joint Stock Association (unincorporated),capital,600,000
Liabilitieson, $15,996,400:
subscripti
future
Assetsfor
held
$400,000 each, auth. issue, 360,000,000;
$477,986 First Mortgage bonds
Plant property, &c
00.
$44003,6
ng,
300,000
outstandi
stock.__
lien
prior
323,378 Pref.8%
and depreciation reserve.
Cash
125,000
a After deducting $27,910,016 depletion
56,000 Preferred 7% stock
Liberty Loan bonds
900,000
b Includes amount due on purchase of property.
309.293 Common capital stock
Fuel Oil Co., Mexico, 25,000 shares,
England
Accounts receivable
New
$240.885
Includes
262,517
c
Notes payable
at 100 pesos
Advance to officers and em92,897 par value $10; Aztec Petroleum Co., Mexico, 5.000 shares
1,241 Trade acceptances
ployees
Unp'd install. on Lib. Loan.. 10,000 each, $100000.
profits and Income taxes for 1918.
excess
for
up
Finished stock and goods
set
been
has
liability
No
329,720
526,130 Accounts payable
1918,319,132,398, it is stated,
in process
The increase in capital surplus for the yearoil-produc
27.335
accounts
ing leaseholds made
Raw materials and supplies.. 166,085 Accrued
204,483 was the result of a revaluation of certain
500 Reserves
of 1918.
Law
Tax
Federal
Subscribers to common stock
the
of
s
regulation
136,642 under certain
loss surplus
and
Profit
2,981
items
debit
Deferred
$49,789,731; operating
A newspaper report shows for 1918 gross profit of73,
925,000
which, with other
Good-will
expenses, $17,251,558, and net profits, $32,538,1
follows:
as
$2,788,594 items apparently contrast with earlier years
Total
$2,788,594
Total
1915.
1916.
1917.
1918.
-V. 108. P. 787.
$32,538,173 $18,825,980 $14,316,198 $3,928,188
Net profits
1,248,157
-Sale.
2,888,893
J.
5
N.
d,
2
*6,675,06
Garfiel
13,921,78
Works,
al
Deprec'n and depletion
Heyden Chemic
551,706
785,653
highest bidder at $1,500,000
1,780,9351 1,974,265
___
Allan A. Ryan, N. Y., on March 27 was the offered for sale by the Alien Bond,&c.,interest_
453,696
820,898
748,157
J
Other deductions
for 747 shares of enemy stock in this company,
1,963,720
Fed. taxes for 1917
Property Custodian.
861,118
1,200,000
2,729,464 (6%)1,120,000
Dividends
Louis Sugar Co.-Dividends.-
Holland-St.
of 3% have been declared in
Press reports state that quarterly dividends
to
year, payable April July and Oct. 15
advance for the remainder of theeach
A dividend of 7% was also
month.
holders of record the fifth day of
of record April 5.
declared on the preferred stock, payable April 15 to holders
-V. 107, p. 2479.
Hudson River Vehicular Tunnel.-Legislation.-
ion of the
The Adler bill appropriating $1,000,000 toward the construct
the Senate at AlNew York-New Jersey vehicular tunnel project, passed
bany on Mar. 27.-V. 108, p. 977, 883.
Copper Co.-Dividend Reduced.-
$813,511
$8,620,753
Balance,surplus_ ___x$12,142,272 $8,108,49x3 Liability
has not been set
* After crediting 3451.616 unused reserves.
2380.
P.
107,
1918.-V.
for
taxes
income
and
up for war excess profits
Tire & Rubber Co.-Earnings, dec.-
Mason
of 3350,577, with net for
Treasurer D. M. Mason reports: Sales for Feb.
reserves, depreciation, &c.
the month of $38,664, after deduction for
indicates an increase of
Sales for Feb. of last year were $96285, which
requirements amount to less
approximately 300%. Preferred dividend January
for the common stock,
for
$30,000
leaving
onth,
than $8,000
is $850,000 outstanding.-V. 107, p. 2186.
perm
of which there
tion (lbs.).-
Inspiration Consol.
Mason Valley Copper Co.-Produc
on the stock,
Decrease.' 1919-2 Months-1918.
The directors have declared a quarterly dividend of $1 50 with $2 paid
1919-February-1918.
2,973,615
375,94212,058,336
payable April 28 to holders of record April 11. This compares
1,323,278
947,336
quarterly since July 1916-V 108 p. 1063.
2'74.
787,
p.
-V. 108,
end Enjoined.Iron Cap Copper Co.-Divid
States Court of Massachusetts,
Decrease.
915,279
nts Shipbuilding Corp., Bristol, Del.-Yard.-
Mercha
an
beThe "Engineering News-Record" in its issue of March 20 publishes
Judge Braley of the United
of the two suits brought by the illustrated article describing the fabricated ship construction as carried on
fore whom the preliminary hearing was held
175.
p.
the Iron Cap company, has issued in this company's yard at Bristol, Del.-V. 1013,
Arizona Commercial Mining Co.against
paying a dividend or otherwis
Reduced.an injunction restraining the latter from
Mohawk Mining Co.(of Mich.), N. Y.-Div.
litigation.-V.108,p.273
of $1 per share on the
disposing of its assets until the settlement of the
The directors have declared a quarterly dividend
of record
to
holders
1
May
of First $2,500,000 capital stock (par $25), payable
in Nov. and Aug. 1918.
Laclede Gas' Light Co., St. Louis.-OfferingStuart
Apr. 12. This compares with $2 paid quarterly
&
y,
of $10
a
total
-Halse
making
Bonds.
paid,
ng
was
Refundi
$6
al dividend of
Mtge. Collateral and
- In Feb. 1918 a semi-annu
Co. are offering, at 100 and int., yielding 7%, by adverise for the year.-V. 108, P. 1169.
&
ment on another page, $11,000,000 First Mtge.Collateralble
" converti
Refunding 10-year 7% gold bonds, Series "A:
par
at option of holder into either the common capital stock,
30-Year
for par, or into a like amount face value of Series"B"
"A"
5% bonds, issued under the same mortgage, the Series
a
bonds to be computed at par and the Series "B" bonds at
532% income basis.
F. & A. in
dated Jan. 11919, due Jan. 11029. Interest
pit The bonds areY.
Coupon bonds registerable as to principal or exchange-
l Light, Heat & Power Consolidated.-
Montrea
Forget.
T. B. Macauley has been elected a director to succeed Rodolphe
deceased.-V. 106, p. 2449.
l Earnings.National Acme Co.-Annua
1917.
1918.
Earns.for Cal. YearsNet sales
Net earnings
Taxes
Dividends
Inc. or Dec.
$14,193,754 $16,630,563 Dec.$2,436,809
618,850
Dec.
5,164,301
4,545,451
700,000
1,500,000 Inc.
2,200,000
1,500,000
1,500,000
$845,451 $2,164,301 Dec. $1,318,850
Surplus for year
St.,Louls or N.
are in interchangeable denom. -V. 108, p. 687.
able for fully registered bonds; coupon bonds
30
upon
time
at
any
le
Redeemab
-Extra Dividend.of $1,000, $500 and $100 c* r*, 31,000 r.
National Casket Co.
at 101 and
addition to the regular
days' notice at 102 and int. If redeemed prior to Jan. 1 1922, and
dividend of 107 has been declared, in 31
extra
An
date.
to holders of record
that
after
payable Mar.
int. if redeemed on or
income taxes now or quarterly dividend of 134%, both
me, Interest is payable without deduction for Federal
408.
p.
107.
Mar. 20.-V.
2%
of
excess
in
not
source,
the
at
e
deductibl
hereafter
THE CHRONICLE
MAR. 29 1919.]
1279
New England Telep. & Teleg. Co.-Suit Dismissed.-
Standard Textile Products Co.-Dividends.-
Northern Ontario Lt. & Power Co., Ltd.-Earnings.-
Texas Company.-Balance Sheet Dec. 31.-
The directors have declared dividend No. 19 on the preferred stock,
The Supreme Court at Boston on or about March 22 dismissed proceedings by the Massachusetts P. S. Commission against this company to com- Class A and B, of 1 %, and dividend No. 14 on the common stock, of
%.all are payable April 1 to holders of record Mar. 15.
rates,the new rates being put into effect by :
pel
to cancel tariffTepremeurtioidsthatsnetnitedtate
In Nov. last the Standard Oil Cloth Co.(V. 107, p. 2295) adopted the
ths&aer-nl.
