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.?firtantial The. Iffronide VOL.108 MAY 10 1919 NO.2811 - _------- - Published Saturday morning by WILLIAM B. DANA COMPANY: rr.);17 Preside and Secretary. Addressesntofand Treasurer; Arnold G. Dana Vice-Presldent both. Office of the Company: Jacob CLEARINGS-FOR APRIL, SINCE JAN. 1, AND TOR WEEK ENDING MAY 3 April. Clearipgs at1919. 1918. Four Months. Inc. or Dec. 1919. IVeek ending May 3. 1918.Incico: Inc. or 1918. Dec. 1917. 1916. New Work 17,333,067,423 14,093,506,946 +23.0 65,874,936,438 54,912,211,912 +19.9 Philadelphia 1,636,320,067 1,579,825,364 4,253,8 +3.6 34,247 3,404,0 71,335 6,655,8 +25.0 3,788,322,176 3,190,286,840 Pittsburgh 554,462,368 396,350,008 +39.4 2,225,190,739 5,753,134,501 +15.7 393,966,879 379,378,696 +3.8 Baltimore 1,277,421,634 +74.2 316,959,751 257,359,990 +22.7 1,310,190,565 132,310,399 108,744,272 +21.7 354,494,016 258,516,071 61,500 Buffalo 813,413,452 +61.1 78,395,791 98,960,965 67,019,954 00,250,071 73,583, +9.6 372 69,892, 565 370,564 +5.3 ,526 Washington 340,185,542 37,825,567 66,758,331 +8.9 45,424,644 56,168,002 +18.2 22,808, 24,455, 575 510 253,684 -6.7 ,049 Albany 212,365,244 +19.5 17,898,607 19,553,698 17,959,010 21,864,603 -10.6 15,304, 804 14,210,238 +7.7 79,291,768 Rochester 12,424, 82,409,901 -3.8 36,695,202 866 32,090,302 +14.3 10,367,997 6,361,996 4,862,208 +30.8 139,699 ,807 Scranton 117,938 5,689,1 17,379,092 ,018 68 +18.4 5,480.715 16,936,255 +2.6 8,291,8 80 8,047,6 80 66,033, +3.0 534 Syracuse 62,961,584 7,766,283 17,816,084 +4.9 7,164,564 19,837,930 -10.2 4,217,370 3,800,000 +19.8 65,091,465 Reading 12,054,291 70,710,285 -7.9 4,195,532 14,167,564 -14.9 3,114,464 4,188,067 5,153,596 -18.7 41,114,964 Wilmington 15,926,818 5,241,3 44,756,773 -8.2 85 4,216,0 14,030, 15 510 +13.5 2,570,2 28 3,244,466 -20.8 58,026,835 Wilkes-Barre 9,785,375 49,854, 3,020.1 109 96 +16.4 2,423,5 9,552,569 71 3,800,000 +2.4 3,471,733 38,507,387 +9.4 Wheeling 16,046,953 3,642,646 34,335,315 +12.1 17,617,264 -8.9 2,680,144 2,400,0 00 2,296,6 75 67,619, +4.5 872 Harrisburg 14,421,567 64,242,753 +5.3 2,087,451 14,764,130 -2.3 1,938,305 4,000,000 4,120,086 -2.9 52,023,874 York 6,513,614 3,884,379 45,546.671 +14.2 7,012,639 -7.1 2,648,407 21,604,088 Trenton 12,364,731 132,656 -2.4 11,764,564 1,437,889 +5.1 1,535,258 -6.4 44,264, Lancaster 704 1,248,6 16,750,805 43,775, 22 168 +1.1 1,238,868 19,539,014 -14.3 2,843,522 2,702,968 +5.2 45,114,159 Erie 8,775,316 3,514,151 54,246,204 -16.8 9,429,978 -6.9 2,471,080 2,500,000 2,801,727 -10.8 33,340,265 Binghamton 4,117,000 2,324,019 32,219,912 +3.5 1,853,484 3,892,800 2,230,190 +5.8 2,318,828 -3.8 14,468,544 Greensburg 4,850,000 1,826,0 15,172, 73 100 -4.6 1,443,5 4,831,790 17 +0.4 960,300 944,900 +1.6 17,505,704 Chester 6,054,758 1,036,600 17,903,542 -2.2 6,143,864 -1.4 970,600 1,150,000 1,200,000 -4.2 23,634,756 Altoona 3,835,454 1,035,741 21,873,692 +8.1 3,413,925 +12.4 850,000 1,445,1 85 1,462,0 96 -1.2 14,093,858 Norristown 3,368,780 1,410,495 11,779,496 +19.6 1,203.859 3,452,488 -2.4 991,222 828,748 +19.7 11,567,636 Beaver County, Pa2,809,729 753,238 11,342,115 +2.0 711,242 3,147,956 -10.7 10,139,541 Frederick 3,040,600 11,136,977 -9.0 3,120,379 -2.6 9,061,3 Franklin 78 2,442,245 9,574,966 1,779,756 +37.3 +4.0 8,526,535 Montclair 1,428,766 7,509,128 +13.5 1,755,698 -18.6 6,152,259 Oranges 2,918,059 7,718,446 -20.3 4,204,439 -30.6 420,584 351,699 +19.6 11,807,240 Hagerstown 3,433,150 481,440 16.317,480 -27.6 4,006,406 -14.3 505,285 10,737,006 11,820,288 -9.2 Total Middle 20,247,910,992 16,721,817,204 +21.1 77,580,754,996 64,176,009,954 +20.9 4,941,616,709 4,049,895,284 +22.0 Boston 1,259,487,564 1,221,807,026 4,339,518,242 3,630,488,636 +3.1 Providence 81,197 4,443,619,367 43,314,000 50,237,900 -13.8 5,124,8 +13.1 302,117,553 291,349,581 169,087,200 Hartford 38,876,387 +3.7 254,365,978 247,030,740 193,023,100 -12.4 34,861,341 +11.5 10,410, 300 12,553,900 -17.1 133,311,502 25,276,840 New Haven 130,430,462 10,830,700 21,698,815 +16.5 +2.2 10,196,900 9,810,868 9,169,537 Springfield 91,465,927 16,158,990 +7.0 80,250,338 +14.0 9,175,435 16,918,565 -4.3 9,117,734 5,299,010 5,627,882 -5.8 82,139,367 Portland 10,202,136 5,364,046 62,619,163 -0.8 10,395,372 -1.9 4,750,000 3,781,7 54 4,110.3 Worcester 40,341, 06 -8.0 385 14,093,064 4,064,352 40,310,587 16,139,37:3 -12.7 +0.1 4,295,160 2.850,000 3,000,000 -5.0 56,182,869 Fall River 7,754,736 3,300,0 59,415, 00 946 10,234, -5.4 2,665,9 728 98 -24.2 3,095,950 3,710,553 -16.6 29,071,784 New Bedford 6,631,688 3,441,603 34,733,937 -16.3 9,107,716 -27.2 3,495,988 2,412,752 2,440,172 -1.5 28,704,304 Lowell 4,271,204 2,122,411 31,502,359 -8.9 5,432,113 -21.4 1,535,678 1,690,100 2,172,248 -22.2 Holyoke 16,898,706 2,945,593 1,768.0 19,966,228 -15.4 32 3,446,568 -14.5 1,520,5 86 1,040,8 70 1,300,000 -19.9 11,673,603 Bangor 3,342,070 1,229,422 :3,630,527 -7.9 -4.2 989,028 ,, 660,926 Waterbury 935,502 -29.4 11,385,307 6,437,400 1,077,833 12,769,879 -10.8 8,152,300 -21.0 1,211,160 632,081 812,055 -22.2 Stamford 27,255,700 2,055,980 738,765 30,972,600 -12.0 2,368,080 -13.2 747,936 8,331,154 8,417,550 -1.0 Total New England 1,440,847,652 1,414,430,424 +1.9 5,810,730,095 5,160,219,634 +12.6 343,802,164 337,180,736 2,270,257,507 2,222,323.250 Chicago +2.0 297,478,577 287,556,908 +2.2 8,843,953.800 Cincinnati 2'37,087,718 8,375,918,376 240,432,381 +19.. +5.6 573,224,200 544,544,346 -14 Cleveland 922,708,117 398,142,422 +5.3 578,807.459 442,855,178 837,359 ,273 334,323 +18.5 ,947 52,134, 868 1 58,817,549 -11.4 Detroit 318,961,266 87,797 1,239,607,013 +27.1 38,161,491 251,386,547 +26.9 1,575,3 34,133,650 85,982,115 Milwaukee 72,839,391 +18.0 1,226,635,874 125,644,471 867,292,009 +41.5 66,257,166 122,550,401 39,419,454 76,000,000 +2.5 58,705,870 +29.5 502,581,271 Indianapolis 62,165,000 56,962,644 468.519,416 58,003, +7.3 000 38,417,988 31,432, +7.2 243 27,779,743 +13.1 Columbus 236,606,000 51,639,100 238,092,000 -0.6 27,728, 460 46,044,100 +12.2 19,934, 460 14,772, 000 193,562,800 14,038,000 +5.2 Toledo 53,995,930 14,565,825 167,327,800 +15.7 45,112,732 +19.7 12,688,105 11,436,000 9,971,000 +14.7 189,704,555 Peoria 24,411,033 161,835,528 +17.2 10,184,100 22,495,662 8,455,400 13,073,116 +8.5 9,976,5 91,609, Grand Rapids 20,922,312 07 +31.0 672 10,322,500 89,789,015 +2.0 21,885,218 -4.4 8,797,755 5,497,479 5,751,189 -4.4 80,729,170 Dayton 16,255,811 82,825,323 -2.5 5,000,000 21,967,034 -26.0 4,243,865 5,066,100 Evansville 5,209,875 -2.7 17,421,810 66,822.860 5,454,702 68,939,181 -3.1 15,281,171 +14.0 4,550.731 3,628,607 Springfield, Ill 4,106,1 11,223,928 03 66,389, -11.6 253 3,516,2 57,842, 74 227 +14.8 9,778,795 +14.8 3,274,285 4,295,590 3,756,2 Fort Wayne 06 39,196, 6,144,717 +14.3 061 3,033,276 37,465,672 +4.6 5,685,757 1,649,758 2,894,255 +8.1 Rockford 2,743,310 22,497,371 9,236,827 +5.5 2,054,188 20,716,195 +8.6 7,860,314 +17.5 1,673,145 1,588,937 Youngstown 1,358,876 +16.9 34,034,329 17,450,229 1,410,250 30,662,132 +11.0 15,946,005 1,522,913 2,143,869 +9.1 Lexington 2,121,437 70,343. +1.0 6,406,247 988 1,542,9 61,019, 36 4,758,505 +34.6 205 +15.3 932,869 4,107,172 2,906,360 +38.5 Akron 47,279,714 36,193,000 3,381,450 28,488,519 +66.0 25,819,000 +40.2 2,325,044 1,300,000 Canton 1,000.000 +30.0 119,869,000 16,575,790 630,000 90,452,000 +32.5 12,846,948 +29.0 707,726 7,754,000 13loomington 4,795,000 +61.7 50,315,691 8,390,945 5,192,0 56,729, 00 6,449,9 -11.3 755 01 3,598,000 3,193,001 +30.1 2,968,086 Quincy 30,107,507 7,325,663 +7.5 3,752,925 25,852,887 +16.5 6,176,628 +18.6 2,711,244 1,908,769 Springfield, Ohio_ _ _ _ 1,632,1 19 27,836, 5,859,733 +15.9 209 24,675,101 +12.8 1,195,357 5,155,348 +1:3.7 887,163 1,671,045 Decatur 1,525,438 +9.6 23,662,888 5,483,933 21,991,102 1,276,551 4,948,374 +10.8 +7.6 1,045,460 1,173,809 Mansfield 1,167,525 +0.5 19,941,945 5,927,721 1,104,099 17,802,371 +12.0 5,074,102 +16.8 979,031 1,574,238 Jackson 1,155,8 62 19,990, +36.3 5,442,647 556 867,325 18,206, 729 4,662,000 +16.7 +9.8 663,568 1,180,082 South Bend 961,492 +22.8 20,465,432 5,317,901 1,016,865 16,517,660 +23.9 5,008,829 650,516 Danville +6.2 17,743,909 3,167,957 17,878,399 -0.8 3,470,715 -8.7 Jacksonville, Ill 1,250,000 1,186.839 11,955,651 2,393,971 +5.3 11,738, 1,199,0 791 02 +1.8 2,276,5 78 1,046,503 665,000 +5.1 Lima 679,701 -2.2 10,670,807 4.576,847 9,477,740 +12.6 608,759 4,224,986 775,184 609.940 +8.3 Lansing 831,457 -26.7 16,378,713 5,124,633 14,707,193 +11.4 591,678 4,429,441 +15.7 492,602 1,050,000 1,012,109 Flint 17,538,496 9,050,742 +3.7 15,777, 814,730 +11.2 440 6,747,8 39 750,475 950,000 +34.1 Owensboro 699,568 +35.8 28,506,748 3,929,246 23,676,346 +20.4 1,232,654 4,206,372 -6.6 1,027,236 23,294,244 Gary 4,500,000 17,533,709 +32.9 3,845,903 +17.0 842,819 1,136,604 -25.9 Lorain 16,554,261 1,774,039 13,562,643 +22.1 575,340 1,154,441 +53.7 355,045 Ann Arbor - 1,603,200 5,203,634 3,733.4 95 +39.4 1,347,3 66 +10.0 Adrian 6,270,082 453,692 6,081,441 +3.3 336,376 +34.8 460,276 374,226 New Albany 1,612,8 680,959 +23.0 96 1,455,5 334,218 29 +10.8 627,527 438,376 84,913 +8.5 Paducah 114,545 -25.9 8,000,000 2,551,920 2,381,059 95,983 5,969,231 +34.0 +7.1 77,323 Hamilton 1,115,218 33,037,486 20,887,352 +58.2 1,534,951 -27.3 Aurora 3,520,222 8,193,963 6.800,782 +20.5 3,598,742 -2.2 12,757,133 12,171, 519 +4.8 Total Middle west. 3,793,774,395 3,565,746,417 +6.4 14,804,510,803 13,283,780,927 +11.4 912,944,443 845,926,333 +7.9 San Francisco 491,126,560 848.870,207 641,081,048 424,328 ,520 +15.7 169,363,363 Los Angeles 1,641,064,303 +24.5 124,985,000 +35.6 2,043,650,181 123.330,708 99,748,265 +23.6 Seattle 165,434,385 627,375 ,301 488,447,000 +28.4 95,325,127 147,751,473 +5.2 66,078,294 41,016, 000 Portland 29,055, 129,556,148 000 590,698 +41.2 ,801 505,992,257 +16.7 34,598,000 103,752,854 +24.9 25,244,412 35,287.388 36,678,320 -3.8 Salt Lake City 471,705,264 60,737,870 344,798,752 +36.8 19,354,343 53,630,983 +13.3 14,516,261 32,105,396 Spokane 20,553,779 +56.2 38,171.212 232,775,559 210,427 16,999, ,200 831 +10.6 33,156, 180 +15.1 14,300,000 13,913,181 Tacoma 11,293, 228 18,613,041 139,981 +23.2 ,296 127.119 ,011 +10.1 11,451,377 19,371,387 -3.9 8.522,186 8,500,000 Oakland 8,089.2 34,893,416 46 73,475, 124 +5.1 69,632,380 6,000,431 +5.5 25,978,357 +34.3 4,849,756 4,120,979 Sacramento 4,167,206 -1.1 16,224,824 135,217,300 98,303,898 +37.6 2,608,891 14,117,764 +14.9 2,043,886 8,400,000 Ban Diego 6,366,487 +31.9 9,059,729 66,412,783 57,323, 5,716,1 051 +15.9 13 8,349,7 98 4.605,839 3,944.118 +8.5 Pasadena 3,267.337 +20.4 5,294,058 35,963,139 35,006,595 2,900,067 4,683,118 +26.3 +2.7 2,700,123 1,883,260 Stockton 8,038,137 1,877,596 21,174,416 +0.3 18,325,535 +15.6 2,663,705 8,877,765 2,111,462 1,504,706 Fresno 10,771,469 1,080,200 +39.3 30,488,451 34,355,594 -11.3 1,291,1 40 8,307,7 1,116,613 51 1,599,8 +29.7 77 Boise 1,672,598 -4.4 43,898,413 • 6,870,395 37,388, 1,501,2 014 33 +17.4 6,202,0 38 +10.8 1,009,910 2,305,083 Yakima 1,565,679 +47.3 4,590,878 24,346,892 24,511,911 -0.7 1,420,552 3,589,948 +27.0 845,694 5,423,116 San Jose 16.925,060 12,574.501 +34.6 3,907,454 +38.8 1,081.291 Reno 3,283,868 808,762 +33.8 19,265,818 16,684,641 +15.5 635,677 2,416,7 91 461,271 1,207,6 +35.9 82 Ogden 9,176,000 950,000 +27.1 11,081,211 0,277,6 833,778 20 8,637,9 +19.4 14 776,320 625,000 +6.2 Long Beach 6,571,014 495,000 +26.3 35,895,886 28,619,155 +25.4 450,000 4,557,509 +44.2 350,000 Bakersfield 22,739,534 3,697,959 16,760.881 +35.7 3,906,141 -5.4 1,460,668 1,139,960 +28.2 13,701,603 15,192. 822,622 926 -9.8 682,389 Total Pacific 1,187,527,442 1,010,30 8,745 +16.5 4,656,772,032 3,791,805,225 +22.8 282,294,337 228,808,663 +23.4 Details of other West ern and South ern on 204,472,887 150,244,416 page 1909. Total other West__ 1.742,540.928 1,719,481,989 Total Southern-- 2,180,021,737 2,052,224,386 Total all 30,592,623,146 26,484,009,255 +1.3 6,967,197,747 1919. 6,759.070,437 +3.1 398,992.599 348,844,098 +11.5 +10.5 489.095,393 443,547,096 +10.3 310,522,872 217,113,514 350,571,518 267,947,473 +15.5 118,878,034,598 101,370 ,433,378 +17.3 7,368.655,845,6, Outside Now York_ 13,259.555,723 254,332,219 +17.8 8.347.881,539 12,390,502,309 5.194,439,995 +7.0 53.003,098,160 46.458, Clearings by 1 elegraph on page 1908 221,466 +14.1 13,114.821,398 and Canadian Clearin 2,850.260,875 +9.3 2,558,559 363 2.004.145,155 gs on page 1909. +6.2 9,058,068,925 8,199,547,201 1854 THE CHRONICLE [VoL. 108. gate contrasts with the final estimate of last year of 558,449,000 bushels, with 673,947,000 bushels in THE FINANCIAL SITUATION. 1915 and 684,990,000 bushels in 1914, the previous to Next to the presentation of the Peace Treaty high record. The increase over last year,it will be Wilson ent the Germans and the calling by Presid bushels. Of this gain Kansas of an extra session of Congress, the most encouraging noted, is 341,466,000 no less than 9532 million bute feature of the week has been the strikingly favorable is expected to contri ng its yield of 1918), Nedoubli cally monthly report of the Agricultural Bureau at bushels (practi than its total crop a year (more s million 373 Washington, issued on Thursday. The brilliant braska (almost three times its s million 243 Texas ago), winter wheat crop prospect indicated by the official Oklahoma 213 millions, Missouri report on condition for April 1 is more than upheld 1918 production), 2 millions, while Washington 173/ by the condition report for May 1. In other words, 193/ millions and and Iowa, are Illinois Ohio, the Department of Agriculture confirms private ac- Michigan, Montana, % million 123 to 10 from g rangin counts in showing no retrogression, but further im- slated for gains provement in April, and places condition on May 1 bushels. Supplementing the very excellent winter wheat outthe highest on record for that date. Nor is that the in the United States, reports from Canada indilook only extremely favorable feature. Heretofore the wn wheat, which entered the winter abandonment of area as a result of winter killing, &c., cate that fall-so of promise, withstood the has been more or less of a factor to be reckoned with looking vigorous and full lly bare season surpriseach spring. In some years it has been quite mod- extra exposure of an unusua A spell of cold better. erate; in others a very important item, reaching, for ingly well—in fact, never prevailed which winds, drying , strong with instance, last year 13.7% of the area planted the weather its effect to as y anxiet some caused April, early in ing. previous fall, in 1917 nearly one-third, and averag quite are reports late but crop, young the upon the year for the 10-year period 11.9%. But this reassuring. amount of land lost to winter wheat has been inearlier le probab seemed significant—even less than Our compilations of bank clearings continue to indiin the season. The area remaining under cultivation cate quite general activity in the mercantile and intherefore, at this time, is over 12 million acres greater dustrial affairs of the United States, even though in than that from which last year's crop was harvested. some localities—more particularly those most affecWith the situation as thus depicted, it is not surted by the cancellation of war contracts—there is prising that the report should be officially construed ce of a slacking up in business. To some exas indicating a yield, under normal conditions, about eviden tent, of course, the further ascent in the prices of 63 million bushels greater than the promise held out many commodities, already high a year ago, has been by the April 1 condition and 341 million bushels factor in the gains in clearings over 1918 recently in excess of a year ago—foreshadowing, conse- a disclosed, but it would be fallacious to accept that quently, a winter wheat crop by 215 million bushels pment as the chief explanation. The truth is the- heaviest in the history of the country. And an develo contrary to the quite widely entertained opinion even better return is possible, should conditions con- that, prior to the close of the war that the cessation of tinue auspicious the next few weeks. The situation ies would witness more or less of a slump, the as regards moisture this spring has been highly satis- hostilit for almost all classes of goods either for home d deman factory, practically everywhere except in California, has continued active. Obviously, in export or use and there has been a minimum of complaint of damrehabilitation of the devastated areas of Europe, age from any cause. An interesting fact gleaned the is an urgent and great demand for many things from private reports is that in more southerly sec- there that we alone at this time can furnish. A not unimtions the harvest will be unusually early this year, portant influence in the swelling of clearings recently, leading to the probability of the marketing of wheat moreover, has been the broadening of speculation at in fair volume before the first of July. New York and other leading financial centres. We have stated above that the abandonment of The latest monthly total of clearings covers 174 area under winter wheat has been insignificant this cities, of which 54 fail to record increases over April spring, and the fact that it has reached only 1.1%, a year ago, though at only a few points are the losses or 544,000 acres, substantiates the reports of favorworthy of note, and these are, as a rule, explained able weather during the winter, including the absence by locally operating influences. On the other hand, of alternate freezing and thawing. In a number of new high records for any monthly period continue to States the amount of land thrown out has, in fact, be reported, the places distinguished in this way for been so meagre as to be strictly negligible, this being April including Los Angeles, Akron, Lima, Mansparticularly true of Kansas and Oklahoma, where field, Flint, Lorain, Long Beach and Jackson, Mich. last year's abandonment was especially heavy, and Of the remaining 112 cities, all but a very few set of other large producers like Missouri, Nebraska and high-water marks for April, and the augmentation Ohio. over the month a year ago is in many instances quite As regards the condition of the crop, the Departheavy. In this category are to be found New York, ment of Agriculture reports an average improvement urgh, Baltimore, Detroit, Portland (Ore.), Pittsb at 1 of .7 point during April, the condition on May at Oakland, Minneapolis, Duluth, Memphis, Birming100.5 comparing with 99.8 a month earlier, 86.4 ten- ham, Jacksonville (Fla.), Dallas, Canton, Youngsthe same time last year, 73.2 in 1917 and a town, Bloomington, Pasadena, Fresno, Yakima, San year mean of 85.4. Assuming an average season Jose, Sioux Falls, Fargo, Charleston, Austin, Tampa, hereafter, the conclusion is officially arrived at that , tion Franklin, Reno, Iowa City, Kansas City (Kan.) a condition of 100.5 on May 1 forecasts a produc Adrian and Lewistown. of approximately 18.4 bushels per acre; that figure The aggregate of clearings for April 1919 at the remain applied to the 48,933,000 acres estimated as a 174 cities included in our compilation on the first ing under cultivation at this time would give aggre- page of this issue, is $30,592,623,146, which conyield of about 899,915,000 bushels. This MAY 10 1919.] THE CHRONICLE 1855 trasts with $26,484,009,255 for 1918, and, conse profe ssional and business men. On the contrary, the quently, registers an increase of 15.5%, while conweek-end has been the very time when the Peace Contrasted with the like period in 1917 the augmentation feren ce authorities have been most busily engaged in reaches 22.3%. For the four months of the current priva te conference upon some of the knottiest probcalendar year the total at $118,878,034,598 is not lems with which they have had to contend. This has only a high record for the period by 17.3%, showing enabled them to hold plenary sessions toward the that increase over 1918, but runs ahead of 1917 by close of the following week, and to let' the publi c 22.2%. At New York the gain over 1918 for the know something, if not all, of what had been acmonth is 23% and for the four months 19.9%, and compl ished with respect to one big task after anthe results of two years ago are overtopped by other . 18.3% and 16%, respectively. Outside of this city As last week drew to a close the most impor the April 1919 aggregate is 7% in excess of last year tant matte r still unsettled was the bringing of the Italian and the four months' total is 14.1% in excess. Comdelegates back into the Peace Conference parison with 1917 discloses gains of 28% and 31.6%. fold. Saturday and Sunday the advices from Paris indiAnalyzed by groups, the totals for the period since cated a steadily growing confidence in the abilit y of January 1 are in all sections heavier than last year. Council of Three and their advisers to the New England registers an expansion of 12.6%; the devise a plan with respect to Fiume and the other Middle Division, exclusive of New York, 26.4%; the demands the Italians that would be acceptable to the of Middle West, 11.4%; the Pacific Slope, 22.8%; the latter. Rome advices revealed a growing degree of calmness "Other Western," 3.1%; and the South, 10.5%. on the part of the people and a spirit of conciliati Stock dealings on the New York Stock Exchange in on on the part of Premier Orlando and his associates April were of considerably greater volume than in in the Government. Announcement was made in March, very decidedly in excess of those of the same Paris on Sunday that Count Macchi di Celle re, the period in 1918, and the heaviest for the month since Italian Ambassador to the United States, had had a 1905. Transactions, in fact, totaled 28,587,431 conference with President Wilson, which was sought shares, against only 7,404,174 shares a year ago and by the former, and which was regarded as particu14,258,162 shares in 1917. For the four months of larly significant. At about the same time 1919, moreover, the sales reached 74,060,168 shares, Thomas Nelson Page, United States Ambassador against but 40,858,087 shares and 63,444,334 shares, , and Camil le Barrere, French Ambassador to Italy respectively. The record total for the four mont , held hs was 120,967,731 shares in 1901. Bond operations conversations in Rome with Premier Orlando in the , hope of finding "a formula which would heal the also, were on a larger scale than in March, but breach caused by the withdrawal of the activity was most noticeable in Liberty bond Italian issues, in which the dealings were phenomenally heavy— delegation to the Peace Conference." The Italian over 232 million dollars, par value. In all, $297, Premier was said to have shown a disposition to - resume negotiations, but he thoug ht overtures should 874,700 bonds were traded in, against $127, 549,000 come from Paris. Some of his friends suggested that a year ago. For the four months the bond sales the easiest way to obtain harmony would be for reached 1,073 million dollars par value (of which him 777 to resign. There was nothing to indicate that he millions Liberty issues) against 439 millions last year. Boston's share transactions for the mont really believed this to be necessary, although earlier h were 544,667 shares, against only 194,732 shares last in the rupture he had been reported as having signiyear, with the four months' aggregate 1,707,389 fied his willingness to do so. However much or little foundation there may shares, against 971,386 shares. Chicago's have dealings been for this and many other rumo rs relative to the for the month totaled 631,907 shares, against 123,470 Italian incident, certain it is that shares, and for the four months 1,450,111 Orlando and his shares, associates did not have long to wait after the conferagainst 392,937 shares. ences referred to for an invitation to rejoin the At several points in Canada clearings have latter Peace ly Conference. Monday it became known that it had shown a declining tendency, but for the Domi nion as been sent the day before by Premiers Lloyd George a whole the exhibit is a satisfactory one. In all,• and Clemenceau and President Wilson, comprising 25 cities have furnished comparative returns, and in the Council of Three. The messa ge was said to have the aggregate for the month a gain of 7.5% over 1918 is exhibited, while, contrasted with 1917 there been "couched in the friendliest of terms," and even then the, belief was expressed in Peace Confe is an improvement of 10%. Most noteworthy rence ex- circles that the invitation would be accepted. Major pansion is indicated at Montreal, Moose Jaw, Fiorrello H. La Guardia, a Member of the United Kitchener ,and New Westminster. For the four States House of Representa tives from New York, months the augmentation over 1918 is 14.6 %, and and a well known Italain, was quote d in Paris, after over 1917 reaches 20.3%. an interview with Colonel E. M. House on Sunday, as expressing the opinion that "the entire Generally speaking, until this week, Thur Italian sday and question could be settled withi n 48 hours," and Friday have been the days on which the most important announcements relative to the Peace Con- added that "he was urging that pride should not stand in the way of Italy's acceptance of the ference have been made. Naturally during the first fol- overtures made from Paris." The latter statement lowing two or three days there has been somewhat of indicated clearly a full realization on his part of the a lull, and those most vitally interested, and the importance of Italy retaining her position as one public as well, have had an opportunity to give of the five great Powers, and also of the impor more careful consideration to what had happe tance of ned. her participating in the final acts of the Peace From all accounts it has been perfectly appar ent Conference, particularly the signing of the treaty that, with a few exceptions, the Peace Commission - with Germany. Paris cablegrams that came to ers, their advisers and assistants, have not taken the hand over the week-end contained well-defined week-end holiday so generally observed by Engli sh intimations that President Wilson realiz ed that he 1856 THE CHRONICLE [vot. 108. rted to military point of view." He was even repo iction conv onal pers have asserted that "it was his gChen Lu ed." sign that the treaty should not be d ente pres , ster Mini ign hsiang, the Chinese Fore and al form ef, "bri a as d rize what was characte n of the dignified protest" against the dispositio for a reconcontroversy with Japan. He asked of Three sideration of the decision of the Council penintung Shan with respect to Kiao-Chau and the deleese Chin the of sula, saying that in the opinion rd rega out with e mad gation "the decision had been l toria terri the of on ecti prot for justice or for the integrity of China." the trial The clause of the treaty providing for supreme "a of the former German Emperor for the and lity offense against international mora d acte been not had h sanctity of treaties," whic e Peac the of ion sess ary plen upon at the previous It draft. Conference, was incorporated in the final by the ago s week e som d unce anno as provides, of osed comp "Chronicle," for trial by a tribunal ain, Brit t Grea es, e the representatives of the United Stat While the Italian delegates were en rout The credentials of the the League France, Italy and Japan. meeting of the Organization Committee of e Congress were prePeac made, was Italian delegates to the German delegates, of Nations, to which reference has been the to day - sented earlier in the after day Mon e Hous nel Colo of e denc d and regular standheld at the resi moved so that the former were in "goo and r orde to g erin gath the d calle He noon. t initial session to be held ster, serve ing" for the all-importan Mini ign Fore ch Fren on, Pich hen Step that the prelim- Wednesday afternoon. as Chairman both of the meeting and of James Eric from inary organization of the League. Sir As far back as last Saturday it was reported of Secrees duti the med were ies orit auth ce Drummond formally assu eren Conf elected last Paris that the Peace ldeve be d coul that tary-General, to which office he was port atic Adri s trying to find an gate dele ian Ital the of ngs feeli Jugo red inju week. The s for the use of the soothed oped within the next two year been have must ce so eren she Conf h e whic Peac to the d get Fiume, riali, Italian Slays, so that Italy coul greatly by the placing of Marquis Impe s "Temps," suggested that Pari The es. desir rly eage invited to Ambassador to London, who had been ted about 30 miles south of in the seat of the port of Zeng, loca represent his country at the meeting, d desirable for the purpose. on. The Fiume, might be foun honor at the right hand of Chairman Pich etary- The Bay of Buccari, which opens into the Gulf of of the Secr a prominent French meeting adjourned subject to call prelimi- Fiume, was suggested by her furt the that eved beli is it bilities were said to be General, but osed of in engineer. Still other possi disp be will tion niza orga the of naries n. Tuesday London had a report al meeting of the under consideratio form al initi the to r prio don Lon a settlement with Italy regarding next October. The from Paris that League of Nations in Washington reached, which provided that the Committee of the Fiume had been until 1921, following day the Organization in city would rema an automomous port in the for ided prov ce, eren Conf r to Italy. The next day International Labo on, at when it would be assigned Lond in ing meet first its held t was made in Paris that Prepeace treaty, ted by Pro- the positive statemen esen repr was es Stat ed Unit which the accepted a proposal made by ings will be held mier Orlando had meet her Furt . well Shot T. French Ambassador at Rome, in fessor J. ion for the initial Camille Barrere, rmat info late tabu and ct Council of Three. According to the to colle ene in Washington behalf of the conv also will as a manh whic ce, eren conf statement, "Italy will administer Fiume , after 1923 l unti ons Nati of ue in October. datory of the Leag " ian sovereignty. In the ce—secret which it will revert to Ital eren Conf e Peac the of ion sess ested, the statement said A plenary e treaty was meantime, as already sugg peac the re befo last the and r or for the Jugo-Slavs will be built a few in characte Versailles on Wednes- that "a harb at s man Ger the to d ente the Adriatic coast, which will have pres afternoon at the miles lower down n with Agram and variousother day—was held in Paris Tuesday atio pre- railroad communic au ence Clem ier Prem ce. Offi set forth that Italy would French Foreign his right cities." In return it was at ed seat was on Wils t iden e of her other claims on the sided. Pres full member- make sacrifices of som the e whil left, his at ge Geor Thursday the Council of Three and Lloyd grouped around Dalmatian coast. was ce eren to Conf e Peac the ship of the Italian problem and was expected purpose of communicating took up the were ls for detai was the all l It unti e. ons tabl the its discussi nations represented at continue the treaty to all the smaller American Ambassador Page left Rome out. ed work ld shou ment docu the re befo r having had a long the Peace Conference e for Paris Thursday morning afte Andr ain Capt ans. Germ the to ch Ambassador at Rome be finally handed od to conference with the Fren rsto unde is and ce Fran ted esen rumor was current in Paris Tardieu repr treaty and over the matter. The the of ns isio prov f chie the d have explaine upon the conclusion of peace be would questions. Various last night that rous nume ered answ or so ago, it was claimed in a to have isions were said to resign. Ten days prov its of e som nst agai protests atch that he had already resigned as a one of the most im- Rome disp ably Prob e. mad been have the Italian incident. Apparently there is by Marshal Foch that result of ntment even, in Rome portant was the declaration a keen disappointment, and rese from te, equa inad was ce Fran n "the security give n with had gone too far in the stand that he had take , to that and nds, dema l toria respect to Italy's terri e desir a be to s seem re "the t, nden quote one correspo ing caus on the part of President Wilson to avoid e as further difficulties." Announcement was mad the te invi d early as last Saturday that he woul ary imin prel the Italian Ambassador to attend the of e itte Comm tion meeting of the Organiza day. League of Nations that had been called for Mon after that s Pari in wn kno me At any rate, it beca ier Prem , that ment unce ial anno offic an noon, through would Orlando and Foreign Minister Baron Sonnino Peace the return to Paris to resume their places at that ly tive posi Conference. In fact, it was stated. ninte the with t nigh they would leave Rome that This ing. morn y esda Wedn s tion of reaching Pari Foreign information was conveyed to the French s. In Ministry by the Italian Ambassador to Pari s of head the turn the news was conveyed promptly to nts. the Allied and Associated Governme MAY 10 1919.] THE CHRONICLE 1857 over the failure of Italy to secure a mandatory over confession in my mouth would be a lie." Per at least one German colony. contra he declared that the "hundreds of thousands of non-combatants who had perished since November The day of days toward which the Peace Com- 11th by reason of the blockade were killed with missioners had been striving since about the middle cold blooded deliberateness after our adversaries of January, and toward which the people of the whole had conquered and victory had been assured to world, as well as they, had been looking, was that them." "Think of that," he added, "when you on which the peace treaty should be completed and speak of guilt and punishment." The statements actually handed to the Germans. This memorable of the German delegate made it clear that he and and historic day was Wednesday, May 7, the fourth his associates and the German Government proanniversay of the sinking of the Lusitania and 177 posed to stand firmly on President Wilson's fourteen days after the firing of the last shot of the war, on points in the matter of making a peace treaty. In Nov. 111918. The place was the great hall of the substantiation of this idea he said, "The prinTrianon Palace Hotel, in Versailles, and the hour ciples of President Wilson have thus become binding 3:10 in the afternoon. All of the peace delegates, upon both parties to the war—for you as well as us, including the Italians, were in their places. This was and also for our former allies." the first formal and plenary session of the Peace After finishing his address, and as he led the Congress, for, with the admission of the German German delegation out of the hall, von Brockdorffdelegates, the name changed from Conference to Rantzau is said to have been extremely pale and his Congress. The venerable Clemenceau, Chairman countenance to have revealed great seriousness of of the Conference from the start, served in the same expression. He and his associates, according to capacity for the Congress. Seated on his right was Versailles advices, remained up the greater part of President Wilson, while on his left was Premier the night studying the treaty. At 9 o'clock the same Lloyd George. Secretary of the Congress Dautasta evening a trusted courier was dispatched to Berlin handed the copies of the treaty, translated into with a copy of the document, together with what was German, to the enemy delegates. They in turn pre- said to be the first report of Count von Brockdorff sented a reply in their own tongue, which was in- on important happenings in Versailles up to that terpreted in English and French, two sentences at a time. Thursday's cablegrams did not contain much time. In a word, the reply admitted that wrong had relative to the impression made upon the Allied been done to Belgium and signified a willingness to Commissioners by his address on Wednesday aftermake reparation. On the other hand, the Germans noon. Advices received yesterday, however, indistated plainly their unwillingness to accept entire cated clearly that Premiers Lloyd George and blame for the war. Clemenceau and President Wilson, and the other The advices state that the treaty was handed to members of their respective delegations,were greatly the Germans at 3:17, or seven minutes after the incensed over what he said and regarded many ofihis session came to order, and that at 3:51 adjournment statements as gross insults. was taken. Within these forty-one minutes two addresses were made, one by Chairman Clemenceau The treaty itself undeniably is one of the most and the other by Count von Brockdorff-Rantzau, memorable that was ever handed by a victorious to Chairman of the German delegation. Both are a vanquished nation. As to length the statement likely to become historic and are well worth reading was made upon authority in Paris that it has no as illustrative of the attitude and purposes of the equal, consisting of 15 main sections and approxivictors and the vanquished. Only a sentence or mately 80,000 words. Attention was called to the two from each can be snatched for use at this junc- fact by those who were most familiar with the ture. With characteristic conciseness and precision making of the document that it represented the Clemenceau declared in his first sentence, "It is "combined product of over a thousand experts neither the time nor the place for superfluous words." working continuously, through a series of comA little further on he said:"The time has come when missions, for three and a half months since Jan. we must settle our account. You have asked for 18." It is printed in parallel pages in English and peace. We are ready to give you peace." And French. The principal features had become pretty finally he assured the German plenipotentiaries that well known prior to the publication of the official "Everything will be done with the courtesy that is synopsis on Wednesday afternoon. Lack of space the privilege of civilized nations." How striking the makes it possible to refer only in the briefest way, contrast between these words and those of Bismarck and chiefly for the sake of emphasis, to a few of in the same place on Jan. 28 1871, when he took his the most striking provisions. The official synopsis pen and signed the armistice that ended the Franco- will be found in subsequent pages of the "ChroniPrussian War. He is reported to have jeeringly cle." said: "This, gentlemen, is the death of the beast." First of all Alsace-Lorraine i§ returned to France, Clemenceau also outlined the procedure that the for which all the people of that nation and their Germans must follow in dealing with the treaty. many sympathizers throughout the world ever He informed them that no oral discussions would be since the ending of the Franco-Prussian war, will permitted and that all "observations" or replies must be devoutly thankful. Secondly, the German army be made in English and French within fifteen days. is reduced to 100,000 men, including officers, a Count von Brockdorff-Rantzau, at the beginning number only a little in excess of the so-called standof his address, said:"We are under no illusions as to ing army of the United States prior to the war. the extent of our defeat and the degree of our want Thirdly, the German navy is to comprise only six of power. We know that the power of the German battleships, 6 light cruisers and 12 torpedo boats, army is broken." Continuing, he said: "It is without submarines, and a personnel of not over demanded from us that we shall confess ourselves 1,000. All other vessels are to be surrendered or to be the only onesIguilty for the war. Such a destroyed. Fourthly, Germany is compelled tore- 1858 THE CHRONICLE nounce all her territorial and political rights outside of Europe, and also to give up a vast amount of territory formerly held within the limits of that continent. Fifthly, shipping must be restored ton for ton; all civilian damages are to be reimbursed, the initial payment being $5,000,000,000. Reference has been made in earlier paragraphs to provisions for the trial of the former German Emperor. Germany, it is set forth in the treaty, will accept the League of Nations only in principle, and will not be a member. Finally, German prisoners are to be repatriated, but German officers are to be held by the Allies as hostages for Germans accused of crimes. [VoL. 108. mystery about what I have promised the Government here," and added that in what he had done he was "merely hastening the action through which we should be bound by the covenant of the League of Nations." The treaty having been completed and delivered to the Germans, the most important point now to be considered is what they will do with it. In London and Washington the comment has been generally favorable. As might have been expected, the Paris press was more or less critical. United States Senators have been quoted as expressing unwillingness to make extended comment at this. time. Yesterday dispatches from Berlin stated that the g the treaty in It is impossible to give a comprehensive idea of leading papers there were denouncin in circulation be to said the treaty in anything short of the official synopsis. strong terms. Rumors were head of the , f-Rantzau Brockdorf In some circles there is a disposition to stress the that Count von to sign it refuse would , delegation peace practical wiping out of Germany's military and naval German however, opinion, general The resign. would and world, forces. Important as this is to the whole since accept must y "German that be to appeared the g considerin sight should not be lost, when of date under economic future of that country, of the extent to she is helpless." A Paris dispatch n reservatio without which she is stripped of territory by the terms of Wednesday, the 7th, stated Congress Peace the to delegates the treaty. Only a few figures are necessary to give that "the German peace treaty, but that a fair idea of what the provisions of the document declare that they will sign the ." The authorindemnity an pay not will Germany in that regard will mean to Germany. According not even been has assertion al unequivoc this for ity will she to careful estimates made in Washington, of indemnity, lose in colonies and former dependencies alone intimated. With respect to the matter have Germans the 1,027,820 square miles, within the limits of which it should be noted that all along n, reparatio and word there is a white population of 24,389, and an es- differentiated between that damages. punitive represents timated native population of 12,041,603 in Africa, claiming that the former part of those in Paris Asia and the Pacific. In addition Germany must The prevailing opinion on the to be that "in the appears situation the renounce all claims to both territorial and political closest to signatures of the the delay, great without and the end rights in Morocco, Egypt, Siam, Liberia and affixed to the be will tiaries plenipoten German to compelled is Shantung peninsula. Germany ." document ovakia, Czecho-Sl of nce recognize the independe Advices received from Berlin last evening, howPoland and of German-Austria. Furthermore, she e of will lose control of territory in Europe amounting ever, contained fresh evidence of the displeasur over the nt Governme Ebert the in men to 47,787 square miles. In other words, it is cal- prominent as quoted was Lansburg Herr treaty. the of terms Europe culated that about 20% of the territory in have the press of ments announce cruel "The must saying: Empire German formerly embraced by the be given up. Putting the situation in still another been exceeded. We can do nothing but say yes or form it is pointed out that German-ruled domain no. That is the quintescence of a peace of force." will be only one-eighth of what it was before the war. Professor Schurcking declared that "the document is The Council of Three on Wednesday announced the simply awful." The latest reports from Versailles mandatories which it had agreed upon for the former say that "it is impossible yet to gain an indication German colonies. Thursday it was reported once of the attitude of the German plenipotentiaries here, again that probably the United States would accept but information coming from German sources show a mandate for Armenia and Great Britain one for it is quite possible the Ebert-Scheidemann Government is considering its fate if it should accept such Turkey. a drastic treaty. It may choose to refuse to sign the In view of all the rumors that were in circulation treaty and go down in a blaze of patriotic glory." a few weeks ago relative to secret pledges of aid In an address before the National Assembly in Berlin said to have been made to France by the United on Thursday, Chancellor Scheidemann declared that States and Great Britain, it is worth while reprinting "the German delegates had been instructed to make here the brief statement given out for publication, counter-proposals and tp demand the right of oral together with the official summary of the peace discussion." treaty. It reads as follows: "In addition to the Ever since the abandonment of the original plan securities afforded in the treaty of peace, the Presian international police force to make the League for to dent of the United States has pledged himself and the peace treaty effective, the adNations of the and States, propose to the Senate of the United and London relative to the extent Paris from vices himself pledged has Britain Prime Minister of Great boycott would be made use economic the which to an Britain, Great of t Parliamen the to propose to g for engagement, subject to the approval of the Council of for this purpose, were extremely conflictin that claimed it once was than of the League of Nations, to come immediately to many weeks. More . The altogether d abandone been had idea the assistance of France in case of unprovoked attack this an by rest at y put effectuall was question whole by Germany." In a cablegram yesterday afternoon Economic Supreme the of ment announce official Presito his private secretary, Joseph P. Tumulty, dent Wilson explained this plan for an alliance with Council on Tuesday of recommendations for the France. He declared that, "happily there is no use of the boycott to an extent that would isolate MAY 10 1919.] THE CHRONICLE Germany if she refused to sign the treaty. On Thursday afternoon the following statement appeared in a Paris cablegram: "The blockade division of the Supreme Economic Council, under direction of the 'Big Three,' has begun preparation of plans under which an even more vigorous blockade will be clamped down on Germany in the event of her defiance." Except as to some general provisions, the treaty presented to Germany does not relate to Austria and Turkey. Thursday afternoon the word came from Paris that already the Council of Four, with Premier Orlando in his place, had begun to "arrange the program for the presentation of the peace terms to the Austrian, Hungarian and Bulgarian delegates." Parts of the treaty had been drafted already, it was declared. The dispatch further stated that Austria will be called upon to pay at least 5,000,000,000 crowns ($1,000,000,000) of the indemnity levied upon Germany. The committee charged with gathering data for the Austrian treaty has been directed to report by next Monday. It was stated in Paris yesterday that the naval terms provide for the surrender of all the ships of the Austrian navy. A dispatch from Vienna which came to hand on Thursday stated that the Austrian delegates had left that centre and were expected to reach St. Germain, probably yesterday. The personnel of the delegation as given in the dispatch is as follows: Dr. Frank Klein, Chairman; Prof. Heinrich Lammarsch, former Austrian Premier; Prof. von Laun, Under Secretary of Foreign Affairs Pfluegel and Deputies Stegliger and Ludgemann. 1859 Belgium conditionally the Malmedy and Eupen districts of Prussia bordering on Belgium. It became known last evening that the Belgian delegation had issued a statement in which further dissatisfaction was expressed over Great Britain's being appointed a mandatory for German East Africa. The statement also says that "Belgium is unable to admit that German East Africa could be disposed of by agreements in which she has not participated," because of "Belgium's military operationsin Africa." It was reported also that the Chinese delegation had been instructed by its Government not to sign the treaty because of displeasure over the decision of the Council of Three in favor of Japan with respect to Kioa-Chau and Shantung. The probability is that all will sign in time. What else can they do, or how else can they hope to establish and maintain peace and order and get started with reconstruction plans? A careful perusal of the British budget presented by Chancellor of the Exchequer Chamberlain produced an even more favorable impression in London than was obtained from the first and rather cursory readings. The document disclosed a stronger financial position than had been supposed to exist. The fact that after certain changes in the scheme of taxation had been effected the net deficit for the fiscal year would be only 033,000,000 received special attention from close students of Great Britain's finances. Throughout the week an official announcement of the Goverr ment's new loan to take care of the floating debt was awaited with special interest. In a recent issue of the London "Statist" there were presented statistics that gave an outline of the revenues and expenditures of the United Kingdom for the five fiscal years ended with March 31 1919. The figures show that for the 12 months' period ended with that date the revenue was approximately four times that for the corresponding period of 1914-1915. Total receipts from taxes in the last named 12 months were only $921,252,775, against $3,816,688,875 for 1918-1919. Non-tax revenue for the two years respectively was $181,953,575 and $509,726,950. The total revenues were $1,103,206,350 for 1914-15 and $4,326,451,825 for 1918-19. War expenditures expanded from $1,762,096,375 ip the former fiscal period to $11,562,322,225 in the latter. Out of the grand total of the expenditures for the five years of $41,824,637,875, $8,439,844,425 was met out of revenue, and $33,403,135,275 from loans. According to report of the British Board of Trade, which was received here Thursday afternoon, imports into the United Kingdom in April decreased £7,671,043, while exports expanded £18,410,534, compared with April 1918. The following figures give a summary of the total trade of the United Kingdom for April, compared with that of the corresponding month of last year, and also the totals for the first four months of this year and those for the corresponding period of 1918: A week ago to-day it became evident that Belgium was not satisfied with the terms of the peace treaty, as its delegates understood them. Special objection was made to the territory that had been granted. M. Hymans, Chairman of the Belgium Peace Delegation, was reported in a Brussels dispatch to have been sent a telegram by the Committee Politique Nationale, urging him not to sign the document. The Belgians were reported to have been displeased upon being informed that of the $500,000,000 mentioned recently "as an immediate indemnity for Belgium, more than one-half of the amount merely has been placed to the Belgians' credit in Allied countries as part payment of war loans." Saturday, also, the Belgian Cabinet held a conference with King Albert, lasting three hours, after which it was announced that decision as to what action should be taken on the treaty by the peace delegates had been deferred until the following day, when the matter would be discussed with them. This conference lasted from 8 o'clock in the evening until midnight, according to Brussels advices on Monday. Upon adjournment official announcement was made that the Belgian Government had decided to sign the treaty. Chairman Hymans of the peace delegation was reported to have "expressed the opinion that the treaty, as it now stands, gave honorable and satisfactory terms to Belgium and recommended that April Jan. 1 to Apr. 1918. 1919. 1919. it should be signed." While the Crown Council was 1918. £112,210,000 £119,881,043 £549,573,000 £425,229,048 Imports said to have eirtorsed Hymans's ideas unanimously, Exports 58,482,000 40,071,466 205,846,000 156,839.197 still its members thought that "the attention of the Excess of imports 153,728,000 £79,809,577 £253,727,000 £268,389,851 • Powers should be drawn to the financial and economic situation in Belgium and to the necessity that the During the greater part of the week oil and rubber Allies assure Belgium of complete support looking to shares were active on the London Stock Exchange, her economic restoration." The peace treaty gives as they were in New York. Standard issues were 1860 THE CHRONICLE relatively quiet there as they were here. Whereas for some weeks the annual budget was spoken of as one of the principal restricting influences upon the British markets for securities, this week the terms of the new Government loan that are expected to be announced at any time were said to be awaited by conservative investors and speculators. Wednesday's market was somewhat broader with the sentiment somewhat cheerful. There were no striking changes in the general trend on Thursday and Friday. [VoL. 108. before. Repayments were only £41,541,000. Exchequer balances are now £6,589,000, as against £6,133,000 a week ago. Temporary advances outstanding are reported at £477,392,000. War bond sales last week through the banks totaled £4,466,000, as against £3,877,000 a week ago, Sales and making the aggregate £53,49,000. preceding week the through the post offices during were £218,000, bringing the total under this head to £2,428,000. Official discount rates at leading European cenOutside of the reported overthrow of the Com- tres continue to be quoted at 5% in London, Paris, munist Government in Munich and of the Soviet Berlin, Vienna and Copenhagen; 532% in SwitzerGovernment in Budapest early in the week, and land,6% in Petrograd and Norway,63/2% in Sweden further losses by the Bolshevist forces in the Arch- and 432% in Holland and Spain. In London the angel district of Russia, little came to hand relative private bank rate has not been changed from 3% to the political disturbances in eastern and south- for sixty-day and ninety-day bills. Money on call eastern Europe that have attracted so much atten- in London remains as heretofore at 338%. So far tion in recent weeks. Thursday it was reported as we have been able to ascertain, no reports have from Berne, Switzerland, that the Government been received by cable of open market rates elseforces were not in full control of Munich and that where. the Rumanian troops in or about Budapest had met Another increase in gold holdings was shown by with a repulse. Whatever may be true regarding Bank of England statement, amounting this the that apparent is it quite situations, particular these the Bolshevists and Communists are losing ground week to £251,583, while total reserves were exrapidly. Thursday the London "Times" declared: panded £631,000, and the proportion of reserve to "There are many signs of the approaching break of liabilities moved up to 19.90%, as compared with the Bolshevik Government. Petrograd is going, 18.38% a week ago and 18.20% last year. Other Budapest is said to have gone, and alike in the changes of importance included an increase of East and West the Bolshevist tyranny is contracting." £1,761,000 in public deposits and a decline of no Yesterday Washington dispatches stated that repre- less than £9,561,000 in other deposits. Governseptatives of the Associated Governments in Paris ment securities were reduced £5,635,000, while might recognize the Omsk Government in North loans (other securities) registered a contraction of Russia at a comparatively early date and extend a £2,750,000. Note circulation decreased £380,000. loan of $20,000,000 for immediate use on the Siberian Threadneedle Street's stock of gold on hand now Railroad. Paris advices received last evening stated stands at £85,927,395, which compares with £61,that the "various Russian factions apparently are 365,503 last year, £55,019,611 in 1917 and £35,coming together on a platform for the support of any 941,599 in 1914. Reserves aggregate £27,595,000, Government which guarantees a constitutional as- as against £30,132,523 in 1918 and £34,745,456. sembly elected by universal suffrage." It is to be Note circulation is £76,781,000, in comparison with hoped that strong central governments will be es- only £49,682,980 the preceding year and £38,tablished in all the countries in which various self- 724,155 in 1917. Loans total £79,477,000. A established factions have flourished more or less for year ago they stood at £97,410,123 and in 1917 at $111,479,848. Clearings through the London a time. banks for the week amounted to £490,650,000, in British revenues and ingoes for the week ended contrast with £459,931,000 last week and £384,May 3 made a better showing, having exceeded 904,000 the year previous. Our special corresponexpenses, and resulted in an increase of £456,000 dent is not as yet able to give details by cable of in the Exchequer balance. Sales of new Treasury the gold movement into and out of the Bank for bills, however, continue to exceed the amount re- the Bank week, inasmuch as the Bank has not repaid, so that the total volume of Treasury bills out- sumed publication of such reports. We append a standing has once again passed the billion pound tabular statement of comparisons: BANK OF ENGLAND'S COMPARATIVE STATEMENT. mark, and now stands £1,000,179,000, against 1915. 1918. 1917. 1018. 1919. £985,941,000 a week ago. Expenditures for the May 12. May 10. May 9. May 8. May 7. £ for week were £41,058,000 (against £32,737,000 78,781,000 49,682,980 38,724,155 34,426,130 35,002,715 Circulation outflow, total 127,884,334 26), the while April 54,833,814 54,172,724 23,981,000 37,573,152 Public deposits the week ending 115,161,000 128,129,817 119,375,972 83,441,908 05,614,594 deposits including repayments of Treasury bills and other Other Govern't securities_ 49,452,000 55,871,732 45,049,406 33,187,474 51,043,491 70,477,000 97,410,123 111,479,848 79,409,760 143,072,712 secur1t1es items, amounted to £106,261,000, comparing with Other Reservenotes & coin 27,595,000 30,132,523 34,745,456 43,386,597 47,075,727 £89,301,000 a week ago. Receipts from all sources Coin and bullion 85,927,395 61,365,503 55,019,811 59,382,727 63,628,442 of res've totaled £106,717,000, as against £88,826,000 the Proportion 21% 31.37% 20.01% 18.20% 19.90% to liabilities 5% 5% 5% 5% 5% week preceding. Of this total revenues contributed Bank rate cersavings £14,961,000, against £13,679,000; war The Bank of France in its weekly statement shows tificates yielded £500,000, against £1,500,000, and further gain of 476,764 francs in its gold item a £5,875,against in £4,230,000, brought bonds war 000. From other debts the large sum of £24,270,- this week. The total gold holdings now amount 00.0 was received, comparing with £2,329,000, while to 5,547,736,214 francs, comparing with 5,380,advances yielded £7,000,000, against £10,000,000 407,039 francs last year and with 5,258,601,580 last week. The total of Treasury bills sold equaled francs the year before; of these amounts 1,978,£55,756,000, in contrast with £55,342,000 the week 308,484 francs were held abroad in 1919, 2,037,- MAY 10 1919.1 THE CHRONICLE 1861 4 108,484 francs in 1918 and 1,948,706,126 francs in loans displayed a tendency to advance, but the 1917. During the week advances rose 24,309,386 changes were slight in comparison with the volume francs and general deposits were augmented by of money which it was reasonable to assume was 64,053,267 francs. On the other hand, silver de- being used to finance the enormous turnover in creased 2,076,787 francs, bills discounted were re- stocks. While it has been claimed practically ever duced 21,262,837 francs and Treasury deposits since the big upward movement started that many fell off 20,004,339 francs. A further expansion of stocks were being paid for and taken out of the 329,355,510 francs occurred in note circulation, market, and that speculators who were trading on a bringing the total outstanding to the new high mark, marginal basis, were not making commitments for of 34,429,666,820 francs. In 1918 and 1917 at long periods, it is useless to claim that the buying this time, the amounts outstanding were 27,011,- and selling of 1,500,000 shares of stock in a day can 835,645 francs and 19,275,171,195 francs respec- be handled without a substantial amount of borrowed tively. On July 30 1914, just prior to the outbreak money. Yesterday morning it was reported that of war, the •amount outstanding was only 6,683,- the financial institutions were calling loans on a 184,785 francs. Comparisons of the various items large scale, but verification was not obtainable. in this week's return with the statement of last It is admitted that in special cases precaution has week and corresponding dates in 1918 and 1917 been taken to protect individual commitments, but are as follows: that it could not be said that loans were being called BANK OF FRANCE'S COMPARATIVE STATEMENT. promiscuously. Before the organization of the Status as of Changes May 9 1918. May101917. Federal Reserve banking system, rates for call May 8 1919. for Week. Francs. Francs. Francs. Gold Holdings— Francs. Inc. 476,764 3,569,427,730 3,343,298,554 3,309,895,453 money of anywhere from 20 to 30 or 40% would not In France 1,978,308,484 2,037,108,484 1,948,706,126 No change Abroad have been surprising in a stock market like that of 476,764 5,547,736,214 5,380,407,039 5,258,601,580 Inc. Total this week. With the closing of the Victory Loan cam308,624,395 255,824,688 Dec. 2,076,787 Silver 257,073,698 894,941,984 1,177,399,179 Bills discounted Dec. 21,262,837 545,624,626 paign to-night it is probable that more will be heard Inc. 24,309,386 1,246,304,100 1,011,880,107 1,152,849,828 Advances Note circulation Inc. 329,355,510 34,429,666,820 27,011,835,645 19,275,171,195 and done next week and in the succeeding weeks, 23,095,826 46,969,452 Treasury deposits_Dec. 20,004,339 31,756,422 General deposits Inc. 64,053,267 3,167,415,967 3,052,029,553 2,518,154,084 relative to financing for corporations, municipalities, &c. If at least $4,500,000,000 of Victory Loan A large expansion in the loan item was about the notes can be sold within three weeks, and at the most interesting feature of Saturday's bank state- same time a stock market of the magnitude of that ment of New York Clearing House members. In of the last month can be financed, it ought to be some quarters this was held to reflect the recent possible for the financial institutions to sell good activity on the Stock Exchange, but bankers were bonds, stocks and notes on fairly favorable terms. of the opinion that participation in the latest offering Referring to detailed rates for money, loans on of Treasury certificates of indebtedness was largely responsible. In round numbers, the increase totaled call have ruled easier, with the range 33@5M7o, $117,430,000, the second largest of the year. Net as compared with 43@6% last week. On Monday •deman'd deposits were expanded $25,868,000, to and Tuesday the high was 5%, the low 33i% and $4,040,391,000 (Government deposits of $337,- renewals at 432% on both days. Wednesday the 526,000 deducted). This is an increase of over maximum was reduced to 43/2%, but this was still $79,000,000 in Government deposits for the week. the basis at which renewals were negotiated, while Net time deposits also increased, viz., $610,000, the minimum was 4%. There was an advance on to $155,099,000. Cash in own vaults (members of Thursday to 53/2% for the high; the low was 5%, the Federal Reserve Bank) decreased $3,413,000 to and this was also the ruling rate. Friday's range $94,677,000 (not counted as reserves.) Reserves was 5@532% and 532% the renewal basis. These in the Reserve Bank of member banks declined figures are for loans on mixed collateral, as "all$4,727,000 to $548,156,000, while there was also industrials" continue to be quoted M of 1% higher. a decrease of $318,000 in the reserves in own vaults In time money very little change was noted during (State banks and trust companies) to $11,989,000, the opening days of the week, but on Friday there and of $253,000 in reserves in other depositories, was a decided easing and quotations were lowered (State banks and trust companies) to $12,121,000. to 532% for sixty and ninety days, against 5%@, There was a loss in aggregate reserves, amounting 6%; 532@5%% for four months, a ainst 5%@, to $5,298,000, which brought the total to $572,266,- 6%,and 53'@5Y 17 0 for five and six months, against 000, as against $540,931,000 in the corresponding 53/2@6% last week. For the first time in several week of 1918, while surplus declined $8,743,720 to weeks lenders manifested a willingness to put out $36,744,180, comparing with $37,199,580,the amount funds for the longer periods, and a moderate amount held a year ago. Reserve requirements showed an of business was transacted in five and six months' increase of $3,445,720. The totals here given for money, as well as for the shorter maturities. This surplus reserves are on the basis of 13% reserves for is undoubtedly incidental to the approaching close member banks of the Federal Reserve system, but of the Victory Loan campaign and the expectation not including cash in vault,amounting last Saturday that easier conditions are likely to prevail in the to $94,677,000. The bank statement in more com- money market. In the same week of a year ago, plete form will be found on a later page of the all periods from sixty days to six months were "Chronicle." quoted at 6%. Mercantile paper was quiet and featureless. Out With the daily transactions in stocks on the New of town banks were in the market as customers, York Stock Exchange running from 1,500,000 to but the volume of offerings was small so that busi1,750,000 shares a day, the most remarkable feature ness was restricted. Sixty and ninety days' enof the local money market again this week was its dorsed bills receivable and six months' names of steadiness. About half way through the week the choice character remain as heretofore at 531(4)5/ 2% rates on mixed collateral and all industrial call with names not so well known at 532%. THE CHRONICLE 1862 [VOL. 108. circles in the publication of the details of the Peace Treaty, and considerable optimism expressed, since it is felt that the terms, though harsh, are preeminently just and the acquiescence of Germany can be only a matter of a few days. All now awaits upon this important event, which it is still thought may be followed by a general broadening of market Spot Delivery---- Delivery operations with substantial increases in rates. within Thirty Ninety Sixty 30 Days. Whether this will be so or not remains to be seen, Days. Days. Days. ,4 bid but one thing would seem likely and that is that it 47 4%@4 4%04% 4;4e@)4% banks member of bias EUgible 4% bid Eligible bills of non-member banks 4%64 4ifzIg4% 4ifeIg4 6 bid will be the precursor of a return to pre-war and 5%®4% 5%@4% 5%6434 Ineligible bills normal activities as well its the widespread removal of week this known Bank made Reserve Federal The the remaining war restrictions upon exchange busispecial rates, effective May 5, on paper secured by ness. War Finance Corporation bonds; these are indicated As regards quotations in greater detail, sterling in the footnote to the table, along with the special exchange on Saturday was a trifle easier and demand rates previously established by the Federal Reserve bills declined fractionally to 4 663/8@4 67, cable Banks of Boston, Minneapolis, Chicago and St. Louis. transfers to 4 673/ 8@ s@4 68, and sixty days to 4 643" Prevailing rates for various classes of paper at the 4 64%. On Monday increased activity developed different Reserve banks are shown in the following: and a renewal of buying orders brought about an DISCOUNT RATES OF FEDERAL RESERVE BANKS. advance in sterling to 4 67@4 68 for demand,4 68@ g .i •V: 4 69 for cable transfers and 4 64%@4 65% for sixty • . m CLASSES t 1 ei O *2• la) ,14 1 OF days. Trading was quiet on Tuesday, and the 6 2 I .. A . es qe DISCOUNTS AND LOAN .3 "4 • was more or less of a holiday affair, due to market co 0 . of the day as a holiday on account local observance i Discounts-Within 15 days,incl. member in the honor of the return of the 77th of parade 4% 4% 4% 4 4% 43‘ 4% 4 4% 4 4 notes._ 4% banks' collateral 18 to 60 days' naturity___ 4% 4% 4% 4% 4% 4% 4% 4% 4% 5 444 5 Division; quotations, however, were well maintained 81 to 90 days' maturity__ 4% 4% 4% 4% 4% 4% 4% 4% 5 5 5 5 Agricultural and live-stock trans5 5 5 5% 5 5 5% 5% 534 5% 5% 5% and demand bills ruled at 4 673/8@4 68, cable paper over 90 days Secured by U. S. certificates at days 4 and sixty at 69, 4 fers 65@4 683/s@4 65g• of indebtedness or LI erty Loan bonds— Wednesday's dealings were rather more active and Within 15 days, including member banks' collat444 the undertone continued firm, with rates still quoted 4c 4 2444 4 4 4 14% 4 4 4 4 eral notes 444 4% 4% 4% 14% Lig 24x 4% 4%'4% 4% 444 16 to 90 days' maturity Trade Acceptances at the figure current on the day preceding. A fur434 444 4121 4120 4% 412a 4128 434 4% 444 4% 4sta 16 to 60 days' maturity 4% 4% 4441434 414 434 434 4% 434 4%1 434 43i ther advance to 4 68% for demand bills, the highest 61 to 90 days' maturity Rates for discounted bankers' acceptances maturing within 15 days, 4%; point of the week, was noted on Thursday, following within 16 to 60 days, 434%, and within 61 to 90 days, 434%. 2 Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper re- the publication of the peace pact, and the range was discounted has been taken by discounting member banks at rate not exceeding Interest rate on bonds. 68%, with cable transfers at 4 68%@ The Federal Reserve Bank of St. Louis has announced a rate of 5% for mem- 4 673/@4 ber banks' promissory notes maturing within 15 days when secured by War Finance 2; while this sixty days at 4 65%@4 653/ and 4 693-i Corporation bonds; also 5% for rediscounts maturing within 15 days secured by War Finance Corporation bonds, and 544% for rediscounts from 16 to 00 days was largely a sentimental influence, market operators secured by War Finance Corporation bonds. The Federal Reserve Bank of Minneapolis announced on April 4 a rate of 534% for member banks' collateral notes and customers' notes, drafts and bills of exchange expressed optimism as to its ultimate results, and the of 15 days and under secured by War Finance Corporation bonds: also 544% for On Friday the market was customers' notes, drafts and bills of exchange of 16-60 days where secured by War close was at the best. Finance Corporation bonds and 6% for such paper running from 61 to 90 days. range was not changed. the on rates the though following on announced 12 Bank April a shade easier, 2 The Boston Federal Reserve rediscounts secured by bonds of the War Finance Corporation: Either customers' notes or promissory notes of member banks and having 15 days or less to run, 5%; This was regarded as a natural reaction and without customers' notes having from 16 to 90 days to run, 544%. 8 The Federal Reserve Bank of Chicago announced, effective on April 21, a rate special significance. Closing quotations were 4 653/ of 4%% for member banks promissory notes maturing within 15 days when secured cable for by U. S. Government bonds or Victory Loan notes, and 544% for such paper of for sixty days,4 67% for demand and 4 683/ 8 15-day maturity when secured by War Finance Corporation bonds; for rediscounts maturing within 15 days, secured by War Finance Corporation bonds, a rate of transfers. 8, / Commercial sight bills finished at 4 675 544% was established effective April 21, while for the some paper with maturities from 16 to 90 days the tate Is 544%;the rate for rediscounts maturing within 90 days, sixty days at 4 643/ docu63%, 4 at days ninety 2 , secured by War Finance Corporation bonds,is 434%. 7 The Federal Reserve Bank of Philadelphia has announced, effective May 5, a for payment (sixty days) at 4 64, and rate of 5% for member banks' collateral notes maturing within 15 days, when ments secured by War Finance Corporation bonds; for rediscounts,secured by War Finance at 4 67. Cotton and grain Corporation bonds, the rate is 5%; in the case of maturities within 15 days, and seven-day grain bills 534% for maturities from 16 to 90 days. 4 for payment closed at 67%. No gold engagements a Fifteen days and under, 444%. S Fifteen days and under, 4%. c Until further notice, there is authorized a special rate of 4% for paper, with were reported this week. I Kansas City. New York. Banks' ani bankers' acceptances were rather more active than for some little time, though transactions in the aggregate were not extensive. A good undertone was reported, but rates were still unchanged. Demand loans on bankers' acceptances have not been changed from 43/2%. Quotations in detail are as follows: C3 7 4 I 4 16 to 90 day maturity, secured by Fourth Liberty Loan bonds; provided such paper has been taken by the member hunk at a rate not in excess of the Fourth Liberty Loan coupon rate. Note 1. Acceptances purchased in open market, minimum rate 4%. Note 2. In case the 60-day trade acceptance rate is higher than the 15-day discount rate, trade acceptances maturing within 15 days will be taken at the 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. Strength and activity have again marked dealings in sterling exchange, and although conditions surrounding the market as a whole have not materially altered, further progress was made in the upward movement which developed a week ago, so that the demand rate has moved up to 4 683. and cable transfers to 4 69%. As, however, this was largely a result of the continued heavy buying of sterling bills believed to be for account of French interests and coincidental to the maturing of French loans in London, it is hardly looked upon as indicative of permanently higher levels, and exchange experts remain in doubt as to the future course of exchange. Keen interest was, of course, shown in exchange In Continental exchange the most conspicuous feature of the week's operations has been the unprecedented weakness in francs, which, under the continued pressure of heavy offerings of bills, dropped to as low as 6 18 for checks, or 4 points below last week's low level and 8 points lower than the record figure established in April of 1916. As already explained, this is obviously the result of France's unfortunate trade balance, and constitutes a problem, which is likely to prove difficult of solution, since as one prominent international banker rather bluntly expressed it, "France needs enormous quantities of almost everything we have, but is at present unable to pay for them." The recent action of the French authorities, 'furthermore, with regard to tightening its embargo on gold, makes it plain that France has no intention of allownig importations of Americanigoodsitol be: paid for by exports of French gold.[. Prior to the promuigation on Thursday of the MAY 10 1919.] THE CHRONICLE 1863 details of the peace treaty, rumors were current to Bankers' sight on Amsterdam closed at 393/s, the effect that a plan was to be incorporated in the against 40 cable remittances at 40, against 403 4; treaty looking to the stabilization of exchange rates, commercial sight at 39 13-16, against 40 1-16; and and while a cursory examination of the summary in commercial sixty days at 3932, against 39 13-16 question failed to indicate any such plan, it is ar- the week before. Swiss francs finished at 5 02 gued that some action will have to be taken, for the for bankers' sight bills and 4 983/ for cable transfers. reason that if the market is left entirely to take care This compares with 4 96 and 4 93 a week ago. of 'itself, prevailing rates, under existing conditions, Copenhagen checks closed at 24.30 and cable recannot possibly be maintained. The view most gen- mittances at 24.60, against 24.85 and 25.00. Checks erally entertained is that,following the formal declar- on Sweden finished at 25.80 and cable transfers at ation of peace, and as soon as the Victory Loan 26.10, against 26.60 and 26.80, while checks on Norcampaign is out of the way, negotiations for the way closed at 24.30 and cable transfers at 24.60, establishment of liberal credits here for European ac- against 25.60 and 25.80 in the week preceding. count will be reopened. It is conceded that Amer- Spanish pesetas finished at 20.18 for checks and 20.28 ican banks are not particularly keen about tying .for cable transfers. This compares with 20.25 and up their funds in this manner, and as a matter of fact 20.35, the previous close. look with actual disfavor upon the granting of credits As to South American quotations, firmto certain of the neutral nations, but as matters now ness developed and further advances increased were recorded. stand, the opinion is that if we expect to continue The rate for checks on Argentina finished at 44.50 5 comparing with 44.10 and our exports to Europe, it will be necessary to fur- and cable transfers 44%, nish the means of paying for them, which in this .44.25 last week. For Brazil the check rate closed at % and cable transfers at 27 8, against 27.15 and instance resolves itself into simply affording suitable 273 the previous week. Chilian exchange has not accommodation until the war-torn nations of Eu- 27.25 been changed from 9 31-32 and Peru from 50.125@ rope are once more in a position to enter into nor- 50.375. mal trade relations. One factor which is pointed Far Eastern rates are as follows: Hong Kong, to with considerable pride by international financiers 82@83, against 803.@80.40; Shanghai, 120@121, here is that for a long time to come, Europe is likely against 11814@119; Yokohama,51%@51%, against to be a borrower, and that, consequently, the United 51%@51%; Manila, 50 (unchanged); Singapore, States is, temporarily, at least, in the position of the 563j (unchanged); Bombay, 36 (unchanged), and world's leading creditor nation. Toward the close Calcutta (cables) at 363-i (unchanged). of the week firmness developed at all Allied cenThe New York Clearing-House banks, in their tres and francs recovered to the extent of 6 133 % for operations with interior banking institutions, have checks, • while lire, which had also shown extreme gained $3,529,000 net in cash as a result of the curweakness because of an oversupply of offerings, rency movements for the week ending May 9. Their rallied to 7 48 for sight bills, an advance of 10 points receipts from the interior have aggregated $8,013,000, from the lowest point, though at the extreme close while the shipments have reached $4,484,000. Adding the Sub-Treasury and Federal* Reserve operrates sagged again slightly. Belgian francs were ations, which together occasione a loss of $81,446,heavy, declining to 6 47 for checks, but turned firm 000, the combined result of the dflow of money into and finished well above this figure. Trading has not and out of the New York banks for the week appears yet been resumed in either Russian rubles or German to have been a loss of $77,917,000, as follows: and Austrian exchange. In a recent statement comWeek ending ).fay 9. I Into Out of I Net Ckange in Banks. Banks. Bank Holdings. menting upon the peculiarly unfavorable financial Banks' interior movement conditions in Germany brought about by the coun- Sub-Treasury and Federal- Reserve,I $8,013,000 $4,484,000 Gain $3.529,000 28,484,000 109,930,000 LOSS 81,446,000 try's obligations to pay the costs of the war, the operations Total I 336,497,000 $114,414,000 Less 877,917,000 Department of Commerce declares that the value of The following table indicates the amount of bullion the German mark has fallen so low that in Switzerin the principal European banks: land exactly 10 marks are paid for an American dollar, while in the Netherlands almost 11 marks can May 8 1919. May 9 1918. Banks of— , be purchased for one dollar. Gold. SW*r Total. I Gbld. I Silver. Total. The official London check rate in Paris closed at r ! r 1 I I g r 1 r England__ 85,927,395 85,927,3951 61,365,603 I 61,365,603 28.94, againgt 28.42 last week. In New York sight Frances... 142,778,3071 12,320,000I155,098,307J3 3,701,951 10,240,000 143,941,951 Germany. 95,592,256 1,055,760 96,648,010.117,259,6 5,988,150123,247,750 ._.129,660,000. 12,375,000 142,025,000,129,650,000 12,375,000142,025,000 bills on the French centre finished at 6 15, against Russia Aus-Hun c 11,600,000, 2,372,000 13,972,004 11,008,000 2,289,00(1 13,297,000 Spain —__ 90,445,000: 26,010,000116,455,000 81,104,000 28,281,000 109,385,000 6 07; cable transfers at 6 13, against 6 05; com- Italy 33,550,006 3,000,000 36,550,000 33,455,000 3,195,006 36,650,000 Netherl'ds 65,279,000 mercial sight bills at 6 16, against 6 08, and com- Nat.Bel.h 676,000 55,955,006 60,787,000 596,406, 61,383,000 • 15,380,000' 600,000 15,980,006 15,380,000 600,000' 15,980,000 Switz'land 16,802,000, 2,633,000 19,435,000, 15,061,000 mercial sixty days at 6 21, against 6 1'2 on Friday Sweden__ I 15,061,000 15,977,000 I 15,977,006 14,321,000, I 14,321,000 Denmark_ 10,385,000 137,000, 10,522,006 10,269,000 136,000 10,405,000 of last week. Belgian francs closed at 6 38 for Norway_ .. 8,197,000' : 8,197,000 6,735,000, 6,735,000 checks and 6 35 for cable remittances. Lire finished Tot. week.711,562,9521I 61,178,760772,741,712,1600,097,0541 63,700,150I 753,797,204 Prev.week712,069,6511 61,018,510 773,088,161 689,773,588' 63,642,550753,418,138 at 7 56 for bankers' sight bills and 7 54 for cable a Gold holdings of the Bank of France this year are exclusive of £79.131,137 transfers. A week ago the close was 7 49 and 7 47. held abroad. No figures reported since October 29 1917. Greek exchange remains as heretofore at 5 16 for . c Figures for both years are those given by "British Board of Trade Journal" for Dec. 7 1917. checks and 5 15 for cable transfers. h August 6 1914 in both years. Dealings in the neutral exchanges were quiet and featureless, and transactions in the aggregate not THE TREATY OF PEACE. large. The trend this week has been downward, Owing to the sincerity of the promise by the Paris with declines noted at practically all centres. Swiss Conference, to allow fair publicity to its proceedings, francs and guilders ruled weak. Scandinavian rates there are few provisions in the Treaty as published were all fractionally lower, while Spanish pesetas Thursday which had not been known beforeha nd by ruled easy throughout. This was attributed to the general public. This is much more than could nervousness over approaching changes, expected to have been said regarding the Treaty of Berlin in develop with the advent of peace. 1878, or even regarding the Treaty of Portsmouth, 1864 THE CHRONICLE [voL. 108. which terminated the Russo-Japanese war in 1905. Powers are contemplating a more or less similar proThe profound impression made by this present treaty gram of disarmament on their own account. That there should be an outcry of anger and proon its readers, the sense of the appalling judgment which is visited on Germany, arise not from the fact test throughout Germany is natural. This attitude, of new and unexpected requisitions or penalties, but along with what is called the "absence of repentfrom the fact that the entire sentence against the ance," in Brockholst-Ranzau's address to the Conprisoner at the bar is now presented. Thus studied, ference on Wednesday, was altogether to be expected. the historic penalty confronts the mind in its full Our own South yielded to the provisions of the Federal Government after the Civil War, but it did not magnitude. Fearful as is the punishment thus prescribed, it is profess contrition. As a matter of fact, the German impossible,to say that it is disproportionate to the spokesman did go further than any German official offense. Moreover, nothing that the terms of the has yet gone, in admitting Germany's original culpresent treaty impose will compare in severity with pability; but he went no further. It is difficult to see, the terms which we feel certain Germany intended to however, in what way the German Government can impose on her enemies after her own anticipate4 refuse to sign. Such refusal would not only create victory. The conduct of the war by Germany was for them an impossible position, but, with the pennot only of a character to remove from the considera- alty of an "economic boycott" still held over Ger.tion of her judges any extenuating circumstances many, would probably compromise them with their such as chivalrous action towards a temporarily own constituents. We suppose that the part of the treaty which will defeated foe, or magnanimity towards the people of an invaded country, but the recognized rules of cause the most divergent views will be the section civilized warfare, the principles of diplomatic inter- providing for the trial of the Kaiser and of the milicourse, the ordinary restraints of humanity, were tary commanders, where "acts in violation of the violated from start to finish, in pursuance of a con- laws and customs of war" are alleged against them. .certed plan. It was no mere flight of rhetoric to say The bringing of military men under such circumthat Germany's complete victory would have ar- stances before military tribunals is not unprecedented; after our own Civil War, the Confederate officer in rested the course of modern civilization. charge of the notorious Andersonville prison was the for facts We do not recur to these well-known hanged on sentence of a United States court-martial. the surrounds which odium the purpose of increasing for the case of the Kaiser no precedent whatever But the depriving of or leaders, public German recent German people of such legitimate sympathy as may could be found. Blucher was determined, after Wabelong to them in their present plight. But it is terloo, and the abdication, to have Napoleon tried impossible to understand the terms of peace, or to and shot by a military court of the Prussian army; pass judgment on their rightfulness, without keeping but Wellington intervened with indignation, and firmly in mind the nature of the offense for which overruled the Prussian commander. Napoleon was these penalties are set down. Considered in this eventually sent to St. Helena by the British Governlight, moreover, the logic and propriety of some of the ment, only after he had placed himself unreservedly in that Government's hands. severest of the penalties will appear. The danger in the proposal to try and sentence The salient conditions of the treaty are the restoraof Hohenzollern lies in the impossibility of of William reduction tion of Alsace-Lorraine to France; the an absolutely impartial court. No such constructing proconscription with Germany's army to 100,000, organized whose verdict, if severe and be could 24 body to armament naval her of hibited; the reduction vessels and a personnel of 15,000; the surrender of her exemplary, would be accepted in subsequent history colonies to the mandatory control of the League of as based exclusively on the merits of the evidence. Nations; the return to an independent Poland of the But there is, in fact, a second possibility which might territory stolen from her a century and a quarter ago; arise from the consciousness of these things by highthe payment through cession of her own ships, ton for minded jurists in the trial court. It is, that they ton, for her unlawful depredation on enemy and neu- might prefer to acquit the Kaiser despite the evidence tral merchant shipping; the devoting of her own rather than incur the odium of a biased verdict. In economic resources to the rebuilding of the devas- other words, this experiment, if carried out, might tated regions, and the payment of an unprecedentedly result either in making a martyr of a man who is now large indemnity based on her unlawful injury to regarded as a public offender, or in defeating the persons and property during her campaign. The very purpose of the court through acquitting him. financial requisitions are unprecedented; the terri- We cannot help thinking that this part of the treaty torial cessions would reduce the area of Germany by program mgy take a different turn; whether through one-fifth. In what position these exacting terms will abandonment of their purpose by the Allies, or leave the German nation it is far too early to say. through the attitude of Germany, or through refusal That will depend on the manner in which the Ger- of Holland, on the ground of right of asylum, to deliver up the Kaiser. man people accept the situation. Particular interest will converge on the indemnity a as Nations have been dismembered before this This had from the start been in many imposed. and politically result of war, and yet have prospered real crux of the negotiations. It was the respects for one except Germany, and industrially afterward; so of the possibility that the Allies primarily because provassimilated wholly never and outlying two or vinces, is not dismembered. Nations have similarly might demand a sum impossible for Germany or any prospered after paying huge war indemnities, whose other Government to pay. That this was no mere burden (like that imposed on France in 1871) had to imagined danger, every one learned when Lloyd be carried through future history. As for the ro- George declared to the English electors in December duction of Germany's military and naval forces to that Germany should and would be made to pay the somewhat the footing of our own armament in years entire cost of the war to the Allies, which he estibefore this war, it is to be remarked that the Entente mated at a sum equivalent in American values to MAY 10 1010.] THE CHRONICLE 1865 $120,000,000,000. Three weeks ago the Associated the questio n of Germany's capacity to make those Press, cabling from Paris what appeared to be the payments. Grante d return of industrial activity conclusions of the Reparations Committee of the and access to foreign trade—neither of which is Conference, announced that the total indemnity denied to her by the Treaty—it is apparently within would be 100,000,000,000 marks, gold value, or the econom ic power of a thrifty and enterprising $23,800,000,000, of which 20,000,000,000 marks, or people with the large accumulations of wealth which $4,760,000,000, was to be paid within two years, Germany possesses, to meet even these requisitions, 40,000,000,000 marks, or $9,520,000,000, to be paid and to do so without being economically crushed. in German Government bonds during the thirty But no one can yet be sure how far this prodigious ensuing years, the remaining 40,000,000,000 marks tribute, imposed during a generation to come, will or to be paid according to the subsequent decision of will not of itself check the movement of financial and the Commission. industrial revival. It is to be observed that the This statement of the case certainly seemed more Treaty itself considers the possibility of the exaction in line with reasonable possibilities. But almost at being too great, in its provision for a permanent the same time, Lloyd George, facing a Parliamentary Reparation Commis sion which "shall permit Geraccusation that he had abandoned his original posi- many to give evidence regarding her capacity to tion, answered that when the terms should be pub- pay, and shall assure her a just opportunity to be lished, it would be found that all of his claims and heard." predictions had been realized. In fact, the London version of the plan of indemnity has very lately and THE CAUSE AND CURE OF POVERTY. insistently set forth £11,000,000,000, or approximately $55,000,000,000, would be called for. This In the photoplay "Bolshevism on Trial", now was more than double what the Associated Press being shown throughout the country, the son of a had named, although less than half what Lloyd "magnate" comes sudden ly upon a deathbed scene George had predicted. in a tenement. The young man has had leanings Now come the actual terms. In the main, the toward socialism, but this scene convinces him Associated Press forecast turns out to have been instantly. "I did not know such poverty existed," practically correct. The text of the Treaty provides, he says. Thereupon, he joins the movement, and first, that Germany "shall pay within two years the island experi ment follows, in which he becomes, 20,000,000,000 marks in either gold, goods, ships, by reason of his pure altruism, the first leader, only or other specific forms of payment, with the under- to be depose d by a crafty and unscrupulous seeker standing that certain expenses, such as those of the after power, whose reign of license is subsequenty Armies of Occupation and payments for food and terminated by United States troops. The son of the raw materials, may be deducted at the discretion of rich man still clings somewhat vainly to his "printhe Allies," and that in addition, and on account of ciples," but is thoroughly convinced of its futility further claims, bonds will be required for "forty in practic e, asks only to be allowed to be a "good billion marks gold, bearing 23/2% interest, between Americ an," and himself hauls down the red flag. 1921 and 1926, and thereafter 5%, with a 1% sink- The "story " as portrayed on the screen is not without ing fund payment beginning in 1926; and an under- a number of clever touches which show how impostaking to deliver forty billion marks gold bonds, sible it is to distribute labor under the well known bearing interest at 5%, under terms to be fixed by formula,: "From every man according to his ability; the Commission." to every man according to his need." Most of the But these provisions are preceded by the stipula- colony members, on being allowed to choose the tion that "the total obligation of Germany to pay, work they consider themselves best fitted for, as defined in the category of damages, is to be de- demand an easy or favorite job. There are not termined and notified to her after a fair hearing and enough such places to go round, without damage to not later than May 1 1921, by an inter-Allied rep- forms of essential employment—wages are resorted aration commission." This would appear to open to—then duress or force is employed—and anarchy the possibility of a larger total requisition than the follows close by the side of license. 100,000,000,000 marks named in the summa ry of It is interesting to consider poverty from the the bond issue to be required. But there is no con- standpoint of its influence on the humanitarian, and firmation in the Treaty's language of Lloyd George's from that of its cause and cure. Men and women prediction that the basis for the indemnity would be go "slumming" in cities and are inexpressibly the cost of the war. On the contrary, excepting the pained at the spectacles of abject and suffering life provision for restitution, ton for ton, in the case of they witness. Here and there one becomes an merchant shipping destroyed, the only specific stateadvocate of some new system for the abolition of ment of the basis of indemnity is that which imposes poverty. And there is no doubt that the woes and on Germany payment for "damages by personal misery of the poor lie heavy on the heart of the true injury to civilians caused by acts of war, directly or Socialis t. This sympathy and goodwill is in the indirectly; damages caused to civilians by acts of heart of all men—with the rich it flowers into numbercruelty ordered by the enemy, and to civilians in the less benevolences for the many, while with the welloccupied territory; damages caused by maltreatment to-do and poor it awakens a desire to help which of prisoners; damages to the Allied peoples presented offers to share and share alike, and which extends by pensions and separation allowances, capitalized the hand of personal kindness according as need is at the signature of this treaty; damages to property witness ed and opportunity afforded. Few there other than naval or military materials; damage to are who would visit upon his fellowmen want and civilians by being forced to labor; damages in the wearine ss, or even work unduly. But it is a far form of levies on fines imposed by the enemy." cry from this natural feeling to the fantastic schemes, We have already, when commenting on the plan that, by means of a loose government, would create of indemnity as reported three weeks ago, discussed for all a life of paradisial ease. 1866 THE CHRONICLE [voL. 108. free spaces of "the There have been economists, philosophers and deprivations, though all the wide Socialist imagines the And them. to call y" countr looked religious devotees, in the past, who have not ing private ownership upon poverty as a personal misfortune, much less he can cure all this by abolish , substituting therefor the a crime on the part of the social order. In the and the right to acquire men can live harmoniously renunciation of false worldly splendors and sins vain imagining that all g his own employment and poverty became holy. Philosophy beheld that together by each choosin wages. man a conqueror who lived above the world and its working without It seems really not worth while to seriously discuss lure. And political economists saw in the frugal sm. It is so impossible that all ought to see it. Sociali life a pure and healthy race and a government that is not only a misfortune, but an evil. poverty Yet man the laid its taxes lightly. In these conditions into the world without became the arbiter of his own destiny by inherent One can vision a child born on in its own right, with power to "overcome" destroying ambitions, the a foot of ground to stand whereon it must move it, practice of wasteful evil, and the "greed" that over- only the highways free to police power of the the of behest the masters the strength producing power of a natural on and on at The mean between case. extreme the is This or State. and needful "acquisition." And these ideas, alizing the land," "nation of problem the to us ual brings individ ideals clearly distinguish between the But if inheriplan. tax single some by y possibl the destroy cannot and the State. Since poverty what will denied, be to soul, the inner man, so in a primary sense it tance of part, if property, are slavery of form a but gain, er cannot degrade the individual, saire by his own will any child born thereaft y majorit ng unfeeli ily necessar and and act. We come, therefore, to the postulate that to a consciously into better it Is ed? so-call State ruling a real poverty finds its seat in the man himself as 'well within theoretic, poverty of this as in his environment. And it follows that the herit the actual, as well as a few may seem, social-political organism cannot abolish what we condition of life for all, because otherwise, to suffer unjustly, rather than to inherit term poverty without first lifting up the man. in lands and goods, but One impulse may confront or confound or coincide unequally actual ownership opportunity, and the with another. The poet looks upon "the poor complete and unexampled labor always will be (for effort of overlabored wight" and is stricken with compassion, rewards and rights possession of one's the and ere), somewh another sees centuries of oppression in his abject in demand means of a repreby power, e directiv its in soul, mein as he leans above his hoe, and revolts with own fallacy is in remajor The acy? democr ve induces sentati fine scorn against a social system which e and necessary complet direct, a as poverty ashes garding sifts priest or permits such a condition. The uses of wealth The upon his head, and a cowled monk leaves the world result of wealth privately owned. from its escape to poverty of to its sins. The politician and social reformer are the opportunities wealth of ion acquisit and creation The presents a plan, a law, a State, a system, that will thralldom. . poverty me overco to poor the to way a opens abolish the harrowing deathbed scenes of the very alone be life of can system any that poor the teach and To ease poor and fill flowery vales of life with is l effort persona with pleasure. Carried into the abstrutities of the doc- devised that will do away civiliza and truth against trinaire, we have the teachings of a Marx or the not much short of a crime can ion occupat of ice self-cho exuberant panaceas of a Henry George. What this tion. To announce that and poverty be abolmodern crusade, exemplified in a socialism that tends exist under a socialized State, secured thereby, ent enjoym of y equalit toward the excesses of Bolshevism, does not recog- ished and be distributed to can labor that say To nize, is, that poverty, in a land or life of free oppor- is lunacy. without, and from ion product m maximu of no end that the , tunity, begins within as well as without and l incentives to do and outside concentrated power can eliminate it from by disregarding all persona absurd. And to argue the world without transforming first the individual, have and hold, is equally ed by destroying destroy and that this can never be done if he is robbed of his that "poverty" can be sequence to the le inevitab the incentive to rise by chaining him to a dead level of "wealth" is to deny tion of man constitu the in d ordaine laws of nature enforced so-called equality. cannot Poverty ment. environ of e Why turn the world awry, why deny to man the and the pressur are persons all until system any under ed self respect which comes through effort and achieve be abolish perfect. equally ion populat made of ment, because in congested centres there is a hopeless want and woe that tears at the MORAL AND MENTAL ELEMENTS OF heartstrings and cries out to every generous impulse THE SUPPLY AND DEMAND. for sympathy. A great city is a curious medley of A statistician of the Chamber of Commerce of the contradictions. What, in a partial though broad declares that there is no real or basic analysis, do these poor people do-, but work at menial United States for present "high prices"—and that they tasks for each other, at often unremunerative pay? justification resume a normal level if the laws of What is produced in the end but the very condition would speedily could have free play. Another demand that is objected to, and is so painful to beholders supply and fact that we have now more live the to points touched with a human compassion? These people speaker the promise of an unparalleled and ever, than stock do not touch the soil. When the butcher has paid prices remain high, save in general Yet crop. wheat the baker and the baker the candlestick maker, and a few important raw materials. the round of toil's distribution is complete, there is cost prices for There are elements in the law of supply and denothing left. There is, for some, service in manualways, that are beyond the powers facture, building, and what we term distributing mand, existent do not resume, they are not subject agencies, but when that little of production over con- of man. They , they inhere in nature, and environ ruction sumption is done, the proceeds left over soon are lost to reconst And it requires a high degree of times. all at in that form of service which may be described as the man e to try to explain the impeding cirpoor working for the poor. Yet, steeped in this con- mental patienc prevent their free play. One opdition of life, they refuse to leave its compulsions and cumstances which MAY 10 1919.] THE CHRONICLE 1867 parent truth stands out—the world of our normal we presume, that high prices are cumulative, that human activities cannot be restored from the infrac- the final consum er pays all the profits all along the tions of war in a day or a month. Looking at the line. Price-fi xing is not dead, and extraneous mere physical obstacles—foreign trade cannot assume "agreements" even now in process among large proits customary potency while shipping is engaged in ducers under or in alliance with "government." returning millions of soldiers to their homes overseas. Pass this intervention. Grant that "acquisition" Mines and factories must be restored; machinery becomes someti mes feverish by virtue of disorder in adapted to new uses; man-power readjusted to the affairs; grant, too, that there are profiteers aplenty. demands of peace. Yet these physical conditions ex- What keeps "business" from sonsciously striving for perience, we cannot doubt, an unwonted delay. lower levels? It is not easy to answer, but some Why? elements appear. There is a feeling that if a business Here again patient reasoning is imperative. There or business man does not get its or his proper share is a disposition to point specifically to the effort to of the profits that are going there is acceptance of an formulate a League of Nations and say there lies the element of failure. This induces short-time trading, blame". Yet plenipotentiaries engaged in this work and a lower standard of regard for the other fellow in declare this effort has gone on simultaneously with the trade. To be brief, the constructive morality the construction of a complicated treaty of peace, and of business, industr y and trade is lessened. Indithat there has been no delay. Be this one way or vidual dealers take undue profits, not only because the other, we may assure ourselves that silent forces fear tells them they must, to hold their own, but also tending to restore the normal work and ways of life because they cannot build up through continuing are notlinactive, and will bear their usual fruit. service an enlarged trade of the future, not knowing It isiour/own abnormal attitude to trade that fur- how the present high prices are to be reduced. Notnishes aiY. chief obstruction. These forces we may withstanding, these secret laws of supply and dedenominate as mental and moral—and they are them- mand, not physical, to which we refer, are existent selves a part of the regime we call the laws of supply and at work, and while a merchant may, seemingly, and demand. be not able to reduce prices constantly, alone, yet it is We may illustrate this mental component by con- true that the man who holds his trade by hewing to trasting wishing and working. Plunged into the the newest and nearest low levels, is adding to his worst era of destruction the world has known, a stability and augmenting his, future profits—by ingreater portion of mankind has been steeped in the creasing the range of his sales and the number of his worship of an Ideal. Call it justice, democracy,' fixed custome rs. And it remains true, and was never liberty, perpetual peace, what you will, it has awak- more evident , that the ethical or moral law of the ened a yearning, a longing—and it may prove to be largest service at the least cost, if it have free play, after the unattainable. We are not here concerned will lower prices as fast as they ought to go down. with that. The influence of this on the mental state It follows here, too, that we come back to indiof peoples has been to induce lethargy rather than vidualism, as our chief hope. One man cannot action, and hesitancy rather than decision. It is a change the universe, one State cannot change the thrown off. Even those who most world. One state not easily law cannot change the whole enuphold law and order have been lulled by a dream of vironment. But all men, and all dealers, acting something that is to come. Unbalanced minds, within the proven sphere of business success, "the fanatical reformers, have been swept away by the largest service at least cost," can bring down the vision of a coming Utopia. Hence the feeling that pyramided prices, and will tend to do so according States are supreme, and that new laws and govern- as they individually follow the law. We must all ments can create out of their own wills a new era live in the after years to come. A high price, an inof plenty and prosperity, of mythical equality and ordinate profit, for a year or two, does not build up co-operation. While men are subject to this mental a business. And neither prudence nor profit-taking state, they are not constructive; their energies as should teach men to operate counter to this universal individuals are weakened, they are prone to tem- law of advanc e, low cost service, while they fear the porize with expedients, and attain to a waiting at- present and dream of the future. In the long. run titude. And herein we find one of the chief reasons the laws of trade are immutable. why from day to day we find the natural laws of supply and demand inoperative, we do not embrace THE ECONOMIC VALUE OF THE COLLEGE them as we once did. And until the iron of individPROFESSOR. ualism enters the mind, until we come to see, individSome years ago at a constitutional convention ually or collectively, as distinct people, that we must of the State of New York Mr. George William Curdepend on ourselves, no matter how the ideal may tis, a gentlen ian then well known for his rare literary lure, and the sweep of new "League" indentures may ability and persona l refinement, took a prominent extend, we shall never become one with the laws and service able part. After one of the sessions an of natureithat continually work for our good when up-State delegate was heard saying to another, we recognize and obey them. There is no substitute "Who is this George William Curtis?" The anin this world, or ever will be, for work. And we will swer came. "He's one of those literary fellows." sooner "get down to business" in every sense and Which brought the comment, "Well, for a literary phase of the subject, when we return to the mind that fellow he certainly knows a lot." perceives in itself, whether in one or in all, the Per contra the late Col. T. W. Higginson told original constructive force that transforms an ideal this story: He was being rowed down an Adironinto an idea. dack river one bright day when the guide abruptly Now let us apply this same analysis to the ethics said "Do you know Jim Lowell?" He asked "Whom and morals of our present condition. Prices, 'tis do you mean? Mr. James Russell Lowell?" and said, are unnecessarily high, the laws of supply and to the guide's responsive nod he said "Yes, I know demand do not have free play. No one will dispute, him. Why do you ask?" With a grunt he 1868 THE CHRONICLE [VOL. 108. bring to to his men the aid these men are competent to answered, "He's an ignorant cus." Then conmust they h whic lems prob the came them in solving "I'm surprised. What makes you think so?" . ng down tinually face this explanation, "I had him here rowi ish Mr. Edmund Gosse, the best informed Engl t you don' y 'Wh said he and stream last summer, ntly rece has , didn't authority on current French literature keep near the shore where it is shady?' He le told in "The Fortnightly Review" how remarkab wn know that the current runs slow there." kno e littl men ary liter what has been the service of two We have had occasion to call attention some f enated outside of France. The war drew into itsel educ e frequently of late to the fact that thes five for that so ce, Fran of vity distinctively tirely the producti and more or less professional and ature liter new no y icall pract been re- years there has cultured gentlemen, even the highest and most in of importance either among the soldiers or in civil ess helpl or rant igno y mote, are not necessaril ones Wide- life. The older men were crushed, the younger practical, and even technical business affairs. their d foun s on to were at the front. But two poet awake manufacturers have certainly had reas of ists. opportunity. Charles Peguy, to whom Joan chem take cognizance of them, especially of the when m, drea a and n ratio their Arc had been an inspi The war has drawn aside the curtain from spirit them d the war came threw himself into it with the ishe furn has , least diminished heads, or, at for die can do, of a crusader. He hastened with ecstasy to the needed opportunity to show what they for us geni a y. the liberties of France. He disclosed and what they are worth to the communit on, acti into them of their exhilerating his men and leading The Government now furnishes evidence , soon too only came h in an ar- and with his death, whic e extensive service in a list which appears aros e ther r othe the to ce Monthly" "from one end of Fran ticle by "One of Them" in the "Atlantic led in glory a great cry in which his name was ming full: in ng for June. It is deserving of givi victory" of for ped unho st almo r A with joy over the through back come "Let us observe them at work. Professo had Arc of Joan s more the Marne. gase ng eali h-d deat and s onou pois s deliveround in comp Professor him to lead her countrymen to the certa terrible than any the world has known. gases, ance of their beloved France. B devises masks to counteract these same voice they h whic es bodi the for cure Paul Fort, a native of Rheims, found his a and Professor C, His ing pour city. that by upon that amid the wild storm that fell torture. Professor D discovers ble possi is out it s with t vein shee ng the oblo into an on ate France printed sodium bicarbon effects of Poems of the from men the g on t dyin dcas of broa reds lated hund circu save were to the care of cover or title page of an ausurgical shock, and he revolutionizesAllie d armies boulevards, and, "like the fiery leaves t grea through wounded men throughout the E organizes a tumnal vine," in cheap print were scattered on the Western front. Professor train spasm after m spas a hundred France, stirring the nation "into score of ground and flying schools to le Batt the by after tests and, " ses of horror, of disgust, of hope thousand fliers; while Professor F devi " apt ing. with long lied and asy supp be ecst nt may ols mpha e, "of triu which these same scho occupa- of the Marn of h em muc syst a did ses them devi like G r rs esso othe Prof ral s. seve pupil on soldiers These men with less intelligence, tional classification by which three milli where to kindle and sustain the sleep sent and ed grad d, late tabu , eted devotion tick are (who was alertness and extraordinary alacrity and their talents are needed. Professor H codes and ficed sacri ce the young men of Fran formerly a Chaucerian scholar) unravels h military with which everything for their country. cyphers, and invents new ones by whic problems epoch-making their upon fro and to sent are The greater because less appreciated ts secre d ecte corr high tide erto hith The has ed. who settl I be to r in still errands. Professo cts the of the war rema corre now ion, it ebbs osit as comp uced ish prod Engl ting in figh es them s a dozen of emotion which the and ght thou the of h redundancy of cable messages, and save muc it with Professor J will carry away . word per s cent een thirt h at whic unes fort world, finds feeling it inspired. ,The very eagerness with plots and charts the commerce of the upon s hand ers desire to get their and by this ships for cargoes and cargoes for shipss,the tonnage the returning soldi find , y life, the difficulty they have that dail and of ls the whee shrewd manipulation men ing itable imfight on milli to transport to Europe the two in readjusting themselves, and their inev pe. Euro of iny dest the old, seem fix ver to howe h, time in conditions whic who arrive just e of Germany, patience with need for a te crea ary, cess Professor K has his finger on the pulswani unne ng morale to them new and and detects by a hundred signs her Professor L all that thoughtful men are capable of rendering and predicts her mortal sickness. of America, ging the country back to settled conmobilizes the entire educated youth army camps, toward brin and business alone, but of converts five hundred colleges into and learning ditions, not of industry In this mei?, of social habits and steady thought. and all the diverse agencies of science r esso Prof ers. , especially offic for much do p can cam ssor class into a vast training cuts and the college profe ce eren Conf e h with the Peac touc the in on and eye sane his es M with pe, or frames if they show themselv ady suffialre is d worl trims and patches the map of Euro That . world about them d." worl the for on ituti const unfortunately a new ciently upheaved and bewildering and readi and ty abili the of ence established peace. This is ample evid shows as yet few signs of reaching and seize to men se reclu ly ligent guidance osed intel leading and ness of these supp - The need of such emer and l nica tech ly our successful high to turn es In to all. adapt themselv the is amply evident of e ntag adva the lent reason to excel tly an grea this ce, find in gency servi should business men may and n, ntio atte lemen are gent wide act e attr thes that will It it nation. they should see to why move the to ess do not a little to ensure early succ ained. college pro- properly sust nd for ment to provide better salaries for the on its part, has. abundant grou ic, publ The t esen , repr class a for a as , empt who, cont lessors and instructors, exchanging its often half-concealed imin who le h of peop muc ied salar how l as it learns those groups of smal g comforting confidence, erin rend are ions was ce posit eren rded Conf rega e of the Peace portant but littl or the preliminary work e, littl ed shar how have and , but ssors ce, profe servi e indispensabl rary cusses" and ease of pay. done by "lite role in Paris to-day. often not at all, in the general incr their is t rtan impo of business Beyond this it should bring to the notice MAY 10 1919.] THE CHRONICLE 1869 terial commission of investigation was a probability CANADA'S COMMISSION ON INDUSTRIAL and that temporary alterations would be Made to UNREST. help satisfy agriculturists. Ottawa, Canada, May 9 1919. He again stressed the need of retaining present Canada's newest "royal commission," appointed methods of raising revenues, particularly in view of to ferret out, the causes of industrial unrest and the fact that Canada's treasury requires $100,000,000 suggest a better basis of co-operation between master more for 1919 than the various schemes of taxation and man, has now had three weeks of active 'work promise to produce. The force of this view derives from Vancouver to Edmonton. The commission added strength from the Minister's report a few days is composed of a Supreme Court Judge as,Chairman, ago that the income tax has brought in a little over a newspaper proprietor, a paper manufacturer and $6,000,000 for 1919, a total that has greatly disaplabor delegates. Probably the commissioners are pointed the Treasury Department. The whole of making their own deductions from the material the income tax was swallowed up a few weeks back passed over the witness table, but the collection of in a salary raise given to the Civil Servants' Fedpoints-of-view thus far is not more impressive than eration. a straw vote or a questionnaire derived from any industrial district of any Eastern city. RAILROAD GROSS AND NET EARNINGS FOR The coal mine owners of Western Canada are, in MARCH. the main, quite agreeable to nationalization of their Thefeature characteristic of the returns of the earnproperties and allege a lack of dividends and a ings of the railroads for the whole of the period since hopeless outlook as their pessimistic justification. they have been under Government control, still inNationalization of basic industries has been freely lives. The March compilation of returns which.we urged by labor delegates. At the Pacific Coast, present to-day is the latest to furnish testimony to where unemployment is quite common, it was to be the fact. The evil of rising expenses, run beyond all expected that radical ideas would prevail. The bounds, is more strongly in evidence than before. commission was wholly ignored by labor bodies, To make the misfortune yet more pronounced, gains but individual witnesses were unstinted in their in gross earnings have now dwindled to small proporadvocacy of outright socialism, and some predicted tions, and on many separate roads have been cona violent social revolution. The point of view of verted into actual losses. The combination of the witnesses in prairie cities, where industrial slackness two—that is, shrinking gains in gross with unabated plays but a trifling part, was more concerned with augmentation of the expenses—is playing havoc with improvement of housing conditions, the establish- the net earnings, which threaten soon to reach• the ment of a 44-hour week, remodeling of the banking stage collectively, already experienced by many of system so as to provide more elastic credits, abolition the separate roads and systems, where it is no longer of antagonism towards labor unionism, and provision possible for the gross revenues, even under greatly by the State for old age and mothers' pensions. increased transportation rates, to cover bare running One of the objects of the Industrial Relations expenses. Commission is to ascertain what reception would To state in brief the results for the month of be accorded by Canadians to the British scheme of March, which furnish the occasion for the above reWhitley industrial councils for the governing of marks, gross earnings as compared with the same wage and other matters. The fact is some of the month of 1918 record an increase of only $10,676,415, largest Canadian companies have instituted a system or 2.90%, while expenses have risen no less than closely modeled on the Whitley plan., Most wit- .$63,091,384, or 22.25%, causing, therefore, a loss in nesses thus far have favored the sharing of manage- net in the prodigious sum of $52,414,969, or 63.91%. ment with the workers and accepted without dispute Stated in another way, while the gross has risen from the claims of investors of capital to reasonable re- $365,096,335 in March 1918 to $375,772,750 in muneration. It was brought out also that labor March 1919, the net has fallen from $82,011,451 to troubles in Western Canada have been greatly $29,596,482, as will be seen from the following: accentuated since the signing of the armistice and Inc.(+)or Dec. Marchthat agitators were never so actively engaged as at 197 Roads— 1919. Amount 1918. % Miles road of 226,086 225,631 +455 0.20 present. Evidence at Edmonton placed much em- Gross earnings 375,772,750 365,096,335 +10,676,415 2.90 phasis upon the toleration of collective bargaining. Operating expenses 346,176,268 283,084,884 +63,091,384 22.25 29,596,482 82,011,451 —52,414,969 63.91 Many feminine witnesses displayed intense dis- Net earnings satisfaction with conditions of employment, one of To make the situation still worse, this is the third them offering as an economic formula "that all the successive year in which the March expenses have surplus goods and surplus wealth be thrown into one risen to such an extent as to wipe out the gains in big pile and the poor people invited to come and gross receipts—hence, producing a cumulative loss in help themselves." net. In other words, in March 1918, with $50,484,357 addition to gross earnings, there was $55,232,827 CANADIAN TARIFF REDUCTION. increase in expenses, leaving a reduction in the net Ottawa, Canada, May 9 1919. earnings in amount of $4,748,470, while in March The Dominion Government is about ready to 1917 our compilation registered $27,249,215 gain in bring down its long-awaited budget in which will gross, attended by $35,160,455 increase in expenses, be summarized the degree of tariff reduction that leaving, hence, a loss in net of $7,911,240, or 8.18%. the present Unionist Government is willing to grant. For the three years combined, therefore, gross earnA few days ago a body of Western Government sup- ings have risen in amount of $88,409,987, but exporters waited upon the Acting Prime Minister to penses have moved up in the huge sum of $153,484,make a final presentation of their tariff views. 666, thus reducing net (in face of this great growth in Sir Thomas White declined to give his interviewers revenues) in amount of $65,074,679. Going further any information except to assure them that a Minis- back, we find that in March 1916 there was a very 1870 THE CHRONICLE [Vol.. 108. favorable exhibit, the gain in gross then being about $34,000,000, with a shrinkage of $10,000,000 $58,731,563, and the gain in the net $29,378,627. in net. In the following we give the March totals Yet this improvement in March 1916 itself followed back to 1906. For 1911, 1910 and 1909 we use the g poor or indifferent returns in the years immediately Inter-State Commerce figures, but for precedin our by d registere as preceding, the 1916 improvement constituting, years we give the results just therefore, in no small measure merely a recovery of own tables each year-a portion of the railroad milein antecedent losses. Thus, for March 1915, our tabu- age of the country being always unrepresented roads of the of some refusal the to owing or totals, the lations recorded a loss in gross of $15,194,218, 5.99%, though this was attended by a small gain in then to give out monthly figures for publication. net-$1,000,350, or 1.48%. In March 1914 there Net Earnings. Gross Earnings. were slight gains in both gross and net ($660,166 in Year. Year Inc. (-I-) or Year Year Inc.(4-) or Year Preceding. Dec.(-). Given. Preceding. Dec.(-). Given. the case of the gross and $3,104,528 in the case of $ $ $ the net), but these small gains resulted entirely from March. 129,838,708 116,861,229 +12,977,479 40,349,748 35,312,006 +5,036,842 1906 +63,814 40,904,113 40,967,927 +12,980,393 128,600,109 141,580,502 1907...... which the absence of certain adverse developments 1908.....141,193,819 162,725,500-21,531,681 39,328,528 45,872,154 -6,543,631 55,309,871 +14,303,842 69,613,713 +22,190,078 183,509,935 205,700,013 19O9._ revenues down cut in the year preceding had heavily 1910-_ 238,725,772 205,838,332 +32,887,440 78,322,811 69,658,705 +8,664,106 227,564,915 238,829,705--11,264,790 69,209,357 78,357,486 -9,148,129 1911 while augmenting expenses. 237,564,332224,608,654 +12,955,678 69,038,987 68,190,493 +848,494 1912 249,230,551 238,634,712 +10,595,839 64,893,146 69,168,291 -4,275,145 In other words, in March 1913 earnings had been 1913 +660,166 67,993,951 64,889,423 +3,104,528 1914__ 250,174,257249,514,091 881 253,352,099-15,194,218 68,452,432 67,452,082 +1,000,350 1915.....238,157, which floods great the by affected bly 97,771,590 68,392,963 +29,378,627 unfavora +58,731,563 very 1918.....296,830,406238,098,843 1917._ 321,317,560294,088,345 +27,249,215 88,807,466 96,718,706 -7,911,240 occurred in the Middle and Middle Western States 1918 362,761,238312,276,881 +50,484,357 82,561,336 87,309,806 -4,748,470 1919 --- 375,772,75 365,096,335 +10,676,415 29,596,482 82,011,451-52,414,969 in the closing week of that month. These foods not Note.-Includes for March 96 roads in 1906, 94 in 1907 in 1908 the returns were in 1911, 244,081; only caused immense property damage and the loss based on 152,058 miles of road; in 1909, 233,702; In 1910, 239,691;246,848; in 1916. 1912, 238,218; in 1913, 240,510; in 1914, 245,200; in 1915, of many lives, but resulted in a complete suspensio4 In the Mexican Neither 226,086. 1919, in 230,336; 1918, in 247,363; in 1917, 248,185; the coal mining operations of the anthracite coal roads are Included in of railroad operations for a few days on a good part roadsofnor these totals. any on and Indiana, and Ohio in mileage of the railroad With regard to the separate roads there are not a all the lines connecting therewith from the East, the instances, as already stated, of losses in gross few West and the South. It thus happened that the , and as in such cases the augmentation in earnings roads which in 1913 had their earnings heavily reis as pronounced as in other cases, the expenses duced, regained in 1914 some of the loss, and hence in net is further emphasized. In the e shrinkag conof cases were able to report increases-in a few show all changes for the separate roads siderable amount-which increases served to that following we excess of $100,000, whether increases in extent to offset the losses on other roads or to over- for amounts in both gross and net. and s, decrease come•them altogether. There was no falling off in or IN GROSS EARNINGS IN MARCH. CHANGES L PRINCIPA Decreases. gross in March 1913 on the roads as a whole in the Increases. PIM 5:84816 20 50 1 Philadelphia & Reading...11,6 a$2,443,377 a (3) Pennsylvani augPacific United States, but in the net, because of the Missouri 2,185,292 Union Pacific (3) 555,676 Illinois Central b 1,509,874 Central York New falling actual an 460,299 mentation in expenses, there was 1,110,684 Lehigh Valley Atlantic Coast Line rn (2) 367,988 Chicago Milw & St Paul__ 1,044,900 St Louis Southweste 355,336 off, our compilation showing $4,275,145 decrease in Louisville & Nashville__ 948,325 HockingValley 329,348 727,150 Buffalo Roch & Pittsb___ Great Northern 4:3 932 85 43 693,144 Chicago & East Illinois___ 29 (3) net earnings, due to an augmentation of $14,870,984 St Louis & San Fran Chicago & North Western 627,978 Northern Pacific gross to Fe & S addition 282,608 Topeka the (3).... when Atch time 604,603 a at Seaboard Air Line .in expenses 40 22 3 3:3 54 78 588,565 Cincinnati Ind & West__ 2 Texas & Pacific 238,359 564,932 New York Ont & West__ Pacific (8) earnings (the floods having greatly cut down the Southern Maine & Boston 519,802 Minn St Paul & S S M 20 7:3 14 114 Lack & Western 419.889 El Paso & Southwestern normal rate of addition) was but $10,595,839. As Delaware Grand Trunk Western__ 394,002 Western Maryland 173,992 & Garfield 391,650 Bingham Joliet & Eastern_ _ a matter of fact, however, net earnings even at that Elgin 168,704 & Lake Erie.. New York Chic & St Louis 370,690 Wheeling 148,257 328,851 Toledo & Ohio Central_- _ Baltimore & Ohio time had been making poor exhibits for several suc- Los 12 9:0 36 26 6 20 310,327 Kansas City Southern_ Angeles & Salt Lake 602 30 2 0:69 03 Chicago R I & Pac (2)...... 