Full text of Commercial and Financial Chronicle : March 8, 1919, Vol. 108, No. 2802

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The.

tbrutude

1
VOL.108

MARCH 8 1919

NO.2802 I

Published every Saturday morning by WILLIAM B. DANA COMPANY;
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President
and Secretary. Addresses of both, Office of the Company.

CLEARINGS-FOR FEBRUARY, SINCE JAN. 1, AND FOR WEEK ENDING MARCH
1
February.

Two Months.

Clearings at

Total Middle
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford
Holyoke
Lowell
Bangor
Waterbury
Stamford

•
•
•
•
•
•
•

Total New Englan 1
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Springfield, Ill
Lexington
Fort Wayne
Youngstown
Rockford
Bloomington
Quincy
Akron
Canton
Springfield, Ohio
Decatur
South Bend
Mansfield
Danville
Jacksonville, Ill
Jackson
Lima
Owensboro
Lansing
Flint
Gary
Lorain
Ann Arbor
Adrian
New Albany
Paducah
Hamilton
Aurora

•
•
•

•
•

•
•
•
.

.
.

Total Middle West.
San Francisco
Los Angeles
Seattle
Portland
Salt Lake City
Spokane
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
San Jose
Pasadena
Yakima
Boise
Reno
Ogden
Long Beach
Bakersfield

•
•

.
.
.

Week ending March 1.
Inc. or
Dec.
1919.
1918.
c7
,,
5
$
+18.8 4,201,951,279 3,684,007,288
+19.8
401,396,886 371,257,379
+86.1
147,709,832
79,476,141
+94.9
81,230,093
46,106,351
+11.8
17,782,209
17,728,622
+24.0
14,423,976
13,587,573
-2.4
4,000,000
4,592,870
+20.0
7,779,377
7,676,712
+9.1
3,221,766
3,079,764
-3.8
3,572,665
4,244,601
-2.7
2,214,556
2,511,841
+19.1
3,300,000
2,880,000
+15.8
1,800,149
1,820,822
+10.1
3,800,792
2,959,278
+0.6
2,429,459
2,897,406
+28.1
-16.1
2,279,480
3,322,867
+4.8
1,242,329
1,237,061
+11.3
1,955,203
1,922,840
+19.5
1,500,000
1,306,461
-6.5
595,700
923,800
-5.3
1,222,070
1,050,000
+24.7
748,946
760,987
+8.7
+11.6
-4.8
+2.7
-16.9
331,823
460,053
-23.4
-1.3

Inc. or
Dec.
1917.
1916.
5
$
%
$
14,194,252,512 12,269,366,055 +15.8 32,054$
$
$
,895,346 26,978,423,585
+14.0 3,146,418,160 2,879,479,556
1,457,113,912 1,223,305,964 +19.1 3,289,284,14
6
2,746,133,680
+8.0 365,476,726 252,334,030
487,296,685
260,712,565 +86.9
1,097,814,474
580,391,914
+86.1
91.820,244
61,201,862
293,572,686
157,083,714 +86.9
663,463,694
340.394,836
+76.2
43,446,155
78,262,645
48,631,052
76,677,907
+2.1
186,803,119
167,142,941
18,843,125
+0.3
55,829,808
14,591,405
46,412,339 +20.3
123,939,865
99,582,624
+6.1
10,355,746
16,641,304
10,130,186
18,469,554 -9.9
39,772,551
40,755,506
-12.9
4,925,681
30,501,263
6,463,267
25,428,751 +19.9
68,324,670
56,915,251
+1.3
7,613,876
14,766,247
6,748,693
13,477,123
+9.6
33,124,504
30,361,810
+4.6
3,766,834
13,122,913
3,845,631
14,190,711 -7.5
32,056,717
33,314,894
-15.8
3,852,716
8,526,693
3,307,142
3,729,864 -2.3
18,948,405
19,469,320
-11.8
2,477,403
12,695,240
2,249,468
10,563,581 +20.2
28,197,507
23,671,033
+14.6
3,839,920
8,290,902
2,650,045
7,527,920 +10.2
18,887,423
16,305,429
-1.1
1,946,775
14,671,702
1,788,198
13,557,216
+7.5
33,264,459
30,222,566
+30.4
3,472,089
9,685,239
2,818,667
9,432,694
+2.7
20,772,597
20,658,713
-16.2
2,699,596
2,425,331
11,648,344
9,068,008 +28.5
24,966,548
19,482,706
7,851,862
9,613,112 -18.3
16,911,766
20,152,542
-31.4
2,113,329
1,997,531
4,507,778
4,197,644
+7.4
9,635,573
9,198,681
+0.4
1,160,156
7,481,058
1,026,903
6,880,177
+8.7
16,729,330
15,031,317
+1.7
1,683,534
5,410,710
1,229,264
4,404,097 +22.8
12,259,812
10,262,267
+14.8
1,548,026
3,095,044
1,260,320
3,305,900 -6.4
6,972,644
7,453,400
-35.5
990,800
3,560,64(1
885,200
3,992,139 -10.8
8,217,810
8,674,304
+16.4
3,016,241
950,000
910,555
2,502,944 +20.5
6,679,637
6,358,460
-1.6
691,214
1,603,464
613,984
1,631,600 -1.7
3,913,297
3,601,702
1,814,319
1,738,895
+4.4
4,452,804
3,989,137
2,343,167
2,345,003 -0.1
4,987,510
5,237,596
2,382,769
2,327,091
+2.4
5,232,737
5,093,598
1,104,099
1,636,462 -20.3
3,331,590
4,010,615
-27.8
488,120
2,732,999
401,410
3,668,424 -25.2
6,093,985
7,956,071
2,282,024
2,238,013
+2.0
4,599,511
4,061,079
16,756,170,175 14,204,476,373 +18.0 37,826,534,331 31,313,007,4
77 +20.8 4,906,548,595 4,255,810,717 +15.3 3,720,579,225 3,300,995,60
0
1,105,258,393
952,555,761 +16.0 2,682,843,687 2,111,455,121 +22.3
293.833,210 262,983,630 +11.7 220,618,976 205,508,541
37,404,600
40,811,900 -8.3
87,952,600
93,698,500
-6.1
9,916,400
13,108,600 -24.3
9,189,000
26,741,403
9,023,300
27,098,165 -4.5
61,943,209
63.400,371 -2.3
7,986,872
8,620,112 -7.4
8,669,246
19,912,813
8,883,470
17,655,123 +12.8
44,011,253
37,890,366 +16.2
5,557.056
5,487,467
+1.3
5,504,720
13,338,243
1,295,040
13,588,475 -1.8
30,643,535
30,528,298
+0.4
3,651,479
3,587,206
-1.0
3,700,027
3,828,001
8,992,567
9,390,640
+4.2
20,811,099
20,155,733
+3.3
2,100,000
2,200,000 -4.5
2,855,092
12,159,313
2,171,735
12,851,246 -5.4
29,070,701
28,835,126
+0.8
3,114,969
3,610,178 -13.7
3,643,252
3,857,241
6,649,726
5,029,255 -17.2
14,917,887
16,522,974 -9.7
1,272,782
2,438,932
-47.6
1,572,816
7,077,369
1,788,115
6,959,002
+1.7
16,175,348
14,396,987 +12.4
1,197.435
1,828,084 -34.5
1,620,650
2,396,096
1,234,279
2,679,228 -10.6
5,946,438
5,974,815
-0.5
655,218
827,605 -20.8
1,140,714
3,840,072
866,959
4,440,422 -13.6
8,6(32,147
9,647,568
-10.2
972.354
1,050,000 -7.4
1,093,036
2,391,961
861,015
2,660,469 -10.1
5,280,218
6,958,662 -11.4
683,742
836,007 -18.3
625,652
6,320.900
680,362
(1,887,100 -8.2
15,090,800
15,676,100 -3.7
1,095,570
1,788,917 +11.0
4,288,645
3,899,806 +10.0
1,254,479,026 1,108,295,603 +13.2 2,927,640,697 2,458,040,42
7 +19.1
330,841,617 306,577,821
+7.9 260,193,181 242,998,058
1,981,415,681 1,784,007,741 +11.0 4,326,406,208
3,808,549,960 +13.6
600,766,352 556,465,512
+8.0 523,952,803 451,157,424
214.041,406
169,754,501 +26.1
491,896,768
359,467,593
+36.9
50,000,000
52,527,154 -4.8
325,709,561
40,810,578
261,827,231 +24.4
35,182,300
765,259,025
601,927,532 +27.1
74,915,171
74,272,456
262,243,537
62,576,007
+0.9
173,308,401 +51.3
37,655,393
583,354,792
398,920,161 +46.2
62,649,204
51,482,429
+21.5
114,226,118
53,679,866
104,150,771
35,756,368
+9.7
251,395,4(18
216,260,202
-1-16.2
29,372,095
29,418,894
-0.2
24,514,492
49,115,000
57,490,000 -14.6
19,420,002
116,524,001)
„
-0.4
14,840,000
19,285,000 -23.0
15,162,648
43,450,500
36,673,900 +18.5
10,764,092
92,146,300
78,622,800 +17.2
10,819,700
10,437,800 +3.7
39,060,692
8.915,600
34,713,774 +12.5
7,669,100
88,320,368
7.5,274,852 +17.3
8,834,629
7,981,807
+10.7
18,707,628
19,734,040 -5.2
9,776,230
8,086,589
44,266,791
39,443,238 +12.2
5,000,000
5,500,000 -9.1
17,070,951
18,293,393 -6.7
6,900,000
4,900,000
40,737,081
39,293,443
+3.7
4,574,481
5,474,554 -19.7
14,151,086
12,280,743 +15.2
4,828,091
4,097,674
33,371,065
28,456,646 +17.3
3,242,778
3,253,995 -0.3
14,668,667
11,748,285 +24.9
4,965,371
2,939,969
33,022,241
26,150,958 +26.3
4,126,041
3,866,599
8,176,103
+6.7
8,201,377 -0.3
2,698,126
1,933,410
17,279,012
16,089,238,
+7.4
2,542,833
2,112,487
+20.4
14,075,829
8,658,309 +62.6
1,943,448
1,711,421
30,014,012
14,859,100
+102.0
2,986.263
3,427,271 -12.9
4,781,574
4,346,778 +10.0
1,436,775
1,186.134
10,531,137
9,579,0211 +9.9
1,450,689
1,384,466
13,3112,564
+4.8
13,092,743 -4.5
2,163,542
1,850,967
34,315,297
29,431,946, +16.6
3,293,772
3,087,154
7.574,645
+6.7
3,818,928
6,713,117 +12.8
1,769,358
15,656,501
13,637,271 +14.8
1,974,612
1,496,288 +32.0
5,828,289
6,050,453 -3.7
1,291,370
1,074,991
13,203,663
10,241,2531 +29.5
1,790,270
3,014,823 -40.6
6,983,232
5,553,348
2,683,060
+7.7
2,166,044
12,373,763
10,678,253 +15.9
1,844,499
2,109,933
26,723,000
-12.6
21,020,000 +27.1
1,609,329
1,549,808
61,907,00()
44,273,0001 +17.2
5,402,000
4,573,000 +18.1
8,654,974
12,686,414 -31.8
6,568,000
2,886,000
20,620,940
29,024,439 -29.0
2,022,592
4,082,122 -50.5
5,611,948
4,786,736 +17.2
3,879,767
3,145,457
11,970,375
10,724,417 +11.0
2,036,623
3,956,664
2,288,337 -11.0
3,936,658
2,243,319
+0.5
1,363,595
9,077,453
7,687,186 +18.1
1,011,284
3,766,455
1,452,460
-30.4
3,739,468
1,160,485
+0.7
569,461
8,930,699
5,273,502
+7.9
1,135,000
4,337,97()
1,126,643
+0.7
3,711,294 +16.9
1,086,732
707,346
9,147,239
7,948,499
16.1
937,283
2,671,227
1.046,817 -10.3
2,272,453 +17.5
927,861
617,905
6,413,95:3
4,689,691
15.4
1,977,925
700,000
675,000
2,016,093 -1.9
+3.7
650,000
666,209
6,063,431
3,923,793
29.1
4,287,766
693,314
1,131,057 -38.7
3.355,538 -27.8
691,844
597,785
9,701,036
7,376,605
31.5
3,564,308
2,834,303 -25.8
7,493,729
6,729,679
+11.4
6,054.243
1,106,911
911,767
5,115,205 -18.4
+21.4
940,670
991,266
13,903,391
8,692,541
+60.0
3,888,056
1,500,0001
1,399,766
3,263,781 -19.1
+7.1
715,958
396,263
8,134,420
6,795,681 +19.7
6,144,006
800,000
5,085,064 t20.9
600,000 +33.3
500,000
448,090
12,080,120
10,661,927 t13.3
3,983,026
2,019,025
36.5
7,713,191
6,270,392
23.0
890,564
793,937
12.2
2,002,104
1,810,236
10.6
1,355,251
1,606,609 -10.0
3,016,933
3,200,254 -5.8
369,843
320,995
371,983 -0.6
282,127 +13.8
417,427
377,827
688,326
655,177
+5.1
520,132
77,568
81,264 -4.5
572,169 -9.1
105,079
83,718
1,264,697
1,158,958
+9.1
6,924,322
3,901,646 +77.5
15,437,831
7,951,416
t94.1
1,689,252
1,551,065
+2.4
3,996,939
3,661,194
12.2
2,529,335
2,522,813
+0.3
5,511,938
5,006,098
10.1
3,253,394,502 2,825,371,196 +15.1
7,213,208,470 6,080,314,002 +18.6
902,815,812 856,338,838
+5.4 792,403,436 644,221,966
453,879,002
359,683,511 +26.2 1,027,327,58
9
793,436,122 +29.6
122,641,551 109,178,062 +12.3
138,249,000
110,719,000 +24.9
89,496,804
65,303,482
295,631,036
242,906,000 +21.7
40,635,000
31,366,000
+29.6
119,044.514
109,488,458
31,991,000
+8.7
26,879,517
283,029,5013
230,120,020 +23.0
31,576,533
28,308,987 +11.6
99,352,404
72.567,266 +36.9
19,039,474
12,606,491
218,019,346
162,984,444
+42.5
29,241,290
19,340,297 +50.7
49,484,647
43,894,482 +12.7
14,046,142
11,304,586
115,929,040
107,191,661
+8.2
13,079,623
11,401,401
28,790,785
26,046,630 +10.5
+14.7
10,964,327
9,460,180
65,227,102
60,018,831
+8.7
7,653,330
14,784,025
14,790,749 -0.04
6,992,440
+9.5
5,558,782
4,292,800
36,421,632
31,659,949 +15.0
3,765,456
29,611,151
4,045,994 -6.9
21,351,724 +38.7
2,215,662
2,023,872
65,244,331
47,208,781
+38.2
7,124,472
6,553,686 +19.4
13,108,913 +14.8
15.053,262
6,274,274
3,918,584
33,940,673
29,044,025 +16.9
2,756,973
2,745,017
+0.4
8,515,692
8,202,266
2,384.535
+3.8
1,761,942
18,133,567
18,263,998 -0.7
2,127,786
1,920,721 +10.8
9,135,339
10,686,453 -14.5
2,600,158
2,210,175
22,170,636
20,726,529
+7.0
1,796,853
1,796,184
+0.1
8,181,754 -17.0
6,788,772
1,401,871
1,175,173
14,936,346
17,207,829
-13.2
1,402,823
1,921,863 -27.0
3,572,188 +17.0
4,180,276
1,604,240
932,556
9,032,224
8,656,967
+4.3
1,230,806
930,235 +32.3
4,129,421 +13.5
4,759,655
1,633,000
1,399,866
9,826,558
5,866,706 +10.8
1,273,569
1,337,331 -4.8
2,631,152 +33.8
3,520,755
757,792
751,341
7,752.915
5,583,422
+38.9
1,053,225
783,273
+34.5
5,647.435 -11.8
4,894.568
607.303
392,344
11,873,440
12,385.362 • -4.1
2,250,618
2,086,357
+7.9
4,826,416
4,695,439
+2.8
480,000
400,000 +20.0
7,462,958
6,777,730 +10.1
300.000
261,969
18,372,096
13,533,496 +35.8
3,693,745 +32.5
4,892,113
10,317,664
7,948,879 +29.8
1,380,048
1,048,364 +31.7
3,172,119
3,429,531 -7.5
736,684
694,854
6,324,293
7,120,146 -11.2
1919.

New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
Albany
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-Barre
Wheeling
Trenton
Harrisburg
Lancaster
York
Erie
Chester
Binghamton
Greensburg
Altoona
Franklin
Frederick
Beaver County, Pa_
Norristown
Montclair
Oranges
Hagerstown

Inc. or
Dec.

1918.

Total Pacific

1,007,821,645
830,661,705 +21.3
Details of other Weit ern and South ern on page 946.

1919.

2,274,335,820

1918.

1,819.558,606 +25.0

269,919,338

230,068,855 +17.3

190,612,048

145,269,762

298,239,155

229,564,510

Total other West_
1,476,081,127 1,459,488,421
Total Southern

+1.1

3,351,296,394

3,119,453,039

+7.5

389,492,687

435,312,161 -10.6

2,044,802,483 1,820,880,390 +11.0

4,612.637,741

4,011,373,605 +15.0

492.596,413

487,385,685

+1.1 349,255,499 259,126.503
25,792,839,258 22,255,063,757 +15.0 58.208.653,469
48,802,677,066 +19.3 7,290,514.362 6,571.524,077 +10.9
5.611,332,814,1,828.176,399
Outside New York. 11.638.536.746 9.995.707.702 +16.0 26.153.758.1
13 21.824.253.471 -11 10.8 2.11(18.583.083 2.887.5111.7RA
-1-71( 2 4(14.014 65411.9433.696.1343
Clearings by Telegraph and Canadian Clearings on page
946.

Total all




902

THE CHRONICLE

[VOL. 108.

The Sherman Act of 1890 was mainly his work, and
THE FINANCIAL SITUATION.
in an article, more than seven years ago, in the
The death, in his retirement in California, of "North American Review," he explained that what
George F. Edmunds, U. S. Senator from Vermont was meant was no more than to establish "the great
for the quarter-century 1866-91, recalls to mind a fundamental design and principle [of the Founders
public man who had been so long out of mention that in the commerce clause of the Constitution] to make
many doubtless supposed him dead, yet a man the trade of the people of each State with the people
greatly distinguished in his time and one who ren- of every other State free and equal, as if, for these
dered great service. In a separate article on a sub- purposes, the whole United States were a single sovsequent page we comment on his career and the ereignty." And when he wrote, he still deemed the
change in standards which has occurred since his intent of the Act and a proper interpretation of it
retirement from the Senate. Coming to the Sen- to be beneficial and remedial. He had courage and
ate, at first by appointment to fill a vacancy, one apparent optimism along with the confirmed conyear after the close of the Civil War, he was there servatism of old age, and he has departed while the
during the entire reconstruction period and returned country is beset with troubles which in gravity and
to private life before the destructive possibilities variety are beyond those with which he dealt.
necessarily contained in the commerce clause of the
Bank clearings in the United States do not as yet
Constitution and its application in the well-meant
Sherman Act of 1890 had begun to disclose them- in any general way reflect the let-up in business of
which from time to time there have been reports
selves.
He was from a small and not weighty State, al- current. On the contrary, the returns for February,
though in the galaxy of his party the star that never a short month, and including one full and another
sets, but his influence was not limited by any such partial business holiday, furnish a daily average
disability. The unwritten law of availability which only moderately below that for January, which was
requires that a Presidential nominee must come from the heaviest on record. It is to be said, however,
a State with a large electoral vote and be able to that as the transactions through the banks cover in
carry his State barred Mr. Edmunds, yet in 1880, considerable measure payments on business in the
and again in 1894, he received a considerable com- past, it will remain for March and later months to
plimentary vote in the conventions of his party. In- indicate more correctly the existing mercantile
cidentally, remembering how political power has situation. The mild winter has had much to do
moved westward with population, and that New in restricting seasonable retail trade in many direcEngland has contributed only three Presidents (and tions and latterly from various sections of the
the last one as far back as 1852), one is tempted to country advices are to the effect that there is little
question how soon, if ever again, the off ce will le or no activity in business. On the other hand,
filled with a man from the Eastern division of the the situation is in many respects better, on the
whole, than a year ago, when various restrictions,
country.
the coalless Mondays, served materially
lawyer,
including
Mr. Edmunds was a great and a careful
influences. Brushing aside all matters
hampering
constitua
as
as
d
especially sound and distinguishe
returns themselves, however, we
clearing
the
man—and
party
but
strong
a
While
tional authority.
aggregate establishes a new
current
the
that
decade
note
the
first
least
at
in
since
reason,
without
not
of his term in the Senate the Republican party had high mark for February and at a number of individual
not lost much of its original adherence to a moral cities the percentages of gain over a year ago are
principle and had not become much demoralized by exceedingly large.
The favorable nature of the current exhibit is
a too-long uninterrupted tenure of power—he was
by the fact that of the 174 cities included
name
indicated
justly entitled to the now far too traditional
, as given on the first page of
compilation
in
such
our
among
Senate
the
in
was
of "statesman." He
set up new high records for
100
over
issue,
Sherman,
this
Trumbull,
Fessenden,
men as Sumner,
instances by very appreciable
many
in
and
he
February
authority
and
in
dignity
and
Bayard,
and
Harlan
ranked with the first. In the impeachment which percentages. Note the 217.9% increase over Feb.1918
followed the quarrel with the self-willed Andrew at Birmingham, 86.9% at Pittsburgh and Baltimore,
Johnson, Mr. Edmunds went with his party, yet it 85.1% at Jacksonville, 62.6% at Lexington, 61.7%
is impossible to doubt that he honestly believed that at Sioux Falls, 51.3% at Detroit, 38.7% at Oakland,
unhappily-misplaced Executive had been guilty of 36.9% at Portland, Ore., a like percentage at
malfeasance in office, for Mr. Edmunds was a con- Austin, Tex., 36.3% at Fargo, 33.2% at Richmond,
servative among and of the conservativ.es, holding 32.4% at Duluth, 26.2% at San Francisco, 26.1%
in respect to the lines of our Government as originally at Cincinnati, 25.8% at Fort Worth, 24.9% at Los
drawn a regard which has lapsed too far in these Angeles and 24.4% at Cleveland. On the other
latter days and ought to be seriously considered and hand, in most cases where losses are shown,
they are due, as a rule, to locally operating causes,
revived.
and are quite generally unimportant. The aggregate
the
through
in
carrying
influential
He was very
of clearings for the month this year is $25,792,839,foras
completely
now
1875,
of
Act
on"
"Resumpti
gotten by the present generation of politicians as 258, this contrasting with $22,255,063,757 in 1918,
has been the exigency which required it; a national and exhibiting consequently a gain of 15.9%, while
pledge was then considered something to be kept, compared with 1917, an augmentation of 19.3%
the way to resume was to resume, and we need now is recorded. For the two months the improvement
some of the stern insistence upon honesty and the over the previous year is 19.3%, the gain over 1917
belief that the right course is finally the easiest and reaches 23.1% and the increase over 1916 some
is always possible which prevailed then. He drew 51%. At New York the February total at $14,194,and introduced the bill which set up the "Elec- 252,512 exhibits an expansion of 1.5.8% over 1918
toral Commission" of 1877, and was a member of it. and there is a gain over 1917 of 10.9%, while for the



MAR.8 1919.]

THE CHRONICLE

period since Jan. 1 comparison discloses an augmentation of 18.8% in the first case and of 14.8% in the
other. Outside of New York the aggregate for the
Month at $11,538,586,746 is 16.0% greater than for
the period last year and exceeds 1917 by 31.3%.
For the two months the sum of the clearings shows
gains of 19.8% and 35.2%, respectively.
More activity was in evidence in transactions in
share properties on the New York Stock Exchange
in February, the sales, notwithstanding the fewer
number of business days,exceeding those for January.
Specifically, the number of shares traded in was
12,210,741 against 11,418,079 last year and 13,558,465 in 1917, with the two months' totals 24,069,206
shares, 25,034,436 shares and 30,527,905 shares,
respectively. Liberty bonds were the feature of
the operations in the bond market, the sales reaching
close to 180 million dollars par value or more than
three times the combined transactions in State,
municipal and foreign securities and in railroad and
industrial issues, which likewise were in better
demand than a year ago. Altogether, the month's
bond dealings reached $238,254,000 par value,
against $83,822,300 last year and for the period
from Jan. 1 to Feb. 28 were $515,122,500 against
$190,618,000. On the Boston Stock Exchange
there was also an increase in operations, sales of
308,813 shares in February comparing with 218,393
shares a year ago, with the two months' aggregates
666,269 shares and 546,282 shares. Chicago dealings
for the month aggregated 198,511 shares against
77,067 shares, and for the two months 315,411 shares
against 193,967 shares.
Canadian clearing house returns, in common with
those for the United States, make a very favorable
exhibit, establishing new high records for February
at most of the reporting cities, the showing at
Montreal, Toronto, Ottawa, Halifax, London and
St. John in the East,'and Vancouver, Moose Jaw
and New Westminster in the West being especially
satisfactory. All but five of the 25 cities from which
we have returns report gains, with the aggregate of
all exceeding 1918 by 19.8% and 1917 by 27.4%1
For the two months the increase in the total for the
identical cities is 18% over 1918 and 27.7% over
1917.
The League of Nations proposal had a much
rougher road to travel in the United States during
the ten crowded days of President Wilson's stay in
this country, between his first and second trips to
the Peace Conference, than it did in Europe. Over
there everyone was eager to see what we would do
with it. Here, the whole plan was subjected to
one severe attack after another by members of
Congress, more particularly by several prominent
Republican Senators.
Following the address of Senator Lodge last Friday,
in which he reviewed the principal articles of the
constitution or covenant, counseled caution regarding the whole scheme and asked the nation to "look
with considerate eyes" on it, came Senator Knox
on Saturday with a no less carefully prepared and
comprehensive address, in which he analyzed the
26 articles, one by one, and put himself on record
against the League of Nations in these words among
others: "It does strike down great constitutional
principles, bulwarks of our protection. It does rob
us of the most vital attributes of sovereignty. It
does threaten our independence of life." "Why



903

then," he dramatically exlaimed, "this plan to
strangle and crush us." Urging the postponement
of further consideration of the League of Nations
idea he added, "Let us not in our League outlaw a
great part of the civilized world." Continuing he
said, "Let us see to it that this League which is to
usher in a reign of righteousness on the earth shall
comprise all peoples that dwell upon it, including our
regenerated, democratized enemy." Senator Knox
also offered several constructive suggestions for
amendments to the general scheme of the League of
Nations, and particularly to some of the principa
articles in the constitution in its present form.
Among the more prominent were: Compulsory
arbitration of all disputes under a plan similar to
that provided for in the International Prize Court
which he declared would be effective; the forming
of an alliance with the strongest other Power or two
Powers of the world for mutual protection; consideration of the organization of an international league
that would embrace all the nations of the world, and
whose constitution should declare war to be an international crime, and that any nation engaging in war
should be declared an international criminal; all
disputes should not only be settled by an international court, but force should be adopted only as
a last resort in carrying its decrees into effect.
On Monday Senator Sherman of Illinois made the
last severe attack on the League of Nations in Congress prior to its adjournment the following day at
noon. He asserted .that the League proposal
"sounded the death knell of the American republic,"
and alleged that President Wilson is striving 'to
set himself up as the "drum major of civilization."
In the course of the day's session he became so enraged over the seeming opposition of a majority of
the Senate to a final filibuster against Administration bills that he shouted: "If you won't fight, there
will be an extra seat in the next Senate. I won't
come back here."
Tuesday night, in the Metropolitan Opera House
in New York City, President Wilson, entering arm
in arm with former President Taft, one of the most
ardent champions in this country of a League of
Nations, was given a very cordial reception. He
delivered his last public address before sailing for
France Wednesday morning. He did not attempt,
with one possible exception, to reply in detail to the
arguments of the leading critics in this country of the
League of Nations and his support of it, but contended himself with the general observation that the
criticisms made no impression on him because
"there is no medium that will transmit them."
Speaking from beginning to end in the general terms,
for the use of which he has both become famous and
been severely criticized, the President set forth his
confidence in the support of the American people for
the League of Nations in these words:- "The first
thing I am going to tell the people on the other side
of the water is that an overwhelming majority of
the American people is in favor of the League of
Nations. I know that this is true."
As the week advanced the correctness of this assertion was questioned rather generally, so far as the
draft of the covenant which the President brought
back from Paris is concerned. It is believed that
ultimately the provisions most objected to by Amencan citizens will be eliminated, or at least amended
to such an extent that they will be accepted by the
Senate and also meet with the approval of a majority

904

THE CHRONICLE

of the people. A canvass on Wednesday of the
American representatives at the Peace Conference
indicated their belief that no material changes would
be made. This idea was not entertained by the
French and English delegates, who signified a notable
willingness to consent to modifications of even some
of the more vital provisions of the whole plan.
At the Metropolitan Opera House meeting, Mr.
Taft, with his analytical and judicial mind, devoted
the greater part of his address to a detailed reply to
the critics of the League of Nations, and to an exposition of its principal features. While not at all in
sympathy with the attacks that have been made upon
the League idea by prominent Republican Senators,
Mr. Taft nevertheless advised President Wilson to
profit by the constructive portions of Senators Lodge
and Knox's addresses and predicted that "the objections raised in this country would aid the conferees
in perfecting the final draft of the League plan."
Thursday night in New York a campaign against
the plan was launched by Senators Borah, Reed,
Thomas, and former Senator O'Gorman. Senator
Reed declared: "When William H. Taft or anybody
else says that this proposed League does not affect
the Monroe Doctrine they speak squarely in the
teeth of the facts."
President Wilson set sail on the George Washington promptly at the scheduled hour of 8:15
Wednesday morning on his second trip to the Peace
Conference, where he is expected to resume his place
about the middle of the month. Just how long it
will be necessary for him to stay in order to participate in the completion of the Peace treaty with
Germany cannot be definitely foretold. A week ago
it was predicted in Paris that probably the treaty
could not be made ready for submission to the German peace delegates before June at the earliest.
Within the last few days there has been still further
evidence in Peace Conference circles of the disposition noticeable ever since President Wilson sailed
for the United States, to hurry the drafting of the
peace treaty as much as possible. The principal reason given was the continued disorder in many sections of Germany. A few days ago it was even predicted in Paris that the German peace delegates would
arrive there early in April and that the treaty would
be signed before the middle of May at the latest.
However this may work out, President Wilson,
taking his cue from the popular song "Over There,"
which was played by the band as he entered the
Opera House Tuesday evening, facetiously declared
in the opening sentence of his address: "I will not
come back till its over,over there." Before his ship
sailed he was quoted as expressing the belief that it
would be possible to finish with the final details of the
Peace Conference at an early date, because of the
rapid progress that had been made since he left
Paris. He also reiterated his confidence in the support of the people of this country for the League of
Nations, when he said: "I am supremely confident
that the people of the United States will back up our
endeavors at the Peace Conference. Every statement made in my speech last night and every utterance made since my return to the United States will
be understood by the people at large, if not by certain politicians." Upon his arrival in Paris, it is
believed that the President will quickly discover that
at least the French and English representatives at the
Peace Conference favor various important modifications of the 26 articles. It was reported on Thurs


[Vol,. 108.

day that just before Senator Lodge started hisfamous
round robin among Republican Senators, for which
he secured 39 signatures, Senator Hitchcock, an
ardent defender of the League of Nations, and the
policies of the President, approached Senator Knox
and asked him to write out amendments to the
constitution which would make it acceptable to his
associates and himself who were opposing. Promptly
Senator Knox is reported to have demanded: "Are
you authorized by the President to ask for this?"
Although making an evasive reply, it is believed that
whatever Senator Knox might have written would
have been promptly conveyed to the President by
Senator Hitchcock. As a matter of fact, Senator
Knox is said to have indicated that, in his judgment,
practically the whole document should be rewritten.
The paucity of official statements regarding the
proceedings of the Peace Conference and its various
councils, commissions and committees, resulted in
more or less conflicting reports, as has been true all
along, of what was actually being done. For instance, at the beginning of the week the idea was
rather positively advanced in Paris advices that the
British and French representatives and their advisers
strongly favored disassociating, for the time being,
the peace treaty and the League of Nations. In
other words, they are said to have urged the framing
of the treaty at the earliest possible moment, leaving
further consideration of the League proposal until
afterwards. In fact, it was stated that this procedure
would actually be followed. The suggestion coincided absolutely with that frequently made by Senator Lodge and urged by Senator Knox in his memorable address a week ago to-day. It was in direct
opposition to the declaration of President Wilson in
the Metropolitan Opera House address, when he
said that the two undertakings are "inextricably
interwoven." On Thursday almost a diametrically
opposite stand was reported to have been taken by
the British and French peace commissions, inasmuch
as it was claimed that they expected that the covenant of the League of .Nations would be adopted
before the preliminary peace treaty is signed. Unless he changes his ideas altogether, PresidentWilson
may be depended upon to continue to hold that the
two cannot be separated; that without the League of
Nations the peace treaty would be ineffective. It
will be interesting in the extreme to watch developments at the Peace Conference, when the big leaders
resume their places there, for indications of which
idea is likely to prevail. Lloyd George was quoted
in Paris last evening as being strongly in favor of
centering all efforts on the peace treaty and of
relegating to the background, for the time being,
the League of Nations and all other questions that
have occupied the thought and time of the Peace
Conference.
In advance of President Wilson's arrival in Paris
it is well worth while to glance at the comment of the
French and British press, both upon the opposition
in Congress to the League of Nations and upon
President Wilson's Opera House address. Notwithstanding a somewhat general disposition in both
Paris and London to believe, or at least to hope,
that a part of the Congressional opposition was political in origin and purpose, it was easily discernible, particularly yesterday, that there was more or
less fear as to the ultimate fate of the League, be-

MAR. 8 1919.]

•

THE CHRONICLE

cause of this opposition. Illustrative of this suggestion it may be noted that the "Echo de Paris"
said: "Whatevev the result may be of the Republican campaign, we must remember that in a great
democracy like America the opinions of a majority
in Congress must be decisive. We hope that they
may come together." The "Manchester Guardian" observed: "When President Wilson returns he
will know what he can do and what he cannot, and
will inform the Allies of the limits of his authority.
What America will accept, the other States will accept; if she is not a party to the League there will
be no League." Commenting editorially on the
Opera House address, the "Daily Chronicle" said
that his words were those "of a statesman confident
that the hearts of the world are with him. They
are not vibrating without anxiety, for they know that
American co-operation is indispensable if the League
fabric is to stand." Admitting the probable correctness of the President's assertion that "an overwhelming majority of the American people is in favor of the League of Nations," the "Pall Mall Gazette" pointedly suggested that "the crucial question is whether they are prepared to pledge the financial resources and action of their country to the support of the League when it is formed." The "Globe"
was more outspoken against President Wilson and
the League of Nations than any other important
London daily, when it said: "Wilson returns to
Europe with greatly diminished prestige as a result
of action by an important and representative section
of his own countrymen; with his boasted League of
Nations treated precisely as the scrap of paper that
we have always held it to be." The "Westminster
Gazette," while expressing the opinion that President
Wilson would "be equal to the emergency," in facing
the Congressional opposition at home, nevertheless
added "that his opponents mean business is shown by
the successful effort to prevent the passing by Congress of a block of important measures."
Yesterday's comment in the London papdrs clearly
revealed growing apprehension as to the fate of the
League of Nations; its bearing on the whole peace
proposition and the extent to which President Wilson
would really speak for America upon his return to
Paris. The "Daily Telegraph" declared that the
President "leaves behind him a situation very
different from that existing at the time of his coming
hither in December. The difference is quite serious
enough and it is undeniable that the League of
Nations plan is surrounded to-day with difficulties
and dangers which apparently were never anticipated
by any of its friends in Europe." The "Morning
Post" said: "The League is a vague and still
doubtful system. The world wants time to think
out these things. It does not like being rushed into
a plan by the enthusiasm of its idealists. Democracy
is great, but it has not yet invented a mechanical
substitute for wisdom and statesmanship." The
"Evening News," after observing editorially that
"Wilson has given the Allied statesmen a strong
lead," observed "the peoples of Europe are getting
a little tired of the words 'right and justice'," and
added,"that the foremost requirement is now to make
peace with Germany."
Apparently the general terms of the peace treaty
were given more consideration by the Peace Conference and the different commissions and councils
this week than a possible or probable revision of the
League of Nations covenant, although it was said




905

that the features that have given greatest offense to
American statesmen were studied carefully. From
every important centre, particularly during the
closing days of the week, came expressions of opinion
from Government and financial authorities that
negotiations with respect to the peace treaty must
be hurried as much as possible, or there would be
complete chaos in Germany and no Government
with which to deal, with the exception perhaps of
an apology for one that might be set up by the
Bolshevists. Such great progress was made in the
deliberations regarding the treaty that the opinion
was ventured that between the arrival of President
Wilson in Paris sometime between March 12 and 15,
and the return of Premier Lloyd George to London a
week or ten days later to keep an important engagement, it would be possible for the two men to come
to a general agreement on an outline of the treaty,
the details of which could be completed shortly
thereafter. If this could be accomplished the suggestion was made thatithe German delegates could be
summoned to ParisiduringIthe absence of Lloyd
George in London. It was expected also that in
this interval President Wilson would make the trip
to the devastated sections of France and Belgium
that helhad hoped to make on his way to Paris on
his present trip.
On Monday Marshal Foch presented to the Council
of the Great Powers the military terms which he
recommended should be incorporated in the peace
treaty. Originally they were intended to be a part
of the armistice terms. The recommendations of
Marshal Foch were said to provide for the reduction
of Germany's forces to 26 divisions of 10,000 men
each. Other features were reported to be severe
restrictions on the manufacture of all kinds of war
materials and the limitation, to the minimum, of
the military and commercial use of the airplane.
The naval terms, as unofficially reported, and which
were carefully considered at a highly important
session of the Supreme War Council on Thursday,
were no less severe, calling for the suppression, not
only of Germany's submarine equipment, but also
the termination of submarine warfare by all nations
throughout the world. With the exception of the
apportionment of the German fleet, they were
reported to have been agreed to at a meeting of the
Council of Ten yesterday.
While the Supreme War Council was meeting on
Thursday, the Commission on Reparation inquired
further into various questions pertaining to the general problem of reparation and the method of payment
that should be imposed upon the Central Powers.
This whole question unmistakably, and naturally
enough, continues to be one of the most troublesome
before the whole Peace.Conference. It was stated,
however, that a virtual agreement had been reached
as to the amount that the peace treaty would stipulate that Germany and the other Central Powers
would have to pay. While no figures were given,
it was asserted that the total, while running into
billions of dollars, was much under either the French
or British estimate. On Monday it had been reported in Paris that the Commission on Reparation
had estimated that the Central Powers should pay
$120,000,000,000, of which France is said to have
demanded the immediate payment of $5,000,000,000, part in gold, part in materials, part in foreign

906

THE CHRONICLE

securities, and the:remainder in 25 to 35 years. The
best authorities do not believe that it will be possible for Germany to pay anything like the above total
for a good many years to come. It was pointed out
that if she is to pay no more than $30,000,000,000 to
$35,000,000,000, in say 25 years, the entire German
public debt, estimated at $40,000,000,000, would
have to be deferred. While in some circles it was
claimed that this would be virtual repudiation, leading financial authorities were not willing to admit
that necessarily the situation would be quite as bad
as that. The economic question, of course, is what
would be the effect upon the German people and
conditions in Germany if payment of her huge debt,
largely internal, were to be put off somewhat indefinitely. While the French and American representatives at Paris were still inclined to fix the indemnity
at a figure that Germany could reasonably be expected to meet, Bonar Law, in the course of an interview in London only yesterday, emphasized the
point that "it was Great Britain's business to get
every penny it could." He added, however, that
"it was useless to hold out the hope that the indemnities would wipe out England's immense war
debt." Lloyd George told the Council of Ten in
Paris yesterday that, in his judgment, a resolute
attitude toward Germany was imperative, and
urged still more drastic military conditions.
The several international commissions of the
Peace Conference were said to have been busy in recasting the map of Central Europe. Nothing official as to the results of the deliberations was made
public, but it was declared that by the time President
Wilson arrives in Paris the work will have advanced
sufficiently to make possible placing before him virtually a new map of Central and Eastern Europe.
It is confidently expected, although nothing official
on this point,either, was forthcoming, that the peace
treaty will provide for the "sterilization" of a strip
of Germany on the west bank of the Rhine, which
would render it impotent for military uses by Germany. All of these questions of territorial boundaries are recognized as being of such great importance that they will be finally determined by the
Supreme Council of the Great Powers.

[Vol.. 108.

Premier Lloyd George, speaking the following day
at the first meeting of the joint committee of the
Industrial Parliament, to which re,ference has already been made, expressed the following ideas:
"Civilization, unless we try to save it, may be precipitated and shattered to atoms. It can only be
saved by the triumph of justice and fair play to all
classes alike." He also reminded the committee
that it was "the trustee of the welfare and safety of
the whole nation."
Little or nothing was heard from the Coal Miners
Union because of the pending survey of the whole
situation. Lloyd George in the address just quoted,
and also last week, before the Industrial Parliament,
told employers that they must share profits with their
workers if they expected to avert strikes. An
interesting side light on the profits of British owners
of coal properties is given in a statement of A. L.
Dickinson, Financial Adviser to the Britisb. Coal
Controller, at a hearing of the committee on the coal
industry, He declared that for the eight months to
September last the profits of the owners were £39,2d. per ton on an output of
000,000, equal to 3s. 63/
218,000,000 tons. These figures compared, he
added, with an average profit of only £13,000,000
for the same period in the five years ended with 1913,
on an output of 270,000,000 tons equal to is. a ton.
Still another interesting development in the general labor situation was the publication of an outline of the draft of the new International Charter of
Labor, adopted by the International Commission at
Paris. Some of the provisions are: The precluding
of the employment of child labor under fifteen; the
introduction of a Saturday half-holiday generally;
the illegality of employing women at night; equal
pay for women with men doing the same work, and
the right of workers to free combination and association.

The British foreign trade authorities removed
additional export restrictions on a large number of
commodities, including preserved foodstuffs, many
manufactured articles, chemicals, &c., which are to
be shipped abroad for disposal in foreign markets.
Official announcement was made on Tuesay that the
British Government would not purchase this year's
In comparison with several weeks back, the labor wool crop, but that it would withdraw its control
situation in England was quiet. In fact, it is prac- and permit the growers to dispose of their holdings
tically in statu quo, pending the repoit of the com- in the open market.
mittee representing jointly labor and capital, which
The February statement of the British Board of
upon the urgent recommendation of Lloyd George,
was appointed last week to make a careful survey of Trade discloses an increase of £8,019,169 in imports
the causes of unrest throughout the country and into the United Kingdom and an increase also of
which is to report on April 15. In an address at a £7,814,519 in exports. Imports for the month tomass meeting at Watford, the Right Hon. James taled £107,073,000, against £99,053,830 in the same
Henry Thomas, General Secretary of the National month of 1918. Exports, on the other hand,
Union of Railwaymen, admitted the seriousness amounted to £46,914,000, compared with £39,099,of the situation when he declared: "The next three 481 the year previous. The net result was an exyears may determine whether our country can avoid cess of imports of £60,159,000, contrasted with
an industrial dispute whose consequences may be £59,954,350 in 1918. For January and February
almost as dangerous as defeat by Germany. For of this year taken together, the excess of imports
four years the industrial life of the country has been was £147,335,800, whereas last year it was only
conducted on borrowed capital. You will have to £117,347,129 for the same period. Announcement
do what the nation must do—retrench and build up was made in the House of Commons yesterday by
your losses as soon as possible." With respect to the Secretary for the Board of Trade Bridgeman that
railway situation, Secretary Thomas said: "Three while it is impossible to remove all restrictions on
courses are open—the shareholders must have less, imports from foreign countries into the United
the public must pay more, or the State must sub- Kingdom,raw materials will be free from restrictions.
sidize them."



MAR. 8 1919.]

THE CHRONICLE

Pending the Budget speech in April, indicating
the sources of new taxation and what proportion of
the Government's requirements must be met by
loans, the London stock market was inclined to
dulness, and even was depressed somewhat. Probably the outcome of the labor situation was also
awaited. Special attention was given to a recent
article in the "Economist" in which financial conditions in the principal nations of the world were
reviewed. Attention was called particularly to
the enormous combined note circulation, amounting now to some $123,000,000,000, against only
$7,600,000,000 before the war. During the period
under review by the "Economist" the gold holdings
of the chief nations increased only from $5,170,000,000 to $8,750,000,000. Deposits expanded about
$26,000,000,000.

907

peasing the opposing political element. A fresh outbreak of street fighting in Berlin and a spreading
of the strike were reported last evening.
Reports regarding food conditions in Germany
continue as conflicting as ever. A semi-official
German review was made public in which it was
claimed that the grain deficit for 1919 would be
2,000,000 tons. According to a dispatch from
Coblenz, which was said to have been founded on
information received at the American army of occupation headquarters, it will be necessary during
the year for Germany to get 3,500,000 tons of grain,
1,000,000 tons of meat, and 1,000,000 tons of other
foods outside of Germany. It was added that the
present stock of potatoes would be completely exhausted by the middle of May. President Ebert was
reported last evening to have refused to permit German ships to be used for transporting American
While in some centres and in some respects im- troops home unless first a food supply until the
provement in the situation in Germany could be next harvest is guaranteed.
noted, it was difficult to discover much real progress
toward restoring peace and order. Practically
While labor disturbances in Russia were not so
throughout the week grave fears were entertained prevalent as in Germany, still politically, economin all the large European capitals that the Ebert ically and financially there was no real change for
Government would collapse. The struggle was on the better. Sergius Sazonoff, Minister of Foreign
everywhere between it and the Spartacides. Yester- Affairs and the representative of the Omsk Governday, George D. Herron, whom Mr. Wilson appointed ment in Paris, was quoted there early in the week
as Commissioner to the proposed Prinkipo Confer- as saying that there were "40,000,000 Russians who
ence, which is not likely to materialize, was quoted are making a determined effort for a reunited Russia."
as saying that the day before Kurt Eisner Premier Big bodies move slowly and some time may elapse
of Bavaria died, he told him that representatives of before definite results in the way of a stable Governthe old German Government are really the driving ment, or more than one Government, are likely to
force behind the Bolshevists in Germany. This, be discernible. Practically nothing was heard in
of course, has been rumored frequently of. late, but a direct way from Lenine and Trotzky. Yesterday,
no definite proof has been forthcoming.
Bonar Law was quoted in London as saying that
Early in the week President Ebert issued a long while the British Government would not sanction
manifesto in Weimar, in which he decried strikes the sending of troops to straighten out things in
and declared that "only work can save us." The Russia, something must be done in that country or
advices from Copenhagen, London and even Weimttr Bolshevism might spread over all Europe.
and Berlin were particularly disturbing. Out of them
all it was extremely difficult to cull the probable or
Until this week Italy had appeared to be one of
approximate facts. That a general strike, involving the staunchest supporters of the League of Nations
Greater Berlin, was declared early in the week plan and had not given the Peace Conference Comseemed unmistakable. The reports, however, rela- missioners any special concern. The Council of
tive to its extent were extremely conflicting. The Ten, however, found it necessary to give special
"North German Gazette" announced that it em- attention to the situation growing out of the closing
braced all means of transportation, with few excep- of the frontier from Torvis to Fiume. This situation.
tions, also the electric, post and telegraph workers, became so acute on Thursday that the American
restaurant and hotel employees, and those engaged Government warned Italy that unless she put an end
in newspaper offices. Order was restored about to delays in the sending of relief supplies to the
midweek by the declaration of martial law in Berlin, Jugo-Slavic and the Czecho-Slavic States, steps
when Gustav Noske, Minister of War, assumed con- would be taken to cut off the flow of American foodtrol. He massed 28,000 troops in the city and stuffs to Italy, which in 1918 amounted to 16,placed them at strategic points a id also ordered that 000,000 bushels of wheat, 3,000,000 bbls. of flour
all instigators of disorder or those intimi lating work- and 2,000,000 bushels of corn. According to the
men be shot on the spot. A day or two later the oc- latest advices a reply to this warning had not been
c ipati )11 of Dusseldorf by Government forces was received from the Italian Government.
said to have been accomplished without opposition. The scheme of the Spartacans to seize KoenisThe Irish question has come well to the front in
berg, East Prussia, and to open a route to Moscow, the last ten days. President Wilson got himself
so that Bolshevik armies in Russia might come to the into an embarrassing position when he was reported
assistance of their sympathizers in Germany, ap- to have admitted in reply to a question, that the
pears to have been frustrated. It is believed that League of Nations constitution had made no provias a result of a conference at Weimar between the sion for settling Ireland's political problems. NatuSoviet and Socialist representatives, a way would be rally this caused great resentment among Irish
found to end the strike. Yesterday it was announced leaders, both in this country and in Europe. A
from that centre that President Ebert had asked his week ago a delegation of American citizens, of
Chancellor, Phillipp Scheidemann, and the other Irish descent, succeeded in persuading the Commembers of his Cabinet to remain, although Scheide- mittee on Rules of the lower branch of our Congress
mannihad tendered his resignation in the hope of ap- to instruct the American delegates at the Peace



908

Conference to urge Ireland's cause there. The
committee made an unsuccessful effort later to see
the President at the White Nouse, but succeeded in
doing so Tuesday evening after his Metropolitan
Opera House address in New York. Much uproar
was caused in committee circles by the ultimatum
of the President that Judge Daniel F. Cohalan
must withdraw before the conference could begin.
At the close of the week the opinion was expressed
in Paris by British representatives that the question
of independent Government for Ireland would not be
considered at the Peace Conference, as it was purely
a domestic one. Viscount French, Military Governor of Ireland, is said to favor home rule and
intends to place the whole matter before Lloyd
George at an early date. The opinion was further
expressed that home rule for Ireland would be accomplished much sooner than may now seem possible.
Abroad apparently President Wilson got himself
further into the Irish tangle by having received the
committee in New York. The question was raised
as to whether he would give audience to a committee of Sinn Feiners in Paris. Last evening John
O'Kelly, delegate of the Provincial Irish Republic
to the Peace Conference, declared in a statement that
if the Irish question is not settled there, Ireland will
stop ratification of the League of Nations by our
Congress, and alleged that the Irish in this country
have the power to do it.
The record for the week would not be complete
without noting the signified wish of Premier Clemenceau to retire, after 50 years of parliamentary life,
as soon as conditions in France are straightened out
and the elections shall have been held.
In last week's issue of the "Chronicle" inadvertently the word "not" was omitted in making reference to a decision of the budget committee of the
French Chamber of Deputies with respect to a suggested plan for issuing more bank notes. The decision was in the negative, rather than in the affirmative, as was indicated in the item.
The British Treasury statement for the week
ending March 1 continues to reflect the recently
adopted policy of the British authorities of curtailing obligations, and shows another reduction in
Treasury bills outstanding of £9,795,000. The
week's expenses were £44,848,000 (against £34,483,000 for the week ended Feb. 22). The total outflow,
including repayments of Treasury bills and other
items equaled £138,748,000, which compares with
£145,627,000 last week. The total of Treasury
bills repaid this week was £90,032,000, against
£67,177,000 a week ago. Receipts from all sources
were £138,478,000, in comparison with £145,256,000
in the week preceding. Of this total, revenues
contributed £28,274,000, as against £32,099,000 a
week ago; war savings certificates yielded £1,250,000,
comparing with £650,000, and advances brought in
£24,600,000 against £16,500,000 the previous week.
Other debt, however, only added £1,148,000, in
comparison with £39,924,000 the previous week.
From war bonds a total of £3,469,000 was received,
against £3,653,000 the week before. New issues
of Treasury bills showed a substantial increase this
week, totaling £79,967,000, against £52,330,000
last week, but as already shown the amount of such
bills repaid was even larger. Treasury. bills outstanding now aggregate £968,805,000, which com


[VOL. 108.

THE CHRONICLE

pares with £978,600,000, last week's total, while
the week's financing resulted in a decrease in the
Exchequer balance of £270,000, bringing the total of
such balance down to £7,293,000, against £7,563,000
a week ago. Temporary advances outstanding are
reported at £427,281,000, as compared with £405,181,000, the preceding week.
War bond sales through the banks last week totaled
£3,768,000, bringing the aggregate sales up to £14,745,000. Sales the preceding week through the post
offices were £147,000, making that aggregate £372,000, and the recorded total £15,117,000. Savings
certificates sold during the week ending Feb. 22
amounted to £1,959,000, which brings the total to
£299,196,000.
No change has been noted in official discount
rates at leading European centres from 5% in
London, Paris, Berlin, Vienna and Copenhagen;
532% in Switzerland; 6% in Petrograd and Norway;
6% in Sweden and 432% in Holland and Spain.
In London the private rate continues to be quoted
at 3 17-32% for sixty days and ninety days. Call
money in London is still reported at 338%. No
reports, as far as can be learned, have been received
by cable of open market rates at other other European
centres.
A further contraction in gold was shown by the
Bank of England statement, amounting to £377,330,
while total reserves were reduced by no less than
£1,134,000. These changes are for the most part
coincident,with the Government's attempts to reduce
outstanding obligations which thus far have been
accompanied by a persistent increase in note currency. Note circulation this week registered an
additional gain of £756,000. A heavy expansion
was also shown in the .deposit items, hence the
proportion of reserve to liabilities was again lowered
and is now at 18.50%, against 20.51% last week
and 17.31% a year ago. Public deposits were reduced slightly, £122,000,but other deposits increased
£9,563,000 and Government securities £8,999,000.
Loans (other securities) showed an expansion of
£1,604,000. The Bank's gold holdings aggregate•
£81,251,063, which compares with £60,084,474 a
year ago and £54,009,935 in 1917. Reserves now
stand at £28,608,000, as against £30,943,926 in
1918 and £34,223,215 the year before. Loans total
£84,734,000, as contrasted with £98,191,457 and
£196,029,100 one and two years ago, respectively.
Circulation is £71,092,000. Last year it was £47,590,795 and £38,236,720 in 1917. Clearings through
the London banks for the week were £476,250,000,
comparing with £424,940,000 last week and £464,845,000 a year ago. 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.
1919.
March 8. March 10.
March 7.
March 6.
March 5.
71,092,000
Circulation
25,702,000
Public deposits
128,732,000
Other deposits
Govern't securities.. 59,196,000
84,734,000
Other securities_ _
Res've notes at coin_ 28,608,000
Coln and bullion... 81,251,063
Proportion of ree've
18.50%
to liabilities
5%
Bank rate

47,590,795
41,021,875
137,715,291
67.736,782
98,191,457
30,943,926
60,084,474

38,236,720
120,889,462
123,164,655
31,96o,781
196,029,100
34,223,215
54,009,935

33,104,280
52,174,690
97,035,512
32,838,646
93,180,163
41,424,079
56,078,359

34,296,300
50,126.012
129,766,979
27,137,797
127,010,017
44,030,655
59,870,955

17.31%
5%

14.02%
15)4%

27%
5%

24.50%
5%

THE CHRONICLE

MAR. 8 1919.]

The Bank of France in its weekly statement shows
an additional gain in its stock of gold, the increase
for the week being 10,446,475 francs. This brings
the total gold holdings up to 5,537,264,350 francs,
comparing with 5,369,498,206 francs last year and
5,156,875,068 francs the year before; of these amounts
1,978,308,475 francs were held abroad in 1919,
2,037,108,484 francs in 1918 and 1,946,637,566
francs in 1917. Silver during the week gained
360,216 francs, advances rose 22,889,033 francs and
Treasury deposits were augmented by 43,440,657
francs. On the other hand, bills discounted decreased 37,414,139 francs and general deposits fell
off 85,705,895 francs. An expansion of 375,425,110 francs was registered in note circulation; the total
outstanding being thus brought up to the new high
level of 32,900,245,180 francs. At this time in 1918
the amount was 24,650,026,960 francs, while in 1917
the total stood at 18,281,277,135 francs. In 1914,
just prior to the outbreak of war, the total outstanding amounted to but 6,683,184,785 francs. Comparison of the various items in this week's returns
with the statement of last week and corresponding
dates in 1918 and 1917 is as follows:
BANK OF FRANCES
Changes
for Week
Francs.
Gold Holdings—
Inc. 10,446,475
In France
No change
Abroad

COMPARATIVE STATEMENT.
Status as of
March 6 1919. March 7 1918. March 8 1017.
Francs.
Francs.
Frans.
3,558,955,975 3,332,389,721 3,210,237,502
1,978,308,475 2,037,108,484 1,946,637,566

Inc. 10,446,475
Total
Inc.
360,216
Silver
Bills discotmted Dec. 37,414,139
Inc.
22,880,033
Advances
Note circulation Inc. 375,425,110
Treasury deposits_Inc. 43,440,657
General deposits_ _Dec. 85,705,895

5,537,264,350
315,328,811
1,024,972,912
1,225,767,236
32,900,245,180
77,529,478
2,639.997,997

5,369,498,206
256,088,093
1,123,151,382
1,198,687,351
24,650,026,960
29,083,743
2,530,707,915

5,156,875,068
268,339,360
516,712,498
1,259,066,687
18,281,277,135
38,731,147
2,484,490,666

Spectacular changes were shown by the statement
, of the Imperial Bank of Germany, issued as of
Feb. 22, which included a huge reduction in bills discounted of 1,759,202,000 marks and a still more
sensational decline in deposits, viz., 2,100,854,000
marks. Other securities were contracted 361,860,000 marks and other liabilities 37,020,000 marks.
Total coin and bullion was reduced 1,729,000 marks,
and gold 2,174,000 marks. Treasury notes de
creased 25,362,000 marks, investments 5,383,000
marks, while note circulation declined 13,594,000
marks. The only increases recorded were a nominal
one in notes of other banks of 38,000 marks, while
advances expanded 2,521,000 marks. The Bank
reports its stock of gold on hand as 2,247,375,000
marks. This compares with 2,406,680,000 marks a
year ago and 2,526,080,000 marks in 1917. Note circulation has now reached the huge total of 23,557,049,000 marks, as against 11,122,480,000 marks in
1918, 7,883,340,000 marks the year preceding and
1,890,892,000 marks in July 1914, just prior to the
commencement of hostilities.
Saturday's statement of New York associated
banks and trust companies, which is given in
more complete form in a subsequent section of the
"Chronicle," made a better showing, in that reserveS recovered a large part of the losses of the preceding week. There was, however, a heavy increase in loans, namely $71,029,000, due mainly
to Federal Reserve Bank operations, while net
demand deposits registered a further important
expansion. This latter amounted to $43,900,000,
thus bringing the total to $3,875,556,000 (Government deposits of $273,583,000 deducted). Net
time deposits gained $2,891,000, to $143,494,000.



909

Other changes included a decline in cash in vaults
(members of the Federal Reserve Bank) of $8,601,000, to $91,947,000 (not counted as reserve);
an increase of $29,550,000 in reserves in the Federal
Reserve Bank of member tanks, and a decrease of
$310,000 in reserves in own vaults (State banks
and trust companies) to $11,188,000. Reserves
in other depositories (State banks and trust companies) were reduced $54,000, to $11,305,000. The
gain in aggregate reserves amounted to $29,186,000,
which brought the total to $553,520,000, and compares with $484,311,000 in the corresponding week
of the preceding year. Surplus was expanded
$23,356,650, and now stands at $40,178,460. A
year ago it stood at $12,510,850. These figures
are based in both cases on reserves of 13% for
member banks of the Federal Reserve system, but
not including cash held by these banks, which last
Saturday stood at $91,947,000. An increase in
reserve requirements of $5,829,350 was shown,
while circulation declined $9,000.
Call money continued at rates favoring the borrower and the supply from day to day was said to be
in excess of requirements. The time money market
also displayed an easier tone, and it was reported
that the offerings were larger than for some time.
As a matter of fact, the latter statement may not
have been as important or significant as might appear
upon first reading. In other words, the offerings
of time money have been so inconsiderable for many
weeks that even a substantial increase would not
represent altogether a large amount.
It may be safely asserted that the large financial
institutions are not much more disposed to put out
their available funds for long periods than they have
been in recent weeks and months. Their officials are
still unable to form a definite idea as to what extent
the banks will be called upon to take the April
offering of Government short-term notes. While it
is hoped that the investment public will subscribe
freely, as a matter of fact there is considerable
doubt on this point. The doubt is based largely
upon a possible lack of enthusiasm on the part of
the people now that the war is over, and attention
is also being directed to the additional fact that, in
the large centres of population, -particularly in the
great industrial districts, many men and women
are out of employment. Of course they cannot
be counted upon to buy Government notes.
The banks are holding large blocks of United
States Treasury certificates. It is understood that
one of the biggest financial institutions- in this city
has in excess of $100,000,000 so placed. Corporations that have the money to spare, and wealthy
individuals as well, have accumulated the certificates against the payment of their income and excess
profits taxes. Where not needed for this purpose,
it is altogether probable that they will be exchanged,
particularly by the banks, for the new short-term
notes when they are offered. Accordingly, if the
banks are called upon to take a considerable part of
the total issue, the technical position of the money
market, so far as it may now be affected by large
holdings of the certificates, will not be materially
changed.
Another piece of big and imperative financing
which has been freely discussed in the financial
district within the last few 'days has been that of
providing money for the Railroad Administration

910

THE CHRONICLE

[VoL. 108.

New York.

I

of the Government that would have been covered rates for various classes of paper at the different
by the $750,000,000 Revolving Fund Bill, had that Reserve banks are shown in the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
measure not been lost in the filibuster of the closing
•
g
.2
days of Congress. It was rumored yesterday that
...
v•
CLASSES
• a
. a
1
.....
• .2
J. P. Morgan & Co. had been requested to form a
OF
DISCOUNTS AND LOAN'
i 1 I A
1
syndicate to provide funds for the railroads. This
question of financing the railroads was discussed
Discounts—
15 days,incl. member
yesterday at a meeting of railroad officials and Within
banks' collateral notes_._ 4 4 4 434 434 434 4 4 434434 434 434
16 to 80 days' maturity__ 434 434 454 434 454 434 454 434 434 5 434 5
bankers in New York. A conference is scheduled for CI
to 90 days' maturity-- 434 434 434 434 434 434 434 454 5 5 5 5
and live-stock
next Tuesday in Washington with representatives Agricultural
paper over 90 days
5 5 5 534 5 5 534 534 534 534 534 534
Secured
by
U.
B. certificat,.
of the Railroad Administration.
of indebtedness or LibDealing with specific money rates, call loans have
ranged during the week between 43/ and 5%, which
compares with 5@7% a week ago. Monday there
was no range, 5% being the only rate quoted. On
Tuesday 5% was still the high, also the ruling figure,
but the minimum was lowered to
Wednesday renewals were negotiated at 432%, and this was
also the maximum and minimum quotation. Thursday's range was 4@5%, with 4
the renewal
basis. On Friday the highest was 5%, 43
4% low,
wiih renewals at 43
4%. These figures apply to
loans on mixed collateral. "All-industrials" continue to be quoted M of 1% higher. For fixed maturities the situation remains without important
'change, though towards the latter part of the week
a slightly easier tone was noted and sixty and ninetyday funds declined to 53'2%, against 532@534(70 a
week ago. A few brokers quoted as low as 53 t@
5
for these periods, but practically all of the
business was done at the higher figure. Four, five
and six months' money continues to be quoted at
53'@5%%, with transactions in the aggregate of
limited proportions. While no appreciable stiffening in rates is looked for, the belief is expressed that
because of preparations for the approaching heavy
Government'financing, funds available for fixed-date
loans will be in rather light supply for some little time
to come. Last year all maturities from sixty days to
six months were quoted at 6%.
Commercial paper has ruled dull, with the range
of quotations still at 5Y1@53/2% for sixty and ninety
days' endorsed bills receivable, and six months'
names of choice character, though the bulk of. the
business passing was put through at the higher
figure. Names not so well known continue to be
quoted at 5%.
Banks' and bankers' acceptances have been
slightly more active as might be expected in view
of the easing in call rates, but trading is still characterized as dull. It is stated that few out-of-town
bills have made their appearance here, since the
amendment of the Clearing House rules, which went
into effect last Saturday. The undertone was steady,
with quotations unchanged. Demand loans on
bankers' acceptances continue to be quoted at 43'2%.
Detailed rates follow:
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills

Spot Dettcery
Szty
Ninety
Thirty
Days.
Days.
Days.
4%044 4404% 4%04
43j04% 4%04 si 4%04
5;(44,4 54 ®44 5g04;4

Delivery
within
30 Days.
4% bid
4% bid
8 bid

While no changes in rates, so far as our knowledge
goes, have been made the past week by the Federal
Reserve Banks, it is proper to state that in the
schedule of rates established on Feb. 15 by the Federal Reserve Bank of Boston the special discount
rate of 4% on customers' notes secured by the Fourth
Liberty Loan bonds was eliminated. Prevailing



i

4z

erty Loan bonds—
Within 15 days, including
member banks collateral notes
4 4 4 4 *44 4 4 4 4 1434 4 434
16 to 90 days' maturity
434 434 434 434 LIX .454 ilg 1434 434 Lig 434 43-4
Trade Acceptances43-4 4% 4% 434 4g 4;4 4;4 4% 4;4 4g 434 434a
16 to 80 days' maturity

RI tn AO iinva•mnItiritv

411 414 414 414 411 414 411 414 414 41141% 411

Rate of 3 to 434% for 1-clay discounts in connection with the loan operations
of the Government. Rates for discounted bankers' acceptances maturing within
15 days, 4%; within 10 to 80 days, 434%, and within 01 to 90 days, 434%.
* Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper rediscounted has been taken by discounting member banks at rate not exceeding
Interest rate on bonds.
a Fifteen days and under, 434%.
Note 1. Acceptances purchased in open market, minimum rate 4%.
Note 2. In case the 80-day trade acceptance rate is higher than the 15-day discount rate,trade acceptances maturing within 15 days will be taken at the lower rate.
Note 3. Whenever application is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
paper of the same class.
Rates for commodity paper have been merged with those for commercial paper
of corresponding maturities.

Further evidence that the Government is adhering
to its policy of gradually removing the artificial
restrictions governing transactions in sterling was
contained in the announcement made Saturday
last that the Federal Reserve Board, War Trade
Board and cable and postal censors acting simultaneously had decidel to permit dealers in foreign
exchange, until otherwise instructed, to make
transfers of funds to persons, not enemies or allies
of enemies, resident in Rumania, Serbia, Syria,
Mesopotamia, Finland, Bulgaria, Turkey, all Black
Sea ports, and those portions of Palestine as far •
north as Alexandretta to Aleppo. It is further
stated that dealers need not present for approval
applications for travelers' letters of credit in excess
of $5,000, or exchange transactions of a similar
nature, and that the regulation of June, 1918, so
far as it applies to deposits by dealers for account
of foreign correspondents, has been rescinded. The
Board, however, calls attention to the fact that it is
still against the law to hold any dealings with enemies or allies of enemies or make remittances to
enemy territory except where permission is extended
through the Federal Reserve Board. These sweeping changes exercised a favorable sentimental influence on market opinion, although dealings remain quiescent and actual variations in rates were
trivial. Bankers are now venturing an opinion
that some expansion in activity may be anticipated
even before the final settlements of the Paris Conference have been reached. though probably not on
an important scale. Referring to the day-to-day
rates, sterling exchange on Saturday was quiet but
steady with demand at 4 7534, cable transfers at
4 76 7-16 and sixty days at 4 73@4 7332. On
Monday trading was listless and rates were without
important alterations; demand bills were a trifle
higher at 4 7534@4 757732 and sixty days at 4 733.1
@473M,though cable transfers remained at 4 767-16.
Transactions reached only moderate proportions
on Tuesday; as a result quotations remained at the
previous day's levels. Wednesday's dealings showed
no increase in activity, though the undertone continued firm and demand was a shade higher at
4 7570@4 75 13-16; cable transfers and sixty days
were not changed. Extreme dulness marked Thurs-

MAR. 8 1919.]

THE CHRONICLE

day's operations, and the only variation noted was
in demand which ruled at 4 75%@4 75773'. On
Friday the market ruled firm but unchanged. Closing quotations were 4 733 for sixty days, 4 759
for* demand and 4 76 7-16 for cable transfers. Commercial sight bills finished at 4.75 11-16, sixty
2, ninety days at 4 71, documents for
days at 4 723/
/
8 and seven-day
payment (sixty days) at 4 721
grain bills at 4 75. Cotton and grain for payment
closed at 4 75 11-16. Only one small shipment of
gold for export, $100,000 to South America, was
noted during the week.

911

on small transactions. The official London check
ride in Paris finished at 26.033', against 26.023' a
week ago. In New York sight bills on the French
5 against 5 473; cable transcentre closed at 5 47%,
fers at 5 465
%, against 5 463.; commercial sight
bills at 5 483
4, against 5 49, and commercial sixty
days at 5 52, against 5 53
the week previous.
Lire finished at 6 36 for bankers' sight bills and
6 35 for cable remittances, the same as a week ago.
Greek exchange remains as heretofore at 5 163/2
for checks and 5 15 for cable transfers. The quotation for rubles is no longer. obtainable. Belgian
francs closed at 5 743/ and cable transfers 5 73.
The neutral exchanges have ruled dull, though
Dealings in the Continental exchanges this week
have been featured by the movements in French the undertone was firm and quotations were well
'francs, and attention centred chiefly upon the proba- maintained. Spanish pesetas were strong, and
ble causes for the recent sudden slump. On Satur- again touched last week's high record, namely
day last the quotation dropped steadily until 5 50 21.25 for checks. Later in the week, however, a
was reached for checks and 5 49 for cable remittances partial reaction set in and the close was under the
—the lowest levels in several months. In the open- •best on the European markets.
Bankers! sigh. -n Amsterdam finished at 411-16,
ing transactions on Monday fairly active buying
developed and there was a rally to 5 46%
3 and against 41; cable transfers at 413, against 4134;
5 453/a. Later in the week, however, the supply commercial sight at 40 15-16, against 40 15-16, and
of offerings increased and the quotation sagged commercial •sixty days at 40%, against 40% on
off, fluctuating irregularly, with the close weak. Friday of the preceding week. Swiss exchange
One explanation of the decline was the appearance of closed at 4 85 for bankers' sight bills and 4 81 for
an inquiry for dollars in Paris, though whether for cable remittances, which compares with 4 88 and
commercial or other purposes was not stated, while 4 83 last week. Copenhagen checks finished at
in some quarters the break in rates gave rise to the 25.90 and cable transfers at 26.00, against 25.90
belief that support had been temporarily with- and 26.10. Checks on Sweden closed at 28.00 and
drawn. Reports that the British censorship of cables cable transfers at 28.20, against 27.95 and' 28.15,
to Paris was to be abandoned created a good impres- while checks on Norway finished at 27.00 and
sion in foreign exchange circles. It is understood cable transfers at 27.20, against 27.05 and 27.25
that cable messages will now be subject to Ameri- in the previous week. Spanish pesetas closed at
can and French censorship only, thus eliminating at 20.85 for checks and 20.98 for cable remittances.
least one obstacle to prompt forward movement. Last week the close was 20.85 and 21.00.
With regards to South American quotations, the
Complete restoration of cable service cannot be exrate
for checks on Argentina was practically unpected, of course, until after peace is declared. Ex:changed
and finished at 447
% and cable transfers at
change on Rome remains without change. As announced late last Friday, foreign exchange transac- 45.00, against 44.95 and 45.00 last week. For
tions between the United States and Russia have Brazil the check rate has also been maintained,
4 and cable transfers 26.00, combeen banned by the Federal Reserve Board, and it with the close 257
is understood that similar action has been taken by pared with 25.85 and 26.00 the week before. Chilian
the British and French authorities. The chief pur- exchange continues to be quoted at 10 7-16, while
pose of this action, it is asserted, is to stop the financ- Peru is still at 50.125@50.375.
Far Eastern rates are as follows: Hong Kong,
ing of Bolsheviki propaganda. So far as this country is concerned, the importation and exportation of 743'@74.65, against 74@7434; Shanghai, 114@
rubles and transfers of funds to foreigners for the 1143' (unchanged); Yokohama, 51@51.15, against
purchase of rubles has been prohibited for some time, 51%@51.35; Manila, 50 (unchanged); Singapore,
hence it is unlikely that the new ruling will cause 5634 (unchanged); Bombay, 36 (unchanged), and
any change in the situation. Trading in Russian Calcutta (cables) 3634 (unchanged).
rubles has been at a standstill for months, and the
The New York Clearing House banks, in their
quotation entirely nominal, although considerable
operations
with interior banking institutions, have
been
reported
speculation has
abroad. Investigained
$3,273,000
net in cash as a result of the curgation failed to confirm the reports that additional
rency
movements
for the week ending March 7.
credits• are to be granted Belgium or that a new
Their
receipts
from
the interior have aggregated
French loan is under consideration. Undoubtedly
the
while
shipments .have reached $4,$7,591,000,
all these countries are anxious to obtain credits here
318,000.
Adding
the
Sub-Treasury and Federal
but in view of the forthcoming United States GovReserve
operations
and
the gold exports, which
ernment financing and the prevailing unrest in
together
occasioned
a
loss
of $75,847,000, the comsome parts of Europe bankers are adopting a highly
bined
of
money into and out of
result
of
the
flow
conservative .attitude. German and Austrian exthe
New
York
banks
for
the
week appears to have
change is not as yet dealt in on this market, and
been
a
loss
of
$72,574,000,
as
follows:
quotations for reichmarks and kronen are unob
Into
Out of
Net Change in
tamable. The probable course of exchange on the
Week ending March 7.
Banks.
Banks.
Bank Holdings.
Central Powers, once the terms of peace and in- Banks' Interior movement
$7,591,000
$4,318,000liGain 83,273,000
and Fed. Reserve operdemnity payments have been settled, is a question Sub-Treasury
ations and gold exports
27,811,000 103,658,000;Loss 75,847,000
that is receiving serious consideration and one that Total
$35,402,000 $107,976,000Loss $72,574,000
from now on will be closely watched by exchange
The following table indicates the amount of bullion
experts. Belgian exchange ruled slightly easier, in the principal European banks:



912

THE CHRONICLE

[VOL. 108.

crated by geographical lines—as, for instance, during
the long Congressional controversy over free coinage
£
£
I
£
£
£
£
of silver. But the essential fact of that period was
England__ 81,251,063:
I 81,251,063 60,084,721
60,084,721
Frances__ 142,358,239! 12,560;000 154,918,239 133,295,588 10,240,000 143,535,588
Germany _ 112,368,750, 1,042,160 113,410,91 120,351,100 5,872,450126,223,550 that important bills were speeded up, that discussion
Russia 1.- _ 129,650,000, 12,375,000 142,025,
129,650,000 12,375,000142,025,000
Aus-Hunc 11,008,000, 2,289,000: 13,297,000 11,008,000 2,289,000 13,297,000 was conducted along orderly lines, and that, while
Spain... 89,146,000 25,743,000114,889,000 79,556,000 28,407,000 107,963,000
37,071,000, 3,000,000 40,071,000 33,434,000 3,496,0001 36,930,000 the "jam of appropriation bills" was as recognized
Italy
Netheri'ds 56,443,000,
759,00( 57,202,000 59,695,000
606,2
60,301,200
Nat.Bel.h 15,380,000
600,000, 15,980,000 15,380,000
600,000 15,980,000 a tradition at the end of a session then as now, it
Switz'land 16,433,000 2,568,000 19,001,000 14,662,000
14,662,000
Sweden__ _ 16,022,000
I 16,022,000 13,125,000
13,125,000 was almost always possible to avoid such ruthless
Denmark_ 10,405,000
135,000 10,540,000 9,622,000
137,000 9,759,000
Norway__ 6,912,000:
. I 6,912,000 6,526,000
6,526,000 destruction of all pending measures, through a filiTot. week.724,448,0521 61,071,160:785,519,212686,389,409 64,022,650750,412,059 buster, as the past week
has presented. The
Prey.week 723,836,223 60,841,910784.678133,684,925,667 63,756,900748,682,567
famous effort of a Senate minority to defeat through
a Gold holdings of the Bank of France this year are exclusive of £79,132,339
held abroad.
such tactics the repeal of the Silver Purchase Bill
No figures reported since October 29 1917.
c Figures for both years are those given by "British Board of Trade Journal" for in 1893 came after Mr. Edmunds's retirement from
Dec. 7 1917.
the Senate, and when the new influences were beh August
914 in both years.
ginning to make themselves felt in that body.
OLD AND NEW STANDARDS IN CONGRESS.
It is hardly necessary to contrast these conditions
The legislative chaos in which the Senate closed with those which have prevailed throughout this
its deliberations, at the expiration of the Sixty-fifth Congress, and especially in its closing hours. When
Congress, last Tuesday, casts something of a side- one seeks to explain the change,the answer commonly
light on the question of Senatorial standards and made ascribes it to the inferior quality of presentCongressional discipline. The lack of discipline ex- day Congressmen as compared with a generation
hibited in the incident was certainly striking; the ago. As applied to the House of Representatives,
standards could hardly be described as high which we are not inclined to accept the explanation. Both
would admit of such a result. Taken as a whole, the membership and the leadership in that House
the incident has a curiously interesting relation to the seem to us to be very much what they have been at
reviews and reminiscences of a very different Sena- other periods of the nation's history. There is, in
torial period, a generation or more ago, which were fact, no reason why they should in the long run
called forth last week by the death of ex-Senator have changed in that branch of the national legisGeorge F. Edmunds.
lature.
Probably the legislative history of this eminent
But in the Senate it cannot be denied that both
public man, whose service in the United States quality of personnel and character of leadership
Senate extended from 1866 to 1891, is as clear an have been deeply affected by the .amendment to
illustration as could well be obtained of the per- the Constitution, adopted in 1913 and prescribing
sonality and methods of the Senate as it then was. popular election of Senators. Such changes of
Mr. Edmunds was one of a notable group of Sena- electoral methods as this amendment prescribed had
tors, all of whom had been many times re-elected in fact been foreshadowed for some time before,
and had consequently seen long service. That group, in the altered popular attitude toward Senatorial
which included such celebrated political figures as elections. The change from the old-time legislative
John Sherman, John A. Logan, William B. Allison, choice of United States Senators had become inGeorge F.Hoar,Allen G.Thurman and several others evitable; but with the abandonment of the former
whose names were familiar to every one in their method there necessarily disappeared also, in large
day, controlled the procedure of the Senate as they measure, the representation of a State by one or
controlled the attitude of their respective parties. two of its most distinguished citizens, who were
Important acts of legislation were constantly returned from year to year as the natural delegates
identified with the personal qualities and authority of that State in Congress.
of the Senator who took the matter in hand. During
Not all of the old-time Senators were of this
all the twenty-five year period of Mr. Edmunds's calibre, and not all States have abandoned, even
Senatorial service, there was very little of that under the present law, the habit of re-electing conexecutive pressure to secure enactment of a given tinuously one eminent citizen. But it is reasonably
bill which has nowadays come to be considered doubtful if the Edmundses and the Shermans could
essential to its successful passage. Thus Senator have held such tenure of office as they did, if they
Edmunds was individually the real framer of the had had to face a popular election every six years.
Specie Resumption Act of 1875, and of the important While there are still Senators of long and distinguished
clauses of the Anti-Trust Act. Into his hands were executive record, they are numerically few, and are
apt to come all preliminary drafts of measures re- quite as often clever politicians as eminent citizens.
quiring mature judicial opinion and careful judicial These facts, and the far more doubtful prospect of
construction; just as his colleague, Senator John re-election by any Senator under existing circumSherman, usually had the deciding authority in stances, have undoubtedly had a hand in ending the
framing measures of a distinctly financial character. firm control of Senatorial procedure by a group of
The individual prestige of these eminent legis7 wise and experienced statesmen.
la tors would, as a rule, be sufficient to carry a really
We do not regard the change as a necessary foreimportant measure to early enactment if a party runner of continuous deterioration in legislative
majority existed in the Senate, and often when no achievement. It is true, for one thing, that even
such majority existed. What was of equal and if Senators of the present day are on the average less
sometimes of greater importance,was that these few notable intellectually than those of the older period,
strong and experienced public men were able at they work much harder. There is certainly much
nearly all times to impose their authority on the less of eloquent and forceful speaking in the Senate,'
Senate in the matter of legislative discipline.
and the personal pressure of the White House has
The party representation, it is true, was not always had to be constantly applied, in default of the former
eld together; partisan lines were occasionally oblit- initiativelby a strong Senatorial group. But the
March 6 1919.

Banks of-1

Gold.




I
I

Silver.

I

March 7 1918.

Total.

Gold.

Silver.

Total.

MAR. 8 1919.]

THE CHRONICLE

offsetting consideration is that, notwithstanding
the common complaint of dilatoriness and procrastination, an enormous mass of business is nowadays
transacted by Congress for this country, with its
expanded interests and its one hundred million population, as compared with the business which came
before a Congress a quarter or half century ago.
Still, we shall hardly see again in a Senate of our
time the achievements of those political and intellectual giants who marked our legislative history
of the earlier periods. Whether that very fact will
not in the end make necessary a far more radical
form of procedure,in the way of limiting Senatorfal
debate and preventing such performances as that
by which a few malcontents held up the whole
nation's business last Monday and Tuesday, is
another question.

913

Hedjaz and Prince Faisal shall come into their own,
and the wandering Arab no longer fold his tent and
steal away from his newly guaranteed domination of
the Near East. Be these things as they may,there is
an appealing fitness in a sense of "proportion"—and
it is "a long, long way to Tipperary" when you happen to think of "home, sweet home."
We prefer, however, to regard the words of this
eminent writer as those of a philosopher seeking only
to draw us back to the "simple life" that had a certain vogue before the war. We have in our mental
attitude come to welcome the adventurous, the gigantic, and the all-encompassing. We are thinking
more upon the sufferings of humanity than upon the
pain of the little hunchback next door. And let us
be frank and just with ourselves, we are giving more
of our substance for oversea helpfulness than we
ever gave to home charities. Our ideal is worldGALSWORTHY'S COMMENT—A SAFE RETURN perfection, even though we are admonished
that our
TO THE "SIMPLE LIFE."
local pride must not take the form of new municipal
John Galsworthy, the English author, has been obligations for municipal improvements. Crusades
attending the James Russell Lowell Centenary. Ac- never prosper at home. There must be distance to
cording to accounts he has refused to talk on "the lend glamour to the calvacade. We are prone to do
practical details of reconstruction, or of the labor "big" things partly because they gratify our egotism.
situation in England or elsewhere." And yet he has But the important thing to remember, to consider
had something very important to say, although he now, is that this "new vision" cannot always inspire
himself realizes the remoteness of his views— us. When we have settled all the future progress
"squeakings of a pelican in the wilderness"—in the of States and peoples we will have to repair the ruins
midst of after-the-war current problems. Here are neglect has wrought at home, if nothing more.
some of the things he says: "I believe personally that
"A revolution in our standards of tastes and dehappiness" (which, as a measure of success, he places mands," and this revolution is to sweep us back to
over against "money" or "power," or what may be our innate "common sense." We are (civilization is)
termed "adventure," a zest for the new and un- "feverish"—this is to say that imagination has
realized) "lies in balance, in the sense of proportion. caught us up into an ecstasy of great and unparalleled
That—the sense of proportion—is the greatest human achievement. We are not content to do the thing
virtue. But the general tendency of the age is nearest at hand—to "work a little and save a little"
utterly against a sense of proportion." And again: that we may have rest. We must suddenly expand
"If I were to put our civilization in one word, I our individualism into collectivism, and gratify our
should call it feverish, and I think that some sort of sense of the spectacular by seizing the railroads and
a revolution in our standards of tastes and demands telegraph companies as "public utilities." We take
would be far more important to us than any revolii- down the shutters of the old shop in a listless way in
tion of a political nature." And he says further: the morning because our new and world-distancing
"As for the effect of the war upon the machine- foreign trade languishes overnight. Nothing is really
driven trend of our civilization—for the moment one worth while, because we have no stomach for small
cannot positively say; it is too soon. But I should things.
imagine that the result of the war will be to speed
Now, as the author points out, there must someus up even more than before. The war has put time come an end to this dreaming. We are not
greater economic stress upon every people. To meet constituted to stand "the pace." And if even we
that, instead of reducing our wants, we shall pre- could live to see the whole world happy, we should
sumably increase our production."
feel a twinge of envy at our own lack of joy. WashWhether the author intended to rebuke us or not, ington Irving pointed out the fact that, despite
it is really as refreshing as the morning dew to read ourselves, we take a certain degree of secret satisthat there is something else in life than the greatest faction in the misfortunes of our friends. We prate
tax levy and bond issue "in human history." It of "equality" when, in many aspects, it is about the
is as invigorating as a cold shower-bath to suddenly last thing we want. While we are always analyzing
realize, at the conclusion of the "greatest war in others, we are not thinking of ourselves. And somehuman history," that our personal relation to the time the revulsion must come. We cannot escape
"unlimited resources" of the United States has un- from our own selves. While "trade unions" are
dergone a shock. And it may be a not untimely demanding a share in all things, the toiler will someadmonition to be told, while we are "making the time waken to know that he cannot do well in life
world safe for democracy," and straining our ears without a little personal happiness of his own choosing
to catch any stray "open covenants openly arrived and making.
at," stealing away from the Paris League of Nations,
A word in time often saves nine. Let us not forget
that the annual school district meeting occurs usually our"brotherhood," let us go forward to a"federation
on April 1st of each year, and education still remains of the world," but let us act with humility and feel
the "bulwark of the Republic." Senators are hang- with simplicity, and commune with the verities that
ing "the lantern in the Old North Church" and leap- are about us in our dialy walks, our nearby relations.
ing into Paul Revere's saddle for a "swing round the Some one has said that no one is ever a man until he
circle" that true-blue "Americanism" may not perish is oblivious to the weather. So we might add no one
from the earth—even though the good King of is a patriot until these world storms pass over him



914

THE CHRONICLE

[Vol.. 108.

greatest benefit may be performed for the bond
buyers and for the country as a whole.
New York and its vicinity, as other sections, are
infested by unscrupulous persons who endeavor to
induce owners of Liberty bonds to part with their
securities. Instances are cited where an agent
stands at the gate of a factory as the wage earners
pass out and, displaying a roll of bills, offers $35
for a $50 Liberty bond. Many of the laborers carry
the bonds in their pockets and the trickster, pointing
to the date of maturity printed on the bond, tells
the bond owner that he cannot get his money back
NOT YET A NATION OF INVESTORS.
Considering the ease with which owners of Liberty until the bond matures. He points out also that
bonds are induced to part with their holdings, it there are only four coupons attached, implying that
must be said that Americans are not yet a nation no interest will be paid after two years. Intimiof investors. When subscriptions for the Liberty dated, the bond owner surrenders a $50 bond for $35.
Loans increased from $3,035,226,850 for the first Many of these small bond owners have even neoffering of $2,000,000,000 in the spring of 1917 to glected to cut their coupons and collect interest
$6,993,073,250 in the fall of 1918, when $6,000,- already due, and so the sharper gets all interest
000,000 were offered, with the understanding that all accrued to date for his $35. Of course it is utter
bonds subscribed for would be awarded in full, the folly to sell a Liberty bond for less than its market
world was surprised at the resources of the people value and in due time the bonds which had attached
of the United States. In eighteen months the num- only four coupons at the time of issue may be exber of subscribers to Liberty bonds increased from changed for others having the full number of
4,000,000 to 20,000,000. For the First Liberty coupons.
Carelessness respecting the preservation of Liberty
Loan the number of subscribers in the Philadelphia
bonds
is another thing to be guarded against and
district alone amounted to 476,000, which exceeded
the total number of bondholders in the country prior concerning which the bond salesmen might also
to the war. There was great reason for encourage- teach a valuable lesson. The Federal Reserve banks
ment, and we began at once to pat ourselves on the have issued a statement giving the numbers of over
back and to liken the American people to the French, four thousand Liberty bonds which have been lost
whose thrifty habits are so well known and so long in the United States. These bonds are mostly of
$50 and $100 denominations, indicating that the
established.
But there is a sequel to all this and the sequel does losses have been sustained chiefly by the small
not reflect the credit upon the citizens of the United buyers who are unaccustomed to caring for securStates which the wonderful success in placing the ities.
Salesmen of the Victory Liberty Loan and adverfirst four loans indicated. As a people we have not
tisements
of the new loan should carry a three-fold
retained our Liberty bonds. The bonds have not
message
to
the people of the United States, "Buy
been retained because the 20,000,000 subscribers for
your bonds and preserve your bonds."
bonds,
retain
Fourth
loan,
who
probably
the
include most of the
Not until we as a people learn the advantages of
subscribers to the prior loans, have not been educated
to the advantages of investments. There have been making our dollars saved earn an income and keep
tremendous sales of Liberty bonds upon the stock adding to the principal invested in order that the
exchanges, sales which would not have been possible income may be increased, will we become a nation
had the original subscribers held on to their bonds. of investors, but the Liberty bond and War Savings
The fact is, that subscriptions were made very stamp campaigns have helped and have demonstrated
largely for patriotic motives, the spirit of patriotism the urgent need of further education of the people to
being aroused by the crisis which faced the country the advantages of thrift and judicious investment.
as one of the belligerents in the greatest war ever
waged and in which two millions of the best men in THE IMPORTANCE OF AN EXTRA SESSION
OF CONGRESS.
•
the United States were under arms as active parIt
is
very
difficult
to
sufficient
good
perceive
ticipants in the mighty struggle. The bonds were
postponing
an
extra
session
of
Congress
reasons
for
efficient
sold through an
organization that was country-wide in its scope. The committees are still alive until the President shall have completed his labors
and they will be utilized for the marketing of the in Europe. We need not engage in a discussion as
to how much politics enters into this decision.
_Victory Liberty Loan.
Apparently there is something more for the bond Politics has little proper place in American affairs
salesmen to do than simply to find buyers for the at this time. And mere partisanship should have
forthcoming notes or bonds. Whenever an obliga- none. It is true that the political complexion of
tion of the United States is sold the seller ought to both House and Senate has changed by mandate
be charged with the duty of impressing upon the of the people. The legislative body is now Repubbuyer the advantages of retaining the security, the lican. But if we go back to elections' time, save
real worth of making an investment, the advantage for the plea of the President for indorsement at the
of so utilizing savings that they will provide an in- polls, a plea made at a very late date and which was
come and the further advantage of adding to the not heeded, we will be at a loss to discover single
investment, so that the income will grow and be concrete issues upon which the election turned.
of real service to the investor when old age or other During such campaign as there was, the people were
misfortune tends to deprive the investor of a por- in the throes of war. The armistice took effect
tion of his earning power. There is a field here as Nov. 11, and came as a very great surprise to a
yet untouched and if the work is done right, the large part of the people. Military events were

without altering his viewpoint or diverting his course
in life. Happiness is the supreme goal. And the
highest wisdom is in knowing it. The highest success in attaining it after it is known. And the time
will never come in the world's history when pleasure
in honest toil aside from its rewards, and pleasure in
social intercourse aside from "position," when "lending a hand where help is needed" and its satisfaction
will not personally outweigh all that wealth or power
may give.




MAR. 8 1919.]

THE CHRONICLE

915

moving steadily onwards and the Germans were from an absence of active Governmen
t capable of
retreating. All eyes were turned upon the encourag- restraining influences.
ing events of the war and the heroic and important
We must proceed warily, but we must make port.
part played by our own armies. The President We cannot remain at sea. At no time
can we forsake
ate his Christmas dinner with American troops in our own interests to settle the affairs
of the world.
the field.
Our very prestige and power wane when our own
Much doubt was expressed as to the wisdom, "liberty under law" becomes imperilled.
We must
right, even constitutionality, of the act of the carry confidence in our own integrity,
independence,
President in absenting himself from the country. and stability with us when we go abroad to
enter the
As the proceedings of the Peace Conference pro- Council of all the nations. While it is a violent
gressed, however, public opinion settled down to conjecture, it is true that the very League of Nations
the belief that so overwhelmingly great was the good itself would become imperilled by radical disturof crowning victory with some means of preventing bances of law and order in the United States. There
future wars that the President was justified in his never was a time when our form of Governmen
t
course. Meantime legislation moved slowly. A should be more alert. And Government,
with us,
revenue bill that should have been passed earlier includes three co-ordinate divisions, of which,
in
was enacted so late as to await final signature of many ways, the Legislative is the most important.
the President on his return. Sundry "investiga- We believe Congress should meet in extra session
tions" occupied much of the attention of Congress at an early date. Not only does important
delayed
and important legislation in the congested closing legislation await its action, but it should
proceed
days failed of passage. Senator Martin of Vir- to clarify and adjust our tangled affairs, and
stand
ginia, in what must be regarded as a purely patriotic guard. Vigilance is the price of safety,
when, in
act, asked for an extra session not later than March the subterranean regions of human thought
sappers
15. The request was emphatically denied with an and plotters are at work all over the world to
destroy
announcement that the President would again sail the sacred institutions of law and
order.
for France about March 5.
The League of Nations discussion has been active, THE STRIKE OF THE MARINE WORKERS AND
and opposition has centred upon a possible loss of
THE SHERMAN LAW.
sovereignty and a relinquishment of the Monroe
The harbor tie-up, settled once after the customary
Doctrine. Even admitting that Senators in opposi- manner and renewed on Monday, also after
the
tion are over-anxious, the debate itself ought to customary manner, has been producing its in
suggest to the people that however great may be evitable and intended result of halting the journeying
the good of the world as an object of dutiful national of commuters, hindering all travel by rail more or
interest, we can play no worthy past in "human less, stopping most of the movement by ferry, blockhistory" save as we work out successfully our domes- ing that of merchandise of all sorts, and reminding
tic problems, preserving our essential nature as a the city of the unpleasant fact that the stock of
representative Government. And these problems perishable food supplies may exhaust within
a few
are crowding thick and fast upon us every •day. days of stoppage.
They are more insistent and complex by the very
The tubes which proved their value by an unforereason of the legacy of war.. Many of them are seen service in the fuel shortage of the memorable
unsolved. Some of them may become critical any winter of a year ago are of service again, and we are
hour. The so-called "transition period" is beset again reminded of the necessity for the vehicular
by many perils. We have a "trust" to administer tunnel which is still regarded in Congress as a
mere
at home. The sudden and tremendous extension of local improvement yet is brought one step neare
Executive privilege and power must be relinquished to actual beginning by the favorable
report. from
if we are not to drift through bureaucracy into a committee in the State Senate and,the expectation
form of autocracy. And if we consider the absence that the bill appropriating a million for the work
of partisan issues in the last campaign we are led to can be soon passed. Meanwhile, what of ,the years
believe that the result of the election should be which must intervene before the tunnel can be finishinterpreted as a popular protest against entrusting ed, and what of the situation that confronts
us now?
the "reconstruction" to the same Congress.
Both parties in this present clinch talk defiantly
Why,then, postpone the labor of the new Congress and say, or imply, that they are in it for a finish.
to midsummer or later? In view of the constant The men, following the old course of taking the
"tinkering" of Congress with legislation affecting benefits of a compact reached. after a fight and
business it has often been said in times past it were then repudiating their own agreement after exbetter if Congress met only once in five years. But hausting what it gave them, expect to wear out the
that reason does not apply now. Business is Owners by wearing out public endurance of suffering;
already in an unsettled state. It cannot go forward the owners justly express disgust at the refusal of
until it is assured of firm ground. If there were the men to accept an award sought by themselves,
nothing save railroad matters to engage attention, merely because it does not grant all they demanded,
six months of delay is dangerous. The very absence and they say there is only one question at this
of the President renders more imperative the presence juncture:
of Congress. It would appear, almost, that we are
"The people of New York are entitled to know
to have an interim of "no Government." And if whether the Railroad Administration and
the
in the exigencies of this particular time our Govern- officials in Washington are going to
uphold the honor
ment can function only in a passive way some may and dignity of the Government and President Wilson
argue that we suffer from too much Government. by strict observance of the Macy award or whether
If, however, we are suddenly confronted with domes- we have reached that state of degradation wheres_an
tic insurrections due to unrest, due to a lack of stable agreement with the President may safely be treated
conditions, then we shall know what it is to suffer as a scrap of paper."



916

THE CHRONICLE

[VOL. 108.

The boat owners claim that the duty of the certainty of inconvenience to• be again and again
Government is now to enforce this Macy award, and renewed, insist that the trains and the boats shall
the remarkable statement was made by one morning run, that the quarrel is none of ours, but one for the
journal on Thursday that no railroad can separately disputants to settle somehow; we shout and scold
try to operate ferry boats, notwithstanding all are and stamp, and demand that the employers shall
affected, "because they are under Federal control;" grant something or anything to the rebellious men.
the Central of New Jersey, proceeds this account, Government is called and hastens to the rescue,
obtained strike breakers on Wednesday and was coming with persuasion instead of authority; puts
about to start its ferry when the Railroad Adminis- a pressure on the employers, sometimes in the name
tration discovered it and immediately ordered the of patriotism, and they yield, restoring to us our
road to desist from the attempt, the reason advanced fool's paradise of transient peace.
Nothing both new and sound can be said on this
for this order being that operation of boats "might
between
going
on
and therefore that which is true and old
then
subject,
conference"
a
influence
several heads of roads, the Federal Manager of one must be reiterated. The right of private and indiroad, and the strike committee. Upon this state- vidual contract is not denied; the right of many
ment, while all the roads are in Government con- workers to conspire to halt industries and plunge
trol, one important road seeks to continue its regular the public into trouble cannot be admitted, although
business and is prevented by a Governmental order, the doing of this is weakly permitted, because
lest embarrassment might somehow be caused to Government comes as an emissary to coerce employers
"negotiations." Meanwhile, the "conciliator" from to surrender, whereas it should come with authority
the U. S. Department of Labor is trying to smooth to discourage conspiracies by punishing their authors.
things into another so-called "compromise," by It practices the art of.the coward, therein representwhich the strikers will be persuaded into another ing the cowardice and sloth of the people, instead
truce and another concession will be wrung from the of paying the cost of the strife once for all and thus
employers.
ending it. We have constantly recruited, emboldin
directed,
apparently
while
Act,
The Sherman
ened, and strengthened organized labor, notwiththe main, against trusts and monopolies, is very standing some notable legal victories over it, won in
broad in its terms, distinctly forbidding any "com- the courts, by a long course of truckling before it
bination in the form of a trust or otherwise, or con- and yielding to it. All we have accomplished thereby
spiracy," which is "in restraint of trade or commerce is to make recurrence of the clinch more frequent
among the several States or with foreign nations," and more fierce, weakening at the same time our
and provides penalties to be visited upon "every powers of resistance.
person" engaging in such combination or conspiracy.
There can be no more direct and effectual restraint
FARM RESERVES OF CEREALS.
of trade than by stoppage of transportation, and
report on the supply of cereals in the
official
The
this is illustrated by the embargoes heretofore
in the United States on March 1
farmers
of
hands
declared upon receipt of freight, in times when a
by the Department of Agriculture
public
made
1919,
line
the
on
point
ligature had been applied to some
a considerable deficiency
disclosing
while
yesterday,
reorder
the
by
illustrated
of movement and now
ported from San Francisco to halt trans-continental as compared with all recent years in the current holdfreights because of the situation at this port in this ings of corn, and a total of oats slightly under last
year, indicates a moderate increase in the wheat
week.
A little less than twenty-five years ago, a strike holdings and a considerable gain in those of barley
on the rails while Congress was in session drew from over a year ago. At that time not only was the stock
the Cleveland Administration a positive and crisply- of wheat in first hands the smallest for date in thirstated order to "see" that the passage of regular teen years, but the visible supply at points of actrains carrying the mails was not obstructed and cumulation in this country close to the vanishing
directing that warrants or other available processes point, making necessary rigid economy in its use and
be procured from the Federal courts "against any the utilization of substitutes here in order that the
and all persons engaged in such obstruction." That needs of our armies and the destitute of Europe be
was one case. It would be tedious to hunt up and covered.
It cannot be said, of course, that the end of the
relate how many cases of abject surrender to threathas canceled our rsponsibility in either direcwar
one
in
but
since,
ened obstructions have occurred
but we are now in a better position to meet it.
tion,
warningly
and
memorable
remain
which should
instructive the chiefs of railway brotherhoods For while the stock now reported on farms is not so
strutted about in Washington (again while Congress very much greater than a year ago at date, the
was in session) threatening to tie up virtually all visible supply at points of accumulation is of comtransportation by rail, and the only process either paratively prodigious amount, the two combined givdirected or proposed was the surrender by Congress ing a total of approximately 250 million bushels,
per the Adamson Law. The Act of 1890 was which contrasts with about 118 million bushels a
deemed too general and too meek in terms; so, four- year ago, and in addition country elevators are estiteen years later, came the Clayton and the Federal mated to be carrying pretty full stocks. , Under the
Trade Commission laws, directed against wicked circumstances, there would seem to be a supply
men in business who behave themselves in unseemly available to meet all requirements until new wheat
manner and try to practice unfairness against com- begins to move. As regards the crop planted last
petitors; all this was leveled against unselfishness in fall, moreover, unofficial reports are quite encourbusiness, but "labor," not being a commodity or an aging, notwithstanding the absence of snow covering
article of commerce, may conspire, and threaten, in important sections during the winter. At any
and obstruct. Then when it does so, we, the people, rate, the area seeded was so great (15.9% in excess
disliking present inconvenience more than the of the previous year) that even with a larger than



MAR. 8 1919.1

THE CHRONICLE

usual abandonment of area as a result of winter killing, the crop should be a big one.
The wheat stock on farms March 1 is officially
stated to have been about 14.1% of the 1918 yield,
or 129,258,000 bushels, and, therefore, some 2134
million bushels more than a year ago, with the reserves in South Dakota, North Dakota, Minnesota
and Nebraska showing the greatest measure of increase. With the first hand stocks 129 million bushels on March 1, it is evident that up to date nearly
800 million bushels have left the farms, the 1918
crop having been estimated at 917 million bushels.
This is a considerable increase over the like period of
1918—in fact is in excess of all preceding years in our
history.
The stock of corn in farmers' hands on March 1
at 884,746,000 bushels, or 34.2% of the 1918 production, is not only much below that of a year ago,
but also smaller than in most all earlier years back
to but not including 1901. The significance of the
369 million bushel decrease from 1918 in the stock is
minimized, however, by the fact that the latest
crop was very much better in quality, increasing its
food value considerably. The proportion of the
1918 crop which is merchantable is officially announced as about 2,129,764,000 bushels, or 82.5%
of the yield, against only 1,837,728,000 bushels,
or 60% of the previous year's crop. It follows, therefore, that a much smaller quantity will have to be
used for stock or poultry feeding through inability
to market it in the usual way.
Reserves of oats• exhibit a decrease of only 11
million bushels from the high record of March 1 of
last year,the stock on farms being reported as about
588,421,000 bushels, or 38.2% of the 1918 crop,
against 599 million bushels, or 37.6% a year earlier.
Barley shows a very much larger surplus than last
year, the comparison being between 81,899,000 bushels, or 31.9% of the 1918 production, and 44,419,000 bushels, or 21% last year.
CANADA'S SHIP-BUILDING PROGRAM TO BE
CARRIED OUT.
Ottawa, Canada, March 7 1919.
The Dominion Government is openly combating
newspaper criticism of its ship-building program,
and in so doing has made the definite announcement
that the present contracts for the building of 52 ships
of 3,500 to 10,000 tons will be fully carried out. In
support of this action a large deputation of manufacturers, trades unionists and other classes has
•*waited upon the Government. A few days ago in
the House of Commons the Minister of Marine defended the Government's action in ordering ships
on public account and in retaining them under
Canadian registry. There seems no doubt, therefore, that the country tan rely upon this branch of
war-time industry to offset during the next two or
three years some less favorable industrial factors.
The 52 ships now on Government order are being
built at from $185 to $190 per ton. During the
past week the French Government ordered two
ships to be built at Montreal at $185. According
to the Minister of Marine, it is. impossible to make
a contract for a ship in England to-day at less than
$172. Such a ship would, of course, remain on
British register, operated by a British company and
paying the very high taxes which Great Britain is
compelled to levy at the present time. The Dominion Government claims that' the United States




917
- -4

Shipping Board is paying not less than $250 per ton
and in many cases as high as $300 and $350. It is
calculated that with freights from New York to
France at $50 per ton the Canadian ships built
to-day can be sold at a substantial profit.
At the time the Canadian ship-building program
was instituted the Government had ample patriotic
backing to carry out any measure designed to provide
military relief for the Allies. At that time, too,
Great Britain was making out of her ships almost the
cost of the ship per ton. In June 1918 $175 per ton
was paid for freights from New York to France and
$200 a ton from New York to Italy. One boat of
9,000 tons deadweight actually took a cargo from
New York to Italy when the freight amounted to
about $2,500,000. Such was Canada's original
justification for initiating a ship-building program.
The present justification for proceeding with ship
construction is the absolute necessity of providing
a Canadian merchant marine subject to the Dominion's own regulations and capable of giving relief
from unfair commercial discrimination against Canadian ports or the St. Lawrence River route.
GRAND TRUNK RAILWAY PAYSINTEREST ON
GRAND TRUNK PACIFIC BONDS.
Ottawa, Canada, March 7 1919.
The Dominion Finance Minister received word
this week that the Grand Trunk Railway Co. had
paid bond interest on Grand Trunk Pacific account
of approximately one million dollars. By paying
this interest the railway company and the Canadian
Government face a curious situation. Last year the
Government made an offer for the Grand Trunk
Pacific, which is the Western division of the pioneer
Grand Trunk Railway of Ontario. This was countered by a company proposal which was deemed too
extravagant even for consideration. At the same
time the Government gave notice that it would meet
the interest on Grand Trunk Pacific bonds no longer.
This action was regarded as a knockout blow that
would leave a helpless railway property at the Government's mercy. The Grand Trunk directors,
however, succeeded in floating a loan in London of
$15,000,000 at about 6%, and applied a portion of
this to pay the bondholders of the virtually bankrupt
Western lines.
On the Government side there is a great unwillingness to acquire the profitless Grand Trunk Pacific
without also taking over the Grand Trunk Railway
Co. The question is scheduled for Parliament
during the next six weeks.
IMO

(Current goents and Viscussions
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on the
same discount basis as in the past few weeks, viz., 5%.
The bills are dated Monday, March 3.
NEW CREDITS TO BELGIUM, FRANCE, ITALY AND
CZECHO-SLOVAK.
It was announced yesterday that the United States had
advanced to Czecho-Slovak an additional credit of $18,000,000, to Belgium an additional credit of $40,000,000, to
France a new credit of $100,000,000, and to Italy $20,000,000
for the purchase of foodstuffs and reconstruction materials
in the United States.

918

THE CHRONICLE

[VOL. 108.

SECRETARY OF TREASURY GLASS ABANDONS PLAN TRANSFERS OF FUNDS BY FOREIGN EXCHANGES
DEALERS TO ADRIATIC PORTS.
TO FUND ALLIED OBLIGATIONS.
A notice announcing that foreign exchange dealers may
The following is taken from the New York "Tribune"
make transfers of funds to persons not enemies or allies of
of March 6:
Carter Glass, Secretary of the Treasury, has definitely abandoned his enemies in ports of the Adriatic, was issued as follows on
plan to fund the Allied obligations held by the United States and sell
of the Division of Foreign
the securities, bearing the guaranty of the American Government, in March 3 by F. I. Kent, Director
the open market. Now York bankers were advised of this fact yesterday. Exchange of the Federal Reserve Board:
The plan has been abandoned by the Treasury, it was learned in Wall
Street, because it was found by the Secretary after a careful survey of
the situation that the unloading of such a huge mass of high interest'
bearing securities in the open market would demoralize the whole investment structure, resulting in serious depreciation in the valuation of investments carried by savings banks and other similar institutions.
As proposed, the plan would entail the issuance of new foreign Government securities in small denominations to the amount of the obligations
held in the Treasury against the advances made to the Allied nations.
These securities would bear the guaranty of the United States, both as to
principal and interesti The rate of interest on such securities, the bank.
ers have said, would have to be more than 5% and probably around 5M %•
If, as has been proposed, the total Allied debt to the United States Government were refunded in this fashion, it would mean the issuance of approximately $8.675,000,000 of new securities. This amount, the bankers have told the Treasury, could not be absorbed by the investment mar •
ket without causing the liquidation of huge amounts of outstanding corporate securities held by investors, who would see the advantage of selling the same and buying the new foreign securities bearing the United
States guaraty.
Bankers asserted yesterday that the only manner in which a great mass of
these new securities could be sold would be to extend the distribution over
a long period of years. The abandonment of the scheme by Secretary
Glass, as indicated by private advices from Washington, means that the
obligations of the Allied Nations will be held in the Treasury as at
present, for the time being at least.

CLOSE OF APPLICATION LIST BY SY-NDICATE
•
INTERESTED IN BELGIAN EXPORT CREDIT.
It was announced on the 6th inst. that the managers of the
syndicate of banks formed to .make available the $50,000,000 acceptance credit to industrial concerns in Belgium,
through a group of Belgian banks, had closed its application list, and letters of allotment had been forwarded to
all syndicate members.

LONDON CREDIT FOR BELGIAN BANKS.
The following dealing with a London credit to Belgian
banks is taken from the "Wall Street Journal" of March 6:
London banks are also extending a credit to Belgian banks, similar to
the $50.000,000 acceptance credit arranged between Belgium and American
institutions. The London County Westminster and Parr's Bank has just
completed arrangements whereby a syndicate has been formed in London
omposed of some of the principal banks and acceptance houses, and a
credit is being granted to a group of Belgian banks and bankers, including
the Banque Nationale de Belgique, to the extent of $20,000.000.
The credit will be availed of by three months' bills renewable three times,
making one year in all, drawn by the Belgian group on the British syndicate.

RESUMPTION OF MONEY ORDER EXCHANGE WITH
BELGIUM.
In announcing the resumption of money order exchange
with Belgium, Third Assistant Postmaster-General A. M.
Dockery on Feb. 27 said:
The exchange of money orders between the United States and Belgium,
which was temporarily suspended in Aug. 1914, will be resumed on Monday.
March 10, next. On and after that day postmasters at international
money order offices in the United States will, upon proper application,issue
orders for payment in Belgium and will pay Belgium orders resisued by
the exchange office in New York and drawn upon them when duly presented by the rightful owners.
The transaction of money-order business with Belgium will, as heretofore, be conducted in conformity with the existing treaty with that country and the regulations previously in force. The fees to be collected in the
United States from remitters of orders payable in Belgium will be the same
as those for orders on other European countries appearing in Table No. 2,
page 80, of the Annual Postal Guide, and at page 5 of the Register of
Money-Order Post Offices for July 1918.
In converting the money of the United States into that of Belgium, postmasters of international money-order offices will consult the "conversion
table" with which all such offices are supplied. Unless and until otherwise
announced, the conversions are to be made at the rate of $1—francs 5.15.

COTTON TO BELGIUM.
From the New York "Times" of March 4 we take the
following:
For the first time since the war began a cargo of American cotton has
been reported as arriving at Antwerp. The report was received in local
cotton circles yesterday, and in the trade it was said that additional arrivals
were expected in a few days. Most of the .Belagin cotton mills were destroyed by the Germans, but rehabilitation has been going on and the
business is expected to pick up rapidly. Some of the mills, it is understood,
are now in working order and others are being made ready. Before the
war Belgium used a considerable quantity of American cotton.

PROPOSED LOAN FOR JAMAICA, BRITISH WEST
INDIES.
Press advices from Kingston, Jamaica, March 4 state:
In order to develop the resources of Jamaica, the Governor proposes that
a large loan be negotiated with the British Government. The funds would
be used, according to announcement, to establish canning factories and
foster the fiber industry. The establishment of medical and agricultural
olleges here for students coming from the West Indies is projected.




Notice is hereby given that "dealers" as defined under the Executive
Order of the President of Jan. 26 1918 until otherwise instructed may make
transfers of funds to persons not enemies or allies of enemies resident in all
ports of the Adriatic, including all territory adjacent thereto under the
military occupation of the associated Governments, and Albania and
Montenegro.

FOREIGN EXCHANGE REGULATIONS REGARDING
TRANSFERS OF FUNDS TO NON-ENEMIES
IN GERMANY.
The following notice was issued on the 6th inst. by Fred. I.
Kent, Director, Division of Foreign Exchange of the Federal Reserve Board:
Notice is hereby given that "dealers" as defined under the Executive
Order of the President of Jan. 26 1918, until otherwise instructed may
make transfers of funds to persons not enemies or allies of enemies resident
in the Grand Duchy of Luxemburg and that part of Germany bordering
upon the Rhino which is occupied by the troops of the Allies.

BILL ENACTED PERMITTING FEDERAL RESERVE
BANKS TO HAVE 100% SURPLUS.
The bill amending the Federal Reserve Act so as to permit
Federal Reserve banks to accumulate a surplus equal to
100% of their capital, instead of 40% as heretofore, has
become a law. The conference report on the differing
bills of the Senate and House was accepted by the House
on Feb. 24 and by the Senate on March 2. The bill as it
had originally pAssed the Senate was published in our issue
of Feb. 1, page 424; as it passed the House on Feb. 17 it
was given in these columns March 1, page 827. We give
herewith the text of the bill as enacted into law, showing
the difference between the House bill and that finally accepted; the part in italics is matter not carried in the bill
as it originally passed the House on Feb. 17:
Be It Enacted by the Senate and House of Representatives of the United States
of America in Congress Assembled.
That that part of the first paragraph of Section 7 of the Federal Reserve
Act which reads as follows: "After the aforesaid dividend claims have been
fully met, all the net earnings shall be paid to the United States as a franchise tax, except that one-half of such net earnings shall be paid into a surplus fund until it shall amount to 40% of the paid-in capital stock of such
bank," be amended to read as follows:
"After the aforesaid dividend claims have been fully met, the net earnings shall be paid to the United States as a franchise tax, except that the
whole of such net earnings including those for the year ending Dec. 31 1918,
shall be paid into a surplus fund until it shall amount to 100% of the subscribed capital stock of such bank, and that thereafter 10% of such net
earnings shall be paid into the surplus."
Sec. 2. That that part of Section 10 of the Federal Reserve Act which
reads as follows: "The members of said board, the Secretary of the Treasury, the Assistant Secretaries of the Treasury, and the Comptroller of the
Currency, shall be ineligible during the time they are in office and for
two years thereafter to hold any office, position, or employment in any
member bank," be amended to read as follows:
"The Secretary of the Treasury and the Comptroller of the Currency
shall be ineligible during the time they are in office and for two years thereafter to hold any office, position, or employment in any member bank.
The appointive members of the Federal Reserve Board shall be ineligible
during the time they are in office and for two years thereafter to hold any
office, position, or employment in any member bank, except that this
restriction shall not apply to a member who has served the full term for
which he was appointed."
Sec. 3. That Section 11 of the Federal Reserve Act, as amended by the
Act of Sept. 7 1916, be further amended by striking out the whole of subsection (m) and by substituting therefor a subsection to read as follows:
"(ra) Upon the affirmative vote of not less than five of its members,
the Federal Reserve Board shall have power to permit Federal Reserve
banks to discount for any member bank notes, drafts, or bills of exchange,
beanng the signature or indorsement of any one borrower in excess of the
amount permitted by Section 9 and Section 13 of this Act; but in no case
to exceed 20% of the member banks capital and surplus; Provided, however,
That all such notes, drafts or bills of exchange discounted for any member
bank in excess of the amount permitted under such sections shall be secured by not less than a like face amount of bonds or notes of the United
States issued since April 24 1917, or certificates of indebtedness of the
United States." Provided further that the provisions of this subsection
(m) shall not be operative after Dec. 31 1920.
Sec. 4. That Section 5172, Revised Statutes of the United States, be
amended to read as follows:
"That in order to furnish suitable notes for circulation the Comptroller
of the Currency shall, under the direction of the Secretary of the Treasury,
cause plates and dies to be engraved, in the best manner to guard against
counterfeiting and fraudulent alterations, and shall have printed therefrom
and numbered such quantity of circulating notes in blank, or bearing
engraved signatures of officers as herein provided, of the denominations of
$1, $2, $5, $10, $20, $50, $100, $500 and $1,000, as may be required to
supply the associations entitled to receive the same. Such notes shall
express upon their face that they are secured by United States bond deposted with the Treasurer of the United States, by the written or engraved
signatures of the Treasurer and Register, and by the imprint of the seal
of the Treasury; and shall also express upon their face the promise of the
association receiving the same to pay on demand, attested by the written
or engraved signatures of the President or Vice-President and Cashier;
and shall bear such devices and such othor statements and shall be in such
form as the Secretary of the Treasury shall, by regulation, direct."

MAR. 8P919.1

THE CHRONICLE

It was stated by the Federal Reserve Board on March 5
that enactment of the amendments affecting reserves of
Federal Reserve banks had resulted in increasing from
$22,739,900 to $49,468,340 the combined surplus of the
twelve FederallReserve banks.

919

Act and amendments thereto, the principal of which does not
exceed in the
aggregate $5,000, and in addition to all other exemptions
provided in the
Second Liberty Bond Act or the Supplement to Second Liberty
Bond Act,
the interest received on and after Jan. 1 1919 on an amount
of bonds of
the First Liberty Loan Converted, dated Nov. 15 1917,
May 9 1918 or
Oct. 24 1918, the Second Liberty Loan, converted and
unconverted, the
Third Liberty Loan, and the Fourth Liberty Loan, the
principal of which
does not exceed $30,000 in the aggregate, owned by any individual,
partnerCHANGES OF STAFF OF FEDERAL RESERVE BANK ship, association, or corporation, shall be
exempt from graduated additional income taxes, commonly known as surtaxes, and excess
OF ATLANTA.
profits and
war profits taxes, now or hereafter imposed by the United
States upon the
The Federal Reserve Board announced on Feb. 26 that income or profits of
individuals, partnerships, associations, or corporations.
(b) In addition to the exemption provided in sub division (a),
Jos. A. McCordihad resigned as Governor of the Federal
and in
to the other exemptions therein referred to, the interest received
Reserve Bank of Atlanta and had been appointed a Class addition
on and after Jan. 1 1919 on an amount of the bonds therein
"C" Director for the term ending Dee. 31 1920 and desig- principal of which does not exceed $20,000 in the aggregate, specified the
owned by any
nated as Chairman of the board and Federal Reserve Agent. individual, partnership, association, or corporation, shall be exempt from
the taxes therein specified: Provided, That no owner of such
bonds shall be
M. B. Wellborn, whom Mr. McCord replaces as Chairman entitled to such exemption
in respect to the interest on an aggregate prinof the boardlandlFederal Reserve Agent, has been made cipal amount of such bonds exceeding three
times the principal amount
Governor. Ward fAlbertson, formerly General Auditor of of notes of the Victory Liberty Loan originally subscribed for by such
and still owned by him at the date of his tax return.
the Federal Reserve Bank of Atlanta, has been appointed owner
Sec. 3. That section 5 of the Second Liberty Bond Act, as
amended by
Assistant FederallReserve Agent.
section 4 of the Third Liberty Bond Act, is hereby further amended
by
striking out the figures "$8,000,000,000" and inserting in lieu
thereof
the figures "$10,000,000,000."
VICTORY LIBERTY LOAN BILL ENACTED INTO LAW.
Sec. 4. That section 3 of the Fourth Liberty Bond Act is hereby
amended
The Victory:Laon Bill, authorizing the issue of short-term to read as follows:
"Sec. 3. That, notwithstanding the provisions of the Second
Liberty
notes maturing in one to five years, was signed on March 3 Bond Act or of the War Finance
Corporation Act or of any other Att.
by President Wilson. The bill passed the Senate without a bonds, notes, and certificates of indebtedness of the United States
and
roll-call on March 2, after the collapse of a Republican fili- bonds of the War Finance Corporation shall, while beneficially owned by
a non resident alien individual, or a foreign corporation, partnership,
or
buster, marked by more than twenty hours' debate. Re- association, not engaged in business in the United
States, be exempt both
publican efforts to amend the bill failed, and it passed the as to principal and interest from any and all taxation now
or hereafter
Senate in the form in which it was passed by the House on imposed by the United States, any State, or any of the possessions of the
United States or by any local taxing authority."
Feb. 26. In consideration of the bill on the 2d the Senate
Sec. 5. That the privilege of converting 4% bonds of the First Liberty
rejected an amendment by Senator Penrose to reduce the Loan converted and 4% bonds of the Second Liberty Loan into 43 %
bonds,
privilege arose on May 9 1918 and expired on Nov. 9 1918,
War Finance Corporation's fund from $1,000,000,000 to may bewhich
extended by the Secretary of the Treasury for such period, upon
$500,000,000. It also defeated an amendment by Senator such terms and conditions
and subject to such rules and regulations as
Sherman to reduce the short term notes authorized from he may prescribe. For the purpose of computing the amount of interest
payable,
presented for conversion under any such extension shall be
$7,000,000,000 to 35,000,000,010. An a
- mendment by Sen- deemed tobonds
be converted on the dates for the payment of the semi annual
ator Kenyon, Republican, proposing that the vignette of interest on the respective bonds so presented
for conversion next succeeding
Theodore Roosevelt appear on the new securities, and an- the date of such presentation.
Sec. 6. (a) That there is hereby created in the Treasury a cumulative
other by Senator La Follette to prohibit coercion in the sale sinking
fund for the retirement of bonds and notes issued
the First
of the notes, were likewise rejected. Below we give 'the Liberty Bond Act, the Second Liberty Bond Act, the Thirdunder
Liberty Bond
Act, the Fourth Liberty Bond Act, or under this Act, and outstanding
text of the bill:
on July 1 1920. The sinking fund and all additions thereto are hereby
.AN ACT to amend the Liberty Bond Acts and the War Finance Corpora- appropriated for the payment of such bonds and notes at maturity,
or for
tion Act, and for other purposes. •
the redemption or purchase thereof before maturity by the Secretary of
Be it enacted by the Senate and House of Representatives of the United States the Treasury at such prices and upon such terms and conditions
as
he
shall
of America in Congress assembled, That the Second Liberty Bond Act is prescribe, and shall be available until all such bonds and
notes are retired.
hereby amended by adding thereto a new section to read as follows:
The average cost of the bonds and notes purchased shall not exceed par
"Sec. 18. (a) That in addition to the bonds and certificates of indebted- and accrued interest. Bonds and notes purchased, redeemed,
or paid out
ness and war-savings certificates authorized by this Act and amendments of the sinking fund shall be canceled and retired and
shall not be reissued.
thereto, the Secretary of the Treasury, with the approval of the President, For the fiscal year beginning July 11920, and for each
fiscal year thereafter
is authorized to borrow from time to time on the credit of the United States until all such bonds and notes are retired, there is
hereby appropriated,
for the purposes of this Act, and to meet public expenditures authorized out of any money in the Treasury not otherwise appropriated,for
the purby law, not exceeding in the aggregate $7,000,000,000, and to issue therefor poses of such sinking fund, an amount equal to the
sum of (1) 23 % of
notes of the United States at not less than par in such form or forms and the aggregate amount of such bonds and notes
outstanding on July 1 1920,
denomination or denominations, containing such terms and conditions, less an amount equal to the par amount
of any obligations of foreign Gov
and at such rate or rates of interest, as the Secretary of the Treasury may ernments hold by the United States on July 1 1920,
and (2) the interest
prescribe, and each series of notes so issued shall be payable at such time *which would have been payable during the fiscal
year for which the appronot less than one year nor more than five years from the date of its issue priation is made on the bonds and notes purchased, redeemed,
or paid out
as he may prescribe, and may he redeemable before maturity (at the option of the sinking fund during such year or in previous years.
of the United States) in whole or in part, upon not more than one year's
The Secretary of the Treasury shall submit to Congress at the beginning
nor less than four months' notice, and under such rules and regulations of each regular session a separate annual report of
the action taken under
and during such period as he may prescribe.
the authority contained in this section.
"(b) The notes herein authorized may be issued in any one or more of
(b) Sections 3688, 3694, 3695, and 3696 of the Revised Statutes, and so
the following series as the Secretary of the Treasury may prescribe in con- much of section 3689 of the Revised Statutes as provides
a permanent
nection with the issue thereof:
annual appropriation of 1% of the entire debt of the United States to be
"(1) Exempt, both as to principal and interest, from all taxation (except set apart as a sinking fund, are hereby
repealed.
estate or inheritance taxes) now or hereafter imposed by the United States,
Sec. 7. (a) That until the expiration of eighteen months after the termiany State, or any of the possessions of the United States, or by any local nation of the war between the United States and the German Government,
axing authority;
as fixed by the proclamation of the 1'resident, the Secretary of the Treasury,
"(2) Exempt, both as to principal and interest, from all taxation now or with the approval of the President, is hereby authorized on behalf
of the
hereafter imposed by the United States, any State, or any of the possessions United States to establish, in addition to the credits
authorized by section 2
of the United States, or by any local taxing authority, except (a) estate or of the Second Liberty Bond Act, as amended, credits with the
United
inheritance taxes and (b) graduated additional income taxes commonly States for any foreign Government now
engaged.in war with the enemies
known as surtaxes and excess-profits and war-profits taxes now or here- of the United States, for the purpose only of providing
purchases
for
of
after imposed by the United States upon the income or profits of indi- any property owned directly or indirectly by the United
States, not needed
viduals, partnerships, associations, or corporations:
by the United States, or of any wheat the price of which has been or may
"(3) Exempt both as to principal and interest as provided in paragraph be guaranteed by the United States. To the extent of the
credits so
(2); and with an additional exemption from the taxes referred to in clause (b) established from time to time the Secretary of the Treasury is hereby
of such paragraph of the interest on an amount of such notes the principal authorized to make advances to or for the account of any such foraign
of which does not exceed $30,000, owned by any individual, partnership
Government and to receive at par from such foreign Government for the
association, or corporation; or
amount of any such advances its obligations hereafter issued bearing such
"(4) Exempt, both as to principal and interest, from all taxation now or rate or rates of interest, not less than 5% per annum, maturing at such
hereafter imposed by the United States. any State, or any of the possessions date or dates, not later than Oct. 15 1938, and containing such terms
and
of the United States, or by any local taxing authority, except (a) estate or conditions as the Secretary of the Treasury may from time to time prescribe.
inheritance taxes, and (b) all income, excess-profits, and war-profits taxes, The Secretary, with the approval of the President, is hereby
authorized
now or hereafter imposed by the United States, upon the income or profits to enter into such arrangements from time to time with any such foreign
of individuals, partnerships, a.ssociations, or corporations.
Government as may be necessary or desirable for establishing such credits
'(c) If the notes authorized under this section are offered in more than and for the payment of such obligations before maturity.
one series bearing the same date of issue, the holder of notes of any such
(b) The Secretary of the Treasury is hereby authorized from time to
series shall (under such rules and regulations as may be prescribed by the time to convert any short-time obligations of foreign Governments
which
option
of
having such notes held by may be received under the authority of this section into
Secretary of the Treasury) have the
long-time oblihim converted at par into notes of any other such series offered bearing gations of such foreign Governments, respectively, maturing not later
than
the same date of issue.
Oct. 15 1938, and in such form and terms as the Secretary of the Treasury
"(d) None of the notes authorized by this section shall bear the circu- may proscribe; but the rate or rates of interest borne by any such long-time
lation privilege. The principal and interest thereof shall ..e payable in obligations at the time of their acquisition shall not be less than
the rate
United States gold coin of the present standard of value. The word 'bond' borne by the short-time obligations so converted into such
long-time
or 'bonds' where it appears in sections 8, 9, 10, 14. and 15 of this Act as obligations; and, under such terms and conditions as he may from time to
amended,and sections 3702,3703,3704, and 3705 of the Revised Statutes, time prescribe, to receive payment, on or before maturity, of
any obligaand section 5200 of the Revised Statutes as amended, but in such sections tions of snch foreign Governments acquired on behalf of the United States
only, shall be deemed tp include notes issued under this section."
under authority of this section, and, with the approval of the President,
Sec. 2. (a) That untn the expiration of five years after the date of the to sell any of such obligations (but not at less than par with accrued interest
termination of the war between the United States and the German Govern- unless otherwise hereafter provided by law), and to apply the proceeds
ment, as fixed by proclamation of the President, in addition to the exemp- thereof, and any payments so received from foreign Governments on actions provided in section 7 of the Second Liberty Bond Act in respect to count of the principal of such obligations, to the redemption or purchase,
the interest on an amount of bonds and certificates, authorized by such at not more than par and accrued interest, of any bonds of the United




920

THE CHRONICLE

States issued under the authority of the First Liberty Bond Act or Second
Liberty Bond Act as amended and supplemented, and if such bonds cannot
be so redeemed or purchased, the Secretary of the Treasury shall redeem
or purchase any other outstanding interest-bearing obligations of the
United States which may at such time be subject to redemption or which
can be purchased at not more than par and accrued interest.
(c) For the purposes of this section there is appropriated the unexpended
balance of the appropriations made by section 2 of the First Liberty Bond
Act and by section 2 of the Second Liberty Bond Act as amended by the
Third Liberty Bond Act and the Fourth Liberty Bond Act, but nothing
In this section shall be deemed to prohibit the use of such unexpended
balance or any part thereof for the purposes of section 2 of the Second
Liberty Bond Act, as so amended, subject to the limitations therein
contained.
Sec. 8. That the obligations of foreign Governments acquired by the
Secretary of the Treasury by virtue of the provisions of the First Liberty
Bond Act and the Second Liberty Bond Act, and amendments and supplements thereto, shall mature at such dates as shall be determined by the
Secretary of the Treasury: Provided, That such obligations acquired by
virtue of the provisions of the First Liberty Bond Act, or through the conversion of short-time obligations acquired under such Act, shall mature
not later than June 15 1947, and all other such obligations of foreign Governments shall mature not later than Oct. 15 1938.
Sec. 9. That the War Finance Corporation Act is hereby amended by
adding to Title I thereof a new section, to read as follows:
(a) That the Corporation shall be empowered and authorized,
"Sec.
In order to promote commerce with foreign nations through the extension
of credits, to make advances upon such terms, not inconsistent with the
provisions of this section, as it may prescribe, for periods not exceeding
five years from the respective dates of such advances:
"(1) To any person, firm, corporation, or association engaged in the
business in the -United States of exporting therefrom domestic products
to foreign countries, if such person, firm, corporation, or association is,
in the opinion of the board of directors of the Corporation, unable to obtain
funds upon reasonable terms through banking channels. Any such advance shall be made only for the purpose of assisting in the exportation of
such products, and shall be limited in amount to not more than the contract price therefor, including insurance and carrying or transportation
charges to the foreign point of destination if and to the extent that such
insurance and carrying or transportation charges are payable in the United
States by such exporter to domestic insurers and carriers. The rate of
interest charged on any such advance shall not be less than 1% per annum
in excess of the rate of discount for ninety-day commercial paper prevailing
at the time of such advance at the Federal Reserve Bank of the district
in which the borrower is located; and
"(2) To any bank, banker, or trust company in the United States which
after this section takes effect makes an advance to any such person, firm,
corporation, or association for the purpose of assisting in the exportation
of such products. Any such advance shall not exceed the amount remaining unpaid of the advances made by such bank, banker, or trust company
to such person, firm, corporation, or association for such purpose.
"(b) The aggregate of the advances made by the Corporation under this
section remaining unpaid shall never at any time exceed the sum of $1.000,000,000.
"(c) Notwithstanding the limitation of section 1 the advances provided
for by this section may be made until the expiration of one year after the
termination of the war between the United States and the German Government as fixed by proclamation of the President. Any such advance made
by the Corporation shall be made upon the promissory note or notes of
the borrower, with full and adequate security in each instance by indorsement, guaranty, or otherwise. The Corporation shall retain power to
require additional security at any time. The Corporation in its discretion
may upon like security extend the time of payment of any such advance
through renewals, the substitution of new obligations, or otherwise, but
the time for the payment of any such advance shall not be extended beyond
five years from the date on which it was originally made."
Sec. 10. That section 15 of the War Finance Corporation Act is hereby
amended to read as follows:
"Sec. 15. That all net earnings of the Corporation not required for its
operations shall be accumulated as a reserve fund until such time as the
Corporation liquidates under the terms of this title. Such reserve fund
shall, upon the direction of the board of directors, with the approval of the
Secretary of the Treasury, be invested in bonds and obligations of the
United States, issued or converted after Sept. 24 1917, or upon like direction and approval may be deposited in member banks of the Federal Reserve system, or in any of the Federal Reserve banks, or be used from time
to time, as well as any other funds of the Corporation, in the purchase or
redemption of any bonds issued by the Corporation. The Federal Reserve
banks are hereby authorized to act as depositaries for and as fiscal agents
of the Corporation in the general performance of the powers conferred by
this title. Beginning twelve months after the termination of the war,
the date of such termination to be fixed by a proclamation of the Pre;Went
of the United States, the directors of the Corporation shall proceed to liquidate its assets and to wind up its affairs, but the directors of the Corporation, in their discretion, may, from time to time, prior to.such date, sell
and dispose of any securities or other property acquired by the Corporation.
Any balance remaining after the payment of all its debts shall be paid into
the Treasury of the United States as miscellaneous receipts, and thereupon
the Corporation shall be dissolved."
Sec. 11. That the short title of this Act shall be "Victory Liberty Loan
Act."

(Vol,. 108.

Loan into 4X% bonds, the higher interest rate to be effective from the
semi-annual interest payment date next succeeding the date of presentation
for conversion. Having recommended that this conversion privilege be so
extended, I shall, of course, very promptly exorcise the authority thus conferred upon me and issue regulations covering the details.

