Full text of Commercial and Financial Chronicle : May 17, 1919, Vol. 108, No. 2812

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Tb?
fln ttm tr m
INCLUDING
Bank & Quotation Section
Railway & Industrial Section
Railway Earnings Section
Bankers’ Convention Section
VOL. 108
SATURDAY, MAY 17 1919

Electric Railway Section
State and City Section
NO. 2812

(frU vonitU
PUBLISHED WEEKLY.
T e rm s o f S u b s c r ip tio n — P a y a b le in A d v a n c e
For Ono Year............................................
ai n nn
For Six Months.....................................
........................................
European Subscription (including postage) ........................................ IS oo
European Subscription six months (including postage)...................... 7 60
Annual Subscription in London (including postage) ......................&2 14s,
Six Months Subscription in London (including postage).. .............. £1 11 s.
Canadian Subscription (Including postage).............. .......................... $ n 5 0
Subscription includes following Supplements—
B ank and Quotation (monthly) I R ailway and I ndustrial (twlco yearly)
R ailway E arninos (monthly)
E lectric R ailway (twice yearly)
•
S tate and City (semi-annually) |B ankers’ Convention (yearly)
T e rm s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inch spaco (14 agate lines)................................... $4 20
(• Two Months
(8 times).......................... 22 00
s t t t t u w B .d m

.t t n i.)

H “ s s s r *

g l f i S : : : ; : : : : : : : : : : : : : :

gg 88

(. TwelveMonths (52 times).......................... 87 00
CniCAOO Office—39 South La Sallo Street, Telephone Majestlo7396.
London Office—Edwards «& Smith, 1 Drapers’ Gardens, E. C.
W I L I A M It. D A N A C O M P A N Y , P u b l i s h e r s ,
F ron t, P in o an d D cp o y ste r S ts., N ew Y o r k .
Published ovory Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treasurer: Arnold G. Dana, Vice-President and
Secretary. Addressoss of both. Office of the Company.

CL EARING HOUSE RETURNS.
The following table, mado up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of tho United States for tho week ending to-day
have been $7,549,404,188, against $6,874,965,406 last week and $6,700,375,915 tho
corresponding week last year.
Clearings—Returns by Telegraph.
Week ending Atay 17.

Chicago
Cincinnati____
Cleveland
Detroit...
Milwaukee___
Indianapolis__
Columbus
Toledo__
Peoria__
Grand Rapids..
Dayton______
Evansville____
Fort Wayne__
Youngstown__
Springfield, 111.
Rockford____
Akron______ I
Lexington__ I__
Canton_____
Quincy............ '
Bloomington.."
South Bend___
Decatur_______
Mansfield . .
Springfield, 0 __
Danville______
Lima_____
Jacksonville, "ill
Ann Arbor_____
Adrian______
Owensboro .III!
Lansing ,.____ I!
Tot. MId.Wcst
San Francisco...
Los Angeles........

1919.

1918.

: Per
Cent.

Now York___
Chicago_____
Philadelphia . .
Boston______
Kansas City__
St. Louis____
San Francisco.
Pittsburgh___
Detroit______
Baltimore____
Now Orleans..

$3,668,456,004
479,096,067
*327,366.110
277,370,992
177,291,450
135,504,681
113,601,729
104,098,999
*75,500,000
02,180,277
51,432,388

$3,147,585,008
428,519,000
337,553,532
261,415,514
150,952,113
130,009,035
91,930,409
92,961,627
50,978,510
53,315,899
52,705,894

+ 16.5
+ 11.9
—3.0
+ 0.1
+ 17.4
+ 3.8
fl-23.6
+ 12.0
+ 32.5
+ 16.6
—2.4

Eleven cities, 5 days.
Other cities, 5 days____

$5,472,624,097
870,493,218

$4,804,527,161
810,276,392

+ 13.9
+ 8.2

1

$0,349,117,915 $5,614,803,553 + 13.1
Total all cities, 5 days..
1,200,346,273
All cities, 1 day_________
1,091,572,302 + 10.0
tt* *1
$7,549,464,188 $6,706,375,915 1 + 1 2 0
Total all cities for week.
* Partly estimated.
The full details for tho week covered by tho abovo will bo given noxt Saturday
Wo cannot furnish them to-day, clearings being mado up by tho clearing houses’
at noon on Saturday, and honco In tho above the last day of tho week has to bo in
all cases estimated, as wo go to press Friday night.
Detailed figures for tho week onding May. 10 show:

I
I

Week'ending May 10.
19 19 .

Now York_____
Philadelphia----Pittsburgh.........
Baltimore.........
Buffalo...............
Washington-----Albany________
Rochester_____
Scranton______
Syraeuso ______
Reading_______
Wilmington____
Wllkcs-Barrc___
Wheeling______
Trenton_______
York..................
Lancaster_____
Erio'.................
Binghamton___
Greonsburg____
Chester.............
Altoona_______
Montclair.........
Total Middle.
PT *- M i
B o s t o n ________
Provldcnco____
nartford...........
New Haven____
Springfield_____
Portland...........
W o r c e s t e r _____
Fall River.........
New Bedford__
Lowell......... .
Ilolyoko......... .
Bangor________
Total New Eng.

19 18 .

Inc. or
Dec.

19 17.

19 16 .

$
$
%
’
S
s
+ 9 .4 3 ,4 5 0 ,6 2 5 ,4 1 2
3 ,8 3 8 ,8 0 9 ,7 8 8 3 ,5 1 0 ,3 0 2 ,8 9 c
2 ,5 7 7 ,1 2 2 ,5 1 6
— 6 .1
3 7 5 ,9 5 3 ,7 3 1
4 0 0 ,3 9 3 ,4 9 7
3 5 0 ,2 3 6 ,2 9 1
2 2 9 ,1 5 8 ,5 3 2
— 8 .7
1 1 7 ,3 1 0 ,5 2 1
1 2 8 ,5 4 5 ,1 0 8
7 6 ,0 9 9 ,0 1 4
6 8 ,5 0 0 ,6 0 5
+ 8 .6
7 0 ,0 1 5 ,6 1 7
6 4 ,5 1 3 ,9 9 1
4 2 ,2 1 8 ,6 2 7
4 0 ,1 7 7 ,2 1 7
+ 0 .9
2 1 ,9 0 9 ,9 0 0
2 2 ,1 0 2 ,6 3 3
1 8 ,5 5 8 ,9 3 0
1 4 ,8 7 2 ,4 3 6
1 5 ,1 0 0 ,0 6 4 + 1 7 . 7
1 7 ,7 8 3 ,1 1 4
1 1 ,6 4 7 ,7 5 0
0 ,6 1 8 ,0 0 2
— 1 .5
4 ,3 5 1 ,2 8 5
4 ,5 5 0 ,4 8 7
5 ,0 5 9 ,7 4 8
4 ,5 8 9 ,8 6 5
8 ,5 8 8 ,3 5 5
7 ,0 8 5 ,4 8 7 + 2 1 .2
6 ,6 1 4 ,1 9 8
5 ,5 8 3 ,5 6 4
4 ,2 0 2 ,1 5 1
3 ,0 0 0 ,0 0 0 + 1 0 .7
3 ,5 8 8 ,5 7 0
3 ,0 5 8 ,1 1 7
3 ,7 4 9 ,8 5 6
4 ,0 6 1 ,3 8 7 , — 1 9 .6
4 ,0 8 3 ,2 8 2
3 ,1 1 1 ,3 9 5
+ 0 .3
2 .8 7 3 ,9 5 1
2 ,8 6 4 ,8 6 2
3 ,0 1 1 ,6 1 9
+ 2 .4
3 ,5 0 0 ,0 0 0
3 ,4 1 0 ,6 9 5
3 ,1 6 8 ,1 0 8
— 2 .3
2 ,3 3 7 ,3 0 6
2 ,3 9 3 ,0 0 1
1,9 .3 3 ,0 6 2
3 ,8 0 3 ,4 7 4
— 8 .1
3 ,5 0 0 ,0 0 0
3 ,5 5 6 ,1 8 0
3 ,0 0 5 ,8 1 6
3 ,0 1 5 ,7 2 0
— 0 .3
2 ,5 0 4 ,8 7 0
2 ,2 2 3 | l 7 g
— 7 .2
1 ,2 9 1 ,0 4 4
1 ,3 9 1 ,6 0 3
1 .2 5 5 ,1 4 4
— 8 .9
2 ,4 0 0 ,0 0 0
2 ,6 3 3 ,4 3 5
2 ,1 2 0 ,1 9 1
2,07
o|238
2 ,3 8 5 ,2 0 3 — 1 4 .6
2 ,0 3 0 ,3 5 3
1 ,8 7 0 ,4 4 2
1 .4 7 7 ,3 4 3
9 0 3 ,8 4 9
+ 0 .1
9 0 5 .1 0 0
1 ,1 2 4 ,3 0 0
1 ,2 5 2 ,6 8 9 — 1 0 .2
1 ,0 5 0 ,0 0 0
7 1 0 ,1 8 0
9 0 0 ,0 0 0
1 ,7 1 1 ,3 8 8
— 3 .8
1 ,1 7 5 ,8 0 1
1 ,3 7 3 ,0 8 6
7 8 2 ,8 9 8 + 1 8 .1
9 2 4 ,1 4 2
0 9 0 ,4 2 2
4 1 8 ,6 1 8
+ 6 .6
4 4 0 ,2 0 8
5 5 0 ,4 3 8
5 1 8 ,4 3 0
+ 7 .2 4 ,0 0 4 ,5 8 6 ,4 7 3 2 ,9 0 6 ,0 6 0 ,9 5 4
4 ,4 8 8 ,3 4 2 ,8 3 2 4 ,1 8 7 ,5 1 3 ,3 7 8

—0.7

3 0 5 ,2 9 4 ,1 0 5
7 ,0 1 8 ,9 0 0
8 ,8 9 5 ,6 3 5
5 ,5 7 0 ,1 1 7
3 ,0 4 4 ,2 7 0
2 ,7 5 0 ,0 0 0
3 ,8 0 2 ,2 5 0
2 ,0 0 0 ,0 0 0
1 ,7 6 5 ,9 0 6
1 ,1 5 0 ,9 7 0
6 6 3 ,1 5 3
7 3 3 ,8 8 7

3 0 7 ,4 9 6 ,4 3 1
1 1 ,2 3 4 ,1 0 0
8 ,7 7 8 ,1 0 9
5 ,1 9 4 ,9 8 6
3 ,8 5 0 ,0 3 8
2 .8 5 0 ,0 0 0
3 ,6 2 8 ,9 1 0
2 .8 0 8 ,1 0 9
1 ,8 7 3 ,8 8 9
1 ,3 2 4 ,1 0 7
7 0 7 ,3 4 8
8 4 1 ,4 0 1

— 3 2 .2
+ 1 .3
+ 7 .2
— 5 .4
— 3 .5
+ 4 .8
— 2 8 .8
— 5 .8
— 1 2 .7
— 1 3 .6
— 12.8

2 2 0 ,8 9 3 ,0 0 3
9 , I S O ,800
8 ,9 7 6 ,5 1 2
5 ,0 0 0 ,0 0 0
3 ,9 4 3 ,3 9 4
2 ,9 0 0 ,0 0 0
3 ,2 4 7 ,4 8 1
2 ,5 9 0 ,8 9 8
1 ,8 9 9 ,0 3 6
1 ,2 3 3 ,0 1 7
8 3 2 ,8 8 6
0 7 3 ,6 3 9

1 9 6 ,3 2 1 ,3 7 3

3 4 3 ,8 9 5 ,3 2 5

3 5 0 ,6 4 7 ,4 2 8

— 1 .9

2 0 1 ,4 2 1 ,2 7 1

2 3 2 ,7 7 6 ,9 2 0




7 .7 7 0 ,4 6 3
4 ,5 1 7 ,1 3 1
2 ,4 0 5 ,4 5 2
3 ,6 8 2 ,2 3 3
1 .5 0 0 ,8 9 8
1 ,4 2 0 ,2 9 9
1 .0 5 2 ,7 8 6
8 3 9 ,8 1 8
7 1 8 ,9 3 8

l
£
"
’
Total Pacific..

873,439,6121 809,595,558)

774,189,881 564,191,156
114,345,554! 114,643,599' —0.3! 90,151,731
63,372,832
39,337,000
27.948.0001 + 40.7; 30,145,000
25,224,315
35,550.8931 —4.4
20,584,033
15,381,700
21,547,777 + 30.5
17.675,152
13,217,994
12,439,196i + 8.3) 12,727,594
8,399,304
8,100,000 + 10.9,
6,500,000
5,164,100
4,405,338 + 3.9|
2,994,638
2,397,981
6,974,2691 + 17.6!
5,389,650
4,199,055
1,972,636,
-3.71
2,456,094
3,257,209
3,790,744' + 15.8
2,755,974
2,376,950
1,170,891 +26.4
1,339,193
1,048,084
1,970,029 + 32.0;
1,636,295
1,116,467
1,725,738 + 14.8!
1,526,153
1,573,996
927,534 +38.5!
808,805
763,928
827.670 + 14.41
668,989
470,948
537,110 + 19.6,
600,352
431,330
1,050,000 + 33.5!
736,585
700,521
267,737,317 245,581,424 +9.0 198,696,238 148,896,714

S t . J o s e p h ______
D e s M o in e s _____
D u l u t h __________
"
S io u x C i t y ___
W i c h i t a ...........................
L i n c o l n ..........................
T o p e k a ..........................
C e d a r R a p i d s ___
W a t e r l o o _______
H e l e n a __________
F a r g o ___________
C o l o r a d o S p rin g s
P u e b l o _____
‘
F r e m o n t _______
A b e r d e e n ______
B i l l i n g s _______
H a s t i n g s _______
T o t . o th . W est

138,793,376
50,534,036
16,125,180
16,430,904
5,792,800
46,910,096
51,716,580
15,585,988
17,573,047
16,598,909
6,461,001
11,811,025
11,420,970
3,106,411
7,844,009
5,937,802
4,007,479
4,863,556
2,800,000
11,044,999
1.700.000
1.530.000
3,604,806
409,041
608,887
8,770,593
2,347,971
23,795,085
2.873,552
T o t a l S o u th e rn
491,004,163
T o t a l a l l ______ 6 1871.965^06 6,
Outsldo N. Y . 3,036 ,155,618 !

S t . L o u i s ___
N e w O r l e a n s ____
L o u l s v lll o _______
H o u s t o n ____
G a lv e s t o n . .
R ic h m o n d . .
A t l a n t a ________
F o r t W o r t h _____
M e m p h i s _______
N a s h v i l l e _______
S a v a n n a h ______
N o r f o l k ________
B i r m i n g h a m ____
K n o x v i l l e _______
J a c k s o n v i l l e ____
C h a t t a n o o g a ____
A u g u s t a ________
L i t t l e R o c k _____
C h a r l e s t o n ..
O k la h o m a _ .
M o b i l e ................
M a c o n _____
A u s t i n _____
V ic k s b u rg _ .
J a c k s o n ____
T u l s a ______
M uskogee . .
D a l l a s _____
S h re ve p o rt .

—0.02 139,766,999
86,368,644
+ 33.0
34,613,456
23,848,900
— 17.8
34,140,558
22,849,890
+ 17.5
14,335,389
14,280,749
— 1.7
14,528,358
13,250,000
— 11.6
17,215,231
8,734,579
+ 3.8
8.500.000
6,145,151
+ 51.2
6,019,263
4,086,959
+ 16.3
6,930,602
4,261,462
+ 60.5
6,752,824
4,307,422
+ 14.1
4,122,274
3,040,785
+23.1
2,662,445
1,692,863
+ 21.2
2,741,922
1,673,505
—34.4
2.971.000
2,090,028
+ 4.2
2,258,698
1,429,606
+26.9
1,933,363
1,595,320
+ 18.8
997,663
867,191
+20.7
624,997
486,137
— 1.3
591,008
475,298
+21.8
971,298
893,700
+ 32.5
1,038,146
647,378
—6.5
698,881
345,774
402,114,924 +2.1 305,415,405, 263,371,341
— 10.9
—7.7
—30.6
+ 2 4 .6

+ 70.4
+ 3.3
+ 3.6
+ 21.2
+ 58.9
+25.0
— 1.9
+ 67.5
+ 181.6
—3.0
+44.9
+ 9.6
+ 54.7
+ 8.0
+ 21.7
+ 28.6
+ 14.8
+ 2.0
—22.7
+ 9.7
+ 3.3
—21.5
— 11.0
+ 14.6
+ 16.0

134,661,924!
33,694,599,
19,512,779
11,238,410.
4,500,000,
24,496,70l|
24,544,210.
12,691,634
10,971,045
10,082,530
5,502,761
5,617,291
2,905,897
2,501,586
4,461,973
3,462,715
2,060,979
3,173,515!
1,914,632
7,015,84ll
1.300,000
1,122,896,
1,948,593
291,196
425,000
7,579,06l|
1.473,766
11,857,729!
1.671.5781

96,869,721
23,865,598
17,767.710
9.041.593
3,608,652
16,837,267
16,904,228
7,688,606
7,429,214
7.660.234
5,468,584
4,506,040
2,627,500
2,178,350
4.045.594
2,949,061
1,792,570
2.492.234
2,099,483
3,556,952
1,143,812
3,494,090
2,400.000
236,235
501,271
2,923,437
1.174,684
7,287,080

+ 2.4 2.440.424,697 1,796,7241369

THE CHRONICLE

1964
the

f in a n c ia l

s it u a t io n

.

The unqualified success of the Victory Liberty Loan,
the campaign for which closed last Saturday, has added
new zest to the speculation on the Stock Exchange,
and given a further impetus to the forward move­
ment of prices. This buoyancy and speculative
revival on the Exchange, which has been making
steady headway since the middle of February, has
itself played no insignificant part in insuring the
success of the loan— patriotic fervor so prominent
an element in the floating of previous loans having
been largely lacking on this occasion, since the war
practically came to a close with the signing of the
armistice on the 11th of last November.
It is many a long year since Wall Street has seen
such a speculative furore, bottomed so deeply and
with a base whose foundations embrace the whole
country, as is now being witnessed. Some persons
cannot understand why a bull movement should
occur now when the whole world is facing a period of
readjustment, the effects of which no one can foresee.
But the reason lies on the surface. The country has
come triumphant out of the greatest war in human
annals, conducted at great cost, and yet without
seriously impairing the country’s vast resources.
All history teaches that a period of speculative
buoyancy follows such an event. History also teach­
es that such movements are usually carried too far.
Therein lies the danger. High money rates, such as
developed the present seek, serve to supply a cor­
rective. But the market is under such momentum
on this occasion that it will not be easy to arrest its
onward course. Then, too, owing to the existence
of our Federal Reserve System, it will not be easy
effectively to apply monetary restraints.
Our new banking system is provocative of both
money and credit inflation. Thus far the new
credit facilities have been almost entirely employed
in financing Government needs. If, when the
Reserve funds now tied up in Government war paper
are released, these extra lending facilities are not
rigidly curtailed, but are allowed to pass to other
uses, the situation might quickly become one of
serious menace. In any event, with the Federal
Reserve Banks available for accommodation on the
part of all member banks, these latter themselves
will be without the inducements that ordinarily impel
caution and prompt conservative action. In the last
analysis, therefore, whether the present speculative
buoyancy is to be allowed to transcend legitimate
bounds depends upon the managers of the Federal
Reserve System.
Gold production in the Transvaal, notwithstanding
the considerable improvement in the native labor
situation since the close of 1918, both as regards
additions to the number employed and subsidence
of the influenza epidemic, has not yet shown any
signs of satisfactory expansion. It is true, of course,
that the March return indicated a heavier per diem
output than previously in 1919, and the April
figures, just received, show a slight further advance
in the average daily yield. But in the first instance
the total production, while larger than in 1918 and
1914, was smaller than in all other years back to
and including 1912, and in April, the year 1914,
alone presented a lesser aggregate than the one now
at hand during the period referred to. It is not too
much to say that these results are disappointing.




[Vol . 108.

In the absence of specific advices giving the reason
for the failure of production to respond in any appre­
ciable way to the increase in the labor force we can
simply conjecture that it is due to the dual cause of
lack of efficiency in the hands recently taken on
and to a lowering of the grade of the ores mined.
If this latter is responsible in any noteworthy degree,
the question naturally arises whether the Transvaal
output in the future will ever again measure up to
that of the past. Stated briefly, the yield of the mines
for April this year was 694,944 fine ounces, against
717,099 fine ounces a year ago, 742,778 fine ounces
in 1917 and 784,974 in 1913. For the four months
the production reaches an aggregate of 2,720,110
fine ounces, thus contrasting with 2,787,321 fine
ounces last year, 3,033,827 fine ounces in 1917 and
3,099,038 fine ounces in 1913. The decline from
the last named year, it will be observed, is 378,928
fine ounces, or 12l/ i % .
The exhibit of commercial failures for the latest
month (April) is not a whit behind those for preced­
ing similar periods, for some time past, in furnishing
evidence of a most satisfactory solvency situation in
the United States. The number of defaults had
shrunk to a level in November last that was con­
sidered to be a point below which the total would
not sink, especially as, with the war at an end, the
resultant economic readjustments would, it was
thought, tend to break some, if not many, of the
weaker links in the business chain. But such has not
been the case to any mentionable extent. On the
contrary, in every month since the beginning of
1919, not only has the number of failures been much
less than for the corresponding period of any recent
year, but there has been a noteworthy contraction
in the volume of liabilities. And, forthermore, in
no month since insolvencies were compiled on the
present basis were they so few as in April 1919, and
the indebtedness is the smallest for the particular
month under review since 1907.
For April this year the number of mercantile
casualties, according to Messrs. R. G. Dun & Go.,
was only 543 involving 811,450,462, these contrasting
with 905 for 814,271,849 a year ago, 1,069 for 812,­
587,212 in 1917 and no less than 2,063 for 843,517,890
in 1915. The trading division makes a most excel­
lent exhibit, all but three of the fifteen lines in this
division showing shrinkage from the comparatively
moderate totals of last year, with the decline de­
cidedly marked in groceries, meats and fish. This
lends point to the reports frequently heard that,
with largely increased incomes, the people who in
times past were wont to purchase sparingly of what
were considered to be the high priced foods, are now
the most liberal buyers. Reflecting the general
situation among traders the month’s insolvent debts
at 83,309,861 were the lightest for April in 13 years,
and less than in any monthly period back to March
1907. Among manufacturers considerable stress in
machinery and tools was instrumental in swelling
the April total, but it was, nevertheless, well below
1918, and smaller than in all earlier years back to
and including 1910, with the exception of that of
1918, compared with which there is a slight increase.
For the four months of 1919 the total number of
insolvencies is only 2,447 and the amount of liabilities
847,271,514, against 4,205 failures for 864,052,149
last year, 5,006 for 864,894,312 in 1917 and 9,279
for 8149,570,905 in 1915. For this longer period,

(

M ay

1 7 1 9 1 9 .]

THE CHRONICLE

as for the month, the trading exhibit is very satis­
factory, the reported liabilities reaching a total oj
but $15,702,272, against $24,204,765 in 1918.
Manufacturers, too, make a good showing indebted­
ness of $21,346,366 comparing with $26,055,986,
and among brokers, agents, &c., debts of $10,222,876
are 3 ^ millions less than a year ago.
There have been no developments in the Dominion
of Canada to disturb the very favorable mercantile
and industrial situation. A considerable reduction
in the number of commercial defaults is to be noted
for April as contrasted with a year ago, and a
moderate contraction in the aggregate of liabilities.
As in the United States, the trading group (the most
important in the Dominion) makes the most satis­
factory exhibit, but a decline in manufacturing debts
is also observable and other commercial liabilities
were but nominal in amount. The total of all divi­
sions for the month is 56 insolvencies for $726,619,
against 84 for $806,642 in 1918 and 194 for $2,400,505
in 1915. For the four months the defaults num­
bered only 273 involving $5,496,256, against372 for
$5,943,684 last year. Trading debts for the period
foot up $1,957,742, against $2,226,729 in 1918;
manufacturing $3,433,981, against $3,599,421; and
other commercial $104,533, against $117,534.

1965

request for an expression of opinion, he was said to
have declared: “ If these are the peace terms, then
America can go to hell.”
As the days passed there was practically no end
to the speeches and statements of men in public
life in Germany, in all of which the treaty was de­
nounced in unmistakable language. The burden
of practically all that was said was that the terms
are unjust, at notable variance with President
Wilson’s fourteen points and impossible for Germany
to carry out. Count von Brockdorff-Rantzau,
head of the German peace delegation to Versailles,
had the first chance to speak against the treaty.
An outline of what he said was given in the “ Chron­
icle” last week. There was additional evidence this
week that some of the statements that he made in
that initial address before the Peace Congress were
so repulsive to the British, French and American
delegates that they regarded him largely as an im­
possible peace representative, and it was even said
that this idea was conveyed to “ the proper German
authorities.” Quite the contrary opinion regarding
the speech was reported to have been held by some
of von Brockdorff-Rantzau’s associate delegates.
Last Saturday announcement was made in Paris
that they regarded his statements as “ being too mild
and unworthy of German dignity.” Several mem­
bers of the delegation were reported to be considering
offering their resignations to the Government at
home.

“ What will the Germans do with the peace treaty?”
This is the question that one has heard at every
turn since the document was presented to their peace
plenipotentiaries at Versailles last week Wednesday.
It has been propounded and answered with the great­
Friedrich Stampfer, Editor of the M ajority Social­
est frequency this week because, within that time, ist organ, “ Vorwaerts,” got back to Berlin from
the German representatives at the Peace Congress, Versailles at the end of last week and published an
the officials of the Government and the people at article in his paper which was said to have “ created
home, have had opportunity to consider the terms a great sensation in Berlin generally and in political
more carefully. The advices from Paris, London circles in particular.” He began his article by saying
and Washington have indicated the prevalence of that the Germans had sought peace at Versailles,
the belief that, after numerous protests and attempts but had found war. Continuing, he observed:
at negotiations for securing modifications of the “ Near-peace between civilized peoples can only be
terms, the treaty will be signed. This is the idea attained by negotiation. Our opponents will not
that has been most generally advanced throughout negotiate, and, therefore, it is a lie when they assert
the United States.
that they wish peace.” With respect to signing the
It is wholly unnecessary to suggest to any one treaty. Editor Stampfer declared “ it would be lunacy
who has even glanced at the newspapers from day to believe that peace would be brought about by
to day that quite a different story regarding the putting six German names on a piece of paper.”
probable acceptance of the treaty has come from On the other hand, he said, “ If we do not sign, we
German sources. With only a very few exceptions have before us a short struggle which would bring
it has been denounced in wholesale fashion by either destruction or salvation.” In conclusion he
everyone connected with Germany. Dispatches urged the people to “ stand fast and be ready to
received here from Berlin as early as a week ago endure the worst that any people ever endured.”
to-day stated that “ the people, though fairly struck A “ brutal peace of force” and a “ verdict of death”
dumb by the peace terms, are now recovering suffici­ were among the many expressions reported to have
ently to declare that Germany cannot and will not been used by German authorities and the people in
sign the compact, no matter what comes.” So denouncing the treaty.
serious was the situation regarded by German
In a statement which reached here Monday after­
Government authorities that the President of the noon, Friedrich Ebert, the German President, was
Imperial Ministry sent a telegram to the Govern­ reported to have said: “ Germany has seized and
ments of the free States requesting that they “ have unfurled a new banner on which are inscribed Presi­
public amusements suspended for a week and allow dent Wilson’s 14 points, which the President appar­
in the theatres only such productions as correspond ently has deserted,” and to have characterized the
to the seriousness of these grievous days.”
During peace treaty itself as a “ monstrous document.”
the first few days following the announcement of the Gustave Noske, Minister of National Defense, in a
peace terms, prominent Germans in and out of the long interview was reported to have said in reply
Government appeared to be somewhat reticent about to the question, “ Will the Government sign?” that
granting interviews relative to the treaty. General “ in the present form of the treaty no man will be
Ludendorf was reported by one correspondent last found to sign. And if he does sign he will himself
Saturday to have declined to speak in detail on the say that he has ho intention of keeping it. What
peace terms for publication, but in response to a is eventually to happen, I cannot say.”




1966

THE CHRONICLE

Phillip Scheidemann, Chancellor, in a speech
before the National Assembly, declared that the
occasion was the “ turning point in the life of the
German people,” and added that “ to keep our nation
alive— that and nothing else— is our duty.” He
characterized the book containing the terms of the
peace treaty as “ this dreadful and murderous
volum e.” Continuing he said: “ This treaty, in
the view of the Imperial German Government, is so
unacceptable that I am unable to believe that this
earth could bear such a document without a cry
arising from millions and millions of throats in all
lands, without distinction as to party. Away with
this murderous scheme.” Referring to President
Wilson, he asked, “ What does President Wilson so
aptly say? That the fundamental principle of peace
itself is equality, equal participation in common
benefits.” Continuing he asserted that this prin­
ciple had been abrogated in the peace terms. Accord­
ing to all accounts the Chancellor was most loudly
and heartily cheered when he declared that the treaty
was “ unacceptable.”
Matthias Erzberger, Chairman of the German
Armistice Commission, joined his voice with that
of prominent fellow countrymen in protesting vigor­
ously and vociferously against the treaty. In the
course of an interview he said: “ With the best will
and intention we cannot sign such terms. It means
Germany's complete enslavement. N o Government
can be found that will sign the German people over
as slaves, except the Independent Socialists. Their
entry into the Government would mean anarchy in
its worst form .” Thursday, in discussing with some
of his associates on the peace commission the notes
that he had sent to Chairman Clemenceau, von
Brockdorff-Rantzau is said to have declared that
“ in its present form the treaty is not to be accepted
and could not be signed because it would be impos­
sible to fulfill its terms.” Versailles advices stated
that he told the German delegation also that “ it
would sign nothing it was not intended to fulfill,”
but added that the “ delegation would endeavor to
improve the treaty and make its signing possible.”
Advices from Coblenz that reached here on Thursday
contained reports that if the Germans sign the treaty
all the American troops “ except the Third Corps,
three divisions and a few headquarters units will be
out of the occupied district of Germany by June 1.”
Advices that came to hand from Berlin on Monday
stated that “ for perhaps the first time in history all
. the German parties are united in opinion, each of
them assailing the terms the Germans are asked
to sign.” The German press, with very few ex­
ceptions, was decidedly against the treaty. Max­
imilian Harden, editor of “ Die Zukunft,” of Berlin,
was the notable exception. Discussing the treaty
he said: “ The peace conditions are not harder than
I expected. They were unpleasant to the greater
part of the people. But could one really have
expected them to be otherwise?” Regarding the
personnel of the German peace delegation and the
possibility of its refusing to sign the treaty, Editor
Harden said: “ The whole press resounds with
protests and has started a campaign of indictment
against the Allies, couched in violent language.
And to what use?
All must know that the Allies
by keeping up the blockade and occupying the coal
districts, can force Germany to sign whatever they
want.” Continuing to outline his ideas as to what




[V o l . 108

should be done, he declared that “ the only way to
rescue the country is by openness and honesty.”
Apparently dissatisfied with the personnel of the
German delegation, Herr Harden asserted that
“ Germany should have sent men who would have
laid their cards on the table and got the Allies to
understand that some of the conditions were un­
acceptable. If Germany showed its good will to
do what is in its power to comply with the Allies’
requests the Allies would see that conditions were
changed in favor of Germany, because they know
there must be a Germany and that it is impossible to
destroy the German people.”
Having seen the attitude of the peace delegates,
the Government officials in Berlin, the leading news­
papers, and of the people in the more important
sections of Germany toward the treaty, it will be
well to turn again to Versailles and Paris and note
briefly the policy of the peace plenipotentiaries,
their doings and movements.
Saturday night,
according to advices from the latter centre that did
not reach here until M onday, six members of the
German Peace Mission left Versailles for Berlin,
not for the purpose of resigning, it was reported,
but to confer with President Ebert and his associates
in the Government regarding what action should
be taken on the peace treaty. It was reported that
Count von Brockdorff-Rantzau, Chairman of the
delegation, would join the six members in a trip to
Berlin within a day or two, but this did not prove to
be correct.
Herr Landsberg, Minister of Justice, and Herr
Geisberts, Minister of Posts and Telegraphs, left
Versailles Monday night for Berlin. Special effort
was made in Paris advices to explain that “ their
departure is in no sense to be interpreted as a breach
in the peace negotiations,” but that as Landsberg is
regarded as the brains of the Majority Socialists,
while Geisberts is very high in the councils of the
Catholic Party and the Catholic labor unions, “ their
counsel is required by the Government in determining
its attitude toward the peace conditions.”
It became known here on Sunday that already
the German delegates, through their chairman, had
submitted two notes to Chairman Clemenceau of the
Peace Congress relative to the peace terms. In the
first communication it was asserted that “ the draft
of the treaty contains demands which no nation
could endure,” and that, “ moreover, our experts
hold that many of them could not possibly be carried
out.” It was set forth in the reply of the Allied
and Associated Powers that its representatives “ can
permit no discussion of the right to insist on the
terms of the peace treaty substantially as drafted.”
It will be interesting in the extreme to note to what
extent this word “ substantially” may be stretched
to cover changes that may be made in order to secure
the signatures of the German plenipotentiaries and
to enable them to report to their constituents that
concessions from the original terms had been ob­
tained. Additional notes were dispatched by the
German delegates to the French Foreign Office, until
by Wednesday the number had reached five. In
one of these communications it was declared that
Count von Brockdorff-Rantzau had asked permission
to send delegates to receive the Austrian peace
representatives and to communicate with them
during the negotiations with the Council of Four.
This appeared to be a preposterous request and the

M ay 17 1919.]

THE CHRONICLE

French press at once expressed the opinion that it
would be denied. On Thursday it became known
that action to this effect had been taken by the Peace
Congress authorities.
Realizing that undoubtedly the German delegates
would send a great number of communications
regarding the peace terms, it was decided on Wednes­
day to appoint a special committee, consisting of one
member from each of the five great Powers, “ to deal
with objections and proposals from the German peace
plenipotentiaries.” It seems safe to assume that
this committee will be one of the busiest connected
with the Peace Congress.
Thursday additional
notes were received which dealt among other mat­
ters with the opposition of the Germans to the
giving up of the Sare Valley and to the trial of the
former Emperor, together with a request for an
International Labor Conference. Advices were re­
ceived from Paris during the day stating that already
the last-named request had been refused and that
the others would be dealt with by the special com­
mittee to which reference has been made. The day
before Berlin cablegrams were received here which
contained the peace terms said to have been sub­
mitted by former Ambassador von Bernstorff to
President Wilson in December 1916. The purpose
of making these terms public at this time was said
to have been to show that Germany was willing to
settle her quarrels with the Allies on a much less
drastic basis than that outlined in the terms of peace
submitted at Versailles last week.

1967

event of the Germans failing to sign the treaty.
Thursday morning advices were received here from
Paris stating without reserve that the Council of
Four had sent Marshal Foch for the purpose just
indicated. It was also set forth in Paris advices
that morning that the day before the Council had
“ considered the immediate reimposing of the blockade
against Germany in case that country declines to
sign the treaty.” In conservative circles here the
opinion is being expressed that after the signing of
the treaty the sober-minded element in Germany
will, as soon as possible, take up the reconstruction
of the country. It is admitted, on the other hand,
that the radical political elements are likely to
cause more or less trouble for a year, or possibly
longer. It was claimed in a Berlin dispatch received
here Wednesday that Germany was considering en­
tering into a pact with Russia, after having refused
to sign the treaty. This is a possibility that has
been suggested frequently in recent months.

Throughout the week the Council of Four and its
assistants were busily engaged with the terms of the
peace treaty that will be presented to the Austrian
delegates, who, even last week, were reported to be
on their way to the Peace Congress, and who were
expected to arrive on Wednesday. They did reach
the end of their destination at 5:55 o ’clock on the
evening of that day, were greeted by the French
Government officials and taken to their quarters
in the suburban residence of former French Kings,
in St. Germaine, a beautiful town not far from the
Reference was made at the beginning of this article heart of Paris. The advices stated that restrictions
to the frequently expressed query, “ What will the similar to those placed around the German dele­
Germans do with the peace treaty?” Its companion gates were notable for their absence in the case of
questions are: “ What will happen in Germany if her the Austrians. The attitude and demeanor of the
peace plenipotentiaries sign, and what will happen latter were reported to have been decidedly more
if they don’t sign?” The opinion has been expressec courteous than those of the former. The delegation
in advices from various important European centres consisting of about sixty, is headed by Dr. Karl
that if they do sign, the Ebert Government, already Renner, the Chancellor in the present Austrian
recognized as of uncertain strength and status, would Government. He is said to have bowed courteously
fall, because the German people would not accept to the reception committee, upon whom he made a
the terms and live up to them. On the other hand, favorable impression from the very outset. His
it has been suggested that if the treaty is not signed whole bearing was spoken of as having been in marked
the various extreme political factions in the country contract to that of Count von Brockdorff-Rantzau
would join hands and overthrow the Government. at his first appearance at the Peace Congress in
It will be recalled that Herr Noske was quoted as Versailles. As he greeted the representatives of the
conveying the impression clearly that no one in Allied countries, he said: “ I hope I may go away
Germany would abide by the terms of the treaty, with as joyful a heart as I bring.” No Germans were
even if they were signed. Maximilian Harden, on allowed to be present to extend greetings to the
the. contrary, emphasized the fact that those who visitors. On M onday the hope was expressed in
advanced this idea were counting without the Paris that the Austrian treaty would be completed
strength and resources of the Allied Powers. The this week. One dispatch made public here Thurs­
consensus of opinion in Paris, London, Washington day morning said that M ay 23 had been suggested
and throughout the United States appears to be as a tentative date, while another received later
very well summarized in the following statements expressed the belief that the treaty would actually
made by a well-known American correspondent of be in the hands of the Austrians about the middle
a prominent New York daily, in a dispatch published of the week.
Wednesday morning. He said: “ That Germany will
While it was claimed that the stipulation was not
be obliged to accept the peace terms dictated by the specifically made in the treaty, it nevertheless was
Allies or suffer more severely than the drastic con­ said to have been agreed that the new Austrian
ditions of the treaty provides, is certain. A refusal frontier should be the one designated by the secret
onljGermany’s part to sign the treaty will cause the treaty of London, “ giving Italy all the strategic
Allied Governments to adopt measures that will in­ weights and other points of special vantage.” Ac­
crease the burdens of the German people to a degree cording to the forecasts in Paris cablegrams, the
that is only suggested by the treaty terms.”
treaty contains a responsibility clause the same as
As early as last Sunday London heard from in the German document and a provision “ for the
Paris that Marshal Foch would leave for the Rhine trial of military offenders by an international tribu­
frontier the following day, in order to be prepared nal.” In many respects it is predicted that the treaty
to take whatever action might seem necessary in the I w.tti be substantially the same as submitted to the




1968

THE CHRONICLE

Germans. It was reported in Paris yesterday that
the terms require “ the dismantling of the famous
Skoda Works and other armaments.” The Skoda
Works are spoken of as the most famous in Austria,
and were to the Dual Monarchy what the Krupp
Works were to Germany. The factories are located
at Vienna and Prague. On M onday announcement
was made in Paris that while the Hungarian Govern­
ment had not accepted the invitation to send dele­
gates to the Peace Congress, it was expected that
the Bela Kun regime, which, by the way, was not
overthrown, as reported last week, would probably
take advantage of this opportunity “ of establishing
relations with the outside world.”
I his expectation
was not realized, at least not as soon as anticipated.
It became known in Paris Thursday afternoon that
there was considerable surprise and disappointment
in Peace Congress circles over the failure of the
Hungarian Government to send delegates. Further­
more, it was feared that the general uncertainty of
conditions in Hungary would delay the Austrian
peace negotiations. According to Philip C. Brown,
an attache of the American Embassy in Vienna, and
who arrived in Paris from that centre on I hursday,
conditions are unsatisfactory. It was admitted gen­
erally in Peace Congress circles that there was an
absence of definite information as to the strength
of the Bela Kun government and as to actual con­
ditions in Hungary.
Paris heard last evening that “ the landing of Allied
forces at Smyrna has been completed.” At the
French capital “ this is expected to be the first step
in general occupation ofjSyria, Armenia and other
areas formerly part of the Turkish Empire for the
protection of Christian natives. The opinion was
also expressed that the “ movement is to be com­
pleted before announcement of the Turkish peace
terms, through fear this would be followed by
massacres.”

108.

was stated also that the Italian delegates found
President Wilson absolutely unchanged regarding
application of his principles to Fiume, with the
result that, so far as can be learned, the situation
continues a deadlock.” The larger part of the nego­
tiations this week apparently were conducted by
Baron Sonnino and Col. E. M . House. The latter
was the former’s luncheon guest on M onday, when, it
was stated, an effort was made to reach a “ basis of
an agreement before the Austrians arrived.” The
following afternoon Thomas Nelson Page, American
Ambassador to Italy, had a conference with President
Wilson regarding the Italian question. He was said
to have submitted a plan “ by which he believes
President Wilson’s principles will be maintained and
Italy be entirely satisfied.” The same day an­
nouncement was made that the Italian delegation had
“ resumed complete participation in the pending
peace negotiations by appointing a member of the
liaison commission controlling all communications
with the German delegation.” Hitherto the com­
mission had been composed only of British, h rench
and American representatives. On Wednesday it
was claimed in Paris cablegrams that a settlement of
the Italian question actually was near and might be
announced any day. Apparently this degree of
optimism was not warranted, inasmuch as the follow­
ing day Ambassador Page returned to Rome.
Before leaving Paris he was quoted as admitting
that he had “ made no progress toward a settlement
of the Fiume question” and as adding that he
“ would make public the compromise plan that he
had submitted to the ‘Big Four.’ ”
On Thursday, for the seconed time, the report was
put in circulation that the Italians were landing large
military forces on the coast of Dalmatia. Zara and
Sebcnico, the two ports at which the latest landing
was reported to have been made, are near the middle
of the coast and between Fiume and Spalato and
opposite the Italian port of Ancona. Paris advices
stated on Thursday also that the status of Fiume
was still being discussed, as the plan to make it a
free city, similar to Danzig, had not proved accept­
able.
.

The second matter to which the Council of Four
gave special attention this week, while the membeis
of the German Peace Commission were wrestling with
the treaty, was the troublesome Italian question.
Apparently that whole situation was not in nearly
as definite form when Premier Orlando and Baron
Sonnino decided to return to Paris last week, as was
indicated at the time in advices from that centre and
Rome. At any rate, reports from the French capital
the early part of this week conveyed the impression
that there were yet many points to be settled.
Premier Orlando, however, was reported to have dis­
played a more conciliatory spirit and the whole dele­
gation to have given up its contention for adherence
to the terms of the London agreement. Accordingly
the outlook for a settlement in the near future was
regarded as considerably brighter.
As the week advanced, however, it could not be
learned that during the few days the two Italian
Peace Commissioners were in Rome they received
any definite promises from the Council of Three
with respect to either Fiume or the other Italian
demands. For this reason their sudden return was
somewhat puzzling, except upon the ground that they
did not wish Italy to lose their position as one of the
five Great Powers. Last evening it was claimed in
Paris advices that they returned upon the invitation
of the French Ambassador to Rome, who is said to
have “ outlined to the Italians a compromise plan
which he said France had agreed to support.” It




[V o l .

Still another matter that, according to last week’s
advices, was supposed to have been pretty well
ettled, was the disposition of the former German
merchant ships. This week the British delegation
was reported to have renewed their efforts for an
agreement for distributing these ships “ on a basis
of tonnage loss during the war instead of the plan of
the United States retaining those ships interned in
America prior to that country entering the war.”
Yesterday it was claimed in some London advices
that the position of the British peace delegation
with respect to this matter had been somewhat mis­
represented. It developed about midweek that
Poland was laying claim to some of the warships
surrendered by Germany.
An extremely interesting cablegram was received
here Wednesday by Edgar Rickard, Joint Director
of the American Relief Association, from Herbert
Hoover. The latter announced that the last ship
loaded with foodstuffs by the Association would
leave New York on June 30 and that, with the dis­
tribution of its cargo, “ America’s job of victualling
the people of Europe” would end. This is an earlier
date than had been mentioned in all previous advices,

M ay 17 1919.]

THE CHRONICLE

Mr. Hoover himself having been quoted often as
saying that we would have to feed Europe until the
next harvest, or until some time in August at the best.
One of the most striking features of his telegram was
that “ Belgium, the first of the countries to be ravaged
by the war, is the first to become self-sustaining.”
The last relief cargo for Belgium was shipped on
April 30. While this year’s crops in most countries
of Europe naturally will be subnormal, it is believed
that they will be sufficient to tide over the people
of the war stricken countries until they may be able
financially to secure food through the regular chan­
nels. That America took the lead in feeding Europe
is well known and is proven by statistics presentee
by Mr. Hoover in his telegram. For instance, out
of the 338,000 tons of food distributed by tile United
States, Great Britain, France and Italy, during
March (the last month for which M r. Hoover coulc
furnish complete data) 270,000 tons were furnishec
by the United States. Of the $111,000,000 expended
for relief that month, $99,000,000 came from
America. Still another surprising and gratifying
bit of information contained in M r. Hoover’s resume
of economic conditions in Europe was the statement
that “ economic conditions are improving in the
Balkan States to such an extent that some of them
are establishing credits which yield them from
$5,000,000 to $9,000,000 a month.”
The tone of the London stock market was not
materially different from that of New York, the
chief difference being in the volume of business
handled. Higher prices for many issues prevailed,
in spite of profit-taking. Further satisfaction over
the budget was manifested, while the outlook for
general business was regarded as considerably im­
proved. Toward the end of the week the oil shares
were irregular, the same as they were in New York.
Another point of similarity between the two markets
was the preponderance of activity in the so-called
specialties. The financial interests in London de­
voted the greater part of their time and attention
to bringing out new issues— precisely what our invest­
ment houses were doing from the opening of business
on Monday, following the close of the Victory Loan
campaign. .
A week ago the statement was said to have been
made in Paris that the movement for the recognition
of the Government of Admiral Kolchak at Omsk,
Russia, by the Allies and the United States, as the
de facto Government of Russia, was so generally
supported that an announcement at any time of the
granting of such recognition would not cause sur­
prise. The reports at the time indicated that the
various political factions in Russia that are opposed
to the Bolshevists were rallying around the Admiral.
It was suggested that he would be asked by the Great
Powers to restate his program, “ giving assurance
that the future of Russia will be decided by a popu­
larly elected body,” before they granted him recog­
nition. On I hursday Paris advices stated that
what has come to be termed the “ All Russia Govern­
ment” at Omsk, under the leadership of Admiral
Kolchak, was planning to begin an advance on
M oscow . I he Admiral himself was given as the
authority for the announcement. The same day it
was claimed in a dispatch from Berne, Switzerland,
that life was intolerable in Moscow and Petrograd
under the Bolshevist rule and that thousands of




1969

workers were leaving both cities to return to the
country and become peasants. It was estimated
that during the last three months 70% of the workers
had fled from Moscow, leaving hundreds of factories
idle, it was claimed. Yesterday morning a dispatch
was received from Berne stating that Admiral Kol­
chak had captured Samara, an important city on the
Volga River, according to an announcement re­
ceived at the Swiss capital.
On Tuesday a wireless message was received in
Paris addressed to Dr. Fridtjof Nansen, head of the
neutral commission appointed recently to feed Rus­
sia, from M . Tchitcherin, the Bolshevist Foreign
Minister, announcing that his Government refused
“ to cease hostilities as a condition of the provisioning
of Russia by neutrals.” After acknowledging Dr.
Nansen’s notes of April 17 and M ay 4, the Foreign
Minister expressed his thanks “ for his interest in
conditions in Russia,” and asserted that a continu­
ance of hostilities “ is necessary for political reasons.”
He added that the Soviet Government is willing to
support a movement to feed Russia so long as it has
no political character, but that “ it will not be duped.”
Lenine, Trotzky, Tchitcherin et al appear to be a
hopeless lot, so far as efforts on the part of the
Great Powers of Europe to negotiate with them for
the improvement of conditions in Russia are con­
cerned.

Income again exceeded outgo in the British
Treasury statement for the week ending M ay 10,
so that another credit, this time of £230,000, was
shown in the Exchequer balance, bringing that
total up to £6,819,000, as compared with £6,589,000
last week. The week’s expenses totaled £24,810,000
(against £41,058,000 for the week ended M ay 3),
while the total outflow, including Treasury bills
repaid and other items, was £89,906,000, as against
£106,261,000 last week. Receipts from all sources
were £90,136,000, which compares with £106,717,­
000 the preceding week. Of this total, revenues
yielded £11,380,000, against £14,961,000 a week
ago; war bonds contributed £4,597,000, against
£4,230,000, and war savings certificates £1,700,000,
against £500,000. Other debt brought in £7,598,­
000, in contrast with £24,270,000, while from
advances £2,000,000 was received, contrasting with
£7,000,000 the week before. The amount realized
from the issue of Treasury bills was £62,741,000,
as against £55,756,000 last week. The amount of
such bills repaid was £49,831,000, causing a further
expansion in the total of Treasury bills outstanding,
which is now reported as £1,013,135,000.
Tem­
porary advances are reported as £470,891,000.
War bond sales through the banks last week ag­
gregated £5,311,000, comparing with £4,466,000 in
the week previous and bringing the total to £58,631,­
000. Through the post offices sales during the
preceding week amounted to £315,000, making an
aggregate of £2,843,000. The grand total is now
£61,474,000.
There has been no change in official discount rates
at leading European centres from 5% in London,
Paris, Berlin, Vienna and Copenhagen; 5)/£% in
Switzerland, 6% in Petrograd and Norway, 6)/£%
in Sweden and 4
in Holland and Spain. In
London the private bank rate continues to be quoted
at 3 % % for sixty days and ninety days. Call

1970

THE CHRONICLE

money in London is still reported at 3 )^ % . No
reports have been received, as far as can be learned,
by cable of open market rates at other centres.
The Bank of England in its weekly statement an­
nounced a loss in its stock of gold on hand of £353,763
— the first in several weeks. Curiously enough,
decreases were shown in all of the Bank’s items,
with the exception of the proportion of reserve to
liabilities, which advanced to 20.50% , against
19.88% last week and 17.20% a year ago. The
highest percentage this year was for the week ending
February 20, when it rose to 20.85%, while the
lowest was 11.00% on Jan. 2. Total reserves were
reduced only £59,000, note circulation having
declined £295,000. There was a reduction of
£884,000 in public deposits, of £3,683,000 in other
deposits and of £3,019,000 in Government securities.
Loans (other securities) were contracted £493,000.
The Bank’s gold holdings aggregate £85,573,632,
as against £61,708,187 a year ago and £54,840,779
in 1917. Reserves now stand at £27,536,000, which
compares with £30,181,637 in 1918 and £34,776,284
the year previous. Note circulation is now £76,­
487,000. This compares with £49,976,550 and
£38,514,495 one and two years ago, respectively.
Loans amount to £78,984,000. In the same week of
1918 they stood at £105,522,431 and in the year
preceding, £108,231,263. Clearings through the
London banks for the week were £489,050,000,
against £490,650,000 a week ago and £392,971,000
last year. Our special correspondent is not as yet
able to give details by cable of the gold movement
into and out of the Bank for the Bank week, in­
asmuch as the Bank has not resumed publication
of such reports. We append a tabular statement
of comparisons:
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1915.
1916.
1917.
1918.
1919.
May 19.
May 17.
May 15.
May 16.
May 14.
£
£
£
£
£
Circulation_______ 76,487,000 49,976,550 38,514,495 34,670,965 34,002,225
Public deposits___ 22,807,000 41,457,354 52,995,952 60,654,066 130,382,328
Other deposits........ 111,479,000 133,820,292 117,226,143 78,583,336 94,624,846
Govern’t securities. 46,433,000 57,316,732 44,963,406 33,187,474 51,043,491
Other securities___ 78,984,000 105,552,431 108,231,263 79,879,276 145,533,540
Res’ve notes & coin. 27,536,000 30,181,637 34,776,284 43,872,882 46,154,709
Coin and bullion__ 85,573,632 61,708,187 54,840,779 60,093,847 61,706,934
Propor’n of reserve
20.50%
20.42%
31.51%
17.20%
to liabilities........
20.50%
5%
5%
5%
5%
5%
Bank rate.............

The Bank of France continues to report gains in its
gold item, the increase this week being 553,743 francs.
The Bank’s total gold holdings now amount to
5,548,289,843 francs, of which 1,978,278,425 francs
are held abroad. This compares with 5,380,979,714
francs last year and with 5,264,419,586 francs the
year previous; of which 2,037,108,484 francs were
held abroad in 1918 and 1,948,706,126 francs in
1917. Treasury deposits during the week increased
105,749,698 francs, while general deposits were
augmented by 16,758,984 francs. On the other
hand, silver decreased 389,443 francs, bills dis­
counted were reduced 39,944,000 francs and advances
fell off 5,449,946 francs. Note circulation took a
favorable turn, a contraction of 105,282,680 francs
being registered. The total of notes outstanding
now aggregates 34,324,384,140 francs, comparing
with 27,004,027,935 francs in 1918 and with 19,­
344,045,330 francs in 1917. In 1914, just prior to
the outbreak of war, the amount outstanding was
but 6,683,184,785 francs. Comparisons of the
various items in this week’s return with the state­
ment of last week and corresponding dates in 1918
and 1917, are as follows:




[Vol . 108.

BANK OF FRANCE’S COMPARATIVE STATEMENT
Changes
---------------------- Status as of---------------------for Week.
May 15 1919. May 16 1918. May 17 1917.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France............. Inc.
553,743 3,570,011,418 3,343,871,229 3,315,731,459
Abroad...................
No C h a n g e . 1,978,278,425 2,037,108,484 1,948,706,120
Total.................Inc.
553,743 5,548,289,843 5,380,979,714 5,264,419,586
Silver.....................Dec.
389,443
308,234,952
256,244,789
257,232,035
Bills discounted...Dec. 39,944,000
854,997,984 1,091,393,894
483,355,743
Advances...............Dec. 5,449,946 1,240,854,154 1,005,802,782 1,142,724,689
Note circulation...Decl05,282,680 34,324,384,140 27,004,027,935 19,344,045,330
Treasury deposlts.-Inc.105,749,698
127,845,524
89,560,415
67,838,673
General deposits...Inc. 16,758,984 3,465,037,951 3,017,958,744 2,511,564,148

In its statement, issued as of April 30, the Imperial
Bank of Germany shows further striking changes and
continues to reflect the precarious financial con­
ditions existing in the Central Empire. Gold and
bullion was reduced 156,282,000 marks. Gold de­
clined 155,977,000 marks, while bills discounted ex­
panded no less than 2,804,459,000 marks. There
was an expansion of 754,121,000 marks in note cir­
culation, and deposits registered the huge increase
of 2,951,705,000 marks. Treasury notes were in­
creased 415,189,000 marks. Notes of other banks
gained 651,000 marks, while other securities ex­
panded 88,387,000 marks. There were reductions of
1,856,000 marks in advances, 631,000 marks in
investments, and 555,909,000 marks in other liabili­
ties. The German Bank reports its gold holdings
as 1,755,868,000 marks, which contrasts with
2,344,000,000 marks a year ago and 2,532,560,000
in 1917. Totals of outstanding note circulation are
given as 26,763,279,000 marks, against 11,820,800,­
000 marks in 1918 and 8,315,400,000 marks the year
preceding.
Saturday’s statement of New York associated
banks and trust companies, which is given in greater
detail in a subsequent section of this issue, was about
as had been expected and failed to show any especially
important changes. There was an increase of $81,­
536,000 in net demand deposits, to $4,121,927,000
(Government deposits of $210,755,000 deducted),
but this was accompanied by a decline of $126,771,000
in Government deposits, and was regarded as simply
a result of the shifting of funds by the banks. Net
time deposits expanded $582,000 to $155,681,000.
Loans increased $129,000. Other increases included
one of $4,710,000 in cash in own vaults (members of
the Federal Reserve Bank), to $99,387,000 (not
counted as reserve), $8,325,000 in the reserves in
the Reserve Bank of member banks, to $556,481,000,
and an expansion of $796,000 in reserves in own vaults
(State banks and trust companies), to $12,785,000.
Reserves in other depositories (State banks and trust
companies) declined $81,000, to $12,040,000. Ag­
gregate reserves showed a gain of $9,040,000, to
$581,306,000, which compares with $587,549,000
last year. In the case of surplus, however, an in­
crease of $10,661,190 in reserve requirements turned
this into a loss, so that excess reserves were reduced
$1,621,190, and now stand at $35,122,990, against
$102,807,730 in the corresponding period of 1918.
These figures are based on reserves of 13% for mem­
ber banks of the Federal system, but do not include
cash in vault held by these member banks which
amounted last Saturday to $99,387,000. Circu­
lation increased $298,000 to $38,914,000.
Rates for call money had moved within such a
narrow range, in spite of the great activity in stocks
for many weeks, that the advance just before the
close on Wednesday to 7 ]/2 % for industrial loans
caused some surprise in speculative circles. If

M ay 17 1919.]

THE CHRONICLE

1971




Kansas City.

Dallas.

Minneapolis.

St. Louis.

Richmond.

Atlanta.

Cleveland.

1Boston.

this level, or even a higher one, had been reached a in Stock Exchange trading, time funds have been in
week or two ago, it would have been taken as a rather better supply and 53^% is now quoted for
natural sequence to the trading in stocks on the all periods from sixty days to six months, as com­
Exchange that had totaled from 1,000,000 to 1,­ pared with 5J^% for sixty and ninety days, and
500,000 or more shares a day. The Street had come 5 3 ^ @ 5 ^ % for four, five and six months, last week.
almost to believe that call money would be held at Trading in the aggregate was quiet, with the bulk
a maximum of 6 % , even after the closing of the of the business confined to renewals. Last year a
Victory Loan campaign. Naturally there was un­ flat rate of 6 % was quoted for all maturities from
usual interest on the part of speculators, and to some sixty days to six months.
extent on the part of stock brokers, as to the opening
Commercial paper rates have not been altered
quotations for call loans on Thursday morning. from 5M @ 53^ % for sixty and ninety days’ en­
General relief was expressed over the recession from dorsed bills receivable and six months' names of
the high figure the night before. Optimistic interests choice character, with names less well known still
are predicting even greater activity in stock specula­ requiring 53^%. A good demand is reported, but
tion than we are now having. If this should be trading was not active, owing to the scarcity of
realized and if the expected revival in general business high grade offerings.
develops in the near future, it would seem perfectly
Banks’ and bankers’ acceptances were moderately
reasonable to look for a continuance of what are active with both local and out of town institutions
being spoken of as high money rates. A fact worth in the market as buyers. Quotations remain at
remembering is the vast amount of money in the levels previously current. Some interest was
the country, in spite of all the outgo for domestic shown in the $10,000,000 Belgian acceptances that
and foreign purposes during the last five years. As were to be placed on the market, but up to the pres­
an illustration of the prosperity of the people of this ent these have not been received. Loans on demand
country, reference might be made to figures made for bankers’ acceptances continue to be quoted at
public yesterday relative to the condition of the sav­ 43^%* Detailed rates follow:
ings banks in this State. They have $2,000,000,000
Spot Delivery
Delivery
deposits at the present time, which figures represent
Ninety
Sixty
Thirty
within
Days.
Days.
Days.
30 Days.
an actual gain over last year of $55,000,000.
Eligible bills ol member banks............ 4 % @ 4 34 434@4J6 4Mi@4
4% bid
As was forecast in the “ Chronicle” last week the Eligible bills of non-member banks........434 @4
4%,@4J4 4%,@4
4*6 bid
investment houses have been bringing out a large Ineligible bills___ '__________________ 534 @434 534@434 5340434 6 bid
number of new issues. In every instance a quick re­
sale has been reported. It is believed that the market
The Federal Reserve Bank of San Francisco this
for investment securities will continue good, if too
week announced a rate of 534% in the case of member
many are not offered within the next two or three
banks’ promissory notes, maturing within 15 days
weeks. Quite possibly this financing has had some
secured by War Finance Corporation bonds, and 6%
influence upon the local money market. Attention
may be called also to the fact that next Tuesday the for the same paper running from 16 to 90 days;
similar special rates, previously established by the
second installment on the Victory Loan will be
Federal Reserve Banks of Philadelphia, Boston,
payable. Naturally preparation for this large dis­
Minneapolis, Chicago and St. Louis are indicated in
bursement was in progress this week. If sub­
the footnote to the table. Prevailing rates for
scribers follow out their practice with respect to
various classes of paper at the different Reserve banks
previous loans, they will pay much more than the
are shown in the following:
second installment. In the local Federal Reserve
District about 70% of the total amount of the sub­
D IS C O U N T R A T E S O F F E D E R A L R E S E R V E B A N K S .
scriptions was turned in on the date for the second
<3
«' £
installment. Still another matter that may have
CLASSES
OF
£
§
had somq effect temporarily upon the money market DISCOUNTS AND LljANS
<3
s
<
at this centre was the payment of semi-annual in­
£ Os
§
% 1 7
terest on the second Liberty Loan amounting to
1 i
Discounts—
«
Within 15 days, lncl. member
$76,000,000.
banks' collateral notes___ 4 4 4 434 434 434 434 4 434 434 434 434
16 to 60 days' naturlty__ 434 434 434 434 434 454 434 434 434 5 434 5
61 to 90 days’ maturity__ 434 454 454 434 434 454 434 434 5 5 5 5
Dealing more specifically with money rates, call \ Agricultural
and live-stock
paper over 90 days........... 6 5 5 534 5 5 534 534 534 534 534 534
loans this week, on at least one day, went as high Secured
by U. S. certificates
of Indebtedness or Lib­
as 73^%, the highest point touched in a long period.
erty Loan bonds—
Within 15 days, Including
This, however, was only temporary and the range
member banks’ collat­
eral notes...................... 4 4 4 4 *434 4 4 4c 4 *434 4 434
was 43^ @ 7 ^ % > against
a week ago.
16 to 90 days’ maturity__ 434 434 434 434 *434 *434 *434,*434 434 *434 434 434
Trade Acceptances—
1
Monday 5 Y % was the highest, 4 ^ % low and re­
16 to 60 days’ maturity... 434 434 4i2» 4i2a 434 4t2a 41*6 434 434 434 434
61 to 90 days’ maturity__ 434 434 434! 434 434 4341 434' 434 434 434 434
434
newals at 5 % . On Tuesday the renewal basis
1Rates for discounted bankers’ acceptances maturing within 15 days 4%was still at 5 % , but the maximum advanced to within
10 to 60 days. 4 34%. and within 61 to 90 days, 434%.
* Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper re­
6% and the low was 5 % . Wednesday the high discounted
has been taken by discounting member banks at rate not exceeding
rate on bonds.
moved up to 7 Y % , the low was 6 % , which was also Interest
■The Federal Reserve Bank of St. Louis has announced a rate of 5% for mem­
ber
banks’
promissory
notes maturing within 15 days when secured by War Finance
the rate at which renewals were negotiated. On Corporation bonds; also
6% for rediscounts maturing within 15 days secured by
War Finance Corporation bonds, and 6J4 % for rediscounts from 16 to 90 days
Thursday the range was 5 % @ 6 % , with 6 % again secured by War Finance Corporation bonds
The Federal Reserve Bank of Minneapolis announced on April 4 a rate of 534 %
the ruling figure. Friday's rates were not changed for*member
banks’ collateral notes and customers’ notes, drafts and bills of exchange
of 15 days and under secured by War Finance Corporation bonds; also 5J4 % for
from 6% for the high, though the minimum was at customers’ notes, drafts and bills of exchange of 16-60 days where secured by War
Finance Corporation bonds and 6% for such paper running from 61 to 90 days.
5 % , while 6 % was the basis for renewals. The
‘ The Boston Federal Reserve Bank on April 12 announced the following rates on
rediscounts secured by bonds of the War Finance Corporation: Either customers’
figures here given apply to mixed collateral loans. notes or promissory notes of member banks and having 15 days or less to run, 6% ■
customers’ notes having from 16 to 90 days to run, 534%.
•The Federal Reserve Bank of Chicago announced, effective on April 21, a rate
“ All-industrials” remain at
of 1% higher. For
°f 434% for member banks promissory notes maturing within 15 days when secured
fixed maturities the situation remains without es­ by U. S. Government bonds or Victory Loan notes, and 634% for such paper of
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
sential change. Despite the flurry in call rates, 534%
was established effective April 21, while for the same paper with maturities
from 16 to 90 days the rate Is 534 %; the rate for rediscounts maturing within 90 days,
which was attributed largely to the unusual activity secured
by War Finance Corporation bonds.ls 434%.

1972

THE CHRONICLE

[V o l . 108.

cable transfers and 4 62%@4 63% for sixty days.
On Friday the market ruled weak, and demand re­
ceded to 4 65%@4 65%, cable transfers to 4 66@
4 66%, and sixty days to 4 62%@4 62%. Closing
quotations were 4 62% for sixty days, 4 65% for
demand and 4 66% for cable transfers. Commercial
sight bills finished at 4 64%, sixty days at 4 62%,
ninety days at 4 61, documents for payment (sixty
days) 4 61%, and seven-day grain bills at 4 64%.
Cotton and grain for payment closed at 4 64%. The
week’s gold movement comprised withdrawals of
gold coin to the amount of $950,000 for export ship­
Sterling exchange ruled strong and higher early ment to South America. So far as could be learned,
in the week, and on Wednesday a further advance no imports were reported.
to 4 68% for checks and 4 69% for cable remittances
Movements in the Continental exchanges this
was recorded, which was the highest point touched
since the removal of the sterling “peg” by the week, so far as French and Italian exchange are con­
British authorities a couple of months ago. With cerned, have been sensational in the extreme. As a
the culmination of the buying movement, however, result of the continuous oversupply of offerings which
weakness developed and when several of the largest have been flooding an almost wholly unresponsive
institutions came into the market as sellers, declines market, prices broke repeatedly until franc checks
took place, which brought demand bills down to dropped to the unprecedentedly low rate of 6 36%.
4 65%. Opinion was almost as much divided on the This compares with last week’s low record of 6 18.
real reasons underlying the extensive selling as it had Lire broke to 7 87 for checks, and bankers, in view
been over the recent buying. It is suggested in some of existing trade conditions, were unable to hold out
quarters that aside from the buying for account of very definite hopes that still lower levels might not
French bankers to settle maturing indebtedness, some be reached. Grave concern is expressed over the
of the buying may have been of speculative origin, present state of affairs, since it is argued that if
constituting an attempt to “discount” peace, and rates cannot be maintained now when a considerable
that the selling would naturally represent efforts on measure 6f support is being afforded in the form of
the part of these interests to take profits. Taken substantial credits by the U. S. Treasury to both
as a whole, however, bankers are a unit in refusing to France and Italy, what is likely to happen when this
venture upon any predictions as to the probable support is completely withdrawn. On the other
course of sterling during the next few weeks, and hand, the more optimistically inclined still cling to
attention continues to centre, as it has done for so the belief that just as soon as the peace treaty has
many weeks past, upon the progress of world affairs been signed and more normal international relations
at the peace table at Versailles. Despite many re-established, the authorities will turn their atten­
conflicting and unsettling rumors to the contrary, tion to devising some means of remedying the conconfidence remains unshaken that the Germans will cededly serious situation now existing. In the opin­
make the best of things and ultimately agree to the ion of certain prominent bankers here the immediate
peace terms offered them, while the much-discussed cause of the present acute crisis in exchange is that
and troublous Italian Adriatic question, according to Great Britain is bringing pressure to bear upon
latest reports, seems in a fair way toward satisfactory Paris and Rome for a settlement of some part of
adjustment. The improvement in shipping facil­ the huge financial indebtedness of those nations in
ities noted during the last week or two has been a the attempt to readjust its own financial and eco­
factor of some importance in the increased volume of nomic position. Hence, there has of necessity been
sterling exchange transactions, and with the formal forced selling of francs and lire in order to purchase
declaration of peace, a much broader scale of opera­ sterling. So long as France and Italy owe money
to Britain and Britain presses for payment, declines
tions is looked for.
Referring to the day-to-day rates, sterling exchange in francs and lire are inevitable. An inference
on Saturday was strong, with a further advance to drawn from this course of action is that the British
4 68%@4 68% for demand, 4 69%@4 69% for authorities are tacitly suggesting to their French
cable transfers and 4 68%@4 68% for sixty days, and Italian allies that they now turn to the United
largely on a brisk inquiry for sterling bills. Mon­ States for financial aid. Dealings at other exchange
day’s market was firm and active, with quotations up centres were quiet and without especial feature.
to 4 68%@4 68% for demand, 4 69%@4 69% for Belgian francs again sagged off and closed weak.
cable transfers and 4 65%@4 65% for sixty days. Nothing new has as yet transpired in the Russian
Opening rates on Tuesday were steady, but later situation, and the position of German and Austrian
increased offerings and a perceptible lessening in the exchange remains unaltered. Some interest has
buying power brought about an easier undertone and been shown in a suggestion recently put forth by the
demand bills ranged at 4 68@4 68%, cable transfers “Frankfurter Zeitung” to the effect that the Allies
at 4 69@4 69% and sixty days at 4 65%@4 65%. may possibly establish a forced rate of exchange for
On Wednesday increased weakness featured dealings the German mark, at least to the extent of covering
and under the pressure of heavy selling, prices broke remittance for food shipments, for the reason that
sharply to 4 65% for demand and 4 66% for cable the enormous discount at which marks are nowquoted
transfers; the day’s range was 4 65%@4 67% and is considered as likely to unfavorably affect export
4 66%@4 68%, with sixty days at 4 63@4 65. values at Allied centres. The close was at the lowest
The downward movement was still in progress on for the week, though trading was not especially
Thursday, and quotations registered further declines, active, and changes in rates were said to largely
to 4 65% (2),4 66% for demand, 4 66%@4 66% for reflect operations on the other side.

i T h o F e d e r a l R e s e r v e B a n k o f P h ila d e lp h ia h a s a n n o u n c e d , e ffe c tiv e M a y 5 , a
r a t e o f 5 % f o r m e m b e r b a n k s ’ c o lla te r a l n o te s m a t u r in g w i t h i n 1 5 d a y s , w h e n
• se c u re d b y W a r F in a n c e C o r p o r a t io n b o n d s ; f o r r e d is c o u n t s , s e c u re d b y W a r F in a n c e
C o r p o r a t i o n b o n d s , th e r a t e Is 5 % ; In th e case o f m a t u r it ie s w i t h i n 1 5 d a y s , a n d
5 H % f o r m a t u r it ie s f r o m 1 6 t o 90 d a y s .
a F ifte e n d a y s a n d u n d e r, 4 \ i% .
b F ifte e n d a y s a n d u n d e r, 4 % .
c U n t i l f u r t h e r n o t ic e , th e r e Is a u th o r iz e d a s p e c ia l r a t e o f 4 % f o r p a p e r , w it h
1 6 t o 90 d a y m a t u r i t y , se c ured b y F o u r t h L i b e r t y L o a n b o n d s ; p r o v id e d s u c h p a p e r
h a s b e e n ta k e n b y th e m e m b e r b a n k a t a r a t e n o t In excess o f th e F o u r t h L i b e r t y
L o a n coupon ra te .
N ote 1 . A c c e p ta n c e s p u r c h a s e d In o p e n m a r k e t , m in im u m r a t e 4 % .
N ote 2 . I n case th e 6 0 -d a y t r a d e a c c e p ta n c e r a t e Is h ig h e r t h a n th e 1 5 - d a y d is ­
c o u n t r a t e , tr a d e a c c e p ta n c e s m a t u r in g w it h i n 1 5 d a y s w il l b e ta k e n a t th e lo w e r r a t e . I
N ote 3 . W h e n e v e r a p p lic a tio n Is m a d e b y m e m b e r b a n k s fo r re n e w a l o f 1 5 -d a y
p a p e r , th e F e d e r a l R e s e r v e b a n k s m a y c h a r g e a r a t e n o t e xc e e d in g t h a t f o r 9 0 -d a y
p a p e r o f th e s a m e c la s s .
R a t e s f o r c o m m o d it y p a p e r h a v e b e e n m e r g e d w i t h th o s e f o r c o m m e r c ia l p a p e r
o f c o rr e s p o n d in g m a t u r it ie s .




M a y 17 1919.]

THE CHRONICLE

1973

The official London check rates in Paris finished The following table indicates the amount of bullion
at 29.55, compared with 28.94 a week ago. In in the principal European banks:
New York sight bills on the French centre closed at
May 1 5 1 9 1 9 .
May 1 6 1 9 1 8 .
6 38, against 6 15; cable transfers at 6 36, against Banks of— Gold.
Silver. | Total.
Gold.
Silver. | Total.
6 13; commercial sight bills at 6 39, against 6 16,
£
£
I
£
£
£
£
8 5 ,5 7 3 ,6 3 2 6 1 ,7 0 8 ,1 8 7
...........................1 6 1 ,7 0 8 ,1 8 7
and commercial sixty days at 6 44, against 6 21 a EF rnagnl ac ne da .. .. 1 48 25 ,8,5 07 30,0.43527 1 2...........................
,3 1 0 ,0 0 0 1 5 5 ,1 1 0 ,4 5 7 1 3 3 ,7 5 4 ,8 4 8 1 0 .2 0 0 .0 0 0 1 4 3 ,9 5 4 ,8 4 8
G
e
r
m
a
n
y
.
8
7
,7
9
3
.4
0
0
1
,0
4
0
,5
0
0
8
8
,8
3
3
,9
0
0
1
1
7
,2
6
9
,6
5
0
week ago. Belgian francs finished at 6 53 for checks R u s s ia * . . 1 2 9 ,0 5 0 .0 0 0 1 2 ,3 7 5 ,0 0 0 (1 4 2 ,0 2 5 ,0 0 0 1 2 9 ,6 5 0 ,0 0 0 1 26 ,3,07251,0,30000 ,11 24 32 ,2,0 92 05 ,9,0 05 00
u n c 1 1 ,0 0 0 ,0 0 0
2 ,3 7 2 ,0 0 0 ! 1 3 ,9 7 2 ,0 0 0 1 1 ,0 0 8 ,0 0 0
2 ,2 8 9 ,0 0 0 , 1 3 ,2 9 7 ,0 0 0
and 6 48 for cable remittances, as compared with AS up sa -i Hn ____
9 0 .4 4 5 .0 0 0 2 6 ,0 1 0 ,0 0 0 1 1 0 ,4 5 5 ,0 0 0 8 1 .5 8 9 .0 0 0 2 8 .4 3 6 .0 0 0 1 1 0 .0 2 5 .0 0 0
3 2 .5 0 0 .0 0 0
2 .5 0 0 .0 0 0 3 5 ,0 0 0 ,0 0 0 3 3 .4 5 5 .0 0 0
3 ,1 9 5 ,0 0 0 3 6 ,6 5 0 ,0 0 0
6 38 and 6 35 last week. Lire broke sharply at the NI teatlhy e................
r l ’ d s 5 5 .2 7 9 .0 0 0
6 7 6 .0 0 0 5 5 ,9 5 5 ,0 0 0 6 0 .1 5 3 .0 0 0
6 1 0 ,9 0 0 6 0 ,7 6 3 ,9 0 0
6 0 0 ,0 0 0 1 5 ,9 8 0 ,0 0 0
close and the final quotation was 8 08 for bankers' NS wa tl t. zB’ lae ln. hd 11 05 .8.3 08 20 .0.0 00 00 2 .663030.0,0 00 00 ' 11 59 ,9,4 38 50 ,0,0 00 00 11 55 .3.0 87 00 .0.0 00 00 ...........................
1 5 ,0 7 0 ,0 0 0
1 5 ,9 7 7 ,0 0 0 1 4 .3 2 1 .0 0 0
...........................1 1 4 ,3 2 1 ,0 0 0
sight bills and 8 06 for cable transfers, and are the SD we nemd ea nr k. ... 11 05 ,3,987 75,0,000 00 ' ...........................!
1 3 7 .0 0 0 1 0 ,5 2 2 ,0 0 0 1 0 .2 6 9 .0 0 0
1 3 6 ,0 0 0 , 1 0 ,4 0 5 ,0 0 0
lowest figures recorded with the exception of those N o r w a y . . 8 ,1 9 7 ,0 0 0 ...........................1 8 ,1 9 7 ,0 0 0 ' 6 ,7 3 4 ,0 0 0 ---------------- 1 6 ,7 3 4 ,0 0 0
touched at the time of the great Italian military PT roetv. .ww ec epkk. 77 01 12,5,30822,9.4 58 29 00 01 ,1,07583,7,560 00 777023,7,04315,7,91 82 96 90 90 0,0,39071,0,058 45 66 33 ,8,7 06 03 ,2,1 50 00 '77 5634 ,7,292 74,2,8 08 45
reverses, when the quotation dropped to 9 10. helda Gold
holdings of the Bank of France this year are exclusive of £79,131,137
abroad.
This compares with 7 56 and 7 54 in the preceding * No figures reported since October 29 1917.
c Figures for 1918 are those given by "British Board of Trade Journal” for
week.
Dec. 7 1917.
In the neutral exchanges the trend was still toward h August 6 1914 In both years.
lower levels, and declines were again noted at prac­ GERMANY’SPROTESTAGAINST THETREATY.
tically all centres. Swiss francs were easier. So also
As there was every reason to expect, the public
were guilders and Spanish pesetas, while Scandi­ utterances of German statesmen regarding the terms
navian rates closed fractionally down. Trading, of the treaty are embodying the most vigorous pro­
however, was in no case active, and here also move­ test. In particular, they have this week taken the
ments were a reflex of what is going on abroad.
shape of declarations that the loss of territory and
Bankers' sight on Amsterdam finished at 39%, the economic stipulations will involve the industrial
against 39%; cable transfers at 39%, against 40; ruin of Germany. We presume that such argument
commercial sight at 39 7-16, against 39 13-16, and would have been employed against any terms of
commercial sixty days at 39%, against 39% on Fri­ peace required by the circumstances of the war. It
day of last week. Swiss francs closed at 5 03% for is a statesman’s business, in such matters, to use
bankers’ checks and 5 00 for cable remittances. every means of obtaining such concessions as are
Last week the close was 5 02 and 4 98%. Copen­ conceivable, and the assertion that the treaty’s re­
hagen checks finished at 24.20 and cable transfers at quisitions are economically impossible is the natural
24.50, against 24.30 and 24.60. Checks on Sweden line of argument.
closed at 25.70 and cable transfers at 25.90, com­
We are not so ready to justify the reiterated decla­
paring with 25.80 and 26.10, while checks on Norway ration .that the Paris Conference has been guilty of
finished at 25.10 and cable remittances at 25.30, bad faith; that the Allies tricked Germany into an un­
against 25.30 and 25.60 the week before. Spanish necessary armistice by promises which they refused
pesetas closed at 20.17 for checks and 20.25 for cable to keep when Germany had made herself defenseless.
transfers. Last week the close was 20.18 and 20.28. “I and my colleagues,” so declared President Ebert
With regard to South American quotations, the last Wednesday, “upon whom rests the terrific bur­
undertone was slightly easier, and the check rate on den of the forthcoming decisions, hope and pray that
Argentina closed at 44% and cable transfers at 44%, the German people, who staked all on President
as against 44.50 and 44% a week ago. For Brazil Wilson and the United States, shall not find them­
the rate for checks finished at 27% and cable re­ selves deceived. If, however, the American democ­
mittances at 27%, compared with 27% and 27% racy actually accepts the present peace terms as its
last week. Chilian exchange continues to be quoted own, it becomes an accomplice and an abettor o i
at 9 31-32 with Peru still at 50.125@50.375.
political blackmailers; it surrenders the traditiona I
Far Eastern rates are as follows: Hong Kong, 84@ American principle of fair play and sportsmanship
84%, against 82@83; Shanghai, 125@125%, against and trails the ideals of true democracy in the dust.”
120@121; Yokohama, 51%@51%, against 51%@
This is a statement of the case which requires
51%; Manila, 50 (unchanged); Singapore, 56% (un­ examination. Did the German Government, or did
changed); Bombay, 36 (unchanged), and Calcutta, it not, surrender to the armistice terms last Novem­
(cables) at 36% (unchanged).
ber on the explicit understanding that its own
interpretation of the guarantees embodied in Presi­
The New York Clearing House banks, in their dent Wilson’s “fourteen points” was assured to Ger­
operations with interior banking institutions, have many? Waiving for the moment the question as to
gained $4,848,000 net in cash as a result of the cur­ what would have been guaranteed by the fourteen
rency movements for the week ending May 16. points, even if they had been made in all respects
Their receipts from the interior have aggregated the basis of Germany’s surrender, let us see exactly
$9,337,000, while the shipments have reached what were the circumstances which existed when the
$4,489,000. Adding the Sub-Treasury and Federal armistice was signed.
Reserve operations and the gold exports, which At the opening of last October, Bulgaria having
together occasioned a loss of $89,921,000, the com­ surrendered, Turkey and Austria being notoriously
bined result of the flow of money into and out of on the point of following its example, and Austria’s
the New York banks for the week appears to have appeal for a secret conference on peace terms having
been a loss of $85,073,000, as follows:
been summarily rejected, the German Government
was told by its army commanders that the war was
Into
Week ending May 10.
Out of
Net Change in
Banks.
Banks.
Bank Holdings.
lost and that peace must be obtained on the best
Hanks’ Interior movement________
89.337.000
84,489,000 Gain 84,848,000 terms possible.
The Government, on Oct. 6,
Sub-Treasury and Federal Reserve
25.809.000 115,730,000 Loss 89,021,000
operations and gold exports.........
appealed to President Wilson to intervene with our
Total........................................... 835,140,000 8120,219,000 Loss 885,073,000
allies for the purpose of negotiating peace.



1974

THE CHRONICLE

[V o l . 108.

“The German Government,” so declared Prince civilian populations of the Allies and their property
Max of Baden, the then German Chancellor, “accepts by the aggression of Germany by land, by sea, and
as a basis for the peace negotiations the program from the air.”
laid down by the President of the United States in This left of the fourteen points the agreement for
his message to Congress on Jan. 8 1918 (containing “open covenants of peace;” for the removal, so far
the fourteen points) and in his subsequent announce­ as possible, of all economic barriers and the estab­
ments, particularly in his address of Sept. 27 1918.” lishment of an equality of trade conditions among all
To this President Wilson replied that the question the nations consenting to the peace and associating
was whether the German Government accepted those themselves for its maintenance; adequate guaran­
terms and proposed only to discuss the practical tees to reduce armaments “to the lowest point con­
details of their application. On Oct. 12 the German sistent with domestic safety; evacuation of Russia,
Government declared that this was its purpose. Serbia, and Belgium; return of Alsace Lorraine to
The President then replied that “the process of France; readjustment of Italian frontiers “along
evacuation and the conditions of an armistice are clearly recognizable lines of nationality”; Serbia to
matters which must be left to the judgment and be given access to the sea; autonomy for non-Turkish
advice of the military advisers of the Government provinces of Turkey; erection of an independent
of the United States and of the Allied Governments,” Polish State “which should include the territories
and that the only acceptable terms would be those inhabited by indisputably Polish populations,” and
which should “provide absolutely satisfactory safe­ which “should be assured the free and secure access
guards and guarantees of the maintenance of the to the sea”; and a League of Nations. The pro­
present military supremacy of the armies of the vision for internal autonomy of the Austrian Em­
United States and of the Allies.”
pire’s subject States was removed from consideration
Germany replied on Oct. 22 that it had started by the breaking up of that Empire in advance of
from the assumption that “the procedure of the the peace itself.
evacuation and the conditions of the armistice should
It is not easy to see in what respect these stipula­
be left to the judgment of the military advisers.” tions are violated by the treaty as it stands. The
It “trusted,” however, though it did not stipulate, burden of protest by the German statesmen rests at
that no demand would be approved “which would be present on the amount of money indemnity pre­
irreconcilable with the honor of the German people scribed and on the economic resources lost to Ger­
and with opening a way to a peace of justice.” many through the territorial cessions to France and
President Wilson then, on Oct. 23, agreed to take Poland and the requirement of coal and other pro­
up the question of an armistice with our allies, but ducts to be delivered during a period of years to
he added with great positiveness that “the only France, Belgium and Italy. But the amount named
armistice he would be justified in submitting for for the money payment scarcely exceeds the actual
consideration would be one which should leave the damage done by Germany to civilian property. The
United States and the Powers associated with her careful computation by the Belgian Government of
in a position to enforce any arrangement that may such damages in its own country, with payment for
be entered into and to make a renewal of hostilities the cost of war eliminated, ran beyond $5,000,000,­
000, or more than one-fifth of the $23,800,000,000
on the part of Germany impossible.”
On Nov. 5 the President stated to Germany that total named in the treaty, and there remained to be
the Allies, subject to two reservations, had declared calculated the similar damage done in the other
“their willingness to make peace with the Govern­ Entente countries, including France, where the de­
ment of Germany on terms of peace laid down in the liberate destruction was far more sweeping.
As to this, the reservation of our European allies,
President’s address to Congress of Jan. 8 1918, and
the principles of settlement enunciated in his sub­ that compensation must be made by Germany “for
sequent addresses.” The terms of armistice, as all damage doiie to the civilian population and their
drawn up by Marshal Foch, were fully as severe property,” covered the ground. The deliveries of
as those previously prescribed for Bulgaria, Turkey coal and other material by Germany, being simply
and Austria. They involved unexampled humilia­ reparation and restitution for actual damage done,
tions; but as Erzberger, one of the German pleni­ are similarly provided for in that part of the original
potentiaries afterwards declared to the Reichstag, understanding. The surrender of territory to France
the German High Command, having asked the en­ and Poland was, as we have seen, specifically pro­
voys to beg for concessions, had concluded by saying, vided for in the “fourteen points.” We have not
“even if you do not succeed in obtaining concessions been able to discover anywhere the violations re­
peatedly alleged by the German statesmen.
on these points, you must sign the armistice.”
In otherwords, Germany’ssurrenderwas in the first
Whether some of the treaty stipulations might
place a matter of absolute necessity. Marshal Foch not have been made more clear, especially in their
has subsequently said that the German Army “faced provision for the longer future, we are not prepared
colossal disaster; the Germans were lost; they capitu­ to say. This was a task of no small difficulty, and
lated; there is the whole story.” But, second, her the treaty’s terms are careful to provide for relax­
acceptance of the armistice terms in advance was ation or actual annulment of the terms, in case the
absolutely unconditional; the denunciation of them Commission appointed for the purpose shall discover
in later speeches by German public men as outra­ any exaction to be beyond Germany’s capacity or to
geous, unjust and unfair, was mere unsportsmanlike be such as would “interfere unduly with the industrial
complaining. Finally, the terms of peace also requirements of Germany.”
were conditioned only on Mr. Wilson’s declarations
We are inclined to take these provisions, which
of policy, with the reservation from the fourteen are very sweeping, as in the nature of an offer to
points that freedom of the seas must be left subject relax the terms in case of the German Government’s
for future interpretation, and that “compensation honest observance of the treaty. That there exists
will be made by Germany for all damage done to the among serious Allied statesmen any purpose of



M ay 17 1919.]

THE CHRONICLE

crippling Germany financially or economically, it is
impossible to believe,* if there were no other reason
for rejecting such a purpose, the mere wish to make
sure of adequate restitution to the devastated coun­
tries would be sufficient. At the very moment when
Germany herself is asserting that the terms will
involve her in industrial ruin, we are hearing from
the markets of the Entente Powers the somewhat
uneasy question as to whether, once the peace is
signed, German producers may not become more
aggressive competitors than before. But we also
know that the financial terms were drawn up on the
basis of an investigation by eminent and dispassionate
financial experts, who, had accepted the duty of
adjusting Germany’s rightful obligation for restitu­
tion and reparation with her capacity to meet the
payment.
__________

1975

in the absence of the armed executive forces the
problems that now confront all the countries of the
world. Sporadic contest continues, and may still
continue as the intermittent thunders of a retreating
storm, but the real peace of the world is now to be
assured by wise legislation, here and elsewhere.
Our own people perceive very clearly what lies
before us; a return to rigid economy, after the seem­
ingly forced expenditures that could not stop to
count the cost. A reasonable provision for the
payment of interest on, and retirement of, a national
debt that may reach as high as thirty billions of
dollars. A just and equitable system of taxation,
freed from the urgent necessities of quick funds to
meet active warfare, a system based on the rights of
property and the freedom of the individual, held
strictly to the limitations of all national taxation,
the support of the Government, and relieved from
THE EXTRA SESSION OF CONGRESS.
every vestige of the spirit of penalization toward any
President Wilson, by cable from France, has called class, occupation, or business. A release of the civil
Congress into extra session beginning May 19. The powers and duties of the Executive Department from
extraordinary has become so commonplace that it the impediments accumulated, wisely or unwisely,
seems superfluous to call attention to the fact that in behalf of “winning the war”—such as the abolition
no other Congress was called to meet by a President of many bureaus and commissions that never would
sojourning upon foreign soil. Perhaps the con­ or could have existed but for the war; a return of
dition is of minor importance in itself. Yet, it industries to the people who own them, who sub­
serves to suggest, if we stop to think, the strangely mitted loyally to their taking over and use by the
altered relation of the Presidential office to our Government during the war, together with a neces­
Government as a whole. It is not expected that the sary and honest renewal of their disordered functions
President will return in time to deliver his message and depleted finances; and a salutory separation of
in person, and it is hinted that one may be forwarder all these industries themselves, by their speedy
to be read. The session itself is of grave import, return and reinstatement, from any economic
not only because the Peace Treaty, involving con­ theories of the operations of Government that have
sideration of the proposed League of Nations, will been attracted to them by certain officials and
be under consideration, but because of the con­ classes while they have been in the temporary
dition of the fiscal policies and needs of the nation.
possession of the Government. The war, it m u s t
Inevitably politics will inject its influence into be recognized, if we are to proceed properly in the
the deliberations. The complexion of the legisla­ arts and uses of peace, has not changed the structure
tive body changes, giving the Republicans a clear or spirit of the republic.
working majority in the House and a small majority
Havingsaidthis, however, it must be acknowledged
in the Senate. A full election occurs next year, and, that a secret undercurrent of feeling has been
unless history shall fail to repeat itself, there will be awakened concerning the powers and purposes of
an endeavor by both parties to lay the groundwork government all over the world and here with us as
for the coming campaign. However, the magnitude well. While democracy, let us hope, has been
of questions at issue, their relation to the nation and growing out of the ruins of autocracy in other lands,
people as a whole, forbids partisanship of the usual a sinister belief in a spurious equality, already exist­
rank order, and for either party more is to be lost ent, has tremendously increased its hold on the
than gained by a resort to it. The actual war being human mind and heart in the midst of the turbulence
over, regardless of the fate of the treaty, or the of affairs. Socialism, to be brief, soon descends into
League, patriotism becomes more judicial than anarchy, soon comes to substitute for its avowed
emotional, and the pressing issues of war’s after­ pacifism, if not violence, then seizure by power of
math at home cannot be evaded or postponed.
the majority. And this undercurrent of feeling and
Whether, therefore, there be quick acceptance or belief has permeated in our own country certain
rejection of treaty or League, or acceptance with classes that must be curbed if we are to continue a
reservations, attended with unforeseen and not free and independent people.
easily estimated difficulties and complications, the
And this coming Congress must begin the work.
“home fires” of the Government must be kept All our legislation is colored, to some extent, by
burning, and to these the people of the country will public opinion; also, our laws, as we have already
turn with profound interest mingled with no small said, are, despite our utmost patriotism, somewhat
apprehension. In a last resort, it has been for- colored by politics. If none, in the changed and
shadowed, if Germany should refuse to sign, an changing currents of affairs, our laws are not exalted
economic blockade of paralyzing scope will be insti­ and pure, are not freed entirely from fear of classes
tuted. I here is, as far as can be seen, nowhere any and majorities of the electorate, we shall find them
idea that there will be a return of the fighting on a pandering to the subtle theories and threats of a
large scale. The war is over. The terrible frenzy forthcoming so-called “so-cialization” which will undo
and fear have worn themselves out by their own us and destroy our representative democracy.
destructive energies, and civil governments of some
To illustrate by but one statement, this war and
sort must do the rest. So that the legislative de­ its requirements has not given into the keeping of
partment of government, whether in republican any class our privately owned industries whether
democracies or in imperialistic States, must work out of the public utility class or other, has not invested



1976

THE CHRONICLE

[V ol . 108.

will have the consciousness of the military duties
of citizenship uppermost in mind. Perhaps it
would be more apt to say—will be impressed with
the civil duty of evolving readily into the military.
Already, according to accounts of the proceedings,
there are developing opposite views upon “universal
military training.”
_
We seem to see, though we may be mistaken, in
number five the thin thread of a perpetual “militar­
ism.” Suppose the Legion does declare for universal
military training (Congressman Kahn announces
ie is convinced by the Swiss system and is coming
home to advocate this training of youths by a law
of Congress)—then logically the “maintenance of
individual and national efficiency” will to some extent
depend upon this principle. If, then, we follow
with the application of the remaining clause “to the
end that the American people shall never fail in their
obligations to humanity,” are we not logically bound
to use our military efficiency so gained to fight for
lumanity whenever and wherever the cause shall
arise? Yet these returning soldiers fought to es­
tablish lasting peace in the world so that never again
might the interests of humanity demand war and
bloodshed and the noble and unselfish sacrifice of
mrm UVp unto thnso “brave bovs” who are now
organizing for comradeship and the righteous memo­
ries of good and heroic deeds. The word peace,
THE “AMERICAN LEGION.”
by the way, does not appear in the catalog of new
On May 8th, in St. Louis, a temporary organiza­ duties. There is nowhere mention of the duty of
tion of the soldiers of the late war was effected, the soldier, now that the war is over, to live peace,
and a duly accredited convention is to be held in and live for peace, and out of the wealth of his
November. The “creed” of the Legion is set forth experience show w h e n , and when only, wars should
by the adoption of the following declarations:
be fought, although no class of our citizens is so
“1. To inculcate the duty and obligation of competent to define the rights of warfare by reason
citizenship.
of its inherent wrongs.
“2. To preserve the history and incidents of our
The concluding declaration is vague, though no
participation in the war.
doubt is intended to be not only comprehensive but
“3. To cement the ties of comradeship formed in specific. And yet where is the body of men, brought
service.
“4. To protect, assist, and promote the general together out of civil life, that can say just what are
welfare of all soldiers, sailors and marines and the principles “for which the American nation
stands” in this troubled hour of our history. We
those dependent upon them.
“5. To encourage the maintenance of individual hope, we believe, the American people, taken as a
and national efficiency to the end that the American whole, stand united against that hideous thing of
people shall never fail in their obligations to human­ unrest, license, reprisal and seizure, known in
ity.
_
. .
“6. To maintain the sacred doctrine of undivided Russia as Bolshevism. But are we “undivided and
and uncompromising loyalty to every principle tor uncompromising” in our loyalty to individualism
which the American nation stands in the belief that as contrasted to socialism; and do we hold it a “sacred
that doctrine should be the guiding principle of the doctrine to defend personal liberties and property
everyday life of every citizen.”
rights now assailed by the doctrine of ‘Government
We are at pains to set out these principles in full, ownership/ ”
None among us are more competent to pass upon
for upon their practical working out will depend the
future course of the order and its influence on affairs. the sacred institutions they fought to defend than
As we read them, we do not find all of them very our four million soldiers, but it requires more explicit
clearly or definitely expressed. Five and six are language than is to be found in this declaration.
subject to various interpretations, and seem to At best here opens a wide field of speculation and
open a wide scope of action in current affairs. opinion, which may mar the harmony of future
Number three should come first, it would appear deliberations if it shall be attempted “to take a
to an outsider, followed by two and four respectively stand” on some of these questions of civil polity.
—then one, five and six in remaining order. “To At such time politics creeps in, to sway the organiza­
inculcate the duty of citizenship” seems no more tion this way and that as the majority shall decide.
an obligation of an organization of demobilized The fair conclusion to these doubts and question­
soldiers than it is of any civic, social or economic ings is that the soldier, to become a teacher, must
body that may already exist—unless perchance we re-enter, heart and soul, the civil life. And when he
are to interpret this as a challenge to the ex-soldier has done so there is no occasion to use his organiza­
to return wholly to the obligations of the civil life tion as a mentor on civic matters. Politicians and
as distinct from the military, in which case it may parties seeking votes may be expected to appeal to
have rightful place at the head of the “creed.” This this body. It will require firmness and acumen to
interpretation is open to doubt, since obviously keep it free from this outside approach, as well as
soldiers returning from arduous overseas campaigns from that which may come from the inside.

Government with the power of confiscation, has not
set the standard of wages for all time to come, and
has not placed in the keeping of either capital or
labor the freedom of the individual to work out his
own destiny by virtue of the free exercise of his
initiative and energy.
The tempest of foreign war has cast rotten drift­
wood of passion, desire and license upon our shores,
and the beachcombers of idleness, ignorance and
irresponsibility are trying to light the fires of revo­
lution with it. These may be easily disposed of.
The great task of legislation is to perceive and guard
against tendencies that grow out of yielding to class
selfishness, to insidious and unwholesome appeals,
to bold assertions of inequality that does not exist,
in a word to the wholly false, though seductive state­
ments that wealth is a crime and property should
be owned in common because labor alone earned it.
If we really have a right to our glorious inheritance
of this republic, we have individually the same right
to our personal inheritance of minds and laws, of
liberties and properties, of suffrages and securities.
Beneath and above and in all legislation of the coming
Congress these fundamental truths must appear if it
is to preserve the priceless blessings we have.




M ay 17 1919.]

THE CHRONICLE

For the rest, all citizens must look with approval
on every effort to keep alive the comradeship which
came to men in the fires of war, which revealed soul
to soul, and that mighty heart-beat of fellowship,
goodwill, and humanity, which makes “the whole
world kin.” This ought to become one of the finest
things in the life of every man who gave of the best
that was in him at home or abroad in the great
service.
And the traditions, the stories of camp and field,
the incidents, deeds, humors and sorrows of this
“amazing interlude,” will best be told at the firesides
of succeeding generations when treasured up by
those who thus lived, labored and loved.

1977

controlled by a succession of single motives.” At
first, roads were so greatly desired that no suggested
inducement seemed to the people too much to offer;
“the controlling idea was to encourage railroad enter­
prise, and the real reliance to secure fair rates was
competition.” The roads were obtained, but Charles
Francis Adams long ago furmulated the axiom that
where combination is possible competition is im­
possible, and Mr. Root says the reliance on competi­
tion failed and rates were too high, often unfair and
discriminatory. Then, in this “succession of single
motives,” each without consideration for other
motives and without study of natural results, came
the next period of undertaking to regulate rates by
both Federal and State commissions; but Mr. Root
points out that costs of operation were left to follow
t h e p l a n
o f t h e n a t i o n a l
a s s o c ia t i o n
economic laws, “with no necessary relation between
OF O W N E R S OF R A IL R O A D S E C U R IT IE S .
cost of service rendered and compensation to be
In an address, on Tuesday, to the 29th annual received; the result was that while rates were kept
convention of the Missouri Bankers’ Association, in down railroad enterprise was paralyzed.” This is
St. Louis, Mr. S. Davies Warfield, head of the just what has happened; rates have been “kept
National Association of Owners of Railroad Secu­ down,” but railroad development and efficiency have
rities, both proposed a positive plan for restoration of also been kept down, and so we are where we are.
the railways to their owners and criticised as im­
Now, said Mr. Root (and we hope he is literally
practicable and obstructive the plan of “regional” correct in saying so), “we are about to terminate
companies and compulsory Federal incorporation. the abnormal condition of Government operation
The seriousness of the financial difficulties created for war purposes; it is apparent that the people of
by the appalling results of Federal control has been the country do not wish to enter upon apermanent
shown in the figures published, revealing a deficit system of Government operation; the railroads are
of over 400 millions in fifteen months, and the to be returned to private ownership.” He immedi­
outlook docs not improve. For the present year, ately added that “they cannot be permitted to go
said Mr. Warfield, the deficit promises to pass the back to the uncontrolled operation of the earlier
billion mark. The new wage increase, retroactive period.” Any discussion of whether this could or
to Jan. 1, equals 65 millions, andanother 55 millions should be permitted must, we suppose, be merely
is “nowunder consideration and likely to be granted.” academic, for very few if any thoughtful men will
As the “Chronicle” lately remarked, when Govern­ venture to deny that some form and some measure
ment becomes the employer the employee recognizes at least of rate regulation is to continue as the
that a wage increase is merely a matter of asking; country’s policy; suppose we dislike this, or that we
there is absolutely no barrier which can be constructed deprecate it and think it might have been avoided,
that will estop employees from asking, and to ask is it would be only a waste of time and a hindrance
to receive, so that Governmental operation means, now to take any other assumption than that strictly
with the certainty of a natural law, a growing in­ unfettered and competitive handling of public
crease in the public burden, coupled with a growing utilities has passed and there is no prospect of its
decline in efficiency. Argument upon this is as vaip return.
as disputing it; one might as well argue with or deny
What shall be done, then, asks Mr. Root, and how
the law of gravitation. If, therefore, the people shall the drift to destruction of values in railway
have really had their fill of Government control and securities be checked, and he puts this question, which
have learned their lesson, the cost has not been covers the case and is plainly the crux of it all: “Why
incurred in vain; if not, we still have to learn by is it that instead of fostering enterprise at one time
suffering. We may hope Otto H. Kahn is right in without controlling rates, and controlling rates at
believing the people are really ready to retrace the another time without fostering enterprise, both can­
course and are now convinced, as he said in an ad­ not be done at the same time; why is it that rates
dress in Pittsburgh some weeks ago, that “when cannot be fixed under Government control so as to
Government undertakes business the result usually give a reasonably safe return for investment and at
is that it does indeed become an undertaker.”
the same time be fair to the public?” The fallacy
Under the Control Act, said Mr. Warfield, the heretofore has been in an assumed “necessity that
railroads are pledged for return “in substantially as rates for competing roads shall be the same,” and
good repair and in substantially as complete equip­ the dilemma is that rates so low that the most
ment” as at the date of seizure, yet the Railroad favorably situated roads do not get excessive returns
Administratioh “has not made one move towards will ruin the bulk of the roads in the country, but
putting them in the condition” pledged for the re­ “the American people will not stand for” rates high
turn; meanwhile, “slow strangulation is going on.” enough to allow the bulk of the roads to live; one
He read as a part of his address a letter from former fixed rate for all would either starve out the less
Senator Elihu Root, of counsel to the Association, fortunately situated roads or (if high enough to fend
whose opinion is that the Association’s plan for solv­ off that calamity) would allow the most furtunate
ing the problem of return is the only adequate one, ones to wax insufferably fat. So Mr. Root advises
that “you have put your hook into the key-log of fixing “a fair rate of return for the railroads of each
the jam in which our railroads are piled up without rate-making district as a whole” and then having
power to move forward and that no one else has.” Government equitably dispose of any excess above
Mi’. Root says our railroad experience “has been the prescribed rate obtained by any road. This




1978

THE CHRONICLE

plan is elaborated by M r. Warfield in his address
after reading M r. R oot's letter. He would have
“ the combined property investment accounts" of
the carriers operating in each of the three classifica­
tion territories taken, and rates made to yield at
least 6 % on such combined accounts, not necessarily
that each road would get so much, for that would
depend on service and efficiency; their range in prac­
tice might be from 2 % to 3 % , and as to these last
fortunate ones the plan would require them, after
retaining a third of the excess above 6 % , to divide
the remainder equally between a fund “ for the
benefit of the employees of the railroads of the dis­
trict and a fund for the purpose of purchasing equip­
ment to be used on all the railroads, under lease to
them, where it can be most advantageously used
in times of congestion." This plan, embodied in
Senate bill 5679 of the last session, is expected to
reduce a road's capital requirement for equipment and
to thus save millions in the buying of equipment; it
sets up on the books of the roads two accounts, and
provides for a National Railways Association, which
should receive and dispose of the excess earnings.
This is a not a Governmental guaranty, said Mr.
Warfield, and upon the point that such a guaranty
involves and tends irresistibly to Governmental
operation, he is at one with M r. R oot. Said the
former:
“ This is not a guaranty. It is a fixed return on
your investment, made through rates. We do not
want a guaranty stamped on our securities, for when
y ou stamp these securities the Government will
run your properties, and under such a plan it should
run them. The people of this country will never per­
mit, in my humble opinion, a Government guaranty
to be stamped on bonds or stocks, or both, unless the
Government is required to operate the properties
the securities of which it guarantees and stamps."

multiplicity of plans the session of Congress may
pass without doing anything positive to stay the
drift towards catastrophe.
The foregoing touches only what Mr. Warfield
calls “ the high spots of the plan" and necessarily
passes over many details, of which an interesting
one is that the proposition to turn a third of any
excess of earnings above 6% “ into an insurance
fund for The benefit of the employees of the roads
in the district" is in the direction of a sop to labor,
and yet, however we may feel about labor the problem
it presents is one which can neither be escaped nor
lightly handled. In favor of the Association’s
plan one thing must be frankly granted: it aims at
the very heart of the matter. For securities and
railway credit must be stabilized and the possibility
of future development made safe. As M r. Warfield
put it, in closing his address, “ the value of railroad
securities, whether issued or to be issued, is based,
after all, on railroad rates." The Association’s plan
deals fundamentally with rates. “ It can be quickly
enacted into law ," said he, “ and will solve the difficul­
ties which have heretofore existed and will continue
to exist unless a method is adopted by Congress based
upon the fundamental principles of rate percentage
return to the roads and not dependent on a Govern­
ment guaranty on securities that does not necessarily
depend on rates."
Opinions may still vary, and the Association’s
plan may not win full acceptance; but at the least
its right to standing and weight in the court of the
public and in Congress must be conceded. It rep­
resents more than one-half the outstanding railroad
securities; it indirectly represents a vastly greater
proportion of the entire public concern in the subject
than any other organized body; moreover, it has been
two years in measuring and studying the case. No
other voice, therefore, can come to Congress with
better (perhaps none with an equal) right to a care­
ful and favorable hearing.

And to the same purport said M r. R oot, at the
conclusion of his letter:
“ If the Federal incorporation plans mean anything
more than I have stated they mean Government
ownership. The same observation applies to the
idea of a Government guaranty. That means an
attempt to assure a given income independently of
rates, instead of assuring rates subject to a limit of
income. The inevitable result would be that no
rates would be permitted beyond those necessary
to make the guaranty good, and as the Government
must make the guaranty good there would be neither
opportunity nor incentive for private enterprise in
the management or development of railroads. The
only real financial interest and the only active control
stimulated by interest would be on part of the Govern­
ment, and this would lead inevitably to Government
ownership. Your plan makes the railroads work
for a living, and assures them of a chance to earn
it; the guaranty plan gives them their living whether
they work for it or not. That is fatal to enterprise
and efficiency.”
M r. Warfield put two questions: Can these proper­
ties exist, if returned without proper protection and
regulatory legislation; and can the country and the
situation wait for the years yet required to finish
the “ valuation" which must precede any guaranty
of return on the properties, or can it wait for the
carrying out of the tangled process of getting the
17 billions of securities out of the hands of the
present holders? He agrees with M r. R oot in
deeming the proposed plan the simplest possible in
that it needs no new machinery and turns the old
regulative scheme from destructive to constructive,
while the “ regional" scheme, he contends, makes
towards Governmental ownership. The special pres­
ent danger M r. Warfield sees is not in a public
opinion favoring that calamity, but that in the




- : (Vol. 108.

THE CULT OF DISTRUST.
Fear— distrust— unrest— is the logical sequence of
the unrest which is to-day the prevailing condition
of the world.
Fear, on the one hand, of Russia, long felt and
later assiduously cultivated, and, on the other hand,
fear, especially of Great Britain’s and indirectly of
America’s commercial and economic competition,
was a chief means by which the Prussian autocracy
led the German people to accept their military policy
and to give themselves heart and soul to what was
proclaimed as divinely indicated, the domination
of the world. Fear of a possible future attack by
Germany has allowed France not one moment of
peace since the armistice of N ov. 11; and fear, even
more justified, of aggression on the part of their
neighbors goes far to account for the actual warfare
and the ceaseless turbulence which prevail among the
smaller States, especially those created as the result
of the wfcr.
.
Unrest cannot be removed so long as fear remains,
and fear is one of the most difficult states of mind
to eradicate. Argument has little or no effect, while
medication for a “ mind diseased,” and widespread
fear amounts to that, is hard to find. It must be
left to the new conditions which we hope the Peace
Conference will establish, conditions analogous to
the “ air and exercise" on which medical doctors are
accustomed to fall back. Appeals, even such as

M ay 17 1919.]

THE CHRONICLE

1979

that recent one of the Chambers of Commerce to adjustment is everywhere, and we need the help of
business men to buy and build and enter into con­ all if the community is to secure the steadiness, the
tracts, avail little.
calmness of judgment, the openness of mind, the
To be profitable, therefore, our present business kindliness of feeling, the faith in God and man,
must be with distrust, the intermediate term. If which are productive of the quietness and peace
that can be choked off fear will be driven back to which the world craves. If the experiences of the
seek authentic ground, and unrest will have a chance war have helped our young men to realize this and
to disappear, as bodily malaise does before the func­ should move them to do their part in bringing it
tioning of the normal life.
to pass, they will not have been in vain. T o get
The fact is we are cultivating distrust, or having it back to work is what they most want, and from
cultivated for us. The foreign correspondents of which they should not be withheld.
the daily papers give a large share of their attention
The young women who were called to take the
to promoting it. Day after day the latest word from places of the men, often in heavy and responsible
Paris discredits the long disquieting communications labor, were perhaps “ girls.” They have had no
of the reporters in the same issue, and refutes the coddling, no huts and no triumphal processions, but
scare headlines. No great harm is done, but each they show how truly they deserve to be recognized
occasions something of a shock, and distrust is as women by the conduct and bearing of those, for
created. The prolonged debate of the Peace Con­ example, who, the other day, cheerfully surrendered
ference is in itself disturbing. So long as the clash their places to the returning soldiers at Bayonne,
of interests continues and the debate goes on every N. J., to whom the Standard Oil Co. had promised
nation has ground of anxiety. That cannot be their situations should be restored, when they en­
avoided. In the multitude of counsels there is listed. This little poem, by Theodosia Garrison,
chance of wisdom, and time is often an element of was printed in connection with the report of their
healing.
cheerful acceptance of their dismissal. It is entitled
But unfortunately there are many influences “ The Women Speak.”
prevalent with us that contribute to the unrest.
Not with our prayers and tears
Wo helped you win,—
One is the violence, and now the persistence, of the
Not with vain doubts and fears
Of death and sin,—
attaoks made upon both the League of Nations and
But with valiant work of our hands
With honest labor and true
the President by certain Senators. They must be
We turned us as one to war’s demands
T o sharpen the sword for you.
borne with; they are incident to a democracy; they
are interpreted in part as “ politics” ; they stir to
Through stress and strain ?
You, come newly from death.
thought and to reply, which in the long run may be
Trust us again,—
Trust us to bring back ease and mirth
healthful and possibly strengthening, but for the
And the heart's content you knew—
You have given us back a storm-racked earth.
time they minister to a distrust which in present
We will make it fair for you.
conditions is all too ready to believe and to fear evil.
Here is a strong antidote for distrust and unrest
Then there are many going up and down the land carried into a multitude of homes by those upon
with discomforting stories. Some are simply gossips, whom rest the making of the homes and the creation
but others are propagandists of trouble. Only in of the atmosphere in which the men of America are
this way can the many tales provocative of hostility, to live. If this may be accepted as the attitude of
now to the British, now to the French, or of personal the women workers as a whole, we may dismiss our
antagonisms among the individual members of the fears of the new epoch. It is the challenge to the
Conference, be accounted for.
returning men and should sound above the plaudits
Unwittingly the returning soldiers are induced to of the harbor and the streets.
contribute to this. They too often make individual
In any case it is not unworthy to be written along­
experiences, which must occur in every relation of side of Cardinal Mercier’s beautiful letter of April 25
life, appear as characteristic and prevailing. Their subscribing to the Victory Loan: “ M y financial
stories about conditions at Brest, for example, or in contribution is insignificant, I know; but I am not
some great hospitals, or on certain transports, or unmindful of the teaching which we preach to the
in delay in mails, or pay, or discharge, have spread faithful: ‘If you have much, give much; if little, then
anxiety in many homes as to the welfare of husbands give of the little you have.’ I have little, but that
and sons, when the conditions were either only such little is what you, my dear brothers of the great
as are inevitable in handling great masses of men or American republic, have in great measure given to
were wholly incidental and exceptional.
me. The joy is mine of giving something, no matter
We have been contributing to our own disquietude how little I have to offer. I beg you, therefore,
by a certain amount of coddling of the returning not to refuse to accept my very modest contribution.
soldiers. At first it was most natural and little Be good enough to ask your fellow citizens to regard
harmful. It was the eager outpouring that was await­ not so much what I give, but the loving and grateful
ing the long-looked-for absent ones returning, some heart which offers it, and accept, I pray you, the
wounded, all as brought back from the gates of homage of my veneration and my affectionate
death. Now we have called them “ boys” so long devotion.”
that we have forgotten that they are men. They
Since the first armistice announced the ultimate
may have been boys when they left us, they are men defeat of the Germans, we have heard no single
now, and need to be helped to accept the responsi­ word of fear, or distrust, or unrest, from Belgium.
bilities of the new era which they have in such large Surely not America, or England, or even France,
degree served to create for the world. They must should be less steady and calm and confident of the
join with us who have anxiously watched and waited future than is Belgium. The faith of the heroic
at home, striving to do our bit, while we saw the spiritual leader of the Belgians through the five
new conditions that are in many ways upheaving all ong years of their torment is as valid ^nd effective
life slowly unrolling, as now we all face the great for the followers of Christ in all lands as it was in
problems that are upon the world. The strain of re­ lis. We have only to put it into practice.




■ ■■

[V ol . 108.

THE CHRONICLE

1980
pyu,.

1

- ------

■

■■ ..........-

■■■

BEET SUGAR PRODUCERS M EET.

1 —----- —

NEW CREDIT TO FRANCE.

The establishment of a new credit to France of $50,000,000
was announced by the Treasury Department on May 10.
This, it is stated, makes the total credit to France from the
United States $2,802,477,800, and the total borrowings of
all the Allies $9,288,829,000.

The annual convention of the United States Sugar Manu­
facturers’ Association held at Denver, May 6-8, was attended
by over sixty delegates, representing 90% of all the beet
sugar companies, operating 200 plants scattered from Michi­
gan to California. The reports of these manufacturers tend
to show that no Western industry has reconstructed itself
SETTLEM ENT OF CLAIMS BETW EEN THE
and is on a better post-war basis than the beet sugar industry.
U N IT E D STATES AND GREAT BR ITA IN .
During the war the beet acreage fell off nearly 25%, but
this year the acreage is restored to that of 1914. There is The following concerning the claims between the United
little change in the California acreage; the Colorado-Utah States and Great Britain, growing out of the war, was condistricts report a large increase, where one company alone contained in Associated Press dispatches from Washington
Is adding contracts for 100,000 acres more, while the Michi­ May 12.
A “ complete and comprehensive settlement” of all claims between the
gan factories are refusing more contracts. Though the price United
and Great Britain growing out of tho military operations
of sugar is more than double that of 1913, yet the consump­ has beenStates
reached by the American Liquidation Commission. Secretary
tion is increasing, and with prohibition imminent, soft drinks Baker announced
to-day that under the settlement the British Government
pay the United States $35,500,000 as a net and final adjustment.
should create a still larger demand. Although the Cuban would
The claims made by the United States consisted largely of the British
cane sugar crop is large and the Philippine stock is awaiting Government’s
in|the expense of procuring spruce for aviation material,
shipping, the European demand is enormous because of the productionshare
of Liberty engines, tho proportion of American wool turnod
to British manufacturers for uniforms and shipments of cotton liners,
Hun destruction of factory machinery in Belgium and over
and distillates. It was estimated that the British should pay 11%
France, and the lack of Alsace potash in Germany itself. powder
of the total cost of producing tho Liberty engines, this item alone amounting
For these reasons the beet sugar producers feol that present to $16,500,000.
J .
..
The adjustment of the British claims is tho first to be reached by tho
prices will hold for a year or eighteen months.
American Liquidation Commission, of which Judge Edwin B. Parker, of
The convention discussed the production of potash as a Houston, Texas, former member of the War Industries Board, is Chair­
by-product from the waste that has been going into the man. Other members of the board are former Senator Ilollis, of Now
Hampshire, Homer II. Johnson, of Cleveland, and Brig.-Gen. Charles G.
sewer. Its development depends upon protection against Dawes,
of Chicago. Secretary Baker's recent trip to Franco was chlofly
foreign dumping of the product. Future progress of beet in connection
with the work of tho Commission, which is expected to take
sugar is dependent upon the labor supply, as Americans will up the Italian claims next and later the French claims.
In announcing tho reaching of an agreement with the British. Secrotary
not do the drudgery in fields that the foreign labor is accus­ Baker
said the method employed by the Commission was, so fas as possible,
tomed to doing. Increase in price of beets to $10 per ton to match
one claim held by a European Government against tho United
in Colorado is bringing a new class of farmers to the beet States with an equal claim held by this Government against tho European
, ,
, . .
fields, but still improvement in harvesting machinery is power.
Tho chief debts owed by this country to Great Britain, it was explained,
badly needed and for which large prizes are offered.
included cost of transporting troops and supplies, the cost of munitions
materials, including hundreds of thousands of uniforms purchased for
The Association, through its Bureau of Publicity, of which and
tho use of tho American Expedltonary Forces, and tho expenses of Ameri­
E. C. Howe of Denver is President and A. J. Eddy of Chicago can
trained in England. These expenses subtracted from tho
is counsel, has boldly adopted the plan that honest co-opera­ debtstroops
owed by Great Britain to tho United States for spruce, Liberty
wool, and other materials resulted in the net debt of Great Britain
tion with competitors benefits the industry. A producer is motors,
at liberty to sell at any price he may see fit, but what he does to the American Government of $35,500.000.______
he must report at once to the Publicity Bureau for all mem­ RESTRICTIONS ON IN D IA N EXCHANGE REMOVED.
bers’ benefit. This tends to stabilize prices and terms by The following is from the New York “Times” of May 14:
stopping unfounded rumors, underhanded methods in sales
After a long period of Government control and "stabilization,” exchange
and terms, and helps the producers to get the market price dealings
in Indian rupees is again released for open market dealings. rIho
for standard sugar.
British Government— and in New York tho Federal Reserve Bank have
rupee exchange at the fixed rate of 35 M for checks and 35M for
The officers elected are: President, Henry H. Rolapp, controlled
cables, for a long time, but at last the restrictions have been removed and
Denver; Vice-Presidents, W. L. Petrikin, Denver; J. Ross yesterday
Indian exchange was quoted at 40 for cable transfers. It was
Clark, Los Angeles; and Carmen N. Smith, Bay City, Mich. said that the Bank of England had advanced its rate from Is. 0d. to ls.,8d.,
These, with W. H. Hannarn, San Francisco; C. W. Nibley, and the advance in the open market here followed this alteration. _ ,-i.1
Salt Lake City; C. G. Edgar, Detroit, and S. W. Sinsheimer
and E. C. Howe of Denver form the board of trustees. CLOSING OF BERLIN A ND HAMBURG EXCHANGES
AS RESULT OF IM PRESSIONS CREATED BY
Secretary-Treasurer, Truman G. Palmer, Washington, D. C.
PEACE TREATY.
Supplementing what wo gave last week (page 1872) re­
LEADVILLE M IN ER S’ WAGE SCALE COMPROMISED.
Replying to operators’ notice to cut wagos $1 per day, garding the closing of the Berlin Stock Exchange, we give
effective May 1, the miners stated that they could not live the following Associated Press dispatch from Berlin May 8:
of the Bourse reached tho Exchango to-day without knowing
in Leadville on $3 50 per day and prepared to leave for other thatMembers
tho Exchange Committee had resolved to cease trading for three days
districts. Governor Oliver P. Shoup intervened by going as a result
of the excitement duo to the deliveryNof tho peace terms to.the
to the camp and getting the operators to agree to only a German delegates at Versailles. Tho members at first expressed indigna­
of the treaty and then began trading in tho streets.
75-cent reduction. The Governor presented this to the tionThooverwartholoanterms
securities sold far below previous figures, and trading in
mass meeting of miners, who overwhelmingly rejected the local loans was feeble.
German shipping securities were down in price,
proposition. Governor Shoup then left the district, after while foroign shares, notably
Canadian Pacific and Baltimore & Ohio, and
pound notes, rose noticeably.
stating that neither side was to blame. “ The operators were English
The financial writers comment exhaustively on economic problems.
not able to sell their metals and nothing was cheap in the They say that these problems will bo rendered impossible by tho peace
district except rent.” However, the operators and miners terms, which will mean the destruction of Germany. Tho "Tagobiatt’s”
expert says that Germany had hoped, if not in this generation,
did get together on a cut of 50 cents to $4 and Leadville financial
in the next, to bo able to recover and livo by her own work, but.that
—Colorado’s oldest mining camp after forty years of con­ atthisleast
belief now has been completely upset.
tinuous production—was saved from a permanent shutdown. Tho “ Vossischo Zeitung” estimates that tho indemnity will total 180,­
marks gold, and complains that the Entente has not taken
With Colorado settlement prices down to $5 per 100 for 000,000,000
account the war material and tho navy delivered up. Tho writer
lead, 86 for spelter and $10 per 20-pound unit for tungsten, into
declares that a smaller and weaker Germany will bo unablo to pay.
and still the market stagnant, and with an increase of 50
May 8.— Tho Stock Exchange hero has decided to close for
cents per ton in freight and smelter charges, the mining of twoHamburg.
as a result of the situation created by tho publication of the
the baser metals is at a standstill. The three smelters of this peacedays,
treaty.
______________—
^
region find it difficult to get sufficient ore to keep them
going, and one may partially close. To meet this condition FRENCH AMERICAN BANKING CORPORATION TO
OPEN ABOUT JU LY 1.
mining operators have called a meeting to consider erecting
The new French American Banking Corporation has
a co-operating smelter.
leased the ground floor at 65 William Street, corner of Cedar,
this city, and will open for business there about July 1.
(fra ic x c n i gw etxts an d ^ i s c n s & i o n s
The lease extends for a period of years. The corporation,
as we have heretofore noted, is an alliance of the National
CONTINUED OFFERING OF BRITISH TREASURY
Bank of Commerce in Now York, the First National Bank of
BILLS.
The usual offering of ninety-day British Treasury bills Boston and tho Comptoir National d’Escompte do Paris,
was disposed of this week by J. P. Morgan & Co. on a dis­ formed to foster trade between France and tho United
count basis of 5 lA % , the rate prevailing in recent weeks. States. It was incorporated at Albany, N. Y., April 29.
It is capitalized at $2,000,000, with a surplus of $500,000,
The bills are dated Monday, May 12.




j

M a y 17 1919.]