131,830 • Marquette cessive years. Our compilations for March 1912 Pere Virginian 285,145 Colorado & Southern (2)_ 121,421 Belt Ry of Chicago' Island 121,216 registered $12,955,678 gain in gross, of which only Long 230,318 Central RR of N J Union RR of Penn 118933 Missouri Kansas & Texas_ 218,598 .. Potomac.... & Fred Rich net, the in gain a as 117,860 $848,494 was carried forward Mo Kan & Tex of Texas__ 210,386 Wabash Wharf 117,129 177,869 Galveston Maine Central 112,148 while in March 1911 there was an actual loss in both Cinc 177,081 Denver & Rio Grande New Or! & Tex Pac_ 112,131 & Now England__ Grand Trunk Lines in N E 177,018 Lehigh St 100,822 Louis & NVest__ 145,610 Toledo gross and net; by the figures of the Inter-State Delaware & Hudson Om 133,279 & Minn Paul St Chi _ 132,207 Commerce Commission, $11,264,790 in gross and Washington Southern__ 131,418 Alabama Great Southern_ 108,073 & Hartf_ $9,148,129 in net. In the year preceding, large ex- N Y New Haven 100 2 4:7 58 00 New York Phila & Norf the of feature ous Georgia penditures were also a conspicu Representing 33 roads g 49 roads returns; according to the tabulations of the Inter- Representin in our compilation..__$7,999,759 in our compilation.._$18,676,702 increase an was there ion, filed Commiss e State Commerc Note.-All the figures in the above are on the basis of the returns ate Commerce Commission. Where, however, these 440, Inter-St the $32,887, with than less no of 1910 March in in gross the returns do not show the total for any system, we have combined results conform as nearly as possible to but the gain in net was no more than $8,664,106. separate roads so as to make the themselves. companies the given in the statements furnished by with the PennIn March 1909 there were very striking gains in both those a This is the result for the Pennsylvania RR., together & St. Louis, $14,and former sylvania Company, and the Pittsburgh Cincinnati Chicago gross and net-$22,190,078 in the the Pennsylvania the Pennsylvania RR. reporting $1,810,140 increase, largely loss. followed gains $5,689 L. St. & 303,842 in the latter; but these Company $638,926 gain and the P. C. C. New York Central b These figures cover merely the operations of the as the result of the heavy losses sustained in 1908, itself. Including the various auxiliary and controlled roads,like the Michithe "Big Four," &c., the whole going to form the New York the year following the 1907 panic. In 1908 the gan Central, the result is a gain of $930.882. System, Central Commission had not yet begun to give out the CHANGES IN NET EARNINGS IN MARCH. L PRINCIPA Decreases. Increases. comparative figures. Our own compilations then 4:6 1 62 79 28 7 14 Mllw & St Paul $1:3 & Hudson__ $335.941 Chicago, Rock Isl & Pac (2)_ 1,379,786 Chic 320,921 Western__ were somewhat incomplete, owing to the circum- Delaware Trunk Grand Pacific Northern 221,545 Union RR of Penn 5,8 843 ,2 82 44 152,750 Chicago Burl & Quincy- 1,15 & North stance that earnings were running so poorly that a Duluth Missabo 143,624 NY New Haven & Hart_ 1 New York Chic & St L__ not 1:800085687,:650910991 Pacific figures, Union 3) their number of big companies withheld 84 90 8 2 2:8 15 56 Louisville & ashville Representing 5 roads 920,041 Chicago & North West in our compilation__ $1,374,781 Atlantic caring to disclose the magnitude of their losses. On Coast Line Decreases. $2,971,991 Michigan Central Ry an aggregate of only 152,058 miles of road, our Southern Wabash Atch Top & Santa Fe (3) 2,829,048 St 9 56275 ,966 7: 086 4 760 7 Louis Southwest(2)in b2,442,638 681 $21,531, Central of decrease York a New showed statement then 1 58 09 3:3 35 78 0 Cin Chic & St L.._ Cleve 2,266,588 Reading_ Philadelphia & (2) Erie 2,149,874 er Pacific (8) gross and of $6,543,631 in net. We estimated that Southn 2,127,204 Lehigh Valley Baltimore & Ohio 1,952,623 Ches & Ohio Central 682,829 for the entire railroad mileage of the country the Illinois 1,925.035 Pittsburgh & Lake Erie_ Missouri Pacific 644,279 Cent RR of New Jersey.. a1,892,877 been (3) a have Pennsylvani falling off in gross for the month must MAY 10 1919.1 THE CHRONICLE Decreases. Chicago & East Illinois__ $622,701 International Gt North_ 577,570 Nashville Chatt & St L__ 530,929 Central of Georgia 499,353 Boston & Maine 498,416 Denver & Rio Grande.._ 494,780 Texas & Pacific 489,441 Missouri Kansas & Texas 487,185 Great Northern 428,330 Florida East Coast 418,464 Kansas City Southern 378,586 Seaboard Air Line 351,604 St Louis San Fran (3) 348,236 Minn St Paul & S S M .336,090 Chicago & Alton 334,909 Norfolk & Western 305,584 Yazoo & Mississippi Val_ 302,900 Western Maryland 300,303 Western Pacific 286,725 Mobile & Ohio 257,480 Wheeling & Lake Erie_ _ _ 232,418 Chicago & Great North_ 225,830 Hocking Valley 223,606 El Paso & Southwestern.. 211,623 Delaware Lack & West_ _ 211,112 Buffalo Roch & Pittsb__ 197,660 New York Ont & West.._ 197,642 New Orl & North East__ Virginian Lake Erie & Western_ _ _ _ Central New England...._ Chic St P Minn & Om__ Maine Central San Ant & Aransas Pass.. Chicago Junction Long Island New On Tex & Mex_(3)Mo Kan & Texas of Tex_ Alabama Great Southern Bingham & Garfield_ ___ Cin New Orl & Tex Pac.. Indiana Harbor Belt_ ___ Minneapolis & St. Louis.. Northwestern Pacific.._ _ Toledo St L & Western.._ West Jersey & Seashore.. St L Merch Bdge & Term St Jos & Grand Island__ Pere Marquette Atlanta Birm & Atl Lehigh & New England.. Decreases. $187,907 186,599 185,028 184,572 182,461 177,646 163,356 160,162 159,298 155,710 154,491 150,010 147,177 146,201 139,495 135,314 134,694 132,075 128,054 127,676 109,558 108,745 101,218 100,068 Representing 98 roads in our compilation.. _$50,786,042 a This is the result for the Pennsylvania RR., together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the Pennsylvania RR. reporting $713,584 decrease, the Pennsylvania Company $87,387 decrease and the P. C. C. & St. L. $1,091,900 decrease. 6 These figures merely cover the operations of the New York Central itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &c., the result is a loss of $5,168,285. When the roads are arranged in groups or geographical divisions, according to their location, only moderate •gains in the gross are recorded everywhere, while one geographical division actually shows smaller gross than a year ago;on the other hand, all the groups and geographical divisions, without any exception, register losses in the net, because of the rising tide of expenses, these losses running from 51.24% to 92.43%. Our summary by groups is as follows: SUMMARY BY GROUPS. Gross Earnings 1919. 1918. Inc.(+)or Dec.(-). Section or Group-MarchGroup 1(8 roads), New England Group 2 (37 roads), East & Middle Group 3 (28 roads), Middle Groups 4 & 5 (35 roads), Southern Groups 6 & 7(30 roads), Northwest.-Groups 8 dr 9 (47 roads), Southwest.... Group 10 (12 roads), Pacific Coast Total (197 roads) MarchGroup No. 1 Group No. 2 Group No. 3 Groups Nos. 4 & 5.... Groups Nos.6 & 7.... Groups Nos.8 & 9.... Group No. 10 1919. 7,302 28,842 21,897 38,137 66,343 47,095 16,470 1918. 7,329 28,634 21,726 38,267 66,154 47,037 16,484 15,833,772 99,412,283 45,335,009 55,311,529 79,035,953 57,530,003 22,414,201 15,532,383 97,635,517 44,858,734 51,547,608 70,358,200 58,253,940 20,909,857 +301,389 +1,776,766 +470,275 +3,763,831 +3,577,753 -723,943 +1,504,344 1.94 1.79 1.06 7.17 4.68 1.24 7.19 375,772,750 365,006,335 +10,676,415 2.90 Net Earnings 1919. 1918. inc.(+)orDee.(-). 158,367 2,849,684 4,441,966 6,444,239 8,517,334 4,287,762 2,897,130 2,094,634 -1,936,267 92.43 13,792,526 -10,942,842 79.34 9,703,716 -5,261,750 54.22 15,777,099 -9,332,860 59.15 18,747,545 -10,230,211 54.56 15,999,627 -11,711,865 73.20 5,896,304 -2,999,174 51.24 Total 226,086 225,631 29,596,482 82,011,451 -52,414,969 63.91 NOTE.-Group Z. includes all of the New England States. Group II. includes all of New York and Pennsylvania except that portion west of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and the extreme northern portion of West Virginia. Group III. Includes all of Ohio and Indiana; all of Michigan except the northern peninsula, and that portion of New York and Pennsylvania west of Buffalo and Pittsburgh. Groups IV. and V. combined include the Southern States south of the Ohio and east of the Mississippi River. Groups VI. and VII. combined include the northern peninsula of Michigan, all of Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and Nebraska, together with Colorado north of a line parallel to the State line passing through Denver. Groups VIII.and IX,combined include all of Kansas, Oklahoma, Arkansas and Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south of Denver, the whole of Texas and the bulk of Louisiana; and that portion of New Mexico north of a line running from the northwest corner of the State through Santa Fe and east of a line running from Santa Fe to El Paso. Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah and Arizona and the western part of New Mexico. Asto the dwindling gains in gross revenues, this is to be taken as indication not alone of a contraction in the volume of trade and business, but also of a contraction in the movements of t4 leading staples. Thus there was a heavy falling off, as compared with the corresponding period last year, in the grain receipts at the Western primary markets. It is true that of wheat the receipts for the five weeks ending March 29 1919., at these markets, were 16,230,000 bushels, as against only 7,203,000 bushels in the same five weeks of 1918, and the receipts of barley 11,559,000 bushels, against 10,106,000 bushels, and of. rye 5,382,000 bushels, against 2,613,000 bushels; but, on the other hand, the receipts of corn for the 1871 five weeks aggregated only 14,357,000 bushels, against 56,859,000 bushels, and of oats 17,966,000 bushels, against 35,983,000 bushels. Altogether, the receipts for the five cereals combined were only 65,494,000 bushels the present year for th3 five weeks, against 112,764,000 bushels last year, a falling off of over 47 millions. The details on the Western grain movement in our usual form are shown in the table we now present: WESTERN GRAIN RECEIPTS. Flour. Five Weeks Wheat. Corn, Oats. Barley. Rye. end.Mar.29. (bbls.) (bush.) (bush.) (bush.) (bush.) (bush.) Chicago1919 716,000 1,763,000 4,384,000 4,687,000 3,725,000 1,010,000 1918 1,174,000 653,000 16,527,000 11,956,000 2,621,000 524,000 Milwaukee1919 44,000 665,000 575,000 1,716,000' 2,063,000 454,000 1918 102,000 257,000 3,427,000 3,347,000 1,652,000 405,000 St. Louis1919 305,000 1,156,000 1,797,000 3,040,000 55,000 56,000 1918 322,000 867,000 6,018,000 4,790,000 181,000 81,000 Toledo1919 176,000 115,000 469,000 1918 75,000 695,000 585,000 199,000 62,000 Detroit1919 2,000 88,000 74,000 145,000 1918 12,000 35,000 1,207,000 305,000 Cleveland1919 6,000 36,000 126,000 313,000 1918 75,000 43,000 464,000 742,000 12,000 5,000 Peoria1919 390,000 60,000 1,124,000 584,000 75,000 10,000 1918 188,000 137,000 5,434,000 2,628,000 154,000 32,000 Duluth1919 98,000 13,000 21,000 117,000 1918 216.000 94,000 30,000 133,000 6.000 Minneapolis1919 10,144,000 1,045,000 2,620,000 5,620,000 3,735,000 1918 3,805,000 4,152,000 7,091,000 5,154,000 1,498,000 Kansas City1919 14,000 1,169,000 1,463,000 1,509,000 1918 807,000 7,978,000 1,873,000 Omaha and Indianapolis1919 875,000 3,654,000 2,870,000 1918 308,000 10,863,000 2,636,000 Total of AU1919 1,477,000 16,230,000 14,357,000 17,966,000 11,559,000 5,382,000 1918 1,873,000 7,203,000 56,859,000 35,983,000 10,100,000 2,613,000 Jan. 1 to March 29. Chicago1919 1,721,000 8,001,000 15,473,000 15,130,000 8,236,000 3,453,000 1918 2,327,000 1,263,000 30,529,000 24,482,000 5,080,000 821,000 Milwaukee1919 159,000 2,620,000 1,398,000 4,824,000 5,323,000 1,980,000 1918 224,000 601,000 6,427,000 8,232,000 3,640,000 931,000 St. Louts1919 638,000 3,847,000 6,721,000 8,372,000 363,000 85,000 1918 686,000 2,136,000 9,593,000 8,374,000 312,000 143,000 Toledo1919 510,000 474,000 1,222,000 1918 287,000 1,019,000 1,666,000 202,00 81.000 Detroit1919 2.000 243,000 431,000 534,000 29,000 1918 57,000 167,000 1,861,000 658,000 3,000 3,000 Cleveland1919 26,000 139,000 442,000 862,000 6,000 3,000 1918 176,000 129,000 895,000 1,225,000 16,000 15,000 Peoria1919 912,000 240,000 5,575,000 1,734.000 468,000 77,000 1918 584,000 516,000 11,142,000 6,241,000 336,000 119,000 Duluth1919 12,364,000 118,000 524,000 2,442,000 1918 974,000 160,000 125,000 423,000 66,000 Minneapolis1919 19,588,000 3,216,000 7,754,000 9,418,000 4,943,000 1918 12,983,000 9,118,000 14,706,000 12,236,000 3,430,000 Kansas C1ty1919 35,000 3,912,000 7,151,000 4,219,000 2,000 1918 2,345,000 15,164,000 4,277,000 Omaha and Indianapolis1919 3,505,000 12,825,000 7,702,000 1918 1,662,000 22,306,000 6,392,000 Total of AU1919 3,493,000 54,969,000 53,706,000 52,471,000 24,367,000 12985,000 1918 4,054,000 23,063,000 108214,000 76,738,000 22,248,000 5,609,000 The Western live stock movement was also on a diminished scale. At Chicago the receipts comprised only 20,085 carloads for the even month in 1919, against 28,731 in 1918; at Kansas City only 8,823 carloads against 10,921, and at Omaha 10,740 cars against 12,445. It also happens that the cotton movement in the South was on a diminished scale. The shipments overland were 219,000 bales, against 183,415 bales in 1918, but the receipts at the Southern outports 354,717 bales against 402,932 bales, as will be seen by the, following: RECEIPTS OF COTTON AT SOUTHERN PORTS IN MARCH AND FROM JANUARY 1 TO MARCH 31 1919, 1918 AND 1917. March. Ports. Galveston Texas City, &o New Orleans Mobile Pensacola, &c Savannah Brunswick Charleston Georgetown Wilmington Norfolk Newport News, &o Total I Since January 1. 1919. I 1918. I 1917. bales 112,484 107,846 138,386 I 5,874 13,397 5,394 100,903 130,532 87,105 10,590 5,042 2,272 704 ---- 7,612 65,520 106,440 14,830 3,220 1.100 12,000 9,997 6,000 10,035 1919. 459,217 71,652 378,889 37,785 5,679 218,915 12,220 40.051 1918. 395,907 53,169 486,063 23,633 13,524 242,951 22,600 32,524 1917. 569,754 53,234 258,885 16,098 18,333 68,624 29,000 19,787 14,815 12,618 2,821 30,164 19,170 37,525 787 1,122 646 30,264 87.516 733 20,163 75,724 2,535 6,139 88.034 2,478 354,717 402,932 319,102!1,342,921 1,368.793 1,180,366 1872 THE CHRONICLE 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 a discount basis of 5M %, the rate prevailing in recent weeks. The bills are dated Monday, May 5. BERLIN EXCHANGE,TO CLOSE THREE DAYS. A cablegram from London to the daily press May 6 said: crushing, the Berlin F Under the Impression that the peace conditions are the exchange for three Stock Exchange Committee has resolved to close days, according to a dispatch received here. Advices to the Exchange Telegraph Company state that at a meeting of the peace committee held In Berlin to-day [May 61 the German Government declared itself in favor of av,soramercial treaty with Russia. LOW FIGURE FOR GERMAN MARK. The following, emanating from Washington, is taken from the "Financial America" of May 7: Resulting from the unstable internal conditions.of Germany and the Peculiar drawn financial situation brought about by that country's obligations to pay the costs of the war, the German exchange has suffered such a series of falls that the German mark has set a new record for nowness of value. Commenting on the small purchasing power of the mark, the Department of Commerce on receipt of a report from abroad declared: "German exchange now has fallen so low that in Switzerland, exactly 10 marks are paid now for one dollar. In the Netherlands almost 11 marks can be purchased for a dollar. INCOME TAX VOTED IN SWITZERLAND. A Berne cablegram of May 6 to the daily press says: The citizens of Switzerland by 300,000 votes to 163,000 have approved a°measure, imposing a war tax on incomes, the tax to be levied until half of the country's debt due to the war is paid off. The only Cantons which returned a majority against the scheme were Geneva and Neufchatel. The tax is to be applied to incomes exceeding 4,000 francs, with a progressive increase in taxation on the larger amounts. [voL. 108. be exported during the coming years. In the first place, as soon as shipping facilities are fully restored, there is little doubt that unless for some reason the United States no longer desires it, much if not all of the Cape gold will find its way to your country. Many believe that the prohibition of gold exports really means that the State itself will have the monopoly and control of such gold exports. That is to say, the gold profiteer, the individual who sees a chance of enormous exchange profits in shipping the metal, will be unable to secure his profits. A New Sort of Control. But on the other hand, where foreign governments or foreign countries may be in real need of the metal for economic purposes gold wlll probably be forthcoming by Government consent. And indeed in this sense and without any kind of special pleading or attempt to minimize the importance of England's temporarily abandoning her free gold market facilicertain ties, there can be no question that common sense Is on the side of a amount of semi-State control. exhad world the of credit the that Even before the war It was admitted panded to an extent out of proportion to the gold base, even allowing for the whole world's supplies of the metal. If that were the case five years ago, what must be said to-day when credit, as expressed both in banking deposits and in actual paper currency, has reached proportions hitherto undreamed of? Looking at the matter from a world-wide standpoint, the whole pyramid of credit rests upon so slender a foundation of gold as to make it absolutely necessary to employ the utmost economy and ingenuity in the use of the metal. Indeed, while few In the city favor for a moment the talk as to the demonetization of gold, it is none the less admitted that unless there are to be huge fresh discoveries of gold the only way to escape demonetization may be through a system of gradual deflation and credit contraction at every monetary centre. MODIFICATION OF FOREIGN EXCHANGE REGULATION BEARING ON AMERICAN RELIEF ADMINISTRATION. Supplementing the announcement on April 22 (published in our issue of Apr. 26, page 1665) by F. I. Kent, Director of the Division of Foreign Exchange of the Federal Reserve Board, regarding the requirement that remittances to certain countries in Central Europe be made through arrangements with the American Relief Administration, the following regulation was made public yesterday (May 9) by Mr. Kent: Arrangements have been made with the American Relief Administration under which Class A dealers who have re-established their banking relations in any of the countries covered in the regulation issued by the BRAZIL INDEMNITY FOR COFFEE SEIZED BY American Relief Administration April 22 may purchase exchange on the countries in question from the American Relief Administration, whenGERMANS. ever it is in the market, for remittance to their banking correspondents to state: 2, May Rio Janeiro press advices, cover cables, demand or money orders, which they may sell directly to restriction. This Dr. Epitacio Pessoa, President-elect of Brazil and head of the Brazilian their customers in the ordinary manner and without April 22, which prodelegation at the Peace Conference, has sent word here by cable that the arrangement does not revoke the regulation issued the countries concerned from Conference has decided that Germany shall pay the cost of the coffee htbits the purchase of exchange on any of , nor does it austocks confiscated at Hamburg and Antwerp at the beginning of the war, any source except the American Relief Administration the American Relief Adthrbugh except Germany thorize remittances to together with interest on the sum involved. ministration. A circular of instructions will be issued by the Relief AdThe value of the coffee in question, it is stated, was £7,000,000. ministration within a few days, but in the meantime eligible Class A dealers may make applications for exchange to the American Relief AdROHIBITION OF GOLD ministration, 115 Broadway, New York. LONDON'S GOLD MARKET—P EXPORTS. The following special correspondence of the New York "Evening Post" from London April 10, appeared in the May 8 issue of that paper: COMPARATIVE FIGURES OF CONDITION OF CANADIAN BANKS. we compare the condition of the Canadian following In the banks, under the last two monthly statements, with the return for June 30 1914: Probably one reason why the announcement which appeared recently In the "Gazette," adding gold to the list of articles the export of which was forbidden by the Government, has attracted less attention than might have been supposed, Is that it had been assumed in a good many quarters, ASSETS. and possibly in America itself, that such prohibition had been in operation 31 1919. Feb. 28 1919. June 30 1914. Mar. leas so strict far had not, it fact of matter a As years. few for the last gality was concerned, and we have really relied for the protection of our coin— subsidiary gold, first, upon the difficulty of establishing facilities, and, second, upon Gold and 28,948,841 61,407,537 61,508,476 In Canada the power of the Bank of England to represent to any having the temerity 17,160,111 18,771,077 18,685,091 Elsewhere to take gold the unpatriotic aspect of such action. So far as foreign balances actually in the country are concerned, the very lowness of the ex46,108,952 80,178,614 80,253,567 Total changes has, of course, in a sense proved its own protection. 92,114,482 172,651,993 185,932,418 The real significance therefore of the Government's attitude lies in the Dominion notes fact that we are now approaching a period when some people, at all events, Depos. with Minister of Finance 6,067,568 5,860,927 5,865,538 for security of note circulation were prepared to anticpiate a relaxation of stringent conditions with re3,050,000 gard to gold exports. Doubtless to onlookers, such as business men in the Deposit of central gold reserves 108,350,000 103,750,000 180,703,585 171,735,773 123,608,936 United States, no small interest has been felt as to how, in the face of Eu- Due from banks 1,289,811,502 1,268,881,896 925,681,966 rope's huge adverse trade balance, it will be found possible for London to Loans and discounts 429,460,447 424,999,111 102,344,120 Bonds. securities. &c maintain for some years to come its facilities as a free gold market. 79,154,121 67,401,484 Call and short loans in Canada- 87,601,337 Report. The Cunliffe Committee's Call and short loans elsewhere 137.120,167 155,983,681 than in Canada 160,116,443 Still, on this side of the Atlantic there were a good many who took the 71,209.738, 98.714,799 97,349,148 view that, having regard to our very considerable gold supplies on the spot, Other assets be it might credit, our unipaired and gold, African South of command our Total 2,612,163,560 2,575,191,340 1,575,307,413 possible, through the application of measures such as dearer money, at least partially to correct such factors as adverse exchanges and the inflation LIABILITIES, reCommittee the Cunliffe of findings whole The of credit and currency. 3 port on Currency and the Foreign Exchanges was, you will remember, 189,075,000 182,075,000 192,866,666 based on this idea, but those recommendations have now gone by the Capital authorized 111,335,200 115,434,666 112,401,700 subscribed Capital board. 111,722,628 110,643,539 114,811,775 A good many of the bankers who, while fully conscious of the evils of Capital paid up 117.433,322 116,870,214 113,368,898 Inflation when contemplated in prospect, now, with the timidity peculiar Reserve fund to bankers of all countries, have an equal dread of the effects of a too 99.138,029 214,576,870 204,779,750 rapid inflation. The Government, to do it justice, possibly conceived the Circulation 44,453,738 249,848,086 259,056,960 idea that with the exchanges so heavily against us and with the odds of Government deposits 776,901,875 767,335,742 495,067,832 international trade also against us for some few years to come, greater Demand deposits 1.037,851.766 1,018;184,512 683.650,230 hope was to be found in the ultimate restoration of ourposition as a credi- Time deposits 32.426,404 88,874,515 45,183.472 banks of imports which Due to tor country through the stimulus to exports and curbing 20.096,365 1,697,396 1,931,593 usually accompanies a real slump in the exchange. But whatever the mo- Bills payable 12,356,085 35.085,710 31,864.583 tives, the undisputed fact renmains that:for the time being We are back Other liabilities to an actual period of restriction as regards exports of gold from the councapital not including Total, try, and sooner or later the circumstance can scarcely fail to prejudice the 2.358,158,245 2,325,014.585 1.330.488,683 or reserve fund exchanges still more against us. Note.—OwIng to the omission of the cents in 'the official reports, the At the same time, I venture to predict that although exports of gold are now formally prohibited, a great deal of British gold will nevertheless footings in the above do not exactly agree with the total given. MAT 10 1919.] THE CHRONICLE 1873 REMOVAL OF RESTRICTIONS AGAINST EXPORTS SILVER PRICE RESTRICTIONS REMOVED. OF SILVER. A central News cablegram appearing in "Financial AmerThe removal of the restrictions imposed on exports of ica" last night said: silver by the Federal Reserve Board in August 1918 were Chancellor of the Exchequer Austen Chamberlain announced in the removed by the Board on May 5, thus it is stated, estab- House of Commons that maximum prices for silver bullion were removed -day. to lishing in effect a free market for silver in the United States Regarding the above the "Wall Street Journal" of May 9 and throughout the world. Heretofore, it is pointed out, said: , Reserve Board permitted export of silver only for civil the Advices received by local bullion dealers are to the effect that London has or military purposes of importance in connection with removed the export restriction on silver. This follows the initiative taken prosecution of the war and only in case the price paid by by the Federal Reserve Board at the beginning of the week. This practically removes the last restraining influence for an open world the exporters was not more than $1 01M per fine ounce. in market silver. The New York Federal Reserve Bank in making known Board, when silver Following the announcement of the Federal Reserve rose here, there was no response in the price of bar silver this week's announcement of the Federal Reserve Board in London, which remained at the stabilized quotation of about 48%d.,owing to the prevailing restriction. But bullion dealers now look for a masaid: Dear Sirs: The Federal Reserve Board announced to-day that the limitations on the exportation of silver from the United States, which were imposed on Aug. 15 1918, had been removed and that the Board would hereafter grant freely and without condition all applications for the exportation of silver bullion or foreign silver coin. However, the Federal Reserve Board specially requests that all banks continue to segregate silver certificates received and forward them to the Federal Reserve Bank as heretofore. , For your guidance we quote below the announcement issued by the Board in this connection: "On Aug. 15 1918, the Federal Reserve Board announced that licenses for the export of silver would thereafter be granted only for civil or military purposes of importance in connection with the prosecution of the war and only in cases whore the exporter certified that the silver to be exported had been purchased at a price which did not directly or indirectly exceed 81 01% per ounce one thousand fine at the point where silver is refined in the case of silver refined in the United States or at the point of importation in the ease of imported silver. The occasion which required the above limitations on the export of silver having now passed, the Federal Reserve Board will hereafter, unless a Governmental necessity should again arise, resume its former policy of granting freely and without condition all applications for the export of silver bullion or of silver coin of foreign mintage. "This change of the policy of granting licenses does not do away with the necessity of filing an application for licenses to export silver bullion or silver coin of foreign mintage. Such applications must as heretofore be filed through the Federal Reserve Bank of the appropriate district but such applications will as stated above be freely granted by the Federal Reserve Board. "The Secretary of the Treasury does not contemplate any further sales of silver under the Pittman Act, except to the Director of the Mint." Very truly yours, J. H. CASE,Deputy Governor. The Pittman Act which became a law with its approval by President Wilson on April 24 1918, was published in our issue of April 27 1918; it authorized the melting ofdsilver dollars held in the Government vaults and their sale to Allies. It also established a price of $1 an ounce at which the Government must buy silver. It is sated that approximately 200,000,000 ounces of silver, obtained from the silver dollars, have been shipped to India since April 23 1918, to meet demands for coinage there. It is further said that Director of the Mint Baker, under the new situation, may buy from himself silver obtained from melting the dollars and use it for the subsidiary coinage of half dollars, quarters and dimes. Federal Reserve notes of about $200,000,000 have been issued to replace silver certificates withdrawn when silver dollars were melted. Washington dispatches arc authority for the statement that most officials at Washington believe the market price of silver will rise with restrictions removed. Since the American price dominates the world price, the action of the Reserve Board and the Treasury, it is added, is expected to have world-wide effect. Concerning the effect of the removal of the restrictions the New York "Tribune" on May 8 said in part: With all the war-time restrictions removed from the sale and export of commercial bar silver by Government decree, dealers in the metal yesterday predicted much higher prices in view of the world shortage in silver. A price of between 31 01 and $1 02% an ounce was quoted in this market, a slight advance over the level on Monday previous to the announcement of the reiteration of free trading in silver. Some dealers went so far as to assert that in the future the central market in the metal will be transferred from London to New York. In the past London has made the world's price for silver, the other markets merely following the lead set in that market. Since the beginning of the war Now York has asstuned a much more important position with respect to establishing the world price for the metal. One of the leading bullion houses in this city estimated yesterday that China will come into the American market in the course of the next few months for at least 25,000,000 ounces of silver. Since August 1918, when the embargo upon silver shipments went into effect, China has been unable to buy any silver here, and stocks of the metal in that part of the Far East are said to be comparatively small. The Scandinavian countries are also short of silver for coinage purposes, and will probably buy large supplies in the United States. Russia is also short of silver, but the replenishment of the supply in that country depends, the dealers say, upon the restoration of a stable government. Production of silver in the United States has fallen off sharply since the the signing of the armistice, because the majority of the big copper producing companies which have a large output of silver as a by-product has curtailed operations owing to the fall in copper prices. On the average the copper companies of the country are operating on a basis of less than 50% of capacity. The only actual transaction in silver yesterday in this market was a small lot that changed hands at 31 02 Si. The Government is quoting a price of $1 01U. The market is generally at a standstill, owing to the fact that sellers are inclined to hold their metal for higher price's. terial advance in London price. This development was the reason for the further advance in the quotation for silver here late Thursday to $1 033i to $1 05. The New York "Evening Post" of yesterday contained the following: Reports were current in the financial district to-day that Chinese interests were bidding $1 06 an ounce for bar silver. Bullion dealers said that they were unable to confirm these statements. The silver market is much confused, with quotations for the most part ranging between $1 043 and 31 06. In order to permit sales of silver to China at $1 06 an ounce, dealers estimated that the Chinese exchange rate would have to be as high as 10735. EXPORTS OF GOLD MANUFACTURES PERMITTED. The War Trade Board has announced that, effective yesterday, gold manufactures with bullion value not exceeding 65% of the total value may be exported without individual export license. FRANCE REMOVES EMBARGO ON UNSET DIAMONDS. Washington advices yesterday stated that according to a cablegram from the U. S. Consul-General Thackara, at Paris, a Ministerial decree removes the prohibition against the exportation of unset diamonds specified in the French customs tariff. PROPOSED FRENCH LOAN. A letter announcing that he would substitute a new bill for that which he withdrew as a consequence of the opposition to it in the French Chamber of Deputies on April 19 was sent by Louis Klotz, French Minister of Finance to Raoul Peret, President of the Budget Committee of the Chamber on April 25. It was announced that in the new bill M. Klotz would ask authority for the Treasury to borrow up to 3,000,000,000 francs from the Bank of France, the amounts borrowed to be paid off with the proceeds of the next loan. Paris cablegrams in announcing the above also said: This is the first definite announcement that the Government intends to make a new appeal to the public. The measure also proposes to raise the limit of the note issue of the Bank of France to 40,000,000,000 francs. In justification of this, M. Klotz explains that, however desirable it is to reduce the fiduciary circulation, nevertheless there must must be no hampering of economic transactions. M. Klotz points out that it is particularly essential under the present circumstances that the bank may be in a position to finance industry and commerce and that it would be contrary to the general interests of the country if circulation were strictljy limited to the requirements of the Treasury. As to the earlier bill introduced by M. Klotz Paris advices on April 18 had said: The revised civil budget appropriations for 1919, which were presented to the Ways and Means Committee of the Chamber of Deputies to-day by Louis Klotz. Minister of Finance,show an increase of 1,378,827,425 francs over theoriginal estimates, bringing the total amount to 10,305,361,755 francs. PROPOSED FRENCH TRADE BANK—LIFTING OF FRENCH IMPORT fiESTRICTIONS. • Reports of the proposed formation of a French trade bank have been current during the past month. On April 25 the "Journal of Commerce" in a special cablegram from London said: It is understood that the French delegates from.the Ministries of Commerce and Finance, together with representative bankers, merchants and industrialists, have received authority to proceed with the formation of a French Trade Bank. The capital will be 100,000,000 francs. The following copyright advices were received from Paris on April 13 by the Chicago "Tribune:" Announcement of the organization of a French bank with a capital of $20,000,000 to further foreign trade was accepted to-day by American manufacturing interests in Paris as a further indication that the Frerch Government soon will lift the embargo on imports. Those behind the institution include tradesmen, manufacturers, bankers, led by M. Clemente!, Minister for Trade, and representatives of the Minister for Finance, Shiergfried, Deputy of Le Havre, is Chairman of the board. Americans concerned with the opening of the market are of the opinion that influential members of the French Government would not embark 1874 THE CHRONICLE [VOL. NS. Vice-President of the Metropolitan Trust Co. of New York. Mr. Rovensky is Vice-President of the National Bank of The lifting of the French import restrictions was made Commerce in New York, and Mr. Goodhue is Vice-President known as follows on May 3 by the War Trade Board: of the First National Bank of Boston. Mr. Green has been The War Trade Board announce, for the information of exporters in connected with Blair & Co., bankers, of New York. Presithe United States, that they have been informed that the restricitons of Silvester made the following statement on the 7th inst. the decree of May 11 1916, which prohibited the importation into France dent apply now not do they that so relaxed, to the plans and purposes of the new project: been have regard in of certain commodities, on the enterprise without assurances that the restrictions on admittance of foreign goods were to be modified materially. to such commodities if they are imported for the purpose of re-exportation The new trade relations created by or resulting from the war continue to after transformation. Such commodities may now be imported without attention of bankers and economists all over the world and, special license, but the manufacturer of re-working importer must guarantee engage the some difference of opinion as to the best means for attaining is there while months. six within same to re-export the end, they all agree that in order to carry its heavy burden of The list of commodities referred to was published in Commerce Reports the desired nation will have to work harder and will have to produce of May 23 1916, being No. 121, page 1716, and information regarding the taxation, every also generally recognized that a nation like the United States, same may be obtained from the Bureau of Foreign and Domestic Com- more. It is which has suffered little and is financially the strongest, must continue merce. Department of Commerce, Washington, D. C. extending credit facilities on a large and liberal scale to other nations less fortunate, in order to hold and further develop its foreign trade. The Federal Reserve Act and many State banking laws, as recently TIGHTENING OF HOLD ON GOLD BY FRANCE. amended, have furnished American commerce with the financial means to A copyright cable to the Chicago "Tribune" from Paris enter the world markets on an equal footing. In financial means, cash plays but a very small part. The bulk is constituted of credit, which raises on April 23 said: the problem of creating the equipment necessary for the issue and the neThe French Government has tightened its grasp on domestic gold by gotiation of short and long time obligations and for the maintenance of a little the for cash pay to permission industries French withholding from market for the same. This can be accomplished only by organizing they are permitted to buy abroad. There will be no "money on receipt of ready such an increasing number of banking, discount and securities corporations, goods" transactions as long as exchange is so unfavorable to France. made their appearance in New York and elsewhere. This became known to-day in a contract for American goods by a French as have recently policy, a combination has now been formed between the In line with this department store. The store had agreed to pay cash. The management Bank of Commerce in New York, the Fjrst National Bank of was informed by the authorities this could not be done, so the firm which National and the Comptoir National d'Escompte de Paris, for the orgaLizaBoston French sold the goods has accepted notes payable at the convenience of the tion of the French-American Banking Corporation. Government. A combination of this sort is a new departure, it being the first instance American manufacturers interested in the French market have reached French banking institution has associated itself with a decision to grant long credits. French industry is ready to'buy and is where a prominent closely in such an undertaking. Another feature lies so willing to place orders running into hundreds of millions as soon as the American bankers all three associates are strictly commercial banks of the Government opens the ports. The American Chamber of Commerce and in the fact that all of which augurs well for a conservative and successful standing, highest made have Government, States United the representing Baruch, Bernard management for the new corporation. But the principal advantage of protests against the embargo. this combination will be the standing and close contact with the French public at large, which will be given to the corporation by the association of branches. REDEMPTION BY J. P. MORGAN & CO. OF FRENCH the Comptoir National d'Escompte de Paris and its numerous This could never be accomplished through the opening of foreign branches NOTES. in France, and it was a clever move on the part of the National Bank of With regard to the payment on April 1 by J. P. Morgan Commerce and the First National Bank of Boston to have left the beaten something new and better. The same holds good for the & Co. of the French Government 532% convertible notes path and donewhich will enjoy similar advantages through the corporation bank, French of 1917, the New York "Times" on April 13 said: and its American associates. It is stated that of the 3100,000,000 two-year 53 % notes of the French The French American Banking Corporation will transact a general Republic which matured on April 1, some $2,000,000 took advantage if foreign and international banking business, and as pointed out before, will into converted and privilege, conversion the of term, such is the proper possess special facilities for the handling and developing of conmercial and the twenty-year 534% bonds. The surprise here, it would seem, is not financial relations between the United States and France and their respecthat so few converted, but that so many converted, considering that the tive colonies and dependencies. holders of the notes had the option of converting or of accepting 105U% The French-American Banking Corporation was incorIn cash on April 1. It is said that approximately $65,000,000 of the notes porated at Albany, N. Y., on April 29. It is capitalized at were paid off here, the remainder having been paid at Paris. PHILIPPINE CERTIFICATES SOLD TO RECTIFY EXCHANGE. The following is taken from the "Wall Street Journal" of May 8: The commercial community in Manila was treated to a sensation in the latter part of March when the Insular Treasurer refused to Issue drafts on the United States against deposit of Philippine currency, with the result that the Philippine peso (equivalent to 50 American cents) dropped to a discount of 3% compared with the American dollar. According to advices received from Manila, business men there believed that the gold deposited in the United States to cover the face value of Philippine currency had been exhausted in forwarding subscription money for the Liberty Loans and in remitting for imports. No drafts could be drawn, and hence the decline in the value of the Philippine peso. The situation in the islands at that time was as follows. The Philippine Government had some 84,000,000 pesos of paper money in circulation, which was protected by the 92,000,000 pesos deposited in the United States. According to law, any one in possession of Philippine currency can go to the Insure! Treasurer and demand its equivalent in gold. When it comes to big sums,inasmuch as the gold deposits are in the United States, a draft on one of the banks in which these deposits have been made must be given. In the last few weeks of March the Insular Treasurer refused to sell such drafts for the first time since the gold deposit system went into effect in the Philippines, with the result that the notes which the Philippine Government had put into circualtion were not worth their face value. In order to rectify this situation the Philippine Government had recourse to its recent sale of $10,000,000 of certificates of indebtedness in this market. The proceeds from the sale established new credits in this country, against which the Insular Treasurer was able to resume the sale of drafts to those making remittances to the United States. $2,000,000, with a surplus of $500,000, all paid in. Half the stock of the corporation is held by American interests and half by the French. The American stockholders are the National Bank of Commerce in New York, whose capital, surplus and undivided profits are over $50,000,000 and resources over $558,200,000; and the First National Bank of Boston, whose capital, surplus and undivided profits are over $27,800,000 and resources over $222,500,000. Each of these banks holds one-fourth of the stock. The French interests are represented by the Comptoir National d'Escompte de Paris, whose capital and surplus fund are over $48,000,000 and resources over $500,000,000. This makes a total capital, surplus and undivided profits of the institutions behind the new corporation of moro than $125,000,000 and total resources of over $1,280,000,000. Further details were given in our issue of Saturday last. CHANGES IN CURRENCY VALUE CAUSE OF UNREST ACCORDING TO LORD D'ABERNON. That "80% of our present industrial troubles and our Bolshevism" are due to the "enormous displacement in the value of the money" is the opinion advanced by Lord D'Abernon who makes the further statement that "changes in the value of currency in which wages, salaries and other forms of remuneration are paid are the real cause of the OFFICERS OF FRENCH-AMERICAN BANKING CORPO- prevailing unrest." These observations were contained in RATION. copyrighted cabled advices to the New York "Times" from The officers for the proposed French-American Banking London under date of May 3, which we quote in full hereCorporation, which as announced in these columns last week, with: At the bottom of 80% of all the labor troubles and unrest of the day page 1765, has been incorporated under the laws of New York lies the currency problem. Civilized countries must solve it on new lines, State to foster trade between this country and France, were for any rapid return to the standard of value obtaining in 1914 would mean widespread bankruptcy. This is the opinion of Lord D'Abernon, who as elected as follows at a meeting on May 7: Maurice Silvester, President; Roger P. Kavanagh, Vice-President and Treasurer; John E. Rovensky, Vice-President; F. Abbot Goodhue, VicePresident; Thomas E. Green, Secretary. The banks participating in the combination are the Comptoir National d'Escompte de Paris, the National Bank of Commerce in Now York and the First National Bank of Boston. Mr. Silvester, the President of the new corporation, is a banker of long experience in this country and in France. He has represented the Comptoir National d'Escompte de Paris here for many years and has been successful in promoting its relations with American banks and merchants. Mr. Kavanagh was for a period of years connected with the New York State Banking Department and latterly has been Sir Edward Vincent won a world-wide reputation as a financier by the success wizh which he managed the public debts of Turkey and Egypt, and restored the finances of the latter country. In a recent speech in the House of Lords, Lord.D'Abernon drew attention to the condition of the currency. He declared that although there had been a steady depreciation in the value of money for the last 700 years, the fall during the four years of war was equal to that during the 400 years from 1300 to 1700, and was much greater than its fall from 1700 to 19(0. In only two periods of history, he said, was there any financial phenomenen comparable to this, and that was the depreciation which occurred between 1600 and 1640, after the discovery and opening up of the sliver mines of Potosi, and the fall—much less than to-day's—which resulted during the Napoleonic wars. This, he contended, was the most alarming feature of the financial situation of to-day. Asked by the correspondent of the New York "Times" to explain why this stariting change had come MAY 10 1919.] THE CIIRONICLE 1875 In the value of money, and what were likely to be the results. Lord D'Abernon said it was due to the great increase during the war in the quantity FEDERAL FARM LOAN BOARD ON COLLECTIONS AND of legal tender in circulation. Paper curerncy—having the power of legal REMITTANCES: tender—in 1914 was estimated as amounting in the leading countries of The following is taken from the April-May number of the the world to about £1,000,000,000, but to-day it was probably £6,000."Borrowers' Bulletin," issued by the Federal Farm Loan 000,000. "That means," he said, "that the amount of legal tender has increased Board: very much more rapidly than the amount of commodities in use, and conIn one of the Federal Land banks the secretary-treasurers, officers; sequently, even if the quantitative theory of currency is not fully accepted, and members of all National Farm Loan Associations under its jurisdiction that must have a very important effect on the level of prices. "Take the United Kingdom, for example. The amount of legal tender have received!a letter reminding them of the importance of collections and in circulation here is from two to three times as great as it was in 1914. In remittances. As the operation and administration of the Farm Loan Act France and Germany there are still greater increases. As for Russia, the Is the same throughout the twelve Land Bank districts, we publish it here increase in enormous, although It should be noted that the precise effect on in full, because it is a very important matter in the progress of the system: In order that all may understand the extreme importance of collecting the world increase of prices of a great rise of local prices in any particular and remitting payments of members in time to reach this bank on or before country is very obscure." date of maturity and not one single day later. I will explain in detail the Lord D'Abernon here pointed out that in consideration of the question of prices it was a great mistake to mix up too closely the effects of an in- the consequence of not doing so: 1. On the 1st `of each month we send report to Washington showing, crease in credit and an increase in currency. Prices, he bolds, depend far more closely on the amount of currency in circulation and the proportion among other things, the name of each borrower that is delinquent, the association of which hels a member and the date the payment was due. between the demand for it and the supply than on any question of credit. "This vast increase in the quantity of currency," he continued, "is These data 'serve in the sale of our bonds, finding us an adequate and quite unprecedented. England and the European world generally, that ready market for bonds at low interest, or the reverse, according to our is, the great powers of Europe, have been accustomed to merely small showing in the matter of payments. 2. The manner in which payments are made by borrowers is such an fluctuations in the supply of money, and we have been used to reckon the important factor in this bank's maintaining its credit with the investing rise or fall in the standard of value to the extent of 20% as almost a convulsion; but now we are confronted,and have to deal,with a fall in the stand- world that, the Farm Loan Board requires us to take back all notes and mortgages_on which any sum remains unpaid,90 days after such payment ard of value of from 50 to 60%• "Certain definite results must follow from this. In the first place, it is was due. 3. Since we have not capital to carry many such loans, we have no ludicrous to suppose that such a radical alteration in the value of the counters In which financial transactions are measured can be lived through alternative after our limit is reached but to foreclose and get the farm into hands of a person who can and will pay promptly. the without radical readjustments. In the second place, if these fluctuations 4. When this bank shall become in position to extend credit to associaare to continue, either upward or downward, it is almost imperative to establish a sliding scale in accordance with which financial obligations can tions as such, as it soon shall, we shall not'able be•to accommodate such as be adjusted. Is it not of obvious advantage to arrange such a scale in have not a good record for collecting and remitting promptly. 5. Nor will a member whose record for prompt payments is lacking be advance, to be applied automatically, rather than to permit each fluctuation in the value of currency to fall on an unprepared world and to be fol- able to increase his loan ar make another with this bank 6. This bank may find it necessary to cease making loans through an lowed by a series of struggles between the parties to money agreements, association whose delinquencies should become such as to affect the credit in order to arrive at a satisfactory settlement. Lord D'Abernon's attention was called to the fact that the Britsh Gov- and standing of this bank and its bonds. 7. Willingness to pay interest at 8% on sums past due, which must be ernment during the war adopted certain sliding-scale arrangements, so done in every instance, does not authorize delinquencies nor minimize as to correlate the wages in some industries to the cost of living. He the serious and harmful consequence thereof to all—the borrower, the replied: association, and to this bank, whose credit is dependent upon the prompt 4 "Such attempts have been only very partial, but are undoubtedly full and timely payment of each and all borrowers. of interest and instruction. You should note, however, that the scales adopted have always been based on the cost of living, and not on the changes in the value of money, which would be the more nearly correct method. The two systems might produce much the same results, it is BANKERS JOINT STOCK LAND BANK OF ST. PAUL. true, but the one is a true basis, and goes to the root and cause, while the A charter for the Bankers' Joint Stock Land Bank has been other is merely empirical adjustment of the resultant. granted by the Federal Farm Loan Board. The bank, which "I am convinced, and cannot state too strongly my belief, that 80% of has a capital of $250,000, has been authorized to lend ouepresent industrial troubles, and our Bolshevism, which is so great a menace ,to Europe, are due to this enormous displacement in the value of money on farm lands in Minnesota and Wisconsin and on money. Changes in the value of currency in which wages, salaries, and other forms of remuneration are paid are the root cause of the prevailing U. S. Government bonds. Its stockholders, it is stated, unrest." are chiefly country bankers in the States of Minnesota and What Lord D'Abernon advises is the adoption officially of one of the Wisconsin. The officers of the bank are: President H. A. tables of prices of a large range of standard commodities as an index to true value of money. Some prices on the list may rise and some may the Moehlenpah, President of the Citizens Bank, Clinton, Wis.; fall; but, provided the selection is sufficiently extensive and varied Vice-Presidents F. J. Carr, President of the National Bank from the average, the exact value of currency can be scientifically and of Hudson, Hudson, Wis., and G. N.Fratt, President of the accurately determined. Lord D'Abernon would then refer all wages and minor First National Bank, Racine, Wis.; Secretary George D. salaries as they fell due to the index and would require the payment, not of the face value, but of the amount to which the table showed it was then Bartlett of Milwaukee, Secretary of the Wisconsin Bankers equivalent. Naturally the smaller fluctuations would be ignored. To Association and F. R. Crane, Minnesota Manager. Mr. what contracts, outside of those for wages and minor salaries, it might be Crane resigns from the North Western Trust Co. of necessary to apply the sliding scale, would be a matter for St. ulterior consideration. There Is similar urgency in other cases. Paul to take up his new duties. The Bankers' Joint Stock "That divorces the value of currency from the cost of production of the Land Bank has offices in the Merchants National Bank world, does it not?" the correspondent asked. "That has occurred long since," was Lord D'Abernon's Building, St. Paul. reply. "If there were to be any attempt to-day to bring about a rapid return to the gold currency basis of 1914 it would almost double the weight of the world's Indebtedness, and would certainly lead to the bankruptcy of PAYMENT OF DIVIDEND BY FEDERAL LAND BANK many "The present inflation of currency, whatever its dangers—and nations. OF SPOKANE. I do not underrate them—has this beneficial effect, that it reduces the According public debts incurred during the war, and by that much makes enormous to "Pacific the Banker" of April 5, the Federal them more easy to bear and more likely to be paid." Land Bank of Spokane made its first dividend payment 14 on April 1. The "Banker" had the following to say regard$15,946,277 PAID OUT TO FARMERS ON MORTGAGE ing the dividend: It will amount to approximately $60,000 and will be distributed among LOANS IN MARCH BY FEDERAL LAND BANKS. 400 farm loan associations, which in turn will pay their 10,000 stockholders. The "Borrowers' Bulletin" for April-May 1919 (issued by The dividend is computed on all stock registered prior to Dec. 1 1918. In announcing the dividend, President D. G. O'Shea explains the method of the Federal Farm Loan Board at Washington), said: arriving at the amount as follows: It has been arranged to pay 10% which During the month of March 1919 $15,946,277 were loaned to 4,630 farmers of the United States by the Federal Land banks on long-time first mortgages, according to the monthly statement of the Farm Loan Board, The Pederal Land Bank of Omaha leads in amount of loans closed, $4,505,850, with the Federal Land Bank of St. Paul running second in amount, $1,893,200. The other banks closed loans in March as follows: Houston $1,838,717; Spokane, $1,528,850; Louisville, $1,142,700; St. Louis, 31, 125,980; Columbia, $923,355; Wichita, $775,800; New Orleans, $741,775; Berkeley, $547,600; Springfield, $525,950; Baltimore, $336,500. On April 1 the total amount of mortgage loans closed since the establishment of the Federal Land banks was $198,609,626, numbering 79,949 borrowers. During March 5,916 applications were received asking for $20,622,021. During the same period 4,605 loans were approved, amounting to $14,561,784. Altogether 185,643 have applied for loans under this system, aggregating $492,066,733. The grand total of loans closed is "distributedIb4.Federal Land Bank districts as follows: oers Spokane $28,640,050 New'Orleans ' $13,552,990 27,541,700 Louisville St. Paul 12,764,000 26,383,390 Berkeley Omaha 11,023,600 21,046,561 Columbia Houston 9,721,395 18,583,700 Baltimore Wichita 7,240,850 15,012,345 Springfield St. Louis 7,099,045 During February $14,799,788 were loaned to 4,209 farmers, distributed as follows: Omaha; $3,895,400; St. Louis, $2,055,955; Houston, $1,863,213: St. Paul, $1,506,600; Spokane, $1,251,720; Wichita, $1,019,800; Louisville, $757,300; New Orleans, $735,800; Columbia, $505,500; Berkeley, $473,800; Baltimore, $386,900; Springfield, $347,800. for the twenty months the bank was !n business up to Dec. 31 1918, would be equivalent to one-half of one per cent per month for the number of months each issue was outstanding and all stock issued in one month has been figured as earning a dividend from the last day of that month. The bank has mailed to each of its national farm loan associations, itemised statements showing the name of the individual borrower on whose account stock was issued equal to 5% of his loan, the date of issue, the number of months for which the dividend is paid and the amount of the dividend credited. Remittances are being made by check to the farm loan associations. The dividend was earned from the bank's business after paying all costs of organization and operation and after carrying a reserve. HOUSTON FEDERAL LAND BANK FIRST TO DECLARE DIVIDEND. In connection with the dividend declaration of the Federal Land Bank of Spokane, recorded above, it is worth noting that the Federal Land Bank of Houston was the first in the United States to pay a dividend. The Houston "Post" of April 11 credits George W. Norris of Washington, Federal Farm Loan Commissioner, as having made a statement to that effect. We quote as follows: The Federal Land Bank of Houston was the first in the United States to declare dividends, according to George W. Norris, of Washington, Farm 1876 THE CHRONICLE Loan Commissioner, who'is in the city conferring with Judge M.H. Gossett, President of the Houston Land Bank, and other officials. Mr. Norris attributed the high record of the Houston bank to efficient management. The Houston bank, according to Judge Gossett, declared its first dividend in October 1918. Mr. Norris expressed himself as being pleased with the volume of business which the Houston bank has carried, and said the bank, in the amount of loans closed since its inception, was excelled by only three districts in the country. The Houston institution has closed loans approximating $20,000,000 since its establishment, bank officials said. Mr. Norris said his visit to Houston had proved that Federal authorities at Washington had exercised good judgment In creating a farm loan district which included the entire State of Texas, since the number of loans closed in this district were large enough to tax the capacity of one bank. FIRST TEXAS JOINT STOCK LAND BANK OF HOUSTON. The First Texas Joint Stock Land Bank, formed with a capital of $250,000, opened for business in Houston, Texas, on April 25. The institution has been organized under the Federal Land Bank laws, and under its charter will be permitted to make loans in Texas and Oklahoma on agricultural lands in amounts not to exceed 50% of the value of the land. The loans will be made at 6% interest for a term of 33 years, and are to be repaid by the borrower on the amortization plan. The borrower will have the privilege of paying any part or all of his loan at any time after five years. The officers of the bank are: Guy M. Bryan, Chairman of the board; C.S. E.Holland,President;Jesse Andrews, Vice-President; R. E. Burt and R. S. Sterling, Vice-Presidents; H. H. Houston, Secretary, and P. H. Lamb, Assistant Secretary: COMPTROLLER OF THE CURRENCY WILLIAMS ON SOUNDNESS OF NATIONAL BANKS. In a statement in which he remarks upon the soundness of the national banks, Comptroller of the Currency John Skelton Williams states that "Nothing could demonstrate more strongly the solid foundation upon which our banking and currency structure now stands and the improved manner in which the national banks of the country are being operated and safeguarded than the record they have made in the past sixteen months—embracing ten months of the stress and trial of war and six months of the dislocation and strain of reconstruction." The statement, made public May 5, also says: [VOL. 108. Harry T. Ramsdell, President of the Manufacturers & Traders National Bank, Buffalo. Elliott C. McDougal, President of the Bank of Buffalo, Buffalo. Ray M. Gidney, Manager, formerly Assistant Federal Reserve Agent at New York. Messrs. Ramsdell and McDougal serve until Dec. 31 1920; Mr. Gidney until Dec. 311919. The directors appointed by the Federal Reserve Board, to serve until Dec. 31 1919, are: Clifford Hubbell, President of the Fidelity Trust Ce., Buffalo, and President of the Buffalo Clearing House. Charles M. Dow, President of the National Chautauqua Coriuty Bank, Jamestown, N. Y. The proposed establishment of the Buffalo branch of the New York Federal Reserve Bank was referred to in these columns Feb. 1. E. L.SWEARINGEN ELECTED DIRECTOR OF LOUISVILLE BRANCH OF ST. LOUIS FEDERAL RESERVE BANK. E. L. Swearingen,prominent in Louisville banking affairs, has been elected a director of the Louisville branch of the Federal Reserve Bank of St. Louis, succeeding the late Charles E. Hoge. Mr.Swearingen is President of the First National Bank of Louisville, the Kentucky Title, Savings Bank & Trust Co., and the Kentucky Title Co. He was formerly President of the Louisville Clearing House Association. DEATH OF JAMES K. LYNCH, GOVERNOR OF SAN FRANCISCO FEDERAL RESERVE BANK. The sudden death on April 28 of James K. Lynch, who since August 1917 had been Governor of the Federal Reserve Bank of San Francisco, came as a shock to his wide circle of acquaintances. Mr. Lynch was well known among the bankers of the country, for besides being at the head of the Reserve Bank on the coast he had been President of the American Bankers' Association in 1915. He had likewise served two terms as President of the California Bankers' Association and had been President of the San Francisco Clearing House Association. He had held various positions among banking institutions; for many years he had been Vice-President of the First National Bank of San Francisco, and he had formerly been President of the Citizens National Bank of Alameda and the Citizens Savings Bank of that city. At the time of the organization of the Federal Reserve Bank of San. Francisco Mr. Lynch was made a director and he became Governor following the resignation of Archibald C. Kains in August 1917. Grief over the death of one of his sons; Capt Lawrence Soule Lynch, who died on Oct. 10 from wounds received in the Argonne battle, is believed to have been in a measure responsible for Mr. Lynch's death. Mr. Lynch was sixtytwo years of age. The official reports show that to-day there are more national banks in operation with larger capital and surplus and greater resources, making bigger dividends, and with a more striking immunity from failure than ever before in our history. A knowledge of these facts must necessarily give inspiration and fresh courage to all business men, for our economic history shows that every commercial panic and business prostration in the past has been precipitated by financial disorders and banking crisis. Assured of healthy banking conditions, and an abundance of money and credit to meet all natural and legitimate requirements, the commercial, agricultural and industrial enterprises throughout our entire country can proceed with their plansf or the present and the future with unexampled confidence and resolution. The following figures emphasize the increasing safety, the unparalleled NEW RATES ON STOCKS IN EFFECT ON NEW YORK immunity from failure, and the steady growth of the National Banking STOCK EXCHANGE. System. In the four months ensling April 30 1919, there was only one national . commission rates to apply on dealings in stocks The new bank failure in the entire country—a small bank with $25,000 capital. became effective on May 8, according to an announcement During the three months ending March 31 1919 (April returns not reStock ceived) there were 21 failures of banking institutions under State super- issued on that day by George W. Ely, Secretary of the vision including banks and trust companies—an average of approximately Exchange, which said: two a week. The amendments to the commission law, not having been disapproved by For the sixteen months' period from Jan. 1 1918 to May 11919, there a majority of the membership of the Exchange, become law on the morning have been only two national bank failures in the entire country—an averof May 8. age of one each eight months. The details of the changes in the rates were outlined in our In the fifteen months' period from Jan. 1 1918 to April 1 1919 (April returns not yet in) the returns indicate failures of between 50 and 60 issue of Saturday last, page 1768. State banks and trust companies under State supervision. Diming the four months ending April 30 1919, 131 applications were received for charters for new national banks, and 113 applications for inVICTORY LIBERTY LOAN CAMPAIGN. creases In capital of existing national banks were approved—making a The three weeks' campaign to raise $4,500,000,000 through total of 244 applications for new charters and for increases of capital approved. the sale of Victory Liberty notes, will be brought to a close In this period 61 charters were granted for new national banks,3 requests to-night (May 10). Last night the the total subscriptions for charters were refused and 191 applications for new charters are now pending, includ ng 40'requests from State banks which seek permission to for the country, it was aimounced, had gone over the $3,convert into national banks. 000,000,000 mark; at the close of last week thelfigures for There were more than seven times as many applications for new charters twelve Federal Reserve districts stood at $1,657,979,350. and approved applications for increases of capital in this period as there thw were voluntary liquidations (exclusive of those consolidating with other Through Secretary of the Treasury Glass an appeal toimake national banks)-244 such applications against a total of 33 voluntary the Victory Loan "a great popular thank offering" was issued iquidations. he appeal was/embodied yesterday by President Wilson. T BUFFALO BRANCH OF FEDERAL RESERVE BANK OF in a cablegram to Secretary Glass reading as follows: Through you I appeal to my fellow citizens on the eve of the conNEW YORK TO OPEN MAY 15. summation of a victorious peace to sustain the honor and credit of our counannouncing in York of New Bank The Federal Reserve try and to pay tribute to the valor and sacrifices of our fighting men by a financial success, for that it must yesterday that its Buff,alo branch would open on May 15 making this last Liberty Loan not onlyin which every American will share be, but a great popular thank offering said: d according to his ability. The officers of the branch are R.M.Gidney, Manager,and I. W.Waters, Acting Cashier. The work of the branch will be carried on under the general direction of the Federal Reserve Bank in New York and under the local direction and supervision of a board of five directors, three of whom are appointed by the Federal Reserve Bank of New York and the other two by the Federal Reserve Board in Washington. The directors appointed by the Federal Reserve Bank arc: WOODROW WILSON. Secretary Glass had himself issued several messages during the week in an effort to awaken the nation to its responsibilities; on the 3rdkinst.:1,in a!message to)/ newspaper editors, he said: MAY 10 1010.] TETE CHRONICLE I would be lacking in frankness if I did not tell you that the Treasury Department is apprehensive concerning the Victory Liberty Loan. In view of this serious situation, as Secretary of the Treasury, and as a fellow newspaper publisher, I appeal to you to help impress upon your readers the urgency of subscribing to this loan by publishing in your editions of Monday in a first page box, if possible, the following message: The Victory Liberty Loan campaign is two-thirds over, but subscriptions have been reported for little more than one-third of the loan. Is it conceivable that the American people, who with heart and soul waged the fight for freedom, will permit this loan of victory and thanksgiving to fail? Our sons gave of their health, of their strength, and of their lives that freedom might not perish. There are one and a half million American boys in France and Germany. Now that the war is ended, it would be as reasonable for them to dishonor the nation by deserting the flag as for the nation to dishonor itself by deserting them. Is it a large thing that we are now asked to lend our money to pay the cost of victory? Is American money less willing than American manhood? Let every one of the millions who have bought Liberty bonds buy Victory notes, and success is sure. CARTER GLASS, Secretary of the Treasury. In a pronouncement designating May 8 as Army Day, Secretary Glass said: In the early days of last November, when it was apparent that the enemy armies were failing, American youths in khaki throughout the Argonne fought on, never contemplating the possibility that the war might be won without their individual efforts. Many fell in those last days of fighting. Many lost arms, legs, eyesight. They did not lag or shirk. The Victory Liberty Loan is the Argonne for Americans at home. It is their last big war task. It calls on them for dollars, to be spent and repaid. Will Americans at home lag or shirk? The answer will be known when Victory Loan dollars are counted and but three days remain in which to pour them in. One of these days should be set aside for honor to the men who made the American army. Not in phrases, not in platitudes, will we do honor to that army. We will do honor in the contribution of material things, and our sacrifices, however great, can never approacn those of the men in khaki. Yet we will do our utmost, and with our dollars shall do fervent prayers of thanks to the men of the army. Therefore, I propose that Thursday, May 8, be set aside by all communities as Army Day. On this day lot each man and woman who ranks as a shareholder in this free Republic pledge to the Victory Liberty Loan the largest sum his ability permits. Let every civilian have the right to say in future retrospection: "Mine was not to fight, but I did my utmost." On the 8th inst. the subscriptions for the twelve Federal Reserve districts were announced as 82,878,561,000, the figures for the various districts being as follows: Subscriptions. P.C. District— District— Subscriptions, $170,740,000 87.5 Kansas City_ --4106,208,000 St. Louis Minneapolis __— 124,296,000 78.9 Philadelphia ____ 202.343,000 970,000,000 71.8 Cleveland New York 217,369,000 Boston 254,585,000 67.8 Atlanta 68,797,000 Chicago 425,098,000 65.1 San Francisco_ _ _ 122,432,000 Richmond 123,373,000 58.7 Dallas 33,390,000 P.C. 54.4 53.9 48.3 47.7 40.6 35.2 Last night the figures for the New York Federal Reserve District were reported as considerably over the billion-dollar mark. On the 5th inst., when the total subscriptions for the country were announced by the Treasury Department as $1,804,274,650, a statement issued by that Department said: The best that can be said for this total is that the percentage of the country's quota subscribed to-day is almost as high as was the percentage of the Fourth Liberty Loan quota on a corresponding day in the last drive. The discouraging feature of the present situation is that the total gain since Saturday's report is only $147,295,300. This is about $300,000,000 short of the daily average that must be maintained from now until the end of the loan, if the country's quota is to be subscribed. Five days removed from the final goal in the Fourth Liberty Loan campaign, the country had subscribed $2,451,053,950, or about $650,000,000(more than it has subscribed in the present loan. Some of the larger subscriptions announced in this city during.the past week were: $5,000,000 Prudential Insurance Co. of America (additional); $4,040,000, Vincent Astor; $3,500,000 Westinghouse Electric & Mfg. Co.; $2,000,000, National Biscuit Co.; James B. Duke ($1,000,000 each through Guaranty Trust and Bankers Trust), S. II. Guggenheim;$1,800,000 Northern Finance Corporation; $1,500,000 Sutro Bros. & Co. (for themselves and clients); $1,202,000 (additional) Henry L. Doherty & Co.; $1,200,000 Halle & Stieglitz (additional); $1,000,000, Berwind Interests; R. H. Macy & Co.; George F. Baker Jr. (through First National Bank); Bowery Savings Bank (additional); $500,000 each through Bank of Manhattan Co. and Corn Exchange Bank; Forstmann & Huffman; Morton H.Meinhard; Julius Stevens Ulman; William Rockefeller; East River Savings Institution; Bernhard Scholle; William Goadby Loew (through the First National Bank); T. A. Gillespie & Co. (additional— through the Guaranty Trust Co.); Payne Whitney (through the First National Bank); Felix M. Warburg; Otto H. Kahn; Mortimer L. Schiff; Jacob H. Schiff; Charles H. Sabin (through the Mechanics & Metals National Bank); Hoboken Bank for Savings; J. P. Morgan (personal, additional— through Mechanics & Metals National Bank); Speyer & Co.; H. P. Whitney; Submarine Boat Corporation; Electric Boat Co.; Western Union Telegraph Co.; Harris, Forbes & Co.; Home Insurance Co.; General Chemical Co.; F. S. Smithers & Co.; B. Lissberger; American Beet Sugar Co.; C. H. Spreckles, &c. 1811 GOV. STRONG'S APPEAL TO PUBLIC AGAINST PLACING OF BURDEN OF VICTORY LOAN ON BANKS. The lack of public interest in the Victory Liberty Loan, indicated in the decline in the number of subscriptions and coupon books as compared with what was accomplished in the same period in the Fourth Liberty Loan campaign, was commented upon in a statement by Benjamin Strong, Governor of the Federal Reserve Bank of New York and Chairman of the Liberty Loan Committee of the New York District, made public on Monday last. In an endeavor to awaken the public to the need of supporting the loan and not make necessary the taking of the loan by the banks, Governor Strong in his statement said: The members of the Liberty Loan Organization believe that the best publicity for the loan are the facts, and that the greatest detriment to the loan are the assumptions. As to the facts: Total subscriptions filed to this date for the Second Federal Reserve District aggregate $376,906,250, being 27.9% of the quota for the district. After the same number of days in the Fourth Loan, the total subscriptions were $513,797,400, or 28.5%. the comparison showing that we are $11,468,000 behind what we should have done to this date in order to maintain the same pace as in the Fourth Loan. This figure in itself is not so discouraging as are the figures showing individual subscriptions. A comparison of subscriptions handled by the organization in New York City shows a big decline in the number of subscriptions in comparison with the Fourth Loan. In the present campaign the total number of subscriptions reported to the Bond Issue Division of the Federal Reserve Bank is 120,930, as corn pared with 194,868 for the same number of days of the fourth campaign. The sale of coupon books is still more discouraging. For eleven days of the campaign 71,872 books have been sold, whereas in the fourth camptagn in the same number of days 145,967 coupon books were sold. This is a serious and discouraging indication of the lack of widespread public interest in the loan. We know that some of the largest subscribers to former loans are unable to file as large subscriptions for this loan, and the shortage must be made up by a more widespread distribution, and by a larger number of sales. And to accomplish this, the public must be aroused to a full conception of its patriotic duty. As to the assumptions: The principal and most damaging one is the Idea that as this is an issue of notes of comparatively short maturity, it will be taken by the banks. Were the banks to subscribe for this loan, instead of the public, it would mean an expanded bank position, a continuance of unduly high prices, and an impairment of the ability of the banks to furnish credit for the country's industry and commerce, which would be an unfortunate, if not a serious development at a time when it is so necessary to keep labor employed and business at a normal volume. Another assumption which injures the loan is that there is some difference between a Government obligation called a "note" and a Government obligation called a "bond." They are identical in every respect, including negotiability and security. They are the unqualified obligation of the Government, and rest for certainty of payment of principal and interest upon the power of the Government to levy taxes. And there will always be a wide and ready market for them until they mature and are paid off. Still another mistaken assumption is that those Liberty Loan campaigns are expensive. They are the most economical financial operations of such magnitude ever conducted in Government finance. The selling cost to the Government of placing all issues of Government bonds in the Second Federal Reserve District up to the present time does not exceed 1-12 of I% of the face amount of bonds actually sold, and this cost would represent a fair average for the entire country. This has been possible largely because of volunteer services and donated advertising. Another most serious assumption is that because the terms of this loan are so satisfactory somebody will take it, even though the individual guilty of the assumption does not propose to take his share. No issue of $4,500,000,000 of bonds can be successfully distributed upon any such assumption. It will not sell itself. The amount is too large. The success of the loan depends upon every individual and corporation subscribing for as full an amount as his purse affords. Finally, the people of the country must realize that the war will not have been ended until every bill has been paid. We have won victory and we must pay for victory. We must not only buy notes, but we must get out and work to get everybody else to buy notes. FOUR "RED FEATHER" DAYS TO STIMULATE NOTE PURCHASING OF VICTORY LIBERTY LOAN CAMPAIGN. Four "Red Feather" days will complete the great drive for the Victory Liberty Loan. Through the final period of the drive,beginning last Tuesday night,thousands of workers, members of organized committees and new volunteers, have been urging all loyal Americans in New York City to "buy one more note." Each man and woman, already entitled to wear the Victory Liberty Loan button, is presented with the Red Feather on buying another Victory note. The Red Feather is a scarlet plume, eight inches long, to be worn in the hat or pinned to the clothing of each purchaser of another note. MORE THAN 85% OF MEN OF SIXTH DIVISION OF MARINES KILLED IN FRANCE HAD LIBERTY BONDS OR COUPONS. In an address at the Victory Liberty Loan meeting at the Sub-Treasury on May 2 Lieutenant-Colonel John A. Hughes of the Sixth Division of Marines, who received the Congressional medal for bravery in the Mexican campaign and who has been recommended for another Congressional medal for his bravery in France, said the American soldier had written the word AVictory into the Victory Liberty Loan, 1878 THE CHRONICLE [VOL. 108. because he took everything that came his way as a matter by B. G. Coles. There were two $5,000 subscriptions for doughnuts, but the purchasers withheld their names. The of course. Colonel Hughes said: doughnut baking and auctioning added $59,600 to the acted they but demons, like fought Those boys on the other sideunot only like real Americans at all times. Do you know that of the men in my Victory Note drive. Every purchaser of a Victory note was division killed on the battlefield more than 85% were found to have Liberty handed a doughnut by the McIntyre Sisters. up. Those boys did their bonds or coupons on their persons when picked share of fighting and of supporting as well. Is the American public going to fall down on a financial endorsement of their work? Those boys endured without a murmur sleet, rain, mud and cold. You people should at least invest in a financial present from the Government. NEW YORK FEDERAL RESERVE BANK ON CONVERSION OF 4% LIBERTY LOAN BONDS. The Federal Reserve Bank of New York issued a statement on May 7 again calling the attention of the banks and "PANORAMA OF VICTORY" STAGED FOR VICTORY public to the extension by the Secretary of the Treasury the SPECTACLE LIBERTY LOAN MOST PRETENTIOUS privilege of converting 4% Liberty Loan bonds into the of IN HISTORY OF CITY. Liberty Loan bonds. The Reserve bank adds: 43,4% "The Panorama of Victory Staged by Your Army," Such conversions, however, are not effective until the next semi-annual witnessed last Saturday by New Yorkers as the feature of Interest payment date after presentation. Holders of 4% Convertible Gold bonds of 193247 of the First Liberty the Victory Liberty Loan campaign, has passed into history converted should therefore present their 4% bonds before June 14 as the most wonderful pageant ever seen in the metropolis. Loan 1919 in order to secure interest at 43i% from June 15 1919. Aside from its spectacular features, the parade made a record Likewise holders of 4% Convertible Gold bonds of 1927-42 of the Second their 4% bonds before May 14 1919 to enable in several other respects, most important of which was that Liberty Loan should present4j4% from May 15 1919. to receive interest at its immediate cost was practically nothing. All of the them No adjustment of interest in either case is necessary. material exhibited in the parade, which included every Both registered and coupon bonds are convertible. By following the above procedure holders of 4% bonds will receive an device in army equipment which human ingenuity has 3i of 1% for six months. conceived and experience evolved in the four years of war, additional had been bought and paid for by the Government long CONGRESS TO MEET IN EXTRA SESSION MAY 19— before the "Panorama of Victory" was thought of. The CONFERENCE OF REPUBLICANS. men who took part in the spectacle and who operated the cablegram for an extra session of Congress to by call A motor trucks, ambulances, tanks and other machines were May 19, was issued by President Wilson at Monday, convene the in all in the military service and their participation The President's Proclamation was made 7. May on Paris parade added nothing to the Government payroll. Washington: Most of the material used in the great spectacle came public as follows at require that the Congress of the United States interests public Whereas or in from the army camps and quartermaster's depots should be convened in extra session at 12 o'clock noon on the 19th day of near New York, with the laxception of the cavalry exhibition May, 1919, to receive such communications as may be made by the Execuwhich was from Fort Myer, Va., and all was returned safely tive; Now, therefore, I, Woodrow Wilson, President of the United States of and unharmed after the parade ,was over, except one tank, America, do hereby proclaim and declare that an extraordinary sccasion which blew out a fuse at Astor Place. The tank is un- requires the Congress of the United States to convene in extra session at on the 19th day of May, 1919. damaged, except for the blown out fuse, and the cost of that the Capitol in the District of Columbiawho shall at that time be entitled at 12 o'clock noon, of which all pesons will be about the only expense the Government will be put to act as members thereof are hereby required to take notice. the of feature unusual States of America, the 7th Another United the of parade. the seal and staging to in Given under my hand one thousand nine hundred and nineparade was that from start to finish it proceeded without a day of May in the year of Our Lord teen, and of the Independence of the United States the one hundred and hitch or untoward incident, the only accident, if such it forty-third. (Signed) WOODROW WILSON. The mentioned. tank already the to being can be called, By the President: ROBERT LANSING,Secretary of State. floats in the parade alone numbered 216, and in addition President Wilson's Secretary, Joseph P. Tumulty, in there were combat wagons, water wagons, dump carts, caissons, ambulances, rolling kitchens, portable machine announcing the proclamation, stated that it would be imshops, trailers, army trucks, an immense army observation possible for President Wilson to be present at the opening of the extra session. Just prior to the President's departure baloon iron, trailers drawn by a motor truck and tanks. for Europe on March 5 on his second and present trip, Senator Martin of Virginia announced, after a conference AUCTION OF 11,500 GERMAN HELMETS FROM PYRA- with President Wilson that the latter would not call an extra MIDS IN VICTORY WAY. session of Congress until his return from the other side. An auction sale of 11,500 German helmets which form the It is reported that the President in naming an earlier date huge pyramids in Victory Way and which were seized in than had been expected, was guided largely by the advice Coblenz by the American army started on Thursday morn- of Secretary of the Treasury Glass, the latter's representaing, May 8, in the hope of raising additinoal Victory Note tions being prompted by the urgency of passing the annual • subscriptions. A helmet will go to the highest bidders for appropriation measures which failed of enactment at the Notes. In order that as many as possible of the people in session which ended March 4. the five boroughs may be given an opportunity to secure one A call for a special conference of Republican Senators in of the souvenirs, the Liberty Loan Committee has arranged Washington May 14 has been issued by Senator Lodge, that the sales be conducted by the various agencies connected and announcement of a conference of Republican members with the campaign. The agencies include the Metropolitan of the House on May 17 has been made.by Representative Canvass Committee, the Advisory Trades, Women's Com- Mondell, Republican leader of the House. The House mittee, Outdoor Speakers Bureau,Foreign Language Bureau, Democrats will meet on May 16. The call issued by Senator Labor Bureau and the headquarters in all of the boroughs. Lodge, and signed by himself and Senator Curtis of Kansas, The sales will continue until the pyramids are stripped of the the Republican whip, read as follows: headgears. The helmets have been adorning the Victory The President has issued a proclamation calling Congress together on Way since the start of the campaign,for which purpose they May 19. There will be a conference of Republican Senators May 14 at is absolutely essential that with our narrow majority, every were brought to this country. They were manufactured in 11 a. m. ItSenator should be present at(he session of the Senate May 19. Republican 1916 by the Germans for their victorious march into Paris. It is also of the utmost importance that you should be present at the Republican conference and we trust that you will not fail to be here on that They bear the name of "Junker," manufacturer. day. DOUGHNUT FRIED BY McINTYRE SISTERS OF SALVATION ARMY BRINGS SUBSCRIPTION OF $25,000 IN VICTORY NOTES. One doughnut, fried on the steps of the Sub-Treasury last Wednesday, brought $25,000 in Victory Liberty notes, but the doughnut was made by the McIntyre Sisters of the Salvation Army, who made the doughnut famous in France. The two sisters, Irene and Gladys, in their uniform, baked or fried the doughnuts on the steps of the Sub-Treasury in view of a crowd of nearly 10,000 persons, who braved the rain to get a glimpse of the performance. A second bid for another doughnut brought $10,000, and a third for cookies brought $3,000. The highest bid came from W. F. Holborn of the Guaranty Trust Co., the second highest from E. P...Gaillard of 140 Broadway, and the $3,000 was paid SECRETARY GLASS ON GOVERNMENT EXPENDITURES—RETURNS FROM WAR SAVINGS STAMPS. • Secretary of the Treasury Glass has taken exception to statements appearing in the daily papers on May 2, in which, in stating that America's war expenses "not only are continuing without abatement but are actually increasing over those of the last few months," compares the April figures, approximating $1,420,000,000, with $1,189,000,000 in February. In a statement issued on May 3 respecting these newspaper comments, Secretary Glass says: The comparison between the Government's expenditures of about $1,429,000,000 In April with expenditures of about $1,190,000,000 In February, to which attention has been called in the press, creates a misleading impression. Ordinary expenditures during April were loss than $1,004,000,000. This is less than for any month subsequent to April 1918. MAY 10 1919.] THE CHRONICLE 1879 Although loans to foreign Governments amounted to nearly $410,000,000 interest payments made by these Governments to the United States in April aggregated more than $114,000,000. Income from taxes, interest and other sources aggregated more than $422,000,000, and balances were drawn upon to the extent of some $590,000,000. Although the net increase in tho public debt during January, February and March 1919 aggregated more than $3,344,000,000, or more than $1,100,000,000 a month, the net increase in at the rate of the public debt during April 1919 was only $510,000,000, as appears by the Treasury's daily statement of April 30 1919. trade of the country," said-Mr. Gray. "For the time being, however. there must continue a Governmental restriction on selling prices in Belgium to prevent inordinate profiteering and consequen tly the Belgian Government has determined to establish its own agency for the purchase of food supplies in this country. And the people are willing to continue conservation regulations until local industry is re-establi "After four and one-half years of activity in feeding shed. the population of Belgium and occupied France, the Commission for Relief in Belgium closes its operations on May 1. During this time the Commission has delivered into the occupied territories over 5,000,000 tons of food, costing more than $750,000,000, which has been sufficient to keep from starvation these ten millions of people. DECLINE IN SALES OF WAR SAVINGS STAMP S. "Shortly after signing of the armistice, the Commission announced In the statement from Washington referred to in the pre- to its supporters the in the United States that the Belgian people required vious article, the following reference is made to the decline no further charitable contributions, as, on regaining their liberty, they desired to stand on their own feet, and to take care of their in sales of War Savings stamps: own people without outside assistance. The investigat ions which I made recently War Savings stamps sales are falling lower and lower. In April they in Belgium for Mr. Hoover have convinced me that the time has come amounted to about $9,500,000, in March they were $10,143,000, in Feb- when the Belgian and French populations of the invaded districts can ruary $15,816,000,in January $70,996,000. For each of the last six months arrange their own food imports through their own Governments and of 1918 sales were on an average of $100,000,000. After the Victory Loan normal commercial channels. Therefore it has been arranged that on the campaign the distribution of War Savings stamps will become more syste- first of May shipments from America by the Commission for Relief in matic, and consequently will grow in volume, the Treasury believes. Belgium will cease. Officials admit that if the sales do not increase materially "The French Government will at the same the War Savings time include the people of the organization will be forced to disband. devastated regions in the general French program of feeding." In describing conditions in Belgium since the armistice, Mr. Gray said further: REMOVAL OF RESTRICTIONS AGAINST COTTON SEED "The Belgian people have passed through three the armistice: First, the exaltation of their freedom distinct phases since OIL TRADING ON N. Y. PRODUCE EXCHANGE. and the return of their beloved King and army, when they believed that Anouncement was made by the Food Administration be abundant and that all their troubles had fled; food and work would second, a period of deon May 6 that effective that date it would allow an increase pression when they found that the military victory did not immediately bring industrial prosperity and unstinted supplies of food and when their of 2 cents in the maximum announced Sept. 12 1918 for new-found freedom of movement allowed them to take stock of the whole the stabilized price of crude cottonseed oil f. o. ;13. point of the damage done to their country; third, a spirit of firm determina tion of production, and the delivery price of lard substitutes. to take up this work of reparation and reconstruction and regain the prosperity which they had before the war. According to "Financial America" "this increase was granted "The change from the feeling of absolute depression to this brave resoin order to allow for the increased cost of oleo spearin and lution has been most marked during the past thirty days. The docks of Antwerp have assumed almost a normal appearance. With the movemen hydrogenated oil, both of which are hardening ingredients of t the American and British naval bases from Rotterdam to Antwerp, necessary in the manufacture of lard substitutes. The together with the fleet of the Commission for Relief in Belgium, the port increase is also intended to cover the loss to refiners due has taken on a marked activity. "Eight thousand tons of raw cotton have arrived at Ghent, to the greatly reduced price of soap stock, the by-product been and it has found possible to start about 50% of the cotton mills in this vicinity. in the refining of cottonseed oil." The steel works of Liege and Hougre will be running in part by June, The Food Administration further announced that re- and the coal mines of the Borinage and the Centre are now producing alstrictions on trading in cottonseed oil on the New York most to their fullest capacity. "Belgium has been able to establish a commercial credit of fifty million Produce Exchange had been removed effective May 6 dollars in the United States through a consortium banks and already 1919 in so far as they relate to trading in the new cotton- orders for textiles and machinery are beginning to beofplaced in the United States." seed oil crop, beginni ng with October delivery. Following the announcement Edward Flash, Jr., President of the Produce Exchange, made known that cottonseed oil opera- RESTORATION OF FIRST-CLASS POSTAGE RATES. Postmaster Patten at New York on May 1 called the tions around the cotton oil ring would be resumed on attention of the public to the restoration on Thursday of this week. The New York "Commercial" July 1 1919 of of the first-class postage rates in effect prior to Nov. 2 1917, the 6th inst. said: as follows: While trading in cottonseed oil futures has never beer' Letters and Other First Class Matter. Government left no loophole for speculation and only transactiostopped, the ns governing Two (2) cents an ounce or fraction thereof. actual oil supplies have been allowed. As a result there has been no buying Postal or post cards one (1) cent each. or selling around the ring on the Exchange for nearly a year. Representatives of the crushers, jobbers, compounders Effective July 1 1919 letters and other first class matter mailed in the and seed interBoroughs of Manhattan and Bronx addressed to any of the other boroughs ests held conferences in Washington recently, but there was difference of opinion as to a resumpition of trading in present considerable of New York City will be subject to the postage rate of two (2) cents crop an and it was finally decided to recommend starting up with new crop supplies ounce or fraction thereof. Postal or post cards (1) cent each. months. The present first class postage rates will remain in force until and includIt is believed that within a short time the other Government restrictions ing June will be removed. 30 1919. It is pointed out by those who favor unrestricted trading in futures that cotton oil naturally would seek its normal relation in point of price to pure DR. JULIUS KLEIN SUCCEEDS ROBERT S. BARRETT lard and kindred articles, which are selling at heavy premiums over oil. This situation is emphasized by the fact that refined lard is AS COMMERICAL ATTACHE AT BUENOS AIRES. cents, as against 23U cents for compound lard, which has selling at 36 cotton oil for Dr. Julius Klein was appointed Commercial Attache at Its principal ingredient. RELIEF SHIPMENTS TO BELGIUM FROM UNITE D STATES CEASED MAY 1. The American Relief Administration, in announcing on April 23 the return to New York after a five weeks stay in Belgium of Prentiss N. Gray of the Commission for Relief in Belgium, made known that the shipments to Belgium from America by the commission would cease May 1. The statement of the American Relief Administration said in part: Mr. Gray made the tour of inspection through Belgium France upon which Herbert Hoover, Director-General of and Northern the American Relief Administration, based his recommendation that America by the Commission for Relief in Belgium cease shipments from on May 1. Since the beginning of the war the Commission for Relief in Belgium has shipped abroad more than 5,000,000 tons of food, costing over $750,000,000. Nine hundred and fifty full cargoes were shipped from the lantic ports alone, in addition to large reshipments from England Atoriginating in all parts of the world. During the European strugle the Commission became the best-known and best-loved of all war-relief organizations throughout the world. Mr. Gray was the last American to leave Belgium after our entrance into the war. At the request of Mr. Hoover, he remained for a month after Brand Whitlock, the American Minister, had left the country, for the purpose of turning over affairs to the Dutch and Spanish delegates who were to replace the American staff. In gliscussing the termination of the work of the Commission and conditions which now exist in Belgium, Mr. Gray in an interview at the offices of the American Relief Administration, 115 Broadway yesterday , emphasized the destrabillity of diverting much of the charitable relief which has been going to Belgium to the liberated nations of Central Europe. "The whole endeavor of the Belgian people is headed toward a restoration of normal commerce and for this reason it was deemed particular ly advisable to allow the ordinary supply and demand to govern the food Buenos Aires on May 1, to succeed Robert S. Barrett, who has resigned from the Government service to enter private , employ. Mr. Barrett made an extended study of the market for paper, paper products and paper and printing ma-. chinery in Latin America, five very comprehensive reports on these commodities having been prepared by him. Previous to his connection with the Bureau of Foreign and Domestic Commerce, Mr. Barrett had twelve years experience in the newspaper, printing and stationery business in Latin America. Dr. Klein has been Chief of the Latin American Division of the Bureau of Foreign and Domestic Commerce since Sept. 1 1917. Previous to his connection with the Latin American Division, he spent two years in Spain and six months in South America after having specialized in Latin American trade studies before receiving his degree from Harvard. FAILURE OF CONFERENCE ON STEEL PRICES BETWEEN INDUSTRIAL BOARD AND STEEL INTERESTS. The conference held in this city on Thursday, the 8th inst., between representatives of the Railroad Administration and steel producers, in a final effort to adjust the controvery between the Railroad Administration and the Industrial Board of the Department of Commerce on the question of steel rail prices, failed to yield an agreement. As a result; Director-General of Railroads Walker D. Hines, announced late in the day that the conferences were at an end and that the Railroad Administration would proceed to ask for corn- 1880 THE CHRONICLE [Vol,. 108. a price of The steel interestslrand the Industrial Board have proposed for finished steel $38 50 for steel billets, and yet they have proposed prices The billets. steel for price products which are wholly out of line with the propose for differentials which the steel interests and the Industrial Board so great as to make the finished products as compared with steel billets are and altogether the prices for the finished products altogether unattractive already pointed ations the consider of unjustifiable, especially in the light out. d with steel If the average differentials for finished products as compare Railroad Adminis After a long discussion the representatives of the g the year 1917, be Increased by precedin years sixteen nt the during agreeme billets any reach tion and the Iron and Steel Industry have failed to paid to labor), Industrial Board 50% (to insure against any adverse effect upon the wages s would for reduction of the schedule of prices approved by the not the resulting differentials and prices for the finished steel product are prices g the claimin former the ce, Commer of ton of of the Department reductions be as follows, as compared with the prices actually proposed (per low enough to satisfy them and the latter insisting further ion which would 2,240 pounds): cannot be made without decreases in costs of product Suggested new price necessitate a lowering of wage rates. based on 50% in- ' crease in differen- Price fixed As we have before indicated, the controversy between the the over tial plus billet Mar. 21 1919 After adding Railroad Administration and the Industrial Board 2 to dirent'l price of $38 50. by Peek Corn. April 50% on ped develo latter the of price-stabilization plan $52 64 $48 82 $10 32 45 00 41 37 with the declination of the Railroad Administration to Bars 2 87 rails steel r Besseme 127 68 20) 119 98 81 48 accept the steel prices previously agreed on (March Galvanized sheets No.28 54 88 54 51 13 04 by representatives of the steel industry and the Industrial Beams 52 00 48 31 9 81 roads conWire week's this to 59 36 51 78 Board. The developments leading up 13 28 plates Tank 97 44 page 49 17 40 67 ference were detailed in our issue of Saturday last, Black sheets No. 28 80 156 34 122 83 84 on York New in was plate Hines Tin eral or-Gen 1782. Whije Direct 72 80 62 19 . 23 69 Nails which at ence confer Thursday, he was not present at the that the cost of open hearth rail Messrs Spender and Powell pointed out C. since the cost and price of the Railroad Administration was represented by T. no greater than the cost of Bessemer rail, was , therefore, that the price of open itures and, Expend same l the were Capita of billets on of Divisi the sorts both Powell, Director of of $41 37 above indicated for ses. hearth rail should be no higher than the price ge the purand Henry B. Spencer, Director of the Division of Purcha and that if the steel interests wished to encoura rail, r Besseme ence by making the price of Bessemer a Besides Judge Gary, the steel interests at the confer chase of Bessemer rail they should do so than rather rail hearth Steel differential under the price so arrived at for open included Eugene G. Grace, President of the Bethlehem old of open hearth rail by the amount of the price the ng increasi TopA. through John in; Corporation; B. F. Jones of Jones & Laughl ial. different A. repreended June 30 1917 which ping, Chairman of the Republic Iron and Steel; James The actual differentials during the year to James sents as nearly as possible the conditions immediately prevailing prior than Campbell, President of Youngstown Sheet and Tube; activity by this Government,are oven less war of ion assumpt great ation; the Corpor s that can be A. Farrell, President of the United States Steel ials for the 16-year period. The best estimate U. the different converting steel billets into finished Leonard Peckitt of the Empire Steel and Iron Co.; W. made as to the actual operating costs of ials on the different Vice- products, even under war conditions, indicate that the cover Follanbee of Follanbee Brothers & Co..; L. E. Black, period average shown above, will fully -year 16 the of 150% n of basis Burde of n, Spencer and Powell President of the Inland Steel; James A. Burde al cost and a substantial profit. Messrs. addition that Steel, the Railroad Administration to Iron and Steel; C. H. McCullough, of Lackawanna indicated a willingness on the part of d new prices based on 60% suggeste the at being Dalton G. time H. the Steel; for e e purchas A. C. Dinkey,'President of Midval billet price of $38 50 announced in March. the plus ial different in increase Savage n in their price, of the Pickands-Mather Co., John A. Savage of J. A. interests were unwilling to make any reductio W. Theinsteel for all other products order to repel the argument that the prices and, & Sons; F. G. Gordon of the Lukens Steel Co., and J. V. now to claim ion ng Co. Mr. were out of line with the billet prices, manifested a disposit been. Reynolds of the American Tube and Stampi of $38 50 was lower than it ought to have price billet own its results their and that ence confer Hines in his statement as to the ration regards as a significant Another fact which the Railroad Administ prices said: unreliability of using war costs as a basis for current y Redfield and Chair- indication of the in the war costs was the cost of the water . In accordance with the suggestions from Secretar repre- is that one important element ration, some to d Administ respect with Railroa ome the burdens Board, ly al man Peek of the Industri and this was especial Powell, had a conference carriage of ore, producers. This condition has radically changed since sentatives, Messrs. Henry B. Spencer and T. 0. the high cost of and illusSpencer an As . Messrs. . ion of hostilities has released so much shipping the Shipping to-day with representatives of the steel interests prices heretofore proposed the terminat em Steer Co. has filed a claim against Behtleh Powell offered specific criticisms of the steel the tration, d Administration would war, of the former's snips, and suggested maximum prices which the Railroa for the use by the latter, during the which the railroads use Board y to carry ore from Cuba to the feel justified in paying for the various steel articles which were desired by the steel compan the that clear made was It In important quantities including steel rail. near Baltimore. preferential prices as com- plant actual cost of transporting ore was Railroad Administration did not wish to obtain The steel company claims that the g to make unwillin were s interest g Board's rate, which the steel The public. general pared with the per ton during 1918, while the Shippin ?) 96( $0 50 per ton. Hence by the any change in the prices announced in March. em Steel Co. paid during 1918, was $9 Bethleh AdRailroad the and end an there appears to be a The conferences on this subject are at Steel Co.'s ability to get back its ships ts at purpose, proceed as rapidly Bethlehem a ton for delivery of ore, which represen 50 $7 ministration will, in accordance with its settled mately approxi of saving or more to for competitive bids and purpig lion, since it requires two tons of ore as it needs steel materials of any kind to ask on ton per $15 least in accordwill at once, their costs in March chase accordingly. The Railroad Administration pig iron. The steel interests urged that tons of steel rail. The re- make a ton of the cessation of hostilities, but the ance with this policy, ask for bids for 200,000 were unusually heavy notwithstanding the make to as great so is that these abcost of claimed element duction since the war in a single the Railroad Administration al Board practically representatives of temporary condiprices proposed by the steel interests and the Industri at the present moment were due to costs high y normall d that prevaile higher prices a basis for prices deas profitable to the steel interests as were the tment and ought not to be taken as steel interests made enormous tions of readjus movement. buying general a during the war, upon the basis of which the e stimulat to materials, which is not a signed on that the Industrial Board profits. This item of cost is the price of scrap It should be remembered in this connecti of October influctuates according to supcontrolled commodity, but the price of which of the steel interests costs for the month l approva its justified in largely very and is, used have so radically changed. ply and demand, and which, of course, can be, elements which, as above pointed out, the volving (from material scrap of the Railroad price of representatives the making of steel products. The fall in the the most prolonged discussion, the has been so great that the resulting After entirely satisfied that the reduced prices d remaine still $30 per ton to about $15 per ton) ration Administ lly as great as the total be, adopted without affecting the decrease in the cost of steel products is practica indicated by them could, and ought to . proposed reduction in the prices of steel products labor in the steel industry. paid wages to make, ought s interest have been injected into this situaTherefore, while the public has thought the steel The uncertainty and hesitation which to encourage the reoutset Chairman Peek had been willing if at the arisen and could well afford to make, Important concessions have never would of the reduction in the tion stated sumption of business, the fact is that on account position which the Railroad Administration products repro- to accept as final the ement and which it price of scrap material alone the prices proposed for steel the Industrial Board made its public announc before so been profits. has e maintain. But Chairman Peek - sent no concessions whatever from war-tim as well as in has at all times felt forced to n conception of his function that he has By the way of comment on the prices proposed in March, mistake own his ng justifyi on bent ration, the foled support of tho prices suggested by the Railroad Administ get them accepted, and yet he has never succeed Powell: That the been trying for weeks to Cabinet or the Attorneylowing views were expressed by Messrs. Spencer and getting the support of the President or the in ons ial concessi substant been make have to which as large steel interest have nade profits so the discussions of this subject g the wages is strik- General. In cloeing practicable under existing conditions without affectin by Mr. Peek of the Industrial Board, it is importby the steel in- carried on for some time us impressions created by him, particularly in ingly illustrated by a consideration of the profits made erroneo ant that the totally Commerce at St. Louis be terest for the calendar year 1918. a recent speech before the United Chamber of net the reports 1918 year the for tion Corpora The United States Steel . removed tax, excess profits Industrial Board was supposed to earnings from all rolled tonnage, before deducting income The fact is that the plan on which the Company for the of the members of the tax, &c., a profit about $33 per ton. The Midvale Steel was thoroughly discussed at a special meeting operate al statistic This ton. per speech that that meeting apsame period shows a profit of approximately $35 Cabinet on Feb. 3, and Mr. Peek stated in his yet not is 1918 year the for es compani ng Information for other steel-produci the Industrial Board determine prices and make results which were proved the plan of having he published, but their financial statements indicate ative Governmental announcement. In this authorit by e effectiv them d presente have been any plan for ancorrespondingly favorable. The arguments which The meeting distinctly declined to approve error. in Is the and s interest steel the plan by In the effort to support the prices proposed the general public would buy, and the only the war period. nouncing prices at which to bring about, by voluntary action, a Industrial Board have rested upon costs incurred during cost pro- which was approved was a plan low the to e profits handsom gly exceedin Administration would be show costs Even those reduced level of prices at which the Railroad approved speducers. in buying freely, and therefore, the plan actually justified on will wages, in n reductio act as a mediator between the But it is obvious that these costs, Without cifically contemplated that the Board would nt reducimporta very to subject be war, the members of the of ion account of the terminat Administration. Tho meeting material already producers and the Railroad tions (in addition to the great reduction in the cost of scrap 3 was called and presided over by Secretary Glass Feb. on Cabinet the of a heavy s to involve referred to). The war casts appear in many instance ent, as indicating Mr. Peek's erroneous concepore in the ground. of the Treasury Departm . Increase in the royalty for ore or the assumed value of the tions of the plan approved at that meeting the as far so cost in increase actual an t after reading Mr. This increase did not represen Secretary Glass telegraphed to the Director-General addiheavy a ted represen simply but ed, concern were ore the producers of sharply contradicting Mr. Peek's assumption St. Louis in address Peek's the in be included tional profit. Yet this increased profit in ore appears to Cabinet ever sanctioned the policy of pricecost of coke has that the President and the in his telegram to the war costs upon which the figures have been based. The fixing engaged in by the Industrial Board. Mr. Glass $3 of from saving a ting represen ton, per d the impression that fallen substantially from $3 to $4 Director-General stated that Mr. Peek had conveye iron. of ton to $5 per petitive bids for steel materials, thus creating an open market for steel. Following Thursday's meeting Judge E. H. Gary, Chairman of the Board of the United• States Steel of Corporation and Chairman of the General Committee the American Iron and Steel Institute, issued the following statement: tra- MAY 10 1919.] THE CHRONICLE the Industrial Board pursued the exact course suggested by Mr. Glass's first cable to the President, whereas quite the contrary was true and the Industrial Board under Mr. Peek's leadership utterly perverted the suggested policy of those who initiated the movement for resumption of business activities and brought the scheme into direct conflict with the Federal statutes against unlawful agreements. Mr. Glass called attention to the fact that this was the very thing against which the President at the outset gave warning and precisely the thing that the members of the Cabinet who had part in the initial conference refused to countenance. Mr. Glass concluded by stating that although Mr. Peek had made it appear that his advocacy of unsatisfactory prices had the sanction of the President and Cabinet and has been opposed solely by the Railroad Administra tion, the very reverse is true. Again, there was an entire aloofness between the regulating body and the private management. There was no common ground upon which they could meet. The private management saw Its difficulties and appreciated the business needs of the situation and acted accordingly. But public regulating bodies did not have that knowledge. It did not see the thing as It developed as an actual fact in business management. It was in a position where, when the question was raised as to what was right and proper, it took the thing up after the private management had reached its conclusion and proceeded to consider it in an atmosphere of controvers y and in a long drawn out hearing with argument and debate and crimination and recrimination. The fact is that for a good many years all the public aspects of the railroad business in this country were conducted through a serloes of perpetual law suits, and no business can be successfully conducted on that basis and no degree of public tranquility can be accomplished through that method of dealing with a subject like this, which is so intimately connected with the welfare of every individual in the country. Those conditions led to the greatest uncertainty and prevented the attraction into the railroad business of the capital that was necessary. As I look at it, the objects which ought to be accomplished and which must be accomplished in successful regulation, are that the regulation shall realize an adequate and economic transportation service performed at reasonable rates. 1881 500,770 tons Bessemer and 6,494 tons all other grades. During the same month last year 3,163,410 tons were turned out, of which 2,377,974 tons were open hearth, 769,249 tons Bessemer and 16,187 tons all other grades. Thebroduction for April 1919 is the smallest since Janpary 1918, during which month the output was 2,203,845 tons. In the following we show the monthly production by grades from January 1918 to April 1919 and the total for the calendar year 1918: MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1918 TO APRIL 1919.