EIGHTH OFFERING OF TREASURY CERTIFICATES IN
ANTICIPATION OF VICTORY LIBERTY LOAN.
An offering of $500,000,000 Treasury Certificates of Indebtedness in anticipation of the Victory Liberty Loan was
announced by the Secretary of the Treasury on March 6.
Concerning the offering a statement issued by the Federal
Reserve Bank of New York said:
The Federal Reserve Bank of New York stated that the Secretary of
the Treasury to-day offered for subscription through the Federal Reserve banks at par and accrued interest a minimum of $500,000,000 Unted
States Treasury certificates of indebtedness dated and bearing interest
from March 13 1919, payable Aug. 12 1919, with interest at the rate of
43 % per annum. Subscriptions are now being received by the Federal
Reserve Bank of New York as fiscal agent of the United States up to the
close of business on Thursday, March 20 1919. Payment for certificates
alloted in the Second Federal Reserve District must be made to the Federal
Reserve Bank of New York at par and accrued interest on and after March
13 1919 up to March 20 1919, inclusive. This is the eighth issue of the
series of certificates to be offered in anticipation of the Victory Liberty
Loan and is known as Series 5-H.
Special attention is called to the fact that Treasury certificates of Series 5-A, maturing May 6 1919, will be accepted at par with adjustment of
accrued interest (to the date of exchange on and after March 13) in payment for not exceed 50% of Series 5-H alloted to any subscriber.
Quotas for the banks in the Second Federal Reserve District are the
same as for the previous issue of this series, namely, Series 5-0, dated
Feb. 27 1919.

OVERSUBSCRIPTION OF SEVENTH OFFERING OF
TREASURY CERTIFICATES IN ANTICIPATION OF
VICTORY LOAN.
Every Federal Reserve District except the Boston district equaled or exceeded its quota in subscriping to the
seventh bi-weekly offering of Treasury certificates of indebtedness in anticipation of the Victory Liberty Loan, according to an announcement made yesterday by the Secretary of the Treasury. In this respect the announcement,
stated, the issue is the most successful, except one, that has
been offered in the present series. The minimum amount
offered was $500,000,000, and the total subscriptions aggregate $532,341,500. The results by Federal Reserve districts, arranged in order of the percentage of subscription of
their quotas, are as follows:
Federal Reserve Bank—
Chicago
Cleveland
Dallas
Philadelphia
Minneapolis
St. Louis
Now York
Atlanta
San Francisco
Richmond
Kansas City
Boston
Treasury
Totals

Quota.
$70,000,000
45,300,000
12,000,000
35,300,000
17,300,000
20,000,000
169,600,000
14,600,000
35,300,000
17,300,000
, 20,000,000
43,300,000

Subscription.
$82,044,000
51,225,000
13,106,000
38,247,000
18,720,000
21,225,500
174,501,500
14,977,500
35,800,000
17,501,000
20,000,000
41,909,000
3,085,000

$500,000,000

$532,341,500

The aggregate of subscriptions for certificates in anticipation of the Victory Liberty Loan to date is given as
$4,378,019,500.

SUBSCRIPTIONS TO THIRD ISSUE OF TREASURY
CERTIFICATES IN ANTICIPATION OF TAXES.
Final figures of subscriptions received for the offering of
Treasury certificates of indebtedness, Series T-2, dated
Jan. 16 1919 and due June 17 1919, were announced by
Secretary of the Treasury Gla'is on March 1. The subscriptions closed Feb. 24 and the approximate subscriptions, as
reported in these columns last week, page 828, were then
reported as $370,000,000. According to Secretary Glass's
statement of the 1st inst., the aggregate subscriptions allotted
LIBERTY BOND TAX EXEMPTION.
were $392,381,000. The results by Federal Reserve districts
A statement with regard to the exemption from surtaxes, were as follows:
Subscriptions
Subscriptions
excess profits and war profits taxes of interest from Liberty
Federal Reserve Dist.— Allotted.
Federal Reserve Dist.— Allotted.
bonds, was issued this week as follows by Secretary of the Boston
$4,335,500
$36,276,500 St. Louis
Treasury Glass:
165,622,000 Minneapolis
3,030,000
New York
It is perhaps not generally understood that, under the terms of Section
2 (a) of the Victory Liberty Loan Act, the interest received on and after
Jan. 1 1919 until the expiration of five years after the termination of the
war, on an amount of bonds of the First Liberty Loan converted, the Second Liberty Loan, converted and unconverted, the Third L.berty Loan,
and the Fourth Liberty Loan, the principal of which does not exceed
330,000 in the aggregate, owned by any individual, partnership, association,
or corporation will be exempt from surtaxe;, excess profits and war profits
taxes now or hereafter imposed by the United States upon the income or
profits of individuals, partnerships, associations or torparations; not only
Is this exemption in addition to all other exemptions heretofore conferred,
but it is independent of any subscription to the Victory Liberty Loan,and is
immediately effective.
The Victory Liberty Loan Act also contains a provision authorizing the
Secretary of the Treasury to extend the privilege of converting 4% bonds
of the First Liberty Loan converted and 4% bonds of the Second Liberty




Philadelphia
Cleveland
Richmond
Atlanta
Chicago

19,744,000 Kansas City
78,641,500 Dallas
10,652,0J0 San Francisco
6.533,500
Total
42,045,000

4,101,000
4,350,000
17,050,000
$392,381,000

These certificates, which bear interest at 43%,are issued
in anticipation of this year's taxes. The first issue of this
series of certificates, dated Aug. 20 1918 and payable July 15
1919, bears 4%;the second issue, dated Nov.7 1918 and due
March 15 1919, carries 432%, while the latter rate is also
borne by the third issue (as noted above) and by the fourth
issue, dated March 15 1919 and maturing June 16 1919,
which is now being offered for subscription.

MAR.8 1919.]

THE CHRONICLE

TREASURY TAX CERTIFICATES MATURING JUNE 17
NOT AVAILABLE ON MARCH 15 FOR TAXES.
Concerning Treasury Certificates of Indebtedness "T-2,"
dated Jan. 16 and maturing June 17, the Federal Reserve
Bank of Minneapolis on Feb. 26 issued a circular saying:

921

The 450 institutions which have patriotically agreed to offer the use
of their safe deposit vaults to small holders of Liberty bowls are about onethird of the total number of such institutions in the Second Federal Reserve District, and represent an increase of 280 over the number that
had previously agreed to act as depositories.
The booklets will be sent to the banks and by them distributed to Liberty bond holders.

This letter is to remind holders of the tax series "T-2" of United States
Treasury Certificates of Indebtedness dated Jan. 16 1919, maturing June 17
1919, that Certificates of this issue cannot be used in payment of income and
profits taxes on March 15 1919. Please refer to the original offering sheet,
our circular No. 129, dated Jan. 9 1919, under paragraph "Redemption
before Maturity," which reads as follows:
"Certificates of this series will be accepted at par with an adjustment
of accrued interest, during such time and under such rules and regulations
as shall be prescribed or approved by the Secretary of the Treasury, in
payment of income and profits taxes when payable at or within sixty days
before the maturity of the certificates."
However, tax series of 1919, dated Aug. 20 1918, maturing July 15 1919,
and series "T," dated Nov. 7 1918, maturing March 15 1919, may be used
on March 15 in payment of income and profits taxes, with proper adjustment of interest.
We are informed by the Treasury Department that almost $800,000,000
of Treasury certificates mature on March 15, and that there is no reason
to anticipate that any tax moneys will be available for redeposit with specal
Government depositaries. In order to avoid the money strain on March 15,
it is of the utmost possible importance that taxpayess use Treasury certificates of series "T" and the tax series dated Aug. 20 1918 to the fullest
extent possible in payment of their taxes and should not collect their certificates in cash and make payment of taxes in cash.
It is very desirable that any banks which are owners of certificates of the
last two series mentioned should wherever practicable dispose of them to
their customers who are not already provided with tax certificates, so that
the latter may make use of these certificates in payment of taxes.

SALE OF WAR SAVING AND THRIFT STAMPS IN 1918.
A total of $1,015,067,472 was invested in 1918 by Americans in thrift and war savings stamps according to a report
issued on Feb. 18 by the Savings Division of the Treasury
Department. The total represents a per capita investment of $9 64, according to the latest census figures. To
Nebraska goes the credit of having attained the highest
total with net sales of $27,450,190 and a per capita sale of
$21 18. Ohio came second with a total of $86,244,733 and
a per capita of $16 39, and South Dakota third with $9,911,808 and a per capita of $16 38. The District of Columbia which had been organized as a separate unit for the sale
of Thrift and War Savings Stamps was fourth with a per
capita of $15 93, sales being $5,882,850. The gross sales
for Ohio were the largest of any State. December sales
aggregated
3,728,119, Connecticut leading with $3,568,371, a per capita sale of $2 67. Vermont with a
per capita sale of $2 03 was second, and Iowa third
with a per capita of $1 71. The report of sales during
USE OF TREASURY CERTIFICATES OF INDEBTED- 1918 by States, and by districts where States have been
NESS ISSUED IN ANTICIPATION OF VICTORY
divided, was as follows:
LIBERTY LOAN.
Total Sales for Per
Total Sales for Per
Campaign to
CapCampaign to
CapWith regard to Treasury certificates of indebtedness
Stale—
Dec. 31, Incl.
Stale—
Ca.
Dec. 31, Ind. Ca.
Nebraska
$27,450,189 85 $21 18 Wyoming
1,349,487 58 9 48
issued in anticipation of the Victory Liberty Loan, the Ohio
86,244,733 20 16 39 Rhode Island- __
5,917,095 42 9 37
South Dakota
9,911,807 81 i638 Delaware
2,189,639 17 9 32
Federal Reserve Bank of Minneapolis, in a notice to banks Dist.
of Columbia 5,882,850 40 15 93 Illinois
58,519,777 37 9 32
Iowa
35,955,734 85 15 13 New York State- 43,572,945 19 8 91
in its district, on Feb. 26, said:
Oregon
12,887,111 48
We beg to advise that we have been informed by Mr. R. C. Leffingwell,
Assistant Secretary of the Treasury, that Treasury certificates of indebtedness of Series V. heretofore or hereafter issued in anticipation of the Victory
Liberty Loan, will be accepted in payment on account of subscriptions for
the Loan, if the Loan takes the form of any issue of notes, upon the same
terms and conditions as are provided in the Treasury certificates and in the
circulars offering them for subscription in the case of an issue of bonds.

RESOLUTIONS OF GOVERNORS AND MAYORS IN CONFERENCE IN WASHINGTON ON VICTORY
VICTORY LOAN.
Officials of the New York Federal Reserve Bank have
received the text of a resolution bearing on the Victory
Liberty Loan adopted at a conference of the Governors and
Mayors of many States and principal cities of the country
in session at Washington. Believing that the United States
is about to experience the greatest business and industrial
prosperity in the nation's history, the executives have called
upon their constituents as well as those not represented at
the conference to lend unanimous support to the coming
"Victory" Loan and insure an oversubscription "such as will
command the admiration of the world for the people of the
United States." The resolution follows:
Whereas, We:the Governors and Mayors of many of the States and principal cities of the United States in conference assembled at the White House,
Washington, D. C., believe that our nation is on the eve of phenomenal
business and industrial expansion, and, whereas we are convinced that an
immediate and common purpose to which we should end our efforts is the
overwhelming success of the "Victory Liberty Loan," therefore be it resolved, we earnestly urge all the citizens of this country to look upon the
success of the "Victory Liberty Loan" as the most patriotic and essential
concern of the moment. That they begin at once to prepare for making subscriptions as large as their finances ind their credit will permit and that
each one do his part to insure an oversubscription such as will command
the admiration of the world for the people of the United States.

NEW PAMPHLET PUBLISHED FOR GUIDANCE OF
LIBERTY BONDHOLDERS.
A booklet entitled "Safe Keeping of Liberty Bonds" has
been prepared by the Government Loan Organization of the
New York Federal Reserve District for free distribution to
Liberty bondholders. The booklet gives a list of 450
banks, trust companies and safe deposit companies in the
New York Federal Reserve District that have agreed to
accept for safe keeping Liberty bonds holders of which do not
rent safe deposit vaults. The amount accepted is not to
exceed $500 from each individual depositor. An announcement regarding the booklet says:
There is a page in the booklet in which to keep a record of the different
classes of Liberty bonds owned, and it also contains a statement by Soorotary of the Treasury Carter Glass. urging all holders of Liberty bonds
not to sell them or otherwise dispose of them except under the spur of
urgent necessity.
Each community will have its own booklet giving a list of the banking
institutions in its territory in which holders can deposit their Liberty
bonds. There will be a booklet for Greater New York, one for New York
State outside of the greater city, and another for the twelve northern
counties of New Jersey, which are a part of the Second Federal Reserve
District.




Kansas
Indiana
Vermont
Montana
Washington
Nevada
Missouri
California (N.)__
Colorado
Wisconsin
Utah
New HampshireMinnesota
Connecticut ____
West Virginia___
California (3.)—
Arizona
Maine
Texas
Idaho
Tennessee

26,495,217 75
40,821,176 90
5,120,236 27
6,501,569 80
21,349,745 64
1,439,411 01
44,522,304 61
24,242,775 95
12,591,100 72
30,911,994 53
5,274,317 28
5,252,890 79
27.390,858 62
15.667,193 94
16,124,803 94
12,462,757 64
2,784,738 32
7,929,762 90
45,501.752 27
4,347,989 42
22,119,226 12

14 94
14 03
14 00
13 90
13 75
13 70
12 93
12 54
12 50
12 42
12 19
11 85
11 78
11 75
11 74
11 35
11 34
10 56
10 11
9 94
969
9 49

Pennsylvania(W.)
Oklahoma
North Dakota-North Carolina__
Kentucky
Pennsylvania(E.)
Mississippi
Louisiana
Arkansas
New York City__
Michigan
Virginia
Massachusetts
Maryland
Florida
New Jersey
New Mexico
Georgia
South Carolina__
Alabama

25,538,439 32
20,334,878 66
5,758,515 00
21,085,388 00
20,951,884 21
43,571,205 78
14,668.967 67
13,656,584 73
12,785,006 63
40,001,850 79
23,262,967 05
14,662,008 82
24,786,876 63
8,429,669 48
5,746,675 46
17,050,372 44
1;902,412 46
13,758,550 50
7,713,522 23
10,668,499 20

8 81
8 78
8 66
8 66
8 64
7 53
7 35
7 32
7 20
6 78
6 73
6 50
6 35
5 98
5 57
5 46
5 44
4 78
4 69
4 48

31,015.067 471 80 $9 64

ADJOURNMENT OF CONGRESS—PRESIDENT WILSON
ON DEFEAT OF LEGISLATION.
The 65th Congress expired on March 4, the session coming
to a close with a large number of appropriation bills and other
important legislation failing of enactment. In the House
following the announcement of adjournment without day by
Speaker Clark, there were the usual scenes of festivity.
The Senate ended its proceedings in the midst of a filibuster.
Although Republican leaders expressed their desire to have
the deficiency bill, carrying the $750,000,000 revolving fund
for the Railroad Administration, enacted into law, and conferred with the majority leaders to that end, managers on
both sides were unable to accomplish anything, due to protracted speeches by Senators La Follette, France and Sherman, who held the floor from 10 a. m. on the 3d until the
hour of adjournment on the 4th. The usual committee to
wait upon the President was not appointed and the customary resolutions of thanks were omitted as a result of these
speeches. President Wilson was at the Capitol to sign bills
that reached him and later he issued the following statement
concerning the failure of Congress to pass the legislation
which failed of passage:
A group of men in the Senate have deliberately chosen to embarrass the
administration of the Government, to imperil the financial interests of the
railway systems of the country and to make arbitrary use of powers intended to be employed in the interest of the people.
It is plainly my present duty to attend the Peace Conference at Paris.
It also is my duty to be in close contact with the public business during a
session of the Congress. I must make my choice between these two duties,
and I confidently hope that the people of the country will think that I am
making the right choice. It is not in the interest of the right conduct of
public affairs that I should call the Congress in special session while it is
impossible for me to be in Washington because of a more pressing duty
elsewhere, to co-operate with the Houses.
I take it for granted that the men who have obstructed and prevented
the passage of necessary legislation have taken all this into consideration
and are willing to assume the responsibility of the impaired efficiency of the
Government and the embarrassed finances of the country during the time
of my enforced absence.
The following bills failed to pass: Army, Navy, sundry civil, District of
Columbia, Indian, general deficiency, public buildings, appropriation
measures, civil service retirement, to end Federal control of wire systems
of communication, water-power, oil-land leasing, $100,000,000 reclamation

922

THE CHRONICLE

project to provide homes for discharged soldiers, immigration restriction,
joint resolution to repeal the luxury taxes imposed by the War Revenue Act,
joint resolution appropriating $5,000,000 for the expenses of the Peace
Commissioners.

The conference reports on tlio wheat-price guarantee bill,
the diplomatic and consular, and:Military Academy, and the
hospital construction bills were agreed to and the measures
sent to the President. It was impossible to hold an executive
session and a large number of nominations, including many
army and navy promotions, remained unconfirmed. Among
the more prominent nominations that failed of confirmation
were: A. Mitchell Palmer to be Attorney-General, John
Skelton Williams to be Comptroller of the Currency, Maj.Gen. Robert E. Noble, of the Medical Corps, American
Expeditionary Forces, to be a Brigadier-Genral in the
Regular Army.
With regard to the failure of measures affecting the War
Department, the Secretary of War in a press interview said:
The War Department situation, by reason of the failure of some bills,
While difficult, *will not be seriously embarrassing. The greatest regret
which I have about it is that a number of men will have to be retained in
the service whom we were rather anxious to demobilize. The bill proposed
the formation of a regular army of 500,000 men. By enlisting these 500,000
and getting going we would have had troops to replace those whom we will
otherwise have to keep. If the bill had passed we could have started at
once to organize this body of men, and withdraw the temporary members
of the army who are, of course, anxious to get away.

Called in April 1917, on the eve of the entrance of the
United States into the war, the 65th Congress held three
momentous sessions—the first from April 2 to Oct. 6 1917;
the second from Dec. 3 1917 to Nov. 21 1918, and the third
from Dec.2 1918 to the 4th of the present month. Although
unsuccessful in their efforts to record the Senate in favor of
amendment of the Constitution of the League of Nations,
the Republican Senators left in the record a resolution
approved by thirty-nine Senators opposing acceptance of the
charter in its present form. Republican Leader Lodge and
other spokesmen said this was notice to the President and
the Peace Conference that the necessary two-thirds majority
in the new Senate for ratification of the present plan could
not be obtained. Democratic leaders privately expressed
belief that amendments would be made soon after the
President reached Paris.
The text of the resolution follows:

[vol.. 108.

TEXT OF PRESIDENT WILSON'S ADDRESS AT
METROPOLITAN OPERA HOUSE.
The full text of President Wilson's address on the League
of Nations, delivered at the Metropolitan Opera House in
New York on March 4, is given below. In introducing the
President, Governor Smith of New York, who presided at
the meeting, said:
Whatever may be the crossfire of opinion, there is one thing that we are
all agreed upon, and that is that America will not have completed her part
In the great world conflict until she has done everything possible to prevent
the recurrence of the death, the misery, the suffering, the waste and the
devastation that from time immemorial have followed in the wake of war.
At the Peace Conference, to that task our President is applying his wonderful talents, backed by the people of our country, who believe that this
generation and the generations to come should achieve some lasting benefit
from the great sacrifices we so freely made.
When the honor, the dignity, and majesty of this groat Republic was
challenged, the President called upon the youth, the vigor, and the flower
of the American manhood to defend the principles of liberty, humanity,
and justice, upon which the country was founded. He told the mothers
of our country that they were giving up their youth not only that the world
might be made safe for democracy, but that there would never be another
war. To the fulfillment of that promise he has dedicated himself with all
his heart, and all his soul, and all his strength, and all his great ability,
and the rank and file of the American people are standing squarely and
•
solidly behind him.
Ladies and gentlemen, I have the very great honor and the privilege to
the
to-day.
of
leader
the
world
assembly
representative
this
to
present
President of the United States of America.

The President's address follows:

Mu Fellow Citizens—I accept the intimation of the air just played; I
will not come back "till it's over, over there." And yet I pray God, in
the interests of peace and of the world, that that may be soon.
The first thing that I am going to tell the people on the other side of the
water is that an overwhelming majority of the American people is in favor
of the League of Nations. I know that that is true; I have had unmistakable intimations of it from all parts of the country, and the voice rings
true in every case. I account myself fortunate to speak here under the
unusual circumstances of this evening. I am happy to associate myself
with Mr. Taft in this great cause. He has displayed an elevation of view
and a devotion to public duty which is beyond praise.
And I am the more happy because this means that this is not a party
issue. No party has the right to appropriate this issue, and no party will
in the long run dare oppose it.
We have listened to so clear and admirable an exposition of many of the
main features of the proposed covenant of the League of Nations that it is
perhaps not necessary for me to discuss in any particular way the contents
of the document. I will seek rather to give you its setting. I do not know
when I have been more impressed than by the conferences of the commission set up by the Conference of Peace to draw up a convenant for the
League of Nations. The representatives of fourteen nations sat around
that board—not young men, not men inexperienced in the affairs of their
own countries, not men inexperienced in the politics of the world; and tha
Whereas, Under the Constitution it is the function of the Senate to advise inspiring influence of every meeting was the concurrence of purpose on the
United
part of all those men to come to an agreement and an effective working
and consent to or dissent from the ratification of any treaty of the
States and no such treaty can become operative without the consent of the agreement with regard to this League of the civilized world.
There was a conviction in the whole impulse; there was conviction of
Senate expressed by the affirmative vote of two-thirds of the Senators presmore than one sort; there was the conviction that this thing ought to be
ent, and
of
and
the
done, and there was also the conviction that not a man there would venture
Whereas, Owing to the victory of the arms of the United States
nations with whom it is associated, a Peace Conference was convened and to go home and say that he had not tried to do it.
Mr.Taft has set the picture for you of what a failure of this great purpose
is now in session at Paris for the purpose of settling the terms of peace; and
Whereas, A committee of the conference has proposed a constitution for would mean. We have been hearing for all those weary months that this
Conference
agony of war has lasted of the sinister purpose of the Central Empires, and
a League of Nations and the proposal is now before the Peace
we have made maps of the course that they meant their conquests to take.
for its consideration; now, therefore, be It
Resolved, By the Senate of the United States in the discharge of its Con- Where did the lines of that map lie, of that central lino that we used to
stitutional duty of advice in regard to treaties, that it is the sense of the call from Bremen to Bagdad? They lay through these very regions to
Senate that while it is their sincere desire that the nations of the world should which Mr. Taft has called your attention, but they lay then through a
unite to promote peace and general disarmament, the constitution of the united empire, the Austro-Hungarian Empire, whose integrity Germany
League of Nations in the form now proposed to the Peace Conference should was bound to respect, as her ally lay in the path of that line of conquest;
the Turkish Empire, whose interests she professed to make her own, lay
not be accepted by the United States; and be it
Resolved further, That it is the sense of the Senate that the negotiation on in the direct path that she intended to tread. And now what has hapthe part of the United States should immediately be directed to the utmost pened? The Austro-Hungarian Empire has gone to pieces and the Turkish
expedition of the urgent business of negotiating peace terms with Germany Empire has disappeared, and the nations that effected that groat result—
satisfactory to the United States and the nations with whom the United for it was a result of liberation—are now responsible as the trustees of the
States is associated in the war against the German Government and the assets of those groat nations. You not only would have weak nations
proposal for a League of Nations to insure the permanent peace of the world lying in this path, but you would have nations in which that old poisonous
seed of intrigue could be planted with tho certainty that the crop would be
should be then taken up for careful and serious consideration.
abundant; and one of the things that the League of Nations is intended to
had•incorporated
watch is the course of intrigue. Intrigue cannot stand publicity, and if
. Along with the resolution, Senator Lodge
the League of Nations were nothing bilit a groat debating society it would
in the "Congressional Record" the following:
kill intrigue.
The undersigned Senators of the United States, Members and MembersIt is one of the agreements of this covenant that it is the friendly right
elect of the Sixty-sixth Congress, hereby declare that, if they had had the of every nation a member of the League to call attention to anything that It
opportunity, they would have voted for the foregoing resolution:
thinks will disturb the peace of the world, no matter where that thing is
William M. Calder,
Henry Cabot Lodge,
occurring. There is no subject that may touch the peace of the world
Henry W. Keyes,
Philander C. Knox,
Which is exempt from inquiry and discussion, and I think everybody here
Boles Penrose,
Lawrence Y. Sherman,
present will agree with me that Germany would never have gone to war if
Carroll S. Page,
Harry S. New,
she had permitted the world to discuss the aggression upon Serbia for a
George P. McLean,
George H. Moses,
single week. The British Foreign Office suggested, it pleaded, that there
Joseph Irwin France,
J. W. Wadsworth Jr.,
might be a day or two delay so that the representatives of the nations of
Medill McCormick,
Bert M. Fernald,
Europe could get together and discuss the possibilities of a settlement.
Charles Curtis,
Albert D. Cummins,
Germany did not dare permit a day's discussion. You know what hapLawrence C. Phipps,
F. E. Warren,
pened. So soon as the world realized that an outlaw was at large, the
Spencer,
P.
Selden
James E. Watson,
nations began one by one to draw together against her. We know for a
Hiram W. Johnson,
Thomas Sterling,
certainty that if Germany had thought for a moment that Great Britain
Charles E. Townsend,
J. S. Frelinghuysen,
would go in with France and with Russia she never would have undertaken
William P. Dillingham,
W. G. Harding,
the enterprise, and the League of Nations is meant as a notice to all outlaw
Lenroot,
L.
I.
Frederick Hale,
nations that not only Great Britain, but the United States and the rest
Miles Poindexter,
William E. Borah,
of the world will go in to stop enterprises of that sort. And so the League
Howard Sutherland,
Walter E. Edge,
of Nations is nothing more nor loss than the covenant that the world will
Truman H. Newberry,
Reed Smoot,
always maintain the standards which it has now vindicated by some of the
Ball.
Heisler
L.
Asle J. Gronna,
most precious blood ever spilled.
Frank B. Brandegeo,
The liberated peoples of the Austro-Hungarian Empire and of the TurEmpire call out to us for this thing. It has not arisen in the council
kish
early
Senator Lewis, Democrat, of Illinois,. during the—
of statesmen. Europe is a bit sick at heart at this very moment, because
hours of the morning endeavored to obtain the floor to sub- it sees that statesmen have had no vision, and that the only vision has been
mit a resolution indorsing the work of the President,but was the vision of the people. Those who suffer see. Those against whom
wrong isiwrought know how desirable is the right and the righteous The
blocked until just before the hour of adjournment. At that nations
that have long been under the heel of the Austrian, that have long
considerabut
his
resolution,
presenting
in
he
succeeded
time
cowered before the German, that have long suffered the indescribable
agonies of being governed by the Turk, have called out to the world, gention of it was denied.




MAR. 8 1919.]

THE CHRONICLE

923

oration after generation, for justice, for liberation, for succor; and no Cabi- from Paris unless he has done his utmost to do something more than attach
net in the world has heard them. Private organizations, pitying hearts, his name to a treaty of peace. Every man in that Conference knows that
philanthropic men and women have poured out their treasure In order to the treaty of peace in itself will be inoperative, as Mr. Taft has said, without
relieve these sufferings; but no nation has said to the nations responsible, this constant support and energy of a great organization such as is supplied
"You must stop; this thing is intolerable, and we will not permit it." And by the League of Nations.
the vision has been with the people. My friends, I wish you would reAnd men who when I first went over there were skeptical of Cie possiflect upon this proposition: The vision as to what is necessary for great bility of forming a League of Nations admitted that if we could but form
reforms has seldom come from the top in the nations of the world. It it it would be an invaluable instrumentality through which to secure the
has come from the need and the aspiration and the self-assertion of great operation of the various parts of the treaty; and when that treaty comes
bodies of men who meant to be free. And I can explain some of the critic- back, gentlemen on this side will find the covenant not only in it, but so
isms which have been leveled against this groat enterprise only by the sup- many threads of the treaty tied to the covenant that you cannot dissect
position that the men who utter the criticisms have never felt the great the covenant from the treaty without destroying the whole vital structure.
pulse of the heart of the world.
The structure of peace will not be vital without the League of Nations.
And I am amazed—not alarmed, but amazed—that there should be in and no man is going to bring back a cadaver with him.
some quarters such a comprehensive ignorance of the state of tho world.
I must say that I have been puzzled by some of the criticisms—not by
These gentlemen do not know what the mind of men is just now. Every- the criticisms themselves; I can understand them perfectly, even when
body else does. I do not know where they have been closeted, I do not there was no foundation for them; but by the fact of the criticism. I
know by what influences they have been blinded; but I do know that they cannot imagine how these gentlemen can live and not live in the atmoshave been separated from the general currents of the thought of mankind.
phere of the world. I cannot imagine how they can live and not be in
And I want to utter this solemn warning, not in the way of a threat; the contact with the events of their times, and I particularly cannot imagine
forces of the world do not threaten, they operate. The great tides of the how they can be Americans and set up a doctrine of careful selfishness,
world do not give notice that they are going to rise and run; they rise in thought out to the last detail. I have heard no counsel of generosity in
their majesty and overwhelming might, and those who stand in the way their criticism. I have heard no constructive suggestion. I have heard
are overwhelmed. Now the heart of the world is awake, and the heart nothing except "will it not be dangerous to us to help the world?" It
of the world must be satisfied. Do not let yourselves suppose for a mo- would be fatal to us not to help it.
ment that the uneasiness in the populations of Europe is due entirely to
From being what I will venture to call the most famous and the most
economic causes or economic motives; something very much deeper under- powerful nation in the world we would of a sudden have become the most
lies it all than that. They see that their Governments have never been contemptible. So, I did not need to be told, as I have been told, that the
able to defend them against intrigue or aggression, and that there is no people of the United States would support this covenant. I am an Ameriforce of foresight or prudence in any modern Cabinet to stop war. And can and I knew they would. What a sweet revenge it is upon the world.
therefore they say, "There must be some fundamental cause for this," They laughed at us once, they thought we did not mean our professions
and the fundamental cause they are beginning to perceive to be that na- of principle. They thought so until April of 1917. It was hardly credible
tions have stood singly or in little jealous groups against each other, fos- to them that we would do more than send a few men over and go through
tering prejudice, increasing the danger of war rather than concerting the forms of helping, and when they saw multitudes hastening across the
measures to prevent it; and that if there is right in the world, if there is sea and saw what those multitudes were eager to do when they got to the
justice in the world, there is no reason why nations should be divided in other side, they stood at amaze and said: "The thing is real, this nation is
the support of justice.
the friend of mankind as it said it was." The enthusiasm, the hope. the
They are therefore saying if you really believe that there is a right, it' trust, the confidence in the future bred by that change of view are inyou really believe that wars ought to be stopped, stop thinking about the describable. Take an individual American and you may often find him
rival interests of nations, and think about men and women and children selfish, and confined to his special interests; but take the American in the
throughout the world. Nations are not made to afford distinction to their mass and he is willing to die for an idea. The sweet revenge, therefore, is
rulers by way of success in the manoeuvres of politics; nations are meant, this, that we believed in righteousness, and now we are ready to make the
If they are meant for anything, to make the men and women and children supreme sacrifice for it, the supreme sacrifice of throwing in our fortunes
in them secure and happy and prosperous, and no nation has the right to with the fortunes of men everywhere. Mr. Taft was speaking of Washingset up its special interests against the interests and benefits of mankind, ton's utterance about entangling alliances, and if he will permit me to say
least of all this great nation which we love. It was set up for the benefit so, he put the exactly right interpretation upon what Washington said, the
of mankind; it was set up to illustrate the highest ideals and to achieve the interpretation that is inevitable if you read what he said, as most of these
highest aspirations of men who wanted to be free; and the world—the world gentlemen do not. And the thing that he longed for was just what we are
of to-day—believes that and counts on us, and would be thrown back into now about to supply; an arrangement which will disentangle all the alliances
the blackness of despair if we deserted it.
In the world.
I have tried once and again, my follow-citizens, to say to little circles of
Nothing entangles, nothing enmeshes a man except a selfish combination
friends or to larger bodies what seems to be the real hope of the peoples of with somebody else. Nothing entangles a nation, hampers it, binds it,
Europe, and I tell you frankly I have not been able to do so because when except to enter into a combination with some other nation against the other
the thought tries to crowd itself into speech the profound emotion of the nations of the world. And this great disentanglement of all allainces is
thing is too much; speech will not carry. I have felt the tragedy of the now to be accomplished by this covenant, because one of the covenants is
hope of those suffering peoples.
that no nation shall enter into any relationship with another nation inconIt is tragedy because it is a hope which cannot be realized in its perfec- sistent with the covenants of the League of Nations. Nations promise
tion, and yet I have felt besides its tragedy, its compulsion—its compul- not to have alliances. Nations promise not to make combinations against
sion upon every living man to exercise every influence that he has to the each other. Nations agree that there shall be but one combination, and
utmost to see that as little as possible of that hope is disappointed, because that is the combination of all against the wrongdoer.
if men cannot now, after this agony of bloody sweat, come to their selfAnd so I am going back to my task on the other side with renewed vigor.
possession and see how to regulate the affairs of the world, we will sink I had not forgotten what the spirit of the American people is, but I have
back into a period of struggle in which there will be no hope, and, there- been immensely refreshed by coming in contact with it again. I did not
fore, no mercy. There can be no mercy where there is no hope, for why know how good home felt until I got here.
should you spare another if you yourself expect to perish? Why should
The only place a man can feel at home is where nothing has to be explained
you be pitiful if you can got no pity? Why should you be just if, upon to him. Nothing has to be explained to me in America, least of all the
every hand, you are put upon?
sentiment of the American people. I mean about great fundamental things
There is another thing which I think the critics of this covenant have like this. There are many differences of judgment as to policy—and pernot observed. They not only have not observed the temper of the fectly legitimate—sometimes profound differences of judgment; but those
world, but they have not even observed the temper of those splendid are not differences of sentiment, those are not differences of purpose, those
boys in khaki that they sent across the seas. I have had the 'proud are not differences of ideals. And the advantage of not having to have
consciousness of the reflected glory of those boys, because the Constitu- anything explained to you is that you recognize a wrong explanation when
tion made me their Commander-in-Chief, and they have taught me you hear it.
some lessons. When we went into the war, we wont into it on the basis
In a certain rather abandoned part of the frontier at one time it was said
of declarations which it was my privilege to utter, because I believed them they found a man who told the truth; he was not found telling it, but he
to be an interpretation of the purpose and thought of the people of the could tell it when he heard it. And I think I am in that situation with
United States. And those boys went over there with the feeling that they regard to some of the criticisms I have heard. They do not make any
were sacredly bound to the realization of those ideals; that they were not impression on me, because I know there is no medium that will transmit
only going over there to boat Germany; they were not going over there them, that the sentiment of the country is proof against such narrowness
merely with resentment in their hearts against a particular outlaw nation; and such selfishness as that. I recommend these gentlemen in communion
but that they were crossing those three thousand miles of sea in order to with their fellow-citizens.
show to Europe that the United States, when it became necessary, would
What are we to say, then, as to the future? I think, my fellow citizens,
go anywhere where the rights of mankind were threatened. They would that we can look forward to it with great confidence. I have heard cheering
not sit still in the trenches. They would not be restrained by the prudence news since I came to this side of the water about the progress that is being
of experienced continental commanders. They thought they had come made in Paris toward the discussion and clarification of a great many
over there to do a particular thing, and they were going to do it and do it difficult matters and I believe that settlements will begin to be made rather
at once. And just as soon as that rush of spirit as well as rush of body came rapidly from this time on at those conferences. But what I believe, what
In contact with the lines of the enemy, they began to break, and they I know as well as believe, is this: That the men engaged in those concontinued to break until the end. They continued to break, my fellow ferences are gathering heart as they go, not losing it; that they are finding
citizens, not merely because of the physical force of those lusty youngsters, community of purpose and community of ideal to an extent that perhaps
but because of the irresistible spiritual force of the armies of the United they did not expect; and that amidst all the inter-play of influence—because
States. It was that they felt. It was that that awed them. It was that It is infinitely complicated—amidst all the inter-play of influence, there is a
that made them feel, if these youngsters over got a foothold, they could forward movement which is running toward the right. Men have at last
never be dislodged, and that therefore every foot of ground that they won perceived that the only permanent thing in the world is the right, and that
was permanently won for the liberty of mankind.
a wrong settlement is bound to be a temporary settlement—bound to be a
And do you suppose that having felt that crusading spirit of these young- temporary settlement for the very best reason of all, that it ought to be a
sters, who went over there not to glorify Amercia but to serve their fellow temporary settlement, and the spirits of men will rebel against it, and the
men, I am going to permit myself for one moment to slacken in my effort spirits of men are now in the saddle.
to be worthy of them and of their cause? What I said at the opening I
When I was in Italy a little limping group of wounded Italian soldiers
said with a deeper moaning than perhaps you have caught; I do moan not sought an interview with me. I could not conjecture what it was they were
to come back until it's over over there, and It must not be over until the going to say to me, and with the greatest simplicity, with a touching simnations of the world are assured of the permanency of peace.
plicity, they presented me with a petition in favor of the League of Nations.
Gentlemen on this side of the water would be very much profited by Their wounded limbs, their impaired vitality were the only argument they
getting into communication with some gentlemen on the other side of the brought with them. It was a simple request that I lend all the influence
water. We sometimes think, my fellow citizens, that the experienced that I might happen to have to relieve future generations of the sacrifices
statesmen of the European nations are an unusually hard-headed set of that they had been obliged to make. That appeal has remained in my
men, by which we generally mean, although we do not admit it, that they mind as I have ridden along the streets in European capitals and heard
are a bit cynical, that they say "This is a very practical world," by which cries of the crowd, cries for the League of Nations, from lips of people
YOU always mean that it is not an ideal world; that they do not believe that who, I venture to say, had no particular notion of how it was to be done,
things can be settled upon an ideal basis. Well, I never came into intimate who were not ready to propose a plan for a League of Nations, but whose
contact With them before, but if they used to be that way, they are not hearts said that something by way of a combination of all men everywhere
that way now. They have been subdued, if that was once their temper, must come out of this. As we drove along country roads weak old women
by the awful significance of recent events and the awful importance of would come out and hold flowers up to us. Why should they hold flowers
what is to ensue; and there is not one of them with whom I have come in up to strangers from across the Atlantic? Only because they believed that
contact who does not feel that he cannot in conscience return to his people we were the messengers of friendship and of hope, and these flowers were




924

THE CHRONICLE

their humble offerings of gratitude that friends from so great a distance
should have brought them so great a hope.
It is inconceivable that we should disappoint them, and we shall not.
The day will come when men in America will look back with swelling
hearts and rising pride that they should have been privileged to make
the sacrifice which it was necessary to make in order to combine their
might and their moral power with the cause of justice for men of every
kind everywhere.
God give us the strength and vision to do it wisely. God give us the
privilege of knowing that we did it without counting the cost and because
we were true Americans, lovers of liberty and of the right.

EX-PRESIDENT TAFT DEFENDS LEAGUE OF NATIONS AT METROPOLITAN.OPERA HOUSE
MEETING.
Former President William Howard Taft spoke from the
same platform with President Wilson last Tuesday night
(March 4) at the Metropolitan Opera House, New York
City. Mr. Taft's address, in which he defended the proposed covenant for a League of Nations, was as follows:
Mr. President, Ladies and Gentlemen.—We are here to-night in sight of a
league of peace, of what I have ever regarded as the "Promised Land."
Such a war as the last is a hideous blot on our Christian civilization. The
inconsistency is as foul as was slavery under the Declaration of Independence. If Christian nations cannot now be brought into a united effort
to suppress a recurrence it will be a shame to modern society.
-During my administration I attempted to secure two treaties of universal
arbitration between this country and France and England, by which all
issues depending for their settlement upon legal principles were to be submitted to an international court for final decision. These treaties were
emasculated by the Senate, yielding to the spirit which proceeds, unconsciougly doubtless, but truly, from the conviction that the only thing that
will secure to a nation the justice it wishes to secure is force; that agreements between nations to settle controversies justly and peaceably should
never be given any weight in national policy; that in dealing between
civilized nations we must assume that each nation is conspiring to deprive
us of our independence and our prosperity; that there is no impartial
tribunal to whom we can entrust the decision of any question vitally
affecting our interests qr our honor, and that we can afford to make no
agreement from which we may not immediately withdraw, and whose
temporary operation to our detriment may not be expressly a ground for
ending it. This is the doctrine of despair. It leads necessarily to the
conclusion that our only recourse to avoid war is competitive armament,
with its dreadful burdens and its constant temptation to the war it seems
to avoid.
The first important covenant with reference to peace and war in the constitution of the League is that looking to a reduction of armament by all
nations. The Executive Council, consisting of a representative from the
United States, the British Empire, France, Italy and Japan, and with a
representative each from four nations to be selected by the body of delegates, is to consider how much the armaments of the nations should be
reduced, having regard to the safety of each of the nations and their obligations under the League. Having reached a conclusion as to the proportionate limits of each nation's armament, it submits its conclusion to each
nation, which may or may not agree to the limit thus recommended; but
when an agreement is reached between a nation and the Executive Council
it covenants to keep within that limit until, by application to the Executive
Council, the limit may be raised. In other words, each nation agrees to
its own limitation. Having so agreed, it must keep within it.
The importance of providing for a reduction of armament every one
recognizes. It is affirmed in the newly proposed Senate resolution. Can
we not trust our Congress to fix a limitation safe for the country and stick
to it? If we can't, no country can. Yet all the rest are anxious to do this.
They are far more exposed than we.
The character of this obligation is affected by the time during which the
covenants of the League continue to bind. There is no stipulation as to
how long this is. In my judgment there should be a period of ten years
or a permission for any member of the League to withdraw from the covenant by giving a reasonable notice of one or two years of its intention to do so.
The members of the League and the non-members are required, the
former by their covenant, the latter by an enforced obligation, to submit
all differences between them not capable of being settled by negotiation to
arbitration before a tribunal composed as the parties may agree. They
are required to covenant to abide the award. Should either party deem
the question one not proper for arbitration then it is to be taken up by the
Executive Council of the League. The Executive Council mediates between the parties and secures a voluntary settlement of the question if
possible; if not, it makes a report. If the report is unanimous, the Executive Council is to recommend what shall be done to carry into effect its
recommendation. If there is a dissenting vote, then the majority report is
published, and the minority report, if desired, and no further action is
taken. If either party or the Executive Council itself desires, the mediating function is to be discharged by the body of delegates in which every
member of the League has one vote. There is no direction as to what
shall be done with reference to the recommendation of proper measures to
be taken, and the whole matter is then left for such further action as the
members of the League agree upon. There is no covenant by the defeated
party that it will comply with the unanimous report of the Executive Council or the body of the League.
And right here I wish to take up the objection made to the League that
under this machinery we might be compelled to receive immigrants contrary to our national desire from Japan or China. We could and would
refuse to submit the issue to arbitration. It would then go to mediation.
In my judgment the Council as a mediating body should not take jurisdiction to consider such a difference. Immigration by international law
is a domestic question completely within the control of the government
into which immigration is sought, unless the question of immigration is
the subject of treaty stipulation between two countries. If, however, it
be said that there is no limitation in the covenant of the differences to be
mediated, clearly we would run no risk of receiving from the large body
of delegates of all the members of the League a unanimous report recommending a settlement by which Japanese immigrants shall be admitted to
our shores or Japanese applicants be admitted to our citizenship, contrary
to our protest. But were it made, we are under no covenant to obey such
recommendation. If it could be imagined that all of the other nations of
the world would thus unite their military forces to compel us to receive
Japanese immigrants under the covenant, why would they not do so without the covenant?
These articles compelling submission of differences either to arbitration
or mediation are not complete machinery for settlement by peaceable
means of all Issues arising between nations. But they are a substantial




[VOL. 108.

step forward. They are an unambitious plan to settle as many questions
as possible by arbitration or mediation, They illustrate the spirit of those
who drafted this covenant and their sensible desire not to attempt more
till after actual experience.
The next covenant is that the nations shall not begin war until three
months after the arbitration award or the recommendation of compromise, and not then if the defendant nation against whom the award or
recommendation has been made shall comply with it. This is the great
restraint of war imposed by the covenant upon members of the League
and non-members. It is said that this would prevent our resistance to a
border raid of Mexico or self-defense against any invasion. This is a most
extreme construction. If a nation refuses submission at all, as it does
when it begins an attack, the nation attacked is released instanter from
its obligation to submit and is restored to the complete power of selfdefense. Had this objection not been raised in the Senate one would not
have deemed it necessary to answer so unwarranted a suggestion.
If the defendent nation does not comply with the award or ananimous
report, then the plaintiff nation can begin war and carry out such complete
remedy as the circumstances enable it to do. But if the defendant nation
does comply with the award or ananimous report, then the plaintiff
nation must be content with such compliance. It runs the risk of not getting all that it thought it ought to have or might have by war, but as it is
asking affirmative relief it must be seeking some less vital interest than its
political independence or territorial integrity, and the limitation is not one
which can be dangerous to its sovereignty.
The third covenant, the penalizing covenant, is that if a nation begins
war,in violation of its covenant,then ipso facto that is an act of war against
every member of the League and the members of the League are required
definitely and distinctly to levy a boycott on the covenant braking nation
and to cut off from it all commercial, trade, financial, personal and official
relations between them and their citizens and it and its citizens. Indeed,
the boycott is compound or secondary in that it is directed against any
non-members of the League continuing to deal with the outlaw nation.
This is an obligation operative at once on each member of the League.
With us the Executive Council would report the violation of the covenant
to the President and that would be reported to Congress, and Congress
would then, by reason of the covenant of the League, be under an honorable
legal and moral obligation to levy an embargo and prevent all intercourse
of every kind betweeh this nation and the covenant breaking nation.
The extent of this penalty and its heavy withering effect when the hostile action includes all members of the League, as well as all non-members,
may be easily appreciated. The prospect of such an isolation would be
likely to frighten any member of the League from a reckless violation of
its covenant to begin war. It is inconceivable that any small nation,
dependent as it must be on larger nations for its trade and sustenance,
indeed for its food and raw material, would for a moment court such a
destructive ostracism as this would be.
If, however, the boycott does not prove sufficient, then the Executive
Council is to recommend the number of the military and naval forces to
be contributed by the members of the League to protect the covenants
of the League in such a case. There is no specific covenant by which
they agree to furnish any amount of force, or, indeed, any force at all,
to a League army. The use of the word "recommend" in describing
the function of the Executive Council shows that the question whether
such forces shall be contributed and what shall be their amount must
ultimately address itself to the members of the League for their decision
and action. There is this radical and important difference, therefore,
between the obligation to lay a boycott and the obligation to furnish
military force, and doubtless this distinction was insisted upon and reached
by compromise. The term "recommendation" cannot be interpreted to
impose any imperative obligation on those to whom the recommendation
is directed.
The other covenants of the penalizing article as to support of a nation
engaged in a boycott, or against whom the covenant breaking nation shall
direct any special measures, impose on the members of the League the duty
of sharing the expense of the boycott with any nation upon which it has
fallen with uneven weight and of supporting such a nation in its resistance
to any special measures directed against it by the outlaw nation. But there
Is no specific requirement as to the character of the support beyond the
obligation of the boycott, the contribution of expenses and the obligation
its territory
of each member of the League to permit the passage through
of forces of other members of the League co-operating with military forces
against the outlaw nation.
By Article X. the high contracting parties undertake to respect and
preserve against external aggression the political independence and the
territorial integrity of every member of the League, and when these are
proper
attacked or threatened the Executive Council is to advise as to the
means to fulfill this obligation. The same acts or series of acts which
make Article X. applicable will be a breach of the covenant which creates
a boyan outlaw nation under Article XVI., so that all nations must begin
integrity or overcott against any nation thus breaking the territorial
Article
throwing the independence of a member of the League. Indeed
point
X. will usually not be applicable until a war shall be fought to the
necesbe
usually
will
showing its specific purpose. Protection against it
or
territory
of
appropriation
the
peace,
of
sary in preventing, in a treaty
nation.
the interference with the sovereignty of the attacked and defeated
put upon it
We have seen this in the construction of the Monroe Doctrine
when Spain
by Secretary Seward and President Roosevelt. The former,
it, advised
protect
to
States
United
the
to
attacked Chill and Chili appealed
not interfere to
Spain that under the policy of the United States it would
prevent the punishment by war of an American nation by a non-American
nation, provided it did no extend to a permanent deprivation of its territory
the Venezuelan
or an overthrow of its sovereignty. President Roosevelt, in
prevent nations
matter, also announced that the Monroe Doctrine did not
oppressive measures
from proceeding by force to collect their debts provided
independence or territowere not used which would deprive the nation of its
construction of
proper
the
for
analogy
rial integrity. This furnishes an
Article X.
means shall be
The fadt that the Executive Council is to advise what
by each
taken to fulfill the obligation shows that the means to be taken
the circumfair
under
and
proper
nation are means which it shall deem
the fact that the
stances, considering its remoteness from the country and
furnish the requisite
nearer presence of other nations should induce them to
question, both under
military force. It thus seems to me clear that the
States shall
article XVIII. and under article X., as to whether the United
to the voluntary
declare war and what forces it shall furnish, are remitted
the constitution, having
action of the Congress of the United States under
to be borne
regard for a fah* division between all the nations of the burden
by the enjoined and
whether
under the League and the proper means
or by the
money,
of
loans
of
advance
the
inevitable boycott alone, or by
it should be.
declaration of war and by the use of military force. This is as nations will
It fixes the obligation of action in such a way that American
and Asiatic
attend to America and European nations will attend to Europe
to the world
nations to Asia, unless all deem the situation so threatening
active part. It
and to their own interests that they should take a more

MAR. 8 1919.]

THE CHRONICLE

seems to me that appropriate worsts might be added to the pact which
should show distinctly this distribution of obligation. It will relieve those
anxious in respect to the Monroe Doctrine to exclude from forcible intervention any issues between American nations by European or Asiatic nations
until requested by the United States or an executive council of the American
nations framed for the purpose.
Objection is made to the constitution of the Executive Council, with
the suggestion that Great Britain might have more delegates therein than
other countries. This is an error. The British Empire, which, of course,
includes its dominions, is limited to one delegate in the Executive Council.
Provision is made by which upon a vote of two-thirds of the body of delegates new members may be admitted who are independent States or are
self-governing dominions or colonies. Under this Canada and Australia
and South Africa might be admitted as delegates. I presume, too, the
Philippines might be admitted. But the function of the body of delegates
is not one which makes its membership of great importance. When it
acts as a mediating and compromising body its reports must be unanimous
to have any effect. The addition of members therefore is not likely to
create greater probability of unanimity. More than this, the large number
of countries who will become members will minimize any important British
influence from such dominions and colonies who are really admitted solely
because they have different interests from their mother country. The
suggestion that Great Britain will have any greater power in shaping the
policy of the League in really critical matters when analyzed will be seen
to have no foundation whatever.
A proposed resolution in the Senate recites that the constitution of the
League of Nations in the form now proposed should not be accepted by the
United States, although the sense of the Senate is that the nations of the
world should unite to promote peace and general disarmament. The
resolution further recites that the negotiations on the part of the United
States should immediately be directed to the utmost expedition of the
urgent business of negotiating peace terms with Germany satisfactory to
the United States and the nations with whom the United States is associated
in the war against the German Government, and that the proposal for a
League of Nations to insure the permanent peace of the world should then
be taken up for careful and serious consideration. It is said that this
resolution will be supported by thirty-seven members of the new Senate,
and thus defeat the confirmation of any treaty which includes the present
proposed covenant of Paris.
The authority under the constitution which initiates the form which
treaties are to take and which in the outset determines what subject matter
they shall include is the President of the United States. Therefore if to
the President of the United States and to those acting with him with
similar authority for other nations it shall seem that no effective treaty of
peace can be concluded except with a League of Nations, in substance like
that now proposed, as a condition precedent to the proper operation and
effectiveness of the treaty, it will be the duty of the President and his fellow
delegates to the conference to insert such a covenant in the treaty as
indispensable to the peace sought. If in accordance with that sense of
duty, therefore, such a covenant embodying the substantial features of the
proposed one shall be incorporated in a treaty of peace, signed by the
representatives of the Powers and brought back by the President and submitted by him to the Senate, the question which will address itself to the
proponents of this Senate resolution will be not whether they would prefer
to consider a League of Nations after the treaty of peace but whether they
will feel justified in defeating or postponing a treaty because it contains a
constitution of a League of Nations deemed by the President necessary to
the peace which all seek.
The covenant of Paris, which is now a covenant only between the nations
in war with Germany, including the seven nations who actually won the
war, is essential to an effective treaty of peace to accomplish the purposes
of the war. The purposes of the war were to defeat militarism, to make
the world safe for democracy and to secure permanent peace.
Under the informal agreement between the nations who won this war,
outlined in the President's message of Jan. 8 1018, as qualified by the
Entente Allies before the armistice, we are to create and recognize as independent States four nations forming a bulwark between Germany and
Russia to prevent Germany's future intrigue to secure control of Russia.
In the process we are to carve these nations out of the great autocracies,
Russia, Germany and Austria. As obstructions to German future conspiracies for power, we are to give German and Austrian Poland to the republic of Poland, to set up the Czechoslovak State of ten million between
Germany and Austria-Hungary, as well, as the Jugoslav State carved out
of Austria and Hungary in the south; to fix now boundaries in the Balkans.
with Rumania enlarged by Transylvania and Bessarabia; to make an
internationalized Government at Constantinople, keeping ward over the
passage between the Black Sea and the Aegean,and to establish autonomous
dominions in Palestine, Syria, Armenia and Mesopotamia. This plan for
the peace and the reasons for it were set out with great force and vision by
Senator Lodge last January. Thus we are to take away the possibility
that Germany shall ever again conceive and carry toward accomplishment
her dream of the control of Russia and of a Middle European and Asiatic
Empire, reaching from Hamburg to the Persian Gulf.
We are to do this by the establishment of seven new republics in Europe
and the setting up of autonomies in Asia Minor. We are to create twenty
nations instead of four. We are to carve the new ones out of the old ones.
The peoples of the new republics will not have had experience in self-government. They are the children of the League of Nations as Cuba has
been our child. The League must continue to be a guardian of their internal stability if they are to serve their purpose. Their natural resentment for past oppression against the neighboring countries out of which
they have been carved and the corresponding hatred by the defeated peoples of them will at once produce controversies innumerable over the interpretation of the treaty and its application. Even the new countries
as between themselves, with their natural lack of self-restraint and their
indefinite ideas of their powers, have already come into forced conflict.
Unless there be some means for authoritatively interpreting the treaty
and applying it, and unless the power of tne League be behind It to gi
effect to such interpretation and application, the treaty instead of producing
peace will produce a state of continued war.
More than this, in the dark background is the threatened spectre of Bolshevism, hard, cruel, murderous, uncompromising and destructive of Christian civilization, militant in pressing its hideous doctrines upon other
peoples and insidious in its propaganda among the lowest element in every
country. Against the war, the chaos and the explosive dangers of Bolshevism, throughout all the countries of Europe, a League of Nations
must be established to settle controversies peaceably and to enforce the
settlement.
If it be said that the European nations should unite in a League to maintain these independent States and settle the difficulties arising between
them and the older States in the sphere of war, and in resisting Bolshevism,
it is sufficient to say that the withdrawal pf the United States from the
League of Nations will weaken it immeasurably. The disinterestedness
of the United States, its position as the greatest Power in the world in
view of its population and their intelligence and adaptability, its enormous




925

natural resources, and its potential military power, demonstrated on the
fields of France and Belgium, make its membership in the League indispensable. The confidence of the world in its disinterestedness and in its
pure democracy will enormously enhance tne prestige and power of the
Leagae and the faith of the world in the League's earnest desire for peace
with justice.
For the United States to withdraw would make a league of the other
nations nothing but a return to the system of alliances and the balance
of power with a certain speedy recurrence of war,in which the United States
would be as certainly involved as it was in this war. The new inventions
for the destruction of men and peoples would be a world suicide, while
the interval between now and then would be a story of further competitive
armaments, with all their heavy burdens upon the peoples of the nations,
with all their constant temptation to war. With such a prospect, the
United States should not hesitate to take its place with the other responsible nations of the world and by now making light concessions and assuming light burdens greatly reduce the possibility of war and minimize the
necessity for armament and destroy competition therein.
No critic of the League has offered a single constructive suggestion to
meet the crisis that I have thus summarily touctied upon. The resolution
of the Senate does not suggest or refer in any way to machinery by which
the function of the League of Nations in steadying Europe and the maintaining of the peace agreed upon in the peace treaty shall be secured. Well
may the President, therefore, decline to comply with the suggestions of
the proposed resolution. Well may he say when he returns with the
treaty, of which the covenant shall be a most important and indispensable part, "If you would postpone peace, if you would defeat it, you can
refuse to ratify the treaty. Amend it by striking out the covenant and you
will leave confusion worse confounded, with the objects of the war unattained and sacrificed and Europe and the world in dangerous chaos."
Objection is made that the covenant of the League is a departure from
the traditional policy of the United States following the advice of Washington in avoiding entangling alliances with European nations. The
European war in which we were drawn demonstrates that the policy
is no longer possible for the United States. It is out of its swaddling
clothes. It has ceased to be a struggling nation. It has been made
a close neighbor of Great Britain and France and Italy and of all the
nations of Europe, and is in such intimate trade relations that in a
general European war it never can be a neutral again. It tried to be
in this war and failed. Whatever nation secures the control of the
seas will make the United States its ally, no matter how formal and
careful its neutrality, because it will be the sole customer of the United
States in food, raw material and war necessities. Modern war is carried
on in the mines and the workshops and on the farm as well as in the trenches.
The former are indispensable to the work in the latter. Hence the United
States will certainly be drawn in, and hence its interests are inevitably
Involved in the preservation of European peace. These conditions and
circumstances are so different from those in Wasnington's day and are so
unlike anything which he could have anticipated that no words of his having relation to selfish offensive and defensive alliances such as he described
in favor of one nation and against another should be given any application
to the present international status.
Objection is made that the covenant destroys the Monroe Doctrine.
The Monroe Doctrine was announced and adopted to keep European
monarchies from overthrowing the independence of governments in this
hemisphere and fastening their system upon those governments. It is
asserted in various forms, some of them extreme, and others less so. I
presume that no one now would attempt to sustain the declarations of
Secretary Olney in his correspondence with Lord Salisbury. The sum
and substance of the Monroe Doctrine is that we do not propose in our
own interest to allow European nations or Asiatic nations to acquire, beyond what they now have, through war or purchase and intrigue, territory,
political power or strategical opportunity from the countries of this hemisphere. Article ten of the League is intended to secure this to all nations
except that it does not forbid purchase of territory or power.
In some speeches in the Senate intimations have been made which enlarge this doctrine beyond what can be justified. Those who would seek
to enforce a Monroe Doctrine which makes the Western hemisphere our
own preserve, in which we may impose our soveriegn will on the will of
other countries in their own interest, because, indeed, we have done that
in the past, should not be sustained. Our conquests of our Western
territory, of course, have worked greatly for the civilization of the world
and for our own usefulness and the happiness of those who now occupy
that territory, but we have reached a state in the world's history when
Its progress should be now determined and secured under just and peaceful
conditions, and progress through conquest by powerful nations should be
prevented.
The idea that the coditions in America and in Europe can be maintained
absolutely separate, with the great trade relations between North
America and Europe, South America and Europe, is looking backward,
not forward. It does not face existing conditions. I would have no
objection and I would favor a recognition of the Monroe Doctrine as I
have stated it above by specific words in the covenant, with a further
provision that the settlement of purely American questions should be
remitted primarily to the American nations, with machinery like that of
the present League, and that European nations should not intervene unless requested to do so by the American nations.
The European nations desire our entrance into this League not that
they may control America but to secure our aid in controlling Europe,
and I venture to think that they would be relieved if the primary duty of
keeping peace and policing this Western hemisphere were relegated to us
and our Western colleagues. I object, however, to such a reservation as
was contained in The Hague Conference against entangling alliances, because the recommendation was framed before the demonstrations of this
war and contains reservations as to the so-called policy against entangling
alliances that are inconsistent with the needs of this nation and the needs
of the world to secure the peaceful future of both.
Objection is made to this League on constitutional grounds. This
League is to be made by the treaty making power of the United States.
What does the treaty making power cover? The Supreme Court of the
United States, through Mr. Justice Field, in the Riggs case has held that
it covers the right to deal by contract with all subject matter which are
usually dealt with by contract in treaties between nations, except to change
our form of government or part with territory of a State without its consent. The treaty making power is a sovereign power.
The Supreme Court has over and over again, through Mr. Chief Justice
Marshall, indicated that the United States was a nation and a sovereign
capable of dealing with other nations as such, and with all the powers
inferable from that sovereignty. It is said that this League does change
the form of our Government. No function or discretion is taken from
any branch of the Government which it now performs or exercises. It is
intimated that it delegates to an outside tribunal the power vested by the
Constitution in Congress or the Senate. It is said it does this in respect
to the Executive Council. The Executive Council has no power but to
recommend to the nations of the League courses which those nations

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may accept or reject, save in the matter of increasing the limit of armament
to which the United States by its Congress, after full consideration, shall
have consented. Neither the Executive Council nor the body of delegates in the machinery for peaceful settling of differences does other than
to recommend a compromise which the United States does not under the
League covenant to obey. In all other respects these bodies are mere
instruments for conference by representatives for devising plans which are
submitted to the various governments of the League for their voluntary
acceptance and adoption. No obligation of the United States under the
League is fixed by action of either the Executive Council or the body of
delegates.
Then it is said we have no right to agree to levy an embargo and a boycott. It is true that Congress determines what our commercial relations
shall be with other countries of the world. It is true that if a boycott is
to be levied Congress must levy it in the form of an embargo, as that
which was levied by Congress in Jefferson's administration, and the validity
of which was sustained by the Supreme Court, with John Marshall at its
head. It is true that Congress might repudiate the obligation entered into
by the treaty making power and refuse to levy such an embargo, but this
would not invalidate or render unconstitutional the treaty by which it was
made the obligation of the United States to levy it.
In other words, the essence of sovereign power is that the sovereignty
may make a contract and does retain the power to repudiate it, if it chooses
to dishonor its promises. That does not render null the original obligation or discredit its binding moral force. The nations of Europe are
willing to accept, as we must be willing to accept from them, mutual
promises, the one in consideration of the other, in confidence that neither
will refuse to comply with such promises honorably entered into.
Finally, it is objected that we have no right to agree to arbitrate issues.
It is said that we might by arbitration lose our territorial integrity or our
political independence. This is a stretch of imagination by the distinguished Senator who made it at which we marvel. In the face of Article
X., which is an undertaking to respect the territorial integrity and political
independence of every member of the League, how could a board of arbitration possibly reach such a result? More than that, we do not have
to arbitrate. If we do not care to arbitrate we can throw the matter into
mediation and conciliation, and we do not covenant to obey the recommendation of compromise by the conciliating body. We have been arbitrating questions for one hundred years.
We have stipulated in treaties to arbitrate classes of questions long be
the questions arise. How would we arbitrate under this treaty?
The form of the issue to be arbitrated would have to be formulated by our
treaty making power—the President and the Senate of the United States.
The award would have to be performed by that branch of the Government
which executes awards, generally the Congress of the United States. If it
involved payment of money, Congress would have to appropriate it. If it
Involved limitation of armament, Congress would have to limit it. If it
involved any duty within the legislative power of Congress under the Constitution, Congress would have to perform it. If Congress sees fit to comply with the report of the compromise by the conciliating body, Congress
will have to make such compliance.
The covenant takes away the sovereignty of the United States only as
any contract curtails the freedom of action of an individual which he has
voluntarily surrendered for the purpose of the contract and to obtain the
benefit of it. The covenant creates no super-sovereignty. It merely
creates contract obligations. It binds nations to stand together to secure
compliance with those contracts. That is all. This is no different from
a contract that we make with one nation. If we enter into an important
contract with another nation to pay money or to do other things of vital interest to that nation and we break it, then we expose ourselves to the just
effort of that nation by force of arms to attempt to compel us to comply
with our obligations. This covenant of all the nations is only a limited
and loose union of the compelling powers of many nations to do the same
thing. The assertion that we are giving up our sovereignty carries us
logically and necessarily to the absurd result that we cannot make a contract to do anything with another nation because it limits our freedom of
action as a sovereign.
Sovereignty is freedom of action of nations. It is exactly analogous to
the liberty of the individual regulated by law. The sovereignty that we
should insist upon and the only sovereignty we have a right to insist upon
is a sovereignty regulated by international law, international morality and
International justice, a sovereignty enjoying the sacred rights which
sovereignties of other nations may enjoy, a sovereignty consistent with
the enjoyment of the same sovereignty of other nations. It is a sovereignty
limited by the law of nations and limited by the obligation of contracts
fully and freely entered into in respect to matters which are usually the
subjects of contracts between nations.
The President is now returning to Europe. As the representative of this
nation in the conference he has joined in recommending in this proposed
covenant a. League of Nations for consideration and adoption by the conference. He has meantime returned home to discharge other executive
duties and it has given him an opportunity to note a dismission of the
League in the Senate of the United States and elsewhere. Some speeches,
notably that of Senator Lodge, have been useful in taking up the League,
article by article, critising its language and expressing doubts either as to
its meaning or wisdom.
He will differ, as many others will differ, from Senator Lodge in respect
to many of the criticisms, but he will find many useful suggestions in the
constructive part of the speech which he will be able to present to his
colleagues in the conference. They will be especially valuable in revising
the form of the covenant and making reservations to which his colleagues
in the conference may readily consent, where Senator Lodge or the other
critics have misunderstood the purpose and meaning of the words used.
This covenant should be in the treaty of peace. It is indispensable in
ending the war, if the war is to accomplish the declared purpose of this
nation and tho world in that war, and if it is to work the promised benefit
to mankind. We know the President believes this and will insist upon it.
Our profound sympathy in his purpose and our prayers for his success
should go with him in his great mission.

VIEWS OF SENATOR LODGE ON LEAGUE OF
NATIONS.
Senator Henry Cabot Lodge of Massachusetts, who will
be Chairman of the Foreign Relations Committee in the
new Senate, in a speech delivered in the Senate on Feb. 28
warned against undue haste in considering the proposed
League of Nations. "No question," he said "has ever
confronted the United States Senate which equals in importance that which is involved in the League of Nations
intended to secure the future peace of the world." He
added: "In this draft prepared for a constitution of a




[VOL. 108.

League of Nations, which is now before the world, there is
hardly a clause about the interpretation of which men do
not already differ. As it stands there is serious danger
that the very nations which sign the Constitution of the
League will quarrel about the meaning of the various articles before a twelve month has passed." Senator Lodge
also said in part:
Under the terms of this League draft reported by the committee to the
Peace Conference the Monroe Doctrine disappears. It has been our
cherished guide and guard for nearly a century. The Monroe Doctrine is
based on the principle of self-preservation. It involves but one essential
proposition—that the Americas should be separated from the interference
of Europe and that American questions in all parts of this hemisphere
should be settled by Americans alone. I have seen it said that the Monroe
Doctrine is preserved under Article 10; that we do not abandon the Monroe
Doctrine, we merely extend it to all the world. How anyone can say this
passes my comprehension. The Monroe Doctrine exists soley for the
protection of the American Hemisphere, and to that hemisphere it was
limited. If you extend it to all the world, it ceases to exist, because it
rests on nothing but the differentiation of the American Hemisphere from
the rest of the world. Under this draft of the statutes of the League of
Nations American questions and European questions and Asian and African questions are all alike put within the control and jurisdiction of the
League. Europe will have the right to take part in the settlement of all
American questions, and we, of course, shall have the right to take part
in the settlement of all questions in Europe and Asia and Africa. Europe
and Asia are to take part in policing the American Continent and the
Panama Canal, and in return we are to have, by way of compensation,
the right to police the Balkans and Asia Minor when we are asked to do so.
Perhaps the time has como when it is necessary to do this, but it is a very
grave step, and I wish nos, merely to point out that the American people
ought never to abandon.the Washington policy and the Monroe Doctrine
without being perfectly certain that they earnestly wish to do so. Standing
always firmly by these great policies, we have thriven and prospered and
have done more to preserve the world's peace than any nation, league, or
alliance that ever existed. For this reason I ask the press and the public
and, of course, the Senate to consider well the gravity of this proposition
before it takes the heavy responsibility of finally casting aside these policies
which we have adhered to for a century and more and under which we
have greatly served the cause of peace both at home and abroad.
Very complete proof must be offered of the superiority of any new system
before we reject the policies of Washington and Monroe, which have been
in all foreign relations the Palladium of the Republic. Within the memory
of those to whom I now speak the Monroe Doctrine stopped the incursions
of England upon the territory of Venezuela and settled the boundary
question finally by arbitration. Under the Monroe Doctrine we arrested
the attempt of Germany to take Venezuelan territory on another occasion.
In these two instances the doctrine was enforced by a Democratic President and by a Republican President, and they were supported in so doing
by all the people of the United States without regard to party. I mention
these cases merely to show that we are not cutting away from the body
Politic dead limbs, but that we are abandoning two cardinal principles of
American Government, which, until the presentation of this draft for the
Constitution of the League of Nations, were as vital as on the day when
Washington addressed the people of the United States for the last time
or when President Monroe announced his policy to the world. What has
happened since Nov. 111018 to mike them so suddenly valueless, to cause
them to be regarded as injurious obstacles to be cast out upon the dust
heaps of history?
Two other general proposition, and I shall proceed to examine these
League articles in detail. In Article 10 we, in common, of course, with
the other signatories and members of the projected League, guarantee the
territorial integrity and the political independence of every member of the
League. That moans that we ultimately guarantee the independence
and the boundaries, as now settled or as they may be settled by the treaty
with Germany, of every nation on earth. If the United States agrees to
guaranties of that sort we must maintain them. The word of the United
States, her promise to guarantee the independence and the boundaries
of any country, is just as sacred as her honor—far more important than
the maintenance of every financial pledge, which tho people of this country would never consent to break.
I do not now say the time has not come when, in the interest of future
peace, the American people may not decide that we ought to guarantee
the territorial integrity of the far-flung British Empire, including her selfgoverning dominions and colonies, of the Balkan States, of China, or
Japan, or of the French, Italian. and Portuguese colonies in Africa; but
I do suggest that it is a very grave, a very perilous promise to make, because there is but one way by which such guaranties, If ever invoked, can
be maintained, and that way is the way of force—whether military or
economic force, it matters not. If we guarantee any country on the earth,
no matter how small or how large in its independence or its boundaries,
that guarantee we must maintain at any cost when our word is once given,
and we must be in constant possession of fleets and armies capable of enforcing these guaranties at a moment's notice. There is no need of arguing
whether there is to be compulsive force behind this League. It is there in
Article 10 absolutely and entirely by the mere fact of these guaranties. The
ranks ofthe armies and the fleets of the navy made necessary by such pledges
are to be filled and manned by the sons, husbands, and brothers of the
people of America. I wish them carefully to consider, therefore, whether
they are willing to have the youth of America ordered to war by other
nations without regard to what they or their representatives desire. I
would have them determine after much reflection whether they are willing
to have the United States forced into war by other nations against her
own will. I hope they will take time to consider this promise before they
make it—because when it is once made it cannot be broken—and ask
themselves whether that is the best way of assuring perfect peace throughout the future years. A world's peace which requires at the outset preparations for war—for war, either economic or military—in order to maintain that peace presents questions and awakens thoughts which certainly
ought to be soberly and discreetly considered.
The second general proposition to which I would call attention is this:
We now in this draft bind ourselves to submit every possible international
dispute or difference either to the League Court or to the control of the
Executive Council of the League. That includes immigration, a very
live question. Are we ready to give to other nations the power to say who
shall come into the United States and become citizens of the Republic?
If we are ready to do this, we are prepared to part with the most precious
of sovereign rights, that which guards our existence and our character as
a nation. Are we ready to leave it to other nations to determine whether
we shall admit to the United States a flood of Japanese, Chinese, and
Hindu labor? If we accept this plan for a League, this is precisely what we
promise to do. Are we prepared to have a League of Nations, in which

MAR. 8 1919.]

THE CHRONICLE

the United States has only one vote, open our doors if they see fit to any
and all immigration from all parts of the world? Mr. Taft has announced
that the question of Immigration will go before the international tribunal,
and says now that all organized labor is for the League. If American
labor favors putting the restriction of immigration in the control of other
nations, they must have radically changed their minds and abandoned their
most cherished policy,
Certainly the gravity of such promises as are involved in the points I
have suggested is sufficient to forbid haste. If such promises are to be
given, they must be given in cold blood, with a full realization of what
they mean, and after the American people and those who represent them
here have considered all that is involved with a serious care such as we have
never been called upon to exercise before. We are asked to abandon the
policies which we have adhered to during all our life as a nation. We
are asked to guarantee the political independence and the territorial integrity of every nation which chooses to join the League—and that moans
all nations, as the President stated in his speech at Manchester. We are
asked to leave to the decision of other nations what immigrants shall come
to the United States.
We are asked also to give up in part our sovereignty and our Indepena
dence and to subject our own will to the will of other nations, if there is
majority against our desires. We are asked, therefore, in a large and
an
and
for
nationalism
lism
important degree to substitute internationa
international state for pure Americanism. Certainly such things as these
deserve reflection, discussion, and earnest thought.
The first and most practical question for us to consider and decide is
whether the terms of this committee draft of a Constitution for the League
of Nations really makes for harmony among the nations or will tend to
produce dissension and controversy. We all desire peace, but in our zeal
for peace we must be careful not to create new obligations and new and
untried conditions, which may lead to fostering war rather than peace.
For this reason I am going now to examine the articles in the draft of the
Constitution for the League of Nations one by one.
I earnestly desire to do everything that can be done to secure the peace
of the world, but these articles as they stand in this proposed Constitution
seem to give a rich promise of being fertile in producing controversies and
misunderstandings. They also make some demands which I do not believe any nation would submit to in a time of stress. Therefore this machinery would not promote the peace of the world, but would have a directly opposite effect. It would tend to increase the subjects of misunderstanding and dispute among the nations. Is it not possible to draft
a better, more explicit, less dangerous scheme than the one here and now
presented? Surely we are not to be shut up to this as the last and only
word to take or leave.
If it is said that you can preserve the Monroe Doctrine by extending it,
which appears to me clearly to mean its destruction and to be a contradiction
in terms, then lot us put three lines into the draft for the League which will
Preserve the Monroe Doctrine beyond any possibility of doubt or question,
League, a complete
It is easily done. Let us also have, if we enter the
exclusion from the League's jurisdiction of such questions as are involved
shall come within
who
say
to
country
each
of
in Immigration and the right
vital
its borders and become citizens. This and certain other questions
the League
to national existence ought to be exempted from any control by
arbitration
the
in
or its officials by a very few words, such as can be found
for peaceful
treaties of 1907. There should be some definite provision
withdraw. Lastly,
withdrawal from the League if any nation desires to
as to
let us have a definite statement in the Constitution of the League
its own or is to have
whether the League is to have an international force of
of the
the power to summon the armed forces of the different members
League. Let it be stated in plain language whether the "measures," the
are
to be
Council
"recommendations," or the suggestions of the Executive
binding upon the members of the League and are to compel them to do
what the League delegates and the Executive Council determine to be
necessary. On the question of the use of force we should not proceed in
make such simple
the dark. If those who support the League decline to
statements as these, it is impossible to avoid the conclusion that they are
seeking to do by indirection and the use of nebulous phrases what they are
not willing to do directly, and nothing could be more fatal to the preserveof power by the Exocution of the world's peace than this,for every exercise
might fairly consider to be
tive Council which the signatories to the League
and to menacing disdoubtful would lead to very perilous controversies
sensions.
this can be drawn, it
than
League
Unless some better Constitution of a
seems to me, after such examination as I have been able to give, that the
world's peace would be much better, much more surely promoted, by allowing the United States to go on under the Monroe Doctrine, responsible
for the peace of this hemisphere, without any danger of collision with
Europe as to questions among the various American States, and if a League
is desired it might be made up.by the European nations whose interests are
chiefly concerned, and with which the United States could co-operate fully
and at any time, whenever co-operation was needed.
Germany Ls again threatening and the only source of a great war is to be
found for the future as for the past in Germany. She should be chained
and fettered now and this menace to the world's peace should be removed
at once. Whatever else we fought for certainly our first and paramount
purpose was to defeat Germany. The victory over Germany is not yet
complete. Lot it be made so without delay.
That which I desire above everything else, that which is nearest to my
heart, is to bring our soldiers home. The making of a League of Nations
will not do that. We can only bring our soldiers home, entirely and cornplotely, when the peace with Germany is made and proclaimed. Lot that
peace be made and I can assure the world that when the treaty of peace
with Germany comes to this Chamber there will be no delay in the Senate
of the United States. We must bring our men back from France—the
men who fought the war, the men who made the personal sacrifice. Let
us get them back at once, and to that end let us have the peace made with
Germany, made now, and not delay it until the complicated questions of
the League of Nations can be settled with the care and consideration which
they demand. What is it that delays the peace with Germany? Discussions over the League of Nations; nothing else. Let us have peace
now, in this year of grace 1919. That is the first stop to the future peace
of the world. The next step will be to make sure if we can that the world
shall have peace in the year 1950 or 2000. . Let us have the peace with
Germany and bring our boys home.
I do not say that agreements may not be made among the nations which
stand for ordered freedom and civilization, which will do much to•secure
and preserve the peace of the world; but no such agreement has yet been
presented to us. We must beware of the dangers which besot our path.
We must not lose by an improvident attempt to reach eternal peace all
that we have won by war and sacrifice. We must build no bridges across
the chasm which now separates American freedom and order from Russian
anarchy and destruction. We must se8 to it that the democracy of the
United States, which has prospered so mightily in the past, is not drawn
by any hasty error or by any glittering delusions, through specious devices
of supernational government within the toils of international socialism




927

and anarchy. I wish nothing but good to all the races of men. I hope
and pray that peace, unbroken peace, may reign everywhere on earth.
But America and the American people are first in my heart now and elways. I can never assent to any scheme no matter how fair its outward
seeming which is not for the welfare and for the highest and best interest
of my own beloved people of whom I am one—the American people—the
people of the United States.

SENATOR KNOX ON LEAGUE OF NATIONS.
Senator Philander C. Knox (Republican) in a lengthy
dissertation against the proposed League of Nations delivered
in the Senate on March 1 propounded four proposals to test
the application of the rules embodied in the covenant.
These were:
1. Do its provisions abolish war and make it hereafter impossible?
2. Do the provisions of the proposed covenant strike down the precepts
of the Constitution?
3. Are the provisions of the proposed covenant destructive of our soyereignty?
4. Will this plan, if put into operation, threaten our national independence and life?

In answering the first query, Senator Knox declared that
"there is not an important article in the document which does
not specifically answer that 'No.' And,further, the scheme
provided therein holds out a higher promise—nay, assurance
—of a future world wide war greater than any which has
gone before, than any other document in the history of recorded time." In his further answers to the queries, Senator
Knox said in part:
I have already pointed out that the covenant provides for three sorts
of States; first, "signatories" of the covenant; second, protocol States;
and, third, outcast States, which I take it are the Central Powers and
their allies.
Now, it is unnecessary to labor an argument to show that the inevimore
table result of outlawing the Central States will be to drive them
will make
closely together for mutual self-protection, and that this in turn
the formation of a second League of Nations almost an assured certainty.
It may well be that this second league will not at the outset be consticontuted with all the formalities which mark the one we have under
somehow
sideration, but in all human probability such a league will be
will
formed, by informal understanding or otherwise, and when so formed
bid for the adherence to it of neutral States. We would thus have in no
great
two
become
will
which
nations,
distant future two great leagues of
camps, each preparing for a now and greater life and death struggle.
through the
, Our only escape from this result, under this plan, would be
Central
exercise of such a tyrannical despotism over the peoples of the
a party
become
not
must
ideals,
Powers as we, with all our traditions and
our
to, for it would be violative of all of those human rights for which
Moreover,
fathers fought and which our own Constitution guarantees.
be
necessary to
to koep peoples in such a state of subjection as would
expenditure
obviate the result above pointed out, would require such an
by
of effort, treasure and blood as never would be permanently tolerated
our people. Thus the plan proposed, instead of being a plan by which
under
plan
a
becomes
the permanent peace of the world would be assured,
n
which a constant warfare or a potential great world-wide conflagratio
becomes an assured fact.
demonIn other words, this plan, as the prescriptions of the document
cerstrate, is in effect merely an offensive and defensive alliance between
as
tam n picked Powers as between themselves and a coalition among them
with an
against the balance of the world, and this coalition is formed
the
Powers
avowed and p.eblished purpose to impose upon the stranger
of
will of the coalition, not merely in matters relating to the prevention
war but in all other matters, in which the conduct of the stranger Powers
more,
nothing
affects the members of the coalition. This is tyranny,
thing
nothing less. Has history over answered an attempt to do this
but disaster
anything
spelled
ever
save in one way, and has that way
can it
for the coalition? Is such a proposal not monstrous, and, if so,
so dividing
have our support? Must our every effort not be to avoid
so
situation
the
the world into two warring camps? In what respect will
balance of
formed differ from that created by the centuries-old doctrine of
power, save only that now, for the first unhappy time in our history, we
are to be placed in one side of the balance?
and
"But," it is said, "this is all merely potential, it may not happen,
therefore the League should not for that be condemned."
Grant this, for the sake of argument: What then?
i.os.si •
In the first place, the League plan still regards war as legal and t
Tale in the following more obvious cases:
parties have
First. Under Article 12, if two of the high contracting
which
a dispute which is submitted to arbitration and with the award of
neither party is satisfied, they may properly go to war after an interval
of three months from the date of the award.
between like
Second. Under the same article, if there is a like dispute
Council, which
parties, and the matter is submitted to the Executive
then
makes a recommendation which neither party is willing to accept,
the parties may after three months properly go to war.
Council
Third. Under Article 15 if a dispute goes either to the Executive
exor the body of delegates, and either body gives a decision unanimous,
to both
cept as to the parties in dispute, and this decision is unacceptable
parties to the dispute, then they may legally go to war.
neither the
Fourth. It would seem, under the same article, that if
which is
Executive Council nor the body of delegates can reach a decision
parties
unanimous except for the parties to the dispute, that then the
thereto may legally go to war.
would
Fifth. All conflicts between States not members of the League
though the
under the covenant appear to be legal under the covenant,
desires.
it
if
them
League declares its right and intention to interfere in
war undo
Sixth. The high contracting parties may take a hand in any
whether im. the stipulations of Article 11, that "any war or threat of war,
not, is hereby
modiately affecting any of the high contracting parties or
contracting
declared a matter of concern to the League, and the high
wise and
parties reserve the right to take any action that may be deemed
effectual to safeguard the peace of nations."
be
Seventh. Under the provisions of Articles 17, 12 and 16, disputes
twoen States members of the League and States not members of the League
beor
themselves
States
two
the
may lead to legal wars either between
high contween the disputants—one or both—and the League, or the
tracting parties.
war.
In all of these cases the covenant recognizes the leglity of a state of
that
But the covenant goes way beyond this and provides for and requires

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[VoL. 108.

in certain far-reaching controversies the parties must go to war. WithThus this covenant will, if it becomes operative, strike down most vital
out attempting to spell out from this instrument the full number of cases provisions of our Constitution, and here again it fails to meet the test.
in which war is mandatory, I confine myself to three:
I am now to the third question I have put: Are the provisions of the proFirst. By this document we, as one of the high contracting parties, posed covenant destructive of our sovereignty?
obligate ourselves to preserve by force of arms, if necessary, the terriCast up in your mind the colossal powers granted to the Executive
torial integrity and political independence of all States members of the Council, in which, be it always remembered, we are but one of nine parLeague.
ticipating Powers; recall the far-reaching and vital covenants into which
Second. If any of the high contracting parties breaks or disregards its we shall enter as one of the high contracting parties; and hold in mind that
covenants under Article 12—the covenant dealing with resort to arms— we are to give up the power to say when we shall have war, when peace,
then, as a member of the League, we must fly to arms to protect the what shall our army number, how many vessels of war shall we have, how,
covenants.
when, where and under what conditions shall our army and navy be used,
Third. If any non-member of the League, either accepting or not ac- when shall our treaties be binding, what shall our treatment of commerce
cepting the obligations of membership in the League for the purposes of the be, how great shall our gifts of funds to other Powers, and, therefore, how
dispute, acts in such way as would constitute a violation of Article 12, great the tribute we shall pay? Consider all these, and you cannot but
if the State were a member of the League, then we must go to war to say that our sovereignty has in matters of national life and death been
protect the covenants of the League.
destroyed.
And in all these three cases, whether or not we participate—and the
Pause, Mr. President, and consider what it is proposed to do—to take
amount of our participation in belligerent operations is determined not from the social organism not alone the right but the power of self-defense.
by ourselves but by the Executive Council, in which we have, seemingly, We shall stand not only naked but bound and helpless.
at most but one voice out of nine—no matter what we think of the merits
Why sir, it is contrary to the eternal course of nature, exhibited in all
of the controversy, no matter how we view the wisdom of a war over the her works since the dawn of time, for a defenceless organism to survive,
cause, we are bound by this covenant to go to war when and in the man- whether that organism be plant, animal, or social. How, then, shall we
ner the Executive Council determines. Thus It is seen that in this alleged hope to live?
Instrument of peace war is legalized in seven cases and made compulsory
I come now to the fourth and last of my tests: Will this plan, if put
in three.
into operation, threaten our national independence and life?
And in this connection, as bearing upon our financial and economic burJudged by all the standards of the past, by history and by experience,
dens outside of those connected with carrying on our share of the war, I we must answer that it does.
ask your consideration of the last paragraph of article 16, by which the
It threatens our life in respect of all those matters in which our sover"high contracting parties agree further that they will mutually support eignty is impaired, because when sovereignty goes, life as a nation goes.
one another in the financial and economic measures which may be taken Independence goes when our conduct is dictated by others, when our conunder this article, in order to minimize the loss and inconvenience result- tinued existence depends upon the will of others, when we are no longer
ing from the above measures." What our contributions will be under able to avail ourselves of our wonted moans of defense, actual or by anthis, how much our citizens must be ground down by taxes to take care of ticipation.
wild and extravagant expenditures which we did not and would not initiate
That under this plan our conduct is dictated by others cannot be gainand over which we would have no control, only an all-wise Providence can said when we recall that we may be launched into a world-wide war withforesee.
out the power of determining what our participation shall be, either in
Thus the proposed covenant, instead of abolishing war, actually sanc- men, armament, or money. That our continued existence depends on
tions, breeds and commands it. Moreover, it absolutely requires that the will of others is clear from the fact that, disarmed by the mandate of
every future war shall be a potential world war, and that we shall be an the League, we shall not be permitted to increase our armament save
active participant in every such war. We are thus thrust fully into the by the consent of the Executive Council, no matter how groat or pressterrible cauldron of European politics, and every outbreak in the Balkans— ing the emergency or the danger.
even domestic, if it threaten international war—will call for some expenThat we may no longer avail ourselves of our wonted means of defense,
diture of treasure, for some shedding of American blood, for some loss of actual or by anticipation, is not to be successfully denied, as one illustraAmerican life. It is idle to say and fatuous to hope or believe these out- tion will suffice to show.
breaks will not occur, for ambitious men do not hesitate to waste life
If we adopt this plan we take from the Monroe Doctrine its life, we
in order to punish an enemy or gain a goal.
do not longer control the destinies of America, and the great national
The plan, therefore, fails to meet the first test.
security which for a century has thereby come to us, has gone, perhaps;
We come now to the second question I proposed: Do the provisions forever.
of the proposed covenant strike down the precepts of the Constitution?
Thus the plan fails to meet each and every of the tests I have applied.
A mere listing of some of the more conspicuous provisions of each show It does not abolish or prevent wars and it does sanction and commend them.
that it does.
It does strike down great constitutional principles, bulwarks of our proUnder the Constitution the Congress of the United States has the ex- tection. It does rob us of the most vital attributes of sovereignty. It does
clusive power to declare war. The proposed covenant puts the power threaten our independence and life.
of declaring war in the hands of the Executive Council, in which, it is
Why, then, and I ask it in all sincerity, this feverish anxiety for the
true, we have a voice but not the constitutional voice. Thus, whether adoption of this plan? Why is there this racing up and down over the
Congress wishes or not, whether the people wish or not, we may be forced face of the whole land by propagandists urging its adoption? What
into war, with all of its sacrifices of life, in a cause in which we have no benefit is to come from such a sale of country as is urged upon us? Who
real concern, and with which we may be out of sympathy, under the are the beneficiaries of this betrayal of our people? No nation threatpenalty that if we do not go to war we shall, by breaking a covenant of the ens us; no group of nations seeks our destruction; never before were we
League, bring war upon ourselves by the balance of the world.
relatively so strong. War itself, the great curse of mankind, is further
Under the Constitution the Congress of the United States has the ex- away to
-day than it has been in centuries. Have we shown ourselves
clusive power to raise and support armies and to provide and maintain recreant when the world labors big with potential disaster? Let
our
a navy. The covenant provides that the Executive Council shall formu- billions of treasure poured out as from perpetual fountains, our
tens
late plans limiting the size of our army and navy, that the Council shall of thousands of young lives nobly sacrificed in a great cause,
answer.
then "determine for the consideration and action of the several Gov- Has famine failed to appeal to us? Count the millions of tons of
food
ernments what military equipment and armament is fair and reasonable we send to feed the starving. Have we been deaf to the cry of the
opin proportion to the scale of forces laid down in the program of disarma- pressed? Count our young men in France. Have we failed to love
liberty
ment, and these limits when adopted shall not be exceeded without the and humanity better than life itself? Ask the mothers whose sons lie
on
permission of the Executive Council."
the battlefields of Europe.
If we act in good faith under this agreement, we shall, of course, adopt
Can we not be trusted again to come to the rescue when again popular
the armament limits which, as a member of the Executive Council, we shall government, civilization, and human right threaten to be
overwhelmed?
have assisted in formulating. Thereafter, no matter what our necessity I challenge any man or nation to say nay. Why,then, this plan to
strangle
or what its urgency, no matter what Congress or the people themselves and crush us? Mr. President, there is here something amiss. We
stand
may think the situation requires, we cannot raise a single man beyond here in the Senate of the United States, and soberly and anxiously
debate,
our limit save and except it be approved by the Executive Council in plan, and consider, not as did our fathers before us, on how can
we best
which we are one of nine participating States. If war were abolished, this preserve and augment our liberties and make ourselves and
our posterity
might be tolerable, but with war legalized even between members of the free men, but on the dark and gloomy problem, what is the
greatest bondLeague, and actually commanded in certain contingenices, this may spell age which we can put on our backs and live.
for us overwhelming disaster.
"But," we are told, "look at the mighty wastage, the sorrow, the sufUnder the Constitution a treaty becomes effective upon its ratification, fering and agony, the slavery, and the death of this great
universal war—
following the advice and consent thereto of the Senate. Under the cove- is there not some way to prevent the world from being again so
cursed?
nant no treaty becomes binding until it has been registered with the Sec- Our industrial and economic relations we can cover by
separate trade
retary-General of the League.
agreements with individual countries, but can we not do something to
It seems reasonably certain, moreover, that situations calling for un- avert the horrors of war?"
constitutional action by this Government might arise under the provisions
Yes; there are ways, some of them simple and well tried.
of Article 16 relating to financial and economic measures of support and
One way is to provide for the compulsory arbitration of all disputes unArticle 20, relating to freedom of transit and equitable treatment for der some such plan as that provided for in the international
prize court,
commerce, because under these provisions the Leaguelmight demand the or the unratified American-British and American-French
arbitration
making of laws which in the sound discretion of Congress ought not to be treaties of 1911, or the Olney-Pauncefote treaty of 1897, or
a union of the
made, and yet Congress might find itself under the compelling force of best in all of them.
war with the entire Legaue to enact such legislation. And next to the
We need not worry about the enforcement of the awards of the arbitral
powers of war, no powers are more far-reaching or vital than those which court, for I recall no case between the great Powers in
which an award
control the financial and economic life of the nation.
made has not either been carried out as given or has not led to an adOne other matter demanding consideration, the question of mandates, justment mutually satisfactory to both parties. We
may forget armed
may be appropriately dealt with here.
force in this and look to the reign of law and order. If small States
No matter who picks the mandatory Power, clearly some one beside should be recalcitrant, as between themselves, means of
persuasion can
ourselves has the power to say whether and when our boys and how many be found that will satisfy all needs.
of them shall be sent to the arid regions of Armenia, or to the sleepingThis will adjust peacefully the groat bulk of our disputes, including
death regions of Central Africa, or to the wildernesses of Southwest Africa, questions of territorial extent and thus prevent war.
We had the proud
or to the inhospitable South Pacific Isles, and when they get there it will privilege, by the Jay treaty of 1794, with Great
Britain, to usher in "the
be somebody else beside ourselves who will determine how long they shall modern era of arbitration." From then
till the present, almost a century
remain, by what laws they shall govern the people, and what shall be and a quarter, arbitration has saved us from all
but three relatively small
their measure and rules of protection. For it is clear—that is, as clear international wars, barring this last, and
compulsory arbitration might
as the covenant makes anything—that the terms of the protectorate are have saved us even this. Let us not discard or
think lightly of arbitrato be determined not by and between the protecting and protected States, tion as a means of preventing war.
but by the high contracting parties, or, they failing, by the Executive
A second way would be this: If we feel that world interests and power
Council in a special act or charter.
are reshaping in such way that we need to be protected and that we need
I take it to be unnecessary to point out how destructive all these things to protect others, then let
us form an alliance with the strongest other
would be of our Constitution, which lodges in the Congress the power to Power or two Powers of the world for
mutual protection. That we be
to raise and equip armies, to raise revenue and make appropriations—in not thrown into quarrels in
which we would have no sympathy, we must
both matters solely in accordance with the discretion of Congress, and choose as our allies those Powers
whose traditions, institutions, ideals,
which lodges in the National Executive the power to control and direct and people are most like our own. If we
are as ready to fight for them as
the operations of any army in the field, including the power to lay down we will be—under
the present supposition—to have them fight for us,
the rules which shall operate and control between the occupying army let us make this as strong
an alliance as can be written, because fromtt
and the inhabitants of the territory occupied.
shadowy one we shall have all the disadvantages and few of the advan•




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tages of a strong one. In either event, such a definite understanding between ourselves and our allies will obviously and inevitably drive the
balance of the world into a counteralliance, which cannot but bring trouble
in the future.
Or, in the third place, if the people of the United States—not a clamorous part of them, but a great majority—desire to establish a true League
of Nations; If they feel either the need or the desirability of creating an organization to stop war and not merely to build a coalition to further trade
or to preserve and expand territorial possessions; and if so feeling, and
to this end they are willing to make the present necessary sacrifice in
Independence and sovereignty and the inevitable future sacrifice of untold
American treasure and life, then we may proceed as follows:
At a convenient and proper time in the relatively near future we shall
co-operate with the representatives of all the other Powers in the formation among all, not a portion, of the nations of the world an international
league. Among the first articles of the constitution which shall create
this league should be one which shall provide that war is thereby declared
to be an international crime, and that any nation engaging in war, except
in self-defense when actually attacked, shall be punished by the world
as an international criminal.
This constitution should also provide that all disputes relating to international matters as defined by an international code should be decided by
an international court.
The code would define what war is and would discriminate between
aggressive and defensive war, between assault and protection, and would
outlaw one and not the other, for no system of law over enacted or wisely
projected has penalized self-defense by man or by State. Existence ceases
when the right and power of self-defense is gone.
This code would also provide that one nation could not summon another before the international court except in respect to a matter of International and common concern to the contending nations, and that the
jurisdiction of the court would not extend to matters of governmental
policy, which would be excluded from arbitration unless one of the disputing parties had by treaty or otherwise given another country a claim
that might involve these subjects. Under such a code we would not be
called upon to arbitrate the policy involved in our Monroe Doctrine, our
conservation policy, our immigration policy, our right to expel aliens, our
right to repel invasion, our right to maintain military and naval establishments, or coaling stations within our own borders or elsewhere, as the
protection and development of this country might demand, our right to
make necessary fortification of the Panama Canal, or on our frontiers,
our right to discriminate between natives and foreigners in respect to
rights of property and citizenship, and other matters of like character.
The international court should be authorized by the league constitution
to call upon the Powers signatory to enforce its decrees and awards as
against unwilling States by force, economic pressure, or otherwise.
The court should sit in the hemisphere of the contending nations; and
if the disputants lived in opposite hemisphere, then in the hemisphere
of the defendant Power.
The constitution should further provide that if it were necessary to
enforce a decree against an American Power refusing to follow the decree
of the court, that such decree should be enforced by the countries of this
hemisphere; that if a decree of the court must be enforced against a country of the Eastern Hemisphere, then it should be by such means and
methods and by such forces and powers as the court and the Powers of
that hemisphere should decide.
A league framed on these broad lines would carry with it a minimum
of loss of our sovereignty: it would relieve us from participation in the
broils of Europe; it would preserve the Monroe Doctrine and save America
from the results of European aggression and intrigues; it would reduce
to the minimum the causes of war; and would make the waging thereof
otherwise than in self defense when attacked a public crime, punishable
by the combined forces of the world.
But, Mr. President, these are not the problems which now press urgently
upon us. As I have recently proposed to the Senate, let us have an end
of all this. Let the discussion of a League of Nations be postponed for
later consideration, not alone by the victorious belligerents but by all
the nations if and when, at some future time, a general conference on this
subject may be both possbie and useful. Professing as we do to have
all humanity for our concern, let us not in our League outlaw a great part
of the civilized world. Let us see to it that this League, which is to usher
in a reign of righteousness upon the earth, shall comprise all peoples that
dwell upon it, including our regenerated, democratized enemy.
Meanwhile, our co-belligerents need have no anxiety, for so surely as
the sun rises, if the Hun flood again threatened to engulf the world, we
shall again be found fighting for the right, with the same complete accord and co-operation as in the past, all for the defense of civilization.

SENATOR REED'S PRONOUNCEMENTS AGAINST
LEAGUE OF NATIONS.
Senator James A. Reed of Missouri (Democrat) in attacking the League of Nations in the Senate on Feb. 22 declared
that "to this League, composed of Europeans and Asiatics,
to this League, composed of the representatives of kings
for the most part, we yield the sovereign right of the people
of the United States, and of the Congress of the United
States, to fix the size of our army and our navy." We also
take from Senator Reed's condemnation of the League the
following:
Mr. President, shall we surrender with the pen what Washington gained
by his sword?
Shall we repudiate the nationalism under which we have become the first
people of the earth for the doubtful experiment of internationalism?
Shall we make our Government of the people, by the people, and for the
people a Government partly by the people and partly by kings and emperors?
The answer to these questions is involved in the acceptance or rejection
of the proposed constitution of the League of Nations.
The hour is big with the fate of the world. The consequences flowing
from the steps threatened tq be taken must inevitably affect all peoples,
nations, and tongues of the living. They may concern the destiny of the
shadowy races yet unborn. They are undoubtedly fraught with the
gravest consequences to our beloved country. A situation so tragic demands the attention of every loyal citizen of the Republic.
America'entered this war a complete sovereign. She acknowledged no
master; she was arbiter of her own destiny. A victor in the war, shall she
nevertheless emerge a mere constituent State of a League dominated by
European monarchs and Asiatic despots? Shall her nationalism be
stricken down and for it substituted an internationalism? Shall our




929

independent democracy come under the control, either in whole or in part,
of foreign monarchs or of foreign Bolshevik'?
We cannot escape these
questions if we will but learn the truth of what is concealed within the four
corners of the proposed international league.
A few weeks ago I ventured to state in a speech that the proposed League
Would:
(a) Abrogate the Monroe doctrine.
(b) Surrender in part our sovereignty.
(c) Involve us in the conflicts of the world.
(d) Compel us to contribute to an international force, which might in
certain exigencies be used against us.
(e) Submit matters vital to the United States to a tribunal the majority
of which would be composed of foreigners.
At once there arose an indignant protest. Members of Congress and
many important members of the press declared that no such proposition
would ever be found in the League when once its terms were made known.
They insisted with indignation that the attack upon the League was prejudiced and unfair, because the plan of no such League was in contemplation.
Senators sitting within the sound of my voice know that I have had such
conversations with them.
I now affirm, and shall undertake to show, that the text of the League
constitution as submitted embraces every evil I predicted, and that it
carries us into many other iniquities to which I shall call attention.
In order to understand the questions involved it is necessary to study
the composition of the League of Nations. The study will speedily demonstrate five things. I am asking the Senate now to hold this in their minds
as we proceed:
First. That the control of the League from the first will inevitably be
In European and Asiatic nations, having many interests in common and
who may have common antagonisms against us.
Second. The British Empire will, in all probability, constitute the controlling influence of the League.
Third. If at any time England shall lose control, the Germanic powers
will be likely to succeed to her position of dominance.
Fourth. There is in the background the menace of world Bolshevism.
Indeed, that monster is the most earnest advocate of internationalism.
Its fangs are plaintly visible in the constitution of the League.
Fifth. Whoever controls the League will control the world
The members of the League are known as the "High Contracting Parties."
At present they are, so far as disclosed, Great Britain, France, Italy.
Japan, and the United States. It is provided that they may also include
(a) other States permitted to sign when the League is formed, a list of
those States being made up; (b) those named in a secret protocol as States
to be invited. What those States are we are not advised. (c) Any
self-governing countries, including—get the language—dominions and
colonies, that may be admitted by a two-thirds vote.
The action of the members is to be effected through a body composed
of delegates of the members. Each member has but one vote, but may
have three delegates. So let me pause to mark it.
Contrary to certain newspaper reports which have been sent out from
time to time, the United States of America will have one vote, and only
one vote, in this League. The smallest nation admitted and the smallest
Independent colony admitted will have a vote equal to the vote of the
United States of America.
I come now to discuss the question of who will control this League.
At present it is composed of the known signatories. They are the British
Empire, an empire; Italy, a monarchy; Japan, a monarchy or despotism:
France, a republic; the United States, a republic. Thus the League will
be composed of throe monarchies and two republics. Who will control it,
I ask again?
It must not be forgotten that France is under immeasurable obligations
to Great Britain of money and of gratitude. She is always bound to rely
upon Great Britain for assistance, for shipping, money, and protection.
The British Empire holds the key to the Mediterranean. The Mediterranean is vital to France. Upon the army and navy or the British Empire
France is, and always must be, dependent against the great Germanic
people, whether they exist as republics or empires. '
This menace, Senators, has been present for 2,000 years. It was present
when Gaulish chieftains fought with Teuton barbarians 200 years before
Christ. The soil of Alsace-Lorraine was watered with the blood of contending Gaul and Teuton before Christ was born, and every century since the
red stain has been renewed.
France knows, and must realize, that a combination between the Germanic powers and the British Empire would mean her annihilation. She
also knows that cannot be prevented by the United States of America.
Italy and France are similarly situated that, for the purposes of this
argument, what has been said of one may be applied to the other. England.
France, and Italy are bound together by geographical contiguity and by
many common interests in which the United States is not concerned and
which may even be antagonistic to us.
Japan has for many years been the close ally of Great Britain, and is
bound to her by a secret treaty of alliance. At the same time she has been
in a state of irritation against us so acute as to cause grave fears of war.
So delicate has been the situation that in recent year—very recent years—
our Secretary of State made a trip to California to persuade her authorities
not to irritate Japan by insisting upon the right of California as a sovereign
State to determine the rights of Japanese subjects residing within her
borders. I said then, and I say now, that the performance was not to the
credit of the United States.
It thus appears that if the original organization of the League is limited
to the five known members, namely, the British Empire, France, Italy.
Japan, and the United States, in any controversy there will be the votes
of four aliens against the single vote of the United States. The interests
of these four aliens are especially in the Eastern Hemisphere, and they are,
as I have undertaken to show, united by treaties and common interests.
Clearly the United States is from the first at a disadvantage.
I say that under the terms of this instrument the self-governing British
colonies and dominions can be admitted, and, when admitted, each will
have a vote the equal of the vote of the United States.
Whether Great Britain, France, or Italy have at present other colonies
which may be called "self-governing," it is clear that these nations, having
many colonies, can quickly qualify any of them by granting the necessary
degree of autonomy. Possibly Japan could in like manner increase its
vote by qualifying Korea and some other possessions. I do not stop to
inquire.
I come now to consider the character of countries which may be admitted. What kind of States are eligible? The phrase is:
"Admission to the League of States . . . shall be limited to fully selfgoverning countries, including dominions and colonies."
If we make the phrase read, as we must, if we limit the colonies an
dominions to those that are self-governing—and to do otherwise would,b
to admit all the colonies, an absurd result—then the language would_b
"admission to the League of States shall be limited to the fully self-governing
States, including fully self-governing colonies. Plainly, if Canada or
Australia and New Zealand are fully self-governing colonies, then Persia,

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now self-governing in the sense indicated, yet completely under the centre
of Great Britain, could be admitted.
What of Egypt and India? What of the other colonies and dependent
States? What of those States included within "spheres of influence?"
How nearly will Japan come to voting China?
The foregoing commentaries make it plain that the League as originally
organized will (a) be in all probability dominated by Great Britain; (b) this
primary control will enable her to maintain her control by regulating new
membership; (c) her right to vote her colonies and dominions gives her
an immense advantage; (d) from the first, and at all times, European and
Asiatic influences will predominate over the United States; (e) assuming
that no general revolution takes place in the immediate future, it is clear
that from its inception monarchies will largely outnumber the republics.
If, however, the Bolshevists, Socialists, and internationalists shall succeed
in gaining control of a large number of countries, then that influence may
become predominant and the League be brought within its complete control, or the influences referred to may combine with despotic powers, as
the Bolshevists of Russia did with Germany against us, against their
allies, and thus work irrevocable havoc.
I come now to the question of the jurisdiction of the League, and I
assert that a close study of the scheme of the League demonstrates that its
powers are almost unlimited. Every nation entering the League yields to its
arbitrament and decision all controversies with other countries, even though
they involve the national honor or the national life. There is no exception.
I am going to repeat that, for I want to burn it into the brain and heart
of the American people, that every nation entering the League yields
to its arbitrament and decision all controversies with other countries, even
though they involve the national honor or the national life.
Nay, more; so that I may be clearly understood, I assert that they yield
this power of decision to a League—not to an arbitration, and not to an arbitration court, both of which are mentioned in this document—but,as I 811%11
show, a decision in every instance can be forced by the League itself.
This brings me, now, to a sort of peculiar construction in this scheme—
the Executive Council. We have the League, composed of the delegates
of all of these States. Then there is erected an Executive Council, which
has powers largely similar to or embracing those of the League. This
Executive Council has also some powers that It really does not appear the
League has; but I take it that a fair construction in the end would be that
the Executive Council is the creature of the League. Nevertheiss, we must
consider it along with the League.
When we enter this League, we give to the League the right to say what
the army and navy of the United States shall be. To this League,composed
of Europeans and Asiatics, to this League, composed of the representatives
of kings for the most part, we yield the sovereign right of the people of
the United States and of the Congress of the United States to fix the size
of our army and our navy.
When you set up this League; when you subscribe to this abdication of
American sovereignty, you will have given to eight foreign gentlemen the
right to fix the size of the army and navy,to regulate the amount of ammunition and guns the american nation can manufacture for itself, and also the
amount which private citizens within this Republic can manufacture.
Suppose, if you please, that Poland is erected into and recognized as
a State. Suppose that a part of Russia lying adjacent to her, or a part of
Austria, filled with patriots, loving republicanism and hating tyranny,
should rise and should ark to become a part of Poland, and the Polish
army or the Polish people should go to their relief. That would be an
outside interference; and it would then be the duty of the United States
to march its army to the defense of the monarch whose bloody hands had
been upon the throats of an oppressed people. Suppose, sir, that Ireland
were to rebel, and that some outside help were to be sent to Ireland. It
would then be our duty, as guarantors of Great Britain against outside
attack, upon being ordered by the League or by the Council, immediately
to attack the nation that had gone to the rescue of the Irish, who were
seeking to establish their liberty.
Suppose, sir, that at some future day Canada should conclude that she
wants a separate Government or that she wants to become a part of the
American Commonwealth and have herself welded into the body of our
States, if we go to her help every other nation in the world which is a
member of this League will be bound to make common cause against us
and against the Canadians who dared to seek either a Government of their
own or to aspire to be a part of this country.
We guarantee the territorial integrity of countries; and the Executive
Council—not the Senate of the United States, not the House of Representatives, not the President, not all three combined—determine and advise
upon the means by which—for the term is "advise"—the obligations shall
be fulfilled. This is an astounding sweep of power; a transfer of the power
which Congress has always had, which even the President did not have,
which the fathers of the Republic withheld from the Executive and placed
In the control of the representatives of the people. That power is here
vested in an Executive Council, eight members of which are foreign to
the United States, and, I say again, six members of which do not speak
the English language as their mother tongue, and six of which are at present
representatives of kings, and spring from countries that prefer kings and
monarchies to republics.
The right to declare war is taken from the American Congress and placed
in the Executive Council, which is eight to one composed of foreigners. The
propositions just advanced are supported by the provisions of article 10
and article 11 just quoted, and I shall not repeat them, because my argument upon that I regard as complete.
Broadly speaking, every question or any question arising anywhere in
the world that may provoke a dispute or may cause a war comes within
the jurisdiction of this board of nine men. Among other things, the Monroe
doctrine, border disputes, the right of aliens to enter and remain in the United
States, privileges of aliens while so remaining, the rights of American citizens
along the Mexican border, the destruction of American ships upon the high
seas, the seizure of sailors upon American vessels, the imprisonment of American seamen, the building of fortresses to command the canal, the seizure of
the canal, these and a thousand other vital questions, including, indeed, all
questiOna can be forced by any of our antagonists to a decision—note this,
please—not by a court of arbitration, not by arbitrators we agree upon, but
can beforced to a decision by any of our antagonists, by the Executive Council, or
by the League itself. This I shall now proceed to demonstrate. I quote:
"Should any of the High Contracting Parties break or disregard its
covenants under article 12 it shall thereby ipso facto be deemed to have committed an act of war against all the other members of the League."
And then follows a list of penalties. That is article 16.
The League sets up a jurisdiction and a right to settle every controversy
which may arise, including the right to pass upon all questions which it
may think may lead to war. It is a jurisdiction as broad as the world.
It is as universal as human interests are diversified. Anything which the
representatives of the League believe will lead to disputes, which may lead
to war, comes within the broad purview of its illimitable jurisdiction.
It is entirely conceivable thrit such a tribunal might conclude that a
simple tariff levied upon importations might become a cause of war and
assume the right to command a State not to levy a tariff duty. It is entirely
conceivable that a dispute might arise under old treaties and it might be




[Von. 108.

claimed that some favored-nation clause was being violated and jurisdiction
thereupon attempted to be assumed over the controversy.
We are made to agree that if any nation disregards the covenants under
article 12, which I have already gone over, it shall—
"be deemed to have committeed an act of war against all the other members of the League."
Under article 16 all trade or financial relations are to be immediately
severed. All intercourse between citizens of the offending nation and
citizens of all other nations are to be suspended. That is to say, not only
the States but the people of the States are to be placed under the ban of an
international bull of excommunication.
We further agree to let the armed forces of any of the High Contracting
Bodies who are co operating to protect the covenant of the League to pass
across our territory.
Any denial that these various obligations, stipulations, and surrenders
taken tcgethor do not amount to a transfer of many of the great sovereign
powers of the United States to a League controlled and dominated by
foreigners is ridiculous and dishonest, William H. Taft to the contrary
notwithstanding.
I have already referred to article 16, which provides that in case any
nation shall refuse to obey the provision of article 12, intercourse between
that nation and all members of the League shall be at once suspended.
This might be held to be within the right of the members of the League.
But the provision goes further. After declaring that there shall be a
prohibition and prevention of all intercourse, financial, commercial, or
Personal, between their nationals and the nationals of the covenant-breaking
States, it declares that the same provision shall apply to all nationals of'
any other State, whether members of the League or not.
This monstrous provision translated into direct speech moans that if the
League has soon fit to use its decree of excommunication against a nation
not a member of the League and in no manner concerned in the League or
in the dispute, shall have its commerce ravaged from the high seas, its
honest trade with the nation with which it is at peace destroyed, its commercial and financial business ruthlessly suspended, and it is made to suffer
all the horrors of a war in which it has neither part nor lot.
This is freedom of the seas with a vengeance. It is, in fact, Germany's
policy of closing a part of the Atlantic extended to every water of the world.
It makes the English fleet master. It loaves the nation thus assailed, maltreated, and deprived of its right under international law with no recourse
save that of tame submission or of war.
Article 20 reads:
"The High Contracting Parties will endeavor to secure and maintain
fair and humane conditions of labor for men, women, and children, both
in their own countries and in all countries to which their industrial and
commercial relations extended; and to that end agree to establish as part
of the organization of the League a permanent bureau of labor."
I cannot pause to discuss this article, but I warn American labor, that
has always been the best paid, best treated, highest class of labor in the
world, their supremacy and superior condition cannot be maintained if
they consent to have international bodies composed of the representatives
of kingly Governments interfering with their condition.
And, mark you, if we assume the jurisdiction to interfere yonder, then
the same jurisdiction extends to and covers all.American workmen.
I warn American labor that the moment it assumes to exercise jurisdiction
over the labor of other countries that same jurisdiction will under this
agreement embrace the labor Or this country. I warn American labor to
beware lest they shall be drawn from their place of advantage to the level
of what has been hitherto denominated the pauper labor of other
lands.
This is the first time in an hundred years since we have been at war with
Europe; why were we forced into the present conflict? Well, I think I
can answer. First, because there was an indefiniteness, perhaps, about
international law, which ought to be cleared up, as all international law
ought to be, under which England declared a blockade of the North Sea—
a thing that had hitherto been regarded as illegal. That was followed by
Germany declaring a blockade of the English Channel and the waters in
and about England; and that was followed by Germany undertaking to
sweep all commerce from the seas. That brought us into this war.
But there was another reason. The world had been led to believe that
America would not fight, anti perhaps could not figat. We were not as
well prepared as I wish we had been, but I shall not go into that. Many
of us made mistakes along that lino, and I do not care to argue it now; but
Germany believed, more than any other people, that we would not fight.
They thought that we were a lot of traders, either too proud or too lazy or
too cowardly to fight, and so they threw the glove square in our face.
The said, "You cannot help yourselves, oven if you would."
Oh, sirs,
that mistake will never be made again. While wood grows and waters
run they will know that Americans can and will fight. Never again. so
long as we maintain our.pride of race, will that mistake be made. They
said we could not get ready to fight; but when the boys from the farm and
the anvil and the office were called on they came,a glorious concourse of
indomitable souls. They went across the ocean, sometimes imperfectly
armed, but that made no difference; they may not have had all the weapons
they needed, but that did not daunt their courage. The cry upon their
lips was: "Take us to the trenches." The only desertions from the American
ranks were desertions of men who left their camps that they might serve
upon the battle's blazing line.
How well did they fight? I said the other day, and I repeat, the French
had been driven back, the English had been driven back; gallantly they
had retreated. The English lion, with the bloody froth dropping from
his white fangs, facing the foe, but yet being driven back; the French, with
gallant heroism, carpeting the ground with their immortal dead; but still
they were being driven back, until at last, in the agony of his soul, Haig
cried out: "Our backs are at the wall; Britons stand and die." Then—
and I repeat what I said the other day—now voices were heard coming
from the rear. The sound was that of the mingled rebel yell and the
Yankee cheer.
They swept down through Chateau-Tiderry, through St. Mihiel, through
Belleau Wood, on through the forest across the Rhino, until they made
themselves the masters of Berlin. The flag of the Republic floats above
the fortresses of the Teuton.
Sirs, that is our history. Can it be made better? Can you do better
than that? All, my colleagues, why abandon the nationalism that has
done so much for our country for the desperate experiment of internationalism?
The past rises before me like a dream. Again I see the lantern in the
old North Church; I hear the clatter of galloping feet as l'aul Revere rides
out into the night. I see them at Valley Forge as they walk amidst the
snows and frosts, staggering and hungry, falling dead, but not surrendering.
I behold Washington with his troops crossing the Delaware to attack the
Hessian horde. Then I see the flag of Cornwallis above the battlements
of Yorktown lowered, and the Starry Banner go up amidst the tears and
cheers of Washington and his soldiers. Since then no despot has dared
try to drag it down. Shall it be now supinely surrendered into the hands
of foreigners? Shall it be turned back to tho monarchs we defied? Shall
we yield the sovereignty thus gloriously obtained?

MAR. 8 1919.]

THE CHRONICLE

SENATOR SHERMAN IN. CONDEMNATION OF
LEAGUE OF NATIONS.
In a speech arraigning both President Wilson and the
League of Nations, delivered in the Senate on March 3,
Senator Lawrence Y. Sherman (Republican) declared:
The restless elements of Europe, inured to violence and disliking the
monotony of private industry, are explosive material. Erecting them into
States does not insure tranquility. To all such people if they have not
wisdom and virtue, self-restraint and justice to the minority, liberty is
the greatest of all possible evils.
If we ratify this League we invest such people with equal power over us.
Their vices and misfortunes react upon us. Their follies and crimes become
in turn a menace, because we have given them an equal vote in the League.
It may become not a means of removing a menace but of creating one beyond our power to remove.

In part he also said:

931

Have we forgotten John Locke's Grand Model? Locke was the wisest
man of his century. His assay on the Human Understanding is read with
Instruction and pleasure by this generation. He framed a charter for the
Government of South Carolina. The Grand Model was the last work in
intellectual, scientific wisdom. It makes Col. House's various schemes to
regenerate the world look like nursery tales. It provided in one article it
should last forever. It did not last at all. It is a mere politico-literary
curiosity. Somehow its buoyant certainty, its solution of every disputed
question and its monopoly of eternity remind me of this League of Nations.
Both settled everything and both were written by Englishmen.
From President Wilson before he returned to the jurisdiction of his own
country not long ago came a message for $750,000,000 to expand our navy.
He says in cryptic generalities, like all his demands for delegated powers
he will be embarrassed in his negotiations so he will hardly know what to
do if he be denied. We cannot be the trustee of every territory and people
and spill our blood and scatter our treasure in every mad crusade even to
relieve him or promote fresh documents like the one before us.
We are to be a mandatory nation to relieve Europe of caring for "peoples
not yet able to stand by themselves under the strenuous conditions of the
modern world." We are as trustee of modern civilization. In executing
that alleged trust this tremendous addition to our navy becomes indispensable. Our battleships must police East Africa, our American boys die of
jungle fever in the interior of the Dark Continent. Others must wear out
their lives and perish in the snows of northern Russia or in garrison duty
in Asia.
An appropriation of $750,000,000 for the navy is the first visible result
of article 19.
This League, Mr. President, sends the angel of death to every American
home. In every voice to ratify it we can hear the beating of his wings.
There will be none to help; no decrees from omniscience will direct us to
sprinkle with blood the lintel of every American home. If this supersovereignty be created, conscription will take from all, and we will bear the
white man's burden in every quarter of the world.
On this issue I challenge the President and his administration and the
sympathizers with this constitution to appeal to the great Jury of the
American people. I will be content with no less, whatever the Senate may
do. I am willing to take that responsibility. I invite the President to
remove the limitations upon a censored press and censored free speech that
we may combat with him in an open forum and on equal terms.

The constitution of the League of Nations is a Pandora's box of evil to
empty upon the American people the aggregated calamities of the world,
and only time is the infallible test even of our institutions.
What is our internal strength, and what burdens can we safely carry
from the Old World? It was this wholesome scklicitude that woke the wise
counsels of those who hewed with sturdy stroke and laid deep and strong
the great foundation stones of civil liberty and self-Government.
A working status was in fact established between our Government and
the Allies. Under it the war was fought successfully to the armistice of
Nov. 111918. No nation surrendered its sovereignty. They voluntarily
combined their strength against the common peril. It was a union of
equals:and each was in an equally common self-defense bound to give all
it had if the struggle demanded it. This is the key to any League of
Nations that will survive the ephermal theories and impossible yearnings
of the alleged friends of humanity who are more fertile in phrase making
than successful in the practical affairs of men.
The junior Senator from Pennsylvania (Mr. Knox], Dec. 18 1918 in a
compact and impressive address to the Senate announced the way of safety,
both foreign and domestic. He stated:
If a situation should arise in which any power or combination of powers
should directly or indirectly menace the freedom and peace of Europe
Here Senatai-Sherman was interrupted by Senator France,
the United States would regard such situation with grave concern as a
menace to its own freedom and peace and would consult with other Powers
who said:
affected with a view to concerted action for the removal of such menace.
I desire to remind the Senator from Illinois that the members of this body
The Senator continued:
If this had been the avowed and understood policy of the United States who accept the policies suggested to them by the administration will not
before July 1914, it is, in my judgment, very improbable the war would accept the challenge, because, as I stated the other evening, they have even
would have occurred.
refused to give us the privilege of voting to repeal the Act which makes
The actual working alliance between our Government and Germany's possible that censorship both of the press and of free speech. They do not
European enemies was and is now one founded on this principle evolved dare to let the American people discuss this subject or to know the facts
from conditions. It implies no loss of sovereignty and no violence to nati- concerning it.
onal sentiment. It is a co-operative expression of the law of self-defense,
Continuing Senator Sherman said:
and American doctrine on which every patriot can join his fellow man.
That is why there will be no removal of the censorship under the espionage
It impairs no constitutional power of Congress. It invades no executive
domain, and it leaves our Government the responsible instrumentatily to law either concerning free speech or a free press. That is why there will
direct the will of our people. We escape the perils of surrendering our be no Senate and no House in session during the formative period of public
country to the mandates of a majority of the Governments of the Old opinion on the constitution of the League of Nations. It is that there may be
no authority permitted to have open free speech save that of the Executive.
World by this course.
The same public opinion in a free Government that would unite our That is why, I believed it the duty of the Senate and of the House so to
people under the proposed League would lead to concerted action under a have arranged the legislative program as to have compelled a session now
treaty whose obligation rests in good faith. If public opinion does not or to have reduced the Government by lack of funds into that position.
support the League, It cannot send armies to the field. American will
I have no apology to make for, and I will accept responsibility for my
not sacrifice her lives and her treasure unless her heart is in the war. No belief. I challenge those who hold the contrary to appeal to the American
mere language written on parchment can in practice make any compact .people for their verdict, for I intend to do so. If I cannot find that freebetween sovereign nations more binding than a treaty unless force be con- dom, if I can not find that concentrated opinion of my fellow men inside
templated as a coercive agent. Force converts such a League into a tyranny of my own party, I will go some place else where I can find it, for this quesand international oppressor. Such a compact becomes the source of tion will not be bound upon me by the mere chains of party discipline or
universal war, not the means of permanent peace.
formal party creed.
Interests purely American or general articles to arbitrate any controversy
Under article 19 we are invested with potential duties of grave conmust not be permitted. Questions vital to the honor, integrity, or inde- sequence in administering foreign territory.
pendence of our country cannot be bargained away under the illusory hope
None of this territory comes to us as a result of military operations.
of peace. A League so guarded can be approved by this colliery. I., It is seized under this League. Our Constitution gives no authority to
will, however, be a treaty, and its performance will rest in good faith, not take such burdens unless as an act of war and administer them as a part
in the creation over us of a sovereign coercive power.
of the civil Government of the country under the limitations imposed.
Article 16 denounces a breach of the Legaue's covenants by a member
Does not this explain why the President wishes this League ratified before
all
the
ipso
against
other
facto an act of war
State as
members. What the treaty of peace is concluded? We are still in war, and whatever the
declares an act of war, the League or our Constitution? The United States war powers of the President may be, he has them now; whatever the war
Government binds itself on such ipso facto act of war immediately to sever powers of the Government may be, the Government has them now; and it is
all trade or financial relations, to prohibit all intercourse, financial or indispensable in this program that this constitution be ratified while the
commercial with the offending power.
vast mass of undefined war powers are in existence. If the treaty of peace
Under what Is this embargo laid, the League or our Constitution? What were concluded, we would instantly fall into a civil status, and only the
authority now regulates foreign commerce? The Congress of the United enumerated powers of the Constitution or those that are fairly to be
States. Congress lays an embargo or suspends commercial relations, implied could attach to any of the great Governmental departments.
stops credits and remittances; Congress denies national intercourse,suspends
We supply the men and money only to obey the orders of the Executive
Immigration and travel. If the Executive exercise such power, it is a dele- Council. Our degree of authority is subject to the directions of that
gated one, not an original constitutional grant. In either case it is a power Council. Congress and the Executive have no discretion. Obedience to
derived from and exercised by virtue of our Constitution, not the League Use Executive Council's decrees make our Government a mere passive
of Nations. Territory or independence cannot be preserved for League trustee in actual control and an active one only in contributing the necesmembers against external aggression save by war.
sary service and expense.
Article 16 expressly stipulates the Executive Council shall recommend
This cannot be justified nor authorized by any enumerated power in the
shall
we
forces
contribute
to
be used to defend the Constitution that created the Government. If not granted, it is denied.
what military and naval
League. Defend it against what? Loss of territory in article 10, and we No such tremendous power can be implied either in peace or in war. It is
undertake there not merely on the recommendation of the Executive imposed by the super-State sought to be set above our country and exercise
Council, but positively bind ourselves unconditionally to preserve another its authority over the American people as a Government heretofore unnation's territory.
known, whose dominant power is in the Old World, and whose interests
That covenant, coupled with the ipso facto act of war in article 16, calls are not always allied with our own.
our army and navy into action without a declaration of war by Congress.
This stop once taken can not be retraced. Nothing but the sword can
The constitutional power of Congress is abrogated in the essential sovereign ever cut its bonds if once we are entangled in its fatal meshes. We deliver
acts named or those Powers of the League's constitution are of no binding future generations, bound hand, foot, and voice to the nations of Europe
force. Such articles must be stricken from the instrument or amendei and members of the League. The ties burst by revolution, the independence
made merely procatory in terms to Congress. Again, territory cannot be won on the field, and preserved by the genius of self-government are
defended without war.
the idle reminiscence of yesterday. We are swept into endless feuds and
The President says,"Armed force is in the background in this program." ambitions of the Old World, whether they concern us or not. We condemn
War is inseparable from tax levies and bond issues. An unconditional the young men of future years to pay the penalty of our alliance with the
covenant to defend territory of a League member is in necessary effect a struggles of every nation everywhere. It lowers our flag and floats above
covenant to lay taxes and contract debts. These are constitutional it the symbol of an alien power.
powers, vested solely in the House of Representatives.
Professing peace, eternal peace, it is the signal fire of perpetual war to
No President and no peace league, no treaty and no act of ratification this Republic. In the name of international law and the security of our
in this Senate can impair or abrogate this power, which lies at the founda- country it passes us under the yoke of foreign decrees, and in the name of
tion of free Government In all English-speaking races in the world.
international justice it destroys the free Government of the United States.
quote:
It is the death knell of the American Republic; its ideals, traditions,
distant
"We are unalterably opposed to seizing
islands, to be governed laws, and usages yield to a fantastic idealism, a polyglot philanthropy as
outside the Constitution and whose people can never become citizens."
vain in the realms of world philosophy and morals as it is impossible of
How far has the President departed from a paramount creed of his party! peaceable execution. As the road to hell is paved with good intentions,
The Democratic platform of 1900 sound likes a voice in a wilderness of the so the way to national ruin is smoothed and lighted by this false pretense
unattainable.
of perpetual peace.




932

THE CHRONICLE

SENATOR McCUMBER IN DEFENSE OF LEAGUE OF
NATIONS.
In defense of the League of Nations, Senator Porter J.
McCumber of North Dakota (Republican) had the following
to say in part in a speech in the Senate on March 3:
Notwithstanding the arguments and criticisms that have been made
upon this side of the Chamber, I think it but fair to say that there are a
large number of Republicans who favor a League of Nations to maintain
the peace of the world. I recognize the fact that there are some on this side
of the Chamber who would never vote for any kind of an agreement to
maintain the peace of the world; that there are those who take the position
that inasmuch as we are big enough to take care of ourselves, we do not
need to enter into any contract or agreement with any nation or number
of nations to assist in maintaining world peace.
I would have been highly gratified if any one of the Senators who have
so vigorously criticized the constitution of the League of Nations would have
placed into the "Record" something to take its place. It is useless for any
Senator merely to say,"I am in favor of a League of Nations to maintain
the peace of the world, but I am opposed to this particular kind." If a
Senator is in favor of a League of Nations to maintain the peace of the
world, then I insist it is his moral duty to place upon the record what he
believes should be the proper steps to be taken to accomplish that end.
.The Senator from Massachusetts [Mr. Lodge] did that, and the Senator
from Pennsylvania (Mr. Knox] also stated what he believed to be the
proper kind of a League of Nations, of course without going into details;
but others have simply attacked without giving the President, without
giving our conferees in Europe the slightest idea of what should be done
in order to maintain the peace of the world.
Mr. President, I must say that some of these criticisms to me are very
far-fetched. I do not think we have the best League of Nations proposition
before •us. I am absolutely certain that when our delegates in France
receive and read the arguments that have been lodged against it, they will
reconsider some of the matters, make clear that which is now indefinite,
and make it certain that no nation by entering into this compact surrenders
its individual sovereignty or, so far as the United States is concerned,
concerned, surrenders our Monroe doctrine.
Every argument that has been made upon the floor of the Senate so far
would indicate to the American people that the Council would have the
right to determine when we should go to war and when we should not go
to war. The Council does nothing but advise upon the moans by which
the obligation not to make a war of aggression shall be enforced. It goes
right back to the nations themselves for the enforcing power. It puts us
Just exactly in the same position that we would have been placed in had we
agreed before this world war that we would prevent Germany from destroying France and annexing her territory; nothing more, nothing less.
I have listened to arguments by the hour on the floor a the Senate to
establish the proposition that under the provisions of this instrument we
are compelled to submit everything to arbitration, including our own
, domestic,affairs. What we agree to do is one of two things—that we will
submit to arbitration those things which we agree can properly be submitted
to arbitration. Is there any nation upon the face of the earth capable of
self-government or sufficiently intelligent to be entitled to exist as a selfGovernment that would ever submit its purely local affairs to the arbitration of any number of powers?
Has it ever been done in the past? Not once. Will it ever be done in
the future? Never, so long as we are dealing with intelligent nations.
Mr. President, I want again to call attention to article 13. Instead of
submitting everything to arbitration, on which Senators have based their
argument that we would be outvoted, there is not a word for the submission
of purely domestic questions to be arbitrated about, but only those which
each individual nation recognizes to be suitable for submission to arbitration;
and no nation, as I have stated, will submit non-justiciable questions to
arbitation.
Great complaint has been made because they say that we would be
outvoted in this League. Then nine Senators never could safely agree to
submit their individual differences to the combination of all of them,
because eight of them might be against a single one. Therefore, you never
can make any kind of an international agreement that will take in more
than your nation and one other nation, because if you take in three nations,
of course, two will be a majority. Therefore, inasmuch as you are placed
in the position whereby you may be outvoted, you never should enter into
an agreement with more than one nation, in order that you might have an
equal vote. Well, Mr. President, if that is our attitude, if our attitude is
that we must always have the controlling vote or an equal vote as against
all the world, then,for Heaven's sake,let us rid ourselves of this proposition
and not spend time on it, for we could not seriously ask other nations to
submit themselves to be outvoted, while we decline to submit ourselves
to the same condition. Outvoted? Of course we are outvoted in all our
relations with each other. Every State that entered the Union entered
with but two votes in the Senate. Therefore, it might be out voted by
the other 47 States, and therefore, it ought never to have gone into the
Union, because it subjects itself to such a dangerous situation.
Mr. President, when we entered into the obligation which created us a
nation, the States were jealous of each other. They were fearful that the
big States might obtain an advantage over the little States. Therefore,
they provided that at least in one branch of the Government the vote of
each State should be equal to the vote of any other one State. Had we not
agreed to that provision, we never would have had any Union, we never
would have had the United States. If we enter into a combination with
Greece as one of the component nations of the compact, certainly we have
to give Greece a vote the same as the United States; we have to give France,
which is only one-half as large in population as the United States, an equal
vote; and we have to give Britain and we have to give every other selfgoverning nation an equal right. If we are so everlastingly suspicious,
so fearful in this great State, which is ten times more powerful than the
average State in the world, that some of the others will get the advantage
of us, why, of course we do not want to enter into any compact.
Mr. President, I feel that I ought to say a word about a little discussion
that took place at the White House the other evening. I would not
mention it were it not for the fact that wrongful statements in regard to it
have already been published. I think I am as good a Republican and stand
as firmly on Republican principles as any member of the Senate; but I
do not feel that I am ever justified in misstating the position of a Democrat,
whether he be in the Senate of the United States or whether he be the
President of the United States; and I wish to say as a Republican, because
heretofore the statement has only come from the Democratic side,that when
the Committee on Foreign Affairs of the House and the Committee on
Foreign Affairs of the Senate dined with the President the other evening
nothing could have been more fair than his presentation of the case. He
subjected himself to every inquiry that might be made and answered ever)
inquiry fairly and justly and in a spirit of conciliation, with a desire to make
all matters perfectly clear.




[vol.. 108.