THE CHRONICLE

all paid in. The officers of the corporation are Maurice
Silvester, Pi’esident; Roger P. Kavanagh, Vice-President
and Treasurer; John E. Rovensky, Vice-President; F. Abbot
Goodhue, Vice-President; Thomas E. Green, Secretary.
Further details were given in our issue of May 3, page 1765,
and May 10, page 1874.
R E T R E N C H M E N T OF B E L G I U M E X P E N D I T U R E S
A C C O U N T OF P E A C E TER M S.

Premier Delacroix of Belgium, in setting forth the
financial situation of the country as revealed by the peace
terms, declared to the Cabinet on May 10 that Belgium will
be compelled to retrench drastically in expenditures because
of the peace conditions. The Brussels cablegrams, in
announcing this, add:
The Premier said that aside from 2.500.000,000 francs granted Belgium
as a priority payment she would receive nothing at present, and as the
country was without resources of its own and foreign loans were obtainable
only on onerous terms, it would be necessary to cut expenses all around
immediately.
The army, the Premier stated, would be reduced to 100,000 men, various
military liabilities abroad would bo discontinued and relief payments,
which still cost the country 30,000,000 francs monthly, would be consider­
ably reduced.
_______________________

T H E N A T I O N A L D E B T OF B E L G I U M .

The following from Alegeman Handelsblad, at Amster­
dam, Mar. 10 1919, appeared in “Commerce Reports” for
April 28:
Minister Delacroix stated that on Feb. 28ll919 the irredeemable debt
of Belgium amounted to 4,157,867,502 francs. The amount o f Treasury
bonds in circulation on that date totalled 408,585,385 francs.
The nominal value of Treasury bonds issued in exchange for German mark
notes, which is to bo paid by Germany, is 3,040,341,000 francs.
The advances mado by the Allies to Belgium to the end o f February 1919
wero as follows: France, 2,170,625,448 francs; the United Kingdom,
2,121,757,620 francs; tho United States, 1,479,956,600 francs; total received
from abroad. 5.772,339,568 francs. Not including tho Treasury bonds
payable by Germany, tho national debt o f Belgium totals 10,338,792,455
(51,995,386,994).

1981

before the war, and that a country undergoing rapid development is in­
satiable in its demands for new capital. The interests both of American
business men and o f American laborers are jeopardized if our foreign
investment policy goes too far. The argument that we must lend to non­
European countries to develop our export trade with them is false. Our
trado with non-European countries, both exports and imports, will expand
without this stimulus as a consequence o f Europe’s reduced ability to trade.
It is not necessary to take unusual steps to develop the sources of raw
materials. Raw materials will be relatively more abundant than finished
products for some years following the war, since the destruction of the war
has been concentrated in the manufacturing regions. Capital in general is
scarce, but gold we have in superfluity and we can make specific gold loans
freely.
,
Grave responsibility rests on those who choose the foreign investments of
a great people. England alone of the major investing countries had
really mastered the problem before the war. We dare not substitute
enthusiasm for science in dealing with it.

C O N S O R T I U M FOR F I N A N C I N G OF C H I N E S E L O A N S .

Advices to the effect that a new consortium for the financ­
ing of Chinese loans was organized in Paris on May 12 by
American, French, British and Japanese bankers were
contained in Paris cablegrams of that date which also said:
A reservation was made for later participation by Belgian bankers.
The general principles of the new consortium were agreed upon at to­
day’s meeting. Thomas W. Lamont o f the United States (a member of
J. P. Morgan & Co.) presided. Others who attended were Sir Charles S.
Addis of Great Britain, M . Simon of France and Mr. Adagari of Japan.
The general agreement provides that at the suggestion o f the United
States and with the sanction of the French, British and Japanese Gov­
ernments the banking groups will combine their interests to make joint
financial, administrative and industrial loans to the Chinese Government.

In making known that thirty-seven American banks
will participate in the new loan, press advices from Wash­
ington on May 12 said:

Organization of anew Consoritum for the financing of Chinese loans}
announced to-day in Paris dispatches is regarded in official circles here as
a triumph for the new American principle o f extension of the scope of
participation in international financial arrangements.
At the State Department it was said officially that under the condi­
tions which are to govern the new Consortium the Government practically
if not in specific terms, guarantees the investments of the banking group
interested. If the terms of the loan are just and the conditions fair, and
if China agrees to the terms under which the loan are made, it was stated
officially that this Government would assure the bankers, after the matter
had been submitted go the State Department, that the United States could
R E G U L A T I O N P E R M I T T I N G E X P O R T S OF GOLD
protect all the interests secured in good faith.
MANUFACTURES.
Thirty-seven American banks, it was learned, are interested in the loans
that will be made to China by the international group. This is under­
stood to have been one of the points contended for by the State Depart­
ment after the United States withdrew from the former Consortium which
expires by limitation on next June 18. In the old Consortium the Ameri­
can representation was limited to four large New York banks, and no other
American banks could secure an interest in Chinese loans. The thirtyseven banks which are to compose the proposed American group are said
The War Trade Board announces the following regulations (W. T . B. R. to represent all the geographical sections of the United States, and the
732), governing the exportation of manufactures o f gold, effective M ay 9 same principle is said to obtain in the group of nations represented.
While the present organization is a four-power group, the United States,
1919:
Ail manufactures of gold, the bullion value o f which does not exceed Great Britain, France and Japan, with a reservation for Belgium when
65% of the total value, may be exported, without individual export licenses, the bankers of that country are able to participate, it is not limited to these
under special export licenses applicable to the exportation o f commodities countries. Other countries may be admitted, it was said, as well as other
not on tho Export Conservation List. Tho shipper must, however, stato banking houses in each of the countries to the banking group o f any coun­
in his Export Declaration (Customs Cat. No. 7525) the bullion value of try. The American representatives at the Paris conference were Thomas
each item In the shipment and tho total value o f such item, and that no W . Lamont of J. P. Morgan & C o., New York, and Jerome D . Greene,
item in such shipment has a bullion value in excess o f 65% o f the total o f Lee, Higginson & C o., Boston.
value o f such item.
Loans, guaranteed by the various countries under the conditions pro­
Every manufacture of gold, tho bullion o f which exceeds 65% o f the total vided by the respective Governments, it was explained, may bo made to
value, Is now regarded, for the purpose of exportation as gold bullion, the the Chinese Government direct or for the industrial or political purposes
exportation o f which is under the exclusive control of the Federal Reserve in China, providing the loans are accepted, approved or guaranteedby
Board. All applications, therefore, to export manufactures of gold, the the Chinese Government.
bullion valuo o f which exceeds 65% o f the total value, should be filed with
J. J. Abbott, a Chicago banker, is now in China as a representative o f
the Federal Reserve Bank of tho district from which tho shipment is made. the United States group, making an Investigation o f conditions in China
On such applications must be stated tho valuo of tho gold content of the and the needs of the Chinese Government preparatory to formulating the
articles proposed to be exported, as well as tho total value o f such articles. first loan contemplated. He is about to return to the United States and
will report to the bankers of the group.
No definite loan, it was said authoritatively to-day, has yet been deter­
mined upon, but with the formation o f the new organization in Paris the
APPORTIONING A M E R I C A N C A P IT A L .
way is cleared to entertain any suggestion for a loan.
The original membership of the old Consortium, that now exists only on
paper, consisted of the United States, Germany, Belgium, Great Britain.
France and Russia. Tho six Power group was reduced to five by the with­
drawal of the United States. At the beginning of the European war Ger­
many eliminated h jrself by declaring war. Belgium was forced to withdraw
because of the wrecking of the country by the war and Russia collapsed.
This left Great Britain and France, neither of whom was able to make
any loans because of the needs of the money for carrying on the war.

As indicated in these columns last week, page 1873, under
regulations issued by the War Trade Board on May 9, gold
manufactures, with bullion value not exceeding 65% of the
total value, may be exported without individual export
licenses. The following is the regulation:

Tlio tendency to-day is to over-emphasize the value of
foreign investment in developing foreign trade, it is declared
in the initial issue of “Commerce Monthly,” a journal of
commerce *and finance published by the National Bank of
Commerce in New York, which asserts that both good
business and good citizenship demand that first place be
given to American enterprises and to the reconstruction Wo also quote the following Washington advices printed
needs of Europe in the investment of American capital.
America” of May 14
There is no magic in foreign trade, the bank says, and the inIt “Financial
is reported in the Japanese press that China Is approaching John H.
theory tluft investment in foreign countries necessarily Abbott,
representative of tho American banking syndicate now in China,
results in stimulated export trado to tho investing country with the object o f obtaining a further loan of 8,000,000 yuen at 6)4% on
the
security
f the tobacco and wine tax. This is borne out in part by
is called “the great illusion.” The article, entitled “Appor­ advices from oPekin,
which are accompanied, however, by the statement
tioning American Capital,” says:
that Mr. Abbott, having already loaned to the Chinese 5,000,000 yuen on
Our foreign trado policy and our foreign investment policy should bo
divorced; foreign investments should bo concentrated in Europe, while
our foreign trado may be expected to expand with non-European countries.
Tho capital of tho world is scarce and will be scarce for many years after
tho war. It must bo wLsoly utilized. As claimants for tho new capital
of America, the United States and Europo must have first place. This
should not, however, precludo Amdorican investment in non-European
foroign countries where extraordinary opportunles exist. Wo should seek
to apply capital in tho places whero it will do most good, wherever they are;
and not all these places are in tho United States or Europo. Just as tho
gonoral statement that tho Rocklos are higher than tho Appalachians doos
not mean that all hills o f the Rockies are higher than all tho hills of tho
Appalachians, so the generalization that Europe and America must como
first as claimants for America’s capital does not mean that they should get
all of It. But we must remember that America was a debtor country




the wine and tobacco tax, has specifically and repeatedly stated during
his present visit visit to China that he and his group have absolutely no
Intention o f making a further loan on this security.
%One o f the {alleged objects of the Chinese banking syndicate, organized
by Liang Ship-yi, is to bring pressure upon the Wine and Tobacco Tax
Bureau and obtain for itself all future loans based on the credit o f that
bureau. Whatever new loan be made on this security will probably be
fulfilled by Chinese syndicate’s new bank.
There hasrbeen considerable discussion of Liang's new banking scheme.
Chinese bankers are inclined to looklupon it with favor. They think that
the next meeting will see the balance of the desired $20,000,000 pledged
to the syndicate, and that it will be largely oversubscribed. Foreign
bankers on the other hand, while not doubting Liang's ability to get to­
gether a large amount of Chinose'capltal, are skeptical as the power o f the
new syndicate in the financial world to support the Government success-

THE CHRONICLE

1982

[V o l . 108

they bear interest at 4K%- Of the amount subscribed
(namely, 3591,308,000) payment in tho approximately
We also take the following from the Philadelphia “Press” amount of 317,712,500 was made in Treasury certificates of
of May 14, credited to a staff correspondent at Washington: Series 5-A, dated Dec. 5 1918. It was stated on May 9
Vindication of tho “ Dollar Diplomacy” policy inaugurated by P. C. that the aggregate amount of certificates outstanding in
Knox, as Secretary of State in tho Taft Cabinet, and promptly repudiated
by the Wilson Administration in 1913, is found in the official announce­ anticipation of the Victory Liberty Loan was approximately
ment of tho State Department that it had approved the participation by 85,544,151,500. The results of the ninth offering, by
American bankers in a consortium for tho financing of loans to China. It is Federal Reserve districts arranged in order of tho percentage
stated that thirty-seven American banks arc to participate in tho loans and
that the United States, Great Britain, France and Japan are to compose of their quotas are as follows:
fully in the event o f opposition to the plan for the unification and commer­
cialization o f Chinese railways,
ft _
...................
______

the Consortium.
,
" I do not care to discuss tho matter further than to state that it is the
same plan that we proposed during the Taft Administration but which
was abandoned by the Democrats when they came into power,"said Senator
Knox to-day, when his attention was directed.to the matter. “ It is a good
policy now as it was then.”
_
* >
v - !iv >p.S*
Tho American Government practically guarantees tho loans mado to
China by American banks, according to tho official statement. This is
going much further than was proposed when tho previous, attempt was
made to interest American financiers in the matter.
When Senator Knox’s attention was called to this phase of tho subject,
he said:
i
t
i
1ft*
“ We did not propose to guarantee the loans. We offered as an induce­
ment to American capital to make tho loans, to use all diplomatic efforts
to protect tho interests of tho bankers but there was no guarantee. Tho
bankers assumed all responsibility. It is true that the American group
at that time consisted of a comparatively small number of banks, but that
was all we could get to go into the project then. It was open to all and no
one was barred from participation.”
Tho repudiation of "Dollar Diplomacy” by tho Wilson Administration
was one of the most spectacular acts of W . J. Bryan as Secretary of State,
President Wilson rejected it upon the ground that It was an invasion of
the sovereignty of China, but it is pointed out hero that it is now revived
as a means of recompensing China for permitting Japan to take over the
wholo Shantung Peninsula under tho League of Nations.

District—•

Quota.

Subscription.

Chicago____________________________________$70,000,000
New Y o rk ........................... ............................- 169,600.000
12,000,000
D a lla s .................................
San Francisco_____________________________ 35,300,000
17,300,000
Richmond________________________________
Cleveland......... ..................
45,300,000
Kansas C ity_____________________
20,000,000
20,000,000
St. L o u is ..._______
Atlanta___________________________________ 14,600,000
Philadelphia____________
35,300,000
43,300,000
Boston.................
Minneapolis______________________________
17,300,000
Treasury_________________________________
________

S107,256,500
212,301,000
14,359,000
38,575,000
18,734,000
49,000,000
20,107,500
20,075,000
14,636,500
35,301,500
42,346,500
14,615,500
4,000,000

T otal........................................ ..................... $500,000,000

$591,308,000

CLOSE

OF

V IC T O R Y

LIBE RTY

LOAN

C A M PA IG N .

While"it is stated that the official total of subscriptions
tothe Victory Liberty Loan is not likely to be known before
May 24 (tho Federal Reserve banks have until May 20 to
turn in their returns), tho amount is expected to greatly
exceed the 84,500,000,000 called for. Tho subscriptions
320,000,000 L O A N B Y U N I T E D S T A T E S A N D A L L I E S closed on May 10 and no figures later than noon of that
date have been made public at Washington. Tho sub­
FOR T R A N S - S I B E R I A N R A I L R O A D .
Regarding arrangements said to havo been made for a scriptions credited to the various districts at the time wore:
District—
Subscription.
%
loan by the United States and Allied Governments to tho Minneapolis___________________________________
104.78
Inter-Allied Commission administering the Trans-Siberian St. L o u is ............................................... - ............... $165,037,000
198,324,300
101.70
Railroad, the New York “Tribune” in Washington ad­ Cleveland_____________________________________ 452,207,200
100.49
New
York____________________________________
1,302,000,000
96.44
vices May 12 said:
B o s t o n ........................... ....... ......... - .....................
322,091,350
85.89
'A The United States and Allied Governments have decided to lend to the
Inter-Allied Commission administering tho Trans-Siberian Railroad $20,­
000,000 for operating the line. It was mado known at the State Depart­
ment to-day.
It has not been determined What proportion of the loan each of tho
Governments will assume, but it is believed that tho United States, Japan
and Great Britain each will furnish $5,000,OOO.and that Franco.and Italy
each will bo invited to supply $2,500,000.
By making the loan direct to the Inter-Allied Commission, tho Govern­
ments evade the question of recognition of tho Omsk Government. It was
deemed inadvisable, in the absence of recognition, to make the loan to tho
Omsk Government, and the arrangement agreed upon docs not raise the
question o f recognition in any sense.
Tho absence of guarantee excluded participation by private bankers In
tho loan. It was stated authoritatively to-day that tho loan will not be
made as an investment, but to assure the continued operations of the
Trans-Siberian line. It is thought that tho refunding of tho loan will bo
requested later.
Although tho State Department is not receiving advices from the in­
terior of Bolshevik Russia, it was stated to-day that Intelligence obtained
from the fringes leads to the belief that tho Bolshevik power is decreasing.
Department officials are gratified by official news from Omsk, which
shows that tho Omsk Government is exercising an oven authority over
practically all o f Siberia, and that it Is constantly improving its.positlon.

&

313,041,000
510,262,400
150.481,050
153,496,200
93,153,500
149,076,350
40,468,550

83.48
78.20
77.17
73.09
64.69
49.44
42.81

Total_________ _____ __________ _____________$3,849,638,900

85.54

Philadelphia__________________________________
Chicago........................ - ............... - --------------------Kansas C ity__________
Richmond____________________________________
Atlanta_______________________________________
San Francisco_________________________________
D allas.........................................................

In the afternoon of tho 10th Carter Glass, Secretary of
the Treasury, issued this statement.
Unofficial advices from the several districts indlcato that without any
doubt the Victory Liberty Loan Is already largely oversubscribed.

On May 11 tho Treasury Department stated that it was
estimated that 15,000,000 persons had subscribed to tho
loan, this comparing with 21,000,000 purchasers in tho
Fourth Liberty Loan, 17,000,000 in the Third, 9,400,000
in the Second and 4,000,000 in tho First. A Treasury
announcement on the 11th inst. said:
Reports from all districts Indicate that in practically tho ontiro country
tho quota was taken without material assistance from tho banks.

Benjamin Strong, Chairman of tho Liborty Loan Com­
mittee of the New York Federal Reserve District, issued tho
on the 10th inst.:
Owing to death in the family of William H. Remick, following
Tho Second Federal Reserve District has exceeded its quota. To What
President of the Now York Stock Exchange, tho Executive extent
there has been an excess of subscription over tho quota cannot at
Committee of tho Association of Stock Exchange Firms has this time bo ascertained, nor In fact until tho final tabulation Is mado on
May
20.
can bo no doubt, howover, that Now York City and tho
decided to postpone indefinitely the annual dinner of the remainder ofThere
district have responded to“tho call of tho Government to
Association which was to have been hold at the Hotel finish tho job tho
of paying all tho war bills— tho cost of victory. ^
At no time sinco tho war began have tho Liberty,Loan workcrs'bcon called
Commodore next Friday, May 23.
upon to perform a more difficult task, and at no time havo thoy/ done their
DIN N ER

OF

A S S O C I A T I O N OF STOCK
F I R M S PO S T PO NED .

EXCHANGE

work so thoroughly and as.splendidly.

“ On the same date, Craig Colgate, Chairman of the Advisory
Trades Committee, which directed the campaign of tho
The Federal Reserve Bank of Philadelphia has two now Rainbow Division, said:
Assistant Cashiers, namely R. M. Miller Jr., and F. W. At tho closing of tho campaign of thorVictoryrLoan'the Advisory Trades
La Bold. Mr. Miller has been Cashier of the Farmers’ & Committeo wishes to express its"appreciatlon’ and)thanks to tliq Chairmen,
members of the. committee," and the thousands of volunteers who havo
Mechanics’ National of Phoenixville, Pa., and is Secretary Worked
of Group 2, Pennsylvania Bankers’ Association. Mr. La loan. so hard under most discouragingv.conditIons for tho success of the
Bold has been with tho Reserve Bank since its organization Up to to-day thirty-seven committees havo gono "over tho top” and
reached a total of over 100% of their quota. 0ver”$500,000,000 havo been
in November 1914.
•
officially recorded, with a large amount yet to como in. This probably
N E W A S S I S T A N T C A S H I E R S OF F E D E R A L RESERVE
B A N K OF P H I L A D E L P H I A .

S U B S C R I P T I O N S TO T E N T H O F F E R IN G OF T R E A S U R Y
C E R T I F I C A T E S OF I N D E B T E D N E S S .

Subscriptions of 3591,308,000 to the tenth offering of
Treasury certificates of indebtedness, issued in anticipation
of the Victory Liberty Loan, were announced by Secretary
of the Treasury Carter Glass on May 9. The offering was
the last to be put out in anticipation of the Victory Loan.
A minimum of 3500,000,000 was offered. The certificates
(known as Series 5-K) are dated May 1 and mature Oct. 7;




represents a great amount of voluntary subscriptions in'Now York City than
was obtained in any other loan, with one possiblo exception, and is tho kind
of distribution that'the Treasury Department especially desires.
Tho Rainbow Division will coso Its war service with tho satisfaction of
having loaned during tho war to Its Government tho enormous sum of
over $2,500,000,000.
'
„
Probably no other organization in any city of tho world has raised such
a colossal sum, and every one participating in any of its activities can well
ho satisfied with being associated with it.
It has been suggested that advantage be taken of this organization to
perpetuate it in some form so that it may bo used beneficially for tho city
in movements requiring tho concerted action of all tho.buslncss',commercial,
and professional interests. Ilowover, no definite! plans havoibcon\for­
mulated as. yet.

M a y 17 1919.

THE CHRONICLE

L I B E R T Y BO N D S A C C E P T E D O N D E P O S I T A T P A R B Y
LUZERNE C O U N T Y N A T IO N A L B A N K
W ILK ES-BARR E.

1983

b o n d s'1 SavingS Stamps of interest received on Liberty

The Luzerne County National Bank of Wilkes-Barre
1 a., announces that Liberty bonds of all issues will be ac­
cepted by it for deposit on savings accounts at par or face
value limited to SI ,000 for any one person or family. Amounts
of more than SI ,000 will be received upon special agreement.
The bank states that in consideration of its crediting Liberty
bonds at par or face valuo, it is understood that all such
deposits of bonds shall remain in the bank for at least twelve
months from the date of deposit.

r d n v S d b 0 T<! ,W f H rC S t C 0U P 0 D S S h 0 U ld b e C l i p p e d P r o m P t ] y a n d p r o m p t l y
r e in v e s te d
't h r i f t l e s s m o n e y , o r m o n e y w h i c h li a s i d l e , i s o f n o b e n e f i t
w h e r e n n d lV ld U a
b o k ep t bu sy?arn

° r t0

th e c o m m u n lty -

M oney

s h o u ld

l>o p u t t o

w ork

m ° S t h l t h C S a fC S t W a y ‘ j u s t a s t h c i n d i v i d u a l s h o u l d

th J b ° G o v e r n m e n t , f o ll o w in g t h e V i c t o r y L o a n , is n o w p a v i n g in t e r e s t t o
t h e p e o p l e a t th e r a t e o f n e a r ly S I ,0 0 0 ,0 0 0 ,0 0 0 a y e a r .
T h i s is t h e m o n e v
ern m em t 7
e rn m e n t.

T h c s n ™ ^ , ^ t h ? PC, ? ! C i n v e s t c d l n t h c s e c u r i t i e s o f t h e G o v ­
T h e s e e a r n in g s s h o u l d b e p u t t o w o r k , a n d t h e r e is n o b e t t e r

*
p J f ° o f e m p lo y m e n t fo r m o n e y th a n
T h r ift S t a m p s is s u e d b y t h e G o v e r n m e n t .

th o W a r

S a v in g s S t a m p s a n d

Two semi-annual interest coupons clipped from $100 4 ^ % bonds will
“924
1

. rt h iw
r t*a m
*p
s Wuy«*
a r S)aTar
v i n gT
s S

A n il b ec“w ,in*
o r t h *S *
5 . 10

USE OF L I B E R T Y B O N D S A S P E N A L BO N D S.

S E A T T L E O N D U T I E S OF E M
Tho Federal Reserve Bank of Richmond under date of M A Y O R H A N S OPNL OOF
Y M E N T OF LABOR.
May 2 calls attention to tho following announcement issued i-r?lG I/ apSon’ Seattle’s
Fighting Mayor, spoke at five
by Lewis B. Franklin, War Loan Organization, Treasury different Victory Loan rallies
in New York on Mav 9__
Department:
.
y
Victory Way at noon, the Sub-Treasury, the Argonne
The Revenue Act of Feb. 24 1910 permits tho use o f Liberty bonds or
1 orest at J unes Square, at Aeolian Ilall to a gathering of
other securities o f tho United States, wherever and whenever a nenu h
of any kind is required by any Act o f Congress or any rule or regulation Finns and at 9 o’clock to his fellow descendants, tho Scanof any Department of tho Government. These bonds will bo accented at danavians,at tho Victory Way Forum. Mayor!ITanson had
par, and If coupon bonds are deposited tho depositors will be allowed the
somo words of advice to offer on the labor question and was
privilege of having those bonds converted into registered bonds during the
enthusiastic over the prospects of putting the Victory Lib­
time that thoy aro hold on deposit by tho Government as security or in ti
event that thoy prefer to retain their coupon bonds, arrangements will bn erty Loan over tho top.
He spoke in Washington on May
made for detaching tho interest coupons at stated intervals and forw r '
i and stopped over in Baltimore on the 8th for a Loan rally
such coupons to tho depositors under regulations which will bo nrnserii^d
by tho Treasury Department for tho Government as a whole *
oca at Much ho raised $8,000,000 in forty-five minutes.
In
This legislation offers an opportunity for tho enlarged use o f bonds of one of his speeches in New York he said:
tho Government by contractors who may prefer to deposit securities of this
kind instead of resorting to tho uso o f individual or corporate suretv hnnd
It is believed that tho action o f tho Government in this respect will
courago municipalities, counties and institutions in accepting Liberty bond*
as socurity for tho performance o f public contracts or tho fulfillment
public trusts. Regulations covering tho uso of Liberty bonds and oti
securities of tho United States aro now being prepared by the TYe-wT^
Department and will bo published for the information of tho bon d-anD ro^ 7
officers of tho Government and others who may bo interested in a fov ^ .
I think it would bo well for you to givo considerable publicity to thl T '
of Liberty bonds.
s use

P A Y M E N T S O N V IC T O R Y L I B E R T Y L O A N
SU B SCR IPT IO N S .

I’m
thav° *? have four or flvo hours slceP- Here’s a now sentence
I m going to uso in my speeches, and it’s a good one, a really good ono
hnw
T US<i PaSS laWS Whereby business will know where it’s going'
how it is going to get there, and how long it can stay after it arrives.” '

Speaking of conditions of unrest, Mr. Hanson said:

against'the
th°
G° v<;rnmcnt <* the United States defend itseir
against the insidious attack of the preachers of force and violence who arc
l S \ d ? n ? n | : a t,Kl attcmptIng to overthrow this Government.
request their punishment. I request tho deportation, after due investigat on and trial of tho seditious alien. I request the slipping of all
publuf tions *n
country. Liberty does not mean hcense nor
force
mCan advocacy of th0 overthrow of our Government by

Referring to the duties of employers toward employees,
Tho Federal Rosorvo Bank of Now York issued tho fol­ Mayor
Hanson continued:
lowing statement on May 13 with respect to payments on Employers
of labor must and will pay the workers a fair wage establish
Victory Liborty Loan subscriptions:
a“ d ™ “
S°°d, decent conditions, treat labor more like a partner and

The attention of banking institutions is called by tho Federal Re
Dank of Now York as fiscal agent o f tho United States to the following
important details with respect to tho filing of final reports and to the « 8
monts on Victory Liberty Loan subscriptions on M ay 20:
Pay'
1. Final report, Form 2 (copies of which have been furnished to banlm
and trust companies) accompanied by tho necessary payment must l
received by tho Federal Roservo Dank of Now York not later than M av on
1919 or as much in advance of that date as possible.
y zu
2. 10% payment or payment in full may bo made on M ay 20 10io r
subscriptions not ln excess of $10,000.
' Ior
3. Only 10% payment may bo made on subscriptions over Sin non
Included in tho final report, Form 2, of each reporting banking institution
4. As announced by tho Treasury Department payment may bo m
plotcd on Juno 3 1919, for notes allotted on subscriptions in nym^ r
S10.000 with accrued interest from May 20 1919.
" of
5. Certificates o f indebtedness of any issue not previously mature! r
tho fifth series issued in anticipation o f tho Victory Liberty Loan mav i°
used in making paymont on M ay 20 1919 or Juno 3 1 9 1 9 .
*
’ y 00

TREASURY DEPARTM ENT’S APPEAL FOR INVENTM E N T IN WAR SAVINGS STAMPS.
"

Following tho close of the Victory Liberty Loan cam
paign, Secretary of tho Troasury Carter Glass in a stato~
mont issued on May 13 urged that tho public make uso of
tho War Savings Stamps as a means of investment. S e c re ­
tary Glass pointed out that tho purchases of over a billion
of these stamps last year went far toward assisting the
Government in mooting its war obligations, and a similar
yield this year would materially aid in diminishing tho de­
ficit now facod. In his statement Secretary Glass saidMany persons havo not taken tho War Savings Stamm
investment, but tho fact that thoy may bo bought in as large n n„
81.000 face value during 1919, at such favorable in T e r^ T rct,^ ^
them most desirablo for tho averago man or family.
’ ma ic,j
Dofinito plans for tho continuance o f tho issue, in coming years e f sm?n
Government securities are being worked out. While no definite’ decision
has been reached, it is extremely probable that AVar Savings si•
somo variation of them in shape or name will bo a permanent institution
Although War Savings Stamp sales this year havo not increased their abstances*1 ^ tU° PUbUc thus far has bcon satisfactory under existing circumIt is customary for saving in all channels to shrink during tnoTarlv
months of tho year, and it Is oxpected that AVar Savings Stamp sales 'along
out**thoSyear*VlD8S aUd savlngs bank dcposlts' Nvi11 Brow steadily throughCo-operation is sought earnestly, especially from bankers and merchants
in tho matter of keeping Thrift and AVar Savings Stamps on sale so that no
ono so Inclined may fail to havo opportunity to invest his money wisely!

On May 14 tho Treasury Department issued tho follow­
ing statement urging tho re-investment in Thrift Stamps




A ? t0 1 tllat every child in this land receives a useful, first class education
* )‘G" U‘° World will "witness a joining of hands of labor and capital, and we
wn win nn.f,Cad ,°S ***• seck ^ op era tion instead of class war and the
m en a ce^ a ta llifw ft™ ? from .thls
country the red menace which is no
menace at all if wo try to practice even in a small measure the golden rule.

LOWER WHEAT PRICES LOOKED FOR, FOLLOWING
CONFERENCES AT FOOD ADMINISTRATION’S
OFFICES—WARNING AS TO FUTURES.

FolloAving a conference with advisory committees of the
grain, milling, jobbing and baking trades at the New York
offico of tho Food Administration’s Grain Corporation,
Julius If Barnes, U. S. Wheat Director, on May 14 made
known that a general agreement had been reached which,
it was believed, would assure an immediate reduction in the
price of wheat affecting all interests from producer to baker.
Wo givo tho statement herewith:
Invited representatives of tho advisory committees of various trades
W hM i n i l r t
handlers, millers, flour jobbers and bakers, met with
!n ^ .b v ™ f JU US Karnes at the office of the Grain Corporation during
an all-day conference yesterday.
h ° various trades on the effect of certain policies and
methods of operation suggested for next year's AVheat Administration were
requested by the AVheat Director. The Wheat Director explained that
it was desirablo that there should be the least disturbance to establish
business to make effective tho guarantee to the producer, as Intended by
tho national pledge, and, at the same time, make assured the reflection
to the consumer of a proper price for flour, reflecting as nearly a T p S b l e
the supply and demand situation In America and the world
posslble
gePcral ^ c e m e n t that in order that all of the wheat pro­
ducers of the country over such vide extent of territory and in such great
numbers, could secure the benefit pledged to them of the guaranteed price!
that tho various trades could bo bound by contract to see that wheat
trading as wheat should be only on the guaranteed price level throughout

ofVorlld foctnr1 1Cnb if a l0WCr 5 a*b Was just|fled with thc development
of world factors as tho season advanced, this lower basis could be made
to reach tho consumer by trade agreements with tho millers and manu­
facturing facilities, the Wheat Director making the readjusting b^ie
effective by payment of the difference, as allowed under the Act of Congr ss. . .
In return for protection against a fall in price after the
guaranteed Price has been made for wheat bought, the Wheat Director
would require front the various trades contract obligations, by which thefr
i,rom « “
- * • “
It was suggested that, for Instance, the mills would agree that their
total gross operating profits between wheat bought and finished products
sold should not exceed an agreed basis per barrel of flour manufactured

ofwheTt supplied1tho^iiK16011011 t0 th° CODSUmer ° f any reduCed pricG

ee-* *- -

«

'ex^ ^ ^ an^ a^ ied^ basis.^h u^ m akfog* to!-

s rs & s s te s :

— — »

1934

T he bakers expressed a willingness to ehter Into a con tract, also, b y
which they would reflect at onco In their product the lower price o f flour
m ade effective b y the mill.
In this w ay, b y contracts with the various handlers and manufacturers
o f wheat, dow n to the retail store and the bakery, there is sought an as­
surance that a reduced price o f wheat should be effective Immediately all
dow n the' line.
Some o f the delegates from the W est expressed a view that am ong cer­
tain sections o f the producing wheat territory a sentiment had sprung up
that wheat next year m ight be w orth m ore than tho G overnm ent guaran­
teed price in tho open m arket, but tho general view was that the crop
prom ised so well that any withholding from market under such a sentiment
would be unappreciable in the total volum e, and that m ost growers would
be ready to market at the guaranteed price im m ediately that their crop
was m atured, thus sharply reducing the present price o f wheat and facili­
tating a low er flour price with the new crop m ovem ent
N ew wheat will bo m oved in Texas in thirty days, and from present
outlook, in six weeks m ore there will com m ence a very large m ovem ent o f
new winter wheat.
In order that the seaports and the interior markets should n ot bo choked
b y car congestion and blockade, it was the general opinion that the Grain
Corporation should on the com ing crop continue its co-operatlvo control
with tho R ailroad Adm inistration o f tho m ovem ent o f cereal and cereal
products into all tho markets b y the Perm it System for car shipments.
It was developed during the m eeting that although tho vessel m ovem ents
to the ports last fall was especially erratic, accentuated b y the necessity
o f diverting foodstuffs for m otor trucks and m unitions to press the fighting
on tho W estern front when the German line began to give w ay, yet the
permit con trol succeeded in preventing any actual blockade, until the
really astonishing total o f throe and one half billion bushels o f grain m oved
in tho nine m onths from July 1, tnrough tho elevator and m ill facilities o f
the cou n try, although the high point o f all grain at one tim e in those ele­
vators was less than one-half billion bushels. This means that thero was
a total turnover o f seven times in nino m onths, which could on ly be pos­
sible w ith tho m ost liquid con dition o f railroad grain transport.

(referred to in our issue of April 26, page 1676) Mr. Barnes
issued a statement saying:

W ith the spring wheat season now two weeks later than normal as a re suit o f unfavorable weather conditions there will undoubtedly be a de­
creased acreago o f spring wheat, which promises less and less chanco o f
there bing produced In this country the very large exportable surplus o f
wheat popularly expected.
C rop indications are that wheat will be traded In at the Governm ent fair
price basis, but if n ot, any readjustment o f price to protect consumers o f
flour can m ost readily be m ade through the flour m anufacturing facilities
under proper safeguards.
It was also recognized at the conference that it was imperative that the
resale price below the Governm ent fair price basis should bo reflected to the
bread consumer. Another possibility taken into consideration was that
crop developm ents m ay be such that wheat m ay be traded In above the
Governm ent fair price basis, in which case the W heat D irector would not
be an influence in the m arket, as there was no maximum price p olicy de­
termined b y Congress.
In general, the three days’ session on all the problems o f administering
the wheat guarantee left In the minds o f tho organization the fooling that,
though there were m any com plications and difficulties, tho operation could
bo carried forward safely and meet tho new conditions as they developed
without danger o f loss to the United States Treasury.

C A N AD IA N

According to press advices from Minneapolis May 14
Minneapolis millers declared on that date that although
the United States Grain Corporation may provide the mills
with less expensive wheat from Canada, they did not be­
lieve it would be possible for them to reduce flour prices
sufficiently to make decreased bread prices possible. Frank
L. Carey, Grain Corporation agent for the Northwest, is
said to have announced that the price of Canadian wheat
purchased in Canada and resold to the millers will be about
$2 40 a bushel. This is said to be about 40c less than the
price the millers have been paying here recently.
On May 6 in making known at Chicago his intention to
call a conference on May 13 of representatives of millers,
bakers, grain traders, and others at which the trade agree­
ments above mentioned would be entered into, Mr. Barnes
said:
I t has been In m y m ind for som e tim e, and at a conference In N ew Y ork
a week from to-d ay , which I have arranged with advisory com m ittees
from the grain trade, from the milling trado, from the flour job ­
bers and bakers o f this cou ntry, am ong others, I shall discuss the tabula­
tion o f a weekly report o f authentic and exact inform ation to bo made
public. I d o n ot see w h y, for instanco, the baking trade and the jobbing
trade o f this cou ntry should be excited b y entirely erroneous statements as
to the growing scarcity o f wheat and flour when it is not the condition.
A s for the com ing year I have a great desire that tho duties o f tho W heat
D irector m ay bo discharged, not b y com pulsion or the use o f tho authority
vested in tho law solely, but b y co-operative agreements with the various
trades affected. I hope to work out voluntary contractural relations be­
tween the Grain C orporation, the milling trade, tho grain trade, the flour
jobbers, and tne bakers such as will p rotect fully tho proper interests o f
both producer and consum er and afford a fair field for legitimate Initiative
and energy, and an outlet for legitimate am bition.

Mr. Barnes stated at the same time that he wished to
make it clear that the Wheat Director has no authority in
law to control maximum prices of wheat, but he must make
effective absolutely the guaranteed producer price. Mr.
Barnes is further more reported to have said that if the
prices of flour did not sharply reflect the real situation in
regard to supplies, the United States must shortly return to
the 1917 food regulations which allowed only thirty days’
supply to be held on hand.
Another declaration made by Mr. Barnes on May 6, in
an address to members of the Chicago Board of Trade, was
that the act establishing tho Food Administration gave
' authority to control trading in food stuffs on exchanges to
the extent of prohibiting future trading altogether. He
stated that the act was still in effect and that his duty was
imperative if demonstrated abuse should arise. Referring
to the fluctuation in corn prices which had been witnessed
on the Chicago Board of Trade on May 5 Mr. Barnes is
reported in the Chicago “Tribune” as saying:
I teU you frankly that when a fluctuation In corn occurs such as on
M on d a y , In which a decline o f 10 cents to 12 cents was follow ed b y a re­
action o f 5 cents to 6 cents, at a tim e o f tho year when no growing crop o f
c o m Is endangered, and when such fluctuations aro rapidly m ade and
occur on such slight cause, It Is well to consider whether It is not a clear
indication o f the entrance Into you r trading facilities o f speculation on so
largo a scalo that it Is overwhelm ing you r legitimate functions. These
functions o f furnishing security to cou ntry and terminal holders, or pro­
viding security against unusual market loss to those engaged In handling
the actual crop, m ay well be overwhelm ingly defeated b y the volume o f
speculative trade itself.
I M*

At the conclusion of the conference of executives of the
Grain Corporation with Mr. Barnes the latter part of April




[Vol. 108.

THE CHRONICLE

W H E A T TO BE BROUGHT
U N IT E D STATES.

IN TO

THE

Announcement that Julius H. Barnes, United States Wheat
Director, had arranged to bring into the United States
4,000,000 bushels of wheat from Canada, was made as follows
in a statement emanating from his office in New York on
the 8th inst.:
M r. Barnes stated that he had com pleted negotiations, which had been
under w ay for some few days, with Canadian authorities, b y which 4,000.­
000 bushels o f Canadian wheat aro definitely arranged to bo brought into
the United States for distribution in the milling trade; that a survoy o f
those mills that had not m ade full provision for stocks o f wheat to grind
indicated that this amount would be sufficient, while other mills have
m ore than they can possible grind up to tho new crop.
M r. Barnes stated that since tho Canadian Governm ent had pledged its
entire crop surplus recently to Allied authorities abroad, these negotiations
have required somo little tim e, and that he is glad to announce a definite
am ount at the earliest date possible to d o so without violating confidential
negotiations, having been obliged in tho meantlmo to confine his refer­
ences to prospective Canadian Imports to discretion, m oderate.
M r. Barnes reiterated that the Grain C orporation will sell from its current
stocks and its current m ovem ont through tho ports, particularly Boston.
N ew Y ork , Philadelphia and Baltimore— its standard grades o f flour at
$11 50 per barrel, in carload lots, to bona fide users, and that their offices
at all these ports are instructed to continue to sell on this basis until the
dom estic situation is entirely relieved.
Reports reaching the Grain C orporation office indicate that the nervous­
ness and excitement heretofore ruling in the flour market Is being gradually
allayed and flour prices have shown a distinct decllno within the last week.
Our idea o f a fair reflection o f the Governm ent fair price resale basis for
wheat is shown b y our offers to resell and the price fixed for such resales,
and there is no reason why all tho dom estic grades o f flour should not bear
a reasonable relation with that basis.

In denying, on the 5th inst., reports that the Grain Corpor­
ation had purchased 25,000,000 bushels of wheat from
Canada, Mr. Barnes, in a statement made at Minneapolis,
said that “arrangements had been made for the purchase of
a “moderate amount” of wheat from the Dominion, and
added that the Corporation “did not want to bring in an
amount of wheat that would endanger the balance in the
United States.”
<
On that day (May 5) when conferences were held with
Twin City and Southern Minnesota millers and grain men
from the Red River Valley, Mr. Barnes stated that a moder­
ate downward revision in prices of foodstuffs was anticipated
and added that sufficient wheat was available to keep the
rice of flour from soaring above $12 a barrel. He said,
however, that no radical price revision could be expected
until the American export demands were greatly reduced.
U N I T E D S T A T E S G R A I N CORPORATION TO C E A S E
R E L IE F S H I P M E N T S I N J U N E — E X P E N D I T U R E S
FR OM R E L I E F F U N D .

In announcing on May 14 that it hoped to make its final
relief shipments to Europe by the middle or latter part of
June the Food Administration Grain Corporation stated that
in preparation for the discontinuance of shipments, rye,
flour and cereal flours, would not be bought for shipment
from the mills later than June 10. It also states that there
will be no further purchases of oils and fats. Its statement
follows:
T he F ood Administration Grain C orporation announces that the big
relief program to Europo, under tho direction o f the American Relief
Administration, particularly to tho newly liberated countries, is now in Its
final status. Yesterday, at the four ports o f B oston, New Y ork , Philadel­
phia and Baltimore alone, there were fo rty four steamers loading cargoes o f
food , Including the Allied steamers and soveral Gorman ships. T he Grain
Corporation hopes to make its final shipments to sail b y tho m iddle or
latter part o f June, and in preparation for tho discontinuance o f shipments,
yesterday announced that ryo, flour and cereal flours would not be bought
for shipment from the mills later than Juno 10. Since m ost o f the mills
are already sold up that far, it moans practically discontinuance o f buying
o f these food articles, following the discontinuance o f wheat flour purchases
which took place some ten days ago.
The Grain Corporation also has sufficient condensed and evaporated
miiir and oils and fats to supply the entire call for these articles, and there

May 17 1919.]

THE CHRONICLE

will bo no further purchases m ade o f these fats. In fa ct, the Grain Cor­
poration states that they have bought no pork products in tho American
markets since M arch 1. I t is expected that these shipments now being
made and those to follow' in cleaning up tho program in the next six weeks
will carry all o f these devastated countries through to tho now harvest.
Belgium has been able to dispense with tho B elief Comm ission since the
first o f M a y and with tho now harvest, these other new'ly liberated coun­
tries are expected also to begin to stand alone.

On the same day, May 14, Edgar Rickard, Joint Director
of the American Relief Administration, in reporting an
interview the day before at the offices of tho organization,
115 Broadway, told the story of America’s achievement in
rehabilitating devastated Europe under the leadership of
Herbert Hoover. Mr. Rickard described in detail how the
vast field organization of young American army officers
working under Mr. Hoover in the nations of Central Europe
toiled day find night in cities without water, light or trans­
portation to bring order out of chaos, distribute a constantly
flowing stream of American food to starving women and
children, and restore nations at war for four years to pro­
ductive activity. Mr. Rickard said in part:

1985

labelled. T he question o f disposing o f these supplies is not one o f main­
taining price levels— the W ar Departm ent has no interest in that— but
o f finding som e w ay to dispose o f them .
So m uch o f tho supplies as are o f the ordinary com m ercial kind, which
people recognize, we are selling in tho United States in any w ay in winch we
can prevent speculation. But especially prepared arm y supplies such as
seven pound cans o f roast beef and things o f that sort are not know n to
the com m ercial and buying public and they would not be available for
ordinary com m erce here.
I have talked the whole question over with the sales director and there are
a number o f questions to be solved. Somo products, for instance, b y re­
packing in new tins and being labeled could be resold in the United States.
There is a possibility that we m ay be able to dispose o f substantial quan­
tities o f food supplies in instances where bulk purchases are m ade. All
avenues will be sought and so far as possible fo o d and clothing will be sold
in this country.
There has been no agreement with the m eat packers with regard to the
distribution o f m eat supplies, but they have suggested that the m ost prac­
tical thing would bo to sell these supplies to E urope Instead o f disposing
o f them in this country because o f the fact that they aro packed for trans­
portation across the ocean. In this w ay it would not be necessary for the
packers to prepare other food for transportation while the present supply
is being distributed in this country.

RESIGNATIONS

OF

MEMBERS

OF

IN D U STR IA L

I t was the American R elief Administration which saved Poland from
BOARD OF D EPARTM ENT OF COMMERCE.
anarchy b y supplying food to tho starving. A ll sections o f critical famine
are now under successful relief there and as high as 4,500 tons o f food a
day have been transported b y rail from Danzig to Warsaw.
W hen M r. H oover’s investigators went to Poland in 1919 thoy discovered
that the people had just enough food to exist. T ho adult death rate was
double and triple the normal ono and that o f children was four and five
tim es tho normal.
T h o city o f Lem berg, for instance, would liavo capitulated to tho Germans
but for tho Am erican R elief Administration which made it possiblo for
tho defenders to hold out a little longer. The town had been surrounded
on throe sides when C aptain Chauncey M cC orm ick arrived with tho first
armored relief train on Jan. 23. There was no food for children in the
city and no water. W om en stood at the city drinking fountains for three
hours to get water and then stood again for hours in tho bitter cold waiting
for ono llrto o f barley soup which was their only means o f existence.
In tho m iddlo o f M arch at Brest in the Brcst-Pinsk district o f Poland
there was no m ilk or meat whatever, tho American R elief Administration
investigator found. One-third o f tho population was sick in b ed. T he
sick were receiving no medical attention. N othing in the way o f soup
kitchens or m ilk stations were operating, because o f the entire lack o f food ­
stuffs.
T w o weeks after the Americans first went to Pinsk they returned with
five cars o f American food . Soup kitchens which had been closed tho week
boforo were opened and fed 3,000 people. In tho hospitals where the
patients before had had only infrequent rations o f war br?ad they wore
A t m y desire tho members o f tho Industrial Board have retained their
eating a well-m ade whito bread and drinking cups o f hot condensed milk. official positions until the outcom e o f the conference between the Rail­
T he same rapid rehabilitation which is being accom plished b y tho road Administration and the steel industry which took place on the 8th
American R elief Administration in Poland is being duplicated in tho other inst. should be know n. That conference was arranged at m y suggestion
countries which need American food and Am erican aid— in Arm enia, b y the Industrial Board with the approval o f the Director-General o f Rail­
Rumania, Czocho-Slovakla, Serbia, Finland and the Baltic States.
roads. It appears from tho statement issued b y tho Railroad Administra­
tion that the conference has failed to bring an agreement and the further
assistance o f tho Industrial Board is not desired. In view o f the announce­
ment made b y the Railroad Administration, I have regretfully concluded
Review ing the activities o f tho American R elief Adm inistration, M r. that it is not proper longer to detain from their respective affairs the gentle­
men who com prise the Industrial Board.
Rickard announced that only $2,000,000 o f tho $100,000,000 voted b y
Congress for tho relief o f European nations had been spent in gratuitous
That Board was conceived In tho spirit o f unselfish public service and
work.
W hile he admitted that perhaps $50,000,000 o f tho sum appro­ has so acted from the beginning. I repeat what was said yesterday:
priated had been “ ear-m arked," tho director explained that tho United Thero has been no change in its view point, policy or attitude from the be­
States had received securities or collateral in paym ent for tho foodstuffs ginning. N o statement nor inference to tho contrary has a basis o f fact.
distributed to the countries.
It has had the widespread support o f Industry and com m erce throughout
Only two m illion o f the entire proposition represents actual gifts to tho the country. It has sought merely to serve and has been ready to consider
distressed peoples o f E urope,” M r. Rickard stated, in answer to tho query all figures, to respect all facts and to reconsider any statement or con ­
o f how much o f tho $100,000,000 had been exhausted. “ Europo is divided clusion in the light o f further knowledge. Its mind has been open and its
into threo classes o f countries: First, the A llied nations that can gain purpose was directed not to winning a controversy but solely and sim ply to
credit easily; second, the countries that have been able to arrange credits serving the country. I believe it has developed standards o f public c o ­
with the United States; third, those that have been unable to shape tholr operation which will be o f permanent value.
financial affairs. T he United States G overnm ent has arranged to give
tho country or Czecho-Slavla a m onthly credit o f $9,000,000. Rum ania
has been granted a sim ilar credit for $5,000,000, and Serbia has obtained
a concession for the same amount. Some o f tho other countries are not
as stable, and in dealing with them the American R elief Administration
R espectfully referring to the resignations o f the members o f the Indus­
has been forced to accept whatever securities, bonds, p roperty, collateral
trial Board, form ally tendered b y yours o f April 22, let mo say that in view
and other promises that it m ight obtain.
o f tho failure o f tho conference arranged b y the Industrial Board at m y
It is probablo that som e o f these securities w ill have to bo discounted
suggestion and with the approval o f the Director-General o f Railroads
when sold, but tho position o f tho Administration has been to feed E uropo,
between the representatives o f the steel industry and those o f the Railroad
to make tho charity as practicable as possiblo and not indulgo in gifts!
Administration and in view o f tho announcem ent following said conference
It seems very likely that a considerable proportion o f the original hundred
made by the Railroad Administration, It becom es m y duty to accept you r
m illions appropriation will be restored to the United States Treasury.
resignation and to relieve you from further service In connection with the
As to tho extent to which tho United States is assisting in supplying re ­
Industrial B oard.
lief to Europo, M r. Rickard gave out somo officia l figures.
Let me express m y appreciation o f the assistance you have given and m y
D uring tho m onth o f M arch the total am ount o f all relief supplied by
regret that this action Is necessary.
Great Britain. Franco, Italy and tho U nited States, through tho Supremo
E conom ic C ouncil, amounted to $111,000,000. W ith tho exception o f
$3,300,000 which was paid in cash, all o f these arrangements wero m ade
upon a deferred paym ent credit basis. O f this total tho United States
activities represented $99,000,000. T h o tonnage figures show that 386,­
000 tons o f food wero distributed from all sources and indicate that the
American Administration supplied 270,000 tons o f this am ount.

As was made known in these columns last week, page
1881, the acceptance of the resignations of the members of
th6 Industrial Board of the Department of Commerce fol­
lowed the failure of the conference on May 8 between repre­
sentatives of tho Railroad Administration and the steel pro­
ducers in a final effort to adjust the controversy between the
Railroad Administration and the Industrial Board growing
out of the latter’s price stabilization plan. The resignations,
it is stated, were tendered in April, when the Railroad Ad­
ministration first declined to accept the reduced steel prices
agreed on in March by representatives of the steel industry
and the Industrial Board. It is stated that with the dissolu­
tion of the Board the natural forces of supply and demand will
bo left to readjust prices from war levels to those of peace.
In announcing on May 9 the acceptance of the resignations
of the Board members, William C. Redfield, Secretary of
the Department of Commerce, said:

Mr. Rickard was also quoted to the following effect in the
“Journal of Commerce” on May 15:

An identical letter, accepting their resignations, was
addressed by Secretary Redfield to the various members of
the Board as follows on the 9th:

Letters as above were sent to George N. Peek, Chairman
of the Board, and the othor members, namely: Samuel P.
Bush, President of the Buckeye Steel Castings Co.; Thomas
K. Glenn, President of the Atlantic Steel Co., Atlanta, Ga.;
George R. James, President of the Wm. R. Moore Dry
Goods Co.; William M. Ritter, of tho W. M. Ritter Lumber
D ENIA L BY SECRETARY OF WAR BAKER THAT Co., Washington, D. C.; Anthony Caminetti, Commissioner
General of Immigration, Department of Labor, Washington,
DISPOSAL OF M EAT SUPPLIES ABROAD BEAR ON
representing Labor, and T. C. Powell, Director of the Capital
PRICE M A IN TEN A N C E.
A statement denying that there was any relation between Expenditures Division of the Railroad Administration. Mr.
attempts to support tho prices of meat supplies in tho United Redfield also addressed the following letter to Chairman Peek:
M ay 9 1919.
States and tho arrangements for the disposal abroad of
M r. Peek;
250,000,000 pounds of canned moats, was issued by Secretary M yW Dear
nen accepting you r resignation and that o f tho other members o f the
Industrial Board b y separate com m unication o f tnis date, I feel that it is
of War Baker on May 14. Secretary Baker’s statement duo
you and those who have co-op* rated so earnestly with you in the work
said:
o f the Board to say something further.
Thero has been misapprehension with regard to the policy o f tho D e­
partment indisposing o f meat supplies. Tho meats in que-itlon are specially
prepared prod u cts, in special containers and o f a kind never sold com m er­
cially In tho United States— rost beef and especially salted pork— which
are not articles or ordinary com m ercial trado here. T he cans aro not oven




It Is not necessary to review the history o f the B oard. It was con ceived
in an unselfish spirit, was Intended to bring the Governm ent, industry and
labor together In a spirit o f mutual helpfulness, seeking a com m on end, and
that tho good o f the country at a time when co-operation seemed a duty
urged with com pelling force b y every patriotic consideration.

1986

THE CHRONICLE

T o tills obligation you and you r associates cordially responded. From
•the beginning you trod a straight path. Y ou have not turned asido to
•the right or to the left. As you r work began so It has ended. Throughout
there has been one purpose in view— to serve the country b y starting the
wheels o f industry on an econom ic basis which would at once protect the
wages o f labor and m ake possible continued production b y the average
producer.
In such a case, with such a purposo, phrases are nothing— the purpose Is
■everything. Y o u have shown a desire to m odify statements, to consider
fa cts, to cast asido personal preferences, to d o any and everything within
y o u r power to bo helpful. Repeatedly you have extended the hand o f
good will and the offer o f kindly assistance. Y o u have not sought to con­
trol but to co-operate. Y o u have exhausted the resources o f courtesy.
Y o u r attitude has been unselfish, generous, and your vision broad. This is
true not only o f yourself but o f those who have served with you , between
whom and yourseif there has throughout been an earnest desire to d o tho
country service in a difficult time.
I believe you havo established standards that will not be lost to sight
and that the ideals you have m ads clear o f the mutual obligations between
the Governm ent, industry and labor will prevail. Please accept for your­
self m y m ost cordial congratulations on what you have done and m y per­
sonal appreciation o f you r unselfish work.
Yours very truly,
W IL L IA M C . R E D F IE L D , Secretary.

[Vol. 108.

the action had been promptly repudiated by him as “con­
trary to fundamental principles of economics, of public
policy and of the law.” Secretary Glass also said:
M r. Peek knows perfectly well that I have never in any w ay or at any
tim e suggested such action as that taken b y the Industrial Board. Honco,
his reference to m e on this point perverts tho actual truth.

Further reference to Mr. Glass’s reply is made below.
The following is Mr. Peek’s statement of the 12th in full:

T h e Industrial Board has resigned. T he plan to m ako an immediate
reduction in tho cost o f living, to rem ove the cloud o f buying uncertainty,
and to anticipate b y several months tho rotum to normal business con­
ditions has been abandoned.
T he plan was very simple— “ involuntary co-operation with business
interests to arrive at a level o f prices upon which business activities would
be m oro actively resumed, and tho Railroad Administration and other
spending agencies o f the Governm ent would be justified in buying liberally."
In so doing, it planned to study costs o f production, to add reasonable
profits, and to announce the resulting price as a fair basis for buying.
In theory, the plan has been approved almost unanimously b y business
men and associations, and b y editorial and press com m ent tho country
over; in practice, tho plan has been proved b y the order books o f steel
producers and tho buying revivial which im m ediately followed tho an­
nouncem ent o f steel prices, and ceased imm ediately upon the Railroad
Administration’s rejection o f those prices.
W eary o f tho details o f the controversy between tho Railroad Adminis­
tration and tho B oard, tho public will yet demand an explanation o f the
wrecking, apparently on tho obstinacy o f a single official, o f a plan o f
such apparent national value.
I can only conjecturo an explanation. Throughout tho baffling con­
troversy tho Board has found itself checked b y forces In opposition which
it could neither understand, reason with, nor overcom e, but which grow
in strength until they rendered further progress impossible and forced
abandonm ent o f tho plan.
It is inconceivable that tho Railroad Administration’s insubstantial
I am sincerely sorry that the efforts o f the Industrial Board have met with
serious check, but I am afraid that It is partly bccauso tho public and objection to the prico o f steel rails aiono was sufficient to justify tho aban­
som e members o f the Board itself have beon under tho impression that they donm ent o f a p olicy o f such importance. N or toward tho end has tho
wero fixing prices and had been invited to d o so, whereas, as I am sure you Director-General been aiono in thwarting tho purposo o f tho B oard. T ho
yourself hold, tho office o f tho Board was m erely a court o f m ediation be­ Secretary o f the Treasury has taken a stand in direct contradiction with his
tween buyer and seller. In view o f this m isapprehension, I think it would mossago to tho President urging tho creation o f tho Board. T ho A ttornoybe wise not to extond the efforts to new fields. It is hard to think clearly Gencral has rendered an opinion that tho plan o f the Board contravenes
about such matters at this distance, but I instinctively feel this to be a tho Sherman A ct, but the facts assumed as tho basis o f that opinion aro
so inconsistent with the actual course o f conduct o f tho Board as to render
counsel o f prudence.
tho opinion Inapplicable, yet it has been used as a basis for tho abandon­
ment o f tho B oard’s plan.
In all this opposition tho Board has sought in vain for a substantial reason.
It has urged tho Railroad Administration, first, to aid it b y one singlo fact
or argument to arrive at a lower price for steel, and, second, to name a
prico which the Railroad Administration would consider fair. T ho first
suggestion has been met with a subborn and haughty silence, tho second
with a suggestion o f absolutism— “ W o will name you tho prico only on
condition that you agree in advance to urge it on tho steel producers” —
and this in faco o f tho unimpeached cost studios o f tho Board. A ccep t­
ance o f such a suggestion would shame tho m anhood o f tho Board.
T ho Railroad Adm inistration’s only answer has beon that the steel prico
announced b y tho Board is " to o high” . If “ too high” means that tho Rail­
road Administration can force lower prices b y smashing Industry, smash­
ing labor, smashing the public interest, and throwing production into tho
hand.-, o f tho m ost powerful and lowest-cost producers, tho Board agroos
In conducting its investigations, tho Board found that very much that tho price is “ too high.” But it was precisely these rosults tho Board
higher costs o f production, resulting from conditions brought about by tho was set up to prevent, and the caso stands proved that lower prices without
war, precluded tho possibility o f imm ediately making as largo reductions these rosults aro impossible. Still, the Railroad Administration persists
without disturbing labor rates as wero thought possible. L abor rates have and announces specifically that its only view o f a low price is ono that shall,
Increased from 8 5% to as high as 140% in tho stool Industry, and labor costs b y inherent attractiveness, induce buying, not b y tho Railroad Administra­
In oven greater ratio, and as labor either directly o f indirectly constitutes tion alone, but also b y the old railroad corporations, who are so ably rep­
approxim ately 8 5 % o f the total cost in m any industries, it will bo seen that, resented in tho administration by tho Director-General him self and b y
as com pared with pro-war levels, prices must neceesarily be very m uch Messrs. L ovett and W alters, who havo headed tho opposition to tho Board.
T hat tho Administration would com m it itself against tho public interest
higher than form erly, unless a general liquidation o f all values wero ef­
fected, which is considered impracticable at this time, or so long as tho high merely to support the ancient and discredited railroad slogan, “ T he public
bo
dam ned,” is unthinkablo. Y e t, after all, it is tho Adm inistration, not
cost o f tho necessaries o f life prevails.
tho Director-General alone, who had power to thwart tho B oard.
Thus, there is no question that the Board was sot up to d o exactly what it
has done, and was set up with tho full knowledge and assent o f tho Adminis­
tration and was given godspeed upon its way b y M r. Glass. T ho record
on this point is so clear that only a quibbling lawyer with an imagination
inflamed with interest could find an excuse to pervert it. Y et exactly
this courso has beon pursued, and not b y tho Director-Goneral aiono. It
serves no purposo savo to confuse tho issue.
Thus, also, tho irrelevant opinion o f tho Attorney-General is dragged in.
Persistently tho activities o f the Board aro referred to as “ price-fixing,”
and “ agreement on prices with tho steel producers.” Price-fixing has
never beon attem pted b y tho Board. In co-operating with industry, it
has studied costs, added reasonable profits and promulgated tho rosult.
N o ono was under the slighost obligation to demand or to accedo to thoso
GEORGE N . PEEK ON INFLU EN CES RESPONSIBLE prices. N or was any agreement b y tho steel producers to soil at thoso
prices over sought. Distortion o f this course o f conduct to make it appear
FOR FAILURE OF PRICE STABILIZATION PLAN
a "com bination in restraint o f trade” is little short o f absurd, and Is only
RE PL Y OF SECRETARY GLASS.
a further confusion o f tho issue. In a public statement M a y 8, Secretary
R edfield said: “ Tliero lias been no change in tho view point, policy or atti­
tude o f tho Industrial Board from tho beginning. All statements and infer­
ences to tho contrary have no substantial basis in fa ct.”
M em bers o f tho Industrial Board aro experienced business men un­
trained in tho devious ways o f partisan politics. T hoy came to their
present tasks without hope o f reward or advancem ent, believing that tho
war-time adjournm ent o f politics in national affairs o f econom ic importance
had been extended to cover the period o f reconstruction. Acclim ated to
the wholesome aid o f that adjournm ent b y services on tho W ar Industries
Board, thoy have becom o stifled b y tho impregnated atmosphero that has
com e with the armistice, and are leaving gainers only b y tho conclusion that
N or toward tho end has tho Director-General been aiono in thwarting tho inspiration o f tho war was not sufficient to induce tho Administration
to
give over the business o f politics for tho business o f governm ent.
the purpose o f tho B oard. T h e Secretary o f tho Treasury has taken a
T hoy have been unable to penotrate tho inky cloud in which tho political
stand in direct contradiction with his message to tho President urging the
creation o f the Board. T ho Attorney-General has rendered an opinion squid has concealed its escape from support o f tho Board in a position which
that tho plan o f tho Board contravenes tho Sherman A ct, but tho facts for some unstated reason was politically undesirable. I can only adm it tho
assumed as the basis o f that opinion are so inconsistent with tho actual course public to m y own perplexity among tho following conjectures:
In tho beginning, did tho present opponents o f tho Board fail to foroseo
o f conduct o f tho Board, as to render the opinion inapplicable, yet it has
tho far-reaching rosults to bo achioved, and was tho growing importance
been used as a basis for tho abandonm ent o f the B oard’s plan.
and power o f tho B oard’s policy too powerful a political englno to leave
outside the Administration’s arsenal and in the hands o f a nonpartisan
board? Does tho Administration plan for 1920 a p latform -of State Social­
ism which it now finds inconsistent with tho results achieved b y tho B oard?
Or, after all, am I giving too m uch credit for an acum en that does not
exist, and is what tho Board has encountered m erely tho machinations o f
tho old railroad guard, as represented by Messrs. L ovott and W alters, and

According to the New York “Commercial” Secretary Redfield made public on the 9th his complete file of correspon­
dence on the subject, included in which, it states, was a
“ hitherto unpublished cablo from President Wilson to him,
dated April 18, in which the President clearly supports the
view of Mr. Hines that the Board was intended to b6 a
mediating and not a price-fixing body.” The cable was as
follows:
.

It is stated that Secretary Redfield indicated that if it
had been possiblo to get the Railroad Administration to
accopt the proposed steel prices, four other industries, coal,
cement, and soft and hardwood lumber industries would
have been willing to agree to price concessions.
A statement announced on May 12 as issued by tho
Department of Commerce stated, it is said, that, in view of
tho resignation of the Industrial Board having made it im­
possible to proceed with the prico stabilization program, all
industries that submitted themselves to the Board are re­
leased from obligations. The “Wall Street Journal” quoted
the following therefrom:

The Industrial Board had its inception at a conference
on Feb. 5 held at the instance of Secretary Redfield and
attended by former heads of divisions of the War Industries
Board, and tho Government.representatives, at which action
toward evolving plans to establish a fair post-war level of
prices was taken. Details were given in our issue of Feb. 22,
page 727. We are unable to make room today for
Attorney-General Palmer’s opinion regarding tho legality
of the price-stabilization plan.
—

The announcement of the resignation of the members of
the Industrial Board of the Department of Commerce has
been followed by the issuance of a statement by George N.
Peek, Chairman of the Board, in which he says: “It is in­
conceivable that the Railroad Administration’s unsubstantial
objection to tho price of steel rails alone was sufficient to
justify the abandonment of a policy of such importance.”
Mr. Peek further said:

The opinion of tho Attorney-General is referred to in
another item. In a statement issued on May 12 Secretary
Glass, in reply to Chairman Peek, stated that tho Board in
attempting to “fix minimum prices for tho public, did
precisely that which it had beon warned not to do,” and that




M a y 17 1919.]

THE CHRONICLE

imposed on a too complacent Director-General, or on a Director-General
too jealous of his own prerogatives to see beyond tho confines of his little
Ozardom?
The Board cannot answer. It can only depart more in sorrow than in
anger, and in great disappointment, from a lost opportunity to serve tho
country by a simple and sensible plan to reduce the cost o f living and to
return prosperity. In doing so it leaves a single message.
Tho plan o f tho Board was good. It is capable o f accomplishing what it
promised. Tho Administration owes it to the nation to put that plan into
immediate execution at the hands o f some agency in which it can feel
political confidence and sympathy.

N E W

Y O R K

1987
S T A T E

I N C O M

E

T A X

B I L L

S I G N E D

B Y

G O V E R N O R .

T h e bill providing for a State incom e tax in N e w ' Y o r k
was signed b y G o v . Sm ith on M a y 15.
T h e text o f the new
law was given in these colum ns last w eek, page 188 3 .
It
provides for a tax of 1 % on incom e up to and including
$ 1 0 ,0 0 0 , 2 % on income in excess o f $ 1 0 ,0 0 0 , b u t not over
$ 5 0 ,0 0 0 , and 3 % on income in excess of $ 5 0 ,0 0 0 .
There is
W e also give M r . G lass’s statem ent herewith:
an exem ption of $ 1 ,0 0 0 in the case of single persons and
The Industrial Board, after conferences with tho Steel interests, but $ 2 ,0 0 0 in the case of the head of a fam ily or married person.
against the express protest of the representatives o f the Railroad Adminis­
tration, approved a scale o f prices, below which, tho Industrial Board Incom es derived b y business in N e w Y o r k State b y persons
Incom es of State
announced the public should not expect to buy during the yoar. The living outside the State will be taxable.
attempt thus made to fix minimum prices for the public seemed to me em ployees also are taxable.
One-half of the tax will go to
wholly indefensible and contrary to fundamental principles o f economics,
o f public policy and o f the law. Surely the healthy restoration o f indus^ the State and the other half to the m unicipality in which
trial life and activity is not to be found in the perpetuation and exagger­ it is raised. T h e bill carried an appropriation o f $ 3 0 0 ,0 0 0
ation, months after tho cessation o f hostilities, of the artiflcal conditions for collecting the tax b y the State Com ptroller.
which in war were tolerated as necessary evils. The Treasury has con­
In its issue of M a y 15 the A lb a n y “ A rg u s” said:
sistently striven since Armistice Day for the removal of all Government
restraints, controls and interferences.
Last year tho manufacturing and mercantile companies contributed
The original plan, which in its general features had my approval, was to more than $16,000,000 by the former tax and more than $18,000 000
endeavor to bring about a meeting o f the minds, between tho producers will bo collected before June 30 1919. Since the enactment o f the cor­
and those Governmental agencies which had large purchases to make, upon poration tax law in 1881 and up to two years ago business concerns were
bed-rock prices which would carry conviction that new enterprises might practically exempt from the payment of any tax. Originally they were
be undertaken with safety and the hope o f profit.
relieved with a view of attracting their location in this State. While
Tho Industrial Board, having failed to bring about such a meeting of the theoretically assessed on their personal holdings, they frequently escaped
minds with Governmental buying agencies, attempted to fix minimum payment. After a lapse of 37 years the State now imposes an annual tax
prices for tho general public and thus did precisely that which it had been but exempts the corporation locally, sharing ono-third of tho tax returns
warned not to do. This action was promptly repudiated by me, and tho ■with the communities.
Board was fully advised o f the reasons and urged to mend its ways. Its
“ How inadequately they were asseseed on their personalty,” a statement
subsequent efforts to force these minimum prices upon the Railroad irom Comptroller Travis’ office states, “ is shown in an investigation made
Administration and its failure to recede from tho action taken in attempt­ in 1915, which revealed a list of 24 companies having $90,000,000 of taxable
ing to fix minimum prices for the general public for a year confirmed me personalty, but actually assesed for only $3,300,000. This condition was
in tho viow that the Board was hopelessly committed to an unsound and duo to tho practice of filing certificates of incorporation in smaller com­
dangerous policy.
munities although carrying on the business in the larger centers.
There is scarcely one accurate assertion or sane deduction in all o f Mr.
Another amendment narrows the scope of exemption aUowed on per­
Peek’s intemperato screed; and to me it is now perfectly clear why there has sonalty. Formerly, mercantUe, and manufacturing corporations could
been a sad ending of tho movement which had its initial meetings in the not bo assossed locally on account o f machinery and equipment affixed to
Treasury and which had for its purpose the revival of industrial activity a building, if such fixtures used for trade or manufacture and not essential
through agencies and by methods that were not contrary to tho statutes or for tho support o f a budding, are exempted. Conforming to a recent
obnoxious to the elementary principles of economics.
decision, tho new law provides that corporations may no longer deduct
Ift Mr. Peck knows perfectly well that I have never in any way or at any in calculating net income, taxes paid or to be paid to the Government!
time suggested such action as that taken by tho Industrial Board. Hence on either profits or net income.’ *
his reference to mo on this point perverts tho actual truth. Indeed, it is
The income tax will be assessed upon the income of 1919 and will be
not inexact to say that Mr. Peek has persistently and consistently practiced payable in March 1920.
deception in nearly every public statement, he has made.

V E T O
F U E L

A D M I N I S T R A T O R
O I L

G A R F I E L D

R E M O V E D

A L L

R E S T R I C T I O N S .

T h e issuance of an order b y U . S . Fuel A dm inistrator
G arfield, rem oving all rules and regulations governing the
production, m anufacture, distribution or transportation of
oil in its various form s, including gasoline and natural oil
was announced on M a y 15.

O F

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L I M

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I T I N G
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2 .2 5 % .

T h e bill lim iting the tax rate on real estate in N e w Y o rk
C ity to 2 .2 5 % of the assessed valuation, beginning Jan. 1
1922, was vetoed b y M a y o r H y la n on M a y 9 .
T h e bill as
passed b y the Legislature was subject to approval b y the
M ayor.
In his veto message M a y o r H y la n said:

This bill, if enacted into law, would mislead the property owners, builders
and investors and the public generally who might be acquiring or making
improvements upon real property, relying upon a limited tax rate o f 2.25%.
Financial obligations imposed upon the city by mandatory legislation and
direct
State taxes may require a repeal of this law. Tho administrative
B I L L
I N C R E A S I N G
T A X
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C O R P O R A T I O N S
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officers
of tho city have no control over the direct Stato tax or the man­
Y O R K
S T A T E
S I G N E D
B Y
G O V E R N O R .
datory financial legislation imposed on the city which must be included
T h e bill passed b y the N ew Y o rk Legislature before its in tho yearly budget and tax levy. As an example the State-wide teachers’
adjournm ent on April 1 9, increasing the tax on n et incomes bill, which if approved by the Governor would place a yearly burden upon
tho people of the City of New York of from fifteen to twenty million dollars,
of corporations from 3 to
Was signed b y G overnor increasing the tax rate from twenty to thirty points, which increase in the
Sm ith on M a y 15.
T h e law , which previously applied tax rate, as tho realty owners admit, would be ultimately passed along to
the rent payer by increasing his rent. We are endeavoring to stop rent
m erely to m anufacturing and mercantile corporations is
profiteering by landlords. To do that honestly and fairly we must stop
now m ade to include business corporations in general. A s imposing high taxes upon property by mandatory legislation to satisfy big
we noted in our issue of M a y 3 , page 1780, wherein we gave salary grabbers.
Tho operation of the pay-as-you-go law, which will be in full effect in
the text of the newly enacted measure, the term “ entire net
tho near future, will prohibit the construction of schoolhouses, firehouses or
incom e” is defined as meaning “ the total n et incom e before Improvements to our charitable and correctional institutions, because o f
an y deductions have been made for taxes paid or to be paid the requirements of this law that the total cost of these improvements be
included in the budget in the year in which they aro made. With this
to the G overn m en t of tho U nited States on either profits or pay-as-you-go law on the statute books mandatory legislation such as the
net income or for an y losses sustained .b y the corporation in teachers' Stato-wide bill, consisting fifteen to twenty million dollars and
other fiscal or calendar years, whether deducted b y tho G o v ­ the direct State tax which can be Imposed by the State upon the city without
limitation, the city would be hamstrung and could not build schoolhouses,
ernm ent of the U nited States or n o t .”
O n e-qu arter of the firehouses or make other public improvements that would be necessary
tax imposed under the bill will go to the State and three , because tho entire cost of these improvements would have to be continued
quarters to the municipalities. A statem en t issued at the i in the yearly budget, which would be limited to the tax levy of 2.25%
|on tho assessed valuation of real estate.
offico of S tate Com ptroller T ravis following the signing of the
If the city were not able to meet its obligations because of the operation
bill said, according to the A lb a n y “ A rg u s” of M a y 15:
of this law it would be necessary to have it repealed. It can readily be
Tho Now York statute, in many essential respects, resembles the Federal seen that this would be unfair to those investors who purchased their hold­
in good faith with the understanding that tho tax rate would be limited
tax, and its administration by the Comptroller’s office will therefore be ings
to 2.25%.
made easier for tho taxpayer to understand. Insofar as thoy affect tho
Such a law would give the land sharks a great opportunity to fleece the
majority o f taxpayers, gross and net income will mean tho same under both
laws, as tho deductions and exemptions aro in substantial accord
The rate honest investor in real estate which -would be on a par with some of the
stock-jobbing
schemes of the public utility corporations. If the mandatory
Is graduated without surtax, 1% being imposed on tho first $10 000on the next $40, and 3% above $50,000, all payable at the same time as legislation which places a financial burden on the taxpayer and rentpayer
by tho State authorities is disapproved and tho city authorities allowed
tho Federal tax.
to administer the affairs of the city without a raid upon its treaty, we have
Corporations aro not included, and although partnerships must file a
hopes of a further relief to the taxpayers and rentpayers by a reduction in
roturn, thoy aro taxed only as individuals, liko tho Federal law. A return the tax rate for next year.
on incomes from estates and trusts must be made by tho fiduciary Unlike
tho Federal statute, tho entire net income of non-residents earned in this
T h e bill as originally introduced in January had proposed
Stato is taxable—2% o f salaries o f $1,000 or over being withheld by their
a tax of 2 % .
T h e new legislation is said to have been
employers, “ withholding agents.”
opposed b y the Com ptroller; real estate interests had been
Tho receipts will bo divided equally between tho State and localities
based on the assessed valuation of realty and not according to amounts in favor of its enactm ent, and an official of the Real E state
collected. Utmost secrecy of the returns is assured under heavy penalty
similar to failure to make return or pay tho tax. Arrangements are being Board of N e w Y o r k , which organization had aligned itself
made to organize the work and already a series o f practical questions and in support of the measure, was quoted in the N e w Y ork
answers interpreting the law aro being prepared for distribution shortly.
“ T im e s” of the 11th inst. as saying:




The Comptroller personally felt aggrieved at the failure o f the Legislature
to enact a personal tax law with a listing system, and with no exemptions
o f any kind.
It was unfortunate also, as far as the fate o f the tax bill was concerned,
that the M ayor’s most intimate associates, whose advice he most frequently
takes, are men o f very great wealth.
Their real estate interests are slight compared with their enormous per­
sonal holdings. They feared that a limited tax on real property meant
that the excess burdens o f extravagance and waste would be placed on
personal property.
For years these men have escaped paying any share o f the cost of munici­
pal government, and 95% o f the tax levy has been placed on real property.
When it is remembered that real property is worth but $8,500,000,000,
and that personal property, which certainly needs the protection of Govern­
ment as much as real estate, is estimated at $50,000,000,000, the injustice
of this is apparent.
The value o f the proposed law to real estate was only sentimental, and
meant no reduction in taxes Until 1922; still its enactment would havo
accomplished a great deal toward bringing investment money into the
market. Building, so much needed, would have been greatly stimulated,
and the tenants would have benefltted through competition. The history
of tax legislation repeated itself with the course of this measure.
There was no open opposition to it at Albany or before the Mayor.
The bill passed the Legislature by a unanimous vote of both houses, and
at the hearing before his Honor there was no real opposition. The men who
fight to escape personal property taxation do not work openly.
They labor quietly yet effectually, and for years they havo blocked the
efforts of the 250,000 home owners o f Greater New York to make them pay
for their share o f the cost o f Government. Again they havo succeeded,
and succeeded in spite of a practically unanimous public sentiment and an
entirely unanimous vote o f the Legislature and a special message from
the Governor o f the State.
It Is idle to underestimate their Influence, and the real estate owners and
tenants o f this city must realize that only by complete and thorough organi­
zation and by an absolute demonstration of their strength can they compel
personal property to pay its share o f taxation. The Real Estate Board of
New York has only begun to fight, and will go to the next Legislature with
a bill limiting the tax on real property, and that bill will become a law.
C O N F E R E N C E S

O F

E X E C U T I V E S

O N

A

S

S

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C

I A

T

F I N A N C I N G

I O

N

O F

O F

R A I L W

A Y

R A I L R O A D S .

M eetin g s to consider the plans proposed for railroad legis­
lation were held b y the Association of R ailw ay E xecutives,
of which T h om as D e W it t C uyler is Chairm an, during the
past tw o d ay s.
T h e principal conferences were held yester­
d a y , these being preceded b y a m eeting of a few of the
executives on T h u rsd a y.
T h e standing com m ittee of the
A ssociation m et yesterday m orning, and this was followed
in the afternoon b y a m eeting of the m em ber roads of the
Association for the transaction of the general business of tho
A ssociation .
T h e last previous m eeting of the m em ber
roads of the Association was held in W ash in g ton F e b . 7 .
T h e question of the financing of equipm ent cam e up at
yesterday’s m eeting, and this w as also considered at a con­
ference betw een private bankers and railroad executives held.
in this city on the 9th in st. at the offices of J . P . M org an &1
Co.
R egarding that conference the N e w Y o r k “ T im e s” of:
the 10th in st. said in part:
t
No statement was Issued following the meeting, but it is understood that.
tho bankers and the railroad men discussed almost exclusively the necessity[
for a replenishment o f the railroad revolving fund at as early a date as.
possible In view of the fact that the banks are bearing a burden of railroadi
financing which is assuming large proportions. It is understood that all„
of those who attended the meeting are agreed that the Incoming Congress
should meet tho financial needs o f the Railroad Administration immediatelyl
Tho banking fraternity seems to favor the Immediate appropriation of tho0
$750,000,000 which Director-General o f Railroads Hines asked from the
last Democratic Congress by the now body which will be Republican in1
majority. While bankers are not unanimous on this point, it is understood0
that several o f the men upon whose institulons has fallen tho heavier sharo,
of the railroad financing which has been necessary in the emergency period
favor such action. The former measure Is acknowledged to bo a Demo­1
cratic one, but it was not opposed by the country and would have passed„
but for the last minute Senatorial filibuster, and it is understood that the.
bankers who urge that it be adopted by the extraordinary session, do sos
to avoid unnecessary delay in replenishing the Railroad Administration’s
purse.
lf
The emergency financing o f the carriers which has been taken care ofj
by tho bankers amounts approximately to $150,000,000, including June I1
requirements. On April 1 the roads were in need o f about $70,000,000.'
Of this amount $35,000,000 was provided by the War Finance Corporation.
in direct loans to the carriers. The remainder was provided by tho banks.j
Tho May 1 requirements were in the neighborhood o f $60,000,000, half
„
of which was again borne by the banks in addition to somo $34,500,000 ine
secured notes and $6,600,000 in unsecured notes. Requirements of thoy
roads on June I are approximately $46,500,000, and it has been generally
believed that the banks would havo to increase their railroad financinga
j
to embrace $30,000,000 in secured notes and $15,000,000 in unsecured
notes which fall due on that date.
T h e m eeting was attended b y J . P . M o rg a n . Charless
Steele and D w igh t W . M orrow of J . P . M o rg a n & C o .;;
George F . B a k e r of the F irst N a tio n a l B a n k , and M r . Cuyler1
and Alfred P . T h o m , General Counsel of the A ssociation off
R ailw ay E xecu tives.
e
Y e s te rd a y ’s conferences were held in the board room of1
g
the N e w H a v e n R R ., Grand Central T erm in al. According
to R . S . B inkerd, A ssistan t C hairm an of the A ssociation,
’
the equipm ent involved in the discussion is valued at ap­”
S
proxim ately $ 4 0 0 ,0 0 0 ,0 0 0 , of which $ 2 9 3 ,0 0 0 ,0 0 0 represents
s
cars and $ 1 0 7 ,0 0 0 ,0 0 0 locom otives.
T h e num ber of cars
is 1 0 0 ,0 0 0 and of locom otives 1 ,3 0 0 . R egarding yesterday’s
s
conferences, M r . C uyler issued a statem ent saying:




lVol. 108.

THE CHRONICLE

1988

The railway executives discussed with the members of the law committee
of tho Association the various proposals that have been made for tho new
railroad legislation that it will be necessary to enact before the Govern­
ment relinquishes war control of the carriers. There is undoubtedly a
very general demand over the country for an early return of tho roads to
their owners, but, of course, as has been pointed out by the President, by
tho Director-General of Railroads and by leading members or Congress,
it would be a dis-service to the country to return the roads to their manage­
ments without correcting the recognized evils in the system of railway
regulation we had prior to the war.
These mal-adjustments in the old system of regulation were seriously
obstructing the free development of transportation facilities, and it is
unthinkable that the country would consent to a return of the roads to
their owners before insurance had been provided for the future, by a thor­
ough revision of the Act to regulate commerce. The country is now in
such general agreement as to the basic principles of remedial railroad legis­
lation that the work of Congress ought to bo comparatively easy.
The Association also discussed the working out of the problem of allo­
cating and financing the several hundred million dollars worth of now cars
and locomotives purchased by the Government for tho uso of tho roads.
The proposal has been made that the financing of this large amount of
equipment would be greatly simplified by a single general issue of equip­
ment trust obligations, instead of having individual securities issued by
each of the roads. Conferences are being hold between the Association
and the Railroad Administration for the equitable working out of this
problem, and it is hoped that an agreement will soon be reached.
V I E W

S

O F

A S

T O

D I R E C T O R - G E N E R A L
S O L U T I O N

O F

W

A L K E R

R A I L R O A D

D .

H I N E S

P R O B L E M .

In a discussion before the Econom ic C lub of N e w Y o r k
on M a y 8 as to “ W h a t Shall be D on e with tho R ailroa d s?”
W a lk e r D . H in es, D irector-G eneral of Railroads, expressed
it as his view that “ now is the chance and the only chance
to m ake a really effective plan for public regulation of private
m an agem en t.”
“ I f we take the chance,” he said, “ w e w ill,
I believe, enter upon a long period of successful railroad
operation w ithout G overnm ent ownership, b u t if wo fail to
take the chance we invite the failure of public regulation of
private m anagem ent, and when that failure shall next be
dem onstrated G overnm ent ownership will be the next logical
s te p .”
M r . H ines’ s remarks before the Econom ic C lu b were
along the lines of an address m ade b y him a t the annual con­
vention of the Cham ber of Com m erce of the U nited States
in S t. Louis on April 3 0 , at which tho views of Senator A lb ert
B . C um m ins of Iow a and Samuel R e a , President of the
P ennsylvania R R ., on the railroad problem were likewise
presented.
In dealing w ith the subject before tho E conom ic
C lu b , M r . H ines said in part:
When we consider the diminishing purchasing power of the dollar it is a
very conservative estimate to say that at least a billion dollars of new capital
must be put into the railroads every year for many years to come, and
probably a great deal more than that must bo put in; and unless a form of
regulation can bo adopted which will attract capital into tho businossthen there is nothing to do but to put tho business on a basis where Government credit can be used in the first instance to furnish the money, and that
means Government ownership. That condition was not realized under
the old system.
I think there ought to be a compulsory consolidation of tho railroads of
this country into a few large competitive systems. I beliove tho American
public wants competition in service, and I think that can bo accomplished
through tho creation of a few large systems, say, anywhere from twelve
to twenty. I believe in each of the three great sections of tho country—
tho West, tho East' and tho South— a few large railroad companies can be
constituted, each of which will bo a strong system, and the several companics in each of these regions will give effective competition in service
at practically every important point which now enjoys competition.
Each of theso railroad systems can be made to combino tho strong roads
and tho weak in such a way as to present a fair average in the gonoral situat ion. In that way we will get entirely away from the insupcrablo difficulty
in the past of trying to apply a single standard to railroads so different in
their earning capacity that it was impossible for tho same standard to work
for all, and that would give one road more than it needed and leave another
In such a position that It could not render tho public servico.
A mero permission to consolidate is not going to get rid of this difficulty
as to tho weak and strong roads. No prosperous road is going to dilute
its prosperity by voluntarily taking on a weak railroad. Now it can be
assumed that will be the case, but I tell you that it will not bo tho case
unless there is a definite advantage to the particular strong road in making
that transaction.
Since these railroad companies, reconstituted in this way, would have an
official capitalization, that official capitalization would put an end for all
time to come to this pervading and persistent suspicion as to over-capltalizatlon which has been the cause of so much unrest and of so much discontent with any action that has been taken in recent years with respect
to railroad rates or railroad wages, or any other railroad problem o f general
interest.
Don’t deceive yourselves in thinking that this situation will largely take
care of itself by tho me.-e return of the railroads to private management.
That is not going to bo the case, in my opinion. Tho heavy costs which
havo come upon the railroads as an outgrowth of tho war are not goingTto
be eliminated simply by the return to prlvato management. I would like
for you to turn this thought over in your minds; that when the Government
took control of the railroads it didn’t put a single man who was notja railroad man In charge of operating; every railroad in tho country was left in
the hands of experienced railroad men to manage; almost withoutTexceptlon in the hands of tho very same men who had managed them under private control. And the day that Federal control stops tho railroad operation will go right along under the control of tho very samo men who'have
been handling them under public control.
T
Tho mere change from public control to private control is not going!,to
work any miracle, it Isn’t going to give either tho men who are now operating
tho railroads, and who will then operate the railroads miraculous powerlto
deal with theso questions of operating costs in any way fundamentally
different from that in which they are so zealously and earnestly dealing
with them to-day throughout the country. So that theso great difficulties
whichlhave come upon{tho"rallroads!as an outgrowth of tho war and'similar

.M a y 17 1919.]

THE CHRONICLE

difficulties have come upon every other business In the country, upon
businesses which have not been under public control.
It may bo said that there Is some doubt about the power to do as I pro
poso; the question o f constitutional power but the practical power is
perfectly clear. I won’t take tho time to discuss it. It may bo said that it
will take a long time to work out tho plan I have suggested, but I don’t
think it would tako any longer than tho one tho committeo o f this organ­
ization has in mind, because, as I understand^ it, tho committee’s plan
contemplates tho creation o f a rule by whicli rates shall bo made, that
rule to be based upon a valuation of tho property. That valuation will
tako timo, and I don’t bolievo it will tako any more timo to carry out the
plan which I suggest than to carry out a valuation for any other purpose.
Also bear in mind that if that plan were adopted, and if tho railroads
wero turned back before tho valuation were worked out, before tho factors
of tho rulo were established, there would bo a tremendously difficult
situation for the railroads o f tho country, because thero would then be no
standards, they would bo exactly in tho situation they wero in beforo, and
wo would have no standards by which to test tho revenues o f tho railroads
to tho heavily increased costs. I tako it that no plan can bo put Into
operation until some certain ride has been put into effect, and if that much
timo must be taken, that is enough time to carry out tho sort of plan I
have in mind.
Now, I can’t emphasize too strongly tho tremendous importance of a
thorough going solution o f this matter. If we stop and, think how un­
satisfactory the old regulation was, how it started unrost instead of stop
ping it at tho end o f every important controversy, then you can let your
solves realize how vastly more difficult tho conditions are now, and will
continue to bo when private management comes back.
Tho argument has been made that thoroughgoing regulation o f tho sort I
proposo would bo inconsistent with tho idea o f private management. Tho
fact is, however, that tho regulation of tho past was tho thing that was
inconsistent with tho idea of private management. Tho regulation was
uncertain and carried on in an atmosphere of public discontent and suspi­
cion and by tribunals which had no opportunity o f being in contact with
the business necessities of tho situation. Yet tho regulation wont as deeply
into tho earning power of the railroad companies and into what they had
to expend in operating costs as any regulation that would bo involved in the
plan I proposo. M y plan really reconciles public regulation with private
management through making that regulation definite and business like and
more satisfactory alike to the public and to privato capital.
If a plan along tho linos outlined by mo is not adopted there seems to bo
no alternative except to go back to tho old plan with non essential modi­
fications. M y own opinion is that such a result will prove sorely dis
appointing. I boliovo many roads will fail entirely on tho basis of such a
plan of regulation and even the strongest roads will continue to be con­
fronted in tho future as they wero in the past with great uncertainty,
whilo tho public will continue to bear a wholly unnecessary burden which
will represent tho price it pays for uncertain regulation.

V I E W S OF S E N A T O R A L B E R T B. C U M M I N S ON
R A I L R O A D PROBLEM.
United States Senator A lbert B . Cu m m in s (of Io w a ),
ranking R epublican m em em ber of the Senate C om m ittee
on In ter-Stato C om m erce, reitoratod boforo tho Econom ic
C lu b of N o w Y o rk at the H otel A sto r on M a y 8 his views
regarding tho solution of the railroad problom .
Senator
C u m m in s advocates tho consolidation of the railroads into
eighteen or tw en ty system s, under separate, independent
m an agem en t, these to bo operated b y privato corporations
organized under an A c t of Congress.
In stating before the
Econom ic C lub “ that there is but one real rem edy for the
present railway situ atio n ,”
Senator
Cu m m in s
added:
“ it lies in the further and com pulsory consolidation and
unification of tho railw ays.”
Prior to his address of last
week Senator C u m m in s on several other occasions during the
past fow m onths has outlined his ideas in tho m a tte r, one
o f tho m ost recent being the annual meeting of the C ham ber
of Com m erce of tho U nited States on A pril 3 0 .
In his
remarks on that occasion he said:
•
Thoro must bo a series o f consolidations which will mergo weak roads
with strong ones, to tho end that tho resulting systoms, and they will bo
comparatively fow In number, may do business upon substantially even
terms. When this is dono, tho test of reasonable ratos will bo their effect
in producing revenue for the system as a whole, and a minimum increase
will accomplish tho purposo. In many instances, no increaso would bo
required, because tho surplus o f tho favorably situated properties in a given
system would make tho rovonuo o f tho whole system adequate.
Tho second principle toward which I havo been drawn, slowly and
roluctantly, but surely, is tho Govemmopt guaranty, in some form, of a
return upon tho capital invested in railways. M y reason for this position
is not that capital so invested should bo favored, but because wo are now
practically guaranteeing tho return, and aro not securing tho low rate of
return which a direct Government undertaking should and would command.
Taking tho railway properties together, tho pooplo have for years and
years been paying a capital charge far in excess of a reasonable rate of
interest upon a Government obligation.
This, however, is not tho complete story, so far as the future is concerned.
Tho railways claim and tho decisions of tho Supremo Court furnish a fair
basis for tho contention, that under tho present law they may demand rates
which will enable them to earn a net incomo of 7, 8 or 9% upon tho entiro
valuo of tho properties which render tho service. I am Inclined to tho belief
that gradually they will reach tho end thoy havo in viow. If so, tho peoplo
will bo paying upon tho properties just as they aro, without additions or
oxtonsions or increaso in capital account— a capital charge o f more than
81,200,000.000 per year.
It is my deliberate judgment that it will bo far better for capital to accept
a low guaranteed return, and I know that it will bo Infinitely better for tho
pooplo to give the guaranty, for it cannot by any possibility increase thoir
burdens, and it opens to them tho only possible path toward a reduction in
tho charge for capital and a decrease in tho enormous ratos thoy are now
paying for transportation. Furthermore, it is tho only method which
assures tho growth in facilities necessary to meet our rapidly developing
commerce.
There is another consideration which has strongly Influenced mo In
reaching tho conclusion I have just stated. Tho conflict between railway
promoters, railway managers, railway security holders, making up what is




1989

commonly known as railway corporations, and the public, which has been
in progress more than forty years, and which has been carried on in con­
ventions, elections, courts, congresses and legislatures, has been the most
corrupting, degrading and demoralizing element in our history. It has
been passionate, relentless and cruel. Whatever may have been the merits
of the controversy at different times, it can bo confidently asserted that the
struggle has not resulted in that degree o f justice which ought to prevail.
It is high time that it should be brought to a close and the whole subject
forever disposed of in a way that will at once secure to tho capital invested
in a public business its just reward) and protect the people against the un­
reasonable demand for speculative profit in the performance o f a public
service.
Let no one imagine that I am advocating a guaranty of return upon t ailway securities without regard to the value of tho property upon which thd
securities are based. Neither tho railway corporation nor the owner of its
securities should receive more than a fair return upon the value of the
property itself.
I go forward to another and final principle in the solution of the railway
problem. I believe that tho railways should be operated by private cor­
porations rather than by the Government. I emphasize now and at all
times tho distinction between Government ownership and Government
operation. I understand perfectly that when the Government undertakes
that the return upon the capital invested shall be certain— that is, guaran­
tees tho return, whether by legislative assurance or by explicit obligation—
it may bo well termed the equivalent of Government ownership.
Senator Cum m ins had previously outlined his views before
the General A ssem b ly of Iow a on M a r . 2 7 , and from his
enunciations at that tim e as printed in the “ R ailw ay A g e ,”
of A pril 2 5 , we take the follow ing:
Some Fundamental Principles.
Some timo prior to tho first of January of the present year, and in
anticipation of the hearings which have been in progress before the Inter­
State Commerce Committee of the Senate for two months or more, I
announced to the public a series of principles which, as it seemed to me,
should be accepted in the enactment of any fundamental legislation. They
are:
First. The return upon the capital invested in railways should be made
through a Government undertaking.
Second. The railways should bo consolidated into comparatively few
systems, and by few I mean not more than eighteen.
Third. The railways should bo operated by private corporations organized
under an Act of Congress.
Many complete plans of reorganization have been laid before the Senate
Committee, brought forward by the most intelligent, thoughtful men of
the country, some of whom are railway executives, some of whom represent
security-holders, some of whom are bankers, some of whom represent com­
mercial and civic institutions, and some of whom are observers and students
of economic life in all its varied phases.
It was intensely gratifying to me to discover as the hearing proceeded
all these plans, save one, adopted the substance of the principles which
I had made public, although thero are wide differences in the form of their
application to the actual affairs of transportation.
Will you indulge me while I submit, with such brevity as I can command,
tho reasons which justify the principles to which I have called your atten­
tion?
Tho return upon the capital invested should bo made certain by a Gov­
ernment undertaking because:
First, it is highly desirable to remove for all time the demoralizing,
corrupting struggle between tho owners and representatives of railway
property and the public, especially that part o f the public directly interested
in freight and passenger charges. For more than forty years this conflict
has been going on in conventions, elections, legislatures, congresses and
tho courts. Sometimes the railways have won, sometimes the people have
won, but the fight has been so Intense that oftener than otherwise the
justico of the matter has been ignored by both sides, and it is high time to
bring tho contest to an end.
Second, the honest investment in railway properties is entitled to protec­
tion, and the public is entitled to fair treatment. It is Impossible to
conceive of any revision of the law that will accomplish these two things
without the elimination of the controversy relating to the return upon
capital. The certainty of the return is also demanded because furnishing
transportation is a public business, and abstractly considered there should
be no speculative profit in the business.
Finally, and chiefly, tho return should be made certain in order to reduce
tho charge for the capital invested in tho railway properties. So long as
tho return is uncertain with respect to many railroads, every railroad will
insist upon earning all it can.
Taken as a whole, the roads received in 1917 a net operating income of
about a billion dollars, and they were contending earnestly for more.
In 1918 Congress authorized the President to pay them as compensation
during tho Government possession somewhat more than nine hundred
millions of dollars per year, and this did not include many of the short
lino railways. If the Government makes a certain return it can justly
reduce the return to a rate of interest which a Government obligation ought
to bear.
Assuming, but not conceding, that the railways are worth in the aggregate
seventeen billions of dollars, a return of four and a half per cent under a
Government guaranty would be ample. Under such a provision the annual
charge for the properties as they now are would be seven hundred and sixtyfivo millions of dollars. The peoplo paid in 1917 a capital charge of a
billion dollars, and we are now paying under Government operation a
capital charge of more than nine hundred millions of dollars. The principle
I havo proposed, if embodied in tho law will save tho people o f the coun­
try from two hundred and fifty millions to five hundred millions of dollars
annually, for it must bo remembered that under the old system the capital
charge was gradually increasing, and it is easy to believe that without
reckoning any addition to the value of the property the capital charge
would soon reach a billion two hundred millions of dollars.
Another vexatious element would bo laid at rest. The unearned incre­
ment in public utility property is a constant menace. It ought to be
understood, once for all, that a fair return upon the actual investment is
all that capital can demand. I understand perfectly that many people will
instinctively shrink from a guaranteed return, but their reluctance to adopt
tho principle will disappear upon reflection. There is no possibility of a
additional burden; on the contrary, we shall save an immense sum of
money every year and at the same time convert railway securities into a
stable investment and contribute tremendously tfthe available credi >:
tho country.
Thero aro various methods in which the principle can be applied. It
may tako the form of a legislative assurance that the rates shall be sufficient
to produce tho sum required, but preferable it will bo putin a positively
guaranty. It may be worked out through the securities as they now exist,

[V ol . 108.

THE CHRONICLE

1990

b u t t h e s im p le r p la n w o u ld b o a G o v e r n m e n t c o r p o r a t io n t o a c q u ir e a ll th e

in o r d e r t o s e c u r e t h e h ig h e s t d e g r e e o f f id e li t y a n d e f f ic i e n c y .

p r o p e r t ie s o r a ll t h e s e c u r it ie s a n d is s u e o r s u b s t it u t e n e w

b e a r e w a rd fo r g o o d m a n a g e m e n t a n d h o n e s t w o r k , a n d a p e n a lty fo r b a d

o b lig a t io n s .

T h ere m ust

w a y p r o p e r t i e s , u n le s s t h e r e c a n b o a n a g r e e m e n t b e t w e e n a G o v e r n m e n t

m a n a g e m e n t a n d d is h o n e s t w o r k .
H a p p ily , t h e r e a r o s e v e r a l m e t h o d s t h r o u g h w h ic h t h is p r o b le m

a gen cy , su ch

w ork ed ou t.

I t is t o b o u n d e r s t o o d t h a t in a n y e v e n t t h e r o m u s t b o a v l u a t i o n o f r a i l ­
as th e

I n te r -S t a t e C o m m e r c e C o m m is s io n , a n d

w ith r e s p e c t t o v a lu e .

In

th e ow n e rs

It can

can be

b e d o n e t h r o u g h a le a s in g s y s t e m , w it h t h o r ig h t s o f

le s s e e s c a r e f u l l y p r e s c r i b e d i n s u i t a b l e c o n t r a c t s , b u t a s t i l l b e t t e r w a y m a y

m y ju d g m e n t , t h is p r in c ip le e x te n d s t h e o n ly

b o fo u n d

h o p e o f a r e d u c t io n in r a t e s , o r o f p r e v e n t in g s t i l l f u r t h e r in c r e a s e s .

by

p r o v id in g fo r

a

co rp o ra te

o w n e r s h ip

o f th o severa l system s

i n t o w h i c h t h e c o u n t r y s h o u l d b e d i v i d e d , e a c h c o r p o r a t i o n w i t i i .a c a p i t a l i z a ­
C o n s o lid a tio n ,

W ith o u t E lim in a tin g

T h e s e c o n d p r in c ip le t o w h ic h

C o m p e titio n .

I h a v e r e fe r r e d

t io n re p re se n tin g th o a c tu a l v a lu e o f th o p a r tic u la r s y s te m , a n d t h o e s ta b ­
lis h m e n t o f r a te s w h ic h w ill p r o d u c e n o t o n l y t h o c o s t o f m a in t e n a n c e a n d

is t h a t t h e r o m u s t b o a

c o n s o lid a t io n o f th e r a ilr o a d s in t o c o m p a r a t iv e ly fe w s y s te m s .

o p e r a t io n a n d t h e g u a r a n t e e d r e t u r n u p o n c a p it a l, b u t a r e a s o n a b le s u m in

I t is u t t e r ly

im p o s s ib le t o m a in ta in a n e ffic i e n t s y s t e m o f t r a n s p o r t a t io n w it h r e a s o n a b le

excess o f th e g u a ra n ty ; th e excess to

r a t e s f o r s e r v ic e u n le s s t h is b e a c c o m p lis h e d .

a n d th o w o r k in g m e n .

In m y sta te m e n t o f th e earn ­

b e d iv id e d b e tw e e n t h o s to c k h o ld e r s

I a m a p r o fo u n d b e lio v e r in p r o fit -s h a r in g , a n d w h e n

in g c a p a c it y o f t h e v a r io u s r o a d s it w a s m a d e e n t ir e ly c le a r t h a t i f th o w e a k e r

t h e r u le is p r o p e r l y a p p l ie d it w ill s o lv e m a n y o f t h o p r o b le m s w h ic h n o w

r o a d s a r e m a d e s e lf-s u s t a in in g s o t h a t t h e y c a n c o n t in u e t o s e r v o t h o c o m ­

d is t u r b t h o in d u s tr ia l w o r ld .

m u n itie s t h r o u g h w h ic h t h e y p a s s , t h e s t r o n g e r r o a d s w il l e n jo y a r e v e n u e

e ffic ie n t m a n a g e m e n t, t o g e t h e r w it h th o s u m d is t r ib u t e d a m o n g e m p lo y e e s

so

as a rew ard

e x c e s s iv e ly la r g e t h a t t h e p e o p l e a s a w h o le w ill b o c o m p e lle d

in o r d in a t e ly fo r th e ir t r a n s p o r t a t io n .

to p a y

fr o m r a ilw a y lifo o r fr o m th e g e n e r a l c o m m u n it y .

th ey

s u b s t a n t ia lly e v e n

te rm s.

T hey

T h o w eaker roads m u st

SAMUEL REA ON THE RAILROAD PROBLEM.

Elsewhere we refer to the views of Director-General of
Railroads Walker D. Hines and Senator Albert B. Cummins
on the railroad problem. At tho annual convention of the
Chamber of Commerce of tho United States, at which they
presented their ideas, Samuel Rea, President of the Pennvania RR., also had something to say on the subject, and
we take the following from his observations:

m u st b o m erged , to o , u n der

a la w t h a t w ill r e q u ir e a t p r o p e r t im e s a c o m m o n u s e o f te r m in a l fa c ilit ie s
a n d a fr e e in te r c h a n g e o f e q u ip m e n t , a n d th u s p r e s e r v e th o g r e a t a d v a n ta g e s
o f u n i f i c a t i o n , w h ic h is t h e o n e s u p e r i o r it y in G o v e r n m e n t o p e r a t io n .
I a m n o t in f a v o r o f r e g i o n a l s y s t e m s , f o r w e m u s t a t a ll h a z a r d s p e r p e t u ­
a t e c o m p e t it io n in s e r v ic e .

T h e e x p e r ts w h o h a v e s tu d io u s ly e x a m in e d th o

m a tte r a re o f t h e o p in io n

th a t a ll t h o r a ilr o a d s o f th o c o u n t r y c o u ld

c o n s o lid a t e d in t o — s a y 18 s y s t e m s , a n d t h a t t h o c o m p e t it io n

bo

in s e r v ic e in

n e a r ly e v e r y lo c a lit y w o u ld b e e v e n m o r e k e e n th a n w h e n t h o G o v e r n m e n t
a s su m e d c o n t r o l.
I c a n n o t , w it h in th e t im e , w h ic h I m a y p r o p e r ly c o n s u m e , d e s c r ib o th e s o

I

g ested .
a

W h e n t h is is a c c o m p lis h e d i f a n y p a r t ic u la r s y s t e m

w h o lo

to

pay

th e

c a p ita l c h a r g e a n d

th e

cost

it

or

do

n o t r a is e

t h o ir

tio n

has

fu ll s h a r o o f th o r e q u ir e d

c o n fe rre d

upon

C on gress

and

d estroy

th o

e ffic ie n c y

c o -o p e r a tio n

o r g a n iz e d

fo r

i n t h i s m a t t e r b e t w e e n F e d e r a l a n d S t a t e a u t h o r i t i e s , b u t in

t h e la s t r e s o r t t h e F e d e r a l a g e n c y is s u p r e m e .
I t s e e m s t o m e , t h e r e fo r e , th a t a ll r a ilw a y c o m m o n
under

an

A ct

o f C on gress,

a lt h o u g h

I

c a r r ie r s s h o u ld

fr e e ly

a d m it

th a t

be
th o

n a t io n a l G o v e r n m e n t c a n e x e r c is e it s fu ll p o w e r t h r o u g h S t a t o c o r p o r a t io n s ,
b u t w it h s o m e e m b a r r a s s m e n t a n d lo s s o f e f f i c i e n c y .
G o v ern m en t O p e ra tio n

is

op era ted

I w ant you

by

p r iv a to

c o r p o r a tio n s

th a n

by

th o

G ov ern m en t.

t o o b s e r v e th a t I e m p h a siz e t h e d is t in c t io n b e tw e e n

m e n t o w n e r s h ip a n d G o v e r n m e n t o p e r a t io n .

e ffe c tiv e .

not

govern m en t

brou gh t

gu a ra n tees

in it ia t iv e ,

lo w

ra tes

or
or

T h a t is w h y t h o r a i l w a y e x e c u t i v e s

I

c o n c lu d e

th a t

th e

im m e d ia te

rem edy

fo r

th o

r a ilr o a d

is ;

o r c o n s o lid a t e w it h a n y o t h e r r a ilr o a d c o r p o r a t io n s , a n d r e a s o n a b le c o ­
o p e r a t io n p e r m it t e d in fa c ilit ie s , e q u ip m e n t a n d tr a in s e r v ic e s ;
4.
5.

R e g u l a t io n o f s e c u r it y is s u e s ;
R e g u la t io n o f w a g e s , w it h th o o m p lo y c o , t h o e m p lo y e r a n d t h o c o n ­

sum er
rep resen ted ;
6 . F u n d in g o f t h e c a p it a l d o b t s in c u r r e d d u r in g G o v e r n m e n t c o n t r o l.
7 . R e h a b ilit a t io n o f r e v e n u e s o f t h o e x is tin g r a ilr o a d s s h o u ld b e g in i m ­
m e d ia t e ly w h ile t h e y a re u n d e r G o v e r n m e n t c o n t r o l.
N e it h e r G o v e r n m e n t o w n e r s h ip n o r a G o v e r n m e n t g u a r a n t e e c o n fr o n t s
u s u n le s s w o
to

U n d e s ir a b le .

ra th er

in s t it u t io n s

havo

nave

reach ed

th o

c o n c lu s io n

th a t

th o

A m e r ic a n

p e o p le

so

u n d e r v a lu e th e p u b lic s e r v ic e o f th e ir r a ilr o a d s , a n d a re s o d e t e r m in e d n o t

T h o t h ir d p r i n c i p l e w h ic h I h a v e m e n t io n e d is t h a t t h o r a ilw a y s s h o u ld
bo

a u to c r a tic

o w n e r s h ip

s t r o n g t r a n s p o r t a t io n s y s t e m s , a n d n o t w e a k r a ilr o a d s ;
3 . A ll r a ilr o a d s u n d e r p u b lic r e g u la t io n t o b e a u t h o r iz e d t o le a s e , a c q u ir e

o f F ed eral

I s in c e r e ly h o p e t h a t th e r e w ill b o fo u n d s o m o fe a s ib le p la n

or

d e fin ite

f o u n d e d o n e q u it a b le le g is la t io n , t h a t w ill r e q u ir e o u r r e g u la t o r s t o in s u r e

I havo

r e v e n u e , im p a ir t h o c o n t r o l o v e r in t e r -S t a t e c o m m e r c e w h ic h th o C o n s t it u ­
a c tio n .

fe a tu r e

som o

its e x e c u t iv e a n d a d m in is tr a tiv e fu n c t io n s , a n d its ju d ic ia l fu n c t io n s , a n d

I t is g r a d u a ll y b e c o m i n g c le a r t h a t in s o f a r a s

w h ic h

w hen

n o w c a p it a l a t t r a c t e d :
2 . C o n c e n t r a t e d , r e s p o n s ib le n a t io n a l r e g u la t io n , s e p a r a te d a s b e tw e e n

c o m e t o t h i s c o n c l u s i o n s l o w l y a n d r e l u c t a n t l y , b u t i t is f o l l y t o r o s i s t t h e
in e v it a b le c o n c lu s io n .
S ta te m a d o r a te s w h ic h e ith e r d is c r im in a te a g a in s t
ra te s,

c o n s tr u ctiv e

t im e

1. A d e q u a t e r e v e n u e s o n w h ic h r a ilr o a d c r e d it m a y b o s tr e n g th e n e d a n d

in e x i s t e n c e a n d w o r k

a n d b e t t e r m e t h o d is t o p u t e a c h o f t h e s o c o n s o lid a t e d s y s t e m s in t h o h a n d s

in te r -S ta te

under

govern m en t

s it u a t io n

b o u s e d t o e m b o d y t h e p r in c ip le .

M y o w n c o n v i c t i o n , h o w e v e r , is t h a t t h o s a f e r

o f a F e d e r a l c o r p o r a t io n .

now

th e

h e ld f a s t t o t h o e s s e n t ia ls r e q u is it e t o c o n t in u e p u b lic r e g u la t io n a n d m a k e

t h o fin a n c ia l, c o m m e r c ia l o r in d u s t r ia l s t r u c t u r e o f t h o n a t io n .

r a t e s a r e c o n c e r n e d t h e n a t io n a l G o v e r n m e n t m u s t b o t h e a r b it o r .

any

reach ed

a n y th in g t o c o m m e n d th e m to us h e ro .

d e v o t e d t h e ir li v e s t o t h e s u b je c t it c a n b e r e a liz e d w it h o u t d a n g e r t o e ith e r

t a k e r a ilw a y c o r p o r a tio n s a lr e a d y

c o u n tr ie s

d ir e c t

b u t i t is l a r g e l y a d m i n i s t r a t i v e w o r k , a n d i n t h o h a n d s o f m e n w h o h a v o

o u t t h e p la n w it h th e m .

presen t

P o li t ic s a n d b u s in e s s h a v o n o t m ix e d s o f a r in a n y c o u n t r y , a n d e v e n in
th o

I t w il l r e q u ir e v e r y c o n s id e r a b le t im e a n d a h ig h o r d e r o f in t e llig e n c e

I t is p o s s i b l e t o

to

h ow ever,

o r ju d g m e n t o f n o o n e , b u t r e c o g n iz in g t h o m is ta k e s o f th o p a s t .

c o m m u n itie s a n d c o m m o d it ie s a r e n o t d is c r im in a t o r y .
I w o u ld n o t h a v e y o u t h in k t h a t it w il l b o e a s y t o b r in g a b o u t th is s itu a ­

can

d iffic u lt

havo,

s u b je c t m u s t b o tr e a te d w itii a b s o lu te c a n d o r , im p u g n in g t h o in te llig e n c e

S ta te C o m m e r c o C o m m is s io n t o d o w ill b e t o s e e th a t t h o ra te s as b e tw e e n

I le r e a g a in m o r e th a n o n e m e th o d

ra th e r
W o

a c t io n m u s t b e t a k e n , a n d w h e n , i f t h o b e s t r e s u lts a r o t o b o s o c u r e d t h o

and

o p e r a t io n th e la w w ill b e s a t is fie d , a n d a ll t h a t w ill r e m a in fo r th o I n t e r ­

tio n .

it

d is c u s s e d .

earn s e n o u g h

o f m a in te n a n c e

fin d

a r g u m e n ts , s in c e e v e r y p h a s e o f th o q u e s t io n h a s b e e n s o fu ll y a n d p u b lic ly

s y s t e m s , b u t I k n o w t h a t it is w h o l l y p r a c t ic a b le t o d o w h a t I h a v o s u g ­
as

th o in c r e a s e d c o s t o f

com e

b o m e r g e d w it h t h o s t r o n g e r o n e s in t o c o m p e t it iv e s y s te m s w h ic h c a n e n ­
d u re u p on

f o r f a i t h f u l l a b o r , w il l b o f a r le s s t h a n

G o v e r n m e n t o p e r a t io n .

T h is is o n e p r o p o s it i o n u p o n w h ic h

a ll im p a r t ia l s t u d e n t s o f t h e s u b je c t a g r e e , n o m a t t e r w h e t h e r

T h e a d d itio n a l c o m p e n s a t io n t o c a p it a l fo r

G overn ­

I r e a liz e fu ll y t h a t w h e n th o

G o v e r n m e n t u n d e r t a k e s t h a t t h o r e t u r n u p o n t h o c a p it a l I n v e s t e d s h a ll b o

a llo w

fa ir r e tu r n s

th e ir r e g u la to r s a n d

on

th e

r a ilr o a d s

in v e s t m e n t ,

th a t

t h e ir le g is la to r s ,

th e ir c o u r t s , e x p r e s s in g t h e ir w ill, c a n

tr u s te d t o d e a l e q u ita b ly

n o lo n g e r b e

w it h t h e r a ilr o a d in v e s t m e n t , w h ic h a ffe c t s t h e

w e lfa r e o f fu lly o n e -h a lf o f o u r c it iz e n s b y d ir e c t o w n e r s h ip , o r o w n e r s liip
th ro u g h

t h e ir

p a r tic ip a tio n

in

tn o

s a v in g s ,

in s u r a n c e ,

tru st,

e d u c a tio n a l

a n d c h a r it a b le c o r p o r a t io n s a n d in s t it u t io n s ; t h a t t h o S ta te s w ill c o n t in u e

le g is la t iv e

t o in c r e a s e t a x a t i o n o n r a ilr o a d g r o s s a n d n o t r e s u lt s a n d w ill n o t c o n c e d e

a s s u r a n c o o r e x p li c it o b l i g a t i o n , it is t h o e q u iv a le n t o f G o v e r n m e n t o w n e r ­

a d e q u a t e r a ilr o a d r a te s ; t h a t la b o r w ill d e m a n d t h o h ig h e s t w a g e s a n d g iv o

s h ip , a n d in s o f a r a s I a m c o n c e r n e d , I a m q u it e r e a d y f o r t h o u n d e r t a k in g .

t h o le a s t r e t u r n a n d t a k e n o in t e r e s t in t h o s u c c e s s o r f a ilu r e o f t h e ir e m ­

Tho

p lo y e r s ; t h a t t h o p r o d u c e r s w ill.in s is t u p o n t h e ir p r ic e s a n d p r o f it s , a n d w it h

c e r t a in , o r

tru th

d e s ir a b lo

in

o th e r w o rd s g u a ra n tees th o re tu rn , w h e th e r b y

is t h a t w o
fo r m .

havo

Tho

G o v e r n m e n t o w n e r s h ip

In te r -S ta te

C om m erce

now

in

its m o s t iin -

C o m m is s io n ,

under

th e

p r e s e n t la w , d e t e r m in e s t h o r e v e n u e s w h ic h t h o r a ilw a y s s h a ll r e c e iv e .
th ereb y

d e t e r m in e s

th o

expen ses

w h ic h

th ey

m ay

in c u r ,

and

w hen

It
th o

t e c h n ic a l o w n e r o f p r o p e r t y lo s e s t h e r ig h t t o s a y h o w m u c h h o s h a ll h a v o
f o r its u s o , a n d t h e r ig h t t o s a y h o w h o s h a ll c o n d u c t t h o b u s in e s s o f w h ic h
it is a p a r t , a n d t h o r ig h t t o

fix

th o c o s t o f its o p e r a t io n , h o h a s p a r te d

w it h t h o e s s e n tia l c h a r a c tc r is tie s o f p r iv a t o p r o p e r t y .
I f a v o r t h o p r iv a t e o p e r a t io n o f r a ilw a y s u n d e r t h o s t r ic t e s t c o n t r o l f o r
o n e r e a s o n , a n d o n e o n ly .
e ith e r e c o n o m ic a l ly

or

T h e G o v e r n m e n t c a n n o t o p e r a t e t h o r a ilr o a d s

e ffic ie n t ly .

e x p e r ie n c e o f o t h e r c o u n t r ie s .
e x p ie r ie n c e is n o t r e a s s u r in g .