* Open Hearth. Total. Months -Gro Gross Bs Ter.. ss GA rois isOT . Tons. January 1918 1,763,356 429,588 10,901 2,203,845 February 1,805,233 454,457 14,051 2,273,741 March 2,331,048 763,255 16.078 3,110,381 April 2,377,974 769,249 16,187 3,163,410 May 2,475,131 796,244 15,858 3,287,233 June 2,281,718 786,380 15,348 3,083,446 July 2,311,545 784,997 17,093 3,113,635 August 2,299,177 766,860 17,643 3,083,680 September 2,407,993 772,863 16.802 3,197,658 October 2,527,776 807,043 17,377 3,352,196 November 2,291,720 753,409 15,631 • 3,060,760 December 2,273,189 706,844 12,273 2,992,306 Total 1918 27,145,860 8,591,189 185,242 35.922,291 January 1919 2,351,153 749,346 7,279 3,107,778 February 2,043,635 655,206 5,842 2,704.683 March 2,100,528 555,332 6.405 2,662,266 April 1.732,447 500,770 6,494 2,239,711 *Reported for 1918 by 29 companies which made about 85.10% of the The New York "Commercial" in its issue of yesterday steel ingot production in 1917, and for 1919 by 30 companies which made in referring to the latest developments in the controversy about 84.03% of the steel ingot production in 1918. stated that the fact that the President cabled on May 2 PLANS FOR DISPOSAL OF GOVERNMENT'S STOCKS OF that the Industrial Board should be dissolved became known IRON AND STEEL. to Mr. Redfield and George N. Peek, Chairman of the At the conclusion of meetings held for the purpose of cohBoard, for the first time Thursday morning, when they read Mr. Hines's letter to the former under date of yester- sidering plans for disposing of the surplus stocks of iron and steel in the hands of the Government it was announced on day. The "Commercial" said: April 30 that it was the consensus of opinion of ths meetings Apparently this cable was forwarded by the White House to Mr. Hines, but not to Mr. Redfield or Mr. Peek, that all steel scrap material should be disposed of by means Mr. Hines In his letter said: of sealed proposals. This was made known by the War "As you are, of course, advised conference has been arranged to take Department, which place to-morrow in New York between the Railroad Administra authorized the following statement from tion and the steel interests. To prevent misunderstanding I write to advise that the office of the Director of Sales: the Railroad Administration will, in the course of this conference either the steel accordingly reference rd intersta ,PThis appears to be the obvious course to pursue, in view of the President's message of May 2, indicating that it would be best to discontinue dustrial Board particularly in view of the fact that the Attorney the In-General regards its action as questionable under the law." Even apart from the President's indicated desire that the Industrial Board shall resign, the address which Chairman Peek, of the Industrial Board, delivered to the Chamber of Commerce of the United States at St. Louis, on April 29. which address I did not have an opportunit y to read until yesterday afternoon, makes it clear that it will be a waste of time to attempt any resort to the Industrial Board with a view to mediating any difference of opinion which may remain between the Railroad Administration and the representatives of the steel interests at the conclusion of the conference referred to. Avstl rtgvtloar eaag It was announced last night that Secretary of Commerce Redfield has formally accepted the resignation of the members of the Industrial Board. Yesterday (May 9) the following statement was given out at Judge Gary's office anent the above remarks of Mr. Hines: The attention of Judge Gary was called to the statement made by Director-General Hines, concerning the conference yesterday between representatives of the Railroad Administration and the iron and steel industry, and when requested to comment on the same he answered as follows: "We desire to avoid any controversy with the Railroad Administra tion or any other Government department. It is a time when all interests should co-operate in aiding to facilitate the movement for improved industrial conditions which is certain to take place if it is not already in evidence. The statement of the Director-General, if it had made after full acquaintance with the facts and figures, and had beenbeen accurate in all respects, would not,in my opinion, have any bearing upon the exact present situation. "On the present basis the cost of production, manufacturers, verified by the Federal Trade as shown on the books of the Commission, would not permit any further reductions in the present selling prices without lowering the wage rates. Our subsidiary companies are maintaining the scale of prices approved by the Industrial Boardstrictly of the Department of Commerce, and it seems to me that will be the attitude of other manufacturers, for the reason, if for not other, that their cast of production will not allow any further reductions in selling prices. They made two substantial reductions since the armistice washave voluntarily signed. "I regret that opinions between the Railroad Administra and the iron and steel industry should have differed. The businesstion relationship has always bsen pleasant and we should like to see it continued without interruption.' Judge Gary was asked to state his opinion concerning an open market replied: and '1777 "There has at all times been an open market. An to the contrary is a misconception of facts. There has been noopinion effort establish fixed prices. The fact that a seller cannot or will not reducetohis selling price or that a purchaser cannot or will not pay the price asked does not modify the fact that the market is open. "There is good business ahead. It is for the best interest of the whole country, producer and consumer, employer and employee, and the general public, to take advantage of the extraordinary of the United States by standing together for greater progress resources and prosperity than we have ever before experienced." STEEL PRODUCTION IN 1918 AND TO DATE. The production of steel ingots in April 1919 as compiled by the American Iron & Steel Institute from the results of 30 companies, which in 1918 produced 84.03% of the total output of steel ingots in that year, amounted to 2,239,711 tons. Of this amount 1,732,447 tons were open hearth, Plans for the disposition of surplus stock of iron and steel in possession of the War Department were arranged at a series of conferences held April 24 and 25 between representatives of the Director of Sales and committees representing the American Board of Scrap Iron Dealers and the steel industry of the United States. The meetings were called so that the Government might obtain the views of the leading representatives of the steel industry in order that their ideas might be utilized in formulating a policy for the disposal of the Government's surplus iron and steel. The Government representat ives sized the statement that they wanted to sell in such a way as to emphaaffect industry least and at the same time realize the maximum return for the Government. It was the concensus of opinion of the meetings that all steel and scrap material should be disposed of by means of sealed proposals steel to be accompanied by a certified check of 20% of the amount of the bid made, which amount would be applied against the last shipment, intermedia te shipments being made with sight draft bills of lading. This method, in opinion, would be productive of the best results to the Governmen their t and was eminently fair to all bidders. As a result of a discussion as to whether or not sales should be made "on ground" or "f. o. b. cars," the latter arrangement was determined upon as the best for the Government to follow, for by so doing more bids would be secured and at more favorable prices. An out-of-town bidder would not know how much it would cost to place the material on cars and without such information would not be in a position to make an intelligent bid. The totals of not only scrap, but of semi-finished and finished material as well were shown, and it was conceded that the entire quantity was very much smaller than had been anticipated. For the purpose of comparison It was reported that the country consumed in 1916 about 12,000,000 tons of purchased scrap,so the present surplus of approximately 605,000 tons would represent but a small percentage of the 1916 consumption. Those present at the conference Thursday. April 24, were: C. A. Barnes, Secretary American Board of Scrap Iron Dealers; Eli Joseph, Joseph Brothers, New York; F. Reese Phillips, Perry, Buxton,Doan, Philadelphia; W. F. Hitner, Henry A. Hitner Son's Co., Philadelphia; Joseph Hyman. Hyman, Michaels Co., Chicago., Ill. Those present at the meeting Friday, April 25. were: J. B. Bonner United States Steel Corporation. Washington; H.F. Knapp, Carnegie Steel Co., Washington; C. McKillips, Carnegie Steel Co., Pittsburgh; Paul Mackall, Bethlehem Steel Co., Bethlehem; E. R. Leonard, Bethlehem Steel Co., Bethlehem; R. L. Battiger, Midvale Steel & Ordnance Co., Philadelphia; Jos, B. Kind, Midvale Steel & Ordance Co.. Washington and Philadelphia; R. T. Rowles, Jones & Laughlin Steel Co., Pittsburgh; C. I. Starrett, Republic Iron & Steel Co., Youngstown; E. Armstrong, Lackawanna Steel Co., Buffalo. THE MAY DAY RIOTS. May 1-the International Labor Day of the radical and Socialist labor movement-was marked by great demonstrations in most of the large cities throughout Europe, and in this country was more generally observed than ever before, and for the first time here was accompanied by riots and bloodshed. In Paris the day was celebrated by a twentyfour-hour general strike which stopped every wheel in the city, closed hotels, theatres, stores, restaurants and newspaper offices, and forced thousands of people living in hotels and boarding houses to go hungry, unless they had laid in 1882 THE CHRONICLE [VOL. 108. a store of food in advance. Paris policement to the number GEORGE W. PERKINS IN ANSWER TO CRITICISMS of 428 were injured during the demonstrations held in differAGAINST Y. M. C. A. ent parts of the city. A manifesto distributed by the Answers to criticisms directed against the war work of General Federation of Labor presented a series of demands the Y. M. C. A. are answered in a report on the activities half industrial and half political in their nature. of the organization with the American Expeditionary Forces, In this country the most serious disturbance was at made public by George W.Perkins on May 6. Among other Cleveland, Ohio. Here one man was killed and twelve things the report says: policemen and scores of civilians injured in a series of riots The statement has frequently been made that the Y. M. C. A. charged which followed attempts to hold public' meetings at which higher prices for canteen supplies than the army did. This was true periods when the cost of transportation was exceedingly high red flags were displayed and Socialistic speeches made. A at certain and when it was difficult to determine costs accurately. As promptly large number of the demonstrators were arrested and many as the costs could be reduced the prices were reduced, and for many arreceived severe sentences at the hands of the magistrates. ticles the Y. M. C. A. charged lower prices than the Quartermasteitr did. was The latter fact is additional evidence of how extremely difficult Numbers who were found to be non-citizens are being held, during the fighting period, to ascertain the cost of articles so as to fix . money make to for deportation it is said, a proper price, for certainly the Quartermaster did not wish results of the In this city, where a number of meetings were scheduled on the sales any more than did the Y. M. C. A. The final operations will show a substantial loss. by Socialist and labor bodies to protest against the imprison- Y. M. C. A.'s canteen The report, it is pointed out, "only covers operations ment of Tom Mooney, Eugene V. Debs, and other so-called and Italy. "political prisoners," bands of ex-service men in uniform of the Y. M. C. A. in France, England, Germany by took the lead in breaking up a number of gatherings, and in It does not touch on any of the large activities carried on in country this camps various the in A. C. M. Y. the institution, Socialist a School, Rand the on raids making did and on the new building just purchased by the Socialist neither does it cover the work which the Y. M. C. A. the Allied daily, "The Call." At the Rand School considerable in the Navy or in other parts of Europe with damage was done to the office equipment, and at the "Call" forces, or among prisoners of war, &c." It also says in part: In December 1918 Mr. Mortimer L. Schiff, Mr. F. S. Brockman, Mr. building some hundreds of Socialist sympathizers, including John R. Hall and I were asked by the Executive Committee of the War women and children, were driven from the building and in Work Council of the Y. M.C. A. to go to Europe and make a study of the As Chairman some cases brutally assaulted. A mass meeting in Madison work, and do everything possible to further its efficiency. Finance Committee of the War Work Council, I was especially glad Square Garden, held under the auspices of the Central of the for the large stuns of to do this, as I have keenly felt the responsibility Federated Union as a protest against the imprisonment of money subscribed by the public. Our aim was to look at the whole project deeply sensible of the fact Tom Mooney, the San Francisco labor leader, convicted in through the eyes of a contributor, for we were that many cases contributions were made by people who had to deny themconnection with the Preparedness Day bomb outrage, was selves in order to give to this cause. Our study, therefore, was constantly also the scene of tumultuous rioting. The police had word carried on with a view to making a report that would, as nearly as possible, break to in uniform give the hundreds of thousands of people who contributed money the inthat an attempt was to be made by men they would naturally desire. up the meeting, and 1,700 patrolmen, including mounted formation The Y. M. C. A. was very much circumscribed in its efforts to secure unformed The building. the protect to men, were assigned men for service abroad, for these men could not be taken from those who neither could they be taken from men much above mob made a stubborn effort to break the police lines, but were subject to the draft;the work at many points was of too strenuous a the age of 45, because were eventually driven off. character to be performed by men much beyond middle life. This limited witnessed cities other Boston, Chicago and numerous the ages from which men could be called into service to a comparatively few similar scenes. Taken in connection with the widespread years. The following shows the care with which workers were selected to be bomb plot, involving the sending of infernal machines sent to the other side. the persons, of prominent a through the mails to number Committees were formed in different parts of the United States to canwomen workers. The system was something like this: May Day riots have resulted in numerous proposals for vass for men and In Columbus, Ohio, for instance, there would be a committee. It would stringent legislation to curb the display of the red flag and look up people. Those whom it selected would be referred to the Ohio the spreading of seditions propaganda in this country. The headquarters in Cleveland. If they passed muster there, they were reCentral Department office at Chicago. Such as were not extension into peace time of some of the provisions of the ferred to the eliminated there were sent to New York, investigated further, and selecEspionage Act, and a Federal measure to curb the use of tion made. This same system covered all of the country. At least 150.district committees. Of this revolutionary flags and emblems are among the measures 000 people were considered by these various over 40,000 were finally sifted out and seriously considered in New proposed, as also are further amendments to the Immi- number Of this number 11,229 were finally accepted and sent to Europe, York. gration Law to curb foreign agitators. where they served for varying periods. In April 1919 the Y. M. C. A. had UNITED STATES GOVERNMENT BUYS HOBOKEN PIERS FORMERLY USED BY GERMAN LINERS. The purchase by the United States Government of three of the six steamship piers in Hoboken formerly used by the Hamburg-American and North German Lloyd steamship lines became known on May 3, when conveyances were filed in the Hudson County Courthouse at Jersey City. The purchase price is understood to be $2,500,000. The property was taken over by the Alien Property Custodians'early in the war, and has been used as an embarkation station for the shipment of soldiers to and from France. The piers just transferred to the ownership of the Government were the property of the Hamburg-American Line. The three remaining German-owned piers, belonging to the North German-Lloyd Line, are also, it is stated, slated for early transfer to the Federal Government. This would leave the German steamship companies without docking or terminal facilities in this harbor. Whether the piers, when their use as an embarkation depot is ended, are to be handed over to the Navy or to the Shipping Board, has not been revealed, but it is supposed the latter will take charge, and that the docks, which are to be extensively improved, will be used in connection with the new merchant marine. Reports were also received from Paris on May 5 that the Peace Conference was considering turning over to the United States some 89 German ships, of a total tonnage of 654,050, and including some of the largest passenger ships in the world, the purchase price to be credited against the damages due this country from Germany for illegal acts committed before and since the war. The report, however, has not so far been confirmed. The proceedings in connection with the original seizure of the Hoboken docks were referred to in the "Chronicle" of April 13 1918, page 436. In Europe 5,693 men and 2,657 women",-making a total of 8,350. Much has been said about the inefficiency of some of these workers, any form of and, without doubt, a number of them were inefficient. In organization in civilian life, whether it be public schools, chain stores or corporations, if 90% of those originally employed make good, the result Is regarded as highly satisfactory. If 10% of the 11,229 people operating in France for the Y. M. C. A. were inefficient it would mean that there a do not were 1,122 men and women who were more or less of failure. I believe that anything like this number of people were unsuccessful* but if, under the close scrutiny which the soldiers give these welfare workers, a of even 5% of them had been failures it would have put large amount criticism in circulation, and the work of the 95% who were successful would were unsuccessful. be forgotten in the publicity given to the 5% who That the workers as a whole were brave and unselfish is shown by the fact that 14 Y.M.C. A.secretaries were killed and 126 others were wounded while engaged in their work. On Aug. 20 1917 General Pershing asked the Y. M. C. A. to undertake were many. It the management of the Army canteens. The difficulties was extremely difficult to get supplies as well as to get men who were aefor such supaccounting and selling customed to handling, distributing, plies. There was a time when the war was at its height, that it cost the Y. M. C. A. almost as much to get an automobile from the United States to France as the automobile itself cost in the United States. The same was true of canteen supplies. One day the Y. M.C. A. could get supplies The next day the seat on a Governmemt boat without freight charges. in freight as the goods only way to send them was to pay almost as much to arrive at almost impossible was cost. It will be readily seen that it anytIling like an average cost price at which to sell these goods. The Y. M. 0. A. never solicited money for the purpose of giving away canteen supplies Its canteen supplies. If the Y. M. C. A. had given away spent in this activity alone in France on the scale of its sales, it would have in France for all its acat least as much money as its entire expenditures to sell canteen suptivities. The constant policy of the Y. M. C. A. was every effort, when fighting plies as nearly as possible at cost, and to bend free of charge with supplies front the at men the was in progress, to furnish them. where it was at all possible to get the goods to away more articles Some have criticized the Y. M. C. A. for not giving has been not to give away such as cigarettes, chocolate, &c. Its policy 1918 to April From June cases. needy and special generally but only In alone upwards of 2,000,000,000 1919 the Y. M. C. A. handled in France smoking toof cans cigarettes, 32,000,000 bars of chocolate, 18,000,000 of jam, 29,000,000 pakages of bacco, 50,000.000 cigars, 60,000.000 cans candy. These are only a few chewing gum, and 10,000,000 packages of these figures should convince anyone of the items handled, but the size of for the Y. M. C. A. to give its supthat it would be financially impossible the army does not favor any such plies away generally. Furthermore, the men to spend their money on for better policy. It thinks that it is far in other ways. For the most part such articles as these, than to spend it the men hold the same view. MAY 10 1919.1 THE CHRONICLE 1883 The Y. M. C. A.'s definite program in Europe from the beginning, and years to come in order to keep continuously, has been to bend every effort and use every dollar it could people of New York understandthe bulk of taxation at the minimum. The that they have definitely committed themobtain to occupy the leisure time of the soldiers, and to do this with various selves to these great enterprises and improvements. They also appreciate forms of entertainment, athletics, 'worth-while educational activities, &c. that their costs have passed beyond the control of the officials whom they Can there be any doubt that every father and mother, every wife and elected and that all the latter can do is to be diligent in the exercise of sister, and the men themselves, will approve the Y. M. C. A.'s course in economy measured at best in thousands of dollars as against fixed oblithis respect? Is it not infinitelty better to do everything possible to gations of millions annually. occupy the leisure time and to fill the long dreary evenings of the soldiers Besides the increased financial requirements caused by these numerous than to use the money in giving away a larger quantity of cigarettes, bond issues of recent years there are the additional administratives expenses chocolates and other similar articles? resulting from new activities of the State which have been enacted into Early in the war, because of its inability to get certain supplies from the law as the result of popular demands. These are the Workmen's CompenUnited States or elsewhere, the Y. M.C. A., through the courtesy and with sation Law requiring 879 employees and costing $1,700,000 each year, the assistance of the French Government, succeeded in reopening a number widows' pension, better protection of labor, and public health, public of factories, the Y. M.0. A. supplying the raw materials, supervising its defense, &c. The cost maintaining the State's wards in hospitals, prisons manufacture, and taking the entire product. The 20 biscuit factories, and other institutions of has increased in the same proportion as the cost of 13 chocolate factories, 3 candy factories and 8 jam factories operated in living outside, and furthermore, the population of these institutions, especialthis fashion, when working at their maximum, produced monthly: ly in the hospitals for the insane, has grown rapidly. 10,160,000 packages of biscuits. Officials Seek Solution. 7,400,000 tablets of drinking chocolate. How to meet these increasing obligations without resorting further to 3,500.000 bars of sweet chocolate. taxation upon real estate, already heavily burdened by the taxes of muni1,000,000 bars of milk chocolate. cipalities, is the problem to which State officials and a special committee 3.800,000 bars of chocolate cream. of the Legislature have seen directing their attention during the past few 1,500,000 nut-covered chocolate rolls. weeks. Within this time many model schemes of taxation have been sug3,100,000 cartons of caramels. gested, but It is the opinion of those in charge of the State's finances that 2,000,000 tins of jam. sufficient revenue could be obtained at the present time without causing On March 1 1919 the Y. M. C. A. had in operation in France 587 build- any great disturbance to the present business condition now facing serious ings of various kinds which it had erected itself, 596 which which It had readjustments. leased, and 782 centers in tents and army buildings. For the most part Before discussing these it should be borne in mind that for many years these buildings are used as centers where the men can congregate, write New York's government has been supported largely by revenues derived letters, read magazines, books and papers, play games, visit, and feel from special taxes on liquors, corporations, inheritances, stock transfers, relieved of a certain amount of the restraint necessary to army life. In and in later years automobiles, exemption of secured debts, investments these buildings moving pictures are shown, entertainments of various kinds and sundry others, constituting the State's wealth other than In real given, concerts provided, and religious services conducted. These build- estate. During the last two years rates on some of these taxes have been ings are placed at the disposal of all other religious and social welfare or- increased, and now that the State's greatest single source of income, excise ganizations, regardless of denomination or creed. Protestants, Catho- (liquor) tax, will be soon lost, It will be necessary to further increase these lics, Jews, all are welcome to use the facilities provided, for which no or add other sources if the real estate is to be exempted further. This charge is made to any organization or any soldier. could be accomplished as follows: The Y. M. 0. A. is also operating a number of hotels in the important The Inheritance (transfer) Tax Law could be amended so as to yield at centers. In London the Y'. M. C. A. has five such hotels. The prices least $3,000,000 more annually. New York does not tax bequests to charged for rooms and meals are very moderate, so that a considerable benevolent, educational and kindred institutions of other States, nor is a loss has been incurred in these hotels up to date. The importance of this tax imposed upon the estates of non-residents in respect to money or inservice to our men when they are traveling about can hardly be overesti- tangibles physically present within the State. Other Commonwealths mated in view of the overcrowded condition of these cities. Insist upon such a tax, and it is time that New York should follow suit. It would be impossible to give anything like accurate figures of the The present investment tax is permissive, but it is difficult to compel amount of literature that the Y. M. C. A. has distributed to the American owners of intangibles to contribute as they should for the support of the soldiers in France, England, Germany and Italy, for it has been of so many State. If the present law were made mandatory and suitable penalties different kinds, obtained wherever it could be secured, in small or large provided, at least $4,000,000 more could be added. quantities. In brief, the more important items which the Y. M. C. A. Motorists Should Pay Share. has distributed to the men up to date are over 5,000,000 bound volumes, Within the last twenty years over $125,000,000 has been expended or 4,000.000 pieces of religious literature, 2,000,000 magazines, 10,000.000 pledged by the State for improved highways and about $12,000,000 in newspapers, and 1,000,000 copies of a 96-page song book, embracing popular songs of the A. E. F. In addition, the Y. M. 0. A. at many addition for maintenance and interest each year. Last year motorists paid about $4,200,000, half of which was shared with the communities, points acts as distributing agent for the American Library Association. Soon after their arrival in France. our soldiers began to make inquiries leaving only $2,000,000 as their contribution in return for the lavish sums as to how they could send money home. They had no way to do this, expended primarily for their benefit. If this State should adopt an annual because in a majority of cases they were in small towns where there were tax similar to that imposed in all others at least $2,500,000 more revenue no banking facilities. The Y. M. C. A. undertook this remittance ser- could be secured from this source. This Year New York will lose approximately $10,000,000 from liquor vice, and up to April 1 1919, 323.432 separate remittances, amounting to $19,542.396 46, were made to the United States. Last winter one ship taxes because of the nation-wide prohibition movement, but it is evident alone brought to New York a list of over 21,000 names of people to whom that many substitutes for intoxicating liquors will be offered. Many money was to be paid. The average payment was relatively small, but hotels and popular restaurants will reap a large profit from traffic in these the amount of detail work incident to carrying on this business was very non-intoxicating substitutes, and a tax on this business would easily produce at least $6,000,000 annually. Again, corporations organizing large. No charge whatever is made for this service. As I have said, there have been individual failures and semi-fallures in here for the first time pay comparatively less for this privilege than in any the discharge of the Y. M. C. A. work, but these have been infinitesimal other States and a slight increase in the present rate would produce an compared with the work as a whole. It is Impossible to describe the income aggregating $2,000,000 annually. The stock transfer tax yielded over $5,000,000 last year, and at least chaotic conditions that existed while hostilities were going on. It was impossible to keep accounts at the huts, accurate inventories, cash ac- $1,000.000 more could be added without increasing the present rate if a counts and the like. Almost absolute trust had to be placed in the hon- tax were imposed on the shares of stock borrowed and loaned and also upon esty of the individuals who had to handle supplies and money. The their original issue. In addition, over $12,000,000 more revenue could be money had to be collected in all sorts of ways and transmitted to Paris secured from the present 3% manufacturing and mercantile corporation headquarters in any way that presented itself. That the Y. M. 0. A Income tax if partnerships and general business organizations were included did not lose large sums of money is a remarkable tribute to the honesty in the scope of this law. The noticeable tendency of late on the part of and faithfulness of the thousands of men aiel women who were engaged many such corporations to dissolve with the intention of continuing their business as co-partnerships justifies including this class of enterprises in this work. The Y. M. C. A. undoubtedly made mistakes, but what it tried to do within the new law. was to respond to every call that the Army made on it. It never hesiWould Yield an Extra $2.375,000. tated to tackle any job it was asked to undertake; it did not sidestep any Shares of stock in national and State banks and trust companies and the task it was asked to perform. It took the position that it was in Europe surplus of savings banks are now taxed at the rate of 1% on their value or to do all it could, as best it could; that when It was called on to render ser- surplus. The tax on banks last year, amounting to $5,500,000, was revice of any kind, its duty was to respond in the same spirit that tne sol- tained by the communities, while the tax on trust companies and the surdiers did and not hold back because adverse circums ances might make plus of savings aggregating $4,000,000, was kept by the State. banks, it impossible to meet with maximum success. The Y. sought service, not If this rate was increased i %,It would yield at least $2,375,000 in addition. fame. Surely every contributor of money will approve the Y. M. C. A's course in this respect. TEXT OF NEW YORK STATE INCOME TAX LAW. We give below the bill providing for a State income tax COMPTOLLER TRAVIS ON NEW YORK STATE law, passed by the New York State Legislature just before FINANCES. In a review of the State tax situation, Eugene M. Travis, its adjournment on April 19, and which is still awaiting Comptroller of the State of New York, points out that the Governor Smith's signature. As indicated in these columns April 26, page 1683, the bill imposes a tax of 1% on incomes existing deficit is due: up to and including $10,000, 2% on incomes in excess of 1. To the war emergency appropriations of $19,000,000,000, and 2. The loss of an excise tax revenue of about $11,000,000. $10,000, but not over $50,000, and 3% on incomes in excess Mr. Travis, according to the "Journal of Commerce" of $50,000. The law becomes effective immediately, but April 30, states that the State Government, in addition to does not apply to 1918 incomes; it is effective on incomes for these exceptional problems, has on its hands very heavy the year 1919. Returns are required to be filed by Mar. 15 burdens due to the fact that State functions have been 1920. In the case of single persons an exemption on incomes largely extended in connection with the better protection of $1,000 or less is allowed; the head of a family or married of labor, improvement of health, promotion of education and person living with husband or wife is granted an exemption other factors. The following is also taken from the paper of $2,000; an additional exemption of $200 is allowed for quoted: each dependent person under 18 years of age. The tax In speaking of the general problem. Mr. Travis says: applies to the income of every resident of the State, excepting Citizens appreciate now as never before that this additional cost was not due to the waste and extravagance of public officials, but largely because salaries or other compensation of officials or other employees the people themselves have declared their desire for improvements which of the United States, including those in the military or so far, have created a funded debt exceeding $268.000.000. naval forces. It likewise applies to income from property I Again, they realize that this sum of money was borrowed. Thus there was assumed an enormous annual interest obligation of $13,000,000 to owned and from every business, trade, profession or occupaliquidate the debt. This situation will require the wisest financing for tion carried on in this State by non-residents of the State. THE CHRONICLE 1884 [VOL. 108 8. The word "dividend" means any distribution made by a corporation out of its earnings or profits to its shareholders or members, whether in cash or in other property or in stock of the corporation. 9. The words "foreign country" or foreign government" mean any Interest upon the obligations of the United States or its possessions; or securities issued under the provisions of the Federal Farm Loan Act of jurisdiction other than one embraced within the United States. The July 17 1916; or bonds issued by the War Finance Corporation; or the 'words "United States" include the States, the territories of Alaska and obligations of the State of New York or any municipal corporation or Hawaii and the District of Columbia. 10. The words "withholding agent" include all individuals, corporpolitical subdivision thereof; or investments upon which the tax provided for in Section 331 of this Chapter [Chapter 62 of the Laws of 1909, consti- ations, associations and partnerships, in whatever capacity acting, including tuting Chapters 60 of the Consolidated Laws] has heretofore been paid lessees, or mortgagors of real or personal property, fiduciaries, employers, since June 1st 1917, during the period of years ilor which such tax shall and all officers and employees of the State, or of any municipal corporation or political subdivision of the State, having the control, receipt, have been paid. wages, premiums, Section 331, referred to above, which is part of the invest- custody, disposal or payment, of interest, rent, salaries, or other fixedror annuities, compensations, remunerations, emoluments ment tax law passed in 1917, and published in these columns determinable annual or periodical gains, profits and income taxable under follows: as reads 1762, 1761, pages this article. May 5 of that year, Sec. 351. Imposition of income tax. A tax is hereby imposed upon Sec. 331. Payment of tax on investments. After this article takes every resident of the State, which tax shall be levied, collected and paid this of Comptroller the of office the to send or effect any person may take State any investment, and may pay to the State a tax at the rate of twenty annually upon and with respect to his entire net income as herein defined $10,000; cents per year on each one hundred dollars or fraction thereof of the face at rates as follows: 1% of the amount of net income not exceeding of value of such investment for one or more years not exceeding five, under 2% of the amount of net income in excess of $10,000 but not in excess such regulations as the Comptroller may prescribe, and the Comptroller $50,000; 3% of the amount of net income in excess of $50,000. A like shall thereupon affix stamps hereinafter provided for, to such investment, tax is hereby imposed and shall be levied, collected and paid annually, which stamps shall be duly signed by the Comptroller or his duly author- at the rates specified in this section, upon and with respect to the entire ized representative and dated as of the date of the payment of such tax. net income as herein defined, except as hereinafter provided, from all The Comptroller shall keep a record of such investment, together with the property owned and from every business, trade, profession or accupation name and address of the person presenting the same and the date of pay- carried on in this State by natural persons not residents of the State. Such tax shall first be levied, collected and paid in the year 1920 upon and ment of the tax. All such investments shall thereafter be exempt from all taxation in the with respect to the taxable income for the calendar year 1919, or for any State or any of the municipalities or local divisions of the State except as taxable year ending during the year 1919. Sec. 352. Exemption of certain personal .property from taxation. provided in Sections 24 to 24-g, both inclusive, 187, 188 and 189 of this Chapter, and in Articles 10 and 12 of this Chapter, for the period of years The taxes imposed by this article are in addition to all other taxes imposed from the payment of such tax for which such tax shall have been paid and by law, except that money on hand, on deposit or at interest, bonds, notes and choses in action and shares of stock in corporations other than such stamps affixed. and banking associations, owned by an individual or constituting City Section", issued June 1918, we abanks In our "State part of a trust or estate subject to the income tax imposed by this article, prolaw the gave the details leading up to the enactment of and from which any income is derived, shall not after July 31 1919 be the assessment. posing the tax of 20 cents per $100 on investments, by included in the valuation of the personal property included inand special tax rolls of the several tax districts, villages, school districts reference to which it will be found that it had its inception districts of the State. Sec. 353. Ascertainment of gain and loss. For the purpose of ascerin the passage in July 1911 of a bill providing for a tax of the gain derived or loss sustained from the sale or other disposition M of 1% on bonds and other obligations secured by property taining of property, real, personal or mixed, the basis shall be first, in case of located outside the State. The following is the full text property acquired before Jan. 1 1919, the fair market price or value of such property, as of Jan. 1 1919, and, second, in case of property acquired of the new State income tax measure: or after that date, the cost thereof; or the inventory value, if the inAN ACT to amend the tax law, in relaAon to imposing taxes upon and on ventory is made in accordance with this article. with respect to incomes. Sec. 354. Exchange of property. When property is exchanged for The People of the State of New York, represented in Senate and Assembly, other property, the property received in exchange shall for the purpose of do enact as follows: determining gain or loss be treated as the equivalent of cash to the amount Sec. 1. Chapter 62 of the laws of 1909, entitled "An Act in relation to of its fair market value, if any; but when in connection with the reorgantaxation, constituting Chapter 60 of the Consolidated laws," is hereby ization, merger or consolidation of a corporation a taxpayer receives-, in place of stock or securities owned by him, new stock or securities of no amended by adding a new article to be Article 16, to read as follows: greater aggregate par or face value, no gain or loss shall be deemed to ARTICLE 16. occur from the exchange, and the new stock or securities received shall be Incomes. Taxes Upon and With Respect to Personal treated as taking the place of the stock, securities or property exchanged. Sec. 355. Gain through exchange. When in the case of any such re371. Time and place of filing returns. Section 350. Definitions. tax organization, merger or consolidation the aggregate par or face value or income of Administration 372. 351. Imposition of income tax. new stock or securities received is in excess of the aggregate par or the law. personal certain of Exemption 352. face value of the stock or securities exchanged, a like amount in par or 373. Powers of Comptroller. property. 353. Ascertainment of gain and loss. 374. Revision and readjustment of face value of the new stock or securities received shall be treated as taking the place of the stock or securities exchanged, and the amount of the accounts by Comptroller. 354. Exchange of property. 375. Review of determination of excess in par or face value shall be treated as a gain to the extent that the 355. Gain through exchange. Comptroller by certiorari and fair market value of the new stock or securities is greater than the cost of 356. Inventory. the stock or securities exchanged, If acquired on or after Jan. 1 1919, and regulations as to writ. 357. Net income defined. its fair market price or value as of Jan. 1 1919, if acquired before that date. Penalties. 376. net of income. 358. Computation Sec. 356. Inventory. Whenever in the opinion of the Comptroller 377. When payable. 359. Gross income defined. the use of inventories is necessary in order clearly to determine the income 378. Notice of assessment. 360. Deductions. 379. Collection of taxes; penalties of any taxpayer, inventories shall be taken by such taxpayer upon such 361. Items not deductible. basis as the Comptroller may prescribe, conforming as nearly as may be and interest. 362. Exemptions. 363. Credit for taxes in case of tax- 380. Warrant for the collection of to the best accounting practice in the trade or business and most clearly reflecting the income, and conforming so far as may be to the forms and taxes. payers other than residents methods prescribed by the United States Commissioner of Internal Revenue 381. Action for recovery of taxes. of the State. tax. income the of under the Act of Congress known as the Revenue Act of 1918. Distribution 382. 364. Partnerships. Sec. 357. Net income defined. The term "net income" means the 383. Comptroller to make regula365. Estates and trusts. gross income of a taxpayer less the deductions allowed by this article. tions and collect facts. 366. Information and payment at Sec. 358. Computation of net income. 1. The net income shall be 384. Secrecy required of officials; source. computed upon the basis of the taxpayer's annual accounting period penalty for violation. 367. Taxpayers' returns. 385. Contract to assume income tax (fiscal year or calendar year as the case may be) in accordance with the 368. Partnership returns. method of accounting regularly employed in keeping the books of such illegal. 369. Fiduciary returns. taxpayer; but if no such method of accounting has been so employed, or if 370. Returns when accounting period the method employed does not clearly reflect the income, the computation changed. Sec. 350. Definitions. For the purpose of this article and unless other- shall be made upon such basis and in such manner as in the opinion of the Comptroller does clearly reflect the income. If the taxpayer's annual wise required by the context: accounting period is other than a fiscal year as defined in this article, or if 1. The word "comptroller" moans the State Comptroller. 2. The word "taxpayer" includes any person, trust or estate subject to a the taxpayer has no annual accounting period or does not keep books, the tax imposed by this article, or whose income is in whole or in part subject net income shall be computed on the basis of the calendar year. 2. If a taxpayer changes his accounting period from fiscal year to calendar to a tax imposed by this article, and does not include corporations. 3. The words "military or naval forces of the United States" include Year. from calendar year to fiscal year, or from one fiscal year to another, the marine corps, the coast guard, the army nurse corps, female, and the the net income shall, with the approval of the Comptroller, be computed navy nurse corps, female, but this shall not be deemed to exclude other on the basis of such now accounting period, subject to the provisions of Section 370. units otherwise included within such words. Sec. 359. Gross income defined. The term "gross income:" 4. The words "taxable year" mean the calendar year, or the fiscal year 1. Includes gains, profits and income derived from salaries, wages or ending during such calendar year, upon the basis of which the net income is computed under this article. The words "fiscal year" mean an accounting compensation for personal service, of whatever kind and in whatever form paid, or from professions, vocations, trades, businesses, commerce, than other the month on any last of ending day period of twelve months, or sales, or dealings in property, whether real or personal, growing out of December. 5. The word "fiduciary" means a guardian, trustee, executor, adminis- the ownership or use of or interest in such property; also from interest, trator, receiver, conservator,or any person, whether individual or corporate, rent, dividends, securities, or the transaction of any business carried on for gain or profit, or gains or profits and income derived from any source acting in any fiduciary capacity for any person, trust or estate. 6. The word "paid" for the purposes of the deductions and credits under whatever. The amount of all such items shall be included in the gross this article, means "paid or accrued" or "paid or incurred," and the terms income for the taxable year in which received by the taxpayer, unless, "paid or incurred" and "paid or accrued" shall be construed according under the methods of accounting permitted in this article, any such amounts to the method of accounting upon the basis of which the net income is are to be properly accounted for as of a different period; but 2. Does not include the following items which shall be exempt from computed, under this article. The term "received" for the purpose of the computation of net income under this article, means "received or accrued" taxation under this article: a. The proceeds of life insurance policies and contracts paid upon the and the term "received or accrued" shall be construed according to the method of accounting upon the basis of which the net income is computed death of the insured to individual beneficiaries or to the estate of the insured. under this article. b. The amount received by the insured as a return of premium or 7. The word "resident" applies only to natural persons and includes for the purpose of determining liability to the tax imposed by this article premiums paid by him under life insurance, endowment or annuity coneither during the term or at the maturity of the term mentioned in tracts, commencing year, taxable any of upon or with reference to the income with the year 1919, any person who shall, at any time on or after Jan. 1, the contract or upon surrender of the contract. c. The value of property acquired by gift, bequest, devise or descent and not later than March 15 of the next succeeding calendar year, be or (but the income from such property shall ba included in gross income.) become a resident of the State. Among the exemptions from gross income the bill proposes that the following shall be exempt from taxation: and • MAY 10 1919.] TIIE CHRONICLE 1885 d. Interest upon the obligations of the United States or its 3. Any amount expended in restoring property or or securities issued under the provisions of the Federal Farm possessions; in making good the Loan Act of exhaustion thereof for which an allowance is or has been made; or July 17 1916; or bonds issued by the War Finance Corporati on; or the 4. Premiums paid on any life insurance policy, obligations of the State of Now York or of any municipal corporatio covering the life of any n or officer or employee, or of any person financially interested in any trade Political subdivision thereof; or investments upon which the tax provided or business carded on by the taxpayer, when the in Section 331 of this Chapter has heretofore been paid since taxpayer is directly or June 1 1917, indirectly a beneficiary under such policy. • during the period of years for which such tax shall have been paid. Sec. 362. Exemptions. The following exemptions e. Any amount received throngh accident or health insurance or shall be allowed to under any resident taxpayer: Workmen's Compensation Acts, as compensation for personal injuries or In 1. the case of a single person, a personal exemption of $1,000, or in sickness, plus the amount of any damages received whether by suit or the case of the head of a family or a married person living with husband agreement on account of such injuries or sickness, or through the War or wife, a personal exemption of $2,000. A husband and wife living toRisk Insurance Act or any law for the benefit or relief of injured or dis- gether shall receive but one personal exemption abled members of the military or naval forces of the United of $2,000 against• their States. aggregate net income; and in case they make separate returns, the perf. Salaries, wages and other compensation received from the United sonal exemption of $2,000 may be taken by either or divided between them. States of officials or employees thereof, including persons in the military 2. Two hundred dollars for each person (other than or naval forces of the United States. husband or wife) dependent upon and receiving his chief support from the taxpayer, if such g. Income received by any officer of a religious denominat ion or by any dependent person is under eighteen years institution, or trust, for moral or mental improvement, of age or is incapable of selfreligious, Bible, support because mentally or physically defective. tract, charitable, benevolent, fraternal, missionary, hospital, 3. A taxpayer receiving salary, wages, or other compensat educational, scientific. literary, library, patriotic, historical infirmary, ion from the or United States as an official thereof, exempt from taxation under this or for the enforcement of laws relating to children or cemtrypuos, animals, article, shall be entitled to only so much of the personal exemption proor for two or more of such purposes, if such income be used exclusivel y vided for in this section as is in excess of the for carrying out one or more of such purposes; but nothing heroin aggregate amount of such shall be salaries, wages, or other compensation. construed to exempt the fees, stipends, personal earnings or other private Sec. 363. Credit for taxes in case of taxpayers income of such officer or trustee. other than residents of the State. Whenever a taxpayer other than a resident of the State has 3. In the case of taxpayers other than residents, gross income includes become liable to income tax to the State or only the gross income from sources within the State. but shall country where he resides upon not include his net income for the taxable year, derived annuities, interest on bank deposits, interest on bonds, from sources within this State notes or other and subject to taxation under this article, the Comptroller shall credit interest-bearing obligations or dividends from corporations, except to the the amount of income tax payable by him under this article with such extent to which the same shall be a part of income from any business, proportion of the tax so payable by him to the State or country where he trade, profession or occupation carried on in this State subject to taxation resides as his income subject to taxation under this article bears to his under this article. entire income upon which the tax so payable to such other State or country Sec. 360. Deductions. In computing net income there shall be allowed was imposed; Provided that such credit shall be deductions allowed as : only if the laws of said State or country grant a substantially similar 1. All the ordinary and necessary expenses paid or incurred during credit to residents the of this State subject to income tax under such laws. taxable year in carrying on any trade or business, including a reasonable Sec. 364. Partnerships. Individuals carrying on business in partnerallowance for salaries or other compensation for personal services actually ships shall be liable for income tax only in their individual capacity. There rendered, and including rentals or other payments required to be made as shall be included in computing the net income each of partner his distributive a condition to the continued use or possession, for purposes of the trade share, whether distributed or not, of the net income of the partnership or business, of property to which the taxpayer has not taken or not taking for the taxable year, or, if his net Income for such taxable year is comtitle or in which he has no equity. puted upon the basis of a period different from that upon the basis of which 2. In the case of a resident of the State such a proportion of the total the net income of the partnership is computed, then his distributive share Interest paid or accrued during the taxable year on indebtedness, as the of the net income of the partnership for any accounting net income of the taxpayer taxable under this article bears to his total period of the partnership ending within the fiscal or calendar income from all sources; or in case of an individual not a resident of year upon the basis of the which the partner's net income is computed. Taxpayers who are members State, the same proportion of interest paid or accrued within the taxable partnerships may be required by the Comptrolle year on indebtedness which the amount of such gross income, as herein of r to make a return stating the gross receipts and net gains or defined, bears to the gross amount of his income from all sources profits of the partnerships for within any taxable year. The net income of the partnership shall be computed and without the State. in the same manner and on the same basis as provided in computing the 3. Taxes other than income taxes paid or accrued within the taxable net income of individuals except that the deduction provided in subyear imposed, first, by the authority of the United States, or of any of its division 10 of Section 360 shall not be allowed possessions, or, second, by the authority of any State, or Territory, and the personal exempor any tions provided for in Section 362 shall be county, school district, municipality, or other taxing subdivisio allowed only to the individual n of any partners. State or Territory, not including those assessed against local benefits of a Sec. 365. Estates and trusts. 1. The tax imposed kind tending to Increase the value of the property assessed, or, by this article shall third, by apply to the income of estates or of any kind of property held in trust, the authority of any foreign government. including: sustained during the taxable year and not compensat 4. Losses ed for a. Income received by estates of deceased persons during by insurance or otherwise, if incurred in trade or business. the period of administration or settlement of the estate; 5. Losses sustained during the taxable year and not compensated for by b. Income accumulated in trust for the benefit of unborn insurance or otherwise, if incurred in any transaction entered or unascerinto for tained persons or persons with contingent interests; profit, though not connected with the trade or business; but in the case c. Income held for future distribution under the terms of the of a taxpayer other than a resident of the State, only as to such will or trans- trust; and actions within the State. Income d. which is to distribute be sustained d to the beneficiaries periodically, during the taxable year of property 6. Losses not connected whether or not at regular intervals, and the income collected by a guardian with the trade or business(but in the case of a taxpayer other than a resident, of an infant to be held or distributed as the court may direct. only/ of property within the State) if arising from fires, storms, shipwrecks, 2. The fiduciary shall be responsible for making the return of or other casualty or from theft, and not compensated for by insurance income or for the estate or trust for which he acts. The net otherwise. income of the estate or trust shall be computed in the same manner and on the same 7. Debts ascertained to be worthless and charged off within the basis as taxable provided in this article for individual taxpayers? year. except that there shall also be allowed as a deduction any part of the gross income which 8. A reasonable allowance for the exhaustion, wear and tear of purproperty suant to the terms of the will or deed creating used in the trade or business, including a reasonable allowance the trust, is during the taxfor obso- able year paid to or permanently set aside lescence. for the United States, any State, 'Territory or , any political subdivision thereof, or the District of Columbia, 9. In the case of mines, oil and gas wells, other natural deposits and or any corporation or association organized timber, a reasonable allowance for depletion and for and operated exclusively for depreciation of im- religious, charitable, scientific or educational purposes, or for the pre. provements, according to the peculiar conditions in each case, based upon vention of cruelty to children or animals, no part of the net earnings o cost including cost of development not otherwise deducted; Provided, that which inures to the benefit of any private stockholder or individual; and in the case of such properties acquired prior to Jan. 1 1919 the fair market in cases under paragraph d of subdivisio n 1 of this section, the fiduciary value of the property (or the taxpayer's interest therein) on that date shall include in the return a statement of each beneficiary's distributive shall be taken in lieu of cost up to that date; provided, further, that in the share of such net income, whether or not distributed before the close of the case of mines, oil and gas wells, discovered by the taxpayer on or after taxable year for which the return is made. Jan. 1 1919 and not acquired as the result of a purchase of a proven tract 3. In cases under paragraphs a, b and c of subdivision 1, of this section, or lease, where tne fair market value of the property is materially disthe tax shall be imposed upon the net income of the estate or trust proportionate to the cost, the depletion allowance shall be and based upon the shall be paid by the fiduciary, except that in determining the net income fair market value of the property at the date of the discovery or within of the estate of any deceased person during the period of administration thirty days thereafter; such reasonable allowance in all the above cases settlement there may be deducted tne amount of any income to be made under rules and regulations to be prescribed by the Comp- or property paid or credited to any legatee, heir or other beneficiary. In such cases, troller. In the case of leases the deductions allowed by this paragraph the estate or trust shall be allowed the same exemptions as are allowed to shall be equitably apportioned between the lessor and lessee. single persons under Section 362, and in such cases an 10. Contributions or gifts made within the taxable year to corporatio estate or trust ns created by a person not a resident and an estate incorporated by, or associations organized under, the of a person not a resident laws of this State shall be subject to tax only to the extent to which individuals other than and operated exclusively for religious, charitable, scientific or educationa l residents are liable under Section 359, subdivisio purposes, or for the prevention of cruelty to children or n 3. animals, no part 4. In cases under paragraph d of subdivision 1 of this section of the net earnings of which inures to the benefit of any private stockand in the case of any income of an estate during the period of administra holder or individual, or to the special fund for vocational rehabilitat tion or ion settlement permitted by subdivision 3 to be authorized by Section 7 of the Act of Congress known deducted from the net income as the Vocational upon which tax is to be paid by the fiduciary, the tax shall not be paid by Rehabilitation Act, to an amount not in excess of 15% of the taxpayer's the fiduciary, but there shall be included in computing the net income of net income as computed without the benefit of this subdivisio n. Such each beneficiary his distributive share whether contributions or gifts shall be allowable as deductions only distributed or not, of the if verified under net income of the estate or trust for the taxable year, or, if his net income rules' and regulations prescribed by the Comptroller. In the case of a for such taxable year is computed upon the basis of a period different from taxpayer other than a resident of the State this deduction shall be allowed only as to contributions or gifts made to corporations or associations in- that upon the basis of which the net income of the estate or trust is computed, then his distributive share of the net income of the estate or corporated by or organized under the laws of this State or to trust the Vocational for any accounting period of such estate or trust ending within the fiscal Rehabilitation Fund above mentioned. calendar or year upon basis the of which such beneficiary's net income is 11. In the case of a taxpayer other than a resident of the State the deductions allowed in this section shall be allowed only if, and to the extent computed. In such cases the income of, a beneficiary of such estate or trust not a resident shall be taxable only to the extent provided that, they are connected with income arising from sources within in Section the State; and the proper apportionment and allocation of the deductions with 359, subdivision 3, for individuals other than residents. Sec. 366. Informati on and payment at source. 1. Every withholding respect to sources of income within and without the State shall be deteragent shall deduct and withhold 2% from all salaries, wages, commissio mined under rules and regulations to be prescribed by the Comptroller. ns, Sec. 361. Items not deductible. In computing net income no deduction gratuities, emoluments, perquisites and other fixed and determinable annual or peridical compensation of whatever kind and in whatever shall in any case be allowed in respect of: form paid or received, earned for personal services and taxable under this 1. Personal, living, or family expenses: 2. Any amount paid out for new buildings or for permanent improve- article, of which he shall have control, receipt, custody, disposal or payments or betterments made to increase the value of any property or estate; ment, if the amount paid or received or to be paid or received in any taxable year on account of any individual equals or exceeds $1.000. unless • 1886 • THE CHRONICLE [VOL. 108. Sec. 373. Powers of Comptroller. If in the opinion of the Comptroller there shall be filed with the withholding agent, before the time when he is taxpayer is in any essential respect incorrect he shall have required to make return and payment thereof, a certificate in sucn form as any return of a return, or if any taxpayer fails to make return as herein shall be prescribed by the Comptroller to the effect that the person entitled power to revise such is authorized to make an estimate of the taxable to such salary, wage, commission, gratuity, emolument, perquisite or other required, the Coniptroller from any information in his possession, and to compensation is a resident and setting forth his residence address within income of such taxpayer audit and state an account according to such revised return or the estimate the State. penalties and interest due the State from such 2. Every withholding agent shall make return to the Comptroller of so made by him for the taxes, shall also have power to examine or cause to complete information concerning the amount of all interest, rent, salaries, taxpayer. The Comptroller of failure to report the books and records of any wages, premiums, annuities, compensations, remunerations, emoluments have examined, in case may take testimony and require proof material for his or other fixed or determinable gains, profits and income, except interest such taxpayer, and coupons payable to bearer, of any taxpayer taxable under this article of information. Sec. 374. Revision and readjustment of accounts by Comptroller. $1,000 or more in any taxable year under such regulations and in such revision be filed with the Comptroller by a taxpayer form and manner and to such extent as may be prescribed by the Comp- If an application for within one year from the time of the filing of the return, or if the tax of troller. been recomputed, then from the time of such 3. Every withholding agent required to deduct and withhold any tax such taxpayer shall have Comptroller shall grant a hearing thereon and if it under subdivision 1 of this section shall make return thereof on or before recomputation, the appear, upon any such hearing by evidence submitted the fifteenth day of March in each year and shall at the same time pay the shall be made to that any such computation includes taxes or otner tax to the Comptroller. Every such individual corporation or partnership to him or otherwise, not have been lawfully demanded, or that payment is hereby made liable for such tax and is hereby indemnified against the charges which could exacted of any such amount so computed, the claims and demands of any individual, corporation or partnership for the has been illegally made or the same according to law and the facts, and adamount of any payments made in accordance with the provisions of this Comptroller shall resettle just the computation of taxes accordingly, and shall send notice of his • section. taxpayer. 4. Income upon which any tax'is required to be withheld at the source determination thereon to the Sec. 375. Review of determination of Comptroller by certiorari and under this section shall be Included in the return of the recipient of such determination of the Comptroller upon any The writ. to as the regulations against credited be shall income, but any amount of tax so withheld application made to him by any taxpayer for revision and resettlement amount of income tax as computed in such return. prescribed by this article, may be reviewed as 5. If any tax required under this section to be deducted and withheld is of any computation of tax, by and subject to the provisions of Section 199 paid by the recipient of the income, it shall not be recollected from the in the manner prescribed to review any statement of a computation withholding agent; nor in cases in which the tax is so paid shall any penalty of this chapter. No certiorari Comptroller under this article shall be granted be imposed upon or collected from the recipient of the income or the with- or any determination by the is made within thirty days after the therefor application of holding agent for failure to return or pay the same, unless such failure was unless notice service of the notice of such determination. Eight days' notice shall be fraudulent and for the purpose of evading payment. the application for such writ. Before making Sec. 367. Taxpayer's returns. Every taxpayer having a net income for given to the Comptroller of must be filed with him, in such amount the taxable year of $1,000 or over if single or if married and not living with the twplication an undertaking of the Supreme Court shall approve, to a justice as sureties with such and husband or wife, or of $2,000 or over if married and living with husband writ is dismissed or the determination of the Compor wife, shall make under oath a return stating specifically the items of the effect that if such applicant for the writ will pay all costs and charges his gross income and toe deductions and credits allowed by this article. troller affirmed, the him in the prosecution of the writ, including If a husband and wife living together have an aggregate net income of which may accrue against all appeals. of is costs $2,000 or over, each shall make such a return unless the income of each Sec. 376. Penalties. 1. Any person required by this article to make, included in a single joint return. If the taxpayer is unable to make his any return, who falls to make, render, sign or verify own return the return shall be made by a duly authorized agent or by the render, sign or verify time required by or under a provision of law, or who guardian or other person charged with the care of the person or property such return within the return or statement, with intent to evade any fraudulent or any false makes of such taxpayer. A taxpayer other than a resident shall not be entitled shall be guilty or a misdemeanor and shall, upon to the deductions authorized by Section 360 unless he shall make under tax imposed by this article, exceed $1,000, or be imprisoned not to exceed oath a complete return of his gross income both within and without the State. conviction, be fined not to discretion of the court. Sec. 368. Partnership returns. Every partnership shall make a return one year, or both, at the fail or refuse to make a return of income at shall person any such If and 2. for each taxable year, stating specifically the items of its gross income hereinbefore specified, but shall voluntarily make a the deductions allowed by this article, and shall include in the return the the time or times within sixty days thereafter, there shall be added names and addresses of the individuals who would be entitled to share in correct return of income otherwise due, but such additional amount the net income if distributed and the amount of the distributive share of to his tax 5% of the amount $2. than less be in case no shall partners. each individual. The return shall be sworn to by any one of the 3. If any person liable to taxation under this article fails to make a Sec. 369. Fiduciary returns. Every fiduciary (except receivers apthe amount of income of such person discovered pointed by authority of law in possession of part only of the property of a return as herein required, the ordinary rate of taxation. If taxpayer) shall make under oath a return for the taxpayer for whom he to be taxable shall be subject to twice under this article makes any false or fraudutaxation to liable person any single,or if over or $1.000 acts, first, if the net income of such taxpayer is with intent to evade any tax imposed by this if married and not living with husband or wife, or $2,000 or over if married lent return or statement, is discovered to be taxable, such adand living with husband or wife, or second, if the net income of such tax- article, and an additional amount to twice the ordinary rate of taxation. be subject shall amount ditional payer, if an estate or trust, is $1,000 or over or if any beneficiary is a taxat such time and in such manner as may he payer other than a resident of the State, which return shall state specifically Such tax shall be collected Comptroller. This penalty shall be additional to all the items of the gross income and the deductions, exemptions and credits designated by the other section provided. or any this in allowed by this article. Under such regulations as the Comptroller may other penalties Sec. 377. When payable. 1. Each taxpayer shall, at the time of filing prescribe, a return made by one of two or more joint fiduciaries and filed Comptroller the amount of tax payable hereunder in the office or the Comptroller or collector in the district where such fi- his return, pay to the from the face of the return. If the time for filing duciary resides shall be a sufficient compliance with the above requirement. as the same shall appear he shall pay in addition interest thereon at extended, be shall The fiduciary shall make oath that he has sufficient knowledge of the the return annum from the time when the return was originally affairs of such individual, estate or trust to enable him to make the return, the rate of 6% per filed to the time of payment. and that the same is, to the best of his knowledge and belief, true and required to be 2. As soon as practicable after the return is filed, the Comptroller shall correct. .to make returns under this article shall be subject examine it and compute the tax. Fiduciaries required 3. If the amount of tax as computed shall be greater than the amount to all the provisions of this article which apply to taxpayers. shall be paid by the taxpayer to the CompSec. 370. Returns when accounting period changed. If a taxpayer, theretofore paid, the excess days after the amount of the tax as computed shall with the approval of the Comptroller, changes the basis of computing troller within thirty Comptroller. the by net income from fiscal year to calendar year, a separate return shall be be mailed 4. If the amount of tax as computed shall be less than the amount e period between the close of the last fiscal year for which made for excess shall be refunded by the Comptroller out of return sha . e made for the period between the close of the last fiscal year theretofore paid, the the tax retained by him as provided in this article. for which r, , rn was made and the following Dec. 31. If the change is the proceeds of assessment. Notice of tax assessment shall be sent of Notice Sec. 378. made from calendar year to fiscal year, a separate return shall be made post office address given in the report, and the record that for the period between the close of the last calendar year for which return by mall to the been sent shall be presumptive evidence of the giving of was made and the date designated as the close of the last fiscal year. Such notice has record shall be preserved by the Comptroller. If the change Is from one fiscal year to another fiscal year, a separate the notice and such of taxes; penalties and interest. 1. The CompCollection Sec. 379. return shall be made foe the period between the close of the former fiscal at his discretion to designate agents for the purpose of year and the date designated as the close of the new fiscal year. If a troller is authorized from them reasonable bond. taxpayer making his first return for income tax keeps his accounts on the collecting income taxes and shall require 2. If the tax imposed by this article or any part of such tax be not paid basis of a fiscal year, he shall make a separate return for the period between the provisions of this article paid under be to required time when the end the at and the beginning of a calendar year in which such fiscal year ends or in the case of additional taxes, at the time designated by the Comptroller, of such fiscal year. in adIn all of the above cases the net income shall be computed on the basis the taxpayer liable to pay such tax shall pay to the Comptroller, tax, or part thereof, 5% of said amount, plus of such period for which separate return is made, and the tax shall be paid dition to the amount of such remains part thereof, tax, or a the of month, fraction or each month, for is 1% included; such period which thereon at the rate for the calendar year in and the exemptions allowed in this article shall be reduced respectively unpaid. Sec. 380. Warrant for the collection of taxes. If any tax imposed by to amounts which bear the same ratio to the full exemptions provided for this article or any portion of such tax be not paid within sixty days after as the number of months in such period bears to twelve months. due, the Comptroller shall issue a warrant under his Sec. 371. Time and place of filing returns. Returns shall be made to the same becomes directed to the sheriff of any county of the State the Comptroller on or before the fifteenth day of March in each year of the hand and official seal upon and sell the real and personal property of taxpayer's net income for his last preceding taxable year. The Comp- commanding him to levy found within his county, for the payment of same, the owning person the whenreturns troller may grant a reasonable extension of time for filing the added penalties, interest and the cost of ever in its judgment good cause exists and shall keep a record of every the amount thereof, with and to return such warrant to the Comptroller and such extension and the reason therefor. Except in the case of taxpayers executing the warrant, collected by virtue thereof by a time to be'therein who are abroad, no such extension shall be granted for more than six months. pay to him the money not less than sixty days from the date of the warrant. The Such returns shall, so far as may be, set forth the same or similar items specified, days after the receipt of the warrant, file with the called for in the blank forms of return prescribed by the United States sheriff shall within five the clerk shall enter in Commissioner of Internal Revenue for the enforcement of the Act of clerk of his county a copy thereof, and thereupon in the column for judgment debtors, the name of the docket, Congress known as the Revenue Act of 1918, together with such other facts the judgment and in appropriate columns the amount in as the Comptroller may deem necessary for the proper enforcement of this taxpayer mentioned the warrant, penalties for which the warrant is issued article. There shall be annexed to such return the affidavit or affirmation of the tax or portion thereof and date when such copy is filed, and thereupon the amount of such of the person making the return, to the effect that the statements con- and the shall become a lien upon the title to and interest in tained therein are true. Blank forms of return shall be furnished by the warrant so docketed of the person against whom it is issued in the Comptroller upon application, but failure to secure the form shall not real property or chattels real as a judgment duly docketed in the office of such clerk. The relieve any taxpayer from the obligation of making any return herein same manner said sheriff shall thereupon proceed upon the same in all respects, with like required. in the same manner prescribed by law in respect to executions Sec. 372. Administration of income tax law. The Comptroller shall effect, and a court of record, and shall be administer and enforce the tax herein imposed for which purpose he may issued against property upon judgments of executing the warrant, to be devide the State into districts in each of which a branch office of the Comp- entitled to the same fees for his services in of the Comptroller a troller may bd maintained; provided that in no cases shall a county be di- collected in the same manner. In the discretion issued and directed to any be and may effect force terms, like of warrant vided in forming a district. MAY 10 1919.] THE CHRONICLE agent authorized to collect income taxes, and in the execution thereof such agent shall have all the powers conferred by law upon sheriffs, but shall be entitled to no fee or compensation in excess of actual expenses paid in the performance of such duty. If a warrant be returned not satisfied in full, the Comptroller shall have the same remedies to enforce the claim for taxes against the taxpayer as if the people of the State had recovered judgment for the amount of the tax. Sec. 381. Action for recovery of taxes. Action may be brought at any time by the Attorney-General of the State at the instance of the Comptroller, in the name of the State to recover the amount of any taxes, penalties and interest due under this article. Sec. 382. Distribution of the income tax. Of the revenue collected under this article the Comptroller shall retain in his hands sufficient to provide at all times a fund in his hands in the sum of 8250,000 out of which he shall pay any refunds to which taxpayers shall be entitled under the provisions of this article. Of the remainder, 50% shall be paid into the State treasury to the credit of the general fund. The remaining 60% thereof shall, not later than the first day of July, and in case of moneys subsequently collected at least quarterly thereafter, be distributed and paid to the treasurers of the several counties of the State, in the proportion that the assessed valuation of the real property of each county bears to the aggregate assessed valuation of the real property of the State. As to any county included in the city of New York such payment shall be made to the receiver of taxes in such city and be paid into the general fund for the reduction of taxation of the city of New York. The county treasurer shall apportion the amount so received among the several towns and cities within the county in proportion that the assessed valuation of the real property of each town or city bears to the aggregate assessed valuation of the real property of the county, and shall credit the amount apportioned to each town against the county tax payable by it, and shall pay the amount apportioned to each city to the chief fiscal officer of the city to be paid into the general fund for city purposes. If the amount of the credit to a town exceeds the county tax from such town, the excess shall be paid to the supervisor of the town and be by him credited to general town purposes. Sec. 183. Comptroller to make regulations and to collect facts. The Comptroller is hereby authorized to make such rules and regulations, and to require such facts and information to be reported, as it may deem necessary to enforce the provisions of this article. Sec. 384. Secrecy required of official; penalty for violation. 1. Except in accordance with proper judicial order or as otherwise provided by law, it shall be unlawful for the Comptroller, any agent, clerk, or other officer or employee to divulge or make known in any manner the amount of income or any particulars set forth or disclosed in any report or return required under this article. Nothing herein shall be construed to prohibit the publication of statistics so classified as to prevent the identification of particular reports or returns and the items thereof, or the inspection by the Attorney-General or other legal representatives of the State of the report or return of any taxpayer who shall bring action to set aside or review the tax based thereon, or against whom an action or proceeding has been instituted in accordance with the provisions of Sections 380 and 381 of this chapter. Reports and returns shall be preserved for three years and thereafter until the Comptroller orders them to be destroyed. 2. Any offense against subdivision 1 of this section shall be punished by a fine not exceeding $1,000 or by imprisonment not exceeding one year, or both, at the discretion of the court, and if the offender be an officer or employee of the State he shall be dismissed from office and be incapable of holding any public office In this State for a period of 5 years thereafter. Sec. 385. Contract to assume income tax illegal. It shall be unlawful for any person to agree or contract directly or indirectly to pay or assume or bear the burden of any tax payable by any taxpayer under the provisions of this article. Any such contract or agreement shall be null and void and shall not be enforced or given effect by any court. Sec. 2. If any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged, by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered. Sec. 3. An assessment on account of personal property made prior to Aug. 1 1919, shall be as valid and effectual as if this Act had not been passed, and nothing in this Act shall be construed to impair the obligation to pay taxes assessed on account of personal property in the year 1918 or the Year 1919 prior to Aug. 1 whether payable in that year or not. Sec. 4. If in any city entitled to receive a portion of the taxes collected under Article 16 of the tax law as added by this Act the budget for the fiscal year current on July 1 1920 shall be completed prior to that date, the board of estimate and apportionment or other board or body having the duty of preparing the budget in such city shall have the power subsequent to such date and before the levy of the taxes on account of the appropriations made by such budget to revise the estimates of city revenue so as to include in such calculation the income to the city from taxes collected under Article 16 of the tax law as added by this Act. Sec. 5. The sum of three hundred thousand dollars ($300,000). or so Much thereof as may be needed, is hereby appropriated out of any money In the treasury, not otherwise appropriated, for the administration of Article 16 of the tax law as added by this Act, but any position established or salary fixed for such purpose shall be deemed temporary only and subject to the future action of the Legislature but no new position shall be created nor salary fixed except on the unanimous approval of the Governor, the Chairman of the Senate Finance Committee and the Chairman of the Assembly Ways and Means Committee, Sec. 6. Except as otherwise provided herein this Act shall take effect immediately. 1887 Hon. A. S. Burleson, Postmaster-General, Washington, D. C.: A leading New York daily newspaper of yesterday contains the following: "The statement of Clarence H. Mackay of the Postal Telegraph that he wanted his properties back immediately and did not require the legislation suggested by the Postmaster-General was viewed with some skepticism by the Postoffice Department. "The suggestion was made informally that if this was the position of Mr. Mackay he should say so directly to the proper authorities, who would give this statement the consideration that it deserves." In accordance with that suggestion, the Postal Telegraph Cable Company hereby makes formal application to you for the return of its telegraph lines at once, which you have the power to do under the proclamation of the President of the United States of July 22 1918, such authority to you reading as follows: "By subsequent order of said Postmaster-General, supervision, possession, control or operation may be relinquished in whole or in part to the owners thereof of any telegraph or telephone system or any part thereof supervision, possession, control or operation of which is hereby assumed or which may be subsequently assumed in whole or in part hereunder." You actually exercised your authority under the above quotation several weeks ago, when you ordered the return to their owners of 8,000 small telephone companies. We observe that you have recommended to the President that the wire lines be returned to the companies, but you state before this can be done that additional legislation is necessary by the new Congress in order to safeguard the interests of the companies. We desire to state that the Postal Telegraph Cable Company asks no additional legislation to safeguard its interests and is prepared:to take its lines back on one hour's notice. We further desire to state that we shall not ask the Government to pay to the Postal Telegraph Company one dollar for the use of its lines during the period of the Government control, but shall merely ask to be allowed to keep what the lines have actually earned from the transaction of the telegraph business during the period of Government control. In order that we may formulate our plans, an early reply will be appreciated. In reply to this message from Mr.Mackay,Mr. Burleson on May 1 sent the following, declining to turn back the lines of the Postal company immediately: Replying your telegram 30th, you are advised that the public interest re. quires that the telegraph and telephone systems now being operated under Government control all be handled as one proposition until Congress takes some action with respect to them. To do as you request would result in the wires under Government control being in competition with a private corporation in those parts of the country where traffic is most profitable and leaving the burden of giving to the public under a comprehensive schedule of rates a nation-wide telegraph service serving the unprofitable territory as well as the profitable. This would enable your cortoration to take the probitable business and continue to disregard the equally important but more costly service for the entire country. The interest of the public service must be guarded before private interest can be considered. The business of your company is in no way jeopardized by continued Government control and under no circumstances will be. Mr. Mackay's response to this, sent on the same day, was as follows: The Hon. A. S. Burleson, Postmaster-General, Washington, D. C.: I gather from your telegram that you propose to hold on to the Postal Telegraph lines as long as you can. This confirms the intimation we have received from various sources, including one of your representatives, that the Western Union and Bell Telephone Companies are working for continued Government control, and it is clear now that such is your purpose. Our lines, however, will come back automatically when peace is proclaimed, and if Congress meets before that date we shall ask Congress to order their return at once, and we will not ask Congress for any appropriation, such as you apparently intend to ask for the Western Union and Bell Telephone companies. Your admission that you cannot successfully compete with us I can well understand, in view of your mode of operation, but your statement that we have the most profitable territory is incorrect, inasmuch as through the Western Union you have the telegraph business in all of the railroad stations in the country without paying any rent or the usual expenses connected with the telegraph business. The Western Union obtained these railroad contracts many years before we went into the business. The Postal Telegraph system reaches points at which originates 70% of the entire telegraph business of the country. Your intimation that you are working in the interest of the public service is not borne out by the recent heavy increases in the telephone and telegraph rates inaugurated by you in the interest of the Western Union and Bell Telephone companies and against which we protested. In fact, all your acts have been in the interest of those companies, and your telegram cannot but be considered as further evidence of that. I entirely disagree with you that the business of the Postal Telegraph system will not be jeopardized by your continued control. You have removed our principal officers and placed in charge of our system a telephone man with Bell Telephone affiliations, you have terrorized our staff by threats of dismissal if caught criticizing your atcions against this company; you have stopped them from distributing our house organ, and your representatives are engaged in villifying our officers with our staff. If this is not jeopardizing our business I would like to know what is. I presume there is no use in further attempts at persuasion, and we shall rely on the joint resolution of July 16 1918 and on Congress and the courts. CLAR ANCE H MACKAY, President Postal Telegraph-Cable Company. POSTMASTER-GENERAL REFUSES IMMEDIATE RETURN OF POSTAL TELEGRAPH LINES. Mr. Mackay also sent the following to Mr. Burleson In response to the announcement of Postmaster-General on May 2: Burleson on April 28 that the telegraph and telephone lines, Hon. A. S. Burleson, Postmaster-General, Washington, D. C.: Having no reply to my telegram to you of yesterday in regard to your as well as the marine cables, would be returned to their refusal to turn back to us our telegraph lines on the ground that if you reowners as soon as legislation could be gotten from Congress tain the Western Union lines alone you could not compete with us, I now to protect the financial interests of their owners, Clarence request that you turn back the lines of both companies. That will enable H. Mackay, President of the Postal Telegraph Cable Co., competition to be resumed, something which public opinion throughout country is demanding. Certainly if the Western Union could comon April 30 sent a dispatch to Mr. Burleson asking for the the pete with us before you took possession, they should be able to do so now, immediate return of the Postal company's lines, and re- because in the interim they have received full compensation from you, have received nothing. They will have to resume competition peating the statement previously made by William J. while wesooner or later anyway unless you are able to establish a monopoly with us Deegan, Secretary of the company, that the company would of telegraphic communication in this country, which I believe impossible, not ask anything from the Government but the return of and hence I see no reason why competition should not be resumed at once. Union can hardly expect further assistance from Congress, the profits actually earned during the period of Government The Western in view of the tender way in which they have been treated by you, and control. Mr. Mackay's telegram read: whatever:may be the situation as to the telephone lines, we can see no rea- 1888 THE CHRONICLE sysson for your retaining any longer the control of the two telegraph tems. CLARENCE H. MACKAY, President, Postal-Cable Company. To the foregoing Mr. Burleson replied briefly as follows: Replying to your telegrams of yesterday and to-day, you are advised far that my telegram to you of the first instant disposes of the matter so as the Postmaster-General is concerned. NEW YORK SUPREME COURT FORBIDS TELEPHONE RATE INCREASE. Justice Rudd in the Supreme Court of New York State on April 30 upheld the contention of the Public Service Commission, Second Districts that increased rates by the New York Telephone Co. and the Western Union Telegraph Company, and proposed increased rates by the New York Telephone Co. were illegal and unlawful, and issued injunction orders preventing enforcement of the increases which were ordered by the Postmaster-General. A similar injunction by Federal Judge Landis at Chicago was on May 6 set aside, as noted below, pending final decision of the right of the Federal Wire Board to prescribe intra-State rates. Press dispatches from Albany on April 30 gave the following in regard to Judge Rudd's decision: Company of the "The public has acted and fixed the rate when the public officers United States fixed it. States "It seems clear that if Congress had intended to confer upon the will furnish the power to regulate the rates at which the United States reservaa by intention that expressed telephone service, it would not have tion to the States of their police regulations." prop"When a private corporation leases, for however short a time, the of erty of another such corporation it is certainly with the expectation to profit making enough from its operations to pay the rental and even a would exitself: It was therefore to be supposed that the Government to pay pect to charge in the operations of these properties sufficient rates which it rental the discharge for the increasing expenses of operation and d was to pay. It would have been legitimate to have even contemplate public some additional sum to reimburse the Government for the time of officers consumed in this work." The Government contends that State public utility commissions were never authorized when created by the States nor since to deal with the rates of public utilities operated by Government agencies. Counsel for North Dakota also filed their. brief on May 2, the brief asserting that Congress in enacting the Railroad Control Act had no intention of giving Federal officials .authority to interfere with intra-State freight and passenger rates and asserted that the statute did not confer arbitrary power upon the President. The brief also said: Justice Rudd's injunction restrains the New York Telephone from putting into effect to-morrow proposed increased charges throughout the State for local or exchange service. These increases were to range New from 25 cents to $2 a month in different parts of the State, except York and Buffalo. the by rates telegraph in A further enforcement of the 20% increase Western Union is also prohibited. No decision was rendered upon the commission's application so far as it relates to the Postal Telegraph Copany. Continuation of the advanced toll rates by the New York Telephone Company, which have been in effect for several months, is also restrained. It was contended by the commission, in requesting the restraining orders, that the increasing of rates under instructions by the PostmasterGeneral, without filing with the commission a schedule of the proposed increases, as required by State law, was illegal. Justice Rudd holds that the defendant corporations have not "shown any legal or valid reason in fact or in law why they should not conform to the requirements" of this such Under the Control Act the President is authorized to make only conorders as are necessary and proper to carry out the objects of Federal connected purposes other and war for trol, namely, the use of the railroads inconsistherewith. Clearly the State laws upon those subjects are not by tent with the Act of Congress and cannot be abrogated or superseded an order of the President. statute. The Court orders that the defendant corporations, their officers and employees, be prevented "from charging, demanding, collecting, or receiving a different or increased compensation for any service rendered or to be rendered wholly within this State than the charge applicable to such service as specified in its schedule on file and in effect at the commencement of proceedings, except after thirty days' notice to the commission." SUPREME COURT SETS ASIDE WIRE RATE INJUNCTION PENDING FINAL DECISION. The U. S. Supreme Court on May 6 issued an order temporarily setting aside the injunction issued on April 26 by Federal Judge Landis at Chicago, the effect of which was to prevent the Federal Wire Board from putting into effect a schedule of increased rates for intra-State traffic in Illinois. Under the Supreme Court's order the Wire Board may now enforce its new rates pending final decision in the cases involving appeals from decisions by Massachusetts and South Dakota courts, arguments on which were heard on Monday last (May 5). As stated in these columns last week (page 1776), the public 'service commissions of several States intervened in the case, which was regarded as a test case to settle the right of the Federal authorities to prescribe intra-State rates for telephone and telegraph service. Following the arguments on Monday, the Supreme Court took the cases under advisement, but is expected tolrender its final decision before the adjournment of„.theSourtifor the summer, which is set for June 9. • The Government in a brief filed on May 2 declared the suits instituted by the South Dakota and Massachusetts authorities to restrain the Postmaster-Generallfrom increasing the rates were in reality brought againstl,the United States without its consent and should be dismissed. The Government also contended that in takineovericontrol of the telephone systems of the country the President "placed them in the hands of the Postmaster-Generallas his representative, under the broad power given him by the resolution to manage as he saw fit," and they thus;were ineffect added to the postal service and "became asSmuchia part of the means of conveying news:or communication as ,the mail." The brief was further quotedlinfpress dispatches as saying: "The regulation of rates as an exercise of power is the assertion of a right to control a private business, affected with a public interest and subject to a public use, so as to subject the private:propertyjto the public service upon the payment of just compensation. IA Tolthis endain order that the private right may not be asserted to extorgundue;*compensation for use, the power is exercised to regulate the price for use just as it might be to regulate the price for the property itself if thelfee;was being taken. "The Government brief, prepared by Solicitor-GeneralAKing, denies that State police powers are impaired or affectedlby notisubmitting the rates fixed by the officers of the United StatesIto7State control, because not only the police regulations of the State do:not:affect rates made by the Government itself, but the police power does not extenditolsuch:a subject. (Vol,. 108 At the hearing before the Supreme Court on May 6 arguments were made by W. H. Hitchcock of Boston, Assistant Attorney-General of Massachusetts; Oliver E. Sweet, Assistant Attorney-General of South Dakota; Fred S. Jackson, representing the State of Kansas, and Raymond S. Pruitt, Assistant Attorney-General of Illinois, all in behalf of proceedings attacking the Postmaster-General's order brought in their respective States. Henry S. Robbins of Chicago made the closing argument for the Government. Attorneys representing the States contended that adequate provisions had been made by the States for determining the justness of intra-State wire rates, that the Inter-State Commerce Commission had authority to regulate rates, although this power had never been exercised, and that Congress had no intention and no thought of any one attempting to exercise the jurisdiction over the wire properties the Postmaster-General is exercising. Mr. Robbins for the Government contended that Congress conferred "one man power" upon the President to enable him to take over the resources of the country for the successful prosecution of the war; that he or his agents had ample authority to fix rates, and that Congress had no intention of hampering him in the operation of these utilities. TELEPHONE RATE INCREASE FORBIDDEN BY NEW JERSEY UTILITIES COMMISSION. The New Jersey Public Utilities Commission on May 1 issued an order suspending until Aug. 1 the increase in telephone rates prescribed by the Postmaster-General, and which was to have gon into effect on May 1. The matter came up when an application was made by the New York Telephone Co. and the Delaware & Atlantic Telephone & Telegraph Co. for a stipulation proposed by the companies that if the New Jersey Public Utilities Commission would agree to initiate no proceedings against a 20% increase in telephone rates put into effect by order of the Postmaster-General, the companies would refund the excess charge should the United States Court rule that the Postmaster-General had no power to increase intra-State rates without the approval of the regulatory commissions of the several States. In denying the application, and at the same time suspending the increased rates, the Commission set up the claim that no authority existed by which it could be a party to the stipulation, and added that "assuming the existence of such authority, the policy of bartering away the legal rights of the patrons of the companies, under a promise to rebate the excess charges illegally imposed, was unsound." N. Y. CHAMBER OF COMMERCE OPPOSES CONTINUANCE OF GOVERNMENT CONTROL OF TELEGRAPH AND TELEPHONE LINES. The Chamber of Commerce of the State of Now York has expressed itself as "strongly opposed to any unnecessary continuance of Government control and operation of public utilities," and especially "to its existing control and operation of the telegraph, telephone and cable systems of the country." These declarations, and the further declaration that the existing operation of these public utilities has been inefficient, vexatious and costly," are contained in a resolu- THE CHRONICLE MAY 10 1919.] tion adopted at the annual meeting of the Chamber on May 1; the resolution was introduced by Darwin P. Kingsley, on behalf of the Executive Committee, and read as follows: 1889 A decision on the question of improved relations between that great body of our citizens who work for wages and that equally great body of citizens who have put their savings into enterprises which are the business bulwarks of our country. The methods to be adopted for owning, managing and developing our system of transportation and communication by rail, water, air, telegraph and telephone. Mr. Elliott said he was enough of an optimist to believe Whereas, There has been a marked deterioration in the character of service rendered since the Government took over the telegraph, telephone and cable systems of the country; and Whereas, The emergency that led the Government five days after the signing of the armistice to take over the cable systems must now have we shall answer these questions rightly if we give our minds measurably subsided; and Whereas, The experience of business men generally with the service to them. They must, he said, "be discussed and sound inrendered by public utilities recently taken over by the Government has formation must reach the people, and they, through the strengthened a conviction previously deep-seated and widespread that force of public opinion, in the last analysis, will decide. Government ownership of such utilities should be limited to the field occupied prior to the war; and the experiences of nine months have created This may cause delay, and yet prompt action is most dean equally profound conviction that Government operation of such utilities sirable, because the greater the delay the greater the danshould be discontinued at the earliest possible date; and ger of uncomfortable and disastrous conditions before we Whereas, In the proclamation issued by the President of the United States on the 22d of July 1918, taking over the land telegraph and telephone reach a conclusion that will permit the country to resume systems of the country, he said this amongst other things: its work of development." "By subsequent order of said Postmaster-General, supervision, possesIn expressing anew his views as to the control of the railsion, control or operation, may be relinquished in whole or in part to the roads, Mr. Elliott said in part: owners thereof of any telegraph or telephone system or any part thereof supervision, possessionor control of which is hereby assumed or which I do not believe that human nature and the art of Government have developed sufficiently to make Government ownership or operation sucmay be subsequently assumed in whole or in part hereunder." cessful, but I do believe that the experiment of Government ownershi and Whereas, On April 28th 1919, Postmaster-General Burleson announced and operation involves a risk of disaster, not only to the railroad system of that he had recommended to President Wilson the return of the ocean the United States, but to some of the fundamental theories of American cables to their owners, and would recommend that the telegraph and life and effort which have made us a great nation. If the Government is not to own the railroads, this owning and managing telephone lines also be returned as soon as legislation could be obtained from Congress safeguarding the owners; and them is a business just as much as owning and managing a bank, a coal Whereas, The Postmaster-General further stated that he hoped to mine or a steel plant. I believe, therefore, that it is just as unwise to make return the cable lines to their owners not later than May 10th; and the furnishing of railroad transportation a function of Government as to Whereas, Federal control over the telegraph and telephone lines ceases make the furnishing in peace time of money, credit, coal and steel a funoautomatically upon the proclamation by the President of the exchange of tion of Government, and that transportation will be given to the people at the lowest cost by admitting that the owning, managing and operating ratification of the Peace Treaty; and Whereas, The Postmaster-General through Judge Moon, former Chair- of a railroad is business. man of the House Committee on Post-Offices and Post Roads, in January Mr. Elliott among other things also said: last attempted to extend Federal control of the telegraph and telephone I believe that the following statements are sound: lines indefinitely; and The American people elected to have their transportation furnished by Whereas, In a statement in the New York "Sun" of April 1st 1919 private individuals, subject to Governmental regulation rather than by Mr. Clarence H. Mackay, former President of the Postal Telegraph & the Government itself. Cable Company System, removed from his office by Postmaster-General The experience of the last sixteen months has confirmed them in that Burleson on March 19 1919, said that if the Postmaster-General would opinion. return the Postal's lines to the company at once it would carry on its The people having made that decision, the furnishing of transportation business at the old rates; and is business, and must be conducted as such. Whereas, Mr. Mackay in the public press on the morning of April 29th The individuals who engage in it must be permitted, as those in other 1919 stated that there is no earthly reason why the Postmaster-General forms of business are permitted, to charge enough for what they sell, should not return the Postal System's lines to their owners immediately, namely transportation, to pay all expenses, taxes and other charges, inand stated further that no additional legislation was necessary; now, there- cluding a fair return on the value of the property devoted to the public use, fore, be it and sufficient to attract new capital to increase the facilities necessary for Resolved, That the Chamber of Commerce of the State of New York is the public welfare. strongly opposed to any unnecessary continuance of Government control Regulation by the Government is necessary and desirable, but it should and operation of public utilities, and especially is opposed to its existing not attempt management and operation of the business but should be control and operation of the telegraph, telephone and cable systems of the confined to those steps necessary to prevent unjust discrimination, excountry; tortion or excessive profits; to provide for good service and the safety of Resolved, That we applaud the action of the Postmaster-General in his the public, and for suitable living and working conditions for the employees. apparent willingness to return the cable lines to their owners; and that we' Regulation, in addition to correcting and preventing abuses, should also recommend to his careful consideration the expressed willingness of the protect the property owner and the credit of the companies and see that former officers of the Postal System immediately to take back their proper- facilities are expanded in time to meet the constant growth of the country. ties; It should also provide means for continuous service to the public when Resolved, Further, That the existing operation of these public utilities differences of opinion arise as to wages and working condition... has been inefficient, vexatious and costly, and while we cannot from lack As the railway system is national in its work and scope, regulation by of complete knowledge assert that the war necessities of the Government the Federal Government must be supreme and not be weakened or set have not justified this inefficiency and cost, we are not persuaded as to aside by State regulation. that; and we are perSuaded so far as the Postal System at least is conContinuous amalgamation of various railroads into a number of larger cerned that such control is no longer necessary; and be it further systems must be permitted, so that the whole country will be well served Resolved, That copies of these preambles and resolutions be sent to the and there will still be the spur of self-interest and competition all the Postmaster-General, Washington, D. C. time so as to produce development and good service. The income of the roads should be adjusted within a reasonable time to meet the necessary outgo, and until that readjustment can be brought HOWARD ELLIOTT ON RAILROAD SITUATION. about the Government should protect the financial stituation, not for While declaring himself "an optimist of the long future the purpose solely of making a return to individual holders of securities, of the United States," and expressing his belief that "we are but to prevent a financial collapse that will affect the whole country. • Until the valuation work can be completed, it might be assumed tentaon the eve of the most important fifty years in the history tively, and without prejudice as to thefinal valuation, that the standard reof this country . . . and shall accomplish wonderful turn now being paid by the Government is a fair return on the property. results if we do not sit idly by," Howard Elliott, Presdient and that, pending the final valuation, the Government shall not reduce rates until under normal conditions as to volume of business, the income of the Northern Pacific Ry. Co., in an address this week exceeds the standard return. It is better for the country to have the roads sustained by means of the noted that he did not "minimize dangers and difficulties rates charged for transporting passengers, freight, mail and express, of the immediate future, due in part to the results of the rather than to make up the deficiency, large or small, by appropriations world-wide war." Mr. Elliott, whose remarks were ad- from the national or State treasuries. dressed to members of the Economic Club of New York If these statements are sound, as I believe they are, a law can be drawn give that will effect to them. Many suggestions have been made, and I that organization at the Hotel Astor on May 8, at a dinner of believe that it is entirely possible for the statesmen in Congress, backed pointed out that "one of these dangers is that the great rail- by the President and his advisers, to take the accumulated information to way system of the United States may not be protected suf- draw the bill and pass the law this year. This bill should not be.a— Railway or a Bill, Executives' prevent a financial collapse, and so that necessary ficiently to Railway Investors' Bill, or a development will continue." Mr. Elliott added: Bankers' Bill, or a During the readjustment of conditions arising from the war the rate Labor Unions' Bill, or a structure ought to be adjusted to meet the expenses that have increased Shippers' Bill, or an Inter-State Commerce Commission Bill, or a during the war period. If not, many roads now paying dividends will not and them, continue this will United States Railroad Administration Bill, or a be able to affect the bonds now held by saving Republican Bill, or a banks, and other roads will be unable to meet their fixed charges and will Democratic Bill. be forced into bankruptcy and the expansion of facilities will be checked unless large and continuous appropriations aro made from the national It should be the nation's bill, reflecting all conditions, and there should treasury. be no politics in it. It is very important to come to a conclusion this year about the new According to Mr. Elliott, some of the questions confrontrailway legislation. All kinds of people are helping and will help, but ing the people of the United States, and upon the wise those who represent the people must frame the law. It is their job. It handling of which depends the peace, prosperity and hap- cad be done, it must be done, and it will be done, and done right. When done, and with reasonable financial protection until the readjustment bepiness of all, are: tween income and outgo is completed, our wonderful American railway The making of a just peace. system will start forward again on a period of development and service. A decision whether our form of Government shall be so changed that These great highways, which are the arteries through which the commtree the State is to take the place of the individual in many activities heretofore of the country flows, will be nourished and become elastic again. Witn handled by individual enterprise. co-operation between the railway users, the railway employees and the The checking of waste and extravagance in Government operation, railway owners, and with reasonable liberty of action so that the Amerinational, State, county and municipal, with the accompanying load of can citizen can use his individual initiative and his tireless energy, the taxes, which is so burdensome, by the adoption of what are called "business country will go forward to meet its great future better equipped than ever principles" through a suitable budget system. before. the 1890 THE CHRONICLE [vol.. 108. lines within a given region, not total excess earnings for the prosperous OPPOSITIONfOF CITIZENS SAVINGS & TRUST CO. OF leaving enough to encourage these stronger lines to take over the weaker lines under their protection, building them up and strengthening them to CLEVELAND TO WARFIELD PLAN FOR RETURN give the public better service, which is both desirable and necessary, proOF RAILROADS. vided such consolidations are properly safeguarded by Governmental "Emphatic disapproval of the plan in its entirety, as well supervision. 'rhe proposal to create regional commissions composed of three men as to specific features involved," is registered against the each, drawing maximum salaries of only $7,500 each, and providing that Warfield plan for the return of the railroads to private no person shall be eligible who is in any way pecuniarily interested in any bonds, or who holds operation by the Citizens Savings & Trust Co. of Cleveland, railroad property, or who owns any railroad stocks orshort of Bolshevism, official relation to any common carrier, is little "as security owners representing probably $25,000,000 of any these restrictions, under obtained for who could qualify, or who could be railroad securities." The attitude of the institution toward except some cheap lawyer or politician? It seems to me that we have althat a man is disqualified for the plan is made plain in a letter addressed by the institution ready had more than enough of the theoryevidence of success and fitness in service who happens to possess the on May 1 to S. Davies Warfield, President of the National public the particular field in which he is called to render that service. Association of Owners of Railroad Securities, whose plan, as Too large systems do not make for efficient of economic operation, and the hands of a few men supervising presented to the Senate Committee on Inter-State Com- the attempt to lodge executive powers in certain groups of systems, or large regions, or to group all the roads in obmerce, was referred to in our issues of Feb. 1, page 438, and sections into single systems, as has been elsewhere proposed, is most in Feb. 15, page 644. The conclusions of the institution, the jectionable. Large systems tend to congest both in their traffic andfar executive's authority Is necessarily too letter states, follow a study of these and other statistical their official handling, for the Such cars. removed from the activities which turn the wheels under the matter, as well as of Senate Bill No. 8-5679, which purports an organization (and your proposed regional commissions and the National such an was stated, is it matter, The plan. Warfield the to embody Railways Association, with the powers vested in them, constitute necesinevitably takes on bureaucratic methods, which are brought before the directors of the bank on April 28, and organization) gone. has train sarily slow, and the result is that the answer comes after the discussed fully, with the result that not only was it directed Responsibility is too far removed from the seat of operation, with the result that the disapproval of the Board be conveyed to Mr. that not only is the esprit de corps destroyed, but efficiency of operation is to a minimum. Warfield, but at the same time he be informed of the in- reduced Railways The proposal to create a body to be known as "The National ability of the bank "to support either by influence, or con- Association," to facilitate the return of the railroads to their owners would, be confined tribution of funds," the program proposed. The letter says I believe, be commendable, provided its functions shouldinstitution to within that scope, but to create such a body as a permanent In part: railroads of the gather under its control one-third of the excess earnings of all You will recall that when I was in attendance at the meeting of the Committee of Seventy in New York, early in March. I expressed doubts as to certain features of the plan proposed, and my further study of the plan has only confirmed these doubts the more strongly. As I stated to you at that time, the plan and the above bill embodying it is, to our minds, a step in the direction of outright Government ownership, and we are absolutely opposed to anything of that sort on principle. It has been stated that the bill in question is, in effect, a compromise, that it is the most conservative program that, in the opinion of its advocates, can be secured from Congress, and that unless we are willing to accept this program there is danger that something more radical will be put into effect. With this attitude we are not at all in sympathy, and we refuse to compromise in advance of the struggle. In this connection, may I not call attention to the fact that since the Warfield plan was evolved there has been a very radical change in public sentiment against Government ownership in any form, which sentiment is gaining headway every day. Within the past few days we have witnessed, in connection with the Postmaster-General's control of the wire systems, the concrete results of the aroused public feeling on this point on the one hand, and of the uncomprising attitude with respect to the return of these properties of Mr. Mackay of the Postal Telegraph Co. on the other, which we believe is without doubt the one compelling reason for the Postmaster-General's proposal to return the cables and telegraph lines at the earliest possible date. Could anything demonstrate more clearly, with respect to the railroad situation, the unwisdom of any compromise whatever by those who have the best interests of the railroads, the security owners and the country at heart? Taking up specific features of the bill in question, we object most strenuously to a limitation of6% on railroad earnings. Such a limitation would, in our judgment, ruin railroad credit for all time. Six (6%) per cent is the minimum dividend that any prosperous railroad should pay, leaving only the pittance which may be derived from excess earnings for re-investment in improvements, or for building up a surplus fund for lean years. The Warfield plan makes no provision whatever for lean years, and by turning over excess earnings in the manner proposed it creates a situation where, from the standpoint of the Government and the employees, it is a game of "heads I win, tails you lose." If 6% is to be the maximm normal return, on what basis will it over be possible to pay any railroad debts, or who would be willing to purchase any railroad securities in the future? In the past few years railroads have been required to pay considerably more than 6% for funds, and the future must provide the means for taking care of the enormous obligations thus incurred. The bill, as drawn, provides that the standard return shall be computed on the basis of 6% of ''property investment," but no attempt whatever is made to define what is meant by "property investment," and so much discretion in regard to this matter is apparently left to Governmental agencies, that to our minds the provision is calculated to produce the utmost friction and litigation between the carriers and the Governmental agencies. We have already seen the spectacle of an attempt to arrive at physical valuation. and while the Government has been spending years and millions of money in this attempt, we are still far from any helpful or definite conclusions, or even suggestions. The theory of dividing excess earnings in three ways is, to our minds, a mistaken one. Organized labor has for years contended for a uniform rate on all railroads, regardless of size or their ability to earn them. Such rates have now been made effective. To use one-third of excess earnings to reward employees of prosperous roads, or regions, would immediately create an inequality of rates, which would at once result in demands for further increases on all other roads to re-establish uniformity of rates, working conditions, insurance or pension allowances, &c. The theory of labor participating has failed of convincing demonstration even in small units and, in our judgment, if applied on the vast organizations of the railroads it would never work out practically, but would, instead, prove a boomerang leading to new labor troubles. One-third of excess earnings is not sufficient to encourage capital to finance improvements that would bring about economies of operation. For example, if on a certain railroad $1,000,000 spent for grade revision would promise reduction in operation amounting to 20% of the amount to be invested, one-third of which would accrue to the corporation for payment of interest, the other two-thirds going to interests that had no responsibility In providing the $1,000,000, how can one conceive that a board of directors would ever authorize the expenditure? This is not a hypothetical case, as I have in mind a specific instance of such an expenditure resulting in Just the manner mentioned, which, under the Warfield plan, would certainly never have been authorized. The economic wasto of continuing the old operation, in the above example, would go on fotever, and not only would the public be deprived of superior facilities, but there would be absolutely lacking any incentive for judicious and effective supervision of the road itself. Another weakness involved in the distribution of excess earnings,ras 44sted in the above bill, Is that the plan takes too much out of the greatest the country, as provided in the bill, is a measure fraught with the National Assodanger. As money would accumulate in the hands of the would, in due ciation, there is practical certainty that the aggregate fund with retime, far overreach the immediate necessities of the Association, nature spect to rolling stock purchases and the like, and it is beyond human proporto conceive that when this fund should become reasonably large in spending tions, the Association would not begin to look around for means of initial it, either in the construction of competing railroad lines, or in the steps of a program of actual Government ownership. Railroad In this connection, it is pertinent to point out also that the amount of Administration, as a purely war measure, purchased a large normal the rolling stock, which, under war conditions, cost much more than know, price for such equipment. The Railroad Administration has, as you country, even attempted to force this equipment upon the railroads of the Such at the exorbitant cost at which it was acquired, as just indicated. and forced allocation of the equipment in question is, to our minds, unjust reeven may which immoral, and we are utterly opposed to any measure assurance motely contemplate such action. Senate Bill No. 5-5679 gives no this -letting, whatever that the National Association in leasing, or sub of the Government equipment to needy roads would not do so on the basis that if the contention our is original exorbitant and abnormal cost, and it purchases of individual roads are to relieve the Government of its war referequipment, this must be accomplished on equitable terms, with duo consent of the ence to the normal cost of such equipment and only with that the roads in question. In other words, we hold, as already stated, measure, the Government purchased this rolling stock as a necessary war equipment, just as the Government purchased motor trucks and other war dispose which surplus equipment the Government is now obliged to sell, or of motor of, at the inevitable sacrifice price, and if that is true in the case apply in trucks and other miscellaneous equipment, the same rule should the the case of railroad roiling stock, and the Government should absorb We war. the of inevitable loss on this score also as a necessary expense otherwise. shall be opposed, therefore, to any measure that may provide the To sum up our position, therefore, we find it impossible to approve Warfield plan on the ground that it is a compromise, and an attempted ownership straddle which, to our minds, is worse than outright Government the and quite impossible. Accordingly, we are unalterably opposed to passage of the above bill, and we take the position that the President and in the Administration should carry out, in terms, the promise conveyed the President's proclamation. We believe that the strength of the railroad securing toward directed security holders and the railroad owners should be the return of the railroads to their owners at the earliest possible date; that whatever Federal legislation is enacted to provide for improved conto ditions, over those which existed prior to the war, should confine itself control the elimination of multiplied jurisdictions and the centralization of In the hands of the Federal Government as far as rates, wages, security issues and operating conditions are concerned. I mean by this that Consupergress should instruct the Inter-State Commerce Commission, or other earn vising bodies, to correlate rates and wages so as to enable the roads to a proper return upon their investment; in other words, to provide that rates shall be placed upon a level which will boar proper relations to the wages imposed by Governmental edict. We believe that many of the roads could be returned to their owners immediately. Others could be returned later, and in regard to others specific plans might have to be worked out to avoid disaster, but, as stated early in this letter, in our minds the only way to return the roads, as promised by the President, is to return them, and we are utterly opposed to any compromise legislation which will in any way deprive the roads of their inherent rights, or move us one step nearer Socialism or Government ownership. It is with great regret that we find ourselves in opposition to your program, which I trust we have not misconstrued, and you will understand, I am sure, our resultant inability to further support the actions of the National Association of Owners of Railroad Securitles in this connection, either with funds or with our Influence. RAILROAD DEFICIT OF $192,000,000 FOR FIRST QUARTER OF 1919. A deficit of approximately $192,000,000 for the first three months of the pre3ent year, after deducting the rental due to the railroads, is shown for the railroads under Government control, in a statement issued on May 6 by Walker D. Hines, Director-General of Railroads. The latter's statement followed the issuance earlier in the day of the estimate of earnings and expenses of the railroads compiled by the Bureau of Railway Economics from the reports of the Inter-State Commerce Commission; this disclosed a deficit of MAY 10 1010.1 THE CHRONICLE approximately $133,000,000 in the case of class I roads for the first quarter. With respect to the differences between Mr. Hines' figures and those of the Bureau, it is pointed out that Mr. Hines calculated the guaranteed compensation for the three months as three-twelfths of the annual compensation, while the Bureau calculated each months' share on the basis of the average for that month in the three prewar years. The Railroad Administration figure also included small roads, not.included in the so-called Class.I, which are under Government control, and also expenses of the control:and administration and cost of operating inland waterways. Mr. Hines explained that his system of calculating tended to show the Railroad Administration's position rather at a disadvantage for the first three months. We • quote as follows from Mr. Hines' statement: The results for the calendar year 1918 show that at Dec. 31 1918 the deficit incurred by the Railroad Administration for that year after deducting the rental due the railroad companies amounted to $226,000,000. This included the expenses of the central and regional administrations, and also included the operations of the inland waterways under control of the Railroad Administration as well as the incidental statement. There remained comparatively small amounts of back pay for the calendar year 1918 which were not charged into the accounts for that year, but which have largely been charged into the three months ending with March 1919. For the months of January, February and March 1919 the aggregate deficit incuned, after deducting the rental due to the railroad companies, was approximately $192,000,000. This figure includes not only the class I railroads but all other roads under Federal control, the expenses of the central and regional administrations, the operation of inland waterways under control of the Railroad Administration, as well as some incidental and miscellaneous items. In arriving at this figure there hat- been charged against each of these months one-twelfth of the annual rental of the railroads. Generally speaking, these three months have always earned much less than three-twelfths of the return for the year so that a substantially less charge of rental into these months would not be inappropriate. Still it seems preferable to charge a full one-twelfth of the rental into each of these months rather than to run the risk of an impression arising that there is any disposition to understate the actual results. To a large extent the unfavorable results for January, February, and March are due to the fact that business has fallen off and that expenses could not be correspondingly readjusted, so that the loss largely arises in connection with the period of readjustment through which the country Is going. Industrial enterprises generally have suffered embarrassment on account of the fact that business has been curtailed so much more rapidly than expenses could be curtailed. The railroad business is probably in its nature less elastic than any other business and shows more unfavorably the embarrassments of readjustment. Since the first of the year I have conferred repeatedly with the regional directors and I have also conferred with nearly all the Federal managers in the United States on the subject of costs. The entire railroad organization has been and is working most earnestly to readjust costs to meet the present conditions, but the nature of the railroad business, whether under private or public control, is such that to a very large extent it is impossible to offset loss in business by a corresponding reduction in costs. On the other hand, when there shall be a substantial increase in business the revenues therefrom will be largely reflected in the net because the costs will not be correspondingly increased. It is believed that this improvement will be considerably emphasized by reason of the fact that maintenance work has been carried forward during the favorable weather of January, February, and March on a liberal basis, despite unfavorable business, and this should be reflected in a saving in maintenance costs later in the year. While passenger business for the three months was only slightly less than last year, the loss in freight business was much more pronounced, as is shown by the following table: Total Net Ton Miles. (Revenue and Non-Revenue.) 