The assault which has been made upon him by Senators, if they made
it—and I doubt if they made it as it has been published—seems to me to
be entirely unfounded. It has been stated that he proclaimed that if
Ireland should rebel against Great Britain the American people would be
required to take up arms to subjugate Ireland. Mr. President, no such
statement was made. In discussing whether or not the instrument bound
this country to interfere in case India or Canada or Ireland should seek
to separate itself from Great Britain, he answered. "No;that is a domestic
question, and we only agree to protect nations from a war of aggression
waged by another nation." Everyone must agree with that construction.
The instrument itself makes it absolutely clear that that is the intent, and
no other intent was expressed by the l'resident in that discussion. I say
this simply because I feel that, inasmuch as the committees were treated
with absolute fairness, we ought to treat our host with the same fairness as
to what took place, if we are to mention it at all.
Mr. President, the Senator from Michigan [Mr. Smith] presented to me
the question whether I would agree that Canada should have a vote in the
Executive Council. He assumes that Canada is simply a portion of Great
Britain. Possibly I would not have drawn this instrument in the form
which the delegates drew it; no one of us would have produced exactly the
same instrument.
As a matter of fact, I have already placed before the Senate what I
believe to be the things to which we should agree and the things to which
we should not agree; and I shall not attempt in any way to reiterate
them; but the Presidents had to deal with other nations. Other American representatives were with the President. I do not agree with all
of them, perhaps, but I have considerable confidence in the patriotism
of Mr. White. I know that he is a good Republican. I know thta
when he accepted his position there he would not willingly surrender any
important right of the American people. But Mr. President, Canada is a
self-governing people, and the Senator is mistaken when he says that
Canada could not govern her own internal affairs. Canada makes her own
tariff rates. Canada "can not even be compelled, under the present policy
of the British Government, to support Great Britain in a war. Great
Britain has never attempted to compel any one of her colonies to respond
and take up arms in her behalf. She has allowed them to decide those
questions for themselves.
On the outbreak of the war the Canadian Parliament immediately met
and said, "We are not compelled to go into this war; but it is our war;
it is a battle for civilization, and we will fight the battle." We finally
agreed that it was a battle for civilization, and we fought for the same
great cause.
I am not afraid of the Canadian people. We have had a great many
arbitration settlements with Great Britain. Have we ever had occasion
to say that she has not always fully responded to the arbitration agreements
and has not made good any claim against her? In the Geneva award she
not only submitted to the award, but we found great difficulty in finding a
place to apply all the money she paid to us. Did that award look like a
combination of European States against us? Again, we settled the
boundary question between the United States and Canada. Great Britain
selected the Lord Chief Justice of England as one of her representatives,
and that Lord Chief Justice of England agreed with the American contention
on every important proposition. We got what we wanted; and, even
though the Canadians opposed it, the British representative agreed that
the American claims were right, and granted practically all of the American
claims, and, I think, very much more than we expected to get.
We have never had an arbitration, in my opinion, when we got the worst
of it, whether it was with Great Britain or any other country.
I know that when we submitted the question of the Bering Sea, as to
whether it was a closed sea or not, the world nations held that it was a
part of the ocean. I think they were right. I think that we wore wrong
in contending that it was a closed sea. That is the only case that I know
of in which the decision was particularly against the United States.
Mr. President, all I think we ought to do is to be absolutely honest with
ourselves. If we do not want any kind of an agreement to maintain the
peace of the world, in Heaven's name, let us say so and be done with it.
If we do believe that we are in honor or in duty bound, if we do believe
that there is any moral obligation resting upon this great nation to assist
In maintaining the peace of the world, then let us at least do what we can
to assist other nations in making an agreement that we can all stand by.
I do not want to surrender the Monroe doctrine, and I do not think that
we do surrender it. I am going to call attention to what the Monroe
doctrine really is and see, then, whether or not, as a matter of fact, this
League, as I have read it, does destroy that doctrine.
Mr. President, what was the Monroe doctrine? There is one clause in
the Monroe doctrine that Senators have omitted in their discussion, and
I want to read it. First, I want to read the principal declaration made
by President Monroe in his message to Congress in December of 1823.
He says:
"We owe it, therefore, to candor and to the amicable relations existing
between the United States and those powers to declare that we should
consider any attempt on their part to extend their system to any part of
this hemisphere as dangerous to our peace and safety."
That is only one of the clauses.
"With the existing colonies or dependencies of any European Power
we have not interfered and shall not interfere; but with the Governments
who have declared their independence and maintained it, and whose independence we have on great consideration and on just principles acknowledged, we could not view any interposition for the purpose of oppressing
them or controlling in any other manner their destiny by any European
Power in any other light than as the manifestation of an unfriendly disposition toward the United States.
Mr. President, the Monroe doctrine does not stop there; and here Is the
vital declaration in that, because it not only fixes the relation of other
Governments toward these Governments of South America, but it fixes
our own. Senators are arguing that we have no obligations incumbent
upon ourselves under this doctrine; that our conduct is in no way limited.
I insist that we have obligations that bid us under the Monroe doctrine.
The closing declaration is this:
"It is still the true policy of the United States to leave the parties to
themselves, in the hope that other Powers will pursue the same course."
Now, there is the Monroe doctrine. Put down in simple words it is,
"Keep your hands off, and we propose to keep our hands off of the independent nations in the Western Hemisphere." I know we have not
followed that obligation at all times, but it is as much a part of the Monroe
doctrine as any other declaration.
Mr. President, the Monroe doctrine does put us in the position of being
big brother to all of these South American republics, but I deny that it
puts in the position of being big tyrant to all of those southern republics.
They can exercise whatever sovereign power we can exorcise, with one
exception. We say: "For your safety and our safety, you must not allow
any other European nation to seize your territory or destroy your independence."
The United States says that no other nation shall lay its hands upon an
American nation for the purpose of destroying its sovereignty or seizing

MAR.8 1919.]

THE CHRONICLE

933

its territory. This compact says that no nation in the world shall lay
hands upon a South American nation for the purpose of destroying its
sovereignty or to take possession of its territory. In the sense, Mr.
President, that all the nations in the world agree to make the principles
of the Monroe doctrine universally applicable, it may be said that the
Monroe doctrine is merged in a world doctrine, but it is not destroyed in
any respect.
My opinion is that there is nothing in this instrument that in any way
destroys the Monroe doctrine. There is nothing that allows one nation
to seize the territory of another, and nothing is said upon the right of one
nation to sell its territory to another. All that this agreement does is to
say that no nation shall make war against any other nation for the purpose
of aggression, seizing its territory, or destroying its political integrity.
This instrument does not cover every possibility. I stated that before:
and I have further stated that I think it ought to be amended so as to declare
specifically that it is not an interference with the Monroe doctrine.

a hundred pounds for hogs, which had been in effect since
November, expired at midnight Feb. 28, but it was stated
on that date that it would be continued until a decision was
made by President Wilson regarding existing embargoes on
pork affecting neutrals and other countries. A statement
to this effect was said to have been made by officials of the
Food Administration. It was also reported that Frank S.
Snyder, head of the Meat Division, was prepared to abandon
the monthly hog price agreement policy if the embargoes
were lifted. Otherwise, a price would be agreed upon
for March.
In its statement of the 5th inst. the Food Administration
stated that it had been its desire and endeavor to continue
BILL APPROPRIATING $100,000,000 TO RELIEVE FOOD the price stabilization until March 31, and that as a conseNEEDS IN EUROPE SIGNED BY
quence of the general situation the price of hogs and pork
PRESIDENT WILSON.
might go higher than the stabilized prices which had been
The bill appropriating $100,000,00 for food relief for the maintained. Its statement follows:
populations of Europe outside of Germany was signed by
The U. S. Food Administration is officially advised by the War Trade
President Wilson on Feb. 25. The bill, which was one Board that it has rescinded the regulation by which all applications for
to export pork and pork products to European destinations must
urged for enactment by the President, had passed the licenses
have attached thereto a certificate from the United States Food
House on Jan. 13 and the Senate, with amendments, on tion to the effect that the commodity described had been soldAdministrafor export
Jan. 20 (calendar day Jan. 24) as agreed to in conference at the price approved by the Food Administration. At the same time
War Trade Board announces that all pork and pork products have
it was adopted by the House and Senate on Jan. 27. The the
been removed from the Export Conservation List, both actions effective
text of the bill in its final form, and as since signed by Presi- March 6 1919.
The practical effect of this action of the War Trade Board is to destroy
dent Wilson, was published in our issue of Feb. 8, page 531.
the ability of the United States Food Administration to further stabilize
the price of live hogs. It was the desire and has been the endeavor of the

HERBERT HOOVER DIRECTOR-GENERAL OF RELIEF Food Administration to continue this stabilization, as heretofore and until
March 31 when the normal marketing period of hogs farrowed in the spring
ADMINISTRATION UNDER FOOD RELIEF ACT.
of 1918 would have terminated. The prices under this stabilization plan
The appointment by President Wilson of Herbert Hoover have been based chiefly on the cash value of the corn fed to the hogs.
The whole program of stabilization of prices was the outgrowth of the
as Director-General of the American Relief Administration,
necessity for stimulated hog production for war needs at a time
created under the Act appropriating $100,000,000 for food imperative
when a dangerous shortage of fats threatened the entire Allied world.
The obligation with respect to the pigs farrowed in the spring of 1918
relief in Europe was announced on March 2. The bill was
signed by President Wilson on Feb. 25. Mr. Hoover has began with the marketing of September, and would have been terminated
March 31. In view, however, of the action of the War Trade Board, the
been granted full authority to direct the furnishing of food- Food Administration can make no further effort
to stabilize prices, nevertheless,
supplies
purchased
other
and
out
from 85 to 90% of the hogs destined for market, which were the
of
the relief fund
stuffs
objects
of
this
undertaking,
have
been
sold.
The
European demand for
and to arrange for their transportation, distribution and hog products will increase, rather
than diminish. The supply of live hogs
administration. As reported in these columns Jan. 11, coming to market in March and April
will be greatly reduced in numbers.
,page 118, it was announced on the 3rd of that month that The European markets are opening rapidly to free trading in hog products,
and
the
area
supplied
to
be
is
being
made increasingly accessible. .The
Mr. Hoover had been named Director-General if an Inde- enemy countries are to be given opportunity
to secure hog products and
pendent Relief Organization to feed Allied, neutral and other foods.
It
is
possible
that
as
a
consequence
of
the
general
American
situation the price of
Relief Administraenemy peoples As head of the
hogs and pork may go higher than the stabilized prices which have been
tion Mr. Hoover if given full power by President Wilson maintained
and which the Food Administration desired to be continued
to determine to which of the populations named in the relief to March 31 next.
bill the supplies shall be furnished and in what quantities.
The following is the War Trade Board's announcement
He also is to arrange for reimbursement so far as possible as regarding the removal of pork and pork products from
the
provided in the relief Act. The Food Administration in export conservation list:
making public on March 2 the President's Executive order,
The War Trade Board have been advised that the Allied Provisions'Ex-.
announced that Edgar Richard and Theodore F. Whit- port Commission has been dissolved, and that purchases of foodstuffs for
marsh, who have been directing the affairs of the Food shipment to Great Britain, Franco and Italy will no longer be made by said
Commission.
Administration during Mr. Hoover's absence in Europe,
The War Trade Board announce that pork and pork products have been
had been appointed joint directors in the :United States removed from the Export Conservation List, effective March 6 1919, and
said commodities may now be exported freely to the UnitedKingdom,
of the newly created Relief Administration. The Executive that
France, Italy, Belgium. Japan or Greece, or
colonies, possessions, or
Order under which Mr. Hoover is appointed Director protectorates, under Specia.1 Export License their
RAC-63 (W. T. B. R. 608:
issued Feb. 26 1919). The commodities included under the term "pork
General of the American Relief Administration follows:
In pursuance of an Act entitled "An Act for the relief of such populations
in Europe and countries contiguous thereto, outside of Germany, GermanAustria, Ilungary, Bulgaria and Turkey, as may be determined upon by
the President as necessary," approved Feb. 24 1919, I hereby direct that
the furnishing of foodstuffs and other urgent supplies and the transportation, distribution and administration thereof provided for in said Act,
shall be conducted under the direction of Herbert Hoover, who is hereby
appointed Director-General of the American Relief Administration with
full power to determine to which of the populations named in said Act
the supplies shall be furnished and in what quantities, and further to
arrange for reimbursement so far as possible, as in said Act provided.
Ho is hereby authorized to establish the American Relief Administration
for the purpose of carrying out the provisions of said Act and to employ
such persons and incur such expenses as may be necessary for such purpose,
to disburse all sums appropriated under the aforesaid Act of Feb. 24 1919,
and appoint a disbursing officer with that power,and particularly to employ
the Food Administration Grain Corporation, organized under the provisions
of the Food Control Act of Aug. 10 1917, as an agency for the purpose of
transportation and distribution of foodstuffs and supplies in the populations
requiring relief.
He is hereby further authorized in the carrying out of the aforesaid Act
to contract with the Food Administration Grain.Corporation or any other
person or corporation, that such person or corporation shall carry
stocks of food in transit to Europe, and at points inlEurope, in such quantities as may be agreed upon and as are required to meet relief needs, and
that there shall be paid to such person or corporation in advance from the
appropriation made in the aforesaid Act of Feb. 24 1919, any sums which
may be reuirod for the purchase and transportation of foodstuffs and the
maintenance of stocks.

and pork products," are the following:
Lard
Canned pork
Pickled pork
Neutral lard
Fatbacks
Shoulders
Bacon
Fresh pork
Spareribs
Barreled and mess pork
Hams
Stag bellies
Coarse hog bellies
The ruling, that all applications for licenses to export pork or pork
products to European destinations must be accompanied by a certificate
of the United States Food Administration, to the effect that the commodities described in such applications have been sold for export at prices approved by the Food Administration, has been withdrawn as of March 6
1919, and W. T. B. R. 566. issued Jan. 31 1919, W. T. B. R. 587, issued
Feb. 7 1919 (so far as said ruling concerns pork and pork products). and
W. T. B. R.601, issued Feb. 14 1919, have been rescinded as of said date.
Exporters should acquaint themselves with the import restrictions of the
cOuntries of destination before making definite and unconditional commitments for export sales.

REGULATIONS GOVERNING THE EXPORTATION OF
MILK AND PORK AND PORK PRODUCTS TO FRANCE.]
The War Trade Board, in consultation with the Food Administration, announced on Feb.7 that licenses would thereafter be issued freely for the exportation to France of pork
and pork products and condensed, dehydrated, evaporated,
powdered and preserved milk, as these goods have, by action
of the French Government, been placed on the list of commodities which may be imported without Governmental
REMOVAL OF PORK FROM EXPORT CONSERVATION
restrictions. The Board said:
LIST—EFFECT ON. HOG. PRICE-FIXING POLICY.
Exporters who desire to
such milk and pork and pork products to
Coincident with the announcement of the War Trade France need, therefore, noship
longer make their commitments through the
Allied
Provisions
Export Commission. It will be a condition of the issuance
Board of the removal of pork and pork products from the
of a license to export pork and pork products to France that the application
exports conservation list, thelFood Administration issued a for
export license must have attached thereto, before being filed with the
statement saying that the practical:effect of this action was War Trade Board, a certificate from the United States Food Administrato destroy the ability of the Food!Administration to further tion to the effect thatthe commodity described in such application has been
for export at a price approved by the United States Food Adminisstabilize the price of live hogs. The:minimum price of $17 50 sold
tration.



934

THE CHRONICLE

[VOL. 108.

to advise their clients of the now contracts. Immediately following
BILL FOR GOVERNMENT GUARANTEES OF WHEAT them
this dispatch I will telegraph you a verbatim copy of the antler amendment.
SIGNED BY PRESIDENT WILSON— AMENDMeanwhile, however, act as promptly as possible upon the foregoing information.
MENTS AFFECTING COTTON TRADING.
Announcement was also made on the 5th by Secretary
President Wilson on March 4 signed the bill appropriating
$1,000,000,000 to enable him to carry out the price guaran- Hanemann of the adoption of the following resolutions by
tees made to produeers of the wheat crop of 1918 and 1919. the Board of Managers of the New York Cotton Exhange:
The contract hereinafter referred to as the old contract is any contract
The bill as cane ted into law carries a cotton futures rider, made
prior to March 4 1919, under the B-laws and Rules of the New York
debe
may
cotton
of
that
grades
number
of
the
limiting
Cotton Exchange,subject to the U. S. Cotton Futures Act,.H. R. 12,717.
The contract hereinafter referred to as the new style contract is a conlivered on future contracts to thirteen, including grades
made after March 5 1919, under the By-laws and Rules of the New
above low middling. All cotton must be classified by tract
York Cotton Exchange,subject to the U. S. Cotton Futures Act as amended
also
Governnrent agents. Senator Smith of South Carolina
Mar 4 1919.
From the opening on Thursday, March 6, and thereafter trading in old
succeeded in having embodied in the bill in the Senate the
contracts will be confined exclusively to the liquidation of contracts alfollowing amendment:
ready existing. There is no necessity for an immediate closing of existing
Sec. 6a. 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 grade of strict middling, the grades mentioned
being of the official cotton standards of the United States, or cotton that
Is loss than seven-eights 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.

In explanation of the purpose of the amendment Senator
Smith said:
That is simply to provide that, in the contracts for delivery of cotton,
cotton of unmerchantabie grades shall not, as now, be tendered on a contract. Under the present cotton-grading law the cotton-grading committee
has standardized a great variety of grades of cotton, so that the exchanges
are tendering these very low and unmerchantable grades to such an extent
that It has driven legitimate business away from the exchanges and has
practically converted them into mere gambling places and not a place for
legitimate business. In other words, there is now a difference of anywhere from $25 to $30 a bale between the contract and spot market. This
amendment is simply to make the exchanges legitimate trading places
and make the contracts commercial.

old contracts and those having old contracts open may liquidate tham at
any time before maturity. On March 6 1919, trading in the new style
contract will be inaugurated.
Contract slips covering old style contracts shall be plainly marked "old
style."
All bids and offers across the ring unless the word "old" is used shall be
understood to be a new style contract.
Members are requested, as far as possible, not to accept orders or to
trade in new style March contracts.
Any member knowingly making a transaction in old style contracts
other than in liquidation shall be held to have violated Section 92, Paragraph (a) of the By-laws.

Under date of the 6th inst. the following advices were
conveyed to members of the Exchange by President Johnson:

I have received the following telegram from Mr. Charles J. Brand,
Chief Bureau of Markets:
"After consultation with Judge Graham the Cotton Futures Attorney
of the Treasury Department the following conclusion has been reached:
Whether or not there can be trading in old style contracts in liquidation
of outstanding contracts entered into prior to March 4 is open to serious
doubt from a legal standpoint. As a practical matter we sympathize
This last minute legislation brought about the closing of with the trade in its situation brought about by making the amendment
effective with the approval of the act instead of at a later date as originally
the New York Cotton Exchange on Wednesday in order contemplated. In the circumstances no objection will be made to bona
that arrangements might be made for the readjustment of fide sales on purchases of old style contracts for the sole purpose of liquiof actually existing short or long interests provided such liquidation
trading to meet the requirements of the new law. As dation
is accomplished not later than May 1 1919 on and after which date all
noted in these columns last Saturday (page 835) the wheat sales or purchases on the Exchange must be new style contracts. In order
bill was passed by the House on Feb. 22; it was passed by that the Treasury Department may be continually advised of the situation
it will be necessary for each firm having any outstanding interest on March
the Senate shortly after midnight, Feb. 27, or in the early 4
to report either directly or through the Clearing House to the Cotton
morning of the 28th. Following the adoption of the con- Futures Attorney at once its exact position in each month and to report
ference report, the House accepted it on the 3rd inst. With for each day the number of bales sold or bought in reduction of such outinterest until all outstanding old style contracts have been enregard to the decision reached on Wednesday morning standing
BRAND.
tirely liquidated.
(the 5th) not to open the New York Cotton Exchange until
Inasmuch as the Clearing Association would only know the net position
any open
the following morning (it had been closed on the 4th because of each firm in the market, I would suggest that each firm having
contracts on March 4 report directly to Judge A. W. Graham, Cotton Fuof the Mardi Gras celebration in New Orleans). President tures Attorney, 710 Bond Building, Washington, D. C., as required ahoy.
Walter L. Johnson of the Exchange was quoted in the New The report of your position on March 4 should show the gross amount f
purchases and gross amount of sales open in each month. Yours very
York "Sun" of the 6th as saying:
truly,
The closing of the Exchange was necessitated to avoid confusion. The
WALTER L. JOHNSON, President.
grades which may be delivered in fulfilment of the new contract are those
whose values are not below the value of low middling cotton. Seven
grades are specifically prohibited for delivery under the now contract and GEORGE A. ZABRISKIE SUCCEEDS GEORGE M. ROLPH
at the present time a delivery of two other grades is prohibited because
AS PRESIDENT OF U. S. SUGAR EQUALIZATION
their value is below the value of low middling. Under the old contract
BOARD.
cotton could be delivered which was not below the value of good ordinary.
At present delivery of good ordinary is 5 cents below the value of low
the directors of the U. S. Sugar
a
of
meeting
Following
effective
immemiddling. It is unfortunate that the change was made
in Washington on Feb. 26, it
(Inc.)
Board
Equalization
conavoid
to
exchanges
the
of
closing
the
this
as
necessitated
diately,
fusion.
was announced that George A. Zabriskie had been elected

On the same date the "Journal of Commerce" quoted President of the Equalization Board to succeed George M.
President Johnson with the following statement relative to Rolph, resigned. Theodore F. Whitmarsh was elected VicePresident, James F. Bell, Treasurer, and William A. Glasthe new mode of operations:
There will be trading in two bases—old style and new style—when the gow, Jr., General Counsel; E.S. Keeley was elected Assistant
Exchange opens Thursday morning. Trading in the old style contracts Treasurer. Mr. Rolph, who had been President of the Sugar
will be permitted only in liquidation of outstanding commitments. The
Equalization Board since its organization, withdrew in order
new style will be inaugurated at the opening.
to devote himself to his own business. He tendered his
close
to
decision
the
Along with the announcement as to
the New York Exchange (the New Orleans Cotton Ex- resignation on Jan. 30, to take effect at the time his succhange followed a similar course) the receipt of the follow- cessor was appointed. The members of the board of direcing telegram from Charles J. Brand, Chief of the Bureau tors as at present composed are as follows: Herbert Hoover,
Chairman, George A. Zabriskie, Theodore F. Whitmarsh,
of Markets, was made known:
F. Bell, Dr. F. W. Taussig, C. M. Woolley, William
James
Orleans
New
to
following
For your information I have just sent the
and all designated spot markets and will immediately wire them full lan- A. Glasgow, Jr.
guage of amendment as sent you yesterday: Effective this morning in
accordance with the amendment of subdivision five and seven of Section 5
of the Cotton Futures Act adopted by the Congress in the last hours of
the session as an amendment to Wheat Guaranty Act, all future contracts
on both New York and New Orleans Cotton Exchanges will hereafter be
new style. This means that the following grades, seven in number, will
not be tenderable thereon: Strict good ordinary and good ordinary white,
strict low middling and low middling yellow tinged, middling yellow
stained, strict middling, and middling blue stained; also that all spot
cotton delivered on new style future contracts will be classed by Government.
Spot cotton delivered on old style contracts will be classed by exchanges
as heretofoe with right of appeal to Government until such old-style contracts are liquidated. Therefore beginning thsi morning all orders for
execution on exchanges should specify "New-style contract." Furthermore similar action will be necessary with reference to orders previously
transmitted but not yet executed. Bonafide liquidation of outstanding
contracts will be permitted so long as no new trades in old style contracts
are originated.
Consider it highly important that future exchanges be kept open for
trading and will appreciate your taking promptly all necessary steps to
put the act as amended into immediate effect. Please transmit this information immediately by telegraph and telephone to the member firms
of your exchange and to the other markets in your territory and request




COMMITTEE OF U. S. SUGAR EQUALIZATION BOARD
TO ACT IN MATTER OF CUBAN SHIPMENTS.
According to "Financial America" of Feb. 25, the United
States Sugar Equalization Board, Inc., has, at the request
of the Cuban Government, appointed Robert B. Hawley,
Edwin B. Shattuck and Manuel Rionda a committee to act
in behalf of the Sugar Equalization Board in the matter of
shipments of raw sugars direct from Cuba to nations other
than the United States and those represented by the Royal
Commission on the sugar supply. The paper quoted says:
The office of the committee will be located in the Hollins Building,
Havana, Cuba.
to.
Exports by tho committee will be regulated from time to time by the
United States Sugar Equalization Board, Inc., and will be dependent upon
the national requirements of the United States, duo regard being given to
the necessities of other nations.
These arrangements are made in order that the Cuban Government
may continue its reciprocal trade relations with countries that have in the
past carried on commercial intercourse with the Republic of Cuba.

MAR. 8 1919.]

THE CHRONICLE

935

GENERAL IMPORT LICENSE COVERING CUBAN SUGAR is well nigh universal among the civilized peoples of all
countries." Judge Gary's remarks in full follow:
IMPORTS.
We have had no meeting nor occasion for a meeting of the iron and
On March 5 the War Trade Board announced that a new steel
industry generally since Dec. 9 last, when we gathered to
general import license, to be known as P. B. F. No. 33, has and decide what recommendation to make to the War Industriesdiscuss
Board
been issued, covering the importation of sugar from Cuba, concerning prices, pursuant to the request of that Board or its Price
Fixing Committee. Between the time the request was made and the day
when consigned to the United States Sugar Equalization fixed for the meeting in Washington, conditions changed, and
as a conBoard. The War Trade Board says:
sequence our report to the War Industries Board was made unnecessary,
This amends W. T. B. R. 613, as published Feb. 26, in so far as the although the committee which had been designated by the steel interests
cabling of license numbers by the importer for shipments of Cuban sugar is appeared in Washington at the appointed time and place. Notwithstandconcerned, as the Consuls have been authorized to certify invoices for such ing at our meeting here there were, at the beginning, differences of opinshipments of sugar as may be coming from Cuba without the production ion concerning our proposed action, I think time has demonstrated that
of an individual import license, if the same is consigned to the Sugar our final conclusion was wise. Circumstances justified the decision to
recommend moderate reduction in prices of our commodities, and perEqualization Board.
haps the fact that we voluntarily made reductions tended to stabilize
business conditions generally. At any rate, the disposition of the large
PRESIDENT WILSON TELLS SOUTHERN SENATORS number of men who attended the meeting, to harmonize their views and to
place their interests in the hands of a few men who had proved their effiTHAT COTTON EMBARGOES CANNOT BE LIFTED.
ciency by hard work, continued patience and painstaking effort, reOn Feb. 27 President Wilson was petitioned by Senators dounded to the credit of all who participated. Consideration by each for
and Representatives from cotton growing States to remove the welfare of all others, and an effort to co-operate in advancing and protecting the interests of everyone, so far as practicable and right, have
the embargoes on cotton. The President is said to have dominated
the minds of those who are connected with our industry and
stated that it would be impossible to lift the embargoes have been and will continue to be of great benefit so long as we are conuntil after the formal declaration of peace; while informing trolled by these principles.
On this occasion we have met to discuss and consider the question of
Senator Smith of South Carolina, who presented the pe- co-operation
as presented to us by the Industrial Board of the Departtition that he would do all he could to relieve the situation, ment of Commerce. This Board has been appointed by the Secretary
he is said to have held out no encouragement. The of Commerce, for the purpose of conferring with the different lines of
industry, in the effort to stabilize business conditions generally throughPresident said that under the terms of the armistice Ger- out
the country. The Secretary of Commerce, after consideration and
many's status quo must be maintained.
investigation, reached the conclusion that during the transition period
from a war basis to a peace basis there might be disturbances in business,
with possible reactions, if not depressions, decreases in or interruption to
SHIPMENTS OF RUBBER RELEASED FROM CANADA. employment, and delays in extending enterprise; and after conferring with
members of the Cabinet and the President of the United States,
The War Trade Board on March 4 announced that, in other
he appointed the Industrial Board referred to. The Secretary of Comaccordance with existing regulations governing the importa- merce a few days since addressed a letter to the President of the Amerition of commodities shipped into Canada for importation can Iron & Steel Institute, in which the Secretary stated his plans and
co-operation by our industry, and also opportunity on the
into the United States which have been held 60 days after requested
part of Mr. George N. Peek, Chairman of the Board, to explain in detail
removal of the restrictions thereon, 1,917 tons of rubber what was proposed. The President of the Institute thereupon called
were released for entry for a number of importers on Feb. 13 together some of the leading manufacturers who were readily accessible,
before whom Mr. Peek appeared and discussed at considerable length
1919.
his plans and reasons for their adoption, after which the present meeting
was called.
It is my opinion, and 1 believe the opinion of most of the large number
BRITISH IMPORT RESTRICTIONS AFFECTING DYEof
men who are assembled here to-day, that since the armistice was signed
STUFFS AND ALUMINUM.
the iron and steel trade, generally speaking, has been better than it was
The War Trade Board reports under date of March 4 represented to be in some of the publications; that it has been better than
feared it would be; that, all things considered, we have no resaon to
that it has been informed that the following dyestuffs can- ,we
complain; and that the number of unemployed has been much less than
not be imported into the United Kingdom without individual one would suppose from some of the statements which have been freely
circulated. We know that, as a matter of fact, on account of the ordiimport licenses:
and other reasons which result in idleness, temAll derivatives of coal tar, generally known as intermediate products, nary turn-over in labor,
capable of being used or adapted for use as dyestuffs or of being modified porary or otherwise, there are always large numbers of unemployed, and
therefore it frequently happens that when people are expecting, in conor further manufactured into dyestuffs, all direct cotton colors, all union
conditions, an increase in unemployment, exaggercolors, all acid wool colors, all chrome and mordant colors, all allzarine sequence of unusual
are made. Personally, I have believed if business men and others
ations
colors, all basic colors, all sulphide colors, all vat colors (including synthetic
indigo), all oil spirit and wax colors, all lake colors, and any other synthetic who are interested in business conditions and results would retain their
colors, dyes, stains, color acids, color bases, color lakes, leuco acids, leuco composure and courage, we would gradually, if moderately, return to a
condition normal and satisfactory. However, the Secretary of Combases, whether in paste, powder, solution or any other form.
merce, a very wise and thoughtful man, believed, from his information and
The War Trade Board has also been informed thal the advice, that it was desirable to anticipate possible future adverse conditions, and therefore took the action mentioned, and, of course, this
importation of aluminum ingots into the United Kingdom having
been published, the natural result has been, or will be, to temis not prohibited, but that aluminum sheets require an im- porarily affect business progress until there can be a successful co-operport license, as they are included under the head of alumi- ative movement which is calculated to inspire confidence and activity.
The steel industry is still more or less the barometer of trade. It innum manufactures.
volves large production, large amounts of 'working capital, large numbers
of employees and has a decided influence upon the commercial and financial interests of the country. We occupy positions of great responsibility.
IRON AND STEEL INTERESTS TO CO-OPERATE WITH What we do at this meeting may have an important bearing upon the
whole business situation. We must not, we will not, intentionally make
PROPOSED PRICE STABILIZATION BOARD—
a mistake. During the war we have been called upon to do great things,
JUDGE GARY'S REMARKS.
and we have cheerfully and faithfully responded. I think we are bound
Last week's meeting of steel interests at the office of to say we have in the main been treated fairly. We have served the
Government to the best of our ability, and Governmental representatives
Judge Elbert H. Gary, at which consideration was given have,
in positive language, commended our efforts.
to Secretary Redfield's proposed Industrial Board of the
Now we are called upon again by a Government official to co-operate
Department of Commerce, was followed by a meeting of with the Government in the endeavor to stabilize business conditions, to
and reasonable, capital and labor, for they
representatives of the iron and steel industry on Thursday protect, so far as practicable
must always go hand in hand if success for either is achieved, and to
(the
6th inst.) at the Waldorf-Astoria. With bring about results which no reasonable man will deny are desirable. The
of this week
regard to this meeting it is announced that "after full dis- methods were not suggested by us. They originated with a disinterested,
high-minded and capable public official, whose obligation and whose desire
cussion, it was unanimously voted to accept the invitation are
to best serve his country. We must on this occasion rise to a high
of the Industrial Board of the Department of Commerce, plane of unselfish observation and there determine our course.
Those who have been personally consulted, including all the members
• organized by approval of the President, to co-operate in the
of the Board of Directors of the Institute who could be reached, have
endeavor to stabilize business conditions, and the whole sub- decided to recommend to this meeting that we promptly accept the invitation of the Government to co-operate, so far as proper and consistent,
ject matter was referred, with power, to a committee."
in the cause which has been presented and has been assigned to the InThe members of the committee are:
dustrial Board made up of Mr. Peek as Chairman and other equally worthy
Alva 0. Dinkey,
Elbert H. Gary,
H. G. Dalton,
men, who may be depended upon to act fairly and intelligently. If you
James A. Farrell,
L. E. Block,
A. F. Huston,
-day submit your interests to a comparatively small committee,
should to
James A. Burden,
Charles M. Schwab,
James A. Campbell,
that committee would come into conference with the Industrial Board
John A. Topping,
E. G. Grace,
Willis L. Ring.
and make an effort to agree upon prices intended to be just toward all
C. H. McCullough, Jr.
who might be interested in the results, including seller, purchaser and the
After the resolution was adopted, George N. Peek, Chair- general public. It is intended, as usual, to give opportunity for full discussion, and I ask you to withhold final judgment as to your action until
man of the Industrial Board, addressed the meeting.
the last speaker has been heard and the last reason expressed.
In an address at the opening of the meeting Judge Gary
There is ahead of us large business prosperity. We may hasten or
stated that in response to. the request that the industry retard its progress, depending upon our attitude. If we avail ourselves of
opportunities offered we will succeed. We must be resolute, fair"co-operate with the Government in the endeavor to stabil- the
minded and confident. We must apply the spirit of co-operation whenize business conditions," it had been decided to recommend ever practicable. We must have faith in ourselves, in each other and in
at the meeting that the invitation to co-operate he promptly our country. Peace has not yet been established throughout the world,
and this fact more or less adversely affects industry. Still we have reason
accepted,"so far as proper and consistent." In referring in- to
expect an early settlement of most, if not all, of the important differcidentally to the League of Nations, Judge Gary stated that ences between nations. A League of Nations will soon be agreed upon,
for
the sentiment in its favor is well nigh universal among the civilized
it "will soon be agreed upon, for the sentiment in its favor
peoples of all countries. The criticisms which are found in the speeches




936

THE CHRONICLE

recently made in the Congress of the United States, with possibly slight
exceptions, were not intended to be understood as opposing a practicable
and workable agreement between leading countries which will result in
preventing future prolonged international conflicts. The objections
made relate to some of the conditions and terms contained in the covenant,
or constitution, which has been reported for consideration by the General
Council, and, in most cases, to proposed forms of procedure. Surely
the great men who participate in the Peace Council will find a basis and a
method for carrying into effect what they, and the hundred millions whom
they represent, most earnestly desire.
And then, after peace is declared and made secure, and with a cordial
and reasonable co-operation between the Government and business interests, we should realize the greatest prosperity in our experience.

WAR CONTRACT CLAIMS MUST BE FILED BY
JUNE 30—RULES FOR SETTLEMENT.
The War Department on March 4 made public the rules
and regulations under which the Department will make
settlement under the terms of the War Contract Validating
bill, signed by President Wilson on March 3. According to
the Associated Press dispatches, all claims are to be designated either in Class A or Class B. The former includes
claims based on agreements made by an officer or agent
acting under the authority, direction or instruction of the
Secretary of War, and the nature, terms and conditions of
which have been reduced to contract form or are otherwise
established by written evidence. All other agreements are
designated as in Class B.
Claims falling under Class A shall be presented in the form
of a statement in quadruplicate for which blank forms are
furnished. The four copies shall be forwarded to the
Claims Board in Washington of the Bureau with which the
alleged agreement was made. All claims must be filed not
later than June 30. In all cases where settlement negotiations are now pending there will be no interniptions, but the
statement of claim must be filed in Washington before the
award is made. In•regard to the investigation of Class A
claims the rules provide:
Each bureau claims board, upon the proper presentation of any claim, is
directed to examine into and determine the facts as to the nature of terms
and conditions of the alleged agreement referred to in the statement of
claim. If it finds that an agreement within the provisions of Section 1 of
said Act was entered into, it will make a certificate in the -form hereto
attached, entitled "Form 0," such certificate shall not be executed except
when it is attached to (1) agreement heretofore reduced to contract form,
or (2) a purchase order heretofore signed, or (3) a procurement order or
notice of award heretofore signed which sets forth all the terms and conditions of the agreement, or (4) a document to be prepared under the supervision of such bureau claims board fully setting forth the nature, terms and
conditions of the agreement, and which may be in the form of such contract or order as should in due course have been formulated to cover the
agreement.
The nature, terms and conditions of the agreement thus established and
certified shall be submitted to the claimant and no award can be made
until the claimant's acceptance and approval of the certificate has been
endorsed thereon.
The bureau claims board are hereby authorized and directed to proceed,
on the basis of the agreement thus established to make detailed examination of the claim and to recommend a fair and equitable basis for the
adjustment payment or discharge thereof.

Regarding procedure with Class B claims the rules say:
Class B claims shall be submitted to the board of contract adjustment,
which, in handling that, will follow the procedure above outlined for
Class A claims so far as it is applicable; but those claims which are based
upon alleged agreements entred into with an officer or agent acting under
the authority, direction or instruction of the Secretary of War shall be
separate and given numbers of a different series from those entered into
by an officer or agent acting under the authority, direction or instruction
of the President.

FORMER U. S. ATTORNEY GENERAL GREGORY ACCOMPANIES PRESIDENT WILSON ABROAD.
Thomas W. Gregory, who in January tendered his resignation as U. S. Attorney General, was succeeded in the office
this week by A. Mitchell Palmer. Mr. Gregory's resignation became effective on the 4th inst. He has accompanied
President Wilson on his second trip abroad this week; in
denying on the 3rd inst. reports that he would go to Paris
with President Wilson as his adviser, Mr. Gregory was
quoted as saying:
I shall accompany the President on his return to France. I do not-go as
his adviser. While abroad I shall represent the Government in one or two
matters, but expect to be gone only thirty or forty days. I shall then
announce my plans and resume the practice of law.

[VOL. 108.

FRANCIS P. GARVAN NAMED AS ALIEN PROPERTY
CUSTODIAN.
Francis P. Garvan of New York was on March 3 named
by President Wilson as Alien Property Custodian to succeed
A. Mitchell Palmer, who has become United States AttorneyGeneral. Since June 1918 Mr. Garvan had been Director
of the Bureau of Investigations of the Alien Property Custodian's office, serving without salary. Mr. Garvan was
born in East Hartford, Conn., in 1875. He was admitted
to the Bar in 1889. He was an assistant United States
attorney under District Attorney Jerome. He is a member
of the executive committee of the Bar Association,
RESIGNATION OF G. CARROLL TODD AS ASSISTANT
UNITED STATES DISTRICT ATTORNEY GENERAL.
The resignation of G. Carroll Todd as Assistant United
States District Attorney-General was announced on Mar. 5.
The resignation of Mr. Todd was sent to President Wilson
the day after the nomination of A. Mitchell Palmer to be
Attorney-General was sent to the Senate by the President,
and will become effective as soon as his successor has been
appointed. Mr. Todd, who had charge of prosecutions
under the Sherman Anti-Trust Law,had been Chief Assistant
to the Attorney-General since 1913. John Lord O'Brian,
who has been special Assistant Attorney-General, and has
charge of the prosecution of so-called political offenders,
will, it is said, soon resign and resume the practice of law in
Buffalo.
FAILURE OF CONGRESS TO PROVIDE $750,000,000
FOR RAILROAD REVOLVING FUND—CONFERENCE TO CONSIDER SITUATION.
The adjournment of Congress this week without enacting
the bill calling for an appropriation of $750,000,000 for the
Railroad Administrations' Revolving Fund (in addition to
the $500,000,000 provided originally) has resulting in the
calling of a conference of bankers and railroad representatives
in Washington next Tuesday to discuss plans for meeting
the situation thereby created. Provision for the additional
sum for the Revolving Fund was made in a bill which passed
the House on Feb. 21; the Senate Appropriation Committee in reporting on March 1 the General Defiency Bill
added as a rider the bill appropriating $750,000,000 for the
Railroad Administration. The Deficiency Bill, however,
which had passed the House on Feb. 28 was held up in the
Senate as a result of a filibuster in that branch of Congress
in the closing hours of the session. Through the failure of
Congress to provide for the $750,000,000 appropriation the
Railroad Administration is without funds to finance improvements for 1919. While it was reported that the return of the roads to private ownership seemed imminent
as a result of this situation, Director-General Hines on the
4th after conferences with Secretary of the Treasury Carter
Glass and Eugene Meyer, Jr., Managing Director of the
War Finance Corporation, issued the following statement:
The railroad situation is so complicated by this recent development, and
there are so many possibilities, that I cannot say at this time what may be
done with the railroads. It will take a good deal of consideration before a
conclusion is reached.

The belief was then said to have been expressed by several Treasury officials that the railroads could obtain loans
privately to tide them over the next few months.
The War Finance Corporation, it was announced on
March 4, had already lent $71,505,000 to railroads. It
was authorized to advance several hundred million dollars
additional under war powers, on adequate collateral, and
at rates at least 1% higher than current rates for 90 day
paper. Officials questioned, however, whether the terms
of the Act could be interpreted liberally enough to permit
the corporation to go into more extended financing. In a
statement issued on the 5th Director-General Hines, in
referring to the failure of Congress to provide the appropriation asked for said:

This unexpected result puts on the Director-General the necessity for devising radically different methods of dealing with the extremely difficult
situation. I approach the matter in the spirit and with the purpose of
finding ways to meet the requirements and to avert financial embarrassFrom another quarter it was learned that Mr. Gregory was going to ments and industrial depression. It would be improper, however, to
France with the President to represent the War Department in settling up minimize the difficulties of the situation, but I believe that the very diffisome of the large bills due the Allied Government, including damage done culties themselves will result in obtaining patiotic co-operation of all busito French property by American troops.
ness interests involved, including the raliraod corporations and equipment
Many claims against the Goverment have been incurred in connection- companies and other producers of material, and the bankers. At the
with the American Army's stay in France, and the former Attorney moment there is no occasion to discuss the question of relinquishment of
General's task will be to untangle these. Many large contracts for supplies the railroads. My first purpose is to try to solve the problem in other
must be carefully gone over before final settlements can be made. Mr. ways.
Gregory, it was indicated, will be put in charge of all this work, and in
I am not prepared at the moment to outline specific plans because nuaddition probably will act as unofficial counselor to the President on the merous methods must be devised for dealing with different phases of the
questions of indemnity and reparation which may come before the Peace subject and each will require its separate study and perhaps a separate
Conference.
plan of co-operation. But I believe that on the part of all responsible

In quoting what Mr. Gregory had to say, the New York
"Times" of March 4 said:




MAR. 81919.]

THE CHRONICLE

interests affected there will be a prompt response to my own definite purpose of finding a way to meet the difficulty and I do not believe anyone
should give way to alarm on account of the condition which has been so
unexpectedly produced.
The Treasury Department and the War Finance Corporation are cooperating in the matter with the utmost cordiality.
In connection with the consideration of this question there has been no
discussion of raising rates, either passenger or freight, because the money
., operating revenues, which primarily are not
derived from rates goes int.
affected by the present situation.
Generally speaking it will be my object to solve the problem facing the
Railroad Administration through financial moans, rather than through
interfering with work involving the employment of labor. I consider it
important that there be no industrial disturbances.
In connection with necessary financing which will have to be done by the
railroad corporations it is the rule that no such corporate financing be undertaken except on certificate of the Railroad Administration, and therefore the Railroad Administration in a sense acts as a clearing house for
such financing, thus minimizing the danger of financial confusion.

On the same day, at the conference of Governors and
Mayors at Washington, Director-General Hines referred to
plans in contemplation for meeting the situation created;
from the New York "Times" account as to what he had to
say we take the following:
We contemplated that we could keep up maintenance of the railroads
and their equipment to the standard which the railroad companies themselves had established during the three years ending June 30 1917, generally spoken of now as the three-year test period, go ahead on a substantial,
thorough, conservative scheme of improvements and, through ability,
which we anticipated we would have, to pay the amounts due the railroad
companies, equipment companies and other creditors, establish a general
credit situation which would enable the railroad companies to borrow
substantial amounts of money for the purpose of engaging upon a larger
improvement program than the conservative program we had fixed upon.
Our program rested upon anticipation of an appropriation of$750,000,000
from Congress. But the debate was not concluded before the Senate adjourned, so the appropriation failed. Therefore yesterday at noon we were
confronted with the problem of re-making our program in the face of
radically different conditions.
I approach the matter in the spirit that it is my clear duty from every
standpoint to try, notwithstanding the failure of this appropriation, to
find a way to accomplish the things it is desired to accomplish. It might
be exceedingly easy to approach it in the spirit of trying not to find 0 way,
but it is in exactly the opposite spirit that I come before you, ad my
belief is that, in view of the very difficulties of the situation which has so
suddenly confronted us and the business interests of the country, there will
be an impulse toward a patriotic co-operation to contrive ways and means
to carry forward the reasonable program of the Railroad Administration,
despite the failure of the appropriation.
There are two general ways in which we might attempt to adapt ourselves
to this new situation. One way would be to cut down expenditures as
rapidly as passible in every direction, even though these expenditures were
highly desirable. The other way would be to resort to every possible expedient to prevail on the railroad companies and the other business interests
affected to borrow the necessary money to enable us to go forward with
these expenditures.
I am emphatically in favor of the plan which contemplates financing
these matters so we can go forward with the expenditures, rather than of
the plan of cutting off the expenditures so we can avoid the financing.
From every standpoint it seems to me this is the proper and expedient
course to pursue.
In addition to other reasons which actuate me in approaching the matter
In this spirit is the reason, which is a controlling consideration with me,that
I am absolutely out of sympathy with any policy which contemplates the
slowing down of industries for the purpose of throwing men out of employment on the idea that thereby the rate of wages may be cut down for the
future.
It is going to be my policy, with the most cordial co-operation of the
Secretary of the Treasury and the War Finance Corporation, to find every
way we can to reimbures the Treasury and the Railroad Administration
through getting the corporations to borrow the money to pay back advances which have been made and which it will be necessary to make to
carry out our program. It would be unwise to create the impression that
that is going to be an easy task. It is going to be very difficult, but we
are approaching it with the determination that we will make it succeed
to a very largo extent and that we will get a largo measure of patriotic
co-operation from all the interests which are affected.
The specific proposition which you gentlemen have had much in mind
and which I, too, have been considering with care is the question as to what
ought to be done by the Railroad Administration with reference to the rates
on road-building materials. There has been a feeling that the advances
made in rates effective last June to meet the increased cost growing out of
the war had borne too heavily on road-building materials and that, in
order to encourage a program of resumption of road building in the public
interest, there ought to be a substantial reduction in those rates.
The matter is having the most careful and expeditious consideration in
the Railroad Administration, and I am approaching it in the most sympathetic spirit and with a desire to do everything reasonably practicable to
meet expectations in that regard. I hope very shortly, perhaps in the next
week or ten days, to get a final report upon the basis of which I can take
definite action. While it is impossible to forecast at the moment the action that I can take, I want to assure you that I am fully alive to the importance of the object which you gentlemen seek to accomplish and of the
fact that not only do we want to help in general, but we have a distinct
selfish interest in encouraging the resumption of this industry at the earliest
possible moment.

Testimony given before the Senate Committee on Appropriations last week by Director-General Hines and Secretary of the Treasury Glass as to results with the failure
of the measure to go through Congress was made public
on the 5th. In a letter to Chairman Martin of the Committee, Mr. Hines said:
I have asked for an appropriation of $750,000,000. That divides,
broadly, into one general item of $381,000,000 which is needed to settle
with the railroad companies for 1918 and $369,000,000 which we need for
the requirements for the calendar year 1919.
The $381,000,000 is needed by the railroad companies to °Able thorn to
pay their interest and their dividends and to aid them in establishing a basis
rat credit on which they can borrow and pay their maturities. If we could
ot pay the $381,000,000 it would have the greatest variety of disturbing




937

effects on the financial situation. We cannot pay without the appropriation. If we say "We decline to pay" that means to that extent a suspension of payment on the part of the Government, and immediately
translates itself into a suspension of payment on the part of the railroad
companies. They will be unable to pay their dividends, in some cases
unable to pay their interest, and in Many instances unable to pay off bonds
and notes that are maturing,so that it presents a situation that immediately
runs through the whole fabric of the financial structure of the COUIItrY.
The contracts for equipment were made in 1918, and we must pay from
time to time, in the early part of the calendar year, $286,000,000 on that
equipment. Those bills are coming in at the rate of about $1,000,000 a
day. They will come in more rapidly than that as the spring comes on,
and without this appropriation we will have to suspend payment on these
bills.
If we fail to pay the equipment companies they will, in the first place,
be greatly embarrassed in meeting their payrolls, and in the second place
they cannot meet the demands of the people from whom they bought the
materials, that is, the material companies throughout the country, the
fabricators of various sorts of metal parts that go into the acr. There,
again, we will have the situation where a suspension of payments on our
part will run through the whole industrial and financial situation, and have
the most embarrassing results, and that will begin instantly, because those
payments are coming along every day, and are to come along in increasing
quantity because of the increasing ease of obtaining materials and the
increasing ease in obtaining labor.

Secretary Glass said:
The only alternative that I see will be to have the railroads go out into
the open market and make loans aggregating nearly $1,000,000,000 from
the banks, and that would cut the market up for the Liberty Loan and,
make it very difficult for our campaign. That condition would reflect
itself upon the Liberty Loan and, I think, in a disastrous way.

An Associated Press dispatch from Washington on the
5th said:
It develops that the War Finance Corporation has about $337,000,000
resources available, and much of this may go to railroads to supplement
the sums they can borrow until Congress meets again and has opportunity
to appropriate funds.
After protracted conferences between Secretary Glass and other officials
of the Treasury and War Finance Corporation it was stated that means
probably would be developed to keep the railroads off the money market
as much as possible, and minimize interference with the forthcoming
Liberty Loan.

Further discussion of the matter has since been had
between Director-General Hines and Eugene Meyer, Jr.,
of the War Finance Corporation. Yesterday also a conference was held with leading bankers. Among those who were
in attendance at yesterday's meetings with Mr. Meyer and
at conferences between the bankers themselves were J. P.
Morgan, Thomas Cochran and Dwight W. Morrow of the
Morgan firm; Francis L. Hine, President of the First National Bank; E. V. R. Thayer, President of the Chase National. Bank; Colonel Grayson, M. P. Murphy, Vice-President of the Guaranty Trust Co.; Seward Prosser, President of the Bankers Trust Co., and Jerome Hanauer of
Kuhn, Loeb & Co. Plans were made and tentatively approved under which:
1. The stronger roads will be financed directly through
the banks.
2. The weaker roads will obtain all necessary assistance
from the War Finance Corporation, which has ample resources to meet the emergenq.
These plans, it is expected, will take definite form at the
conference in Washington next Tuesday, called by Walker
D. Hines, Director-General of Railroads.
STANDING COMMITTEE OF ASSOCIATION OF RAILWAY EXECUTIVES ENLARGED.
Announcement of a meeting in this city on the 5th inst.
of the standing committee of the Association of Railway
Executives was made as follows by the Chairman, Thomas
DeWitt Cuyler:
A meeting of the standing committee of the Association of Railway Executives was held this morning at the offices of the association, No. 61
Broadway. The situation with regard to the adoption by Congress of a
program of constructive railway legislation was considered. The committee having in charge the presentation of the association's recommendatient; to Congress, consisting of Julius Kruttschnitt, Daniel Willard,
Samuel Rea, Howard Elliott, Alfred P. Thom and Thomas DeWitt Cuyler, was enlarged by the addition of Judge Robert S. Lovett, President
of the Union Pacific Co. The standing committee was also enlarged by
the addition of Carl R. Gray, President of the Western Maryland Railway Co. The Association of Railway Executives took under its general
direction the Bureau of Railway Economics, the Association of Corporate
Accounting Officers,and the Association of Railway Corporate Engineers.

PRESIDENT WILSON AGAIN SETS SAIL FOR FRANCE.
lent Wilson sailed-for— France Wednesday morning
717e-gri—
(March 5) on the transport George Washington, after a
strenuous ten days in this country crowded with important
events. The President spent the closing hours of the final
session of the Sixty-fifth Congress at the Capitol, prepared
to sign any last-minute bills that might be passed. The
filibuster conducted by Senators Sherman, France and La
Follette, however, blocked the passage of many of the most
important bills that awaited final action by the Senate, and
the President spent the anxious hours in consultation with
Bemooratic leaders and members of his Cabinet. Among

938

THE CHRONICLE

[VoL.10. 8

the measures which did get through, however, and which the thou; ht out to the last detail. I have heard no counsel of generosity in
President signed at the Capitol, was the Wheat Guarantee their criticism. I have heard no constructive suggestion. I have heard
ig except "will it not be dangerous to us to help the world?" It
Bill, carrying an appropriation of one billion dollars to nothi
would be fatal to us not to help it.
maintain the guaranteed price of $2 26 a bushel. This
The President declared his belief that the sentiment of the
carried a cotton futures rider; under which only thirteen country was against such narrowness and selfishness; in
grades of cotton (from low middling up) can be delivered beginning his address, in fact, he said that "the first thing
on future contracts, and all cotton so delivered must be I am going to tell the people on the other side of the water
classified by Government graders. When the gavel fell, is that an overwhelming majority of the American people
promptly at 12 o'clock noon, marking the close of one ,of the is in favor of the League of Nations."
longest and most important sessions in the history of ConThe meeting was called by a non-partisan committee
gress, the President returned to the White House for luncheon appointed by Governor Smith of New York, who presided.
and at 2 o'clock boarded the train for New York. In the As President Wilson entered the stage with ex-President
interval, however, he had issued a statement (given else- Taft, the band struck up the popular air "Over There,"
where in these columns), announcing that, notwithstanding and the President took the cue for his opening remarks from
the tangled legislative situation created by the failure of the that song, declaring that he would not come back "till its
Senate to pass necessary financial and other legislation, he over, over there." Enrico Caruso sang the "Star Spangled
did not intend to call an extra session of Congress until his Banner" just before Governor Smith introduced Mr. Taft
return from France, probably in June. The President as the first speaker. The text of the speeches of President
reaffirmed his belief in the necessity of his presence at the Wilson and Mr. Taft will be found under another heading.
Peace Conference, and put the responsibility for the conseThe reception accorded both addresses by the audience
quences of the existing situation squarely up to the Senators was marked by intense earnestness rather than enthusiasm,
who had conducted the filibuster.
the crowd straining to hear every word. Liberal applause,
En route to New York,the President received an ovation however, greeted the vital points in the arguments. Outfrom the crowds at Washington, and again at Philadelphia, side the Opera House the streets were jammed with cheering
where he stopped long enough to pay a visit to his daughter, thousands, the demonstration being likened in most accounts
Mrs. Francis B. Sayre, and his new grandson, Woodrow to the crowds that turned out on Armistice Day. There
Wilson Sayre. An enthusiastic greeting also awaited Presi- was the usual demonstration by militant suffragists, some
dent Wilson at New York, where he delivered a notable 200 of whom made a determined attempt to rush the police
address to a crowded audience at the Metropolitan Opera lines and get near the President. A half dozen were arrested
House. A full account of this meeting and the text of the and subsequently released. The rest contented themselves
President's address will be found elsewhere.
with burning copies of the President's speeches, for which
During his stay in Washington the President's time was they Were boohed and hissed by the crowds.
entirely taken up with the press of public business accumuAlter his address the President met a delegation of Irishlated during his absence. The only breaks in this strenuous Americans in the opera clubroom and discussed the question
routine were on Feb. 27, when he marched at the head of the of self-determination for Ireland with them behind closed
column of veterans fresh from the battlefields of France, at doors. The President refused to receive the delegation until
the welcome-home celebration accorded by Washington to Supreme Court Justice Cohalan, who was a member
of it,
its returning heroes; and on Mar.3, when the President made had withdrawn. The matter is referred to at
length elsea brief address to the opening session of the Reconstruction where.
Conference of Governors and Mayors.
PROGRESS OF THE PEACE CONFERENCE.
The President, according to latest advices, is to land at
Brest and go direct to Paris by the shortest route, instead
Rapid progress is being made by the various commisof landing at Antwerp and visiting the devastated regions sions which are carrying on the work of the Peace Conof Belgium, as originally planned. This change was made ference, and it is announced from Paris that several of the
necessary, according to Associated Press dispatches from committees have about finished their work and will be ready
Washington on Mar. 1, in order that the President may be to report to a plenary session of the Conference shortly
in Paris at a time when Premier Lloyd George will also be after President Wilson's return.
present, thus facilitating action on the preliminary peace
Marshal Foch on March 1 submitted to the Supreme
treaty with Germany, which is expected to be ready by the Council the military terms to be incorporated in the peace
time President Wilson reaches Paris, about Mar. 13 or 14.
treaty. The official communique for that date said:
March 1.—Representatives of the Allied and Associated Governments
met at the Qual d'Orsay to-day at 3 p. m.
Marshal Foch submitted the report of the military representatives
PRESIDENT WILSON AND EX-PRESIDENT TAFT
on the Supreme War Council regarding military conditions to be imposed
JOIN HANDS IN DEFENSE OF LEAGUE OF
on the enemy.
NATIONS.
Mr. Crespi, in the name of the financial drafting committee, submitted
a list of questions requiring solution, which were referred to the finanBefore an audience of 5,000 persons at the Metropolitan
cial commission.
Opera House last Tuesday evening (March 4) President
M. Clementel, on behalf of the economic drafting committee, explained
Wilson and ex-President William Howard Taft set forth the economic questions requiring solution in the peace treaty, which were
to the economic commission.
referred
their views in regard to the League of Nations, answering
The next meeting will take place on Monday March 3 at 3 p. m.
the criticisms of the various Senators who have taken a
With regard to the military terms presented by Marshal
stand against the proposed covenant, and in their turn Foch, the Associated Press cables from Paris said:
criticizing the opponents of the League for their attitude.
The military terms provide for the disarmament of Germany down
Mr. Taft's address was in the nature of a detailed analysis to twenty divisions of 10,000 men each, including fifteen divisions of infantry and five of cavalry. Severe restrictions are placed on the manuof the terms of the proposed constitution, and was listened facture
ot all classes of war materials and the military and commercial use
to with intense earnestness by President Wilson as well as of the airplane is limited to the minimum. The naval terms now before
by the crowded audience. President Wilson, who followed the Council provide not only for the complete suppression of Germany's
submarine equipment, but also for the termination of all submarine warMr. Taft, spoke along his familiar idealistic lines, endeavor- fare
by all nations throughout the world, thus ending the use of the subing, as he said, to give the "setting" of the League rather marine in naval warfare. Every submarine in existence is to be destroyed,
than to discuss its details. His speech in many respects and the manufacture of such craft in the future is forbidden. It is held
that even naval use must cease, as it is impossible to hold the submarine
resembled his address at Boston on Feb. 24, save that he to
the rules of war, like surface ships. This international agreement, it is
gave somewhat more time to discussing his critics. Pointing said, will make the building of submarines a lost art within a few years.
provision for the dismantling of the fortifications of Heligoland and
The
out that the demand for a League of Nations came not so
Kiel Canal was made the subject of a reservation by Admiral Benson,
much from Governments as from the masses of the people, representing
the United States, whereby this canal shall not be a precedent
he said ho could explain some of the criticisms that had been applicable to American canal and harbor defences such as Hell Gate, Cape
others.
and
Cod
Canal
leveled against the League "only by the supposition that
The proposal for the destruction
the largo German warships is apthe men who utter the criticisms have never felt the great proved in the report by the British of
and American naval authorities, but
• pulse of the heart of the world. And I am amazed," he the French still make reservations against the destruction of these ships.
The Supreme Council is expected to pass on this and other naval and
said, "not alarmed, but amazed, that there should be in
military subjects on Monday.
some quarters such a comprehensive ignorance of the state
Financial and economic subjects were presented to the
of the world." Again the President said:
Council on March 1 in two reports, one from the financial
I must say that I have been puzzled by some of the criticisms—not by commission, of which Louis
Klotz, French Minister of Fithe criticisms themselves; I can understand them perfectly, even whoa
there was no foundation for them, but by the fact of the criticism. I nance, is Chairman, and Albert Strauss, and Norman Davis
cannot imagine how these gentlemen can live and not live in the atmos- are the American members, and the other from the Ecophere of the world. I cannot imagine how they can live and not be in
contsct with the events of their times, and I particularly cannot imagine nomic Commission, of which Albert Clementel, of France,
how 'they can be Americans and set up a doctrine of careful selfishness, is Chairman, and Bernard M. Baruch, Vance McCormick,




MAR.8 1919.]

THE CHRONICLE

and Dr. A. A. Davis are the American members. One of
the interesting subjects dealt with in the financial report
was a proposal to pool all war debts and apportion them
according to wealth, population and sacrifices in the war.
As to these reports the press cables said:

939

The question of the relief of Austria and Hungary was then discussed.
M. Gvosdenovitch, the Montenegrin Minister at Washington, then set
forth in the name of King Nicholas the point of view of the Royal Government on the situation in and the future of Montenegro.
The next meeting will take place to-morrow (Thursday) at 3 p. m.

The report of the financial commission was a brief document, giving the
main headings of the vast financial reorganization that is now required.
The report does not cover reparations and indemnities for the war, which
have been the theme of a separate commission. Most of the headings
the Council
were presented without recommendations, which are left to
has beea
and the Plenary Conference, now that the problem as a whole

Notice of the interruption of the negotiations at Spa with
respect to the surrender of the German merchant fleet was
received by the Supreme Council at its meeting on March 7.
The official statement dealing with the session said:

The Supreme Council met to-day at 3 p. m.
Information was given as to the interruption of the negotiations at Spa
regarding the surrender of the German merchant fleet, and Mr. Lansing
presented.
before the submitted a proposal in regard to the German cables.
One of the main headings concerns war debts and debts made
At the request of the Italian delegates it was decided to appoint an interpaid or repudiated,
war in enemy countries, and whether they are to be
(thirtyof payment. Another allied military commission to inquire into the incidents at Laibach
priority
the
and
paid,
if
payment,
of
manner
the
over, such as State five miles northeast of Triest).
heading deals with State property in territory taken
Austriain
included
The discussion of revictualing the States formerly
mines and State railways.
of the War Hungary was continued and completed.
The most important heading is entitled "Reapportionment
Mr. Lloyd George addressed the council in regard to the military terms
in detail
Debts of Allied Countries on a Fair Basis." Whie not presented
Confer- of preliminaries of peace with Germany.
this heading opens one of the largest questions presented to the
The next meeting will take place to-morrow at 3 p. m.
the
ence. According to the French point of view the huge debts piled up by
per
war have fallen unduly on France, which is now carrying the largest
COMMISSION ON INTERNATIONAL LABOR LEGISLATION.
capita load. It is maintained, therefore, that a portion of these allied war
debts should be pooled so as to be international obligations instead of being
A sweeping program of reform in labor conditions, followwas
not
fought
the
that
war
the
theory
on
is
carried alone by France. This
in
but
as
an
conflict,
France,
by
international
the main the lines laid down in the British proposals,
ing
measure
defensive
only as a
which France bore the brunt because she was nearest to the battle line.
been agreed upon by the Commission on International
has
confar
has
not
thus
been
The proposal to redistribute the war burden
Legislation. The date for the calling of the first
Labor
or
The
Japanese
American,
British,
members.
by
sidered favorably
the
of
part
by
present
burdens
their
taking
to
add
to
of the proposed International Labor Congress has
wish
meeting
not
do
British
Continental burdens, while Japan believes that she should hold aloof from been set for October 1919. The official communication
European indebtedness.
by this commission on Feb. 26. following the 15th
It was at first suggested that this reapportionment of war debts be in- issued
corporated in the treaty of peace, but because of differences of opinion this and 16th meetings, was as follows:
suggestion has been given up and the present suggestion contemplates a reFeb. 26—The fifteenth and sixteenth meetings of the Commission on
apportionment of the debts under the financial section of the League of International Labor Legislation took place to-day under the presidency
reported
yesterday.
favorably
was
which
Nations,
of Mr. Samuel Gompers. The discussion of the conditions required to
Neither suggestion, however, has yet been passed upon by the Supreme secure a modification of the constitution of the international labor organCouncil or the Plenary Conference, and the magnitude of the proposals ization, which it has been proposed to set up, was completed.
leads to the belief that there will be a very full discussion before any such
The commission then came to an agreement on the clause in the British
measure assumes definite form.
scheme, which lays clown the qualifications necessary for an adhesion of a
Another heading of the financial report concerns the method of stabil- colony to a convention arrived at by the proposed labor conference.
izing international exchange, which has been seriously deranged throughThe particular case of the adhesion of a Federal State to an international
out the world by war conditions, the issuance of paper currency, and other labor convention was also examined.
measures.
•
Provisional arrangements for the calling of the first meeting of the
Another heading concerns the possibilities of interallied loans from neu- proposed international labor conference were discussed, and it was decided
money
tral States, as it is understood that neutrals have large stocks of
that it should be held in October 1919.
which may assist in the readjustment of world finances.
The discussion on the constitution of the governing body of the intercommunities
backward
in
interest
financial
enemy
The article concerning
labor office was begun.
national
be
covers such countries as Morocco, Turkey, and China, and what should
ShanThe statement issued as of Mar. 1 recorded the passage
done with the German Bagdad Railway and German concessions in
by the Commission of the draft of its report,subject to further
tung and other parts of China.
Most of these subjects are considered with a view to permanent condi- reading of the text for final approval.
The statement read:
the war and pretions after the war, although the requirements concerning
The Peace Conference Commission on International Labor Legislation
war debts of the enemy may figure in the treaty of peace.
draft dealing with the
the
British
in
completed consideration of the article
The economic report presented to the Council was 'similarly compre- method of electing a governing body for the international labor office, the
the
war.
t
following
readjustmen
economic
vast
the
covering
hensive,
commission came to a decision under which countries with federal constiIt proposes an extensive inquiry with respect to raw materials, their tutions could adhere to international labor conventions.
surplus and shortage in various countries, with a view to stabilizing exThe Commission adopted the preamble of the draft of the international
ports and imports according to the world's needs.
Labor Convention and then passed the convention subject to a further
The most important subject mentioned relates to equality of trade
reading of the text as amended for final approval. Samuel Gompers
opportunities. This does not affect tariffs or customs among the nations,
presided.
but seeks to end trade discrimination, unjust State monopolies, dumping
As to the proposed international labor standards adopted
methods, and favored nation treatment.
is
0ring to the extent of the reports presented, discussion by the Council
the Commission a British wireless dispatch from London
by
expected to take considerable time.

It was also stated in Paris advices that the Supreme War

Council at its session on March 1 decided to increase .to
fifteen the number of members on the financial and economic
commissions. Previously these commissions had comprised
only one representative from each of the five great Powers.
In the future each nation will have two representatives, while
the other Powers with special interests in questions considered
by these bodies will elect five members. On the 4th it was
reported that the smaller Powers objected to this distribution
of members, the press dispatches saying:

Some of the delegates of the Minor Powers at the meeting held last
night to appoint representatives to the new commissions declined to
accept the proposal that the minor Powers have only five representatives.
According to a Haves Agency report, those delegates demanded ton representatives, the number allotted to the great Powers.
Jules Cambon, who presided at the meeting, suggested that they put
their ideas on the subject in writing. He assured the delegates that the
great Powers, as on similar occasions in the past, would give the fullest
consideration to the views of the minor Powers. M.Cambon's suggestion
failed to satisfy the objecting delegates, as did a proposal by M. Politis,
the Greek Foreign Minister, that the meeting appoint five members then
and there and add others later if the representation of the minor Powers
was increased to ten.
The South American delegates took the lead in refusing any compromise
on the subject. Enrique Dorn y de Alsua, the Ecuadorian Minister in
Paris, and Dr. Epitacio Pessoa, the head of the Brazilian delegation,
wore particularly firm in their attitude. The meetings adjourned without
reaching a decision.

The discussion of the military and naval terms of the
peace treaty was continued on March 3,the official statement
for that date saying:

March 3.—The Supreme War Council met to-day from 3 to 5 p. m.
They discussed the report of the military, naval, and air experts on the
disarmament of the enemy. The next meeting will take place on Wednesday, March 5, at 3. p. m.

The question of relief for Austria and Hungary was discussed at the meeting of the Supreme Council on the 5th.
The official statement issued after the meeting reads:
o'clock
Ilk The Allied Supreme Council met on Wednesday, March 5, at 3Council
in the afternoon. The Chairman brought to the notice of the
various questions relative to plans for future sessions.




on March 4 said:

The main proposals of the British draft, adopted with minor alterations by the International Legislation Commission in Paris as the new international charter of labor, are given in a special dispatch from the labor
correspondent of "The Daily Telegraph."
The provisions of this draft forbid the employment of children under 15
years of age in industrial occupations, and of children between 15 and 18
for more than six hours daily. ,At least two hours each day must be devoted by those young workers to technical or regular educational classes,
and they will not be permitted to work at night or on Sundays or holidays.
A Saturday half holiday will be introduced into all countries, and workers must have a continuous weekly rest of at least thirty-six hours, while
the hours of work shall not exceed eight daily or forty-eight weekly, and
shall be even fewer than this in dangerous trades.
Women shall not be employed at night, and employers shall not give
women work to do at home after their regular day's work. Women shall
not be employed in especially dangerous trades, which it is impossible to
make healthy, nor in mining, above or below ground. Women shall not
be allowed to work for four weeks before and six after childbirth.
In every country a system of maternity insurance shall be introduced,
providing for compensation at least equal to sickness insurance benefit
payable in the country concerned.
Women shall receive the same pay as men for the same work.
The use of poisonous materials shall be prohibited in all cases where it
is possible to procure substitutes for them.
Workers shall have the right of free combination and association in all
countries. A system of unemployment insurance shall be set up in every
country. All workers shall be insured by the State against industrial
accidents.
A special code of laws for the protection of seamen shall be established.
Regarding immigration, which shall not be prohibited in a general way,
any
the charter, according to the correspondent, recognizes the right of
depresState to restrict immigration temporarily in a period of economic
sion or for the protection of public health and recognizes the right of a
State to require a certain standard of education from immigrants.

The official statement of the Labor Commission for Feb.
24, which was missing from our record last week, contained
the resolutions adopted in regard to the attempt to assassinate M. Clemenceau, and read as follows:
Feb. 24.—The thirteenth meeting of the Commission on international
Mr. Samuel
labor legislation took place to-day under the presidency of
Gompers.
to him by Mr.
A reply by M.Clemenceau to the resolution transmitted
the recent atGompers on behalf of the Commission in connection with
terms:
following
tempt on his life was read. The reply was in the

940

THE CHRONICLE

"I have been deeply touched by the sympathy which the Commission
on International Labor Legislation have been kind enough to express and
by the good wishes which they have addressed to me.
"I thank you most heartily for the friendly letter which you have sent
me on behalf of your colleagues, and I should be obliged if you convey to
them the expression of my sincere gratitude."
The Commission then considered the articles in the British draft dealing
with the question of economic penalty in the event of a State falling to
carry out its obligations under an international labor convention.
Signed
SAMUEL GOMPERS,
President Commission on International Labor Legislation.
COMMISSION ON REPARATION.

The Peace Conference Commission on Reparation is one
of those which is supposed to have about completed its work.
A Havas Agency report on March 3 stated that the committee had estimated that $120,000,000,000 is the amount
which the enemy countries ought to pay. An official statement issued under date of Feb. 24 said:

[VoL. 108.

arrived at a decision as to the conditions under which this
regime is to be
applied.
March 5.—The Inter-Allied Commission on Ports,
Waterways,
and
Railways last night, according to an official statement
Issued to-day, cosidered the draft of the convention for tho international
control of rivers
as submitted by a sub-committee.
After discussion the articles dealing with the method of
applying the
principles were agreed upon and referred to the Editing
Committee.

The committee studying various territorial and other
special questions have made reports as follows:

Feb. 25.—The commission for the study of the Belgian
claims held its
first meeting this morning. After M. Andre Tardieu had
been asked to
preside, and Sir Eyre Crowe to act as Vice-President, the
commission at
once commenced its work. A general examination of the
field
having been made as the same is defined by the instructions of study
of the Supreme Allied Council, the commission instructed its President
to ask for
certain additional instructions relative to the purpose and
extent of its
work.

Feb. 27.—The committee to consider the Greek territorial
claims met
Feb. 24.—The Allied Commission on Reparation met at 10:30 this morn- Thursday, Feb.27, at
4 p. m. Representatives of the Provisional Albanian
ing at the Ministry of Finance, under the presidency of M. Klotz. After Government of the former
provisional Government of the northern Epirus,
welcoming Mm. Monig and Freire Daudrade as delegates from Portugal and representatives from
Thrace were heard.
upon commission, and after concluding discussion of its agents, the commission decided to push forward the work of the first and second subFeb. 28.—The commission for the study of Roumanian territorial
quescommittees charged, respectively, with questions of the valuation, damage, tions met this morning under
the
and study of the means for payment, and the financial capacity of the ceeded to resume the examination Presidency of M. Tardieu, and proof the Roumanian and Serbian claims.
enemy powers. The third sub-committee appointed to study measures
of control and guaranties was constituted. It chose as its President
March 3.—The commission for the study of Roumanian territorial
claims
Mr.'fugues, Great Britain and as its Vice-President Mr. Baruch, United held its ninth session yesterday
morning, and its tenth session this mornStates."
ing under the Chairmanship of Monsieur Tardieu, and
continued the
examination of Roumanian and Serbian claims.
The communication issued on March 3 said:
March 3.—The Commission on Reparation of Damage met this morning
at 10:30 o'clock, Mr. Klotz in the chair.
The commission, after having dealt with certain questions of procedure
on the order of the day, decided that the sub-committees should make every
effort to expedite their work in order that their reports might be submitted
to_the full commission with the least possible delay.

In regard to the estimated bill of damages of $120,000,000,000, an Associated Press from Paris dispatch dated
March 3 said:
The Conference Committee on Reparation has estimated that $120,000,000,000 is the amount which the enemy countries ought to pay the Allied
and Associated Powers, says a Havas Agency statement to-day.
France, the statement adds, demands immediate payment by the enemy
of $5,000,000,000, part in gold, part in materials, and part in foreign
securities, recommending that the remainder be payable in twenty-five
to thirty-five years.

March 5.—The Central Commission on Territorial Questions at
its first
meeting on the 5th elected Captain Andre Tardieu of the
French Peace
Delegation President. The task of the commission is to
co-ordinate all
decisions of the special territorial commissions.
In particular it will have to fix the linos between the different
frontiers
traced by the various commissions. It also will discuss
questions not
reserved for special consideration by the Council of Ten.
The Peace Conference Commission which is dealing with the
BelgianDutch boundary issue has decided to bring the principals to the
dispute
directly together to adjust by mutual agreement the questions
that have
arisen.
The commission holds that the Peace Conference has no jurisdiction
in
this issue and no authority to dispose of the territory of neutral
•States.

PRESIDENT WILSON RECEIVES IRISH COMMITTEE—
REFUSES TO MEET JUDGE COHALAN.
Following
his address at the Metropolitan Opera House
A dispatch under date of March 1 also gave the following:
on Tuesday night, President Wilson received a delegation
The Peace Conference Commission on Reparation has virtually completed
Its study of the indemnity which Germany must pay to the Allied and from the Convention of the Irish Race in America, held in
Associated Powers and the manner in which it shall be paid. The study Philadelphia Feb. 22-23 and referred to in
last week's
has been based more on what Germany is capable of paying rather than on
"Chronicle," page 841. Before consenting to meet the
what the opposing Powers lost in the war. Germany will have to make
an immediate payment, while the remainder will be scattered over a delegation, however, the President demanded that Judge
period of years, it is understood.
Daniel F. Cohalan of New York, Chairman of the comThe actual money in the possession of Germany is less than $2,000,000,mittee, should leave the room,saying: "I will not meet them
000 in gold and there is less than $600,000,000 in silver. It has been calculated that something may be realized from German securities, but Ger- if Cohalan is with them." Word to that effect was sent to
many's greatest asset is, perhaps, her public works, railways and mines. the committee, and Judge Cohalan
withdrew. President
But even on these, it is understood, the commission has been unwilling to
Wilson then received the committee, which presented resoluplace such a load as will drive the Germans to the point of desperation.
On March 7 it was stated an indemnity of $40,000,000,000 tions adopted by the Philadelphia convention, urging the
President to use his influence at the Peace Conference to see
had been agreed upon.
that the Irish cause got a hearing. Judge Goff presented
COMMISSION ON RESPONSIBILITY.
the resolutions and in a brief address argued that Ireland
As recorded last week this Commission concluded its came well within the definitions of a self-governing nation
labors on Feb. 24. A special dispatch to the New York as laid down by the President himself, and so was entitled
"Times" on March 3, in reporting that Secretary Lansing, to the right of self-determination. Frank P. Walsh, former
Chairman of the Commission, had prepared an indictment Joint Chairman of the War Labor Board, also spoke
briefly.
of Germany's Imperial rulers, said:
The President, according to a statement subsequently given
Secretary Lansing, as Chairman of the Interallied Commission on Re- out by the committee, expressed sympathy
with their cause,
sponsibility for the War, has prepared, representing it as his own personal
views, a pamphlet which contains an indictment of Germany's imperial but said that the matter was a peculiarly delicate one, and
rulers. It is said to be a remarkably strong document, which attacks that he must be allowed to handle it in his own way in order
Germany's former masters mercilessly. Secretary Lansing will propose not to do more harm than good.
that the indictment be adopted by the Peace Conference so as to go down
Judge Cohalan declined to comment on the President's
into history for the benefit of future generations.
As now drawn it contains no names. The question of putting some in action in refusing to meet him, but Judge Goff made the
will be left to the determination of the Conference
following statement in behalf of the committee:
COMMISSION ON INTERNATIONALIZATION OF PORTS
RAILWAYS.

1.4n.

AND

• But little has been made public in regard to the work
of this Commission besides the bare official statements.
The problem of the Kiel Canal is understood to be a stumbling block. The following official statements have come
to hand:
Feb. 24.—The subcommittee dealing with the questions of freedom
of transit met this morning at 10 o'clock at the Ministry of Public Works
and completed the discussion of the draft convention of freedom of transit
which had been submitted by the British delegation. It was decided that
the preparation of an official draft should be entrusted to a drafting committee.
March 1.—The subcommittee on the international regime of ports,
waterways and railways held a meeting this morning at the Ministry of
Public Works. The British and French delegations submitted draft conventions relating to the regime of international and free ports. These two
drafts were discussed and will be further examined at the next meeting of
the subcommittee.
March 3—The second sub-commission of the commission on the international regime of ports, waterways, and railways met this morning at
10:30 at the Ministry of Public Works.
The examination of the draft respecting ports subject to an international
regime was continued. After an exchange of views the subcommission




At the request of the committee, Justice Cohalan declined to say anything at the present time.
The committee waited in the club-room of the opera house, on the grand
tier floor, from 11 until 11:28 o'clock. Then we were informed from an
authoritative source that the President would not enter the room where
we were if Justice Cohalan was present.
The members of the committee, with spontaneous unanimity, said that
the committee would leave sooner than have Justice Cohalan leave alone.
Then Justice Cohalan entered the discussion. He said:
"The cause is bigger than any one man; the cause is bigger than I am.
For its sake I will leave the room without question."
A number of the members immediately protested and said again they
would leave rather than permit Justice Cohalan to go alone.
He persisted in saying that we were there to discharge a duty and that,
no matter what personal esteem we felt for him, wo should not lot chose
feelings operate for one moment toward a possibility of doing the cause
harm. He therefore left the room.
I want to call attention to the fact that, as Chairman of the Irish Race
Convention which met in Philadelphia Feb. 22-23 and had over 5,000
delegates from the country at large, Justice Cohalan appointed the committee which President Wilson met with last night. We presented the
President with a copy of the resolutions passed at that convention, drawn
up by Cardinal Gibbons.
Pf.1

While there was no official explanation of the President's
action in refusing to meet Justice Cohalan, it was recalled
that Justice Cohalan was one of the principals with Jeremiah

MAR. 8 1919.1

THE CHRONICLE

O'Leary in organizing the Friends of Irish Freedom and that
O'Leary, during the President's campaign for re-election,
was the recipient of a telegram from President Wilson in
which the President repudiated the support of O'Leary and
other "disloyal men."
Justice Cohalan, it is said, was accused of having been
implicated in anti-British Sinn Fein plots at the time of
the publication of the Wolf von Igel papers, but this, he
vigorously denied.

941

Returns of such information on Form 1099 are required of every individual
and organization "in whatever capacity acting," on orbefore March 15,
accompanied by a letter of transmittal on Form 1096 which shows the
number of returns filed and the aggregate amounts represented by the
payments.
The class of income which must be reported in this return includes
"interest, rent, salaries, wages, premiums, annuities, compensation, remuneration, emoluments or other fixed or determinable gains, profits and
income of $1,000 or more."
A separate return must be made by employers of payments of $1,000 or
more made to each employee during the year 1918. The return must give
the name and address of the payee, whether he is married, and if not,
whether he is the head of a family.
Partnerships and personal service corporations, should prepare reports
on Form 1099 for each member of the partnership or personal service corporation. Fiduciaries should make these reports for each beneficiary of
the estate or trust.
Form 1099 has been prepared on a single sheet each of which contains
six forms.
The letter of transmittal on Form 1096, accompanied by the returns on
Form 1099, should be mailed to "The Commissioner of Internal Revenue,
Sorting Division, Washington, D. C."
Reports on Form 1099 are not required in the following cases:
1. Interest on the obligations of the United States, of States, Territories,
or political sub-divisions thereof, or of the District of Columbia, and com-_
pensation paid officers and employees by a State or political subdivision
thereof for personal services.
2. Dividends paid by domestic or resident corporations (not including
earnings of personal service orporations).
3. Payments by brokers to their customers.
4. Bills paid for merchandise, telegrams, telephone, freight, storage
and similar charges,
5. Amounts paid to employees for expenses incurred in business.
6. Premiums paid to insurance companies.
7. Annuities representing return of capital.
8. Interest accrued on bank deposits if not credited.
9. Rent paid to real estate agents (but the agent must report payments
of rent made to the landlord if they amount in the aggregate to $1,000 or
more for the year).
10. Payments made by domestic establishments or foreign branch
houses thereof to non-resident alien employees for service performed
entirely in foreign countries.
11. Salary or compensation of $3,500 or less paid for active services to
persons in the military or naval forces of the United States.
12. Interest on bonds of domestic and foreign corporations.
13. Salaries, wages, &c., paid to non-resident alien individuals and
foreign corporations.

HOUSE OF REPRESENTATIVES URGES PEACE CONFERENCE TO "FAVORABLY CONSIDER" IRISH PLEA.
The House of Representatives early on March 4 adopted
by a vote of 216 to 41 a concurrent resolution expressing the
hope that the Peace Conference would "favorably consider
the claims of Ireland to the right of self-determination."
The resolution went to the Senate, where Senator France
of Maryland asked unanimous consent for its immediate
consideration. Senator Smith of Georgia objected and
demanded that the resolution be sent to the Foreign Relations Committee, where a similar resolution had been pending for several months. As a result, no action was taken
and the resolution died with the expiration of the SixtyFifth Congress at noon on the 4th. The adoption of the
resolution in the House followed a turbulent debate, in which
charges of politics were freely bandied back and forth. Only
one Representative spoke openly against the resolution itself,
Representative Connolly of Texas declaring that the internal
affairs of Great Britain were no concern to the people of the
United States. The people of this country, he asserted,
would resent a resolution in the British Parliament proposing
self-determination for Porto Rico.
Representative Gallagher of Illinois, author of the resolution, said that even if the measure were not approved by
the Senate, favorable action by the House might obtain
sympathetic consideration for Ireland at the Peace ConEXTENSION OF TIME FOR FILING RETURNS OF
ference. Representative Mann, the Republican leader,
"INFORMATION AT SOURCE," FIDUCIARY
resolution
had
the
charged that Democratic supporters of
RETURNS, &C.
delayed the bringing of it to a vote until just before adjournRoper, in a notice to
Commissioner
Revenue
Internal
and
so
Senate
the
by
passed
be
not
would
that
it
ment so
date of Feb. 27,
under
Revenue,
of
Internal
Collectors
to
approve
upon
called
that President Wilson would not be
stated that "in view of the delay in the final passage of the
or disapprove the measure.
Revenue Act of 1918 and of the preparation of the forms
thereunder, an extension of time to include May 15
required
NEW JERSEY ASSEMBLY ASKS PRESIDENT TO
1919, is' hereby granted for the filing of returns of informPLEAD FOR IRELAND.
fiduciary returns (Form 1041);
The New Jersey House of Assembly on March 3 passed a ation (Forms 1909 and 1096),
1042, accompanied by
(Form
returns
withholding
annual
concurrent rpsolution urging President Wilson to plead
Form 1013), returns of partnerships which
and
1098,
Form
the
Peace
Conference.
before
freedom
Irish
of
cause
the
file returns on the calendar year basis, and
In form the resolution asks the President to plead the cause itre required to
which are not the basis for the assessment
of free Ireland on the grounds that her sons have been among all other returns
notice also said:
The
tax."
of
the
of
battles
well
the
as
America
in
men
the most distinguished
This decision shall not be construed as relieving taxpayers from filing
as in the world conflict.
returns which serve as a basis for assessment, even though the person makA press dispatch from Boston on the 3d stated that the ing the return is not taxable thereon, nor as relieving beneficiaries, partpersonal service corporations from including in
entire Democratic delegation in the Massachusetts House ners and stockholders of
their personal returns their distributive share of the income accruing to
of Representatives had signed a petition asking President. the trust or estate or the partnership or personal service corporation,
Wilson and the American delegates at the Peace Conference whether distributed or not.
Partnerships and corporations having a fiscal year ending in 1918 which
to take steps looking toward "justice, freedom, and right"
have secured extensions of time which have not expired are hereby granted
for Ireland. The petition was taken to Washington by an extension of time to March 15 1919 for the filing of such returns. When
Representative William J. Francis.
the returns are filed two forms should be used and two computations
PRESIDENT DENIES PUBLISHED STATEMENT IN
REGARD TO HIS ATTITUDE TOWARD IRELAND.
A statement was given out at the White House by Secretary Tumulty on Feb. 28, denying that President Wilson,
in his recent conference with the Foreign Relations Committes of Congress, had made a statement to the effect that
the Irish question was a matter between England and Ireland,
and that Ireland would have no voice at the Peace Conference "at present." Secretary Tumulty's statement was as
follows:
In the last few days the following quotation has appeared in the press
under a Washington date line as part of the report of the dinner given by
the President at the White House Wednesday evening, Feb. 26, to the
members of the Committee on Foreign Relations of the Senate and the
Committee on Foreign Affairs of the House:
"The President told the committees that the Irish question was a matter
between Ireland and England, and that Ireland would not have any voice
in the Peace Conference at present."
The President wishes me to say that this statement has no foundation
in fact and is a deliberate falsehood.

INCOME TAX FORMS FOR PSYMENTS OF $1,000 OR
OVER IN 1918.
of Forms 1099 and 1006 for reissuance
the
reporting
In
porting to the Commissioner of Internal Revenue payments
of $1,000 or more made during the year 1918 an announcement said:



made, one showing on the return form used for 1917 the tax calculated
on the whole income for the entire period under the profisions and at the
rates prescribed by the Act of Oct. 3 1917, the other showing on the form
for 1918 the tax on the whole income for the entire period, calculated undor the provisions and at the rates prescribed by the Revenue Act of 1918.
The tax due will be the sum of so many twelfths of the first amount as
there are months in 1917 covered by the return, and of the second amount
as there are months in 1918.
In view of the disturbed conditions abroad and the consequent interference with the usual channels of communication, an extension of time for
filing returns of income for 1918 and subsequent years is hereby granted
in the case of alien individuals actually living beyond the boundaries of the
United States and corporations, or their proper representatives in the
United States, and of American citizens residing or traveling abroad, including persons in military or naval servie on duty outside the United
States, for such period as may be necessary, not exceeding 90 days after
proclamation by the President of the end of the war with Germany. In
all such cases an affidavit must be attached to the return stating the causes
of the delay in filing it, in order that the Commissionr may determine
whether the failure to file the return in time was due to a reasonable cause
and not to wilful neglect. If the showing justifies the conclusion that the
failure to file the return in time was excusable, no penalty by way of
addition to the tax will be imposed, except interest as provided by the
statute.

BANK DISCOUNT AS INCOME.
The American Bankers Association in calling attention
to the fact that the following regulation (Art. No. 114 of
Regulations No. 33 Revised), while promulgated by the
Commissioner of Internal Revenue Jan. 2 1918 and released
for publication Feb. 2 1918, seems to have escaped the
attention of many banks, says:

942

THE CHRONICLE

[VOL. 108.

This regulation is of deep import to banks making tax returns,for in
making the return there is a very material difference as to how the bank's department of this pap er, and will be found to-day on page
records are kept and which one of the two methods is used in determining 962.
the amount of discount that is to be reported as income. It is to the Shares. BANKS—New York.
Low. High. Close.
Last previous sale.
interest of the banks, therefore, that this regulation be given the widest 42 Bank of New York
441
441
441
Mar. 1917— 403
publicity. The regulation follows:
12 1-5 Corn Exchange Bank
_ 310% 310% 3104 Jan. 1919— 3515
TRUST CO.—Brooklyn.
"In cases wherein banks or other corporations loan money by discounting
bills or notes, one of two methods shall be used in determining the amount
2 Peoples' Trust
305 305 305
Oct. 1916— 295
of discount that is to be reported as income, namely: (1) If the bank or
corporation makes a practice of crediting such discount directly to a
'discount account' or to profit and loss, the total amount thus credited
Three New York'Stock Exchange memberships were reduring the year shall be considered income and shall be so reported, regardless of the fact that a portion of this amount may represent discount paid ported posted for
transfer this week, the considerations being
in advance and not then earned; (2) if the bank or corporation follows the
practice of crediting such discount to an 'unearned discount
$69,500, $70,000 and $72,000.
and later, as the discount becomes earned, debits the unearned account'
account
•
and credits an 'earned discount account' with the amount so earned, the
total amount credited to the 'earned discount account' during the year
An assignment for the benefit of creditors was made on
shall be considered income and shall be so returned. The corporation
having income of this character should state in a memorandum attached March 5 by Louis H. Amy and
Ernest J. H. Amy, individto its return which of the two methods was used in determining the amount
of discount returned as income.'
ually and as members of the Stock Exchange firm of H. Amy

EXEMPTION OF OFFICIALS AND EMPLOYEES OF
STATE AND MUNICIAPLITIES FROM INCOME TAX.
Reference was made in these columns Feb. 22, page 740,
to the exemption of officials and employees of a State,
county, city, or political sub-divisions from income tax on
their public compensation for 1918. The following is the
announcement issued by the Bureau of Internal Revenue:
Officers and employees of a State or a political subdivision of a State,
such as a county, city or town, will not be required to pay income tax on
their salaries, wages, and official fees received in 1918. In determining
his liability to file return and to pay income tax under the new Revenue
Law, any such officer or employee may omit such compensation from his
gross income. With respect to any taxable income he may have received
in 1918 from other sources, he is subject to all the provisions of the law,
and must file a return if such income amounted to $1,000 or more,or $2.000
or more, according to his status as a single or married person.
Many inquiries are being received by the Bureau from all parts of the
United States, indicating that there is a doubt as to whether officers and
employees of States or political subdivisions must consider their compensaBatton as taxable income. The view of the Bureau that such income is
exempt is determined by the reading of the law, by the apparent intention
Of Congress, and by the fundamental law governing the relation between
the Federal Government and the States.
The conference committee which considered the views of the Senate
and the House of Representatives with respect to the new Revenue Act,
and revised the bill as passed by both Houses, wrote into Section 213
special clauses which included in taxable income the compensation of the
President, the Federal Court Judges, and all other officials and employees
of the United States, or of any State, Alaska, Hawaii, or any political
subdivision thereof, or the District of Columbia. Before reporting the
bill back to the Senate and House, the words "or of any State" were
• stricken out, and with this revision of the conference committee's special
clauses in article 213. the Act was accepted and passed by Congress.

& Co., to E. J. McGuire, a lawyer with offices at 51 Chambers Street. The firm has offices at 44 and 46 Wall Street.
It was formed on Jan. 1 1889. Louis H. Amy is the Board
representative and E. J. H. Amy the other partner. L. H.
Amy was admitted to membership in the Stock Exchange
on July 19 1888. Announcement was made on the New
York Stock Exchange that notice has been received of the
assignment of H. Amy & Co. The suspension on the Stock
Exchange followed according to the rules of the Exchange.
An increase in the capital of the Irving Trust Co. of
this city from $1,500,000 to $2,250,000 has been approved
by the State Banking Department. The stockholders ratified the plans looking to the enlargement of the capital on
Feb. 28. On March 1 the Committee on Securities of the
Stock Exchange issued the following notice.
Referring to the announcement of the Irving Trust Co. that stockholders of record at the close of business on Tuesday, March 4 1919, will be offered the right to subscribe at $100 per share for now stock to the extent of
one share for each two shares held of record on said date, the Committee
on Securities rules:
That transactions in the Central Union Trust Co. certificates of deposit
for stock of the Irving Trust Co. on Tuesday, March 4 1919, unless made
specifically for cash, shall be ex-rights;
The right to subscribe expires Tuesday. March 25 1919.

The establishment of a trust department by the National
Park Bank of this city is announced. The new department,
created under authority of recent amendment to the Federal
Reserve Act, is under the direction of Ralph L. Cerero,
In explanation of the above the Internal Revenue Bureau formerly Trust Officer of the United States Mortgage &
on Feb. 25 stated that thousands of public school teachers Trust Co. The bank has also opened a foreign trade deare exempt from income taxes on their salaries as teachers. partment, under the management of H. R. Jolles.
• It was explained that the ruling applies to teachers, providing
they receive pay from a public source and not from a private
The Seaboard National Bank of this city has opened a
school. It also applies to policemen, firemen, and other trust department in accordance with the autherity conferred
public employees.
under the Federal Reserve Act as amended. Warren L.
Samson Jr. is in charge of the new department.
CONTRIBUTIONS TO RELIEF FUNDS DEDUCTIBLE
At a meeting of the directors of the Seaboard National
IN COMPUTING NET INCOMES.
The Bureau of Internal Revenue, Treasury Department, Bank on Feb. 27 C. Howard Marfield, formerly Assistant
Treasurer of the Equitable Trust Co. of NewYork, was elected
issues the following:
Contributions which may be deducted in computing the net income of Cashier, to succeed H. W. Donovan, resigned. Mr. Donoan individual taxpayer include not only donations to incorporated institu- van is entering the bond business as a member
of the firm
tions, but those given to similar associations which are not incorporated.
Contributions to War Chest funds, War Camp Community funds, and of Chas. E. Quincey & Co.

similar funds which were raised solely for organizations supporting and
furthering war relief, are likewise deductible items on personal returns,
within the limit named in the law.
All gifts and donations to churches are deductible, it being held by the
Bureau that every church constitututes a religious corporation or association for the purpose of this deduction. Donations to missionary funds,
church building funds, or for church activities, which are intended for the
furtherance of church work, constitute deductible items.
There can be no departure from the restrictions defined in the law,
that the deductibility is limited to contributions to institutions no part
of the earnings of which inures to the benefit of any private stockholder
or individual, and that the total deduction may not exceed 15% of the
taxpayer's net income as computed without the benefit of this deduction.
Individual members of a partnership may include in the deduction for
contributions their proportionate shares of such donations made by the
partnership.
In each case, however, the limitations defined in the law must be observed.

Samuel M. Greer, who has been director of the Bureau of
Development of the Red Cross in Washington for the past
year and a half, this week became an active officer in the
Bankers Trust Co., of which he was elected a Vice-President
on Jan. 15 1918. Mr. Greer began work as a boy in the
Brooklyn office of the old New York & New Jersey Telephone Co. and rose rapidly in the telephone business. He
became Metropolitan Manager of the New York Telephone
Co. and resigned on Jan. 1 1913 to become the head of the
Chesapeake & Potomac Telephone Co., from which place
Henry P. Davison drafted Mr. Greer for Red Cross'work.

At a meeting of the executive committee of the board of
directors of the Equitable Trust Co. of New York on March 5
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
Myles M. Bourke was appointed an Assistant Secretary and
No bank stocks were sold at the Stock Exchange this week. Archibald M.Ostrom an Assistant Treasurer
of the company.
The auction sales included 54 shares of bank stocks and 2
shares of trust company stock. A sale of 42 shares of stock
Edwin N. Chapman of the firm of Chisholm & Chapman
of the Bank of New York at 441 was the first public trans- has been elected a dirctor
of the Continental Bank of this
action in the stock since March 1917, when the quotation city.
was 403. Extensive tables reporting bid and asked quotations, deposits, surplus, &c., of banks and trust comWilliam F. Fitzsimmons has this week been elected a
panies in all important cities in the United States are pub- Vice-President of the Lincoln Trust Co., 204
Fifth Ave.,
lished monthly in the "Bank and Quotation" Section, the this city. Mr. Fitzsimmons will
make his headquarters
March issue of which accompanies to-day's "Chronicle." at the company's Fifth Ave. office. Mr.
Fitzsimmons is
Bid and asked quotations for all New York City bank and a director of the Atlantic National Bank
of this city.
trust company stocks are also published weekly in another




MAR. 8 1919.]

THE CHRONICLE

943

John R. Ogden of the Stock Exchange firm of S. B. Keech of Chicago, for the last five years on March 1 became asso& Co. has been elected a director of the Harriman National ciated with the National Bank of Commerce in New York,
and will act as their representative in the central West.
Bank of this city.
E. Southall was appointed Assistant Cashier of the
Public National Bank of this city on March 3. Mr. Southall
had been connected with the office of Comptroller of Currency since 1889; in 1910 was appointed National Bank
Examiner, a post he now relinquishes.

The First National Bank of Brooklyn has been granted
permission to exercise the functions of a trust company
under the amendment to the Federal Reserve Act. As
stated in our issue of Jan. 18, the First National recently
raised its capital from $300,000 to $500,000 for this purpose.

Robert L. Livingston was appointed an Assistant Manager
of the Foreign Department of the Guaranty Trust Company
of New York on Feb. 19. With regard to Mr. Livingston's
former connections the trust company makes the following
announcement:

At a meeting of the board of trustees of the Monroe
County Savings Bank of Rochester, N. Y. on Feb. 25 Rufus
K. Dryer, First Vice-President of the bank, was elected to
succeed the late James E. Booth as President. Edward
Bausch was elected to the office of First Vice-President.

Mr. Livingston began his business career with the banking firm of
Kountze Brothers of New York, entering their employ as a messenger.
He served in all departments of the firm's business and organized its credit
department. Ho became a partner on Jan. 1 1904,and thereafter devoted
himself especially to the development of the firm's foreign business, retiring in 1012 to become a partner of the firm of Adams, Livingston &
Davis, stock brokers and members of the New York Stock Exchange. A
year and a half later Mr. Livingston retired and made an extended trip
abroad, giving special attention to the American foreign trade situation.
In January 1915 he formed the firm of Gillespie, Livingston & Co., which
participated in many of the larger syndicate undertakings, which firm was
dissolved in December 1918. He entered the Overseas Service of the
Foreign Department of the Guaranty Trust Company of New York in
January 1919.

According to a table showing the list of subscriptions in
Monroe County (N. Y.) to the fifth series of Treasury Certificates of Indebtedness up to Jan. 30 (issued in anticipation of the Fifth or Victory Liberty Loan) the Alliance Bank
of Rochester subscribed for about 300% of its allotment.
Its subscription at that date for the five offerings of the
series from Dec. 5 to Jan. 30 totaled $4,335,000, whereas
it was called upon to supply a quota of but $1,606,000.
The percentage of the total county subscription to the total
county quota to the date stood at 96%, while the percenWilliam G. Wendell was appointed an Assistant Secre- tage of county subscription to county quota on the issue,
tary of the Guaranty Trust Company of New York on dated Jan. 30, was 135%.
Feb. 19. The following comes to us from the trust comAnnouncement has been made of the organization of a
pany:
Mr. Wendell was born in Boston on Nov. 11 1888, and was graduated new financial institution in Bridgeport, Conn., under the
from Harvard in 1909. He then went to the National Commercial Bank title of the Commercial Trust Company. A charter has
of Albany, leaving there in October 1910, to enter the employ of the Guarit will
anty Trust Company of New York as a clerk in the Foreign Department. already been procured for the new trust company and
He was also for a time in the Credit Department and then for a year and a be opened for business in the near future. Albert W.
half had charge of the Custody Division of tho Trust Department, There- Tremain, Treasurer of the American Bank and Trust Comafter he left the company to become an Assistant Secretary of the Paul
Revere Trust Company in Boston, but rejoined the Guaranty in May pany of Bridgeport, is to be President of the Commercial
1916. In August of that year he established an office in Boston and be- Trust Company and Roderick J. MacKenzie of MacKenzie
came the company's representative there. In March 1917 Mr. Wendell Brothers of Birdgeport, Vice-President. The directorate
was sent to Paris and was Secretary of the Paris office from its opening on
inJuly 2 1917 until August 1918 when he entered the United States Army is composed of men prominent in the mercantile and
and was assigned to the Intelligence Section. After the signing of the dustrial affairs of Bridgeport. The Commercial Trust
assistant
as
to
Grew,
weeks
J. 0.
armistice Mr. Wendell served for six
Company has been formed with a capital of $150,000 (in
Secretary of the American Peace Commission. He then obtained his
dLscharge from the army in France and returned to the United States $100 shares) and surplus paid in of $37,500.
about three weeks ago.

An application for a charter for the Allston National
The Irving National Bank of this city in announcing on Bank of Boston, capital $250,000. has been filed with the
Comptroller of Currency.
Feb. 17 that it was prepared to give more complete• service
for making remittances to Belgium, Alsace-Lorraine and
Syria gave details as follows:
According to the weekly "Bulletin" of the Comptroller
Belgium—Checks may now be drawn in francs at quoted rates on the of the
Currency, made public March 1, the First National
Societe
Generale
Do
Belgique,
BrusAntwerp;
at
at
Banque D'Anvers,
sels; additional drawing points in Belgium will be furnished at an early Bank of New Bedford, Mass., and the Mechanics Nadate. Postal remittances will be effected by us at other points in Bel- tional Bank of that city have been consolidated under the
gium through the above correspondents. Cable remittances will be
charter and title of the First National Bank. The capital
handled at quoted rates.
Alsace-Lorraine—Checks may now be drawn in francs on the Banque of the enlarged bank is $500,000. The consolidating banks
D'Aisaco Et De Lorraine, at Colmar, Metz, Mulhouse and Strasbourg. had a combined capital of $1,600,000—that of the First
Postal remittances and cable transfers will be effected by us to points
National having been $1,000,000, while the Mechanics
under Allied control through our Paris correspondents.
Syria—Checks, which must bear the clause "payable at drawee's buying National had a capital of $600,000. The proposed union
rate of exchange for sight drafts on London," may now be drawn in pounds was referred to in our issue of Dec. 14
rates on the Imperial Ottoman Bank,
at Beyrout. Possterling at quoted
tal remittances will now be effected by us in pounds sterling to Aleppo,
CJaiffa, Damascus, Hems, Hama and Tripoli at quoted rates. Cable
remittances to the above places will be effected but can at present only be
forwarded by cable as far as Alexandria, Egypt, as business telegrams are
not accepted for Syria. Cable charges 50c per word plus $3 50 for cost
of address, signature and test.

0. Howard Wolfe, who resigned as Cashier of the Philadelphia National Bank of Philadelphia in May of last year
to engage in Y. M. C. A. field service with the army in
France was reappointed Cashier on Feb. 25. Horace
of
agency
Banca
York
at
Italiana
Commerciale
The New
Fortescue, in addition to his duties as Vice-President, which
165 Broadway announced on March 3 the receipt of a cable- he-retains, performed the functions of Cashier during Mr.
gram advising that the directors of, the bank had declared Wolfe's absence.
a dividend of 10%, after carrying to reserve 12,000,000
lire and 1,000,000 lire to provident fund. A resolution was
Abraham Pyle, who had been Secretary and Treasurer
also passed calling a meeting of the sharholders on March of the Hamilton Trust Company of Philadelphia, has been
to
proposal
increase
the
this
of
capital
a
25 at which time
elected a Vice-President of the institution. Mr. Pyle also
bank to 260,000,000 lire will be voted upon. The new continues as Treasurer, but has been relieved of the duties
shares will be offered to the sharholders at a price of 750 of Secretary, Levi R.Franck succeeding him in that capacity.
lire.
H. C. Evans, Jr., Title Officer, has been made Assistant
Treasurer.
The New York agency of the Yokohama Specie Bank,
Limited, located in the Equitable Building, announces
Announcement was made on Feb. 19 that the Guardian
that Saburo Nomura has been authorized to sign for the Savings & Trust Company of Cleveland (capital $3,000,000)
New York office per procuration, beginning Feb. 28.
had purchased the entire assets of the Cleveland National
Bank (capital $1,500,000) subject to the approval of the
The Merchants Bank of Canada is having counterscreen stockholders of the latter institution. The Guardian Savand equipment installed in its branch office, 63 Wall Street, ings & Trust Company (which since 1916 has held the controlling interest in the Cleveland National) has taken this
by Hoggson Brothers.
action, we understand, in order to bring about greater econTheodore F. Elworth, who has been in the sales depart- omy of operation and increased earning power and furtherment of Bolger, Mosser & Williams, investment bankers, more to have a national bank connection to take care of



944

THE CHRONICLE

commercial transactions, which since its entrance into the
Federal Reserve system the Guardian Savings & Trust
Company has made no effort to do. The consolidation
will give the enlarged institution assets of approximately
$70,000,000. Under the terms of the sale, the stockholders of the Cleveland National Bank, we understand,
will receive $160 per share for their holdings and will also
receive the dividends due April 1 next. The twelve story
building of the Cleveland National Bank at 322 Euclid
avenue has been purchased by the Garfield Savings Bank
Company of Cleveland. The enlarged institution is to
have a capital of $3,000,000 and surplus and undivided
profits of $3,750,000. The stock will be in shares of $100
each.
An increase of $50,000 in the capital of the Central National Bank of Marietta, Ohio, raising it from $200,000 to
$250,000 has been approved by the Comptroller of. the
Currency.
The annual statement of the Northern Trust Company—
Bank of Chicago for the year ending Dec. 31 1918 shows
gross assets of $40,329,079. Loans (time and demand)
bonds and stocks, &c., are given at $26,733,756; United
States Liberty Loan bonds held for subscribers are reported
as $1,886,925 while amount due from Federal Reserve Bank
together with cash and due from banks total $9,940,129.
Deposits are shown at $32,444,257, of which $20,274,813
are demanded and $12,169,444 time deposits. The capital of the Northern Trust Company Bank is $2,000,000
with surplus of $3,000,000 and undivided profits of $500,476. Of the $3,000,000 surplus $1,000,000 was transferred
from undivided profits on Dec. 31 1918. Solomon A.
Smith is President of the institution.
•
Captain James K. Edsall has been elected Assistant
Cashier of the Merchants & Manufacturers Bank of Milwaukee, Wisc. Captain Edsall was in the employ of the
Metropolitan National Bank of Minneapolis, Minn., until
called to the Mexican border. He later entered the officers'
training camp at Fort Snelling, Minn., and was assigned to
duty at Camp Grant, Ill.
The Scandinavian-American National Bank of Soiux
Falls, S. D., capital $125,000, has been placed in voluntary
liquidation, following the absorption of its business by the
Sioux Falls Savings Bank.
•
Noland S. Milton, heretofore head of the Note Department of the National Bank of Kentucky of Louisville, has
been made an active Vice-President of the First National
Bank of that city.
•
Richard M. Bean was elected an active Vice-President
of the Louisville National Banking Company of Louisville,
Ky., on Feb. 18. The office was created for him. Mr.
Bean was Secretary of the Ballard & Ballard Co., millers,
of Louisville.

[VOL. 108.

Inspector, afterwards becoming Assistant General Manager,
from which position he retired in 1911 when he was elected
a director, being at once chosen as Vice-President. Mr.
Henderson is also a director of the Canadian Mortgage
Investment Company, Vice-President of the Canadian
Shredded Wheat Company, director of the Confederation
Life Assurance Company and a director of the Victoria
Rolling Stock Company.
•
Sir Rodolphe Forget, M. P., President and a director of
the Banque Internationale du Canada of Montreal, died
on Feb. 19. Sir Rodolphe, who was in his fifty-eighth
year, was born at Terrebonne, Que. He began his business
career in the office of his uncle (Senator L. J. Forget) as a
clerk. In 1887 he became a partner in the firm of L. J.
Forget & Co., continuing until 1907 when he founded the
banking business which has since become one of the largest
financial institutions in the Dominion. Besides being
President of the Banque Internationale du Canada, Sir
Rodolphe at the time of his death was identified as an official, director or organizer, with a number of the important
corporations in Eastern Canada. He was a member of
the Dominion Parliament from 1904 to 1917.
•
With the declaration of a quarterly dividend of 3%,
payable April 1 1919, the stock of the Molson's Bank,
Montreal, was placed on a 12% annual basis, instead of
11% as heretofore.
The annual statement of the London Joint City & Midland
Bank, Ltd., for the year ending Dec. 31 1918, is published
elsewhere in our columns to-day. Allowing the conventional
rate of exchange of $5 to the .£1, the statement shows net
profits for the twelve months, after providing for all bad and
doubtful debts, of $13,501,653, which with the balance of
$3.668,926 brought forward from last account, made the
large sum of $17,170,580 available for distribution. Out
of this sum, the statement shows, the following amounts
were appropriated; $4,599,428 to pay dividends (18% per
annum) for the year, less income tax; $3,000,000 for reserve
fund for future contingencies; $2,445,664 for salaries and
bonus to staff serving with H. M. .forces, and bonus to
others; $500,000 written off bank premises; $500,000 for
officers' pension fund; $250,000 for staff widows' fund, and
$2,500,000 for reserve fund, leaving a balance of $3,375,489
to carry forward to next account. Total assets are shown
at $1,817,583,287; current deposits and other accounts total
$1,674,492,178, while cash in hand (including $40,000,000
in gold coin) and cash in Bank of England are given at
$318,781,856. The London Joint City & Midland Bank,
Ltd., was established in 1836 and has a subscribed capital
of $172,144,740 (2,869,079 shares of $60 each), paid-up
capital ($12.50 per share), of $35,863,487, and a reserve
fund equal to the latter sum. Sir Edward Holden, Bart., is
Chairman and Managing Director. The Belfast Banking
Co., Ltd., is a proprietary institution.

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
U. G. Young, Vice-President of the Day and Night Bank Samuel Montagu & Co. of London, written under date of
of Charleston, W. Va. (capital $30,000) has acquired con- Feb. 13 1919:
GOLD.
trolling interest in the institution through the purchase of
The Bank of England gold reserve against its note issue is £80,570,795
an
increase
of
£109,905, as compared with last week's return.
155 shares of stock formerly owned by J. W. Solof. The
The Transvaal gold output for January 1919 was £2,871,718 as comprice paid for the stock is said to be $60.000.
pared with £3,033,653 for January 1918, and £2,723,836 for December 1918.
•
Reuter telegraphed from Melbourne on Feb. 4 to the following effect:
The Comptroller of the Currency has approved an in- "Replying to the Gold Producers' Deputation, Mr. Watt, the Acting Prime
Minister, said that the Commonwealth Government would promptly
crease of $250,000 in the capital of the First National Bank consider the question of encouraging gold prospecting. He was prepared
of Durham, N. C. The additional issue of stock raises the experimentally to permit the export of gold for three months to enable them
to test outside markets, though certain restrictions would be necessary.
capital from $150,000 to $400,000.
He could not allow the banks to export gold, because
•

Fred Kelly, previously Cashier, has been promoted to the
office of Vice-President of the Central State Bank of Dallas,
Texas. L. H. Squires has been elected succeed Mi. Kelly
as Cashier of the bank.
To commemorate the completion of his fifty years of
service with the Bank of Toronto (Head Office Toronto)
Joseph Henderson, Vice-President of the institution, was
on Feb. 19 presented with a gold loving cup mounted on
onyx. W. G. Gooderham, President of the bank, made
the presentation in behalf of the directors. Mr. Henderson joined the staff of the Bank of Toronto on Feb. 18
1869 in a minor capacity; he subsequently became manager
at St. Catharines and Cobourg successively, and later




their circumstances

were different."
SILVER.
After remaining at 48 7-16d. for 54 consecutive working days, the price
fell on the 11th inst. to 47%d. in sympathy with reduced rates of freight
and insurance from America.
The "Times" correspondent cabled on the 11th inst. that a silver shipment worth $6,000,000 had boon made to India. (Doubtless consigned
to the Indian Mint.)
The stock in Shanghai on the 8th inst. consisted of about 27,800,000
ounces in sycee and 13,100.000 dollars, as compared with about 27,250,000
ounces in sycee and 12,200,000 dollars on Jan. 25, The Shanghai exchange has now fallen to 4s. 9d. the tad. Quotations for bar sliver per
ounce standard.
Feb. 7
caiip,48 7-16d. Feb. 13
487-16d. Average
8
call' 178Ibi(id
" 10
" 487-16d, Bank rate
" 11
" 47%d.
Bar Gold per ounce standard77s. 9d.
" 12
" 47%d.
No quotation fixed for forward delivery.
The quotation to-day for cash delivery is 9-16d. below that fixed a we
ago.

MAR.8 1919.]

THE CHRONICLE

ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:

London,
Mar. 1. Mar. 3. Mar. 4. Mar. 5. Mar. 6. Mar. 7.
Week ending March 7.
Sat.
Mon.
Tues.
Wed. Thurs,
Fri.
Silver, per oz
47%
47%
47%
d
47%
47%
474
Consols, 2% per cents
Holiday 593.
58% ex. 58A ex. 58%
58%
British 5 per cents
Holiday 95%
95
95
95
95
British 43. per cents
Holiday 99%
99%
99%
99%
99 A
French Rentes (in Paris)_fr_ ___
64
_
63.35
French War Loan(in Paris)fr. _ _ _
90.30
-------89.40

The price of silver in New York on the same days has been:
Silver in N. Y., per ozcts_ 101%

101%

101%

101%

101%

101%

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
-The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but on
account of the length of the other tables is crowded out once
a month. The figures are received by telegraph from other
leading cities.
Clearings-Returns by Telegraph.
Week ending March 8.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans

1919.

1918.

Per
Cent.

$3,183,360,302
476,047,261
316,634,271
237,992,596
177,746,275
128,561,303
98,741,885
108,000,295
68,215,377
67,247,588
48,402,232

$2,663,380,389
508,818,241
297,892,996
194,906,200
200,711,746
139,924,707
84,176,852
56,948,853
39,679,691
48,266,910
54,700,805

+19.5
-6.4
+13.1
+22.1
-11.9
-8.1
+17.3
+89.7
+71.9
+39.3
-11.5

945
February.

Two Months.

Clearings at
1919.
Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph '
Des Moines
Sioux City
Duluth
Wichita
Lincoln
Topeka
Cedar Rapids _ _ _ _
Colorado Springs_
Pueblo
Fargo
Sioux Falls
Fremont
Waterloo
Helena
Billings
Hastings
Aberdeen
Joplin
Grand Forks
Lawrence
Iowa City
Oshkosh
Kansas City, Kan_
Lewistown

1918.

692,935,213 739,729,900
122,106,692 115,885,178
199,782,575 188,210,644
58,843,733 52,555,187
93.826,746 77,983,748
68,443,209 71,732,542
35,238,334 33,014,213
37,170,863 30,836,254
21,126,37 15,960,544
36,864,037 31,729,757
15,608,742 17,067,086
13,181,948 12,442,246
8,469,434 7,129,590
2,980,611 2,877,139
2,670,525 2,621,515
8,675,761 6,363.920
10,905,000 6,745,372
2,253,033 3,375,169
5,910,062 8.452,200
8,493,38' 6,694,018
4,261,074 3,630,591
1,837,204 2,080,400
4,705,487 3,363,954
5,977,000 7,023,605
4,345,000 3,540,000
1,450,014 1,480,300
1,884,464 1,530,397
1,944,267 1,907,951
2,340,441 1,913,012
1,850,216 1,611,989

Inc. or
Dec.

1919.

1918.

Inc.or
Dec.

-6.3 1538565171 1586501963 ---13.0
+5.4 306,441,371 257,351,982 A-19.1
+6.1449,096,251 388,177,287 1-15.7
+12.0132,795,438 115,138,356 A-15.3
+20.3 216,495,208 162,280,707 A-33.4
-4.6 158,968,467 149,171,101 A-6.6
+6.7 77,590,117 69,001,357 +12.4
+20.5 83,685,378 66,253,608 +26.3
+32.4 72,180,996 36,186,683 A-99.5
+16.2 74,006,304 66,263,621 +11.7
-8.5 33,652,839 35,404,284
+5.9 26,203,007 27,853,845 ---5.9
+18.8 18,164,942 15,633,648 A-16.2
+3.6 6,388,284 6,708,065
+1.9 5,877,50
5,757,892 +2.1
+36.3 20,990.55 14,468,601 A-45.1
+61.7 24,161,391 15,261,07 +58.3
-33.3 5,540,343 6,867,832 ---19.3
-30.1 12,703,657 17,429,48 ---27.1
+26.9 19,220,885 15,354,029 4-25.2
+17.4 9,442,996 8,441,101 +11.9
-11.7 4,221,499 4,345,535
+40.0 10,345,383 8,049,856 +28.5
-14.9 13,679,000 14,649,633 --ALS
+22.7 10,842,
8.744.5.4+24.0
-2.0 3,193,957 2,986,07
A-7A0
+23.1 3,930,226 2,970,216 A-32.3
+1.9 4,406,209 4,107,48
+7.3
+22.3 6,707,562 4,335,838 +54.7
+14.8 4,799,452 3,757,895 +27.7

Total Oth.West.. 1476081427 1459488421

+1.1 3354296394 3119453039

+7.5

467,244,948 545,174,750 +4.1 1284296575 1192979722 +7.7
St. Louis
215,296,592 197,120,324 +9.2493,615,782 443,059.07 +11.4
New Orleans
Louisville
82.835,184 91,908,982
200,167,657 181,697,384 +10.2
Eleven cities, five days
57,680,811 55,625,042 +3.7 132,776,040 132,353,649 +0.3
$4,910,949,385 $4,271,407,120 +15.0 Houston
Other cities, five days
16,130,586 19,678,003 -18.0 43,383,252 47,627,637 -8.9
855,014,208
870,162,473
-1.7 Galveston
Richmond
192,440,601 144,446,264 +33.2 426,677,714 309,096,264 +38.0
Total all cities, five days
194,217,012 170,166,666 +14.1 463,493,045 385,307,103 +20.3
$5,765,963,593 $5,141,569,595 +12.2 Atlanta
All cities, one day
65,477,402 62,258,548 +5.2 158,359,149 124,613,54 +27.1
1,100,462,371
924,412,580 +19.3 Memphis
Savannah
23,270,683 27,979,592 -16.8 53,109,77 61,472,259 -13.6
Total all cities for week
57,461,970 50,318,941 +14.2 130,216,336 109,375,467 +19.1
ifiARR.425.9134
36 065.932.175 -4-13.2 Nashville
Fort Worth
72,078,348 57,304,056 +25.8 137,703,422 128,640,268 +7.0
Our usual monthly detailed statement of transactions on Norfolk
32,371,903 29,200,253 +10.9 79,761,692 63,112,388 +26.4
46,397,610 14,595,064 +217.9 101,149,892 35,206,061 +187.3
the New York Stock Exchange is appended. The results Birmingham
Augusta
10,739,381 12,565,709 -14.5 25,251,544 29,461,641 -14.3
for the two months of 1919 and 1918 are given below:
Knoxville
10,059,546 10,420,530 -3.5 21,487,371 22,040,712 --2.5
Little Rock
19,339,020 19,903,909 -2.8 43,255,928 40.793,414 +6.0
Jacksonville
32,768,211 17,699,433 +85.1 68,868,469 38,579,966 +78.5
Two Months 1918.
Two Months 1919.
Mobile
6,148,999 5,809,681 +5.8 14,014,890 12,442,459 +12.6
DescripChattanooga
19,118,639 16,778,678 +13.9 45.115,557 37,059,218 +21.7
lion.
Par Value
Aver. Par Value
Actual
Actual
Aver. Charleston
12,764,783
14,667,344 -13.0 29,349,003 31,443,515 -6.7
or Quantity.
Value.
Value.
Price. or Quantity.
Price. Oklahoma
35,736,259 33,807,716 +5.7 77,061,553 75,875,980 +1.6
Macon
5,915,019 8,679,012 -31.8 14,467,243 20,530,584 -29.5
StocicfShs _
25,034,436
24,069,206
7,717,909 7,687,207 +0.4 17,292,722 16,482,723 +4.9
kVal.$2,278,936,705 $2,075,703,726 91.1 $2,362,957,600 $2,171,975,971 01.9 Columbia
5,976,951 4,793,050 +24.7 12,420,010 10,596,814 +17.2
RR.&c.bds.
70,104,00
55,991,000
48,250,581 86.2 Beaumont
63,036,623 89.9
Austin
37,289,123
27,229,650 +36.9 58,520,765 52,366,237 +11.7
U.S.G.has
346,177,5
92,593,500
89,617,323 96.8
329,253,647 95.1
1,471,018 1.672,888 -12.
3,759,950 4,206,187 -10.6
Vicksburg
State, &c.,
bonds_ _
42,033,500
39,373,474 93.7 Wilmington, N.C. 3,271,869 3,486,219 -6.2 7,769,849 7,447,439 +4.3
98,841,00
98,530,244 99.7
6,467,973
Columbus,
2,849,281
2,835,756
+0.5
Ga__
_
6,454,435 +0.2
Bank stks_
7,200
28,70 11
12,640 175.6
59,652 207.8
2,570,679 2,490,151 +3.2 5,515,871 5,596,115 -1.4
Jackson
20,612,465 15,707,172 +31.2 43,242,324 32,903,656 +31.4
Total_ __ $2,794,087,905 $2,566,583,892 91.8 $2,553,582,800 $2,349,229.989 92.0 El Paso
36,021,856 31,640,035 +13.8 74,817,716 65,136,762 +14.9
Tulsa
11,109,637 8,615,886 +28.9 23,891,265 21,735,432 +9.9
Muskogee
The volume of transactions in share properties on the Dallas
96,721,697 73,285,092 +32.0216,647,577 170,498,602 +27.1
New York Stock Exchange each month since Jan. 1 in Newport News_ _ _ 3,689,193 3,148,042 +17.2 8,994,476 6,027,418 +49.2
Montgomery
6,176,947 6,426,173 -3.9 13,771,952, 13,868,996 -0.7
1919 and 1918 is indicated in the following:
7,818,374 5,897,331 +32.6 16,410,670f 12,358,176 +32.8
Tampa
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
Texarkana, Tex _ 3,075,295 2,668,445 +15.3 6,832,571 6,110,319 +11.8
3,332,224 3,604,372 -7.5 8,226,931 7,520,970 +9.4
Raleigh
10,664,608 9,321,272 +14.4 24,034,789 22,125.603 +8.6
Shreveport
1919.
1918.
9,029,850 10,263,161 -12.0 20,438,346 27,164,315 -24.8
Waco
Mth
Number
Number
Values.
Values.
Total Southern_ 2044892483 1826880399 +11.9,4612637741 4011373505 +15.0
of
of
Shares.
Par.
Shares.
Par.
Actual.
Actual.
Week ending March 1.
$
Clearings at
Jan 11,858,465 1,126,755,70 1,037.426,808 13,616,357 1,279,740,700 1,175,427,682
Inc. or
Feb.. 12,210,741 1,152,181,00 1,038,276,918 11,418,079 1,083,216,900 996,548,289
Dec.
1918.
1919.
1917.
1916.

The following compilation covers the clearings by months
since Jan. 1 1919 and 1918:
Clearings, Total AU.
Month.
1919.
Jan
Feb

1919.

Clearings Outside New York.
1919.

1918.

%

'12,415,814,201 26,547,613,299 +22.114,555,171.367 11,828,545,769,+23.1
25,792,830,25 22.255,063,757 +15.9 11,598,586,746 9,995,707,7021+16.0

The course of bank clearings at leading cities of the country
for the month of February and since Jan. 1 in each of the
last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
February
Jan. 1 to Feb.28-29-1919. 1918. 1917. 1916.
(000,0903
1919.
1918.
1917.
1916.
omitted).
$
$
$
$
$
14,194 12,259 12,794 11,107 32,055 26,978 27,921 23,434
Neu York
1,981 1,784 1,742 1,435
Chicago
4,326
3,809
3,826
2,064
953
906
1,105
800
Boston
2,583
2,111
1,937
1,669
1,457 1,223 1,252
961
Philadelphia
3,289
2,746
2,649
1,976
472
545
357
567
1,284
St. Louis
1,193
1,063
786
249
300
261
487
1,080
Pittsburgh
580
634
509
235
307
360
454
1,027
San Francisco
793
684
476
123
145
170
492
214
Cincinnati
359
327
264
176
164
157
663
294
Baltimore
340
367
352
325
465
740
1,539
Kansas City
693
1,587
1,049
675
148
222
262
765
Cleveland
326
602
508
320
100
132
494
198
443
New Orleans
215
284
207
103
95
306
116
Minneapolis
122
257
222
225
82
87
200
92
182
Louisville
83
192
165
143
200
583
173
399
Detroit
262
433
296
80
251
93
104
216
Miluaukee
114
196
158
87
296
115
111
Los Angeles
243
138
249
185
39
88
38
41
Providence
94
37
89
83
91
449
124
188
Omaha
389
200
266
181
55
187
65
Buffalo
77
78
167
152
117
52
49
133
53
50
St. Paul
115
107
126
40
117
47
57
117
Indianapolis
49
108
84
216
Denver
162
41
52
78
94
115
88
427
64
87
Richmond
309
144
192
189
132
34
158
39
125
Memphis
62
65
93
75
44
283
67
Seattle
230
109
119
144
95
62
29
30
Hartford
63
28
27
69
62
116
32
44
107
Salt Lake City____
44
49
107
71
Total
Other cities

23,675 20,389 20,133 17,032 53,069 44,716 43,965 35,792
5,140
4,086
2,118 1,866 1,497 1,261
3,307
2,639

Total all
25,793 22,254 21,630 18,1t43 58,209 48,802 47,272 38,431
Outside New York.11,599 9,996 8,836 7,186 26,154 21,824 19,351 14,997

Other Western and Southern Clearings brought forward from first page.




Kansas City_ _ _ _
Minneapolis _ _ _ _
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Duluth
Wichita
Lincoln
Topeka
Ceiar Rapids_ _ _
Colorado Springs
Pueblo
Fargo
Fremont
Waterloo
Helena
Billings
Hastings
Aberdeen

186,964,498
34,504,723
59,854.798
17,674,854
20,064,234
16,589,762
14,000,000
9,430,544
3,973,548
7,941,365
5,000,000
2,414,546
2,223,513
500.000
572,124
1.820,636
526,562
1.288,597
1,589.297
1,050,000
409,086
1,100.000

$
213,924,719
36,951,503
64,944,458
17,361,330
23,625,592
20,355,081
13,584,350
10,698,716
3,568,468
8,299,662
6,269,112
3,052,945
2,703,547
325,000
679,858
1,565,814
1,030,729
2,129,265
1,550,649
944,794
950.000
826,569

-12.6
-6.6
--7.8
+1.8
-15.1
-18.5
+3.1
-11.9
+11.4
-4.3
-20.2
-20.9
-17.7
+53.8
-15.8
+16.3
-48.9
-39.5
+24.9
+11.2
-56.9
+33.0

127,007,898
29,496,555
39,918,541
14,376,379
14,768,060
18,026,794
14,087,545
7,532,149
4,265,838
5,536.375
5,377,093
3,800,000
4,073,030
349,848
589,487
1,375,856
830,510
2,740,816
1,720,032
913,391
897,415
604,843

89,028,661
30,639,922
26,000,000
14,894,557
11,652,145
10,615,699
12,079,864
5,195,878
4,735,788
5,365,332
4,234,926
3,431,299
3,074,744
521,312
487,511
1,351,702
643,004
2,699,185
1,107,404
535,918
469,863
799,796

Tot.0th. West.

389,492,637

435,342,161 -10.5

298,289,455

229,564,510

St. Louis
New Orleans__ _ _
Louisville
Houston
Galveston
Richmond
Atlanta
Memphis
Savannah
Nashville
Fort Worth
Norfolk
Birmingham _ --Augusta
Knoxville
Little Rock
Jacksonville __ _
Mobile
Chattanooga_ _ _
Charleston
Oklahoma
Macon
Austin
Vicksburg
Jackson
Tulsa
Muskogee
Dallas
Shreveport

143,960,462
55,735,189
21,505,427
13,254,606
3,800,000
47,218,019
48,972.673
18,769,172
6.358,319
16,676,132
17,000,000
6,752,735
14,226,219
4,000,000
2,213,310
4,401,649
8,699,977
1,600,000
4,360,740
2,500,000
8,180,091
1,225,000
7,000,000
371,637
664,516
8,358,022
2,410,725
20,000,000
2,681,773

156,329,949
59,884,110
30,704,217
13,458,913
4,300,000
37,720,180
48,415,137
15,378,389
9,030,580
15,496,963
14,500,427
6,931,972
4,507.755
4,883,444
2,827,149
5,532,335
4,382,786
1,550,000
3,958,198
2.980,894
8,383,614
1,925,000
5,500,000
379,379
511,419
7,940,673
2,337,799
15,000.000
2,634,603

132,612,960
30.640,336
21,720,287
13,500,000
4,161,825
23,740,831
23,373,575
9,926,592
5,913,323
10,329.678
11,319,570
5,706,701
3,707,078
1,585,841
2,847,813
3,017,442
4,300,092
1,500,000
3,176,568
2,453,203
6,011,468
1,415,758
5.000,000
209,728
167,378
6,495,339
1,512,658
10,999,455
1,550,000

95,156,302
23,522,291
19,161,314
10,760,658
3,231,501
15,438,127
15,278,039
7,232,654
5,284,328
7,785,202
6,627.729
4,156,971
2,785,469
1,572,014
2,329,972
2,515,945
3,387,896
1,136,831
2,170,219
2,307,462
3,256,109
3,260,941
7,000,000
217,563
736,522
2,580,196
1,020,843
8,204,405

Total Southern

492,896,413

487,385.685

+1.1 349,255,499

259,126,503

--7.9
--6.9
-30.0
-1.5
-11.6
+25.2
+1.1
+22.1
-29.6
+7.6
+17.2
-2.6
+21.6
-18.1
-21.7
-20.4
+98.5
+3.1
+10.2
-16.5

-2.4
-36.4
+27.3
-2.0
+29.9
+5.3
+3.1
+33.3
+1.8

THE CHRONICLE

946

Canadian Bank Clearings.-The clearances of the
Canadian banks for the month of February 1919 show an
increase over the same month of 1918 of 19.8% and for
the two months since January 1, the gain reaches 18%.
Two Months.

February.
Clearings at
1919.

1918.

Canada$
$
Montreal
360,083,689278,687,555
276,222,922207,252.188
Toronto
Winnipeg
130,362,229 154,002,262
51,550,193 34,229,519
Vancouver_
25,773,506 19,570,622
Ottawa
19,602,823 24,217,883
Calgary
Edmonton
13,028,813 11,547,832
7,844,282 6,718,129
Victoria
Hamilton
19,024,626 17,107,522
Quebec
17,807,808 15,593,652
11,383,839 10,509,865
Regina
Halifax
17,283,981 13,076,118
St. John
10,080,552 7,794,416
Saskatoon
5,786,446 5,707,743
London
10,628,108 7,477,674
Moose Jaw
5,360,682 4,252,310
Lethbridge
2,403,362 2,245,543
Fort William
2,353,941 2,390,604
Brandon
1,856,467 1,975,256
Brantford
3,554,985 3,128,424
New Westmin. 1,984,505 1,461,481
Medicine Hat_ 1,290,848 1,974,715
Peterborough _ 2,486,985 2,296,246
Sherbrooke
3,282,532 2,570,387
Kitchener
2,842,089 2,030,950

Inc.or
Dec.

1919.

1915.
.
5
622,613,113
466,723,187
330,541,508
72,403,691
45,098,922
54,733,659
26,783,299
14,236,474
38,336,030
32,326,337
24,456,281
28,388,078
17,291,826
13,010,033
17,984,430
9,435,170
5,246,582
5,820,166
4,650,771
6,752,276
3,166,096
4,130,255
5,403,037
5,661,616
4,349,844

$
%
+29.2 788,622,687
+33.3 559,879,899
15.3 310,454,389
97,300,224
+50.6
+31.7
55,781,145
44,384,967
-19.1
+12.8
28,991,659
16,849,174
+16.8
+11.2
41,346,083
38,748,551
+14.2
+8.3
25,673,322
+32.2
37,338,902
21,913,454
+29.3
+1.2
13,467,250
+42.1
22,982,856
+26.1
12,438,910
+7.0
5,612,481
-1.4
5,458,506
-6.0
4,403,524
+13.6
7,789,531
+35.8
4,124,670
-34.6
3,004,861
+8.3
5,847,808
+27.7
6,883,879
+40.0
5,806,432

Inc. or
Dec.
%
+26.7
+26.4
6.1
+34.4
+23.7
-18.9
+8.2
+15.4
+7.8
+19.9
+5.0
+31.5
+26.7
+3.5
+27.8
+31.8
+7.0
-6.2
-5.3
+15.4
+30.3
-27.3
+8.2
+21.6
+33.5

TotalCanada 1003880.213837.818,896 +19.82.195.105.164 1.859.542.680 +18.

The clearances for the week ending Feb. 27 at Canadian
cities, in comparison with the same week in 1918, show an
increase in the aggregate of 5.7%.
Week ending February 27.
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
Total Canada

1918.