I t is n o t m y

p u rpose to

e x a m in e

th e

I t is s u f f ic ie n t t o s a y t h a t t o m y m in d t h a t
B u t n o m a tte r h o w th a t m a y b o I k n o w th a t

t h o G o v e r n m e n t c a n n o t t a k e s e v e n te e n b illio n s o f r a ilw a y p r o p e r t y re n d e r ­
in g a s e r v ic e w h ic h re a c h e s e v e r y n o o k a n d c o r n e r o f th o la n d , e m p lo y in g
in

th e s e r v ic e t w o

fo rtu n e s

o f m any

m illio n s o f m e n
o t h o r m illio n s ,

or m ore, an d

and

e ffic ie n c y .
I t co sts th o G o v e rn m e n t m o ro to d o

in d ir e c tly

m a n a g e it w it h

a ffe c tin g

th o

e ith e r e c o n o m y

or

a n y g iv e n t h in g in a c o u n t r y lik o

lik e o u r s , w h e r e e v e r y m a n is a s o v e r e ig n , t h a n it c o s t s a n y b o d y e ls o t o d o
th o s a m e t h in g .

T h o h is t o r y o f e v e r y e n te r p r is e o f a

b u s in e s s c h a r a c t e r

c o n d u c t e d b y th o G o v e r n m e n t p r o v e s a ll a n d a g r e a t d e a l m o r e th a n th o
s ta te m e n t I h a v e ju s t m a d o .
in t e g r it y .

I d is p a r a g e n o o n o , a n d im p u g n n o m a n ’s

W h a t I h a v e s a id is n o t o n l y t h o t r u t h , b u t it is a s n a t u r a l a s

life its e lf.
I a d m it t h a t t h o r e s u lt o f G o v e r n m e n t o p e r a t io n d u r in g t h e y e a r 1 9 1 8 —

th e c o n s u m e r s w ill d e c id e t h a t tr a n s p o r t a t io n

e x ist.

o f t h e G o v e r n m e n t t o m a n a g e t h e b u s in e s s o f t r a n s p o r t a t i o n , a n d it is n o t
happened.

T h e y h a v o , h o w o v e r , d e m o n s t r a t e d t h a t t h o I n flu e n c e s w h ic h

T h e n le t t h e r a ilr o a d s g o t o a g u a r a n t e e p la n t o b o c o n s is t e n t w it h

m e n t o w n e r s h ip a n d o p e r a t io n .
I c a n n o t a c c e p t t h o p r o p o s it i o n t h a t t h o p u b lic in t e r e s t s w ill b o s o w e ll
s e r v e d o r s o c o n t in u o u s ly g u a r d e d u n d e r G o v e r n m e n t o w n e r s h ip o r G o v e r n ­
m e n t g u a ra n te e .
c o n c lu s iv e
fa ilu r e

of

th a t

in itia tiv e

in e v it a b ly

exp en ses,

fo llo w

e ith e r

h ero a n d
la c k

of

a b roa d , aro

e n te r p r is e

G overn m en t

and

o w n e r s h ip

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

T h o m a s D c W i t t C u y le r , C h a ir m a n ; A lfr e d
E llio t t ,

P r e s id e n t

N orth ern

P a c ific

1’ . T h o m , C o u n s e l ; H o w a r d

R a ilw a y

C o .;

J u liu s

K r u t t s c h n it t ,

P r e s i d e n t S o u t h e r n P a c i f i c C o . ; \V. I I . F i n l e y , P r e s i d e n t C n i c a g o & N o r t h
R a ilw a y

C o .; C h a r le s
C o .;
E.

M ark

C o .;

E.

R .

L o o m is ,

P r e s id e n t

H a y d e n , P r e s id e n t C h ic a g o

W .

P otter,

P r e s id e n t

R ock

C a r o lin a

L e h ig h

Isla n d

C lin c h fie ld

&
&

V a lle y
P a c ific
O h io

R a ilr o a d
R a ilw a y
R y .;

and

P . R ip le y , P r e s id e n t A t c h is o n T o p e k a & S a n ta F o R a ilw a y C o .

c o n t e n t s im p ly t o r e c o r d m y o p in io n in f a v o r o f p r iv a t o o p e r a t io n , a n

o p in io n b a s e d s o le ly u p o n th e g r o u n d

t h a t t h e p e o p le o f t h o c o u n t r y w il-

g e t b e t t e r t r a n s p o r t a t i o n a n d a t le s s c o s t i n t h a t w a y t h a n t h r o u g h G o v e r n
m e n t o p e r a t i o n ; a n d t h a t , a s I v i e w i t , is t h o c h i e r c o n c e r n o f t h o s e t o w h o m
t h o s e r v i c o is t o b e r e n d e r e d .
M u s t A ffo r d

I n c e n tiv e to E f fic ie n c y .

I f t h e n , p r i v a t e o p e r a t i o n is t h e b e t t e r p l a n , h o w i s i t t o b e a c c o m p l i s h e d ,
in

th o e x p e r ie n c e

Robert S. Binkerd, Assistant to tlio Chairman of the
Association of Railway Executives, announced on May 2
that, following tho conference with the Hon.Swagar Sherley
on April 29, referred to in these columns in our issue of May
3, page 1783, the following special committee had been ap­
pointed to cnofer with the Uni tod States Railroad Adminis­
tration on tho matter of Federal equipment:

t o o s t r o n g t o b o r e s is te d .
am

w ill

and

in c r e a s e d

COMMITTEE NA M ED TO CONFER W ITII RAILROAD
A D M IN ISTRA TIO N ON RAILROAD E Q U IPM E N T .

W e ste rn

I

O u r h is to r y
b u reau cracy,

o r gu a ra n tee.

s u r r o u n d t h e o p e r a t io n o f a g r e a t c o m m e r c ia l a n d in d u s tr ia l e n te r p r is e a re
I t is u n n e c e s s a r y f o r m o t o e n t e r in t o t h e d e t a ils o f t h is s u b je c t a n d

no ono but

t h e r e s t o f t h o c o u n t r y , b u t c a ll it b y its r e a l n a m e , g r a d u a l b u t s u r e G o v e r n ­

a y e a r o f w a r — is n o t a l t o g e t h e r a f a i r c r i t e r i o n b y w h i c h c o t e s t t h o c a p a c i t y
m y d e s ir o t o d is c r e d it th e o ffic ia ls w h o h a v o b e e n r e s o n s ib lo fo r w h a t h a sl

r e s u lt s c o n c e r n

r a ilr o a d in v e s to r s .
T h e n I a m w illin g t o a d m it t h a t p r iv a t o o w n e r s h ip a n d In itia tiv e c a n n o t

v ie w

I am

o f th e

fu lly

lim ite d

c a p it a l c h a r g e

a w a r o th a t if p r iv a to

w h ic h

c o r p o r a tio n s

I

havo
aro to

a lr e a d y

c o n s id e r e d ?

o p e ra te th o sev era l

s v s t e m s w h ic h I h a v e d e s c r ib e d t h e r o m u s t b e a n i n c e n t i v e in t h e w a y o f p r o f it




LETTER OF SENATOR ROOT ADVOCATING WARFIELD
PLAN FOR RETURN OF RAILROADS —
MR. WARFIELD'S REMARKS.

A letter in which Elihu Root expresses tho opinion that
the so-called Warfield plan is tho only one of tho several
proposals offered with a view to solving tho railroad problem

M

THE CHRONICLE

17 1 9 1 9 .]

a y

“which deals adequately with the real difficulty in the rail­
road situation,” figured in the deliberations of last Tues­
day’s session (May 13) of the Missouri Bankers’ convention
at St. Louis. The letter was read by S. Davies Warfield,
President of the National Association of Owners of Railroad
Securities, during the course of an address in which ho dis­
cussed at length the details of the plan of the Securities
Association for the return and regulation of the railroads.
The lotter of Mr. Root, who is of the Advisory Council of
the National Association of Owners of Railroad Securities,
was directed to Mr. Warfield as President of the Association,
and said in part:
D ea r M r.
m ent M r.

W a r fie ld .— I h a v e r e a d w it h m u c h

F o r n e y J o h n s t o n ’s b r i e f u p o n

in te r e s t a n d

o b s t a c lo

very

in t e r e s t in g

p r o p o s a ls ,

a u th o r s e n t it le th e m
p la n

p roposed

by

and

th e

h ig h

to g rea t resp ect.

y o u r A s s o c ia tio n

and

of

c a lle d

by

s im p le

p r o v is io n s

w h ic h

you

case

any

ta k en

by

th e

G overn m en t

and

d is p o s e d o f e q u it a b ly a s y o u

p ropose

to

p r o m o t e t h e p u b l i c in t e r e s t in t r a n s p o r t a t i o n , t h e r e is n o r e a s o n w h y r a il­
l o a d c r e d it s h o u ld n o t b e r e -e s ta b lis h e d a n d r a ilr o a d d e v e lo p m e n t p r o c e e d
p r o m p t l y , a n d w it h it t h e d e v e lo p m e n t o f t h e b u s in e s s o f t h e c o u n t r y .
T h is

b e in g

done,

a ll th e

rest o f

th e se

e la b o r a te

p la n s

becom es

m ere

m a c h in e r y — m u c h o f it u n n e c e s s a r y m a c h in e r y — in c lu d in g d o u b t le s s m a n y
u s e fu l p r o v is io n s a n d s o m e n e c e s s a r y
p r o v id e d f o r in y o u r p la n a ls o .

p r o v is io n s

w h ic h

are

a d e q u a te ly
j

I w is h , h o w e v e r , t o s a y o n e t h in g a b o u t t h e id e a o f c o m p e lli n g F e d e r a
in c o r p o r a t io n ,
c o n s o lid a te d

w h e th e r a s a p p lie d

r e g io n a l c o m p a n ie s .

m a c h in e r y , w h ic h

to

e x is tin g r a ilr o a d

I th in k

c o m p a n ie s o r

new

th a t com es u n d er th e h ea d

is n o t o n l y u n n e c e s s a r y b u t m i s c h i e v o u s .

of

T h e p rocess

o f g e t t in g a ll t h o § 1 7 ,0 0 0 ,0 0 0 ,0 0 0 o f r a ilr o a d s e c u r itie s o f t h o 2 ,3 0 0 r a ilr o a d s
o f th e c o u n tr y a w a y fr o m

th e ir

tio n

I t seem s to m o , h o w e v e r , th a t th e

and

th e

I f C o n g r e s s fo llo w s y o u r s u g g e s tio n

a s a w h o le a n d r e q u ir e s t h e r a t e -m a k in g a u t h o r it ie s t o f i x r a t e s w h ic h w ill

le g is la tio n ,

a b ilit y

th in k

p r e s u m p t iv e ly y i e ld t h a t r a t e o f r e t u r n , a n d t h e n r e q u ir e t h a t in

A ll th e s e p la n s c o n ta in

ch a ra cte r

I

p a r t ic u la r r o a d m a k e s m o r e th a n th e p r e s c r ib e d r e t u r n , t h e e x c e s s s h a ll b e

a n d I h a v e e x a m in e d c a r e f u lly t h o p la n s t o w h ic h h o r e fe r s b y M r . M o r a w e tz , M r . W a r b u r g , a n d t h o R a ilr o a d E x e c u t iv e s .

fa ir r a te -m a k in g .

h a v e s u g g e s te d d o s o lv e th o d iffic u lt y .

a n d fix e s a fa ir r a t e o f r e tu r n fo r th e r a ilr o a d s o f e a c h r a t e -m a k in g d is t r ic t

e n tir e a g r e e ­

t h o p e n d in g r a ilr o a d

to

1991

and

w o u ld

y o u r n a m e Is t h o o n l y

in ju s t ic e a n d

th e m illio n s o f p r e s e n t h o ld e r s w it h a ll t h o litig a ­

d is s a tis fa c tio n

and

o b s t r u c t io n

r e q u ir o s o m a n y y e a r s o f c o n t r o v e r s y

presen t

e x ig e n cy .

Tho

p a tie n t

w o u ld

be

o f c r e d it in v o lv e d

th a t it w o u ld

dead

b e fo r e

n ot m eet th e

th e

rem ed y

w as

o n e w h ic h d o a ls a d e q u a t e ly w it h t h o r e a l d i f f i c u l t y in t h e r a ilr o a d s it u a t io n .

a p p lie d , a n d n o t h in g u s e fu l w o u ld b e g a in e d a ft e r it w a s o v e r , fo r t h o p o w e r

I t h in k y o u h a v e p u t y o u r h o o k in t o th o k e y lo g o f t h o ja m

in w h ic h o u r

r a ilr o a d s a r e p ile d u p w it h o u t p o w e r t o m o v e fo r w a r d , a n d I th in k n o o n e

o f G o v e r n m e n t t o r e g u la t e t h e p r e s e n t c o r p o r a t io n s is p r a c t ic a ll y a s c o m p le t e
a s it w o u ld b o t o r e g u la t e t h e p r o p o s e d F e d e r a l c o r p o r a t io n s .
T h e r e is

e ls e h a s .
I s h o u ld n o t v e n t u r e t o s a y th is w e r e I n o t s a t is fie d t h a t th o r e a l d if f i c u l t y

a n d t h a t is t o w it h d r a w t h e r a ilr o a d s e n t ir e l y f r o m

is n o t a m a t t e r o f b a n k i n g o r o f r a il r o a d o p e r a t io n , o r o f d iv i s i o n b e t w e e n

S ta to C o m m is s io n s .

r e a ll y o n ly o n e a v o w e d p u r p o s e w h ic h c o u ld b e a c c o m p lis h e d b y

F e d e r a l a n d S t a t o c o n t r o l , b u t t h a t i t is a v e r y s i m p l o a n d s t u b b o r n l y h o l d
o p in io n

about

r a ilr o a d

U n ite d S ta tes.
O u r r a ilr o a d

p r o fits

w h ic h

p r e v a ils

am ong

th o

p e o p lo

of

a u t h o r iz e t h o F e d e r a l r a te -m a k in g a u th o r itie s t o o v e r r u le t h e S ta te C o m ­

th e

m is s io n s in r e s p e c t o f r a t e s w h ic h in t e r f e r e w it h t h o I n t e r - S t a t e C o m m e r c e
ra tes.

e x p e r ie n c e

has

been

c o n tr o lle d

by

a

s u c c e s s io n

t h a t p la n ,

t h o ju r is d ic t io n o f th e

T h i s is u n n e c e s s a r y b e c a u s e C o n g r e s s h a s p o w e r t o

o f s in g le

Tho

S ta te C o m m is s io n s o u g h t n o t t o

b o d estroy ed .

The

p e o p le

a lo n g t h e lin e s o f t h o r a il r o a d s in t h e s e v e r a l S t a t e s o u g h t t o h a v e n e a r t h e ir

m o t iv e s .
I n t h o f ir s t s t a g e a s t r o n g d e s ir e t o b u ild u p t h o c o u n t r y le d t h o p e o p l o

r a ilr o a d s .

o f a ll s e c t io n s t o o f f e r in d u c e m e n t s f o r t h e in v e s t m e n t o f c a p it a l in r a ilr o a d

pu rpose.

c o n s tr u ctio n ,

and

t h e y o u g h t t o c o n t in u e t h e ir u s e fu l s e r v ic e u n d e r t h o lim it a t io n s im p o s e d

s u b je c t

in

o n ly

th o

c o m p a n ie s

som e

ca ses

to

w e r e a u th o r iz e d

ch a rter

p r o v is io n s

r e q u ir e m e n t t h a t r a te s s h o u ld b o r e a s o n a b le .

to

fix

and

th e ir o w n

in

gen eral

h o m o b o d ie s t o w h ic h t h e y c a n g o fo r a r e d r e s s o f g r ie v a n c e s a g a in s t th e

ra tes

to

th o

by

T h o c o n t r o ll in g id e a w a s t o

c o m p e t it io n .

The

r e s u lt w a s t h o

c o n s tr u ctio n

and

o p e r a tio n

p aram ou n t

n e c e s s itie s

of

in tc r -S ta to

I f t h o F e d e r a l in c o r p o r a t io n p la n s m e a n
s t a t e d , t h e y m e a n G o v e r n m e n t o w n e r s h ip .

e n c o u r a g o r a ilr o a d e n te r p r is e , a n d t h o re a l r e lia n c o t o s e c u r e fa ir r a te s w a s
upon

th o

T h e y o u g h t n o t t o b e c o m p e lle d t o g o t o W a s h in g t o n fo r t h a t
T h e S ta te C o m m is s io n s h a v e b e e n o f g r e a t v a lu e h it h e r t o , a n d

of a

^ 1 h e s a m e o b s e r v a tio n

v a s t s y s t e m o f r a ilr o a d s , w h ic h w a s o n e o f t h o c h ie f e le m e n ts in t h o g r o w t h

a p p lie s

to

t h e id e a

1 h a t m e a n s a n a tte m p t t o a ssu re a g iv e n

a n d u n it y o f o u r c o u n t r y .

com m erce.
a n y th in g
of a

m ore

th a n

I

have

G ov ern m en t g u a ra n ty .

in c o m e in d e p e n d e n tly o f ra tes

in s t e a d o f a s s u r in g r a te s s u b je c t t o a lim it o f in c o m e .

T h o in e v it a b le r e s u lt

A ft e r a t im e , h o w e v e r , a s th o c o u n t r y b e c a m e s e t t le d a n d t h o e le m e n t

w o u ld b o t h a t n o r a te s w o u ld b e p e r m itte d b e y o n d th o s e n e c e s s a r y t o m a k e

o f r is k h a d la r g e ly d is a p p e a r e d , t h o p e o p l e fo u n d t h a t c o m p e t it io n d id n o t

th e g u a ra n ty g o o d , a n d as th e G o v e rn m e n t m u st m a k e th e g u a ra n ty g o o d

k e e p ra te s d o w n , t h a t r a te s w e r e t o o h ig h , t h a t t h e y w e r e

o ft e n u n fa ir a n d

t h e r e w o u ld b o n e it h e r o p p o r t u n it y n o r in c e n t iv e fo r p r iv a t e e n te r p r is e

d is c r im in a t o r y , a n d t h a t t h o r a ilr o a d c o m p a n ie s w e r e g e t t in g a n e x c e s s iv e
r e tu r n u p o n t h e ir in v e s tm e n ts .
T hen

cam e

th e se co n d

p e r io d

in

w h ic h

th o

G ov ern m en t u n d ertook

to

r c g u la t o r a te s th r o u g h t h o I n t e r -S t a t e C o m m e r c e C o m m is s io n , a n d s im ila r
c o m m i s s i o n s in e a c h S t a t e .
by

o ffic ia l a u t h o r it y , a n d

ce s s iv e re tu rn s .

T h o p r e v a ilin g id e a w a s t o k e e p d o w n r a te s
th u s t o p r e v e n t th o r a ilr o d s fr o m

s e c u r in g e x ­

T h o r a te s w e r o s t r ic t ly lim it e d , w h ile t h o c o s t o f o p e r a t io n

th o

p a rt o f th e

th o co m p e n s a tio n

b e tw e e n

th e m

r e lie f

o f r e g u la tio n

becau se

th o

t h is w o u ld

o f a c h a n c e t o e a rn it .

of

th o

r a ilr o a d s ,

le g is la tio n

o f C on gress, and

n ecessary m o n e y .
w h o le

had

fa lle n

W h e n w o w e n t in t o th o w a r o u r r a ilr o a d s y s t e m
b e h in d

th e

o r d in a r y

b u s in e s s , b e c a u s o t h o r a ilr o a d s c o id d
th e d em an ds

peace

dem ands

of

n ot g et th o m on ey to

th o

as a

c o u n t r y ’s

k e e p u p w ith

o f b u s in e s s .

W o a r e n o w a b o u t t o te r m in a te t h o a b n o r m a l c o n d it io n o f G o v e r n m e n t
o p e r a tio n fo r w a r p u r p o s e s .

I t is a p p a r e n t t h a t t h o p e o p l o o f t h o c o u n t r y
o f G o v e r n m e n t o p e r a tio n .

T h o r a ilr o a d s a r o t o b o r e tu r n e d t o p r iv a t e o w n e r s h ip , a n d t h e y c a n n o t b o
t o g o b a c k t o t h e u n c o n tr o lle d o p e r a t io n

o f t h o e a r lie r p e r io d .

S u r e ly a ls o s o m e p r o v is io n m u s t b o m a d o t o p r e v e n t t h e c o n t in u a n c e o f th e
s t e a d y p r o g r e s s to w a r d s b a n k r u p t c y w h ic h c h a r a c te r iz e d th o d e c a d o b e fo r e
t h o G o v e r n m e n t t o o k p o s s e s s i o n in 1 9 1 7 .
$ 1 7 ,0 0 0 ,0 0 0 ,0 0 0

T h o d e s t r u c t i o n o f v a lu e s in t h o

o f s e c u r itie s r e p r e s e n tin g t h o r a ilr o a d

c o u n t r y in w h ic h

o n e -h a lf th o p e o p lo o f th e U n ite d

d i r o c t l y o r i n d i r e c t l y is r e a s o n e n o u g h .

in v e s tm e n t o f th o

S t a t e s a r o in t e r e s t e d

T h e fa c t th a t o n o -q u a rte r o f th o

s a v i n g s o f t h o t h i r t y m i l l i o n p e o p l o h o l d i n g p o l i c i e s in t h o g r e a t l i f e i n s u r ­
a n c e c o m p a n ie s is in v e s t e d t h r o u g h t h o s e c o m p a n ie s in r a ilr o a d s e c u r it ie s
s h o u ld b e s u f f i c i e n t in I t s e lf.

to

G overn m en t
t h e ir liv in g

E L IIIU

RO O T.

n o n -a c t io n .

If

th e

m ay

r a ilr o a d s

fa il
are

a lt o g e t h e r

at

th e

m a y b e fo r c e d

retu rn ed

T h is w o u ld

w ith o u t

d is t u r b

s p e c ia l

upon

us

a d eq u a te

n o t o n ly ^ th e

fin a n c ia l s t r u c t u r e o f t h e c o u n t r y b u t c o r r e s p o n d in g ly b u s in e s s e n te r p r is e .
S e n a to r R o o t h a s c le a r ly s ta te d th e s itu a tio n .

H is l e t t e r is b a s e d u p o n a

c o m p le t e a n a ly s is o f t h e e n tir e e v id e n c e p r e s e n t e d b e fo r e t h o S e n a te C o m ­
m itte e o n

d o n o t w is h t o e n te r u p o n a p e r m a n e n t s y s t e m
p e r m itte d

of

G o v e r n m e n t o w n e r s h ip

le g is la t io n , fin a n c ia l c h a o s w ill r e s u lt.

n o t g e t th e

in e v it a b ly

(S ig n e d )

fr ig h t e n e d

c o m p a n ie s c o u ld

le a d

T h e g u a r a n t y p la n g iv e s t h e m

becau se

th e r a ilr o a d

in

fin a n c ia l

Y o u r p la n m a k e s t h e r a ilr o a d s w o r k f o r t h e ir li v in g a n d a s s u re s

u n c e r t a in t y o f a n y a d e q u a t o r e t u r n f o r in v e s t m e n t in t h o r a ilr o a d b u s in e s s
in v e s to r s a w a y , a n d

rea l

T h e d a n g e r t h a t c o n f r o n t s t h e c o u n t r y is n o t t h a t t h e r e is a s e n t im e n t a t

s e s s io n

th o sy ste m

o n ly

t h is t im e f o r G o v e r n m e n t o w n e r s h ip o r G o v e r n m e n t a l c o n t r o l a n d o p e r a ­
t i o n : b u t , t h a t in t h e m u l t i p l i c y o f p l a n s t h a t h a v e b e e n s u g g e s t e d f o r t h e

d e v e lo p m e n t w a s

under

The

In closing his address Mr. Warfield said:

t i n u a l l y i n c r e a s in g d e m a n d s o f b u s in e s s is e s t i m a t e d b y g o o d a u t h o r i t i e s
t o r e q u i r o n o w e x p e n d i t u r e o f n o t lo s s t h a n a b i l l i o n d o l l a r s a y e a r .
T h is
p rev en ted

o f r a ilr o a d s .

N ew Y o rk , M a y 7.

T h o r e s u lt w a s t h a t w h ile r a te s

w e r o k e p t d o w n , r a ilr o a d e n te r p r is e w a s p a r a ly z e d .
T h o n e w c o n s tr u ctio n
n e c o s s a r y t o c n a b lo th o r a ilr o a d s o f th o c o u n t r y t o k e e p p a c o w ith th e c o n ­

d e v e lo p m e n t

w h e th e r th e y w o r k fo r it o r n o t.
T h a t is f a t a l t o e n t e r p r i s e a n d t o e f f i ­
c ie n c y .
V e r y tr u ly y o u r s ,

th o c o s t o f th o s e r v ic e r e n d e r e d a n d

t o b o r e c e iv e d fo r it .

or

G ov ern m en t, an d

o w n e r s h ip .

b o t h a s t o s u p p llo s a n d la b o r w a s le ft t o f o ll o w e c o n o m ic la w s w it h n o e s t a b ­
lis h e d o r n e c o s s a r y r e la t io n

m anagem ent

in te r e s t a n d t h e o n ly a c t iv e c o n t r o l s t im u la t e d b y in t e r e s t w o u ld b e o n t h e

I n t e r -S t a t e C o m m e r c e a t t h e la s t s e s s io n o f t h e 6 5 th C o n g r e s s .

E v e r y m e m b e r o f t h is C o n v e n t i o n s h o u ld t a k e t h e t im e t o r e a d t h is a n a ly s is
p repared

by

E x -S e n a to r

F o r n e y J o h n s to n , o f A d v is o r y C o u n c il, a n d
E lih u

R oot,

John

C h ic a g o , a n d H u g h L . B o n d
t u t in g o u r A d v is o r y C o u n s e l.

G .

M ilb u r n ,

J r .,

N ew

Y ork ;

B a ltim o r e , t h e

c o n c u r r e d in b y
John

S.

M ille r ,

o th e r a tto r n e y s c o n s t i­

T h is a n a ly s is s h o w s t h e u t t e r im p r a c t ic a b i lit y o f a t t e m p t in g t o c o r r e c t
t h o p r e s e n t d iffic u lt ie s o f th e r a ilr o a d s b y p r o v id in g m a c h in e r y b a s e d
u p o n s e c u r it ie s t o b e is s u e d . b y n e w a n d la r g e r r e g i o n a l r a i l r o a d c o m p a n i e s
t o b e fo r m e d f o r t h o s e c u r it e s o f e x is tin g c o m p a n ie s a n d p r o p o r t i o n a t e ly
as

v a lu a t io n s a r e c o m p le t e d

o f th e

r a ilr o a d s .

F or

th e

v a lu e

o f r a ilr o a d

s e c u r i t i e s , w h e t h e r e x i s t i n g o r t o b e I s s u e d , is b a s e d , a f t e r a l l , o n r a il r o a d
ra tes.

T h o fu n d a m e n t a ls o f t h e P la n o f o u r A s s o c ia t io n

It

bo

can

q u ic k ly

en a cted

in t o la w

and

w ill s o lv e

d e a l w it h r a te s .

th e d iffic u lt ie s

w h ic h

T h a t , h o w e v e r , is o n l y a s m a l l p a r t o f t h e

lia v o h e r e t o f o r e e x is t e d a n d w h ic h w ill c o n t in u e t o e x is t u n le s s a m e t h o d

r e a s o n f o r s o m e a r r a n g e m e n t w h ic h w ill m a in ta in t h e v a lu e o f t h o s o s e c u r i­

is a d o p t e d b y t h o C o n g r e s s b a s e d u p o n t h e f u n d a m e n t a l p r i n c i p l e s o f r a t e

t ie s .

p e r c e n t a g e r e tu r n t o th o r a ilr o a d s a n d n o t d e p e n d e n t u p o n a G o v e r n m e n t

R a ilr o a d

s e c u r itie s a r o a

c h ie f b a s is o f c r e d it u p o n

w h ic h

a ll t h o b u s in e s s o f t h o c o u n t r y , a n d i f t h a t c r e d it b e d e s t r o y e d

depends

th e c o n s e ­

q u e n c e s t o a ll A m e r ic a n p r o s p e r it y w ill b o in c a lc u la b ly d is a s tr o u s .
o v e r , o u r c o u n t r y m u s t g o in in it s d e v e l o p m e n t .

w o m u s t n o t s t o p ; a n d e n te r p r is e c a n n o t g o o n w it h o u t t h o d e v e lo p m e n t o f
t r a n s p o r t a t i o n , w h i c h is I m p o s s i b l e i f t h o c r e d i t o f t h e t r a n s p o r t a t i o n c o m ­
p a n ie s b o d e s t r o y e d .
U n d e r t h o s o c i r c u m s t a n c e s t h o v i t a l q u e s t i o n t o b o a n s w e r e d i s , W h y is I t
t h a t in s te a d o f fo s t e r in g e n te r p r is e a t o n o t im e w it h o u t c o n t r o llin g ra te s
a n d c o n t r o ll in g r a te s a t a n o t h e r tim e w it h o u t fo s t e r in g e n te r p r is e b o t h c a n ­
n o t b o d o n o a t th o s a m o tim e ?

W hy

is i t t h a t r a t e s c a n n o t b o s o f i x e d

u n d e r G o v e r n m e n t c o n t r o l as t o g iv o a r e a s o n a b ly s a fe r e tu r n fo r in v e s t­
m e n t , a n d a t th o s a m e tim e b o fa ir t o t h o p u b l i c ?
w as an sw ered b y
S e n a to r C u m m in s
m is s io n e r C la r k in t h e r e c e n t h e a r in g .

I th in k

th e q u e s t io n

a n d In te r-S ta te C o m m e r c e
I q u o to fr o m th o re p ort-

C om ­

" S e n a t o r C u m m in s : M r . C la r k , y o u r e c o g n iz e o f c o u r s e t h a t th e g r e a t
d iffic u lty

In t h e a d j u s t m e n t o f r a t e s

in

th o p a st y e a r— o n e o f th o g rea t

d if f ic u l t ie s — h a s b e e n t h a t t w o r o a d s w h ic h m u s t d o b u s in e s s u p o n t h e s a m e
r a te s c a n n o t d o b u s in e s s w it h t h e s a m e o u t c o m e .

T h a t is t o s a y

th e ra tes

t h a t w ill m a k e o n o r o a d r ic h w ill p u t a n o t h e r r o a d in t o b a n k r u p t c y .
“ C o m m is s io n e r C la r k :

T h a t w o u ld b e s o .

Y e s ."

A n d it w a s

answered

b y D ir e c t o r - G e n e r a l H in e s in t h o s a m o h e a r in g w h e n h e s a id : " A n y le v e l
o f r a t e s w h ic h w ill p r o v id e o n o u g h r e v e n u e t o s u s ta in t h e w e a k r o a d s w ill
g i v o t h o s t r o n g r o a d s m o r o t h a n t h o p u b l i c is w i l l i n g f o r t h e m
T h ere

Is t h e d i f t i c u l t y .

1 h o w h o le s y s te m

to h a v e .”

o f r a t e r e g u la tio n

and

th o

w h o le b u s in e s s o f t r a n s p o r t a t i o n r e s t u p o n t h o n e c e s s it y t h a t r a t e s f o r c o m ­
p e t in g r o a d s s h a ll b o t h o s a m e .
f a v o r a b l y s itu a te d r a ilr o a d s fr o m

Y e t ra te s s o lo w

g u a r a n t e e o n s e c u r it ie s t h a t d o e s n o t n e c e s s a r ily d e p e n d u p o n r a t e s .*

as to p re v e n t th o m o st

r e c e iv in g c x c c s s iv o r e tu r n s fo r th e ir s e r­

REPLY OF S. DAVIES WARFIELD TO CITIZENS
SAVINGS & TRUST CO. OF CLEVELAND.

A reply to the criticisms made by the Citizens Savings &
Trust Co. of Cleveland, through its Vice-President, J. P.
Harris, to tho Warfield plan for the return of the railroads
to private ownership, has been made by S. Davies Warfield,
President of the National Association of Owners of Railroad
Securities, in a letter dated May 3, but only made public
this week. The opposition of the Citizens Savings & .Trust
Co. to the plan was referred to in these columns last Satur­
day, page 1890. The President of that institution, J. R.
Nutt, it may be noted, is a member of the Committee'of
Seventy of tho National Association of Owners of Railroad
Securities. Mr. Warfield, in replying to the criticismsTreforred to, undertakes to show that the views of Mr.-Harris
“are wholly unjustified by any provision of our jrill,” and in
part says:
N A T IO N A L

v i c e w il l r u in t h e b u lk o f t h o r a ilr o a d s o f t h e c o u n t r y , w h ile r a t e s s o h ig h
m o s t fa v o r a b ly s it u a t e d

r o a d s r e tu r n s t h a t t h o A m e r ic a n

p e o p le w ill n o t

I f t h a t d i f f i c u l t y Is s o l v e d , a l l o t h e r q u e s t i o n s a r c c o m p a r a t i v e l y

e a s y o f s o lu tio n .

O u r p r e s e n t la w le a v e s t h a t d i f f i c u l t y a s a n I n s u p e r a b le




A S S O C IA T IO N

OF

O W N ERS

OF

R A IL R O A D

S E C U R IT IE S .

a s t o p e r m it t h o b u lk o f th o r a ilr o a d s o f th o c o u n t r y t o liv e w ill g iv o t o th e
sta n d fo r .

>J

M ore­

W e a r e o n ly b e g in n in g -

M r . J . P . H a rris

B a ltim o r e , M d . , M a y 3 T l9 1 9 .
( V i c e - P r e s i d e n t , C i t i z e n s S a v in g s & T r u s t C o . ) C l e v e l a n d , 0 . :

D e a r M r . H a r r is .— I r e g r e t t h a t y o u d id n o t s u b m it y o u r a n a ly s is o f th e
P la n o f t h o A s s o c ia t io n t o s o m e o f u s w h o h a v e b e e n g iv in g a g r e a t d e a l o f

m o n s e n se o f t h o s it u a t io n w o u ld , I fe a r , n e v e r c o in c id o w it h th o p u r p o s e s

t im e t o t h e p r o b le m a n d h a v e f o ll o w e d c lo s e ly t h e h e a r in g s b e fo r e t h e S e n a te

o f t h e A s s o c ia tio n .
N o l o s s s t a r t l i n g is y o u r m i s c o n c e p t i o n

C o m m it t e e , a s y o u w o u ld , I t h in k , h a v e fo u n d t h a t b o t h th e b ill (S . 5 6 7 9 )
a n d t h e e x p la n a t io n s o f o u r s u g g e s tio n s b e fo r e t h e S e n a te C o m m it t e e a c ­
c o m p lis h e x a c t l y t h e r e v e r s e o f y o u r a n a ly s is .

I n d e e d , s o f u n d a m e n t a l Is

m e n t f o r c e d o n t h e c a r r ie r s , a s s is t in li q u id a t in g F e d e r a l c o n t r o l , a n d , a b o v e
a ll,

h a v e e x a m in e d in a d v e r t e n t ly s o m e o t h e r b ill.
F o r in s ta n c e , y o u t a k o e x c e p t io n t o th e b ill b e c a u s e t h e s ta n d a r d r e tu r n
c o n t e m p la t e d

by

th e

‘p r o p e r t y

c o m p le t e .
t ie s .”

"No

p la n

m e n t ,” w h e re a s y o u s a y :

is

to

bo

com p u ted

on

th e

“ p rop erty

in v e s t m e n t .’ ”

provides

T h is m is c o n c e p t io n

17,

25,

on

y ou r p art

17,

b r in g

th e

m em bers

of

th e

In te r-S ta te

C om m erco

C o m m is s io n

in

Is
Is

o f t h o r a ilr o a d s .

T o c a l l t h i s a s t e p t o w a r d b u r e a u c r a t i c m e t h o d s is p o s i ­

t iv e ly a m u s in g .

T h o r a ilr o a d tr u s te e s a r o t o b o n o m in a t e d b y t h o b o a r d s

o f d ir e c to r s o f a ll th e r a ilr o a d s , fo r lim it e d te r m s , w it h o u t c o m p e n s a t io n .
B u r e a u c r a t ic !

I t s e e m s t h a t y o u c o n fu s e " p r o p e r t y in v e s t m e n t ” a n d ‘s e c u r i­
(S e c t io n
page
lin e
e t s e q .) th a t

The b i l l

to

c o n t a c t w it h e ig h t o f t h o b e s t o p e r a t in g a n d fin a n c ia l m e n In a c t iv e c o n d u c t

in v e s t­

a t t e m p t w h a t e v e r is m a d e t o d e f i n o w h a t

_
.
o f th o N a t io n a l R a ilw a y s A s s o ­

c i a t i o n w h i c h is p r o p o s e d in o r d e r t o t a k o o v o r s o m o o f t h e b u r d o n o f e q u i p ­

y o u r m is c o n c e p t io n o f t h e o n tir o m a t t e r t h a t I a m w o n d e r in g I f y o u c o u ld

m eant b y

[Vol . 108.

THE CHRONICLE

1993

I t w o u ld p r o v id e a n a g e n c y fo r th o m o s t p r o fo u n d p u b lic

s e r v ic e a n d u s e fu ln e s s , w it h n o v is it o r ia l p o w e r o v e r th e r o a d s b u t w it h a
d e s ir a b le o p p o r t u n i t y f o r a id in g in a s o u n d p r o g r a m

" T h o C o m m is s io n s h a ll, a s n e a r ly a s m a y b e , e s t a b lis h a n d m a in ta in
f r e ig h t a n d p a s s e n g e r r a t e s , o r le v e ls o f r a t e s o r c h a r g e s in e a c h r a t e - m a k i n g
d is t r ic t t h a t w ill e n a b le t h o c a r r ie r s a s a w h o le in e a c h d is t r ic t a n d s u b je c t
o f t h i s A c t t o e a r n a n a n n u a l n e t r a i l w a y o p e r a t i n g i n c o m o e q u a l t o n o t le s s
th a n s i x p e r c e n tu m o n th e c o m b in e d p r o p e r ty in v e s tm e n t a c c o u n t , d e t e r m in e d
in a c c o r d a n c e w it h t h o a c c o u n t in g r e g u l a t io n s o f t h o C o m m is s io n .

r e fe r t o
t u t in g

th o r e g io n a l c o m m is s io n s a n d
a la r g e

sy ste m

"w h ic h

in th e ir o ff ic i a l h a n d lin g .”

ten d s

o f u n ific a t io n .

th e R a ilw a y A s s o c ia tio n

to

con gest b oth

in

th e ir

Y ou

a s c o n s t i­
t r a ffic

and

N e ith e r th o p la n n o r th o b ill b r in g th o r e g io n a l

c o m m is s io n s a n d t h o R a il w a y A s s o c i a t io n in a n y r e m o t o c o n t a c t w h a t e v e r ,
e x c e p t t h a t t h o y a r o m e n t io n e d in t h o s a m o b i l l , s o t h o p a r a g r a p h in w h ic h

N o t h i n g is m o r e d e f in it e , c e r t a in , e a s y o f a s c e r t a in m e n t a n d im p o s s ib le

y o u m is u n d e r s t a n d th o s e fe a tu r e s o f t h e p la n d o e s n o t r e a lly a ffo r d m e a n y ­

t o b e c o m e th o m a tte r o f c o n t r o v e r s y th a n t h e p r o p e r t y in v e s tm e n t a c c o u n t s
o f t h e c a r r ie r s , a n d a s t h is p o in t w a s m a d e c le a r b y m y t e s t im o n y , w a s e x ­

th in g s u ffic ie n t ly d e fin it e t o r e s p o n d t o .
Y o u a r o a p p r e h e n s iv e le s t th e N a t io n a l R a ilw a y A s s o c ia t io n a c c u m u la t e

p r e s s ly

t o o m u c h m o n e y t h r o u g h t h o e x c e s s e a r n in g s f u n d .

d e fo n d e d

as

a

p roper

b a s is

fo r

r a te -m a k in g

in

m y

C h a ir m a n o f t h o C o m m it t e e w h ic h is p r in t e d in t h o r e c o r d

le tte r

w ith

to

m y

th e

s u b je c t t o

te s ti­

th o g e n e r a l a d ju s t m e n t o f r a te s a n d

d a t e t o th o I n t e r -S t a t e C o m m e r c e C o m m is s io n , I c a n n o t u n d e r s ta n d h o w

in p r o v id in g a c a r s u p p ly r e s e r v e f o r th o c o m m o n u s o o f a ll c a r r ie r s a n d a s
t h o r e q u ir e m e n t s in t h o w a y o f e x t r a o r d in a r y f a c ilit ie s f o r t h o j o i n t u s o o f

C o m m it t e e

vehem ent

w h ic h

w ero

c o n c lu s io n s
a r r iv e d

adverse

at

a fte r

to

th o so

c a r e fu l

of

th o

c o n s id e r a t io n

s u b s e q u e n tly a p p r o v e d b y th e C o m m it t e e o f S e v e n ty .
I t w a s , o f c o u r s e , u n n e c e s s a r y t o e m p lo y t h o fu ll e x p r e s s io n

g re a te r th a n

w e can

e x p e c t c o u ld

havo been

absorbed

c a r r i e r s a r o i n c r e a s i n g i n c o s t a n d d i f f i c u l t y y e a r b y y e a r , i t is t o o o b v i o u s

E x e c u tiv e

f o r s e r io u s c o n c e r n t h a t t h o f u n d w o u ld n e it h e r b o a d e q u a t o o r e x c e s s iv e .
Y o u c o m p la in b e c a u s o o u r b ill p r o v id e s “ n o a s su r a n c e w h a te v e r th a t th e

and

N a tio n a l

s o m e r ig h t t o e x p e c t b e fo r e a n y o f its m o m b e r s s h o u ld r e a c h a n d c ir c u la t e
u n n e c e s s a r ily

m u ch

A s t h i s f u n d is a l w a y s

th a t a

y o u c o u ld d e r iv e a n y im p r e s s io n t o th e c o h t r a r y i f y o u g a v e t o th o b ill a n d
t o th o t e s t im o n y t h a t d is c r im in a tin g r e a d in g w h ic h th o A s s o c ia t io n h a d

fu n d

a s p a s t e x p e r ie n c e s h o w s

m o n y , a n d is c l e a r l y s t a t e d I n t h a t p a r t o f t h o b i l l w h i c h c o n t a i n s t h e m a n ­

w ere

(R a ilw a y )

A s s o c ia tio n

e q u ip m e n t t o n e e d y r o a d s c o u ld
"p ro p e rty

in le a s in g o r s u b le t t in g

th is G o v e r n m e n t

n o t d o s o o n t h o b a s is o f th o o r ig in a l e x ­

o r b it a n t a n d a b n o r m a l c o s t , & c .. & c .”

T h e b il l g o e s a s fa r in t h a t d ir e c t io n
I t p r o v id e s

a s a n y th o u g h tfu l m a n c o u ld

a d v is e .

s e c o n d m a n d a t e t o t h e C o m m is s io n o n p a g e 2 8 , lin e 8 .

I n d e e d , th o fu n d a ­

th a t

A s s o c ia t io n —

m en ta l

a

“ s h a ll h a v e p o w e r t o p u r c h a s o f r o m t h o U n i t e d S t a t e s a ll s u c h e q u ip m e n t ,
c a r s , e n g in e s , o r o t h e r r a ilw a y p r o p e r t y a s m a y h a v e b e e n p u r c h a s e d )
.
•

In v e s tm e n t a c c o u n t ,”
b a s is

of

our

a t e v e r y p o in t in t h o b il l, b u t y o u
p la n

is

to

g iv e

th e

d e fin lt o r u le f o r r a t o m a k in g s , a n d I a m

C o m m is s io n

w ill fin d

it in a

m a n d a tory

en cou raged to kn ow

and

th a t y o u a re

t h e o n ly o n e w h o h a s g iv e n o u r p la n , o u r e ffo r t s o r o u r b ill m o r e t h a n a
cu rsory

a n a ly s is

c o n s o lid a tio n s ,

w it h o u t

and

lik e

d is c o v e r in g

th a t

wo

m e c h a n ic a l d e v ic e s ,

are

o p p o s in g

becau so

th o

o f th e ir

ille ­

g a l it y , u n c e r t a in t y a n d in d e fin ite n e s s in a s s u r in g a n a d e q u a t o r a t e fa c t o r .
Y ou

say:

y e a r s .”

“ Tho

W a r fie ld

P la n

m akes

O n th e co n tra ry , if y o u

no

p r o v is io n

w h a tev er

fo r

N a tio n a l

R a ilw a y s

(S e c. 3 4 , p .

5 9 , 1. 2 4 )

b y th e
^ T h e ^ A s s o c i a t lo n a n d th e R a il r o a d A d m in is t r a t io n s h a ll h a v e
t h e p o w e r t o a g r e e u p o n s u c h v a l u e , lo h i c h m a y b o l e s s t h a n t h e o r i g i n a l
c o s t t h e r e o f: a n d th o R a ilr o a d A d m in is t r a t io n is h e r e b y a u t h o r iz e d t o s e ll
a n d tr a n s fe r a n y s u c h e q u ip m e n t t o th e A s s o c ia t io n o r t o o t h e r u p o n fa ir

re g io n a l

d e la y ,

th o

a n d r e a s o n a b le te r m s .”

le a n

S o y o u s e e t h a t i t is q u i t e c l e a r t h a t y o u a r o a b s o l u t e l y w r o n g in a s s e r t i n g

h a d r e a d e ith e r th o p la n o r th o b ill y o u

w o u ld h a v e fo u n d t h a t , in a d d i t io n t o t h o o n e -t h ir d o f th e ir e a r n in g s o v e r

t h a t t h o b i l l d o e s n o t g o a s f a r a s i t is w is o o r n e c e s s a r y .

s ix p e r c e n t , t h e c a r r ie r s r e c e iv in g e x c e s s e a r n in g s m a y b 9 p e r m it t e d —

e ra l C o n t r o l A c t a n d M r . M c A d o o ’s b u d g e ts c o n t e m p la t e d p u r c h a s o b y th o

“ in a c c o r d a n c e w it h r e g u la tio n s t o b o p r e s c r ib e d b y th o C o m m is s io n a n d
w h e n a n d t o t h e e x t e n t f o u n d d c s ir a b lo In t h o p u b lic in t o r e s t , t o s e t u p a n d
m a in t a in o n t h e ir b o o k s , b o f o r o t h o e x c e s s e a r n in g s r e d u c t io n s h a ll a p p l y ,
s u c h c o r p o r a t e r e s e r v e s a s a m a r g in o f s a f o t y f o r t h e p r o t e c t io n o f t lio ir
c r e d it , o r f o r w o r k in g c a p it a l o r o t h e r w is e , & c .”
( 8 . 5 6 7 9 , p a g e 2 9 , li n e 2 9 .)

r a ilr o a d s a t c o s t .

O th e r

reserves

te m p la te d b o t h

to

m eet

c o n t in g e n c ie s

and

d is a s te r s

b y t h e b ill a n d b y th o p la n , a n d I a m

are

e x p r e s sly

th a t

has

con ten d ed

fo r

a

I

ra te— I

su pposo

you

R a ilw a y s

A s s o c ia tio n ,

op era ted

by

su pposo

r a ilr o a d

m en

and

n o t fo r p r o fit b u t t o a s sist th o c o m m e r c o o f th o p o o p lo , w o u ld

you

m ean

th a t

it s h o w s

som o

„
or a

fa in t r e c o g n itio n

c o m p r o m is e ,
th a t w o

havo

p a s s e d o u t o f th e era o f J a y G o u ld a n d J im F is k .
T h o in te r e s tin g p r o g r a m
w h ic h y o u e n d o r s e c o n t e m p la t e s , I n o t e , t h e im m e d ia t e r e tu r n o f t h o r a il­
r o a d s , le g is la tio n o r n o le g is la tio n , b u t p r e fe r a b ly w it h le g is la t io n c e n tr a liz ­
i n g “ r a t e s , w a g e s , s e c u r i t y is s u e s a n d o p e r a t i n g c o n d i t i o n s I n t h e F e d o r a l

Y o u o b je c t t o th e d is tr ib u tio n

u n ifo r m

N a tio n a l

n o t o ffe r a fa ir r e n t a l t o t h o n e e d y lin e s .
A s f o r y o u r s t a t e m e n t t h a t t h o p la n is a " s t r a d d l o

con ­

a g a in fo r c e d t o th o

f u n d f o r t h e b e n e f it o f l a b o r is e q u a ll y u n f o r t u n a t o In it s f a ilu r e t o a n a ly z e
la b o r

th o

o r g a n iz e d

a n c e o f th e s u b je c t a n d th o e m p h a s is o f y o u r d is s e n t w o u ld w a r r a n t.
Y o u r c o m m e n t o n t h e e m p lo y m e n t o f o n e -t h ir d o f t h o e x c e s s s a r n in g s

becau so

W e p r o p o s e t h a t th o R a ilr o a d A d m in is t r a t io n s h a ll b e

a u t h o r i z e d t o p u r c h a s e o n a f a ir b a s is a n d i t is a b s o l u t e l y a b s u r d t o s u g g e s t

c o n c lu s io n t h a t y o n h a v e n o t r e a d e ith e r w it h t h a t c a r e w h ic h th o im p o r t ­

e ith e r t h o s it u a t io n o n t h o p la n o r t h o b ill.

T h o p resen t F ed ­

G o v e r n m e n t ,” a n d in s t r u c t in g t h e C o m m is s io n “ t o c o r r e la t e r a t e s a n d w a g e s

m ean

s o a s t o e n a b le th o r o a d s t o e a rn a p r o p e r r e tu r n u p o n

th e ir in v e s t m e n t .

w a g e s c a le — o n a ll r a i l r o a d s a n d s a y t h a t t h o u s e o f l a b o r ’s o n e - t h i r d o f t h o

P e r m it m o t o s a y t h a t th e re h a s b e e n a g r e a t d e a l o f t h a t k in d o f t a lk , b u t

fu n d , as p ro p o s e d

or

th is A s s o c ia t io n , b e in g d e s ir o u s o f r e s u lts , fo r m u la t e d a p la n a n d a b ill w h ic h

r e g io n s , w o u ld im m e d ia t e ly c r e a t e a n in e q u a lit y o f r a tes ( ? ) , w h ic h w o u ld

e x h ib it a d e c e n t r e s p e c t fo r th o te m p e r o f th o p e o p le a n d h a s r e c e iv e d s u f­

a t o n c e r e s u lt in

by

us,

"to

rew ard

e m p lo y e e s

o f prosp erou s roa d s,

fic ie n t s u p p o r t t o ju s t i f y u s in t h e b e li o f t h a t w o m a y b o a b le t o h a v e it s

d e m a n d s fo r fu r th e r In crea ses o n

a ll o t h e r r o a d s

to

re­

e s ta b lis h u n ifo r m it y o f r a t e s ( ? ) , w o r k in g c o n d it io n s , in s u r a n c e o r p e n s io n
a llo w a n c e s , & c .”
W o are n o t con cern ed

w it h

th e

m a c h in e r y

fo r

th is

d is t r ib u t io n ,

fu n d a m e n ta ls

nor

a ccep ted

by

C on gress.
V e r y tr u ly y o u r s ,

w h o th e r it b o c o n d u c t e d fo r t h o b e n e fit o f a ll r a ilw a y e m p lo y e e s o r m e r e ly

(S ig n e d ) S . D A V I E S

W A R F I E L D , P r e s id e n t.

f o r t h o e m p l o y e e s o f t h e r e s p e c t i v e r e g i o n s i n w h i c h t h o f u n d is p r o d u c e d .
W e h a d c a r e fu lly c o n s id e r e d t h o p o in t y o u m e n t io n , a n d fo u n d , b y a n a ly s is
o f th o t o t a ls , t h a t th o t o t a l fu n d w h ic h la b o r w o u ld h a v e r e c e iv e d h a d th o
p la n b e e n in o p e r a t io n d u r in g t h o y e a r 1 9 1 7 w o u ld h a v o b o o n a p p r o x im a t e ly
$ 3 5 ,0 0 0 ,0 0 0 a s a g in s t a t o t a l p r e s e n t w a g e a c c o u n t o f $ 2 ,5 0 0 ,0 0 0 ,0 0 0 ,
a b o u t 1 .4 % .

or

I t is o b v i o u s t h a t a f u n d o f t h is c h a r a c t e r m u s t b o e m p l o y e d

n o t a s a d ir e c t d is t r ib u t io n b u t t o p u r c h a s e in s u r a n c e o r s im ila r b e n e fit s a s
a

rew ard

fo r

fa ith fu l a n d

e ffic ie n t s e r v ic e

and

fa c t o r t o n d in g t o a s su r o lo y a lt y a n d fid e lit y .

w o u ld

fu r n is h

a

con sta n t

H e n c e y o u r s u p p o s itio n th a t

t h e p r o c e s s in v o lv e s p r o f i t s h a r in g in a n o b j o c t l o n a b l o s e n s e is n o t s u s t a in e d
b y th e fa c ts .

T h e r o is a c o n c e n s u s o f o p i n i o n t h a t p r o p e r r o m e d t a l l e g i s l a ­

t i o n w il l b o g r e a t l y e x p e d i t e d i f s o m e r e c o g n i t i o n is m a d e o f l a b o r .
Y o u r a p p lic a t io n o f th o p la n t o th o s u p p o s e d c a s o o f th o o x p o n d ltu r e o f
$ 1 ,0 0 0 ,0 0 0

to

save

a n n u a lly

$ 2 0 0 ,0 0 0

m y s t iflo s m o .

Y ou

say

th a t on e-

th ir d o f th e c o r p o r a t e s a v in g w o u ld a c c r u e t o th o c o r p o r a t io n fo r p a y m e n t
o f in te r e s t o n

th e im p r o v e m e n t,

“ th o o th e r tw o -th ir d s g o in g

to

in te r e s ts

t h a t h a d n o r e s p o n s ib i lit y in t h o p r o v id in g o f t h o $ 1 ,0 0 0 ,0 0 0 ,” a n d a s k h o w
c a n w o c o n c e iv e t h a t a b o a r d o f d ir e c t o r s w o u ld o v e r a u th o r iz e th e e x p e n d i­
tu re?

B y e x p e n d in g $ 1 ,0 0 0 ,0 0 0 y o u r p r o p e r t y in v e s t m e n t a c c o u n t w o u ld

a u t o m a t i c a lly o n t it l o t h e r o a d ( o n e w h ic h is p r e s u m e d b y y o u t o b o e a r n in g
in e x c e s s o f t h o s t a n d a r d r e tu r n ) t o r e t a in $ 6 0 ,0 0 0 , le a v in g $ 1 4 0 ,0 0 0 e x c e s s
e a r n in g s s u b je c t t o
r e c e iv e

$ 4 6 ,0 0 0

in

e x c e s s e a r n in g s r e d u c t io n ,
a d d itio n

to

th e

$ 6 0 ,0 0 0

o f t h is

w h ic h

you

th o

r a ilr o a d

seem

to

w o u ld

h a v e lo s t

s ig h t o f e n tir e ly .
Y o u s a y t h a t a n o t h e r w e a k n e s s is t h a t t h o p l a n t a k e s t o o m u c h s u r p l u s
a w a y fr o m t h o s t r o n g r o a d s a n d le a v e s t h e m w it h o u t m o a n s t o t a k e o v e r th o
w e a k e r lin e s .

O n t h e c o n t r a r y t h e r o is a d i r e c t i n c e n t i v e t o t h e s t r o n g e r

lin o t o p u r s u o t h a t c o u r s e in o r d e r t o r e t a in a la r g e r p e r c e n t a g e o f Its e x c e s s
e a r n in g s .

I t is r e a d ily c o n c e iv a b le t h a t t h o in t e r c o r p o r a t e a g r e e m e n t f o r

c o n s o lid a t io n w o u ld s h a r e t h is r e s u lt in g b e n e fit e q u it a b ly b e t w e e n t h o t w o
lin e s a n d fu r t h e r s t im u la t e t h o p r o c e s s .
Y o u r c r it ic is m o f th o p r o v is io n o f th o b ill t o th e e ffe c t t h a t th e R e g io n a l
C o m m is s io n e r s m u s t n o t b e p e c u n ia r il y o r o t h e r w is e in t e r e s t e d in a n y r a il­
r o a d s e c u r ity o r p r o p e r t y , & c ., a s b e in g “ lit t le s h o r t o f B o ls h e v is m ”

is , I

r e g r e t t o s a y , a s u n f o r t u n a t e a s s o m e o f t h o o t h e r a n a ly s e s c o n t a in e d in y o u r
le tte r .

If you

had

e x a m in e d o r c o n s id e r e d

th e b ill w it h

a n y c a r o o r d is ­

c r im in a t io n w h a t e v e r y o u w o u ld h a v e fo u n d t h a t th o q u a lific a t io n s a d o p t e d
b y u s f o r R e g io n a l C o m m is s io n e r s a r o s u b s t a n t ia lly t h o q u a lific a t io n s w h ic h
a r e n o w a n d fo r y e a r s h a v e b e e n th o q u a lific a t io n s fo r m e m b e r s o f th o I n t e r ­
S t a t e C o m m e r c o C o m m is s io n , a n d n o t w it h s t a n d in g t h o b a d r e s u lts w o h a v e
g o t t e n f r o m t h a t C o m m is s io n d u e t o in a d e q u a t e le g is la t io n , t h o f a c t r e m a in s
th a t th e ro h a s n e v e r b e e n a b r e a th o f s c a n d a l o r a w o r d o f r e p r o a c h a ffe c t in g
t h o in t e g r it y o f a n y

m o m b e r o f th e C o m m is s io n

s in c o Its o r g a n iz a tio n

in

1 8 8 4 a n d t h e g e n e r a l c o n f i d e n c e o f t h o p u b l i c In t h o g o o d f a it h o f t h e C o m ­
m i s s i o n , w i t h t h e B o l s h e v i s t q u a l i f i c a t i o n s w h i c h d i s p l e a s e y o u , is t h o o n e
b u lw a r k m a k in g it p o s s ib le fo r t h e r a ilr o a d s t o a v o i d a b s o lu t e c o n fis c a t io n .
If you
and

th in k

th e

th a t w h a t y o u

g e n u in e

a n t ip a t h y

to rm
of

th o

th o p o r s o n a l u n p o p u la r it y o f B u r le s o n ,
A m e r ic a n

p o o p lo

to w a rd

G overn m en t

o w n e r s h ip m a k e s it o p p o r t u n e fo r th e o w n o r s o f th o r a ilr o a d s t o g o b e fo r e
C o n g r e s s a n d d e m a n d t h a t e s ta b lis h e d s a fe g u a r d s w h ic h h a v e b o o n a p p r o v e d
f o r a g e n e r a t io n b y t h o p u b lic a r e n o w t o b e J u n k e d , y o u r id e a o f t h e c o m ­




BIDS

FOR STEEL RAILS ASKED FOR—NAVY
REQ U ISITIO N STEEL.

TO

In accordance with his announced intention of a week
ago, following conference with steel producers, DirectorGeneral of Railroads Hines on May 16 askod for bids for
200.000 tons of steel rails. The bids will bo received to-day,
and contracts will bo lot at once. In view of tho contro­
versy between the Railroad Administration and tho defunct
Industrial Board of the Department of Commorco over steel
prices, unusual interest attaches to tho bids which will be
submitted. Tho standard prico for open hearth steel rails,
as announced by the Industrial Board, was $47 a ton.
On May 13 the Navy Department announced that eleven
steel companies had submitted practically identical bids for
14.000 tons of steel plates and shapes for the navy, dupli­
cating the situation which caused the rejection of bids on tho
same material submitted on April 4. The steel is required
for tho construction of four battleships, two at tho Now York
Navy Yard, one at the Norfolk Navy Yard and one at the
Mare Island, Cal., Navy Yard. Some of tho steel companies
resubmitted detailed bids on tho material, while others re­
ferred the Navy Department to their old bids submitted on
April 4. Tho former bids wore based on tho stool price fixed
by the Department of Commerce’s Industrial Board, and
because of the identical proposals of tho varoius companies
all were rejected.
On May 14 it was stated that tho Navy Department had
decided to exercise its authority under war emergency legis­
lation and requisition steel for battleship construction. The
price to be paid would bo fixed later on a basis of market con­
ditions and quotations rather than on an examination of tho
steel makers’ books. This course of action was determined
upon at a conference on the 14th betweon Acting Se retary
Roosevelt and officials of the Department, at which bids sub­
mitted the previous day for 14,000 tons of structurallsteel

THE CHRONICLE

M ay 17 1919.]

were considered. The fact that two of the four battleships
for which the steel is needed are authorized under a pro­
vision that actual construction work must start prior to
July 1 1919, prompted tho Department, it is said, to resort
to emergency powers to obtain the necessary steel.
NOTES BETW EEN GERMAN DELEGATES AND ALLIES
BEARING ON PEACE TREATY TERMS.

Various notes have passed between Count von BrockdorffRantzau, head of the German peace delegation and the
Allies during the past week following the presentation of the
Treaty of Peace to the German plenipotentiaries at Versailles
on May 7. On May 10 it was announced that in reply to a
note submitted by the count to Premier Clemenceau declar­
ing that the treaty contained demands which could be borne
by no people, and many of them incapable of accomplish­
ment, the Allies stated that they could admit of no discussion
of their right to insist upon the terms of the treaty substan­
tially as drafted. County von Brockdorff-Rantazu was also
informed, in answer to his complaint that Germany was asked
to sign the Allied plan for a League of Nations, although not
among the States invited to enter it, that the admission of
additional member States had not been overlooked, but had
been explicitly provided for in the second paragraph of Arclared in letters sent to the Allied and Associated Powers
that on essential points the basis of the peace of right agrefed
upon between the belligerents had been abandoned. Two
letters, it was stated on the 10th, had been sent to the
Allies, the first of which read:
Tho German peace delegation has finished the first perusal o f the peace
conditions which have been handed over to them. They have had to
realize that on essential points the basis of the peace o f right agreed upon
between tho belligerents has been abandoned.
They wero not prepared to find that the promise, explicitly given to the
German people and the whole of mankind, is in this way to bo rendered
Illusory.
The draft o f the treaty contains demands which no nation could endure.
Moreover, our experts hold that many o f them could not possibly bo carried
out.
The German peace delegation will substantiate these statement in detail
and transmit to the Allied and Associated Governments their observations
and their material continously.

BROCKDORFF-RANTZAU.

The following reply was made on the 10th inst. by the
Allied and Associated Powers:
The representatives o f the Allied and Associated Powers have received
tho statement of tho German Plenipotentiaries to the draft conditions of
peace.
In reply they wish' to remind the German delegation that they have for­
mulated tho terms of the treaty with constant thought o f tho principles
on which tho armistice and the negotiations for peace wero proposed.
They can admit no discussion of their right to insist on tho terms of the
peace substantially as drafted. They can consider only such practical
suggestions as tho German Plenipotentiaries may have to submit.

The second letter from the German representatives read:

Tho German peace delegation has the honor to pronounce Its attitude
on the question of tho League o f Nations by herewith transmitting a
German program which, In the opinion of the delegation, contains important
suggestions on the League o f Nations problem.
The German peaco delegation reserves for Itself tho liberty o f stating Its
opinions on tho draft of the Allied and Associated Governments in detail.
In tho meantime it bogs to call attention to tho discrepancy lying In the
fact that Germany is called on to ign tho statuto of tho Lcgaue o f Nations
as an inherent party of the treaty draft handed to us, and, on tho other
hand, is not mentioned among the States which are invited to join the
League o f Nations.
The German peaco delegation begs to inquire whether, and, if so, under
what circumstance, such invitation is intended.

The reply of the Allies to the above follows:

The receipt o f the German program of the League o f Nations is acknowl­
edged. Tho program will be referred to tho appropriate committee of tho
Allied and Associated Powers.
Tho German plenipotentiaries will find on a ro-oxamination o f the Gov­
ernment o f tho League o f Nations that the matter o f tho admission of
additional member States has not been overlooked, but is explicitly provided
for in tho second paragraph o f article one.

On May 11 concerning further notes addressed to the
Allies on behalf of Germany, the Associated Press, in
cablegrams from Versailles, said:

The German delegation at Versailles, in notes transmitted Saturday
night to M . Clemenceau, as President o f the Peaco Conference, proposes
changes in the clauses o f tho peace treaty covering labor problems', and asks
that prisoners of war bo returned immediately after the signing o f the pre­
liminaries.
The notes suggost the holding of a joint labor convention at Versailles
for consideration o f tho points raised. Satisfaction is expressed with the
labor clauses in goneral, but it is pointed out that they cover principles
already in force in Germany and that they do not go far enough.
Tho Germans suggost that tho labor agreement bo considered at the pro­
posed conference along tho lines o f tho conclusions o f the labor conference
of July 1917.
Tho noto relating to prisoners criticises tho clause dealing with the re­
turn of prisoners of war and asks that they be returned Immediately after
the signing of preliminaries and that adequate supplies of food and clothing
bo guaranteed them. It is considered In Peace Conference circles that
the treaty as it stands provides amply for this point,

1993

Foreign Office. The Foreign Office alone is cognizant of the nature of the
documents.
The replies which the Council of Four sent to the preceding German
notes, made public Saturday, were drawn up, according to the “ Temps,”
with the personal and particularly active collaboration of President
Wilson.

It is announced that the Council of Four at its meeting
on May 12 decided to refer the German notes on labor and
war prisoners to experts for consideration, instead of answer­
ing them at once as it did with the first two communications
from the German delegation. The Associated Press gave
the following details, in delayed Paris cablegrams reaching
the United States on May 13, regarding the representation of
Count von Brockdorff-Rantzau bearing the subject of
prisoners of war:
Count von Brockdorff-Rantzau, chief of tho German peace delegation, in
addressing a note to Premier Clemenceau relative to the repatriation of
prisoners, asks that the details of the transfer be intrusted to commissions.
He states that the German peaco delegation has "noted with satisfaction”
that the draft o f the treaty recognizes in principle the reptriation of Ger­
man war and civilian prisoners with great expedition, and says that special
commissions might carry on direct oral discussions which would include all
belligerent States, it being pointed out that even during hostilities this has
proved to bo a most effective way of solving difficulties.
The note says that this work should be much easier, now that the war is
over, and would removo differences of conception o f lack of clearness on
particular points, such as legal conceptions in inidvidual countries. The
German delegation, it is said, considers it indispensable that war and
civilian prisoners detained or undergoing punishment for other than
disciplinary offenses should in principle be included among those to be
unconditionally repatriated.
“ Regarding war and civilian prisoners of Allied and Associated Powers
in its hands,” the note says, “ Germany has recognized the same principle.
It appears self-evident to the German delegation, therefore, that on grounds
o f fairness certain alleviations in the treatment of prisoners should be
agreed upon, pending their return.
The note proceeds:
“ In a one-sided manner, some feel, the stipulations have been made in
favor o f the Allied and Associated Governments. For instance, those
regarding the surrender of personal property, the search for missing objects,
and tho care of graves might be cited. It is assumed that in these questions
a demand for complete reciprocity Is founded on general human rights.”
Tho note then refers to a number of minor points and proposes that de­
liberations by commissions should be begun speedily to clear up prelimi­
naries in readiness for the time when shipping and similar difficulties may
be solved and the removal o f the prisoners may be possible. It alludes to
the importance to Germany that the prisoners shall return home under
orderly conditions, insuring their reinstatement into economic life with the
greatest possible dispatch, and says that this seems only possible if every­
thing is done to “ raise the moral and physical state o f those returning.”
Since Germany’s economic position prevents her by her own strength
from providing tho requisite guarantees, the delegation suggests that the
deliberations of tho commissions might extend to the question of how far It
would bo possible on the part of the Allied and Associated Governments
to help Germany in the matter, and, for example, in return for the repay­
ment of the cost to provide the prisoners with new outfits, underclothing,
civilian suits and boots, before their return.
The note concludes:
“ Accept, Herr President, the expression o f my most particular esteem.”

The Paris cablegrams also made known on May 12 that
the German delegation had handed to the Council of Four
the.German plan for a League of Nations. The Associated
Press said:
This plan was drawn up by Professor Schuecking, and the principal
feature is a proposed international parliament composed of ten represen­
tatives from each nation.
Members of the Committee on the League o f Nations said that Professor
Schuecking’s plan was in the form of a general thesis on tho merits of a
world parliament, which would seek to bring about the proportionate
limitation of armaments of all nations alike, on sea as well as on land, and
an equality of economic conditions, a sort of economic brotherhood.
“ The project,” a member of the committee said, “ has only academic
interest, as the committee wiU not examine or consider it, for it has no
purpose to let tho Germans confuse the Allied project, which has unanimous
support.

Later accounts concerning this plan said:

The German plan for a League of Nations submitted by the German
delegation at Versailles and now in the hands of the Peace Conference
Committee on the League of Nations, to which it was referred, contains
sixty-six articles, together with a supplement, setting forth the charter
for an international labor league. Tho special aims of the League of
Nations devised by the Germans are set forth as follows:
(a) Prevention of International disputes.
(b) Disarmament.
(c) Securing freedom of traffic and general economic equality of rights.
(d) Protection of national minorities.
(e) Creation of an international workers’ charter.
(f) Regulation of colonial questions.
(g) Unity of existing and future international institutions.
(h) Tho creation of a Parliament.
Another provision of the draft reads: “ Tho League of Nations shall com­
prise, (a) all belligerent States taking part in the present war; (b) all neutral
States included in The Hague Arbitration League; (c) aU others to be ad­
mitted by vote of two-thirds of the existing members. Entrance is reserved
to the Holy See.”

It was learned through the Associated Press at Paris May
13 that the German peace delegation had announced the
dispatch of a fifth note, which, it was expected, would be
delivered to the Council of Four the following day. It was
further said:
It developed to-day that Count von Brockdorff-Rantzau, head o f the

Tho notes have not yet been considered by tho Council of Four, but will German delegation, intends to ask permission to send German delegates to
bo taken up to-morrow.
receive tho Austrian representatives, according to the Havas Agency.
Other communications from the German peaco mission wero submitted Previously it had been announced that the Allies intended to keep the
to-day in sealed envelopes through the French liason officer to the French • delegations wholly apart.




1994

THE CHRONICLE

Tho German plenipotentiaries were also reported to bo preparing a formal
request that they be allowed to communicate with tho Austrian delegates
during tho negotiations.

[Voi. 10b

cruel trial to which tho world has beon subjected during tho past five years.
“ Accept, sir, &c.,
“ G. CLEM ENCEAU.”

It became known on the 14th that altogether up to that The text of the German noto which was forwarded on May
date seven notes had been received from the German peace 10 by Count von Brockdorff-Rantzau was made public at
delegation, three notes in addition to four previously re­ the same time as follows:
The German peaco delegation to his Excellency, tho President of tho
ceived, having been delivered to the Council of Four on the Peaco
Conference:
14th. The answers of the Council to the German notes on
Versailles, May 10 1919.
prisoners of war and labor subjects were also delivered on tho Sir: With reference to Articles LV and LVI of tho proposals for tho estab­
of a League of Nations submitted by us, we beg herewith to trans­
14th. One of the three additional notes from Germany, lishment
the draft of an international agreement on labor law prepared by tho
deals, it is stated, with economic clauses of the treaty and mit
German Government.
declares that they mean the ruin of Germany if they are The German Government is of ono mind with tho Allied and Associated
Governments in holding that tho greatest attention must bo given to
enforced.
questions. Domestic peace and tho advancement of mankind depend
A note on territorial questions protests particularly against labor
vitally on the adjustment of this question. The demands for social justice,
repeatedly
raised in this respect by tho working classes of all nations, aro
tho SaiTo Valley arrangement and the transfer of the Malpartly realized in principle in Section X III of tho draft of peaco con­
medy, Moesnet, and Eupen districts to Belgium, as well as only
ditions of tho Allied and Associated Governments on tho organization of
the forced evacuation of a part of Schleswig.
labor. Tho sublime demands have, for tho most part, been realized in
Germany with tho assistance of tho working classes, as is generally ac­
A note on reparations does not protest against the payment knowledged,
an exemplary manner.
by Germany for the devastation wrought in Belgium and In order toin carry
them into execution overywhero in tho interests of
Northern France which, it says, Germany is ready to do mankind, tho acceptance of tho program of tho German delegation is at
least
necessary.
Wo
deem it requisite that all States should join in tho
willingly. It is added, however, that Germany will not pay agreement, even though
to tho Leaguo of Nations.
reparation for this damage on the principle that she was In order to guarantee tonotthobelonging
working classes, for whom tho proposed im­
provements aro intended, co-operation in tho framing of these provisions,
responsible for tho war.
delegation is of tho opinion that representatives of tho national
The Associated Press on May 14 stated that the three new tho German
union organizations of all tho contracting Powers should bo summoned
notes from Count von Brockdorff-Rantzau were referred by trado
to a conference at Versailles to discuss and take decision on international
labor.law before tho peaco negotiations aro terminated.
the Council of Four to special committees, and added:
Tho proceedings of this conference, in tho opinion of the German dele­
Tho report of tho committee on tho German noto regarding changes in
tho labor convention has been approved and sent to tho Germans. Close
scrutiny of tho treaty revealed soveral omissions. Tho Council corrected
ono of theso by deciding to insert a clause providing for tho withdrawal of
representation on tho Reparation’s Commission on a twelve months’
notico.

It developed on May 15 that the Council of Four had
declined to consider Count von Brockdorff-Ranzau’s note
relative to international labor legislation. The reply sent
to tho German delegation by M. Clemenceau, President of
the Peace Conference, says that the Allied and Associated
Governments are “of tho opinion that thoir decisions give
satisfaction to tho anxiety which the German delegate
professes for social justice, and insure the realization of re­
forms which the working classes have more than ever a right
to expect after the cruel trial to which tho world has been
subjected during tho last five years.” The text of tho note
sent by M. Clemenceau follows:
May 14 1919.
Sir— I have tho honor to acknowledge tho receipt of your letter of M ay
10 in regard to international labor legislation, together with a draft of an
International agreement on labor law. Tho reply of the Allied and Associ­
ated Government is as follows:
Thoy take noto of tho declaration made by tho German delegates that
domestic peace and tho advancement of mankind depend upon the adjust­
ment of tho labor question, and they are convinced that such adjustment
will bo rendered easier in tho future than in tho past, as men’s minds aro
freed from tho fear of war, and industry is relieved of tho burden of ar­
maments which German militarism had imposed upon it.
Part X II I o f tho draft o f tho conditions o f peace provides a means by
which such adjustments can bo made, and Section II of this part of tho
draft lays down tho principles which will progressively guide tho labor
organization and tho Leaguo o f Nations. Articlo 427 indicates clearly
that the enumeration of tho principles set forth is not exhaustive. The
purpose o f tho labor organization is that it should promote tho constant
development of tho international labor regime.
Tho labor convention has been inserted in tho treaty o f peaco, and Ger­
many will, therefore, be called upon to sign it. In tho futuro tho rights
of your country to participate in tho labor organization will be secured,
so soon as she is admitted into tho League o f Nations, in accordance with
Article I o f the treaty.
It has not beon thought necessary to summon a labor conference at Ver­
sailles. Tho conclusions of a syndical conference at Berne, which aro
reproduced ih tho draft of the international agreement on labor law re­
ferred to in tho first paragraph o f your letter of tho 10th inst., had al­
ready been studied with tho closest attention. Rerpesentatlves of tho
trade unions had taken part in tho preparation of tho articles relating
to labor.
As appears, moreover, from the annex to Section II of Part X III, pago
200, tho program of tho first session o f tho international labor conference,
to bo held at Washington next October, comprises tho most important of
the questions raised at the syndical conference at Berne. Trade unions
will bo Invited to take part in that conference, and it will bo held under
direct rules, which provide for duo effect being given to conclusions, sub­
ject only to tho assent of tho competent authorities in tho countries repre­
sented.
Tho draft of tho international agreement on labor law prepared by
tho German Government is deficient in that it make no provision for tho
representation of labor at the international conference which is proposed.
It is also inferior to tho provisions submitted in Part X II I o f tho peace
conditions in the following respects:
(a) Five years is suggested as a maximum interval between conferences
(Articlo V II). Tho peace conditions— one year (Article C C C L X X X ).
(b) Each country has ono voto (Article V II). The peaco conditions
glvo a vote to each delegate, whether representing a Government, em­
ployers, or workers (Articlo C C C X C ).
.
(c) Resolutions aro only binding if carried by a majority of four-fifths
of tho voting countries (Article V II). Tho peaco conditions provido that
a majority of two-thirds only o f the votes cast shall bo necessary on tho
final vote for the adoption of a recommendation or tho draft of a conven­
tion by tho conference (Article CDV).
“ Tho Allied and Associated Governments aro, therefore, of tho opinion
that their decisions givo satisfaction to tho anxiety which tho German
delegates profess for social justice and insure tho realization of reforms
which tho working classes havo moro than over a right to expect after tho




gation, should bo based on tho resolutions of tho International Trado
Conference in Berne. Feb. 5 to 9 1919, and tho program for international
labor legislation addressed to the Peaco Conference in Paris, which omanated
from tho decisions of tho International Trado Union Conference in Leeds
in 1916. At tho request of the trado unions of Germany wo bog to incloso
a copy of theso resolutions, which havo been adopted by tho representatives
of tho trade union organizations of Bohemia, Bulgaria, Denmark, Ger­
many, Franco. Greece, Holland, Italy, Canada, Norway, Austria, Swedon,
Switzerland, Spain and Hungary.
Accept, sir, tho assurance of my highest esteem.
BROCKDORFF-RANTZAU.

It is pointed out that the international agreement on labor
law prepared by the German Government referred to in tho
noto of Count von Brockdorff-Rantzau was prepared in
the German Ministry of Labor some months ago, and was
first published on May 1. Most of this document is taken
up with detailed proposals for labor legislation, a number
of which were incorporated in the international labor charter
issued by the syndical conference at Berne in February.
Paris press advices yesterday (May 16) said:
The German Peace Treaty, it developed to-day, contains a clause which
has not yet been made public providing that ratification by Germany and
three of the principal Associated Powers will bring tho traty into force
between tho ratifying parties, enabling tho immediate resumption of trado.
As tho result of conferences among tho representatives of tho Powers,
which were being continued to-day, tho text of tho German ireaty will
probably bo made public by installments. It Is reported that tho financial
and boundaries sections of tho document will bo released to-night.
It was pointed out to-day in connection with tho stipulation as to tho
ratification of tho German Treaty that any nation which withheld ralfication
after three of the principal Powers had ratified would bo at a disadvantage
in a commercial way. This would follow from tho fact that tho ratifying
Powers would be able to resume trado relations with Germany at onco,
whllo tho States that delayed would have no such prlvilego.
A peremptory answer to tho German noto registering objections to tho
treaty arrangements for tho loft bank of tho Rhino and tho Saar Valloy
has been drafted by tho special commission on Andro Tardiou, it was
reported this morning.

PROCLAMATION OF PRESID ENT EBERT OF GERMANY
ON PEACE TREATY.

The statement that “the German people’s Government
will answer the peace proposal of violence with a proposal
of a peace of right on tho basis of a lasting peaco of nations”
is made in a proclamation issued on May 10 by President
Ebert. “From such an imposed peace,” he says, “fresh
hatred would be bound to arise between tho nations and in
the course of history there would be now wars.” Tho fol­
lowing is the text of the proclamation:
Tho first reply of tho Allies to tho sincere dcsiro for poaco on tho part of
our starving people was tho laying down of tho uncommonly hard armistice
conditions. Tho German people, having laid down its arms, honestly
observed all the obligations of tho armistice, hard as thoy were. Not­
withstanding this, our opponents for six months havo continued tho war
by maintaining tho blockade. Tho German peoplo boro all theso burdens,
trusting in tho promise given by tho Allies in their noto of Nov. 5, that
tho peace would bo a peace of right on tho basis of President Wilson’s “ four­
teen points.”
Instead of that, tho Allies havo now givon us peaco terms which aro in
contradiction to tho promiso givon. It is unbcarablo for tho German pcoplo and is impracticable, even if wo put forth all our powers. Violonco
without measure would bo done to tho German peoplo. From such an
Imposed peaco fresh hatred would bo bound to ariso between tho nations,
and in tho course of history thero would bo now wans. The world would
bo obliged to bury overy hope of a Leaguo of Nations liberating and healing
tho nations and insuring peaco.
Tho dismemberment and mangling of tho German peoplo, tho delivering
of German labor to foreign capitalism for tho Indignity of wago slavery
and tho permanent fettering of tho young German ropublic by the En­
tente’s imperialism is tho aim of this peaco of violonco. Tho Gorman

M ay 17 1919.]

THE CHRONICLE

people’s Government will answer the peaco proposal of violence with a
proposal of a peaco of right on the basis of a lasting peace of the nations.
The fact that all circles of the German people have been moved so deeply
testifies that the German Government Is giving expression to the united
Will of the German nation. The German Government will put forth every
effort to sccuro for the German peoplo the same national unity and indopondcnco and the samo freedom of labor in economical and cultural re­
spects which the Allies want to give to all the peoples of Europe, save only
our people.
Our nation must save itself by its own action. In view of this danger of
destruction the German nation and the Government which it choso must
stand by each other, knowing no parties. Let Germany unite in’ a single
will to preservo German nationality and liberties. Every thought and the
entire will of the nation ought now to bo turned to labor for tho preserva­
tion and reconstruction of our fatherland. The Government appeals to
all Germans in this hard hour to preserve with it mutual trust in the path
of duty and in tho belief in the triumph o f reason and of right.

It was also stated that the imperial and Prussian Gov­
ernments, in a joint proclamation to Eastern Germany,
assuring tho populations of the provinces there that the
Government will do its utmost to ward off tho dangers
threatening them and enumerating the territorial changes
proposed in the treaty of peaco, declare:

These encroachments are entirely inreconcilablo with tho principles
solemnly proclaimed by President Wilson.

In a statement to tho Berlin correspondent of the Asso­
ciated Press on May 11 President Ebert declared that
“Germany has seized and unfurled a now banner on which
are inscribed President Wilson’s fourteen points, which tho
President apparently had deserted.” President Ebert, it
was added called tho Peace Treaty a “monstrous document”
and declared that history held no precedent for such de­
termination to annihilate vanquished people. The brief
reports on the 11th of what President Ebert had to say
were supplemented by further details in Associated Press
dispatches reaching tho daily papers on May 14, and pub­
lished the next day as follows:
Declaring that tho terms of peaco presented by the Allied and Associated
Governments to Germany “ contemplate tho physical, moral and intel­
lectual paralysis of tho German people,” that Germans were “ hypnotized”
by statements made by President Wilson, and that he, himself, is looking
forward to tho future "with gravest apprehensions.” President Ebert
said to-day that ho still hoped ttiat American democracy would not accept
tho treaty framed at the Peace Conference.
lie rejected with disdain the suggest.on that the present German Gov­
ernment would resign rather than accept or reject tho terms, saying that
tho Government would “ hold out to tho end."
“ When in tho course of 2 ,000 years, ho asked, “ was over a peaco offered
a defeated people which so completely contemplated its physical, moral
and intellectual paralysis as do tho terms enunciated at Versailles?
In his message to Congress Dec. 14 1917, President Wilson said: "Tho
frightful injustice committed in tho courso of this war must not bo made
good by wishing a similar injustice on Germany and her allies. Tho world
would not tolerate the commission of a similar injustice as reprisal and
realignment.”
“ Tho German people, President Ebert continued, “ is only beginning to
awake from tho hynopsLs into wlxich it has been lulled becauso of its solid
faith in tho sincerity and truthfulness o f Mr. Wilson’s program and his
fourteen points. Tho awakening will bo terrifying, and we all look forward
to it with gravest apprehensions. In tho face of the cold, naked realities
wo still consciously cling to tho faith Which found its epitome in the names
of Wilson and tho United States and tho conception of tho democracy of
the League o f Nations.
We cannot believe that has all been an illusion and that tho confidence
.and hopes of a whole peoplo have been duped in a manner unknown to
history. Even now optimists are saying: “ Wilson will not permit it;
ho daro not possibly permit it.”
Tho President added that ho and ids party could not blame tho panGermans for tho "immodest haste with which they aro now digging up their
former speoches and editorials, in which tho Social Democrats and other
liberals were ridiculed for their belief in President Wilson’s program.”
“ I and my colleagues,” ho said in conclusion, "upon which rests tlio
terrific burden or tho forthcoming decisions, hope and pray tho German
peoplo who staked all on President Wilson and tho United States shall not
find themselves dccived. If, lioxvover, the American democracy actually
accepts tho present peaco terms as its own, it becomes an accomplice and
an abettor of political blackmailers; it surrenders tho traditional American
principle of fair play and sportsmanship and trails tho ideals of true de­
mocracy in tho dust. Notwithstanding tho night now covering it, I have
abiding faith in the future of the German people and in tho unconquerabllity of its soul. This people, which lias given tho world so much in
scionco, learning and industry, must not go down to oblivion. It still has
a cultural mission to perform and ethical treasures to bestow.”
President Ebert closed his statement by declaring tho present Govern­
ment would “ hold out to the last,” and scouted tho idea that it would
“ make room for others to accept or reject tho teaty.”

Cablegram advices from Berlin May 15 report President
Ebert as reiterating, in a statement in “Vorwaorts,” bis
opposition to the peace terms submitted by tho Entente,
declaring them unreconcilable \v ith conscience and reason
and insisting that they must be drastically and fundament­
ally corrected, lo quote further from these cablegrams:
Above all, practical negotiations wero necessary, lie declared, and
theso would quickly result in tho attainment of a worthy peaco, if a return
wero made to the fourteen points.
"As long as one remanent o f hope remains that reason will triumph,”
continued President Ebert, “ we will not speak our last word, but should it
prove that this mailed-fist peaco is to bo imposed upon us, wo shall have
to take our decisions.
“ To-day I still hope that tho attempt will not be made to extort from
the German nation ail assent which would bo nothing but a lio born of
desperation . . . AVo must keep faith with our countrymen who aro
threatened with separation by foreign violence and be ready to carry out tho
hardest resolve.”




1995

GERMAN CHANCELLOR, P H IL IP SCH EID EM A N N ,
DECLARES PEACE TERMS UNACCEPTABLE.

In denouncing the terms of the peace treaty Philip Scheidemann, Chancellor of Germany, in the National Assembly
on May 12, declared the treaty as unacceptable, in the view
of the Imperial German Government. “Should the peace
conditions be accepted,” he asserted, “Germany no longer
could call anything her own which lies outside these narrow
bounds. Germany has ceased to exist abroad, but if that
were not sufficient, her cables have been taken from her and
her wireless stations can send only commercial telegrams,
and then only under control of the Allies. This would
separate us from the outer world, for what business can be
done under the control of competitors need not be described.”
“We have,” said the Chancellor, “made counter proposals
and shall make still more. With your consent we regard
it as our sacred task to come to negotiations.” The fol­
lowing is the account of his declarations as contained in
tho Associated Press cablegrams from Berlin:
Tho declaration by Chancellor Philipp Schcidemann in the National
Assembly here to-day that tho peace terms wero “ unacceptable” brought
members of the Assembly, tho spectators, and those in the press gallery
to their feet in a hurricane of cheers and applause.
Tho Chancellor reached the climax of his statement on the peace terms
ten minutes after he began. lie paused in his address, and then thundered
out tho word which announced the German Government’s rejection of the
Versailles conditions.
“ This treaty,” he said, “ is, in the view of the Imperial German Govern­
ment, unacceptable. I am unable to believe that this earth could bear
such a document without a cry issuing from millions and millions of throats
in all lands, without distinction to party. Away with this murderous
scheme.”
AVith the exception of the Independent Socialists led by Hugo Haase,
all factions in the Assembly rose to their feet and cheered vociferously.
After tho Chancellor’s speech tho leaders of tho various parties, with the
exception of the Haase group, made speeches in which they declared that
they backed up tho Government.
Tho Chancellor described the peace treaty as a “ dreadful” document.
Ho said that it would make an enormous jail of Germany, in which 60,­
000,000 persons would have to labor for the victors in the war. German
trade, ho asserted, would be strangled should the terms be accepted. He
criticized President AVilson, and said that the President by his attitude had
received the hopes of the German people.
Tho occasion was the turning point In the life of tho German people, the
Chancellor said, as the Assembly was to decide the attitude toward “ what
our adversaries call peaco conditions.”
“ Tho representatives of the nation,” ho continued, “ meet here as the last
band of the faithful assemblies when tho Fatherland is in tho greatest dan­
ger. All have appeared except the representatives of Alsace-Lorrain, who
have been deprived of the right to be represented here, just as you are to bs
deprived of the right to exercise in a free voto the right of self-determina­
tion.
And I see among you the representatives of all the German races and
lands, tho chosen representatives of the Rhineland, the Sarre, East Prus­
sia, AVest Prussia, Posen, Sileia, Danzig, and Memel. Together with the
Deputies of the unmenaced regions, I see the Deputies of the menaced
provinces who, if the will of our enemies becomes law, are to meet for the
last time as Germans among Germans. I know that I am one in heart
with you in the gravity and sanctity of this hour, which should be ruled
by only one idea, that we belong to one another and must stand by one
another and that we are one flesh and one blood and that whoever tries
to sever us is driving a murderous knife into tho living body of the German
peoplo.
To keep our nation alive—that and nothing else— is our duty. AVe are
pursuing no nationalistic dreams. No questions of prestige and no thirst
for power have a part in our deliberations. Bare life is what we must have
for our land and nation to-day while every one feels a throttling hand at his
throat.
Let us speak without tactical considerations. The thing which is at the
basis of our discussion is this thick volume in which 100 sentences begin
“ Germany renounces.” This dreadful and murderous volume by which
confession of our own unworthiness, our consent to pitiless disruption, our
agreement to helotry and slavery, are to bo extorted—this book must not
become tho future code of law.
The world has once again lost an illusion. The nations have in this
period, which is so poor in ideals, again lost a belief. AVhat name on
thousands of bloody battlefields, in thousands of trenches, in orphan fami­
lies, and among the despairing and abandoned has been mentioned during
these four years with more devotion and belief than tho name of AVilson?
To-day tho picture of tho peace bringer as the world pictured him is paling
beside tho dark forms of our jailers, to one of whom. Premier Clemenccau, a Frenchman recently wrote:
"Tho wild beast has been put in a cage on bread and water, but is al­
lowed to keep his teeth, while his claws are hardly cut.”
All over Berlin we see posters intended to arouse a practical love for
our brothers in captivity. They show sad and hopeless faces/ behind the
prison bars—that is the right frontispiece for tho so-called peace treaty, a
true portrait of Germany’s future.
Sixty million are behind the barbed wire and the prison bars—sixty
million at hard labor for whom the enemy makes their own land a prison
camp. Should the peace conditions be accepted, Germany no longer
could call anything her own which lies outside theso narrow bounds. Ger­
many has ceased to exist abroad, but if that were not sufficient, her cables
liavo been taken from her and her wireless stations can send only commer­
cial telegrams, and then only under control of the Allies. This would
separate us from the outer world, for what business can be done under the
control of competitors need not be described.
But this is far from enough. The council therefore determines treaties
between enemy countries to be null and void, except such treaties whose
execution is in favor of a Government of the Allied Powers.
AVhat does President AVilson so aptly say “ that the first principle of
peaco Itself is equality, equal participation in common benefits?”
Herr Schcidemann then argued that this principle had been abrogated in
tho peaco terms. Ho continued:
That is the jail picture in its external aspects; without ships because
tho mercantile fleet passes Into Entente hands, without cables, without
colonics, without foreign settlements, without reciprocity and legal pro-

1996

THE CHRONICLE

tectlon— yes, and even without the right to co-operate in fixing the prices
for the goods and articles which wo have to deliver as tribute.
I ask you what honest naan will say that Germany can accept such con­
ditions. At the same time as we shall have to bestir ourselves to perform
forced labor for the benefit of the entire world, our foreign trade, the solo
source of our welfare, is destroyed and our home trade is rendered im­
possible. Lorraino iron ore, Upper Silesian coal, Alsatian potash, the
Saare Valley'mines, and the cheap foodstuffs from Posen and West Prussia
are to lie outside our frontiers. Wo are to impose no higher tariff or pro­
tection than existed on Aug. 1 1914, while our enemies may do as much as
they like and every point in strangling us at home. All German revenues
must bo held at the disposal of our enemies for payments, not for war in­
valids and widows— all as forced labor for products the prices of which
will be fixed by our customers.
What is a people to do which is confronted by the command that it is
responsible for all losses and all damages that its enemies suffered in tho
war? What is a people to do which is to have no voice in fixing its obli­
gations ?
.
Because, perhaps, this humiliation and robbery are even yet insufficient,
and in order to utiiizo every future possibility of destruction, the yoko must
finally bo placed on our necks and a miserable enslavement established for
our children and our children’s children. Germany undertakes to put into
forco and to* publish all acts of legislation, all proscriptions and all regula­
tions which might be necessary to insure tho complete carrying out of the
terms.
Enough. Moro than enough. Theso are some examples of the treaty
stipulations in establishing which, as Herr Clemonceau yesterday informed
our delegation, the Entente will bo guided completely by tho principles ac­
cording to which tho armistice and peace negotiations wero proposed.
Wo have made counter proposals and shall make still more. With your
consent wo"regard it as our sacred task to come to negotiations.
Hero and there insight and the common obligations of humanity are be­
ginning to mako themselves felt in neutral countries; in Italy and in Great
Britain, abovo all, too. This is a comfort for us in this last fearful flaming
up of tho policy of the mailed fist. In socialistic France voices are being
heard whereby historians one day will measure tho stato of humanity after
four years' of murder.
Herr Scheidemann thanked all those in whom tho indignant voice of
conscience had found expression, and added:
»*I am especially thankful for and reecho tho vow of imperishable dovotton
and faithfulness ringing across to us from Vienna. Stand by us in paving
tho way to negotiations; leave no one in world in doubt regarding tho
fact that you are ono' with us.
‘ ‘We protest against hatred being perpetuated forever, a curse being es­
tablished for all eternity. Members of tho National Assembly, the dig­
nity of humanity is'placed in your hands. Preserve it.”

According to London cablegrams to the daily press May
15, Premier Scheidemann has sent through the Berlin
correspondent of “ The'Daily Herald,” the Labor newspaper,
an appeal to the British people to realize “the appalling
position Germany is placed in by the peace conditions.”
It is stated that Herr Scheidemann in his appeal makes
various points similar to those in speeches of his that have
already been reported, and in addition says:

We cannot believe that fellow human beings, however much under the
influence o f a wicked war, can really intend to reduco a kindred civilized
people to slavery, for that is’ what these conditions mean. We Germans
call upon you English not to force us to sign away our birthright and tho
peace o f Europe in our hour o f weakness.

A M E R I C A N B A N K E R S CO N V E N TIO N TO BE H E LD I N
ST. LOUIS W E E K OF SEPT.

29.
Tho American Bankers Association, through General
Secretary Fred. E. Farnsworth, announces that tho invi­
tation of the Clearing House of St. Louis to hold the fortyfifth annual convention of the Association in that city has
been accepted and that the week of Sept. 29 1919 has been
selected as tho timo of meeting. The invitation, it is
announced, was accepted by the Administrative Committee
of the Association after careful consideration of the hotel
facilities offered, and the committee is satisfied that ample
accommodation can be provided for the largo delegation
which it is reasonable to expect because of tho central
location of the convention city. The St. Louis Clearing
House will at once name a local hotel committee to handle
all reservations. The advisability of designating three of
the leading hotels of St. Louis for registration purposes is
being considered by the Administrative Committee. St.
Louis has been twice the scene"of an A. B. A. convention—
in 1896 and in 1906.
SPRING M E E T I N G S OF I N V E S T M E N T A N D
A M E R I C A N B A N K E R S AS S O CIATIO N .

The spring meeting of tho Investment Bankors Association
at The Greenbrier, White Sulphur Springs, hold yesterday
(May 16) and to-day (May 17) will bo followed by tho spring
conferences of the American Bankers Association, which will
take place from tho 19th to and including the 21st, the first
named having 75 members for their three days session and
the latter with 300 members and their families, remaining
until May 22. Both meetings will bo attended by some of
the best known bankers, brokers and investment men in the
country, and members of tho board from Cleveland, Chicago,
Kansas City, St. Louis, Boston, Baltimore, Dotroit, Toledo,
Washington, New York and Philadelphia are oxpected to bo
present. At both meetings ample provision has been made
for time to be spent on the White Sulphur Golf Links, for
riding over the mountain trails, for driving to quaint little




[Vol . 108.

mountain inns where old Virginia chickens and waffle dinners
are served and the usual amusements of tho hotel.
A “bankers’ special” train, comprising several cars of
bankers from the New England and Middlo Atlantic States,
left the Pennsylvania terminal yesterday afternoon (May 16)
for White Sulphur Springs to attend tho spring meeting of
the Executive Council. The delegation is the advance
guard of a large attendance expected to bo present to discuss
matters of considerable importance to the bankers.
IT E M S

ABOUT

BANKS,

TRUST

C O M P A N IE S ,

ETC.

The only public transaction in bank stock this week was
a sale made at the Stock Exchange of 5 shares of National
Bank of Commerce stock at 237.
Shares. BANK— Nero York.
5 National Bank of Commerce

Low. High. Close.
237
237
237

Last previous sale.
April 1919 237H

At the annual election of officers of the New York Stock
Exchange on Monday last, May 12, William II. Romick was
elected President, succeeding H. G. S. Noble. Warren B.
Nash was elected Treasurer, succeeding Charles M. Newcombe. The others elected on the tickot of tho nominating
Committee, the only one in tho field, wero:
For Trustee of tho Gratuity Fund, to servo 5 years: Henry K . Pomroy;
For Trustee of tho Gratuity Fund, to servo 1 year: Charles M . Nowcombe;
for members of tho.Governing Committeo, to servo 4 years: Hamilton F.
Benjamin, S. L. Cromwell, Jerome J. Danzig, Bayard Dominick,
G. S.
Noblo, Arthur J. Kosenthal, Newton E. Stout, Arthur Turnbull, Richard
Whitney, Willis D. W ood. For member of tho Governing Committee,
to servo 3 years: James C. Auchincloss.

n.

At the meeting of the Governors of the Exchange to organ­
ize after the election, Seymour L. Cromwell was elected
Vice-President.
A F. R. Martin, Vice-President of the National Newark
6 Essex Banking Company of Newark, N . J., died suddenly
from pneumonia at his homo, 25 Badeau St., Summit, N. J.,
on May 7. Ho was fifty-three years old. For tliirtysoven years ho was in the employ of the Essex County
National Bank and of the company with which it was
merged. Upon receipt of the news of tho death of Mr.
Martin, the directors of the bank mot and named a com­
mittee'to draft resolutions expressing regret at this demise,
and appreciation of his services as a financier and associate.

It was made known on May 12 that interests connected
with the Irving Trust Company of this city have purchased
the control of the Sherman National Bank, located at Fifth
Avenue and 32nd Street. Whilo no definite plans were
announced it is understood that within tho near future a
consolidation of the two institutions will take place, and that
the business now conducted by the Sherman National Bank
will be continued in connection with the business of tho
Irving Trust Company at the same address and under the
same general management. The Irving Trust Company
has a capital of $2,500,000 and deposits in tho neighborhood
of $50,000,000. The Sherman National has a capital of
$500,000 and deposits of over $7,000,000.
A brief study of tho connection botween foreign trade and
foreign investments and tho establishment and maintenance
of, world trade routes leading to and from our ports has been
prepared by Imbrie & Co. of this city, its treatise dealing
more particularly with the situation as it applies to South
America, which, it feels, is the most logical and profitable
field for our foreign investments.
Imbrie & Co. have also propared a pamphlet dealing -with
prices of Brazilian Government bonds during tho last fifty
years.
The corporate name of the'Mercantile Trust & Deposit
Co. of this city will on Monday noxt, May 19, become tho
Mercantile Trust Co. It is announced that the chango of
name is made solely as a matter of convenience. Henry R.
Johnston has been made Assistant to Chollis A. Austin,
President, and John J. Teal has been made Assistant Sec­
retary. Mr. Teal had previously been connected with the
Lehigh Valley Ry. Co. Tho full list of officers follows:
Chellis A. Austin, President; Charles D. Makepeace, Vice­
President; II. D. Campbell, Vico-Presidont and Secrotary;
Peter S. Duryee, Vice-President; J. C. Traphagen, Treas­
urer; John A. Burns, Trust Officor; Cornelius J. Murray and
James M. Wade, Assistant Treasurers; F. R. Parkin and
John J. Teal, Assistant Secretaries; Honry R. Johnston,
Assistant to the President. The institution is a momber
of the Federal Reservo System.

M ay 17 1919.]

THE CHRONICLE

1997

At a meeting of the directors of the Mercantile Bank of At a regular meeting of the directors of the Columbia
the Americas, on May 15, arrangements were completed Trust Co. of this city on May 15, the following changes
whereby the Continental & Commercial National Bank of occurred:
C. Marston, formerly Treasurer, was elected a Vice-President.
Chicago will become a stockholder in the Mercantile Bank J.FredSperry
Kane, formerly Assistant Secretary, was elected a Vice­
of the Americas and will join its forces to that institution for President.
the further development of the foreign trade and enterprises Robert I. Curran, formerly Assistant Treasurer, was elected Secretary.
W . Wiggin, formerly Vice-President and Secretary, continues
in which tho Mercantile Bank of the Americas is interested. as Langley
a Vice-President.
An announcement issued in the matter says:
Walter G. Kimball, formerly Assistant Treasurer, was elected Treasurer.

This step by the Continental & Commercial National Bank is in line with
Its policy to expand its facilities, so that it may bo able to offer to Its cus­
tomers and to the Middle West all tho facilities and advantages that come
through direct participation and connection with an American bank for
foreign trado with its organization spread throughout tho world.
Arthur Reynolds, Vice-President o f tho Continental & Commercial
National Bank, will bo a member of the board o f directors of the Mercantile
Bank of tho Americas.

The stockholders of the Fifth Avenue Bank of this city
will hold a meeting on May 26 to vote on the question of
increasing the capital from $200,000 to $500,000. Tho
question as to the price at which tho new stock will be dis­
posed of and the date tho now capital will become effective
will be decided at the meeting.

Vernon P. Baker was appointed Manager of the Harlem Branch.

The directors of the Irving Trust Company of this city
appointed Philip F. Gray Treasurer of the company at a
meeting on May 13.
The Asia Banking Corporation announces that J. H.
Wichers has been made Assistant General Manager of the
branches of the Corporation in the Orient, and A. A. Darliac, an Assistant Secretary in charge, temporarily, of the
Peking branch.

The National City Bank of New York on May 12 opened
in Havana a sub-branch of its main office in that city,
At the annual meeting of the stockholders of the Asia located at an important business centre of Havana known
Banking Corporation on May 6th at tho now offices of the as Cuatro Caminos. The steady development of the busi­
Corporation, 35 Broadway, Now York, the following ness of the National City Bank in Havana has necessitated
directors were elected:
the opening not only of this new office but also another one
C. F. Adams, Vice-President, First National Bank o f Portland, Oregon.
in
an equally important section of the city, on Avenida
M . F. Backus, President National Bank of Commerce o f Seattio, Wash.
Italiano (or, as it is more generally known, Galiano Street),
Albert Breton, Vico-Prcsident Guaranty Trust Co. o f Now York.
Thatcher M . Brown, Brown Brothers & C o., New York.
and this latter one will be opened during the coming month.
Captain Robert Dollar. San Francisco.
With
these two in operation the National City Bank will
Herbert Flolshhacker, President Anglo & London Paris National Bank
have 11 branches in the Republic of Cuba.
of San Francisco.
Fred I. Kent, Vice-President Bankers Trust C o., Now York.
W . C. Lane, Vice-President Guaranty Trust Co. of New York.
Alexander Phillips, formerly Manager o f tho Paris Office, Guaranty
Trust Co. o f Now York.
Seward Prosser, President Bankers Trust Co., Now York.
Lansing P. Reed o f Stetson, Jennings & Russel, New York.
Charles II. Sabin, President Guaranty Trust Co. o f New York.
Goorgo Ed. Smith, President Royal Typewriter C o., Now York.
Eugene W. Stetson, Vico-Prcsident Guaranty Trust Co. o f New York.

On May 8 tho Asia Banking'Corporation announced tho
opening of a branch in Peking. This makes tho fourth
branch of tho Corporation which is now doing business in
China, the other branches being located at Shanghai, Han­
kow and Tientsin.
Alexander Phillips, former Manager of tho Paris Office,
was appointed a Vice-President of the Guaranty Trust
Company of New York at a meeting of tho Executive Com­
mittee on May 12. Mr. Phillips was formerly secretary of
the United States Mortgage & Trust Co. of New York and
prior to that had been connected with the Comptoir National
d’Escompto do Paris and tho Credit Industriel of Paris. In
April 1916 bo became tho Guaranty Trust Company’s special
foreign representative, and when the Paris Office was opened
in May 1917 ho was appointed Manager. He was assigned
to special work in Belgium last Decomber and as a result
of his investigations the company decided to open a branch
in Brussels. Mr. Phillips returned to New York on tho 12th.
Benjamin G. Smith, formerly Auditor of tho company and
Comptroller of tho American Red Cross in Paris during the
war, has been appointed as Assistant Treasurer. He has
been the Treasurer of tho Guaranty’s Paris Office since
October 1918. Emaunel Apport, head of tho Foreign Credit
Information Division, has been appointed an Assistant
Manager of tho Foreign Trado Bureau.
Charles F. Batchelder, formerly Assistant Manager of tho
Bond Department of tho Guaranty Trust Co. of Now York,
has been elected Vice-President and Director of tho United
Financial Corporation, Ltd., of Montreal, Canada, and has
left to take up his duties there. Tho United Financial Corpo­
ration, Ltd., was organized recently as successor to tho firm
of C. Meredith & Co., Ltd., of Montreal, and includes in its
board of directors officials of tho Guaranty Trust Co. of
Now York, the Bank of Montreal, tho Merchants’ Bank of
Canada and tiie Royal lrust Co. Tho now company, which
is formed for tho salo of Canadian securities, is an outgrowth
of tho changed financial conditions resulting from the war.
Canadian financing has hitherto been done chiefly in Eng­
land, but it is expected that heroafter tho proportion of
capital secured from the United States will steadily increase.
Tho firm of C. iVIeredith & Co. was one of tho best known in
Canada. The offices maintained by it in both Montreal
and Toronto have been taken over by the now organization.




Albert W. Tremain, who had been Secretary and Treasurer
of the American Bank & Trust Co. of Bridgeport, Conn.,
since 1912, was elected President of the institution on May 6.
Mr. Tremain is also President of the new Commercial Trust
Co. of Bridgeport and a charter member of both the new
Haven and Bridgeport Chapter of the American Institute
of Banking. Before becoming connected with’the American
Bank & Trust Co. Mr. Tremain had been identified with
banking affairs in Rome, N. Y.
The National Shawmut Bank of Boston has acquired the
real estate next adjoining its present property, on Devonshire
St., composed of the Parker Building, so called, numbered
78-80 Devonshire St., and the two next adjoining properties
numbered 70-72 Devonshire St. and 74-76 Devonshire St.,
comprising a total area of land about 7,000 square feet, with
a rear entrance on Congress Square. This will make a
frontage for the bank of 145 feet on Devonshire St. The
Bank will shortly begin the erection of a new building on this
land, to become a part of the Shawmut Bank Building.
This step has become necessary on account of the large in­
crease in business of the bank, requiring more space than the
present quarters of the bank afford. The whole of the first
floor and a portion of the rest of the addition will be devoted
to bank purposes. Large, modern and up-to-date safe
deposit vaults will be placed in the basement of the proposed
addition and in the present basement of the Shawmut Bank
Building. A large portion of the new upper stories of the
addition will bo devoted to offices for bankers, merchants
and business men. This purchase, it is announced, will
increase the floor area of the Shawmut Bank quarters be­
tween 50 and 60% and will afford opportunities greatly to
increase tho foreign business, and the facilities of the insti­
tution in general.
Roger Pierce, whose appointment as Vice-President of the
New England Trust Co. of Boston, Mass., was referred to in
our issue of Feb. 8, has been elected a director of the insti­
tution.
With regard to reports regarding the proposed merger of
the City Trust Co. of Buffalo (capital S500,000) and the
Market Bank (capital S100,000) with the Bank of Buffalo
(capital $1,000,000), the following official information has
come to us from the Bank of Buffalo:
While the boards of directors have approved the merger and the Super­
intendent o f Banks has approved the regularity o f the paper, it is yet to be
voted on at a meeting of our stockholders on M ay 27 next. It is proposed
to make the capital of the enlarged bank $2,500,000 and to increase the
surplus from S2,000,000 to $2,500,000. The par of the shares will be $100.
Of the 15,000 additional shares, 6,000 of them will be exchanged, share for
share, for stock of the City Trust Co. and the Market Bank o f Buffalo,
and 9,000 shares will be issued to the present Bank of Buffalo stockholders
at $200 per share, which is $110 per share less than tho last sale o f Bank
Buffalo stock. The stock pays 16% at present and it Is hoped we will be

1998

[V ol . 108.

THE CHRONICLE

able to continue that rate. It is necessary to give the Bank of Buffalo
stockholders new stock at less than it actually is worth, or else assess
stockholders of the City Trust Co. about $100 per share. The consolida­
tion will not, in any event, take place until after Juno 30. The full list
the officials of the largo bank has not yet been determined upon, neither
has the full list of the board o f directors.

an annex to the present building (see our issue of April 6
1918) on adjacent property.
An amendment to tho charter of tho North Texas Stato
Bank, changing the name of the institution to tho Guaranty
State Bank, was recently filed at Austin. Under the re­
organization plan, the capital of the institution will be
$100,000 instead of $50,000 as formerly and R. J. Rhome
will be President, D. I. Long First Vice-President and
David Booz Second Vice-President. About June 1 tho
bank will move to the Wheat Building at Eighth and Main
streets, Fort Worth, instead of being located in North Fort
Worth as at present.

John G. Fleck, of Fleck, Brothers & Co., and Winfield F.
Caldwell, have been elected directors of the Mutual Trust
Co. of Philadelphia, Pa.
In referring last week (page 1907) to the increase in the
dividend of the Fourth Street National Bank of Philadel­
phia we inadvertently stated that the amount added to the
surplus fund was $50,000; the amount should have been
given as $500,000.
Tho 103rd annual report of the Hongkong & Shanghai
F. D. Conner, for the past thirteen years Manager of theBanking Corporation (head office Hongkong) covering the
publicity department of the Guardian Savings & Trust Co. twelve months ended Dec. 31 1918, submitted to the share­
of Cleveland, has been appointed to a similar position with the holders at Hongkong on Feb. 22, has come to hand. The
Illinois Trust & Savings Bank of Chicago, and has already report, which is given in Chineso money shows net profits
for tho period, after paying all charges, deducting interest
entered upon his new duties.
paid and due, providing for contingencies, bad and dountful
The Crawford State Savings Bank of Chicago, which accounts, &c., amounted to $6,597,183, and which, when
opened for business at 4015 West 12th street in February added to $3,223,238, balance brohght forward from tho last
of last year with capital of $200,000 and surplus of $20,000 year’s profit and loss account, made $9,820,421 available
and to which reference was made in these columns in our for distribution. Out of this amount the following appro­
April 6 1918 issue, has purchased a three-story brick build­ priations were made: $1,577,580 to cover interim dividend
ing at the southwest corner of 12th and Crawford streets, paid Aug. 12 1918 (£2 3s. per share on 120,000 shares at
which is in the samo block as its present quarters, and will 3s. 3 Kd.); $30,000 to remunerate the directors; $2,683,230
remodel the first floor and basement for the use of the to pay final dividend (£2 5s. per share at 3s. 4J^d.) together
bank. The remainder of the building, we understand, with a bonus of £1 10s. per share at 3s. 4)4sd.); $1,500,000
will be devoted to offices. The Crawford State Savings transferred to silver reserve (making the s^rno $21,000,000)
Bank now has deposits of approximately $400,000 and $5,000 and $750,000 written off bank promises, leaving a balance
has been placed to the credit of undivided profits. The of $3,279,611 to be carried to 1919 profit and loss account.
officers of the bank are: Howard H. Hanks, President; Tho balance sheet of the Hongkong & Shanghai Banking
Arthur E. M. Hanke, Vice-President, and Albert Sedlacek, Corporation, as of Dec. 31 1918, shows a paid-up capital of
$15,000,000, a sterling reserve fund of like amount (£1,Cashier.
500,000@ox.2s.) and a silver reserve fund of $19,500,000,
Adolph G. Sam has resigned as Vice-President of the now increased out of profits to $21,000,000 as already stated.
Stockyards National Bank of South St. Paul, Minn., to Tho total assets of the corporation amount to $431,964,067.
become Vice-President of the Livestock National Bank During the year the report states a branch office was opened
of Sioux City, Iowa, and Vice-President of the Sioux City at Vladivostock, Russia, making thirty-four in all, of which
Cattle Loan Company.
two are in this country, namely at New York and San
Francisco. N. J. Stabb, Esq., is Chiof Manager at Hong­
The following changes have been made in the official staff kong and Sir Charles Addis and II. D. C. Jones, Esq., the
and directorate of tho First National Bank of Greeley, Colo.:
J. M. B. Petrikin, heretofore Vice-President of tho institu­ London managers.
tion, was elected President to succeed tho late Asa Sterling;
D. B. Wyatt, a member of the board of directors for upwards T H E E NGLIS H GOLD A N D SILVER M A R K E T S .
of thirty years, was made Vice-President in lieu of Mr. We reprint the following from tho weekly circular of
Petrikin, and John S. Davis, Cashier of the bank, was elected Samuel Montagu & Co. of London, written under date of
a director. Mr. Sterling was President of the First National Aprd 17 1919:
GOLD.
Bank for twenty-five years and one of the pioneers of Tho Bank of England gold reserve
against its noto issuo is £83,793,850,
an
increase
of
£
,
,
as
compared
with last wcok's return.
Greeley. He died on April 6. Mr. Petrikin, tho new Tho Transvaal gold output for March
to £3,025,992,
President, is a brother of W. L. Potrikin, President of the as compared with £2,957,611 for March 19181919andamounted
£2,704,6 17 for February
Great Western Sugar Co.
1919.
Gold to the value of 8550,000 has boon reported has having been engaged
in
New York for shipment to South America.
Edward Horman has been elected Cashier of tho Interna­ Advices
from America stato that tho International High Commission sit­
tional Bank of St. Louis, succeeding George A. Hold. The ting at Washington on March 24 approved a scheme for tho establishment
of
a
gold
or international gold settlement fund between all the
latter resigned to become Vice-President of the Jefferson- Americas. pool
standard coin of the value of 20 cents is proposed to be
Gravois Bank of St. Louis. E. H. Downing, heretofore made, call Athonew“ Panamericano”
consisting of 0.33437 of a gramme of
Assistant Cashier of the International Bank, has been made gold, nine-tenths fine.
Tho
central
gold
reserves
deposited
by the Canadian banks stood as
First Assistant Cashier, and John L. Hannegan succeeds follows:
Dec. 31 1915. Dec. 31 1918.
Mr. Downing as Assistant Cashior.
$10,500,000
. $6,210,000
G o ld .................
120,400,000
. 11,150,000
Dominion notes
Advices from St. Louis report that a consolidation that T o ta l................................................................... $17,360,000 $130,900,000
will give to St. Louis the largest bank west of Chicago has
SILVER.
been arranged between three of the financial institutions Tho movement of tho price continues to reflect fluctuations in the
American
exchange,
which
lately
shown more steadiness. The Shan­
of that city, namely the Third National Bank (capital ghai exchange is still ciuoted at 4sliasOl^d.
tho tael.
$2,000,000), the Mechanics-American National Bank (capital
$2,000,000) and the St. Louis Union Bank (capital $2,500,­ {In lacs of rupees)— Indian Currency Returns.
l»rl 7.
Mar. 22. Mar. 31.
15346
15346
15341
Notes in circulation------------------------000.) The huge organization thus formed will be operated Silver
3235
3235
2750
coin and bullion in India..........
504
504
984
coin and bullion out of India.- .
under the title of the “American Union Third National Silver
1437
1737
1737
Gold coin and bullion in India---------312
Bank,” and will have a capital of $10,000,000, surplus and Securities
Gold coin and bullion out of India—
1608
1608
1608
Government)--------undivided profits of $5,500,000, deposits of approximately Securities (Indian
8250
8250
8250
(British Government)------$121,469,440, and total resources of more than $156,000,000. An unusual feature in ,the last return is that the note circulation, tho
total
silver
holdings, tho total gold holdings and the total securities are
F. O. Watts, now President of tho Third National Bank, absolutely tho
as at the close of last month. Tho only change is
will be Chief Executive of the new institution, and Walker that 300 lacs insame
gold have been transferred from within to outside India.
Hill and N. A. McMillan, Presidents of the Mechanics- The coinage during
the week has been extremely small. Tho total is
as 3 lacs.
American National Bank and the St. Louis Union Bank, given
Tho stock in Shanghai on the 12th Inst, consited of about 31,200,000
respectively, will have general supervision of tho bank with ounces
in sycee and 18,400,000 dollars, as compared with about 30,750,000
the title of Executive Managers. All tho officials and ounces in sycee and 17,900,000 dollars on March 29 1919.
Quotations
for bar silver per ounce standard:
employees of tho three institutions, we understand, will be April 11.....................cash-48
15-10d. April 17......................cash-48 15-16(1.
retained. The new bank will bo located in the Third Na­ April
Average__________________
48.896d.
12.............................- $% d.
--------- Bank rate_____________________ 5%
April
14_______________
13-16d.
tional Bank Building at the southwest corner of Broadway April 15----------------------- 48%d. Bar
gold per oz. standard--77s. 9d.
and Olive Street, which is to be enlarged by the erection of April 16............................ 48 -I d.



110 110

12

4
*8

15

6

12

M ay

THE CHRONICLE

1 7 1 9 1 9 .1

N o quotation fixed for forward delivery.
The quotation to-d ay for cash delivery is the same as that fixed a week
a go.

W e have also received this week tho circular written under
date of April 24 1919:
GOLD.

The Bank o f England gold reserve against its noto issue is £83,649,325
a decrease o f £144,525, as com pared with last week’s return.
G old to tho value o f 8500,000 has been reported as having been engaged
in Now Y ork for shipment to South America.
T ho net imports o f gold into India on private account am ounted in
1917-18 to £13,000,000, as against £9,000,000 in 1916-17, and £19,000,000
tho prewar average. These figures take into account imports and exports
o f gold bullion into and from Bom bay on behalf o f tho Bank o f England,
m ovem ents, which, how ever, have no relation to India’s balance o f trade
inasmuch as tho gold is not m oved in settlement o f this balance, but is
im ported, refined, and warehoused in B om bay on behalf o f tho Bank
alono. Tho not imports on Governm ent account in 1917-18 were valued
at £3,493,000, as against a net export o f £27,000 in tho previous year and o f
£477,000 tho pre-war average, and consisted m ainly o f sovereigns. Tho
absorption o f gold coin and bullion was £10,221,000. During the last
quinquonnlum , com m encing 1913-14, India has absorbed gold worth not
less than £54,000,000, or over one-half o f tho w orld’s annual production.
S IL V E R .

5,224,715 tons. This is an increase of 1,285,807 tons over
tho small shipments of March 1919. The Bureau says:
Notwithstanding this decided increase over March, the shipments in April this
year were 1,143,658 tons less than in the corresponding month last year, when they
6,308,373 tons. The difference in weather conditions in the winters
of 1917-18 and 1918-19, and also the speeding up of production last year because
of the war account for the smaller tonnage last month as compared with the corres­
ponding month last year. As compared with April 1917 the shipments last month
showed a decrease of less than 370,000 tons.

40

Shipments for tho coal year (began April 1) 1918-19 aggre­
gated 71,(307,757 tons, comparing with 77,752,315 tons for
the^cood year 1917-18, a shrinkage of 6,084,558 tons.
The shipments by the various carriers in April 1919 and
1918 and for the respective coal years of 1918-19 and 1917-18
were as follows:

April

Road

1 008,018

333,250
144,856

ReceiptsatChlcago . .
Minneapolis .
Duluth___
Milwaukee
Toledo___
Detroit___
Cleveland___
St. Louis____
rco rla ___
Kansas City.
Omaha__
Indianapolis .

The daily closing quotations for securities, & c., at London,
as reported by cat , have been as follows tho past week:

Since Aug. 1-

62.90
88.50

62.75
88.15

62.60
___
87.95

62.55
_____
87.82

114J£

112

ill

lu #

71,667,757

77,752,315

Flour. Wheat.
Barley.
Rye.
bbls.l06lbs.bush. 6 0 lbs bush. 56 lbs.bush. 32 lbs.
b
u
sh
Mlbs.
270.000
204,000!
680,000; 1,409,000
7,000;

69.000
94.000
3,000!