- name here shown without any alteration in capitalization, management or
is a party in interest and cannot be sued, suit cannot be maintained.
domicile, the company being still an Ohio corporation.
V. 108, p. 1169, 485.
Dec. 31 '18.
AssetsPlant account*_ 76,151,808
U.S.Govt.securs 6,000,000
142,968
142,968 Other investm'ts 2,123,454
200,000
150,000 Storehouse supp 6,619,183
Stocks oll,crude,
152
refined, &c__ 46,853,447
592,009
$20,706
$37,161
$44,981 Unexpired Insur.
Balance, surplus
Sub. co.'s stocks 21,119,627
-V. 106, p. 1235.
293,507
Bonds & mtges_
Ocean Steamship Co., Savannah.-New President.Bills & acc'ts rec 18,662,819
A. R. Lawton has been elected President to succeed W. H. Pleasants, Adv.to sub.cos. 16,370,549
deceased. D. R. Burbank of New York was elected a director.-V. 108, Contract adv'ces 1,341,965
Cash on hand.._ 10,742,866
p. 274.
Calendar YeatsGross earnings
Net income
Exchange and commission
Preferred dividends (6%)
Transfer to reserve
Written off stores
1918.
$908,050
371,261
5,679
142,968
200,000
1,908
1917.
$917,359
380,281
1916.
$818,530
337,949
Peerless Truck & Motor Corporation.-Earnings.Consolidated Income Account, Including Subsidiaries.
1918.
1917.
1916.
$11,890,079 $18,924,452 $13,525,023
Nht sales
10,831,089 17,329,985 11,020,264
Cost of sales, plant
214,808
291,849
311,554
Depreciation of plant
Net income from sales
Other income
Total income
Deduct interest on notes
Miscellaneous
Federal and income taxes
Net loss on munitions
Reserve for contingencies
Net profits for year
-v. 108, p. 978.
$844,182 $1,302,618 $2,192,202
230,808
405,013
152,233
$1,074,990 $1,707,631 $2,347,437
229,113
300,000
300,000
386
36,909
67,874
71,596
306,799
550,637
116,367
72,566
$773.895
June 30'18.
Pennsylvania Steel Co.(Cornwell Ore Banks).-Called.
Philadelphia Suburban Gas Co.-Tenders.Tho Real Estate Trust Co. of Phila., as trustee, will, until March 31,
receive offers for the sale of $10,564 First Mtge.5% bonds at not exceeding
105 and interest.-V. 101, p. 1096.
Pond Creek Coal Co.-Dividend Reduced.Tho directors have declared a quarterly dividend of 25 cents per share on
the $2,089,000 outstanding capital stock, payable Apr. 1 to holders of record
Mar. 28. In Jan. last a guar. dividend of 3734 cts. was paid, previous to
which 50 cents was paid.-V. 108, p. 386.
69,375,000
16,058,000
10,797,480
300,000
500,000
1,340,940
8,825,058
481,740
29,245,830
54,667,430
206,871,235 191,591,477 Total
206,871,235 191,591,477
Total
* Investments in real estate, leases, tankage, refineries, ships, cars,
terminals, distribution stations, natural gas wells and equipment.
The income account for the half-year ended Dec. 31 1918 was given last
week, page 1171.-V. 108, p. 1171.
Ticonderoga Pulp & Paper Co.-Earnings.Calendar YearsGross income
Bond int., int. on loans, deprec., &c_
Gen., administration, &c., expenses
Government taxes
Common dividends
Prof. divs, to date of redemption_
Balance surplus
Total profit and loss surplus
$947,537 $1,356,357 -V. 108, p. 477.
One hundred forty-seven ($147,000) 5% Loan bonds, dated Oct. 1 1902,
have been drawn for redemption at 105 and int. on April 1 at the Girard
Trust Co., Philadelphia.-V. 106, P• 719.
Dec. 31 '18. June 30'18.
70,900,497 Capital stock_ _ _ 69,375,000
6% debentures_ 15,415,000
2,011,732 Acc'ts&bills pay 14,321,572
6,420,294 Prov. for doubtful acc'ts rec_
300,000
53,119,354 Ins. res've fund_
500,000
282,902 Res. for replac't
20,881,627 of mar. equip. 1,656,236
792,507 Prov'n for taxes. 11,564,920
15,238,856 do int. on deb_
462,450
12,571,260 S.F.&depr.acc't 33,275,651
1,127,817 Surplus
60,000,407
8,244,629
1918.
$520,226
206,755
94,500
189,112
649,200
1917.
$881,427
210,314
95,000
23,543
73,600
788
1916.
$509,675
38,806
15,440
def.$619,341
$478,181
$455,429
$861,285 $1,480,626 $1,002,445
Tide Water Oil Co.-Acquisition.This company has purchased the property of the General Chemical Co.
adjoining its Bayonne property,and it is stated, will dismantle the plant and
use the land for storage tanks,stills and other oil equipment.-V.107,p.2104.
Titusville Iron Works Co.-Offering of 8% Preferred
Stock.-Lawrence Chamberlain & Co., Inc., are offering at
95 and div., yielding over 8.4% (see advertisement on another page), a new issue of $1,000,000 8% Cumulative
Convertible preferred (a. & d.) stock, part of an authorized issue of $2,000,000. A circular shows:
Saxon Motor Car Corp.-No Action on Plan.-
The stock is non-taxable in Ohio. Dividends Q.-M. 15. Redeemable
in whole or in part at 105 and div. on 30 days' notice. The preferred stock
shall have no voting power so long as dividends are paid; it shall have the
same voting power as the common if the company shall be in arrears of any
dividend payment for more than a year, but its voting power shall continue
only until all accumulated and current dividends on the preferred stock shall
have been paid. Convertible into common stock at par. Privilege of conversion for thirty days after notice of intention to redeem.
Company.-Incorporated in Ohio and will acquire the entire property.
business, &c., of the Titusville Iron Co., of Titusville, Pa.
Data from Letter of Pres. John T. Dillon, Titusville, Pa., Mar.25 1919.
This company and its predecessors have had a successful business for
over 50 years. It manufactures most of the oil-drilling and pumping engines, a large part of the tubular boilers of the U. S., and various forms of
portable and stationary steel tanks, &c. Principal customers are various
Standard 011 subsidiaries.
Property.-The plant occupies about five acres. Buildings are modern
brick and steel structures. There are thoroughly equipped machine,
boiler, pattern, iron and brass foundry, and forge shops, a complete power
plant and storage warehouses. The company has invested no money in
plant or equipment for war purposes.
Authorized. Outstand'g.
CapitalizationFive-Year 7' Mtge. Notes, due Mar. 15 1924........$1,000,000 $1,000,000
*2,000,000
8% Cumulative Convertible Preferred stock
1,000,000
*3.500,000
Common stock
1,500,000
* The authorized pref. not outstanding will be reserved for converting
or redeeming the notes, and the authorized common not outstanding for
converting or redeeming the preferred stock. The notes are convertible
at par into either preferred or common stock, and the preferred stock is
convertible at par Into common stock.
So long as any of the notes are outstanding, no common dividends shall
be paid. The co. will maintain current assets over all liabilities except the
outstanding notes in amount of not less than 75% of the notes outstanding.
Dividends.-Dividends have been paid consecutively for 29 years, excepting in 1907, when $305.000 earnings and surplus was invested in plant.
Net Income After All Deductions Except Dividends, as Applied to Present
Capitalization.
Cal. Year. Net Income. Int. on Notes. Bal.for Pref. Div. on Pfd. Bal.forCom.
$157,488
$227,488
$70,000
$80,000
177,488
1916
162,130
70,000
232,130
80,000
82,130
1917
376,425
70,000
446,425
80.000
296,425
1918
The company debits each current year with the taxes payable that year,
but accrued during the previous year.
Balance Sheet After Giving Effect to New Issues of Securities.
Liabilities.
Assets.