Inc. or
Dec.

1917.

1916.

$
$
3
$
%
82,259,174 70,490,008 +16.7 69,551,768 55,616,480
59,817,589 56,959,240 +5.0 49,899,798 43,492,729
30,323,142 38,272,429 -20.8 29,602,483 39,362,557
10,037,847 8,219,529 +22.1 6,697,975 6,564,778
6,223,765 4,779,685 +30.2 4,844,694 3,600,637
4,190,355 3,601,942 +13.6 4,051,673 2,781,987
4,256,613 3,067,547 +38.8 2,138,848 1,930,571
4,322,654 4,359,929 -0.9 4,440,193 3,429,371
2,198,316 1,876,139 +17.2 1,693,458 1,426,111
2,506,113 1,641,930 +52.7 1,922,868" 1,863,221
4,474,147 5,673,169 -21.1 4,490,828 3,817,475
1,614,028 1,512,562 +6.7 1,471,372 1,785,996
2,943,996 2,740,271
+7.4 2,246,740 2,082,124
2,576,341 2,605,930 -1.1 2,155,608 1,670,367
436,753
442,766 -1.4
399,975
451,828
526,684
478,860 +10.0
485,607
399,396
1,320,165 1,448,210 -8.8 1,222,152
976,194
810,876
856,357 -5.3
698,808
086,405
1,212,877 1,001,242 +21.1
798,519
895,573
484,054
584,794
17.2
495,123
398,882
395,585
367,741
+7.6
251,244
197,322
302,827
461,729 -34.4
478,840
325,643
563,695
563,492 +0.04
486,580
411,115
800,823
613,860 +30.5
694,592
485,294
621,913
602,508 +23.8
563,393
292,082
204,677 +42.7
225.512.414 213.326.516

+5.7 191.783.143 174.552.056

Commercial anaraiscellarceonsgem
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS FOR CHARTER.
For organization of national banks:
The First National Bank of Spring Hope, N C
The First National Bank of Reed Point, Mont
The Savona National Bank, Savona, N Y
The First National Bank of Cumberland, Ohio
The Western National Bank of Seminole), Texas
The First National Bank of Nutley, N J
The First National Bank of West Columbia, Texas
The Oil Exchange National Bank of Cisco, Texas
The First National Bank of Kimball, W. Va
The Braintree National Bank Braintree, Mass
The First National Bank of Pittsburgh, Cal
The Allston National Bank of Boston, Mass
For conversion of State banks:
The First National Bank of Halfway, Oregon
Conversion of the American State Bank, Halfway.
The Producers' National Bank of Bakersfield, Cal
Conversion of the Producers' Savings Bank, Bakersfield.
Total
CHARTERS ISSUED.
Original organizations:
, The First National Bank of Nash Okla
The First National Bank of Fairfield, Mont
The First National Bank of Axtell, Kans
Conversion of State banks:
The Torrington National Bank, Torrington, Wyo
Conversion of the Torrington State Bank, Torrington.
The First National Bank of Hinsdale.
Conversion of the Hinsdale Trust & Savings Bank.
The First National Bank of Aneta, N. Dak
Conversion of the Aneta State Bank.
• Total

Ill

Capital.
$50,000
25,000
25,000
40,000
25,000
100,000
25,000
100,000
25,000
100,000
50,000
250,000

50,000
200,000

$1,065,000
$25,000
25,000
25,000
35,000
50,000
25,000
$185,000

CHARTERS EXTENDED.
The First National Bank of Rockwell City, Iowa.
Charter extended until close of business March

6 1939.

CHARTERS RE-EXTENDED.
The Third National Bank of Cumberland, Maryland. Charter re-extonderl
until close of business Feb.
The Oskaloosa National Bank, Oskaloosa, Iowa.
Charter re-extended until close of business March

25 1939.

5 1939.

CONSOLIDATION.
The First National Bank of Now Bedford, Mass., and the
Mechanics National Bank of New Bedford, Mass., under
the charter and title of the First National Bank of New
Bedford, with capital stock of
$500,000
Combined capital of two banks prior to consolidation was _ _ _31,600,000
Reduction




$2,100.000

[VOL. 108.

INCREASES OF CAPITAL APPROVED.
Amount.
The First National Bank of Clarksville, Arkansas. Capital
increased from
to
The First National Bank of Durham, North Carolina. Capital
increased from
to
The First National Bank of Hubbell, Michigan. Capital increased
from
to
The Central National Bank of Marietta, Ohio. Capital increased from
to
The First National Bank of Walterboro, South Carolina. Capital
increased from
to
The National Bank of Ionia, Mich.
Capital increased from
to
The Stone Fort National Bank of Nacogdoches, Texas.
Capital increased from
to
The American National Bank of Asheville, N. C.
Capital increased from $100,000 to
The First National Bank of Tulsa, Okla.
Capital increased from
to
The First National Bank of Marked Tree, Ark.
Capital increased from
to
The Beckley National Bank, Beckley, West Va.
to
Capital increased from

$25,000 $50,000
$150,000 3400,00
$26,000 $50,000
$200,000 $250,000
$25,000 $75,000
$50,000 $100,000
$50,000 $75,000
$150,000
$200,000 $300,000
$25,000 $50,000
$50,000 $100,000

$25,000
250,000
25,000
50,000
50,000
50,000
25,000
50,000
100,000
25,000
50,000
$700,000

Total
Capital,
VOLUNTARY LIQUIDATIONS.
The Scandinavian-American National Bank of Sioux Falls,S. Dak
Liquidating agents: F. H. Johnson Sioux Falls. Absorbed by
the Sioux Falls Savings Bank. Sioux Falls.
For consolidation with other national banks:
The Citizens' National Bank of Reynoidsville, Pa
Assets taken over by the People's National Bank of Reynoldsville.
Other liquidations:
The First National Bank of Eunice, La
Liquidating Agent: J. L. Lacombe, Eunice. To be succeeded
by the American Bank & Trust Co. Eunice.
The Stones River National Bank of Muifreesboro, Tenn
Liquidating Agent: N. C. Crichlow, Murfreesboro. Succeeded by the Stones River Bank & Trust Co. of Murfreesboro.
Total

_$125,000
50,000

30,000

150,000

$355,000

Auction Sales.-Among other securities, the following
not usually dealt in at the Stock Exchange were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Shares. Stocks.
441
42 Bank of New York
305
2 Peoples Trust, Brooklyn
500 Syndicate Mg. Sr Mill., corn.,
$2 lot
$10 each
33 Tacoma Land & Impt,$57 ea_$20 lot
12 1-5 Corn Exchange Bank
31034
270-271
50 E. W. Bliss, common
24 Great American Insurance.._ _ _375

Shares. Stocks.
Per cent.
100 Orean Co., Inc., preferred__ __ 10
6 United Gas & Elec. 1st pref.__ 40
50 Midland Construction
51 lot
100 Merrill Mfg.,$10 each
$1 lot
Bonds.
$4,000 Uvalde Asphalt 5s, 1919,
July 1910 coupon on. 75% paid
in liquidation
$21 lot

• By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
2 Philadelphia Trust
704
10 Curtiss Aeroplane & Motor,
pref., $10 each
a
38
20 Mutual Trust, $50 each
35
400
5 Commercial Trust
7 Curtiss Aerop. dr Motor,corn.
15 Phila. Co. for Guar. Mtges.._140
no par
1034
1 Bankers Trust of N Y
395
87 Spicer Mfg. Corp., corn
2534
2 Bond & Mtge. On. of N.Y 222
10 Otto Eisenlohr dr Bro.,Inc.,pf.97
15 Delaware RR., $50 each
4134
50 American Stores, pref.._ -8634-8634
1 13th & 15th Streets Pass.Ry_201%
40 American Stores,common_..- 2634
5 John B. Stetson, common..._305%
30
200 Penn Seaboard Steel
39
16 Phila. Bourse, corn., $50 each 534
5 Peoples Trust,$50 each
545-547
6 United Gas & Elec. 1st pm_ 3934
10 Fidelity Trust
Per cent.
12 Catawissa RR.,$50 each.. __ 4034 Bonds.
7 Germantown Passenger Ry__ 9034 $1,000 No. Springt. Water 5s, 1926 6934
2 Hestonv. Man. & Fair Park
$500 Mexican Govt. 55, 1915.... $71 lot
5134 $1,000 Ohio River RR. 1st 55, 1936 96
fly., pref
$2,000 Rochester fly. 2d 55, 1933.... 8334
3 Camden & Burling. Co. By_ - 30
18 Tampa, Cuba, Cigar,$10 ea_51 lot $3,000 Central Ills. Light 1st & ref.
55, 1943
10 Superior, Cal., Farm Lands...85 lot
8534-8534
$4,000 St. Joseph It., L.dr P. 1st 5s,
1 Atlantic City Gas & Water,1$3
84
1937
par $25
i lot
$1,000 Phila.Sub.Ga.s let 58,1931_ A00
)
120 Sadtler Lead & Zinc
$2,000 Wilkinsburg St. 334s, 1926 94
3,450 California Mother Lode Mg.1$40
5 Amer. Medicine Pub., $1 ea) lot $5,000 John Wanamaker 1st 5s,'23 9534
29 N. Y. Sanitary Utilization_565 lot $5,000 Syracuse L.& P.coll. 55,'54 76
100 Yellow Jacket Mines
1.110
$5,000 Sinclair Gulf Corp. 1st 6s,'27 9034
j lot $5,000 Southern Sierras Power 1st
5 Pales Heating
Os, 1936
36 Corn Exchange Nat. Bank_ _345
9234
125
$5,000 Lehigh Power Securities 6%
10 North Penn Bank
10 Jenkintown National Bank_ A90
notes, 1927
7534

By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
50 Old Colony Trust rights
2234
15 Nashua Mfg., new stock
240
10 Sharp Mfg., pref
105-10534
120
25 Mass Cotton Mills
5 Lancaster Mills
9034
145
2 Nashua & Lowell RR
12 Gray & Davis, Inc., com., $25
each
27
50 Draper Corporation
11834
9 No. Boston Ltg. Prop., pret___ 8734
20 Manhat. Grocery dr Prov., p1.1$534
$10 each
) per
20 Manh.G.&P.,corn.,as bonus_ I share
10 Turners Falls Power Sr Elea_ ....119
10 Essex Co., $50 each
19034
,_100
10 Collateral Loan
11 Bighea.rt Prod.& Ref.,$10 each 10
25 Hood Rubber, prel
10234
4 Ehrrnann Mfg., pref
12e.
10 Federal Pow.&Light, pref_- _ - 50
10 Federal P.& Lt., corn., $50 ea_ 334
.(Boston) 2034
2 City Realty Trust. pf.
1 Amer. W.-W.& Elec., 1st pref. 60
2 Am. W.-W.& Elec., partic. pref. 8
5 Business Real Estate Trust.. 3434
4 Simpson Crawford Corp. 1st if.
In liquidation, v. t. c
2
14 Boston Securities, common.._ __ 50c.
2 Boston Securities, preferred_ _ _ 334
Per cent.
Bonds.
$100 Roch., Ind.. Elec. L., H.& P.
1st ref. Os, Series C, 1943
78
$100 Am. Cities Realty Corp. real
estate title 6s
30
$200 United Pub. Serv. 1st & ref.
Os, 1920
98
$40 Mississippi Val. R.
R & Power
1st ref. 5a, 1945
$300 Am.Pub. Utilities coll. tr. 58, ‘‘"'5
1942
05
$105.40 San Diego, Cal., 7s, 1924,
$52.70 unpaid
$32 flat
$82.07 Huntington Beach, Cal., 78,
1925, $49.27 unpaid
$20 fiat
$141.81 Los Angeles, Cal., 75, 1922,
$56.73 unpaid
$2734 flat
$174.39 Monrovia, Cal., 7s 1924
$87.24 unpaid
$55 flat
$100 Northwest. Pa. Ry,coll. tr. 6s 58

BondsPer Cent.
$500 Central States Elec. Corp. 58,
1922
8834
73
$100 Blaine, Wash.,78, 1927
$42.20 East San Diego, Cal., 7s,
1925, 129.54 unpaid
$15 flat
$89.00 East San Diego, Cal., 78,
1925, $41.40 unpaid
$27 flat
$200 Willamette Val. Irrigated Land
7s, 1920
534 flat
$100 Northwestern Iron 1st (is, 1920 93
$95 Superior Cal. Farm Lands adj.
6.9, 1928
$10 flat
$200 Am. Real Estate of N. Y. Os,
1919
$2.25
$100 Am, Real Estate of N. Y. Os,
1922
51
t
$300 Birmingham & Southeast. fly.
1st mfg.(Ss, etfs.(lop
$1 flat
$73.37 Corona, Cal., 78, 1922, 522
unpaid
$12 flat
565.92 Corona, Cal.,70,19212,$20.38
81334 flat
unpaid
5200 Commerce{ril Dillii ti:
93
Portland, Ore., Is, ,a. .921
571.65 Inglewood, Cal., 7s, 1922,
528.61 unpaid
$12% flat
$56.50 Imperial, Cal., 7s, 1924,
$33.90 unpaid
$1134 flat
532.89 San Mateo, Cal., 7s, 1926,
$23.02 unpaid
$13 flat
$100 Standard Gas & El.6s, 1935_ _$16f1
5at
$100 Realty Synd.of Oakland,Cal.,
coll. (is, 1920, Class B
$300 Arizona Power 7s, 1924, Ser.A 87
5100 Twin Falls fly. 131 6s,
receipts
193520c. flat
$100 Queensboro Corp. of N.Y. 1st
(is, 1926
93
L R. E. Corp. deb. Os,
$199
192101,aelet
60 flat
5300 Arizona Gas & Elec. 1st Os,'37 87
535 Mo. & Southeast UM., pref.'
div. ctf., 1920
53 Cumberland Co.P.& L., prof.1
scrip, 1923
$12 Am. Pub. UM. pf.
. scrip, 1923 54525
830 Federal Power & Light, prof for
scrip, 1923
lot
$234 Federal Pow. & Light, corn.
scrip, 1023

THE CHRONICLE

MAR.8 1919.]
By Messrs. Millet, Roe & Hagen, Boston:
Shares. Stocks.
20 Lockwood Co
3 Boott Mills, common
2 Waltham Watch, pref

$ per sh.
$ Per sh. Shares. Stocks.
2143-215
25 Plymouth Cordage
110
85;4 600 Old Colony Trust rights _22;14-22%
86

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
$1.50 Mar. 10 Mar. 1 to Mar. 9
Atlantic Coast Line Co. (guar.)
2
Mar.31 Holders of rec. Feb. 28a
Boston & Albany (quar.)
234 Apr. 1 Holders of rec. Feb. 28a
Canadian Pacific, common (quar.)
2
Apr. 1 Holders of rec. Feb. 28
Preferred
2
Mar. 25 Holders of rec. Mar. 19a
Chicago Burlington & Quincy (quar.)
Apr. 1 Mar. 8 to Apr. 8
Chicago & North Western, corn. (quar.).
2
Apr. 1 Mar. 8 to Apr. 8
Preferred (guar.)
Clev. CM. Chic. & St. L., pref. (quar.) 1% Apr. 21 Holders of rec. Apr. 1
50. Mar. 15 Holders of reo. Feb. 20
Dayton Coal, Iron & Ry., preferred
tDelaware & Hudson Co.(quar.)
23j Mar.20 Holders of reo. Feb. 28:
8740 Mar 10 Holders of reo. Feb. 280
Erie & Pittsburgh (quar.)
Fonda Johnstown & Glov., pref. (guar.) 134 Mar. 15 Holders of rec. Mar. 10a
$1.25 Apr. 5 Holders of rec. Mar. 15
tLehigh Valley, corn. & pref.(guar.)
134 Apr. 1 Holders of rec. Mar. 15a
Manhattan Ry. (guar.)
Minn. St. P.& S. S. M., coin. & pref._
334 Apr. 15 Holders of rec. Mar. 20a
Norfolk & Western common (quar.)-- 134 Mar. 19 Holders of rec. Feb. 28a
Pittib. Ft. Wayne & Chic., reg. guar.(qu.) 134 Apr. 8 Mar. 11 to Apr. 8
15( Apr. 1 Mar. 11 to Apr. 8
Special guaranteed (guar.)
50o. Mar. 13 Holders of rec. Feb. 250
Reading Company, first pref. (quar.)..
50c. Apr. 10 Holders of rec. Mar. 25a
Second preferred (guar.)
1
Mar. 17 *Mar. 11 to Mar. 17
St. Joseph South Band do Southern, cam- .
.0234 Mar. 17 *Mar. 11 to Mar. 17
Preferred
134 Apr. 1 Holders of rec. Feb. 28a
Southern Pacific (quar.) (No. 50)
234 Apr. 1 Mar. 9 to Apr. 8
Union Pacific, common (quar.)
2
Apr. 1 Mar. 9 to Apr. 8
Preferred
*2
Apr. 1 *Holders of rec. Mar. 11
Wisconsin Central, preferred

134

Street & Electric Railways.
Arkansas Val. Ry., L. & Pow., pref. (qa.) 134
%
Brazilian Tr., L. & Pow., pref. (guar.).El Paso Elec. Co., corn.(qu.)(No.31)_. 234
$4
Frank'. & Southwark (Phila.) (quar.)
Galveston-Houston Ekc. Co., pf. (No. 24) 3
San Joaquin L.& P., pf.(qu.)(No. 17)- 14
Seeond & 3d Sts. Pass., Phila. (quar.).... $3
Springfield (Mo.) By. & Light, pref. (qu.) 134
Twin City Rap. 7'ran., Minneap., pf.(qu.) 134
1
United Light dc Rys., corn.(guar.)
134
First preferred (guar.)
Washinglon(D.C.)Ry.ecEl.,com.dcpf.(qu.) 13(
14
West Penn Rys., pref.(quar.)(No.7)

Mar. 15
Apr. 1
Mar. 15
Apr. 1
Mar. 15
Mar. 15
Apr. 1
Apr. 1
Apr. 1
Apr. 1
Apr. 1
Mar. 1
Mar. 15

Banks.
Commerce, Nat. Bank of (guar.)
Irving National (guar.)

234
3

Apr. 1 Holders of rec. Mar. 20a
Apr. 1 Holders of rec. Mar. 15

Trust Companies.
Guaranty (guar.)
Irving (guar.)

5
2

Mar. 31 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 15

Holders of rec. Feb. 28
Holders of red. Mar. 15
Holders of rec. Mar. 5a
Holders of reo. Mar. in
Holders of rec. Mar. 5a
Holders of rec. Feb. 28
Holders of rec. Mar. la
Holders of rec. Mar. 14a
Holders of rec. Mar. 15
Mar. 5 to Mar. 15
Mar. 5 to Mar. 15
Feb. 25
Holders of rec. Mar. 1

Miscellaneous
134 April 1 Holders of rec. Mar. 17a
Advance Rumely, preferred (No. 1).._
$1 50 Mar. 15 Holders of rec. Mar. 28a
Ajax Rubber, Inc. (quar.)
Allis-Chalmers Mfg., pref. (guar.)
134 Apr. 15 Holders of rec. Mar. 31a
h% Apr. 15 Holders of rec. Mar. 31a
Preferred (account accum. dividends)_ _
*El
Mar. 31 *Holders of rec. Mar. 17
Allouez Mining (quar.)
.75c. Apr. 1 *Holders of rec. Mar. 15
Amer. Bank Note, pref. (guar.)
Amer. Beet Sugar pref. (qu.)(No. 79).. p14 April 1 Holders of rec. Mar. 150
134 Apr. 1 Holders of rec. Mar. 14a
American Can, preferred (quar.)
Apr. 1 Holders of rec. Mar. 14
Amer. Car & tedy., corn. (guar.)(No.66)_ 2
13j Apr. 1 Holders of rec. Mar. 14
Preferred (guar.) (No. 80)
134 Apr. 1 Holders of rec. Mar.22
American Chicle, preferred (quar.)
.
134 Apr. 1 *Holders of rec. Mar. 15
American Cigar, preferred (guar.)
400. Mar. 15 Holders of reo. Jan. 310
American Druggist Syndicate
13.4 Apr. 1 Holders of rec. Feb. 28a
American Express (quar.)
American Fork & Hoe,common (quar.).. 13.4 Mar. 15 Holders of roe. Mar. 5a
33.4 April 15 Holders of rec. April 5
Preferred
Amer. Graphphone, corn.(qu.)(No.55) 134 Apr. 1 Holders of rec. Mar. 15a
134 Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)(No. 83)
American Hide & Leather. Pf.((Mar.).- 134 April 1 Holders of ren. Mar. 15a
Amer. Internat. Corp.,corn.& prof.(qu.) 90o. Mar. 31 Holders of rec. Mar. 15a
Amer. Laundry Machinery, pref. (qu.). 134 Apr. 15 April 6 to April 15
American Locomotive,common (guar.). 134 Apr. 3 Holders of rec. Mar. 18a
Apr.21d Holders of rec. Apr. 4a
Preferred (guar.)
Amer. Manufacturing,common (quar.)- w134 Mar. 31 Mar. 16 to Mar. 30
Mar. 31 Mar. 16 to Mar. 30
2
Common (extra)
tol% Mar. 31 Mar. 16 to Mar.30
Preferred (quar.)
Mar.31 Mar. 23 to Mar. 31
American Radiator, common (guar.)... a
Mar.31 Mar.23 to Mar. 31
Cora.(extra pay. in L.L.4g% bonds) rri4
34 Mar.20 Holders of rec. Mar. 10a
American Sewer Pipe (guar.)
Mar. 15 Feb. 27 to Mar. 4
Amer. Smelt. & Refining, corn. (quar.).. 1
American Smelters Securities, pref. A (qu.) "14 Apr. 1 *Holders of rec. Mar. 15
.134 Apr. 1 *Holders of rec. Mar. 15
Preferred B (guar.)
3
Apr. 1 Holders of rec. Mar. 15a
'American Stuff, common (guar.)
154 Apr. 1 Holders of rec. Mar. 15a
Preferred (guar.)
*2
Mar. 31 *Holders of rec. Mar. 15
(guar.)
American Steel Fou
_
134 Apr. 1 Mar. 22 to Apr. 1
American Stores, first pref.
(quar.)_pref.(qu.) 134 April 2 Holders of red. Mar. la
Amer.Sugar Refining, corn.&
% April 2 Holders of roc. Mar. la
Common (extra)
2
Apr. 15 Mar. 15 to Mar. 25
American Telep. & Teleg.(quar.)
$6 Apr. 15 Holders of rec. Apr. 5
American Thermos Bottle
154 Apr. 1 Feb. 16 to Mar. 16
Amer. Tobacco, preferred (quar.)
134 Apr. 15 Mar. 18 to Apr. 1
American Woolen,common (guar.)
Apr. 15 Mar. 18 to Apr. 1
Extra (payable in Liberty Loam bonds)_ 110
154 Apr. 15 Mar. 18 to Apr. 1
Preferred (guar.)
.
134 Apr. 1 *Holders of rec. Mar. 15
Armour & Co., pref. (guar.)
.
134 Apr. 15 *Holders of rec. mar. 21
Associated Oil (guar.)
Atlantic Gulf & W.I. S. S. L., pf.(qu.) *J13.j Apr. 1 *Holders of rec. Mar. 10
5
Mar. 15 Holders of roe. Feb 21a
Atlantic Refining (quar.)
3
Mar. 10 Mar 1 to Mar. 9
Atlas Powder, common (quar.)
Autosales Corporation, pref. (guar.).- 50c Mar. 31 Holders of rec. Mar. 15
.
2
Apr. 1 *Holders of roe. Mar. 20
Barrett Company, common (guar.)
.134 Apr. 15 *Holders of rec. Mar. 31
Preferred (guar.)
Belding Paul Corticelli, Ltd., pref. (qu.) 334 Mar. 15 Holders of rec. Mar. 1
134 April 1 Holders of rec. Mar. 12
Bethlehem Steel, common (quar.)
13.4 April 1 Holders of rec. Mar. 12
Common (extra)
134 April 1 Holders of reo. Mar. 12
Common B (quar.)
134 April 1 Holders of rec. Mar. 12
Common B (extra)
April 1 Holders of rec Mar. 12
Cumulative convertible pref. (guar.). 02
ol% April 1 Holders of rec. Mar. 12
Non-cumulative preferred (quer.)
25c. Mar. 31 Holders of rec. Mar. 20a
Bingham Mines (guar.) (No. 8)
500 Apr. 1 Holders of rec. Mar. 120
Booth Fisheries, common (quar.)
13.4 Apr. 1 Holders of rec. Mar. 120
Preferred (quar.)
Mar. 15 Holders of reo. Mar. la
Borden's Cond. Milk pref.(qu.) (No.69) 1
14 June 14 Holders of rec. May 31a
Preferred (guar.) (No. 70)
Apr. 1 Holders of rec. Mar. la
Brandram-Henderson, Ltd., pref.(qu.)
6
Mar. 31 Holders of coup. No.71k
British-American Tab., ord. (interim)_
Brooklyn Union Gas (quar.) (No. 72L. 134 Apr. 1 Holders of rec. Mar. 15a
Mar. 15 Holders of rec. Feb. 21
$2
Buckeye Pipe Line (quar.)
1
Apr. 1 Holders of rec. Mar. 20
Bucyrus Co., pref. (guar.)(No. 16)
2
Mar. 31 Holders of rec. Mar.20a
Buffalo General Electric (qu.)(No.98)
Mat. 15 Holders of rec. Feb. 280
California Packing Corp., corn. (quar.).. $1
"134 Apr. 1 'Holders of rec Mar. 15
Preferred (quar.)
Mar.241 Holders of rec. Mar. 7a
Calumet & Arizona Mining (quar.).._ $1
Ayr. 11*Holders of rec. Mar. 15
"$1
Cambria Iron..
750. Mar. 15 Holders of rec. Feb. 280
Cambria Steel (quar.)
75e. Mar. 15 Holders of rec. Feb. 2Sta
Extra




134

13.4

Name of Company.

947
Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Continued)
1
Mar. lb Holders of rec. Mar. la
Canada Steamship Lines, common
Can. Crocker-Wheeler, corn. & pf. (guar.) "134 Mar. 31
Canadian Gen. Eke., Ltd.(qu.)(No. 79)_ 2
Apr. 1 Holders of rec. Mar. 15
Canadian Locomotive, corn. (guar.)... 134 Apr. 1 Holders of roe. Mar. 20
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 20
n4
Carbon Steel, 1st preferred
Mar.31 Holders of reo. Sept. 28
Second preferred (annual)
July 30 Holders of rec. July 26
*2
Celluloid Company (guar.)
Mar. 31 *Holders of rec. Mar. 5
Central Leather, preferred (guar.)
154 Apr. 1 Holders of rec. Mar. 100
Central Petroleum, preferred
234 Apr. 1 Holders of rec. Mar.27
Central Stales Elec. Corp.,pf.(qu.)(No.27) 134 Apr. 1 Holders of rec. Mar. 10
3
Apr. 1 Holders of rec. Mar. lla
Chandler Motor Car (guar.)
200. Apr. 1 Holders of rec. Mar. 15
Charcoal Iron of America, com. (guar.).Mar.20 Holders of rec. Mar. la
Chesebrough Manufacturing (guar.) -- 3
50c Mar. 20 Holders of rec. Mar. la
Extra
2
Mar.31 Holders of rec. Mar.29a
Chicago Telephone (quar.)
Childs Company, preferred (guar.)._ _ _
Mar. 10 Mar. 1 to
Mar.10
Chino Copper (guar.)
.750. Mar. 31 'Holders of rec. Mar. 14
Citizens Gas of Indianapolis(No. 19) _
$1.25 Mar. 29 Mar. 13 to Mar.29
Cleveland-Akron Bag, corn. (guar.)
Apr. 1 Mar.23 to Mar. 31
Cluett, Peabody & Co.,
ref. (guar.) 134 Apr. 1 Holders of rec. Mar. 21
Colorado Power,common
% Apr. 15 Holders of reo. Mar.31a
Inc.,equal%)
154 Mar,15 Holders of rec. Feb. 280
Preferred (quar.)
Columbia Graphophone Mfg.,com.(qu.) 32 50 Apr. 1 Holders of rec. Mar.150
Common (payable in corn. stock)._ (x) Apr. 1 Holders of rec. Mar.15a
Preferred (quar.) (No. 4)
134 Apr. 1 Holders of rec. Mar. 150
Apr. 10 Holders of rec. Mar.25a
Computing-Tabulating-Recording (qu.) 1
Consolidated Gas (quar.)
13.4 Mar. 15 Holdersof roe. Feb. 7
Consol. Gas Elec. L. & Pow.,Ball. (qu.)_ _
2
Apr. 1 Holders of rec. Mar. 15a
14 Apr. 1 Holders of rec. Mar.20a
Continental Can, Inc., corn. (guar.)._
Preferred (quar.)
di% Apr. 1 Holders of rec. Mar.20a
*3
Mar. 17'Holders of rec. Feb. 24a
Continental Oil (quar.)
Mar. 15 Holders of rec. Feb. 20a
Copper Range Co.(quar.)(No. 49)_.. $1
Crescent Pipe Line (quar.)
750. Mar. 15 Feb. 21 to Mar. 16
Cresson Cons. Gold Min.& M Ill (mthy.)
100 Mar. 10 Holders of rec. Feb. 280
Crucible Steel, pref. (quar.)(No. be)... 154 Mar.31 Holders of rec. Mar. 15
'134 Apr. 1 *Holders of rec. Mar. 15
Cuba Cane Sugar, preferred (guar.)
Cuban-American Sugar, corn. (guar.).- 254 Apr. 1 Holders of rec. Mar. 14
154 Apr. 1 Holders of rec. Mar. 14a
Preferred (quar.)
.134 Apr. 5'Holders of rec. Mar.26
Cudahy Packing, common (guar.)
Diamond Match (quar.)
2
Mar,15 Holders of rec. Feb. 280
Dodge Manufacturing, common (guar.) 154 Apr. 1 Holders of rec. Mar.28a
1
Apr. 1 Holders of rec. Mar.28a
Common (special)
Preferred (quar.)
154 Apr. 1 Mar.22 to Mar.314
134 Apr. 2 Mar.23 to Mar.31
Dominion Canners, Ltd., pref. (guar.)
1
April 1 Holders of rec. Mar. 15a
Dominion Glass, Ltd., corn.(guar.).134 April 1 Holders of reo. Mar. 15
Preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 15
Dominion Iron & Steel, Ltd., pref.(qu.)
Dominion Steel Corp., Ltd., corn. (quar.)- 14 Apr. 1 Holders of rec. Mar. 5
Dominion Textile, Ltd., corn. (guar.).- 2
Apr. 1 Holders of rec. Mar. 15
194 Apr. 15 Holders of rec. Mar. 31
Preferred (quar.)
Draper Corporation (guar.)
2
Apr. 1 Holders of rec. Mar. 8
du Pont(El.)de Nem.& Co.,00m.(qu.) 454 Mar. 14 Holders of rec. Feb 27
14 April 25 Holders of rec. Apr. 10
Debenture stock (quar.)
.du Pont(E.I. de Nem.Powd.,com.(qu.)
May 1 'Holders of rec. Apr. 19
Preferred (guar.)
May 1 *Holders of rec. Apr. 19
Eastern Steel, common (guar.)
24 Apr. 15 Holders of rec. Apr. 1
First and second preferred (quar.)_
194 Mar.15 Holders of rec. Mar. 1
Eastman Kodak,common (guar.)
24 Apr, 1 Holders of rec. Feb. 280
Common (extra)
24 Apr. 1 Holders of rec. Feb. 250
Common (extra)
5
May 1 Holders of reo. Mar.31a
Preferred (quar.)
14 Apr. 1 Holders of rec. Feb. 28a
Electric Storage Battery, corn. & pref.(qu.) 1
.17
Apr. 1 Holders of rec. Mar.
Elk Horn Coal Corp., corn. ((Mar.)-750. Mar. 10 Holders of rec. Mar. la
750. mar. 10 Holders of rec. Mar. la
Preferred (quar.)
Federal Mining & Smelting, pref. (qu.). 154 Mar. 15 Holders of rec. Feb. 25a
Firestone Tire & Rubber, common (qu.)
1 34 Mar. 20 Holders of rec. Mar. 10a
Galena-Signal Oil, pt. & new pf. (quar.) 2
Mar.31 Holders of rec. Feb. 28a
General Chemical. preferred (quar.)
134 Apr. 1 Holders of rec. Mar. 18a
General Electric (quar.)
2
Apr. 15 Holders of rec. Mar. 150
General Fireproofing, corn. & pref.(qu.) r15( Apr. 1 Mar.21 to Mar.31
General Ry. Signal, corn. (qu.)(No.23) 134 Apr. 1 Holders of rec. Mar.20
134 Apr. 1 Holders of rec. Mar. 20
Preferred (quar.) (No. 59)
Gillette Safety Razor (quar.)
$2
May 31 Holders of rec. May 1
Extra
$1
May 31 Holders of rec. May 1
Globe Soap,com.,1st,2d & spee'l Pf.(qu.) 154 Mar. 15 Mar. 1 to Mar. 16
2
Mar. 10 Holders of rec. Feb. 28
Globe-Wernicke, common (guar.)
May 15 Holders of rec. May 5
Goodrich (13. F.) Co.. common (quar.).. 1
Preferred (quar.)
13.4 April 1 Holders of rec. Mar.21a
Preferred (quar.)
134 July 1 Holders of rec. June 200
Great Lakes Towing, common (guar.)_
134 Mar 1% Apr. Preferred (guar.)
1
Apr. 1 Holders of roc. Mar. 150
Gulf States Steel, corn. (quar.)
194y Apr. 1 Holders of rec. Mar. 15a
First preferred (quar.)
Second'preferred (guar.)
134y kyr. 1 Holders of rec. Mar. 150
Hart, Schaffner & Marx, Inc., pref. (qu.) .
134 Mar.31 *Holders of rec. Mar.20
Harbison-Walker Refrac., pref. (guar.). 134 xpr. 19 Holders of rec. Apr. 9a
$1
Apr. 1 Holders of rec. Mar. 17a
Haskell & Barker Car (quar.)
Hame (Geo. W.) Co., cvmmon (guar.)._ _
234 Apr. 1 Holders of roe. Mar. 15
154 tpr. 1 Holders of rec. Mar. 15
Preferred (quar.)
2
Mar. 25 Mar. 16 to Mar. 24
Hercules Powder, common (tsar.)
2
Mar. 25 Mar. 16 to Mar.24
Common (extra)
Homestake Mining (ml/sly.) (No. 535)...... *50c. Mar.25 *Holders of roe. Mar.20
50e. Mar. 15 Holders of rec. Feb. 280
Independent Brewing, common (quar.)
3
Mar. 15 Holders of rec. Mar. la
Indian Refining, corn. (guar.)
134 Mar. 15 Holders of reo. Mar. la
Preferred (quar.)
-154 Apr. 1 Holders of reo. Mar. 15a
International Salt (guar.)
Inrerstate Electric Corp., pref. (guar.)_ _ _ _ .154 Mar. 1 *Holders of roe. Feb. 28
50c. Mar. 31 Holders of reo. Mar. 7
Isle Royale Copper Co.(quar.) (No. 13)
134 Apr. 1 Holders of reo. Mar.28
Jewell Tea, preferred (guar.)
Kelly-Springfield Tire, pref. (guar.)
134 Apr. 1 Holders of roe. Mar.17
25e. Mar. 15 Holders of roe. Mar. laa
Kerr Lake Mines, Ltd. (quar.)
Kresge (S. S.) Co., preferred (quar.) _ _
134 Apr. 1 Holders of roe. Mar. 17a
1
Mar. 31 Holders of roe. Mar. 17a
La Belle Iron Works, corn.(quar.)
2
Mar.31 Holders of roe. Mar. 17a
Common (extra)
Mar. 31 Holders of roe. Mar. 17a
2
Preferred (quar.)
*1
Kress (S. II.) Co., common (guar.)
May 1 'Holders of roe. Apr. 19
•134 Apr. 1 *Holders of res. Mar.20
Preferred (guar.)
14 Mar. 31 Holders of rec. Mar.10a
Lackawanna Steel, common (quar.)_ _ _
Laclede Gas Light, common (quar.)_ _ _ _
134 Mar. 15 Holders of roe. Mar. la
*1
Apr. 15
Laurentide Power (quar.) (No. 1)
42
Apr. 1 *Holders of rec. Mar.20
Lehigh Valley Coal Sales (guar.)
134 Apr. 1 Holders of roe. Mar. 17
Liggett & Myers Tobacco, pref. (qu.)_ _
6 2-3 Mar. 31 Holders of roe. Mar. 10
Lindsay Light, common (quar.)
2 1-3 Mar.31 Holders of roe. Mar. la
Preferred (quar.)
2
Mar. 31 Holders of rec. Mar. 15a
Lone Star Gas (guar.)
Loose Wiles Biscuit,first pref. (guar.)._ _ •134 Apr. 1 *Holders of rec. Mar. 18
4 Apr. 1 Holders of reo. Mar. 15a
Lorillard (P.), common (quar.)
3'
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15a
Mackay Cos., common (guar.)(No. 55) 154 Apr. 1 Holders of rec. Mar. 8a
Apr. 1 Holders of roe. Mar. 8a
1
Preferred (quar.) (No. 61)
Apr. 1 "Holders of roe. Mar. 20
Manhattan Electrical Supply,cont. (quar.) "1
"134 Apr. 1 *Holders of rec. Mar.20
First and second preferred (guar.)
Afanati Sugar, preferred (guar.)
13.4 Apr. 1 Holders of roe. Mar. 14
Marconi Wireless Teleg. of America.._ _ _ 25e. July 1 June 2 to June 14
Mar. 11 Mar. 5 to Mar. 10
Marlin-Rockwell Corporation (monthly)_ _ $1
May Department Stores, pref.(guar _ _ _ _ "134 Apr. 1 *Holders of reo. Mar.20
Mergenthaler Linotype (quar.)(No. 93) 24 Mar.31 Holders of ree. Mar. ba
Apr. 10 Holders of rec. Mar. 15a
Mexican Petroleum, common (quar.)_ a
Apr. 1 Holders of rec. Mar. 15a
2
Preferred (guar.)
Montana Power, corn. (qu.)(No. 26).... 134 Apr. 1 Holders of rec. Mar. 150
134 Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)(No. 26)
Montgomery, Ward 41: Co., pref.(guar.)_ _ .134 Apr. 1 *Holders of rec. Mar. 20
Mar. 15 Holders of rec. Feb. 28
Montreal Cottons, Ltd., corn. (quar.)... 1
134 Mar. 15 Holders of rec. Feb. 28
Preferred (quar.)
Muskogee Gas & Electric, pref. (quar.)_ _ _
134 Mar. 15 Holders of rec. Feb. 28
National Biscuit, common (quar.)
134 April 15 Holders of rec. Mar.31
24 Mar. 12 Feb. 19 to Feb. 25
National Candy, common
334 Mar. 12 Feb. 19 to Feb. 25
First and second preferred
Nat. Enamel.& Stampg., corn.(quar.) 014 Mar. 20 Holders of rec. Feb. 250
8194 Mar. 31 Holders of rec. Mar. lla
Preferred (guar.)

134

134
134

948
Name of Company.

THE CHRONICLE
When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded)
National Lead, common (quar.)
1% Mar. 31 Holders of roe. Mar. 14a
Preferred (quar.)
151 Mar. 15 Holders of ree. Feb. 21
National Oil, preferred (guar.)
*20c. Apr. 15 *Holders of rec. Apr. 1
National Screw & Tack (bi-monthly)- - 2
Mar. 10 Holders of rec. Feb. 18a
1% Apr. 2 Holders of roe. Mar. 10
National Sugar (quar.)
3
:rational Surety (quar.)
Apr. 1 Holders of roe. Mar.20a
Nevada Consol. Copper (quar.)
*3734c Mar. 31 *Holders of rec. Mar. 14
2% Mar. 21 Holders of rec. Mar. 4a
New York Air Brake (quar.)
New York Transit (quar.)
4
Apr. 15 Holders of rec. Mar. 22
Niagara Falls Power, common (No. 1)_ _ _
1
Mar. 15 Holders of rec. Mar. 5
Preferred (guar.)
131 Apr. 15 Holders of rec. Mar. 31
Niles-Bement-Pond, common (guar.)._ 2% Mar.20 Holders of rec. Mar. in
North American Co.(guar.)
151 Apr. 1 Holders of rec. Mar. 200
Ohio 011 (quar.)
$1.25 Mar.31 Mar. 1 to Mar. 27
Extra
$4.75 Mar. 31 Mar. 1 to Mar. 27
Oklahoma Gas db Electric, pref. (quar.)_
1% Mar. 15 Holders of rec. Feb. 28
Oklahoma Producing & Refining (quar.) 12%c April 2 Holders of rec. Mar. 200
Pabst Brewing, preferred (guar.)
1% Mar. 15 Mar. 7 to Mar. 17
Packard Motor Car, pref.(quar.)
131 Mar. 15 Holders of rec. Feb. 28a
Pan-Am.Petrol.& Transp., corn.(qu.)- 4$1.25 Apr. 10 Holders of rec. Mar. 15a
Preferred (quar.)
Apr. 1 Holders of rec. Mar. 15a
Paton Mfg. of Sherbrooke, Canada_ _ _
4
Mar. 15 Holders of rec. Feb. 28
Bonus
2
Mar. 15 Holders of rec. Feb. 28
Extra (pay. in Canadian Government
Victory Bonds)
*25
Penmans, Limited, common (quar.)_ _ _ _
1% May 13 Holders of rec. May 5
Preferred (quar.)
1% May 1 Holders of rec. Apr. 21
Pennsylvania Rubber,common (quar.)_
1% Mar. 31 Holders of rec. Mar. 15
Preferred (quar.)
1% Mar. 31 Holders of roe. Mar. 15
Penn. Water & Power (quar.) (No. 21) 1% Apr. 1 Holders of rec. Mar. 19a
Pettibone-Muillken Co..1st & 2d pf.(qu.) *1% Apr. 1 *Holders of rec. Mar.20
Philadelphia Electric (quar.)
43 75e Mar. 15 Holders of rec. Feb. 21a
Pierce-Arrow Motor Car, pref. (guar.)_ _
Apr. 1 Holders of rec. Mar. 17
2
Pittsburgh Brewing, common (quarj_ _
50c. Mar. 15 Holders of rec. Mar. in
Pittsburgh Plate Glass, common (guar.)__ _ *1
Apr. 1 *Holders of rec. Mar. 15
Preferred (annual)
*12 Apr. 1 *Holders of rec. Mar. 15
Price Bros.(quar.)
2
Apr. 1 Mar. 15 to Mar. 31
Provi wial Paper Mills, Ltd., corn. (guar.)
1
Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 15
3
Quaker Oats,common (quar.)
April 15 Holders of rec. April la
Common (extra)
1
April 15 Holders of rec. April in
Preferred (quar.)
131 May 31 Holders of rec. May in
Quincy Mining (quar.)
$1
Mar. 31 Holders of rec. Mar. in
Railway Steel-Spring, corn. (quar.)2
Mar. 31 Holders of rec. Mar. 17a
Preferred (quar.)
1% Mar. 20 Holders of rec. Mar. 10a
Ray Consolidated Copper (guar.)
*50e. Mar.31 *Holders of rec. Mar. 14
Republic Iron & Steel,com.(qu.)(No.10) 1% May 1 Holders of rec. April 21a
Preferred (quar.)(No.62)
1% April 1 Mar.21 to April 16
St. Joseph Lead (quar.)
350. Mar. 20 Mar. 9 to Mar.20
St. Louis Rocky Mt. et Pac. Co., pref.(qu.) 1% Mar. 31 Holders of rec. Mar. 20a
Savage Arms Corp., common (quar.)_ _
I% Mar. 15 Holders of rec. Feb. 28a
First preferred (quar.)
1% Mar. 15 Holders of rec. Feb. 28a
Second preferred (quar.)
1% Mar. 15 Holders of rec. Feb 28a
Sears, Roebuck et Co., pref.(guar.)
1% Apr. 1 Holders of rec. Mar. 15
Shattuck-Arizona Copper Co. (quar.)_ _
25c. Apr. 19 Holders of rec. Mar..31a
Sherwin-Williams Co.of Canada,Ltd.
Preferred (quar.)
1% Mar. 31 Holders of rec. Mar. 15
South Penn 011 (quar.)
*5
Mar. 31 *Holders of rec. Mar. 12
South Porto Rico Sugar Co., corn. (qu.) g5
Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)
2
Apr. 1 Holders of rec. Mar. 15a
South West Pa. Pipe Lines (quar.)
3
Apr. 1 Holders of rec. Mar. 15
Standard Gas de Elec., pref. (quar.)- _ -- *115 Mar. 15 *Holders of rec. Feb. 28
Standard 011 (California) (quar.)
2% Mar. 15 Holders of roe. Feb. 15
Extra (payable in 4th L. L. 4516)_ _ _ _ m231 Mar. 15 Holders of rec. Feb. 15
Standard 011 (Kentucky) (quar.)
*3
Apr. 1 *Mar. 16 to Apr. 1
Standard Oil of New Jersey (quar.)
5
Mar. 17 Holders of rec. Feb. 20a
Standard Oil of New York (quay.)
4
Mar. 15 Holders of rec. Feb. 21a
Standard 011 (Ohio) (quar.)
3
Apr. 1 Mar. 1 to Mar. 19
Extra
1
Apr. 1 Mar. 1 to Mar. 19
Stromberg Carburetor (quar.)
75c. Apr. 1 Holders of roe. Mar. 15a
Extra
250. Apr. 1 Holders of rec. Mar. 15a
yi Apr. 1 *Holders of rec. Mar. 20
Subway Realty (quar.)
Swift & Co.(quar.)(No. 133)
2
Apr. 1 Holders of rec. Mar. 10
Taylor Wharton Iron & Steel, corn.(guar.) 3
Apr. 1 Mar. 25 to Mar. 31
Texas Company (quar.)
2% Mar.31 Holders of rec. Mar. 7a
Thompson-Starrett Co., preferred
4
Apr. 1 Holders of reo. Mar. 25
Tobacco Prod. Corp., pt.(qu.)(No. 25) 1% April 1 Holders of rec. Mar. 14a
Todd Shipyards Corporation (quar.)$1.75 Mar. 20 Holders of rec. Mar. 10a
Tonopah-Belmont Development
*10e. Apr. 1 *Mar. 16 to Mar. 21
Tonopah Extension Mining (qmar.)-_ • *50. Apr. 1 *Mar. 12 to Mar. 21
Tooke Bros., Ltd., pref.(quar.)(No.27) 1% Mar. 15 Holders of rec. Feb. 28
Underwood Typewriter, corn. (guar.)._ 2
Apr. 1 Holders of rec. Mar. 15a
Preferred (quar.)
1% Apr. 1 Holders of rec. Mar. 15a
Union Bag & Paper Corp.(guar.)
1% Mar. 15 Holders of rec. Mar. 5a
Union Carbide & Carbon (quar.)
$1.25 Apr. 1 Holders of rec. Mar. 10a
Union Stock Yards of Omaha (guar.)_ _ _
1% Apr. 1
Extra (account change in db. period)_ _
z31 Apr. 1
Union Tank Line
2% Mar. 25 Holders of rec. Mar. 1
United Cigar Stores of Amer., pref.(qu.) 131 Mar. 15 Holders of roe. Feb. 28a
United Dyewood Corp., corn. (quar.)___ _
1% Apr. 1 Holders of rec. Mar. 14a
United Dyewood, preferred (quar.)_ _ -- 1% Apr. 1 Holders of rec. Mar.14a
United Fruit (guar.) (No. 79)
2% Apr. 15 Holders of rec. Mar.20a
Extra
50e Apr. 15 Holders of rec. Mar.20a
U.S. Cast Iron Pipe & Fdy., Pf.(qu.)
u151 Mar. 15 Holders of rec. Mar. la
U.S. Gypsum, preferred (quar.)
1% Mar. 31 Mar. 16 to Mar. 31
U.S. Industrial Alcohol, corn.(quar.) _ 4
Mar. 17 Holders of rec. Mar. 4a
U. S. Steel Corporation, corn. (quar.)._
1% Mar.29 Mar. 1 to Mar. 3
Common (extra)
1
Mar.29 Mar. 1 to Mar. 3
U. S. Worsted,first preferred (guar.)_ _ _ _ *1
Apr. 15 *Holders of rec. Apr. 11
Utah Copper Co. (guar.)
*51.50 Mar. 31 *Holders of rec. Mar. 14
Vulcan Detinning, pref. (quar.)
1% Apr. 20 Holders of rec. Apr. 10a
Preferred (on acct. accum.
_ _ hl
Apr. 20 Holders of rec. Apr. 100
Wabasso Cotton Co., Ltd. (quar.)
1% Apr. 2 Holders of reo. Mar. 14
Wayland 011 & Gas, common (quar.)_10c. Mar. 10 Holders of rec. Mar. la
Western Canada Flour lulls (guar.)
2
Mar. 15 Mar. 5 to Mar. 15
Western Grocer, common
4
June 30 Holders of roe. Juned20
Preferred
3
June 30 Holders of rec. Juned20
West'se, Church, Kerr & Co.,corn.(qu.) 1% Mar. 10 Holders of rec. Feb. 28
Preferred (guar.)
1% Mar .10 Holders of rec. Feb. 28
IVeyman-Bruton Co.,common (guar.) _ _
231 Apr. 1 Holders of rec. Mar. 17
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 17
White Motor (quar.)
Mar.31 Holders of rec. Mar. 15a
$1
Willys-Overland Co., preferred (guar.)_ _
1% Apr. 1 Holders of rec. Mar. 20
Wolverine Copper Mining (quar.)
* 50c. Apr. 1 *Holders of rec. Mar. 15
Woods Mfg., pref. (guar.)
1% Apr. 1 Holders of rec. Mar. 24
Woolworth (F. W.) Co., pref. (quar.)_ _
1% Apr. 1 Holders of rec. Mar.10a
Worthington Pump & Mach.,Pf. A (qu.) 1% Apr. 1 Holders of rec. Mar. 20a
Preferred B (quar.)
1% Apr. 1 Holders of rec. Mar. 200
Yale & Towne Mfg.(qu. (No. 100)....- 2% Apr. 1 Holders of rec. Mar. 22
Yukon-Alaska Trust (quar.)
*$1
Mar. 31 *Holders of rec. Mar. 1
* From unofficial sources. t Declared subject to the approval of Director-Genera
of Railroads.
The New York Stock Exchange has ruled that stock will not be
quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable in stock. !Payable in common stock. g Payable in scrip.
h On account of accumulated dividends. i Payable in Liberty Loan bonds. 1 Red
Cross dividend. m Payable in U. S. Liberty Loan 4% bonds.
j Declared 7% on pref., payable in quarterly Installments of 131% each on April 1,
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 receive -I in order in London on or before March 17 will be in time
to be passel for payment of dividend to transferees.
Declared 8% on first pref. stock, payable 4% as above and 4% on Sept. 30 1919
to holders of record Sept. 26.
o Declared 8% on com, payable in quarterly installments of 131% each on
Mar. 20, May 31, Aug. 30 and Nov. 29 to holders of record on Feb. 28, May 10,
Aug. 11 and Nov. 10, respectively.
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 Oot. 12 1919 and Jan. 10 1920
respectively.
q Payable half in cash and half in Fourth Liberty Loan bonds.




[VoL. 108.

r Declared 7% on pref., payable lx% each on April 1, July 1, Oct. 1 1919 and
Jan. 1 1920.
s Declared 7% on pref. payable in quarterly installments of 131% each on Mar.31,
June 30, Sept. 30 and Doe. 31 to holders of record on March 11, June 10, Sept. le
and Dec. 11, respectively.
I Declared 7% payable 151% each on April 1, July 1, Oct. 1 1919 and Jan. 1 1920,
to holders of record March 14, June 14, Sept. 13 and Dec. 13, respectively.
u Declared 5%, payable in quarterly Installments.
Declared 8% on cum.cony. pref. and 7% on non-cum. pref., payable in quarterly
Installments of 2% and lg%.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 Doe. 15, respectively.
to Declared 6% on corn. and 5% on pref., payable in quarterly installments of
131% and 151% each, respectively, payable Mar. 31, July 1, Oct. 1 and Dee. 31.
Books closed the fifteen days before date of payment of any dividend.
z Declared one-twentieth of a share in common stock.
y Declared 7% on 1st pref. and 6% on 2d pref., payable in quarterly installments.
of 151% and 131% each, respectively, on Sept. 1, July 1, Oct. 1 1919 and Jan. 1
1920, to holders of record on Mar. 15, June 16, Aept. 15 and Dec. 15. respectively.
z Fiscal year changed from Nov.30 to Dec. 31 and dividend periods changed from
Q.-M. to Q.-J.

Non-Member Banks and Trust Companies.-FollowMg 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,
CLEARING
Capital]Profits. DieReserve
Net
Net
NON-MEMBERS
counts, Cash
with Dawn, Time
Nat.bks.Dec.31 Investin
DeLegal
DeWeek ending State bks.Novl meats, Vault. Deport- posits. posits.
March 1 1919. Tr. cos. Nov. 1 etc.
tories.
Members of
Fed'I Res. Bank.
$ 1
Battery Park Nat_
1,500'
Columbia Bank
1,0001
Mutual Bank....2001
New Netherland
2001
W R Grace & Co_
500
Yorkville
200,
First Nat'l, Bklyn
b5001
Nat'l City,Bklyn_
soo,
400
First Nat'l, Jer Cy
,
Total
4,800
1
State Banks
Not Members of the
Fed'l Reserve Bank.
Bank Wash.Hgts_
100,
Colonial
5001
International
500;
Mechanics,Bilyn. 1,6001
North Side, Bklyn
200
,
2,9001
Total
Trust Companies
Not Members of the
Fed', Reserve Bank.
Hamilton Tr,BkIn
Mech Tr.Bayonne
Total

$
1,463
651
548
196
757
609
668
602
f,309

Nat'l
Bank
Circulotion.

Average Average Averag Average Averag Average
$
$
$
$
$
$
12,032
206 1,134
7,016
69
189
15,155
577 2,141 13,967
397
10,193
171 1,341
9,877
238
200
5,377
747
4,903
67
9,423
10 1,334
6,035 1,437
9,947
5,626 4,347
311 1,001
8,910
595
6,75'
220
65
286
6,417
185
57
5,481
113
439
11,302
871
7,239
508
392

6,806 88,756

2,388

9,797

67,533

7,589

469 2,505
1,088 11,330
198 6,071
863 27,21
226 5,220

304
1,288
697
1,719
491

141
983
305
2,077
319

2,337
11,764
5,553
27,227
5,067

665
40
319

2,819 52,336

4,499

3,824

51,938

1,024 •

i
1
1
500, 1,0301 8,137
377' 8,644
200

483,
2731

2911
373

5,825
4,147

1,184
4,200

700

756:

664

9,972

5,384

1,408 16,781

Grand aggregate
8,400 11,063157,873 7,6431
Comparison previo us week'
+2,027 -2411
-Gr'd aggr, Feb. 21 8,200; 11,0631 155,846 7,8841
Gr'd aggr,Feb. 15 8,200; 11,0631152,765
Gr'd aggr,Feb. 8 8,200, 11,083150,394
Gr'd agar. Feb. 1 8.2001 11.063147.144

985

14,285 al29,443 13,907
+182
+934 +467

985
-20

14,103 -128,509
13,9841 128,160
14,241 125,755
13.8561 123.687

1,005
1,014
1,014
1.002

13,530
13,101
12,727
12.581

a U. S. deposits deducted, $6,163,000. b As of Feb. 7 1919.
Bills payable, rediscounts, aceeptanced and other liabilities, $8,985,000.
Excess reserve, $17,790 increase.

Boston Clearing House Bank3.-We give below a summary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
March 1
1919.

Changes from
previous week.

Feb. 21
1919.

Feb. 15
1919.

$
$
$
$
Circulation
4,782,000 Inc.
35,000 4,747,000 4,767,000
Loans,disc'ts & investments.. 526,376,000 Inc. 6,501,000 519,875,000 525,167,000
Individual deposits, Incl.U.S. 420,554,000 Inc. 10,429,000 410,125,000 412,278,000
Due to banks
104,378,000 Dec.
992,000 105,370,000 110,207,000
Time deposits
12,551,000 Dec.
135,000 12,686,000 12,635,000
Exchanges for Clear. House_ 15,269,000 Dec.
486,000 15,755,000 14,679,000
61,746,000 Dec. 2,132,000 63,878,000 65,053,000
Due from other banks
Cash in bank tic in F. R. Bank 58,852,000 Inc.
159,000 58.693,000 58,317,000
Reserve excess in bank and
Federal Reserve Bank._._ _ 13.684,000 Dee. 1,042.000 14.726.000 13.663.000

Philadelphia Banks.-The Philadelphia Clearing House
statement for the week ending March 1, 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 1 1919.
Two ciphers (00) omitted. Menbersof
F.R.System
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clearifouse
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits(not Included)
Res've with Fed.Res.Bank
Res've with legal deposit's
Cash In vault*
Total reserve & cash held_
Reserve required
Exec., yea. ,te mall In vault

$29,475,0
78,584,0
735,759,0
22,871,0
107,606,0
150,995,0
472,059,0
5,474,0
628,528,0

Trust
Cos.
$3,000,0
7,631,0
26,832,0
361,0
10,0
283,0
16,958,0
17,241,0

51,794,0
15,887,0
67,681,0
49,421,0
18.260.0

2,744,0
862,0
3,606,0
2,530,0
1.076.0

Feb. 21
1919.

Feb. 15
1919.

Total.
$32,475,0
86,215,0
762,591,0
23,232,0
107,616,0
151,278,0
489,017,0
5,474,0
045,769,0
33,913,0
51,794,0
2,744,0
16,749.0
71,287,0
51,951,0
19.336.0

332,475,0
85,932,0
758,773,0
24,661,0
106,159,0
151,885,0
485,745,0
5,327,0
642,957,0
29,507,0
52,366,0
2,100,0
16,895,0
71,451,0
51,647,0
19.804.0

832,475,0
85,919,0
759,658,0
24,262,0
100,490,0
154,921,0
486,482,0
5,195,0
046,598,0
33,211,0
52,657,0
1,981,0
15,816.0
70,454,0
52,055,0
18.399.0

*Cash In vault is not counted as reserve for Federal Reserve bank members.

949

THE CHRONICLE

MAR. 8 1919.]

Statement of New York City Clearing House Banks
and Trust Companies.-The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending March 1. The figuresfor the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given.

State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in Now York City not in the Clearing House, as
follows:

NEW YORK WEEKLY CLEARING HOUSE RETURN.
(Stated in thousands of dollars-that is, three ciphers [,000] omitted.)

SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.) Differences from
previous week.
March 1.
$789,800,600 Inc.812,218,800
Loans and investments
8,772,900 Inc.
379,000
Specie
842,600
15,205,300 Dec.
Currency and bank notes
63,513,400 Inc. 6,015,300
Deposits with the F. R. Bank of New York
805,175,400 Inc. 4,049,800
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 729,170,800 Inc. 6,632,000
127,077,200 Inc. 3,992,700
Reserve on deposits
Percentage of reserve, 19.4%.
RESERVE.
- -Trust ComapniesSlate Banks
$69,708,900 13.63%
Cash in vaults
$17,812,700 12.62%
5.54%
28,367,100
11,088,500
Deposits In banks and trust cos
7.86%

CLEARING
HOUSE
MEMBERS.
(.000 omitted.)
Week ending
March 1 1919.

Reserve
Loans,
Net
Time
with
Net
Capital. Profits. Discount, Cash
De,Legal Demand
in
InvestNat'l, Dec. 31 ments, Vault. Depost- Deposits, posits.
tortes.
cf.,c.
State, Nov. 1
Tr.Cos,Nov. 1

Members of
$
Fed.Res.Bank
Bk of NY,NBA 2,000
Manhattan Co_ 2,500
Merchants' Nat 2,000
Mech& Met Nat 6,000
Bank of America 1,500
National City_ _ 25,000
Chemical Nat _ _ 3,000
Atlantic Nat_ __ 1,000
300
Nat Butch & Dr
Amer Exch Nat 5,000
Commerce ___ 25,000
500
Pacific
Chath & Phenix 3,500
Hanover Nat _ _ 3,000
Citizens' Nat_ _ 2,550
Metropolitan _ _ 2,000
Corn Exchange. 4,200
Imp & Traders'. 1,500
National Park_ 5,000
East River Nat. 1,000
Second Nat _ _ 1,000
First National_ 10,000
Irving National 4,500
N YCounty Nat 1,000
Continental - _ _ 1,000
Chase National. 10,000
200
Fifth Avenue_ _
200
Commer'l Exch
400
Commonw'th_ _
Lincoln Nat_ _ 1,000
Garfield Nat_ _ _ 1,000
250
Fifth National_
Seaboard Nat _ _ 1,000
Liberty Nat_ _ - 3,000
Coal & Iron Nat 1,000
Union Exch Nat 1,000
Brooklyn Trust 1,500
Bankers Trust_ 15,000
US Mtge & Tr_ 2,000
Guaranty Trust 25,000
Fidelity Trust_ 1,000
Columbia Trust 5,000
Peoples Trust_ _ 1,000
New York Trust, 3,000
Franklin Trust_ 1,000
1,000
Lincoln Trust
MetropolitanTr 2,000
Nassau N, ilkin 1,000
Irving Trust__ _ 1,500
Farmers L & Tr 5,000

$
5,617
7,165
2,731
11,301
6,859
51,412
9,437
900
98
5,689
24,607
1,097
2,573
17,112
3,098
2,316
8,548
7,980
18,698
609
4,050
30,504
5,811
427
664
15,000
2,223
871
753
1,992
1,317
398
3,602
4,446
1,014
1,219
2,518
16,617
4,628
27,428
1,283
6,850
1,306
10,769
1,170
614
4,383
1,200
1,142
12,000

Nat'l
Bank
Circudation.

Averag, Average Average Average Average
$
$
$
$
$
31,237 1,832
416 4,261
49,172
55,918
64,446 1,839 5,301
313
21,669
548 2,840
29,694
153,508 2,746
156,194 10,259 25,740
24,558
29,718 1,235 3,401
551,539 26,507
566,267 14,136 99,730
57,456 5,869
85,655 1,580 7,852
14,515
547
514 2,068
16,523
3,069
514
94
3,461
89,280 5,618
110,019 2,615 12,637
278,767 4,721
415,152 2,598 37,223
15,700
70
16,029 1,212 2,018
83,430 8,826
96,791 5,594 11,907
124,381
126,845 5,579 19,922
33,030
224
978 4,952
37,458
67
23,696
58,388 2,045 3,451
126,640 1,849
125,553 5,842 15,954
25,096
605 3,289
38,363
153,463 2,746
202,829 1,490 19,966
682
5,917
245
52
6,193
892 2,448
16,397
20,056
140,218 1,759
247,324 1,247 18,357
109,574
109,076 3,849 14,741
860
691 1,562
11,298
551
11,832
788
5,663
161
7,313
260,548 10,898
352,604 6,764 33,591
18,275
20,806 1,227 2,407
274 1,059
6,850
7,462
980
376
7,792
7,694
14,689
40
15,702 1,070 1,972
282 1,533
11,346
59
12,767
364 1,026
7,076
481
6,674
42,231
240
992 5,883
49,755
57,112 1,684
652 8,178
87,640
406
11,446
703 1,522
18,185
14,407
387
628 2,193
14,235
25,881 4,425
709 3,644
36,286
228,599 9,785
940 30,310
287,094
49,215 1,017
634 5,771
61,098
407,826 20,967
506,728 2,619 55,875
514
8,559
327 1,178
11,203
71,230 6,786
983 9,556
92,136
25,105 1,757
980 2,548
28,524
57,681 2,219
347 7,532
113,121
14,768 1,809
408 2,110
25,842
17,304 1,541
407 2,672
21,952
31,239 1,218
803 4,214
45,486
740
10,553
391 1,010
15,403
41,572 1,041
40,630 2,630 5,434
112,214 7,346
132,666 4,191 15,856

Avg°. for week_ 198,100 354,107 4,042,044 95,965 529,688
,
Totals,actual c edition Mar. 14,704,293 91,947,531,027
Totals,actual c ,ndition Feb. 21 4,636,253 100,548 501,477
Totals,actual c Tedition Feb. 154,653,098 97,472532,290
Totals,actual c edition Feb. 84,504,502 95,918517,822
State Banks. Not Me alters of Federal Reserve Bank
16,581 2,284 1,136
500 1,476
Greenwich
313
686
5,702
816
250
Bowery
23,842 2,602 2,005
N Y Prod xch 0,000 1,206
3,057
4,159
41,610
548
2,000
State
6,511

16,707
5,458
25,432
40,523

671
573

39,531

1,244

9,000 17,184

Totals,avge. wk

63,6401

1,668

51
4,959
50
642
8,315
1,193
198
1,100

210
398
247
70
794
414
398

50

48
73

9,731

2,190
150
993

25

75
48
48
40

87,737

1,432
440
145
298
4,943

3,746,462 142,417 36,047
3.703,356,139,22236,056
3,663,6901139,33336,166
3,668.4661139,608 36,444

88,829
89,397 9,563 6,777
Totals,actual co edition Mar. 1
88,475
87,011 9,754 6,520
Totals,actual co edition Feb. 21
87,066
85,775 9,7781 6,877
Totals,actual co edition Feb. 15
87,057
85,012 9,276 6,948
Totals,actual co edition Feb. 8
-,..
Trust Compan les. Not Mem hers of Fe deral Re serve Ba nk.
24,181
850 2,784
40,027
Title Guar & Tr 5,000 11,947
818 1.679
15,350
23,613
Lawyers T & Tr 4,000 5,236

4,048

1,829
3,763

3,709,537 140,517 36,045

88,120

3,750

Totals, avge wk

Avge.
$
773

4,463

=_-.--_-=.

$98,076,000

19.17%

Banks and Trust Companies in New York City.-The
averages of the Now York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

Week endedNov. 2
Nov. 9
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dee. 14
Dec. 21
Dec. 28
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Mar. I

*Total Cash
in Vault.

Reserve in
Depositaries.

Loans and
Investments.

Demand
Deposits.

$
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
5,525,763,300
5,492,269,000
5,509,784,600
5,571,631,800
5 5/43 221 Ann

s

$

$

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 5AR a5R 1;00

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
148,938,900
141,934,500
135,813,100
132,677,300
130,568,700
133,267,700
133,632,800
131 342 2nn

638,211,600
648,002,100
667,230,500
661,674,400
661,755,700
646,812,500
661,730,000
678,028,900
649,133,500
697,931,000
688,196,700
676,355,700
646,887,000
648,143,600
645,124,800
628,112,400
625,109,700
1143701 non

4 This item includes gold, silver, legal tenders, national bank notes and Fedora
'
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 items
are made up,see "Chronicle," V.98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the "Chronicle" April 4 1914 (V. 98, p. 1045).
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.

40,265 1,002
Mar. 1
63,904 1,625 4,528
39,825 1,333
Feb. 21
63,301 1,744 4,839
39,973 1,287
Feb. 15
64,776 1,621 4,627
39,708 1,276
Feb. 8 64,298 1,735 4,336
=
Gr'd aggr, avge /10,850 375,3394,793,421 107,364 540,662 a3,837,188 141,83436,045
-629-1,817 +14185 +32,337+1,147 -71
Comparison, p ov week

Totals,actual c
Totals,actual c
Totals,actual c
Totals,actual c

V8,901,200 20.48%

Total

edition
edition
edition
edition

Gr'd aggr, act'l cond'n Mar. 1 1,857,594 103,135542,332 b3,875,556 143,49430 047
-9
+71,020-8911+29406 +43,900+2,891 '
Comparison pr v week.
Gr'd agg'te, act cond'n Feb. 21 4,786,565 112,046512,836 3,831,656 140,60336,056
Gr'd aggr, act'l cond'n Feb. 154,803,649 108,871 543,794 3,795,729 140,668 36,166
Gr'd aggr, act'l cond'n Feb. 8,4,713,812 106,929 529,106 3,795,231 140,924 36,444
Gr'd aggr, act'l cond'n Feb. 111,760,899 100,923569,386 3.873.062 143.08635.972
a U.S. deposits deducted, $237,004,000 b U.S. dep.( educted, $273,583,000.
Bills payable, rediscounts, acceptances and other liabilities, $843,051,000.

Trust Companies.

State Banks.
Week Ended Mar. 1.
Mar. 1
1919.
Capital as of Nov. 1..
Surplus as of Nov. ILoans & investments
Specie
Currency dv bk. notes
Deposits with the F.
R. Bank of N.Y
Deposits
Reserve on deposits_
P. C.reserve to deo_

Differences from
precious week.

Mar.1
1919.

Differences from
previous week.

$
$
$
$
24,100,000
09,550,000
42,973,000
169,723,000
Inc.
575,479,700
5,297,400 2,073,367,300 Inc. 10,371,800
11,464,300 Dec.
8,835,700 Inc.
427,000
13,800
24,004,400 Dec.
20,019,100 Dec.
300,500
768,900
Inc. 3,780,200
45,047,400 Dec. 4207,520,100,278,100
648,708,400 Inc. 7,877,7002,038,289,400 Inc. 10,407,500
96,274,000 Dec. 5,699,200 292,560,200 Inc. 3,896,200
17.8% Inc.
0.1%
19.2% Dec.
1.3%

STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS AND TRUST COMPANIES.
Actual Figures.

Averages.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks•_ _ _ _
Trust companies*
Total Mar.
Total Feb. 21_
Total Feb. 15_
Total Feb. 8-

Total
Reserve.

a
Reserve
Required.

Surplus
Reserve.

Reserve
Cash
Inc. or Dec.
Reserve
in
from
PreviousWeek in Vault. Depositaries

$
$
$
$
$
$
529,688,000 529,688,000 486,455,320 43,232,680 +10,307,840
c
-357,160
380,400
9,731,000 6,511,000 16,212,000 15,861,600
+58,250
201,350
1,668,000 4,463,000 0,131,000 5,929,650
11,399,000 510,662,000 552,061,000 508,246,570
11,301,000 526,477,000 537,778,000 503,972,500
11,384,000 526,176,000 537,5330.000 500,825,810
in OM 0n0 543.950.000 554.000,000 506,201,600

43,814,430 +10,008,930
33,805,500 -2,928,690
36,734,190 -11,964,210
48.693.400 -1-9.653.060

Total
Reserve.

b
Reserve
Required.

Surplus
Reserve.

Inc. or Dee.
from
PreviousTVeek

S
$
$
$
3
$
531,027,000 531,027,000 491,312,570 39,714,430 +23,850,370
d
+2,280
350,780
9,563,000 6,777,000 16,340,000 15,989,220
-496,000
113,250
1,625,000 4,528,000 6,153,000 6,039,750
11,188,000 542,332,000 553,520,000 513,341,510
11,498,000 512,836,000 .524,334,000 507,512,190
11,399,000 :143,791,000 m5,193,000 502,777,520
11.011.000 529.106.000 540.117.000 502.715.280

40,178,460 +23,356,650
16,821,810 -35,593,670
52,415,480 +15,013,760
37.401.720 -29.815.670

• Not members of Fedora Reserve Bank.
Reserve Banks
a This is the reserve required on net demand deposits in the Ca.90 of State banks and trust companies, but In the case of members of the Federal $4,203,420.
includes also amount of reserve required on net time deposits, which was as follows: Mar. 1, $4,215,510; Feb. 21, $4,180,050; Feb. 15, $4,179,030; Feb. 8,
members
of
of
case
the
Bank Include
the
In
Reserve
but
Federal
companies,
In
deposits
the case of State banks and trust
b This is the reserve required on net demand
also amount of reserve required on net time deposits, which was as follows: Mar. I, $1,272,510; Feb. 21, $4,176,660; Feb. 15, $4,179,990; Feb. 8, $4,188,240.
c Amount of cash in vault, which Is no longer counted as reserve for members of the Federal Reserve Bank, was as follows:
Mar. I, $95,965,000; Feb. 21, $97,880,000; Feb. 15, $97,226,000; Feb. 8, 295,641,000.
Bank, was as follows:
iituid Amounts of cash In vaults, which Is no longer counted as reserve for members of the Federal Reserve
Mar. 1, $91,947,000; Feb. 21, $100,548,000; Feb. 15, $97,472,009; Feb. 8, $05,918,000




950

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 wore given in the weekly statement issued under date of Doe. 14 1917 and which was published
In the "Chronicle" of Doe. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL
RESERVE
AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS FEBRUARY 21 1919.
Reductions of over 25 millions in the aggregato of Liberty bonds and 45.3 millions constituted the decrease at the member
banks in Now York
of 13.8 millions In the amounts of Treasury certificates on hand, together City.
Other loans and investments show a decline of 110.2 millions for all
with liquidation of 11.5 millions of war paper are indieated in the Fedora
reporting
banks and an even larger decline for banks in the 12 Federal
Reserve Board's weekly statement of condition on Feb. 21 of 771 member
Reserve cities. Of the total loans and investments of all reporting banks
banks in about 100 leading cities.
the share of war paper remains unchanged at
Reductions in certificate and war paper holdings are confined practically York banks this share shows a decline from 30.6 26%, while for the New
to 30.5%.
to member banks in New York City which report decreases of 31.5 millions
Government deposits fell off 91.9 millions, while other demand deposits
in certificates and of 14.3 millions in war paper on hand. Combined show an increase of 31.9 millions, and
time deposits-an increase of 3.9
holdings of U. S. war securities and paper supported by such securities millions. Reserve balances with the Federal
were 3,586.2 millions, a decrease for the week of 50.5 millions, of which 30.1 millions, and cash in vault-24.6 millions. Reserve banks declined
1. Data for all reporting banks in each district. Two ciphers (00) omitted.
Member Banks.

Boston.

Number of reporting banks__

New York. Philadel. Cleveland. Richned. Atlanta.

45

100

56

90

82

Chicago.

St. Louis. Minneap. Kan. City Dallas. San Fran.

47

101
30
35
70
41
53
$
$
$
$
$
$
$
$
S
5
$
$
U.S.bonds to secure circularn 14,402,0
46,001,0 11,497,0 40,982,0 24,989,0 15,265,0
19,861,0 16,908,0 6,466,0 13,805,0 17,979,0 34,605,0
Other U. S. bonds, including
Liberty bonds
19,012,0 288,879,0 40,456,0 75,530,0 52.570,0 31,552,0
67,474,0 20,345,0 11,778,0 25,554,0 20,486,0 35,935,0
U. S. certifs. of indebtedness_ 105,265,0 789,453,0 109,853,0 151,358,0 55,140,0 55,427,0 219,344,0 55,495,0 35,050,0 39,419,0 20,597,0 92,777,0
138,679,0 1,124,333,0 161,800,0 267,870,0 132,699,0 105,244,0 306,679,0 98,748,0 53,294,0 78,778,0 59,062,0 103,317,0
Total U.S.securities
Loans sec. by U.S. bonds,&c. 87,051,0 610,442,0 144,521,0 95,898,0 39,320,0 18,689,0
86,244,0 21,202,0 10,217,0 11,232,0 10,300,0 20,321,0
All other loans & investments 743,789,0 3,890,435,0 610,981,0 970,059,0 367,000,0 303,629,0 1,363,094,0 372,060,0 221,878,0 439,561,0 168,893,0 510,819,0
Reserve bal. with F. R. bank_ 60,292,0 612,784,0 65,510,0 91,489,0 34,239,0 28,977,0 156,721,0 41,454,0 21,513,0 44,097,0 18,019,0 50,180,0
20,573,0 116,935,0 20,124,0 31,800,0 15,570,0 13,571,0
Cash in vault
59,091,0 9,849,0 7,901,0 14,364,0 8,109,0 18,504,0
Net demand deposits
682,449,0 4,581,052,0 651,966,0 805,158,0 319,399,0 211,231,0 1,187,469,0 301,370,0 209,481,0 386,787,0 153,687,0 420,517,0
Time deposits
103,916,0 258,574,0 20,808,0 284,412,0 70,502,0 102,28:3,0 412,433,0 92,755,0 52,277,0 66,719,0 27,901,0 135,760,0
Clewarnmant tlannytt.
45 773 0 267.5550 34A40.fl 511 415 0 13 229 0 12 061 0
fiR 014 0 22 509 0 0 601 n 14 492 n
7 010 n

Total.
771
5
262,760,0
698,571,0
1,729,178,0
2,690,509,0
1,158,467,0
9,962,704,0
1,225,311,0
336,454,0
9,913,569,0
1,628,370,0
552 034 n

2. Data for Banks in Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks.
New York.
Feb. 21.

Feb. 14.

No.reporting banks
65
65
U. S. bonds to secure cir$
5
culatton
35,983,1
35,983,0
Other U. S. bonds, including Liberty bonds
246,816,1 246,282,0
U. S. ctfs. of indebtecin : 733,691,1 765,179,0
Total U.S. securities
1,016,488,61,017,444,0
Loans sec. by U.S. bds.,&c. 568,069, 582,392,0
All other loansainvestm't• 3,495,485,03,577,771,0
Res. balances with F.R.Bk 578,041,0 596,209,0
Cash in vault
103,594,0 107,228,0
Net demand deposits
4,185,174,04,145,539,0
Time deposits
200,472.0 200,855,0
Government deposits
247,631,1 307,386,0
Ratio of U.S. war securiti
and war paper to total
loans and investments%
30.
30.6

Chicago.
Feb. 21.

All F. R. Bank Cities. F. R. Branch Cities,

Feb. 14.

Feb. 21. 1 Feb. 14.

44

44

255

5
1,119,0

$
1,119,0

$
99,688,0

25,385,0
127,511,0
154,015,0
62,550,0
834,034,0
110,309,0
36,812,0
805,959,0
157,972,0
44,688,0

Feb. 21. I Feb. 14.

All Other Reyoreg Banks
Feb. 21.

255158
151
358
$
$
5
$
99,860,0
54,669,0
54,729,0 108,403,0

Feb. 14.
358

771

$
108,522,0

$
262,760,0

26,558,0 380,536,0 394,491,l 125,643,0 127,740,0 192,392,0 201,473,0
119,871,0 1,188,091,01,210.981,0 274,146,0 269,385,0 266,941,0 262,627,0
147,548, 1,668,315,01,705,332,0 454,458,0 451,863,0 567,736,0 572,622,0
02,180,1 927,111,0 94l,295,0 103,697,0 103,716,0 127,659,0 125,020,0
847,786„531,712,0,8,845,423,01 492 807 01 509 290 01,938,125,01,918,225,0
109,207,Ot 005,944,01 929,235,0 148,231,0 154,643,0 170,130,0 171,500,0
54,270,0
39,227,Or 198 011 0 208,080,0
59,217,0
84,173,0
92,041,0
799,410,07,002,454,06,903,767,01,260,509,01,267,080,01,680,596,0 1,680,820,0
157,450,0 655,326,0 658,596,0 473,186,0 471,220,0 499,858,0 494,638,0
39,054,0 411,271,0 478,430,0 70,704,0
70,246.0
70,059,0
95,860,1

20.5

19.7

27.3

27.4

24.5

24.3

22.3,

Total,
Feb. 21.

Feb. 14.
771
$
263,111,0

698,571,0
723,713,0
1,729,178,0 1,742,993,0
2,690,509, 2,729,817,0
1,158,467,0 1,170,031,0
9,062,704,010,072,938,0
1,225,311,0 1,255,438,0
336,454,0
361,138,0
9,943,559, 9,911,667,0
1,628,370,0 1,624,454,0
552,634,0
644,536,0

22.5

26.0

Me

The Federal Reserve Banks.-Following is the weekly statement issued by the Federal Reserve Board on March 1:
Substantial Increases in the holdings of war paper, only partly offset by
liquidation of other discounts, and corresponding increases in net deposits
aro indicated in the Federal Reserve Board's weekly bank statement
issued as at close of business on Feb. 28 1919.
War paper on hand shows an increase for the week of 73.2 millions while
other discounted bills decreased 11.9 millions. Holdings of acceptances
show a gain of about 7 millions. Inter-bank rediscounting accounts also
for some changes in the holdings by the Chicago, Kansas City and San
Francisco banks of both war paper and acceptances. U. S. bonds on hand
fell off 1 million, while U. S. short-term securities show an increase of 8.6
millions, largely duo to temporary investments in 43.% Treasury cor-

tificates by the Now York Bank. Total earning assets were 2,339.5
millions, or 75.9 millions larger than the week before.
Government deposits show an increase for the week of 4.9 millions,
reserve deposits-an increase of 57.1 millions, and net deposits-an increase
of 65.9 millions. Gold reserves declined about 2 millions and total cash
reserves about 2.8 millions. Federal Reserve notes in circulation show
an Increase for the week of over 6 millions, the Now York Bank reporting
an even larger increase. The banks' reserve percentage, largely because
of the considerable increase in deposit liabilities, shows a decline from
52.2 to 51.3%.

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, "Other deposits, &c.," as of Mar. 1, consisted of "Foreign
Government deposits," $95,931,992; "Non-member bank deposits." $6,970,165, and "Duo to War Finance Corporation," $9,088,674.
COMBINED

RESOURCES AND

LIABILITIES OF THE FEDERAL RESERVE

BANKS AT THE CLOSE

OF BUSINESS

Fob, 28 1919

Feb. 28 1019. Feb. 20 1919. Feb. 14 1919. Feb. 7 1919. Jan. 311019. Jan. 24 1919. Jan. 17 1919. Jan. 10 1919. Star. 1 1918.
RESOURCES.
Gold coin and certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies

$
345,762,000
463,484,000
5,829,000

3
350,417,000
457,889,000
5,829,000

$
317.764.000
437,278,000
5,829,000

$
348.605.000
419,050,000
5,829,000

$
338,916,000
422,086,000
5,828,000

3
343,092,000
407,698,000
5,828,000

$
334,684,000
387,572,000
5,828,000

5
334,552,000
430,730,0011
5,828,000

3
461,615,000
357,299,0011
52,500,000

Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund

815,075,000 814,135,000 790,871,000 773,484,000 767,430,000 757,213,000 728,084,000 771,110,000
1,187,7110,000 1,197,983,000 1,217,363,000 1,231,166,000 1,253,330,000 1,255,192,000 1,289,105,000 1,238,245,000
120,163,000 112,923,000 111,113,000 103,533,000
91,346,000
88,907.000
84,715,000
85,368,000

871,414,000
885,346,000
20,569,000

Total gold reserves
Legal tender notes, silver, &c

2,122,998,000 2,125,041,000 2,119,347,000 2,108,183,000 2,112.106,000 2,101,317,000 2,102,557,000 2,094,070,000 1,777,329,000
05,725,000
66,491,000
65,971,000
67,431,000
67,540,000
67,070,000
67,594,000
67.828,000
60,444,000

Total reserves
2,188,723.000 2,101,532,000 2,185,318,000 2,175,614,000 2,179,640,000 2,168.387,000 2,170,151.000 2,161,808,000 1,837,773,000
Bills discounted:
Secured by Govt. war obligations_ 1,669,684,000 1,596,458.000 1,603,052,000 1,451,147,000 1,357,650,000 1,498,298,000 1,346,746,000 1,484,847,000
249,195,000
210,136,000 221,096,000 233,849,000 243,254,000 243,478.000 263,735,000 254,412,000 273.229,000
All other
253,330,000
276,919,000 269,920.000 275,068,000 282,702,000 281,293,000 284,539,000 273,607,000 277,896,000
Bills bought in open market
299,213,000
Total bills on hand
U. S. Govt. long-term securities
U. S. Govt. short-term securities
All other earning assets

2,150,739,000 2.088,374,000 2,111,969,000 1,977,103,000 1,882,421,000 2,046,572.000 1,874,765,000 2,035,972,000
27,094,000
28,095,000
28,101,000
28,250,000
28,252,000
28,571,000
28,571,000
28,821,000
155,688,000 147,123,000 141,204,000 139,501,000 266,532,000 147,398,000 271,173,000 175,809,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
13,000

801,738,000
77,705,000
157,482,000
3,680,000

Total earning assets
2,339,525,000 2,263,590,000 2,281,278,000 2,144,858,000 2,177,209,000 2,222,545,000 2,174,513,000 2,240,615,000 1,040,605,000
Bank premises
9,713,000
8,969,000
8,067,000
8,072,000
8,648,000
8,108,000
8,083,000
8,083,00()
Uncollected items and other deductions
653,465,000 633.806,000 701,465,000 624,841,000 691,454,000 716,588,000 808,016,000 705,010,000
from gross deposits
381,067,000
6,813,000
6,809,000
5% redemp.fund agst. F.R.bank notes
6,842,000
6,822,000
6,767,000
6,531,000
6.752,000
537,000
0,452,000
8,497,000
All other resources
8,4S0,000
10,058,000
9,788,000
11,631,000
17,172,000
10,278,000
18,473,00(1
796,000
Total resources
5,200,738,000 5,113,192,000 5,194,528,000 4,970,815,000 5.075,355.000 5,132,658,000 5,184,496,000 5,141,431,000 3,260,778,000
Gold reserve against net deposit Bab
45.4%
47.0%
45.2%
47.8%
46.3%
45.97
45.5%
60.5%
46.6%
Gold res. agst. F. It. notes in act. cire'n
53,4%
53.2%
53.8%
51.3%
54.8%
54.7%
52.1%
67.0%
54.57:
Ratio of gold reserves to net deposit and
F. It. note liabilities combined
49.7%
50.5%
52.6%
50,3%
51.1%
51.1%
63.9%
50.2%
50.5%
Ratio of total reserves to net deposit and
F. R. note liabilities combined
52.2%
51.9%
51.3%
53.0%
52.8%
53.5%
52.3%
65.8%
51.8%
Ratio of gold reserves to F. It. notes in
circulation after setting aside 35%
' iti, i
,,,,ninat nnt dannatt linhIlltliva
R3.107„
64.3%
63.8%
(15(1%
65.2%
04.1%
64.1%
62.1%




MAR. 8 1019.1

THE CHRONICLE

951

Feb. 28 1919. Feb. 20 1919. Feb. 14 1919. Feb.7 1919. Jan. 31 1919. Jan, 24 1919. Jan, 17 1919. Jan. 10 1919. Mar. 1 1918.

S

LIABILITIES.
$
$
$
$
$
$
$
$
73,401,000
81,452,000
81,408,000
80,913,000
80.820,000
80,510,000
81,211,000
80,812,000
ftpitttl paid in
81,061,000
1,134,000
22,738,000
22,738,000
22,738,000
22,738,000
'22,738,000
22,738.000
22,733,000
22,738,000
lurplus
150,781,000
210,547,000 205,675,000 192,970,000
49,370,000
37,291,000
64,928,000 146,381,000
lovernment deposits
96,809,000
1,620,972,000 1,563,912,000 1,623,158,000 1,590,441,000 1,693,132,000 1,624,415,000 1,695,263,000 1,640,729,000 1,388,020,000
hie to members, reserve account
494,653,000 480,257,000 517,726,000 439,221,000 472,042,000 511,399,000 531,012,000 495,354,000
218,031,000
)eferred availability items
64,122,000
)ther deposits, incl. for. Govt. credits_ 124,032,000 114,758,000 112,273,000 112,551,000 120,809,000 113,429,000 128,186,000 114,874,000
2,450,201,000 2,364,602,000 2,448,127,000 2,239,022,000 2,350,911,000 2,396,124,000 2,406,831,000 2,288,248,000 1,820,95,5,000
Total gross deposits
2,472,307,000 2,466,218,000 2,463,388,01)0 2,454,165,000 2,450,729,000 2,466,556,000 2,512,973,000 2,590,681,000 1,351,091,000
'. It. notes in actual circulation
7,999,000
'.11. bank notes In circulation-net Nab 134,042,000 133,465,000 132,291,000 131,315,000 129,445,000 126,810,000 124,997,000 123,466,000
45,993,000
6,199,000
44,733,000
43,773,003
40,019,000
35,486,000
42,314,000
39,610,000
36,447,000
A41 other liabilities
5,205,736,000 5,113,192,000 5,194,528,000 4,970.615,000 5,075,355,000 5,132,654,000 5,184,496,000 5,141.431,000 3.260,778,000
Total liabilities
3
33
Distribution by Maturities5
$
S
5
3
$
$
1,511,355,000 1,451,139,000 1,450,476,000 1,302,953,000 1,219,601,000 1,368,754,000 1283,297,000 84,452,0001
market
1-15 days bills bought in open
82,025,000
307,246,000
61,546,000
76,048,000
81,985,000
53,030,000
55,743,000 1414,208,0001
82,689,000
1-15 days bills discounted
106,603,000
18,714,000
49,207,000
6,339,000 132,845,000
8,523,000 146,815,000
12,563,000
7,869,000
1-15 days U. S. Govt. short-term secs_
10,000
10,000
1-15 days municipal warrants
57,883,000
77,373,000
57,683,000
72,951,000
92,171,000 55,622,0001
56,820,000
91,787.000
6-30 days bills bought in open market
93,655,000
74,984,000
63,689,000 89,617,0001
76,479,000
60,051,000
63,848,000
65,083,000
72,098,000
6-30 days bills discounted
2,000,000
370,000
25,000
8,711,000
130,000
724,000
6-30 days U. S. Govt. short-term secs_
1,000
6-30(lays municipal warrants
202,010,000
95,112,000 198,206,000 129,955,00C 104,193,0001
95,961,000
87,037,000
88,873,000
11-80 days bills bought in open market
183,752,000
93,318,000
98,850,000 103,967,000 103,872,000 103,623,000 108,353.000 160.741,000 1131,024.0001
11-60 days bills discounted
9,546,000
130,000
631,000
1,030,000
10.568.000
11-60 days U.S. Govt.short-term secs_
1,001,000
967,000
3,000
7,000
4,000
4,000
11-60(lays municipal warrants
4,000
86,221,000 191,538,000 218,152,000 204,853,000 184,717,000 175,933,000
11-90 days bills bought in open market__
68,381,000 33,624,0001
207,554,000
25,067,000
23,034,000
24,564.000
53,434,000 65,416,0001
11-90(lays bills discounted
41,140,000
37,699,000
51,058,000
2,925,000
350,000
350,000
217,000
,1-90(lays U.S. Govt.short-term secs
15.000
16,000
2,643,000
15,000
7,169,000
3,000
4-90 days municipal warrants
3,000
1,000
-4
4,000
22,321,000
22,990,000
)ver 90 days bills bought In open market
23,503,000
24,925,000
27,354,000
2,1,771,000
27,353,000
9,531,000
27,811,000}
)ver 90(lays b 11Is discounted
36,408,000
)ver 90(lays U.S. Govt.short-term secs 136,024,000 134,080,000 132,264,000 125,026,000 132,671,000 137,859,000 123,287,000 104,680,000
469,000
3,000
4,000
)ver 00(lays municipal warrants
_
-Federal Reserve Notes2,678,606,000 2,677,835,000 2,690,702,000 2,601,859,000 2,703.420,000 2,730,916,000 2,770,301,000 2,844,516,000 1,464,645,000
mined to the banks
113,554,000
206,299,000 211,587,000 222,314,000 237,694,000 252,691,000 264,360,000 257,328,000 253,835,000
Teld by banks
In circulation
Fed. Res. Notes (Agents Accounts)leceived from the Comptroller
leturned to the Comptroller

2,472,307,000 2,466,218,000 2,468,388,000 2,454,105,000 2,450,729,000 2,468,556,000 2,512,973,000 2,590,681,000 1,351,091,000

Amount chargeable to agent
n hands of agent

3,116,513,000 3,097,505,000 3,113,257,000 3,127,679,000 3,142,795,000 3,148,831,000 3,163,106,000 3,179,456,000 1,675,710,000
211,065,000
437,907,000 419,670,000 427,565,000 435,820,000 439,375,000 415,915,000 392,805,000 334,940,000

Issued to Federal Reserve banks
flow Secured3y gold coin and certificates
ly lawful money
ly eligible paper
Sold redemption fund
Vith Federal Reserve Board

2,678,606,000 2,677,835,000 2,690,702,000 2,691,859,000 2,703,420,000 2,730,916,000 2,770,301,000 2,844,516,000 1,464.645,000

4,056,760,000 4,013,630,000 4,001,520,000 3,085,680,000 3,967,080,000 3,948,640,000 3,938,240,000 3,932,000,000 1,968,200,000
292,490,000
940,247,000 916,175,000 883,253,000 858,001.000 824,285,000 801,809,000 775,134,000 752,544,000

254,656,000

276,987,000

1,490,846,000 1,479,852,000 1,473,339,000 1,460,693,000 1,450,090,000 1,475,724,000 1,481,196,000 1,606,271,000
83,379,000
87,438,000
80,598,000
82,599,000
83,758,000
84,562.000
80,142,000
77,193,000
871,175,000 839,457,000 908,458,000 921,457,000 932,661.000 936,472.000 958,800,000 000,990.000

579,299,000
49,747,000
558,612,000

229,147,000

225,147,000

225,147,000

225,147,000

240,527,000

241,527,000

249,707,000

2,678,606,000 2,677,835,000 2,690,702,000 2,691,859,000 2,703,420,000 2.730,916.000 2,770.301,000 2,844,516.000 1,464,645,000

Total

(1121ble naner delivered to F'. It. Agent_ 2.099.999.000 2.022.006.000 2.037.506.000 1.920.051.000 1.823.485.000 1.978.084.000 1.813.066.000 1.993.694.000

782,777.000

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 28 1919
Two ciphers (00) omitted.

Boston.

New York.

Phila.

Cleveland. Richm'nd. Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.

4

4

4

S

$
$
6,013,0 12,259,0
7,464,0 26,535,0
321,0
204,0

Total.

RESOURCES.
$
2,802,0
)01 d coin and certificates
)o 0 Settlement Fund, F'. It. B'd 51,026,0
408,0
Jond with foreign agencies

$
$
4
$
4
280,0 17,529,0 2,265,0 8,322,0 23,024,0 4,300,0 8,282,0
162,0
200.524,0
43,870,0 41,112,0 70,291,0 16,439,0 17,756,0 97,959,0 22,594,0 28,793,0 39,645,0
408,0
525,0
2,011,0
204,0
175,0
816,0
233,0
233,0
291,0

54,236,0
Total gold held by banks__
301 with Fed. Reserve Ago e.ts- 48,954,0
15,567,0
/old redemption fund

306,405,0 41,800,0 88,345,0 18,908,0 26,253,0 121,799,0 27,127,0 37,308,0 40,098,0 13,681,0 39,115,0 815,075,0
257,256,0 68,566,0 135,947,0 47,374,0 40,590,0 296,589,0 68,316,0 54,563,0 48,101,0 19,765,0 101,739,0 1,187,760,0
24,627,0 19,082,0
628,0 5,964,0 5,246,0 29,958,0 4,339,0 4,759,0 3,692,0 1,880,0 4,421,0 120,163,0

118,757,0
5,880,0

588,288,0 129,448,0 224,920,0 72,246,0 72,089,0 448,346,0 99,782,0 96,630,0 91,891,0 35,326,0 145,275,0 2,122,998,0
50,080,0
303,0 1,082,0
171,0
188,0 1,980,0
319,0
65,725,0
253,0
988,0 1,376,0 2,205,0

124,637,0
Total reserves
3111s discounted: Secured by Government war obligattons____ 139,841,0
6,361,0
All other
9,241,0
3111s bought In open market

741,979,0 176,990,0 101,209,0 89,636,0 62,803,0 162,708,0 49,282,0 15,724,0 34,140,0 24,382,0 70,985,0 1,669,684,0
45,059,0 13,031,0 6,320,0 10,91:3,0 12,752,0 15,861,0 9,215,0 1,776,0 34,132,0 32,206,0 22,460,0 210,136,0
43,325,0 1,987,0 60,797,0 7,134,0 7,603,0 32,676,0 17,455,0 30,361,0 14,741,0 1,758,0 49,841,0 276,919,0

155,443,0
Tot al bills on hand
538,0
U. S. Gov't long-term securities_
(J. S. Gov't short-term securities 12,416,0
All other earning assets

830,363,0 192,058,0 168,326,0 107,683,0 83,163,0 211,245,0 - 75,952,0 47,861,0 83,013,0 58,346,0 143,286,0 2,156,739,0
1,391,0 1,385,0 1,034,0 1,234,0
117,0 8,8(38,0 3,967,0 2,468,0
27,094,0
378,0 4,510,0 1,154,0
58,747,0 11,781,0 11,341,0 5,375,0 7,464,0 16,612,0 8,068,0 9,139,0 5,516,0 3,900,0 5,329,0 155,688,0
4,0
4,0

168,397,0
Total earning assets
800,0
Ban k premises
Inc° Meted Items and other de52,246,0
ductions from gross deposits
3% Redemption fund-F.- It.
556,0
bank notes
365,0
All other resources

890,501,0 205,224,0 180,751,0 11,1,292,0 91,009,0 232,367,0 85,174,0 57,117,0 97,397,0 66,213,0 151,083,0 2,339,525,0
3,302,0
511,0
400,0
221,0
400,0
500,0
9,713,0
100,0
296,0
217,0 2,936,0

Total gold reserves
Legal tender notes, silver, &c

4
345,762,0
463,484,0
5,829,0

639,268,0 129,751,0 226,002,0 72,499,0 73,077,0 449,722,0 101,987,0 96,801,0 92,079,0 37,306,0 145,594,0 2,138,723,0

163,406,0 76,917,0 52,447,0 43,387,0 31,917,0 74,327,0 42,817,0 15,196,0 57,018,0 19,549,0 24,238,0

653,465,0

241,0
685,0
309,0
324,0
6,813,0
356,0
775,0
190,0
375,0
05,0
450,0
444,0
859,0
8,497,0
786,0
274,0
385,0 1,059,0
347,001,0 1,700,604,0 413,886,0 460,461,0 230,938,0 196,980,0 761,186,0 231,278,0 169,450,0 248,023,0 124,399,0 322,530,0 5,206,736,0
1,830,0
2,297,0

600,0
894,0

572,0
589,0

Total resources
LIABILITIES.
6,773,0
D'apital paid in
1,535,0
Surplus
26,124,0
Jovernment deposits
Due to members, reserve account 95,750,0
42,844,0
Deferred availability items
106,0
Ail other deposits

81,452,0
20,925,0 7,577,0 9,215,0 4,110,0 3,177,0 11,290,0 3,823,0 2,948,0 3,735,0 3,200,0 4,679,0
726,0 1,211,0
8,322,0 1,301,0 1,776,0 1,156,0
801,0
592,0 1,224,0
22,738,0
775,0 3,316,0
33,543,0 17,674,0 27,102,0 5,943,0 9,237,0 25,530,0 13,953,0 14,043,0 15,289,0 7,863,0 14,246,0 210,547,0
671,818,0 92,912,0 129,957,0 52,671,0 44,889,0 233,097,0 58,638,0 48,792,0 75,371,0 38,715,0 78,362,0 1,620,972,0
120,511,0 68,763,0 45,534,0 31,315,0 19,318,0 53,236,0 36,497,0 8,384,0 35,707,0 15,129,0 17,385,0 494,653,0
113,744,0
326,0
851,0
185,0
102,0
54,0
220,0 1,634,0
66,0 6,423,0 124,032,0
321,0

161,824,0
Total gross deposits
F. it. notes In actual circulation_ 159,552,0
5'. it. bank notes-not liability- 10,573,0
3,744,0
All other liabilities

939,646,0 180,200,0 202,914,0 89,083,0 73,664,0 313,497,0 109,414,0 71,404,0 126,469,0 61,773,0 116,416,0 2,450,204,0
677,619,0 210,788,0233,0(59,0 128,595,0 110,785,0410,80(5,0 108,838,0 88,159,0 101,609,0 51,167,0 191,340,0 2,472,307,0
34,628,0 11,311,0 10,422,0 5,204,0 7,165,0 17,547,0 6,925,0 5,036,0 12,685,0 6,212,0 6,334,0 134,042,0
19,464,0 2,726,0 3,065,0 1,890,0 1,41-1,0 4,730,0 1,477,0 1,177,0 2,314,0 1,455,0 2,537,0
45,993,0

347,001,0 1,700,604,0 413,886,0 460,461,0 230,938,0 196,980,0 761,186,0 231,278,0 169,450,0 248,023,0 124,399,0 322,530,0 5,206,736,0
Total liabilities
3ontln gent liability as endorser
on bills discounted with or sold
To.0,,,,I Reserve banks 25.811.0
10.700 n
In nnn n
18 176 n
73 717 0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS FEB. 28 1919.
Two ciphers (00) omitted.

Boston.

New York.

Phila.

Cleveland. Richmond Atlanta. Chicago. St. Louis. Alinneap. Kan.City. Dallas. San Fran.

Total.

S
- 3
$
S
S
S
S
$3
S
S
$
$
$
rodoral Reserve notes:
Received from Comptroller__ 26,000,0 1,311,680,0 335,420,0 333,840,0 204,820,0 204,560,0 563,160,0 171,420,0 124,480,0 158,700,0 101,960,0 251,720,0 4,056,760,0
73,458,0 414,915,0 90,426,0 52,130,0 48,393,0 33,493,0 78,156,0 38,689,0 23,311,0 35,223,0 24,996,0 27,057,0 940,247,0
Returned to Comptroller
Chargeable to F.R. Agent
In hands of F. R. Agent

188,542.0
25,320,0

929,765,0 244,991,0 281,710,0 156,427,0 171,067,0 485,004,0 132,731,0 101,169,0 123,477,0 76,964,0 224,663,0 3,116,513,0
157,400,0 22,100,0 32,770,0 23,565,0 55,726,0 48,280,0 11,365,0 11,600,0 14,520,0 24,260,0 11,000,0 437,907,0

Issued to F. It. Bank,less amt.
returned to F. It. Agent for
163,221,0
redemption:
;ollat'l security for outst'g notes:
Gold coin and etre. on hand9,954,0
Gold redemption fund
Gold flet'nft Fund, F. R. B'd. 39,000,0
Eligible paper, mIn'm required 11,1,267,0

173,740,0
13,516,0 15,677,0
70,000,0 52,889,0
515,109,0 154,328,0

163,221,0
Total
1mount of eligible paper deliv155,443,0
ered to F. It. Agent
163,221,0
r. It. notes outstanding
3,669,0
r. R. notes held by bank

830,363,0 154,559,0 167,619,0 102,968,0 80,834,0 211,245,0 64,259,0 46,924,0 83,013,0 58,346,0 142,426,0 2,099,909,0
772,365,0 222,891,0 243,040,0 132,862,0 115,341,0 436,724,0 121,366,0 89,569,0 108,957,0 52,701,0 213,663,0 2,678,606,0
91,746,0 12,126,0 15,871,0 4,267,0 4,556,0 25,018,0 12,528,0 1,410,0 7,348,0 1,537,0 22,323,0 206,299,0

' T1 notes In actual circulation_ 159.552.0

677.619.0 210.768.0 233.069.0 123.505.0 110.735.0 410.306.0 108.838.0 88.159.0 101.609.0 51.167.0 191.340.0 2.472.307.0




772,365,0 222,891,0 248,910,0 132,862,0 115,341,0 436,724,0 121,366,0 89,569,0 108,957,0 52,704,0 213,663,0 2,678,606,0
229,147,0
13,052,0
12,582,0
2,503,0
27,270,0
87,438,0
13,677,0 1,374,0 1,817,0 4,925,0 2,886,0 3,011,0 3,741,0 2,999,0 13,861,0
95,000,0 46,000,0 36,270,0 291,661,0 65,430,0 38,500,0 44,360,0 4,184,0 87,878,0 871,175,0
112,993,0 85,488,0 74,751,0 140,135,0 53,050,0 35,006,0 60,856,0 32,939,0 111,924,0 1,490,846,0

772,365,0 222,801,0 218,940,0 132,862,0 115,341,0 436,724,0 121,366,0 89,569,0 108,957,0 52,704,0 213,663,0 2,678,606,0

THE CHRONICLE

952

Vaulters"

Orazette.

Wall Street, Friday Night, March 7 1919.
The Money Market and Financial Situation.-The
attention of Wall Street has been directed this week almost
exclusively towards executive and legislative activities,
including what has not been done as well as that which has
been done, at Washington and elsewhere. Nothing in,
these proceedings has, so far as known, affected the security markets except the failure of the Senate to pass important appropriation bills which it was expected would
become laws before the adjournment of Congress. Thus
the Director-General of Railroads is left without the necessary funds with which to finance railway operations, including needed improvements, and the country has another
illustration of the objectionable features of Government
control. This matter now promises to be much less serious,
however, than was at first feared. Already, it is reported,
steps have been taken, outside of Government official circles, by which the needs of the railways may be met until
Congressional action in the matter can be taken.
Foreign Exchange.-Sterling has been dull and nominal
this week, with only trifling variations in rates recorded.
The Continental exchanges ruled firm, excepting French
francs, which moved irregularly and closed considerably
below last week's levels. Neutral exchange was fairly steady
and also devoid of important news features. Pesetas continue strong.
To-day's (Friday's) actual rates for sterling exchange were 4 733.(
8 04 75773 for checks and 4 76 7-16 for cables.
4 733.1 for sixty days,4 75%
Commercial on banks, sight, 4 759.@4 75 X ; sixty days, 4 723®4 72,A;
ninety days, 4 71®4 713(, and documents for payment (sixty days)
4 72®4 72X. Cotton for payment, 4 75% ©4 75%, and grain for payment, 4 75X ©4 75X.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 51X ®
552 for long and 5 483405 483
4 for short. Amsterdam bankers' guilders
were 403.1 ®40X for long and 40 13-16640 15-16 for short.
Exchange at Paris on London, 26.033. fr.; week's range, 26.02 fr. high
and 26.07 fr. low.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days. Checks.
Cables.
High for the week
4 7334
4 75 13-16 4 76 7-16
Low for the week
4 733.4
4 7570
4 76 7-16
Paris Bankers' Francs• 5 4634
High for the week
5 5134
54534
Low for the week
5 MA
5 50
5 49
Amsterdam Bankers' GuildersHigh for the week
40X
41 5-16
4134
Low for the week
41
4034
4134
Domestic Exchange.-ChIcago, par. Boston, jam% St. Louis, 15®
25c. per $1,000 discount. San Francisco, par. Montreal, $19 3750 per
$1,000 premium. Cincinnati, par.

State and Railroad Bonds.-Sales of State bonds at the
Board are limited to $26,000 Virginia 6s deferred trust
receipts at 693/b to 70 and $1,000 N. Y. Canal 43s at
1073.
The market for railway and miscellaneous bonds has
been exceptionally dull and narrow. Very few issues showed
any life and these were mostly of the local traction group.
As was the case last week more than half the list of 18 representative issues have declined, and 2 are unchanked.
Third Ave. adj. 5s have led the downward movement
and show a, loss of 3% points.
Inter-Met. 43s have lost over a point and Inter. R. T.
5s are half a point lower.
A list of the relatively strong features includes Atchison,
Burlington, Ches. & Ohio, So. Pacific and Am. Tel. & Tel.
bonds. Steel 5s are % point lower while Rubber 5s and
Lehigh Os are unchanged.
United States Bonds.-Sales of Government bonds at
the Board include $1,000 4s coup. at 104%, $1,000 Panama
2s reg. 1936 at 9834, Liberty Loan 33's at 98.62 to 99.74,
L. L. 1st 48 at 93.50 to 94.44, L. L. 2d 4s at 93.10 to 93.76,
L. L. 1st 434s at 94.72 to 95.12, L. L. 2d 434s at 93.84 to
94.16, L. L. 3d 434s at 95.12 to 95.44 and L. L. 4th 434s
at 93.84 to 94.12. For to-day's prices of all the different
issues and for the week' range see third page following.
Railroad and Miscellaneous Stocks.-The stook market has been active and decidedly irregular. The daily
transactions averaged more than 750,000 shares and the
upward movement. of prices, which had been in force during
the two or more previous weeks, continued. When it became known, however, that Congress would fail to provide
for the financial needs of the railroads and pass other expected legislation, railway stocks broke and dropped an
average of 3 points or more. Of course there was a sympathetic decline in the entire list but the weakness proved
to be ephemeral and practically all the miscellaneous stocks
fully recovered. To-day's market was again buoyant and
the volume of business the largest of the week. Railway
shares led the movement and were strong up to the close.
New Haven recovered over 3 points of its recent decline;
Canadian Pacific and Great Northern moved up 1% points
and the balance of the active list advanced an average of a
point.
Industrial stocks have fluctuated widely throughout the
week. Kelly-Sprinfield covered a range of over 16 points,
3
General Motors 7%,
Mexican Petroleum 113/2, United
Cigar Stores 7, Baldwin Loco. 614, Inter. Mer. Mar pfd.
5 and others a narrower range. U. S. Steel fractionally
below the highest closes 3% points higher than last week.
For daily volume of business see page 961.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:




Sales
STOCKS.
Week ending March 7. for
4
Week.

[VoL. 108.
Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest. I Highest.

Par. Shares $ per share. $ per share. $ per share 1$ per share.
100
Adams Express
296 42
Mar 3 42
Mar 3 40
Jan
Feb 50
American Bank Note_50
300 35
Mar 6 36
Mar 7 33
Jan 36
Mar
Am Smelters Securities
100 94
pref series A
1i i
Mar 6 94
Mar 6 9234 Feb 94
Mar
American Snuff
100 200 1109.( Mar 3111
Mar 4 105
Jan 119
Feb
Assets Realization._ _11 10, II 1
Mar 1 334 Mar 7 1
Jan 334 Mar
Assoc'd Dry Goods_lt'15,3
Mar 7 1734 Jan 27
Mar
2034 Mar 1 27
41
1st preferred
11 1
62
Mar 6 6334 Mar 7 6134 Jan 65
Feb
400 59
11i
2d preferred
Mar 6 6034 Mar 7 5854 Feb 6034 Mar
Associated 011
1t 1
211 7254 Mar 7 74
Mar 3 68
Jan 7634 Jan
Atlanta BIrm & Ati 11
100 734 Mar 1 754 Mar 1 734 Jan 8
Jan
Barrett, preferred
100 211 11154 Mar 1 1123.1 Mar 1 110
Feb 11234 Mar
Batopilas Mining_ _ _ _20 3,170 19.4 Mar 7 194 Mar 1 134 Jan 134 Feb
13klyn Rap Tr ctfs dep._ 1,400 23
Mar 6 24
Mar 3 23
Mar 2434 Feb
Bklym Union Gas.. 100
100 82
Mar 4 82 Mar 4 80
Jan 82
Jan
Brown Shoe, pref_100 400 9834 Mar 7 993( Mar 7 08
Feb 9934 Mar
Brunswick Terminal_100 1,411 934 Mar 3 1034 Mar 6 834 Feb 1034 Mar
100 1,111 1934 Mar 4 2034 Mar 7 16
Butterick
Jan 2034 Mar
Calumet & Arizona...10 3,500 5734 Mar 5 60
Mar 3 57
Feb 6134 Jan
100 31 1 9334 Mar 6 9354 Mar 3 913.4 Jan 93% Feb
Case (J I), pref
Cert-Teed Prod__no par
100 3234 Mar 3 3234 Mat 3 3234 Mar 3234 Mar
100 12
Chic & Alton, pref 100
Mar 1 12
Mar 12
Mar 1 12
Mar
11/ 106
C St P M & Om,pref.100
Mar 4 106
Mar 4 10534 Jan 106
Mar
Cluett,Peabody&Co-100
300 61
Mar 7 62
Mar 7 603
/, Feb 65
Jan
ComputIng-Tab-Rec.100
200 42
Mar 7 43
Mar 4 3734 Jan 43
Mar
300 634 Mar 6 63.4 Mar 6 63/i Fob 894 Jan
Consol Interstate Ca11.10
Continental Insur____25
100 65
Mar 1 65
Mar 1 58
Jan 66
Feb
Cuban-Amer Sugar...100 900170
Mar 7177
Mar 7 150
Mar
Jan 177
100 95
Deere & Co, pref....11i
Mar 6 95
Mar 6 9334 Feb 96
Jan
Detroit Edison
1'I
10 110
Mar 3110
Mar 3 110
Jan 110
Jan
100 59
Elm Storage Battery.100
Mar 7 59
Mar 7 55
Feb 59
Mar
i
t
100
Smelt.1
Federal Mln &
10
Mar 7 10
Mar 7 934 Feb 10
Jan
Fisher Body Corp no par 2,711 5134 Mar 5 5334 Mar 3 3834 Jan 5434 Feb
411 9634 Mar 3 0754 Mar 3 91
Preferred
100
Feb 9734 Mar
pref.100
Chemical,
Gen'l
131 10334 Mar 110334 Mar 1 10234 Jan 108
Feb
General Cigar, Inc_100 3,211 52
Mar 6 5334 Mar 1 47
Jan 5454 Feb
Gen Motors deb stk_100 1,511 84
Mar 5 8534 Mar 1 8234 Feb 86
Feb
311 8
Gulf Mob & Nor etfs.100
Mar 6 10
Mar 3 734 Feb 10
Feb
ill
Preferred
2'1 33
Mar 6 33
Mar 6 3134 Jan 3534 Feb
International Salt
100
100 57
Mar 3 57
Mar 3 53
Feb 57
Mar
100
211 3
Iowa Central
Mar 6 3
Mar 6 234 Feb 334 Jan
Jewel Tea,Inc
100 8,311 35
Mar 1 4034 Mar 4 28
Feb 4034 Mar
100 400 89
Preferred
Mar 3 91
Feb 91
Mar 6 84
Mar
Kelly-SprIngf, pref. 100
100 9534 Mar 6 9534 Mar 0 9034 Jan 9534 Mar
Kelsey Wheel, Inc-100 211 3834 Mar 3 3934 Mar 3 34
Jan 3954 Mar
100
Laclede Gas
100 77
Mar 3 77
Mar 3 77
Jan
Mar 83
Lake Erie & Westem.11 I
300 734 Mar 5 834 Mar. 3 7
Feb 934 Jan
5'' 1934 Mar 4 2034 Mar 4 18
Preferred
100
Jan 2034 Mar
Loose-Wiles, 1st pref.100
200 97
Mar 3100
Mar 6 943.4 Jan 100
Mar
100 1,100153
Lorillard (P)
Mar 1160
Mar 16834 Jan
Mar 3 153
100
21110934 Mar 410934 Mar 4 107
Preferred
Jan 109% Feb
Marlin-Rock v t c.no par
100 76
Mar 3 76
Mar 7934 Feb
Mar 3 76
611 25 Mar 7 25
Mathieson Alkali ____5o
Mar
Mar 25
Mar 7 25
May Dept Stores_1 i i 2.4'' 6634 Mar 4 69
Mar 7 60
Mar
Jan 69
M St P & 88 Marie 100800 8934 Mar 3 90
Mar 4 8734 Jan 01
Jan
National Acme
51 1,800 30
Mar 3 3034 Mar 5 2934 Jan 3134 Jan
National BIscult____li i 1,211 116
Mar 3 109
Mot. 6116
Jan 117H Feb
311 120
ill
Preferred
Mar 5120
Mar 511534 Jan 120
Feb
100 400 71. Mar 3 71
Nati Cloak & Sult
Mar 4 70
Jan
Jan 75
Preferred
100
Feb
20010334 Mar 4 1033.4 Mar 4 10334 Feb 105
Nat Rys Mex 2d pf 100 2,300 834 Mar 4 93-4 Mar 6 534 Feb log Feb
NOTex &Mexv t 0_111 3,100 29
Mar 6 3334 Mar 1 29
Mar 3634 Feb
411 4434 Mar 7 45
N Y Ch & St L,2d pf ill
Mar 6 4234 Jan 45
Mar
New York Dock
111
411 2034 Mar 6 2034 Mar 5 1954 Feb 2654 Jan
Norfolk Southern__ _100
100 15
Mar 7 15
Mar 7 15
Mar 1834 Jan
211 4834 Mar 4 50
Nova Scotia S & C-100
Mar 3 40
Jan
Jan 55
Ohio Cities Gas rights __ 8,131 234 Mar 3 334 Mar 7 234 Feb 334 Mar
Oklahoma P & R rights_ 16,000 9-16 Mar 3
% Mar 4 9-16 Feb
% Feb
Owens Bottle-Mach. 25 1,100 46
Mar 3 48
Mar 1 46
Mar 493.', Feb
Pacific Tel & Tel_ _ _Al' 811 27
Mar 6 2734 Mar 1 22
Jan 29
Feb
Pitts C C & St L_ _ _ _100 1,000 48
Mar 3 49
Mar 5 45
Mar
Jan 40
Pitts Ft Wayne & C_100
10016534 Mar 616534 Mar 616554 Mar 16554 Mar
Punta Alegre Sugar_51 1,100 53
Mar 6 5434 Mar 3 53
Feb 5434 Mar
St L-San Fran pf A 100 200 25
Mar 3 25
Mar 3 22
Jan 27
Jan
Tex Pac Land Trust.'
26 188
Mar 4 188
Mar 4 180
Jan 320
Jan
Third Avenue Ry
100
Mar 5 15
100 15
Mar 5 1334 Jan 1634 Feb
Tobacco Prod rights_ _ _ _ 141,253 354 Mar 1 7
Mar 7 334 Feb 7
Mar
Tol St L & W rot tr rec10
Mar 4 10
10 10
Mar 4 10
Jan
Jan 10
Transue & W'ms_no par
1
38
Mar 3 3734 Jan 40
Mar 3 38
Feb
United Drug
9434 Mar 3 97
1
8
Mar 7 9034 Jan 97
Mar
1st preferred
5
1
5354 Mar 5 5334 Mar 5 5034 Jan 5434 Feb
2d preferred
1
5
Mar 6 91
Jan 9554 Feb
9434 Mar 4 95
United Dyewood prof 100
5 90
Mar 1 00
Mar 1 90
Mar
Mar 00
U S Express
10
100 20
Mar 3 1634 Feb 20
Mar 3 20
Feb
U S Realty & Impt_100 9,100 2534 Mar 6 3534 Mar 7 1734 Jan 3534 Mar
Vulcan Detinning
1
100 1534 Mar 5 1534 Mar 5 12
Jan 1534 Mar
Wells. Fargo Express 1
Mar 4 64
10 64
Mar 4 623.4 Feb 75
Jan

Outside Market.-Industrial securities on the "curb"
this week were most active and a broad list was dealt in.
Weakness was in evidence in the forepart of the week, though
to-day strength and activity developed and quite a few high
records were established. Keystone Tire & Rubber corn.
was an active feature and advanced some 9 points to 723
%,
a new high record, with a final reaction to 703'. Freeport
Texas Co. was conspicuous for an advance from 35 to 433',
the close to-day being at 43. General Asphalt corn., after
an early advance from 663
4 to 6834, dropped to 6434 and
moved upward again, with the final figure back to 6634.
Hupp Motor Car sold up from 6% to 7% and ends the week
at 734. Intercontinental Rubber ran down from 19 to 17%
3,
and closed to-day at 1834. Philip Morris & Co. improved
from 73/i to 113/2, the final transaction to-day being 11.
9 to 623
National Ice & Coal rose from 533/
% and rested finally
at 62%. Submarine Boat, after a decline from 15 to 133
during the week, jumped to 1634 to-day. Oil issues were
heavy but developed strength at the close in the general
upward movement. Standard Oil (Calif.) dropped from 270
to 257 and sold finally at 260. Standard Oil of N. J. fell
from 687 to 673. Among the other oil shares Midwest
Refining broke from 156 to 143, then advanced to 154, the
close to-day being at 153. Internat. Petroleum lost over a
point to 213/i and ends the week at 213/
2. Louisiana Oil &
Ref. was active and erratic, fluctuating between 383/2 and
403/9, the close to-day being at 39. Royal Dutch Co.(new)
after early decline from 853/i to 84, sold up to 87, with a
final reaction to 8534. Sinclair Gulf Corp. improved from
2834 to 31% and ends the week at 30%. Heavy transactions were recorded in one or two of the low-priced mining
issues. Bonds were very quiet and without material change.
Russian Government 63/
2s dropped from 67 to 64 and sold
finally at 65. The 53/
98 receded from 59 to 56, with the final
transaction at 563/9. A complete record of "curb" transactions for the week will be found on page 961.

Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
OCCUPYING TWO PAGES

953

For record of sales during the week of stooks usually inactive, see preceding page.
Satesfor
MOH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
the
.....
Week
Friday
Tuesday 1 Wednesday 1 Thursday 1
Monday
Saturday
March 6.
March 7. Shares
March 4. I March 5.
March 3.
March 1.

STOCKS
NEW YORK STOCK
, EXCHANGE

PEIC .31113.1tE

PBS Zli AKE

Range Since Jan. 1.
On basis of 100-share lots.

Range for Previous
Year 1918.

Lowest.

Highest.

Lowest. 1 Highest.

Par $ per share
Railroads
$ per share $ per share $ per shwa
$ per share $ per share $ per share $ per share $ per share $ per share
81 Mar 9934 Nov
92
013g 92
9214 9234 4,000 Atch Topeka & Santa Fe-100 90 Feb 3 9414 Jan 3
91
9134 92
9234 93
917 93
100
200
Do
pref
86
89 Jan 4
80 Jan 924 Nov
*86
88
*86
88
Jan21
88
*86
88
4
.86
863
4
863
87
87
9614
900 Atlantic Coast Line RR 100 9558 Jan22 99 Jan 6
96
96
*95
8933 Apr 109 Nov
96
*95
*95
96
96
96
96
96
100 44 Jan21 50 Jan 2
4612 48
4714 477
9,000 Baltimore & Ohlo
4812 Dec 62 Nov
4712 487s 4614 47
4814 49
4834 49
Do pref
100 53 Feb10 5614 Mar 4
53 Apr 6412 Nov
564 564 5512 5614 5514 5514 5514 5514 5514 5512 1,300
*5534 58
6,700 Brooklyn Rapid Translt_100 183g Jan27 267 Jan 8
237
23
2338 2314 237
253s Dec 4814 Jan
235 2334 2334 2412 2334 2418 23
100 15534 Jan21 165 Feb27 135 Mar 1747 Oct
16012 16012 16112 16312 4,700 Canadian Pacific
16212 16212 16212 16412 16014 16338 15914 160
100 5334 Jan21 5934 Mar 3
5838 11,000 Chesapeake & Ohio
4934 Jan 6233 Nov
5934 5738 5914 5612 5734 5634 5712 58
583a 5834 59
834
600 Chicago Great Western_ _100
74 Jan21
913 Feb27
8
8
734 734 *8
6 Apr 11 Nov
858 858
834 834
*834 9
*25
100 2352 Jan21 27 Feb27
27
1,100
Do pref
2558 *2412 26
25
181 Apr 32 Nov
257 26
2678 2678 2612 27
3534 3638 26,400 Chicago Mllw & St Paul-100 3412 Feb15 4132 Jan 9
36
35
36
374 Apr 5414 Sept
3714 35
3612 3718 367 3712 36
100 6512 Jan21 7414 Jan 9
9,200
Do pref
6933 6834 6934 6914 70
6614 Apr 8632 Nov
69
7012 68
71
6934 7014 70
8912 Mar 107 Nov
9612 957 9612 9512 9534 9614 9612 59434 9434 2,000 Chicago & Northwestern_100 9318 Jan21 9612 Jan 3
96
9514 96
100 1317 Jan 7 133 Jan17 125 July 187 Jan
100
Do pref
_
132 132 *131 13534 *131 13534 *131 1353 *131 13534
2358 2418 243 -2-43-4 8,700 Chic Rock Isl & Pao temp ctfs. 224 Jan21 2612 Jan 3
2338 24
18 Apr 3212 Nov
25
2534 2514 2558 2418 25
5634 Jan 88 Nov
7% preferred temp Ws---- 7314 Jan21 8014 Jan 3
76
7612 3,200
77
7712 7718 7814 767s 7734 *7614 7712 7512 76
46
Jan 75 Nov
6% preferred temp Ws__ 6118 Jan21 67 Jan 3
3,800
6614 6634 6512 6612 654 6618 6518 6512 66
66
6513 66
*32
38
37
*32
37
26 Feb 40 Nov
*32
Clay Cln Chic dr St Louis-100 32 Feb17 3618 Feb27
38
*32
*3312 38
38
*33
100 6612 Jan15 70 Jan16
*65
75
*65
75
75
Do pref
5834 May 70 Nov
*65
75
*65
75
*65
75
*65
2612 2678 15,400 Colorado & Southern
25
26
26
100 1934 Jan22 27 Mar 3
267s 25
18 Apr 2712 Nov
25
27
26
2278 26
100 4814 Jan 3 54 Mar 3
*52
54
52
52
54
*51
500
Do 1st pref
47 Apr 55 Nov
52
52
54
5412 54
*49
*43
48
100
100 45 Feb 4 477 Mar 3
48
*43
48
*43
Do 2d prat
48
40 Apr 48 Dec
477 4778 *45
48
*43
100 101 Jan20 1074 Feb25 10012 Apr 11934 Nov
500 Delaware & Hudson
10614 10614 10614 10614 *10412 10612 *10112 10612 10518 1054 106 106
Delaware Lack & Western-50 176 Jan10 18234 Jan 2 160 Apr 185 Sept
*175 185 *175 185 *175 185 *178 185 *175 185 *175 185
200 Denver & Rio Grande____100
*418 5
7 Nov
334 Jan 8
514 Jan14
214 Jan
514 514 *414 512 *418 512 *4714 5
*412 512
100
714 712
8
8
1,100
838 Feb26
738 758
Do pref
64 Feb 3
5 Apr 1358 Jan
734 734
8
8
8
8
14 Apr 2338 Nov
100 154 Jan21 177 Mar 3
171s 1758 1712 1778 1612 1712 1612 1634 1614 1612 1634 1738 10,900 Erie
28
2814 2812 2912 30
9,300
Do 1st prof
231s Jan 3612 Nov
2734 3012 28
100 2434 Jan21 31 Mar 3
294 3034 3012 31
22
*19
*21
21
22
2034 2034
200
Do 2d pref
*21
18% Jan 2714 Nov
*2114 22
100 18 Jan21 22 Jan14
22
*21
100 9014 Jan21 9512 Jan 2
93
9412 6,400 Great Northern pref
86
Jan 10612 Nom
9318 9312 9212 9278 9238 93
9458 9434 944 95
254 Jan 3412 Nov
3938 3912 3978 13,100
Iron Ore properties-No par 3134 Jan 2 403s Feb20
3914 39
. 3878 3918 3918 3934 394 393s 39
974 974 9738 9712 1,000 Illinois Central
92 Jan 10512 Nov
9758 9734 9678 97
100 96 Jan21 9934 Feb 4
9734 977
- *9612 99
53
54 58
98 Jail
518 514
712 Feb24
578 10,700 Interboro Cons Corp-No par
434 Jan 2
434 Dec
514 538
518 538
512 534
1914 1812 19
100 16 Jan 2 24 Feb24
19
1912 20
5,000
Do pref
1714 Dec 4712 Jail
1912 1812 1918 1834 19
19
1918 19
2058 19
1914 194 1914 4,900 Kansas City Southern
1513 Apr 2414 Nov
100 1634 Jan30 2134 Feb27
2012 2012 2034 19
20
100 4912 Jan21 53 Jan14
45 Jan 5912 No•
100
Do pref
54
*5112 55
*5112 5312 5214 5214 *5112 53
*52
53
*51
55
50 54 Jan 2 5718 Jan25
5514 55
5512 547g 55
5514 8,600 Lehigh Valley
5333 Dec 6518 Nov
5534 5614 55
5534 56
115 115
600 Louisville & Nashville.__A00 11312 Jan23 119 Jan13 110 Jan 12434 No
--_- 11538 11538 115 11518 11478 11473 *113 115
712 Apr 1578 Nov
11
1114 3,300 Minneap & St L (new)____100
94 Jan21 1238 Feb28
1178 12
124 1214 1178 117s 101.. 1112 •*978 11
614
6
6
614
618 618 4,200 Missouri Kansas & Texas_100
638 658
7 Feb27
438 Jan
634 Nov
458 Feb10
612 634
63s 612
11
11
11
1138 1112 1134 1,200
100
612 Jan 1312 Nov
Do pref
812 Jan13 1414 Feb27
*1112 1212 1178 12
12
12
2434 25,600 Missouri Pacific trust etfs-100 2234 Jan21 27 Jan 3
20 Jan 3138 Nov
254 2534 253s 2534 2433 2513 2312 2414 2334 2414 24
5212 52t2 52
52
41
52
100 4914 Jan21 5434 Jan 3
Jan 62 Nov
5334 4,700
Do pref trust ctfs
5314 5434 5412 5412 5312 54
100 6914 Jan21 7658 Mar 3
75
10,300 New York Central
7553 727 7334 73
6712 Jan 8458 Noi
7534 7638 74
7334 74
7512 76
2814 2938 317 22,900 N Y N H & Hartford _ ---100 2534 Feb13 3314 Jan 3
2912 2758 2812 28
27 Apr 457g Ma3
3034 28
30
303 30
21
*20
2114 21
2012 *20
21
*20
21
900 N Y Ontario & Western-100 1812 Jan21 2114 Mar 3
1814 Jan 2438 Noi
2012 2034 21
10458 10458 1037 10378 103 10314 10412 10412 1,300 Norfolk & Western
100 103 Mar 6 10814 Jan 2 102 Jan 11214 Nos
10514 10512 1047s 105
9158
93
91
100
Jan
2
94
9312
10,200
Jan21
9412
9338
9134
9112
9214
Pacific
8858
8113
Jan 105 Noi
923
4
Northern
9314
927s
50 4418 Feb 1 46 Jan 7
4314 June 5018 Nos
4458 4434 4458 4434 4458 4434 4412 44% 4458 4458 4412 4434 9,460 Pennsylvania
913 May 1878 Noi
100 1218 Jan21 1514 Mar 4
1414 1412 14
15
1412 1514 *1312 1512 1312 14
1438 1412 2,300 Pere Marquette v to
200
5212 Apr 64 Noi
Do prior pref v t o_.._100 57 Jan20 5838 Feb27
58
*5712 59
*571y 59
*5712 59
58
*5712 59
*5712 58
100 41 Mar 7 4318 Jan15
*40
45
41
41
100
45
*41
42
*40
41
30 Apr 50 Noi
*40
Do pref v to
45
*40
2258 Jan 4038 Noi
3718 357 3673 3718 3812 37,600 Pittsburgh & West Va...-100 34 Jan21 4038 Feb27
384 3912 3878 3934 3634 3878 35
100 79 Jan31 83 Feb27
82
811s 814 8012 81
61
Jan 82 Noi
Do pref
8012 8012 *8058 8212 1,000
82
82
82
8414 126,200 Reading
701s Jan 9614 Ocl
8212 8114 8238 83
50 75 Jan21 8512 Mar 3
8418 8414 8512 8034 8414 81
82
3832
9
3812
Feb
4
3833
300
50
Jan
3831.
*38
*3838
39
pref
3612
35
39 Ma3
383
8
Do
1st
Jan
*38
383a
3833
38
38
3812 3812
5 37 Jan 2 3812 Mar 7
700
35 Mar 40 Jul]r .
384 37 . 38
39
*3718 3812 *37
Do 2d prof
*37
39
*37
1212 1212 1212 1212 2,000 St Louis-San Fran tr ctfs__100 1034 Jan21 1414 Jan 3
983 Apr 1714 Da3
1234 1318 1212 1234 *1212 13
13
13
22
200 St Louis Southwestem____100 17 Jan28 1938 Mar 3
193s *17
19 Oct 25 Noi
19
20
19
*17
20 .18
*17
22
*17
32
28 Oct 404 Jai
34
*30
32
*29
32 .30
34
*31
*30
Do prof
100 2812 Feb 4 32 Feb27
34
*30
Jan
600
100
87
s
3
738
Feb13
7 Apr 12 Noi
812
81
,
Seaboard
Air
Line
81
812
818
814
s
---------------83
814
100 1534 Feb 3 1834 Jan 4
1714 1734 17
154 Apr 2814 Noi
1812 ---- ---17 900
Do pref
18
_
*1734 18
4 112,600 Southern Pacific Co
100 954 Jan21 10334 Jan 3
8012 Jan 110 Noi
101 10212 10212 1038 9958 10214 9958 10034 9973 10078 1013s 1-02-3100 25 Jan21 3014 Mar 3
2032 Apr 3478 No'
298 3014 2814 2978 2738 2838 2758 2858 2834 2912 45,000 Southern Railway
30
29
100 6634 Jan21 70 Jan 2
1,000
57 Jan 7514 No'
68
6734 68
Do pref
69
*67
68
69
*67
68
683s 6812 69
100 2732 Jan21 3618 Jan 3
3312 17,500 Texas & Pacific.
14 May 2912 De
3034 3212 3133 33'21 33
3234 3312 3234 3334 3218 327
32 Dec 6514 Ja1
50
*45
*45
50
*45
50
50
*45
Twin City Rapid Transit_ _100 38 Jan16 49 Feb28
100 12418 Jan21 13234 Mar 3 10934 Jan 1374 Oc
132 13234 12912 132
12958 13078 130 13138 x12912 13058 30,300 Union Pacific
13034 132
100 72 Jan14 7434 Mar 5
400
69 Jan 7634 Noi
Do prof
75
7434 7434 7438 7438 57234 7234
7334 7334 *7334 7414 *74
434 Jan 12 JIM
714 Jan 9 1314 Feb21
2,100 United Railways Invest-100
11
*11
1112 1173 12
1134 11
1112 1112 1158 ills 11
1012 Apr 20 Mal
100 15 Jan13 277s Feb26
Do pref
2618 • 2514 2614 2458 2514 2414 2512 2414 2412 2512 2614 4,300
26
812 812 3,900 Wabash
100
9 Mar 3
7 Apr 1134 Jull
834 834
734 Jan20
814 838
834 9
838 87s
812 878
100 3012 Jan21 3512 Mar 3
307s Dee 4412 Jai
327s 3312 3314 3312 337 3414 10,700
Do prof A
3414 3434 3434 3512 3312 35
22
*21
22
*20
100 19 Jan23 2238 Mar 3
600
1914 Dec 2612IUDa
20
Do pref B
20
2112 2238 *2114 22
*2012 20
1034
1034
1034
1012
1114
1012
Jan
9
11i4
2,500
(new)-100
123
8
10 Dec 1734 Fel
1012
7
Maryland
Feb
Western
1038
1112
2
113
1
114
1 114
30
20 Jan 32 Juna
*20
30
100
____
30 •20
2d prof
*20
Do
30
*20
30
-_ *20
100 17 Feb 3 2212 Mar 4
13 Jan 248 No,
4,000 Western Pacific
2212 2034 2034 2034 2034 2012 21
2214 21
20
20
*18
59
100 524 Feb20 6112 Jan 9
5614 5614 *56
46
58
600
Jan 66 Jun
Do pref
5712 58 ' 5712 59 .56
57
*53
934 Feb27
8 Apr 1234 No'
734 Mar 5
814 838 3,100 Wheeling St Lake Erie Ry-100
8
84
734 814
914
834 834
912
9
*91
*1812 20
100 17 Jan30 21 Mar 3
20
*1812 20
1712 Apr 26 No'
101)
*18
Do pref
22
*19
21
21
22
*20
*31
34
34
100 3014 Jan22 3612 Mar 7
297s Dec 3934 Oc
3612 3,500 Wisconsin Central
35
*33
35
3212 3412 *33
32
32
Industrial & Miscellaneous.
23
2358
Jan21
263
Mar
7
11
23
2334
100
21
.i
Jan 2634 No'
2634
2312
Rumely
16,500
24
2312
Advance
2334
2314
24
23
100 5612 Jan20 627 Mar 7
257 Jan 627 No'
6238 6118 6112 607 6134 6134 6278 6,100
Do prof
13134 11238 62
5912 62
49 Jan 7214 De
75
76
50 66 Jan13 81 Feb27
24,700 Ajax Rubber Inc
7614 7834 727g 764 7378 75
7714 7838 7753 797
33* 312
114 Apr
10
414 Jan15
53* No'
338 Feb 4
33* 312 3,200 Alaska Gold Mines
338 34
312 312
312 334
312 312
17
112 Apr
318 Jun
17a
178
24 Jan 3
17
17
178 2,600 Alaska Juneau Gold Min'g_10
134 Jan 2
17s 2
17
178
178 17s
100 30 Jan21 3573 Feb19
1734 Jan 37 'Ma;
3414 3434 3312 3412 3312 3514 3412 3514 18,900 Allis-Chalmers Mfg
3414 3473 3414 35
89
*86
89
Mar
4
*8712
89
Jan23
7214
100
Jan
8812
8178
8612
Mal
89
88's 1,900
88
Do prof
88
884 88
88
102 102
102 10214 2,400 Amer Agricultural Chem 100 997 Jan20 103 Jan 8
Oc
78 Jan 106
*101 10212 10214 10212 1024 10212 10114 102
99
99
*9834 9912 9914, 994
100 98 Jan 9 9912 Feb 8
8913 Jan 101 Au
500
Do prof
*9812 9912 9812 981 *9812 99
48 Nov 84 Fel
7214 74
100 62 Jan 3 77 Jan 9
7258 7312 7234 74
741s 74%8,700 American Beet Sugar
7312 75
7234 73
95
*90
*91
95
100 8434 Jan13 90 Feb26 x82 Sept 9112 Mal
95
*90
*91
95
95
*90
Do pref
95
*91
345 Jan 5034 Ma
4638 4678 467 4734 19,400 American Can
100 4278 Febl1 503a Jan 9
4534 4614 4618 47's 4573 4714 4618 47
10212 10258 *10212 103
8914 Jan 99 De
102 102 *10112 103
100 987 Jan 6 10253 Mar 6
10158 102
1,000
Do prof
91
9238 91
9018 913
6814 Jan 9334 De
923* 90
9134 927s 27,300 American Car & Foundry-100 844 Feb10 9458 Feb28
9112 9312 91
100 113 Jan18 116 Feb24 106
Jan 11512 De
115 115 *114 117 *114 117
100
Do pref
25 Jan 4434 Oc
4418 4334 4438 4414 4453 44 -45
100 3958 Jan 2 46 Feb24
4458 -4478
- 3,700 American Cotton 011
-.
4578 1378 44
89
__
*87
93
*87
7
Jan18
88 De
___
93
100
88
Jan
'78
*87
May
93
93
*87
prof
Do
93
.87
14
1334 144 14
133o 1358 13 1312 13
1414 61,900 Amer Druggists Syndicate-10 1038 Jan24 1414 Mar 7
134 131
1834 1912 1914 2014 19
1914 19
1938 19,100 American Hide & Leather.100 134 Jan 4 2012 Feb28
117s Jan 2218 Sep
1953 2018 1912 20
9958 96 10112 9612 99'2 9812 10018 45,100
100 7114 Jan 2 10112 Mar 5
9858 98
50 Jan 947 Au
9814 9634 97
Do pref
4278 4512 4434 46
43
43
100 38 Jan21 48 Mar 7
1112 Jan 49 Oc
4534 48
19,700 American Ice
4234 43
*4214 43
Oc
100 5434 Jan20 6412 Mar 7
6214 6214 6212 6338 6338 64
3834 Jan 61
63
6312 6412 3,800
Do prof
6238 6254 62
5112 Sept 6012 Oc
61
6078 67 102,500 Amer International Corp-100 5232 Feb 8 67 Mar 7
6053 6311 6038 6178 5953 6114 594 6078 60
4738 4512 4714 4534 4612 4634 478 24,700 American Linseed
100 4418 Mar 1 5234 Jan 9
27 Jan 4712 De
444 4512 4412 4578 45
8712 8712 8912 91
8612 8734 8734 90
100 85 Mar 1 9234 Jan 7
6914 Jan 92 De
5,400
Do 1pref
8558 86
86
85
6634 65
6634 67
5312 Jan 7134 Ma
68
33,400 American Locomotive_...100 58 Jan21 68 Mar 7
6738 6618 6714 65
6512 6634 66
105 105 *103 106
1048j 10434
100 100 Jan14 105 Mar 5 x95 Jan 10233 De
200
Do prof
*104 108 *105 108 *103 106
43 Jan 7
238 Sept 1312 Fe
17
5
17
8
*13
4
2
100
1
Jan17
214
*112
2
*112
900
American
2
Malting
2
*134 2
41 Sept 48 De
49
4814 *46
49
46
4912 497 51
497 50
49
Do 1st pref certlfs of den__ 4312 Feb19 51 Mar 7
3,100
48
73 may 9434 0(
6834 693 32,700 Amer Smelting & Refining_100 6218 Feb 8 7838 Jan 3
6678 6714 6658 6758 6634 6758 6638 6712 6638 685
100 103 Feb20 107 Jan14 103 Sept 1104 No
Do Prof
10412 10412 10412 10412 1041s 10434 10358 10358 *103 10414 104 10412 1,200
58 Jan 95 No
8412 8634 85
87
85
86
8714 15,600 American Steel Foundriee_100 68 Feb 8 8714 Mar 7
84% 83
798 8312 83
11712 11812 11814 119
98 Jan 116 Ma
6,300 American Sugar Reflning_100 11114 Jan21 12214 Feb25
117 11778 11712 1181 11814 11814 11713 11918
*115
Mar 11412 De
11712
10814
11712
11512
11512
Jan
6
118
*115
100
11312
Feb
5
11712
pref
*114
150
Do
*11312 118 1116 116
11014 11234 111 11278 11314 115
6034 Jan 145 Ma
11218 114
26,000 Amer Sumatra Tobacco-AO° 9612 Jan13 11534 Feb26
1121s 113
11112 112
Aug 10914 Fe
10512
104
Feb28
9052
1043
4
10538
Jan29
1073
s
10512
983
10614
1053t
Teleg-100
8,900
Amer
Telephone
&
10514
10714
10612
106 10612
100 1917a Feb 4 206 Jan10 14012 Jan 19834 Di
900 American Tobacco
19534 19634 19712 19712 19514 19634 19514 19512 19514 19514 *195 19934
9212 Sept 10012 Di
10018 10018 101 101
100 100 Feb24 106 Jan 8
101 101
700
Do pref(new)
101 101 *100 102
101 101
4473 Jan 6073 Ma
63
6212 6338 47,900 Amer Woolen of Ma88
100 4514 Jan16 631s Mar 4
55
5553 564 634 624 6312 62
55
55
*9713 994
92 Jan 9634 Dc
____
_
100 943g Feb 8 98 Mar 5
600
Do prof
97
9714 9714 9714 9714 975 98
97
2014 Apr 393 Au
391s 4134 4112 -4214 42
40
43
19,050 Amer Writing Paper pref _100 2733 Jan 2 43 Mar 7
3814 3834 3812 3912 39
*1234 1312 *1234 1312
13
Jan31 15 Feb28
11 Dec 213e Jul
700 Amer Zinc Lead & Smelt _25 11
1412 1412 1312 1312 1278 1312 13
3834 Dec 5314 Jul
50
*42
50
25 40 Jan21 4312 Jan10
50
*42
50 .42
Do pref
*42
50
*41
x7414 01
Jan
3
59
6
618
587
o
6012
60
Feb
Copper
Mining-50
5612
*
5918
6118
Ancaonda
6012
29,000
6058
5953
io'is 13-61 59% 607 102 103% 102 105 10234 104 105 107 16,600 Atl Gulf & W I SS Line-100 92 Feb 8 1084 Jan 4 9734 Dec
Jan 12014 Fe
10212 10533
101 103
,
*64
58 Jan 6738 Nu
100 64 Jan29 67 Jan 2
6512 66
67
*65
68
400
Do prof
66
*64
66
*64
*644 66
5618 Jan 10138 Ms
7934 8014 8334 162,900 Baldwin Locomotive Wks_100 6472 Jan29 8334 Mar 7
7814 7814, 8112 7634 8053 7758 794 78
77
100 103 Jan 2 1224 Feb20
85 Jan 110 DI
118 119
2,200 Barrett Co (The)
1187g 118% 117 11834 117 117
1181s 119
118 118
7 6478 65
Jan20
67
Mar
7
60
Dec 98 Ms
5512
657
g
Corp-100
64
Steel
647
6614
Bethlehem
67
65
1,900
*634
64
64
64
5934 Nov 94 Mr
Do Class 13 common. 100 553a Jan21 675s Mar 7
6518 6312 645 6443 6612 6512 6612 6638 6733 83,800
635g 6418 64
9612 Jan 1067s Al
10518 10553 10512 106
104% 105
3,300
Do cum cony 8% pref.__ 10133 Jan22 106 Mar 7
105 1054 1047s 105
105 105
Jan 2812 Bei
21
20
1912 20
No par 1814 Jan14 2234 Jan 6
20
2012 1,400 Booth Fisheries
2034 20
2014 2014 2012 204 *20
100 138 Feb 8 157 Jan 3 108 Feb 8152 0
14018 1404 4'140 143
14212 14284 .
300 Burns Bros
•140 147 *141 150 *141 147
514 Deal 112% ill
51s Feb20, 714 Jan 6
614 638 2,500 Butte Copper & Zinc v t 0...5
57
578
7
6
6
718 *6
7
6
7
1612 Jan 3310AI
Butte & Superior Mining _10 16% Feb111 2512 Feb28
19
9200,
1812 1914 19
194 184 19
gale 24&. 211/ 2311 IR
•Bid and asked prioee; no sales on this day. t Ex-rights. 4 Less than 100 shares, a Ex-div.and rights. z Ex-dividend.