377,000!
267.0001
381.0001

1,354,000
4.000
57.000
124.000
24.000
85.000
697.000

83.000

8i‘,66o!
26.000

20,000

175.000

68,000
2.000

76,000
193.000
223.0001
255,000;
320,000:
161,000

2.871.000
1.489.000
5,546,000!

2,118,000
3.768.000
3.442.000

11.000

379.000
4,000
486.000
96.000
50.000
255.000
696.000
124.000
361.000
418.000
241.000

485.000
709.000
24,000
444.000

170.000
295.000
768.000
58,000

29,000

10,000

2,000

3,000

4.519.000 1,693,000 1,304,000
5.140.000
699.000
144.000
3.874.000
812.000
204.000

} o !7'.1o" - | } o’? H ’000!384-869'000171-858-000241-162-000|73,280,00041,865,000
io ic i17 '" 1 ^ H r ’^
0152’723l000200-909J)00278'947-000 *7.453,00022,250,000
1J16-17... 115,456,0001315,052,000475,507.000230,730.00076,821,00049.764 000

Total receipts of flour and grain at the seaboard ports for
tho week ended M a y 10 1919 follow:

____

Tho price of silver in New York on the'samo day has been:
Silver in N . Y ., per oz......................

6,368,373

B read stu ffs figu res b ro u g h t from page 2051.— The
statements below are prepared by us from figures collected by
the Nevv York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:

Total wk.’ 19
Same wk. '18
Same wk. '17

May 10. May 12. May 13. May 14. May 15. May
Sat. Aton. Tues. Wed. Thurs. Frl.
58
58
Silver, per oz-------------------- <1. 58
53 y»
B5H
54
Holiday 54 %
Consols, 2J4 percents........... II<
55
55H
56 J6
56 X
Holiday 93Ji
94
British, 5 per cents.................. lie
94
94 M
94 %
98^
British, 4 'Aper cents........... litHoliday 98 %
99 y,
99 H
99^

1917-18.
14,798,496
14,221,783
6,872,635
12,528,523
8,754,113
5,643,501
8,840,579
2,065,236
4,027,499

&

EN G LISH F IN A N C IA L M A R K E T S — PER CABLE.

London,
WeekendingMay 1C—

Mos. to April 1—

—12
—
1919.
1918.
1918-19.
Philadelphia
Reading............. tons. 1,044,192 1,233,512
14,007.057
Lehigh Valley...............................
865.924 1,175,027
13,209,114
Central RR. of New Jersey......... ..
481,781
528,886
6,238,053
Delaware Lackawanna & W estern.. 885,215
,
10,892,222
Delaware & Hudson............................... 603,479
771,553
8,834,560
Pennsylvania............................................
448,374
5,094,789
Erie
581,453 695,186
8,039,908
Ontario & W estern ..............................
185,650
1,837,467
Lehigh & New England........................ 234,565
322,167
3,514,587
Total - .................................................. 5,224,715

Owing to tho steadiness o f tho American exchange, tho quotation did
not alter during the week, which com prised only three working days.
T ho Shanghai exchange has risen to 4s l i d . per tael.
Owing to tho restrictions imposed upon tho transit o f silver, quotations
abroad have shown little relation to tlioso ruling in this m arket, as will bo
seon below:
Per Oz. Standard
Quotation A t Exchange
London Price on
of
of
Dale Specified.
F r a n c o .........................M ar. 3 1919 26.05 equals 49 l-16 d .
47J£d.
I t a l y . . _____ _______ M ar.
6 1919 30.31 equals 60 13-10d. 47M d.
Spain ......................... M ar.
8 1919 22.80 equals 5 4 % d .
47% d.
Sweden______________M ar. 24 1919 17.26 equals 60d.
47?Jd.
Ind ia______ ________ M ar. 23 1919 Is. 6d.equals 51 9-16d.
4 7M d.
T ho Indian par is equal to 47J3d. after deduction o f tho im port tax o f
4 annas tho ounce.
T ho stock in Shanghai on tho 12th inst. consisted o f about 31,200,000
ounces in syceo and 18,400,000 dollars. N o fresh nows has com e to hand.
Quotations for bar silver per ounco standard: _
April 2 2 . .......................... c a s h .4 8 K d . IA verage............................ cash_48.875d.
April 2 3 ______________________ 4 8 K d . Bank r a t e . . _____ _______________ 5 %
April 2 4 ---------------------------------- 48% d .| B a r gold per oz. sta n d a rd ..7 7 s. 9d.
N o quotation fixed for forward delivery.
T he quotation to-d ay for cash delivery is l-16 d . below that fixed
week ago.
_____________ .__________________

French Rentes (in Paris), fr. .____
.
French War Loandn Paris) , f r' ____

1999

New York__
Portland, Me

Flour.
Barrels.

242.000
21,000
121.000
127,000

Wheat.
Bushels.

Corn.
Bushels.

|

2,127,000;
474,000
979.000
377.000

25,000
______
16,000
126,000

Oats.
Barley.
Rye.
Bushels. Bushels. Bushels.
132.000
137.000
234.000
114.000

20,000

476,000

45,666
232.000
268.000

603,666
742,000

T R A D E A N D T R A F F IC M O V E M E N TS.
45.000
103.000
215.000
145,000
76,000
U N F IL L E D O R D E R S OF S T E E L C O R P O R A T IO N — Galveston
55.000
165.000............ 3,000
The United States Steel Corporation on Saturday, M a y 10 Montreal____
311.000 2,010,000
.
61,000
232,000
57,000
Boston
41.000
95,000j
1,000
26,000
52,000
3,000
1919, issued its regular monthly statement showing unfilled
orders on tho books of the subsidiary corporations as of Total wk. '19 1,066,000 6,442 ,OOol
316,000
780,000
849,000 1,881,000
April 30, to tho aggregate amount of 4,800,0 85 tons, beino- Sfnce Jan.1’ 19 13,459,000 72,345,000! 5,062,000 23,866,000 8,940,000 14,558,000
a decreaso of 029,887 tons from the amount on hand as of Week 1918
417,000
542,000
496,000 2,884,000
230,000
69,000
March 31 last. A year ago at this timo tho unfilled orders Since Jan.1’ 18 9,386,000 11,527,000) 9,633,000 39,949,000 3,451,000 2,326,000
totaled 8,741,882 tons. The current figures are the smallest
Receipts do not include grain passing through New Orleans for foreign ports
reported since June 30 1915, when the unfilled tone-urn on through bills of lading.
amounted to 4,078,190 tons.
lin a g e
Tho exports from the several seaboard ports for the week
In tho following we give comparisons with tho provious ending M a y 10 are shown in tho annexed statement:
months:

Tons.

Apr. 30 1919.. 4,800,685
Mar. 31 1919.. 5,430,572
Feb. 28 1919.. 0,010,787
Jan. 31 1919.. 6,084,268
Dec. 31 1918.. 7,379,152
Nov. 30 1918.. 8,124,663
■Got. 31 1918 .. 8,353,298
Sept. 30 1918.. 8,297,905
Aug. 31 1918.. 8,759.042
July 31 1918.. 8,883,801
Juno 30 1918 .. 8,918,860
M ay 31 1918 .. 8,337,623
April 30 1918 .. 8,741,882
Mar. 31 1918 .. 9,056,404
Feb. 28 1918.. 9,288,453
Jan. 31 1918.. 9,477,863
Deo. 31 1917.. 9,381,718
Nov. 30 1917.. 8,897,100
Oct. 31 1917.. 9,009,075
Sopt. 30 1917-- 9,833,477
Aug. 31 1917.-10,407,049
July 31 1917.. 10.844,104
June 30 1917.-11,383,287
May 31 1917..11,886,591
April 30 1917.-12,183,083
Mar. 31 1 9 1 7 -.11,711,644
Feb. 28 1917.-11,576,097
Jan. 31 1917.-11,474,054
Deo. 31 1916.-11,547,286
Nov. 30 1910.-11,058,542
Oot. 31 1916..10.015.260
Sept. 30 1916 .. 9,522,584
Aug. 31 1916 .. 9,060,357
July 31 1910 .. 9,593,592
June 30 1 910 .. 9,040,458

Tons.

May 31 1910 .. 9,937,798 May 31 1913..
April 30 1916 .. 9,829,551 April 30 1 913 ..
Mar. 31 1916 .. 9,331,001
8 * 1918- Feb. 29 1910 .. 8,568,960 lo b . 28
1913 ..
Jan. 31 1910 .. 7,922,767
'
1913-Deo. 31 1 915 .. 7,806,220 1?“
Deo. 31 1 912 ..
Nov. 30 1915.. 7,189.489
V' a? J912- Oct. 31 1915-- 6,165,452 rw
Oct. 31 1 912 ..
Sept. 30 1915.. 5,317,618
An’J " a? 1912- Aug. 31 1 915 .. 4,908,455 Aug.
31 1912..
July 31 1915 .. 4,928,540 July
1912 ..
June 30 1915 .. 4,678,196 June 30 1912..
May 31 1915 .. 4,264,598 May 31 1912..
April 30 1915.. 4,162.244 April 30 1912 ..
Mar. 31 1915 .. 4,255,749
’ o l 1912- Feb. 28 1915 .. 4.345,371 v1?
Icb . 29 1912..
Jan. 31 1915.. 4,248,571 Jan. 31 1912..
Deo. 31 1 914 .. 3,836,643 Dec. 31 1911..
Nov. 30 1914.. 3,324,592
Oct. 31 1914.. 3,401,097 rw V’ a? 1911- ?*: •*■* } 911- Sept. 30 1914 .. 3,787,607 2
Sept. 30 1911 ..
Aug. 31 1914.. 4,213,331
t Ui8 '
l9 U —
July 31 1914 .. 4,158,589 ‘{“
' y 31 1911—
Juno 30 1914 .. 4,032,857 Juno
30 1 911 ..
May 31 1914 .. 3,998,160 May 31 1 9 1 1 April 30 1914 .. 4,277,068 April 30 1 911 ..
Mar. 31 1914.. 4,653,825 Mar. 31 io n
Feb 28 1 9 1 4 - 5,026,440 Feb. 28 1911.'.'
Jan. 31 1914 .. 4,613,680 Jan. 31 1911 ..
Deo. 31 1913.. 4,282,108 Deo. 31 1910—
Nov. 30 1913 .. 4,390,347 Nov. 30 1 9 1 0 Oct. 31 1913.. 4,513,707 Oct. 31 1910—
Sept. 30 1913.. 5,003,785 Sept. 30 1910 ..
Aug. 31 1913— 5,223,408 Aug. 31 1910 ..
July 31 1913.. 5,399.350 July 31 1910 ..
Juno 30 1913 .. 5,807,3171

91

31

6,324 322
6,978)702
7,468,956
7,656,714
7,827,368
7.932,164
7,852,883
7,594,381
6,551,507
0,163,375
5,957,073
5,807,349
5,750,986
5,604,885
5,304,841
5,464.201
5,379,721
5.084.765
4,141,958
3,694,327
3,611,315
3,695,985
3,584,088
3,361.087
3,113,154
3,218,700
a
oni
3,400.543
3,110,919
2,674,750
2,760,413
2,871,949
3.148,106
3,537,128
3,970,931

4.17

A N T H R A C IT E C O A L S H IP M E N T S .— The shipments of
anthracito coal in April 1919, as reported to the Anthracito
Bureau of Information at Philadelphia, P a ., aggregated




N ew Y o r k _________
P o rtla n d , M e _____
P h iladelph ia
B a lt im o r e _________

Wheat. | Corn. ! Flour. Oats. Rye. j Barley] Peas.
Bushels. 1 Bushels. ' Barrels. Bushels. Bushels. Bushels. Bushels.
1,615,919!
-----------1 34,787
4 7 4 ,0 0 0 '
328,000!
92 1 .0 0 0
5 3 5 .000

N ew p ort N e w s ____
N e w O rleans_______
314’ 666j
G a lv e s t o n .................
286 ,0 0 0 ,
M o n tr e a l__________ 1 ,624,000

.............

2 1 ,000

.......... . ! 2 9 ,666
10,000 8 1 ,000
i 4 5 ,000
23~666 225",666
.............1 4,000
.............i174)000

156,155 8 4 5 ,4 2 9 ,1 4 9 ,5 2 5 '
137,000
2 0 ,0 0 0

1177000
7 8 ,0 0 0

13', 666

2 7 ,0 0 0 '
2 5 ,000

7,012

—
—

— — 268',666j
: : ::
— I I j 93 ',666

—

T o t a l w eek _____ 6 ,0 9 7 ,9 1 9
3 3 ,0 0 0 613,787
774 ,155 2900429 562 ,525 ;
W eek 1918________
93 0 ,0 0 0 4 ,6 0 9 ,9 0 0 96,979 4,5 3 2 ,3 0 9 319 ,461 10926911

7 ,0 1 2
6 ,405

Tho destination of these exports for the week and since
July 1 1918 is as below:

Flour.
Exports for Week
and Since
W
eek
| S
ince
July 1 to—
May 10 July 1
1919. !

1918.

j

Wheat.
Week
ince
May 10 JS
uly 1
1919.

1918.

Corn.
Week Since
May 10 July 1
1919.

1918.

Barrels. Barrels. Bushels. Bushels. Bushels. Bushels.
Kingdom. 498,852 6,484,350 2,755,770 57,413,679

United
Continent_______
So. & Cent. Amer.
West rndtes.........
Brit.No.Am.Cols.
Other countries..

89,935
13.000
12.000

7,032,642
444,204
813,225

:::::: 1 153)527

3,342,149

73,690,721
........... 40

33,666

1,994,851
2,352,037
89,524
334,536
1,964
4,790

Total_________ 613,787 14,927,948j 6,097,919 131,104,440
33,000! 4,777,702
Total 1917-18____ 96,979 5,490,0891
930,000 50,761,733 4,609,900:18,254,197

Tho world’s shipments of wheat and corn for the week
ending M a y 10 1919 and since July 1 1918 and 1917 are
shown in the following:

THE CHRONICLE

2000
Wheat.
Exports.

Corn.

1918-19.

1918-19.

| a 1917-18.

Week
Since
May 10. July 1.
Bushels. Bushels.

B y Messrs. M illet, Roe & Hagen, Boston:

a 1917-18.

Week
Since
Since
July 1. May 10. July 1.
Bushels. Bushels. Bushels.

Since
July 1.
Bushels.

98,000 8,095,000 28,115,000
North Amer. 12,428,000 271,664,000 234,257,000
Russia.........
Danube____
Argentina . .
, ' ’s
73*.976",666 42",324",666 1,764", 666 30,913’,666 17",993",666
Australia___ 2,328,000 53,174,000 35.503.000
In d ia............
5.623.000 14.090.000
134", 666 3",993",666 3*.341",666
Oth. countr’s
78,000 3.379.000 2,913,000

1 40’,606

T o ta l____ 16,242,000 407,816,000 329,087,000 1,996,000 43,001,000 49,449,000
Revised.

a

The quantities of wheat and corn afloat for Europe are
omitted for the present, as no figures are available since
those for 1916.
_
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports M a y 10 1919, was as follows:
G RAIN STOCKS.

Corn.
bush.

Wheal.
bush.

United States—
New York......... ................. 3,107,000
B oston.................................
878,000
Philadelphia...................... 1,269,000
Baltimore......... . .............. 692,000
Newport News......................................
New Orleans____________ 1,323,000
Galveston_______________
482,000
Buffalo................................. 6,539,000
Toledo.................................
537,000
Detroit.........................
40,000
Chicago............................... 4,756,000
Mlwaukee______________
874,000
Duluth................................. 8,147,000
Minneapolis_____________ 9,402,000
St. Louis.............................
135,000
Kansas City........................ 1,148,000
Peoria___________________
______
Indianapolis........................
243,000
Omaha.................................
701,000
On Lakes............................. 1,945,000

82,000
364.000
92",000
5,000
84.000
32.000
60.000
1,473,000
124.000
13.000
324.000
463.000
65.000
635.000
386.000

Oats,
bush.

Rye.
bush.

3,177,000
500.000
470.000
018.000
69,000
301,000

673.000
278.000
614.000
1,215,000

5.891.000
455.000
145.000
3.831.000
660.000

1.256.000
152.000
38.000

201,000

1.994.000
363.000
1.027.000
216.000

210,000

505,000

1,000

1 .668.000

507.000
2.383.000
5.850.000
63.000
79.000
233.000
806.000

Barley.
bush.

675.000
407.000
669.000
230.000
1,939,000

10,000

2.373.000
1.303.000
55.000
2.113.000
29.000

121,000

71,000

855.000
763.000
432.000
181.000

Total
Total
Total
Total

1 9 1 9 ... .73,242,000 4,210,000 26,464,000 15,888,000 12,092,000
1 9 1 9 - .82,290,000 4.267.000 27,182,000 17,258,000 15,644,000
952,000 4.554.000
1 9 1 8 - . 7,862,000 15,510,000 31,583,000
1 9 1 7 ... .49,493,000 5.566.000 35,282,000 1,323,000 3.096.000

M ay
May
May
May

10
3
11
12

4.202.000 20.633.000 15,810,000 11,237,000
855,000
’ 72,000
8,000 5:831,000

C an a d ia n B an k C learin gs.— The clearings for the week
ending M a y 8 at Canadian cities, in comparison with the
same week in 1918, show an increase in. the aggregate of
2 6 .8 % .
___________________________________________

1919.

S
C anada—
M o n tr e a l_________________ 133 ,725 ,19 6
T o r o n t o _______ ___________ 7 9 ,5 6 9 ,0 7 0
W i n n i p e g ________________ 4 4 ,9 9 9 ,0 8 6
V a n c o u v e r ____ __________ 12,402,453
Ottawa
12,398,853
5 ,8 7 8 ,2 8 3
C a lg a r y __________________
2 ,3 9 6 ,9 5 2
V i c t o r ia . ___ ______________
5 ,9 3 3 ,6 8 3
Q u e b e c __________________
5 ,9 3 5 ,6 2 7
H a m i l t o n ________________
4 ,1 3 9 ,0 9 5
E d m o n t o n ______________
5 ,2 3 1 ,9 7 5
H a lifa x ________ __________
3 ,2 3 8 ,8 4 5
S t. J o h n _________________
L ondon
3 ,7 8 2 ,2 8 0
3 ,7 8 8 ,4 5 1
R e g in a _____________ ______
2 ,1 1 1 ,1 7 6
S a sk a toon
1 ,6 0 4 ,8 0 0
M oos© J a w ..
7 62 ,984
Lethbridge
5 82 ,748
B ran don
1,037,183
Brantford
777,576
Fort W illia m
583,907
New Westminster
553,949
M e d icin e H a t .
8 74 ,766
P eterb orou g h
1,023,388
S h erb rook e
962,682
K it c h e n e r 1,750,306
Windsor
Prince A lb e r t 389,724

\) IlkWlb—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

_________
...._......
_------________
___ ______
_________
..... ......
_...
--- --__
___ ___
- -- -- -- --_
-----------_______
_____
T o t a l C a n a d a .........

In c. or
D ec.

1918.

1

$
92,3 7 0 ,1 5 2
68,8 2 7 ,8 5 7
4 0 ,3 8 1 ,0 5 5
10,115,852
6 ,9 5 0 ,3 9 9
6 ,1 4 8 ,9 4 5
1 ,9 8 6,485
4 ,6 5 4 ,3 2 2
5 ,2 1 6 ,1 5 9
3 ,5 2 0 ,8 9 0
4 ,4 68,981
2 ,4 3 7 ,7 9 3
2 ,6 1 6 ,1 1 4
3 ,4 3 3 ,8 1 9
1,684,403
1,354,421
910,931
526,577
08 2 ,8 6 5
9 38 ,264
4 75 ,603
460,451
768 ,2 6 6
895,302
758,522
1,314,453
2 50 ,000

%
+ 4 4 .8
+ 15.6
+ 11.4
+ 22.6
+ 78.2
— 4 .4
+ 2 0.6
+ 27 .6
+ 17.6
+ 17.6
+ 17.1
+ 32.9
+ 44 .6
+ 10.3
+ 25 .3
+ 18.5
— 16.2

3 3 5 ,446 ,03 8 2 6 4 ,460 ,88 7

+ 10.0

+ 5 .6
— 17.2
+ 22 .8
+ 18.7
+ 13.8
+ 14.3
+ 26.9
+ 33.6
+ 55.9

1917.

1916.

S
$
9 5 ,5 5 2 ,0 8 2 7 6 ,5 1 9 ,0 4 4
6 2 ,4 9 5 ,8 8 3 5 3 ,3 8 8 ,2 3 5
6 4 ,3 0 5 ,6 8 2 35 ,2 0 4 ,9 3 1
5 ,9 2 3 ,2 3 0
7 ,5 8 2 ,2 0 7
6 ,3 4 9 ,5 3 3
5 ,0 3 2 ,3 4 9
6 ,5 3 8 ,1 4 0
4 ,2 3 0,912
1,622,282
1 ,7 6 9 ,6 8 5
4 ,7 9 6 ,5 7 7
4 ,0 2 0 ,8 3 6
4 ,4 4 1 ,2 8 8
3 ,3 06,902
2 ,9 2 6 ,1 0 2
2 ,1 6 5 ,1 7 3
2 ,8 7 3 ,0 4 9
2 ,3 6 6 ,0 6 2
2 ,1 9 6 ,6 2 0
1,865,768
2 ,2 4 8 ,9 5 0
2 ,3 3 1 ,4 3 9
2 ,8 5 2 ,9 3 2
1,891,080
1,071,971
1 ,7 3 3,296
897 ,972
1 ,1 0 0 ,8 2 8
769 ,9 9 8
48 0 ,1 9 0
471,961
4 9 0 ,3 0 8
645 ,597
82 1 ,7 9 8
5 30 ,273
4 65 ,001
2 7 3 ,1 5 5
268,037
331,281
66 1 ,0 7 0
550,761
67 7 ,1 3 7
7 82 ,949
5 69 ,848
648 ,046
7 3 6 ,4 5 5

+ 2 6 .8 2 7 5 ,5 1 2 ,0 6 3 20 6 ,2 2 8 ,9 1 4

A u c tio n Sales.— Among other securities, the following
not usually dealt in at the Stock Exchange* were recently sole
at auction in New York, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, N ew York:

Shares. Stocks.

Percent. Bonds.

$12,000 Chicago Utilities ser. A 5s,
20 United Gas & Elec., 1st pref.. 24
April 1915 coupons on....... .......... $580
40 Knox Hat, 1st pref......... .......... 45
lot
125 Voss Alcohol Export Corp.. .$200 lot 1,200 shares Chic. Util. com. stock
10 E. VV. Bliss, com., $50 ea. $290 p. sh. $10,000 Bondholders' Protective
Comm. In reorg. of Denver Res­
ervoir & Irrlg. 6s due 1918_____ $1000
$2,000 Bralnerd (Minn.) Water
$18,OOOMo.Ok.&GulfRR.lst5s'44
lot
Co. 6s, paid on acct. $551 5 0 .. $29
lot lO.OOOshs.UnltedZlncSmelt.Corp.
$2,500 M t. Vernon R y. & Lt. 1st
S10.000 Yonkers R R. 1st 5s, 1946. 45%
cons. 5s, certf. of dep

Bonds.

B y Messrs. Barnes & Lofland, Philadelphia:

Shares. Slocks.

Stocks.
$persh.
Spersh. Sh1ares.
Pa. Acad, of Fine Arts_______ 25

141 H . K . Mulford, $50 each......... 58
2 Continental-Eoult. T . & T . . . 88
25 Media Title & Trust, $25 each. 55
4 Philadelphia Trust......................703
4 Fidelity Trust.............................. 510K
52 Aldlne Trust_________________ 160
10 Chelten Trust________________ 140
73 Finance of Pa., 1st pref...........105K




8
33
6
2
25
24
47

persh.

Shares. Slocks.
$ per sh.
20 Bausch Mach. Tool, com m on.. 38K
5 Regal Shoe, pref_______________ 85
20 Waltham Watch, com........ 40K-41
20 Merrimack Chem., $50 ea..92K-93
10 Internat. Plano M fg., common. 20
8 Internat. Plano Mfg., 1st pref.105
1 Gray & Davis, com., $25 par____49K
11 Sullivan Machinery___________ 145
5 Hood Rubber, pref.................-.106}*
5 Massachusetts Cotton Mills___ 124
Bonds.
Per cent.
$2,000 Lynn&Bost.RR. 1st 63,1924 78
$1,000 Ontario Power 1st 5s, 1943. 91K

13th & 15th Streets Pass. R y ..2 0 6 K
Phil. & Gray’s Ferry Pass. R y . 67K
Bergner & Engel Brew., pref.. 25
Bergner & Engel Brew., co m .. 5K
Enterprise Manufacturing____50K
Union Transfer, $25 each-------- 9
Fibre-Graphite M fg., $50 each- 1

Books Closed.
Days Inclusive.

Per When
Cent. 1?ayable.

Name of Company.
Railroads (Steam).

May 2a
i n :rune 2
May 31a
2 K .rune 30
May 30a
Canadian Pacific, com. (quar.) (No. 92)
2 K .rune 30
May 8a
Catawlssa preferred........................ .......... $ 1.25c 1May 19
May 10a
Cleveland
Pittsburgh, reg. gu. (quar.)
I K .rune 2
May 10a
1
.lune 2
Special guaranteed (quar.)....................
M ay 19
2
;May 20 May 10 to
Delaware & Bound Brook (quar.)---------t
----------- *2K June 20 *Holders of rec. M ay 28
--------------2K July 1 Holders of rec, Juno 15a
IK June 2 Holders of rec, May t9a
tllllnois Central (quar.)......................... —
-----------------I K June 2 Holders of rec, May 15a
1
May 19 Holders of rec, Apr. 30a
Norfolk Western adj., pref. (quar.)—
Norfolk & Western, common (quar.)—
IK June 19 Holders of rec , May 31a
May 10
May 26 May 15 to
........................ $1
75o. May 31 Holders of rec , May la
Pennsylvania (quar.).......... .......... .......
$1 50 June 2 Holders of rec May 15
...........
I K May 31 Holders of rec May 15a
Pittsburgh <fc West Virginia,pref.(No.8)
50c. June 12 Holders of rec May 27a
Reading Company, 1st pref. (quar.)—
Southern Pacific (quar.) (No. 51)---------I K July 1 Holders of rec , May 31a
Union Pacific, common (quar.)................
2 K July 1 Holders of rec , Juno 2a
Atch. Topeka & Santa Fe, common (qu.)

Boston Albany (guar.).......................—
&

Delaware &HudsonCo. (guar.)
Detroit &Mackinac, preferred
Maine Central, pref. (quar.)
&
NorthPennsylvania (guar.)
Pitlsb. Bessemer &Lake Erie, pref

Street and Electric Railways.
Central Ark. R y. & L. Corp., pref. (qu.)
Cities Service, com.
pref. (monthly)..
Common (payable In common stock).
Cities Service, Bankers’ Shares (mthly.)
Detroit United R y. (quar.) (No. 6 0 )-—
Norfolk Railway & Light---------------- —

&

IK
K
/1
41c.
2
75c.
1
58).........
2K
IK
♦IK
. *1K
------

NorthernTexasElec. Co., common(guar.)
TampaElectricCo. (guar.) (No.
TurinCityRap. Tr„ Minneap., pref. (gu.)
Washington(D.C.) Ry. &El., pref.(qu.).
West PennRys., pref. (guar.)
Banks.

OreenpointNational (Brooklyn).
Extra.........................................

. *3
. *2

Miscellaneous.
Acme Tea, first preferred (quar.).
.........

■
.
.
.
Preferred........................
.
1
)
1
.
)
.
Preferred (quar.).
i
.
......... - ..........
110).
.
)
.
.
Anaconda Copper Mining (quar.).
.
Second preferred............................ ....... -----------------------.
------------------- .
Preferred (guar.)................................. Bethlehem Steel, common (quar.)_____ Common (extra)------------------------------- .
Common B (quar.)----------- -------------- Common B (extra)________________ Non-cumulatlve preferred (quar.).. Cumulative convertible pref. (quar.) .
Borden’sCond. Milk.pref. (qu.) (No.70 )
Brltlsh-Columbla Fish. & Pack, (quar.) )
)
Brown Shoo, Inc., common (quar.).— .
Buckeye Pipe Line (quar.)---------By-Products Coke Corp. (quar.)
.
Preferred (quar.)..
.
.
_____________
.

Amer. BoschMagneto (guar.)

WeekendingMay 8.

Clearings at—

$

11 National Shawmut Bank______230
5 Webster & Atlas Nat. Bank____215K
9 National Union Bank.................210
3 Beverly (Mass.) Nat. Bank------ 145 K
5 Nashua Manufacturing_______ 252}*
1 Dwight Mfg., $500 par............. 1068
5 Lyman Mills................................ 137 K
32 Blgelow-Hart. Carpet, com ..91-92
13 Merrimack M fg., pref.............. 82K
4 Union Cotton M fg____________ 220
8 Blgelow-Hart. Carpet, pref___ 98
1 Lowell & Andover R R __________ 75
1 Conn. & Pass. Riv. R R ., p ref.. 80

D IV ID E N D S .

1 9 1 9 ... .31,024,000
1 9 1 9 ... .32,788,000
1 9 1 8 ... . 5,990,000
1 9 1 7 ... .16,413,000

42 218 000
Canadian______________ .31,024,000

,, Boston:

B y Messrs. R . L . D ay & Co

Shares. Stocks.

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

Total May 10
Total May 3
Total May 11
Total May 12
Summary—

124,000

persh.

255:656

Note

72.000
12.000

Shares. Stocks.

Shares. Stocks.
$ per sh.
$
3 Fairhaven Mills, com., ex-dlv..l05
6-12 First Nat. Bank, N. Bedford. 23
10 Peppercll Manufacturing---------191K
27 Dartmouth M fg., common___ 206
35 Union St. R y., New Bedford— 100
4 Hamilton M fg., ex-dlvldend__ 130
116K
1 Androscoggin Mills----------------- 190}* 8 Lawrence Gas.......... .............
3 Bates M fg....................................263K 2 Waltham Watch, preferred_____92
1 Bigelow-Hart. Carpet, com_____9IK
1 Boston Atheneum........ ............. 440
5 Merrimack Mfg., pref........ ..........82 K 5 Waltham Watch, common______40K
5 Nashua Manufacturing________ 252 K 2 Emerson Shoe, 1st pref_________ 85
10 Bausch Machine Tool, c o m .. .. 39
1 Merrimack Mfg., common.........81

987.000

Total May 10 1919___ 42,218,000 4,202,000 20,633,000 15,816,000 11,237,000
Total May 3 1919___ 49,502,000 4,245,000 21,507,000 17,246,000 14,881,000
Total May 11 1918___ 1,872,000 15,424,000 21,396,000
952,000 4,122,000
Total May 12 1917___ 33,080,000 4,470,000 24,631,000 1,199,000 2,915,000
.— Bonded grain not Included above: Oats, 6,000 bushels New York, 3,000
Duluth: total, 9,000 bushels, against 23,000 in 1918; and barley, 76,000 Duluth:
total, 76,000, against 35,000 In 1918.
Canadian—
855,000
72,000
590.000
8,000
Montreal_____ _________ 3,646,000
5,009,000
Ft. William & Pt. Arthur .19,879,000
232.000
Other Canadian.............. . 7,499,000
8,000 5.831.000
22,000 5.675.000
86,000 10.187.000
1.090.000 10.651.000

tV ol . 108

American Express (guar.).

Common(extra)
Preferred (guar.) (No.

CambriaSteel (guar.).
Extra
Canada SteamshipLines.
Preferred........................

Preferred (quar.).................

Colorado Power, pref. (guar.).
Preferred (quar.) (No. 5)...........
Consolidated Gas (N. Y .) (quar.).

CopperRangeCo. (guar.).................
Crescent Pipe Line (quar.).
............................
Deere & Co., pref. (quar.).
Diamond Match (qua r.)...

Crex Carpet

DominionOilcloth, preferred.

.
.
.)
.
.
.
..
.

1)

..
..
..
..
1)
))

July
July

2
1
1
1
2
1
2
15
1
1
16

to

Holders
rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of reo.
Holders of roc.
Holders of rec.
Holders of {CC.

May
May
May
May
May
May
May
May
June

’♦Holders of rcc. June

15a
15
15
15
16a
15a
17a
10a
14
2

1
1'

June 1 Holders of rec. May 30a
Juno 30 'Holders of rec. Juno 15
June 2 Holders of rec. May 15a
June 2 Holders of rec. May 15a
July 1 Holders of rec. May 31a
July 1 Holders of reo. June 14a
June 30 Holders of rec. June 16a
Juno 2
Juno 2 May 24 to
Juno 30
June 30 Juno 22 to
Juno 8
Juno 16 May 30 to
May 25
June 2 May 17 to
July 2 Holders of rec. Juno 2a
July 2 Holders of rec. Juno 2a
July 2 Holders of reo. Juno 2a
Sept. 1 Holders of reo. Aug. 15a
dJune 2 Holders of reo. Mayd31a
June 2 Holders of reo. May 15a
Juno 6 Holders of reo. May 23
May 14
May 26 Apr. 20 to
June 2 Holders of reo. May 3a
Juno 2 Holders of reo. May 3a
Juno 16 ♦Holders of rcc. May 20
July 1 ♦Holders of reo. Juno 10
July 15 ♦Holders of rec. June 30
July 1 Holders of reo. June 16a
July 1 Holders of reo. Juno 16a
July 1 Holders of rec. June 16a
July 1 Holders of rec. Juno 16a
July 1 Holders of reo. Juno 16a
July 1 Holders of reo. June 16a
June 14 Holders of reo. May 31a
to
May 20
May 21 May 10
to May 20
May 21 May 10
June 2 Holders of roc. May 21a
June 1 Holders of reo. May 20a
June 14 Holders of reo. May 31
May 20 Holders of reo. May 6a
June 16 ♦Holders of rec. May 31
July 1 ♦Holders of reo. Juno 10
*75c. June 14 ♦Holders of rec. May 31a
*25c. June 14 ♦Holders of rcc. May 31a
12K July 31 Holders of rec. Juno 30a
June 16 Holderx of reo. Juno 2
1
July 2 Holders of reo. June 16
July 30 Holders of reo. July 20
6
June 2 Holders of rcc. May 21
$1
K May 20 Holders of reo. May 5a
May 20 Holdors of reo. M ay 5a
2
IK June 16 Holders of reo. May 31
$2.50 July 1 Holders of reo. Juno loa
(r) July 1 Holders of reo. June 10a
IK July 1 Holdors of reo. June 10a
IK Juno 16 Holders of reo. May 9a
*60c. Juno 16 ♦Holders of reo. May 21
8Ko . June 1 Holders of reo. May 16a
to
Juno 16
75o . Juno 16 May 23
June 14 Holders of rec. May 29a
3
IK June 2 Holders of reo. May 16a
2 • June 16 Holders of reo. May 31a
July 15 Holders of roc. June 30
$2
IK July 1 Holders of rcc. Juno 14
May 30 Holders of reo. May 15
IK July 1 Holders of reo. June 5

IK
*31.50
1
3
IK
IK
$1.20
1
3
1
IK
IK
K
IK
3K
IK
5
7
$1
IK
IK
*5
*2
*1K
IK
K
IK
K
IK
2
IK
IK
2K
2
IK
$2
IK
*$l

g
m

Atlantic Refining (guar.)
BarrettCo., common(guar.)

Juno
Juno
Juno
Juno
Juno
Juno
Juno
May
July
June
June

M ay i f 1919.]

Nameof Company.
Miscellaneous (Continued)
Dominion Textile, Ltd., com. (quar.)___
Preferred (quar.)_____________ ______
Eastern Steel, common (quar.)________
First and second preferred (quar.)__
Eastman Kodak, common (quar.)
Common (extra)______________
Proforreil (quar.)_____________
Electric Investment Corp., pref. (quar.)
Fay (J. A .) & Egan, pref. (quar.)...........
Pref. (on account accumulated dies.)..
Federal Mining A Smelt., pref. (quar.)..
Federal Utilities, preferred (quar.)____
Freeport Texas Co.............. .....................
General Asphalt, pref. (quar.) (No. 48).
General Chemical, common (quar.)___
General Cigar, Inc., pref. (quar.)...........
Gillette Safety Razor (quar.)__________
Extra......................................................
Globe OH (quar.).....................................
Preferred (q u a r.)..________________
Goodrich (B. F.) Co., preferred (quar.).
Oreal Northern Paper_________________
Great Western Sugar, common (quar.).
Common (extra)___________________
Preferred (quar.)__________________
Harblson-Walker Refract., com. (quar.)
Preferred (quar.)............ ..........
Hart, Schaffner & Marx, Inc., com. (qu.)
Hartman Corporation (quar.)................
Homcstake Mining (monthly) (No. 537)
Illinois Pipe Line______________
Inland Steel (quar.)____________
International Cotton Mills, com. (quar.)
Preferred (quar.)............ ....... .............
Internat. Harvester, pref. (qu.) (No. 3)
Jewell Tea, pref. (quar.).................. .
Kerr Lake Mines, Ltd. (quar.) (No. 7).
Keystone Tire & Rubber—
Common (payable In common stock).
Lako of the Woods Milling, com. (qu.).
Preferred (quar.)__________________
Lanston Monotype Machine (quar.)____
Lehigh Coal*Navlgatlon(qu.) (N o.162)
Liggett & Myers Tobacco, com. (q u .)..
Lindsay Light, common (quar.)..
Preferred (qunr.)____________
Mahoning Investment (quar.)___
Manatl Sugar, common (quar.)...
Manhattan Shirt, common (quar.)
Marconi Wireless Teleg. of America----Marlln-Rockwell Corp. (monthly)
Mason Tiro & Rubber, com. (quar.) —
Massachusetts Gas Cos., p re f.......... .
May Department Stores, com. (quar.)..
Common (q u a r.).......... .........
Second preferred (quar.).........
National Acme Co. (quar.).........
National Biscuit, com. (quar.) (No. 84)
Preferred (quar.) (No. 85)____

National Grocer, common (quar.j.
Preferred...........................................

NationalLead, common(quar.)_____
National Lead, preferred (quar.)..
NebraskaPower, pref. (quar.)...........

Nllcs-Bement-Pond, com. (qu.) (No. 68)

Pabst Brewing, preferred(quar.).
Preferred (quar.) (No. 11)..
Pennok Oil (No. 1)....................

PhiladelphiaElectric (quar.)...
Pittsburgh Steel, pref. (ouar.).

Pratt & Whitney, pref. (quar.) (No. 73)
Pressed Steel Car, com. (qu.) (No. 3 5 ) ..
Preferred (quar.) (No. 81)____
Quaker Oats. pref. (quar.)...........
Rlordon Pulp & Paper, Ltd., pref. (qu.).
St. Joseph Lead (quar.)................
Savage Arms Corp., common (q u a r.)...
First preferred (quar.)----------Second preferred (quar.)_____
Semet-Solvay Co. (quar.)..............

Shattuck Ari. Cop. (capitaldistribution).
Solar Refining...................................
Extra.............................................
Southern Pipe Line (quar.)-------SouthwesternPower ALight, pref. (quar.)

Standard Milling, com. (qu.) (No. 1 0 )..
Preferred (quar.) (No. 38)....................
Standard Motor Construction..................
Standard Oil (Calif.) (quar.) (No. 4 2 )..
Standard Oil (Indiana) (quar.)................
Extra..........................................................
....................
..........................................................
--------- --------------......................
Standard OH of N . Y . (quar.)..................
-------------------................- ........................................

StandardOil (Kansas) (quar.)
Extra
StandardOil (Nebraska)
StandardOilof N. J. (quar.)
StandardOil (Ohio) (quar.)
Enxtra
Sta
dardTextileProducts, com. (quar.)..
Common(extra).........................
Preferredclass AandB_______

Steel Products, pref. (quar.)-----Studebaker Corporation, com. (quar.)..
Preferred (quar.)..................— ............
Toxas Company (quar.)............................
.........
>
......... ............ - .......... - .....................
Underwood Typewriter, com. (quar.)..
Common (pay. In U. S. Victory Notes)
Preferred (quar.)------------------------------........................ ..
United Cigar Stores, prof, (qu.) (No. 27)
United Drug 2d prof, (quar.) (No. 1 3 )..

TonopahExtensionMining (quar.)
Extra
UnionTankLine (quar.)

UnitedDyewoodCorp., common(quar.)..

United Profit-Sharing.................................
Extra------------- -------- -------------------------___
U. 8 . Steel Corp., common (quar.).........
Preferred (quar.)------------------------------6)-----..........................
......................
Western Grocer, common_________ . . . .
Preferred....................................................

U. S. Industrial Alcohol, com. (quar.)

WabassoCotton, Ltd. (quar.) (No.
WalthamWatch, preferred
WaylandOil AGas, common

Westinghouse Elec. AMfg., com. (qu.)..
i Preferred (quar.).......................................

Whito(J.G.)&Co.,Inc., pf.(qu.) (No.64)
Whlte(J.G.)Englneerlng Corp., pf. (qu.)
Whlte(J.O.)Management. pref. (quar.).




THE CHRONICLE
Per
When
Cent. Payable.
2

July

BooksClosed.
Days Inclusive.

2 Holders of reo. June 14

IX July 15 Holders of reo. June 30
2X July 15 Holders of reo. July 1
I X Juno 16 Holders of reo. Jan. 2
2X July 1 Holders of rec. May 31a
7X July 1 Holders of reo. May 31a
IX July 1 Holders of rec. May 31a
IX May 22 Holders of reo. May 12
IX May 20 May 15 to May 20
h3X May 20 May 15 to May 20
*1

Juno
IX Juno
$2
May
i x Juno
2
Juno
IX Juno
$2
May
May
SI
4 ^ 0 . June
IX July
IX July
IX June
*ix July
♦10
July
* i x July
IX Juno
IX July
1
May
I X June
50c. May
June
*8
♦2
Juno
May
SI
I X May
IX Juno
•IX July
25c. June

14
2
20
2
2
2
31
31
10
1
1
2
1
1
1
2
19
31
1
26
30
2
31
31
2
1
16

♦Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of reo.
Holders of reo.
Holders of reo.
Holders of rec.
Holders of rec.
Holders of red.
Holders of rec.
♦Holders of rec.
Holders of rec.
♦Holders of reo.
Holders of reo.
Holders of reo.
Holders of reo.
Holders of rec.
Holders of rec.
♦Holders of rec.
♦Holders of reo.
Holders of rec.
Holders of rec.
Holders of rec.
♦Holders of rec.
Holders of reo.

May
May
May
May
May
May
May
May
May
June
June
May
Juno
June
June
May
July
May
May
May
May
May
May
May
May
June
June

24
15
15
17a
22a
26a
1
1
25
a
20a
24a
15
15
15
23a
9a
20a
20a
20a
30
10
15
15
10a
20
2a

20

May 20 Holders of reo. May la
Juno 2 Holders of rec. May 15
3
IX Juno 2 Holders of reo. May 15
IX May 31 Holders of rec. May 21a
May 31 Holders of rec. Apr. 30a
$1
Juno 2 Holders of reo. May 15
3
5
Juno 30 Holders of reo. May 31a
IX Juno 30 Holders of reo. May 31a
IX Juno 2 Holders of rec. May 23
2X Juno 2 Holders of reo. May 15
IX June 2 Holders of rec. May 26
25c. July 1 June 2
to
June 14
May 17 Holders of rec. May 10
SI
2
May 20 Holders of reo. Jan. 31
2
Juno 2 M ay 16 to
Juno 2
IX May 31 Holders of rec. May 15a
IX Sept. 1 Holders of rec. Aug. 15a
lc. Juno 1 Holders of rec. May 30
IX June 1 Holders of rec. May 17a
I X June 1 Holders of rec. May 17a
IX May 31
- - Holders of rec. May 15a
IX July 15 Holders of reo. June 30a
IX May 31 Holders of reo. May 17a
IX Juno 1 M ay 16
to
June 1
IX Juno 2 Holders of rec. May 23a
IX May 31 Holders of reo. May 10a
Juno 30 Holders of rec. June 10
3
Juno 30
June 19
•IX Juno 30
Juno 13
IX June 14
May 23a
I X June 1 Holders of reo. Mayj20
IX May 29
May 17
2
Juno 20
June 2a
I X May 20
May 8a
June
2
IX
Holders of reo. May 22
June 1 Holders of rec. May 17
SI
•12XC July 2 •Holders of rec. Juno 20
IX June 14 Juno 6 to June 15
•IX Juno 15
IX Juno 30
June 15
IX Juno 30
June 15
25c. Juno 5 Holders of reo. May 23
•IX June 14 •Holders of rec. May 22
I X Juno
Holders of reo. May 15a
June 5 Holders of reo. May 15a
3
May
Holders of rec. May 8a
2
June 4 Holders of reo. May 14a
IX May 27 Holders of reo. May 6a
I X May 31 Holders of rec. May la
IX June 30 Holders of rec. June 20
25c. Juno 20 Juno 10 to
June 20
I X June 15 Holders of reo. May 31a
IX Juno 15 Holders of rec. May 31a
I X Juno 15 Holders of rec. May 31a
2
May 20 May 6 to
May 20
25c. July 19 Holders of reo. June 30a
*5
Juno 20 ♦Holders of reo. May 31
*5
Juno 20 ♦Holders of rec. May 31
5
Juno 2 Holders of reo. May 15
I X June 1 Holders of rec. May 20
2
May 31 Holders of reo. May 21a
I X May 31 Holders of reo. May 21a
50o. Juno 2 Holders of rec. May 7
2X June 16 Holders of reo. May 15
3
June 14 May 8 to
Juno 14
3
Juno 14 M ay 8
to
June 14
*3
Juno 15 ♦Holders of rec. May 31
*3
June 15 ♦Holders of reo. May 31
>10
June 20 ♦Holders of rec. May 20
*5
June 16 ♦Holders of rec. May 19
4
June 16 May 20 to
May 28
*3
July 1 'Holders of rec. May 29
*1
July 1 Holders of rec. May 29
*1
July 1 'Holders of rec. Juno 15
•X July 1 ♦Holders of reo. Juno 15
•IX July 1 ♦Holders of reo. Juno 15
l x June 1 Holders of reo. May 15a
1
Juno 1 Holders of rec. May 20a
I X June 1 Holders of rec. May 20a
2 X June 30 Holders of rec. June 10a
*6c. July 1. ♦Holders of rec. June 10
*5c. July 1 ♦Holders of rec. June 10
2
July 1 Holders of rec. June 5a
p5
July 1 Holders of rec. June 5a
IX July 1 Holders of reo. June 6a
IX Juno 21 ♦Holders of rec. June 5
IX June 15 Holders of rec. May 29a
IX June 6 Holders of rec. May 15a
IX July 2 Holders of rec. June 14a
IXo Juno 2 Holders of reo. May 10a
Juno 2 Holders of reo. May 10a
4
Juno 16 Holders of rec. Juno 2
I X Juno 28 M ay 30 to June 2
IX May 29
May 6
IX July 2 Holders of reo. June 13
♦3
Juno 2 ♦Holders of rec. May 20
10c. June 11 Holders of rec. June 2
June 30 Holders of reo. June 20
3
June 30 Holders of reo. June 20
$1
July
- 31- ♦Holders of reo. June 30
$1
July 15 ♦Holdesr of rec. June 30
I X June
’
1 Holders of reo. May 15
IX June 1 Holders of reo. May 15
I X June 1 Holders of reo. May 15

/ 15

a

2

ix

g

lXc

4

1

2 0 0 1

Per When
BooksClosed.
Nameof Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (C
oncluded)
White Motor (quar.)__________________
June 30 ♦Holders of rec. June 14
Woods Manufacturing, pref. (quar.)___ *$1I X June
2 Holders of rec. M ay 26
Woolworth (F W .) Co., com. (quar.)..
2
1 May 2
to
M ay 21
Woolworth(F. TV.) Co., preferred(quar.). •IX June
July 1 ♦Holders of rec. June 10
. * Fr,om unofficial sources, t Declared subject to the approval of Director-General

of Railroads, t The New York Stock Exchange has ruled that stock will not be
quoted ex-dlvidend on this date and not until further notice.
Transfer books not closed for this dividend,
Less British Income tax.
Cor­
rection.
Payable In stock. /Payable In common stock,
Payable In scrip.
On account of accumulated dividends,
Payable In Liberty Loan bonds.
Red
Cross dividend,
Payable In U . S. Liberty Loan 4
bonds,
Transfer books
closed for annual meeting from M ay 3 to May 22, both Inclusive,
Less thirteen
cents per share war Income tax.
Payable In U. S. Government Victory Notes,
r One-twentieth of a share In common stock.

a

h

b

e

i

m

d
I

g

X%

n

p

v

S ta tem en t of New Y o rk C ity C learing H ou se B an k s
and T ru st C om p an ies.— The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending M a y 10. 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.
N EW YORK W E E K L Y CLEARING HOUSE R ET U R N .

(Statedinthousandsofdollars—that is. three ciphers t.000] omitted.)
CLEARING
Net Loans,
Nat’l
HOUSE
Capital. Profits. Discount
Time JBank
M EM BERS. ------------------------IntestD
eIC
ircus
(.000 omitted.) Nat’l, Mar. 4 m
erits,
lotion.
Week ending State, Feb. 21
May 10 1919. |IT.Cos,Feb. 21

Average Avgt.
*
1,844
*771

Members of
Fed. Res. Bank
Bk of N Y , NBA
Manhattan C o.
Merchants’ Nat
Mech & Matals
Bk of America.
Natlonal.City..
Chemlcal.Nat..
Atlantic N at___
Nat Butch.&,Dr
Amer Exch Nat
N Bk of Comm.
Pacific Bank___
Chath & Phen.
Hanover N a t ..
Citizens' N a t ..
Metropolitan . .
Corn Exchange
Imp & Trad N .
National *Park.
East River Nat
Second Nat’l . .
First National.
Irving ,.Nat’l — .
N Y County N .
Continental___
Chase National
Fifth Avenue..
CommercT E x.
Commonwealth
Lincoln Nat’l - Garfield Nat’l . .
Fifth National.
Seaboard Nat’l .
Liberty N a t'l..
Coal & Iron Nat
Union Exch Nat
Brooklun Trust
Bankers Trust.
U S M t g & T r ..
Guaranty Trust
Fidelity Trust.
Columbia Trust
Peoples T rust..
New York Trust
Franklin Trust.
Lincoln Trust..
Metropolitan Tr
Nassau N.Bkln
Irving Trust___
Farmers L & Trl
Columbia Bankj

2,734 1,842
4,272 3,769
..........
25,437; 1,433
5,873!
447
570
139
298
5.262! 4.940
4,804 ..........
120
9,403 2,850
150
227
991
431..........
3,038|..........
60
51
2,974 4,967
50
179;
644
2,274 ! 8,296
1,101 1 1,450
198
742 '
11,374 1,858

210
57!
36!
397
435
248
70
140
2,057; 1,854
420
412
394
397
5,960
8,848
1,862
23,769!
520
6,713'
1,721!
2,591' m u
1,806
1,098!
1,191.
50
715'
1,085!
10,291* .........
397

Average..............200,350367,0444,843,287! 98,2601549,568c3,923,600 154,42738,782
Totals,actual condition
Totals,actual condition
Totals.actual condition
Totals,actual co ndition
State Banks.
Greenwich-----Bowery..............
N Y Prod Exch.
State Bank____
Average..............

May
May
Apr.
Apr.

104,855,565
34,853,781!
204,741,170
19 4,754,226

99,387!556,481c3,982,093 154,43938,914
94,677548,156 3,901,453 153,87638,616
98,090552,883: 3,877,212 153,176 38,465
95,902 563,608 3,876,U15'l53,760 38,815

ot Members o f Federal \Reserve LBank
250:
1,000
2,000!

1.559i
812
1,242
607,

17,085: 2,445 1,085
6,012
6911
334
24,797| 2,392; 2,383
51,315! 4,880; 3,480

3,750l

4,221!

99,209! 10.4081 7,282

500

Totals.actual condition M ay
Totals.actual co ndltlon May
Totals.actual co ndltlon Apr.
Totals,actual.co ndltlon 'Apr.

10
3
26
19

98,526
100,254
96,806!
96,277

11,000
10,240
10,626
10,519

Average..
Totals.actual
Totals.actual
Totals.actual
Totals.actual

9,000' 17,297
condition
co ndltlon
condition
co ndition

May
May
Apr.
Apr.

10
3
26
19|

42,800
23,809
66,609

1,786!

17,14G.
3 8 .........
5,562 ..
25,999! .. ____ . . . : .
46,876
9 9 .........
95,583;

137

96,755'
95,865!
94,887!
93,760,

1 4 2 '.........
127 ____
127 ____
1 2 7 .........

3,134
1,843

27,143
15,910

687
410

4,977

43,053|

1,097

7,039
7,330!
7,306!
7,195

serveBa

N\ot Membets of Fe

Trust Compan les.
Title Guar & Tr 5,000; 12,033
Lawyers T & Tr 4,000' 5,264

—

|

1,100

66,671
66,598
65,227
64,999

1,096
1,186
1,224;

Gr’d aggr., avge213,100 388,564 5,009,105110,454 561,827
Comparison,prey, week ............I + 66,766
+ 651 + 9,049

155,66138,782
+ 1.5S7 + 168

Gr’d aggr, act’l 'cond’n May 105,020,762112,172 568,521 e l , 121,927
------ j
+ 1 2 9 + 5 ,5 0 6 + 8 ,2 4 4
Comparison,prev. week
+ 81,536
Gr’d aggr, act’l
Gr’d aggr, act’l
Gr’d aggr, act'l
Gr’d aggr, act’l

cond’n
cond’n
cond'n
cond’n

May
Apr.
Apr.
Apr.

3 5.020,633106,666560,277
26 4,903,203110,397 565,257
194,915,502108,262 575,366
12 4,945,997 108.813 552,002

4.040.391
4,014,523
4,011,096
3.932,593

155,099 38,616
154,489.38,465
155,11138,815
152,65138,475

* Includes deposits In foreign branches not Included In total footings as follows:
National City Bank, $94,895,000; Guaranty Trust Co., 862,672,000; Farmers’ Loan
& Trust C o., $34,212,000. Balances carried In banks In foreign countries as reserve
for such deposits were: National City Bank, S20,755,000; Guaranty Trust Co.,
$15,220,000; Farmers’ Loan & Trust Co., S9.097.000. c Deposits In foreign
branches not Included, d U. S. deposits deducted, $268,507,000. e U. S. deposits
deducted, $210,755,000. Bills payable, rediscounts, acceptances and other liabili­
ties, $782,762,000. f As of April 3 1919. g April 2 1919.

THE CHRONICLE

2 0 0 2

STATEM ENTS OF RESERVE POSITION OF CLEARING HOUSE
AND TRUST COMPANIES.

BANKS

Members Federal
Reserve Bank____
Trust companies*__
Total
Total
Total
Total

May 10____
May 3____
Apr. 20____
Apr. 19____

a

Reserve
Required.

Surplus
Reserve.

S
$
S
549,568,000 549,568,000 514,700,810
7.282.000 17,690,000 17,204,940
10,408,000
1,786,000
6,457,950
4.977.000
6,763,000

S
34,867,190
485,060
305,050

12.194.000
12.345.000
12.456.000
12.576.000

35,657,300
31,216,600
50,442,880
54,202,890

$

561.827.000
552.778.000
569.709.000
568.170.000

574.021.000
565.123.000
582.225.000
580.746.000

STATE B AN KS A N D TRUST COM PANIES IN N E W YO R K C IT Y .

WeekEndedMay 10.

Averages.

Cash
Reserve
Total
Reserve
in
in Vault. Depositaries Reserve.

(V ol . 108

538,363,700
533,906,400
531,782,120
526,543,110

Capital as of Feb. 21
Surplus as of Feb. 21
Loans & Investments
Speclo..... ..............
Currency
bk. notes
Deposits with the F.
R. Bank of N . Y _ .
Deposits____________
Reserve on deposits.
P. C. reserve to dep.

&

Trust Companies.
SlateBanks.
May 10 Differencesfrom May 10 1Differencesfrom
previous week.
| previous w
eek.
1919.
1919.
25,900,000
................................................ 104,600,000 .......
___________ I 172,776,000'
_____ _____
43,559,900
617,848,800 Inc. 13,452,8002,050,595,500 Inc. 00,602,400
8,452,200 Dec.
117,300
12,227,900 Inc.
582,800
1,757,900
21,347,000, Dec.
454,700
28,315,300 Inc.
60,057,000 Dec. 3,932,300 214,885,700!lnc. 1,780,400
721,390,100 Inc. 6,238,200 2,105,528,000 Inc. 43,668,700
116,928,400 Inc. 8,149,300 312,507,300,Inc. 9,269,800
. % line.
. %I
17.9%IInc.
. %

21 1

11

01

Actual Figures.

Cash
Reserve
Reserve
Total
in
inVault. Depositaries Reserve.
Members Federal
Reserve Bank____
Trust companies*___
Total
Total
Total
Total

May 10____
May 3 ____
Apr. 26____
Apr. 19____

b

Reserve
Required.

Surplus
Reserve.

11,000,000
1,785,000

$
$
$
556,481,000 556,481,000 522,305,200
7.039.000 18,039,000 17,415,900
5.001.000
6,786,000
6,401,850

S
34,175,740
623,100
324,150

12.785.000
11.989.000
12.307.000
12.300.000

568.521.000
560.277.000
565.257.000
575.366.000

35,122,990
36,744,ISO
45,487,900
56,096,300

$

581.306.000
572.206.000
577.564.000
587.666.000

546,183,010
535,521,820
532,076,100
531,569,700

* Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve banks In­
cludes also amount of reserve required on net time deposits, which was as follows:
May 10, S4,032,810: May 3, S4,583,910; Apr. 20, S4.G24.920: Apr. 19, 84,579,050.
b This Is the reserve required on net demand deposits In the case of State hanks
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 10,
$4,033,170; May 3, $4,016,280; Apr. 20, $4,595,280; Apr. 19, $4,612,800.

S ta t e B a n k s a n d T r u s t C o m p a n ie s N o t in C le a r in g
H o u s e .— T h e State B anking D ep artm en t reports weeklyfigures showing the condition of S tate banks and trust
com panies in N e w Y o r k C ity not in the Clearing H ouse, as
follow s:
SU M M AR Y OF STATE BAN KS AN D TRUST COMPANIES IN GREATER
N E W YO R K , N OT INCLU D ED IN C LEARING HOUSE STATEM E N T.

(Figures FurnishedbyState BankingDepartment.)
D
feren
from
Afmi10
ne/
rp.itfn
uqces
ieppIc

Loans and Investments...................................................$808,501,300 Inc. 815,888,300
Specie..................................................................................
7,888,000 Dec.
375,800
10,090,800 Dec.
883,900
Currency and bank notes....................................
Deposits with Federal Reserve Bank of New Y o rk .. 04,040,900 Dec.
0,010,700
Total deposits....... ........................................................
844,474,800 Inc. 13,153,800
Deposits, eliminating amounts due from reservo de­
positaries and from other banks and trust com­
panies In N . Y . City, exchanges and U. S. deposits 759,900,000 Inc. 14,031,200
Reserve on deposits........................................................... 139,551,700 Dec.
2,534,600
Percentage of reserve, 20.4% .
RESERVE.
----------------—
Cash In vaults.........................................S19.949.700 13.69%
S69,776,000 12.95%
Deposits In banks and trust cos____ 12,798,600
8.87%
37,227,400
6.91%

StateBanks

T o ta l....................................................$32,548,300

—Trust Companies

22.56%

$107,003,400

19.86%

B a n k s a n d T r u s t C o m p a n ie s in N e w Y o r k C i t y .— T h e
averages of the N e w Y o r k C ity Clearing H ouse banks and
trust companies combined w ith those for tho S tate banks
and trust companies in Greater N o w Y o r k C ity outside of
the Clearing H o u se, are as follow s:
COM BINED RESULTS OF B AN KS AN D TRUST COMPANIES IN
G REATER N E W YO R K .

Weekended—
Nov. 1 8 ...........................
Nov. 23........................
Nov. 30........................

Dec.

7____ _______

Deo. 1 4 ______________

Dec. 2 1 ...................... ..
Dec. 2 8 . . .......... ...........

Jan. 4 ...................... ..
Jan. 1 1 . . ....................
Jan. 1 8 ______________
Jan. 25_____________
Fob. 1........................
Feb. 8 ........ ..................

Feb. 15...........................
Feb. 21 ......................

Mar. 1 . ......................
Mar. 8 ...........................
Mar. 1 5 ______________
Mar. 22....... .......... ......
Mar. 2 9 . . . ................
Apr. 5 _____________
April 12...................... ..
April 19_____________
April 20........................
May 3........................
May 9 _____________

Loansand
Investments.

Demand
Deposits.

S

S

5.489.226.000
5.470.203.800
5,360,177,900
5.330.133.600
5.384.107.700
5.373.134.600
5.378.736.500
5.416.960.500
5,473,492,200
5,495,539,400
5.544.714.000
5.525.708.300
5.492.269.000
5.509.784.600
5.571.631.800
5.583.221.600
5.629.541.700
5.649.123.500
5.698.070.800
5.633.730.000
5.596.229.300
5.630.305.500
5.730.276.600
5.694.610.000
5.735.152.000
5,817,000,300

4.515.346.900
4,511,208,200
4.449.150.000
4.458.973.900
4.527.415.100
4.592.634.000
4.587.455.700
4.650.393.400
4.635.056.500
4.673.410.100
4.650.058.300
4.630.229.800
4.539.150.100
4.504.885.000
4.527.389.800
4.500.358.800
4.571.345.100
4.633.702.000
4.733.613.800
4.018.029.500
4.747.993.000
4.722.740.700
4.089.495.300
4.736.482.100
4.773.617.400
4.822.202.000

*Total Cash Reserve in
in Vault. Depositaries.
$

141.922.100
141.983.700
141.405.200
142.319.200
142.105.300
141.455.900
146.531,400
147.245.300
148.938.900
141.934.500
135.813.100
132.677.300
130.568.700
133.267.700
133.632.800
131.342.200
128,952,600
132.655.200
130.905.000
134.143.000
130.736.900
135.497.500
134.131.300
136.428.700
139.041.500
134.432.800

R ETUR N OF N O N -M E M B E R INSTITUTIO N S OF N E W YO R K CLEA R IN G
HOUSE.

(Stated in thousands of dollars—that Is, three ciphers 1000] omitted.)
Net Loans,
Capital Profits Dis­
Reserve Net Net at’l
CLEARING
counts, Cash with Demand Time N
N ON -M EM BERS
Bank
Nat.bks.Mar. AInvest­
in Legal De­ De­ Circu­
Week ending Statebks.Feb21 m
ents, Vault. Deposi­ posits. posits. lation.
May 10 1919.
Tr. cos. Feb. 21 die.
tories.
AverageAverageAverage Average AverageAverage
Members of
Fed’l Res. Bank.
$
S
$
$
$
S
*
$
Battery Park N at.
239
1,166
8,593
1,500
1,526 13,359
68 187
Mutual Bank____
200 500 11,807 200 1,587 11,335 344
New Netherland. .
200 195 6,974 209 878 5,983 112
13
760
4,124
W R Grace * Co’s
500
835 6,933
753
Yorkville Bank___
200 633 11,147 376 1,101 6,491 4,700
First Nat’l, Jer Cy

400

1,379 12,158

585

897

7,642

T o ta l..................

3,000

5,130 62,378

1,628

6,455

44,168

5,977

441 2,763
1,137 12,718
6,559
5,517

156

667.230.500
661.674.400
661.755.700
646.812.500
661.730.000
678.028.900
649.133.500
697.931.000
688.196.700
670.355.700
616.887.000
618.143.000
045.121.800
628.112.400
625.109.700
643.761.000
647.186.900
658.275.500
692.405.000
627.395.900
682.805.200
651.649.200
672.170.700
682.030.200
665.625.800
677.399.900

N e w Y o r k C it y S ta t e B a n k s a n d T r u s t C o m p a n ie s .—
In addition to tho returns of “ Stato banks and trust com ­
panies in N e w Y o r k C ity not in the Clearing H o u se," furnished
b y tho State B anking D ep artm en t, the D epartm ent also
presents a statem ent covering all the institutions of this
class in the C ity of N e w Y o r k .
F or definitions and rules under which tho various items
are m ade u p , see “ C h ron icle,” V . 9 8 , p . 1661.
T h o provisions of the law governing tho reserve require­
m ents of Stato banking institutions as am ended M a y 2 2
1917 were published in tho “ Chronicle” M a y 19 1917 (V .
104, p . 1 9 7 5 ).
T h e regulations relating to calculating the
am ou n t of deposits and w hat deductions are perm itted in
tho com putation of the reserves were givon iiA tho “ Chroniclo” April 4 1914 (V . 9 8 , p . 1 0 4 5 ).

394

581

State Banks

Not Membersofthe
Fed’l Reserve Bank.
Bank of Wash Hts
Colonial Bank____
InternatlonalBank
North Side, Bklyn
Total ..................

100

222
200 220
1,300 2,021 27,557

342
1,548
775
465

1,121
345
319

2,606
13,428
6,372
5,139

447
320

3,130

1,941

27,545

767

8,519
8,551

489
304

298
314

5,977
3,927

1,045
4,168

612

9,904

5,213

500
500

Trust Companies

Not Membersofthe
Fed’l Reserve Bank.

Hamilton Tr, Bkln
Mech Tr, Bayonne

500

T o ta l..................

1,045
384

200
700

1,430 17,070

793

Grand aggregate..
5,000
Comparison provlo us week

8,581 107,005
+ 1,919

5,551
+ 231

Or’daggr, May
Gr’d aggr. April
Gr'd aggr, April
Gr’d aggr, April

8,581
8,581
8,581
9,253

5,320 9,221
5,379 8,929
5,104 9,008
5,888 11,041

3
25
IS
11

5,000
5,000
5,000

6,000

105,086
102,977
103,047
116,955

..........

9,008 081,617 11,957
+ 764
— 213
+ 56

581

—2

80,853 11,901
79,237 11,862
78,042 11,850
92,542 12,215

583
588
589
590

a U . S. deposits deducted, $4,411,000.
Bills payable, rediscounts, acceptances and other liabilities, $S,111,000.
Excess reserve, $21,940 decrease.

B o s t o n C le a r in g H o u s e B a n k .— W o givo below a su m ­
m ary showing the totals for all tho itoms in the Boston
Clearing H ouse w eekly statem ent for a series of weeks:
BOSTON CLEARING HOUSE M EM BERS.

May 10

Changesfrom
previous week.

S
4,709,000
553,037,000
421,739,000
121,400,000
11,705,000
15,813,000
59,070,000
62,284,000

S

1919.

$

* This Item Includes gold, sliver, legal tenders, national bank notes and Federal
Reserve notes.




N o n -M e m b e r B a n k s a n d T r u s t C o m p a n ie s .— F o llo w ­
ing is the report m ade to tho Clearing House by clearing
non-m em ber institutions which are not included in the
“ Clearing H ouse return” on the follow ing page:

Circulation__________________
Loans, dlsc’ts & Investments.
Individual deposits, incl. U.S.
Due to banks.............................
Time deposits______________
Exchanges for Clear. House.
Due from other banks...........
Cash In bank & In F. R. Bank
Reserve excess in bank and
Federal Reserve Bank____

Inc.
28,000
Inc. 3,865,000
Inc.
691,000
Inc. 7,412,000
Dec.
320,000
Ine.
28,000
Dec.
933,000
Dec.
413,000

14,807,000 Dec.

1,304,000

May 3
1919.

S

4,741
549,172
424,048
113,994
12,025
15,785
60,003
02,697
16,111,000

April 26
1919.

$

672.000
,470,000
826.000
181,000
330.000
115.000
895.000
501.000
16,531,000

P h ila d e lp h ia B a n k s .— T h e Philadelphia Clearing House
statem ent for the week ending M a y 10 w ith com parative
figures for the two wooks preceding, is as follow s.
Reserve
requirements for mombers of the Federal Reservo system
aro 1 0 % on domand deposits and 3 % on tim e doposits, all
to bo kept w ith tho Federal Reserve B a n k .
“ C ash in
va u lts” is not a part of legal reserve. For trust companies
not m em bers of the Federal R eserve system tho reserve
required is 1 5 % on dom and doposits and includes “ Roserve
with legal depositaries” and “ C ash in v a u lts.”

WeekendingMay 10 1919.
Twociphers (00) omitted. Membersof[ Trust
Total.
F.R.System Cos.
Capital________________
Surplus and profits------Loans, dlsc’ts & Invcstm’ts
Exchanges for Clear.IIouse
Due from banks..................
Bank deposits.....................
Individual deposits...........
Time deposits____________
Total deposits____________
U.S.deposits(not Included)
Rcs’ve with Fed.Res.Bank
Ues’ve with legal deposit’s
Cash In vault*......... ..........
Total reserve & cash held.
Reserve required________
Excess res. & cash In vault

$29,775,0
80,026,0
757.068.0
20,958,0
100.718.0
151.302.0
478.994.0
5,790,0
636.080.0
56,178,0
14.318.0
70.496.0
51.035.0
19.461.0

May 3
1919.

April 26
1919.

$3,000,0 $32,775,0 $32,075,0 $32,675,0
7,031,0
87.657.0
87.053.0
87.628.0
27.590.0 785.204.0 781.463.0 773.228.0
406.0
21.364.0
22.594.0
21.209.0
13,0 100.731.0 104.490.0 106.770.0
335.0 151.037.0 149.730.0 150.428.0
19.587.0 498.581.0 600.394.0 495.602.0
5.790.0
5.961.0
6.038.0
19,922,0 650.008.0 656.005.0 652.108.0
27.710.0
30.204.0 24.944.0
54.800.0 55.294.0
50.178.0
4.324.0
3.399.0
3.399.0
3.932.0
15.106.0
913,0
15.231.0
16.419.0
4.312.0
74.296.0
74.808.0
75.645.0
2.925.0
63.497.0 52.965.0
53.900.0
20.799.0
1.387.0
20.848.0
22.050.0

* Cash In vault Is not counted as reserve for Federal Reservo bank members.

M ay 17 1919.]

THE CHRONICLE

2003

M em b er B a n k s o f t h e F e d e ra l R e serv e S y s te m — Following is the w eekly statem ent issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the M em b er B anks.
D efinitions of the different item s
SS t S “ c h S » 2 S l l ^ S ID M ^ . ^ l l l ^ p l g e 25?3eek y 3tat0m e,lt W3Ued uader date of D e o ’ 14 1917 and which was published
STATEMENT

SH O W IN G

PRINCIPAL

RESOURCE^ A b m ^ ^ ^ m L I T Y ^

j ^ ^ ^ ^ L l ^ A T E D ^ I N CENTRAL RESERVE AND OTHER

L a r g o in c r e a s o s in t h e h o l d i n g s o f T r e a s u r y c e r t i f i c a t e s in c o n n e c t i o n
w it h t iie la t e s t is s u o o f 5 9 0 m il l io n s o f c e r t i f i c a t e s in a n t i c i p a t i o n o f t h e
V i c t o r y L o a n a n d c o r r e s p o n d i n g g a i n s in G o v e r n m e n t d e p o s i t s a r e i n ­
d i c a t e d b y t h e F e d e r a l R e s e r v e B o a r d ’s w e e k ly s t a t e m e n t s h o w in g c o n d i t i o n
o n M a y 2 o f 771 m e m b e r b a n k s in l e a d i n g c it i e s .
U n it e d S t a t e s b o n d s , o t h e r t h a n c i r c u l a t i o n b o n d s , o n h a n d p r e s u m a b l y
a s t h e r e s u lt o f f u r t h e r c a s h p u r c h a s e s o f V i c t o r y L o a n n o t e s b y r e p o r t i n g
b a n k s , s h o w a n i n c r e a s o o f a b o u t 12 m il l io n s .
L oa n s secu red b y U S
w a r o b l i g a t i o n s , o n t h e o t h e r h a n d , s h o w a d e c l in e f o r t h e w e e k o f 14 6
m il l io n s .
O t h e r lo a n s a n d i n v e s t m e n t s w e n t u p 0 2 .9 m illio n s t h e N e w
Y o r k m e m b e r b a n k s r e p o r t i n g o v e r o n e - h a l f o f t h is in c r e a s e
C o m b i n e d h o l d i n g s o f U n it e d S t a t e s w a r s e c u r it i e s a n d w a r p a p e r i n ­

c r e a s e d f r o m 3 , 8 0 4 m illio n s t o 4 , 0 8 3 . 2 m il l io n s a n d c o n s t i t u t e d 2 7 . 8 % o
t h e lo a n s a n d i n v e s t m e n t s o f a ll r e p o r t i n g b a n k s , a s a g a i n s t 2 6 . 5 % t h e
w eek b e fo r e .
F o r t h e N e w Y o r k m e m b e r b a n k s a n i n c r e a s e in t h is r a t io
i r o m .40.9 t o 3 2 . 1 % is n o t e d .
P a y m e n t f o r t h e n e w ly is s u e d c e r t i f i c a t e s w a s m a d e l a r g e ly b y c r e d i t
onV o
o i ? k s o f s u b s c r ib in g b a n k s .
T h i s is e v i d e n c e d b y t h e in c r e a s e o f
2 0 2 .2 m il l io n s s h o w n f o r G o v e r n m e n t d e p o s i t s .
H e a v y G o v e r n m e n t d is ­
b u r s e m e n t s a c c o u n t , in p a r t a t l e a s t , f o r t h e in c r e a s e o f 1 1 2 . 8 m il l io n s in
o th e r d e m a n d d e p o s its .
T i m e d e p o s i t s s h o w b u t a n o m in a l in c r e a s e .
R e s e r v e b a l a n c e s w it h t h e F e d e r a l R e s e r v e b a n k s fe ll o f f 1 4 .9 m il l io n s ,
a n d c a s h in v a u l t — 5 .9 m il l io n s , t h e N o w Y o r k C i t y m e m b e r b a n k s r e p o r t ­
in g m o s t o f th e d e cre a se s u n d e r b o th h e a d s.

1. Datn for all reporting banks In each district.

Member Bunks.

Two ciphers (00) omitted.

Boston. NewYork. Phlladel. Cleveland. Illchm'd. Atlanta. Chicago

Number of reporting banks..

45

$

106

56

S

89

Dallas. SanFran.

47

83

S

36

35

16,906,0

6,870,0

S

S

U.S.bonds to secure clrculat’n 14,402,0
50,092,0 11,597,0 40,961,0 25,270,0 15,265,0
Other U. S. bonds, including
Liberty bonds_____________ 21.115.0
i,0| 35, ,018,0 62,599 ,0 47,265 0 34,852,0
U. 8. certifs. of indebtedness. 138.680.0
1.0 147 ,606,0 165,183 ,0 85,774 0 78,693,0
Total U. 8. securities______ 174.197.0
,0 194, 221,0 258,743 ,0 158,309 ,0 128,810,0
Loans sec. by U. 8. bonds, Ac. 74.913.0
1,0.144, ,805,0 100,237 ,0 36,533 ,0i 22,481,0
AH othor loans A Investments 792.192.0 ■
’,0)618, 851.0 990,109 ,0 384,352 ,0!300.277.0
Reserve bal. with F. R . bank. 72.777.0
.0 67, 135.0 88,354 ,0i 34,380 ,0j 28,505,0
Cash In vault________________ 24.578.0
1.0 17, 789.0 33,885 ,0 10,139 ,0 13,632,0
Net demand deposits________ 724.766.0 ,0 656, 935.0 787,541, 0 323,397, 0 245,981,0
Time deposits_______________ 109.700.0
;,o 21, 889.0 293,789, 0| 80,726 0,113,759,0
Government deposits.. ______ 60.430.0
,0 41, 782,0' 41,032 0 26,314 0 18,928,0

1.337.0
,364,0
1.705.0
1.215.0
,759,0
,292,0
,981,0
,920,0
,366,0
,847,0

1

2.

44
53
S
8
18.324.0 35.685.0

S

20.507.0
43.402.0
82.233.0
6.685.0
176.689.0
18.979.0
8.769.0
163.394.0
28.718.0
17.642.0

32.995.0
121.963.0
190.643.0
21.539.0
519.611.0
50.726.0
19.180.0
444.635.0
137.350.0

269.287.0
669.736.0
,328,124,0
,267,147,0
,085,333,0
,326,851,0
273.146.0
347.320.0
,322.632,0
720.352.0
727.905.0

Data for Banks In Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks.

NewYork
May 2. { April 25.
No. reporting banks___
65|
65
U. 8. bonds to secure cir­
$
$
culation ______________
39,677,0
39,232,0
Other U. S. bonds, includ
inn Liberty bonds...........
262,873 ,0 261 ,123,0
U. 8. otfs. of Indebtedness 974,203 ,0: 862 ,475,0
Total U. 8. securities... ,276,753 01,162 ,830,0
Loans sec. by U.3. bds.,Ac, 499,066 ,0 505 ,495,0
All other IoansAInvestm’ts ,638,939 0 3,007 373.0
Res. balances with F.R.Bk 609,123 0 621 398.0
Cash In vault......................
103,498 0, 107 025.0
Net demand deposits_____ ,405,685 0 4,351 058.0
Time deposits____________
2 21 ,636 0 216 765.0
Government deposits_____ 349,948 0 270 597.0
Ratio of U.S. war securities
and war paper to total
loans and Investments'!?,

Chicago
All F. R Bank Cities. F. R. BranchCities. AllOtherReport'gBanks
Total
May 2, | April 25. May 21 | April 25. May 2. \April 25. May 2. April 25. May 2. I April 25.
441
S
i
1,169,0
22.727.0
173.006.0
197.502.0
68.690.0
807.145.0
113.701.0
37.388.0
833.854.0
163.693.0
49.370.0

44

255

1,169,0

104,062,0

S

s

s

255

103,619,0

22.396.0 380.458.0 376.200.0
150,539,Oil ,586,950,0 1,390,928,0
174,104,02 ,071,470,01 ,870,747,0
68.037.0 858.323.0 866.143.0
856.974.0 ,805,317,06 ,755,371,01
112.164.0 945.880.0 962.498.0
37.049.0 200.518.0 205.716.0
523.923.0 ,204,472,0 7 212.965.0
104.187.0 698.180.0 701.434.0
34.003.0 548.215.0 400.851.0

159
S
54,829,0.
112.701.0
358.965.0
526.495.0
112.743.0
,542,635,01
153,039,0)
56,830,0)
,279,783,01
501.515.0
87,874,0;

160
S
54.829.0

357
S
110.396.0

357
S
110.375.0

771
S
269,287,0)

772

S

268.823.0

111.199.0 176.577.0 170.298.0
669.736.0
657.697.0
309.462.0 382.209.0 345.968.0
,328,124,0' 2 ,046,358,0
475.490.0) 669.182.0 626.641.0
,267,147,0) 2 ,972,878,0
113.429.0) 114.267.0 120.326.0
,085,333,0) 1 ,099,898,0
540.185.01 ,978,899,0 ,968,451,0
,326,851,010 264.007.0
151.567.0 174.227.0 173.979.0
,273,146,0) 1 ,288,044,0
55.870.0
89.972.0
91.587.0
347.320.0
353.173.0
267.763.01 ,748,377,0 ,729,026,0
,322,632,010 209.754.0
499,496,0 520.657.0 516.912.0 1 ,720,352,0 1 ,717,842,0
61,964,0)
91.816.0
62.920.0
727.905.0
525.735.0

21.9

26.5

T h e F e d e ra l R e se rv e B a n k s .- F o l l o w i n g la the w eekly statem ent issued b y the Federal Reserve B oard on M a y 9 :
A g g re g a te ) g a in s o f a b o u t 7 . 7 m illio n s in g o l d r e s e r v e s a s a g a i n s t a n e q u a l
I n c r e a s o in F e d e r a l R e s e r v e n o t e c i r c u l a t i o n , a n d l a r g e r n e t l iq u id a t i o n o f
a c c e p t a n c e s a r e s h o w n in t h o F e d e r a l R e s e r v e B o a r d ’s w e e k ly b a n k s t a t e ­
m e n t Issu ed a s a t c l o s e o f b u s in e s s o n M a y 9 1 9 1 9 .
W a r p a p e r o n h a n d w o n t u p 4 .2 m il l io n s , w h ile h o l d i n g s o f o t h e r d is ­
c o u n t e d p a p e r s h o w a d e c r e a s e o f 2 . 6 m il l io n s .
A c c e p t a n c e h o l d i n g s fe ll
o f f 1 3 .2 m il l io n s .
P a p e r h e ld u n d e r r e d is co u n t fo r o th e r F ed era l R e s e r v e
b a n k s t o t a le d 9 3 . 8 m illio n s c o m p a r e d w it h 9 8 .7 m illio n s t h o w e e k b s f o r e .
I n a d d it i o n t h r e e b a n k s r e p o r t a m o n g t h e ir b ill h o l d i n g s 4 .2 , m illio n s o f
b a n k e r s a c c e p t a n c e s b o u g h t f r o m o t h e r F e d e r a l R e s e r v e b a n k s w it h t h o
l a t t e r s e n d o r s e m e n t , w h ile b ill h o l d i n g s o f 3 o t h e r b a n k s I n c lu d e 2 2 .3

thJromf tgX

—” ” —
siu-l ? n d o fr « o ^ i pt,a n c ^ b o u g h t f r o m o t h e r F e d e r a l R e s e r v e b a n k s w it h o u t
F e d e r a l R e t n ^ l ’ J r e a ? U ry. c e r t i f ic a t e s o f b o t h t h e 2 % t y p e t o s e c u r e
h r a r l v fn r th n t b
k n o t e c lr c u la tl° n a n d o f th e 4 > ^ % t y p e p u rch a s e d
an V ncreaSe
e m p o r a r v a c c o m m o d a t io n o f n o n e -m e m b e r b a n k s , s h o w
t n t a l p S n fr,™ t h e w e e k o f 8 .1 m il l io n s .
A s a r e s u lt o f a ll t h e s e t r a n s a c t io n s
t o t a l e a r n in g a s s e t s d e c r e a s e d 3 .6 m illio n s .
r c n n p M n 1 1 ^ d e c l in e o f 5 3 .5 m illio n s in G o v e r n m e n t d e p o s i t s t h e b a n k s
c n l ,? 1 ., !! a f.K c e g a t e g a in o f 4 4 . 5 m illio n s in r e s e r v e d e p o s i t s .
N e t d e p o s its
e r o e L n 7 7 “ ® , ^ 9 -6 m il l io n s , w h il e F e d e r a l R e s e r v e n o t e c i r c u l a t i o n i n ­
S " ™ / • ' m il l io n s .
A s a g a i n s t t h e s e c h a n g e s in lia b il i t i e s t h e b a n k s ’
o ° S „ C pSi i r<? e r Ye s s h O 'v a n i n c r e a s e o f 5 . 6 m il l io n s .
T h e r e s u l t is s e e n in
a r is e o f t h e b a n k s r e s e r v e p e r c e n t a g e f r o m 5 1 . 7 t o 5 1 . 9 % .

f t r 8° hdated 8tat.ement' or fcfho8^ t o r n whol e are giveu in the following table, and in addition we present
seven preceding weeks, together with those of the corresponding week of last year thus furnishing a useT h e « X n e n ? o f Fml« T r nd tab ? vvo
the rf ° !* F oe8and p i t i e s separately for each of the twelve Federal Reserve banks.
Reserve Agents Accounts (the third table following) gj
details regarding the transactions in Federal
Reserve notos between the Com ptroller and the Reserve Agents and between the latter and the Federal Reserve banks

^

I i n

M n lN ? ? . . R E30T 7g « E a

RESOURCES

Gold coin and certificates
Gold settlement fund, F. r . nnar/i
Gold with foreign agencies

and

L ia b il it ie s

of

tub

F kdkral

R eserve

B anks

at

the

C l o s e o f B u s in e s s M a y 9 1 9 1 9 .

May9 1919. May21919. April25 1919 Apr. 18 1919 April 11 1919 April 4 1919 Mar. 28 1919 Mar. 21 1919
$
S
8
$
$
S
S
$
345.797.000 346.707.000
509.082.000

600.989.000

605,809.000

346.145.00C
612.365.00C

335.162.00C ?333,384,00C
612.711,000
610,196,001

326,791,001
563,577,000
5,829,000

329.741.000
566.864.000
5,829,000

May 10 1918.
$
480.580.000
437.444.000
52,500,000

Total gold held by banks.
Gold with Federal Reservo agents
Gold redemption fund........... ......

914.879.000 947.696.000 945.831.000 955.510.000 945.358.000
946.095.000 896.197.000 902.434.000
1,134,198,000 1,104,099,000 1,109,949,000 1,085,519,000 1,082,444,000 1,100,173.000 1,113,070,000 1,112.938.000 970.524.000
885.027.000
125.271.000
114.223.000
113.430.000
118.128.000
104.682.000
115.078.000
133.033.000
125.470.000
27,584,000
Total gold reserves ........................
2,174,348,000 2,106,618,000 2,109,216,000 2,162,157,000 2,142,880.000 2,150,950,000 2.142,305.000
2.140,342,000
Legal tender notes, sliver, A o .! ! " ! ! * '
1,883,135,000
68,436,000
70,601,000
70,936,000
68,702,000
67,678,000
69,109.000
68,219,000
67,736,000
59,365,000
— ----------1____
2.237.219.000 2.240.152.000 2.230.859.000 2.211.989.000 2,218,628,000 2.210.524.000 2.208.578.000
Hills discounted:
1,942,500,000
Secured by Govt, war obligations
1,792,235,000 1.788.068.000 1.700.072.000 1.720.960.000 1.767.459.000 1,674,916,000 1.691.010.000
All other..............................
1.691.678.000 612,324,000
189.740.000 201.314.000 200.465.000 193.066.000
195.230.000 189.861.000
Bills bought in open market....................
182,030,000
195,284,000
185.822.000 100.885.000 218.590.000 240.790.000 248.107.000 261.924.000 326.717.000
286.036.000
Total bills on hand....... .......... ..
2,150,339,000 2,162,067,000 2,130,234,000 2,119,159,000 2,186.514.000 2,108,772.000 2,134,347,000
Govt, long-term securities!
2,143,463.000 1,225,077,000
27,132,000
27,144,000
27,135,000
27,137,000
27,136,000
27,134,000
27,138,000
U. . Govt, short-term securities.!
27,222,000
40,116,000
194.262,000 191.501,000 189,038,000
202,363,000
185,711,000
178,646,000
173.797,000
All other earning assets................! ! ! ! ! !
172,471,000
106,762,000
3,000
3,000
4,000
1,844,000
Total earning assets..... .....................
2,354,870.000 2,335,334,000 2,399,383,000 2,314,555.000 2,335,285,000
Bank promises......... ................... _ ! ! ” " 2,379,840,000 2,383,401,000
2,343,160,000
1,373,799,000
10,974,000
10,974,000
10,574,000
10,558,000
10.558,000
9,713,000
9,712,000
Uncollected Items and other deductions
9,711,000
626,034,000
from gross deposits____. . . .
,UUu
655,440,000 636,384,000 644,959.000 660,066,000 797,303,000 455,726,000
5% redemp. fund agst. F. R. bank notes
8,636,000
7,858,000
8.176.000
8,454,000
6,988.000
6,792,000
067,000
All othor resources......... ..........
6.901,000
404,000
5.301.000
7,995,000
7,332,000
7,738,000
7.274,000
7,772,000
T o ta l rosources................ ........
5,276.723,000 5,302,226,000 5,252,687,000 5,248,640,000 5.272,634.000 5,202,385,000
5,229,928,000 5.373.425.000 3,772,495,000
(Capital paid in.....................................
82.198.000
82.015.000
81.774,000
81.750.000
81,658,000
81,641.000
81,612,000
75,118,000
49.460.000
49.460.000
49,466,000
49,466,000
49.466.000
49,468,000
49,466,000
1,134,000
143.273.000
91.726.000
106.561.000
169.972.000
85,008,000 168.147.000 285,785.000 138.529.000
Due to members, reserve account........... 1,688,906,000
1.644,434,000 1,604,320,000 1,055,800,000 1,028,693,000 1,655.298.000
Deforrcd availability Items....... ............
483.501.000 512.703.000 491.005.000 490.788.000 487.153.000 487.593.000 1.631,167,000 1,604,719,000 1,548,137,000
484.906.000 • 555,383,000 309.773.000
Other deposits, inel. for. Govt, credits.
129.175.000
128.400.000
135.057.000
131.307.000
128.481.000 120.426.000
117.271.000 ♦120.062,000
110.611.000
Total gross deposits________________ 2.391.343.000
2.428.870.000 2.382.708.000 2.390.516.000 2.414,299,000 2.348.325.000 2.401.491.000
F. R.notes In actual circulation........... .. 2.558.749.000 2.549.040.000
2.585.949.000 2.107.050.000
2.549.552.000 2.543.704.000 2.54S.5S8.00U 2.547.670.000 2.521.776.000 2.510.687.000
F R. bank notes In circulation— net llah
1.569.618.000
161,415,000
101,450,000
158.845.000
155,074,000 151,560,000
149,449,000
145,540,000 142.442,000
All other liabilities.................. ................
7,878,000
32,522,000
31.190,000
30.098.000
28,112,000
26,971,000
25,817.000
30,014,000
23,209,000
11,697,000
Total liabilities_______ _____________ 1 5,276,723,000
1.302,220,000 5,252,687,000 5.248,640,000 5,272,034.000 5,202.385.000 5.229,923,000 5,373.425,000
1,772,495,000
•Amended figures

V. 8.
8

22,000

66,000

LIABILITIES.




fVoL. 108

THE CHRONICLE

2004

Mar. 28 1919. Mar. 21 1919.

May 10 1918.

51.5%
49.4%

51.0%
49.3%

58.9%
5 8.1%

50.6%

50.3%

50.0%

58.5%

52.2%

51.9%

61.6%

60.3%

63.7%

63.5%

63.3% __ ________ ,___

April 4

May9 1919. May2 1919.

4pr«25 1919.

Apr. 18 1919.

April 111919.

51.8%
49.2%

53.4%
47.8%

54.0%
48.0%

55.2%
47.3%

53.2%
47.0%

65.5%
47.3%

50.3%

50.1%

50.4%

50.5%

49.5%

Gold reserve against net deposit lla b ..
Gold res. agst. F. R . notes In act. clro’n
Ratio ol gold reserves to net deposit and
F. R . note liabilities combined---------Ratio of total reserves to net deposit and
F. R . note liabilities combined----Ratio of gold reserves to F. R . notes In
circulation after setting aside 35%
against net deposit liabilities---------

’51.9%

51.7%

52.1%

52.1%

51.1%

63.5%

63.4%

63.8%

63.8%

62.4%

1919.

8
$
$
S
S
$
$
$
78.832.000 1,531,100,000 1,529,010,000 1,529,079,000
68.050.000
60.702.000
64.796.000
“ 7,157,000 } 773,785,000
78.660,000
75.751.000
1,677,868,000 1,648,426.000 1,667,271,000 1,731,817,000
75,474,000
.4,242,000
23,919,000
24.704.000
29.375.000
29.896.000
28.738.000
29.234.000
1,000
3,000
58.574.000
50.859.000 154,729,000 163,881,000
- ", "51,327^666
-- ,
72.289.000 I 125,590,000
71,998,000
61.563.000
57.467.000
76,460,000
74,823,000
53,491,000
656,000
1,611,000
250,000
103,000
32,000
3,000
221,949,000
115,670,000
108,788,000
78,501,000
67.867.000
52.688.000
" ",
81,343,000 ( 183,404,000
81,882,000
87,303,000
96.412.000 103.634,000
80.574.000
84,453,000
15,744,000
221,000
513,000
4,078.000
3,624,000
3,826,000
6,715,000
7,017.000
730,000

Distribution by Maturities—

62.919.000
1-15 days bills bought In open market. 1,706,881,000
1-15 days bills discounted----------33.827.000
1-15 days U . S. Govt, short-term secs.
1-15 days municipal warrants------------15- 30 days bills bought In open market.. *42,458’,666
49,507,000
18-30 days bills discounted----------16- 30 days U. S. Govt, short-term secs. 3,331,000
16-30 days municipal warrants-------------55,580-,666
31-60 days bills bought In open market..
70,308,000
31-60 days bills discounted----------3,846,000
31-60 daysU. S. Govt, short-term secs..
31-00 days municipal warrants------------50.922.000
51.427.000
52.050.000
10.398.000
14.176.000
" ,
" ", - -666
"2"l","079-,666
61-90 days bills bought In open market..
21.135.000 ( 120,498,000
15.567.000
16.173.000
52.742.000
58.325.000
123,022,000
120,086,000
123,761,000
1,190,000
81-90 days bills discounted----------6,466,000
6,506,000
3,890.000
3,749,000
3,184,000
373,000
101,000
270,000
61-90 days U. 3 . Govt, short-term secs..
---- . . . . . . .
—
61-90 days municipal warrants____
....................
....................
....................
21,015,000
'21,252,000
21,315,000
Over 90 days bills bought In open ms
( 21,800,000
22,264,000
23,806,000
23,507,000
25,905,000
17,846,000
Over 90 days bills discounted---------13,698,000
141,542-,666
142,864.666
147,352,000 145*. 151,882,000
155,572,000
161,089,000 157,842,000
3,000
Over 90 davs municipal warrants .
—
1,707,522,000
2,735,798,000 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
137,904,000
185,S57,000
183.932,000
166,419,000
175,509,000
192,680,000
182,851,000
182,234,000
179,049,000
Held.by banks.
1,569,618,000
2,510,687,000
2,521,776,000
2,547,670,000
2,648,588,000
2,543,704,000
2,550,749,000 2,549,040,000 2,549,552,000
In circulation..... ...............- .................
)—
4.268.400.000 4.212.880.000 4.192.440.000 4.141.060.000 2,335,760,000
Received from the Comptroller----------- 4.419.140.000 4.390.120.000 4.358.520.000 4.316.560.000 1.143.348.000 1.103.556.000 1.071.062.000 1.044.331.000 369,468,000
Returned to the Comptroller----------------- 1.279.342.000 1.241.901.000 1.211.172.000 1.173.891.000
3,109,324,000 3.121,378,000 3,096,729,000 1,966,292,000
Amount chargeable to agent----------- 3,139,798.000 3,148,219,000 3,147,343,000 3,142,669,000 3,125,052,000
258,770,000
400,185,000
404,000,000 416,945,000 414,945,000 406,285,000 400,955,000 395,235,000 415,670,000
in hands of agent_____________________
2,696,544,000 1,707,522,000
2,705,708,000
2,714,089.000
2,724,097,000
2,736,384,000
2,732,403,000
2,735,798,000 2,731,274,000
Issued to Federal Reserve banks—
253,452,000
—
232,747,000 235,747,000 237,747.000 245,147,000 243,006.000
236,493,000
230,498,000
232,498,000
By gold coin and certificates--------------822.495.000
By lawful money-------------------------------1,583,606,000
",666 1,641,654,666 1,613,916,000 1,692,638,666
1,626,575-,66r 1,622,VST,66( i,65o,
,
,
48,554,000
By eligible paper______________________
78,005,000
78,633,00(1
88.520.000
84,538,000
75,595,000
84.829,000
84,094,000
84,133,000
583.021.000
Gold redemption fund________________
791.927.000
789,290,000
773,906,000
762,158,000
777.177,000
788,622,000
790,107,001
817,567,000
With Federal Reserve Board--------------2,724,097,000 2.714.089,000 2,705.708,000 2,690,544,000 1,707,522,000
T o t a l --------------- ---------- ------------------- 2,735,798,000 2,731,274,000 2,732,403,000 2.736,384,000
2,111.610,000 2.037.260.000 2,080.228,000 2,084.708.00(1 1,178,056,000
2.064,724,000
2,044,106,000
12,069,765,000
2,087,062,000
Eligible paper delivered to F R. Agent

46792-666

49955-666
68,000
53 634-666
27 499

21 165*666

974-666

Federal Reserve Notes

Fed. Res. Notes (Agents Accounts

RowSecured

865

1 601 660,060

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE U FEOERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 9_1919

Two ciphers (00) omitted.
RESOURCES.

Boston. NeroYork. Pbila. Cleveland. Uchm’nd. Atlanta. Chicago. It. Lculs Minneap. Kan.City. Dallas. IanFran. Total
if
$
1
%
S
S
.
S
S
i
$
$
*
% 255.610.0
8,847,0 345.797.0
161,0
7.210.0
8,411,0
2,065,0
8,160.0 23.111.0
2,298,0
607,0 25.539.0

3,778,0
36,148,0

130.017.0

33,248,0

36,537,0

34,271,0

39.926.0
55.319.0
16.321.0

385.627.0 43.258.0 75,188,0 26.825.0
290.073.0 69.393.0 132,239,0 32.975.0
2,789,0 13.899.0
25,000,0 13.838.0

19.105.0 148.066.0 35.313.0
45.141.0 267.308.0 50.032.0
3,891,0
4,775,0 26,078,0

44.918.0
36.464.0
4,366,0

34.432.0
32.791.0
9,362,0

11.416.0 50,775,0 914.879.0
15.998.0 106,465,0 1,134,198,0
125.271.0
1,734,0
3,218,0

Total gold reserves___________ (11,566,0
7,251,0
Legal tender notes, silver, A c ..

700,700,0 126,489,0 210,216,0 73,699,0
449,0
1,115,0
418,0
51,370,0

69,021.0 441,452,0
1,146,0
1,575,0

89,238,0 85,778,0
84,0
2,436,0

76,585,0
131,0

30,632,0 158,974,0 2,174,348,0
68,436,0
250,0
,

Total reserves________________ 118,817,0
Bills discounted: Secured by Gov­
ernment war obligations (a). 145,668,0
4,499,0
All other--------------------------------Bills bought In open markot (b). 13,932,0

752,070.0 126,907,0 211,331,0

70,596,0 142,598,0 91,672,0

85,862,0

76,716,0

32,843,0 159,224,0 2,242,784,0

59,592,0
8.003.0
3.806.0

36.688.0
6,795,0
12.278.0

50.583.0
38.200.0
2,327,0

20.478.0
28.128.0
1,498,0

Total bills on hand---------------- 164,099,0
539,0
U. 3 . Gov't long-term securities
U. . Gov’t short-term securities 16,916,0
All othor earning assets--------

805,622,0 191,283,0 152,564,0 106,418,0
1.234.0
1,083,0
1,304,0
1,385,0
5.460.0
74,722,0 18,690,0 16,048,0

181,554,0
Total earning assets_____
800,0
Bank premises........................
Uncollected Items and other de­
ductions from gross deposits.. 51,628,0
5% Redemption fund against
831.0
F. R. bank notes------------------435.0
All other resources-------------

881,648,0 211,358,0 169,695,0 113,112,0 99,427,0 263,345,0
2,936,0
217,0
312,0
875,0
500,0
3,772,0

Gold coin and certificates------Oold Settlement Fund, F . R . B'd
Total gold held by banks—
Gold with Fed. Reserve Agents.
Gold redemption fund__________

8

42,651,0

49.649.0

24,527,0

74,148,0

10,945,0 124.955.0

741,711,0 178,113,0 126,460,0 87.626.0 72.241.0 200,037,0
5,223,0 11.237.0 11.681.0 14.266.0
20.174.0 12,240,0
6,104,0 23.952.0
7,555,0
930,0 20,881,0
43.737.0

159,230,0
1.854.0
2.074.0

59,807,0
170,0
1,534,0

52,314,0
763.0
527.0

41,107,0
248.0
545.0

443.0
308.0

41,928,0

569.082.0

2 211,0

73.038.0 1,792,235,0
176.068.0
15.622.0
182.036.0
45.036.0

71.401.0 55,761,0 91,110,0
8.867.0
128,0
1,153,0
6.532.0
9,335,0
14.190.0

50,104,0 133,696,0 2,150,339,0
27,144,0
2.632.0
3.966.0
5.934.0 202,363,0
4.900.0

86,744,0
541,0

65,224,0 100,509,0
400,0

58,970,0 142,262,0 2,379,846,0
10,974,0
400,0

70,323,0

45,451,0

15,456,0

48,467,0

22,145,0

1,158,0
956,0

597.0
370.0

327.0

730.0
394.0

379,0
1,038,0

90,026,0 238,255,0
4,476,0
377,0
9,024,0 20,612,0

32,147,0

4.206.0

201.0

221,0

27,959,0

626,034,0

!' 358,0

7.858.0
9.227.0

’

842,0

167.073,0 233,216,0 115,596,0 331,045,0 5,276,723,0
Total resources______________ 354,065,0 1,800,648,0 400,276,0 435,505,0 229,472,0 203,138,0 781,314,0 225,375,0
82,228,0
4.703.0
3.235.0
3.749.0
2.980.0
3.829.0
11.404.0
4.191.0
3.240.0
9.166.0
7.597.0
21,226,0
6.908.0
Capital paid In-----------------49.466.0
2.448.0
1.184.0
2.421.0
1.415.0
6.416.0
1.603.0
1.510.0
2.196.0
3.552.0
2.608.0
21.117.0
2.996.0
Surplus...................................
89.761.0
9.875.0
1.511.0
2.109.0
4.259.0
5.848.0
18.424.0
2.139.0
2.797.0
9.389.0
,
19.753.0
7.557.0
Government deposits— ..............
1,688,906,0
84.068.0
40.520.0
77.356.0
50.651.0
58.066.0
Due to members, reserve account 99.578.0 706.952.0 107,433,0 125,356,0 54.409.0 46.688.0 237,826,0
37.743.0 12.294.0 34.273.0 12.856.0 14.815.0 483.501.0
54.799.0
23.061.0
38.171.0
42,226,0
51,993,0
120.475.0
40.795.0
Deferred availability Items—
129.175.0
697,0
5.836.0
1.098.0
1.219.0
714,0
3.259.0
170,0
365,0
778,0
113.039.0
682,0
1.318.0
All other deposits......................
68.426.0 114,836,0 55.584.0 114.594.0 2.391.343.0
314.308.0
102,371,0
95,084,0
72,716,0
177.749.0
166.203.0
960.219.0
149.248.0
Total gross deposits----------2.550.749.0
751.273.0 203.709.0 227.838.0 121,152,0 115,854,0 424.024.0 10-1,081,( 87.791.0 97,037,0 47.605.0 200.361.0
F. R . notes In actual circulation 176.024.0
F. R . bank notes In circulation
164,415,0
6.745.0
6.667.0
13,346,0
5,570,0
12,326,6
8.587.0
22,040,0
5.240.0
14,990,0
17,487,0
34.985.0
16,432,0
— net liability-------------32,522,0
1,827,0
1.243.0
2.272.0
891,0
3,122,0
1,165,6
1.231.0
1.609.0
,
2,667,0
11.828.0
2,457,0
Alt other liabilities------------------5,276.723,0
331,045,0
233,210,0
115,596,0
167,073,0
781,314,0
203,138,0
225,375,C
229,472,0
435,505,0
354,005,0 1,800,648,0 400,276,0
Total liabilities.............
— Contingent II
as endo aer on:
Discounted papor redlsc
93,839,0
32,154,0
30,000,0
31,685,
with other F. R . banks___
4,229,0
4,229,(
other F. R . banks.
93,839,0
...........
_____
,
63,854,(
19,985,
other F. R . banks, viz..
bought f om other F R . bank
® 14,229,0
With their endorsement.,
.
...........
3,139,6
.........
356,
.........
.........
.........
............ 22,767,1
Without their endorsement
c Includes Government overdraft of $640,000.

LIABILITIES.

6 100,0

2 210,0

Memoranda

10000,0

26262

STATEMENT OP FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MAY 9 l«UO

Two ciphers (00) omitted.

Boston.

Neic York.

Phila.

Cleveland Richmond Atlanta. Chicago. 51. Louis. Minneap. Kan.City. Dallas. San Fran.
*
*
*
$
S
t
S
t
*

Total.
f

S
$
*
Federal Reserve notes:
162,300,0 101,960,0 273,320,0 4.419.140.0
Received from Comptroller___ 305,560,0 1,513,480,0 352.820.0 348,800,0 222,720,0 222,000,0 592.640.0 192,660,0 130,880,0 45,532,0 30,263,0 48,331,0 1.279.342.0
Returned to Comptroller......... 96,094,0 552,117,0 123.599.0 77,194,0 67,792,0 43,439,0 111.197.0 54,474,0 29,310,0
101,570,0 116,768,0 71.697.0 224,989,0 3,139,798,0
Chargeable to F. R. Agent.. 209,466,0 961.363.0 229,221,0 271,606,0 154,928,0 178,561,0 481,443,0 138,186,0 12,240,0 14.0S0.0 22.510.0 . 3,000,0
404,000,0
143.600.0 14,920,0 32,420,0 27,890,0 58,440,0 27,440,0 20.0S0.0
In hands of F. R . Agent______ 27,380,0
Issued to F. R. Bank, less unit,
returned to F. R. Agent for
redemption:______________ _ 182,086,0
Collat'l security for outst'g notes:
Gold coin and ctfs. on hand___
Gold redemption fund.............. 10,319,0
Gold Set’m't Fund, F. R. B’d- 45,000,0
Eligible paper, min’in required 126,767,0
Total____
- - ------------ 182,086,0
Amount of eligible paper deliv­
ered to F. R. Agent___________ 164.099.0
F. R. notes outstanding________ 182.086.0
6,062,0
F. R . notes held by bank_______

817.763.0 214,301,0 239.186.0 127,038,0 120,121,0 454,003,0 118,106,0

89.330.0 102,688,0

49.187.0 221,989,0 2.735.798.0

1,431,0
31.360.0
69.897.0

232.498.0
11.581.0
84,133,0
2.733.0 13.036.0
817.567.0
1.684.0 93.379.0
33.189.0 115,524,0 1.601.600.0

89,330,0 102,688,0

49,187,0 221,989,0 2,735,798,0

805.622.0 146.508.0 151.734.0 101.942.0 87,910,0 238.255.0 71,287,0 54.927.0 91,110,0
817.763.0 214.301.0 239.186.0 127.038.0 120,121,0 454.003.0 118,106,0 89.330.0 102,688,0
1,539,0 ! 5,651,0
4,267,0 29,979,0 ! 14,025,0
5,886,0
66,490,0 10,592,0 11,348,0

50,104,0|l23,564,0 2.087.062.0
49,187,0,221,989,0 2.735.798.0
179,049,0
1,582,0| 21,628,0

19.625.0
183.740.0
16,333,0 12.504.0 12.614.0
90,000,0 56.889.0 100,000,0
527.690.0 144,908,0 106.947.0

2,975,0
30,000,0
94,063,0

2.500.0
5,884,0
2.641.0
40,000,0 261.424.0
74,980,0 186.695.0

2,000,0 13.052.0
2,601,0
45.431.0
68.074.0

817,763,0 214,301,0 239,186,0 127,038,0 120,121,0 454,003,0 118,106,0

1,012,0
22.400.0
52.866.0

47,605,0 200,361,0 2,556.749,0
* . R notes In actual circulation 176,024,o' 751,273,0 203,709,0 227,838,0 121,152,0 115,854,0 424,024,0 104,081,0 87,791,0 1 97,037,0




M

a y

THE CHRONICLE

17 1 9 1 9 .]

IPatxfemr (g&gette.
WaZZ Street, Friday Night, May 16 1919.
M a r k e t a n d F in a n c ia l S it u a t i o n . — Ex­
traordinary activity continues in the security markets.
As was the case last week the transactions in shares aver­
aged moro than 1,500,000 per day and there has been no
cessation in the upward movement then commented on.
There has been, it is reported, a steady absorption of rail­
way and some high grade industrial issues by investors,
but there is apparently no abatement of the purely specu­
lative trading which has characterized the market for more
than a month past.
This new interest in railway stocks seems to indicate that
legislation is expected at the approaching extra session of
Congress which will relieve the present deplorable railway
situation and perhaps go so far as to provide for the return
of the roads to ownership management.
F o r e ig n E x c h a n g e . — Sterling opened the week firm, but
then declined. Continental exchange was irregular, with
French and Italian exchange both showing new low records.
The

M oney

T o - d a y s ( F r i d a y s ) a c t u a l r a t e s f o r s t e r lin g e x c h a n g e w e r e 4 6 2 % ®
4 6 2 % fo r s ix ty d a y s , 4 6 5 % @ 4 6 5 % fo r c h e q u e s a n d 4 6 6 @ 4 6 6 % fo r
ca b le s .
C o m m e r c ia l o n b a n k s s i g h t 4 6 4 % @ 4 6 4 % , s i x t y d a y s 4 6 2 @
4 6 2 % , n i n e t y d a y s 4 6 0 % @ 4 61 a n d d o c u m e n t s f o r p a y m e n t ( s i x t y d a y s )
4 61% @ 4 61% .
C o t t o n f o r p a y m e n t 4 6 4 % @ 4 6 4 % a n d g r a in f o r p a y ­
m ent 4 64% @ 4 6 4 % .
. ,
,
, .
. . . _
T o - d a y s ( F r i d a y ’s) a c t u a l r a t e s f o r P a r is b a n k e r s f r a n c s w e r e 6 4 1 @
6 4 6 f o r l o n g a n d 6 3 6 @ 6 41 f o r s h o r t .
G e rm a n y b a n k e r s ’ m a rk s w ere
n ot qu oted .
A m s t e r d a m b a n k e r s ’ g u ild e r s w e r e 3 9 % f o r l o n g a n d 3 9 7 -1 6
_____ _ „
fo r sh o rt.
, ,
E x c h a n g e a t P a r is o n L o n d o n , 2 9 .5 5 fr a n c s ; w e e k s r a n g e , 2 9 .0 6 f r a n c s
h ig h a n d 2 9 . 5 5 f r a n c s l o w .
T h e r a n g o f o r f o r e ig n e x c h a n g e f o r t h e w e e k f o l l o w s :

Sterling, Actual —

Sixty Days.

Cheques.

Cables.

n i g h f o r t h o w e e k ___ 4 6 5 %
L o w f o r t h o w e e k ___ 4 6 2 %

4 68%
4 65%

4 69%
4 66

H ig h f o r t h e w e e k ___ 6 2 4
L o w f o r t h o w e e k ___ 6 4 6

6 18
6 40

6 16
6 38

Paris Bankers' Francs—

Amsterdam Bankers' Guilders—

4 0 1 -1 6
3 9 .8 0
39%
39%
39%
39%
Dom estic Exchange.— C h i c a g o , p a r . S t . L o u is , 1 5 @ 2 5 c . p e r 8 1 ,0 0 0
d is c o u n t.
B o s to n , par.
S a n F r a n c i s c o ., p a r
M o n t r e a l , $ 2 8 ,1 2 5 p e r
$ 1 ,0 0 0 p r e m iu m .
C in c in n a ti, p a r.
H ig h f o r t h e w e e k ___
L o w fo r th o w e e k —

S ta t e a n d R a ilr o a d B o n d s . — Sales of State bonds at
the Board are limited to $45,000, New York Canal 4 ^ s at
107K to 108 and $49,000 Virginia 6s deferred trust receipts
at G5 to 6 7 % .
Tho market for railway and industrial bonds has been
more active than of late and prices are for the most part
higher. Of a list of 20 notably active issues only 2 are
fractionally lower and 1 unchanged.
The tractions have again been notably strong. Intorboro It. T . 5s close 5 points higher than last week, InterM e t. 4 % s 4 % points, B . It. T . 7s 4 % and Third Ave. adj.
5s 3 % . Among other relatively strong features are Union
Pac. 4s, Ches. & Ohio issues, Balt. & Ohio gold 4s and
Inter. M or. M ar. 6s up an averago of about 2 points
within the week.
U n it e d S ta te s B o n d s .— For to-day’s prices see third page
following.
. R a ilw a y a n d M is c e lla n e o u s S to c k s . — An important
characteristic of this week’s stock markot has been an
increasing demand for railway shares at advancing prices.
Leaving out of tho account Brooklyn Rapid Transit, which
made an abnormal movement from 2 1 % to over 28, or
3 3 % , St. Paul advanced over 6 points, New York Central
4 Y\, Union Pacific 3 % , Northern Pacific 4, Great Northern
3 % , Reading 3 % and others from 2 to 3 within the week.
Industrial shares have fully sustained a reputation for
erratic and irregular movement. Gen. Cigars closes over
11 points higher than last week and Texas Co. 1 1 % points
lower, U. S. Sm. & Ref. has covered a rango of 10 points,
Bald. Loco, and Cent. Lea. 9, A t. Gulf & W . I. 8, U . S.
Ind. A l. 6, A m . H . & L. 6 % , A m . Int. Corp. Chaim.
M otors, Royal Dutch, Sine. Oil, and Studebaker 5. On
tho other hand Gen. Motors and M ex. Pet. have declined
5 points and other issues in this group have moved irregu­
larly over a rango of 2 to 5 points and generally close higher
than last week.
O u t s id e M a r k e t. — “ Curb” transactions this week wero
in record-breaking volume. Tho tone of tho market con­
tinues strong, though profit taking caused prices to move
in irregular fashion. Oil stocks continue to monopolize
the attention. A sensation was caused in last Saturday’s
trading by the sudden drop in Sinclair Gulf Corp. from 6 3 %
to 42 but it quickly recovered to 62. Tho close to-day was
at 5 9 % . Houston Oil com. lost some 20 points to 115,
closing to-day at 117. Midwest Ref’g moved down from 196
to 185 and up to 192, finishing to-day at 189. Boone Oil was
heavily traded in up from 1 1 % to 1 6 % , but to-day reacted to
1 2 % , with tho close at 12% . G lo n r o ck O ilfe llfr o m 7 % to 6 %
and ends the week at 6 % .
Home Oil & Ref. advancodfrom
2 9 % to 3 9 % and closed to-day at 39. Hudson Oil weakened
from 3 % to 2 % . Internat. Petroleum lost 3 % points to 31,
with the final figure to-day 3 1 % . Kentucky Oil & Ref.
rose from 1 5 % to 2 2 % . Merritt Oil lost almost three points
to 3 1 % and closed to-day at 3 1 % . Among industrials
Endicott-Johnson com. was conspicuous for a riso of 19
points to 90, though it reacted finally to 80. Famous Players
Lasky sold down at first from 90 to 85, but recovered to
9 1 % . Intercontinental Rubber, after early loss of some 3
points to 29, ran up to 3 4 % , with a final reaction to 3 1 % .
Lima Locomotive com. was more than ordinarily active and




2005

improved from 47 to 56, with the final transaction to-day at
52. Savold Tire Corp. advanced from 56 to 64, sold back
to 56 and to-day at 57. N . Y . Savold Tire rose early from
56 to 5 8 % , but later sank to 54 and was traded in to-day
at 57. Remington Typewriter com. lost five points to 75.
Submarine Boat improved over two points to 17. Mining
shares were active with the interest in the silver issues.
For daily volume of business see page 2014.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:

Sales
Range [or Week.
Rangesince Jan. 1.
for WeekJ Lowest.
Highest.
Lowest. ; Highest.
Par. Shares S pershare. S pershare. $ pershare. S pershare.
Adarao Express......... 100 1 .6 0 0 3 7
M a y 12
STOC KS.

WeekendingMay16.