Plant, &c., less deprec_ _ _$1.758,793 Common stock
$1,500,000
1,000,000
Cash and acc'ts receivable *381,546 8% preferred stock
17,898 5-yr. 7% notes
Notes receivable
1,000,000
10,148 Current liabilities:
Securities owned
x718,766
Acc'ts & comm's pay'le_
Inventories, &c
76,927
5,618
Insurance and taxes
Total (each side)
$3,576,927
Pat's, draw's & good-will_ 684,157
Scovill Manufacturing Co.-Dividend.-
* The cash balance as of this date is approximately $172,000. x Existing
contracts fully protect the values of these inventories.
Sinking and Redemption Funds.-A sinking fund of 50% of the net profits
and in any event not less than $50,000 the first year,$75,000 the second and
third years,$100,000 the fourth and fifth years, when all notes are converted
or redeemed the company will apply 25% of net profits, and in any event
not less than $50,000 per annum, to the redemption of preferred stock.
Rolph Navigation & Coal Co.-Offering of First Mtge.
Bonds.-The Anglo & London Paris National Bank, San
Francisco, and Blankenhorn-Hunter-Dulin Co., Los Angeles,
Calif., are offering at 100 and int., to yield 7%, $2,000,000
First Mtge. 7% serial gold bonds, dated Mar. 15 1919, due
annually $133,000 Mar. 15 1920-1929, incl., and $134,000
1930-1934, inclusive.
Total authorized issue $2,000.000. Exempt from California State tax.
Interest payable M. & S. 15 at the Anglo-California Trust Co., San Fran.,
trustee. Denom. of $1,000, $500 and $100c5. Callable at the company's
option in whole or in part on any interest date on 30 days' notice at 10234.
Interest payable, so far as may be lawful, without deduction for Federal
income taxes not in excess of 4%.
Data from Letter of Jas.Rolph Jr., Pres.,dated San Fran.,Mar.14 1919.
Company.-Incorporated May 22 1914, now is one of the largest shipowners and operators on the Pacific Coast. The company also is in the
wholesale coal business. Has heretofore operated two steel sailing vessels
and ono steel barge of 3,500 tons each, one 3-masted barkentine of 1,300
tons, two 4-masted wooden schooners carrying 1,300,000 and 950,000 feet
of lumber respectively; five wooden barges, aggregate deadweight of 8,800
tons, and two steel ocean-going tugboats, and operates coal bunkers on the
San Francisco waterfront, as well as coal barges on San Francisco Bay for
the bunkering of steamers.
The company has recently acquired three steamers of 2,750 tons deadweight each and two 4-masted barkentines of 2,250 tons each, and in addition has building an additional 4-masted barkentine of 2,250 tons.
Security.-Direct obligations of the company,guaranteed by the personal
guaranty of the undersigned. A first closed mortgage on properties of the
value of $3,450,489, consisting of liquid securities of the value of $1,276,689,
and on operative property of the value of $2,173,800, viz., vessels of the
value of $2,110,000, and realty of the value of $63,800.
Purpose of Issue.-The proceeds will be applied in payment of the balance
of the indebtedness incurred to purchase the vessels recently acquired as
aforesaid.
Earnings.-It is estimated that the company's annual profits will be
$700,000, and after deducting all expenses of company administration and
allowance for Federal taxes, there will be available in excess of $550,000 for
bond charges and depreciation on vessels.
J. B. Rose-Rose Brick Co.-Plan Operative.-
The reorganization committee, Mortimer N. Buckner, Chairman, has
given notice that the plan of reorganization dated Jan. 17 1919 has been
declared operative and that creditors who have not yet become parties to
the plan may do so by executing assignments of their claims and depositing
them with the New York Trust Co. as depositary, on or before March 28.
-V. 108, p. 885.
No action was taken at the special meeting of stockholders Mar. 25 on
the reorganization plan proposed last week by the Advisory Committee of
Creditors. About 6,000 shares, It is stated, 10% of the total outstanding,
were represented at the meeting and as the ratification of the plan needed
the approval of about two-thirds of the stock, action on the plan was impossible. Compare plan, V. 108, p. 1170, 885.
Press reports state that a dividend of 5% has been declared on the stock.
payable April 1 to holders of record March 24.-V. 108, p. 586.
Spring Valley Water Co.-Dividend Increased.-
The directors have declared a quarterly dividend of 61 25 per share,
which Increases the annual rate from 4 to 5%•
Earnings.-For years ending Dec. 31:
1917.
1918.
Cal. Year1918.
1917.
$2,444,0021Dorm, Om, res. $407,451 $359,731
Gross earnings_.$4,107,785 $3,899,191
Dividends
$2,531,389
Net earnings
1,120,000 1,015,000
790,862 Rate of diva
_ _ x808,010
Bond, &c., Int_
4%
34%
Balance,surplus
$195,928 $278,408
x Less interest of $112,161 in 1918 and $77,039 in 1917. charged to construction of Calaveras dam.-V.108, p. 978.
Standard Oil Cloth Co.-New Name, dec.See Standard Textile Product Co. below.-V. 107, p. 2295.
Standard Oil of New Jersey.-Purchase.See Humble Oil & Refining Co. in V. 108. p. 978.
Standard Oil of New York.-New Treasurer.Vice-President H. L. Pratt has been elected Treasurer to succeed If. H.
catein, deceased.-V. 108, P. 1171.
Offering of $1,000,000 First Mtge. Notes.-The Fidelity
Securities Corp. and Robert Garrett & Sons, Baltimore,
are offering at 99 and int., to yield about 7.25%, the company's issue of $1,000,000 First Mtge. Five-Year 7% Sinking Fund Convertible gold notes (closed issue), dated
March 15 1919, due March 15 1 24. The bankers report:
Interest M.& 8. 15 at the office of the trustee, the Fidelity Trust Co..
Baltimore, Md. Denom. $1,000 and $500c. Callable on any interest date
upon 30 days' notice, at par and int., plus 1% premium for each year or
portion thereof which the notes have then to run. Company agrees to
pay the normal Federal income tax, not exceeding 2%.
Security.-The direct obligation of the company and a first (closed)
mortgage on the entire physical property appraised at over $1,750,000.
The notes will be convertible at any time prior to maturity, at par, into
8V_ cumulative convertible pref. stock or into the common stock.
Directors.-These include John T. Dillon (Pres.); B. A. Brennan (VicePres.), Pres. Fidelity Securities Corp.; James 0. Fenhagen, Robert Garrett & Sons; Lawrence Chamberlain, N. Y.; Malcolm R. Lovell, N. Y.;
George T. Bishop, Cleveland. 0.(Pres. W. B.& A. Elec. RR.Co.); W.W.
Cary, W. W. Cary Co., Inc., Columbus, 0.
For other Investment News, see page 1299.
1280
THE CHRONICLE
ciPports and
[VOL. 108.
pacinntuts.
CANADIAN PACIFIC RAILWAY COMPANY
THIRTY-EIGHTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31 1918.
To the Shareholders:
requisitioned. The construction at the yards of the FairThe accounts of the Company for the year ended Decem- field Shipbuilding Company of a ship 625 feet in length
between perpendiculars, having a gross tonnage of 21,000
ber 31 1918 show the following results:
Gross Earnings
3157,537,698 05 tons, is to be proceeded with pursuant to the authorization
Working Expenses
123,035,310 38 previously given, and three passenger ships of what is known
Net Earnings
334,502,387 67 as the intermediate class, for Atlantic service, two of which
Deduct Fixed Charges
10,177,512 98 have been previously authorized, will be put under conSurplus
$24,324,874 69 struction as soon as possible at the yards of John Brown &
Contribution to Pension Fund
500,000 00 Son and the
Fairfield Shipbuilding Company. At the
$23,824,874 69 end of the fiscal year your Company had in ocean service
Deduct Net Earnings of Commercial Telegraph, January
and February, transferred to Special Income Account__ _
103,976 64 28 steamers having a gross tonnage of 264,000 tons, and
$23,630,898 05 6 steamers under order or purchased but not delivered having
From this there has been charged a half-yearly
a gross tonnage of about 80,000 tons. On their delivery
dividend on Preference Stock of 2%, paid
the total tonnage of the fleet will be slightly in excess of agOct.1 1918
$1,613,638 42
gregate tonnage of the vessels in commission on 3rd August,
And three quarterly dividends on Ordinary
Stock of 13% each, paid June 29 1918,
1914.