1919. 1918. 1917: 30,383,169,000 27,619,867,000 32,652,616,000 January 25,681,943,000 29,678,260,000 February 28,386,351,000 28,952,925,000 37,706,100,000 31,674,619,000 March comparable strictly with those for 1918, but the The figures for 1919 are 1917 figures do not include all the large roads in Federal operation. In order to put all three reports on a conveniently comparable basis, the net ton miles per mile of road per day are given in the following table: Net Ton Miles per Mile of Road per Day. (Revenue and Non-Revenue.) 1919. 1918. 1917. 4,275 January 3.878 4,770 4,002 February 4,591 4,511 4,059 March 5,273 5,192 It is impossible on the basis of these three months to predict the results for the year as a whole, although it is believed the results will be very much less unfavorable if, as seems to be generally anticipated, there shall be an important resumption of business later in the year, especially if the great crops now in prospect shall be realized. On the trip in the West which I have just completed I have found the most pronounced optimism on the part of business and agricultural interests generally, which gives a reasonable basis for hoping for an enlarged business that will be relatively profitable to the railroads, since handling it should not correspondingly increase their costs. But, while it is proper to mention these factors, it must be admitted that in the midst of the present period of post-war readjustment it is impossible to make any confident statement as to the results of railroad operations for the remainder of this calendar year. The present unfavorable results naturally lead to agitation of the question whether there ought to be an increase in rates. My own judgment is that the present conditions are too abnormal to serve as a basis for any general change in the level of rates and that it is preferable to defer action on that subject until there shall.have been a fullerlopportunity to get a more reliable, and possiblY a more.normal, measure of the conditions, meanwhile resorting to every practicable economy, studying the situatiori with the greatest care, and keeping the public fully informed as to developments. There has not been included in the months of January, February, and March the sum of approximately $6,000,000 per month forlback pay on 1891 account of wage orders recently issued to put into effect recommendations of the Board of Railroad Wages and Working Conditions which were made upon proceedings pending before it during the war, such wage orders being necessary, as heretofore explained, to complete the war cycle of wages to which the Government was necessarily committed during the war. These amounts of back pay will appear in the next few months and of course will result in diminishing operating income for those months. One other item needs to be mentioned. Under the contract between the Government and the American Railway Express Co. in the summer of 1918 the Government undertook to assume any operating deficit which the Express Company might incur during Government control. Such operating deficit for thefirst year will not be ascertainable or technically chargeable against the Railroad Administration until the end of twelve months from the effective date of the contract, I. e., July 1 1918. The amount of this deficit, however, should be borne in mind. For the six months ending Dec. 1 1918 such deficit was approximately $9,500,000, and for the months of January and February 1919 (including allowance for back pay to be hereafter paid on account of those months), it is roughly estimated that such deficit will be approximately $5,040,000, making the operating deficit now in sight for the first eight months of the year which will end June 30 1919 approximately $14,540,000. It can reasonably be assumed that this additional expenditure will have to be incurred by the Railroad Administration on account of the eight months in question, although it will not appear in the accounts until after June 30 next. No estimate can yet be made for the month of March. It is not anticipated that the conditions for April will be more favorable than the conditions for January, February, and March. In many parts of the country the effects of business readjustment were more pronounced in April than in the earlier part of the year. It is my policy to give the public facts, and, where the inference to be drawn is doubtful, to resolve the doubt in such way as to avoid the risk of making a statement more favorable than the ultimate facts will justify. INCRtASE IN PAYROLL OF RAILROADS. A report submitted to Director-General of Railroads Walker D. Hines on April 26 by the Operating Statistics Section of the Railroad Administration shows that the aggregate payrolls for all classes of employees of railroads under Government control rose from $153,039,998 in December to $230,800,589 last January, with the average rate of pay increase 48%. There was a reduction in pay of one class, general officers. The report deals with the number employed in each class, days and hours worked, pay in the aggregate, per day and per hour, and the rate of advance, as of December 1917, the last month of private operation, and January 1919. It is the first report of the kind ever prepared by the Railroad Administration. It shows that in the thirteen months between the two dates, the number of employees rose from 1,703,748 to 1,848,774, or 8.5%. This was said to be only a normal rate of increase to take care of traffic handled. In most classes of employment the numbers increased, except in the cases of freight and passenger enginemen, firemen, conductors, trainmen and flagmen. The demand for these classes of men on military railways in France caused a decrease in the number employed in the United States. It is stated that, although the report does not give specifically the number of hours for each man, or even an average, it was indicated that hours worked amounted to less in January than in the month preceding Government control. The aggregate of hours worked increased a little more than 1% and for the classes employed by the day, working time was 5.7% greater. The report showed that passenger engineers are the highest paid railway employees, receiving an average of 98 cents an hour. The next highest paid are train dispatchers, whose average is 91 cents an hour. For members of the "Big Four" Brotherhoods, and allied employments, whose recent wage advance was not figured in this report, the percentage rates of any increased were as follows: Freight engineers, 17%; freight firemen, 35; freight conductors, 21; freight brakemen and flagmen, 41; passenger engineers, 16; Passenger firemen, 24; passenger conductors, 13; passenger baggagemen, 37; passenger brakemen and flagmen, 37. The number of clerks employed rose from 108,000 to 205,000, and their wages went up 19%, or less than half of the average increase for all employees. Sectionmen, of whom an army of 249,000 was employed, received a general advance of 75%, but were still among the lower paid employees. Shopmen received a larger share of increased wages than any other similar group. Some of the percentage increases give these men are as follows: Machinists, 41; boilermakers, 42; blacksmiths, 43; masons and bricklayers, 73; structural ironworkers, 98; carpenters, 65; painters, 60; electricians, 67; car repairers, 55; mechanics' helpers, 59. Telegraphers got 64% increase, and station service employees, 72%. DECISION OF INTER-STATE COMMERCE COMMISSION AS TO BILLS OF LADING. A decision of the Inter-State Commerce Commission in the matter of bills of lading, handed down April 14, was made public on April 30. The subject was divided into three sections, one dealing with the general merchandise bill, 1892 THE CHRONICLE [VOL. 108. another with the export bill, and a third with the live stock rangement for a continuous carriage or shipment. Carriers by water that contract of bill of lading. This latter section of the decision are subject to the Act, or that are willing to subject themselves to the Act, participating in the transportation of inter-State traffic under arrangewill be issued at a later date, as will additional forms for by ments with a railroad for through and continuous carriage and shipment other special forms of railroad traffic such as coal and of goods, must accept and be bound by the provisions of the Act, including perishables held necessary by the Commission. In its deci- the provisions of the Cummins amendment, in respect to liabilities of carriers. sion the Commission held that the limitation of the carriers' The exemptions from liability which the respondents desire to incorliability by the value of property at the time and place of porate into the bill of lading solely on behalf of carriers by water, when they participate in transportation subject to the Act, might be proper in shipment is in contravention of the Cummins amendment, respect of transportation from port to port, or to transportation of such and is, therefore, null and void, and tliis long-standing otner character as does not fall within the Cummins amendment. With such transportation we have nothing to do, but it is our opinion that, as provision of bills of lading was ordered stricken out in its applied to the transportation by a water carrier under an arrangement entirety from the domestic bill. The Commission announces, with a railroad for common control and continuous carriage or shipment, however, that such a provision is permitted to be retained in the proposed rule would be in contravention ofthe Cummins amendment and therefore null and void. the export bill because the Cummins amendment is held not We cannot approve its incorporation in the proposed uniform bill of to be applicable to traffic destined to non-adjacent foreign countries. An important feature of the Commission's reOn the subject of the export bill of lading the Commission port, and one which, it is stated, will be of the greatest says: practical importance to transportation and commercial inThe principal differences between the carriers and the shippers with terests, is the fact that the Commission's order standardizes respect to the terms and conditions which should, or should not, be inin the export bill seem to arise (1) from the question whether the bills under which the great bulk of traffic in this country corporated or not the Carmack and Cummins amendments apply to traffic to a nonmoves by prescribing uniform bills of lading for use in both adjacent foreign country, (2) whether the rail carrier in delivering at its domestic and export commerce, to be used upon the lines terminus, or at the end ofIts haul, may be treated as delivering to a consignee his agent, or must be treated as delivering to a connecting carrier. of all carriers amenable to the Act to Regulate Commerce. orThe deduction seems clear and inevitable that transportation from a The new bills were ordered put into use by all carriers, sub- point in the United States to a point in a non-adjacent foreign country cannot be brought within the specification of the Cummins amendment the ject to Commission, on or before Aug. 8, with thirty of commerce "from a point in State or Territory or the District of days' notice to the public of the change. In its synopsis Columbia to a point in another one State, Territory, District of Columbia, or from any point in the United States to a point in an adjacent foreign counof its findings .the Commission says: Pursuant to an order of investigation instituted by the Commission upon its own motion and after due hearing and inquiry into the general subject of the form and substance of bills of lading, and of the practices of carriers in respect to the issuance, transfer and surrender thereof, and upon consideration of all the facts of record and of the common law affecting bills of lading, its modification by Federal statutory law, and the duties and powers of the Commission thereunder; Held: With respect to domestic traffic moving in inster-State commerce: 1. That the numerous complaints made to the Commission in the past alleging unfair and varying practices of carriers in the interpretation and application of the rules and regulations contained in their present bills of lading; the great importance of the bill of lading, not only in transportation usage, but as an assignable and negotiable instrument in commercial transactions and the uncertainties in which shippers, carriers and other interested parties frequently find themselves involved respecting questions arising in connection with bills of lading, have made It imperative that the Commission take appropriate action for the purpose of formulating and prescribing uniform bills of lading. 2. That the Commission has authority in a proper proceeding under the law to require carriers subject to the Act to regulate commerce to comply with the provisions of the law respecting the issuance of bills of lading; to file with it the rules and regulations which they write into their bills of lading; to require that uniform rules and regulations be adopted by them, and to determine what are reasonable and non-discriminatory rules and regulations. 3. That with respect to the application of the Cummins amendment to the Act to regulate commerce, property transported by carriers subject thereto may be put into three classes: (a) "ordinary live stock" as to which no limitation of liability whatsoever is lawful; (b) property, other than ordinary live stock, concerning which the carrier may upon proper authorization, obtained from the Commission, be permitted to contract for a limitation of the measure of its liability, that is, of the amount of recovery; (c) property, other than ordinary live stock, as to which the carrier has not obtained authorization to contract for a limitation of its liability and as to which, therefore, no limitation of liability is lawful. 4. Various findings in conformity with this interpreation of the law made in respect of the proposed rules and regulations and aform of bill oflading designated and described as Appendix B, applicable to domestic shipments moving in inter-State commerce prescribed for use upon all lines subject to the Act to regulate commerce; Held: With respect to questions affecting export traffic, and with respect to those involving the issuance and use of bills of lading applicable to the ' transportation of shipments from a point in the United States to a point in a non-adjacent foreign country: 1. That the transportation of traffic from an inland point in the United States to a port of export, for export, is subject to all the provisions of section 1 of the Act, even though the transportation to the port is performed wholly within the confines of the State in which it originates, and whether the traffic be carried on local or through bills of lading. 2. That the Cummins amendment does mit apply to traffic to a nonadjacent foreign country. 3. That while the Commission's authority over bills of lading to nonadjacent foreign countries is more limited and attaches more indirectly than in case of bills covering domestic Inter-State traffic, or traffic to an adjacent foreign country, it nevertheless does have authority over the rules, regulations and practices of inland carriers subject to the Act to regulate commerce, when, and if, they join in through bills of lading to non-adjacent foreign countries, and it requires such rules and regulations to be published and filed. 4. A form of bill of lading which the Commission finds would be just, reasonable and lawful to be used upon the lines of all carriers subject to the Act to regulate commerce on export traffic to non-adjacent foreign countries prescribed, and referred to and designated in the report as Appendix D. try." For obvious reasons, not necessary to enlarge upon,it seems equally clear that commerce from a point in the United States to a point in a nonadjacent foreign country moving wholly Intra-State from the point of shipment to a port of export is not within the purview of the amendment. The Curmnins amendment requires any common carrier, railroad or transportation company subject to the provisions of the Act, receiving property for transportation as defined therein, to issue a receipt or bill of lading therefor, and makes such carrier liable to the lawful holder thereof for the "full actual loss, damage or injury to such property caused by it or by any such common carrier, railroad or transportation company to which such property may be delivered or over whose lino or lines such property may pass within the United States or within an adjacent foreign country when transported on a through bill of lading," &e. Many of the exemptions proposed to be incorporated in this section for the benefit of carriers by water would be in direct violation of the provisions of the Cummins amendment which we construe as applying to such carriers when used in connection with a rail carrier under a common control, management or ar- tempt to beguile you from the grief of a loss so overwhelming. I pray that our Heavenly Father may assuage the anguish of your bereavement and leave you only the cherished memory of the loved and lost and the solemn pride that must be yours to have laid so costly a sacrifice upon the altar of freedom. THE PARADE OF THE SEVENTY-SEVENTH. The march of the 77th Division, National Army—"New York's Own"—up Fifth avenue, on Tuesday last, was the, occasion of a welcoming demonstration which, in its wholehearted enthusiasm, was second to none ever seen in this city. The experience with the overflowing crowds which turned out to see the parade of the 27th Division a few weeks previously led to police regulations which barred thousands of spectators from the avenue, but the resulting freedom of movement for the marching troops added to the picturesqueness and the military smartness of the parade, and the universal testimony was that a finer and better trained body of men had never been seen in this city. Owing to the mass formation adopted for the parade only 45 minutes was consumed by the 31,000 men in passing the reviewing stand. By resolution of the Board of Aldermen the day was made a city holiday and public offices and schools were closed. The Stock Exchange and other like institutions also closed, and the day was generally observed as a holiday by the business community. An impressive feature of the parade was the cortege of honor, composed of members of the division bearing ten service flags with 2,356 gold stars in memory of their fallen comrades, and palms, emblematic of victory. Accompanied by representatives of the 189 Draft'Boards of the city, bearing wreaths, the cortege started ten minutes ahead of the main parade, and to the solemn strains of a funeral march, paced slowly up the avenue to the Court of the Heroic Dead in front of the Public Library. Here they fell out and remained in position while the parade marched. by. The Court of the Heroic Dead was flanked by high pylons supporting a purple net curtain bearing in gilt letters the names of the battles the division participated in, and a roll of honor made up of the names of the fallen. Mayor Hylan and governor Smith, who rode at the head of the procession, deposited a wreath in the name of the city. The 189 wreaths sent by the Local Draft Boards, each bearing a purple mourning sash, wore piled at the foot of the Roll of Honor. At the top of the curtain was a quotation from the letter sent by Abraham Lincoln to Mrs. Bixby of Boston, who lost her five 7ons in the Civil War. In what it has to say regarding domestic bills of lading, It read: I feel how weak and fruitless must be any words of mine which should atthe report .says: In striking contrast to the mournful solemnity of the ceremonies the snappy marching-128 steps to the minute—ruddy cheeks and vigorous health of the marching men was an inspiration and a revelation to their friends and relatives who, with the splendid fighting record of the division fresh in mind, joined in the universal wonder memorial MAY 10 1919.] THE CHRONICLE that city bred civilians could so quickly have been turned into war-hardened veterans. On the previous day Major-General Alexander, commander of the division, and his staff paid an official visit to the City Hall, where they were welcomed in the name of the city by Mayor Hylan. General Alexander was formally introduced by Deputy Police Commissioner Rodman Wanamaker, and Mayor Hylan read an address of welcome in which he said: On behalf of the people of New York I extend to you a most hearty welcome. The people of the city are proud of you and the officers and men of the Metropolitan Division. You have gloriously demonstrated that effective team work in military affairs, as well as in civil life, is the only successful method of accomplishing great results. The achievements of the 77th Division are the more remarkable because of its being composed of many races, speaking many tongues. Mon were taken from all walks of life—from offices, factories, sweatshops, and in fact from every possible professional and commercial activity. Many were unaccustomed to outdoor life, undernourished with pallid cheeks; men with stooped shoulders, the result of long hours of confinement in dark offices and shops, were all called to the colors. Of the 77th Division I understand that fully 30% are men of Hebrew extraction. The splendid record they made on the other side, with only a few months of intensive training, is most remarkable. It is most phenomenal how the men of the 77th under military discipline proved themselves equal to the most exacting and trying tasks. Their courage, their fearlessness, and their heroism will ever remain unsurpassed. To-day they return to us with manly, soldierly bearing, added selfrespect, new ideas, renewed determination and better physically, morally and spiritually. They return to us with intellects awakened, ambition spurred and higher and better ideals. They return to us with a realization that the opportunities of America and its free institutions should be upheld and perpetuated. The people of the entire country, and particularly the City of New York, have been thrilled with a feeling of pride at the extraordinary heroism of the American soldier, and too much praise cannot be given the discipline and valor that were displayed by the American Army in the great world war. 1893 the Aire to the Meuse, capturing Champigneulle, Buzancy, and all towns and heights on the west of the Meuse within the divisional sector. It was gratifying to see your troops is such good physical shape, but still more so to know that the moral tone of all ranks is so hign. I am sure that they will carry this high standard back into whatever tasks lie before them when they return to civil life. I want the officers and men of the 77th Division to know how much they have contributed to the success of our armies. They should go home justly proud of the gratitude of the Allies with whom they have fought and conscious of the admiration of their fellows throughout the American Expeditionary Forces. Very sincerely yours, (Signed) JOHN J. PERSHING. On Tuesday night the officers of the 77th were entertained at a dinner at the Waldorf-Astoria by the Mayor's Committee of Welcome. Numerous festivities for men and officers were also provided in other places, including a ball at the Hotel Astor. It is expected that the bulk of the men in the 77th will be mustered outIby Monday of next week. REMARKS OF PREMIER CLEMENCEAU TO GERMAN ENVOYS ON PRESENTATION OF PEACE TREATY. The treaty,framed by the peace conferees, and embodying the terms upon which the Allied and Associated Powers will make peace with Germany, was handed to theiGerman plenipotentaries at Versailles on May 7 in the Great Hall of the Trianon Palace Hotel. Delegates of the twenty-seven nations which are parties to the compact were in attendance at the assemblage. The press dispatches state that "although only fourteen offibial German representatives and five correspondents attended the meeting at the hotel, the remaining members of the German delegation, now almost 250, were as excited as if they also had a role in the day's great ceremony." The ceremony began at 3:10 p. m. and was concluded at 3:51 p. m. Georges Clemenceau, the French Permier, President of the Peace Congress, presided over the session, with President Wilson and the other American representatives on his right and 'David Lloyd George, the British Premier and his colleagues on the left. It is interesting to record that the day marked the fourth anniversary of the sinking of the Lusitania by a German submarine. In opening the session of the Peace Congress, Premier Clemenceau said: Let us pause for a moment to recount some of the deeds of the 77th Division, the conquerors of the Argonne Forest, the routing of the enemy from the Vesle to the Aisne River, the military achievement accomplished by tearing through the supposed impenetrable forest, and the continuous engagement of the division in fighting from its entrance into the Lorraine sector until it reached the gates of Sedan when the armistice was signed. We of Now York City want the officers and men of the 77th Division to know that we realize it required a great courage to plunge into the very heart of the Argonne. Twenty-one Ame:ican divisions were on the twentymile front when the Meuse-Argonne offensive was begun, but the 77th was the only division which attacked the enemy in his stronghold and succeeded in driving him from the Argonne jungle. This remarkable military achievement commanded the admiration not only of the country but of all the civilized world. The penetration of the supposed impervious Gentlemen, Plenipotentiaries of the German Empire: thickets and the triumphant smashing of the cunningly devised enemy It is neither the time nor the place for superfluous words. You have defenses have added imperishable renown to our flag and the achievements before you the accredited plenipotentiaries of all the small and great of our Army. Again the traditions of America have been upheld. Again the stirring Powers united to fight together in the war that has been so cruelly imposed military prowess of the American soldier has been demonstrated. Again upon them. The time has come when we must settle our account. You have asked for peace. We are ready to give you peace. We shall the forces of cilization, swept on by resistless dash and energy, have triumphed over the forces of entrenched autocracy. Again was displayed the present to you now a book which contains our conditions. You will be given every facility to examine these conditions, and the time necessary courage of the men of 1776, of 1812, of 1861, and of 1898. General Alexander, I offer to you the heartfelt congratulations of the for it. Everything will be done with the courtesy that is the privilege of people of this city on the splendid work of the men of the Liberty Division. civilized nations. We hail with joy those who have returned to us from the glorious fields of To give you my thought completely, you will find us ready to give you battle. any explanation you want, but we must say at the same time that this But there are many of your brave comrades who have not returned. second treaty of Versailles has cost us too much not to take on our side Their blood has sanctified the soil of France and Flanders fields. This all the necessary precautions and guarantees that the peace shall be a city bows in reverence for those who died. We extend our sincere sym- lasting one. pathy in their hour of sorrow to the wives who gave their husbands and I will give you notice of the procedure that has been adopted by the to conference for discussion, and if any one has any observations to offer he the mothers who gave their sons to bring peace and safety to all nations. Expressing in the name of the division his appreciation of the reception .will have the right to do so. No oral discussion is to take place, and the New York had accorded the 77th, General Alexander told of the great observations of the German delegation will have to be submitted in writing. pride he felt in commanding the Now York contingent. The German plenipotentiaries will know that they have the maximum "It was my good fortune on Christmas Day to tell the President of the period of fifteen days within'which to present in English and French their United States how extremely proud I was of my dtvisloa," General Alex- written observations on the whole of the treaty. Before the expiration of ander said. "Every man in it was fired with the ennobling principles of the aforesaid period of fifteen days the German delegates will be entitled Americanism, and it was this spirit which pushed the division through a to send their reply on particular headings of the treaty, or to ask questions fortress deemed impregnable by military experts. For twenty days them. of in regard to battle your division arose from its bed in the mud and attacked. They After having examined the observations presented within the aforementioned period, the Supreme Council will send their answer in writing paid heavily the price of these attacks, but they played the game and won their objectives. The men never asked relief and their record is one to the German delegation and determine the period within which the final global (worldwide) answer must be given by this delegation. of which we all are proud. "The Commander-in-Chief insisted that the men should be safeguarded, The President wishes to add that when we receive, after two or three or not only in battle but in camps and billets. We had great assistance in four or five days, any observations from the German delegation on any this work from the welfare organizations, and the men have come home point of the treaty, we shall not wait until the end of the fifteen days to sane in mind and clean in body. Keep them so." give our answer. We shall at once proceed in the way indicated by this document. Major-General Alexander on Sunday made public a letter The treaty, a document of 80,000 words, was not printed from General Pershing, in which the American Commander in German, but in French and English, on opposite pages. expressed his admiration for the splendid record made by The official summary of the treaty is published elsewhere in the New York City drafted men. The letter read: to-day's issue of our paper. AMERICAN EXPEDITIONARY FORCES. Office of the Commander-in-Chief. Major-Gen. Robert Alexander, Commanding 77th Division, A. E. F., Sablesur-Sarthe. My Dear General Alexander: It gives me great pleasure to extend to You and the officers and men of the 77th Division my compliments upon their splendid work while in France. Arriving in April 1918 their training with the British was interrupted, and by the end of June the division was in a quiet part of the line near Baccarat, thus releasing veteran divisions for the active battle. After slightly more than a month's experience here it went into the Oise-Aisne offensive from Aug. 12 until Sept. 16 advancing against strong opposition for twelve kilometers from near the Ourcq River, crossing the Vosle, to a position a little west of the Aisne River. In the Meuse-Argonne offensive, in which it took part from Sept. 26 to Oct. 16, and from Oct. 31 to Nov. 11, it had to advance through the exceedingly difficult terrain of the Argonne Forest, it finally worked its way twenty-two kilometers to the north edge of the forest and captured Grand Pre, From Nov. 1 to Nov. 7 the division advanced thirty-seven and one-half kilometers from REPLY TO PREMIER CLEMENCEAU BY GERMAN DELEGATE. Following the remarks of Premier Clemenceau with the presentation of the peace treaty to the German plenipotentiaries, Paul Dutasta, Secretary-General of the Peace Conference, delivered a copy of the treaty to Count von Brockdorff-Rantzau, head of the German delegation, who made a brief reply, as follows: Gentlemen: We are deeply impressed with the sublime task which has brought us hither to give a durable peace to the world. We are under no illusion as to the extent of our defeat and the degree of our want of power. We brow that the power of the German army is broken. We know the power of tbe nared watch we encoamer acre and we have heard the passionate demand that the vanquishers may make us pay as the vanquished, and shall punish those who are worthy of being punished. It is demanded from us that we shall confess ourselves to be the only 1894 THE CHRONICLE [VoL. 108. could be able to take upon himself the guarantee of ones guilty of the war. Such a confession in my mouth would be a lie. fillment. Nobody ought to lie in its signature. We are far from declining any responsibility that this great war of the its execution, which We shall examine the document handed to us with good will and in the world has come to pass and that it was made in the way in which it was that the final result of our interview may be subscribed to by all of made. The attitude of the former German Government at The Hague hope Peace Conference, its actions and omissions in the tragic twelve days of us. The defiant attitude of the German delegates has been July have certainly contributed to the disaster. But we energetically deny that Germany and its people, who were convinced that they were commented upon in cablegrams from the other side, and the making a war of defense, were alone guilty. fact that Count von Brockdorff-Rantzau did not rise as did Nobody will want to contend that the disaster took its course only in his the disastrous moment when the successor to the throne of Austria-Hun- Premier Clemenceau, but remained seated while reading gary fell the victim of murderous hands. In the last fifty years the im- speech, has also been criticized; his seeming discourtesy, it is internathe perialism of all the European States has chronically poisoned explained, however, may have been due to the fact that he tional situation. The policy of retaliation and the policy of expansion destiny own their determine to peoples of rights the had been ill. The London cablegrams of the 7th,in referring of disregard the and have contributed to the illness of Europe, which saw its crisis in the world to some of the criticisms directed against the German • war. part: Russian mobilization took from the statesmen the possibility of healing, delegates, said in After the conference William M. Hughes, Premier of Australia,said, and gave the decision into the hands of the military powers. Public opinion in all the countries of our adversaries is resounding with the crimes according to a Reuter dispatch: "The attitude of Count von Brockdorffwhich Germany is said to have committed in the war. Here also we are Rantzau was an intolerable insult to the Conference, for while Premier Clemenceau spoke standing, the German spokesman did not rise while ready to confess wrong that may have been done. this has been We have not come here to belittle the responsibility of the men who have making his address. In spite of their intolerable arrogance, which a day of humiliation for the Germans, which we could see had entered into waged the war politically and economically, or to deny any crimes may have been committed against the rights of peoples. We repeat the their souls." declaration which has been made in the German Reichstag at the beginning of the war, that is to say, "wrong has been done to Belgium," DISPOSITION OF FORMER GERMAN COLONIES— and we are willing to repair it. CHINA'S OPPOSITION TO TREATY—FIUME. But in the manner of making war also Germany is not the only guilty nationals best the which people of In and addition to what we give elsewhere regarding the deeds of knows nation Every one. only remember with regret. I do not want to answer by reproaches to treaty with Germarty, the following relative to the agreement demanded, reproaches, but I ask them to remember, when reparation is as to the disposition of the former German colonies came not to forget the armistice. It took you six weeks until we gotit at last, from Paris in Associated Press advices May 7: and six more until we came to know your conditions of peace. Crimes in war may not be excusable, but they are committed in the The Council of Three has agreed upon the disposition of the former struggle for victory and in the defense of national existence,and passions German colonies. The mandate for the German Samoan Islands goes to blunt. peoples of conscience are aroused which make the New Zealand, and for the other former German possessions south of the The hundreds of thousands of non-combatants who have perished since equator to Australia. Japan is to be mandatory of the islands north of Nov. 11 by reason of the blockade were killed with cold deliberation after the equator. The official communication on this subject says: our adversaries had conquered and victory had been assured to them. "The Council of Three, M. Clemenceau, President Wilson and Mr. Think of that when you speak of guilt and of punishment. Lloyd George, yesterday decided as to the disposition of the former German The measure of the guilt of all those who have taken part can only be colonies as follows: stated by an impartial inquest before a neutral conunission, before which "Togoland and Kamerun—France and Great Britain shall make a joint all the principal persons of the tragedy are allowed to speak and to which recommendation to the League of Nations as to their futtire. we and inquest an such demanded all the archives are open. We have "German East Africa—The mandate shall be held by Great Britain. repeat this demand. "German Southwest Africa—The mandate shall be held by the Union In this conference also, where we stand toward our adversraies alone and of South Africa. yourselves, without any allies, we are not quite without protection. You, "The German Samoan Islands—The mandate shall be held by New have brought us an ally, namely, the right which is guaranteed by the Zealand. treaty and by the principles of peace. "The other German Pacific possessions south of the equator, excluding The Allied and Associated Governments have foresworn in the time the German Samoan Islands and Nauru—The mandate shall be held by of peace a 1918 between the 5th of October and the 5th of November Australia. violence and have written a peace of justice on their banner. On the 5th "Nauru (Pleasant Island)—The mandate shall be given to the British of October 1918 the German Government proposed the principles of the Empire. President of the United States of North America as the basis of peace, "The German Pacific islands north of the equator—The mandate shall and on the 5th of November their Secretary of State, Mr. Lansing,declared be held by Japan." definite two with basis, this to agreed Powers Associated and that the Allied Under this agreement Japan wins the mandatory for the Marshall, deviations. Caroline and Ladrone groups of islands, despite the strong contest instiboth to The principles of President Wilson have thus become binding tuted by Australia. parties to the war—for you, as well as for us, and also for our former allies. The various principles demand from us heavy national and economic BELGIUM'S FEELING TOWARD DISPOSITION OF sacrifices, but the holy fundamental rights of all peoples are protected by EAST AFRICA. this treaty. The conscience of the world is behind it. There is no nation which might violate it without punishment. Last night (May 8) the Paris cablegrams said: You will find us ready to examine upon this basis the preliminary peace The Belgian delegation has issued a note relative to Great Britain bewhich you have proposed to us, with a firm intention of rebuilding in com- ing appointed mandatory for German East Africa, saying that it is 'unany repairing mon work with you that which has been destroyed and able to believe that this action has been taken by the Council of Four." wrong that may have been committed, principally the wrong to Belgium, "In view of Belgium's important military operations in Africa, her sacprogress. social and political of aims new mankind to show to and rifices to insure the conquest of German East Africa, and the fact that Considering the tremendous quantity of problems which arise, we ought her situation has given her rights on that continent," the note says, "Belas soon as possible to make an examination of the principal tasks by spe- gium is unable to admit that German East Africa could be disposed of by cial commissions of experts, on the basis of the treaty which you have agreements in which she has not participated." proposed to us. In this it will be our chief task to re-establish the devasThe Belgian delegation called at American headquarters to-day and tated vigor of mankind and of all the people Ao have taken part by inter- made energetic representations regarding the mandate for German East national protection of the life, health and liberty of the working classes. Africa. The members also complained strongly of the omission from the As our next aim, I consider the reconstruction of the territories of Bel- peace treaty of a provision indemnifying Belgium for the seven billion which and us by occupied been have which gium and of Northern France, marks of German money forced into circulation in Belgium during the have been destroyed by war. German occupation and which has depreciated to one-fourth of Its face To do so we have taken upon ourselves the solemn obligation, and we value. are resolved to execute it to the extent which shall have been agreed upon between us. This task we cannot do without the co-operation of ARRANGEMENTS AS TO FIUME. our former adversaries. We cannot accomplish the work without the technical and financial participation of the victorious peoples, and you Associated Press advices from Paris May 7 had the followcannot execute it without us. • ing to say as to Fiume: Impoverished Europe must desire that the reconstruction shall be fulAs a basis of resuming participation in the peace negotiations, Premier filled with the greatest success and with as little expense as in any way Sonnino this morn— possible. This desire can only be employed. It would be the worst Orlando, who returned to Paris with Foreign Minister that Italy administer Fiume as a manmethod to go on and have the work done by German prisoners of war. ing (May 7), accepted a proposal which Fiume will reafter 1923, until Nations of Certainly this work is cheap, but it would cost the world dear if hatred datory of the League and despair shall seize the German people when they consider that their vert to Italian sovereignty. During the four years of Italian administration, a harbor for the Jugobrothers, sons and fathers who are prisoners are kept prisoners beyond Slays will be built at a port a few miles lower down the Adriatic coast. the preliminary peace in former penal work. communication with Agram and other cities. Without any immediate solution of this question, which has been drawn The harbor will have railroad Italy, It is understood, also is prepared to make sacrifices of some of her out too long, we cannot come to a durable peace. Experts on both sides coast. will have to examine how the German people may come up to their finan- other claims on the Dalmatian The proposal which induced the Italians to return to Paris was made to cial obligations to repair, without succumbing under their heavy burAmbassador at Rome. French the den. A crash would bereave those who have a right to repair to the advan- them by Camille Barrere, Premier Orlando and Baron Sonnino, the Foreign Minister, arrived in tages to which they have a claim,and would draw after it irretrievable disParis from Rome this morning. The Premier arrived at the Paris "White order of the whole European economical system. assembled and resumed his seat in the The vanquishers, as well as the vanquished peoples, must guard against House" just as the Council of Four this menacing danger, with its incalculable consequences. There is only Council. one means of banishing it—unlimited confessions of the economic and PLEDGE IN BEHALF OF FRANCE BY UNITED STATES social solidarity of all the peoples in a free and rising League of Nations. Gentlemen—The sublime thought to be derived from the most terrible AND GREAT BRITAIN. disaster in the history of mankind is the League of Nations. The greatest According to a statement given out by the Committee on progress in the development of mankind has been pronounced, and will make its way. Only if the gates of the League of Nations are thrown Public Information on May 7, following the issuanedofithe open to all who are of good will, can the aim be attained, and only then summary of the text of the Peace Treaty a pledge to ask and the dead of this war will ndt have died in vain. in behalf of france in case of an unprovoked attack by PerThe German people, in their hearts, are ready to take upon themselves many, has been given by President Wilson and the British their heavy lot, if the bases of peace which have been established are not Premier Lloyd George. The following is the statement: any more shaken. In addition to the securities afforded in the treaty of peace, the President The peace which may not be defended in the name of right before the world always calls forth new resistance against it. Nobody will be capable of the United States has pledged himself to propose to the Senate of the of subscribing to it with good conscience, for it will not be possible of ful- United States, and the Prime Minister of Great Britain has pledged himself MAY 10 1919d THE CHRONICLE to propose to the Parliament of Great Britain, an engagement, subject to the approval of the Council of the League of Nations, to come immediately to the assistance of France in case of unprovoked attack by Germany. From Paris May 7 the Associated Press had the following to say regarding the report of an alliance between the United States, Great Britain and France: Reports of an alliance between the United States, France and Great Britain, supplementing the peace treaty, have developed the fact that while no offensive or defensive alliance is contemplated, yet the chiefs of the three governments are discussing such a pact, or an agreement to meet the French demand for millatry security against renewed German aggression. Such a plan would, if formulated, be submitted to the United States Congress for such action as Congress might see fit to take. It is said that this is in no sense a treaty. Such being, of course, beyond the President's Constitutional powers, but in the nature of a statement of facts relating to the French claims. Neither does it contemplate unlimited guarantees of security, but, rather, security, with reasonable limits of time and of general character. If finally concluded, this supplemental agreement will be separate from the treaty itself and will be made public. The discussion on this subject continued to-day at the session of the Council of Three, and is understood to have centred largely on phraseology and form. A Paris (Havas) cablegram of the same day said: France, the United States and Great Britain have concluded an agreement giving supplementary guarantees for France and security for the peace treaty, "Le Echo do Paris" said to-day. It added that Premiers Clemenceau and Lloyd George and President Wilson were to meet this morning to draft in final form this additional pact, which was not to be secret. On the 8th inst. the following further information relative to the reported alliance, was contained in Paris cablegrams: The first move toward an alliance among France, Great Britain and the United States supplementing the peace treaty, it is understood, was made by Premier Clemenceau in a letter to President Wilson with a view of developing American co-operation in the French desire for an agreement. Later letters passed between Premier Lloyd George and President Wilson which, it is understood, brought out the fact that while the British and French Premiers were free to conclude arrangements, President Wilson could not do so without Congressional action. This in turn developed the present tendency of the negotiations to place the whole matter before the American Congress. Discussions were devoted yesterday to the form of presentation to Congress. The understanding takes the form of a letter signed by Premier Lloyd George and Mr. Wilson referring the question to the British Parliament and the American Congress. It is also contemplated that the agreement shall be separate from the peace treaty and that any necessity for action under it shall be subject to a recommendation of the Council of the League of Nations. The proposed alliance is an effort to meet the French demand for military security against German aggression. The terms are general in character. 1895 2. (a) The new boundary of East Prussia, with reservations for plebiscites, as in (2) leaves the Baltic and riii2s southwest up the River Nogat, and thence south up the River Vistula to about twelve miles southwest of Marien'werder, thence generally east to the former boundary, thence southeast to the former boundary south of Neidenburg, thence from the former boundary to the River Niemen, thence from the River Niemen to a point near Nidden, and thence west by north to the Baltic. (b) Boundary areas for plebiscites, between the boundary of East Prussia defined above, and (1) the Miisienwerder area. A line running from a point on the Nogat southwest of Elbing eastward to the old western boundary of East Prussia, and then to the latter boundary southward. (c) The Allensteln area—The old western boundary of East Prussia on the west and then a line running generally east-northeast to include Regierungsbezirk Allenstein and Kreis Gletzko. Sarre Basin—Northern boundary, from the French frontier west of Merzig, a line east by north to a point of five miles north of St. Wendel. The eastern boundary runs thence southeast to pass east of Homburg, and then south to the French frontier south of Zwiebrucken so as to pass west of that place. Areas for plebiscite in Schleswig: Between the present Danish frontier and a line running (1) through Flemsbtirgfjord, south of Tondern and north of the Island of Sylt; (2) from a point on the Baltic Coast about eight miles east by north from Flemsburg, southwest to a point about fifteen miles southwest of Flemsburg, then northwest to Scholmer Au, just east of Soholm, thence from Scholmer Au to the coast, thence south of the Islands of Folir and Antrum in the North Sea; (3) along the course of the Schlei, thence south of Schleswig to Reider Au, then down the stream but passing east and south of Friederichstadt before meeting the Eider which It follows to the sea. Boundaries of the free City of Danzig: On the east from the Baltic to the junction of the Dogat and the Vistula the boundary of East Prussia as described in 2 (a); on the south and west the River Vistula northward to about fifteen miles southeast of Danzig; thence west by South for about sixteen miles; thence northwest for about eight miles to Lonkener Ze; thence to Pollenzinen; thence northeast for about twelve miles to about seven miles southwest of Danzig; thence north, passing east of Oliva; thence northeast, passing between Kolieken and Zoppot, to the Baltic. about nine miles north northwest of Danzig. GERMAN PEACE MISSION PRESENTS CREDENTIALS —DELEGATES OF SMALL POWERS HEAR TREATY READ. The first step in the peace negotiations with Germany were taken on May 1, when, at a session lasting barely five minutes, the German delegates presented their credentials and received in return those of the Allied representatives. Count von Brockdorff-Rantzau, the German Foreign Secretary and head of the peace mission, was almost overcome by emotion, the reports say, as he presented the German credentials, and was barely able to walk to his car when the brief ceremony was over. The Associated Press dispatches In reporting on May 8 that vigorous opposition to the gave the following account of the meeting: proposed alliance was expressed by Senator Borah of Idaho The meeting took place in the room of the Trianon Hotel previously used (Republican), the Washington dispatches quoted him sa for the sessions of the Supreme Military Council. Count von BrockdorffRantzau, on entering, was accompanied by Herr Landsberg, Professor saying: Schuecking and two secretaries. Waiting for him, the Allied represenI am not in favor of any treaty or alliance with France or with any foreign power obligating ourselves in any way concerning future wars in Europe. Whether we shall take part in any future European war is a matter which should be determined upon the facts when and as they arise and by the particular generation which must bear the brunt of war and by the intelligence and conscience and the judgment of the American people as they see the situation when face to face with it. I shall not support any treaty or any alliance which binds future generations concerning the matter of' war with any European power. I am opposed to the whole scheme and policy upon principle. It was announced at Washington last night that President Wilson had sent the following cablegram to Secretary Tumulty explaining the proposed alliance: Happily there is no mystery or privacy about what I have promised the Government here. I promised to propose to the Senate a supplement in which we shall agree, subject to the approval of the Council of the League of Nations, to come immediately to the assistance of France in case of unprovoked attacks by Germany, thus merely hastening the action through which we should be bound by the covenant of the League of Nations. BOUNDARIES OF GERMANY UNDER PEACE TREATY. The following, as showing the boundaries of Germany as they are to run under the terms of the peace treaty was officially given out at Pani on May 7: The new boundaries of Germany may be described approximately as follows: (1) Present boundary with Holland. (2) With Belgium, east of neutral Moresnet and along the eastern boundary of IC.reise, of Eupen and Malmedy. (3) The present frontier with Luxemburg. (4) The frontier with France of 1870, 1. e., the eastern boundary of Alsace-Lorraine, with reservations as regards the Sarre Basin. (5) The present frontier of Switzerland. (6) Frontier of 1914 with Austria to the angle east of Neustadt. (7) The new frontier with Poland runs thence northward, passing west of Oppeln to the most southerly point of Posnania (Posen), thence to the western boundary of Posnania to the River Bartsch; thence from the River Bartsch to a point about ten miles east of Glogau; thence from the boundary of Posnania northeast to southwest of Lissa; thence northeast to west of Kopnitz (forty-five miles southwest of Posen); thence the line will 'run north along the line of lakes and crossing the River Warthe to meet the boundary of Posnania eight miles west-northwest of Birnbaum; thence eastnorthwest to the River Netze; thence up the River Netze to the bend eight miles southwest of Schneidemuhl; thence west of Schneidemuhl; thence northeast about five miles west of the Schneldemuhl-Konitz Railway, and passing east of Schlochau to a point about three miles northwest of Kopnitz; thence it will run north to the old boundary of West Prussia, which it follows to a salient five miles southeast of Lauterburg; thence north to meet the Baltic about eight miles west of the old boundary of West Prussia. tatives were grouped around Jules Cambon, the former French Ambassador at Berlin, who is Chairman of the Commission. Other members of the Allied party included Henry White of the Unite&States, Lord Harding° of Great Britain, and Ambassador Matsui of Japan. M. Cambon immediately addressed Count von Brockdorff-Rantzau, stating that he was Chairman of the Commission intrusted by the Allied Powers to receive and examine the credentials of the German delegates as the first step in a conference which, it was hoped, would lead to v%eace. "Here are ours," continued M. Cambon, extending, as he spoke, the formal credentials of the Allied Commission as plenipotentiaries to the Congress. Count von Brockdorff-Rantzau surrendered the German credentials, with even less of a formal address, his emotion being too great to enable him to deliver an extended discourse. • After these brief ceremonies the Germans turned and left the hall. walking a few steps to the cars in waiting. They were followed immediately by the Allied representatives. The whole ceremony was over by 3.20 o'clock. The Allied delegates then rode to the chateau to inspect the Hall of Mirrors, where the treaty will be signed, and eventually returned to the hotel for tea. The French official statement in regard to the ceremony read: The President of the Committee on Verification of Credentials of the Inter-Allied Conference, Jules Cambon. and the other members, Henry White, Lord Hardinge, and Baron Matsui, received at 3:15 o'clock to-day at Trianon Palace Count von Brockdorff-Rantzau,President of the German delegation. The latter presented the President of the German Committee on Verification, Herr Landsberg, Minister of Justice, and also Herr Simonds, Director of Justice in the Foreign Office, and Herr Gams, counselor of the Foreign Office. The German credentials were given to M.Cambon, who handed over in exchange the credentials established by the Allied and Associated Powers. The German delegates then retired. The respective committees will now examine the credentials submitted to them. The credentials of the Italian delegates to the Peace Conference were handed to the German plenipotentiaries on May 6, it was officially announced. This action followed the receipt of a telegram from Premier Orlando the previous day, announcing that the Italian delegates would return to Paris on Wednesday, and that credentials had been forwarded for presentation to the Germans. A secret plenary session of the Peace Conference was held on Tuesday (May 6) for the purpose of reading the peace treaty to the delegates of the smaller Powers. Protests against provisions of the treaty were presented at the session, the most striking being that of Marshal Foch, who declared that the security given France was inadequate from a military point of view, and said it was his personal con- 1896 THE CHRONICLE viction that the treaty should not be signed. The Marshal emphasized the necessity of France holding the bridgeheads along the Rhine, and said that occupation limited to fifteen years was not sufficient. The press accounts of the meeting further said: The Chinese delegation presented a brief, formal, and dignified protest concerning the disposition of the controversy with Japan, Lu Chenghslang, the Chinese Foreign Minister, asking for reconsideration of the decision regarding Shantung and Kiao-Chau. He said that in the opinion of the Chinese delegation the decision had been made without regard for justice or for the protection of the territorial integrity of China. He said that, if reconsideration was impossible, he desired to make reservation on behalf of China. Italy was represented at the session by Signor Crespl, who said he desired to make reservations concerning any provisions in the treaty not acceptable to Italy. The Portuguese delegates expressed dissatisfaction regarding the treatment accorded Portugal. The protestations made by the various delegations are not regarded as serious, as no definite reservations were made by the protestants. The session was held in the Foreign Office, with the same setting and distinguished personnel as at previous public sessions, except in the case of Italy, which to-day was represented by Dr. Silvio Crespi, the former Food Administrator, pending the arrival of Premier Orlando and Foreign Minister Sonnino to-morrow. Premier Clemenceau presided, with President Wilson at his right and Premier Lloyd George at his left, with the entire membership of the Conference grouped around the table. Enormous throngs surrounded the Foreign Office, watching the arrival of the delegates. Among those who assembled within the building were Marshal Foch and the British Admiral, Sir Rosslyn Wemyss, with their staffs. While the session was a secret one, it is understood that Captain Andre Tardieu, representing France, explained the provisions of the document and was questioned from time to time, the explanations given being full and free. The Conference adjourned at 5.15 o'clock. The draft of the instrument is now considered as having passed the last stage before being presented to the Germans. The clause regarding responsibilities, which was not acted on at the previous session of the plenary Conference, it is understood, has been incorporated in the final draft of the treaty. This provides for the trial of the former German Emperor for "a supreme offense against international morality and the sanctity of treaties" by a tribunal composed of representatives of the United States, Great Britain, France, Italy and Japan. [voL. 108. SUMMARY OF PEACE TREATY WITH GERMANY. A summary of the Treaty of Peace between the twentyseven Allied and Associated Powers on the one hand and Germany on the other, was madejpublic on May 7, when the treaty was handed to the Germaniplenipotentiaries at Versailles. We are giving below the:official summary, and elsewhere give the remarks of Premier Clemenceau with the presentation of the treaty to the German delegates, and likewise publish on another page the:reply in behalf of Germany. The Paris cables gave in brief form as follows the main features of the Treaty: It is the longest treaty ever drawn. It totals about 80,000 words, is divided into fifteen main sections, and represents the combined product of over a thousand experts working continually through a series of commissions for three and a half months since Jan. 18. The treaty is printed in parallel pages of English and French, which are recognized as having equal validity. It does not deal with questions affecting Austria, Bulgaria and Turkey, except in so far as binding Germany to accept any agreement reached with those former allies. Germany by the terms of the treaty restores Alsace-Lorraine to France, accepts the internationalization of the Sarre Basin temporarily and of Danzig permanently, agrees to territorial changes toward Belgium and Denmarkland in East Prussia, cedes most of Upper Silesia to Poland, and renounces all territorial and political rights outside of Europe, as to her own orlher allies' territories, and especially to Morocco, Egypt, Siam, Liberia and Shantung. She also recognizes the total independence of German Austria, Czecho-Slovakia and Poland. Her army is reduced to 100,000 men, including officers; conscription within her territories is abolished; all forts fifty kilometers east of the Rhine of are razed, and all importation, exportation, and nearly all production war material stopped. Allied occupation of parts of Germany will continue till reparation is made, but will be reduced at the end of each of three fiveby year periods if Germany is fulfilling her obligations. Any violation Germany of the conditions as to the zone fifty kilometers east of the Rhine will be regarded as an act of war. The German navy is reduced to six battleships, six light cruisers, and twelve 'torpedo boats, without submarines, and a personnel of not over Germany is 15,000. All other vessels must be surrendered or destroyed. forbidden to build forts controlling the Baltic, must demolish Heligoland, submarine open the Kiel Canal to all nations, and surrender her fourteen cables. She may have no military or naval air forces except 100 unarmed aviation manufacture may and seaplanes until Oct. 1 to detect mines, material for six months. Germany accepts full responsibility for all damages caused to the Allied and Associated Governments and nationals, agreesspecifically to reimburse AT ES DELEGAT 0 PEACE ARRIVAL OF GERMAN all civilian damages, beginning with an initial payment of 20,000,000,00 payments marks (about $5,000,000,000 at pre-war reckoning), subsequent VERSAILLES. be secured by bonds to be issued at the discretion of the Reparation The principal German delegates to the peace conference to Commission. Germany is to pay shipping damage on a ton-for-ton basis were and by and 29, April of arrived at Versailles on the evening by cession of a large part of her merchant, coasting and river fleets, rebuilding received in the name of the French Government by M. Chal- now construction; and to devote her economic resources to the the devastated regions. iere, Prefect of the Department of Seine-et-Cise, to whom ofShe agrees to return to the 1914 most-favored-nation tariffs, without Minister Foreign Count Brockdorff-Rantzau, the German discrimination of any sort; to allow Allied and Associated nationals freeher territories, and to accept highly detailed proand head of the delegation, expressed thanks on behalf dom of transit throughdebts, unfair competition, internationalization of visions as to pre-war of the delegation. The Count's Secretary, Herr Rudiger, roads and rivers, and other economic and financial clauses. She also agrees for a supreme present: men subsequently remarked to the newspaper to the trial of the ex-Kaiser by an international high court nationals for violation Words fail to describe my feelings as I crossed your devastated regions: offense against international morality, and of other asked to extradite the I hope the peace which we are about to sign will give satisfaction to all the of the laws and customs of war, Holland to be latter. former and Germany being responsible for delivering theequivalent nations which participated in the war. in value Germany is required to deliver manuscripts and prints Gerthe d accompanie return works of Fifteen German newspaper men to those destroyed in the Louvain Library. She must also man representatives to the Peace Congress. No censorship, church art removed from Belgium to Germany. Powers The League of Nations is accepted by the Allied and Associated it is said, will be imposed upon the newspaper men's disand by Germany, in principle, but without membership. operative, as comto allowed a permapatches to Germany, but they will not be Similarly, an international labor body is brought into being with of international municate with the Allied diplomats or newspaper men. nent office and an annual convention. A great number under some created, and for different purposes are Their status is the same as that of the German delegates and bodies of different kindssome to execute the Peace Treaty; among the former Nations, of League the train held, fifteen they will receive the same treatment. When the first is the Commission to Govern the Sarre Basin till a plebiscite is into a free pulled into the Vaucresson Station, M. Chaliere and Baron years hence; the High Commissioner of Danzig, which is created Malmody. in plebiscites commissions for and various League, the under city approached men, newapaper von Lersner, followed by 100 and East Prussia. Among those to carry out the Peace Treaty Comthe car occupied by Count von Brockdorff-Rantzau. Baron Schleswig are the Reparations, Military, Naval, Air, Financial and Economic Tribunals to' Fix von Lersner entered the car and reported to the Foreign missions, the International High Court and Military rivers. international es, and a series of bodies for the control of Minister, who then stepped out. The head of the German Responsibiliti Associated Certain problems are left for solution between the Allied and delegation was received with a brief and formal speech of Powers, notably the details of the disposition of the German fleet and values paid in reparation. greeting, the text of which had been carefully studied by cables, the former Gorman colonies, andofthe the air and the opium, arms, Certain other problems, such as the laws the Foreign Minister in order to give it the exact tone suitable and set for early international or detail liquor traffic, are either agreed to in for the occasion. action. The following is the official summary of the Treaty of Dispatches from Versailles on May 2 reported that the German delegation to the Peace Congress was rapidly as- Peace with Germany, presented by the Associated Powers suming a position of equality, in numbers, at least, with to the German delegates at Versailles on May 7: the delegations of the various Allied and Associated Powers PREAMBLE. Up to that date, 218 delegates and subordinates had arrived, The preamble names as parties of the first part these nations, described as the five Allied and Associated Powers: which later estimates increased to 250. France, The British Empire, The "German quarter" of Versailles has been closed off The United States, Japan; by a wooden barricade, which not only bars the public out, Italy, And includes these twenty-two nations, which, with the five named but shuts the Germans in. Some of the German corre- above, are described as the Allied and Associated Powers: the to references in their Poland, Honduras, spondents have been sarcastic Ecuador, Belgium, Portugal, Liberia, Greece, limitations imposed on the delegations. The barricades, it Bolivia, Rumania, Nicaragua, Guatemala, Brazil, is said, consist of wooden palings bound with wire and are China, Serbia, Panama, Haiti, of side one Siam, Peru, set up on both sides of the Rue des Reservoirs, The Hedjaz, Cuba, Uruguay. which is reserved for the Germans, while the opposite side Czecho-Siovakia, Powers, Associated as the Allied and described are above five the with who been has control Strict residents. for free left has been and on the other part Germany. ' going established at all exits to prevent the Germans from It states that: bearing in mind that on the request of the then Imperial by the out of bounds without authority. These strict measures were German Government an armistice was granted on Nov. 11of1918 Allied and Associated Powers in order that a treaty peace might thought necessary because of the alleged disinclination of principal Powers, Associated and the Allied whereas her, and be concluded with some of the subordinates in the German party to obey the being equally desirous that the war in which they were successively involved directly or indirectly and which originated in the declaration of war regulations prescribed for their movements. MAY 10 1919.1 THE CHRONICLE 1897 by Austria-Hungary on July 28 1914 against Serbia, the declaration of war by Germany against Russia on Aug. 1 1914, and against France on Aug. 3 portions of its territory. In every case the mandatory will render an 1914, and in the invasion of Belgium, should be replaced by a firm, just annual report and the degree of its authority will be defined. and durable peace, the plenipotentiaries (having communicated their full General International Provisions. powers found in good and due form) have agreed as follows: Subject to and in accordance with the provisions of international From the coming into force of the present treaty the state of war will conterminate. From the moment and subject to the provisions of this treaty, ventions existing or hereafter to be agreed upon, the members of the official relations with Germany, and with each of the German States, will League will in general endeavor, through the international organization established by the labor convention, to secure and maintain fair conditions be resumed by the Allied and Associated Powers. of labor for men, women and children in their own countries and other SECTION I. countries, and undertake to secure just treatment of the native inhabitants of territories under their control; they will entrust the League with the League of Nations. [This, it is to be noted, is a summary of the League of Nations Covenant; general supervision over the execution of agreements for the suppression the full text of the Covenant was printed in our issue of Saturday last, of traffic in women and children, &c., and the control of the trade in arms and ammunition with countries in which control is necessary; they will page 1785.—Ed.) The covenant of the League of Nations constitutes Section I. of the make provision for freedom of communications of transit and equitable treatment for commerce of all members of the League, with special reference Peace Treaty, which places upon the League many specific in addition to its general duties. It may question Germany at any time for a violation to the necessities of regions devastated during the war; and they will enof the neutralized zone east of the Rhine as a threat against the world's deavor to take steps for international prevention and control of disease. peace. It will appoint three of the five members of the Sarre Commission, International bureaus and commissions already established will be placed oversee its regime and carry out the plebiscite. It will appoint the High under the League, as well as those to be established in the future. Commissioner of Danzig, guarantee the independence of the free city and • AmendMents to the Covenant. arrange for treaties between Danzig and Germany and Poland. It will Amendments to the covenant will take effect when ratified by work out the mandatory system to be applied to the former German the colonies, and act as a final court in part of the plebiscites of the Belgian- Council and by a majority of the Assembly. German frontier, and in disputes as to the Kiel Canal, and decide certain SECTION II. of the economic and financial problems. An international conference on Boundaries of Germany. labor is to be held in October under its direction, and another on the international control of ports, waterways and railways is foreshadowed. Germany cedes to France Alsace-Lorraine, 5,600 square miles in southwest, and to Belgium two small districts between Luxemburg' the Membership. Holland, totaling 382 square miles. She also cedes to Poland the 8MMThe members of the League will be the signatories of the covenant and eastern tip of Silesia beyond and including Oppeln, most of Posen,and West other States Invited to accede, who must lodge a declaration of accessions Prussia, 27,686 square miles: East Prussia being isolated from the main without reservation within two months. A new State, dominion or colony by a part of Poland. may be admitted provided its admission is agreed by two-thirds of the She loses sovereignty over the northeasternmost tip of East Prussia, assembly. A State may withdraw upon giving two years' notice, if it has 40 square miles north of the River Memel, and the internationalized areas fulfilled all its international obligations. about Danzig,729 square miles, and the basin of the Sarre,738 square are, Secretariat. between the western border of the Rhenish Palatinate of Bavaria and the southeast corner of Luxemburg. A permanent Secretariat will be established at the seat of the League, The Danzig area consists of the V between the Nogat and Vistula Rivers which will be at Geneva. made a W by the addition of a similar V on the west, including the city of Assembly. al=i17 The southeastern third of East Prussia and the area between The Assembly will consist of representatives of the members of the East Prussia and the Vistula north of latitude 53 degrees 3 minutes is to League, and will meet at stated intervals. Voting will be by States. have its nationality determined by popular vote, 5,785 square miles,- as Each mensber will have one vote and not more than three representatives. is to be the case in part of Schleswig. 2,787 square miles. Council. The Council will consist of representatives of the five great Allied Powers together with representatives of four members selected by the Assembly Belgium. from time to time; it may admit additional States and will meet at least Germany is to consent to the abrogation of the treaties of 1839, by which once a year. Members not represented will be invited to send a represen- Belgium was established as a neutral State, and to agree in advance to any tative when questions affecting their interests are discussed. Voting will convention with which the Allied and Associated Powers may determine be by States. Each State will have one vote and not more than one repre- to replace them. She is to recognize the full sovereignty of Belgium over sentative. Decision taken by the Assembly and Council must be unani- the contested territory of Moresnet and over part of Prussian Moresnet, mous except in regard to procedure, and in certain cases specified in the and to renounce in favor of Belgium all rights over the icicles of Eupen covenant and in the treaty, where decisions will be by a majority. and Malmedy, the inabitants of which are to be entitled within six months to protest against this change of sovereignty either in whole or in part, the Armaments. The Council will formulate plans for a reduction of armaments for con- final decision to be reserved to the League of Nations. A commission is sideration and adoption. These plans will be revised every ten years. to settle the details of the frontier, and various regulations for change'of Once they are adopted, no member must exceed the armaments fixed with- nationality are laid down. Luxemburg. oUt the concurrence of the Council. All members will exchange full information as to armaments and programs, and a permanent commission Germany renounces her various treaties and conventions with the will advise the Council on military and naval questions. Grand Duchy of Luxemburg, recognizes that it ceased to be a part of the German Zollverein from Jan. 1 last, renounces all right of exploitation of Preventing of War. the railroads, adheres to the abrogation of its neutrality, and accepts in Upon any war, or threat of war, the Council will meet to consider what advance any international agreement as to it, reached by the Allied and common action shall be taken. Members are pledged to submit matters Associated Powers. of dispute to arbitration or inquiry and not to resort to war until three Left Bank of Rhine. months after the award. Members agree to carry out an arbitral award, As provided in the military clauses, Germany will not maintain any and not to go to war with any party to the dispute which complies with it. If a member fails to carry out the award, the Council will propose the 'fortifications or armed forces less than fifty kilometers to the east of the necessary measures. The Council will formulate plans for the establish_ Rhine, hold any manoeuvres, nor maintain any works to facilitate mobilizament of a permanent Court of International Justice to determine interna- tion. In case of violation, "she shall be regarded as committing a hostile tional disputes or to give advisory opinions. Members who do not submit act against the powers who sign the present treaty and as intending to their case to arbitration must accept the jurisdiction of the Assembly. If the disturb the peace of the world. Council, less the parties to the dispute, is unanimously agreed upon the "By virtue of the present treaty, Germany shall be bound to respond rights of it, the members agree that they will not go to war with any party to to any request for an explanation which the Council of the League of Nations the dispute which complies with its recommendations. In this case a recom- may think it necessary to address to her." mendation by the Assembly,concurred in by all its members represented on Alsace-Lorraine. the Council and a simple majority of the rest, less the parties to the dispute, After recognition of the moral obligation to repair the wrong done in will have the force of a unanimous recommendation by the Council. In 1871 either case, if the necessary agreement cannot be secured, the members re- by Germany to France and the people of Alsace-Lorraine, the territories serve the right to take such action as may be necessary for the maintenance ceded to Germany by the Treaty of Frankfort are restored to France with of right and justice. Members resorting to war in disregard of the covenant their frontiers as before 1871, to date from the signing of the armistice, will immediately be debarred from all intercourse with other members. The and to be free of all public debts. Citizenship is regulated by detailed provisions distinguishing those Council will in such cases consider what military or naval action who can be are immediately restored to full French citizenship, those who have to taken by the League collectively for the protection of the coven its and make formal applications therefor, and those for whom naturalization is will afford facilities to members co-operating in this enterprise. open after three years. The last named class includes German residents Validity of Treaties. In Alsace-Lorraine, as distinguished from those who acquire the position All treaties or international engagements concluded after the institution of Alsace-Lorrainers as defined in the treaty. of the League will be registered with the Secretariet and published. The All public property and all private property of German ex-sovereigns Assembly may from time to time advise members to reconsider treaties passes to France without payment or credit. France is substituted which have become inapplicable or involve danger to peace. The covenant for Germany as regards ownership of the railroads and rights over conabrogates all obligations between members inconsistent with its terms, but cessions of tramways. The Rhine bridges pass to France with the obliganothing in it shall affect the validity of international engagement such their for upkeep. tion as treaties of arbitration or regional understandings like the Monroe Doctrine For five years manufactured products of Alsace-Lorraine will be admitted for securing the maintenance of peace.' to Germany free of duty to a total amount not exceeding in any year the average of the three years preceding the war,and textile materials may be Mandatory System. The tutelage of nations not yet able to stand by themselves will be imported from Germany to Alsace-Lorraine and re-exported free of duty. Contracts for electric power from the right bank must be continued for entrusted to advanced nations who are best fitted to undertake it. The ten years. For seven years with possible extension to ten the ports ol covenant recognizes three different stages of development requiring differKehl and Strassbourg shall be administered as a single unit by a French ent kinds of mandatories. administrator appointed supervised and by the Central Rhine Commission. (a) Communities like those belonging to the Turkish Empire which can be provisionally recognized as independent, subject to advice and assist- Property rights will be safeguarded in both ports and equality of treatment respects traffic as assured nationals, the vessels and goods of every country. mandatory whose in selection they would be allowed a voice. ance from a Contracts between Alsace-Lorrainers and Germans, are maintained, (b) Communities like those of Central Africa, to be administered by save for France's annul right to on grounds of public interest. Judgment/ the mandatory under conditions generally approved by the members of the League, where equal opportunities for trade will be allowed to all of courts hold in certain classes of cases, while in others a judicial exequatur first is required. Political condemnations during the war are abuses, such as trade in slaves, arms and liquor will members; certain be prohibited, and the construction of military and naval bases and the null and void and the obligation to repay war fines is established as in other parts of territory. Allied introduction of compulsory military training will be disallowed. Various clauses adjust the general provisions of the treaty to the spe(c) Other communities, such as Southwest Africa and the South Pacific cial 'conditions of Alsace-Lorraine. certain matters of execution being Islands, but administered under the laws of the mandatory as Integra left to conventions to be made between France and Germany. 1898 THE CHRONICLE The Sarre. In compensation for the destruction of coal mines in Northern France and as payment on account of reparation. Germany cedes to France full , ownership of the coal mines of the Sarre Basin with their subsidiaries accessories and facilities. Their value will be estimated by the Reparights French The account. that against ration Commission and credited will be governed by German law in force at the armistice, excepting war legislation. France replacing the present owners, whom Germany underproportakes to indemnify. France will continue to furnish the present tion of coal for local needs and contribute in just proportion to local taxes. The Basin extends from the frontier of Lorraine as reannexed to France north as far as Stwendel, including on the west the valley of the Sarre Homburg. as far as Sarreholzbach and on the east the town of In order to secure the rights and welfare of the population and guarantee territory will be govthe mines, the working in freedom to France entire erned by a commission appointed by the League of Nations and consisting of five members: One French, one a native inhabitant of the Sarre, and and three representing three different countries other than France Germany. The League will appoint a member of the commission as Chairman to act as executive of the commission. The commission will have all powers of government formerly belonging to the German Empire, Prussia and Bavaria, will administer,the railroads and other public local services and have full power to interpret the treaty clauses. The German courts will continue, but subject to the commission. Existing make may legislation will remain the basis of the law, but the commission modifications after consulting a local representative assembly, which it only; will organize. It will have the taxing power, but for local purposes will new taxes must be approved by this assembly. Labor legislation program the labor and ns consider the wishes of the local labor organizatio the former of the League. French and other labor may be freely utilized, pensions being free to belong to French unions. All rights acquired as to comSarre the and social insurance will be maintained by Germany and gendarmerie local a only but mission. There will be no military service, reto preserve order. The people will preserve their local assemblies, assemligious liberties, schools and language, but may vote only for local as far individso blies. They will keep their present nationality, except uals may change it. Those wishing to leave will have every facility, French with respect to their property. The territory will form part of the products customs system with no export tax on coal and metallurgical and for going to Germany nor on German products entering the basin five years no import duties on products of the basin going to Germany or German products coming into the basin for local consumption. French money may circulate without restriction. After fifteen years a plebiscite will be held by communes to ascertain regime the desires of the population as to continuance of the existing Germany. under the League of Nations, union with France or union with therein The right to vote will belong to all inhabitants over 20 resident at the signature. dewill the League Taking into account the opinions thus expressed, cide the ultimate sovereignty. In any portion restored to Germany the German Government must buy out the French mines at an appraised valuation. If the price is not paid within six months thereafter, this portion passes finally to France. If Germany buys back the mines, the League will determine how much of the coal shall annually be sold to France. SECTION IV. German Austria. Germany recognizes the total independence of German Austria in the boundaries traced. Czecho-Slovakia. Germany recognizes the entire independence of the Czecho-Slovak State, including the autonomous territory of the Ruthenians south of the Carpathians, and accepts the frontiers of this State as to be determined, which in the case of the German frontier shall follow the frontier of Bohemia in 1914. The usual stipulations as to acquisition and change of nationality follow. Poland. Germany cedes to Poland the greater part of Upper Silesia, Posen and the Province of West Prussia on the left bank of the Vistula. A field boundary commission of seven, five representing the Allied and Associated Powers and one each representing Poland and Germany, shall be constituted within fifteen days of the peace to delimit this boundary. Such special provisions as are necessary to protect racial, linguistic or religious minorities and to protect freedom of transit and equitable treatment of commerce of other nations shall be laid doWn in a subsequent treaty between the five Allied and Associated Powers and Poland. [VOL. 108. city shall be delimited by a commission appointed within six months from the peace, and to include three representatives chosen by the Allied and Associated Powers and one each by Germany and Poland. A convention, the terms of which shall be fixed by the five Allied and Associated Powers, shall be concluded between Poland and Danzig, which shall include Danzig within the Polish customs frontiers, though a free area in the port; insure to Poland the free use of all the city's waterways, docks and other port facilities, the control and administration of the Vistula and the whole through railway system within the city, and postal, telegraphic and telephonic communication between Poland and Danzig; provide against discrimination against Poles within the city and place its foreign relations and the diplomatic protection of its citizens abroad in charge of Poland. Denmark. The frontier between Germany and Denmark will be defined by the self-determination of the population. Ten days from the peace German troops and authorities shall evacuate the region north of the line running from the mouth of the Schlei, south of Kappel, Schleswig and Friedrichstadt along the Eider to the North Sea south of Tonning; the Workmen's and Soldiers' Councils shall be dissolved, and the territory administered by an international commission of five, of whom Norway and Sweden shall be invited to name two. The Commission shall insure a free and secret vote in three zones. That between the German-Danish frontier and a line running south of the Island of Alsen, north of Flensburg and south of Tondern to the North Sea north of the Island of Sylt will vote as a unit within three weeks after the evacuation. Within five weeks after this vote the second zone, whose southern boundary runs from the North Sea south of the Island of Fehr to the Baltic south of Sygum, will vote by communes. Two weeks after that vote the third zone, running to the limit of evacuation, will also vote by communes. The International Commission will then draw a new frontier on the basis of these plebiscites and with due regard for geographical and economic conditions. Germany will renounce all sovereignty over territories north of this line in favor of the associated Governments, who will hand them over to Denmark. Heligoland. The fortifications, military establishments and harbors of the islands of Heligoland and Dune are to be destroyed under the supervision of the Allies by German labor, and at Germany's expense. They may not be reconstructed or any similar fortifications built in the future. Russia. Germany agrees to respect as permanent and inalienable the independency of all territories which were part of the former Russian Empire, to accept the abrogation of the Brest-Litovsk and other treaties entered into of with the Maximalist Government og, Russia, to recognize the full force all treaties entered into by the Allied and Associated Powers with States which were a part of the former Russian Empire, and to recognize the frontiers as determined thereon. The Allied and Associated Powers formally reserve the right of Russia to obtain restitution and reparation on the principles of the present treaty. SECTION V. German Rights Outside Europe, Outside Europe Germany renounces all rights, titles and privileges as to her own or her allies' territories to all the Allied and Associated Powers, and undertakes to accept whatever measures are taken by the five Allied Powers in relation thereto. Colonies and Overseas Possessions. Germany renounces in favor of the Allied and Associated Powers her overseas possessions with all rights and titles therein. All movable and Immovable property belonging to the German Empire or to any German State shall pass to the Government exercising authority therein. These Governments may make whatever provisions seem suitable for the repatriation of German nationals and as to the conditions on which German subjects of European origin shall reside, hold property, or carry on business. Germany undertakes to pay reparation for damage suffered by French nationals in the Cameroons or frontier zone through the acts of German civil and military authorities and of individual Germans from Jan. 1 1900 to Aug. 1 1914. Germany renounces all rights under the convention of Nov. 4 1911 and Sept. 29 1912, and undertakes to pay to France in accordance with an estimate presented and approved by the repatriation commission all deposits, credits, advances, &c., thereby secured. Germany undertakes to accept and observe any provisions by the Allied and Associated Powers as to the trade in arms and spirits in Africa, as well as to the General Act of Berlin of 1885, and the General Act of Brussels of 1890. Diplomatic protection to inhabitants of former German colonies is to be given by the Governments exercising authority. East Prussia. China. The southern and the eastern frontier of East Prussia as touching Poland s to be fixed by plebiscites, the first in the regency of Allenstein, between Germany renounces in favor of China all privileges and indemnities of Regisrungfrontier northern the and Prussia East of the southern frontier resulting from the Boxer Protocol of 1901 and all buildings, wharves, besirk Aliensteln,from where it meets the boundary between East and West barracks for the munition of warships, wireless plants and other public Prussia to its junction with the boundary between the circles of Oletsko property except diplomatic or consular establishments in the German and Augersburg, thence the northern boundary of Oletsko to its junction concessions of Tientsin and Hankow and in other Chinese territory, except with the present frontier, and the second in the area comprising the circles Mao Chou, and agrees to return to China at her own expense all the of Stuhm and Rosenburg and the parts of the circles of Marienburg and astronomical instruments seized in 1900 and 1901. China will, however, Marienwerder east of the Vistula. take no measures for disposal of German property in the Legation QuarIn each ass German troops and authorities will move out within fifteen ter at Pekin without the consent of the Powers signatory to the Boxer l coman under internationa placed be territories the and peace days of the Protocol. mission of five members appointed by the five Allied and Associated Germany accepts the abrogation of the concessions at Hankow and Powers, with the particular duty of arranging for a free, fair and secret Tientsin, China, agreeing to open them to international use. Gerthe to the of plebiscites results the report will vote. The commission many renounces all claims against China or any Allied and Associated five Powers with a recommendation for the boundary and will terminate its Government for the internment or repatriation of her citizens in China work as soon as the boundary has been laid down and the new authorities and for the seizure or liquidation of German interests there since Aug. 14 in set up. 1917. She renounces in favor of Great Britain her State property The five Allied and Associated Powers will draw up regulations assuring the British concession at Canton and of France and China jointly of the East Prussia full and equitable access to and use of the Vistula. A sub- property of the German school in the French concession at Shanghai. sequent convention of which the terms will be fixed by the five Allied and Siam. Associated Powers, will be entered into between Poland. Germany and Germany recognizes that all agreements between herself and Siam, Danzig to assure suitable railroad communication across German territory while Poland Including the right of extraterritoriality ceased July 22 1917. All Geron the right bank of the Vistula between Poland and Danzig, man public property, except consular and diplomatic premises, passes shall grant free passage from East Prussia to Germany. is Memel to be ceded without compensation to Siam; German private property to be dealt with The northeastern corner of East Prussia about to accept the agreeing former the Powers, in accordance with the economic clauses. Germany waives all claims by Germany to the Associated against Siam for the seizure and condemnation of her ships, liquidation settlement made, especially as regards the nationality of the inhabitants. of her property, or internment of her nationals. Danzig. Liberia. Danzig and the district immediately about It is to be constituted into renounces all rights under the international arrangements Germany of Nations. the League of the guarantee under Danzig" the "Free City of Danzig of 1911 and 1912 regarding Liberia, more particularly the right to nomA high commissioner appointed by the League and resident at receiver of the customs, and disinterests herself in any further shall draw up a constitution in agreement with the duly appointed repre- inate a for the rehabilitation of Liberia. She regards as abrosentatives of the city, and shall deal in the first instance with all differ- negotiations treaties and agreements between herself and Liberia commercial of all sated the boundaries actual The Poland. and city ences arising between the MAY 10 1010.1 THE CHRONICLE and recognizes Liberia's right to determine the status and condition of the re-establishment of Germans in Liberia. Morocco. Germany renounces all her rights, titles and privileges under the Act of Algeciras and the Franco-German agreements of 1909 and 1911 and under all treaties and arrangements with tho Sherifian Empire. She undertakes not to intervene in any negotiations as to Morocco between France and other Powers, accepts all the consequences of the French protectorate and renounces the Capitulations; the Sherifian Government shall have complete liberty of action in regard to German nationals, and all German protected persons shall be subject to the common law. All movable and immovable German property, including mining rights, may be sold at public auction, the proceeds to be paid to the Sherifian Government and deducted from the reparation account. Germany is also required to relinquish her interests in the State Bank of Morocco. All Moroccan goods entering Germany shall have the same privilege as French goods. Egypt. Germany recognize the British Protectorate over Egypt declared on Dec. 18 1914 and renounces as from Aug. 4 1914 the Capitulation and all the treaties, agreements, &c., concluded by her with Egypt. She undertakes not to intervene in any negotiations about Egypt between Groat Britain and other Powers. There are provisions for jurisdiction over German nationals and property, and for German consent to any changes which may be made in relation to the Commission of Public Debt. Germany consents to the transfer to Great Britain of the powers given to the late Sultan of Turkey for securing the free navigation of the Suez Canal. Arrangements for property belonging to German nationals in Egypt are made similar to those in the case of Morocco and other countries. Anglo-Egyptian goods entering Germany shall enjoy the same treatment as British goods. Turkey and Bulgaria. Germany accepts all arrangements which the Allied and Associated Powers make with Turkey and Bitigiaria with reference to any right, privileges, or interests claimed in those countries by Germany or her nationals and not dealt with elsewhere. Shantung. Germany cedes to Japan all rights, titles and privileges, notable as to Kiao-Chou, and the railroads, mines, and•cables acquired by her treaty with China of March 6 1897, by and other agreements as to Shantung. All Gorman rights to the railroad from Tsing Tao to Tsin Aufu, including all facilities and mining rights and rights of exploitation, pass equally to Japan, and the cables from Tsing Tao to Shanghai and Chefoo, the cables free of all charges. All German State property, movable and immovable, in MaoChou is acquired by Japan free of all charges. 1899 All German vessels of war in foreign ports, and the German High Seas fleet interned at Scapa Plow, will be surrendered, the final disposition of these ships to be decided upon by the Allied and Associated Powers. Germany must surrender forty-two modern destroyers, fifty modern torpedo boats and all submatines with their salvage vessels; all war vessels under construction, including submarines, must be broken up. War vessels not otherwise provided for are to be placed in reserve or used for commercial purposes. Replacement of ships except those lost can take place only at the end of 20 years for battleships, and 15 years for destroyers. The largest armored ship Germany will be permitted will be 10,000 tons. Germany is required to sweep up the mines in the North Sea and the Baltic Sea as decided upon by the Allies: All German fortifications in the Blatic defending the passages through the belts must be demolished. Other coast defenses are permitted, but the number and calibre of the guns must not be increased. Wireless. During a period of three months after the peace German high-power wireless stations, at Nauen, IIanover and Berlin, will not be permitted to send any messages except for commercial purposes and under supervision of the Allied and Associated Governments, nor may any more be constructed. Cables. Germany renounces all title to specified cables, the value of such as were privately owned being credited to her against reparation indebtedness. Germany will be allowed to repair German submarine cables which have been cut, but are not being utilized by the Allied Powers, and also portions of cables which, after having been cut, have been removed, or are at any rate not being utilized by any one of the Allied and Associated Powers. In such cases the cables or portions of cables removed or utilized remain the property of Allied and Associated Powers, and accordingly fourteen cables or parts of cables are specified which will not be restored to Germany. Air. The armed forces of Germany must not include any military or naval air forces except for not over one hundred unarmed seaplanes to be retalned till Oct. 1 to search for submarine mines. No dirigible shall be kept. The entire air personnel is to be demobilized within two months, except for 1,000 officers and men retained till October. No aviation grounds or dirigible sheds are to be allowed within 150 kilometers of the Rhine or the eastern or southern frontiers, existing installations within these limits to be destroyed. The manufacture of aircraft and parts of aircraft is forbidden for six months. All military and naval aeronautical material under a most exhaustive definition must be surrendered within three months, except for the 100 seaplances already specified SECTION VII. SECTION VI. Prisoners of War. The repatriation of German prisoners and interned civilians is to be carried out without delay and at Germany's expense by a COITIMISS1011 composed of representatives of the Allies and Germany. Those under sentence for offenses against discipline are to be repatriated without regard to the completion of their sentence. Until Germany has surMilitary Forces. The demobilization of the German army must take place within two rendered persons guilty of offenses against the laws and customs of war, months of the peace. Its strength may not exceed 100,000, including 4,000 the Allies have the right to retain selected German officers. The Allies officers, with not over seven divisions of infantry and three of cavalry, may deal at their own discretion with German nationals who do not deand to be devoted exclusively to maintenance of internal order and control sire to be repatriated, all repatriation being conditional on the immediate of frontiers. Divisions may not be grouped under more than two army release of any Allied subjects still in Germany. Germany is to accord corps headquarters staffs. The great German General Staff is abolished. facilities to commissions of inquiry in collecting information in regard to The army administrative service, consisting of civilian personnel not in- missing prisoners of war and of imposing penalties on German officials who cluded in the number of effectives, as reduced to one-tenth the total in the have concealed Allied nationals. Germany is to restore all property be1913 budget. Employees of the Gorman States, such as customs officers, longing to Allied prisoners. There is to be a reciprocal exchange of infirst guards and coast guards, may not exceed the number of 1913. Ger- formation as to dead prisoners and their graves. darmes and local police may be increased only in accordance with the growth Graves. of population. None of these may be assembled for military training. Both parties will respect and maintain the graves of soldiers and sailors burled on their territories, agree to recognize and assist any commission Armaments. Associate Government with identifying, regis All establishments for the manufacturing, preparation, storage or charged by any Allied or suitable monuments over the graves, and design of arms and munitions of war, except those specifically excepted, tering, maintaining or erecting facilities for the repatriation of the remains ot afford to to all each other must be closed within three months of the peace and their personnel dismissed. The exact amount of armament and munitions allowed Germany their soldiers. Responsibilities. is laid down in detailed tables, all in excess to be surrendered, or rendered "The Allied and Associated Powers publicly arraign William II. ol useless. The manufacture or importation of asphyxiating, poisonous German Emperor, not for an offense against formerly Hohenzollern, or other gases and all analogous liquids is forbidden, as well as the imoffense against international morality portation of arms, munitions and war materials. Germany may not criminal law, but for a supreme and the sanctity of treaties." manufacture such materials for foreign governments. is to be requested of Holland and a special surrender The ex-Emperor's Conscription. tribunal set up composed of one judge from each of the five Great Conscription is abolished in Germany. The enlisted personnel must Powers; with full guarantees of the right of defense. It is to be guided "by be maintained by voluntary enlistments for terms of twelve consecu- the highest motive of international policy with a view of vindicating the international undertakings and the validity of intive years, the number of discharges before the expiration of that terms solemn obligations of not in any year to exceed 5% of the total effectives. Officers remaining ternational morality" and will fix the punishment it feels should be imin the service must agree to serve to the age of 45 years, and newly ap- posed. Persons accused of having committed acts in violation of the laws and pointed officers must agree to serve actively for 25 years. tried and punished by military tribunals under No, military schools except those absolutely indispensable for the units customs of war are to be military law. If the charges affect nationals of only one State, they will allowed shall exist in Germany two months after the peace. No assothat State; if they affect nationals of several tribunal of tried before a be discharged soldiers, shooting or touring clubs, ciations, such as societies of educational establishments or universities, may occupy themselves with States, they will be tried before joint tribunals of the States concerned. Germany shall hand over to the Associated Governments either jointly or military matters. All measures of mobilization are forbidden. severally all persons so accused and all documents and information necesFortresses. sary to insure full knowledge of the incriminating acts, the discovery of the All fortified works, fortresses and field works situated in German ter- offenders, and the just appreciation of the responsibility. The Judge ritory within a zone fifty kilometers east of the Rhine will be disman- [garbled in cabling] will be entitled to name his own counsel. SECTION VIII. tled within three months. The construction of any new fortifications there is forbidden. The fortified works on the southern and eastern Reparation and Restitution. frontiers, however, may remain. The Allied and Associated Governments affirm and Germany accepts Control. the responsibility of herself and her allies for causing all the loss and damage Inter-Allied commissions of control will see to the execution of the to which the Allied and Associated Governments and their nationals have provisions for which a time limit is set, the maximum named being three been subjected as a consequence of the war imposed upon them by the months. They may establish headquarters at the German seat of Gov- aggression of Germany and her allies. ernment and go to any part of Germany desired. Germany must give The total obligation of Germany to pay, as defined in the category of them complete facilities, pay their expenses, and also the expenses of damages, is to be determined and notified to her after a fair hearing and execution of the treaty, including the labor and material necessary in not later than May 1 1921, by an Inter-Allied Reparation Commission. At the same time a schedule of payments to discharge the obligation within demolition, destruction or surrender of war equipment. thirty years shall be presented. These payments are subject to postponeNaval. ment in certain contingencies. Germany irrevocably recognizes the full The German navy must be demobilized within a period of two months authority of this Commission, agrees to supply it with all the necessary allowed will be six small battleships, six light cruisers, information and to pass legislation to effectuate its findings. She further after the peace. She twelve destroyers, twelve torpedo boats and no submarines, either mili- agrees to restore to the Allies cash and certain articles which can be identary or commercial, with a personnel of fifteen thousand men, including tified. an immediate step toward restoration, Germany shall pay within officers, and no reserve force of any character. Conscription is abolished, only voluntary service being permitted, with a minimum period two Asyears 20,000,000,000 marks in either gold, goods, ships, or other for officers service and 12 for of 25 years' men. No member of the Ger- specific forms of payment. This sum being included in and not additional man mercantile marine will be permitted any naval training. to the first thousand million bond issue referred to below; with the underMilitary, Naval and Air. In order to render possible the initiation of a general limitation of the armaments of all nations, Germany undertakes directly to observe the military, naval and air clauses which follow: 1900 THE CHRONICLE standing that certain expenses, such as those of the armies of occupation and payments for food and raw materials may be deducted, at the discretion of the Allies. Germany further binds herself to repay all sums borrowed by Belgium from her allies as a result of Germany's violation of the treaty of 1839 up to Nov. 11 1918, and for this purpose will issue at once and hand over to the Reparation Commission 5% gold bonds falling due in 1926. While the Allied and Associated Governments recognize that the resources of Germany are not adequate, after taking into account permanent diminutions of such resources which will result from other treaty claims, to make complete reparation for all such loss and damage, they require her to make compensation for all damages caused to civilians under seven main categories: (a) Damage by personal injury to civilians caused by acts of war, directly or indirectly, including bombardments from the air. (b) Damage caused to civilians, including exposure at sea, resulting from acts of cruelty ordered by the enemy and to civilians in the occupied territories. (c) Damages caused by maltreatment of prisoners. (d) Damages to the allied peoples represented by pensions and separation allowances, capitalized at the signature of this treaty. (e) Damages to property other than naval or military materials. (f) Damage to civilians by being forced to labor. (g) Damages in the form of levies or fines imposed by the enemy. In periodically estimating Germany's capacity to pay, the Reparation Commission shall examine the German system of taxation, to the end that the sums for reparation which Germany is required to pay shall become a charge upon all her revenues prior to that, for the service or discharge of any domestic loan, and, secondly, so as to satisfy itself that in general the German scheme of taxation is fully as heavy proportionately as that of any of the Powers represented on the commission. The measures which the Allied and Associated Powers shall have the right to take, in case of voluntary default by Germany, and which Germany agrees not to regard as acts of war, may include economic and financial prohibitions and reprisals, and in general such other measures as the respective Governments may determine to be necessary in the circumstances. The commission shall consist of one representative each of the United States, Great Britain, France, Italy and Belgium, a representative of Serbia or Japan taking the place of the Belgian representative when the interests of either country are particularly affected, with all other Allied Powers entitled, when their claims are under consideration, to the right of representation without voting power. It shall permit Germany to give evidence regarding her capacity to pay and shall assure a just opportunity to be heard. It shall make its permanent headquarters at Paris, establish its own- procedure and personnel, have general control of the whole reparation problem, and become the exclusive agency of the Allies for receiving, holding, selling and distributing reparation payments. Majority vote shall prevail except that unanimity is required on questions involving the sovereignty of any of the Allies, the cancellation of all or part of Germany's obligations, the time and manner of selling, distributing and negotiating bonds issued by Germany, any postponement between 1921 and 1926 of annual payments beyond 1930, and any postponement after 1926 for a period of more than three years of the application of a different method of measuring damage than in a similar former case and the interpretation of provisions. Withdrawals from representation is permittedlupon twelve months notice. The commission may require Germany to give from time to time, by way of guarantee. issues of bonds or other obligations to cover such claims as are not otherwise satisfied in this connection, and on account of the total amount of claims bond issues are presently to be required of Germany in acknowledgment of its debt as follows: 20,000,000,000 marks gold, payable not later than May 1 1921, without interest; 40,000,000,000 marks gold bearing 23% interest between 1921 and 1926, and thereafter 5% with a 1% sinking fund payment beginning 1926; and an undertaking to deliver 40,000,000,000 marks gold bonds bearing interest at 5%,under terms to be fixed by the Commission. Interest on Germany's debt will be 5%, unless otherwise determined by the commission in the future, and payments that are not made in gold may "be accepted by the commission in the form of properties, commodities, businesses, rights, concessions,l&c." Certificates of beneficial interest, representing either bonds or goods delivered by Germany, may be issued by the commission to the interested Powers, no Power being entitled, however, to have its certificates divided into more than five pieces. As bonds are distributed and pass from the control of the commission an amount of Germany's debt equivalent to their par value is to be considered as liqui dated. Shipping. The German Government recognizes the right of the Allies to the replacement, ton for ton and class for class, of all merchant ships and fishing boats lost or damaged owing to the war, and agrees to cede to the Allies all German merchant ships of 1,600 tons gross and upward one-half of her ships between 1,600 and 1,000 tons gross, and one-quarter of her steam trawlers and other fishing boats. These ships are to be delivered within two months to the Reparation Commission, together with documents of title evidencing the transfer of the ships from free encumbrance. "As an additional part of reparation," the German Government further agrees to build merchant ships for the account of the Allies to the amount of not exceeding 200,000 tons gross annually during the next five years. All ships used for inland navigation taken by Germany from the Allies are to be restored within two months, the amount of loss not covered by such restitution to be made up by the cession of the German river fleet up to 20% thereof. Dyestuffs and Chemical Drugs. In order to effect payment by deliveries in kind, Germany is required,for a limited number of years, varying in the case of each, to deliver coal, coal-tar products, dyestuffs and chemical drugs, in specific amounts to the Reparations Commission. The Commission may so modify the conditions of delivery as not to interfere unduly with Germany's industrial requirements. The deliveries of coal are based largely upon the principle of making good diminutions in the production of the Allied countries resulting from the war. Germany accords option to the Commission on dyestuffs and chemical drugs, including quinine, up to 50% of the total stock in Germany at the time the treaty comes into force, and similar option during each six months to.the end of 1924 up to 25% of the previous six months' output. Devastated Areas. Germany undertakes to devote her economic resources directly to the physical restoration of the invaded areas. The Reparation Commission is authorized to require Germany to replace the destroyed articles by the delivery of animals, machinery, &c., existing in Germany and to manufacture materials required for reconstruction purposes, all with due consideration for Germany's essential domestic requirements. [VoL. 108. Coal, &c. Germany. Is to deliver annually for ten years to France coal equivalent to the difference between the annual pre-war output of Nord and Pas De Calais mines and the annual production during the above ten-year period. Germany further gives options over ten years for delivery of 7,000,000 tons of coal per year to Fiance, in addition to the above; of 8,000,000 tons to Belgium and of an amount rising from four and a half million tons in 1919 to 1920 to eight and a half million tons in 1923 to 1942 to Italy at prices to be fixed as prescribed in the treaty. Coke may be taken in place of coal in the ratio of three tons to four. Provision is also made for delivery to France over three years of benzol, coal tar and sulphate of ammonia. The commission has powers to postpone or annul the above deliveries should they interfere unduly with the industrial requirements of Germany. Germany is to restore within six months the Koran of the Caliph Othman, formerly at Medina, to the King of the Hedjaz, and the skull of the Sultan Okwawa, formerly in German East Africa, to his Britannic Majesty's Government. The German Government is also to restore to the French Government certain papers taken by the German authorities in 1870, belonging then to M. Reuher, and to restore the French flags taken during the war of 1870 and 1871. As reparation for the destruction of the Library of Louvain Germany is to hand over manuscripts, early printed books, prints, &c., to the equivalent of those destroyed. In addition to the above Germany Is to hand over to Belgium wings now at Berlin belonging to the altarpiece of "The Adoration of the Lamb," by Hubert and Jan Van Eyck,the centre of which is now in the Church of St. Bavon at Ghent, and the wings now in Berlin and Munich of the altarpiece of "The Last Supper," by Dirk Bouts, the centre of which belongs to the Church of St. Peter at Louvain. SECTION IX. Finance. Powers to which German territory is ceded will assume a certain portion of the German pre-war debt, the amount to be fixed by the Reparations Commission on the basis of the ratio between the revenue and of the ceded territory and Germany's total revenues for the three years preceding the war. In view, however, of the special circumstances under which Alsace-Lorraine was separated from France in 1871, when Germany refused to accept any part of the French public debt, France will not assume any part of Germany's pre-war debt there, nor will Poland share in certain German debts incurred for the oppression of Poland. If the value of the German public property in ceded territory exceeds the amount of debt assumed, the States to which property is ceded will give credit on reparation for the excess, with the exception of Alsace-Lorraine. Mandatory Powers will not assume any German debts or give any credit for German Government property. Germany renounces all right of representation on, or control of, State banks,commissions, or other similar international financial and economic organizations. Germany is required to pay the total cost of the Armies of Occupation from the date of the armistice as long as they are maintained in German territory, this cost to be a first charge on her resources. The cost of reparation is the next charge, after making such provisions for payments for imports as the Allies may deem necessary. Germany is to deliver to the Allied and Associated Powers all sums deposited in Germany by Turkey and Austria-Hungary in connection with the financial support extended by her to them during the war, and to transfer to the Allies all claims against Austria-Hungary, Bulgaria or Turkey in connection with agreements made during the war. Germany confirms the renunciation of the treaties of Bucharest and BrestLitovsk. On the request of the Reparations Commission, Germany will expropriate any rights or interests of her nationals in public utilities in ceded territories or those administered by mandatories, and in Turkey, China, Russia, Austria-Hungary and Bulgaria, and transfer them to the Reparations Commission, which will credit her with their value. Germany guarantees to repay to Brazil the fund arising from the sale of Sao Paulo coffee which she refused to allow Brazil to withdraw from Germany. SECTION X. ECONOMIC CLAUSES. Customs. For a period of six months Germany shall impose no tariff duties higher than the lowest in force in 1914 and for certain agricultural products, wines, vegetable oils, artificial silk and washed or scoured wool. This restriction obtains for two and a half years or for five years unless further extended by the League of Nations. Germany must give most favored nation treatment to the Allied and Associated Powers. She shall impose no customs tariff for five years on goods originating in Alsace-Lorraine and for three years on goods originating in former German territory ceded to Poland with the right of observation of a similar exception for Luxemburg. Shipping. Ships of the Allied and Associated Powers shall for five years and thereafter, under condition of reciprocity unless the League of Nations otherwise decides, enjoy the same rights in German ports as German vessels and have most favored nation treatment in fishing, coasting trade and towage even in territorial waters. Ships of a country having no seacoast may be registered at some one place within its territory. Unfair Competition. Germany undertakes to give the trade of the Allied and Associated Powers adequate safeguards against unfair competition and in particular to suppress the use of false wrappings and markings and on condition of reciprocity to respect the laws and judicial decisions of Allied and Associated States in respect of regional appelations of wines and spirits. Treatment of Nationals. Germany shall impose no exceptional taxes or restriction upon' the nationals of Allied and Associated States for a period of five years and unless the League of Nations acts for an additional five years German nationality shall not continue to attach to a person who has become:a national of an Allied or Associated State. Multilateral Conventions. Some forty multilateral conventions are renewed between Germany and the Allied and Associated Powers, but special conditions are attached to Germany's readmission to several. As to postal and telegraphic conventions Germany must not refuse to make reciprocal agreements with the new States. She must agree as respects the radio-telegraphic convention to Provisional rules to be communicated to her and adhere to the new convention when formulated. In the North Sea fisheries and North Sea liquor traffic convention rights of inspection and police over Associated fishing boats shall be exercised for at least five years only by vessels of these Powers. As to the International Railway Union she shall adhere to the new convention when formulated. MAY 10 1919.] THE CHRONICLE China. As to the Chinese customs tariff arrangement, the arrangement of 1905 regarding Whangpoo and the Boxer indemnity of 1901; France, Portugal and Rumania as to The Hague Convention of 1903, relating to civil procedure and Great Britain and the United States as to Article III of the Samoan, treaty of 1899 are relieved of all obligation toward Germany. Bilateral Treaties. Each Allied and Associate State may renew any treaty with Germany in so far as consistent with the peace treaty by giving notice within six months. Treaties entered into by Germany since Aug. 1 1914 with other enemy States and before or since that date with Rumania, Russia and Governments representing parts of Russia are abrogated and concessions granted under pressure by Russia to German subjects are annulled. The Allied and Associated States are to enjoy most favored nation treatment under treaties entered into by Germany and other enemy States before Aug. 1 1914, and under treaties entered into by Germany and neutral States during the war. Pre-War Debts. A system of clearing houses is to be created within three months, one in Germany and one in each Allied and Associated State which adopts the plan for the payment of pre-war debts,including those arising from contracts suspended by the war,for the adjustment of the proceeds of the liquidation of enemy property and the settlement of other obligations. Each participating State assumes responsibility for the paymentiof all debts owing by its nationals to nationals of the enemy States except in cases of pre-war insolvency of the debtor. The proceeds of the sale of private enemy property in each participating State may be used to pay the debts owed to the nationals of that State, direct payment from debtor to creditor and all communications relating thereto being prohibited. Disputes may be settled by arbitration, by the courts of the debtor country or by the mixed arbitral tribunal. Any Allied or Associated Power may, however, decline to participate in this system by giving Germany six months notice. Enemy Property. Germany shall restore or pay for all private enemy property seized or damaged by her, the amount of damages to be fixed by the mixed arbitral tribunal. The Allied and Associated States may liquidate German private property within their territories as compensation for property of their nationals not restored or paid for by Germany. For debts owed to their nationals by German nationals and for other claims against Germany. Germany is to compensate its nationals for such losses and to deliver within six months all documents relating to property held by its nationals in Allied and Associated States. All war legislation as to enemy property rights and interests is confirmed and all claims by Germany against the Allied or Associated Governments for acts under exceptional war measures abandoned. Contracts. Pro-war contracts between Allied and Associated nationals, excepting the United States, Japan and Brazil, and German nationals are canceled exccept for debts for accounts already performed. Agreements. For the transfer of property where the property had already passed, leases of land and houses, contracts of mortgages, pledge or lien, mining concessions, contracts with Governments and insurance contracts, mixed arbitral tribunals shall be established of three members, one chosen by Germany, one by the Associated States and the third by agreement, or, failing which, by the President of Switzerland. They shall have jurisdiction over all disputes as to contracts concluded before the present peace treaty. Fire insurance contracts are not considered dissolved by the war, even if premiums have not been paid, but lapse at the date of the first annual premium falling due three months after the peace. Life insurance contracts may be restored by payments of accumulated premiums with interest, sums falling due on such contracts during the war to be recoverable with interest. Marine insurance contracts are dissolved by the outbreak of war, except where the risk insured against had already been incurred. Where the risk had not attached premiums paid are recoverable; otherwise premiums due and sums due on losses are recoverable. Reinsurance treaties are abrogated unless invasion has made it impossible for the reinsured to find another reinsurer. Any Allied or Associated Power, however, may cancel all the contracts running between its nationals and a German life insurance company, the latter being obligated to lafind over the proportion of its assets attributable to such policies. 