Amer Bank Note____50
20 0 4 1
Am Bosch Magn.no
3 2 ,5 0 0 8 7 %
Am Brake Shoe & Fy 100
20 0 90
Preferred..... ........... 100
3 0 0 170
Am Smelters Secur, pref
Series A __________ 100
10 0 9 3 %
American Snuff......... 100
6 0 0 119 %
New preferred____100
200: 9 4 %
Am Sumat Tob, pref.100 1 .6 0 0 98
Rights
2 ,6 0 0 ' 3 %
Assets Realization___10
200 1 %
Assoc Dry Goods.. . 100 1 8 ,6 0 0 4 8 %
1st preferred_____100
500 7 6
2d preferred........... 100
600 7 9
Associated Oil______ 100 3 ,9 0 0 9 2 %
Atlanta Blrm & A tL .100
9
500
Batopilas Mining___ 20 1 5 .9 0 0
1%
Bklyn Edison, In c..100
6 10 9 9 %
Bklyn R Tran ctfs dep._ 10,100 23
Brooklyn Union Gas. 100
800 8 1 %
Brown Shoe, Inc____100 1 .5 0 0 90
Preferred_________ loo
100 101
Brunswick Terminal. 100 3 .3 0 0 10
Butterlck................. ..1 0 0 3 ,8 0 0 2 3 %
Caddo Cen OH & R ____ 3 6 ,0 0 0 5 1
Calumet & Arizona
10 1.5 0 0 60
Case (J I ) , pref_____ 100
800 9 8 %
Central Foundry____100 2 .4 0 0 2 4 %
Preferred_________ loo 4 .4 0 0 3 7
Cert-Teed P ro d ..no
100 4 6 %
Chicago & Alton____100 1 .4 0 0 1 0 %
loo
Preferred____
900 1 4 %
Clitc & East Illinois____ 2,000 4
Preferred_______ 100 2,000 4
Chic St P M & Om..lOO
400 6 5 %
1,100 7 3 %
Cluett.Peabody&Co.
100 4 5 %
Computlng-Tab-Rcc.lOO
Cons Interstate C all.. 10 1,6 0 0
7%
Continental Insur____25
70 0 7 0 %
Crex Carpet_________ 100
200 5 3 %
Detroit Edison......... 100
100 1 1 8
Detroit United Ry__100 1,100 9 7
Duluth SS&Atl pref. 100
600
9%
Elk Horn Coal
100 2 9 %
Federal Min & Smelt.100 3 ,0 0 0 14
Preferred ................ 100 1 0 ,8 0 0 4 0 %
Fisher Body Corp.no
5 .3 0 0 5 9 %
Preferred.................100 1.5 0 0 9 8 %
General Chem ical... 100
300 1 7 3 %
General Cigar, In c .. 100 112,300 6 9 %
Preferred_________ 100
100 10 6
Gen Motors deb stk.100 11,200 9 0
Gulf Mob & Nor ctfsllOO
40 0 10
Preferred.................loo
25 0 3 2 %
Hartman Corpn____100
70 0 7 3
Int Harvester, pref.. 100
200 1 1 7 %
Jewel Tea, Inc______ 100 5 .5 0 0 3 7 %
Preferred.................100
400 8 7
Kelsey Wheel, In c.. 100 1 .4 0 0 42
Preferred ................ 100
200 9 5 %
Keokuk & Des M o l.. 100
100 5

par

M
M
M
M

a y 14
a y lO
a y l3
a y 13

38%
41
03
90

M a y l6 , 2 9 %
M a y l 4 1 33
M a y l 4 | j 84
M a y l 5 ! ! 90
M a y 13 16 0

A p r 50
Ja n 4 1 %
M a y 10 3
M a y 91
Ja n 175

Ja n
M ay
M ay
Apr
M ay

M a y 14 9 3 % M a y l 4 9 2 %
F e b 94
M ar
M a y 13 1 2 0 % M a y 13 10 5
J a n 13 0
M ay
M a y 13 9 4 % M a y l 4 9 4 % M a y 99
Ja n
M a y 12 93
M a y l O 10 0
J a n 100
M ay
4 % M a y 13
M a y lO
3% M ay
4% M ay
M a y lO
1
1 % M a y lO
Ja n
3% M ar
M a y lO 5 1% M a y l2
17%
Ja n 5 1 % M a y
M a y l O 7 9 % M a y 15 6 1
M a r 79 % M a y
M a y l 2 8 0 % M a y 13 5 8 %
Feb 80% M a y
M a y l O 9 4 % M a y 12 68
Ja n 9 6 % M a y
M a y lO 1 0 % M a y l3
6
M a r 10 % M a y
M a y 15
2 % M a y l2
1% J a n 2 % M a y
M a y 13 1 0 0 % M a y l O
97
A p r 10 0 % M a y
M a y l4 2 7 % M a y lS
19 % M a r 2 7 % M a y
M a y 13 8 4
M a y l6 7 7 %
A p r 84
M ay
M a y l 2 92
M a y l3 71
F e b 92
M ay
M a y l4 10 1
M a y l 4 98
F e b 10 1
M ay
M a y 13 1 1 % M a y l O
8% M a r 1 1 % M a y
M a y 13 3 0
M a y l4
Ja n 30
16
M ay
M a y l 5 53
M a y l5 51
May- 53
M ay
M a y 12 6 3 % M a y l 6 5 6 % M a r 6 3 % M a y
M a y 13 10 0
M a y l6 9 1%
J a n 10 0
M ay
M a y lO 28
M a y l 2 21
M a y 28
M ay
M a y 15 4 2
M a y l6 27
A p r 42
M ay
M a y l4 4 6 % M a y l4 3 0 % A p r 5 0 % M a y
M a y l4 12 % M a y l5
Ja n 12 % M a y
7%
M a y 15 1 6 % M a y l 5
10 % M a y 16 % M a y
M a y 13
7 % M a y 14
4
M ay
7% M ay
M a y 13
8 % M a y lO
4
M ay
8% M ay
M a y l2 7 1 % M a y lO 6 5 % M a y 82
Ja n
M a y l 5 7 4 % M a y 13 6 0 %
Fe b 75
M ay
M a y lO 4 5 % M a y l6 3 7
Ja n 4 7 %
Apr
M a y 15
8
M a y 14
Apr
8%
Ja n
5%
M a y l2 72
M a y l 4 58
Ja n 74
Apr
M a y 16 5 3 % M a y l 6 48
M ar 53% M a y
M a y 12 1 1 8
M a y l 2 110
Ja n 118
M ay
M a y l O 10 5
M a y l 3 80
F e b 10 5
M ay
M a y 16 1 0 % M a y l O
A p r 10 % M a y
5%
M a y 14 2 9 % M a y 14 2 7
Ja n 3 0 % M a y
M a y lO 20
M a y lS
F e b 20
M ay
9%
M a y lO
M a y l 4 33
Ja n 4 7
M ay
M a y l2
M a y lO 3 8 %
Ja n 73
M ay
M a y l O 10 0
M a y l4 91
F e b 100
Apr
M a y lS 175
M a y 12 1 6 3 %
F e b 179
Apr
M a y l O 83
M a y lO 4 7
J a n 83
M ay
M a y l 2 10 6
M a y l 2 10 3
J a n 10 6
M ay
M a y lO 9 0 % M a y lO 8 2 %
Feb 94% A p r
M a y l4 10 % M a y l6
Feb 10 % M a y
7%
M a y 15
M a y lO 34
3 1%
Ja n 3 5 %
Feb
M a y l3 81
M a y l5 5 4 %
Ja n 8 1
M ay
M a y l 5 1 1 7 % M a y 15 1 1 5
Fe b
Ja n
M a y l 4 3 9 % M a y l S 28
F e b 48
M ar
M a y l3 88
M a y 13 80
A p r 91
M ar
M a y 12 4 6 % M a y l O 34
Ja n 4 6 % M a y
M a y 14 9 7
M a y l 6 89
Ja n 97
M ay
M a y l2
2% J a n 5 % M a y
5
M a y l2
K e y s t o n e T i r e & R u b . 10 2 6 ,6 0 0 9 1 % M a y 16 9 7
M a y l 2 89
A p r 10 9
Apr
40 0 12 2
K resg o (S S) C o ____ 100
M a y l3 125
M a y l3 10 6 %
J a n 125
M ay
P r e fe r r e d __________100
200 1 0 7 % M a y l 3 1 0 7 % M a y i 3 10 6
Feb 10 7% M a y
L a cled e G a s __________100
600 69
M a y l2 70
M a y 83
Ja n
M a y l 5 69
L a k e E rie & W estern . 100
40 0 1 1
M a y 13 1 1 % M a y l O
7
Feb 1 1 % M a y
P r e fe r r e d __________100
600; 2 0 % M a y 15 2 1 % M a y l O
16 %
Apr 2 1% M a y
L ig g ett <fc M y e r s ____ 100
Ja n
1 0 0 2 1 2 % M a y l 4 2 1 2 % M a y l 4 201
A p r 224%
L oose-W iles 1st p r e f. 100
100 10 3
M a y l 6 10 3
J a n 10 3
M ay
M a y l6 9 4 %
L orillard ( P ) ...............1 0 0 3 ,3 0 0 1 6 1 % M a y l 4 1 7 0
M ay
M a y lS 14 7%
A p r 175
P r e fe r r e d .................. 100
10 0 1 0 8 % M a y l O 1 0 8 % M a y l 0 i 1 0 7
Apr
Ja n 110
M a n (Iilev ) l t y , guar 100 1 ,3 3 2 7 8 % M a y 14 8 4 % M a y l O 7 0
M a r 88
Ja n
M a n h a tta n S h irt____ 100 1 2 ,2 0 0 1 1 2 % M a y l O 1 1 8 % M a y l 3 100
Ap r 118 % M a y
M a rlln -Ito ck v t c no par
10 0 7 7
M a y 14
77
M a y l4 j 70
Apr 8 0 % A p r
M a y lO
M a y D e p t S t o r e s .. . 100 1 0 ,6 0 0 92
9 9 % M a y l 4 60
Ja n 9 9 % M a y
M St P & S S M a r ie . 100 1 ,9 0 0 90
M a y lO
97
M a y lO 8 5 % M a r 9 7
M ay
P referred .................. 100
1 0 0 1 0 9 % M a y l O 1 0 9 % M a y l O 10 8
Fe b 110
Apr
M orris <fc E ssex ______ 50
1S 4| 7 2
M a y 15 7 2
M a y l5 7 1 %
Ja n 72
M ay
N a sh v C h a tt & S t L .1 0 0
1 0 0 1 1 7 % M a y l6 1 1 7 % M a y lO 114
F e b ,1 1 7 % M a y
N a tion a l A c m e _______50 3 ,1 0 0 z 3 5 % M a y l 5 3" 7
M a y 14; 2 9 %
Ja n 3 9 % A p r
N a tion a l B iscu it____ 100
70 0 1 1 9
M a y l 3 1 1 9 % M a y 15 10 9
J a n 126
M ar
P referred .................. 100
4 0 0 ,1 1 9 % M a y 14 1 2 0
M a y 15 1 1 5 %
Ja n 121
M ar
N a tl C loa k & S u i t . ..1 0 0
30 0 83
M a y 12 8 4
M a y lO
70
Ja n 8 7 % M a y
P r e fe r r e d .................. 100
200405
M a y lO 10 6 % M a y l4 10 3 %
Fe b 10 6 % M a y
N a t Itys M e x 2d p f__1 0 0 2 ,8 0 0 ! 9 % M a y 15 1 1
M a y lO
5% F e b 1 4
M ar
N O T e x & M e x v t c . 100 1 ,5 0 0 33
M a y 13 3 4 % M a y 15 2 8 %
Apr 36%
Feb
N Y C h ic & St L o u is . 100 2 ,2 0 0 ; 29
M a y 12 3 1 % M a y 16 25
Apr 3 1% M a y
2d p referred ............ 100
M a y 16 4 2 %
70 0 | 4 8
M a y 12 50
A p r 50
M ay
N ew Y o rk D o c k ____ 100 3 ,0 0 0 i 2 7
M a y lO 2 8 % M a y l4
19 %
F e b 35
Apr
P r e fe r r e d __________100
500; 4 9 % M a y l 2
50
M a y l4 j 4 4 % M a r 54
Apr
N o rfolk S ou th ern ___100 l,8 0 0 i 15
M a y l4
M a y 12 1 7
15
M a ri 1 8 %
Ja n
N o v a S cotia S & C . . 1 0 0 9 ,3 0 0 6 1
M a y l O 6 9 % M a y 14 46
Ja n 6 9 % M a y
O h io F u el S u p p ly ____ 25
10 0 5 0 % M a y 12 5 0 % M a y l 2 43
Ja n 5 0 % A p r
O w e n s B o t t l e - M a c l ) ..2 5 4 ,9 0 0 5 1 % M a y l 2 5 6 % M a y l O 45
M ar 57
Apr
10 0 10 4
M a y l O 10 4
P r e f e r r e d ............................10 0
M a y 16 10 3
A p r 10 4
M ay
P a c ific C o a s t C o ____ 10 0
10 0 4 7
M a y lO 47
M a y lO 4 0 % M a r 4 7
M ay
P a c if ic T e l & T e l ____ 10 0
40 0 2 6 % M a y l O 2 6 % M a y l 6 2 2
J a n 29
Feb
P e n n -S e a b S t ’ l v t C « o
4 ,2 0 0 32
M a y lO 3 6 % M a y lS 2 7 %
A p r 37
M ar
P e o r ia A E a s t e r n ___ 10 0 6 ,9 0 0
9 % M a y lO 14
M a y l6
M a r 14
M ay
M a y l O : 44
P i t t s C l n C h i c & S t L 10 0 2 ,6 0 0 4 S
M a y 12 52
A p r 52
M ay
P i t t s F t W & C h , p f . 10 0
7 13 5
M a y 15 13 5
M a y l S 13 5
M a y 13 5
M ay
P l t t s b S te e l, p r e f _____10 0
10 0 9 9 % M a y l 4 9 9 % M a y 14 9 0 %
Ja n 99 % M a y
P o n d C r e e k C o a l ...................10 2 ,7 0 0 1 7
M a y lO 18
M a y l S 1 12% A p r 19
M ay
P u n t a A le g r e S u g a r ..5 0 1 ,4 0 0 5 5 % M a y l 5 5 6 % M a y l 2 j 5 1
A p r 60% A p r
S t L - S a n F r a n p f A . .1 0 0 2 ,3 0 0 3 1 % M a y l O 33
Ja n 3 7
M a y 15 22
M ay
S a v a g e A r m s C o r p . .1 0 0
10 0 5 8 % M a y l 3
5 8 % M a y l3 5 3 %
J a n 63
M ar
M a y l2 j2 8 0
M a y l O 200
T e x a s C o f u l l p a id re c ._ i
2 7 0 28 0
M a r ,2 8 2 % M a y
T h i r d A v e n u e R y . . . 10 0 1 4 ,8 0 0 15
M a y l2 2 1 % M a y l5 13 %
Ja n i 2 1 % M a y
T id e w a t e r O i l .................1 0 0
3 10 248
M a y l6 | 2 5 0
M a y l2 ;2 0 7
J a n 25 0
M ay
T o l e d o S t L * W e s t . 10 0
300! 5 % M a y 13
8%
8% M ay
. . M a y. l 4 i ! 5
M ay
7
M a y l3 j
8 % M a y l4
5
M ay
T r u s t re c e ip ts _______ 6 ,4 0 0
8% M ay
M a y l3 ; 1 7
M a v l 4 ,! 10
M a r 17
P r e fe r r e d tr u s t r e c t s .. 1 ,5 0 0 10
M ay
T r a n s u e & W ’ m s .n o
5 ,2 0 0 48
M a y lO 5 1 % M a y l5 3 7 %
Ja n 5 1 % M a y
2 0 0183
U n d e r w o o d ............................10 0
M a y I 2 18 5
M a y lS 115
J a n 18 5
M ay
P r e f e r r e d ................... . . 1 0 0
3 0 110
M a y l3 ill0
M a y l 3 ,| 1 2 1
Fe b 121
Feb
U n i t e d D r u g , 1 s t p r e f .50
500 5 4 % M a y l 4 5 5 % M a y l S t 5 0 %
Ja n 5 8% M a y
2 d p r e fe r r e d ...................10 0
10 0 110
M a y l3 110
M a y l3 91
J a n 12 2
Apr
10 0 6 1 M a y l 4 6 1
M a y l4 54
Ja n 61
U n i t e d D y e w o o d ____10 0
M ay
U S E x p r e s s . . ...................10 0 ,
2 ,2 0 0 2 6 M a y l O 3 0 % M a y l 2 1 0 %
Feb 30% M a y
U S R e a l t y & I m p t . . 10 0
2 ,3 0 0 4 2 % M a y l O 4 4
M a y lS 1 7 %
Ja n 4 6 % M a y
W e lls , F a r g o E x p r e s s 10 0
800 5 9 % M a y l S 60
M a y l O 53
A p r 75
Ja n
W e s tl n g ’ se A i r B r a k e .5 0
1 ,0 0 0 1 1 3 M a y l 6 1 1 4 % M a y l 2 9 4 %
Ja n 114 % M a y
W ils o n & C o , p r e f . . . 10 0
2 0 0 1 0 1 % M a y l 3 '1 0 2
M a y l3 9 6 %
F e b 10 2
M ay

par

100

par

par

par

2006

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
OCCUPYING T W O PAGES
Wot record o f salea during the week of stocks usually Inactive, see preceding page.

B1QB AND LOW 3ALB PR1CB3—PER SBARB, NOT PER CENT.

Saturday Monday
May 10 May 12
$ per sh
are 3 pershare
9334 9434 94% 94%
855S 86% 8612 86%
10034 10034 100 100%
49%
*54

21

1651.1
64
9's
*2612
3834

68*4
8

963
*128
25%
795„
67
423s
___*
*28

46 U
IIOI
---- ____
9>2
17U
28*2
—
93
44%

49%
49% 50
55% 55%
55%
%
% 23%
165% 167%
166
64% 65%
64*4
9%
9
9
27%
28
26
38%
38% 39
69%
69%
96%
96
96%
130 *128 130
26% 26%
26*4
80
79% 79%
67
67%
423
42
42
____
71
29
28
28

21

21

68

8

68

*68

46%

2 111

*107

no

'8
*101 101

93

133s
10
16>8
29%
55>8
7 i.i
2934
2112
10718
UI

17%
29
19%
94%
46%
—
5%
17
23
55
56%

13%
13*2 13*2
10%
10
%
10-*8 17
17i2
31
30
31
55%
55*2 55%
77
76% 77%
30
30
30%
21% *21% 21%
10734 107% 107%
94
92% 93%
45%
45
451-t
1878 20
19% 19%
—
61% 62
—

10

453 4

22

9

19
♦54

37

8134
86%
37
38
23l2
21%
37
%
203.1
10778
30%
68%
49%
—
132*2
%
14%
27%
10>s
34
22
n%
25
19
%
10

9

73

54

934
♦19
*39 41
31
68

31
68
89%
—
2
40%
94
no
101%
83%
94%
5434
103*8
98*4
—
5534
93
13
29%
117
53
703,i
87%
6178
96%
76*2
106
2%
53
76
107%
34%
134%
118%
109
104%
212*2

36%
82
85%
*36j8

*3712
22%

37%
82
87%
37
38%
23%
21
37
9%
201.1
1081-t
30%
69
48%
44
133
73%
13%
28%
10%
33%
21%
11%
25

21
*34*2
9%
20
107%
29%
*68
47
43
132%
73
1212
27%
10%
33%
21%
11%
*21
19
%
54%
%
9%
21
21
40
*38

19
51
10

31
68
88%
-----3%
2
178
38
%
94
%
109
no
*101
%
79%
81
*94
*94
5378
54
10358
*103
97%
98%
—
*115
5-134
55%
♦90l2
*90
%
12%
28
28%
11838
117
52
52
7034
71%
8638
86%
60*2
61%
96%
96%
753i
76
*105%
105
2->8
2%
53
53%
76%
*107
108
33 U
34%
132%
133%
♦117l2
____
107%
108%
1033.1
103*4
21138
214%
*99
*99
82%
i9
80%
% 100*8 101%
44
44*2 44
16% 17
16%

31%
68%
91
3%
2
40%
93'8
110%
101%
82%
94%
56%
103%
99
117
56%
93
13%
31
120%
53
71%
88'.i
63%
96%
77
105
2%
53%
781.1
108
36%
134
____
1101-t
104%
215
100
821.1
101%
45%
16%

64
loyi2
/I
92%
188

68%
167%

8734

12

7434

39
93
101

100

100

63%
104^2
*71
911.1
132*8
70*>8
74
11008
ZU*4
149
10
22%

22

64%
161%
*72
92
133
*73%
75
74%
AXU’S 111
Jl*4
21
149
150
10%
10%
23%
23%

77

93%
134%
75%
75%
111
21%
150
11%
24%

66

66

68

68 68

68

2934

5

100

9

79 79
31
21

45

20

39

88*4

68*2

it

31
68%
88%
3->8
178
40%
93%
109%
*101
80%
*921,i
54%
*103
98%
116%
55%
*90
13
30%
119%
52%
70%
86%
62%
96
76%
105
2%
*53
79
109
34%
132
118%
107%
103%
214
*99%
80%
101
44
16%
48*?
67
160%
74
92%
133

20
54

31
68%
89%
3%
2
41
94
110%
102
81%
94%
55%
103%
104
116%
56i.i
95
13%
31%
123%
53
71%
88
64%
96%
78%
105%
2%
54
80
109
35%
134
118%
109%
104
214%
100
81%
101%
45%
17%
48%
68%
164%
74
991.1
133

75% 75%
112 113
21% 23%
149% 149%
12% 13%
24
25%

5534
10

31

68%
88%
3%
1%
40%
93%
no
101%
U
*92%
55%
*103
103%
116%
56
93
13
32
124
53%
71%
87%
62%
96
78
*105%
2%

82

78%
109
35%
132
118%
108%
103%
214%
96%
79
101%
42
17
4Slo
67%
163%
74

99

132%
77%
76%
113
22
149
12%
25%

31%
68%
8934
3%
2
41%
94
111%
101%
82
94%
563i
104
101%
116%
56%
93
13%
35
128
54%
721.1
89*4
63%
96
80
106
2%

___

7934
109
36%
133%
118%
108%
101%
215
98%
81%
101%
43%
17%
40
68
169%
74
102
134%
773i
7S3t
113
22%
150
13%
26%

* bid and asked prices: no sales on this day.




PER SBARE

Jan.

STOCKS
N E W YO R K STOCK
EX C H A N G E

0
31.

683,1
85
3*2
178
40%
*93%
109%
*102
80%
*92t.i
55
*103
101%
1163.1
25334
____
123-1
32%
121%
53%
70%
87%
621-1
*95%
78%
*105
2%
53%
77%
*109
35
130
*118
108%
103%
22071.1
99%
75%
101%
43
16%
49%
06%
104%
*71
98
132%
77%
77%
21%
150
12
24

66 68
10 11

4

| Bighest.

Lowest.
S per share

101

50
113
217

22

Nopar
par

(new)

453

884

733
1.^34

6634

73

754

9

32
6834
87
3*2
1?8
40%
933,1
1091.1
*102
80*4
*921.1
55%
102%
102
____
54%
____ *87
1234
13%
34
32%
123% 121%
54%
53*2
72
71
89%
90
613.1
63%
953i
96%
783i
79%
106 *105
2%
21-1
53%
55
79%
78
109% n o s
35%
132% 130%
119 *118
109% 108
101
103%
211
207
100
*99
79%
76
101% *101
43
42%
17
16%
50
493i
67%
673,;
168
165%
74% *72
103% 100%
133% 133
78% *77%
79
77%
____ 112
22%
21%
150 *148
13%
12
25%
24%

102

5534

3434

32%
70%

5,500
2,600
89% 9,200
378 9,200 Alaska Gold Mines................10
2% 26,800
403i 19,900 Allls-Chalmors M fg______ 100
1,000
93-%
110%
9,700
102%
200
80*4 13,000
94%
Do
pref______________ 100
56% 64,500
103
300
103% 47,100 American Car A Foundry. 100
____
300
Do
pref..... ............ ........ 100
12,500
55
93
200
Do
prof.......................... 100
12% 11,400
33*4 113,700
124
38,700
54
11.300
1,700
71
92*4 166,400
62% 22,800
1,100
95*4
Do
pref........... .............. 100
80% 87,300
105%
500
Do
pref........... .............. 100
2%
1,500 American Malting_____
100
56
1,200
Do 1st pref ctfsdep stpd..
791.1 86,900 Amor Smelting A Refining. 100
108
700
35% 66,000
13134 22,300 American Sugar Refining.. 100
119
300
109% 21,400
106
16,500 Amer Telephone A Teleg-.lOO
109
2,800 American Tobacco_______ 100
100
623
Do pref (now) ............. 100
79% 20,200
102
1,100
Do
pref............... .......... 100
43% 11,400 Amer Writing Paper pref.. 100
16*4 3,400 Amer Zinc Lead A Smelt__ 25
1,300
50
69 lioidoo Anuaonda Copper Mining..50
51,100 Atl Gulf A W I SS L in e ... 100
168
74%
300
Do
pref..........................100
103% 264,300 Baldwin locomotive Wks.100
133%
3,200
79
700 Bethlehem Steel Oorp . . . 100
78% 108,900
Do Class B common.. 100
112
1,100
Do cum conv 8% p re f...
22
32,600 Booth Fisheries............. No par
152
600 Burns Bros....... .....................100
12% 63,300 Butto Copper A Zinc v t. e ..5
25*4 30,900 Butte A Sunerlor Mining.. 10

} Less than 100 shares.

aEx-dlv. and rights

21
56%
66 "
3%
1*4
30
81%
99%
98
62
84*4
42%
98%
84%
113
39%
88
in3*
13%
71%
38
54*4
52%

68

M ayl5
May
May 7
% May 5
13% May 5
19% MaylO
31% MaylO
22
Janlt
98 MaylO
46*4 May 14
104 MaylO
7% Feb24
25 MaylO
24>s MaylO
55 May 14
58 MaylO
122% MaylO
15*2 May 2
11% Apr25
20% Apr24
33% MaylO
57% MaylO
80*i MaylO
34% MarlO
23 MaylO
111% MaylO
97% MaylO
46% MaylO
23% MaylO
63% May 15
48*4 MaylO
40% Feb27
83% May 5
89*i MaylO
38% Fob 4
39% MaylO
25% May 8
22*4 May 8
37 Mayl't
10% M ayl l
22 MaylO
110% May 14
32% MaylO
70% MaylO
52 May 8
49
Feb28
130% May 16
74*4 Mar 5
15% Apr29
31
Apr28
11% MaylO
37 M ayl6
24 MaylO
13% MaylO
27 MaylO
24% May 14
61% Jan 9
12 MaylO
24 MaylO
41% MaylO

8

34*4 AprlO
70*4 Apr21
95
Apr28
4% Janl5
2% M arll
42% May 5
95 May 8
113*4 May 1
108 Mar 15
85% May 9
93 May 5
Janl3
56*i May 14
Fob 11
103*4 May 8
Feb 10 101% May 14
Apr22
Jan 18 117
58% May 2
93
Apr 3

35 May 14
128 Mayl4
54% May 15
72% May 14
Jan20
92*4 MaylO
Fob 8
64*4 M ayl3
98% Apr 15
85
80% MaylO
58
Janls 105% MaylO
100
4% Jan 7
Janl7
1
50 MaylO
Apr 2
51
80 MaylS
62% Feb 6
103
Feb20 109 MaylS
111% Jan21 136 May 9
113*8 Jan 6 118% Apr23
96% Janl3 118 Mar 12
98*4 Jan29 108% MarlO
191% Fob 4 21512 May 9
Jan 0
96% May 14 100
85 May 9
45*4 Janlh
94% Feb 8 102 Mar 12
48 May 5
27% Jan 2
18% May 5
11
Jan31
50%
92
64
64%
103.
65%

55%

101%
18%
138

5%

16%

69 MaylO
177% May 9
76% May 8
Jan29 103% MaylS
137% May 8
78% M ayl5
Jnn20
79 May 15
Jan21
Jan22 113 May 14
24% Apr23
Jaul4
Feb 6 100 Apr 23
13% May 14
Feb20
26% May 14
Feb 11

Fob 0
Feb 8

x Ex dividend.

| Bighest.

I per share $ per shaft
81
80
89%
48%
63
25%
135
49*4
0
18%
37%

Ma
Jar
Ap
Dec
Api
Dec
Mai
Jan
Apt
Apr
Apr

89% Mar
125 July

99*4

Nov
92% Nov
109 Nov
62 Nov
Nov
48% Jan
174% Oct
62% Nov
11 Nov
32 Nov
54% Sept
80% Nov
107 Nov
137
Jan
32% Nov
Nov
75 Nov
40 Nov
70 Nov
27% Nov

6412

88

6 26

8 8

6*8

PER SHARE
Range for Previous
Year 1918.
Lowest.

pershare

98 MaylC
89
Jan 4
100 MaylC
52 MaylC
56% M arll
28% MaylS
170% May 7
MaylC
11 May 16
30 MaylO
45% MaylO
74% Marl2
100 MaylO
133
Janl7
30*4 MaylO
83% MaylO
70% MaylO
47 M a y l
72% M ayl5
31*4 May 5

21

6

i

90
Fob :
85 May 2
95 Mar2I
44
Jan2:
50
Apr21
18% Jan27
155*4 Jan21
53*4 Jan21
7% Jan
23% Aprlf
34% Feb 15
65% Jan
93% Jan21
128
Apr22
% Jan21
73% Jan21
61% Jan21
Feb 17
32
64
Apr 2
1934 Jan22

21

100

32%
68%
88
334
2
41%
04*2
no%
%
82
94%
56
103%
101
1163-1

t Ex-rlghts.

Range Since
1.
On basis of 100share lots.

1,025
5612 56%
Do
pref.......................... lot
25
28% 59,100 Brooklyn Rapid Transit..lot
11,300 Canadian Pacific........... ......lot
160 1683
31,700 Chesapeake & Ohio______ lot
%
8,900 Chicago Great Western___lot
7,900
28% 30
Do
pref______ _______.IOC
43% 45% 57,000 Chicago Mllw A St Paul..IOC
71
74% 31,600
Do
pref______________ IOC
16,700 Chicago A Northwestern..IOC
98
129 129
685
Do
p r e f........... ............ IOC
29
30*4 70,900 Chic Rock Isl A Pac temp ctfs.
80% 83%
4,900
7% preferred temp ctfs____
69
5,200
70%
% preferred temp ctfs____
46
1,600 Clov Cln Chic A St Louis.. 100
47
72
72
900
Do
prof....... .................1 0 0
30
3,900 Colorado A Southern_____ 100
30%
300
____
300
Do
2d pref___________100
45
Feb 4
113% 114
Delaware* Hudson______ 100
Jan20
450 Delawaro Lack & W estern..50 172% M arl
900 Denver A Rio Grande____100
%
I
3*4
%
% 14,300
Do
pref...........................100
Feb 3
18% 19% 31,900 Erie____________ __________ 100
15%
29% 31% 11,700
Do
1st pref___________ 100
24%
%
1,550
Do
2d prof___________ 100
17%
95% 98
23,600 Great Northern pref______ 100
89*8
45% 46% 55,700
Iron Ore properties..
31-3,1
10238 104
2,700 Illinois Central___________100
Ofi
6
90,500 Iuterboro Cons Corp_.iVo
7
3*8 Mar24
22% 25 114,700
Do
pref....... .......... ........ 100
11% Mar29
23% 24% 10,800 Kansas City Southern____100
1634
55
55
500
Do
pref______________ 100
49*2
563.1 58
20,100 Lehigh Valley.....................50
120 122%
600 Louisville A Nashville____100 113
14% 15% 10,000 MInnoap A St L
____ 100
9*8
10
10% 17,700 Missouri Kansas A Texas. 100
Feb 10
17% 19%
6,000
Do
pref.......................... 100
8*9
323i 33% 129,300 Missouri Pacific trust ctfs. 100
22*i Jan21
563.1 57%
6,400
Do pref trust ctfs_____ 100
49%
79% 80'i.i 47,900 Now York Central..............100
69% Jan21
31% 33% 44,800 N Y N H A Hartford____ 100
25»4 Feb 13
22
23
2,800 N Y Ontario A Western. .100
1810
108*4 111% 17,700 Norfolk A Western_______ 100 103 “
95% 97% 21,200 Northern Pacific.................. 100
*853 Jan21
453,1 46*2 26,325 Pennsylvania____________. 5 0
4334
21% 23% 73,300 Pore Marquette v t c_____100
Jan21
6234 63
5,700
Do prior pref v t e____100
66 Mar27
48% 48%
400
Do pref v t c..................100
39
381.1 39% 36,000 Pittsburgh A West Va____100
34
*80% 82
900
Do
pref______________ 100
79
I 89% 113,700 Reading ___________________ 50
.Tan21
37% 37%
503
Do
1st pref..... .......... ......50
39% 39%
1,220
Do 2d pref_______ _____ 5
36
23% 24% 58,700 St Louls-San Fran tr c tfs.. 100
10&4
*22
22%
500 St Louis Southwestern____100
16
35
35
300
Do
pref______ ________100
281?
93i 10%
7,900 Seaboard Air Line................100
Feb 13
201-t 22
1,900
Do
pref______________ 100
1083.1 1093,1 195,800 Southern Pacific Co______ 100
95*8 Jan21
32% 78,400 Southern Railway________ 100
31
25
693i 70%
4,200
Do
pref______________ 100
49% 74,200 Texas A Pacific___________100
48
2712 Jan21
45
45
600 Twin City Rapid Transit.. 100
38 "
13434 136% 28,100
73
1,300
13% 13%
1,900
7*4
27% 27%
3,150
Jan 13
15
11% 11% 28,900 Wabash..................................100
13,100
351,1 37
3Q%
Do
pref A ____________ 100
23% 24
3,200
19
113.1 13% 22,900 Western Maryland (new). 100
%
26% 27
1,800
Do
2d pref....... ............ 100
2434
21% 22
12,900
17
5534 56
1,600
K2!«
10% 12
9,100 Wheeling A Lake Erie Ry.100
73aMar 5
24
24
1,500
17
40
41%
6,800 Wisconsin Central_______ 100
30% Jan22

111 111
1,000
§210 210
8 8 11 8 8 84
11 12
11 12
4
20 21 20 21 4 21 22

10

10
*20

Salesfor
the

Thursday Friday Week
May 15
May 16 Shares
S persh
are S pershare
Railroads
Par
9034 95% 98
96
24,900 Atch Topeka A Santa Fo_.10(
86 86% 86% 86% 2,100 Do pref_______ _______IOC
103% 105
104% 106
12,800 Atlantic Coast Line RR..10C
5034 52
50% 51%
14,400 Baltimore A Ohio................lot

49% 50
50
51
*55% 55%
55% 55%
55% 55%
% 23%
23% 28%
23% 24
165% 168
166 168% 166% 167
% 07
64% 65%
67
9%
9%
9%
9%
9%
9%
26% 27%
27% 28%
28% 29
42% 44
38% 39%
39% 42%
% 89%
70% 71%
69
71%
96
97%
97% 98%
96% 98%
130 130
129 129
129 129
283i 29%
27%
27
27% 29%
79% 80
80% 81
80
80%
69
69%
%
% 69
*41
443i 45
43
43
44
72
72%
72
____
72
30
29
29
29
29%
55
55
50
50
50
50
*
% 114
*108 n o
no
214 214
215% 215% 215 215
%
%
758
113,1
%
%
%
17% 17%
18% 18%
17% 18%
29% 29%
29% 30%
29% 303
%
19*2 19%
963
93% 9473
95% 963.1 96
45*4 45%
45% 46''% 4534 46%
ioo^s
% 101% 101% ---- - ____
%
5%
7
5J8
578
6*8
18% 24%
16*2 17%
18
19%
22% 23%
23% 24%
23% 24%
*53
55
55
55
55
55
55% 56
56% 57%
56
57%
118 118
120 120
119 119
1334 14%
14*2 15%
1478 15%
% 10%
% 10%
10% 10%
17
17%
18
18
18%
18%
31*4 33%
30% 31%
31% 32%
55% 56*4
56% 5634 56*4 5634
77% 78%
%
78% 793.1
31%
% 32%
30
31
32%
—
22
____
20% 21%
1071.1 108% 108% 109% 108% n o
96*2 94% 94% 96% 95*2 96%
45*4 45%
% 46
45-% 45:%
2138 22%
20%
20% 23
62
62
63
62
63%
63
47
48
46
46
36% 38%
38
%
38% 39%
81% 82
*82
83% *80% 83%
873t 88%
86l,t 87%
87%
373i
36*2 37
37% 37% *37
38% 38%
*38% 39%
38% 39
233s 24%
21% 24%
2334 24%
—
—
22% 22%
22
22%
—
*34% 38
---- 36
37
93.1 10
9% 10
10
10%
20% 21%
21% 21% ____ ____
107% 109% 109 110%! 10834 109%
29% 31
31
31-V 303.1 31%
69% 70
68%
68% 70
473.1 49%
471.1 49%
48'% 49%
♦40
45
433i 433.1
____ ____
132*2 133*4 133% 135
134*2 1353.1
72% 72%
72% 72% *723.1 73%
13% 13%
14
13% 13% *13
273,1
28% 28%
27
28
28
10% 11
11
11%
11
11%
33% 34%
35% 35%
34% 35%
22
23% 23%
23%
23
11% 11%
1134 12%
11% 12%
*21
26*4
25
26
25
27
21
2238
19
% 21
24%
5534
54
% 54% 55
% 10%
% 10%
10% n
22
23*2 23%
21% 23
*38
40-3.1 40% 40%
40
39

*200 216
*7%
8% 8 8
10 10*2 10% 10 11

—
___-

17%
17%
28%
2858
—
19*2
%
93%
45
45*2
% —
4i2 4->8
4*2
14%
14io 15
♦22
22%
23
♦53
55
*52
56
56
55%

3634
813i
SS3!
*36%
38
%
2178
34^2
%
20
107
29
68
47
---- 131%
*73
13%
277s
10%
33^2
22
11^2

Tuesday Wednesday
May 13
May 14
3 per sh
are $ pershare
94% 95
95% 97
85% 85%
85% 86
100% 100% 100% 103%

18

Feb
Apr

100% Apr

48
Deo
119*4 Nov
185 Sept
Nov
13*8 Jan
23% Nov
36% Nov
27% Nov
106% Nov
34% Nov
105*2 Nov
% Jan
, Jan
24% Nov
% Nov
65i8 Nov
124*4 Nov
16% Nov
Nov
13% Nov
31% Nov
62 Nov
% Nov
4578 May
24% Nov
112% Nov
105 Nov
% Nov
18% Nov
64 Nov
50 Nov
** Nov
82 Nov
96% Oct
39 M ay
40 -M y
17% Deo
Nov
40t* Jan
Nov
25% Nov
110 Nov
34% Nov
% Nov
29*2 Deo
% Jan
1371, Oct
Nov
12 June
20 May
li* 4 July
% Jan
261* June
17*4 Feb
June
Nov
66 Juno
12*4 Nov
20 Nov
Oct

7

88

Jan

92

Jan

17*4 Dec
53% Dec

9
471
59

6*1

84

27
A,pr
18*4 Jan
102
Jan

50

40

25
12

75
65
76*4
44

32
24*4

39*4

25%
49
1*4
1%
17*4
72%

Jan
Jan
Apr
Apr
Jan
Jan

89% Jan

78

May

38*4 Jan

63% Jan
2%
41
73
103

Sept
Sept
May
Sept

98
Jan
108% Mar
90% Aug
140% Jan
92% Sept
44% Jau
92
Jan
20% Apr
11
Dec
53% July
59
Dee
97*4 Jau
58
Jan
66% Jan
85
Jan
00
Dee
69*4 Nov
90% Jan
21
Jan
108
Feb
5% Dec
61% Jan

26*4 Nov
62% Nov
72% Dec
% Nov
% June
37 May
86% May
106
Oct
101 Aug
84
Feb
91% May
May
99
Deo
Dec
115% Deo
Oot
88
Deo

5
3

50*4
93*4
44*4

22% Sept
94% Aug
49
Oot
61
Oct
60% Oct
47% Deo
92
Deo
71*4 May
102% Deo
13% Feb
48
Deo
Oct
% Nov

94*4
110
116 May

114% Deo
145 May
109% Feb
198*4 Deo
% Deo
60% May
Deo
39% Aug
21% July

100
96*4

i74% Oct
120% Feb
67% Nov
101*4 May
110
Deo
96 May
94 May
106% Apr
28% Sept
61% Oct
112% July
33% May

N ew

Y ork

S to ck

1r

R e c o r d — C o n c iu u e u -

uj

3007

Woa record of sales during the week of stocks usually tnactlfe, see second page preceding.

PERSHARE
H IG H A N D L O W S A L S P R IC B S -P B R S H A R E , N O T P E R C E N T .
Sales/or
STOCKS
Range Since Jan. 1.
the
N E W YO R K STOCK
OnOasisof -tharelots.
Saturday Monday Tuesday Wednesday Thursday Friday W
eek
EX
C
H
A
N
G
E
May 10
May 12
May 13
May 14
May 15
May 10 Shares
L ow est
I H ig h est
$ pershare $ per share $ per share $ per share $ per share { per share
Industrlal&M lsc.(Con.) P
a
r
S
p
er
sh
a
re
pershare
63% 66
66 67 6512 66I2 65% 66% 6434 65% 65 66 25.700 California
o par 48% Jan S67*4
Packing____ N
May
30
33
3212 3412 31i4 32*i
32% 33
31% 3234 31% 32
29.200 California Petroleum ... .100
20% Jan
34% May 12
76
78
70i2 78ig 703g 78% 70%
77*2
70
79% 10.700
Do
prof........................... 100 64% Jan
79% M ayl2
87% 8034 80% 03% "0 2 “ 04%
84l4 87%
8314 8514
90% 93% 137.500 Central Leather.................. 100 56% Feb 8
94% May 15
11H2 IIH 2 IIH 4111% 5111% 111% 111% 111% 111
470
111
Do
pref........................... 100 104% Jan
112 May
40lg 433t
40i4 40%
44i2 45i2 45
457g
44
45%
44% 45% 50.800 Cerro de Pasco Cop ...No par 31
Jan22
45% M ayl4
148 15312 155 I 6OI4 15834 16012 150 150
155 157% 155% 156% 13.900 Chandler Motor Car . 100 103
Janl8 160% May 13
22% 23% 2312 2412 24
24%
2334 24%
23% 237g 23% 24% 54.900 Chile Copper_________
25
17% Jan21
24% Mar28
383# 38lg 387g
36
37l8 37
38
38%
37% 38
37% 38% 26,000 Chino Copper_____
5
32%
Feb
6
38% May 13
43
44
44
457g
46%
46l2
46% 47%
46*4 47l.|
4612 47% 22,000 Colorado Fuel A iron .**100
34*4 Feb 10
47% M ayl4
48% 40%
47
4614 47*8
48%
40% 50%
40*4 50%
49% 50% 42.900 Columbia Gas * Elec.
100
Feb
50% M ayl4
00 00 00 00 08»4 00% 00% 00% 00% 101% 101% 103% 5.800 Consolidated Gas (N Y ) ..1 0 0 39%
87% Jan27 103% M ayl6
100

9

PERSHARE
Rangefor Previous
Year 1918.
Lowest Highest
per share 9 per share
30% Jan

60 Nov
12
Jan
247* Nov
36
Jan
70% Deo
5434 Dec
73% Feb
101% Dec 108 Nov
29% Mar
39 Nov
68% Jan 109% Deo
14% Apr
24
Oct
31% Dec
47% May
34*4 Jan
54% May
28*4 Mar
447g Deo
8234 July 105% Nov
80% 81
7018 81%
807g 84
79% 70U
81% 83%
83% 85% 34,100 Continental Can, Inc..........100
85% May 16
6512 FeblO
65% Oct
623g 637g
95
Feb
62
62%
62% 63%
62
627g
62% 03%
62
62% 43,940 Corn Products Refining 100
64*4 May
40
Jan21
29% Jan
60% Nov
■♦106 108 *106i2 108
107% 108
108 108
107% 107% 107 107%
1,200
Do
pref............................
102
Jan23 108% M ay 2 *90% Jan 104
Deo
6034 723
60i2 71
71% 73%
75% 76%
74
76*4
75*4 76% 72.900 Crucible Steel of America. 100
76*4
May
14
52%
Feb
7
52
Jan
74% May
06
06
95% 0534
300
Do
pref............................
90*i May 9
91
Jan 2
86
Jan
91*4 June
34% 37
36
37
36% 367g 3534 30%
33% 36%
34
56.700 Cuba Cane Sugar____
35
39% May 9
20% Jan27
27% Apr
823 827*
34 Nov
82
83%
823 83%
81% 83
81% 82%
81
7.800
81*4
Do
pref............................
69% Mar
85% May 8
77% Dec
83
Feb
14% 16%
15% 157g
1414 14*i
15% 157g
15% 15*4
15
15*2 16.800 Domo Minos, Ltd________
16% M ayl2
10% Jan31
0 June
283 313
15 Nov
20
28
28
28%
32% 32%
313.t 32%
53,300 Gaston W
35
Inc
35 M ayl6
25% Jan21
25*4 Oct
39
Feb
163% 164*4 163% 164*4 164% 164% 164% 167% 165 166
*16218 164
8.800 General Electrlo__________
144% Feb 3 167% May 15
Jan 158% Oct
187% 101% 185 187% 187 188%: 184% 187% 1847g 186
188U
60.500 General Motors Corp__
118% Jan21 191% M ayl2
106*4 Jan 164 Aug
01
01% 01
01
03
03
02
02
01
01
90% 90%
2,700
Do
pref............................
94% Aprl4
82
Jan 0
75% Oct
88
Feb
70% 71%
71% 72%
7012 71%
71*4 72*4
70% 72%
70*4 72% 22.700 Goodrich Co ( B F ) _______ 100
74
Apr23
56% JanlO
38
Jan
597g Oct
108 108 *10734 108% 107% 108%, *107% 108% 108i2 108%
200
Do
pref............................
103
Jan 8 109% Aprl6
95% Dec 104
Deo
*64
65"
66% 67
%
683 ■ 70
1,900 Granby Cons M S
72
P ____100
80
Jan 3
64
Apr21
74
Jan
86
Oct
41
40
40% 41
30^4 40
41
41 I 40% 41 I 40
6,000 Greene Cananea Copper 100 38% Apr25 46% Jan 9
42
38% Jan
*50
61
58% Nov
61
60
61
65
65% 74%
74
80% I 71
73% 15.700 Gulf States Steel tr ctfs.,100
80% May 15
49% Feb 8
58*4 Dec 111% Apr
54
53l 51%
56%
56% 58%
58% 59341 58% 61%’ 60
39,800 Haskel
61
Barker
Car..,Vo
61% M ayl5
40
Feb 0
34
Jan
50U 507g
51% 53
49% July
52% 54
52*4 53% | 51% 53
53% 55*4 102,200 Inspiration Cons Copper.. 20
55*4 M ayl6
42% Feb 6
2334 23341 24% 26
41% Dec
24% 26%
5812 Oct
26
26%; 24% 26%l 25
7.200 Internat Agrlcul Corp____ loo
25*2
27% May 5
10% Jan
79% 80 I 81% 83
10
Jan
19 June
81% 82
80% 83
80*4 82%' 80% 81%
4,600
Do
pref----------------------83% May 7
48
Jan
130 130% 120 120
38
Jan
65 June
128 120% 128% 128%' 129% 133
131% 134*4 12,600 Inter Haverster (new)____ 100 110% Jan21 135% Apr23
45
46®4! 46% 48%
104
Oct
121 Nov
47% 48%
48% 49%
47% 48%' 47% 481.,
Int
Mercantile
Marine.
100
49%
M
ayl4
21% Jan31
21
Jan
116% 118% 117*4 140% 117% 110% 119
33
Oct
% 118% 119%' 118 119*4
Do pref............................
92*4 FeblO 120*4 Apr29
247g 25%
83% Jan 125% Nov
24% 27%
26% 27%
26% 27 I
I 27 I 26% 26*4 63.200 International Nickel (The) 25
32% Jan 3
24% Feb
27
Jan
50% 52 I 50% 5234
35 Nov
51% 51%
51
513
50
51
17,900 International Paper...........
49
51
Apr28
30%
Jan
24% Jan
45% May
*74% 75%
75
75% *74
75% *74
743t *73% 74%' 73
500
73
Do stamped pref.........100
76% Apr23
62
Janl3
68
Jan
124 124% 124% 125% 123% 125
65*2 Jan
122% 123% 118
% 118 122% 21,300 Kelly-Sprlngfleld Tire____25
68
Jan21 129% Aprl4
41
Apr
32% 3234' 32% 34%
72
Deo
34% 35
34
33% 34%
34
85,500 Kennecott Copper____
35
35
M
ayl3
29%
Feb
13
29 Mar
41% Nov
73
74%
73% 75%
74% 75%
75% 81 | 79% 81*i
80
80% 27.200 Lackawanna Steel_________ 100
8134 May 15
62% Jan21
91% May
65t* Dec
33% 3334
33
33%
33
33%
32% 33
32
32%: 32% 34%
8,100 Lee Rubber
Tire___
21
Jan22
37%
May
2
12
Apr
24
Deo
55% 587g
57% 58%
57
57%
50 | 50
56% 57 I 56
5,900 Loose-Wiles Biscuit tr ctfs. 100
57
58% May 10
40% Feb 17
17% Jan
45% Deo
107% 107% 105 115
105 115 . 105 115
100
Do 2d pref_____ _______ 100
94
Feb
110
Aprl7:
Feb
90
Deo
*78
79%
illiv O
1 53
Mackay Companies............100
May
9
79
70
Jan22
70
Dec
78% Feb
*64
65
Do pref............................
Jan 4
65
64
Janl5
57
Jan
65
May
41*g 43*4
43% 46*i
45% 47
44% 45%
46
46%
44% 401.1 23.500 Maxwell Motor, Inc______ 100
47 May 13
2634 Jan22
42% Nov
Jan
70
*» 08*1
71 | 70
71%
69% 70%
70% 70%
70
72
7,200
Do 1st prof....................
72 Apr 23
50% Jan22
50
Dec
69*8 Nov
33
33*4 35 1 34% 35
33*i
34%
34% 35 I 34
33*1 3534
7,300
Do 2d pref___________ 100
19% Jan
35*4Mayl6
32%
Nov
19
May
180% 183*4 177*2 180*2 175% 181% 180 183
178% 180*4 178% 181 117,600 Mexican petroleum________ 100 16234 Jan23 197% Jan 2
Oct
79
Jan 194
100
Do
pref............................
108% Aprl9
105
Feb
Deo
23% *2*3%’ 23% 24%
87
Jan 107
24% 25
25
26% 27% 18,000 Miami Copper.......................
25%' 24% 25
27% M ayl6
21*4 Feb
22% Dec
33% Jan
45% 45%
45% 40i8 46
46%
46% 48 I 47% 40%
47% 483 77.500 Midvale Steel Ordnance. 50
49% M ayl5
40% Feb
61 May
41
Dec
71% 72
72
72
500 Montana Power................ 100
77 Mar 3
69 Mar28
19
64 June
18% 19%
19%
81% Nov
19%
19*4
%
%
1934 11,100 Nat Conduit
18*4 19*i
Cable.,Vo
14
Feb 8
21% Apr23
62% 62%
21% July
6212 63 1 62% 62%
13 Nov
6334 64
62
04
63% 63%
4,500 Nat Enarn'g
Stamp,g
.
.
.
l
0
0
64
May
14'
45%
Feb
,
* 100
May
37*4
Jan
____
108 *100 106
Do pref........... .................
93
JanlS 103 May 8
74 I 74% 75%
% Feb
74
88
Nov
75
75%
75% 75%
74*4 75 | 73% 71*4
3,100 National L e a d ........... ......... 100
75% May 13
64
Jan11
,*109 111 *110 111 *108
43% Jan
♦100
De«
. *110 111
Do
p
r
e
f
.
.
.
....................
110% Jan25
107
Jan
17
17%
16% 16%
17% 17%
99*4 Mar 105% May
17% 17%' 17% 17%
17% 17%
6,100 Nevada Consol Copper___
17% May 13
15i* Marl8
112% 113% 113 118% 118 118*4 117*4 121 | 118 119
217g May
10% Dec
11,700 Now York Air Brake____100
121
May
15
91% Feb 3
53
54% *52
98% Dec 139 May
* 5 l ‘ 54
54
53% 54
54
54
53% 53%
500 North American Co . .
100
55% May l
47
Jan 11
47% 48l.t
37% Aug
47% 48%
401.1 48%
57% Nov
4734 49
48% 49% z47% 48% 114,500 Ohio Cities Gas (The)____25
035*4 Feb 14 49% M ayl5
% 13 |
13%
%
48
Oct
35% Mar
%
%
% 11*4
% 11% 332,600 Oklahoma Prod & Refining 5
13% May 10
8
Feb 3
9%
9%
714
%
%
9%
%
9% 51,700 Ontario Silver M ining.. 100
10% May 14
5% Marl8
40
38
38 | 38
♦37
4% Jan
13 June
38
37% *37% 39%
37
39
39
700 Pacific Mall SS ....................
40%
May
9
29%
Feb
8
93%
% 90%
89
80*4 89%
Jan
40
Dec
% 90%
89*4
90
87,000 Pan-Am Pot
Trans......... 50
93% May 9
67
Jan21
150 150
63% Oct
72% Oct
...............
|
100
Do pref.............................
117
Jan22 159 MaylO
49% 49% "50% 50% '50% 50% *50% 51 I 50% 52*% *521*2 *5*3*
86
Jan 124% Oct
7,500 People’s G L 4 C (Chic). . 100
53
MaylO
45%
Jan22
39%
41%
40
40% 41%
39% Jan
61 Nov
39*4
40% 41%' 40% 40*i
39% 40% 15.700 Philadelphia Co (Plttsb).. 50
43
Apr28
30
Jan 3
50-% 51%
50% 51%
50% 51
21
Apr
35% Oct
50%
50% 51 | 50% 51
%
19,600 Plorco-Arrow M Car
52% Apr22
38*4 Jan22
105 105 |
105 105
34
Jan
61*4 Nov
105 105% 105% 105% 105% 105%
1,700
Do
pref......................
105%
Marl3
101%
Jan
3
26%
27%
28
26
’ 26% 27” i 26% 27
89*4 Jan 104
Deo
26
26*4' 26%
% 81,500 Pierce Oil Corporation____25
31% Aprl7
16
Jan 2
54% 56%
54% 55
55% 50%
15 Sept
19% Oct
56
55% 56%
57%
5534 56% 24.700 Pittsburgh Coal of P a ... 100
57% May 8
45
Feb 3
87
42
Jan
58*4 Feb
87
*87% 90
89
89%
500
Do
pref.............................
89%
May
16
85t2
Marl7
78
79%
79*4 Jan
70
78*4
85% Deo
78*4 81
80% 81%
81
80
80
80% 17,200 Pressed Steel Car_________
81% M ayl5
i59
Feb11
55% Nov
73 Aug
*100 102
Do pref............................
Jan14
100 Mar 3 101
*83' 8 0 " *83*
80
*83
93
Apr 100 Aug
I *83
*83
*83
80
Public
Serv
Corp
of
N
J
..1
0
0
91*4
Ian
82
Jan31
121 121% 121 121% 121% 122
85
Oct 109% Mar
% 123 129
122% 123% 12434
4,900
Pullman Company......... ..1 0 0
87%
% 87% 90%
* % 87%
90% 91%
90
91%
8934 90% 14,300 Railway Steel Spring......... 100 111% Feb 14 129% May 15 100% Jan 132% Nov
91% May 14
68lg FeblO
45% Jan
no
5108 108
Deo
109% 109% 109 109 I
255
Do pref............................
104
Feb 4 109% May 14
21% 21% 21
20 20%
95
Jan 105*2 Dec
%
.%'
21%
* * % 36,500 , Ray Consolidated Copper. 10
21*4 Jan ‘
19 Mar 4
83% 84%
83% 85%
May
19% Dec
84
85%
85%
% 86
88 I
87%
Steel
100
88% May 14 *72% Jan1 96 May
71% Jan 18
103% 103% '103% 103% 103% 103% 103% 103% 103% 103*11 10312 103*g 39.600, Republic Iron
1.100
Do pref............................ 100 100
Janl3 105 Marl9
116% 110% 112% 110% 113% 110% 113% } } }
92% Jan 102% Sept
Hil'l 113% 115% 33.600, Royal Dutch Co (Am shares)
Jan2l 117% May
110% 112% 110 113% 110 113
110% 117
270
Dec 145
Oct
HI
113% 113 116% 338,000
Certfs
for New York shares.
86% Marl3 117% May 9
7%
%
%
%
%
%
9%
%
19,700
Saxon
Motor
Car
C
o
r
p
...
100
12
Feb20
6% Mar21
191% 192
192% 192% 195 195
18
Nov
4*4
AUg
196% 198% 197% 197%
1,800 Sears. Roebuck
Co____100 168% Feb 13 198% May 15 133*4 June 17042 Dec
13
13% *131*4 *13*4
14% 14%
14% If
15
15%
15
15%
4.000 Shuttuck Aria Copper____10
10
FeblO
15% M ayl5 xl3
64%
% 62% 65 | 63%
04% 67
Deo
18% Feb
% 64I.i 06%
‘
64
65*4 321,100 Sinclair Oil
Ref’g __
33% Jan
69*4 May 8
56% 59%
56
57% 59
25% Apr
58%
39
Feb
58% 60
58
60
53
59
11,600 Sloss-Shef field Steel Iron 100
46%
FeblO
60
May 14
44
44
*43
44
39
Jan
44% 46%
May
45
46
44
45%
3.000
Stromberg-Carburetor.No.
36*4 JanlO
46*4 May 3
80% 82%
80% * %
77% 83%
81% 83
81*4 84%
813 82% 90,600 Studebaker Corp (The)___100
84% M ayl5
45*4 Jan22
33% Apr
727g Nov
99*4
99% 100
100 100
500
Do pref...................
92
Jan22 100 May 5
58
59
80% July 100 Nov
*57*2 59 1 58% 58*4
57*4
58
58*i
57% 58
1,900 Stuta Motor Car of Am .No
42% Febl4
00
Apr30
39
40
37
Oct
40
40%
41
65
Deo
41*,
41*2
38
42
4234
41
42%
7,400 Superior Steel Corp'n____100
32
Jan21
42*4Mayl5
34% Mar
45% May
98%
*94
95*2 95%
98
200
98
Do 1st pref......................
98 MarI2
97*4 Mar29
15
95
Feb 100 Sept
15%
15
14% 16%
15%
14% 15%
14% 15%
14% 15
44,800
C tr ctfs.No
12% Marl7
17% May 5
123* Dec
275 282%! 271% 275 , 275% 284
21 July
277 286
275 281 I 275 278% 40.000 Tenn Copp
Toxas Company (The)____100 184
Jan
292 May 9 130% Jan 203
89*ii
Oct
89*i
% S9%
89*2
%
%'
% 90*4 22.000 Tobacco Products C o r p ..100
93 Mar22
72% Jan29
4St2 Mar
82% Deo
%
%
% 100
'100
|
300
i
%
Do pref.............................
106
Jan
8
99%
Mar20
z87%
Mar
*75
*75
80
104%
Deo
80
80 I *75
*75
80
76
78
76
78
200 Union Bag * Paper Corp. 100 75 Jan 3 84 Marl2
65
Jan
46*4 47 1 47
46*4 47
80 May
49%
46
40*4
48% 50% |
23,000 United Alloy Steel____ No
50% M ayl5
37% Jan11
134% 135% 133*4
36% Oct
May
133 133*4 133% 135
133% 134% 134% 136% 27,400 United CigarStores............. 100
13934 Apr21
____
107% Jan
117 j
83*4 Mar 108*4 Deo
117
*i
JX
Do
pref............................
112
May
8
106
Feb
101% Jan 110 July
181 183*i 184 185% 183 183% 183* 184
!83 183% *180 183
3,400
United Fruit_________
FeblO 189% May 9 116% Jan 16612 Dec
24% 251.4 25
25%
24% 24%
25%
25% 27%
27
27*i 11,100 U 8 Cast I Pipe Fdy____100 157
27*4 M ayl6
14
Janl5
03
63
*61
64%
62
62
63
64
11% Apr
19 May
64% 64% *64
65
1,200
Do
pref............................
60 Apr 21
42% JanlO
7612 77*2
76% 78*4
77
41 Mar
76
77%
77%
47*4 Feb
™
J
7
|
76
78%
44,900
79% Apr21
66
Apr 8
151% 154% 154% 158% 152% 156% 154 1501 152*4 155% 154% 157% 72,300 U S Food Products C orp.. 100
U S Industrial Alcohol____ O
97% Jan22 15934 Apr
z98
Dec
*107 108% ♦107 108% 108 108 *107 108% 106 106% 103% 108%
137 May
200
Do
pref...........................
96% Jan 2 108%Mayl6
95% 90
95
96%
96% 97
94
Oct
99 Mar
94*2 97
95
97%
95% 99
50,700 United States Rubber____ 100
73
Jau21 100% May 2
113 113
113 113
113% :113_ 113% 113%
51
Jan
113 113
OI Dec
1,010
Do
1st
preferred_______100
113%
May
16
109
Jan20
69
67%
60%
69
I
67%
x95
Jan
60%
110
Deo
69%
60
64% 673t 65%
46,600
U
8
Smelting
Ref
M
______50
43%
Jan21
69% M ayl4
*48
50
49*2 49% *48% 49%
32% Apr
50*4 Oct
*47*1 49
49%
% 49% 49%
500
Do
pref........................... 50
45
Janl8
50 Mar 2
99% 101?g
42% Apr
%
% :
Dec
% lo ti, 102% 104 875,300
99*4 100%
United
States
Steel
Corp
88%
FeblO
104%
M
ayl5
114*2
114%
116*2
Aug
86%
Mar
:
114% 114% 114*4 115*4
114*4 115 , 114% 115
6,300;
Do
pref............................
113% FeblO 117% May 2 108 Mar 113% Deo
79%
78i.i 79*4
78
78
77*2 78
79%
77% 78%' 78% 79
31,600,
Utah Copper....................
65% Feb 7
79*4 May 13
18
71% Dec
18*2
93
Oct
18
18*2 19
18*4 19*4
18
18
18 I 18
18%
2,700
Utah
Securities
v
t
...........
13
Jan 2
19% May 9
11 Sept
% 67%'
65'.i 67%
%- 69%.
16*4 Nov
63 %
%
66% 68% 67% 08%
Vlrglnla-Carollna Chera.1
51
FeblO
69% May 14
33*4 Jan
601 Nov
*112*2 113% *112% 113% 112*4 113 I 113% 1
113% *112% 113% 113% 113% 15,100'
400
Do
pref.................. . .100 110
Jan 7 114% Apr 3
____ ____
98
Jan 113% Dec
63% 63% ____
03% 05
65
66
66
O6 I2 1,000, Virginia Iron C A C ........... 100
54 Mar31
50
Jan
66% May 16
87%
87*t 87*4 87*4 88
73i July
88
88 |
.
2,300, Western Union Telegraph.100
84% Mar27
89% .1anl3
77% Aug
55% 56?g' 55% 56%' 55*4 50%
95% Apr
54
54*4 56*4
55
55*4 50%j 98,300, Westlnghouse Elec A M fg. 50
40% Jan21
57 May 5
3S% Jan
May
*67
68 | 68% 70
1,200.
Do
1st
preferred______
50
01
Feb27
70 M ayl6
59
Jan
57% 59
59*2
58
64*2 Feb
58*4' 58
59 . 58
58%
58
58%' 8,700, White Motor_______________50
45
Jan 3
63% May 3
36*4 Jan
33% 34%
33% 34%
49
Nov
34*4 34%
33*4 34%
33*4 34%
33% 33%| 70,000 Wlllys— Overland "(T he)" 25
23% Jan22
35 May 1
15% Jan
____
____ ____
97% 97% ____
30 Nov
------1
100
Do pref (new).................100
87*4 Jan 7
98% May 9
75
Jan
89*4 NOV
85
87%
%
85%
87*2 83%
85%
%
%
*87% 19,900, Wilson A Co. Inc, v t
65% Jan20
88% May 12
45% Jan
Dec
—
126% 126%' 126% 126*2 —
------ 1207g
| 128% 128%
—
2,600
Woolworth <FW ) ..............100 120
tl 17
Feb 7 133*2 Jan 9 110 Mar 12812 Oct
------ ------- . .
*116%
' --------- 1 Do
pref...... .............
100 115
Jan22 117% Jan 17 111
Oct
*70* 7*1% 70% 71
70
115
Sept
70
*69*
70%
69% 69%'
4,000 Worthington P A M v t c . . 100
50
Febl3i 73 May 9
34
Jan
69
Aug
*90*4 97*i
95% 95%' *95% 96%
96
’ 25’ 8 9,!l*
*95% 96 i
2001
no pref A ....................100
88 Jan 91 98 Apr24
86% Feb
♦76*i 77*4 *77*4 78*4’ *76*4 77*2
91
Apr
77*2 77%
76%
400
Do nref B....................mo
66 Jan 3'
77% Apr29
704* Itilv
59
Jan

100
100
No par
100
10
A W ..No par
100
.100
100
100
A

4

<8

4
4

4

4

33

101

68 68

68 68

68*1

4

2

A

12734

par

100

120

100
100

4 264

122

34341

No par
No par

A

1

100
100

68

4

20
110

102 110 *100 110
111
12

8

12
8
88

11

12
10

20

10

*100
110 *110 111
12
10

11

88

118 9*4 11
0
88*8
88*4

*86 88

par
100
100

86

88

100
100
100

8

8

8

8

8

66

8

21

8

8 10*4

21

A

66

1

88
88
100 100 100

112 115

12

66

102

49

11334 11334
66

A

0

66

88

88 88

100
par
100
100
100
10
100

A

1

100 101*4 101
114*1

No par
par
100
par
100
par

7

2534

00

A

A

88 88 88
101 1002 100

*112

*112

A

4

68*1

88*4
88*4
*100 102 *100 101

70*4

A

81

7842
26*4

100

20 21

111

8

2312

...No par
100

86
129

86

88

54
9
912
69*4

5
100

A

20

88 88

23*2

100
5

A
A
A

1

86
♦ 101

5434

..100
1010
0
100
.100

88 88*4

68

88

88*4

86
1 86 129
1

111

99

« Bid and naked prices; no saloa on this day.




7634

86*4

0Nopar

*70 7713

5 Less than 100 shares,

t Ex-rights, aExdlv. and rights.

* Ex-dlrldendf

7114

4412

82

47*4

4
4
47*2

7714

N ew

Y ork

S tock

E xch an ge— B on d

R ecord ,

F r id a y .

W e e k ly

an d

Y e a r ly

Pries
Friday

t

May 16

-

B id

U. S. Government.
3%s 1st Liberty Loan... 1932-47 j
*a 1st Liberty Loan------ 1932-47 j
48 2d Liberty Loan........1927-42 M
4Hs 1st Liberty Loan__ 1932-47 J
4%s 2d Liberty Loan___ J927-42 M
4Jis 2d Liberty L oan... 1932-47 J
4%% 3d Liberty Loan..........1928 M
4Hs 4th Liberty Loan..........1938 A
2s consol registered----------dl930 Q
2s consol coupon________ <11330 Q
4s registered_____________ 1925 Q
42 coupon___________ _— 1925 Q
Pan Canal 10-30-yr 2s........*1936 Q
Pan Canal 10-30-yr 2s reg..l938 Q
Panama Canal 3s g________1961 Q
Registered_____________ 1961 Q
Philippine Island 4s____ 1914-34 Q

D
D
N
D
N
D
5
O
J
.1
F
F

F
N
M
M
F

A sk

Week's
Range or
Last Sale
L
Lou

11

a3

High No.

Range
Since
Jan. 1.
Lou lligh

99.12 Sale 9>8.65 99.40 4050 98.20 99.80
95.50 95.70 £15.50 95.80 381 )2.50 90.00
94.30 Sale £13.92 94.32 2621 52.10 94.38
95.80 Sale £15.50 96.00 631 94.20 96.00
94.46 Sale £13.94 94.46 5464 93.20 95.32
99.74 . . . £19.74 99.74 60 95.42 99.74
95.60 Sale £15.05 95.60 14231 94.90 96.00
94.48 Hale £13.94 94.54 21280 93.12 95.72
Apr T9 ___ 1 97% 99%
97
— 99%
98 Mar’ 19
98 98
1064.1 42 104% 106%
___ 07 1106
106% Sale 1,06% 106% 29 104% 106%
98% Mar’19 —
98% 98%
99 July'18
4 87% 91
91
*____ 92 91
91 Mar'19 —
91 91
_
. 1.00 Feb T 6

Foreign Government
99% 223
Amor Foreign Secur 5s-------1919 F A 99% Sale 9
97% 1766
Anglo-French 5-yr SsExter loan. A O 97% Sale 97%
4
84%
8
6
%
Sale
8612
I
Y
5
S
Argentine Internal 5a of 1909...
99% 189
Bordeaux (City ot) 3-yr 6 s. .1919 M N 99% 100 99%
10
70%
70%
71%
t
70%
J
I)
Chinese (Hukuang Ry) 5s o! 1911
99% 14
Cuba—External debt 5a of 1904. !YI S 99% Sale 99%
Exter dt 5s of 1914 ser A . .1949 F A 91% 93% 91% Apr T9 __
84%
84%
May
T9 ___
86
F
A
External loan 4Hs---------- 1949
98% 72
Dominion of Canada g os— 1921 A O 98% Sale 98%
45
98
do
do
...1926 A O 98 Sale 97%
117
98
do
do
...1931 A O 97% Sale 97%
___
1
French Repub 6 Ha secured loan.
65
92
92 9112
Japanese Govt—£ loan 4HS.1925 F A t 91
2
92%
Second series 4 Ha...........1925 J J t 92% Sale 92
8 8 % 65
do do "German stamp” . _ _ _ _ 87% Sale 87%
11
79
Sterling loan 4s------------- 1931 J J t 78 80 78
99% 181
Lyons (City of) 3-yr Os------ 1919 M N 99% Sale 99%
99% 185
Marseilles (City of) 3-yr 6s.1919 M N 99% LOO 9912
Mexico— Exter loan £ 5s of 1899 Q J t 65 71 71% May'19 ___
59 55 Apr T9
Gold debt 4s of 1904.........1954 J D 52
9812 336
Paris (City of) 5-year 6 s----- 1921 A O 983S Sale 98%
1
80
80
80
Sale
M
S
Tokyo City 5s loan of 1912
O K of Gt Brit & Ireland—
99% 577
Sale 98%
3-ycar 5H% notes........... 1919 M N 98%
99 Sale 98%
99% 778
6-year 5H% notes______ 1921 M N
—
.
1
Convertible 5H% notes..1919 F A
20-year gold bond 5Ha—1937 F A 99% Sale 99% 100% 1019
These tire prices on the basis of S5fo£

99% 99%
35% 97%
82% 93
99 102%
70 72%
92% 100
90% 93%
82 84%
96% 99
96% 98
96% 98%
103 105%
86 % 92%
86
93
84 89
75 79
99 102%
98% 102%
61 79%
50 01
96% 100%
79% 83

BONOS

N. Y. STOCK EXCHANGE
Week Ending May 16

Chesapeake A Ohio (Con)—
General gold 4Hs_______1992 M
Registered___________ 1992 M
20-year convertible 4Hs—1930 F
30-year conv secured 5a. .1946 A
Big Sandy 1st 4s.............. 1944 J
Coal River Ry 1st gu 4s.. 1945 J
Craig Valley 1st g 5s____ 1940 J
Potts Creek Br 1st 4s___ 1946 J
R& A Dlv 1st con g 4s.—1989 J
2d consol gold 4a_____ 1989 J
Greenbrier Ry 1st gu g 43.1940 M
Warm Springs V 1st g 5s..1941 r.1
Chic A Alton RR ref g 3 s ... 1049 A
Railway 1st lien 3Hs........ 1950 J
Chicago Burlington A Quincy—
Denver Dlv 4s_________ 1922 F
Illinois Dlv 3Hs_________1949 J
Illinois Dlv 4s.................. 1949 J
Iowa Dlv sinking fund 58.1919 A
Sinking fund 4s______ 1919 A
Joint bonds. See Great North.
Nebraska Extension 4 s . ..1927 M
Registered.....................1927 M
General 4s______________1958 IVI
Chic A E 111 ref A Imp 4s g—1955 J
II S Mtg A Tr Co ctfs of dep—
1 s t consol gold 6 s________1934 A
General consol 1st 5s____ 1937 M
U S Mtg A Tr Co ctfs of dep. —
Guar Tr Co ctfs of dep........
Purch money 1st coal 5 s ..1942 F
Chic A Ind C Ry 1st 6 s ...1936 J
Chicago Great West 1st 4s.-1959 M
Chic Ind A Loulsv—Ref 6 s. 1947 J
Refunding gold 5s............ 1947 J
J

M S
(VI S
A o

J
M
M
M
M
4%Corporate stock reg..!956 M
M
m
M
.1961 M
W Y State—4s.
J
J
J
J
J
M
6 s deferred

Brown Bros otfs.

D
S
N
N

N
N
N
N
N
S
J
J
J
J
J
s

M
J

s

Q

J

R a ilr o a d .

Atchison Topeka & Santa Fe
Gen g 4s____ . . . . . . . . . .

__

J

A o
A o
Adjustment gold 4s____ *1995 Nov
Registered................... *1995 Nov
Stamped___________ *1995
Conv gold 4s__________ 1955 J
Conv 4s Issue of 1910____ 1960 J
East Okla Div 1st g 4 s ..-1928 M
Rocky Mtn Dlv 1st 4s...1965 J
Trans Con Short L 1st 4s. 1958
Cal-Ariz 1st & ref 4Ha“ A” 1962 M
8 Fe Pres & Ph 1st g 5s—-1942 M
Atl Coast L 1st gold 4s-----*1952 M S
Gen unified 4 Ha..............1964
Ala Mid 1st gu gold 5 s...1928
Bruns & W 1st gu gold 4s.1938
Charles A Sav 1st gold 78.1936
L A N coll gold 4s..........01952
Sav F A W 1st gold 5s___ 1934
1st gold 5s.........................1934
Balt A Ohio prior 3Hs........1925
Registered__________ *1925
1st 60-year gold 4s_____ *1948
Registered_________ *1948
10-yr conv 4Hs............... 1933
Refund A gen 6 s Series A .1995
Pitts Juno 1st gold 6 s___ 1922
P Juno A M Dlv lat g 3 Ha 1925
P L E A W V a Sys ref 4a. .1941
Southw Dlv 1st gold 3 Ha.1925
Cent Ohio R 1st o g 4HS..1930
Cl Lor A W con 1st g 5 s „ 1933
Monon River 1st gu g 5s..1919
Ohio River RR 1st g 5 s ... 1936
General gold 5s..............1937
Pitts Clev A Tol 1st g 6S..1922
Tol AClndlv 1st ref 4s A.1959
Buffalo R A P gen g 5s........1937
Consol 4 Ha.......................1957
All A West 1st g 48 gu___ 1998
Clear A Mah 1st gu g 5s.. 1943
Roch A Pitts 1st gold 6 s ..1921
l
Consol 1st g 6 s_______ 1922
Canada Sou cons gu A 5s.-.1962
Car Clinch A Ohio 1st 30-yr 5s ’38
4
Central of Oa 1st gold 6 s__ j»1945
1
Consol gold 58_________ 1945
>
Chatt Dlv pur money g 4s 1951
(
Mao A Nor Dlv 1st g 5s.. 1946
J
Mid Ga A Atl Dlv 5s........1947
r
Mobile Dlv 1st g 5s..........1946
r
entRR A B of Ga coll g 58.1937
1
Centof N J gen gold 5s____ 1987
Registered__________ *1987
Am Dock A Imp gu 6a__ 1921
Leh A Hud Rlv gen gu 53.1920
N Y A Long Br gen g 4s..1941
F
Cent Vermont 1st gu g 4 a „*1920
J
Chesa A O fund A Impt 5a.. 1929
1st consol gold 5s______ 1939 M N
Registered.....................1939 M N

99
96% Sale 96%
14
96% Sale
21
96% 96% 9634
101
101%
If
101 % Sale
8
15
101 % 101%
102
4
913s Sale 913S
92
91%
91% Apr T9 ___
10
92 Sale 91%
92
90% 91% 90%
90% 10
101 % 101 % 101% Apr T —
7
101 % 101 % L
02
102
82 82% 82 May'19 —
97 98 99 July'18 ___
97 101
96% Apr T9 —
97
98 97*4 Dec '18 ___
97
96*4 Apr '19 —
15
107 108" 107% 108
___
—
107%
___
78% Deo T 8 —
65% Sale 65
67% 31

Chicago Milwaukee A St Paul—

98% 100%i
97% 99%
101 %
98% 101%

100

96
97%
96 98
96 99%
100 % 101 %
100 % 101 %
100

102

90% 92%
90% 92%
90% 92
90% 91
100 % 102
100 % 102
81% 82
96% 97%
96% 963a
106% 108
106% 106%
63

74%

55% 57% 64% May’ 19 —
54% 58
43 80% 85%
82% Sale 82%
1 7934 82
81
81% 82
75% 75% 76%
3 74% 80*4
....
73%,
86
16 74 79%
75% 76% 75%
1 74
75 Sale 75
77
18 93% 96%
96 Sale 94
90% 91% 91%
4 90% 92%
i
----74 75 74 .
74 74
78%
78
« 77% 81
83
85 85
85 85
2
94 100 %
12 80% 85%
82% Sale,
83% Sale
88
2
7 82
—
97%
96% 97%
82% 89 78 Oot ' 3 ___
k
___
113
129% Aug
76% 77 76 • 7 2 11 73% 78%
108%
107% Apr d ----- 107% 107%
96%
105 July 5 ___
26 88" 89%
89% Sale 88 %
8 ,
87
87 Fob .1 ----- 87 87
79 Sale 77
7 2 63 75 82%
—
7512 92% Mar 7 ___
78% Sale1 77%
7 2 199 73 80~
32 77% 82%
80% Sale 80
8 4
98%
112 Jan 2 ___
2 83% 8' 6"%
8
84% 87% 8 6 %
73% Sale 73
7 4 , G 71% 78
84% Sale 8334
83 8 6 %
4
19
8
) ----- 89% 89%
87%
9 ----- 95% 95%
95%
3 ___
j —
97%
90‘
96'
—
90
90 91%
3 ----99%
9 ----- 63% 68
62% 64%
) ----- 99 99
97% 100
2 88
88
Sale
88
B___
75% 96%
6 __ _
89%
9 . . . . 100 % 100 %
101
102 %
101 % 102
101 %
10 4
101 %
2 101
2
fl
88
95%
90% 82 92
2 78
82
75% 80% 78
7
99% 104% 100 Mar 9 . . . . 100 100 %
3
89 94%
£
92% 93 93
73% 74% 75% Mar 9 ----- 75% 75%
89%
90 May 8 ___
90%
97% June 7 ___
9134 Jan
9 ----- 91% 91%
92
80 89
89
8 8 % Apr 9 ----2 102 105 '
102
10
102 % 102
100 % 102
101 Apr 9 ----- 101 101 %
9 ----- 99 99*s
99% 100
8 ___
—
3 __ _
88 % ____
9 ----- 65 65
____ 68
9 ----- 89 93%
92 95
97% 98% 97%
2
3 97% 99%
7 --------- 98%

S
S
A
O
D
D
J
J
J
J

Price
Week’s
Range
Friday
Since
Rangeor
May 16
Last Sale P
Jan. 1 .
AskLou High No. Lou High
Blid
21
80
80*4

S
O
J
A
J
J
O
O

9 9 % ______
7 2 % 76
84
85
99% 100
99% 99%

N
N
S
J

92% 93%
8 8 % _____
82 % g a le
3 0 % 31
31
S a le

N

J
>Q
,J
,A
:F
1J
1J
,J
!J
.J
iJ
.J
1J
1J
LJ
1J
.J
)J
LJ
tJ
(F
1F
rM
rQ
rM
rM
rM
)A
)A
)A
5A
lA
lA
1 IVI
i (VI
7 M

Chicago Rock Isl A Pac—

O
N

J
J
D
O
A
J
J
J
D
J
J
J
J
J
J
J
J
J
D
D
A
A
N

F

N
N

N
O
O
O
O
O
O
N
N
S
O
J
J
s
A
S
J

lA
lJ
1J
lM
)F
>M
1J
rM 8
!J J
iJ

lJ
1A
5J
1 IVI
1A
1A
3J
2 IVI
3A
1F
6 J
0 J
0 M
0 J
9A
0M
0 J
2Q
2J
7J
3M
1 J

3J
1J

Del Lack A Western-

80
78
8634
S a le 8 1
S a le 8 9
_____
78%
_____
8234
_____
90*4
______ 8134
78 % 7 6
_____
71
. . .
88%
_____ 1 1 3
S a le 51
S a le 3 7 %

73
82%
90%
78%
72%
83%
66%
76
69%
74%
81%
52%
37%

—
A
J
S
J
J
J
i
J
J J
J D

State and City Securities
4%8 Corporate stock___ 1964

In ter es t
P e r io d

BONDS

N. Y. STOCK EXCHANGE
Week Ending May 16

1 I n ter es t

I

2 0 0 8

J
J
O
J
S
O
0

J
N
O
A
D
D
S
J
O
s
D
M
J
J
N
J
D
J
D
J
J
N

3J
3J
1J
6 M
0M S
J
6 J
0 M N
6 Q F
6 Q F
J
8 J
4J J
0A O
8 Q J
0A O
0 Apr
1 A O
9F A
5M N
1J D
3A O
2J J
0J
1J
3F
3M
0F

D
J
A

N
A

100

105

75%
75%
75%

84%

77
75%

---------2 4 %
6 1 % S a le
100%
85%
6 8 % _____
7834 § 2 %
82
. . . .
7 2 l2

7 3 l2

83
70 % s a le
79
s a le
64
go
81*4 S a le
7 1 % 72 %
89
S a le
97
98%
--------- 100
9 8 % S a le
Ik ,
99%
9934
98
97
97
89

79%
____
Io4 '
10 0
10 1
_

§9
86%
71
67
82
81
99%
102
mmmm
90
9 0
98
97
94*8
9138
80%
10634
61

8 9 ,2

92
74%
83"%
82

100
104

"97 *
__
98%
98
96
100
_____

108
_____

80*4
77
M a r '1 7 . . . .
31 '7 7 %
82%
9034 3 4 6
84%
78%
1 78%
M a y ’ 19 . . . .
82*4
F e b '1 6
J a n '1 3
Apr T9 . . . .
75
O ot T 7
« e p t ’ 10
Feb T5
6
52%
50
13
38
35*4

9 9 % A p r T 9 _____
3
76%
76%
3 4 % M a y ’ 19 _____
5
99%
99%
99% A p r T 9 —
92%
91
81%
30%
28
100
75
76
75
9734
32
60%
100%
100%
84%
60%
80
97*8

693s S a le
9 3 % ______
92% 98%
9 8 % _____
68
S a le
70
S a le
1 0 8 % 106*4
84% 86%
93
93 %
104% . . . .
9 2 % _____
59
62%
1 0 3 % 104
64% 65
84
_____

74%
74%
92% F ob TO
82*4 M a y ’ 19
70
71
78
79*4
66
N o v ’ 18
81
82%
72%
72%
77%
80
97% D e o T 8
92
O ct T 8
98
98%
70
Apr T9
9 9 % M a y ’ 19
100
M a y ’ 19
99% F eb T 9
9634 A p r T 9
99
Jan T 9
89
89
90% D e o T 8
89
Apr T9
95
D eo T 8
7 0 % M a y ’ 19
70% A p r T 9
82
M a y ’ 19
81% o c t T 8
100
10 0 %
101% A p r T 9
1 0 9 % A p r '1 6
96%
96%
90
N o v ’ 18
98
M a y ’ 19
98
M a r ’ 19
96% F eb T 9
97
N o v ’ 18
1 0 1 % O c t '1 6
10034
10634
88
J a n '1 7

75*4
76%
74
70%
69%
95
97%
97
93
68
70
100%
88
92%
118
100
95
58
104
64
90
88
79
09%
78
86%
7 8 34
67*4
74
74%
84
99*4
83%
88%
93%
103%
94

4
___
46
46
7
5
87

63
40
99%
76%
857*
99*4
99*4

1 93~

72% 74
73
1 0 0 % 1017a1 1007*
0 7 * 4 _____ . 9 7 %
9 3 % 95*81 9 3 %
67% . . . , 102%

72

76%

81%
60%
77

84
74%
817|

80
70
75

84%
737*
817*

....

89

89

....
_____
—

70
69
81

71
70%
82%

20
_____

9 8 % 101
101% 101%

5

96%

96%

. ...
_____

98
97
9612

98
98
96%

—

1 100% 109
1 100»4 10 1

161

_____
....
. ...
_____

Apr T 9
Apr T 9
M a y ’ 19
F eb T 9
95*4

98
104
104
78
9 93

99
104
104
78%
98

75% 79%
M a y ’ 19 _____
1! 7 6 % 7 6 %
76%
103
75
70
76%
M a r '1 9
70% 70%
69% ’ " B
72
67
Apr T 9 . . . .
947g 9 6
Fob T 9
97% 97%
M a y '1 8
M a y ’ 18
2
68
05
70%
53
70 %
6 6 % 71
12 1 0 5
106%
107
S e p t ’ 18
A p r T 9 ____
97
91
N o v ’ lfl
oo7a in n
F e b T 9 |_____
M a y ’ 18
60
M a y ’ 19 — —
58
1 0 2 % 104
104
60
05
61
65
M a y ’ 17
M ar’l l
N o v ’ 18
21
70%
66
72%
28
80%
76
80%
Aug T 8
Apr T 9
78*4 78*4
F eb T 9
67*4 67*4
M a r ’ 19
76%
74
J a n T 9 _____
74% 74%
N o v ’ lfl
_____
M a y ’ 19
9 9*4 0934
83% !
15
83% 83%
M a y ’ lJ
937*
M a y ’ l£ ____
93
A p r ’ IS —
103% 107
J u l y ’ OS ____

1

1

1
1
1
1

______94%

76

20
98%
97
_____
68% 70
....
9 9 % 997*
_____ 1 0 0
100
09%
99
....
9634 9 8 %
99
99
1 8834 8 9

70%
S a le
91
79
80
76%
______
_____
9 9 3 4 100%
8 4 % 90
--------- 85% ,
9 3 % _____
1 0 3 % _____ .
7 5 % _____ .
82% .
56
60% 1 " 5 9 "
' g o '' "1 3
25
S a lt) 2 2
25
24
86
89
86
A p r ’ 1£ ____
8 7 % 87% ! 8 7 % M a y ’ l£ > ____
79
Hale 1 7 9
56
80
9834 S ale) 983 4
99*4l
3
70%
80
83%
73*8
70%
7234
7438
70%

82%
90*4
78%
82*4

Apr T 9 —
9 2 % 93*4
M a r ’ 18
107
82%
83%
80
10
30%
30%
25
135' 2 2
31
31
100
10 1 0 3 % 1 0 4
Feb T 8 . . . .
76
76
10
76
70% 76%
N o v ’ 18
F o b '1 3
M a r ’ 17
94
02
621.
59
M a y ’ 19 _____ 1 0 0 % 1 0 3
Apr T 7
Apr T 7
Apr T9
60% 60%
M a y ’ 19 _____
78*4 8 1
D eo T 6

Iod % "
io i"
9 6 % 99 ” 9 8
104
104
104
Ido"% 1 0 4
74
84
78%
---------1 0 2
95*4
7 5 % 76 %
*7638 _____
7 4 % S a le

99%
73%
82%
99%
99

83%

60
12
86
87
77%
98*4

do"
25
89
89%
80
09%

F e b ’ 1Ci
A p r TC >____
A p r ' l l i ____
M a r ’ lC>. . . .
M a y ’ l£ ►—
F e b ’ 08 ____

1

73
73
1007* 1007*
95*4 101
92% 93%

♦ No price Friday; latest this week, a Due Jan. d Due April. « Due May. a Due June. * Due July. * Due Aug. o Due Oot. v Due Nov. t Due Deo. * Option sale.




jNew York Bond Record-Continued— Page

M ay 17 1919.]
BONDS

N . Y . STOCK E X C H A N G E
W eek ending M a y 16

I £ £

j 3 fe

Fried

Friday
M ay 16

Week’ s
Range or
Last Sale

flatioe
Since
Jan. 1.

I f

No. Low
D ela w a re <!c H u d son —
l e t lien eq u ip g 4 M s ---------- 1022 J
le t A ret 4 s ------------------ , . . 1 9 4 3 M
20 -y ea r c o u v 5a---------------- 1936 A
A lb A Susq co n v 3 M s ------ 1946 A
Renas A S a ra tog a 1st 7 s . . 1921 IYI
D e n v e r A R io G ra n de—
1st co n s g 4a___________ , , . 1 9 3 6 J
C onaol gold 4 M a ---------------1936 J
Im p rov em en t g old 5a------ 1928 J
1st A refunding 6s................ 1956 F
R io G r Jun e 1st gu g 5 8 - . . 1939 J
R io G r S ou 1st g old 4 s ------ 1940 J
G u a ra n teed -------- ------------1940 J
P .lo G r W est 1st g old 4 3 . . 1939 J
M t g o A coll tru st 4s A . .1 9 4 9 A
D o t A M a c k — la t lien g 4 s _ .1 9 9 5 J
G o ld 4 s ____________________ 1995 J
D e t R l v T u n T e r T u n 4 H 3 - . 1961 M
D u l M lssa b e A N o r gen 5 s . . 1941 J
D u l A Iron R a n ge la t 5a-------1937 A
R eg istered ............ - ........... 1937 A
D u l S ou Shore A A tl g 5 3 . .. 1 9 3 7 J
Elgin J oliet A E a st 1st g 5a. . 1941 M N
E rie 1st consol g old 7s-----------1920 M
N Y A Erie 1st ext g 4 3 .- .1 9 4 7 M •
2 d ext g old 5a........................1 9 1 9 M
3rd e x t gold 4 M s .................. 1923 M
4 th e x t gold 53--------1920 A
6th e x t g old 4a____________ 1928 J
N Y L E A W 1st g fd 7 s . .1 9 2 0 M
E rie 1st con s g 4s p r io r — 1996 J
R eg istered _____ _________ 1996 J
1st con sol gen lien g 4 s . 1996 J
R e g is t e r e d .. . ................ 1990 J
P en n coll tru st g o ld 4 s . . 1951 F
6 0 -y ea r c o n v 4s Ser A - .1 9 5 3 A
d o Series B __________ 1953 A
G e n c o n v 4 s Series D . . . 1953 A
C h lo A E rie 1st g o ld 5 s — 1982 M
C le v A M a h o n V ail g 5 a . . 1933 J
E rie A Jersey 1st s I 6 s . . .1 9 5 5 J
G enesee R iv e r 1st a f 6 s — 1957 J
L on g D o c k con sol g 6 s ------ 1935 A
C o a l A R R 1st cu r gu 6 a . .1 9 2 2 M
D o ck A Inapt 1st e x t 5 s . . .1 9 4 3 J
N Y A G reen L gu g 5 a . . .1 9 4 6 M
N Y Susq A W 1st ref 5 s . .1 9 3 7 J
2d g old 4 M s ....................... 1937 F
G eneral gold Gs--------------- 1940 F
T erm in a l 1st g old 5 3 . . . 1943 IVI
M id or N J 1st e x t 53____ 1940 A
W ilk A E a st 1st gu g 5 3 . . 1942 J
E v A In d 1st con s gu g 6 s ._ 1926 J
K vanav A T H 1st cona 6 s . .1 9 2 1 J
1st general g o ld 5 s . ---------- 1942 A
M t V ern on 1st g o ld 6 a . ..1 9 2 3 A
Sull C o B ran ch lat g 6 a . . 1930 A
F lorid a E C oa st la t 4 M 8 — 1959 J
F ort S t U D C o 1st g 4 M S ..1 9 4 1 J
F t W o r t h A R io G r la t g 4 a . 1928 J
G a lv H oua A H en 1st 6a------ 1933 A
G rea t N o r C B A Q co ll 4 s . .1 9 2 1 J
R eg istered ---------- ------------- 61921 Q
1st A ref 4 M s Scries A -------1961 J
R eg istered -----------------------1961 J
9 t P aul M A M a n 4 s -------- 1933 J
1 st con sol g Os-----------------1933 J
R eg istered ....................... 1933 J
R ed u ced t o g old 4 M a -1933 J
R eg istered __________1933 J
M o n t ext 1st g o ld 4 s . - .1 9 3 7 J
R eg istered -----------------.1 9 3 7 J
P a cific ext guar 4s £ ------- 1910 J
E M in n N o r D lv l s t g 4 s . .1 9 4 8 A
M in n U nion 1st g 6 s ...........1922 J
M o n t C 1st gu g 6 s .............1937 J
R eg istered .......... .............. .1 9 3 7 J
1st qua r g o ld 5s------------- 1937 J
W ill A S F 1st g o ld 5 s . . 1938 J
G reen B a y A W d eb ctfa " A ” -------F eb
D eb en tu re ct fs “ B " ------------------ F eb
G u lf A S I 1st ref A t g 5 a ..6 1 9 5 2 J
J
H ock in g V a l la t con s g 4 M 8 1999 J
R eg istered ....................
1999 J
C o l A II V 1st ext g 4 s ------ 1948 A
.
C o l A T o I 1st e x t 4a.............1955 F
H ou ston B e lt A T e r m 1st 5a. 1937 J
.Illinois C en tra l 1st g o ld 4 a . .1 9 5 1 'J
R eg istered -------------------------- 1951 J
1st g old 3 M s............................1961 J
R eg istered -----------------------1951 J
E x ten d ed 1st g old 3 M s — 1951 A
R eg istered ---------------------- 1951 A
la t g old 3a sterlin g ................ 1951 M
R eg istered -----------------------1951 M
C ollateral trust g o ld 4 s . . . 1952 A
R eg istered -----------------------1952 A
1st refunding 4 s ----------------- 1955 M N
J
P urchased lines 3 M a ---------1952 J
L N O A T e x a s g o ld 4 a . . .1 9 5 3 M N
R eg istered ................
1953 M N
D
C a iro B rid ge g o ld 4 s . ..1 9 5 0 J
J
L itchfield D lv 1st g o ld 3 s . 1951 J
J
L ou lsv D lv A T e r m g 3 M a 1953 J
J
R eg istered -----------------------1953 J
M id d le D lv reg 5a................1921 F A
O m aha D lv 1st g old 3 s . - .1 9 5 1 F A
J
S t L ou is D lv A T e r m g 3 a . 1951 J
J
G o ld 3 M s ............................1951 J
J
R eg istered -------------------1951 J
J
S pring! D lv 1st g 3 M a ------ 1951 J
A
W estern Lines 1st g 4a____ 1951 F
R eg istered — . . . . . ------- 1951 F A
D
U ellev A C a r 1st 6a............. 1923 J
C a rb A Shaw la t g old 4 a . . 1932 M S
C h ic S t L A N O g old 5 3 .-1 9 5 1 J D
R eg istered ---------------------- 1951 J D
G o ld 3 M s ............................1951 J D
R eg istered -------------------1951 J D
D
Join t la t ref 5s Series A . 1963 J
D
M em p h D lv la t g 4a— 1951 J
D
R eg istered -------------------1951 J
S t L ou is Sou 1st gu g 4 s . . 1931 M S
J
In d 111 A Io w a 1st g I s .............1950 J
In t A O rea t N o r 1st g 6 s ------ 1919 M N
Jam es F rank A C lear 1st 48.1 9 5 9 J D
K ansas C it y Sou 1st g o ld 3 a . 1950 A
R eg istered ................................ 1950 A
W R o f A Im p t 5s............... A p r 1950 J
K ansas C it y T e r m 1st 4 s . . . I 9 6 0 J
L a k e E rie A W est 1st g 5 a . . 1937 J
2d g old 5a— . . . . ------- .1941 J
N o rth O h io l8 t guar g 5a__1945 A
L eh V a l N Y la t gu g 4 M 8 ..1 9 4 0 J
R eg istered -------------------------- 1940 J
Lehigh V a l (P a ) cona g 4 a . . 2003 M
G eneral cona 4 M s— - — 2003 M

97
8512
84
93
9334
80%
76
102 % 104

97
84
93
7 5 l2

72% 73
74% 80
80
77
51% 52
77 ------_____ 38

71
74
76
51
8734
61%
30
7U 2
60
82
75%
80

Sale
72
59
59%
78
65
78
50
80% 81%
97% _____
92% 94
84% 87
95
99% 100
81% . . . .
99% 99%
91%
96%
82%
97% 100%
67% Sale
56%

Sale

79
50
49%
53
90
92%
99%
97
107
93%
90
87
71
45

82
Sale
Sale
Sale
93
_____
100%
109
....
____

75

35

7i

2

M ay’
5:
N ov’
Apr *
J u ly ’
7:
M ay’
D ee *
J u ly ’
M ay’

____ ]
82%

98%
83%

57
70%
95%
95%

78
Sale
Salo

86

88

66%
61
84 D e c ’
54U
51
73 Jun e’
7734 F ob ’
48
5(
48
4!
5012
51
90
9(
106% Jan ’
10 1
10 :
97 A p r ’
108
Mar*
103 Jan ’

96
85i8
108
95
8 2 i2
92
5612
80
95%
95%
86
96
88

88

104

108"

102

93%
90% H99
87
80
83%
77
784i
100% . . . .
107% 108%
1 02

76
7H ,
72%
71% —
81

81% 82
72% 73%
75% 76
70% 85
78%
60
71% —
97%
61% 62%
61
70% 73%
04%
67% 81%
79% —
95%
73% ___
97% —
06% —
90%
73%
70
81
80%
9358
80%
59
*59
87
79*2

85

92

72%
60

....

80

84%

....

92%

94%

....

83
84%
93% 93%
99% 100%

65

70%

156

62%

57

59
24
163

77%
40%
46
47%
90

78
50
49%
53
95%

2
1

....

96% 101
95% 101
108 108

71

78%

....

64

72

96

98

9!
91

257

8(
Jun e'
8i

82

118
93

74

....

IO I Apr ’
Apr *
9-

107-% 10'
136i4 May’

85
87
92
70
84
80
80

77

63%
56

7

F eb '
June*
N ov'
Jun e’
81
A ug '
O ct ’
D eo ’

98%
98 A p r '
95% . . . . 10934 A u g '
50
79% 6 U 4 F eb ’
12 % Sale 10 %
1:
74% 80 Jan ’
71
78% {.Sale 78%
76%
74%
85
95
85
—

73
76
79%
57%

93% Jan

85
71
79
100'4
60% 60
97
8 8 % 93
. . . . 108 Jan ’
86
07% 64 A p r '
60
98
96
70% —

72
76
45

"* 3 4

66%

6

1

7

* " l6

71% A p r 1
75%
7,
71% A p r '
78
79
73%
83
102
58%
02
65%
80
80%
79%
92
117%
73
9834
95%
865%

90
95%
89

94

95%

86%

88%

2 106% 107%
____

98"

99%

____
322

51

~’ ~g

80
77

52
13%
82%
83

....

76%

76’ %

....

80

88

76

76

6%

.....................

J u ly ’09

81%

95%
95%
85

85

1 88
88
2 108% 108%

50

77
95%

81

....

77

20

78%
____
71%
G 73
—
71%

79
84%
72%
77%
71%

....

79%

79%

....

73
94%
95%

73
99%
95%

87

95

79%
80%
93
80%

79%
82
90
82
64%

91

78
_____
96
82%
60%
Sale
Sale
89
74
95
95

90U
8 2iS
80
83
835$ 101 %

93 i
8 O34
60%
78 (
80
79
88%
90%
89 (
80
85 j

....
____
— 3
35

00

3

88

87%
81
90

i

89

92

3

751a 80%
85
90

12

81%
76

Price
Friday
M ay 16

BONDS

N . Y . STOCK E X CH AN G E
W eek ending M a y 16

High

96
97
" ” 4 83% 85%
6
90% 95%
10
73% 77
1 0 2 % 102%

L ch V T e r m R y 1st gu g 5 s . .1 9 4 1
R eg istered _____________ . . . 1941
L eh V a l R R 10-yr co ll 6 s . .n l 9 2 8
L eh V a l C o a l C o 1st gu g 5 s . 1933
R eg istered _____ ____________1933
la t ln t red u ced to 4 s _____ 1933
Leh A N Y 1st g u a r g 4 s ____ 1945
R e g iste re d __________________1945
LoD g Isld 1st con s g o ld 5 s . .6 1 9 3 1
1st con sol g o ld 4 s ________ 61931
G eneral g o ld 4 s ____________ 1938
F erry g o ld 4 M s ..................... 1922
G o ld 4 s ......................................1932
U n ified g o ld 4 s ........................1919
D e b en tu re g old 5a_________1934
20 -y ea r p m d e b 5 s ................ 1937
G u a r refu n d in g g o ld 4 s ___ 1949
• R eg istered _______________ 1949
N Y B A M B 1st con g 5 s . 1935
N Y A R B 1st g o ld 5 s ____ 1927
N o r Sh B 1st c o n g gu 58.01932
L ou isiana A A rk 1st g 5 s____ 1927
L ou isv ille A N a sh v gen 6s . . 1930
G o ld 5 s ......................................1937
U n ified g o ld 4 s ....................... 1940
R eg istered ............................ 1940
C olla tera l trust g old 5 s ___ 1931
L C ln A L ex g old 4 M s . . -1931
N O A M 1st g o ld 6 s _____ 1930
2 d g o ld 6 s ............................ 1930
P a d u ca h A M e m D lv 4 s . .1 9 4 6
S t L ou is D lv 1st g o ld 6 s . .1 9 2 1
2 d g old 3 s ............................ 1980
A tl K n o x A C ln D lv 4 s . __ 1955
A t l K n o x A N o r 1st g 5 s . .1 9 4 6
H en d er B d g e 1st s f g 6s . . 1931
K e n t u c k y C en tra l g o ld 4 s . 1987
L ex A E a st 1st 5 0 -y r 5s gu 1965
L A N A M A M 1st g 4 M s 1945
L A N -S o u tb M Joint 4 s . .1 9 5 2
R e g is t e r e d .......................61952
N F la A S 1st gu g 5 s ____ 1937
N A C B d g e g en g u g 4 M B -1 9 4 5
P en sa c A A tl 1st gu g Gs. -1921 j F
S A N A la co n s gu g 5 s ._ _ 1 9 3 6 jF
G e n co n s gu 5 0 -y ea r 5 s . 1963 A
L A J eff B d g e C o gu g 4 s . . .1 9 4 5 M
M a n ila R R — S ou lines 4 s . . . 1936
M e x In tern a t 1st con s g 4 s . . 1977
S ta m p ed g u a ra n te e d .......... 1977
M id la n d T e r m — 1st s f g 5 s . 1925
M in n S t L ou is 1st 7 s ................ 1927
P a cific E x t 1st g old 6 s ____ 1921
1st co n s o l g o ld 5s...................1934
1st A refu n d in g g o ld 4 s . ..1 9 4 9
R e f A e x t 5 0 -y r 5s Ser A . . 1062
D e s M A F t D 1st gu 4 s . . 1935
I o w a C en tra l 1st g o ld 5 s . -19 3 8
R efu n d in g g o ld 4 s ...........1951
M S t P A S S M c o n g 4 s l n t g u . 1938
1st c o n s 5 s ................................. 1938
1st C h ic T e r m s f 4 s .............1941
M S S M A A 1st g 4s ln t g u . ”26
M ississip pi C en tra l 1st 5 s . . . 1949
M issou ri K an sas A T ex a s—
1st g o ld 4 s __________________1990
2 d g old 4 s ............................ .0 1 9 9 0
1st o x t g old 5 s .................. 1944
1st A refu n d in g 4 s _______ 2004
T r u s t C o ce rtfs o f d e p _________
G e n sinking fu n d 4 M 8 - - 1936 J
S t L ou is D lv 1st ref g 4 s . .2 0 0 1 A
5 % secu red n otes " e x t ’ ’ T 6
D a li A W a c o 1st gu g 5 s . .1 9 4 0 M
K a n C it y A P a c 1st g 4 s . -1 9 9 0 F
M o K A E 1st gu g 53 _____1942 A
M K A O k la 1st gu a r 5 s ._ 1 9 4 2 IVI
M K A T o f T 1st gU g 53 1942 M
Sher Sh A S o 1st gu g 5 a . -1 9 4 2 J
T e x a s A O k la 1st gu g 5 s . .1 9 4 3 M
M issou ri P a cific (reorg C o ) —
1st A refu n din g 5s Ser A . -1 9 6 5 F
1st A refu nding 5s Ser B a 1923 F
1st A refu n din g 5s Ser C . . 1 9 2 6 F
G eneral 4 s _______ ________ 1975 51
M issou ri P a c 1st con s g 6s . .1 9 2 0 M
40 -y ea r g o ld loan 4 s _______1945 M
3d 7s ex ten d ed at 4 % _____1938 M
B o o n v S t L A S 1st 5s gu_19 51 F
C en t B r U P lat g 4 s ____ 1948 J
P a c R o f M o 1st e x t g 4 s . .1 9 3 8 F
2 d ex ten d ed g o ld 5 s ____ 1938 J
S t L I r M A S gen c o n g 5s 1931 A
G en con sta m p gu g 5 s . .1 9 3 1 A
U n ified A ref g o ld 4s ..1 9 2 9 J
R eg istered ___ _________1929 J
R lv A G D lv 1st g 4 s . ..1 9 3 3 IY1
V erd i V I A W 1st g 5 s . ..1 9 2 6 M
M o b A O h io new g old 6 s ____ 1927 J
1st e x t g old 6s ____________ 61927 Q
G eneral g o ld 4 s ____________ 1938 M
M o n tg o m e r y D lv 1st g o s . 1947 F
S t L ou is D lv 5 s ___________ 1927 J
S t L A C a iro guar g 4 S . 4 . . 1931 J
N a sh v C h a t t A S t L 1st 5s1. . 1928 A
Jasper B ra n ch 1st g 6 s . . . 1 9 2 3 J
N a t R y s o f M e x p r lle n 4 M 8 -1 9 5 7 J
G u a ra n teed general 4 s ____ 1977 A
N a t o f M e x p rior lien 4 M 3 -1 9 2 6 J
1st co n s o l 4 s _______________ 1951 A
N ew O rleans T e r m 1st 4 s ___ 1953 J
N O T o x A M e x ic o 1st 6s . . . 1925 J
N o n -c u m Jn com o 5s A ____ 1935 A
N ew Y o r k C en tra l R R —
C o n v d e b 6s . . ___ . . . . . . . 1 9 3 5 IVI
C on sol 4s Series A ________ 1998 F
R e f A im p 4 M s “ A " ...........2013 A
N ew Y o r k C e n t & ’H u d R lv —
M o rtg a g e 3 M s____________ 1997 J
R eg istered ___________ . . . 1 9 9 7 J
D e b en tu re g o ld 4 s________ 1934 M
R eg istered _______________ 1934 M
L a k e S h ore co ll g 3 M s ____ 1998 F
R eg istered _______________ 1998 F
M ic h C e n t c o ll g o ld 3 M 8 ..1 9 9 8 F
R eg istered _______________ 1998 F
B a ttle C r A S tu r 1st gu 3 a . 1989 J
B eech C reek 1st g u g 4 S ..1 9 3 6 J
R eg istered -----------------------1936 J
2 d g u a r g old 5 s .............- .1 9 3 6 J
R eg istered ....................... 1936 J
B eech C r E x t 1st g 3 M s . 61951 A
C a rt A A d 1st gu g 4 s -------1981 J
G o u v A O sw e 1st g u g 5 8 ..1 9 4 2 J
M o h A M a i 1st gu g 4 s . . . 1991 M
N J Ju n o R guar 1st 4 s . . . 1986 F
N Y A H arlem g 3 M s -------2000 M
N Y A N orth ern 1st g 5 s . 1923 A

2009

2

£-53

Week's
Range or
Lasi Sale

;

R im a e

Since

• Jan. 1.

As* Low
High N o Low High
Bid
_____ 100% F eb T 9
100
-----98% 102%
M a r '1 7
O ! _____ _____1113
_J 10 2 % Sale 102%
8 101% 102%
102%
jj
99% 101 j 97% M a r ’ 19 — I 97^4 97%
Jf
105 O c t T 3
79%
7 0 % _____ 70
J u ly ’ 18
0

1
s

J
j
D
S
D
S
D
N
S
S
o

s
J

s
D
N

J
J
N
N

J
J
A
S

s

N

D
S
J

o

5
J
J

A

J
A
A

O
s
N

96%
87%
79
90%
75%
74%
81
71

75»2

74%
76%

94
92%
90%
85%

98
93%
87

97%
85%
93%
92%
103
96%
78%
99%
55%
79
97%
101%
76%
95%
93
71%
92%
83%

S
F

J
D
S
J

N
J
J

D
A
N
S

84
_____
57
85%
100%
85
_____
73%
98

96%
92%
70% —
60

S

N

86
97"%
95
107%

104

s

D
D
O

97%
97%
81
96%

101
96
101
Sale
76
44% 46%
44
78
46
85%
96%
88
91%
88%

80
Salo
Sale

90

67
65
33
Sale
20% 30
42
46%
40
46
29% B30%
30
25
40
65
55%
4 0 d 55
65% 77
55
59
65
50

9S%
99%
79
80%
99%
75%
84
76%
76%
94
92
90%
85%
108
97%
86
96%
97%
93ig
104
100
79%
100
55%
79
95
103%
79
94%
S7%
71%
95
95
97%
101%
96%
92%
60
77
75
91%
101
97%
76
44%
50%
60%
76%
44
851s
97%
92
92
95

66%
82%
89
94%
81

Apr T 9
76
46
D eo T 8
F e b *15
M ay* 19
46
86
F eb T 9
Jan *17
92%
D ec T 6

69%
53
50
70
52
51
30%

Apr
Apr
Jan
Apr

D ec T3
M a y ’ 19
M a y ’ 19
95%
81

n u

72%
72
85

71%
72%
71
71
84
84
79
N o v ’ 18
66% M a y ’ 19
65%
65%
67
67
75
M a r ’ 17

88%

97%
93%
103%
100
79%
100
55%
75%

100
93%
105%
100
79%
100%
57
79

75
92%
85%
71

80%
95%
87%
73

10 1% 10 1%
06%
93

4
33

97%
76
41%

99
78%
47%

24
7

76%
42
83%
97%

7712
46%
89
97%

92

94%

62
29
23
42
43
29%

69
34
29
48
43
31

53
60
70
50%

53
50
71%
55

2

37
10

87%
3
93%
1
91
15
62% 212
A p r T 9 ____
O c t *18 ____
::

98
76%
83%

76

91
94
92
92
90% 91
85% 88%
108
108
97% 100%
83% 88%

N ov* 18

Sale
82
Sale

68
Sale

75%
84
77%
76%

96%
92%

*17 : : : :
T9
T9
T9
12
55

98%
76%
84%

66%
65%
67
66
54%
84%

75%
76
75
75

M a r ’ 10

77
Sale 77
7 7i2
91%
78
103%'
102% A p r T 9
95
95%
71
66%
_____ 86% A p r *19
90
84
88
87 A p r T 9
80% 81% 80%
80%
98% 98% 98% A p r T 9
100% 104% n o i l M u r’ 17
50
M a r ’ 19
35
96% F e b *13
21
67% Sale 67%
68%
95
95% 95
95%
55% Sale 53
56

84

98%

78% 80
86% 86%

M a y ’ 16 . . . .
Jan T 9
M a r ’ 19
Apr T9
J u ly ’ 18

M a y ’ 19
33
Apr T 9
45%
F eb T 9
M a y '1 9

87
93%
90%
62
99%
58
82
Inn
84% 971*
83% 82
89
Sale 94%
102
82
81

96%

Jan T 9
Apr T 9
Apr T 9 . . . .
85%
4
F eb T 9
Apr T9
12
86
Jan T 7
Apr T9
F e b '1 9
Apr T9
Jan T 9
Jan T 9 ____
A p r *19
A p r T 9 ____
79
1
N o v ’ 18 ____
S e n t’ lR
M a y ’ 19
M a y ’ lS
Apr T9
5
71%
F eb ’ 05

66
31
293
45%
43
29%
40

87
89
93% 94%
90% Sale
62% Sale
99% 100
70

A p r '1 9 !Ju n e’ 1 6 '.
M ayT9|M a r’ 19|_
O ct ’ 06%
M a y ’ 1 9 'Apr T 9 _
M arT 9| _
M a y ’ 19 -

99
77
84%

83% 87%
91% 94%
88% 92
57% 63%
98% 100

80%
89
94

82
89
96%

3

78%

82%

10

72%

77%

vz

102% 105%

1

86% 86%
86% 87
80% 81%
98% 100
50

59

71

66%
94
50

68%
97%
58%

487'
33
7j

97
73%
81

99%
78%
85%

32
2

27 70
1 571
1 82
1
3

73
71
86

64%
62%
65

68
67
70

97%

97%

86% D e o *18
95% N o v ’ 16
104

75%

49

80
71
71%
97% —

73% O c t *18
89% F e b *16
80
97U F e b ’ 19

N o v ’ lG

No price Friday; latest bid and asked this week, a Due Jan 5|Due Fob. ff|Duo June. ADue July. n]Due Sept, 0Duo Oct, i Option Sale.




1 1

5=3 1

*

BONDS
N . Y . STOCK EXCH AN GE
W e e k e n d in g M a y 16

New York Bond Record— Continued— Page 3
P r ic e
F r id a y
M a y 16

664

R ange
S in ce
J a n . 1.

L ow
78%
113
99
67
OUs
67

H ig h
A p r TO
M a y ’ 15
Apr T9
Jan T 9
Feb T 9
Feb T9
101
N o v ’ 16
103
N o v ’ 16
95% A p r T 9
72
73
7 3 % N o v ’ 18
89%
88%
87%
87%
8 3 % N o v '1 7

104%
10 3
13 0 %
123%
99%
98%
84
87
90
70%
84%
81
85
74%
78
76
99%
98%
84

D eo T 5
M ayT7
J a n '0 9
M a r ’ 12
Aug T7
N o v ’ 18
M a r ’ 19
F ob T 4
J u n e ’ OS
Apr T 9
84%
81%
N O V '1 7
Apr T 9
M a y ’ 19
76
Feb T 9
J u l y ’ 17
Apr T9

53
50
50%
53
52%
50
81
50
91%
60

6 3%
Apr T9
M a y ’ 19
Apr T9
Apr T9
50%
81%
O ct T 7
J a n '1 2
J u l y ’ 18

N o . L ow
78
99
67
61%
67

99
67
61%
67

95%
71%

95%
73

86%
86

90
89

70%
82
80

70%
85
83

71
75
74
99%

75
81%
7834
99%

73

86 %

49%
80

54
50%
52
50%
59%
62

88

7 3 % D e o ' 18
79% D e o T 7
60% A p r T 9

60%

02%

1 0 6 % M a y ’ 15
87
J u ly '1 4
83
Aug T3
45%
48

42%

63

40

40

70
40
99%
88 %

8 e p t’ i7
Feb T 9
D ec T 3
F e b '1 4

60%
07
9 2 % J u n o '1 2
60
A p r '1 8
68
69%
8 1 % J u n e ’ 18
109
10 9
12 2
N o v ’ 16
107%
107%
81% A p r T 9
93% D e o TO
81
81
84% F e b T 9
1 1 7 % M a y ’ 17
104% A p r T 9
107%
110
84
84
103
S e p t ’ 16
7 7 % M a y ’ 19
83%
82
59%
57%
89
76
102
103%
07
78
30%
107%
77%
85
100%
95%
99%
99%
90%

86

65

67%
108

86%

93*4
87
95%
87%
84%
87%
102

94%
87%
95%
N o v '1 8
S e p t ’ 16
Jan T 9
J a n '9 3

92

D e o ’ 17

70

69%
109%

107% 107%
81% 86%
79%
84

82
84%

1 0 4 % 10 4 %
105% 110
8 3 % 86

83^4
M a r '1 9
60%
M a y '1 9
89
76
Apr T9
S e p t ’ 17
F eb T 9
D e c '1 8
D e o '1 6
107%
78
M a y ’ 19
F e b '1 7
Apr T9
Apr T9
Feb T 9
N o v '1 8

76

81

82
82
58%
57%
85%
76

86

102
97

82
61%
57%
90
76

102
98%

10 7 % 1 0 7 %
74% 79%
85
88

13,

15
29

162

971*
96%
87
78
81%

Apr T9
Apr T9
F e b '1 7
Jan T 9
J u ly '1 7
86 % D e e T O
85
Apr T9
85% F e b T 9
81% A p r T 9
0 6 % M a y ’ 17
9 6 % M a y ’ 18
10 4
D e o '1 5
06% F e b M 2
9 0 % O c t '1 2
8 8 % F e b '1 7
88 A p r '1 7
79%
79%
84 % D e o '1 8
83% A p r T 9
93
M a y TO
9 8 % A p r '1 7
92
D eo T 7
88 % S e p t '1 7
941* J a n T 9
92% J a n T 9
99
J u n e ’ 17
9 0 % S e p t '1 8
9 0 % S e p t '1 8

* No price Friday; latest bid and asked, a Due Jan. 6 Due Feb.