Oct. 1 1918 and Dec. 31 1918
13,650,000 00
8. In May of last year, in consequence of the demands for
15,263,638 42
increases in wages made to the Railroad Administration of
$8,367,259 63
From this there has been declared a second
the United States, substantial increases in all wage scales on
half-yearly dividend on Preference Stock,
American lines were authorized, and were accompanied by
payable April 1 1919
31,613,638 42
increases in freight and passenger rates. Demands for wage
And a fourth quarterly dividend on Ordinary
Stock of 1 %,payable April 1 1919
4,550,000 00
increases were likewise made in Canada, and, by Orders6,163,638 42
in-Council passed under the War Measures Act in July last
Leaving net surplus for the year
$2,203,621 21 what is known as the McAdoo Scale of Wages
was made
(which amount has been placed in reserve to meet special
effective in Canada, and increases in freight rates generally
taxes imposed by the Dominion Government.)
In addition to the above dividends on Ordinary Stock,3% was paid from similar to those granted in the United States were made
Special Income.
effective on all Canadian railways.
SPECIAL INCOME FOR YEAR ENDED DEC. 31 1918.
9. There will be submitted for your consideration and
Balance at Dec.31 1917
$15,785,750 86
approval a lease of the Kaslo & Slocan Railway, extending
Less: Dividend paid April 1 1918
1,950,000 00
$13,835,750 86 from a point of junction with the Whitewater Creek Branch
Net Revenue from Investments and Available Resources,
of the Nakusp & Slocan Railway at Retallack to Kaslo, in
Exhibit"C"
1,928,483 50
the Province of British Columbia, a distance of 17.7 miles,
Interest on Deposits, and Interest and Dividends on Other
Securities
2,779,854 22 the control of which was secured by your Company with
Net Earnings Ocean and Coasta'Steamship Lines
1,214,869 22 your approval under agreement with the Province of British
Net Earnings Commercial Telegraph and News Department,
Rentals and Miscellaneous
2,205,544 57 Columbia in 1912.
10. With your approval the Directors in 1893 concluded
$21,964,502 37
an agreement for the leasing of the railway of the Nakusp
Less: Payments to Shareholders in dividends: June 29 1918,
Oct. 1 1918 and Dec. 31 1918
5,850,000 00 & Slocan Railway Company at • a rental of 40 per cent of
$16,114,502 37 the gross earnings. Bonds of the Nakusp & Slocan Com-,
From this a dividend has been declared payable April 1 1919.. $1,950,000 00 pany to the amount of £132,960 were issued,
'guaranteed
2. The working expenses for the year amounted to 78.10 as to principal and interest by the Province of British
per cent of the gross earnings, and the net earnings to 21.90 Columbia and matured on July 1st 1918. The rental paid
per cent, as compared with 69.46 and 30.54 per cent, respec- by this Company has not been sufficient to pay the interest
tively, in 1917. .
on the Bonds, and $321,698 had been advanced by the
3. There were no sales during the year of Four per cent Province for this purpose up to December 31st 1917. The
Consolidated Debenture Stock, Four per cent Preference lease of the railway of the Nakusp & Slocan Company will
Stock, or other Capital Securities.
•
expire in 1920, and during its existence your Company has
4. In consequence of the provisions of the Order of the expended very substantial amounts in necessary betterGovernor-General-in-Council passed in March of last year, ments and improvements. In consequence of representaimposing Special Taxes upon the Company, the net surplus tions made by the Provincial Government, your Directors
from railway operations for the year has been placed in have agreed to the purchase by the Company from the Govreserve to meet such special taxes, and a notation to that ernment of Bonds of the Nakusp & Slocan Company to
effect appears in the accounts.
the above amount at the actual cost to the Province of
5. The sales of agricultural land in the year were 842,191 acquiring them, but not exceeding their face value, upon
acres for $15,375,996, being an average of $18 25 per acre. conditions which involve the extinguishment of all claims of
Included in this area were 64,424 acres of irrigated land the Province against the railway. All the issued capital
which brought 2 94 per acre, so that the average price of stock of the Nakusp & Slocan .Company, is held by your
the balance was $16 22 per acre.
Company, and the arrangement is, in the opinion of your
6. Pursuant to the policy adopted by your Directors in Directors, warranted by the value of the railway as a traffic
1916, one hundred farms for returned soldiers were pre- contributor to your Company's system.
pared for occupation and qualified men have already been
11. Subject to your approval your Directors have conplaced on a number of them. In the opinion of your Direc- cluded an agreement with the Grand Trunk Pacific Railtors it is desirable that the Company should continue, as way Company providing for the use by that Company of
conditions warrant, the preparation of farms and the sale your Company's railway from a point east of Sutherland to
of them on favorable terms to soldiers who have served in a point west of Saskatoon, together with the use of your
the Canadian or Imperial Forces and to Canadians who Company's passenger, express and freight facilities at
have served in the Allied Armies.
Saskatoon station. The agreement is for a term of 21 years
7. At the outbreak of hostilities your Company had in from the 2nd September, 1918, the rental payable by the
commission in Atlantic and Pacific service 38 steamers, with Grand trunk Pacific being based upon interest at the rate of
an aggregate gross tonnage of 342,000 tons. Since August, 5 per cent per annum on half the agreed capital account and
1914, the construction of 4 steamers previously authorized, the payment of maintenance expenses on a wheelago basis.
having a gross tonnage of 54,000 tons, has been completed,
12. You will be asked to sanction the issue and sale of
and 12 steamers of 69,000 gross tonnage have, in the same Consolidated Debenture Stock to defray the cost of conperiod, been purchased. During the war 15 steamers were struction of that portion of the Moose Jaw Southwesterly
lost by enemy action or through accidents at sea, and 9 Branch from Mileage 35 to Mileage 66, to an amount not
have been sold to the British Admiralty after having been exceeding £6,000 per mile.
1281
THE CHRONICLE
MAR. 29 1919.]
13. Your Directors are of the view that the construction of
additional branch line mileage in the West will be necessary
in the near future, and your authority will be asked for
proceeding with the construction of the following lines when
conditions warrant such construction, and for the issue and
sale of a sufficient amount of Four per cent Consolidated
Debenture Stock to meet the expenditure, viz.:
Empress to Milden Branch, 132 miles.
Empress to Acme Branch, 132 miles.
Vidora East Branch, 35 miles.
Russell North Branch, 15 miles.
Lanigan North Branch, 150 miles.
14. Subject .to your approval your Directors have authorized expenditures on capital account during the present year
of $4,482,000, apportioned to the following works, namely:
$545,000
Replacement and enlargement of structures in permanent
and
form_Additional stations, roundhouses, freight sheds, ice houses
buildings
existing
525,000
extensions to
400,000
Additional terminal and side-track accommodation
Tie plates,rail anchors and miscellaneous roadway improvements 1,017.000
185,000
Lining tunnels, British Columbia district
112,000
Automatic block-signal protection
125,000
Surveys for new lines and power possibilities
Miscellaneous improvements, and additions designed to improve
the facilities of the Company and to effect operating economies 1,103,000
470,000
Improvements in connection with telegraph service
15. Your Company subscribed to $17,000,000 of the
Second Victory Loan and was allotted $12,447,000 of its
subscription. Included in this latter amount was $4,866,666 allotted in exchange for the surrender by the Company
of £1,000,000 Dominion of Canada 3% per cent Bonds
maturing in 1919.
16. The gross earnings of your transportation system
in the fiscal year exceeded those of any previous year in the
• history of the Company, and exceeded those of 1917 by
$5,148,363, but the net earnings were less by $12,043,630.
This large addition of $17,191,993 to the working expenses
is principally due to the great advances in wages, though
the increased cost of fuel and materials of every description
also added a substantial amount to the year's expenses.
17. The Board of Railway Commissioners having amended
in certain respects the general train and interlocking rules
effective upon the lines of all railway companies subject to
the jurisdiction of the Parliament of Canada, the appropriate
changes in the existing By-laws of your Company will be
submitted for your confirmation and approval.