954

New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually Inactive, see second page preceding.

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
March 1

Monday
March 3

Tuesday
March 4

Wednesday
March 5

Thursday
March 6

Friday
March 7

Mellor
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.

PER SHARE
Range for Previous
Year 1918.

Lowest
fWiest
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 share
53
53% 54
53
5378 5412 5312 54 1 524 5312 5273 5314 6,100 California Packing_ __No par 4814 Jan 2 54% Jan25
3612 Jan' 50 Nov
26
2612 2612 27
2612 27
2613 2713 2634 2738 2712 2812 12,100 California Petroleum
100 2038 Jan 2 2834 Feb21
12 Jan 2478 Nov
72
73
72
72
7214 73
73
74 I 73
Do pref
74
74
7434 5,000
100 8418 Jan 2 7434 Mar 7
36 Jan 7012 Dec
63
6334 6314 6418 6314 654 6513 6638 6512 68
54,600 Central Leather
6773 69
100 5812 Feb 8 69 Mar 7
543
4 Dec 7338 Feb
107 107
.10678 107
107 107 .10678 109 .10873 109
200
Do pref
100 10412 Jan 7 107 Mar 1 10113 Dec 108 Nov
3218 3214 -32- -3-2-1-8 32
32
32
32 I 3178 3178 3214 3238 1,600 Cerro de Pasco Cop.._No par 31
Jan22 3458 Jan 3
2914
Mar 39 Nov
.12212 125
12434 1254 125 125
12212 124
12218 124
125 12538 3,200 Chandler Motor Car ..._100 103 Jan18 127 Feb24
6814 Jan 10978 Dec
19
1938 1878 1914 1812 1878 1818 1834 18
10,600 Chile Copper
1834 184 19
'
25 1718 Jan21 1958 Feb27
1412 Apr 24 Oct
331I
3338
.33
3214 3318 3218 3414 3312 3414 6,900 Chino Copper
3334 3314 3314
5 3213 Feb 8 3438 Jan30
314 Dec 4714 May
.38
39
387 3873 3834 3834 .37
39
39
39
39
4038 2,700 Colorado Fuel & Iron__ _100 3434Feb 10 4058 Mar 7
3434 Jan 5412 May
4412 4434 4412 45
4:334 4418 4334 4414 4312 441.
4414 4518 5,600 Columbia GM & Elec
100 3914 Feb 1 46 Feb26
2834
Mar 4478 Dec
*9512 9712 97
97
*95
98 .94
9612 9412 9412 95
96
1,500 Consolidated Gas(N Y)...100 874 Jan27 98 Feb27
8234 July 10538 Nov
7312 7414 7414 7834 78
80
7812 8034 7812 7973 7833 81
50,350 Continental Can, Inc
100 054 Feb10 81 Mar 7
6512 Oct 95 Feb
4734 4814 4734 4814 4734 4878 4712 4812 4734 4812 48
4834 33,000 Corn Products Refinlng_ _100 46 Jan21 5078 Jan 4
2978 Jan 5018 Nov
*103 10412 .103 10412 .103 101 .103 104 1.10312 104
400
101 10113
Do pref
100 102 Jan23 10412 Mar 7 39013 Jan 104 Dec
6014 61
6118 6234 6012 6214 6078 6212, 6034 6218 6218 04
60,100 Crucible Steel of America _100 5218 Feb 7 64 Mar 7
52
Jan 7473 May
*9212 94
94
9418 9414 9412 .9112 9412: .92
95 .9112 94
400
Do pref
100 91
Jan 2 9112 Mar 4
86 Jan 9134 June
21
2134 2114 2218 2112 2134 2112 2212! 2134 2214 2214 23
17,800 Cuba Cane Sugar___ _No par 2038 Jan27 314 Jan 9
2713 Apr 34 Nov
6912 7212 7034 7138 71
7213 7212 74141 7212 7414 73% 7458 20,700
Do prat
100 6912 Mar 1 80 Jan 9
7714 Dec 83 Feb
5734 5914 5858 6012 59
61
5814 60181 5812 6034 6011 6112 105,200 Distillers' Securities Corp 100 249 Jan 2 6112 Mar 7 x33
Jan 6434 May
1212 1212 1212 1231 1212 1218 1213 1212' 1212 1212 1214 13
4,000 Dome Mines, Ltd
10 1058 Jan31 1314 Feb18
6 June 15 Nov
32
33
33
3374 3112 3312 3158 3232 3134 3214 3214 3278 31,100 Gaston W & W Ine__No par 2518 Jan21 3334 Mar 3
2534 Oct 39 Feb
15412 15412.152 156
15314 15314 15338 155 *15338 15513 15413 15413
400 General Electric
100 14412 Feb 3 15534 Feb24
148 15112 152 15538 15212 157
15112 15614 152 15573 15512 15738 102,000 General Motors Corp_ _100 11812 Jan21 1574 Mar 7 12734 Jan 15813 Oct
10634 Jan 164 Aug
8578 8538 851 8578 8534 8534 8534 8534 8534 8534 8578 8573
800
Do pref
100 82 Jan15 8614 Feb 6
7538 Oct 88 Feb
6812 6978 6934 7034 6834 7018 6712 6938 6712 6934 6873 7013 10,000 Goodrich Co (B F)
100 5612 Jan10 7134 Feb27
38 Jan 5978 Oct
*105 112 *106 112 .106 112 .106 112 .106 112 *106 112
Do pref
100
103
Jan
108
Feb26
8
9558 Dec 104 Deo
.67
69
6778 68
68
68
68
68
68
6814 6814 6934 1,700 Granby Cons M S & P
100 6778 Mar 3 80 Jan 3
74
Jan 86 Oct
*4214 4238 42
424 .4112 4212 42
4214 4134 4234 4214 43
3,100 Greene Cananea Copper....100 41 Feb13 4612 Jan 9
3812 Jan 5814 Nov
.52
56 .52
56
5514 5514 .5212 56
51
54
*53
56
300 Gulf States Steel tr Otis...100 4912 Feb 8 6173 Jan 3
5824 Dec 11112 Apr
44
44
44
44
44
44
*42
44 .42
44
434 44
1,200 Haskel & Barker Car No par 40 Feb 6 45% Jan 4
34 Jan 4914 July •
45
45
45
454 45
4534 4373 4434 4312 454 4538 4673 25,200 Inspiration Cons Copper
20 4212 Feb 0 4714 Jan 9
41% Dec 5813 Oct
§1334 1334 .1334 15
*1334 15
1312 1334 .11
15
375 Internat Agricul Corp._....100 1012 Jan 2 1538 Jan14
14
14
10 Jan 19 June
58
5813 58
57
58 .5714 5812
58 .55
58
5858 5858
9001
Do pref
100 48 Jan 4 59 Jan14
38
Jan 05 June
11512 11714 117 11812 *114 118
11612 11612 116 116
11612 11914 6,400 Inter Haverster (new)....._100 11018 Jan21 11914 Mar 7 104
Oct 121 Nov
*2313 24
24
2334 2418 2312 2412 2312 2414 233/ 25
24
10,100 lot Mercantile Marine......100 2114 Jan31 27 Jan 4
21
Jan
33 Oct
10034 102
1007 10238 101 10212 10134 10314 102 10314 10338 10678 110,100
Do prof
100 9234 Feb10 113% Jan 3
8338 Jan 1254 Nov
25
2578 2534 2612 2512 2614 25
26
2518 2534 2512 26
32,660 International Nickel (The) 25 . 2412 Feb 3 3238 Jan 3
27
Jan
35
Nov
46
4634 4612 4712 4518 4638 44
46
4412 4578 4634 4312 40,400 International Paper.-_100 3014 Jan 3 4834 Feb27
2412 Jan 4512 May
7112 7112 7112 7211 714 7178 .72
73
72
7234 72
7438 3,100
Do stamped pref
100 62 Jan13 7438 Mar 7
58
Jan 6512 Jan
107% 115
11512 11834 11312 120
11718 12034 11914 12334 118 121 136,900 Kelly-Springfield Tire
25 68 Jan21 12334 Mar 6
41
Apr 72 Dec
2978 30
30
3018 30
304 2958 3018 2958 3038 30
3078 17,500 Kennecott Copper___No par 29% Feb13 3334 Jan30
29 Mar 4114 Nov
6634 67
67
67
68
675s 6634 67
6634 6634 68
6,600 Lackawanna Steel
70
100 624 Jan21 70 Mar 7. 6513 Dec 9158May
26
2614 2574 264 2514 2573 2514 2512 2434 26
2538 2612 10,200 Lee Rubber & Tire___No par 21
Jan22 2713 Feb24' 12
24 Dec
.4311 44
4312 448 44% 48
48
49
4712 4938 4812 4934 5,200 Loose-Wiles Biscuit tr etfs _ 100 4018 Feb17 4934 Mar 7; 1712 Apr
Jan 4558 Dec
*95
9512 9712 93
99
99
___ *98
.100 105
500
Do 2d prat
100 04 Feb 5 09 Mar 4
53
Dec
Feb
96
.71
78 .72
78 .72
78 .96.72
78
*72
78 .71
78
Mackay Companies
100 70 Jan22 7334 Feb 4
70 Dec 784 Feb
.6334 6434 .6334 65 .6334 6412 *6334 6412 .6334 6434 .62
Do pref
6412
100 64 Jan15 65 Jan 4
57 Jan 65 May
35
3512 3412 3512 3312 3412 3414 35
36
5,000
Maxwell Motor, Ina
3673
100 2634 Jan22 3678 Mar 7
234 Jan 424 Nov
_
5878 5934 59
5973 53
5312 5834 59
5912 6112 4,000
Do 1st pref
100 5038 Jan22 6112 Mar 7
50 Dec 6978 Nov
2518 251 t 251.5 261 1 25
2512 2434 2518 2612 2758 3,400
Do 2d pref
100 1914 Jan 2 2758 Mar 7
19 May 3238 Nov
172 1733j 17134 17512 17134 17734 1754 1804 177 18314 18318 18558 230,200 Mexlcan petroleum
100 16234 Jan23 19714 Jan 2
79 Jan 194 Oct
106 103
_ *105 110
50
Do prof
100 105 Feb 7 10712 Feb21
87 Jan 107 Dec
22'.I 2258 2214 2212 2212 12-3-4 2238 225g
12 -2138 227 2273 2,200 Miami Copper
2138
2134
Janll
Feb 7
5
2214 Dec 331 Jan
42% 4212 4212 43
4173 4234 4158 4214 4178 4258 43
4312 26,200 Midvale Steel & Ordnance.. 50 4014 Feb 7 4478 Jan 9
41 Dec 81 May
75
7434 76
77
7414
1
7578 76
76
7(i
3,100 Montana Power
100 69% Jan13 77 Mar 3
64 June 8112 Nov
.105
.10512 -----'105 ____ *10512
.10512
Do prof
Jan22
10614 Feb25
100 105
95 Mar 10618 Dec
-11-158 fi
16
1634 1638 -10.11
1533 1638 1512 1634 1678 1714 6,300 Nat Conduit & Cable_No par 14 Feb 8 1714 Mar 7
13 Nov 2138 July
50
5012 51
5114 4934 5012 5034 5134 5114 5178 5112 5134 7,500 Nat Enam'g & Stamp'g_ _100 4518 Feb 8 5258 Feb26
3714 Jan 5411 May
9814 9814 .97 100 .97 100 .97 100 .97 100
100
Do pref
100 93 Jan15 9814 Mar 3
88
Nov 9912 Feb
;a- -671-2 6738 6712 6712 6712 6612 6658 .66
6712 6712 6778 13,300 National Lead
100 64 Janll 6873 Jan24
4314 Jan 6934 Dec
*107 111 *107 111 .107 114 .107 111 .10714 111 .107 111
Do pref..
_100 107 Jan 3 11018 Jan25
9934 Mar 10512 May
*1614 1634 163? 1638 16
1618 16
16
157 16
1614 1612 4,900 Nevada Congo, Copper__ 5 1578 Mar 6 174 Jan 3
1012 Dec 2178 May
•101 107
10612 10612 *9812 107 *101 106
.9812 105 .9812 103
100 New York Air Brake__ _100 9114 Feb 3 10612 Mar 3
9812 Dec 139 May
*48
52 .47
55
52
52 .48
52 .48
52
*48
52
100 North American Co
100 47 Janll 52 Mar 4
3712 Aug 5712 Nov
3612 3713 3612 3673 3612 37
3612 3634 3612 3634 3634 38
24,800 Ohio Cities Gas (The)....... 25 a3534 Feb14 44% Jan 3
3518 Mar 48 Oct
858 834
812 858
812 852
812 838
812 812
812 858 10,700 Oklahoma Prod & Refining 5
8 Feb 3 1018 Jan10
7.
7
7
718 714
734
7
7
673 678 .634 712 2,700 Ontario Silver Mining-.100
578 Jan15
8 Feb 1
414 Jan 13 June
33
33
*3112 33 .31
33 .32
33 .30
33
3234 3278
300 Pacific Mall SS
5 2912 Fob 8 3812 Jan 4
234 Jan 40 Dec
7714 78
7734 79
7734 81
7938 8133 80
8212 8218 8358 115,300 Pan-Am Pet & Trans
50 67 Jan21 8358 Mar 7
6314 Oct 7214 Oct
*13312 13612 138 138
140 140
14012 14212 14234 144
900
Do pref
117
Jan22 144 Mar 7
100
80 Jan 12412 Oct
50
60
50
5012 50
5034 .48
50
4834 4938 4934 50% 1,900 People's0 L & C (Chic)....100 4513 Jan22 52 Feb27
3958 Jan 61 Nov
*3412 35
35
3412 35
35
35
35
344 3412 3512 3638 4,200 Philadelphia Co (Pittab)._ 50 30 Jan 3 3658 Feb24
21 Apr 3514 Oct
4434 4518 4514 4534 4514 4638 44
4578 4234 4438 4414 4478 43,200 Pierce-Arrow M Car....No par 3834, Jan22 46% Feb27
34
Jan 5134 Nov
105 105 *104 105
10413 10412 .103 105 .10312 105 .10312 105
300
Do pref
10112 Jan 3 105 Feb27
0034 Jan 104 Dec
17
1712 1714 1712 1712 1778 1738 1712 174 1712 1714 1713 6,800 Pierce 011 Corporation..._ 100
25 16 Jan 2 1938 Jan 6
15 Sept 1918 Oct
46
4632 4614 47
4612 4612 4534 4614 46
4714 4714 4814 5,400 Pittsburgh Coal of Pa
100 45 Feb 3 5012 Jan 9
42 Jan 5334 Feb
.85
86 .85
86
86
86
8534 8534 86
86
500
86
Do pref
0014
100 8534 Feb 6 87 Jan 9
7934 Jan 85% Dec
*67
68
6814 6814 68
6338 6518 67
6514 6612 6634 68
4,700 Pressed Steel Car
100 :50 Febil 6858 Mar 4
554 Nov 73 Aug
.99 102
100 100 *9912 102 .99 102 .99 103 .99 103
100
Do pref
100 100 Mar 3 101 Jan14
93 Apr 100 Aug
.82
90
83
90
8312 .82
87 .82
200 Public Serv Corp of N J...100 82 Jan31 0134 Jan 7
8712 .84
8712
85 Oct 1094 Mar
115 11514 11514 11578 11518 11534 11558 11538 11558 11558 1154 11673 2,100 Pullman Company
100 11178 Feb14 122 Jan 4 10018 Jan 13214 Nov
7512 7512 7512 764 7513 7614 7434 7512 75
7638, 7534 7638 10,900 Railway Steel Spring
100 6812 Feb10 774 Jan 3
4512 Jan 7812 Dec
*10514 107 .10534 107 .10514 107 .10514 107 *10514 107 .10514 107
Do prat
100 104 Feb 4 107 Feb21
95 Jan 1054 Dec
1958 1958 1914 194 19
1912 1938 1934 1912 20
6,300 Ray Consolidated Copper_ 10 10 Mar 4 2134 Jan 3
1978 20
1914
2614 May
7638 77
7714 78
77
7712 7578 7712 7614 77
7714 7938 11,650 Republic Iron & Steel........100 7112 Jan18 794 Mar 7 :7258 Dec
Jan 96 May
•10112 10214 10114 10114 10178 10178 .101 102 .10112 10178 10178 10178
300
Do pref
100 100 Jan13 10212 Feb27
9258
Jan 10212 Sept
8014 9114 9014 6434 91 94
0212 0434 9212 04
93
95
37,200 Royal Dutch Co etfs dep.- _ _
9912 Feb20 z70 Dec 145 Oct
70
Jan21
3
4
11
1114 1034 1138 1012 11
953 1014
934 1012 1014 1034 7,600 Saxon Motor Car Corp.._100
718 Jan23 12 Feb26
434 Aug 18 Nov
•17112 174 .171 174
172 17212 172 172
17112 1717 .170 172
500 Sears, Roebuck & Co......_100 16812 Feb13 18514 Jan 8 13334
June 17612 Dec
1078 104 1038 1012 1038 1012 1018 1014 10
10
10
4,700 Shattuck Ariz Copper_ _
10
10 Feb19 1312 Jan10 :13 Dec 1814 Feb
10
3538 3534 354 36
3512 36
3538 3578 3534 36
36
3612 14,700 Sinclair 011 & Rerg......No par 3314 Jan 2 3778 Feb21
2514
Apr 39 Feb
.49
50
49
49 .4812 494 4834 4834 .47
49
49
5034 1,500 Sloss-Sheffield Steel & Iron 100 4612 Feb10 53 Jan16
39 Jan 7114 May
.3812 404 .39
41
40
40
40
40 .38
40
38
300 Stromberg-Carburetor_No par 3634 Jan10 42 Jan15
38
5834 5938 5912 6138 5912 6034 58
6058 5858 6038 60
61
61,600 Studebaker Corp (The)._ _100 4534 Jan22 6212 Feb27
3373 -Apr
Nov723
.89
94 .90
94 .90
94 .90
94 .90
91 .90
94
Do pref
100 92 Jan22 9312 Feb24
8012 July 100 Nov
4614 4712 4758 48
484 4912 4812 49
48
51
50
5134 9,200 Stutz Motor Carol Am_ No par 4214 Feb14 5134 Mar 7
37 Oct 55 Dec
.35
36
3512 3578 3514 3514 3512 3513 3538 354 $514 36
500 Superior Steel Corp'n_ _.100 32 Jan21 3612 Feb20
3414 Mar 4558May
.95 100 .95
99 .95
99 .96
9812 .96
98 .96 101
Do 1st pref
100
95 Feb 100 Sept
13
13
13
13
13
13
1212 1278 13
13
13
13
2,400 Tenn Copp & C tr etts_No par 1214 Feb13 1412 Jan 4
1234 Dec 21 July
19012 19112 19112 193
192 19312 192 19334 192 19412 319218 1931. 19,200 Texas Company (The)___ _100 184 Jan 2 195% Feb24
13612 Jan 203 Oct
8414 85
8558 8712 8512 8634 8512 8638 8538 87
87
8834 43,900 Tobacco Products Corp_ _100 7258 Jan29 9078 Feb27
4812 Mar 8238 Dec
102 10218 102 102
10112 102 .100 1013.1 .100 10134 *10012 10134 1,000
Do
10112
prof
Mar
4 106 Jan 8
100
Mar 10478 Dec
.74
80 .74
80 .74
£7512 7534 7512 76
80
900 Union Bag & Paper Corp_100 75 Jan 3 794 Mar 7 38714
79
798
65 Jan 80 May
407 4132 41
42
4038 4134 414 4114 4012 4034 41
417 ' 8,700 United Alloy Steel___No par 374 Jan 1 1 42 Feb24
3678 Oct 441 May
12914 13158 13012 133
13034 13278 13114 1337 13212 13478 1344 1364 87,950 United Cigar Stores
100 11006714
5
2 136% Mar 7
8334 Mar 10834 Dec
118 .108 118 *108 118 *108 115
Do prof
100
106 Feb 5 10114 Jan 110 July
Feb
165 165
165 166
16412 16412 104 164
164 16513 166 16713 3,200 United Fruit
100 157 Feb10 16734 Jan 2
*1812 19 1734 184 1734 184 1812 1812 *1714
1813 1812 1918 2,100 U S Cast I Pipe & Fdy_ __ _100 14 Jan15 2012 Feb21 11614 Jan 1664 Dec
1118 Apr 19 May
.52
5238 .52
53
51
5212
53 .5012 53
53
53
700
Do pre(
100 4212 Jan16 5434 Feb25
41 Mar 4734 Feb
11312 11412 11478 118 z112 11412 11113 113
112 11634 11712 12012 61,200 U S Industrial Alcohol
100 0714 Jan22 12012 Mar 7 x98 Dec 137 May
.102 107 *102 107 .102 107
105 10513 .103 108
225
Do prof
100 9614 Jan 2 10518 Mar 6
94 Oct 99 Mar
-Ai- 12.- 82
8338 8178 8312 8038 8314 " 8014 8318 8134 8378 57,300 United States Rubber.. _ _100 73 Jan21
84% Feb24
51 Jan 8012 Dec
.11114 11212 .1111.5 11212 112 112 *11114 112 *111 112 .11134 112
260
Do 1st preferred
109 Jan20 1124 Feb28 s(15
100
Jan 110 Dee
*47
4712 4718 474 47
4712 .4612 48 .4612 48
48
4812 1,400 US Smelting Ref & M.._
50 4314 Jan21 4812 Mar 7
3212 Apr 5034 Oct
*48
4834 .48
4834 14712 49
*4712 4812 .474 4812 4812 4812
100
Do
pref
4812
45
Jan18
50
NM
4238 Apr 4734 Dec
9173 9212 9238 9434 92% 9418 9134 9334 92
9414 9438 96 535,400 United States Steel Corp....100 88% Feb10 9634 Jam 3
8612 Mar 11612 Aug
114 11412 114% 11414 11418 114% 11418 114% 11414 11414 11414 1141
Do pref
2 3,050
100 11318 Feb10 11111 J$114 108 Mar 11358 Dee
694 6938 6834 7014 684 6912 6678 69
6718 6978 70
71
37,900 Utah Copper
10 6518 Feb 7 7472 Jan 2
7114
Dee 93 Oct
1512 1512 *1514 16
153.t 1534 15
15 .15
16 .15
16
400 Utah Securities v t cc
100 13 Jan 2 1712 Feb 4
11 Sept 1634 Nov
.5412 55% 5438 55
5212 5112 54
5438 54
5458 5334 56
11,400 VirgInia-Carolina Chem.._ _100 51 Feb10 5634 Jan 6
3334 Jan 6014 Nov
*11112
.111 113
111 112
111 111 .105 111 *105 11112
100
Do pref
100 110 Jan 7 11312 Jan14
98 Jan 11358 Dec
5612 5012 *55 60 .56 60
.55
60 .55
60
100 Virginia Iron C & C
100 56 Jan25 58 Jan18
50 Jan 7313 July
1289 8918 8878 8873 8838 8858 8814 8814 .88
884 • 8812 8812
900 Western Union Telegraph 100 8614 Jan22 8978 Jan13
7714 Aug 9552 Apr
4412 45
4473 4638 45
464 4438 4538 44
4472 45 4512 27,100 Westinghouse Eleo & Mfg 50 014
4638 Feb27
40 .
i.
Ja
eb
n2
3812 Jan 4712 May
.61
63
*62
6313 6312 6312 .61
65 .60
67
*01 66
Do 1st preferred
6312 Mar 4
50
59 Jan 6413 Feb
5312 5373 5412 5413 5334 5434 53
5434 • 5318 544 54
5414 2,9001 White Motor
50 45 Jan 3 5712 Feb26
383
4 Jan 49 Nov
2631 2714 27
2772 27
2658
2758
2714 2638 2733 27% 2712 34,400 Willys-Overland (The).- 25 5
14 Jan22 2818 Feb27
27
33
1512 Jan 30 Nov
9232 9212 .92
9212
924 92
0213 92
9212 1,135
Do pref(new)
Jan 7 9278 Feb24
100
75 Jan 8914 Nov
;lig" 71 69 70 *69 71 9214
7138 74
7312 754 754 7714 17,7001 Wilson Ar-Co,Inc, v t e No par 6558 Jan20 7714 Mar 7
4514 Jan 7714 Dec
12012 12012 121 121 .120 122
12112 12112
500 Woolworth (F W)
100 120 Feb 7 13312 Jan 1) 110 Mar 12812 Oct
•116 117
118 .116 118 .116 118
Do prof
100 115 Jan22 11712 Jan17
Oct 115 Sept
oo Wd 60 W- 581s 6014 •116
60% 6412 65
6878 6612 6814 13,200 Worthington P & M v t c 100 50 Feb13 6878 Mar 0 111
34 Jan 69 Aug
90
90 .8934 92 .9012 9212 92
02
93
934 93
93
700
Do pref A
100 83 Jan 9 934 Mar 6
8532 Feb 9112 Apr
71
7114 71
7058 7038 7012 7214 7214 7234 .72
71
73
1,500
Do nret B
100 66 Jan 3 7234 Mar 0
59 Jan 7038 July
•Bid and asked prices; no sales on this day. I Lees than 100 shares. I Ex-rights. a Ex-div.
and rights. s Ex-dividend.




New York Stock Exchange-Bond Record, Friday, Weekly and Yearly

955

Jan. 1909 the Exchange method of quoting bonds was changed and prices are now-ant truerest"-except for interest and defaulted bonds.
3
ro,
BONDS
N. Y. STOCK EXCEIANGF,
Week Ending March 7

1
Price
Friday
March 7

{Veers
Range or
Last Sale

of
0v4

Range
Since
Jan, 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ending March 7

Pried
Friday
March 7

Week's
Range or
Last Sale

gc
0,
1

Range
Since

Ask Low
High
Bid
Chesapeake & Ohio (Con):881i3911FIs
5
Sale 7812
79
79
1992 M S
General gold 430
76
8634 Mar'17
1992 M S 73
Registered
7858 Sale 7838
7918
20-year convertible 43-0_ _1030 F A
8638 78
1, 1:
Sale 8512
30-year cony secured 5s_1916 A 0 86
8
71;1in .1:
75 Nov'18
Big Sandy 1st 4s.
1944 J I) 7812
Coal River Ry let gu 4s 1945 J I) 7218 8234 8513 Nov'16
J
9634 Feb '16
8214
1940 J
Craig Valley 1st g Is
_ 8434 Jan '13
J
6658
1916 J
Potts Creek Br 1st 4s
7518 80
J
7612 Nov'18
R & A Div Ist con g 4s_ 1989 J
691, 85
1039 3
22 consul gold 45
71 Oct '17
8812 Elept'16
7418
Greenbrier Ry 1st gu g 45_1940 M N
Warm Springs V 1st g 5s 1941 M S 80 ___• 11314 Feb '15
- --5112
53
5012 Feb '19
Chic & Alton RR ref g as_ 1949 A 0
5012 53
36
J
3634 301 Feb '19 ---- 3534 40
1950 J
Railway 1st lien 31
-is
Chicago Burlington & Quincy1922 F A
9914 Jan '19
Denver Div 45
9914 9914
J
1919 J
9934--7313 743-4 7412 Feb '19
7412 7534
Illinois Div 330
8 8318 8578
J
8312 85
8312
1919 J
Illinois Div 4s
8418
Iowa Div sinking fund 59_1910 A 0 9934 ---- 0934 Jan '10
993449934
Foreign Government.
9918 991s
Sinking fund 4sA 0 9914 ____ 9918 Feb '19
9978 4S 9912 99,*8
09's Sale 9953
1919 F A
Joint bonds. See Great North.
Amer Foreign Secur 53
9212 9314 9313 Feb '19 _-_- 9258 9334
9738 1035 9678 9778
Nebraska Extension 4s_ 1927 M N
Anglo-French 5-yr Is Exter loan_ A 0 97374 Sale 9714
90
1 Mar'18
90
2 90
1927 M N
93
Registered
Argentine Internal 59 of 1909_ __ M 5 8514 8978 90
8112 8134
1013.1 213 10014 10212
82
31 SI
8312
195R ,
11 S 81
General 4s
Bordeaux (City of) 3-yr Os_ _1919 M N 10133 Sale 10114
27
31
4 25
28
2 70
7213
29
Chic & E III ref & imp Is g_ _1955 J
7218
Chinese(Hukuang lty) Snot 1911 J DO 7012 7213 7013
25
2813 22 Jan '19
9634 95
95
1 9212 9512
8 ---- 22
22
U S Mtg & Tr Co ctfs of dep__
Cuba-External debt 5s of 1904_ M S 95
10212 105 104 Feb '19 ---- 10312 104
91
5 9012 9312
9212 91
19 4 71let consol gold 66
Exter dt bs of 1914 ser A 1949 F A 91
6 82
8318
8318
8312 89
75
1919 F A
75
75'4 8112 75 Feb '18
81
General consol 1st 5s
External loan 45is
7514 ___
2 7518 7618
7514
7511
9812 34 9734 99
__
N
97
1ep
3_
U Mtg & Tr Co ctfs of 2
Dominion of Canada g 53._1921 A 0 9818 Sale 9318
7514 78
54 9633 98
97
75 Nov'18
1926 A 0 9658 9678 9634
do
Guar Tr Co ctfs of dep _____
do
56 _-_
9773 50 9714 9813
9734 Feb '13
-A
1931 A 0 9778 Sale 9712
_
Porch money 1st coal 5s 1942
do
do
105f4 Sale 1053
,(4
32 Mar'17
10514 185 103 10513
Chic & Ind C Ry 1st Is. _ _1936 J J
French Retell) Vis secured loan_
s
2a
0le 0038
9 8678 9134
9134 91
6•12
91
A t 91
6134 15 60
Chicago Great West 1st 49 1959 M S 01
Japanese Govt-£ loan 430_1925
103 _-__ 103 Jan '10
9212 9212 Feb '10
1925 1 J192
103 103
86
Chic Ind & Loulsv-Ret 05_1917 J
9212
Second series 430
8212
_. 10012 Apr '17
9 84
87
87
89
Refunding gold 5s
do do "German stamp".
6818 --9 75
t-i(iro "gj- 7714
_
8412 Apr '17
1931 i7738
3
J
19
94
47
7j
J
Refunding 4s Series C
Sterling loan 45
7733
70 Nov'16
10158 154 10014 10212
N 10138 Sale 10114
1919
Ind & Louisv 1st gu 43_ ..19510 J 3 6018 _-_
Lyons (City of) 3-yr (3s
7758 84
7834 Feb '19
J
10158 210 10014 10212
783 785k
1956 J
Chic Ind & Sou 50-yr 4s_
Marseilles (City of) 3-yr 68_1919 M N 10112 Sale 10114
2 01
70
79
79
Mexico-Exter loan i 59 of 1899 Q j875
Chic L S & East 1st 430__ _ _1969 J D 82 __ . 9738 Dec '16
1 50
5912 5712
5712
1954 J D 55
5712 'Chicago Milwaukee & St PaulGold debt 4s of 1904
7412 7514 Feb .10
73
10014 432 9358 10014
73
J
7612
Q 3
198
,
9 .1
Getel gold 4s Series A.. e,
Paris (City of) 5-year es_ _ _1921 A 0 10013 Sale 9978
4 81
_
81
81
'
2116
4
9
72
03
78
8 Feb7
82
-;;17-8
M S 81
81
Regtstered
Tokyo City 5s loan of 1912
10 8112 84
82
82
1925 J 13 8133 83
Permanent 4s
U K of Gt Brit & IrelandN 100I Sale 100146
43 6934 7414
Sale
10014 4:11 9978103;1'6
1919
Gen & ref Ser A 4 3-0____a2014 A 0
3-year 53i% notes
8014 82
9334 347 9778 99
7934 Feb '19
7734 8178
1921 M N 98% Sale 9338
Gen ref cony Ser B 53_ __a2014 F A
5-year 5% notes
66
69
66 Nov'18
J
e19'89 J
100 10153
Convertible 533% notes__1919 F A -------- 10014 Jan '19 _
Gen'l gold 31-i9 Ser 13
1 -§61-4 8458
10012 '261 100 10134
-3 Pale
ale 10033
81 1 2
General 430 Series C.. _ _el9S9 J
J 8014 8112 8112
20-year gold bond 530_ _1937 F A 10013
7012 7118 7078
1 7078 737s
7078
J
These are prices on the basteof
1934 J
25-year debenture 4s
26 7534 8178
79
Sale 78
79
Convertible 430
j
_
21
J
State and City Securities.
932
Chic & L Sup Div g 5s- _1
19
-6- 0
97
81 92
7% O
peete 48
J -9
8
Chic & Mo lily Div 5s__ _1926 J
96
Sale 07
3 97 -iE-%53
96
97
9612 96
19213 3 97
96
971.g
Chic & P W 1st g 5s
N V City-431s Corp atock 1960
9612
2' 9612 98
96
9612 9612
7014 71
7978 Dec' 18
J
C
& Puget St1 1st ;pi 49.1949 J
43s Corporate stock _ _1961
99 --_- 9712 Aug '1E,
J
9058 97 Feb '19 _- 9613 9911
4 qa Corporate stock ____1966 A 0 96
Dubuque Div 1st a 1 Os__ _1920 J
10012 101 10034
10114 20 10038 10134
J 100 102 10478 Sept'17
Fargo & Sou assum g 68..1924 J
43s Corporate stock July 1067
9818 10314 9953 Feb '19
4 10034 10113
101
101
-66 - -665;
Sale 10014
19193 J
1965
La Crosse & D Ist 5s
4 Ms Corporate stock
9612 101
4 1(10 1)12
10012 101 1003.4
9818 98i,
10118
1921 J J
430 Corporate stock__ 1963
Wis & Minn Div g 53
82
___ 99
13
01
8's j
Jan 49
9114
00/8
J
9133
99
99
9034 9212
1920 J
4% Corporate stock
1959
Wis Valley Div 1st 69_
:3 9012 921.,
91
14 90,4 90,3 Dee
Dec :118
9133 91
Wilw & Nor 1st ext 4;0..1934 3 D
1953
9114
4% Corporate stock
91
9013
9012
9012 9012
Coons extended 430_ _ _1934 J I)
4% Corporate stock
1957
8
8891
8134
8
9°
25'8
2 Dec '18
3 91
9033
91
91
91
Chic & Nor West Ex 4s 1886-1926 F A
4%Corporate stock reg 1956
10012 loll, 101.14
8714 92
95 Dec '18
1 10012 102
10114
1886-1926 F A
Registered
New 430
1957
70
7213 7378
7 10038 10112
7378
10012 101 101
71
101
70
NI N
19371937 M
General gold 330
43i% Corporate stock
1957
67
7078 70
2 70
2 8112 82
82
70
70
82
82
n1987 Q
Registered
333% Corporate stock_ 1954
81
81
81
13 81
9012
99 July'18
8212
General 45
N Y State-1s
1961
8158 817tt Oct8'18
961 2 ioi
9712 Jan '19
1937 M N
9712 9712
Stamped 48
Canal Improvemeut 4s_ _A961
083 99
0013
9853
9734 Dee '18
-9812 101
9918
1937 M N
.1
General 55 stamped
Canal Improvement 45._1962
- - - - --0012
9718 Oct '18 _Sinking fund Os
1879-1920 A 0 1,1158 10112 104 May'18
Canal Improvement 43_ I960
1 1663-4 ioil;
10714
10714
10912 Apr '16
10714
1879-1929 A 0
Canal Improvement 41-0_1964 .1
Registered
10212 Dec '18
Feb
1879-1929 A 0
Canal Improvement 43.E9.1965
-663-8
Sinking fund Is
638
14 1-0
-6 - 9
10613
10612 Oct '18
96 Nov'18
bv48
9
21
9 A 0 96
Highway Improv't 430_1963
1879-1
1,
92
Registered
98
08
9938 OS
10018 June'18
67
g - -9
67
i
1_1-9
Highway improv't 41-49_1965
Debenture Is
93
97 Feb '19
7878 Dec '18
O 97
Virginia funded debt 2-39_1991 .1
1 A
m N
1,3
923
Registered
.07
743
---- 9734 9612 Feb '19 -__ 9612 96)2
26 63
71
6912
70
63 deferred Brown Bros etfa_ _
Sinking fund deb 59
.9614
97 Nov'18
Registered
8018 -_ 10112 Oct '16
Railroad.
Des Plaines Val 1st gu 4 As'4
1937
3 MS
M N
55
58
55
5 55
55
51995 Q J
Ann Arbor 1st g 45
5712
From Elk & Mo V 1st Cos_ _1933 A 0 107 10312 103 Feb '19 --- 108 109
1
Atchison Topeka & Santa FeJ 60 _--- 88 Jan '17
Man GB&NW 1st 3;69_1941 J
1995 AO 8212 Sale 8213
8314 59' 8134 8542
Gen g 4s
Milw & S L 1st gu 3)-3s...1941 3 J
81
80 Feb '19
1090 A 0
Registered
915961;Aug '18
80
80
Mil L S & West 1st g 69._ _1921 M S
1 75
75
751s 7918 75
51095 Nov
i
Adjustment gold 45
Jan '110
99
99
8034
Ext & Imps f gold 5s...1929 F A
103
86
7313 June'18 -51995 Nov
11178 Dec '15
Registered
Ashland DIY 1st g 6s__ _1925 M S 10414
7518 7534 7512
10614 1(1218 Mai.'18
7534 35 75l 79l2
51995 MN
J
Stamped
Mich Div 1st gold 65..1924 J
71
7618 74 Feb
80
1955 J
7814 Feb '19
7814
74
Cony gold 4s
78
77
Mil Spar & N W 1st go 49_1947 M S 73
94581
D 9133 Sale 9158
1, 9338 951i
1960
Cony 49 issue of 1910_
93
96
93 Feb '19
St T, Peo & N W 1st gu 5s 1918 J
J ---- 95
9218 Feb '19:__ 9218 9213
East Okla Div 1st g 44-1928 MS 8918 92
Chicago Rock Isl & Pao7013 80
79 Jun0'18'J
7712 80
7712
7712
4 7512 79
Rocky Mtn Div 1st 45_1065 J
Rail way general gold 43_..19883 J
7618 79
79 Feb '19
Trans Con Short L 1st 48_105S J
"70 81
198S J J _-_--- 7138 May'18
Registered
5
8514 85 Feb '19
.
72_12 _S
.
"1(
..31 8
70
218 Aug73
Cal-Ariz 1st & ref 430"A"1962 MS
1930A 0 .
85
17 --e5' -ii - -7612
85
;
Refunding gold 49
9934 July'17 -S Fe Pres & Ph 1st g 5s.__1942 M S 9534 106
- - -- - - - 20-year debenture 58
Sale 70
83 .
j 70
AU Coast L 1st gold 49____51952 M S 8212 8312 8234
71
8234 8512
2'4 S
934
It I Ark & Louis 1st 4;is_ _ 19
1 8373 88
8378
1964 J I) 837s 3.138 8373
Gen unified 41-3s
6
4 9
96
74978 9
76
2
Burl C R & N 1st g 5s_ __ _1934 A 0 06 __--' 96
9012 ---- 9612 Feb '19
_1928 M N
Ala Mid 1st go gold Is...
9612 9612
CRIF&NW 1st gu 53_1921 A 0 _„_ 9812 9714 Feb '19
J
8118 89
78 Oct
Bruns & W 1st gu gold 4s_1938 J
Clio Okla & G gen g 55-171919 3 3 9758 ___- 97 May'18
J 11112 ___ 12078 Aug
--_- 92
93 May'18 ---, -9-7-1 --792-4
Charles & Say 1st gold 78_1936 J
Consol gold Is
7514 7612 77 bet) 19
e1952 M N
1
L & N coil gold 43
7038 20 -65--ifzi
O 69 4 70 , 70
A N
3
Keolc & Des Moines 1st 53 195
23
2M
;
77
7812
68
6914 6938 Feb '19
Say & W 1st gold 5s____1931 A0 10318 ____ 108 Dec '13
69
71
St Paul & K C Sh L 1st 410'41 F A
10614 112 10614 Feb '19
19:31 AO 9.538 ___ 105 July'15 _- .
1st gold 55
10614 107
Chic SIP M &0 cons 09__ 1930 J
1925 .1 .1 8314 Sale 88
8418 ---- 88 Sept'18
8812. 43 -8
Salt & Ohio prior 330
m
,
30
0J
./; -£361-4'
193
Cons (is reduced to 310..1
87 Feb '19 __. 87
8858 9312 97 Jan '19
51925 (2 J 87
Registered
-6i" -oi 87
Debenture 53
Sale 76
7638 32 7534 8212
51918 A0 70
1st 50-year gold 45
North Wisconsin 1st 63..-1930 3 J 102 ____ 118 Nov'16
- _ 713
9234 Mar'17' _
51948 Q
Registered
1919 A 0 9012 _-_- 100 Feb '19
-667g 1.66 St I' & S City 1st g Os_
7778 Sale 7738
1933
92 ___
7812 23 -id - 80
95 may',•
10-yr cony 43.0
Superior Short L 1st 59 g -C1930 M
81
Sale 81
8212 43 so78 8212
623
; 60 Feb '19 ____ -66 - -66 Refund & gen 5s Series A_1995
Chic T II & So Ea.st 1st 59_1960 J D
9818 _ _
112 Jan '12 ...„
1922 J
Pitts June 1st gold 6s
2h0712 10212
10418
Chle & West Ind gen g 69_41932 Q 81 103 10114 104
8414 8514 8312 Jan '19
6238 62
P June & M Div 1st g 330 1925 M N
623
30
3
8315 8:012
1952 3 J 62
Consol 50-year 4s
73
74
74
74
3 7278 78
80 ____ 90 May'..............7
J
PLE&W Va Sys ref 43.._1941 M N
Cin H & D 22 gold 43-0._ ..1937 J
8318 8134 81
J
84
2 83
Southw DIv 1st gold 33,0_1925 J
C Find & Ft W 1st gu 4s g 1023 M N ---- ____ 88 blar'll
8614
81 ____ 79 Nov'18 - - - - --- -- -- --- -8914
2 893.1 8934
Cent Ohio It 1st c g 4 3.3s 1930 M 5 8931 Sale 893i
Day & bitch 1st cons 4 Iis 19313 J
0312 Aug '18
6712 68
68
68 -- -5
CI Lor & W eon 1st g 53 1933 AO 951s 97
- 6/34 7212
Cleo/ Chi Ch & St L gen 4s 1993 J D
10114 Nov '16
7712 78
Monon River 1st gu g 53_1919 FA 781ii
7818
8 7812 80
1931 J
J
20-year deb 41
-is
_ 90 Jan '19
77
8434 8614 Aug '18
Ohio River RR 1st g 5s
D
- -66.1993
General Is Series 13
1935 3D 9418
7313 80
8378 Mar'17 ---- - -- - - - - 1937 AO 91 _ _ 90 Jan '19
General gold Is
00
Cairo Div 1st gold 49
1939 3 J
90
9918 Mar'18
(3734 _ ___ 6734 Feb '19-- -7
Pitts Cley & Tol 1st g Os..1922 A 0 9912
66
i
3
:
166
f3-4 -7
Cin W & M Div lst g 4s 1991 J
6:312 6578 6618
J
6(318
7512 70
1 6112 68
76 Feb '19 --_Tol & Cm div 1st ref Is A _1959 J
St L Div 1st coll tr g 4s...1990 M N
99 Feb '19
Buffalo R & P gen g 55
1937 M S 9918 107
09
99
Spr & Col Div 1st g 43__ 1940 M S 7414 ____ 7418 Jan '19 ---- 7418 741s
N 8812 _ _ _ _ 9912 Oct '17
7012 ____ 84 Nov'16
1957
J
Consol 4;0
W W Val Div 1st g 45... _1940 J
9933 10018 99 Sept'18 ---- - - - - - - - 1998 AO 7434 9612 97 Nov'16
All & West 1st g 45 gu
C I St L & C consol 6s___ _1920 M N
10318 Feb '10
J 88 _ _
87 Dec '17 -- - _ - - - _
Clear & Mah 1st gu g 5s._1943 J
k1930 Q F 8214 90
1st gold 49
8812 May'15 -----------Roth & Pitts 1st geld 5s 1921 F A 10078 102 101 Nov'18
Registered
92-14 -_-_-- -- 9373
1922 J D 10138 103 10078 Sept'18 _9378
2
s
Consol 1st g (19
Cm S & Cl cons 1st g 59..1
/193
26
8(
11 F
J --9.1
9512 91
105 107 107 Feb '19 --_- 107 107
1 9318 9578
Canada Sou cons 1111 A 513-1962 AO 9:3
CCC&I gen cons g es__1934
80
1 Si) 82
Car Clinch & Ohio 1st 30-yr 5938 J I) 7512 8212 80
Ind 13 & W 1st pref 45____1940 A 0 7413 ........ 94 July'08 -9978 10:3 100
8214
A
10012 10 100 10017
Central of Ga 1st gold 53___p1945
__
._
-___ -_-_-_-_ -_-_-_-_
0 Ind & W 1st pref 5s_ _ _21938 Q J
93
9112 Feb '19
55
56 Feb '191-_ _ 56
91
0078
Consol gold 53
50
1945 M N 92
Peoria & East 1st eons 49_1910 A 0 49
1212 17111 1212 Feb '19 ____ 12
80
1212
7234 Nov'18
Chatt Div pur money g 49 1951 J D 74
1990 Apr
Income 45
- -J 82 ___ 90 May'18
Mac & Nor Div 1st g 59..1946 J
2 88
88
88
-Cleve Short L 1st gim 4;0...1961 A 0 8758 9258 88
9018
J
9753 June I?
88
Mid Ga & Atl Div 59
88
10 87$4 8914
1947 J
Colorado & Sou 1st g 43._ _1929 F A 8712 88
-- - -- 9134 Jan '19
78
Sale 7778
J 9173 94
79
Mobile Div 1st g Is
21 7714 7912
1946 J
0134 9133
Refund & Ext 4/
10
9812 9934 99 Feb '191---- 99
87
89
8358 Dec '18
N
N1 N
Centna & Rot Oa coil g 58_19:37
92
315 3D
19
Ft W & Den C 1st g es- _ _1
9934
111',14 10212 10214
Cell lot NJ gen gold Is
10212
2 li)2 105
1987 J
Conn & Pas lilys 1st g 4s_ 1943 A 0 65
10013 11)2 10114 Feb '19
J - _ _ _ 9434 93 Feb 16 ____ - - - - - - - Registered.
10114 10114
51937 Q
Cuba RR lit 50-year 5s g _ _ _1952 J
0834
99
10034
Feb '19
Am Dock & Imp on 53_ ..1921 J
99
09
Del Lack & Western77
100 Apr '18
Leh & Bud My gen WI 5s-1920
-_
71 Oct '18
__
Morrls & Ess 1st gu 33.0_ _2000 J D 72
19213 J 10114 10178 102 Dec '18
N Y & Long Br gen g 4s 1941 M S 8818 -__ 10012 Jan '13 _
___
N Y Lack & W 1st 6s
80
65 Jan '19
60
1923 F A 9712 -___ 100 Feb '19--__ 9534 101
Cent Vermont 1st gu g 4s_.e1920 Q
05
05
Constriction 53
9012 89
9218 9334 92 Dec '18
89
1 89
Chesty & 0 fund &
89
J
5s 1929
9313
Term & Improvt 43._ 1923 51 N
98
Lit consol gold Is
6712
15 9714 9912
10218 Feb '08 ____ _ _ _
1939 MN 9714 9312 9712
Warren 1st ref gug33.3s.2000 F A
1
l
_ 103 10412 Jan '17
Registered_
1939 MN

High No. Low High
Bid
Ask Low
U. S. Government.
98.62 Sale 98.62 99.74 5101 98.20 99.80
330 1st Liberty Loan__1932-47
94.40 Sale 93.50 94.44 735 92.50 91.44
1932-47
49 let Liberty Loan
93.68 Sale 93.10 93.76 4245 92.10 91.10
1927-42
4s 22 Liberty Loan
1) 91.72 Sale 91.72, 95.12 320 94.60 96.60
4s 1st Liberty Loan_1932-47
91.00 Sale 93.84 91.16 6523 93.74 1)5.32
4 gR 22 Liberty Loan___ _1927-42 1).1
95.36 Sale 95.12 95.45 10711 94.90 96.50
1928
13,is 32 Liberty Loan
1938 A 0 91.03 Sale 93.81 94.12 20688 93.76 95.72
4 q 8 4th Liberty Loan
9778 Feb '19
9778 9778
tO
21930
registered
consol
2s
98 Feb '19 _
21930
2s consol coupon
1017 165.1; 10434 Feb '19 ____ 10138 10134
192:
45 registered
10178 10512 10178
1 10414 10512
10178
1925
49 coupon
1 9814 081,
9314 Sale 9814
9114
k193(
Pan Canal 10-30-yr 2s
97
99 July'18 --__
Pan Canal 10-30-yr 25 reg_1938
88
8712 Feb '19
8712 8712
1961
Panama Canal Is g
88
89
89 Sept'18
1961
Registered
90
100
Feb
'15
1914-34
9E3
4s
Philippine Island

•No urine Vrlday: lateit ttili week. a Due Jan. 0 Due Aprtl. e Due May. g Due June. h Due July. k Due Aug. o Due Oct. p Duo Nov. q Due Dee. 8 Option sale.




956
BONDS
N. Y. STOCK EXCHANGE
Week ending March 7

New York Bond Record-Continued-Page 2
'VI
t.a
t
::-, 4
.

Price
Friday
March 7

Week's
Range or
Last Sale

..
B:
1
- i.
Range
V4.
Since
Jan. 1.
-1

BONDS
N. Y. STOCK EXCHANGE
Week ending March 7

Price
Friday
March 7

woL. 108.
Week's
Range or
Last Sale

g

Range
Since
;1 Jan. 1.

Bid
As Low
High No. Low High
Bid
Ask Low
High No.'l Low High
Delaware & HudsonLeh V Term Ry 1st go g 5s__1941 A 0 10014 -___ 10014 Feb '19__-- 9818 10214
lat lien equip g 4 Ms
1922 J J 9638 97 96 Feb '19 - 96
Registered
9018
1941 A 0 ____ 10114 113 Mer'17 -- __
1st & ref 48
85 Feb '19 __- 8334 8514
1943 M N 8414 85
Leh Val RR 10-yr coll 68__n1928 __ 101.34 Sale 10112
10178 76 101-1-g 10258
20-year cony 58
9312
9134 10 9313 9534
1935 A 0 94 95
Leh Val Coal Co 1st gu g 58_1933 J J 971 --- 9934 Dec '18 -- -__ - __ Alb & Susq cony 3M8-....1946 A 0 ---- 77
7534 Feb '19 ---- 7 58 77
Registered
1933 J J ---- ----105 Oct '13 ---- - - - - -- - Renss & Saratoga 1st 7s 1921 M N 10318 ..--- 10338 Sept'18 ----------1st int reduced to 48
1933 J J 79,
L.:: __ _ _ _ _ _ _
8 ---Denver & Rio GrandeLeh & N Y 1st guar g 4s___ _1945 M S 79 -- "ici- July'18
- -.-- - 1st cons g 48
70
70
1936 J J 69
7014 18 6978 73
Registered
1945 M S
-- -- - - -76
oonsol gold 430
10 73
73
73
74
1936 J J 73
Long Isld 1st cons gold 5.9._h1931 Q J -661i ikoi -64
Nc7,7ii
-- -.- - --Improvement gold 5s
79
1928 J D 79 Sale 79
2 70
7918
1st consol gold 48
h1931 Q J 8718 ____ 9914 June'16 --1st & refunding 5s
1955 F A 4913 Sale 4912
51
43 4912 5714
General gold 4s
81
1938 J D 78
79 Jan '19 --- -ii" -id Rio Or June 1st gu g 53......1939 J D 82 --- 8734 Nov'16 ---- __ _ _ __
Ferry gold 4s
1922 m S 8618 96
85 Sept'18 -- - - - - -Rio Or Sou 1st gold 48
6114 Apr '11 -3
1940 J J
Gold 48
1932 .1 D 75 ____ 9914 Oct '06 -- -.- - - -Guaranteed
-----39 July'17 __1940 J J ---Unified gold 4s
1949 Pd S 7514 89
78 Nov'18 __..
Rio Or West 1st gold 48..1939 J J 69
Sale 69
3 69
70
7234
Debenture gold 58
81
1934 J D 77
81 Jan '19 _- "if -""
ii
Mtge & coil trust 4s A 1949 A 0 57
5918 59
1
7
59
9
20-year p m deb 58
1937 M N 75
77
75 Feb '19 ..--- 75
7712
Dot & Mack-lst lien g 4s 1995 .1 D 60 --__ 82 Dec '16 ------------_
_
Guar refunding gold 48._ 19
349 hi
m s
S 7512 77
075612
419
1 _-- '76
7612
., 89
1995 J D
Gold 48
7512 July'16 --Registered
---- -Jan
---- - - - - --Det Rlv Tun Ter Tun 4 Ms-1961 M N--_
84
8234 Feb '19 --8134 8414
N Y B & M B 1st con g 58_1935 A 0 94 __-- 94 Jan '19 ___. 94 94
Dul MLssabe & Nor gen 5s 1941 J J 9614 ---- 9634 June'18
N Y & R B 1st gold 5s
1927 M S 92
98
94 Dec '18 ::___ __ _ _ _
Dul & Iron Range 1st 58
1937 A 0 9318 100
9414 Feb '19 ---- 94,14 9412
Nor Sh B 1st con g gu 5s_o1932 Q 5 91 ____ 100 Aug '16
1937 A 0 ___
Registered
_ 10513 Mar'08 ---- __
_
Louisiana & Ark 1st g-5s_ _ _1927 M S 8814 90
8814
I "iila "8818814
4
Dul Sou Shore & Atl g 58- _1937 J J 81
83 Feb '19 --86
3
Louisville & Nashv gen 68_1930 J D 107 11212 108 Feb '19 -- 108 108
Elgin Joliet & East 1st g 5s-1941 M N 9158 102
99 Nov'18 -----------Gold 55
1937 m N 9738 102 10012 Jan '19 __- 10014 10012
Erie 1st consol gold 78
1920 M S 9934 Sale 9934
9934
1 9958 1•612
Unified gold 4s
1940 .7 J 8434 8512 8514
8514 15 8412 8812
N Y & Erie 1st ext g 4s_ 1947 M N 8138 ---- 7818 Oct '18 --- --_ ____
Registered
1940 J J 8313 8814 9658 Jan '17.2d ext gold 50
9618 June'18 ---- ____ __ _ _
1919 M S 9738 100
Collateral trust gold 58_ _1931 M N 9712 100 100 Jan '19 __ iOO" itid 3rd ext gold 4 Ms
1923 M S 91 ......- 9312 Jan '18 ....-L Cln & Lox gold 4%8_1931 M N 921s 95
9318 Feb '19 ___ 9318 931s
4th ext gold 58
1920 A 0 9638 -- - 9912 July'17 ---N0
2d&
goNil
d 16s8t gold Os
1930 J 5 10214 10412 10512 Jan '19 ____ 10512 10512
5th ext gold 4s
1928 J D 82 -- - 9434 Nov'15 --1930 .1 J 98 ---- 100 Jan '19 ___ 100 100
N Y L E & W 1st g fd 7a 1920 M S 99 10012 1003s July'18
Paducah & Mem Div 48_1946 F A 8018 84
7912 Jan '19 __ 7912 7912
Erie 1st cons g 48 prior_ -1996 J J
701:
7
1
6613
67
15 66
St Louis Div 1st gold 68_1921 m S 9934 ---- 10014 Jan '19 __ 10014 10014
1995 J J --- -Registered
- --84 Dec '16 --2d gold 38
1980 M S 5612 -___ 57 Feb '19 __. 5
75
718 5
77
84
1st consol gen lien g 4s-1996 J J 5378 Sae 5312
5434 44 5212 661,
Atl Knox & Cm Div 48_ 1955 M N 77
78
79
78
1
Registered
1996 J J *53 ---- 73 June'19 --- ____ __
Atl Knox & Nor 1st g 5s.1948 J D 9578 --_- 95 Nov'18 ....__-_-Penn coil trust gold 48-1951 F A 79 82
7734 Feb '19 --„ 7758 78
Hender Bdge 1st s f g 68_1931 M S 10112 ____ 10312 Sept'18
50-year cony 4s Ser A 1953 A 0 4578 4758 463i
4734 29 4634 49
• Kentucky Central gold 48.1987 J .1 7418 773s 78
7878 -. -if - -,
t
5i118
4
do Series 13
1953 A 0 4758 Sale 4718
4734 19 467g 487s
Lox & East 1st 50-yr 58 go 1965 A 0 04
1 94
91
Gen cony 4s Series D....1953 A 0 4912 Sale 4914
5012 49 4812 525s
L&N&M &M lstg 4301945 M S 8512 ---- 88 Nov'18 ____
Chic & Erie 1st gold 58_ _1982 M N 9312 100 94 Feb '19 --- 94 951s
L & N-South M Joint 48..1952 J J 7212 73
7212
7212
5 "ii" "fira
Clev & Mahon Vail g 58--1938 J J 91..... 10678 Jan '17
Registered
h1952 Q J
95 Feb '05
.
Erie & Jersey 1st a f 68.-1955 J J _-961a 9714
9714
3 974 101
N Fla & S 1st gu g 58
8 -5§- 95 Aug '18 ---_1937 l' A -5E7---.
--- -- --5 9672 101
Gene8ee River 1st 8 f 68-1957 J J 9412 9714 9714
9714
N & C Bdge gen gu g 430_1945 J J 8512 ---- 9778 May'16
Long Dock consol g 681935
A 0 108 --- 108 Dec '18 ---- _ ..
.
Pensac & All 1st go g 68_1921 F A 10153 --_- 10138 Jan '19 ___ 1_0
.111:4 1_13
.1:3:8
Coal & RR 1st cur gu 6s 1922 M N 9112 ---- 103 Jan '18 ---- ___ ._ _
S & N Ala cons gu g 58_ _ _1936 F A 965__._ 99 Apr '18 ____
Dock & Impt 1st ext 5s._ _1943 J J 8712 --- 10212 July'17 -- ____ __.
Gen cons gu 50-year 58_1963 A 0 93
9812 9312 Jan '18 --- _. -. -. -. ____-...N Y & Green L gu g 58-1946 M N 8612 --- 135 Jan '18 ---- __ ___.
L & Jett Ildge Co gu g 48___1945 M 5 70 _-__ 60 July'18 -N Y Susq & W 1st ref 5s-1937 J J 71
75
77 Feb '19 ---- 75
Manila RR-Sou lines 4s___1936 M N ---- ---781(
2d gold 4s
1937 F A ___ 55 10014 Dec '06 ....- _____
Mex Internet 1st cons g 48..1977 M S --------77
"" mi-kirio ---- :::: ::::
General gold Ss
62
60 June'18 -1940 F A
Stamped guaranteed
1977 M S --------75 Nov'10 -- -- _ _._
Terminal 1st gold 58.-1943 M N 8514...-- 97 Dec '18 ---Midland Term-lst a f g 58_1925 J 0 80 --- 9113 June'17 ----:. ---- _ _ _ _
Mid of N J 1st ext 5s- _ 1940 A 0 85 --- 108 Jan '17 -----------.
Minn St Louis 1st 78
1927 .1 13 101 ___ 101 July'18 __......Wilk & East 1st gu g 5s1942 J D ___ 717-8 72 Jan '19 --- 72
72
Pacific Ext 1st gold 601921
A 0 97 101
99 Feb '19
-66.- -66Ev & Ind 1st cons gu g 68_1926 J J
-- -- 2312 Jan '17 --- ____ ___.
1st consol gold 5e
1934 M N ---- 7814 7814
781.i
i 7814 7814
Evansv & T H 1st cons 65_1921 J J 96 100
96 Feb '19 -96
98
1st & refunding gold 48_1949 m 5 4412 4513 4658 Feb '19 -_-___ _4.4_4_7_1
.
8
1st general gold 5s
1942 A 0 66 ---- 8518 June'17 ---- ____ - _ -.
Ref & ext 50-yr Os Ser A 1062 Q F --- 4978 5018 Dec '18 __
Mt Veinon 1st gold 613-1923 A 0 ----- 108 Nov'll ---__ __.
Des M & Ft D 1st go 40..1935 .1 J
60 Feb '15
Suit Co Branch 1st g 58_1930 A 0 ---- 9858 95 June'12 --- -ii- - .
Iowa Central lot gold 58 1938 .1 D -5312 -gi5-8 77 Jan '19
-.if" "if Florida E Coast 1st 4 Ms._1959 J D 82
Sale 82
82
i
ii
Refunding gold 45
1951 m S 43
45
4312
45 --ii 43
461s
Fort St U D Co 1st g 430-1941 2 J -- ------ 92 Aug '10 ---- _____
MStP&SSMcong4sintgu_1938 J J 85 8578 8618 Feb '19 --__ 86
89
Ft Worth & Rio (Jr 1st g 48_1928 J J 5613 --- 5612 Oct '17 ---- ____ ___.
1st cons 58
9814 -__ 9734 Feb '19 ____ 9734 9734
1938
Galv Hous & Hen 1st 58........1933 A 0 ____ 80 80 Deo '18-,„.
let Chic Term 8 f 48
1941 Kt -.fa 88 --__ 92 Jan '17
Great Nor C B & Q coil 48..1921 J .1 953t Sale 953t
310 9533 96
06
M S S M & A lat g 48 int gu_'26 J J 9314 94
9412 Jan '19- .9:11! _0_4_1
!
Registered
h1921 Q J 9512 Sale 9538
Mississippi Central 1st 58_ _ _1949 J J 80 00 95 Dec '16 -9512 20 9538 955;
lat & ref 4Us Series A____1961 J J 8578 8614 8558 Feb '19 --- 8514 89
Missouri Kansas & TexasRegistered
1061 J J 83 --- 96 June'16 -----------1st gold 4s
1090 .1 D 05 6514 6538
6538
3
5 6
29
47
182 6
39
1
St Paul M & Man 4s
1933 J J 8814
8912 Apr '18 ..-2d gold 41
g1990 Ie A 31
Sale 31
31
1st consol g 6s
19332 J 10718 109 111 Nov'18 -1st ext gold 5s.
1944 M N 2818 3134 32 Sept'18 --- _ii - ...
ii.34
Registered
1933 J J 104 -118 Apr '17 --1st & refunding 48
2004 M S 42
45
4234 Feb '19 _Reduced to gold 4;0_1933 J J 9238 95 95 Jan '19 -. 94 95
Trust Co certfs of dep ____ _
_
42
44
43 Feb '19 __ 43
43
Registered
1933 J J 9038 99 10212 PA ay'16 --- ___ Gen sinking fund 43s.. 1936 J- -5 2812 34
32
,
S Dec '18 __-- ......_:-. ....._-_-_
Mont ext 1st gold 48_1937 J D 8613 89 8878 Feb '19 ---- 8878 887;
St Louis Div 1st ref g 40_2001
( ....._ _3_0_ 40 Nov'10
Registered
1937 J D 8418 ---- 9512 Mar'16 ---- ____ -__.
5% secured notes "ext" '16
..
Pacific ext guar 48 £_ _ _ _1940 J .1 77 -_-- 8513 Nov'15 --- _._ - - - - .
Dell & Waco 1st gu g 58_1940 --------40iii
M N
i; Apr' 17 --- :::: ::::
E Minn Nor Div 1st g 4s.1948 A 0 7733 82 80 Nov'18 ---___ .
Kan City & Pac 1st g 48..1990 F A 58
64
60 Oct '18 ::---Minn Union 1st g Os
1922 J J 101 ....-- 10014 May'18 --- -- _._.
1's•Io K & E 1st gu g 5s
1042 A 0 3614 62
50 Jan '19 __
Mont C 1st gu g 68
1937 J J 10758 -- 108 Nov'18 ---- ___ ___,
M K & Okla 1st guar 5s 1942 M N 65
73
7112 Jan '10 ___- 7112 7112
Registered
1937 J J 104 _-__ 13614 May'06 ---__
_.
M K & T of T 1st gu g Os 1942 M S 5012 55
51
51
1 -;
56
1 - -5
&1
i1st quer gold Os
1937 J J 9818 ---_ 9913 Jan '19 ---91 9912 . Sher Sh & So Ist gu g 58_1942 J D ---- 65
51 Dec '16 ---Will & S F 1st gold 58_ _1938 .1 D 100 ---- 10934 Aug '16 ----------__
,
Texas & Okla 1st gu g 58..1943 M S ____ 3012 301s Nov'18 ---- - -- - -Green Bay & W deb etfs"A"-- Feb
5114 Feb '19 -- 51
65
52
52
Missouri Pacific (reorg Co)
Debenture ctfs"B"
Feb
612 712 712 Feb '19 ---7
81,
1st & refunding 58 Ser A 1955 F A --- 86
8738 Jan '19 -- 8738 877s
Gulf & S I 1st ref & t g 5s__b1952 J J 75
80 Jan '19 ---- 80 8212
79
1st & refunding 58 Ser Ba 1923 F A 9212 95
93
03
91.
Hocking Val 1st cons g 4 Ms 1999 J J 7914 82
79 Feb '19 ---- '79
83
& refunding 58 Ser C 1926 F A 881.i 8978 89
8 i 11
r g
1st
Registered
1999 J 1
---- 7312 June'18 ----------General 4s
Sale 6034
1975 PA S 131
62
154 5912 6312
Col & II V 1st ext g 4s
--__
7313 Oct '18 ---- --- - -.
1948 A 0 7512
Missouri Pee let cons g 68_ _ 192
45
0 M N 0912 100
Col & Tol 1st ext 4s
1955 F A 7614 --- 75 Feb '18 --40-year gold loan 4s
5
28
912 Oct '18 ---2
-.
2
-2
'
!
- 1_°°
___
Houston Belt & Term 1st 58.1937 J J 80
88
85 Dec '18
3d 78 extended at 4% __ 1938 M N 6
.
- 82 Apr '17 ..... ________ ______ __
Illinois Central 1st gold 4s_ _1951 J J 86 Sale 86
8614
5 g ii
Boonv St L & S 1st 5s gu_ 1951 Ie A -------.
-- -100 Feb '13 -Registered
92 Sept'17 ---- - -- -- -.
1951 J J 69 83
Cent Br U P 1st g 48 _ _ _1948 J 13 64
8438 9712 Dee '13 _1st gold 33.8
1951 J J 7338 ---- 7534 Oct '18 -- -- - - _ - - - Pee Rot NIo 1st ext g 45...1938 le A 8014 90
81 Jan '19 ____ "if. - "iiRegistered
1951 J J 7114 -_-- 84 Nov'15 -- - - - - - -.
2(1 extended gold 5s_ _ 1938 J J 8718 ____ 1003.1 Apr '18
Extended 1st gold 3 Ma--1951;A 0 7112 ---- 80 June'17 ---- - - - - -- st
I.Ir M & S gen con g 5s 1931 A 0 95
951 95 Feb '19 __ _. -66.- 16(ili
Registered
1951,A 0 7138 ---- -,,- ---- ---- - - - - - -Gen con stamp go g 58 1931 A 0 -------- 102 July'14 _.- _ _
__
1st gold Is sterling
1951,M S _ __ ---- 810 Joly.09 ____ ____ ___
Unified & ref gold 48 ..1929 J J 7812 Sale 7812
80
11 -781-2 -821-2
Registered
1951 M
-- --Registered
1029 J J --- - - - - 8078 Oct '17 __
SCollateral trust gold 48_ 1952 A 0
'7'713 79% 77 Feb '19 ---- 77
79
Illy &0 Div 1st g 48...1933 M N 753-3 Sale 75
7538 14 -iiis
Registered
1952 A 0 _
__- 9538 Sept'12 ---, -- --Verdi V I & W 1st g 58_ _ _1926 M S 8912 _. _ 78 Sept'15 ____ ____ -if
_
1st refunding 4s
1955'M N 81 -Sale 81
811.,
1.11 81
841
Mob & Ohio new gold 68
1927 J D 10218 104 10353 Feb '19 ____ 10358 10514
Purchased lines 3Ms
72 Jan '19 ---,I 72
1952 J J 7018 74
72
1st ext gold 68
/11927 Q 5 95 -___ 95 May'18 ---L N 0 & Texas gold 4s
7414 7518 7418
1953 M N
7478
8 741
1 General gold 43
758
1938 M S 68 __-- 71 Nov'18
rv- Registered
7118 74
1953 M N
72 Feb '18 ----------- M Montgomery Div 1st g 55_1947 F A 8618- 93 July'17ir Cairo Bridge gold 4s...1950 J D 78 -___ 78 Nov'18 ---- - - - - - - 111 St Louis Div 5s
1927 J D 84
87
90 Aug' 17 ___
1 Litchfield Div 1st gold 38_1951 J J 57 • --__ 79 Feb '14 ---- ____ _ _ _ '
St L & Cairo guar g 45...._ _1031 J J 7014 841s 78 Oct '18 ___'_
I Loulsv Div & Term g 3MB 1953 J J
'1.
7312 Nov'18 ---- - -- - --Nash,
/ Chatt & St L 1st 58_1928 A 0 97 100 100
100 ..1
.
.
0 1_0y_ i 1_0_0::
P Registered
---- 83 Aug '12 ---1953 5 J -------__
Jasper Branch 1st g 6s_ 1923 J J 10038 10414 11014 Mar'17 ___
P Middle Div reg Os
1921 F A 9718 -___ 102 June'10 ----------_ Nat Rys of Nlex pr lien 4 Ms_1957 J
J -_-- ___ 35 Deo '18
r Omaha Div 1st gold Is. _1951 F A 5714 ____ 5814 Sept'18 ---- --- - - - ril Guaranteed general 4a__ _ _1977 A • 0
___ 35 Aug '16 --r St Louis Div & Term g 38_1951 J J 65 6913 62 Oct '18 ----------Nat of Mex prior lien 430_1926 J J _ - - 9678 Feb '13
:::: ::::
Cold 3s
1951 J .1
8314 13518 Oct '18 -"'1st consol 48
1051 A 0 --------21 Aug '18
Registered
1951 J .1 -7080 June'10 --------------New Orleans Term 1st 45_ _ _1953 J J 671-.
4 -Sale 671 1
6712
2 -665
;-671;
Springf Div lat g 3s.....1051 J J 67
8112 805s Nov'16 ---- -__ _ -.
N 0 Tex & Mexico 1st 6s_ 1925 J D 96
9618 9614
9614
3 95 9712
Western Lines 551 g 48
1951 F A
8012 Dec '18 ---- --- - ---.
13 '
Non-cum income 58 A._._1935 A 0 54
55
5412
55
54
20
5812
' 1 Registered
1951 F A ---- ----92Nov'10 ---- - - --- .
New York Central RILFliellev & Car 1st 6s
1923 J D 9518
11713 Mey'10 ---Cony deb 6s
1935 M N 0858 Sale 9812
99
88 977s 0934
r Carb & Shaw 1st gold 48_ _1932 M S 70 -___ 90 Jan '17 --- -- - - ---.
Consol 4s Series A
1998 F A 7358 74
74
74
5 74
7814
; Chic St L & N 0 gold 58_1951 J D 9834 100
9834 Feb '19 ---- 941s 993
Ref & imp 414s "A"
2013 A 0 81
8378 82
8214
6 82 8512
' 8,Registered
1951 J D 951s ---- 0518 Feb '19 --- 9518 951;
Nem
woY
rtograkgeCeAt
is& Hod Riv1951 J D 6614
LCold 335s
6512 July'18
1997 J J 72
7212 7212
723
, 13 71
7234
Registered
1951 J D
Registered
1997 J J
- 6678 Aug '18 -1st ref 5s Series A.1963 J D __ 9078 9012 Feb '19 ---- 901 95
Debenture gold 48
1034 PA N - 3- -84
84
1
81
34
-8t'
sr Memph Div 1st g 48_ _1951 J D 7238 -.__ 7018 Oct '18 ----------- .
Ristered
eg
1934 MN ---- --- -79_
Nov'18
Registered
1951 J D 71
78
65 Nov'17 -----------.
Lake Shore coll g 3368____1998 F A 63,14 66Is 6612 Feb '19
6612 168
St Louis Sou 1st gu g 45.._1931 M S 80,
8 --- 7934 Jan '19 ---- 7934 793
Registered
1098 F A _-_- 6638 67 Jan '19
67 167
Ind Ill & Iowa 1st g 4s
1950 J J 8058 84 8014 Feb '19 --- 8014 82
Mich Cent coil gold 3 Ms_ _1998 F A 05 Sale 65
05
I 65 L70
Int & Great Nor 1st g 6s
1919 M N 9512 9778 96 Jan '19 ---- 96 96
Registered
1998 F A
'76 '75 Mer'17 ---James Frank & Clear 1st 48_1959 J D 8034, 90
82 Feb '19 --- 82
82
Battle Cr & Stur 1st go 38_1989 J D -5
--Kansas City Sou 1st gold 38_1950 A J 61 (13
6438 Feb '19 ---- 6212 641
Beech Creek 1st gu g 48_1936 J J 8278 -------- -§
.61-t Dee '18 ..---6v Registered
1950 A 0
78 Oct '09
Registered
1936 J J _ _ _ - -_ _ 9534 Nov'15
---Ref & Impt as
Apr 1950 J J 83
8418 8412
8412
2 84
853
2d guar gold 58
1936 J • J 88
96 104 Nlay'16 ..........
Kansas City Term 1st 48... _1960 .1 J 7734 78
7734
18 7678 81
78
Registered
1936 J J -___-- --Lake Erie & West 1st g 5a_ _1937 J J 8934 Sale 8934
893.1
1 8934 893
Beech Cr Ext 1st g 3Ms_b1951 A 0 65
Is 2d gold 55
1941 J J ___, 83 8058 Feb '17 ---- _--- - _ _
Cart & Ad 1st gu g 4s___ _1981 J D 7518 ---- 89 Nov'18
ea North Ohio Ist guar g 5s_ _1945 A 0 ____ 99
8038 Oct '18 -- ____ _ _ _
Gouv & Oswe 1st gu s- 5s._1942 J D 9034 ---Val
Leh
N Y 1st gu g 430_1940 J .1 89 -_- 89111 Feb '19 --__ 89 02
Moh & Mal 1st go g 48_ _ _1991 M S 7718 ---- 518 Oct;
if;:L
-.
Registered
1940 J J 8418 93 89 Oct '17---- - - N J June R guar 1st 40_ ._1986 F A 09 ---- 8912 Feb '16 _
Lehigh Val (Pa) cons g 4s_ _2003 M N 80 81
8012 Feb '19 ____ 8012 801
N Y & Harlem g 3 Ma_ _2000 M N
75 ---- 80 Mey'17 _.
General cons 4s
2003 M N 8538 92
90 Feb '19 -.. 00
90
N Y & Northern 1st g 58_1923 A 0 9718 --. 9714 Feb '19 _. 9713k 9714

31 78

ia

r-Joint

• No price Friday; latest bid and asked LW week. a Due Jan




_

b Due Feb. e Due June. h Due July, n Duo Sept. 0 Due Oat. a Option sale

BONDS
N. Y. STOCK EXCHANGE
Week ending March 7

tt

N Y Cent & LI R RR (Con)—
N Y & Pu 1st cons gug 49_1993 A
Pine Creek rcg guar 65____1932 J
P. W &0 con 1st ext 5s—h1922 A
Rutland 1st con g 4%s___1911 J
Og & L Cham 1st gu 4s g_1048 J
Rut-Canada 1st go g 45_1949 J
St Lawr & Adir 1st g 5s— _1996 J
1099 A
2d gold 6s
Utica & 131k Illy gu g 49_1922 J
1997 J
Lake Shore gold 3AS
1997 .1
Registered
1928 M
Debenture gold 4s
1931 M
25-year gold 4s
1931 M
Registered
1933 J
Ka A & G It 1st gu c 5s
1934 J
Mahon Cl RR 1st 5s
Pitts & L Erie 2d g 53___a1928 A
Pitts McK & Y 1st gu 63..1932 J
1934J
2d guaranteed 63
1931M
Michigan Central 53
1931 i Q
Registered
1910 J
43
1940'J
Registered
1951 M
J 1.& S tat gold 33is
1952 M
1st gold :336s
20-year debenture 4s....1929 A
N Y Chl & St 1.1st g -is _ _1937 A
1937 A
Registered
1931 M
Debenture 49
West Shore 1st 4s guar_ _ _2361 J
2361
Registered
N Y C Lines eq tr 5s__1919-22 M
Equip trust 4Iis__1919-1925 J
A_ _1953 F
N Y Connect lstign 4
N Y N II & Hartford—
1947 M
Non-cony deben 4s
Non-cony deben 3)s. _ _1947 M
Non-cony deben 33gs____1951 1 A
19553
Non-cony deben 4s
1956,M
Non-cony deben 4s
1955IJ
Cony debenture 330
1918'J
Cony debenture 6s
Cons Ely non-cony 48___ _1930,F
1954'J
Non-cony deben 4s
Non-cony deben 48_ .._1955J
A
_1955
4s_
deben
Non-cony
Non-cony deben 4s_ ..._1956 J
Harlem It-Pt Ches 1st 49_1954 M
13 & N Y Air Line 1st 43..1955 F
Cent New Eng 1st gu 49_1961 J
Hartford St ay 1st 4s.....1930 M
Housatonic It cons g 59_1937,M
Naugatuck RR let 4s__ _ _1954,M
N Y Prov & Boston 49__ _1942 A
NYW'chos&B 1st ser I 43,63'46J
Boston Terminal 1st 4s......19391A
New England cons 5s_...1945 J
1945 J
Consol 4s
Providence Secur deb 4s__1957 M
Prov & Springfield 1st 55_1922 J
Providence Term tat 4s. __1956 M
W & Con East tat 430_1943 J
NYO&W ref 1st g 4s_g1992
Registered 55,000 only 41992 M
1955 J
General 4s
Norfolk Sou tat & ref A 59_1961 F
1941 M
Norf&Sou 1st gold Is
Nod & West gen gold 6s_ _ _ _1931 M
Improvement & ext g 6s_ _1934 F
1932 A
New River 1st gold Os_
N & W Ry 1st cons g 43._1996 A
1996 A
Registered
Div'l 1st lien & gen g 49_1944 J
1932 J
10-25-year cony 4s
1932 M
10-20-year cony 49
10-25-year cony 454s_ _ _1938 M
10-year cony 6s(w I) _ _1929
Pocah C & C joint 49_ _ _1941 .iCC & T 1st guar gold 59_1922 J
Selo V & N E 1st gu g 45..1989 M
Northern Pacific prior lieu railway & land grant g 43. _ _1997 Q
1997 Q
Registered
a2047 Q
General lien gold 3s
a2017 Q
Registered
2047 J
Ref & imp 4 Wiser A
St Paul-1)uluth Div g 4s_ _1996 J
St P dc N P gen gold 6s_ 1923 F
Registered certificates _ _1923 Q
St Paul & Duluth 1st 59_1931 F
1968 J
1st consol gold 4s
Wash Cent 1st gold 4s___ _1948 Q
Nor Pao Term Co 1st g 09._1933 J
Oregon-Wash 1st & ref 43...._1901 J
Pacific Coast Co 1st g Is. __1946
Paducah & Ills 1st s f 4 353_ _1955 J
Pennsylvania RR 1st g 45_1923 M
1919 M
Consol gold Is
1919 Q
Registered
1943 M
Consol gold 43
1948 M
Consol gold 4s
1960 F
Consol 4 3-is
1965 1
General 44s
1968 J
General 58
Alleg Val gen guar g 40.._ _1942 M
DR RR & Wge 1st gu 48g 1936 F
Phlia Bait & W 1st g 4s_ _1943 M
Sodus Bay & Sou 1st g 59_1924 J
Sunbury & Lewis 1st g 49_1936 J
U N J RR & Can gen 49_1944 M
Pennsylvania Co—
1021 J
Guar 1st gold 4
1921 J
Registered
Guar 3 a coil trust reg A.1937 M
Guar 3
coil trust ser 13A941 F
Guar 3 3-is trust ctfs C...1942 J
Guar 3 kis trust ctfs D_ _1944 J
Guar 15-25-year gold 49-1931 A
40-year guar 4s(Mrs Ser E.1952 M
Cm Leb & Nor go 4s g_ 1912 M
CI & Mar 1st go g 4!is_ 1935 M
Cl & P gen gu 4a ser A.1942 J
1942 A
Series II
Int reduced to 3',a 1942 A
1948 M
Series C 3AS
1950 F
Series D 3s
Erie & Pitts gu g 33-is 13__1940 J
1940 J
Series C
Gr It & Lea 1st gu g 4 3i9_1911 J
01110 Connect 1st gu 43...1943 M
Putts Y & Ash 1st cons 59_1927 M
Tol WV & 0 gu 4 314s A._1931 J
1933J
Series B 43-is
1942M
Series C 4s
P C C .1, St gu 4 3-is A 1910 A
1942 A
Series II guar
1942 M
Series C guar
1945
Series D 4s guar
Series E 3'As 'Roar gold 1949 F

Week's
Range or
Last Sale

Price
Friday
March 7

Range
Since
Jan. 1.

3..1
Po

High No, Low High
Ask'Low
Bid
80
78
80 Feb '19
7413
_
113 May'15
10314
99
99
99 Jan '19
99
67
67
761 4 8212 67 Jan '19
6118 6118
6113 Fob '19
6112
67
67
67 Feb '19
56
8:314 _ _ _ _ 101 Noy'1.13
8812 _ _ _ _ 10:3 No v'16
_
94 Apr '18
95
73
73
73 Jan '10
74
73
7:3
7512 7338 Nov'18
41 8838 90
89
8838 Sale 8838
8712 40 8658 89
8638
8514 87
8378 Nov'17
-- --_—
9134
--- ---0512
-2
95 — _ 103 May'17 -13018 Jan '09
10:312 - _ 12314 Nfar'12 _
10238
9518 _ 9912 Aug '17
9812 Nov'18 _
84
-81
81
82
84
87 Feb '11
_
7033 ___ 90 June'08
7978 July'17 -7018
8314
8314 Feb '19 _- 82
84 _
82
80
8012 Feb '19
8014 81
85 N'ov'17
77
75
30 71
75
811
7838 8112
7834
-- 75
1b :19
e)
11
9:117'7 78 1'0
76
8
5- - S
-6
-7
99129912 Feb '19 ___ 9912 9912
July'17 _96
3 8414 86
8578
85'8 8512 8578

1E- 98,8

50
32
52

60
Sale
.34
59
59

31
5012
5058
5678
5912
32
88
—- - --- - --— --- - --- - - -6212 6212
- - ----

50 Feb '19
50
50
5012
6012
56
56
5514
55

53
50
5012
51
51
5012
81

234 8
55
8
56178 Feb '10
50 Oct '17
9112 .13,1 '12
60 July'18
_ __ 60
8
52

58
- 7334 Dee' [S
-7.1-3-4
7218 ____ 7912 Doe '17
5514 623s 6212 Jan '19
'WI;
1.561-2 rclay'IL
7014 —_ 87 July'14
8014 ---- 83 Aug '13
__ 4912 49
5014
9034
7 131

11

- 53 -

_

- N7
70 Sep
40
40
40 Feb '19
_ 9978 Dec '1:3
85
6912 ____ 8818 Feb '14
_
70
-6612
3 -6,5
6912 Sale .661;
9212 June'12
-- -- -- 60 Apr '18
____ 65
6712 Feb '19
-67172 -661-2
69
08
8718 ---- 8158 June'18
109 1091
08 109 109 Feb '19
1
106,8
_
122 Noy'16
10718 10734 10714 Dec '18
8378
8112 8GI
8:3744 8412 8378
---- -- 9312 Dee '16
2
82
8012
8018 8012 8012
8412 Feb '19
8.1 -' 8113
71
11714 May'17
-- --10112 Deo '18
10714 109 106I 1081
i56,r4 Sale 10658
8418 86
8:31.4 841 4 85 Feb '19
9738 ---- 103 Sept'16
-- -- ---81
81 Jan '19
81
81
80
8112 52
8314 Sale 831 1
13
82
- 8314 82
5934 60
Sale 59
59
58 Oct '18
44897 90 Jan '19
-g6-77612 8612 74 Aug '18
10178 10412 102 Feb '19
10118 ____ 10334 Sept'17
9718 100
97 Feb '19
7312 -- 78 Dee '18
3612 Dee '16
85
69
10718 10812 10714 Feb '19
77
Sale 7678
7712
95 Feb '19
86
---- 95 100141 Feb '17
9518 -- 9514 Nov'18
9g73 100
99741 Feb '19
9918 9934 9914 Feb '19
89
9014 9014 Nov'18
_ 8773 Feb '19
88
9512 9534 9514 Feb '19
8712
8612 8612
86
9478 Sale 9t5
9514 251
84 - _ _ 8712 Nov'18
8412 Sept'16
8034
8712 Jan '19
88 _
90 _ 102 Jan '93
8014
8512 9358 92 Dee't7

3!

8318 86
82
82
59
617s
_
90
90

idi

102
- -9812

97
-

i6f1-4

10714
7678 7978
88
85
- - --667-8
9914 9914
13612 8812
9(114
95
8612 8978
9458 9734
_ - - -8712 8712
- ----

9758
9732 981
9712 9812 9712
9514 -- 9712 July'18
87 Feb '17
7658 80
78
78
7634 7812 78 Jan '19
A
8114 July'17
7618
3734 Dee '16
80
75
83-1 S:l3
8334 Jan '19
0 8518 91
8514 87
8218 8958 8513 Feb '19
86 Oct '17
-_81
9614 May'17
- 8734 95
— -- 9213 -- 9034 MaY'I8
-- - 0 9218 ---- 104 Den '16
--- -- 0 ---- -- 9614 Feb '12
9018 Oct. 12
7313
8812 Feb 17
A • 7:318
- -77 ---- 88 Apr '17
, 17
9018 Jai)
77
89 ____ 8118 Dee '18
—_
8312 -- 78 Oct '18
- -9738 ____ 93 May'10
80 ___ 9834 Apr '17
95
92 Dee '17
89
7813 ---- 8818 Sept'17
9412 91't
91
9412 Jan '19
0 91
9234 0234
0 9958 9512 9234 Jan '19
99 June'17
9058 99
9018 Sept'18
8853 93
9012 Sept'18
A
873,
• No price Friday; latest bid and asked. a Due Jan, 0 Due Web, S Duo June




957

New York Bond Record—Continued—Page 3

MAR. 8 1919.]

./

BONDS
N. Y. STOCK EXCHANGE
Week ending March 7

Price
Friday
March 7

Week's
Range or
Last Sale

.3ro
;
cq
CO I

Range
8172Cd
Jan, 1.

High No.' Low Iligh
Ask Low
Bid
P. C. C. & St. L (Con.)—
91 Sept'18
8858 93
Series F guar 4s gold___1953 J
92
Nov'18
90
8858
Series G 4s guar
A
M N
9053 ____ 95 Nov'18
7F
53
196
Series I cons gu 4 30.._1
C St L & P 1st cons g 5s 1932 A 0 10078 10434 102 Jan '19 _,._1102 102
100 June'17
Peoria & Pekin Un 1st Os g 1921 Q F - - - 87 Mar'10
N1 N
1 -,3
26
955
19,
1
2d gold 4 As
2
86 ---L 817s -81185
8534 85
Pere Marquette 1st Ser A 5sb_
7214 7118
6 6814 7214
72
__
69
1st Series B 4s
45
45
45 Jan '19
4518 49
Philippine Ry 1st 30-yr s f 4s 1937 -/- J
_ 99 Jan '18
-A 0
3 9012
1910 j
Pitts Sh 3c L E 1st g 55
9714 Dec '17
94
1943
1st consol gold 5s
8434 21 8414 8634
8412 Sale 8412
Reading Co gen gold 43
8112 June'18
_-- 81
1997 3 • j
J
Registered
85
85
8114
1951 A 0 -8412 88
Jersey Central colt g 4s
Atlantic City guar 4s g- — 1951 3
J
7178 Dee '18
70
J
- Grand Isl 1st g 4s 1947 J
:
St Jos 3.
St Louis & San Fran (reorg Co)—
63
140 6014 64
6158 Sale 6118
J
1950 J
Prior lieu Sec A 49
6 7658 7933
7713
77
Sale 77
Prior lien Ser B 55
81 6212 69
66
3 6412 Sale 6112
A 0
55 3
1959
Cum adjust Ser A 6s____51
4012 4512
56
4:312
4112
4114
42
j
Oct
1j
130
93
SeriesA 6
I
_ 102 102
102 Feb '19
10318 _
1
_1
St Louis & San Fran gen 655
97 Nov'18
9658 98
J
1931 J
General gold 5s
70 ___ _ 78 Mar16
J
St L & S F RR cons g 4s__1996 J
90 May'17
Southw Div 1st g 5s____1947 A 0
102
Sale 102
K C Ft S & M cons g 63_1928 M N 102
7 7012 7512
7078
K C Ft S & M Ity ref g 49_1936 A 0 7012 Sale 7012
_ 8518 Aug 'Is
-- -- K C & M R & B 1st gu 5s-1929 A 0 8714 _
7012 74
7012
7012
6958
14
M
bond
ctfs__1989
4s
St L S W 1st g
5714 5812
5812 Feb '19
2d g 4s Income bond ctfs_p1989 3 J ____ 59
11 5712 60
5918
59
Sale 59
Consol gold 4s
5838 62
5834 Feb '19
5812 60
J
32 3 D
195
1st terminal &unifying 53_1
9812 Jan '14
Gray's Pt Ter 1st gu g 55.1917 J D 85
68
65
7 65
65
6412 67
J
A 0
3J
40
95
,
S A & A Pass let gu g 4s__ — 1
72
7578 72 Jan '19 --__ 72
1950 A 0 71
Seaboard Air Line g 49
74
7112 7334 72 Feb '19 ____ 72
Gold 4s stamped
5314
93
4712
4818
4
493
8
487
Sale
A
F
01919
Adjustment 5s
4 57
60
5812
s 5514 5812 5812
m O
A
Refunding 45
7312
74
74 Feb '19 ____ 74
9
All 13Irm 30-yr 1st g Is,_e1933
'Is
Oct
76
_
_
_
7414
J
3
Caro Cent 1st con g 4s _ 1919
6 10012
10012
Fla Cent & Pen tat ext 6s_1923 J 3 10014 10318 10012
101 Dec '15
jr
3 3 .1
30
1st land grant ext g 5s 194
-66- -66
90 Jan '19 _ _
9018 95
19
Consol gold 55
_ _ 9012 June'18
Ga & Ala lty 1st con 5s_ _o1945 J 3 9118
94
June'18
9314
J
J
51_1929
g
gu
No
&
1st
Ga Car
96 Jan '19
-66- -66 9412
J
Seaboard & Roan 1st 53 1926 J
Southern Pacific Co—
77
'19
75
77
Feb
761s
s
D
783
J
.m
3
9
,
4
92
,
1
i
k
Gold 48 (Cent Pac coil) __ g
/1949 J D --__ 7858 90 Feb '14
Registered
8334 133 -g2-374 8514
83
Sale 8234
20-year cony 4s
10412 602 100 105
16312 Sale 102
20-year cony 5s
83
1 79
79
79
7478 79
A
F D
43
39
Cent Pac 1st ref gu g 49._1194
8712
Sept'16
Registered
4
8534
85- ig3
8534 Fob '19
85
A 83
1' D
949 J
192
Mort guar gold 330_51
7512 Feb '19
7512 7512
Through St L tat gu 49_1954 A 0 7578 76
100
Oct
'18
9133
101
N
M
591931
G II & S A NI & P 1st
9634 Jan '18
85
97
J
1931 J
- -2d eaten 5s guar
-95 Nov'18
Gila V G & N Ist gu g 5s 1924 M N 90 102
1 9214 -62-5;
8
925
9512
9214 92's
hi N
933 rd
193
Lions E & W T 1st g 5s-1
100
Oct
_
'16
9258
tat guar 5s red
1
9834
9834
1937 J 3 97 104
II & T C 1st g 53 int gu
9453 93 Nov'18
Gen gold 4s Int guar_ _ _ _1921 A 0 93
Waco & N XV div 1st g 6s'30 M N 94 10012 10912 Nov'15
93 Nov'18
85
95
A&NWIstgug5s
194
J 3 99 ____ 10014 Oct '17
21 3
Louisiana West 1st 69___ _1
97 102 100 Apr '18
J
Morgan's La & T 1st 69_1920 J
., 9378 ____ 10218 Oct '18
A. 0
7j
38
192
1,
No of Cal guar g 5s 5s
96
9712 96 Feb '19
Ore & Cal 1st guar g
9612 _ _ 10712 Sept'16
So Pac of Cal—Go g 5s_ 1937 M N
93
93
_
9238
93 Jan '19
3
3
1937
So Pac Coast 1st go 4s g
8034
8034 Feb '19
77
78
1950 A 0 77
San Fran Terml 1st 4s
J 3 ---- 8978 94 Nov'16
3j
45
95
Tex & N 0 con gold 5s_ _ _ 1,
8313
81
81
46
8134,
81
Sale
So Pac RR 1st ref 43
94341 14 9312 9653
9614 9:312
1994 J .1 96
Southern—let cons g 5s
10014
Aug
'161_Registered
67 I 55 -663; Sale 6612
3 67
A 0
63
94
95
19
Develop & gen 4s Ser A
Mob & Ohio coil tr g 4s_ 1938 M S 6712 6934 6758 Feb '19
_
92
9012
July'18
_-_.
J
3
1996
Mem 1)1v 1st g 4 Iis-5s_
7412
2 72
72
72
7412 72
St Louis My 1st g 4s
93
93
j 86 __ _ _ 93 Jan '19 ___
J D
13
43
95
19
Ala Gt Sou let cons A 5s_1
88
88
6'
88
88
88
8814
Atl &Charl A L 1st A 4301944 J 3
9534 971s
9318 9612 9534 Feb '19
J
4J 3
948
let 30-year Is Ser B.._ 19
.70 Oct '18__
75
1948J 3 74
AU & Danv 1st g 4s
--8112 Mar'161-____
2d 4s
75 Fob '17,1 -__
All & Yad 1st g guar 4s._1949 A 0
96
_
-9612
Mar'18'
709918
J
E T Va & Ga Div g 5s_ 1930 J
97
98
9512 Feb '19 _
951s
1956 l'%1 M
Cons let gold Is
9512 9514 Jan '19
9514 954
E Tenn reorg lien g 5s._ 1938 M S 92
52
52
5214 ___ 52 Jan '19
J
A O
2j
46
92
1,
Ga Midland let 3s
10034 10138 101 Jan' 19, --- 101 101
Ga Pac Ry 1st g es
100
Oct
'18!-__
1005
8
102
J
j
5
5
3
4
92
,
1
6s
g
Knoxv & Ohio 1st
—
9112 Oct
9012 95
J
Mob & llir prior lien g 5s _1945 J
----- 6912 68 Jan
Mortgage gold 4s
95
Jan
'18
93
102
0
A
stmpd_1927
Rich & Dan deb 59
73 Sept'12
136
70
Rich & Meek 1st g 5s___ _1948 M N
99 Jan '19
9914 100
So Car de Ga 1st g 5s
10212 June'll
S
9M N
11
192
Virginia Mid Ser D 4-59_1
_ _ 93 Apr '18
S 9938
AI s
26 M
92
1,
Series E 5s
9134
10412 Dec '161____
Series F 59
96 Feb '19
96
98
General 5s
81544 Sept'18
J 8712 94
M N
3 ..1
936
s_ 100
Va & So'w'n let go 5_2
_
79
701s Nov'18
let cons 50-year 53_195,3 A 0 70
_
86
92
937s Mar'17
1924 F A
W 0& W 1st cy gu 4s_
9534 Mar'17
75
J
Spokane Internat 1st g 53_1955 J
9112
9112
'19
9112
Jan
90
95
0
A
3is.1939
4
g
1st
L
St
Term Assn of
981s
98
98 Feb '19
J ____ 93
1, A
33
54
194
,
1894-1
let cons gold 5s
77
75 Feb '19 _- 75
7412 77
Gen refund at g 4s
_
9512
9412
9034
July'18
0
A
5s_1930
St L M Bridge Ter gu g
92
12 89
90
89
Texas & Pao let gold 53._ _ _2000 -I I) ____ 90
41 Sept'18
rj
1 F3MaA
00
033
2nd gold income 5s go :
519,
86 May'18
-fi- 93
La Div B L 1st g 5s
-- 10612 Nov'04 _W Min W & N W 1st
9012 Oct '18
'rot & Ohio Cent 1st gu 5s_ _1935 J .1 9212 06
87
87
9212 87 Jan '19
87
DO
A
935 j
1,
Western Div 1st g 5s
93 Oct '18
74
78
General gold 5s
Sept'18
6711
8
683
76
3
0
an
A
j
7
0
1
99
9
1
K & M 1st gu g 4s
9011 91
9012 9112 9012 Feb '19
1927 J J
2d 20-year 5s
36
36
36 ____ 36 Feb '19
Tol P & W 1st gold 4s
7518 751s
Feb
'19
7518
83
8312
1
J
Tol St L& W pr lien g 3)s.1925
51
48
4934 Feb '19
4713 49
A
A O
1950 F
50-year gold 4s
:30
1858 Mar'06
Coll trust 48 g Ser A
-—
18
30
'
18 --9____
Trust co cite of deposit _ 1__
_
80 Apr '17
j- 15 7012 87
Tor Ham & Buff 1st g 43_51946 .
-'18
95
Dec
8414
4
891
1
.
3
7
8
3
1
2
4
9
9
g
1
Ulster & Del 1st cons 53-1
58
Sept'17
70
1952 A 0
1st refunding g 4s
897
30
8614
Sale 8534
86
Union Pacific 1st g 4s
8512 Oct '18 __ _ _
80
1947 J .1
4s
ctol
0eys
1t
2
giesterre
8718 26 8634
4 Sale 8634
1927 J 1 -1763cony
8312
24 80
83
Sale 82
02008 NI S 83
1st Ac refunding 45
10378 45 10333 106
10-year perm secured 93_1928 J J 10353 Sale 10:312
86
1 82
82
82
Ore RR & Nay con g 43_1946 J D
101
10012 10112
Ore Short Line 1st g 6s___1922 F A 101 103 101
987s
98
1946 J 1 9678 9834 9814 Feb '19
1st consol g 5,9
85,2 10 8412 88
8514 86
8512
Guar refund 4s
- -98
Dee
'17
_-_0
-J.1
9214
3
9
92
1926
Utah & Nor gold 5s
89 Feb '18
---- -- - 8312 89
let extended 45
80 Jan '18 _-_- - - - - - - - 3
F A
33
35
95
vandal's cons g 45 Ser A.._.19
8018 June'18
7912
--- - Consols 49 Series II
35 Sept'17
J -- __ 35
1 JM N
9357
---Vera Crux & P let lin 4 1019
Due Dec. S Option sale.
Duo July. k Due Aug. 0 Due Oct. y Due Nov

---

-gic,

-Jd -

foil;10314

iO63-4

-97 - -414
------- - -66- -6;F -

6-85;
66is 6758

-66.1;

Aug

-854

New York Bond Record-Concluded-Page 4

958
BONDS
N. Y. STOCK EXCHANGE
Week ending March 7

is
is

Price
Friday
March 7

Week's
Range or
Last Sale

3
st
-

1

Range
Since
Jan. 1.

Bid
Ask Low
filch No Low High
Virginian lot 53 series A__ __1962 MN 90'2 Sale 9018
9112 12 001a 9412
Wabash 1st gold 5s
1939 MN 91
96
9618
9018
3 0818 93
2d gold 58
1939 FA 8312 Sale 8312
8512 12 8518 89
Debenture series B
1939 J J
90 Aug '18
1st lien equips Id g 55
1921 MS 99 ..-- 98 Nov'18
1st lien 50-yr g term is..
J J 65 ---- 65 Sept'18
- - - - -Dot & Ch Ext 1st g 58-.1941 J .1 8812 ___ 8814 Feb '19
8814 881 t
Des Moines Div 1st g 48_1939 J J
30 Aug '12
Om Div 1st g 3s
1941 AO
71
67 Feb '19
67
67
To!& Ch Div 1st g 4s
1941 MS
74 Jan '19
74
74
Wash Term! 1st gu 3Hs
1945 FA 7418 76
76 Dee '17
-1st 40-yr guar 48
1945 FA 8218
_ 82 Aug '18
West Maryland 1st g 45
1952 AO 6134 6214 61
6138
- -0138
West N Y & Pa 1st g 5s
1937 J J 10012 ___ 100
100
2 100 100
Gen gold 48
8558 71) Dec '18
1943 AO
----Income 53
36 Oct '17
p1943 Nov
Western Pao 1st ser A 53 A946 MS 8358 Sale 8312
84
13 83i2 86'!
Wheeling & L E 1st g 5s____1926 AO 9114 98
93 Oct '18
-- -- - - _
Wheel Div 1st gold 5s____1928 J J
9512 100 Feb '17
Exten & Impt gold 5s__1930 FA
_- 9053 Mar'17
Refunding 4 As series A _1960 MS 5914 66
64 Jan '19
- -6iRR 1st consol 4s
1949 MS 68 69
69 Nov'18
Winston-Salem S B 1st 43_1960 J J 75 82 75 Feb '19
70
75
Wls Cent 50-yr 1st gen 45_ _ A949 J J 77
78
78
78
77
80
Sup & Dul city & term 1st 4s'36 MN
725a 80
723t
723t
7214 7412
Street Hallway
Brooklyn Rapid Tran g 53-1945 A 0 74 Sale 74
74
2 65
76
1st refund cony gold 48-2002
4534 4913 49
.503s
53
4 45
6-year secured notes 53...-1918
9534 Dec '18
-Ctfs 3-yr sec 7% notes opA1921
_
961 t Aug '18
3-yr 7% secured notes_h1921
84 Sale 81
84
28 75 "iti"
Bk City 1st cons 5s_ _1916-1941
8313 90 -92 Dec '18
Bk Q Co & S con gu g 5s-1941
---- 70 _ 80 May'12
Bklyn Q Co & S 1st 5s
1941
101 May'13
Bklyn Un El 1st g 4-55-1950
A -7
7111-2 .Sale 7812
7812
7812 13 72
Stamped guar 4-513
A
1950
7812 8718 7134 Feb '19
7134 72
Kings County E 1st g 4s 1949
A 62 66
62 Feb '19
57
65
Stamped guar 4s
A 6212 7258 62 Jan '19
1949
62
62
Nassau Elec guar gold 4s-1951
5013 60 60 Dec
Chicago Rys 1st Os
1927
A 79 Sale 7813
'18---5 7812 31
70
Conn sty & L 1st & ref g 4%31951
8618 88 87 Feb '19 ---- 87 88
Stamped guar 414s
1951
8618
_ 864 Oct '18 --Det United 1st cons g 4 Hs....1932 .1
7012 72
71
72
31 71
75's
Ft Smith Lt & Tr 1st g 55.--1936
60
84 Jan '14 -_
Hud & Manhat 58 ser A
1957
A
5778 Sale 5734
58
87 5612 6014
Adjust income 55
1957
1578 1638 16
1613 12 16
18
N Y & Jersey 1st 5.9
1932 F -A 91
93 87 Oct '18
Interboro-Metrop coil 4 14s_1956 A
3778 Sale 35
39 1098 35
433i
Interboro Rap Tran 1st 53...1966
7118 Sale 70
7214 215 0834 7412
Manhat sty(N Y) cons g 4s_1990 A 0 71
7412 72 Feb '19 -- 72
7214
Stamped tax-exempt
1990 A
72
7414 72
72
1 72
7412
Manila Elec fly & Lt s I Os_ _1953
77 8212 77
77
3 77
77
Metropolitan Street fly77i2 79 Dec '18 -.Sway & 7th Av 1st c g 53_1943
70
Col & 9th Av 1st gu g 5s_ _1993
68
68 Feb '19
68
68
Lex Av & P F 1st Ku g 53_1993
--- 74
74 Jan '19
74
74
Met W SE!(Chic) 1st g 4s 1938
A
54 Dec '13
Milw Elec fly & Lt cons g 5s 1926
A 95 __ 10012 June'17
-- - Refunding & oxten 4143_1931
77 -_ 8112 Dec '18
MInneap St 1st cons g 55-1919
9834 Aug '17
--Montreal Tram 1st & ref 58.1941
_8_5_
9
76
21 9
Ju
7712
7
ulgy:117
4 A
New Or! sty & Lt gen 410-1935
NY Munlelp Ity 1st s f 5s A 1966 .1
55 65 60 Feb '1.9
63
55
N Y Rys 1st R E & ref 99._ _1942
4212 Sale 4212
1:312
18 9012 41
30-year adj Inc 5s
o1942 A
1338 Sale 1258
1412 67 115s 1514
NY State Rys 1st cons 414s 1962
5812 Sale 5812
5812
'2 55 62
Portland sty 1st & ref 5s_ ,.1930
7314 79 8812 Nov iii -- -- - Portid Ry Lt & P 1st ref 55_1942
A 6212 ---- 67 Aug '18 --Portland Gen Elec 1st 53_1935
85
9012 Feb '17 ---St Jos Ry L & P 1st g 513_1937 N1
85
95 J.113017
-St Paul City Cab cons g 5.3_1937
85 -..-9912 10212 Mar'12
Third Ave 1st ref 4s
1960
5318 Sale 5318
5334
2 50 5t2
Ad1 income 5s
a1960 A
28
30 2814
3018 26 214 3213
Third Ave fly 1st g 5s
1937
9118 100 97 Dee '18 ....Tr-City fly & Lt 1st a f Os..1923 A
9512 97 Feb
-9i-3-8 -67
Undergr of London 4 As__ 1933
77 ---- 76 Mar'18 -Income 6s
1948
7678 90 56 Aug '18 -United Rys Inv Os Pitts iss_1926
65
75
05 Dec 'IR ..-_
United Rys St L 1st g 4s___ _1939
--4812 Feb '19 -- 4312 5213
St Louis Transit gu 5s
1929 A 0
60
50 June'17 -United RRa San Fr s f 48_197
2 A 0 2634 37
27
27 1 10 22
27
Union Tr(N Y)ctfs dep ____
2513 2712 2534 Feb '19 -- 22
2534
Eqult Tr (N Y) inter ctfs_ _
27
Rile 27
28
55 22
28
Vs fly & Pow 1st & ref 5s
1939
7733 Sale 7738
7713
3 773s 79

BONDS
N. Y. STOCK EXCHANGE
Week Ending March 7

[Vol,. 108.

Price
Friday
March 7

Week's
Range or
Last Sale

Range
Since
I Jan. 1.

SI

Miscellaneous
Bid
Ask Low
High No. Low High
Adams Ex coll tr g 4s
1948 51
5814 60
59
59
2 59
05
Alaska Gold M deb 6s A....1925
S 30
34
3234 Feb '19
30Is 35
Cony deb (Ss series B
1926 53 O 27
32
30 Feb '19 ....-- 30
34
Am SS of W Va Ist 53
N 100
1920
Armour & Co 1st real eel 4348'39
D 8712 88
88
8858 20 86
8834
Booth Fisheries deb s f 6s
1926
O _ --_- 90 Feb '18 __ _
Braden Cop M coil tr s f 68_1931
A 93
9312 94
94
3 94 -66
Bush Terminal 1st 48
1952 A O 8034 83
8018 Feb '19 -- 8018 8018
Consol 5s
J 80
1955
8514 8313 Feb '19
8312 8558
Buildings Os guar tax ex_ 1960 A O 7934 83
81 Jan '19__- 81
81
Chic C & Conn Rys s I 55....1927 A O 40
4978 58 Mar'18
-Chic Un Stat'n 1st gu 4 Hs A 1963
J 8714 8812 8712
8734 10 8712 89
Chile Copper 10-yr cony 78_1923 53 N 108 10833 10712 10838 14 10534 110
Beets (Part paid) cony 6s ser A
O 8314 85
8312
84
171 8212 85
Coll tr & cony Os ser A__ _1932 A O 84
8478 8113
8412
1 8112 85
Computing-Tab-flee s I 63_1941
J 83
8334 8312
8312 25 83
84
Granby Cons M S St Peon 6s A 28
N 99 110
0812 Feb '19 ____ 97
981z
Stamped
1928 53 N 9814 101
98 Jan '19 -_ 98
98
Great Falls Pow 1st s f 5s-1940 NI N 9418 95
9314 Feb '19 _. 9311 9314
lot Mercan Marine s f 63......1941 A O 99 Sale 9812
99
48 97 102
Montana Power 1st 55 A
J 9112 Sale 9112
1943
9112 13 91
957s
Morris & Co lots f 434s.. I939
J 8314 8'778 83 Feb '19 __
83
83
Mtge Bonds(N Y)4s ser 2...1966 A O -._ _-__ 83 Apr '14
10-20-year 5.9 series 3..._1932 .1 !
94 June'16
N Y Dock 50-yr 1st g 45
A 69
73
71
71
1951
3 69 "if Niagara Falls Power 1st 58_11)32
J 91
96
957s Feb '19
95
97
Ref &genes
a 1932 A O 101 ___ 101
101
1C11 101
Nlag Lock &0 Pow 1st 58..1954
N 90
9314 8912 Oct '17 ____
Nor States Power 25-yr 5s A 1941 A O 8712 Sale 8714
8712
2 87144
- -66Ontario Power N F 1st 58_1943
A 8914 9114 89 Jan '19__ 89
1)1
Ontario Transmission 5s____1945
N ___ 95
84 June'17
Pan-AmPet&Trlst conv63'19-'27
J 13358 Sale 13212
13358 147 11214 134l
Pub Serv Corp N J gen 58_1959 A o 79 Sale 79
7912 23 7518 80
Tennessee Cop 1st cony 68_1925
N 90 --- 9212 Feb '19 ____ 91
9213
Wash Water Power 1st 53..1939
J 93 --__ 9278 Jan 'IA ._ 9278 927s
Wilson & Co 1st 25-yr s I 68.1991 A O 9858 Sale 9814
9858 32 9634 0878
Manufacturing & Industrial
Am Agric Chem 1st c 5s____1928 A O 9712 9834 98
98
1 98 101
Cony deben 5s
A 10158 10278 10158
1924
102
19 100 103
Am Cot Oil debenture 58._ _1931 53 N 8812 89 8812
89
43 88
8914
Am Hide & L 1st f g 6s...-1919 111 S 10014 Sale 10014
10014 25 9934 10013
Am Elm & 11 1st 30-yr 5s ser A '47 A O 9014 92
91
9178 39 8912 93
Am Tobacco 411-year g 68.-1944 A O 119
119 Feb '19 ---1 119 119
Gold 43
A 7812 ____ 7813 Feb '19 --I 7213 7812
1951
Am Writ Paper 1st s I 5s
J 94
11
9012 88 Feb '19 --I 88
9158
Trust Co ctts of deposit......
90
9012 88
90
14 88
90
Baldw Loco Works 1st 58_1940 MN 9978 10112 101 Jan '19 --I 101 101
Cent Foundry 1st s
82
A 78
_1931
80 Dec'18
Cent Leather 20-year g 53..1925 AO mg 0912 9618
Ms 40 957s 97
Consol Tobacco g 4s
1051 FA 74
8012 7312 Dec '18
Corn Prod Ref'g s I g 5s
1031 MN 9912 100
9912 Feb '19
091 991k
1st 25-year s I Os
1934 MN 9912 10112 9912
9912 -1
- 994 100
Distil Sec Cor cony 1st g 53 1927 A0 90 Sale 90
0012 26 8912 91
E I du Pont Powder 4149_1936 ID 9212 100
0212
9212
3 8
98
212 8
08
218
General Baking 1st 25-yr 138_1936 ID 8414 87 88 Feb '19
Gen Electric deb g 33,4s. ,1942 F A 7014 73
7312 Feb '19 -_ 73
7312
Debenture 5s
1952 M S 9978 10114 9912
9912
2 9712 10034
Ingersoll-Rand 1st 5s
1935 J
Tot Agric Corp 1st 20-yr 53..1932
N 9
80? _S_
-a-_1e 8
94
0
6 0
17:8:018 -10
- -i612
- -go's;
Int Paper cony s I g 5s
1935 J J
_
.
1st & ref s I cony 5a ser A_191
85
9213 9012 Nov'18
Liggett & Myers Tobac 7s..1944 A- -0 11238 11213 11233 11212
5 112
.-..
Os
1951 FA 9112 Sale 9114
9134 171 01
0378
Lorillard Co (P) 7s
1944 A0 112 11214 11212 Feb '19 --_ 11214 113
5s
1051 F A 9014 9114 9178 Feb '19 --- 0014 94
Mexican Petrol Ltd con 6s A 1921 A0
165 Nov'18
1st iten & ref Os series C_ _1921 AO
135 Jan '19 -_,132 185
Nat Enam & Stamm; 1st 55_1929 J
83 -66
- 9512 Nov'18
Nat Starch 20-year deb 59..1930 J J 9312
91 Aug '18
__
National Tube 1st 53
N 9512 Sale 9512
1042
9513
5 9512 9912
N Y Air Brake 1st cony (13..1928
N 100 101 100
100
1 9934 1001s
Pierce Oil 5-year cony 63_41920 J o 101
Sale 101
101
18 10014 10318
10-year cony deb es
51924 J J 92
Sale 92
9258 54 8834 9314
Sinclair 011 & Refining1st s I 7s 1920 warrants attach F A 9914 Sale 9914
9912
8 9818 100
do without warrants attach F A 9614 Sale 96
9613 271 95
9638
Standard Milling 1st 5s_ _1030 M N 9212 95
95 Feb '19
93
95
The Texas Co cony deb 63_1931 J J 102
Salo 10113t
102
11 10012 103
Union Bag & Paper 1st 5s...1930 J J 8713 8_7:s I 8
8712 Deo8.7118
2
8
93
578 8
97
3:
7
1
Stamped
1930 J J
Union Oil Co of Cal 1st 53..1931 J J -93- -94 -I 9378 Jan '19,
US Realty & I cony deb g 58 1924 J
J 7012 Sale 673.1
70121-130 60
7012
U S Rubber 5-year sec 7s_1923 J D 10334 Sale 10312 103341
0 10234 10434
1st & ref 5s series A
1947.2 J 8634 Sale 8034
807' 80 80
8773
US
Smelt
Ref
&
M
cony
6s_19211 F A 9812 9958 9913
99581
9 9734 100
Gas and Electric Light
Va-Caro Chem 1st 15-yr 53.1923.2 D 9512 96
9512
9534 10 9514 96
s Atlanta G L Co 1st g
_.1947
95 ---- 103 Sept'15
Cony deb 6s
e1924 A O 10014 Sale 10014
10014
,Bklyn Un Gas 1st cons g 53-1915
2 10014 10214
93 9134 93 Feb '19
93
95
West
Electric
1st 58 Dec....1922J J 98
9812 98
98
Clncin Gas & Rico Ist&rof Os 1956
7 97
9914
90 --_- 91 Deo '18 ---Columbia 0& E 1st 5.s
1927
80 85
8214
82%
2 82 821*
Coal, Iron & Steel
Columbus Gas 1st gold 5s_1932
87 ---- 97 Feb '15 -Beth Steel 1st eats f 5s
1926 ./
96
90121 9538
9538
1 9512 0612
Consol Gas cony deb Os_.1920
10112 Sale 101
10238 120 10018 103
let ref 5s guar A
1942 M
8914 Sale 89
Cons Gas EL&P of Bait 5-yr 59'21
8912
891a
87
It 9612 99
9612 Feb '19 -- 9012 97
20-yr p m & Imps I Os_ _1936 J
8112 Sale 81
8111 32: 80 83
Detroit City Gas gold M....1923
9618 ___ 9658 Feb '19 ---- 9618 0658
Buff & Susq Iron s I Os...... 1932 J
91
96 I 90 • May'18
Detroit Edison 1st coil tr 56_1933
96
99
96 Feb '19 -- 9512 96
Debenture
Os
n1920
M
8614
July'18
1st & ref 53 ser A
- -h1940
9312 Sale 9313
9312
1 93 94
Cahaba C M Co 1st gu 64_1922 J O
101 Deo '14
Eq 0 L N Y 1st cons g 531932
91 Fob '18
Colo F & I Co gen 9 f 58_ _ 1943 F A 8014 90 I 90 Feb '19 - - -88 - -1561Gas dt Elea Berg Co c g 5.9_1949
8
85 --- 100 Feb '13 _- - - - - - Col
Indus
151
coil
&
53
F
1934
gti_
A
73
7312
7313
7378 i31 7312 7712
Havana Rice consol g 53._ __1952
A 8612 90
921s Nov'17.Cons Coal of Ntd Ist&rel 50.1950 J
88
91
90 Feb '19
Hudson Co Gas 1st g
87
90
9014 Sale 9014
9014
1
Elk
Horn
Coal
cony
19251J
(18
98
Fob
'19
Kan City (Mo) Gas 1st g 58.1922
95 9834
9118 ___ 9078 Dee '16 .-..
Or Riv Coal & C 1st g 68_51919 A
94 Feb '18
Kings Co El L & P g Os
1937
9011
01 Feb '19 04 94 Illinois Steel deb 414s
1940 A
841-2 -Sale 8114
85
8214 8013
Purchase money Os
1997
10014 110 105 Feb '19
IN) 105
Indiana
Steel
lot
5s
IM
1952
9814
Sale'
9814
Convertible deb 68
0512 9812
9812
0212 ____ 90. Jan '191-1925
90
90
Jeff & Clear C & I 2d 5s..._1926 J
• Ed El III Bkn 1st con g 43_1939
_
80 Sale 80
, 80 I
1 797ft 81
Lackawanna Steel 1st g 5s-1923.A
97 -Sale 9673
97
Lao Gas L of St List g 53..e1919
8 9614 98
_ 9958 9934 9934.Feb '19,._.
9914 9931
1st cons 58 series A
1950 el
8734 Sale; 87
8734 10 86
Ref and eat 1st g 55
8734
1934
9418
94's 9158 9134 Feb.'19
9434 97
Midvale
Steel
&
0
cony
s f 531936 M
8613 Sale: 8612
87
Milwaukee Gas L lot 4s
8 86
881a
1927
8714 90 88
88 I
2 88
88
Pleasant Val Coal late f 5s...1928 J
8012
I.
Newark Con Gas g 5s
1948
89
_ 10112 Apr '171...
Pocah
Con
873
Collier
4
1st
5
f
56_1957
8914
J
90
Dec '18
NYCIELH&Pg 5s
.
_
19Ic
93 Sale 93
93
1 -674 94
Repub
I & S 10-30-yr 53 s f_1940 A 0 9578 96
951s
95311
Purchase money g 4s
5 9438 95$8
1919
A
73
7338 74
74
1 69
St L Rock Mt & P bs stmpel_1955 J
7414
8114 83
8018 Dec '18
Ed Elec III 1st cons g 58_1995
98 100 98 Feb '19 -_ 98 100
Tenn
Coal
I
&
RR
gen
5s...1951
J
92
9514 92
NY&Q El L&P 1st eon g 5s_1930
92
11 "sii" 92
A 89 _ _
9612 Aug '17 --- -- - U S Steel Corp-jcoup__ _d1963 M
100
Sale 100
10013 231 99's 10112
Pacific G & El Co-Cal 0 & E1
f 10-60-year 531reg
_
M
10014 Feb.'19
Corp unifying & ref 53.._ _1937
9912 10014
9312 Sale 9312
9312
1 9312 9618
Utah
Fuel
1st
s
f
bs
1931 M.
Pacific Cl & E gen & ref 53..1942
-1
8614 Sale 861.1
8614
1 8614 88
Victor Fuel 1st s f 5s
1953 J
50
70 70
Pao Pow A Lt 1st & ref 20-yr
70 1
2 70
70
Va
Iron
Coal
&
Coke
let
g
58
1949
51
87
8912
8755
Jan '19
53 International Series...1930
8756 8734
A
91
88 Jan
88
88
Pat & Pa.99212 G & El 5s_ _1949
85 -- 100 July'17.
Telegraph & Telephone
Peop Gas & 0 1st cons g 68_1943
9534
- - 10018 Feb '19
100 101
Am Tele')& Tel coil In 45___1929
J 3412 Sale 8418
Refunding gold 15.9
8412 32 3334 8512
1947
77
8512 . 7614 Feb '19 _
7414 7614
Convertible 4s
1036
S 7812 84
Ch G-L & Coke 1st gu g 59 1937
7813
7833
2 77
7812
82
8978 96 Sept.'17
- 20-yr convertible 414s
S
1933
87 89 8718
Con G Coot Ch 1st gu g 581936
8718
11, 8512 89
8178 100 Apr '17 ---- - - - - 30-yr
temp
coil
tr
5s
1946
D 9034 Sale 9012
Ind Nat Gas & Oil 30-yr 581936
91
15 9013 94
14
89 Ntar'17
7-year convertible 63
A 10312 Sale 103
1925
Mu Fuel Gas 1st gil g 53_ _1947
10312 342 10034 10312
70 --.... 94 July'17
Cent Dist Tel 1st 30-yr 58..1943
D
98
9812 Feb '19 __ 9812 9812
Philadelphia Co cony Iis
A
1919
9914 NOV.1.5
Commercial Cable 1st g 43..2397
J 65 _...... 73 Nov'17
Cony deben gold 5s
_
1922
-715; WI; 01
9158 69 01 "fii5i
Registered
2397
.Stand Gas & El cony s I 68_1926
1384 Jan '18
0 94 100 95 Feb '19
94
95
Cumb T AT 1st & gen bs__ _1937
J 9334 8378 0334
Syracuse Lighting 1st g 158_1951
9334
1 93
I) 8512 -- 9712 May'll
9334
.
Keystone Telephone 1st 53-1935
983, 98 Apr '11
Syracuse Light /4 Power 53..1954
7212 7518 70 Nov'18
-66 Mich State Teleph 1st 53_1924
A
92
Salo 92
Trenton G & El 1st g
92
_1949
90
9818 Oct '17
N
Y
&
N
Telephone
5s
g_
.1920
N
9814 09
Union Elec Lt & P 1st g 58..1932
9812 Jan '19
914 92 Jan '19
981
: 9812
92
92
N Y 'felon 1st & gene f 4148_1939
N 90 Sale 90
Refunding & extension 58.1933
9018 18. 88
9112
80
_ 10158 Nov'18
Pacific Tel & Tel 1st Os
J 9234 Sale 0234
1937
United Fuel Gas 1st s f 68
931
4 9234 9538
1936
95
9712 97 Feb '19
95
98
South
Bell
Tel
& T 1st s f 53_1941
3 01
9214 92 Feb '19 .....1 9178 93
Utah Power & Lt 1st Os__ ._I944
A 8712 8812 8812
8812
4 8812 8012
West Union coil tr cur 53___1938
J 93
Utica Elec L & P 1st g 53_1950
9314
9314
2 93 94
101 June'17
Fund & real est g 4 Hs _ _1950
N
863s Sale 8638
Utica Gas St Eleo ref 56_1957
8612 13 8614 92
83 -E12 90 Feb '19
-96 - -66 Mut Un Tel gu ext 58_ _1941
N
Westchester Mg gold 5s.._ 1950
99
10112
Sept'17
8614 97
90 Feb '19
90
92
Northwest. Tel gu 41.48 g_1934
8114 - 94 Nov'Ill
*No Dries Friday: latest b14 sad asked. a Due Jail, 4 Due April, Due May.
e Due June, S Due July. k Duo Aug.0 Due Oct, p Due Nov. g Due Dec a
Option sale.