1901 Railways. Germany, in addition to most favored nation treatment on her railways, agrees to co-operate in the establishment of through ticket services for passengers and baggage; to insure communication by rail between the Allied, Associated and other States; to allow the construction or improvement within twenty-five years of such lines as necessary; and to conform her rolling stock to enable its incorporation in trains of the Allied or Associated Powers. She also agrees to accept the denunciation of the St. Gothard convention if Switzerland and Italy so request, and temporarily to execute instructions as to the transport of troops and supplies and the establishment of postal and telegraphic service as provided. Czeclw-Slovakia. To assure Czecho-Slovakia access to the.sea, special rights are given her both north and south. Toward the Adriatic, she is permitted to run her own through trains to Fiume and Trieste. To the north, Germany is to lease her for ninety-nine years spaces in Hamburg and Stettin, the details to be worked out by a commission of three representing CzechoSlovakia, Germany and Great Britain. The Kiel Canal. The Kiel Canal is to remain free and open to war and merchant ships of all nations at peace with Germany, subjects, goods and ships of all States are to be treated on terms of absolute equality, and no taxes to be imposed beyond those necessary for the upkeep and improvement, for which Germany is to be responsible. In case of violation of or disagreenient as to those provisions, any State may appeal to the League of Nations, and may demand the appointment of an international commission. For preliminary hearing of complaints Germany shall establish a local authority at Kiel. SECTION XL Aerial Navigation. Aircraft of the Allied and Associated Powers shall have full liberty of passage and landing over and in German territory, equal treatment with German planes as to use of German airdromes, and with most favored nation planes as to internal commercial traffic in Germany. Germany. agrees to accept Allied certificates of nationality, airworthiness or competency or licenses and to apply the convention relative to aerial navigation concluded between the Allied and Associated Powers to her own aircraft over her own territory. These rules apply until 1923 unless Germany has since been admitted to the League of Nations or to the above convention. SECTION XII. Freedom of Transit. Germany must grant freedom of transit through her territories by mail or water to persons, goods, ships, carriages, and mails from or to any of of the Allied or Associated Powers, without customs or transit duties, undue delays, restrictions, or discriminations based on nationality, means of transport, or place of entry or departure. Goods in transit shall be assured all possible speed of journey, especially perishable goods. Germany may not divert traffic from its normal course in favor of her own transport routes or maintain "control stations" in connection with transmigration traffic. She may not establish any tax discrimination against the of Allied or Associated Powers; must grant the latter's seaports all ports factors and reduced tariffs granted her own or other nationals, and afford the Allied or Associated Powers equal rights with those of her own in her ports and waterways, save that she is free to open or close nationals her maritime coasting trade. Free Zones in Ports. Free zones existing in German ports on Aug. 1 1914 must be maintained with due facilities as to warehouses, and packing and shipping, without discrimination, and without charges except for expenses of administration and use. Goods leaving the free zones for consumption in Germany and goods brought into the free zones from Germany shall be subject to the ordinary import and export taxes. International Rivers. The Elbe from the junction of the Ultava, the Ultava from Prague, the Oder from Oppa, the Niemen from Grodno, and the Danube from Ulm are declared international, together with their connections. The riparian States must insure good conditions of navigation within their territories unless a special organization exists therefor. Oth_rwise appeal may be had to a special tribunal of the League of Nations, which also may arrange for a general international waterways convention. 4fr The Elbe and the Oder are to be placed under internat'onal commissions to meet within three months, that for the Elbe composed of four tives of Germany, two from Czecho-Slovakia, and one each representaIndustrial Property. from Britain, France, Italy and Belgium; and that for the Oder composed Great of one Rights as to industrial, literary and artistic property are re-established. each from Poland, Russia, Czecho-Slovakia , Great Britain, France, DenThe special war measures of the Allied and Associated Powers are ratified mark and Sweden. If any riparian State on the Niemen should so conditions on the use of German patents request and the right reserved to impose of the League of Nations, a similar commission shall be established there. and copyrights when in the public interest. Except as between the United These commissions shall upon request of any riparian State meet within licenses and pre-war rights Germany, to sue and States for infringements three months to revise existing inetrnational agreement. committed during the war are canceled. The Danube. Opium. The European Danube Commission reassumes its pre-war powers, but The contracting Powers agree, whether or not they have signed and rati- for the time being with representatives of only Great Britain, Franco, Italy fied the opium convention of Jan. 23 1912, or signed the special protocol and Rumania. The Upper Danube is to be administered by a new interopened at The Hague, in accordance with resolutions adopted by the Third national commission until a definitive statute be drawn Opium Conference in 1914, to bring the said convention into force by enact- of the Powers nominated by the Allied and Associated up at a conference Governments within ing within twelve months of the peace the necessary legislation. one Year after the peace. The enemy Governments shall make full reparations for all war damages caused to the European commission; Religious Missions. shall cede their river facilities in surrendered territory, and give Czecho-Slovalda, The Allied and Associated Powers agree that properties of religious Serbia and Rumania any rights necessary on their shores for carrying out missions in territories belonging or ceded to them shall continue in their improvements in navigation. work under the control of the Powers, Germany renouncing all claims in The Rhine and the Moselle. their behalf. Rhine-Meuse Canal. The Rhino is placed under the central commission to meet at Strassburg within six months after the peace and to be composed of four representaBelgium is to be permitted to build a deep draft Rhine-Meuse canal if tives of France, which shall in addition select the President; four of Gershe so desires within twenty-five years, in which case Germany must con- many, and two each of Great Britain, Italy, Belgium, Switzerland and the struct the part within her territory on Netherlands. Germany must give Prance on the course of the Governments may Allied interested construct a Rhine-Meuse canal, both, Rhine inthe cluded between the two extreme points of her frontiers all rights to take if constructed, to come under the competent international commission. water to feed canals, while herself agreeing not to make canals on the Germany may not object if the Central Rhine Commission desires to extend right opposite bank She France. must also hand over lower Moselle, to France all her drafts the upper Rhine, or lateral canals. its jurisdiction over the Germany must cede to the Allied and Associated Governments certain and designs for this part of the river. tugs, vessels and facilities for navigation on all these rivers, the specific SECTION XIII. details to be established by an arbiter named by the United States. DeciInternational Labor Organization. sion will be based on the legitimate needs of the parties concerned and on Members of the League of Nations agree to establish a permanent orthe shipping traffic during the five years before the war. The value will organization to promote international adjustment of labor conditions, to be included in the regular reparation account. In the case of the Rhine, consist of an annual international labor conference and an international shares in the German navigation companies and property, such as wharves labor office. and warehouses, held by Germany in Rotterdam at the outbreak of war, The former is composed of four representatives of each State, two must be handed over. from the Government and one each from the employers and the employed; 1902 THE CHRONICLE legislative each of them may vote individually. It will be a deliberative body, its measures taking the form of draft conventions or recommenda submitted be tions for legislation, which if passed by two-thirds vote must GovernEach g. participatin State to the lawmaking authority in every but ment may either enact the terms into law; approve the principle Federal modify them to local needs; leave the actual legislation in case of a without altogether State to local legislatures; or reject the convention further obligation. League The International Labor Office is established at the seat of the distribute inof Nations as part of its organization. It is to collect and conthe for formation on labor throughout the world and prepare agenda possibly ference. It will publish a periodical in French and English, and n to the other languages. Each State agrees to make to it for presentatio conconference an annual report of measures taken to execute accepted members, 24 velitions. The governing body in its executive, consists of the six employees, and employers the 12 representing the Governments, six to serve for three years. a conOn complaint that any Government has failed to carry out inquiries vention to which it is a party, the governing body may make may ry is unsatisfacto reply directly to that Government, and in case the publish the complaint with comment. A complaint by one Government commission against another may be referred by the governing body to a If the of inquiry nominated by the Secretary-General of the League. matter may be the action, Commission report fails to bring satisfactory The taken to a permanent court of international justice for final decision. with chief reliance for securing enforcement of the law will be publicity, . a possibility of economic action in the background The first meeting of the Conference will take place in October, 1919, at Washington, to discuss the eight-hour day or forty-eight-hour week: prevention of unemployment; extension and application of the internawork for tional conventions adopted at Berne in 1906 prohibiting night e of matches; women and the use of white phosphorous in the manufactur in unhealthy work. and employment of women and children at night or and of women before and after childbirth, including maternity benefit, of children as regards minimum ago. Labor Clauses. that Nine principles of labor conditions were recognized on the ground is of "the well-being, physical and moral, of the industrial wage earners by supreme international importance." With exceptions necessitated differences of climate, habits and econothic development, they include as a comthe guiding principle that labor should not be regarded merely emmodity or article of commerce; right of association of employers and of life; the ployees; a wage adequate to maintain a reasonable standard hours, at 24 least of rest weekly a week; eight-hour day or forty-eight hour of child labor which should include Sunday wherever practicable; abolition physical and assurance of the continuation of the education and proper development of children; equal pay for equal work as between men and intherein, resident lawfully women; equitable treatment of all workers cluding foreigners, and a system of inspection in which women should take part. SECTION XIV. GUARANTEES. Western Europe. As a guarantee for the execution of the treaty German territory to the west of the Rhine, together with the bridgeheads, will be occupied by Allied and Associated troops for a fifteen years' period. If the conditions are faithof fully carried out by Germany, certain districts, including the bridgehead Cologne, will be evacuated at the expiration of five years; certain other nearest territories the and districts, including the bridgehead of Coblenz, remainder, the Belgian frontier, will be evacuated after ten years, and the including the bridgehead of Mainz, will be evacuated after fifteen years. has In case the Inter-Allied Reparation Commission finds that Germany the failed to observe the whole or part of her obligations, either during part of occupation or after the fifteen years have expired, the whole or expirathe areas specified will be reoccupied immediately. If before the s, tion of the fifteen years Germany complies with all the treaty undertaking . immediately the occupying forces will be withdrawn Eastern Europe. All German troops at present in territories to the east of the new frontier shall return as soon as the Allied and Associated Governments deem wise. They are to abstain from all requisitions and are in no way to interfere with measures for national defense taken by the Government concerned. All questions regarding occupation not provided for by the treaty will be regulated by a subsequent convention or conventions which will have similar force and effect. SECTION XV. Miscellaneous. Germany agrees to recognize the full validity of the treaties of peace and additional conventions to be concluded by the Allied and Associated Powers with the Powers allied with Germany, to agree to the decisions to be taken as to the territories of Austria-Hungary, Bulgaria and Turkey, and to recognize the nw States in the frontiers to be fixed for them. Germany agrees not to put forward any pecuniary claims against any Allied or Associated Power signing the present treaty based on events previous to the coming into force of the treaty. Germany accepts all decrees as to German ships and goods made by any Allied or Associated prize court. The Allies reserve the right to examine all decisions of German prize courts. The present treaty, of which the French and British texts are both authentic, shall be ratified and the depositions of ratifications made in Paris as soon as possible. The treaty is to become effective in all respects for each Power on the date of deposition of its ratification. [VOL. 108 American the other Allied and Associated Powers as guarantors. The le delegates took the position that such a plan would be not only impracticab but contrary to American precedent. ent apportionm the included It was explained that the British proposal created. of the issue among allthe Powers, including even the small, newly Governments. of the wealth The apportionment was to be based upon the relative one of the signatories. One objection raised was that the failure of any and guarantors to bear its share would result in 1ncrea4ing the burden unjust. responsibility of the others, thus creating a situation obviously ECONOMIC ISOLATION FOR GERMANY IN CASE OF REFUSAL TO SIGN TREATY-16TH MEETING OF SUPREME ECONOMIC COUNCIL. Plans for the complete economic isolation of Germany in case of a refusal to sign the peace treaty are being considered by the Supreme Economic Council, according to announcements made at Paris on Tuesday. Removal of financial restrictions on trade with Germany pending the signing of the treaty were also announced. The statement issued read: May 5 at The Supreme Economic Council held its sixteenth meeting at the Ministry of 10 a. m. under the chairmanship of Lord Robert Cecil Commerce. reProposed blockade measures to be adopted in the event of Germany fusing to sign the peace treaty: bring about The Council considered plans which had been formulated to that the Gerthe complete economic isolation of Germany in the event The blockpeace. of man delegates should refuse to sign the preliminaries approval of the ade section was directed to draw up and submit for the be inuneCouncil of Foreign Ministers a plan of blockade measures to s desire to have diately put into effect should the Associated Government recourse to economic coercion. Removal of financial restrictions of trade with Germany: decided to Upon recommendation by the financial section, the Council of trade with make the following relaxations of financial restrictions Germany pending the signing of the peace treaty: been done alnot has this (if suspended First—The financial list to be free to exready) and announcement to be made that neutrals are entirely tend credits of any kind to Germany or to its nationals. in neutral already Second—That German-owned cash, balances and bills countries are freely available in payment for imports. be freely Third—That the proceeds of exports from Germany may available in payment for all kinds of permitted imports. licenses grant Fourth—That the finance section shall have discretion to payment for imfor the export of gold and securities from Germany in ports, on application from the German authorities. at Fifth—That the above be communicated to the financial commission that their sugVillette and to the committee of neutral financiers, and them. by desired are gestions be invited as to what further relaxations Control of traffic on the Danube: of navigation The Council considered again the question of the control be placed enon the Danube, and it was decided that this control should' to arrange appointed was mittee tirely under one authority. A sub-com commercial and the details with a view to expediting the reopening of relief traffic on the Danube. ORGANIZATION OF LEAGUE OF NATIONS. Steps toward the organization of the League of Nations were taken on Monday of this week, when the Organization Committee appointed by the plenary session of the Peace Conference on April 28 held its initial meeting. Stephen Pichon, Minister of Foreign Affairs of France, was elected Chairman of the provisional organization and Sir Eric Drummond was invited to assume his duties as permanent Secretary-General. An official statement issued read: apThe Organization Committee of the League of Nations, which was its pointed by a resolution of the Plenary Conference on April 28 hold 5, and first meeting at die Hotel Crilln at 4 o'clock on Monday, May of the agreed on a number of resolutions for the provisional organization League. Pichon, M. States, United the of On motion of Colonel E. M. House Minister of Foreign Affairs, was elected Chairman,and Sir Eric Drummond was invited to occupy his seat as Acting Secretary-General. E. The following were present: M. Pichon, France, Chairman; Colonel ImM. House. United States; Lord Robert Cecil, Great Britain; Marquis , perial, Italy; Viscount Chinda, Japan; M. Rolin Jacquemyns Belgium; 0. de M. Venizelos, Greece; Senor Guinones de Leon, Spain; and Antonio Magalhaes, Brazil. In adopting the rules for the temporary organization, it was said, care was taken by the committee that nothing of a permanent nature should be done previous to the ratification of the peace treaty by the United States Senate. It was also announced that the Organizing Committee of the International Labor Conference, formed under the peace treaty, held its first meeting in London on May 6, PROPOSAL FOR GERMAN BOND ISSUE GUARANTEED Professor J. T. Shotwell, representing the United States. The committee will hold further meetings to collect and BY UNITED STATES AND ALLIES. first conference at WashingWith regard to reports that British delegates at Paris had tabulate information for the October. in ton d guarantee issue, bond German 0,000 a $5,000,00 proposed by the United States and the Allied and Associated Governments, a press dispatch to the daily papers under date of PRESIDENT WILSON REGARDS LABOR PROGRAM IN PEACE TREATY AS IMPORTANT ACHIEVEMENT. May 2 said: Authoritative disapproval of a plan that has been advanced for the That ,President Wilson regards the labor program emrehabilitation of European financial credit was expressed to-day by the bodied in the peace treaty as "one of the most important made was known It delegation. the of American financial members day: in which the interests of labor definitely that the United States would not be a party to any joint action achievements of the new having for its purpose the restoration of German business. be systematically and intelligently safeguarded and to are It had been proposed by the British that a German bond issue of $5,000,promoted," was announced in a cablegram received by the be arranged, with Great Britain, France, the United States, and .000,000 MAY 10 1919.] THE CHRONICLE President's Secretary, Joseph Tumulty, on May 2. The message was made public at the White House as follows:' The labor program which the Conference of Peace has adopted as part of the treaty of peace constitutes one of the most important achievements of the new day in which the interests of labor are to be systematically and intelligently safeguarded and promoted. Amidst the multitude of other interests this great step forward is apt to be overlooked, and yct no other single thing that has been done will help more to stabilize conditions of labor throughout the world and ultimately relieve the unhappy conditions which in too many places have prevailed. Personally, I regard this as one of the most gratifying achievements of the Conference. BELGIUM DECIDES TO SIGN PEACE TREATY. After listening to a report by Paul Hymans, Minister of Foreign Affairs, and head of the Belgian delegation at the Peace Conference, the Belgian Cabinet Council on May 4, as reported in Associated Press dispatches from Brussels, decided to recommend the signing of the peace treaty by the Belgian representatives, at the same time calling the attention of the Powers to the financial and economic situation in Belgium and to the necessity that the Allies assure Belgium of complete support looking to her economic restoration. The Council was further of the opinion that the Allies should be asked to support the initiation of negotiations with Holland regarding the settlement of the question of the freedom of the Scheldt-and the waterways of East Belgium. Premier Delacroix in a statement on May 5 in conneciton with the decision said: We considered it impossible to withdraw from the Conference, as our delegates had secured important results. The negotiations had arrived at a deadlock, but the Powers had granted us very great concessions, releasing us from loans contracted during the war amounting to 6,000,000,000 francs, while we shall have priority in receiving 2,500,000,000 francs, payable in gold and destined to cover inter-provincial bonds we were obliged to issue during the war. A cablegram received by the Belgian Information Service at Washington on May 6 stated that plenipotentiaries from Belgium, France, England and Holland were soon to meet and determine the conditions which would take the place of the Treaty of 1839, and added: The attention of the Allies will be called to Belgium's need of military security. The towns of Eupen and Malmedy, handed over to Prussia by the Congress of Vienna, will be returned to the mother country, as also the Forest of Hertegenwald, a portion of which lies in Belgian tereitorY• It is believed, furthermore, that the Walloon district of Moresnet, comprising about two square miles, which before the war was neutralized and administered jointly by Germany and Belgium, will revert to the latter. PROPOSED PEACE TERMS WITH AUSTRIA. With regard to the peace terms to be exacted from Austria and the indemnity to be demanded, the Associated Press in Paris cablegrams May 8 said: The Council of Four, with Premier Orlando of Italy present, began to-day 'to arrange the program for the presentation of peace terms to the Austrian, Hungarian and Bulgarian delegates. The Austrian treaty has begun to take form. Portions of it already have been drafted. It appears that instead of Germany being required to pay the entire indemnity demanded by the Allies a considerable sum will be demanded of Austria, the estimate of this sum at present being 5,000,000,000 crowns (normally approximately $2,500,000,000)• This indemnity provision and the delimitation of the frontiers of the new State will be the main features of the treaty now in the making. provision is to be mode for dividing Austria-Hungary's pre-war debt among the new States formed from territory formerly belonging to that Empire. The frontiers between German Austria and Italy, and probably the Adriatic settlement, will also figure in the Austrian treaty. According to Paris cablegrams last night (May 9) the -naval terms of the treaty to be presented to Austria, as they have been completed entirely wipe out the Austrian Navy. All the ships of that navy, large and small, are, it is stated, to be surrendered. Their disposition among the Allies, it is added, is to be adjusted later. 1903 settlement at Tsing-tao and, although the Japanese military forces, it is understood, will be withdrawn from Shantung at the earliest possible moment, the employment of special railway police is permitted. Such being the outline of the proposed settlement, the Chinese delegation cannot but view it with disappointment and dissatisfaction. These German rights in Shantung originated in an act of wanton aggression in 1897, characteristic of Prussian militarism. To transfer these rights to Japan, as the Council of Three proposes to do, is, therefore, to confirm an act of aggression, which has been resented by the Chinese people ever since its perpetration. Such a virtual substitution of Japan for Germany in Shantung is serious enough in itself, but it becomes grave when the position of Japan in Southern Manchuria and Eastern Mongolia is read in connection with It. Firmly intrenched on both sides of the Gulf of Pe-chili, the water outlet of Pekin, with a hold on the three trunk lines from Pekin and connecting it with the rest of China, the capital becomes but an enclave in the midst of Japanese influence. Moreover, owing to China's declaration of war against the Central Powers on Aug. 14 1917 and the abrogation of all treaties and agreements between China and these Powers, the German rights automatcally reverted to China. This declaration was officially notified to and taken cognizance of by the Allied and Associated Governments. It is, therefore, significant that the Council in announcing the settlement of the Kiao-chauShantung question referred to the rights to be transferred to Japan as "the rights formerly belonging to Germany." It appears clear, then, that the Council has been bestowing on Japan the rights, not of Germany, but of China; not of an enemy, but of an ally. The more powerful ally has reaped a benefit at the expense, not of the common enemy, but of the weaker ally. Besides, Shantung is China's Holy Land, packed with memories of Confucius and Mencius and hallowed as the cradle of her civilization. If it is the intention of the Council to restore it to China, it is difficult to see on what consideration of principle or of expediency can be justified the transfer in the first instance to an alien Power which then "voluntarily engages" to hand it back to the rightful owner. Japan based its claim for the German rights in Shantung also on the treaty and notes of 1915, and the notes of 1918 with China. It is to be noted, however, that the documents of 1915 were agreed to by China under coercion of an ultimatum threatening war in case of non-compliance with the twenty-one demands. The notes of 1918 were made by China as the price for Japan's promise to withdraw her troops, whose presence in the interior of Shantung, as well as the establishment of Japanese civil administration bureaus in the district, had aroused such popular opposition that the Chinese Government felt constrained to make the arrangement. The Chinese delegation understands that the Council was prompted by the fact that Great Britain and France had undertaken in February and March 1917, to support at the Peace Conference the transferring to Japan of the German rights in Shantung. To none of these secret agreements was China a party, nor was she informed of their contents when invited to join the war against the Central Empires. The fortunes of China appear thus to have been made objects of negotiation and compensation after she had already definitely allied herself with the Allied Powers. Apart from this, it is at least open to question how far these agreements will be applicable, inasmuch as China has since become a belligerent. The claims of Japan referred to in this agreement appear, moreover, to be scarcely compatible with the Fourteen Points adopted by the Powers associated against Germany. If the Council has granted the claims of Japan in full for the purpose of saving the League of Nations, as is intimated to be the case, China has less to complain of, believing, as she does, that it is a duty to make sacrifices for sech a noble cause as the League of Nations. She cannot, however, refrain from wishing that the Council had seen fit, as would be far more consonant with the spirit of the League now on the eve of formation, to call upon strong Japan to forego her claims animated by a desire for aggrandizement, instead of upon weak China to surrender what is hers by right. China came to the conference with a strong faith in the lofty principles adopted by the Allied and Associated Powers as the basis of a just and permanent world peace. Great, therefore, will be the disappointment and disillusion of the Chinese people over the proposed settlement. If there is reason for the Council to stand firm on the question of Flume, there would seem to be all the more reason to uphold the claim of China relating to*Shantung, which includes the future welfare of 36,000,000 souls, and the highest interest of peace in the Far East. In a further statement issued by the Chinese Press Bureau on May 4, the Chinese delegates complain bitterly that Japan is granted all that Germany had claimed and more, with no assurance as to what Japan would eventually return to China. "It will be difficult to explain to the Chinese people," the statement concludes, "what the Peace Conference means by 'justice'." The statement says: New light on the settlement of the Kiao-Chau-Shantung question has made the Chinese delegation indignant. A member of the delegation stated that although three days have elapsed since the settlement by the Council was announced no details of the settlement had reached the delethe delegation has learned with CHINESE PEACE MISSION VIEWS DISAPPOINTMENT gation. While still waiting in suspense, surprise that clauses to be inserted in the peace treary relating to Shantung OVER KIAO-CHAU. Ithan suspected. further was even go Japan is given everything Germany obtained from China by aggression, The intense disappointment of the Chinese delegates to She is given all the rights, titles or privileges concerning espeand -the Peace Conference with the settlement of the Kiao-Chau 'ally more. the territory of Kiao-Ch au and the railways, mines and submarine ‘controversy between China and Japan was voiced in a state-. cables Germany acquired by virtue of the treaty of 1898, and of all other ment issued on May 2, which charges among other things ccts concerning the Province of Shantung. Japan is given all the rights the Tsing-tao-China Railway, its branches and the mines attached that Great Britain and France were pledged by a secret pledge an thereto, the submarine cables from Tsing-tao to Shanghai and from Tsingmade in 1917 to support the Japanese claims to the Shantung tao to Chefoo, and all German public property rights, movable and imPeninsula. China knew nothing of this agreement, the movable in the territory of Kiao-Chau. Although China ha.s the best title to these rights, which are all Chinese statement says, and was not even told when she entered the territory, not a word is said in the draft clauses as to what rights China war in August 1917. The statement in full follows: may expect to recover for herself. It is entirely with Japan to say what she The Chinese delegation has been informed orally on behalf of the Council will be pleased to return to China, and what she will retain for her own of Three of the outline of the settlement proposed regarding the Shantung enjoyment. The Important fact seems to be altogether ignored that Shantung is a question. Under this settlement all rights to Kiao-Chau, formerly belonging to Germany, are transferred to Japan. While Japan voluntarily Chinese province, the territory of a partner in the war on the side of the engages to hand back the Shantung Peninsula in full sovereignty to China, Allied' and Associated Powers, The Tsing-tao Railway was built with she is allowed to retain the economic privileges formerly enjoyed by Chinese and German private capital, while the line of 280 miles is entirely n Chinese territory. To substitute Japan for Germany's rights in this Germany. These privileges, the delegation isinformed, refer to the Tsing-tao-Chinan territory is to endanger greatly the welfare and security of the Chinese Railway, 280 miles long, the mines connected with it, and the two railways Republic, because Japan is much nearer to China than Germany, and be to be built connecting Shantung with the two trunk lines from Peking to cause she already claims a sphere of influence in Manchuria close to the .the Yangtse Valley. In addition, she obtains the right to establish a north of Shantung. 1901 THE CHRONICLE Reading the draft clauses togehter with the outlines the Council has proposed in settlement, it is clear that the Council makes China lose both ways. It has given Japan not only more than Germany had in Shantung, but also more than Japan claims from China in the treaty of 1915 and the notes of 1918. The Council's proposed settlement seems to sanction, for example, the policing of the Shantung Railwity, a privilege which Germany did pot exer_ else nor claim, and it is apprehended it substitutes a permanent Japanese settlement under Japanese control and administration for a German leases hold limited to a fixed period of years. Again, by transferring to Japan all German rights in Shantung, as stated in the draft clauses, it also appears to give Japan preferential rights which she did not claim from China, such as the supply of capital,)materials, and technical experts in Shantung. The more the Chinese delegates study the proposed settlement, the less they understand the meaning and purpose, and the more they feel aggrieved. It will be difficult to explain to the Chinese people what the Peace Conference really means by justice. An Associated Press dispatch from Paris on May 1, in discussing the attitude of the American Peace Mission toward the Shantung settlement, said: The American delegation regards the agreement as the best possible solution of the Far Eastern problem to be obtained without risking a break similar to that which resulted in the Italian delegation leaving Paris. Confidence is felt that the League of Nations, which will have control ovethe future relations between Japan and China and which will guarantee the future territorial integrity and independence of China, will be suffleicntly strong to safeguard Chinese interests and insure the return of all China's rights in the Shantung Province. President Wilson and Premiers Lloyd George and Clemenceau are especially eager for the withdrawal of allied troops from all enemy colonies and are confident that the League of Nations can speedily solve pending disputes when military pressure is eliminated. CHINA'S REFUSAL TO SIGN TREATY. In its Paris accounts regarding the refusal of China to sign the treaty the Associated Press yesterday said: The Chinese delegation has received cabled instructions from Peking not to sign the Treaty of Peace, because of the Kiao-Chau-Shantung settlement. Instructions to the same effect have been received from the representatives of both the northern and southern governments in the Peace Conference at phanghal. The Chinese delegation to the Peace Conference has issued a statement saying that 5,000 students marched to the American and British Legations in Peking to ask the Ministers to urge the Council of Three to reconsider their Shantung decision. The police prevented the admission of the crowd to the Legation Square. The students then set fire to the residence of tho Minister of Communications. During the disorders the Chinese Minister to Tokio, who is in Peking, was seriously injured. It had previously been announced from Peking that the Chinese Cabinet at a meeting on May 6 had decided to instruct the Chinese delegates in Paris not to sign a peace treaty assigning the German rights in Shantung to the Japanese. This was supplemented by the following from Paris May 7: Serious trouble has broken out in China as a result of the decision of the Council of Three with regard to Shantung and Kiao-Chau, according to news received in authoritative circles here. In riots in Peking the house of Tsao Yu-lin, Minister of Communications, who is friendly to Japan, was burned. Still later, the Paris cablegrams to the daily press May 8 said: American Minister Reinsch at Peking has informed Secretary of State Lansing that all wire communication out of Peking has been cut except for one wire which goes to Siberia. SENATOR BRANDEGEE INSISTS LEAGUE COVENANT NEEDS REVISION ALONG LINES SUGGESTED BY ROOT. Asserting that none of the amendments to the covenant of the League of Nations suggested by Senator Root has been embodied in the document as finally adopted, Senator Brandegee (Republican) of Connecticut, in a statement issued at Washington on May 5, insisted it was the duty of the Senate to consider Senator Root's proposals before agreeing to the covenant. Senator Brandegee's statement was given in part as follows in special advices to the New York "Times:" In his letter, March 29 1919, to Chairman Hays, Senator Root analyzed the original draft of the Constitution of the League of Nations. He proceeded to specify and propose six amendments. The Constitution in the form finally approved by the Peace Conference embodies no one of the six amendments thus proposed. Every one of them might have been adopted by the Conference without impairing the effectiveness of the plan of which the Constitution is an expression. The rejection places the Conference as squarely on record as if it had deliberately made the following declaration on the six points in discussion: 1. "We decline to create a high court of justice or to do more than direct that plans be formulated for a tribunal whose only jurisdiction will depend upon the consent of the parties. We decline to enact national covenants to arbitrate justiciable conditions instead of fighting over them. We are persistent in vesting in the International Executive Cabinet the power to make final decisions upon all disputed questions, whether legal or political in their nature. We accordingly reject Senator Root's first amendment. 2. "We persist in the practical abandonment of all effort to promote or maintain a system of international law. We decline to provide for a Conference of powers to state in authoritative form the principles and rulesrof international law. We reject Senator Root's second amendment. 3. (a) "Not recognizing the Monroe Doctrine as a declaration of traditional opposition to the extension on the Western Continent of the sovereignty of foreign States, we insist rather upon classifying it aea regional understanding, and we leave the Cabinet of Nine to determine in any emergency whether or not to recognize the validity of the doctrine, according to their political opinion of its effect upon the peace of the world. [Void. 108. (b) "We refuse to permit the United States or any nation specifically to reserve for its own decision what immigration it will sanction or forbid. (c) "We decline to sanction the specific reservation by the United States of purely American questions. We insist upon leaving the question of a protective tariff, the Panama Canal, and the coastwise trade of the United States in the uncertain position in which they were left by the original draft. We accordingly decline Senator Root's third amendment. 4. "We insist that every member of the League shall give a continuing guarantee to preserve, as against external aggression, the territorial integrity and existing political independence of all members of the League. We decline to permit a nation to determine its obligations as a world guarantor and yet remain a League member. We decline Senator Root's fourth amendment. 5. -Though recognizing that the primary purpose of the League is to obstruct war and that limitation of armaments is the most effetive method of obstruction, we decline to give to the Commission constituted under Article 9 powers either of inspection of the actual conditions of armament existing in any country or of verification of reports of armaments submitted. We decline Senator Root's fifth amendment. 6. "While it has been pointed out to us that the League cannot be a league of peace for some years to come, that it is rather an alliance of onehalf the active world for the control of the other half, and that the Constitution is not a final or conclusive instrument, we decline to provide for the calling of a conference for its revision. We insist that no amendment shall be made except with the approval of a majority of nations represented in the Assembly. We accordingly decline Senator Root's sixth amendment." In view of the deliberate refusal of the Conference to incorporate in the Constitution all or any of the vital amendments submitted by Senator Root, it becomes the solemn responsibility of the Senate of the United States to consider the proposals which the Conference has rejected. The President will return as a Commissioner, bringing with him a document prepared in the superheated atmosphere of the Conference. He will submit It to the country as one already committed to the acceptance of all its terms. He will find no chief executive waiting to subject the document to calm and judicial review. Unless the Senate is free to consider the Root amendments and others, unembarrassed by executive pressure or by popular clamor, the people of the United States will be deprived of the protection of their own constitutional safeguards, and may be committed without adequate understanding to a serious international experiment, from the results of which they have little to gain and much to lose. REPUBLICAN SENATORS OPPOSE MAKING LEAGUE COVENANT A PARTY ISSUE. Resistance has cropped up among Republican Senators of the group known as Progressive to the plan of Senator Lodge to hold a Republican caucus to determine the party's attitude toward the League of Nations. Their attitude was made known during discussion of the telegram sent out by Senator Lodge and Senator Curtis, Republican whip in the Senate, requesting Republican Senators to withhold comment upon the League covenant until a caucus could be held. Senator Curtis on May 2 stated that favorable replies to his telegram had been received from all but six of the Republican Senators, but press dispatches from Washington have quoted Progressive Senators as saying that the League covenant was too big a question to be made a party matter, and that they would refuse to be bound by any action taken. Such a dispatch under date of April 30 said: Several Republican Senators let it be known to-day that they opposed having the League of Nations covenant considered at a Republican conference, with a view to determineing the attitude of the party toward the document. Senators Johnson of California, Jones of Washington, McNary of Oregon and Borah of Idaho made statements declaring the League could not be made a party question. They were commenting on the action of Senator Lodge and Senator Curtis, whip, in telegraphing Republican members of the Senate to withhold expressions concerning the League until a party conference could be held. Senator Norris of Nebraska said he did not oppose the Conference, but would refuse to be bound by any action It might take. "I don't care what Mr. Lodge, Mr. Root or anyone else says or determines; it won't influence me in this matter," said Senator Johnson.'"This matter transcends all other questions in importance too much to be made a party question. If any man can't determine his own attitude upon the League he is not fit to hold his scat in the Senate." Senator Jones said he thought it was a mistake to inject politics into the consideration of the League of Nations. '1I am opposed," he said, "to making this a party matter, but I don't think they can do it, anyway. It's too big a matter to be dealt with in that way." Senator McNary, who recently announced that he would support the covenant, as finally revised in Paris, criticised the sending of the LodgeCurtis telegram, which, he said, he thought was a mistake, and declared, in his opinion, every Senator should determine his attitude upon the League individually, and not from a party standpoint. "This is a matter no political party can bind me on unless it agrees with my views," said Senator Borah. Senator Lodge to-day denied widely circulated reports that he had conferred with Elihu Root and other party leaders in New York regarding the League. "I have not set foot out of Washington since I returned here," said Senator Lodge. "There are enough conferences here." He added that no such conferences'are contemplated, and that he would remain in Washington. Later, Senator Curtis made this statement: "There has been no conference of Republicans on binding the party one way or the other on the League of Nations. There is a general feeling among Republicans *here that Senators should refrain from passing an opinion upon the covenant until they know just what it contains, and they won't know until it has been presented to the Senate for action. "The Lodge telegram was sent, after consideration with a number of Senators here in Washington, because it was believed to be a better plan for the Senators not to express themselves on the proposition, as it has not been studied, and the amendments suggested not verified. There have been already statements as to what amendments have been agreed to, but there has been no authentic statement regarding them made." MAY 10 1919.] THE CHRONICLE 1905 Senator Sherman of Illinois, in a statement late to-day, also opposed any efforts that might be made to make the League of Nations a partisan issue. "It is too big and important a question to be disposed of in a partisan way," he said and added he was opposed to being bound by any Republican caucus. Senator McCormick of Illinois, Republican, issued a statement in which he said that the amended covenant in its present form was "rather a guarantee of empire than a league to enforce peace." "It is a triumph for Mr. Lloyd George," he said. "The 'phrase maker of the King' is a better negotiator than the 'King of phrase makers.' Under Article 10 we would still have to defend British rule in India, French rule in Africa, Portuguese rule in Southern China and Japanese rule in Korea, if any of them were threatened by the military action of neighboring African or Asiatic peoples, seeking emancipation from foreign rule and tutelage." a table and discussed the affairs'affectinglboth sides, particularly the questions of labor find wages. "One thing I would urge," continued Mr. Schwab, "is that of financial preparation to meet new conditions. While millions have been spent for war and other millions must yet be expended for that purpose, the great social and industrial changes we are now undergoing in this country will require of us preparation to spend more millions for peace industry— problems that include among a great multitude of things that of the railways and of public improvements." the Senate not on any theory of helping or injuring any political party, but solely on its merits as a distinct problem. It would be most unpatriotic as well as foolish to have any such line of division between parties. Further, it would be impossible, as many Republicans will support a League of Nations and some Democrats will oppose it. Let us try to forget any politics and any feeling about the President in the solution of this momentous question. I believe that certain dubious questions in it can be cleared up in the resolution of ratification. danger of Bolshevism is by no means past. At a public meeting in New York City on Feb. 28, the President of one of the local pressmen's union s said: "It might be a good thing for us to have prohibition. The moment the Government took liquor away from the people of Russia the people took the Government in their own hands. Presses will be smashed and windows broken on July 1. What happened in Russia will happend here. We ought to be men enough to say, 'Take beer away from us and we will take the Government away from you.' "We have waited long about calling a general strike. It is time we went back to our organizations and told them to stop work now. Or, if later we are told to starve to death, we will starve, but starving, we will break into the grocery stores. The world is ripe for revolution, and the sooner we get it the better." Remarks of that character have been made at labor union meetings. No doubt all present are familiar with the agitation for a new trial in the Mooney's case and the proceedings of the Mooney meeting in Chicago. at which many delegates uttered sentiments that were almost treason. Members of the association should lose no opportunity to both publicly and privately call attention to the danger and fallacy of the radical theories and in every possible way assist conservative officers and members of labor unions to maintain their supremacy. It is vitally important that all questions raised by officers or members of local unions be g:ven prompt attention and in instances where any unfairness or injustice has prevailed, remedies be applied without delay. It is possible that employers generally Amy help to stablize conditions and quiet the unrest among employees by adopting some form of profit sharing. If any members present have such systems, they are urgently requested to send full statements respecting them to the Chairman of your committee. LABOR COMMITTEE OF AMERICAN NEWSPAPER PUBLISHERS' ASSOCIATION ON LABOR'S ATTITUDE. At the meeting on April 24 of the American Newspaper Publishers' Association held at the Waldorf-Astoria, a report Senator Kenyon of Iowa and Poindexter of Washington of the special Standing Committee on Labor presented by on May 2 joined with other Republicans of the Progressive Chairman Kellogg, warned that "the danger of Bolshevism group in opposing the making of the League of Nations a is by no means past," saying, according to the New York party matter. Senator Kenyon was quoted as saying: "Times:" It will not be a party question. The question will be determined in In conclusion, your committee deems it necessary to warn you that the Senator Poindexter who had just returned from a month's speaking trip in opposition to the League, also said on May 2 that he did not see how the League of Nations could be made a party question at this time. In a statement which he issued he asserted that the former sentiment in favor of the League, among people of the Pacific Coast, seemed to be "receding." Action of the American delegates to the Peace Conference "in assuming entire responsibility for the settlement of the Italian controversy" has resulted in strong opposition among the people of the West, said the Senator, and added: The people look upon the Italian controversy as peculiarly a European problem, and feel that the statesmen of France and England have achieved a diplomatic triumph in shifting the responsibility of its settlement to the United States. One of the consequences of the attempt by the American delegation to dominate and dictate the settlement of purely European controversies is shown in the bitter resentment being manifested by various peoples who but a short time ago were our ardent friends. CHILD LABOR PROVISION IN WAR REVENUE ACT DECLARED UNCONSTITUTIONAL. The child labor section of the War Revenue Act was declared unconstitutional by Federal Judge J. E. Boyd, of the Western District of North Carolina, in a ruling handed down at Greensboro, N. C., on May 2. Judge Boyd made permanent a temporary injunction prohibiting the enforcement of the law in the case of a Charlotte (N. C.) factory. As may be recalled, on Aug. 31 1917 Judge Boyd declared unconstitutional the Child Labor Law of 1916, intended to prevent inter-State commerce in the products of child labor and at that time issued injunctions restraining the enforcement of the Act. On June 3 1918 the Act was declared unconstitutional and invalid by the United States Supreme Court. The child labor provision carried in the War Revenue Act signed by President Wilson on Feb. 24 last, The world now is in the remaking. We must deal fairly with each other. places a prohibitive tax on products of child labor entering I am informed that 60,000 workers are unemployed in one industry and inter-State commerce; it levies a tax of 10% on inter-State under one management. To men who come back from France and find products of factories employing children under fourteen their employment gone and no means of self-support the triumph of a years of age, or of those between fourteen and sixteen years glorious victory will be nothing. The New York "Times" also credited Mr. Gompers with working more than eight hours daily. Judge Boyd holds that th4 child labor "rider" to the revenue bill seeks to the following: I am in touch with all corners of this country and I cannot forecast what accomplish regulation of employment by indirection, by use will happen if the employers of this country become antagonistic to organ- of taxation powers and is an invasion of States' regulatory ized labor. I speak to-night in plan terms, so that there may be no mis- authority. say. understanding SAMUEL GOMPERS AND CHARLES M. SCHWAB ON RELATIONS OF CAPITAL AND LABOR. Charles M. Schwab of the Bethlehem Steel Co., one of the largest individual employers of labor, and Samuel Gompers, President of the American Federation of Labor, were joint speakers at the annual dinner on April 25 of the National Institute of Social Sciences at the Hotel Astor, this city. The brief remarks of the two made at the gathering showed them as in accord on the principles in general which should govern the relations of capital and labor. Both Messrs. Gompers and Schwab were awarded medals at the gathering for the part played by them in the war, a gold, medal going to Mr. Gompers and a silver medal to Mr. Schwab. In replying to the presentation speech of George Gordon Battle, Mr. Gompers, is quoted in the New York "Tribune" as saying: It is the common duty that devolved upon of what I the people of this country to see that the cause for which we fought shall not be lost or frittered away. It is your duty to see that the tranquility of our nation Is preserved, and further, that we may not alone offer the nations of the world an example of political but also industrial democracy. If we fail the light of hope will go out over our land. Men and women, don't let that happen. You labored overseas and on this side for the cause of humanity. You have glorified yourself. According to the "Times" Mr. Schwab, who was General Manager of the Shipping Board during the war, referring to Mr. Gomper's mention of the section of the industrial resolution offered for inclusion in the compact of the Peace Congress, to the effect that employers and workers should be allowed the right of association for lawful purposes, said: I am obliged to say that I consider this paragraph more important than all others combined. The time has arrived when employers and employees must act together as one. Although I originally opposed the first of such propositions when made, I am now bound to confess that it offers the way and solution of some of the big problems of the industrial progress. I would not go back to the old situation. The "Times" also says: He [Mr. Schwab] pictured the plan now in fore) at the Bethlehem mills, where the employers and representatives of the onarloyees gathered aroun I NEW LUXURY TAXES—REPEAL SOUGHT. A digest of the regulations governing the payment of numerous taxes on so-called luxuries, semi-luxuries, automobiles, sporting goods and transportation, was issued on May 4 by the Internal Revenue Bureau. In his instructions with regard to the collection of the luxury taxes, Commissioner Roper stated that the tax must be paid to the vendor separately from the price of purchase, and cannot be absorbed by the vendor in the sale of the article. Returns must be made to the Bureau monthly, and detailed records must be kept by the merchant in the computation of the tax payments. Commissioner Roper said: Section 904 of the Revenue Act of 1918 imposes a tax upon certain articles sold at retail in excess of a specified price. The tax is to be paid by the consumer to the vendor and cannot be absorbed by the vendor in the sale of the article. The tax has been referred to as the "luxury tax." It Is effective on May 1 1919, and the rate of tax is 10% of the amount paid in excess of the price specifically mentioned in the Act when such article is sold by the vendor. Merchants will be required to render returns covering the tax collected during:a given month and although their records shall be kept in such 1906 THE CHRONICLE manner as to indicate the tax received on each sale, the form of monthly returns required of them shall show simply the aggregate amount of tax collected under each sub-division of the section of the law, that is, the total amount of tax collected on sales of men's and boy's hats, under one head, men's and missess' hats, bonnets, hoods, &c., under another head, and so on,following the classification by sub-division of the section. This monthly return must be sworn to by the vendor and filed by him with the collector for the district in which the vendor has his principal place of business. The return must be filed on or before the last day of the month following the one in which the sales were made. In other words, the return covering sales made in May must be filed with the collector and the taxes paid on or before the last day of June. The tax under tnis section is measured by the price for which the article Is sold. It is on the actual sales prices and not on the list price, where that differs from the sale price. The tax cannot be included in the price but must be billed as a seperate item. If articles are purchased which are subject to tax and are consequently returned to the vendor, the sale being rescinded, no tax is payable. If the tax has not been paid it should be refunded to the purchaser and the vendor may take credit therefor against the tax in the subJequent monthly return. If a taxable article is sold by the vendor and later exchanged for another article at a higher price the purchaser paying the difference, the purchaser must pay the tax on the second sale and the vendor shall give credit or refund to the purchaser of the tax paid on each of the taxable articles returned and take a credit therefor and include it in his subsequent monthly return. The tax attaches when the article is sold, that is to say, when the title to it passes from the vendor to the purchaser. Ordinary repairs or alterations are not taxable. The unit of measurement in determining the price for the purpose of the tax on carpets and rugs is the square yard. All lineal yardage therefore must be converted into square measure, and fringe will not be considered in computing the yardage. The method of keeping accounts by merchants shall disclose the total number and amount of sales of each of the taxable articles, including any credits or refunds, and the books of every person liable to tax shall be open at all times for the inspection of examining revenue officers. In computing the tax a fractional part of a cent shall be disregarded unless it amounts to one-half of a cent or more, in which case it shall be increased to a full cent. If articles are purchased which are subject to tax and are subsequently returned to the vendor, the sale being rescinded, no tax is payable. If the tax has been paid it should be refunded to the purchaser and the vendor may take credit therefor against the tax in the subsequent monthly return. If a taxable article is sold by the vendor and later exchanged for another article at a higher price the purchaser paying the difference, the purchaser must pay the tax on the seeond sale and the vendor shall give credit or refund to the purghaser of the tax paid on each of the taxable articles returned and take a credit therefor and include it in his subsequent monthly ,return. The provision in the War Revenue Act levying a tax on special articles of wearing apparel provides: Sec. 904 (a) That on and after May 1 1919, there shall be levied, as sessed, collected, and paid a tax equivalent to 10% of so much of the amount paid for any of the following articles as is in excess of the price hereinafter specified as to each such article, when such article is sold by or for a dealer or his estate on or after such date for consumption or use— (1) Carpets and rugs, including fiber, except imported and American rugs made principally of wool on the amount in excess of $5 per square yard; (2) Picture frames, on the amount in ekcess of $10 each; (3) Trunks, on the amount in excess of $50 each; (4) Valises, traveling bags, suit cases, hat boxes used by travelers, and fitted toilet cases, on the amount in excess of $25 each; (5) Purses, pocketbooks, shopping and hand bags, on the amount in excess of $7 50 each; (6) Portable lighting fixtures, including lamps of all kinds and lamp shades, on the amount of excess of $25 each; (7) Umbrellas, parasols, and sun shades, on the amount in excess of $4 each; (8) Fans, on the amount in excess of $1 each; (9) House or smoking coats or jackets, and bath or lounging robes, on the amount in excess of $7 50 each; (10) Men's waistcoats, sold separately from suits, on the amount in excess of $5 each; (11) Women's and misses' hats, bonnets, and hoods, on the amount in excess of $15 each; (12) Men's and boys' hats, on the amount in excess of $5 each; (13) Men's and boys' caps, on the amount in excess of $2 each; (14) Men's women's, misses' and boys' boots, shoes, pumps, and slippers, not including shoes or applicances made to order for any person having a crippled or deformed foot or ankle, on the amount in excess of $10 per pair; (15) Men's and boys' neckties and neckwear, on the amount in excess o $2 each; (16) Men's and boys' silk stockings or hose, on the amount in excess of $1 per pair; (17) Women's and misses' silk stockings or hose, on the amount in excess of $1 per pair; (18) Men's shirts, on the amount in excess of $3 each; (19) Men's, women's misses' and boy's pajamas, night gowns, and underwear, on the amount in excess of $5 each; and (20) Kimonos, petticoats, and waists on the amount in excess of $15 each. (b) The tax imposed by this section shall not apply (1) to any article enumerated in paragraphs (2) to (8). both inclusive, of subdivIsision. (a) if such article is made of or ornamented, mounted, or fitted with precious metals or imitations thereof or ivory, or (2) to any article made of fur on the hide or pelt, or of which any such fur is the component material of chief value, or to (3) any article enumerated in subdivision (17) or (18) of Section 900. (c) The taxes imposed by this section shall be paid by the purchaser to the vendor at the time of the sale and shall be collected, returned, and paid to the United States by such vendor in the same manner as provided in Section 502. [VoL. 108. they would do the contrary and add the tax unless the law stated specifically that no tax is to be imposed. That the tax law is accepted under protest is evidenced by the following resolutions: "That it is the sense of this meeting of retail merchants held April 25 1919 at the Waldorf-Astoria, New York City, under the auspices of the National Garment Retailers' Association, that these merchants are putting this form of taxation into effect under protest." No ages or sizes being mentioned in the luxury tax, the merchants fixed these limits: Infants, from birth to six years; juvenile, seven to fourteen years; misses and youths, fifteen to eighteen years, and adults, from nineteen years up. It was decided that mufflers for men should not be considered neckwear and are therefore not taxable; any hosiery selling at $2 up, excepting infants' wear, shall be considered taxable; pajamas for all ages selling at $5 up, taxable; underwear does not include corsets, brassieres, princess slips and bandeaus, and these items are not taxable. An appeal to members of the House of Representatives and the Senate for the repeal of the so-called luxury tax has been made by the National Retail Dry Goods Association. l'he Soda Fountain Association, newly organized, is also seeking to secure the repeal of the luxury tax on their products. These taxes apply to soda water, ice cream, sundaes, root beer and all other soda fountain drinks. Five and ten-cent drinks or dishes are taxed 1 cent, while 15 or 20-cent drinks are taxed 2 cents, and the tax is collected from the purchaser. The question of when drinks are taxable and when they may not be taxable and the precise methods/of collecting the tax were discussed at length in a statement issued on April 29 by the Internal Revenue Bureau. These examples were given of taxable drinks and sold at the fountain for consumption on the premises: Orangeade, lemonade, pineapple juice, coca cola, root beer, moxie, phosphates, fruit and flavoring syrups mixed with carbonated water or plain water, milk shakes, malted milk shakes, cream and egg shakes, ice cream, ice cream sodas, sundaes, ice cream sandwiches, flavored ices. These drinks are not taxable: Hot beef tea, coffee, tea, buttermilk, milk, hot chocolate, hot clam broth, tomato bouillon and bottled drinks sold direct from the container. Separate manufacturers' taxes are imposed on drinks of the latter class. Ice cream is not taxable when sold in containers to be carried away from the selling place to be eaten. Ice cream cones are taxable. Bromo seltzer, Rochelle salts, seidlitz powders, castor oil, Epsom salts and similar medicines, often served at soda fountains, are not subject to the tax. Soft drink starids or pushcart enterprises are subject to the tax, but restaurants or other places serving ice cream or soft drinks as an incidental feature of the business are not required to collect or to pay the tax. Church "sociables" and clubs are exempt, but booths at county fairs, circuses or ball games must collect the tax. In the campaign undertaken by the Soda Fountain Association to bring about the repeal of the tax, the customers are being asked to sign the following petition to Congress: We, the undersigned, being patrons of soda fountains and ice cream parlors, believe that the tax on sodas,soft drinks and ice cream, when served at soda fountains and ice cream parlors, is unfair and discriminates against a large and ever-increasing number of people. A largo proportion of these are wage-earners, who at times use soda fountains and ice cream parlors to procure a light luncheon or refreshment. Very often a soda, soft drink, or ice cream is taken as part of such luncheon, or at other times is taken as food. We protest against the tax on sodas, soft drinks, and ice cream, because they are taxed when served at soda fountains and ice cream parlors and not taxed when served elsewhere. We also believe the tax on sodas, soft drinks, and ice cream is unfair because it is a tax on only a small part of taxable opportunity and is therefore discriminatory. We find the tax on sodas, soft drinks, and ice cream when served at soda fountains or in ice cream parlors obnoxious and a nuisance, particularly at the busiest times of the day, and therefore urge the immediate repeal of this tax. REGULATIONS GOVERNING CAPITAL STOCK TAX PROVIDED IN WAR REVENUE ACT. Regulations governing the capital stock tax provided for in Section 1000 of the War Revenue Act, signed by President Wilson on Feb. 24, were issued by the Bureau of Internal 'Revenue on May 2. The provisions in full of this section were printed on page 628 of our issue of Feb. 15. The regulations just issued stipulate that "as practically all corporations filed returns for the taxable period July 1 1918 to June 30 1919, under the provisions of the Act of 1916, such returns will be used so far as practicable in assessing the tax under the Revenue Act of 1918." A summary of the regulations was given out as follows on May 2 by the Internal Revenue Bureau: This tax applies to all corporations, joint stock companies and associations, foreign and domestic, engaged in business in the United States unless specifically exempted under the Act. For Domestic Corporations the tax is at the rate of $1 for each $1,000 of average fair value in excess of an exemption of $5,000, and is based on the fair average value for the year preceding the taxable year. Foreign corporations engaged in business in the United States are taxed is the A meeting of department store interests of New England similarly to domestic corporations, except that the basis for the tax in the average amount of capital employed in the transaction of business was held at the Waldorf-Astoria in this city on April 25 for United States during the year preceding the taxable year. the purpose of considering the aliplication of the tax. In The tax applies to domestic and foreign mutual insurance companies, in its reference to the meeting the "New York Commercial" which case the basis for the tax differs from domestic and foreign corporations. said: This law is retroactive and effective as of July 1 1918, and is in lieu of fully who present Section 407, Title IV., of the Act of Sept. 8 1916, which taxed corptratio In only a few instanecs were there two merchants fair valnei.of agreed in interpretations. Some present stated that whenever a question at the rate of 50 cents per thousand per year of the average . of doubt arose they would not impose the tax, while others inferred that the capital stock in excess of $99,000. MAY 10 1919.] TIIE CHRONICLE As practically all corporations filed returns for the taxable period July 1 1918 to June 30 1919, under the provisions assessing the tax under the Revenue Act of 1918, corporations will be notified of the additional tax due and should be in a position to make prompt payment upon receipt of bills from the collectors of internal revenue. Special taxes, of which this is one, become duo on the first day of July in each year, or on commencing any trade or business, on which such tax imposed. This tax is payable in advance, but corporations may await bills from the collectors before making payment. Returns for the taxable period July 1 1919 to June 30 1920, are due during July 1919. The tax does not apply to any corporation which was not engaged in business during any part of the fiscal year preceding the year for which the tax is due, but if it was in business even one day it is subject to the tax. there is no relation between the amount of the tax payable and the length of time the corporation was in business. A corporation owning a railroad, controlled and operated by the Government, is exempt for a given taxable year only in case it does no business during such year. As corporations are organized for the purpose of doing business, all corporations will be held to be engaged in business and liable for capital stock tax unless positive proof is submitted to the Commissioner of Internal Revenue showing exemption of non-liability to such tax. A corporation which does business without having paid the tax is liable to a fine of $1,000 for wilful refusal to make return and pay the tax are provided in the bill. Any officer or employee of a corporation who in the course of his duty fails to make a return on time is liable for a fine of $1,000. For wilful refusal, the penalty is a fine of not more than $10,000 or imprisonment for not more than one year, or both. Corporations showing wilful intent to evade the tax are liable to penalty in an amount equal to 50% of the tax In addition to the penalties mentioned above. Corporations delinquent in filing returns are liable to a penalty in an amount equal to 25% of the amount of tax. 1907 opened shortly in Tientsin, Changsha, Canton and Hong: Kong. The Irving National Rank of this city has reprinted the address "Industrial Issues of the Times," delivered by Lewis E. Pierson, Chairman of the bank's board, before the St. Louis Association of Credit Men on April 28. The institution will mail a copy of the booklet to any one interested in national prosperity. At a meeting of the directors of the Savings Investment & Trust Co. of East Orange, N. J., on May 6 1919 Harry H. Thomas,formerly Vice-President of the company,was elected to the office of President, to succeed David Bingham, who resigned to become Chairman of the board. • The directors of the Merchants' National Bank of Boston have elected two new Vice-Presidents, Frederick C. Waite and Keith McLeod. Mr. Waite is Cashier and will retain that post in addition to the Vice-Presidency. Mr. McLeod is an attorney at law, practicing in Boston. He is a director of the William A. Slater Mills, Inc., and the Hope Webbing Co. The Fourth Street National Bank of Philadelphia in its latset dividend declaration increased its semi-annual payITEMS ABOUT BANKS, TRUST COMPANIES, ETC. ment from 7% to 8%; at the same time $50,000 was added to the bank's surplus fund. No bank or trust company stocks were sold at the Stock Exchange or at auction this week. At a meeting of the directors of the Industrial Trust, Title & Savings Co. of Philadelphia on May 8 Harry W. E. Fleischmann has been' elected Vice-President of the Hand was elected a Vice-President of the institution. American Foreign Banking Corporation of this city. Mr. • Fleischma,nn was until recently Assistant Manager of the Charles Class, President of the Tenth National Bank of Foreign Department of the Guaranty Trust Company of Philadelphia, died on the 1st inst. Mr. Class, who was 73 this city and has had many years European experience as years of age, was President of the Class & Na,chod Brewing Deputy Manager of the London and Liverpool Bank of Company. Commerce, London, England. The American Foreign Banking Corporation announces the opening on May 1 of a Howell Fisher has been elected a director of the Fidelity branch in Brussels, Belgium, under the management of Trust Company of Baltimore, Md., succeeding the late Edgar Molitor. Thomas O'Neill. Mr. Fisher is Vice-President of the Bartlett-Hayward Company of Baltinmore. To meet the growing demands of its foreign banking the Anglo-South American Bank, Ltd., has found it necessary Childs Frick has been elected a director of the Union Savto take larger quarters at 49 Broadway. The New York ings Bank and the Mellon National Bank of Pittsburgh, Pa. Agency of the institution had heretofore been located at 60 Mr. Frick will also become a director of the Union Mist Co. Wall Street; its removal to its new office occurred on May 3. of Pittsburgh, succeeding the late J. B. Finley. John Cone is the New York Agent of the bank; F. C. Harding and W. M. Dawkin are sub-agents. The Adams State Bank, 3945 West 26th St., Chicago, Ill., increased its capital on April 3 1919 from $50,000 to The Guaranty Trust Company of this city has prepared a $100,000 and surplus from $2,000 to $10,000. It also incomparative yield indicator for use in the Victory Liberty creased the number of directors from seven to eleven. Loan campaign. This device enables one to tell at a glance the income value of tax-exempt securities as compared with An amalgamation of two of the largest and most important those subject to the Normal Federal Income Tax and Sur- financial institutions in Chicago has now been arranged. We taxes of 1919. By use of it the investor can determine, refer to the proposed consolidation of the Illinois Trust & without calculation, the yield which would be required from Savings Bank, with capital of $5,000,000 and surplus and fully taxable investments to give the same net return as undivided profits of $11,502,874, and the Merchants Loan tax-exempt investments. This device is not for sale but & Trust Co. with capital of $3,000,000 and surplus and undiwill be sent upon request to those who may be interested. vided profits of $10,053,527. The enlarged institution will have a capital of $10,000,000 with surplus and undivided The following appointments were made on May 7 by the profits of $20,000,000 and depoists approximating $200,000,board of directors of the Guaranty Trust Co. of New York: 000, making it the third largest financial institution in ChiAssistant Treasurer, John M. Ross; Assistant Secrtary, cago from the standpoint of deposits, and the second largest James D. Hurd; Assistant Managers of Bond Department, with regard to capital and surplus. The stock basis on Hamilton Candee, James Rattray and R. E. Whittlesey. which the two institutions will unite, as printed in the Chicago "Herald and Examiner" of April 30, is as follows: At a meeting on April 29 the board of directors of the The stock of the two banks will go into the deal on a share-for-share Industrial Trust Company of Boston elected Walter F. basis. In order to make the exchange the Merchants Loan & Trust Co. will increase its capitalization from $3,000,000 to $5,000,000, and will issue Angell a director of the institution. the $2,000,000 of new stock to its stockholders probably around $200 a The Asia Banking Corporation,formerly at 66 Liberty St., New York, opened for business last Monday, May 5, in its new, and larger, quarters on the ground floor of 35 Broadway, which, as noted in our issue of April 5, it has leased for a period of ten years. The new premises comprise 7,000 square feet of floor space. The furniture, as well as the general decorative scheme, is in black and gold, of Oriental design. A feature of the new banking quarters is a special room for the use of representatives of firms in China, who are traveling in this country; correspondence facilities are pro-, vided. In addition to the branches at Shanghai, Hankow and Peking, which are already established and doing business, branches of the Asia Banking Corporation will be share. This compares with current market quotations of $590 bid, $605 asked, for the stock. e Of the $20,000,000 surplus the banks will each contribute $10,000,000. In establishing a surplus at this figure the Illinois Trust must take $2,000,000 or more out of its surplus fund. This amonut is expected to be distributed to Illinois Trust stockholders. Such a liquidating dividend would be 40% on its $5,000,000 of stock. It is believed all details will be cleared up within the next thirty days. John J. Mitchell, President of the Illinois Trust & Savings Bank, will be Chairman of the Board of Directors, and Edmund D. Hulbert, President of the Merchants Loan & Trust Co., the President of the new organization. The officers and employees of both institutions, we understand, will be retained at the start, and eliminations and changes made only where duplications are found to exist. It is also plannedtto erect a new bank building; andito this end the Grand Pacific 1908 THE CHRONICLE Hotel, which adjoins the Illinois Trust Building, will be razed and an office building as high as the city ordinance permits, erected on the site, which is to be connected with the present Illinois Trust Building and form one structure, thus giving the new institutions a banking floor a block long extending from La Salle Street to Clark Street, on Jackson Boulevard. The name of the enlarged institution has not yet been determined upon. [VOL. 108. although a part of the merger, the American Trust Company will continue in its present location, 414 Main, until the completion of the new building. The Wheeling Bank & Trust Company of Wheeling, W. Va. (capital $160,000) has made a proposition to purchase the assets of the Commercial Bank of that city (capital $100,000) with a view to the latter's merger with the first named institution. The stockholders of the CommerFurther evidence of the continued growth of the First cial•Bank are to act on the proposal at a meeting to be hold Trust & Savings Bank of Chicago is witnessed in the in- to-day •(May 10.) crease in the official organization of that institution. At the monthly meeting of the directors of the First National Bank Eugene E. Hoge was on April 28 elected President of the and the First Trust & Savings Bank on April 29 the fol- State National Bank of Frankfort, Ky., succeeding the late lowing changes and additions were made: Roy C. Osgood, Col. Charles E. Hoge, whose death was noted in these Vice-President and Trust Officer, relinquishes the latter title columns April 19. Eugene E. Hoge is at present Cashier but retains his position as Vice-President and his connec- of the bank. He was county chairman of he first four tion with the trust department. Oliver A. Bestel, formerly Liberty Loan campaigns. Sam Mason has been elected Assistant Trust Officer, succeeds Mr. Osgood as Trust an additional Vice-President of the State National Bank. Officer. A. W. Converse, Assistant Secretary, was made Manager of the Savings Department, and is succeeded as The proposed consolidation of the Bank of Ottawa with Assistant Secretary by George R. Roehm. Other addi- the Bank of Nova Scotia, referred to in these columns Feb. tions to the official staff were made as follows: E. A. Stake 8 and March 15, became an accomplished fact on May 1, and D. W. Westervelt, Assistant Cashiers; I. L. Porter, at which date the Bank of Ottawa ceased to exist by name. Manager Bond Department; J. H. Templeton and F. C. The enlarged institution has a capital of $9,700,000. While Nason, Assistant Managers Bond Department; Joseph R. the exact figures of the Reserve Fund are not yet available Julin, H. Herbert Alborn, W. W. O'Brien and Walter J. we are advised that the Reserve Fund and undivided profits Carlstedt, Assistant Trust Officers. combined will exceed $18,000,000. As to the disposition The First Trust & Savings Bank was organized in De- made of the branches at the eleven points at which the two cember 1903 with a capital of $1,000,000, the stock being banks overtopped, we learn that the branches at Arnprior, owned by the stockholders of the First National Bank of Ont.; Fort William, Ont.; Edmonton, Alta; Prince AlChicago and paid for by the directors declaring a special bert, Sask; Regina, Sask; Vancouver, B. C.; Peterboro, dividend of $12 50 per share on the stock of the First Na- Ont.; were united in one office and all offices were maintional Bank of Chicago. The initial official organization tained in Montreal, Ottawa, Toronto, Winnipeg. H. A. included James B. Forgan, President; Emile K. Boisot, Vice- Richardson is General Manager at Toronto of the consoliPresident; D. V. Webster, Assistant Secretary, and R. D. dated bank and J. A. McLeod is Assistant General ManaForgan, Assistant Treasurer. The undertaking was a suc- ger at Toronto; H. V. Cann. is Assistant General Manager at cess from the start. Of the officers elected in 1903, three Ottawa. are still actively connected with the institution. In OctoClearings by Telegraph-Sales of Stocks, Bonds, &c. ber 1918 Emile K. Boisot, who succeeded to the presidency at the time James B. Forgan was elected Chairman of the -The subjoined table, covering clearings for the current Board, tendered his resignation to become effective on week, usually appears on the first page of each issue, but on Dec. 31 of that year, at which time Melvin A. Traylor account of the length of the other tables is crowded out once became President of the institution. The First Trust & a month. The figures are received by telegraph from other Savings Bank confines its operations to the handling of sav- leading cities. ings, investment and trust business. In addition to the Per Clearings-Returns by Telegraph. Cent. officials already referred to, four Vice-Presidents, Frank 1918. 1919. TVeek ending May 10. 0. Wetmore, Louis Boisot, B. C. Hardenbrook and Frank New York 33,131,009,668 $2,703,270,244 +15.9 +7.3 421,273,317 452,078,859 M. Gordon, are included in the official organization, the Chicago 338,051,861 -1.0 *332,626,280 Philadelphia +1.5 256,027,006 259,841,680 last three, each with a staff of assistants, specialising in Boston +4.5 164,185,528 171,577,033 City the trust, savings and bond departments, respectively. The Kansas -10.5 135,796,879 121,601,110 St. Louis +2.6 96,028,889 98,519,810 Francisco statement of condition published in response to the call of San -5.3 101,760,507 96,402,405 Pittsburgh 45,522,089 +54.2 70,185,247 the State Auditor March 4 1918, showed a capital of $5,000,- Detroit +5.2 54,280,240 57,122,915 Baltimore -1.7 52,992,842 52,085,470 000; surplus and undivided profits of $6,048,000, while de- New Orleans which included $73,197,000, of sum reached the posits had $4,844,010,495 $4,369,208,902 +10.9 Eleven cities, 5 days +8.0 820,149,577 885,497,018 savings deposits of $47,386,246, owned by 102,053 depos- Other cities, 5 days $5,729,508,113 $5,189,358,479 +10.4 Total all cities, 5 days itors. This continued growth necessitated the increase -0.5 1,281,491,986 1,275,497,614 mentioned above, which now gives the First Trust & Sav- All cities, 1 day +8.3 $6,470,850,465 $7,005,005,727 week for cities all Total ings Bank an executive organization of 25 officers, one of the .Partly estimated. largest official staffs aniong the Chicago banking instituOur usual monthly detailed statement of transactions on tions. the New York Stock Exchange is appended. The results months of 1919 and 1918 are given below: On April 26 a consolidation was effected between three for the four -namely Ark. Little of Rock, important financial institutions Four Months 1918. Four Months 1919. the American National Bank, the Bank of Commeree and DescripAver. Actual Aver. Par Value Actual Par Value tion. Value. Price. Price. or Quantity. Value. or Quantity. the American Trust Co. The resulting institution is to be 40,858,087 known as the American Bank of Commerce & Trust Co. StockiShs _ 74,060,168 $7,008,363,65536,062,126,451 86.5$3,822,805,350$3,514,055,229 91.9 with capital of $750,000. surplus and undivided profits of RR. 1Val.. 80,800,775 86.0 03,362,000 137,570,311 89.3 154,028.000 bonds 200,257,084 97.0 274,409,500 736,694,992 94.8 U.S. bonds 777,332,200 $250,000 and deposits aggregating more than $10,000,000. State,city& 66,749,846 93.4 71,438,000 99.1 The officials of the new organization are: Herman Kahn, for bonds 141,349,000 140,137,454 21,392 172.5 12,400 08,797213.8 46,200 Chairman of the Board; J. D. Goldman of St. Louis, Presi- Bank stits_ 02.2 34,262.087,250$3,927.974,326 87.0 37,076,628,005. , $8,081,119,0551 dent; Ed. Cornish, George W. Rogers, W. A. Hicks, J. D. Total ___ the on share in properties transactions Ad of and volume (inactive) The Covey, George A. Knox, L. B. Leigh Hamburg (inactive), Vice-Presidents; W. A. Hicks, Vice- New York Stock Exchange each month since Jan. 1 in President and Cashier; J. F. Walker, Vice-President and 1919 and 1918 is indicated in the following: SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE. Treasurer; R. W. Rightsell, Vice-President and Secretary; T. W. Kirkwood, Frank Goodman, R. E. Cornish and R. L. 1918. 1919.. Bradley, Assistant Cashiers, and F. J. Schmutz, Trust affh . Number Values. Sumner Values. of of Officer. J. N. Dillard, Auditor. It is announced that the Actual. Par. Shares. Par. Acacia. Shares. new bank will occupy the present Bank of Commerce build$ 3 3 $ ing at Third and. Main streets after extensive alterations Jan.11.858,465 1,126.755.705 1,037,426,808 13,619,357 1.279,710,700 1,175,427.688 990,548.212 1.083,216.900 11.418,079 1,038.276,918 1,152.181.000 12,210.741 . Veo are made. While the work of remodeling is being done, Mar_ 21,403.531 2,019,230,100 1,845,369,427 8.419.477 772,475,950 710,581,497 the old Bank of Commerce and the American National will tem'45,472,737 4,298.166,8053.921,073,15333,453,9133,135,433.5502.882.557,388 occupy the present quarters of the American National at Markham and Main streets. For the sake of convenience, A nril 28.587.43112.710.190.85012.141.053.2981 7.404.174 687.371.811 631.497.841 MAY 10 1919.] THE CHRONICLE The following compilation covers the clearings by months since Jan. 1 1919 and 1918: Clearings, Total All. 1909 April. 1919. Clearings Outside New York. Month. 1910. 1 1918. 1919. 1918. % Jan.-- 32,415,814,201 26,547,613,299 +22.1 14,555,171,367 11,828,545,769+23.1 Feb -- 25,792,839,256 22,255,063,757 +15.9 11,598,588.744 9,995,707,702 +16.0 Mar- - 30,276,757,995 26,083.747,067 +15.8 13,789.784,328 12,243,465,686 +12.6 lst qu. 88,485,411,452 74,886.424,123 +18.2 39,943,542,437 34,067,719,157 +17.2 April _ 30,592,823,146 26,484,009,255 +15.5 13,259,555,723 12,300,502,309 + 7.0 The course of bank clearings at leading cities of the country for the month of April and since Jan. 1 in each of the last four years is shown in the subjoined statement: Four Months. Clearings at 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 Waterloo Helena Aberdeen Joplin Fremont Hastings Billings Grand Forks Lawrence Iowa City Oshkosh Kansas City Lewistown 1918. $ 796,290,140815,872,902 160,715,851 129,471,865 228,585,121255.924,953 69,158,16 63,862,054 116,785,448 100,861,001 70,607,413 80,319,365 45,358,956 45,386,239 42,280,362 40,917,761 27,542,993 17,962,910 40,926,881 39,617,590 20,681,870 19,750,889 15,365,84 15,301,739 9,908,202 8,883,413 3,874,522 3,317,088 3,517,791 3,193,350 12,317,105 9,898,729 14,733,859 9,335,317 7,995,751 11,218,590 8,454,500 7,927,597 5,865,424 5,160,717 6,344,000 8,847,000 2,990,245 3,914,054 2,252,102 2,435,500 5,978,825 4,600,180 5,745,000 5,441,000 1,720,936 1,749,123 2,400,109 1,786,216 2,183,922 2,243,160 3,376,804 2,644,927 2,532,686 1,836,754 Inc. or Dec. 1919. 1918. Inc.*r Dec. $ -2.431614226463321042669 -4.8 +28.8635,424,308528.148,167 +20.3 -10.7963,995,792 937,676,240 +2.8 +8.6 272,307,620 243,751,743 +11.7 +15.8455,837,257 357,530,588 +27.5 -12.1312,063,098329,859,775 -5.4 -0.06 176,057,514 174,722,165 +0.8 +3.3 176,445,127 155,901,065 +13.2 +53.3120,962,920 72,405,835 +67.1 +3.3160,843,018146,233.70 +9.8 +4.7 82,273,991 79,414,542 +3.6 +0.4 55,165,033 58,747,872 -6.1 +11.5 40,338,227 35,432,060 +13.8 +16.8 13,895,050 13,600,659 +2.2 +10.1 12,566,164 11.940,970 +5.2 +24.3 45,035,244 33,589,962 +34.1 +57.8 55,637,847 35,359,093 +57.3 -28.7 29,194,515 40,242,268 -27.5 +6.6 36,755,784 31,291,143 +17.5 +13.7 21,171,597 17,821,637 +18.8 -28.3 26,318,000 32,260,514 -18.4 -23.6 12.950,313 16,071,17 -19.4 -7.5 9,249,170 10,079,574 -8.9 +30.4 20,814,271 17,348,623 +20.0 +5.6 21,991,000 10,078,000 +5.2 -1.6 6,847,213 6,574,438 +4.2 +34.4 9,377,470 7,481,02 +25.3 -2.6 9,114,803 8,820,393 +3.3 +27.7 12,713,685 9,220,923 +37.9 +40.4 10,729,070 7,425,617 +44.5 BANK CLEARINGS AT LEADING CITIES. . April Jan. 1 to April 30-1919. 1918. 1917. 1916. 1919. (000,0005 1918. 1917. 1916. omitted.) $ $ 1 $ s $ $ $ 17,333 14,094 14,652 11,623 65,875 54,912 56,803 47,604 New York 8,844 2,270 2,222 2,112 1,540 8,376 Chicago 8,156 6,235 5,125 889 1,259 1,222 1,014 4,444 Boston 3,490 3,922 6,656 Philadelphia 1,636 1,580 1,410 1,002 5,753 5,527 3,990 2,555 393 550 646 630 2,527 St. Louis 1,587 2,180 289 327 396 2,225 554 Pittsburgh 1,277 1,313 1,067 2,044 256 366 424 491 1,641 San Francisco_ _ _ _ 1,002 1,419 240 237 135 167 Cincinnati 993 837 668 548 178 182 257 1,310 316 Baltimore 813 718 727 3,161 335 564 816 796 Kansas City 3,321 1,382 2,165 1,575 163 288 334 398 Cleveland 1,240 1,063 649 922 241 208 91 154 906 New Orleans 578 399 Minneapolis 635 103 Total 0th. West. 1742540928 1719481989 +1.3 6967197747 675907043 136 129 167 528 484 439 +3.1 357 78 81 101 Louisville 74 394 361 323 166 1,227 Detroit 233 251 319 867 630.037,390:546.691,217 -2.6 2555221290:252296750 897 828 St. Louis +1.3 501 75 Milwaukee 99 123 469 126 208,011,539,240,669,429 -13.6922,050,06.5.905,632,023 +1.8 405' 318 New Orleans 627 107 127 125 488 169 Los Angeles 74,495,206.101,147,775 -26.31356,776,366394,471,678 -9.6 401 Louisville 515 169 42 44 50 Providence 193 43 64,876,505 55,137,923 +17.7,260,168,829,248,572,24 177 165 Houston +4.7 964 92 141 256 938 ' 571 229 Omaha 20,331,176 19,316,284 +5.31 84,059,4281 89,455,23 391 Galveston -6.0 58 75 371 90 99 340 Buffalo 210.136,678177.745.542 +18.2,850,347,151,658,893,29 +29.1 300 235 Richmond 272 57 Fort 63 Worth 64 244 69 St. Paul 59,374,738 54,820,441 +8.3255,614,189245,359,688 +4.2 233 248 43 237 55 58 238 62 207,845,364183,227,041 +13.41887,008,230 765,449,715 +15.9 Indianapolis 218 170 Atlanta 456 49 67 101 358 117 Denver 74,270,350 52,562,081 +41.3305,391,718235,343,868 +29.8 247 185 Memphis 850 66 102 659 178 210 Richmond 25,689,183 28,041,535 -8.41105,071,1481122,367,118 -14.1 380 266 Savannah 305 31 44 74 235 53 Memphis 68,484,269 58,926,37 +16.2 285,776,087227,477,060 +16.8 182 139 Nashville 60 90 Norfolk 148 155 Seattle 40,342.280 33,827,523 +19.3 153,912,244132,308,091 +16.3 33 Birmingham 37 35 39 47,407,271 17,003.410+169.3201.921,5841 71,899,141 +180.8 233 38 54 54 210 61 36,032,364 21,928,844 +64.3143,151,7481 80,941,926 +78.9 212 Salt Lake City.. _ 145 Jacksonville Chattanooga 21,265,002 20,519,392 +3.6 88,406,137 78,021,177 +13.3 28,141 24,288 23,234 17,990 109,215 92,840 00,171 73,084 Knoxville Total 12,103,618 13,034,466 -7.1 44,424,295 46,380,482 -4.2 9,663 2,452 2,196 1;779 1,388 8,530 Other cities 6,910 20,303,505 20.331,706 -0.0 83,249,011 84,702,811 -1.7 5,472 Little Rock Mobile 7,288,945 6,356,019 +14.7 27,955,482 25,170,180 +11.1 30,593 26,484 25,013 19,378 118,878 101,370 97,081 78,555 Augusta Total all 12 830 737 15,013,321 -14.5 50,307,283 63,422,623 -20.7 Outside New York13,260 12,390 10,361 7,755 53,003 46,458 40,278 30,952 Charleston 1 15:410,616 12,613,918 +22.2 58,759,205 57,313,728 +2.5 Oklahoma 44,379,870 37,253,516 +19.1 164,352,917 151,731,881 +8.3 Canadian Bank Clearings.-:-Tho clearings of the Cana- Macon 8,009,114 8,058,351 -0.6 29,532,391 37,440,503 -21.1 Columbia 9,060,076. 8,127,951 +11.5 35,255,407 33,114,933 +6.5 dian banks for the month of April 1919 show an increase over Beaumont 6,384,563 5,836,099 +9.4 24,743,700. 22,309,488 +10.9 the same month of 1918 of 7.5%, and for the four months Austin 18,185,548 11,287,655 +61.1141,409,6541 89,652,900 +57.7 Columbus, Ga_ _ 3,229,001 2,737,821 +17.9 12,294,5171 12,632,576 -2.7 the gain reaches 14.6%. Wilmington, N. C. 3,718,896 3,334,958 +11.5 15.070,546; 14,583,332 +3.3 Vicksburg 1,910,742 1,518,700 +25.8 7,185,9931 7,664,297 -8.3 April. Four Months, Muskogee 11,319,425 9,799,101 +15.5 46,355,176 43,239,488 +7.2 Clearings alTulsa 39,187,574 44,784,152 -12.5160.145,656 145,443,262 +10.1 Inc. or Jackson Inc. or 2,338,425 1,934,588 +20.91 9,983,7621 9,579,447 +4.2 1919. 1918. Dec. 1919. El Paso 1918. 23,000,000 16,519,380 +39.2 90,787,7051 86,765,934 +38.0 Dec. Waco 10,000,000 11,800,000 -15.3 40,270,873 50,767,032 -20.7 $ Canada$ Dallas 102,693,747 75,494,130 +36.0424,161,235322,629,964 +31.5 Montreal__ _ 403,754,440 373,807,451 +24.11,685,673,320 1,301,579,493 +20.5 Newport News_ _ _ 4,431,761 3,769.935,1 +17.61 18,109,484 13,581,517 +33.3 315,665,782 276,705,355 +13.7 1,213,620,545 989,987,746 +22.6 Montgomery Toronto 7,526,041 6,357,9591 +9.81 28,337,992 27,035,551 +4.4 Winnipeg _ 153,888,003 210,246,2427-46.8 595,092,040 723,292,762-17.7 Tampa 9,110,271 6,878,454,1 +32.51 34,231,838 25,323,475 +35.8 48,996,055 42,986,756 +14.0 191,335,493 153,022,845 +25.0 Texarkana, Ark _ _ 3,558,815 2,774,004' +28.31 13,644,728 11,622,878 +17.4 Vancouver _ _ 28,162,050 A-9.2 114,924,223 30,749,589 Ottawa 96,938,381 +18.6 Raleigh 4,504,'54 3,939,9901 +14.31 16,497,762 15,547,226 +5.5 19,554,533 +14.3 22,353,270 79,677,068 Quebec 67,810,320 +17.5 Shreveport 10,909,6981 10,004,701 +9.6 46,216,128, 42,731,9171 +8.2 17,929,143 ---6.5 10,767,183 70,609,273 Halifax 60,774 694 +16.2 84,928,525 Hamilton _ 22,423,175 23,077,288 ---2.8 Total Southern_ 218002173712052224386. +6.2'905E068925181995472011 +10.5 81,212,980 +4.6 10,000,509 A-10.2 43,607,594 11,123,884 St. John_ _ 36,551,751 +19.3 11,000,219 1-10.1 12,110,323 45,973,014 London 38,163,849 +20.5 28,934,805-17.6 89,611,079 110,358,165-18.8 23,831,494 Calgary Week ending May 3. 8,856,111 A-9.1 34,752,137 9,658,898 Victoria Clearings at 30,360,315 +14.5 15,273,899 A-10.2 16,826,237 59,671,920 55,148,313 +8.2 Edmonton _ _ Inc. or. 15,104,525 ---2.0 52,583,335 14,796,178 Regina 51,772,992 +1.8 1919. 1918. Dec. 1916. 1917. 2,485,172 AH 1.0 2,509,342 9,121,122 Brandon _ 9,607,087 -5.1 8,565,907-14.9 Lethbridge _ 10,999,299 3,034,366 12,066,459 -8.8 $ 13 $ 7,561,296 +7.5 Saskatoon _ 8,128,712 27,993,817 192,961,010 174,080,4421 27,231,895 +2.8 Kansas City.. _ +10.8 136,360,818 s%1 91,179,609 4,114,803 +8.9 15,858,236 Brantford _ _ 4,482,643 38,751,756 14,774,964 +7.3 Minneapolis _ _ _ _ 23,957.349, +33.81 3:3,092,868 26,453,150 24,701,901 6,872,875 .5,639,870 +21.9 Moose Jaw_ _ 51,791,521 19,786,134 +24.3 Omaha 37,309,9601 +33.8, 3.5,781,284 23,253,309 2,568,288 ---0.2 10,330,069 2,563,116 Ft. William. 16,236.632 10,942,293 -5.6 St. Paul 14,708,1161 +10.01 19,339,680 15,597,409 1,797,769 A-20.4 2,165,971 8,361,685 New Westm'r 25,509,760 23,864,945 +5.91 6,540,240 +27.8 Denver 15,184,396 12,300,000 2,297,365-24.6 6,199,070 Me:Ilcine Hat 1,732,798 Joseph St. 8,355,544 -25.8 17.990,615 -12.61 15,717,235 14,831,497 9,172,125 3,193,265 +0.5 11,931,408 Peterborough 3,209,691 10,719,299 11,311,931 +5.5 Des Moines 10,372,602 +3.31 9,189,687 7,502,932 3,050,769 +9.6 Sherbrooke _ 4,002,443 15,302,305 12,647,853 +21.0 Duluth 7,378,165 3,963,186 +86.11. 8,263,006 5,584,603 2,823,651 A-21.3 Kitchener 12,643,635 3,425,406 9,605,494 +31.6 Sioux City 10,000,000 9,369,449 +6.71 6,518,576 4,726,217 Wichita 9,657,189 7,485,004 +29.0. 6,333,221 4,329,574 Total Canada 1,205,071,874 1,121,427,041 +7.54,515;502,203 3,939,841,490 +14.6 Lincoln 4,694,752 4,721,729 -0.61 4,169,125 3,681,859 Topeka 2,339,052 2,700,000 -13.4 2,392,227 1,619,630 2,166,286 +12.2 2,431,547 The clearings for tho week ending May 1 at Canadian Cedar Rapids__ _ 2,776,926 2,011,415 Fargo 1,863,375 +16.91 2,177,235 1,651,119 1,807,805 cities, in comparison with the same week of 1918, show an Colorado Springs 452,060 405,577 -8.9 802,798 925,358 increase hi the aggregate of 22.5%. Pueblo 733,614 702,263 +4.5 546,480 460,788 Fremont 799,530 -15.41 676,604 619,552 527,564 Waterloo 1,813,040 2,636,618 -31.21 3,002,000 2,334,568 Week ending May 1. Helena 2,137,086 -28.31 1,704,424 2,073,302 1,750.940 Clearings asBillings 935,959 +28.21 1,199,857 1,208,264 670,488 Inc. Or Hustings 550,000 -11.51 480,958 .518,777 361,450 1918. 1919. Dec. 1917. 1916. Aberdeen 974,122 +51.1' 1,472,849 867,169 862,635 CanadaTotal other West. 393,902,539 348,844,098 +11.51 310,522,872 217,113,514 114,213,095 76,407,834 +49.5 Montreal 96,380,501 78,489,605 1 78,675,667 (38,634,677 +14.5 Toronto' 63,528,236 55,697,519 St. Louis 142,384,738 137,610,322 +3.3' 127,642,492 101,537,982 44,757,082 46,937,700 -4.6 100,640,605 Winnipeg 39,144,365 New Orleans_ _ 56,327,314 -11.11 50,093,492 10,185,473 +17.1 11,052,310 33,998,619 Vancouver 26.431,165 8,004,440 8,110,271 Louisville 24,783,009 -35.4, 18,124,444 16,000,000 18,664,447 8,269,568 6,557,205 +26.1 Ottawa 6,66(1,546 5,677,374 Houstod 15,004,617 12,703,673 +29.31 11,265,418 8,442,740 4,615,623 +28.5 5,92(0,757 Quebec 4,687,170 4,195,318 Galveston 4,933,133 3,200,009 +54.3 3,574,744 3,540,925 6,591,744 6,081,990 +8.4 Calgary 7,032,094 4,000,372 Richmond 49,130,044 42,826,625 +14.7 21,201,573 16,900,684 5,045,173 +0.3 5,060,7051 Hamilton 5,271,694 4,512,490 Fort Worth 14,793,362 11,053,851 +33.9 11,751,174 7,640,533 2,231,053 2,196,200 +1.6 Victoria 1,737,417 1,493,200 Atlanta 51,853,706 42,173,333 24,480,1030 +22.7 17,435,716 2,673,444, 2,054,859 +30.1 St. John 2,094,502 1,962,110 Memphis 16,671,476 10,825,333 +54.0 10,340,384 7,177,985 4,239,527, 3,826,766 +10.8 Halifax 2,816,801 2,509,402 Nashville 14,01:1,005 12,844,441 +9.1 9,851,357 7,552,203 3,423,654 2,453,198 +39.5 London 2,5:33,999 2,103,132 Savannah 7,410,674 6,664,093 +11.2 7,414,136 5,433,521 4,256,143 2,950,246 +43.8 Edmonton 2,613,840 2,352,014 Norfolk 9,572,413 6.816,280 +40.4 6,163,478 4,909:781 4,079,136 2,004,407 +40.5 Regbaa 2,830,905 2,092,548 11Irmingharn _ _ _ 12,868,400 4,710,59.5 +17.3 3,392,072 3,148.669 533,278 461,582 +15.6 Brandon 849,445 535,077 Jacksonville _ _ 9,898,708 5,703,139 +73.6 4,492,028 4,018,797 698,444 790,000 -11.6 Lethbridge 900,042 532,511 Chattanooga _ 4,410,996 5,024,357 -12.2 3,300,680 2,928,585 1,947,9021 1,588,550 +22.6 Saskatoon 1,845,505 1,242,922 Knoxville 3,107,589 3,313,5'32 -6.2 2,473,522 2,390,988 .915,373 900,098 +1.0 Brantford 981,482 658,654 A uguan. 4,219,758 3,427,663 +23.1 2,30:1,541 1,723,733 1,415,763 1,205,434 +17.4 Moose Jaw 1,088,423 1,068,545 Little Rock 4,577,281 -1.7 4,500,000 3,293,830 2,570,176 563,477 578,092 -25.3 Fort William_ _ _. 607,473 520,726 Oklahoma 9,491,124 +20.7 7,852,289 7,292,143 3,954,344 574,715 492,785 +16.6 New Westminster 308,773 Mobile 339,551 1,809,034 1,661,055 +8.9 1,800,000 1,401,378 392,486 483,445 -19.7 Medicine Hat_ _ 642,053 411,680 Charleston 3,500,010 2,000,000 +20.7 2,690,195 2,221,107 638,568 783,471 -12.1 Peterborough - 62,073 593,685 Macon 1,750,000 1,803,000 +2.8 1,119,792 3,716,545 963,816 858,328 + 12.2 Sherbrooke 786,705 534,320 Austin 4.400,030 '2,607,793 +68.7 2.500,000 2,325,000 836,153 541,107 +54.5 Kitchener 565,296 662,811 Vicksburg 330,135 282,936 +34.4 270,015 209,489 1,363,253 1,350,000 +1.0 .Winds4r Jackson 451,885 580,284' -23.4 0 13,418 495,605 399,499, 213,748 +87.9 Prince Albert Tulsa 9,337,893 11,703,213 -20.2 8,883,882 3,569,705 Muskogee 2,577,694 1.631,639 +56.0 1,414,460 925,687 Total Canada- 307,648,417 251,167,996 +22.5 315,904,803 217,409,514 21,000,000 Dallas 16,096,607 +30.5 12,347,036 6,117,983 Shreveport 2,0'22,4911 +29.4 2,616,485 1,463,435 NA N3 lg i EHartfod A I 1 Other Western and Southern Clearings brought forward from first page. Total Southern 489.095 :Q3 443.547 008 +10.3 1 350.571.518 267 047.473 S [VOL. 108. THE CHRONICLE 1910 a 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: May 7. Wed. 48% 55 94 9834 63.25 88.45 May 3. May 5. May 6. London, Mon. Tues. Sat. Week ending May 9. 11-16 48 11-16 48 9-16 48 d. Silver, per oz 55% Holiday 55% Consols,23 per cents 94 Holiday 94 British, 5 per cents Holiday 98% 983 British, 434 per cents 63.20 63 ____ fr_ Paris), French Rentes (in 88.45 88.35 ,fr. Loan(inParis). French War May 8. May 9. Fri. Thurs. 48% Not quoted 54% 5434 9334 9334 9834 9834 62.95 62.75 88.10 88.57 The price of silver in New York on the same day has been: Silver in N.Y., per oz___cts_101% 10134 10131 10134 103 10534 By Messrs. Barnes & Lofland, Philadelphia: $ per sh. $ per sh. Shares. Stocks. Shares. Stocks. 118 rights to subscribe to Frank25 Media Title & Trust, $25 lin Trust @ $125____25-29 55 each 512 14 Fidelity Trust 12234 3 Tenth Nat'l Bank 705 1 Philadelphia Trust 3 Corn Exch. Nat. Bank_ _ _381 20 Green & Coates Sts. Pass. 210 8 Northern Nat. Bank 100 fly Trust . 8734 3 Continental-Equit 9 13th & 15th Sts. Pass. Ry_ _206 8 Industrial T. T. & S., $50 34034 3 John B. Stetson, corn 186 each 2 Fire Assoc. of Phil., $50 7 Girard Ave. Farmers' Mkt., 336 each 20 $50 each Blaisdell Paper Pencil, $10 400 each, $5 Mining, 10,819 Capuzaya 934 each $30 lot 1,40334 Central Market St. Co., 9,590 Acme Non-Refill. Bottling, 9 each $50 common, lot $20 pref., $5 each 10 Nat. Aniline & Chem., pref. 8734 25 1 Pa. Acad. of Fine Arts 23 20 Caddo Oil & Refg 200 Independence 011, $5 each $11 lot Bonds. 25434 2 1st Nat. Bank of Phila $600 Capuzaya Mining 1st 65, 1920, 151 5 Franklin Trust $40 lot goittinercial andriliscclizturousli,ems DIVIDENDS. regarding information following National Banks.-The The following shows all the dividends announced for the national banks is from the office of the Comptroller of the future by large or important corporations: Currency, Treasury Department: Dividends announced this week are printed in italics. APPLICATIONS FOR CHARTER. For organization of national banks: The First National Bank of Lemont,Illinois Correspondent: Fred M. Reed, Lemont. The First National Bank of Desdemona, Texas Correspondent: W. M. Robertson, Desdemona. The First National Bank of Rosebud, Montana Correspondent: M. B. Blusher, Rosebud. The First National Bank of Perryville, Missouri Correspondent: Joseph F. Fenwick, Perryville. The First National Bank of Wilmot, South Dakota Correspondent: Warren F. Jones, Wilmot. The Kaw Valley National Bank of Topeka, Kansas Correspondent: J. H. Collingwood, Topeka. Capital. $25,000 25,000 30,000 25,000 25,000 100,000 $230,000 Total CHARTERS ISSUED. Original organizations: $25,000 The First National Bank of Aurora, Minnesota President, C. E. Moore; Cashier, H. C. Doerr, Jr. Coversions of State banks: First National Bank of Golva. North Dakota Conversion of the Security State Bank of Golva. President, Hugh Egan; Cashier, M. L. Callahan. 25,000 Name of Company. CHARTERS EXTENDED. The First National Bank of Wayland, New York. Charter extended until close of business May The First National Bank of Rockland, Mich. Charter extended until close of business April 5 1939. 26 1939. INCREASES OF CAPITAL APPROVED. The Tenth National Bank of Philadelphia, Pennsylvania Capital increased from The Farmers National Bank of Beggs, Oklahoma to Capital increased from The American National Bank of Tucumcari, New Mexico to Capital increased from The First National Bank of Sisseton, South Dakota to Capital increased from The First National Bank of Reedloy, California to $100,000. Capital increased from The First National Bank of Peabody, Kansas to Capital increased from The Citizens National Bank of Galion, Ohio Capital increased from $200,000 to $300,000. $25.000 $50,000. $25,000 $50,000. $50,000 $75,000. $25,000 $25,000 $50,000. $60,000 to $100,000. Amount. $100,000 25,000 25,000 25,000 75,000 25,000 40,000 $315,000 Total VOLUNTARY LIQUIDATIONS. The First National Bank of Oakville. Texas Assets sold to the Live Oak County State Bank of Three Rivers, Texas. The First National Bank of Heber Springs, Arkansas Liquidating Agent, F. W. Maxwell, Heber Springs. Absorbed by the Cleburne County Bank of Heber Springs. Capital. $25,000 25,000 $50,000 Total 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. 85 Sheffield Iron Corp., corn., 155 per sh. v. t. c., no par 33 Sheffield Iron Corp., pref., 12 v. t. c. 50 Am. Dist. Teleg. of Bklyn., El% per eh._ $25 each $6 lot 120 Shoshone Irrigation 1 Rider & Driver Publishing_ _ _ $8 800 General Gas Lt. of Kalamazoo, $200 lot_ Mich., $10 each Per cent. Shares. Stocks. 20 United Gas At El., 1st pref____ 24 100 Basic Products Corp., v. t. c., $3734 per sh. 10 Westchester & Van Neat Land_ 134 50 Knox Hat, Inc., com_ _ _$534 per eh. Per cent. Bonds. $10,000 Dry Dock E. B. & Batt. 7334 RR. gen. 5s, 1932 100,000 Second Ave. RR. 1st cons. $250 lot 5s, 1948 By Messrs. R. L. Day & Co., Boston: $ per sh. Shares. Stocks. 302 2 Second Nat. Bank 144 16 Nat. Bank of Wareham 13934 2 Ludlow Mfg. Associates 92 5 Edmond Mills, pref 244 10 Nashua Mfg.Co 134 5 Lyman Mills 82 5 U .2. Worsted 1st pref 18034 5 Brookside Mills, ex-div 2234 4 Portland & Ogdens. fly 9634 5 W.L. Douglas Shoe, pref 30 Clastwlse Transportation 15754-15734 15 7 New Boston Music Hall 4034 4 Sr 1 Wort Electrical, corn 6134 2 Splitdorf Electrical, pref 219 1 Plymouth Cordage $ per sh. Shares. Stocks. 93 15 Merrimack Chemical 3134 50 Waltham Watch, common 10534-106 10 Hood River, pref 1 Boston Atheneum,$300 par_ _432 _83-85 50 N. E. Fuel Oil, $10 each 150 3 American Screw 10834 8 U. S. Envelope, pref 104 Griffin Wheel, pref____98% & div. 20 Bigelow-Hart. Carpet, coin__ _ _ 9134 9834 5 Bigelow-Hart. Carpet, pref10 Arlington Mills 11654 12054 4 Draper Corporation 5 Edison Elec. Illum. of Brockton 12234 40 Boston Woven Hose, pref 10034 By Messrs. Millet, Roe & Hagen, Boston: $ per sh. $ per sh. Shares. Stocks. Shares. Stocks. 32 13934 200 Waltham Watch, corn 52 Ludlow Mfg. Associates 3834 10 Bausch Machine Tool, com 165 10 Naumkeag Steam Cotton 5 Boston Belting Corp., pref., 70 11 Lowell Hosiery 30 $50 each 102 15 Lancaster Mills 9634 2 W. L. Douglas Shoe, pref 2 Union St. fly. of N. Bedford_ _100 145 35 Sullivan Machinery 20 Gray Sc Davis, Inc., corn., 4534 325 each Books Closed. Days Inclusive. Railroads (Steam). 2a Atch. Topeka & Santa Fe, common (qu.) 13.4 June 2 Holders of reo. May 10 Atlantic Coast Line RR., preferred_- 23.4 May 10 May 1 to May 30 May rec. of Holders 30 June 92)__254 (No. (qu.) corn. Pacific, Canadian $1.25o May 19 Holders of rec. May 8 Catawissa, preferred July 1 *Holders of reo. June 14 *1 Chicago Great Western, preferred June 2 Holders of reo. May 10a (quar.) gu. Cleveland & Pittsburgh, reg. June 2 Holders of reo. May 10a 1 Special guaranteed (guar.) May 15 Holders of rec. June la Cripple Creek Cent., pref. (cap. distrib'n) 1 May 20 *Holders of rec. May 9 *2 Delaware .fe Bound Brook (guar.) Georgia Southern & Florida13 Holders of reo. May 8a May 234 preferred second First and June 2 Holders of rec. May t9a tIllinois Central (quar.) May 19 Holders of reo. Apr. 30a Norfolk & Western adj., pref.(quar.)..... 1 Norfolk & Western, common (quar.)_- 134 June 19 Holders of rec. May 31a 75c, May 31 Holders of reo. May la Pennsylvania (quar.) May 15a Pittsburgh & West Virginia,pref.(No.8) 134 May 31 Holders of rec. May 27a 500 June 12 Holders of reo. Reading Company, 1st pref. (guar.)._ 154 July 1 Holders of rec. May 31a Southern Pacific (guar.) (No. 51) 2a June rec. of Holders 1 July (guar.) common 234 Union Pacific, May 15 Holders of reo. May 9a 1 Western Pacific RR. Corp., preferred $50,000 Total When Per Cent. Payable. 134 134 Street and Electric Railways. 134 American Railways, preferred (quar.) Central Ark. Ry. & L. Corp., pref. (guar.) 134 % Cities Service, corn. & pref.(monthly).Common (payable in common stock)_ 11 Cities Service, Bankers' Shares (monthly)_ 41c. 134 Connecticut fly. & Ltg., coin. (quar.)_ _ I% Preferred (quar.) 2 Detroit United fly. (quar.) (No. 60) 3 pref_ Havana Elec. Ry.,L.& P.,com.& Montreal L., H. et Pow. Cons. (quar.).. 1 .75c. Norfolk Railway et Light Pacific Gas & Elec., 1st pf.(qu.)(No.19) 13.4 134 Original preferred (quar.) West Penn Trao.& Water Pow.,Pf.(qu.) 134 May June June June June May May June May May June May May May 15 Holders of rec. May 10a 2 Holders to rec. May 15a 1 Holders of reo. May 15 1 Holders of rec. May 15 1 Holders of rec. May 15 15 May 1 to May 15 15 May 1 to May 15 2 Holders of roe. May 16a 15 Apr. 23 to May 15 15 Holders of rec. Apr. 30 1 *Holders of rec. May 15 15 Holders of rec. Apr. 30 15 Holders of rec. Apr. 30 15 Holders of rec. May 1 Miscellaneous. June 1 *Holders of rec. May 30 Acme Tea, 1st pref. (guar.) May 10 Holders of reo. Apr. 300 2 Alaska Packers' Assn. (quar.) 750 May 15 Holders of rec. May la American Bank Note. common (guar.). 13-4 May 15 Holders of rec. Apr. 30 American Brass (quar.) 134 May 15 Holders of rec. Apr. 30 Extra May 10 May 2 to May 9 2 American Caramel, pref. (quar.) June 2 Holders of rec. May 15a 1 American Cotton Oil, common (quar.)_ _ Juno 2 Holders of rec. May 15a 3 Preferred Amer. Hide & Leather, preferred (quar.) 134 July 1 Holders of reo. June 14 Amer.Internat. Corp.,corn. & pf.(qu.). _ $1.20 June 30 Holders of rec. June 16 May 15 Holders of reo. May 8a Am.La France Fire Eng..Ino..corn.(au.) 2 June 2 May 24 to Juno 2 1 Amer. Laundry Machinery, corn. (qu.). June 30 June 22 to Juno 30 3 American Radiator, common (quar.)_ May 15 May 8 to May 15 Preferred (quar.) June 16 *May 30 to June 8 *1 Amer.Smelt. et Refg., corn.(quar.) *134 June 2 *May 17 to May 25 Preferred (guar.) 134 May 15 Holders of rec. May 1 American Soda Fountain (quar.) Amer.Sumatra Tobacco, pref.(No.19). 334 Sept. 1 Holders of rec. Aug. 15a *134 May 31 *Holders of rec. May la Amer. Teleg. et Cable (guar.) June 2 Holders of rec. May 15 Amer. Tobacco, corn. (qu.) (pay. in scrip) g5 May 15 Holders of reo. May 1 Am. Water Wks. dr Elec.. Inc.. pi.(qu.) May 26 Apr. 20 to May 14 $1 (quar.) Mining Copper Anaconda 13.4 June 2 Holders of rec. May 3a Associated Dry Goods, 1st preferred.._ _ _ 134 June 2 Holders of reo. May 3a Second preferred May 15 *Holders of rec. May 6 *4 Beatrice Creamery, common (quar.) •lm May 15 *Holders of roe. May 6 Preferred (quar.) 134 July 1 Holders of roe. June 16a Bethlehem Steel,common (quar.) 34 July 1 Holders of rec. June 16a Common (extra) 134 July 1 Holders of rec. June 16a Common B (quar.) % July 1 Holders of rec. June 16a Common B (extra) 134 July 1 Holders of rec. June Hia Non-cumulative preferred (quar.)__ _ July 1 Holders of roe. June 16a 2 Cumulative convertible pref. (quar.) _ May 15 Holders of rec. May 8 Bond & Mortgage Guarantee (quar.)-- - 4 Borden's Cond. Milk,pref.(qu.)(No.70) 1 % June 14 Holders of reo. May 31a yi May 21 May 10 to May 20 British-Columbia Fish.& Pack.(guar.). British-Columbia Pack. Assn..com. (qu 234 May 21 May 10 to May 20 June 2 Holders of reo. May 21a Brooklyn Edison Co., Inc.(qu.)(No.77) 2 *154 June 1 *Holders of rec. May 20 Brown Shoe, Inc., common (guar.) May 15 *Holders of rec. May 5 .).. *134 cool. (qu ollender, Brunswick-Balke-C June 14 Holders of rec. May 31 $2 Buckeye Pipe Line (quar.) 234 May 15 Holders of rec. May ln Burns Bros., common (quar.) Common(extra payable in com.stock) f23-4 May 15 Holders of roe. May In 134 May 20 Holders of rec. May 5a By-Products Coke Corp. (guar.) June 16 *Holders of rec. May 31 California Packing Corp., cons. (guar.)._ *131 *134 July 1 *Holders of rec. June 16 Preferred (guar.) Canada Explosives, common (extra)_ _ _ 1234 July 31 Holders of reo. June 30a May 15 Holders of rec. Apr. 30 3 Canada Foundries & Forg., corn. (qu.) 134 May 15 Holders of rec. Apr. 30 Preferred (quar.) 134 May 15 Holders of reo. Apr. 30 Canadian Converters, Ltd.(quar.) July 30 Holders of roe. July 26 6 Carbon Steel, second pref. (annual)_ 34 May 15 Holders of roe. Apr. 30 Cedar Rapids Mfg. Sr Power (guar.)._ _ May la Cleveland Automatic Mach., corn.(qu.) 75a. May 15 Holders of rec. May to % May 20 Holders of rec. Colorado Fuel & Iron, common (guar.) May 20 Holders of rec. May Sc 2 Preferred (quar.) May 15 Holders of rec. Apr. 30a 1 Columbia Gas & Elec.(5/1101%) Columbia Graphophone, corn.(04.)(No.5) $2.50 July 1 1191ders of rec. Juno 10a Common (payable in common stock). _ _ (r) July 1 Holders of rec. June 10a 134 July 1 Holders of rec. June 10a Preferred (guar.) (No. 5) 134 June 16 Holders of rec. May 9a Consolidated Gas(N. Y.)(quar.) Continental Motors Corp., corn. (guar.) 13.4 May 15 May 11 to May 15 May 15 Holders of rec. May 8 134 Continen.Paper Bag, com.(qu.) (No.55) 13-4 May 15 Holders of reo. May 8 Preferred (quar.) (No. 75) May 15 Holders of rec. API% 30a 300. (guar.). common Refining, Continental .834c. June 1 *Holders of rec. May 15 Cosden eic Co., pref. (quar.) 75o. June 16 May 23 to Juno 16 Crescent Pipe Line (quar.) 100. May 10 Holders of rec. Ayr. 30 Cresson Cons. Gold M.& M.(monthly). 134 June 2 Holders of reo. May 15a Deere & Co., pref. (guar.) Juno 16 Holders of rec. May 31a 2 Diamond Match (quar.) July 15 Holders of rec. June 30 Dictograph Products Corp.. pref.(No. 1).$2 *134 134 134 MAY 10 1919.] THE CHRONICLE Per Name of Company. Celt:. When Payable. Books Closed. Days Inclusive. Miscellaneous (Continued) Dominion Bridge, Ltd. (quar.) 2 May 15 Holders of rec. Apr. 30 Dow Chemical, common (quar.) 1 X May 15 Holders of rec. May 5a Common (extra) 131 May 15 Holders of rec. May Sc Preferred 131 May 15 Holders of rec. May 5a Eastern Steel, common (quar.) 23 July 15 Holders of rec. July 1 First and second preferred (quar.) 1;1 June 16 Holders of rec. Jan. 2 Eastman Kodak, common (guar.) 2M July 1 Holders of rec. May 31 Common (extra) 75i July 1 Holders of rec. May 31 Preferred (guar.) 1M July 1 Holders of rec. May 31 Eisenlohr(Otto) & Bros.,Ine.,com.(qu.) 1 May 15 Holders of rec. May la Electric Invest. Corp., pref.(guar.) 1M May 22 Holders of rec. May 12 Federal Utilities. pref. (guar.) 1% June 2 Holders of rec. May 15 Freeport Texas Co $2 May 20 Holders of rec. May 15 Gaston, Williams & Wigmore, Inc.(qu.) 50c. May 15 Holders of rec. May la General Asphalt, pref. (guar.)(No. 48) 1% June 2 Holders of rec. May 17a General Chemical, common (quar.)_ _ _ - 2 June 2 Holders of rec. May 22a General Cigar, Inc., pref. (quar.) 1X June 2 Holders of roe. May 26a Gillette Safety Razor (quar.) $2 May 31 Holders of roe. May 1 Extra S1 May 31 Holders of roe. May 1 Globe Oil (guar.) 4 M c. June 10 Holders of rec. May 25 Goodrich (B. F.) Co.. common (quar.).. 1 May 15 Holders of rec. May 5 Preferred (guar.) 1X July 1 Holders of rec. June 200 Goodrich (B. F.) Co., common (guar.). 1 Aug. 15 Holders of roe. Aug. 50 May 10 Holders of rec. May 8 Gorham Mfg.,common (quar.) 2 Great Western Sugar, common (guar.). *1 X July 1 *Holders of rec. June 15 Common (extra) July 1 *Holders of rec. June 15 *10 Preferred (guar.) *1X July 1 *Holders of rec. June 15 Harbison-Walker Refract., corn. (quar.) 1M June 2 Holders of ree. May 230 Preferred (quar.) 1M July 19 Holders of rec. July 9a Hart, Schafftler & Marx,Inc.,corn.(qu.) 1 May 31 Holders of rec. May 20a •14. 2i June 1 *Holders of rec. May Hartman Corporation (guar.) 20 Hercules Powder, preferred (quar.) 1)1 May 15 May 6 to May 15 Homestake Mining (monthly) 550c. May 26 *Holders of rec. May 20 ilium.& Pow.Sec., pref.(qu.)(No.27)- 15,1 May 15 Holders of rec. Apr. 30 Indiana Pipe Line (quar.) $1 May 15 Holders of rec. April 24 Inland Steel (quar.) June 2 *Holders of rec. May 10 *2 Internal. Cotton Mills, com. (guar.) May 31 Holders of rec. may 15 $1 Preferred (guar.) 1% May 31 Holders of rec. May 15 Internat. Harvester, pref. (qu.)(No. 3) 1X June 2 Holders of rec. May 10a Internat. Mercantile Marine (extra).- 10 May 15 Holders of rec. May la Kaministiquia Power (quar.) May 15 Holders of rec. Apr. 30 2 Kerr Lake Mines, Ltd. (guar.)(No.7)- 25c. June 16 Holders of rec. June 20 Keystone Tire & RubberCommon (payable in common stock).115 May 20 Holders of rec. May la Lake of the Woods Milling, com.(qu.). 3 June 2 Holders of rec. May 15 Preferred (quar.) 1X June 2 Holders of rec. May 15 Lehigh Coal&Navigation(qu.)(No.162) $1 May 31 Holders of rec. Apr. 300 Liggett & Myers Tobacco, corn. (qu.)- 3 June 2 Holders of rec. May 155 Lima Locomotive Works, Inc., pref.- 3M May 10 Holders of rec. Apr. 30a *5 Lindsay Light, common (guar.) June 30 *Holders of rec. May 31 Preferred (guar.) *1U June 30 *Ifolders of rec. May 31 Manati Sugar, common (quar.) 23 June 2 Holders of rec. May 15 Marconi Wireless Teleg. of A merica ___ - 250. July I June 2 to .1nne 14 Marlin-Rockwell Corp. (monthly) May 17 Holders of rec. May 10 $1 Mason Tire & Rubber, corn. (quar.).... 2 May 20 Holders of rec. Jan. 31 Massachusetts Gas Cos., pref June 2 May 16 to June 2 2 May Department Stores, com. (guar.)_ _ _ 1;i May 31 Holders of rec. May 15a Common (guar.) lyi Sept. 1 Holders of rec. Aug. 15a Miami Copper Co.(quar.)(No. 27) 50e. May 15 Holders of rec. May la Middle States Oil Corp.(monthly) le. June 1 Holders of rec. May 30 Moline Plow, 181 preferred (guar.) ”i June 1 Holders of rec. May 17 Second preferred (guar.) 1M June 1 Holders of rec. May 17 National Acme Co. (guar.) May 31 Holders of rec. May 15a 13 National Biscuit, com.(mum)(No. 84) 131 July 15 Holders of roe. June 30a Preferred (quar.) (No. 85) 151 May 31 Holders of rec. May 17a Nat. Enamel.& Stamping, corn. (quar.) 1M May 31 Holders of rec. May boa National Grocer, common *2 June 30 *Holders of rec. June 19 *5 Preferred June 30 *Holders of rec. Juno 19 National Lead, preferred (quar.) 1 X June 14 Holders of rec. May 23a May 15 Holders of rec. May la Nat. Refining, com. (pay. In corn. stk.) f4 New Jersey Zinc (quar.) 4 May 10 Holders of rec. Apr. 30 New River Company, pref. (No. 21).._ _ 134 May 29 Holders of rec. May 17 Niles-Bement-Pond,com.(qu.)(No.68)- 2 June 20 Holders of rec. June 2a Preferred (guar.) (No. 79) 134 May 20 Holders of rec. May 8a $1 Ohio Cities Gas, common (quar.) June 1 Holders of rec. May 17 131 May 15 Holders of rec. May 2 Ontario Steel Products, pref. (quar.) Prof. (accrued accumulated dividend) hM May 15 Holders of rec. May 2 87 M e. May 15 Holders of rec. April 15 Pacific Development Corp. (quar.' May 15 Holders of rec. Apr. 30a Pacific Lighting Corp., common (quar.) a 131 May 15 Holders of rec. Apr. 300 Preferred (quar.) Penmans. Limited, common (quar.) 1 x May lb Holders of rec. May A Pennsylvania Coal & Coke (quar.) $1 May 10 Holders of rec. May 6 Penna. Rubber, corn. (qu.) (No. 11)... 134 June 30 Holders of rec. June 15 1 X June 30 Holders of rec. June 15 Preferred (quar.) (No. 11) 250. June 5 Holders of rec. May 23 Pennok 011 (No. 1) Pittsburgh Oil & Gas (quar.) 2M May 15 Holders of rec. April 30a Pittsburgh Steel, pref. (quar.) 131 June 1 Holders of ree. May 15a June 5 Holders of rec. May 15a Porte Rican-American Tobacco (guar.) g3 134 May 20 Holders of rec. May 8a Pratt & Whitney, pref.(qu.)(No.73).._ 2 Pressed Steel Car, corn.(qu.)(No.35) June 4 Holders of roe. May 14a Preferred (quar.) (No. 81) 151 May 27 Holders of rec. May 6a Procter de Gamble Co.,common (guar.). 5 May 15 Holders of rec. April 25a .-- 2 Pullman Company (quar.)(No. 209) May 15 Holders of roe. Apr. 30a 134 May 31 Holders of rec. May la Quaker Oats. pref.(guar.) Riordan Pulp & Paper, Ltd., common- 234 May 15 Holders of rec. May 9 Preferred (quar.) 131 June 30 Holders of rec. June 20 25c. June 20 June 10 to June 20 $t. Joseph Lead (guar.) Savage Arms Corp., common (quar.) 136 June 15 Holders of rec. May 31a 131 June 15 Holders of rec. May 31a First preferred (quar.) Second preferred (quar.) 134 June 15 Holders of rec. May 31a May 15 Holders of rec. April 300 Sears. Roebuck & Co.. com.(quar.)_ _ _ - 2 2 Semet-Solvay Co.(guar.) May 20 May 6 to May 20 2 Silversmiths Co., common May 15 Holders of rec. May 80 134 May 18 Holders of rec. May 8 Preferred (guar.) Sloss-Sheffield Steel At Iron. com.(qu.). 134 May 10 Holders of rec. April 250 Smith (A.0.) Corp., pref.(qu.)(No. 10) 151 May 15 Holders of roe. May la Southern California Edison, corn. (qu.) 151 May 15 Holders of rec. Apr. 30a 5 Southern Pipe Line (quar.) June 2 Holders of rec. May 15 Standard Milling, com.(qu.)(No. 10)-- 2 May 31 Holders of ree. May 21a Preferred (quar.) (No. 38) 134 May 31 Holders of rec. May 21a 50c. June 2 Holders of rec. May 7 Standard Motor Construction Standard Oil (Calif.) (quar.)(No. 42) 234 June 16 Holders of rec. May 15 3 June 14 May 8 to June 14 Standard 011 (Indiana) (guar.) 3 Juno 14 May 8 to June 14 Extra 4 Standard Oil of N. Y.(guar.) June 16 May 20 to May 28 1M May 15 May 6 to May 15 Standard Parts, common (quar.) May 10 Holders of rec. May 2 Standard Sanitary Mfg., common (qu.) 2 1 X May 10 Holders of rec. May 2 Preferred (quar.) 1% June I Holders of rec. May Mr Steel Products. pref. (guar.) May 15 May 1 to May 5 Stewart-Warner Speedometer Corp.(qu.) 2 June 1 *Holders of rec. May 20 Studebaker Corp., com. (guar.) June 1 *Holders of rec. May 20 Preferred (guar.) 2 May 15 Holders of rec. May la Superior Steel lot & 2d pref. (quar.) *2M June 30 *Holders of rec. June 10 Texas Company (guar.) Tobacco Products Corp., com. (guar.). g134 May 15 Holders of rec. Apr. 30a 2 July 1 Holders of rec. June 5 Underwood Typewriter. com.(guar.) July 1 Holders of rec. June 5 Common (pay.in U. S. Victory Notes). p5 151 July 1 Holders of rec. June 5 Preferred (quar.) United Cigar Stores of Am., com.(qu.) 234 May 15 Holders of rec. April 250 1.51 June 16 Holders of rec. May 29 United Cigar Stores, pf.(qu.)(No.27) United Drug 2d pref.(quay.)(Ne. 13).. 134 June 2 Holders of rec. May 15a 1 M c June 2 Holders of rec. May 10a United Profit-Sharing 1 M c June 2 Holders of rec. May 10a Extra 13-( June 28 May 30 to June 2 II. S. Steel Corp.,common (quar.) 131 May 29 Preferred (quar.) May 6 3 May 15 Holders of rec. May 1 Vacuum Oil 2 May 15 Holders of roe. May 1 Extra 30c. May 15 May 1 to May 15 Warwick Iron & Steel 4 Western Grocer, common June 30 Holders of rec. June 20 3 June 30 Holders of rec. June 20 Preferred White(J.G.)&Co.,Inc., Pf.(flu.) (No.64) 134 June 1 Holders of rec. May 15 1911 Per When Cent. Payable. Name of Company. Miscellaneous (Concluded) White(J.G.)Engineering Corp., p1.(qu.) 131 White(J.G.)Management, pref. (quar.)_ 134 White Motor (guar.) *51 Woolworth (F W.) Co., com.(quar.).. 2 June June June June Books Closed. Days Inclusive. 1 Holders of rec. May 1 Holders of rec. May 30 *Holders of rec. June 1 May 2 to May 15 15 14 21 * From unofficial sources. t Declared subject to the approval of Director-General 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. f Payable in common stook. g Payable in scrip. h On account of accumulated dividends. I Payable in Liberty Loan bonds. I Red Cross dividend. m Payable in U.S. Liberty Loan 431% bonds. n Transfer books closed for annual meeting from May 3 to May 22, both inclusive. a Less thirteen cents per share war income tax. p Payable in U. S. Government Victory Notes. r One-twentieth of a share in common stock. 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 May 3. The figures for the separate banks are the averages of the daily results. In the ease of totals, actual figures at end of the week are also given. NEW YORK WEEKLY CLEARING HOUSE RETURN. (Stated in thousands of dollars-that is, three ciphers 1.0001 omitted.) CLEARING HOUSE MEMBERS. (.000 omitted.) Week ending May 3 1919. Net Loans, &sere/ Capital]Profits Discount, Cash with Time' Net InvestIn Legal Demand DeNat'l, Mar. 4 ments, Vault. Deposi- Deposits. posits. State, Feb. 21 etc. tories. Tr.Cos,Feb. 21 Members of Fed.Res.Bank $ Bk of NY,NBA 2,000 5,739 Manhattan Co- 2,500 7,210 Merchants' Nat 2,000 2,836 Mech & Metals 6,000 11,643 Bk of America- 1,500 6,780 Nat'l City Bank 25,000 54,132 ChemicalNat.... 3,000 9,578 Atlantic Nat... 1,000 958 Nat Butch & Dr 300 109 Amer Exch Nat 5,000 6,167 N Bkof Comm- 25,000 25,651 Pacificl3ank..... 500 1,134 Chath & Phenix 3,500 2,822 Hanover Nat__ 3,000 17,363 Citizens' Nat__ 2,550 3,286 Metropolitan _ - 2,000 2,404 Corn Exchange. 