18. The Right Honorable Lord Shaughnessy, K.C.V.O.,
who has been President of the Company for the past nineteen
years, expressed his desire to retire from office in October
last and his resignation was accepted with the deepest
possible regret. During his tenure of office the Company has
enjoyed extraordinary and uninterrupted prosperity and now
stands among the foremost transportation companies in the
world. Your Directors appreciate that this result has been
due to Lord Shaughnessy's able and most devoted services,
which have earned the admiration of the community and the
gratitude of the shareholders. Your Directors learned with
gratification of Lord Shaughnessy's willingness to continue
as Chairman of the Company, and that the benefit of his
counsel and advice will not therefore be lost to the Company. Mr. E. W. Beatty was elected President of the
Company.
19. You will be asked to approve verbal amendments to
By-laws of the Company passed by your Directors and
made necessary by the separation in the positions of Chairman of the Company and President.
20. In order to give his entire time to your Steamship
interests, Mr.George M.Bosworth, who for twenty-two years
has been in charge of the Company's freight traffic and for
seventeen years Vice-President in charge of Traffic, resigned his office and will hereafter be exclusively identified
with the Company's Steamship enterprises as Chairman of
the Canadian Pacific Ocean Services, Limited. Mr. W. R.
MacInnes, formerly Freight Traffic Manager, was appointed Vice-President in charge of Traffic in succession to
Mr. Bosworth.
21. Vice-President Sir George Bury, after a service of
over thirty-five years, during which he held many positions
of increasing responsibility and importance and in all of
which he showed energy and ability of a very high order,
resigned from the Company's service in October. He at
the same time retired from the Board and from the Executive Committee. Mr. Grant Hall, Vice-President of Westem Lines, was elected Vice-President, a member of the
Board of Directors and of the Executive Committee in succession to Sir George Bury.
22. The undermentioned Directors will retire from office
at the approaching Annual Meeting. They are eligible for
re-election:
Mr. Richard B. Angus,
Sir Edmund B. Osler,
Sir Herbert S. Holt,
Brig.-Gen. Frank S. Meighen, C.M.G.
For the Directors,
E. W. BEATTY,
President.
Montreal, March 19th 1919.
GENERAL BALANCE SHEET DEC. 311918.
ASSETS.
Property Investment:
Railway, Rolling Stock Equipment and Lake and
$542,656,974 97
River Steamers
27,509,410 67
Ocean and Coastal Steamships, Exhibit "A"
Acquired Securities (Cost):
Exhibit "B"
Advances to Controlled Properties and Insurance Premiums
Investments and•Available Resources:
• (Including amount held in trust for 6%
Note Certificates, $57,131,199 06.)
Deferred Payments on Lands and Town$60,704,530 48
sites
Imperial and Dominion Government Se30,682,057 44
curities
Provincial and Municipal Securities_ - 2,031.721 29
Debenture Stock loaned to Imperial
40,000,000 00
Government
Miscellaneous Investments, Exhibit
26.897,558 49
"0," Cost
Assets in Lands and Properties, Exhibit
..D..
105,109,626 47
13,482,364 53
Cash
Working Assets:
$22,135,952 44
Material and Supplies on Hand
4.040,562 96
Agents' and Conductors' Balances
'
442,991 84
Net Traffic Balances
Imperial, Dominion and United States
Governments, Accounts due for Trans3,797,886 66
portation, &c
Miscellaneous Accounts Receivable_ _ _ _ 6,377,139 05
39,548,416 63
Cash in Hand
123,195,564 18
6,660,746 99
LIABILITIES
Capital Stock:
Ordinary Stock
4% Preference Stock
$260,000 000 00
80,681,921 12
$340,681,921 12
4% Consolidated Debenture Stock
Mortgage Bonds:
Algoma Branch 1st Mortgage 5%
Note Certificates 6%
Current:
Audited Vouchers
•
Pay Rolls
Miscellaneous Accounts Payable
216,284,882 10
3,650,000 00
52,000,000 00
9,188,177 61
5,216,537 81
8,960,573 10
23,365,288 52
Accrued:
Rentals of Leased Lines and Coupons on Mortgage
Bonds
Equipment Obligations
Reserves and Appropriations:
3,959,931 83
Equipment Replacement
18,649.395 98
Steamship Replacement
Reserve Fund for Contingencies and for
21,929.788 37
Contingent War Taxes
278,907,858 70
Premium on Ordinary Capital Stock Sold
Net Proceeds Lands and Townsites
539,282 64
8,930,000 00
44,539,116 18
45,000,000 00
84,079,684 88
Surplus Revenue from Operation
Special Reserve to Meet Taxes Imposed by Dominion
Government
127,275,369 58
Surplus in other Assets
106,724,347 76
2,203,621 21
76,342,949 48
$1,055,273,513 99
$1,055,273,513 99
J. LESLIE, Comptroller.
AUDITORS' CERTIFICATE.
We have examined the Books and Records of the Canadian Pacific Railway Co.for the year ending December 31st 1918,and having compared the
annexed Balance Sheet and Income Account therewith, we certify that, in our opinion, the Balance Sheet is properly drawn up so as to show the
true financial position of the Company at that date, and that the relative Income Account for the year is correct.
PRICE, WATERHOUSE & CO.,
Chartered Accountants, (England).
Montreal, March 10th 1919.
1282
THE CHRONICLE
FIXED CHARGES FOR YEAR ENDED DEC. 31 1918.
£200,000
St. Lawrence & Ottawa Ry. First Mortgage Bonds 4%
$38,933 34
$2,544,000
Man. S. West. Colzn. Ry. 1st Mortgage
Bonds due June 1 1934, 5%
127,200 00
£4,007,381 15 5 Ontario & Quebec Ry. Debenture Stock
5%
975,129 56
$2,000,000
Ontario & Quebec Ry. Ordinary Stock 6%
120,000 00
Atlantic & North West. Ry. 1st Mortgage
£1,330,000
Bonds, due Jan. 11937. 5%
323,633 34
Algoma Branch 1st Mortgage Bonds, due
£750,000
July 11937, 5%
182,500 00
New Brunswick Southern Ry. 1st Mort$500,000
gage Bonds,3%
15,000 00
Lindsay Bobcaygeon & Pontypool Ry. 1st
$500,000
Mortgage Bonds, 4%
20,000 00
Rental, Toronto Grey & Bruce Ry
140,000 00
Rental, Calgary & Edmonton Ry
218,357 60
Rental, Farnham to Brigham Jet
1,40000
Rental, Mattawamkeag to Vanceboro_ _
23,800 00
Rental, New Brunswick Ry. System
372,829 74
Rental, Terminals at Toronto
26,136 91
Rental, Terminals at IIamilton
39,659 77
Rental, Hamilton Jct. to Toronto
43,747 65
Rental, St. Stephen & Milltown Ry
2,05000
Rental, Joliette & Brandon Ry
5,00000
Rental, Lachine Canal Branch
939 96
Interest on Montreal & Western Ry
10,358 14
Interest on Equipment Obligations
439,441 67
*£36,222,921
4% Consolidated Debenture Stock
$3,126,117 68
7,051,395 30
$10,177,512 98
* Not including $40,000,000 4% Consolidated Debenture Stock loaned
to the Imperial Government, on which the Government pays interest.
EXHIBIT "A"-OCEAN AND COASTAL STEAMSHIPS.
Alsatian
Scotian
Batsford
Sicilian
Corsican
Tunisian
Dunbriclge
Victorian
Empress of Britain
Virginian
Grampian
Empress of Asia
Holbrook
Empress of Japan
Mattawa
Empress of Russia
Meilta
NIonteagle
Metagama
Charmer
Methven
Dola,
Island Princess
Minnedosa
Monmouth
Melanopo
Montcalm
Nanoose
Nitinat
Montezuma
Mottisfont
Otter
Pretorian
Princess Adelaid°
Sardinian
Princess Alice
Scandinavian
Princess Beatrice
Gross Tonnage
Princess Charlotte
Princess Ena
Princess Maquinna
Princess Margaret
Princess May
Princess Mary
Princess Patricia
Princess Royal
Princess Victoria
QuaIleum
Tees
Transfer No. 1
Transfer No. 2
Transfer No. 3
Transfer No. 4
Transfer No. 6
Transfer No. 7
Empress
St. George
307.450
EXHIBIT "B"-ACQUIRED SECURITIES.