H ig h
80

953s
99%
99%

95%
9 9%
99%

86
93%
84%
94

891*
96%
89%
97*4

87%

87%

97%
90%

98%
96%

78

78

83*4
85%
8H4

85
87
81*4

7934

79*4

83%

83%

94%
923 4

0

94%
91*4

BONDS
N . Y . STOCK E XC H A N G E
W e e k e n d in g M a y 16

P . C . C . & S t . L (C o n .)—
D
S e r ie s F g u a r 4 s g o l d ___ 1 9 5 3 J
S e rie s G 4 s g u a r __________1 9 5 7 M N
A
S c r ie s I c o n s g u 4 H s ___ 1 9 6 3 F
C S t L & P 1 s t c o n s g 5 s . .1 9 3 2 A O
F
P e o r i a & P e k i n U n 1 s t 6 s g — 1 921 Q
2 d g o l d 4 H s ............................61921 M N
P e r e M a r q u e t t e 1 s t S e r A 5 3 .1 9 5 6 _ . __
1st S e r ie s B 4 s ......................... 1 956 __ __
J
P h il ip p i n e R y 1 s t 3 0 - y r s f 4 s 1 9 3 7 J
O
P it t s S h & L E 1st g 5 s ........... 1 9 4 0 A
J
1 s t c o n s o l g o l d 5 s ___________ 1 943 J
J
R e a d in g C o g e n g o l d 4 s ______ 1 997 J
J
R e g i s t e r e d _________________1 9 9 7 J
O
J e r s e y C e n t r a l c o l l g 4 s ___ 1951 A
J
A t l a n t i c C i t y g u a r 4 s g . . . 1951 J
J
S t J o s & G ra n d Isl 1st g 4 s ..1 9 4 7 J
S t L o u is & S a n F r a n ( r e o r g C o ) —
J
P r io r lie n S e r A 4 s _________ 1 9 5 0 J
J
P r io r lie n S e r B 5 s ..................1 9 5 0 J
O
C u m a d ju s t S e r A 6 s _____6 1 9 5 5 A
O ct
I n c o m e S e r ie s A 6 s .............. 6 1 9 6 0
J
S t L o u is & S a n F r a n g e n 6 3 .1 9 3 1 J
J
G e n e r a l g o l d 5 s ___________ 1 9 3 1 J
J
S t L & S F R R con s g 4 3 -1 9 9 6 J
O
S o u t h w D l v 1 s t g 5 s _____ 1 9 4 7 A
K C F t S * M c o n s g 6 8 .1 9 2 8 IW N
O
K C F t S & M R y ref g 4 s . 1936 A
O
K C & M R * B 1st g u 5 3 .1 9 2 9 A
S t L S W 1st g 4 s b o n d c t f s . .1 9 8 9 M N
J
2d g 4s In com e b o n d c t fs .p l9 S 9 J
D
C o n s o l g o l d 4 s ........... ..............1 932 J
J
1 s t t e r m in a l <k u n i f y i n g 5 8 .1 9 5 2 J
D
G r a y 's P t T e r 1 s t g u g 5 8 .1 9 4 7 J
J
S A A A P a s s 1 s t g u g 4 s _____ 1 9 4 3 J
S e a b o a r d A ir L in e g 4 s ............ 1 9 5 0 A O
O
G o l d 4 s s t a m p e d ___________ 1 9 5 0 A
A
A d ju s t m e n t 5 s ____________ 0 1 9 4 9 F
O
R e f u n d in g 4 s ______ _________ 1 9 5 9 A
A t l B lr m 3 0 - y r 1 s t g 4 s . .* 1 9 3 3 M S
J
C a ro C e n t 1st c o n g 4 s . ..1 9 4 9 J
J
F la C e n t A P e n 1st e x t 6 s . 1923 J
J
1 s t la n d g r a n t e x t g 5 s . . 1 9 3 0 J
J
C o n s o l g o l d 6 s .................... 1 9 4 3 J
J
G a A A la R y 1 s t c o n 5 s . . o l 9 4 5 J
J
G a C a r A N o 1st gu g 5 s . . 1929 J
J
S e a b o a rd A R o a n 1st 5 s . . 1926 J
S o u th e rn P a c ific C o ­
D
G o l d 4 s ( C e n t P a c c o l l ) . .6 1 9 4 9 J
D
R e g i s t e r e d _______________ * 1 9 4 9 J
8
2 0 - y e a r c o n v 4 s ____________ 0 1 9 2 9 M
D
2 0 - y e a r c o n v 5 s ......................... 1934 J
A
C e n t P a c 1st r e f g u g 4 s _ . 1949 F
A
1949 F
R e g i s t e r e d ....................
D
M o r t g u a r g o ld 3 H s — *1 9 2 9 J
O
T h r o u g h S t L 1 s t g u 4 8 .1 9 5 4 A
G I I A S A M A P 1 s t 5 S 1931 IW N
J
2 d e x t e n 5 s g u a r _________ 1 931 J
G il a V G A N 1st g u g 5 s . .1 9 2 4 IW N
H o u s E A W T 1 s t g 6 3 — 1 9 3 3 IW N
1 s t g u a r 5 s r e d ___________ 1 9 3 3 61 N
J
H A T C 1 s t g 5 s In t g u . . . l P 3 7 J
G e n g o l d 4 s In t g u a r _____1 921 A O
W a c o A N W d l v 1 s t g 6 s '3 0 IW N
J
A A N W 1 s t g u g 5 s ________ 1941 J
J
L o u is ia n a W e s t 1 s t 6 s _____1921 J
J
M o r g a n ’ s L a A T 1st 6 s . . 1920 J
O
N o o f C a l g u a r g 6 s ________1 9 3 8 A
J
O r e A C a l 1st g u a r g 5 s ___ 1 9 2 7 J
S o P a c o f C a l— G u g 5 s . . . 1 937 M N
J
S o P a c C o a s t 1st g u 4s g — 1937 J
O
S a n F r a n T e r m l 1st 4 s . . . 1 9 5 0 A
J
T e x A N O c o n g o ld 5 a ...1 9 4 3 J
J
S o P a c R R 1 s t r e f 4 s _______1 9 5 5 J
J
S o u t h e r n — 1 s t c o n s g 5 s _____ 1 994 J
J
- R e g i s t e r e d .............................. 1 994 J
D e v e lo p A gen 4s 8 er A . . . 1956 A O
M o b A O h io c o l l t r g 4 s ___ 1 9 3 8 M S
J
M e m D l v 1 s t g 4 H s - 5 s ___ 1 9 9 6 J
J
S t L o u is d l v 1 s t g 4 s ............ 1 961 J
D
A la G t S o u 1 s t c o n s A 6 s . .1 9 4 3 J
J
A t l A C h a r i A L 1 s t A 4 H s 1944 J
J
1st 3 0 - y e a r 5 s S e r B _____ 1 9 4 4 J
J
A t l A D a n v 1st g 4 s ...............1 9 4 8 J
J
2 d 4 s .........................................1 9 4 8 J
A tl A Y a d 1st g gu ar 4 8 - 1 0 4 9 A O
J
E T V a A G a D lv g 5 s . . . 1930 J
C o n s 1 s t g o l d 6 s _________ 1 9 5 6 M 61
E T e n n r e o r g Hen g 5 s _____1 9 3 8 IW 8
G a M i d l a n d 1 s t 3 s _________ 1 9 4 6 A O
J
G a P a c R y 1 s t g 6 s ________1 9 2 2 J
J
K n o x v A O h io 1st g 6 s . . . 1925 J
J
M o b A B lr p r io r Hen g 5 8 .1 0 4 5 J
J
M o r t g a g e g o l d 4 s .............. 1 9 4 5 J
O
R ic h A D a n d e b 6s s t m p d .1 9 2 7 A
R i c h A M e e k 1st it 6 s _____ 1 9 4 8 M N
S o C a r A G a 1 s t g 5 s ............1 9 1 9 IW N
V ir g in ia M i d S c r D 4 - 5 s _ . 1921 IW S
S e r ie s E 5 s .................
1 9 2 6 61 8
S e r ie s F 5 s .............................. 1 9 2 6 61 S
G e n e r a l 5 s ______ __________ 1 9 3 6 IW N
J
V a A S o ’ w 'n 1 s t g u 5 s . . 2 0 0 3 J
1 s t c o n s 5 0 -y e a r 5 s . .1 9 5 8 A O
W O A W 1 s t c y g u 4 s _____1 9 2 4 F A
J
S p o k a n e I n t e m a t 1 s t g 6 s . .1 9 5 5 J
O
T e r m A s s n o f S t L 1 s t g 4 H B .1 0 3 9 A
A
1 s t c o n s g o l d 6 s ........... 1 8 9 4 -1 9 4 4 F
J
G e n r e fu n d s f g 4 s ................. 1 9 5 3 J
O
S t L M B r id g e T e r g u g 5 8 .1 9 3 0 A
D
T e x a s A P a c 1st g o l d 5 s _____2 0 0 0 J
2 n d g o l d I n c o m e B e________0 2 0 0 0 M a r
J
L a D l v B L 1st g 5 8 ............... 1931 J
A
W M in W A N W 1st gu 5 s l9 3 0 F
J
T o l A O h io C e n t 1 s t g u 6 s _ . 1 9 3 5 J
O
W e s t e r n D l v 1 s t g 5 s ______ 1 9 3 5 A
D
G e n e r a l g o l d 5 s ______________1 9 3 5 J
K a n A M 1 s t g u g 4 s ........... 1 9 9 0 A O
J
2 d 2 0 -y e a r 5 s .......................1 9 2 7 J
J
T o l P A W 1 s t g o l d 4 s ________1 9 1 7 J
J
T o l S t L A W p r H en g 3 H S - 1 9 2 6 J
6 0 y e r r i d 4 s .........................1 9 5 0 A O
A
C o i l t r u s t 4 s g S e r A ______ 1 9 1 7 F
T r u s t c o c t fs o f d e p o s it
D
T o r H a m A B u ff 1st g 4 s . . *1 9 4 6 J
D
U ls te r A D e l 1st co n s g 5 s . .1 9 2 8 j
O
1 s t r e fu n d in g g 4 s .................... 1 9 5 2 A
J
U n i o n P a c if i c 1 s t g 4 s ..............1 9 4 7 J
J
R e g i s t e r e d ................................... 1 9 4 7 j
J
2 0 - y e a r c o n v 4 s ____________ 1 9 2 7 J
8
1 s t A r e fu n d in g 4 s ..............0 2 0 0 8 M
J
1 0 -y e a r p e r m s e c u r e d 6 8 .1 9 2 8 J
O re R R A N a v c o n g 4 s . . 1946 J D
O r e S h o r t L in e 1 s t g 6 s . . . 1 9 2 2 F A
J
1 s t c o n s o l g 5 s ...................... 1 9 4 6 J
D
G u a r r e fu n d 4 s ___________ 1 9 2 9 J
J
U t a h A N o r g o l d 5 s _____1 9 2 6 J
J
1 s t e x t e n d e d 4 s ______ 1 9 3 3 J
V a n d a lt a c o n s g 4 s S e r A ------- 1 9 5 5 F A
C o n s o ls 4 s S e r ie s B ________1 9 5 7 M N
J
V e ra C r u s A P 1st g u 4 H S .1 9 3 4 J

[Vol . 108

P r ic e
F r id a y
M a y 16

W e e k 's
R ange or
L a s t S ale

B id '
A sk L ow
89%
91
89% " 9 3 "
89
9 0 % 91
91
1 0 0 % 10 4 % 10 2
100
87
8 7 % S a le 8 6
7 0 % S lie 7 0
48
48% 48
99
98%
94%
97%
84
" s ilo 83%
82
89% 81%
82% 84% 82%
60%

67

60

6 3 % S a le 6 2 %
76
S a le 7 5 %
6834 S a le 6 3 %
4 8 % S a le 4 8 %
103% 106
103%
9 7 % S a lo 9 7 %
70
78
90
102%
102
69% " f o *
69%
89
89
66
7d?s 7 0
58
65*4 6 8
62
S a le 6 0
62
S a le 60*4
85
98%
64% *65% 64%
70% 71% 7 0
72
70
72
51
S a lo 49*4
58
S a le 5 7
75
S a lo 7 5
76
7 5 % ____
10 0 % 1 0 3 % 100%
101
90
90% 1 9 5
91%
90%
94% *95 " 94%
95
95%
75%
"8 3 %
108%
80
84
79
91S .
85
91%
94
92%
97%
93%
94
91
99%
97
94%
99%
9034
92%
74%
81
94%
68%

66%
91%
72
89%
88%
94%
74
70%
95%
93%
92
56
10 0 %
101%
91%
96%
66
95%
93%
92%
95%
88%
70

86*4
75%
89
93%
73
90%
89*4
176%
92
84
69%
08%
88
73
63

70*2

—
1S
|oo

A ek
B id
Y C e n t & H R H R ( C o n )—
7 8 % 7914
N Y & P u 1 s t c o n s g u g 4 3 -1 9 9 3 A
O
P in e C r e e k r e g g u a r 69 _____ 1 9 3 2 J
D 103%
98%
R W & O c o n 1st e x t 5 s _ . *1 9 2 2 A O
77
R u t l a n d 1 s t c o n g 4 H s — -1 9 4 1 J
J
62
O g & L C h a m 1st gu 4s g . 1918 J
J
I
R u t - C a n a d a 1 s t g u g 4 8 .1 9 4 9 J
J
84%
S t L a w r & A d l r 1 s t g 5 a . . .1 9 9 6 J
J
8 9 ’g
2 d g o l d 61 .............................. 1 996 A
O
9 6 18
U t i c a <fe B lk R l v g u g 4 a . .1 9 2 2 J
J
73%
L a k e S h o r e g o l d 3 H a ........... 1 9 9 7 J
D
70
72%
R e g i s t e r e d _________________1 9 9 7 J
D
89
S a le
D e b e n t u r e g o l d 4 a ______ 1 9 2 8 M
S
2 5 - y o a r g o l d 4 3 ___________ 1 931 IW N
875s S a le
R e g i s t e r e d ______________1931 IW N
92
K a A & G R 1st gu c 5 s . . .1 9 3 8 J
J
95%
M a h o n C ’ l R R 1 s t 5 s _____1 9 3 4 J
J
95
P it t s A L E r lo 2 d g 5 s ___ a l 9 2 8 A O
P itts M c K A Y 1st g u 6 s . . 1932 J
J 1 0 3 78
2 d g u a r a n t e e d 6 s ________1 9 3 4 J
J
102 %
93%
M i c h i g a n C e n t r a l 5 a ______ 1 931 M
S
R e g i s t e r e d .............................. 1 931 Q IW
82 % 83%
4 s ................................................ 1 9 4 0 J
J
R e g i s t e r e d ______________1 9 4 0 J
J
70%
J E A S l a t g o l d 3 H a — -1 9 5 1 M
S
73
1 s t g o l d 3 H s ......................... 1 9 5 2 IW N
82% 84%
2 0 -y e a r d e b e n tu r e 4 a . . 1929 A O
81
82
N Y C h i A S t L 1st g 4s ..1 9 3 7 A
O
77
R e g i s t e r e d ________________ 1 9 3 7 A
O
72% 74
D e b e n t u r e 4 a ____________ 1 931 IW N
79% 82%
W e s t S h o r e 1 s t 4 s g u a r . . .2 3 6 1 J
J
S a le
76
R e g i s t e r e d ..............................2 3 8 1 J
J
99%
N Y C L in e s e q t r 5 8 — 1 9 1 9 -2 2 M N
102
E q u i p t r u s t 4 H S — 1 9 1 9 -1 9 2 5 J
J
'8 5 '
N Y C o n n e c t 1st g u 4 H s A . . 1953 F
A
85%
N Y N H A H a r tfo r d —
______
53
N o n - c o n v d e b e n 4 s — . . . . 1 9 4 7 IVI 8
8
N o n - c o n v d e b e n 3 H s _____1 9 4 7 M
50
62
N o n - c o n v d e b e n 3 H s _____1 9 5 4 A O
52% 55
N o n - c o n v d e b o n 4 a ________1 9 5 5 J
J
52% 55%
N o n - c o n v d e b e n 4 s ________1 9 5 6 M N
49
50
C o n v d e b e n t u r e 3 H s ______ 1 9 5 6 J
J
8 1 % S a lo
J
C o n v d e b e n t u r e 6 s _________ 1 9 4 8 J
A
C o n s R y n o n - c o n v 4 s _____1 9 3 0 F
J
N o n - c o n v d e b e n 4 s _____1 9 5 4 J
J
N o n - c o n v d e b e n 4 s _____1 9 5 5 J
O
N o n - c o n v d e b e n 4 s _____1 9 5 5 A
-------50%
J
N o n - c o n v d e b e n 4 s _____1 9 5 6 J
7 4 % _____
H a r le m R - P t C h e e 1 s t 4 s . 1 9 5 4 IW N
7 2 % _____
A
B A N Y A ir L in e 1 s t 4 8 - 1 9 5 5 F
59
60%
J
C e n t N e w E n g 1 s t g u 4 s . .1 9 6 1 J
S
H a r t f o r d S t R y 1 s t 4 s _____1 9 3 0 M
91%
H o u s a t o n l c R c o n s g 5 s . .1 9 3 7 M N
7 0%
N a u g a t u c k R R 1 s t 4 s _____1 9 5 4 IW N
81% ,
O
N Y P ro v A B o sto n 4 s . ..1 9 4 2 A
47
N Y W ’ c h e s A B 1 s t s e r I 4 H s ’ 40 J
J
B o s t o n T e r m in a l 1 s t 4 s — .1 9 3 9 A
O
90% 94
N e w E n g l a n d c o n s 6s _____1 9 4 5 J
J
74%
C o n s o l 4 s .............................. 1 9 4 5 J
J
P r o v id e n c e S e cu r d e b 4 a .. 1957 M N
85
P r o v A S p r i n g f ie l d 1 s t 5 8 .1 9 2 2 J
J
69
P r o v i d e n c e T e r m 1 s t 4 s . . . 1 9 5 6 IW S
W A C o n E a s t 1st 4 H s . . . 1943 J
J
67% 70
N Y O A W r e f 1 s t g 4 s _____0 1 9 9 2 M 8
70
R e g i s t e r e d $ 5 ,0 0 0 o n l y . . 0 1 9 9 2 M
S
*64%
G e n e r a l 4 s ___________________ 1 9 5 5 J
D
68
S a le
N o r f o l k S o u 1 s t A r e f A 6s . .1 9 6 1 F A
87% 95
N o r f A S o u 1 st g o l d 6 s .............. 1 941 IVI N
109
S a le
N o r f A W e s t g e n g o l d 6 s _____1 9 3 1 M A
108
I m p r o v e m e n t A e x t g 6 s . .1 9 3 4 F
A
107% 108%
N e w R i v e r 1 s t g o l d 6 s _____1 9 3 2 A
O
81% 82%
N A W R y 1st co n s g 4 s . . 1996 A
O
R e g i s t e r e d _________________1 9 9 6 A
O
81
D l v ’ l 1 s t lie n A g e n g 4 s . 1 944 J
J
72%
D
1 0 - 2 5 - y e a r c o n v 4 s ______ 1 9 3 2 J
1 0 - 2 0 - y e a r c o n v 4 s ______ 1 9 3 2 M
S
1 0 - 2 6 - y e a r c o n v 4 H s ___ 1 9 3 8 M
S
1 0 9 % S a lo
1 0 -y e a r c o n v 6s (w 1 ) . — 19 2 9
84
P o c a h C A C J o in t 4 s . . . 1941 J
D
88
97%
C C A T 1 s t g u a r g o l d 5 8 .1 9 2 2 J
J
79%
S c lo V A N E 1st gu g 4 s — 1989 M N
N o r t h e r n P a c i f i c p r io r H en r a il­
83% 84
w a y A la n d g r a n t g 4 s _____1 9 9 7 Q
82% 83%
R e g i s t e r e d .............................. 1 9 9 7 Q
6 0 % S a le
G e n e r a l U en g o l d 3 s ______ a 2 0 4 7 Q
57%
R e g i s t e r e d _______________ o 2 0 4 7 (J
89
*90
R e f A I m p 4 H s s e r A ........... 2 0 4 7 J
76
86
S t P a u l - D u l u t h D l v g 4 s . .1 9 9 6 J
102 % 1 0 4 %
S t P A N P g e n g o l d 6 s . . .1 9 2 3 F
100 %
R e g i s t e r e d c e r t i f i c a t e s . .1 9 2 3 Q
97%
S t P a u l A D u lu t h 1 s t 6 8 — 1 931 F
76% 85
1 s t c o n s o l g o l d 4 s ________1 9 0 8 J
76% 85
W a s h C e n t 1 s t g o l d 4 s _____1 9 4 8 Q M
107%
N o r P a c T e r m C o 1st g 6 s . . 1933 J
7 7 % 'S a l e
O r e g o n - W a s h 1 s t A r e f 4 s ___ 1 961 J
85
86
D
P a o lf l o C o a s t C o 1 st g 5 s . . . 1 9 4 6 J
80% 95
P a d u c a h A I lls 1 s t a f 4 H * ~ 1 9 5 5 J
J
95%
P e n n s y l v a n i a R R 1 s t g 4 s . .1 9 2 3 IW N
0 9 % loo
S
C o n s o l g o l d 5 s ......................... 1 9 1 9 M
99% 99%
R e g i s t e r e d _________________1 9 1 9 Q M
86 % 91
C o n s o l g o l d 4 s . . ....................1 9 4 3 IVI N
8 6 % S a le
C o n s o l g o l d 4 s ......................... 1 9 4 8 IW N
9 4 % S a le
A
C o n s o l 4 H a .............................. 1 9 6 0 F
8 7 % S a le
G e n e r a l 4 H s .............................. 1 9 6 5 J
9 5 % S a le
G e n e r a l 5 s ___________________ 1 9 6 8 J
84%
A ll e g V a l g e n g u a r g 4 s . . .1 9 4 2 IW
82%
D R R R A B ’ g e 1st gu 4s g 1938 F
85%
P b ll a B a l t A W 1 s t g 4 s . . 1 9 4 3 M N
96%
J
S o d u s B a y A S o u 1st g 6 s . 1924 J
81%
S u n b u r y A L e w is 1 s t g 4 8 .1 9 3 6 J
J
86%
U N J R R A C a n g e n 4 s — 1 9 4 4 IVI 8
P e n n s y lv a n ia C o —
97% 98
G u a r 1 s t g o l d 4 H a .............. 1 0 2 1 J
J
97
R e g i s t e r e d .............................. 1 9 2 1 J
J
77%
G u a r 3 H s c o ll t r u s t r e g A . 1 9 3 7 M
S
77% 78%
G u a r 3 H s c o l l t r u s t s e r B . 1 941 F
A
77
G u a r 3 H s tru s t c tfs C . . . 1 9 4 2 J
D
G u a r 3 H s t r u s t c t f s D ___ 1 9 4 4 J
D
76
85
G u a r 1 5 -2 5 -y e a r g o ld 4 s . . 1931 A
O
80%
4 0 - y e a r g u a r 4 s c t f s S e r E .1 9 5 2 IW N
81%
C ln L c b A N o r g u 4 s g . . . 1 9 4 2 M N
88% 95
C l A M a r 1 s t g u g 4 H a ___ 1 9 3 5 IVI N
92%
C l A P gen gu 4 H s ser A . 1942 J
J
92%
S e r ie s B ................................... 1 9 4 2 A
O
In t red u ced to 3 H s — 1942 A
O
73%
S e r i e s C 3 H s .........................1 9 4 8 M N
73%
S e r ie s D 3 H s ...................... 1 9 5 0 F
A
E r ie A P it t s g u g 3 H s B . . 1 9 4 0 J
J
77%
77%
S e r ie s C ................................... 1 9 4 0 J
J
85
G r R A I ex 1st gu g 4 H 8 -1 9 4 1 J
J
O h io C o n n e c t 1 s t g u 4 s . . . 1 9 4 3 M
S
85%
97%
P i t t s Y A A s h 1 s t c o n s 6 8 .1 9 2 7 M N
8 9 % 94
T o l W V A O g u 4 H s A . .1 9 3 1 J
J
89% 95
S e r ie s B 4 H » ...................... 1 9 3 3 J
J
79
.
S e r ie s C 4 s .............................. 1 9 4 2 M
S
91
P C C A S t L g u 4 H * A . .1 9 4 0 A
O
94%
90% 96
S e r ie s B g u a r .......................1 9 4 2 A
O
S e r ie s C g u a r .......................1 9 4 2 M N
90% 99
S e r ie s D 4 s g u a r ................. 1 9 4 5 M N
89% 90%
S e r ie s E 3 H s g u a r g o l d . 1 9 4 9 F
A
88 % .

N

W<w*%
R a n ge or
L a s t S a le

In ter es t
P erioa

3010

88%
80%
103%
81%
100%
97%
86%
03%
83%
78%
78%
1834

j t

R ange
S in c e
J a n . 1.

H ig h N o . L o w H i g h
S o p t ’ 18
A p r T 9 _____
88% 89
Apr T 9
91
91
Jan T 9
102
102
J u n e ’ 17
M a r ’ 16
8 7% * * 4 0 * 8 3 % * 8 8 %
3
70%
6S %
72%
48
3
45
48
Jan T 8
D ec T7
84
35
82%
80*4
M a r ’ 19 _____
81%
81%
M a y ’ 19 —
82%
85
M a r ’ 19

—

63%
94
76
20
6934 104
49
302
I
Apr T 9
9 7 % * *5
M ay T6
M a y ’ 17
M a y ’ 19
6 9 % ! '• id
M a y ’ 19| ___ .1
71
°i
Apr T9

60

101% 103%
06%
75%
89
89
60
74
67% 68%
1**40
57% 02
44
58% 02

62
62
Jan T 4
M a y ’ 19 _____1
M a y ’ 19 1“ “ "j
72
” "i
51
84
68
48
75
10
_____
Apr T9
A p r T 9 _____
D eo T 5
Jan T 9
J u n e ’ 18
Apr T9
M a y ’ 19
1—
76
26|
F e b T 4 ____
84% 563
109 | 778
81
29
S op tT O . . . 84%
20
A p r T 9 _____
O c t '1 8
J a n '1 8
N o v ’ 18
M a r ’ 19 ____
O ct T 6
07%
2
A p r T 9 _____
M n r ’ 19 ____
N o v ’ 18
O c t '1 7 ____
A p r '1 8
O ct T 8
99
i
S e p t ’ 16
Jan T 9
A p r T 9 _____
N o v '1 8
81%
23
95
86,
A u g TO . . . .
68*4
75
M a y ’ 10 _____
M n y ’ 19 ___
72
1
Jan T 9
8 8 % **'i
04%
11 !
74
7
M a r '1 6
Fob T 7
M a r ’ 19
A p r T 9 -.1 1
Jan T 9 . . . .
Jan T 9
M a y ’ 19 _____
O o t '1 8
O c t '1 8
J a n '1 8
Jan T 8
Apr T 9
Apr T 9
J u n e 'l l
A p r '1 8
D e o TO
M a r '1 9
S e p t ’ 18
N o v '1 8
M a r ’ 17
A p r T 9 _____
Apr T 9
M a y '1 9
73
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J u l y ’ 18
90
id
S e p t ’ 18
M n y ’ 18
N ov’Ol
Apr T 9
J a n T O _____
O c t ’ 18
M a y ’ 19 . . . .
M a y ’ 19 . . . .
F eb T 9
F ob T 9
53%
M a r 'O b
Aug T 8
A p r '1 7
D e c '1 8
S e p t ’ 17
8034
54
O ct T 8
88%
15
8 1%
34
10 3 %
37j
M a y ’ 19
101% * ‘ *2
M a y ’ 19
80% ' " d
D e o '1 7
F e b '1 8
A p r T 9 _____

S a lo 7 5 %
90
76
S a le 8 3 %
S a le 1 0 7
S a le 8 0
87%
S a le 8 4
80
81
101
10 0
97
96*4
102
95
92%
95
10 0
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01% 93%
97
94
95
03
100%
1 0 2 * 100
102%
101% 0 9
107%
'9 3 ”
03
78*4
78
94
S a le 8 0 %
S a le 9 4
10 0 %
S a le 68
6 7 % 66
91%
92
72
93
. . . . 88 %
S a le 9 4
74
81%
75
*99% 9 7
100
96
95%
93
52
57
100*4 1 0 0 %
1013. 1 0 0
07
01%
681a 6 8
102
05
6 9 % 71
09%
102%
lo o "
93
104%
*06% 96
04% 81%
70%
76
93%
*78% 76%
90% 85
04% 93%
S a lo 7 2 %
94% 05%
91% 9 0
90
41
86
106%
02
05
90
87
75% 93
75%
80
88
89
36
83% 75%
S a lo 1 5 3
18%
20
18
20
80
87
89%
02
70
58
S a le 8 6 %
85%
80
S a le 8 8 %
S a lo 8 0 %
S a lo 10 3 %
85% 82
101% 10 0 %
98
97%
87% 86%
98
*8 8 * 89
82% 80%
8 0 % J u n e '1 8
*35*
35
S e p t ’ 17

60

69
04
73% 79%
6 2 % 71
4 0 % 4934
102
106
90% 98

04%
68
72
70
72
74
53%
47
60
57
74
80
76
76
1 0 0 % 1 00»4
90

90

94
95%

94
96%

75

77

82*4 8 5 %
109
100
83
78
*85%
’ 80”
7 6 % SO

92%

92%

97
93%
94

98%
93%
94

06

99

03
77

93
80%

79%
02%

83%
06%

6 0 * *69**
64
67%
91%
70% 74%
03
93
8712 8 8 %
93% 97%
74
74

00%

97
97
02% 97
95% 05%
62
52
1 0 0 % 10 1

71
09

71
100

96

90

75%
85
03*8
72

76%
01%
98%
77

87%

02

92
87

92
87

75
88
36
75%
45

75%
91
36
75%
63%

85%

89%

85%
79

80%
831*

10234100
79% 86
1 00% 101%
0 6% 98%
84% 88

80%

80%

Due June. ADue July. * Due Aug. 0Due Oot. p Due Nov. jDueDoo. » Option sale

New York Bond Record—Concluded— Page 4

M a y 1 7 1 9 1 9 .]
BONDS
N . Y . STOCK EXCH ANGE
Week ending May 16

Virginian 1st 5a aeries A ____ 1062 M N
Wabash 1st gold 6a_________ 1939 M N
2d gold 6a............................. 1939 F A
J
Debenture series B ______ 1939
S
1st Hen equip a fd g 5a___ 1921
l8t lien 50-yr g term 4a___1951
J
J
Det A Ch Ext latg 5a____1941
J
Dea Moines Dlv 1st g 48.-1939
o
Om Dlv 1st g 3 H s .......... -.1911
8
Tol A C h Dlv latg 4a____ 1941
A
Waab Terml lat gu 3H a____ 1946
A
1st 40 yr guar 4a.- .......... .1945
O
Weat Maryland 1st g 4a____ 1952
J
W eat N Y «t Pa lat g 5a____1937
Gen gold ,4s_______ - ____ 1943
Income 5 s ._______
pl943 Nov
Western Pao 1st aer A 5a.-.1946 M S
Wheeling A L E lat g 6s____ 1920 A O
Wheel Dlv lat gold 5a____ 192s J J
Exten A Impt gold 6s-------1930 F A
Refunding 4 H« aeries A ..190 6 M S
RR 1st conaol 4s----------------1949 M S
Winston-Salem S 11 lat 4 s ..1960 J J
WIb Cent 50-yr lat gen ia— 10 40 J J
Sup A Dul dlv & term lat 4a '30 M N

Price
F r id a y
May 16
Bid Ask

o

Street Railway
Brooklyn Rapid Tran g 6a..1945
lat refund conv gold 4a— 2002
6-year secured noten 5s— 1918
Ctfa3-yraoc7% notes op A1921
3-yr 7 % secured notes..51921
Bk City lat cons 5a..l910-1941
Bk Q Co & a cou gu g 5a..1941 rvi
Bklyu Q Co A S lat 5a____ 1911 J
Bklyn Un El lat g 4-5s— -I960
Stamped guur 4-5a-------- 1950
Kings County E lat g 4a..1949
Stamped guar 4a----------1949
Nassau Elec guar gold 4s .1951
Chicago Rya lat 5a--------------1927
Conn ity A L 1st A ref g 4 Hsl951
Stamped guar 4 Ha............1961
Dot United lat cons g 4 H 8— 1932
Ft Smith Lt A Tr let g 5 a - -1936
Hud A Manhat Oa aer A ------ 1967
Adjust lncomo 5 a ------------1957
N Y A Jersey lat 6s........... 1932
lnterboro-Metrop coll 4H 8.1956
Interboro Rap Tran 1st 6 a --19061J
Manhat Ry (N Y) cona g 4a. 1990 A
Stamped tax-exempt......... 1990
Manila Elco Ry A Lt a f 5S-.1953
Metropolitan Street Ry—
Bway A 7th Av lat c g 53.1943
Col A 0th Av lat gu g 5 s . . 1993
Lex Av A P F lat gu f 58—1993
Met W S El (Cldc) lat g 4 a ..1038
Mllw Elec Ry A Lt cona g 5a 1920
Refunding A oxteh 4)^8_.1931
MInneap St lat cona g
1919
Montreal Tram lat A ref 5a. 1941
New Orl Ry A Lt gen 4 Mb— 1935
N Y Munlelp Ry lat a f 5s A 1900
N Y Rya lat It E A ref 4 a .-.1942
30-ycnr ndj Inc 5a.............. <*1942
N Y State Rya lat cona 4 Ms 1902 M
Portland Ry 1st A ref 5a------1930 M
Portld Ry Lt A P lat ref 5a. 1942 F
Portland Gen Elec 1st 58.1935 J
8t Jos lty L II A P lat g 6 s .. 1937 M
St Paul City Cab cona g 6 a-. 1937
Third Avo lat ref 4a--------------1960 J
AdJ Income 6s___________a I960 A
Third Avo Ry 1st g ............ 1937 J
Tri-city Ry A Lt 1st a f 6s. -1923 A
Undergr of London 4 H s------ 1933 J
Income 6s__________
1948
United Rya Inv 6a Pitta Isa..1920
United Rya St L lat g 4a------ 1934
St Loula Transit gu 5a------ 1924
United Rita San Fr a f 4s— 1927
Union Tr (N Y ) ctfa dop_.
Eqult Tr (N Y) Inter ctfa
Va Ry A Pow lat A ref 6 s .-.1934

fin...

J

o

J
J
J
J
J

n

J
A
A
A
A

J

A
J
J
J

s

A
A

O

oo
8

J

D

s

s
A
A
J
J

J

J
J
J
O
N
N
A
J
N
J

6a

Gat and Electric Light
Atlanta G L Co lat 6a____1947
Bklyn Un Gaa lat cona 58.1945
Clncln Gaa A Elec latAref 5s 1950
Columbia G A E lat 5a......... 1927
Columbua Gaa lat gold s . .1932
Conaol Gas conv deb Oa____1920
Cona Oaa ELAP of Balt 5-yr 5a'21
Detroit City Oaa gold 5a...192 3
Detroit Edison lat coll tr 5a. 1933
lat A ref 5a sor A ..............51940
E q O L N Y lat cona g 5 a .. 1032
Gaa A Elcc Borg Co c g 5a..1949
Havana Elec consol g 5a____1952
Hudson Co Gaa lat g 6a------ 1949
Kan City (Mo) Gaa lat g 5a. 1922
Kings Co El L A P g 5a.......... 1937
Purchase money Os---------- 1997

g

g

i

!
IVI Nl
A O
d

C on v ertib le d eb Os----------- 1926

M N
A O

H ia h

88% 88%
67
74
75

,m
m
m

65% Sale 63
36
66
45
45
25
40
95% Dec ' 18
96% Aug T8
83
49
Sale 77i2
841
92 Deo T2
80 May’ 18
70
—
101 May'13
74
77i2 May T9 —
80
74
87% 7712 Apr T9
68 Apr T9
60
62 Jan T9
60
68
50 Apr T9
50
55
73% 75
72*2
73*2 16
85% Mar’ PJ
83
—
80% Oct T8 — 77
78
75
75%
84 Jan '14 . .
62% Sale 60
02% 292,
Sale 15%
IS
163,
18
90
3i
V 90
36% Sale 31%
3934 2339
72
Sale 67%
74% 11371
08 }7L
65% Apr T9|.
70
72
70
78
81
—

—

81%

64
05%
75
80
75
70
53

75

86

72
7H|
57
62
50
7Hj
85%

88

71

81%

54
14
90
27%
05
65*2
69
77

05
18*4
90%
43%
74*2
72%
7-Uj
77

79%
79%

68
02

64%
81

00 70
68
0 62
02% 74

MayTO ____
Apr T9 —
54

02%

Dec T8
95
97 100% June’ 17
ani
77
Dec T8
Aug T7
96%
82
July’ 17
72%
01
Apr T9
61
60
66
5 65
61
Salo 43%
45
65 39
45%
13% Sale 12
291' 10%
16
53
51
53
53
53
88% Nov’ lQ
76%
62% Apr TO
04%
02%
90% Feb T7
82 —
95 July’ 17
85
99% 102% Mar’ 12
58% Halo 5334
58%
50
33
Sale 29%
34%
25
89
97 Deo '18
93% 93% 93% May’ 19
03%
76 Mar'18
72
67% Apr T9
90
80
07%
65 Dec '18
70% 75
60% Salo 50%
50%
43%
09%'
Juno’ 17
Sale
32
32
22
Sale'
31
31
22
Sale
31
31
22
74'sj
May’ 19
74%

01

6

95
87

85"
84%
89%
90
90
100
95
80%

Scpt’ 15*
91%
Deo T8
85%
Feb T5
104%
May T9
96%
Apr T9
93%
Feb '18
100 Feb T3
90
92% Nov’ 17
96
90
90
99% 92% MayTO
93 Feb T9
.03
LOO
100
98 Apr T9
80%
—
80%
99% Apr T9
95
94 MayTO
87% Apr T9
04f Apr T7
______
93
95
93%
73% 73
73
99 Mar’ 19
99
101
90% Aug T7
93%
95%)
Sale
93
Salo 102
96%
96%
99
96
Sale 93
94

,17

99

’19
’16

61
63
45%

10

62

63%

97
78
52%
32%
33%
33%
79

91% 05
82"* 89 "

100

00%
96%
95%
93

90
92%
94
100
90
79%
99%
93
87%

104%
99
96%
90%
94

00%
92%
94
105
98
84
993
97

4

88

91% 94
69
71%
98 100
93
96%
85%
82

100
73

Miscellaneous
Adams Ex coll tr g 4s______ 1948
Alaska Gold M deb s A ____1925
Conv dob a aeries B......... 1926
Am S of W Va 1st 5a............1920
Armour Co lat real eat 4 Ha '39
Booth Fisheries deb a f a___1926
Braden Cop M coll tr a
s. 1931
Bush Terminal 1st 4s............1952
Conaol 5s_________________ 1955
Buildings 5s guar tax e x .-I960
Chic C
Conn Rya s f 5 a .- . 1927
Chic Un Stat’n lat gu 4H s A 1963
Chile Copper 10-yr conv 7a. 1923
Recta (part paid) conv a ser A
Coll tr
conv a aer A . . . 1932
Computlng-Tab-Rec a f 6a_.1941
Granby Cona M & P con s A 28
Stamped_________________ 1928
Great Falla Pow l t a f 5s___1940
Int Mcrcan Marine a f a___194J
Montana Power 1st 5a A ____ 1943
Morris <fe Co lat a f 4 H « ____ 1939
Mtgc Honda (N Y) 4a ser 2 ..19 66
10-20-yoar 5s series 3 ____ 1932
N Y Dock 50-yr lat g 4a____1951
Niagara Falls Power lat 5a..1932
Ref & gen Oa____________ 1932
Nlng Lock
Pow lat 5a..1954
Nor States Power 25-yr 5a A 1941
Ontario Power N F lat 5 a ..1943
Ontario Transmission 5s____ 1945
Pan-AmPctATrlat codv h T 9 -’27
Pub Serv Corp N J gen 5a. .1959
Tennessee Cop 1st conv 0a__1925
Wash Water Power 1st 5a __ 1939
Wilson Co lat 25-yr a f a. 1941

6

8

A

6
t6

A

6

6
8
8

A

6

6

a

6

6

A

Manufacturing & Industrial
Am Agrlc Cbem 1st c 5s____ 1928
Conv deben 5a___________ 1924
Am Cot Oil debenture 5 s ...1931
Am Hide L 1st a f g s____1919
Am m R 1st 30-yr 5s ecr A ’47
Am Tobacco 40-year g a___1944
Gild 48..................................1951
Am Writ Paper lat a f 6a._.1919
Trust Co ctfa of deposit _.
Baldw Loco Works lat 5a..1940
Cent Foundry 1st a f a____1931
Cent Leather 20-year g 59..1925
Conaol Tobacco 4 a ............. 1951
Corn Prod Ref'g a f 5a____1931
1st 25-year e f 5a.................1934
DlHtll Sec Cor conv lat g 5s. 1927
E I du Pont Powder 4 H s . . . 1936
General Baking lat 25-yr
Gen Electric deb g 3 H s ____1942
Debenture a____________ 1952
Tngersoll-Rand lat 5s............1935
Int Agrlc Corp lat 20-yr 6a__1932
Int Paper conv a f g 5s......... 1935
lat A ref a f conv 5a aer A . 1947
Liggett A Myera Tobac 7S..1944
5s............................................. 1951
Lorlllard Co (P)
.................1944
s............................................. 1951
Mexican Petrol Ltd con s A 1921
lat Hen
s series C ..1921
Nat Enam
Starapg 1st a. 1929
Nat Starch 20-year deb a .. 1930
National Tube 1st a...............1942
N Y Air Brake lat conv Ca_. 1928
Pierce OH -year conv 6a..cl920
-year conv deb s......... M924
Sinclair Oil
Refining—
1st a f 7s 1920 warrants attach
do without warrants attach
Standard Milling lat 5s____1930
Tho Texaa Co conv deb . .1931
Union Bag
Paper lat 6s__1930
Stamped................................1930
Union Oil Co of Cal lat 5 s .. 1931
U S Realty I conv deb g 5s 1924
U S Rubber 5-year aec 7 8 . .. 1923
lat
ref a series A ............1947
U Smelt Ref
M conv a. 1926
Va-Caro Chem 1st 16-yr a. 1923
Conv deb a...................... «1924
Weat Electric 1st s Dec____ 1922

6
6

A
8 A

6

g

g

63.1936

6

7a

6

6
6
6

Aret 6
A

88
88

101
77%

6
A

10

6

69

A

8

A
A 6

A
6

6
6

6

Coal, Iran & Steal
Beth Steel 1st ext f 5s......... 1926
lat A ref 5a guar A ...............1942
20-yr p m A Imp s f 5a...193 6
Buff
Suaq Iron a f a____1932
Debenture
_____ ______al926
Cahaba C M Co 1st gu a .. 1922
Colo F A I Co gen a f 5s____1943
Col Indus 1st A coll a gu__1934
Cona Coal of Md latAref 5a .1950
Elk Horn Coal conv s_____ 1925
Gr Rlv Coal A C lat g 6 s..M 91 9
Illinois Steel deb 4 Ha______ 1910
Indiana Steel lat 5s_________ 1952
Jeff Clear C A I d 5s____1926
Lackawanna Steel lat g 5 s ..1923
lat cona 5a aerleo A ............1950
Midvale Steel
conv a f 581936
Pleasant Val Coal lat a f 5s. .1928
Focah Con Collier lat a f 5a. 1957
Ropub I A S 10-30-yr a a f.1940
St Rock M t A P a atmpd.1955
Tonn Coal 1
RR gen 5a_.J951
U S Steel Corp— lco u p ...d l963
a f 10-60-year 5a\rog____ dl983
Utah Fuel lat a f 5a................1931
Victor Fuel lat f 5a________1953
Va Iron Coal Coke lat g
1949

8

A

6

6e

6

6
6

2

A

AO

I.

A

Low

59%
28
29

6

6

58%
34%

Week’s
Range or
Last Sale

BONDS
N . Y . STOCK E X C H A N G E
Week Ending May 16

AO

62
43

6\

03
65
65
58
62% Sale

80%

61
59%
75
76%
72%

2

90

67
74
75%

57% 62%
90% 100

1
1
1
2

A

6a

89% 94%
93% 98
83
89

12

Ed El III Bkn lat con g 4a. 1939
Lac Gaa L of St L lat 6a—<1919
94
Ref and oxt lat g 5s--------- 1934
87%
Milwaukee Gaa L 1st 4a------ 1927
89
Newark Con Gaa g 6a---------- 1948
93
N Y G E L IT A P R 58.......... 1948
72%
Purchase money B 4a.......... 1949
95%
Ed Elcc 111 1st cods g 58.-1995
89
NYAQ El LAP 1st con g 68.1930
Pacific O A El Co— Cal G A E—
93
93%
Corp unifying A ref 5 a .--.1 9 3 7
93%
Pacino G A E gen A ref 6 a .. 1942
86*4 Sale
863s
Fac Pow A Lt lat A ref 20-yr
90
82 Apr T9
6a International Series— 1930
86 ______
Pat
Paaaalc G A El 5a------1949
July
100 ______
Pcod Oaa A C lat cona g 68.1943
Apr T9
75% Sale
Rebinding gold 5a------------1947
75%
85
Ch Q-L A Coke lat gu g 5s 1937
8ept’ 17
—
94%
Con O Co of Ch lat gu g Sal936
Apr T7
89 Mar’ 17
Ind Nat Gas A Oil 30-yr 6al936 M N
94- July’ 17
Mu Fuel Gaa lat gu g 5a..1947 M N
Philadelphia Co conv 6a-------1919 F A
% Nov’ 15
9334 Sale 93%
Conv deben gold 6 s ........... 1922
93%
92
90% 96% Apr TO
Stand Oaa A El conv a f 0a ..l9 2 0
88 1
Syracuse Lighting lat g 50..1951
97% May’ 17
74
Syracuse Light A Power 6a..1954
70 Nov‘ 18
90
Trenton a A El lat g 5a------ 1949
98% Oct '17
94
Union Elco Lt A P lat g 5fl..l032
90 Mar
’ 82'% 86% 101% Nov
Refunding A oxtonslon 50-1933
94
97 |
United Fuol Gaa lat a f Oa— -1936
I 97
97
8834 89%!1 88%
Utah Power A Lt lat 5a____1944
8834
90 .
Utica Kleo L A P 1st g 5 a ... 1950
101 June’ 17
87 "92% 90 Feb T9
Utica Oaa A Kloc ref 5a____ 1957
Westchester Ltg gold
____ I960
86 90 I 90 Feb T9

g

Range
Since
Jan. 1.
.Vo. L
6 ow High
1

?
s*

91% 92
91%
95%
90
35
95
87% 85
87
87
90 Aug ’ 18
08 Nov’ 18
97%
05 Sept’ 18 ____
65
88% Feb T9 —
01
77% 80 Aug T2
07 Fob T9 ____
69
74 Jan T9 ____
65
75 Apr T9 —
75
77
82 Aug ’ 18
82%
3
61
60% Sale 60%
97% MayTO
96*2 98
—
80% 70 Deo T8
30 Oot T7 — J
83% 83%r S2%
9
83
93 Oct 'IS — J
93% 90
96 100 Feb T7 . . . .
—
90% Mar’ 17 ____
64 Jan T9 ____ |
59
06
60% 08
65*2 MayTO -----75
75 Feo T9 -----77
76% 78% 77
lij
78
75
78
73%
73%

85%
87
104
97%
96%
96
93

5

W e e k 's
R anoe or
L a s t S ale

2011

6

6

8
A
5a
Telograph &Telephone
Am Telcp ATel coll tr 4s...1 9 2 9

High
60
29
29

I

94
00%

NoMLow High
3 I 69
~
65
3 25
1 I 26 35
35

86%

87% 87%
87% ” l6 *86 * 88%
90 Fob '18
94
94%'
9 I 92% 96
81 Apr T9|. — I 90% 81
80%
80% I
2 80
85%
80
80
1 ! 79% 81
58 M ar'18,
-II.
85%
85%
11 85
89
Sale 117%
119 I 36
Sale
99 82% 90*4
Salo
221 81% 90*2
•SI
84
84
82% 85%
107
98% Feb T9 1— ;7 97
9812
Sale 98
98
1 95
98
95% Apr T9 ---- -1 93% 95%
Sale 00%
102 980 97 102
Sale 92
92%
8 91
95%
87% 83 Feb T9
83
83
83 Apr T4
94 June’ lG
70's 68% Apr T9; ____ 68% 71
94% 9S% 90 M
93% 97
101 Mar T9
101 101
90% 93
89% Oot '17 ------ j
% Sale 87%
89
9 87% 90
90% 91%' 90
90
5 89
91
95
84 June’ l ____ I
140
140% M ay’ l
-1 112% 140%
76% Sale 76%
7GI 75
80
91% 93% 92
2 91
92*2
90% 92%
_
90
93
Sale
103 96% 100%
I
Sale
6 98 101
101
Sale,
108
110
13 low 112%
89
l 1 87
87
89%
%
7| 99% 100%
100%
91*2 Sale
91% 171 89% 93
118% _ — _j
2 119 119%
119
78% 78*2
Apr T9 . . . J 72% 78%
99% 9 9 V
l 1 88
99%
99%
90
Sale
40 86
90
90%
%
;
MayTO ____| 100 101%
84
81
80 Apr T9
78
82
96
Sale
51 95% 97
97
74
80%
Dec '18
99% 101%
MayTO ____ 1 29% 100
99% 100%
M ay’ 19
99% 100%
91
89
90
24 89
91
92% 100
92%
92*2 92%
85
88
....
88
88
72% 78
73%
7Hs 73%
99*2 Sale 99
20 97% 101
96
81% Salo 81%
56 76% 82%
98
98
98
98
92
90%
113 113% 113
111 133%
in 90
92*2 Sale
94
113% Sale
109% 113%
90% 92
3 90*4 94
94
80%
80%
79%
40
85%
118%
90%
90
83%
98
98
94
%
92%
83%

Sale
85
84
S3
50

1

86

1
1

101

68
101 102
88

92

100

101
88
100 100

100 101

1

1

88

7
4

96%
93%
97%
%
132
108%

97
____
99
%
140 |
Sale

113
99%
93%
%
S
%
94
76%
103*2
%

Sale
Sale
98
103
93

2

90
92

182
95

185
96%

93%
60
102%
86
97%
95%

94
77
104%
89%
100
96

97

99%

100 102

102
8
86

Sale
Sale
103%
Sale
103
95% 96
% Sale
97% 98%'

88
102
101

95%
%
S
91

88
6

91
74%
87
98%

100% 102%

96%l 95%
96% I
Sale
89%‘
Sale 85
80
96
90 MayT8 .
86% July’ 18 .
101 Dec T4 .
91
01
Sale 74%
74%
90% 87% Apr T9 .
—
98 Feb T9 .
94 Feb T8 .
Sale 85%
85%
Sale 96%
97%

95% 96%
87
89%
80
80

1 877S

88
73%
83
95

85*2
96%
96
96% 97
95
92
*89% Sale
80%

82% *85%
95
98%

88*2
88 Salo

96
80
92

82%
Sale
% Hnlel
100%I

100

87
70 | 70 Mar’ 19 .
55
% 85%
85*2
85%

88 1

85
Sale!
Convertible 4a___________ 1936
78*2
90 iSalo
20-yr convertible 4 Ha____1933 M
92% Sale;
30-yr temp coll tr a_____ 1946
103% Sale ;
7-ycar convertible a_____ 1925
99
96
Cent Dlat Tol lat 30-yr 5 a .. 1943
65 —
Commercial Cable lat g 4a..2397
73 :
Registered________________ 2397
68% «
93
93% 93%
Curab T A T lat A gen 5S ...1937 96%
Koystouo Telephono lat s . .1935 J
89
91
Mich Stato Tcloph lat 5 s .. .1924
91% 1
N Y A N J Telephone 5s g ..l9 2 0
98%
98%
89% 89% 88%
N Y Telep lat A gen s f 4Ha_ 1939
Pacific Tel A Tol lat 5a......... 1937
92
Sale. 91%
91
South Bell Tel A T lat a f 5a. 1941
93
90%
West Union coll tr cur 5a...193 8
93*2 Sale
84%
%;
Fund A real cat g 4 Ha___ 1950 M N
99 |1
Mut Un Tel gu ext 5a___ 1941 M N
—
Northwest Tel g u 4 H « g --1 9 3 4 J J 8 1 % ____ | 04

1

J

6

86

91
77*i
90
98%

91%
80%

1

98
89%

Since

II Jan. 1.

6
6

91
94

Range

!

1

-

87%
92%
80*4
91%
99%
99%

’ 88 ’
90%
80*4
92%
101%
100%

70"'
85%

70
87%

83*4
77
85*2
90
100%
96

85%
80
90
94
104
98%

93
90”
98%
87%
90%
90
93
86

94
~92%
08%
91*i
9.5%
93*i
94
92

0priceFriday; latost bidandasked, a DueJan. d DueApril, aDueMay. (/DuoJuno, h DueJuly. A;DueAug. 0 DueOct. p DueNov. 0DueDec. « Optionsale.




Salesfor

S3ARBPRICES—NOTPERCENTUMPRICES.
1
1

135
*135 136 *135 136
75
73%
73i
7312 73i
____
91
____ *91
32
323.i 32l2 32l2 3212
*150 160 *150 160 |*160

2

*4
*134
*85
*
*54
*103

2

62

l
*4
____ *134
____ ! *85
,*
%
55 I *54
____*103

11212 115 112

*78

.1

*95

62

96 !

99
46
55

*4
*134

*86

1

112l
55

2

H2

99
46

'

*45
54l

*21

2 5514
11034 110*4*110
108% H I
101 *101
10m 101% 101
88% 94*4 93

*2
6*2

54

7934 *78

2

* ____
*441
' 55

2

7934

I 112

112

55
55
...................
Last Sale 103 Apr’ 19
Last Sale] 70 Mar’ 19

___

793.11

7934

[Vol. 108.

Range Since Jan. 1.
Highest

Rangefor Previous
Year 1918
Lowest Highest

Jan 8
Mar’2 1
Fob 8
Jan30
Aprl5
Apr28
Apr28
131 Aprl7
84
Fobl4
l ll% M a y l4
51*2 Apr24
99% Marl5
70 MarlS
79*4 May 6
1 M ar21
4 Mar27
25% Feb 13
83 MaylO
95 Apr 12
18
Aprl4
93 May 8
40 M ar21
49% Mar 13

145
Apr 3
80% Apr 5
95
Jan 3
35 MaylO
168
Jan 6
50c
Apr2S
11
Jaul4
135
Jan 4
88% Apr 8
115
Apr 9
58
Jan 2
103
Apr 5
74
Feb27
83
Jan 6
3*2 Janl4
17*4 Janl4
34% MarlO
94 Mar 1
105
Jan 3
22 May 14
100
JanlH
50
Apr 3
56
Apr 5

122*2 Apr 146 Nov
SO Nov
37
Jan
80 July 104 Nov
■10 Sept
19
Jan
150
Apr 170 Aug
3 June
.50 Dec
15 June
10*4 Mar
Apr
138 July 117
85*2 Deo
82*2 Apr
101
Feb 125 Nov
65
Jan
53
Jan
100 Sept 116*4 Jan
81
Feb
70
Oct
88 Nov
77*2 June
7% May
1*4 Sept
33 May
Jan
46 May
27
Feb
95 Nov
84
Oet
% June 112*2 Dec
25
Jan
20
Jan
90
Oct
80 Aug
50 July
37
Feb
62
Apr
47
Jan

95

*95*

*44~
55

99
45*2
55

Last Sale 93 May'19
*44*2 45*2
44*2 44*2
*55
................................

22

95

22

” ”

22

22

” ”

22

100
97*2
61*4
55c
2%
111
113
99
46
94
79
78*2
17*2
97
18*4
13%
10
4%
155
52%
146%
28

Jan29
Jan 3
MarlO
Jan 2
Apr 8
Jan 2
Jau 2
Jau29
Jan20
Jan21
Feb 15
Jan 9
Jan21
Feb 3
Fob 7
JanlO
Mar 26
Jan 4
Apr20
Jan21
Feb 7
April
Mar20
18
Jan 4
19 Mar20
6
Jan 2
90
Janl7
74
Apr30
68
April
130
Feb10
90
Jan22
46 Mar 5
113*2 Feb 13
48
Feb l
14
Jan 3
32*8 Jan23
115
Jan30
52% Janl3
157*2 FeblO
44
Jan13
Jan 2
FeblO
113
Jan 2
7*4 Jan21

114 May 2
102*2 Marts
102 May 14
1*4 Feb 3
6
Jan 8
136 May 9
119
Apr 5
108*4 MarlO
84 May 9
101*4 May 9
103*2 May 15
81 Mar 2 2
22*2 May 5
174 May 9
23*2 Apr'23
15*2 Marl7
18*4 May 6
6% May 6
172
Jan 2
65*2 M ay 6
167 May 15
37*2 MaylO
9*4 May 6
28 May 0
40 Mar26
9% Feb20
99 Mar20
86
Jan 9
71
Janl3
142 MaylO
90 MarlO
54 Apr24
122% Janl5
00*4 Apr29
10 May 15
49 May 6
150 May 5
63 May 2
187 May 9
55 May 6
31
Jan25
104*4 M ayl5
117
April
15*2 May 15

.50
Apr22
62** Mar22
3
Apr 5
10c Apr30
33% May 1
10*4 Feb 11
39
Fob15
Feb28
20o Jan30
17** Jan23
57
FeblO
350 M arl4
12*4 May 5
12 Mar21
39 Mar 5
2 M arll
Feb 13
8
Feb‘28
l% M ay 9
05
Apr2l
41*4 May 13
4 May l
20c Feb 20
50o Mar 8
42
AprlO
78
Aprl2
24
Jan 2
4
Janl7
99o Mar 4
3
Jau25
2 AprlO
2*8 Apr23
4
Fob 7
2
Janl3
2*2 Feb24
49*2 Feb 7
15*4 Mar2(l
l Mar
14*t Mar 5
May 2
8% Feb11
57*2 Mar 1
Jan 15
9
Fob2fl
250 Apr22
75o Mar 15
30*2 Mar 5
45 Mar 17
12*8 Feb 8
52 Mar22
19*2 Fob 8
40 Mar 1
13
Jan22
1*2 MarlS
40o JanlS
Janll
4 Mar 8
1 Mar28
2
Fob J
74o Apr 1
43
Jan21
44*4 Jan2‘!
1*4 May 1
Janll
1*4 Jan‘21
1*4 Marl:
60o Jan 1
15 Mar
lOo Marl3l

1*4 Jan
99o May 15
% June
86 Nov
75 Mar 4
69
Deo
5% Nov
4*4 M arll
1% Apr
95c May 14
.45 May
.15 July
44
Jan21
54
Fob
40*2 Doc
18% May 5
July
10 Dec
49*8 May 15
40*2 Do<* 54 July
16*4 Aug
13 May 13
11
Jan
.48 Nov
90c May 14
.20 Oct
25 M ayl3
33 May
16*4 Dec
04 MaylO
% May
61
Dec
445
Jan 3 425 Doc 470
Deo
14*8 M ayl4
% Feb
15
Apr 2
10*4 June
45% M ayl3
51*2 Nov
40 Dec
3 Sept
3*4 May 14
1*2 Apr
6% Mar
May 14
4*4 Dec
12 Nov
11 May 15
Mar
6
Feb
3% Jan 6
3 Juno
H Oot
73% Fobl3
73*2 June
57*4 Nov
45*4 Jan 2
39
Jan
0*4 Apr 4
Doe
10*8 Jan
3% M ayl3
Sop
15c Mar 30c
Jan
75o Fob18
.40 July
70 May
48>2May 6
44% Dec
85 May 14
84
Feb
79*2 Oct
29 July
27*4 MaylO
19*2 Jan
0% Oct
0*8 May 9
5
Jan
l% M ay
1*4 Apr 8
.80 Sept
May
4*2 Jan 2
Dec
3% Mar
2% Jan 3
2
Jan
3
Jan 9
6
Feb
Dec
7
Jan
5*4 MaylO
Sept
Nov
7 May 9
.65 Mar
4*4 Oot
0 MaylO
.40 June
% May
58*2 Apr 7
50*2 Dec
17*2 MaylO
20*2 May
16*2 Dec
2*4 Mayl2
July
1*4 Aug
18*2 May 14
17*4 Mar
9*2 JanlS
Deo
20
Jan
17 May 15
12 Aug
76 M ayl5
80
Jan
63*2 Dec
9% Apr
13*2 M ayl2
Jan
17% May
12 M ayl3
10*2 Dec
75o M ayl4
.95 Mar
.25 Feb
% Deo
% Juno
3*4 May 16
37
Apr 3
45*2 Jan
32
Dec
62
.Janll
65
Jan
46*2 June
19 May 5
20% Feb
12*4 Dee
01
Jan 3
78 May
59 Deo
21*4 May 14
25*4 May
19*2 Dec
50 May 13
57
Jau
38
Dec
21*2 MaylO
15*4 Deo
7
Jan
3*2 Jau
Jan
Dec
2
Jan
l% M a y l3
Sept
.20 JaD
45o May 14
.10 Dec
8% Nov
0*2 MaylO
4
Fob
4*4 Sopt
3
Jan 4
1*1 Aug
4*2 Feb
3% M ayl3
2*2 8ept
1.00*4 May 14
.73 DOC 1 % AUg
60*2 Oot
09*8 May 14
36
Apr
47*2 Nov
50 M a y ll
42 July
4% Nov
3*8 Jau 3
1*4 May
12
Jan
Dec
10*4 M ayl5
3 * 6 Apr
1 Deo
2*4 Marl2
3
Jan
May 14
1% Dec
2
Jan
% Nov
1*4 Jan 4
30
Jan
18 Deo
19*2 M a y ll
.40 May
1 *6 Mar
1 May 13

Lowest
.100
.100
ion

95
452
16
723
5

Do

prof.

Do

prel

182
81

793.1

Last Sale', 1
Apr’ 19
Last Sale.5
Apr’ 19
32
32%
31% 33*4

32*2
94
95

31*8

22
U4 *__

99
45
55

Week
Shares

Friday
M ay 16

136 136
136 I 135 135
74
74
74 I 73*2 74
91
91 I 91
35
33
33
33*2 33
____ 160 160
*160
Apr’ 19
'Last Sale
” .50
Last Sale
Apr’ 19
6*2
Last Sale lS i M ay’ 19
Last Sale 87 May’ 19

54
*103

STOCKS
BOSTON STOCK
EXCH A N G E

th e

Thursday
M ay 15

2 111*2 111*2 *111*2 112

2934 30% 29l2 31U
*- 94 *____ 94
96 ! 95 95
95

88

2112 2112 *21

*____
*45
55

6i2

___ I *86

7934

29i2 30 i

88

135
135
74
71
91
*88
33
33U
____ *160

i
*4
____*134

115
112
55 ! 54
____*103
____I . . . .
7934
*78

7934

Wednesday
May 14

Tuesday
May 13

Monday
M ay 12

" Saturday
M ay 10

*01

BONOS
S«» Next Pago

BOSTON STOCK EXCHANGE—Stock Record

2 0 1 2

1,222
1
49
140
87
127

.100
.100
par
par
100
.100
100
100
.100
100
.100
100
.100
100
100
100
100
100
50
50

prof___________
Miscellaneous
100
209
10978 109% 109*2 HO
100
Do pref
305
101
101 101*4 101*4
1,776
95
95*4
94*2
95
87
87%
P25
Last Sale l's
Apr’ 19
1*4
*.90
1*4 *.90
1*4
*.85
1U
50
Do pref
295
5
5
*5
5*2
5
5
5 | *4*2
5
5
5
5
100
255 mor Sugar
132% 132% *129 134
13338 13338 133 1341 1333s 134
100
Do pref
47
118 118
120 | 117*2 117*2 117*2 118
119
119 1*118
100
3,566
1035s 104
103% 104*4 103% 106
10334 10438 10334 104*4* 1035s 104
100
*77
79
78
80*2 *76
79
82
83
82
80l2 80% ‘ *81
100
455' Do prof
101 1013i
101*2 101 101*2 101*8 l
Hs
%
636 Amoskeag
103*2 103*2' 101
100 102
98 I 100 100
100
102 I 98
125
Do pref
*S
82
80*2 80*2
82
*80
____
80i2 80*2 *80
*80
10
Last Sale 22 May’ 19
*1958 22%
*1958 22%' *193s 221
25 Atl Gulf & VV I S3 Lines. 100
169 169 *163 166 , '167 169
163 i 161 163
*166
168 *161
% 22*8 22*4 22*2 *21*4 2134' 22*4 22*4
21U 21% 21*4
945 Century Steel of Araer Ino. 10
14
14%
14
14
14%
14*4
1-4*3 14*8
14
14*8
14
1414
10
17
17 |
17
17
163 17 | 16*2 17*4
16% 17
10
534
5%
5*2
5*2 ‘ *5%
6
*5*2
6
5*2
5*4
6
6
100
157 157 I 157 158
156*2 157
156 157
157 157
157
157
25
62*4 62*4
62*4 63
62% 63*2
62
62%
62
62
6212 62
100
167 167 j 165*4 165*4
164 166 I 1641 164*2 165 165
*162 164
35*4 36%
35*4 37*2 12,108'Qorton-Pcw Fisheries____ 50
33*2 33*2 34
35*2 36*2
331 34
35*2
807iinternat Port Cement___ 10
7*4
734
7*2
7%
734
7*2
73.1
71
*73s
73i
Last Sale 26 May’ 19 ---------! Do p re f____*________ 50
26
*23
26
26 I *23
*23
*24
28
34*2 34*2 34*2 34*2
35 | *34
33*2 33*2
34
34l *33
35*2
. P10
83s
8*2
8*2
%
J
.100
95
*94
95 I 95
95
*94
95 *____ 95
95
*94
95
821
.100
75
76
76
78*2
76
76
76*2 76
76
76*4
76
76%
100
288
Do pref.
67*2
SI
68*4
68*4
68*2 68
68*4
68
68
100
108
141*4 141*4 142 142
140*2 141 | 140 141 *141 142
*140 145
.100
226
92
92*2 92*2 93
92*2
92*4 92*2 92
92*4 92
*92
92*2
.100
Last Sale 54
Apr’ 19
70
*68
65 I ____
*60
63t2 *60
100
7
'128 129 ' *120*4 121*4 120*2 121*2 121*4 121%
50
1,405
55
55*2 55*4 55*4
5534 56*2 56
56*4 *55*2 56*2
56
56*4
10
16
16
16
16
*15
____ I *15*4
*15*4
*15
.
2,096
Stewart
Mfg
Corpn.
4612
46*4
46
46*4
47*2
4634
47**2
47
47
47
4634 47*8
100
147 149*4 146 147
145 146*2 145 146*2 146 149
144U 146
75
86
66
65 I
64% 65% ...................
65 | 65
*64
*66 . . .
100
1,001
183 184 i 182*4 183
184 185*2 1823 183*2' 183 184
180*2 185
25
5,846
53
54 I 5212 53
5334 54*2 53
54*8! 53U 54
533s 54*2
99
75
Do p ref.
27*2 27*2 ...................
27*8
27*2 27
*27
27*2
27*4 27*2 27
.100
2,559 r S Steel C<
9934 1013.4 100%
1013s 103*2 103 10134 102*2 103%
99*2 1003s
100
39
Do pref .
115 115*8 ____
5
143,i 15*2 147S 15*4 35,474
15
1434 15*4
"l "*% 1134 14*2 14
Mining
25
325
1
*.90
.95
.99
.76
.80
.*60
*.60
25
681
73
*73
72
74
75
73
72*4 74
70
70
10
905
3%
3%
3%
33i
33S 3%
3*4
3’4 *33
33s
33s
2,760 Algomah Mining_________ 25
.60
.65
.75
.75
.95
.75
.75
.45
.45
.45
.40
.40
361
75
37
37
37
37
35
35
|
37*2
37*2
36
37*2
35*2
*35
590
. 25
17
17
17% 17*4
18
17
17
17
*16*4 17
*16
17
75
10 Do pref
50
50
49% 49% *49
50
*48
*48
50 , *48
50
*48
5
2,630
12% 13
12*4 13
12% 13 I 123 13
12
121.1 12*4 123
5,105 Butte-Balaklava Copper.-. 10
.ou
.yu
.DO .70
.4U
*.35
.50
67
. 10
26
*25
27
*24i2 25
25
25
25
*23
24
812
10
63
64
62
62*2 62% 63
60*2 61
61*4 62
59*2 60*2
151
. 25
385 389
390 395
370 375
380 385
370 380
370 375
2,928
Carson
Hill
Gold.
_____
_____
13*4
13%
14
13%
14
13*i
14*8
13*2
13*8 13%
75
35
12% 12% *12% 12% *12*i 12% *12*2 13
*12*2 13
*12*2 13
2,316
25
44% 45
43% 45*2
45
45
44
45
44*4 45*?
43% 44
70
1,580
*3
3*2
3
3
3%
3*2
3*4
2%
3*4
*212 3
3*4
. 10
6
6%
6*8
6*2
6*8 4,650
5%
6
6%
5*4
6%
5%
5*4
5,571
.
10
11
10%
10*4
10
It
10*4
11
9*4
10*4
*8*2
8*4
2,394
25
2
2
2
2
2*4
2
2
1%
1*2
1%
1*2
1*4
25
.100
*68
70
69% 69*4
*63
70
69
*68
70
*65
66*2 *66
50
100
*42
43% *41*2 42*2
42
43
41*4 41*4 *42
*39
40*8 *40
632
. 25
434
5
5
5
5
5
5
5
5
*4*2
5*4
75
3% 22,680
3*4
3%
3
3%
3*4
3%
2
3*4
2*4
2*4
1*4
447
25
1
*.85
*.80
1
.75
.75
.50
.75
.75
.75 *.60
*.60
1
81 Island Creek Coal.
*45
48
*45
48
48
47
47*2 47*2 *45
*47
47*2 48
. 1
10 Do p ref______
*84
86
*84
86
85
♦84
86
85
85
*83*2 85
*83
2,375
25
26*4 26%
26*4 27*4
26
26*2 26*4
26*4 26*2 26*4
25*2 26*4
5
3,210
6
6
6
6
6*8
6
6
6
5*4
6%
6*4
5*4
25
Last Sale 1*4 May’ 19
*1
1%
*1
1*2
*iMi 1*?
*1*8
1*2
75
1,265
4
4
4*2
4*4
4*4
4*2
4*2
4 % 4%
4*4
*4*8
4*4
25
200
*2%
*2%
234
2*2
2%
2*4
*2%
*2*4
2%
2%
2*2
*2%
5
1,120
3
3
3
2%
*2%
3
2*4
*2
2*i
2*4
2*4
2*2
1,835
. 25
5
4*i
4%
4%
5
5*4
5*8
5*4
5*8
5*4
4*4
4*4
6,611 Mayftowor-Old C olo n y.... 25
6
5%
6%
5*4
6%
6
5*4
6*4
6
6*4
25
1,248
57g
6
4*i
*5*4
5*2
5*2
4*4
4*2
6
5*2
5*4
5*2
377
. 25
58
57*2 57*2
58*2
57
58
57*2 58
56
56
57*4
58*2
5
10
17% 17*2
17*i *17.
*17
17*4 _____ _____
17*i *17
*16*4 17
- 25
493
*2
*2
2*4
*2
2*4
2%
2
2
2*2
*1%
1*4 2*4
1,610
17% 18
17% 18%
18
18%
17*2 18
*17
17*2 17*2
17*2
.
_____
_____
195
9
9
9
9
9
*8*4
*
9*4
100
154
_____
_____
16% 17
16% 16*2
15% 15*2
*15
16*2
16*2 *16
ion
1,078
_____
____Do praf.
75
72
74
74
76
73
72*4 72*4
71*2 71*2
127s 13
11*4 12*4
13%
12% 13*2
13
11*1 11*4 7.626
12% 13*4
15
11*4 11*4 2,595
11*2
11% 12
11% 11%
10
10
11% 11*1
10*2
25
1,416
.80
*.65
.80
.50
.(35
.60
.75 *.65
.50
.45
.50
*.25
75
7,505
*2%
2
3
2%
2
3*4
2
2%
2*8
*1%
*1%
75
38-1
34
35
35
34
34
34
35*2 *32*2 35
33*2 34
25
271
49
49
49
49*4
47
46
49*4 *47
48*2 48*2 49*4
46*i
10
765
17% 17*4
17%
17*4
17
17*4 17% *17
17*4 17*4 *16*4
25
155
_____
_____
59
59
60
60
60
58
53
58*4
*57*2 58*2
100 Ray Consolidated Copper..
2134 *21*4 22
2134 2134 *21
*21
21*i
*20
20*4 *20*4 21
290
. 25
50
*48
50
50
47
50
60
46
47
50
*45
46
7,035
19% 20*4
20
20*8 21*2
15% 15*2
20*4
15*2 20
*15% 15*4
10
2,165
2%
2%
2%
2*4
2%
2%
2%
2%
2*4
2%
2
2%
25
525
2
*1*2
*.75
1
1*4
1%
1*2
1
1%
*.75
1%
1*4
5
8,350
.22
.30
.28
.25
.20
.45
.20
.14
.18
*.12
.20 *.17
1,203
75
5*2
*5%
5*2
5%
5%
6*2
5
5*2
5*2
5*2
5*4
5*4
- 10
3,230
2
2%
2%
2
2*4
2*4
2*4
2%
2*s
2*8
1%
1%
?,r>
1,555
♦3
3
3
3*4
3
3
3*4
3
3*4
3
3
3*2
4,100 Tuolumne Copper.
*__
.97
.99
.99
.97
.90
.95 1.06*4
.85 *.85
.85
5.627 ’ S 8raelt Uefln *
. 60
65
66
64*i 67%
60
67*4 69%
57*4
67*2
59*2 60*4
1,309
- 60
49% 50
49
Do pref---------49*4
49
49%
49*2 50
49*2 49*2
48*4 49*4
3,160
. 6
2
2
2
2%
2
2
2
2
2
2
1%
2*8
5
1,275
10
10
9%
10*4
9%
10*4
9%
9%
9*4 10
9
9
1
6,261
2
2
2
2
1%
1%
1% 2
1%
1*4 2
1%
25
1,400
2%
*2%
2%
*2
*2*4
2*4
2%
2
2%
2*2
2*2
2*8
- 2fi
100
1
*.90
1
*.95
1
1
*.90
*.90
1
IV* *.95 IV*
75
1,187
19%
19
19*4
17
19
19
18*2 19
16
16
16*2 16*4
. 2.1
145
1
1
1
*.80
*.80
l
*.75
1
.50
1
*.60
*.60

110*2 111
101*2 101
100
100

*1

111
102
102

2

1

10 101 101

10 78

*1953 2*212

2
2112 21

0<2

1

101 101*2
102

W
.

4

2
2

2
734 8

2
8 86

8*2 8*8

8*4 8*2 8*4 8*2

8*4

6 2 168*2 68*4

68*2

66

4

101*2

12*4 2

8

334

4

4
*2512

♦2312

8*4

4*4

6*4

6*4

8*4

5

8*4 8*4

5

2
35

10

1

68*4

* Bid and asked prices,




d Ex-dlvldend and rights.

« Assessment paid.

5 Ex-stock dividend,

hEx-rlghts.

131
04*4
85
28
159
50o

6*2

4*4

26*4
88*4

10*4

4*4

8

6*2

8*4

80

7*2

* Ex-dlvldend.

8*2

188

78*2 Jan
83% Jan
.40 July
Sept
99
Jan
107 June
90*4 Aug
45*3 Jau
90
Jan
60*2 Jan
76
Jan
Fob
98
Jan
21
Jan
10*4 May
11*2 Nov
Jan
134 June
27*2 June
128
Jan
27
Aug
4% Oct
12
Apr

4

11

4

106
100

2
1553

% Mar
Mar
115% May
115
Deo
109*8 Oot
00% May
97*2 Dec
92 Nov
.82 Juno
19
Deo
120*4 *■<*»
28% Sept
11% Deo
17*3 May
% May
186 Nov
64*4 Nov
157*4 Nov
35 Aug
*» Oct
23 Nov

1

5

7

6% Dec
3% Aug
93 Nov
88 Sopt
91*4 Nov
x77% Jan
Nov
62 June
Nov
107 June
82*2 July 100% Oet
69
Jan
53 Dee
102
Jan 130 Nov
51
Deo
29
Jan
13% Mar
H
Jau
% Nov
27
Oct
102 Aug 146% Aug
56
Deo
45
Jan
Deo
115% Jan 166
48*2 May
38% July
26*2 May
24% Aug
87 Mar 110*2 Aug
108 Mar 113% Deo
Nov
5
Jan

71
147
41

9

21*4
73
14

6*2

8*2

84

4*4

1

3*4
2*4
3*4

8*4

4*3
60
2*2

9*4

8%

1

0

2*4
*2

7

2*2

to Halt-paid.

Oct
Deo

5*4

M ay 17 1919.]

THE CHRONICLE

2013
Friday
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.

Outside Stock Exchanges

Boston Bond Record.—Transactions in bonds at Bos­
ton Stock Exchange May 10 to May 16, both inclusive:
Friday
Last Week's Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.

Bonds.

Range since Jan. 1.

Low.
High.
U S Lib Loan 3 X s. 1932-47
98.54 98.84 513,450 98.04 Feb 99.64 Mar
1st Lib Loan 43.1932-47 —
95.54 95.54 5,050 91.64 Jan 95.90 Apr
2d Lib Loan 4s. . 1927-42 —
93.84 94.24 12,250 92.04 Jan 94.24 May
1st Lib L'n 4X e .1932-47
95.54 95.54
700 93.24 Mar 96.50 Jan
2d Lib L’n 4Ms. 1927-42 —
93.84 94.20 19,150 93.04 Mar 95.90 Jan
3d Lib Loan4 M s... 1928 ------ ------- 94.84 95.40 91,050 94.40 Mar 96.50 Jan
4th Lib Loan 4Ms.. 1938
93.84 94.36 101,450 93.04 Apr 96.50 Jan
Am Agric Chem 5s__ 1924
109X 109 X 5,000 100
Jan 110X May
Am Tol & Tel coll 4s.. 1929
85 X 85X 5,300 83 X Jan 85X May
Collateral trust 5s. .1946 92
91X 92
7,000 90 X Apr 92 May
Atl G & \V I SS L 5s. .1959 84
82
84
56,000 79
Feb 84 May
Chic June & U S Y 53.1940
91
91
3,000 90
Apr 94 X Jan
Dominion Coal 5s___ 1940
93 X 94 X 2,000 91
Mar 94X May
K C M & Blr Inc 5 s ... 1934
71 ^ v i x
3,000 71X May 74
Mar
Mass Gas 4X8______ 1929
90 X 90 X
1,000 89 X Apr 94
Mar
4Xs-------------------- 1931
86
86
1,000 83
Apr 87X Mar
Mass Lighting 7s.. 1924-28
100 99 100
14,200 99 May 100 May
Miss River Power 5S-.1961 78 X
78 X 78 X 3,000 77 X Jan 79 X Jan
N E Telephone 5s___ 1932
90X 90 X
1,000 89 X Apr 93 X Fob
New River 5s..............1934 79
77
79
4,000 77 May 79 Mar
Punta Alegro Sugar Os.1931
98
99 130,000 87
Jan 100X May
Swift & Co 1st 5s____ 1944 97
96 X 97
12,000 95 X Mar 97 May
U S Smelt, R & M conv 6s 103 X 101X 104
62,000 99
Feb 104 May
Ventura Oil conv 7s..........
130 150
18,000 94
Jan 150 May
Western Tel & Tel 5s. 1932 89 X 89 X 91
13,000 89
Jan 91
Mar

Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh
May 10 to May 16, compiled from official sales
lists.
Stocks—

Sales
Last Week’s Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.

Amer Rolling Mill, com.25
Amer Sewer Pipe......... 100
Amer Wind Glass MachlOO
Preferred_________ 100
Bank of Pittsburgh........50
Columbia Gas & Elec.. 100
Consolidated Ice, com ..50
Crucible $teel, pref___ 100
Exchange Nat Bank___ 50
Harb-Walker Refrac_.100
Preferred___ x........ 100
Indep Brewing, com___ 50
Preferred...................50
La Belie Iron Wks.com.100
Lone Star Gas_______ 100
Mfrs Light & Heat____ 50
Nat Fireproofing, com ..50
Preferred.............. 60
Ohio Fuel Oil__________ 1
Ohio Fuel Supply-------- 25
Oklahoma Natural Gas.25
Oklahoma Prod & R ef.-.5
Plttsb Brewing, com___ 50
Preferred...................50
Pittsburgh Coal, com.. 100
Plttsb-Jcrome Copper.. . 1
Plttsb & Mt Shasta Copp.l
Pittsb Oil & Gas......... 100
Plttsb Plate Glass,com.100
Riverside East Oil, com ..5
Preferred___________ 5
San Toy Mining----------- 1
Union Natural Gas___ 100
U S Glass......... ...........100
U S Steel Corp, com ... 100
Wcst'house Air Brake..50
Wcst’house Elec & Mfg.50
Preferred...................50
W Penn Tr & WP, com.100
Preferred...... ...........100

25M
91
50X
6H
90
3X
104X
288
53
10M
20 X
26 X
49
30

nx

17c
38o
17
3M
8o
134
104
112X
56
67

Range since Jan. 1.
Low.

51
51
100 44X Apr
93C 10
Jan
24X 20X
1,8 It 79
Jan
85X 91
95 77X Jan
85X 85 X
125 125
5 125 May
48
295 39 X Feb
50 X
3
Jan
60
6X 6X
96
96
50 91
Jan
65
65
5 60
Apr
10 114X May
114X 114X
101 101
35 99
Jan
700
3X
3X
IX Jan
10
135
10 X
5X Jan
100 105
205 94 X Feb
273 290X
582 170
Jan
53
55X
1,810 48X Jan
1,900
5
9X 11
Jan
20
1,504 10
21X
Jan
25X 26X 2,829 10
Jan
49
50
1,526 42X Feb
35 X 36 X 2,400 28 X Jan
11X 13X 2,995
8X Mar
6
125
2
ox
Jan
140
15X 16
7
Jan
54 X 54 X
80 45
Fob
17c 20c
8,300
80
Jan
37c 38c
1,600 21c Jan
13X 17X 23,572
8
Jan
119 119
10 116
Jan
IX
175
IX
X Feb
145
3X 3X
2X Jan
8c 11c 84,200
6c Feb
134 135
132 122
Jan
37
40
615 30
Feb
100 104
455 88 X Feb
1,839 93
112X 114
Jan
53 X 56X
1,663 40X Jan
67
67
50 59
Jan
12X 12X
331 12X Apr
60
60
90 60 May!

High.
51
29 X
92
80
125
50X
7X
96
65
120
101
4X
10X
105X
300
55 X
11X

May
May
May
May
May
May
May
May
May
Jan
May
Mar
Mar
Mar
May
May
May

26X May
13 X May

3X May

00

May

unicago otocK uxenange.—Record of transactions at
Chicago May 10 to May 17, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Stocks—
Par. Price. Low. High Shares
Amer Straw Board__ •.
45
45
85
Amer Shipbuilding___100
113 123
070
Preferred................ 100
90
90
35
Armour & Co, preferred__ 104M 104 104X 3,538
Booth Fisheries—
Common..new (no par) 21X 20X 23
8,636
Preferred-------------- 100
79X 80
364
Chicago City Ry.........
50
50
14
ChicCity & C Ry pt sh com
X
X
175
Preferred......................
7X
7
7X
540
Chic Pneumatic Tool.. 100
67
71
1,012
Chic Rys part ctf ‘'2 "..
5X 5X
6
Chicago Title & Trust. 100
189 191M
72
Commonwealth-Edis ..100
111 112
853
Continental Motors...
8X 9X 5,440
Cudahy Pack Co com.. 100
120 120X
765
Deere & Co, pref......... 100
99 100
165
Diamond Match_____ 100
113 113
887
Hartman Corporation. 100 79X 71X 81
1,665
Hart, Shaft*Marx,com 100
83 110
72
Illinois Brick................100 68
66
69 X
825
31
Libby (W I).................
30X 31% 15,633
Lindsay Light------------- 10 19X 19M 20X
1,945
Preferred............
10
9X 9X
20
Middle West Util, com.100
39
67
Preferred................. 100
64
247
Mitchell Motor Co----47M
420
Page Woven Wire Fence.20
8
1,215
People’s Gas Lt & Coke 100
52 X
145
Pub Serv of N 111,com. 100
91X
25
Preferred................. 100
90
25
Quaker Oats Co, pref.. 100
102 102
30
Roo Motor.................. .
30
31X
155
Republic Truck...........
46M 46 X 49
1,800
Sears-Roobuck, com...100 197
192 199X
1,310
Shaw W W, com......... 100
113 115
240
Stewart M fg ...............
46X 47 %
920
Stew Warn Speed.com. 100 91
91
91X
1,065
Swift & Co...................100 147
145 149 X 18)903
Swift International...........
58 X 55
63 X 40,845
Union Carbide A Carbon
Co.................. (no par).
71X 70 % 72
15,288
Ward, Montg & Co, pref..
110 110
15
Western Stone.................. '*7X
7X 9
50
Wilson & Co, common.100
86
88 X
205
Preferred................. 100
101X 101X
60




Range since Jan. 1.
Low.

High.

100
85X
ioox

45

May 46 X Feb
Feb 123 May
Apr 90 May
Mar 105
Apr

18
78
50

24
83
50
1
11
71
9
191X
115
9X
123

Feb
Apr
May
X Jan
6X Mar
Feb
eox
5
Apr
178
Feb
109
Apr
8X Apr
Feb
ioox
78
Apr
109
Jan
54X Feb
68
Feb
56
Feb
19X Jan
16
Apr
9
Apr
24 •Feb
49
Mar
33
Apr
3X Apr
46
Jan
88 X Feb
89
Feb
100 Apr
29X May
45 May
168X Feb
112X May
45
Apr
84
Jan
115X Jan
41X Jan
56

no

4
66 X
95

Jan
Jan
Jan
Jan
Feb

100

115
81

110

69X
34

22
iox

39
64
51
8
52 X
95X
94
103
32 X
50X
199)4
115
49
94 X
149X
65

Apr
Mar
May
Feb
Feb
May
Feb
May
Jan
Apr
May
May
Apr
May
May
May
Apr
Apr
Apr
May
Apr
May
May
May
Apr
Mar
Feb
May
May
May
May
May
Apr
May
Apr

73 X May
112 Jan
12X Apr
88XlMay
102 1"May

Bonds,
Booth Fish s f d 6s___ 1926
Chicago City Ry 5s.. 1927
ChicCity & Con Ry 5s 1927
Chicago Rys 5s.......... 1927
Chic Rys 4s, Series "B” .
Chicago Telep 5s........ 1923
Commonw-Edison 5s. 1943
Swift & Co 1st g 5 s ... 1944
Wilson & Co 1st 6 s... 1941

42

92 X

93 X
75
42
74
40
96 X
92 X
96 X
100

93 X 82,000
5,000
75X
42 X 28,000
77X 10,000
40
1,000
1,000
96 X
93
21,000
96X 8,000
100
1.000

Range since Jan. 1.
Low.
89 %
75
41
72
40
96
92 X
95X
96

High.

Feb 94
May 84
Apr 49%
Apr 81
Apr 60
Feb 96 X
May 94 X
Mar 98 X
Mar IOOX

Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
May

Philadelphia Stock’Exchange.—The complete record
of transactions at the Philadelphia Stock Exchange from
May 10 to May 16, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.

Stocks—

Alliance Insurance......... 10
23
23
23X
American Gas.................100
68
68
American Rallways.preflOO
62 X 62 X
Baldwin Locomotive.. 100 102X
92 102 X
Buff & Susq Corp v t c.100
71
71
71
Preferred v t c............100
51X 51X
Cambria Iron ............... .50
40 X 40
40 X
Elec Storage B attery.. 100
74 X 76X
General Asphalt______ 100
69
72
Preferred .....................100
106 109
Insurance Co of N A ____10
31
30X 31
J G Brill Co......... ........... 100
46
49
Lake Superior C o r p ...100
20 X 20
20X
Lehigh Navigation_____ 50
69 X 69 X 70 X
Lehigh Valley..................50
57 X 56
57 X
Midvale Steel & Ord____50
48 X 45X 48 X
Pennsylvania Salt M f g ..50
82
82
82 X
Pennsylvania....................50
46X 45
46 X
Philadelphia Co (Pitts).50
40 X 40X 40 X
Pref (cumulative6% ).50
36
36
36X
Phila Electric of P enn..25
25X 25X 25 X
Phila Rapid Transit____50 _____
26
26
Voting trust receipts. .50
26
25X 26X
Philadelphia Traction..50
67X 67
67 X
Reading........................ __so
89 X
89 X 86
First preferred............. 50 _____
37 X 37X
Tono-Belmont Devel____1
3X 3X 3 15-16
Tonopah Mining______
4
3X 3X
Union Traction................50
40
39
40
United Gas Impt______ 50
69X 69 X 70X
U S Steel Corporation. 100 103 X
99X 103X
W Jersey & Sea Shore..50 _____
42
42
Westmoreland Coal____50 _____
73 X 73 X
Wm Cramp & Sons____100 120
120 126
York Railways, pref____50 .........
32
32

1

B >nds
U S Lib Loan 3 MS-1932-47
98.40 98.40
1st Lib Loan 4s. 1932-47
95.50 95.50
2d Lib Loan 4 s .. 1927-42
93.80 93.90
2d Lib L’n 4X8.1927-42
93.80 93.80
3d Lib Loan 4 X 3 ...1 9 2 8
94.90 95.18
4th Lib Loan 4 X 8 .. 1938
93.80 94.18.
Amer Gas & Elec 5 s . . 2007
85X 85X 85X
Sm all.........................2007
84
‘
84
Baldwin Locom 1st 5s. 1940 100X 100
100X
Choc Ok & Gulf gen 5sl919
99X 99X
Elec & Feop tr ctfs 4s. 1945
68 X 69
do
small..........1945
66
70
Lake Super Corp 5 s .. 1924
61
61X
do
small_____ 1924
61X 61X
Lehigh Valley 6s.......... 1928 102X 102 X 102 X.
General consol 4 s . . 2003
79X 79X
Lehigh Vail Ry 4 X s ...........
90 X 90X!
Natl Properties 4-6S..1946
31
31
Philadelphia Co 1st 5s.1949
100 100
do smpd s f & red. 1949
100X io o x '
Cons&coll trstpd 53.1951
88X
88X 87
Phila Electric 1st 5 s .. 1966
94 X 93X 94 X,
do
small.......... 1966
94
95
Phila & Erie gen 4s___ 1920
98
98
Reading gen 4s........... 1997
83X 83X
United Rylnvest 5 s . . 1926
71
71
Weisbsach Co 5s_____ 1930
98
98 !

Range since Jan. 1.
Low.

23 19
35 60
10 62 X
910 65 X
100 67X
15 50
215 40
2,694 51X
3,216 39
1.339 76
376 25X
592 19X
4,965 17
748 67
560 53 X
440 41
13 SIX
3,921 44
25 30
443 31X
6,240 24 X
100 25
4,294 23
53 66
1,435 76X
50 35X
7,212
2X
8,755
2X
491 37
5,032 67 X
5,290 88 X
25 41X
25 72 X
692 75
85 30

High.

Jan 23 X May
Jan 69
Jan
May 69 X Jan
Jan 102X May
Mar 73 May
Feb 53
Jan
Jan 41X Feb
Jan 77 X May
Jan 74X May
Jan 111 May
Jan 31 May
Feb 49 May
Jan 26X May
Apr 73
Jan
Apr 57 X May
Jan 48X May
Apr 84 X Feb
Mar 46X May
Jan 41X May
Jan 37 X Apr
Jan 25X May
Jan 26 May
Apr 28
Jan
Apr 71
Jan
Jan 89X May
May 38 X Mar
Jan 3 15-16 May
Jan
4 May
Jan 40 May
Apr 74X Jan
Feb 103X May
May 46
Jan
Apr 75
Jan
Feb 132 May
May 32
Jan

$200 98.20 Apr
250 92.30 Feb
600 91.50 Jan
50 93.00 Apr
6,150 94.50 Feb
10,450 93.00 Apr
1,000 83 X Apr
500 83 X Apr
10,000 100
Apr
1,000 99X May
4.000 65
Mar
1,780 65
Mar
13.000 58
Jan
500 58
Jan
14.000 101X Jan
2.000 79 X Apr
2,000 90 X May
3.000 30
Apr
2.000 99X Apr
2,000 100
Jan
2,000 85X Apr
13,400 93 X Apr
1,900 93 X May
1,000 98 May
1,000 82 X Apr
5.000 62X Jan
2.000 95
Jan

99.70 Jan
95.50 Apr
94.30 May
95.30 Jan
96.38 Jan
95.64 Jan
88
Jan
88 X ' Jan
100X Mar
99 X May
71
Jan
75
Jan
64 X Apr
63
Apr
102 X Jan
80X Jan
90 X May
32 X Mar
100X Apr
100X Mar
89 X Feb
96
Jan
97 X Jan
98 May
86 X Jan
73
Apr
98
Apr

Baltimore Stock Exchange.—Complete record of the
transactions at the Baltimore Stock Exchange from May 10
to May 16, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Friday
Last
Sale.
Par Price.

Stocks—

100
Alabama Co..............
80
Second preferred____100
Arundel Sand & Gravel. 100
Preferred....... ............. 100 "94'
Atlan Coast L (Conn). 100
Atlantic Petroleum......... 10
Baltimore Tube________100
Preferred.....................100
Celestlne Oil voting trust..
Consol Gas, E L & P ..1 0 0 105X
Consolidation Coal____100
84 X
Cosden & Co..... ................. 5
9X
Preferred.........................5
Davison Chemical..no par 39
Elkhorn Coal Corpn____50
29
Federal Base Ball, pref.
Hous Oil, pref tr ctfs..100
Mer & Miners Trans.. 100
57X
M t V-Woodb Mills v t rlOO 25
Preferred v t r______ 100
89X
74
Northern Central........... 50
Pennsylv Wat & Pow.,100
48
Poole Engineering & M .100
Public Service Bldg, pref..
United Ry & Elec........... 50
15X
Wash Balt & Annap____50
28
Preferred.................. ..5 0
37
Wayland Oil
Gas......... 5

&

Bands.
Ala Cons C & I 5s____1933
Atl Coast L RR conv 4s '39
Balt
Ohio coll 6s........... Balt Spar P & C 4X8-1953
Central Ry cons 5 s . . .1932
Consolidated Gas 5s. .1939
General 4 X s ______ 1954

&

Sales
Range for
ices.
Week.
High. Shares.
73
65
36
94
94
3X
83 X
88

82
70
36 X
94
94
3X
90
88
> 1.30
105X
86 X
10
4X 4X
35
39X
29
30
1
1
97
98 X
57 X
25
89X
74
84
85
44
48
96
96
16
28
37
37
3X 3X

89
99

Range since Jan. 1.

Low.
High.
1.877 69
Feb 82 May
145 60
Feb 70 May
30 34X Jan 38
Feb
50 92
Mar 94
Apr
36 89 May 94 May
420
2
Jan
3X Apr
625 70
Jan 90 May
20 71X Feb 88 May
8,190
1.00 Mar
1.50 Feb
455 103 X Apr n o x Mar
451 78 X Apr 87 May
3,914
Apr
6X Feb 10
395
4
Jan
4X May
1,904 32
Jan 40 X Feb
281 27
Mar 30 X May
30
1 May
1 May
1,546 72 X Jan 98X May
18 57 X May 57X May
294 16
Jan 25 May
937 71
Feb 89 X May
155 71
Mar 80
Feb
444 77X Jan 85X Apr
270 42 May 48 May
4 94 X Jan 96 May
585 15
Mar 20 X Jan
500 24 X Mar 28 May
35 35X Feb 38
Apr
110
3X Feb
4X Feb

83 X $3,000
79 X 11,000
98
5,000
89
3,000
99
7,000
98 X 1,000
1,000
87 X

81
77X
97 X
88
99
98 X
87 X

Feb 83 X
Apr 79X
Apr 98
Jan 90
May 1 ioox
May ioox
Apr' 89

May
May
May
Feb
Jan
Mar
Jan

Friday
Last Week's Range Sales
for
o f Prices.
Sale.
High. Week.
Price. Low.

Bonds.
Cons G, E L A P 4548.1935

98
101
Consol’n Coal conv 6s. 1923
Cosden A Co ser A 6s. 1932
Series B 6s
. .1932
Elkhorn Coal Corpn 6sl925
Georgia A Ala cons 5s. 1945
Ga Car A Nor 1st 5 s .. 1929
Kirby Lumb Contr 6s. 1923
Mory’d Elec Ry 1st 5s 1931
Petersburg Class B 6s. 1920
United Ry A Elec 4s. .1949

9454
9954

89
7154

80

Wash Balt A Annap 5sl941

V o lu m e

84
9754
98
10054
100
94
94 54
9954
93
9454
9954
89
104
7054
52
7054
7054
80

84
98
98
101
100
94 54
9554
99 54
93
9454
9954
89 54
104
7154
5254
7054
7054
80

Range since Jan. 1.
High.

Low.

Apr
84
$10,000
8554
28,000
9854
9554 Jan
Mar
11,000
97
9854
16,000 10054 Mar 101
2,000
9954 Jan 10054
47,000
9454
8454 Jan
96
30,000
8554 Jan
Feb
98
22,000
99*4
93
May
4,000
9554
1,000
9654
94-54 May
99
81,000
9854 Apr
89
May
3,000
so'A
May 104
2,000 104
Apr
7654
59,000
70
Apr
48
18,000
5554
76
2,200
6954 Apr
76
500
6954 May
May
80
18,000
8354

%

o f B u s in e s s a t S t o c k

Jan
Mar
Feb
May
Apr
Apr
Apr
Jan
Jan
Jan
Feb
May
May
Jan
Mar
Mar
Mar
Jan

E xch an ges

TRANSACTIONS AT TH E N E W YO R K STOCK E X C H A N G E
D A IL Y . W E E K L Y AN D Y E A R L Y .

Shares.

| Par Value. |

3,944,718 $829,997,800: $19,855,000

“T o ta l....................

Week ending May 16.

Salesat

New York Stock
Exchange.

1018.

1919.

j
|

Bonds.
$5,529,000
7.590.000
7.771.000
8.324.000
8.594.000
8,607,800

$429,000
612,000
886,000
1.465.000
995,000
1.591.000

$1,838,000
2.468.000
3.279.000
4.187.000
4.790.000
3.293.000

$94,522,500!
136,398,5001
130,698,000:
180,193,8001
143,072,000
145,113,000j

986,650
1,533,350
1,440,755
1,902,403
1,503,100
1,578,460;

Saturday............ —
Monday___________
Tuesday....................
Wednesday..............
Thursday__________
Friday......................

United

Stale, M un.
A Foreign
Bonds.

Railroad,
& c..
Bonds.

Stocks.

Week Ending
M ay 16 1919.

$5,978,000 $46,415,800

January 1 toMay 16.
1918.

1919.

8,944,718
5,907,962
Stocks— No. shares.
1829,997,800 $041,229,000
Par value............$500
............
Bank shares, par___
Bonds.
$46,415,800 $30,607,500
Government bonds.
5,978,000
5,230,000
State, mun., A c., bonds
19,855,000
9,421,000
R R . and misc. bonds..

89,500,412
$8,787,927,555
$46,700

53,705,842
$5,022,407,550
$12,900

$889,393,200
152.939.500
190.679.500

$341,516,000
82,672,000
111,954,000

$72,248,800^ $45,258,500

$1,233,012,200

$536,142,000

Total bonds.

DAILY TRANSACTIONS AT TH E BOSTON, PH ILA D ELP H IA AN D
BALTIM ORE EXCH ANG ES.

Weekending
May16 1919

Baltimore.
Philadelphia.
Boiton.
Shares. BondSales. Shares. BondSales. Shares. BondSales

Friday___________

26,845
46,471
56,279
65,830
34,924
42,404

$55,700
52,750
85,850
144,600
117,600
29,000

T o ta l..................

272,753

$485,500

2,069
8,592
3,919
3,363
1,780
4,724

$33,000
120,600
115,000
64,200
58,000
28,000

24,447

$418,800

$15,500
12,911
28,400
10,013
36,180
11,535
11,700
12,305
HO LI D A Y
13,000
12,997
59,761

$104,780i

N e w Y o r k “ C u r b ” M a r k e t .— B elow w e give a record of
the transactions in the ou tside security m arket from M a y 10
to M a y 16, b o th in clu sive. I t cov ers the w eek ending
F rida y a ftern oon .
Week ending M ay
Stocks—

[Vol. 108

THE CHRONICLE

20U

Sales
Friday
for
Last Week’s Range
Week.
o f Prices.
Sale.
High. Shares.
Par. Price. Low.

VS.

AetnaExoloslves.r(nopar)
60
1 1-16
42
19
Anglo-Am Comm’l Corp(t)
26
Brlt-Amer Tob ordinary £1
27
Butt’w'th-Jud C orp.r.(t)
Cities Serv Bankers sha.(t)
39K
8
ClaiborneAAnnap Ferry r 5
119
Curt AeropAM com vtc(t)
___
Endlcott J’ nson C orp.r.50
62
Fairbanks A C o .r --------- 25
Famous Players-I.asky
C o r p ........... ...( n o par)
91
33
Fisk Rubber new w l.r ..2 5
45

10
59
1
42

A *65
11A

11,600
7,200
4,900
l 1-16
100
42
6,900
19K
10,470
27
26,900
28
200
30
15,240
3,000
9
1,300
120K
500
20
900
7
10,600
90
200
63

ISA
A 24A
25A
29
38 A 40A
7A

A
A

Gillette Safety Razor.r (t)
Havana Tobacco.cora.rl00
Hayden Chemical r(no par?
Imperial Tob of GB A Ir£l
Intercontinental Rubb. 100
Libby, McNeil A LlbbyrlO
Lima Locom com .r___100
Nat AnlllneACh,com.r.100
Nat Fireproofing com r 50

119
18

6A

71
62

A
A 35A
4
7
72A

A

3A
54
5A
6TA A
Peerless Tr A Mot Corp.50
34 A
1
A
Rem’ton Typew com.r 106
75
A
Santa Cecilia Sugar.r. 10C
37 A
56
57
6A
3744
A
A
Stewart M fg .r ___________ ............

N cw M exA Arlz Land.r .l
N Y Savold Tire r (no par)
No Am PulpAPap. (no par)
Pacific Devel Corp.r— 6C




A
1A
3A
7
A
A
16A
24A

A
*56
4A 4A
12A A
31 A
10A

52
4K

4
55
6K

Low.

High.

May
JaD
12A May
6A May
*65
Apr
1 Apr
34 Apr 42 Apr
1944 May
18 A May
27
May

53

22
23
25
35
7
119
18
2
44
54

A

Mar
Mar
Apr
Feb
Apr
May
May
Feb
Apr
Mar

28
33

May
May

16
124
20
7
90
65

Apr
May
May
May
May

4uy%May

Apr
92
46
8,000
Apr
39
29
9,500
Feb
33
7,400
Jan
7.300
Jan 112
83
500
Jan 153
800 109
9-16 Apr
2,600
2,300 1 1-16 Apr
1-16
7,300
144 Jan
3
3
Jan
7
7,100
May
6
944
72,000
9
Jan
18,000
9
Feb
14
500
35
23,600
10K Jan
29
Apr 41
35
400
36
35
36
3,500
10K Feb
22
17
19
Jan
34>$
7,600
31
30
Feb *56
27
6,550
♦47
Jan
5
4
4,500
Feb
14
7
34,000
13
11
Mar
24
2,500
30
31K
Feb
400
6
10K
24
Jan
400
13
21
20
Jan
600
65
62
Apr
12,300
0
5
60
May
50
45,700
58
Jan
90,000
69
63
May
6,100
63
69
Jan
610
1
3
2
Jan
18
24,200
34
29
£5 Feb
280,000
l
Apr
82
6.600
80
72
41
May
36
2,100
39
38
Apr
24
64
50,500
64
Apr
1,500
6
42
29 H Apr
4,400
42
39
May
3,500
6
Apr
49
38
300
46

85
91
33
45
69
10514 107
153
150

A 1A
2A 2A
5A
8
T%
A
8
8K
15A
31A
36
IK

Range since Jan. 1.

A
7A
A
A

7A
7A
47A

30A
A

May
Apr

*49 May
74A May
May
May

•A May
Apr
May
A May

4A
A

A

A
47A
3A
2A
A

*41A
A
A
6A

May

OA Mar
Feb
17A May
Mar
Apr
May
Mar
Apr
Apr
May
May
Mar
May
May
Apr

*3
132A
67A
A
TA
3A Feb
34A May
Apr
1A May
May
May

Apr
1144 May
Mar
0A May

Sales
Friday
Last Week's Range for
Sale. of Prices. Week.
Stocks (C
oncluded)— Price. Low. High. Shares.
14A 17 24,000
Submur Boat Corp v t o. 5 17
Swift Internat’l.r -------- 16 5844 57 63 A 27,100

Triangle Film Corp vt 0 .6
144 34,000
144
2,000
72
70
Union Curb <k Carbon.r(t)
244 57,800
United Profit Sharing..26c 115-16
144
United Zinc Smelt .(no par)
2A 244 244 30,300
2,000
44
U S Light * lit c o m .r ..10
44
U S Steamship_________10
2A 244 2,550
Waltham Watch com.r 100 4544 3944 45 V4 5,400
3.400
43
Warren Bros.r______ 100 48
4844
6,700
4
4
344
Wayne Coal___________ 6
5
Wrlght-Martin Alrc r.(t)
544 25.500
444
Former Standard OH
Subsidiaries
5,670
2644
Auglo-Amer Oil............£1
25A 131
75
128
Galena-SIg Oil com .r..100
195
10
195
Illinois Pipe Line.r___ 100 195
104
10
104
Indiana Pipe Line.r___ 50
114
113
20
Northern Pipe Line.r..100
395
93
390
Ohio Oll.r.....................25
786
40
784
Prairie OH & Gas.r___ 100
165
312
317
Prairie Pipe Line.r___ 100
321
70
318
South Penn Oll.r____ 100 319
70
286
Standard Oil (Calif)-r.100 284
280
78
783
732
Standard OHof N J.r.100 732
75
392
Standard Oil of N Y.rlOO
391
395
134
130
Union Tank Line.r___ 100
145
465
477
Vacuum Oll.r_______ 100
Other Oil Stocks
Allen Oll.r ................... 1
444 36,550
4A 344
2.400
Alliance Oil & Rcf.r____ 5
5A 5 544 91,700
Amalgamated Royalty.r.l
244
1A 1144 1 1-16
700
Atlantic Oil & Ref.r........ 1
5,900
3-16 44
Barnett Oil & Gas.r_____1 3-16
Boone Oll.r___________ 6 1244 1244 1644 170,000
67c 207,000
60c
Boston-Wyomlng O ll.r.. 1 610
5144 35,500
46
Caddo Oil A Ref..(no par)
47
48 A 12,000
Com'nw’th Petr l.r w K t
4844
10
Continental Refg_____ 10
1244 112,000
Cosden A Co. com.r___ 6
0A 944 10 16,500
1,400
144
Crystal Oil A Refining.r.l
144
1,750
144
Curman Petroleum.r___ 1
144
144
Elk Basin Petroleum.r..5 101-4 1044 1144 23,000
30c 323,000
19c
Esmernlda Oil C orp.r...5 21c
344 27,700
Federal O ll.r ..________ 6
344
344
Glenrook Oll.r________ 10
744 22,600
644
644
128
4,700
116
Gum Cove Oll.r......... 100 116
Hercules Petrol Class A r 10 1044 1044 1044 5,800
28c 98,000
20c
High Gravity Oll.r_____ 1 24c
44c 11,500
44c
40c
Homa Oil C o.r..............1
30
Home Oil A Refg.r w l . . 10 39
3944 28,700
10.100
135
115
Houston Oil, com.r__ 100 117
3A 11,400
Hudson OH _ r ................. 1
244
244
10,400
34A 32,000
Internat Petroleum.r..£l 3144 31
8 44
Island Oil A Transp.r_.10
844
844
Kentucky Oil A Ref.r__ 1 2244 1544 22 44 17,490
7,200
Kontucky Petroleum.r.
344
444
344
2 44 217,00C
Lance Creek Royalties.r.l
144
144
Louisiana Oil A R e f.r..50 4344 4144 43 44 1,200
2.00C
7
Marland Petroleum.r__ 5
644
20.50C
Merritt OH Corp.r____ 10 3144 3144 34
344 4 1-1C 32,000
Metropoll tan Petroleum .26
344
0,400
Mexlcan-Panuco Oil___ 10
1044 1044
10)4
MldweHt Oil, 00 m .r____ 1
244 2 1-16 27-ie 20,000
3 1-1e 2,500
Preferred r__________ 1
2
%
12,350
196
Midwest Refining.r___ 60 189
185
Mldwest-Texas Oll.r___ 1
144
144
1 A 28,000
Morton Pet of Mo.w 1. r . l
4 44 544 42,500
444
4,100
National Oll.r..............10
644
544
200
130
New Eng Fuel Oll.r__ 100
127
72c 38,000
66c
Northwestern Oll.r____ 1 67o
Ohlo-Ranger.r................1
144
244 567,500
244
2,000
Okmulgee Prod A Refg..5
644
544
4,000
Oklahoma A Tex Oll.r__ 5
344
244
244
52c 70,000
35c
Omar Oil A Gas. com___ 1 48c
5K 49,000
Orient Oil A Gas.r_____ 1
344
544
Osage Nation OH Synd.r.l
144
2K 146,000
IK
Pennok Oll.r_________ 10 16K
1544 16K 17,200
16c
14c
17c 57,000
Queen Oll.r_______
81,950
6
Rangeburnett Oll.r
2
IK
Ranger-Homer O ll.r___ 1
IK 140,500
A
44
Ranger Oll.r................... 1
2K 152,800
IA
IK
3,600
Rickard Texas C o.r........ 5 13A 12K 15
Rock Oll.r__________ 10c
A
A 144 29,550
Ryan Petroleum.r_____ 1
4A 744 530,000
TA
Salt Crk Producers.r__ 25 54
51
60 44 24,300
7,800
Sapulpa Refining.r____ 6
044
844
13-16
Sequoyah Oil A Ref
K 12,500
A
42 62 K 103,000
Sinclair Gulf Corp.r__ (♦)
5944
5,000
7
Southern Oil A Transp.r.10
7
6
46c 28,800
40c
Southwest O ll.r....
* 45c
Southw Prod ARef.r___ 5
OK 165,905
644
544
Stanton Oll.r_____
144
IK 55,200
144
Sterling Oil A G a s.r___ 5 10K
9K 10K 21,910
65c 17,350
Texana Oil A Ref.r____ 1 53c
50c
Texas-Ranger ProdA R r 1
4A 644 82,000
444
4,800
Tyopa Oll.r___________ 6
2K
2
2
Valverde Oil P rop .r...(t)
8A 8K 0,700
844
Ventura Cons Oll.r
14A 14 A 5,000
Vera-Cons Pet.r_______ 1
IK 13,700
144
IK
6,200
4
Victoria Oll.r________ 10
3K
3K
Vlrkytex Oil A Gas.r.. "
A 15-10 41,200
A
8,200
West States OH A L new .r
9
9
10 K
“ Y” Oil A Gas.r.............1 1 3-16 1 3-16 ♦IK 179,800
Mining Stock*.
32c 14,000
Adelphla M A M .r__
28o
31o
85c IK 409,000
Alaska-Brlt Col Metals..1
IK
Allied Gold.r____ ______ 1
IK
IK
IK 35,700
5,000
America Mines.r----------1
A
A 1
82c 13,300
Arizona Butte.r_______ 1 80c
74c
5c
4,000
5c
5c
Atlanta Mines________
11-16
Big Ledge Copper C o ...
A 27,900
K
100
Bingham Mining....----- 10
10K 10K
10c 15,500
Booth.r______________ 1
12c
12o
74c
4,700
65c
Boston A Montana Dev..5 65c
11-16 A
5,400
Buffalo Mines Ltd.
A
4,700
Butte A N Y Copper----- 1
44
A
A
40c 18,300
39c
36c
Caledonia Mining..
Canada Copper Co Ltd..5
2 K 24,300
IK
IK
72c 58,000
68c
Candalarla Silver.r------ 1 72o
12c 21,400
10c
Cash Boy_________
1 lie
CerbatSliver (new).r.._l
5K 25,500
444
3K
3,500
Consol Arlz Smelting-----5
1
144
13,400
6
Consol Copper Mines___ 5
5K
544
Cresson Con Gold M A M 1
4K 10,600
444
444
36c 59,000
Crown Croesus L Gold----- 36c
33c
25c 78,000
Divide Charter.r........20c 23o
21c
12,350
Divide Syndicate of Nevrl 19
19
19
El Salvador Silver M -----1
5K 34,200
544
4K
Eureka Croesus Min Co.rl
2
2K 31,310
2K
800
First Nat Copper............5
IK
144
7,200
Flagg Tunnel M .r-------- 5
5
OK
6K
80c
5,950
750
Florence Sllver.r______ 1 80c
70c 77,500
Fortuna Consolidated.r.l 70o
55C
3,400
Gadsden.r................
5
344
344
Golden Gate Explor.r . . . 6
344 20,900
3K
3K
23c 32,300
Goldfield Consol............ 10 18c
18c
1,000
Goldfield Merger.r........1
5K c 5K c
Gold Zone Dlvlde.r........1 1 l-ie
1
IK 05.500
30c 43,000
Harmlll Dlvlde.r__ ..10o
230
31c 41,100
Hasbrouck Dlvlde.r
27c
27o

Range since Jan. 1.
High.
Low.
Feb
10
4044 Jan
44 Feb
Feb
60
7-ie Jan
44 May
144 Jan
2
3544 May
42 44 May
344 May
Fob
3

A

1644 Jan
Feb
88
Jan
164
Mar
99
Jan
107
Jan
315
Jan
630
263
Mar
Apr
292
Jan
258
Apr
608
<10
Jan
Jan
107
Jan
395

H Jnn
A Apr
Apr
1A
1 May

4

3-16 Jan
3
Mar
Jan
18c
3744 Apr
Mar
37
844 Apr
644 Jan
144 Feb
Mar
1
Jan
6
4e
Jan
Jan
Mar
May
116
Mar
to
20c May
40* Mar
10
Feb
Jan
75
55o Feb
16*4 Jan
644 Jan
15 May
3 44 Apr
144 May
2344 Jan
644 May
Jan
21
244 Jan
1044 May
1 13 Jan
144 Jan
124
Jan
144 Apr
1 Mar
444 Apr
Apr
46o
Feb
144 May
IK Feb
3
Apr
Jan
22fl
IK Apr
IK Apr
U K Feb
Feb
13o
350 Mar
23c Mar
1
Apr
Mar
6
42o Mar
2A Apr
38
Mar
Jan
7
K Jan
Jan
2K Apr
36c
Feb
Mar
4
Mar
4A Apr
Jan
Ho
2
Apr
IK Mar
7K May
1444 May
A Apr
2A Jnn
44 May
9K May
83c
Apr

2
3A

79

22

A

Apr
18
6544 Mar
144 May
73
Apr
May
May
May
2
Jan
May
48 H May
Apr
May
5

2At
A
5A
A
45A
4A
A
2844
137
195
107
111
404
800
317
325
294
760
395
134
490

May
May
May
Apr
May
Apr
May
May
May
May
May
Apr
May
May

444 Apr
544 May
2 44 Apr
144 May
6-16 Jan
1644 May
67c May
5144 May
Mar
51
1244 May
1044 May
2
Mar
1 6-16 Feb
11K May
33c May
4
Apr
Apr
May
128
1044 May
400 May
62c Mar
May
39
May
142
644 Apr
35 44 Apr
944 Mar
22 May
644 Apr
2 44 May
4544 May
744 Mar
35 May
IK. Mar
May
2 3-16 May
3 1-10 May
May
190
144 May
544 Apr
Apr
7
May
130
75c
Apr
244 May
344 May
044 Apr
040 Mar

A

844
A

A

1044

2K May
17
Apr
30o
Jan
May
I K May
2K May
20
Apr
2
Apr
May
60 K May
9K May
K May
64 K May
7
May
O
Apr
6K May
IK May
10 K May
IK*
Apr
55-8 May
3K Feb
Apr
14K May
2H May
6
Apr
15-10 May
10K May
154 May

A
6

TVs

60

954

34o
Apr
Mar
May
IK May
154 May
Mar
Feb
A Mar 1
82c May
36c
Apr
654o Mar
3Ko Fob
A Mar 15-16 Jan
1054 May
10K May
Apr
9o May 36o
78c
Apr
Fob
42o
May
60c May
Apr
A
K May
40o May
Jan
27c
Feb
1 5-10 Jan
254
720 May
Jau
520
1554c Mar
Feb
5o
554 May
3 K Apr
1
Feb 1 9-16 Jan
654 Jan
4K Feb
554 Jan
4K Apr
42c May
33o May
25o May
21c May
15
20
Apr
Apr
554 May
IK Mar
254 May
IK Feb
2
Jan
IK Feb
654 May
5
May
Feb
60o
Jnn 85o
70o May
24o
Feb
654 Feb
3
Feb
454 Mar
2K Fob
24o
Jan
100 May
Feb
Mar
Apr
79o
154 Apr
44o
Apr
23o May
47o
Apr
20c
Apr
2flo
31c
00c

%

A

60

80

M ay 17 1919.]

THE CHRONICLE

Friday
Sales
Last Week's Range for
Sals. of Prices. Week.
Mining (C
oncluded)— Price. Low. High Shares.
Heola Mining__________ 25o
5X
6X 5X 7,760
Howe Sound Co_________ 1
45$
4X 6,000
45$
Iron Blossom.r_______ 10c
X 44c
X 100
36c
40c
Jim Butler.r_________ . . . 1

Rangesince Jan. 1.
Low.
High.
4 Xt Jan
55$ Apr
3X Mar 45$ May

‘ ‘ May
30o
Apr
25.000
14c
15c
Jumbo Extension________1
10c
...
Apr
5.200
6
Kerr Lake_____ _________ 5
55$ Jan
600
30c 60.000
Knox Divide.r________10c
24c
25o
24c May
La Hose Mines Ltd______ 5
15c
Apr
62,200
19c 8 8 ,000
Liberty Bell Divide, r__ 1 *17e"
14o
14o May
15c 82.000
Lone Star C o n s 'd .r .....l
llo
lie
5c Feb
MacNamara M in in g ..r ..l
1
34c Mar
96c
510.000
Magma Chler.r__________ 1
22c
Feb
8 8 .000
5$
34
Magma Copper....... .......... 5
34
30
25
Feb
2,600
Mammoth Divide.r___ 10c
76c 73.100 *62c May
67c
72c
Mangau M of A m .r_____ 1
1
60c
Apr
45.300
10c 14.000
Marsh Mining.r_________ 1
7o
9c
Feb
3o
Mason Valley.................... 5
3
2
Apr
1.300
65c 103.000
McKlnley-Darragli-Sav.. 1 60c
58c
45c
Jan
47C 42.500
Mecca Dlvlde.r_________ 1
36c
Apr
25c
42c 10.700
Mother Lode.r__________ 1 41c
40c
280
Feb
4
Nat Tin C o rp .r______ 50c
3
35$
46.500
Mar
21c 39.300
Nevada Dlvlde.r_____ 10c
20c
17o
Apr
18o
50c 135.000
250
Nevada Oplilr Mining.rlOc
50o
15c
Apr
Nlplsslng Mines------------- 5
135$ 53.500
115$
Jan
23c
25c 13.700
17c
Apr
Nixon Nevada___________ 1
3
Onondago Mines Corp.r. 1
3
Jan
10,800
35$
61c 17.700
55o
55c May
Potts Canyon.r................ 1 60c
2
2
Ray Hercules M ln .r------ 6
1,900
Jan
17c 62.000
15c
16c
Rex Consolidated Min___1
llo Apr
28c 17.000
21o
25c
Rochester M in es..______ 1
17c Mar
23c 2 0 .000
21c
21c M ay
Royal Dlvlde.r--------------- 1 21c
15
135$ Feb
20
Seneca Copp Corp. (no par)
215$ 14.900
2.200
1
Silver Dollar M .r ________1
1
May
750.000
1
13-32 Feb
Sliver King of Arizona— 1 1 1-16
32c 110,750
21o
Apr
280
Silver King Dlvlde.r------ 1
29c
12c
1,000
12 c
Silver Pick Consol.r_____1
4c
Apr
97c 63.200
68c May
68c
Sliver Plume Consol.r— 1 97c
8 ,2 0 0
7-16
Standard Silver-Lead.. . . 1
Jan
32.300
Star of the VVest.r______ 1
X
Apr
15$
25c 57.400
21 c
25c
Ho Mar
Stew art____________ . . . . 1
32c 53.000
23o
23o
Apr
24c
Sutherland Dlvlde.r-------3 9-16 4
4,350 2 9-16 Jan
Tonopah Belmont D ev.r 1
3 5$
95$C lie 18,750
95$c
Tonopah Dlvlde.r_______
55$o Mar
18.000
Tonopah Extension_____ 1
IX
Jan
2%
7,275
Tonopah M ining........... .1
25$ Jan
11-16
4,525 3 3-16 Jan
United Eastern......... .........1 413-16
16c 175$c 26.200
U 8 Continental Mines.r 1 165$c
6o
Jan
17.900
Unity Gold Minos......... . . 5
4 5$ Mar
75$
4,100
6
Victor Power
Mining..1
45$ May
55$
24c
26c
Ward Min * M illin g .r..l
2.300
20c
“
Apr
73c
75c 15.200
71c
Washington Gold Quart*. 1 " 7 6 b'
Apr
1
West End Consolidated..6
25$ 2 1-16215-16 40.900
Mar
2
5-16c
7c
6
o
West End Extension..,
34.500
2o May
6
6
White Caps Extension. 10c
8
1,000
2o
Jan
200
32c 104,400
20 c
White Caps M ining...10c
100
Jan
White Knob p r e f.r ------ 10
200
15$ Jan
1-16
Wilson Silver M i n e s .r ...l
11.100 1 1-16 May
Bonds—
109
Am Sumat Tob 10-yr 7sr..
106
150.000 1065$ May
am T A T 6% notesr.1924
37.000
99
98
Jan
104
104
Amer Tob serial 7 s . . . 1022 104
1,000 1025$ Jan
Anaconda Cop Min 8s 29
99 5$
97% Feb
51.000
995$ 99
Armour A
dob 6s r 1920 102
1 ,0 0 0
1025$
1025$ May
Debenture 6s.r____1921 1025$
1,000 1005$ Apr
Debenture 6s.r____1923 102
1 ,0 0 0
1005$ Fob
2 ,0 0 0 100*$ Jan
Debenture 6s.r------ 1924
Beth Steel serial 7s.r.l919
1 ,0 0 0
100
May
100 100
1 0 1 X 10.000 1005$ Jan
Serial 7s.r.................1921 101X
1,000 101
102
Serial 7s.r.................1922
Jan
11,000 1005$ Jan
Serial 7s. r.................1923 1025$
Canada (Dom of) 5 s .. 1919
16,000
985$ May
Canadian Pacific 6s--------3.000 1005$ Apr
101
101
6 .000 102
CudahyPack 7% notes r’23
Fob
Federal Farm Loan 5s-----1,000 103
Jan
97.000
Ills Cent 5 3$s...............1934
96
Mar
110,000
835$ May
Interboro R T 7 s _____ 1921
89
3.000
Kansas City Term Ry Gs’23
100
995$ Jan
Laclede Gas Lt coll 78.1929
2 2 .0 0 0
995$ Apr
Liggett Myers Tob 6s '21
1 0 0 *$ 16.000
995$ Jan
87.000
101
N Y Telephone Cs____1949
99
Feb
195.000
57
48
Jan
Russian Govt 0 5 $ s.r.ie i9
57
33.000
40 5$ May
51$s.r......................... 1921
405$
5.000
1 0 0 *$
Swift * Co 6% note8.rl921
995$ Feb
250.000
99
92 5$ Jan
Wilson
Ino 6 s . . . 1928
99

5X
X

X

X

IX
X

X IX
2X 2X

X

11X

8X

3%
2X
IX
IX

IX

X
IX IX

2X
43X
7X
4X

A

"'lx

100X

Co

r

X
X
102X

IX

X

3X
4X
4X
7X

IX
1IX IX
X
X 100X
X
102X
102X 102X
102X 102X
102X 102X
101X X
102X
102X 102X
98X 99X
102X 102X
103X 103X
97X 97X
87X 89X
100X X
100X 100X
100X
100X
68X
46X 48X
100X X
99X

X

53c
Jan
44c
Fob
16c Mar
6
May
30c May
5$ May
40o
Apr
300 Mar
15$ May
5$ May
34
May
76c May
25$
Apr
10c May
35$ Jan
65c May
53c May
47o
Apr
4
May
250
Ap
50o May
15
May
48o
Jan
35$ May
61c May
3 5$ Jan
19o May
32c
Feb
23c May
215$ May
15$ Apr
15$ May
37c Mar
14c
Apr
97c May
5$« May
15$ May
30c Apr
47c
Apr
4 May
*12o Apr
35$ May
45$ May
65$ Mar
19o May
75$ May
55$ May
40o
Feb
94o Mar
3
May
7o May
7c
Apr
35c
Apr
15$ Jan

15$ May

N ew

2015

Y o r k C ity R e a lt y a n d

S u r e t y C o m p a n ie s

All prices now dollars per share.

Bid. Ask. [1

60
65
Bond
M G . 256
City Investing 27
Preferred .
70

A

Bid Ask.

70 ^Lawyers Mtge 130
68 iMtge Bond..
94
263 [Nat Surety.. 260
35 N Y Title 4
80
Mortgage.. 115
II

Q u o ta tio n s

140
98
268

125

fo r S u n d r y

Bid.

Realty Assoc
(Brooklyn).
95
U S Casualty. 185
US Title Guar 60
West A Bronx
Title A M G 150

105
195

S e c u r itie s

All bond prices are “ and Interest” except where marked " f .'
Standard OH Stocks

er Sha e
r Bid. Ask.