4,200 8,290 Imp & Trad N. 1,500 8,163 National Park_ 5,000 19,439 East River Nat. 1,000 626 Second Nat Bk. 1,000 4,066 First Nat Bank 10,000 31,297 Irving National 4,500 6,112 N Y County Nat 1,000 421 Continental - _ 1,000 642 Chase National 10,000 16,870 Fifth Avenue200 2,301 Commer'l Exch 200 858 Commonw'th-782 400 Lincoln Nat'l__ 1,000 2,067 Garfield Nat'l_ 1,000 1,342 Fifth National397 250 Seaboard Nat'l_ 1,000 3,782 Liberty Nat'l-- 3,000 4.704 Coal & Iron Nat f1,500 f1,333 Union Exch Nat 1,000 1,271 Brooklyn Tr Co 1,500 2.289 Bankers Tr Co- 15,000 17,361 U Mtge & Tr 2,000 4,551 Guaranty Tr Co 25,000 28,52 Fidelity Tr Co- 1,000 1,241 Columbia'Tr Co 5,000 6,904 Peoples Tr Co- 1,000 1,412 New York Tr Co 3,000 10,6771 Franklin Tr Co. 1,000 1,305 Lincoln Tr Co_ 1,000 683 MetropolitanTr 2,000 4,402 Nassau N,Bkln 1,000 1,220 Irving Trust Cog 2,250 a 1,197 Farm Loan & T 5,000 12,006 Columbia Bank 1,000 672 Average Average. Average Average $ 48,819 496 5,01 63,246 1,374 6,599 33,826 503 3,373 162,562 10,281 22,535 31,492 1,036 3,621 587,104 14,267 98,851 85,256 1,605 7,964 17,104 494 2,006 3,937 125 680 115,519 1,924 12,505 401,573 2,347 35,138 15,255 1,134 2,622 113,583 5,594 12,708 126,286 5,748 16,544 39,882 884 5,322 56,498 2,21 4,424 128,001 6,427 18,021 37,059 63 2,954 207,370 1,426 22,030 7,810 269 1,087 20,976 899 2,399 297,501 1,410 19,324 119,681 4,333 16,282 545 1,667 12,196 7,367 14 921 343,660 6,926 31,263 22,259 1,202 2,579 7,804 294 1,134 391 1,154 8,447 16,488 1,634 2,689 13,894 300 1,772 7,769 286 979 51,93 1,053 6,842 77,999 537 7,692 20,373 704 1,663 17,230 602 2,317 42,185 783 4,089 281,572 1,051 32,152 67,16 550 7,004 511,18 3,170 56,385 12,208 299 1,352 88,662 1,000 9,441 29,772 1,083 2,607 106,327 429 7,482 29,88 507 2,406 24,251 433 2,978 47,798 773 4,488 16,819 382 1,217 44,434 2,184 6,31 131,469 4,169 16,18 595 2,131 16,502 Average Averagf Ares. 31,686 1,845 60,291 23,510 2,734 155,025 4,147 26,022 *669,829 25,624 56,908 5,008 571 15,059 4,00 89,679 5,352 272,965 4,831 16,820 140 92,768 9,390 122,150 37,182 227 31,142 4 129,590 2,983 $1 24,311 166,396 2,941 8,414 150 16,964 146,966 2,25 121,39 1,128 11,858 737 5,82 272,933 11,375 19,853 7,456 8,528 17,11 BO 12,74 41 7,804 438 46,694 140 57,966 1,971 422 12,184 18,192 394 6,11 28,26 230,545 8,965 1,169 53,49 *476,242 23,588 521 10,060 71,302 6,833 27,424 1,784 64,762 2,701 17,628 1,787 20,711 1,402 33,634 1,228 11,574 87 45,280 1,099 *151,799 9,3501 16,406 397 779 1,826 3,781 1,436 441 141 297 4,927 27:782 150 995 51 4,979 50 648 8,277 1,421 199 1,900 210 397 249 70 1,749 413 398 50 200,350 367,044 4.777.9971 97,458540,887 c3,889,878 162,797138,614 Totals,actual condition Totals,aotual condition Totuis,actual condition Totals,actual condition May 314,853,781 Apr. 264,741,170 Apr. 194,7M,226 Apr. 124,784,186 94,677548,15ec3,901,453 153,87638.616 98,090552.8831 540.110 3,877,212153,17638,46S 95,9621563,608 3,876,01 153.760138,815 96,515 3,797,373 161.356138,475 State Banks. Not Me ers f Federal Reserve Bank Greenwich __ _ _ 500 1.5591 16,826 2,496 1,091 Bowery 88t 5,935 250 338 812 N Y Prod Ezell 1,000 1,242 24,698 2,582 2,207 State 2,0001, 607 51,011 4,815 3,612 17,122 5,606 26,521 46,676 89 Average 7,2461 95,925 127 May 3 100,1 10,240 7,330 Apr. 261 96,80 10,626 7,3061 Apr. 19 96.277 10,519 7,195, Apr. 12 96,368 10,701 6,943 95,865 94,887 93,76 93,3 127 127 127. 117 Trust Compan les. N mem per* of Fe dal deral 12 WM B nk. Title Guar & Tr' 5,000 12,033 41,955 980 3,040 26,549 Lawyers T & Tri 4,000 5,264 23,917. 783 1,60 15,930 74 410 3,750 Totals,actual co ndition Totalcactual condition Totals,actual Condition Totals,actual condition Average Nat'l Bank CircuCation. 4,221 9,000 17,297 Totals,actual condition Totals,actual Condition Totals Actual condition Totals,actual condition May 3 Apr. 26, Apr. 19, Apr. 12 98,470 10,582 38 65,872 1,763 4,645 42,479 1,15 66,598 65,2271 64,999, 65,443, 1,749 1,681 1,781 1,590 4,791 5,068 4.563 4,949 43,073 42,424 41,321 41,867 1,096 1,186 1,224 1,179 Gr'd aggr.,avge 213,100388.5644,942,339 109,803 552,77 d4,028,282164,07438,614 Comparison,pre v. week I +32,563-1,916-16,991 +15.910-1,411 +244 Gr'd aggr, act'l cond'n May 35,020,633 106,666 560,27 e4,040,391 155,099 38,616 Comparison,pre son ,pre v. week +11743-3,731-4,98 +25,868 +610 +151 Gr'd agar, act'l Gr'd aggr, act'l Gr'd aggr, Gr'd aggr, act'l cond'n cond'n cond'n cond'n Apr. 264,903.203 1l0.397565,257 Apr. 194,915,502,108,262 575.368 Apr. 124,945,997 108.813 552,002 Apr. 54,777,987;106.238 571,561 4,014,523 154,48938,465 4.011,094155,111 38,815 3,932,593 152,651 38,475 4,020,729 153,062 38.250 * Includes deposits in foreign branches not included in total footings as follows: National City Bank, $93,138,000; Guaranty 'Tr. Co., $60,339,000; Farmers' Loan & Tr. Co., $34,009,000. Balances carried in banks in foreign countries as reserve for such deposits were: National City Bank, 823,839,000; Guaranty Trust Co., $17,454,000: Farmers' Loan & Trust Co., $10,541,000. c Deposits in foreign branches not included. d U. S. deposits deducted, $279,214,000. e U. S. deposits deducted, $337,526,000. Bills payable, rediscounts, acceptances and other liabilities, $725,974,000. f As of April 3 1919. g April 2 1919. [VOL. 108. THE CHRONICLE 1912 STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS AND TRUST COMPANIES. STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY. Trust Companies. State Banks. Week Ended May 3. Averages. Cash Reserve In Vault. Reserve in Depositaries a Reserve Required. Total Reserve. May 3 1919. Surplus Reserve. $ $ $ $ 540,837,000 540,887,000 510,268,050 30,618,950 561,500 7,246,000 17,828,000 17,266,500 10,582,000 36,150 4,645,000 6,408,000 6,371,850 1,763,000 $ Members Federal Reserve Bank.. State banks* Lrust companies* Total May 3......_ Total Apr. 26__. Total Apr. 19 Total April 12_ 12,345,000 12,456,000 12,576,000 12,401,000 552,778,000 565,123,000 533,906,400 569,769,000 582,225,000 531,782,120 568,170,000 580,746,000 526,543,110 548,495,000 580,896,000 527,924,530 31,216,600 50,442,880 54,202,890 32,971.470 Actual Figures. Reserve Cash in Reserve In Vault. Depositaries $ Members Federal Reserve Bank_ State banks* Trust companies* 10,240,000 1,749,000 b Reserve Required. Total Reserve. Surplus Reserve. $ $ $ $ 548,156,000 548,156,000 511,805,170 36,350,830 314,300 7,330,000 17,570,000 17,255,700 79,050 4.791,000 6,540,000 6,460,950 11,959,000 560,277,000 572,266,000 535,521,820 Total May 3 12,307,000 565,257,000 577,564,000 532,076,100 Total Apr. 26 12,300,000 575,366,000 587,666,000 531,569,700 Total Apr. 19 Total Apr. 12_ _ _ _ 12.298.000 552.002.000 564.300.000 521.282.730 36,744,180 45,487,900 56,096,300 43.017.270 * Not members of Federal Reserve Bank. a This is the reserve required on net demand deposits in the case of State banks and trust companies, but in the case of members of the Federal Reserve banks includes also amount of reserve required on net time deposits, which was as follows: May 3, $4,583,910; Apr. 26, 34,624,920; Apr. 19, $4,579,050; Apr. 12, 34,507,030. b This is the reserve required on net demand deposits in the case of State banks and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows: May 3, $4,616,280; Apr. 26, 54,595,280: Apr. 19, $4,612,800: Apr. 12, $4,540,620. State Banks and Trust Companies Not in Clearing House.-The State Banking Department reports weekly figures showing the condition of State banks and trust companies in New York City not in the Clearing Housc, follows: 4 N11 TRUST COMPANIES IN GREATER 1 SUMMARY OF STATE RANKS / NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT (Figures Furnished by State Banking Department.) Differences from Mail 3. previous week. $792,613,000 Inc. $7,779,000 Loans and investments 5,200 8,263,800 Inc. Specie 20,974,700 Inc. 4,523,600 Currency and bank notes 70,663,600 Inc. 5,338,100 Deposits with Federal Reserve Bank of New York 831,321,000 Inc. 28,022,800 Total deposits Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City, exchanges and U.S.deposlts 745,335,400 Inc. 21,225,300 142,086,300 Inc. 5,109,400 Reserve on deposits Percentage of reserve, 20.6. RESERVE. State. Banks -Trust Companies $81,374,900 15.11% $18,527,200 13.20% Cash In vaults Deposits in banks and trust cos_ _ 11,935,400 8.50% 30,248,800 5.61% 530,462,600 21.70% Total $111,623,700 20.72% Capital as of Feb.21_ Surplus as of Feb.21. Loans& investments Specie Currency & bk. notes Deposits with the F. R.Bank of N. Y Deposits Reserve on deposits_ P. C. reserve to dep. Differences from previous week. May 3 1919. Differences from previous week. 104,600,000 25,900,000 172,776,000 43.859,900 604,396,000 Inc. 8,036,000 2,056,595,500 Inc. 4,047,100 40,400 11,645,100 Inc. 33,100 8,569,500 Inc. 25,894,000 Inc. 4,702,400 522,900 26,557,400 Dec. 83,989,300 Inc. 2,817,400 213,105,300 Inc. 6,518,300 715,157,900 Inc. 14,475,300 2,051,859,900 Inc. 21,837,300 108,779,100;Dec. 6,368,300 303,297,500 Inc. 5,290,700 0.1% 1.2% 17.8% Inc. 20%1Dec. Non-Member Banks and Trust Companies.-Following is the report made to the Clearing House by clearing non-member institutions which are not included in, the "Clearing House return" on the following page: RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING • HOUSE. (Staled in thousands of dollars-that is, three ciphers (0001 omitted.) 1 Net !Loans, Net Reserve Net Nat'l CLEARING pipits:1 Profits. DUwith Demand Time Bask counts, Cash NON-MEMBERS De- CirceDeLegal In Nat.bks.M ar.4 Investposits. posits. Janos. Week ending Statebks.Feb21 meats, Vault. Depo toriu. Tr.cos. Feb.21 cite. May 3 1919. Members of Fed'I Res. Bank. Battery Park Nat_ Mutual Bank_ _ _ New Netherland. _ W R. Grace & C.o's Yorkvt1le Bank _ First Nat'l, Jer Cy Total State Banks Not Members of the Fed'I Reserve Bank. Bank of Wash Hts Colonial Bank. InternationalBank North Side, Bklyn Total Trust Companies Wei Members of the Fed'I Reserve Bank. liamilton Tr.((kin a,lech Tr, Bayonne Total Average Average Average Average Average Average s 1 a s 3 $ 68 8,629 189 220 1,296 1,500 1,526 13,144 337j 189 1,583 11,256 200 560 11,657 _111 5,888 851 217 195 6,779 2001 4,050 __-66 759 15 835 6,530 SOO' 6,379 4,677 _379 1,120 633 10,913 200 394 ____ 7,555 899 688 400 1,379 11,760 3,000 5,130 60,783 1,708 6,508 43,757 5,853 100 500 500 200 441 2,602 1,137 12,362 222 6,684 22 5,615 329 1,391 773 428 149 1,064 481 328 2,802 12,927 6,475 5,360 -46 1,300 2,021 27,263 2,921 2,022, 27,264 786 8,520 8,520 482 209 291 400 5,330 4,002 1,068 4,194 691 691 9,832 5,262 5001 2001 1,045 384 700, 1,430 17,040 Grand aggregate._ 5,000 8,581105,086 +2,109 Comparison previo us week1 Gr'd aggr. April 25 Gr'd aggr, April 18 Gr'd aggr, April 11 Gr'd aggr, April 4 5,000 5,000 6,000 6,000, 8,581102,977 8,581103,047 9,253116,955 9,253 115.499 583 320 5,321 9,221 a80,853 11,901 +39 -58 +292 +1,616 583 -5 11,862 11,850 12,215 12,424 588 589 590 587 5,379 8,929 5,104 9,0081 5,8881 11,0411 5.570 10,626! 79,237 78,042 92,542 89,973 a U. S. deposits deducted, 33,874,000. Banks and Trust Companies in New York City.-The I3Ills payable, rediscounts, acceptances and other liabilities, $4,753,000. Excess reserve, 55,400 increase. averages of the Now York City Clearing House banks and the for banks those State with combined companies trust and trust companies in Greater New York City outside of Boston Clearing House Bank.-We give below a sumthe Clearing House, are as follows: mary showing the totals for all the items in the Boston COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN Clearing House weekly statement for a series of weeks: GREATER NEW YORK. BOSTON CLEARING HOUSE MEMBERS. Loans and Investments. Week endedNov. 9 Nov. 18 Nov 23 Nov.:30 Dec. 7 Dec. 1.1 Dee. 21 Dee. 28 Jan, 4 Jan. 11 Jan. 18 Jan 25 Feb. 1 Feb. 8 Feb. 15 Feb. 21 Mar. 1 Mar. S Mar. 15 Mar. aa Mar. 29_ Apr. 5 April 12 April 19 April 26 NInv ., 3 5,471,164.400 5,499,225.000 5,470,203,800 5,360,177,900 5.330,133.600 5.384,107.700 5.373.134,600 5.378,736,500 5.416.960,5011 5,473.492,200 5,495,5.39.400 5,544,714,000 5,525,763,300 5,492.989,090 5,509,784,600 5.571.631,800 5,583,221.600 5,629,541,700 5.649,123,500 5.698,070.800 5,633,730,000 8,596,229,300 5,630,305,500 5,730,276,600 5,694,610,000 9------6,728,182 nnn *Total Cash in Vault. Reserve in Depositaries. 8 $ 4,430,9:32,200 137,695,000 1,515.346,900 141,923.100 4,511.208,200 141,983.700 4,449.150,601) 141,405,200 4.453.973,900 142.319.200 4,527.415,100 142,105,300 4.592,631,000 141.455,900 4.587,455,700 146.531.400 4,650.393,400 147,245,300 4.635.056,500 103.91S,900 4,873,410,100 141.931.500 4.650.058.300 135,813,100 4.630,229,800 132,677,3(10 4,539,150,100 130,568,700 4,504,985,000 13:3,257.700 4,527.389,800 133,612.800 4.566,358,800 131.342.200 4,571045,100 128,952.600 8.633.702.000 . 132.655,200 4.733.613,800 130,905,000 3 648,002,100 667.230.500 661,674,400 601,755.700 646,812,500 651,730,000 678.028,000 649,133,500 697,931.000 688,196,700 676,355.700 646,887.000 648,143,601) 645,124,800 623,112,400 625,109,700 643,761.000 647.181,900 658,275,500 Demand Deposits. (192,405,000 4,611029,500 134.141,000 4,747,993,000 4,722,746,700 4,689,495,300 4,736,482,100 130,736,900 135.497,500 134,131,300 136,428,700 617,395.900 682,805,200 651,649,200 672,170,700 682,036,200 4 779 617 400 190 041 F410 ARA A98 RAll * This item includes gold, silver, legal tenders, national bank notes and Federal Reserve.notes. May 3 1919. Changes from previous week. $ 4,741,000 Inc. Circulation Loans, Owls & investments_ 549,172,000 Inc. Individual deposits,incl. U.S. 424,048,000 Inc. 113,994,000 Inc. Due to banks 12,025,000 Dec. Time deposits Exchanges for Clear. House_ 15,785,000 Inc. 60,003,000 Dec. Due from other banks Cash in bank & in F. R.Bank 62,697.000 Inc. Reserve excess in bank and 16,111,000 Dec. Federal Reserve Bank.. April 28 1919. Arpil 19 1919. 69,000 4,672,000 4,712,000 4,702,000 544,470,000 542,177,000 6,222,000 417,826,000 434,696,000 813,000 113,181,000 115,577,000 305,000 12,330,000 12,347,000 2,070,000 13,115,000 17,103,000 1,892,000 61,895,000 67,543,000 19(3,000 62,501,000 64,575,000 420,000 16,531,000 17,642,000 Philadelphia Banks.-The Philadelphia Clearing House statement for the week ending May 3 with comparative figures for the two weeks preceding, is as follows. Reserve requirements for members of the Federal Reserve system aro 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 et:ding May 3 1919. 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 !louse." 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 whieh the various items are made up. see "Chronicle," V.9S, p. 1661. The provisions of the law governing the reserve requirements of State banking institutions as amended May 2`2 1917 were published in the "Chroniel " May 19 1017 (V 104. p. 1975). The regulations relating to cAlculating the amount of deposits and what deduetions are permitted in the computation of the reserves were given in the "Chronip. 10451. - ole" April 4 1914 (V. Two ciphers (00) omitted. Members of FR System, Trust Cos. April 26 1919. April 19 1919. Total. 532,675,0 - $32,675,0 532,675,0 87,653,0 87,628,0 87,628,0 781,463,0 773,228,0 774,640,0 22,594,0 21,200,01 23,289,0 104,490,0 106,770,0 116,254,0 149,730,0 150,428,01 152,692,0 500,394,0 495,0.32,0- 494,434,0 6,068,0 6,038,0 5,961,0 20,919,0 656,065,0 652,103,01 653,184,0 30,204,0 24,944,0, 30,484,0 54,866,0 55,294,01 50,759,0 54,866,0 3,625,0 3,932,0; 4,324,0 4,324,0 910,0 15,106,0 16,419,01 15,945,0 14,196,0 5,234,0 74,296,0 75,645,01 70,329,0 69,062,0 50,449,0 :3,048,0 53,497,0 52,965,01 51,887,0 2,186,0 20,799,022,030,018,442,0 18,613,0 ___. _ ---* Cash in vault is not counted as reserve for Federal Reserve bank members. Capital Surplus and profits Loans,(Hula dr investmls Exchanges for Clear.House 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 Excess res. & cash in vault $26,675,0 80,022,0 753,771,0 22,011,0 104,478,0 149,438,0 479,767,0 5,961,0 635,166,0 53,000,0 7,631,0 27,692,0 583,0 12,0 292,0 20,627,0 MAY 10 1010.1 THE CHRONICLE 1913 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 arid liabilities of the Member Banks. Definitions of the different items oontained in the statement were given in the weekly statement issued under date of Dee. 14 1917 and which was published In the "Chronicle" of Dec. 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 APRIL 25 1919. Resumption of investments in U. S. War bonds by the banks of the United States war securities and war paper decreased from 3,810.7 country and further redemption of Treasury certificates aro indicated in millions to 3,804 millions and constitute 26.5% of the aggregate loans and the Board's weekly statement showing condition on April 25 of 772 member Investments of all reporting banks, as against 26.6% the week before. banks in leading cities. Government deposits show a further reduction of 127 millions, of which Holdings of United States bonds, other than circulation bonds, show 92.7 millions represent net withdrawals from member banks in the twelve an increase for the week of 20.4 millions, this amount apparently repre- Federal Reserve bank cities. Other demand deposits (net) increased 23.7 senting largely sales of Victory Notes to the reporting banks. Treasury millions, the larger gain at tile banks in Federal Reserve centres being offset Certificates on hand show a decrease of 33.1 millions as tile result of de- In part by aggregate reductions of 22.1 millions shown for the banks outside liveries in exchange for Victory notes and other deliveries for redemption these cities. Time deposits increased 3.2 millions. Cash in vault shows a before maturity of certificates due on May 6. Loans secured by United similar gain, while reserve balances with the Federal Reserve banks inStates was obligations increased 5.9 millions, notwithstanding some net creased 12 millions, notwithstanding a decline of about 5 millions under liquidation under this head reported by the New York City banks. Other this head reported by the member banks in New York City. loans and investments show only a slight decline. I. Data for all reporting banks in each district. Two ciphers (00) omitted. Boston. Metnher Banks. New York. Philadel. Cleveland Richrn'd. Atlanta. --83 47 $ $ S 49,647,0 11,597,0 40,960,0 25,270,0 15,265,0 Chi, :ago 18t touisdAlfinneap.1Kan. Clti Dallas. San Fran. Total. i , 35; 761 44 53 772 $ S 1 $ 1 $ $ U.S.bonds to secure eircularn 14,402,0 6,870,01 13,984,0. 18,324,0 35,685,0 263,823.0 IncludIng bonds. S. U. Other 1 19,691,0 297,867,0 34,314,0 64,370,0 47,392,0 31,370,0 Liberty bonds 56,147,0 17,959,01 12,207,0' 23,177,0 20,124,0 33,079,0 657,697,0 U.S. certifs. of indebtedness_ 115,466,0 937,002,0 131,853,0 135,139,0 75,092,0 70,035,0 258,602,0 73,474,0, 44,834,0 57,623,0 34,156,0 113,077,0 2,046,358,0 149,559,0,1,284,516,0 securities 177,769,0 240,469,0 147,754,0 116,670,0 334,660,0 103,341,0 63,911,0 94,784,0 72.604,0181.841,0 2,972,878,0 Total U.S. Loans see. by U.S. bonds, stc. 81,246,0, 542,169,0 144,911,0 100,072,0 36,799,0 23,048,0 92,218,0 25,452,01 11,887,0 12,397,0 6,749,0 22,590,0 1,099,898,0 All other loans de investments 791,306,0,4,021,840,0 614,232,0 991,584,0 374,142,0 302,730,0 1,394,866,0 391,674,0 239,291,0 447,557,0 179,606,0 515,179,0 Reserve bal. with F. R. bank _ 74,363,01 657,301,0 67,363,0 85,211,0 34,063,0 29,518,0 162,304,0 39,379,0 22,623,0 43,766,0 18,634,0 53,514,0 10,264,007,0 25,1713,01 121,595,0 19,293,0 31,609,0 17.244,0 13,103,0 Cash in vault 61,901,0 9,516,0 9,095,0 15,738,0 9,040,0 19,863,0 1,238,044,0 353,173,„ 715,746,0 4,763,034,0 654,734,0 768,909,0 320,851,0 241,744,0 1,221,368,0 297,449,0,213,107,0 396,011,0 162,072,0 449,699,0 10,209,754,6 Net demand deposits. 113,264,01 277,055,0 22,016,0 298,332,0 79,706,0 112,970,0 428,979,0 98,076,01 53,393,0 68,516,0 28,893,0 136,642,0 1,717,842,0 Time deposits Government(leposits 35,617,0 238,537,0 27,276,0 42,135,0 15,697,0 10,251,0 58,126,0 18,123,01 8.696.0 10.008,0 11.269.0 525.735.0 Number of reporting banks__ 2. 451 106 50 89 1011 $ 1 $ 371 19,911,0 16,908,01 Data for Banks in Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks. New York April 18. Aprt/ 11. 65 651 No.reporting banks $ U. S. bonds to secure cir1 $ 39,232,6 39,256,0 culation Other U. S. bonds. includ261,123,01 251,489,0 ing 'Abeam:bonds U. S. infs. of indebtedness 862,475,6 881,911,0 Total U.S. securities.., 1,162,830.0 1,172,656,0 Loans sec. by U.S. bds.,&e. 505,495,0 505,796,0 All other hsans&investm'ts 3,607,373,03,613,301,0 Res. balances with F.R.Bk 621,398,0 626,406,0 107,025,0 101,977,0 Cash in vault 4,351,058,04,337,478,0 Not demand deposits 216,765,0 215,984,0 Time deposits 270,597,0 318,400, Government deposits Ratio of U.S. war eecuritles and war paper to total 30.0 31.01 loans and Investments% Chicago. All Y. R. Bank Cates. P. R. Branch Cities. April 18. I April 11. 44, $ 1 1,169,0, 22,396,0 150,539,0 174,104,0, 68,037,0 856,974,0 112,164,0 37,019,0 823,923,0 164,187,0 34,063,0 21.9 April 18. I April 11. I April 18. All Other Reporrg Banks April 11. 1 Ainil 18. April 11. Total. April 18. A pril 11. 44 256; 255 160' 160: 357' 357 772. 773 S 5 $ 1 I 8 3 _I I $ I 1,168,0 103,619,0 103,642,0 54,829,0 268,823,0 54,829,u. 110,375,0 110,308,0 268.779,0 1 I I 21.438,0 370,200,0 111,199,0, 108,462,01 170,298,0 167,274,01 657,697,0 , . 637,264,0 151,141,01,390,923,01,416,072,0 309,462,0, 313,682,6 345,968,0 349,735,0 2,046,358,0 2,079,489,0 173,747,01,870,747,01,881,242,0' 475,490,0. 476,973,0 626,641,0 627,317,0 2,972,878,0 2,985,532,0 65,738,0' 866,143,0 861,128,0 113,429,0 108,275,6 120,326,0 124,579,0 1,099,898,0 1,093,982,0 863,023,00.755,371,06,760,749,0 1,540,185,01,535,091,61,968,451,0 1,070,872.010,264,007,010,266,712.0 110,846,0 962,498,0 954,312,0 151,567,0 150,406,0, 173,979,0 171,268,0 1,288,044,0 1,275,956,0 35,311,0 205,716,6 200,217,0' 55,870,0 59,570,6 91,587,0 90,165,0 353,173,0 349.952,0 808,835,0 7,212,965,0 7,167,179,01,267,763,0 1,284,139,0,-1,729,026,0 1,734,791,0 10,209,754,0 10,186,109,0 164,056,0 701,434,0 696,111,0 499,496,0' .500,025,6 516,912,0 518,443,0 1,717,842,0 1,714,579,0 44,418,0 400,851,0 493,591,6 61,964,0 81,391,6 62,920,0 77,689,0 525,735,0 652,671,0 I I 21.13 27.7 27.81 25.1 25.6 23.4 23.6 .1 265 26.6 The Federal Reserve Banks.-Following Is the weekly statement issued by the Federal Reserve Board on May 2: Discounts in some volume of war paper, also larger purchases of acceptangos are indicated in the Federal Reserve Board's weekly statement showing condition of the Federal Reserve banks as at close of business on May 2 1919. Tho week saw an increase of 27.4 millions in the holdings of war paper as against a curtailment of 11 millions of other discounts. Paper held under rediscount for other Reserve banks totaled 98.7 Millions, compared with 91 millions the week before. In addition three Reserve banks report among their assets 4.8 millions of bank acceptances bought from other Reserve banks with their endorsement, compared with 7.2 millions the week before. Total acceptances on-and show an increase for the week of 9.5 millions, while Treasury certificates, largely of the 2% typo to secure Federal Reserve bank note circulation, increased 2.8 millions. Total earning assets, as the result of the several loan and investment operations just described, increased by 28.6 millions. Government deposits increased 51.6 millions, reserve deposits fell off 19.9 millions, while net deposits show a gain of 22.9 millions. This gain goes hand in hand with a slight reduction in the volume of Federal Reserve notes in circulation, and a decrease of 2.9 millions in cash reserves. The result is seen in a decline of the banks' reserve ratio from 52.1 to 51.7%. Payment for Federal Reserve bank stock by newly admitted members, chiefly in the Boston and New York districts, accounts largely for the increase of 8183,000 in the total of paid-in capital shown. 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 Or NEW YORK.-The weekly statement issued the bank subdivides some certain items that are Included under a more general classification in the statement Prepared at Washington. Thus,by "Other deposits, Acc.," as of May 2. consisted of -Foreign Government deposits,- 396.079.214; "Non-member bank deposits," $9,347,467, and "Due to War Finance Corporation," $6,309,280. COMBINED RESOURCES AND RESOURCES. Ool(1 coin and certificates Dold settlement fund, F. R. Board Uold with foreign agencies Total gold held by banks Gold with Federal Reserve agents Gold redemption fund Total gold reserves Legal tender note?, silver. Ac LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MAY 2 1919. May 2 1919. Apri125 1919. Apr. 18 1919. 1tpri1111919. April 4 1919. 3far. 281919. Afar. 21 1919. Mar. 14 1919. May 3 1918. $ s s $ $ $ $ 3 5 3.16,707,000 340,1)22,000 346,145,000 335,1132,000 5333,381,000 326,791,000 329,741,000 332,749,000 482,832.000 600,939,000 605,809,000 612,365,000 610,196,000 612.711,000 563,577,0011 566,864,000 501,078,000 437,771,000 5,829,000 5,829,000 5,829,000 52,500,000 947,696.000 945,831,000 958,510,000 915,358,000 946,095,000 896,197,000 902,434,000 1,104,699,000 1,109,949,000 1,085,519,000 1,082,444,000 1,100,173.000 1,113,070,000 1,112,938,000 839,650,000 973,103,000 1,170,601,000 862,296,000 114,223,000 113,430,000 118,128,000 115,078,000 104,682,000 133,038,000 125,470,000 119,277,000 24,541,000 2,166,618,000 2,169,210,000 2,162,157,000 2,142,880,000 2.150,950,000 2,142,305,000 2,140,842,000 2,129,534,090 1,859,910,000 70,601,000 70,936,000 68,702,000 69,109,000 68,219,000 67,678.000 67,736,000 67,203,000 60,043,000 Total reserves 2,237,219,000 2,240,152,000 2,230,859,000 2,211,989,000 2,218,628,000 2,210,524,000 2,203,578,000 2,196,737,000 1,919,983,000 131113 discounted: Scoured by Govt. war obligations__ _ _ 1,788,068,000 1,760,672,000 1,720,960,000 1,767,459,000 1,674,916,000 1,691,010,000 1,691.678,000 606.630,000 All other 178,715,000 189,740,000 2111,314,000 200,465,000 193,066,000 195,230,000 189,861,000 1,702,351,000 184,012,000 Bills bought in open market 195,284,000 185,822,000 19(3,885,000 218,590,000 240,790,000 248,107,000 261,924,000 262,139,00)) 26(3;812,000 297,029,000 Total bills on band U. S. Govt. long-term securities U. S. Govt. short-term securities AU other earning aasets 2,162,067,000 2,136,234,000 2,119,159,000 2,186,514,000 2.108,772,000 2,134,347,000 2,143,463,000 2,148,502,000 1,170,471,000 27,132,000 27,135,001) 27,137,000 27,136,000 27,133,000 27,134,000 27,222,000 41,183,000 27,223,000 194,262,000 191.501,000 189,038,000 185,711,000 178,646,000 173,797,000 172,471,000 168,344,000 36,378,000 22,000 3,000 3,000 4,000 2,537,000 4,000 Total earning assets 2,383,461,000 2,354,870,000 2,335,334,000 2,399,383,000 2,314.555,000 2,335,285,01)0 2,343,160,000 2,344,077,000 1,250,569,000 Bank premise) 10,974,000 10,574,000 10,558,000 10,558,000 9,712,000 9.713,000 9,711,000 9,720,000 Uncollected items and other deductions from gross deposits 053,926,000 630,614,000 655,446,000 636,334,000 644,959,000 660,066,090 797,303,000 083,017,000 376,605,000 6% redemp.fund agst. F. R. bank notes 8,176,000 8,636,000 8,454,000 6,988,000 7,067,000 6,792,000 6,901,000 0,745,000 537,000 All other resources 8,301,000 8,010,000 7,995,000 7,332,000 7,274,000 7.738,000 7,772,000 7,507,000 329,000 Total resourcess 5,302,226,000 5,252,637,000 5,248,646,000 5,272,634.000 5,202,385,000 5,229,923,000 5,373,423,000 5,247,803,000 3,548,023,000 LIABIUTIES. Capital Paid In 82,198,000 81,774,000 82,015,000 81,750,000 81,658,000 81,641,000 81,562,000 81,612,000 75,049,000 Surplus 49,466,000 49,466,000 49,466,000 49,466,000 49,466,000 49,466.000 49,466,000 49.466,000 1,134,000 Government deposits 143,273,000 91,726,000 100.561,000 169,972,000 163,147,000 85.008,000 285,785,000 150,783,000 73,888,000 Due to members, reserve account 1,644,434,000 1,66.0,320,000 1,055,860,000 1,628,693,000 1.655.298,000 1,631,167,000 1,604,719,000 1,675,045,000 1,474,518,030 Deferred availability items 512,703,000 491,605,000 496,788,000 487,153,000 487,593,000 484,91:43,000.555,383,000 509,112,000 257,593,000 Other deposits, incl. for. Govt. credits_ 128,466,000 135,057,000 131,307,000 128,481,000 120,426,000 117,271,000 .120,062.000 117,522,000 91,563,000 Total gross deposits 2,428,876,000 2,382,703,000 2,390,516,000 2,414,299,000 2,348,325.000 2,401,491,000 2,565,949,000 2,452,462,000 1.897,562,000 E. R.notes In actual circulation 2,549,040,000 2,549,552,000 2,543,704,000 2,548,588,000 2,547,670,000 2,521,776,000 2,510,687,000 2,503,095,000 1,556,660,000 F.It bank notes In circulation-net liab 161,450,000 158,848,000 155,074,000 151,560,000 149,449.000 145,540,000 142,442,000 139,479.000 7,980,000 All other liabilities 31.196,000 30,098,000 28,112,000 26,971,000 25,817,000 30,014,000 23,269,000 21,739,000 9,638,000 Tnt•si liabilities 5,302,226,000 5.252 857.000 5.248.646.000 5.272,8:14.000 1.202 as non .6.229.925.000 5272.425.000 5.247.505_000 3.518.02:1.050 *Amended figures [VOL. 108. THE CHRONICLE 1914 May 2 1919. Apr1125 1919. Apr. 18 1919. Apr11111919. April 4 1919. Mar.28 1919. Mar.21 1919. Afar. 14 1019. May 31918. 63.7% 47.3% 53.2% 55.5% 51.0% 51.5% 55.2% 53.47 54.0% Gold reserve against net deposit flab__ 51.1% 57.0% 49.3% 49.4% 47.3% 47.3% 47.0% 47.87, 48.0% Gold res. agst. F. R. notes in act. circ'n Ratio of gold reserves to net deposit and 48.9% 60,4% 50.3% 50.8% 50.0% 50.5% 49.5% 50.4% 50.1% F. R. note liabilities combined Ratio of total reserves to net deposit and 51.4% 62.4% 51.9% 51.1% 52.2% 51.6% 52.1% 52.1% F. R. note liabilities combined '51.7% Ratio of gold reserves to F. It. notes in circulation after setting aside 35% 63.3% 63.5% 63.0% 62.4% 63.7% 63.8% 63.4% 63.8% against net deposit liabilities — $ $ $ $ $ $ $ $ $ Distribution by Maturities— 1,531,100,000 1,529,010,000 1,529,079,000 1,525,076,000 64,796,000 1-15 days bills bought in open market__ 99,651,001) f 744,943,000 87,157,000 78,660,000 78,832,000 75.751,000 68,050,000 60,702,000 1,677,868,000 1-15 days bills discounted 23,503,000 4,733,000 24,242,000 24,704,000 23,919,000 29,234,000 1,648,426,000 1,667,271,000 1,731,817,000 1-15 days U. S. Govt. short-term secs_ 1,000 1,000 20,000 3,000 29,375,000 29,896,000 28,738,000 1-15 days municipal warrants 55,292,000 1 58,574,000 168,881,000 154.729,000 49,955,000 16-30 days bills bought in open market__ 72,289,000 68,850,000 f 113,033,000 71,998,000 60,859,000 61,563,000 51,327,000 46,792,000 58,491,000 16-30 days bills discounted 1,349,000 57,467,000 76,460,000 74,823,000 68,000 18-30 days U. S. Govt. short-term secs_ 3,000 3,000 31,000 250,000 1,611,000 103,000 16-30 days municipal warrants 108,788.000 115,670,000 221,949,000 225,629,0110 53,034,000 31-60 days bills bought In open market 76,312.000 1199,314,000 81,882,000 81,343,000 87,303,000 67,867,000 78,501,000 52,688,000 84,453,000 31-60 days bills discounted 8,544,000 202,000 518,000 221,000 4,078.000 06,412,000 103,634,000 80,574,000 7,017,000 31-60 days U.S. Govt.short-term secs 499,000 3,826,000 3,624,000 6,715,000 31-60 days municipal warrants 59,319,000 50,922,000 51,427,000 52,050,000 27,499,000 61-90 days bills bought in open market 17,326,000 f 97,913,000 21,135,000 16.173,000 15.567,000 10,398,000 14,176,000 21,105,000 120,066,000 61-90 days bills discounted 2,815,000 8,572,000 6,466,000 6,506,000 52,742,000 3,890.000 58,325,000 101,000 123,022,000 61-90 days U.S.Govt.short-term secs 3,184,000 3,749,000 373,000 61-90 days municipal warrants 21,047,000 21,015,000 21,252,000 21,315,000 Over 90 days bills bought in open market f 1,000,000 23,806,000 25,905,000 Over 90 days bilis discounted 15,268,000 23,567,000 151,882,000 22,264,000 145,974.000 142,854.000 141,542,000 141.828,000 Over 90 days U.S.Govt.short-term secs 157,842,000 3,000 147,352,000 155,572,000 Over 00 days municipal warrants Federal Reserve Notes— 2,731,274,000 2,732,403,000 2,736,384,000 2,724,097,000 2.714,089,000 2,705,708,000 2,806,544,000 2,679,024,000 1,671,168,000 Issued to the banks 182,234,000 182,851,000 192,680,000 175,509,000 166,419,000 183,932.000 185,857,000 175,926,000 114,508,000 Held by banks 1 • 1 1 1 2,549,040,000 2,549,552,000 2,543,704,000 2,548,588,000 2,547,670.000 2,521,776,000 2.510,687,000 2,503.095,000 1,556,660,000 In circulation Fed. Res. Notes (Agents Accounts)— Received from the Comptroller Returned to the Comptroller 4,390,120,000 4,358,520,000 4,316,560,000 4,268,400,000 4.212.880.000 4,192,440,000 4,141,060,000 4,117,600,000 2,309,560,000 1,241,901,000 1,211,172,000 1,173,891,000 1,143,348,000 1,103,556,000 1,071,062,000 1,044,331,000 1,023,629,000 360,102,000 Amount chargeable to agent In hands of agent 3,148,219,000 3,147,348,000 3,142,669,000 3,125,052,000 3,109,324,000 3,121,378,000 3,096,729,000 3,093,971,000 1,949,458,000 416,945,000 414,945,000 406,285,000 400,955,000 395.235.000 415,670,000 400,185,000 414,950,000 278,290,000 Issued to Federal Reserve banks__ _ _ 2,731,274,000 2,732,403,000 2,736,384,000 2,724,097,000 2.714.089.000 2,705,708,000 2,696,544,000 2,679,021,000 1,671,168,000 How Secured— 230,498,000 236,498,000 232,747,000 235,747,000 237,747,000 245,147,000 243,006,000 240,146,000 249,955,000 By gold coin and certificates By lawful money 1,626,575,000 1,622,454,000 1,650,865,000 1,641,654,000 1,613,918,000 1,592,638,000 1,583,606,000 1,508,420,000 808,872,000 By eligible paper 49,061,000 78,005,000 78,718.000 78,633,000 75,595,000 84,538,000 88.520.000 84.829,000 84.094,000 Gold redemption fund 790,107,000 788,622,000 777,177,000 762,158,000 773,906,000 789,290,000 791,927.000 851,737,000 663,280,000 With Federal Reserve Board 2,731,274,000 2,732,403,000 2,736,384,000 2,724,097,000 2,714.089,000 2,705,708,000 2,696,544,000 2,679,021,0001,671,168,000 Total Iv IIcal, a na nay d 1:4 tx,Arad tn r n Ant 2 0R0 705 nnn 2 044 1 nn (100 2.064.724.000 2.111.610.000 2ma7.2An.nOn 2.080.228.000 2.084.708.000 2.080.900.000 1.118.009.000 Y STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 2 1919 Two ciphers (00) Omitted. Boston. New York. Phila. Cleveland. Richm'nd. Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran. $ $ $ $ $ 128,0 8,102,0 22,895,0 3,967,0 8,347,0 7,168,0 126,186,0 28,260,0 27,893,0 27,890,0 $ $ 7,172,0 8,744,0 6,081,0 31,292,0 Total. $ 346,707,0 600,989,0 $ RESOURCES. 3,530,0 Gold coin and certificates_ Gold Settlement Fund,F.R.B'd 28,317,0 $ $ $ $ 256,021,0 316,0 25,259,0 2,226,0 199,568,0 41,978,0 54,706,0 21,650,0 Total gold held by banks.... 31,847,0 Gold with Fed. Reserve Agents._ 58,201,0 13,560,0 (3019 redemption fund 455,589,0 42,294,0 79,965,0 23,876,0 15,270,0 149,081,0 32,227,0 36,240,0 28,018,0 13,253,0 40,036,0 947,696,0 276,095,0 72,113,0 130,704,0 34,796,0 45,838,0 253,447,0 44,811,0 32,126,0 33,743,0 16,431,0 106,394,0 1,104,699,0 816,0 114,223,0 25,000,0 11,292,0 2,132,0 12,491,0 5,072,0 23,450,0 5,313,0 3,768,0 8,505,0 2,824,0 103,608,0 7,952,0 756,684,0 125,699,0 212,801,0 71,163,0 66,180,0 425,978.0 82.351,0 72,134,0 70,266,0 32,508,0 147,246,0 2,166,618,0 127.0 2,323,0 422,0 74,0 70,601,0 52,221,0 823,0 1,191,0 557,0 1,416,0 1,127,0 2,368,0 111,560,0 Total reserves Bills discounted:Secured by Government war obligations (a). 168,981,0 4,576,0 All other Bills bought in open market (1))_ 13,180,0 808,005,0 126,522,0 213,992,0 71,720,0 67,596,0 427,105,0 84,719,0 72,208,0 70,393,0 34,831,0 147,668,0 2.237,219,0 176,737,0 Total bills on hand 539,0 U.S. Gov't long-term securities_ U. S. Gov't short-term securities 16,916,0 All other earning assets 747,062,0 193,389,0 162,077,0 106,265,0 90,242,0 250,084,0 81,995,0 61,960,0 96,352,0 50,809,0 143,295,0 2,162,067,0 27,132,0 115,0 8,867,0 3,066,0 2,632,0 377,0 4,476,0 1,153,0 1,305,0 1,385,0 1,083,0 1,234,0 69,353,0 18,260,0 16,048,0 5,360,0 8,974,0 19,612,0 13,568,0 8,883,0 6,444,0 4,900,0 5,944,0 194,262,0 194,192,0 Total earning assets 800,0 Bank premises Uncollected items and other de55,940,0 ductions from gross deposits 5% Redemption fund against 831,0 F. R. bank notes 292,0 All other resources 818,620,0 213,034,0 180,108,0 112,859,0 99,593,0 274,172,0 96,716,0 70,958,0 111,663,0 59,675,0 151,871,0 2,383,461,0 400,0 221,0 400,0 10,974,0 217,0 2,936,0 541,0 600,0 875,0 312,0 3,772,0 Total gold reserves Legal tender notes, silver, dm Total resources LIABILITIES. Capital paid in Surplus Government deD08Its Due to members, reserve account Deferred availability items All other deposits 678,623,0 180,939,0 135,096,0 86,677,0 72,772,0 209,305,0 68,052,0 41,835,0 53,836,0 20,923,0 81,029,0 1,788,068,0 22,028,0 11,759,0 5,229,0 12,010,0 11,436,0 14,473,0 9,680,0 5,059,0 39,363,0 28,198,0 14,904.0 178,715,0 47,311,0 691,0 22,652,0 7,578,0 6,034,0 26.306,0 4,263,0 15,066,0 3.153,0 1,688,0 47,362,0 195,284,0 162,069,0 65,638,0 53,488,0 42,662,0 30,810,0 84,530,0 39.507,0 16,188,0 49,560,0 25,711,0 27,823,0 1,830,0 1,943,0 875,0 927,0 791,0 426,0 280,0 798,0 463,0 243,0 1,266,0 863,0 510,0 331,0 359,0 198,0 714,0 423,0 358,0 585,0 359.0 981,0 653,926,0 8,636,0 8,010.0 363,615,0 1,797,139,0 407,496,0 449,680,0 228,631,0 198,922,0 790,872,0 222,324,0 159,911,0 233,153,0 121,381,0 329,102,0 5,302,226,0 6,845,0 2,996,0 12,814,0 102,484,0 41,403,0 1,272,0 82,198,0 21,201,0 7,597,0 0,226,0 4,192,0 3,237,0 11,406,0 3,828,0 2,977,0 3,751,0 3,235,0 4,703,0 49,466,0 21,117,0 2,608,0 3,552,0 2,196,0 1,510,0 6,416,0 1,603,0 1,415,0 2,421,0 1,184,0 2,448,0 27,912,0 11,835,0 20,070,0 4,009,0 2,718,0 27,912,0 10,341,0 3,519,0 7,311,0 5,440,0 9,392,0 143,273,0 691,492,0 06,718,0 128,188,0 52,007,0 43,486,0 233,490,0 57.776,0 47,583,0 71,616,0 39,394,0 80,200,0 1,644,434,0 132,628,0 64,278,0 42,684,0 36,092,0 22,574,0 62,838,0 30,634,0 9,783,0 34,813,0 16,270,0 18,706,0 512,703,0 41,0 6,596,0 128,466,0 561,0 285,0 871,0 77,0 313,0 115,335,0 885,0 159,0 2,071,0 157,973,0 Total gross deposits F. R.notes in actual circulation- 176,931,0 F. R. bank notes in circulation 16,495,0 —net liability 2,375,0 All other liabilities 967,367,0 173,716,0 191,813,0 92,186,0 68,937,0 326,311,0 99,064,0 61,170,0 114,301,0 61,145,0 114,894,0 2,428,870,0 741,385,0 204,469,0 228,202,0 123,311,0 115,539,0 422,296,0 105,020,0 87,980,0 97,668,0 47,935,0 198.304,0 2,549.040,0 34,724,0 16,561,0 14,773,0 11,345,0 2,545,0 2,114,0 5,224,0 1,523,0 8,521,0 21,426,0 11,693,0 1,178,0 3,017,0 1,116,0 5,505,0 13,262,0 864,0 1,760,0 6,695,0 1,187,0 0,571,0 2,182,0 161,450,0 31,196,0 363,615,0 1,797.139,0 407,496,0 449,680,0 228,631,0 198,922,0 790,872,0 222,324,0 159,911,0 233,153,0 121,381,0 329,102,0 5,302,226,0 Total liabilities Memoranda—Contingent liability as endor ser on: Discounted paper rediscounted 33,525,0 98,742,0 30,000,0 35,217,0 with other F. R. banks_ Bankers' acceptances sold to 4,812,0 4,812,0 other F. R. banks , (a) Includes bills discounted for 98,742,0 10,000,0 60,242,0 28,500,0 other F. R. banks, viz. (b)Includes bankers'acceptances bought fr om other F. R.banks: 4,812,0 37,0 , 150,0 4,625,0 With their endorsement.. 23,062,0 5,042,0 31.084,0 2.980.0 Without their endorsement c Includes Government overdraft of $640,000. STATEMENT OF FEDERAL RESERVE AGENTS'ACCOUNTS AT CLOSE OF BUSINESS MAY 2 1919. Two ciphers (00) omitted. Boston. New York, Phila. Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City. Dallas. San Fran. Total. $ S $ $ S S S $ i $ $ $ $ Federal Reserve notes: Received from Comptroller___ 304,680,0 1,493,380,0 352,820,0 347,320,0 222,220,0 221,000,0 591,720,0 191,020,0 130,880,0 161,800,0 101,960,0 271,320,0 4,390,120,0 93,212,0 533,616,0 120,879,0 74,229,0 65,971,0 42,742,0 108,098,0 52,695,0 28,648,0 44,580,0 29,830,0 47,401,0 1,241,901,0 Returned to Comptroller Chargeable to F.R.Agent In hands of F.R.Agent 211,468,0 28,500,0 Issued to F.R.Bank,less amt. returned to F. R. Agent for 182,968,0 redemption: Collat'l security for outst'g notes: Gold coin and otfs. on hand_ 11,201,0 Gold redemption fund Gold Serm't Fund, F.R.B'd_ 47,000,0 Eligible paper, min'm required 124,767,0 959,764,0 231,941,0 273,091,0 156,249,0 178,258,0 483,622,0 138,325,0 102,232,0 117,220,0 72,130,0 223,919,0 3,148,219,0 143,600,0 18,360,0 31,920,0 28,110,0 58,920,0 33,480,0 19,780,0 12,840,0 14,130,0 23,105,0 4,200,0 416,945,0 816,164,0 213,531,0 241,171,0 128.139,0 119,338,0 450,142,0 118,545,0 89,392,0 103,090,0 49,025,0 219,719,0 2,731,274,0 11,581,0 230,498,0 13,052,0 2,500,0 183,740,0 19,625,0 84,094,0 17,355,0 10,224,0 11,079,0 2,796,0 3,338,0 4,982,0 2,380,0 1,674,0 2,383,0 2,666,0 14,016,0 75,000,0 61,889,0 100,000,0 32,000,0 40,000,0 248,465,0 42,431,0 17,400,0 31,360,0 2,184,0 92,378,0 790,107,0 540,069,0 141,468,0 110,467,0 93,343,0 37,500,0 196,695,0 73,734,0 57,266,0 69,347,0 32,594,0 113,325,0 1,626,575,0 816,164,0 213,581,0 241,171,0 128,139,0 119,338,0 450,142,0 118,545,0 89,392,0 103,000,0 49,025,0 219,719,0 2,731,274,0 182,968,0 Total Amount of eligible paper deliv 176,737,0 ered to F.R.Agent 182,968,0 F. R. notes outstanding 6,037,0 F. R. notes held by bank 747,962,0 143,758,0 161,683,0 101,500,0 82,459,0 250,084,0 81,133,0 61,762,0 96,352,0 50,809,0 115,526,0 2,069,765,0 816,164,0 213,581,0 241,171,0 128,139,0 119,338,0 450,142,0 118,545.0 89,392,0 103,090,0 49,025,0 219,719,0 2,731,274,0 74,779,0 9,112,0 12,969,0 4,828,0 3,799,0 27,846,0 13,525,0 1,412,0 5,422,0 1,090,0 21,415,0 182,234,0 F 741.385.0 204.469.0 228.202.0 123.311.0 115.539.0 422.296.0 105.020.0 87,980,0 97,688,0 47,935,0 198,304,0 2,549,040,0 Ft notes in actual circulation- 176.031.0 MAY 10 1919 THE CHRONICLE 1915 VatxTurs' Oazette. finally to 47%. Internat. Petroleum improved from 2934 to 35, with the close to-day at 33%. Merritt Oil gained over 3 points to 35 but reacted subsequently to 33% Salt Creek Producers' Assoc.from 443 reached 60 and sold finny Wall Street, Friday Night, May 9 1919. The Money Market and Financial Situation.-There at 58. Sinclair Gulf Corp. advanced from 5734 to 6434 undoubtedly are more substantial reasons for a strong, and ends the week at 63%. Silver issues were the most active stock market this week than for some time past. A prominent in the mining group. Nipissing Mines rose from Peace Treaty which is reasonably satisfactory to the Allied 9 to 15 and closed to-day at 1334. Bonds quiet and steady. For daily volume of business see page 1924. nations has been agreed upon by them and formally subThe following sales have occurred this week of shares not mitted to Germany. Bolshevism in Central and Eastern Europe is less aggressive than it has been for some time past. represented in our detailed list on the pages which follow: The Victory Loan campaign, now nearing its end, bids fair to be a complete success; and last, but perhaps not least Range for Week. Sales STOCKS. Range since Jan. 1. Week ending May 9. for the crop prospect is reported to be most encouraging. As Lowest. Week. Highest. Lowest. Highest. to the latter the May estimate may, of course, fall far Shares per share. Par. $ per share. share.3 per share. $ per fulfillment, but with the acreage the largest ever short of Adams Express 6 4,200 May 100 32 3834 May 8 2934 Ap 50 Jan reported, the percentage of winter-killed the smallest in Albany & Susqueh_100 May 7 156 4 156 May 7 156 May 156 May May 5 4134 May 8 33 50 200 40 Jan 4134 May recent years and the April condition standing at 100.5 it Amer Bank Note Am Bosch Magn_no par 10,900 8434 May 7 8734 May 9 8434 May 8734 May would seem that nothing short of a nation-wide scourge American Express_ _ _100 1,000 83 May 5 85 May 9 8234 Ap 95 Jan May 9 130 100 2,100 123 May May 5 105 Jan 130 of some very unusual sort can reduce the harvest to any- American Snuff AmSteelF'diesctf..33 1-350,100 3531 May 9 374 May 8 354 May 364 May normal one. thing like a Am Sumat Tob pref_100 500 9334 May 8 94% May 7 93 98 Foreign Exchange.-Sterling exchange has ruled strong The Continental exchanges were weak, but and higher. rallied and closed firm. Neutral exchange has ruled weak, though without noteworthy change. ''Today's (Friday's) actual rates for sterling exchange were 4 653g0 4 65% for sixty days, 4 67404 68% for cheques and 4 68%04 69% for cables. Commercial on banks sight 4 67%64 673/,, sixty days 4 64% 4 64%, ninety days 4 6364 63% and documents for payment ixty days) 4 6464 Cotton for payment 4 67%64 67% and grain or payment 4 67%64 67%. To-day's (Friday's) actual rates for Paris bankers' francs were 6 19%6 6 22 for long and 6 14%06 17 for short. Germany bankers' marks were not quoted.. Amsterdam bankers' guilders were 393for long and 39 13-16 for short. Exchange at Paris on London, 28.94 francs; week's range, 28.75 francs high and 28.95 francs low. The range for foreign exchange for the week,follows: Sterling, Actual- Sixty Days. Che ues. Cables. High for the week---4 65 46 4 693 4 67 Low for the week___4 64% 4 68 Paris Bankers' FrancsHigh for the week....6 12 6 08 6 06 Low for the week___6 24 6 18 6 15 Amsterdam Bankers GuildersHigh for the week___ 39 13-16 40A 40% Low for the week-- 39% 3934 40 Domestic Exchange.-Chicago, par. St. Louis,15 M0 25c. r pe $1,000 discount. Boston, par. San Francisco, par. ntreal, $2-9.375 per 11220 premium._ Cincinnati, par. F State and Railroad Bonds.-No sales of State bonds have been reported at the Board this week. The market for railway and industrial bonds has been somewhat more active than of late, notwithstanding a prodigious volume of business in the various Liberty . Loan issues. Moreover, prices have been fairly well maintained and in a few cases are notably higher. United States Bonds.-For to-day's prices of all the different issues see third page following. Railroad and Miscellaneous Stocks.-As noted and commented upon above the stock market has shown increasing activity and strength throughout the week. The transactions included over 1,800,000 shares to-day and averaged more than 1,500,000 daily. Railway shares have been more prominent than of late and every active issue has moved to a higher level. In the course of this process Canadian Pacific advanced 6 points and still hold; nearly half the gain. New York Central is almost 2 points higher and a considerable list of this group is an average of a point above last week's closing prices. Of the industrial list oils have been the conspicuous feature. The Texas Co. sold to-day at 292 which contrasts with 228 at the close last week, an advance, as will be readily seen, of 64 points. Royal Dutch has covered a range of 17 points, Inter-Mer. Marine pfd. 11 points, Gen. Motors 10 and other shares in the same group from 3 to 5. U. S. Steel has been very active to-day up to more than a point above par. Outside Market.-pronounced strength again characterized the "curb" market this week, with advances to new high records general throughout the list. Profit-taking caused some reactions, but a good part of the improvement was generally maintained. Rubber and oil stocks were the features. Savold Tire Corp., the parent company, advanced from 45 to 60 and closed to-day at 56. Trading was started in N. Y. Savold Tire Co., the company which has secured the N. Y. State rights, and a quick advance of some 10 points to 60 was made, though it reacted to 543/ finally. Intercontinental Rubber was active and moved up from 253j to 35, reacted and ends the week at 32. Remington Typewriter cm. was conspicuous for an advance of nearly 20 points to 82, with the final figure to-day 80. General Asphalt com. sold up from 66 to 74% and down finally to 723.. The pref. gained about 12 points to 112 and sold finally at 111. Among Standard Oil shares, Prairie Oil & Gas advanced some 15 points to 800 and Standard Oil of N. J. 42 points to 760, the latter !closing to-day at 750. Union Tank Line was up at one time 16 points to 141, and Vacuum Oil 18 points to 490, the final figure in each case being 132 for the former and 480 for the latter. Among the other oil shares Houston Oil corn., after a decline from 132 to 121, ran up to 142 and closed to-day at 13334. Midwest Refining gained 13 points to 196 and ends the week at 1953/2. Caddo Oil & Ref. after an early advance from 4834 to 493/ fell to 4432, but recovered Jan Feb Ann Arbor 100 200 434 May 9 434 May 5 1 Ap Apr 5 Assets Realization_ _ _10 100 134 May 8 1% May 8 1 Jan 334 Mar Associated Dry Goods100 8,300 4134 May 3 49 May 9 174 Jan 49 May 1st preferred 300 75 May 7 76 100 May 9 61 Mar 76 May 2d preferred 200 7534 May 8 7534 May 8 584 Feb 7534 May 100 Associated 011 100 11,400 84 May 3 964 May 8 68 Jan 964 May Atlanta Bir & Atl__ _100 1,700 834 May 3 1034 May 7 6 Mar 1034 May Baldwin Locom pref_100 200 106% May 7 106% May 7 102 Jan 10634 Mar Barrett prof 30011434 May 8 115 100 May 8 110 Feb 11534 Mar Batopilas Mining _20 8,100 134 May 5 2 May 8 14 Jan 2 May Ilklyn Rap Tran ctfs dep 2,500 21 May 3 23 May 7 1934 M 24% Mar Bklyn Union Gas_..100 500 82 May 7 82 May 7 7734 Apr 82 Jan Brown Shoe, Inc..._100 10087 May 5 87 Feb 87 May May 5, 71 Preferred 100 100 100 May ,9 100 Feb 100 May 9 98 Apr Brunswick Term'l_ _.100 1,400 10 May 5 1034 May 8' 834 Mar 11 Apr Burns Bros pref 100 200 110 May 7 1104 May 7 110 May 11034 May Butterick 100 100 23 May 7 23 Jan 25 Apr May 7 16 Calif Packing pref._ -100 100 115 May 5 115 Mar 115 May May 5 109 Calumet & Arizona_..l0 500 59 May 7 61 Apr May 8 56% Mar 62 Case (J I) pref 100 300 97 May 9 98 Apr May 9 9154 Jan 99 Central Foundry_ _ _.100 2,600 21 May 3 26 May 26 May 5 21 May Preferred 1001 4,600 35 May 3 42 Apr 42 May May 3 27 Certain-Teed Prod no par 3,100 45% May 3 50% May 5 3034 Apr 5034 May 1st preferred 100 100 90 May 7 90 Jan 90 May May 7 85 Chic & Alton pref _ _ _100 100 1034 May 10% May 9 1034 May 1434 May Cluett,Peabody&Co 100 700 73% May 8 75 May 3 6034 Feb 75 May Preferred 100 100 105 May 5 105 May 5 10354 Jan 108 Jan Colo Fuel & I pref_ _ _100 100z120 May 5z120 May 5 110 Apr z120 May Computing-Tab-Rec 100 200 42% May 7 4234 May 9 37% Jan 47% Apr Cons Interstate Call...10 800 634 May 7 7% May 8 534 Ap 854 Jan Continental Insur _ _ _ _25 300 71 May 5 71 May 5 58 Jan 74 Apr Cuban-Amer Sugar_ _100 400 197% May 8 198 May 8 150 Jan 198 May Deere & Co pref _ _100 May 7 99 100 99 May 7 9334 Feb 99 May Detroit Edison 270 116 May 7 116 100 May 7 110 Jan 116 May Duluth 55& Atl_ _ _100 1,500 9 44 x M may 5 3 5 May 5 2% Feb 5 May Preferred 100 300 934 May 7 534 Ap 934 May Elec Storage Battery 100 1,000 764 May 7 78 May 8 55 Feb 78 May Elk Horn Coal ao 3,500 2834 May 5 3034 May 8 27 Jan 3034 May Federal Mg & Smelt_100 1,200 12 May 3 14 May 9 934 Feb 14 May Preferred 100 800 38% May 3 40 Jan 4034 Apr May 7 33 Fisher Body Corp_no par 1,400 58% May 3 3834 Jan 6434 Apr May Preferred 100 8 200 95731 Feb 100 M 8 9 99% May 8 91 Apr General Chemical_ _100 600 176 May 7 178 May 8 16334 Feb 179 Apr General Cigar Inc._ _100 41,600 70% May 9 7334 May 7 47 Jan 7334 May Preferred 100 100 10534 May 3 10535 May 3 103 Jan 10534 Apr Gen Motors deb stk_100 2,500 90 May 3 90% May 9 8254 Feb 9434 Apr Gulf Mob & Nor ctfa..100 1,200 94 May 9 10% May 3 734 Feb 1034 May Hartman Corp 200 7134 May 7 71% May 7 5454 Jan 7134 May 100 Homestake Mining_..100 100 86 May 9 86 May 9 88 May 100 Feb lot Harvester pref_ _100 300 1174 May 9 117% May 7 115 Feb 118 Jan Iowa Central 100 400 4% May 5 4% May 5 254 Feb 434 May Jewel Tea Inc 100 7,900 37% May 9 40% May 3 28 Feb 48 Mar Preferred 100 May 5 87 100 87 May 5 80 Apr 91 Mar Kayser (Julius)& Co 100 400 125 May 7 129 May 8 105 Apr 130 Apr Kelly-Springf pref 100 May 7 95 100 95 May 7 9034 Jan 9534 Apr Kelsey Wheel,Inc__ _100 200 3934 May 3 41 May 9 34 Jan 43 Apr Preferred 100 200 93 May 7 94 May 9 89 Jan 95 Feb Keokuk & Des M...100 1.000 4 May 5 5% May 7 234 Jan 554 May Keystone Tire & R _10 27,200 334 98% May 5 89 Apr 109 Apr Laclede Gas 100 420 8 70 May 7 6954 Apr 83 M Ma ay y 7 70 Jan Lake Erie & Western 100 600 10 Feb 11 May 9 7 May May 3 11 Preferred 100 50 20 May 5 20 May 5 1634 Apr 2034 Mar Liggett & Myers Tob 100 Apr224% Jan 12521234 May 521234 May 5 201 Preferred 100 600111 May 9 112 May 8 107 Jan 112 May Loose-Wiles 1st pref-100 100 1014 May 8 10134 May 8 9434 Jan 10154 May Lorillard (P) 100 14,3 1% 175 May 5 14734 Ap 175 May Preferred 100 3 110 May 8 110 1 Jan 110 Apr May 8 107 Manhat(Elev)Rygu 100 711 7534 May 5 76 May 7 70 Mar 88 f Jan Manhattan Shirt..._100 4,300106 May 3113 May 9 100 Apr 113 Apr Marlin-Rock v t c_no par 20077 May 3 7734 May 3 70 Apr 8054 Apr Mathieson Alkali _50 May 8 25 32 Mar 32 May May Dept Stores.._100 6,1 12 8 32Ma Jan 9234 May 634 Ma ;8 3 9231 May 9 60 M St P & 58 Marie_100 950 90 May 9 93 May 7 8534 Mar 93 May National Acme 50 2,300 3654 May 8 37% May 3 2934 Jan 3934 Apr National Biscuit _ _ _ _100 400 119 May 7 120 May 8 109 Jan 126 Mar Nat Cloak & Suit...100 900 8634 May 3 87% May 5 70 Jan 8734 May Nat Rys of Mex 2d p1100 1,500 1034 MaY 9 11 May 7 554 Feb 14 Mar NO Tex & Mex v t c_100 1,300 31 May 8 33 May 7 28% Apr 3634 Feb NY Chic & St Louls_100 1,600 29 May 3 3034 May 7 25 Apr 3034 May 1st preferred 100 May 7 65 100 65 May 7 63 Apr 70 Apr 2d preferred 100 100 45 May 5 45 May 5 4234 Ap 4534 Apr New York Dock_ 100 1,525 29 May 9 3234 May 3 1934 Feb 35 Apr Preferred 100 600 50 May 7 5334 May 5 4434 Mar 54 Apr Norfolk Southern...100 2,1 y9 8 16 100 8 18 6% May May 9 15 Mar 1834 Jan Nova Scotia S & C..100 6534 May 3 46 Jan 6554 May Ohio Fuel Supply_ _ _ _25 600 49 May 5 50% May 7 43 Jan 5034 Apr Owens Bottle-Mach._25 2,300 51 May 8 53 May 5 45 Mar 57 .Apr Pacific Tel & Tel_ __ _100 May 8 28 200 26 May 8 22 Jan 29 Feb Penn-Seab St'l v tc no pa 2,400 30 May 5 31% May 9 2734 Apr 37 IMar Peoria & Eastern_ _ _ _100 5,300 654 May 3 10 May 9 434 Mar 10 / May Pettibone-Mulliken _100 100 30 May 3 30 May 3 30 May 30 , May Pitts Cin Chic & St L 100 200 47 May 8 47 May 8 44 Ap 49 Mar Pitts Steel pref 100 100 98 May 5 98 May 5 9034 Jan 98 May Pond Creek Coal 10 11,700 16 May 3 19 May 7 1254 Feb 19 May Punta Alegre Sugar..10 3:9 600 00 3 51 5L4 M Apr 6034 Apr ma ny y9 3 59% May 5 51 St L-San Fran pf A.._100 May 8 22 35 Jan 37 May Savage Arms Corp_100 2,60(1 5934 May 9 6034 May 5 533i Jan 63 Mar So Porto Rico Sugar_100 200 175 May 3 179 Jan 179 May May 3 132 Standard Mill pref. 100 300 94 May 9 94 May 9 8534 Jan 94 t May Texas Co full pd recta_ _ 2,500230 May 528234 May 9 200 M: 28234 May TeX Pae Land Trust _100 675 400 May 7470 May13 180 Jan470 May Third Avenue Ry__100 400 1434 May 7 154 May 9 1354 Jan 1634 Feb Tidewater Oil 100 1,150 235 May 324735 May 9 207 Jan 24734 May Toledo St L & West_100 700 5 May 3 534 May 3 5 May 534 May Transue de W'ms_no par 1,600 46 May 5 49 May 9 3754 Jan 49 May Underwood 100 300 177 May 3 183 May 9 115 Jan 183 L May United Drug May 9 121 100 900 114 May 5 9034 Jan 130 Apr 1st preferred 100 5834 May 9 5834 May 9 5034 Jan 5834 May 50 2d preferred 100 200 115 May 9 115 May 9 91 Jan 122 Apr US Express 100 1,000 24 May 7 26 May 9 16% Feb 26 May U S Realty & Impt_100 2,200 4234 May 7 45 May 3 1734 Jan 46% May Wells, Fargo Exp.._ _100 200 56 May 5 57 May 7 53 Apr 75 Jan West'h'se Air Brake_50 44011334 May 511434 May19 9434 1Jan 11434:May Wilson & Co pref..._100 May 7 101 100101 MayA7 9654 Feb 101 AL Apr 1916 New York Stock Exchange-Stock Record. Daily, Weekly and Yearly PAGES OCCUPYING TWO foe record of sales during the week of stocks usually inactive, see preceding page. !,jesjer , the Friday 'Week Shares. May 9. HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT. Satura,ig May 3 Monday May 5 Tuesday May 6 Wednesday May 7 Thursday May 8. STOCKS NEW YORK iToe EXCHA NIUE PER SHARE Range Since Jan. 1. On Oasts of 100-share Ins Lowest, Highest PER SHA ate Range for Prertout Yrar 1918. Lowest litOset: $ per share $ per share $ per eha,e, Par $ per share $ per share $ per share $ per share $ Per share I $ per share $ per shareRailroads 31 Mar 9934 Nov 13,200 .1tch Topeka & 8anta Fe -100 90 Feb 3 9812 Apr28 9518 9413 95 9412 9134 9112 9514 9413 9512 95 pref el) Jan 4 Do May 2 80 Jan 9202 Nov 700 85 8612 8818 8618 14 8812 *85 89 86 80 85 8512 89% Apr 109 Nov 10 ,0)0,11 95 Mar27 102 May 7 101 10114 5,803 Atlantic Coast. Line ItIt.:11 97. 10134 10154 102 10114 102 Jan2.1 5034 May 5 4813 Dee 82 Nov 11,309 Baltimore & Ohio 44 5018 4918 50 5014 5078 53 "461-2 161-2 4954 5073 53 Apr. 8413 Nov Do prof_ 50 Apr21 5612 Marti 5518 2,100 5513 51 5538 55 55 54 5134 5478 55 12,800. Brooklyn Rapid Transit-100 1e58 Jan27 29% Jan 8 2538 Dee 4314 Jan 23% 2112 23 23% 2334 23 22 2334 2134 22 16412 16638 18614 16978 169 17012 16714 16914 166 16734 26,500 Canadian Pacific----------100 15534 J9.01 17012 May 7 135 Mar 17478 Oct 4934 Jan 6238 Nov 100 5334 Jan21 67 May 7 31,400 Chesapeake & Ohio 6414 68 88 6512 67 85 65 8578 6434 657 11 Nov 6 Apr 100 718 Jan21 10 May 5 10 9 934 934 938 934 4,000 Chicago Great Weatern 9% 934 913 912 4 May 7 1812 Apr 32 Nov pref 100 2314 273 Do Apr16 2718 3,500. 27 27 28% 2634 27 2714 2734 2712 2734 374 Apr 5414 Sept 3912 3878 3913 3834 3912 10,100 Chicago Milw & St Paul..100 3413 Feb15 4112 Mar12 39 3813 3912 3813 3913 Do • pref_ _100 6513 Jan21 7478 Mar12 8614 Apr 8638 Nov 6838 70' 6858 6938 6913 6934 5,600 6918 6934 6918 6934 8912 Mar 107 Nov 967 97 9878 9712 9638 9714 9812 9714 7,570 Chicago & Northwestern. 190 9313 Jan21 98 Mar12 9634 9714 Jan alpsi! 123 Apr22 133 Jan17 125 July 137 Do prof 100 *129 131 *130 139 *129 131 *128 132 130 130 221 Jan21 2734 May 9 18 Apr 3213 Nov 27 2712 2634 2738 2812 2734 15,700 Chic Rock fel & Pao temp 2634 2714 27 278 2,500 7% preferred temp etfe.._ 7914 8012 7934 81 8012 8078 808 81 5634 Jan 88 Nov 31 May 7 _ 7834 79 7314 Jan21 3,200 8% preferred temp ars__ _ Jan 75 Nov 6118 Jan21 63 May e 48 6834 67 6712 6734 6758 6758 6714 68 6634 6734 300 Clay(Mn Cleo & St Louts...100 32 Fee17 4314 Apr29 28 Feb 40 Nov 42, 4218 42 42 _ 5834 may 70 Nov Do prof 500 100 61 Apr 2 73) Jaelti ____ -ar2 Weil; _ -TY/ -11i- 67 87 291; 6,800 Colorado & Southern. 100 1934 Jaa22 3134MaY 5 18 Apr27 Nov 2914 3013 30 31 28 --3112 3018 3134 30 Do 1st pref. 47 Apr 55 Nov 100 100 4814 Jan 3 55 May 7 *53 55 *53 55 55 *54 55 55 *54 55 Do 28 pref. *45 45 Feb 4 4734 Mar 3. 40 Apr43 50 *45 ---_ __- .15 *45 50 50 50 Nov Jan20 113 May 8 10013 AO 11934 1?e 100 101 10512 10512 101312 109 110 11034 11112 113 11112 11112 2,500 Delaware Se Hudien 1,300 Delaware Lack & Westere.-50 17212 Mar18 217 May 71 Igo Apr 185 190 217 217 199 207 215 215 714 714 -;iie 2,300 Denver & Rio Orande___ _100 712 8 Jan 214 812 812 13 SeptN1 712 734 Do prof 1118 12 1058 1273 1114 1314 31142 may 5 1014 1118 1038 1034 38,300 5 Apr 135 Jan 6 33 148 Feb s a 18 1518 Jan21 18's May 8 14 Apr 2338 Nov 1733 1813 1713 1813 1712 1778 18,800 Erie 1738 1758 1712 1818 Nov v 2318 9 Do 1st prof. 2934 30 2918 2938 29 2454 Jan21 31 Mar 31 30 2812 2938 2918 2912 9,600 1,700 Do 24 pref 2012 2012 21 21 2018 2018 1913 2014 ____ 1712 Apr 3 22 Jan14. 1 1: 10 00: 1) 0 0: 8958 Apr21 9513 Jan 2' 8E1 9312 9418 9378 9512 9434 9533 9414 95 4 17,900 Great Northern pref 1'2 j 93% -9-4-3Jan 10 .611 4 3 2 NovN 443 Iron Oro propertiee_ No par 3134 Jan 2 46-38 May 7. 9 44 45 4633 4513 48 4414 4618 22 4514 41314 58,600 518! an n At1123 m 012 Nov 48-1 Dee 0 4: 21 14 2M y:1 ,27 21 107 10012 10072 101 102 _100 9318 10173 10214 10158 102 ,Ittatrk2 10112 10112 2,300 Illinois Central 8 2J Jan 414 413 4 4 3% 412 453 434 21,400 interboro Cons Corp_go par 434 434 1714 Dec 4713 Jan 1334 1412 14 Do pref 1118 Mar29 24 Fob24 1478 19,900 1518 14 1333 1338 1338 15 31 154 Apr 024142 2334 24 2312 2334 2312 237 7,800 Kansas City Southern_ _100 1834 Jan30 2418 May 5 2312 24 2312 2413 600 Do pref 100 4913 Jan21 5478 May 9, 45 Jan 59t2 Nov *53 55 5414 5414 5412 5412 *53 5412 5478 55 n27 5; 153% Nov No J ay 14 3 Ni 10 7, 11800 Lehigh Valley 5633 5834 5834 567 5513 551 50 15 5 15 arr18 13314 m Ap 5538 5834 1 5' 10 Dec 600 Louisville & Nashville__-100 - 118 118 119 11914 11834 11834 ---- ----Jan 1513 May 2 1414 -1-55713 a pr 1?.6 1412 '1434 14 3 1412 1514 918 Jau21 1 1 373834 gr 1431 1418 141 10,300 Minneap Se St L (new)....-100 914 10 Nov 5 54 pyrr2. IAap 1.1242 r,A 32 102 28,100 IvIlesouri Kansas de Textut_100 31 8 42 F jje att! o b n 0 914 1034 1018 11 914 10 4% Jan 934 98 1312 Nov Do pref 1,800 100 1834 1831 1714 1734 1733 1612 19 17 1814 19 30 3033 30 30 3012 2938 308 20 613 Jan 3158 Nov 3213 307 3213 147,900 Missouri Pacific trust etfs_100 2234 Do pref trust etts 100 4914 Jan21 5734 May 8 56 5014 5514 5512 4112 .JTa n1 62 Nov a, 3341 3373 5512 5734 5513 5713 5,700 2 72 Nov1ay efaayr12 1% 34 m 77 8453 109 8914 Jan21 2 7858 7712 7638 7734 7634 7714 31,000 New York Central 7512 7534 7534 7753 00 0 2 3013 3118 3013 3138 3034 3078 3038 3138 3014 31 158314 2 F 1:3 1 34% Marl! 27 A.pr 45 13,100 N Y N II & Hartford-1;0 ja eo b2 2112 2112 2114 2138 2114 2134 1,400 N Y Ontario & Western-100 2112 2113 2114 2138 1814 An 100 103 mar 6 10012 May r 102 un 110212541%4 Novr'ro°yv 10818 10912 108 10812 10738 10358 11,500 Norfolk & Western 106 106 106 10914 81I2 Jan May 9312 9434 94 9334 91 8853 Jan21 9312 948 9413 9312 9434 11,400 Northern Pacific 4.533 Pennsylvania1872 NovNo v 4418 4433 4414 4413 4438 18,210 ..53) 4334 Apr21 351200184 9 31321 5038 448 448 45 448 ni 1914 2034 1913 2012 29,000 Pere Marquette v t a... 100 1953 2038 1912 2014 1938 20 JunoMay ' 7 25 7 jaa a0 n yy y2 F 4 6 84 2490 4 2 11 303184:2 M Do prior pref v t e 11 : 64 Nov 100 34 M Jan21nr jj:a 2 327 6213 8213 6112 6112 6112 8112 1,025 6134 6134 i8213 6213 52 113 i A May o 014 Nov 4512 4512 4512 4512 200 Do prof v t o 100 56 Apr 30 Apr 9 n 4038 Nov Wig 13,800 Pittsburgh & West Va 100 00 258 i2 Jae 3853 3718 3834 3773 7 20 79 e 1 M 5 6 e 82 Nov prof Do 300 8234 8234 8313 8312 82 82 8312 *81 82 *81 4 n 8 38812 May 1 8 50 3 n22 87 878 8612 88 Js ay 8538 868 8513 877 7514 Ni 81314 8714 112,100 Reading 53 35 Jae 39 May Do 1st pref 50 38 36 36 3814 3613 37 *31312 37 3858 3658 1,300 : elo y 1 1 18 3 m Ma 2 ay r 1014 7 Jj: 8 7 Do 2d pref 5 0 1 *36 37 3714 3714 950 3 2 38 1054 Aj paro 30 538 Mar 4 37 37 3712 37 3712 37 22 2273 22 2233 2414 2134 2318 2312 2514 101,100 St Louis-San Fran tr etfs..-100 Apr 2533 A Nov 21 22 2,400 St Louis Southwestern- __100 16 Apr22 2234 May 8 22 *20 22 2114 21 22 2234 22 3512 Do pref 100 2813 FFeenb1332; 512 NovNJoa 3412 3112 35 500 40 Feb 4 78° *35 38 *3412 36 3513 38 AprO°cot 2 3 10 614 M a 8 7 May 9 100 17 934 912 973 934 978 6,200 Seaboard Air Line 53348 912 1014 978 10 2 Ma y 0 n v 0v N00 20 4 NN 2018 2014 2018 2038 Do pref 2114 100 7 1 105 5 2112 21 12 2134 2012 2012 5,500 pnyn r jjaaa m A : 1 1470 51 85 1 r278 10712 10814 10753 10834 10738 10838 91,100 Southern Pacific Co 10738 10778 10712 10832 100 9518 Jan21 130911331843 3012 3133 31 100 25 071 Novilaeoi„ M Aapy : 2 10 238 Apr 61142 3018 3138 54,000 Southern Railway. 348 3053 3118 3013 31 313 Do prof 6914 6914 69 8914 70 4,000 100 6634 Jan21 70 Jan 2 6913 89 69 6938 68 52 4414 4534 4478 52 4434 4532 437 45 100 2 1,28 49 2 M Fa e0 37813 Jan21 5 4834 5113 170,800 Texas & Pacific_ *4413 45 *44 45 400 Twin City Rapid Tranelt-100 44 4478 44 44 4412 4413 Dec A 13314 May 7 10934 Jae 13712 Oct 13138 132 13213 Pacific 100 133 23,000 Union Jan21 13314 13218 1323 4 12413 132 13314 13138 54 734 734 7314 1,100 7634 Nov 73 73 Do pref.. 100 72 Jan14 74 Mar 5 69 7278 73 7353 7338 73 JA, 714 98e 9 1538 Apr29 434 Jae 12 June 1414 1413 14 1418 1413 14 3,800 United Railways Invest-100 1412 1412 1312 14 Pjl 11 038 mAapyr280 May 20 29 2914 2812 2812 2812 2834 28% 2812 2714 28 1,600 Do peat 100 15 Jan13 3 Apr 013 8 3 10 91 91 9% 073 100 953 98 7 Apr 1184 JUIY 98 1012 1014 1058 15,600 Wabash Ja ente) u 8 Mar12 4: 141 3 jli 3814 1 47 34 A 34 3433 34 Do pref A 100 3 ° 1 2 3413 34 73 1: j Jan o23 3414 3412 3414 3434 8,000 19 0 c 19 23 M 200 Do pref B 100 23 *21*21 22 2153 2158 22 rn Jan 938 -1134 -III; 1134 12 12,600 Western MaryLuld (new)-100 1112 12 1112 1-178 1134 1214 Dec 4 Apr 28 ne e 2358 18 5" Jtum 2 j *21 30 *18 100 2434 AP 25 25 100 Do 24 pref 2 2 ; 2 10 25 25 7 °- 18 *21 prr2; 2 DD 25 *21 25 A Jan p eee 0 13 3..12 2 O 114 Nov 20 24 93 100 17 Foe 3 2212 Mar 4 2073 21 2,800 Western Pacific 2018 2078 2018 *19 20 1834 19 5512 5612 *55 900 Do pref 100 52% Feb20 6112 Jan 0 5513 46 *58 57% 5612 5612 5513 *54 234 Nov 10 10 1014 1018 1053 1014 1038 3,500 Wheeling & Lake Erie Ry-100 17 1014 1012 1014 1012 0 41001148mM yy89 r35 jaao 8 Apr 2 734 M 22 May 2 *21 100 Do pref 100 *21 2212 .21 22 2213 *21 2212 2012 2018 May *38 40 .38 100 3014 Jan22 *38 4014 2,300 Wisconsin Central 40 *38 40 39 37 2978 Dec Industrial & Miscellaneous. 32 100 21 Jan21 3434 Ale'10 32 Jan 2634 Nov 3214 32 11 3214 32 3114 3,500 Advance Homely 3212 3214 31 257$ Jan 8278 Nov 69 13834 693 Do pref 100 5613 Jan20 7034 Apr21 69 6812 3,000 69 8812 6858 88 6958 49 ,The13 95 Apr28 . 243 JunND INis aooeyyvee go 832 63 57:312 in; D 7 442 AA J JJ e 72141 711 311 9014 9314 9012 9134 90 92% 9214 9012 9212 9,500 Ajax Rubber Inc ao Jan 9058 314 353 312 312 314 314 1,600 Alaska Gold Mines 10 2 1: j Aapnr 4 3 13 314 314 3% 312 2 4'4 38 Xjlattar15a 2 2 2 17 13,000 Alaska Juneau Gold Min'g-10 2 2 178 2 2 2 Oa May86 : 78 Jan 108 4 12 3 31344 May 41 2293 1 1, 100 8 3 00 0 174 J 3938 4112 41 Jan :n2 4214 41 4058 4134 53,100 Allis-Chalmers Mfg 42 4214 9412 9414 9412 9413 948 95 1,800 100 Do pref 94 9434 95 95 May 110 11173 109 111 11112 112 10914 11118 13,500 Amer Agricultural Chem-100 11018 11112 101 101 100 98 Jan 9 103 Mar15 8918 Jan 101 AtIll 600 Do pref *10014 10013 101 101 101 10114 *10012 10112 100 82 Jan 3 8513 May 9 8233 8338 83 48 Nov 84 Feb 8512 27,200 American Beet Sugar 8118 8134 81 8258 8312 83 9412 100 8434 Jan13 93 May 5 282 Sept 9113 May *93 100 93 Do prof *92 9413 93 93 *92 9413 *94 3 s 100 4278 Febll 56 MaY 5 34% Jan 5034 May 5533 5633 5518 563 5412 5534 48,000 American Can 55 5558 55% 5653 8914 Jan 99 Dee 101) 9873 Jan 8 10354 May 8 *10314 105 Do pref *10234 10312 10314 10312 10334 10334 10334 10334 1,200 eapyt 1314 48 mrsDee 723 2 23,100 American Car & Foundry.100 8 114 0:3%II8 F .j ,e aa b na2 1.0 41 2 9 14383 0 91 i% M N4 Iaay r 9 7 0 18 1718 4 Jan an 9 96 96 9534 9738 9718 9814 9713 99 9514 9612 100 Jan 11512 Dee Do prof 113 Jan18 117 Apr22 106 - -- 11612 11612 .. *11512117100 585 8May Oct 2 4434 2 Jan 13,300 Cotton Oil 100 26 Jan American 5834 58 5658 5818 5812 3934 4 5514 -.5518 -..- --F073- -5i378 may 88 Dee 100 8.; Jan 7 93 Apr 3 93 *90 *90 93 Do pref *90 93 *90 93 *90 . 95 13 1273 1314 127 1318 121s 13 10,100 Amer Druegists Syndicate_10 1333 1313 13% 2712 28 2713 2834 2734 2313 2838 i 2912 29,600 American Hide & Leather -100 2738 2833 11712 11834 118 11812 11612 11814 18,100 11514 11578 115 11772 100 7114 Jan '2 11834 May 7 60 Jan 9473 Aug Do pre( Oct 4934 50 100 38 .Jan21 5413 May 9 4913 50 4838 4934 4918 49% 4918 5412 11,600 American Ice 1113 Jan 49 72 Oct 70 71 70 4,200 Do prof 100 7112 72 7114 72 5431 Jan20 72 May 3 3834 Jan 61 7112 7053 86% 89 86% 8853 8634 8914 8758 8934 120,400 Amer International Corp. 100 5238 Feb 8 9113 Apr 8 5113 Sept 6012 Oct 8614 87% 5812 5912 5813 6012 6053 63 5614 5914 5818 59 40,050 American Linseed 100 4413 Mar 1 63 May 9 27 Jan 4713 Dee 3198 9878 9734 *9613 97 97 Do prof 100 85 Mar 1 98% Apr15 9612 967 9678 9678 2,700 6914 Jan 92 Dec 7513 7614 7514 7813 7512 7853 7714 7813 7613 7:338 52,400 American Locomotive....100 58 Jan21 788 May 7 *105 107 *105 108 .105 106 109 100 Jan14 105 Mar 5 x9 200 10413 10412 105 105 Do prof 53 513 Jan 10233 Dee 45 Jae 7 218 253 213 234 214 258 212 258 5,600 American Malting 100 1 Jan17 258 Sept 1313 Feb 218 258 500 41 Sept -18 Dec *5318 51 Do 1st pret ctfs deesterilt_w_ 51 Apr 2 5534 Apr24 54 54 54 53 -it '73 .34, Iii 72 73 May 9484 Oil 7338 7314 7373 7558 7612 7538 76% 56,600 Amer Smelting & Refining...100 6213 Feb 6 78% Jan 3 10834 107 *10913 10712 10734 10734 300 Do pref. 103 Feb20 10734MaY 9 103 Sept 11014 Nov *10512 10613.106 107 _ 39,300 American Steel , 1. oundries_100 88 Feb 8 16918 May 1 105 105% 10473 10513 58 Jan 95 Nov 15118 13238 Fir 1-i3.- 13313 1-3-6 - 36,100 American Sugar Rutining-100 11114 Jan21 136 May 9 98 Jan 110 May 12978 130% 13038 13314 300 *118 11813 *118 11813 11812 11812 De wet .117 11812 11812 11812 100 11313 Jan 6 11813 Apr23 10814 Mar 11413 Dec 118 838 M mattrri l) i2 3 1) 9 0514 0 May aa n1 29 803 032 4 14 106 10814 10512 10738 10612 10914 30,700 Amer Sumatra Tobacco-100 0 96 8114 3 j Ja 10534 10712 106% 10734 10334 104 Aug 10333 104 104 10473 103 10412 10,500 Amer Telephone & Teleg_100 10312 104 100 19178 Feb 4 21622 May 9 14013 Jan 19834 Dee 20953 21073 20938 21018 21114 21513 8,810 American Tobacco 20834 21312 210 213 6 10038 10033 *10014 10012 100 10014 700 100 100 Feb24 106 Do pref (new). 10078 10034 1007s 10078 9 00 01 7 May De1 Jan° 4 27 188 SeptBJan e; 16 21,900 Amer Woolen of Mass 100 4514 Janie 85 May 85 87% 6754 13812 6754 8734 6734 78 67 80 92 Jan 9834 Dec 9433 Feb 8 102 Mar12 10018 10014 10014 10014 10012 10114 1,800 Do prat 100 100 100 10014 May Jan Apr 46 4678 4513 482 4514 4613 16,900 Amer Writing Paper pref 110 ° 4578 47 46 48 11'8 Jan31 2 2 4812N May Ia 5 17 1713 1638 17 U.'s lo 21 9Z 1534 18 16 17 19,900 Amer Zinc Lead & Smelt_25 2 1713 1812 3854 Dec 5314 July 1,500 Do pref 25 40 Jan21 4913 May 2 48 4834 4814 4838 478 49 59 Dec 2743 Oct 62 63 4 - 42,000 Ancaonda Copper Mining-50 5613 Feb 6 0412 May 7 6234 6214 83 6412 -6333 -611-2 -iiii2 -(3. 15113 159 110 92 Feb 8 17712 May 9 9734 Jan 12014 Feb 159 16912 189 17712 103,300 Atl Gulf & W I SS 1,111e.„110 149% 15434 15312 151312 58 *72 75 1,300 Do pref 64 Jan20 7613 May 8 Jan 8758 Nov 7478 74% 7414 7412 75 77 7812 *76 9214 9314 9218 93% 02% 9414 9.3% 94% 9212 938 60,900 Baldwin Locomotive Wke_100 6478 Jan29 9434 Apr28 e 10184 may Janaou 6 3% DJ 5 880 8May 8110 Dee 100 103 Jan 2 1377 129 129 130 131 129 13773 13412 13634 11,300 Barrett Co (Tile) 130 130 7 74 75 73 7414 7414 75 73 *7312 7334 758 1,400 Bethlehem Steel Corp_ ---100 5513 Jan20 78 Apr23 Nov May 733 7412 7414 75 Do Claii 13 common..101) 7312 7414 7313 7438 748 7534 30,300 110 110 900 _,*11014 111 Do cum cone 8% pref,.. 110 110 10973 11012 11027107041233 AptAAl)1 Apr23 rr2 21:633 Jan14 ° 21% .Jjrn ° 246867182 rt No par 1°5 :132 n 199 2113 2134 21 28 51583814 jj'° au 2212 2334 21% 22% 2158! 2034 2114 25,600 Booth Fisheries. 100 138 Feb6108 Feb 6113 Oct 1,900 Burn3 Bros_ *152 158 I 150 152 I 119 152 157% 15714 15634 15714 51 Feb20, 10 May 5 912 10 I 958 10 19,300 Butte Copper ek MHO V t 0-5 518 Dec 11278 July 7% 9 9 10 938 978, 611 Jan 331*. Ma 16,700 Butte & Sunertor Mining_ AO 187 Feb111 2512 Feb28 2312 21 2313 2378! 2218 23 23 2334 2318 2412 -aai. -sii -5534 -iii.,- -567s A Jtuulf, 'Bid and asked prices; no sales on this day. 2 Ex-rights. I Less than 100 shares. a Exeliv, and rights. x Ex-dividend. New York Stock Record-Concluded-Page 2 1917 For record of Halal during the week of stocks usually Inactive. see second page preceding. HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT. Saturday May 3 Monday May 5 Tuesday May 6 Thursday i Wednesday May 7 I May 8. I Friday May 9. Salesfor the Week Shares STOCKS NEW YORK STOCK EXCHANGE PER SH A RE Range Since Jan. 1. On basis of 100-share lots. Lov:est Highest PER SHARE Range for Prertow Year 1918. Lowest Highest Industrial&Misc.(Con.) Par $ per share per share $ per share $ per share $ per share $ per share 5 per share $ per share $ per share $ per share 65 6714 6414 6538 6418 6518 34,400 California Packing_...No par 4814 Jan 2 6734 May 5 3612 Jan 50 Nov 6434 6512 6533 6734 2753 28 2734 2314 2838 2934 2914 2978 12,700 California Petroleum 1310 2033 Jan 2 2978 May 9 28 12 28 Jan 2478 Nov prof Do 7458 2 72 7134 7,000 Jan 73 7414 7218 100 6418 72 75 May 9 75 72 36 72 Jan 7012 Dec 85 100 5612 Feb 8 8612 May 9 8612 81,500 Central Leather 84 8038 8114 81 8014 8118 8012 81% 5434 Dec 7338 Feb Do prof 200 112 112 *111 113 112 112 100 10412 Jan 7 112 May 2 10112 Dec 108 Nov *11058 11114 Cerro de Paso par 4012 41 Jan22 40 .No 41 6,100 Cop.. 4414 Apr23 31 4013 41 40 -4-61-2 3912 408 2914 Mar 39 Nov 145 147 6,300 Chandler Motor Car 14434 145 Jan18 152 Apr10 100 103 145 14512 147 150 144 145 6814 Jan 10978 Deo 2312 2138' 2314 2414 2258 2334 52,500 Chile Copper 25 1718 Jan21 2212 2334 2318 2378 2478 M ar23 1412 Apr 24 Oct Copper 5 321s Feb 6 333s Apr 7 3678 3734 3714 3734 3714 3712 10,000 Chino 3733 3638 3714 37 315* Dec 471g May 12,000 Colorado Fuel & Iron__ 100 343 Fob 10 46 May 5 4434 4534 4412 4512 44 46 x44 43 45 43 3434 Jan 5413 Stay 4638 4634. 4614 4658' 461.t 47 100 3914 Feb 1 9,600 Columbia Gas & Mee 4618 47 4738 Apr29 453t 46 2334 Mar 4478 Dec 7,700 Consolidated Gas (N Y) 100 3718 Jan27 10238 May 7 99 10034 10112 10238I 10114 10178' 29912 100 98 98 8234 July 10538 Nov 100 6512 Feb10 8212 Mar10 8018 80341 7934 8012' 7934 8014 6,600 Continental Can. Inc 8012 8114 8034 8134 6512 Oct 95 Feb Corn Products 6414• Refining_ 6434' _100 6338 63,300 7 Jan21 6314 6431May 45 6212 64 63 6312 6214 6338 2978 Jan 5012 Nov 100 102 *107 10812 *106 108 '4'106 108 Do prof 200 Jan23 10814 May 2 z9012 Jan 104 Deo 10718 10712 *107 109 7014 71141 7034 72181 71 7234 24,500 Crucible Steel of Arnerica_100 5218 Feb 7 7278 Apr29 52 711.4 717s 7012 72 Jan 7478 May 953 4 100 91 Do prof May 9 9634; 9618 9634 Jan 2 9512 9512' *96 300 97 *95 97 81 *95 Jan 9134 June 3512 3638, 363.1 38181 3318 3913 84,800 Cuba Cane Sugar_ _..No par 2038 Jan27 3918 May 9 3412 3413 3534 2712 Apr 34 Nov 34 prof 100 8 Do May 15,400 823 8258 4 8412' 8514 6913 8514 Mar 1 82 8412 8058 7714 Dec 83 Feb 8034 81 8334 1438 1413' 14 10 10, 1413 1412 15 15 May 9 9,000 Dome Mines, Ltd 8 Jan31 1414 14 14 6 June 15 Nov 14 2.518 Jan21 2918 29581 29 3334 Mar 3 2934 29 2913 4,500 Gaston W & W Inc..No par 2534 Oct 39 Feb 2938 297s 2914 2934 Electric 16212 General 100 8 163 16473 I 1633 May 4 60,300 16412 14412 Feb 3 16478 16234 16434 162 16414 163 12734 Jan 15312 Oct 18012 18212 18114 18512 185 190 72,300 General Motors Corp_...100 11812 Jan21 190 May 9 10634 Jan 164 Aug 18078 18214 13012 18212 100 82 Jan 6 9412 Apr14 *93 95 9334 94 9212 9234 2,000 . Do pref 9314 94 93 92 7538 Oct 83 Feb 7118 72$8 7114 7214 36,400 Goodrich Co (B F) 100 5612 Jan10 74 Apr23 7112 73 7318 737s 27114 7234 38 Jan 5978 Oct 100 103 Jan 8 10913 Apr16 10734 103 •10712 103 Do prof 600 108 103 10S 108 *10712 108 9558 Dec 104 Deo M S & P Cons 66 66 66 Granby 6612 100 3 700 65 8() Jan 64 Apr21 65 *65 6612 Oct 74 Jan 86 3934 41 3934 4018 40 2,300 Greene Cananea Copper 100 3878 Apr25 4112 Jan 9 40 -55:i4 16.3978 40 3812 Jan 5314 Nov 60 59 61 55 60 7,400 Gulf States Steel tr ctfs 100 4912 Feb 8 6178 Jan 3 60 6473 64% *5112 55 5834 Dec 11112 Apr par 5412 Barker 5312 Car. .No 54 & 553 8 Haskel 5513 40 8,900 3 547 8 5612 May 55 5612 Feb 6 5518 5612 34 Jan 4914 July 20 4212 Feb 6 5278 Apr 7 503g 5134 51 5134 5034 5112 40,500 Inspiration Cons Copper 4912 505s 5014 5114 4118 Dec 5312 Oct 2678 2158 2578 15,000 Internat Agricul Corp....100 1012 Jan 2 2713 May 5 2678 2712 25 2712 26 26 25 10 Jan 19 June 100 prof Do 8018 6,400 827 8212 8 82 8338 • 48 Jan 33 4 835 8278 83 8May 7 8138 82 38 Jan 65 June 13214 13338 132 13238 130 13238 5,100 Inter Haverster (new)_ _ _ _100 11018 Jan21 13538 Apr23, 104 13112 13212 133 1333s Oct 121 Nov 4314 4514 4473 4653 4612 4758 228,200 lot Mercantile Marine._.100 2114 Jan31 475s May 9' 21 4114 4178 4118 433s Jan 33 Oct 11478 11478 11858 100 pref 193,400 11114 11838 Do 9234 Feb10 12034 Apr29i 8338 Jan 12612 Nov 12012 110 11078 10958 111 2413 2514 2478 2538 25 2514 27 2514 63,900 International Nickel (The) 25 2412 Feb 3 3238 Jan 3, 27 2512 26 35 Nov Jan 5234 5134 53 52 24,000 International Paper 100 3014 Jan 3 5434 Apr28' 2412 Jan 5112 53 5218 523.1 5258 5412 45l May 76 *7412 7512 600 7514 7514 *75 Do stamped pref 100 62 Jan13 7613 Apr23! 58 7514 755s *7434 75 Jan 6512 Jan 125 12612 12518 126 12338 126 13,700 Kelly-Springfield Tire 25 68 Jan21 12978 Apr14 127 12878 12112 128 41 Apr 72 Dee 3258 3312 3212 3358 3258 3278 33,070 Kennecott Coppor____No par 2911 Feb13 3334 Jan30 33 3212 33 32 29 Mar 4114 Nov 7234 7234 7312 7334 75 71 11,200 Lackawanna Steel 100 6213 Jan21 75 May 9 71 7112 7114 72 6512 Dec 9132May 3412 3334 3478 9,300 Leo Rubber & Tire. No par 34 3312 35 21 Jan22 3714 May 2 3612 36 37 35 12 Apr 24 Deo 56 5612 5512 575 Biscuit tr Loose-Wiles 4,100 8 ctfm.100 553 4 4018 56 May 8 Feb17 5758 54 5413 55 53 4558 Dee 1712 Jan _ *15 115 *105 17 *10212 Do 2d prof 100 94 Feb 5 110 Apr17 , 10 *10213 103 *105 108 53 Feb 96 Dee 71 --------79 78 200 Mackay Companies 100 70 70 Dec 7812 Feb Jan22 79 May 9 73 78 78 *75 65 *6313 *6313 prof Do Ion 6412 65 64 *64 Jau Jan15 65 65 *64 57 Jan 65 May -471 4238 4334 42 4314 20,100 Maxwell Motor, Inc 100 2634 Jan22 44 Slay 8 4278 4018 401s 41 2312 Jan 4212 Nov 7012 69 691.4 7012 70 Do 1st prof 1,300 100 5038 Jan22 72 Apr 23 70 70 . 6834 6834 70 50 Dec 6978 Nov 3312 317 8 3212 33 3312 33 Do 28 prof 4,400 100 1914 Jan 2 3373 Apr23 3018 3114 3118 3112 19 May 3238 Nov 1751s 17714 17678 181 17838 18514 152,600 Mexican petroleum 100 16234 Jan23 19714 Jan 2 17538 17714 176 17712 Oct 79 Jan 194 Do pref 100 105 Feb 7 10818 Apr19 87 Jan 107 Deo - 5E8 2378 Ty -2.3-7g -25:13 2313 -6-,441 Miami Copper 237 23 225g 23 5 2184 Feb 7 2458 Apr 7 2214 Dec 3318 Jan 4538 45 45 4614 4518 46 19,700 Midvale Steel & Ordnance_ 50 4014 Feb 7 48 Mar10 4534 4478 4514 45 41 Dec 61 May 70 6912 70 70 3,100 Montana Power 6973 7114 76 69 100 69 Alar28 77 Mar 3 69 69 64 June 8112 Nov 2014 2012 1912 2014 185s 1958 19,600 Nat Conduit & Cable_No par 14 Feb 8 2112 Apr23 1912 2034 2014 2012 13 Nov 2138 July 6314 6334 6312 6378 26212 63 9,300 Nat Enam'g & Stamp'g 100 4518 Feb 8 6373 May 8 6034 6238 6214 63 3714 Jan 5412 May 103 103 •102 110 *100 105 100 Do prof 100 93 Jan15 103 May 8 •100 110 *100 110 83 Nov 9912 Feb 74 7412 7334 74 7513 May 3 731s 7414 2,700 National Lead 100 64 Jan 11 7514 7512 7434 75 4314 Jan 6934 Dec *109 111 *108 111 110 110 200 Do prof 110 110 100 107 Jan 3 11013 Jan25 •103 110 9934 Mar 1051j May 1678 1612 1633 1652 1658 1634 3,500 Nevada Consol Copper_ 5 1614 1658 1618 1612 1512 Mar18 1712 Jan 3 1612 Dec 2178 Slay 112 112 113 115 11214 11334 4,700 New York Air 13ralte 100 9114 Feb 3 z115 Mar14 11013 11012 111 11413 9313 Dec 139 May 52 51 52 54 52 52 300 North American Co 43 *44 100 47 54 Janll 5512 May 1 *52 3712 Aug 5712 Nov 4858 4818 4938 146,800 Ohio Cities Gas (The)_ _ 4712 4814 43 25 a3534 Feb14 49' May 9 4618 4612 4612 4778 Oct 3518 Mar 48 103s 1053 1038 1034 1058 1278 206,800 Oklahoma Prod & Refining 5 1012 1058 wiz 1034 8 Feb 3 127 May 9 8 858 8 712 712 733 712 834 712 818 17,500 Ontario Sliver Mining....100 512 Mar18 83.i May 7 13 Juno Jan 414 39 39 3814 3912 38 371e 37 38 4012 6,900 Pacific Mail SS .37 5 2912 Feb 8 4012 May 9 2312 Jan 40 Deo 8912 8873 933s 144,200 pan-Am Pet & Trans 85 8678 87 8414 8578 8413 8514 50 67 Jan21 9338 May 9 6314 Oct 7214 Oct 156 15634 1,200 152 153 148 150 14612 14613 Do pref 100 117 Jan22 15634 May 9 86 Jan 12412 Oct 4934 4912 50 4958 5212 5014 5214 50 11,700 People's G L & C (Chic)..100 4518 Jan22 52.14 Mar10 50 *49 61 Nov 3958 Jan 4012 4112 4014 4078 3978 4012 18,000 Philadelphia Co (Pittsb) _ _ 50 30 Jan) 43 Apr28 4173 4238 4118 42 21 Apr 3514 Oct 5138 5012 51 5113 5013 51 20,700 Plorce-Arrow SI Car...No par 3334 Jan22 5278 Apr22 5178 51 517/3 51 34 5134 Nov Jan 105 105 105 105 10434 105 300 Do pref 105 105 105 105 100 10112 Jan 3 10512 Marl) 8934 Jan 104 Dec 2578 2112 2658 2858 137,700 Pierce 011 Corporation 2538 26 2512 2434 2512 25 16 Jan 2 3114 Apr17 25 15 Sept 1918 Oct 57 5514 5713 53 5412 5638 35,800 Pittsburgh Coal of I'a 5118 5112 5134 523s 100 45 Feb 3 5712 may 8 42 Jan 5334 Feb 8778 8712 8712 .87 87 88 1,300 Do prof 87 87 100 8513 Mar 17 877 May 7 8718 87 7934 Jan 8578 Dec, 80 7814 78 78 7912 8 May 20,900 Pressed 7934 Steel Car 80 100 757 8 z59 7534 7814 Febll 7512 5512 Nov 73 Aug *101 102 *98 102 Jan14 *100 102 *101 102 Do prof 100 100 Mar 3 104 93 Apr 100 Aug 86 *83 86 *83 '83 100 Public Sem/ Corp of N J 100 82 Jan31 9134 Jan 7 84 86 84 85 *84 85 Oct 10912 Mar 122 122 1217 8 8 1213 121 Mar19 121 12134 12012 3,830 Pullman 12234 11912 Company 11912 100 1117g Feb14 10018 Jan 13214 Nov 8712 89 8758 8834 86'8 833.1 11,200 Railway Steel Spring 8714 88 88 100 6812 Feb10 89 Apr29 83 4512 Jan 7812 Dec *108 110 108 103 300 Do prof •100 108 *108 110 100 104 Feb 4 108 Apr 3 95 Jan 10512 Dec *Y6 15 8 -ibis 20 203 2012 8 2034 2033 2034 2034 20,650 Ray Consolidated Copper_ 10 19 Mar 4 2134 Jan 3 2014 1914 Dec 23)l May 8214 8334 8331, 847s 84 8518 18,200 Republic Iron & Steel 8212 8234 8238 8312 100 7112 Jan18 86 Mar12 z7258 Jan 96 May 10312 10378 1035* 10378 10358 10358 600 Do prof Jan13 105 Mar19 104 104 *10312 10378 100 100 9258 Jan 10212 Sept 11138 114 10834 114 11134 11738 35,300 Royal Dutch Co (Am shares) 7034 Jan21 11738May 9 z70 Dec 145 10614 10734 10634 108 On 108 11334 111 11334 11013 11714 291,000 Cents for New York shares- 8612 Mar13 11714 Slay 9 10618 10712 10614 10712 758 758 758 734 778 814 778 1,200 Saxon Motor Car Corp 8 8 8 12 Feb26 614 Mar21 100 434 Aug 13 Nov 10014 1901.1 195 192 *187 192 700 Sears. Roebuck & Co_ _ _ _100 16812 Feb13 192 May 9 13334 June 187 18712 188 188 7612 Dec 13 1234 13 1318 131s 1318 1,700 Shattuck Aria Copper 1214 1238 1273 12 10 10 Feb19 1312 Jan10 z13 Dec 1814 Feb 6273 675s 6753 6931 6634 6873 444,000 Sinclair 011 & Itet'g__.No Par 3314 Jan 2 69 May 60 6078 6018 6238 2514 Apr 39 Feb 39 5473 5912 13,000 Sloss-Shoffield Steel & Iron 100 4612 Feb10 5913 May 9 54 5434 5412 55 Jan 53 55 53 53 7114 May 4313 44 4334 45 4412 45 12,800 Stromborg-Carburetor_No par 3634 Jan10 4634 May3 4434 4634 4414 4634 78 7133s 7818 77 7718 7012 58,200 Studebaker Corp (The)._ _100 4534 Jan22 7912 May 9 7634 7758 7658 7734 337g Apr 727g Nov 99 100 100 100 *98 100 500 Do pref 100 100 Jan22 100 May 5 *99 100 100 92 8012 July 100 Nov 5934 5812 5812 5712 58r2 3,400 Stutz Motor Car of Am_No par 4214 Feb14 59 GO Apr30 59 5912 59 60 37 Oct 55 Dec 3858 3878 3834 4034 40 41 4,400 Superior Steel Corp'n Jan21 4113 Apr 2 387/4 3838 39 33 100 32 3414 Mar 4558May *94 9812 0612 *94 9814 *94 96 •94 Do 1st prof..... 100 9734 Mar29 98 Mar12 95 Feb 100 Sept 1634 1512 1614 35,400 Tenn Copp & C tr ctfs_No par 1612 1.61; 16 1714 16 1634 16 Slay 5 islar17 1714 124 1234 Dec 21 July 254 26978 280 292 235 250 228 22912 230 235 Jan 2 292 May 9 13613 Jan 203 72,200 Texas Company (The)._ _ _100 184 Oct 9012 8934 9134 8918 9012 39,400 Tobacco Products Corp._100 7258 Jan29 93 mar22 89 8934 3 893* 5 89 4812 Mar 8238 Den 10012 101 10118 10012 10058 10058 '100 10034 ----- ---Jan 8 28714 Mar 10472 Dee GOO Do prof 100 9912 Mar20 106 80 *75 *75 80 *75 8 80 Union Bag & Paper Corp_100 75 Jan 3 84 Mar12 65 Jan 80 May 4714 4614 47 46 4612 46 4578 4612 4514 46 9,500 United Alloy Steel__ __No par 3738 Janll 4773 Apr16 3678 Oct 441± May 132 13534 13318 137 13318 13418 33,700 United Cigar Stores 13313 13418 132 133 100 10714 Jan 2 13934 Apr21 8334 Mar 10834 Dec *111 11612 112 112 *112 11314 100 Do prat 100 106 Feb 5 112 May 8 10114 Jan 110 July 17678 17678 177 18914 12,600 United Fruit 1757s 177 'Fri' 116- 175 116" 18914 May 9 11614 Jan 16613 Deo 100 157 Feb10 2513 2513 25 254 26 2534 2633 2514 26 257s 2,900 US Cast I Pipe & Fdy _ _ 100 14 Jan15 2678 Apr23 1118 Apr 19 May 63 *6113 64 63 6112 6178 6314 64 64 64 1,000 Do prof 100 4213 Jan16 66 Apr 21 41 Mar 4734 Feb 763.1 7618 7858 76,4 7814 38,600 U S Food Products Corp 100 66 Apr 8 7913 Apr21 76 7618 7758 78 77 14914 15012 14934 15438 15178 15.1 150 15112 14813 15114 34,800 U S Industrial Alcohol__ 100 9714 Jan22 15934 Apr 9 z96 Dec 137 May *107 10.312 *107 10813 *107 10813 •107 10812 108 108 100 Do prof 100 0614 Jan 2 108 Mar14 94 Oct 99 Mar 9518 9934 9718 9812 97 0618 0834 9834 73,500 United States Rubber _ _..100 73 9818 100 Jan21 10012 May 2 Jan 8012 Dee 51 113 11278 11212 113 11314 11314 *112 11234 11234 113 1,300 Jan20 11314 May 9 z95 Do 1st preferred 100 109 Jan 110 Deo 5712 5714 5834 5938 60 56 5012 5018 513.1 49 20,500 U 5 Smelting Ref & M.... 50 4314 Jan21 60 May 9 3212 Apr 5031 Oct *4712 50 48 48 4912 48 4934 *4613 4812 *47 400 Do prof 50 45 Jan13 50 Mar 2 4238 Apr 4734 Dec 9834 9958 9914 101 9838 9914 9814 9934 9978 10138 503,500 United States Steel Corp..100 8814 Feb10 103 Apr23 8612 Mar 11612 Ang 11538 11553 1153s 11538 115 11518 4,100 11718 11714 211512 1155* Do prof 100 11318 Feb10 11714May 2 108 Mar 1135* Deo 7712 785s 7712 7312 7712 78 15,800 Utah Copper 763s 7812 7714 73$3 10 6518 Feb 7 785 May 7 7114 Dec 93 Oct 1734 18 18 19 1858 1938 3(200 Utah Securities v t o 1758 175* 1734 18 Jan 2 1.93sMaY 9 100 13 11 Sept 1634 Nov 6558 6838 66 6714 15,400 Virginia-Carolina Chem_100 51 Feb10 687s May5 6738 66 6714 6858 6712 6878 3334 Jan 6014 Nov 113 113 113 11212 11338 11278 113 11314 11338 11212 700 Do prof 100 110 Jan 7 11412 Apr 3 98 Jan 1135* Dee 60 60 60 60 61 60 6212 6312 800 Virginia Iron C & C 100 54 Slar31 6312 Stay 9 50 Jan 7312 July 8734 88 88 8818 2,200 western Union Telegraph_100 8438 Slar27 8978 Jan13 88 88 8 88 88 878 -8777714 Aug 9558 Apr 56 5514 5278 5678 5518 57 5434 5578 136.300 Westinghouse Mee & Mfg_ 50 4012 Jan21 57 Slay 5 5478 56 3812 Jan 4711 May _ 68 100 *63 Do 181 preferred 50 61 Feb27 65 Apr23 59 Jan 6412 Feb 561, "..i8- -69 - 27,900 White Motor 5838 60 6114 6312 -553.j 62 50 45 Jan 3 6313 May 3 3634 Jan 49 Nov 3418 3334 3418 3312 3412 87,900, Willys-Overland (The)._ 25 2314 Jan22 35 May 1 33 3433 3434 3423 3478 1512 Jan 30 Nov *95 100 9712 9713 9712 9712 9814 9814 400 Do prof (new) 100 8734 Jan 7 984 May 9 75 Jan 8914 Nov 8458 85 12 87 412 12 88 478 8458 8612 11.100 Wilson dr Co. Inc. v t c No par 6558 Jan20 8813 May 9 85 "iii" 8,158 8513 4514 Jan 7714 Dee 126 12614 127 12714 _-1,400 Woolworth (F W) 100 120 Feb 7 13312 Jan 9 110 Mar 12812 Oct 117 117 *116 117 117 •116 Jan22 11712 Jan17 111 Do prof 100 115 Oct 115 Sept 200 7 7 6 . 6734 6734 67 8 6734 -6:.3 6,300 Worthington P & M v t o 100 50 Feb13 73 May 9 6712 6734 -57Es 73 34 Jan 69 Aug .96 97 97 *95 *96 96 9712 9612 *9512 0612 200 Jan 9 98 Apr24 Do prof A 100 88 8638 Feb 91 Apr 7712 7738 7712 •77 7718 771.3 77 700 7712 7712 7712 Jan 3 7713 Apr29 Do prof B.. 100 66 59 Jan 7012 July ▪ and asked prices no sales on this day. I Less than 100 shares. 5 Ex-rights. a Ex-div. and rights. z Ex-dividend. 1918 New York Stock Exchange Bond Record, Friday, Weekly and Yearly Merest and defaulted bonds. Jan. 1909 the Exchange method of quoting bon-is was changed and prices are now-"and interest"-except for BONDS N. Y. STOCK EXCHANGE Week Ending May 9 Price Friday May 9 814 U. S. Government. 3148 1st Liberty Loan__1932-47 J D 1932-47 J D es 1st Liberty Loan 1927-42 M N 4s 2d Liberty Loan 1932-47 ID 43(s 1st Liberty Loan 4345 2d Liberty Loan__ _1927-42 MN 1932-47 J D 434s 2d Liberty Loan 1928 MS 434s 3d Liberty Loan 1938 AO 4 s 4th Liberty Loan dt930 Q J 28 consol registered da930 Q J 2s,eonsol coupon 1925 Q F 48 registered 1925 Q F as coupon k1936 Q F Pan Canal 10-30-yr 25 Pan Canal 10-30-yr 2s reg__1938 Q N 1961 Q M Panama Canal 3s g 1961 Q M Registered 1914-34 Q F Philippine Island 48 Range Week's.1 Rangeor...4Since Jan, 1. Lass Sale Ask Low Highl No, Low High Sale 98.60 98.82 3869 98.20 99.80 Sale 95.70 95.90 273 92.50 98.00 Sale 93.96 94 33 2014 92.10 94 38 Sale 95.80 96.10; 862 91.20 96.60 Sale 94.00 94 46,6361 93 20 95.32 7; 95.42 99.50 Sale 96.02 99.50 Sale 95.03 95.60 12989 94.90 98.60 Sale 94 00 95.44 21)617 93.12 95.72 9778 99% -- 993s Apr 98 98 Mar'19 ---- 98 _. 107 106 May'19 -- 101% 10618 10414 10614 10614 10612 10614 May'19 9814 Mar'19 9814 9814 _ 99 July'18 8712 91 ;661; iS 91 Mar'19 01 91 91 Mar'19 93 _ 100 Feb '15 98.80 95.80 94.00 95.90 94.06 99.50 95.22 94.10 97 Foreign Government. 9934, 125 9914 9978 4 1919 FA 99% Sale 997 Amer Foreign Secur 55 9758.1735 95% 9778 Anglo-French 5-yr 53 Exter loan_ AO 97% Sale 9718 8212 '19.-- 8212 93 4 Apr 823 85 S M 1909... of 58 Internal Argentine 99% 37 99 10212 Bordeaux (City of) 3-yr 68..1919 MN 99% Sale 9912 2 70 72% 71% Chinese (Ilukuang Ry) Sc of 1911 J D t 71% Sale 71 9914 99% 9912 May'19 9212 100 Cuba-External debt 5s of 1904_ M Eater dt 55 of 1914 ser A._1949 FA 9118 9313 9118 Apr '19 -10 9012 9312 84% 8434 82 1949 FA 8434 Sale 84% External loan 4%s 98 9634 99 983s 4 Dominion of Canada g 5s.__1921 AO 9833 Sale 97, 9738 105 9638 98 AO 97% Sale 963s do do 9714 102 9658 981s _1931 AO 971s Sale 9612 do do 1054s Mar'19 -- 103 105% French Repub 5%s secured loan_ 9112 13 8678 92% TA :VC Saie 9018 Japanese Govt-£ loan 4%s_1925 93 88 9112 91 May'19 1925 .1 j891 Second series 4 89 8712 8712 13 84 do do "German stamp"_ 77% 7714 Apr '19 75 79 1931 j- j78 Sterling loan 45 61 99 10212 9913 100 N 99% 100 1919 Lyons (City of) 3-yr 6s 9934 43 9334 10212 9912 Marseilles (City of) 3-yr 65_1919 M N 99% 100 1 61 7912 71% 7178 7178 Mexico-Eater loan £ 55 01 1899 Q it 65 D 47 _ 50 55 Apr '19 61 60 1954 Gold debt 4s of 1904 9812 200 9613 10014 Paris (City of) 5-year Os....1921 A 0 9838 Sale 9818 7978 Apr '19 -- 7978 83 Tokyo City 58 loan of 1912._. M S 79% 80 K of Gt Brit & Ireland9972 363 9914 l0011 4 / 1919 M N 98% Sale 99% 3-year 5%% notes 8 9834 198 9734 99 N 9844 Sale 98, 1921 % notes 5-year Jan 10014 '19 --- 100 101% Convertible 5% notes_ _1919 FA 3 995 694 9812 101% 20-year gold bond 51,s-1937 F A 9912 Sale 99 These are prices on the basis of 35to£ State and City Securities. Y City-4%s Corp stock-1960 1964 43is Corporate stock 1966 452s Corporate stock 430 Corporate stock July 1967 1065 40'13 Corporate stock 1963 43.4s Corporate stock 1959 4% Corporate stock 1958 4% Corporate stock 1957 4% Corporate stock 4%Corporate stock reg_1956 1957 New 41is 1957 44% Corporate stock 3A % Corporate stock.-1954 1901 N Y State-4s 1961 Canal Improvement 4s 1962 Canal Improvement 4s Canal Improvement 48_ _1960 Canal Improvement 4%s_1964 Canal Improvement 445_1965 Highway Improv't 4%9_1963 Highway Improv't 4%8_1965 Virginia funded debt 2-35_1991 (Is deferred Brown Bros ctfs__ 9714 96% 6 06 96% Sale 9614 9662 11 96 98 961 Sale 9638 96% ___ _ 96 Apr '19 -- 96 9914 10112 22 10038 10134 10114 Sale 10114 2 10012 10112 10112 10112 Sale 10112 2 100 102 10118 10114 10112 10118 14 9034 9212 92 9112 Sale 91% 9138 _ 9114 Apr '19 ---- 9012 9214 4 9012 9112 9112 9112 9112 91 91 Mar'l9 91 9012 91 10114 -- 10138 Apr '19 -- 10012 102 10114 _ --- 10114 5 10038 10112 10114 2 8112 82 82 82 _ _ 82 97 99 Jul3'18 -9612 Apr '19 ---. 9612 9712 97 101 97 97% 9734 Dec '18 --_ _ 96% Apr '19 -- 9634 96% 97 107 108 10634 Apr '19 -- 10634 108 10212 Deo '18 ---1065s Mar'19 10638 i665-13 100-8 June , 18 -7878 Dec '18 ----66" 69 Apr '19 --- 63 "ii3-4 Railroad. 547.3 64 131995 Q J 5478 Sale 5478 Ann Arbor 1st g 4s Atchison Topeka & Santa Fe8234 29 AO 825 Sale 825 5 7934 1995 A 0 7934 8014 7934 Registered 7512 76 7514 Apr '19 ---111995 Nov Adjustment gold 4s ne's Ju 7313 86 111995 Nov *---Registered 7638 5 h1995 M N 7518 Sale 7514 Stamped 1 74 1955 .1 D 74 Sale 74 Cony gold 4s 9612 17 9614 97 1960.8 D 93 Cony 4s issue of 1910 East Okla Div 1st g 4s_ _1928 M S 901g 9014 9018 Apr '19 -74 Apr '19 ---Rocky Mtn Div 1st 4s_1965 J J 7018 75 7712 Apr '19 ---Trans Con Short L 1st 4s_19581J J 75% 79 85 85 Apr '19 -83 Cal-Aria 1st & ref 4 34s"A"1962 M S Fe Pres & Ph 1st g 59-.1912 MS 9418 9534 9934 July'17,--5 81141 AU Coast L 1st gold 4s....111952 MS 8038 8312 8114 8212 10 1064 J D 8212 Sale 8212 Gen unified 434s Ala Mid 1st gu gold 5s_ _1928 MN 9712 10612 9714 Apr '19,-Bruns & W 1st gu gold 40_1938 J J 8218 89 , 78 Oct '18i.--Charles & Say 1st gold 78.1936 .1 J 11212 ___ 1 12978 Aug '15!---32 76 Sale 745 ' 01952 MN 76 L & N coil gold 4s 1934 AO 10814 -_-- 10714 Apr '19 -Say F & NV 1st gold 5s _ _ _ . 9612 105 July'15 1934 AO 1st gold 53 89i8 22 1925 J J 8918 Sale 8812 Bait & Ohio prior 334s 87 Feb '19 7 111925 Q J Registered 46 7818 /11948 AO 7714 Sale 7512 let 50-year gold 4s 7538 924 Mar 17 1;1948 Q J Registered. 222 78 7778 Sale 77 1933 19-yr cony 434s 7912 70 Refund .18 gen 1511 Series A_1995 JD 7913 Sale 7712 _ 112 Jan '12 Pitts June 1st gold 6s___1922 J .1 983 P June & M Div 1st g 3%a 1925 M N 8478 861s 847s Apr '19 7278 10 P LE& W Va Sys ref 4s.._1941 M N 7278 Sale 7234 22 84 Southw Div 1st gold 310_1925 J J 84 Sale 8314 89% Mar'19 8712 S M 4%8..1930 Cent Ohio R 1st c g Ci Lor & W con 1st g 5s_ _1933 A 0 951 ---- 9512 Apr '19 ---- 10114 Nov '16 Monon River 1st gu g 55..1919 F A Ohio River RR 1st g 5s_..1936 J D 9713__,, 96 Jan '19 9118 Mar'19 1937 A 0 90 General gold 5s Pitts Clev & Tot 1st g 68_1922 A 0 9912 ---- 99% Mar'18 641s 6212 6412 64% Tol & Cm div 1st ref 4s A_1959 J 99 Mar'19 1937 M S 98 107 Buffalo R & P gen g 5s 1957 M N 871a...._,. 9912 Oct '17 Consol 4%s 97 Nov'18 All & West 1st g 4s gu--1998 A 0 75 10314 Feb '16 _Clear & Mah 1st gu g 5s_ _1943 J J 8813 Roch & Pitts 1st gold 88..1921 F A 101 _ _ _ _ 100% Apr '19 _--1922 J D 10114 10212 10112 Apr '19 ---Consol 1st g Os 91% - 4 Canada Sou cons gu A 58-1962 A 0 918 Sale 9134 Car Clinch & Ohio 1st 30-yr 5s'38 .1 D 7512 8018 80 Mar'19 Central of Ga 1st gold 5s___p1945 F A 997____ 100 Mar'19 Consol gold 5s 1945 MN 92 9278 9212 May'19 7514 Mar'19 Chatt Div put money g 4s 1951 J D 73% 80 Mac & Nor Div 1st g 58_1946 J J 89 ____ 90 May'18 1947 .1 .1 907g..,..._ 975 June'17 Mid Oa & Ati Div 5s 9134 Jan '19 1946 J J 92 Mobile Div 1st g 5s _ _ 887s Apr '19 N 89 Cen t RR & B of Ga coil g 55_1937 5 10212 1987 J .1 102 10258 102 Centof N J gen gold 56 h1987 Q J 10038 102 101 Apr '19 Registered 99% 1 99% 100 Am Dock & Imp gu 58 A921 J J 991400 100 Apr '18 Leh & flud Riv gen gu 55..1920 J .1 10012 Jan '13 N Y & Long Br gen g 4s_1941 M S 8878 65 Jan '19 68 Cent Vermont 1st gu g 413_81920 Q F 55 9114 Apr '19 95 J 92 Chess & 0 fund & Impt 58_1929 7 9878 9812 99 1939 MN 98 1st consol gold 58 9818 10412 Jan '17 1939 MN Registered 5478 58 8033 8512 7934 82 7418 8034 -- - 7913 74 77 74 9358 9612 9018 9218 74 74 7712 81 85 85 --8018 8512 88 82 9612 9714 737 7312 10714 87 75 1078 8914 87 8213 -i67718 8213 73 8312 7178 83 8934 9512 8614 78 8614 89% 9512 96 90 96 9118 0312 "di" 99 99 _ 1003 100'8 101 10112 9578 88 80 82 100 10012 89 94% 7514 7514 49154 -417389 86 102 105 101 10114 99% 99 65 85 89 9318 9714 9912 Price Friday May 9 BONDS N. Y. STOCK EXCHANGE Week Ending May 9 'I 2 I Range Since Jan. 1. High No.I Low High Ask Low Bid Chesapeake & Ohio (con)8312 8018 21 77 1992 M S 801s Sale 80 General gold 434s S 73 ___ 8634 Mar'll F M A Registered 81 803 Sale 813 4 63 8 4 773 8112 20-year convertible 4 483 8414 90 Sale 89 90 30-year cony secured 58_1946 A 0 89 75 Nov'18 1944 J D 7812 Big Sandy 1st 4s 10 8234 8234 823 8234 Sale 82% Coal River Ry 1st gu 45..1945 J 1940 J .1 82% ____ 9614 Feb '16 Craig Valley 1st g 58 6638.... 8434 Jan '13 ---1946 J Potts Creek Br 1st 45 7878 76 Apr '19 -. 75 70 R & A Div 1st con g 45_ 1989 J J 76 6938 ....-- 71 Oct '17 -21) consol gold 45 8812 Sept'16 -___ 7414 j N N1 j 9 0 b 9 94 1 4s_1 g gu 1st Ry Greenbrier Warm Springs V 1st g 58_ _1941 M S 8112 ___ 113 Feb '15 --E6- 53 Chic & Alton RR ref g 3s_ 1949 A 0 5214 5258 5212 Apr '19 ---- 3713 19 3534 40 3712 Sale 37 Raliway 1st lien 334s 1959 1 j Chicago Burlington & Quincy9938 Apr '10 ---- 9914 99% 1922 F A 993g Denver Div 48 7412 71 75 Apr '19 ---- 731g 7634 1 J ) 949 1, Illinois Div 334s 1 8212 85% 8412 84 8412 85 Illinois Div 48 9958 Apr '19 ---- 99% 99% Iowa Div sinking fund 59-1919 A 0 90% 100 1919 A 0 9918 9914 99% Apr '191 ---- 99 9934 Sinking fund 4s Joint bonds. See Great North. 92% Apr '19 92% 9334 1927 M N 9212 93 Nebraska Extension 4s 1927 M N 8818 93% 91 mar'18 Registered 8114 Sale 8078 2 8138 36 80 -8311958 m General 4s 28 Mar'19 30 29 25 Chic & E Ill ret & imp 48 g_1955 J J 27 2618 2812 25 Mar'19 25 22 U S Mtg & Tr Co ctfs of dep_ _ 10313 104 N 100 102% 104 Feb '19 1 -O 4 :4.: 937 1, let consol gold 6s 71% 8412 73 Feb '18 75 75 General consol 1st 58 7014 Apr '19 7138 7014 7618 US Mtg & Tr Co ctfs of dep_ 7512 75 Nov'18 73 - ---Guar Tr Co ctfs of dep _____ 973 Feb '13 ---- ---Purch money 1st coal 58.._1942 19313 J J ---- 2173 32 Mar'17 Chic & Ind C Ity 1st 5a 6112 44 -E6 - 0212 Chicago Great West 1st 4s_ _1959 M S 6112 Sale 61 1 10018 10018 103 Chic Ind & Loulsv-Ref 6s.1947 J J 10018 Sale 100% 10012 Apr '17 -- 1947 J J 85 _ Refunding gold 5s 6812 _ 8412 Apr '17 1917 J J Refunding 4s Series C 8018 6018 Ind & Louisv 1st gu 4s_ _1956 J J *5614 ---- 6018 Apr '19 4 7834 81 81 Chic Ind & Sou 50-yr 4s 1956 J J 80 Sale 80 973 Dec '16 Chic L S & East 1st 434s..._1969 J D 82 Chicago Milwaukee & St Paul12 72 _ 7214 74 74 ; 761 Gen'l gold 4s Series A....81989 J 92% Feb '16 81989 Q J Registered 8234 13 8112 84 8213 84 83 Permanent 4s 7034 Sale 6912 30 6612 7414 71 A 928 j 1014 Gen de ref Set A 4 As-_a2 Sale 78 18 77 78 8172 Gen ref cony Ser 13 5s___a2014 F A 78 66 66 Nov'18 -J 61 Gen'l gold 334s Set B____81989 J 8012 Apr '19 -- 80 8452 General 4%a Series C.._ _81989 J J 8118 84 721s 7212 Apr '19 ---- 70 73% J 71 1934 25-year debenture 45 7712 61 75 7714 Sale 77 817a Convertible 4 9812 9758 Dee 181---j D 90 21 JJ 1932 Chic & L Sup Div g 5s_ _ _1 92 Oct '18;-1926 J J ---- 100 Chic & Mo Rh, Div 5s 9912 9758 9758i 11 1921 J J 98 Chic & P W 1st g 5s CM & Puget Sd lat gu 418_1949 J J 7118 7972 70 Apr '19 -- 6812 70 1 0932 9978 99% Dubuque Div 1st s f 6s_ _1920 J J 9912 99% 9933 9934 104 100 4 100 100 100 I Fargo & Sou assum g 611-192 1 JJJ 4 19 98 100 9958 Feb '191-- 99 9o32 a L Crosse & D 1st 5s 96% 101 9634 Apr '19 ---- 9634 9812 Wis & Minn Div g 55 99 1920 J J 97 ___ 99 Jan '19 -- 99 NVis Valley Div 1st 65 Mllw & Nor 1st ext 43.48_1934 J D 89 ____ 8834 Mar'19 -- 8834 88% 9014 9012 Dec '18 -- _Cons extended 4%s_ - _1934 J D 85 A 89 ___ _ 89 Apr '19 ---- 89 NI N 89 7F 26 198 Chic & Nor West Ex 45 1886-1 95 Dec '18 -- -1886-1926 F A 8818 92 Registered 71 7412 7012 May'19 -- 70 71 General gold 334s 7012 Apr '19 ---- 69 7012 p1987 Q Registered 82 82% 81 1987 M N $113 837s 82 General 4s 82 81 81% Oct '18 -- ---Stamped 45 9912 100 31 9818 101 1987 General 5s stamped M1 M N 9934 100 •8 9 A 0 102 104 10158 Apr '19 -- 101% 10138 922, 919 , 87 187 Sinking fund 6s -'16 %lir 10912 siiiRegistered58 9734 9614 Apr '19 ---- 9618 9612 1879-1929 A 0 96 96 ____ 96 Nov'18 Registered 10 98 98 9734 9812 93 98 Debenture 5s 97 98 Mar'19 -- 97 93 98 Registered 9512 9434 0612 9612 9612 '19 Feb ---Sinking fund deb 5s 1879-11 2223 9993 , 1 000 AAA N 911 M 8 913 94% 97 Nov'18 -Registered 10112 Oct '16 ---Des Plaines Val 1st gu 4%5 43 '37 19 S 8018 M N •ItI 8 166106% Apr '19 ---- ia61From Elk & Mo V 1st 68_1933 A 0 10634 61 88 Jan '17 ---Man GB & N NV 1st 3345_1941 J J Mllw & S L 1st gu 330- 1941 J J 10034 Apr '19 in637, 1-.1563-4 Mil L S & West 1st g 13s 1921 M 99 98 Apr '19 ---- 98 Ext & Imp s f gold 5s_ 1929 F A 104 Apr '19 ---- 104 104 Ashland Div 1st g 65_1925 51 S 104 101 1 104 104 J 104 10614 104 Mich Div 1st gold 68_1924 8014 84 7814 Feb '19 78 7814 Mil Spar & N W 1st gu 45_1947 M 9438 9534 93 Apr '19 03 98 St L Peo & N W 1st gu 58 1948 J Chicago Itock Isi & Pac7534 Sale 75% 75% 10 7538 7912 Railway general gold 48.-1 88 988 1, 713 May'I 3 Registered 7612 7412 111 70 sj -ii12 7;1; 7278 A O rd j Refunding gold 7012 Mar'19 7012 7012 2 0-year debenture fis 72 ru 67 -66.; 69 69 69 III Ark & Louis4s9 1st 4;is-1 4 32 3 93 19 95 Apr '19 94% 96 Burl It & N lat g 5s._ _ _1931 A 0 9212 9714 97% CRIF&NW 1st gu 58 1921 A 0 92% 9812 9714 Feb '19 97 Mav 8 Cho Okla &()gen g 58_41919 J J 9858 _ 93 May'18 - _ Consol gold 5s 6912 68 May'19 7038 O 68 65 A N 2 jil 23 Kook & Des Moines 1st 5s 195 36 6612 71 70 St Paul & K C Sh L 1st 4348'41 F A 6912 70 69 s 10638 Sale 10638 106% 20 105 107 Ni D 1930 .1 Chic St P M &0 cons 6s D 8418 86% :58 Sept'18 Cons 65 reduced to 3Ms_1930 9212 93 9218 Apr '19 -if- -ifDebenture 5s North Wisconsin 1st Os.. 1930 J J 10414 ---- 118 Nov.16 997 100 St P & S City 1st g 6s..._ _1919 A 0 ---- -- 100 Fob '19 9218 95 May'18 Superior Short L 1st 55 g_c1930 M 58 58 6212 60 58 D J 58 1960 5s Chic T H & So East 1st 10212 10313 Chic & West Ind gen g Os. q1932 @ M 103% 104 t 03 Apr '19 20 61 Sale 61% 64 85 64 Consol 50-year 48 J 84 ____ 90 May'17 j 952• Cm II & D 2d gold 434s...1937 _ 88 Mar'll C Find & Ft W lst gu 4s g 1923 NI N Day dr Mich 1st cons 434s 1931 J J --- _- 79 Nov'18 6918 68 -66 721 Cloy Cin Ch dc St L gen 4s_ _1993 J D 6918 70 7812 80 79 79 80 76 20-year deb 434s 84% 8614 Aug '18 - - -General 53 Series B 785 Apr '19 7834 78% 99939 39 1 J D 1j 3• J 7314 79 .; Cairo Div 1st gold 48 8734 Feb '19 (1734 67% Cin W &M Div 1st g 4s 1991 J J 6612 80 74 Mar'19 7818 74 St L Div 1st coil tr g 45_ 1990 NI N 7258 80 7418 Jan '19 74% 74% M S 74% Spr & Col Div 1st g 7078 84 Nov'16 1940 J J W NV Val Div'1st g 4s 4 -664 -693C I St L & C consol 6s___ _1920 M N ---- 10018 99% May'19 87 Dec '17 6 Q F 8314 85 36 93 k 19 1st gold 4s 8812 MaY'15 Registered 93 937k 9312 Cin S & CI cons 1st g 5s_-1928 J J 93 ____ 9312 _ 10318 107 10318 Apr '19 CCC& I gen cons g 68_1934 J J 10312 94 July'08 Ind B & W 1st pref 4s____1940 A 0 7612 --_ d19:3S Q J 8238 _ 0 Ind & W 1st prof 5s 50 66 50 Peoria & East 1st cons 4s_1940 A 0 56 Sale 56 15 19 10 12 1712 Sale 19 Apr Income 89 86 9,11 A 0 80_ 86 Apr '19 19 4s99 1st gu 4 Wi-_1 Cleve Short L 8914 8712 71 87 Colorado & Sou 1st g 45____1,29 F A 8712 -Sale 87 73 7714 80 7978 Sale 7812 80 Refund & Ext 434s 09 9934 D 9858 99% 993 Apr '19 / N .1" 1; 1 Ft W & Den C 1st g 89 -Rivs lst g 4s...._It41 A 0 Conn & _Cuba RR 1st 50-year 5a g._1'42 J J __-- 9434 "ii" F61111 - Del Lack & Western74 73 73 72 73 Apr '19 D J 33,411_2000 go & Morris Ess 1st 10072 tows 1921.5 J 100% 101% 10078 Apr '19 N Y Lack & W let 6s 9554 101 1923 F A 9713 _ _ _ _ 9758 Mar'19 Construction Se 9312 9212 9312 Sale 9312 N 1W 9312 Term & Improvt 4s..._1923 Warren 1st ref gu g 33,411_2000 F A 6712 ---- 102'g Feb '08 I "A *No price Friday:latest this week. a Due Jan. d Due Aprir. s Due May. g Due June. 11 Due July. k Due Aug. o,Due Oct. Week's Range or Last Sale Due NOV. g Due Dec a Option sale. New York Bond Record-Continued-Page 2 MAY 10 1919.] BONDS N. Y. STOCK EXCHANGE Week ending May 9 r3.2 Price Friday May 9 Week's Range or Last Sale Range Since Jan, 1. Bid Ask Low High No. Low High Delaware & Hudson97 1922 J J 97 9734 97 1st lien equip g 455s 1 8958 9 8134 30 87 514 1913 51 N 8434, Sale 8414 let & ref 15 9334 8 9058 9534 1935 A 0 9331 SALO 02 20-year cony 55 7534 14 7334 77 75 194 A 0 7514 76 Alb & Susq cony 3558 Renss & Saratoga 1st 78_1921 M N 1023g 104 10234 Apr '19 ---- 10234 10234 Denver & Rio Grande71 95 6912 73 Sale 69 1936 .1 J 71 let cons g 4s 7278 73 1936 J J 7314 80 76 7 72 Consol gold 150 76 76 1928 J D 7614 80 4 76 791s Improvement gold 51 1955 F A 5112 Sale 48 5112 79 45 5714 let & refunding 5s 1939 J D 77 - - 8734 Nov'16--Rio or Juno 1st gu g 5s Si 6114 Apr '11 --- -- - - -1910 J J Rio Or Sou 1st gold 4s --- ----39 July'17 -- - --- -1940 J J ---Guaranteed 71 6372 7234 7112 68 71 Rio Or West 1st gold 4s 1939 J J 70 60 60 5 56 Mtge & coil trust 43 A-1949 A 0 60 Sale 57 78 82 Dec '16 -Det & Mack-1st lien g 43_1995 J D 65 78 7512 July'16 -- - - -- -1995 .1 D 59 Gold 45 Dot Riv Tun Ter Tun 150-1961 M N 8018 8112 80 May'19 ---- 80 8414 Dul Missabe & Nor gen 5s 1941 J J 9718 .- -- 9634 June'18--9258 Apr '19 -- -62; 5 -iiii Dui & Iron Range 1st 58.-1937 A 0 9258 100 ...-.. 1937 A 0 ....-- --- 10512 Registered Dui son shore dr Ati g 58 8418 Apr 1937 1 „I 8114 88 '19 Mar'08-83- 84-12 9312 -1 9313 9312 Elg Joliet & East 1st g 58-1941 I N 9312 ---- 9312 in 100 5 90,,8 10078 1920 M s 9818 10018 100 Erie 1st consul gold 7s N Y & Erie 1st ext g 4s.._ 1947 I N 8134 ..-- 7818 Oct '18 ..--1919 M 5 9914 991-4 9512 June'18 ---- ---- --2d ext gold 58 1923 M S 9118 ---- 9312 Jan '18 --- ---- 3rd ext gold 1353 1920 A 0 9638 ....-- 9912 July'17 ........ - - - - -4th ext gold 5s 9434, Nov'15 ---1928 J D 8218 --_ --5th ext gold 45 8 10038 July'18 -- -N le• L E & w' 1st g Id 78_1920 M S 9712 10016678 24 -(16-- -i(5,1-2 1996 J J 6614 6712 66 Erie 1st cons g 48 prior 81 Dec '16 , 1990 J J Registered 6818 12 5218 8.6-1-2 1st consol gen lien g 48_1995 J J -gi3- -66- 5312 1990 J J ---- ----73 June'16 -Registered ii82 - 5-ti 7734 Feb '19 -- -7i Penn coil trust gold 48_1951 F A 79 68 4618 49 43 50-year cony 45 Ser A 1953 A 0 48 Sale 47 Sale 4878 4818 4718 46 4812 679 1953 A 0 Series B do 51 60 4712 5258 Gen cony 4s Series D__ .1953 A 0 5012 Sale 50 951,3 90 May'19 ---- 90 93 19S2 M N 90 Chic & Erie list gold 53 ___. 10618 Jan '17 ---Cies,& Mahon Vall g 5s-1938 J J - 1(711- -iii12 9134---9978 98 Apr '19 Erie & Jersey 1st s f 68_ 1955 J J 9914 Genesee River 1st s f 68- _1957 J J 97 --_ 97 Apr '19 ---- 9578 101 108 Mar'19 ---108 103 107 109 1935 A 0 Long Dock consol g 6s __ _ Coal dc RR 1st cur gu 6s 1022 til N 9314 ---- 103 Jan '18 ---- ____ ____ _ ____ ---July'17 10212 8712 ---J J 1st ext 5s.__1913 Impt Dock & . i . i. . ic4. ____ ---'18 Jan N Y & Green I. gu g 55--1916 M N 87 -,-- 85 71 Apr '19 ---- 71 76 N Y Susq & W 1st ref 53_1937 J J 74 10014 Dee '06 -1937 F 2d gold 435s 8 60 June'18 ---- - - - - ----71910 F A---A ..-60 General gold 5s -Dec '18 ---- -----_ -Terminal 1st gold 58_1943 M N 8812 9814 97 _ 1910 A 0 86 ---- 108 Jan '17 ---- ____ Mid of N J list ext 5s ---- 64 Wilk & East list gu g 5s 1912 J D 6378 61 61 Apr '19 -'17 Jan 2312 ---J---68_1926 J gu g list cons Ev & Ind 6i id. ----- -Evanav & T 11 13t cons 68..1921 J .1 94 --- 96 Feb '19 ---____ ___ 1942 A 0 6618 ---- 8518 June'17 1st general gold 5s -...-Noy'll -108 --0 A 63_1923 Mt Vernon 1st gold ;4 95 June'12 Bull Co Branch 1st g 58_1930 A o ::::7 --1 -81- - -iiS'Florida E Coast 1st 4358-1959 J D 8258 83% 8218 Aug8218 '10 ....- ---_ _ -J92 _ Fort St U D Co 1st g 4)43_1941 J Oct '17 ---- __ _ _ _ Ft Worth & Rio Or 1st g 13_1928 J J 57 -.... 5612 Dee i5i ___ '18. °sly nous dc Hen 1st 5s--1933 A 0 7014 78 80 9538 96 9538 95,8 Great Nor C B & Q coil 4s.._1921 J J 05% Sale 9534 May'19- 9534 9534 51921 Q J_ 9512 Registered 1 85 8512 89 8512 89% il .3 J A____1961 Series ref let & 45s Registered1961 J J --------96 June'16 --- ---- --r 8912 Ap '18 --St Paul M & Man 4s 1933 3,8 io-i- 10812 Apr '19 ---- 1g1;. 168.1-2 J 11 J j 1933 j 1st consol g 6,3 1933 J J 102__.- 118 Apr '17 Registered 9518 5 -07- -Siti18 Reduced to gold 1548.1933 J _i 91 Sale 93 ...._-_-_ 1933.3 J 903s 99 10212 MaY'16. Registered Mar'19 87 8618 86 -86-18 -8-1-1-7-s Mont ext 1st gold 48-1937 J D 1937 .1 D 8318 ---- 9518 Mar'16 ---- -_-- -Registered 8512 Nov'15 ---Pacific ext guar 4s L.._ _ _1910 J J 77 ----- 80 Nov'18 --E Minn Nor Div 1st g 48-1948 A 0 7734 _ 10014 May'18 1922 J J 10012 Minn Union 1st g 63 2 166-ii 10834 10612 Apr '19 ---- 19611937 J J 10734 -_Mont 0 let gu g 611 : . May'013 . .... 2... --_13614 102 1937 J .1 Registered -fig - -110-18 1937 J .1 9818 9912 08 Apr '19 let quar gold Os 10934 Aug '16 Will & S F 1st gold 58-1938 J D 9618 7914 5114 FebFob '19 56 --8.1- -8.2Green Bay & W deb ctfs "A"_-__ Feb 9 638 1118 Sale 834 11 1118 --ii" Feb Debenture ctfs "B" Jan '19 -- 80 8218 Gulf & S list ref & t g 58_51952 J J 7112 761s 80 May'19 77 83 Hocking Val let cons g 450 1999 J J 7838 78.14 7714 June'18 ---7312 ---.1 1999 J Registered 1948 A 0 7658 --- 7334 Oct '18 Col & H V list ext g 4s -3-1- -i i4 1955 F A 7418 ---- 7614 Apr '19-- ' Col & Tol 1st ext 18 95 85 Dee '18 -Houston Belt & Term 1st 58_1937 J J 84 Mep art: 197 ..-.: 85 -..-- 87 s Illinois Central 1st gold 43-1951 .1 J --------92 1951 .1 J Registered 1951 j J 7218 ---- 7534 Oct '18 let gold 354s 1951 j J 7138 ....-- 84 Nov'15 -.Registered --A 0 7218 --- 80 June'17 3358_1951 Extended 1st gold 1951 A 0 *713s ---Registered Jy 65 -.- :::: - -- -_--1951 M S --------80 let gold 35 sterling Registered 8 Tr -a-i"-.7f- F017.16:::: 'if 52 1 M A o 198 trust gold 413 % Collateral 9534 Sept'12 -1952 A 0 Registered 1 -i14-12 -811; 79% 8018 1955 M N let refunding 1s "f76271-8 4i fil3"(; 4 7112 Apr '19 -- 7112 7212 1952 J Purchased lines 3Ws 1 73 7738 N M NI 3 19 48_95 5 gold L N 0& Texas 78 Apr '19 --- .7_128_ _7 781 01 :-75 -1_2 71% . 12! Registered Cairo Bridge gold 48_1950 J D 7814 ---- 78 Nov'18 --Litchfield Div 1st gold 38_1951 J 2 60 ---- 79 Feb '14-.......---7312 Nov'18 I.oIllsv Div & Term g 355s 1053 J J 72 __1953 J -1 --------83 Aug '12 -Registered 1921 F A 9718 ---- 102 June'18 Middle Div reg Os Omaha Div 1st gold 38_1951 F A 61 _--- 5814 Sept'18 -65 82 Oct '18 --St Louis Div & Term);38_1951 J J 61 1951 J .1 707s 7212 6518 Oct '18 Gold 3558 1951 ,Ir J 6158- 80 June'16.----Registered Spring( Div let g 3543.-1951 J J 6712 811-2 80% Nov'18 7934 7912 .--! -io-38 - -i61-2 1951 le A '67 Western Lines 1st g 4s 1951 F A -------- 92 Nov'10 -- ---- - --Registered 9512 -..-D 11712 J 1923 May'10 --1st 65 Car & Bellev 73 - -- -ii Carb & Shaw 1st gold 45_1932 M 13 73% ---- 73 Mar'19 ____ -' Chic St L & KO gold 58-1951 J D 95% --- 9834 Apr '19 ---- 9418 9934 -95% -J D Feb '19 --1951 _9_528_ . 9513 Registered 1951 J D 6658 ---- 6512 July'18 -Gold 3548 _ _, _ 1951 J D Registered c -or -or ---a -if - -95 Joint 1st ref 58 Series A.1963 J D -91 EL-I.34 ...i7934 . Memph Div 1st g 48-.1951 J D 73 --,..- 7018 Oct '18 -- ..,.7:6 65 Nov'17 ---1051 J It -,- 78 Registered St Louis Sou 1st gu g 48-1931 M S 81 -__ 7934 Jan '19 ---1950 .1 J 8018 -___ 8014 Feb '19 ---- 8014 82 Ind III & Iowa 1st g 48 5 96 93 Apr '19 --- 93 96 Int & Great Nor 1st g 6s____1919 M N 93 James Frank & Clear 1st 48_1959 J D 8034 90 82 Feb '19 ---- 82 82 6438 Kamm City Sou 1st gold 38_1050 A J 601 62 6012 Apr '19 ---- 60 _,_ Oct '09 1950 A Registered55--8512 J 8834 8812 14 -81% -8612 Ref dc Impt Apr 1950 J 0--------78Sale 80 7712 81 80 76 80 Kamm City Term 1st 4s. _1960J J 79 88 Apr '19 --- 88 90 Lake Erie & Mat let g 58_1937 J J 85 89 8034 Feb'17_ 1941 J J -.. 74 28 gold 58 95 8038 Oct '18 -North Ohio let guar g 5s 1915 A 0 4 _ _ _ _ 89 Apr '19 ____ -86- -61Leh Val N Y let gu g 430_1940 J J oF - 89 Oct '17 Registered 1040 J .1 8218 Lehigh Val (Pa) cons g 431_2003 M N 817A8 iiili 8018 Apr '19 -- -iEli 76-1; 90 2003 M N 8334 10114 85 Apr '19 _- 85 General eons 44e i . i. BONDS N. Y. STOCK EXCHANGE Week ending May 9 ,t-, a ...V2 , 1919 Price Friday May 9 Week's Range or Lass Sale 1 Jan. 1. ----- Bid Ask Low High No; Low High Leh V Term Ry 1st gu g 5s__1941 A 0 1(1(1 ____ 10014 Feb '19 ---. 9818 10214 _ 113 Mar'17 Registered 1941 A o 1E3; M.58 10214 Leh Val RR 10-yr coil 6s_n1928 10258 51 iiiii8 lois; 9714 Mar'19 _-_- 9714 9714 Lela Val Coal Co 1st gu g 58_1933 i- -..1 991 101 1933 j J ---- -105_ Registered Oct '13 1st lot reduced to 48 1933 J J 7914 ---- ---____. ____ _Leh & N Y 1st guar g 4s 1945 M S 7612 --_- 70 July-'18 Registered 1945 M 5 ( --1.18 -6/12 -68-1; Ap-i•-i5 :::: -663-4 -6gli Long Isid list cons gold 58_51931 Q J -5 1st consol gold 48 51931 Q J 87 98 9914 June'16 -- ___ _ General gold 43 1938 J D 79 Sale 7814 79 14 7814 80 Ferry G 0Id4ggold 443.sm 1922 S 901s 9612 Ms Mar'19 __-- 8612 8612 s 1932 J 0 75 ____ 9914 Oct '06 Unified gold 4s 1949 M S 7418 79 7514 7514 1 7514 76-14 Debenture gold 55 1931 J D 81 ___ 84 Apr '19 ----: 76 84 1937 m N 71 7,177; 7612 Mar'19 _-_-f 75 20-year pm deb 58 7712 7'612 5 75 Guar refunding gold 43_1949 mi 5 761 Sale 7618 7612 Registered. 1949 m S ---- ----95 Jan '11 ---- __ _ __ N 'V B&MB 1st cong 518_1935 A 0 94 ---- 94 Jan '19 --- 91 94 NY & R 13 1st gold 5s 1927 M S 92 93 92 Apr '19 ---- 92 92 Nor Sh B 1st con g gu 5s_e1932 Q 9 90 9318 9038 Apr '19 -- 9038 91 Louisiana & Ark 1st g 58 1927 M S 85 88 86 Apr '19 _--- 86 8814 Louisville & Nashv gen 68_1930 J D ---- ----108 Feb '19 _-_- 108 108 Gold 58 1937 as N 9714 ___ 9714 Apr '19 -.715 9 87 312 4 10 80 812 Unified gold 4s 1910 J i 3 -Eal 85 Registered 1910 J J ---- ---__ 9834 Jan '17 --_-___ _ Collateral trust gold 55_1931 M N 9314 9712 9718 Apr '19 ---- 9718 100 I. Cin & Lex gold 4543_1931 M N 9218 95 93,8 Feb '19 ____ 9318 9334 N 0 & M 1st gold (Is 1930 J J 103 10712 104 Apr '19 ---- 10312 10512 28 gold 6s 1930 J J 9612 -- -- 100 Jan '19 ---- 100 100 Paducah & Mein Div 4s 1946 F A 7834 84 7912 Jan '19 --- 7912 7912 St Louts Div 1st gold 63_1921 m 5 9934 ---- 100 Apr '19 --- 100 10014 2d gold 3s 1980 as S 55'2 58 5512 Apr '19 ___- 5512 57 All Knox & Cin Div 4s 1955 as N 79 ___ 78 78 15 7518 '79 All Knox & Nor list g 5s_1946 J D 9738 10018 95 Nov'18 -_--- ---- ---Hender Bdge 1st 8 f g 68_1931 M 5 1017s _-__ 10312 Sept'18 --- - - -- -- -8012 Kentucky Central gold 43_1987 9 J 80 ____ 7979 12 75 Lox & East 1st 50-yr 5s gu 1965 A 0 9434 __ 9412 9412 1 9212 9514 L & N & M & M 1st g 455s 1945 M 5 8518 _-__ 8712 Apr 19.... 8552 8712 I. & N-South M jolnt 43_1952 J .1 711 73 73 Apr '19 ---- 71 '73 Registered 51952 Q J ---- ----95 Feb '05 --__ ---- ---N Fla & 5 1st gu g 5s____1937 F A 9214 98 95 Aug '18 ---- ---- ---N & C Bdge gen gu g 1543_1915 J J 8338 _ _ 9778 May'16,___Pensac & All 1st gu g 6s__1921 F A ___ 101-38 10132 Jan '19:.,... 10114 10132 S & N Ala cons gu g 5s_ _1936 F A 963 ;____ 9638 Mar'19:---- 9638 9638 Gen cons gu 50-year 58-1963 A 0 92 ____ 92% Apr '191---- 9278 93 I. & Jeff Bilge Co gu g 18___1915 M 5 70% ____ 60 July'18:---Manila RR-Sou lines 4s___1936 M N --- --_- ---_-I____ ---- -Mex Internet 1st cons g 48__1977 M 5 -___ --- _ 0 77 Marl° --_- ---Stamped guaranteed 1977 M S -----_- ----75 Nov'10 --- ---- --Midland Term-lists f g 5s-1925 J 0 joy _ :_____ 9112 June'171---Minn St Louis 1st 7s 1927 J D 101 July'18 ---- -Pacific Ext 1st gold 6s__ 1921 A 0 96 ____ 9712 Apr '19 ___. -0-'ili -0-61st consol gold 51 1934 M N 7414 7638 76 Apr '19 -- 76 7814 1st & refunding gold 4s....1949 M 5 4412 45 4212 4412 3 4112 4718 Ref & ext 50-yr bs Ser A 1962 Q F _ 44 5018 Dec '18 ---- --_ __Des M & Ft D 1st gu 48..1935 J J ----- ----6012 Feb '15 --1 "iiii "Viiii Iowa Central 1st gold 5s 1938 .1 D 77 7612 7618 78 Refunding gold 4s 43 4618 40 42 46 4618 1951 M 5 45 MStP&S57.lcong4sintgu_1938 J .1 8434 8514 8412 8514, 3 8338 89 1st cons 5s 9618 ____ 9734 Feb '19 ....-- 9734 9'734 1938 _ 1st Chic Terms f 4s 1941 M -1•71 88 ---- 92 Jan '17,- _ _ MS S M & A 1st g 4s int gu_'26 J .1 9034 9214 9412 Jan '19 --- -941;-9412 Mississippi Central 1st 5s 95 Dee '16..... 1949 J J 8814 90 Missouri Kansas & Texas1st gold 48 86 May'19 66 1--62 69 1990 J D 65 2d gold 45 3218 3034 3034, 15 29 34 g1990 F A 31 ext gold 58 28 29 2_1999_4_4 M N 2018 -_ 29 Apr '19 list & refunding 4s Sale 45% 48 5 42 48 . 4 m S 4538 Trust Co certfs of dep __ 46 43 Feb '19 40 43 43 Gen sinking fund 4558_ 1936 I -3 28 30 3014 2934 13 2934 31 St Louis Div 1st ref g 43_2001 A 0 ____ 30 40 Nov'16 ---- -- -40 _ 5% secured notes "eat" '16 ---- ---Dall & Waco 1st gu g bs 1940 M _-N -------- -6911 Apr '17 ---Kan City & Pao 1st g 43-1990 F A 53 ---- 53 Apr '19 ____ -Ei- -gi50 Jan '19 ---- 50 Mo K & E 1st gu g 5s 55 1942 A 0 40 50 M K & Okla 1st guar 58_1942 M N 5758 77 70 Apr '19,.... 70 7112 5034 Mar'19---- 60% 51 59 M K & T of T 1st IN g 58 1912 M S 52 Sher Sh & So 1st gu g 53_1942 J D --- 65 51 Dec '16 ---- .-- --3018 Nov'18 -- ...... ____ Texas & Okla 1st gu g 53-1943 M S -- 50 Missouri•Pacifle (reorg Co)87 4 8334 8778 gale 85 1st & refunding 5s Ser A 1965 F A 87 9314 9134 May'19 -_- 9114 9476 list & refunding 58 Set Bo 1923 F A 92 90% 15 8818 92 G 1st snding 5s Ser 0_1926 F A 9012 Sale 8934 6278 249 5734 8312 1975 M S 6212 Sale 6114 4s 9934 Apr '19 ---- 9878 100 Missouri Pao 1st cons g 682_1920 M N 991 100 40-year gold loan 1r3 1945 M S ---- ----58 Oct '18,,--- ---- --3d 7s extended at 4% 1938 M .N 8718 ---- 82 Apr '171____ ____ ___ 100 Feb '13 ---- ..--- ____ Boonv St I. & 5 1st 53 gu_1951 F A 8 -871-8 9713 Dec 13 ---- - - - - - - - Cent Br U P 1st g 4s ____1948 J D -(73-382 2 8034 82 82 Pac R of Mo 1st ext g 4s 1938 F A 82 90 28 extended gold 58___1938 J J 8734 ---- 89 84 9 8 96 912 89 2 9 41 911 9412 May'19 _... .. ,. St L Ir M & S gen con g 58 1931 A 0 Gen con stamp gu g 58-.1931 A 0 --------102 2 . 18 -7812 -821. 82 8012 81 Uni gold 48 _1929 J J 81 80.8 Oct '17 -_ 1929 J J Ittelegist&erreedf .1; 7612 7712 17 -fifi -iili 3 -63Riv & G Div let R 4s___1933 M N -H1Verdi V I & W 1st g 58_1926 M 5 917s ____ 78 Sein'15 -Mob & Ohio new gold 68 1927 J 0 10214 103% 10214 Apr '19 _--- I-62.14 1-(1O-14 1st ext gold Os 51927 Q J 9518 ---- 95 May'18 ____ 71 Nov'18 -- -- -- -General gold 4s s Mtor, notguoismp erlyv D 37 8F M A S -ifs;:::: 8658 Apr '19 -- -665; -6151; Osiv 1st g 58_1 194 87 Apr '19 ---_ 8678 87 87 1927 J D 84 8112 1 Nis 8112 St L & Cairo guar g 43 1931 J J 8034 8158 8118 Nashv Chatt & St L 1st 58_1928 A 0 9814 9878 9834 Apr '19 ---- 9834 100 10 014 m Ma ar:19 7:LT Jasper Branch 1st g 68_1923 J J 10034 10414 15 Nat Rys of Max pr lien 4558_1957 J J -id - -iiGuaranteed general 4s 1977 A 0 ---- ---- 35 Aug '16 -_---- -Nat of Max prior lien 430_1926 J .1 ---- ---- 2961% Auge4183 ......_:-. ----1st consul 4s 953 1 A 0 J .1 -5ii -f6- 6718 Apr '19 ___ -ifici 'fiii'a New Orleans Term 1st 4s 1 95 8 94 9712 N 0 Tex & Mexico lett:Is-1925 J D 95 9514 95 Non-cum income 5s A 1935 A 0 5278 Sale 51 5278 110 50 5812 New York Central RR1935 M N 98 Sale 9734 Cony deb 6s 9814 274 97 9934 7614 4 7312 7814 Consol 4s Series A 1998 F A 76 ____ 76 8318 29 81 8518 Ref & imp 454s "A" 2013 A 0 8312 Sale 82 : New York Cent & Hod Riv. 1 . 4 _7.0 .. ..7 . . 3_ 1997 J J 7114 7134 779114 Mouretggiasgteere3r 1997 J J ____ 7234 6678 Aug '18 1(1 82 84 1931 M N 84 Sale 83 86 Debenture gold 48 Nov'18 ------------99 34 8M N 19 Registered g 3Ag F A -E16612 9 -(1414 2 -5-;le 6618 - -ii" Lake Shore coil 65'8 10 8212 67 Registered 1998 F A 65 6612 6518 6612 66 Apr '19 ---- 65 '70 Mich Cent coil gold 3558_1998 F A 65 75 Mar'17 __ ---- ---1998 F A 6418 '76 Registered : . 54 414:L ttelgei:rer& BaR ___ __ -edStur 1st gu 38_1989 J 13 8 -gfir4 Dec '18 Beech Creek 1st gu g 48_1936 19'36 .1 J 9534 Nov'16 _--- --- - -2d guar gold 5s J J -gra -_-_-_-_ 1C14. May'16 ---- ---- ------ ---- --- --- -_------ -- ---Registered j 6518 A O Beech Cr Ext 1st g 3458.51119 9933 5'6 11 'I _--- ---_-_ 1981 J 0 75,8 ---- -11i- Nov'16 ---- ---- -- -Cart & Ad 1st gu g 41) r4 D s 9 70634 __ .._ ...._. ____ ____ _ _ _. Golly & owe let gu g 58..1942 J 'Hi(milli ____ ___ ____ 1st gu g 48._1991 mohJuno & Mal 7078 __ 89% Feb '16 ____ ---- - --R. guar 1st 43_1986 F A NJ -N Y & Harlem g 3158....._2000 M N 75 ........ 80 May'17 ____ 9714 Feb '19 _-__ -971-8 -97i N Y & Northern let g 56_1923 A 0 9714 •No price Friday; latest bid and Raked this week. a Due Jan. b Due Feb. g Due June. 5 Due July. n Due Sept. o Due Oat, a Option Sale. Range §,4 "" 1920 [VoL. 108 New York Bond Record-Continued-Page 3 aii 7:3 BONDS N. Y. STOCK EXCHANGE Week ending May 9 Price Friday May 9 Week's Range 07 Last Sale 't3 Range Since Jan. 1. High No. Low High Ask Low Bo N Y Cent & El It RR (Con)NY Jc Pu 1st cons gu g 45_1993 A 0 7814 7914 7814 Apr'19- ' Pine Creek reg guar 6s___ _1932 J D 10378 ____ 113 May'15 --------------99 Apr '19 ---- ii66 R W &0 con lot ext 5s,_51922 A 0 9858 99 Rutland 1st con g 43is_1941 J J 77 __- 67 Jan '19 _--- 67 67 Og&LChatn1stgu4sg_1948 J J 62 _... 6118 Feb '19 _-- 6118 6118 67 Rut-Canada 1st gu g 48_1949 J J 5614 _--- 67 Feb '19 _--- 87 St Laser & Atilt' 181 g 5s-_1996 J .1 8473 ____ 101 Noy'lti _--- ____ _ _ _ 103 Nov'16 _--- _ 1996 A 0 88 213 gold 6s Utica dr 131k Rh,gu g 48_1922 J 1 9578 ____ 957s Apr '19 ---- 9534 95.78 7173 26 7112 73 1997 J D 713i Sale 7131 Lake Shore gold 330 7218 7333 Nov'18 -Registered 1997 1 D 2 8612 -id 8818 88 883 8 8812 JA S 1028 Debenture gold 48 5 86 89 8634 873 8634 1931 M N 87 25-year gold 4s .. 8378 Nov'17 _-- _ _ -..._ 1931 M N -------Registered Ka A &G It 1st gu a 53_ 19313 J .1 92 6--i1-2 De-olia - .-_ 1-. Q518 ---C'1 RR. let 55__ 1934 J J-----------Pitts & L Erie 2d g So,_a1928 A 0 95 .... _ 103 Natty'17 ---- - --- -Pitts McK & Y 1st gu Cs_ _1932 J J 10378 __ 13018 Jan '09 _-_- ---- -r, ....._ 1.9 (43 23 1:. .. _ _ 192931142 lqa1127 1934 .1 .3 -.. Id guaranteed 68 Aug 1931 M S Michigan Central 5s _ 9812 Nov'18 --1931 61 M Registered -_-_-_-_ 82 84 35! 8874 . 1940 J J 8258 :8 45 Feb '14 4 Registered 19 9 J J J L & S 1st gold 335:L-1951 M S 7014 _ ___ 90 June'08 ---7034 Apr '19 -- -7034 1952 al N 7112 73 1st gold 33is 6 82 85 84 20-year debenture 48...1920 A 0 8318 8414 8218 10 80 83 8012 81 N Y Chi dr St L lot g 4s _1937 A 0 8012 81 Registered 1937 A 0 77 _ _ _. 85 Noy'17 7412 7434 Apr '19 ---- -if- 75 Debenture 48 1931 M N 74 7 75 8112 78 Sato 764 West Shore 1st 48 guar_2361 .1 j 78 7834 2 74 76 2361 J J 76 Sale 76 Registered N Y C Lines eq tr 58...A919-22 M pi 9912 ____ 994 Feb '19 --- 9913 991 9834 July'17 -Equip trust 43-is__1919-1925 1 J ..- ..- 102 81334 Y Connect let gu 430 A.. _1953 F A 85 --- 84 Apr '19 --- 73 NYNH dr Hartford54 53 1947 M S 5318 --_ 53 Feb '19 Non-cony deben 48 5012 50 M s 5018 __ 50 Apr '19 Non-cony deben 4 50 5018 52 Non-cony deben 34t.1954 A 0 5018 Sale 5018 5678 53 Apr '19 -- 53 1955 J J 534 55 Non-cony debou 48 5912 5318 5578 5218 Apr '19 --- 52 1956 al N Non-cony deben 48 5178 May'19 --- 4912 52 5013 52 1956 J J Cony debenture 33is 28 80 88 1 Sale 81 1948 J J 812 Cony debenture 68 1930 F A ....- --- 50 Oet8'1172 ---Cons Ry non-cony 4s - ---1954 .1 j Non-cony deben 4s Jaunly:18 2 -- ---1955 1 .1 ----- ---- 9'" Non-cony deben 48 --------------------------- 60AO 1055 Non-cony deben 48 ----ei,. 1956 .5 J ---- 5018 ----------Non-cony deben 4s 18 ---_ -Harlem 1-3.-Pt Ches 1st 48_1954 M N 7414 __ 7334 - - --B & N Y Air I.Ine 1st 48..1955 F A 7234 _ _ 7912 Dec '17.af14 6012 Apr '19 -_ 6012 6218 Cent New Eng 1st gu 48_1061 J J 59 1930 MS Hartford St Sty let 48 ---Housatonic R eons g 58_1937 rvi N - V,:::: 1054 wil N 7014 ____ 87 July'14 --- --Naugatuck RR let 4s N Y Prov & Boston 4s 1942 A 0 815 .. _ 83 Aug '13 17 -4'67;53 45 NYW'ches&B 1st ser I 430'46 J .1 45 8-Sale 4414 Boston Terminal let 4s_....1939 A 0 --_. ---- ---- -------New England cons 58 1945 J i 9034 ________ -.7.-b pE' .19 7Se e1945 J J 7434 --- 40 F Consol 40 -_- 40 40 Providence Secur deb 48-1957 M N ....-- ---Prov & Springfield 1st 58_1922 J J 85 ____ 9978 Deo '13 ..Providence Term 1st 48-1956 M 9 69 --- 884 Feb '14 W dr Con East let 4;4e- _1943 J .1 12 -6-'114- -661i -665-8 ---5 -6E- -.16" N Y 0 dcW ref 1st g 4s_......31992 M s -669212 June'12 Registered $5,000 only_g1992 m s ----70 1955 .1 D 6412 ___ 60 Apr '18 General 48 2 6712 6912 6918 Norfolk Sou 15t dr ref A 58_1981 F A 6933 --__ 694 813s June'18 1941 M N 8758 95 Nor!at Sou 1st gold as 1 108 109 Nor!dr West gen gold 68_ _1931 M A 108 10912 109 Improvement & ext g es_ A934 F A 106'8,,,t'22 Nov'16 1932 A 0 10612 712 10718 Dec '18 New Rlver let gold 6s 1098's 8812 N & W Ry 1st cons g 48_1996 A 0 817s 8434 8158 Apr '19 __ 9312 Deo '16 ---1996 A 0 -Registered 3 797 82 81 Div'l let lion & gong 48_1944 J J -81 - -Sal; 81 8412 meab' y.4 19 7 ..-_-- 84 --- 8412 F 1032 J D 72 10-25-year cony 45 1932 N1 S 10-20-year cony 4s 10412 Apr '19 10412 10412 1938 S - 174M 10-25-year cony 4;49 . 1.6V-2 -giy,s 10512 10834 1929 10-year cony 68(w 1) 2 8314 86 8434 Pocah C & C joint 48.-1941 I -D 8434 Sale 8314 103 Sept'16 -C C dr T let guar gold 58_1922 .1 .4 9733 8 -.hi- 81 7712 Selo V & N E let gu g 48-1989 M N 7712 -Sale 77 Northern PaelIic prior lien rail8233 74 82 86 1997 Q J 8258 Sale 8218 way & land grant g 4s 82 82 1997 Q 1 8012 8212 82 Mar'19 Registered 5914 11 5818 617s 5812 a2017 Q F 587s 59 General lien gold 38 7 4 5714 5714 58 714 2 a 8 571 74 2 a2047 Q F 571 --- 8 Registered 8512 90 4-Bale 2047 J J 8612 Ref & Imp 43-is iser A 74 Aug '18 ..St Paul-Duluth Div g 4s 1996 J D 76 86 St P & N P gen gold 8s_....1923 F A 10212 10412 102 Apr '19 -- 102 102 Registered certifIcates_1923 Q A 10038 ____ 10334 5ept'17 -St Paul & Duluth 1st 58_1931 F F 9714 __ 97 Feb '19 _- 97 9834 1968 1 D 7618 85- 78 Dec '18 1st consol gold 48 3612 Dee '16 88 71 1948 Q M Wash Cent 1st gold 4s Nor Pao Term Co let g Stg 1933 .1 J 10734 10712 1073s Mar'19 __ _ 10714 10738 20 74.78 7978 78 Oregon-Wash let & ref 413._1961 J J 7712 7814 77 1 83 89 85 Pacific Coast Co 1st g 58-1946 J D 85 ___. 85 Paducah & Ills lets I 4348-1955 J J 8012 95 10018 Feb '17 -953 -15E3-s Pennsylvania RR let g 48-1923 M N 9514 .._ 953s Apr '19 9973 9978 1919 M S 9934 100 9978 Apr '10 Consol gold 5s 994 9914 1919 Q m 9914 9934 9914 Feb '19 Registered 9014 Nov'18 1983 hi N 8634 Consol gold 4s 8912 3 86 8618 1948 M N 86 Sale 86 Consol gold 4s 31 934 964 94 1960 F A 937it Sale 9312 Consol 43451 8714 34 8418 8978 1965.5 D 8713 Sale 8614 General 4jig 953s 94 94 9734 1968 .1 D 95313 Sale 951s General as Alleg Val gen guar g 48 1942 M 9 , 8438 ____ 8712 Nov'18 -D R RR & B'ge lstgu 4s g 1936 F A ' 8212 __ 8113 Sept'16 -PhIla Balt & W let g 414._1943 M N 854 -___ 8713 Jan '19 .._ 87's 87l 102 Jan '93 ----&dug Bay & Sou 1st g 515_1924 J J 9614 ___ ......_ .--Sunbury & Lewis lit g 48_1936 J J 8034 .. N J RR & Can gen 4e.,.1944 M S 864 635 ii Dee'if ...- .... .r.. Pennsylvania Co9712 Apr '19 9738 9812 1021 .I 1 19712 98 Guar let gold 4j,4s 964 9873 1021 J J 97 ___ 967s Apr '19 Registered 87 Feb '17 Guar 33.6s coil trust reg A-1937 M 5 7714 ___ -fi- 78 Guar 3348 coil trust ser B_1941 F A 7714 784 78 Jan '19 1942 J 0 77 ---- 8114 July'17 Guar 3348 trust Ws C 8634 Dee '16 1944 J D 7518 88 Guar 33.45 trust etfs D 85 Apr '19 -S-i34 85 Guar 15-25-year gold 4s 1931 A 0 8534 90 8514 87 40-year guar 48 Ohs Ser E_1952 M N 8018 ___ 8513 Feb '19 Cin Lob & Nor gu 48 g 1942 M N 8112 ___ 8134 Apr '19 8134 8134 9614 May'17 Cl dr Mar 1st gu g 4348.__1935 M N 8812 95 ---Cl dr P gen gu 43-4s ser A.1942 J J 9212 __- 9634 May'18 ---- - --1942 A 0 9213 ___ 104 Dec '15 Series B ---- ---Int reduced to 3)0_1942 A 0 ---- _-_- 9614 Feb '12 ----901s Oct '12 194814 N 7318 _ Series C 33is 8813 Feb '17 1950 F A 7318. Series D 3s Erie & Mbe gu g 33s B 1940 J 1 7712 -__ 88 Apr '17 904 July'12 1940 J J 7712 Series C Or R & I ex lst gu g 4346_1941 J J 8534____ 8418 Dec '18 8312 1043 M 5 851s ..-_ 8312 Apr '19 Ohio Connect lit go 451 Pitts Y Jc Ash 1st cons 80.1927 NI N 9738 ---- 93 May'10 9834 Apr '17 Tot W V & 0 gu 434s A...1931 J .1 8914 94 92 Dec '17 1933.5 J 8914 Series B Cis 884 Sept'17 1942 M S 79 Series C 48 9413 9412 944 9412 Jan '19 P 0 C dr St L gu 43is A 1940 A 0 91 9234 9134 1942 A 0 9058 9612 9234 Jan '19 Series B guar 99 June'17 1942 M N 9058 99 Series C guar 1945 M N 8918 9038, 9033 Sept'18 Series D 45 guar Series E 37,4s guar gold_1949 F A 8878-_I 9012 Sept'18 Mahon ......_ _ 10612 ra-a-srB ---- 1073. 10834 -ii6 -8312 BONDS N. Y. STOCK EXCHANGE Week endilig May 9 ia t .m 2'. Price Friday May 9 Range Since Jan. 1. High No, Low High Ask Low Illitt P. C. C. dr St. L (Con.)Series 1' guar Is gold ._.h953 J D 8918 ___ 91 Sept'lS ........1 89 Apr '19 ---- 8853 89 1957 M N 8918 93 Series G 4s guar 91 Series I cons gu 434s_ -1963 F A 9038 9212 91 Apr '19 ___, 91 C St L & P 1st cons g Se.. _h9:32 A 0 10078 10434 102 Jan '10 ...._ 102 102 00 June'17 Peoria & Pekin Un 1st ge g 1921 Q F 81921 M N ----------87 Marla .. _ ____ ____ 2d gold 4348 86 16 837s 8811 Pere Marquette 1st Ser A 58_1956 -- -- 86 Sale 8518 1st Series B 45 1956 -- -- 70 • 7218 7033 May'19 ---' 6814 7214 . 48 20 45 48 Philippine Ry 1st 30-yr 8 f 48 1937 J J 4733 4812 47 1940 A 0 9818 __ 99 Jan '18 -___1 _ .. _ _ Pitts Sh & L E 1st g as 1943 a J 9438 ____ 0714 Dec '17 __ _ _ _ __ 1st consol gold 5s 8334 5 824 8634 1997 .1 .1 8338 8334 8338 Reading Co gen gold 45 8913 8112 Mar'19 -_ .1 8112 8112 1997 1 J 82 Reglatered 8214 '4 8214 85 1951 A 0 8214 8412 8214 Jersey Central coil g 4s Atlantic City guar 48 g.,.,1951.. . 1 1 ---- ---- -- -- - - -I----I - - - - -- - 60 Mar'19::::, 60 60 St Joe & Grand Isl 1st g 48 1947 1 J 6012 68 St LOUIS & San Fran (reorg Co) 63331 1381 59 64 1950 J J 6314 Sale 63 Prior lien Ser A Is 3 76 Sale 76 7633' 48 7378 7933 Prior lien Ser B 58 1950J 70 I 71' 6212 71 Cum adjust Sar A 63____111955 A 0 6934 Sale 69 4912 194 4012 4914 4918 Sale 48 81960 Oct Income Series A 6s J 10318 106 1034 Apr '19 --__ 102 106 St Louis & San Fran gen 68-1931 J 9714 Apr '19___ 0612 98 08 1931 J J 94 General gold 5s St L & S E Itit cons g 43-1996 J J 70 ____ 78 May'16 ____ ___ __ __ .. _ _ Southw Div 1st g 5s 1947 A 0 --------90 May'17 __ K c Ft s dr m cone g 68_4928 IN N 10212 10314 102 May'19 ____ 10113 10314 6978 20 6118 7512 1 '11 69 K C Ft S & NI Ry ref g 4s..1936 A 0 89 2 89 89 K C & NI R & 13 let git 5s-1929 A 0 ---- ------ 89 74 6953 12 66 St L S W 1st g 4s bond cas 1989 NI N 6938 Sale 6712 2d g 48 income bond ctfs_p1989 3 3 ---- 6534 58 Apr '19 -1 5714 5812 60 Apr '19 ___ 5712 6134 1932 1 D 604 62 Consol gold 48 34 5838 62 61 Sale 5914 1st terminal & unifying 58_1952 1 .1 61 Gray's Pt Ter lot gu g 58_1947 J D 85 ____ 9812 Jan '14 6413 10 6418 68 1943 31 J 6438 6512 6412 13 A dr A Pass 1st go g 4s 72 70 5 70 1950 A 0 7012 7114 70 Seaboard Air Line g 48 1950 A 0 7018 7313 7218 Apr '19 ____I 7218 74 Gold 48 stamped 5012 51 47 01940 F A 50 Sale 4912 5314 Adjustment 58 57 4 57 60 1959 A 0 57 Sale 57 Refunding 48 76 Apr '19 ___I 74 80 Atl Blrm 30-yr 1st g 48__e1933 M 9 7313 77 76 Caro Cent 1st con g 4s......1949 1 J 7518 __ _ .. 76 Apr '10 __-..1 76 Fla Cent & Pen let ext 68_1923 J J 10014 10318 1004 Apr '19 __ .I.C1014 10034 101 Dee '15 let land grant ext g 58-1930 .1 .1 90 Jan '19- 90 90 1943 J J 9018 95 Consol gold 58 Ga & Ala Sty lot con 59....o1945 J .3 9034 ____ 9012 June'18 94 Ga Car & No 1st gu g 53_1929 J .1 9434 _ _ 944 Apr '19 ____I 94 9514 5 9514 9612 Seaboard & Roan 1st 58-1926 J .1 9114,___ 9514 Southern Pacific Coi 13 75 77 7534 76 Gold 48(Cent Pao coll)_k1949 3 D 7578 76 90 Feb '14 __I __ ___ k1949 3 0 ---- 76 Registered 844 273 8234 853s g1929 NI S 8312 Sale 8312 20-year cony 4s 20-year cony 58 1934 i D 1073.1 Sale 10714 1084 458 100 10834 8018 12 78 83 Cent Pas 1st ref go g 48_1949 F A 8C118 Sale 79 1949 F A ____ ___ 8712 Sept'16 Registered 8534 Mort guar gold 3348_k1929 J D 8314 8612 80 Apr '19.._ 80 81 80 Apr '19 __ '7512 80 Through St L let gu 4s-1954 A 0 79 G H.& S A M dr P lst 58193I M N 9134 101 100 Oct '18 __ _ _ _ .1 85 97 063 4 Jan '18 1931 J 2d exten 58 guar 95 Nov'18 -----------Gila y 0&N let go g 58_1924 M N 9112 102 95 9238 Mar'19 ___ 9238 9233 lions E & W T 1st g 58.-1933 M N 94 1933 M N 9258 ___ 100 Oct '16 1st guar 5s red 97 Mar'19 __ 07 9834 99 H & T C 1st g 5s int gu__ _1937 J J 97 1021 A 0 9318 9334 934 Apr '19-- 9318 9318 Gen gold 48 Int guar Waco & N W div let g 65'30 M N 94 10018 94 Mar'19 ___ 94 94 95 93 Nov'18 __ _.. _ _ 1941 J .5 91 A dr N W 1st gu g 58 Louisiana West 1st 68..._-1921 3 J 9918 ___ 10014 Oct '17 ____. __ Morgan's La &T 1st 68_ _1920 3 .1 97 102 100 Apr '18 ....- ....... -10218 Oct '18 ____ _ __ __ 1938 A 0 9414 No of Cal guar g 5s 9812 Ore & Cal 1st guar g 58_1927 J .1 9734 10112 9712 Apr '19_-- 96 1937 NI N 0658 _ _ _ 10712 Sept'16 _.. _ _ _._ So Pee of Cal-Cu g 5s So Pao Coast let gu 4813-1937 J i 9258 93 93 Jan '10 ____ 93 93 '77 783 4 Apr '10 ___ '77 8034 San Fran Terml 1st 48_1950 A 0 741 ___. _ __ 94 Nov'16 Tex dr N 0 con gold 58-1943 J J ---- ---8058 67 7912 8312 So Pao RR 1st ref 48 1955 3 J 80313 Sale 804 9338 38 1)212 965s Southern-let cons g 58-1994 J .1 935s Sale 9273 1994 J J ---- ___ 1004 Aug '16 ___ ___ Registered 69 69 14 66 6834 68 Develop & gen 48 Ser A--1956 A 0 68 66 10, 64 6758 1938 NI 5 6614 6753 66 Mob & Ohlo coil tr g 4s 9114 May'19 ____I 0012 9114 Mom Div let g 436s-5s-1996 .1 J 9118 92 71 2 7018 7412 St Louts div 1st g 48 1951 .1 3 72 ---- 71 Ala Gt Sou let cons A 581943 J 0 8834 -___ 93 Jan '19 ___1 93 93 &Atl Charl A List A 4301944 J J 8712 884 8712 Apr '19 __8712 88 2 9318 9718 94 9414 94 let 30-year 58 Ser B 1944 3 .1 04 74 1948 J .1 72 ___ 74 Apr '19 __ 74 Atl & Deny let g 48 __ ____ ___ Marl.