[VoL. 108.
Manitoba South West Col. Ry. 1st Mortgage Bonds, 5%.....
*Capital Stock
Montreal & Ottawa Ry. 1st Mortgage Bonds,5%
*Capital Stock
New Brunswick Southern Ry. *Capital Stock
Northern Colonization Ry. *1st Mortgage Bonds,4%
*Capital Stock
Nicola Kamloops & Similkameen Ry. *1st M. Bonds,4% _
*Common Stock
Nakusp & Slocan Ry. *Common Stock
Ottawa Northern & Western Ry. *1st M.Bonds.4% _
"Capital Stock
Ontario & Quebec Ry. Capital Stock
Orford Mountain Ry. *1st Mortgage Bonds,4%
*Capital Stock
Saskatchewan & Western Ry. *1st Mortgage Bonds,5%
*Common Stock
South Ontario Pacific Ry. *1st Mortgage Bonds,4%
*Common Stock
Shuswap & Okanagan Ry. 1st M. Bonds (£256,700),4%
Common Stock
St. Lawrence & Ottawa Ry. *Common Stock
St. Mary's & Western Ontario Ry. *1st M. Bonds. 4%--*Capital Stock
St. Maurice Valley Ry. let Mortgage Bonds, 4%
*Capital Stock
Tillsonburg Lake Erie & Pacific Ry. *1st M.Bonds, 4%......
*Common Stock
Vancouver & Lulu Island Ry. *1st Mortgage Bonds, 5%
*Capital Stock
Walkerton & Lucknow Ry. 1st Mortgage Bonds,4%
*Common Stock
Par Value.
$72,000 00
700,000 00
1,636,250 00
227,200 00
49,000 00
1,118,000 00
300.000 00
1,175,000 00
250,000 00
300,000 00
3,075,000 00
804,000 00
5,000 00
702,000 00
501,000 00
181,040 00
232,500 00
495,000 00
20,000 00
1,249,273 33
741,000 00
466,000 00
356,500 00
250.000 00
945,000 00
500,000 00
1,067,500 00
400,000 00
455,000 00
25,000 00
740,000 00
19,000 00
Securities of Other Companies. Controlled but Not Leased.
Duluth South Shore & Atlantic Ry. Con. M. Bonds,4%
$15,107,000 00
Income Certificates
3,000,00000
Lako Erie & Northern Ry. 1st Mortgage Bonds,
2,275,800 00
Common Stock
1,369,425 00
Minn. St. Paul & Sault Ste. Marie Rs'. let M.Bonds, 4%.... 3,993,000 00
Mineral Range Ry. 1st Mortgage Bonds. 4%
1,254,000 00
Montreal & Atlantic Ry. 1st Mortgage Bonds, 5%
945,000 00
Common Stock
2,160,000 00
St. John Bridge & Ry. Extension Co. *1st M. Bonds, 5%..
125,000 00
*Common Stock
200,000 00
Chateau Frontenac Hotel Co. Common Stock
280,000 00
Miscellaneous Securities.
Alberta Stock Yards Co.. Limited, Preferred Stock
23,000 00
Common Stock
86,000 00
Canada North West Land Company Common Stock
5.625 00
Toronto Hamilton & Buffalo By. Capital Stock
749,600 00
The.Public Markets, Limited, of Manitoba, Stock
333,400 00
Canadian Pacific Railway (Souris Branch) *1st M.Bds..4%
1,946,666 67
Pacific Steamships *4% First Mortgage
£720,000
3,504,000 00
Pacific Coast Steamships *5% First Mortgage
£225,000
1,095.000 00
*Denotes complete ownership.
$158,110,727 90
We have examined all the Securities, including those listed above, held
for account of the Canadian Pacific Railway Company, by the Treasurer,
and have received certificates from the Custodians, for those deposited with
the Banks and Trust Companies for safe custody, and having compared
them with the records of the Company, find them correct and in order.
PRICE, WATERHOUSE & CO..
Montreal, March 10th 1919.
Chartered Accountants (England).
Securities of Leased Lines.
Par Value.
Atlantic & North West Ry. 1st Mortgage Bonds,5%
$19,466 67
Eganville Branch *1st Mortgage Bonds.4%
302,400 00
*Guaranteed Stock
3,240,000 00
*Capital Stock
176,000 00
EXHIBIT "C"-MISCELLANEOUS INVESTMENTS.
Alberta Railway & Irrigation Co. *1st M.Bonds,4%
2,396,000 00
Par Value.
Ordinary Stock
3,179,500 00
Coeur d'Alene & Pend d'Oreille Ry. 1st Mortgage Bonds_
$47,000 00
Alberta Central Railway *1st Mortgage Bonds,4%
2,240,000 00 Consolidated Mining &
Smelting Co. Stock. 177,025 shares
4,425,625 00
*Capital Stock
40,000 00 Cambridge Collieries Co., let
Mortgage Refunding Bonds
250,000 00
British Columbia Southern Ry. *1st Mortgage Bonds,5%..
1.175,000 00 Dominion Express Co. Stock
2,000,000 00
*Capital Stock
172,200 00 Duluth South Shore & Atlantic Ry. Ordinary Stock
6,100,000
00
Berlin Waterloo Wellesley & Lake Huron Ry. *1st MortPreferred Stock
5,100,000 00
gage Bonds, 4%
426,000 00 Hull Electric.Company
1,067,602 00
*Capital Stock
125,000 00 Minneapolis St. Paul & Sault Ste. Marie Ry.Ordinary Stock 12,723,500 00
Calgary & Edmonton Ry. *1st Mortgage Bonds,4%
7,440,000 00
"
Prof. Stock
6.361.800 00
*Capital Stock
1,000,000 00 Pennsylvania-Ontario Transportation Co. Stock
187,500 00
Campbollford Lake Ontario & Western By.*1st V.Bds.,4% 11.895,000 00 Quebec Salvage & Wrecking Company Stock
150,000 00
*Capital Stock
125,000 00 Spokane International Railway Company Stock
3,041,800 00
Cap de la Madeleine By. *Capital Stock
30,000 00 Trustee Securities
8,821,440 00
Columbia & Kootenay Ry. *1st Mortgage Bonds,4%
1,277,500 00 Toronto Hamilton & Buffalo By. Co. Consol. Mtge. Bonds
1,000,000 00
*Capital Stock
250,000 00 West Kootenay Power & Light Company Preferred Stock
55,000 00
Columbia & Western Ry. *1st Mortgage Bonds,5%
5,691,000 00
First Mortgage Bonds
36,500 00
*Capital Stock
925,000 00
Dominion Atlantic Ry. Capital Stock
1,101.848 03
$52,267,767 00
Preferred Stock
1,310,202 00
Cost-$26,897,558 49.
2nd Debenture Stock
924,666 67
We
have
examined all the Securities, including those listed above, held
Extension Debenture Stock
1,423,500 00
Esquimalt & Nanaimo By. *1st Mortgage Bonds,4%
4,832,000 00 for account of the Canadian Pacific Railway Company, by the Treasurer,
and
have
received
certificates from the Custodians, for those deposited with
*Capital Stock
2,500,000 00
Great North West Central By. *1st Mortgage Bonds, 5%.. 1,375,000 00 the Banks and Trust Companies for safe custody, and having compared
them
with
the
records
of the Company, find them correct and in ardor.
'Capital Stock
500,000 00
PRICE, WATERHOUSE & CO..
Guelph & Goderich Ry. *1st Mortgage Bonds. 4%
2,415,000 00
Montreal,
March
10th
Chartered Accountants (England).
1919.
*Capital Stock
125,000 00
Georgian Bay & Seaboard Ry. 1st Mortgage Bonds,4%
4,840,000 00
EXHIBIT "D"-ASSETS IN LANDS AND PROPERTIES.