1 26
0 1340
0 500
) *103
) 330
) 645
*37
) 230
) 163
) 125
) 120
Preferred new.
. 110
) 192
) 102
1 *31
) *26
New York Transit C o .. . 100) 184
Northern Pipe Line Co
) 112
5*390
5 *70
) 785
) 317
) 390
) 167
J 320
9 105
3 280
825
Standard Oil (Kansas)..
) 620
450
550
1 730
> 390
520
» 110
141
455
•40

)

Ordnance Stocks

—Per S
hare
Share
1 65
1 4
1 40
1 147
1 90

26%
1360
520
106
350
665
40
250
108
130
140
115
197
105
32
26%
188
115
395
72
790
320
400
172
324
110
285
835
640
460
560
735
395
540
114
143
465
44

70
7
45
155
93
118 122
i* ____ 350
i* ____ 75
185 195
90
98
67
75

109
May
1005$ May
104 / May
995$ Jan
1025$ May
1025$ May
102 5$ May
102 5$ May
1005$ Mar
1015$ May
1025$ May
1025$ May
995$ Feb
101
May
1025$ May
1045$ Mar
975$ Apr
92 5$ Fob
1005$ May
101
Mar
1005$ May
1015$ Jan
72
Feb
65
Feb
1005$ May
995$ May

—PerCt Basis

RR. Equipments
Baltimore 4 Ohio 45$s_____
Buff Roch
Pittsburgh 45$s
Equipment 4s......................
Equipment 6 s ......................
Canadian Pacific 4}$s______
Caro CUnchfleld
Ohio 5s.
Central of Georgia 4 5$8.........
Chesapeake* Ohio_________
Equipment 5s......................
Chicago
Alton 45$a...........
Equipment 5s......................
Chicago & Eastern 111 65$a ..
Chlo Ind & I.oulsv 45$s.........
Chic St Louis N O 6s____
Chicago
N W 4>$a.............
Chicago R I 4 Pac 45$s.........
Equipment 5s....................
Colorado 4 Southern 5 s . . .
Erie 6s........................................
Equipment 45$s................
Hocking Valley 4%s _ ..........
Equipment 5s......................
Illinois Central 5s.................
Equipment 45$s..................
Kanawha A Michigan 4 5$s..
Louisville A Nashville 6 s ..
Michigan Central 5s..............
Equipment 6 s ..s. ...............
Minn St P A S S M 45$s_. .
Missouri Kansas A Texas 5s.
Missouri Pacific 5s..................
Mobile A Ohio 5s....................
Equipment 45$s..................
New York Central Lines 5 s ..
Equipment 4 5$s..................
N Y Central RR
s ...........
N Y Ontario A West 4 5$S-Norfolk A Western 4 5$s____
Pennsylvania RR 45$s.........
Equipment 4s____________
St Louis Iron M t A Sou 6s.
St Louis A San Francisco 6s
8eaboard Air Line 6s_______
Equipment 4 5$s................
Southern Pacific Co 4 5 $ s ...
Southern Railway 4$$s.........
Equipment 5 s . . . ..............
Toledo A Ohio Central 4s.
Tobacco Stocks

A

A

A

A

A

412

5.90 5.50
5.95 5.65
5.95 5.65
5.95 5.65
6.00 5.50
6.25 5.70
6.2515.75
6.00 5.50
6.00- 5.50
7.00 6.00
7.00 6 00
7.00 6.00
6.30 5.75
5.80 6.30
5.65 5.25
«.37 6.75
6.37 5.75
6.50 5.75
6.50 5.85
6.60 5.85
5.95 5.35
6.95 5.35
6.75 5.25
6.76 5.25
6.25 5.75
6.75 5.30
6 00 5.70
6 90 5.60
5.80 5.40
7.10 6.00
7.10 6.00
6.35 6.76
6.35 5.76
6.90 5.50
6.90 6.60
6.00 5.70
6.25 5.75
6.60 5.25
5.60 5.20
5.60 5.20
6.76 6.00
1.85 6.00
6.50 6.00
6.50 6.90
6.75 6.35
6.15 5.65
6.16 5.65
6.60 5.76

—Per Share
Par Bid Ask

1
1

American Cigar common. 100 135 140
Preferred______________100 88
94
Amer Machine A Fdry.. 100 80
95
Brltlsh-Amer Tobao ord._£l *25
26
Colt’s Patent Fire Arms
Ordinary, bearer______ £1 *26
27
M fg........ .......................
*46
47
Conley Foil......... ............... 100 205 215
duPont (E I) de Nemours
Johnson Tin Foil * M et. 100 80 100
280 290
MacAndrews A Forbes..100 200 210
94
96
Preferred______ _______ 100 90 100
78
75
Reynolds (R J) Tobaeoo.100 400 430
35
25
B common stock______ 100 350 375
75
65
Preferred..........................100 111 114
227 237
A dividend scrip_________
98 100
106 109
B dividend scrip....... ..........
98 100
110 115
Young (J S) C o .. .............. 100 125 150
99
96
Preferred______________100 100 110
240 260
Sliort Term Notes
360 380
Amer Cot Oil 6s 1919. .M A S
99% 100
32
*22
7% notes Sept 1919........... 100% 100%
100
Amer Tel A Tel 6s 1924.FAA 100% 100%
94 96-55 Balto A Ohio 5s 1919...J A J
• Odd lots, t No par value. < Listed as a prospect, f Listed on the Stook
99% 997*
40
48
Exchange this week, where additional transactions will be found. 0 New stock.
Canadian Pac 6s 1924.MAS 2 10U4 101%
80 —
» Unlisted,
When Issued,
Ex-dlvldend.
Ex-rights. * Ex-stock dividend,
Del A Hudson 5s 1920..FAA
987* 99%
t Dollars per 1,000 lire, flat.
Fed Sugar Rfg 5s 1 9 2 0 ..J4J
98% 99%
General Elec 6s 1920____JAJ 100% 100%
Public Utilities
6
notes (2-yr) 1919.JAD 100% 100%
*170 175
Great North 5s 1 9 2 0 ..-M AS
99
99%
44
•42
K C Term Ry45$s 1921.JAJ 96
97
260 265
6s Nov 16 19 2 3 ..MAN 16 100% 100%
N e w Y o r k C ity B a n k s a n d T r u s t C o m p a n ie s
98 100
Llggett4MyersTob6s’21JAD 100% 100%
All prices now dollars per share.
64
N Y Cent 6s 1 9 1 9 ..MAS 16 99% 100
78
76
Penn Co 45$s 1 9 2 1 ..JAD 16 97% 97%
20
Ask. Trust Co’s.
Pub Ser Corp NJ 7s '22.MA8
97
97%
Banks.
Banks—
Ask.
37
32
Southern Ry 6s 1922 w 1MAP 99% 99%
550
New York.
35
33
360 Bankers Trust 420
SwiftACo 6s 1921 w 1FAA 16 100% 1007*
Amer Excb.. 250
certificates) 350
260
425
381
Cities Service Co com ...1 0 0 378
650
675 Central Union 453
175
91
185
92
458
Preferred______________
z79% 80%
285 Columbia____ 345
Battery Park. 203
210 Lincoln______ 265
355
27
24
Colorado Power com____100
Industrial
225 Commercial
Manhattan * . 210
Bowery •------ 425
100
110
Preferred______________
98 LOO
and Miscellaneous
395 Empire___
BroadwayCcn 135
145 Mcch A M et. 385
290
305
27
24
Com’w’th Pow Ry A L t ..l0 0
220
155 Equitable Tr 485
175 Merchants... 145
Bronx Boro*. 125
495
55
Preferred______________
53
160 Metropolitan* 180
115 ii«j
Bronx Nat__ 150
Farm I, A Tr 460
470
96
Eleo Bond A Share prof.. 100 92
84
88
155 Mutual *____ 375
Bryant Park* 145
Fidelity____
215
225
12
Federal Light A Traction. 100
9
215 Fulton____ I
148 152
35 Now N eth*.. 200
Butoh A Drov 30
240
260
50
Preferred...................
45
170 Now York Co 140
150 Guaranty Tr 415
43
Cent Mero__ 160
46
420
90
Great West Pow 5s 1946.JAJ
86
470 New Y o r k ... 440
88
Chaso----------- 460
92
Hudson____
135
145
11
412 Pacific *......... 150
107 L09
Chat A Phen. 400
Irving Trust /See Irving Mississippi Rlv Pow com .100 10
Preferred...................
44%
115 Park.............. 700
ChclHeaExch* 100
715
98 LOO
\Nat Bank
First Mtge 5s 1951.__JAJ 77% 79%
520 Prod Exch*.. 290
Chemical____ 500
*1400 1500
Law Tit A Tr 128
135
24
Northern Ohio Eloo Corp. (t) *<f20
235
245 Publlo_______ 1240
250 Lincoln Trust 176
135 L40
185
Preferred________
65
55
455 8eaboard____ 490
Columbia Graphopb Mfg (t) *313 316
C ity ................ 445
Mercantile Tr
73
North’n States Pow com. 100 71
220 [Second______ 475
Preferred__________ ___ ;
626
95
Coal A Iron.. 210
96
* Deposit. 230
93
Preferred______________
90
____
Sherman____ 125
Freeport Texas Co______ (t) *44
135 Metropolitan. 365
Colonial*------ 400
46
55
North Texas Elec Co com 100 52
185 8tate *______ 128
175
138 MutuaKWeet2
Columbia*—
3
78
Preferred______________ joo 75
____ 23d W a rd * ... 115
Commerce.- t237
130
5
6%
choster)___ 105
125
Pacific Gas A Eleo com .. 100 57% 58%
410 Union Exch.. 180
1st g 6s June 1 1922. -J-D /45
190 N Y Life Ins
Comm’l Ex*. 390
55
90 [Intercontlnen Rubb com. 100 31% 32%
1st preferred__________
88
UnltedStates* f 165
175
* T r u s t... 790
810
17 jInternet Banking Co____100 160
Puget Sd Tr L A P com .. 100 16
215
230 Wash H ’t s * .. 275
N Y T r u s t... 610
030
Preferred___________
65% 66% 1
120 Westch Ave*. 160
International Salt. ............100 __
175' Scandinavian 315
Continental*. 110
54'
330
20
Republic Ry A Light..IIlOO
18
385 Yorkvlllo *___ 300
1st gold 6s 1951............A-O
70
350 Title Gu A Tr 395
71%
Corn Exch*.. 375
405
62
Preferred.........................
58
115
International Sliver pref.100 88
Cosmop’tan*. 105
92
U 8 Mtg A Tr 445
455
89
:Lehigh Valley Coal Sales. 50 *87
South Calif Edison c om .. 100 87
183
Cuba (Bk of). 178
90
United States 910
930
00
(Otis Elevator common___100
Preferred..........................
97
____ Coney Island* 140
160
155 Westchester.. 130
80
East River—
85
140
39
Standard Gas A El (Del). 50 •37
130 First________ 190
120
200
Preferred________
100 90
95
48 ;iRemington Typewriter—
Preferred........................... 50 *46
165
Fifth Avenue* 2000 2400 Greenpolnt . . 150
Brooklyn.
4% 5
Tennessee Ry L A P com. 100
Hillside •___ 110
Common______________100 78
120 Brooklyn T r. 495
80
Fifth................ 225
510
20
23
Preferred............
.
1000 1025 Homestead * .
70
1st preferred__________100 96
80 Franklin_____ 225
98
235
3
5
United Gas 4 Elec Corp. 100
185
195 Mechanics' *.
78
2d preferred----------"
85 Hamilton____ 265
95
97
275
24
25
!]
1st
preferred__________
100
190
200 Montauk*___
Royal
Baking
Pow
oom._100
85
135
05 Kings County 650
45
700
6
8
2d preferred__________ 100
____ Nassau........... 200
Preferred______________100 97
210
00
Greenwich*-- 360
Manufacturers 160
165
43
46 \i
United Lt A Rys com____ 100
790 National City 130
775
137 People's____ 290
200
05
310
72
74
'
1st
preferred...................100
____ North Sldo«__ 195
205 Queens Co___
1/1875 1925
Harrlman____ 330
70
80
23
Western Power common.100 21
585 People’s......... 130
*340
140
Imp A Trad.. 560
55
72
Preferred..........................100 69
W'houseChurchKerrACo 100 61
64
Preferred_______ . .
100 81
* Banks marked with a (♦) aro Stato banks, t Sale at auction or at Stock Ex^
85
change this week,
t Includes ono-half share Irving Trust Co.
t New stock
• Per share,
Basis, d Purchaser also pays accrued dividend.
« New stock
Ex-rights.
/F la t price, n Nominal,
Ex-dlvldend.
Ex-rights, (t) Without par value

102X
97X

A

ACo

X

w

x

—Per Cent

v

%

Bid.

N.Y. Bid. Ask.

Bid.

100
100
100

d

100
100

100
100

100
100
100
100

Brooklyn.

100

y




b

x

u

[Vol. 108.

THE CHRONICLE

2016

I m r je s tw m t ;m c t
RAILROAD GROSS EARNINGS
T h e follow in g table show s the gross earnings of various S T E A M roads fro m whioh regular w eekly or m on th ly returns
o a n b e ob ta in ed .
T h e first tw o colu m n s o f figures giv e the gross earnm gs for the latest w eek or m on th , a nd the last tw o
oolu m n s the earnings for the period from J a n . I to and including th e latest w eek or m on th . T h e r e t u r n s o f t h e e l e c t r v c
ra ilw ays are

brou gh t

together separately on a s u bsequent p a g e . _____________

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Latest Gross Earnings.
ROADS.

Previous
Year.

10,521
57,243
215,778 191.878
Alabama Sc Vlcksb. March
59,136 1,336.421' 1,019.488
67,475
Ann Arbor________ 1st wk May
12494210 12395100 38,091.433 33,770,128
Atch Topeka & S Pe March
1,404.707 1,638.455 4,263,237 4,679.728
Gulf C o lo & S F o . March
---------372,125 520,095 1,141,637* '1.417,239
Panhandle Sc S Pe March
428,660 373,204 1,168,614 1,049,789
Atlanta Birm & At) March
679,003
507,657
239,350 175.878
Atlanta & West P t. March
775,538
538,863
263,830 223,298
Atlantic City______ March
5,801,391 4,690.707 16,648,457| 13,2611685
Atlantic Coast Line March
12336137 12007286 36,897,240 28,515.242
Baltimore Sc O h io.. March
351,247
323,930
120,485 160,469
B & O O h T erm .. March
460,175 436,908 1,349,734 1,051,801
Bangor Sc Aroostook March
22,824
18,544
7,069
6,397
Bellefonte Central. March
704,697
769,152
229,014 350,435
Belt Ry of Chicago. March
662,122 642.905 1,950,503 1,662.015
Bessemer <& L Erie. March
355,147
726,552
81,592 255,584
Bingham & Garfield March
169,095
345,809
54,219 122,350
Birmingham South. March
4,927,007 5,150,391 14,835,471 13,164,188
Boston & Maine__ March
135,215
115.358
62.152
68.352
Bklyn East D Term February
Buff Roch & Pittsb. 1st wkMay 183,328 359,993 4,576,106 5,727,426
516,499
585,589
159,401 192.519
Buffalo & Susq___ March
Canadian Nat Rys. 1st wkMay 1,543,413 1,393,791 28,024,896 23,408,412
963,204
728.666
326,875 272,177
Can Pac Lines inMe March
Canadian P acific.. 1st wkMay 2,856.000 3,033,000 51,406,000 48,194,000
441,947 363,161 1,350,013 1,012,857
Caro Clinch Sc Ohio March
1,738,688 1,776,313 4,943,494 4,963,505
Central o f Georgia. March
3,077,687 3,198,903 9,692,374 8,271,149
Central RR of N J. March
433,888 480,986 1,412,759 1,227,502
Cent New Engiand. March
972,278
397,772 388,683 1,196,574
Contral Vermont . . March
763,448
672,238
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
11279417 11193853 33,405.843 29,212,823
Chic Burl & Quincy March
1,806,857 2,101,700 5,626,611 5,027,910
Chicago & East 111. 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
10970124 9,925.215 31,840.869 24,740,500
Chic Mil w Sc St P ._ March
10034661 9.406,683 28,893.988 23,285,837
Chic & North West. March
360,855
477,673
121,843 195,357
Chic Peoria Sc St L . March
8,103,326 8,236,856 23,609,624 21,000,051
Chic R I & P acific.. March
360,532 358,831 1,086,189 1,051,495
O h lc R I & G u lf.. March
2,096,472 1,963,193 6.264.476 5,241,086
Ohlc St P M & Om. March
970,106
876,460
330,775 361,188
Chic Terre H 8c S E March
660,093
749.031
220,452 282,738
Cine lnd & Western March
1,330,639 1,153,558 4,136.657 2,829.536
Gin N O & Tex Pac. March
Colo & Southern__ 1st wk May 431,200 329,068 8.157.477 6,908,585
819,964 643,974 2,438,510 1,849,890
Pt VV & Oon City March
259,602
309,765
89,074
95,412
Trln & Brazos Val March
250,609
290,625
93,540
93,939
Colo Sc W yom ing.. March
79.635
22.403
79.635
22.403
♦Crip Ork & Col Spgs January
1,283,088 1,233.503 3.614,833 3,629,902
Cuba Railroad___ March
2,698,013 2,552,403 7,635.547 6,633.464
Delaware & Hudson March
5.275,652 4,855.763 16,330,156 13,445,960
Del Lack Sc W est.. March
2,232,121 2,344,268 6,903,886 6,722.032
Denv Sc Rio Grande March
295,877
471,123
169,195 160,546
Denver & Salt Lake March
343.717
300,280
139,267 127,392
Detroit Sc Mackinac March
446.763
914,915
268.145 212,910
Detroit Tol Sc Iront March
581,113
434,171
215,283 178,794
Det & Tol Shore L . March
377,173
326,360
151,206 121,266
Dul & Iron R ange.. March
598,117
455,190
212,618 169,272
Dul Missabe & Nor March
Dul Sou Shore & Atl 4th wk Apr 119,922 118,132 1,291.101 1,177,254
539,674
414,822
203,598 158,829
Duluth Winn Sc Pac March
269,032
223,690
86,615
76,914
East St Louis Conn March
1,838,780 1,447,130 5,637,991 3,350,543
Elgin Joliet Sc East. March
1,036,795 1,253,909 3,128.871 3,702,165
El Paso & So West. March
6,439,134 6,301,952 19,729.517 15,567.713
Erie R ailroad------- March
807,993 870,955 2,436,162 1,976,938
Chicago Sc E rie.. March
990.131 995,097 2,965,791 2,579,238
Florida East Coast. March
244.074
261,377
89,231
87,494
Fonda Johns Sc Glov March
323.646
347,702
122,243 111,497
Pt Smith Sc Western March
239.647
194,925
92,474
57,001
Galveston W harf.. March
556.564 455,806 1,565,305 1,337.370
Georgia Railroad.. March
174,318
155,468
88,975
76,622
Georgia Sc Florida.. February
484,804
371,448 194.429 1,024,211
G r T rk L in N ow E . March
866.931 1,002.937
98,902
89,202
Grand Trunk P a c.. 1st wk Mar
Grand Trunk Syst. 1st wkMay 1,130,352 1,069,998 20,491,739 15,116,121
Grand Trk R y __ 3d wk Apr 1,251,730 1,080,134 17,820,649 13,571,258
1.703.672 1,309.670 4,656,607 3,053,406
Grand Trk West. March
7,411.951 6,584.801 22,496.187 17,477.865
Great North System March
552,282
573,642
198,480 193,341
Gulf Mobile & Nor. March
589,497
639,211
195.246 209.770
G u lf* Ship Island. March
500,190 855,524 1,451,010 2,210,774
Hocking Valley------ March
8,327,859 8,883,535 24,757.032 22,427,061
Illinois Central___ March
1,033,187 1,150,316 3,168,330 3,191,803
Internal Sc Grt Nor March
298,163
226,418
92,948 106,721
Kan City Mex & Or March
306,249
237,723
99,910
94,933
K C Mex & O of Tex March
1,112.777 1,251,997 3,510.732 3,516,431
Kansas City South. March
292,301
315,478
106,394 113,311
Texark & Pt Sm. March
268,683
309,301
91,989
104,555
Kansas City Torm. March
462,902
578,219
184.451 187,364
Lehigh & Hud Riv. March
682,359
651.552
181,602 293,733
Lehigh Sc New Eng. March
4.279.673 4,739,973 13,443,799 11,193,750
Lehigh Valley------- March
1,431,075 1,120,748 4,036,977 3,101.490
Los Ang Sc Salt Lake March
437.625
515,860
170,038 157,266
Louisiana & Arkan March
419,314
558.024
284,779 211.476
Louisiana Ry&Nav February
8,794,552 7:846,227 25,005,562 20,814,878
Louisville & Nashv. March
602,692
686,184
227,728 226,717
Louisv Hend & St L March
1,338,677 1,160,808 4,026,800 3,008,201
March
Maine Central
181,374
70,635
Midland Terminal. March
486,861
613,962
309.510 249.361
Midland Valley___ February
365,459
321,797
25,835
23,362
Mineral Range----- 4th wk Apr
1,011,632 977,898 2,803.200 2,671,272
Minneap & St Louis March
3,033,583 2,513,781 8,999,583 6,535,653
Minn S t P & S S M . March
274,347
234.320
95,679
91,713
Mississippi Central. March
2,539.440 2,658,372 7,537,658 6,737,000
Missouri Kan Sc Tex March
4,485,025
5.312.939,
1,620,461
1,830.846
March
M o K Sc T Ry ofTex
341.616
363,2681
128,620 128.362
M o & North Arkan . March

Week or
Month.

Current
Year.

Jan. 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

T
S
$
459,691
298,544
104,929 168,415
Mo Olda & G u lf ... March
6,737.364 7,338,205 20,602,728 19,470,927
Missouri Pacific— March
551.740
804,477
258,312 210,717
M onongahola------- March
451,191
561,782
173.327 194,499
Monongahela Conn. March
210,980
210.285
70,858
64,696
M on to u r_________ March
1.533,492 1,619.268 4,416.852 4,216.713
Nashv Ohatt Sc St L March
71,745
82,013
4,437
5,837
Nevada-Cal-Oregon 1st wk May
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 Orl & Nor East March
568,067
407.182
229,101
March
164,266
N O Texas Sc M ex._
386,948
307,066
71,721 141,898
Beaum S L A W . March
946,030
402,470 308.027 1,171,805
St L Browns A M March
23430720 21920846 68,765,905 55,049,996
New York Central. March
468,191 510,181 1,519,781 1,061,872
Ind Harbor Belt. March
775.356 806,090 2.232.966 1,893,064
Lake Erie Sc West March
5,594.870 16,764,194 13,147,706
March
5,633,809
Michigan Central
5,126,885 5,367,638 15,445,290 12,999,516
Clev O C & 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
588,349 736,606 1,715,406 1,729,460
Tol & Ohio Cent. March
891,878
745,119
255,326 350.349
Kanawha & Micb March
2.035,860 1,665,171 6,114,762 3,772,963
N Y Chic & St Louis March
7,652.328 7,544,256 21,943,870 19,451,769
N Y N H & H a rtf.. 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 & W est.. March
5.844.392 5.770,591 17)770,726 15,634,688
Norfolk & Western. March;
566,257 492,612 1.506.967 1,262,053
Norfolk Southern.. March
267,556
325.188
98,383 105,015
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 Sc Internat. March
382,433 362,163 1,128,910 1.025.100
Northwcst’n Pacific March
337,343
329,074
110,265 113.530
Oahu Ry & Land Co March
415,839 519,848 1,277,895 1,595,670
Pacific Coast______ March
27514360 25704220 84,040,500 64.479,739
Pennsylvania R R _ March
143,569
274,257
97,218 101,812
Balt Ches & A tl.. 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
Long Island_____ March
111,109
244.340
87,312
80,316
M ary'd Del & Va March
622,175 518,173 1,814,652 1,219,680
N Y Phila Sc Norf March
344,744
385,600
111,751 131,577
Tol Peor Sc West. March
774,300 690,066 2,187,980 1,630,180
W Jersey Sc Seash March
7,180,290 6,541,364 21,428,935 15,324,617
Pennsylvania C o__ March
584,197 579.827 1.630.452 1,380,468
Grand Rap & Ind March
6,920,968 6,926,657 20,940,762 16,311,383
Pitts C C & S t L. March
293,354
293,000
96,510 117,694
Peoria Sc Pokin Un. March
2,581.811 2,281,208 7,291,185 5,085.761
Pere M arquette__ March
180,974
233,791
73,482
78,871
Pcrkiomen________ March
356.927
247,333
64.284 115.349
Phila Beth & N E ._ March
15,038,778
15,185,034
6,064.844
4,539.028
March
Phila & Reading__
286,622
258,616
66.788 107,633
Pittsb Sc Shawmut. March
354,915
242,868
73,978 125,304
Pltts Shaw & N o r .. March
381,583
320,935
100.368
150.513
March
Pittsb Sc West Va_.
401,554
589.375
119,347 214,323
Port Reading______ March
245,310
245,597
82,247
91,880
Quincy Om & K O . March
1,206,768
2,051,372
443,901
662,499
Rich Fred Sc Potom March
677,416
382.525 250.318 1,161,476
Wash Southern.. March
957,385
985.340
359,490 384,730
March
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
284,445
322,575
87,217
126,162
Ft W & Rio Gran March
389,264
299,400
105,808 121,874
St L-S F of Texas March
1,038,896 1,264,302 3,009,671 3,163,421
St Louis Southwest. March
1,755,353
1,427,574
598.459
455,877
March
St L S W of Texas
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
8,327.602
10,407,686
3,094,174
3,698,777
Seaboard Air L ln e.. Marchl
302,501
381,689
77,477 146,560
March]
South Buffalo
12470349 11430774 36,462,151 32,106.742
Southern Pacific— March
304,444 387.944 1 ,0 1 2 ,2 1 2 1,097,630
Arizona East----- March
1,581,654 1,734,452 4,967,323 5,046,162
Galv Harris Sc S A March
656,096 775,217 1,950,567 2,170.497
Hous Sc Tex Cent March
495,450
549,702
183,664 168,260
Hous E & W T ex. March
988,260
910,416
301,711 347,269
Louisiana West’n March
1,867,939
1,782,144
681,000
554,819
March
Morg La & Texas
637,249 600,136 1.747,924 1,725,373
Texas Sc New Orl March
9,469,761 9,534,254 29.103,894 24,586,698
Southern Railw ay.. 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
Mobilo & Ohio— March|
800,670
370,452 282,948 1,145,876
Georgia Sou Sc Fla March
340,723
419,827
123,308 110,896
South Ry In Miss March
211,654
205,802
80,645
67,389
Spokane Internat'l. March
1,830,721
1,669,763
542.460
596,295
Spok Portl Sc Seattle March
247,997
472,163
143,356 103,011
Staten Island R T . . March
39,031
45,655
1,810
1,293
Tenn Ala & Georgia 1st wk May
471,917
645,481
229,174 196,416
Tennessee Central. March
820,631
880,610
296,028 304,302
Term R R Assnof StI March
719,491
655,691
193,439 277,408
St L Mer Bdge T March
Texas Sc Pacific___ 1st wk May 620,191 419.871 10,955,676 8,127,278
550,144 650,966 1,637,722 1,532,781
Toledo St L & West March
165,699
190.375
63,496
63,761
Ulster Sc Delaware. March
8,402,369 6,899.885 24,612,099 18,247,140
Union P acific_____ March
2,822,116 2.504,239 8,253,419 7,020,535
Oregon Short Line March
2,344,946 1,920.014 0.257,711 6.054,408
Ore-Wash RR&N March
654,189 423.871 1,769,780 1,054.411
Union RR (P en n ).. March
301,567
290,820
91,248
90,016
Utah......................... March
618,653
788,431
253,674 219,701
Vicks Shrove Sc Pac March
690,849 816,914 2,241,868 2,247,113
March
Virginian RR
3,505,276 3,623,136 10,568,568 8,551,051
Wabash R R --------- March
1,038,406 1,242,720 3,253,151 3,064,855
Western Maryland. March
763,681 789,326 2,361,116 2,365,537
Western Pacific------ March
539,743
649,455
224,208 190,163
Western Ry of Ala. March
696,772 865.477 2.084.453 2,250,188
Wheel Sc Lake Erie: March
256.999
424,485
89,464
141,883
Wlch Falls Sc N W . March
1,888.063 1,863,666 5.537,846 4,888,130
Yazoo Sc Miss Vail. March

A G G R E G A T E O F G R O S S E A R N IN G S — W e e k ly a n d M o n t h ly .
•Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

$
' $
6,422.429 5,318.165 +
14 road s)..
6.812.647 5,606.328 +
14 roads)_
6.124.280 5,682,239
14 roads).5,619.076
6,390.893
14 roads)_
6.728.645 6,220,793
.14 road s)..
10.785.495 9,515.903 +
Mar (14 road s)..
6,747.701 6,602,753
Apr (12 road s)..
6,819.385
6,950,228
Aor (14 road s)..
6.872.689
7,045.346
April (14 roads).9,472,758
9,503,910
April (14 road s)..
6,671,104
6,839,092
May (12 road s)..
t Road ceased to operate all steam lines Dec. 31 1918.




%

$
1.106.261 20.81
1.206,319 21.52
+ 142,011 7.78
4-741.817 13.13
+507,852 8.16
1,239.592 12.99
+ 111,951 2 . 2 0
+ 130.813 1.89
+ 172,657 2.51
+31.182 0.33
+ 167,988 2.52
* We no longer

*Monlhly Summaries.
Mileage.
Curr.Yr.
May........... .230,355
June.............220.303
J u ly _______ 231,700
August_____230.743
Septem ber. .232.186
October ....2 3 0 .1 8 4
N o v e m b e r .. 232.274
December ..232,774
January___ 232.655
February— 232,957
i M a rch .........226,086
include Mexican roads

Current
Year.

374,237.097
228,893 363.165.528

Prev.Yr.

219.294
230,570
230,013
233.378
230.576
232,259
232,399
233,199
233,266
225 631

163.684.172
498.269.356
487.140.781
484.824,750
438.602,283
438.365.327
395.552,020
351,048,747
375,772.750

In any of our totals.

Previous
Year.
$
342.1 16.096
323.163.161
346.022,857
362.509.501
357.772,850
377,867,933
356,438,875
335,607.571
284.131,201
280,392,150
365,096,335

Increase or
Decrease.

%

4-32.091.001 9.38
4-40.002,412 12.38
4-117661315-34.00
4-135759,795 37.4f
+ 129367.931 36.16
+ 106956.817 28.30
+82,163,408 23.06
+ 102757756 30.62
+ 111420.810 39.22
+01.656,597 21.31
+ 10.070.415 2.90

M ay

THE CHRONICLE

1 7 1 9 1 9 .]

L a te st Gross E arnings by W e ek s.— In the table which
follows wo sum up separately the earnings for tho first weel
of M a y . The table covers 12 roads and shows 2 .5 2 % in
crease in tho aggregate over tho same wook last year.
First Week of May.

1919.

1918.

$
$
Ann Arbor_____________
67,475
59,136
Buffalo Rochester & Pittsburgh
359,993
183,328
Canadian National Uys_______ 1,543,413 1,393,791
Canadian Pacific_____________ 2,856,000 3,033,000
Colorado & Southern_________
431.200
329.068
Grand Trunk o f Canada______ )
Grand Trunk Western_____ l 1,130.352 1,069,998
Detroit Grand Hav & M ilw .l
Canada Atlantic___________J
5,837
4,437
Novada-California-Oregon_____
1,293
Tennessee Alabama & Georgia.
1,810
620,194
419,871
Texas & Pacific_______________
6,839,092 6,671,104

Net increase (2.52% ).

Increase. Decrease.
$

$
8,339

176,665

149,622

177,000

102,132
60,354
1,400

517

200,323
522,170
167,988

354,182

N et Earnings M o n th ly to L a te st D a tes.— The table
following shows tho gross and net earnings with charges and
surplus of S T E A M railroad and industrial companies re­
ported this week:

------ Gross Earnings—
----- Net Earnings----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
%
Midland Terininal.b__ Mar
70,635
_______
20,064
181,374
_______
64,226
Jan 1 to Mar 31...........
Oahu Ry & Land C o .b .M a r
110,265
113,530
38,725
72,678
Jan 1 to Mar 31...........
329,074
337,343
129,988
157,700
b Net earnings hero given aro before deducting taxes.
Roads.

Gross
Earnings.

3

Net after
Taxes.

$

Cuba Rallrond—
M a r ’ ll)
1,283,038 420,028
’ 18
1,233,503 488,040
9 mos ’ 19
8,581,258 2,032,150
'18
8,181,418 2,530,288

Other
Income.

3

Gross
Income.

Fixed
Charges.

S

Balance,
Surplus.

$

10,272
430,300
1,181
489,227
112,378 2,144,534
11,960 2.542,248

3

100,858
100,907
901,210
953,101

63,890,893
2,538,952

Total operating revenues. 11,461,740
Operating expenses............... 14,075,687

66,429,845
75,527,534

Net operating rovonuo..def 2 ,613,947
Uncoil, rev. from transp’n . .
2,270
Express taxes— .........
122,808

df9,097,689
6,927
765,700

Operating income...........def2,739,025

df9,870,316

Gross
Earnings.
Havana Elec R y,
Lt & Power Co

Mar T9
T8
3 mos T9
T8
Huntington Delvel Mar T9
& Gas Co
T8
12 mos T9
T8
Keystone Tele- April T9
phone Co
T8
4 mos T9
T8
Lako Shore ElecFeb T9
trie R y System
T8
2 mos T9
T8
Milwaukee Electric Apr T9
R y & Lt Co
T8
4 mos T9
T8
Nashville Ry &
Mar T9
Light Co
T8
12 mos T9
T8
Oiean Electric
Mar T9
Light & Power Co
T8
Portland Railway Mar T9
Light & Power Co
T8
12 mos T9
18
Tennesseo Power Mar T9
Co
T8
12 mos 19
18
Tennesseo Ry, Lt Mar T9
Power Co
T8
12 mos T9
_ _ _
T8

8

Net after
Taxes.

$

Fixed
Charges.

Balance,
Surplus.

S

§

657,255 332,052
160,101 *177,740
642,110 335,920
161,246 *161,246
2,086,769 1.031,101
456,956 *456,956
1,904,191 1,036,367
483,737*483,737
89,243
37,702
16,091
21,611
84,353
37,753
16,341
21,412
1,009,813 465,196
191,630
273,566
741,169
382,607
194,233
188,374
130,491
41,618
28,521
13,097
134,147
58,166
28,552
29,614
519,900
173,664
116.709
56.955
539,026
233,406
114,399
119,007
174,416
33,642
36,006 def2,364
141.162
29,792
36,298
def6,506
365.870
72,663
71,846
817
282,717
56,039
72,423 defl6.384
1,158,790
268,317
158,839
*118,096
903,596
205,473
141,489
*71,596
4,769,882
954,168
656,625 *354,295
3,752.286
683.368
563.994 *158.594
267,284
72,382
39,880
32,502
218,584
77,108
40,980
36,128
3,036,775
943,688
478,712
464,976
2,471,564
870,949
489,600
381,349
267,159
67,103
26,377
33,726
223,349
49,415
33,834
22,581
736,167
294.190
186,152
108,038
621,145
249,087
178,148
70,939
8,005,241 2,635,947 2,240,505
395,442
6,387,407 2,532,211 2,139,509
392,702
208,594
103,392
51,975
51 417
169,357
89,708
52,671
37,037
2,387,029
964,262
635,868
328,394
1,993,852
740,782
625,162
115,620
547,641
209,099
136,860
72,239
478,528
208,843
137,710
71,133
6,425,389 2,346,508 1,662,043
684,465
5,389,037 1,860,319 1,641,098
219,221

* After allowing for other income received.

323,442
382,200
1.183,318
1,589,087

EXPRESS COMPANIES.
-----Month o f Dec.----------- July 1 to Dec. 31___
.
1918.
1917.
1918.
1917
American lly. Express Co.— $
$
$
$
Total from transportation__ 21,975,696
128,128,621
Express privileges— Dr_____10,927,699
64,237.728
Revenue from tra n sp orts.11,047,997
Oper. other than transport’ll. 413,743

2017

..
__

Co.
Comparison.
Increase.
$
%
3,010 7.5
2,723 11.5
2,542 6.4

S u b s i d i a r y C o m p a n i e s o f t h e G e n e r a l G a s & E le c t r i c

Preliminary Statement of Gross Rev. for April 1919 and 1918 and
„
1919.
1918.
System—
$
$
Rutland Railway, Light & Power C o........... 42,527 39,517
Northwestern Ohio Railway & Power C o ..
26,500 23,777
Sandusky Gas & Electric C o . . . ...............
42,329 39,787
B in g h a m to n (N Y ) L ig h t, H e a t & P o w e r C o -

3 8 ,0 3 5 3 3 ,4 3 2

Sayre (Pa) Electric C o.............................
10,392
Now Jersey Power & Light C o____________ 26,754
Interurban Gas C o_______________________
699
T otal...................................

__

10,023
21,477
660

4 ,6 0 3 13.8

369 3.7
5,277 24.5
39 5.95

187,236 168.673 18,563 11.

FINANCIAL REPORTS.

.

T h e Delaw are & H u d so n C om pany.

(89Ih A nnual Report— Year ended Dec. 31 1918.)
The usual comparative tables of income, balance sheet,
Electric Railway and Other Public Utility Net Earn­ &c.,
wore given in last week’s “Chronicle” (page 1928),
ings.—Tho following table gives tho returns of ELECTRIC together
with condensed extracts from the text of the report
railway and other public utility gross and net earnings with of
President L. F. Loree.
charges and surplus reported this week:
On subsequent pages of the present issue will be found
---- Gross Earning.
---- Net Earnings-----Current
Previ
much more extended excerpts from Mr. Loree’s remarks,
Current
Previous
Companies.
Year.
covering fully the main features of this interesting statement.
$
Alabama Power C o .a ..M a r
225,859
The temporary operation of the property by the Federal
126,829
Apr 1 to Mar 31______3,112,379
1.366,030 Government suggests a review of the eleven year’s period of
Atlantic Shoro R y . b ___ Apr
10,832
3,741 development which began in 1907, and this development Mr.
Amor Tol & Tel C o _ b ..M a r 3,618,138
1,949,592
Jan 1 to Mar 31...........10,410,957
4,967,939 Loree briefly outlines, remarking especially on the following:
~

Brazil Tr L&P Co Ltd.M ar c9,330.000 c8,094,000 c5,013,000 c3 925 000
Jan 1 to Mar 31-------c25,824,000c23,246.000cl3,100,000cn;i86;()0()
Iowa Telephone.b.........Mar 435,861
362.020
139,046
112,052
Jan l to Mar 31........... 1,268,915 1,053,952
381,755
313,311
Nebraska Telephono.b.M ar 301,782
256,066
78,254
90,569
Jan 1 to Mar 31...........
867,247
738,072
219,144
229,360
New England Tel&Tel b Mar 2,115,229 1,862.900
576,809
449,464
Jan 1 to Mar 31........... 6,249,982 5,762,014 1,693,955 1,569,253
Pennsylv Utilities S yst..A pr
140,076
126,081
47,794
33,799
Pacific Tolcp Sc T eleg.b.M ar 1,975,578 1,731,380
503,149
502,743
Jan 1 to Mar 31........... 5,655,122 5,040,913 1,395,726 1,488,903
Santiago El Lt <fc T ra c..M a r
60,539
54,096
23.687
21.012
Jan 1 to Mar 31...........
180,035
161,867
71,019
63,999
WestcrnPowofCan.Ltd.Mar
38,260
36,035
23,604
22,210
Apr 1 to Mar 31______
455,857
446,669
296,849
318,455
W esternUnionTelCo.b.M ar 7,347,160 7,197,030 1.325,305
703,737
Jan 1 to Mar 3 1 . . ____20,957,262 20,100,691 3,038,136 5,044.194
a Net earnings hero given are after deducting taxes,
b Net earnings hero given aro before deducting taxes
Net after
Gross
Fixed
Balance,
Earnings.
Taxes.
Charges.
Surplus.
$
$
Bangor Railway & M a r '19
83,717
25,855
20,217
5,638
Electric Co
'18
76,107
28,659
19,621
9,038
12 mos ’ 19
949,857
332,569
241,040
91,529
'18
892,825
365,661
231,360
134,301
Caddo Oil & Ref
Mar ’ 19
259,013
59,457
12,423
47,034
Co o f Louisiana, Inc T8
187,597
67,705
12,245
55,460
12 mos 19 2,281,389
687,440
143,567
543,873
18 2,023,797
625,503
141,350
484,153
Chattanooga Ry & Mar 19
146,116
30,316
21,771
8,545
Light Co
'
18
151,533
39.359
8,612
30,747
12 mos 19 1,854,044
403,523
276,874
______
126,649
18 1,467,675
218,379
362,665 defl44,286
12.119
Cleveland Paines- Peb '19
44,266
12,261
defl42
viilo & East RR Sys '18
35,397
8,898
11,320
dof2,422
2 m o s ’ 19
91,802
26,179
32,380
def6,201
21,697
’ 18
76,169
22,641
def944
Commonwealth
Mar 19 2,073,565
759,189
540,083
219,106
Pow Ry & Lt Co
18 1,756,688
579,886
488,934
90,952
12 mos 19 23,101,251 7,807,914 6,210,565 1,597,349
18 20.093,104 6,993,585 5,440,473 1,553,112
276,071
655,424
Consumers Power Mar 19
125,744
150,327
508,078
249,596
Co
18
112,756
136,840
12 mos 19 7,100.182 2,943,840 1,427,891 1,515,949
5,885,643
2,404,262
18
1,014,280 1,389,982
202,919
46,836
____
Cumberland Co
Mar 19
56,434
def9,598
66,166
Power & Light Co
'18
245,270
73,881
dof7,715
979,351
12 mos '19 3,156,626
813,436
165,915
937,576
’ 18 3,077,458
100,858
836,718
107,114
EasU8t Louis &
Mar '19
369,786
37,563
69,545
t...Sub.ColSystcm
T8
328,221
77,939
67,281
10,659
946,426
12 m o s '19 4,351.502
822,133
124,298
T8 3,783.627 1,114,736
792,345
322,391




(«) T h e
num ber o f
in c r e a s in g
a n d fo u r th
an d sh ops:

m o d e r n i z a t io n o f m o t i v e p o w e r ; (6 ) t h e in c r e a s e o f 3 2 . 7 9 % in
f r e i g h t c a r s , t h e a v e r a g e c a p a c i t y o f e a c h c a r a t t h e s a m e t im e
5 . 3 7 % ; (c ) t h e c o n s t r u c t i o n o f a d d it i o n a l t r a c k s ( s e c o n d , t h i r d
t r a c k , & c . ) : (d) i m n r o v e m .m t in y a r d f a c il i t i e s , e n g in e t e r m i n a l s
(e) g r a d e r e v i s i o n , & c . — V . 1 0 8 , p . 1 9 2 8 . 1 2 7 4 .

H avan a E lectric Railw ay,

L ig h t & Power Co.

(Report for Fiscal Year ending Dec. 31 1918.)
The text of the report, signed by President F. Steinhart,
together with a comparative income account, profit and loss
account and balance sheet, will bo found on subsequent pages
of this issue.—V. 108, p. 1822.
C h icago M ilw aukee & St. P au l R ailw ay C o.

(54</i Annual Report— Year ended Dec. 31 1918.)
Pres. R. M. Calkins, in April 1919, wrote in substance:

Compensation Agreement with Director-General.— This agreement was
finally executed and delivered March 29 1919. It provides for the pay­
ment to tho company as annual compensation (compare V. 108, p. 1610):
Ohic. Milw. & St. &. R y .$27,154,551 IBellingham & Northern R y .$40,305
Tacoma Eastern R R ___
133,525IMilwaukce Terminal R y ____ 32,557
Fugot Sound & Willapa
Gallatin Valley Ry. Co. (def.) 8,981
Harbor R y __________
82,149
. ---------------Seattle Pt. Ang. & AV. Ry
72,665 |Total “ stand, return” __ $27,506,771
Extra allowance granted tho company on account of recent ex­
penditures made by it for the installation of electrical opera­
tion of 440 miles of line between Harlowton, M ont., and
Avery, Idaho.................................................................................
440,000
Total annual compensation_______________________________ $27,946,771
Income Account— Temporary Financing to Meet Maturing Interest, A c.—
Outlook for Dividends.— Only S6,275,000 was received from the Railroad
Administration on account of the compensation which the company was
entitled to receive for the use o f its railroad for the year 1918. The net
corporate incomo for the year was $6,241,510. [This is the amount re­
maining out of the annual compensation accrued for 1918, after deducting
tho net sum of $4,440,289, due on account of operations prior to Jan. 1
1918, as required by the I. S. C. Commission. See “ Incomo Statement.” ]
If, after the floating or unfunded debts are paid and a reasonable amount
as working capital or surplus has been reserved, there remains a balance, it
would bo proper for the board to apply such balance toward the payment
of a dividend on the preferred stock.
On Dec. 31 1918 the floating debt included [in addition to sums advanced
on account of additions and improvements and for payment of trust certifi­
cates— Ed.] tho following items aggregating $16,769,846 V. 108, p. 1610):
Amount duo U. S. Railroad Administration for open accounts
covering tho liquidation of assets and liabilities as of Jan. 1 T8 $2,912,846
Amount duo War Finance Corporation______________________
8,500,000
Amount duo New York banks_______________________________
4,500,000
Amount duo U. S. Railroad Administration__________________
857,000
Of tho amount borrowed from the War Finance Corporation, $5,000,000
was used for the payment of interest on tho bonds of the company which
fell due during the year 1918. The balance, $3,500,000, and the $857,000

3018

THE CHRONICLE

borrowed from tho U. S. RIt. Administration, was used for the payment
of bond interest due Jan. 1 1919. These loans are covered by demand
notes and were made necessary because at that time the agreement between
the company and the Director-General had not been executed and adjust­
ment of accounts completed. As a result tho U. S. KK. Administration
withheld tho payment of further amounts on account of compensation.
The $4,500,000 borrowed from tho New York banks was also covered by
demand notes and was used for tho payment of interest on tho bonds of
the company which became payablo during the early part of 1918. The
company was required to deposit with tho War Finance Corporation as
collateral security for tho $8,500,000 loan, its General & Refunding Mtgo.
bonds which it held in its treasury to reimburse it for expenditures made
out of prior earnings for additions and betterments to tho property.
There is still due the company from the U. 8. Railroad Administration
on account of its 1918 compensation $21,671,771, which, however, is sub­
ject to further adjustments under tho terms of the agreement between the
company and the Director-General with respect to expenses incurred for
maintenance of way and structures and maintenance of equipment. The
result of these adjustments will not be known for some months. This
amount, $21,671,771, or such part thereof as is paid to the company, will,
when paid, be applied in payment of the $2,912,846, the amount due to
tho U. S. Railroad Administration for open accounts, and to the payment
of tho amounts borrowed from tho War Finance Corporation, tho Now
York banks and the U. S. Railroad Administration.
If tho amount duo from the Railroad Administration to tho company,
$21,671,771, is not materially changed by the adjustments which may bo
made, thero will romain a balance of approximately $4,900,000, which when
received, will bo available for working capital, surplus and dividends; but;
until theso adjustments are made it will not be proper for the board under
tho provisions of the articles of association of the company to take action
respecting tho disposition o f whatever balance may remain.
Further Loan.— In addition to itoms in foregoing table, this company, in
order to take up tho $3,000,000 trust certificates o f tho Puget Hound &
WUlapa Harbor Railway Co., which matured June 1 1918, found it neces­
sary to borrow from tho War Finance Corporation $3,000,000. This loan
Is represented by a demand note secured by General & Refunding Mtge.
bonds, and will bo taken up as soon as the company can finance Itself by
the sale of bonds. [Compare V. 108, n. 1610.]
.
Further Advances on Account of Additions, &c.— Funds amounting to
$10,872,712 to pay for additions and betterments to tho property for ex­
penditures made during tho year were provided by the U. S. Railroad Ad­
ministration and such amounts have been charged to the company.
Arrangements for financing tho cost of these additions and betterments
will bo made as scon as conditions will permit.
Material and supplies to the value of $15,231,983 wero taken over by tho
Government and no credit has boon allowed for the reason that the same
unit quantities of material and supplies are to bo returned to the company
at tho termination of Federal control.
Acquisition of Subsidiary Railways.— Deods o f conveyance havo been filed
dated Dec. 31 1918, conveying to the company the railway franchises, &c.,
of the following companies, all of whose outstanding capital stock (excepting
directors’ shares) have heretofore been owned by it:
Tacoma Eastern RR. Co.
Bellingham & Northern R y. Co.
Pugot Sound Sc Willapa liar. R y. Co. Milwaukee Terminal R y. Co.
Seattlo Port Ang. & Western R y. Co. Gallatin Valley R y. Co.
The railway of the Tacoma Eastern R R . Co. was conveyed subject to
$884,000 outstanding mortgage bonds, and tho railway of the Bellingham &
Northern Ry. C o., subject re outstanding mortgage bonds, of $515,000.
Henceforth the railways of these subsidiary companies will bo owned by
this company and operated as part of its system.
Cash.— 'The U. S. Railroad Administration took over all cash on hand
and balanco due from agents on Dec. 31 1917.
Equipment.— Tho Director-General assigned to the company 100 heavy
freight locomotives and 3,000 box cars (1,000 of which are to be built In
tho company’s shops at Milwaukee). The board protested against this
allocation on account of high prices due to war conditions, and succeeded
in reducing tho number of cars from 5,000 to 3,000; the cost of this equip­
ment will bo financed as soon as conditions will permit.
Fifteen electric passenger and two electric switch locomotives have been
purchased and delivery is expected during M ay 1919 and July 1 1919, for
service on tho additional 217 miles now being electrified between Othello,
Wash., and Seattle and Tacoma.
During tho year 1,785 cars of various classes havo been purchased or
built, as follows: 1,002 box cars, 754 coal cars, 1 stock car, 1 coach, 1 loco­
motive crane, 26 work train cars.
During the year 142 locomotives and 4,065 cars were destroyed by wreck
or fire, sold or taken down on account of small capacity.
Other Additions.— New freight yards and engine terminals have been com­
pleted and put into operation at Atkins, la,, Sioux City, la., and Ottumwa
Jet., la. New freight yards and terminal facilities at Godfrey, 111., near
Chicago, have been completed and placed In operation.
New automatic, alternating current, light signals wero installed during
1918, as follows: Rocky M t. Division, 34.2 miles; Missoula Div., 100 miles;
Twin City Terminal D iv ., 3.0 miles. The direct current sempahore signals
formerly in service on 194 miles of tho Columbia and Coast divisions are
also being replaced with alternating current signals.
The cut-off between Bensenville, 111., and Techny, 111., has been com­
pleted and the line is now in operation.
Electrification.— Work on the electrification o f the line from Othello,
Wash., to Seattle and Tacoma, 217 miles, has been continued and will bo
completed during the coming year, making a total of 657 miles of electri­
cally operated main track.
. , ________ _ ,
Funded Debt.— The funded debt has been decreased by $138,000 Dubuque
Division 6% bonds, and $45,000 Wisconsin Valley Div. 6s retired.
It has been increased by $884,000 of Tacoma Eastern R R . Co. 1st M.
bonds (of which $30,000 was previously carried as an investment and
$51,000 was carried in tho Insurance Reservo Fund) and $515,000 of
Bellingham fc Northern Ry. Co. 1st M . bonds, assumed, and the issue
of $9,958,000 of General & Refunding Mortgage bonds.
The amount of bonds issued at tho close of this fiscal year is $501,474,155,
of which $117,247,200 are in tho treasury and $384,226,955 outstanding.
Treasury Bonds.— On Dec. 31 1917 tho amount of tho company’s bonds
in the treasury was $107,259,200. It has been increased by: General &
Refunding Mtge. 4 H % bonds issued, $9,958,000; Tacoma Eastern RR. Co.
1st M . bonds heretofore carried as an investment, $30,000. At the close
of this fiscal year, bonds in treasury composed of General Sc Refunding
Mtgo. bonds and First Mtge. bonds available for additions and betterments
amounted to $ 117,247,200.
.
.
Results of Government Operations.— From the results of operation under
Federal control during the year 1918, it will bo noted that there has been an
abnormal increase in operating expenses, which is largely accounted for by
tho largo increase in wages, effective as of Jan. 1 1918, and on various other
dates throughout the year, also to the high cost of material, supplies and
.fuel, duo to the war.
Substantial increases in freight and passenger rates were put into efrect
in June 1918, but they wero not sufficient to provido for the increased cost
of operation. Since the signing o f the armistice every effort has been made
to limit theso operating expenses to those essential for tho proper main­
tenance of the property, and to meet immediate traffic demands.
CONSOL. INCOME ACCOUNT (.INCL. THE S IX SUB. COS.) YEAR 1918.
Deduct—
♦Compensation under Fedcontrol______________ $27,946,771 Int. accr. on fund. d ebt.$16,767,186
663,084
Interest on bonds______
44,096 Interest on notes_______
Dividends on stocks___
170,344 aExp. prior to Jan. 1 '18 5,583,965
163,215
Int. on other securities..
514,341 Corporate organiz’n exp.
376,628
Rents received.................
234,214 Taxes accrued_________
27,520
a Rev. prior to Jan. 1 T8 ' 1,143,676 Rents paid____________
600,667
Miscellaneous__________
370,333 Miscellaneous___ „ _____
Gross income________ $30,423,776
Net income [after allowing for deductions of $4,440,289 net on
on account of period prior to Jan. 1 1918, viz.: expenses, $5,­
583,965, less revenue of $1,143,676 _______________________ $6,241,510
* Of this amount accrued for tho year 1918, $6,275,000 was received to
Dec. 31 1918. a These items are included in income account of the current
year under instructions o f the Inter-State Commerce Commission.
The foregoing statement does not includo items of accrued Interest which
aro due to or from tho Government growing out of liquidation of assets and
liabilities, deferred payments on compensation and advances for additions
and betterments for the reason that the accounts havo not yet been so
stated as to enable computation of such interest. It is estimated, however,
that tho interest due to tho company is somewhat in excess of that duo to
tho Government.




[V o l . 108.

INCOME ACCOUNTS OF SUB. COMPANIES YEAR ENDING DEC. 31
1918.
[These companies were operated independently during tho year.]
Tacoma Gallatin P.S.JclV. S.P.A. Bell.A Milw.
Easl.RR. Val.Ry. Ilar.Ry. tSAV'.Ry. Nor.Ry. Ter.Ry.
Compensation accrued$133,525 *$8,981 $82,149 $72,665 $40,305 $32,557
8
2 --------- --------Int. on other securs..
7,125 ______
Rents received___
380
5
8
3,030
------Rev. prior to Jan. 1 . .
7,895
52 *8,563 *2,051
3,677 *14,354
Miscellaneous___
1,992
1,905
314
1,764
5,859
210
*$7,023 $73,914 $72,388 $52,871 $18,413
Gross income....$150,918
Deduct—
Int. accr. on fund.debt $44,200 ______ ______ ______ $26,483
5,642
2,008 34,456 35,069
Interest on notes_____111,021
8,219 25,468
1,511 12,129
Exp. prior to Jan. 1 .. 35,489 12,792
44
1
31
1
1
Corp. organiz’n e x p ..
96
1,005
537
718
Rents paid__________
54
556 ...........
63,196 ........... 17,634
703
Miscellaneous_______
8,799
Net income............ *$48,741 *$20.372 *$3,186 $43,906*$27,781*$30,207
* Deficit.
COMMODITIES CARRIED FOR CALENDAR YEARS.
Agriculture. Animals.
Alines.
Forests. Alanufac’s. Miscell.
1918
7,757,695 2,632,963 12,550,260 6,364,433 7,011,089 3,990,607
1917_____ 7,009,902 2,169,679 11,715,375 6,430,357 6,965,658 4,153,382
1916 ......... 7,996,020 2,236,503 11.406,398 6,404,785 7,401,425 4,541,005
GENERAL STATISTICS FOR CALENDAR YEARS.
1916.
1917.
1918.
10,196
10,257
10,303
Miles operated, average____
Equipment—
2,021
1,982
1,840
L ocom otives_____________
1,599
1,577
1,565
Passenger equipment______
67,384
67,191
64,923
Freight, misc., &c., cars__
Operations—
13,175,371
15,484,374
15,969,377
Passengers carried________
885,254,305
980,728,974
921,993,832
Passengers carried one mile.
2.654 cts.
2.174 cts.
2.143 cts.
Rate per passenger per mile
___ _____
40,307,047
38,444,353
39,986,136
Freight
(tons) carried
Freight (tons) carried 1 milel 1,504,301,469 10,545,443,466 10,747,323,415
Rato per ton per mile______
0.8399 cts.
0.7582 cts.
0.7411 cts.
Avgo. rev. train-load (tons).
536
468
442
Earns, per pss. train m ile..
$1.4152
$1.0793
$1.0106
Earns, per freight train mile
$4.5002
$3.5449
$3.2753
INCOME ACCOUNT FOR CALENDAR YEARS.
1916
1917.
1918.
$
s
Operating Revenues—
$
Freight____________________________ 96,623,658 79,957,271 79,648, 513
Passenger__________________________ 23,492,031 21,329,946 19,756, 835
9,338, 667
Mail, express, &c__________________ 10,432,733 10,258,110
1,865, 673
2,193,875
Incidentals, &c____________________ 2,346,033 ____________________
689
Total operating revenues__________________ 132,894,455 113,739.202110,609
Expenses—
Maintenance of way, &c___________ 18,906,980 10,953,309 12,516 338
Maintenance of equipment_________ 38,069,987 22,015,201 17,533 448
1,803,964
1,961 979
1,244,658
Traffic expenses___________________
Transportation____________________ 60,740,935 48,083,125 40,307 996
1,970 637
2,162,192
General expenses___________________ 3,026,821
732 050
813,679
Miscellaneous operations___________
932,122
Transportation for investment_______ Cr.725,397 Cr.6.35,500 Cr. 1,257 398
Total operating expenses_________ 122,196,105 85,195,964 73,765 051
(66 .69)
(74.90)
Per cent oper. expenses to earnings..
(91.95)
Net operating rovenuo_____________ 10,698,350 28,543,238 36,844 638
5,480 119
6,517,212
T axes_____________________________ 0,185.935
Operating income________________ 4,512,415 22,020,020 31,304 ,518
BALANCE SHEET DECEMBER 31.
1918
1918.
1917.
Liabilities—
S
Assets—
$
8
Road A equip.X610.S07,395 592,800,195 Common stock. 117,411,
yStks.control.cos 5,586,667 11,304,855 Preferred stock. 116,274,
Prcm.on cap.stk
36,
yBonds, &c., of
controlled cos.
110,000
140,000 Funded debt..*383,883,
Rills payable— 16,857,
Advances to con­
254,
trolled cos__ z23,413,771 30,049,953 Traffic,Ac.,bals.
Mlsc.phys.prop.
632,162
677,602 Payrolls A vouch. 350
690
Cash....... ......... 4,487,118 7,418,940 Coup, not pres.
317
Other misc. inv.
295,023
24,322 Miscellaneous. Loans & bills rec
432,188
439,663 Accr.bd.lnt.,Ac. 5,082
Traffic,Ac.,bals.
414,555
825,285 Taxes not yet
duo...... ........
Agts. & conduc. 3,889,509
1,915,287
Mat'ls & suppl's 15,231,9S4 14,688,585 French Govt.tax
European loan
Miscellaneous.. 1,630,041 4,584,187
Unmatured int.
124,335
89,263 Ins. rcs'vc fund. 2,800,
Secur. in ins. fd. 2,835,100 2,835,100 Other def. Items 1,859,
469,
Sinking fund...
276,628
442,147 Sink, funds, Ac.
Surplus_______a30,501
Other deferred
debit items.. 2,330,781 5,021,240 U.S.Govt.acct.:
Llnbll's paid. 15,534
Comp. accr. Jess
Expenses prior
amount rec’d. 21,671,771
_______
to Jan. 1.. 4,861
U.S.Govt.acct.:
Additions and
Cash.........
5,315,871
.............
betterments 10,872
Assets collcc'd 6,490,974
_______
Rev. prior to
Jan. 1____ 1,378,603
.............
Corp. trans..
408,346
_______
Equip, retired 1,671,137
.............
Special deposits.
153,498
121,136

1917.
S
117,411,300
110,274,900
36,184
382,697,955
1,018",810
9,509,325
425,339
2,396,215
5,698,124
744,000
767,703
2,775,842
1,998,110
578,775
30,975,174

Total......... -.715,587,456 073,367,760
Total........... 715,587,456 673,367,760
x After deducting $11,229,387 reserve for accrued depreciation, y Un­
pledged. z Advances to controlled companies for construction, equipment
and betterments. * After deducting as of Dec. 31 1918 $117,590,200 stock
anti bonds unsold held by company against $102,1)02,200 as of Dec. 31 1917.
a After adding $295,077 net credits, and deducting $1,079,401 extinguish­
ment of book value of equipment destroyed, sold or taken down, and
$13,746 miscellaneous.— V. 108, p. 1511.

B osto n & Maine R R .

(8(tth Annual Report— Year ended Dec. 31 1918.)
Temporary Receiver J. H. Hustis, Mar. 27 wrote in subs:

Reorganization.— Reorganization with the help of tho Director-General,
under the provisions of the Federal Control Act, seems likely to bo fulfilled.
The plan has been submitted to tho stockholders and approved by thorn, as
well as by the stockholders of the leased lines involved, and has also been
approved by the Legislature of New Hampshire and by the Pifblic Utilities
Commission of Maine, and the Public Service Commissions of Massachu­
setts and New Hampshire. Hearing has been had upon it before tho P. S.
Commission of N. Y., but decision has not yet been rondoted. [See pages
18 to 20 of “ Railway & Industrial" Section and “ Chronicle."— V. 107,
p. 1918, 2007, 2288, 2375, 2474.]
, ,
,
Compensation.— The Director-General and tho representatives of tho
Boston A Maine RIt. havo agreed upon the terms of tho contract for
compensation to be made with tho reorganized company.
Electric Railways, A c.— The Federal Government relinquished tho control
of tho three street railways which havo been operated in connection with
the system— tho Concord Sc Manchester Electric Branch, tho Portsmouth
Electric Branch, and the Conway Electric Street Ry. Co. Tho operation of
theso railways, therefore, has been under tho control of tho corporation.
Tho Government also relinquished control of tho Mount Washington Ry.
C o., which was not operated last summer.
All property, tho incomo of which has been included In "Miscellaneous
Rents,” has remained in tho corporate control. The corporation has
continued to have an interest In tho subjects of railway mail pay and
valuation of railroads, and In these two matters has co-operated with tho
Federal management.
, ,
Capital Stock.— Tho 426,549 shares are owned by 7,155 stockholders,
of whom 4,715 owning 382,603 shares reside In Mass.
Funded Debt.— The funded dobt remains at $43,338,000.

M a t 17 1919.]

THE CHRONICLE

Floating Debt.— Notes of the company were outstanding Dec. 31 1918
to the amount of $13,306,060 as follows: Extended to Aug. 31 lo'i6
$13,101,160: oxtended to July 17 1916, $198,400: extended to Juno 2 1916’
$5,500; extended to March 2 1916, $1,000.
INCOME ACCOUNT— YEAR ENDED DEC. 31 1918.
Railway operating revenues (incl. electric street railways)...............$241,777
a Lease of road— . ............. 59,636,771 Operating expenses (incl. elec.
Miscellaneous rent income__
287,327
Street railways)..............._ 5288,973
Misc. non-oper. phys. prop..
3,178 Tax accruals One. el. st. rys.)
187,031
Dividend Income__________
74,817
Funded securities...............
4,500
Gross Income.................... S9,875,394
Unfunded securities &. accts.
47,314
Deductions—
Sinking and other res. funds.
27,575 Rent for leased roads_______ $5,562,924
Release of prem. on fund. dt.
23,725 Miscellaneous rents.............
1,994
Miscellaneous Income______
4,414 Interest on funded debt____ 1,754,980
Interest on unfunded debt...
798,304
b Mlsc. Income charges........ 1,530,202
Total income.................... $10,351,398
Total deductions__________$9,648,404
------- —

,

Net Income.................. ........

220,930

a lDclucle»s estimato of annual compensation from Federal Government
of $9,618,771 (contract pending), b Charges reported by U. S. RR.
Administration as having been paid by it, representing expenses of the
corporation Incurred prior to Jan. 1 1918, all o f which is subject to verifica­
tion and revision.
COMBINED INCOME STATEMENT FOR CALENDAR YEARS.
HicUiding the Boston & Maino, Vermont Valley, Sullivan County,
York Harbor & Beach, St. Johnsbury & Lake Champlain, Montpelier &
K t. Washington
l i n i {?
‘ IroatJs' St.(InRy.)
1917 and 1916 includes
M
lty. and S*lelsea
ConwayK?Electric
Operating Revenues—
1918.
1917.
1916.
............................................... $44,576,474 $36,480,913 $34,990,617
Passenger............................................... 19,560,094 18,339,950 16,559,638
Y n ^ w ^ . P,resSV-»7.................
3,397,101
2,895,188 2,384,210
All other transportation....................... 2,239,071
1,942,665
1,812,695
1,929,624 1,660,150
Incidental ............................................._ 2 , 368,886
Railway operating revenues.$72,141,626 $61,588,340
$57,407,310
Operating Expenses—
Maintenance of way and structures..$10,450,378 $6,530,198 $6,439,133
Maintenance of equipment............... 14,492,181 9,017,224
7,318,602
T ra ffic .............................................
493,314
459,394
441,824
Transportation..............................
38,676,960 31,007,568 23,885,983
Miscellaneous operations____________
441,471
299,202
249,154
1,862,356
1,511,830
General...... ..............
1,302,900
Transportation for investment______ C r.12,550
Cr.324
Railway operating oxpenses...........$66,404,110 $48,825,092 $39,637,596
Not revenue lrom railway operation.. $5,737,515 $12,763,248 $17,769,714
Tax accruals and uncollectibles........... 2,325,505
2,295,831
2,203,679
Railway operating income...............$3,412,010 $10,467,417 $15,556,634
Equipment Owned and Acquired from Leased Roads.
Calendar Years—•
1917.
1918.
1916.
L ocom otives______________________
1,132
1,132
1,131
Passenger cars_____________________
1,841
1,814
1,900
Freight cars_______________________
22,258
21,543
22,887
Company sorvlce cars_______________
1,333
1,336
1,322
Electric St. Ry. equip't____________
68
68
68
Floating equipment________________
1
1
2
INCOME ACCOUNT OF SUB. COS.- -YEAR ENDED DEC. 31 1918.
Mt.
Vermonl
Sullivan Y. II. & IFas/i.
L. C.
Credits—
Val. RR.
Co. RIt. B. RR.
Miscellaneous incom e___
$5
$23
Incomo from lease of road. 133,499 $184,754 $5,500
$~20 ,do6
Miscellaneous rent incomo
2,280
1,244
734
1,004
Dividend incomo________ 107,945
“
*
Inc. from unf. sec. & accts.
1,310
1,739
'307
Release of prem. on fd. d t.
959
____
Total credits__________ $245,998 $185,819 $7,973
$23
$21,311
Debits—
Expenses________________
$946
$891
$182 $5,438
$80
Miscellaneous rents--------402
423
46
Interest on funded debt__ 67,500
14,280
al25,000
Int. on unfunded debt----- 138,000
Miscellaneous inc. charges 19,534
4,641
541
4,471
Tax accruals (war taxes). . ______
36.000
1,375
'675
Dlvidond approp------------ --------40.000
............$226,383
Total debits
$96,236 $2,097 $6,113 $129,597
Surplus for tho year----19,615
89,583 _ 5 ,876 def6,090 def108,286
a Includes Interest accrued, $58,6C
Maino and Boston & Lowell Railrc
B. & Chel. Mont. I\ * Con. El. St.
Credits—
RR. Co.
IF. R. RR.
Kg. Co.
Incomo from lease of road____________
$33,970
$3,372
Miscellaneous rent income____________
898
2,040
Incomo from funded securities_______
75
Income from unf. securities and accts.
6,028
82
Miscellaneous incomo_________________
4,892
3,589
$5,916
Total credits________________
$45,863
$9,082
$5,916
Debits—
E x p en ses---------------------------------$88
$97
$7,148
Tax accruals (war taxes)_____
2,650
888
Dividend appropriations_____
20,000

Rent for leased road___________
M iscellaneous------------------ -------

Total debits------------$22,738
Surplus for tho year
$23,126
b Operation discontinued Nov. 27 1918.

1,000
1,743

6,667

$2,840
$14,703
$6,242 bdef.$8,797

GENERAL BALANCE SHEET
1918.
1917
1918.
1917.
Assets—•
S
S
Liabilities—
$
S
Road & equip.-a92,018,610 92,572,495
8J0Cjt— 39,505,391 39,505,391
improv. on leased
deferred
stock...
3,149,800
3 ,149,800
. property__ 2,852,757 2,852,757 Prem. on com. stk.
Sinking fund____ b l,521,4:59 1,493,804
sold--------------- 6,501 620 6,501,620
Mlsc. phys. prop. 233,990
235,131 Funded debt:
'
Invest, in affll. cos. 2,158,470 2,032,947
Held by Public.42,577,000 42,577,000
Other Investments:
Held In skg. fd. 761,000
761,000
Stocks _______ 7,223,815 7,223,815 Non-ncg. debt to
Bonds________
108,000
108,000
598,857
061,001
Notes________ 1,482,578 1,482,578 T
Loans & bills pay. 13,306,060 13,308,060
Advances-------- 2,474,019 2,480,779 Traffic, &c„ bal._
54,009 2,817,402
Cash........... —
276,148 2,468,009 Accts. & wages...
168,952 3,420,215
492,599 Mlsc. accts. pay.. 369 177 2,206,280
Agent’s remit----672
Time drafts A dep.
-------- 4,293,000
mat- unpaid. 5,680,423 3,227,889
Special deposits..
8,265
10,565 Mat. dlvs., &c
278
52,494
Traffic, Ac., bal..
135,124
855,278 Interest accrued.. 6251405
625,405
Agents & conduct810 3,345,900 Rents accrued___
513 063
555,185
Mlsc. accts. rcccv. 7,675,871 2,524,558 Expiration of leases 1,852!;J46 1,852,346
Mat. & supplies..
.......... 8,231,581 Accts. with U. 8.
Rents, &c., reeev.
29,458
128,960
RR. Adminis’n. 12,914,506
Accts. with U. 8.
Accrued deprec’n. 7,539,009 7,078,345
RR. Adminis'n.22,438,594
Other,unadj. cred. 855,254 1,070,111
87,905 Additions to prop.
Other def. assets. .
80,069
Unadjusted debits 743,775 1,229,750
through income 191,341
191,341
Skg.fd.res.for redof Improv’t bds. 1,521,439 1,493,864
Profit and loss___ 2,690,449 2,491,722
Total.............141,462,377 134150,470
Tot« l ............. 141,402,377 134150,470
a Does not Include equipment acquired from leased roads at inception
of leases appraised at $8,194,708. b The bonds o f the Boston & Maino
RR. purchased by tho trustee o f sinking fund at a cost of $716 804 are
reported above at par ($761,000), in compliance with tho rulo of the Inter­
state Oommcrco Commission.
Contingent liabilities, $4,528,000.— V. 108, p. 1 9 3 5




2019

In te rn a tio n a l H arvester C om pany.

(Report for Fiscal Year ending Dec. 31 1918.)
Tho remarks of President Harold F. McCormick , to­
gether with the income account and balance sheet, will be
found on subsequent pages of this issue. A comparative
income account for two years was published last week.—
V. 108, p. 1932.
A m erican B osch M agn eto C orp o ration .

23 1919.)
The statement made to the New York Stock Exchange
relative to the listing of the 60,000 shares of capital stock,
will be found on a subsequent page. This gives not only
the particulars regarding the organization and property of
the present American-owned company which began business
Jan. 101919, with its income account and balance sheet, but
also similar particulars concerning the predecessor company
and its operations for five years past. The new corporation’s
output of magnetos for the year 1919 is estimated approxi**£225,000, which will represent a total value of about
$ 6 ,0 0 0 ,0 0 0 .— V. 1 0 8 , p . 1 9 3 8 , 1 1 6 6 .
{Report to New York Stock Exchange, Dated A pril

A n a c o n d a Copper M in in g Co.

31 1918.)
Chairman John D. Ryan, N. Y., May 5 1919, wrote in sub.
{Report for Fiscal Year ending Dec.

(lestrf or^inarJ demand for metals, created by the war,
was f o r c e d i n ?‘gni nfJ of the armistice iu November. Production
available labor supply, the entire product being
*?f lhe Government. With the cessation of hostilities
thp w ^ ^ ) U
uptl;^,tcrnl!nated' except that for gold and silver,
fi vivi S i v o f ?^\Rer'~T Hle P.rice of 23 cents a pound for electrolytic copper,
in is ; yh ihV r Industries Board In Sept. 1917, continued until July 2
the n«n7i^?.ian increase to 26 cents a pound became effective and remained
^krdnd « m i,price. untl' Def - 31, although practically no sales were rethe date of the siKning of the armistice,
v o'iri aiu0!! I,” /W U x . - A s compared with 1916 and 1917, respectively, the
y tn'i Th« ^*„°?ssed,a marked reduction in our profits, due to the following:
lower nriee'i\ : nuat <?.n ° f the fixed price of 23 'A cents to July 2 resulted in a
nee.w«?fn^i
rcah.ze<i on the production sold. The lack of future sales
the Venn ^7 tho carrying over of inventories of unsold metals at the end of
'irn’o i cost: thus the gross Income was substantially decreased,
rnitorn ^ increases In wages, freight charges, cost of supplies and of treating
busines.s°doneanC* refinlng nietals, reduced the net incomo realized on the
for 1918, before charging depreciation of $6,104,185,
$26,907,055, compared with $27,115,499 of estimated profit
H,rr?P,r,'™V.as showr! by our circular of Jan. 2 1919. Tho profits of the last
were absorbed by the adjustment for inventory purposes to a
Luri
° f C0PPer which had been reported in the September estimate as
c v5' >fbe orders for which were subsequently canceled by the Govt.
. f r ° ur mines produced 4,918,468 tons of ore and 6,553.69 tons of
precipitates, a total or 4,925,022 tons [against 4,203,606 tons in 1917).
wi dcvclopment work in the form of drifts, crosscuts, upraises, shafts and
' aggr°8atod 41.85 miles in 1918 and 38.61 miles in 1917. The
In in S "1
additional depths aggregating 4,991 feet. Tho results
were quite satisfactory.
fnr,70^ c1l plo.r^ iSIl purPoscs the Bonanza shaft was sunk an additional 512
1 nnnp .000-foot level, with crosscuts in both directions from the 500
nrJvl
levels; while several veins were cut, none of them contained
A'f.
worthy of note. The shaft on the Orphan Girl claim was sunk
T a 'y/Pth of 525 feet with a crosscut which cut the Orphan Girl vein, but
snoweu practically no values: a north crosscut was started for the purpose
or cutting the veins which apex on Orphna Boy and Anglo-Saxongclaims.
copper.-—lh e copper reduction works treated for all companies during
tno y^ir 4,959,580 tons of ore and other cupriferous material at Anaconda,
07,999 tons of oro and other cupriferous material at Great Falls. Of
tnis amount 4,350,446 tons of ore were produced by company mines, 618,256
ore wcro elther purchased from or treated for other companies, and
4 •-p7? tons of precipitates and cleanings from the old works at Anaconda
and Butte were treated.
Production in 1918—
Fine Copper (lbs.).
Silver (oz.).
Gold (oz.).
At Anaconda..................................279,030,318
10,001,605
59,403
At Great Falls.............................. 14,573,408
966,300
4,915
Total production..................... 293,603,726
10,967,905
64,318
<o
do
1917.............253,508,332
9,031,026
58,546
<Jo
do
1916_______ 331,893,273
11,837,769
92,099
do
do
1915_______ 254,311,574
9,005,618
106,703
do
do
1914..............223,720,292
20,835,558
99,651
do
do
19 1 3 ............270,301,644
10,321,296
64,398
do
do
1912...............294.474,161
I_.
______
11,014,737
61,314
Of the total production of these plants in 1918, 272,923,031 lbs. of fine
copper, 10,076,i48 ounces or silver and 64,318 ounces of gold were pro­
duced for tho company.
.o 7 ’^n?1?St/ <?LytIc copper refinery at Great Falls produced, during the year.
191,404,125 lbs. of cathodes, 189,067,167 lbs. of which were melted into
fu ° reat Tails. The copper leaching plant at Anaconda treated,
during the year, 500,688 tons of tailings, and 64,978 tons of copper ore,
from which there were produced 6,662 tons of cement copper.
zlnc p|ants at Anaconda and Great Falls treated, during the
. ’ 19,3 tons of ore and other zinciferous material, of which amount
A50,057 tons of oro were produced by mines of tho company, and 138,136
tons or ore and concentrates were purchased from other companies. At
Great Falls there were produced, during the year, 72,131,238 lbs. of electro­
lytic zinc. I ho electrolytic zinc plant at Great Falls operated continu­
ously with excellent results, running under pressure, in order to meet the
requirements of the Government, largely for munition purposes.
Amamda Construction.— The new stack was completed, having a height
of w J i ’ an<*.an inside diameter of 70 ft. at the bottom and 60 ft. at the top.
on. V10 Cottrell treaters, previously delayed, is now progressing
rapmiy ana should bo completed some time the coming summer. A system
ot three earth dams for impounding tailings was started, one of which is
now m commission.
At the zinc plant in Great Falls, 14 of the 28 roasting furnaces for the
copper leaching plant were remodeled for roasting zinc concentrates.
An experimental 25-ton acid plant was started in November in order to
test out a new method of making sulphuric acid.
Great balls Construction.— Tho rod and wire mill was completed during
the summer, and the rod mill was put in operation on June 9, and both were
in continuous operation during the latter part of the year
It was found that by a proportionately small expenditure the output of
the electrolytic zinc plant at Great Falls could be increased from 100 to 150
tons per day, making possible a more complete utilization of all equipment
at Anaconda and Great Falls, and also a reduction in the cost of produc­
tion; on Dec. 31 the increase in the plant had been almost completed.
At the solicitation of the U. S. Government, five electric ferromanganese
furnaces wcro installed at Great Falls, one starting work in September and
two more in October and November. The furnaces had a capacity for
treating 250 tons of manganese ore per day, and up to tho time of the
armistice, produced upwards of 1 ,000 tons of ferro-manganese, made
irom ores purchased from the Butte Copper & Zinc Co. With tho signing
of tho armistice the furnaces were shut down.
6
8
An electric furnace was installed in the casting department of the zinc
plant, and is operating quite satisfactorily in melting cathodes, superseding
the use of reverberatory furnaces for that purpose.
Subsidiary Departments.— ‘These realized a profit for tho year of $354,187.
Hie coal mines produced, shipped to other departments, &c.:
(In tons.)
Produced. To Other Dep.
Sold.
Used.
Diamondville, W yo...................625.601
398,858
180,409
46,334
Washoe, Mont
...................147,775
72,513
65,258
10 003
Sand Coulee Mont
------- 292,367
160,642
131,471
254
1 10ooa)\r!l!>?r,a^. Hamilton, Hope, Bonner and St. Regis cut, during the
?SairAo8$m5e '8? 9 fect
lun}ber and Purchased 41,219,939 feet, of which
72,162,891 feet were shipped to tho mines, 35,765,541 feet were sold.

Operations of Butte Anaconda & Pacific Ry• Co. (1915-17 Inserted. Ed.).
-------- Traffic-------Cross
Net
Interest, Divi- Balance,
Tons. Passenger. Income. Income. Taxes, &c. dends. Surplus.
1918____ 5^63^?451 ^45?682 2,095,714 586^883 213^960
~ f— - 372,923
1917
6,800,161 355,224 1,789,396 367,176 219,590
147,585
19 16____ 8,416,003 408,865 2,199,611 734,815 207,648 a300,000 227,167
19 15____ 6,506,525 230,684 1,671,651 675,779 195,750 bl50,000 330,029
a 12% paid in 1916. b 6% paid In 1915.
Subsidiary Corporations.
International Smelting C o — The smeltery o f this company at Tooele,
Utah, treated during the year 262,723 tons of copper ore and 297,847 tons
o f lead ore, from which there wero produced 2 1 .8 2 1 ,6 5 7 lbs. of fine copper,
62,034,920 lbs. of fine lead, 5,827,134 oz. of silver and 36.317.307 oz. gold.
The copper smeltery at Miami, Ariz., treated during the year 332,644.21
tons o f concentrates and 45,290.40 tons of purchased ores, or a total of
377,934.61 tons, from which there were produced 173,043,136 Pounds of
fine copper, 252,437.47 ounces o f silver and 4,255.804 ounces of gold.
International Lead Refining C o — Tho lead refinery at East Chicago, Ind.,
treated 31,765.89 tons of lead bullion from the Tooele plant and 34,119 tons
o f purchased ore and other bullion, from which there were produced
113,074,263 lbs. o f common and corroding lead, 13,018,043 lbs. of antimonial lead, 7,004,175.68 oz. of silver and 36,360.57 oz. of gold.
Raritan Copper Works.— The refinery at Perth Amboy, N. J., treated for
all companies, during tho year, 222,628.15 tons o f copper bullion and
7,016,212.52 oz. o f silver bullion, from which there wero produced 394.­
968,011 lbs. of fine copper, 21,440,610.74 oz. of silver 132,253.488 oz. gold.
Investments.— During the year your company and its subsidiaries added
to'fthelr Investments, expending the sum of $8,883,628 on this account.
The principal Items, aside from advances made to the South American
Companies, for which your company has received or is entitled to receive
stock o f such companies, issued at par, are the following:
(a) Walker Mining C o — On Oct. 1 1918 the International Smelting Co.
exercised its option on 630,000 out of a total of 1,250,000 shares of the
Walker Mining Co. stock. This property is located in Plumas County,
Calif., approximately 22 miles by wagon road from Portola, a station on the
Western Pacific It It. Tho holdings consist of 38 patented lode claims and
two placer claims, all forming a compact block of ground.
. ..
Exploration to tho depth of 346 feet has been accomplished by two shafts
and drifts therefrom have opened up a body of ore approximately 866 it.
in length, averaging 16 ft. in width, and a grade o f about 4% copper
Diamond drill holos indicate an additional length of vein approximating 900
ft. There is still a considerable amount of unexplored territory.
We are now increasing the capacity o f concentrator to 200 tons per day
and installing a new tailings dam and an aerial tramway 8.2 miles in length
to handlo concentrates to and supplies from the railroad. We are also
driving a crosscut tunnel from the concentrator site 3,500 ft. to strike the
extension of the vein, then following the vein to the shaft, 1,200 ft. Ibis
tunnel will develop tho property to a depth of approximately 800 ft.
li(6 ) Arizona Oil Co.— To insuro fuel oil supply for the International Smelt­
ing Co. at Miami, we purchased jointly with the Inspiration Consolidated
Copper Co. 160 acres of oil-producing land in tho Bakersfield District of
California. The Arizona Oil Co., formed to take title to the property, has
an authorized capital of S2.500.000, of which 16.320 shares, having a par
value o f S100 each, have been issued. Your company and the Inspiration
Consolidated Copper Co. each owns one-half of the issued sIock. rho not
investment of your company in this stock amounts to $794,668. I he
transaction was consummated May 21 1918, since which date 329,622
barels of oil were produced to Dec. 31 1918.
, , .
.
.
New Bonds.— On Dec. 31 1918 the directors authorized an issue of $50,­
000.000 10-year secured gold bonds. $25,000,000 of said bonds designated
as Series “ A ,” bearing interest at the rate of 6% , were issued on Jan. i 1919.
(See circular letter o f the Chairman In V. 108, p. 81.)
South American Properties.
Andes Copper Mining Co.— Additional churn drilling was done, aggre­
gating 11,800 ft., by which approximately 5.000,000 tons of oro were added
to the reserves; 2,990 ft. of drifts and upraises were driven, exploring dif­
ferent sections of the mino; 295 ft. of tunnels were driven, through which
the water supply will bo carried. At the mill site 184 houses are being
constructed for employees and aro from 30% to 100% completed.
Potrerillos Ry.— Grading was completed to the mill site and 39 miles of
track were laid. The tunnel rock work was completed and 30% lines.
The lino between tho main railway and the mine railway is 95% comploto.
Work on the mine railway was carried on continuously on tunnels 1 ,2
and 3, but tunnol 1 has still to bo enlarged for 62% ot its length, while
tunnef 3 must be enlarged for 35% of its length. The main adit was driven
2,650 ft. during tho year, making a total o f 3.730 it.driven.
Santiago Mining Co.— At tho Lo Aguirre mino 11 holes, aggregating 4,029
ft., wero drilled during the year, and drifts, raises and crosscuts amounting
to a total o f 6,900 ft. were driven, in many cases to prove the results ob­
tained by provious drill holes. The main shaft of the Africana mine was
sunk to a depth of 259 ft. and 2,427 ft. of development work was done In
the form of drifts, crosscuts and raises. The developments thus far have
proved satisfactory.
PROFIT & LOSS ACCT. YEARS END. DEC. 31. INCL. SUBSIDIARIES.
1915.
1916.
1917.
1918.
$■
$
S
$
Receipts—
__ ______
Sales o f copper, silver
and gold____________ 109,504,744 109,055,593 96,097,709 61,473,678
3,004,049
7,675,167
Royalties, &c_________ 10,248,791
6,668,384
73,431
Rental of properties, &c. -----------3,778,655
7,19l",366
7',514,591
Sales of merchandise--------------112,922
2,350,641
2,749,083
Income from invest., &c. 2,867,515
Metals in process (at
cost) and on hand (sold
at contract prices)— 27,865,266 32,966,589 37,225,804 18,944,075
Total receipts.............150.486,317 158,954.240 150,540,687
Disbursements—
M a ! ” P” “ ! ! “ d ™ ^2,966.689
Mining exp., incl. devel. 29,844,525
Ore purch. (incl. trans.) 19,474,604

37.225.804
24,591,950
21,156,714

23.695.832
Trans, o f metals, refining
and selling expenses. .
Cast o f mdse, sold_____ 5,845.701
Admin, exp. & taxes on
Milne. & on timber lands 2,522,616
Depreciation, &c--------- 6,104,185

18,960,027
„ .9 5 6 ,883
6.419,288

87,386,809

17,554,757
17,254,622
13,647,705
f 1.029,671
19.183.023 ilO,694,032
6.760.480
4,492,172
2,559,686
5,210,178

18.944.075
24,709,071
15,227,458

3,396,110
5,387,437

1,613,424
7,113,463

573,545
1,900,578

Total deductions____129.006,914 124,094,213
Balance........................... 18,611,888 34,860,027
526,275
Interest_______________ _ 6Z*?,533
Dividends____________ 17,484,375 19,815.625
(17%)
Per cent...............
(15%)

98,761,171
51.779,516
951,145
17.484,375
(15%)

69,706,769
17,680,040
984,233
9,325,000
(8%)

33,343,997

7,370,806

" Balance, sur., for year

3,318,495

14,518,127

* Metals In process at cost and on hand sold, at contract prices.
BALANCE SHEET DEC. 31.
[Including assets and liabilities of subsidiary companies owned.]
1917.
1918.
1917.
1918.
$
$
Liabilities—
$
Assets—
S
M in e s & m in in g
cla im s, la n d , <fcc.
B ld g s.,m a ch .,& c.
T im b e r la n d s—
I n v e s . in su n dry
co s . n o t en tire­
ly o w n e d ..........
M a t ’ l & supplies
& p rep a id e x p .
M d s e , lo r s a l e ..
M e t .in p ro c .,& c.
A c c t s .r e c .& c a s h

[Vol . 108.

THE CHRONICLE

2020

7 4,886 ,252
56,416 ,775
5,323 ,362

7 4 ,7 0 4 ,5 1 8
51 ,8 8 1 ,3 9 9
5 ,3 9 7 ,8 8 0

2 8 ,5 9 2 ,8 5 8

2 2 ,5 4 5 ,6 1 0

12,121 ,614

10,154,674
1,097,566
32,966,5S9
2 7 ,1 0 9 ,8 1 9

1,290 ,520
2 7 ,8 6 5 ,266

30,702 ,053

T o t a l ............... 2 3 7 ,2 0 3 ,6 9 8 2 2 5 ,8 5 8 ,0 5 5

- V . 108, p. 1823.




C a p ita l s to c k is­
s u e d .................. 1 1 6 ,562 ,50 0 116 ,562 ,50 0
A c c t s . & w ages
p a y a b le
an d
ta x es, & c ., a c ­
c r u e d .......... . . 3 5 ,4 3 5 ,3 5 6 31 ,4 0 2 ,6 1 9
D lv lv e n d p a y a ­
b le F e b r u a r y . 3 ,4 9 6 ,8 7 5
4 ,6 6 2 ,5 0 0
R eserv e fo r d e ­
precia tion . . . 1 5 ,476,482
10,316,446
S u r p l u s ................ 6 9 ,2 3 2 ,4 8 4 6 2 ,9 1 3 ,9 8 9
T o t a l ............... 2 3 7 ,2 0 3 ,6 9 8 2 2 5 ,8 5 8 ,0 5 5

W e lls Fargo & C om pany.
(Report for the Fiscal Year ending Dec. 31 1918.)
President B . D . Caldwell, N . Y . , M a y 8, wrote in subst.:
Results in 1917.— The net incomo from express operations during 1917
was $758,001, a decrease of $2,364,967 from 1916, notwithstanding gross
earnings increased $9,408,833. These figures reflect war conditions— a
great increase in business, especially in heavy traffic ordinarily moving
by freight, which the company was not equipped to handlo to advantage,
a shortage of experienced employees; increases in wagos and in cost of
materials and supplies, and large increase in cost of loss and damage, due
mainly to shortage of express cars, many of which ware diverted to troop
movement and replaced with freight box cars unfit for the safe and ex­
peditious handling of express shipments. Another factor seriously affecting
operations was the unprecedented weather of the winter of 1917-1918.
The decrease of $299,921 in returns from investments during 1917 reflects
the sale of securities in connection with the payment of the special dividend
in January o f that year.
,
.
_
_
Half-Year to June 30 1918— Enforced Retirement from Domestic Express
Business— The period from January to June 1918, inclusive, was a most
difficult one as affecting not only the current operations but tho future
interests of your company. The loss of its contracts with tho railroads
because of Government control and operation, and inability to effect an
arrangement with the Railroad Administration for continuing its individual
operations culminated In an enforced retirement from domestic express
operations and the transfer of the company’s property used in tho express
business to tho American Railway Express Co. on Juno 30 1918. (See
“ Railway & Industrial Section,” p. 137, and "Chronicle, V. 106, p.
2:1 Chieratin’g'condltions

became progressively worse in 1918, with the result
that tho company was subjected to heavy losses— tho loss and damage
account alone Increasing in 1918 100%, and being four times that in 1916.
A rate advance applied for in November 1917, fully justified by existing
conditions, and which it was expected would havo been granted early in
1918, was withheld, pending the reaching of an adjustment with the
Director-General, until July of that year, after your company had retired
from business. Subsequently a claim made by this company to the
Railroad Administration for losses sustained during tho six months— Janu­
ary to June 1918 inclusive— by reason of the conditions described, was
granted in part, but proved insufficient to protect tho company in lull
against the losses sustained.
. .. . _____ ,
Corporate Surplus.— Tho corporate surplus shown in tho ba anco sheet
of Dec. 31 1918, of $3,278,369, is subject to probable reduction for un­
collectible charges in case efforts to collect should fail; personal injury and
other damage claims; payments to the new company for out-or-nocket
costs Incurred for liquidation of the old accounts, &c. It is probable that
during 1919 there will be charges against the surplus of approximately
$ 1 ,0 0 0 ,0 0 0 on account of these items.
__
Estimated Income for 1919.—Tho net incomo of the curront operations
of your company derived from securities and miscellaneous sources, is
estimated to bo, for the year 1919, at $780,000, or about 334% on capital.
Valuation.— Stock Interest in American Railway Express Co.— In consider­
ing the actual valuo of the company’s property the following must also be
taken into consideration, namely ( 1 ) a current market depreciation of
approximately $2 ,0 0 0 ,0 0 0 in securities and real estato, oxlusive or tho
$10,500,000 par value of stock of the American Railway Express Co.
issued to this company in exchange for equipment and property, previously
used in its express business and upon which it is not possible to place any
actual valuation at the present time; (2) Considerable depreciation in the
book value of $500,000 invested in the Wells Fargo & Co. s Mexican
Express due to the conditions existing in that country; (3) The contract
between the Government and tho American Railway Express Co. is limited
to tho period of Federal control of the railroads and the value of your
interest in the property of that company will undoubtedly depend in large
measure upon tho solution of the railroad problem and of the relation
established between tho express business and the railroads upon tho ter­
mination of Government control.
_
,
Cl .„,
Relations With American Railway Express C o — Latter s Earnings Show
a Deficit.— The operations of the American Railway Express Co. have not
as yet resulted in any not earnings, each month so far showing a doriclt,
due mainly to wage increases, which are in many respects similar to those
which have been made on the railroads. While under the contract between
that company and the Government the latter assumes any loss in operation,
no provision is made for any guaranteed net returns to the « P r“ s
pany, although during the negotiations with the Railroad Administration
the express companies sought to secure a basis of guarantee similar to that
given the railroads. [Tho Director-General on May 6.reported the deficlt
for the eight months ended Feb. 28 1919 as about $14,540,000. See
V. 108, p. 1891, and nows item for that company in this Issue.1
Railroad Contracts.— While our contracts with railroads over which we
operated prior to tho taking over of the properties of tho railroads by the
Government, were, in the opinion of our counsel, abandoned on Dec. 28
1917, when the railroads wero deprived of the power or facillti(:s to carry
out such contracts, and wo havo notified all of tho railroad companies
Interested as to the position of this company with respect to such contracts,
somo of the railroads havo not as yet signified their acceptance of
view.
Immediate Resumption Deemed Inadvisable— Under tho conditions
existing with your company as above set forth your directors are of the
opinion that until tho general situation clears it would be Inadvisable to
resume payment of dividends.
OPERATIONS YEAR 1918 COMPARED W ITH PREVIOUS YEARS.
[On Juno 30 1918 retired from domestic express buslncssMinder Govt.^plan.J
Charges for transportation................$34,115,902 $59,795,849 $50,387,016
Express privileges— D r------------------- 17,736,261 31,0 8 6 ,320 ^.>,851,218

468’,532
511,849
Express tax...........— ........... - ......... 280,265
$651,417 $3,043,393
Operating income---------------------- def.$3,250,268
106,584
79,573
Other Income from express operation.______3.446
$758,001 $3,122,967
Net income from express oper.def. $3,246,822
1,166,772
866,851
Net income from investments............. 1,070,739 ________________________
Total net in c o m e .................... def.$2,176,084 $1,624,852 $4,289,739
‘ ‘N ote.— Net deficit of $2,176,084 for 1918 does not give recognition to
the reduction in express privileges Federal operated railroads for the six
months ended Juno 30 1918, in the sum of $1,724,325, which was credited
direct to profit and loss."
„ T^TAr
OPERATIONS FOR 6 M O N T H S E N D E D JU N E 30 1918 (I IN A L
PERIOD OF C O M P A N Y ’S D O M ESTIC EXPRESS BUSIN ESS.)

TTalf-Years to June 30—
1918.
1917.
Oluurges 1TorStraasportatlon........................................ *33.792,219 $28,020,216
Express privileges— Dr---------------------------------------- 17,834,525 14,707,79$
Revenue from transportation..............- ............. $15,957,694 $13,312,418
Revenue from other operations.............................*>01 ->04
671 ,ooj

o K S ’S K S K *""1* ............* 8 ^ 1 1

E K . u i S ' - " . : : : : : : : : : : : : : : : .....................
Operating Income------- -------- - ......... - ........... def .$1,388,226
Other
express
lo.blJ
i/UPl V
JAJJl VOO Income---------------------------------------------------- - ---------------------------'
Net express operations..................................... def.$1,372,614
Net from investments........ ..............................
4/1,466
Total net income____________________________ dof.$901,308
BALANCE SHEET DECEMBER 31.
1918.
1917.
1918.
Liabilities—
$
3
8
Asset*—

$157,047
av.ov*
$496,441
427.964
$924,405
1017.

*

1 2 .046,775 C a p ita l s t o c k ____ 2 3 ,9 6 7 ,4 0 0 2 3 ,9 6 7 ,4 0 0
500 ,000
8 4 3 ,3 2 6
198,085 L oa n s & n otes p a y. 1 ,1 0 0 ,0 0 0
10,000
10,000 U n p a id ch eck s,& o. 714 ,8 5 9 4 ,4 0 3 ,9 4 2
Other lnvestments.26,538,046 19,247,575 E x press p riv ile g e . 655,241 3 ,2 6 6 ,5 8 6
Cash.................... 1,053,951 8,978,505 O th . cu r’ n t lla b ll. 3 3 0 ,9 9 4 8 ,0 1 4 ,0 0 2
__
Loans & notes rec. 608,590
293,586 O p er. and lnsur572,466
a n ce reserves___ 1 ,1 3 0 ,4 9 4
Mlsc. accts. rec... 289,506 1,315,036
2 8 ,0 0 6 2 ,6 8 2 ,2 1 3
438 ,0 1 5 A ccru ed d c p r c c ’ n .
M a teria l & s u p p .........................
3,411
3 3,430
Oth. current assets
---------- 3,354,853 O th er u n a d j. c r e d .
Deferred assets... 1,046,666 1,086,666 P r o fit & loss s u r p . 3 ,2 7 8 ,3 6 9 4 ,1 2 2 ,7 8 5
P ro p e rty & e q u ip M is c . p h y s. p r o p .
A ffll.
c oos .. iIunyvp eo svt. .A
im . w
-

Unadjusted debits.

824,688

183,728

T o t a l ....................31,2 1 4 ,7 7 3 4 7 ,6 5 2 ,8 2 4

— V. 108, p. 1941.

T o t a l .................... 3 1 ,2 1 4 ,7 7 3 4 7 ,6 5 2 ,8 2 4

M ay 17 1919.]

THE CHRONICLE

A m erican B eet Sugar Co.
(Report for Fiscal Year ended March 31 1919.)
Pres. H . Rieman Duval, New York, April 28, wrote in sub.:

2021

GENERAL INVESTMENT NEWS

R esults. — The incomo statement shows receipts o f 57,931 747 and ex­
penses and taxes, 56,731,007, leaving earnings of $1,200,739.’ If to those
earnings wo add the surplus April 1 1918, $1,642,385, wo have a total
amounting to 82,843,124, which was applied as follows: Preferred dividends
6% (payablo 1H % quar. July 1 1918 to April 1 1919), 8300,000; dividends
38 PI<£ ,sharo (Payable $2 quar. April 30 1919 to Jan. 31
,Y'°i)0: additions and improvements to factories and lands,
1320,976! adjustment o f Govt, taxes for quarter ended March 31 1918
pfus Miu-'ch'31 ""fi)1 ! ) ] 1 0 ° , 130 $44’ 276: balance> total Profit and loss surA d d ition s and Im provem en ts. — Appropriations for additions and imnrovemonts to factories and lands amounted to 5320,976.
M arket R eview .— Beet Sugar P rod u ction .— The domestic beet sugar pro­
duction fpr the crop yoar 1918-19 was 15,250,000 bags, or 26,000 bags less
and” /
'
i
'“ decreases, aggregating 1,700,000 bags in California
and 1,100,000 bags in tho producing territory between California and the
Missouri River, were offsot by increases in Eastern producing territory
Duo to war restrictions in consumption and distribution during the first
three months of the manufacturing campaign, there was an unusual accumu­
lation, and thore are still unsold 6,286,000 bags, compared with 3 400 000
bags a year ago. These are now being gradually distributed and’will’ no
doubt, be disposed of before the next beet production
« 0J % S/ S ^ £ a.” yiS ^ diUoced 9,18l."562 bags in 1918-19, as compared with 1,bags in 1J17 18, and has on hand 410,039 bags at cost as against
334,346 bags a year ago.
Total Sugar P rod u ction , A c . — During tho war various Food Administra­
tion regulations on the use and distribution of sugar were made effective
r™tricti0Ils were removed Nov. 1918, tho certificate plan
abolished Nov. 27, consumption given free roin again by Dec. 1, followed
by tho discontinuance Jan. 9 1919 of the zoning plan. Tho world’s pro­
duction of sugar for the crop year 1918-19 is estimated at 16,600,000 Jong
tons,a shortage of 2,000,000 tons compared with the pre-war year of 1913-14.
i ni o lCf , S S u ° a r — Price changes have been few. Raws, which on March 31
innn
imately 80 per cwt., N. Y ., duty paid, were advanced
S h L l i f
SeIil' 9 to
28, the present price. Refined cane,
alch. a1 1918 waL ?7 45 per cwt. seaboard basis, advanced Juno 24
to 87 50, and Sept. 9 to $9, since which date there has been no change.
f bo period April 8 to July 1 1918, when in territory Colorado
ana west only, tho boot sugar basis was 10 points below cane, beet refined
continued throughout tho year on tho samo basis as cano on Jan. 13 1919,
a ten-point differential was established east o f tho Rockies, and on Feb. 25,
Rockies and West, making tho boet basis $8 90 per bag.
O perating Costs.— R e c e ip t s from sugar decreased $5,112,984; expenses
i
.... _
' "*
msesper
63c.
was $ 7 98 per bag o f 100 lbs. compared with $6 21 per bag last yem\P°The
increase in expense of $1 77 per bag Is accounted for as follows: Factory
cost— beet, labor and supplies increased $1 29 per bag; selling expenses in­
creased 11c.; depreciation factory buildings and equipment increased 24c.;
factory, corporate and Government taxes decreased 49c.; administrative
and interest increased 33c.; and misc. expenses increased 29c. per bag.
I he not earnings amounted to 88c. per bag, and including tho profit
from pulp, potash and other sales, amounted to 81 42 per bag, compared
with 81 92 last year.
R es e r v e jo r W orking C apital and S u rp lu s.— This item March 31 1919 in­
" '
' ~
and loss, surplus,
manently invested
paign, 82,326,558, making net liquid assets of 82,667,958.1 " S 1aeb cam

R A IL R O A D S ,

IN C L U D IN G

E L E C T R IC

ROADS.

G overn m en t C on trol o f R a ilro ad s.— Net Earnings for
March— Deficit for First Quarter of 1919, &c.—
1869? 1890?— V .^ 08?*p’." l 935! 1822 PrCCeding Pag° and alS°

V ' 108’ P’

A lab am a T ennessee & N o rth e rn R R . C orp.— Offering
Conrad B . Shevlin C o., Boston, arc offering
5o00,000 Prior Lien 30-year gold 6s, dated Oct. 15 1918, duo
July 1 1948.
Int. J . & J. in New York. Callable at 10214 and int. on 30 davs’ notice
S v K n n * ’b00, $500 and 8100 c*. Principal and interest payable without
deduction of normal federal income tax, not to exceed 2 %
AnthnnVert
83,5003)00; outstanding, $850,000. Trustee, Metropolitan Trust Co.!
New York. Full particulars another week.
Earnings for Calendar Years 1914-18, Inclusive.
rr, . ,
1914.
1915.
1916.
1917.
1918. Av 5 Yrs
Total oper rev.|398,838 $483,246 S487.837 8584,763 8684,158 $5277768
Net oper. inc
8116,565 3104,416 353,599 898,598 S103!412 S95 318
,,
^ 10 above statement of earnings, it will be seen that even during
trie European War, with its export business entirely suspended, a period
recelvership of the predecessor company, the net operat.tje°!n9 of the road, after deducting taxes, &c., was equivalent to ap­
proximately double interest charges on the present outstanding $850 0 0 0
1 rior Lien 6 s, requiring $51,000. Compare V. 108, p. 1720.

Am erican C ities C o .— Increased Rates of Subsidiary Leqal.

See New Orleans Ry. & Light Co. below.— V. 108, p. 1273, 572.

A n n A rbor R R .— Federal Manager.—
w
i^ eh?adnMarVonger^
,Blo“
ba« F.
bcV?
witn
headquarters atEm
Toledo,
to eyer
succeed
H. appointed
Alfred.— V.Federal
108, p.Manager
19357

, ^ ^ a n tic & W estern R R .— Federal Contract Signed.—
Dir(H1''t’nr°ronor^i0nr

13

*'Sned the Federal operating contract with the

?enIatiornG ar$ri2,660R- V Oa95S,' p .T o 3 8 .D ’
fixi‘,g th° annUal comA u rora E lgin & Chicago R R .— New Directors.—
n Ttra 5l\ccial meeting of the board of directors, held in Chicago on M ay 3.
of Ha v r i m ? ,of
Stinson & Co Philadelphia, Lewis B. Williams.
5f-H aXbf “ « Miller & Co., Cleveland, and A. B. Conant, of A. B. Conant &
0 s t w c r e elected to the board of directors.
„ *'*nson. Williams and Conant (who are members of the protective
p p r 0c rceen 41y formed to safeguard the interests of the company’s
E
„ „ eS}nd1blK Mtge. bonds and 3-year Collateral Trust notes) accepted
represent — V HjS' pf° 9 7 082 ^ protection of thc interests which they

B a th & H am m on d sport R R .— To Extend Bonds.—

See Erie R R . below.

TM0SAv°n Elevated R y .— Bill for Revaluation Defeated.—

re^niin .Massachusetts House on M ay 8 , by a vote of 101 to 27, defeated a
mltfm. ™ °ucr 'nng ,a revaluation of tho company’s property. The Com^ o lu tlo n - V ? ei0 8 fp
160d .P
USly unanimously reported tho

B ow don R y. C o.— Operative Contract Signed.—

ace Kalamazoo Lake Shore Sc Chicago R y. below.
to alfalfa and other hay crops and 11,092 acres planted to barley wheat
oats and other grain crops.
’
’
In Colorado and Nebraska, where planting has not been started thero
havo boon 32,630 acres contracted, an increase over that harvested last
year o f 12,476 acres. An abundance o f snows and rains the past winter
practically assures capacity operations for tho Grand Island and Rookv
Ford factories, and under continued favorable conditions, the operation of
the Las Animas plant, which was kept closed last year.
In California there have been contracted 27,106 acres, an increase over
that harvested last year o f 11.362 acres. There havo been 25 061 acres
planted, and It is expected that with favorable growing conditions’ there will
bo a sufficient tonnage of beets harvested to insure an increased production
for tho Oxnard factory. Chino factory, as last year, will not be operated
C ause o f Reduced E a rn in g s. — Tho almost unprecedented conditions ovist'
ing in California, due to tho failure o f tho usual winter rains of the planting
season of 1917-18, and other untoward causes mentioned in last voar’s
report, were so disastrous as to result in a production o f only 448 inr: h- Jl
of sugar at tho Oxnard factory (Chino factory remaining closed)’
pared with 1,047,394 bags produced thero and at Chino in 19 1 7-.i’«aS S
decrease, 599,289 bags, together with a net decrease in Colorado and
braska of 168,693 bags, records tho smallest output for the comnanv
tho campaign o f 1904-05, and accounts for tho comparative largo decrease
in net earnings for tho year.
15 uecreaso
O P E R A T IO N S FOR Y E A R S E N D I N G M A R C H 31

,
Production (bags)...........
Sales (bags),.....................
Average cost per bag-----Unsold March 31 (bags).

1918-19.
918,562
842,869
$7.98
410,039

1917-18.
1,686,544
1,629,298
86.21
334,346

1916-17 ' 1915-16.
2,155 963
1.752,662
2,186 067
1,904,332
84 24
$3.95
277,100
307,204

IN C O M E A C C O U N T FOR Y E A R S E N D I N G M A R C H 3 1 .

1918-19.
1917-18
loifi 17
a E ? p Z fs ...................................$7,471,383 812,584,367 814.971,116
Factory cost o f sugar sold................... 84,770,325 $7 117 276 $7,280,224
Selling exp. (freight, discount, & c.)._
545,918
877'775
1.319,870
Administration, Interest ,&c________
731,901
394 '1 0 2
325,902
Depreciation.........................................
372,551
327 9 5 7
Factory and corporate taxes...............
x310,313
1,399,’965
342,115
Total expenses..................................... $6,731,007 $10,117 076 $9,268,112
Net earnings.........................................
8740,376 $2,467’291
$5,703,004
Other Income—
Potash receipts...................
47,710
Pulp rocoipts (net)— .......................
102,086
314,324
198,023
Interest and discount received...........
200,732
166,161
106,852
Farm and live stock operations (net)
97,356
157,080
106,164
Miscellaneous income_______________
12,478
30,332
12,634
£iross Income.................................... $1,200,739
$6,126,677
Preferred dividends (6 % )...................
$300,000 $3,135,188
$300,000
$300,000
Common dividends
Depreciation and additions.
Total deductions________________$1,500,000
Balance, surplus..............................dof.$299,201

$1,500,000
$1,635,188

328,233
1,243,697
$4,871,930
$1,254,747

x Not including farm and live stock taxes.
CON DENSED B A L A N C E SH EET M A R C H 31.

Assets—

1919.

1918.

$

Liabilities—

1919.

1918.

$
F a ctories,
lands,
sto ck — 15,000,000 1 5 ,0 00,000
e ou lp m cn t, & c -2 0 ,0 0 0 ,0 0 0 2 0 ,0 0 0 ,0 0 0 P referred stock— 5,0 0 0 ,0 0 0 5 ,0 0 0 ,0 0 0
C a p . stock & secur.
Accounts p a y a b le . 375 317
■“ 2 ,3 0 4
47
2 7 2 ,770
o i oth er c o s ____
2 6 1 ,350 B ills p a y a b le .......... 3 ,2 8 5 ’,000
C a s h ...........................
829 ,527
1,702,229 A c c r u e d ta x es------55,559
" 5 8 ,2 1 7
S ec. o f U .S . G o v t . 3,9 8 8 ,9 1 9 2 ,0 1 4 ,9 0 0 A cer G o v t , ta x e s .
347 ,263
1 ,272,022
U n sold su gar(cost) 2,5 3 4 ,5 9 2
1,618,247 D iv id en d s d eclared 1 ,275,000
1 ,2 7 5 ,0 0 0 ’
A c c t s . & bills r e c . .
651 ,877
1,303,876 R es v e for d e p re c’ n
885,279
5 4 5 ,945
C o m m 'l l iv e s t o c k .
492,299
4 3 7 ,916 A p p r o p . fo r a d d n s .
M a teria l & s u p p . . 2,2 8 8 ,7 2 3 2 ,7 3 0,136
an d lm p ro v ’ t s . .
491 ,116
1,0 1 1 ,3 0 6
A d v . a c c t . next
R e s. for w ork . c a p . 4,2 8 4 ,3 8 6 4 ,2 4 7 ,6 0 2
ca m p a ig n _______
650 ,344
453 ,125 S u r p l u s ....................
7 1 0 ,130
1,6 4 2 ,3 8 5
T o t a l ................... 3 1,709,051 3 0 ,5 2 1 ,7 8 0

-V . 108. p. 81.




T o t a l .................... 3 1 ,7 09,051 3 0 ,5 2 1 ,7 8 0

B roo k ly n R apid T ran sit Co.'— Application to Issue Re­
ceiver s Certificates.—
T,J,'b' flluy M . Garrison, receiver for tho company, made application before
1A*.
, 1ayor ° f the Federal District Court on M ay 15, to approve an
VooAe<
i^ne ° f $15,000,000 6 % receiver's certificates maturing June 1
1920.— V. 108, p. 1510, 1390.

C a n a d ia n N a tio n a l R ailw ay.- -Incorporation Act Passed
by Canadian House of Commons.—
The House of Commons at Ottawa on M ay 6 passed by a vote o f 110 to
0 1 the Act to incorporate this company for the purpose of taking over and
operating the various railroads now controlled by the Canadian Govern­
ment (together aggregating at present 13,491 miles of road), and also, if
pending negotiations go through, the Grand Trunk R y., either in fee or
under lease.— V. 108, p. 1610.

N orth ern R y .— Sale of Equipment Trust 6 %
/L 1
— W in . A . Read & C o. are offering on a
o V f/o basis for N ov . 1919, o % % for M a y and N o v . 1920,
° / 8 % for M a y 1921 and 0 % for all other maturities, an issue
of 87,500,000 Equipment Trust 6 % gold certificates, Series
C , 1919, issued under the Philadelphia plan. Dated M a y 1
1919. Total auth., 57,500,000. Due in semi-ann. install­
ments of 8375,000 each, N ov. 1 1919 to M a y 1 1929, incl.
n

m

Denom. 81,000 c*. The company agrees to pay the normal U . S. income
fax BP to 2% if exemption is not claimed by the certificate holder. Divs.
M . & N. 1 at the office of Girard Trust C o., Philadelphia, trustee.
Data from Letter of Pres. D. B. Hanna, Dated T oron to, May 10 1919.
This Issue.— Issuable under trust agreement of May 1 1919 between
Canadian Northern R y., Canadian Northern Rolling Stock, Ltd., and
l D‘ st Co., Philadelphia, trustee, for an amount not exceeding
87,,3)0,000, secured by the following new standard equipment, the cash
contract price of which is $10,724,705 (being considerably less than present
list prices), viz.: 445 40-ton steel under frame box cars, 445 40-ton steel
frame flat cars, 550 50-ton composite dump cars, 10 consolidation loco­
motives, 15 Pacific type locomotives, 270 30-ton wooden stock cars, 140
40-ton refrigerator cars, 25 steel baggage cars, 100 steel colonist sleeping
cars, 10 6 -wheel switching locomotives. Title to all equipment remains
vested in the trustee clear and unencumbered for the benefit of the certifi­
cate holders, and the lessee must fully maintain both cars and locomotives
In number and condition.
Further secured by assignment to the trustee of a lease of the equipment
to the company which is obligated to pay rentals sufficient to enable tho
trustee to retire as due the total Issue of these certificates, with dividends
and charges.
Rentals Rank as Operating Expenses.— Under the provisions of the statutes
of Canada, the rentals payablo by the company under the lease of the
equipment rank as a working expenditure of the railway and constitute a
claim against the railway company's earnings prior to both principal and
interest of all its mortgage debt.
K'£uarN ntv-7r T b® following guaranty is endorsed on each certificate:
I he Canadian Northern Ry. for a valuable consideration guarantees the
prompt payment by it to the trustee of tho par value of the within certifi­
cate anil of the dividends thereon according to the terms of said certificate
and the dividend warrants thereunto attached.”
Government Ownership.— Though the ownership of all the SI00,000,000
capital stock of the railway is vested in the Dominion of Canada as a
national asset, its management and operation continue under the control
or the corporation with practically the samo officers as have heretofore
operated tho property. The board of directors, selected by the Govern­
ment, is representative of the most substantial commercial, agricultural
and manufacturing interests of Canada.
Total Equipment Issues.— On May 1 1919 the company had outstanding
unmatured equipment obligations of only $21,466,500. Its equipment
purchases have aggregated $79,259,635 since 1903. a total of $57,793,135
having thus been paid in cash and in retiring equipment obligations.
V. 108, p. 1822, 1721.

C hicago R ock Isla n d & Pacific R y .— Stock Listed.—
The N Y . Stock Exchange has admitted to list $5,000 6% pref. stock,
with authority to add $195,000 of said stock, making tho total amount
authorized to bo listed $25,308.100.— V. 108, p. 1936, 1603.

C h icago & W e st In d ia n a R R .— Bonds Called.—

One hundred and sixty-three ($163,000) General Mtge. bonds of 1882
have been drawn for redemption on Juno 1 next at 105 and interest at the
office o f J. P . Morgan & C o., N . Y .— V. 108, p. 784.

G ran d T r u n k W e ste rn R y .— Federal Manager.—

General Manager II. E. Whittenberger has been appointed Federal
Manager, with headquarters at Detroit, to succeed F. II. Alfred.—
V. 107, p. 1003.

H agerstow n

C hinese R a ilw a ys.— Status.—

The “ Railway Ago” o f M ay 9 has an article, accompanied with map, on
the railways of Northern China, showing the railways under the control of
the Chinese Ministry of Communications and the concessioned or Japanese
railways.— V. 107, p. 1191.

Cleve. A llian ce & M a h on in g V a il. T r a c .C o .— Wages.—
Conductors and motormen of the company were granted an increaso in
wages on May 8 o f five cents an hour. Tho now pay schedule provides 40
cents an hour for tho first year, 43 cents an hour the second and 45 cents
the third year.— V. 107, p. 401.

C olorado Springs & Cripple Creek D istrict R y .— Re­
ceivership.— George M . Taylor, Colorado Springs, was ap­
pointed receiver on M a y 10 by Judge Robert E . Lewis of the
Federal Court, acting at tho request of the bondholders’
protective committee. See V . 108, p . 170, 578.
C om m onw ealth Power, R y. &
Subsidiary Increased to Six Cents.-—■

[VOL. 108.

THE CHRONICLE

2 0 2 2

L ig h t

C o .— Fares of

See Michigan United Uys. below.— V. 108. p. 1822, 1056.

D elaware & H u d so n C o.— Usual Dividend Contingent on
Receipt of Funds from U. S. Government.—
The directors, repeating their action of previous quarters, havo declared
a dividend of $2.25 on the stock, “ payablo Juno 20 1919 to holders of record
at tho close of business on M ay 28 1919, provided that before said date
there shall bo received from tho U. S. Government a sum sufficient in the
opinion o f tho President of the company with other available funds, to
pay the same and payablo at a later date when, as and if said sum shall
be received.”

Physical Condition of Property.— The stockholders at their
annual meeting on M a y 13 1919 voted that the statement
made to them by President Loree regarding the condition of
the property be sent to each shareholder. This statement in
circular of M a y 14 says in substance:

&

Frederick

R R .— Purchases

Control.—

Seo Northern Virginia Power Co. below.— V. 106, p. 2757.

H u d so n & M a n h a tta n R R .— Federal Manager.—

General Manager Kenyon B. Conger has been appointed Federal Man­
ager with headquarters at New York.— V. 108, p. 1610.

In te r n a tio n a l R y ., B u ffa lo , N . Y .— Valuation of Prop’ty.
The Board of Arbitration selected by the company and tho city of Buffalo
is now taking evidence to determine tho valuation of tho company’s prop­
erty within tho city, to bo used as a basis of an agreement between tho
company anil tho city whereby tho street railway lines will bo placed
under municipal control.
............
,
After tho evidence has been taken tho Board will determine upon a figure
upon which the company shall be allowed an 8% return. As the result of
a law passed by tho Legislature and approved by the Mayor, the city and
company will then enter into negotiations for a servico-at-cost agreement
in which a rate of faro will bo specified. This agreement must then be
submitted to the voters for their approval. Jay II. Perkins of the United
Gas & Electric Engineering Corp., engineers for tho company, has placed
tho total figure on which the company should bo allowed a return as
$44,654,436— V. 108, p. 1060. 878.

K alam azoo Lake Shore & C hicago R y .— Co-Operative
Contract Signed.
Co-operative contracts were signed on M ay 13 between this company,
Erio & Michigan Iiv. & Nav. Co., and the Bowclon Ry. and tho DirectorGeneral of Railroads, Walker D. Ilinos. For standard form of contraat
for short line railroads see V. 108, p. 235.— V. 10S, p. 378.

K a n sas C ity R y s.— Fare Arbitration.—

Federal Judgo John C. Pollock has appointed A. L. Berger of Kansas City,
Kan., and Frank Ilagerman of Kansas City, M o., as arbitrators to adjust
tho faro and other disputes between tho company and the city of Kansas
City, Kan. Tho Kansas Public Utilities Commission has agreed to the
arbitration plan. Judgo Pollock retains the right to modify the findings
of the arbitrators if ho desires to do so. The city has bound itself to adopt
such ordinances as may bo necessary to enforce tho findings of tho arbi­
trators.—V. 108. p. 1610. 1390.