----

----

-1

MAR. 8 1919.]

SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Mar. 1

Monday
Mar. 3

Tuesday
Mar. 4

Wednesday
Thursday
Mar. 5 I Mar. 6

Friday
Mar. 7

13612 136
0712
68
90
*90
2958
'3
167 "1(33
*1
2
*7
11

13(312 *130 13612 136 1333
63
68
68
68
6818
_
*90
30
2912 30 - -31- 33 Last slte 167 Feb'19
167
2
Last Sale 12
Dee'18
11
Last Sale 7
Feb'19
Last Sale 412 Nov'16
Last Sale 3014 Feb'19
*:::: 30
•
30 *:
16(4
Last Sale 135 Jan'19
• _ 135 *_ _ _ _ 135 *____ 135 *____ 135
83
*85
88
8612 8612 *85
88
*85
83
*85
Last Sale 112 -Feb'19
"11212 114 "11212 114 "11212 114 *11212 114
*59
57
____
5,314 561 t *59
5534 5534 *66
_
Last Sale 109 Oet'18
Last Sale 74
Feb'19
"1:1 -86- -/(i80
.30
1• __6
212 258
2
212,
234
2
-2-38
212 212 2.4 234 212 147g
1418
14
1412 1312 141 11 101. 131 2
15
14
14
1418
2818 28
3078 2814 2978 28
30
2812 2912 3134
3034 30
91
94 *__
94 *
94
94
*90
94
98
98
98
*97
97
97
98
93
97
97
-98- 98
22
21
1914 1914 19
"20
_
*20
11)
*19
21
97
*95
97
*95
*95
tast Sale 95-- Feb'19
97
*95
97
43
4312 4312 43
44
43
4314 4312 4312 4314 44
44
53
53
53
53
51
"51
53
51
53
.51
+13612
.6734
"90
3012
*163
•1
*7

-- *13012
6814 "63
__ _- '90
31
3112
16712 "163
2
"1
11
*7

___! 13612
6812' 6712
_ _1 90
3134' 30
107 "163
"I
2
11
*7

10214 103
102 10:3
101 102
10212 103
10178 10212 10114 102
99
9938 9834 9912, 9914 9912 99
9912 9912 9912 9912 9912
.60 .60
*.60 .70 • .70 .70 *.60 .94 *.60 .94 ".60 .93
Last Sale 5
Feb'19
5 ,*____
5
*---11818 11818 118 11814 11814 11814 *11812 113 *118 119 1 11812 1187s
11512 116
11534 11534
116 116 14'115 117 I 1153.1 116
11512 116
10514 106
108 106121 10612 10712' 10514 10(378 10478 1057s 10114 105
"56
57
55
55341 5634 6014 63
(3312 6178 617s 6314 6314
9812, 9814 9834
9612 97
9612 97
97
9712 9714 9312 98
*80 --1 81
81
"80
_ _ - *80
80
80
____
80
80
Last Sale 8() Feb'19
34
"80
82
*80
84
"80
_ - __ "80
"20
____ "20
*20
___ ___
20
20
Last Sale 9978 Feb'19
"101 103 "103 105 "102 101 *101 10:3
Last Sale 65 Feb'19
*63
"133
(36
06
66
*63
"133
336
20
2014 20
20
20
1978 20
20
2014 2034 203.t 20
1413 14
1418
14
141.t 143g
1438 14
1414
14
1414 14
1178 117g
12
1134 1134
*1134 12
*12
1238 1214 1214 12
*434 5 1
412 434
412 5
*5
512 *5
5
512
5
168 168
*16912 170
109 169
169 169 "166 169 *166 169
5612 5512 5534
5514 55
5413 *55
*55
5(3
55
56
56
*154 156 *154 156
15314 1534 *151 153 *153 155 1 -_- ---29
2912' 2831 29
*2912 30
2934 2934 2912 2912 *2912 30
534
514 514
538 512 *514
*514 534 *514 5341 *514 534
*19
21
21
"19
21
21
"18
23
23
*13
758 734'
758 734
78
734 7%
4 778
712 734!
738 734
Last Sale 95 Feb'19
"99
98
98
98 1 *92
+92
93
*92
8412 8312 8414 84
84
85
81
84
.
82
8212 8212 83
7012 *70
7012 70
7012 *70
7012
"70
7012 7012 7012 70
+135 13612 135 135 *13112 136 "132 134 *132 135
92
92
__
1 -92- -6'2."92
__
___
+92
93
911 9'312 91
94 - 9:312 -94 - 93
9338 *9093
9312 9312 "9255
55 '
__
*47
49
4812 *48
55
55
"48
*47
_-_
•11412 11514 11512 11512 11512 11512 11534 1153t 11612 11612 -------531i 5212 5212 --- _-__
5312 5312 5314 5314 53
*5312 51
*14
'14
15
15
15
15
1434 1434 *1412 15
*1412 15
39
3988 391t 3912 39
3912 3858 3914 3812 3918 31)
3934
123 130
12338 124
12414 1274 12534 12612 126 12714 12612 123
5984 "58
5912 ---- - - - *5934 60 *_ _ _ 5934 5934 5934 "58
164 16112 16512 16758
164 166
16378 165
16412 165
113434 160
4712 48
4734 4814
4734 4734 4334 4712 4818 4714 48
40
28
28
2712 2712
28
28
2734 23
28
28
"2712 28
9378 9434, 9534
9178 9212 9258 943t 9278 9413 92
9331 92
11434 11434 "114 11434 "114 11434 114 11438 11412 11112 ---- -934
978
93t 10
978 1018
1018
914 1018
*978 10
10
1
+.75
*.75
70
*6012 70
"312 334
312
.25 .35 ".25
'
42
42
4112
"13
15
"14
"42
44
"42
1112 1112 1112
*.20 .30 *.20
2212
24
'22
5814
5812 59
415- 416
410
'1212 1314 *1212
• 4114 4134 4012
3I 3
434 1781
434
818
814 8381
3
*318 314
68 '67
68
43 '42
' +42
434 5
*5
• ".60 .76
46
• *4412 46
*80
82
'80
2512 2514
25
518 *5
5
".95
1
".95
"312
*312 4
234
+234 3
314 *24
*214
4
414 414
3
338
3
• "25g
3
*234
53
53
52
'16
• *1(314 17
+1.38
112 112
1514
1.512
."15
812
*812 938
*812 10
"812
5712 5712 *57
9
9
9
10
1011
10
.80
*.50 .60
*114
112
114
32
:321t 33
4712 4712 48
1312 1312, 1312
5512 5512 5414
*1914 20 '19
'41
4:3
'41
14
14
14
"258 3
25g
112 *1
"1
*.13 .15
.14
*412 5
*434
218
238
21.t
*312
*212 278
*.82 .87
.84
'47
4734 47
48
48
4814
'214
212 *214
8
8
*734
112
158
158
*134
178
*134
.85 .85 ".35
1712 1712 18
".50
+.50
1

959

BOSTON STOCK EXCHANGE-Stock Record se. Br:,7tD:age

1
".75
*.75
1
1
69
6934 6934 69
70
312 358
39
/
6
338 338
.30 1'.25 .30 ".25 .35
4112
42
41
4112 41
1212 1212
13
1338 "12
45
45 I "4212 45 '42
1112 1158
117g
1138 1134
.30 ".20 .30 ".22 .30
19
20 '17
2212' *18
5834 5734 537g 571t 53
400 405- 400 405
140
1:312
1312 *13
1312 *13
39
40
4112 3914 41
'234 3
'234 3
3
478
534
47s 5
478
814
818
838
8
8,2
"3
314
3
3
3,8
70 '07
70
*67
70
4314 *4114 4212
43 '42
5
53g
512 *5
51 2
.60
.60 .60 ".50 .75
4412 4458 4118 4412
40
80 '80
79
82
82
2511 2412 25
2412 2412
538 53g
512 *5
538
.99 .99 ".95
1
1
3
338
":312 4
4
.212 3
234 '212 3
.214 234
234 *214 3
412
"4
4
4
4
358
338
312
31 1 312
"258 3
212 3
3
52
52
52
5312 52
1634
1634 '16
161,1 1161,
133
138
13.t
112
134
1512 1514 1512 1434 15
81 2 *812 83,1 *812 834
*812
912
10
*812 912
5312 *57
5312
59
9
*37s 9
9
9
978
97g
978 10
1014
.40 .40 ".50 .76
.60
134
114
1 14 *1
111
3212 3012 32
32
33
"48
50
50
48 '48
13
13
13
1312 13
59
5412 55
5114 51
1934 *1914 20
1934 "19
4212
40
421 2 42
43
1414,
14
1414 *14
14
212 258
258 *212 3
114,
114 *1
112 *1
.13 .13
.14 ".13 .15
43.1
41A
5
5
5
2(4
214 *218
218 .218
212
212 238 "2
378
.85 .83
.90 .90
.84
4712 4712
47
4738 47
4311 48
483
. 4734 48
212
214
234 '2
212
8
734 8
8
8
158
158
158
158
138
134
13.1
178
178 '134
".85 .95 ".85 .90
1
16
17
18
171 2 15
+.50
1
*.50
1

Last Sale .75 Feb'19
13712 6812 *6334 (39
*314
334
312
*314
Last Sale .30 Feb'19
40
40
3934 40
"1234 1312 "1214 1312
Last Sale 43 Feb'19
*1112 1134
1158 12
Last Sale .22 • Feb'19
'18
20
"1812 20
57
58
57
57
402 405
405 405
Last Sale 13
Feb'19
3912 40
3978 40,2
"278
3
278
278
5
5
48 5
812 812
*8,4 8,2
318 :318
3,4
*3
*67
70 '63
72
Last Sale 4312 Jan'19
514
*5
514
*5
*.50 .75 ".50 .75
*45
4578 *4414 4578
32
.80
82
'80
2412 2413 22412 2412
*514 5,2 *513 512
*.95 11/, •.99 1'/,
312 4
338 3,2
234
212 212 *214
Last Sale 238 Feb'19
412
1,2 *4
*4
3i4
312
312 312
3
3
3
3
5212 5212
52
52
"16
163.t *16
1634
134
'114
133
134
15
15
838 *312 8-4
*814
Last Sale 9
Feb'19
'57
5312 *-- 581
'J
9
97 103*
978 101 t
".50 .75
.50 .50
114
*1,4
112 '1
33
3134 :3134 33
48
48
43
49
13
13
"13
1312
5412 5112 5412 5412
20
*1912 20
20
40
43
*41
40
14
14
14
14
212 234
212 258
114 '1
114,
112
.12 .13
".13 .15
412 434
43A
478
218
218
214, 21,
258
*212 258
258
.85 .85
.85 .85
4612 4734 48
4814
4812
48
4812 48
21.t
214
*218
212
814
718
8
731
13.t
1$s
138
133
17g
*134
178
158
".85 .90 '.85 .9))
1.,
1614
1614 17
Dec'13
Last Sale 12

Salesfor
the
.Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Railroads
65 Boston & Albany
100
107 Boston Elevated
100
100
5 Boston & Lowell
430 Boston & Maine
100
Boston & Providence
100
Boston Suburban Elec _ _no par
Do pref
no par
no par
Boston & Wore Elec
no par
Do pref
Chic June Ry A-- U S Y____100
100
10 130 pref
Connecticut River...._100
22 Fitchburg pref
100
Georgia Ry & Elec stampd .100
100
Do pref
100
12 Maine Central
100
2,578 Mass Electric Cos
100
7,680 Do pref stamped
100
1,142 N Y N It Sr Hartford
1 Northern New Hampshire_100
100
40 Old Colony
100
11 Rutland pref
Vermont & Stas.sachusetts.100
50
96 West End Street
50
66 Do pref
Miscellaneous
627 Amer Agrlcul Chemical__ _100
100
303 Do pref _
25
120 Amer Pneumatic Service
50
Do pref
100
153 Amer Sugar Refining
100
00 Do pref
100
2,152 Amer Telep & Teleg
657 American Woolen of Slass_100
100
435 Do pref .
21 Amoskeag Manufacturing____
Do pref
60 Art Metal Construe Inc__ 10
Atl Gulf & W I SS Lines.. 100
100
Do pref
no par
507 Booth Fisheries,
1,463 Century Steel of Amer Inc_ 10
215 Cuban Portland Cement__ 10
10
350 East Boston Land
100
55 Edison Electric Illum
25
257 Fairbanks Co
100
13 General Electric
50
544 Gorton-Pew Fisheries
10
255 Internat Port Cement
50
20 Do pref
1,970 Island Oil & Trans Corp_ _ _ 10
McElwain (IV 11) 1st pref_100
1,078 Massachusetts Gas Cos_- _100
100
57 Do pref
10 Mergenthaler Linotype-100
25 New Eng Cotton Tarn. ..100
328 New England Telephone. A00
33 Nova Scotia Steel & C_.._ _100
100
26 Pullman Company
50
285 Punta Alegre Sugar
10
95 Reece Button-Hole
4,620 Stewart Mfg Corpn
10()
2,553 Swift & Co
25
10 Torrington
100
1,003 United Fruit
0,437 United Shoe Mach Corp.._ 25
25
133 Do pref
4,075 U S Steel Corporation....l00
100
113 Do pref
5,953 Ventura Consul Oil Fields_ 5
Mining
25
Adventure Con
25
174 Ahmeek
1C
920 Alaska Gold
25
Algotnab Mining
25
660 Allouez
25 Amer Zinc, Lead & Smelt_ 25
25
Do pref
5
600 Arizona Commercial
Butte-Balaklava Copper__ 10
50 Butte & Sup Cop (Ltd)___ 10
10
1,2:31 Calumet & ArIZOIla
25
44 Calumet & Reda
25
Centennial
25
2,13:3 Copper Range Co
20
300 Daly-West
10
1,235 Davis-Daly Copper
10
1,310 East Butte Copper Min
55
350 Franklin
100
12 Granby Consolidated
100
Greene Cananea
26 Hancock Consolidated_ _ _ _ 25
25
100 Indiana Mining
1
171 Island Creek Coal.
1
55
Do • pref
25
4:30 Isle Royale Copper
5
80 !Carr Lake
25
25 Keweenaw Copper
25
1,920 Lake Copper Co.
25
70 La Salle Copper
5
Mason Valley Mine
150 Massachusetts Conseil_ _ _ 25
2,887 Mayflower-Old Colony__ _ 25
25
351 Michigan
25
203 Mohawk
5
10 Nevada Consoildated
310 New Aread,an Copper_ _ _ 25
5
440 New C,ornella Copper
20 New 'drift Quicksilver._ _ _ 5
100
New River Company
100
20
Do pref.
5
92 NIpissing Mines
15
• 840 North Butte
23
75 North Lake
25
225 0Obway Mining
25
378 Ohl Dominion Co
25
70 Osceola
10
320 Pond Creek Coal
25
175 Quincy
15 Ray Consolidated Copper_ 10
25
112 St Mary's Mineral Land
550 Seneca Copper Corp...no par
10
495 Shannon
.25
40 Smith Lake
5
500 South Utah M & S
55
980 Superior
(310 Superior & Boston Copper_ 10
25
335 Trinity
I
2,800 Tuolumne Copper
339 U S Smelt Refin & Min _ _ _ 50
285 Do pref
50
5
225 Utah-Apex Mining
5
970 Utah Consolidated
2,650 Utah Metal & Tunnel.
25
270 Victoria
25
30 Winona
25
401 Wolverine
25
._ .-__ Wyandotte

Range Since Jan. 1.
Lowest

131
67
85
28
167
7

Highest

Jan 8 140
Jan22 73
Feb 8 95
Jan30 3:3
Jan 9 168
Feb 3

11

Feb27
Jan14
Jan 3
Mar 7
Jan 6
Jan14

Lowest

Highest

12212 Apr 146 Nov
Jan 80 Nov
37
80 July 104 Nov
Jan 40 Sept
19
Apr 170 Aug
150
3 June
.50 Dec
15 June
1014 Mar

Feb27
Jan 6
Jan14
Jan14
Jan 4
Mar 1
Jan 3
Jan18
Jan18
Jan 8
Jan 6

25 July
133 July
8212 Apr
101 Feb
Jan
53
106 Sept
70
Oct
7712 June
134 Sept
812 Jan
27 Feb
Oct
84
28812 June
Jan
20
80 Aug
37 Feb
47 Jan

3014 Nov
147 Apr
8512 Dec
125 Nov
Jan
65
11614 Jan
81 Feb
88 Nov
712 May
33 May
46 May
95 Nov
11212 Dec
Jan
25
Oct
90
50 July
62 Apr

100
Jan29 10314 Jan 9
9712 Jan 3 9912 Feb 5
55c Jan 2
114 Feb 3
6
5 Jan 7
Jan 8
111
Jan 2 1217g Feb26
Jan 2 211812 Feb27
113
99
Jan29 10712 Mar 3
46
Jan20
94
Jan21 9
5
1
j
\la
aira7
'
3
3314 IM
6
88
79 Feb15
7812 Jan 9 82
Jan 13!
22 Feb20.
1712 Jan21
07 Feb 3 10512 Jan 9
63 Feb15 6678 Jan25
1814 Feb 7 2212 Jan 2
15
1358 Jan10
Jan 3
14
Jan 2
1134 Mar 7
038 Jan14
412 Jan 4
164 Feb18 172
Jan 2
331 14 Jan 2
5212 Jan21
14678 Feb 7 15512 Feb28
2831 Mar 6 32,8 Jan10
434 Jan 2
112 Fl1
Jan 4 25
ja
en
18
)2
1
6
Jan 2 99
Feb20
5
5% F
90 Jan17
8112 Jan20
Jan14
69
3
7.1
6
31.2 Feb27
130 Feb10 18
n2
19
7
3
92
Jan 7 92
Jan 7
90 Jan22 94
46 Mar 5 52 j
Jn
ttn
n25
3
11312 Feb13 12212 Jan15
48 Feb 1
Jan10
14
15
Jan 3 54
Jan14
3218 Jan23 14
:30
051 Ni
Fe
alr)27
0
Jan30
115
5212 Jan13 60 Feb21
15712 Feb10 16738 Mar 7
44
Jan13 4834 Mar 3
2614 Jan 2 31
n2
0(3,3 Jan25
8814 Feb10 9(338
Jan 2 11512 Jan25
113
1012 Feb15
734 Jan21

7812 Jan
8858 Jan
.40 July
4 Sept
Jan
99
107 June
9034 Aug
4512 Jan
Jan
90
6012 Jan
Jan
76
Feb
11
Jan
93
5812 Jan
Jan
21
10'4 Stay
1112 Nov
Jan
4
134 June
2712 June
128
Jan
27 Aug
412 Oct
Apr
12
318 Aug
88 Sept
37714 Jan
62 June
107 June
Jan
88
8212 July
53 Dec
Jan
102
29
Jan
Jan
11
27
Oct
102 Aug
Jan
45
11512 Jan
3312 July
2434 Aug
87 Mar
10:3 Mar
5 Jan

Oct
100
100 Dec
212 Mar
155g Star
11512 Stay
115 Dec
10918 Oct
605s May
9712 Dec
92 Nov
82 June
219 Dec
12014 Feb
6714 Nov
2812 Sept
1478 Dec
1712 May
534 May
186 Nov
6414 Nov
15734 Nov
35 Aug
712 Oct
23 Nov
653 Dec
93 Nov
9114 Nov
71 Nov
147 Nov
95
Oct
10012 Oct
Jan
69
130 Nov
51 Dec
1378 Mac
4112 Nov
14614 Aug
89 Dee
166 Dec
4812 Stay
2612 May
11512 Aug
11338 Dec
9 Nov

30
135
84
112
25534

Feb 7 3014
Jan 4 135
Feb14 8712
Jan15 113
Feb28 58

Feb 7
Jan 4
Jan 9
Jan23
Jan 2

74
80
2
1012
2578
92
97
19
95
43
51

Feb27 74
Jan23 83
Mar 6
312
Mar 7 1711
Feb13 33
Feb21 94
Feb28 105
Jan24 20
Jan 33 100
Jan22 4712
Feb25 55

184 Jan
.56 Feb 6 .75 Feb 6
12 June
6712 Mar 6 71
Feb10
69 Dec 86 Nov
4
538 Nov
Jan 3
138 Apr
338 Mar 4
20c Jan15 30c Feb 7
.15 July
.45 Mal'
3934 Mar 7 44
Jan21
4012 Dec 54 Feb
1034 Febll
1378 Feb28
10 Dec 2114 July
39 Feb15 44
Jan14
4012 Dec 64 July
1034 Feb28
1234 Jan 8
Jan
11
1614 Aug
.48 Nov
20c Jan30 30c Jan17
.20 Oct
1712 Jan23 2414 Feb28
1634 Dec 33 May
57
Feb10 63 Jan 4
Dec 732 May
61
400 Mar 5 445
Jan 3 425 Dec 470 Dec
1234 Jan21
14 Feb13
1412 Feb
1034 June
:39 Mar 5 4212 Jan25
40 Dec 5112 Nov
25g Jan 2
3 Sept
3 Feb 3
112 Apr
434 Feb13
678 Star
558 Jan31
434 Dec
8 Feb28
12 Nov
812 Mar
9,2 Jan 3
3 Feb 6
6 Feb
37g Jan 6
3 June
68 Mar 1
7312 Feb13
7312 June 3434 Oct
5734•Nov
4312 Jan27 4534 Jan 2
Jan
30
45g Feb 6
434 Dec
101s Jan
5,2 Jan 2
Jan
60c Feb10 75c Feb18
.40 July
1
4212 Feb 7 48
Jan 4
4478 Dec 70 May
79 Mar 4 8234 Jan21
7912 Oct 81 Feb
24
Jan 2 27 Feb27
29 July
1912 Jan
4
Jan17
534 Jan24
Jan
612 Oct
5
99c Mar 4
114 May
118 Feb10
.80 Sept
3 Jan25
412 Jan 2
334 Dec
834 May
31, Mar
212 Jan21
234 Jan 3
Jan
2
6 Feb
3
214 Feb18
Jan 9
234 Dec
4 Feb 7
434 Jan 2
334 Sept
7 Jan
2 Jan13
412 Nov
4 Feb13
.65 Mar
3,
212 Feb24
418 Jan23
414 Oct
.40 June
4911 Feb 7 543t Jan 3
5012 Dec 6612 May
157s Feb26 16,4 Mar 5
1612 Dee 2013 May
2i2 July
114 AMC
138 Mar 4
114 Jan14
Jan13 - - - 1134 Mar 5 17
Mar
1714
Dee
812 Mar :3
912 Jan18
4
93
1012 Jan28
878 Febll
20
Jan
12 'Aug
Jan
6312 Jan20
63,2 Dec SO
57,2 Mar 1
978 Apr
1034 Jan13
814 Jatil5
8's', Jan
9 Feb20
1012 Dec 1738 May
1112 Jan 4
.95 Mar
40c Jan 7 80e Feb26
.25 Feb
158 Dec
158 Jan13
114 Jan20
12 June
3012 Mar 5 3514 Jan14
32 Dec 4512 Jan
4712 Feb26 52
Jan14
4612 June 65 Jan
1218 Feb
1234 Dec 2014 Feb
1312 Jan 2
54 Mar 4 61
Jan 3
59 Dec 78 May
Jan 6
1912 Dec 2534 May
1912 Feb 8 21
Jan
40 Mar 4 43 Feb 4
33 Dec 57
1412 Jan 4
13
Jan22
1534 Dec
7 Jan
534 Jan
2 Feb25
234 Dee
312 Jan 9
Jan
1%, Feb14
40c Jan13
2
12 Sept
.20 Jan
14c Feb10
Sc Jaull
.10 Dec
Ens Nov
(3
Jan 4
4 Feb
414 Mar 5
3
Jan22
Jan 4,
454 Sept
114 Aug
412 Feb
3
2 Feb 3
Jan13;
212 Sept
75c Febll 90c Feb 11
.73 Dee 1% Aug
4814 Feb27; 36
Jan21
5012 Oct
43
Apr
4712 Nov
4414 Jan24 4831 Mar 4! 42 July
214 Feb 4
41g Nov
31g Jan 31
1'* May
712 Jan18
Jan
12
83g Jan 2!
7 Dee
1 14 Jan28
1
Dec 3%4 Apr
134 Mar 7'1
158 Dec
3 Jan
214 Jan 2
Ps Mar 7
Jan
2
114 Jan 4
50e Jan 9
12 Nov
Jan
15 Mar 5 19
18 Dec 36
Jan14
lit'. Mar
.40 May

•Bid and asked prim. e Es-dividend end rights. 4 Assessment paid. b Ex-etook dividend. A Ex-rights. z Es-dividend. r Halt-paid,




Range for Previous
Year 1918

960

THE CHRONICLE

[voL. 108.

Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stook Exchange from
Boston Bond Record.-Transactions in bonds at Bos- March 1 to March 7, both inclusive, compiled from the
ton Stock Exchange March 1 to March 7, both inclusive:
official sales lists, is given below. Prices for stocks are all
Friday
Sales
dollars
per share, not per cent. For bonds the quotations
Last Week's Range for
Range since Jan. 1.
Sale.
are per cent of par value.
Week.
Of Prices.

Outside Stock Exchanges

Bonds-

Price. Low.

High.

Low.

High.

U 8 bib Loan 3340_1932-47
98.44 99.64 $93,700 98.04 Feb 99.64 Mar
1st Lib Loan 4s..1932-47
93.24 93.74 4,100 91.64 Jan 94.00 Jan
2d Lib Loan 4s_ _1927-42
93.04 93.54 13,400 92.04 Jan 94.02 Jan
1st Lib L'n 4349_1932-47
93.54 94.96 6,700 93.44 Feb 96.50 Jan
2d Lib L'n 4349_1927-42
93.50 94.00 15,350 93.50 Mar 95.90 Jan
3d Lib Loan 434s..1928
95.04 95.40 51,800 94.64 Feb 96.50 Jan
4th Lib Loan 414s_ _1938
93.74 94.18 107,100 93.54 Feb 96.50 Jan
Am Tel & Tel coil 4s_ _1929
84% 9,000 83% Jan 84% Feb
84
Convertible Os
1925
103% 103% 13,000 100% Jan 103% Mar
Anglo-French 5-year 5s_ _ _ 97% 97;4 97%
1,000 97% Mar 97% Mar
Atl G & W I SS L 5s_ _1959
79
80
7,000 79
Feb 83% Jan
Chic June & US Y 4s_1940 77
74
77
7,000 74
Feb 77
Mar
Mass Gas 434s
1929
94
94
2,000 92
Jan 94
Mar
414s
1931
1,000 80
Jan 87% Mar
8734 8734
N E Telephone 5s_ _ _ _1932
92
93
3,000 90% Jan 93% Feb
N YNH &II cony 3%8'56
52
52
1,000 52
Mar 52
Mar
Punta Alegre Sugar 6s.1931 94
92
94
16,000 87
Jan 94
Mar
Swift & Co 1st 5s
1944
96
96
7,000 9554 Feb 9654 Jan
US Smelt R & M cony (is..
99% 9934 10,000 99
Feb 100
Jan
Ventura Oil cony 7s__1922 107
107 107
1,000 94
Jan 107
Mar
Western Tel & Tel 5s_1932
90
91
6,000 89
Mar
Jan 91

Baltimore Stock Exchange.-Record of transactions at
Baltimore March 1 to March 7, compiled from official sales
lists:

Stocky-

Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High. Shares.

Range since Jan. 1.
Low.

High.

Arundel Sand & Grave1.100
38
38
Atlantic Petroleum
10
254 3
234
Baltimore Tube
100
70
70
Celestine 011 v t
1.05 1.10
Consol 0,E L & Pow_100 108
10734 10834
Consolidation Coal........100
81
8254
Costien & Co
8
5
734 834
Preferred
434
5
434 454
Davison Chemical_ _no par
37
38
Elkhorn Coal Corpn_ _50
27
2834
Mt V-Woodb Mills v t r100 17
17
17
Preferred v t r
100
71
7134
Northern Central
50
72
72
Pennsylv Wat & Pow_ _100
80
80
Robinson 00, pref
10
754
734
United Ry & Electric_ _50
1934 1934
Wash Balt & Annap_ _._50 2534 2534 26
Preferred
50
3754 3734
Wayland 011 dr Gas
5
354 334

Stocks-

Friday
Sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par, Price. Low. High. Shares.

Alliance Insurance
10
American Gas
100
American Milling
10
American Railways, pf _100
Baldwin Locom, pref....100
Buff & Susq Corp pf vtc100
Cambria Iron
50
Cambria Steel
50
Elec Storage Battery....100
General Asphalt
100
Preferred
100
Huntingdon & Broad Top..
Insurance Cool N A ........10
J G Brill Co
100
Lake Superior Corp......100
Lehigh Navigation
50
Lehigh Valley
50
Midvale Steel & Ord_ _ _ _50
Minehill & S H
50
Northern Central
50
Pennsylv Salt Mfg
50
Pennsylvania
50
Penn Traffic
234
Pennsylv Warehousing_50
Philadelphia Co (Pittsb)Pref (cumulative 0%).50
Phila Electric of Pa__ _25
Phila R T vol tr rects_50
Philadelphia Traction_ _50
Phila & Western, pref_ _ _50
Reading
50
2d preferred
50
Tono-Belmont Devel_ _ _1
Tonopah Mining
1
50
Union Traction
50
United Gas Impt
U S Steel Corporation_100
Warwick Iron & Steel....10
W Jersey & Sea Shore...50
Westmoreland Coal_ ......50
'Wm Cramp & Sons... _100
York Railways, pref.. _ _50

19% 19%
63
63
64
10% 1054
65
65
65
103 103
52
52
41
41
110 110
59% 59
59%
67
65
67%
100
98 102
6
6
28% 28% 28%
28
38%
39%
19% 20%
20
7154 70% 72
5534 55
5654
41% 421.4
52% 54
72
72
8414 84%
4454 44% 44%
2 15-16 3%
•3754 37% 37%
36
25%
25;4

35
25%
2434
69%
27
81
38
3% 33-16
3
3
3814 38%
71
71
92
8%
43
43
7334 73%
88% 79%
31
31

36
25%
25%
70
27
85%
38
3%
3
38%
71%
9454
854
43
7334
90
31

Range since Jan. 1.
Low.

10 19
95 60
100 10%
50 64%
3 100;4
100 50
40 40
5 110
1,625 51%
1,097 39
722 76
6
86
234 25%
3,554 19%
3,475 17
217 69%
760 x54%
220 41
4 50
100 71%
80 84
4,400 4414
863 2 15-16
100 37%

High.

Jan 1934 Feb
Jan
Jan 69
Feb 1014 Feb
Feb 69% Jan
Jan 103
Mar
Feb 53
Jan
Jan 4114 Feb
Feb 11314 Jan
Jan 6054 Feb
Jan 72;4 Feb
Jan 108
Feb
Mar
6
Mar
Jan 29
Jan
Feb 39;4 Mar
Jan 2114 Feb
Feb 73
Jan
Jan 56% Jan
Jan 4434 Jan
Mar
Jan 54
Jan
Feb 75
Jan 8454 Feb
Feb 4014 Jan
Mar
A Mar
Mar 3754 Mar

132 31% Jan
810 2454 Jan
2,512 x23% Jan
30 69% Feb
10 27
Mar
1,505 76% Jan
120 38
Mar
6,063
234 Jan
360
2% Jan
170 37
Jan
337 70% Jan
1,621 88% Feb
50
814 Jan
40 43
Mar
31 73% Mar
1,626 75
Feb
10 31
Mar

Feb
36
25% Jan
Jan
28
Jan
71
Mar
27
85% Mar
Mar
38
3% Feb
3 3-16Feb
39% Jan
74% Jan
96% Jan
8% Feb
46
Jan
75
Jan
90
Mar
32
Jan

120 3434 Jan 38
Feb
8,571
Jan
2
334 Jan
25 70
Jan 72
Jan
1,500
1.05 Mar
1.50 Feb
335 105
Jan 10834 Mar
101 7954 Feb 83
Jan
4,459
634 Feb
834 Feb,
313
Jan
4
414 Feb
125 32
Jan 4034 Feb
115 27
Mar 30
Jan
140 16
Jan 1734 Jan
261 71
Feb 7434 Jan
10 72
Mar 80
Feb
279 7754 Jan 80
Feb
100
734 Feb
734 Feb
Bonds.
1,996 19
Jan 2034 Jan 11 5 Lib Loan 3348_1932-47
98.50 99.50 $2,950 98.30 Feb 99.70 Jan
243 2534 Mar 27
Jan
2d Lib Loan 4s_ _1927-42
92.80 93.36 2,700 91.80 Jan 93.68 Jan
20 3554 Feb 3734 Mar
2d Lib L'n 4348..1927-42
93.60 93.70 1,350 93.40 Feb 95.30 Jan
450
334 Feb
434 Feb
3d Lib Loan 434s....1928
94.90 95.30 12,300 94.50 Feb 96.38 Jan
4th Lib Loan 4 gs.._1938
93.60 94.10 30,000 93.40 Feb 95.64 Jan
Bonds.
Elea & Peop tr ctfs 4s..1945
69;i 70
4,000 69
Feb
Jan
71
Atl C L (So Caro)49_1948
Jan 8334 Feb Inter-State Rys coil 4s 1943 40% 40%
8334 8334 $1,000 83
4034 4,000 40% Mar 4014 Feb
City & Subur 1st 5s....1922 9834 9834 9834 2,000 9834 Mar 100
Jan Lake Super Corp 5s....1924 63% 83
63% 25,000 58
Jan 63% Mar
Cons0,EL&P 4%8_1935
8434 85
6,000 8434 Mar 8534 Jan Lehigh Valley
1928 101% 101% 101% 31,000 101% Jan 10254 Jan
5% notes
98
98
98
25,000 9554 Jan 9834 Feb
Consol 414s
1923 102
102 102
1,000 102
Mar 102
Mar
6% notes
9734 9734 9734 8,000 9734 Feb 9834 Feb
Registered 6s
1923
102 102
2,000 102
Mar 102% Jan
Cosden & Co Ser A 68_1932
92
9234 14,000 8434 Jan 9234 Mar Lehigh Val Coal 1st 58 1933
100% 100% 2,000 100
Jan 100;4 Jan
Series B Os
1932
9234 9234 14,000 8534 Jan 9234 Feb
Registered
1933
5s
99% 99% 2,000 99
Feb 9954 Mar
Cosden Oil & Gas fis_ _1919 9934 9934 9934 2,000 9934 Jan 9934 Mar
Penn RR general 5s....1968
93% 95
6,000 93% Mar 98
Jan
Detroit & Flint 5s
92
92
2,000 92
Mar 92
Mar Pa & Md Steel cons 68.1925
1,000 101
Feb 102% Jan
Elkhorn Coal Corp 6s...1925
98
9834 8,000 98
Feb 9954 Jan Peoples Pass tr ctfs 48_1943 101% 101% 101%
72
72
7,000 72
Mar 72
Mar
Hess Steel 60
95
95
1,000 94
Feb 95
Feb Phila Co 1st 5s stpd_1949
100;4 100% 6,000 100
Jan 10014 Mar
Hous Oil div ctfs_ _1923-25
110 110
10,000 9834 Jan 112
Feb
Cons & coil tr 58 stpd '51
87
8754 2,000 86
Feb 89% Feb
Jamison C &0-0C 5s'30
9034 9031
1,000 9034 Feb 9034 Mar
1st 5s__1966
93% 94
5,000 933.4 Jan 96
Jan
Kirby Lumber Contr 65'23 99
99
9914 13,000 9834 Jan 9954 Feb Phila Electric
small
1966
do
94
94
500 93% Feb 9754 Jan
Macon Dub & Say 50_1947
7834 7834 1,000 7834 Mar 7834 Mar Reading Terminal 5s..1941
103 103
1,000 103
Mar
Mar 103
Monon Vail Trac 5s...1942
86
86
1,000 86
Jan 86
Jan Reading general 4s......1997
8414 85
11,000 84;4 Mar 86% Jan
NO Mobile & C 1st 5s 1960
32
32
15,000 32
Mar 32
Mar United Rys Invest 59_1926
6754 67% 9,000 62% Jan 6854 Feb
Norfolk Street Ry 59_1944
95
95
2,000 95
Mar 100
Jan
1926
Raab dr Roan 5s
96
96
1,000 96
Jan 96
Jan
United Ry & Elea 4s_1949
7254 7234 10,000 7234 Feb 76% Jan
Chicago Stock Exchange.-Record of transactions at
Income 4s
1949 55
55
5534 29,000 5234 Jan 5554 Mar
Funding lis
1936
76
70
2,000 75
Mar Chicago Mar. 1 to Mar.7, compiled from official sales lists:
Jan 76
small
1936
do
76
76
200 75
Jan 76
Mar
Friday
Wash Balt & Annan 591941
sates
8234 8214 5.000 8214 Mar 8314 Jan
Last Week's Range for
Range since Jan. 1.
Sale.
of Prices.
Week.
Pittsburgh Stock Exchange.-The complete record of
StocksPar. Price. Low. High. Shares.
Low.
High.

transactions at the Pittsburgh Stock Exchange from Mar. 1
to Mar. 8, 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.

American Sewer Pipe_ _100
Am Wind Glass Mach_100
Preferred
100
Am Wind Glass Co, pf.100
Carnegie Lead & Zinc_ 5
Columbia Gas dr Elea _100
Consolidated Ice, com_50
Preferred
50
Crucible Steel, pref ___ _100
Harb Walk Refrac, pref100
Indep Brewing,corn_._ _50
Preferred
50
La Belle Iron Wks,com100
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
Pittsb Brewing,com_ _ _ _50
Preferred
50
Pittsburgh Coal, corn.. _100
Pittsb Jerome Copper_ 1
Pittsb & Mt Shasta Cop_ 1
Pittsburgh Oil & Gas....100
Pittsburgh Plate Glass_100
Riverside East Oil, corn.. 5
San Toy Mining
1
Union Natural Gas_ _ _100
U 5 Steel Corp,com_100
Preferred
100
West'house Air Brake....50
West'house Elec & Mfg_50
West Penn Trac & W P.100

245 16
1734 1734
81
84
846 79
60 7734
7934 80
98
98
25 98
100
7
7
7
44
44
100 3934
534
5
1,205
3
634
20
18
20
125 15
15 91
9134 9134
100
100 100
10 99
214 234
234
260
114
10
854 854
534
104 104
50 9414
20634 200 204
997 170
4934 50
50
335 4854
634 734
980
734
5
1434 14
520 10
1434
19
1854 19
265 16
45
4454 45
835 4254
2954 2934 2954 1,339 2834
5
945
2
434 5
1234
120
7
1254 1234
48
430 45
4634 48
18c 20c 10,700
8c
31c 34c
1,000 21c
954
954 954 1,624
8
117
117 117
60 117
54
X
400
5.4
70
Sc
7c
3,000
60
12334 123 12334
150 122
290 8834
9534 . 9234 9534
114 114
100 114
334 93
9354 9434
46
1,220 4034
4534 45
13
13
50 13

Bonds.
Penn Street Ry 5s
Pittab Brewing 6s........1949
Pittsb Goal deb 6s_ -1931

90
90
$1,000
6614 6654 2,000
96
96
600




1714
8134

Jan
Jan
Jan
Mar
Mar
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Mar
Jan
Jan
Mar

90
Mar
52
Jan
OW Jan

High.
1814
88
81
98
7
4534
654
20
92
100
334
10
105
204
53
1054
1854
2034
4554
3134
554
1414
4954
200
34c
1054
120
1
9c
128
9634
11454
9594
4634
13

Jan
Jan
• Jan
Mar
Mar
Feb
Mar
Mar
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Mar

90
Mar
68
Feb
Oft“ FM

American Radiator... _ _100
Amer Shipbuilding_ _100
Armour & Co,preferred_ _ _
Booth FisheriesCommon...new (no par)
Preferred
100
Chic City&C Ry pt sh corn
Preferred
Pneumatic
Tool....100
Chic
Chic Rys part ctf "3"_ _ _ _
Chicago Title & Trust-100
Commonw-Edison
_100
Cudahy Pack Co,com_100
100
Deere & Co,pref
Diamond Match
100
Hartman Corporation_100
Hart,Shaff&Mat x,com.100
Illinois Brick
100
Libby(WI)
10
Lindsay Light
Middle West Mil,pref _100
National Carbon, pref.100
People's GI L & Coke_ _100
Pub Saw oi N Ill, com_100
100
Preferred
Quaker Oats Co, pret _100
Sears-Roebuck, corn_ _ _100
100
Preferred
100
Shaw W W,corn
Stewart Warner Speedom
Common
100
100
Swift & Co
Swift International
Un Carb & Car Co(no par)
Union C & C Co Rights B
United Pap Board,com.100
Preferred
100
Ward, Montg & Co, pref._
Wilson dr Co, common_100
Preferred
100
Bonds.
Armour & Co deb 63..1924
Booth Fish s f d Os... _1926
Chicago City Ry 5s_ _1927
Chicago Rys 5s
1927
Chicago Telephone 59_1923
Commonw Edison 58_1943
Liberty Loan 3d 414s
Metr W Side El 1st 4s-1938
Pub Ser Co 1st ref g 56 1956
Swift & Co 1st a 58__ _1944

285 285
109 109
10134 10154 10154
20
83

66 285
Feb 290
80 100
Feb 112
1,593 10154 Jan 102

20
2054
1,730 18
80
83
145 79
X
1
278 • 54
165
814
854 954
64
64
71 8054
1
1
55
1
180 180
100 178
113 11354
139 111
102 103
595 1003.4
9514 9534
85 95
11334 11354
20 109
5534 5534
10 543.4
72
72
55 68
56
56
15 56
2334 2514 16,740 1994
1334 1534 4,774
934
50
122 50
5054
20 121
12254 12255
50
50
35 46
89
90
45 8854
170 89
90
90
10234 103
90 101
171
174
343 16854
120 12()
50 119
91
92
52 91

Feb
Feb
Jan
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Feb
Mar
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Feb

Jan
Feb
Feb

2134
83
1
11
05
2
185
115
104
97
114
5534
7734
60
2554
16
53
1223.4
62
92
90
103
179
121
9234

Feb
Mar
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Jan
Mar
Feb
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Feb
Feb

Jan 93
8954 9154 2,140 84
129
9,915 11534 Jan 130
12331 130
48
4614 4854 17,048 4134 Jan 483.4
6234 6154 6234 12,106 56
Jan 6234
4
4
45 • 33.4 Feb4
20
20
15 1754 Jan 2154
65
65
50 65
Mar 65
11014 11154
100 110
Jan 112
920 663.4 Jan 77
7634 693.4 77
9854 99
25 95
Feb 99

Feb
Mar
Mar
Mar
Feb
Jan
Mar
Jan
Feb
Mar

934

64

____
180
10234

2554
1331

9134

9354

95T4

10054 10054
9254 9254
83
83
7854 7854
96
96
93
9354
95.10 95.10
5534 5554
873.4 8734
95IA 9634

$3,000 10054 Mar 10054 Mar
5,000 8954 Feb 9254 Feb
200 81
Jan 84
Feb
11,000 7854 Feb 81
Jan
3,000 96
Feb 9654 Jan
Feb 9434 Jan
32,000 93
1,000 95.10 Mar 95.10 Mar
9,000 5534 Mar 5634 Jan
13,000 8754 Jan 873.4 Jan
18.000 orox, Mar 08W Jan

MAR. 8 1919.]

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.

Sales
Friday
Last Week's Range for
Week.
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.

10
U S Lt & Ht com r
10
Preferred r
US Steamship
10
5
Wayne Coal
Railroad, Slats, Mists
Stocks.
Week sidino
World Film Corp v t o
5
Foreign
U.
.1
te
etc.,
Wright-Martin Airor (t)
March 7 1919.
Bonds.
Bonds
Bonds
Par 'Value
Stores
Former Standard Oil
Subsidiaries
$809,000
$285,000 $4,186,000 Anglo-Amer 0111..r
393,375 $34,961,500
£1
Saturday
1,702,000
890,000 10,063,000 Galena-Sig 011 corn r_100
805,625 75,342,000
Monday
1,705,000
756,000 10,402,000 Nat'l Transit Co_r_ 12.50
806,422 74,029,700
Tuesday
911,000 8,232,000 Ohio 011_r
1,421,000
756,400 69,825,000
25
Wednesday
519,000 6,077,000 Prairie Pipe Line_r_ _ _100
1,087,000
685,640 62,771,000
Thursday
1,040,000
475,500 3,195,500 South Penn 011-r
1,027,370 96,413,000
100
Friday
Stand 011 (Callf)_r _ _ _ _100
4,474,832 $413,342,700 $7,764,000 $3,836,500 $47,155,500 Standard Oil of N J_ r- _100
Total
Standard 011 of N Y r 100
Swan & Finch_r
100
Jan. 1 to March 7.
Week ending March 7.
sales Cl
Union Tank Line_r____50
Von York Stock
Vacuum
011_r
100
1919.
1918.
1918.
1919.
Nschange.
Washington 011..r
10
Other 011 Stocks.
24,544,038
27,335,317
1,968,630
4,474,8321
Stocks-No. shares_ _ _
1
011_
r
Allen
$413,342,700 $181,440,600 $2,692,279,405 $2,575,154,200 Boone Oil_r
Par value
5
$28,700
$8,000
$800
Bank shares, par
Boston-Wyoming 011_r-1
Bonds.
Caddo
011_r
$393,333,000
$103,258,500
Government bonds_ _ _ $47,155,500 $9,391,000
102,677,500
46,150,500 Commonw'th 011_r_w 1_1
3,770,500
3,836,500
State,mull.,&c.,bonds
77,868,000
63,306,500 Continental 011 & Ref_r_
8,262,500
7,764,000
RR.and misc. bonds
Cosden & Co. com.r..---5
Preferred.r
5
$573,878,500
$212,715,000 Crown
$58,756,000 $19,424,000
Total bonds
Oil_r
1
Crystal 011 & Refining_r-I
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
Curman Petroleum_r_ _1
Drillers 011..r.new ____10c
BALTIMORE EXCHANGES.
Elk Basin Petroleum_r_ _5
Esmeralda 011 Corp_r-1
Philadelphia.
Baltimore.
5
Boston.
Federal Oil_r
Glenrock 011.r
10
Week ruling
Great Plains Petrol'm _ r_ _1
Shares. 'Bond Sales. Shares. Bond Sales. Shares. Bond Sales
March 7 1919
Home 011.r
1
$19,000
3,240
4,813
$19,100 Home 011 & Refg_r wi__10
$25,000
6,605
Saturday
18,350
7,342
7,147
28,700 Houston 011, corn _r__ _100
97,100
17,426
Monday
47,500
4,642
2,388
17,100 Hudson 011 _r
84,550
1
15,678
Tuesday
37,350
1,714
7,730
62,800 Internat Petroleum_r__£1
126,100
14,872
Wednesday
9,621
53,000
3,510
29,100 Island 011 dr Transp_ r-10
46.000
11,428
Thursday
17,000
3,069
423
20,000 Henoya 011
9,000
1
18,429
Friday
Louisiana Oil & Rein _r-50
35,644 $182,200
19,993 $176,800 McCoombs Prod & Ref.r 1
84,436, $387,750
Lotal
146
Merritt 011 Corp.r
Metropolitan Petroleum 25
Mexican
Gulf
011_r
1
New York "Curb" Market.-Below we give a record of Midwest 011. com-r
I
Preferred.r
1
the transactions in the outside security market from Mar. 1
Midwest RefinIng-r___ -50
to Mar. 7, both inclusive. It covers the week ending Northwestern
Our
Omar 011 & Gas.com--1
Friday afternoon.
011.r
10
It should be understood that no such reliability attaches Pennok
Queen 011.r
1
1
to transactions on the "Curb" as to those on the regularly Rangeburnett Oil_r
Royal Dutch (new).r
organized stock exchanges.
Sapulpa Refining_r
5
On the New York Stock Exchange, for.instance, only Sinclair Gulf Corp-r---(t)
011_r
members of the Exchange can engage in business, and they Southwest
011_r
1
are permitted to deal only in securities regularly listed-that Stanton
Texana 011 & Ref _r
1
Western Oil new_r
is, securities where the companies responsible for them have United
011.r
10
complied with certain stringent requirements before being Victoria
Mining Stocks.
admitted to dealings. Every precaution, too, is taken to Alaska-Brit Col Metals..1
America Mines_r
1
insure that quotations coming over the "tape," or reported Amer
Tin & Tungsten_r_l
Arizona Bing Copper..,-1
in the official list at the end of the day, are authentic.
1
Butte_r
On the "Curb," on the other hand, there are no restrictions Arizona
1
Atlanta Mines
whatever. Any security may be dealt in and any one can Big Ledge Copper Co.---5
Booth_ r
1
meet there and make prices and have them.included in the Boston
& Montana Dev--5
lists of those who make it a business to furnish daily records Butte & N Y Copper_ _ _ _1
Mining
1
of the transactions. The possibility that fictitious transac- Caledonia
& Jerome Cop..r 1
tions may creep in, or even that dealings in spurious securi- Calumet
Canada Copper Co Ltd. 5
always
be
kept in mind, Candalaria Silver_r
1
ties may be included, should, hence,
1
Boy
'particularly as regards mining shares. In the circumstances, Cash
Cerbat Silver M
Arizona Smelt_..5
it is out of the question for any one to vouch for the absolute Congo'
Consol Copper Mines_
5
trustworthiness of this record of "Curb" transactions, and Cresson
Con Gold M & M 1
El Salvador Silver M
1
we give it for what it may be worth.
Eureka Croesus Min r... 1
Sales
Friday
1
Florence Bilver_r
Range since Jan. 1.
Gadsden _r
5
Last Week's Range for
Week ending March 7.
Wee/c.
Sale.
of Prices.
Golden Gate Explor_ r -5
Low.
High.
Golden Rule_r
1
Par. Price. Low. High. Shares.
StocksGoldfield Consol
cog 18,600 64 Jan 10% Feb Goldfield Merger-r 101
9
934
Aetna ExplosIves_r(no par)
75 60
Feb
62
62
64 Jan Great Bend_r
100
Preferred r
800 *8154 Feb 85% Feb Hamilton M & S
65
6531
Amer Bosch Magneto r (t)
2% mar
234 434 1,700
455 Mar Hattie Gold Mln_r
434
1
Amer & Brit Mfg, corn 100
3,600
8
Feb 30
30
18
2543
Mar Hecht Mining
Am Road Machinery-r-(t)
2% Jan
434 sg 6,800
1
5% Feb Howe Sound Co
5
Amer Writing Pan corn 100
2,100
1
28% Mar 39
100 3734 2834 39
Mar Jim 13utler..r
Brill (.1 0) Co_ r
100 23% Jan 24% Feb Jumbo Extension
24 '
24
1
Brit-Amer Tob ordinary £1
£1 2534 2434 2554 5,600 23% Jan 25% Feb Kewanus.r
1
Ordinary bearer
Mar 17% Mar La Rose Mines, Ltd
15
1734 8,000 15
100 17
5
Bucyrus Co r
2
2
234 6,200
Feb
25
234
254 Mar Lone Star Coned -r
1
Car Ltg & Power.r
700
4% 5
411 Mar
1
5
434
Mar Louisiana Cons
Chalmers Mot Corp_ r _(t)
348 352 ' 1,070 294
Jan 352
Mar MacNamara. Miner _ _ _1
Cities Service com_r___100
8,100 35
. 3654 3834
Feb 3854 Mar Magma Chief_r
37
1
Bankers' shares w 1_ r
854
5,000
1054
1134
Jan
1031
5
1155 Feb Mason Valley
Diotograph Produots,r.101
434 7,200,
2
33.
Feb
4% Mar McKinley-Darragh SaV_ _1
394
Emerson Phonograph__ _5
56400. 55
56
Feb 60% Feb Mother Lode_r
25 56
Fairbanks & Co_r
I
:35
45
7,150
33
Feb 45
Nipissing
5
Mar
Freeport Tex Co_ (no par) 43
1
General Asphalt corn r 100 6631 6434 6831 16,0001 3954 Jan 72% Feb Nixon Nevada
2,100; 3834 Jan 109
9934 104
101
Feb North Butte Devel r
Preferred r
109
100,
129 129 I
Jan 136
Feb Onondago Mines Corp_ r.1
Gillette Safety R.azor.r.1(r)
100'1
2
2.
Jan
5
3% Jan Ray Hercules Min_r
Havana Tobacco corn r 100
1001
3
3
3
Jan
4:U Jan Rochester Mines
1
100
Preferred.r
4% Jan
634 734 46,000,
731
7% Mar Seneca Cop Corp.(no par)
Hupp Motor Car Corp-10'
300; 1454 Feb 17% Feb Silver Pick Consol_r
1
Tob of G Br & Ire.£11 16% 16% 17%
19
I
8,7001
1734
Jan
1034
1
21
Jan Standard Sliver-Lead
Intercontinental Rubb_100 18%
2434 26 ' 1,000; 2434 Mar 26
Mar Stewart
1
1001 26
Jones Bros Tea_r
4354 Jan 72% Mar Success Mining _ r
1
Keyst Tire & Rub corn_100 7035 6334 7234 43,700
10,425
2434
1034 Feb 24% Mar Tonopah-Belmont Dev_r 1
1634
Lackawanna Co Coal r 10: 23%
750
134 Jan
155 .2
3
Feb Tonopah Extension
1
Lake Torp Boat, corn r..10
2514 5,300 19
Jan 25% Mar Tuolumne River Placer r _1
Libby, McNeil & Libbyr10 2534 24
Pm 2734 Feb 31
3034 3034
Feb United Eastern Mining-1
Lima Locom com_r_100
7
Feb
734 1134 27,000
1155 Mar United Sulphur Mines_ r_i
Morris (Philip)& Co w 1_10 11
1,625
854 Feb
634 8
12
Jan United Verde Exten _ r _50c
8
Nat Fireproofing corn r.50
14%
110 1315 Jan 20% Jan U S Continental Mln_r_.1
14
50 1434
Preferred .r
.Tan 62% Mar Ward Min de Milling.r__1
100 6294 5334 6234 13,400 47
Nat Ice & Coal..r
400 17
17
Mar
17
17
Mar Washington Gold Quartz _I
Nat Mot Car & Veh_r_-(t)
394 434 6,100
234 Jan
43<4 Mar %Vest End Consolidated_5
No Am Puip&Pap.(no par)
Jan 22% Mar White Caps Exten r
1
1934 2234 6,000 18
Peerless Trk & Mot Corp50 2234
54 Feb
1
Feb White Caps Mining_10c
Perfection Tire & Rubb r 1 13-16 11-18 13-16 50,000
100 43
Feb 4534 Mar White Knob Cop, pf_r_ _10
4534 4534
Rem'n Typewr com.r_100
754
200
Jan
8% Jan
834 834
834
Standard Mot Constr_r _10
1,800 3834 Mar 41
Bonds.
3834 40
Feb
40
Stewart M fg_r
Feb 18% Feb Am T & T6% notes_ _1924
1334 1634 28,200 10
Submar Boat Corp v to. 5 1634
15 4834 4634 4835 5,600 4034 Jan 4834 Mar Amer Tob serial 7s.r_1919
Swift Internat'l.r
800 6035 Feb 63
61% 63
Mar Anaconda Cop Min 6s -'29
Un Carbide & Carbon r (t) 02
4254 4,100 33% Jan 42% Feb Beth Steel serial 7s_r_1919
United Motors_ r (no par) 4215 42
1923
58,000
Serial 7s_r
7-16 Jan
2% Feb
134 2
United Profit Sharing-25c 115-18

-__I




961

THE CHRONICLE

UM&

134.

2%
3%
2%
3%
94

18%

268
260
330
98
114

2%
355
40c
1%
7%
• 4%

54
50
2%
3%
254
49c
15
79
1 5-16
2155
7%
734c
39
254
2494
331
1%
153
49c
50c
12%
190
41c
85%
3031
39c
1

1%
3%
2%
3%
%
4
18
92
21
324
268
300
257
673
330
98
114
419
34

2% 11,700
3% 2,000
334 45,000
3% 4,400
% 24,500
4% 6,000
1834
98
26
326
268
308
270
687
335
98
115
420
36

3,300
80
2,300
35
30
50
65
127
111
10
50
30
200

Low.

High. •

154
214
• 2%
3%
%
3

Ja
Feb
Mar
Feb
Jan
Fe

254
354
5%
4%
%
4.4

16%
88
16%
315
266
297
258
673
310
98
107
395
34

Jan
Feb
Feb
Jan
Feb
Feb
Jan
Mar
Jan
Feb
Jan
La
Mar

18%
98
26
335
270
320
280
731
335
118
123
437
36

Mar
Mar
Jan
Jan
Jan •
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Mar

134 2 7-16 59,000
2% Feb
% Jan
355 5,700
3
4% Feb
Mar
3
22c 39c 111,000 18e
Jan 470 Feb
14
200 12
14
Feb 154 Feb
37c 40c 1,025 37c Mar 40.3 Feb
114 17-16 14,900
1
Feb
1% Mar
Feb
7% 8% 19,000
6% Jan
434 4%
400
851 Mr
4
4
Jan
a
29e 33c 16,600 13c
Jan 35c Feb
1% Mar
1% Feb
134 1% 11,450
1% 4,400
1
1
1% Feb
Mar
54 Feb
% Mar
14 3,500
34
8% 654
100
6% Jan
6
Jan
4%c ac 113,100
Jan
60 Jan
4o
234 2% 17,000
2
Jan
Feb
334 3% 7,800
n
3% Mar
2374 M
23-1 12,350
114 Mar
1'%
45c 52c 47,800 45c Mar 5
152c M
15
12
1,900 10
Feb
Max'
81
79
700 75
Jan 8834 Feb
80c 134 62,150 55e Feb
Mar
b
21% 22% 11,700 16% Jan 23"
8% Feb
7% 7% 31,500
6% Jan
Jan
8c 20,200
7c
70 Mar 16e
38% 4054 16,200 23% Jan 40% Mar
2 7-16'2% 18,700 2 7-16 Mar *2% Mar
5
.
1 Feb
23% 2454 3,400 21
Jan 24
334 4 5-18 64,500
2% Jan
25c 30c
1,300 25e
Jan
13-16 17-16 68,500
1°
.62 M.1
1.13 Jan 45
Feb
aarn
500
I% 111-16
Feb
I% Jan
143 156
61
16,350 124
Jan 1113
Feb-16
46c 50e 25,000 460 Feb 55o Feb
47c 64c 131,000 220
Jan 64c Mar
8,000 11% Feb 15
12% 13
Jan
14c 19c 53,000 130 Feb 300 Jan
35c 42c 35,800 350 Mar 42c Mar
15,900 70% Jan 90
87
Feb
84
500
7% Jan
7
Jan
7% 7%
28% 31% 21,900 22
Jan 31% Mar
38c 40e
12,000 360 Feb 42c
Jan
% Mar
% 134 20,500
21c 25c 21,000 Ile
14 Mar
Jan 25e
15i 1% 13,600 13-16 Jan
23.4 Jan
2% 234
3,100
Feb
2% Jan
3

8,800
37c 40c
% 1 1-16 2.200
5-18 34 7,800
1
1
4,200
1
60
60
53
2.100
554c
4c 5150 20,200
9-16
14 11-16 12,100
1,000
15c 15c
48e 51c 39,500
400
1,800
7-16 34
31c
29e 31c 20,300
34 7-16 8,300
54
4,000
1% 2
59c 62c 23,625
61c
534c 7c 19,000
6c
I% 1% 8,700
134
1% 4,600
1 1-16
1
5%
5
• 400
4%
4% 5
7.600
215 2% 8,000
134
1% 1% 4,950
77c
750 80c 10,500
4
8,300
335 5
3%
3% 336 19,175
2,800
%
19c
17c
9,700
17c
5c
7c 13,300
52.
1,000
5c
64c
4,000
60e 700
42e 45c
9,000
455 4% 2,450
335 3% 1,500
34c 37c
360
6,350
12e 14c 11.500
140
at;
(ic
2,000
5-1
31
% 1,700
25e
1034c 25e 1251000
200
14
31
48c
34c 50c 236.500
5-16 55 22,800
7,
4,
2%
400
48c
48c 50c
1,400
33c
31c 35c 12,900
9%
100
935 934
40c
5,500
36c 41c
1,000
19c 20c
3
334
3
1.800
234
2
1,500
294
19c
19e 23c
11,200
14
15
700
6c 654e
7,200
34 4.240
31
54
14c 16c 22,100
15c
Sc
1,000
5c
3 3-163 13-16 5,300
2%
2% 2 7-16 8,400
1.55 15,000
60e
65c
4% 5% 19,125
% 11-16 3,100
3154 3154 33
5,700
934c lie
10c
13,200
3Ic 37c 10,500
32c
81c 93c
81c
9,300
1
114 8.750
134
3,000
255c 4c
10%c 15c 42,600
13c
134
I%
725
39c
1

Range since Jan. 1.

Jan
350 Feb 50c
1,
34 Feb
Feb
ai
% Feb
ifs Mar
Jan
1
13-4 Jan
46
Feb 60
Mar
354c Feb
5540 Jan
35 Feb 15-16 Jan
17c Feb
1234e Jan
42e Feb 540
Jan
%, Jan
34 Jan
270
Jan 330
Jan
% Jan
/f6 Feb
‘
1 5-16 Jan 2%
Feb
Jan 620 •Mar
520
5o Feb
89-40 Feb
Jan
1
1% Feb
Feb 1 9-16 Jan
1
4% Feb
634 Jan
454 Feb
614 Jan
I% Jan
Feb
3
1% Feb
1% Jan
Feb
60. Jan 85e
Feb
6% Feb
3
254 Feb ' 3% Feb
Len
% Fe
170 Fe
24e
Jan
70 Jan
50 Feb
Sc
Jan
Jan
3c
La
410
710 Feb
33c Feb 50c
Feb
414 La' 4 15-16 Jan
4
Jan
314 Mar
Jan 440
32c
Feb
12o Feb 150
Jan
Jan
5o Fe
8o
,4 Fe
7-16 Jan
25c Mar
5o Fe
54 Fe
54 Feb
34c Ma
50c Mar
Feb
220 Feb
34
3% Jan
2% Feb
Ja
45c
50c Mar
Jan
28c Feb 350
854 Jan
9% Feb
Jan
32c Feb 48c
Feb
10c Feb 25c
Jan
3% Jan
3'
1% Jan
3% Jan
Feb
190 Mar 32o
13% Feb 154 Jan
5%e Feb 8540 Feb
% Jan
34 Jan
Jan 180
15o
Jan
4c
7c
La.
Jan
2 9-16 Jan
3% Mar
1% Jan
Feb
3
30c
Jan
1.55 Feb
3% Jan
534 Mar
154 Jan
% Jan
Feb
3134 Mar 33
120 Feb
6o
Jan
24o
Jan 40e
Feb
Jan
810 Mar 930
1
1,
X, Feb
Mar
Jan
4c
2c
Jan
10o
Jan 18340 Jan
I% Jan
1% Jan

9954 9954 9914 213,000 9874 Jan 993<4 Feb
10134 10134 10134 5,000 1013-4 Mar 103
Jan
97% 9754 974 328.000 973<4 Feb 9974 Jan
10034 1004 5.000 10034 Feb 101 54 Feb
101
1014 15.001 100% Jan 10154 Feb

962
Bonds (Concluded)-

THE CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.

Range since Jan. 1.
Low.

New York City Realty and Surety Companies

High.
-• -

•

Canada(Dom of)53_1919 99% 99% 99% $64,000 9934 Jan 993.4 Feb
Federal Farm Loan 5s___
103% 103% 57,000 103
Jan 104
Jan
Ills Cent 534s w L___1934 96% 96
98% 543,000 96
Mar 9734 Feb
Interbero R T 7s
92
1921 91% 90
81,000 85
Jan 9234 Feb
Italian Govt 5s of 1918___
1141% 1142 31,000 1141
Feb *2144 Feb
Laclede G L coil 78w 1.1929
100% Noy, 2,000 100
Jan 10034 Mar
N Y Telep deb 8e
99)4 100 162,000 993,4 Feb 10134 Jan
1949 100
Phila Elec 6s.r
96% 96% 45,000 953.4 Feb 963.4 Mar
Russian Govt 63.49..r_1919
64
67 130,000 48
Jan 72
Feb
53.4sr
1921
59
56
22,000 47
Jan 65
Feb
South Ry 8% notes w I '22 99% 99% 99% 230,000 993.4 Feb 9934 Mar
Studebaker Cop ser 7e.1921
100% 100% 15,000 10034 Mar 10074 Mar
Swift &Co 6%notes WI r'21 99% 99% 99% 121,000 993,4 Feb 9974 Mar
Wilson & Co Inc 6s_ 1928 93% 93% 93% 410,000 9234 Jan 943.4 Jan
• Odd lots. t No par value. i Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions will be found. o New stock.
r Unlisted. to When Issued. z Ex-dividend. y Ex-rights. a Ex-stock dividend.
2 Dollars per 1,000 lire. flat.

[vol.. 108.

Alliance R'Ity
Amer Surety.
Bond& M 0.
Casualty Co.
City Investing
Preferred__

All prices now dollars per share.
Md. Ask.
Ask.
Bid. Ask.
70 Lawyers Mtge 112 117 Realty Assoc
60
65 Mtge Bond__ 85
60
(Brooklyn). 77
90
83
230 240 Nat Surety__ 212 216 US Casualty_ 175 190
_
75 N Y Title &
U S Title Guar 50
80
17
Mortgage- 95 100 West & Bronx
20
60
67
Title & M
150 170

Quotations for Sundry Securities
All bond prices are "and interest" except where marked

Standard 011 Stocks Per Share
RR. Equipments-PerCt.Basis.
5.90 5.50
Pall Bid. Ask. Baltimore & Ohio 434s
Anglo-American Oil new. £1 18 1838 Buff Roch & Pittsburgh 434s 5.87 5.65
100 1225 1250
Atlantic Refining
Equipment 4s
5.87 5.65
Borne-Scrymser Co
1 '500 515
Equipment 6s
5.87 5.65
Buckeye Pipe Line Co_
5 .90 93 Canadian Pacific 4345
5.85 5.50
Chesebrough Mfg new
1
320 240 Caro Clinchfield & Ohio 58... 6.20 5.75
CURRENT NOTICES.
1
540 580 Central of Georgia 59
Continental 011
6.25 5.75
Crescent Pipe Line Co
6 *38 40
Equipment 43.4s
6.25 5.75
-At 94 and interest, yielding about 6.40%, William Salomon & Co. are Cumberland Pipe Line__ -1
175 185 Chicago & Alton 4s
6.7 6.25
100 185 170 Chicago dc Eastern Ill 53.4s.. 7.0 6.00
offering for investment in our advertising columns to-day the remaining Eureka Pipe Line Co_
100
Equipment 434s
7.0 6.00
balance of $1.980,000 Niagara Lockport & Ontario Power Co. refunding Galena-Signal 011 ocom_100 98 150
100 130
Preferred old
Chic Ind & Louisv 4345
6.50 6.00
mortgage 6% sinking fund bonds, Series "A." A large majority of these
102 105 Chic St Louts & N 058
Preferred new
5.85 5.40
bonds have been sold and a substantial amount have been issued in con- Illinois Pipe Line
100 170 175 Chicago & N W 43.4s
5.60 5.25
98 100 Chicago R I & Pao 434s
6.35 5.95
version of the company's 2-year 6% secured convertible notes (called for Indiana Pipe Line Co.... 5
Petroleum_ El *21 2134 Colorado & Southern
6.50 6.00
redemption Feb. 1 1919), the balance is offered subject to prior sale. Cir- International
National Transit Co___12.50 *22 23 Ede 5s
6.20 5.80
cular will be mailed on application.
New York Transit Co-100 185 195
Equipment 434s
6.20 5.80
Equipment 4s
6.20 5.80
, -On the advertising page opposite our weekly statement of clearings, Northern Pipe Line Co_100 110 115
Ohio 011 Co
25 *324 328 Hocking Valley 412s
5.90 5.50
the Bankers Trust Co. of this city, the Union Trust Co., Pittsburgh, and Penn-Met Fuel Co
25 *57 59
Equipment 15s
5.90 5.50
Hallgarten &'Co. are offering to investors $7,410,000 New York Central Prairie 011 & Gas
101 640 665 Illinois Central 5s
5.65 5.25
100 266 270
Railroad 434% Equipment Trust of 1917 certificates and $7,800,000 Prairie Pipe Line
Equipment 434s
5.65 5.25
1001 335 350 Kanawha & Michigan 4346._ 6.25 5.75
Michigan •Central Railroad 6% Equipment Trust of 1917 certificates. Solar Refining
Southern Pipe Line co...100, 168 172 Louisville & Nashville
5.65 5.30
The prices and yields of the various maturities of both issues appearAin South Penn 011
100 300 310 Michigan Central 5s
6.251 5.75
the advertisement.
Southwest Pa Pipe Llnes.1001 97 100 Minn St P & S M Oita__ 5.90, 5.50
Standard 011 (California).100 260 261 Missouri Kansas & Texas 15s- 7.00 6.00
-All the issue having been sold, Estabrook & Co., 15 State St., Boston, Standard
011 (Indiana) _ _100 770 780 Missouri Pacific 5s
7.00 6.00
and 24 Broad St., this city, are advertising in the "Chronicle" as a matter Standard 011 (Kansas) 100 580 595 Mobile & Ohio 5s
6.25 5.75
otrecord only their recent offering of Waitt & Bond, Inc., 7% cumulative Standard Oil (Kentucky)100 390 400
Equipment 434s
6.25 5.75
first preferred stock. The stock was offered at 98 and accrued dividends, Standard Oil (Nebraska).100 540 560 New York Central Lines 5s_ 6.20 5.75
Standard Oil
New Jer.100 670 676
Equipment 444s
6.20 5.75
yielding 7.14%. See the advertisement for general particulars andiour Standard 011 of
of New Y'k 100 328 333 N Y Ontario de West 4348... 8.30 5.75
General Investment News Department for further:details.
Standard 011 (Ohio)
100 470 480 Norfolk & Western 410._ _ 5.60 5.26
100 98 102 Pennsylvania RR 434s
5.55 5.20
-In our advertising columns to-day William Salomon & Co. and Horn- gwan & Finch
100 114 116
Union Tank Line Co
Equipment 4s
5.55 5.20
blower & Weeks, this city, are jointly offering the unsold balance of
Vacuum Oil
414 418 St Louis Iron Mt & Sou
1
6.75 6.00
Chicago
St.
Paul Minneapolis & Omaha Ry. Co. consolidated Washington Oil
070,000
1 *34 38 St Louts & San Francisco 59. 7.00 6.00
Seaboard Air Line 58
6.50 6.00
mortgage 6% bonds, due June 1 1930, at 1063.4 and accruediinterest
Equipment 43.4s
6.50 6.00
yielding 534%.
Ordnance Stocks-Per S hare.
Southern Pacific Co 43.4s.... 5.65 5.30
-Burroughs & Co., 38 Kilby:St., Boston, who make a specialty of Boston Aetna Explosives pref__100 61 65 Southern Railway 434s
5.95 5.60
312
Toledo az Ohio Central 4s
6.25 5,80
real estate secured issues, are sending to their friends and customers col's American & British Mfg..100
Preferred
100 15 25
of.the valuable annual publication of the Boston market known for many Atlas Powder common...l00
145 150
Tobacco Stocks-Per Rh are.
years past, first as Martin's List, and more recently as Ruggle's Sto-c-fc
Preferred
100 90 92
Par Bid. AM.
Babcock & Wilcox
106 109 American Cigar common_100 118 123
1
Fluctuations.
Bliss (E W)Co common- 50.250 325
100 85 95
Preferred
-Elston & Co., 39 South La Salle St., Chicago, announce that -ATM
Preferred
501 *65 75 Amer Machine & Fdry-100 60 80
Frake, whb for the past ten years has been actively engaged in the pur- Canada Fdys & Forgings_100 185 195 British-Amer Tobac ord_fl *25 26
100 87 93
Ordinary, bearer
£1 *24 28
chase and sale of municipal bonds in Chicago, is associated with this firm Carbon Steel common
100 90 100 Conley Foil
1st preferred
100 195 210
as Manager of the Municipal Bond Department.
2d preferred
1001 67 70 Johnson Tin Foil & Met_ 1
80 100
-William R.Compton Co.,of New York, St. Louis, Cincinnati, Chiclao Colt's Patent Fire Arms
MacAndrews & Forbes 100 198 10
42
Mfg
Preferred
100 90 100
and New Orleans, announce that Clarkson Potter, Vice-President ortl
e duPont
(E I) de Nemours 25 *36
Reynolds(R J) Tobacco 100 375 25
company,will make his headquarters in New York and conduct the mana
-F& Co common
100 253 257
100 330 380
B common stock
ment of the New York office.
Debenture stock
100 9112 9212
Preferred
100 107 110
Eastern Steel
100 70 75
A dividend scrip
95 100
. The firm of Procter & Borden, 27 Pine Street, NewlYork, having been Empire
Steel & Iron com-100 20 30
B dividend scrip
95 100
dissolved on March 1 by mutual consent, a now partnership under the firm
Preferred
100 68 71 Young (J 8)Co
100 125 150
Hercules Powder corn__ _100 21.5 220
name of Procter & Company has been formed by William Procter, 1tOIii
Preferred
100 95 105
Preferred
100 107 110
Procter and Harley T. Procter.
99
7
Niles-Bement-Pond com_100 19
1 10
06
Short Term Notes-Per Cent.
*T-Philip,Lynch and Peter P. McDermott have formed a co-partnership
Preferred
100
Amer Cot 011 5s 1919...M&S 9938100
9
. 35
.
7% notes Sept 1919....... 100121007r
to deal in investment securities under the firm name of Lynch & McDermott Penn Seaboard Steel(no par) :3
_ 290 Amer Tel dc Tel Os 1924..F&A 9934,9974
Phelps-Dodge Corp
100
at_2 Wall Street, this city.
360
Scovill Manufaoturing---100 310
Balto & Ohio 5s 1919__J&J 9912 9934
-Frank H. Morse, who has been with R. M. Grant & Co. for over_fig_lat Thomas Iron
501 *20 30 Canadian Pao 6s 1924.M&S 2 10014 1001
:
Del & Hudson 5s 1920-F&A 9834 99
years, has become connected with A. B. Leach & Co. in the MunIeVral Win Repeat Arms COM W
_1d100
Preferred w 1
d90 100" Erie RR Si 1919.
97
A-0
95
I
Bond Department. . if 41
Woodward Iron
1001 44 53 Fed Sugar Rfg 53 1920-J&J 0814 9914
Preferred
85 95 General Eleo 60 1920.___J&J 100181003s
_ -A circniar discussing the outlook of the investment situation and an
6% notes (2-yr) 1919.J&D 1001810034
analysts of several municipal and railroad boridfraZbeen issued laTICIV7
Great North 5a 1920_.M&S 9834 09
Pressprich 8z Co.
Public Utilities
K Term Ry 4%S 1921.J&J 9612 97
Amer Gas & Elea cons... 5 *119 123
5s Nov 15 1923...M&N 15 100 10014
Preferred
5
Liggett&MyersTobes'21J&D 100 10014
Lt & Trao
1001 211 21tAmer
N Y Cent 5s 1919.-M&S 15 9912 9938
Preferred
1001 98 100 Penn Co 434s 1921.....1&D 15 97 9714
All prices now dollars per share.
Amer Power & Lt corn. 1
55 80 Pub Sec Corp NJ 7s '22.M&S 98 0912
Preferred
Southern Ry Os 1922 w I M&
99 9938
Banks-N.Y. Bid
Ask. 1!
Bid. Ask. Trost Co's. Bid. Ask.
Banks.
Amer Public Utilities com1
0 7
713
0
0
SwItt&Co Os 1921 w I F&A 15 9978 100
America'.._ 515
New York.
-_ _ 't Irving (trust
Preferred
100 34 38 Utah Sec Corp 6s'22.M&S 15 90 91
Amer Each.. 230 237
certificates) 300 310 Bankers Trust 390 395
Carolina Pow&Light cons 1
30 32
Atlantic
170 180 Liberty
520 540 Central Union 407 412
Cities Service Co com_..100 349 353
Industrial
.._ _ _ Lincoln
Battery Park- 220
270 300 Columbia
307 312
Preferred
100 79 80
and Miscellaneous
Bowery •..- 425-- _ Nfanhattan •.. 205 210 Commercial._ 90 100
Colorado Power corn.._ _100 24 27 American Brass
100 20 209
BroadwayCen 135 145 Mech & Met_ 350 360 Emplre
8285 295
100 95 100 American Chicle coin._.-100 76 78
Preferre.L
Bronx Bore'. 125 175 Merchants..._ 150
---- Equitable Tr- 418 425
Cona'w'th Pow Ry & Lt__1
19 21
Preferred
100
75 79
Bronx Nat.__ 150 165 Nletropolltan* 175_
.Farm L dc Tr_ 435 445
Preferred
41 43 American Hardware
1
100 135 138
Bryant Park* 145 155 Mutual *__
_ 375
Fidelity
220 235
Elm Bond & Share pref_l
d91 90 Amer Typefoundere corn-10
38 42
Butch & Drov 25
35 New Neth*._ 200 Ili Fulton
240 280
Federal Light dr Traction.1
8 11
Preferred
100 84 88
Cent Mere__ 185 170 New ,York Co 130 140 Guaranty Tr_ 381 390
Preferred
41 45 Borden's Cond Milk coin-100 96 98
1
Chase
395 405 New York_ t441
- Hudson
132
Great West Pow 5s 1948.J&Jl 81 86
lii
Preferred
99 101
Chat & Phen_ 260 275 Pacific, 0
150
Irving Trust.!See Irving MIsslssippiRivPowcom.10
10 12 Celluloid Company
10 130 136
Chelsea Etch* 100 115 Park .
580 800
iNat Bank
Preferred
100 40 4414 Columbia Graphoph Mfg (t) 0172 177
Chemical_ _ __ 500 • 520 Prod Each'
__ Law Tit & Tr 105 115
First Mtge 5s 1951_ _J&J 78 7912
Preferred
100 90 92
Citizens
220 230 Public,
8245
200255 Lincoln Trust 175 185
Northern Ohio Else Corp_(t) d13 16 Freeport Texas Co
(t) *42 43
City
450 460 Seaboard.... 450 470 Mercantile Tr
Preferred
100 45 60 Havana Tobacco Co
100
311 5
._..'Second
Coal & Iron._ 250
.
400 425
& Deposit. 210
North'n States Pow corn_100 70 73
Preferred
3
1
4
Colonial•___ 400
Sherman -___ 125 135 Metropolitan. 345
Preferred
100 90 93
1st g 5s June 1 1922 1-D 140
-- -_
Columbia._ 160 11(i State *
124 130 Mutual(WestNorth Texas Elee Co corn 100 51 56 Intercontinen Bubb corn 1001814 1834
Commerce._ . 213 216 23d Ward*_._ 115 130
nester) ___ 105 125
Preferred
100 70 75 Internal Banking Co.... 100 180
Comml Ex*. 390 410 Union Exch. 165 170 N Y Life Ins
51
Pacific
50
com._100
Gas
dc
Elee
International Salt
40
5 55
-0
0
0 7
CommonUnIteriStates• 1150 160
dc Trust _ __ 790 810
1st preferred
100 8512 8712
1st gold Se 1951
7134
wealth *___ 198 208 Wash Irtes.... 275
__ N Y Trust__ 810 620
Puget Sd Tr L & P com_100 1412 17 International Sliver pref-100 90 --Continental*. 107 115 Westch Ave*. 160 175 Scandinavian 295 315
Preferred
1 59 - _ _ _ Lehigh Valley Coal Sales- 5 *81 84
Corn Each',. t3101
-- Yorkville•_ 290 310 Title Go & Tr 330 340
Republic Ry & Light
10i
16 18 Otis Elevator common.....100 63 67
Cosmop'tano. 100 21-10
Transatlantic. . . 170
Preferred
100 55 59
Preferred
100 82 85
Cuba (Bk of). 175
Brooklyn.
.-__
US Mtg de TO 415 - 425
South Calif Edison com_t 85 88 Remington TypewriterEast River_
Coney Island* 140 155 United Stat ' 890 910
.
Preferred
102
98
1
100 42 43
Common
Europe
fio- 1-30 First
190 200 Westchester_ 130 140
Standard Gas de Si(Del) 501 *27 30
100 88 92
1st preferred
Fifth Avenue*2200 2500 Greenpoint __ 150 165
Brooklyn.
Preferred
45
*42
preferred
100 88 92
25
Fifth
215 230 Hillside 41.... 110 120 Brooklyn Tr- 505 515
Tennessee Ry L & P com_100
412 Royal Baking Pow com_100 130 .4
First
- Homestead •.. 70
80 Franklin
220 225
Preferred
100 17 18
Preferred
100 93 98
Garfield
950175 185 Mechanics' 41_ 65
70 Hamilton.... 261) 270
United Gas & Elea Corp.1001 3
5 Singer Manufacturing__ _100 183 186
Gotham
200
___. Montauk*. _ 85
_
95 Kings County 630 650
1st preferred
100 38 40 Texas Pee Coal & 011
100 1500 1550
Greenwich*._ 340
Nassau
200 207 Manufacture 160
_
2d preferred
8 W'houseChurchKerrifeCo 100 63 66
1001 5
Hanover
730 745 r National City 133 138 People's
United Lt & Rye corn_
l04 36 33
Preferred
100 81 86
Harriman_ . 250
_' North Side'... 175 200 Queens Co
"0
70
5
"8(i
1st preferred
1001 70 72
Imp Trail.. 540 5-6'6 People's
130 140
&
Western Power common_100 18 19
Preferred
100 65
• Banks marked witbIa (*) are State banks. 1t Sale atlauction o at Stock
Exchange this week. 2.,Includes one-third share Irving Trust Co. t New stock.
•Por share. S Basis. I Purchaser also pays accrued dividend. s New stool.
y Ex-rIghts.
I Flat price
Nominal
s Ex-dividaud
y Ex-rights. (t) Without par value.

New York City Banks and Trust Companies




MAR. 8 1919.1

THE CHRONICLE

963

Initestuxent anti Alaiitcraei intelligence.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
aan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric
tailways are brought together separately on a subsequent page.
Latest Gross Earnings.

ROADS.

Week or
Month.

Jan.1 to Latest Date

Current Previous
Year. ' Year.

S

Latest Gross Earnings.

ROADS.
Current
Year.

Previous
Year.

Week or
Month.

Current
Year.

Previous
Year.

Jan.1 to Latest Date
Current
Year.

Previous
Year.

1

$
Alabatna & Vicksb_ January
241,285, 177,178
241,285
177,178
4th wk Feb
Ann Arbor
68,216' 52,011
609,293
419,034
Atch Topeka & S Fe January
13028540 10831788 13,028,540 10,834,788
Gulf Colo & S Fe_ January
1,440,013 1,598,514 1,440,01:3 1,598,514
Panhandlo & S Fe December
412,254 537,794 5,809,657 6,890,859
Atlanta Birm & All January
381,525 340,273
381,525
340,273
Atlanta & West Pt_ January
222,015 165,736
165,7:36
222,015
Atlantic city
January
295,540 184,592
184,592
295,540
Atlantic Coast Line January
5,887,811 4,213,955 5,887,841 4,213,955
Baltimore & Ohio January
13332117 7,531,635 13,332,117 7,531,635
B &0 Ch Term January
127,687
72,645
127,687
72,645
Bangor & Aroostook January
470,484 322,039
470,484
322,0:39
Bellefonte Central_ January
9,313
5,980
9,31:3
5,080
Belt Ry of Chicago_ January
256,233 161,434
256,233
161,434
Bessemer & L Erie_ January
662,851 458,963
662,851
458,963
Bingham & Garfield January
146,137 264,349 146,137
264,349
Birmingham South.. January
56,904 117,311
56,904
117,311
Boston & Maine_
January
5,445,485 4,092,174 5,445,485 4,092,174
Buff Roch & Pittsb_ 4th wk Feb 377,824 297,138 2,439,375 2,380,944
Buffalo & Susqueh. January
192,811 . 193,664
192,811
193,664
Canadian Nat Rys_ 4th wk Feb 1,512,271 1,208,966 12,744,360 9•
•
Canadian Pacific 4th wk Feb 2,591,000 2,422,000
,000 19,829,000
Can Pac Lines in Me January
310,166 233,219
310,1661
233,219
Caro Clinch & Ohio January
487,897 :300,978
487,897i
300,978
Central of Georgia.. January
1,658,806 1,542,927 1,658,806 1,542,927
Central RR of N J_ January
3,612,003 2,434,532 3,612,003 2,434,532
Cent Now England_ January
519,439 372,258
519,439
372,258
Central Vermont January
432,297 315,753
432,297
315;75:3
Charleston & W Car January
257,979 209,747
257,979
209,747
Ches & Ohio Linos_ January
6,032,070 3,562,341 6,032,070 3,562,341
Chicago & Alton_ _ _ January
2,032,653 1,233,626 2,032,653 1,233,626
11647080 9.108,705 11,647,080 9,108,705
Chic Burl & Quincy January
2,09:3,216 1,307,376 2,093,216 1,307,376
Chicago & East III_ January
Chicago Great West January
1,65:3,617 1,140,816 1,653,617 1,140,816
867,334 490,061
Chic Ind & Louisv_ January
867,334
490,061
Chicago Junction__ January
314,804 160,201
314,804
160,201
Chic Milw & St P__ January
11054718 7,492,519 11,054,718 7,492,519
9,795,841 6,809,60:3 9,795,841 6,809,60:3
Chic & North West_ January
125,305 125,040
Chic Peoria & St L_ January
125,305
125,040
Chic R I & Pacific__ January
8,002,958 6,308,300 8,002,958 6,308,300
Chic R I & Gulf.... January
371,330 358,60:3
:371,330
358,603
Chic St P M & Om_ January
2,314,848 1,659,116 2,:314,848 1,659,116
Chic Terre H & S E January
347,390 217,287
347,390
217,287
Clue Ind & Western January
233,143 208,688
233,143
208.688
Colo & Southern_ _ _ 4th wk Feb 248,479 229,559 2,051,191 1,896,479
Ft W & Den City January
773,786 635,242
773,786
635,242
Trin & Brazos Val January
116,212
91,184
116,212
91,184
Colo & Wyoming... January
96,283
77,277
96,283
77,277
Constit Rys of Max 1st wk Jan 571,977
571,977
Spgs
December
Col
Orin Cric &
72,018
78,456
927,006 1,113,169
Cuba Railroad_ ___ December
772,173 1,043,086 12,062,581 7,8:37,700
Delaware & Hudson January . 2.663,954 2,122,363 2,663,954 2,122,36:3
Del Lack & West__ January
5,699,053 4,393,946 5,699,053 4,393,946
Deny & Rio Grande January
2,568,465 2,342,478 2,568,465 2,342,478
Denver & Salt Lake January
6:3,670
1:36,681
136,684
63,670
Detroit & Mackinac January
73,828
100,785
100,785
73,828
Detroit 'rob & Iront January
362,987 112,758
362,987
112,758
Shore
L_
January
Tel
Dot &
205,124 110,969
205,124
110,969
Dul & Iron Range_ January
102,528 102,236
102,528
102,2436
Dul Missabe & Nor January
192,049 142,987
192,049
142,987
Dul So Shore & Ato 3d wk Feb
64,901
58,929
497,164
449,725
Duluth Winn & Pac January
166,747 1:32,527
166,747
132,527
East St Louis Conn January
98,596
62,802
98,596
62,802
Elgin Joliet & East_ January
1,952,205 860,515 1,952,205
860,545
1,040,8:33 1,219,616 1,080,833 1,219,616
El Paso & So West_ January
January
6,954,626 4.534,628 6,954,626 4,534.628
Erie Railroad
823,27:3 502,814
Chicago & Erie_ January
823,27:3
502,814
1,008,152 755,494 1,008.152
Florida East Coast.. January
755,494
Fonda Johns & Cloy December
99,157
90,039 1,123,137 1,064,318
114,334 111,086
Ft Smith & Western January
114,:334
111,086
January
86,013
Galveston Wharf
76,610
86,01:3
76,610
515,491 431,997
Georgia Railroad January
545,491
4:31,997
86,659 125,551
Grand Trunk Pac 1st wk Feb
499,158
565,443
Grand Trunk Syst_ 4th wk Feb 1,260,470 834,925 8,490,257 5,506,414
Grand Trunk By 1st wk Feb 90.5,893 520,097 5,311.139 3,758,025
Grand Trk West_ December 2,211,029 1,523,657 19,376,032 16,208,568
8,874,400 5,785,624 8,874,400 5,785,624
Great North System January
194,666 171,631
Gulf Mobile & Nor.. January
194,666
171,631
175,865 187,675
Gulf & Ship Island.. January
175.865
187,675
January
509,764 62:3,115
Hocking Valley
509,764
623.115
January
8,503,957 6,:333,078 8,503,957 6,3:33,078
Illinois Contral..
1,105,736 1.052,523 1,105,7:36 1,052,523
Internat & Grt Nor January
60,791 103,079
Kan City Max & Or January
60,791
10:3.079
75,001 108,534
K0 Mex &0 of Tex January
75,004
108,534
Kansas City South_ January
1,263,651 1,090,21:3 1,26:3,651 1,090,213
Texark & Ft Sm.. January
98,108
95,136
98,108
95,136
Kansas City Term_ January
107,670
90,807
107,670
90,807
206,406 148,702
Lehigh & Hud Riv_ January
206,406
148,702
307,128 192,218
Lehigh & New Eng_ January
307,128
192,218
January
5,062,565 3,195,888 5,062,565 3,195,888
Lehigh Valley
1,300,742 1,031,989 1,300,742 1,031,989
Los Ang & Salt Lake January
156,193 133,291
Louisiana & Arkan_ January
156,193 413:3,291
274,391 251.534 2,078,059 2,497,535
Louisiana Ry & Nay December
8,256,212 6,243,830 8,256,212 6,243,830
Louisville Sr Nashy_ January
238,688 166,751
Louisv Hend & St L January
2:38,688
166,754
1,416,416 951,781 1,416,416
January
Maine Central
951,781
304,452 237,500
January
Midland Valley
304,452
237,500
Feb
wk
18,543
Mineral Range__ _ 3d
21,677
149,322
155,308
925,822 875,021
MInneap & 8t Louis January
925,822
875,021.
'3,175.355 1.984,971 3,175,355 1,984,971
Minn St P&SSM January
74,706
Mississippi Central_ January
84,949
74,706
84,949
2,623,358 2,042,840 2,623,358 2,042,840
Missouri ICan & Tex January
1,740,155 1,490,2161 1,740,155 1,490,216
Mo K & T Ry of Tex January
94,914 109,6091 1,404,131 1,417,969
Mo & North Arkan December
121,728 145,2271 1,780,546 1,906,916
Mo Okla & Oulf_ __ December

Missouri Pacific..__ January
6,810,632 5,870,844 6,810,632 5,870,844
Monongahela
January
305,361 158,171
305,361
158,171
Monongahela Conn January
213,515 131,084
213,515
131,084
Nashv Chatt & St L January
1,513.977 1,193,668 1,513,977 1,193,668
Nevada-Cal-Oregon 3d wk Feb
2,761
37,717
2,695
30,958
Nevada Northern__ January
227,134
182,836 227,134
182,836
Newburgh & Sou Sh January
129,675
129,675
47,372
47,372
New On Great Nor.. January
176,214 148,130
176,214
148,130
New Orb & Nor East January
505,694 457,216
505.694
457,216
N 0 Tex & Mexico_ January
96,640 173,483
173,483
96,640
Beaum S L & W.. January
121,862 123,160
121,862
123.160
St L Browns & M January
400,709 325,572
325,572
400,709
Now York Central_ January
24821606 16246806 24,821,606 16,246,806
Ind Harbor Belt.. January
605,846 211,994
211,994
605,846
Lake Erie & West January
764,567 522,477
522,477
764,567
Michigan Central January
5,900,537 3,505,413 5,900,537 3,505,413
Clove C C & St L January
5,347,881 3,533,021 5,347,881 3,533,021
Cincinnati North January
233,557 140,043
140,043
233,557
Pitts & Lake Erie January
2,792,840 1,810,293 2,792,840 1,810,293
Tol & Ohio Cent_ January
600,982 463,463
600,982
463,463
Kanawha & Mich January
267,965 250,181
250,181
267,965
NY Chic & St Louis January
2,069,363 987,810 2,069,363
987,810
NYNH& Hard__ January
7,336,774 5,989,365 7,336,774 5,989,365
N Y Out & Western January
684,203
793,523 684,203
793,523
NY Susq & West__ January
251,013
333.066 251,013
333,066
Norfolk & Western.. January
6,100,014 4,787,904 6,100,014 4,787,904
Norfolk Southern.... January
481,422 336,645
481,422
336,645
Northern Pacific__ January
7,934,352 6.164,830 7,934,352 6,164,830
Minn & Internat.. January
76,837
76,837
81,972
81,972
Northwest'n Pacific January
347,384
383,405 347,384
383,405
Oahu By & Laud Co November
87,367 102.799 1,405,733 1,377,715
Pacific Coast
December
459,484 557,524 5,620,600 5,201,117
Pennsylvania RR
January
30477483 19657449 30,477,483 19,657,449
Bait Ches & AU
January
88,077
9,547
9,547
88,077
Cumberland Vail. January
302,043
481,048 302,043
481,048
Long Island
January
1,499,583 1,124,465 1,499,583 1,124,465
Mary'd Del & Va January
83,469
83,469
9,332
9,332
N Y Phila & Norf January
615,810 343,829
343,829
615,810
W Jersey & Seash January
735,887 459,308
735,887
459,308
Pennsylvania Co.. January
7,472,886 4,156,899 7.472,886 4,15(3.899
Grand Rap & Ind January
514,778 368,564
368,564
514,778
Pitts 00 & St L.. January
7,377,274 4,479,031 7,377,274 4,479,031
Peoria & Pekin Un_ January
104.722
80,274
80,274
104,722
Pere Marquette
January
2,473,433 1,262,026 2,473.433 1,262,026
Pittsb & Shawmut_ January
120,546 100,850
100,850
120,546
Pittsb Shaw & Nor.. December
91.139
89,122 1,216,348 1,230,927
Pittsb & West Va.. January
122,255 133,148
133.148
122,255
Port Reading
January
224,437
94,566
94,566
224,437
QuincyOrnarkanC _ January
73,323
84,483
73,323
84,483
Reading Company:
Phila & Reading_ January
5,950,981 4,498,571 5,950,981 4,498,571
Rich Fred & Potom January
760,371 412,349
412,349
760,371
Wash Southern__ January
446,806 230.414
230,414
4-16,806
January
Rutland
327,564 309,969
327,564
309,969
230,563 201,156
230,563
St Jos & Grand IsI'd January
201.156
St Louis-San Fran_ January
5,803.741 4,409,517 5,803,741 4,409,517
Ft W & Rio Gr January
91,089 .80,391
80,391
91,089
St L-S F of Texas January
99.464 144,458
99,464
144,458
St Louis Southwest January
999,277 903,075
903,075
999,277
St I. S W of Texas December
516,044 640,827 6,553,608 5,840,929
St Louis Transfer January
70.129
99,623
99,623
70,129
San Ant & Ar Pass.. January
349,573 378,505
349,573
378,505
Seaboard Air Line January
3,340,298 2,529,137 3,340,298 2,529,137
January
167.743
South Buffalo
167,743
82.828
82,828
Southern Pacific_
January
12923802 10933418 12,923,802 10,933,418
Arizona East_ _ _ _ January
370,881 368,397
368,397
370,881
Galv Ilarris & S A January
1,815,652 1,744,228 1,815,652 1,744,228
Hous & Tex Cent January
685,635 726,648
726,648
685,635
Hens E & W Tex.. January
192,978 168,598
168,598
192.978
Louisiana West'n January
338,082 311,095
311,095
338,082
Morgans La & Tex January
696,359 595,357
595,357
696,359
Texas & New Orl January
580,960 562,360
562,360
580,960
Southern Railway__ January
10126429 7,276,557 10,126,429 7,276,557
Ala Great South.. January
544,012
813,239 544.012
813,239
Cin N 0& Tex P.. January
1,511,117 850.755 1,511.117
850,755
New On & N E.._ December
572,053 511,905 6,474,717 4,969,265
Mobile & Ohio__ January
980,591
1,215,144 980.591 1,215,144
Georgia Sou & Fla January
266,776
408.907 266,776
408.907
South Ry In Miss January
145,357 121,498
121,498
145,357
Spokane Internat'l_ January
77,707
65,428
77,707
65,428
Spok Portl & Seattle January
553,084 737,832
553.084
737,832
Staten Island R T.__ January
181,507
73,968
184,507
73,968
Tenn Ala & Georgia 3d wk Feb
2,306
2,046
17,063
13,165
Tennessee Central_ January
24:3,038 127,119
243.038
127,119
Term RRAssnof StL January
300,711 252,314
252,314
300,711
St L Mar Ildg T_ January
255.875 202,432
202,432
255,875
Texas & Pacific.._ 3d wk Feb 592,482 460,900 4,472,208 3,333,522
Toledo Peor & West January
161,733
93,589
161,733
93,589
Toledo St L & West January
575,623 399.433
575,623
399,433
Ulster & Delaware_ January
57,989
51,026
51,026
57,989
Union Pacific
January1 8,59-1,474 5,823,940 8,594,474 5,823,940
Oregon Short Line January
2,945,533 2,413,593 2,945,533 2,413,593
Ore-Wash RR & N January
2,033,603 1.644,525 2,033.603 1,644,525
Union RR (Pa)
January
582,956 304,459
582,956
304.459
December
Utah
120,096
63,568 1,409,236
VIcks Shreve & Pac January
200,754
271.586 200,754
271,586
January
Virginian RR
665,128
957,410 665,128
957,410
January
3,741,718 2,345,367 3,741,718 2,345,367
Wabash RR
Western Maryland_ January
1,331,668 918.821 1,331,668
918,821
Western Pacific
January
870,857 858,292
870,857
858,292
Western By of Ala_ January
225,899 182,440
182,440
225,899
Wheel & Lake Erie_ January
779,417 681,232
779.417
681,232
131,655
131,655
Wich Falls & N W_ January
87,698
87,698
Yazoo & Miss Vall_ January
1,860,167 1,512,5011 1,860,167 1,512,501

AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Sumniaries.

Current
Year.

7,853,955
2d week Dec (13 roads).. _ _ _
6.924,046
3d week Dec 11 roads)_._
4th week 1)ec 14 roads).._ _ 10.698,660
5,257,04:3
1st week Jan
13 roads)___
2d week Jan
6,07:3.616
12 roads)___
3d week Jan
6,810.241
14 roads)___
4th week .Jan (14 roads)____ 10,082,381
1st week Feb (14 roads)._-- 6,091,560
2d week Feb 14 roads).._
6,611,679
3d week Feb 14 roads)_
6,422,429
9 roads)___ _
4thlweek Feb
6.058.260

1

/




Previous
Year.

Increase or
Decrease.

5.756.691
5,376.100
8.136,132
4,280,891
4.701.322
4,968,084
7,814.588
4.638,628
5,132.672
5,316,165
5,044.599

8
+2,097,261 36.43
+1,547,946 28.79
+2,562,528 31.49
+976,1.52 22.80
+1,372,294 29.19
+1.842.157 :37.09
4-2,267.793 28.87
+1,452,932 31 32
+1,479.007 28.80
+1,106,264 20.81
+1.013,661 20.09

*Monthly Summaries.
Mileage.
Cur. Yr.
February_ _ _230,336
March
238.891
April
233.734
May
030,355
June
220.303
°:31.700
July
230,743
August
September _ _232.186
October .......230.184
November 232,274
December - _232.774

Current
Year.

Previous
Year.

Increase or I
Decrease. I %

1
Prev.Yr.
$
228.835 362.761.238 312.276.881 +50,484.357 16.22
237.463 285.776.203 260.627.752 +25.148.451 9.65
232.255 369.409.895 319 274.981 +50.134.914 15.70
228.392 374.237 097 342.146.096 +32.091.001 9.38
219.294 363.165.528 323.163.161 +40.002.412 12.38
230.570 463.684.172 346.022.857 +117661 315 34.00
230.015 498.269.356 362.509,561 +135759,795 37.45
232.378 487.140.781 357.772,850 +129367.931 36.16
230,576 484.824.750 377.867.933 +106956.817 28.30
232.259 438.602.283 356,438,375 +82.163.408 23.06
232.399 438,365.327 335,607,571 4-102757756 30.62

964

THE CHRONICLE

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of February: The table covers 9 roads and shows 20.09%
increase in the aggregate over the same week last year.

[VOL. 108.

-Net Earnings
-Gross Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
KC Mexico & Orient_ b_Jan
60,791
103,079 def85.895
def8,898
108,534 def79,871
def625
KC Mex & Or of Tex_ b_Jan
75,004
203,050
330,441
Increase. Decrease. Kansas City South_ b_ __Jan 1,263,651 1,090,213
Fourth week of February.
1919.
1918.
95,136
3,937
38,555
Texark & FtSmith_ b_ _Jan
98,108
Kansas City Terminal_ b_Jan 107,670
90,807
323
10,375
(
Ann Arbor
68,216
52,011
16,205
18,040
Hud
River_
b_
_Jan
148,702
Lehigh
&
206,406
5,533
Buffalo Rochester & Pittsburgh
377,824
80,686
297,138
75,731
def6,102
Lehigh & New Eng_ b_ _ _Jan 307,128
192,218
Canadian National Rys
1,512,271 1,208,966 303,305
Canadian Pacific
2,591,000 2,422,000 169,000
349,799
192,246
Los Ang & Salt Lake_ b_ _Jan 1,300,742 1,013,989
248,479
229,559
Colorado & Southern
18,920
37,404
Louisiana & Arkansas_ b _Jan 156,193
133,291 • 2,014
Grand Trunk of Canada
753,399
869,809
Louisville & Nashv_ b_ ...Jan 8,256,212 6,243,830
1,260,470
834,925 425,545
Grand Trunk Western
17,223
166,754
50,780
Louisv Hend & St L_ b_ _Jan 238.688
Detroit Or Hay & Milw__ _ _
Canada Atlantic
Jan 1,416,416
951,781 def108,960 def231,523
Maine Central_ b
Jan
34,122
44,640
Valley_
b
304,452
237,500
Midland
Total (9 roads)
6,058,260 5,044,5991,013,661
13,510
def1,610
97.931
Jan 100,252
Mineral Range_ b
Net increase (20.09%)
117,664
875,021 def177,190
Minneap & St Louls_b_ _Jan 925,822
covers
final
statement
of
February
our
55.967
For the third week
565,646
Minn St P & S S Mb.._Jan 3,175,355 1,984,971
15,351
def13,560
over
Central_
b_
_
_Jan
74,706
84,949
Mississippi
aggregate
20.81%
increase
in
the
14 roads and shows
55,942
169,395
Mo Kansas & Texas_ b_ _Jan 2,623,358 2,042,840
the same week last year.
123,147
11v10 Kan & Tex of Tex_ b_Jan 1,740,155 1,490,216 def110,345
869,667
Jan 6,810,632 5,870,844 def78,387
Increase. Decrease. Missouri Pacific_ b
1918.
Third week of February.
I 1919.
1,846
131,084 def38,567
Monongahela Connect.b.Jan 213,515
$
$
96,133
Nashv Chatt & St L_ b_ _Jan 1,513,977 1,193,668 def124,169
83.365 Nevada Northern_ b_ _ _ _Jan 182,836
Previously reported (8 roads)._ I 5,670,649 4,723,422 1,030,592
126,897
227,134
82,449
24,292
46,496
Ann Arbor
I 70.788
47,372
9.144 def26,149
Newburgh & So Shore_b_Jan 129,675
5,972
58,929
Duluth South Shore & Atlantic_i
64,901
97,717
76,923
Northeast_
b_Jan
457,216
3,135
21,677
On
&
505,694
Mineral Range
18,542
New
'
Nevada-California-Oregon
66
'
2,761
2,695
23,678
29,119
148,130
New On Olt North_ b_ __Jan 176,214
Tennessee Alabama & Georgia_
260
2,306
2.046
52.944
96,640
173,483 def36,611
N 0 Texas & Mexico..b_ _Jan
Texas & Pacific
592,482
460,900 131,582
21.470
49.567
123,160
Beaum S L & West_ b_Jan 121,862
Total (14 roads)
86,500
I 6,422,429 5,316,165 1,192.764
110,438
325,572
104,169
St L Brownsv&Mex_ b_Jan 400,709
Net increase (20.81%)
1,106,264
New York Central_ b_ _ _ _Jan24,821,606 16,246,806 4,285,435 def114,398
140,043
39,908 def19,994
Cincinnati North_ b_ _ _Jan 233,557
Earnings
Monthly
to
Latest
Dat
es.-The table
Net
82,982
739,511
Clev Cin Ch & St L_b_Jan 5,347,881 3,533,021
following shows the gross and net earnings with charges and • Ind
211,994
41,691 def217,541
Harbor Belt_ b_ _ _ _Jan 605,846
surplus of STEAM railroad and industrial companies re250,181 def91,047 , 10,742
Kanawha & Mich_ b_ _Jan 267.965
ported this week:
522,477 def40,156 def28,548
Lake Erie & West _ b_ _Jan 764,567
-Gross Earnings--NetEarnings
1,304,414 def103,014
_
b_
_Jan
5,900,537
3,505,413
Central
Michigan
Current
Previous
Current
Previous
210.648
Erie_
b_Jan
2,792,840
1,810,293
743,280
Lake
Pittsb
&
Year.
Year.
Year.
Year.
Roads.
463,463 def114,782 def127,391
Toledo & Ohio Cent.b_Jan 600,981
34,686
29,160
Alabama & Vicksb_ b_ _ _Jan 241,285
177.178
405,907 def243,510
987,810
NY Chic & St Louis_ b_ _Jan 2,069,363
910 NYN H & Hartford_ b_Jan 7,336,774 5,989,365 def312,594
Jan 376,209,
229,468
55,767
Ann Arbor_b
206,507
Atch Top & Santa Fe_ b...Jan13,028,540 10,834,788 2,290,911 2,636,071 N Y Ontario & West_ b_ _Jan 793,523
18,382
684,203 def44,331
285,114
475,425 N Y Susq & Western_b_ _Jan 333,066
Gulf Colo & S Fe_b_ _ _Jan 1,440,013 1,598,514
38,888 def21,494
251,013
165,736
52,091
47,244 Norfolk & Western_ b_ _ _Jan 6,100,014 4,787,904
Atlanta & West Point.b_Jan 222,015
852,243
637,683
340,273 def128,843
15,111 Norfolk Southern_b _ _ _ _Jan 481,422
Atlanta Birm & Atl_ b_ _ _Jan 381,525
11,502
336,645 def21,363
Jan 295,540
Atlantic City_ b
184,592
49,170 def37,453 Northern Alabama _ b_ _Jan
21,356
79,087 def11,933
111,656
Atlantic Coast Line_ b_ _ _Jan 5,887,841 4,213,955 1,522,786 1,264,516 Northern Pacific_ b
Jan 7,934,352 6,164,830 1,969,252 1.246,080
Baltimore & Ohio_ b_ _ _ _Jan13,332,117 7,531,635d11,173,015df2,474,013
8,993
81,972
def2,300
Minn & Internat_ b_ _ _Jan
76,837
72,645 def127,128 def117,069 Northwestern Pacific_ b_Jan 383,405
B & 0 Chic Term_ b_ _ _ _Jan 127,687
347,384 def12,666
75,621
322,039
53,166
4,354 Pennsylvania RR_ b.._ _ _Jan30,477,483 19,657 449
Bangor & Aroostook_ b _Jan 470,485
567,155df1,824,690
161,434 def33,185 def88,388
Belt Ry of Chicago_ b_ Jan 256,233
135 def46,200
88,077
9,547
Bait Ches & Atl_ b_ _ _ _Jan
458,963 def42,679 def185,421
Bessemer & Lake Erie_ b_Jan 662,851
67,982
Cumberland Valley.b_Jan 481,048
302,043
83,064
264,349
18,286
126,649
Bingham & Garfield_ b_ _Jan 146,137
def234 def34,142
83,469
9,332
Mary'd Del & Va_b_ _Jan
117,311
24,091
Birmingham Southern.b_Jan
56,904
6,683
Jan 305,361
Monongahela_b
75,213
1,658
158,171
Jan 5,445,485 4,092,174
19,615 def484,645
Boston & Maine_ b
130,092 def21,073
N Y Phila & Norf_b Jan 615,810
343,829
Jan 192,811
193,664 def15,542
33,944
Buffalo & Susq_ b
29,143 def17,290
Toledo Peor & West_ b.Jan 161,732
93,589
Buffalo Roch & Pitts_ b_ _Jan 1,400,274 1,084,741 def53,101 def106,021
W Jers & Sea Shore_ b_Jan 735,887
459,308 def190,177 def158,100
Canadian Pacific_ a
Jan13,028,328 10,789,818 1,553,512 1,167,993 Pennsylvania Co_ b
Jan 7,472,886 4,156,900 def330,566df1,309,163
233,219 def53,396 def59,034
Can Pac Lines in Me_ b_ _Jan 310,166
Grand Rap & Ind_b_ _Jan 514,778
368,564 def70,990 def58,910
Caro Clinch & Ohio_ b_ Jan 487,897
300,978
114,091
90,648
Pitts C C & St L_ b_ _ _Jan 7,377,274 4,479,031
251,066 def729,143
372,258 def14,212
Central New England_ b_Jan 519,439
45,526 Peoria & Pekin Union_ b_Jan 104,722
80,274 def43,269 def22,783
Central of Georgia_ b_ _ _ _Jan 1,658,806 1,542,927
70,358
417,891 Pere Marquette_ b
Jan 2,473,433 1,262,026
328,403 def250,957
Central RR of N J_ b_ _ _Jan 3,612,002 2,434,531
626,654
20,891 Phila & Reading_ b
Jan 5,950,981 4,498,571
90.511
7,775
315,753 def75,242 def81,073 Pittsb & Shawmut_ b_ _ _ _Jan 120,546
Central Vermont_ b
Jan 432,297
100,850
def386
17,335
Charleston & W Caro_ b_Jan 257,979
209,746
15,555
47,621 Pittsb & West Virginia.b.Jan 122,255
133,148 def56,129
8,944
Chesapeake & Ohio_ b_ Jan 6,032,070 3,562,340 1,087,740
109,455 Port Reading_b
Jan 224,437
24,079 def52,937
94.566
Jan 2,032,653 1,233,626
173,915 def161,845 Quincy Omaha & K C_b_Jan
Chicago & Alton_ b
84,483
73,323 def18,032 def15,766
13,392 def329,128 Richm Fred & Potom_ b_Jan 760,371
Chicago & East Ill_ b_ _ _ _Jan 2,093,217 1,307,377
412,349
394,392
162,802
Chicago & No Western.b.Jan 9,795,841 6,809,603
557,438 def672,067
Washington South_ b_ _Jan 446,806
230,414
247,414
104,911
Chic Burl & Quincy_ b Jan11,647,080 9,108,704 2,401,334 1,631,885 Rutland_ b
Jan 327,564
309,969 def39,852
5,017
99,219
def9,504 St Jos & Grand Island_ b_Jan 230,563
Chic Great Western_ b_ _Jan 1,653,617 1,140,816
28,711
201,156
def2,800
&
Louisv_
b_
490,061
94,724 def124,931 St Louis-San Fran_ b_ _.Jan 5,803,741 4,409,517
Chic Ind
_Jan 867,334
566,336
714,447
Jan 314.804
160,201 def104,996 def112,128
Chicago Junction_ b
91,089
80,391 def23,367
def9,140
Ft Worth & Rio Gr.b_Jan
Chic Milw & St Paul_ b_ _Jan 11,054,718 7,492,519 def18,231 def91,164
St L S Fr of Texas_ b_ _Jan
99,464
144,458 def24,155
53,925
Chic Peoria & St Lb _ _ _Jan 125,305
125,040 def60,340 def46,332 St Louis Southwest_ b_ Jan 999.277
903,075
180,990
297,466
416,757 St Louis Transfer_ b
Chic R I & Pacific_ b_ _ _ _Jan 8,002,958 6,308,300
46,059
Jan
99,623
70,129
20,871
5,908
358,603
def5,316
Chicago R I & Gulf_ b_Jan 371,330
134,038 San Ant & Aran Pass_b_Jan 349,573
378,505 def70,224
72,618
469,028
131,336 Seaboard Air Line_ b_ _ _ _Jan 3,340,298 2,529,137
Chic St P M & 0_ b_ _ _ _Jan 2,314,848 1,659,116
322,910
406,412
Chic T 11 & So East_ b_ Jan 347,390
217,287 def25,499 def74,426 Southern Pacific_ b
Jan12.923,802 10,933,418 2,738,614 2,648,012
Cinc Ind & Western_ b_ _Jan 233,143
24,828
208,688 def65,447
Arizona Eastern_ b_ _ Jan 370,881
368,397
123,480
157,290
Colorado & Southern_ b_Jan 1,089,358
263,943
341,769
989,967
Galv Harris & S A_ b_ _Jan 1,815,652 1,744,228
421,952
713,338
183,341
635,242
Ft Worth & Den C_b _Jan 773,786
163,080
685,635
bus & Texas Cent_ b_Jan
726,648
111,589
241,227
Trin & Brazos Val_ b_ _Jan 116,212
91,184 def35,581 def20,421
Hous E & W Texas_b_Jan
192,978
168,598
61,117
60,035
Colorado & Wyoming_ b_Jan
77,277
16,808
11,316
96,283
Louisiana Western_ _ b_Jan 338,092
311,095
113,429
159,388
Delaware & Hudson_ b_ _Jan 2,663,954 2,122,363 def80,660 def616,016
696,359
Jan
Morg La & T RR&SSb
595,357
125,340
218,235
Delaw Lack & West_ b..Jan 5,699,053
1,198.779
892,310
Texas & New Orl _ b_ _ _Jan 580,960
562,360 def11,333
154,423
Denver & Rio Grande_ b_Jan 2,568,465 2,342,478
515,305
524,920 Southern Railway_ b_ _ Jan10,126,429 7,276,558 1,253,670 1,495,434
Denver & Salt Lake_ b_ Jan 136,684
63,671 def116,913 def91,507
Alabama Grt South_ b_Jan 813,229
544,012
184,954
107,687
Detroit & Mackinac_ b_ _Jan 100,785
73,828 def51,293 def25,494
Cinc N 0 & Tex P_ b_ _Jan 1,511,117
850,765
439,940
38,517
Det & Tol Shore Line.b_ _Jan 205.124
110,969
114,853
34,116
Georgia Sou & Fla_ b_ _Jan 408.907
266,776
56,189
39,957
Det Toledo & Ironton_ b_Jan 362,987
112,758 def42,878 def126,107
Mobile & Ohlo_b
Jan 1,215,144
980,591 def42,140
32,269
Duluth & Iron Range_ b_Jan 102,527
102,235 def170,258 def156,613
121,498
South Ry in Miss_ b_ _Jan 145,357
1,600
28,895
Dul Missabe & Nor_ b_ _ _Jan 192,049
142,987 def268,843 def263,739 Spokane Internat_ b___ _Jan
77,707
65,428
26,128
20,564
Dul Sou Shore & Atian.b.Jan 328,127
273,307
def4,519 def28,345 Spokane Port & Seattle b Jan 553.081
737,832
48,935
397,483
Dul Winnipeg & Pac_ b_ ..Jan 166,747
132,527
28,381
1,370 Staten Isl'd Rap Tran_ b_Jan 184.507
37,237 def37,773
73,968
East St Louis Connect.b_Jan
98,596
62,802 def28,090 def26,412 Tennessee Central_ b_ _ _ _Jan 243,038
127,119 def10,207
def4,611
Elgin Joliet & East_ b_ _ _Jan 1,952,205
860,545
547,225 def203,331 Term RR Assn of St L.b.Jan 300,711
253,314 def10,007
31,149
El Paso & Southwest_ b _ _Jan 1,080,833 1,219,616
389,825
530,822
202,432 def51,977 def21,268
St L Merch Bdg & T.b.Jan 255.875
Erie_ b
Jan 6,954,727 4,534,628 def479,863df1,130.725 Texas & Pacific_b
Jan 2,731,258 1,948,976
151,489
444,204
Chicago & Erie_ b
Jan 823.273
502,814
(12.978 def462,952 Toledo St L & West_ b_ _Jan 575,623
399,433
91,551 def45,742
Florida East Coast_ b_ Jan 1.008,152
755,494
197,293
309,750 Ulster & Delaware_ b_ _ _ _Jan
57,989
51,026 def25,569 def12,734
Ft Smith & Western_ b_ _Jan
114,334
111,086
10,962
16,052 Union Pacific_ b
Jan 8,594,474 5,823,950 2,873,745 1,606,291
Galveston Wharf_ b
Jan
76,610
86,013
23,314
32,888
Oregon Short Line_ b_ _Jan 2,945.533 2,413,593
815,816
897,702
Ge orgia b
Jan 545,491
431,997
138,789
118,850
Ore-Wash RR & N_b_Jan 2,033,603 1,644,525
267,352
313,120
Grd Trk Lines in N 14:_b_Jan 336,770
153,480 def138,091 def95,610 Union RR of Penn_ b_ _ _Jan 582,956
304,459
57,052 def220,854
Grand Trunk Western_ b_Jan 1,623,464
913.149
141,973 def326,588 Vicks Shreve & Pac_ b_ _ _Jan 271,586
200,754
33,434
65,999
Great Northern_ b
Jan 8,874,400 5,785,624 1,447,790
153,645 Virginian_ b
Jan 957,410
665,128
97,958
125,499
Gulf & Ship Island_ b_Jan 175,865
187,675
def6,012
42,395 Wabash_ b
Jan 3,741.718 2,345,367
157,513 def316,150
Gulf Mobile & Nor_ b_ _ _Jan 194,666
171,631
def6,278
32,379 Western Pacific_ b
Jan 870,857
858,292
146,797
284,200
Hocking Valley..b
Jan 509,764
623,115 def229,788 def131,097 Western By of Ala_ b_ _ _ _Jan 225,899
32,974
182,440
52,600
Illinois Central_ b
Jan 8,503,956 6,333,078
286,252
17,039 Wheel & Lake Erie_ b_ _Jan 779,417
681,232 def113,803 def33,734
Internat & Grt Nor_b_ _ _Jan 1,105,736 1,052,523
22,981
245,066 Wich Falls & No West_ b_Jan 131,6.55
87,698
def2,135
def2,342




Roads.

THE CHRONICLE

MAR. 8 1919.]

Roads.

-Gross Earnings--NetEqrnings--Current
Previous
Previous
Current
Year.
Year.
Year.
Year.

291,952
Yazoo & Miss Valley_ b_ _Jan 1,860,167 1,512,501
a Net earnings here given are after the deduction of taxes.
b Net earnings here given are before the deduction of taxes.
Net after . Fixed
Gross
Charges.
Taxes.
Earnings.
$
$
$
159
1,991
9,313
'19
_Jan
Bellefonte Central_
210
def1,027
5,980
'18
Fixed
Total
Other
Net after
Gross
Charges.
Income.
Income.
Taxes.
Earnings.
$
$
3
Fonda Johnstown & Cloy RR31,870
27,190
2,522
24,668
93,504
Jan '19
27,988
32,205
2,913
25,075
80,274
'18
N Y Chicago & St Louis RR13,986
364,889
56,752
350,903
'Jan '19 2,069,363
107,171
19,687 def283,823
987,810 de1303,510
'18

370,139
Balance,
Surplus.
3
1,832
def1,237
Balance,
Surplus.
def4,880
(1014,217
308,137
def390,994

ELECTRIC RAILWAY AND PUBLIC UTILITY COB.
Latest Gross Earnings.
Name of Road
or Company.

Week or
Month.

Current Previous
Year,
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

S
$
$
166.698
148,772
148,772 161.698
AdtrondackElPowCo January
205,322
269,141
269,141 205,322
Alabama Power Co__ January
Amer Power & Lt Co December 1387,929 1110,673 13.674.311 11,389,659
11,606
10,832
11,606 10.832
Atlantic Shore By...... January
186.780
183,518
186.780 183.518
Aurora Elgin & Chic.. January
886,120
923,122
82,935 83,790
Bangor By & Electric December
31.272
21,530
31,272 21,530
Baton Rouge Elec Co January
186,695
235,183
235,183
Blackstone V G & El_ January
193363,000184131.000
Brazilian Trac. L & P November 17581000 /769L000
7,559
7,559
8,774
8,774
Brock & Plym St By.. January
2490.780 2552.117 26,227,664 25.720.253
g 13klyn RapTranSyst October
41,428
52,190
52,190 41,428
Cape Breton Bloc Co January
339,076
311,630
30.700 29.258
Cent Miss V El Prop December
177.162 132,286 1,843,947 1.356.732
Chattanooga By & Li December
1853,598 2031,462 1,853,598 2.031.462
Cities Service Co..___ January
553,360
539.108
41,730 42,944
Cleve Painesv & East December
gOolurabla Gas & El.. December 1123.844 1125,086 11.451,863 10.865.673
121,785 108,978108,978
Columbus(Oa) El Co January
4.024.186
5
Colum (0) By. P & L December 417,737 385,269, 4,264,48
2149.554 1700,470, 2.149,554 1,700,470
Com'w'th P. By & Lt January
81,913
110,682
110,682 81,913
Connecticut Pow Co_ January
Consum Pow (Mich). December 691,601 573,444 6,608,100 5.775,371
Climb Co(Me)P & L December 286,401 249,608, 3,226.900 3,081.927
271,625
195,477
271.625 195,477
Dayton Pow & Light January
1470,679 1277.766 1.470,679 1,277.766
a Detroit Edison.._ January
gDetrolt United Lines December 1735,236 1523,965 19,014.018 17.427.940
140,971
148.669
148,669 140,971
Duluth-Superior Trac January
East St Louis & Sub.. December 406.855 357.987 4.215,887 3.692,472
938,074
Eastern Texas Elec__ December 111,506 85,478 1.131,753
114,360
127,963
127,963 114,360
g El Paso Electric Co January
53,841
63,035
63,035 53.841
Pall River Gas Works January
Federal Lt & Trac___ December 337,559 307,865 3,497.231 2,867,310
Ft Worth Pow & Lt__ December 116.199 111,993 1,305.160 1,015.938
194,183
242,487
242,487 194,183
Galy-IIous Elec Co.._ January
g Georgia I., l' & Rys December 118.847 103.884 1,225,671 1,093.412
117.650 117,238 1.278,348 1.303,860
Grand Rapids By Co December
425,749
365,273
425.749 365.273
g Great West Pow Sys January
Harrisburg Railways December 135,264 112,829 1,325,181 1,186,731
Havana El Ry.L & P December 709.891 673.789 8,176,545 6,989.599
60,059
58,356
60,059 58,356
Honolulu R T & Land January
44,713
41.082
44,713 41.082
Houghton Co El L Co January
24.455
29,423
24,455 29,423
Houghton Co Tr Co_ January
b Hudson & Manhat_ November 569,259 527.250 6.032.741 5.596,927
Illinois Traction____ November 1343.655 1243,066 13.446.064 12,275.726
3813,648 3569,021 3,813,648 3,569,021
Interboro Rap Tr_ January
85,868
65,557
85,868 65,557
Jacksonville Trac Co January
26,709
21,866
26,709 21,866
Keokuk Electric Co.. January
19,589
13.775
19.589 13,775
Key West Electric Co January
Lake Shore Elec Ry_ December 200,636 167,572 2,189,324 1,786,012
894,784
79,624 62.331
898,373
Lewist Aug & Watery December
195,766
219,104
16,693 18,194
Long Island Electric.. October
Louisville Railway__ December 333,899 291,955 3.711,446 3,284,984
95,954
95,954 68,270
68,270
Lowell Electric Corp_ January
12,374 11,569
119,476
103,609,
Manhat Bdge 3c Lfne October
940,621 774,083
940,621
774,083
Mil w El By & Lt Co.. January
293,298 193,950
293,298
193.950
Milw Lt, Ht & Trac_ January
Mississip Riv Pow Co December 186,906 158,989 2.213,392 1,976,461
970,106 905.216 5.297.130 4.822.709
Montreal L. H & P.._ October
Nashville By & Light December 277,227 223.117 2.866,213 2.458,321
318,033
261,359
New England Power.. January __ 318,033 261,359
NevrpN&HRy.G&E November 230,308 142,032 1,996,921 1.223,444
176.641 167,784 1.844,277 1.678.290
Nevada-Cal El Corp_ October
42,636 47,519
420,251
N Y & Long Island__ October
397,578
12,829 14,910
127,545
N Y & North Shore__ October
143.655
83.675 77,764
805,675
952,420
N Y & Queens Co__ October
December
Railways_
979,862 918,775 11,212,760 12,406,651
Now York
21,980 19.117
Northampton Trac__ December
217.058
236,662
696.194 548.392
548.392
Northern Ohio Elec._ January
696,194
244,490 250,312
250,312
244,490
North Texas Elec ___ January
7,880
7,503
Ocean Electric (L I).. October
144,001
145,015
1910.696 1619.73$ 18.412,850 16,296,962
Pacific Gas & Elec.__ October
Pacific Power & Light December 172,309 153,626 1,860.867 1,647,401
50,496 37,143
Pensacola Electric Co January
50,496
37,143
Phila Rapid Transit.. November 2764,923 2512,229 28.820,945 27,104.497
57.863 48.332
619.151
569.064
Phlia & Western....__ December
Portland Gas & Coke December 173,233 125,059 1.797,461 1,361,150
Port(Ore)Ry,L&POo. December 744,002 594,020 7.669,389 6,023.510
90,038 82,121
90,038
82,121
Porto Rico Railways_ January
gRepublic By dr Light September 443.863 426.250 4.151,145 3.469.834
33,249 34.256
372,523
384,961
Richmond Lt & RR_ October
St L Rocky Mt & Pac December 378,985 422,020 5,137.089 3.992,780
53,502 56,459
583,594
665,250
Santiago El Lt & Ti.. December
114,115 93,374
93,374
114,115
Savannah Electric Co January
68.478 75,545
698,713
Second Avenue (Rec) October
728,373
18,629 18,338
169,557
185,370
Southern Boulevard.. October
800,493 663,341
800,493
663,341
Southern Cal Edison_ January
20,728 23,834
305,986
239,263
Staten Isld Midland_ October
104,648 86,449
104,648
86,449
Tampa Electric Co__ January
Tennessee Power__ December 243,532 146,638 2,237,151 1.940,124
Tenn By,Lt & P Co.. December 607,241 447,930 6.146.619 5.259,049
Texas Power & Lt Co December 345,813 267,290 3.248,180 2.600,816
800,552 748,351
800,552
748,351
Third Avenue System January
40,280 40,780
378,896
401,262
DDEB&B RR__ October
131.613 151,893 1,365.743 1,491,853
42dStM&StNARy October
217,034 239.669 2,231,404 2,475,238
UnionRyCo(NYC) October
66.227 71,868
685,537
691,361
Yonkers Railroad_ October
55.108 60,805
620,351
568,880
N Y City Inter By October
44,079 58.869
480,912
571.969
October
Belt Line By
303,285 344,645 3.164,752 3,444,283
October
Third Avenue
874,584 841,725
874,684
Twin City Rap Tran_ January
841,725
725.451 615,586
615.586
725.451
Virginia By 86 Power.. January
204,345 172,438
204,345
172,438
Wash Ball & Annap_ January
42,390 44,908
499,739
468.308
Westchester Electric_ October
96,834
116.779 96,834
116,779
York Railways
January
30,823
37,300 '30,823
37.300
Youngstown & Ohio _ J a nuarY
in
g
congiven
milrels.
Includes
b Includes all sources, f Earnings
stituent or subsidiary companies.

Electric Railway and Other Public Utility Net Earnings.-The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:



965

-Gross Earnings--NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
129,919
150,957
205,322
Alabama Pow Co,Inc_a_Jan 269,141
3,083,550 2,148,952 1,593,289 1,319.796
Feb 1 to Jan 31
31,515
33,729
82,121
Porto Rico Railways_ ....Jan
90,038
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Subsidiary Companies of the General Gas & Electric Co.
Statement of estimated gross revenue for the month of February 1919
and 1918 and comparison:
Increase. Per Cl.
1918.
1919.
System$39,542 $4,889 12.3%
$44,431
Rutland
2,867 13.1%
21,833
Northwestern Ohio
24,700
2,942 7.1%
41,154
44,096
Sandusky
4,477 12.5%
35,772
40,249
Binghamton
1
11,384
11,385
Sayre
6,432 29.1%
22,128
28,560
New Jersey
25.5%
169
829
660
Interurban Gas Co
Companies.

$194,250 4172.473 $21,777 12.6%
Balance,
Fixed
Net after
Gross
Surplus.
Charges.
Taxes.
Earnings.
$
def6,054
16,097
10,043
41,730
Cleve Painesville & Dec '18
2,245
11,565
13,810
42,944
Eastern RR System '17
29,318
152,648
181,966
553,360
12 mos '18
60.024
140,038
200,062
539,108
'17
25,334 def58,674
167,153 def33,340
Eastern Steamship Jan '19
27,373 def33,477
def6,104
192,428
'18
Lines
Jan '19 3,813,648 1,152,992 1,540,219zdef341,557
Interboro Rapid
'18 3,569,021 1,604,701 1,170,105 :476,420
Transit Company
7 mos '19 23.766,808 7,098,427 10,280,085xdf2832.690
'18 23,238.037 10.179.004 7,652,191 :2,829,640
66,072
64,715
130,787
318.033
New England Power Jan'19
_ 3,165
49,696
52,861
261,359
18
Co
721,118
679,688
12 mos '19 3,613,956 1,400.806
472,840
597,928
'18 2,698,180 1,070,768
216,514 zdef70,114
103,187
979,862
Dec '18
New York Rail222.179 rdef6,678
155,820
918.775
ways Company
'17
666,601 1,306.036 zdef376856
6 mos '18 5,598,832
'17 6,306,105 1,608,042 1,329.724 x587,011
9.852
14.707
24,559
Jan '19
70,399
North Carolina
8,326
22,121
56,965
13,795
'18
Public Service Co
118.584
170.723
289,307
717.416
12 mos '19
100,067
162,658
262,725
629.061
'18
85,134
20,446
105,580
378,985
Dec '18
St Louis Rocky
89,029
20,671
109,700
422,020
Mountain & Pac Co '17
246,404 1.091,181
12 mos '18 5,137,089 1,337,585
858,726
249.415
'17 3,992,780 1,108,140
275,650
246,167
521,817
800,493
Southern California Jan '19
157.138
232,097
389,235
663,341
'18
Edison Co
12 mos '19 8,872,610 5,519,616 2,957,638 2,561,987
2,788,880
2.479,473
5,268,353
8,192,367
'18
143,934 z137.010
272,787
506,856
Jan '19
Utah Power &
134,073 :145,623
268,694
492,788
'18
Light Company
12 mos '19 5.588,872 2,956,368 1,719,885 x1,370,085
'18 5.249.653 2,702,206 1.544,452 :1,243.669
x After allowing for other income received.
Fixed Chgs. Balance.
Net
Gros
Surplus.
Earnings. Earnings. .60 Taxes.
$
25,732
347,473
63,205
135,264
Dec '18
Harrisburg Rys*
22,755
32,876
55,631
112,829
'17
134,657
422,883
557.540
12 mos '18 1,325,181
170,647
390,721
561.368
'17 1.186,731
18,976
10,976
29,952
60.059
Honolulu B T & L Jan '19
15.333
10,642
25,975
58,356
'18
Co
:29.476
96,931
126,047
333,899
Louisville By Co.t Dec '18
88,268
:51.540
126,281
291,955
'17
982,369 :429,764
12 mos '18 3,711,446 1,327,475
950,205 x772,831
'17 3,284,984 1,547,821
* At end of year set aside $24,065 as a reserve for redemption of rebate
slips, pending decision of the Public Service Commission on the increase
of fare from 5 to 6 cents. Also charged off $14,000 additional for taxes
at the end of the year.
t Item of $120,973 is included in operating expenses for year, an estimated amount to take care of an increase in wages due to the decision of
the War Labor Board granting an increase of 7 cents per hour retro-active
to Aug. 12 1918.
z After allowing for other income received.
-Gross-- Net after taxes-- Surplus after Charges.
1918.
1919.
1918.
1919.
1918.
1919.
$
$
Baton Rouge Elec Co6,717
10,127
10,413
14,115
21,530
31,272
Jan
112,495
69,630
124,858
78,138
233,049
12 mos_ 277,551
Blackstone Valley Gas & Elec Co.34,450
30,883
54,289
51,716
186,695
235,183
Jan
407,211
452,610
630,821
687,897
12 mos 2,493,291 2,004,341
Broc kton & Plymouth St By Code1407 def2,295 def1,847 def3,652
7,559
8,774
Jan
122,859 def13,000 dell.527 def29,916 def16,505
102,645
12 mos
Cape Breton Elm Co,Ltd.1,636
8,505
8,171
15,232
41,428
52,190
Jan
79,999
48,958
158,634
127,657
466,929
12 mos- 523,767
Columbus Electric Co35,479
27.834
67,373
62,778
108,978
121,785
Jan
324,076
209,270
686,551
609,505
12 mos 1,194,220 1,115,437
Connecticut Power Co8,940
27,771
26,850
46,790
81,913
110,682
Jan
198,479
194,448
387,940
417,519
881,369
12 mos_ 1,057,020
Edison Elm Ilium Co of Brockton26,340
31,467
25,306
33,972
70,755
93,121
Jan
233,073
176,326
279,789
256,928
733.993
853,903
12 mos
Rockland
Elec Lt & Pow Co of Abington &
3,988
5,727
4,551
6,440
18,476
26,842
Jan
44,109
43,319
48,026
50,856
211,056
239,229
12 mos
El Paso Electric Co33,066
30,523
39,579
37,536
114,360
127,963
Jan
401,859
303,698
470,134
385,279
12 mos 1,271,236 1,281,542
Co
Fall River Gas Works
5,355
5,451
5,357
5,839
53,841
63,035
Jan
197,951
155,882
197,993
157,308
587,659
727,404
12 mos
Galveston-Houston Elea Co21,988
20,445
61,269
60,969
194,183
242,487
Jan
261,408
366,904
714,661
840,782
714,661
840,872
12 mos
Haverhill Gas Light Co
def660
582
134
1,980
27,412
34,368
Jan
53,896
22,638
55,363
28,108
304,021
12 mos_ 343,251
Houghton County Elec Light Co15,115
15,116
18,512
19,000
41,082
44,713
Jan
138,566
99,583
174,693
142,164
420,499
12 mos.... 427,334
Co
Traction
County
Houghton
4,708
1,181
8,869
5,322
29,423
24,455
Jan
75,312
51,604
125,480
101,033
343,803
315,100
12 mos
Jacksonville Traction Co2,631
18,496 def9,191
7,884
65,557
85,868
Jan
36,857
25,014
226,070
225,289
704,519
12 mos_ 965,879
Keokuk Electric Co2,040
4,794
4,651
7,117
21,866
26,709
Jan
42,962
29,702
70,450
61,894
249,515
269,079
12 mos
Key West Electric Co2,291
3,650
4,831
6,170
13,775
19,589
Jan
22,408
55,932
52,095
85,703
148,559
12 mos__ 208,687
Total system

966

THE CHRONICLE
-Gross-Net after Taxes- Surplus after Charges.
1919.
1918.
1919.
1918.
1919.
1918.