° _---8112 J J 1948 2d 48 --Atii & yad lit g guar 48_1949 A 0 7014 ____ 75 Fob '17 ___ E T Va & Ga Div g 56_1930 3 J 9553 9918 97 Mar'19 __ 97 97 1956 M M 9318 100 96 Apr '10 ____ 0218 97 Cons 1st gold 513 1038 IVI S 9212 93 9514 Jan '19 __ 9514 9514 E Tenn reorg lieu g 50 52 57 52 Jan '19 __ 52 1946 A 0 56 Ga Midland let 38 2 1C1012 101 1922 3 J 10012 10034 10012 10012 Ga Pao Ry let g 68 Knoxv & Ohio let g 68.-1925 .1 .1 10112 10134 100 Oot '18 ___--9112 Oct '18 ....-:.Mob & Mr prior lien g 58_1945 J J 9114 97 1945 .4 J ---- 6812 88 Jan '18 __ ___ __ Mortgage gold 48 _ _. 95 Jan '18 Rich & Dan deb as stmpd_1927 A 0 9612 102 71 6912 71 Apr '19 ____ 71 Rich & Meek lit g 58-1948 M N 66 So Car & Ga 1st g as 1919 M N ---- -_-- 9912 Apr '19___ 99 100 Virginia Mid Ser D 4-56-1921 M 5 0518 ---- 10212 June'll ____ ._ --93 Apr '18 ____ -_ - _- _ 1920 M 9 93 100 Series E 55 ...... 1926 M IS 9214 ___ _ 1044 1)00 '16 ____ ....Series F 58 06 9512 96 Mar'19___ 96 9518 N 1936 M General 5e Va & So'w'n let gu 5E1_2003 J .1 8812 9412 8138 Sept'18 ____ -_ -7878 7018 Nov'18 __ _ -__. let cons 50-year as 1958 A 0 70 - - -. W 0& W let cy gu 4s.._ -1924 F A 8612 __ 937s Mar'17 ____ -' Spokane Internet let g 5s....1955 J J ---- ---- 754 Apr '19 ....- 7512. 7515 911g 85 ____ 89 9012 85 A or '19 0 A 430.1939 let g St L Tern' Assn of 1st cons gold 58 1894-1944 F A 9218 9413 9338 May'19 .___ 9338 98IE '77 72 Apr '19__ '72 1953 .1 J 7238 74 Gen refunds f g 48 St L M 13ridge Ter gu g 58_1930 A 0 9055 9413 9512 July'18 ___--. 9034 4'7 8712 92 Texas & Pao 1st gold 58_ _2000 J D 0014 Sale 8934 41 Oopt'18 __ ____ -.-0 1000 Mar ---- 00 2nd gold income 5e 1031 J J ,,7512 --- 86 May'18 ____ ...... ..-. La Div B L 1st g 5s 10612 Nov'04- -- --w min eg & N'sy ist go 581930 F A ---92 95 92 Apr '19 __ 92 Tol & Ohio Cent 1st go 5.._1935J J 92 90 87 Jan '19__ 87 87 1935 A 0 81 Western Div 1st g 5s 1935 J D ___- 7514 03 Oct '18..- --- ---. General gold 58 1 75 7511 7512 7512 1990 A 0 6838 80 Kan & M let gu g .15 91 1 88 Sale 88 88 1027 J J 88 2d 20-year 159 36 1917 J J --------36 Feb '19 __ 36 Tol P & W let gold 4a Vol St L & W pr lien g 3348_1925 J J 73 8313 7518 Feb '19 __ 754 751t 531 45 5318 5318 1 55 0 523 8 A 1950 50-year gold 48 1853 Mar'06 -_ ____ ---. 1917 F A --- 20 Coll trust 48 g Ser A 18 Aug '18 ___ ____ ..-Trust co ctfs of deposit _____ - _- --- 20 80 Apr '17 ____--. Tor Ham dt Buff let g 48_81946 J D 7012 87 Ulster dr Del let cons g 58_1928 .1 D --- 92 8914 Dec '18 _____--_ - - -. Sept'17 --_.. 70 58 0 A 1052 let refunding g 4s 8612 181 8512 897, 1947 J .1 8614 Sale 8614 Union Pacific let g 48 1947 3 J ---- 8412 8512 Oct '18 ____I _- - --. Registered 88 12 854 8911 1027 J J 8814 8812 874 20-year cony 4s 831: 8014 24 79 8018 80 02008 M 9 80 1st Ar refunding 48 25, 10234 106 10-year perm secured 68_1928 J J 10358 Sale 10314 104 86 82 8512 82 14! 7914 82 Ore RR & Nay con g 48_1946 J D 1015: Ore Short Line let g 68_1922 F A 10078 101 1007s 10078 13 1003s 3 0658 9871 9712 971 1946 .1 J 9712 98 1st consol g 58 841 88 874 1929 3 D 8638 Sale 8633 Guar refund 48 Utah &Nor gold 58.......1926 J J 0314 ___ 98 Dee '17 -----------. 83 887 8 89 Feb '18 -----------.1 19333 let extended 4s 1955 F A 7812-- 8012 Apr '19.._ 8012 801 Vandalia cons g 48 Ser A 1957 M N 784 _--- 804 June'18 _---- --Consols 48 Series B J 1834 35 35 Sept'17 --- - - - - --Var.(1,9,4 .4. P 1a0 ori 4t4. 1034 .1 •No price Friday; latest bid and asked. alDue Jan. blDue Feb. g Due June, 8 Due July. k Due Aug. 0 Due Oct. p Due Nov. Week's.Z,,' es! ci! Range or,..cea ! Last Sale I Due Dec. a OPtlaa sale. BONDS N. Y. S'eOCK EXCHANGE Week ending May 9 13.3 Price Friday May 9 Week's Range or Last Sale 1313 , Range Since Jan. 1. Hfah No. Low High Ask Low Bid 9112 Sale 9012 9112 15 8914 9412 Virginian 1st 53 series A....1962 16 9338 08 95 Sale 917.3 95 1939 Wabash 1st gold Ss 89 8512 10 83 A 8433 8734 8512 1939 2d gold bs '18 Aug 90 1939 Debenture series B 971s -__ 08 Nov'18 1921 let lien equip aid g 5s - ---65 ____ 65 Sept'18 1st lien 50-yr g term 4s..A954 8814 Feb '19 4 4 -881-gg190 Dot & CO Ext 1st g 54.-1941 7712 80 Aug '12 Des Moines Div 1st g 4s-1939 67 Feb '19 68 - -6•1 1941 A Om Div let g 31.45 74 65 ---- 74 Jan '19 74 Tol & Ch Div 1st g 4s... 1941 7512 75 Apr '19 77 75 75 5 F. A 1946 Wash Terml let gu 3As---1 82 '18 Aug 8214.... A 1s guar 40-yr 1st 14 57.8 62'4 60's 1952 A 0 60 Sale 60 West Maryland 1st g 4s 1 9078 100 9718 971s J J 9112 09 West N Y & Pa lst g 1943 AO ---- 8033 70 Dec '18 Gen gold Is _ 36 Oct '17 p1913 Nov Income be 3 8112 8612 83 83 -Sale 83 Western Pac 1st sex A Is._.1946 M 93 Oct '18 8 96 ---Wheeling & L E let g 5s____1926 AO 93, ---- 9512 100 Feb '17 ---- ---Wheel Div 1st gold Is_..1928 .1 9038 Mar'17 Exton & Impt gold 53_-_-1930 FA ----66 64 '19 Jan 59 61 MS 64 Refunding 41.4s series A __19136 5914 6512 6512 1949 MS 6512 6812 6512 RR 1st consol 4s 82 75 75 Feb '19 75 75 J Winston-Salem S B 1st 43_1960 .1 9, 7612 80 7819 Sale 77 J 7818 1949 J Wig Cent 50-yr 1st gen 4s 7314 78 75 Apr '19 7214 75 Sup & Dul dly & term let 45'36 MN Street Railway Brooklyn Rapid Tran g 53 1945 AO J 2002 J 1st refund cony gold 4s J 6-year secured notes Is -.1918 J J J opA1921 notes 7% sec 3-yr Ctfs 3-yr 7% secured notes__51921 J .1 Bk City 1st cons 5s_1916-1941 J J Bk Q Co & S con gu g 5'43-1911 MN Bklyn Q Co & 9 1st to__ -1941 J Bklyn Un El 1st g 4-58-1950 FA 1950 FA Stamped guar 4-55 Kings County E 1st g 4s-1949 FA 1949 FA Stamped guar 4s Nassau Eleo guar gold 49-1951 J J Chicago Rye tat Se1927 F A Conn fly & L let & ref g 43451951 .1 J J 1951 J Stamped guar 43is J Det United 1st cons g 41.45._1932 J M 1930 5s g 1st Tr & Lt Smith Ft 1957 FA Ilud & Manhat 53 ser A 1957 Adjust income Is 1932 FN Y & Jersey 1st Is Interboro-Metrop coil 4)43-1956 A 0 luterboro Rap Tran 1st 53-1968 _I .1 Manhat fly (N Y)cone g 18_1990 AO 1990 AO Stamped tax-exempt Manila Eleo Ry & Lt at 5s 195:3 M Metropolitan Street ItySway & 7th .av let o g 53_1943 J O Col & 9th AV let gu 33-1993 MS Lex Av & P F lat gu g 51-1993 M Met W S El (Chic) 1st g 43 1938 FA Nillw Bloc Sty & Lt cons g Is 1926 FA Refunding & exten 41.4s._1931 J J MInneap St let cons g Is...1919 J Montreal Tram 1st & ref 53-1911 J J New Orl fly & Lt gen 43.4s..1935 .1 N Y Munlcip Sly late f Is A 1966 J 1942 j j N Y Rya 1st II E & ref 4s a1912 AO 30-year adj inn Sc N Y State Rya 1st cons 43.4s 1962 MN Portland fly 1st & ref 6s____1930 MN Portld sty Lt & P 1st ref 5s_1942 F A Portland Gen Eleo let .53_1935 j j St Jos Ity L II & P 1st g 53_1937 M N J St Paul City Cab cons g 53_1937 J Third Ave 1st ref 13 1980 J Ad} income Lis a19130 AO Third Ave fly 1st it 53 1937 7 -I Tel-City Sty & Lt 1st a f bs 1923 A igndergr of London 440 1933 J J Income (3(3 1948 United Aye Inv Is Pitts iss 1920 MN J United Itys St L 1st g Ss__ 1934 J AO St Louis Transit gu United 11133 San Fr s f 4s....1927 AO Union Tr(N Y) ctfs dep...... _ Equit Tr (N Y) inter cite__ Va Ry & Pow lot & ref 59.._11)34 1- -.1 6 62 6312 6178 63 76 6312 43 44 3 4:3 53 43 45 9534 Dec '18 -9614 Aug '18 -;-gale 7834 -783 86 7938 37 75 92 Dec '12 - 80 May'13 -- - 101 May'13 7914 7712 2 72 74 -7'6'- 73)2 7712 Apr '19 76 74 7134 791s 68 Apr '19 68 ____ 66 57 (12 Jan '19 60 68 02 62 50 Apr '19 45 55 5134 50 3 7112 81 7314 72 72 73 8514 Mar'19 ____ 83 8514 88 8014 Oct '18 747 7615 7434 5 -.if - 8112 75 _ 81 Jan '14 (12 67 51 Sale 62 65 65 18 1814 150 14 Sale 1634 1814 90 90 91 90 9012 90 3333 561 277s 4334 3212 Sale 30 6734 Sale 65 74)2 6734 319 65 6512 Apr '19 681s 70 6512 7214 69 Apr '19 7.112 6914 72 09 78 ---- 77 Mar'19 77 77 7512 01 May'19 60 62 Apr '19 70 58 ---__ 7218 74 Jan '19 51 DO '18 10012 June'17 95 8412 8112 Deo '18 77 - 9834 Aug '17 9(312 97/3 July'17 82 7212 61 Apr '19 61 60 Feb '19 61 46 4212 10 4134 4212 4112 1212 116 12 Sale 12 53 Sale 53 53,2 14 8312 Nov'16 7514 79 6412 ---- 0212 Apr '19 9012 Fob '17 85 95 July'17 9912 10212 Mar'12 83 5334 57 8 Sale , 50 53, 93 30 2712 30 29 89 ____ 97 Dec 18 9314 9234 95's 9314 72 -- 76 Mar'18 6712 Apr '19 90 80 65 Dec 'Is 7014 75 8 5112 5073 Sale 5078 _....- 6912 50 June'17 2 ,138 3138 32 30 3034 35 2838 307s 3012 70 31 3078 Sale 3034 1 7473 74/8 7473 60 62 71 70 08 74 - - - 61 55 39 1012 53 6212 - --50 25 61 63 4118 1514 62 6312 -5412 3212 9314 97 6712 73 4312 "Els 22 22 22 7178 4 -E33312 3312 79 Gas and Electric Light Atlanta 0 L Co 1st g 58___ _1947 1.5 95 ---- 103 Sept'15 -95. 9314 9314 Apr '19 ---- 93 91. Bklyn On Gas 1st eons g 53_1945 11 N 91 Dec '18 -- Cincin Gas dr Bloc lst&ref 59 1958 A 0 8 82 8412 81) Columbia 0 & E 1st Is -(7f1; Sale 8412 1927 j 97 Feb '1.5 9:3 Columbus Clas let gold 5s 1972 j 87 337 101) 103 103 Consol Gas cony deb 60 1920 Q F 10212 Sale 10112 5 95'8 99 96'3 9013 Cons Gas EL&P of Balt 5-yr 58'21 3,1 N 9312 6 Ws 9638 Detroit City Gas gold 54......1923 .1 j 9012 -- 9512 90 Apr '19 -- 9512 9612 Detroit Edison 1st coil tr 58_1933 J J 90 97 9313 9312 1 03 94 1st & ref bs ser A 81940 MS 9312 94 91 Fob '13 Eq 0 L N Y let cone g 514_1932 81 S - ----___ - 100 Feb '13 Gas dc Elea Berg Co (3 g 54_ -1949 .1 1) 85 9218 Nov'17 Havana Elea consol g FA 8438 90 9014 -116.10014 Mar'19 Hudson Co Gas lot g 53._ _1949 MN 90 4 9212 May'19 9212 9212 94 Kan City(Mo) Gas 1st g 54_1922 A 90 '19 Fen 93 'J1 94 Kings Co El L & P g Sc 90 1937 A 0 1.00 105 Purchase money Os 1997 AO 101 103 10212 May'19 90 Convertible deb 6s 98 Apr '19 98 1025 SI (4 95 100 2 7978 8.1 8012 Ed El Ill 13kn 1st con g 4s_1030 J 8013 8012 8012 9934 Apr '19 Lao Gas Lot St I. 1st g 58_01919 Q F 9914 9934 1 93 94 97 Ref and est 1st g 53 1934 AO 91 9412 91 8714 88 Milwaukee Gas L 1st 43-1 8714 Apr '19 94 , 7 MN 28 8714 Newark Con Gas g Is J O 89 ____ 10112 An''17 -9112 -64 NYGELII &Pg 5s 9334 101s J 0338 9478 9334 3 69 Purchase money g 43 7414 72 72 1949 F A 69 73 08 100 Ed idea Ill 1st cons g 54....1995 J 99 Mar'19 9.514 98 NY&Q El L&P 1st con st 5e-1930 I, A 89 101 0612 Aug '17 -Pacific 0 & El Co-Cal 0 & IS6, 93 9518 Corp unifying & ref 3s_ 9313 1937 9338 Sale 9314 6 8518 83 Pacific G & It gen & ref 55-1942 80,8 8578 8512 80 Pao Pow & Lt 1st & ref 20-yr 82 88 1930 82 Apr '19 Is International Series 91 85 100 July,17 Pat & Paesalc G & El 53.-1949 104) 101 3 4:7 94 , 1 Peop Gas & 0 1st cons g 08-1 9912 100 100 Apr '19 7414 7712 Refunding gold 53 7.112 Apr '19 74 76 & Coke 1st gu g 5s 1937 82 96 Hopei? Ch 85 -• -Con 0 Cool Ch 1st go g 581936 100 AM''17 89 Mar'17 Ind Nat Gas A: Oil 30-yr 551936 - - _ 91 July'17 Mu Fuel Gas 1st gu g 5s...1947 1919 Philadelphia Co cony 5s.. 9914 Nov'15 11 -6 - -6 1922 94 91 Cony deben gold 5s Sale 9313 91 92 9612 9014 91313 Apr '19 Stand Gas & El cony s t f33_1926 Syracuse Lighting let g 50-1951 9712 Xlay'17 - - -- 70 Nov'18 Syracuse Light & Power to 1954 90 _ 9333 Oct '17 Trenton 0& El let g 5a..„-1919 -66 90 Mar'19 Onion Elec Lt & P 1st g 53-1932 92 _ Refunding & extension 513-1933 101313 Nov'18 1936 94 94 98 97 91 Apr '10 United Fuel Gas 1st a f Os 1944 8834 8918 8814 6 88 8912 89 Utah Power & Lt 1st 55 90 _ 101 June'17 Utica Bleu L & P lot g 53...1930 83 -176- -66 9212 90 Feb '11) Utica Gas & Else ref 5s__....1957 86 91) 92 90 1950 90 Feb '19 Westchester Ltg gold 54 L*No price Friday;latest bid and asked, a Due Jan 1921 New York Bond Record-Concluded-Page 4 MAY 10 1919.1 BONDS N. Y. STOCK EXCHANGE Week Ending May 9 Miscellaneous 1948 Si Adams Ex coll tr g 4s 1925 Alaska Gold 3.1 deb (is A Cony deb Is series B 1926 Am SS of W Va 1st Is 1920 Armour & Co 1st real est 43.4s '39 .1 19213 A Booth Fisheries deb a f 6s Braden Cop NI coil tr a f 66_1931 Bush Terminal let 4s 1952 A 1955 Consol Is Buildings Is guar tax ex_ 1960 A 1927 A Chic CA Conn Rye a I 5s Chic 17n Stat'n lot gu 434s A 1963 Chile Copper 10-yr cony 7s_1923 81 Recta (part paid) cony 6s ear A 1932 A Coll tr & cony (la ser A Computing-Tab-lice s f Os..1911 Glranby Cons M S & Peon Os A 28 1S1 1928 ill Stamped Great Falls Pow 1st s f 55.-1940 Int Mercan Marine s f 53_1941 1943 Montana Power 1st 5s A 1939 Morris & Co lets f 440 Mtge Bonds(N Y) 4s ser 2_1966 A 1932 10-20-year Ss series 3 1951 N Y Dock 50-yr 1st g 4s Niagara Falls Power let 5s 1932 fief & gen 6s a 1932 Nlag Lock & 0 Pow 1st 53_1951 NI Nor States Power 25-yr Is A 1941 Ontario Power N F 1st 5s_1913 Ontario Transmission 58.___1945 81 Pan-AmPet&Trlst conv6s '19-'27 Pub Serv Corp N J gen 5s_1959 Tennessee Cop let cony 63_1925 31 Wash Water Power 1st 59_1939 Wilson & Co 1st 25-yr at 63_1941 A Price Friday May 9 r. Week's Range or Last Sale Range Since Jan, 1. Ask Low High No, Low Bid 9 59 5912 5912 Sale 59 25 2714 Apr '19 2712 29 26 2638 Apr '19 2638 29 A 0 0 A 0 A Manufacturing & Industrial Am Agric Chem 1st a 55____1923 A A Cony deben Sc F Am Cot Oil debenture Ia 31 NI 1924 Am Hide & L lat s f g 6s 1919 Si Am Sm & R 1st 30-yr bs ser A'47 A Am Tobacco 40-year g Os...1941 A Gold 4s 1951 F J Am Writ Paper let a f 5s Trust Co ctfs of deposit...... Baldw Loco Works let 59_1940 SIN Cent Foundry 1st s f 53_ _1931 Cent Leather 20-year g 53_1925 A A Consol Tobacco g 45 51 81 93 19 Corn Prod Ref'g s f g 5a 1st 25-year a I 5s A Distil Sec Cor cony let g 53.1 934 M 1927 1938 E I du Pont Powder 4Sis General Baking 1st 25-yr 65_1936 J 1942 F A Gen Electric deb g 344s 1052 31 Debenture bs Ingersoll-Rand 1st Ic 1933 J Int Agric Corp 1st 20-yr 5s 1932 M Int Paper cony s f g Is 1st & ref f cony 5s ser A..1 5j 337 194 Liggett & Myers Tobac 78..1944 A.- -6 be 105 951 F S A Lorillard Co (P) 78 1944 A. A Is Mexican Petrol Ltd con Os A 1921 A let lien & ref 6s series C 1921 A Nat Enam & Stampg 1st 58_1929 J Nat Starch 20-year deb 53..1930 J National Tube 1st Is N Y Air Brake 1st cony 65..1 1942 M 28 IM Pierce Oil 6-year cony (1s..41920 J 10-year cony deb Gs 81924 J Sinclair Oil de Relininglet s f 7s 1920 warrants attach F A do without warrants attach F A Standard Milling lot 5s___1930 NI The Texas Co cony deb 53_1931 Union Bag & Paper let 5..1930J 1930 J Stamped Union 011 Co of Cal 1st 50_1931 J U S Realty & I cony deb g ba 1924 1923 J U S blubber 5-year see 7s 1947 1st & ref 5s series A U Smelt Ref & cony 6s.1920 F A Va-Caro Chem let 15-yr bs_1923 J 12 C deb 6s West Electric 1st 5s Deo_-_ 1onv f1992224JA High 65 35 35 2 86 8738 8834 8733 8712 88 _-_- 90 Feb '18 _ 2 -9213 -66" 94 9418 9412 94 9w8 81 81 Apr '19 7714 85 80 8533 8012 8514 8034 Apr '19 7912 80 7913 SI 80 Apr '19 40 50 58 Mar'18 85 85 "gg 8534 85 85 11812 59 10534 120 11714 Sale 117 90 9014 140 8212 9014 Sale 88 8912 Sale 873s 9012 224' 8112 9013 8334 Sale 8334 2 8234 8512 8334 412 1 98 8 07 , 612 Feb '19 98 9 9812 97 98 3 95 95 9314 9518 9318 ____ 9513 Apr '19 10012 Sale 99 102 701, 97 102 9214 Sale 9133 2 91 957g 9214 837g 8778 83 Fob '19 83 83 83 Apr '14 ---____ 94 June'16 7O7e 68 6318 71 9812 9 '19 10 9373 97 94 8 Apr96 8618 101 ____ 101 Mar'19 101 101 9014 93 8912 Oct '17 87 8914 8914 Apr '19 4 90 i1; -8 9112 9012 May'19 91 89 89 84 .1,11s-'17 95 140 ---- 14012 May'19 1111; 14612 80 7678 12 75 7612 767s 75 2 91 9212 Sale 92 92 92 93 9014 9234 90 Apr '19 90 10018 Sale 993s 1001s 991 9633 1001s 99 9, 98 101 9978 99 99 11012 15, 100 11212 110 115 11012 89 87 8818 Apr '19 ----I 88 8914 5 9934 10012 100 10012 100 100 35 8912 93 90 8912 8934 90 11912 119 5 119 11812 119 7212 78,2 79 75 7512 Apr •19 9912 0912 9978 9913 6 86 128 8 90 90 4 9'14 Sale 90 1 100 10112 93 100 10014 101 100 82 84 81 80 Apr '10 ____, 78 9634 Sale 9534 9014 53 9512 97 8012 7312 Dec '18 74 9913 10112 100 May'19 9912 101 10012 May'19 ----1 -9"i 15 12* 061; 91 0 2 9012 92 89 9212 100 9212 Mar'19 4 r9119 g 85 __-- 88 Feb '192912 8 983 3 8 , 21 938 1 7112 7312 7212 7278 7313 7212 15 f 714.2 962 I() 9996,8 Sa_I; _ ...6. 34 f3 99 _g 018 0_ v Nov 8234 (3 81, 8234 140 , 98 ..-_- 98 Apr '19 ---- 1 98 98 9012 Nov'18 92 88 1337 11278 Sale 11273 11314 21 93)8 5'90 1 1 94 9214 9318 93 1 10934 113 11212 11212 Sale 11212 94 91 92 91 92 !I_9_0_1! _ _ _---- 165 Nov'18 ---- 185 Jan '19 ...'182 185 96 96 Apr '19 ----..! 95 9014 97 9312 ___- 94 Aug '18-9714 99 97's May'19 ---, -94 -9912 10014 103 997s Apr '19 ____I 9858 1011s 71 10014 138 138 13734 Sale 127 11214 507, 8834 11214 111 Sale 107 152 9933 9313 10212 88 86 3 95 7 10334 89 10012 9534 10173 9734 131 15212 86 9813 15212 9914 9978 380 95 997s 95 93 95 Apr '19 41 10012 103 103 102 8934 Apr '19 ----1 85 8954 87 Dec '18 - --! _ Jan '19 3 38 37 75 9 0 9378 6 7., 78 3 74 lle 9 Sale Sale 1033s 11 10234 10434 10334 89 130 80 89 Sale 883g ____ 100 100 14 9734 100 90 9534 90 92 5114 10 L1110 1017s 814 Sale 10134 Sale. 9734 12i 97 9914 9818 Sale Sale 98 Sale 89 Coal, iron & Steel 9578 96181 9534 9618 18 9512 9634 Beth Steel 1st ext s I Sc 1926 6 87 8813 8312' 8773 8812 8978 1942 M 1st & rot bs guar A 8512 21, 80 86 8512 Sale 8514 20-yr p m & imp s f 5.9_ _1938 J 90 May'18 96 1932 J Butt & Susq Iron s f 5a Debenture 5s 011114 D 18 4 18 •1 ' eeY jul M 6J Cahttba C NI Co let gu 6s_a 922 192 _1 2 91 91 9118 Colo F & Co gen a f bs___1943 F 2 5, 7434. 7434 Sale, 7112 Col Indus 1st & coil be gu_1931 F A 90 87 9034 8713 Apr 19 --1 8 Cons Coal of Md lst&rci 5.1'350J 3C -9 5 7113 9S 8 ---- 98 Feb '19•____; -9 983 768 4 4i-5: Elk Horn Coal cony 65 0 Feb '18 9 15 Or thy Coal & C 1st g 53_81 192 934 867 8: 512 Sale96 74 1721 -0 95 8 - -0 ,488 8 717 8114 434 0 96 2 E13 8 : 8 Illinois Steel deb 4 M Indiana Steel let Is 90 MA 1 J 57 992 119 1 Jeff & Clear C & I 2d 5s_ 98 1 96 99 Lackawanna Steel 1st g be....1923 A 9112 92 9112 10 86 90 9112 1st cons bs series A 1950 M 8913, 94 80 8912 89's Sale 8814 Midvale Steel &0cony s f 5s193.3 31 I ___I - - -- -8012 __ Pleasant Val Coal late f 5s 1928 J 88 8812 8734 Apr '19,8734 88 Pocah Con Collier 1st a f 53_1957 J 3 Sale 95, 95, 3 9614' IF 9212 9514 Repub I & 8 10-30-yr 55 5 f.1940 A 83 80 8034 Mar'19,__--1 8034 8034 St L Rock Mt & P58 stmpd _1955 J 91 94 9133 92 92 Apr '19 Tenn Coal I & RR gen 53-1951 J 10014 Sale 10018 10038 114 9933 10112 CY 3 Steel Corp-jcoup-41903 M 8--------9973 Apr '19l.... 9913 10014 _-_ A1963 M 10-CO-year I Fuel 1st s Utah t8a111?' 1931 M t 5sreg 5'1 r4 70 70 Mar'19 ----1 70 70 55 Victor Fuel 1st a f 55 1953 .1 4 1 2 851s 87/ 3534 8513 851a 1 85 Va Iron Coal & Coke let g 5s 1919 14 Telegraph & Telephone Am Wel)& Tel coil tr 48.....1929 1936 Convertible 45 20-yr convertible 434s 1933 30-yr temp coil tr 5e 1946 7-year convertible as 1925 Cent Diet Tel let 30-yr bs 1943 Commercial Cable let g 413_2397 e397 Registered Cumb T de T let A gen 5a 1937 Keystone Telephone lot 5s 1933 Mich State Teleph 1st 5s 1924 N Y & NJ Telephone Is g 1920 N Y Telep Ist & gen s f 430.1939 Pacific Tel & Tel 1st Is_,_1937 South Bell Tel AT 1st sfleA941 West Union coil It cur 58_1938 Fund & real est g 4 %15- -1950 Slut Un Tel gu ext 55 1941 Northwest Tel gu 4 qa g 1934 8178 46 8334 8512 .1 8434 Sale 8414 '17 7812 80 783s Mar'19 7812 8512 90 S 8714 8712 88 Apr '19 94 IS 02 62 90 92 Sale 91 10314 106 10034 104 A 10318 Sale 10234 981s 95 D 96 9712 96 May'19 J (35 ___ 73 Nuy'17 J J A N N J J J N N I 61: 1 9234 93¼ 9 -lig - -6i __ -9 _8 - 9 2 98 Apr '16 1134 96 2 9134 May'19 __--, III- -62-19812 Apr '19 __ 1 9 3 9812 9812 99 30 87's 9112 90 8834 Sale 8814 9118 9178 9118 May'19 ..,..l 9014 9538 9012 9038 Sale 903s 7i 90 9312 94 9314 93 Apr '19j___! 93 93 92 8134 8634 8613 Apr '19 __- 86 -___ 99 10112 Sept'17 -_ 94 Nov'18 4 1 81/ 4 Due April. a Due May, 0 Due Juno. 8 Due July. k Due Aug. o Due Oct. p Due Nov. g Due Dec. a Option sale. 1922 BOSTON STOCK EXCHANGE-Stock RecordS..BNO•7tp:age WARR PR1C8S-VOT PICR OSN'TUM PRWRS. &turd ty May 3 Monday May 5 Tuesday 'Wednesday Thursday I May 8 May 7 I May 8 I Friday May 9 Salesfor the Wee7c Shares STOCKS BOSTON COCK EKCHA.NGE R tilroads 13712 138 138 133 136 138 136 1 135 136 111 Boston & Albany 100 7412 74 -74 7314 74 73 731s 73 74 530 Boston Elevated _100 ---- *91LastSite 91 Boston & Lowell Apr'19 100 32 3112 -. 313327; 3212 33 I 33 32 1 4 *9 33 ' 323 Boston & NI tine.....____103 160 *150 160 *150 160 Last Sale 160 Apr'19 Boston & Provldence._ -100 Last Site 12 Apr'19 Boston Suburban Elea_' par *-_-_-_-_ --.6-1-2 *:::: -..3; .1 --.3.12 *:::: --tf1Last Sate 612 Apr'19 2 Do pref.__ ... _.._no par *134 *134 ____ *134*131 ___ 131 131 ____ __ 27 Chic Juno fty & U 3 Y-100 *87 89 87 87 *V i(i- *87 89 3 Do nref 100 *112 115 *112 115 *112 115 115 115 *11212 115 __ __ 1 Conneltiout River-_ 100 *5214 *51 55 55 54 *51 _ *54 55 55 23 Fitchburg prof 100 *10213 _--- *10212 ____ *10212 ____ *10212 ____ Last Site 103 Apr'19 Georgia Fty & Elea stampa 100 Sale 70 Mar'19 Da wet 100 -io- 16- iii- VA -7034 -793-4 *78- -793-4 *78Last 791 4 7914 7914 30 Maine Central 100 ------ ---- --- ---- ---- ---- ---Last Sale 1 Apr'19 Mass Electric Cos 100 Last Site 5 Apr'19 Do prof stamped 100 -3034 if- -5-i" If1-8 -56T2 -11-- -56- -i61-4 3012 31 30 3013 1,514 N Y N H & Hartford.....100 +___ 94 *____ 94 94 91 Last Sale 917g Mar'19 Northern New Hampshlre..100 .95 96 *95 96 *96 100 93 *95 96 96---- --25 013 Colony 100 *21 24 *21 24 "311 24 *21 2114 2112 2112 ---- --100 71 Rutland pref •__ __ 99 •___ 99 99 ___ _-93 93 Vermont 1 Massaohusetts.10 S c 9 0 46 46 *4512 46 "i8- 4512 45 45 45 45 45 46 685 West End Street 50 *5112 55 +5412 55 *54 55 5112 5412 *5412 55 55 55 70 Do pref 50 Miscellaneous 11258 11213 11112 11212 11114 11138 11014 112 110 111 10914 110 392 Amer Agrioul Claemleal-100 101 101 1001g 101 10014 10014 10014 101 101 101 10012 10114 188 Do pref 100 8412 85 8312 85 84 8512 8414 8578 86 3,843 Amer Bosch Magneto_no par 8834 8818 88 *---114 *--114 *34 114 +.85 114 Lag Sale 11g Apr'19 Amer Pneumatic Service__ 25 512 512 514 514 5 5 412 434 *4 545 Do pref 434 434 5 50 130 13018 13212 13212 *131 13212 13218 13212 13178 13178 134 136 692 Amer Sugar Refining 100 118 118 *117 118 118 11812 118 118 118 118 118 119 250 Do prof 100 103 10378 10314 101 10314 10334 103 101 104 10413 10312 105 2,054 Amer Teiep Sc Telett 100 *67 68 *68 68 6712 6712 *67 68 73 7358 8314 84 250 American Woolen of Mass_100 9934 100 9914 100 9934 100 9914 100 9934 100 100 10134 710 Do pref 100 94 94 *95 97 95 96 9612 9634 98 100 101 102 381 Amoskeag Manufacturing__ +80 81 *80 81 *80 81 *80 81 *80 81 8014 80145 Do prof 2038 2018 22 2212 *___ 2212 2113 2112 •1958 2212 22 22 180 Art Metal Construe Inc... 10 *15212 155 156 156 15412 15412 *157 160 162 162 174 174 155 Atl Gulf Sc W I SS Lines__100 Last Sale 72 Apr'19 Do prof 100 -ii; -131-2 -2134 iiii -Zi- till; ;ilia -till; *21 2114 2034 21 2,775 Booth Fisheries no par 141s 1414 14 1414 1418 1418 14 1414 1418 1414 1414 1438 592 Century Steel Amer of 10 Inc1534 16 1534 1634 17 1834 17 1712 17 1734 17 17 11,960 Cuban Portland Cement-- 10 6 618 6 6 61g Ms 5 614 614 612 --------1,413 East Boston Land 10 158 158 158 158 158 157 158 15612 157 321 Edison Electric Ilium 15612 157 100 63 6312 6312 6414 6414 153 6512 6334 65 63 34 62 63 4,990 Fairbanks Co 25 *163 165 *162 164 *162 164 16234 164 16214 16434 16434 18412 193 General Eleatic 100 35 3534 3478 3538 34 3514 3434 3478 34 3434 3414 3434 3,553 Gorton-Pew Fisheries 50 8 814 8 812 838 914 814 9 8 10,461 Internat Port Cement __ 10 814 734 8 *23 24 24 25 28 28 27 27 26 23 1,076 Do pref 50 •34 3412 35 3512 •35 381 3512 3512 35 35 , 11; -5:1; -1 647 Internal Products no par 83e 812 83s 834 812 834 814 831 838 834 838 812 4,088 Island 011 Sc Trans Corp- 10 95 95 94 94 +94 95 *94 95 94 95 23 McElwain(W H) 1st prof _100 7714 7712 7634 7712 7614 77 76 7612 76 7614 -7614 -761-2 638 Massachusetts Gas Cos.- _100 68 6812 *68 8812 68 : 68 681 6812 *6814 8812 68 6812 177 Do prof 100 +139 140 *139 140 *138 140 140 140 10414 14014 140 140 38 Mergenthaler Linotype-100 Last Sale 91 Apr'19 New Eng Cotton Yarn....-100 -92; IS- -iii" -6i14 -iitir2 -6ii -oir2 -ii3-4 9212 93 9212 93 379 New England Telephone-100 *61 67 *63 68 *6312 67 *61 67 Last Sale 54 a Scotia Steel Sc& C..-100 12212 12212 12214 12214 122 Apr'19Nov 12213 133 Pullman Company. 100 16-Ei57 5812 5614 5758 56 Iiii 5712 Punta 1.92 Alegre Sugar 0 50 *14 ..-- *15 ___. *15 ....... *15Last Sale 15 Apr'19 Reece Button-Hole 10 4634 4712 47 4838 4814 49 48 -4-812 48 4812 4714 48 7,260 Stewart Mfg Corpn 148 14914 14814 150 14812 14913 14812 14914 147 14812 146 14712 3,717 Swift Sc Co 100 671s 68 65 6512 647g 6478 6478 6478 64 85 647s 65 321 Torrington 25 175 17514 175 176 17512 176 17412 177 17512 177 177 187 1,477 united Fruit 100 5314 5334 5314 5412 5412 55 54 5412 13,912 united Shoe Mach Corp- 25 5312 5412 54 55 2714 2712 2712 2712 2714 2712 2714 2712 2715 286 Do prof 2712 ---- 25 9834 9918 983s 9912 9834 0912 9874 9912 9934 10034 10014 10078 1,755 U S Steel Corporation 100 117 __ 11534 11514 11514 11514 155 Do prof 100 -His ills -His 1178 11534 111 1218 1158 1218 1178 1214 121 1212 11.749 Ventura Com na ll Fields_ 5 nsionliO *13512 13712 136 7514 7514 7418 *91 ---- *91 32 3212 32 *150 160 *150 -air.-siii -EA •.50 70 *314 *.10 +3312 16 +50 1112 •.30 2358 5912 1 +.50 1 ..60 1 *.60 1 70 *70 71 70 70 70' 70 312 ' 318 314 38338 33g 338 .15 *.10 .20 .20 • .20 .20 .20 3334 34 34 *34 35 35 34 18 1712 1812 1712 1712 *17 1712 54 *48 50 *48 50 4818 4818 12 12 12 12 12 1134 12 .40 .25 .25 ' 3.30 .40 .3.30 .40 2358 *23 25*23 25 5912 5912 5958 -5512 164 59 5912 375 375 375 375 375 370 375 3.1212 13 .1212 13 •1212 13 12 1212 " 4234 42 372 44313 4 42 23 742 4 ,2348 42 27 32 4 42 23 14 2 42 334 Range Since Jan'. 1. Runge for Previous Year 1918 Lowest Lowest 131 Jan 8 6434 Mir24 85 Feb 8 24 Jan30 159 Apr15 53,3 Apr28 612 Apr28 131 Apr17 84 Feb14 112 Jan15 5112 Apr21 991s Mar15 70 M tr 15 7934 May 6 1 Mar21 -I Mar27 257,3 Feb13 9178 M tr31 95 Apr12 18 Apr14 93 May 8 40 Mar21 4912 Mar13 100 Jan29 9712 Jan 3 6414 Mar10 555 Jan 2 213 Apr 8 111 Jan 2 113 Jan 2 99 Jan29 46 Jan20 94 Jan21 79 Feb15 7812 Jan 9 1712 Jan21 97 Feb 3 83 Feb15 1814 Feb 7 1334 Jan10 10 Mar26 412 Jan 4 155 Apr28 5212 Jan21 1467s Feb 7 28 Aprll 414 Mar26 18 Jan 4 19 Mar20 8 Jan 2 90 Jan17 74 Apr30 68 AprIl 130 Feb10 91 Apr 8 90 Jan22 48 Mar 5 11312 Feb13 48 Feb 1 14 Jan 3 3218 Jan23 115 Jan30 5212 Jan13 15712 Feb10 44 Jan13 2614 Jan 2 8814 Feb10 113 Jan 2 734 Jan21 Highest Highest 1 145 Apr 3 12212 Apr 146 Nov 8014 Apr 5 37 .Tan 80 Nov 95 Jan 3 80 July 104 Nov 33 Mar 7 Jan 40 Sept 19 133 Jan 3 150 Apr 170 Aug 505 Apr28 .50 1014 1,4 13,e15 135 , Jan14 11 June 135 Jan 4 138 July 147 Apr 8812 Apr 8 8213 Apr 8512 Dec 115 Apr 9 104 Feb 125 Nov 58 Jan 2 Jan 65 Jan 53 103 Apr 5 103 Sept 11614 Jan 74 Feb27 70 Oct 81 Feb Jan 83 6 7712 June 88 Nov 313 Jan14 134 Sept 712 May 1714 Jan14 812 Jan 33 May 3412 Marl() 27 Feb 48 May 91 Mar 1 Oct 95 Nov 84 105 Jan 3 28812 June 11212 Dec 2113 May 8 Jan 20 Jan 25 100 Jan18 80 Aug 90 Oct 50 Apr 3 50 July 37 Feb 58 Apr 5 Jan 62 Apr 41 114 May 2 10212 Mar15 88 May 9 114 Feb 3 Jan 8 6 136 may 9 119 Apr 5 10814 Mar10 84 May 9 10134 May 9 102 May 9 84 Mar22 22l May 5 174 may 9 72 Apr22 231s Apr23 1512 Mar17 1834 May 6 65s May 6 172 Jan 2 651s May 6 16434 May 8 3534May 3 914 May 6, 28 May 6' 40 Mar26 934 Feb20 99 Mar26 86 Jan 9 Jan13 71 14014 May 8 92 Jan 7 96 Mar10 54 Apr24 12212 Jan15 6014 Apr29 1514 Apr10 49 May 6 150 May 5 68 May 2 187 May 9 55 May 6 31 Jan25 103' Apr23 117 Apr14 12l2 May 9 Last Sale 12 Apr'19 Adventure Con 25 .50 Apr22 .75 Feb 6 70 70 6978 6978 180 Ahmeek 25 6212 Mar22 75 Mar 4 *3 31z *3 170 Alaska Gold 312 3 Apr 5 10 414 Marll .30 .30 .30 .40 3,0 3 16 00 000 triD0ouomer Mining 25 10e Apr30 400 May 9 3312 35 3412 35 25 3312May 1 44 Jan21 1712 1712 17 17 1,025 Amer Zino, Lead Sc Smelt- 25 1034 Febll 1812 May 5 *47 49 *47 50 prof 25 39 Feb15 48'4 May 2 12 12 1112 12 749 Arizona Commercial 5 1034 Feb28 1234 Jan 6 3..30 .40 .30 .35 100 Butte-Balaklava Copper- 10 200 Jan30 355 may 9 *23 *2112 23 24 100 Butte Sc Sup Cop (Ltd).- 10 171s Jan23 2414 Feb28 5912 6012 6012 6012 615 Calumet 3750 Sc Arizona 57 Feb10 63 Jan 4 375 377 370 375 269 Calumet Sc& Hula 25 350 Mar14 445 Jan 3 1218 1212 *1212 13 85 centennial 25 12 Mar21 15 Apr 2 .2 4312 43 " 43 4 21 44 3 Lug Copper Range Co 25 39 Mar 5 441 :Apr 4 20 2 Marti 314 Marll 538 534 51s 534 558 534 512 558 1,036 Davis-Daly Copper 512 534 53 8 10 434 Feb13 534 Apr 2 6 +8 812 8 812 3.8 834 5 614 *813 834 *812 834 1,090 East Butte Copper MM.- 10 8 Feb28 912 Jan 3 214 214 214 214 23g 234 214 212 2 214 138 17g 3,490 Franklin 25 133 May 9 37s Jan 8 *6512 67 *6512 68 *6512 6712 *8512 67 6812 *6612 67 67 20 Granby Consolidated 100 65 Apr21 731a Feb13 *3912 41 1.3938 41 *39 41 .39 40 Last Sale 441s Apr'19 ---- Greene Cananea 100 4214 Mar27 4534 Jan 2 5 5 *412 512 5 5 512 534 390 Hancock Consolidated 512 578 5 25 5 4 May 1 814 Apr 4 *.40 .60 ' 3.40 .60 *.40 .60 *.40 .60 Last Sale 12 May'19 Indiana Mining 25 50e Mar 8 750 Feb18 45 4612 48 48 48 4812 4734 4812 48 *47 48 2,iFfi 48 Island Creek Coal 1 42 Apr16 48,2 May 6 •83 85 *8112 84 82 83 *84 86 +84 86 84 84 24 Do prat 1 78 Apr12 84 May 9 2434 25 2434 25 25 25 2434 2512 2512 2534 2512 2534 1,170 Isle Royale Copper 25 24 Jan 2 27 Feb27 *514 558 *514 558 538 538 514 538 ($18 1,720 Kerr Lake 512 6 6 4 Jan17 5 618 May 9 +1 114 *1 114 *1 114 *1 114 112 114 114 *1 100 Keweenaw Copper 990 Mar 4 25 114 Apr 8 +314 4 *312 4 *312 4 412 37s 4 414 414 1,190 Lake Copper Cc. 4 25 3 Jan25 412 Jan 2 212 212 214 214 *214 234 *214 234 *214 234 218 55 La Salle Copper 218 25 2 Apr13 234 Jan 3 *214 234 *214 234 *214 3 *214. 3 *214 __ _ _ 218 214 100 Mason Valley Mine 21s Apr23 5 3 Jan 9 413 414 414 414 412 412 412 478 458 434 458 434 1,010 Massachusetts Consul.- 25 4 Feb 7 5 Apr 3 44 4144 4ig 414 4 438 414 512 538 612 338 7 14,893 Mayflower-Old Colony 25 2 Jan13 7 May 9 *4 414 418 418 418 418 41g 418 338 438 412 512 1,615 Michigan 25 21s Fe1)24 512 May 9 *5614 5712 5712 5712 55 51313 58 5712 56 5612 56 585 Mohawk 5612 25 4912 Feb 7 5812 Apr 7 •16 1634 1614 1614 *1614 17 *1614 17 *1614 17 1612 16 80 Nevada 12 Consolidated 5 1514 Mar26 Ws Apr 9 •112 134 .112 2 134 134 *112 134 138 134 134 134 770 New Areadtan Copper__ 25 1 Mar 8 2 ; Apr 0 171s 1718 1712 1712 1714 1714 *17 1712 1712 1712 1733 1738 275 New Cornelia Copper 5 1434 Mar 5 1734 Apr25 7 812 9 813 *8'2 9 834 834 9 914 *834 914 1,040 New Idris Quicksilver__ 5 612May 2 94 Janis +1012 14 12 14 14 14 •12 14 14 15 16 16 407 New River Company 100 818 Erebll 18 May 9 67 67 70 70 70 70 *7034 71 7112 7112 7012 7212 400 Do prof 100 5713 Mar 1 7212 May 9 834 9. 8% 015 94 914 018 934 10 1212 12 1314 10,710 Niplssing Mine/ 814 Jan15 1314 May 9 5 918 10 10 10 10 10 10 1012 10 1014 1012 1014 1,433 North Butte 15 9 Feb20 117s Apr 9 •.25 .50 .30 .30 '0.25 . *.25 .50 *.30 .50 *.25 .50 100 North Lake 25 25s Apr22 605 Feb23 *Vs 112 *114 112 *1% 2 114 2 '113 178 112 178 845 Olibvray Minbitt 25 750 Mar15 2 May 7 3114 32 32 3214 3213 3234 3234 33 3314 34 .33 34 580 Old Dominion Co 25 301s Mar 5 37 Apr 3 4534 46 46 4634 48 46 46 4034 *4712 49 4.46 47 197 Osceola 25 45 Mar17 52 Jaal 1 1578 16 157g 19 1734 1812 1734 1814 17 1738 1712 18 2,984 Pond Creek Coal 10 121s Feb 8 19 May 5 55 55 55 56 51 5512 57 57 56 57 57 5812 176 Quinov 25 52 Mar22 81 Jan 3 +20 2014 .2014 21 *2014 21 2013 2018 *2014 2014 *20 2014 165 Ray Consolidated Copper- 10 1913 Feb 8 211s Avr10 ' 344 47 *44 45 *44 47 44 4512 44 45 45 45 105 it Mary's Mlneral Land_ 25 40 Mar 4 4512 May 7 1514 1514 15 1512 15 1512 *15 1512 *15 1512 15 151g 970 ieneoa Copper Corp.-no 13 Jan22 15'2 May 1 par 214 214 *2 . 214 2 218 218 214 4 214 24' _ 345 Shannon 10 112 Mar15 311 Jan 9 *1 112 *1 112 *1 112 *I . 112 Last 34 23 40o Jan13 1% Feb14 •.12 .16 •.12 .16 *.12 .16 *.12 .16 .3.12 Sate - -Apr'19_._. South Lake .16 .12 .16 60 South Utah M Sc 9 5 85 Jan1.1 165 May 9 *5 512 *5 512 *5 512 *514 6 614 614 *514 534 100 Superior 25 4 Mar 8 614 May 8 +134 17s *134 2 *134 17g *134 17s 178 178 .1.78 212 125 inporlor Sc Boston Copper 10 1 Mar28 3 Jan 1 212 212 213 213 232 234 212 238 213 232 213 3 1,023 Trinity 25 2 Feb 3 3 Jata13 31.79 .85 •____ .78 .75 .75 .78 .78 .78 .78 1,150 Copper Tuolumne 745 1 Apr Feb11 905 1 49 51 4913 5113 52 5514 56 5712 57 59 80 59 15,316 U 9 Smelt Bolin Sc Min__ 50 43 Jan21 60 May 9 4712 4713 4712 48 49 49 49 4912 4814 4912 48 49 817 Do prat .Jan21 4414 Marti 50 491 : 1% 2 2 2 17g 175 17g 2 178 17g 134 2 1,371 Utah-Apex Mining Jan May *734 8 *734 8 *734 8 8 813 8 814 1,820 Utah Consolidated 834 9 1314 g :.an18 : 11's Nay 3 1 9 158 158 112 2 2 2 178 1% 1% 1% 178 1% 3,820 Utah Metal Sc Tunnel 1 Jan28 Mar12 114 214 *178 214 3.17s 214 2 2 2 2 2 2 2 2 1,200 Victoria 25 114 Mar13 214 Jan 2 •.90 1 .90 .90 .85 . +.90 1 85 90 90 1 509 Winona 25 505 Jan 9 114 Jan 4 1512 1512 1512 1512 1512 1558 16 18 1513 1613 1612 17 Wolverine 501 25 Mar 15 5 Jan14 19 *.60 1 ' 0.60 1 .3.30 1 .0.60 1 Last Sale .60 Apr'19 _-- Wyandotte.....___._.....- 25 405 Mar13 800 Apr 1 *Bid and asked prices 41 Es-dividend and rights. e Assessment paid. 0 Es-stook dividend. 3 Es-rights. Ex-dividend. to Half-paid. [VOL. los. 7812 Jan 106 8858 Jan 100 "-Ai) Oct Dec Ku, 213Ili; ar eapnt 111553812 94 9 Sj 107 June 0034 Aug 4512 Jan Jan 90 6012 Jan Jan 76 11 Feb .98 Jan 5812 Jan Jan 21 1014 May 1112 Nov 4 Jan 134 June 2711 June Jan 128 27 Aug 412 Oct 12 Apr May 115 Dec 10915 Oot 6038 May 9712 Dec 92 Nov 82 June x19 Dec 12014 Feb 6714 Nov 2812 Sept 1478 Dec 171: May 534 May 188 Nov 6414 Nov 15734 Nov 35 Aug 712 Oct 23 Nov 31 Aug 88 Sept 27714 Jan 32 June 107 June 88 Jan 8212 July 53 Dec 102 Jan 29 Jan 11 Jan 27 Oct 102 Aug 45 Jan 13 18 512 JJualn y 3-e658..17 e 93 Nov 9114 Nov 71 Nov 147 Nov 95 Oet 10012 Oct 39 Jan 130 Nov 51 Dee 137g Mar 4112 Nov 14314 Aug 53 Dec 14 86 812 Dec May 2434 Aug 2613 May 87 Mar 11812 Aug 108 Mar 11338 Dec 5t2 Jj ua nn e 9 134 N Jo av n 39 Deo 86 Nov 538 Nov 138 Apr .15 July .45 May 4012 Dec 54 Feb 10 Dec 2114 July 4012 Dec 54 July 1814 Aug 11 Jan .20 Oct .48 Nov 6 18 ec 134 n o 3 ma Do 73 ttlr 3 May y 61 425 Dec 470 Doe 51411122Feb 4 10 03,s Jun Nov Dec 3 Sept 112 Apr 678 Mar 434 Dec 812 Mar 12 Nov 3 June 8 Feb 312 June 58743344 vt 7 3 , Jan Nov 434 Dec 1018 Jan .40 July 1 Jan 4478 Dec 70 May 7912 Oct 84 Feb 1913 Jan 29 July .80 5 Sept an 334 Dec 2 Jan 234 Dec 334 Sept .65 Mar .40 June 5012 Dec 1612 Dec 114 Aug 6 13'4 3M Oacy t 834 May 314 Mar 8 Feb Jan 7 412 Nov 414 Oct 661k May 2012 May 213 July 914 Dec 12 Aug 8312 Des 8% Jan 1013 Dec .25 Feb 12June 32 Deo 4612 June 1234 Dec 59 Dec :Dec 191 38 Dec 7 Jan 234 Dec 12 Sept .411104 ueebg e 4 Aug 213 Sept .73 Deo 36 Apr 42 July 114 May 7 Dec 1 Dee 158 Dec 1: Nov 18 Doe .40 May 1714 "jai; Jan 20 80 Jan 978 Apr 1734 May .95 Mar 158 Dec 4512 Jan Jan 85 2014 Feb 78 May 2534 May Jan 67 1534 Dec 534 Jan Jan 2 Jan Nova .842750 Septe 44 Feb 1% Aug 5012 Oct 4711 Nov 41s Nov Jan 12 4 Apr 31 3 Jan 2 Jan Jan 36 13 ,4 Mu THE CHRONICLE MAY 10 1919.1 Outside Stock Exchanges Stocks (Concluded)- Boston Bond Record.-Transactions in bonds at Boston Stock Exchange May 3 to May 9, both inclusive: Friday Last Week's Range Sales Sale. of Prices. for Price. Low. High. IVeek. Bonds. US Lib Loan 350_1932-47 1st Lib Loan 48_1932-47 2d Lib Loan 48_1927-42 1st Lib L'n 438_1932-47, 2d Lib L'n 43j8_1927-42' 3d Lib Loan 43 a- _1928 4th Lib Loan 431s__1938 Am Agri', Chem 58 __1924 Am Tel & Tel coil 4s_ _1929 Collateral trust 5s_ _1946 AtIG&WISSL 5s-1959 Chic June & US Y 5s..1940 Dominion Coal 5s- _ _1940 Gt Nor-C B & Q 4s_ _ _1921 KC M &B income 58_1934 1929 Mass Gas 454s 1931 434s Miss River Power 5s....1951 Pond Creek Coal 6s_ _1923 Punta Alegre Bug 6s....1931, Swift & Co 1st 5s_ _ _ _1944' S Smltg R&M cony 6s_ 1 Ventura 011 cony 78 Western Tel Sr Tel 58_1932 110 83 91 90 99 98.44 98.74 $33,650 95.04 95.74 6,500 93.74 94.10 10,450 95.14 96.20 3,450 93.84 94.50 21,750 95.14 95.56 63,400 94.04 95.14 158,550 110 110% 16,000 84% 84% 10,000 91% 91% 1,0001 96,5001 80% 83 2,000 91 91 15,000' 94 94 95% 95% 1,000 72 4,500 72 10,000 90 90 6,000 86 86 4,000 78% 79 1,000 96 96 98% 100% 163,000 4,000 96 A 97 100% 100% 6,000 12,000 120 120 89% 8934 12,000 Range since Jan. 1. Low. 98.04 Feb 91.64 Jan 92.04 Jan 93.24 Mar 93.04 Mar 94.40 Mar 93.04 Apr 100 Jan 83% Jan 9054 Apr 79 Feb 90 Apr 91 Mar 95% Jan 72 Mar 89% Apr 83 Apr 77% Jan 92 Jan 87 Jan 05% Mar Feb 99 Jan 94 Jan 89 I High. 99.64 Mar 95.90 Apr 94.10May 96.50 Jan 95.90 Jan 96.50 Jan 96.50 Jan 110% May 84% Feb 91% Feb 83% Jan 9434 Jan 94 May 95% Jan 74 Mar Mar 94 87% Mar 70% 'Jan 06 May 100% May 97 May 100% May 120 May 91 Mar Chicago Stock Exchange.-Record of transactions at Chicago May 3 to May 9, compiled from official sales lists: Stocks- Sales Friday Last Week's Range for Week. Sale. of Prices. Par. Price. Low. High. Shares. American Radiator_ _ __100 Amer Shipbuilding...._100 Preferred 100 Armour & Co preferred_ _ _ 104% Avery Co preferred.....100 Booth Fish corn new_ no par 21 Preferred 100 Chic City& C Ry pref_ _ _ Chic Elevated Ry pref.. Chia Pneumatic Tool_ _100 Chic Rye part ctf '2".. Chicago Title & Trust_100 Commonwealth Edison 100 112 Continent a Motors 9% Cudahy Pack Co corn. 100 100 Deere & Co pref Diamond Match 100 Gossett preferred HartShaft& Marx com_100 100 66 Illinois Brick 30% Libby (W I) 10 20% Lindsay Light 10 Preferred Middle West UM com.100 100 Preferred 46 Mitchell Motor Co National Carbon pref._100 Page Woven Wire Fence 20 5% People's Gas Lt & Coke 100 Pub Serv of No Ill com_100 Preferred 100 Quaker Oats Co 100 Preferred 100 3134 Reo Motors 49 Republic Truck Sears-Roebuck corn_ _100 193 Shaw W W common--100 Stewart Manufacturing_ _ _ 47 Stewart War Speed corn 100 91% Swift & Co 100 146% 63 Swift International Union Carb & Carb_no par 71,i Ward, Montg & Co, pref-----Western Stone Wilson & Co common_ _100 Preferred 100 BondsBooth Fisheries s fd 6s 1026 Chicago City Ry 5s__1927 Chic City & Con Rye 5s'27 Chicago Rye 58 1927 Chic Rye 40 series "B" Commonw-Edison 5s_1943 Morris & Co 454s_ __A930 Swift di Co 1st g 58_1944 96% Wilson & Co 1st 65... _1941 275 275 115% 117 8731 86 103% 105 9951 9931 20% 23% 81% 80 7 7 5 5 67% 68 5 5 185 189 111 112 931 9% 120 123 98% 98 112% 115 99% 99% 78% 85 66 65 30% 31% 2051 21% 9% 9% 38 36 6254 62% 51 46 120 120 3% 5% 50 52 92 92 92% 92% 300 300 102 102 29% 32% 50% 45 188 193 11231 113 49 47 91% 92% 146% 149% 63% 61 69% 73% 110% 11034 1051 9 84% 86 102 102 93% 75 42 72 40 92% 85 96% 100 20 370 75 7,812 10 10,160 470 200 5 3i0 25 120 426 6,790 1,870 150 146 80 744 115 13,456 2,550 200 35 52 3,913 50 780 218 50 15 50 141 1,610 2,400 454 145 3,065 1,600 13,719 46,547 29,142 35 180 180 70 Range since Jan. 1. Low. High. Apr 275 100 Feb 85% Apr 100% Mar 9934 May Fob 18 Apr 78 6% Mar 5 May 60% Feb Apr 5 178 Feb 109 Apr 8% Apr 100% Feb Apr 78 109 Jan 99% May Feb 68 56 Feb 19% Jan Apr 16 Apr 9 24 Feb 49 Mar 33 Apr 118 Apr 334 Apr 46 Jan 88% Feb 89 Feb 296 Apr 100 Apr 2934 May 45 May 168% Feb 112% May 45 Apr 84 Jan 115% Jan 4151 Jan 56 Jan 110 Jan 4 Jan 66% Jan 95 Feb 290 Jan 120 Mar 8731 May 105 Apr 9951 May 24 Apr Mar 83 11 Feb 5 May Apr 70 9 Feb 189 May 115 Jan 9% Apr 123 May 99 Apr 115 Apr 99% May 85 Apr 68 Mar 34 Apr 22 Apr 10% Apr 38 May 64 Apr 51 May 122% Mar 534 May 52 Feb 9554 Apr 94 Mar 300 Jan 103 Feb 32% May 50% May 193 May 113 May may 49 94% Apr 149% May 65 Apr 73% may 112 Jan 1254 Apr May 86 may 102 9334 $1,000 89% Feb 94 3,000 75 May 84 76 42% 15,0001 41 Apr 49% 4,000 72 73 Apr 81 1,000 40 40 Apr 60 6,000 02% May 9434 93 2,000 85 May 85 85 96% 2,000 95% Mar 9851 100% 12,000 96 Mar 100% Mar Feb Jan Jan Jan Jan May Jan May Pittsburgh Stock Exchange.-Record of transactions at Pittsburgh May 3 to May 9, compiled from official sales lists. Stocks- Sales Friday Last Week's Range for Week. Sale. of Prices. Par. Price. Low. High. Shares. Range since Jan. 1. Low. 71 44% 46% 47% Amer Roll Mill corn.. _25' 1,025 16 28% 27 100 27 Amer Sewer Pipe 4,900 79 87% 92 Amer Wind Glass Mach1001 88 415 77% 86 85 100 Preferred 6% 6% 85 3 Consolidated Ice corn_ _50 25 15 26% 26% 50 Preferred 10 91 9451 9431 100 Crucible Steel pref_ 3% 3% 800 134 Indep Brewing corn..._50 10 10 380 50 5% Preferred 200 9434 La Belle Iron Wkscom-100 9934 9934 99% 290 295 115 170 100 285 Lone Star Gas 5531 2,701 48% 50 5531 53 Mfrs Light & Heat 9% 11% 11,300 5 Nat Fireproofing corn_ _50 10% 10,590 10 50 19% 18% 24 Preferred 24% 26 2,181 16 1 26 Ohio Fuel Oil 50 2,670 42% 25 49% 49 Ohio Fuel Supply 36% 3,552 28% Oklahoma Natural Gas_25 36% 36 10% 12 1,540 Oklahoma Prod & Refg_25 12 8% 6 650 5% 6% 2 Plttsb Brewing corn.__.50 15% 16 50 1531 335 7 Preferred 51% 55 100 210 45 Pitts!) Coal corn 87% 87% 87 343 85% 100 Preferred 20c 6,100 18e Plttab-Jerome Copper_.A • 180 8e 37c 5,100 21c 350 Pittab & Mt Shasta Copp 1 360 100 1334 12% 13% 6,030 8 Plttsb 011 dc Gas 117 119 335 116 Plttsb Plate Glass com-100 1% 1% 1% 3,100 31 Riverside Eastern 011 comb 60 70 4,400 1 San Toy Mining 60 134% 135 154 122 Union Natural Gas_ _ _ _100 20 20 20 50 20 Union Storage Battery_ _50 Apr Jan Jan Jan Jan Feb Jan Jan Jan Feb Jan Jan Jan Jan Jan Feb Jan Mar Jan Jan Feb Feb Jan Jan Jan Jan Feb Feb Jan Apr 1923 High. 47% Jan 29% May 02 May 86 May May 26% Apr 9431 Apr Mar 10% Mar 105% Mar 300 May 5531 May 11% May 24 May 26% Apr 50 Apr 3731 Apr 12 May 634 Mar 16 Apr 55 May 87% May 220 Apr 46e Apr 13% May 120 Jan May 90 Jan 135 May Apr 20 Friday I Sales Last Week's Range for Sale. of Prices. Week. Price. Low. High. Shares. Range since Jan . 1. Low. U S Glass 100 39% 32 875 30 3934 U S Steel Corp Corn._...100 100% 99 100% 475 88% West'house Air Brake_ _50 114 109% 116 1,750 93 West'house Elec eit Mfg_50 55 53% 56% 2,782 40% Preferred 65 50 65 125 59 BondsIndep Brewing 68_ _ .. _1955 5351 5334 5334 $11,000 36 Monon Itiv Con C&C 6s'49 106 106 106 1,000 106 Plttsb Brewing 65_ _ _ _1949 70 70 3,000 52 I High. Feb 39% May Feb 102% Apr Jan 116 May Jan 56% May Jan 65 May Jan 54 May 106 Jan 70 Apr May Apr Baltimore Stock Exchange.-Record of transactions at Baltimore May 3 to May .9, compiled from official sales lists: Stocks- Friday Sales Last Week's Range for Sale. Week. of Prices. Pa?. Price. Low. High. Shares. Alabama Co 72% 100 7234 70 Atlan Coast L (Conn).100 91 90 Atlantic Petroleum 2% 3% 334 10 Balt Electric, pref 42% 42% Baltimore Tube 83 80 100 Preferred 86 86 100 Celestine 011 v t 1.45 1.25 1.25 Comm'l Credit pref B _25 25 25 Consol Gas E L dr Pow..100 105% 105 105% Consolidation Coal_ - _ _100 87 87 79 Cosden & Co 934 9% 5 Preferred 434 4% 5 Davison Chemical_.no par 35% 3534 35% Elkhorn Coal Corpn_ _ _ _50 30 30% 28 Houston 011 trust etfs_100 142 142 142 Preferred trust ctfs_ _100 96% 91 97 Mer & Min Trans V T_100 57% 57% Mt V-Woodb Mills v t r100 19% 19 1934 Preferred v t r 77% 82 100 82 Northern Central 50 72% 73 Pennsyl Wat & Power_100 84% 85 Poole Engineering dc M.100 42 45 United Ry & Elec 50 16 16 15 Wash B & Annap 2654 26 50 Preferred 50 37 37 Wayland Oil& Gas 331 4 5 BondsAlaba Cons C & I 5&_1933 83 83 Atl C L RR Cony 4s_ _1939 78 78 Bait & Ohio collat 6s 97% 97% Consol GEL&P 4%81935 84 84 7% notes 100% 100% 6% notes 97% 9754 5% notes 97% 97% Consol Coal cony 6s_ _1923 9931 100 Coaden & Co ser A 68_1932 94 94% 94 Series B 6s 95 1932 95 9531 Davison Sulphur 65 96% 9631 Elkhorn Coal Corp 68_1925 9951 9934 Ga Car dr Nor let 5s_ _1929 95 95 Ga Sou & Florida 50 _1945 9431 9431 Houst 011 dlv etts_1923-25 114 117 Kirby Lumber Cont 661923 9951 99 Norf Ry & Lt 58 1949 92 92 No Bait Trae 58 1942 100 100 Public Service Bldg 5s 98 96 United Ry & E 4s___1949 70 7034 Income 48 1949 5254 4931 52% Funding Ss 1936 70% 70 do do small_....1936 7054 70 Va Mid gen tinge 58 96 96 Range since Jan. 1. Low. 375 69 28 89 1,160 40 42% 215 70 77 7154 8,765 1.00 50 24% 406 103% 2,265 78% 3,383 6% 120 4 165 32 2,344 27 90 72% 2,601 72% 5 54% 53 16 1,802 71 23 71 218 7754 205 42 1,410 15 60 24% 50 35% 110 3% High. Feb 72% May May 91 May Jan 3% Apr May 4434 Feb Jan 83 May Feb 86 Apr Mar 1.50 Feb Apr 25 Jan Apr 110% Max Apr 87 May Feb 10 Apr Jan 4% Apr Jan 40% Feb Mar 30% May Jan 142 May Jan 97 May Mar 61 Apr Jan 1934 May Feb 82 May Mar 80 Feb Jan. 85% Apr May 45 May Mar 2034 Jan Mar 27% Apr Feb 38' Apr Feb 434 Feb Feb 83 May $1,000 81 1,000 77% Apr 78 May 11,000 97% Apr 97% Apr 1,000 84 'Apr 8554 Jan 6,000 10034 Mar 100% Apr 1,000 97 Mar 98% Feb 10,000 95% Jan 9834 Mar 10,000 99% Jan 100% Apr 24,000 84% Jan 94% Apr 40,000 85% Jan 96 Apr 1,000 9534 Feb 9631 May 3,000 98 Feb 9951 Jan 3,000 95 May 96% Jan 2,000 94% Apr 96 Jan 16,500 9834 Jan 117 May 8,000 98% Apr, 99% Feb 5,000 92 May 92% Feb 2,000 100 Apr 10034 Jan 1,000 96 May 96 May 19,000 70 Apr 76% Jan 30,000 48 Apr 55% Mar 15,200 69% Apr 76 Mar 600 69% May 76 Mar 3,000 96 May 96 May Philadelphia Stock Exchange.-Record of transactions at Philadelphia May 3 to May 9, compiled from official sales lists: Stocks- Friday Sales Last Week's Range for Sale. of Prices. Week. Par. Price. Low. High. Shares. Alliance Insurance 10 American Gas 100 AmericanItallways, pf_100 American Stores no par Baldwin Locomotive_ _100 Buff dr Susq Corp v t c_100 Preferred v t c 100 Cambria Iron 50 Elec Storage Battery_ _100 General Asphalt 100 Preferred 100 Insurance Co of N J G Brill Co 100 Preferred 100 Keystone Telephone_ 50 Lake Superior Corp_ _ _100 Lehigh Navigation 50 Lehigh Valley 50 Lit Brothers 10 Midvale Steel & Ord_ _ _50 MinehIll dc 5 II 50 Norristown 50 North Pennsylvania_ _50 Pennsylvania Salt Mfg_ _50 Pennsylvania 50 Philadelphia Co(Plttsb)-50 Prof (cumulative 6%).50 Phila Electric of Pa_ _ _ _25 Phila Rapid Transit_ _ _50 Voting trust receipts_ _50 Philadelphia Traction. 50 Phlla & Western 50 Preferred 50 Railways Co General__ _10 Reading 50 First preferred 50 Tono-Belmont Devel_ _ _ _1 Tonopah Mining 1 Union Traction 50 United Gas Impt 50 S Steel Corporation_ _100 vkr Jersey & Sea Shore_ _50 Westmoreland Coal....10 Wm Cramp dc Sons_ _100 York Railways ao Preferred 50 Bonds US Lib Loan 334s.1932-47 let Lib Loan 48_1932-47 2d Lib Loan 4s_ _1927-42 2d Lib L'n 4313_1927-42 3d Lib Loan 454s._ _1928 4th Lib Loan 4%s_ _1938 Amer Gas & Elec 55.. _2007 small do 2007 Elec & Peep tr ctfs 4s_1945 Inter-State Rye coil 4s 1943 68 93 76 73 109% 31 47 26% 70% 56% 45% 82 45% 36% 25% 2654 67 30 8634 3 7-16 39 70% 10054 42 74% 125 934 30 Range since Jan. 1. Law. 23 23 Jan 25 19 6554 68 Jan 98 60 63 63 34 63 Apr 20% 20% 21 20% Apr 93 100 65% Jan 93 71 71 90 67% Mar 52 52 5 50 Feb 4034 4034 2 40 Jan 7351 77% 10,345 51% Jan 7434 17,858 39 67 Jan 9,984 76 10034 111 Jan 31 30 438 25% Jan 45 49 1,694 19% Feb 95 95 2 91 Apr 10 10 15 8 Mar 1931 26% 12,924 17 Jan Apr 330 67 6731 7034 1,038 53% Apr 5534 57 2631 2634 50 2634 May 620 41 Jan 4534 4534 4 50 51 51 Jan 4 117 120 120 Jan 80 80 50 79 Apr 8154 82 153 8134 Apr 4451 4531 3,105 44 Mar 41 4131 139 30 Jan 36% 37 619 31% Jan 2534 2534 4,407, 24% Jan 25 25 100 25 Jan 2434 2634 8,618! 23 Apr 66% 67 911 66 Apr 634 8 1,4511 5% May 2934 30 Mar 400 27 5 5 May 100 5 578, 7631 Jan 8634 8734 37 37 100 35% May 3 1-16 3% 3,935 2% Jan 3 1-16 334 3,535 2% Jan 38% 39 608 37 Jan 6,286 67% Apr 6834 71 9854 100% 3,365 88% Feb 41% 42 98 4134 May 7354 7434 102 72% Apr 125 132 1,258 75 Feb Mar 73( 934 1,090 7 30 32 467 30 May 1 98.30 98.40 $800 95.50 95.50 200 93.90 94.30 400 94.40 94.40 4,000 95.00 95.56 30,150 94.00 94.46 69,650 84 84 2,000 84 84 1,000 4,000 6834 69 40 40 4,000 98.20 Apr 92.30 Feb 91.80 Jan 93.00 Apr 94.50 Feb 93.00 Apr 8334 Apr 83% Apr 65 Mar 40 Apr High, 23 May 69 Jan 6954 Jan 28 Feb 94% Apr 73 Jan 53 Jan 41% Feb 77% May 7451 May May 111 May 31 49 May 95 May 10% Apr 26% May 73 Jan 57 May 26% May 47 Mar 54 Mar 123 Apr 80 Feb 84% Feb 46% Jan 41% May 37% Apr 25% May 25 Jan 28 Jan 71 Jan 8 May 30 May 5 May 8754 May 38% Mar 3% Feb 354 May 3951 Jan 7434 Jan 103 Apr 46 Jan 75 Jan 132 May 9% May Jan 32 99.70 Jan 95.50 Apr 94.30MaY 95.30 Jan 96.38 Jan 95.64 Jan 88 Jan 8831 Jan Jan 71 4034 Feb Friday Last Week's Range Sates of Prices. for Sale. Price. Low. High. Week. Bonds (Concluded)- Lake Super Corp 5s_ _1924 62 1928 Lehigh Valley 6$ 1923 Consol regis6s Annuity 6s Lehigh Val Coal 1st 5s 1933 Nor Cent 2(1 5s ser A-1926 Philadelphia Co cons & coil trust 5s stamped_._1951 Phila Electric 1st 5s_ _1966 1966 small do Phila & Erie gen 5s...1920 1997 Reading gen 4s United Rys Invest 58_1926 US Steel Corp 2d 58_1963 10034 I 1930 Weisbach Co 5s Range since Jan. 1. 6234'$45,000 58 62 10234 10234 5,000 101% ung un g 7,000 101)4 1,000 119 119 119 100 10034 2,000 100 10034 10034 1,000 100% 88 9334 9334 9934 8334 7134 10034 98 High. Low. 2,000 85% 88 9334 17,000 93% 200 93% 94 9934 1,000 99% 8334 1,000 82% 7134 5,000 6234 10034 3,000 100 1,000 95 98 64% 10231 10234 120 100% 100% Jan Jan Apr Feb Jan May Apr Jan Jan Feb Mar May Apr 89% Feb Jan Apr 96 May 9734 Jan May 99% May Apr 8634 Jan Apr Jan 73 Mar 100% Feb Apr Jan 98 Volume of Business at Stock Exchanges TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE DAILY, WEEKLY AND YEARLY. Shares. Total Railroad, ekc.. Bonds. Stocks. Week Ending May 9 1919. Saturday Monday Tuesday Wednesday Thursday Friday Par Value. 776,860 $67,978,000 $1,548,000 2,567,000 1,370,875 123,754,000 HOLI DAY 2,661,000 1,509,250 140,126,500 3,218,000 1,718,950 163,804,500 2,472,000 I 1,790,165 173,592,500 State, Men. & Foreign Bonds. Untied Slates Bonds. $581,000 86,085,000 521,000 9,928,000 1,023,000 11,582,000 1,012,000 4,926,000 704,000: 9,636,200 I 7,166,1001 E669,255,500 $12,466,000 33,841,000,342,157,200 Week ending May 9. Sales at New York stock Exchange. I 1918. 1919. January 1 to May 9. 1918. 1919. 46,797,880 80,555,694 4,809,600 7,166,100, Stooks-No. shares..__ $669,255,500 $452,524,500 $7,957,929,755 $4,381,178,550 Par value 1 $12,900 $46,200 Bank shares, Par I Bonds. $310,908,500 5842,977,400 $42,157,200 $19,139,000 Government bonds 77,442,000 146,961,500 4,349,000 3,841,000 State,mun.033c.,bonds 102,533,000 170,824,500 6,911,000 12,466,000 RR.and misc. bonds $490,883,500 $58,464,200 $30,399,000 $1,160,763,400 Total bonds DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND BALTIMORE EXCHANGES. Boston. Week ending May 9 1919 Saturday Monday Tuesday Wednesday Thursday Friday Total I Baltimore. Philadelphia. Shares. .BondSaks. Shares. BondSales. Shares. BondSales 552,800 196,950 104,350 115,350 140,850 49,000 4,750 11,954 12,501 22,474 21,776 24,079 $8,000 32,500 49,900 32,000 36,800 9,000 2,512 3,265 1,439 4,658 8,122 4,540 $60,000 60,800 26,000 28,200 55,000 21,000 226,008: $659,300 97,534 $168,200 24,536 $251,000 20,609 44,121i 49,479 37,552' 34,346, 39,9011 New York "Curb" Market.-Below we give a record of the transactions in the outside security market from May 3 to May 9, both inclusive. It covers the week ending Friday afternoon. . It should be understood that no such reliability attaches to transactions on the "Curb" as to those on the regularly organized stock exchanges. On the New York Stock Exchange, for instance, only members of the Exchange can engage in business, and they are permitted to deal only in securities regularly listed-that Is, securities where the companies responsible for them have complied with certain stringent requirements before being admitted to dealings. Every precaution, too, is taken to Insure that quotations coming over the "tape," or reported in the official list at the end of the day, are authentic. On the "Curb," on the other hand, there are no restrictions whatever. Any security may bo dealt in and any one can meet there and make prices and have them included in the lists of those who make it a business to furnish daily records of the transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities may be included, should, hence, always be kept in mind, particularly as regards mining shares. In the circumstances, it is out of the question for any one to vouch for the absolute trustworthiness of this record of "Curb" transactions, and we give it for what it may be worth. Friday; I Sales Last ;Week's Range' for ofPrices. I 1Veek. Sale. Par. Price. Low. High. Shares. Week endiny May 9. Stocks- [Vol,. 108. THE CHRONICLE 1924 Aetna ExplosIves_r(nopar) 11% 10 65 100 Preferred r 83 lAmer Bosch Magneto r(t) 534 Amer & Brit Mfg com_100 1 1 1-16 1 1-16 Amer Chem Prothr 1 39 Amer Malt & Grain-r- (t) 35 lAmer Steel Found w 1.33.3 24 Brit-Amer Tob ordinary Ll £1 25% 24)4 Ordinary bearer Cities Serv Bankers sha.(t) 3834 37% 8 9 ClalbornokAnnap Ferry r 5 Cramp (Wm.)& Sons S. 125 100 127 & Eng Bldg 120% Cudahy Packing_r_ _..100 5% *4% Emerson Phonograph.....5 73 Endicott J'nson Corp.r 450 73 10334 100 Preferred w 1..r 63 25 Fairbanks & Co_r Famous Players-Lasky (no par) 89% 89 Corp 35 Fisk Rubber new w 1_ r_25 35 Range since Jan. 1. Low. 634 Jan 12% 68,000 Mar 20 59 65 900 *61% Feb 85 Apr 2 800 634 Apr 1 134 1,900 Apr 300 34 39 35% 2,500 31% Apr Mar 25)4 4,300 22 Mar 26 21,300 23 Feb 38% 12,400 35 Apr *935 5,100 129 124 5% 75 10334 65 1,580 82 8,300 120 2 2,800 1,400 44 500 9934 900 5434 4,600 92 3734 15,500 46 29 High. 12% 70 85 7 1% 42 36% 2534 26 38% 16 May Apr Apr Apr Apr Apr May May May May Apr Jan 129 Apr 121 Feb 5% Apr 75 Apr 10334 Mar 65 May Apr May May May May Apr Apr 92 39 May Apr Stocks (Concluded)- Sales Friday Last Week's Range for Week. Sale. of Prices. Price. Low. High. Shares. Range sines Jan. 1. Low. High. May Feb *49 3,100 33 46 *49 Freeport Tex Co r (no par) 46 74% May 7431 21,800 General Asphalt com-r 100 7234 66 May 112 3 4 6 83 39 2,400 a J j A 6 r n p 112 109 100 Preferred _r *51 May 1 11-le 9-16 *% 2,600 Grape Ola common 134 Apr 1 1-16 134 2,700 1 1-16 Apr 1 Preferred 5 May Jan 3 2,000 5 4 434 Havana Tobacco pref r 100 Apr 10% May 9 10% 1,100 Hocking Valley Prod_r 100 1034 10 9% May 9% 292,000 6 934 Hayden Chemical r(no par) 9% Mar 454 M 6 y an Ja 834 934 18,800 9 Hupp Motor Car Corp_10 May 67,500 103.1 Jan 35 *2534 35 Intercontinental Rubb-100 32 Mar 36 Feb 1034 4,850 24 20 21 r_10 Lackawanna Co Coal Jan 34% Apr 3234 11,100 19 31 Libby. McNeil dc Libbyr10 31 May 5,250 27% Feb 50 50 44 Lima Locom com-r_100 Mar 5 Jan 4 434 434 10,500 434 Marconi Wirel Tel of Am_5 Apr Feb 14 7 58,200 24 Morris (Philip)& Co__ _ _10 1234 12% 14 Mar *3334 Apr 3,000 32 *30 Nat Aniline&Ch,com.r.100 31 1234 May 634 934 12)4 7,800 Nat Fireproofing corn r 50 May 6,700 1334 Jan 24 19% 24 50 Preferred r Jan 67% Mar 200 47 64 63 Nat Ice 43 Coal-r 6% May 3% Apr 434 (3)4 20,500 4% rrl 64 New Mex dc Ariz Land_i 96,400 50 May 60 May 60 N Y Savold Tire r (no par) 5434 50 Apr Jan 47 250 25 42 43 N Y Shipbuilding (no par) 754 Apr 2% Jan 6% 6% 7% 85,000 No Am Pulp&Pap_(no par) May 1,000 63 May 65 63 65 Pacific Dovel Corp_r__50 64 30 May Jun 11,000 18 28% 30 Peerless Tr & Mot Cor5_50 1% Apr li ppy e Fa A 1% 15.16 125,000 .349151 434 MA 134 Perfection Tire & Rubb r 1 73-4 Apr 500 534 534 Poulsen Wlrelessr.._.i00 82 May 26,600 *6234 82 Rem.ton Typew com_r 100 80 May 41 41 39 1.000 Santa Cecilia Sugar _ _ _100 41 May Apr 61 75,400 24 61 45 Savold Tire_r 634 Apr 11% Apr 2,600 8 7 6 0 67 15 2 Simpson Coal_r Stand'd Gas& Elea corn r60 4054 393.4 4134 6,800 29)4 Apr 41)4 May May Apr 49 100 38 49 49 Stewart M fg_r Apr Feb 18 1434 15)4 8,500 10 Submar Boat Corp v t a- 5 15 Mar is 6334 61 64 16,700 40% Jan 6534 Swift Internat'l_r 12% May 10 900 Mar 12% 11)4 Themells Bros Co Inc _r_10 1234 13-4 May % 131 271,000 151 Triangle Film Corp vt 0-5 Apr eb 73 73 71 700 604 Fo Union Carb & Carbon_ r(t) 72 May 46 49 500 33% Jan 49 United Motors_r_(no par) 2643 May 13125-16 150,000 United Profit Sharing_250 2 1-16 2% May Jan 2% 2% 234 300 U S Light & Ht com_r__10 5% Jan 2 aa Mar 174-115n 2% 2% 28,200 34 US Steamship 2 35% 44 1,300 3534 May 44 May 10 42 Waltham Watch com-r 100 May 48 42% May 48 43% 4354 2,500 100 Warren Bros_r 434 Apr 3% Feb 3% 4 4,600 3% 5 Wayne Coal 5 May Feb 5 3 4 12,000 434 Wright-Martin Airc r-(t) Former Standard 011 Subsidiaries mg May 2634 14,850 16% Jan 24 Anglo-Amer 011..r Feb 137 4 26 May 134 137 170 88 £1 13 Galena-Sig 011 com_r 100 Apr Jun 404 20 315 388 389 25 Ohio 011.r May Jan 800 215 630 785 800 Prairie 011 & Gas_r_ _ _ _100 Feb May 180 40 173 173 177 Southern Pipe Liner...100 Apr 325 May 170 292 320 325 100 323 South Penn Oil_r (Calin.r.1 May Jan 294 227 258 284 294 Standard Oil May Apr 760 511 668 725 760 Standard 011 of N J_r-100 750 Apr Jan 395 225 310 385 395 Standard 011 of N Y_r100 Jan 535 May 23 315 526 535 Standard 011 (Ohlo)_r_100 May Jan 141 125 141 905 107 Union Tank Line_r_ _._100 132 Jan 490 May 490 395 472 490 100 Vacuum 011_r Other Oil Stocks 4% Apr 434 54 Jan 1 33C 4% 29,200 Allen 011.r 234 Apr 1% Apr 1% 234 108,500 234 Amalgamated Royalty.r.1 1% May I 1 ' 13-1 134 2,500 • 1• May 1 Atlantic Oil& Ref_r 5-113.416 1 3-16 34 7,800 3-10 Jan 51 1316 Barnett Oil & Gas_r 3 May Mar 81,500 1134 Boone 011_r Jan 65e May 48o 650 313,000 180 Boston-Wyoming 011.r....1 62o Caddo 011 & Ref--(no par) 4731 4434 49% 41,700 3734 Apr 49% May 12 12% 6,600 11% May 1334 May 10 Central 011 Dev_r Mar 51% Mar 9,600 37 48 4734 49 Com'nw'th Petr 1-r w (t 8% Apr 10% May 9% 10% 40,100 10 1034 Continental Refg r 234 May 6% Jan 10 9% 1034 22,500 Cosden & Co. com_r___13 10 134 Feb 131 1% 1% 2,600 Crystal Oil 43 Refining_r_l 1 Mar 1 5-16 Feb 1% 1% 1,550 134 Curman Petroleum_r____1 6 11% May Jan 934 11% 30,100 Elk Basin Petroleum_r _ _5 11 Jan 33o May 4o 110 330 884,000 Esmeralda Oil Corp-r„..1 290 Apr 4 2- Jan 3% 3% 30,500 334 5 Federal 011.r 8% Apr 3% Mar 7% 731 22,500 754 10 Glenrock 011.r May Mar Hercules Petrol Class A r 10 1035 1031 10% 2,900 10 0 10c y May 30o 40o 110,000 27c Apr 4 1 High Gravity 011_r Feb 2934 29% 18,500 10 2954 May Home Oil & Refg_r w 1..10 2931 19 Jan 142 May 13,500 75 Houston 011, com-r-100 13334 121 142 534 Apr 4% 26,260 5do Feb 3 334 1 Hudson 011 _r 13,900 1651 Jan 35% Apr Internal Petroleum_r_.£1 3354 2934 35 sg Mar 6% Jan 8% 8% 29,000 834 Island 011 43 Transp_r_10 Jan 6c 150 54,200 5140 Apr 160 1 Kenova 011 1534 5,060 15 May 15% May Kentucky Oil & Ref_r_ _ ..1 1534 15 5% Apr 354 Apr 434 3,400 4 4 Kentucky Petroleum_ r.._ _ 4534 17,450 23% Jan 45)4 May 43 Louisiana Oil & Ref_r_50 43 2 May 1% May 8,000 Manhattan Petroleum_r_l 17-4( 134 2 Mar 73-4 Niay 6% Apr 35 7 10,000 6% 7 Marland Petroleum_r__ _5 Jan 56,500 21 10 3334 31% 35 Merritt Oil Corp., 4%, Mar 2% Jan 3 3 11-16 18,100 Metropolitan Petroleum.25 3 7-16 1% Ma 2,750 1% 2 Middle States 011 Corp _ r_l 274 May 2 1.13 Jan 234 1 Midwest 011, com_r 2342 7-16 2,500 1% Jan 102631 500 234 234 1 Preferred r 254 May Jan 25,100 124 Midwest Refining _c.. ___56 19534 183 196 1% May 1% Apr 134 I 1% 1% 30,000 Midwest-Texas 011.r 534 Apr 1 Mar 631 4% 534 41,000 0 Morton Pet of Me_w 1_ r _115 Apr 7 4% Apr 6% 631 19,200 National 011.r 64 Fe) 75i.;Apr 63e 720 25,500 46o Northwestern 011_r___I , 72e Apr Ap 3 534 634 6,300 Oklahoma de Tex 011_r-5 654 64e Mar 460 520 48,000 220 Jai Omar Oil 43 Gas.com___1 52o 33,4 May 1% Apr 1 2% 354 19,400 334 Orient 011 dc Gas_r 2% May 134 Ap 234 1% 2)4 134,000 Osage Nation Oil Synd_r_l 17% Apr 15% 1634 11,000 1134 Fet 10 16 Pennok 011_ r 50c Apr 30e 350 22,300 3-16 AP Pennsylvania Gasoline...1 35e Jan 300 Fe 6% 130 16o 50,000 13o 1 15 Queen 011_r May 6 434 6 219,000 35e Ma Rangoburnett 011_r 1% May 1 3-16 134 1% 201,500 23e Mat Ranger-Homer Oli_r 2% May Ap 1 134 234 217,000 234 1 Ranger 011_r A pr M 20 6 5 1434 13% 15% 3,700 Rickard Texas Co_ r % 134 18,090 420 M 134 10c Rock 011 4U May 2% Ap 3% 4% 155,000 1 Ryan Petroleum_r 43-4 Mn 45 60 May 29,500 38 60 Salt Crk Producers_ r.... _25 58 9% May 7 Jan 8% 9% 11,200 Sapulpa Refining_r Apr 14 700 3 10 5 1135 154 10 Savoy Oil 634 Jan Jan Sinclair Gulf Corp_ r_ _ _(t) 833-4 5734 64% 109,000 22 ny Ma 4 63P 100 38 Jan 5 500 530 Sinclair 011 warrants 550os 43c 460 16,500 360 Feb 1 45e Southwest 011.r May Mar 4 5% 14,500 5 554 Southw Prod ScRef_r_ _5 1,1, Jan 34 Mar 1% 1% 21,800 134 1 Stanton 011_r 9% May 934 5 434 Apr 834 9% 20,100 Sterling 01143 Ref_r Apr 2 1,4 Jan 52 i 500 67o 8,700 Ile I (3; Texana 011 & Ref_r Apr 434 5% 126,000 2 Texas-Ranger Prod& R r 2 2% 5 2)1 2,000 Tyopa011r 1% Mar 934 Apr % May 7% 8% 7,000 831 Valverde Oil Prop_r__(t) 1 % Apr 1% 2)4 45,000 134 Vera-Cons Pet-r 2% Jan 3 10 434 6,950 33-4 Victoria 011_r 2,890 30 98 90 Mar 83 Western States Oil & L r 1 15 9 0 863241 N 9% May : aaa:y 934 10% 7,200 Ia MNMAI 1034 ybyyr West States 011 & L new r 1 Apr 1 1-16 1% 86.000 83o 1 1 5-16 "Y"011 & Gas_r 1 Mining Stocks. 0 mma 14, 814 1%M y a7 1 31c 30c 32o 8,600 211e Mar 3Apr Adelphla M &M..r 60o 81c 163,450 31e May Alaska-Brit Col Metals 1 81c 11-16 ig 34,900, 66o Mar 1 1 3-16 May Allied Gold _r le: % Mar 61: Ni 34 1 34 3-4 4,800 America Mines., Apr 76 May 76 68 1 75 25,300 36 Arizona Butter 5 5 5 2,000, 3540 Feb 1 Atlanta Mime % Mar 15-16 Jan 7-16 34 9,000, 5 9-16 Big Ledge Copper Co Apr 90 May 360 90 12o 12.500 1 Booth_r MAY 10 1919.] Mining (Concluded)- Sales Friday Last Week's Range for Week. Sale. of Prices. Price. Low. High. Shares. 1925 THE CHRONICLE Range since Jan. 1. Low. High. New York City Realty and Surety Companies All prices now dollars per share. B(4. Aet. Ask.! Eta. SM. Apr Alliance Why 780 Feb 3,300 42e 72c 750 Boston & Montana Dev__5 72c 130 Realty Assoc 60 70 fiLawyers Mtge 125 2,400 60c May 600 May Amer Surety_ 65 60c 60e 1 Buffalo Mines Bond- 92 105 Mtge 97 (Brooklyn). 95 68 ' % Apr Bond & M G_ 258 % May 200 % 56 Butte Ac N Y Copper_ 1 265 Nat Surety_ 260 2(38 U S Casualty.. 185 195 Apr 390 Jan 9,500 27e 37c 320 370 1 Caledonia Mining City Investing 27 Guar 60 N Y Title & S Title 35 % Jan 400 'A Feb % 7-16 Calumet &Jerome Cop_r.1 Preferred__ 70 West & Bronx 80 , Mortgage.._ 108 Feb 2% 1% 1% 6,300 1 5-16 Jan Canada Copper Co Ltd _5 111-16 Title & M 170 ISO Jan 72e May 65c 72c 53,000 52e Candelaria Silver_ r 1 71e 1% May 1 15-16 May Cascade Silver M & M_r_l 1 13-1e 13-4 115-16 15,500 15%calar 5e Fe° 5,100 10c 120 1 Cash Boy 4% Mar 331 Apr 600 3% 351 Cerbat Silver (new)_r A 4% Feb 6% Jan 5 5% 9,000 Consol Copper Mines_ ___5 5'i 4% Apr 5% Jan All bond prices are "and Interest" except where marked "f." 7,400 4% Cresson Con Gold M & M 1 4'% 5 420 May 10,000 35c May 40c 420 Crown Croesus L Gold_r_ _ Apr Apr 20 19,000 15 20 19 Divide Syndicate of Nevrl -- 19 RR. Equipmente--PerCt. Ratid Standard Oil Stocks Pt r Shire 1% Mar 5% May 4% 5% 39,000 ElSalvador Silver M __A 5% 5.93 5.50 Par Bid. Ask. Baltimore & Ohio 45es 1% Feb 4,000 2(4 Apr 1% 23-4 2% Eureka Crewels Mln Co el Anglo-American Oil new.. 1,1 253s 2614 Buff Koch & Pittsburgh 45es 5.90 5.60 May 5 May 7,500 6% 6 6% Flagg Tunnel Mr 6% 5 1365 Atlantic Equipment 1345 5.90 5.60 43 Beetling 100 Jan Fen 85e 4,150 60o 74e 800 Florence Silver .r_ 1. 79c Equipment 68 3.90 5.60 Borne-Scrymser Co 100 500 520 Feb Apr 60o 50e 60c 43,000 24e Fortuna Consolidated_ r _1 60c Canadian Pacific 45e5 106 Buckeye .103 Pipe 50 5.95 Line Co 5.50 lelar 2% Feb 454 13,950 3 3% Golden Gate Explor_r _ .5 3% Caro Clinchfield 350 & Ohio Chesebrough 5s_ 335 6.30 Mfg new...._100 5.75 Jan 24c3 17c 20e 66,500 16c May 10 19c Goldfield Cense! Continental Oil 6.25 5.75 100 685 695 Central of Georgia 45es So Mar Feb 8n 5,000 50 50 5540 1 Goldfield Merger_r Crescent Pipe Line Co 7.00 6.00 50 *37 39 Chicago & Alton 45es Apr Apr 1% 1 1-32 1% 52,300 700 1% Gold Zone Divlde_r Cumberland Pipe Line_ _ _100 220 240 Equipment 5e 7.00 6 00 Apr 44e 300 380 43,100 25c May 10c 37c Ilarmlli Divider Eureka Pipe Line Co__ _ _100 160 165 Chicago & Eastern Ill 5% 7.00 6.00 200 Apr 470 Apr 23,000 310 200 30c Hasbrouck Divide_ r 100 1:12 134 Chit) Ind & Louise 43-4s 6.25; 5.75 434, Jan 5% Apr Galena-Signal Oil com 950 5% 5 25e Heola Mining Preferred old 5.90 5.35 100 120 140 Chic St Louts & N 0 5e Apr 44e Feb 9,800 30c 330 410 I 40c Jim Flutterer_ . 20 Chicago & N W 45es Preferred new 5 19 1 8 15 5.60 5.25 Mar 100 Apr 16e 4,500 14e 130 14e 1 Jumbo Extension Chicago RI & Pas 454e 100 6.45' 5.80 6 5% Jan May Illinois Pipe Line.. 2,500 5% 6 5% 5 Kerr Lake 04 412 13 04 2 13 Equipment 5s 0.45 5.80 50 . Apr 7-16 Jan Indiana Pipe Line Co 34 7-16 2,500 15c 7-16 5 La Rose Mines Ltd Colorado & Southern 5s....... 6.50, 5.75 Apr International Petroleum.. £1 Apr 400 18o 150 30e 62,500 15e Liberty Ilell DIvide_r_l National Transit Co__ _12.50 25 Erie 5s 6.40 5.75 30e Mar Sc Feb 14e 85,000 130 110 1 Lone Star Consel-e New York Transit Co_ _ _100 180 5 4 185 Equipment 4%s 6.40, 5.75 % Apr 'X Apr 1 % 2,000 % Louisiana Cons Northern 412 8 Pipe 117 Valley 112 Line Hocking Co...100 1.90: 5.40 1% May 34e Mar 58(3,000 9.5c 990 154 _1 MacNamara Mining._r_ Equipment 5e .6.90 5.40 25 73e May Ohio 011 Co. Mammoth Divicle_r_ _ _10c 72c .62c 730 33,300 *620 May ee *3 92 5 Illinole Central 5e .6 90 2 36 5.75 5.30 Apr Penn-Mex Fuel Co 254 Apr 1% 1 1% 36,550 50e % Mangan M of Am_ r Equipment 431s 100 790 795 5.75 5.30 80 Apr Prairie 011 & Gas.. 30 Feb 80 8,000 70 1 7%c Marsh Mining _r __ . Kanawha & Michigan 45e s_ _ 6.251 5.75 100 298 302 Jan 65c May PrairiePipe lane 64e 550 650 60,000 45c MelOnley-Darragit-Sa.v_ A Solar !Wiping 10 75 5 Louisville dr Nashville Sc...... 5.85, 5.40 75 0 4 3 19 100 May 530 Apr 250 399,000 53e 40o 410 Mecca Divide_ r 1 Michigan Central 59 6.10 5.70 Apr Southern Pipe Line Co_ _100 47o FeO 45e 16,600 280 42e 420 1 Mother Lode_ r Equipment 6s 5.95' 5.50 100 % Mar 3% May South Penn 011 2% 35e 50,800 3% 50c Nat Tin Corp.'. Southwest Pa Pipe Lines_100 318 323 101 Minn St P&SHM4 s.._ 100 Apr 17e 25e AP , 36,000 21e 200 210 10c Nevada Divider 90 Missouri Kansas & Texas Sc. 7.00, 6.00 0 8 25 28 46 Apr Standard 011 (California).100 8 Apr 25e 20c 250 38,000 150 Nevada Ophir Mlning_rlOc 25c 011 (Indiana) _ _100 Missouri Pacific 5s 7.001 6.00 toq 12% 1,800 10% May 12% Jan Stumble] N Y & Honduras Itosario10 6.30 5.75 8% Jan 15 May Standard 011 (Kaneas) 100 635 650 Mobile A Ohio Se 47,000 9 15 5 Niplssing Mines 133-4 6.30 5.75 Equipment 4%a-Jan Standard Oil (Kentucky) 100 435 445 Apr 48e 250 63,000 17e 18e 25e 1 Nixon Nevada New York Central Lines 55... 5.95 5.50 3 Jan 1,500 334 3% 3% Jan Standard Oil (Nebraska).100 Onondago Mines Corp_r.1 3% 750 75 45 5 Equipment 45es 75 5.95 5.50 1% Jan 331 Jan Standard 011 of New Jer_100 5 1% 2% 2,500 2 /3 Ray Hen:ales Min .e 6.15 5.70 llo Apr 100 May Standard 011 of New Y'k.100 388 392 N Y Central RR 4123 135e0 190 41,200 150 Rex Consolidated Mln__ _1 Standard 011 (Ohio) 55 15 10 N Y Ontario & West 45es..... 0.25 5.75 10 5 130 100 17o Fen Mar 32e 8,300 22e 18e 210 1 Roeheerer Mines Norfolk & Western 4 tee.- _ 5.65 5.25 100 15% May Swan & Finch 1,400 13% Feb 15% 15% Seneca Copp Corp..(no par) 1531 5.60, 5.25 1% Apr 1% Apr Union Tank Line Co...... 100 134 136 Pennsylvania RR 45e8 1% 3,100 1% 1% 1 Silver Dollar M.r Vacuum 480 475 011 Equipment 5.60 5.25 4s 100 13-32 Feb 222,000 Apr 1131 1-32 11-16 1 1 Silver King of Arizona_ 1 Washington 011 1 •38 42 St Louis Iron Mt A Sou 5,3_ 6.751 6.00 Apr 37e Mar 280 320 80,950 210 29c 1 Silver King Divide_r St 1.0111s dr San Francisco 5s.. 7.00 6.00 Xe May % Jan 7-16 5-16 7-16 8,500 1 Standard eileer-Lead Seaboard Air Line 5e 6.50 5.90 ei Apr 1% May 114 47,500 1 134 15£ Star of the West _ r Ordnance Stocks-Per Share, Equipment 43-4e 6.50, 5.00 itto Mar 22,000 24e 26e 30c Apr 5 26c Stewart .Aetna 70 ___100 Explosives 65 pref Southern Pacific Co 5.70, 5.35 23e 43-4s...... Apr 122,000 320 Apr 22e 280 470 Divide_ r Sutherland Southern Railway 431* 6.10, 5.65 1,900 2 9-16 Jan 3 13-16 Mar American & British Mfg-100 3% 3% 4 314 Tonopah Belmont Dev_r 1 Preferred 45 6.10 5.65 Equipment 53 19,000 5%0 Mar 9% 11 *12e Apr 103j Tonopah Divide_ r Atlas Powder common__ _ 199 49 152 Toledo & Ohio Central 4s.. 00 147 6.50 5.75 lee Jan 3 1 2 11-16 2% 2 15-16 7,550 Feb Tonopah Extension Preferred 93 3,500 50 May 60 50 60 1 May Tonopah Midway 100 120 99 125 Tobacco Stocks--Per Sh are. 3% 3% Jan 1,700 2 1 356 3% May Babcock Ac Wilcox Tonopah Mining Par Bid. Ask. 1,730 3 3-16 Jan 1 1 13-16 4 13-16 4% 5% Mar Bliss (E W) Co common_ 5O'_ --- 350 United Eastern Preferred do so'..--- 75 American Cigar common_100 130 140 15c 190 23,900 Jan 19c May U S Continental Mines_r 1 161-6c 4(4 Mar Preferred 100 88 94 0,410 oy, 5 73-4 7% Mar Canada Fdys A Forginge 100 185 195 Unity Gold Mines 85 Amer Machine & letry_100 SO 95 4% May 55e 900 4% 3 5% May Carbon Steel common...... Victor Power Mining_ .... _1 1st preferred io'd" British-Amer Totete ord__£1 .24 26 24t3 250 5,700 20o Apr 40e Feb Ward Min & Milling_r-I 2.50 2d preferred Ordinary, bearer In 67 .C1 .25 26 95 75 6,300 71c 72c 750 72c Apr 940 Mar Washington Gold Quarts.1 Conley Foil 100 205 220 1 26,400 Mar 3 May Colt's Patent Fire Arms West End Consoliclated_6 2 1-16 1 15-16 3 Mfg.. .46 47 Johnson Tin Foil A elet_100 80 100 2 4 May 35,000 3 4 May West End Extension MacAndrews & Forbes...160 200 210 10c 22c 320 32,20( Jai 350 Apr duPont(E I) de Nemours 25 White Caps Mlning___10e 290 & Co common Preferred 100 94 100 100 280 285 1 1% 1,100 1% Jan 1% Jan White Knob prof _r ____10 100 94 96 Debenture stock Reynolds (R J) Tobacco_100 400 430 BondsEastern Steel B 100 common steel 78 100 350 375 75 $30,000 00% 100% 08% Jan 100% notes...1924 Apr Am T At T 6% Preferred. 100 111 114 Anaconda Cop Min (3s _'29 9934 99% 99% 98,000 9731 Feb 99% Jan Empire Steel /c Iron corn..100 25 35 Preferred A dividena serif) loo 65 75 98 100 3,000 1005e Jan 1013-4 May 101% 101% Beth Steel serial 7s_ _ _1921 Hercules ;r 13 dividend scrip_ Powder 98 100 owder coin__ _100 227 234 99% 99% 10,000 993-4 Jan Canada (Dom of) 5s_1019 9931 Feb 100 106 109 Young Ii 8) Co..... _ _100 125 160 2,000 102 102% 102% Feb 102% Feb CutlahyPack 7%notes r '23 Rrellenient-Pond cotn -100 110 115 100 100 110 Preferred Mar 97% Apr Niles 1934 973-6 96% 97% 73,000 93 Ills Cent 550 erred too 96 99 84 8654 30,00 8331 May 9231 Feb 86 1921 Interhoro It T 7s 100 240 260 Short Term Notes-Per Cent 7,00 100 100% 9936 Jan 10031 Feb Phelps-Dodge Corp Liggett & Myers Tob Os'21 355 375 Amer Cot 011 Sc 1919._MAS 9912 9934 40,00 100% 101 993-6 Feb 101% Jan Scovill Manufacturine 1 N Y Telephone 6s_ _ _ _1949 101 22 32 7% notes Sept 1919 1001410012 5 09,000 48 Jan 72 Feb Thomas Iron Russian Govt 650.r.1919 5831 58% 59 Amer Tel & Tel 6e 1924.F&A 9913f,1001 37,000 47 / 8 Jan 65 1921 4834 48% 50 55eker Feb Winchester Co corn w I_ _100 100 1st be 1919.. _ -J&J preferred Ohio Balto & 9918 9978 w 235,000 98 I 99% n 99% May Wileon & Co Inc 60. _ -1928 9931 Woodward Iron 1 1. !9?; 48 Canadian Pao 6s 1924.M&S 2 101 10114 ---_ Del & Hudson 5s 1920._ F&A 9834 09 Preferred • Odd lots. t No par value. 4 Listed as a prospect. f Listed on the Stock Fed Sugar Rfg es 98141 9914 Exchange this week, where additional ttansactions will he found. o New stock. General Flee 6131920... J&I 1003e10058 e Unlisted. te When issued. i Ex-dividend. y Ex-rights. a Ex-stock dividend. Public Utilities 6% notes (2-yr) 1919.J&D 10014 10012 Dollars per 1,000 lire. flat. Amer Gas & Eleo cont.__ 50i50 152 Great North 5s 11)20.... _Mer.S 9334 09 75 1 K C Term fly 4 tee 1021_J&J 90 97 Preferred 72 0 4 . 24 Amer Lt & Trao et:tn....100 .5e Nov 15 1923„et&N 15 100181003s 59 Preferred LiggettAcelyersTobile'21J&I) 100 10013 too 98 100 Amer Power & Lt coin_ _.100 58 62 N Y Cent 5s 1919__M&S 15 991e 9934 All prices now dollars per share. Preferred Penn Co 434s 1921„J&D 15 07 9714 20 8 Pub Ser Corp NJ 78 '22.MAS 9612 • Amer Public Utilities coma__.. 74 7 AskBanks. Bid. Ask ' Trust Co's. Bid Banks-N.Y Bid Ask. ley no 1922 w t M&S 991s 9914 Southern Preferred New York. Irving (trust 550 America• Carolina Pow&Lleht corn 19 110 9 3 3: 2 1 3357 SwiftACo Ge 1921 wi V&A 15 10012 10034 certificates) 350 360 Bankers Trust 420 425 245 255 Amer Each Cities Service Co corn__ A00 370 375 Utab Sec Corp tle 22.131.4S 16 90 9112 660 680 ,Central Liberty 173 18.5 I Atlantic'. Union 445 455 Preferred 265 285 'Columbia.... 345 Battery Park. 203 210 I Lincoln 355 Industrial Colorado Power com........1100 25 9 29 2 8 99 7 _- 'Manhattan •_ 210 220 Cornmercial_ 100 Bowery • .. ( 4 ) 2 Preferred and Miscellaneous 9 28 2 10 395 385 Met.. I.Moch & 425145 135 Broadwayeen 'Empire290 3 10195 A Merlean firusc Coin'Wth Pow 100 213 222 Ry & Lt_ _100 9°1 155 Equitable Tr. 465 145 175 I Merchants Bronx Bore*. 125 480 Preferred American Chicle corn .,.....100 119 122 Farm L & Tr _ 460 470 160 IMetropolitan' 175 Bronx Nat__ 150 56 3 Elie: Bond & Share pref 100 Preferred 1 9 100 84 Se a9 52 991 375 'Mutual • ,Fitiellty 145 155 Bryant Park• 215 225 American Hard ware_ . _ _ 100 144 146 Federal Light & Traction.100, 9 12 - .Fulton 200 215 33 ;New Netb• _ 240 260 Butch A Drov 28 Preferred 100I 40 50 Amer TY pefooinders re:m..100 43 46 150 ,Guaranty Tr. 407 411 170 New York Co 140 Cent Mere__ 1(10 Great West Pow 53 1940 _J&J 84 85 Preferred.. 100 88 92 440 York__ 470 New 460 Hudson _ __. 135 Chase_ 145 Mississippi lily Pow com_100 10 12 Borden's Ccond Milt eoin_100 107 109 Irving 'Frost _ :See Irving Chat A Phen 405 415 Pacific •____. 150 Preferred Preferreti 100 98 100 700 715 115 Park_ ()helve Exch 100 1Nat Bank First Mtge Se 1951._ _JirIJ 7 -0 - Carib Syndicate Ltd 48 2 -8 25.1400 1500 'Law TEl & Ti 123 Chemical__ 500 520 Prod lexcb•_ 290 130 Northern Ohio !leo Cern_(r)•d18 21 Celine:1:i Company.-100 135 140 270 285 Lincoln Trust 175 2:35 245 Public_ . Citizens 185 Preferred Columbia Orephoph Mfg (t).265 '267 490 Seaboard _ . _ 455 448 Mercantile Tr ....._ City North'n States Pow corn.100 7 51 5 8 73 9 Preferred 100 9512 97 . 450 500 A Deposit 230 210 220 Second Coal A Iron Preferred Freeport Texas Co (t) .47 48 135 Metropolitan. 365 ii5 Colonial* ..... 400__ Sherman _. 125 North Texas Elec Co com 1 55 1 8 50 9 9 Havana Tobacco Co_ ......100 99 1 00 1 212 128 138 _ State • 1 85 175 Colutnbia..... Mutual(WcenPreferred Preferred 100 412 5 130 cheater) ... 105 Coneeerea.. 235 238 23d Ward...... 115 125 Pacific Gas & Eke corn...1 1st g 5s June 1 11,22-.1-D f45 55 100 99 5870 59 75 183 N Y Life Ins ;txacthe;,; usg n : r t ir in Comml Ex* 390 410 !I.j 1s1 preferred 100 88 90 Inter:tenth:en Rubb corn _100 3134 3214 175 At Trust Common790 810 puget Sd Tr I, & P cone...100 16 IS Internal Banking Co_ _100 160 . 275 230 !Wash N Y Cruet 610 630 wealth •... 215 67 International Salt Preferred 100 ._ 160 175 ticandineviaa 310 320 120 Weeteh AYH Continental*. 110 Republic 21 Ely 19 5 12 & 8 we 1st gold 59 1951 A-0 70 „100 1 Light.... 1 _ Corn Exch.. 375 385 Yorkville •...... 300 350 Title Ge & Tr 3941 Preferred 60 62 International Sliver pref.100 88 02 ft S Mtg & Tr 445 4-115 Costnop'tan•. 105 455 South Calif Edison COM...100 88 92 Coal Sales.. 50 •87 89 Lehigh Valley 1M Brooklyn. 183 United States 010 930 Cuba (13k of). 178 _100 98 102 Otis Elevator ex:melon_ _ _ 100 80 85 Preferred Coney island * 140 155 Westchester.... 130 East River__. 150 140 Standard Gas & El (Del)_ 50 *40 42 Preferred 100 00 95 190 200 130 First 120 Fatrope .46 48 Preferred Remington Typewriter150 Greenpoint 165 Brooklyn. Fifth Avenue'2000 2400 ; Tennessee Ely LA P corn .10059 4 6 Commen MO 80 81 11111side • 110 120 Brooklyn Ti. 493 510 _ 225 Fifth 100 20 22 Preferred let preferred_ 100 95 97 ...... fOnnestetul •_ 70 80 Franklin_ 995 225 235 First Gas A United 1 101) preferred..,100 2r1 Elec Corp. 95 97 195 , Mechanics'•. 78 85 Hamilton_ .. 260 270 185 Garfield 23 4 25 let preferred Royal Halting Pow com....100 135 145 95 Kings Ceunty 659 700 190 200 , Montauk •__. 85 Gotham Preferred. 2d preferred. 100 97 100 200 Masan 210 ____ 340 MtUtUfactiarere 160 165 Greenwich' United Lt & Rye corn_ _ .. _ 100 5 43 8 Singer Menufaeturiug_100 192 194 99 41 137 People's_ . 290 310 Hanover.---- 775 785 National City 130 1st preferred 100 70 7212 Texas. Pan Coal & 011_ _100 y1925 1975 80 Harriman.-- 305 330 North Side.... 195 205 Queens Co..... 70 Western Power common.100 Rights _ 17 19 *355 365 130 140 560 585 People's_ imp & Trtel Preferred 100 65 6(312 W'houseChurchKerr&Co 100 61 I 64 , 1 rprorrwl 1110 80 86 • Benks marked with a (*) are State banks. t Sale at auction or at Stock Exchange this week. 1 Includes one-half share Irving Trust Co. t New stock . * Per share. b Basis. d Purchaser also pays accrued dividend. e New stock, V Ex-rights. Flat price. n Nominal. z Ex-dividend. y Ex-rights. (t) Without par value. Quotations for Sundry Securities New York City Banks and Trust Companies 1 [VoL. 108. THE CHRONICLE 1926 Investment mut Alailtolut RAILROAD GROSS EARNINGS The following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns two can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the electric railways are brought together separately on a subsequent page. Latest Gross Earnings. ROADS. Week or Month. Current Year. Jan. 1 to Latest Date. Previous Year. Current Year. Previous Year. $ $ 57,243 10,521 Alabama & Vicksb_ March 215,778 191,878 960,652 82,836 1,268,946 4th wk Apr Ann Arbor 64,661 Atch Topeka & S Fe March 12494210 12395100 38,091.433 33,770,128 Gulf Colo & S Fe.. March 1,404,707 1.638.455 4,263,237 4.679,728 372,125 520,095 1,141,637 1,417,23g Panhandle & S Fe March Atlanta Birm & Atl March 428,660 373,204 1,168,614 1,049,789 507,657 679.003 Atlanta & West Pt_ March 239,350 175,878 538,863 775,538 Atlantic City March 263,830 223,298 Atlantic Coast Line March 5,801,391 4.690,707 16,648,457 13,261,685 Baltimore & Ohio March 12336137 12007286 36,897,240 28,515,242 351,247 323,930 B &0 Oh Term March 120,485 160,469 Bangor & Aroostook March 460,175 436,908 1,349,734 1,051,801 18,544 22,824 Bellefonte Central_ March 7,069 6,397 769,152 704,697 Belt Ry of Chicago.. March 229,014 350,435 662,122 642.905 1,950,503 1,662,015 Bessemer & L Erie_ March 355,147 726,552 Bingham & Garfield March 81,592 255,584 345,809 169,095 54,219 122,350 Birmingham South.. March Boston & Maine__ _ March 4,927,007 5,150,391 14,835,471 13,164,188 115,358 135,215 62,152 Bklyn East D Term February 68.352 Buff Roch & Pittsb_ 4th wk Apr 287,030 440,858 4,392,778 5,367,433 585.589 516,499 159,401 192,519 March Buffalo & Susq Canadian Nat Rys_ 4th wk Apr 2,314,364 2,258,305 26,481,483 22,014,621 728,666 963,204 Can Pac LinesinMe March 326,875 272,177 Canadian Pacific 4th wk Apr 3,954,000 4,072,000 48,550,000 45,161,000 441.947 363,161 1,350,013 1,012,857 Caro Clinch & Ohio March 1,738,688 1,776,313 4,943,494 4,963,505 Central of Georgia_ March Central RR of N J_ March 3,077,687 3,198,903 9,692,374 8,271,149 433,888 480,986 1,412,759 1,227,502 Cent New England.. March 972,278 March 397,772 388,683 1,196,574 Central Vermont 672,238 763,448 268,433 252,570 Charleston & W Car March 5,271,819 5,188,751 16,099,938 12,965,322 Ches & Ohio Lines.. March 1,899.167 1,876,521 5,755.578 4,546,523 Chicago & Alton.. March Chic Burl & Quincy March 11279417 11193853 33.405.843 29,212,823 1,806,857 2,101,700 5,626,611 5,027,910 Chicago & East Ill_ March 1,579,748 1,617,602 4,844,428 4,067,242 Chicago Great West March 851,988 815,314 2,576,402 1,954,072 Chic Ind & Louisv_ March 671,721 823,685 257,250 304,073 Chicago Junction March Chic Milw & St P.._ March 10970124 9,925,215 31,840,869 24,740,500 10034661 9,406,683 28,893,988 23,285,837 Chic & North West_ March 477,673 360,855 Chic Peoria & St L.. March 121,843 195,357 Chic R I & Pacific._ March 8,103,326 8,236,856 23,609,624 21,000,051 Chic R I & Gulf.... March 360,532 358,831 1,086,189 1,051,495 Chic St P M & Om.. March 2,096,472 1,963,193 6,264,476 5,241,086 876,460 970,106 Chic Terre H & S E March 330,775 361,188 749,031 660,093 Cinc Ind & Western March 220,452 282,738 Cm N 0& Tex Pac_ March 1,330,639 1,153,558 4,136,657 2,829,536 Colo & Southern_ 4th wk Apr 350,174 340,953 4,161,182 3,809,837 Ft W & Den City March 819,964 643,974 2,438,510 1,849,890 259,602 309,765 89,074 Trin & Brazos Val March 95,412 250,609 290,625 Colo & Wyoming March 93,540 93,939 22.403 79.635 79,635 22.403 tOrip Crk & Col Spgs January February 1,165,474 1,164,564 2,331,745 2,396,399 Cuba Railroad 2,698,013 2.552,403 7.635,547 6,633,464 Delaware & Hudson March Del Lack & West March 5,275,652 4,855,763 16,330,156 13,445,960 Deny & Rio Grande March 2,232,121 2,344,268 6,903,886 6,722,032 295,877 471,123 Denver & Salt Lake March 169,195 160,546 300,280 343,717 139,267 127,392 Detroit & Mackinac March 446,763 914,915 268,145 212,910 Detroit Tol & Iront March 434,171 581,113 Det & Tol Shore L.. March 215,283 178,794 326,360 377,173 Dub & Iron Range March 151,206 121,266 455,190 598,117 Dub Missabe & Nor March 212,618 169,272 Dub Sou Shore & Atl 4th wk Apr 119,922 118,132 1,291,101 1,177,254 414,822 539,674 Duluth Winn & Pac March 203,598 158,829 223,690 269,032 86,615 East St Louis Conn March 76,914 Elgin Joliet & East.. March 1,838,780 1,447.130 5,637,991 3,350,543 El Paso & So West.. March 1,036,795 1,253,909 3,128,871 3,702,165 Erie Railroad 6,439,134 6,301,952 19,729.517 15,567.713 March Chicago & Erie... March 807,993 . 870,955 2,436,162 1,976,938 Florida East Coast_ March 990,131 995,097 2,965,791 2,579,238 244,074 261,377 89,231 Fonda Johns dr Glov March 87.494 323,646 347,702 Ft Smith & Western March 122,243 111,497 239,647 194,925 92,474 Galveston Wharf March 57,001 Georgia Railroad_ March 556,564 455,806 1,565,305 1,337,370 174,318 155,468 Georgia & Florida_ February 88,975 76,622 484,804 Or Trk L in New E_ March 371,448 194,429 1,024,211 866,931 1.002.937 • Grand Trunk Pac 1st wk Mar Grand Trunk Syst_ 4th wk Apr 1,571,191 1,518,742 19,361,387 14,046,123 Grand Trk By...... 1st wk Apr 1,276,730 1,098,452 15,304,570 11,396,425 Grand Trk West.. March 1,703,672 1,309,670 4,656,607 3,053,406 Great North System March 7,411,951 6,584,801 22,496,187 17,477,865 552,282 Gulf Mobile & Nor.. March 573,642 198,480 193,341 589,497 539,211 Gulf & Ship Island.. March 195,246 209,770 Hocking Valley_ ...._ March 500,190 855,524 1,451,010 2,210,774 Illinois Central......March 8,327.859 8,883,535 24,757,032 22,427,061 Internat & Grt Nor March 1,033,187 1,150,316 3,168,330 3,191,803 298.163 226,418 Kan City Mex ‘Sr Or March 92,948 106,721 306,249 K C Mex &0 of Tex March 237,723 99,910 94,933 Kansas City South_ March 1,112,777 1,251,997 3,510,732 3,516.431 292,301 315,478 Texark & Ft Sm_ March 106,394 113,311 268,683 Kansas City Term.. March 309,301 91,989 104,555 462,902 578,219 Lehigh Sc Hud Riv_ March 184,451 187.364 682,359 651.552 Lehigh & New Eng.. March 181,602 293.733 Lehigh Valley March 4,279,673 4,739.973 13,443,799 11,193,750 Los Ang & Salt Lake March 1,431,075 1,120,748 4,036,977 3.104,490 437,625 Louisiana & Arkan March 515,860 170,038 157,266 Louisiana Ry&Nav February 284.779 211.476 Louisville Sr Nashv_ March 8,794,552 7,846,227 25,005.56220.814,878 602,692 686,184 Louisv Hend & St L March 227,728 226,717 Maine Central March 1,338,677 1,160,808 4,026,800 3,008,201 110.739 Midland Terminal.. February 60.011 486.861 613.962 Midland Valley February 309.510 249.361 365,459 321,797 Mineral Range...._ 4th wk Apr 25,835 23,362 Minneap & St Louis March 1,011,632 977,898 2,803,200 2,671,272 Minn St P & S SM.. March 3,033.583 2,513,781 8.999,583 6,535,653 274,347 234,320 95,679 MisaisaipPlCentral.. March 91.713 Missouri Kan & Tex March 2,539,440 2,658,372 7.537,658 6,737,000 Mo K & T By ofTex March 1,830,846 1,620,461 5,312.939 4,485,025 341,616 Mo &North Arkan_ March 363,268 128,620 128,362 Latest Gross Earnings. ROADS. Current Year. Week or Month. Jan. 1 to Latest Date. Previous Year. Current Year. Previous Year. 459,691 298,544 104,929 168,415 Mo Okla & Gulf_ March 6,737,364 7,338.205 20,602.728 19,470,927 Missouri Pacific_ March 551,740 804,477 258,312 210,717 March Monongahela 451,191 561,782 173,327 194,499 Monongahela Conn. March 210,980 210,285 70,858 64,696 March Montour 1,533,492 2,619,268 4,416,852 4,216.713 Nashv Chatt & St L March 67,308 76,176 4,106 10,743 Nevada-Cal-Oregon 4th wk Apr 602,460 424,706 114,084 202,047 Nevada Northern.... March 199,300 402,145 94,246 144,756 Newburgh & Sou Sh March 484,880 527,157 183,607 178,735 New Orl Great Nor.. March 521,379 517,906 1,478.432 1,419,009 New Orb & Nor East March 568,067 407.182 164,266 229,101 N 0 Texas & Mex.... March 386,946 307.066 71,721 141,898 Beaum S L & W_ March 946,030 402,470 308,027 1,171,805 St L Browns & M March 23430720 21920846 68.765.905 55.049,996 New York Central.. March 468,191 510,184 1,519,781 1,061,872 Ind Harbor Belt_ March 775,356 806,090 2.232,966 1,893,064 Lake Erie & West March 5,633,809 5,594,870 16,764,194 13,147,706 Michigan Central March 5,126,885 5,367,638 15.445,290 12,999,516 Clev CC & St L.. March 526,363 653,187 224,861 217,133 Cincinnati North March 2,413,921 2,482,821 7.581,803 6,174,545 Pitts & Lake Erie March 1,729,460 1,715,406 736,606 March 588,349 Tol & Ohio Cent.. 891,878 745,119 255,326 350,349 Kanawha & Mich March 2,035,860 1,665,171 6,114,762 3,772,963 N Y Chic & St Louis March 19,451,769 7,652,328 7.544,25621,943.870 NYNH& Hartf_ _ March 577,584 815,944 1,986,614 2,182,576 N Y Ont & Western March 834,809 875,049 270,606 325,335 N Y Susq & West.... March 5,844,392 5,770,591 17,776,726 15,634,688 Norfolk & Western.. March 566.257 492,612 1,506,967 1,262,053 Norfolk Southern.._ March 267,556 325,188 98.383 105.045 Northern Alabama_ March 7,423,001 7,716,353 22,202,067 19,912,620 Northern Pacific...... March 264,598 265,165 102,954 100,199 Minn & Internat.. March 382,433 362,163 1,128,910 1,025,100 Northwest'n Pacific March 223,814 218,809 99,506 107,217 Oahu Ry & Land Co February March 415,839 519,848 1,277,895 1,595,670 Pacific Coast 27514360 25704220 84,040,500 64,479,739 Pennsylvania RR_ _ March 143.569 274,257 97,218 101,812 Balt Ches & Atl_ _ March 948,831 432,194 356,645 1,287,649 Cumberland Vail March 1,672,794 1,412,501 4,574,997 3,632,101 March Long Island 111,109 244,340 80,316 87,312 Mary'd Del & Va March 622,175 518,173 1,814,652 1,219,680 N Y Phila & Norf March 344,744 385,600 111,751 131,577 Tol Peor & West_. March 774,300 690,066 2,187,980 1,630,180 W Jersey & Seash March 7,180,290 6,541,364 21,428.935 15,324,617 Pennsylvania Co...._ March 584,197 579,827 1,630,452 1,380,468 Grand Rap & Ind March 6,920,968 6,926,657 20,940,762 16,311,883 Pitts 00 St L.. March 293,354 293,000 96,510 117.694 Peoria & Pekin Un_ March 2,581.811 2,281,208 7.291,185 5,085,761 Pere Marquette __ _ March 180,974 233,791 73,482 78,871 March Perkiomen 356,927 247,333 64,284 115,349 Phila Beth & N B.... March 4,539,028 6.064,844 15,185,034 15,038,778 Phila & Reading_ _ _ March 286,622 258,616 66,788 107,633 Pittsb & Shawmut_ March 354,915 242,868 73,978 125,304 Pitts Shaw & Nor_ March 381,583 320.935 100,368 150,513 Pittsb & West Va March 401,554 589,375 March 119,347 214,323 Port Reading 245,310 245,597 91,880 82,247 Quincy Om & K C_ March 662.499 443,901 2,051,372 1,206,768 Rich Fred & Potom March 677,416 382.525 250,318 1,161.476 Wash Southern.... March 957,385 985,340 March 359,490 384,730 Rutland 654,155 637,345 189,921 237,244 St Jos & Grand Isl'd March 5,913,473 5,243,208 17,514,464 13,820,371 St Louis-San Fran.. March 196,413 197.228 105,324 116,837 Ft W & Rio Gran February 267.390 193,591 94.127 122,934 St L-8 F of Texas February 1,038,896 1,264,302 3,009,671 3,163,421 St Louts Southwest_ March 455,877 598,459 1,427,574 1,755,353 St L S W of Texas March 233,102 249,568 84,710 55,238 St Louis Transfer.._ March 984,916 1,070,119 279,419 367,539 San Ant & Ar Pass_ March 3,698/777 3,094,174 10,407,686 8,327,602 Seaboard Air Line_ _ March 302,501 381,689 March 77,477 146,560 South Buffalo 12470349 11430774 36,462,151 32,106,742 Southern Pacific.._ _ March 1,097,630 1,012,212 387,944 March 304,444 Arizona East........ Galv Harris & S A March 1,581,654 1,734,452 4,967,323 5,046,162 608.835 668,632 1,294,470 1,395,280 !Ions & Tex Cent February 327,190 366.038 1.73.060 158,592 Hous E & W Tex _ February 640.991 608.706 270.614 329.896 Louisiana West'n February 554,819 681,000 1,782,144 1,867,939 Morg La & Texas March 637,249 600,136 1,747,924 1,725,373 Texas & New Orb March 9,469,761 9,534,254 29,103,894 24,586,698 Southern Railway... March 810,894 679,476 2,359,649 1,785,865 Ala Great South_ March 1,168.163 1,089.920 3.521.424 3.007,509 Mobile & Ohio_ _ March! 800,670 370,452 282,948 1,145,876 Georgia Sou & Fla March 340,723 419,827 123,306 110,896 South Ry in Miss March 211,654 205,802 80,645 67,389 Spokane Internat'l _ March 596,295 542,460 1,669,763 1,836,721 Spok Port! & Seattle March 247,997 472,163 143.356 103,011 Staten Island R T.... March 33,848 40,239 2,305 2,092 Tenn Ala & Georgia 3d wk Apr 275,501 416.307 173.269 148,382 Tennessee Central_ February 820,631 880,610 296,028 304,302 Term RR AssnofStL March 719,491 655,691 193,439 277,408 St L Mer Bdge T March Texas & Pacific...... _ 3d wk Apr 605,977 419,525 9,492,629 7,099,789 550,144 650,966 1,637,722 1,532,781 Toledo St L & West March 63.496165,699 63,761 Ulster & Delaware.. March March 8,402,369 6,899.885 24,612,099 18,247,140 Union Pacific 2,822,116 2,564,239 8,253,419 7,020,535 Oregon Short Line March 2,344,946 1,920,014 6,257,711 5,054,408 Ore-Wash RR&N March 654,189 423,871 1,769,780 1,054,411 Union RR (Penn).... March 301,567 290,820 91,248 March 90.016 Utah 618,653 788,431 253,674 219,704 Vicks Shreve & Pac March 2,247,113 2,241,868 816,914 March 690,849 Virginian RR March 3,505,276 3,623,136 10,568,568 8,551,051 Wabash RR 1,038,406 1,242,720 3,253,151 3,064,855 Western Maryland.. March March Western Pacific.. 763,681 789,326 2,361,116 2,365,537 539.743 649,455 224,208 190,163 Western Ry of Ala.. March 696,772 865,477 2,084,453 2,250,188 Wheel & Lake Erie March 256,999 424,485 89,464 Wich Falls & N W_ March 141,883 1,888,063 1,863,666 5,537,846 4,888,130 Yazoo & MLss Vail.. March AGGREGATE OF GROSS EARNINGS-Weekly and Monthly. *Weekly Summaries. Current Year. Previous Year. Increase or Decrease. % *Monthly Summaries. I Current Year. Previous Year. Increase or Decrease. I % 3 $ 3 Mileage. Curr.Yr. Prev.Yr.I 3 II $ 230.355 228.892 374.237.097 342.146.096 +32,091.0011 9.38 2d week Feb (14 roads)___ 6,611,679 5.132,672 +1,479.007 28.80 May _ 220.303 219.294 363.165.528 323.163,161 +40.002.412 12.38 3d week Feb (14 roads)_... 6.422,429 5,316,165 +1,106,264 20.81 June "31,700 230.570 463.684.172 346,022.857 +117661 315 34.00 4th week Feb (14 roads)_-- 6,812.647 5,606.328 +1.206.31921.52 July 230,743 230.015 498.269.356 362.509,561 +135759.795 37.45 t442.011 7.78 August let week Mar (14 roads)........ 6.124.280 5.682,239 741.817 13.13 September _232.188 232.378 487,140,781 357,772.850 +129367,931 36.16 2d week Mar (14 roads)._ 6,390.893 5,649.076 230.576 484,824.750 377,867,933 +106956.817 28.30 _.....230.184 507,852 8.16 October 3d week Mar (14 roads)__ 6.728,645 6,220,791 23.06 4th week Mar (14 roads)..__.. 10,785.495 9,545,903 +1,239,592 12.99 November _232.274 232.259 438.602,283 356.438,875 +82.103,408 +102757756 30.62 +144,951 2.20 December _232.774 2:32.399438,365.327 335,607,571 +111420.819 1st week Apr (12 roads)____ 6,747,704 6,602,753 39.22 :195,552.020 284.131,201 233.199 232.655 +130,811 1.89 January 2d week Apr (14 roads)____ 6,950,228 6,819.385 +61.656.597 21.31 +172,657 2.51 February _ _ _232,957 233,266 351,048,747 289,392,150 +10,676,415 3d- week April (14 roads)_ ...._ 7,045,346 6,872.689 1 2.90 226,086 225,631 375.772,750 365,096,335 -126.15R 1.Sig March R RR1 7R7 R R95.447 4th week Anr (12 roadsl___ "t Road ceased to operate all steam lines Dec. 31 1918. * We no longer include Mexican roads In any of our totals. THE CHRONICLE MAY 10 1919.1 Latest Gross Earnings by Weeks.-In the table which follows we sum up separately the earnings for the fourth week of April. The table covers 12 roads and shows 1.88% decrease in the aggregate over the same week last year. Name of Road or Company. 1927 Latest Gross Earnings. Month. Current Previous Year. Year. Jan. 1 to Latest Date. Current Year. Previous Yea,. $ 3 3 3 bl3razillan Trac L & P February f7972000 17315000(16494,000 f15152.000 Brock & Plym St Ry_ March 10.013 7.978 28,508 22,729 gBklyn Rap Tran Syst December 2667,703 2422,455 31,368.395 30,563.718 Cape Breton Elec Co March 42,924 39,517 117.240 138,078 8 8 $ 8 Miss V El Prop March 33,063 25,983 101,374 80,013 Ann Arbor 64,661 82,836 18,175 Cent Chattanooga By & Lt February 142,147 137,791 188,470 270.793 Buffalo Rochester & Pittsburgh 287,030 440,858 153,828 Cities Service Co_ ___ March 1947.819 1975,212 5,568,693 5.856,285 Canadian National Railways__ 2,314,364 2,258,305 56,059 Cleve Painesv & East January 47,536 40,772 47.536 40,772 Canadian Pacific 3,954,000 4,072.000 118,000 °Columbia Gas & El_ March 1092,048 1035,308 3,381.441 3.468,293 Colorado & Southern 350,174 340,953 9,221 Columbus(Ga) El Co February 86,677 96.461 208,462 205,439 Duluth South Shore & Atlantic 119.922 118,132 1,790 Colum (0) By,P & L February 184,661 169.202 376.587 346.111 Grand Trunk of Canada Com'w'th P. By & Lt March 2073.565 1756.688 6,259,548 5,076,359 Grand Trunk Western 1,571,191 1,518,742 52,449 Connecticut Pow Co.. March 103.718 78,177 317.688 234.974 Detroit Grand Hay & Milw_ Oonsum Pow (Mich)_ January 682,732 520,963 682,732 520.963 Canada Atlantic Co(Me)P&L. February 414.720 198,998 211,037 442,643 Mineral Range 23,362 25,835 2,473 jCumb Dayton Pow & Light March 194,294 763,781 244,949 582,957 Nevada-California-Oregon 10,743 4,106 6,637 gDetroit Edison_ March 1375,361 1140.245 4,155.920 3,560.508 United Lines March 1877,323 1584,712 5,296,231 4,345.906 Total(12 roads) 8,695,447 8,861,767 126,156 292,476 °Detroit Duluth-Superior Trac March Nat. flprrafign el $25107;.1 452,214 161,617 146,721 418.922 166.320 East St Louis & Sub_ February 704,801 610.751 338,383 311,06 Eastern Texas Elec__ March 320.942 252,327 106,782 87,459 El Paso Electric Co March 325,767 128,113 107,532 376.143 Net Earnings Monthly to Latest Dates.-In our "Rail- gFall River Gas Works March 51.505 52,895 169,878 159,365 Federal Lt & Trac___ January 333,629 310,344 333,629 310,344 way Earnings" Section or Supplement, which accompanies Ft Worth Pow & Lt__ March 101,859 108.458 338.931 327,230 to-day's issue of the "Chronicle," we give the March figures of Galv-Hous Elec Co.... March 253,387 215,591 591.596 718,028 Georgia L.P & Rys February 111,952 96,688 198.480 233,316 earnings of all steam railroads which make it a practice to issue gGrand Rapids By Co December 117.656 117.238 1.278.348 1.303.860 West Pow Sys March 408,970 332,264 1,240,735 1.048.989 monthly returns or are required to do so by the Inter-State °Great Harrisburg Railways. February 124,004 89,857 189,661 260,482 Commerce Commission. The reader is referred to that Supple- Havana El By.L & P February 703.156 617.071 1.429.514 1,262.081 Honolulu R T & Land March 62,023 57,238 170.791 177.012 ment for full details regarding the March results for all the Houghton Co El L Co March 35.750 33.468 109.651 110.142 Houghton Co Tr Co_ March 29.429 31.834 79.388 87,902 separate companies. b Hudson & Manhat_ February 590.372 527.636 1,24%337 1.090.552 Illinois Traction__ March 1404,993 1214,044 4,219,264 3.611,597 In the following we give all statements that have come 1b Interboro Rap Tran March 3994,180 3649,670 11.306,998 10,475.002 In the present week. We also add the returns of the indus- Jacksonville Trac Co March 92,738 78,900 256,971 210,460 Keokuk Electric Co_ March 23,328 19,283 75,178 61.203 trial companies received this week: Key West Electric Co March 19,878 14,941 68,321 41,865 Lake Shore Elec By.. January 191,455 141,555 191,455 141,555 -Gross Earnings--Net Earnings - Lewist Aug & Watery January 78,070 47,120 78.070 47.120 Current Previous Current Previous Long Island Electric_ December 15,917 15,871 226.994 251,122 Year. Roads. Year. Year. Year. Louisville Railway__ March 963,751 333.735 305.260 846.618 $ Lowell Electric Corp.. March 196,390 77.064 64,627 259,277 Atch Topeka & Santa Fe SystemManhat Bdge 3c Line December 13.399 11,002 125,713 145,503 Panhandle & S Fe_ b_ _Mar 372,115 520,095 def110,368 142,691 a Milw El Ry & Lt Co March 1219,825 949.756 3,611,093 2,848.690 Jan 1 to Mar 31 1,141,637 1,417,239 def359,475 368,579 Nashville By & Light February 252,993 198.928 403.449 525,310 299,413 260.963 770.878 Bingham & Garfield_b_ _Mar 255,584 def25,017 936.168 81,592 122,160 New England Power_ March N&H Ry,G&E March 209,234 146,998 408,877 617,261 Jan 1 to Mar 31 726,552 355,147 9,692 328,809 Newp N Y & Long Island__ December 45,144 507.628 470.198 32,785 Birmingham Southern.b Mar 54,219 122,350 14,441 8,782 NY & North Shore__ December 12,079 11,265 167,906 151.859 Jan 1 to Mar 31 345,809 169,095 54,382 22,741 N Y & Queens Co... December 81.609 67,830 967.319 1.132.362 New York Railways_ December 979,862 918.775 11.212.760 12,406,651 Colorado & Southern SystemNorthampton Trac__ February 20,023 16,149 33,188 42,418 Ft Worth & Den 0_ b_Mar 819,964 643,974 184,948 221,816 Northern Ohio Elec__ March 711,583 599,202 2,081.712 1,680.690 Jan 1 to Mar 31 2,438,510 1,849,890 571,632 539.545 North Texas Electric March 277,721 299,172 752,012 786.837 Trin & Brazos Val_b_Mar 95,412 89,074 def62,631 def19,248 Ocean Electric (L IL December 6,562 6.828 158.304 156,929 Jan 1 to Mar 31 309,765 259,602 def149,684 def65,823 Pacific Power & Light March 151.738 134,230 432,372 481,713 Pensacola Electric Co March 46,047 37,036 109.407 146.385 Duluth Win & Pac_b___Mar 203,598 158,829 45,319 34,438 Phila & Western____ February 48.915 40.564 82.023 99.838 Jan 1 to Mar 31 539,674 414,822 95,434 40,504 Portland Gas & Coke March 174.196 129,137 402,322 544,867 Hocking Valley_ b Mar 500,190 855,525 def75,062 (Ore)Ry,L&PCo. Port February 686,911 577,581 1,390,458 1.167,368 148,544 Jan 1 to Mar 31 1,451,011 2,210,775 def470,015 92,562 83,186 165,307 182,600 22,690 Porto Rico Railways_ February Richmond Lt & RR_ December 37.595 30,416 444,253 444,538 Internat & Grt Nor_ b__Mar 1,033.187 1,160,316 def284,384 293.186 St L Rocky Mt & Pac February 286,520 399.266 850,345 686,393 Jan 1 to Mar 31 3,168,331_1191,804 def392,030 764,914 Santiago El Lt & Tr_ February 59,600 52,293 119,496 107,770 184,451 Lehigh & Bud River_ b_Mar187,364 -7.974'47.726 Savannah Electric Co March 107,843 94,377 318,358 272,949 Jan 1 to Mar 31 578,219 462,902 62,417 60,617 53.184 820,747 855,600 61,537 Second Avenue (Rec) December Southern Boulevard.. December 18,758 15,694 206.351 .218,643 Lehigh & New Eng_ b__Mar 181,602 293,733 def16,410 83,658 Southern Cal Edison_ March 732,385 598,872 2,247,134 1,905.671 651.552 Jan 1 to Mar 31 682,359 27,254 76,516 Staten Isld Midland.. December 22,129 281.838 346.642 19,321 Los Ang & Salt Lake_ b_Mar 1.431,075 1,120.748 313,617 106.694 92,932 291,802 Tampa Electric Co.._ March 266,483 314.290 4.036,977 3,104.490 Jan 1 to Mar 31 943,297 209,545 162,124 682,039 Tennessee Power_ __ February 431,333 320.693 k Tenn Ry,Lt& P Co February Loulsv Bend & St L_b__Mar 227,728 226,717 532,780 442.621 1,094,769 882,949 47,201 73,865 Texas Power & Lt Co March 686.184 Jan 1 to Mar 31 602,692 268.713 243,887 871.875 795,475 133,745 150,962 Third Avenue System March 868,695 822,298 2.434,005 2,264.615 202,047 Nevada Northern_ b_.._Mar 114,084 35,787 103,716 D D E B & B RR_ December 4 .524 455,616 37,254 484.552 424.706 Jan 1 to Mar 31 602.460 163,414 314,608 42dStM&StNARy December 133,892 127.651 1,625,015 1.766,080 New York Central SystemtinionRyCo(NYC) December 221,886 209,282 2,662.944 2.910,070 Kanawha & Mich_ b__Mar 256,326 350,349 def9,487 Yonkers Railroad_ December 82,025 70,263 65,555 823.621 824.866 745,119 Jan 1 to Mar 31 891,878 def174,838 N Y City Inter By December 119,704 57,491 54,718 680.588 733,081 Lake Erie & West_ b....Mar 775,356 806,090 Belt Line By December 44,919 50,113 39,200 568,533 677,840 224,228 2,232,966 1.893.064 Jan 1 to Mar 31 Third Avenue December 326,619 336,419 3.797,105 4,117,833 33,304 213,301 Twin City March Tran_ 588,349 Central b.Mar Rap _ 914,420 835,294 2,618.503 2,457,391 736,606 Tol & Ohio 24,266 121,551 Virginia Ry &Power_ March 1,715,406 1.729,460 def143,679 def70,275 737.307 647,821 2,151.046 1.872.137 Jan 1 to Mar 31 Wash Bait & Anna.. February 183,021 164,302 387.366 336.740 362,163 def25,797 Northwestern Pacific_b_Mar 382,433 108,897 Westchester Electric_ December 46,106 43,616 589,783 554,914 1,128,910 1.025,100 def55,267 Jan 1 to Mar 31 260,576 York Railways February 109.479 91,542 227,451 189,070 Pennsylvania SystemYoungstown & Ohio_ February 34.126 29.760 71.426 60,583 Tol Peoria & West_b_Mar 111,751 131,577 def22.321 6,456 385.600 344,744 def14,767 def6,655 Jan 1 to Mar 31 a Includes Milwaukee Light. Heat& Traction Co. b Includes all sources. 690,066 def41,085 W Jersey & Seash_ b__Mar 774,300 f Earnings given in milreis. g Includes constituent or subsidiary companies. 86,969 2,187.980 1,630,180 def326,311 def172,264 h Subsidiary companies only. 5 Lewiston Augusta & Waterville Street Ry. Jan 1 to Mar 31 earnings, expenses, &c., not included in 1919. k Includes Tennessee By. StiLouis-San Fran SystemLight & Power Co., the Nashville By. & Light Co.. the Tennessee Power 87,217 def39,502 Ft Worth & Rio Gr.b.Mar 126,162 9,591 Co. and the Chattanooga Ry. & Light Co. 1 Includes both elevated and 322,575 284,447 def92,503 Jan 1 to Mar 31 31.572 subway lines. 121,874 St L S Fr & Tex_ bMar 105,808 def8,760 35,946 299,400 389,264 to Mar 31 Jan 1 def50,607 117,949 Electric Railway and Other Public Utility Net EarnSouthern Pacific SystemHous & Texas Cent..b Mar 656,096 775,218 ings.-The following table gives the returns of ELECTRIC 12,418 199,302 1,950,567 2,170.497 Jan 1 to Mar 31 171.662 638,596 railway and other public utility gross and net earnings with Hous E & W Texas_ b_Mar 183,664 168,260 37,579 35,527 charges and surplus reported this week: 549,702 Jan 1 to Mar 31 495,450 118,089 153,032 Louisiana Western..b_Mar 301,711 -Gross Earnings--Net Earnings 347,269 112,172 147,702 901,417 Jan 1 to Mar 31 Current 988,261 Previous Current Previous 304,789 491,787 Year. Companies. Year. Year. Year. Tennessee Central _ b_ __Mar 229,174 196,416 def35,709 22,274 $ 645,481 Ivo, Jan 1 to Mar 31 471,917 def129,209 22,298 American Tel & Tel_a__Feb 3,415,757 2,775.110 1,576,952 1,233,716 Jan 1 to Feb 28 6,792,819 5,591,251 3,209,738 2,434.276 b Net earnings here given are before deducting taxes. Bell Telep Co of Pa_b_Mar 1,934,296 1,224,592 Net after Other Gross 294,659 395.920 Gross Fixed Balance, Jan 1 to Mar 31' 5,712,720 3,572,343 Earnings. Taxes. Income. 738,441 758,040 Income. Charges. Surplus. $ Central Union Telep_b_Mar 1,016.788 $ I 935,274 154.044 171,208 $ $ Jan 1 to Mar 31 2,978,394 394,454 2,689,174 LouisChicago St 393,244 & York New -• 496,919 Chicago 4relephone_b_Mar 2,004,559 1,828,247 5,593 Mar '10 2,035,860 502,512 255,108 563,245 49,442 453,070 348,538 18,439 Jan 1 to Mar 31 '18 1,665,171 5,984,856 5.582,576 366,977 941,967 1,511,758 220,337 146,640 36,912 1,407,898 3 mos '10 0,114,762 1,370,986 156,322 1,251,576 Cleveland Telephone..b_Mar 366,927 279,209 66,563 11,373 2,050 59,555 '18 3,772,963 Jan 1 to Mar 31 61,605 682,693 de1621,088 1,109,891 812,173 197,423 38,422 Del & Atl Tel & Tel_ b_ _Mar 182,506 158.017 24,471 58,444 ELECTRIC RAILWAY AND PUBLIC UTILITY CO3. Jan 1 to Mar 31 527,952 463,504 32,819 77,107 Keystone Telephone_ b_Mar 114,768 119,345 36.439 52,643 Jan 1 to Mar 31 346,850 360,566 116,932 153.401 Latest Gross Earnings. Jan. 1 to Latest Date. New York Telephone_a_Mar 5,810,461 5,314,467 1,422,266 1,224.298 Name of Road Jan 1 to Mar 31 16,808,581 15.551.788 3.909.828 3.625.538 Current Previous Current Previous or Company. Month. Year. Pacific Telep& Teleg_a_Feb 1,801,644 1,640,188 Year. Year. 315,879 379,524 Year. Jan 1 to Feb 28 3,679,544 3,309,533 648,380 779,971 $ $ Providence Telep_b____Mar 199,167 46 185,828 39,216 51,182 136,877 139.652 Adirondack ElPowCo March 420.453 Jan 1 to Afar 31 4547,028 590,599 557,757 146,871 143.569 February 230,193 206,780 Alabama Power Co__ 499,334 412,102 E Lt & Trac Co Feb 59,600 52,293 23.539 20.981 1254.755 1042,088 3,976,376 3,315,645 Santiago hAmor Pow & Lt Co_ March Jan 1 to Feb 28 119.496 107,771 47,332 42,987 12,199 13,036 Atlantic Shore Ry___ March 34,655 32,129 Union _a Feb 6.540,358 6,261.501 197,567 168,693 Aurora Elgin & Chic_ March 363,168 1.199.599 563,585 439,409 Western Jan 1 to Feb 28 13.610.096 81.841 67.485 12,963,661 Bangor By & Electric February 947,947 2,447.802 164.436 145,269 27,408 20,322 Baton Rouge Elec Co March 87,121 61.691 a Net earnings here given are after the deduction of taxes. Blackstone V G & El March 191,288 189,580 625.036 546.693 b Net earnings here given are before the deduction of taxes. Fourth Week of April. 1919. 1918. Increase. Decrease. Gross Earnings. Net after Taxes. Fixed Charges. Balance, Surplus. Nevada-Calif Elec Feb '19 150,332 Corp '18 162,814 2 mos '19 323,042 318,012 '18 North Pacific Pub- Mar '19 19.913 lie Service Co '18 14,494 Republic Railway Mar '19 525,271 & Light Co 461.600 '18 3 mos '19 1,552,768 '18 1,426,032 77,375 86,699 184,376 177,132 4,230 2,263 144,666 120,727 422,525 372,553 59,061 52,563 116,892 102,647 2,278 2,021 114,397 102.487 341,270 298,572 z18,323 z34,748 x67,709 z75,214 1,952 242 z36,815 z29,064 z99,259 z104,633 x After allowing for other income received. Fixed Chgs. Balance, Net Gross Earnings. Earnings. & Taxes. Surplus. Detroit United Lines [VoL. 108. THE CHRONICLE 1928 Mar '19 '18 3 mos '19 '18 1,877,323 1,584.712 5,296,231 4,345,906 437,168 433,502 1,172,054 1,096,620 227,793 215,168 688,887 633,318 z240,587 z249,148 z587,016 z569.081 x After allowing for other income received. FINANCIAL REPORTS. Financial Reports.-An index to annual reports of steam railroads, street railways and miscellaneous companies which have been published during the preceding month will be 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 April 26. The next will appear in that of May 31. Chicago & North Western Ry. Co. (59th Annual Report-Year ending Dec. 31 1918.) The remarks of President W. H. Finley, together with a comparative income account and balance sheet as of Dec. 31 will be found on a subsequent page of this issue. BALANCE SHEET DEC. 31. 1918. 1918. 1917. LiabilitiesAssetsRoad & equip_ _397,916,749 379,424,315 Com.stk.& scrip.145,157,519 Pref.stic.& scrip. 22,395,120 Sundry constr., do, 8,358,402 18,492,434 Stk.& scrip own'd by company- 2,345,957 Invest.in aMl.cos.14,837,226 14,507,879 63,000 Other invest'ts_a19,397,232 17,400,590 Special stock_ Prems.realized on Cash & sec'tles 29,658 in sinkg. fund 2,520,982 3,348,843 capital stock_ Misc.phys.prop. 616,036 671,613 Funded debt4,245,518 5,722,051 Held by public.211,454,000 Cash Acct.of sk .fds. 2,442,000 Loans & bills receivable 1,001,712 501,712 Held by co.& due 639,396 from trustee_ 16,241,900 Traffic,&c.,baLs. Agts. & cond's_ 4,035,550 4,135,168 Loans&bilis pay. 5,000,000 Mat'l & sup'lles. 9,833,182 9,777,606 Traffic, &c., bal. Misc. accts.ree.., 1,037,941 3,570,987 Accts. & wages_ 113,549 Other assets_ 722,803 762,788 Matured int.,&c. 3,746,650 Prepaid insur 22,619 Accrued interest 1,898,611 U.S.RR.Admin. Miscellaneous__ 151,346 Tax liabilityaccrued comp. 14,201,016 932,484 Cash tak. over 5,722,051 Accrd deprec'n_ 13,724,722 Assets colleet'd 3,427,816 Bal. premium on Rev, prior to ' bonds of 1937. 702,808 Jan. 1 '18_ _ 1,453,183 U.S. RR.Admin.Securities & stk. Additions, &c_ 7,109,999 Liabilities paid. 12,735,087 C.& N.W.Ry. held in treas.b 19,325,590 25,217,056 Corpor. trans.. 1,879,416 Advs.acct.equip. Exps. prior to 5,573,149 1,843,375 3,908,398 Jan. 1 purchased 946,721 Unadjust. debits 1,719,965 Unadj. credits_ Corporate surp_ c 2,964,278 Profit & loss.. _ _d52,752,914 1917. 145,158,719 22,395,120 2,344,757 65,000 29,658 201,951,000 2,672,000 22,872,300 2,295,000 2,037,478 5,509,718 3,874,575 1,818,403 1,510,590 989,829 13,879,557 997,837 1918 to the end of the war or until March 311920, if peace is not declared prior to that date. In consideration of the effect of these increases in wages upon the cost of production, the Fuel Administration authorized an increase of $1 05 per ton in the price of pea coal and all larger sizes. A statement in regard to prices issued by the Fuel Administration during February 1919, when about to relinquish most of its functions,states plainly its conclusion that the prices of anthracite are still too low. The increase in maximum prices of "possibly as much as 50 cents per ten," suggested by the Fuel Administration, relates solely to domestic sizes. The reduction in prices of other fuels which compete with anthracite steam sizes have necessitated some reduction in the latter. Therefore, an increase of 50 cents per ton in the price of domestic sizes will secure to the Delaware & Hudson Co. and the Hudson Coal Co. an inchase of only 23.55 cents per ton of all sizes produced and marketed. Operations.-Data supplied by the Railroad Administration indicate that the railway operating revenues for 1918 amounted to $34,789,864, an increase of $4,800,465, or 16.01%, over 1917. Freight receipts increased 34,757,563,or 18.77%,and passenger receipts decreased $232,007,or 7.64% Freight Traffic.-Freight movement increased from 3,954,096,760 ton miles, in 1917, to 4,062,078,074 ton miles, in 1918: a gain of 107,981,314 ton miles, or 2.73%, while the average receipts per ton mile increased from 6.41 mills to 7.41 mills, a gain of 15.60%. The increased freight movement was principally anthracite, food products and war munitions. The Railroad Administration generally refused to permit shippers to select routes and not only diverted to your railway, in order to relieve actual or threatened congestion at New York harbor, and elsewhere, considerable traffic that would otherwise have moved differently, but, also. diverted from your lines numerous shipments which they would normally have carried. Passenger Business.-Passenger receipts decreased $232,007. or 7.64%. The movement of passengers decreased 13.45%, while the average receipts per passenger mile increased 6.75% from 2.342 cents in 1917 to 2.500 cents in 1918, and passenger train mileage was reduced 22.57%. The decrease in passenger travel is probably attributable to efforts to discourage passenger movement, as well as to increased charges and withdrawal of facilities. The increase in the average rate per passenger mile resulted from the increase of the basic mileage rate to 3 cents, effective on June 10 1918, modified, however, by the allowance of a special rate of one cent per mile to soldiers and sailors on furlough. Miscellaneous Income.-There WM a considerable increase in miscellaneous transportation revenue, due to augmented switching charges, and incidental revenues were increased by a gain of 109.98% in the demurrage chair0wcollected, which amounted to $.345,925 as compared with $164,744 in Freight Rates, &c.-Several important changes contributed to the increase in the average receipts per ton per mile, notably the following: (1) Advances in freight rates applicable to anthracite moving to Canadian destinations, cement, stone, sand and similar conmodities, asked for in 1917, went into effect on April 11918. (2) On June 25 1918 the Railroad Administration began to enforce an increase of 25%, applicable to all classified freight with increases roughly corresponding to that percentage on all other articles. Before these increases were made, an estimate. based on 1917 traffic, indicated that they would add about $5,900,000 to annual gross receipts. (3) The Railroad Administration adopted and has applied since May 1 1918 a new basis for the apportionment of interline revenues, which is understood to have increased the revenue attributed to your railway under Federal operation Operating Expenses.-These amounted to $31,353,784, as compared with $23,449,953 in 1917, an increase of $7,903,831, or 33.71%. Subtracting the increase in revenues of $4,800,465 leaves a decrease in operating income, before the deduction for taxes, of $3,103,366 Expenditures for maintenance of way and structures increased $1,215,554; for maintenance of equipment, $2,873,831; for transportation, $3,809,887. The following figures, which should be understood as approximate only, indicate, as closely as computations now practicable permit, the changes causing the total increase of $7,903,831 in expenses, viz.: Higher wages rates increase $4,345,025, or 54.97%; increased number of employees, $1,700,000, or 21.51%; higher prices of materials, $1,043,183, or 13.20%; increased quantities of materials and miscellaneous, $815,623, or 10.32%. Considerably more than one-half the increase in expenses, and almost one-seventh of the total operating cost of the year, is attributable, therefore, to higher rates of wages than were in force in 1917, and the order establishing eight hours as the basic day for all classes of labor. Outlook-Apparently the operating expenses thus stated are still subject to increases on account of further wage increases which are under discussion, and that are likely to be made retroactive at least to Sept. 1 1918. These projects include an increase of approximately 15% in favor of engine and train crews with, in addition, provision for payment at 1% times the standard rates, instead of proportionately, for all time in excess of eight hours, and an increase in favor of telegraphers. INCOME ACCOUNT FOR CALENDAR YEARS ON BASIS OF "STANDARD RETURN." (Contract not yet signed.) [Contrasted with corresponding items in 1917 under company control.] Inc. or Dec. 510,496,364 489;823,420 Total 510,496,364 489,823,420 Total accrued under Federal control (on Oa Includes in 1918 35,000000 U.S. Govt. 10-25-yr.4Yi % bonds; 149,200 Compensation $7,415,149 +31,805,762 basis of standard return) shares of capital stock of Chicago St. Paul Minn. & Omaha By., $10,337,- Miscellaneous 137,198 -650 rent income 152; 41,715 shares of pref. stock of Union Pacific RR., $3,910,576, &c. Income from lease 7,682 -80 21 3 12 02:5 of road b Includes in 1918 capital stock and scrip C. & N. W. By. held in treasury, Miscell. non-operating physical property bonds of 1987 , N. $1,043,300 C. & W. By. Gen. Mtge. $2,345,957; 9 4 6 4,2 54 23 938,163 Dividend income duo trustees; p. & N. W. By. equipment trust ctf. of 1913, series 'D,' +59,273 225,233 from funded securities "E, and "F,' held in treasury, $7,400,000: C. & N. W. By. equipment Income 447,100 +207,218 accounts.._ securities and from unfunded Income and trust ctf. of 1917, series "G," and "H, held in treasury, $7,798,000; +53,006 162,168 miscellaneous, $738,333. c Includes in 1918. $461,546 additions to prop- Income from sinking and other reserve funds__ _ 1,152,446 -1,560,079 erty through surplus: $1071,343 sinking fund on North Western Union By. Miscellaneous income bonds and $1,431,390 sinking fund on W. & S. P. RR. extension bonds. +3,509,133 $10,602,781 Gross income d After adding $947,873 transferred from "appropriated surplus" on +395.770 $95,770 operating expenses account of retirement of W. & St. P. RR. extension (Western division), Deduct-Railway +112,899 127,028 War taxes and North Western Union By. 1st Mtge. bonds, and deducting $4,953,377 +1,518 17,636 Miscellaneous tax accruals miscellaneous items (net).-V. 108, p. 1511. -9,070 1,946,986 Rent for leased roads -2,659 Miscellaneous rents Chicago St. Paul Minneapolis & Omaha Ry. Co. +12,960 2,938,318 Interest on funded debt -26,371 142,728 (37th Annual Report-Year ending'Dec. 31 1918.) Interest on unfunded debt +602,077 619,522 Miscellaneous income charges 1,499,085 3,683,333 , 54,239,461 The remarks of President James T. Clark, together with a comparative income account for the last two calendar years, and a balance sheet as of Dec. 31, will be found on a subsequent page.-V. 108, p. 1511. Delaware & Hudson Company. (89th Annual Report-Year ended Dec. 31 1918.) Much condensed extracts from the report of President L. F. Loree, dated April 1, are given below. Further citations may be given in a later issue: Advances on Compensation Account, &c.-During the year there was received from the United States, in partial payment of compensation for the taking over of the company's property in Dec. 1917, and its subsequent occupation and use by the United States, the sum of $4,190,000, and the company borrowed from the Railroad Administration, without security, 32.100,000; making a total of $6,290,000. The I.-S. C. Commission has certified that the average income of this company for the three years ended with June 30 1917 was 37,409,600. If the latter sum is all to which your company is entitled, which is by no means admitted, it has received $1,119,600, or 15.11%, less than it should have received to Dec. 31 1918. [The Federal contract has not been signed as yet.-Ed.] Balance Sheet.-The changes in current assets and current liabilities are largely due to the Government taking possession and control of the company's railway property as a going concern: the Government collecting the major portion of the current assets and paying the major portion of the current liabilities. Coal Mining Department.-Under pressure from the U. S. Fuel Administration, the Hudson Coal Co. during 1918 produced, including washeries, a total of 9,059,228 long tons of coal, an increase of 415,505 tons, or 4.81%, over 1917. The year's output was 11.82% of the total output of Pennsylvania mines and washeries, which was 76,649,918 long tons. Underground development was carried on and the properties fully maintained. The wages agreements of 1917 provided for the whole period to March 31 1920. Nevertheless, during 1918, after conferences in which the Federal Fuel Administration participated, a supplementary agreement was effected providing for very heavy increases in the wages rates, effective from Nov. 1 Total deductions Net income, carried to Profit and Loss Percentage to capital stock $5,887,988 $4,714,792 11.09% +3787,120 -$277,987 0.66% OPERATING STATISTICS-FOR 1918 FROM FEDERAL AUTHORI. TIES; 1916 AND 1917 COMPANY'S RESULTS. 1916. 1915. 1917. 1918. No. pass. carr. 1 mile__112,180,679 129,620,729 136.895,895 123,968,812 2.24 cts. 2.20c ts. 2.34 cts. 2.5 cts. Avg. rec. per pass. p.m.31.0579 30.9545 $1.1412 Pass. earns. per train in. $1.36 Tons freight carr. 1 mile.4062078074 3954096,760 3486438,898 2879192,436 Avg. rec. per ton per m_ 0.741 cts. 0.641 eta. 0.632 cts. 0.684 cts. 7,186,380 8,100,767 Anthracite coal produc'd 9,059,228 8,643,824 RESULTS AS REPORTED BY THE RAILROAD ADMINISTRATION AND 1917). IN 1916 FIGURES (COMPANY'S FOR 1918 1916. 1917. 1918. Transportation of}$30,104,926 M0,540,757 $10,254,653 Merchandise 1 14,806,606 11,769,005 Coal 2,804,0.56 3,036,0631 4,610,768 Passenger 1,605,973f 1,880,882 Miscellaneous Total operating revenue Maintenance of way, &c Maintenance of equipment Traffic Transportation L General Miscellaneous operations, &c Total operating expenses Net earnings Taxes accrued Uncollectibles Operating income x Does not include war taxes. $31,789,864 $29,989,309 $26,634,426 $3,737,523 $2,521,069 82,127,853 6,662,232 4,970,920 9,536,063 325,898 341,580 254,672 ) 9,513,924 16,556,076 12,746,18( 957,518 } 1,269,450r 1,074,076 199,299 119,589 1 $31,353,784 $23,449,953 $18,111,095 $3,436,079 $6,539,446 $8,523,331 920,381 738,659 x848,986 1,668 2,744 3,478 $2,585,425 $5,615,587 37.781,928 MAY 10 1919.] THE CHRONICLE GENERAL BALANCE SHEET DECEMBER 31. 1917. 1918. 1918. Liabilities, AssetsCoal l'ds & real est. 6,541,585 6,641,930 Capital stock__ __42,503,000 Lavin r'd & equip.69,927,754 68,806,126 Govt.grants in aid of construction_ Impr'ts on leased 19,541 railway prop'ty_ 6,612,590 6,612,590 Fund.d't unmat'd 66,010,000 Sinking funds__ 2,387,394 3,308,418 Loans pay'le acc't Liberty bonds__ 1,067,500 Deposits in lieu of 10,000 mtged. prop.sold 10,000 Loans & bills pay_ 2,203,534 Misc. phys. prop_ 3,710,741 3,604,755 Traffic, &c., bats_ 14,359 Inv. in affil. cos..A5,598,078 44,012,971 Acc'ts & wages pay. 962,926 Other investments 6,191,116 5,701,391 Misc. acc'ts pay'le 572,859 1,057,090 1,904,311 Int. mat'd unpaid 257,868 Cash Dem'd l'ns & dep_ 589,500 38,000 Divs. mat'd unp'd 164,290 46,743 1,459,897 Debt mat'd unp'd Special deposits 48,000 L'res & bills recle_ 34,109 Unmat'd int. accr.. 650,946 *Agents & conduc. 259,563 Unmat'd rents accr. 122,505 Misc. acc'ts reel°. 2,873,980 6,704,898 Other cur. Habits- 665,809 *Materials & supp. 2,539,451 Due to U. S. RR. Int. & divs. reel°. 1,009,753 249,456 Administration_ 8,699,464 Rents receivable 90,235 77,611 Deferred liabilities 382,561 Tax liability Due from U. S. 660,478 10,782,679 Operating reserves 568,110 RR. Admin 28,691 585,215 Accr'd depr.,equip. 4,278,234 Working fund adv. 639,605 Oth.unadj.credits_ 1,348,672 Ins. & other funds 772,168 308,104 Add'ns to prop'ty 193,790 Other def'd assets_ through income Unadjust. debits_ 2,603,821 1,396,573 and surplus__ 6,839,487 Profit & loss bals_22,987,551 1917. 42,503,000 19,541 66,462,000 1,203,534 108,685 7,132,130 350,549 251,834 163,814 106,000 607,870 242,715 600.436 511,333 482,321 448,141 3,644,870 1,216,424 6,839,487 22,000,291 Total liables__161,027,686 154894,975 Total assets--161,027,686 154394,975 * Balances transferred to U. S. RR. Administration.-V. 108, P. 1274. Wabash Railway Company. (Third Annual Report-Year ended Dec. 31 1918.) President William H. Williams on April 16 wrote in subst.: Mileage.-The average miles of road operated during the yeans was 2,512.91, as compared with 2,519.06 in 1917, the change being due to our discontinuing the use of the Erie RR. and commencing the use of the Delaware Lackawanna & Western RR. at Buffalo, effective Aug. 1 1918. Capital Stock.-Under the articles of incorporation the holders of the 5% convertible Pref. Stock B may, at any time after Aug. 1 1918, and up to 30 days prior to any date fixed for the redemption of the entire issue o(5% profit-sharing pref. stock A,convert same into and exchange same for 5% profit-sharing pref. stock A and common stock of this corporation; sa d conversion to be at the rate of $50 of 5% profit-sharing prof. stock A and $50 of common stock, for each $100 of 5% convertible pref. stock B, with a proper adjustment of declared and unpaid dividends. In this manner $26,529,000 of 5% convertible pref. stock 13 was surrendered and exchanged for $13,264,500 of common stock and $13,264,500 of 5% profit-sharing preferred stock A. Funded Debt.-The funded debt was reduced during the year by the purchase and retirement of gold equipment sinking fund bonds of 101, $202,000,and Detroit & Chicago Extension bonds,$55,000; total, $257,000. Dividends.-The company had declared and paid regular quarterly dividends during a portion of the test period, on its profit-sharing pref. stock A, but had not paid a dividend in each of the said three years. Application was made on March 29 1918 to the Director-General of Railroads, for authority to declare and pay the regular quarterly dividend of 1% on the 5% profit-sharing preferred stock A, and, authority for same having been granted, the board of directors at their meeting on April 3 1918 formally declared the same, payable on and after April 30 1918 to stockholders of record April 10 1918. Under date of July 3 1918, a similar application was forwarded to the Director-General to pay the regular quarterly dividend of 1% upon said stock, which, if declared, would have been made payable on July 31 1918. The Director-General, however, declined to autb.orize the payment of said dividend. Additions and Bettertnents.-These during the year as reported to us by the Federal Auditor of the U. S. RR. Administration, aggregated $1,428,976, including chiefly $729,115 used to rebuild, reinforce and apply steel stakes to 600 coal cars; rebuild, reinforce and apply metal draft arms,friction draft gears, metal roofs and metal ends to 690 box cars. Compensation, &c.-Under the Federal Control Act the compensation allowed the several carriers (1. 0., the standard return) is based on the average net railway operating income for the three years ended June 30 1915, 1916 and 1917. The net railway operating income of the Wabash By. Co. for the said three years was as follows: 1915, $2,365,046; 1916, $7,252,201; 1917, $7,984,558; total, $17,601,804; average, $5,867,268. This amount, together with the non-operating or corporate income of the company, is sufficient to enable the company to meet its annual interest charges, rentals, taxes, other fixed charges and corporate expenditures; to meet all sinking fund obligations and leave a balance of approximately 32,_000,000 available for additions, betterments, etc. The railroads of the company were in the possession of and were operated by receivers during the first 16 months of the test period and came into the possession of Wabash By. Co. Nov. 1 1915. During the receivership the reorganization committee had the benefit of reports made by experts, which indicated that an expenditure for additions and betterments from 1912 to 1917, both inclusive, of $15,839,500 would cause the gross earnings to increase by June 30 1917 to approximately $37,659,000, and would cause the net operating revenues to increase to $11,297,700. Authority was given from time to time to make improvements, and approximately 80% of the money was expended during the receivership and the balance since the Wabash By. Co. took over the property. From Nov. 1 1915, the date the Wabash took possession of the property, to Dec. 31 1917, when the Government assumed responsibility for the operation, the surplus over operating expenses and fixed charges aggregated $10,427,546. During this period there was paid in dividends on the outstanding pref. Stock A $2,310,000, leaving a balance of $8,117,546, of which approximately $5,860,000 was used in improvements and the remainder was used to retire $2,258,000 interest-bearing securities. Since the receivership the company has bought 25 large Santa Fe type locomotives and 2,300 new steel underframe freight cars, and has placed steel underframes and steel draft gears on approximately 7,000 additional freight cars; also installed superheaters on about 150 locomotives, thereby increasing the operating efficiency over 15%; and otherwise improved the property, paying for same out of the moneys received from the operation of the property. The results obtained from money expended for additions and i3ettermonts during the receivership and subsequent to the reorganization have more than justified the forecast made by the reorganization committee and the railroad experts. For the cal. year 1917, the gross earnings were $40,471,899, or approximately,$2,800,000 above the estimate; and the net operating revenues were $12,003,103, or approximately $700,000 in excess. The value of the improvements to the property is especially reflected in the percentage which the transportation expenses of each year bear to the total operating revenue, namely: 1917, 37.9; 1916, 36.3; 1915, 41.3; 1914, 42.8; 1913, 41.6; 1912. 42.8; 1911, 40.3. These improvements were madelin the face of a substantial increase in labor and material costs, so that were ]proper adjustments made to place these costs on comparative basis the full benefit resulting from the improvements would be much 'greater than shownrabove. ...The reorganization was severe. The fixed debit, including equipment obligations, decreased $56,600,000, or 46%. The absolute fixed charges of about $5,800,000per annum prior to reorganization were scaled down to approximately $3,200,000 per annum; a decrease of about $2,600,000, or 45%. This was accomplished, first, by some of the holders of interestbearing securities being required to accept in exchange therefor capital stock, and second, by the security holders, principally bondholders, being required to pay an assessment aggregating327,720,000. Very little of this amountywas raisedithrough payments by the stockholders of the Wabash RR.10o., said payments being approximately only $1,000,000, the balance was raisedithrough an assessment of $654 82 for each $1,000, par value, of First & Ref. Mtge, bonds of the Wabash RR. Co., the holder of said bond surrendering his bond andtreceiving capital stock of the Wabash By. Co. in exchange forrsaid bond and the said assessment of $654 82. The total parivalue of the;stockfand bonds of the company was brought down from $222,300,000 to approximately $205,105,000, a decrease of $17,200,000. In view of the receivership and of the undeveloped and abnormal conditions incidental thereto, as well as the improved character of the property resulting from reorganization and the capital expenditures above mentioned, it was the opinion of your directors that the company was entitled to just compensation for the use of its property in excess of the amount of 1929 the standard return, and, therefore, claina was filed with the DirectorGeneral for annual compensation aggregating $8,681,301. No final determination of the claim has yet been made. CORPORATE INCOME ACCOUN1' FOR CALENDAR YEARS. i Inc. or Dec. 1918. 1917. , *Compensation accrued under Federal control $5.867,268 +35,867,268 Railway operating income $10,543,882 -10,543,882 Income from lease of road 4,000 4,000 Miscellaneous rent income 73,620 21,539 +52,081 Misc. non-oper. physical property.... 74,234 88,113 --13,880 Separately operated properties -50,000 50,000 Dividend income 78,824 78,824 Income from funded securities 14,207 +6,627 7,580 Income from unfund. sec. & accts_.. 17,351 52,142 -34,790 Income from sink. & 0th. res. funds 106 212 +106 Miscellaneous income 213 794 +581 Gross income $6,130,511 $10,846,399 -$4,715,888 DeductionsRent for equipment-net $1,710,113 -$1,710,113 Rent,for joint facilities-net 1,622,495 -1,622,495 Rent for leased roads $212,848 72,767 +140,081 Miscellaneous rents 25,541 +2,977 28,518 Miscellaneous tax accruals 42,736 +21,757 20,978 Separately open. properties-loss_ _ _ 58,230 -58,230 Interest on funded debt 3-,0-9 -2-,;71 -11.998 3,104,872 Interest on unfunded debt 15,638 1,038 +14,600 Amort. of disc't on funded debt_ _ _ _ 181 181 Income tax on int. on funded debt 3,031 -47 3,078 Corporate expenses 99,338 +99,338 Railway tax accruals 62 +62 Total doduc. from gross income.._ $3,495,226 Net income Detroit and Chicago sinking fund $6,619,294 -$3,124,068 $2,635,285 $4,227,105 -$1,591,821 53.960 -1,100 55,060 Credit income bal. to prof. & loss.. $2,581,325 $4,172,045 -$1,590,721 * Subject to change when contract is executed definitely fixing the amount of annual compensation. Credit balance Jan. 1 '18$7,938.388 Less-Dividend approp's_ $462.000 Credit bal. trans.from inc. 2,581,325 Invested in physical prop_ 1,887 Profit on road & equip.sold 26,574 Settlement of acc'ts prior Donations, &c to Jan. 1 1918 made by 883 U. S. RR. AdminLsten_ 1,498,620 Miscellaneous debits 3.942 31.966,449 $2,608,782 Credit balance $8,580,721 CONDENSED GENERAL BALANCE SHEET DECEMBER 31. 