*Capital Stock
250,000 00
Kettle Valley Ry. *1st Mortgago Bonds, 4%
13.530,000 00 COMPANY'S COLLIERIES in Alberta and British Colum* Capital Stock
375.000 00
bia, and Company's interest in other producing coal mines $2,155,273 21
Kingston & Pembroke Ry. 1st Mortgage Bonds.4%
1,075,000 00 SURPLUS LANDS AND BUILDINGS available for sato
1st Preferred Stock
995.450 00
in the Provinces of New Brunswick, Quebec, Ontario,
2nd Preferred Stock
134.900 00
Manitoba and British Columbia. representing mainly
Ordinary Stock
1,988,400 00
those purchased in excess of the requirements when securKootenay & Arrowhead Ry. *1st Mortgage Bonds. 5%
780,000 00
ing right of way, station grounds and shop sites, as being
*Capital Stock
250,000 00
more economical than a resort to condemnation proceedKootenay Central Ry. *1st Mortgage Bonds, 4%
5,340.000 00
ings
$2,841,073 28.
*Capital Stock
250,000 00 MANITOBA:
Acres.
Lindsay Bobcaygeon & Pontypool Ry. *Capital Stock.-200,000 00
Agricultural lands
176,270 at $10 00 $1,762,700 00.
Manitoba & North Western Ry. *1st Mortgage Bonds.6%
2,628.000 00 SASKATCHEWAN:
*1st Mortgage Bonds,5%
2,520.000 00
Agricultural lands
1,568,817 at $13 00 20,304,621 00
Shell River Branch *1st Mortgage Bonds, 6%
160,600 00 ALBERTA:
*Debenture Stock, 5%
613,200 00
Agricultural lands
2.339,092 at 13 00 30,408,196 00.
*Preferred Stock,5%
415,000 00
A. R. & I. (500,000 acre tract, under
*Capital Stock
5,613.113[63
agreement with Government)
15,759 at 5 00
78,795:00,
ALBERTA-Irrigated lands:
45,008 at $25 00 $1.125,200 00
Western Section
385.918 at 40 00 15,436,720 00
Eastern Section
5.561 at 40 00
222,440 00
A. R..& I. Section
Land reserved in Irrigation Blocks for
745,654 00
right of way and operating purposes 57.358 at 13 00
DEMONSTRATION FARMS:
Strathmore
Brooks
Cessna
Mixed Farms (4)
Farms at Veterans' Colonies
BRITISH COLUMBIA:
25,968 at
Columbia & Kootenay Lands
Unsold portion of Esquimalt & Nana1,055,891
imo Land Grant
4 00
1 50
2 00
UNSOLD LANDS IN TOWNSITES:
Subdivided sites In Manitoba, Saskatchewan and Alberta
Unsubdivided land adjoining Town
Plots in Manitoba. Saskatchewan
130,224
and Alberta
Unsold lots in British Columbia, including Vancouver
Unsubdivided land adjoining Townsites in British Columbia,including
Vancouver
Total
ONTARIO & QUEBEC RAILWAY:
Additional Sidings, Buildings, Stations & Yards.$62.132 37
Permanent Bridges and Improvements of Line__301,219 73
304,048 55
Toronto Terminals
2,575 00
Right of Way
75,000 00
10,000 00
5,000 00
40,000 00
10,000 00
TIMBER LANDS AND MILLS:
Timber and Tie reserve in British
554,961 at
Columbia
A. R.& I. Timber limit in Alberta.... 35,000 at
Bull River Mill and improvements
COAL LANDS:
3.000,000 acres of coal right reserved
under land sold and unsold in Alberta, to be developed on a royalty
basis
46.933 acres of coal land in British
Columbia
Iron property in British Columbia..
NATURAL GAS:
Rights reserved in 100.000 acres of
land sold and unsold in Alberta.
(Revenue from area under lease to
Dec. 31st 1918, $172,343 39)
PETROLEUM RIGHTS:
Rights reserved in 50.000 acres of land
sold and unsold in Alberta, to be
developed on a royalty basis
IMPROVED FARMS:
Buildings and improvements on improved (ready made) farms Saskatchewan, Manitoba and British Collumbia; investment being repaid
with land installments with interest at 6%
LIVE STOCK:
Live Stock (horses, cattle, sheep and
swine) advanced to farmers having
land contracts with Company, on
security lien notes
2,219,844 00
52,500 00
100.000 00
$669,975 65
MANITOBA & NORTH WESTERN RAILWAY:
Additional Sidings, Buildings, Stations & Yards_ $2,095 17
Permanent Bridges and Improvements of Line-- 25,797 98
134 25
Right of Way
28,027 40
MANITOBA SOUTH WESTERN COLONIZATION
RAILWAY:
Permanent Bridges and Improvements of Line__ $3,439 74
153 15
Right of Way
3,592 89
CALGARY & EDMONTON RAILWAY:
Additional Sidings, Buildings, Stations & Yards.. $3,644 83
Permanent Bridges and Improvements of Line__ 27,585 73
493 34
Right of Way
31,723 90
•
COLUMBIA & WESTERN RAILWAY:
Permanent Bridges and Improvements of Line
51.936 00
NEW BRUNSWICK SOUTHERN RAILWAY
4.934,235 00 OTTAWA NORTHERN & WESTERN RAILWAY
ST. MAURICE VALLEY RAILWAY
CAMPBELLFORD LAKE ONTARIO & WESTERN RY
7,500,000 00 GEORGIAN BAY & SEABOARD RAILWAY
GUELPH & GODERICH RAILWAY
4,617,800 00 COLUMBIA & KOOTENAY RAILWAY
4,093 17
994:50
3,83412
42,00996
40,931 61
3,91615
1.49931
4,35758
$1,195,334 42
4,500,000 00
5,000,000 00
1 00
at 10 00
469,330 00
25,000 00
RECEIPTS AND EXPENDITURES YEAR ENDED DEC. 31 1918.
$31,424,893 61
Cash in hand, December 31st 1917
RECEIPTS:
$23,630,898 05
Surplus Revenue as per statement
8,128,751 51
Special Income as per statement
31,759,649 56
LAND DEPARTMENT:
Lands and Townsites:
Proceeds of Sales and Interest,less cancella814,376,745 01
tions
3,664,358 41
Less Sales Expenses and Irrigation
$10,712,386 60
Deferred Payments on previous year's sales 3,289,257 01
1 0(1
1 00
304.171 77
$14,001,643 61
Amount remaining in Deferred Payments
8,167,588 96
on the sales of the year
5,834,054 65
12,960,100 00
Amount of repayment of Advances to Governments
and
other
Mining
of
Cost
of
reduction
in
applied
Amount
25,449 46
Properties, Exhibit "D"
382,004,147 28
Deduct$4,040.562 96
Agents' and Conductors' Balances
442,991 84
Net Traffic Balances
Imperial, Dominion and United States
3,797,886 56
Governments
6,377,139 05
Miscellaneous Accounts Receivable
Inand
Advances to Controlled Properties
6,660,746 99
surance Premiums
Amount at December 31st 1917
24,13421
6,395,827
$105,109,62647
EXHIBIT "E"-DETAILS OF EXPENDITURE ON ADDITIONS
AND IMPROVEMENTS FROM JAN. 1 TO DEC. 31 1918.
Eastern Lines:
"Additional Sidings, Buildings, Stations and
$123,392 33
Yards
Permanent Bridges and Improvements of
Line
381,964 85
$505,357 18
152,237 43
3,73361
Montreal Terminals
Quebec Joint Terminals
Western Lines:
Additional Sidings, Buildings. Stations and
Yards
$481,239 16
Permanent Bridges and Improvements of
Line
672,918 20
Winnipeg Terminals
8,453 08
Vancouver Terminals
76,599 19
Way
of
Right
23,548 84
81,262,758 47
Additions to Office Buildings and Hotels
270,858 31
Office Building, Winnipeg
600,000 00
Sidings
Temporary
Rented and
78,525 80
29,548 28
Telegraph Extensions and Additions
$2,903,019 08
EXHIBIT "F"-DETAILS OF EXPENDITURE ON LEASED AND
ACQUIRED LINES FROM JAN, 1 TO DEC. 31 1918.