Lowell Electric Light CorpJan
95,954
68,270
28,936
27,163
12 mos.. 920,531
727,150
216,461
284,103
Northern Texas Eiec CaJan
244,490
250,312
92,300
110,403
12 mos. 2,923,937 2,661,325 1,142,824 1,209,718
Pensacola Electric CoJan
50,496
37,143
10,553
11,722
12 mos. 519,403
360,556
144,499
147,107
Savannah Electric Co•
Jan
114,115
93,374
24,124
30,191
12 mos.. 1,203,632
986,495
320,672
328,627
Sierra Pacific Electric CoJan
56,526
69,164
23,696
38,517
12 mos
708,658
697,098
351,715
376,356
Tampa Electric CoJan
104,648
86,449
44,841
34,240
12 mos.. 1,080,746
995,446
452,871
427,276

$

26,720
198,845

25,769
272,848

64,332
805,858

81,612
861,414

1,416
43,398

3,763
53,283

def2,457
16,355

4,981
36,946

17,330
269,503

31,668
294,505

39,545
391,226

29,156
370.328

FINANCIAL REPORTS
Financial Reports.-An index to annull reports of steam
railroads, street railways and miscellaneouscompanies which
have been published during the preceding month will ba given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
_Feb. 22. The next will appear in that of March 29.
Pennsylvania Railroad Co.
(72d Annual Report-Year Ended Dec. 31 1918.)
President Samuel Rea as of March 3 reports in substance:
Federal Control.-During the year 1918 the operation and maintenance
of your lines were conducted under Federal control.
Road Operated.-The following statements show the financial results of
the lines owned by or held under lease or operating arrangement with the
Pennsylvania RR. Co. These lines aggregate 7,116 miles, or an increase
for the year of 2,575 miles.
Miles of Line Dec. 31Increase.
1917.
1918.
Rail lines owned
2,905.01
2,828.43
76.58
Rail lines under lease and contracts
3,908.85
1,490.72
2,418.13
Rail lines under trackage rights
301.99
222.04
79.95
Standard Compensation.-An agreement dated Dec. 30 1918 was executed
with the Director-Genefal of Railroads covering the possession, use, control
and operation of the various roads and properties and the standard compensation therefor as follows:
Compensation for Penn. RR. Co. and Subsidiaries (Embracing Lines East
of Pittsburgh and Erie).
Penn. RR. Co
$49,973,495Barnegat RR.Co.(deficit)
58,867
Balt. & Spar. Pt. RR.Co.
55,520 Phila. & B.H.RR.Co.(def.) 22,905
Cumberland Val. RR.Co. 1,228,966 Rosslyn Conn.RR.Co.(def.)
6,599
N. Y.Ph.& Nor. RR.Co.
996,051
Total of all
$53,603,428
Union RR. Co. of Bait
1,387,767
The lines west of Pittsburgh formerly operated by the Pennsylvania Co.
executed an agreement with the Director-General of Railroads, but the
agreement has not yet been completed by the Director-General. The
companies embraced therein and the standard compensation are as follows:
Penn. RR.,western lines $14,992,785 Mfrs. Ry. Co. (deficit) _ _
$44,381
Cincinnati Lebanon &
Ohio River & W. Ry.Co.(def.) 18,820
Northern Ry. Co
111,985
Total
Wheeling Term. Ry. Co..
113,151
$15,154,720
Both of these agreements include some companies in the system operated
by their own organization, and their standard compensation is, therefore,
not included in your income statement. Agreements with other companies
in your system are in process of negotiation.
The standard compensation, payable under the Federal control contract,
and the income from its investments, will be sufficient to enable your company to pay the rentals for leased roads, fixed charges, taxes, dividends
aggregating 6% upon its capital stock, and other corporate expenses, and
leave a surplus available for other necessary corporate purposes.
Income Statement-Comparison Disturbed by Additional Mileage Operated.
-The income statement gives the results to your company and its leased
and operated lines that accrued for the year 1918 under the Federal Control Act. Settlement for compensation in full for the year 1918 has not
been made, and other items appearing on the income statement and general
balance sheet have not been fully determined, and therefore some of the
items are necessarily estimated.
No true comparison can be made with 1917 because the income statement
and the mileage statement reflect the results arising from (1) the leases to
your company of the Philadelphia Baltimore & Washington RR. and the
Union RR. of Baltimore, (2) the acquisition of the Cornwall & Lebanon
RR. and the Susquehanna Bloomsburg & Berwick RR., and (3) the elevators, tracks and other property of the Girard Point Storage Co., Philadelphia, (4) the assumption of the leases and operating arrangements of
following lines west of Pittsburgh heretofore operated by Penn. Co., viz.:
Pittsburgh Ft. Wayne & Chic. By. Massillon & Cleveland RR.
Cleveland & Pittsburgh RR.
Erie & Pittsburgh RR.
Toledo Columbus & Ohio River RR.
Pittsb. Young. & Ashtabula Ry.
Cleveland Akron & Cincinnati Ry. Manufacturers Ry.
Pittsburgh Ohio Vail. & Um RR.
Youngstown & Ravenna RR.
South Chicago & Southern RR.
It is not possible to report at this time the final results and statistics of
the operation and .maintenance of your railroads and properties under
Federal control, but in accordance with the terms of its contract your
company will later obtain such information so that it may be available for
the stockholders and preserve the continuity of statistics and information
heretofore compiled.
Stockholders.-On Dec.311918, 106,911, an increase over 1917 of 6.87%.
Bonds.-The funded debt was increased by the assumption of the bonds
of the Cornwall & Lebanon RR. Co. and the Susquehanna Bloomsburg &
Berwick RR. Co., whose properties were acquired during the year. The
funded debt and other obligations were reduced by the purchase of securities
through sinking and other funds and through the payment at maturity
of $1,971,725 Equipment Trust Obligations.
The sale of 350,000,000 General Mtge.5% bonds, maturing Dec. 11968,
was not consummated until the middle of January 1919, and therefore is
not reflected in the balance sheet for 1918 (V. 107. p. 2376).
Loans and bills payable were increased for capital account and other
corporate purposes, but it is expected that they will be reduced by the use
of the funds derived from the sale of the General Mtge. bonds and by the
use of sums due under the Federal control contract.
Sale of Southern Pacific Stock.-During the year the company disposed of
14,900 shares of its holdings in the stock of the Southern Pacific Co., and
the proceeds were devoted to defray corporate obligations. See news item.
Proposed Additional Bonds.-The directors have authority to increase
the indebtedness in the sum of $46,000,000, but as this is not sufficient to
meet the requirements for the enlargement of your lines, terminals, equipment, &c., as carried out by the Federal officers subject to our inspection,
the stockholders have been requested to approve of an increase of indebtedness to the extent of $75,000,000. If approved, the board will be enabled
to issue General Mtge. bonds or other form of obligations as may seem
desirable to the amount of $121,000,000.
It is not expected that the total amount will be immediately necessary,
but the authorization is desired so that the company may be in a position
to meet its future capital needs promptly and adequately not only for
additions and betterments to roadway, structures, terminals and equipment, but also for the refunding of maturing obligations, &c.
The conduct of the war and the demands of the industries, with the high
cost of labor and materials, naturally increased the capital budget for 1918,
but since the signing of the armistice every effort is being made to limit
these expenditures to those essential for safety or to meet immediate
traffic demands.




[VoL. 108.

Acquisitions and Leases of Subsidiary Companies.-It has been deemed
advisable to-acquire the property and franchises of the Cumberland Valley
RR. Co., a 108-mile road, for many years a part of your system.
On April 1 1918 the Union RR. Co. of Baltimore, the capital stock or
is owned by the Philadelphia Baltimore & Washington RR. Co. and
the Northern Central By. Co. was leased to your company on the basis
of 8% upon its capital stock, thus eliminating separate accounting.
The Philadelphia Baltimore & Washington RR. Co. acquired on Jan. 3
1919 the Baltimore & Sparrows Point RR., a line about 5.43 miles long,
which became subject to the lease of the Phila. Bait. & Wash. to your
company,with also thelEddystone & Delaware River (industrial) RR. Co.,
Eddystone, Pa., which the Phila. Bait. & Wash. RR., the owner of all
of the capital stock, also acquired during the year.
Road and Equipment.-Your company co-operated in eyery way with the
Government in authorizing and carrying out such capital expenditures as
were essential to facilitate the war traffic, and was required to make largeexpenditures for additions and betterments to the road and equipment,
and during'1919 will be called upon to make settlement for additional freight
car equipment assigned to it by the Government.
The expenditures for equipment additions and betterments so reported
(after deducting salvage and other retirement credits) amounted to $11,576,631. The equipment completed during the year for additions, betterments and replacements consisted of 211 heavy tractive power locomotives,
2,075 freight cars and 50 passenger train cars.
The net road and equipment expenditures on account of lines owned and
certain roads operated under long-term leases, and included in your general
balance sheet, amounted to $35,464,417. viz.:
Investment in road and equipment
$27.442,989
Improvements on leased railway property (including $3,832,759 on leased Western lines)
8,021,428
Total as above
$35,464,417
Add acquisition of property of Cornwall & Lebanon RR. Co
2,500,270
Also of Susquehanna Bloomsburg & Berwick RR. Co
1,025.869
Road and Equipment-Affiliated Companies.-The net road and equipment expenditures charged to branch lines operated by your company under
lease or contract amounted to $19,530,030 and will be embraced in the
general balance sheets of the respective companies. The most important
of these were: Connecting By. of Philadelphia, electrification; New York
Bay RR., additional tracks; Northern Central By., new pier and grain
elevator at Canton, Md.; Philadelphia Baltimore & Washington RR.,
additional tracks.
The Pennsylvania Terminal Real Estate Co., the stock of which yourcompany owns, has practically completed the Hotel Pennsylvania, fully
described in the annual report for 1916, on the valuable property between
32d and 33d streets, fronting on 7th Ave., New York City. adjoining Pennsylvania Station and the city's four-track subway. [Contains some 2,200
rooms, each with private bath.-Ed.)
Balance Sheet.-The chief changes, aside from those already explained,
are in the current and deferred assets and liabilities. These arise from the
fact that the property taken over by the Government included materials
and supplies on hand, net balance receivable from agents and conductors,
working cash on hand, unpaid compensation for the use of the property
and the adjustment of various accounts, due by, or to, the United States
RR. Administration, including additions and betterments chargeable to
capital account.
Future National Railroad Policy.-The war clearly demonstrated the
absolute dependence of the country upon the great transportation systems
and their terminals, especially the Eastern railroads on the Atlantic seaboard. Federal control likewise forcefully demonstrated that the Government could not operate the railroads to the best advantage without freedom from the restrictive and confusing Federal and State regulation, and
laws that theretofore had prevented the railroads of the country from cooperating with each other to the fullest extent to produce the most efficient
and economic transportation.
Nor was it found possible for the Federal Government to operate the
railroads and meet the increased cost of material, labor, higher taxes and
expenses of all kinds without substantial increases in rates, fares and other
transportation charges. It has yet to be demonstrated whether even the
increases in rates already ordered aro sufficient to meet the existing higher
costs and taxes.
.
While the railroad companies have some protection against war losses
under the Federal control contract, It should also be remembered that their
earnings are limited to the net railway operating income of the 3-year
period ending Juno 30 1917, and that they have derived no profits from the
war traffic to meet the problems of the reconstruction period. Before the
railroads are released from Federal control, suitable legislative action must
be taken whereby all interests will be adequately protected and the country
assured of a progressive transportation system and the railroad owners a
fair return upon their investment. This is not only justifiable but necessary
to keep the railroad corporations' credit in sound condition, and to attract
additional capital essential to enable the companies to expand their lines
and facilities to meet the requirements of a still rapidly growing country.
Capital Expenditures West of Pittsburgh and Erie.-The addition and
betterment work upon the various properties under the control of the
Government west of Pittsburgh and Erie was handled by the United States
RR. Administration which has reported expenditures aggregating $22,634,363 for construction, equipment and real estate upon said lines, notably:
Pittsb. Ft. W.& Chic. Ry.$5,902,815 I Toledo Col. & Ohio Riv.RR.$908,913
Cleveland & Pittsb. RR__ 2,544,310 Cleve. Akron & Cin. Ry__ 562,008
Pittsb. Young.& Ash. By. 1,1(13 401 P. C. 0. & St. L. RR_ ... 317,8 246
Expenditures aggregating
'tor
on, equipment
);:t.cut.
real estate were also made by six companies operating under their own
organizations, viz.:
Pennsylvania Company.._ _1168,572!Wheeling Coal RR
$15,051
New Cumb. & Pitts. By_ - _ 220,948 Penna.-Detroit RR
860,219
Chartiers Southern Ry____ 48,922 Indianap. & Frankf. RR 1,242,192
On account of war conditions the work on the Pennsylvani-Detroit RR.
was largely suspended.
INCOME STATEMENT FOR THE CALENDAR YEARS 1918 AND 1917
[The figures for 1918 include the Penn. RR. Co. Western lines.1
1918.
1917.
Increase.
Miles of line operated Dec. 31
7,115.85
4,541.10
2,574.66
Compensation accrued under Federal
control for possession, use and control of property of this co. and its
leased and operated lines E. & W.
of Pittsburgh [only $31,296,000 recolved to Dec. 31 19181
$65,992,740 See text
Other corporate incomeMiscellaneous rent income
$1,331,256
$770,545
$560,711
Income from lease of road
37,537
25,527
12,010
Miscall. non-oper. physical prop'ty
131,364
107,144
24,220
Dividend income
15,059,282 15,310,533 dec.251,251
Income from funded securities_ _ _ _
968,694
633,317
335,377
3,530,469
Inc. from unfund. secur. & accts
1,766,614
1,763.855
Inc. from skg. & other res've funds 1,505,073
1.447,113
57,960
Release of premiums on funded dt3,918
3,918
Miscellaneous income
34,153
43,012
dec.8.859
Total other corporate income_._$22,601,747 320.107,723 $2,494,024
388,594,487 $62,148,953 $26,445,534
Gross income
Deductions from gross income$21,282,019 $7,365,605 $13,916,414
Rent for leased roads
1,113,405
Rent for Penna. Co. equipment
1,113,405
629,252
-684,685 dec.54.798
Miscellaneous rents
154,431
64,890
Miscellaneous tax accruals
89.541
3.827,649
War taxes
1.166.795
2,660,854
10,805
10,805
Separately operated properties-loss
13,509,09 12,707,729
801,839
Interest on funded debt
2,848,042
555,774
2,292,268
Interest on unfunded debt
371,640
371,640
Maintenance of investml organiz_
776,777
322,525
454,252
Miscellaneous income charges
Total deductions from groSs inc.$44,523,588 $22,867,368 $21,656,220
$44,070.899 $39,281,585 $4,789,314
Net income
Disposition of net Income$2,313,202 32,187,028
$126,174
Sink, and other resorvo funds
doc.394
29,950,704 29,951,098
Dividend (6%)
7.143.459dec7,143,459
Miscell. appropriations of income332,263,906 339,281,585dcc$7,017,679
311.806,994
Balance transferred to credit of P.&L.$11,806,994

MAR. 8 1919.]

THE CHRONICLE

Adding to profit and loss account of Dec. 31 1917 the balance of income
for the year, $11,806,994, and sundry net credits, $108811, and deducting
accounts prior to Jan. 1 1918 made by U. S. RR. Administration, $1,674,872, makes the amount to credit of profit and loss Dec.31 1018, $39,675,352.

BALANCE SIIEET DECEMBER 31.
1918.

AssetsRoad & equip-721,780,412
Leased prop'ty
improve'ts- 32,008,597
Sinking funds_ 2,508,108
Misc. phys.prop. 2,261,600
AWL co. inves.296,364,616
Other invest't- 85,088,673
1,141,454
Cash
Special deposits
622,714
Lns.&bills rec. 22,691,751
Traftic ban:ices
receivable _
101,217
Duo from ag'ts
Miscell. accts.
receivable __ 54,701,138
Mater'l&supp_ 1,581,215
Int. & dIvErds
received---- 1,726,695
223,037
Rents reedy__
Deferred assets244,826,426
Unadj. debits_ 1,911,899

1917.
1918.
LiabilitiesS
$
600,811,285 Capital stock_499,178,100
Cap.stk. prem. 7,254,248
23,087,169 Funded debt_225,289,620
do Sub. cos. 57,459,900
2,381,706
2,118,816 Guar. stk. ctfs. 13,123,000
274,816,759 Equip, trust 8,113,320
79,782,406 Mtge. & rent 3,133,929
17,761,179 Lns&bills pay- 70,994,802
24,254,283 Traffic bal'nces
10,707,758 Accts 8, wages_ 3,119,883
Miscell. accts. 16,371,183
3,091,597 Storage Co.bds. 981,000
13,493,502 Int. mat. unp'd 1,201,889
Divs.matunp'd
154,190
21,351,407 Debt
do
616,571
42,053,621 Unmat.interest 3,553,050
Unmat. rents 1,981,281
1,573,505 Oth.cuent nab.
4,296
115,241 Deferred liab_161,070,454
33,118,611 Unadj. credits 121,398,847
4,634,766 Corporate surp233,970,436
Prof.&loss surp.39,675,352

1917.

$
409,178,400
7,254,248
225,375,852
56,174,600
13,448,000
10,085,045
2,830,288
14,316,868
5,217,486
29,827,005
19,926,819
1,005,000
1,046,169
137,889
699,071
2,329,085
395,074
972,765
95,600,717
231,794,781
29,341,119

Total _ _ _ 1.469,545,651 1,216,959,611
Total _ _ _ _ 1,469,545,651 1,246,950,611
See Pittsburg Cincinnati Chicago & St. Louis R.R. above and Pennsyl-

vania Co. bolow.-V. 108, p. 684, 579.

Pennsylvania Company.
(Statement for Fiscal Year ending Dec. 31 1918.)
The report of the Pennsylvania RR. Co.(which see above)
affords the following regarding the Pennsylvania Company,
whose entire capital stock it owns:

967

between Kenneth and Royal Center; change of line and new yard at Jeffersonville; extensive grade changes and enlarged passing tracks between
Frankfort and Logansport; elevation of tracks at Indianapolis and Chicago
continued: enlargement of the engine houses and shops at 9 points. The
new double track bridge with increased lengths of channel spans over the
Ohio River at Louisville was completed. The Indianapolis & Frankfort
RR. was also completed and put in service on July 1 as a part of the
Michigan Division.
INCOME ACCOUNT FOR THE CALENDAR YEARS 1918 AND 1917.
1918.
Decrease.
1917.
Compensation accrued under Federal
control for use of the property, including leased and operated lines
[of this amount $3,490,000 was received in 19181
$11,334,094
Other corporate incomeMiscellaneous rent income
$75,468
$97,028
$21,560
Miscall. non-oper. physical prop'ty
17,185
11,410
Inc.5,775
Dividend income
108,737
153,050
44,313
Income from funded securities_ _ _ _
3,458
3,466
8
Inc. from unfunded secur. & accts_
17,762
66,811
49,049
Miscellaneous income
1,594
25
Inc.1.569
Total other corporate income_ _ _
$224,203
$331,790
$107,586
Gross income
$11,558,297 $11,919,875
$361,578
DeductionsRent for leased roads
$1,374,791 $1,406,398
$31,607
Miscellaneous rents
24,483
52,231
27,748
War taxes
598,250
322,171 Inc.276,079
Miscellaneous tax accruals
43,032
78,295
# 35,263
Separately oper. properties-loss
5,481
32,789
27,308
Interest on funded debt
3,498,391
3,582,046
83,655
Interest on unfunded debt
877,689
347,050 Inc.530,639
Maintenance of invest. organiza'n_
42,756
Inc.42,756
Miscellaneous income charges
363,445
358,738
Inc.4,707
Total deductions
$6,828,318 36.179,7171nc.$648,601
Net income
$1,729,979 $5,740,158dec.1,010,179
To sinking and other reserve funds
$1,202,758 $1,160,564 Inc.342,194
Dividends
(4%)3,380,646 (5)4,225,445
$844,799

31,583,404 $6,386,009dec.$802,605
The Pennsylvania Company having relinquished, for direct operation by
surplus
$146,575
$354,149
$207.574
the pennsylvania RR. Co., effective Jan. 1 1918, tho leases and operating Balance,
'rho balance sheet will be published another week.-V. 108, p. 580.
arrangements of the various railroad properties west of Pittsburgh heretofore operated by it, was not directly affected by the action of the GovernDrug
United
Company.
ment in taking over these properties for operation and the standard compensation due from the Government is therefore included
i
(Report for the Fiscal Year Ending Dec. 311918.)
in the account
of the Pennsylvania Railroad Co. Tho Pennsylvania Company continued
The report of President Louis K. Liggett will be found on
its activities as an investment organization. No additional stock or bonds
it.
issued
by
were
a subsequent page, together with the consolidated income
At the close of the year there were outstanding short-term notes aggregating $6,000,000, which mature May 29 1919, a decrease of $3,900,000 as statement and analysis of surplus for the year 1918, and
compared with Dec. 31 1917. The reductions effected in its outstanding the combined balance sheet of Dec. 31 last, signed by Treasobligations aggregate $2,426,889, chiefly through the operation of sinking
funds. Its holdings of stock of the Cleveland Akron & Cincinnati Ry. Co., urer James C. McCormick.
the Toledo Columbus & Ohio River RR. Co. and Indianapolis & Frankfort RESULTS FOR CALENDAR YEARS 1917 AND 1918 AND FOR
PERIOD
RR. Co. were increased by the receipt of stock in settlement of betterment
FROM FEB. 4 TO DEC. 31 1916.
accounts and of advances for construction purposes.
1918.
1917.
11 Mos.'16.
Its entire holding of 111,841 shares of stock of the Southern Pacific Com$51,028,336 $40,716,290 $33,401,866
pany was sold upon favorable terms, and the proceeds applied to meet the Net sales
32,635,318 26,832.193 22,277;010
Cost of goods sold
company's obligations.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
Gross profit
$18,393.018 $13,884,097 $11,127,856
12,557,292
Corporate Income9,968,438
Inc. or Dec. Operating expenses
8,057,375
1917.
1918.
Rent from equipment
$1,113.405 $1,171,907 Dec. $58,502
Net profit
85,835,726 33,915,659 $3,070,481
Income from lease of road
61,929
61,929
31,422
Misc. non-op. physical property.. _
48,101
14,917 Dec.
13,225
1,692 Other income
131,808
Dividend Income
9,263,240 10,456,383 Dec. 1,193,143
Total income
$5,867,148 83,963,760 83.202,289
Income from funded securities_ _ _ _
414,259 Inc.
451,512
37,253
Inc. from unfunded sec. 3r acc'ts_ _ 1,610,743
1,334,761 Inc. 275,982 Extraordinary amounts written off
616,427
986,030
Inc. from sink. & other res. funds_
399,364
226,510
262,788 Dec.
36,278 Depreciation
305,014
Doubtful accounts receivable
53,668
65,193
67,104
Gross income
247,528
$12,740,562 $13,716,941 Dec.$976,379 Current taxes
232,874
198,934
Deductions-Tax accruals
x339,450
110,322
$456,773
$582,910 Dec. $126,137 War income tax
divs.
(incl.
Separately operated prop.-loss
sub.
cos.)....
com.
a2,129,731
105,369
1,842,329
41,914 Inc.
63,455 Pref. &
604,354
Interest on funded debt
4,5:39,477
4,640,704 Dec. 101.227
Interest on unfunded debt
Bahince Isurplus
$`"' 110 741 $1 313 677 Si.410.456
846,892
463,641 Inc. 383,251
Maint. of invest. organization
52,482
132,160 I)ec.
79,678
a The first and second preferred stocks have been receiving 7% and 6%,
Miscellaneous income charges
25,384
36,317 Dec.
10,933 respectively, beginning in May and June 1916; the common stock has been
receiving 5% regularly from April 1917 to Jan. 1919, and on the last named
Total deductions
$6,026,377 $5,897,647 Inc. $128,730 date an extra dividend of 1%. x These are the taxes for 1917, ascertained
Net income
$6,714,185 $7,819,294 Dec. 1,105,109 and paid in 1918. Federal taxes for 1918 will be deducted when ascertained
To sinking and other reserve funds $1,435,345 $1,356,956 Inc.. $78,389
CONSOLIDATED BALANCE SHEET DEC. 31.
Dividends(6%)
4,800,000
4,800,000
Invested in physical property_ _
297,519
(Including Sub. Companies-Inter-Company Accounts Eliminated.)
Inc. 297,519
$6,532,864 $6,156,956 Inc. $375,908
Balance, surplus
$181,322 $1,662,339 Dec: 1,481,017
GENERAL BALANCE SHEET DEC.31.
1018.
1917.
1918.
1017.
AssetsLiabilities$
Road&equIp...te 64,180,958 64,514,113 Common stock_ 80,000,000 80,000,000

Inv. in affil.cos.:
Stocks
150,366,874
Bonds, &c_ - 14,126,348
Notes
871,295
21,726,112
Advances__
Other invest'ts_ 13,153,223
Misc.phys.prop. 4,830,950
117,012
Cash
Special deposits. 1,022,255
Loans & bills rec 15,986,068
Trafflo,&c.,bals.
41,661
219,696
Agents, &c _
302
Material & supp
Miscellaneous__ 3,201,794
nerd assets, &c 1,500,053
Insur., &c., fds_ 5,618,697
Unadj. accounts 1,007,416

Total

145,503,673
14,592,299
862,148
22,904,066
24,299,300
5,077,488
3,120,499
077,222
465
4,023,903
2,687,803
13,013,785
17,921,424
2,606,443
x6,451,433
4,775,616

909,201,616 333,754,800

Funded debt _ _107,631,680
Equip't trusts__ 2,001,943
Traffic balances.
40,381
Acc'ts & wages_
345,152
Matured int.,&c.
094,622
Misc. accounts_ 5,603,871
Unmat.int., &e. 1,076,459
Taxes accrued__
505,079
Oper. res'ves4c 1,564,766
Provident funds 1,889,193
Accrued deprec. 7,666,031
Other def'd cred.
Items
1,033,3:37
Achrns to prop.y30,114,180
Fund.debt ret'dy15,472,384
Sk. fd., &c., res. 17,528,056
Loans and bills
payable
8,745,817
Profit and loss
16,178,693
Total

109,209,214
3,751,297
4,643,146
5,941,175
929,46:3
2,521,578
1,370,273
2,954,148
4,187,797
2,021,556
25,096,629
1,365,143
29,81(1,661
14,113,775
17,196,104
11,556,889
16,470,561

299,291,640 333,751,800

x After deducting $12,824,000 Pennsylvania Co. obligations. y Through
Income and surplus. z After adding net income for year 1917, $585768;
sundry credits, $640,556, and unexpended balance of surplus appropriated
prior to 1917 for investment in physical property, but now rotransferred to
surplus, 86,071,871.-V. 108, p. 480.

Pittsburgh Cincinnati Chicago & St. Louis Railway.
(Statement for Fiscal Year ending Dec. 311918.)
The report of the Pennsylvania RR. Co.(which see above)
affords the following:

1918.
Assets-

1917.

$

Real est. & bldgs.
(owned In fee)_ _ 2,499,189
13Idgs. & itnpts. to
1,362,568
leaseholds
Mach'y, furn.,&c_ 4,094,976
426,684
Stock In 0th. cos__
Trade-m'ks, pat'ts
formulae, &c___23,496,576
1,232,717
Cash
Net equity In Lib110,984
erty bonds
Notes & accts. rec. 4,500,691
Merch. invent'y_a14,118,597
Advances & sus682,750
pense acc'ts

2,456,170
1,127,617
4,470,150
428,923
23,406,576
1,037,572
94,731
3,063,356
10,593,428
721,228

1018.

LiabilitiesCapital stock:
1st preferred.. _ _ 7,500,000
26 preferred _ _ _ 9,109,000
. Common
20,050,000
Pref.stk.of sub.cos 1,020,100
Real est. & mtge.
bonds (all of sub.
cos.)
505,298
Current acc'ts payable (not due)_ _ 4.507,222
Notes Payable:
By Un. Dr. Co_ 2,980,000
By sub. cos_ __
210,530
Res. for deprec. of
mach'y,fur.,&c. 2,708,706
Surplus
4,834,875

1917.
7,500,000
9,109,000
20,050.000
899,100
500,801
2,784,526
1,840,000
120,000
1,881,214
2,724,134

53,425,731 47,498,778
Total
Total
53,425,731 47,408,778
See also news item on a following page of this Issue.-V. 108, p. 886.

Savage Arms Corporation.
(Second Annual Report-Year ending Dec. 31 1918.)
The report of President A. E. Boric) together with income
account and balance sheet will be found on a subsequent
page.
RESULTS FOR CALENDAR YEARS.
1918.
1917.
1916.
Total earns, after ordinary taxes, &c_ $7,859,121 $5,227,749 $3,289,711
Deduct-Interest on outst'g bonds_ __
24,397
63,630
88,828
Reserves for State and Federal taxes
6,460;238
and contingencies
3,669,000
2,425,127
Dividends: 1st pref.. 7%, 317,850;
38,211
2d pref.,6%,$20,361
61,5501
740,265
Common stock
(6%)498,840(4 3.)397,598f

Balance, surplus
$837,435 $1,035,971
$35,492
BALANCE SHEET DEC. 31.
The income statement, which gives the corporate receipts and disburse1017.
ments only, show a net income of $4,729,979, a decrease of $1,010,179. A
1918.
1018.
1917.
dividend of 4% (a reduction of 1% compared with 1917) was paid. The
LiabilitiesAssets5,584,050 7,465,917 First pref. stock__
reduction was made at the behest of the U. S. RR. Administration.-Ed.1 Plant
10,000
500,000
Second pref. stock 260,700
The long-term debt was reduced by the retirement of $1,300,000 bonds Patents, licenses,
417,500
rights, goodwill.a1,193,579 3,122,713 Common stock
and $848,920 Equipment Trust obligations. On Dec. 31 1918 the comb7,958,000 8,715,500
75,775 let M.6% bonds_
pany was indebted to the Pennsylvania Co. for advances, chiefly for con- Houses for en.: by
528,000
125,000 Accounts payable} 1,592,507f 1,411,674
' -.000
struction purposes, in the ainount of $13,195,000, and to the Pennsylvania Investments
.903
895,822 Notes payable_ _
RR. Co. -Western Lines, $4,100,000, and had outstanding short-term notes Cash
500,000
. 1,520 1,631,123 Adv.on contracts_
re
362,927
aggregating $2,670,000. The general balance sheet also reflects chiefly Acc'ts rec
30,308
8,2_1.269 4,052,675 Contingent res'ves 2,018,293
In the current assets and liabilities and in deferred assets and liabilities Inventories
179,100 Reserves
7,917,618 4,233,936
the amounts duo to or by the Railroad Administration. [Total outstanding Lib. Loan bon.s.._ 1,830,750
30,141
27,501 Surplus
2,076,172 1,238,737
Deferred debits__ _
loans and bills payable as per balance sheet of Dec. 311918,$19,965,000.1
The addition and betterment work was handled by the U. S. Railroad
22,226,217 17,575,656
Total
22,226,217 17,575.656
Total
Administration which has reported expenditures aggregating $8,417,246
for construction, equipment and real estate upon lines west of Pittsburgh,
a After deducting $5,984,670 amortization. b After deducting 31,2/31,chiefly as follows: Enlargement of yards at Columbus, &c.; second track 300 acquired and held in treasury -V. 108, P. 885, 586.




968

[VOL. 108.

THE CHRONICLE

Capital Additions.-These aggregated $670,747, chiefly at the Alliance
and Indiana Harbor works.
Debt.-Our yearly quota of $344,000 debentures were purchased at a
cost of $309,630, leaving outstanding $1,372,800. All borrowed money
was paid off before Dec. 31.
Dividends -Dividends on the basis of 7% annually were paid, involving
a total of $1,202,880, and there was made in the third and fourth quarters
COMPARATIVE INCOME ACCOUNT YEARS ENDING DEC. 31. an extra disbursement of $429,600 in U. S. A. Liberty Loan bonds on the
basis of 1 X % for each quarter.
1915. •
1916.
1917.
1918.
War Work.-Substantially the entire product of the plants was for Gov3
work, while of our employees, 1,147 from all departments includernment
131,142,015
Gross rects. from sales_ _329,121,608 269,842,465 318,845,685
Net, after amortization_ 47,221,368 49,112,953 82,013,020 57,399,900 ing the President and First Vice-President, volunteered or were called into
Government service.
Profit and loss on sale of
Outlook for Year 1919.-Curtailment of operation and earnings are to be
440,858
94,673
145,709
real est., securs., &c__loss4123,293
expected for the present and perhaps until such time as some of the vital
now pressing for settlement be disposed of definitely.
questions
57,840,758
82,107,693
49,258,662
Net receipts
43,098,075
Of these, the one of greatest interest is that of the future of the railroads,
Deductionswith whose prosperity we are most closely concerned. The tonnage now on
Earns, capitalized in re29,955,799 our books would-, under pre-war conditions,justify the hope of a satisfactory
organ'n Oct. 1 1915..
583,450 year. A large volume of repair and renewal business has been held back
___
Int. on funded debt
1,715,033 during the war, which if now released would favorably affect our situation.
3,648,822 3:6-4-8-,
Debenturestockdivs(6%) 3,648.822
which the railroads are to be operated i4not
Common stock divs ____ 15,302,092 30,015,642 58,854,200 24,130,222 If, however, the plan under we
can look for little buying from this source
soon and wisely determined,
(41%)
(26%)
(100%)
(51%)
Rate per cent
year. Fortunately, your company is in exquiet
correspondingly
a
and
6,450
6,450
841
6,664
Divs. on sub. co. stocks
cellent financial condition to meet such a contingency.
Total deductions_ _ 18,951,755 33,671,128 62,508,872 56,390,954
INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
1,449,804
Surplus for the year.....,.24,146,319 15,587,534 19,598,821
1916.
1917.
1915.
1918.
Accumulated surplus.. _ _ 68,300,891 44,154,571 28,567,038 8,968,217
Gross sales
349.113,098 $49,369,584 $31,361,006 $10,024,870
COMPARATIVE BALANCE SHEET DECEMBER 31.
Earns,from oper. plants
1917.
1918.
(after deducting mfg.,
Assets-%
$517,325
selling,adm.,&c.,exp.) $4,442,237 $8,718,296 $4,842,237
Cash, accounts receiv., mat'ls & fin. product.. _x$222,633,582 $145,028,674
204,083
30,679,887 Depreciation
739,414
917,646
426,412
1,705,918
Invest, in short-term notes & marketable securs_
16,885,100
18,842,596
Securities for permanent investment
$313,242
508,421
$4,015,825 $7,800,649 $4,102,823
545,999
Net, after deprec'n
Realty, not including plant real estate
189,523
70,291,114 Int., disc., &c., received
122,987
238,025
65,118,202
173,599
Permanent invest't in mfg. prop., patents, &c

E. I. du Pont de Nemours & Co., Wlimington, Del.
(Report for Fiscal Year ending Dec. 31 1918.)
The report of President Pierre S. du Pont will be cited
fully next week.

$308,846,297 $263,393,195
Total
LiabilitiesAcc'ts & bills payable,incl. accr. div. on deb.stk. $38,337,763 $22,750,517
22,125,662
Def'd liabils., & credit items, incl. est. Fed.taxes 20,478,957
60,813,950 60,813,950
Debenture stock issued
45,006
Debenture stock in reserve
58,854,200
58,854,200
Common stock issued
31,426
Common stock in reserve
54,617,863
y62,060,537
Adv. pay'ts, res've for depr., accidents, &c_
44,154,571
68,300,891
Surplus
$308,846,297 $263,393,195
Total
x Includes advances to and open accounts current with affiliated companies amounting to $50,179,522.
y Includes $12,643,703 for adjustment of materials and supplies to
market value Dec. 31 1918. A portion of this amount may be recovered
through claims arising from cancellation of contracts.-V. 108, p. 174.

American Locomotive Company,. New York.
(Report for Six Months ended Dec. 311918.)
President Andrew Fletcher, Feb. 27, wrote in brief:

•

Results.-The gross business for the six months amounted to $59,480,026
as compared with $35,959,126 for the same period of 1917. This large
increase was duo to the new high records of production made at the larger
plants, together with the addition of the production of the Richmond and
Montreal plants, which, in the six months of 1917, were being reorganized
and converted from munitions to locomotive manufacture.
The profits were $8,244,352 before deductions for taxes, showing an
increase of $2,234.343, the percentage of profit to gross being 13.9% as
compared with 16.7%. A large proportion of the locomotive production
was for the U.S. Railroad Administration,and was sold on a smaller margin
of profit than was obtained for the output of the 1917 period.
Taxes.-There has been reserved for U.S. income and excess profit taxes
and Canadian income taxes $3148,884, which amount is $1,108,126 in
excess of the allowance for the similar period of the previous year. After
deduction of taxes an available balance of $5,095,468 net profits remained.
Special Reserve, &c.-A reserve of $1,000,000 out of the net profits has
been set aside for additions and betterments,further to improve the physical conditions and to balance theproductive efficiency of the various plants.
The remaining surplus of $2,595,468, after paying the usual dividends, was
carried to the general surplus account, making such account as of Dec. 31
1918, $20,423,975.
Inventories, &c.-The value of stock materials on hand as of Dec. 31
1918 has been written down to the present day market prices. The
amount of inventories of materials and supplies on hand and work in progress was $21,432,377, as compared with $25,411,834 on June 30 1918.
The net current assets of the company on Dec. 31 1918 were 4629,652742.
Government and Other Orders.-Shortly after the signing of the armistice
orders were received from the Government to suspend work on a contract
received in October for 190 trench locomotives for military service in
France,the contract price for which was $1,873,400. The company should
not sustain any loss in the settlement.
On Nov. 1 1918 the company received from the U. S. Railroad Administration a contract for 500 standardized locomotives, which are now in process of construction.
The unfilled orders on Dec. 31 1918 amounted to $54,517,373, and since
that date approximately $4,200000 of orders have been received for
Canada, South Africa and Argentine Republic. We anticipate in the near
future a moderate amount of additional foreign buying, but the prospect
for domestic orders is very poor. The Pittsburgh plant will be closed at
the completion of its schedule the latter part of March. The company has
sufficient business to operate the other plants at a reduced rate of production until about June 30 1919.
It is vitally important to the prosperity of all industries connected with
the building and equipment of railways, that a prompt settlement be made
of the questions affecting the disposition and financing of the railroads of
this country.
INCOME ACCOUNT OF THE COMPANY AND ITS SUBSIDIARIES
FOR HALF YEARS ENDED DECEMBER 31.
Increase.
1916.
1917.
1918.
Half-Year$59,480,026 $35,959,126 $23,520,900 $37,863,594
Gross earnings
Mfg. maint. and admin.
50,986,284 29,851,294 21.134,990 32,326,743
expenses & deprec'n
Int. chgs.-notes, bonds
83,517
151,567
97,823
249,390
of constituent cos.,&c.
Reserve for U. S. and
1,822,500
Canadian taxes on prof. 3,148,884 2,040,758 1,108,126
Pref. divs. for 6 months
875,000
875,000
875,000
(7% per annum)
Common divs.for 6 mos.
625,000
625,000
625,000
annum)
per
(5%
1.000,000
Res've for add'ns & bett. 1,000,000
$2,595,468 $2,469,251
Surplus profit
-V. 107, p. 2190, 2099.

$126,217 $2,130,834

American Steel Foundries.
(Report for Fiscal Year ending Dec. 31 1918.)
Acting Pres. R. H. Ripley, Feb. 28, wrote in substance:

$502,765
$4,189,424 $8,038,674 $4,225,810
Total
$122,783
$105,376
$68,092
Interest on bonds
Reserve for war excess
profits & income tax.. _ 1,357,200 2,287,600
109,952
95,275
76,431
60,836
Interest on debentures....
233,591
249,595
1,414,128
Bond sink,fund reserve..
56,5905,874
74,712
75,660
Int. on borrowed money
250,139
300,018
344,000
344,000
Deb.retirement reserve_
(7)1,202,880 (6)1,031,040(13)214,800
Dividends,cash
429,600
do in Lib. bds.(24%)
$722,339
Total deductions_ __ _ $3,470,176 $5,296,003 $1,022,553
sur.$719,248 sr$2,742,671 sr$3,203,257 def$219,574
Balance
BALANCE SHEET (INCLUDING SUBSIDIARY COS.) DEC. 31.
1918.
1917.
1917.
1918.
Liabilities$
$
5
Assets$
Capital stock__.17,l84,000 17,184,000
Real estate, plant,
4% debentures__ 1,372,800 1,716,800
equipment,good
3,125,000
a21,003,825 20,480,727 Notes payable_
will, &c
298,630 Acc'ts payable &
Other real estate__ 298,630
pay-rolls accr'd_ 3,064,134 2,694,690
Miscell.securities_ 1,519,615 1,192,098
6,379,047 7,352,854 Prov. for war, exInventories_
cess profits, inAccounts and bills
come, &o., taxes 1,546,130 2,461,791
receivable (less
6,845,970 8,608,865 Accrued interest on
reserves)
28,613
bonds and Cobs22,880
825,308
382,535
Cash
375,348
Reserves
797,000
Insurance prems.,
226,391 A ppropr'd Burp_ b5,313,403 4,969,403
53,571
&c., unpaid__
Profit and loss__ ...c7,182,846 6,429,228
Total

36,483,194 38,984,873

Total

36,483,194 38,984,873

a After deducting in 1918 depreciation reserve,$1,016,670. b Includes in
1918 appropriated surplus for bond sinking fund reserve, $3,249,403, and
for debenture retirement reserve, $2,064,000. c After adding discount an
debentures retired, $34,370.-V. 108, p. 785,582.

American Bank Note Co., New York.
(Report for Fiscal Year ending Dec. 31 1918.)
President Warren L. Green says:
The increasing cost of production has made it necessary during the past
fiscal year to expend considerable money in improvements in machinery
and the building of new and enlarged presses. A battery of color presses
of an entirely new design is being installed in our Bronx plant, and the
capacity of our steel plate departments greatly increased.
The evident tendency in our orders is towards increased quantities with a
corresponding demand for larger and quicker deliveries.
The foreign relations of the company are highly satisfactory, and with a
return to peace conditions, it is reasonable to expect considerable improvement in our general domestic business.
All our plants are working at practically their full capacity. The work
in progress and materials on hand show an increase of $968,543 over 1917,
which is an approximate increase of 234 times the normal amount. The
work in progress is taken at factory cost only.
During the past year $200,000. the balance of an issue of $1,000,000
debentures issued in 1913 has been called in and retired.
All real estate remains free from mortgage.
The marketable investments mentioned in the balance sheet consist of:
British notes, $57,600; Victory bonds, $55,500; Liberty bonds. $300,000;
total, $413,100.
Stockholders.-Number. Dec. 31 1918, 1,489 (average 121 shares);
Dec. 31 1917. 1,460.
COMBINED INCOME ACCOUNT YEAR ENDING DEC. 31.
1917.
1916.
1918.
1915.
$938,908 $1,075,550 $1,021,912
$1,334,760
Net profits
176,971
142,219
146,383
156,581
Depreciation
20,000
Moving mach'y reserve_
$929,167
46,968

$859,693
30,772

$976,135
$824,064
$1,217,221
Total
$51,128
$34,134
$32,343
Accr.int.& disc, on notes
40,000
21,541
Pension fund
40,000
38,203
34,336
Profit sharing plan
90,810
269,739
269,739
Pref. dividends(6%).-269,739
Common dividends (6%)269,742 (8)269,742 (4)179,828

$890,465
$105,710
40,000

$1,157,789
Balance
59,432
Misc.,less interest paid..

$782,327
41,737

269,739
(2)89,914

$505,364
$578,898
$629,492
$702,634
$194,572
$397,237
$385,101
$514,587
SHEET
31.
DECEMBER
CONSOLIDATED BALANCE
1918.
1917.
1917.
1918.
$
Liabilities$
$
AssetsReal est. & bidgs_ 3,828,660 3,872,449 Preferred stock._ 4,495,650 4,495,650
Mach.,equip.,&c. 4,823,451 4,682,845 Common stock__ 4,495,700 4,495,700
Stock scrip redeem.
Materials,suPP. &
262
282
work in progress 2,400,050 1,431,507 in cash
200,000
Accts. receivable_ 1,134,630 1,036,583 5% 3-year notes..
581,723
1,601 Acc'ts pay'le, &c_y1,025,657
367
Notes receivable__
90,810
34,336
268,600 Profit sharing plan
Marketable invest. x143,100
Adv.on account of
Due from employ.
custom's orders.. 326,881
216,165
acct. Lib.loan &
67,435
07,435
21,917 Prof. div. payable_
Vict'y loan Nis_ *46,207
128,457
169,092
55,595 Reserves
55,520
Contract deposits_
121,092 Surplus
2,550,560 1,989,412
Special deposits... 128,457
697,373
588,012
Cash
60,233
32,957
Deferred charges_
Total deductions_ _ _ _
Balance, surplus

Results.-Gross sales were $49,113,098, against $49,369,584 for the previous year. Earnings after deduction of manufacturing, selling, administrative, head and district office expenses were $4,442,237, compared with
$8,718,296 for 1917.
Federal taxes were $1,357,200, and for 1917 $2,287 600
412 and interThe above, with other income, after depreciation of
est charges of $136,497, shows net profits of $2,695,7-.. Undivided surplus now stands at $7,182,846, as compared with 1917. F.;b,
Cancellation of Orders.-The armistice in November resultea is was to be
expected, in cancellation of large tonnages of our product, preparation for
13,181,412 12,249,795
Total
13,181,412 12,249,795
Total
the production of which had already been made.
Inventories.-The basic materials and all stores became uncertain as to
* After deducting $107,400 obligations incurred therefor. y Includes
price and value,and,therefore, appeared the part of wisdom to make drastic
Victory bonds,
reduction of our inventories, which were abnormally large by reason of the reserve for taxes. x Includes $413,100 Liberty bonds and2100.
less $270,000 obligations incurred therefor.-V. 107. p.
conditions brought about by the war.




MAR. 8 1919.]

THE CHRONICLE

Deere & Company, Moline, Ill.
(Report for Fiscal Year ending Oct. 31 1918.)
Pres. William Butterworth,Moline,Feb.3 wrote in subst.:
Government Business.-During the past year the company has devoted a
considerable portion of its facilities to the manufacture of combat and
escort wagons under contracts with the War Department. Since the signing of the armistice, operations under these contracts have been suspended.
On Oct. 31 1918 we had on hand approximately $1,000,000 of materials
and work in process for such contracts.
Purchase o Waterloo (Ia.) Gasoline Engine Co.-In March 1918 we
purchased this company, manufacturer of the Waterloo Boy tractor, and
also of gasoline engines. The facilities at the Waterloo plant have been
largely increased and are now ample to supply our requirements. The
assets and liabilities of the Waterloo Company are included in the balance
sheet herewith submitted.
Working Capital.-Invontorles increased $7,180,543 during the year to
$23,706,770. Of this increase $2,417,668 represents the Waterloo inventories, about 8750,000 the increase in inventories for Government war
work, and the balance, about 34,000,000, on increase in regular inventories
largely occasioned by advancing the manufacturing operations about two
months against winter congestion. These inventories have been priced
upon a conservative basis to prevent loss during period of readjustment.
The indebtedness shows a considerable increase during the year due to the
Waterloo purchase, Liberty bonds and increased inventories.
Reserves.-Reserve accounts on Oct. 31 1918 stood at $5,586,490, an
increase of 82.171,869. in part due to including in 1918 the reserves carried
by the Waterloo company.
Stockholders.-Oct. 31 1918 the number was 4,269, agst. 3,997 in 1917.
Products, &c.-The factories owned by the company manufacture about
90% of the products handled by the branch houses.
These factories are as follows:(1) John Deere Plow Works, Moline, plows,
cultivators and harrows; (2) Deere & Mansur Works, Moline, corn and
cotton planters, disc harrows and beet tools;(3) John Deere Wagon Works,
Moline farm wagons; (4) John Deere Harvester Works, East Moline,
grain binders, corn binders, mowers and rakes; (5) Marseilles Works, East
manure spreaders, grain elevators and corn shellers; (6) Van brunt
runt
Mfg. Co., Helicon, Wisc., grain drills and other seeding machinery;
(7) Syracuse Chilled Plow Co., Syracuse, N. Y., chilled plows and other
implements; (8) Dain Mfg. Co., Ottumwa, Ia., hay making machinery;
(0) John Deere Mfg. Co., Ltd., Welland, Ont., hay tools, drills and manure
spreaders; (10) Fort Smith Wagon Co., Fort Smith, Ark., farm wagons;
(11) Reliance Buggy Co., St. Louis, buggies;(12) Waterloo Gasoline Engine
Co., Waterloo, Ia.,farm tractors and gasoline engines;(13) Moline Lumber
Co., Malvern, Ark., lumber for associated factories; (14) Union Malleable
Iron Co., East Moline, malleable castings for associated factories.
The company also owns hardwood timber lands in Arkansas and Louisiana
from which the Moline Lumber Co. is now securing a considerable portion
of its timber.
Business.-The company's business in European Russia, AustriaHungary and the Balkan States was conducted on a net cash basis, and
consequently the company had in assets in these countries at the outbreak
of the war only about $150,000. Practically all of this amount has been
charged off, although it is possible that some portion may yet be realized.
Collections have continue(' good, but have been influenced somewhat by
the marketing by the U. S. Govt. of Liberty bonds and U. S. certificates.
CONSOLIDATED INCOME ACCOUNT YEARS ENDING OCT. 31.
1915-16.
1917-18.
1916-17.
1914-15.
xTotal earns.(all cos.)-. $7,980,152 $5,851,130 $4,783,081 $3.904,957
$403,327
Admins., &c., expense_.. $634,199
$340,134
051,287
162,990
464,857
94,363
210,408
Int. on deb., &c.(net)__
98,771
106,392
Depletion, &c
60,832
173,455
Federal taxes
y1,335,277
Contingent reserve
650,000
Preferred dividends (7%) 2,450,000 2,518,455 2,647,995 2,647.995
Total deductions_..__ $5,595,165 $3,437,560 $3,313,083 $3,304,928
$600,029
Balance, surplus
$2,384,987 $2,413,570 $1,469,998
Total surplus
$12,232,592 $9,847,605 $7.434,035 35.964,037
x After deducting all expenses of operation and distribution, including
those for repairs and maintenance, for depreciation of property and equipment, pensions, accident compensations, &c., and after making provisions
for interest on the indebtedness of all sub. cos., for all taxes, for cash
discount, uncollectible notes and accounts, and for other contingencies.
y In addition to provision made by subsidiary companies.
CONSOLIDATED BALANCE SHEET OCTOBER 31.
1918.
1918.
1917.
1917.
Assets$
Preferred stock_ c35,000,000 35,000,000
Real est., bldgs.,
18,170,300 16,199,330 Common stock._d17,904,400 17,904,400
& equipt
Timber lands, &c.. 2,991,647 2,917,233 Subsid. companies
bonds & mtges- 534,500
602,000
Trade marks, pat7,000
ents & good-w111.17,904,400 17,904,400 Stocks of sub. cos_
7,000
Prof.stock owned_ b405,900
161,000 Notes payable_ ___ 6,987,150
38,500
Inventories
23,706,771 16,526,228 Accounts payable- 3,531,664 2,433,657
Prepaid Insur.,&e. 474,000
705,549
392,230 Accrued taxes.- 2,821,673
Reserve
5,586,490 a3,414,621
Liberty bonds__ _ _ 2,139,850
12,232,593 9,847,605
Cash
3,833,059 3,084,983 Surplus
Notes & accts. reo.14,979,543 12,767,930
Total

84,605,470 69,953,333

Total

84,605,470 69,953,333

a Includes.in 1918, $2,875,229, against property and equipment; $2,061,261, against working and current assets; and $650.000 against conting's.
b Incl. pref. stock owned held for sale to employees on monthly payments.
c After deducting $2,828,500 pref. stock purchased and held in treasury.
d After deducting $3,668,400 reserved for sale to employees under contracts (see below.)-V. 108, P. 882.

Commonwealth Edison Co.
(Reportfor the Fiscal Year Ending Dec. 31 1918.)
President Samuel Insull wrote in substance:

969

connected load. The highest maximum load reported at any one time
during the year was 400,010 kilowatts. The company's connected business
(exclusive of electrical energy supplied to other public service corporations)
amounted to the equivalent to 16,633,300 50-watt lamps on Dec. 311918.
Compare the offering of $4,000,000 1st M. 5s on a subsequent page.
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1918.
1915.
*Connected business, 16candle-power equiv__ 16,633,300 15.336,791 13,845,933 12,244,115
Gross earnings
$26,505,136 $25,351,585 822,863,118 320,882,327
Operating expenses__ _ _$14,119,935 $13,791,636 $11,907,871 $10,453,140
Amortization & deprec'n 2,822,091
2,836,246
2,822.175 2.442,078
Taxes & munic. comp'n_ 2,791,368 2,229,907
1,835,913
1,582,039
Operating income
Other income

$6,771,743 $6,493,796 $6,297,160 $6,405,070
296,278
314,831
201,647
114,393

Total
Interest on bonds
Dividends (8%)
Excess profits taxes..

37,068,020 $6,808,627 $6,498,807 36,519,463
$2,131,550 $2,131,550 $2,099,393 $1,890,000
4,033,824
3,667,352 3,667,112 3,667,110
133,796

Balance,surplus

$768,850 $1,009,725

$732,301

$962,353

*Exclusive of electrical energy supplied to other public serv. corporations.
CONDENSED BALANCE SHEET DEC. 31.
1917.
1918.
1917.
1918.
LiabilitiesAssets3
.
Plant,real est.,&c_99,275,884 95,791,732 Capital stock- _ _50,422,800 50,422,826
Securities
9,485,693 8,005,598 Funded debt (see
Fire ins.fd.invest. 983,920
"R.& I. Sec.")_42,63l,000 42,631.000
53,743
243,587
Service annuity fd.
Open accounts_ _ _
investment ____ 569,095
Notes payable_ _ _ _x1,699,442 1,500,000
12,521,684
Materials in store
Amort'n&dep.re.s.
1,432,615 1,730,645 Accounts payable_ 968,922
779,155
MOMS
Customers' depos_ 686,736
193,911
Contract wiring
768,449 Municipal comp'n. 582,339
840,706
544,176
work, &c
770,891 Accrued interest__ 710,517
710,517
1,240,806
Coal in storage
549,111 Accrued taxes......2,010,000 1,438,000
Liberty Loan acct. 793,114
Amort.& deprec _ _13,842,258
Accounts and bills
6,335,395 7,342,452 Fire ins. reserve..
983,920
receivable
1,157,385 2,210,969 Service annuity res. 569,095
Cash
Balance,surplus_ 6,953,840 6,184,990
Total

122,114,613117,169,847

Total

122,114,613117,169,847

x Subsequent to Dec. 31 1918 bank loans amounting to $1,500,000 (included in above item of notes payable) have been paid off.-V. 108, 1). 786.

P. Lorillard Co., New York.
(Report for Fiscal Year ending Dec. 31 1918.)
Treasurer Wm.B. Rhett on Mar. 11 wrote in substance:
Bonas.-Tho trustee purchased and canceled $87,700 7% gold bonds.
the difference ($12,280) between par value and cost being written off
as an expense.
Merger.-The dissolution of the Federal Cigar Co., one of our subsidiaries, was completed and its remaining property, consisting of certain real
estate at Lancaster, Pa., was conveyed to the company.
Stock Increase.-At a special meeting of stockholders, held on Mar. 12
1018, an increase in the authorized common stock from $15,155,600 to
$30,311,200 was provided for. Out of the additional common stock so
authorized a stock dividend of 20% was paid out of undivided earnings to
the common stockholders on April 10 1918. amounting to $3,031,120, and
a further amount of $6,062,200 was subscribed and paid for in cash at par
pursuant to the offer made to the common stockholders of record on Aug.9
1918. (V. 106, p. 825, 1131, 1235, 1348; V. 107, p. 506, 610.)
RESULTS FOR FISCAL YEARS ENDING DEC. 31.
1918.
1917.
1916.
1915.
Net income
$9,292,825 $8,312,343 $5,874,077 $4,820,913
20,868
12,280
20,761
Premium on 7% bonds..
18,685
1,256,450 1,266,103
1,269,252
1,274,050
Bond interest
Reserve for excess profit
and war income taxes_ x2,633,487 1,100,000
791,532
791,532
791,532
791,532
Pref. dividends (7%).....
Common dividends_(12%)2,454,021(12)1,818,672(12)1,818,672(10)1,515,560
do extra (20% stk)- 3,031,120 (6)909,336 (5)757,780 (3)454,668
Total deductions__ __$10,178,890 $5.903,404 $4,658,105 $4,054,495
8,050,942 5,642,003 4,426,031 3,659,613
Previous surplus
Balance,surplus

$7,164,878 $8,050,942 $5,642,003 $4,426,031

x Includes reserve for excess profits and income tax for 1918,$2,396,230.
and $237,257 excess of amount provided for 1917.
BALANCE SHEET DEC. 31.
1917.
1918.
1917.
1918.
Liabilities$
$
AssetsPreferred stock......11,307.600 11,307,600
Real est., machinery and fixtures_ 8,066,200 7,607,960 Common stock_ __24,246,100 15,155,600
2,820
Com.stk div scrip
Leaf tobacco, man7% gold bonds_....10,359,900 10,447,600
ufactured stock,
and oper. supp_36,027,563 21,853,946 5% gold bonds.. 10,617,450 10,617,450
Pref. diva. Jan. 3.. 197,883
197,883
Stock other cos. &
454.668
Liberty bonds__ 5,275,000 2,415,698 Corn. diva. Jan. 3.. 727,383
Accr.Int. on bonds 402,495
404,030
Trade - marks,
21,132,777 21,132,777 Reserve funds_ _ _ _ 6,470,060 4,256,279
brands,&c
2,866,250 2,026,610 Res. for war inc. &
Cash
excess prof.taxes 2,396,230 1,100,000
Accounts and bills
10,272,451 8,433,477 Accts. & bills pay.. 9,747,443 1,478,417
receivable
Profit and loss__ __ 7,164,878 8,050,942

83,640,242 63,470,469 Total
Total
83,640,242 63,470,469
-V. 108, p. 884.
Gross Earnings.-The figures show an increase in operating revenue of
1917.
year
the
over
$1,153.551
American Snuff Company.
Taxes.-The excess profits tax paid in 1918 for 1917 amounting to $133.796, was charged against surplus as shown in the accompanying surplus
Fiscal Year ending Dec. 31 1918.)
(Report
for
statement.
Practically the same situation of uncertainty as to the excess profits
Treasurer M.E.Finch on March 1 1919 wrote in substance:
tax exists this year as last, and the company feels it unwise to estimate the
During the year the company sold the land, buildings and machinery at
amount of the tax which it will be required to pay upon its 1918 business.
When the amount of this tax is definitely determined it will in turn be Yorklyn, Del., which had not been used by us for a number of years; and
surplus.
a small unused plant at Clarksville, Tenn. The difference between
company's
also
the
charged against
The income tax for 1917 was 6% on the company's net income for that the amounts received and the book values was charged to the provision
year. Under the tax bill just passed the company's income tax for 1918 accounts for depreciation.
1915.
1918.
1916.
1917.
will be increased to 12% of its net inconae. Provision for this increase
Calendar Year*81,533,893 $1,504,645 $1,899,686 $1,701,334
has already been made out of the company's income for 1918.
Net earnings
$237,168
$238,818
$237,168
$237,168
Fire Insurance.-The company has been creating a reserve over a period Preferred divs. (6%).. _
1)1,210,000(11)1210,000(12)1320,000(12)1320,000
of 'years to establish a fire insurance fund.
Common dividends_
Plant Additions.-There was a large demand for industrial power, re$57,477
$342,518
$142,516
Balance, surplus
quiring a considerable increase in our plant capacity. Whenever line ex$86,725
tensions were necessary, however, the customer was called upon to advance
* After deducting all charges and expenses of management, including
the capital therefor. These advances will be liquidated over the period
of the customers' contracts. The company was able to take care of its provisions for income and excess profits taxes.
other additions without increasing its permanent securities, while its notes
BALANCE SHEET DECEMBER 31.
and accounts payable were increased by only a comparatively small amount.
,-1917.
1917.
1918.
1918.
Financing in 1919.-Since Jan. 1 1919 the company has sold $4,000,000
Liabilities$
s
$
Assets$
of its First Mtge. bonds (see a subsequent page), and has paid its notes
Preferred stock..__ 3,952,800 3,952,800
payable to the amount of $1,500,000. One 50,000 h.-p. turbo-generator Real est., mach'y,
Common stock_ _ _11,000,000 11,000,000
trade-m'ks, goodunit was installed at the Northwest Station, making the total generating
59,292
59,292
will, patents, &c_11,736,801 11,849,916 Div.on pref., Jan_
capacity of the company Dec. 31 1918 730,000 h.p. In addition, two
Div. on coin., Jan. 330,000
220,000
turbo-generator units with a total capacity of 100,000 h.p. are in process Leaf, mfd. stock.
261,755
4,216,890 3,646,503 Res'ved for insur_ 297,506
supplies,&a
of installation at Fisk St. Station, being about three-fourths completed
913,667
1,331,271 1,216,456 Res'ved for depr'n 919,466
Securities
Dec. 31. These units will be ready for operation early in 1919.
961,716 Accounts payable_ 703,730
293,692
993,388
Coal.-Tho foresight of the company in providing its own coal mines Cash
1,844,470 1,757,745
Surplus
has, it is estimated, resulted in a saving from this source of not less than Bills and accounts
1,527,187 1,482,635 do as work. cap.. 698,273
698,273
receivable
$1,000,000 during the year, as well as assuring an adequate supply of coal.
Customers.-During the year approximately 19,300 new customers have
19,805,536 19,157,225 Total
19,805,536 19,157,225
Total
been added to the company's lines, thus making at the present time a total
of 371,000 customers. This represents an increase of 70,300 kilowatts in -V. 107. p. 1006.




970

THE CHRONICLE

(George W.) Helme Co.(Snuff Mfrs.), New York City.
(Report for Fiscal Year Ending Dec. 31 1918.)
1917.
1918.
1916.
1915.
Net earnings
*31,074,702
$917,971 $1,078,503 $1,095,016
Preferred dividends(7%) $280,000
$280,000
$280,000
$280,000
Common dividends__(10%)400,000 (14)560,000 (14)560,000 (14)560,000
Balance, surplus
$394,702
$77,971
$238,503
$255,016
,
*Stated after deducting all charges and expenses for management, additions to the general funds of advertising, insurance, &c., and provision for
the Federal tax on profits. including excess profits tax for the year.
BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
1917.
Assets5
Liabilities$
s
$
Real est., mach'y,
Preferred stock_ __ 4,000,000 4,000,000
fixt., trade-m'ks
Common stock.. _ - 4,000.000 4,000,000
patents,&c.,aft.
Pref. div. payable.
70,000
70,000
depreciation ___ 3,537,617 3,541,932 Corn. div. payable 100,000
260,000
Leaf, mfd. stock,
Provision for adsupplies, &c____ 5,110,540 3,754,272
vance,insurance,
Cash
1,001,454 1,008,969
&c
1,555,646 1,290,314
Bills & acc'ts rec__a2,625.894 2,910,197 Accts.& bills pay_b1,752,810
442,910
Liberty bonds._ _ 1,295,150
545,350 Total surplus....... 2,092,198 1,697,496
Total

13,570,654 11,760,720

Total

13,570,654 11,760,720

a Includes investment in bonds and notes of municipalities and noncompeting corporations. b Includes provision for income and war profits
and excess profits taxes.-V. 106, p. 2192.

(S. H.) Kress & Co., New York.
(Report for Fiscal Year ending Dec. 31 1918.)
INCOME ACCOUNT FOR CALENDAR YEARS (INCL. SUB. COS.).
Calendar Years1915.
1917.
1916.
1918.
Stores operated Dec.31
130
144
144
Sales
$12,429,590 $15,059,683 $17,633,100 $21,160,111
Net profit
31,063,06/ $1,354,093 *31,465,461 *$1,158,717
Divs. on 7% pref. stock
264,828
(3 )140,000 (7)280,000
Divs. on common stock
(2%)240,000
Balance, surplus
Ratio net profit to sales_

8.55%

$1,214,093 *31,185,461
8.98%
8.31%

$653,889
5.47%

[VOL. 108.

Jewel Tea Co., Inc., Chicago.
(Third Annual Report-Year ending Dec. 311918.)
President F. V. Skiff on Feb.8 1919 wrote in substance:
The net operating profit before deducting Federal taxes was $980,738 on
sales of $15,598,496, against net operating profit of $1,572,527 on sales of
315,847,604 for the year ended Dec. 311917.
Federal taxes are estimated at $35,000 as compared with $121,719 last
year.
After making these deductions, the profits for the year 1918 amounted
to 3945,737, or 6.06% of total sales.
The company was confronted during the year with extremely difficult
operating conditions, due largely to the war. Our labor turn-over was most
abnormal and expensive; transportation conditions, particularly in the
winter, were bad, much increasing our cost of operation, and at times curtailing our business. In addition, the Government commandeered our
main plant at Hoboken, forcing us to acquire, equip and move into emergency quarters at Newark, N. J.
War conditions have also been responsible for the greatly increased number of transients among our customers, with the result that cash collections
were not so readily obtainable as in the past. The directors, therefore,
have written off a substantial amount, partly charged to current operations and partly to surplus, to provide for any probable losses in such accounts.
There has also been made an adjustment in surplus account at Dec. 31
1917, required by over-valuation of goods in transit at that date.
INCOME ACCOUNT FOR CALENDAR YEARS.
1917.
1916.
1918.
Net sales for calendar years
4$15,598,496 $15,847,604 $12,892,507
Raw materials, labor, supplies, operating expenses, &c
$14,472,114 $13,960,2591311,360,446
Interest and discount paid
145,644
123,4305
Income and war excess profits taxes
35,000
205,564
52,388
Slow and doubtful accounts
250,000
Net profits for years ending Dec.31
Preferred dividends paid (7%)

3695,738 $1,558,351 $1,479,673
275,800
275,140
266,895

Balance, surplus, for years
$428,843 $1,282,551 $1,204,533
BALANCE SHEET DEC. 31.
1917.
1918.
1917.
1918.
LiabilitiesAssets$
$
Preferred stock..__ 3,760,000 3,880,000
Land, buildings,
410,920 Common stock- _ -12,000,000 12,000,000
machinery, &c.. 414,224
889,317 Letters of credit &
Horses,wagons,&c. 848,397
255,427 1,115,655
acceptances_ _ _
Good-will
12,000,000 12,000,000
468,735 Notes payable__ 2,931,500 1,796,500
588,814
Cash
727,461 Accounts payable.. 582,982
369,600
Acc'ts, &c., ree'le_ 979.533
66,260
67,900
Inv. ot mdse., &c.. 6,286,764 6,290,880 Pref. div. payable
58,399 Purchase oblig'ns.
32,500
62,904
Invest.(sur. dept.)
1,244 Accr.wages & taxes *84,152
244,809
Corn. stk. in treas.
7,568
Surety dep(contra)
56,854
58,399
38,034
Liberty bonds__
Res.for rolemp.Adv. to customers
Profit-shar. cou.
41,326
60,850
(less reserve)__ _ 1,156,857 1,281,186
120,000
Defer'd branch dePreferred stock_ 240,000
737,138
225,174 Capital surplus..__ 737,133
velapment exp_ 112,587
234,481 Current surplus.... 1,835,820 2,136,954
Deferred items_ _ _ 128,279

* After providing for Federal excess profits tax and income tax.
COMBINED BALANCE SHEET DEC.31 (INCL. S. H.KRESS CO. of Tex.)
1918.
1917.
1918.
1917.
AssetsLiabilitiesReal estate, &c.. 104,075
93,574 7% cum. pref. stk.
Good-will, lease(auth.35,000,000) 3,740,000 4,000,000
holds, &c
12,000,000 12,000,000 Common stock _..A2,000,000 12,000,000
Furniture & fixt., 1,301,403 1,337.256 Accounts payaWe
Improv'ts, &c , on
for mdse., &e.... 1,046,671 1,012,445
leased property- 679,172
686,341 Reserve for taxes,
Liberty bonds_ _ _ _ 550,550
120,956
incl. Fell excess
Cash in banks, &c. 992,615 1,813,098
profits,&c.,taxes 632,156
369,900
22,623,960 22,587,806
Total
22,623,960 22,587,806
Total
67,909
70,000 Pref. div. payable
Cash for pref. div.
Inventories
4,610,166 3,374,246
Jan. 1
65,800
70,000
* Includes income and excess profits taxes.
Wise. purch'd etc 440,268
380,799 Capital surplus_ _ _ 328,059
328,059
Note.-Contingent liability for letters of crdeit issued and drafts not preSundry acc'ts_
45,414
167,497 Current surplus.... 3,053,443 2,399,554 sented
for shipments in transit, 31,110,682.-V. 108. p. 687.
16,692
Prepaid expenses_
74,559
Prof. stock puich.
119,500
Enameling & Stamping Co.
20,866,130 20,179,958
Total
-V. 108, p. 175.

Total

20,E66,130 20,179,958

Kelly-Springfield Tire Company.
(Report for Fiscal Year ending Dec. 31 1918.)
Pres. Van H. Cartmell, Feb. 17 1919, said in substance:
Notwithstanding the difficulty of procuring raw material, and obtaining
labor and transportation, your company has done a largely increased business In spite of the fact that during the latter half of the year the output
was curtailed by Governmental regulation. The outlook for the year 1919
is excellent.
While the earnings were the greatest in our history, they are shown in
this report before any allowance is made for income and excess profits
taxes, which arc likely to be very heavy.
The capacity of our various plants is taxed to their limits, but steps are
being taken to provide means for increased production.
INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
1915.
1916.
Gross profits
$7,187,834 $4,323,955 $3.464,458 $2.880,080
2,598,069
1,404,388
1.195.874
Oper. admin., &c., exp
1,720,335
Net operating income_34,589,765 $2.603.620 $2,060.070 $1,684,206
45,294
57,243
Int., &c., received (net)
22.538
Int. & misc. deductions... 224,538
Net income
x$4,365,227 $2,648,914 $2,117,314 31,706.744
Int. & s. fd on Inc. bonds
$21,600
321.600
Sk.fd. of 2% on 1st pref.
75,164
75.164
375,164
Inc. & exc. prof. tax 1917 $434,124
Divs. on 1st pref. (6%).... 205,959
215,598
225.492
213.078
334
46,491
2d pref. divs. (7% p a.)
Divs. on corn. stock.(16%)785.152 (16)785,152 (15)735,316(734)265.578
Balance,surplus
Previous surplus

x$2,939.992 $1,575,520 31.069,302 31,072.419
1,134.639
2,126.739
5,705.633 3,456,7,10

Total
$8,645.625 $5,032,260 $3,196,041 $2,207,058
Add-Return from pref.,
$150,328
&c., stock retired
17,280
3245,727
Received in patent litig. 904,297
218,022
Sink, fund for red. pref.
stock, rest. to stirp
75.164
Miscellaneous credits_
4,081
13.020
Cumber'd plant add'ns
589,659
35.803
Deduct-Bonus res'ves,&c
deb.162,012 deb.I11,731 deb.9.
3,359.
Adjustments
deb.47,150
Appropriations for retirement of pref. stock__ _deb.433.162
Total surplus

x$9,197,858 $5,705,633 $3,456,741

$2,126,739

x Federal taxes for 1918 not deducted-see text above.
BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
1917.
AssetsLiabilitiesPreferred stock_ _ _ 3,407.100 3,509,300
Plant acc'ts, pat's.
good-will, &c.,
Common stock_ _ 4,907,200 4,907,200
less deprec'n___ 9,665,678 8,781.776 Lib. Loan paym'ts
231,185
772,448 Notes payable... _ _ 500,000
Cash
1,392,729
600,000
Com.stock purch'd
Accounts payable_ 221,815
235.753
a8,560 Accr'd taxes, /ie.._ 158,487
101 resale to empl.
42,198
78,961
Notes receivable 11,467,296f 195,917 Int.& divs. pay'le.
51,107
52,640
Acc'ts receivable1
kb1,552.430 Sinking fund
75,164
52,189 Bonus reserve..___
Deferred charges_
37,8434
88,148
Inventories (cost)_ 5,945,417 3,760,162 Surplus & working
Lib. Loan bonds__ 596,793
272,353
x9,814,139 5,705,633
capital

National
(Report for Fiscal Year ending Dec. 31 1918.)
Pres. Ferd. A. W.Kieckhefer on Feb. 18 1919 wrote in sub.:

Results.-The earnings for the year after providing for depreciation, but before allowing for Federal taxes, interest on
bonds, &c., amounted to
34,145,571 .
From this there has been deducted (1) the estimated amount
of Federal taxes
1,100,000
(2) Interest on the 5% gold bonds, $110,807, and (3) the pref.
709,068
stock dividends, $598,262
Leaving an amount equivalent to about 15% on corn. stock....$2,336,502
From this last amount there has been deducted the sinking fund requirement of $161,500, leaving $2,175,002 [against $3,647,399 in 19171;
dividends declared on the common stock in Feb. 1918 at the rate of 6%
called for $935,508, making the balance to the credit of profit and loss on
Dec. 31 1918 37,158,523, contrasting with $5,919,029 on Dec. 311917.
Surplus and Sinking Fund Reserve.-These on Dec. 31 amounted to
$8,426,023, as compared with $7,025,029 on Dec. 31'1917, including:
Dec. 31 '18. Dec. 31 '17.
Sinking fund reserve
$1,267,500 $1,106,000
Profit & loss acct., being undivided or surp. profits 7,158,523
5,919,029
In addition to the above, the company now has to the credit of the reserve
for depreciation of buildings, plant and machinery the sum of $3,747,967.
At the time the armistice was signed there were large stocks of raw materials on hand and under contract purchased at war prices. The inventories, however, have been written down to conservative market values as at
Dec. 31 1918, and your directors feel that the loss thereon has boon fully
provided for in the accounts of the year under review. As a result of these
losses the earnings were not as favorable as in 1917, but they are still substantial and satisfactory, particularly under the extraordinary conditions
existing.
The income account for the last 4 cal. years was given in V. 108, p. 88.
BALANCE SHEET DEC. 31.
1918.
1917.
1917.
1918.
LiabilitiesAssetsPref. stock issued- 8,546,600 8,546,600
Real est., plant,
good-will, &c.._28,425,578 27,528,146 Coin.stock issued _15,591,800 15,591,800
Ref. 1st M.bowls_ 2,315,000 2,473,000
Mdse., materials
and supplies...... 6,898,593 7,080,085 Accounts payable.. 1,587,092 1,041,877
Reserve account.... 3,747,967 2.820,888
Accts. & bills rec.
(less bad debts)- 1,071,090 2,738,480 Sink, fund reserve 1,267,500 1,106,000
33,454 Res. for Fed. taxes 1,100,000 1,100.000
Payments in adv_ 100,531
9,646
Accrued interest__
10,304
Investmls at cost
384,472 Profit and loss*.... 7,158,523 5,919,020
and accrued int_ 2,164,330
1,764,007
844,860
Cash
Total

41,324,128 38,609,498

Taal

41,324,128 38,609,498

* Before deducting common dividends declared-6%, $935,508. In
•
1918, and 6%,$935,508, in 1917. Compare V. 108, p. 788.

Nash Motors Company.
(Report for Year ending Nov. 30 1918.)
President Charles W. Nash on Jan. 8 1919 wrote in full:

The year just ended has presented many manufacturing difficulties due
to the s ortage of material and labor, brought about by the war, but the
stockholders may justly feel proud of the accomplishment of their company during this trying period.
Our Government early recognized the value of our Quad truck and our
ability to produce them, and demanded that we put 75% of our capacity
into this product. This we did until after the close of the war, and delivered to our Government over 11,000 trucks, meeting every requirement
on schedule time.
The manufacture and distribution of our bassenger cars and trucks to
the public was necessarily curtailed. We are now turning our attention
to producing cars and trucks for the public, and from present indications
Total
Total
19,147,995 15,395,835 we will have a very busy year and be able to produce and sell a large output.
x19,147,995 15,395,835
After providing by deduction from the cash and receivables of an amount
a Includes common stock purchased for re-sale to eomployees under the which seems ample for all Federal taxes and after setting up reserves for
employees' stock profit-sharing plan, $484.960. less $476,400 special loan the depreciation of fixed assets and contingencies, the condition of the
which will be self-liquidating by installment payments of employees under company is as shown upon the statement hereto appended.
the said plan. b After deducting in 1917 3121,896 reserve for doubtful
The net profits for the year Dec. 1 1917 to Dec. 1 1918, after allowing
accounts and discounts. x Subject to 1918 Federal taxes.-V.108. 1) 787. for reserves and deductions made as stated, will show as $1,473,638.




•

THE CHRONICLE

MAR. 8 1919.]

971

produced and sold under Federal regulation, as was also the gasoline saved
at the naphtha saving plants, which were completed during the year 1917.
Operating revenues Increased $571,355, which proved sufficient to
meet the increased operating expenses, cost of gas purchased and taxes,
so that the net income compares favorably with that of 1917.
Special attention has been given to the perfection of the naphtha saving
plants and 3558.962 was realized from the sale of the year's output: the
ensuing year should show a considerable improvement in this connection.
Acquisition.-During the year your company, through its subsidiary
the Venture Oil Co., has acquired interest in a corsiderable amount of
prospective oil acreage in the State of Texas and is drilling a test well on a
portion of it, located in Mills County. Although the demand for natural
gas having been so extraordinary, the exploration for and production of
crude oil were of necessity curtailed somewhat, it is believed the production of Pennsylvania grade crude oil has been satisfactorily maintainedall circumstances considered.
Liberty Bonds, Ikc.-Wo purchased Liberty Loan bonds amounting to
$533,750.
Taxes.-Federal income and excess profits taxes will approximate
$500.000.
Data from General Manager M. B. Layton, Pittsburgh, Dec. 31.
11,936,386 10,111,255
Total
11,936,386 10,111,255
Total
Wells.-There were 155 wells drilled and 4 purchased, total 159: 110
gas, 22 oil and 27 were dry holes. Of the productive wells, 106
yielded
less
receivable,
and
accounts
banks
in
x Includes cash on hand and
were drilled deep and 26 shallow. We abandoned 33 former gas wells and 9
amount considered as set aside for Federal, war and other taxes.
well and 2 gas wells were sold. On Dec. 31 1918 there were in
oil
1
oil;
see
taxes;
for
Federal
provision
any
include
not
does
y, This reserve
operation 1,199 gas wells and 390 oil wells, a total of 1,589 with 59 wells
x above.-V. 108, P. 884.
drilling.
Acreage.-We now hold under lease for oil and gas purposes, 361.252
Quaker Oats Co., Chicago
acres in Pa.. Ohio, West Va., Ky., Kansas and Texas, an increase of
acres. Of this acreage 126,538 acres are operated (an increase of
24,674
(Report for the Fiscal Year ending Dec. 31 1918.)
6,363 acres) and 234.713 acres are unoperated.
-There were laid in the several fields 44.26 miles of pipe of all sizes
President H. P. Crowell, Feb. 27 1919, wrote in subst.: (2Pipe.
inches and above), with a net increase of 34.30 miles, and in the city
Results.-We entered January with a large accumulation of orders and plants, 20 miles gross and 15.25 miles net, making a total of 1,790 miles
an of pipe in use In the fields and 1.043 miles in the city plants, making a grand
never, with the exception of a brief period in July, were we withoutand
abundance of them until we passed Dec. 15. Day and night, week inafter
total of 2.832.97 miles, an increase of 49.55 miles.
into train
Oil.-Soil production for 1918 was 204,582 bbls., daily avge.560 50 bbls
out, the machinery in our mills kept turning and pouring
of the
train our products which were shipped to Europe as well as all parts
Meters.-On Dec. 31 1918 we had on our books 112.500 meters; of these
flour,
for
United States. There appeared to be no end to the demand
are domestic, an increase of 3.160.
111.617
inour
been
as
had
Large
feeds.
and
goods
puffed
oatmeal,
-The gasoline plants installed by the People's Natural Gas Co.
cornmeal,
hunger, it was taxed at Gasoline.
and Majorsville. Pa., compressing stations, and by the
Waynesburg
the
crease in output to meet the world emergency and
until they reached $123.- Hope Natural Gas Co. at Porters Falls and Rosbys Rock, W. Va., were
to the utmost. Month by month our sales growafter
allowing
for
depreciasecured,
profit
net
The
year.
to us Aug. 1 1918, and are being successfully operated.
000,000 for the
each dollar of sales made in 1918. turned over
tion,was$3.502,589, which is but 2.85% on
CONSOLIDATED RESULTS OF OPERATIONS FOR CALENDAR YEARS.
War Bonds.-The investment in war bonds aggregatesat$1,819,275.
small margins
Federal Taxes, &c.-Our policy of making large sales
(The Manufacturers Light & Heat Co. and Its Affiliated Companies.)
is added the
of profit is thus clearly demonstrated. If to the net profit
1915.
1916
1917
Receiptsbe $6,407,760.
sum reserved for Federal taxes, the amount earned would
$8,1497148.755 37,855.251 $7,108.535 $6,132,318
by what Gas sales
or 5.21% on the sales. This latter sum might again be increased
3
35
293
2;42
393,988
967,554
839,513
011
sales
has been set aside for all kinds of inventory depreciation, in which case the Water sales
2,509
2,710
2.550
earnings would be $7,445,170, or 6.05% on the sales.
l
223.585
558,962
ine
Gaso
sales
an
taxes,
amount
almost
Federal
Considering the amount reserved for
34,937
87.194
73,118
117,793
makes a Miscellaneous
equal to our net profits, this when added to our bond purchases
the hands of
total of nearly 35,000,000 that goes out of our treasury intoyear.
$6.463.113
$7,592,225
$9,122,218
39.693,573
gross
earnings
Total
in this,one
the Government for the prosecution of the war
ExpensesNew Mill, Al.c.-The Peterborough Mill, which it has taken so long to Op.
exp., drill. wells, &c. $5,480,745 $5.125,443 34,249.442 $3.472.037
build owing to the scarcity of labor and the many delays because of traffic
231.098
283.393
537.765
685,453
and Taxes
congestion and war regulations, has been in operation several months
heavy
The
likewise
completed.
are
plants
several
our
to
all other additions
$3.703,135
34.532,835
35,663.208
$6,166,198
&c
exp.,
oper.
Total
plant
account,
and
which
cost of this work is to be found in the real estate
33,527.375 33,459.010 33,059,390 $2.759.978
Net earnings
shows our investment as amounting at the present time to $20,257.449.
56,793
64,125
58,494
63,824
Other income
YEARS.
CALENDAR
FOR
ACCOUNT
INCOME
1916.
$3.591,199 $3.517,504 $3,123,515 $2,816,771
1915.
Gross Income
1917.
1918.
391,035
$79,283
$69,200
$60,710
$4,052,265 $5,211,752 $3,991,313 $3,724,223 Interest on bonds
Profits for year
2,076
65
540,000
540,000 Premium on bonds
563,050
632,202
Dividends on pref.(6%)
Dr.7.229
Dr.182.460 Cr.246,208
119.837
_
_
(10)749.982
Sundry
(10)768.750
adjustments_
0(103)866250
(15%)1,237,50
Divs. on common__
)1,840.000
(8)1.840,000(8
10)2,300,000
(8%)1,840,000(
471.400
Dividends
Peterboro Mill fire loss_
714,446
961,357
944,122
1,167.699
305.227
293,511 Depreciation, &c
304.825
519,677
Depreciation

Owing to the uncertainty of Federal taxes, this is necessarily estimated,
but our figures we believe to be conservative.
(The $5,000,000 pref. stock received dividends aggregating 7%,or $350,stock received $6 in
000 per annum, while the 50,000 shares of common
1919. Profit
Feb. 1918. $15 in May 1918 and $10 per share on Feb. 15From
Aug. 16
and loss surplus increased from $2,416,134 to $2,503,831.
cash diviwhich
from
$2,027,783,
were
profits
net
1916 to Dec. 1 1917 the
dends of $437,500 were paid on the pref. shares.-Ed.(
BALANCE SHEET NOVEMBER 30.
1917.
1918.
1917.
1918.
Assets• Liabilitiess
$
Real estate, plant
5,000,000
5,000,000
stock..Preferred
dr equip. (less
(b0,depr., $913,580) 2,911.663 3,261,175 Common UK.
50,000
50,000
000 sh., no par)
117,241
MisLen.inves-m'ts 103.941
Accts. payable__ 1,788,674 1,311,126
800,000
Liberty bon is__
Ix3,226,364 11,039,352 Accrued taxes, payCash
355,109
764.141
rolls, &a
11,081,383
Accts. receivable(
978,887
y1.829,739
4,889.102 4,607,830 Reserves
Inventories
2,503.831 2,416,134
4.275 Surplus
5,316
Prepaid expenses_

$3.188,246 $3,495.782 $2,634,497 $2,654.7R6
Total deductions
$1.632,887 $3,477,627 $1,905,937 $2,140,730
3161.985
3489.018
$21,722
3402.953
Balance, surplus
(apparently
$2,905,000)
and
for
Fedinventories
against
x After reserves
CONSOLIDATED BALANCE SHEET DEC. 31.
eral taxes. See text above.-Ed.1
(Manufac. Lt. & Ht. Co. and Its Affil. Cos.-Inter-Co. Accts. Eliminated.)
BALANCE SHEET DECEMBER 31.
1917.
1918.
1918.
1917. 1
1917.
1917.
1918.
1918.
$
$
! Liabilities$
$
$
$
Assets$
Assets.000
23,000.000
Capital
stock___23.000
_
stock_
Preferred
41,457.053
10,536,700
_10,536,700
42,945.195
Investments
Real est. plants,
900.000 1,051,000
469,600 Bonds
Common stock_ __ 8,250,000 8,250.000 Treasury stocks.._ 469,600
trade marks,
702,574
928,892 Acc'ts payable. Szc 676.698
497.269
195,952 Cash
good will, &c_ _ _20,257,449 17,102,636 Due to subsld. cos. 178,498
490,393
453,730 Notes payable- _20.480,000 5,900,000 Acc'ts receivable 1,138.093 1,170.074 Acced Int. & taxes 610,181
Stocks of sub. cos- 453,730
460.000
8,324 Dividends payable 460,000
380,175 Acc'ts payable._ _ 1,801,813 1,251,761 Bills receivable. _ 4.277
1,819,275
War bonds
225.245
741.896 Security deposits_ 238,133
General reserves__ 2,579,374 1,350,618 Incomplete invest. 725.436
19,357
Miscel. Invest_ _ _ _
693,067 Reserve for Federal
Material & suppl's 1,712,505 1,178,017 Reserve for depreDue from sub. cos. 333,260
12,892.435 11,721.145
I dation,dm
taxes
3,216,069
2,053,776
pay
to
Deposited
material
Invent.,
2,940
137.380
147,762 Bonds. &c., paid__
4.846
12,099,909 10,547,045
bonds, &c
and supplies_ _25,092,187 13,775,329 Surplus
8.716,834 .8,313,883
iSurplus
Acc'ts receivable_ 8,435,237 7,026,600
654,318
2,731,868
Cash
47,497,221 46.101,619
47,497,221 46,101.6191 Total
Total
Total
59,142,363 40,085,855
50,142,363 40,085,855
Total
surplus to adjust book
contingent
includes
account
surplus
Corporate
*
-V.108, P. 885.
values.-V. 108, p. 787.
Surplus for year

Ohio Fuel Supply Co.

CONSOL. INCOME ACCT. FOR YEAR END. DEC. 31 1918, 8 MONTHS
END. DEC. 31 1917 AND YEARS END. APRIL 30 1917 ANT) 1916.
Cal. Yr.'18. 8 Mos. '17.'16-'17-April 30-'15-16
Earnings$9,800,078)
Gas
367.573 $5,728,593 $8,168,297 $6,817,169
On
577,453j
Gasoline
48,017
60,563
75,548
51,625
Interest
DividendsUnited Fuel Gas Co_. 1.764.000}
2.000
264,600
1,190,911
1,159,480
Pt. Pleas't Nat. 0.00.
211
Depositors' Realty Co.
Gross Income
Less expense
Dividends paid
Depreciation
Taxes

$12.586.864 $7.002.636
6,582.224
4,819,319
2,377.560
990,650
676,814
651,879
730,820

39.410.833 $7,129,786
4.631.317
5,937,349
1,345,328
1,504.325

$2,219,446
$540,788 $1,969,159 $1,153,141
BALANCE SHEET DEC. 31.
1917.
1917.
1918.
1918.
Liabilities$
$
$
$
Assetsstock($20,Physical prop'ties_22,435,854130,930,218 Capital
000,000
00
19,813,000
auth.)-19,813.0
Stits. In 0th. ens..x9,985.6771 917,714 Accts. payable..
1,065,026 1,134,597
Material In stock_ 1,233,730
.313
313
727,370 Debenture bonds..
510,991
Cash
Mat'l
acct.
adjust.
2,241
1,329,071
Accts. receivable- 1,586,234
947,000 Depreciation res've 2,537,908 1,860,004
y1,940,731
Bonds
11,453 Profit and loss___14,274,730 12,054,912
Material adjustm't
Taal
37,693,217 34,862,826
37,693,217 34,862,826
Taal
Surplus for period

31
x Stocics owned in other companies at book value included on Dec.Gas
Co., 35,550,050; United Fuel
1918: The North Western Ohio N. G. Gas
Co.,
miscellaneous,
Nat.
$20,000;
Co., $1,410,000; Pt. Pleasant
$5,627; total. $9,985,677.
y Bonds: Liberty. $1,302,150; United Fuel Gas CO. 1st M., 3557,000;
Denver-Rio Grande RR. Co., $32,050; Interboro Rapid Transit Co.. 394,844; N. Y. Connecting RR. Co., $24,688; total, 31.940,731.-V. 108, p.
788.

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS,
No Allocation for Cash Dividends.Commissioner Daniel C. Roper, in response to a recent
inquiry from the "Chronicle," replies saying: "Under
1918 Revenue Act, dividends other than those paid in stock
of the corporation are income for the year in which paid and
are taxable at the rates for such year. Allocation of such
dividends has no significance in this connection except in
ascertaining whether paid from profits accumulated before
or after March 1 1913 and in determining the invested capital
of the corporation."

an alloThe "Chronicle" early in January began the preliminaries for
the matter
cation pamphlet such as it published in 1918, but dropped
changed so as
when the revenue bill then pending before the Senate was The
ruling of
to restrict allocations mainly to stock distributions.
as expected
Mr. Roper concerning the bat as passed settles the questionpaid
in 1918
regarding the cash dividends. The only cash dividends
earnings prior to
not subject to 1918 surtaxes are payments on account of
from tax only after
March 1 1913, and these "may be distributed, exempt
The
distributed.
earnings accumulated since Feb. 28 1913 have been
stock), is quite clearly
position of stock dividends (dividends payable In
Bill as published (the first
stated In Sections 201 d and 206 of the Revenuefor
Feb. 8.
half of it) on pages 518 to 525 of "Chronicle"

Augusta Northern Ry.-Short Line Contract.-

See Montana Wyoming & Southern RR. below.

Aurora lElgin & Chicago RR.-Defaults-Call for Deposits.-The committee below named is calling for deposits of
First & Ref. Mtge.5s due 1946 and the Three-Year Collateral
notes due 1921 (secured by First & Refunding bonds).
Trust
,
Pa.
Co.,
Heat
Pittsburgh
&
Light
ers
The Manufactur
says:
committee
The
(34th Annual Report-Year ended Dec. 31 1918.)
payment of the interest due on
On Jan. 1 1919 default was made in the5%
$3,079.000 of which
Pres. John E. Gill, Pittsburgh, Dec.31, wrote in substance: the above First & Refunding Mortgage and bonds,
$1,626,000 of which are de-

Operations.-Operating under license of the Federal Fuel Administration,
largo quantities of natural gas were furnished many industries engaged in
the manufacture of munitions, and extraordinary demands of domestic
patrons, "by reason of heavy tonnage on the railroads and consequent coal
shortage," were also provided for. A large quantity of crude oil was also




are outstanding in the hands of the public
ar Collateral Trust
posited as collateral security for the above Three-Ye
has notinotes, of which there are 31.219.000 outstanding. The company
due on same on
interest
the
that
notes
Year
Three
these
fied holders of
March 1 will not be paid.

972

THE CHRONICLE

On Dec. 1 1918 default was made in the payment of the interest due on
$1,546,000 Elgin Aurora & Southern Traction Co. 1st Mtge. bonds, which
interest must be met before June 1 1919 or the holders of said Elgin Aurora
& Southern Traction Co. bonds will have the right to compel the foreclosure
of the mortgage securing same. The property covered by this(E. A.& S.)
divisional lien is a vital part of your property and from the standpoint of
its earning power and the large property equity is essential to the protection
of the lien which secures the mortgage under which the Aurora Elgin &
Chicago 1st & Refunding bonds were issued.
Conditions growing out of the war so greatly increased the cost of everyi
the operation of the company's property that its net
thing entering into
earning power has been materially affected, making necessary united
action to protect the equity in the property.
Committee.-R. M. Stinson, Chairman, R. M. Stinson & Co., Philadelphia, Pa.; George H. Stuart, 3d, Treasurer, Girard Trust Co., Philadelphia, Pa.•, Lewis B. Williams, Hayden, Miller & Co., Cleveland, Ohio;
W. T. Goodale, Treas., Saco & Biddeford Oavings Institution, Saco, Me.;
A. B. Conant A. B. Conant & Co., Boston, Mass. Depositary, Girard
Trust Co., Phila., Pa.; sub-depositaries, International Trust Co., Boston,
Mass.; Citizens' Savings & Trust Co.. Cleveland, Ohio; Counsel, M. B.
& H. H. Johnson, Cleveland, Ohio, and as Secretary, A. E. Pfahler,
319 North American Bldg., Phila., Pa.-V. 108, p. 682, 577.

Baltimore & Ohio RR.-Loan by War Finance Corp.-

See Government Control of Railroads below.-V. 108, p. 578, 478.

(Vol,. 108.

[The terms to be offered the noteholders of the Mass.
will be announced later when the full plan is ready.-Ed.1 Electric Cos.
Cash Installments Due from
_(1)
(2)
(3)
Depositors ofAt Deposit. On Call.
On Call.
Bay State Street Ry. pref. stock,
$15 per share
$6 00
$3 00
$6 00
Mass. Electric CompaniesPref. shares, $10 per share
4 00
4 00
2 00
Common shares, $5 per share
2 00
2 00
1 00
Underwriting.-Provided the present shareholders subscribe at least
$2,000,000 of the aforesaid $3,582633 new cash on basis shown in exchange
table above, the underwriters will be committed to purchase $2,500,000
1-10-year Refunding Mtge. 6% serial bonds, guaranteed, in
in
opinion of counsel, as to principal by State of Massachusetts,effect,
and will
underwrite $1,000,000 of the subscriptions offered to shareholders, less any
excess of shareholders' subscriptions over $2,000,000.
The new company will thus be assured of at least the $5,500,000 new cash
(necessary to consummate the plan), provided that the shareholders' subscriptions amount to at least $2,000,000; otherwise the plan will fall.
As there are three classes of subscribing stockholders, the exact amount
of new securities which the underwriters commit themselves to take cannot
now be determined. But in case all the Bay State pref. stockholders subscribe and none of the Massachusetts common stockholders subscribe, the
least favorable situation for the underwriters, the latter would
then provide $1,000,000, receiving therefor (a) $870,408 Ref. Mtge. 5s of 1948,
(b) $155,510 1st pref.6% stock,(F.
)$1'74,082 adjustment 5% stock,(d)about
$2,100,000 common stock, (e) option warrants" on $2,435,204 adjustment stock. Or, for each $1,000 cash payment, (a) $870 41 5% bonds,
(b) $155 51 1st pref.6% stock, (c) $174 08 adjustment 5%
stock,(d) about
$2,100 common stock; total, $3,300 (par value), plus "option warrants"
on $2,435 20 of adjustment stock.
[The hearing on the petition to foreclose mortgages on the operating
subsidiary companies was again postponed by Judge Morton in the
U. S.
District Court until March 11 at the request of counsel representing various
cities and towns which desired to ascertain whether tax claims were
amply covered.-Ed.]

Bay State Street Ry.-Reorganization Plan and Underwriting.-The plan for reorganization of this and the Massachusetts Electric companies (the holding company) has been
completed, and when put into effect, will enable the acceptance of the Special Act of the Massachusetts Legislature
adopted in 1918, and the formation of a new company under
the protection afforded by said Act.
Lee., Higginson & Co. have underwritten the purchase of
the $2,500,000 serial bonds issuable under the plan and also
Fare Situation-Effect of 50-50 Amendment-Decision.$1,000,000 of the cash subscriptions offered to the stock- The trustees on March 3 issued the following:
holders provided the plan is finally approved by counsel and
Higher fares must be expected unless the "50-50" amendment
mended by the trustees and the P. S. Commission, or some similarrecomlegisthe several protective committees, but only in case $2,000,000 lation,
is enacted by the Legislature. Present fares are increasing the reis subscribed by present shareholders.
ceipts somewhat, but not nearly enough to offset present prices of coal

Outline of Plan, &c. as Condensed from Digest by Lee, Higginson
& Co. as of March 5 [Proof, subject to revision].
Special Act.-(1) Provides that the new company shall be managed for
10 years by 5 trustees to be appointed by the Governor of Massachusetts.
The trustees appointed for the first 5 years are:
Homer Loring, Chairman; Arthur G. Wadleigh, Fred J. Crowley,
Earle P. Charlton.
Isaac Sprague,
(2) Gives to the trustees absolute power to fix rates and fares (free from
the jurisdiction of the P. S. Commission or any other authority) so as to
produce income sufficient to pay all costs of operation (including taxes,
maintenance and depreciation) and a return on the investment sufficient
to cover all interest requirements, the stated dividends on the preferred
stocks and 6% per annum on the common stock of the new company.
Based upon the P.S. Commission's appraisal of $40,282,340 as of.Aug. 31
1916, plus subsequent additions, the property valuation will be about
$46,000,000, 6% on which, or $2,760,0013, is approximately the permitted
initial annual return on the investment.
(3) Pledges the credit of the State for payment of principal of not exceeding $4,000,000 new Serial Mtge. bonds maturing within 10 years
from date; $2,500000 of these must be sold immediately so as to produce
$2,500,000 cash, viz.,(a) $2,000,000 for future additions and improvements,
(b) $500,000 as a reserve fund.
An additional $1,000,000 cash must be realized from sale of other new
securities for rehabilitation, &c. This makes a total of $3,500,000 new
cash as a prerequisite.
Reorganization Plan.
Proposed CapitalizationAmount. Ann.Int., &c.
Underlying bonds and undisturbed securities
$8,053,700 $439,645
Refunding Mtge.6% one-ten year serial bonds..
2,500,000
150,000
Total as immediate fixed charge payable in cash _510,553,700
Refunding Mtge. bonds, with provision that in case
"available income" is insufficient interest accruing prior to June 30 1921 may be postponed to
not later than Dec. 311925:
5% bonds, due 1948, $2,871,000; 43,6s, due 1948.
18,799,000
$14,956,000; 6s, duo 1927, $972,000

$589,645

Offering of Successor Company's Bonds.-

See Eastern Massachusetts Street Ry. below.-V. 108, P. 876, 783.

Boston Elevated Ry.-Bonds Approved.-

The Mass. P. S. Commission has approved this company's petition for
authority to issue $3,000,000 negotiable bonds payable within seven
years
with interest at not to exceed 7%,the proceeds of which are to be usedfor
additions and betterments.-V. 108, p. 876, 682.

Boston & Maine RR.-Receiver's Discharge Sought.-

Counsel for this company and the Conn. River RR. March 1 filed a
petition in the U. S. District Court at Boston for the discharge of the temporary receiver, provided the P. S. Commissions of Massachusetts, New
Hampshire and New York approve the reorganization plans.

Status of Plan Uncertain.-

874,890

Total securities bearing fixed charges
$29,352,700 $1,464,535
4,097,000
245,820
1st pref. stock and skg. fd. stock 6% cumulative
Preferred B stock, 6% cumulative
2,998,500
179,910
Adjustment stock, 5% cumulative
435,950
8,719,000
7,229,750
Common stock, 6% (approximate)
433,785
$52,396,950 $2,760,000
Total capitalization (approximate)
The above capitalization represents a reduction of more than $20,000,000,
as compared with the outstanding debt and capital stocks of Bay State
Street Ry. Co. and Massachusetts Electric Companies.
Under the aforesaid Act, the company is entitled to earn (over and above
all expenses, including taxes, maintenance and depreciation) about $2,760,000 iper year, or 1.88 times the $1,465,900 fixed charges under the plan,
and in addition will be entitled to earn the full return on its future securities,
legally issued, including dividends of 6% on common stock.
$6,082,000 New Cash Required under Plan for Payment of Certain Overdue
Interest, Taxes, Reorganization Expenses, &c.
1. From sale of $2,500,000 Refunding Mtge.6% 1-10-year serial
bonds, dated as of Jan. 1 1919, maturing $50,000 in 1920.
$50.000 in 1921 and $300,000 per year in each of the years
1922 to 1929 incl. Guaranteed in effect as to principal by the
State (see Act above). Secured (equally with the other refunding bonds above enumerated) by a mortgage upon all
present and future property,subject only to about $8,053,700
underlying bonds and securities and ranking for interest
ahead of all other bonds (about $18,799,000) issued by the
$2,500,000
new company under the refunding mortgage
2. From sale of new securities to holders of Bay State Street Ry.
Co. 29,985 pref. shares; Massachusetts Electric Cos. 242,063
pref. shares and 142,445 common shares, if deposited
3,582,633
Bay State -Mass. Electric Cos.Depositors of*pref. Stock. Pref. Stock. ,Com. Stock.
29,985
242,063
142,445
Number of $100 shares
;$15
If paying in cash per share held
$5
$10
$449,775 $2,420,633
Total cash payments if all pay
$712,225
Will Receive in ExchangeNew Refunding Mtge. 5s, due 1948__ $449,775 $2,420,633
per share
($10)
do
($15)
$857,586
New 1st pref.stock,6% cumulative_
per share
do
($6)
*2,998,500
1st pref. l3 stock, 6% cumulative_
per share
do
($100)
359,820
484,126
New adjustment stock, 5% cumu_ _
per share
($12)
($2)
do
est.5,782,550
1 424,450
New common stock, 6%
per share
(est.$24)
do
I$m
Total of above (par value)
per share
do
Option warrants
per share
do

and the large wage increase awarded by the National War Labor Board.
It is estimated that unless further advances in fares are made the 1919
receipts for the first year of public operation will fail to pay the
cost of
service by $1,800,000.
Under the present laws the car riders pay the entire costs, including
real estate and special taxes. The proposed amendment would divide a
portion of the cost between the car rider and the taxpayer until Dec. 31
1922. The trustees believe that the passage of the "50-50"
will prevent fares from going higher and that reduced fares canamendment
reasonably
be expected when war prices decline.
(The Supreme Court at Massachusetts on March 3 handed down a
decision upholding the disapproval by the P. S. Commission of the schedule
of proposed fares and charges of Receiver Wallace B. Donham, by which he
sought to increase the earning capacity of the road so that it would receive
annually from $2,000,000 to $2,500,000 additional revenue. The full
court orders dismisses the petition of Receiver Donham to have the court
review or amend an order of the Commission putting into effect a substitute
schedule prepared by it.-Ed.1

The adjournment of Congress on Mar.4 without action on the Revolving
Fund Bill (see preceding pages in this issue) leaves somewhat in doubt
what steps will be taken in connection with the reorganization plan under
which the company was to receive an advance of about $20,000,000. It
is stated that unless an extra session of Congress is called
it is probable
that the Railroad Administration will not be placed in funds to make this
advance until the next regular session. In the meantime, it is understood,
the reorganization committee will go ahead with the work of completing
the necessary legal formalities to entitle it to receive Government support,
which may possibly take a number of months.-V.108, p. 682, 578.

Brooklyn Rapid Transit Co.-Bank Loans.Judge Mayer on March 6, at the request of the receiver, revoked
order of Feb. 14, authorizing the payment of interest on current bank the
debtedness, and also instructed him to take steps for the recovery bothinof
some $7,000,000 bonds pledged to secure the $3,860,000 bank loans, and
also of $29,000,000 B. R. T. bonds pledged as part security for the Secured
Notes of 1918. A hearing on the latter matter will be held March 22.
The receiver understands that the securities in question were pledged
without the required stipulation as to the _price at which they should be
sold in case of default by the borrower. He also finds that the interest
due on the bank indebtedness would aggregate $154,000 instead of $40,000.
-V. 108, p. 877, 783.

Buffalo Lockport & Rochester Ry.-Sale.-

The property of this company will be sold at Rochester N.
on
March 12 under a judgment of foreclosure obtained by tho LincolnY.
Trust
Co. of N. Y. See reorganization plan, &c., in V. 108, p. 682,
578.

Cache Valley RR.-Consolidation Ratified.-

See Utah-Idaho Central RR. below.

Central RR. of Georgia.-War Finance Corp. Loan.-

See Government Control of Railroads below.-V. 108. p. 578.

Chesapeake & Ohio Ry.-Loan by War Finance Corp.-

See Government Control of Railroads below.-V. 108. P. 267.

Chicago Milw. & St. P. Ry.-Loan by War Finance Corp.

See "Government Control of Railroads" below.-V. 108, p. 479, 682.

Chicago North Shore & Milwaukee RR.-Earnings.-

Press reports state as follows the earnings for 1917 and 1918:
Cal. Years- 1918.
1917.
1918.
Gross revenue $2,899,975 $1,751,3731Taxes
$185,821
Net income_ _$1,053,406 $641,719 Fixed charges.. 332,505
Balance
V. 107, p. 694.

$535,080

1917.
$95,679
266,580
$279.460

Chicago St, Paul Minneapolis & Omaha Ry.-Sale
of Consolidated 63.-Hornblower & Weeks and William Salomon & Co. give notice by advertisement on another page,
as a matter of record only, of the sale at a subscription tprice
of 1063 and int., yielding 53%,of the $6,070,000 Consolidated Mtge. 6% bonds of this company. Compare V.
108, p. 877.

$3,808,095est.$8,687,309 $2 282,036
($127)
(est.$36)
($16)
$6,051,585 $1,424,450
($25)
($10)
i.4
*Holders of Bay State pref. stock who pay only the first cash installment
The bankers announced that they were prepared to accept in exchange for
of $6 per share will receive one share ($100 per value) of the new pref. B the Consolidated 6s offered by them St. Paul & Sioux City 6% bonds at
a
stock for each share surrendered and nothing more. Other depositors price to yield 3% true discount from date of exchange to April 1 1919
who fail to pay in full will lose all their rights.
V. 108, p. 877)•
011.1111111111kinateiblitbir Me baidtiletain
IMO
Note.-The option warrants give the right to purchase new 5% cum.
Chicago Terre Haute & Southeast. Ry.-Int.Payment.
adjustment stock (par value $100) at 336, $38 and $40 per share during
Interest on the Income Mortgage 50-year gold bonds has been declared
the first, second and third years, respectively, after reorganization, subject,
at the rate of1M %.on account of the installment ofinterest,represented by
In each case, to an interest and dividend adjustment.




MAR. 8 1919.]

THE CHRONICLE

973

Coupon No. 14, bearing date Sept. 1 1914, and will be paid at the First from collecting the straight 5-cent fare because of its franchise agreement
National Bank, N. Y., or at the First Trust & Savings Bank, Chicago. providing for the sale of six tickets for 25 cents and 25 tickets for $1.—
—V.107. p• 1481.
V. 108, p. 78.

Illinois Central RR.—Loan by War Finance Corp.—

Chilian Rys.—Status—Operations, &c.

The "Railway Review" in its issue for March 1 published an illustrated
article on the general railroad situation in Chile, giving interesting details
as to the organization and operation of the ChiIlan railways.

•
Cleve. Cin. Chicago & St. Louis RR.—Equipt. Trusts.—

See New York Central RR. below.—V. 107, p. 1191.

Eastern Massachusetts Street Ry.—Offering of Refunding Mtge. Bonds.—Lee, Higginson & Co.are offering; when if
and as issued $2,500,000 Refunding Mtge. 1-10-year serial
6% bonds of this new company, successor by reorganization
to the Bay State Street Ry. The bonds are dated Jan. 1
1919, due $50,000 each Jan. 1 1920 and 1921 and $300,000
1922-1929, incl. Denom.$1,000 c*. Callable at 10.5 on any
int. date on 60 days' notice. Trustee, Old Colony Trust Co.,
Boston. A circular shows:

See Government Control of Railroads above.—V. 108, P. 683, 878.

Lehigh Valley Railroad Co.—Dividend.—

The company has declared the usual quarterly dividend of 81 25 a share
(2%%) on the preferred and common stock, payable on or as soon after
.c
from the U. S. Govt. an adequate
.April 5 1919 "as the company receives
payment of the rental now due,' to holders of record at the close of business on March 15.

In the opinion of counsel the prompt payment of principal of these Serial
bonds will be guaranteed,in effect, by the Commonwealth of Massachusetts,
under the provisions of a special Act of the Legislature (Chapter 188,
Special Acts of 1918.)
The Company.—Has been incorporated in Massachusetts, pursuant to
terms of the" special Act" respecting the Bay State Street Ry. (as
described above), to acquire substantially all the assets of that company,
which owns or controls about 900 miles of electric railways in Eastern
Massachusetts, including the city lines in Lynn, Salem, Beverly, Newburyport, Gloucester, Haverhill, Lawrence, Lowell, Quincy, Brockton,
Taunton, Fall River and many other communities, serving a total population of more than 1,000,000.
This Issue.—These bonds are to be issued under the company's Refunding
Mortgage, which will cover substantially all the properties subject to only
about $8,053,000 underlying bonds and undisturbed securities. The
interest on the Serial bonds is a charge ahead of the interest on approximately $18,900,000 of Refunding Mortgage bonds issued under the same
mortgage. The interest charge for the bonds of this issue with all underlying charges on the mortgaged property amount to only $589,645.
Earnings.—With no increase in the rates of fare now in force, the receiver
has estimated that the company will, after full depreciation, earn in the
year beginning July 1 1919 $683,000 applicable to fixed charges; that with
10-cent fares this amount would be increased to not less than $1,750,000;
and that the net earnings of the new company may be expected to increase
largely with decreasing operating costs, due to declining prices and to the
improvement in the condition of the property made possible by the new
capital furnished by the plan.
Obligation of Commonwealth of Mass. to Be Endorsed on Each Bond.
We, Homer Loring, Isaac Sprague, Fred. J. Crowley, Earle P. Charlton
and Arthur G. Wadleigh, trustees as provided in Chapter 188 of the Special
Acts of 1918, do hereby as such trustees and not in our individual capacities,
pursuant to the authority conferred upon us by Section 9 of the said Act,
agree with tho holder of the within bond that if the earnings of Eastern
Massachusetts Street Ry. eo., otherwise applicable to dividends, are not
sufficient to pay the within bond as it matures, we will make up the deficiency out of funds made available for the purpose under the provisions
of Sec. 10 of the said chapter.
[To be signed under common seal by the various trustees.]
Compare also summary of Special Act of the Mass. Legislature under
which the plan of reorganization for the Bay State Street Ry. is formulated
under caption "Bay State Street Ry.' above.—V. 108, p. 480, 268.

Erie RR.—Federal Operating Contract.—After the meeting
of the Executive Committee of the Erie BR., which met
Thursday, the following statement was made by President
Underwood:

Black Tom Liability—New Director.—

The United States Supreme Court on March 4 sustained the petition of
this company for damages resulting from the Black Tom explosion on
July 30 1916, the Court refusing to review the Federal Court's judgments
granted to the New Jersey Fidelity & Plate Glass Insurance Co. against
the railroad. The judgment in this case amounts to about $23,000, but
there are claims totaling nearly $12,500,000 made against the railroad,
the outcome of a majority of which is said to depend upon the result of
this case.
H. S. Drinker has been elected a director to succeed Wm. R. Butler.
deceased.—V. 108, p. 878. 784.

Massachusetts Electric Cos.—Reorganization Plan.—
See Bay State Street Ry. above.—V. 108, p. 683.

Michigan Central RR.—Offering of Equipment Trust
Certificates.—The Bankers Trust Co., N. Y.; The Union
Trust Co. of Pittsburgh, and Hallgarten & Co., N. Y. are
offering, by advertisement on another page, $7,800,000
Equipment Trust of 19176% certificates, maturing $600,000
each March 1 from 1920 to 1932, inclusive. Authorized,
$9,000,000; matured or canceled, $1,200,000; outstanding,
$7,800,000. Offering prices range from 100.47 and int. to
4% for the first
101.12 and int., to yield from 5 2% to 53
4% for remaining maturities. A circular shows:
three and 57
Denom. $1,000 c*. Registered, $1,000, $5,000, $10,000 and $50,000.
Guaranty Trust Co. of New York, trustee. These certificates are secured
by first and only charge upon the following equipment,leased by the trustee
to the company, the title to the equipment being vested in the trustee for
the proportionate benefit of certificate holders:
No. ,& Class of Equip. Approx.Cost. No. & Class Jo Equip. Approx. Cost.
50 cars for pass. service_ $748,510
10 Pacific Type locom_ _$415,000
379,102 5,750 cars for freight service°,750,108
250 40-ton stock cars
Ofthe above equipment, 10 locomotives were purchased in Feb. 1917; the
remainder was all purchased during the year 1916. The cost of the equipment was approximately 45% in excess of the face amount of certificates
now outstanding. It is estimated that the replacement of this equipment
at present would require the expenditure of a sum more than double the
amount of certificates now outstanding.
The company unconditionally guarantees the payment of the principal
and interest of these certificates. The company has paid dividends continuously since 1887:. dividends at the annual rate of 4% are now being
distributed on the $18,736,400 outstanding capital stock.
The issuance of these certificates has been approved by the U. S. Railroad Administration. The form of all papers and proceedings in this
business is to be approved by our counsel.
See also New York Central RR. below.—V. 107, p. 2188.

Milwaukee Electric Ry. & Light Co.—Decision.—

The Milwaukee Circuit Court has denied the petition of City Attorney
Williams for a temporary injunction restraining the company from operating interurban cars on the streets of Milwaukee without a franchise.
Compare V. 108, p. 480, 378.

Missouri Pacific RR.—New Directors.—

The Erie RR. has concluded negotiations with the authorities at WashMatthew C. Brush and John G. Lonsdale have been elected to rin
ington under which it is assured an annual standard return of $15,729,068. vacancies on the board of directors.—V. 108, p. 269.
In addition it will have an estimated non-operating income during the year
1919 of $4,225,700, making its aggregate gross income for the year $19,Monongahela Valley Traction Co.—Dividend Status.—
954,768. On the above basis after deducting interest, rentals, sinking
r. W. Lanahan dr Co., Baltimore, in a circular say:
fund requirements and other expenses,there remains a surplus of$5.322,768.
"Checks, dated Feb. 20, for dividends on preferred stock, have been
In the matter of payment of its notes for $15,000,000 due April 1, there
We are informed that the delay in this receipt
are several plans under consideration with the Washington authorities. received by stockholders.
of the company to secure the necessary quorum
So soon as one is decided upon (which in all likelihood will be this week), was caused by the inability when
dividend action is usually taken on this
of directors in December,
they will be made public.—V. 108, p. 878.
stock.
on
common stock dividend, and we are intaken
has
been
"No action
Georgia RR.—Short Line Contract.—
formed that probably none will be taken until conditions justify such
See Montana Wyoming & Southern RR. below.—V. 107, p. 181.
action. This seems wise under the circumstances for traction companies,
have been having an unusually hard time of it during these days
Government Control of Mts.—Statement of Account generally,
of high prices of material and increased labor costs."—V. 108, p. 480.

Between Director-General and the Companies.—

A table which appeared in connection with the statement submitted by
Director-General Hines before the House Appropriation Committee (cited
in part in last week's "Chronicle," page 840) shows in tabular form the
amounts due the several railroads by the Government on open account
and the amounts deductible there :om which can be applied to additions
and betterments. The totals from this table are brought together in the
following statement
Balance due on compensation
$531,575,490
Depreciation and retirements, est., all co's
100,000,000
Total
Due corporations on open accounts
Total due companies
Deductions: Due Government on open account
Less credits for materials and supplies

$631,575,499
88,576,861
$720,152,360
$157,320,724
Cr.101,391.104

Balance due by cos. on said accounts
$55,929,620
Due on open account which can be applied to add'ns & bett'm'ts 68,204,646
214,211,190
Amount which can be deducted from income
Total deductions
Net, amount duo the companies

8338,345,456
$381,806,904

Loans to Companies—Failure of Appropriation Bill.—

Loans made to railroad companies by the War Finance Corporation, as
announced on March 4, were as follows:
$5,450,000 Chesapeake & Ohio
$2,370,000
Baltimore & Ohio
6,562,000 Central of Georgia
900,000
Southern
10,430,000 Chicago Milw.& St.Paul 11,500,000
Rock Island
12,000,000 New York Central
20,500,000
Illinois Central
Reference is made on preceding pages to the failure of Congress to pass
the bill appropriating $750,000,000 for the use of the Federal Railroad Administration.—V. 108, p. 876.

Grand Trunk Pacific Ry.—Interest Payments.—

The payments of interest due on various issues falling due March
2 were paid. Rumors had been current that the company would
default in these payments, which, however, are guaranteed by the Grand
Trunk Ry. and the Dominion Government.—V. 108, p. 578, 480.

Huntington (L. I.) RR.—Discontinuance.—

This company has filed with the New York P. S. Commission a petition
to dismiss a complaint by the residents of Melville, L. I., against the proposed discontinuance of the service.—V. 105, p. 2094.

Indianapolis Traction & Terminal Co.—Fare Litigation

r Suit has been brought against this company, the Indianapolis Street Ry.
and the Indiana I'. S. Commission with a view to enjoining the company




Montana Wyoming & Southern Ry.—Contract Signed.—

A dispatch from Washington on March 7 states that co-operative contracts were signed as of that date by Director-General of Railroads Hines
with this company, the Georgia RR., and the Augusta Northern Ry. For
standard form of contract for short line railroads see V. 108, p. 235.
Although no compensation is fixed by these contracts with the Railroad
Administration, valuable privileges are extended such as Federal aid, in the
purchase of equipment, repairs, use of Federal controlled rolling stock, &c.
—V. 105, p. 1307.

National Railways of Mexico.—Construction of Lines.—

The "Railway Age" quotes Manuel Aguirre Berlanga, Secretario de
Gubernacion of the Mexican Government,as officially announcing that construction is now in progress on about 700 miles of new lines of railway in
Mexico. This work is being done at the joint cost of the Federal Government and the respective States traversed by the roads. Mr. Berlanga says:
"The railroads now under construction by the Government are to run
between Cuatro Clenegas, in the State of Coahuila, to Chihuahua, via Sierra
Mojada, a distance of about 450 miles: from Durango to the Pacific port of
Mazatlan, a distance of about 135 miles; and from Durango to Canitas, a
distance of about 130 miles. All of these lines are important. The building of a railroad from Durango to Mazatlan has been under consideration
for 30 years or more. Many surveys were made to locate a feasible route
across the Sierra Madres. This has been finally accomplished and the road
will be finished in due time, thus establishing a new trans-Continental
line across Mexico.
The Cuatro Cienegas-Chihuahua line will be the means of opening to
development vast coal fields in Northern Mexico, while the DiurangoCienegas road will shorten the rail distance between Durango and the
capital about 200 miles and will give a shipping outlet to some rich mining
districts.
"Durango is a rich mining state and this railroad construction will be
important in adding to the wealth of the nation. The Government has
enough money to undertake all these works."—V. 108, P. 878.
•

New York Central RR.—Equipment Trust Bids.—An
official statement dated Mar. 4 1919 says: "The DirectorGeneral has authorized the acceptance of bids made by the
Bankers Trust Co., the Union Trust Co. of Pittsburgh and
Hallgarten & Co., on approximately a 6% basis, for Equipment Trust Certificates of certain of the New York Central
Lines, as follows:
$7,410,000, principal amount, New York Central RR. Equipment Trust of
191743% certificates.
7,800,000, principal amount. Michigan Central RR. Equipment Trust of
1917 6% certificates.
2,133,000, principal amount, Big Four By. Equipment Trust of 1917
6% certificates.
The companies have accepted these bids.

Loan by War Finance Corporation.—

See Government Control of Railroads above.

974

THE CHRONICLE

Offering of Equipment Trust Certificates.-The Bankers
Trust Co., N. Y., Union Trust Co. of Pittsburgh and Hallgarten & Co., N. Y., are offering by advertisement on another page $7,410,000 Equipment Trust of 1917 432% certificates maturing $570,000 each Jan. 1 from 1920 to 1932,
the offering prices ranging from 79.22 to 87.75, yielding
from 532% to 59 t% for the first three and 5 8% for the
remaining maturities. A circular shows:
Authorized
$19,995,000
Matured or cancelled
$2,666,000
Issuable at not exceeding 80% of cost of new equip. 2,808,000
Outstanding, including these certificates
$14,521,000
The outstanding certificates mature $1,117,000 each Jan. 1 from 1920
to 1932, incl. Denom. $1,000c5. Registered, $1,000, $5,000, $10,000
and $50.000. Guaranty Trust Co. of New York, trustee.
The $14,521,000 outstanding certificates are secured by first and only
charge upon the following equipment, substantially all purchased in 1916,
leased by the trustee to the company, the title to the equipment being
vested in the trustee for the proportionate benefit of certificate holders:
No.and Class of Equip. Approx.Cost.I No.and Class of Equip. Approx.Cost.
155 locomotives
$6,447,500 I 7,000 cars for fr't service_$10,274,579
10 electric locomotives
670,560 I 228 cars for pass. service 3,551,240
Of the above equipment, 45 locomotives, 25 baggage cars and 3 dining
cars were purchased in 1917; the remaining equipment was all purchased
during the year 1916. The cost of the equipment was approximately 45%
in excess of the face amount of certificates now outstanding. It is estimated
that the replacement of the foregoing equipment would at present require
the expenditure of a sum considerably more than double the amount of
certificates now outstanding.
The company unconditionally guarantees the payment of the principal
and interest of these certificates. The company, or its predecessors, has
paid dividends on its capital stock continuously for 50 years; dividends at
the annual rate of 5% are now being distributed on the $249,849,360
outstanding capital stock.
The issuance of these certificates has been approved by the United
States Railroad Administration. The form of all papers and proceedings
is to be approved by our counsel.
See Michigan Central RR. above.-V. 108, p. 879.

New York New Haven & Hartford RR.-Fed.Contract.-

This company informs the "Chronicle" that the operating contract
between it and the Government for $17.100,000 compensation has been
drawn up and is now in the hands of the printers but cannot be agreed upon
until after It comes from the printers.-V.108, p. 879, 784.

Norfolk & Western Ry.-Proposed Purchase-New Stock
and Convertible Bonds.-The shareholders will vote April 10
on purchasing or leasing two short lines and also on rescinding
the authorization of 1906 for a further $8,431,000 Convertible
4s and instead of sanctioning an issue of $108,431.000 convertible bonds with such interest rates as shall be fixed, the
common stock also to be increased by $100,000,000 to provide for the conversion feature of the additional amount of
bonds proposed.
Proposals on Which Meeting of April 10 Will Act.
(1) To purchase or lease and otherwise acquire the railroad, property and
franchises of the Virginia-Carolina By. Co. and the railroad, property and
franchises of the New River Holston & Western RR. upon such terms as
the directors shall determine. [The former line extends from Abingdon to
Grassy Ridge, Va., 28 miles, and Creek June, Va., to Elkland, N. C. 49
miles; total, 77 miles. The latter runs from Narrows to Rocky Gap, Va.,
21 miles, and Rocky Gap to Suitors, Va., 14 miles: total, 35 miles.]
(2) To increase the common stock by $100.000,000, so that the capital
stock shall consist of $250,000,000 of common stock and $23,000,000 of
adjustment prof. stock.
(3) To revoke the authority to issue the final $8,431,000 Convertible
10-25-year 4% gold bonds of 1906.
(4) To authorize the creation and sale of an issue or issues of bonds to an
aggregate amount not exceeding $108,431,000, convertible into common
stock at option of holders, during such periods and at such rates of conversion, and to be payable at such dates and bear interest at such rates
as shall be determined by the board.
These bonds will be sold from time to time on such terms and at such
prices as the board shall determine, but the amount issued must not exceed
in the aggregate the common stock reserved for conversion purposes.
[It was recently reported somewhat circumstantially, but without official
confirmation, that the company contemplated the purchase of the Virginian By. Co., which has outstanding $31,271,500 common and $27,955,000 pref. stock].
Condensed Statement by Pres. L. E. Johnson, Roanoke, Va., Feb. 26.
The recent offer of convertible bonds to the stockholders has exhausted
the authority given by the stockholders in 1910, and it is important that
now authority be given in advance of actual requirements. . . .The
entire increase of authorized indebtedness contemplated in the proposed
action is $100,000,000. If bonds are sold, stock will be held for their
conversion; if stock is sold, the right to issue an equivalent amount of
bonds will cease.
No sales of the common stock or of the convertible bonds contemplated
by these proposals are intended in the immediate future and the stockholders will be given an opportunity to subscribe for any that may be issued.
The subsidiary companies mentioned are capitalized at $500,000 and $51,000
respectively, all except directors' shares being owned by your company.
-V. 108, p. 879, 480.

Northern Central Ry.-Sale of Stock.-

See Pennsylvania RR. Co. above.-V. 108, p. 579.

Ottawa Electric Ry.-Fare Increase Denied.-

The Dominion Board of Railway Commissioners has issued its judgment
for an increase of fares, disallowing the proposed new tariff filed by the
company.-V. 108, p. 579.

Pennsylvania RR.-Conpensation--Annual Report.-

See Annual Reports on a preceding page.

Sale of a Large Part of Stock Held in Southern Pacific Co.-

[Vol,. 108.

Public Service Corp., N. J.-L-Certificates-Fares.Drexel & Co., Philadelphia, are now prepared to deliver 3-year 7% Convertible notes for temporary certificates.
See Public Service Ry. below.-V. 108, p. 684, 580,

Public Service Ry.(New Jersey).-Fare Decision.-

The New Jersey Court of Errors and Appeals on March 3 upheld the
action of the State Supreme Court in approving the 7-cent fare to be charged
by this company on all its lines of New Jersey, together with a charge of one
cent for each transfer issued. The Court also affirmed the Suforeme Court's
decision in approving the abolition of the six-trip tickets for 25 cents on
the lines of the Trenton & Mercer County Traction Co., to be supplanted
by a straight 6-cent fare.-V. 107, p. 2177.

Puget Sound Trac., Light & Pow. Co.-Sale Decision.A press report states that the Supreme Court of the State of Washington
on March 5 upheld the finding of the Superior Court which affirmed the
validity of the transaction for the sale of the street railway properties to the
City of Seattle, thus making it possible for the company and the city to
take the necessary steps to close the transaction.-V. 108, p. 879, 270.

Quebec & Saguenay Ry.-Sold to Government.The Dominion Government on Mar. 4 purchased at auction for $3,489,313, the property, &c., of this company, being the only bidder. Compare
V. 108, p. 879.

Quebec Ry. Light Heat & Power Co., Ltd.-Officers.Lorne C. Webster has been elected President to succeed Sir 'Rodolphe
Forget, deceased. Senator Lesperance was added to the Board and
elected V.-Pres. to succeed Mr. Webster. (See Que.& Sag.)-V.108,P.879.

Rapid Transit in New York.-Culver Line Opening.The New York P. S. Commis.sion has announced that the Culver Elevated Line would in all probability be open for operation on March 16.V. 108, p. 879.

Reading Co.-Tax Decision for Leased Co.Judge Audenried in the Philadelphia Courts has filed an opinion in the
action between this company as lessee and the Philadelphia Germantown &
Norristown RR., holding that the lessee has to pay the war taxes assessed
by the Government against the leased company and therefore gives judgment for the company for the amount of taxes, of approximately $12.000.
V. 108, p. 684, 580.

Rhode Island Co., Providence.-Permanent ReceiversEarnings.Presiding Justice Tanner in the Superior Court at Providence on March 4
placed this trolley company in the hands of three permanent receivers, viz.:
"Frank H. Swan, who has been temporary receiver since Jan. 9; Theodore
Francis Green, one of the Federal trustees, and Zenas W. Bliss, Chairman
of a special Commission named to investigate the company's affairs. See
V. 108, p. 684. Compare United Traction & Electric Co. below.
Income Account of Rhode Island Co. for Dec. and Cal. Year 1918, Compared
with 1917.
,
04
Dec.
Increase. % Year 1918. Increase. %14
Operating revenue __$577,223 $78,971 15.85 $6,311,285 $310,683 5.18
Operating expenses__ 471,295 122,323 35.05 5,115,551 596,548 13.20
Non-oper. income..__ Cr.664
*176 20.99 Cr.111,334 *4,148
3.59
Total net income_ _6106,592 *313,529 29.00 $1,307,068*3290,013*18.16
$81,756 *$68,331•52.53 5601,250 *$51,000 *7.78
Drluct-Taxes
Rentals
96,791
1,161,491
Int. & discount_ _ _ 26,523
997 3.91
316,502
25,533 8.77
Miscellaneous
*48*78.40
17
2,316
127 5.76
Balance, deficit__ $78,495 *523,852*23.31
* Decrease.-V. 108. p. 684. 580.

$777,523*$264,674 51.61

St. Louis Rocky Mountain & Pacific Co.-Income A cc't.
Gross earnings
Cost, expenses & taxes_ _
Interest charges
Deprec. & depletion..

1918-Dec.-1917.
1918-12 Mos.-1917.
$422,019 $5.137,089 $3,992,779
$378,985
273,405
312,320
3,799,504
2,884.639
20,446
20,671
246,404
240,415
16,312
13,206
178.301
145,611

Net income
$68,822
$75,822
$912,880
Robinson & Co., N. Y., are interested.-V. 107, p. 2382.

$713,114

St. Louis-San Francisco Ry.-Statistical Report.The statistical department of Imbrie & Co., New York, &c., has issued
a report on this company a.s of Feb. 1919, describing the reorganization,
capitalization, income account, &c., in attractive form.-V. 107, p. 2477.

Sidell & Olney RR.-To Be Sold.The decision of Judge English of the United States District Court at
Danville. Ill,, ordoring the sale of this property having baon confirmed,
the property will be offered at public auction on April 15 at an upset price
of $200,000. An appeal has been entered in the Federal Court of Appeals.
-V. 106, p. 2561.