1918. 1917. 1918. 1917. Assets$ Liabilities , $ Invest. in road Capital stock ....138,492,537 138,492,537 & equipment_207,812,012 208,342,288 Funded debt unSinking funds__ 325,444 288,387 matured 66,055,359 68,198,359 Dep. in lieu of Loans&bilLs pay. 500,000 380.000 mortg'd prop. Traffic, &e.,balsold 33,435 5,500 ances, pay'le_ 7,346 1,102.259 Misc.phys.prop. 3,018,138 2,852,590 Accts. & wages Inv.in Mill. cos. 2,387,348 2,174,238 payable 171,858 3,983,759 Other investm'ts 562,715 178,186 Misc. accts. pay 27,275 585,871 Cash 571,197 1,375,053 Int. mat'd unpd. 304,544 338,789 Special deposits. 1,373 Divs, matured 5,172 Traffic, &c., bal. unpaid 882 1,025 receivable ___ 28,870 1,073,244 Fund, debt maBal.rec'bie ages. tured unpaid_ 118,200 232.200 & conductors 1,947,571 Unmatured dive. Misc.accts. rec. declared 613,058 1,865,981 482,000 Material & supp 3,562,394 Unmatured int. Int.& divs. ma_ 886,497 22,200 accrued 887.730 52,200 Rents receivable 14,400 Unmat'd rents 2,238 Other curr.assets 163.341 914,323 accrued 10,621 Due from U. S. Other curr. liab_ 477,989 RR. Adjoin.... 15.412,843 Due U. S. RR. Deferred assets_ 27,487 26,927 Adm., includUnadj. debits.... 1,163,763 1,450,841 ing loans____ 14,878,792 26,367 Deferred itabil's 23,274 UnadJ. credits.... 1,753,443 2,943,920 Approp. surplus 133,944 189,791 Profit and loss__ 8,580,721 7,938,388 Total assets_ _231,815,365 224,074,034 Total 231,815,365 224,074,034 .--NThe.---Vrte general balance sheet s submitted in tentative form andTs subject to adjustment when final settlement is made with the U. S. Railroad Administration. V. 108, p. 1391, 1061. The United Railways and Electric Co. of Baltimore. (20th Annual Report-Year ended Dec. 31 1918.) Pres. Thomas A. Cross, Baltimore, April 9, wrote in subst.: Results.-Compared with 1917, the operating revenues increased $1,368.865, or 12.96%, but operating expenses increased $1,572,427, or 29.85%; depreciation increased $68,443, or 12.96%, and taxes, licenses, &c., increased $80 729, or 7.48%, so that the operating income for the year was $3,332,941 (against 34,765.399 in 19171, and the ratio of operating expenses to operating revenues, after allowing for depreciation, taxes, &c., was 72.06%, against 65.10%• Six-Cent Fare in Effect Oct. 1 1918.-Our greatest difficulty from a revenue point of view was that wages and cost of materials were increasing rapidly during the whole year, while the increased revenue from the 6-cent fare was effective during the last three months only. The serious turn in the ratio of operating expenses to operating revenues began in April 1918. Wages of the platform men were rapidly increased and costs of material and supplies took a new spurt upward. As soon as these factors became actually threatening, the company began posting bulletins showing that the cost of new cars was nearly three times what it was in 1914, that 1918 wage raises will mean an additional burden of more than $1.700,000 per year over and above 1917 and more than $2,200,000 per'annum over 1915, and current supplies were costing from 559' to 191% above normal. The 6-cont rate went into effect on Oct. 1 1918 and the question of the reasonableness and fairness of this increase was confirmed by the P. S. Commission on Jan. 7 1919, after full and exhaustive hearing, their opinion concluding: "That the company is reasonably entitled under conditions at present existing to an increase of 1 cent in each of the fares specified in its schedule P. S. C. Md. No.8, there would seem to be little or no ques- tion. Dividend Partly From Accumulated Surplus.-In the belief that the company would obtain relief, the dividend policy was continued, the companyiusing awhen necessary for dividends the accumulated surplus of former yearsiavailable for this purpose. As a result, 3486.716 of the company s surplus was used for this purpose. In addition thereto, special demands, such as contributions incident to war, amounting to $35,574, and income and excess profits taxes for 1917. amounting to $105,035 were charged against surplus for the year, resulting:in a reduction of this item to 3362,370. Operations.-The gross receipts were $11,929,701, an increase of $1,368,865, or 12.96% for the year. This increase was due to three factors: (1) Increased war activities; (2) increased fare effective during the last three months of the year;(3) normal increase due to increase of population. riding habit. &c. While therp is no satisfactory method of segregating these items, it is believed that the third and most important factor evidenced a satisfaotory condition during 1918. On the other hand, the company suffered during the first few months of the year from the worst weather conditions that it has ever experienced, and in October, when considerable relief was expected from the increased fare, the people of this community were attacked by a severe influenza epidemic, which resulted in the closing down of all theatres and schools and the.avoidance, so far as possible, of contact on street cars by the public. THE CHRONICLE 1930 Although the largest increase of wages did not take place until September, the increased cost of transportation for 1918 over 1917 was $884,471. The cost of maintenance of way and structures and equipment aggregated 31,300,879, as against $923,641 in 1917. Depreciation charges were increased from $528,042 in 1917 to $596,485. The cost of power increased from $850,989 to $1.040,158. Your company, while it suffered from the increased cost of coal, was fortunate in this respect, owing to its favorable contract with the Pennsylvania Water & Power Co. for hydraulic power. Financial.-On Dec. 31 the company had no direct floating debt, and had cash on hand from current revenues amounting to $186,058. There were, however, $988,000 of notes of Baltimore Sparrows Point & Chesapeake Ry. Co. and other subsidiaries of the company outstanding endorsed by your company. These notes represent capital expenditures and are in large part notes on which the company is in a sense directly liable apart from its endorsement, as your company absorbs all the revenues from certain of its subsidiary companies. The equities of these properties to your company are very substantially in excess of all debts, including funded debts and the above notes. The company has in its treasury $3.000,000 of its own First Cense!. Mtge. 4% bonds. There are also $3,054,000 First Mtge. 5% bonds of Maryland Electric Railways Co. in the bands of the mortgage trustee. Taxes.-The total taxes and public charges in 1918, including park tax, cost of paving streets, &c., were $1,344,408, or over 26% of the net receipts after operating expenses. This represents an incease of $186,485 over 1917 and an increase of $271,629 over 1916. Park tax for the year was $755,468, against $671,712 in 1917, an increase of 383,756. The total amount paid to the City of Baltimore in park taxes alone since the consolidation of the street railway lines in 1899 aggregates $9,398,217. Cars.-We received between Feb. and June 1918 80 new double-truck semi-convertible air-brake cars, ordered in May 1917. By contract entered into with the Emergency Fleet Corporation, 50 additional doubletruck cars of the latest typo were ordered, but none were received during that year. These 130 cars will carry about 150,000 passengers per day. Extensions.-Lines have been extended to the Curtis Bay district and additional franchises obtained and an extension is now under construction to reach Fairfield. Power.-To increase the capacity of the Pratt St. power station as a standby plant, supplementing the power received from the Susquehanna River through the Pennsylvania Water & Power Co., an order was placed for a 20,000 k. w. turbo-generator and accessories, for delivery and installation by June 1 1918. Due to war delays, it was not until September that the first shipments of material were received and installation will not be completed until this spring. Wages.-Wages were raised three times during the course of the year. The men are now receiving more than double the wages received in 1912. Public Authorities Recognize Necessity for Maintaining Investment Value of Stock.-In connection with the decision of the P. S. Commission raising the rate of fare to 6 cents, two things should be noted: First, the counsel for the people stated that, while the company should not be permitted in any way to increase its margin of profit during the war by an increase of rates, he had estimated that the company should be perand operating , mitted to earn $3,725,559 "over and above maintenance expenses, taxes and the expenses of depreciation.' He added: 'If the company is permitted to earn this sum it will mean that the stockholders are breaking even with, their accustomed 4% dividend. More than this, it seems to me, they should not have. With less than this, it would probably be most difficult for the company to do the financing necessary to enable it to render our rapidly growing community the adequate service which it requires and to which it is by law entitled. Second, the Public Service Commission in the case stated: "The former proposition requires that the company shall, at all times, be kept in such a condition, financially, that it can command investments in its property by the investing public, in order that necessary extensions to meet the demands of a rapidly growing community may be made promptly when and as required, and that its roadbed, power houses and equipment may always be of a tyRe and capacity to render adequate service economically and efficiently.. Further Relief Needed.-While the few months in 1918 in which the increased fare was in effect did not cover perhaps a sufficiently long enough period to show finally whether or not the 6-cent fare would produce the needed return, the results of those months indicated that it would not and that further relief would be needed. This indication has been substantiated by the results of the succeeding months of 1919. OPERATIONS AND FISCAL RESULTS. 1915. 1916. 1917. 1918. RevenueRevenue from transp'n_311,672,229 $10,424,786 $9,751,374 $8,904.857 123,287 162,677 136,051 257.473 Rev, other than transp_ Total revenue $11,929,701 $10.560,836 $9,914,051 $9,028,144 Expenses$354,613 $403,254 $436,531 $551,755 Maint. of way & struc 362,131 407,870 462,082 716,237 Maint. of equipment 22,992 25,027 32,887 Maintenance of power.... 680,619 850,989 1,040,158 Power service 7,498 7,577 19,231 16,561 Traffic expenses 2,701,046 2,282,774 2,633,840 Conducting transporta'n 3,518,311 717,411 762,864 839,694 963,913 General & miscellaneous 410,548 495,703 528,042 596.485 Depreciation 1,160,452 Taxes,licenses, &c Total oper. expenses_ $8,5964760 $5,795,437 $5,063,652 $4,553,247 $3,332,942 $4,765,399 $4,850,399 $4,474,897 Net earnings 8,333 92,000 96,101 83,061 Other income $3.416,004 $4,861,500 $4,942,399. $4,483,230 Gross income DeductionsInterest on funded debt_ $1,971,351 $1,853,770 $1,822,393 $2,063,468 591,592 Other interest 924,534 994,840 (see above) 1,079,723 Taxes, &c 6,901 410,080 438,515 442,080 Rentals 4,594 47,874 54,826 39,411 Discount,&c 38,917 Miscellaneous $3,083,351 $3,426,834 $3,275,195 $2,999,497 Total 3332,652 $1,434,666 $1,667,204 $1,483,733 Balance 67,335 Md. El. Rys. M.sk. fd_ 37,950 Exting. disc, on securs_ _ 559,080 559,080 559,080 Int. on income bds. 4%) 920 920 • 920 920 Preferred divs. (4 818,448 818,448 818,448 818,448 Common divs. (4 .) 105,035 War taxes None $288,756 $56,218 Bal.,sur.(see text)__def.$591,751 The total surplus Dec. 31 1918, after deducting $15,000 contribution to Red Cross war fund and $97,866 misc. items (net), was $362,370. BALANCE SHEET DEC. 31. 1917. 1918. 1917. 1918. AssetsRoad & m1111=1_75,204,723 73,493,111 Common stock_ _20,481,200 20.461,200 23,000 23,000 Investments a____ 428,517 1,195,351 Preferred stock___ Bonds (see "Elec. Co.'s bds.in treas.8,000 Ry. Section")..47,670,000 47,670,000 8,000 Cent.Ry.cons.5s_ U.R.&E.cons.4s_ 3,000,000 3,000,000 2d NI.income 48..13,977,000 13,977,000 226,896 1,700,000 Aco'ts&wages pay. 679,512 Cash for construe_ 602,113 120,364 Accrued interest__ 602,067 Cash for diva.,&a_ 145,597 331,874 157,673 acc'ts. 0th. accr'd 671,191 281,621 &e. banks, Cash in 120,365 140,439 Miscellaneous....._ 145,597 Aco'ts receivable_ 345,021 890,451 Deferred liabil's_d6,323,573 6,092,718 Mat'l & supplies_ 1,217,038 727,330 Deferred assetsb_ 6,012,239 5,750,814 Unadjusted Habil_ 660,413 362,370 1,066,988 Unadjust. assets_ c 4,419,648 4,329,762 Surplus Total 91,062,404 91,299,483 Total 91,062,404 91,299,483 . and bonds, 3287,665; property rifghts, $98,944: a Includes in 1918 stocks and notes, $41,908. b 'Deferred assets' in 1918 embrace Mapyland Elec. Rys., lessor account, proceeds of 34,946,000 bonds, $4,477,300; payments 6% sk. td., 31,086,976; payunder 13'% sinking fund, $724,198; under 73, ments of 10% on account of equipment purchased, $191,211, and imprts. to property, 39,182; less equipment released (90% of cost), $530,084, and adding other deferred items, $51,456. c This item includes Maryland Trust Co., trustee, income bond coupons under funding agreement dated July 25 1906. $3,920,000. d "Deferred liabilities" in 1918 include: Liability for Maryland Elec. Rys. bonds (auth., 38,000,000), $4,946,000; sur- [VOL. 108. plus dependent upon acquisition of leased property (Maryland Elec. Rys.). 31,342,473, and miscellaneous, $35,100. Note.-The company has a contingent liability as guarantor and endorsor for the Bait. Spar. Point & Ches. Ry. and other subsidiaries.-V. 108. D. 1513. Ingersoll-Rand Company. (Report for Fiscal Year ending Dec. 31 1918.) INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31. 1915. 1916. 1917. 1918. Total income $10,800,765 39,674,182 $7_,925,156 M459,884 Depreciation 3647,807 5619,539 *$983,167 $858,582 Reserve for Federal taxes 6,000,000 3,452,815 75,000 50,000 Interest on bonds 50,000 50,000 50,000 Prem,on bds. recleaned. 151,518 151,519 151,518 151,518 Div. on pref. stock (6%) Common (cash) 1,089,580 3,268,600 3,268,600 4 719 090 (30%) Common dividend rate_ (10%) y505') (30%) Special reserves z123,000 110,426 Surplus from consol. of subsidiary company (Cr)730,928 Balance,surplus sr.3,147,002sr.$1.,769,667sr.33,835,498def.8183,531 * Includes in 1918 depreciation set up as reserve against capital assets, $430,765, and depreciation applied directly to reduction of capital assets, $543,402. y There was also paid a common stockeklividend of 20% ($1,693,880) April 1916. z Includes in 1917 special reserves in respect of inventories, 350,000, and of patents and licenses, $73,000. CONSOLIDATED BALANCE SHEET DECEMBER 31. 1918 . 1917. 1917. 1918. LiabilitiesAssets$ 469,421 252,665 Preferred stock.._ 2,525,500 2,525,500 Real estate 166,288 Common stock_ _10,900,035 10,900,035 Water supply.._ _ 168,419 3,689,551 3,140,141 First mtge. bonds_ 1,000.000 1,000,000 Buildings 6,139,770 5,460,371 Accounts payable_ 2,496,313 2,506,260 Machinery 25,000 25,000 742,082 Bond In,accrued.. Tools and jigs.. _ _ 832,951 342,298 Pref. stock diviPatterns.and dies_ 325,186 75,759 75,759 dend Jan. 1....„ 194,861 207,985 Drawings 404,892 Taxes accrued_ ...._ 6,000,000 3,452,815 Furn. & fixtures_ 515,486 Pats.,licenses,&c. 756,000 756,000 Depreen reserve_ 4,564,149 3,922,008 756,000 Patent, &c., res've 756,000 Inves. In mfg. cos., incl. treas. secur. 984,530 1,275,430 Deprec. In foreign 100,000 150,000 12,801,608 11,823,847 exchange Materials, &c_ Accounts recelv 7,924,431 6,230,120 Special inventory 560,542 450,116 124,345 126,717 reserve Bills receivable.. Marketable secur_a3,781,623 1,650,480 Premium on capi669,000 669,000 76,443 tal stock 55,219 Agents' cash bal..10,941,120 7,794,118 1,769,328 1,423,832 Surplus Cash at bank_ 46,339 181,368 Def. chges. to Inc_ 40,613,417 34,226,611 Total 40,613,417 34,226,611 Total a Includes treasury bonds at market values.-V. 106, p. 1682. Kennecott Copper Corporation. (4th Annual Report-Year ended Dec. 31 1918.) President Stephen Birch, N. Y., April 25, wrote in subst.: Property.-Patents were secured on five Lode mining claims at Kennecott. and on two at Latouche. Official surveys of 20 mining claims, made during 1917, were recently approved by the Department at Juneau, Alaska. A total of 39 new claims were located during the year. Mines.-During the year a total of 660,228 tons of ore was mined and, treated at the Kennecott and Latouche plants,as follows[1917 inserted Ed.) -Dry Tons- Assay % Cu. -Tons Cu. Content1918. 1917. 1917. 1918. 1917. 1918. Kennecott 262,377 265,579 10.59 13.78 27.798.8 36.593.1 2.44 8,047.7 6,674.0. 2.02 Latouche.. 397,851 273,523 This tonnage for 1918 resulted in the production of 124,315 tons for shipment to the smelter,containing 32,457 net tons of copper,divided as follows: -Dry Tons- Assay % Cu. -Copper Content lbs.1917. 1918. 1918. 1917. 1918. 1917. Kennecott 71,888 89,799 36.09 38.57 51,890,000 69,270,400 Latouche ' 52,427 49,141 12.42 11.48 13,023,366 11,283,000 The metallurgical efficiency of the combined plants was 90.54%, based on the copper content of the ore mined and of the shipments made against 93.1% in 19171, the average for the Kennecott plant being 93.33% against 94.65% in 19171 and for the Latouche plant 80.91% [against 84.5%l. MilUng and Leaching.-The concentrating mill at Kennecott operated throughout the year, but not to full capacity, owing to a shortage of labor • at the mines and further to decreased tonnage in May and June due to the wrecking of the aerial tramways by snow slides late in April. A total of• 218,819 dry tons of ore, averaging 7.82% Cu., were treated with a resultant production of 27,174 dry tons of concentrates, assaying 53.0% Cu. The recovery was 84.19%. Owing to a shortage of labor, which delayed construction work, it was June before any increased tonnage could be put through the leaching plant. However, for the year 132,304 dry tons of mill tailings, assaying 0.049' carbonate copper, were leached, with a resultant recovery of 1,704,080 • lbs. of copper, or 12.9 pounds per ton. Inability to get ammonia during the summer months temporarily affected extraction, but now that sufficient supplies are again available, the extraction is averaging 73.5%, as against 70.8% in 1917. For the year the total average milling recovery, including leaching plant operations, was 89.17%. At Latouche the ore milled totaled 395,524 dry tons, this being an increase of 141,719 tons over 1917. The average assay was 2.00% Cu. and the recovery for the year was 80.70%. Concentrate production totaled 49,915 tons, assaying 12.80% Cu. Development.-During the year 16,798 feet of drifts, cross-cuts, raises and shafts were driven. 11.790 feet at Kennecott and 5,008 feet at Latouche. The most important developments for the year were the discovery of an ore body on the 600-foot level of the Bonanza mine, about 400 feet to the northwest of the original Bonanza vein; and the discovery of an ore body on the 900-foot level of the Jumbo Mine, likewise located about 400 feet to the northwest of the main fissureing. On these new ore bodies, and particularly the one at Jumbo, but very little work has as yet been done. Improvements,(U.-Rebuilding of the Bonanza aerial tramway at Kennecott so as to increase its capacity to 600 tons per day was started and largely completed. The construction of an aerial tramway some 5,000 feet in length, to connect the Glacier Mine with the Jumbo tramway, was started, and when completed the ores of the Glacier Mine will be available for treatment at the concentrator. The double-compartment incline at the Bonanza Mine at Kennecott was extended to the 800 level and a new double-drum hoist, equipped with two 85-h. p. motors, was installed, better to provide for the constantly increasing tonnage from the lower levels. At the Jumbo Mine the sinking of a double-compartment incline was started and completed down to 500 level. Labor.-Tho average supply for the year was about 75% of what was required, but in the summer months was down to 60% of that needed. The book cost of labor per shift averaged somewhat above tho cost of 1917, but the efficiency was so much lower that the actual increased cost was far In excess of 1917. The turnover in labor was slightly over 200% at the combined properties. Manufacturing Costs.-After allowing for smelter deductions there was received at the smelter during the year 60,994,757 lbs. of deliverable refined copper and 684,779.36 ozs. of silver. There was settled for during the year and taken into profit and loss 58,684,126 lbs. of copper and 695,316 ozs. of silver. There were 23,617,410 lbs. of copper and 241,395 ozs. of silver unsettled for at the end of the year. Inventoried at cost of production. In July 1918 the smelting and refining companies throughout the country were obliged to increase their rates for handling the products of the mining companies. This increase, together with the high wage scale obtaining, lack of labor efficiency, increased transportation rates and, generally speaking, the higher costs of all commodities more than offset the increase in price to 26 cents fixed by the Government on Aug,11918. Dividends Paid.-On Mar.311918. Juno 30 1918, Sept. 30 1918 and Dec. 31 1918 disbursements to stockholders, each $1 per share, were made. Note Issue.-During the year $4,850,000 short-term notes were retired, . leaving 34.000,000 outstanding at Dec. 311018. THE CIIRONICLE MAY 10 1919.] Acquisition.-The corporation in 1918 secured a controlling interest, through its subsidiary, the Alaska Development & Mineral Co., in the Bering River Coal Co., a corporation formed to exploit, develop and operate coal fields in Alaska. Alaska Steamship Co.-Net earnings for the year, after deducting operating expenses, depreciation and taxes, amounted to $234,077. Included in operating expenses is an item of $200,000 set aside as an insurance reserve fund. Quarterly dividends of 2% were paid, and in addition a special dividend of2% was declared and paid in September, making a total dividend distribution for 1918 of 10%, or $450,000. All steamers requisitioned by the Government in 1917 were returned to the company's control in April 1918 except S. S. Henry T. Scott. Railway Co.-The Copper River & Northwestern Ry. Co. operated continuously throughout the year. Operating income $581,329. Braden Companies.-The usual reports of the Braden Companies are included below. [See separate statement.-Ed.1 Utah Copper Co.-Summary of Operations.-[See report in V. 108, p. 1818.1 The reduction of 35.7% in the net profit for the year is the result of the higher costs and reduced output. Net earnings amounted to $18,445,780, as compared with $28,695,496 carried to surplus account in 1917. Distributions of earnings and of proceeds of depletion were made to shareholders during the year in the total sum of $16,244,900, or $10 per share. Of the total sum distributed in 1918 your company received on stock of the Utah Copper Co. held by it the sum of $6,165,040. Outlook.-Due to the sudden cessation a demand for copper for war requirements after the armistice was signed, and the large stocks of the metal accumulated both in this country and abroad for war purposes, shortly before the close of the year a considerable curtailment in production was deemed advisable. The output from Alaska, therefore, has been greatly decreased and is at the date of this report approximately one-third of normal. Resumption to full operation will of course be made as soon as conditions warrant it. KENNECOTT COPPER CORPORATION-INCOME ACCOUNT. 1917. 1916. 1918. Years ending Dec. 3158,684,126 56,904,650 108,372,785 Copper produced and sold (lbs.) 24.428 cts. 27.015 cts. 25.88 cts. Average selling price per lb 681,641 1,101,733 695,316 Silver produced and sold (oz.) 95.290 cts. 95.848 cts. 64.486 cts. Average selling price, per oz Income Account$14,335,282 $15,372,765 $28,042,396 Copper revenues 653,340 710,461 662,569 Silver revenues 83,076 Insurande for ore lost in transit $15,080,927 $16,026,105 $28,752,857 Total revenues ExpensesMining and milling Freight to smelter Smelting and refining Selling commission Marine insurance General expense Delivery expense $2,162,032 $1,317,500 $1,595,452 1,646,938 1,574,771 2,695,573 1,110,910 864.657 1,506,522 143,313 158,635 287,066 72,799 97,044 159,451 140,966 196,302 48,275 372,676 $5,649,635 $4,208,909 $6,292,339 Total expenses $9,431,292 $11,817,196 $22,460,518 Net earnings 7,147,801 4,854,048 Dividends from Utah Copper Co-.._- 4,777,906 238,541 190,833 941,858 Dividends from Alaska SS. Co 265,689 118,635 216,266 Interest, discount, &c (loss)41,156 9,016 79,917 Income from mines $14.672,272 $19,283,481 $28,552,607 Gross income Deductions$300 Bond interest $734,316 Int. and commission on notes payable $373,142 525,165 584,263 580,265 Accrued taxes expenses Administration 87,419 391,233 353,446 Depreciation 222,909 Depletion account($2) 5,574,056 distrib. 5.574,089 capital For divs. as 681,639 491,980 11,552,539 Other depletion 150,000 Red Cross and United War W'ks fds_ x5,574,089 10,311,665 15,320,283 Dividends ($2.00) ($3.70) ($5.50) Per share dividends paid $13,269,357 $18,049,726 $27,763,715 Total deductions $1.402,915 $1,233,755 Balance, surplus 3788,892 x This does not include $5,574,089 for capital distribution. INCOME ACCOUNT OF SUBSIDIARY COMPANIES FOR CAL. YEARS. -Alaska SS. Co.- aCopper Rim'. & N. W.Ry. 1917. 1918. 1918. 1917. $3,733,938 $4,018,667 51,846,585 $2,496,670 Gross earnings 1,265,256 1,286,366 Oper. expenses & taxes_ 3,304,748 3,039,143 Net earnings Depreciation Dividends $429,190 $979,524 315,899 236,501 (10%)450,000 (8)360,000 $581,238 $1,210,304 Balance.surp. or def.def.$336,709 sur.S383,023 1918 has outstanding $23,020,000 1st M bds a This company on Dec.31Co. see separate statement herewith. For Braden Copper Mines KENNECOTT COPPER CORPORATION-BALANCE SHEET DEC. 31. 1917. 1918. 1918. 1917. $ $ Assetscapital__a15,000,000 15,000,000 Mining property_*20,744,877 27,002,050 Stated Capital surpltui x.86,706,162 86,703,085 Construction and Property 1,625,555 -_h1,495,150 surplus y15,847,833 21,421,922 equipment Investments _ _x100,608,839 102568,396 Notes payable___ 4,000,000 8,850,000 Acc'ts payable___ 224,909 187,197 Metals on hand & 1,619,441 Mord int. & taxes 522,473 668,846 in transit at cost 2,421,485 Deferred liabilities 80,660 61,716 Ore and concen112,292 Treatm't, refining trates (at cost)_ 128,739 & deliv.charges, Material on hand 766,030 (not due) 1,045,172 590,660 & in transit ____ 935,601 Developm't res've 396,496 396,927 Ace'ts collectible_ 2,389,185 3,342,400 56,483 Undiv. profit (aft. 67,064 Deferred accounts 9,999,360 8,596,444 Marketable secur's 2,336,591 1,359,236 depletion) 4,024,915 2,695,535 Cash 133,823,065 142476,797 Total 133,823,065 142476,797 Total a Represents 2,787,059 5-13 outstanding shares of no par value; total authorized issue, 3.000,000 shares. * In 1918 net book value after depletion deduction. h After deducting in 1918 $1,136,927 depreciation. x Includes in 1918 616,504 abs. Utah Copper Co. stock, valued at $50,606,947; 2,565.891 abs. Braden Copper Mines Co., par $10, $39,475,890: $23,020,00(i_L)ar C. R. 8c N. W. By. Co. bonds, $8,078,108; 48,174 shs. C. R. & N. W. By. Co. stock, 2 ,3 854% tam Alaska SS. Co. stock, $2,385,412; 500 abs. Alaska Devel. & Mineral Co. stock, $62,480. y Property surplus from mining property acquired less capital distribution. v From conversion of bonds and exchange of stock.-V.108. p. 1514. Extracts from Report Of Chartered Accountants, April 7 1919. The property surplus account has been reduced by $5,574,089,being the to the stockholders during the year. amount of the capital distribution made The depletion deductions taken on,the income tax return are deducted from the book value of the property and shown as a charge against the unContributions to the Red Cross and divided profits of the corporation. United War.Work Fund are also charged against undivided profits. The book value of the Copper River & Northwestern By. bonds has been reduced by $575,000, being the Interest received during the year which had accrued prior to the date the bonds were purchased. The hook value of the investment in the Utah Copper Co. stock has been decreased by $1.387,134, being the amount of the capital distribution received during the year on the shares of stock owned. The income account includes only the sales and the cost of copper which was actually sold and delivered.during the year. All copper on hand and in transit Jan. 1 1918 and Dec. 31 1918 is stated at cost. The amount stated as operating revenue from metals sold and delivered represents the gross price received. and the delivery expenses on such copper are included as an item of the costa.-V.108, p. 1514. 1393. 1931 Braden Copper Mines Company. (Fourth Annual Report-Year ended Dec. 31 1918.) This company controlling the Braden Copper Co. with properties in Chile, is itself controlled by the Kennecott Copper Corporation, which see above. President 'William C. Potter, N. Y., April 25 1919, wrpte in substance: Eeserves.-Fred Hellman, Consulting Mining Engineer. makes the following calculations of ore reserves as at Dec. 31 1918 [1917 figures inserted by Editor]: Net Tons Average Grade 149, 1917. 18 1918. 1731,9 506:356 1917. Positive ore 192,000 2.45% Copper 2.42% Probable ore 90,000,000 90,000.000 1.88% Copper 1.88% After allowing for 1,965,148 tons of ore mined during the year, the net addition to total reserves over estimate of Dec. 311917 was 24,314,356 tons of positive ore, or an increase of copper content amounting to 640,459 net tons. Below is shown the production, &c.,for the:year 1918[1917 added-Ed.): 1917. 1917 1918. 1918. Tons blister cop_ 31,8871Cu.in ore treated 2.477% 2,319% 38,576 Dry t's ore treat.1,962,956 1,799,694 Dry tons concen. 192,215 158,807 Daily average 4,931 Net cop. saving_ 78.75% 76.61% 5,378 Bonds.-As anticipated (V. 106, p. 2121) it was necessary for the company to secure additional funds during the year to continue the construction program in Chile. There were sold in Dec. 1918 $5,000,000 additional 15-Year 6% Sinking Fund gold bonds which completes the $20,000,000 authorized under the collateral trust agreement of Feb. 1 1916. There had been called for redemption, as at Dec. 31 1918, $2,106,000 of these bonds and in addition the company has in its treasury 321,000, which left outstanding Dec. 31 $17,873,000 (V. 107, p. 2190). Additions.-Delay in construction work continued through the year due principally to the same causes as obtained during 1917, 1. e., delayed deliveries of construction material and shortage in ocean tonnage. These conditions have to a great degree been remedied and it is believed better progress will now be made toward completion of the enlarged plant. Status Outlook.-Shortly before the close of the year, due to the cessation of hostilities and large accumulations of copper stock with practically no demand for the metal, the necessity for curtailing output became apparent. A gradual decrease in production was effected and at this date the output has been curtailed to about 50% of normal. Additional funds are needed to carry the large amount of copper On hand and to further the construction program of the company and arrangements have been effected with the Kennecott Copper Corporation for necessary financing. Condensed Report of S. S. Sorenson, Gen. Mgr. of Braden Copper Co. Rancagua, Chile, Sewell, Feb. 24 1919. Mine.-During the year development work on the Teniente ore body consisted mostly in opening up D, E, F and G levels, where large tonnages of a good grade of ore were disclosed. The new main 3-compartment shaft "A" between C level and Fortuna 5 was sunk and timbered for a depth of 570 feet. The total full area footage sunk to date is 810, of which 784 are timbered. This shaft, when completed, will be 1,650 feet deep, and should be ready to operate in 1919. The new electric railroad from the mine to the crushing plant started operating on April 27 1918. The uniform grade of 0.5% allows us to operate trains of 14 cars containing 22 tons each as compared with trains of three cars of the same capacity on the old electric railroad that has a ruling grade of 4.5%. The new railroad, being entirely underground, is not subject to delay from snow slides. In September the first of the two units of the new underground compressor station was put in operation. Each unit can deliver 5,000 cu. feet of free air per minute. The total tonnage shipped from the mine in 1918 was 1,965,148, an increase of 9.3% over that of 1917. 28.6% of the 1918 tonnage came from the Teniente side, and 71.4% from the Fortuna side. The grade of the ore from the former was 3.09% copper, while from the latter it was 2.23%. The total shipments averaged 2.477% copper, as compared with 2.319% in 1917. Mill.-During the year 1,962,955 dry tons were milled, giving an average of 5,378 tons per day as compared with 4,931 tons per day in 1917. The maximum daily average dry tons milled for any one month during the past year was 5,995. The average grade of the ore was 2.477% copper, while in 1917, it was only 2.319%. The general grade of the concentrates continues good, 'the dry tonnage showing 21.20% copper, against 21.44 in 1917. During 1918 seven more Marcy mills have been put into operation. making a total of 16, of which 15 can be operated under the present power system. In the past year 30 Hardinge mills have been equipped with new drives and 150 h. p. motors. Various other improvements have also been made. Smelter.-In 1918, 190,868 tons of concentrates were smelted in all forms, and of this amount 75.6% were smelted as nodules, and 24.4% were smelted raw, in various forms. The tonnage smelted represents an increase of over 20% above the 1917 quantity. The converters did satisfactory work in 1918, the tons of blister produced per calendar day for the period. being 105.7, as compared with 87.6 tons In 1917; in both cases all three converters are taken collectively. Acid Plant.-The amount of sulphuric acid produced was entirely adequate to meet the demands of the concentrator and to keep up the reserve. *Costs.-In 1918 the United States dollar would purchase only 3.33 pesos, whereas in 1917 it was worth 4.02 pesos. This means that in 1918, on the basis of the exchange alone, the increased cost of the moneda corriente payroll, the State Railroad freight, Customs duties and locally purchased supplies, amounted to more than 20% over the 1917 figure. The increasing scracity of shipping, and consequently higher freight rates, have greatly raised the cost of imported materials and delivery of copper. Moreover the company has been obliged to build up a large stock of supplies to prevent stoppage of operations at the plant situated several thousand miles from the point where these supplies could be obtained. Many of these were purchased at war time prices, and must be used up, a fact which will keep the cost for supplies high for some months. Extracts from Statement by Chartered Accountants April 29 1919. The income account includes only the sales and the cost of copper which was actually sold and delivered during the year. All copper on hand and in transit is stated at cost. The amount stated as operating revenue from metals sold and delivered represents the gross price received, and the delivery expenses on such copper are included as an item of the costs. A charge is made against the surplus of prior years for additional depreciation of $2,213,422 for the years 1906 to 1917 inclusive, being the result or a general revision of plant and equipment accounts to comply with the Income tax regulations. 0 918. COMBINED INCOME ACCOUNT FOR YEARS ENDING DEC. 31. (Including Braden Copper Mines Co. and Braden Copper Co.) 1916. ,9 01 70,502 42,153,270 Copper sold (lbs.) 71,362,788 411 Average selling price (per lb.) 26.888 cts. 31.80 cts. 30.005 cts. Copper revenues 519,188,495 $13,041,925 $12,648,111 58,735 Gold and silver revenues Operating costs $8,503,213 $3,130,765 $3,383,706 3,008,152 3.445,612 Delivery, &c., expenses 1,544,950 Administration expenses 177.943 123,349 129,000 $7,557,921 $6,342,199 $7,590,456 Net profit 876,937 Miscellaneous income 226,241 385.095 Total income 57,784,163 $7,219,136 $7,975,551 $816,475 $859,038 057,272. Int. on Braden Cop. Min. Co. bonds_ 730,666 251,711 172.514 Taxes, &c 619,475 Depreciation 658,331 1.182,746 224,385 927.958 Plant abandoned, &c 2,266,797 1,327,207 Depletion of ore reserves Y a48,959 Amortization of discount on bonds 115,847 Miscellaneous 79.400 200,000 Reserve fund for Chilean Government $4,087,282 $4,356,025 $2,895,475 Total deductions $3,696,881 $2,863,111 0,080,076 Balance, surplus a After deducting $79,503 discount on bonds purchased for retirement y Depletion to Dec. 31 1916, 84,393,060. THE CHRONICLE . 1932 BRADEN COP.MINES CO.-BRADEN COP. CO.-BAL.SHEET DEC.31 1917. 1918. 1917. 1918. $ Liabilities, $ $ Assets$ s C. (B. stock Cap. 6,304,518 6,311,940 Property M.Co.) par 310_12,953,530 12,953,530 Construction,&c _x20,722,043 15,025,333 _17,894,000 13,973,000 do 426,665 Bonds Inv. in steamships 428,665 Deferred charges_ 4,203,108 3,795,584 Accounts payable_ 963,317 2,058,614 Drafts payable__ 4,100,407 2,696,761 Undistrib. items in 1,379,396 1,706,505 Accrued freight, transit Supplies & mdse 8,921,180 6,135,896 &c., on copper.. 188,856 349,325 Cop.,&c.,on hand 4,291,296 3,469,700 Accrued bond int_ 446,825 178,202 20,475 Deferred credits__ 125,433 20,475 Treasury bonds _ 449,956 Reserve fund Notes & accounts 38,768 58,153 337,501 Welfare reserve 1,796,379 collectible Cash in banks, &c. 2,527,606 4,822,696 Reserve for in191,878 590,453 come tax 2,211 2,714 - Other cash Depletion reserve_ 7,987,064 5,720,267 Deferred accounts 191,731 Earned surplus__z5,036,540 3,886,739 Total 50,794,533 42,047,084 Total 50,794,533 42,047,084 x After deducting in 1918 depreciation reserve, $4,472,393. z After deducting $1,541,538 unamortized discount on bonds. The company is controlled by Kennecott Copper Corporation-which see above.-V. 108, p. 582. International Harvester Co. (Report for Fiscal Year ending Dec. 31 1918.) The report for the year ended Dec. 31 1918 embraces operations of International Harvester Co. of N.J. and International Harvester Corp. for period Jan. 1 1918 to Sept. 19 1918, on which date these two companies were merged into International Harvester Co. (compare V. 107, p. 608, 699, 1104, 1195, 1290, 1575, 1672). The report will be published more fully in a subsequent issue of the "Chronicle." [VoL. 108. In May 1917 resumed dividends, 3% being paid semi-annually (6% p.a.) from Aug. 1 1917 to Feb. 1 1919, both inclusive, calling for $365,880 p. a.. or $243,920 for the eight months, as here inserted by Editor. 8 Mos. end. -Years end. April 30Other Payments1917. 1918. (a) In reduction of Capital Debt- Dec. 31 '18. $159,000 $172,000 20-Year 5% serial notes redeemed_ _ _ $181,000 25,000 25,000 25,000 1st Mtge.5% gold bonds redeemed__ 30,000 20,000 In reduction mortgages 500,000 5% renewable notes $184,000 $227,000 $726.000 (b) Expended for Additions and ImprovementsIn the purchase of real estate, new $575,985 $1,143,032 $537,691 tools, machinery, &c COMPARATIVE BALANCE SHEET FOR PERIODS INDICATED. Dec. 31-1918-Apr. 30 Dec. 31-1918-Apr. 30 Liabilities$ Assets$ Capital stock.. _ _ _ 6,098,000 6,098,000 Real estate, machinery, &c ___15,788,735 15,532,770 Bonds, notes and *4,473,444 *5,199,444 mortgages Bills and accounts 1,893,755 2,181,360 Liberty Loan bds. receivable 1,600,000 payable Materials and sup2,726,280 1,802,640 Mdse. accounts 1,873,409 1,393,796 plies 349,106 186,103 Jan due Wages 2,920,669 2,511,065 Cash 634,701 Accrued interest 2,749,925 1,036,038 3,392,659 Miscellaneous_ Profit and loss__ 9,331,5238 ,995.756 26,312,494 23,072,149 26,312,494 23,072,140 Total * Includes as of Dec.31 1918 $558,000 20-year 5% serial notes;$1,330,000 Consol. Mtge. bonds (exchanged for 20-year 5% serial notes); $1,000,000 1st M. 5s; $1.000,000 5% renewable notes, and $585,444 real estate mortgages and ground rents.-V. 108, p. 1824. Total Burns Bros. of N. J. and Burns Bros. of N. Y. (Report for Fiscal Year ending March 31 1919.) CONSOLIDATED INCOME ACCOUNT(INCL. N. Y. AND N. J. COS.) 1915-16. 1916-17. 1917-18. 1918-19. March 31 Years3,009,632 Not stated See "x" Not stated Tonnage sold CAL. YEAR. FOR COS. CONSOL.INCOME ACCOUNT OF THE MERGED $21,286,870 $20,984,483 $15,235,910 $12,339,252 Net sales 1917. 1918. sales (incl. oper. $31,648,856 $30,417,211 Cost ofand Operating income after taxes deprecia'n)_ 19,006,789 18,373,8101 14,314,536 exp. 882,454 973,821 Interest 581,486 Gen.exp., incl. allow.for 447,632 Ore and timber extinguishment Not stated & tax_ 1,386,013 *1,431,545j acc'ts doubtful 2,172,146 2,385,942 Reserve for depreciation 530,996 219,637 Special maintenance reserve $921,374 $1,179,128 $894,068 profits Net 1,163,066 999,866 Reserve for losses on receivables 368,410 270,705 242,374 750,000 Other income 1,000.000 Pension funds 250,000 250,000 Appropriation, employees' savings plan $678,810 $1,239,784 ,$l,449,833 $1,136,442 income Total 900,000 Other reserves Add10,478,000 9,086,103 Bal. War losses (7) 713,536 1,470,734 beginning of year.._ 1,951,335 $14,985,325 $14,009,593 "Appreciation of prop." y768,935 Surplus Preferred dividends (7) $3,856,712 $2,920,567 $2,003,320 Total 5,600,0002,400,000 Common dividends(3%) Deduct Dividends$118,993 $127,156 $114,319 $106,435 Pref. (cash) 79' $6,985,325 $14,009,593 Surplus Common (cash)__ (10%)719,407(6%)418,394(5%)275 ,000(5%)275 ,000 *$68,036.662 Profit and loss, surplus (5%)362,100(4%)271,300 do (stock) do (Liberty b'ds)--(570)344,357 by covered not and determined, yet not losses, * Subject to foreign war 93,000 85,000 divs_ & stk. Retire. pref. reserves.-V. 108. p. 385. Chgs. 72,221' 45,593 not applic. to year ,72:182 Wm. Cramp & Sons Ship & Engine Bldg. Co., Phila. (Reportfor Eight Months ended Dec. 31 1918.) J. H. Mull, Pres. & Gen. Mgr., April 24, wrote in subst.: M $713,536 Bal., stir., end of year $2,193,819 $1,951,334 $1,470,735 * Includes war excess profits and income taxes, $406,043; corresponding figure in 1918-19, not stated. x Tonnage for 10 months ending Jan. 31 1918 was 2,474,365. Change in Year.-The closing date of the fiscal year having been changed y "Application of property owned March 15 1917 based upon valuation from April 30 to Dec. 31, the directors submit herewith a statement of the of American Appraisal Co. at Oct. 1 1918. $768,935." operations for the eight months ended Dec. 31 1918. BALANCE SHEET MAR. 31 (Incl. N. Y. and N. J. Cos.). CONSOL. Federal Taxes.-The passage of the present Income and Excess Profits 1918. 1919. 1918. 1919. Tax Law established a substantially higher rate of taxation than in 1917, $ $ Liabilities-and it therefore became necessary to write off from the surplus account as $ Assets$ Preferred stock.. _ 1,489,200 1,532,200 of April 30 1918 the sum of $558,140. which is the difference between the Real est., bldgs., Federal income tax applicable to the first four months of 1918 and the sum equipment, &c_a3,092,631 3,28.1,763 Common stock__ 7,508,200 7,140,300 461,500 Purch. mon. oblig. 432,500 which has been reserved for that purpose. Leases, contracts Vessel War Record.-From the entrance of the United States into the and good-will __ 4,887,470 4,887,470 Acc'ts payable.._ - 893,275 1,768,344 29,980 52,568 50,962 Accrued accounts_ war, April 6 1917. to the signing of the armistice, Nov. 11 1918, your Miscellaneous.. ___ 107,612 19,471 49,808 58,931 Reserves company contributed to the Government's war program in the following Liberty bonds.._ _ _ b250,508 1,110,338 1,189,992 Res. for war excess manner: Cash profits and Fed. Keels Laid. Launched. Delivered. Notes & acets rec. 2,435,327 3,578,609 458,702 8 791,445 income taxes... 404,000 20 27 United States torpedo boat destroyers..___ Invent'y (at cost). 840,790 179,909 Surp. for retire. of Transports, passenger and cargo vessels, Deferred assets_ _ - 138,144 654,250 9 1 pref.stk.& dive. 739,450 8 3 and oil tankers ,Profit and loss.... 2,193,519 1,951,334 17 28 30 Totals 13,762,820 14,022,081 Total 13,762,820 14,022,081 Total The number of vessels launched and delivered in the above list include a number the construction of which had been previously begun. a After deducting in 1919 $349,371 allowance for depreciation. delivered been payable. All vessels under contract prior to April 6 1917 have b After deducting 3190,000 notes Accumulated undeclared dividends on the pref. stock amounted to with but one exception-delayed by reason of conversion into a transport. Vessels built by us have played a prominent part in transporting and $17,374 on Mar. 31 1919.-7V. 108, 13. 1823. • for convoying troops and supplies. The Great Northern holds the record the shortest round trip passage to France. The pre-war built destroyers General Asphalt Company. Conyngham and Porter were mentioned in the report of the Secretary of the Navy as holding the record for mileage, the Porter having steamed Report-Year ending Dec. 31 1918.) Annual (16th , 64,473 miles, and the Conyngham 63,953 miles during the first year of President Arthur W. Sewall, Camden, N. J., on May 1 service in the war zone. Other Output.-Your company also furnished large quantities of iron wrote in substance: and brass castings and miscellaneous machinery for Navy Department • Results.-The gross profits were $2,323,483. The charges (including and Emergency Fleet Corporation vessels building at other yards; and income tax $67,078, and special reserve 3100,000,for contingent war taxes) hydraulic machinery, notably two turbines of 37,500 h. p. each for the were $962,467, leaving net earnings of $1,361,016. Deducting the cost Niagara Falls Power Co. the most powerful hydraulic turbines so far of maintaining pavements under guaranty (in excess of reserve), $116,319. 'to relieve the power shortage in the Niagara and $81,490 for debenture redemptions of New Trinidad Co., the net built, which were ordered Falls district which seriously affected the production of munitions. to surplus was $1,163,207, comparing with $830,659 for 1917. Navy Department Orders.-We have received contracts since the United gain The amount of business during 1918 was $13,287,492;in 1917 $12,559,313, States entered the war, as follows: Dividends at the rate of 5% per annum on the preferred stock were paid both including destroyers, Total number of U. S. torpedo boat from Mar. 1 1918 to-Mar. 1 1919 inclusive. 46 quarterly vessels completed and those to be completed Stock.-On Dec. 31 there was $13,054,100 5% cumulative prof. stock 5 (requiring U. S. scout cruisers $552,705 for dividends), and $9,862,000 common stock, in 4 011 tankers for U. S. Navy Department the hands of the public. On Dec. 31 1917 the public held $13,140,000 Your company still has on schedule two cargo vessels which were originally pref. stock. Since then the conversion of pref. shares into common, on ordered for company account but which have been commandeered by the basis of $150 common for $100 pref., has been in progress, and to April 20 U. S. Shipping -Board Emergency Fleet Corporation. 1919 some $1,056,300 common had been exchanged for $904,200 pref. Improvements.-The following additional improvements have been V. 108, p. 882, 1168.-Ed.] Additions, &c.-Capital expenditures were $252,242, against which undertaken: A new bay to the machine shops; the replacement of two slips by two new concrete slips, and the installation of four 15-ton bridge there was credited for sundry sales $290,926, and written off out of earnextension cranes; cantilever old the of one and replacing cranes runways, ings for depreciation of plant $174,505, making a total credit of 3465,431, to pier 77: and the construction of new and improved blacksmith shop and thus leaving a net decrease in property account, as the result of the year's coppersmith shop to replace buildings destroyed by fire on July 24. operations, of $213,188. Employees.-The shipyard force has been further increased since the The charge against earnings as a reserve for depreciation of accounts was date of the last report and now numbers over 10.200 men. Our force has $120,000, which compares with $110,000 in 1917. leaving this reserve at times reached 10,500 men. Dec. 31 3207,602, compared with 3207,336 in 1912. Number of Stockholders.-Prel. stock Apr. 1 1919, 1,453; common, 559. EARNINGS FOR PERIODS INDICATED. ETC. Street and Road Department.-As in 1917. this branch of the business was end. interfered with by the war, but notwithstanding many restricApr.30-Years seriously -8 Mos. end. Dec. 311916-17. 1917-18. tions, awards were secured on sufficient work in which the company's ma1917. 1918. to x Net earns., all depts__ $1,539,096 $1,507,402 $2,981,846 $1,759,487 terials were specified (the construction of which was not commenced) $213,063 make,Jan. 1 1919, when added to the undelivered tonnage of the year 1917, $294,826 3196,551 Depreciation $281,726 the largest unfilled tonnage on order at the commencement of any operInt. on 20-yr. 5% serial 115,850 ating year. 113,033 76,550 70,842 Pn. notes & Consol. M.5s 52,916 51,667 The extensive use of the motor truck has done its part to cause many 34.583 33,727 Int. on 1st M.gold 5s.. States and the Federal Government to appropriate extraordinary amounts Ground rents & int. on for highway improvement. Officials of the Bureau of Public Roads, U. S. „ real estate mortgages 88.730 Dept. of Agriculture, state that the money appropriated by the Federal 123,907 81,525 67,475 ' & 5% renewable notes Government and the several States for expenditure within the next three Dividends,6% p. a.(see 365,880 243,920 years totals $574,000,000, a record sum, and estimate that expenditures 243,920 below) in 1919 for roads and bridges will total approximately 3343,800,000. $874,273 $2,032,533 $1,288,927 In addition to the usual competition with Portland cement, brick, creo$841,406 , Net surplus soted wood block, several types of patented pavements and tar, there will to the inx This item as shown includes miscellaneous income and is given "after be more than ordinary from producers of artificial asphalts, due prices deduction of insurance and taxes, but before deduction of bond interest, creased number of oil refineries in operation. This will produce lower all round. The company has encountered this competition in the past and miscellaneous interest or depreciation." f*" THE CHRONICLE MAY 10 1919.] is not disturbed. The superiority of Lake asphalts, your officers believe, is an enduring fact in the paving industry. Miscellaneous Sales.-Despite restrictive building measures, imposed by war, domestic sales of miscellaneous asphaltic products show an increase, due in a large measure to advanced selling prices following increases in costs, and in part to sales to the military and naval branches of the Govt. '17(11 mos.) 1918. 1916. 1915. 1914. 1913. $1.471,247 $1,091,580 $1,554,523 $2,236,593 $2,888,322 $4,037,113 asphaltic compounds developing toward directed were Particular efforts useful in prosecution of the war, notably:(a) asphaltic saturation for canvas tarpaulins, making them both waterproof and mildew-proof; (b) asphaltic adhesive for use in the manufacture of fiber containers, replacing steel containers in which to ship propelling charges for various-sized ordnance; (c) papers water-proofed with asphalt for lining ammunition ases, for baling clothing, blankets &c.; (d) substitution of asphalt for shellac in making waterproof the joint between the shell and cartridge in small arms ammunition. Our "Built-Up" roofing materials, which employ a proportionately large quantity of asphalt, are increasing in popularity. The sale of "Mineral Rubber," a special asphaltic compound; reflects the growing favor with which it is regarded in the rubber industry. The consumption of black asphalt paints is broadening. Foreign Sales Department.-Notwithstanding extreme scarcity of transportation facilities and almost prohibitive freight rates, this depatiment has exceeded last year's results in actual business done. The year's sales amounted to $647,063, with actual shipments of $579,447. Manufacturing.-The output of the plant at Maurer, N. J., consisted principally of refined asphalt, asphaltic compounds, roofings, roofing asphalts, mineral rubber, caulking pitch, marine enamel and asphalt paints. These products were shipped generally to cantonments, shipyards and manufacturers engaged in producing war materials, and to foreign nations, principally our allies. The plant at Madison, Ill., operated on roofings, roofing felts, roofing asphalts, mineral rubber, asphaltic compounds and paints, in volume equal to that of the previous year, the products going mainly to farming communities or manufacturing plants engaged in the manufacture of war materials. An army contract for the manufacture of case linings necessitated tbe erection of a building 100 by 160 feet with a full complement of machinery, heating equipment, &c. This was the only important improvement .made here during the year. As there was no demand for road-building machinery, the entire capacity of the Iroquois Works, at Buffalo, N. Y., was devoted to the manufacture of water-tube boilers for the Emergency Fleet Corporation. In addition to the two contracts taken in 1917, which were of sufficient volume to occupy the plant through 1918, contracts for 84 boilers were received, necessitating a shop extension of 19,000 square feet. This addition was equipped with 20-ton traveling crane, motor-driven air compressor and new machine tools. The boiler contracts will take the capacity of the plant up to Sept. Wages, &c.-Labor conditions in all plants were more acute than during the preceding year. Wages increased 30%, with lower efficiency. A for about ten days. strike at Madison closed the plantthe restrictions of the War Trade Board, Trinidad Operations.-Through the importation of Trinidad Asphalt was limited to 32,000 tons from.April 1 to Dec. 311918. The imports, in consequence, amounted to but 55% of 11-months' period of 1917. Shipments the tonnage brought in during the of asphalt to Europe were again resumed in Dec. last, 3,360 tons going for• ward in that month. The operations for oil were also, for war reasons, quite completely confined to the production from old wells. But one new well was drilled during the year, being No. 1 in Lot 4, on Crown lands under lease, this well choking with sand after a destructive blow-out. It had produced 9,600 barrels in a few hours. Production for the year amounted to 229,296 barrels, as compared with 219,991 barrels in the previous (11 months) y•ear. There were in stock in Trinidad and Maurer as of Dec. 31 230,759 barrels. One cargo of 38,535 barrels was taken by the British Admiralty early in September. Guanoco Operations.-On shipments of Bermudez Lake asphalt from the Venezuelan deposit at Guanoco, a limitation of 30,000 tons was placed by the War Trade Board. Moreover, restrictions placed upon exports to Venezuela had created a trade balance favorable to that country, and as the United States refused to permit shipments of gold to Venezuela to liquidate the debit balances and stabilize exchange, the American dollar was worth in Venezuela from 80 to 85 cents during most of the year. Caribbean Petroleum Co.-The three 1400-ton barges that were built for the company at Gulfport, Miss, referred to in the last report, were completed but detained, waiting for Government permits. Powerful tow-boats are needed, and will soon be procured. The influenza also swept through Venezuela late in the year. During the past four years intensive study has led to the relinquishing of 649 areas of land concessions and the retention of 379 (as of Dec. 31) Maracaibo district. These cover 473,750 acres. of which 329 are in the Test-well drilling continues in the territory assumed to be oil-bearing. An additional well for production was put down in the proven Mene Grande field, and is now, at a satisfactory rate, flowing oil of lighter gravity than the previous average in this field. Early in the year distributing stations at Maracaibo, La Guayra and Puerto Cabello were in commission. Many of the large industries in Western Venezuela, railroads, sugar refineries, electric-lighting plants, lake and coastwise steamers, are being supplied from our fuel oil stations. The sales department has actively developed the marketing of gasolene and kerosene products of the San Lorenzo refinery. Active interest in this Venezuelan oil undertaking expresses the attitude of the company's associate, the Royal Dutch-Shell Group. The several elements necessary to successful develoment, namely, extensive holdings of productive lands, storage, refining capacity, ships and market, are all present, and the business relationships altogether cordial. The existing hindrances to full and free expansion of operations occasioned by the war are not likely long to continue. COMBINED RESULTS,INCLUDING SUBSIDIARY COMPANIES. Cal. Year 11Months to Jan.31.Yr. 1918, Dec. 31 '17. Operations1917. 135,115 180,458 206,431 Sales of crude asphalt (tons) than (other products asphaltic Sales of $4,037.113 $2,888,322 $2,236,593 for paving) Income fromSales of asphalt and asphalt products-$11,545,449 $10,757,332 $9,404,892 319,299 448,461 458,750 Sales of miscellaneous materials 646,050 385,801 970,514 Income from paving roads 162,203 97.610 220,970 Income from miscellaneous paving 561,801 628,973 524,629 Income from miscellaneous work 112,619 181,198 Miscellaneous income 97,553 $13.287,492 $12,559,314 311,677,309 Total income ExpensesCost of asphalt and asphalt products $9,391,571 $8,902,534 $7,701,347 353,033 315,038 467.873 Cost of miscellaneous materials 661,267 418,308 1,026,463 Cost of paving roadways ii 24,515 Reserve for maintenance 3/ 9 101,341 1,1( 172 250,407 Cost of miscellaneous paving 174,505 194,287 203.223 Depreciation 490,855 374,876 396,853 Miscellaneous work , 34396 30,095 35,559 Sundry branch expenses $10,964,009 $10,661,952 $10,106,240 Total expenses $2.323,483 $1,897,362 $1,571,069 Net trading profits 3,327 6,031 4.131 Rents from real estate, less exp., &c_ 78,641 93,038 76,198 Interest received 8,175 15,855 20,549 Interest & dividends on investments.. $2.428,023 $1,997,889 $1.671,947 Total net income Deduct$467,381 $440,996 $444,074 General expenses 41,000 120,000 110,000 Reserve for depreciation of accounts_ 150,337 115,820 55,704 Interest on loans and mortgages 162,210 180,593 160,708 Debenture interest, &c 167,079 28,611 151,014 Special excise and income tax $1,067,007 $749,982 $978,538 Total deductions $1,361,016 $1,019,350 $921.965 Profits, as per balance sheet 116,319 117,753 86,046' Excess cost of maintaining pavements Reserved for debenture redemption of 81,490 70,938 75,611 New Trinidad Asphalt Co., Ltd...... 652,705 652,705 652.705 Dividends on preferred (5%) Balance, surplus $510,502 $177.954 $107.603 . 1933 COMBINED BALANCE SHEET GENERAL ASPHALT CO. AND SUBSIDIARY COMPANIES. Dec. 31 '18. Dec. 31 '17. Jan.31 '17. AssetsProperties owned, including shares of $33,967,489 $34,180,677 $34,192,321 companies not operated Stock trust certificates Gen. Asphalt 200.425 200,425 200,425 Co.owned by sub.cos.(book val.)_ 629.690 633,238 Stock and bonds outside companies 635,350 Retained by cities on pavements laid 503.112 409,248 352,491 under guaranty 600,000 707,921 Securities pledged 2,136,943 3,030,227 2,461,193 Materials and supplies (at cost) 583,080 669,277 550,720 Cash 1,789,385 1,828,660 Bills and accounts, &c., receivable c1,401,909 Total $40,846,531 $40,982.718 $40,034,957 LiabilitiesPreferred stock_ a $14,000,000 $14,000,000 $14,000,000 Common stock_b 17,000,000 17,000,000 17,000.000 1,900,000 1,800,000 General Asphalt 6% debentures,..... 1,690,000 Bonds underlying cos. not owned by 1.083,975 1,054,390 Gen. Asphalt Co.or its subsidiaries 986,005 133.763 138.763 133,763 Mortgages payable Reserve for maintenance of pave126.265 48,554 80,874 ments laid under guaranty 200,000 100,000 Reserve for war taxes 595,000 Collateral loans 500,000 1,450.000 1,512,500 845,000 Notes payable 593.651 789,360 Accounts payable 811,433 Debenture redemption fund New 856,474 997,875 952,819 Trinidad Lake Corp., Ltd 24,794 48.106 16,262 Fire, &c., insurance fund 3.531,180 3,020,678 2,842.724 Surplus profits $40,846,531 $40,982,718 $40.034,957 Total a Includes $13,140,000 preferred stock owned by the public and $860,000 pref. stock in treasury of the company. b Includes $9,862,000 common stock owned by public: $7.000,000 common stock held by trustee for conversion and $138,000 common stock in treasury of company. c Includes notes receivable, $7,544; bonds, warrants and tax liens, $144.684; and accounts receivable, $1,457,283; total, $1,609,511, less reserve, $207.601; balance as above, $1,401,909.-V. 108, p. 1824. Chino Copper Company. (9th Annual Report-Year Ended Dec. 31 1918.) Pres. Charles M. MacNeil, N.Y.,April 9,wrote in subst.: Production.-The gross copper production in concentrates and direct shipments was 79,340,372 lbs. [against 83,339,782 lbs. in 1917]. Smelter deductions reduced the net production to 75,655,641 lbs. We also produced gold and silver valued at $39,732. The net cost of producing copper was 17.178 cents per pound,as compared with 11.39 cents in 1917. Fiscal Results.-The net income was $4,010,272; miscellaneous income, rentals, &c., $43,052; total from all sources, $4,053,324. There was directly charged to income the amount contributed to the Red Cross and the United War Work funds in Liberty Loan bonds owned $145,102, being the cost price of $150,000 of these bonds. The total net income, therefore, amounted to $3,908,222, or at the rate of $4 49 per share, as compared with $10 93 in 1917. Dividends.-Disbursements were made to stockholders during the year as follows: 1st quarter,$1 50 per share;2d quarter,$1 00;3d quarter,$1 00; (being 75 cents dividend and 25 cents capital distribution); 4th quarter, capital distribution, $1 00 per share; or a total of $4 50 per [$51 share, or $3,914.910, of which $2,827,435($3.25-65%i were dividends and 31,087,475 [$1 25-25%) were capital distributions. The total disbursements to stockholders up to and including Dec. 31 1918 amounted to $26,403,042. Statement by Managing Director D. C. Jackling, N. Y., Apr. 8 1919. Operations.-While the quantity of ore mined and treated exceeded that for 1917 by some 230,000 tons, production of copper decreased approximately 4,000,000 pounds, equivalent to about 5%, notwithstanding the fact that the grade of ore for the two years was substantially the same. It is obvious that the cause of this shrinkage in production was a decrease in mill recoveries. This was due to many factors, the most important of which was the necessity of mining considerable periods during the year from areas where the ores contain large loercentages of carbonates and other oxidized copper minerals not recoverable in high percentage by the concentrating methods Into this re ult regula inerse etgid d rlyeegg i tl dnotably limited period, the failure of water supply due to an accident. Production costs increased rapidly and stood practically at their maximum Dec. 31. Since that time there has been some decrease, but costs are still nearly 100% above the average prior to the beginning of the war, and will undoubtedly continue high for some time in the future. In April 1919 operations are being conducted on a basis of about 50% of normal average production, this being the maximum rate of output for which there seems to be much prospect of early demand. The property and plants as they now stand have a normal capacity of about 12,000 tons daily. Ore Reserves.-The remaining reserves are in excess of those reported at any time in the past, notwithstanding the fact that nearly 18,000,000 tons of ore have been removed. In other words, current developments have resulted year by year in adding to developed ore reserves more tonnage than has been at the same time extracted. Data from Gen. Mgr. John M. Sully, Hurley, N. M., March 7. Properties.-Late in the year we purchased 46 patented mining claims of an area of 643 acres, 478 acres of which are in one body adjoining our main group. In the past some commercial ores have been extracted from various portions of this new property and a part of it offers good possibilities for ore bodies. The company now has 206 mining claims, covering 3 493 acres, of which 177 claims, on 3,055 acres, are patented, while 29 claims are unpatented and comprise an area of 438 acres. Of the mining claims owned, 3,328 acres lie In one contiguous body. We also own 120 acres of agricultural land, making a total of 3,448 acres of ground owned and controlled at or near Santa Rita, lying in one body, the total area owned and controlled in the Central Mining District being 3,613 acres. The area owned and controlled in connection with our mill at Hurley, and the various water rights and tailings disposal system, aggregate 18,530 acres, viz., 17,250 acres patented, 80 acres in process of patent, and 1,200 acres covered by applications for purchase from the State of New Mexico. Ore Reserves.-During the first two months three drills and for the balance of the year two drills were engaged in the development of the south and southwest ore bodies, extensions of which were demonstrated. The total drilled in 1918 was 15.020 ft., making a total of 264,748 ft. drilled to date. A recalculation of the ore reserves as of Dec. 31 1918 was completed. showing (a) 95,580,737 tons, averaging 1.63% copper, unmined; (14 ore stock pile, 882,824 tons of 1.86% copper; (e) special experimental pile, 88_,_465 tons averaging 1.379' copper; total 96,552,026 tons, averaging 1.63%-copper. Since the bm.inning of operations we have milled or shipped direct to the smelter 17.976,149 tons. The total ore developed by churn drilling to date is 114,528,175 tons of an average grade of 1.66% copper. Wages.-During the year there were two increases in wages granted to employees at mine and mill, resulting in an increase of labor costs at the mine of 26.16%, while the additional cost of supplies resulted in an increase of 42.07%. The total average increase in costs for the year was 36.69%• The costs of 1918 were increased 97.13% over those of 1915, taxes, administrative and other general charges being included as usual. Mill Improvements.-The program approved two years ago for additions and alterations in the original five sections and an addition of two sections to the mill was continued, although hampered by shortage of labor and materials. All of the alterations were completed in Sections Nos. 1 and 5 early in the year. Section No.6 was putim full operation in February and part of Section No.7 in July 1918. Section No.7, while partially finished, was still uncompleted Dec. 31. and it was therefore impossible to begin the treating of oxidized ore, as had been planned. Costs.-The average cost of net copper produced for the year, after making deductions for smelter allowances and crediting precious metal values and miscellaneous income, was 17.178 cents per pound, as compared with 11.39 cents per pound for 1917. The credit for precious metals amounted to 0.053 cents per pound, and that of miscellaneous income to 0.057 cents per pound, a total of 0.11 cents per pound. The per pound cost stated includes depreciation and reserves for taxes set up during the year. l f M'eentorkmna,fo theother 1934 THE CHRONICLE On June 25 there was a general increase in freight rates put into effect; the increase applying to bullion rates amounted to an advance of 86 2-3%. The per pound costs were increased during the year over 1917, as follows: Labor, 24.82: supplies, 27.13%; freights, smelting, refining, &c., 29.72%; general administration (exclusive of taxes and depreciation), 13.63%; the set-up for taxes, 130.06%, and depreciation, 11.53%, the net increase amounting to 39.14%. INCOME ACCOUNT FOR CALENDAR YEARS. 1918. 1917. 1916. 1915. Copper produced (lbs.)_ 75,655,641 79,636,235 72,319,508 64,887,788 Average rec. per lb_ _ __ 22.536 cts. 24.116 cts. 26.465 Os. 17.420 cts. Revenue from copper--$17,049,580 $19,205,146 $19,139,269 $11,303,956 do from gold & silver 39,732 56,160 80,498 79,821 Total revenues $17,089,312 $19,261,306 $19,219,767 $11,383,777 Operating ExpensesMining and milling_ _ _ _ $7,377,287 $4,904,732 $2,600,572 $1,753,266 Treatment, refining and freight 4,130,349 3,253,086 2,979,622 2,112,804 Selling commission 131,929 193,316 193,220 115,038 Stripping 1,439,475 1,083,557 928,477 713,940 Total expenses Net profits Other income $13,079,040 $9,434,690 $6,701,891 $4,695,048 $4,010,272 $9,826,616 812,517,876 $6,688,729 43,052 310,436 325,286 229,074 Total income 84,053,324 810,137,052 $12.843,162 $6,917,803 Depreciation, &c $336,077 $257,265 $315,214 Interest 3,819 Adjustment of charges to stripping account.._ _ _ 288,121 Red Cross, &c.,funds 145,102 Dividends x3,914.910 8,612,802 2,609,860 7,177,335 Rate per cent (165%) (198%) (60%) (90%) Balance,surplus def.$6,688 $900,052 $5,350,613 $4,046,859 * Includes in 1918 $2,827,435 against $7,525,327 dividends and 31,087,475 capital distribution. BALANCE SHEET DEC. 31. 1917. 1918. 1917. 1918. Assets$ $ $ Property ace't_x11,159,286 10,027,587 Capital stock_ _ _ 4,349,900 4,349,900 Investments 579,840 475,640 Acc'ts payable_ - 723,825 324,177 Deferred charges Accr'd taxes, in(stripping) 3,135,663 2,910,197 surance, &c. 1,794,211 1,232,403 Mater'l & supplies 1,989,990 1,782,130 Treatm't, ref'g & Notes & acc'ts redelivery, not due 842,782 576,742 ceivable, &c__ _ 508,621 339,144 Surplus from sale Copper on kand & of securities__ 2,995,253 2,995,253 initransit 3,886,177 5,106,240 Sum. from oper_ _14,857,238 14,863,926 Ore at Mill, &e 208,699 217,771 Marketable secur's 1,939,921 1,054,898 1,000,050 533,525 Cask Due in January for Dee.sop. deity's. 1,154,962 1,895,269 [VOL. 108. INTERNATIONAL SALT CO. INCOME ACCOUNT FEB. 28 YEARS. 1918-19. 1916-17. 1917-18. Dividends from subsidiary companies $613,500 $1,027,500 $675,000 Interest on treasury bonds 72,142 97,078 77,287 Total Expenses International Salt Co Interest on 5% bonds Dividends $710,578 $1,104,787 $59,127 $51,873 208,790 210,645 364,628 622,906 $747,142 $31,752 215,980 364,628 Balance, surplus $78,033 $134,782 $219,363 CONSOL. RESULTS OF SUB. COS. FOR YEAR ENDING FEB. 28 1918. Gross earnings of subsidiary companies $1,102,976 $1,206,132 Bond interest--Retsof Mining Co., $125,000; Detroit Rock Salt Co., $60,000 185,000 185,000 Balance, surplus, available for dividends, &c_ _ _ $917,976 $1,021,132 Previous surplus carried forward 2,657,022 2,668,971 Reduction in capital stock-Retsof Mining Co.... 1,099,000 Total Dividends to International Salt Co Prof. dividends of Detroit Rock Salt Co $4,673,998 $3,689,903 1,027,500 613,500 5,380 Total surplus Feb. 28 1918 $4,060,498 $2,657,023 INTERNATIONAL SALT CO. BALANCE SHEET FEB. 28. . 1919. 1918. 1919. 1918. Assets$ Liabilities$ $ $ Investment acct.: Capital stock ____ 6,077,131 8,077,131 25,010 shs. Retsof First and Consollstock 5,328,870 5,328,870 dated Mortgage 7,500 shy. Int. S. collateral trust Co. of N.Y.stk. 4,675,804 4,675,504 gold bonds 4,120,400 4,215,400 $1,702,000 Retsof Bills payable 161,605 211,605 bonds 1,431,293 1,424,295 Accounts payable_ 49,426 1,257 $163,900 Int. Salt Bond int. accrued_ 85,842 87,821 Co. bonds 124,054 145,774 Dividends payable Furn. & fixtures 952 952 April 1 91,157 91,157 . Bond dise't (to be Reserved for war amortized) ____ 206,384 231,363 taxes 5,471 22,948 Liberty bonds_ _ _ _ 102,285 101,412 Surplus 1,307,133 1,229,100 Cash 9,441 8,152 Accts. receivable_ 19,796 Interest accrued 19,031 Total 11,898,164 11,936,418 Total 11,898,164 11,936,418 COMBINED BALANCE SHEET OF SUB. COS. FEB. 28. 1919. 1018. 1918. 1019. AssetsPlant & property _11,724,444 11,573,436 Capital stock_ _ _ 5,091,009 6,150,00. Cash 299,355 125,686 Bonds 3,500,000 3,500,000 Liberty bonds.... 55,245 10,000 Current accounts_ 87,136 72,796 Accts. receivable_ 388,433 422,147 Bills payable 150,000 Inxentories at cost P27,622 595,433 Bond int. accrued_ 30,834 30,833 Deterred assets_ _ _ 43,797 Ree'd for war taxes 227,909 181,784 Avery Co. rental 25,563,210 24,342,401 Total Total 25,563,210 24,342,401 accr. (not dueto be amort. durx After deducting reserve for depreciation $1,774,699, against $1,399,632 91,429 ing lease) 94,286 ia 1917.-Y. 108, p. 1823. Total each side_13,238,896 12,726,702 Surplus 4,060,498 2,687,923 -V. 106, p. 2225. Pittsburgh Rolls Corporation. (Report for Fiscal Year ended Dec. 31 1918.) A manifold statement affords the following data: New York Dock Company. (18th Annual Report-Year Ended Dec. 31 1918.) President William E. Halm, N. Y., April 22, wrote in sub.: STATEMENT OF INCOME FOR TWELVE MONTHS ENDING DEC. 31 1918. $2,145,956 Net income Gross sales $244,617 1,599,531 Profit and loss charge account Cost of sales Federal taxes 1917 7,349 $546,425 Gross profit on sales Net surplus for period 34,722 Other income $237,268 $581,147 Gross income Deductions-Selling, admin., Reservation for sinking fund__ general expenses and taxes $192,119 Common dividend (2%) 60,000 Interest on bonds 25,000 Sinking fund 35,000 Preferred dividend (7%)_ _ _ 13,146 Profit and loss surplus Jan. L. Organien exp. charged off 11,265 Adjustments Miscellaneous expenses_._ _ 118,634 30,000 588,634 $29,489 38,397 $244,617. Profit & loss surplus Dec. 31 $154,520 BALANCE SHEET DEC. 31. 1918. 1917. 1918. 1917. LiabilitiesAssets,500,000 500,000 Plant, prop.& equip.1,384,555 1,299,589 Preferred stock 1,500,000 1,500,000 Invest. in securities_ 251,655 117,764 Common stock 1st M.Cony.S. F.8s 1st M.bds. In sk. fel_ 66,000 due July 11932...1,000,000 1,000,000 509 Sink. fd., caah 444,704 499,670 Current liabilities_ _ _ 183,058 213,281 Inventories 20,506 Accrued accounts_ _ _ 142,415 23,992 83,037 Cash 36,986 Advances received__ 24,800 39,315 Special deposits_ 319,257 276,449 Accounts receivable_ 315,410 321,544 Reserves 154,520 43,054 Profit and loss 85,951 Deferred charges... 27,161 41,120 Exp appl.to tut.oper. G'd-will,pat.,ets.,&e.1,270,747 1,278,485 Net income for period 3,824,050 3,658,718 Total -V. 107, p. 2381. Total 3,824,050 3,658,718 International Salt Co., Scranton, Pa. (Reportfor the Fiscal Year ended Feb. 28 1919.) President Mortimer B. Fuller, Scranton, Pa. on May 19 wrote in substance: Results.-The combined gross earnings, after deducting al expenses incident to operation, maintenance, sales and administration, depreciation and depletion charges, insurance and taxes (including reserve of $233,470 for estimated Federal income and profits taxes), amounted to $1,140,927. After payment of interest on bonds of the International Salt Co., Retsof Mining Co. and Detroit Rock Salt Co., the total net profits wore $747,136. Regular quarterly dividends were continued during the year at the rate of 6% per annum. Financial.-Th, net quick assets of the International Salt Co. and subsidiaries-consisting of cash, bills and accounts receivable, and inventories -as of Feb. 28 1919 (after providing reserve for Federa ltaxes and deducting all current and floating obligations other than bonded debt), amounted to $755,789. The sinking fund retired during the year $95,000 bonds of 1901, leaving outstanding $4,120,400. Operations.-Although the combined tonnage produced and shipped by the subsidiaries was greater than in 1917-18, the het profits were somewhat reduced owing to the increased cost of labor and materials. Prevailing t o employees, labor conditions, notwithstanding the adequacy of wages paidg, were a serious handicap to plant efficiency and economic pr uction, and market conditions were such that it was practically impossibl to advance prices in keeping at all times with increased cost of production. Retsof Stock.-As will be seen from the combined balance sheet of the subsidiary companies, the capital stock of the Retsof Mining Co. was reduced from $3,600,000 to $2,501,000, but this action in no wise affects the securities of your company inasmuch as it owns the entire capital stock of he Retsof Co. Last Quarter of 1918-Outlook -During the fourth quarter of the last fiscal year the demand for salt was greatly diminished, due chiefly to the general business subsidence, and also owing to the fact that in anticipation of future difficulty in securing adequate supply the trade had stocked up heavily with salt. We look forward with confidence to increased and more satisfactory demand for our product when normal conditions again prevail. Results.-The income account when compared with 1917 shows increases as follows: Gross revenue. $566,427; net revenue, $211,374; net deductions, $62,648; net income, N. Y. Dock Co., $148,727; net loss, N. Y. Dock Ry., $80,425; combined net income (available for dividends), $68,302. Dividends of 21% each on the pref. stock were paid on 15 1918 and Jan. 15 1919 calling for $500,0001. A dividend of 2 % $175,0001 on the cmmon stock was paid Feb. 15 1919. (After deducting those dividends there was carried to surplus $409,988 against $516,687 in 1917, when the preferred dividends only were paid.] Although the year 1918 was one of constant advances in every item of expense, the aggregate gross earnings were sufficient to produce a small increase in the net income as compared with the previous year. Railway-The U. S. RR. Administration, recognizing the need for greater terminal allowances, has recently granted the railway certain increases. These additions to the gross revenue were, however, more than offset by the heavier operating expenses, and the results show a large deficit therein. The unusual wage increases made by the railroads under Federal control so directly affect the railway that there is but little hope of better results for the current year. Depreciation, (Us-The policy of making substantial and permanent improvements to your property, as extended repairs became necessary, was continued throughout the year in all departments,resulting in a marked improvement in operating conditions. The depreciation fund increased $226,066. The total amount of the fund, $608,909, is almost entirely invested in Liberty bonds and the bonds of the company. The city has further delayed the relinquishment of the Montague St. slip and the construction of the new pier over the subway cannot be commenced before the middle of the current year. Improvements.-Pier 45 was completed in November and possession taken by its tenant under a lease for a term of several years. Pier 30 has been demolished and the construction of a modern pier with ample slip room replaces former piers 30 and 31. Leases.-The new pier, together with the adjoining numbers 29 and 32, is leased for a long term at a satisfactory rental. A long term lease has been made covering new pier 23, which will be constructed on the site of Dows Stores, the destruction of which was referred to in the preceding year's report. The modern concrete industrial structure known as building 9 was vacated by the previous tenant in June 1918 and leased for a period of one year to the U. S. Government. In Jan. 1918 the tenants of pier 22 loaded a steamer at the pier with high explosives. Acting under the terms of the lease they were ejected. An appeal was made to the courts, which resulted in your action being sustained and you were awarded $55,000 damages over and above the rental. The tenants have carried the case to a higher court. INCOME ACCOUNT FOR CAL. YEARS-DOCK CO. AND DOCK RY. Revenue1918. 1917. 1915. 1916. Warehouses $2,993,188 $2,590,001 $1,603,991 $1,224,748 Piers 1,561,642 1,350,967 799,213 1.032,898 Mfg. & rented buildings_ 313,316 253,372 271,516 262,717 Other revenue 121,316 142,594 210,551 165,530 Total revenues $4.989,462 $4,423,035 $3,065,136 82,419,927 Maintenance expenses.. $919,762 $264,665 $365,059 $719,370 Retirements 78,760 299,730 Depreciation 254,871 60,504 111,898 160,852 Operating expenses 1,151,273 799,633 635,444 985,051 General expenses 356,925 155,475 192,567 241,535 Total expenses 82,761,591 32,406,538 $1,469,157 $1,116,088 Net earnings $2,227,871 $2,016,497 $1,595,979 $1,303,839 Taxes 589,208 505,187 377,079 393,272 Operating income Other income $1,638,663 $1,511,310 $1,202,706 43,151 107,772 17,875 Gross income $1,746,435 $1,554,461 $1,220,581 Bond interest $502,000 $502,000 $502,000 Other deductions 33,322 76,569 9,173 Net inc. N. Y. Dock Co-$1,167,866 $1,019,139 $709,408 do N. Y. Dock Ry_ def82,877 def2,452 73,109 Combined net income_$1,084,989 $1,016,687 $782,517 Preferred dividends (5%) 500,000 500,000 Common dividends (2 175,000 Balance, surplus $409,989 , $516,687 $782,517 $926.760 15,769 $942,529 $502,000 13,599 8426,930 (1(117,644 1409,286 $409,286 MAY 10 1919.1 THE CHRONICLE 1935 INCOME ACCOUNT FOR CAL. YEARS-NEW YORK DOCK RAILWAY. 1917 production, a reduction in number of styles to six for each manufacturer and other drastic changes. 1918. 1917. 1916. 1915. By this time the Victor Co. was busily engaged in the production of 3497,576 3484,127 Revenue 3464,899 3393,397 565,191 463,510 Expenses 388,089 401,198 aircraft parts and assemblies, rifle stocks, rifle parts, shell parts and assembles, detonator cases and other war materials of the most vital character. def$67,615 sur$20,617 sur$76,810 Net revenue def$7,801 Contracts far beyond the plant's capacity were offered, and the Board 15,262 Net deductions 23,069 3,701 9,843 felt that the arrangements made were ample to insure the operation of the plant without loss of assets or organization for an indefinite period. We never believed that the Government work would be profitable, and def$82,877 def$2.452 Net income sur$73,109 def$17,644 its expectations have been fully realized, but the bigger purpose of assistCOMBINED BALANCE SHEET DEC. 31-DOCK CO. AND DOCK RY. ing in civilization's fight and maintaining the plant for future use in our 1918. 1917. chosen field was the mark at which we aimed. In short, your company 1918. 1917. , Liabilities$ suffered severe losses through its having a large, efficient plant and a disAssets$ Preferred stock _ _10,000,000 10,000,000 position to put patriotism ahead of profits. Real est.,wharves, Common stock___ 7,000,000 7,000,000 wareh'ses, term. We have secured cancellations of our Government contracts and the railway, &c__a31,160,537 30,397,333 First M. gold 4s_c12,550,000 12,550,000 output of our regular products is increasing steadily. 382,843 Bond interest_. 209,167 Depreciation fund. b608,909 Prices cannot be advanced in proportion to the increased cost of labor 209,167 256,934 122,359 Divs. on pref. stk. Cash and materials, which will doubtless remain inflated for a long time. The pay. Feb. 15 '18 x425,000 Accts. receivable_ 1,242,028 1,087,759 300,000 now burdens of taxation must be offset by efficiency in manufacturing 94,061 292,804 Vouch.& payrolls. 517,955 Accrued charges 166,097 and our fundamental business policy must be to market a large volume of 105,024 Accounts payable_ 95,928 Material & supp 45,974 22,557 goods of the highest quality at a small margin of profit. 8,429 5,950 Charges due RR's. Interest accrued The result accruing to stockholders may undoubtedly be as great or 40,221 36,422 Taxes accrued....__ 165,180 U. S. Treasury /8,128 greater than in the past, but this can only be accomplished through a much 125,000 4th L.L.bds. pay'e 500,000 bills (4%) larger volume of sales; to obtain which a larger percentage of earnings must 600,000 Est, cost of deliv2d Liberty Loan_- 600,000 be devoted to reinvestment in plant and equipment to keep both in the ering mdse 4th Liberty Loan- 850,000 44,261 60,819 highest state of efficiency. The interests of stockholders will undoubtedly Contractors' perN.Y.City Corporbe best served by a conservative policy as to dividends and your directors cent's 5,000 5,000 retained_ 36,578 ate stock unhesitatingly recommend such a policy. 19,821 28,666 Operating reserves 374,857 Deferred assets 227,737 BALANCE SHEET DECEMBER 31. 125,193 Unearned rents_ Unexpired insur 147,765 69,917 49,897 6,150 Other def'd items_ 30,561 1918. 1917. Miscellaneous_ 1918. 3,274 11,943 1917. Surplus account_ _d2,937,587 2,553,314 AssetsLiabilaits$ $ Plant & machinery 9,700,237 9,824,261 Pref.stock (7%)_ _ 1,900 1,900 Total 34,919,971 33,264,080 Common stock _ __ 4,999,000 4,999,000 Total 34,919,971 33,264,080 Patents, territory rights& matrices 2 2 Accounts payable_a3,544,892 4,841,291 real estate, 1918 of Dec. 31 Deferred charges_ as wharves, 264,475 99,560 Undivided Includes a warehouses, &c., profits_25,747,881 23,888,187 $28,975.833; terminal railway, $739,575; floating equipment, $321,924; Inventory (0°80_ _11,854,552 8,901,533 machinery and tools, $149,693; additions and betterments, $1,200494; Notes & accts. rec. 4,814,883 5,774,090 less reserve for depreciation, 3,632,384 4,974,736 $716,307; balance, 330,- Cash total, $31,387,579; 282,610 $671,271; and adding cash on deposit with trustee under terms of mortgage, Invest, in trust fds 235,610 Marketable scour.. 3,741,532 3,393,587 $481,983; interest accrued, $7,283; total as above, $31,160,537. bonds of N. Y. $1,953; Dock Co.(par,$327,000) b Includes cash in bank, Total 34,293,673 33,230,378 Total at cost. $247,678, and interest accrued on bonds, $9,279. Third Liberty 34,293,673 33,230078 a Includes provision for payment of income and excess profits taxes. Loan bonds, $250,000; Fourth Liberty Loan bonds, $100,000. -V. 108, p. 1827. c Afber deducting $450,000 bonds held in treasury.-V. 108. p. 1824. American Druggists Syndicate, New .York. (Report for Fiscal Year ending Dec. 31 1918.) Pres. C. H. Goddard, writing about Feb. 15, said in subst.: Results.-While the net balance is greater than in 1917, it is at least $150,000 less than it would have been but for the fact that this year was deemed a good time to charge off every permissible item. Another important factor in holding down our net earnings this past year which we don't expect to encounter again, was that for the greater part of tke year 1918 we were forced to enter into competition with the Government in securing our help. We were sandwiched in between the gas defense plant on one side and the aircraft company on the other, which Jumped our minimum wage scale from $7 a week to $12 a week and the more experienced help proportionately. Since those two war industries closed down, in December last, the minimum wage scale with us and in this neighborhood has dropped back to $9 a week. New Stock.-Since Jan. 1 we have received approximately $1,000,000 from the sale of Treasury stock not a share of which has netted the Treasury less than par. This additional capital not only supplies the necessary cash to cover all indebtedness, but a sufficient cash surplus for all anticipated requirements this year. Outlook.-Our actual sales for January Just passed have averaged at the home office alone approximately $1,000 a day greater than last January, and in addition to this increased volume, we have received signed orders from druggist members up to Jan. 31 (for delivery beginning in March) aggregating $855,000, covering only 31 of the most profitable items we manufacture. Dividends.-On March 15 1919 there will be (was) paid to stockholders of record on Jan. 31 1919, a semi-annual dividend of 4%, which marks eleven consecutive years of uninterrupted dividend payments. Compare V. 107, p. 79. Data from President's Preliminary Report of December 1918. Two years ago only 48% of our volume of sales consisted of items manufactured by the A. D. S. while 52% of our gross business represented the sales of chemicals, sundries, rubber goods, stationery and other concerns' advertised or patented articles. In Nov. and Dec. 1918, 91% of our gross business was•made up of sales of our own manufactured merchandise. Daily Average Sales at the Home Office Only for December Since 1910.' 1916. 1918. 1917. 1910. 1911. 1912. 1913. 1914, 1915. $6,889 $8,263 $10,176 $8,836 $7,947 $12,445 $12,686 $12,602 $17,563 Approximate Annual Sales at Brahches. Chicago- -Kansas City- -San Francisco-1917. 1918. 1917. 1918. 1917. 1918. $422,723 $195,102 8295,355 $406,061 $523,5q7 produc_3282,843 Co's (1) $58,583 $34,575 $73,256 $52,658 $4985 (2) Other sales__ $72,893 INCOME ACCOUNT FOR CALENDAR YEARS. 1918. from all' sources after deducting all expenses of income Net operating and managing the business and providing $81,753 for depreciation $552,849 Deduct-War tax on commodities paid 55,590 Interest paid on borrowed money 32,451 1916. 1917. 1915. $414,369 $4441190 $416,749 Profit for the year $464,808 592.650 458,477 785,840 Previous surplus a636,864 $902,667 $1,007,010 $1,202,589 $1,148,672 Total Cr.82,046 in paid Surplus 303,225 501,052 Divs.& other surp. chges. 310,017 297,234 $785,840 6592,650 $701,537 Total surplus $851,438 a After crediting the previous surplus, 8701,537, with 84,832 surplus accounts of subsidiary companies and debiting $22,505 Federal income and war excess profits taxes in excess of the amount previously paid. BALANCE SI.f,EET DECEMBER 31. 1918. 1917. 1918. 1917. Liabilities$ $ $ Assets$ 4,123,620 3,687,350 Real est., mach.,(1,0.1,447,593 1,440,527 Common stock xMinority interests- 18,910 Formulae, goodwill, 534,320 407,399 Installments-paymeats on stock__ 9,670 Invest'ts in sub. cos. 12,721 475,504 56,100 Bills payable \ 500,000 5402 do in Lib. bonds. 75,741 184,510 Accounts payable_ .._ 114,681 135,447 Other investments.. Unclaimed 168,646 341,570 dividends 9,950 219 8:942 34 3 Cash es for deprec'n Bills & accts. receiv. 739,698 771,616 Reserve Mdse.inventory_ __ _2,402,832 1,768,918 Due to officers Surplus 26,964 85VIN 701,537 Dep. Mull Ins. Cos_ Deferred charges- - 61,830 7,976 Miscellaneous Total 5,633,269 5,281,195 Total 5,633,269 6,281,195 x "Minority interests" consists of 7% non-cumulative preferred stock, $6,900; common stock, 312,010.-V. 108, p. 482. Victor Talking Machine Co. (Annual Report for Year ending Dec. 31 1918.) President Eldridge R. Johnson is quoted as saying: Early in the year the Fuel Administration plainly told representatives of the company and its competitors that, in order to conserve fuel, raw materials, labor and capital for the benefit of strictly war industries, all manufacturers of talking machine products should arrange to curtail their output to 70% of 1917 production. Later the War Industries Board issued rfomal orders requiring curtailment of output of instruments to 40% of GENERAL INVESTMENT NEWS RAILROADS, INCLUDING ELECTRIC ROADS. Government Control of Railroads.-Certfs. of Indebted. The Railroad Administration up to May 1 had issued its certificates of indebtedness to railroads on account of compensation to meet the April and May requirements, to the amount of about $76,000,000. It had issued certificates of indebtedness to the equipment companies for cats and locomotives to the amount of about $17,000.000. The exact total of certificates issued for these two purposes was $94,267,733.-V. 108, p. 1822, 1720. Alabama Central RR.-Co-Operative Contract Signed.- See Pittsburg & Susquehanna RR. below.-V. 106, p. 1899. Ann Arbor RR.-Asks Permission to Issue Notes.- The Ohio Utilities Commission on May 15 will hear this company's application requesting authority to issue $75C1,000 two-year 6% collateral gold notes to be dated May 1 1919. Proceeds of this note issue will be used to reimburse its treasury for capital issued for improvements.V., 108, p. 1721. Artesian Belt RR.-To Be Sold.- This company's road, extending from Macedona to Christine, 'Vex., a distance of about 42 miles, will be sold at auction on June 3. W. W. King, San Antonio, was appointed receiver on April 28 1917.-Y. 104, p. 1898. Baltimore & Ohio RR.-Federal Treasurer.- • E. M. Devereux, Acting Federal Treasurer of the Baltimore & Ohio RR., has been appointed Federal Treasurer of the Eastern lines of that road, the Coal & Coke, the Morgantown & Kingwood, the Cumberland Valley, the Cumberland & Pennsylvania and the Western Maryland railroads, with headquarters at Baltimore, Md.-V. 108, p. 1390, 1273. Barcelona Traction Light & Power Co., Ltd.-Notice to Bondholders.Notice is given that in accordance with the terms of Supplemental Trust Deed dated Dec. 31 1918, as approved by the Resolutions passed at the meeting of the First Mtge. 50-yr. bondholders of the company on Dec. 19 1918, the bondholders are requested to produce their bonds at the offices of the company,603 Dominion Bank Building, Toronto, or 3 London Wall Btilidings, London, Eng., for the purpose of having endorsed thereon a, memorandum modifying the rights of the bondholders and of the Supplemental Trust Deed executed in pursuance of such resolutions.-Y. 108, p. 266. Bartlett & Western Ry.-Co-Operative Contract Signed.See Pittsburgh & Susquehanna RR. below.-V. 94, p. 1382. Boston Elevated Ry.-Purchase of Cambridge Subway.Corporation Counsel Alexander Whiteside, at a hearing on May 6 before the Senate Committee on Ways and Means, placed the city of Boston on record as favoring the bill for the purchase by the State of the Cambridge subway at a cost not to exceed $8,000,000. Mr. Whiteside offered an amendment providing that of this amount the Boston Elevated should set aside for depreciation, $500,000 each year for nine years.-V. 108, p. 1604, 1510. Boston & Maine RR.-Stockholders Seek to Nullify Order of Public Service Commission.Judge Loring of the Massachusetts Supreme Court at Boston on May 3 issued an order of notice, returnable June 2, on a bill in equity filed by Edward W. Brown of Ispwich and other stockholders and members of the B. & M. minority stockholders, against this company, the P. S. Commission and others. The petition asked that the Court modify or amend a decree of the P. S. Commission of Mar. 25 last authorizing the company to issue $15.306.000 5% bonds to extinguish $13,306,000 of B. & M. RR. floating rrhe debt. plaintiffs allege that the $13,306,000 indebtedness was not lawfully contracted and that the money was used to acquire stock of other railroad corporations. The constitutionality of the Act of 1915 under which the P. S. Commission took action is attacked.-V. 108, p. 1510, 1274. Brooklyn EasternMistrict Terminal.-Federal Contract. The Director-General of Railroads on May 7 signed the operating contract with this company fixing the annual compensation at $306,259.V. 108, P. 377. Canadian Pacific Ry.-President Beatty's Statement at Annual Meeting.-At the annual meeting held in Montreal on May 7, President E. W. Beatty, K.C., made an address to the shareholders, which will be found in full on a subsequent page. President Beatty states that the results of the year's operations on the whole were satisfactory, notwithstanding the shrinkage in net earnings due to the extraordinary increase in wage scales and cost of materials. The financial THE CHRONICLE 1936 position of the company at the end of the fiscal year, he remarks, was, on the whole, extremely gratifying. Compare annual report in V. 108, p. 1157, 1266. Central Vermont Ry.-Federal Contract Signed.The Director-General of Railroads on May 8 signed the operating contract with this company fixing the annual compensation at $835,402.V. 108, p. 267. Chattanooga Ry. & Light Co.-Earnings, &c.See Tennessee Ry., Light & Power Co. under "Reports" in V. 108. p. 1820. Receivership Limited to Railway Lines.Judge E. T. Sanford, who recently appointed John S. Graham and Percy Warner receivers for the company, has filed a decree at Knoxville limiting their scope as such, pending a hearing before Judge Sanford on May 17. For the time being the receivership extends only to the railway system, the electric light properties being expressly excepted pending litigation on that phase of the original petition. The question of whether the light department properties are subject to mortgages covering the railway system will have to be passed upon by the court.-V. 108, p. 1721. [VOL. 108. be obtained from the hydro-electric plant at Keokuk Dam, and the total cost of converting the road to electric motive power is estimated at about $500,000. August A. Busch is the principal owner of the road.-V.106. P. 2011. Memphis (Tenn.) Street Ry. Co.-Petition to be Filed for Increased Fare.Receivers Frank Elgin and T. H. Tutwiler have been granted permission by Federal Judge John E. McCall to apply to the Tennessee Railroad and Public Utilities Commission for an increase in fares to seven cents, with a charge of one cent for transfers. The receivers declare that present revenues from the five-cent fare are inadequate to meet increased operating costs and that the deficit in 1918 was $225,000. A special plea will also be made for the Raleigh line to be allowed to charge an additional cash fare beyond the town of Binghampton.-V. 108, P. 1721, 1511. Mexico Tramways Co.-Lines Returned to Private Owners. A dispatch from Mexico City states that the Mexico City State railways, under the administration of the Federal Government for the past four years, were turned back to their private owners on May 7.-V. 105, p. 389. Missouri Oklahoma & Gulf RR.-Reorganization Plan.Chicago Great Western RR.-Federal Contract Signed.- A plan for the adjustment of the finances of this system was, The Director-General of Railroads on May 7 signed the operating on Dec. 31 1918, prepared by Judge William C. Hook of contract with this company fixing the annual compensation at $2,953,449.- Kansas City, the U. S. Circuit Judge who in 1915 devised V. 108, p. 1714, 783. terms for the successful reorganization of the Kansas City Chicago Rock Island & Pacific Ry.-Application to List. public utilities. This plan has been heretofore filed in ConApplication has been made to the N. Y. Stock Exchange to list $200,000 solidated Equity Cause No. 2022, pending in the U. S. Disadditional 6% preferred stock of this company.-V. 108, p. 1603, 1164. trict Court for the Eastern District of Oklahoma, and a Chicago Surface Lines.-Rehearing Asked in Fare Case.- hearing open to all claimants will be held to-day in the The company on May 1 filed a petition at Springfield, Ill., for a rehearing Illinois Public Utilities Commission denied its in the case in which the court-room of the U. S. Circuit Court of Appeals in St. Paul, application for a seven-cent fare. The petition stated that the original as to the fairness and equitableness of said plan, claimants was an emergency petition and asked the right to submit additional testimony. President Busby issued a statement in which ho called atten- not then objecting being barred from subsequent objection. tion to the fact that the commission had rejected a number of items in the capital account, amounting to several millions, pointing out that there was no evidence, or insufficient evidence, to satisfy them regarding these items. The purpose of the petition for a rehearing is to enable the company to place before the commission full and complete evidence with regard to all of these items. The company believes the fair value of the properties is in excess of the purchase price.-V. 108, p. 1822, 683. Cripple Creek Central Ry. Co.-Earnings.Income from dividends, interest, &c Other income Total income General expenses and taxes Preferred dividends(4%) Common dividends Sale of stock Col. T. & T Co Balance, surplus -V. 108, p. 683. d ' 1018. $95,390 18,804 1917. $72,365 10,372 $82,737 $114,194 14,360 20,009 120,000 120,000 75,000(6%)150,000 189,764 def.$284,930 def.$207,272 Digest of Statement by Frank Hagerman, Depositary, Commerce Building, Kansas City, March 6 1919. [Mr. Hagerman is acting as depositary and Judge Hook's representative.] U. S. Circuit Judge William C. Hook on Dec. 31 1918 prepared a plan of reorganization of the properties, theretofor in the:hands of receivers appointed by him. The properties were taken under Federal control as of Jan. 1 1919. All accounts against the receivers accruing prior to that time must be taken care of by them. They have no funds with which to pay. The claimants will not provide any cash, and failing this, the plan provides Class A bonds for them. These bonds will be secured by a railroad mortgage subject to the prior lien of the Government for the agreed advances made by it. The rental for Federal control will be sufficient only to pay the interest on the Class A bonds, Government loans, heretofore and hereafter to be made, and equipment trust obligations. At the same time it is important that the claims against the receivers bo classified, established and ultimately secured by a mortgage. No creditor will be called on for an assessment to meet any costs, Governmental advances or other claims which would be prior in lien. Alleged Receivership Liabilities,. in Probable Order of Priority [Subject to the Determination of the Court.] $1,720,000 (e) Vouchers for material & (a) Receiver's certifs supp., trackage, &c_ $437,000 )) Accr, int. to Jan. 1 '19 188,000 Fore River RR. Corp.-Stock Issue Approved.c) Equipment trusts 743,034 (f) Already adv'd by Govt 255,000 The Massachusetts P. S. Commission has approved tho issuance of ) Accr. int. to Jan. 1 '19 147,000 [Total items a to f, $3,490,034.1 $147.000 of original capital stock (par $100) . The proceeds of $140,000 are (g) Personal injury claims, court costs, allowances, and expenses to be used to pay for the acquisition of the private railroad maintained and of reorganization not yet established (Uncertain) operated by the Fore River Shipbuilding Corp.-V. 108, p. 1390. Up to date the plan has been accepted by holders of more than 717 of certificates (items a and b), and 100% of °the Fort Wayne & Northern Indiana Traction Co.- the claims on receivers' equipment trust obligations (items c and d). Item (f) is for 8255.000. Petition for Six-Cent Fare Denied.already advanced by tho Director-General, and item (e) includes about On May 1, the Indiana Public Service Commission denied the company's $143,000 due to other railroads operated by him; he has, however, approved petition for an increase in fare from five to six cents in Fort Wayne, Logans- the plan. If creditors accept they will have their obligations in full, classiport, Lafayette, Wabash, Peru and Huntington. The Commission's fied and secured, and the equity of the foreign bondholders will be preorder holds good until Jan. 1 1920. The company is required to served, with the privilege to furnish the necessary money to take care of make reports each three months, both to the cities and to the Commission, the preferred claims. If they reject the plan they can take their proportion and on the showing of the reports and other considerations the Commission of the net proceeds of the sale. Judge Hook endeavors to preserve the priority of all existing creditors, giving them, according to priority, the best will issue its final order after Jan. 1.-V. 108, p. 1721, 784. security possible under existing circumstances. It is impossible to procure Gainesville & Northwestern RR.-Contract Signed.- the cash with which to pay preferred claims, as is usually done. If Judge Hook shall declare the plan "operative," the receiver will propose A dispatch from Washington on May 8 states that a co-operative contract was signed by Director-General Hines with this company.-V.94, p. to sell the whole property to the new company, free and clear. 1763. Digest of Plan of Adjustment of the System Prepared by William C. Hook, U. S. Circuit Judge, Dated Dec. 31 1918, Georgia Coast & Piedmont RR.-Road Not Sold.There were no bids for this company's property, which was up for sale PREAMBLE-STATUS AND OUTLOOK. on May 6, at Brunswick, Ga., at the upset price of $300000. We learn Receivership.-The system was put in receivers' hands in Dec. 1913 that the bondholders' protective committee are now working on a plan of reorganization.-V. 108, p. 1060. The reasons for the duration of the receiveship, almost unprecedented, are these: The great majority of the outstanding 1st M. bonds were issued in Glenmore & Western Ry.-Co-Operative Contract Signed.- small denominations and sold in the Provinces of France and in Belgium, a substantial amount in and about Lille, France. With the desire to See Pittsburgh & Susquehanna RR. below. aid these bondholders to save their investment the court continued the receivership in the hope that they could be heard and act in their own Knox County Electric Co.-New Name. behalf. Some committees were early constituted, but they cannot be reSee Rockland Thomaston & Camden Street Ry. Co. below. garded as representative. The receivership should not, however, be allowed to continue indefinitely. Kosciusko & Southwestern RR.-Contract Signed.There are other creditors whose rights deserve consideration. Receivers' See Pittsburgh & Susquehanna RR. above. certificates of $1,720,000 have been sold and the proceeds spent upon the properties. There are also equipment obligations aggregating nearly Leavenworth Terminal Railway & Bridge Co.- $750,000, exclusive of interest, issued prior to the receivership, entitling The Director-General of Railroads on May 1 signed the Federal contract the holders to reclaim the engines and rolling stock upon default; large sums with this company, fixing the annual compensation at $43,583.-V. 107, have already been paid on this equipment. There are also judgments and other claims. All of the above are past duo. p. 696. Not Meeting Expenses.-Experience has shown that the railroads in their present condition cannot be operated profitably as an independent system. Lehigh & New England RR.-Earnings.They have not paid their way and with recent increased costs of labor and 1918. 1917. 1917. 1918. Cal. YearNet income__ $638,584 $896,623 materials the receivers are getting more deeply in debt. "Standard reThey have not been able to pay the last two semi-annual installments of Reserve & sinkx$1,135,761 turn" ing funds__ __ 2,706 1,148 interest on the Receivers' Certificates, and the maturity of the principal has 27,881 24,005 Other income_ _ _ and has again passed by. Gross income___1,159,766 1,395,530 Dividends (8%) 504,000 624,000 been once postponed Early in the receivership an adjustment was made with the holders of the Deductions __- 521,182 498,907 Balance $131,878 $271,475 equipment obligations, but the receivers have been unable to continue the of principal. Therreceivers x This 3-year average is the basis tor compensation by the Government promised payments of interest or installments and cars used on the railroads on the for use of the property, but the contract has not yet been signed.-V. 107. hold possession of most of the engines condition of prompt payment and their use of them is essential to the railp. 1579. road operation. Nor have the receivers been able to discharge all the ordinary liabilities arising in the conduct of the business. Lousiana & Northwest RR.-Sale Ordered.Nevertheless Outlook Is Favorable.-Notwithstanding these conditions, the from extending Magnolia, Ark., miles, road, 115 about This company's railroads constitute a valuable property, and it is believed that with the to Natchitoches, La., has been ordered sold by the U. S. Court at Shreve- expenditure of a considerable sum in improvements and extensions, it can port La. W.P. Leary, of Shreveport, has been appointed master of sale. be made to pay substantial returns on a large part of the actual investment. It is understood that the line will be continued in operation. The railroads are in a productive territory, have unusually low grades, and The road has been in the hands of a receiver since August 1913. The their relation to more extensive railroad systems give them a large potential company has outstanding $100,000 Prior Lien 5% bonds due 1945, $2,150,- value. The 1st M. bondholders cannot contribute, and the holders of 000 First Mtge. 5% bonds due April 1 1935, and $2,300,000 corn, stock.- receivers' certificates and other creditors are either unable or unwilling to do V. 108, p. 1275. 784. so. Additional capital will have to be obtained and doubtless secured by prior to all now existing liens. Madeira-Mamore Ry.-Proposed Exchange for Unguaran- a lien Government Contract.-At the special instance of the undersigned the officials of the Government agreed to retain and operate the system during teed Bonds.the period of Federal control, according to a contract embracing terms of A special meeting of the holders of the 60-year first mortgage bonds will compensation to be agreed upon. The value of the Government of its use be held at London, Eng., on June 16 to vote upon approving an agreement of the road depends largely upon the making of some improvements and bondbetween the Brazil Ry., the Port of Para and this company and its connecting extensions for which funds are lacking. Its agreement to holders, providing for the exchange of the existing bonds for new bonds at operate the property was obtained upon the express assurance that the par. The new bonds will not bear the guarantee by the Port of Para in undersigned would prepare an equitable plan of adjustment. Operation the case of the 6% bonds, or by the Brazil Ry. in the case of the by the Government and the improvements and extensions that may be bonds.-V.99, p. 1130. made by it, we believe, should result in an exceptional and lasting vaule to property. the Manufacturers' Ry., St. Louis, Mo.-Electric Operation. tho plan is put forth by the Judge of the No The operation of this road, which controls 24 miles of terminals in court, no discrimination against any person interested directly or indirectly within railroad the properties, will be made for that reason, and the orders of operation in electric from steam to South St. Louis, is to be converted the next three weeks. Six electric locomotives have been ordered, each of the court will be the same as if the plan were the voluntary conventoin of which will move 40 loaded cars at a speed of 15 miles an hour. Power will those who become parties to it. Cumberland & Manchester RR.-Co-Operative Contract. See Pittsburg & Susquehanna RR. below.-V. 108, p. 479. rd 534% MAY 10 1919.1 THE CHRONICLE DIGEST OF PLAN. Art. 1. Properties Involved.—Generally speaking, the properties consist of the following named four main lines of railroad and franchises, a substantial amount of equipment the title to much of which is held by the vendors until it is fully paid for, terminals, side tracks, shops, &c., viz.: (a) "The Railway."—The Missouri Oklahoma & Gulf Railway Co. was organized Oct. 25 1904 under Oklahoma Territorial laws. It has 216.9 miles of road in Oklahoma, of which 201.9 extend from Wagoner to the Red River bridge, 4 from Bromide Junction to Bromide, 9 from Dewar to Deep Fork, and 2 from Arkansas Junction to Lowerre. Its authorized capital stock is $10,000,000, of which it issued $8,774,000. It mortgaged its property Nov. 1 1904 to the St. Louis Union Trust Co., as trustee, to secure $7,007,000 of 1st M. bonds. A suit to foreclose this mortgage has long been pending. The receivers hold $1,470,000 of the bonds; the balance are outstanding. The railway made a second mortgage May 15 1912, under which the Astor Trust Co. of N. Y. is now trustee. This mortgage secures $1,767,000 of issued bonds, of which the receivers hold $882,000. (b) "The Railroad."—Missouri Oklahoma & Gulf RR. Co. was organized Dec. 12 1911 in Oklahoma. It has 95.6 miles of road extending from Wagoner, Okla., northerly to the Kansas State line. It also owns the foot passenger, wagon and railroad bridge across Red River. Authorized capital stock 320.000,000; issued, $5,977,400. Mortgage of Dec. 15 1912 Union Trust Co. as trustee, secures 1st M. bonds, of which to St. Louis' $10,655,200 were issued, $3,451,100 thereof being held by the receivers. Foreclosure suit has long been pending. (c) "The Kansas Company.'—The Missouri Oklahoma & Gulf Railroad Co. (Kansas) was organized Sept. 3 1912 in Kansas and has 2:6 miles of road extending from the north line of Oklahoma to Baxter Springs, Kan. Authorized capital stock, $1,000,000; issued, $25,000. A mortgage dated 'Dec. 2 1912 to the St. Louis Union Trust Co., as trustee, secures 1st M. bonds, of which it issued $75,000. The stock and bonds are held as colateral to the bonds of the:railroad andlare embraced in said suit to foreclose. (d) "The Texas Company."—The Missouri Oklahoma & Gulf Railway Co. of Texas was organized March 28 1910 in Texas. It has 9.1 miles of road, comprising terminal facilities at Denison, Tex., and running to the southern extension of the Red River bridge. Authorized capital stock, $10,000, all issued. A mortgage of Jan. 3 1911 to the St. Louis Union Trust Co., as trustee, secures 1st M. bonds, of which it issued $350,000. The stock and bonds are held as collateral to the bonds of the railroad and are embraced in the suit to foreclose the latter's first mortgage. Trackage Arrangement with St. Louis 8. San Francisco RR. Co.—Entrance Into Joplin, Mo., is obtained by use of 14.6 miles of track of the abovementioned railroad, under an arrangement terminable upon a year's notice. That company having informally expressed a desire to terminate said arrangement, the rights thereunder may be omitted from this plan. Art. 2. New Company-92% of Stock to Be 3% Non-Cumulative Preferred.—The New Company shall be organized with such capital as may be authorized by law and with power to acquire all the properties after foreclosure, free and clear, provided that the stocks and lbonds of the Kansas and Texas companies or either of them may stand in lieu of the physical properties thereof. It shall issue such stock as this plan provides, but 92% thereof shall be preferred and 8% common, the preference being to the extent only of a 3% annual dividend, non-cumulative. Art. 3. Government Lien.—The Government may make or underwrite loans or advances for the benefit of the New Company (a) for improvements, extensions and additions not to exceed $1,500,000, including deferred maintenance and any improvements heretofore made with the approval of the Government; and (b) $255,000 heretofore advanced, for back accrued taxes, and contingencies, all sums hereafter , pay of employees advanced on installments of principal on equipment obligations, together with any sum not exceeding $450,000 advanced, underwritten or loaned to meet receivers' liabilities, court costs and expenses of reorganization. All sums so loaned, underwritten or advanced shall be payable on or before five years after Federal control ceases, bear 6% interest annually, payable quarterly, and be secured by first lien, called the Government Lien, upon all the property then owned or thereafter acquired, prior and superior to all mortgages or other liens. The Government loan will avoid any assessment upon tho security holders. Art. 4. Mortgage by the New Company.—The New Company shall execute one mortgage on all its property and equities then owned or thereafter acquired, subject to the Government Lien, and shall secure, in denominations of $100 or multiples, first, the bonds of Series A, next Series B, and thereafter Series 0, all. dated Jan. 11919. Series A bonds shall be payable on or before 18 years, and Series B and 0 on or before 30 years, after date. The bonds of any series may be called and paid at par upon any interestpaying day, after 60 days' notice. The bonds of Series A. shall bear 6% interest per annum, payable semiannually. Series B and C shall bear 6% annual interest, and be payable (cumulatively) only if and when there are sufficient surplus earnings, Series B in this respect having a preference over Series 0. The bonds shall be used only for the purposes: First. Series A to take up the $1,720,000 receivers' certificates, claims against the receivers, expenses of reorganization, court costs and allowances, and to provide a working capital not to exceed $500,000, when Governmental control is surrendered, and for any other lawful corporate purpose; but no bonds of such series shall, unless 75% in amount of the then outstanding bonds of that series consent, be issued for any such "other lawful corporate purpose" so long as there are outstanding and unpaid any of the Series A issue, or the amount necessary to redeem the same has not been deposited with the mortgage trustee. Second, Series B to take up claims, if anyagainst either the railway or railroad decided in the receivership causes Cot be prior and paramount in lien or equity to the first mortgage bonds of those companies, respectively. Third, Series C to take up 50% of the amount of existing first mortgage bonds as hereinafter provided. Art. 5. Exchange of Old for New Securities. (a) $743,034 Equipment Obligations and Accrued Interest.—For these the New Company shall pay in Series A bonds all interest up to the date of the new bonds and execute or assume new equipment contracts agreeing to ten equal annual installments, Day the principal as the purchase price, in payable on or before the maturity date, with interest on each at 6% per annum from date, payable semi-annually. Title to the equipment shall, as heretofore, remain in the vendors until the purchase price is paid. (b to d) Receivers' Certificates,(U.—Receivers'certificates for $1,720,000, and interest thereon, also reorganization expenses, court costs and allowances (unless the court finds that cash is required in any case), also receivers' current debts in a;considerable sum, and such unliquidated or disputed claims as may be established by decree or judgment, will be taken up by Series A bonds. (e) Obligations, If Any, Preferential to the Existing Mortgage Bonds.—Such claims, if any, judicially so determined, shall be paid in Series B bonds, to bear 6% interest, payable only out of available surplus earnings. If any such claim be established as prior to or on an equality with receivership obligations, then same shall be paid in Series A laonds. (f) Bonds of the Railway and Ratlroad.—The principal of the existing. 1st M bonds of the railway and railroad aggregate $17,662,200, of which $5,421,100 belong to and are in the hands of the receivers and shall ultimately be public $12,241,100 in bonds, with canceled, leaving in the hands of the accumulated interest thereon. For 509 of the principal of the bonds, Series 0 bonds shall be issued. For the accumulated interest and the balance of the principal there shall be given the beneficial interest of all the new pref. stock. As the 1st M. bondholders are largely beyond communication and unable to elect whether to accept this plan or their shares in the proceeds of the Judicial sales, the mortgage will provide for the times and conditions of the Series 0 bonds. Second Mortgage Bonds, &c.—The value of the property is not such as to warrant the issue of any interest-bearing obligations for the existing 2d M. bondsjor stock. In all probability a foreclosure would cut them off. However, as there are no known claims intervening between the first and second mortgage bonds and as there may be a potential value in the latter it is deemed equitable to allot to the holders of such bonds the beneficial interest of all the new common stock. If there are any such unpaid intervening claims judicially established, the holders shall receive 100% thereof out of the stock so allotted to the second mortgage bonds. Stock,'—No allotment of any kind is made to the existing outstanding stock of either the railroad or railway. I*. Voting Trust.—All the new stock, excepting qualifying shares for directors, shall be put in the hands of three trustees to be named by the Judge, and whose compensation he shall fix, not exceeding $2,500 each per year. One trustee shall be selected from the holders of receivers' certificates. When a majority in amount of the holders of the old 1st M. bonds of the liwaylandirailroad have accepted this plan, a majority of those may, 1937 within any time fixed by the Judge, remove the trustees, and select their successors and thereafter give directions as to how the trustees shall vote the stock. Provided, if after this right accrues there be any default in the payment of principal or interest upon Series A bonds, then during the time of such default the right of such removal and selection of trustees shall vest in the holders of said bonds. If there is no existing default in the payments herein required upon the Government loan, equipment obligations and Series A bonds, the trust may at any time, after five years from the date of the appointment of the trustees, be determined by a writing signed by a majority (in amount) of the stockholders of the New Company; otherwise it shall continue until Jan. 1 1937. The underlying purpose of the plan is to preserve to the holders of the present outstanding bonds all the equity in the property after taking care of the superior claims and equities. The Judge may, if he deems it advisable, direct that the equity of those holding the present outstanding bonds on account of which stock is to be issued shall be represented by stock in a holding company or by stock of a corporation withuot a par value instead of stock of the New Company, the trustees being empowered to vote the stock of the New Company or of the holding company as may be directed by the Judge. Art. 6. Government Contract.—This plan is conditioned upon the execution of a contract with the Government for operation during Federal control which will provide for a yearly cash rental of $211,480, plus a sum equaling 6% yearly interest on all the moneys by the Government advanced or underwritten, as provided in Article III. hereof, excepting interest on $255,000 heretofore advanced for back wages, taxes and contingencies, estimates for which are included in the cash rental. This should enable the New Company to pay during Federal control the annual installments upon the equipment obligations and interest on the Government loans, equipment obligations and Class A bonds. Art. 7. Assent to Plan.—(a) Holders of existing 1st M. bonds of the railway and railroad may file a written declaration of acceptance of the plan and deposit their bonds with Frank Hagerman, of Kansas City, Mo. No limit of time is now fixed within which such bondholders shall become parties hereto, but the Judge may at any time after three years from'the date hereof, by notice published in a daily newspaper published and of general circulation in Muskogee, Okla., once each week for six weeks,fix the final limit of time for their acceptance and participation. Art. 9. Plan Delayed.—This plan was substantially and for the most part prepared Aug. 31 1918, but delay occurred in consummating a contract with the Government upon which the plan depended. Such a contract has now been agreed upon, operative from Jan. 1 1919, and the foregoing embodies the'changes necessary to make it harmonize with the contract. [Signed William C. Hook, U. S. Circuit Judge. Dated Dec. 31 1918.I—V. 108, p. 1721. Missouri Pacific RR. Co.—Reported to Have Increased Holdings of Texas & Pacific Stock.— An officer refuses to confirm or deny the current rumors that the company has largely increased its holdings of stock in the Texas & Pacific Ry. Co., which amounted on Dec. 31 1917 to $6,555,000 of the $38,763,810 outstanding, or about 17%. It is said that the report for the year ended Dec. 31 1918, to be issued about June 1, will show that the Missouri Pacific now controls between 25 and 30% of the Texas & Pacific stock, which would give it virtual control. In addition to this stock, the Missouri Pacific owns $23,703,000 of the $25,000,000 issue of Texas & Pacific Second Mtge. Income bonds. The market value of Texas & Pacific stock has increased considerably during recent months as a result of prospective oil developments on its right-of-way.—V. 108. p. 973. Nashville By. & Light Co.—Earnings, &c.— See Tennessee By., Light & Power Co. under "Reports." in V. 108, 1). 1820, 1611. Nevada Copper Belt RR.—Co-Operative Contract Signed— Se Pittsburg & Susquehanna RR. below. New Orleans Great Northern RR.—Federal Contract.— The Director-General of Railroads on May 7 signed the operating contract with this company fixing the annual compensation at $575,951.—V. 107. p.2093. 1748. New York Central RR.—Petition Denied.— The petition of 0. H. Venner to re-open the question of the consolidation in 1914 of the New York Central & Hudson River RR., the Lake Shore & Michigan Southern Ry, and other subsidiary railroad companies, was denied by the Supreme Court of the United States on May 5.—V. 108, p. 1512, 1275. New York Railways Co.—Application to List.— Application has been made to the N. Y. Stock Exchange to list New York Railways Co. $5,592,000 Guaranty Trust Co. of N. Y. certificates of deposit for 30-year bonds.—V. 108, p. 1721, 1511. Pacific Electric Ry.—Application for Increased Fares.— The company has applied to the California Railroad Commission for permission to establish a downtown zone in Los Angeles, with a cash fivecent fare and a blanket eight cent cash fare to, from and within the balance of the present five-cent zone. It also requested authority to issue a coupon book or 20 tickets to be sold for $1, limited to ten days from date of sale and to provide two trips daily during such period. In the outside communities having street-car zones, the company proposes to substitute for the present five-cent fare, a "cash seven-cent fare and to place on sale 20-coupon books, subject to the same provisions as at Los Angeles. Permission has also been asked to advance the present minimum for interurban fares from five cents to seven cents a single trip.—V. 108, p. 1275. Philadelphia Co.—Not Responsible for Interest on Bonds. Judge Chas. P. Orr, in the U. S. District Court at Pittsburgh, Pa., on April 10 dismissed a suit brought to hold this company responsible for interest on bonds of the United Traction Co., a subsidiary of the Pittsburgh Railways, which is in receivers' hands. The plaintiff sought to have the bonds made an obligation of the Philadelphia Co., which controls the Pittsburgh Ralways. The bondholdrs' committee has appealed to the higher court. Increased Rates.— The West Virginia P. S. Commission, it is stated, has granted this company and other producers of natural gas in West Virginia an increase of 3 to 5 cents per 1,000 cubic feet in the selling price of product for both industrial and domestic consumers.—V. 108, p. 1611, 683. Pittsburgh & Susquehanna RR.—Co-Operative Contract. A dispatch from Washington states that co-operative contracts were signed on May 7 by Director-General of Railroads Hines with this company. Kosciusko & Southeastern RR., the Bartlett Western Ry., Glenmore & Western Ry. Nevada Copper Belt RR., Alabama Central RR., and '& Manchester RR.—V. 1Q6, p. 1578. the Cumberland For standard form of contract for Short Line Railroads, see V. 108. p. 235. Pittsburgh & West Virginia Ry.—Officers.— At the annual meeting of stockholders held May 5, the following directors were elected: (a) for a term of three years: Haley Fiske, Richard Sutro, William H. Coverdale, Arnold L. Scheuer, John B. Dennis; (b) for a twoyear term: Joseph Walker Jr. Subsequently the old officers were re-elected, together with the following executive committee: William H. Coverdale (Chairman), John B. Dennis, Henry E. Farrell (President of company), Haley Fiske, George P.,Smith and Richard Sutro.—V. 108, p. 1611. Public Service Corporation of New Jersey.—Seven• Cent Fare Again in Effect.— See Public Service Railway Co. below.—V. 108, p. 1512, 1391. Public Service Railway.—Seven-Cent Fare Again in Effect—Suit to Tea Legality of Increase.— Following a decision of the New Jersey Public Utilities Commission: seven-cent fares upon all of the company's lines were resumed at midnight on May 3, with an additional charge of one cent for transfers. This rate will remain in force until the Board has passed upon the proposed plan for the installation of a zoning system. The seven-cent fare was originally 1938 THE CHRONICLE effective on Oct. 15 1918 and prevailed until April 1 1919, when it was reduced to six cents. Mayor Chas. P. Gillen of Newark, on May 6 filed suit in the Second District Court at Newark against the company for one cent, he having paid the seven-cent fare under protest, with a view to testing the legality of the Public Utilities Commission's order increasing the rate from six to seven cents. The New Jersey League of Municipalities asserts that no order of the Commission can become effective until after the expiration of 20 days.—V. 108, p. 1391, 1166. • Quebec Ry., Light, Heat & Power Co.—Balance of Purchase Price Received.— It is announced that the Canadian Government has paid to this company the balance of the money owed it in connection with the sale of the Saguenay Ry. making, with the amount paid at
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