NEWEBRUNSWICK RAILWAY:
Additional Sidings, Buildings, Stations & Yards..$36,235 35
Permanent Bridges and Improvements of Line.._ 51,228 02
33,462 53
St. John Terminals
won
3120.925 90
r
ATLANTICZ&)NORTH WEST RAILWAY:
&
Yards.
Stations
Buildings,
176,251 25
Additional Sidings,
t• Permanent Bridges and Improvements of Line- _ 37,324 78
Pal
213.576 03
MONTREAL & OTTAWA RAILWAY:
Additional Sidings, Buildings, Stations & Yards.. $1,700 05
2,104 99
PermanentlBridges and Improvements of Line
kid*,
3.805 04
Pp
MONTREAL & WESTERN RAILWAY:
Additional;Sidings, Buildings, Stations & Yards.. $4,732 77
17,338 44
Account1Purchasest Road
22,071 21
1283
THE CHRONICLE
MAR. 29 1919.1
$21,319,327 40
20.648,558 74
670,768 66
$81,333,378.62
EXPENDITURES:
Dividends on Preference Stock:
2% paid April 1st 1918
2% paid October 1st 1918
$1,613,638 42
1,613,638 42
Dividends on Ordinary Stock:
% paid April 1st 1918
2Y6% paid June 29th 1918
23 % paid October 1st 1918
23 % paid December 31st 1918
56,500,000 00
6,500,000 00
6,500,000 00
6,500,000 00
$3.227,27684
26,000,000 00
Additions and Improvements, main line:andlbranches, Ex2,903.019 08
hibit "E"
1,195.334 42
Expenditures on leased and acquired lines, Exhibit "F"__
48,058 23
Shops and Machinery
Ocean and Coastal Steamships:
Payments on Steamships acquired and un7,236,659 52
der construction
Less amount paid from Steamship Replace6,537,787 25
ment
698,872 27
6,015.630 98
Deposited with Trustee, Special,Investment;Fund
Securities Acquired:
$4,800 00
• Alberta Stock Yards Co. Stock
12 50
Kingston & Pembroke Ry. Stock
53,400 00
Public Markets, Ltd., of Manitoba, Stock
10,000 00
Lake Erie & Northern Ry. 1st Mtge. Bonds
Manitoba & North Western Ry. 1st Mort425 83
Bonds
gage
West Kootenay Power & Light Co. 1st
35,283 33
Mortgage Bonds
1,396.822 18
Trustee Securities
1,500,743 84
10,275,648 47
Payments on subscriptions to Government Loans
1,100,000 00
Payment of Equipment Obligations
4,232,996 93
Increase in Material and Supplies on hand
$57,197,581 06
Deduct Increase in Liabilities$23,365,288 52
Current Liabilities
539,282 64
Interest on Funded Debt
44,539,116 18
Reserves and Appropriations
Amount at December 31st 1917
Cash in hand
368,443,687 34
53,031,068 27
15,412,619 07
$41.784,961 99
39,548,416 63
$81,333,378 62
1284
THE CHRONICLE
STATEMENT OF EARNINGS FOR YEAR ENDED DEC.311918.
From Passengers
$30,837,253 89
" Freight
110,187,288 10
" Mails
1,354,570 91
Sleeping
Cars, Express, Telegraph and Miscellaneous 15,158.585 15
"
Total
$157,537,698 05
STATEMENT OF WORKING EXPENSES FOR THE YEAR ENDED
DEC. 31 1918.
Transportation Expenses
$61,047,812 79
Maintenance of Way and-Structures
22,646,105 94
Maintenance of Equipment
28,226,991 04
Traffic Expenses
3,011,578 67
Parlor and Sleeping Car Expenses
1,214,389 52
Expenses of Lake and River Steamers
1,181,589 41
General Expenses
5,421,601 38
Commercial Telegraph
285,241 63
Total
$123,035,310 38
• STATEMENT OF CANADIAN PACIFIC RAILWAY PENSION
DEPARTMENT TO DECEMBER 31ST 1918.
Balance to December 31st 1917
$890,307 76
Amount contributed by Company
500,000 00
Amount received as interest
43,056 22
$1,433,363 98
267,097 43
Payment of Pension Allowances for year
Balance in Cash and Investments
STATEMENT OF EQUIPMENT AT DEO. 31ST 1918.
Locomotives
2,255
*First and second class Passenger Cars, Baggage Cars and Colonist
Sleeping Cars
2,179
First class Sleeping, Dining and Cafe Cars
480
Parlor Cars, Official and Paymasters' Cars
122
Freight and Cattle Cars (all kinds)
87,513
Conductors' Vans
1,340
Boarding, Tool and Auxiliary Cars and Steam Shovels
6,542
* Includes Cars in Line Service as follows:
ST. JOHN & BOSTON LINE.
4 First Class
4 Second Class}80.04% owned by
4 Baggage
other lines.
12 Cars
Total
854
STATEMENT OF CANADIAN PACIFIC RAILWAY INSURANCE
DEPARTMENT TO DECEMBER 31ST 1918.
Balance Jan. 1 1918-transferred to Insurance Department__$1,483,810 30
ontributions to Fund chargeable to Operating ExpensesMarine
$1,068,767 34
Fire
199,905 95
$1,268,673 29
mount received as Interest
78,673 67
$2,831,157 26
I isbursementsLosses adjustedMarine
Fire
$139,212 93
19,262 69
Re-Insurance
$158,475 62
13,607 53
172,083 15
Balance in Cash and Investments
$2,659,074 11
MONTREAL & BOSTON LINE.
2 First Class
2 First Class
& Smoking
2 Dining and 68.33% owned
Smoking
by other lines.
4 2d Class
4 Baggage &
Express
14 Cars
TORONTO HAMILTON & BUFFALO LINE.
11 First Class
4 Second Class
63.96% owned by other lines.
4 Baggage and Express
19 Cars
LAKE AND RIVER STEAMERS.
Upper Lakes.
Alberta
Assinibola
Athabasca
Keewatin
Manitoba
British Columbia Lake and River.
Kokanee
Nasookin
Kootenay
Naramata
Kuskanook
Okanagan
Minto
Procter
Moyle Bandon
Nelson
Sicamous
$1.166,266 55
NUMBER ON PENSION ROLL AT DECEMBER 31ST 1918.
Under 60 years of age
39
Between 60 and 70 years of age
404
Over 70 years of age
411
[VOL. 108.
Aberdeen
Bennington
Castiegar
Columbia
Hasmer
Kalleden
Slocan
Valhalla
Whatshan
Ymir
York
Ferries.
Michigan
Ontario
DESCRIPTION OF FREIGHT FORWARDED.
Years ended December 31st
1916.
1917.
1918.
Flour
Barrels
11,119,890
13,727,970
13,301,740
Grain
Bushels 256,106,690 213,340,507 137,070,428
Live Stock
Head
2,172,437
2,190,596
2,364,870
Lumber
Feet 3,017,964,134 3,178,554,667 3,241,312,802
Firewood
Cords
289,471
295,277339,631
Manufactured Articles_Tons
8,871,928
10,148,568
9,718,373
All other articles
Tons
8,487,785
8,788,423
9,798,523
FREIGHT TRAFFIC.
Years ended December 31st
1916.
1917.
1918.
Number of tons carried_ _
30,168,798
31,198,685
29,856,694
Number of tons carried one
mile
14,931,739,090 14,882,991,224 13,014,665,922
Earnings per ton per mile
0.65 cents
0.'70 cents
0.85 cents
PASSENGER TRAFFIC.
-Years ended December 31st1917.
1918.
Number of passengers carried
15,576,721
14,502,546
Number of passengers carried one mile
1,488,974,821 1,289,280,061
Earnings per passenger per mile
2.03 cents
2.39 cents
TRAIN TRAFFIC STATISTICS-FOR TWELVE MONTHS ENDED DECEMBER 31st 1918 AND 1917.
Earnings of Lake and River Steamers and of Kettle Valley Railway not included in this Statement.
TRAIN MILEAGEPassenger trains
Freight
Mixed
66
Total trains
CAR MILEAGEPassenger: Coaches and P. D. and S. cars
Combination cars
Baggage, Mall and Express cars
Total Passenger cars
Freight:
Loaded
Empty
@FedFRASER