Southern Pacific Co.-Annual Compensation for Sub. Cos.

The annual compensation payable under the contracts for Federal
operation of the company and its subsidiaries amounts to a total of $47,959,898. divided as follows in respect et each road:
Southern Pacific
$38,021,938 1 auston & Texas Central $1,717,506
Arizona Eastern
1,242,475 Louisiana Western
875,178
Galveston Harrisburg &
Morgan's Louisiana &
San Antonio
3,230,645
Texas
1,188,525
Houston East & West
Texas & New Orleans_
715,136
Texas
375,566 Three small roads
572,929

Sale of Stock.See Pennsylvania RR. above.-V. 108, p. 880, 270.

Southern Ry.-Loan by War Finance Corp.-

'

See Government Control of Railroads above.-V. 108, p. 581. 481.

Tennessee Ry., Light & Power Co.-Pref. Stock:The stockholders will veto on April 1 on a proposal to reduce the author-

ized preferred stock from 850,000,000 to $10,250,000, the amount now outstanding. It is stated that inasmuch as the laws of the State of Maine, in
which the company is incorporated, charge taxation according to the amount
of stock authorized, the officials of the company, contemplating no increase in the amount of preferred outstanding, have deemed it wise to reduce the authorized amount as stated above.-V. 108, p. 80.

The report recently issued by this company's subsidiary, the Northern
Texas & Pacific Ry.-Proxies.Central By., showed that that company had disposed of its holdings in
have been sent out by the Secretary of the company, announcthe Southern Pacific Co. amounting Dec. 31 1917 to $1,848.700. for a sum ingNotices
the annual meeting
the stockholders for March 19, enclosing a proxy
aggregating $1,933,501, or a trifle more than $104 50 a share. The Phila- for the following board of
of directors:
delphia Baltimore & Washington BR.on Dec. 31 1917 also held $1.848.700
Henry
A.
Bishop,
Brenner, B. D. Caldwell, Kingdon Gould,
Harry
Southern Pacific stock, which, it is supposed, has been sold.
George G. Haven, Alexander J. Hemphill, 0. C. Huitt, A. A. Jackson,
The report of the Pennsylvania RR. Co., issued this week, and cited Alvin
W. Krech, J. H. McCiement, N. S. Moldrum, Dunlev,v Milbank,
under "Financial Reports" above, partly under caption "Pennsylvania S.
T. Morgan, Wm.Church Osborn, Finley J. Shepard, John I. Waterbury,
Company," shows that there have been further sales of Southern Pacific Wm.
H. Williams.-V. 108. p. 581, 481.
holdings by Pennsylvania interests during the year 1918, as follows:
Southern Pacific Stock Holdings of- Dec. 31 '17. Sold 1918. *Still Held.
Toronto & York Radial Ry. Co.-Sale of Lines.Pennsylvania RR
$17,143,800 $1,490,000 $15,653,800
The City of Toronto has arranged to purchase for $590,000 the Yonge
Pennsylvania Company
11,184,100. 11,184.100
Street section of the Metropolitan By., which latter company's capital
* Still held on Dec. 31 1918 (V. 108, p. 684).
stock is all owned by the Toronto Ry.-V. 80, p. 164.
See also reports of the Pennsylvania Company and Pittsburgh Cincinnati
Toronto Railway.-Sale of Allied Property.
Chicago & St. Louis By.,"controlled corporations," below.
See Toronto & York Radial Ry.-V. 108, p. 880, 679.
New Officer.Trenton & Mercer County Traction Corp.-Fare Inc.M. C. Kennedy has been appointed Vice-Pres. of the Cumberland Valley
District.-V. 108, p. 684.
See Public Service Ry. above.-V. 107, p. 1670, 1580.

Philadelphia Germantown & Norristown RR.-

Union Traction Co., Indiana.-Earnings Cal. Year.-

1918.
1917.
1918.
1917.
Gross earns_ _63.198.821 $3,066,467 Int., rentals, &c_ _$880.048 $874,657
Net, after tax. $823,424 $900,268 Sinking fund_ _ _ 63,546
59,791
Pittsburgh & Lake Erie RR..-Federal Manager.Other income.. $21,627
$16,531 Balance, deficit.... $98,543 $17,649
J. B. Yohe, General Manager of this company, the Lake Erie & Eastern, -V. 108, p. 172.
the Monongahela Railroad, the Pittsburgh & West Virginia, and the
United Traction & Electric Co.-Interest DeferredWest Side Belt Railroads, has been appointed Federal Manager, with office
at Pittsburgh. Pa.-V. 108, p. 80.
Committee Calls for Deposits of First Mtge. 5s, Due 1933.See Reading Co. below.-V. 107, p. 2009.




MAR. 8 1919.]

THE CHRONICLE

The Treasurer of the company having publicly announced that on account of the default of the Rhode Island Co. in the rentals due, the interest
on the 5% bonds of the United Traction & Electric Co., due on March 1.
would be deferred, the following committee on March 3 requested the deposit of these bonds immediately with all coupons attached with either the
Rhode Island Hospital Trust Co. of Providence or the First National Bank
of Boston, as depositaries: Philip L. Spalding, Chairman, Stephen 0. Metcalf, Henry D. Sharpe, Malcolm Chace, Eben N. Littlefield, George C. Lee
and William P. Goodwin. Secretary to the committee, William P. Goodwin,People's Savings Bank,Providence. Compare Rhode Island Co. above.
-V. 108, P. 685.

Utah-Idaho Central (Electric) RR.-Consolidation.The shareholders of this company and the Cache Valley RR. have ratified an agreement to consolidate the respective properties. See page 115
in "Electric Ry." Soction.-V. 106, p. 191.

Virginia Ry. & Power Co.-Fare Increase.Mayor Ainslie of Richmond, Va., has approved the ordinance granting
an increase in fares frem the rate of 6 for 25 cents to a straight 5-cent fare.
Labor tickets row sold at 2 for 5 cents will be sold at the rate of 6 for
25 cents. Compare V. 108, p. 685, 380.

Washington Water Power Co.-Fare Application.This company has filed with the Washington P. R. Commission a new
schedule of street car fares providing for 7-cent fare and an additional
charge of one cent for transfers, effective Mar. 25.-V. 108, P. 685.

Westchester Street Ry. Co.-Zone System.This company has filed a petition with the New York P. S. Commission
asking that it be allowed to put into effect the new zone system under
which it will receive increased revenue.-V. 106, p. 2451.

West Virginia Traction & Electric Co.-Fares.--

This company has applied to the West Virginia P. S. Commission for
permission to increase fares on the City & Elm Grove RR. The present
faro from Wheeling to Elm Grove is 10 cents, divided into one 6-cent zone
and a 4-cent zone. The application is for a fare of 15 cents, the distance
being divided into three 5-cent zones.-V. 107, p. 2290.

INDUSTRIAL AND MISCELLANEOUS.'
Abbott's Alderney Dairies, Inc. Philadelphia.Further Particulars.-The offering by Chandler & Co., Inc.,
and Frazier & Co., Phila., of $850,000 7% Cumulative 1st
pref. (a. & d.) stock was noted in these columns last week.
Data from Letter of Pres. C. R. Lindback, Philadelphia, Feb. 12 1919.
Purpose.-The sale of 1st pref. stock will provide funds to purchase the
business of Lifter Ice Cream Ice
nd sufficient working capital to
operate said business and the business
Co.,Of retail milk distribution of Abbott's
Alderney Dairies. The worth of the net tangible property of the new company, as appraised, is about $1,750,000 without allowing for milk routes,
good-will and other intangibles, and after deducting $420,000 for real
estate mortgages.
Properties -The present property of the Dairies consists of land, buildings and equipment, for the collection of milk from 36 plants in the country
districts, and for the distribution from 9 plants in Philadelphia. The main
plant in Philadelphia, at 31st and Chestnut Sts., contains the modern
cooling, clarifying, pasteurizing and bottling machinery. The company
owns 260 horses, 225 wagons and 17 automobile trucks.
• The plant of the Lifter Co. is the- most modern ice cream plant in the city.
Combined Gross Sales and Net Earnings for Fiscal Years 1914-1918, bid.,
After allowing liberal depreciations.
Year1911.
1917.
1915.
1916.
1918.
Gross sales
$1,831,610 31,988,140 $2,381,328 $2,977,732 $4,275,312
Net earnings_ _ _ _ $108,706 $111,904
$95,241 $144,641 $.233,221
Sinking Fund.-8eml-annually an amount equal to 1%% of the maximum
first pref. stock at any time outstanding for the purchase or call of first
pref. stock (call price $110 a share and div.).
Management.-This will 13:. the present management of Abbott's Alderney
Dairies, supplemented by the present operating organization of the Lifter
company. (The first pref. stock offered is protected by numerous provisions.) For capitalization, &c., see V. 108, p. 880.

Alaska Gold Mines Co.-Ore Milled (Tons).1919-February-1918.Increase. 1919-2 Months-1918. Decrease,
162,400
140,300
22,0941313,915
319,606
5,691
-V. 108, p. 880.

915

Possible Purchase.It is reported that this company has practically completed negotiations
for the purchase of the Griffin Steel Co. of Chicago.-V.108, p. 785,582.

American Telephone & Telegraph Co.-Rates Revised.
This company on March 6 announced that a revision of the telephone
rate schedule, which became effective on Jan. 21, was contained in an order
from Postmaster-General Burleson. The announcement says:
"The changes include a reduction in the minimum charge for reports on
person to person calls from 10 cents to 5 cents; restoration of person to
person service within a 12-mile radius between points where it existed prior
to Jan. 21, and restoration of the right of messenger service on shortdistance calls."-V. 108. P. 381. 271.

American Tobacco Co.-Certificates Listed.-

The New York Stock Excharge has admitted to the list this company's
dividend certificates, series E, due March 1 1921.-V. 108, p. 582.

American Window Glass Co.-New President.T. H. Given has been elected President of this company and also of
American Window Glass Machine Co., to succeed W. K. McMullin,
deceased.-V. 107. p. 2010.

American Woolen Co.-Extra Dividend.The directors have declared an extra dividend of $10 on the common
stock, payable in Liberty bonds of the fourth issue, in addition to the regular
quarterly dividends of 11.4 % on the common and 1 % on the pref., all
payable April 15 to holders of record March 17.
The directors voted this extra distribution "in view of the fact that the
company has in its treasury a substantial balance of its various liberal
subscriptions out of accumulated earnings to U. S. Government bonds."
In Feb. last paid an extra of 5% in Liberty bonds on the common stock.
The "Boston News Bureau" of March 5 says: "Owing to the inability to
assemble final taxation figures the annual report was not submitted to
stockholders, but full statement will be presented at the adjourned meeting
at Springfield May 5. President Wood stated, however, that it was definitely known that last year was the most successful year in the American
Woolen Co.'s history. Its activities, which were about one-third civilian,
and two-thirds Government busines.s. were never so great. The financial
condition of the company was never so strong as at the close of the year,
the only outstanding financial indebtedness being approximately $3.500.000
of savings bank loans, against which there was in the treasury cash on hand
of between $10,000,000 and $11,000.000."
The total of the 1918 bank loans, $3,500,000, is the smallest since 1913,
while cash holdings of rising310.000.000 are the largest on record. American Woolen has gone after business with the idea of sacrificing the wartime
margin of profit and filling its mills with business. Standard worsted suitings have been priced at 10% to 15% below last year and overcoatings 15%
to 35% under the prices prevailing for last fall. in view of the demand for
goods known to exist on all sides the opening is bound to be successful.
-V. 108, p. 482.

Anaconda Copper Mining Co.-Production (Lbs.).Decrease.
1919-Feb.-1918.
Decrease.
1919-2 Mos.-1918.
$12,400,000 $24.100,000 $11,700,0001328,300,000 $49,000.000 $20,700,000
-V. 108, p. 582.

Barrett Company.-Common Dividend Increased.The directors have declared a quarterly dividend of 2% on the common
stock, payable April 1 to holders of record March 20. This increases the
annual rate from 7% to 8%,a dividend of 1 4
3 % having been paid quarterly
since 1911 with in January last an extra 1% for 1918.-V. 107, p. 2291.

Bartholomay Brewery (Rochester, N. Y.).-Dividend.
A dividend of 4%, less income tax, was paid Feb. 15 on the ordinal,"
shares. No dividend was paid last year.-'V. 91, p. 872.

Belding Paul Corticelli (Silk Co.), Ltd.-A ccum. Div.The directors have declared a quarterly dividend of 334% on the pref.
stock, 1 % quarterly and 1 % on account of accumulations, payable
March 15 to holders of record March 1, thus, it is understood reducing the
deferred dividends to 834%. To Nov. 30 1918 all accumulations had been
paid to May 31 1917 as shown by the annual report.-V. 108. p. 786.

Bingham Mines Co.-Dividend Decreased.A dividend of 25 cents has been declared on the $1.500.000 stock (par $10).
payable March 31 to holders of record March 20. This compares with
previous quarterly dividends of 50 cents a share On Oct. 1 and Dec. 31
last the dividend was paid in
% Liberty bonds.-V. 107. p. 2190.

(J.G.)Brill Co.-Operations.-Boston"NewsBureau"says:

The plant is stated to be working about 90% capacity. Most of the
direct Government contracts for work outside of the company's regular
Allis-Chalmers Mfg. Co.-Accum. Dividend-Directors. lino have been completed. But it is still working on a good many orders
A dividend of YL of 1% has been declared on the pref. stock on account for cars for concerns such as the Emergency Fleet Corporation and others
of accumulations, in addition to the usual quarterly dividend of 14%, indirectly connected with Government undertakings.
both payable April 15 to holders of record March 31. By the present payThere are some inquiries in the market which suggest interest being
ment of the Y, of 1% on account of accumulations, the amount now re- taken by street railways in the matter of new equipment, but costs have so
maining unpaid is 33%%. Dr. C. E. Albright and Charles Hayden have far not lowered much. The $8,200,000 business on books of the Brill Co.
is sufficient to keep it busy for the next six months.-V. 108, p. 681.
been added to the board of directors.-V. 108, P. 880.

American Bosch Magneto Corp.-Listed in Boston.- •

The Boston Stock Excharge has admitted to tradirg the 60,000 shares
of capital stock of this company.-V. 108, p. 582, 381.

American Car & Foundry Co.-Dividends.--

The regular quarterly dividends of 2% on the common and 1Y,% on
'l to holders of record Mar. 14.
the pref. have been declared payable April
It is understood the question of increasing the dividend was not discussed
at the meeting, owing to the uncertainty as to equipment outlook. The
company has always pursued a conservative policy, especially in the distribution of war profits.-V. 108, p. 880.

American Cyanamid Co.-Extension Abandoned.-

The company writes, in connection with its plans for two additional
buildings at its plant at Niagara Palls, that the contemplated erection has
been abandoned for the present, at least.-V. 107, p. 797.

American Hardware Corp., New Britain, Conn.Earnings.
1918.
1917.
1916.
1915.
$1,324,380 $1,365,091 $1,501,923
$668,036
1,190,400
1.016,800
694,400
595,200
(12%)
(1034 %)
(7%)
(67)
$133,980
$348,294
Balance, surplus_ _ _
$807,523
$72,836
Total p. & 1. surplus Jan. 11919, $2,965,952-V. 106, p. 922

Total net income
Dividends paid
do rate per cent

British-American Tobacco Co.-Interim Dividend.The directors announce an interim dividend of6%,free of British income
tax on the ordinary shares, on March 31 1919. Coupon No. 71 must be
used for dividend. All transfers received in order at London on or before
March 17 1919 will be in time to be passed for payment of dividend to
transferees.-V. 108, p. 575.

British Columbia Packers' Association.-Earnings.1917.
1918.
1917.
1918.
Nct after deprec. $435,360 $453,080 Divs.(10%)---- $214.590(8)$171672
Domin. & prov.
Miscellaneous __
6,700
7,000
Bal., surplus_ _ _ $104,070 $274,408
taxes (est.)_ _ 110,000
-V. 107, p. 1103.

Butte & Superior Mining Co.-Production.Zinc (lbs.)
Sliver (ozs.)
-V. 108, p. 881, 583.

1919-February-1918. 1919-2 Months-1918.
4,175,000 12,500,000 13,625,000 26,800,000
78,000
250,000
256,000
506,000

By-Products Coke Corp.-New Officers.E. D. Winkworth and Roland Hazard have been elected directors to
succeed John G. Hazard and E. C. Witherby, deceased. C. D. Caldwell
was elected an additional Vice-Pres. and Daniel S. Boynton Asst. Sec.
V. 107, p. 405.

Calumet & Arizona Mining Co.-Production (in lbs.).-

1919-February-1918. Decrease.' 1919-2 Mos.-1918.
Decrease.
American Malting Co.-Extension of Time.2.900,000
7,648,000
2,464,000
28,00015,184,000
The committee representing the first preferred stockholders announce 2,872.000
that the time for depositing first preferred stock with the Guaranty Trust -V. 108, p. 881.
Co. has been extended to March 18. The time limit for presenting GuarCanada Foundries & Forgings Co.-Earnings.anty Trust certificates of deposit for approval of the announced reorganization plan has also been extended to March 18.
Cal. Years1918.
1917.
1918.
1917. 1
Gross
income_ __ $612,117 $695,586 Common div_ _ _ $115,200 $144,000
Certificates Admitted to List.DeductContingent res__ 100,000
The New York Stock Exchange has admitted to the list Guaranty Trust
17,207
10.478
Co. certificates of deposit stamped for first preferred stock.-V. 108, Bond interest.. _ _
Taxes, &c
143,085
99.234 Balance, surplus $169,425 $374,674
P. 582, 271.
Preferred div_ _ _
67,200
67,200
Total surplus Dec. 311918, $1.29 .706; 1917, $1,128,281.-V. 105, p.
American Radiator Co.-Report Delayed.Pros. Woolley states that although it is customary to present the annual 1711
report to the stockholders at the annual meeting, on the present occasion
Canada Steamship Lines, Ltd.-Earnings.it has been necessary to hold open the books pending the enactment of the
1917.
1918.
1918.
1917.
Federal Revenue bill, applicable to the year 1918, and in consequence the
Cal. Years$
$
presentation of the annual report has been deferred.-V. 108, p. 582.
Gross earns_ _14,091,392 13.533,815 Bond int., &c_ 2,013,981 1,845,463
American Steel Foundries Co.-Dividend Increased.- Net earnings_ 4,338,079 4,023,8641Pref. divs.(7%) 875,000 875,000
Net profit Dec. 31 1918. $1,449,097, against $1,303,401 Dec. 311917.
The directors on March 6 declared a quarterly dividend of 2% on the
$17,184,000 outstanding capital stock, payable March 31 to holders of -V. 108, p. 786, 686.
record March 15. This increased the annual rate from 7% to 8%. DiviCanadian Locomotive Co.-New President.dend record (per cent):
Year- 1910. 1911. 1912. 1913. 1914. 1915. 1916. 1917. 1918. 1919.
Prank G. Wallace of Pittsburgh has been elected President to succeed
2
0
154
6
0
2
7 2% quer. J. J. Harty, deceased. Mr. Wallace is succeeded by J. L. Whiting as
Cash- 3N, 2%
Also in 4% and 4% Liberty bonds
Vice-President.-V. 107. p. 1189.
234




916

THE CHRONICLE

[VOL. 108.

Cerro de Pasco Mining Co.—Production (lbs.).-

mine in Cuba. Mr. Pope Yeatman made an examination of the pyrites
mine in Cuba in Dec. 1916, and reported that the ore then blocked out
would yield a profit of more than $6,000,000. Mr. Yeatman has just
returned from a second trip to the mines and advises that the ore now
blocked out should yield a profit of $7,700,000.
Chandler Motor Car Co.—Earnings—Director.—
Sub. Co. Bonds.—The Davison Sulphur & Phosphate Co. has outstanding $2,240,000 Ten-Year bonds, due March 1 1927, out of the original issue
Calendar Years—
1918.
1917.
1916.
Net earnings before taxes
$2,194,618 $2,382,403 $1,716166 of $2,500,000. A very large sinking fund is provided which should retire
Treasurer Regar is quoted as saying: "Only $67,600 of the net earnings all of the bonds before maturity. These bonds, which are guaranteed by
were earned from war work." One change in the directorate has been the Davison Chemical Co., constitute the only contingent liability of that
made, J. R. Hall, factory manager, in place of J. V. Whitbeck.—V. 108, company.
The entire Curtis Bay real estate and plants of the Davison Chemical
p. 686, 786.
Co. are free from liens of every kind. The company during the last two
Charcoal Iron Co.—Offering of 7% Debenture Notes.— years has added the sum of
$890,322 92 to its plant investment at Curtis
out of its earnings. The indenture securing this issue of notes
P. W. Chapman & Co., New York and Chicago, and Ames, Bay,
provides: (a) The company shall not execute any mortgage on its Curtis
Emerich & Co., Chicago, are offering by advertisement on Bay property; and (b) the company will own and hold as a part of its
and free from lien, current assets to the amount, or of the value at
another page $1,400,000 7% Serial Gold debenture notes, assets
equal to all its debts, except current operating accounts, to an amount
dated March 1 1919, at prices ranging from par to 99 and least
not exceeding $400,000.—V. 108, p. 881.

1919—February-1918
4,586,000
5,332,000
—V.108,p. 686.

Decrease. I 1919-2 Mos.-1918.
746,000110,422,000 12,130,000

Decrease.
1,708,000

int., to yield from about 7% to 7.25%, according to maturity. The bankers report:

The notes mature $100,000 semi-annually Sept. 1 1919 to March 11921,
$150,000 Sept. 1 1921 and March 11922,and $175,000 from Sept. 1 1922 to
March 11924. Redeemable at 101 and int. at the option of the company on
any interest date on 60 days' notice. Int. M.& S. in New York. registerable as to principal only. Denom. $1,000, $500 $100, interchangeable.
Trustee, United Trust Co., Detroit; co-trustee, Guaranty Trust Co., New
York.
•The company is the largest producer in the United States of charcoal
iron, wood alcohol and acetate of lime. The company has no mortgage
indebtedness and these debenture notes are the direct obligation of thecompany and is its only funded debt.
Further particulars should appear another week.—V. 107, p. 1834.

Chino Copper Co.—Dividend Decreased—

A quarterly dividend of 75 cents (157
0)has been declared on the stock,
payable March 31 to holders of record March 14.
Previous Dividend Record— 1913. 1914. 1915. 1916. 1917. 1918.
Per cent
50
473
60
19830,20, 20 20
165
Charles Hayden, a director of the four porphyry companies, Chino,
Ray, Consolidated, Nevada and Utah, has made the following statement,
applying to all four companies: "The recent quarterly report set forth clearly
the general situation of the copper market. It is the belief of the directors
that they are best serving the interests of the shareholders when, in view
of the fact that they may desire to carry considerable copper until such
time as it can be profitably marketed, that a conservative action on dividends such as taken to-day is the proper one. The porphyries are all in
strong financial condition, but it is desirable in view of the payment of
taxes, of these dividends and of the possible using of treasury reserves for
the carrying of copper, that this position should be maintained. A really
substantial buying of copper appears to have been developing the last week
at around current prices."—V. 108,P.881.

Commonwealth Edison Co.—Annual Report.—
The report for the calendar year 1918 is cited on a preceding page.

Offering of First Mortgage 58.—

Dodge Manufacturing Co.—Extra Dividend.—

The directors have declared a special dividend of 1% on the common
stock in addition to the regular quarterly of 1%%, both payable April 1
to holders of record March 21. In Jan. 1919 and Oct. 1918 paid an extra
of 2% and in Dec. 1917 paid 4%.—V. 107, p. 2479.

(E. I.) du Pont de Nemours & Co.—Decision—Report.—

Judge Buffington in the U. S. Circuit Court of Appeals at Philadelphia
on March 6 handed down a decision under the terms of which possession
of the (about) $56,000,000 stock of the du Pont Powder Co. purchased
from T. Coleman du Pont remains with Pierre S. du Pont, President of
the company, and directors associated with him. The action was brought
on the ground that Pierre S. du Pont and certain directors formed the du
Pont Securities Co. to purchase the stock for their own benefit instead of
acquiring it for the benefit of the Powder Co.and its stockholders.—V. 108.
p.174.

East Bay Water Co.—Further Particulars.—The offering
of this company's "Class A" 6% Cumulative Prof. stock by
William Salomon & Co. and Cyrus Peirce & Co. was noted
in these columns Mar. 1.
Data From Letter of Pres. W. E. Creed, Dated Oakland, Cal., Feb. 15.
The Company.—A California corporation, which with its predecessors,
has been supplying water for 63 years to Oakland, Berkeley, Alameda,
Piedmont, Emeryville, Albany, and San Leandro in Alameda County, and
Richmond and El Cerito in Contra Costa County, Cal.
'
Capitalization—
Authorized. Outstanding
First 53.0, due Jan. 1 1946
$15,000,000 $9,876,900
5-Year Collateral 6% notes, due 1923
1,250,000 1,250,000
Class "A"6% cumulative preferred stock
6,000,000 *4,900,800
Class "B" 6% non-cumulative preferred stock_ _ _ _ 3,000,000 2,987,200
Common stock
500,000
100,000
Purpose of Issue.—The company now has under construction the San
Pablo Dam and Reservoir, which will be completed about the end of 1919.
This reservoir will have a storage capacity of approximately 13,000,000,000
gallons, with a tributary water shed area of 36 sq. mi. Up to Jan. 11919,
$1,502,939 has been expended on this project, from which no income has
yet been derived.
Class "A': Pref. Stock Provisions.—Additional stock can be issued only
for improvements,&c. This stock shall be pref. a.& d.over the other stock.
The directors are obligated to declared dividends on Class "A" pref.
stock, if earned. Full dividends have been regularly paid.
Property.—On Jan. 1 1919, the company had 952.8 miles of pipe with
65,615 meters and 72,652 service connections. Owns over 45,000 acres
of land, a storage reservoir at San Leandro with a storage capacity of
5,048.000,000 gallons and one at Temescal with a storage capacity of
158,000,000 gallons; 12 distributing reservoirs with combined storage
capacity of 270.000,000 gallons; 16 pumping plants with a total capacity
of 72,000,000 gallons daily. The San Pablo reservoir, now nearing completion, will have a storage capacity of approximately 13,000,000,000
gallons when completed.
Valuation.—At organization of the company, the RR. Commission made
a valuation of the property. The valuation was $14,100,000 as of Jan. 1
1915. Since that date, additions and betterments have been made of
$3,119,742, making the total value pf the physical properties, as of Jan.
1 1919, $17,219,742.
Rates.—The RR. Commission in July 1918 authorized a revision of the
company's rates so as to effect an increase in its gross revenue of more than
$200,000 annually, which became effective Aug. 1 1918.
Franchises.—The company owns constitutional franchises in all the
municipalities in which it operates. They run in perpetuity and are free
from burdensome restrictions. Compare V. 108, p. 882.

Halsey, Stuart & Co. are offering $4,000,000 First Mtge. 5% )gold bonds
of 1908, due June 1 1943, as stated in these columns on Feb. 22.
Data from Letter of Pres. Samuel insult, Dated Chicago Feb. 20 1919.
Property.—Serves the entire city of Chicago, practically without competition, with electric current for lighting and power purposes. Its customers, of whom there are eve 371,000, with an annual increase of from
30,000 to 40,000, include all of the street and elevated railway systems,
many mercantile and manufacturing establishments, office buildings,
apartments, hotels and residences.
The company has seven generating stations and 50 substations, the
generating plants have a total capacity of about 730,000 electrical h.p.
On Dec. 31 1918 the connected business (excl. of electrical energy supplied
to other public service corporations) amounted to the equiv. of 16,633,400
50-watt lamps. Franchise granted in 1897 to the Commonwealth Electric
Co. extends to 1947 and covers the entire city.
Bond Issue.—Under the terms of the mortgage theso bonds stand upon
an equality with all of the bonds previously issued thereunder. Including
said $4,000,000 new bonds, the following is a statement of the Genital stock
and mortgage indebtedness as of this date: Capital stock, $50,422,826;
Commonwealth Electric Co. First Mtge. 5s, 1943, $8,000,000; Commonwealth Edison Co. First Mtge. 5s, 1943, including this issue, $38,631,000;
total mortgage indebtedness, $46,631,000.
Purpose of Issue.—The $4,000,000 were issued for the acquisition of
property, extensions, betterments and improvements.
Securtly.—First mortgage lien on the entire property. Additional bonds
may be issued for only 75% of cost of permanent impts. and new property.
Depredation.—For the calendar year 1918 the amount set aside for
amortization and depreciation reserve was $2,822,091, which reserve in the
East Butte Copper Mining Co.—Production (Lbs.).balance sheet of Dec. 31 1918 [on a preceding page] is shown to amount
1919
—February—
—2 Months—
1918. 1 1919
1918.
to $13,842,258.
633.560
2,324,04012,925,510
4,898,180
Dividends.—The company and its principal predecessor, Chicago Edison
The large decrease in production for February was due to the labor
Co., have paid dividends since 1889 without interruption. Since the con- strike.—V. 108,
p. 584.
solidation in 1907 the rates paid have been as follows: 1908, 5%; 1909,
%; 1910, and until May 1911, 6%; May 1911 until Nov. 1913, 7%;
Empire Gas & Fuel Co.—Tenders.—
since Nov. 1913 8%. Compare V. 108, P• 786.
The Bankers Trust Co. as trustee will until May 1 receive tenders for
the sale of $600,000 First Mtge. & Coll. Trust Sinking Fund 6% gold bonds
Commonwealth Public Service Co.—Offering of 7% dated
May 1 1916 at 102% and interest.—V. 108, p. 484.

Notes.—W. G. Souders & Co., Chicago, &c., are offering,
by advertisement in the "Bank & Quotation Section" to-day,
$600,000 7% Collateral gold notes, dated March 1 1919,
maturing $300,000 March 1 1921 and 1922.
The notes are secured by deposit of $600,000 First Mtge. 6% bonds and
$240,000 Gen. M. notes. Further particulars should appear another week.
—V. 107, p. 148.

Ford Motor Co.—Unfilled Orders.—
It is stated that this company has unf lied orders on ts books for about
51,000 cars, and that the present daily production is 1,600 cars. It is
expected, however, that the production will be gradually increased until
the normal production figure of from 3,000 to 3,500 cars per day will be
reached.—V. 108, p. 687.

Freeport-Texas Co.—Decision.—

Judge Buffington in the U. S. District Court at Philadelphia on March 4
filed an opinion in the case of the cross-appeals
this company vs. Union
January—
Increase, Sulphur Co. deciding that all patents involvedofin
1919.
1918.
the case are invalid.
Production (lbs.)
1,366,126
1,059,979
306,147 This decision means that the Freeport company wins the case. The lower
—V. 108, p. 83.
court in its decision found in favor of the Sulphur Co. in some points and
in favor of the Freeport-Texas Co. on others, and as a result both concerns
Cuba Cane-Sugar Co.—New Director.—
filed appeals upon which the higher court ruled by that all the patents inCharles Hayden has been elected a director. Mr. Hayden and a number volved are invalid.—V.
107, p. 184.
of his clients have purchased a substantial interest In the company.—V.108,
p. 785.
Gaston Williams & Wigmore, Inc.—Sub. Co. Stock Inc.
is made of an increase in the authorized capital stock of
Davison Chemical Co., Balto.—One-Year 6% Notes.— theAnnouncement
Gaston Williams & Wigmore Electrical Engineering Corp., N. Y.,
The Mercantile Trust & Deposit Co., Baltimore, Md., have from $500,000 to $1,000,000.—V.
107, p. 2472.

Consolidated Coppermines Co.—Production.—

purchased an issue of $1,500,000 One-Year 6% notes, dated
Mar. 1 1919, due Mar. 1 1920. Int. M.& S. Red. on any
interest date at 101 and int. Authorized and outstanding
$1,500,000. Trustee, Safe Deposit & Trust Co. of Balto.

Data From Letter of Pres. C. Wilbur Miller, Dated Mar, 1 1919.
Security.—These notes will be secured:
(1) By the plant, consisting of real estate, incl. about 4 miles of
deep water harbor front, sulphuric acid plant having a
capacity of 325,000 tons per year, an acid phosphate plant
with a capacity of 400,000 tons, together with railroad, floating equipment, sodium silico fluoride plant, &c. The cost
as of Dec. 31 1918 is
$6,706,470
(2) By the current assets consisting of raw materials, finished
products, cash and accounts receivable as of March 1 1919,
amounting to approximately
$1,650,000
The Company has no direct liabilities except the notes on
March 1 1919 and its accruing current monthly accounts which
amount to approximately
$475,000
Profits.—Net surplus profits applicable to interest on these notes for the
calendar year 1918 (after setting aside $259,304 for depreciation, Federal
income and excess profits taxes), amounted to $466,118.
Sub. Co. Property, &c.—The company owns in addition all the capital
stock of the Davison Sulphur & Phosphate Co. (V. 106, p. 1038), which
latter company owns phosphate rock deposits in Florida and a pyrites




General Cigar Co.—New Director—Annual Report.—
Leo S. Bing has been elected a director to succe
V. 108. p. 882.

J. N. Kolb, resigned.—

General Electric Co.—Sub. Co.,N Ime Changed.—
The name of the General Electric Edison C(7.1"uf China has been changed
to the China General Edison Co.—V. 108. p. 384, 272.

General Motors Corporation.—Alliance.—
See E. I. du Pont de Nemours & Co. under "Reports" above.—V. 108,
p. 882, 687.

Griffin Wheel Co.—Dividend.—
A dividend of 7% has been declared on the common stock, payable
March 17 to holders of record March 10. In March 1918 a dividend of
7% was paid and in 1917 331% semi-annually, in March and September.

Possible Sale.—
See American Steel Foundries Co.—V. 106, P. 1799.

Gulf States Steel Co.—Earnings for Stock Dividend.—
For the purposes of the income tax under the 1918 Revenue Law the
stock dividend of $25 per share distributed in 1918 is to be considered as
having been paid to the extent below stated out of earnings of profits of
years 1916, 1917 and 1918, respectively, as follows: 1916, $0.55; 1917.
$15 60, and 1918, $8 85.—V. 108, p. 883.

THE CHRONICLE

MAR. 81919.]
Hartman Corporation.-Earnings.-Calendar YearsNet profits
Dividends paid
Surplus for year
Previous surplus
Total profit and loss surplus
-v. 106, p. 2555.

1918.
1917.
$795,332
$509,315
(6%)600,000 (3 y,,)450,000
$195,332
$59,315
1,861,348
1,802,033
$2,056,680
$1,861,348

Hercules Petroleum Co., Dallas, Tex.-Offering of
Class "A" Stock.-Farson, Son & Co., are offering at par,
$10 per share, $600,000 Class "A" stock of this company
which has authorized and outstanding $800,000 Class "A"
and $700,000 Class "B" stock. (See adv. pages.)
Dividends payable monthly on the 15th of each month to Class "A"
stock of record on the 5th of the current month. Class "A"stock is pref.
assets and dividends. No bonds.
Data from Letter of Pres. I. W. Sowell, Dated Dallas, Tex., Feb. 20.
Organization.-A joint stock company organized in 1918 in Texas to
refine and produce crude petroleum, owns and operates a refinery of 2,500
bbis. daily capacity, also owns nine oil leases in the Ranger District aggregating about 6,000 acres.
Capital stock, in $10 shares, Class "A," $800,000; Class "B," $700,000.
No dividends on Class "B" stock until net earnings equal $20,000 per
month. After Class "A" and Class "B" have received monthly dividends
of 1% both classes will share equally for that month. Stock to be all one
class any time after net earnings reach $150,000 for a period of six months
or less. Class "A" stock is preferred as to assets and dividends.
Property.-New modern refinery of 2,500 bbls. capacity per 24-hour day.
Crude oil is purchased from Humble Oil & Refining Co. Operates under.
one-year leases, 76 standard tank cars of 8,000 and 10 000 gals, capacity,
and has arranged for 24 additional cars. Also owns nine oil leases in the
Ranger District located in Eastland, Hamilton and Stephens counties,
Texas, aggregating about 6,000 acres scattered throughout the district.
Earnings.-The refinery is now earning at the rate of $170,000 per year,
running about 1,000 bbls. per day. At full capacity the earnings for 1919
should approximate $360,000. Net earnings for Jan. 1919, exclusive of
Federal taxes or depreciation: Net sales, $120,166; net from oper., $14,479.
The company refined 27,000 bbls. of oil in Dec. 1918 and 30,490 bbls. in
Jan. 1919.
Purpose of Issue.-The proceeds from the Series "A" stock aro for acquiring various leases and for extensive development.
Officers and Trustees.-T. W. Sowell, Pres.; John Parson, V.-Pres.;
O. B. Sowell, Sec. & Treas., and E. D. Reeves and B. II. Moody.

Hercules Powder Co.-Extra Dividend.An extra dividend of 2% has been declared on the common stock along
with the regular quarterly of 2%, both payable March 25 5o holders of
record March 15. An extra of 2% was paid in the four quarters of 1918.
Compare V. 107, p. 2192.

Home Tel. 86 Tel. Co., Portland, Oregon,-Sale.-

The Security Savings & Trust Co. of Portland, Oregon, in accordance
with an arrangement with the bondholders has bid in for $500,000 the
entire property of this company having been appraised at $2,100,000.V. 104, p. 2644.

977

Data From Letter of Pres. Alfred Rau, Dated Feb. 1 1919.
Company.-[Incorp. in N. Y.) Owns two anthracite coal properties in
Lackawanna County, Pa., both operating, viz.: (a) Falls Coal property
In Carbondale Township; (b) West Mountain property in Fell Township;
a total of 330 acres, 80 acres of which are estimated by engineers to be
underlaid with about 650,000 tons of coal. Approximately 300 acres
covered with timber. Total equipment is estimated about $75,000.
Earnings.-An output at rate of 60 000 tons per year is yielding a net
operating profit of about $90,000. An initial dividend may be expected in
near future.
Directors (and Officers).-Daniel G. Jones, V.-Pres. Olyphant Bank,
Olyphant, Pa.; David Lamb,Peoples Bank, Pittston, Pa.; Arthur F. Rice,
Retail Coal Merchants Ass'n, N. Y.; S. Judson Stark, West Pittston, Pa.;
Edward J. Bullwinkel (Sec. and Treas.), N. Y.; Alfred Rau (Pros.) N. Y.;
George II. Rice (V.-Pres.). N. Y.; G. J. Thomas.

Laclede Gas Light Co.-Bonds.
The Missouri P. S. Commission has granted this company authority to
issue $10,000,000 First Mortgage gold bonds, to bear not to exceed 7%
interest and to be sold at not less than 96M. The bonds are issuable for
the refunding of an issue maturing May 1, and will, it is stated, be convertible into stock or other bonds.-V. 108, p. 875, 787.

Liberty Steel Co.-Stock Warrants.A press report states that warrants have been issued for $500,000 of
preferred stock, part of a new capital issue of $1,500,000, the balance being
common. Payments may be made in four installments of 25,
7
0 each, on
APril 1, July 1, Oct. 1 1919 and Jan. 11920. No common is being issued
at this time. Proceeds will be used to apply to indebtedness and partially
pay for construction of four additional sheet mills, to be installed this summer.-V. 108, p. 385.

Locomobile Co. of America.-Tenders.The Bankers Trust Co., N. Y., as trustee, will until March 27 receive
offers for the sale of the First Mtge. 10-year Sinking Fund 6% gold bonds
at not exceeding 105%.-V. 102, p. 1630.

Lone Star Gas Co.-Trunk Line Through Texas.The "Gas Age"says: "The United States Government,through Secretary
of Navy Daniels, has signed a contract with the Lone Star Gas Co., by which
the natural gas which that company now obtains from the Petrolia field
is to be used by the Government for the extracting of a non-inflammable
balloon gas, known as Helium. The contract also provides for the laying
of a new trunk natural gas pipe line from other West Texas fields to Fort
Worth and Dallas, with branches to a number of smaller towns, all invplving
an expenditure of approximately $4,000,000."-V. 108, p. 584, 485.

Marlin-Rockwell Corp.-Application to List.This company has filed an application with the New York Stock Exchange
to list 81,136 shares of capital stock without nominal or par 'value.
V. 108, p. 84.

Massachusetts Cotton Mills,Lowell,Mass.-Acquisition.
A press dispatch states that this company has purchased the property,
&c., of the Massachusetts Mills in Georgia.-V. 108, p. 274.

Merchants' Heat & Light Co., Indianapolis.-Offering
of One-Year Notes.-Paine Webber & Co. are offering at 993/2
Announcement Is made that the suit brought by the Government to and interest, yielding 73/2%, a new issue of $7,000,000 onedispossess this company of 13 quarter-sections oil land in the Midway year 7% gold notes dated March 11919, due Feb. 29 1920,
fields, Kern County, Cal. estimated to be worth $15,000,000, was disbut callable at 101 and interest upon 30 days' notice. Intermissed by the General Laud Office at Washington.-V. 106, p. 1464.
Hudson Companies.-Distribution to Pref. Stockholders. est Sept. 1 and Feb. 29 in New York and Chicago.
The notes are free from normal Federal income tax as far as may be lawful.
reported yesterday
Honolulu Oil Co.-Favorable Decision.-

that this company will distribute to the
It was
holders of the pref. stock $1,000,000 par value of the stock of the GreelyHudson Securities Corp. in the ratio of one share of Greely-Hudson stock
of the par value of $100 for each 16 shares of the par value of $25 each of
the pref. stock of the Hudson Companies. The distribution will be made
beginning March 18 to pref. stockholders of record Mar.17.-V.108,p.263.

Hudson River Vehicular Tunnel.-Bill Reported.-

The New York State Senate Finance Committee on March 5 reported
favorably the bill making the first appropriation for $1,000,000 of New
York's share of $6,000,000 for the vehicualr tunnel to be constructed between New York and New Jersey.-V. 108, P. 883, 687.

Imperial Oil Co., Ltd.-Dividend.The directors have declared a dividend of$3 per share on the $30,000,000
outstanding capital stock, payable on or after March 1 to stockholders of
record Feb. 26. A like amount was paid in Nov.last.-V.107. P. 1923.,

Keith Ry. Equipment Co.-Offering of 6% Equipments.
-King,Hoagland & Co. and the Union Trust Co. are offering
at prices to yield 6
$250,000 6% Equipment Trust gold
certificates, dated Feb. 1 1919, due serially Feb. 1 yearly,
$25,000, 1920 and $37,500, 1921-1926, inclusive.
Interest F. & A. Redeemable, at the option of the company,on 30 days'
notice, on any int. date at 102 and int. Union Trust Co., Chicago, trustee.
Denom.$1,000 and $500. Principal and interest, payable, so far as lawful,
without deduction for any taxes, income or otherwise, now or hereafter
deductible at the source.
Manufactures and sells or leases stelei tank cars to large shippers of various
liquid products. The certificates are secured by 125 standard all-steel
tank cars, title to which remains with the trustee until the certificates have
been paid In full. This equipment is leased by the trustee to the Keith
company at rentals sufficient to pay the principal and interest of certificates as they mature.
The total not assets of the company, after providing for all current
obligations and exclusive of good will, patents, &c., after giving effect
to
the sale of this issue, are $1,153,706.-V. 108, p. 883.
•

Kelly-Springfield Tire Co.-To Pay 3% a Quarter in
Stock with the 4% Quarterly in Cash-Business ExpansionNew Stock.-

The company's steam generating plant is located in the centre of the business and manufacturing district of Indianapolis, Ind., producing electricity
for power and light, and steam for heating in the down-town district.
The company also serves the residential district with electric light and
hot water for heating. The population served (in 1910) was 233,650.
Earnings applicable to payment of note interest are over 5% times th
required amount.-V. 107, p. 1007.

Merritt Oil Corporation.-Stock Increase.The stockholders of this company on March 5 approved the proposal
to increase the authorized capital stock from $6,000,000 to $10,000,000.
C. F. Clay succeeded A. Humphreys as a director.-V. 108, p. 788.

Miami Copper Co.-Production (in Pounds).
1919-Feb.-1918.
4,535,000
4,511,000
-V. 108, p. 585.

Increase.
1919-2 Mos.-1918.
24,000 I 9,807,000'
9,232,000

Increase.
575,000

Midwest Refining Co.-Acquisition.This company has purchased 51% of the capital stock of the Western
States Oil & Land Co., which amounts to 100,000 shares, of par value of
$1.-V. 108, p. 788.

Montgomery Ward 86 Co.-New Secretary.Henry Schott has been elected Secretary and P. C. Maylone, Asst. Sec.,
succeeding R. W. Webb and J. P. Brownlee, respectively, resigned. Other
officers were re-elected.-V. 108, p. 788.

Nevada Consolidated Copper Co.-Dividend Decreased.
The directors have declared a quarterly dividend of 374 cents (734%)
on the stock, payable March 31 to holders of record March 14. Dividend
record (per conq:
'09. 10. '11. '12. '13. '14. '15. '16. '17.
'18.
'19.
Regular
30 3() 30 30 22M 275, 35 40 20,15,15,15 7Aqu.
Extra ____
10 10 ___
2
40 40
A special div. of 15cts. was paid July 25 1917 for Red Cross contributions.
Compare Chino Copper Co. above.-V. 108, p. 884.

New Cornelia Copper Co.-Production (lbs.).1919-February-1918.
3,606,000
5,028,000
-V. 108, p. 688.

Increase. I 1919-2 Mos.-1918.
1,422,00019,346,000
7,742,000

Increase.
1,604,000

New York Air Brake Co.-Strike Situation.-

This company has suspended operations in all departments except the
In view of "the large surplus which has been accumulated and the increasing earnings" the board announces that it "proposes to authorize Iron foundry for one week, as a result of the threatened strike of 1,500
the payment, beginning May 11919, of a quarterly dividend of 3% on the workmen at the Watertown, N. Y., plant. The company's action was
common stock, payable in common stock at par, $25 per share, in addition taken in order to rid its forces of a disturbing element which grew up
during the war period.-V.108, p.873,788.
to the regular quarterly cash dividend of $1 per share."
An official circular says in substance:
Niagara Falls Power Co.-Initial Div. of New Co."Plans necessarily curtailed owing to the war will now be actively proseAn initial dividend of $1 has been declared on the common stock of the
cuted in order to provide the manufacturing facilities required for the
consolidated company, payable March 15 to holders of record March 5.
constantly increasing demand.
-rho board at the same time desires to inform stockholders that, while -V. 107, p. 2381.
it believes the surplus and the net earnings will justify the continuance of
Niagara, Lockport 86 Ontario Water Power Co.the $1 per share quarterly dividend in cash and 3% payable in common
stock, the dividends on the common stock are necessarily subject to increase Offering of Refunding Mortgage Bonds.-William Salomon &
or decrease, depending at all times upon business and financial conditions
Co., having sold a large majority of these bonds and a subprevailing at the time of their declaration."
To provide for this dividend program and any other capital requirements stantial amount having been issued in conversion of the
from time to time, the shareholders will vote March 31 on increasing the
authorized common stock from $5,029,900 to $10,000,000, par $25. They company's 2-year 6%Secured Convertible notes, are offering
will also vote on decreasing the authorized pref. stock from $3,990,300 to by advertisement on another page, the balance of the issue
$3,900,300, due to the purchase and cancellation of 900 shares of $100 of
$1,980,000 Refunding Mortgage 6% Sinking Fund gold
each.-V. 108, p. 787.

Keystone Telephone Co. of Phila.-Listed.-

The Philadelphia Stock Exchange has listed $200,000 additional First
Mtge. 5% gold bonds, Nos. 6426 to 6625, inclusive, making the total
amount listed to date $6,625,000.-V. 108, p. 883.

Lackawanna County Coal Co.-Stock-Status, ctc.Gwynne Brothers, N. Y., have issued a special letter recommending purchase of this company's capital stock.
Capitalization.-Authorized, 50,000 shares; issued, 30,000 shares, and
held In treasury, 20,000 shares; all of a par value of $10 each.




bonds, series A, due Feb. 11958. A full description of this
issue may be found in V. 107, p. 2480; V. 108, p. 84.
Ottawa Light, Heat 86 Power Co., Ltd.-Earnings.1917.
1918.
1917. Less1918.
Cal. YearsDivs. (6%).,,$209,934 $209,945
Total revenue_ _$1,114,915 $957,300
9,573
Expenditures __
804,765 711,160 Reserve, &c
f 71,190
26,622
1 29,026
Net
$310,150 $246,140
Balance
$114,525 $85,499
Total p. & I. surplus Dec. 311918, $395,640, against $305,017 Dec. 31
1917.-V. 107. p. 1008.

978

THE CHRONICLE

[VOL. 108.

Old Dominion Co. of Maine.-Production (in Pounds).- management disapproved any further distribution of surDecreased 1919-2 Mos.-1918.
Decrease. plus earnings at the present time.
481,00015,172,000
6.241,000
1,069,000
The exact amount of the company's taxes, both for 1917
and 1918, has yet to be passed on by the Federal and State
Palace Hotel Co. of San Francisco.-Offering of First authorities, so that it is impossible to forecast its financial
Mtge. Bonds.-Le Roy T. Ryono & Co. San Francisco, are needs. Later on, it is stated, the directors are not averse
offering at 100 and int. $1,800,000 First
'(closed) Mtge.6% to a further dividend payment if circumstances warrant.
bonds of 1908, due Aug. 1 1928. Int. F. & A.
The policy of the board is to increase the company's peace
The bonds are callable at par and interest. Trustee, Mercantile Trust business along
conservative lines.-V. 108, p. 885.
Co. of San Francisco, Cal.
CapitalizationAuthorized. Outstanding.
Sears,
Roebuck
& Co.-Sales.Capital stock
$5,000,000 $4,910,000

1919-Feb.--1918.
2,360,000
2,841,000
-V. 108, p. 586.

1919-Feb.-1918.
Decreased 1919-2 Mos.-1918.
Increase.
First Mortgage bonds
3,000,000
3,000,000
Security.-An absolute first closed mortgage on all the property in San $15,911,238 $16,233,888 3322,6501335,520,565 $31,004,810 $4,515,755
-V.
108, p. 586.
Francisco, occupying an entire square block facing on Market St. This property has been appraised, the real estate alone being valued at $3,311,000,
Shell Co. of California.-Acquisition.without the building, which represents an investment of over $4,200,000.
This company, according to a press report, has purchased for $3,990,000
Earnings.-The net surplus earnings available for bond interest for the
past two years, have averaged over 2M times interest requirements. Com- the pipe lines and pumping stations of the Valley Pipe Line Co. in California.-V. 103, p. 2160.
pare V. 87, p. 1014.

Sinclair Gulf Corporation.-Status, &c.-Tenders.-

Paragon Oil & Refining Co.-Acquisition.-

At the annual meeting of this company on March 6 it was announced
that net earnings of the company and its subsidiaries for the calendar year
1918 after deduction of interest and discount was about $5,000,000, out
of which must be provided depletion, depreciation and Federal taxes.
Pres. H. F. Sinclair in a statement to the stockholders stated that war
conditions had placed serious handicaps upon operations, especially in
the movements of the shipping fleet. Reference was also made, however,
to the development of the company's oil properties, its trunk line and terPeerless Truck & Motor Corp.-Note Cancellations.construction, &c.
A press report believed to be true states that this company has paid and minal
The Bankers Trust Co., N. Y. as trustee, will until March 25 receive
canceled about $2,300,000 of its $5,000,000 6% Convertible notes of 1915,
due 1925, and that cash in the treasury is about equal to the $2,700,000 re- offers for the sale on April 1 of 31,382,027 of this company's First Lien
10-Year Convertible 6% gold bonds (duo March 1 1927), at not exceeding
maining outstanding notes.-V. 107, p. 2481.
110 and int.-V. 108, p. 586.

Announcement is made that this company of Toledo, Ohio, and Tulsa,
Okla., interests have purchased the properties, &c., of the Marine Oil Co.
with the Burkburnett pool, North Texas,for $3,400,000,of which amount
$1,000,000 was paid in cash, $500,000 due in ten months and the remaining
$2.000.000 to be paid in oil. The property consists of 203 acres with
three wells completed.-V. 108, p. 167. .

Penn Seaboard Steel Corp.-Appl'n to List-President.

This company has applied to the New York Stock Exchange to list voting
trust certificates for 135,008 shares of capital stock without nominal or par
value.
Charles Hart has been elected President to succeed Rodney Thayer,
resigned. Mr. Thayer was made Chairman of the Board.
The Baldt plant of this company at New Castle, Del., closed Feb. 5
for an indefinite period. The company has two other plants, one at New
Haven. Conn., which has been closed for several weeks, and ono at Chester,
Pa., which is running full time.-V. 108, p. 884.

Phelps-Dodge Corporation.-Production (in Pounds).1919-Feb.-1918.
9,185,000
17.306,922
-V. 108. p. 586.

Decreased 1919-2 Mos.-1918.
8,121,922121,063,733 39,073,758

Decrease.
18,010,025

Pittsburgh-Texas Oil & Gas Co.-New Organization.Sehmeltz & Nuttall, Pittsburgh, fiscal agents, pronounce the following
data correct:
This company has just been organized by the Benedum-Trees (Pittsburgh) interests, with a capital stock of $5,000.000, par $5 a share, with
only 120,000 shares to be sold at present. The company owns over 70,000
acres of leases in the Central Texas oil fields in Edwards, Real and Uvale
Counties. One well is now drilling and three others will soon be started.
T. A. Neil is Prest. and Gen. Mgr., and with the following constitutes the
directorate: George J. Wolf, P. R. Cowell, John W. Leonard, Harry S.
Clark, S. A. McCaskey and Winston T. Smith.

Providence Gas Co.-Bonds.-The stockholders on March 3 voted to apply to the Rhode Island General
Assembly for authority to issue bonds up to 80% of the corporation's
capitalization, which is $10,000,000.
Frederick C. Peck was elected a director to succeed John R. Freeman.
Henry D. Sharpe was elected Vice-President.-V. 108,,P• 788.

Punta Alegre Sugar Co.-Listed---Full Particulars, &c.
-On subsequent pages in this issue will be found the statement made by this company to the New York Stock Exchange in connection with the application to list $2,510,100 common shares of a par value of $50 each.
The full description of the properties and an income account and balance sheet are shown in detail.
The company's plant at Punta Alegre consists of a sugar mill with other
buildings having a normal capacity of 300,000 bags of sugar per annum.
The Florida Mill, in Cuba, also has an annual capacity of 300,000 bags,
while at Trinidad the mill capacity is 125,000 bags.
The company itself employs about 3,000 men and its subsidiaries about
2,500 each. Referring to the output of the three estates, it is estimated
that the 1919 crop will be about 625,000 bags.-V. 108, p. 885.

Railway Steel-Spring Co.-Earnings Cal. Years.1915.
$7,043,957
5,355,491

Net earnings
$8,019,019 $9,098,968 $4,022,590 $1,688,466
Deduct-Interest
92,920
311,784
291,109
325,237
Federal tax reserve_
4,500,000
3,500,000
Preferred dividend_ _ _
949,000
945,000
945,000
945,000
Common div
(5 %)776,250 (5)675,000(11.1)168,750
Balance, surplus
$1,704,849 $3,687,859 $2,597,056
$418,228
Total p. & 1. surplus_ _ _810,362,650 $8,657,800 $5,969,941 $4,372,885
The quarterly dividend was increased Dec. 31 1918 from ih to 2%.
-V. 107, p. 2103.

Ray Consolidated Copper Co.-Dividend Decreased.A quarterly dividend of 50 cents (5%) has been declared on the stock,
payable March 31 to holders of record March 14. Dividend record:
1913. 1914. 1915. 1916. 1917.
1919.
1918.
Per cent
115i 7% 12% 271i 42 10,7%,7 7% 5% qu.
In July 1917 paid extra 2% to aid Red Cross contributions.
Compare Chino Copper Co. above.-V. 108, p. 885.

Republic Rubber Corporation.-Annual Output.Press reports state the earnings of the company as follows: Gross sales,
$15,749,627; net earnings, $1,560,167: total net income, $1,577,110; plant
deprec. and interest, $575,007: stock issue expense and Federal taxes,
$399,190; balance, surplus, $602,913.-V. 107, p. 2473.

Rochester Ry. & Light Co.-Stock Application.This company has filed with the New York P. S. Commission an application for permission to issue $500,000 7% preferred stock, Series 11, the
proceeds to be used for proposed extensions and betterments in 1919.V. 108. p. 386.

Savage Arms Corporation.-Official Reply to Proxy Committee as to Dividend Status-Annual Report.-On subsequent
pages of this issue will be found (1) the report of the company
for the calendar year 1918, showing the strong financial
position of the property and its remarkable war record and
the annual income- account and balance sheet of Dec. 31,
and also (2) the text of the circular sent as of Feb. 25 by
President A. E. Boric to the shareholders explaining why the



c

Storing Valley Water Co.-Notes.-The Cal. RR. Commission has granted this company an extension
of the time In which the company was to dispose of notes and bonds authorized by the Commission in its decision of Feb. 14 1918. The new time limit
has been fixed at Dec. 31 1919. The original order authorized the issuance of $4,000,000 two-year 6% notes and to pledge $5,250;000 of its
General Mortgage 4% bonds, the proceeds to be used in whole or in part
to pay notes aggregating $3,325,000.-V. 107, p. 2382.

Standard Oil of California.-Earnings.-

Pittsburgh Steel Co.-New Officers.- ,
John Bindley was elected President to succeed Wallace H.Rowe,deceased.
Emil Winter, formerly a director, succeeds Mr. Bindley as First V.-Pres.
0. E. Beeson, Secretary, has been made a director and Edward H. Bindley,
a member of the executive committee.-V. 108, p. 688, 586.

1917.
1918.
1916.
Gross earnings
$25,182,031 $23,905,714 $14,086,499
Oper. exp. and deproc'n_ 17,163,011 14,806,747 10,063,909

Southern California Gas Co.-Purchase-Bonds.This company has applied to tho California RR. Commission for permission to issue $800,000 of bonds to provide funds for the purchase of the
rroratypilit
5h7e Economic Gas Co., operating in Los Angeles, Calif.-

Calendar YearsEarnings
Depreciation and depletion
Excess profits and income taxes (est.)
Dividends in cash (10%)
Dividends in Liberty Loan bondsA
(2 %)
Balance, surplus
-V. 108, p. 487, 387.

1917.
1918.
$44,276,521 $30,377,073
5,897,333
9,917,985
5,830,116
19,405,462
9,316,247
9,937,331
2,484,332
$2,531,411 $9,333,377

Standard Oil Co. of N. J.-New Refinery.-

It Is reported that this company has under consideration a plan to construct a large refinery at Charleston, S. C.. at a cost of several million
dollars.-V. 107, p. 2482.
Stewart Manufacturing Co.-Div. Increased.A quarterly dividend of $1 has been declared on the stock payable
April 15 to holders of record March 31, which increases the annual rate
from $3 to $4 a share.
Jesse B. Hubbard has been elected a director.-V. 108, p. 688.

Taylor-Wharton Iron & Steel Co.-Earnings.--Cal. Years- 1918.
1918.
Net earnings_$1,637,830 $1,16
91197,570
.63
. 11 Reserve
5187,3
$350 000 $149
Interest
211,053 Prof. div(8,1( %)163.341(7%)131,341
266,167
Tax reserve
408,813
410,080 Balance,sur__
240,000
618,322
-V. 107, p. 1001.

Texas & Pacific Coal & Oil Co.-Stock lnc.-Extra Div.
The stockholders will vote April 6 on increasing the authorized capital
stock from $5.000,000 to $6.000,000. The $1,000,000 new stock, it is
stated, is to be disposed of from time to time as directors deem best. This
is identical with the resolution approved by the directors last year when
$1,000,000 new stock was sold to stockholders at par, $100 a share.
The directors also declared the usual quarterly dividend of $1 50 a share
and $5 extra, both payable March 31 to stock of record March 15.-V. 108,
p. 886.

Tonopah-Belmont Development Co.-Div. Resumed.-

/ has been declared on the stock payable April 1 to
A dividend of 100
holders of record March 15. T1,dividend paid was 10% in July
1918, previous to which 12%% naps .t.-V. 107, p. 2195.

Tonopah Mining Co.-Co ,solidated Earnings.-Cal. Years- 1918.
1917.
1918.
I
Net earnings
$782,061 3825,25fi ,
mill and
Divs. (3714 %)375,000(60%)600,000 I equipment
340.000
Dep. mining prop. 70,502
70.1;021 Balance
3-3-0.,K5b 114.757
Total profit and loss surplus Dec. 31 1918, $4,199,443, against $3,862.884 Dec. 31 1917.-V. 107, p. 1673.

Union Sulphur Co.-Decision.See Freeport-Texas Co. abovo.-V. 107, p. 298.

United Drug Co.-Listed in Boston-Acquisition.-

The Boston Stock Exchange has listed 1,766 additional shares of this
company's second preferred stock bringing the total of that issue listed and
outstanding up to $9,110,766. Of this new stock 266 shares have been
paid for all the outstanding stock of the Schuhle Pure Grape Juice Co., a
Now York company. In 1917 the United Drug Co. seeing the growing
demand for grape juice acquired a substantial interest in this company
and the transfer of this stock gives it 100% ownership. The balance of
the new second preferred shares is to be held in the treasury for conversion
of the preferred stock of United Drug Co., Ltd., of Canada.

Annual Report in Full-Proposed Financing.See report in full on a following page:also "Reports"above.-V.108,p.886.

United States Steel Corp.-Bonds Called.-Ten Sixty
Year 5% Sinking Fund gold bonds of 1903, to the amount of
$1,918,000, have been called for payment May 1 at 110 and
int. at the office of J. P. Morgan & Co.-V.108, p. 886.
United States Worsted Co.-Earnings.For the calendar year 1918 the company reports not profits of $1,236,187,
after deducting not only all fixed charges, &c., but also an allowance of
$770,000 for 1918 Federal taxes. In 1917, after setting aside $720,325 for
tpa
.xle3
s 4a1n
)
.
d $342,108 for depreciation, the net profit was $2,062,821 (V. 106,
President Andrew Adie, in his remarks to stockholders, says: "Our
statement of present condition is most gratifying. Our net sales increased
over any previous year and amounted to $27,212,047. During the year
1918 nearly 60% of our production was for Government purposes, but when
the armistice was declared, at the request of the Government all contracts
were terminated for adjustment and business generally came to a complete
standstill. The outlook for the year 1919 is uncertain. The visible supply
of high-grade raw material suitable for our class of goods is limited, and
prices are likely to remain at a high level throughout the year.'
The balance sheet of Dec. 31 shows notes and accounts payable of only
$1,001,343, as against cash of $862,356 and merchandise inventories of
$5.165,348.-V. 107, p. 1109.
For other investment News, see page 985.

THE CHRONICLE

MAR. 8 1919.1

979

gevorts anti ponuments.
PUNTA ALEGRE SUGAR COMPANY
(A holding and operating company organized under the laws of Delaware.)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF ITS COMMON STOCK.
(Certificates of stock transferable in New York and Boston.)
Boston, February 12, 1919.
Alegre Sugar Company hereby makes application
to have listed on the New York Stock Exchange $2,510,100
(of an authorized issue of $8,000,000) Common Stock,
consisting of 50,202 shares of the par value of $50 each,
which has been issued and is outstanding in the hands of
the public; with authority to add $1,349,900 additional
Common Stock on official notice of issuance of permanent
engraved interchangeable certificates in exchange for present
outstanding certificates; also $1,304,350 Common Stock on
official notice of issuance on conversion of First Mortgage
6% Convertible 20-Year Bonds, due 1935, and $2,400,000
on official notice of issuance on conversion of First Mortgage
6% Convertible 20-year bonds, due 1935 and $2,400,000
on official notice of issuance on conversion of Collateral
Trust 6% Convertible Bonds, due 1931; making the total
amount applied for $7,564,350.
All of the stock of the Company is fully paid and nonassessable and no personal liability attaches to stockholders.
Oks Punta Alegre Sugar Company was organized under the
laws of Delaware on August 3, 1915. Duration of charter
is perpetual.
MI,The Company in accordance with the terms of the charter
is a holding and operating company and is engaged in the
business of owning and operating sugar plantations and
factories in the Island of Cuba, in the growing and grinding
of sugar cane and manufacturing and selling of raw sugar.
,The following is a statement of capitalization of the
Company:

go Punta

Common.
Preferred.
Authorized at time of organization
$3,000,000 (Par $100)
8,000,000 (Par $50)
June 22, 1916
Mar. 22, 1918
$760,000 (Par $50) 8,000,000 (Par $50)

Common Stock issued and reserved as follows:
Issued for cash
Issued in part payment for land
Issued for Capital Stock of the Florida Sugar Co

$2,460,000
200,000
1,200,000

33.860,000
Reserved for conversion of $1,500,000 1st Mtge. Bonds at
share
$57 50 per
Reserved for conversion of $3,000,000 Collateral Trust Bonds"4
'
350
at 125%
2,400.000
Balance authorized not issued

$7,564,350
435,650
$8,000.000

The holders of Preferred Stock of the Company shall be
entitled out of the net profits or surplus of the Company as
determined from time to time by the Board of Directors,
to semi-annual preferential dividends at the rate of 8%
per annum and no more, payable upon the first days of
January and July in each year. Such dividends shall be
cumulative and if in any year dividends of less than 8%
shall have been paid on the Preferred Stock the deficiency
shall be payable out of subsequent net profits or surplus
determined as aforesaid. Except upon liquidation or
dissolution the Company shall not pay any dividend upon
the Preferred Stock other than as aforesaid. In case of
liquidation or dissolution of the company the Preferred
Stock shall be paid in full at $50 per share and accumulated
dividends before any dividend is paid upon the Common
Stock, and the remaining assets shall be distributed among
the holders of the Common Stock alone. The company
may on any dividend date by vote of a majority of its
Board of Directors, redeem ,and retire the whole or any
portion of the Preferred Stock then outstanding at $50 per
share and accumulated dividends. The company shall
redeem and retire annually on the first day of January
commencing with January 1, 1920, such portion of the
Preferred Stock then outstanding at $50 per share and
accumulated dividends as can, be redeemed and retired by a
sum equivalent to 25% of the net earnings for the previous
fiscal year of the Florida Sugar Company, a Cuban Corporation; the amount of the net earnings of the said Florida
Sugar Company for the previous fiscal year to be determined
by the Directors of that company. Notice of any call of
any share or shares of Preferred Stock for such redemption
shall be sent to the record holder or holders of such share
or shares at least thirty days before the date fixed for redemption. In case the Directors redeem less than the total
number of the Preferred Shares outstanding the shares to
be redeemed may be chosen by them by lot, hut they may
redeem such shares as they may elect, and the Directors
may prescribe the method of carrying out the purchases and
redemption of Preferred Stock, and their action to that end
shall be conclusive. All Preferred Stock purchased or
redeemed shall be retired and shall not be reissued. Each
holder of Preferred Stock shall have one vote for every share
of such stock.
Each holder of Common Stock is entitled to one vote for
every share of such stock.
The Company owns the stock of the following companies

Where
—Capitalization-Duration
Incorporated.
Par.
Authorized.
Issued.
Name of Company—
of Charter.
Date.'
Now Jersey
*Trinidad Sugar Company
$100
$1,000,000
50 years
Aug. 1, 1892
$900,000
Cuba
Florida Sugar Company
Perpetual
100
550,000
Feb 25, 1915
550,000
* Acquired from the proceeds and sale of $1,800,000 Collateral Trust 6% Convertible Bonds, due 1931.

The above stock is pledged as collateral to secure the
payment of $3,000,000 Collateral Trust 6% Convertible
Bonds, due 1931, as hereinafter more fully described.
The Company has acquired and owns (January 1, 1919)
in fee, directly or through its subsidiaries, 1237.6 caballerias
(about 33 acres each) of land in the Island of Cuba located
as follows, to wit:
Estate.
Punta Alegre
Florida
Trinidad

Province.
Camaguey
Camaguey
Trinidad

Caballerias
846.25
69.20
322.15
1.237 60

The company also leases various tracks of land in the
Island of Cuba operated for the production of cane in
connection with the estates as follows:
Province.
Estate.
Caballerias.
Camaguey
Punta Alegre237.90
Camaguey
Florida
141.88
Trinidad
Trinidad
399.52
779.30

The leases of the Punta Alegre Sugar Company expire in
1927 and 1928. The leases of the Trinidad Sugar Company
expire at.different dates from 1921 to 1946, and of Florida
Sugar Company from 1922 up to 1927.
At Punta Alegre the plant consists of a sugar mill with a
normal annual capacity of 300,000 bags of sugar, together
with stores, machine shops, offices, residences for managers,
superintendents, &c., workmen's houses, oxen, cane carts,
and other necessary tools and appliances. An excellent
dock is located on the property where supplies are received
and sugar is loaded on to lighters for shipment to the ocean
carriers. The railroad includes 52 kilometers of track
(standard gauge 563/i inches) not including switches, and
is equipped with 5 locomotives and 210 cane cars, besides
flat and box cars, &v.



Owned by
P. A. S. Co.
$897,600
550,000

At Florida the mill has an annual capacity of 300,000
bags, and the Company owns the usual offices as specified
at Punta Alegre. The railroad is directly connected with
that of the Cuba Railroad and has 29 kilometers of track
(standard gauge 5632 inches) and switches, with 2 lomotives
and 120 cane cars. Supplies are received and shipments
made via the Cuba Railroad.
At Trinidad there is a mill of 125,000 bags annual capacity,
with all necessary offices, warehouses, &c. The railroad
is a narrow gauge (36 inches) and contains 273/i kilometers
of main line and sidings, with 3 locomotives and 110 cane
cars. The Company owns 4 steel barges and 2 steam tugs
which operate on the Manati River and connect the property
with ocean steamships at the river mouth.
The Trinidad Sugar Company operates a large cattle ranch
which profitably utilizes the land not at present under
cane cultivation. On May 31, 1918, the investment of
ranch cattle as distinct from the working 'cattle amounted
to $100,082 00. The operation of the ranch for the year
ending on that date showed a profit of $33,856 10.
The Company employs about 3,000 men and its subsidiaries about 2,500 each.
The Company has outstanding $1,500,000 of its First
Mortgage 6% Convertible 20-Year bonds. These bonds
are dated July 1, 1915; mature July 1, 1935; bear interest
at the rate of 6% per annum, payable on first days of
January and July in each year. The mortgage provides
for sinking fund beginning in 1920, and each year thereafter,
of 10% of net profits of the Company as determined by the
Board of Directors and in any event not less than 2% of
the aggregate amount of the bonds outstanding at the doge
of the year. Bonds are to be purchased for account of the
sinking fund at a price not exceeding 110% and accruep
interest. The bonds may also be called and paid on any
interest date before maturity, and not earlier than January

980

[VOL. 108.

THE CHRONICLE

1, 1919, at 110% and accrued interest. These bonds are
convertible into Common Stock of the Company, par value
$50 per share at $57 50 (the bonds and the indenture of
trust recite that the bonds are convertible into stock at $115
a share; the par value of the stock when the indenture was
executed was $100 a share) on any interest payment date
before maturity on 30 days' written notice.
The Company has also outstanding $3,000,000 of Collateral
Trust 6% Convertible bonds, of which $4,800 are held by
The Merchants National Bank of Boston, Trustee, to be
issued in exchange for outstanding stock of the Trinidad
Sugar Company, on the basis of $200 in bonds for $100 par
value of stock. These bonds are dated July 1, 1916; mature
July 1, 1931; bear interest 6% per annum payable semiannually on the first days of January and July in each year.
The mortgage provides that no dividends shall be paid
until an improvement or sinking fund of not less than
$100,000 a year has been set aside from the net earnings.
Bonds may be purchased for sinking fund at 105% and
accrued interest. These bonds are convertible on the
first day of any month before maturity into Common
Stock of the Company at the rate of 125% of the par value
of such stock on 30 days' notice. The Capital Stock of the
Florida Sugar Company and of the Trinidad Sugar Company,
together with a fifteen-year note of the Florida Sugar Company, described below, is deposited with The Merchants
National Bank of Boston, Trustee, as collateral for securing
the payment of these bonds.
The Trinidad Sugar Company has no bonded or other
funded indebtedness.
The Florida Sugar Company has issued a fifteen year
note for $1,200,000, due July.1, 1931, and bearing interest
at the rate of 6%. This note was purchased by the Company at the time of the acquisition of the Florida Sugar

Company, with the proceeds of $1,200,000 Collateral Trust
6% Convertible Bonds and has been deposited with The
Merchants National Bank of Boston, Trustee, as collateral
for securing the payment of the $3,000,000 Collateral Trust
6% Convertible Bonds as stated above.
The total output of the three estates owned by the Company, expressed in bags of approximately 325 pounds, is
as follows:
Punta Alegre
Florida
Trinidad

1917.
54,534 bags
84,748 bags
79,345 bags

1918.
215,927 bags
145,295 bags
81,524 bags

218,627 bags

442.746 bags

about 625,000 bags.
The established policy of the Company with regard to
depreciation is to charge each year against the earnings
6% of the cost of the Punta Alegre and Florida plants, and
10% of the book value of the Trinidad plant. This charge
is credited to a Reserve account, as shown on the balance
sheet. The larger charge at Trinidad is due to the fact
that that factory has been in operation for a longer period,
and the former policy was to reduce the book value annually
rather than to provide depreciation reserve.
The Company also charges off each year a definite proportion of the cost of the cane fields, based upon a conservative
estimate of the probable life.
The Company has not yet paid any dividends on its
Common Stock. An initial dividend of $2 00 per share
(4%)was paid January, 1919, on 731 shares of the Preferred
Stock issued and outstanding on July 1, 1918. The Trinidad
Sugar Company paid 2% in 1917,8% in 1916, 11% in 1915,
5% in 1914, 8% in 1913, 8% in 1912, additional dividends
being paid prior to that time. The Florida Sugar Company
paid a dividend of 15% in 1917 and 50% in 1916.
itis estimated that the 1919crop will be

CONSOLIDATED PROFIT AND LOSS STATEMENT, SEASON 1917-1918, AS OF MAY 31, 1918.
Punta Alegre
Trinidad
Campania Azucarera
Consolidated.
Florida.
Sugar Company. Sugar Company.
$6,328,250 98
Sugarsales$3,109,05038
$1,124,792 25' $2,094,408 35
Cost of cane, operating, general shipping arid selling expenses, less molasses sales
,
4,578,871 56
and miscellaneous profits from stores, &c
1,503,048 26
967,101 83
2,108,721 47
Operating profit for year
Less:
Depreciation on plant
Interest on loans
Interest on bonds
Miscellaneous credits

$1,000,328 91

$157,690 42

$591,360 09

$1,749,379 42

190,457 84
100,002 00
270,000 00
2,430 72

116,402 96
35,227 99

74,833 28
80,911 11

381,694 08
216,141 10
270,000 00
2,430 72

$558,029 12

$151,630 95

$155,744 39

$865,404 46

Net profit for year
Estimated United States Income and Excess-Profits Taxes

$442,299 79
120,000 00

36,059 47

$435,615 70

$883,974 96
120,000 00

Available profit for year
Deduct:
Adjustments on previous periods
Proportion of organization expenses

$322,299 79

$6.059 47

$435.615 70

$763,974 96

912 52
23,314 00

3,291 57

30.361 95
13,836 80

26,157 86
37,150 80

$22,40148

$3,291 57

$44,198 75

$63,308 66

Net addition to surplus
Surplus as per 1917 report

$299,898 31
8,495 10

$9,351 04
1,081,442 36

$391,416 95
270,120 16

$700,666 30
123,331 62

Surplus May 31, 1918, as per consolidated balance sheet

$308,393 41

$1,090,793 40

$661,537 11

$823,99792

CONSOLIDATED BALANCE SHEET AS AT MAY 31, 1918.
ASSETS.
Punta Alegre
Campania
Azucarera
Sugar
Company.
Trinidad.
Florida.
Fixed assets:
Buildings, machinery, railroad and lighterage equipment, steam
plows, carts, &c
$3,222,522 62 $1,247,066 99 $1,299,521 32
Less reserve for depreciation
140,739 60
342,979 35
218.584 17
$2,879,543 27 $1,028,482 82 $1,158,781 72
Plant under construction
25,165 08
986 65
20,770 93
Lands, pastures, roads and wells
488,347 78
197,398 14
46,060 31
Cane fields and new plantings, including ditches
822,977 19
402,224 04
171,330 22
Total fixed assets
$4,216,033 32 $1,629,091 65 $1,396,943 18
Organization expenses, less yearly proportion written off
$186,512 24
$110.694 54
$3,884,326 00
Inter-Company Capital Stock and debit balances
$450,000 00
$82,531 82
$4,000 00
Mortgages receivable
Working assets:
$100,209 33
Live stock
$187,247 00
$20,538 51
Supplies in warehouse
303,621 94
107,270 58
118,621 07
702 00
Sugar in process
28,870 25
Expenses on account of 1919 crop
61,072 46
10,506 03
06
8,45743
Prepaid insurance, &c
11,939
11,306 89
Total working assets
$364,749 47
$444,640 58
$160,972 50
Current assets:
Supplies in stores
874,20524
$67,250 11
Unliquidated sugar and molasses (estimated proceeds)
1,999,756 75
449,19767 31,257,079 53
(Pledged as security to notes and acceptances oustanding
$3,765,000 00.)
Accounts receivable from planters and others
383,481 80
91,181 66
24,933 90
E. Atkins & Company, fiscal agents
1,326,658 98
558 30
25,376 83
Cash
91,042 33
*1,14493
Total current assets
$3,875,145 10
$607,042 81 $1.307,390 26
$12,689,189 06 $2,604,883 93 $3,426,000 48

Capital accounts:
Capital Stock, Punta Alegre Sugar Company
Surplus accounts
Capital Stock-Inter-Company
Capital Stock of subsidiaries in hands of public
Surplus on stock of subsidiaries in hands of public
Total capital accounts
onded indebtedness:
First Mortgage 6% Convertible Bonds, 1935
Collateral Trust 6% Convertible Bonds, 1931
Fifteen-Year Notes, due 1931
Total bonded indebtedness
nter-Company credit balances
Reserves for fire loss




Cross-entries.

Consolidated
Balance
Sheet.
35,769,110 93
702,303 12
35,066,807 81
46,922 65
731,806 23
1,396,531 45
37,242,068 15
$297,206 78

$4,334,326 00
$86,531 82
$307,994 84
529,513 59
702 00
100,448 74
31,703 38
$970,362 55
$141,455 35
3,706,033 95
499,597 36
23,90928
115,274 23
31,303,308 00 34,486,270 17
$5,637,634 00 $13,082,439 47
31,303,308 00

LIABILITIES.
Punta Alegre
Campania
Consolidated
Azucarera
Balance
Sugar
Sheet.
Trinidad.
Company.
Florida.
Cross-entries.
$3,100,000 00
$3,100,000 00
823,997 92
$661,537 11 $1,236,726 00
308,393 41 $1,090,793 40
1,447,600 00
897,600 00
550,000 00
2,400 00
2,400 00
2,400 00
2.400 00
$2,684.326
00
$3,928,707
92
$3.408,393 41 $1,993,193 40 $1.211,537 11
$1,500,000 00
2,995,200 00
$4,495,200 00
$450,000 00

$1,500.000 00
2,995,200 00
$1,200,000 00 $1.200,000 00
$1,200,000 00 $1,200,000 00 34,495,200 FA
$450,000 00
$18,020 90
$18,020 90

981

THE CHRONICLE

MAR. 81919.]

Punta Alegre
Sugar
Current liabilities:
Company.
by
outstanding.
(Secured
sugar
unliquidated
Notes and acceptances
and molasses, $3,706,033 95 and succeeding crops)
$3,645,000 00
Bond interest accrued
112,500 00
Provision for United States and Cuban Income and Excess-Profits
157,000 00
Taxes
41,981 74
E. Atkins & Company,fiscal agents
379,113 91
Accounts payable
Total current liabilities

34.335,595 65

Trinidad.

Compania
Azucarera
Florida.

Cross-entries.

$120,000 00
3600 00
573,850 37
19,219 26

36,000 00
687.475 89 $1,303,308 00
170,987 48

Consolidated
Balance
Sheet.
$3,765,000 00
112,500 00
193,600 00
569,320 65

$593,669 63 $1,014,463 37 $1,303,308 00 $4.640,420 65

$12,689,189 06 $2,604,883 93 33,426,000 48 $5,637,634 00 $13,082,439 47
* Overdraft (net).
Contingent liabilities-The Compania,Azucarera Florida has guaranteed payment to the banks of $160,993 81 on account of notes discounted
and advances made to planters.

As the Company does no'grinding of cane from May to
November no income account for such period is available.
BALANCE SHEET AS OF NOVEMBER 30 1918 (SUBJECT TO
ADJUSTMENTS AT END OF YEAR).
(Due to difficulty of adjusting inter-company balances on current
accounts, a consolidated balance sheet is not available.)
ASSETS.
Compania
Azttcarera
Trinidad.
Florida.
Fixed assets:
Buildings, machinery, railroad and lighterage equipment, steam plows, carts,
$3,174,297 29 $1,169,066 48 $1,247,221 32
&c
218,584 17
140,739 60
342,979 35
Less reserve for depreciation_
Punta Alegre.

$2,831,317 94
133,433 26
Plant under construction__ _
Land, pastures, roads and
488,347 78
wells
1,644 39
New equipment
1,032,767 34
Investment in plantations..
Organization expenses, less
two annual charges of 10%
186,512 24
of original amount
Inter-Company Capital Stock
5,341,190 49
and debit balance
82,531 82
Mortgages receivable
Operating expenses on account of 1918-1919 crop__ 214,232 54
Interest account crop 1918-19
Working assets:
131,745 32
Live stock
Supplies in warehouses, &c.,
257,651 67
valued at cost
Imported machinery,&c., not
301,920 25
yet distributed
Current assets:
22,161 33
Cash
Boston cash and unreported
826,057 35
charges
Partial payment, account of
subscriptions to Capital
490,000 00
Stock, per contra
Accounts receivable from
490,611 87
planters and others
Investmentin Company stores 167,742 93
Bond interest applicable
135,000 00
against 1918-1919 crop_ _ _
Unliquidated sugar and molasses (valued at contract
price less allowance for
expenses and estimated de166,365 60
terioration)

$950,482 31 $1,106,481 72
24,396 60 *174,974 73
197,398 14
29,430 92
863,273 81

119,932 31

idf,-6bIga
110,694 54
450,000 00

4,000 00
205,645 38
10,286 46

128,663 78
38,213 28

190,163 46

12,766 73

136,664 77

232,494 89

8,241 88

13,465 51

41,861 48

3,491 54

144,059 59
47,462 50

48,478 34

36,158 40

323,317 57

$13,301,234 12 $2,889,525 70 $3,370,668 77
LIABILITIES.
Punta Alegre.
Capital Stock
$36,550 00
Preferred
3,100,000 00
Common
Partial payment, account of
subscription to Capital
490,000 00
Stock, per contra..
First Mortgage 6% Convertible
1,500,000 00
Bonds, 1935
Collateral Trust 6% Convert2,995,200 00
ible Bonds, 1931
Fifteen-Year Notes, 1931

Trinidad.
$900,000 00

Florida.
$550,000 00

•

1,200,000 00

$7,595,200 00 $900,000 00 $1,750,000 00
728 11
310,752 76
Notes and acceptances payable.. 4,140,000 00
876,142 06
578,052 36
Inter-Company credit balances 450,000 00
76,082 28
427 26
Accounts payable
70,326 54
Bond interest, accrued not due.. 112,500 00
Reserve for United States Federal Income and War Profits
126,328 53
Taxes, &c
Interest received account 191819,345 41
1919 crop
Miscellaneous income, account
1,948 17
1,56397
1918-1919 crop
253,279 73 1,110,664 30
161-,-51f11
Surplus as per books
$13,301,234 12 $2,889,525 70 33,370,668 77
Contingent liabilities on Plant$294,519 59
ers' Notes discounted
* The plant under construction at Florida does not include an addition
to the mill which was erected since the close of the last crop season, and
began operations in December, 1918. The mill was built by contract at a
price of $1,250,000 and doubled the former capacity of the plant.
t Since the date of this balance sheet additional payments on account of
subscriptions to Preferred and Common Stock, amounting to $993450,
have been received and $723,450 Preferred Stock and $760,000 additional
Common Stock issued. The funds received have been used in part payment for construction of addition to the Florida mill. There is now outstanding of the Punta Alegre Sugar Company $760,000 of Preferred Stock
and $3,860,000 of Common Stock.

Punta Alegre Sugar Company agrees with the New York
Stock Exchange as follows:
Not to dispose of its stock interest in any constituent,
subsidiary, owned or controlled company, or allow any of
said constituent, subsidiary, owned or controlled companies
to dispose of stock interests in other companies unless for
retirement and cancellation, except under existing authority
or on direct authorization of stockholders of the company
holding the said companies.
To publish at least once in each year and submit to the
stockholders, at least fifteen days in advance of the annual
meeting of the corporation, a statement of its physical and
financial condition, an income account covering the previous
fiscal year, and a balance sheet showing assets and liabilities



at the end of the year; also annually an income account and
balance sheet of all constituent subsidiary, owned or controlled companies; or a consolidated income account and a
consolidated balance sheet.
To maintain, in accordance with the rules of the Stock
Exchange, a transfer office or agency in the Borough of
Manhattan, City of New York, where all'listed securities
shall be directly transferable, and the principal of all listed
securities with interest or dividends thereon shall be payable;
also a registry office in the Borough of Manhattan, City of
New York, other than its transfer office or agency in said
city, where all listed securities shall be registered.
Not to make any change in listed securities, of a transfer
agency or of a registrar of its stock, or of a trustee of its
bonds or other securities, without the approval of the Committee on Stock List, and not to select as a trustee an officer
or director of the company.
To notify the Stock Exchange in the event of the issuance
of any rights or subscriptions to or allotments of its securities
and afford the holders of listed securities a proper period
within which to record their interests after authorization,
and that all rights, subscriptions or allotments shall be
transferable, payable and deliverable in the Borough of
Manhattan, City of New York.
To notify the Stock Exchange of the issuance of additional
amounts of listed securities, and make immediate application for the listing thereof.
To publish promptly to holders of bonds and stocks any
action in respect to interest on bonds, dividends on shares,
or allotments of rights for subscription to securities, notices
thereof to be sent to the Stock Exchange, and to give to the
Stock Exchange at least ten days' notice in advance of the
closing of the transfer books or extensions, or the taking of
a record of holders for any purpose.
In the event of its Preferred Stock being listed the company agrees to redeem said Preferred Stock in accordance
with the rules of the Stock Exchange.
To notify the Stock Exchange if deposited collateral is
changed or removed.
The fiscal year of the Company begins on the first day of
June and ends on the thirty-first day of May.
The Directors (elected annually) are: Edwin F. Atkins,
Robert W. Atkins, H. P. Binney, J. B. Hardon, Galen L.
Stone, Henry Hornblower, Ernest B. Dane, John E. Thayer
Jr., and Charles B. Wiggin, all of Boston, Mass.; W. M.
Bancroft, Eli L.Ponvert, E. V. R. Thayer and E.J. Barker,
New York City; Louis K. Liggett, Roxbury, Mass.; and
C. H. Thrall Jr., Havana, Cuba.
The Officers are: Edwin F. Atkins, President; Charles B.
Wiggin, Vice-President; Eli L. Ponvert, Vice-President;
Robert W. Atkins, Treasurer; Walter H. Armsby, Assistant
Treasurer; John E. Thayer Jr., Assistant Treasurer and
Secretary.
The annual meeting of the Company is held on the first
Wednesday of November at the business office of the Company, Room 423, 10 Broad Street, Boston, Mass. The
principal office of the Company is DuPont Building, Tenth
and Market Streets, Wilmington, Delaware. The Company
also maintains a local office at Punta San Juan, Province of
Camaguey, Cuba.
The certificates for the Preferred and Common Stock are
transferable either in New York or Boston.
The Transfer Agent of the Company in New York is The
Equitable Trust Company of New York, in the Borough of
Manhattan, City of New York; and in Boston, The Merchants' National Bank of Boston, Boston, Mass.
The Registrar of the Stock of the Compnay in New York
is The Chase National Bank of the City of New York, in
the Borough of Manhattan, City of New York; and in Boston, The First National Bank of Boston, Boston, Mass.
PUNTA ALEGRE SUGAR COMPANY,
By JOHN E. THAYER JR., Secretary.
This Committee recommends that the above-described
$2,510,100 Common Stock be admitted to the List, with
authority to add: $1,349,900 on official notice of issuance of
permanent engraved interchangeable certificates in exchange
for present outstauding certificates; also $1,304,350 on official notice of issuance on conversion of First Mortgage 6%
Convertible Twenty-Year Bonds, due 1935, and $2,400,000
on official notice of issuance on conversion of Collateral
Trust 6% Convertible Bonds, due 1931, all in accordance
with the terms of this application; making the total amount
authorized to be listed $7,564,350.
WM. W. HEATON, Chairman.
GEORGE W. ELY, Secretary.

982

THE CHRONICLE

[VOL. 108.

SAVAGE ARMS CORPORATION
SECOND ANNUAL REPORT—FOR THE FISCAL YEAR ENDED DECEMBER 31,.1918
February 25, 1919.
To the Stockholders:
The Board of Directors herewith submit report of the
operation and affairs of the Savage Arms Corporation for
the fiscal year ended December 31, 1918, together with
statement of the condition of the finances and property at
the close of that year.

GENERAL
During the year 1918, both your plant at Utica and your
plant at Sharon have been operated at full capacity. The
Utica Plant, manufacturing the Lewis Machine Gun, undertook large contracts for the United States Government,
for both Airplane and Standard type Lewis Machine Guns,
and during the year 1918 delivered 51,793 guns to the
United States Army, Navy, and Marine Corps, the largest
INCOME ACCOUNT FOR THE YEAR 1918
proportion going to the United States Army. The total
Total earnings after deducting all expenses incident to operations, including those for ordinary repairs and maintenance
number of Lewis Machine Guns now in the hands of the
of plants, ordinary taxes and ordinary depreciation charges
United States Government is 59,913; the total number of
which Includes amortization of Patents, &c
*$7,859,121 13
Interest for the year on Outstanding Bonds
24,397 33 Lewis Machine Guns manufactured by this Company to
Feb. 15, 1919, since the inception of such manufacture in
$7,834,723 80
**Reserves for State and Federal Taxes and Contingencies__ 6,460,237 76 November, 1915,is 72,894. It is a subject of congratulation
that our deliveries of this weapon were ahead of the schedule
Balance
$1,374,486 04 undertaken by us with the United States
Government.
Dividends:
This record is, as far as we know, the best of any concern
First Preferred
$17,850 00
(7%)
Second Preferred
20,361 00 making machine guns in'this country.
(6%)
Common
498,840 00
(6%)
During the past three years your Company has maintained a school of instruction on machine gun operation
Total Dividends
$537,051 00
at your plant at Utica, N. Y., under the supervision of the
Added to Surplus
$837,435 04 United States Marine Corps, and during that time has
*Reduction from Preliminary statement of earnings duo to year end instructed
3,453 men from the Army, Navy and Marine
adjustments.
Corps
United States, and men from the Militia.
of
the
**These figures are based on the best available information at date of
This instruction has been given in the use not only of the
publication.
Lewis Gun but also in other types of machine guns, both
FINANCIAL POSITION
light
and heavy, manufactured by our competitors, also
During the year 1918 there has been expended, out of
earnings, for extensions and additions, $325,717 91 on your United States Service rifles and .45 caliber automatic
plant at Sharon, $872,084 34 on your plant at Utica, and pistols. All the facilities for this instruction, which has
in acquiring, altering and extending plant at philadelphia, received high praise from official sources, has been given
without cost to the United States Government.
$876,363 08.
Your plant at Sharon, Pa., was operated successfully in
Corporation
has purchased and retired all of its
The
outstanding bonds as of December 31, 1918. It has pur- the manufacturing of three-inch and six-pounder guns for
chased and holds in its Treasury all of its First Preferred the United States Navy, motor truck frames for the United
Stock, with the exception of one hundred shares; Second States Army, and other material for motor trucks, all of
Preferred Stock to the extent of 2,393 shares has been which was directly or indirectly for the United States
converted into Common Stock, leaving a balance of 2,607 Government.
In July, 1918, when further orders had been obtained from
shares of 6% non-cumulative stock outstanding. It has
also purchased and holds in its Treasury 12,813 shares of the United States Government, it was found desirable to
its Common Stock, leaving a balance of 79,580 shares of purchase a plant in Philadelphia, Pa. Accordingly, a
modern, up-to-date plant of about 150,000 square feet
Common Stock outstanding.
By the above, it will be noted that the Corporation has floor surface, on a plot of ground of about six acres, was
reduced its outstanding capital issues from $11,500,000 at purchased at a very low figure. This plant was remodeled
December 31, 1915, to $8,228,700 at December 31, 1918, and added to, and has been engaged on certain Government
or a net decrease of $3,271,300. The reductions are sum- work. This plant was a necessary, and we believe valuable,
acquisition for the Company.
marized as follows:
Outstanding
Outstanding
During 1918 several advances in wages were made to the
at
at
employees
of all classes. While in December, 1918, the
Dec. 31, 1915. Dec. 31. 1918.
Decrease.
Bonds
$1,500,000
$1,500,000 total number of employees was approximately 8,000, the
First Preferred Stock
500,000
810,000
400,000 total number is, at this time, 3,225.
Second Preferred Stock
500,000
260,700
239,300
Your Company has already been successful in obtaining
Common Stock
9,000,000
7,958,000
1,042,000
orders for commercial or peace-time products and is proceed$11,500,000 $8,228,700 $3,271,300 ing with their manufacture; but there will undoubtedly be
This very substantial reduction in bonds and capital stock a period of readjustment before normal conditions are
has been made entirely from earnings. Attention is called resumed throughout the country. While any statement
to the statement of earnings for the years 1916, 19,17, and as to the period required for these adjustments would
naturally be premature, it is hoped that your Company will
1918, attached hereto.
With the close of the year 1918, the war business of the continue to make a showing satisfactory to its stockholders,
Corporation is practically at an end, and looking forward even in view of the changed conditions.
to the difficulties involved in the change from a war-time
Attention is also directed to the splendid physical conbusiness to the normal business of peace times, the Board dition of your plants and the excellent organization that has
directs your attention to the very favorable financial position been built up, the Management having had in mind at all
of the Company as at December 31, 1918, as shown in times during the past three years the eventual return to peaceBalance Sheet attached. It is to be noted that the ratio time business. All extensions and additions to plants have
of current assets to current liabilities is approximately 10 been made with this in view. Since the signing of the
to 1, and that of total assets of approximately $22,000,000, armistice, the Management has devoted every energy to
$15,000,000 are current; that the Corporation has provided the re-establishment of its pre-war business, and to securing
out of earnings very large reserves. It is the judgment of other products to take the place of war-time products, and
your Board, however, that no distribution in the form of has at this time a number under advisement.
extra dividends, or otherwise, should be made at this time
Of the products of your Company in the past three years,
when we are still in ignorance of the amount of your Com- the one which has contributed in the largest degree to its
pany's Federal Tax liability, present and future, or of the success has been the Lewis Machine Gun, and it is a source
amount of working capital that will be required by the new of great satisfaction that, in spite of the criticism of this
business activities of the Company.
weapon by those who were either prejudiced or ignorant,
While the amount of taxes that the Corporation will be it has proved itself, both here and in Europe, the best
called upon to pay on its 1918 earnings cannot at this time machine gun of its type developed to date and you should
be definitely determined, reserves for 1918 taxes have been be proud of the fact that your company was successful in
sot aside out of earnings, based on the best and last obtain- aiding the Allies and our own Government by supplying,
able information.
in such large quantities, this adequate fighting arm.



. THE

MAR. 8 1919.]

CHRONICLE

983

Your Board announces with great regret the death of 31, 1918, and the result of the operations of the Company
two of the Directors of your Company during the year 1918, for the year, respectively.
BARROW, WADE, GUTHRIE & CO.
Mr. J. DePeyster Lynch and Colonel Benjamin Adriance.
A. H. WHAN & COMPANY, Inc.
We take occasion to express our grateful appreciation of
A. H. WHAN, President.
the loyal and efficient services of the officers and employees
of the Company during the past year.
COMPARATIVE INCOME ACCOUNT FOR 3 YEARS.
By order of the Board of Directors,
1917.
1918.
1916.
Total earnings after deductA. E. BORIE, President.
ing all expenses incident
CERTIFICATE OF AUDITORS
We have examined the books and accounts of the Savage
Arms Corporation for the year ended December 31, 1918,
and attach hereto a Balance Sheet as at the above date and
Income Account for the period.
We have accepted the book values of the inventories,
including the reserves as made by the Company, and also
the values placed upon the Plant, the verification of these
assets not coming within the scope of our examination.
The reserves provided for Federal Taxes and other contingencies are, in our opinion, adequate.
Subject to the foregoing, the Balance Sheet and Income
Account as submitted herewith correctly set forth the
position of the Savage Arms Corporation as at December
•

Reservefor State and Federal
Taxes and Contingencies_
Balance
Dividends
Added to Surplus

$5,227,749 31 *$3,289,710 75
63,630 35
88,827 67
37,834,723 80 $5,164,118 96 $3,200,883 08
6,460,237 76 3,669,000 00 2,425,127 00
$1,374,486 04 $1,495,118 96 $775,756 08
537,051 00 459,147 50
740,264 50
$837,435 04 $1,035,971 46
$35,491 58

*Ordinary Depreciation omitted.
**Includes Super depreciation.
Note.—The operations for the year 1916 were carried on under the name
of Driggs Seabury Ordnance Company.

CONDENSED BALANCE SHEET—DECEMBER 31, 1918.
ASSETS

Plant:
$3,950,213 22
December 31, 1915
Additions and Extensions to Dec. 31 1918
5,589,898 77
$9,540,111 99
Less—Depreciation and Amortization_ ---33,956.061 95 $5,584,050 04
Patents, Licenses, Rights and Good Will
Less—Amortization

7,142,248 07
5,948,669 53 1,193,578 54

Investments
Current:
Cash
$1,646,908 47
Accounts and Notes Receivable—Less Reserve
3,549,519 98
Inventories—Less Reserve
8,227,269 19
United States Government Certificates and
Bonds
1,8:30,750 00
Deferred

to operations, including
those for ordinary repairs
and maintenance of plants,
ordinary taxes and ordinary depreciation charges
which includes amortization of Patents, &c
**$7,859,121 13
Interest for year on outstanding bonds
24,397 33

155,000 00

$15,254,447 64
39,141 43
$22,226,217 65

LIABILITIES
Capital Stock:
First Preferred
$500,000 00
Less—Acquired and held in
Treasury
490,000 00

$10,000 00

Second Preferred
260,700 00
Common
$9,239,300 00
Less—Acquired and held in
Treasury
1,281,300 00 7,958,000 00
Current
Advances on Contracts
Reserves:
Taxes, Royalties, Insurance, &c
Special Fund for Contingencies
Surplus

$8,228,700 00
1,592,507 40
362,927 15
$7,917,617 63
2,048.292 96 9,965,910 59
2,076,172 51
$22,226,217 65

SAVAGE ARMS CORPORATION
50 CHURCH STREET
NEW YORK, U.S.A.
New York, February 25, 1919.
Assuming, on the other hand, that the second object
To the Stockholders:
stated above is that which in fact animates the "Protective
You have received a letter from a so-called "Stockholders' Committee," your attention is called to the splendid record
Protective Committee," advocating a distribution of from made by your Company in the three years during which it
$4,000,000 to $6,000,000 of the Company's assets. Your has been in operation under the present management.
Board of Directors is undecided as to which of the two
Starting with a limited and incomplete organization for
objects stated below this Committee may have had in mind the manufacture of munitions it has, in spite of the many
in sending the communication referred to:
difficulties encountered in this line of manufacturing,
First: A legitimate attempt to obtain an additional succeeded in earning, after amortization, over 816,000,000
distribution of assets, or
in three years, of which approximately $9,000,000 has been
Second: An effort, on account of the wide distribution of used for tax payments and reserves, approximately $3,000,the stock of the Company, to obtain control of the manage- 000 for repurchasing the bonds and stocks of your Company,
ment of the Company by statements which might appeal and approximately $4,000,000 has gone into bond interest,
to an uniformed stockholder, but which do not represent dividends and surplus. It has more than quadrupled its
all the facts as they exist.
plant facilities and has an organization of which you can be
If we assume the first object mentioned to be the real one, proud. The reduction of your outstanding capital from
it can be pointed out that although the Company in its $11,500,000 to "•,228,700 is in effect a distribution of a
final statement for December 31 1918, shows approximately large amount to the stockholder, and has added materially
$15,000,000 in quick assets, over $8,000,000 of these quick to the intrinsic value of your common stock. This enables
assets is in unliquidated inventories. Against this, charges your Company to re-enter the field of commercial work with
of approximately $10,000,000 exist. These charges, set no fixed charges whatsoever.
up on our balance sheet as reserves, constitute a real liability,
Your Board of Directors stands with confidence on this
• 80% at least of which must be paid in actual cash within the record and feels warranted in laying these facts before you
months.
This means that before these payments to enable you to judge whether or not the management of
next nine
can be made, at least $1,000,000 of the inventories must the Company should be changed by a "Stockholders' Proteccash,
with such additional amount as may be tive Committee," which holds as of record a total of only
be turned into
necessary for working capital for the Company. The liquida- 1,397 shares .of stock, out of the more than 80,000 shares
tion of such inventories is necessarily slow and uncertain.
outstanding.
The exact amount of the Federal and State taxes, paid
The policy of your Board is to increase its peace business
1917
and
for
1918,
it
is
both
as
yet impossible along conservative lines, using the existing business of the
and to be paid,
officials
the
of
While
the
to determine.
Company have Utica plant, consisting of the manufacture of sporting rifles,
used their best judgment in submitting tax reports and pistols, &c., and the existing business of the Sharon plant,
Internal
the
Revenue
reserves,
making tax
examiners have consisting of the manufacture of motor truck frames, forgnot as yet checked the figures for 1917, and as there are a ings, &c., as a nucleus, and adding thereto other lines of
may
which
develop
in
questions
number of
such checking, business which these two plants can handle, without excessive
on which there has been as yet, to our knowledge, no definite increases in their present equipment and facilities.
necessarily
are
decision, the results
questionable. As for
In view of the foregoing, which represents the unanimous
the 1918 taxes,the new statute applicable has,at this writing, opinion of the Board of Directors, you are requested to sign,
and
enacted,
the
not even been completely
regulations govern- date and forward to the Company the enclosed proxy,
ing its administration are still unpublished. Its effects there- even if you have already sent your proxy under a misappreany
with
approachto accuracy. hension to the "Stockholders' Protective Committee."
fore cannot now be forecast
- We believe that such considerations as these should make Your Board and Management are naturally anxious to deterstockholder
the
reasons why a large mine as quickly as possible whether they have the approval
clear to any unbiased
distribution of assets at this time would be unwarranted and and support of the majority of the stockholders upon the
of
future
your
dangerous to the financial
Company.
past results and future policies of the Company, as outlined
Your Board is not averse to a further distribution of earn- herein.
ings, should it be warranted later on. No harm can come
Yours very truly,
of postponing action on an extra distribution, but great
harm may come of premature action.
A. E. BORIE, President.



984

THE CHRONICLE

[VOL. 108.

UNITED DRUG COMPANY
ANNUAL REPORT FOR THE FISCAL YEAR ENDING DECEMBER 31 1918.
Boston, Mass., February 24 1919.
To the Stockholders of United Drug Company:
There never was a time when Co-operation was so generally discussed and urged as a policy among people as
to-day—even the nations are adopting plans to co-operate with each other to keep from fighting.
In the light of this influence United Drug Company's
co-operative policy, practiced ever since its foundation, is
most favorably emphasized to those who will study its
harmony and its advantages. It is certainly in front with
the thought of the times for industrial co-operation.
The mutual confidence and fraternal feeling among our
eighteen thousand members, including employees, make
hard work a pleasure rather than a burden to the executive
organization. Combined efforts have accomplished a record
in growth rarely seen.
The first year of the organization, 1903, our business was
$60,000; in 1910 it was $2,115,839 74; in 1914, when the
war broke out, it amounted to $13,478,950 30; and in 1917
it reached $40,716,289 88.
About this time last year I had the pleasure of sending
you a. statement of the 1917 business. You will recall I
stated to you that it was impossible to predict what would
happen in 1918 because of war conditions, but I also stated
that my absolute belief in our co-operative principles, confirmed faith in the Rexall Stockholders and the tested loyalty
capabilities and will of the organization to succeed, enabled
me to assure you that we were ready for peace or war, as
we relied on men and not on conditions.
That dreadful year is over and I am now proud to hand
you herewith a statement of the consolidated income for
1918 and a statement of the assets and liabilities as of
December 31 last.
The sales are $51,028,335 87, an increase of 25% over
1917.
Net profit is $4,579,922 22, an increase of 45%. It represents9% on sales and is 1% more than was earned last year.
This increased percentage is due to three things: (a) additional volume, (b) curtailing the sale of unprofitable merchandise, and (c) turning losses made by some of the subsidiaries in 1917 into profits in 1918. For instance, our
retail Company in Canada, the Great Britain Branch and
the Seamless Rubber Co. (during its reorganization period)
all showed losses in 1917. In 1918 they all made profits,
the Seamless Rubber Co. doing particularly well, earning
more than double its prefereed dividend the first full year
of operation under our management. Every department
of the company and every subsidiary company is now on a
profitable basis.
Neitheethe sales nor the profits were increased by Government business, but on the contrary were adversely affected because the medicines, hospital supplies, food
products,. &e., willingly produced for the Government at
practically no profit, were diverted from current business,
and the records show that we failed to deliver to Rexall
Stockholders upwards of $2,000,000 of merchandise ordered.
We were unable to accept orders of even a greater value
because of Government restrictions and pressure for deliveries to the armed forces and Red Cross.
I doubt if any single company was affected in more different ways by the rulings of the various Government
bureaus, due to our diversified industries.
I will not ask you to listen to the troubles the executive
force went through; that we did our national part the best
we could, made progress and succeeded in our business, is
better to think about.
Now let us analyze the balance sheet and see what happened during the year.
ASSETS.
CASH IN BANKS increased $195,144 97.
NET EQUITY IN LIBERTY BONDS increased $16,253 85.
ACCOUNTS AND NOTES RECEIVABLE increased
$1,437,335 60. This is normal for the larger business,
except as to $244,958 83 advanced to the Schuhle's Pure
Grape Juice Co., to finance the last grape crop according
to contract.
MERCHANDISE INVENTORIES increased $3,525,169 64. This is about equally divided between the manu-




facturing and retail businesses, and is necessary for their
growth.
REAL ESTATE AND BUILDINGS(OWNED IN FEE).
We purchased small parcels of land adjoining the Boston
plants and two small pieces in Washington, together costing $43,019 33.
BUILDINGS AND IMPROVEMENTS TO LEASEHOLDS increased $234,920 89. This is mainly improvements to leaseholds on new Liggett retail stores. There were
eight stores closed and eighteen opened during the year.
We now own 184 stores in the United States and 15 in
Canada.
MACHINERY, FURNITURE AND FIXTURES increased $515,825 54. This is added machinery and manufacturing equipment, and store fixtures for the new retail
stores above cited.
SUSPENSE AND ADVANCES decreased $38,477 71.
We charged off from this account every item of doubtful
value.
PATENTS, FORMULAE, PROTRADE-MARKS,
CESSES, LEASEHOLDS AND GOOD-WILL remain the
same on the books.
LIABILITIES.
OPEN ACCOUNTS PAYABLE (not due) increased
$1,722,695 77. Larger monthly purchases and better
terms from suppliers are the reasons for this. All bills are
cash-discounted when due.
NOTES PAYABLE (Parent Company)increased $1,140,000 00, and notes of Subsidiaries increased $90,529 52.
We have increased the business more during the year
than the undivided profits could accommodate, making
necessary the additional floating capital shown. The high
point of borrowing was reached in September, when the aggregate was $4,943,805 13. Since then we have paid off
$1,753,275 61, leaving the Parent Company's notes $2,980,000 00, and Subsidiaries' $210,529 52.
REAL ESTATE AND MORTGAGE BONDS (all of
subsidiary companies—there is no bonded debt of the
United Drug Company) have been reduced $85,506 00, in
accordance with the terms of these obligations.
There has been no change in the amount of outstanding
capital stock of the Parent Company.
There is a net increase of $121,000 in preferred stock of
subsidiary companies, caused by the Canadian retial Company's preferred sold to others. The Parent Company
owns all the Common stock of all subsidiaries.
SURPLUS AND RESERVES.
We added to Surplus $2,110,741 41, after paying all
dividends and also Federal Tax on 1917 profits, determined
in 1918; also an extra tax levied by the State of Massachusetts on stock in the Louis K. Liggett Co. Surplus balance
remaining is $4,834,875 01. From this will be deducted
the Federal Income and Excess Profits taxes for 1918 when
the amount is ascertained.
Reserves increased (net) $827,491 88, making the total
now $2,708,706 11,in addition to the surplus above shown.
The business to date in 1919 shows a larger increase than
ever. The manufacturing business alone is over 50%
ahead of the corresponding period last year. It is over
100% ahead for the month of February to date.
This makes us hasten to begin the program for extending our producing facilities. We must have a manufactory
in the Middle West. We must have at least half a million
square feet more of floor space in Boston. At present
we are occupying part or all of nine different warehouses in
Boston because of inadequate space in our present'plants. •
The rent on these, together with the added expense of transportation from place to place and the breakage and loss attending it, will more than pay the interest on new buildings,
to say nothing of the inconvenience and the time now wasted.
In addition to this we must get the full benefit of our local
organizations and advertising by opening more retail stores
in the metropolises where we are now established. This
new business is proportionately more profitable than the old
business.
I will take up with the Directors at their meeting on
March 11th a plan for financing these developments, which
they may in their discretion propose to the Stockholders.
I do not know of any other industrial organization in the
United States which has more immediate opportunities to
increase its volume and its profits than the United Drug
Company; I do not know of one which has a feature quite as
clear and definite; so with continued co-operation among
its members; with friendship for one another and mutual
confidence getting stronger and stronger all the time, enduring success and increasing prosperity are virtually assured.
Sincerely yours,
LOUIS K. LIGGETT,
President.

MAR.8 1919.]

THE CHRONICLE

CONSOLIDATED INCOME STATEMENT.
YEAR ENDING DECEMBER 31, 1918.
Sales (net)
Cost of Goods Sold

$51,028,335 87
32,635,318 06

Current Gross Profit
Operating Expenses

818,393,017 81
12,557,291 77

Merchandising Profit
Other Income: Dividend on Outside Investments

85,836,72804
31,421 90

Total Operating Profit
Deduct:
.
Depreciation, Obsolescence, &c
Doubtful Accounts Receivable
Taxes, Current

$5,867,147 94
$986,029 58
53,668 37
247,527 77
1,287,225 72

Net Profit to Surplus

$4,579,922 22

985

Earnings.—For the ten months ending Dec. 31 1917 net sales were
$19,440,047, and the net earnings, after Federal taxes and dividends, were
$1,003,624; net sales for 11 mos. ending Nov. 30 1918 were $15,639,978:
and the total gross profit, before allowance for taxes, $1,907.237. (Compare V. 108, p. 789.)

Valley Pipe Line Co.—Sale of Properties.—
See Shell Co. of California above.—V. 99, p. 412.

Wages.—Status of N. Y. Harbor Boatmen's Controversy.—

See preceding pages in this issue.—V. 108, p. 789, 487.

Waitt & Bond, Inc.—Sale of Pref. Stock.—Estabrook &
Co. give notice by advertisement on another page that
they have sold at a subscription price of 98 and div., yielding 7.14%, this company's 7% Cumulative First Pref.
(a. & d.) stock, par $100. Authorized, $1,000,000; outstanding, $750,000.

Divs. Q.-J. Callable on any interest date for the sinking fund and at
the company's option at 105 and dividends on 30 days' notice.
Company.—Makers of the "Blackstone" cigar, incorporated in Massachusetts in 1917, succeeding a business begun in 1870. Output of cigars
50,000 in 1870; 73,000,000 in 1918. Erected in 1913 a modern cigar facBalance
$2,384,683 83 tory in Boston. Also operated branch factory in New York City.
Assets and Earnings.—The following figures are as of Jan. 1 1919: (a)
Net Profit Added During Year
4,579,922 22
Total net assets, after deducting the amount of a real estate mortgage
Total
$6,964,606 05 1125,000 on the Boston plant and after completion of the present financing,
Dividends Paid on all Preferred and Common Stocks (Intotal $1,361,783, equal to 181.5% of this issue; and (b) net quick assets
cluding Subsidiary Companies)
2,129,731 04' amount to $1,123,554, or 149% of this issue.
Net earnings for the nine years ended Dec. 31 1918 averaged over 3.85
Net Surplus Balance, Jan. 1 1919
$4,834,875 01 times the dividend requirements for this issue.
Note.—Federal Income and Excess Profits Tax for 1918 to be deducted
Sinking Fund, &c.—Annually beginning Feb. 1 1920. 15% of the net
when ascertained.
earnings after payment of dividends on the first pref. stock, for the preceding years shall be applied to the purchase or call of first pref. stock.
Numerous provisions are set forth providing for the protection of the
COMBINED BALANCE SHEET.
First Preferred stock.
INCLUDING ALL SUBSIDIARY COMPANIES,DEC.31 1918.
(Inter-Company Accounts Eliminated.)
Whitaker Paper Co. Cincinnati, Ohio.—Acquisition.—
Thiscompany, It is stated, has purchased for $500,000 the holdings
ASSETS.
of
the
Peters Paper Co. at Denver, Col.—V. 99, p. 204.
Cash
$1,232,716 77
Net Equity in Liberty Bonds
110,983 50
Accounts and Notes Receivable
Willys-Over
land Co.—New Officer.—
4,500,690 78
Merchandise Inventories
Leroy Kramer has been elected Vice-President of Production to succeed
14,118,597 30
C. 0. Miniger.—V. 108. p. 487.
Total Quick Assets
$19,962,988 35
Real Estate and Buildings (owned in fee)
(F. W.) Woolworth Company.—February Sales.2,499,189 25
Buildings and Improvements to Leaseholds
1,362,567 87
1919—Feb.-19i8.
Increased 1919-2 Mos.-1918.
Increase.
Machinery, Furniture and Fixtures
4,994,975
64
$7,189,248
$6,295,302 $893,9461$14,313,559 $12,216,466 $2,097,103
Stockholdings in other companies
426,684 18 —V. 108. IL 781.
Advances and Suspense Accounts
682,749 91
Trade-marks, Patents, Formulae, Processes, Leaseholds and
Good-will
23,496,575 53
•
CURRENT NOTICES
Grand Total Assets
$53,425,730 73
LIABILITIES.
—Bedell & Co. announce that they have admitted to partnership in
Current Accounts Payable (not due)
$4,507,221 66
their firm as of March 1st, Harold C. Field of Providence, R. I., and
Notes Payable, by United Drug Company
$2,980,000 00
Notes Payable, by Subsidiary Companies_ _ _
Antonio
Lazo of New York City, as resident partner in charge of their
210,529 52
New York office.
Mr. Field in Sept. 1895 became associated with the
Total Quick Liabilities
$7,697,751
18
Nicholson
File Co., which was then planning to develop an export business,
First Preferred Stock
7,500,000 00 and during the years 1897 to 1904 he traveled abroad
Second Preferred Stock
in the interests of
9,109,000 00
Common Stock
20,050,000 00 that concern, making several trips around the world, and visiting Australia.
Preferred Stock of Subsidiary Companies outstanding
1,020,100 00 Africa, Europe, India, China, Japan and other countries. Since 1904;
Real Estate and Mortgage Bonds (all of subsidiary comMr. Field has been in charge of the export business of the Nicholson File
panies)
505,298 43
Reserves
2,708,706 11 Co. In recent years he has been a member of the Board of directors of
Surplus
the
company, and he is also a director of the Union Trust Co. in Provi4,834,875 01
,
dence. In becoming associated with Bodell & Co., he will continue his
Grand Total Liabilities
$53,425,730 73 industrial activities along lines of development
in which they are intereSted.
Mr. Lazo is a resident of New York City. Ho was with J. G. White & Co.
Respectfully submitted,
for four years, acting as private secretary to Mr. J. G. White. From 1911
JAMES C. McCORMICK, Treasurer.
to 1913 he was with Harris, Forbes & Co., New York City, as a bond
salesman. In 1913 to 1914 he respresented Bertron, Griscom & Co.
in Europe as assistant in charge of their European business, with head,
United States Window Glass Co.—Offering of First quarters in Paris. In August 1914. shortly after the beginning of the war.
Closed Mtge. Bonds.—Stanley & Bissell, Cleveland, are offer- he was appointed by Mr. Herrick, then U. S. Ambassador to France,
Sbcretary of the Embassy Committee in charge of the repatriation of
ing at par and int., to net 6%,$400,000 First (closed) Mtge. Americans
France. Early in 1915 he became assocaited with Parkinson
6% Serial gold bonds dated Jan. 1 1919, due serially $40,000 & Burr. asin
manager of their New York Bond Department, which position
semi-annually from July 1919 to Jan. 1924, inclusive.
he held until the summer of 1916, when he went to the Mexican border
Denom. $600 and $1,000 c*. Int. J. & J. at Cleveland. Trustees, the with Squadron A Cavalry, New York National Guard. Upon his
return
Citizens Savings & Trust Co. and Wilbur M. Baldwin, Cleveland.
ho resumed his position with Parkinson & Burr, but upon the United
all or part in reverse order of maturity and serial numbers at 101 andRed.
int. States entering the war with Germany, he was commissioned
on any int. date on 4 weeks' notice. Company agrees to pay the normal
Captain and
Federal income tax to an amount of 4%.
served with the Ordnance Department and General Staff in charge of very
The company owns and operates two machine window glass plants important work.
located in Morgantown, W. Va. Further particulars another
week.
—V. 100, p. 985.
—The syndicate composed •of the Guaranty Trust Co. of this city,
Drexel Sr Co. and Brown Brothers & Co. are offering and advertising elseUtah Copper Co.—Dividend Decreased.—
where in the "Chronicle" to-day the new iS81.10 of $8,000,000 City of PhilaThe directors have declared a quarterly dividend of $1.50(15%) on
the
stock, payable March 31 to holders of record March 14.
Dividenoi record: delphia 04% bonds, at 101U and interest, yielding nearly 4.40%. The
(1009. 1910-1914. 1915. 1916. 1917.
1918.
bonds are dated March 11919. and mature March 11949;interest is payable
1919.
Regular% 1 20 30 yearly. 423•6 70
140 25, 25, 25, 25 15%
quar. Jan. 1 and July 1. The bonds are free from the personal property tax
Extra._ _ _1
-- --------- -50
x15
imposed by the State of Pennsylvania and are exempt from Federal income
x Includes 5% paid in July 1917 for Red Cross distribution.
tax under existing laws. This offering is made, it is believed, at the
I.Compare Chino Copper Co. above.—V. 108, p. 886.
Valley Mould & Iron Corp.—Further Particulars.—The lowest price at which the City of Philadelphia bonds have been publicly
offered.
The City of Philadelphia is in an exceptionally strong position
offering of $500,000 Purchase Money First Mtge. 7% Serial financially.
Nearly one-fifth
its outstanding debt is held in its own
gold bonds, dated Jan. 1 1919 by Otis & Co. and the First sinking fund,and the net debt isof
less than 5% of the total assessed valuation.
National Bank of Cleveland, Ohio, was noted in these The valuation of property for the purpose
of taxation is over two and onecolumns Feb. 22.
half billion.
The corporation was organized in Mar. 1917 in N. Y. to acquire the
—Halsey, Stuart & Co. and William R. Compton Co. are offering at
property of Valley Mould & Iron Co. Sharpsville, Pa. The company has
100 and interest $8.000,000 State of Louisiana Port Commission Serial 5%
foundries at Sharpsville and West Middlesex Pa., and a blast
furnace at bonds. Of the total $6,000,000
Sharpsvillo, all on land owned in fee. The principal business is the
are canal bonds, payable July 1 1930 to
making
of ingot moulds which are used to form the steel ingot from the liquid
steel, 1959, and $2,000,000 harbor improvement bonds, payable Mar. 1 1927
and the making of stools on which the moulds are set. The company
to
1959. The entire issue is exempt from taxation in the State of Louisiana.
has
valuable contracts with blast furnaces, by which it is supplied with molten
According to a financial statement of the Commonwealth the estimated
metal, and large contracts with the great steel plants of the country
for the actual value of taxable
supply of their moulds.
property in 1918 was placed at $1,452,158,957,
The following are some of the company's principal customers: Algoma whereas the assessed value of this property was estimated at
$726,079,478.
Steel Corp., Amer. Bridge, Amer. Rolling Mill, Amer. Steel St Wire,
The total bonded debt, including this issue, is only $36,994,000. The
Tube & Stamping, Bethlehem Steel, Brier Hill Steel, Cambria Amer.
Steel,
bonds
are
a
direct
obligation
of the State of Louisiana and were issued under
Carnegie Steel, Donner Steel, Inland Steel, Interstate Iron & Steel, Jones
& Laughlin Steel, Mark Mfg. Co., Midvale Steel & Ordnance,
an Act providing for the construction and operation of a navigation canal
Tube, Republic Iron & Steel, Sharon Steel Hoop, Steel Co. of National
between the Mississippi River and Lake Pontchartrain.
Canada,
Trumbull Steel. Upson Nut Co., Youngstown Sheet & Tube Co., and others.
Report.—Figures herein given are taken from the balance sheet as of
—The "Revenue Act of 1918," the new bill recently signed by the
Nov. 30 1918: Quick assets, $3,387.114; real estate, buildings, equipment.
President, has been issued by the Equitable Trust Co. of New York,
&c., less depreciation, $3,385,315; other assets, incl. good will, $1,207,958.
Accounts payable. $1,274,008; $1,500,000 First mortgage 7% bonds due as a full sized library volume of 238 pages with large type, heavy paper,
marginal headings and an index 22 pages in length. For permanent record,
July 1 1924; reserves for Federal taxes, furnace renewals, &c., $1,114,316;
other liabilities, $84,450;surplus.$985,104; capital liabilities of the company as well as ready reference in compiling income tax statements,
this real
consists of $2,000,000 7% cumulative pref. stock and 100,000 shares volume meets every requirement and
will be given an abiding place as a
common stock of no par value.
These Bonds.—These $750,000 of bonds (auth. amount) maturing $100,- valued part of many a library. While compiled in the first instance for
000 on Jan. 1 1921 to 1923, both inclusive, and $75,000 Jan. 1 1024 to 1929, the benefit of the customers of the Trust Co., we understand a limited
both inclusive, are issued by the company in part payment for the
number of copies has been provided for distribution among friends of
of property from the Marshall Foundry Co., consisting of a leasedpurchase
foundry the institution and the general public.
• in Pittsburgh, Pa., and a foundry in Black Lick, Pa., the property at
Black
Lick c,ontaining about 193 acres. The appraised value of the properties,
—Myth, Witter & Co., of San Francisco and Los Angeles, have opened
less depreciation, is shown to be in excess of $1,150,000 as of Doc.
29 1917.
offices at 61 Broadway, under the management of Lloyd S. Gilmour.
ANALYSIS OF SURPLUS.
Net Surplus Jan. 1 1918
Deduct: Taxes for 1917, ascertained and paid in 1918




$2,724,133 60
339,449 77

986

THE CHRONICLE

Tommetc

!Etntef

COMMERCIAL EPITOME
Friday Night, March 7 1919.
Trade is a little better. This is most noticeable at the
West and Northwest and some parts of the South. Not
that there is any downright activity. Conservatism is still
the word. But buyers have held off so long that in not a
few cases replenishing of supplies is unavoidable. The
industries, on the whole, are moving at a little quicker pace.
Some branches of the steel trade show a larger business.
The pig iron output keeps up very well. Significantly, too,
luxuries are in good demand, i. e., automobiles, cigars and
jewelry. Also, there is an excellent business in agricultural
implements and tractors, and the sales of such things as leaf
tobacco, seeds, silks and some of the lighter weight furs are
large enough to excite comment. There is a sufficient export
demand for leather to cope with available supplies. A curious
sign of the times, however, is that sales of sole leather in
the findings trade are notably large. In other words, it is
an indication of a widespread practice of economy; people
are having foot wear repaired in a large number of cases,
rather than replacing it with new. Business failures are
still far below the normal. Soldiers are returning rapidly
from across the water and as they re-enter civil life it is
believed that retail trade will increase. Collections are
somewhat better. The rise in the stock market in the last
two days has had a more or less heartening effect in business
circles generally, which had feared the effect of the failure
of the $750,000,000 Revolving Fund to pass Congress.
Exports of food keep up well. The total of wheat for the
week is stated at close to 4,700,000 bushels, or in thirty-six
weeks, 196,598,732 bushels, which is • some 18,500,000
bushels more than during the same time last year. Building
trades are making progress. The ebb, it is now declared,
reached its lowest in January. It is believed that the tide
has turned definitely for the better. February showed a
noteworthy increase in construction over the same month
last year. Though there is some talk of a rather large amount
of unemployment in the country labor is'reported scarce in
parts of the South and the Northwest. Textiles lag behind
other merchandise. They are for the most part quite
even at lower prices, though it is true that business with
China in cotton goods is rather better. Woolens have
declined sharply. Cotton, grain and provisions have advanced. Export trade in commodities generally is hampered by the scarcity of ocean freights. It keeps down
exports of cotton and many other things. Largo sales of
machine tools could be made to France if the tonnage were
forthcoming. The coal trade is dull. Only about half of
the capacity is fully employed. Lumber is quiet, not only
• at the South, but also on the Pacific Coast. But taking
trade as a whole, though it is not as large as a year ago, it
is more active than it was last week. People are hoping for
.an early signing of the treaty of peace and many would be
glad to see the question of the League of Nations deferred
until this is done, as the really paramount thing of the
moment.
STOCKS OF MERCHANDISE IN NEW YORK.
Mar. 11919. Feb. 1 '19. Mar. 1 '18.
bags.. 337,615
472,850 1,660.209
mats_
5,347
19,595
7,681
bags._ 442,875
468,966
444.550
tons._ 55,680
28,698
21,819

Coffee,Brazil
Coffee, Java
Coffee, other
Sugar (refiners' stocks)
Hides (not published during war).
Cotton
Mantic. hemp
Flour

bales_ 86,942
bales_ *96,000
bbls_ • 5,700

80.289

141,260

14,700

3,000

* Total in United States.

A:strike of 16,000 or more harbor workers is on here, but
efforts are being made to end it quickly. Boats have lain
idle at the piers of New York and Brooklyn and on the
New Jersey shore. Owners of lighters, tugs, barges and
other craft reject offers of another arbitration. To-night it
is said that the strike may end by 6 o'clock to-morrow
morning. The United States Government has warned Italy
that unless she puts an end to delays in movements of relief
supplies to the newly established Jugo-Slavic and CzechoSlavic States, steps will be taken to cut off the flow of
American foodstuffs to Italy. It is stated that Germany
wants 3,500,000 tons of grain, 1,000,000 tons of meat and
1,000,000 tons of fats this year, which she hopes to get
largely from America. It is estimated that this supply
will cost 5,000,000,000 marks. Starvation is rampant in
Bolshevik Russia. A London wireless dispatch says that
the population is dying by thousands and that food is so
scarce in Petrograd and Moscow that cats sell readily for
$3 each, horse meat at $10 a pound, dog flesh $2 50 to $3 a
pound, pork $30 a pound, milk $5 a pint, butter :,45 a pound,
potatoes $3 75 a pound and tea $125 a pound.
Mr. J. P. Morgan has returned from a trip to Europe.
When asked when the big boom in American export trade
with Europe would start, he said: "Not until they have
money to buy with. You must remember that they have
big debts to pay off and they are not going to place orders
until they can find a way to pay the bills. That will require
financing. I have not the slightest idea as to when they will
be able to pay." With $100,000,000 worth of freight,
exclusive of cotton, on American wharves awaiting shipment, Chairman Hurley of the United States Shipping
Board says that the present tonnage shortage will remain




[Vol,. 108.

serious for the next 60 days. Then with the continued
conipletion of ships the situation is expected to be gradually
relieved. It is announced from Washington that in the next
forty days, 500,000 tons of shipping will be released by the
War Department and the Shipping Board for purposes of
civilian commerce. The U. S. Shipping Board contracts
now operative represent tonnage built or to be built of
10,000,000, while world shortage of shipping is 9,500,000
tons.
The number of unemployed in the United States is officially stated at 365,400, an increase over the week before
of 25,305. There is a steady increase in the area of unemployment and in the number of persons without work. The
number of cities with large numbers of work seekers increased to 66%. New England, New York, Pennsylvania
and New Jersey reported increases. The Middle West as a
whole showed no change from last week. Some big hotels
have cut prices 20%, owing to lower food costs. A ship
with a cargo of cotton has arrived at Antwerp, the first since
the war started. Several Belgian cotton mills will resume
operations,in a few weeks. A tentative agreement has been
reached between the copper producers and the War Department as to the disposal of 140,000,000 pounds of copper
acquired by the Government during the war. Producers
will sell the surplus at prevailing prices, charging the Government only actual cost of selling. The surplus stocks of
nitrate held by the Government will also be sold in a similar
manner.
The weather in New York City and the adjacent country
has continued mild, in striking contrast with the historic
severity of the winter of 1917-18. The winter here has
certainly been extraordinary in this respect, practically no
snow having fallen in December, January and February,.
or thus far in March, and vegetation has already started,
although officially spring is about two weeks off. Dispatches
in the newspapers comment on the fact that in Connecticut,
a little to the north, thousands of returning blackbirds and
wild geese coming from the far south suggest an early spring;
butterflies and grasshoppers have appeared, and peach trees
and trailing arbutus are in bloom in Connecticut. But
later it was announced that a cold wave was sweeping eastward from the Great Lakes. The most pronounced cold
wave of the Winter has occurred in the upper Mississippi
Valley and later reached southward as far as Texas. In
North Dakota it was 26 degrees below zero.
LARD higher at 26.40@26.50c.; later easier at 26.20@
26.30c. for prime Western; refined to the Continent, 28.7504
South America, 28.900.; Brazil, in kegs, 29.90e. Futures
advanced. Stocks of lard at leading Western points are
stated at 65,328,000 lbs. against 42,334,000 a year ago.
The present total is 14,800,000 lbs. less than a month ago.
Shipments are largely ahead of those of last year. A
monthly statement of stocks at Chicago says that of contract on March 1 was 19,273,737 lbs. against 29,142,801 on
Feb. 1 and 11,817,659 on March 1 last year; total of all
kinds, 35,612,929 lbs. on March 1, against 52,454,203 lbs.
on Feb. 1, and 20,579,391 on March 1 last year. Shorts
at times have been active buyers on the decreasing stocks,
light receipts of hogs, and fears that the hog price would be
maintained. Packers sold to some extent. Government
price-fixing of hogs has virtually been abandoned, according
to Washington advices, and pork will be stricken from the
conservation list. To-day prices advanced and end higher
for the week. Hogs were $18 70.
DAILY CLOSING PRICES
Sat.
cts_25.10
24.50

May delivery
July delivery

OF LARD FUTURES IN CHICAGO.
Fri.
Mon.
Tues. Wed. Thurs.
25.45
25.25
25.10
25.12
25.62
24.75
24.60
24.47
24.47
24.7

PORK higher; mess, $50, nominal; clear, $44@$52.
Beef firm; mess, $35@$36; packet, $37@$38; extra India
mess,$62@$64; No. 1 canned roast beef, $4 25; No. 2,$8 25.
Cut meats quiet; pickled hams, 10 to 20 lbs., 29c.• pickled
bellies, 28@29c. The stocks of cut meats at leadingWestern.
'
points, according to a monthly statement at Chicago, aggregate 408,244,000 lbs., a decrease of 1,712,000 lbs. in February. Total stocks last year were 445,356,000 lbs. Shipments of fresh and cured meats, 7,656,000 lbs. against 4,256,000 last year; pork, 149,000 against 133,000 a year ago.
To-day May pork closed at $42 20, showing an advance for
the week of $1 45. Butter, creamery extras, 58/
3 2@59c.
Cheese, flats, 29@32c. Eggs, fresh-gathered extras, 47@
47Mc.
/0.; No. 4
COFFEE steady on the spot; No. 7 Rio, 153
Santos, 21 @)21 Mc.; fair to good Cucuta, 203@209c., Futures have been rather more active at an advance on trade
and foreign buying. Wall Street and New Orleans have also
been buying. Some have been selling July and buying
December. The opinion in some quarters is that present
prices discount any bearish factors and that with any real
encouragement at all prices would advance without much
difficulty. There is no widespread interest in the market,
however, at the present time. Peace, however, is drawing
near, and with it will come, it is believed,a larger European
demand. To-day prices closed 4 to 14 points higher. They
end noticeably higher for the week. To-day Brazilian markets were higher. Outside buying was a factor; also covering. Closing prices were as follows:
May____c_15.20 15.25 Sept ..__c_ 14.19014.20 Dec ____c_13.8913.90
13.83(13.85
14.09014.10 Jan
June
14.87@14.90 Oct
13.83 13.85
13.99014.00 March _
July
14.54(14.55 Nov
Aug
14.3(3014.37

MAR. 8 1919.1

THE CHRONICLE

SUGAR remains at 7.28c. for centrifugal, 96 degrees test,
Cuban and Porto Rican. Granulated 9c. The Sugar
Equalization Board has continued to buy Porto Rico sugar
at 7.28c. c.i.f. Now York. From Cuba 43,000 tons, or
306,450 bags, are to be shipped this month. A differential
of 1.24c. p