K n o x C o u n ty Electric C o .— New Name.—

In connection with the change in name from tho Rockland Thomaston
When your property was taken over by tho Government, a rental was
Camden St. Ry. to tho above wo aro officially informed that tin; stocks
fixed which, while in no sonso generous, was yet sufficient to meet your &
bonds of the company are in no way disturbed and its affairs will be
requirements if regularly and promptly paid. Some embarrassment is and
experienced in this regard because of the failure o f tho last Congress to managed and carried along as previously.— V. 108, p. 1938.
place at the disposal o f tho Railroad Administration funds sufficient to
L eh ig h & New E n g lan d R R .— Federal Contract Signed.—
meet its obligations. Especially is this so now when tho financial results
This company on M ay 13 signed the Federal contract with Directorof tho Administration’s operations aro so disappointing and when many of Goneral
of Railroads Hines, fixing tho annual compensation at $1,135,760.
the roads are failing to earn even their operating expenses.
Tho President of tho United States in taking over your railroad gave — V. 108, p. 1936.
assurance that your property would “ bo maintained during tho period of
Louisville R y .— Application Abandoned.—
Federal control in as good repair and as complete equipment as when
The company on May 10, in a letter to M ayor Smith of Louisvillo, agreed
taken over by tho Government.”
to
his proposal that more efficient management of tho street railways bo
In the matter o f locomotivo power, you need feel no present appre­
hension. The situation in regard to your freight cars is not so reassuring. adopted instead of an increaso in fares. The city authorities will agree
Whereas formerly tho great majority were on your own rails, now nearly to certain franchise modifications, which will eliminate duplication of
90% aro on foreign lines, and no clear idea can be had o f their condition. service on unprofitable lines.— V. 108, p. 878, 784.
During tho past year 131 freight cars were dismantled and not reiilaced.
M a ssach u setts Electric C os.— Public Trustees to Take
In tne matter o f maintenance o f way, there has been a serious falling off
in the application o f material. During the test period the averago annual Control of Reorganized Company June l . —
tonnage of new rails applied was 8.117 tons; in 1918 5,836 tons, a deficiency
See Eastern Massachusetts St. Ry. above.— V. 108, p. 1511.
in tonnage of 2,281 (28% ), or say at $45 per ton, 8102,645 (reduced by
salvage), while the supply in stock is only about 66% of normal. During
M ich igan C en tral R R .— Bonds Listed.—
the test period the averago annual tie renewals was 339,575 ties per year;
The N. Y. Stock Exchange has admitted to list $424,000 First Mtge.
in 1918 241,504. deficiency 98,071 (29% ), or at $1.12 per tie a deficiency 5% registered bonds, duo March 1 1931, making tho total amount author­
of $109,839. Moreover, tho quality o f the ties used in 1918 was much ized to be listed $4,000,000 — V. 108, p. 973.
below that of the ties used during the test period and tho supply in stock
is now only 21 % o f normal. You will, of course, understand that this condi­
M ich igan R R .— New Company— Offering of Bonds.— The
tion is not singular to your property, but is general throughout tho U. S.
The President o f the United States in taking over tho properties said National City C o. are offering, at 95, to yiold 7 .2 1 % ,
that “ investors in railway securities may rest assured that their rights and $4 ,500 ,00 0 1st M . 5-year 6 % gold bonds, dated M a y 1
Interests will be as scrupulously looked after by the Government as they
could bo by the directors o f the several railway systems," and this pledgo 1919, due M a y 1 1924, of this new company , incorporated in
I havo no doubt will bo mado good in every particular.
Michigan April 17 1919 as successor of Michigan Railway Co.
Should the value o f your property be in any way impaired by the Govern­
Int. M . & N . in New York.
ment, which I do not for a moment believe possible, no mistake will be (electric).
made in fixing the responsibility therefor and an honest-minded public
Redeemable as a whole or in part at 101 and int. at any time on 45 days
notice. Denom. $1,000, $500 and $100 c*. Trustees, Tho Kquitablo
may bo depended upon to promptly redress the wrong.
Co. of New York and tho Michigan Trust Co. Issuance authorized
Tho annual report is cited in full on other pages of this Trust
by the Michigan RR. Commission. Tho company agrees to pay the int­
erest without deduction for normal Federal income taxes up to 2% .
I .axissue. See also V . 108, p. 1928.
exempt in the State of Michigan.
,
Company.— Incorp. April 17 1919 In Michigan, anil has acquired the rail­
D enver B ou lder & W e ste rn R R .— May be Sold for Junk—
formerly owned and operated by Michigan Railway, with the
It is reported that the railroad of this company, known as tho “ Switzer­ way properties
of certain leased properties. Owns and operates approximately
land Trail,” may bo sold for junk. Protests against tho proposed junking exception
156 miles (single track equivalent) of electric intcrurban railway, comprising
of the road havo been filed with the Colorado P. U. Comm, by a number two
divisions, one extending from Grand Rapids to Kalamazoo and to
of the leading mining companies o f the district, as it is claimed that tho road
is essential to the proper conduct of the mining business in that locality IJattlo Creek, anil the other from Bay City through Saginaw to Mint, all In
and that if tho road is discontinued the mines of tho region will bo com­ Michigan. Population served estimated to exceed 450,000.
Cap’n (upon Completion of Present Financing)— Authorized. Outstand'g.
pelled to closo.— V. 105, p. 2542.
S t o c k . . . . . _______ _______ ______________________ $5,000,000 $4,000,000
4,500,000
E astern M a ssach u setts St. R y .— Public Trustees to First mtge. 5-year gold bonds (this issue)--------------10,000,000
General mtge. 5-year gold bonds_________________ 4,000,000
4,000,000
Take Control June 1.—
Tho General Mtge. bonds will bo junior in lien to the First Mtge., and will
It is announced that under tho Public Control Act, passed by tho Mas­ not bo offered for public sale. Ttio present financing Is for the purpose of
sachusetts Legislature in 1918, the public trustees will assume control of meeting at maturity $6,500,000 Michigan Ry. First Lien notes, duo Juno 1.
tho company on June 1. The five public trustees appointed by Governor
Security.— Will.be secured by a direct first mtge. on tho entire property,
Coolidge, Homer Loring (Chairman) of Boston, Arthur G. Wailleigh of located largely on private right of way.
, ____ ^„ „ „ „ „ „ ,
Lynn, Fred J. Crowley of I.owell, Isaac Sprague of Wellesley and Earle
This Issue.— The first mtge. will authorize a total of $10,000,000, issuable
P. Charlton of Fall River, will begin rehabilitation work soon after they in series bearing different rates of interest, but not to exceed 6% per annum.
take over the management.— V. 108, p. 1721, 973.
An additional $500,000 of bonds may be issued, provided net earnings for
12 consecutive months 60 days prior to tho issuance, after deducting all
Erie & Pdichigan R y. & Nav. C o.— Co-Opertive Contract operating expenses, taxes, rentals, &c., shall bo not less than twice tho
annual interest charges on all first mtge. bonds outstanding, including those
Signed.—
proposed. Tho remaining $5,000,000 bonds may bo issued for not to ex­
See Kalamazoo Lake Shoro & Chicago Ry. Co. below.
ceed 75% of expenditures made after May 1 1919,for permanent extensions,
&c., provided net earnings satisfy the same requirements as above.
Erie R a ilro ad .— To Extend Sub. Co, Bonds.—
Sinking Fund.— Sinking fund will retire semi-annually $50,000 bonds,
The company informs us that the First Mtge. 5% bonds of tho Bath A either by purchase in the open market or by redemption at 101 and int.
Hanunonclsport RR ., duo Juno 1 1919, will be extended; tho details of tho
General Reserve Fund.— Tho company must either expend annually or
extension, however, havo not yet been completed.— V. 108, p. 1274.
deposit in cash with the New York trusteo in a general reserve fund an
amount equal to not less than 20% of its gross earnings, to be expended.for
G eorgia R ailw ay & Power C o.— Offering of Notes.— maintenance, repairs, replacements and renewals, for tho purchase or re­
of bonds of this issue, or for extensions, enlargements and addi­
Edward B. Smith & C o., Phila., are offering $ 2 ,500 ,­ tirement
tions. Such expenditures for extensions, enlargements and additions shall
000 2 3^-year 6 % secured noes at 9 9 V\ and int. to yield not be used as a basis for the issuance of bonds, except as the general reserve
fund is reimbursed to the extent of moneys used or withdrawn therefrom
7 .0 5 % . These notes, while issued in 1917 on account of for
such expenditures. This fund is distinct from and has no connection
additional hydro-electric developments, are only now offered with tho sinking fund.
„ .
.
Property.— The Western Division, comprising over 1 0 8 miles of tracK,
for sale.— V . 108, p. 1721, 784.
extending from Grand Rapids to Kalamazoo and to Battle Creek, is con­
almost throughout in accordance with steam railroad practice, tho
G ran d R apids, G rand H aven & M u skegon R y .— Rates. structed
track being located entirely on private right of war; rail, 80 lbs., except tor
See United Light & Rys. below.— V. 108, p. 78.
13 miles. The Northeastern Division, located largely on private right or
way, is laid with rail weighing 70 and 80 lbs. Tho rolling stock is rela­
G ran d T ru n k P acific R y .— Overdue Coupons.—
tively new and well maintained.
, , ,.
,, , , „
See Grand Trunk Ry. of Canada below.— V. 108, p. 1274.
In Grand Rapids tho terminal station Is located within ono block of the
main business section. In Battle Creek owns valuable real estate, altording
G ran d T ru n k R y. of C a n a d a .— Coupons.— The com­ it entrance over private right of way into the ccntro of the city, and pro­
viding adequate facilities for both freight and passenger traffic, in tho
pany announced on April 12 that on and after April 15 it remaining
principal cities served, obtains its entrances under trackage
would pay at the office of the company in London, Now agreements, in most cases, with affiliated lines.
Business.— Of tho gross business, about 80% is derived from passenger
York or Montreal tho coupons due on tho 1st inst. upon the traffic
and about 20% from freight and miscellaneous sources, inter­
under-mentioned bonds of the Grand Trunk Pacific R y ., viz.: changes freight with steam roads at soveral points served, freight is
handled on the same schedule of tariffs in effect on the steam railroads.
Grand Trunk Pacific Ry. 4% bonds, Series “ A ,” Prairio section.
Franchise.— The track is located entirely on private right of way, with
Grand Trunk Pacific Ry. 4% bonds. Series " B ,” Mountain section.
tho exception of about 17 miles operated under franchises, which aro either
Grand Trunk Pacific Ry. 4% bonds, Lake Superior branch.
unlimited in time or expire in 1932.
— V. 108, p. 1511, 1390.




M a y 17 1919.]

THE CHRONICLE

Earnings and Expenses 12 M os. ending March 31 1919.— Gross earnings,
$1,404,510; opor. exp. m alnt., & taxes, $966,150; net earnings, $498,354.
annual int., this issue, $270,000; balance, $228,354.
N ot earnings nearly 1.85 times annual first m ortgage bond interest chges.
Tho earnings resulted from the operation o f the property on the basis of
passonger rates o f 2c. per mile. Tho M ichigan Legislature recently enacted
a law undor which tho com pany will bo perm itted to chargo 2 H e . per niilo.

Michigan United Rys.— Fares Increased to Six Cents.—
The city o f Battle Creek, M ich ., on A pril 28 allowed tho com pany to

return to six-cent fares, but required it to sell nine tickets for 50 cents and
to givo a flat 5-cent fare to workingmen between 6 and 8 o ’clock in tho
morning and 5 to 7 o ’clock at night.— V . 96, p . 1423.

New Orleans Ry.

&

Light Co.— Increased Rate Legal.—

T ho Louisiana Supreme C ourt on M a y 5 affirm ed tho validity o f the ordi­
nance perm itting this com pany to increase street-car faros and gas rates.
A petition to enjoin tho collection o f six-cent fares was denied. T h o case
o f the Louisiana Board o f Public Utilities, in which tho Board claimed
Jurisdiction over rate fixing in N ew Orleans, was also dismissed, the Court
holding that tho A ct o f the General Assembly o f 1916, purporting to create
the Board o f Public Utilities, was unconstitutional.— V . 108, p . 1391,878.

New York Railways Co.— Certificates

Listed.

—

T h e N . Y . Stock Exchange has adm itted to list N ow Y ork Hallways Co
$5,592,000 Guaranty Trust C o. o f N . Y . certificates o f deposit for 30-year
bonds.

Time for Deposit of Ronds Expires June

21.—

T ho bondholders’ com m ittee (V . 108, p . 1165) for the First Real Estate
& R ef. M tge. 4 % bonds gives notice that tho tim e for the deposit o f tho
bonds expires Juno 21 and that after that date uo deposits will be received
excep t^ up on^such conditions as tho com m ittee m ay im pose.— V . 108,

Norfolk & Western "Ry.— Offering of Convertible Ten-Year
6 % Bonds.— Union Trust Co., Pittsburgh, Bankers Trust
Co. and Bernhard, Scholle & Co., recently offered $2,500,­
000 convertible 10-year 6% bonds (V. 107, p. 2098). Bonds
havo all been sold.
D ated Sept. 1 1919, duo Sept. 1 1929. I n t .M . & S . D cnom . $1,000 c*,
r* $1,000 & $5,000. A uth. and outstanding, $17,945,000, represented by
subscription receipts which bear 6 % int. from Jan. 25 1919 to Sept. 1 1919,
after which dato subscription receipts are exchangeable for bonds carrying
int. from Sept. 1 1919. Convertible after Sept. 1 1919 into com m on stock
at par. Guaranty Trust C o. o f N . Y ., trustee. T ho bankers say:
O f previous issues o f convertible bonds amounting to $55,740,000, sold
since Juno 30 1906, 9 8 % , or $54,577,000, havo been converted into stock.
T ho surplus earnings after dividends during that period havo approxim ated
$60,435,000. This substantially represents a cash Investment during tho
last 12 years o f $115,000,000 subordinate to theso bonds and amounting
toTslx times their par value."
Tho report for 1918 will bo found in V . 108, p. 1382.— V . 108, p. 1512.

2023

United Gas & Electric Corp.— Val. of Property of Subsid.
United RR.’s of San Francisco.— Tentative Reorg. Plan.

See International R y ., B uffalo, N . Y ., above.— V . 108, p . 1827, 380.

It is reported that a tentative plan for the reorganization o f the com ­
pany is under discussion b y interests identified with the com pany, which
will provide that holders o f the $23,500,000 o f General M ortgage first
sinking fund gold 4 % bonds, m ay be given in exchange for their holdings,
new first m ortgage bonds bearing 5 % or 6 % interest, to the extent o f 15%
o f their holdings, new 6 % debenture bonds or 7 % prior preferred stock
to a total o f 50% o f their holdings, new preferred stock to the extent o f 20%
and sufficient new com m on stock to make a total o f 100 % or possibly
m ore, o f the par value o f the bonds.
is s? ic} to b9 earning m ore than the interest charges on its
$23,500,000 General 4s and $12,146,000 o f underlying bonds and since
tho suspension o f interest paym ents on the general 4s, all cash resources in
excess o f operating costs and taxes have been applied to paym ent o f interest
on under ym g bonds and strengthening o f their sinking funds. President
Lilienthal is quoted as saying that the com pany is now accum ulating cash
to facilitate tho proposed reorganization plan and that earnings are showing
marked im provem ent over those o f the previous year, in spite o f com petition
o f tlio m unicipal lines. l o r the first 117 days o f the current year, net

r e r i o d ^ l l l T - ^ v ^ m

^ ° f 13' 6% ° Verth° corresP °ndinS

United Rys. of Havana & Regia W arehouses.—
.The IjOn(}or' Stock Exchange has granted an official quotation for an

additional £1,000,000 5 % Irredeem able Debenture stock (1906), making
tho total q uoted £3.699,500.— V . 107, p. 2377, 1580.
g

United Railways Investment Co .— Tentative Reorgani­
zation Plan of Subsidiary Discussed .—
Seo United R R s . o f San Francisco abov e.— V . 108, p . 1823.

United Traction Co. of Pittsb.— Coupon

Payment.—

n ™ w ] ? ti?iEa£ cou.Pons have been deposited as follow s: (a) a t M ellon N at.
n v o o i Iittsb .urf h to meet coupons due Jan. 1 1919 o f $588,000 1st M .
R ailw a y.— V . 108, p . 1938.

United Traction & Electric Co., Providence.— Time

for Deposit of 5 % Bonds Extended .—

ii„,Hil 0T.1,,. ^ t oCtAve com m ittee for the First M tge . 5 % bonds has extended
m . , ' ; ir
-fU io tune for depositing these bonds with either the R hode
rw A.A U ospita 1 Trust C o ., P rovidence, or the First National Bank, B oston.
iw;,Ai ^?t,al Issue o f $9,000,000 between $5,500,000 and $6,000,000 o f the
D o n a s , it is stated, have been deposited.— V. 108, p . 1938, 1611.

Western Pacific Railroad Corporation.— Dividend Re­
Alvin W. Krech, in circular of May 2, says
Nova
Scotia
Tramways
&
Power
Co.—
New President.— in substance:
? 110, board has declared a dividend o f 1 % upon the pref. shares, payable
A . Stuart Pratt has been elected President.— V . 108, p . 1512.
„J ay 1*5,1919 to holders o f record M a y 9 1919. This dividend will be in
J1
,*31* ol dividend [heretofore 1 H % quarterly] which would have been paid
Oakland
Antioch
&
Eastern
Ry.—
Reorganization.—
^ A p p lica tio n was made to tho California R R . Commission on M a y 5 for in regular course on April 1 1919. T he reason for the delay in paym ent is
duction.—Pres.
at

the approval o f tho terms o f tho plan o f reorganization (V . 106, p. 1127).
M ore than 9 3% o f the holders o f securities o f this com pany, tho Oakland
& A ntioch R y . and tho San Ramon Valley R y ., com prising the OaklandAntioch system , have deposited their securities and signified acceptance
o f the plan. Tho reorganization includes the form ation o f a now corpora­
tion to take over tho properties o f the other throo, to be known as the San
Francisco Oakland & Sacramento R y .— V . 108, p. 785.

Pitts. Bessemer & Lake Erie RR .—Bond

Payment.—

Tho $2,000,000 5 % debenture bonds, due Juno 1 1919, will bo paid o ff
at m aturity at office o f Union Trust C o., Pittsburgh, P a .— V . 106, p. 924.

Portland Terminal Co.—Offering of Guaranteed Bonds.__
Kidder, Peabody & Co., Lee, Higginson & Co., Harris,
Forbes & Co., Inc., Estabrook & Co., and It. L. Day & Co.
are offering,at 91%, yielding about 5%%, $805,000 First
Mtge.
5 % gold bonds.
Dated July 1 1911, due July 1 1961. D enom . $ 1 ,000 c * .; r $1,000 See *
Int. J. & J. in Portland, Boston or New Y ork. Trustee, Fidelity Trust
C o ., Portland, M e. Principal and int. guaranteed b y the M aine Central
R R . b y endorsement on each bond. Legal for savings banks in Mass
M aine and N . II. Full particulars another week.— V . 107, p. 2188.
”

Republic Railway -----------& Light
Co.—----Quarterly Earnings. __
-March — 3 M os. to Afar. 31

Gross earnings.........................
Oper. exp., depr’n and taxes.

1919.
$525,271
380,605

1918.
1919.
1918
$481,600 $1,552,767 $1 426 031'
360,874 1,130,243 1 0 53’478

N et earnings_____________
Other incom e_______________

$144,665
6,546

$120,726
10,824

$422,524
18,004

$372 552
30,652

Gross in c o m e ____________ $151,211
I n t., discount & sub. co . divs. 114,397
25.957
Preferred dividend..................

$131,53(7
102,487
25,957

$440,529
341,270
77,871

$403 205
298’571
’
77,871

$3,106

$21,388

$26,762

Balance, surplus__________
-V . 108, p. 1609.

$10,857

San Francisco Oakland & Sacramento Ry.— Reora __
See Oakland A ntioch & Eastern R y . above.— V . 108, p .,7 8 5 . (J
Sharon Railway.— To Extend Bonds“.—*-• - - ” - .•
T h e ---------------- -----------**-j vh

io
$ 1 6 4 ,0

com pany informs the "C h ron lclo" that it intends to extend the

m a t tills com pany is dependent for means wherewith to pay its dividends
upon,dividends received from the Western P aficic R R . Company (the socaiied operating com pany” ), substantially all o f tho stock whereof is held
Dy m is com pany. T ho operating com pany cannot lawfully pay dividends
except as perm itted by the Director-General o f Railroads, who did not act
upon tho operating com pany’s application for leave to pay the dividend
ordintirily paid by it shortly prior to April 1 until late in tho m onth o f April.
i ho reduction in dividend rate is due to the fact that the officials o f the
Railroad Administration have advised tho operating com pany that the
or annual com pensation to it for the use o f its property will bo (net)
•si »9oo,o80.
Although during a portion o f the so-called test period the com p any’s
property was controlled b y the Denver & Itlo Grande R R . C o. and treated
as insolvent, and during another portion (16 months) o f that period was in
the hands o f receivers, and although during the final period o f 18 months,
when tho property had com e into the hands o f its present owners, it had
begun to enjoy distinct prosperity and to be rapidly im proved and expanded
(its net incom o for 1917 exceeding $3,000,000), tho representatives o f the
Director-General allowed as com pensation only the average earnings o f the
thre,o-year test period, plus a small amount o f interest upon the cost o f
equipm ent which had been paid for b y the com pany and placed in opeation
after tho expiration o f the test period.
Front tho award, if accepted, bond interest, sinking fund charges, rentals,
Federal taxes and corporate and miscellaneous expenses are payable,
am ounting, all told, to about $1,300,000. T ho balance which in that case
would remain together with tho non-railway corporate incom e o f the com ­
pany would be abou t sufficient to provide for dividends upon the stock o f
<J°.i°J)erat ng com Pany sufficient to perm it dividends upon the pref. stock
o f this com pany at the rate o f 4 % per annum. T he operating com pany
has in addition a substantial surplus account. 'Tho Director-General, how ­
ever, has not so far approved the declaration o f any dividend b y the oper­
ating com pany other than the dividend paid herewith (i. o., 1 % , payable
M a y 15), but has expressly reserved decision concerning future paym ents.
I he, board o f directors o f this com pany has advised the board o f directors
o f tho operating com pany that in the opinion o f the form er the award o f
com pensation above referred to is inadequate and inequitable, and that the
?£f£a
,o% o0mpany would be justified in declining to accept it.— Y\ 108, p.
1938, 1823.
_____________

INDUSTRIAL AND MISCELLANEOUS.
American
Sugar Refining Co.—Extra Dividend.—
A n extra dividend o f % o f 1 % has been declared on the 815,000,000 out­

standing com m on stock, along with the regular quarterly o f 1 *4 % , b oth
payable July 2 to holders o f record June 2. An extra o f % o f 1% has been
paid quarterly since July 1918.— V . 108, p. 1166, 1163.

dU° JUne 1 ,919; the dotaI> ™
American Sumatra Tobacco Co., N. Y.— Bonds Offered
South Carolina & Georgia RR.— Offering of First Mtge. to Shareholders.—A block ($5,879,691) of the $6,000,000
5 lA % Extended Guaranteed Gold Bonds.—Bull & Eldredge, bonds underwritten as stated last week, is offered to share­
Now York, are offering at 99 A a™! interest, to yield 5.57(7 holders of record May 20 at par. An official circular, dated
(see advertisement on another page), $2,126,000 First Mtge° May 9 1919, says in substance:
tho past ten years your com pany, starting with a small beginning
5%% gold bonds, guaranteed principal and int. by endorse­ hasDuring
increased its volum e o f business many times over. In addition it has
ment by Southern Ry. Dated May 12 1894 duo M iv 1 acquired
and developed a large acreage o f tobacco lands in Connecticut and
including the necessary equipment therefor. Other addi­
1919. Extended to May 1 1929. Int. payable M & N at Massachusetts,
o f a substantial nature have also been made. Theso acquisitions and
J. P. Morgan & Co., N. Y., without deduction of normal 2*% tions
tho largo expansion in tho business, have with the exception o f the issue o f
incomo tax. Redeemable on any int. date at 107y, and int stock,
approxim ately $1 000,000 additional pref. stock and $800,000 o f com m on
boon p rovided fo r entirely out o f earnings and short-tim e borrowings
Denom. $1,000c*. Auth. and outstanding (closed mort­ T he business
and earnings continue to show consistent growth, and plans
gage), $o,250,000. Trustee, Central Union Trust Co N Y have
been consum m ated for a further expansion that should serve to sta­
tho present business and substantially increase earnings.
Citv. See full particulars V. 108, p . 1.512__V Vos n bilize
In order to procure the additional capital needed, the directors on
1512, 1166.
’ ' ’ 1 April
30,1919 authorized an issue o f n ot to exceed $6,000,000 o f 10-year
7
%
Sinking Fund C onvertible Debenture Bonds, convertible into com m on
Southern Pacific Co.— Bonds Listed.—
stock at par, fo r 30 days from the date o f tho bonds, or from tho date o f
w ork ed

T ho N . Y . Stock Exchange has adm itted to list: Southern Pacific r n
Central Pacific stock collateral 4 % gold bonds* 8 1 4 0 0 0 o n e
Southern Pacific R R . C o. First Refunding M tge. 4 % bonds’ 36 0 0 0 0
San Francisco Terminal First M . 4 % bonds.— V. 108° p 1938 1823 ’° 0°
$ 5 ,4 0 0 ,0 0 0

Southern Ry .—Offering of Sub. Co. Guaranteed'
Bonds.—
8, p. 1938 , 1512.
Underground Electric Railways of London.— Payment

Sco South Carolina & Georgia U Ii. above.— V .

jo

of Interest on Debenture Stock of London United Tramways Cn

T he books o f the 4 % First M tge D eb stock o f London United Tram ways
were closed from April 23 to M a y 5 for the preparation o f warrants for the
12 months interest to D ec. 31 1918, payable in accordance with tho terms
o f tho plan o f arrangement sanctioned b y the cou rt on Anri I 8
See
terms, V. 1 8 , p. 581, 685, 785. T he several holdings o f debenture stock
ari r 'd n c c d to 52% o f tho former am ounts.— V . 108, p . 1605, 785.




\

their issuance (either as temporary bonds, permanent bonds or interim
receipts) if later, and thereafter at $ 110 per share, subject to reduction in
certain cases if additional com m on stock be subsequently issued at less than
$ 110 per share (seo below).
T he privilege is to be given to the holders o f tho pref. and com . stock o f
record on M a y 20 to subscribe after that date, and up to 3 p . m. June 10
1919, for so much o f such Issue o f bonds as shall equal 6 0% o f the am ount
o f pref. and com . stock outstanding M ay 20 1919, at par and Int. at the
M ercantile Trust & Deposit C o ., 115 Broadway, N .Y . C ity . Subscrip­
tions must bo made on the com p any’s warrants which will lie Issued shortly
after M a y 20, and are payable forthwith by certified check to the order
o f said trust com pany. The remainder ($5,879,691) o f such bonds will
not bo Issued without being first offered to pref. and com . stockholders.
'The com pany has arranged with the Chase Securities Corporation and
Tucker, A nthony & C o ., both o f the city o f New Y ork, to underwrite the
purchase o f said Issue o f bonds. Eugene V . R . T hayer, Vice-Pres. o f the

Chase Securities C orp ., and W illiam A . Tucker, a member o f the firm of
Tucker, A nthony & C o ., are directors o f this com pany.
N o subscription m ay bo m ade on a fractional warrant, but if surrendered
on or before 3 p. m . Juno 10 1919, to said trust com pany, with other frac­
tional warrants aggregating in am ount at least $ 100 , a subscription warrant
for ono S100 bond will bo issued In exchango. T he com pany will not sell
or purchase fractions.
C o n d e n s e d D e s crip tio n o f t h e C o n v e r tib le D on d s a n d o f t h e Privi­
lege o f C o n v e r sio n , & c.
D ated Juno 1 1919, duo June 1 1929; interest 7 % per annum from June 1
1919, payable semi-annually (J. & D .), and to bo issued under a trust
agreem ent with the M ercantile Trust & D eposit C o. o f N . Y ., as trustee.
D en om . $100, S500 and .$1,000 (all c * ), and .$1,000 and multiples c*&r.
Principal and interest payable in U . S. gold coin o f or equal to the standard
o f weight and fineness as it existed on June 1 1919, without deduction for
any tax or taxes (other than Federal incom e and excess profits taxes), which
the com pany or the trustee m ay be required to p ay thereon or to retain
therefrom under any present or future law o f tho United States o f America
or o f any State, cou nty, m unicipality or other taxing authority therein.
[Exchangeable at option o f holders at any time prior to m aturity and up
to ten days prior to date fixed for redem ption in caso o f bonds being called]
for com m on stock at the rate o f par for par during tho period o f 30 days irom
date o f bonds or the date o f their delivery, either in the form o f temporary
bonds, definitive bonds or interim receipts therefor, if later, and thereafter
upon the basis o f 1 1 0 % o f bonds for par o f stock, with a cash adjustment
o f interest during such 30 days, and thereaftr o f interest and dividends
accrued, and an adjustm ent in oxchango price after such 30 days in certain
cases where the com pany shall issue additional com m on stock, all as shall
bo provided in the trust agreement.
R edeem able in wholo or in part at the option o f com pany at any time,
on at least 60 days’ notice b y publication, at 105 and int., and are subject
to like redem ption for the sinking fund, to which the com pany will covenant
to p ay on Juno 1 o f each year, beginning with 1921, a sum equal to 5%
o f the aggregate face am ount o f the bonds then outstanding. In caso
convertible bonds shall bo changed for com m on stock pursuant to the right
o f exchange above specified, the com pany is to be entitled to bo Immediately
credited on tho sinking fund obligation for subsequent years with tho prin­
cipal am ount o f tho convertible bonds so exchanged.
.
T he com pany is also to covenant (1) not to declaro or p ay any dividends
on its p ref..or com . stock after D ec. 31 1919, when its quick assets shall not
equal at least 1 M times its liabilities; (2 ) that the quick assets shall at all
times bo double its liabilities, excluding the am ount o f the debenture bonds
then outstanding; and (3 ) that its quick assets shall at all times equal the
am ount o f its liabilities, including the am ount o f debenture bonds at the
time outstanding.
..................
,,
. . . . . .
T he trust agreement is also to contain limitations upon the right o f tho
com pany and its subsidiaries to m ortgage or otherwise encum ber their
properties and provisions for the appointm ent o f a bondholders com m itteo.
— V . 108, p. 1938. 1612.

American Window Glass Mach. Co.— Div.— Directors.

A dividend o f 7 % has been declared on the com m on stock, payable June 6
to holders o f record M a y 23 in 4 14% Liberty bonds. In O ct. 1918 a divi­
dend o f 5 % was paid in Liberty bonds.
James D . Callery and Georgo II. Russell have been elected directors to
succeed H ay W alker Jr. and Charles N . King.— V . 108, p. 1938.

Anglo-American Commercial Corp.— Offering of Com­
mon Stock.—F. S. Smithers & Co. and Colgate, Parker &
Co. offered early this week at IS 14 41,000 shares common
stock, no par value. Transfer agent, Guaranty Trust Co.
of New York. Registrar, Bankers Trust Co., Now York.
The entire issue has been sold. A circular shows:

Capitalization—
Authorized.
Outstanding.
$500,000
,, _ , 0 0 0
C om m on stock (no par va lu e)_____________ 150,000 shares 116,000 shares
D ata from P re s id e n t H . S. D u d le y , D a ted New Y o r k , May 12 1919.
Corporation.— The Anglo American Comm ercial Corp. has been incorp.
in tho State o f N ow Y ork , to acquiro all tho property and business o f River
P late Comm ercial C o ., In c., a com pany incorporated in N . Y . State about
4 K years ago, to do an international exporting and importing business suc­
ceeding to tho business which had been established by prior companies
since 1911. Maintains offices in N ew Y ork, Buenos Aires, Rio de Janeiro,
Yokoham a and London, besides owning tho Com pagnie Comm erciale N ord
Americaine, a French concern with offices in Paris and connections in other
cities o f Franco and Belgium.THas representatives in M on tevideo, U ruguay,
P ort o f Spain, Trinidad, and San Jose, Costa R ica, and correspondents in
m any other cities throughout Central and South American and on tho
C ontinent.
, ,
. ..
E a rn in g s. — From 1914 to 1918, inclusive, after deducting taxes and all
charges, tho not earnings averaged $75,000 per year and in 1918 reached
a total, after deducting all charges including estimated incom e taxes, in
excess o f $99,000. From net earnings there was expended $137,046 in
the organization o f tho London, Paris and Yokoham a offices during tho war.
N et earnings for tho first three m onths o f 1919 havo averaged $25,000 per
m onth, or at tho rate o f $300,000 a year, w ithout tho advantage o f tho
now capital.
__
_
, , _
T
T he corporation will acquiro from tho R iver Plate Comm ercial C o ., Inc.,
contracts for now business in excess o f $ 1 ,000,000 on which there is an
estimated gross profit o f $ 2 10 ,000, and also pending business uncompleted
am ounting to about $4,000,000 additional.
P ro Form a Balance Sheet A d ju sted as o f M arch 31 1919 (A fte r A cq u isitio n o f

8 % preferred s tock _________'_______________

Propertu o f River Plate C om m ercial C o .. I n c ., and Paym ent into Treasury
o f A d d itio n a l W orkin g C a pital.)

Assets—
♦Stocks o f cos. (all stock o f
each com pany ow n ed )___$458,401
Cash on hand and in ban ks. 505,172
Liberty Loan bon d s_______ 139,950
Drafts and bills receiv a b le.. 592,275
A ccounts receivable_______ 274,984
A dvances to associated c o s . 58,195
M erchandise stores at c o s t .. 176,281

Liabilities—
________
Preferred stock __________ $400,000
C om m on stock (116,000
__
shares)_________________
850,000
A ccounts p a ya b le________
102,069
Bills and clrafts p a y a b le ,.
357,200
Advances on drafts---------495,990
...................
T otal, both sides----------$2,205,2o9

♦ N orth American Comm ercial C orp. (N . Y . com p any), registered and
operating in London and Y okoham a; Com pagnie Comm erciale Nord
Americaine (French com pany), organized and operating in Paris, France;
N orth American Warehouse Corporation (N . Y . com p an y), warehousing
business
Directors (and Officers).— S. O . Schermerhorn, Chairman o f tho Board;
n . S. D udley, President; Archibald Le R oy, Secretary and Treasurer;
M arshall J. D odgo, Lawronco B . Elllm an, Georgo F. Hurd, John S
M elcher, Henry S. Parker, C . D . Smithers.

Anglo-American Oil Co., Ltd .—Earnings .—

Calendar Year (Latest Available)—
1917.
£L396,730
P rofit (after excess profits d u ty )---------------------------- •
Depreciation (ships, plant, & c .)-------------------------^on’§§o
Interest and exchange.................. ..............
29,853
Incom e tax
__________ - _____________________
214,248
D i v i d e n d s . ..........................................
750,000

1916.
£1,122,979
^ ? o ’rw5
12.J73
222,399

£53,942

£104,892

Balance, surplus.
- V . 107, p . 2378.

500,000

Bridgeport (Conn.) Metal Goods Mfg. Co.— Status.

“ T he Iron A g o " o f M a y 8 has an illustrated articlo on this com p any’s
history, plant, production, &c.

British-American Tobacco Co.— To issue

Stock.—•

T ho stockholders will vote M a y 19 on authorizing tho issuance o f 1,137,­
773 ordinary shares at par to present stockholders in the proportion o f ono
to three shares now held and also on issuing 141,000 shares to directors.
— V . 108, p . 975, 575.

Bronx Gas & Electric Co .— Minimum

XJ7itbc iso tic i I)Ib

Charge Declared

—
T ho N ew Y ork P. 8. Comm ission for tho First District, in a decision on
tho lawfulness and reasonableness o f a minimum charge for electric service
b y this com pany, holds that tho provision in the now rato schedule for a
m inimum chargo o f $1 in connection with tho statutory maximum o f 12




[Vol. 108.

THE CHRONICLE

2034

cents per k. w. hour, and tho com p a n y’s action in collecting such a m inimum
charge are in violation o f law, and aro accordingly prohibited.— V . 108,
p. 1513, 1277.

Caddo Central Oil & Refining Corp.— Stock Listed.—

T he N ew Y ork Stock Exchango has adm itted to list this com p a n y’s entire
$15,000,000 stock.
,
Prichitt & C o ., N ew Y o rk , have issued a circular describing tho com pany s
p rop erty. For full particulars see V . 108, p . 1938.— V . 108, p . 1938, 1722.

California Wine Assn .— Sale of

Vineyard Land .—

This com pany, which is gradually disposing o f all its wine grape p roperty
as a result o f prohibition, has sold tho Great Western Vineyard o f R eediey,
containing 3,700 acres, to W . B . N ichols, J. J. Farrar and J. H . L indley,
for $ 1 ,300 ,000.— V . 108, p . 881.

Calumet

&

Hecla Mining Co.— Production.—

Output (in lbs.)—
Cal. & Ilec. Subsidiaries.
April 1919
____________________ 4,361,645
4,192,488
April i 9 i 8 : : : : : : : : : . : . ...................... — — 1 1 ,734,820 ----------4 m onths in 1919------------------------------ 20,037,978 20,108,476
4 m onths in 1918__________________ _______ 49,736,909----------— V . 108, p . 1612. 1608.

Total.
8,554,133

1 1 ,734,820

40,146,454
49,<36,909

Cambria Steel Co.—Extra
Dividend Reduced.—
o f 1% has been declared on the $45,000,000

An extra dividend o f H
capital stock In addition to
payable June 14 to holders
extra paid quar. since D ec.

the regular quarterly dividend o f 1 '/> % . both
o f record M a y 31. This compares with ly&vo
1916.— V ol. 108, p. 1823, 1612.

Canton (O.) Steel Foundry Co.— Status.—

T h e “ Iron T rade R eview ” o f M a y 8 has an illustrated articlo on this
com p a n y’s organization .plant, production, &e.

Carborundum Co.— Officers.—

Frank J. T on o has been elected President to succeed Frank W . Haskell,
deceased, and Geo. R . Rayner succeeds R . B . M ellon as V icc-P res.—

V , 98, p . 157.

Central Foundry Co.— New President— Merger.—

Georgo A . Harder has been elected President to succeed do C ou rcoy
Cleveland, resigned.
„
. ..
„
Plans are reported under consideration calling for a merger o f the com ­
pany, and its subsidiary, tho Central Iron & Coal C o ., with the Essex
108,
F oundry C o. o f New Jersey, o f which M r. Harder is President. -V . inu
p . 1823, 1722.

Chalmers Motor Corp.— Merger P lan .—
Chino Copper Co .— Production
(in Lbs.).—
1919.
1918.

See M axw ell M o to r C o. below .— V . 107, p . 1722.

M on th o f A pril_____________________3,498,747
Jan. 1 to April 3 0 . . . . ........................... 15,062,423
— V . 108, p. 1933, 1823.

6,290,513
27,596,392

1917.
6,368,874
25,593,985

Cities Service Co.— Oil Leases &:c.— Financial Plan.—

T he com pany announces that through various subsidiaries it controls
leases on approxim ately 4,000,000 acres o f proved or prospective oil lands
in tho United States. A pproxim ately 2,000,000 acres o f these leases are
in tho Stato o f Texas. O f tho Texas leases approxim ately one-eighth,
or 250,000 acres, is in tho Ranger field.
.
,
.
,
It was reported yesterday that tho com pany is preparing a financing plan
for the developm ent o f the oil and gas leaseholds o f its operating companies
located in the Texas and m id-continent fields.— V . 108, p . 1513, 1384.

Columbia Graphophone Mfg. Co.— Offering of 7 %
Cumulative Sinking Fund Prof. Slock.—Kissel, Kinnicutt &

Co. and William Salomon & Co. aro offering at 95 and ac­
crued dividends 87,200,000 7% Cumulative Sinking Fund
pref. stock, preferred as to both assets and earnings. Dividonds quarterly, Jan., &c. Redeemable at 110 and accrued
dividends. Transfer agent, Franklin Trust Co., N, Y.
Registrar, Now York Trust Co., N. Y.

D ata from P re s id e n t F ra n cis S. W h it t e n , d a te d New Y o r k , May 7.
History.— Established in 1887 as the Am erican Graphophone C o. In

purpose o f (a) paying o ff $1,936,800 First M tge. 6 % bonds, (b) retiring
$2,200,000 Serial 6 % notes, (c) supplying additional working capital.
Capitalization on Completion o f Present Fimmcing. Aiitl
7 % cum . pref. stock (par $100) (* 11101. this issue) .$15,000,000 *$10,781,890
Com m on stock (without par value) — . . . . ------ --1 50 3 )0 0 shs. 70,886 shs.
Business.— T he production and distribution of tho Colum bia grafonolas,
Colum bia records and dictaphones. T ho musical product has been on the
market for the past 32 years, retailing at m oderate prices, now soiling at
from $25 up. T he dictaphone, m anufactured exclusively b y this com pany,
is used quite generally in business offices throughout tho country for tho
purpose o f dictating and transcribing letters. A m ong the large custom ers
for this instrument are Pennsylvania R R ., N . Y . Central R R ., W estinghouse Electric & M fg. C o .. Du P ont Chem ical W orks, W illys-Ovcrland C o .,
United States W ar Departm ent.
N et Profits for 3 H Years ended M ar. 31 1919 and First Quarter o f 1919.
Average annual net profits for .3 X
A years, after allowance for
depreciation and taxes (but before paying interest charges
eliminated b y tho present financing)..............- - ................... —
Annual rate for 15 m onths ended M arch 31 1919......... ..........
x Being over 2 M times annual d iv. requirements on total $10,781 890
7 % pref. stock, y Being over 2 H times said dividend.
N et profits for first quarter o f 1919 on basis outlined abovo were $1,375,­
952. T ho net profits tor tho year 1919, it is expected, will aggregate over
$ 4 ,000,000, or between 5 and 6 times tho annual pref. d iv. requirements.
Bal. Sheet M ar. 31 1919 as M odified to Shoiv Effect o f This Sale o f P ref .Stock.
Real estate, buildings, &c. (less reserve)............................................. $3,892,02/
Patents, franchises and good -w ill---- ------ . . . . . . . . . . . . -------- 1,000,UOU
Current assets (cash in banks and on hand, $3,816,789; accts.
&
notes receiv. less reserve, $3,541,478: inven s, $ 7,480,257). 14,838,524
Investm ent C ol. Graphophone C o ., L td ., L ondon, at c o s t ..
685,000
A dvance paym onts, & c.................. - ........ .................
....
111
Current liabilities (accounts payablo and accruals, $1,764,169;
royalties accrued, $234,771)............- ................................................$ 1 ’ 9^ ’o«R
Purchase m onoy m ortgage, due 1923-------------------------------------voV eon
Preferred stock 7 % cum ulative-----------------------------. . . . ------------- 5 1 - ’ ooo ’5-jq
C om m on stock (65,030.48 shares, without par va lu o)................ .>,202,438
S u rp lu s _________________________________________________________ 2,523,381
T otal o f assets and liabilities_________________________________ $20,526,650
T ho total net assets (exclusive o f patents, franchises and good-w ill)
aggregate $17,507,709, or $162 per share o f pref. stock, and the net current
assets alone are equal to $119 per share o f pref. stock.
Annual Sinking Fund for Retirement o f Pref. Stock at N ot Over 110 and
D ies.— Out o f surplus profits, after paym ent o f preferred dividends (a) a sum
equal to 3 % o f tho total pref. stock theretofore issued, whether or n ot then
outstanding, this obligation to bo cum ulative, (b) a turther sum equal to
3 % o f the net profits after interest, taxes and the foregoing sinking fun d.
The sums so set aside? to bo payablo semi-annually, beginning O ct. 1 l'JUJ.
Voting Power.— Tho pref. stock has no voting power except that in case
o f 6 m onths’ default on any quarterly dividend or In any paym ent to tno
sinking fund, the holders o f the pref. stock shall bo entitled to voto equally
and ratably with tho holders o f tho com m on stock. Tho voto o f two-thirds
o f the outstanding pref. stock is necessary in order to issue any p ref. stock
in addition to tho presont authorized am ount or any prior pref.
Plants.— T ho m anufacturing properties at Bridgeport, C onn., consist or
two plants o f reinforced concrete fireproof or substantial brick construc­
tio n - total floor space upward o f 700,000 sq. ft.; total land, 21 acres; em­
ployees over 7,000. Also has tw o smaller plants, ono at T oron to and at
London, E ng., tho latter controlled through a subsidiary.
Patents.— This com pany and tho V ictor T alking M achine C o . entered
into an agreement in 1911 under tho terms o f which eacli com pany was
licensed under certain patents o f tho other. This agreement atiects prin-

M a y 17 1919.]

THE CHRONICLE

cip a lly tho patents relating to the m anufacture o f records under the socalled “ zigzag" process as distinguished from tho “ up and d ow n ” process.
T h e y aro tho only companies perm itted to m anufacture these records under
existing patents. T he records produced b y both com panies are inter­
changeable from tho standpoint o f being played on either tho Colum bia
o r V ictor machines.
Dividends.— Regular preferred dividends at tho rate o f 7 % per ann. have
boon paid on the outstanding pref. stock o f this com pany and its predeces­
sor since 1912. Dividends o n tho com m on stock are being paid at the
annual rate o f $10 per share in cash and one-fifth o f a share in com stk.
Directors.— Charles W . C ox, N . Y . C ity; Eugene E . du Pont, Greenville
P . O .. D cla .; Henry F . du Pont, W interthur, D ela.; Van Horn E ly , Phila­
delphia; W illiam M . Johnson, Hackensack, N . J .; W alter H . L ippincott
Philadelphia; Francis S. W hitten (P res.), N . Y . C ity; C . W . W oddron
(V .-P res .), N . Y . C ity .— V . 108. p. 1939. 881.
1

Consolidated Gas Co., New York .— Right
80-Cent Law Sustained .-—

Abrogation of

to Sue for

Federal Judge Julius M . M ayer on M a y 9 denied tho m otion o f D istrictA ttorn ey Swann to dismiss tho com pany s suit to set aside tho 80-cent gas
law. D istrict-A ttorney Swann, Chas. D . N ew ton, State A ttorney-G en­
eral, and the P . S. Comm ission, were named as defendants in tho suit
Judge M ayer held that the allegations o f the bill were sufficient to constitute
a causo o f action and that the constitutional provisions against tho confis­
cation o f property without duo process o f law were fundam ental. A m otion
for the appointm ent o f a special master was granted.— V . 108, p. 1723 881.

Copper Range Co.— Dividend

Reduced.—

A quarterly dividend o f 50 cents has been declared on $9,758 400 out­
standing capital stock, payable Juno 16 to holders o f record M a y 21
This
com pares with $1 in M arch last and $1 50 in the four quarters o f 1 Q1 R
— V . 108, p . 1612. 786.

Davis Daly Copper Co

-Earns for the Quar. end. M a r.S I.

Ore* retu rn s________________$201,065 D evelopm ent expenses..........$88,674
inn 044
Miscellaneous rovenues____
12,854 M ining cost----------------E quipm ent-----------------------”
3.449
T otal receipts___________ $213,919 General expenses___________
17 289
N et after deducting disbursements as a bov e------------------------«o rgo
Shipments for tho quarter amounted to 10,395 tons, p ro d u c in g ! 754 V m
pounds o f copper and 66,312 ounces o f silver.— V . 108, p . 686.
’ ' ’

Dominion Textile Co., Ltd .—Buys M ill .—
(E. I.) du Pont de Nemours & Co.— Stock Purchase Case
Goes to United States Supreme Court.—
See Canadian C ottons, L td ., a bove.— V . 108, p . 1939.

V On M a y 7 W m . A . Glasgow Jr., Henry P. I3rown and R ob t. Bonington
attorneys for Philip F. du Pont and other stockholders, applied to tho U s ’
Supreme C ourt for a writ o f certiorari in tho appeal from tho decision nf th«
U . S. Court o f Appeals for tho Third D istrict. T ho petition alleges that
tho defendant made “ by fraud” profits o f $60,000,000 b y purchasing the
shares o f com m on stock o f tho com pany form erly owned b y T . Coleman <h,
P ont. Com pare V. 105, p . 1107, 1525, 1901, 2001; V . 106 b 300 u m
1581.— V . 108, p . 1834, 1723.
' P- dUU'

Erie Lighting Co.—Offering of Preferred Stock.-—Paino
Webber & Co. are offering $500,000 7% cumulative preferred
stock, preferred as to assots and dividends. Divs. quarterly
Jan. 1, &c. Philadelphia Trust Co., Phila., transfer agent!
Full particulars anothor week.—V. 108, p. 484.
Freeport Texas Co.— Dividend.—In regard to tho divi­
dend announcement made in this column last week n ,.,V
cular dated May 7, says:

2025

1 he pref. stock Is convertible at any time up to and including Jan. 2 1921
into the debenture stock, share for share, and a sufficient am ount o f deben­
ture stock is specifically reserved for this purpose.
Equity.-— A t the present m arket value o f the com m on stock, there is an
equity o f over $250,000,000 behind the debenture and preferred stocks
Net Earnings and Sales.— T he net sales for the cal. year, including sub­
sidiaries (other than those purchased in 1918, during the period prior to
their a cq u isition), am ounted to $269,796,829, with net profits before d e­
duction o f taxes and extraordinary expenditures o f $35,504,576. I f such
sales aro included, the total net sales fo r tho year am ount to $326,044 755
On this total volum e the net earnings (before taxes) were $45,541,726.
’
Annual Earnings o f the Corporation and Its Predecessor. General M otors Co
[For cal. years 1911 and 1918 and years ending July 31 19 14 , 1915 and 1916 j
Federal Taxes
Gen.M otorsProporan<{ Extraordinary lion after Taxes and
1918
I vr
Exlraord. Expend.
i m y ....................
*§5,504,576
$20.113,548
S14.825.530
72................
34,634,854
5,254,713
27,389 737
1915-16..............
29,146,108
317,603
28 789 560
1914-15................
14,926,322
156,712
14 457 804
1913-14------------7,947,413
90,852
7,249 733
f !ve years t}?£ net earnings (after taxes) have averaged
$18,542,472 yearly or m ore than 18% per annum upon $101,352 700 the
total am ount ot debenture and preferred stock which it is proposed shall
be outstanding in tlio liunds o f the public, including tlic nroDosed Si^o nnn
000 o f the present issue, and not including in tho net^ a ? S n g s any benefit
to be derived from the proceeds o f such stock.
•
y
e
Estimated for 1919.— N et earnings fo r tho first quarter o f 1919 before
taxes, were $21,626,594 (which com pares w ith $10,146 000 for tile same
quarter in 1918). This does not include any benefits to be derived from
the investment o f the proceeds o f the abov e issue.
u en vcu irom
.
1918 the net quick assets am ounted to 8150 300 402
to which should be added the proceeds o f the proposed issue o f debenture
L iberty bonds® Q
aSSC'tS °
^ 31 1918' S59.488.639 was in S a n d
T he plants and equipm ent, after the deduction o f liberal deDreciation
are carried at a net. valuation o f $76,756,431. W ith $150,390 492 o f net
quick assets, this brings net tangible assets to $227,146,923 or about $927
wM,.Sn ar(J ',n
proposed debenture and preferred stock outstanding to
which assets should be added the proceeds o f the present issue
I roaucls. -General M otors C orporation and subsidiaries have 41 m anu­
facturing and assembling units and 49,118 em ployees, and their m anufac­
turing capacity for the season from July 1 1919 to June 30 1920 will be as
follow s: (a) 512,000 m otor cars, v iz .: B uick, 140,000; C a d illic 25 000
2 ^ n
% ° ° ? : S m p p s-B ^ oth i ^
9?°nnn°‘
,*?• C,' and °Vi?or truckJ- 40.000. (c) Samson tractors!
i s ^ arm implements [horse and m otor-draw n farm tools &c
7.5,000 (making a total o f 652,000 vehicles and implem ents, (e) A u tom obde parts; D elco and R em y starting lighting and ignition system s, lly a tt
roller bearings, New Departure ball bearings, Harrison radiators A -C
spark plugs, m otors, axles, rims, gears and miscellaneous parts
If) R eingerating machines; Frigidaire ice plants.
'
C om pare annual report in V . 108, p . 1606, 882, 584, 574.

6

Description of the % Debenture Stock.— An official (con­
densed) description of th e'deb. stock follows:

D e s crip tio n o f D e b e n tu r e a n d P re fe rre d S to c k .
'affrtnIssues. -T h e total authorized capital stock is $370,000,000 in shares
° f 3100 each, viz.: $20,000,000 pref. stock, $150,000,000 debenture stork
and $200,000,000 com m on stock. Additional stock o f said classes m ay be
issued in such amounts and proportions as shall be determ ined b y the
board as m ay be perm itted b y law, except that no debenture stock shall be
?Snun,Vn luSS„the net asseI s above all direct liabilities, except capital stock
liabdity, shall am ount, after the issue o f said debenture stock, to at least
debenture stock issued and outstanding
Dividends. A c .— The holders o f the debenture stock and o f the pref stock
shall be entitled pari passu to receive, when and as d eclared1 from the
,
aHKing fro m Jts business yearly cum ulative
The com pany has declared a dividend o f $2 per share (subject to the ont™ dividends1
dividends at the rate o f 6 % per annum, and no m ore, pavablo quarterlv
o f a dccreo based on tho decision o f tho U. S. Circuit C ourt o f Anneal*- i n i
.,
liquidation, whether voluntary or otherwise, the holders o f
on tho decision o f the U . S. Supremo C ourt denying tho application for a
the pref. stock and o f the debenture stock, before any am ount shall be paid
writ o f certiorari, in tho action o f Union Sulphur C o. vs. Freeport i w , . .
Jo J % ^ d e r s o f the com m on stock, shall be entitled to be paid pari passu
C o .), payablo M ay 20 1919 to stock o f record M a y 1 5 .
port loxa s
in full b oth the par am ount o f their shares and the unpaid dividends ac­
T ho roport o f tho com pany for tho fiscal year ending N o v 30 1918 r v
crued thereon, and after such paym ent is m ade the remaining assets and
funds shall be divided among and paid to the holders o f the com m on stock
pro rata according to their respective shares.
Redemption.— The pref. stock at the option o f the board shall be subject
<’<'■"■’ “ “ “ -S 1 .0 0 1 .W 1 .
surplus
to redem ption in whole or in part at $110 per share and accrued dividends
The dividend now declared hence does not reflect tho net ea rn in g o f
thereon on N ov. 1 1918 or on any subsequent dividend-paying date
T he
com pany, but in tho opinion o f tho board o f directors, in view o f iiavm m tu debenture stock shall be subject to redem ption, all or part at $115 ner
to bo made for account o f incom e and excess profit taxes which are not vot share and. accrued dividends thereon on N o v . 1 1919 or on any subse­
y
fully determined, and in an abundance o f caution, it was deemed advi**i,io quent dividend-paying date.
to declaro a dividend in tho above am ount.— V . 108, p . 1940, 1506 * W
Voting Rights.— T h e holders o f the pref. stock and o f the debenture stock
shall not have any voting power whatsoever except upon the question o f
-Directors
selling or otherwise disposing o f the property and assets as an entirety
George F. Baker Jr. and Charles Steele have been elected director* to provided, how ever, (a) in case the corporation shall for six m onths fail to
pay any dividend upon the pref. stock, the holders o f the pref stock shall
succeed S. L . Schoonmaker, deceased, and M . F. W estover r e i n e d
— V . 108, p . 1166. 1163.
^ o v e r , resigned. fiave tho right to vote on aft matters in like manner as the holders o f the
com m on stock until the corporation shall have paid all accrued dividends
the pref. stock; or (6) if similar default shall be m ade as to any divi­
.— Debenture Stock Offered upon
dend on the debenture stock, the holders o f the debenture stock shaft have
the so o and exclusive right o f voting on all questions whatsoever to
exclusion o f the holders o f the com m on and pref. stock until the corporation
shall have paid all accrued dividends on the debenture s t o c k f o r c a s e
the earnings during any calendar year shall am ount to less than 9 % on the
debenture stock issued and outstanding the holders o f the debenture stock
shall have an equal right to vote on all questions with the holders o f the
com m on stock until such time as the annual net earnings shall equal 9%
on tho debenture stock.
*u" a/0
Application — A ny pref. stock, debenture stock or com m on stock, in the
discretion o f the board, m ay be issued in paym ent for property or services
Condensed Extracts from Letter of President W. C . Durant Mnv 9 or as bonuses to em ployees, or for other assets or securities, or as a dividend
upon tho com m on stock payable in preferred, debenture or com m on stock
Affiliation With Du Pont Interests.— In 1918 tho du Pont interest* - , /
quired b y purchaso over 25% o f tho total capital stock o f tho General ol the corporation.
Subscription Rights.— N o holders o f stock o f whatever class shall have
M otors Corporation. This affiliation has already p roved o f great b en om
to tho corporation and has brought to it not only a largo and hfgh?y tra cd any preferential right o f subscription to any class o f stock issued or sold
force o f engineers, salesmen and accountants, but has added to its min-imT or to any obligations convertible Into stock other than such, if any. as the
board
in its discretion **“
m ay
determine w
to offer tu
to the
exclusion oi
o f any otner
other
, nw—nr--*.• uvvviimuv
tuu cAuuisioii
ment and directorate a number o f successful business e x e c u t i v e * w o n ! n
Hnssnc nf cfnob- tLnn
-------unci
j.i ...1 t-----------v anv Via1'3
*
experience and great financial ability. These men a r o ^ o w jbecU n ir the class or classe:s o f stock then existing, provided, how ever, that no additional
u v a u u io into com m on stock snail
convertible
shall be issued
financial policy o f tho General M otors C orporation and are adopting ?or it com m on stock or obligations w
?,r s? kt,.,for cas,V except after first having been offered fo r subscription to
tho same m ethods which they liavo used with so much success in the
agem ent o f tho E . I. du P ont do Nemours C o.
L
111 tll° man_ tho holders o f the then outstanding com m on stock pro rata
Mortgage Limitation.— Unless tho holders o f at least 7 5% o f the debenture
N o Bonded Debt.— T he corporation lias no bonded d ebt anu it* » ,r ,.„ „ u „
stock then outstanding shall consent thereto the board shall not m ortgage
and tho properties o f its subsidiary com panies are free and clear
the whole or any part o f tho property, but this prohibition shall not apply
gages or other liens, except certain unmatured purchaso m onev m n r t n im
on individual properties, aggregating $1,170,000.
m oney mortgages to any purchase m oney m ortgage nor to the assum ption o f any mortgage*
Capitalization.— The capitalization as o f M ay 1 in in ineiiwu.,*. ti,„ nor shall it prevent the directors from pledging securities in the o r d i n a l
proposed issue o f $50,000,000 par vlu c o f debenture stock, w ould be- th° course o f the business for not m ore than three years, nor shall anv change
in the rights o f the debenture stock be authorized unless consented to b v
the holders ot 75% o f the debenture stock then outstanding
y
6 % debenture stock .................................................... $150?000'000
Exchange o f and Right to Reissue Pref. Stock.— $20,000 000 o f said deben­
6 % preferred stock ...................................................... J o . 000.000 *16.037,700
ture stock shall be set aside immediately for exchange for the outstanding
Com m on stock
.........
..................
200.000.000 151 301 100 prof, stock, share for share, subject to such rules as m ay be prescribed b y
* Exclusive o f preferred stock In treasury exchanged for debenture *tnnk
/A o , la rd Vl.a nd JJle batance thereof remaining unexchanged after Jan. 2
A meeting o f the stockholders has been called for June 12 1910 V v ior
1921, together with the whole or any part o f said pref. stock so exchanged
p . 1824) to voto upon a proposed increaso in the authorized amount* n f f f i
m ay be issued by the board as prescribed b y law .— V . 108, p . 1824, 1606. ’
debenture and com m on stocks to $500,000,000 each in order that tho
corporation m ay have available securities with which’ it m av finance it*
.— Bonds Called.—
future growth and developm ent. N o further Issues, how eve? are ?ontem
One hundred forty-nine First M tg e . 5 % bonds o f 1916 o f $ 1 ,000 each and
plated at this tim e as the proceeds o f the present issue o f debenture sto^k
14 bonds o f $100 each, aggregating $150,400, have been called fo r paym ent
is expected to provide for tho corporation s financial requirements for the June 1 at tho Northern Trust C o ., C hicago.— V . 106, p. 1904.
p a jm e n t
next twelve m onths or m ore.
q
nents lor the
Debenture Stock.— Tho debenture stock shares equallv with the nmf,.rrc,i
Offering of
stock as to dividends and in any distribution o f a s s e t s 6 ut ssuberP ort o t o £
preferred in voting power and redem ption price.
’
superior to tho Convertible N otes—
Previous to tho proposed issue, $30,756,300 debenture stock was issuer!
in connection with the acquisition o f certain properties and assets o f the
7%
corporation. This stock is listed on the N . Y. Stock E xchaSSi and in,
m ediate application will be made for the listing o f this additional Issue
I ho proceeds from tho sale o f tho present issue will for tho time being
R edeem able at
and int. on any int. date upon 30 days' notice
bo carried as cash on tho working capital accounts o f tho eomnrat.lnn anA
later will bo invested along such lines as tho directors m ay determine will D e n o m .S 1 ,000 and $500. Interest payable at E quitable Trust C o N Y
o
r
tho
M
e
rch
a
n
ts'L
o
a
n
&
Trust C o ., C hicago, trustee, without deduction
host further tho intrests o f tho corporation In the growth and developm ent
fo r any normal Federal Income tax now or hereafter deductible at the
o f its business.
*
sourco not in excess o f 2 % so far a m ay be lawful.
c lu e

General Electric Co.—

.—•

General Motors Corporation
—Dominick & Dominick, New York; Montgomery & Co
Philadelphia, Now York and Chicago; Laird & Co., Wilming­
ton, Del., and Hayden, Stone & Co., New York and Boston
aro offering at 90 flat by advertisement on another mo-o
$50,000,000 0% cumulative debenture stock, preferrod -i* in
assets and dividends. Par, $100. Callable at 115 and ac­
crued dividends. Dividends payable quarterly, Q.-F




Granby Mining & Smelting Co

Haynes Automobile Co., Kokomo, Ind.—
Counselman & Co., Chicago are offer­
ing at prices ranging from 100 to 97%!, according to maturity
$1,600,000 Convertible Serial gold notes, dated March 1
1919, due $160,000 each May 1 1920 to 1929. An adv. shows:

Convertible.— Convertible, par for par, into a liko amount of 7% cumula­
tive preferred stock, which is exempt from personal property taxes in
State o f Indiana.
Company.— Incorporated in Indiana in 1898.
Security.— Direct obligation o f the company. No mortgago can bp
created on any o f the property without tho consent o f the holders of 75%
of outstanding notes. The company is required to maintain 250% of
total net assets and 200% o f net quick assets whilo any o f these notes are
OUN efU
Earning3 .— Net earnings for four fiscal years ending June 30 1918
averaged 51,001,887 per year, or more than 8 4$ times maximum annual
noto interest. Total net assets, 85,634,208, or more than 3H times this
issuo. Not quick assets, 83,223,660, or more than 2 times this issue.
— V. 103, p. 668.

Holly Sugar Corporation.—1919.
Earnings. —
„ 1918.____Inc. or Dec.

Years ended March 31—
Net profits*_______________________
Preferred dividends________________
Preferred stock redeemed__________

8483,793
276,500
95,046

SI, 19(),995dec.$713,202
297,210 dec. 20,710
1,019,440 dec.924,394

Balance, surplus_________________
8112,247def.8119,655 inc.8231,902
* After deducting depreciation and Federal taxes.— V. 107, p. 602.

International Radio Co., Wilmington, Del.— Suit.—

Tho company on M ay 14 filed suit in tho Federal District Court against
tho Western Electric Co. alleging (a) that six patents owned by it and
granted to Reginald A. Fessenden o f Manteo, S. CL, (b) that the apparatus
covered by the patents is being used by the Western Electric Co. in making
radio-telephones which are being sold to the Government.

Jewel Tea Co., Inc.— Offering of 6% Gold Notes.— Leh­
man Bros, and Goldman, Sachs & Co. aro offering at 99 to
97^8, according to maturities, S3,500,000 6% Serial gold notes
dated May 1 1919, the only outstanding obligations. Com­
pany covers 20,000 different routes and does business in all
the principal cities from the Pacific Coast to and including
the Eastern States.

Total authorized and issued, 83,500,000. Maturing 8500,000 each
M ay 1 and Nov. 1 1920, 8750,000 each M ay 1 and N ov. 1 1921, and
81.000. 000 May 1 1922. Int. M . Sc N . in N . Y. City, without deduction
for any tax or Governmental chargo (except succession, inheritance and
incomo taxes). Donom. 81,000c*. Redeemable on any int. day on 30
days’ notico as a whole or as to any one maturity (but not less than all tho
notes of any ono maturity) at 101 and Int. Central Union Trust Co.
of New York, trustee.
Data from President F. V. Skiff, Dated Newark, May 12 1919.
[For complote statement o f history see V. 101, p. 1811.1
Business.— The business is selling coffee, tea, baking-powder, soap and
certain liko articles direct to tho consumer from wagons which radiato along
regular routes. Sales of coffee and teas make up about 80% of tho business;
75% o f tho business is for cash. From headquarters wo ship goods directly
to moro than 530 so-called “ branches,” from which our wagons, in turn,
sell and deliver goods to tho customers. At prosent, wo cover over 20,000
different routes, and do business in nearly all the principal cities from the
Pacific Coast to and including the Eastern States, serving directly over
1.000.000 customers.
„
.
,
.
.
,
Capitalization upon Completion of Present Financing (no bonds or long­
term obligations:
„ . ,
Outstanding.
6% gold notes (this present issue)----------------------------------------7% cumulative preferred stock---------------------------------------------- 3,760,000
Common stock______________________________________________ 12,000,000
Security.— A direct obligation o f tho company but not a mortgago.
Restrictions.— The company or its subsidiaries will not creato any mort­
gage upon their real or personal property, but may allow purchase money
mortgages or liens to be created on hereafter acquired property to the oxtent
of 75% of the fair value of tho property so acquired, subject to existing lions
or mortgages not In excess of 75% of the valuo of the property so purchased
or acquired. (5) Maintain Its cash and quick assets, including tho cash
and quick assets o f its subsidiary companies, at an amount at least equal
to 150% of all the liabilities and indebtedness, secured and unsecured
(including all notes then Issued and outstanding). (c) Shall not declare any
dividends on tho common stock at any time when the cash and quick assets
shall not be at least equal to twice tho sum of all tho liabilities and Indebted­
ness, nor shall such dividend be declared if tho payment thereof will reduce
tho amount of such cash and quick assots below tho ratio o f two to one to
said liabilities and Indebtedness.
„ .
Earnings.— (For cal. year 1918 see V. 108, p. 970.) After giving effect
to the adjustment of interest arising from tho issuance o f these notes, the
amount available for tho payment o f interest on the same, on the basis of
the 1918 results, would bo 8940,738, or 4H times the amount required for
this purpose. The net sales for tho cal. year 1918 were 815,598,496, and
for the first four months of 1919 show an Increase o f about 8% over the
same period of 1918.— V. 108, p. 1940, 1514.

Jones Brothers Tea Co., Inc.— Sales.—1918.

1919.
Month of April.......................................81,309,346
Jan. 1 to April 30...............- .................. 4,933,541
— V. 108, p. 1613, 1607.

81,109,130
4,261,702

1919.
Month of April..................................... 83,463,150
Jan 1 to April 30— ........................... 11,851,985
— V. 108, p. 1613. 1168.

1918.
1917.
82,639,337 82,360,758
9,795,389 8.475,286

S. S. Kresge Company.— Sales.—

1917.
8916,371
3,520,089

„

Lanston Monotype Machine1917-18.
Co., Phila.—
Earnings.
1916-17.
1915-16.

Year ended Feb. 28— 1918-19.
Net profit after deprec’n 8658,442
Deduct— Divs. on stock.(6%)360,000
Balance, surplus_____
— V. 106, p. 2226.

8298,442

8502,033
360,000

8822,518
360,000

8429,995

8142,033

8462,518

8429,995

Los Angeles Gas & Electric Corp.— Bond Application .—

Tho company has applied to the California IiR . Commission for authority
to issuo 8250,000 bonds, proceeds to be used to reimburse its treasury for
expenditures made for permanent extensions, &c.— V. 106, p. 2653.

Magma Copper Co.— Earnings

for Calendar Years.-—•

1918.
Metal salos--------------------------------------- ®3,041,978
Inventory decrease__________________
144,156
Operating expenses, &c-----------------------2,219,285
Depreciation_______________________
118,715
Selling expenses and taxes___________
59,339

83,251,104 82,274,725
Inc.16,972 Inc.308,422
2,083,947
1,376,967
82,431
94,273
27,211
33,005
81.056,851
11,136

81,096,538
796

Net incom e_______________________. 8519,350 $1,067,987
.
504,000
.
480.000
D ividen ds___________________________
480,000

81,097,334
480,000

Other income_________________

.
.

Surplus
..............................................
— V. 108, p. 1825.

8500,483
18,867

839,350
.

Manhattan Shirt Co.— Common Dividend Increased .—

Maritime Telegraph & Telephone Co., Ltd.— Offering
B. McCurdy & Co., Montreal, aro offer­
ing $100,000 7% cum. pref. stock (par valuo $10) at $10 50
per share, to yield 6.2-3%. Registrar and transfer agents,
Eastern Trust Co., Halifax, N . S. Dividends payablo quar
terly, Jan. 1 &c., at any branch of tho Canadian Bank of
Commerce, in Canada.



Earnings.— Tho report for 1918 states that from 1911 to 1918 tho com­
pany’s gross revenue has grown from 8230,461 to 8953,847, its assets from
83,245,854 to 35,108,519, and tho number of telephones in use from 12,908
to 24,636 — V. 108, p. 1393.

M a tt a g a m i P u lp & P a p e r C o ., L td .' —O fferin g o f 7 %
Convertible Sinking F u n d M t g e . D eben tu re Stock.-

—Royal Se­
curities Corp., Ltd., Montreal, are offering at 94 and int., to
yield over 7J3%, $2,000,000 7% convertible sinking fund
mortgage debenture stock.

Dated M ay 1 1919; due M ay 1 1949. Certificates in multiples of 8100
or sterling equivalent. Montreal Trust C o., Montreal, trusteo. Con­
vertible at the holders’ option into common shares, par for par, at any
time up to M ay 1 1929. If debenture stock is called by tho company (at
115 and accrued interest) prior to M ay 1 1929, tho holders shall have 3
months’ notico of tho company’s intention to redeem debenture stock,
during which time they may convert. Full information another week.
— V. 108, p. 1940. 485.

M a x w e ll M o t o r C o . — M e r g e r P en d in g . —The following
statement is understood to accord with tho facts:

It is understood that a syndicate is being organized to underwrite the
merger and reorganization plan which as now contemplated proposes the
retirement of all the present stock issues of both tho Maxwell and Chalmers
companies, for which will be substituted a small issuo of preferred stock to
take care of fixed obligations and an issue of 810,000,000 debentures or
notes to provide working capital. After this tho plan as at present drawn
contemplates tho retirement of all tho preferred stocks in oxchango for now
common stock, the basis of the scheme being the union of tho Maxwell and
Chalmers companies.
, ,,
„
,,
„
Walter E. Flanders has retired as General Manager of the MaxweU
M otor C o., his duties being assumed by tho President, W . L. MitcheU.
O fficer .—

President W . Ledyard Mitchell has been elected Chairman of tho board
to succeed Walter E. Flanders.— V. 108, p. 1724.

M e a d o w R iv e r L u m b e r C o . — B onds Called .—

Fifteen (815,000) First Mtge. 6 % gold bonds duo Dec. 1 1922( Nos.
411-425 incl.) and 15 (815,000) bonds (Nos. 426-440 incl.) duo Juno 1 1923
have been called for payment June 1 at 105 and int. at Citizens Trust C o.,
Clarion, Pa.— V. 107, p. 2013.

M e rck

& C o .—

Stock Sold by A lie n P roperty C u sto d ia n .—

On M ay 9 Alion Property Custodian Francis P. Garvan sold 8,000 of the
10,000 shares of tho capital stock of this company for 83,750,000 to tho
McKenna Corporation. It was rumored that tho purchaser represented
a syndicate of bankers and others representing Merck interests in this
country, but confirmation of this could not bo obtained. The sale must
be confirmed by a committee of the Custodian’s office.
Merck & Co. ranks as ono of tho largest importers of medicinal drugs and
chemicals in tho United States, Its products comprising from 3,500 to 4,000
items. Approximately 25% of tho salos represent tho proportion of tho
manufactured product of the company.

M e x ic a n - P a n u c o O il C o . ( o f D e la w a r e ).— Stock O ffered .

—A. E. Fitkin & Co. having sold the larger part of their
block of $676,900 stock, aro offering tho remainder at the
market price. See advertisement on another page.

Data from Letter of President Howard W illets, N. Y .. April 2 1919.
Organization.— Incorporated in 1916 in Delawaro to acqulro all tho stock
of the English Oil C o., S. A., a going concern, owning valuablo leases on
proven producing oil lands situated in the colobrated Panuco oil fields, in
the Tampico district of Moxlco. Capital stock, authorized and issued
[including the stock now offered for sale], 83,000,000, par 810. N o bonds
or preferred stock outstanding.
Property.— Consists of sLx leases In tho well-known Panuco oil flold noar
Tampico, Mexico. Tho present production of tho company is estimated
to bo 1 0 ,0 0 0 barrels per day, and additional drilling is now planned.
Purpose of Sale of Stock.— All of tho proceeds of the salo of tho treasury
stock will be used for the drilling of additional wells, erection and installa­
tion of steel storage tanks, construction of pipe lines and loading racks,
terminal station steam plants, pumps and miscellaneous equipment.
Officers.— Howard Willets, President (director Gotham Nat. Bank):
H. G. Curran, V.-Pres.; W. B. Lewis, Sec. & Treas. Directors; Tho forogoingandW . B. Lewis. J.M acy Willets, Addison S. Pratt and A. E. Fitkin,
all of New York.

M id w a y G a s C o ., S a n F r a n c i s c o . — B onds C alled .—

Ninety (890,000) First & Refunding Mtge. 6% gold bonds (Nos. 311-400
Inclusive) have been called for payment Juno 1 at par and Int. at Mercantllo Trust Co. of San Francisco.— V. 108, p. 175.

M o n tg o m e ry W a rd

& C o .— A p r il

S a les .-—

Sales for April increased 4544% over April 1918, and for the four months
of 1919 increased 26% over tho samo porlod of 1918.
The company is quoted as saying: *rOur May sales to dato nave main­
tained tho 4 5 ^ % increase for April, despite cool weather, and wo feel
sure of enormous business all tho year, as people throughout the country
have lots of money and will spend most of it. Our salas havo shown in­
creases every month this year, tho smallest showing relatively having
been for February, which was abnormally warm. Most of this year has
been out of season somewhat in one way or another. — V . 108, p. 10(34, 977.

M o o r e O il R e f i n i n g C o . — O rga n ized .—
See Ohio Cities Gas Co. below.

N a t io n a l A n ilin e

& C h e m ic a l C o ., I n c . — A ll

Stockholders

Tho voting trustees

In vited to Becom e Parties to Voting T ru st.— 1

in circular of May 7 say in substance:

About a year ago substantial amounts of tho company s outst.andlng
preferred and common shares, constituting in tho aggregate a majority,
were deposited with tho voting trustees named below, until April 20 1923.
in order to facilitate tho establishment and maintenance of a strong man­
agement and consistent policy during tho organization period.
It is believed that tho inoro completo tho co-operation of stockholders In
tho voting trust tho greater will be tho resulting benefits to all concerned.
Accordingly, all holders of tho shares, preferred or common, which havo not
yet been deposited in tho voting trust, aro now invited to deposit their
holdings. The rights of holders of voting trust certificates aro practically
the samo as tho rights of holders of stock certificates oxcopt as regards
V°Stock£olexers desiring to join the voting trust should endorse their stock
certificates in blank (or to “ Wm. II. Nichols, II. II. 8 . Handy, Wm. H.
Childs, W. J. Matheson and Eugene Moyer Jr., as voting trustees under
voting trust agreement, dated April 20 1918” ) and deposit them with Guar­
anty Trust Co.. 140 Broadway, N. Y. City, agent of the voting trustees,
in exchange for voting trust certificates. Tho necessary State and Fedoral
stock transfer tax stamps will bo affixed and canceled by tho voting trustees
without expenso to depositing stockholders.
, ..
. __
[Rumors of a plan of consolidation of this company and other largo
interests already closely allied with it aro discountenanced by officials of the
several companies in question.]

N a t io n a l A s s o c ia t io n

B u ild in g

C o r p o r a t io n ,

N.

Y.

— B ond s on N e w O ffice B u il d in g — S. W. Straus & Co.
aro offering, at par and int., to not 6%, $2,500,000 First
Mtge. Serial 6% bonds, dated May 1 1919. Tho building
location is at 21-31 West 43d St., running through tho
block to 24-28 West 44th St., New York City.

8563,9878617,334
C it y .

A quarterly dividend of 1 % % has been declared on 85,000,000 outstand­
ing common stock, payable Juno 9 to holders of record May 30. This com­
pares with 1% paid quar. since June 1916.— V. 108, p. 265.

of Pref. Stock.—F.

[Vol. 108.

THE CHRONICLE

2026

Int M .& N . Total issuo 82,500.000. Trustee, 8 . W. Straus. Donom.
81 000 and 3500, in all maturities; 8100 in 1929 maturltv only. c*. Iho
corporation covenants to pay Federal incomo tax not in excess or 4% .
Bonds mature 8100,000 each M ay 1 1922-24: 850,000 each Nov. 1 1924 and
May 1 1925; 860,000 Nov. 1 1925; 865,000 each May & Nov. 1 1926 to
1927; 875,000 May 1 1928; 880,000 Nov. I 1928, and 81,625.000 May l
1929. Redeemable at 102 and int. on any Interest dato on 30 days notico,
in reverse of numerical order.
_ , , . ,
.
B u i l d i n g . — The building will bo 20 storios in height, of absolutely fireproof
steel frame construction, containing shops and offices.

M ay 17 1919.]

THE CHRONICLE

The property, land and building is appraised at $3,700,000.
Earnings .— Net annual rental earnings of this property on a conservative
basis, after deducting operating costs, taxes and insurance, with a liberal
allowance for ropairs anil sundry expenses, is estimated at $355 000 or
nearly 2M times the greatest annual interest cliargo, and much more than
ample to take care of both interest and principal requirements
Security.—The bonds are tho obligation of the National Association
Bunding Corp. of N. Y ., and are secured by a first mortgage on land and
building. Tho President and controlling stockholder is James T. Leo a
prominent Now York business man, owner and successful operator of New
York real estate.— V. 108, p. 1825.

N a tio n a l C o n d u it

&

C a b lo C o ., I n c . — E arnings

3 Mos. end. Mar.3l— 1919.
1918.
Sales......................... $3,084,469 $2,485,846 I n te r e s t...............
Net loss...................
82,682
126,839 Deprcc’n, &c.........
Other Income____
23,071
13,580 Taxes......................
Total Income.1o83$59,611 loss$113,259

Assets—

&

Mar.31 ’ 19. Dec.31 ’ 18.
S

632,870 Capital stock------- 8,750,000
2,961,249 1st M . 6% sink,
fd. gold bonds.. 4,804,000
4,388,577 Notes payable____
660,028 Accts. pay’Ie, &c_
277,078
X688.967 Accrued pay roll..
55,287
102,607 Deferred credits..
59,837
Reserve for llabll.
5,739,063
compens insur..
117,657
l Deferred profits..
87,500
839,776

T o ta l....... .......... 14,151,359 16,013,139

1918.
$72,214
76,297
30,642

balance......... dcf.219,694 del.$292,412

Balance Sheet.
Mar.31 '19.Dec.3l '18.
$
$
Liabilities—

Cash........................ 1,333,686
Accts.&notcs rec.netl,943,469
Raw mat., work in
process, &c____ 3,157,122
Investments_____
763,698
Special accounts..
«2,505
Del’d charges, net
117,190
Plant, land, bldgs.,
mach., Ac., net. 5,714,218
Patents goodwill,&c.
1
P.
1. deficit____ 1,059,470

.—

1919.
$82,973
63,498
13,612

8,750,000
4.804.000
1.500.000
646,343
41,213
56,483
215,100

T o ta l...................14,151,359 16,013,139

x
i*d created by sale o f capital assets requiring replacement
or substitution under terms of mtge. Indenture of $662,260.— V.108, p. 788.

.—

2037

m Officers. T . A . Neill, Pres, and Manager; George J. Wolf, V.-Pres.;
1 -J f- Cowell,, V.-Pres. & Treas.; John L. Mullen, Hoc. & Asst. Treas.
Ha^rv n
a’
9®°rge J. Wolf,, T . It. Cowell, John W. Leonard.
Harry B. Clark, S. A. McCaskey, Winston T. Smith.— V. 108, p. 978
H»?Jhlstmrs: Equitable Trust Co New York; Colonial Trust C o.. PittsofCompany*'Pittsburgh
M ° rtgag° & Trust C o’ ’ Now York=offico

P u llm a n C o . —Earnings. —A statement filed in Massa­
chusetts is reported as showing:

Results for Calendar Year
Operating revenue...........$49,967,146 Taxes
....................... $1,598,547
Operating
expenses.........
40,593,069 Operating income______ 7,762,856
XT
a °
Net revenue____
9,374,077 Other income__________
2,340 178
Auxiliary
12,674
r\| 1.1 oper. deficit,KJI
T1oOldl
t a l IlLt
n e t ------------------------ 11U0. 1
,1(Jo
0 3.(),V
,0 3 4
Dividends at the usual rate of 8% called for $9,600,000.— V. 108, p. 885.

R a y C o n s o l id a t e d
M
os.toMar.

C o p p e r C o .—Earnings— Prod.(in

a

3 Mos .to Mar .31—
1918.
31— 1919.
HMO.
inis
Gross produc.lbs. 12,291,381 20,522,558
Net profits------def.$244,667 $1,025,236
Misccll. income..
92,369
80,626

108,

J a n ^ t o ^ N ? 1™ ................................... i r ’TvI ’ oSR
— V\
p. 1826''1716....................... 16,175,000

S a f e t y C a r H e a t in g & L i g h t i n g C o . —

O ffic e r s .—

deceased
bee,1? el?ct<xL President to succeed R . M . Dixon,
deceased
The following directors have also been elected: Chellis A. AusiMn R ^ b m Barbour B . M Bulkley Henry R . Carse, W L C onw elf
ftr m lv O h p L
A r t c k’ e ’ aLo B. Gardner, A. B. Hepburn, R.
W e™ han m -V . a > § ? p 1826
^
°SP ’ Soper and Henry H.

S a v a n n a h E le c t r ic C o .— E

Calendar Years—
Railway department........................

a r n in g s .-

1918
$657,182

Calendar Years—
1918.
Total earnings....................................... $9,086,268
Expenses and taxes...............
3,781.343
Gas purchased....................................... 1,359,311

National Tool Co., Cleveland.—

—

Nevada Consol. Copper Co.— Production

.. . . „
1919.
Month o f April ................................. 3,650,000
— V \ \ 0 8 .^ ri825""l6'l4"..................... 15,850,000

(in L b s .) .

1918.
6,900,000
25.710,000

Northern Virginia Power Co . — Control

—

1917.
0,727,192
25,579.513

P urch ased .—

Control of t h is -----------"
‘ ----counties, W . V a . , ____
ginia, has been acquired
....... ™ w mum » .m mu nagersiown
& Frederick Ry. I ho plant, located on tho Shenandoah River near
Charlestown, W. Va., is operated by water power and furnishes light and
powor to a largo number of concerns. It is stated that tho transmission
lines o f this company and the Hagerstown company will bo connected at
Martinsburg.
“

Ohio Cities Gas Co.— A c q u isitio n .—

Oil Well Supply Co., Pittsburgh.—

B onds Called .—
N e w M o r tg a g e . — Sale o f $3,000,000 new 1st M o rtg a g e Sinking
F u n d 6% B o n d s .—
v

Tho entiro issue o f First Mortgago 5% bonds at present outstanding
amounting to $770,000, have boon called for redemption on Juno 1 iq io *
at par and accrued Interest.
’
Tho company has sold to tho Union Trust Co. o f Pittsburgh $ 3 nnn nnn
First Mortgago 6 % Sinking Fund Serial gold bonds, maturing $150 nnn
each June 1 1920 to 1939, incl. Tho proceeds o f tho Issue will be used to
incrcaso tho facilities o f tho company, in order to meet tho constantly
growing demand for machinery and supplies for drilling and operating nil
and gas wolls.— V. 9 7 . p. 1508.
operating oil

C o. — N e w

Stock

— N ew

N am e

— R e p o r t __

TIio N. Y. Stock Exchange has authorized tho listing of an aHHiHnnni
$3,000,000 7% cumulative preferred stock (offored at par to common stnnir
holders of record April 21) on official notice of issuance and salo m at ngtvTn
pare ^ rc^ ' ed L*|edr *10,126,700. along with $10,556,900 common ComOn M ay f 1919 tho Owens Hottlo Machine Co. adopted this namn and
certificates of stock bearing tho new name will bo issued in oxehingn «vwV.7>
old certificates and when and as exchanged will be lis t ^ on
Exchango.
ol'otK
For annual report see “ Reports” above.— V. 108, p. 1825.

Owens Bottle Machine Co.— N e w N a m e , cfee__
Paraffine Companies, Inc.— N o tes C alled.__
Tho $500,000 Of 7% collateral notes of tho company Issued
See Owens Hottlo Co. above.— V. 108, p. 1825.

and sold
last fall, have been called for payment Juno 1, and Messrs GIrvin £•Min™?
LoRoy T. Ityono, and Stephens & Co., all of San Francisco will f ‘J f e
dato offer tho remainder of tho Issue of First Mtgo 6 s as’ de. n^i?edha»
security for tho abovo notes.— V. 108, p. 788.
deposited as

Pierce Oil Corp.— Stock

L isted .

—

Tho N. Y. Stock Exchange has admitted to list $1,294 200 additional
this company s common stock.— V. 108, p. 1941, 1826 *’ZUU aaaltIonal o '

Pittsburgh-Toxas Oil & Gas Co.—Offerina of Start- —
C. Megargel & Co. arc offering (by advertisement on
another pago) 101,000 shares of stock at 8 V, TnHI n n t w
izocl, 85,000,000; to bo issued, $2,050,000; par value 85
A circular shows:
\i.

Company.— Incorp. in West Virginia for tho purpose of nrndndna and
rofining and developing oil lands.
1
l oso or Producing and
Properties.—-The Texas properties are practically all located on ti,„
Pennsylvania formation which runs through tho Ranger and Hurkburnett
oil field in Texas, and were originally selected for theBemxlum Tree^fn 4
forests of Pittsburgh. Tho holdings comprise leases on over 100 000 acres
in Texas, being in five separate blocks, located in Edwards Real livable
and Oldham counties: leases on over 1,700 acres in Brown Oountv- four
leases aggregating 336 acres In Somervell County: two leases of 80 acres each
n Kimble Countv. Negotiations are in progress for producing properties
In Oklahoma, adjacent to tho company’s refinery
I r xiucing properties
Tho company recently purchased from tho Bemdum-Trees interests a
now 1,500-barrel refinery situated at Boynton, Okla and i f is nmnosed
to immediately increase the capacity of the refinery to 3 0 0 0 barrels Hvit
this refinery are included over 50 miles o f pipe lino and 50 tank cars while
50 additional tank cars are under lease. The refinery now has 850 barrels
of oil per day under contract. Arrangements have also been made to
secure for the refinery as much moro oil as Is needed from tho Duke Pool
In Texas, which is controlled by the Benedum-Trces interests.
° °°




rnf™n,r ^^assey
Calendar Years—

Inc. or Dec.
Inc.$112,379
Inc. 102,456
Dec.
117
Inc.$214,718
Inc.$178,827
Inc. 26.948
Inc.
4,784
Inc. 12,398
...............
dec.$8,239

Co., Hamilton, Ont.— E arnings
.— tn ir
mm u
iqiq

1017

T l a,Iannc5- ,sur: « r def_dcf.$180,403 sur.$67,041 sur.$21,826 sur.$66,951
Total p . & 1.. def............. $310,114
x$129.711
ySlO Leilsur.SlO iU ge
x

d e d u ctln 8

bills and accounts receivable, amounting to

$ 3 5 149

a b J e ^ ffo t h e ^ liq u fd ^ ^ e is ^ ^ ^ O ^ p fo is f01' revaluat,on ° f bills

Shattuck Arizona Copper Co.—Proudction.—
.............

Tho following statomont has been officially revised for tho “ Chronicle” “ It is officially announced that tho Moore Oil Co. has been purchased‘hv
tho Ohio Cities Gas Co. Tho Mooro Oil Co. is a retailer of oil with 21
stations in Columbus and Cincinnati, O., and Logansport, Ind. ’ in addi­
tion to its rotail business it manufactures soap, grease and kindred products
with a total business o f about $5,000,000 annually.
“ Tho Ohio Cities Gas Co. has caused to bo organized under tho laws of
tho Stato of Ohio, with a capital stock of $15,000,000, tho Mooro Oil Re­
fining C o., which will tako over the property and business of the Mooro Oil
C o .^ T h o business ^of tho company will bo extended and enlarged.” __

Owens Bottle

'

^ 350,000
7!902,724
29,366,000 25,593,985

1917.
$544,803
1017
Tnr nr Dec
422,927
525’I i
$81604,623 inc.$481,645 M & \ nndeop^ w^ T g ? “ ! ? ! : : : : : :
443
2,883,648inc.897,795
Total earnings..
«i i qo cqi
$968,174
1,274,580 inc. 84,731
$503,937
A & n f n c T ™ ' : : : : : : : : : : : : : '- *f0f $ 5
78,958
Not earnings
...............................$3,945,614 $4,446,495dec.$500.881
Taxes ........................................
67 489
— V. 106, p. 1799.
62,698
Interest charges___ " " ..................
oqo 0 4 7
270.549
Sinking fund requirements___ ” ”
20i000
Stock R eduction.
20,000
„ A
becn fi,cd 1,1 Ohio reducing tho capital stock from $1,­
800.000 to $1,724,000 — V. 104, p. 2557.
- V ^ V . ^ 1118...........................sur.$23,794 sur.$32,033

N a t io n a l F u e l G a s C o .— Earnings

Lbs.)

mm
v
a,
. ,
1919.
1918.
Total income..def.S152,298 $1,105,863
Dividends..............
788,590 1,577,179
Balance............def.$940,888 def.$471,316

Four months 19

9i

::::

736,274

1 ,0 0 0 1 8 4 4

4 4 !l 2 9

1 6 (L0 6

holdws o?recor d*Jum?3n°f'
has b ^ n ^ l a r e d p ^ a b lo J u l / M
-V. 108, p f 1M6 1065°' lD April 25 ° entS WaS Pald and ln Jan' 50 cents*

Shohii Company, Inc.— Possible Merger.—

000 nnSnC? » y, was incorporated in Del. M ay 8 with a capital of $100.teaii p t?
! in jrouritira investments. &c. Incorporators, T . L Cros u g g t baf arT ’ M ’
Clancy, all of Wilmington, Del. A press report
llnclair O A p' rin}ay
tho c° mpany which will succeed by merger the
are consummated01118 Corporation and sinclaIr Gulf Co. if pending plans

Sinclair Gulf Corp.— Bonds

Called.—

ficr „«meSla,2deJ of ,tho $20,000,000 issue of 1st lien 10-year convertible
ing in M
a r c 1M
S ^ M *lch 1
f wbIch *10,172.000 were outstandMarch
9 1 9 , have been called for payment June 18 at 110 and int.
at tho Bankers Trust Co.. N. Y .— V. 108. p. 1394.

Sinclair Oil &Refining Corp .— Building— Merger Rumors.

frf™ ?£an/Scn!.enfc ^.as made on M ay 13 that this company had purchased
n,?,5\rho Gardcn City Co. the 32-story office building, located atL iberty
and Nassau streets. New York, known as the Liberty Tower
The Durbyath P city ata$l 9?50 000b°en ab° Ut $2,100’000’ Tho Property is assessed
°f tb,e company stated yesterday that there was no official
statement to bp given out at this time in regard to the rumor that this
n?rX m y ao d
SIl}cIalr GuifConp. were to consolidate under the name
or siiolan C o .f Inc. (see above).— V. 108, p. 1615, 177.

Solar Refining Co.—Extra

Dividend.—

$9 ^nn f c n , rsf har declared an extra dividend of $5 per share on tho
$2,000,000 outstanding capital stock in addition to tho regular semi-annual
dividend of $5, both payable Juno 20 to stockholders of record M ay 31. A
similar amount was paid in June and Dec. 1918.— V. 107, p. 1925.

South Bend (Ind.) Watch Co.—Offering of N otes— John
Burnham & Co., Chicago, are offering at 9 7 ^ and int., to
net over 7%, $180,000 of an authorized issue of $500,000
3-year 6% gold notes. Dated March 1 1919, due March 1
1922. Comparo V. 108, p. 1170.
Southern California Edison Co.— To Issue Stock —
1 he company has applied to the California R R . Commission for authority

to sell its employees 2,500 shares of stock.— V. 108, p. 1394, 1157.

S ta n d a rd

G a s & E le c t r ic C o.-

Have Violated Franchise .—

y

-Subsidiary Declared to

See Louisvillo Gas & Elec. Co. above.— V. 108, p. 1724, 1394.

S t a n d a r d O il C o . o f K a n s a s .— Extra

Dividend.—

,dv*de|ld of $3 per share and the regular quarterly dividend o f
$3 have been declared on the capital stock, payable June 15 to stock of
J^cord M ay 31. An extra dividend of $3 per snare has been paid along with
the regular quarterly dividend since Feb. 1918.__V. 108, p. 1394. 6

S t a n d a r d O il C o. o f O h i o .— Extra

Dividend .—

torT vnf« 9 al. °?.tra dIv'd c n d o f
hasbeen declared along with tho quar­
terly or S3, both payable July 1 to holders of record M ay 29. An extra of
1% has been paid in each quarter since Jan. 1917.— V. 108, p. 1394, 1 1 7 1 .

S t a n d a r d R e f r a c t o r i e s C o .— Bonds.— Glover & Mac­
Gregor, Pittsburgh, Pa., and P. N. Risser & Co., Bed­
ford, Pa., recently offered at 9 7 ^ and int. yielding’about
0.35% $500,000 First Mtge. 6%‘Ten-Year Sinking Fund
goldbonds (closed mtge.) Totalauth. and issuable, $500 000
«i'n n n br ° ^ areK?ated. Apri.1 19,19- duo April 1 1929, denom. $500 and
$1,000, registerablo as to principal. Callabfe, all or part, at any interest
leriod, on 30 days notice, at 102M and int. T*ax exempt in Pennsylvania
A ; * O. at the Union Trust Co. of Pittsburgh (Trustee) without
deduction for any Federal income tax not in excess of 2% .

Data From Prea. T hos. N. K urtz, Dated Claysburg, Pa., March 1 1919.

Organization.— Chartered and began operating In March 1914. Manu­
factures refractory products for use In open hearth steel furnaces, by­
product coke ovens, gas retorts, copper smelters, &c. Present capacity
140,000 brick per day o f 9-inch equivalent, comparing with 25,000 in
1915; during 1918 manufactured 23,238,000 brick of 9-inch equivalent.
Replacement value of property and equipment estimated over $1,500,000.
Capitalization After Present Financing.
Authorized. Outstanding
First mortgage bonds (closed issue)---------------------- $500,000 $500,000
Capital stock (all one issue)__________________________$200,000 $200,000
(Surplus earned over $300,000).
Purpose of Issue.— To retire $125,000 1st M . bonds to complete pay­
ment on town site (120 acres), purchase additional ganister rock proper ties,
liquidate bank loans, &c.
„
,
, ,
Sinking Fund.— Monthly $1 per M . brick manufactured; minimum,
$30,000 p. a.
,
,
, .
Earnings.— Net earnings have shown a progressive increase, and for
the four years ended Dec. 31 1918 were in excess o f $610,000.

Standard Textile Products Co.— Stock

[Vol . 108

THE CHRONICLE

2028

Increase .—

This company, formerly the Standard Oil Cloth Co., has authorized a
capital increase of $6,000,000, equally divided among Classes “ A ” and “ B
preferred stock and common stock, making the total authorized capital
$15,000,000, consisting o f $5,000,000 of each class.
Of the new stock $2,000,000 Class " A " preferred will be offered to all
stockholders o f record as o f April 15 to tne extent of 2-9 of their total
holdings, while SI ,000,000 o f the new common stock will be offered ex­
clusively to common stockholders o f record April 15 to the extent of one
share o f new for every three shares o f old held on April 15. Both offers are
made at par and subscription books will close on June 5. This will make
outstanding $5,000,000 Class “ A ” preferred, $3,000,000 Class “ B ” pre­
ferred and $4,000,000 common stock. The $2,000,000 Class “ B and
remaining $1,000,000 common of the newly authorized stock will not be
issued at present.
,. .
,
,
Extra Dividend of % of 1% <m Common Shares.— In addition to the regular
quarterly dividends of 1% % each on Classes “ A ” and “ B ” preferred and
1% on common an extrat dividend of }4 o f 1% has been declared on the
common, payable with the regular distributions on July 1 to holders of
record as o f June 15.
Calendar Years—
1918.
1917.
Net s a le s ..................................................................... $16,201,811 $10,901,550
Total net income_________________________________ $1,980,047 $1,300,070
Fixed charges___________________________________
275,359
428,717
Dividends ____________________________________
630,000
526,399
Balance, surplus_____________________________ $1,074,688
$344,954
Total p. & 1. surplus, 1918, after deducting $977,109 “ deprec n, replace­
ments, development and other deduction,” $1,235,197-— V. 108, p. 1724.

S u n C o m p a n y (P h ila .) , O il P r o d u c e r s , R e f in e r s , & c .—

Offering of 6% Gold Debentures.—Montgomery

& Co., N. Y.,
Phila. and Chicago, are offering at 983^ and int. 86,000,000
10-year 6% sinking fund gold debenture bonds, dated May 1
1919, due May 1 1929. Authorized, $20,000,000. Denom.
$500, $1,000 and $5,000 (c*&r*). Int. M. & N. in Phila­
delphia and New York, without deduction of normal Federal
income tax up'co 2%. Penna. State tax refundod. Callable
in whole or in part on any interest date at 101 and interest;
redeemable for the sinking fund at par and interest on notice
as provided in the trust agreement, Commercial Trust Co.,
Philadelphia, trustee. A circular shows:

T e n n e s s e e Copper & C h e m ic a l Corp.— Plan Submitted
for Issuance of 400,000 Shares of New Stock at $12 50 per Share
in Order to Undertake the Manufacture of Acid Phosphate .—

The shareholders have been asked to express their opinion
not later than May 23 as to the advisability of carrying into
effect a plan outlined by President Adolph Lewissohn in
circular of May 12, substantially as follows:

The existing contract with the International Agricultural Corporation
by which we aro supplying that corporation with sulphuric acid, expires by
limitation on Dec. 31 1920.
.
.
Your directors desire to enter upon plans for the manufacture of acid
ihosphate for the fertilizer business and have contracted to acquiro a
£
Sighly desirable deposit of phosphate rock, and hold options on additional
large tracts. The ownership of this land, coupled with the facilities of the
Tennessee Copper Co. to produce sulphuric acid under favorable con­
ditions, should give us an exceptional basis for building up a large and
profitable business in the manufacture and sale of fertilizers, tho market
for which appears to be constantly expanding. It is proposed to erect and
equip plants of the highest standards for treating phosphate rock with
sulphuric acids. The officers and directors believe that this project will
assure us an increased and lucrative business.
. . .
, , ,
It is proposed to increase the capital stock by authorizing and issuing
400,000 additional shares (v. t. c.) without par value. The holders of
voting trust certificates are to be given the right to subscribe for 100% of
their present holdings at the rate of $12 50 per share.
An agreement has been entered into with J. S. Bacho & Co. and Adolph
Lewisohn & Sons as bankers to underwrite the proposed issue for a compen­
sation of $1 50 per share. This method o f financing will furnish approxi­
mately $4,400,000 of additional capital, which Is deemed ample for the
undertaking.— v. 108, p. 1819, 1732.

T im k e n D e t r o it A x le C o .

— To

Pay Bonds.—

The $675,000 7% bonds duo June 1 1919 will bo paid off at maturity
at office of National City Bank, N. Y . City.— V. 106, p. 2349.

U n it e d D r u g

Go.— Stock Listed.—

The N. Y . Stock Exchange has admitted to list this company’s $891,000
6% non-cum. second pref. stock, making the total amount authorized to be
listed $10,000,000.— V. 108, p. 1941, 1171.

U n it e d P r o f i t S h a r in g C o r p . — Extra

Dividend .—

U n it e d S ta te s G y p s u m C o . — Meeting

Postponed .—

An extra dividend of 5% has been declared on the stock, along with the
regular semi-annual 5% , both payable Juno 2 to holders of record M ay 10.
A like amount was paid in June and Dec. 1918.— V. 108, p. 1941, 1171.
The directors’ meeting for dividend action has been postponed from
M ay 14 to M ay 28, but it is understood that the usual quarterly dividend of
1M % on the preferred stock will be payable June 30.— V. 108, p. 487.

U n it e d S t a te s S te e l C o r p .

— Unfilled Orders.—

See “ Trade and Traffic Movements” on a subsequent page.— V. 108,
p. 1941. 1827.

U t a h C o p p e r C o .—E arnings.

—For 3 mos. end. Mar. 31

1919.
1918.
1919.
1918.
Total net prof­
Gross product,
its
$481,324 $3,S10,664
pounds____ 28,971,089 40,788,171
Net profits___ df.$J2,948 $2,571,318 DIvs. p a id -.. 2,436,735 4,061,225
Rents, &c____
119,085
238,845
Bal., d e f_ ..$1,955.411
$250,561
Nev.Cons.divs. 375,188 1,000,500

Production (in Lbs.).—

1918.
1917.
16.609.883 17,231,512
58.389.883 60,117,828
Data from President J. Howard Pew, dated May 7 1919.
Company.— Incorp. in N. J. May 2 1901, successor to the Sun Oil Co.,
an Ohio corporation, organized in 1893. Business originally started in Ohio
Offering of
Cumulative
in 1886, comprises, in addition to the Sun Co., the operation o f certain
allied and subsidiary companies which are operated as part o f the general First Preferred Stock
business of producing, refining, transportation and marketing of petroleum
products. The property embraces the following;
(a)
Producing wells in Oklahoma, Kansas, Texas, Ohio, Louisiana, Ken­
tucky and West Virginia; (6) refineries at Marcus Hook, Pa., Toledo, O.,
Yale and Avoy, Okla.; (c) Transportation equipment: 7 steel scrow ocean­
going tankers totaling 54,800 d.w. tons, 3 barges, also 775 steel tank cars;
(d) Railroad facilities and equipment at Marcus Hook, Pa.; (e) Pipe lines
in Texas and Ohio; (/) Oil leases in Oklahoma, Kansas, Texas. Ohio,
(Par Value A ll Classes $10)—
Authorized. Present Iss.
West Virginia, Indiana, Louisiana, Kentucky, Colorado, New Mexico; (g) 8%Capitalization
$750,000
cum. 1st prer., dividends payable Q.-J.............$1,000,000
barrel plant at Marcus Hook, Pa.; tlmbor lands in Virginia; (h) distributing 8% cumulative preferred-.
-------------------------1.000,000
556,100
stations, sales offices, &c., in New York, Chicago, Philadelphia and 18 other Common s t o c k .......................................................... 2,500,000
1,700,000
principal cities of the United States.
Data
from
President
H.
S.
Kelsey,
Dated
B
oston,
May
10
1919.
Capitalization After Present Financing—
Authorized. Outstand’o.
Purpose o f Issue. — The consolidation of the following named lunch room
10-yr. 6% s. f. debentures (this issue)__________ $20,000,000 $6,000,000
7,920,000 6,890,000 systems, established in 1904 to 1909, and providing working capital for
Capital stock______ _____________________________
their continued growth and operation: Waldorf System of Boston, op­
Sub. Cos. Now Controlled or About to be Acquired to Extent Stated.
38 stores; Kinney & Woodward o f Albany, operating 14 stores;
The company either holds or presently will hold in its treasury the indi­ erating
Baldwin’s, Incorp., of Springfield, Mass., operating 7 stores; total, 59
cated percentage of the stocks of the following companies, or else their stores,
with three industrial commissary establishments at Perryville,
entire credit will be obligated for the benefit o f the holders of these debenture M d., Alexandria,
Va., and Delaware City, Del.
bonds. The proper proportion of the assets and earnings o f these companies
, Business.— These stores did a combined business in 1918 of $5,250,000
aro Included in the earnings, appraisals, &c., appearing below:
and are located In 20 cities, as below:
Delaware River & Union RR.99.5% |Tho Sun Oil Line C o— over 99.6%
23 Lynn_________ 2 New Bedford-. 2 Syracuse_______ 2
The Twin State Oil C o_______ 99.4% Hardwood Package C o______ 94.5%
. 3 Salem________ 1 Lawrence......... 1 Rochester______ 3
Sun Pipe Line C o_____over 95.8% |The Sun Oil C o--------------------- 92.5%
E verett..
. 1 Springfield____ 4 Philadelphia . . 3 Buffalo............... 3
Also holds in its treasury securities of additional companies, the assets Chelsea. .
. 1 Hartford______ 2 A lbany_______ 3 N ew ark........... 1
and earnings of which appear in the consolidated statement only: (a) as Waltham
1 Manchester__ 1 T ro y ................. 1 Erie, Pa............. 1
book values o f stocks and notes held; (6) as earnings actually received
Commissaries also are operated in the principal cities named above,
through dividends declared and paid. In this latter class are the follow­ notably the Waldorf System commissary in Boston, a six-story building
ing: Sun Shipbuilding Co., over 79%; O’Connell Oil Co., over 69%; at 69-83 Purchase St., with an annex consisting of two buildings from 169
Augusta W ood Products Corp., 50 % . The company’s stock interest in the to 175 High St., immediately in the rear o f tho commissary.
Sun Shipbuilding Co., which has mortgages on Its property, O Connol Oil
Earnings.— Tho various stores now making up the system, based upon
Co. and the Augusta Wood Products Co., had a book value as o f Dec. 31 operations of 1917-18 in the case of Kinney & Woodward, and Baldwin,
1918 of $1,964,278, and the equity therein is believed to exceed this amount. and on operations of 1916-17-18 in the case of the other stores, have shown
Total Asset Values of the Company Placed at Oner $53,775,348.
average yearly roturns of $598,929 before taxes, or ton times tho annual
dividond requirement of tho outstanding first prof, stock. [Theso lunch
Fixed assets as appraised
IShips and tank cars apover...............................$25,000,000 praised at....................... $12,265,288 rooms are reported to be feeding 75,000 people dailv, or 24,000,000 a
Book value o f subsid’s. . 1,964,2781 Net current assets______ 14,545,782
yCflestriciUms.— The corporation may not, without the consent of 2-3 of
Earnings, Incl. Aforesaid Indicated Percentages of the Other Co’s, Ac. the
first prof, outstanding and not in tho sinking fund: (a) Authorize any
Total 6 Yrs.
Average Total 2 Yrs.
Average
having prior or equal rights with the first pref. or increase the present
1913-18, Inc.
per Year. 1917-1918.
per Year. stock
amount of this issue; (ft) create any mortgages or lion upon any
D ross.............................$119,750,137 $19,958,356 $66,211,669 $35,105,834 authorized
of
the
properties or leases; (c) issue bonds, notes or other evidences
Exp., local taxes. &c.*_ 96,717,779 16,119,630 54,664,603 27,332,301 of debtphysical
more than one year from tho date of issue thereof, excopt
N e t ................ - ................ 23,032,358 3,838,726
11,547,066
5,773,533 purchasematuring
money mortgages, or other purchase money liens on property
Federal taxes paid*___
2,185,091
364,182
2,185,091
1,092,546 hereafter acquired,
or mortgage renewals.
B a la n c e * ........................ 20,847,267 3,474,544
9,361,975 4,680,987
The company shall not issue first pref. stock In excess of $750,000 unless
not income, after all taxes, exceed throe times the annual div. re­
*Federal income and excess profits taxes accrued during 1918 are payable annual
quirement on the $700,000: and then only provided such net Income shall
in 1919. Federal Income taxes paid in 1913 to 1916, incl., aggregating less equal
three times the annual div. requirement on such additional shares and
than $100,000 for the Sun and the other companies are included in “ Ex­
on
all shares of first pref. outstanding.
. . . . . . . .
penses, local taxes, & c."
- ,
,
Annual Sinking Fund for First Preferred.— 'Ten per cent of tho not profits
Sinking Fund.— Semi-annual payments will suffice to retire, on a gradu­ after
of all pref. dividends, and allowance for depreciation and for
ally ascending scale, any debentures issued under the agreement during taxes,payment
be sot aside for the retirement at $11 a share o f the first prof,
their life. On this $6,000,000 the semi-annual payments begin N ov. 1 and at must
least $25,000 must bo so sot aside annually beforo any dividend is
1919 and are to retire of the issue: 1st year, 3% ; 2d, 5% ; 3d, 6% ; 4th, 8% ;
on common stock. This sinking fund shall not apply to retirement of
5th, 9% ; 6th, 11%; 7th, 12%; 8th, 14%; 9th, 15%, and 10th year, 17%; paid
pref. stock until after the retirement of all outstanding first pref. stock.
a total of 100%.
,
, „
x .
Balance Sheet as at May 1 1919.
Restrictions.— Additional debentures may be issued only for extensions,
(As drawn to show condition after transfer of properties, and the issue
betterments, &c., to an amount thereof equal to 75% of cost (the additional
25% to be in no case provided from moneys borrowed) when the annual of capital stock under plan of o r g a n iz a tio n .)^ ^
net earnings (before deduction of Federal income or excess profits taxes)
preferred stock_____ $750,000
are at least three times the Interest on the debentures then outstanding Equipment in restaurants.$l ,439,443 First
556,100
607,803 Preferred sto ck _________
and to bo issued. The trust agreement also forbids the mortgaging of any Lease rights.................- - Common stock__________ 1,700,000
of the present properties (except Sun Shipbuilding Co., O’Connell Oil Co. Organization and under­
Accounts
payable_______
427,400
writing expenses...........
130,i»u
and Augusta Wood Products Co.) and stipulates that no dividend shall be
Notes payablo...................
137,598
paid which will reduce the net current assets (these debentures alone not Good-w ill..........................
27,141
850,095 Wages and rents accr., <Scc.
deducted) below 125% of the amount o f outstanding debentures.— C a sh .....................- ...........
Accounts receivable.........
42,519 Rcservo for adjustment of
V . 108, p. 85.
accounts payablo, &c._
5,162
I nventories-------------------Investments.................- - 111.405 Reserve for depreciation
S w if t I n t e r n a t i o n a l C o r p .— D i v i d e n d s .—
340,113
of equipment_________
17,459
Two dividends o f 8% each have been declared, one payable June 20 to Prep’d taxes, ins., exp., &c.
holders o f record M ay 31 and the other Dec. 20 to holders of record N ov. 8.
T ota l............................. .$3,943,514
T otal...............................$3,943,514
In Feb. last a dividend of 8% was paid.— V. 108, p. 1171, 85.




1919.
Month of A p ril................................... 9,420,000
Jan. 1 to April 30--------------------------- 38,261,000
— V. 108, p. 1827, 1818.

Waldorf System, Incorp.—
8%
.—Richardson, Hill & Co. are offering at
$10 per share, by advertisement on another page, $750,000
8% cumulative first preferred stock, exempt from Massa­
chusetts income tax and normal Federal tax. Redeemable on
and div. date on 15 days’ notice at $11 a share and accrued
divs. Redeemed shares shall be canceled. A circular shows:

M ay 17 1919.]

THE CHRONICLE

O ffic e r s .— P r e s id e n t , H a r r y 3 . K o is o y ; T r e a s u r e r , O . P . A d a m s ; V i c e ­
P r e s id e n ts , O s c a r P . K in n e y , P . E . W o o d w a r d , I la r r y S . B a ld w in , P . L .
D u n la p , S . L . B ic k fo r d .
D ir e c t o r s : T h e a b o v e -n a m e d a n d W . S . Q u im b y ,
D . W . G u rn ctt a n d G eorg o P u tn a m .

2029

■
—-“ Saward’s Annual— a standard statistical review of the coal trade,”
has just come to hand. This compilation makes a book of about 190 pages,
embracing details relative to output, prices, freight rates, transportation,
trado conditions and other details of importance to the coal man, wholesale
W e s t P e n n P o w e r C o — Bonds Called— Bonds Listed.—
and
retail. The editor is Frederick W. Saward, assisted by James P.
T h r c o h u n d r e d a n d t w e n t y ($ 3 2 0 ,0 0 0 ) 7 % c o ll a t e r a l g o l d n o t e s (r a n g in g
Mahoney, Guy II. Burbank and the editorial and office staff o f “ Saward’s
in n u m b e r f r o m M . 6 t o M .1 3 4 0 , b o t h i n c l u s i v e ) , a n d s e v e n t y - t h r e e ( $ 3 6 ,5 0 0 )
n o t e s o f t h e s a n i o i s s u e ( N o s . D - 7 t o 2 9 7 , b o t h i n c l u s i v e ) h a v e b e e n c a l l e d . Journal,” 15 Park Row, N. Y .
Mr. Saward is tho son of tho founder of the
f o r p a y m e n t M a y 3 1 a t p a r , w i t h a p r e m i u m o f lA o f 1 % a n d i n t e r e s t a t
“ Coal Trado Journal,” and he was editor of that publication until a year
t h e C o n t in e n t a l & C o m m e r c ia l T r u s t & S a v in g s B a n k , C h ic a g o .
or
so
ago,
when,
owing
to
the
changes
that followed tho death of his father,
T h e N . Y . S t o c k E x c h a n g e h a s a d m it t e d t o lis t th is c o m p a n y s $ 8 ,5 0 0 ,0 0 0
ho withdrew, along with a number of his associates, and established a new
F ir s t M o r t g a g e 5 % 3 0 -y e a r b o n d s .— V . 1 0 8 , p . 1 8 2 7 .
coal weekly, “ Saward’s Journal.”
W e s t in g h o u s e E le c tr ic & M fg . C o .— D ivs. In creased .—
— Collman & Co. (Inc.), dealers in commercial paper at 1 Montgomery
A q u a r t e r ly d iv id e n d o f $ 1 h a s b e e n d e c la r e d o n t h e c o m m o n a n d p r e f.
St., San Francisco, announced on April 19 that they had succeeded Blake &
s tock s.
T h e p r e f e r r e d is p a y a b l o J u l y 1 5 a n d c o m m o n J u l y 3 1 , b o t h t o
h o ld e r s o f r e c o r d J u n o 3 0 .
T h is c o m p a r e s w it h 8 7 A c e n t s q u a r t e r ly s in c o
Co., Inc., and will act as correspondents of Blake Bros. & Co., New York
1 9 1 7 .— V . 1 0 8 , p . 1 5 2 4 , 1 0 6 5 .
and Boston, Blake Bros. & Pimm, Hartford, Conn.; W . T . Rickards C o.,
Chicago, McClunoy & C o., St. Louis, and Lane, Piper & Jaffray, Inc.,'
.— Stock Increase
The stockholders will vote Juno 10 on increasing the capital stock from Minneapolis. Tho active management of Collman & Co. will be in charge
$16,000,000 to $20,000,000, the additional stock to bo on a parity in all of Frederick A. Collman, Pres, (recently Coast Manager for Hathaway,
respects with the present capital stock. Stockholders of record June 14 Smith, Folds & Co.) who will have associated with him Sam II. Smith]
1919 will have the right to subscribe to one share (par $50) of additional
stock for each 4 shares hold on such date. The company will arrange for recently Manager of Blake & Co., Inc.
an underwriting to dispose of all stock not taken by the stockholders.
— A folder describing each issue of Liberty bonds and Victory notes, and
— V. 108, p. 1947.
summary of tax exemptions, has been prepared by Harris, Forbes & C o.,
.— First Pref. Stock Offered
of this city, for general distribution. A comparison of income from Liberty
Loan and Victory Liberty Loan issues is made with income derived from
taxable sources. Tho firm will mail complimentary copies of this folder to
investors, who ask for “ Folder E-10.”
Reed, McCook & Hoyt, of 15 William St., this city, announced tho
7 fi% .
return from overseas of Philip J. McCook and J. Hampden Dougherty Jr.,
Organization.— Tlio Winchester Company has been formed to acquire who have resumed practice as members of the firm. Lester II. Washburn
stock of the Winchester Repeating Arms Co. and owns approximately 97% was admitted to partnership on M ay 1.
of tho total amount. (Acquired per plan in V. 107, p. 1751, 2195.)
— Seneca D. Eldridge, until recently a captain of field artillery, has
The new company has outstanding about $10,000,000 stock, viz.; First
Pref. Cum. 7% stock, $2,000,000, with no voting power unless dividends opened elegant offices at 7 Wall Street, under the firm name of Eldridge
shall bo unpaid and shall havo accumulated in oxcoss o f 7% ; 2d Pref. non- Sc Company, to deal in investment securities.
cumulativo 6% stock and $1,000,000 common stock. It has no funded
Captain Myron G. Darby, who served with the General Staff at
debt and nono may be placed on the property, running for moro than one
year, without tho consent o f two-thirds o f tho First Pref. stock outstanding. Tours, France, and Charles A. Pope, formerly with tho New York office of
Tho averago earnings o f tho Winchester Repeating Arms Co. for tho last Hornblower & Weeks, will be associated with this now firm.
seven years have been in excess o f $1,250,000 per annum, after allowing for
— naving practically sold the ent’re offering, A. E. Fitkin & C o., 141
heavy interest charges, which havo now ceased, as tho company’s out­
standing notes havo been paid.
Broadway, this city, are advertising elsewhere in the “ Chronicle,” 76,690
Tho balanco sheet of tho Winchester Company and its subsidiary shows shares of treaty stock of tho Mexican-Panuco Oil Co. English Oil Company,
assets over liabilities of over twico tho amount o f tho First Pref. stock and
S. A. Tho right is reserved to reject any application and to award smaller
not current assets considerably in excess of this issuo.
The Winchester Repeating Arms Co. was founded in 1867, and has long amount than .applied for. Price at the market. Circular upon request.
carried on a successful business in tho salo o f sporting rifles, shot guns and
" Carl H. I’ forzheimer & Co. are distributing a new booklet entitled
ammunition. At tho beginning of tho European War tho company made
lhe American Oil Industry,” by J. W. Smallwood. Tho booklet reviews
largo extensions to its plant and has been fulfilling contracts for tho U. 3.
and foreign Governments. It is intended that tho manufacturing business tho development of the oil industry and analyzes its present position of
shall bo developed.
. ,
worklwido importance and prospects for further growth. The position of
Louis K. Liggett, President o f tho United Drug Co., is to bo actively
associated in tho management, and .1. E. Otterson, formerly V.-Pros. of tho the Standard Oil group of companies is also shown.
Winchester Repeating Arms C o., is to bo President o f that company and
— To yield 4.625%, a now issue of $1,113,000 City of Akron, Ohio, 5%
Vice-President of the new Winchester Company.
__
Tho earnings of tho Winchester Repeating Arms Co. for 1912, 1913 and Sower and Street Improvement bonds are offered in our advertising columns
1914 averaged $1,380,000. Tho average earnings for tho war period have by Kissel, Kinnicutt & C o., White, Weld & C o., William R. Compton
been $1,204,000, after provision for tho Federal income tax and amortiza­ Co. and Stacy & Braun. The greater part of these bonds have already been
tion and obsolescenco o f special war plant amounting to $7,500,000 and sold.
exclusive of heavy interest charges. Sinco Jan. 1 1919 all tho notes o f the
— W m. A. Read & Co. are advertising in the “ Chronicle” as a matter
Winchester Repeating Arms Co. havo been retired, and no bonds or other
indebtedness running for moro than one year can bo issued without tho of record all tho certificates having been sold, $7,500,000 Canadian Northern
consent of two-thirds pf tho First Pref. stock.
Railway equip, trust 6% certificates. Series C, 1919, due N ov. 1 1919 to
It is oxpocted that tho company will continue to do its normal sporting
business, and that tho earnings o f tho pre-war period will bo largely in­ M ay 1 1929 at prices netting 5 A . 5 5 % and 6% for the various maturities.
creased as a result o f tho now business developed.
— At 92 A and accum. dividend to yield 7.57% on the investment, Paine,
• Tho combined balanco sheet o f tho Winchester Company and its sub­ Webber & Co., 25 Broad St., this city, are advertising and offering on
sidiary, tho Winchester Repeating Arms Co., based on the ownership by
tho new company o f 97% of tho old company, would havo boenlas of Jan. 1: another page Erie Lighting Co. 7 % cumulative preferred stock, exempt from
Consolidated Balance Sheet (New and Old Companies) as of Jan. 1 1919. tho normal Federal income tax. See to-day’s advertisement for details.
Current assets and inventories (total, $27,798,987)—
— William Wood Struthers, Reginald Victor Hiscoe and Roscoe C.
Cash in banks and on hand...................... ................................. $5,918,705
Accounts and notes receivable less advances_______________ 5,791,711 Ingalls, having been released from Government service, announce that
they havo rosumed their business as bond brokers under tho firm name
Securities at cost.................... ................................. - - - - - ------ 3,058,351
Inventories of raw material, work in process, finished goods
of Struthers & Hiscoe, 20 Broad St., this city. Phone, Rector 5413.
and supplies_____________ ________________ _____________ 13,030,220
— A now issuo of $7,200,000 Columbia Graphophone Manufacturing
Fixed assets, &c.— Land, buildings and equipt., $21,510,752;
less deprec. and amortization reserves, $9,910,092-------------- 11,600,660 Co. 7% cumulative sinking fund preferred stock is offered at 95 and accum.
Deferred items--------------------------------------------------------------------156,995 div. to yield about 1 % % , by advertisement in to-day's “ Chronicle” , by
T o ta l____________________________________________________ $39,556,642 Kissel,’ Kinnicutt & Co. and William Salomon & Co.
Offsets, Liabilities, Capital and Surplus—
,
— Wm. W. Struthers, R . V. Hiscoe and R. C. Ingalls have resumed their
Current liabilities; Accounts payablo, $2,763,630; accrued pay­
business as bond brokers under the firm name of Struthers & Hiscoe, with
rolls, $169,945; accrued interest, $201,124.......... , - - - -------------$3,134,699
One-year 7% notes, duo March 1 1919 (all since retired)........... 6,615,000 offices at 20 Broad St. All the members of the firm have recently been
Reservo for taxes, obsolescence, amortization,&c-------------------- 6,000,000 released from Government service.
Reserve for contingencies...............................................................
125,960
— S. W . Strauss & Co. of this and other cities are adveritsing their
Equity of minority stockholders in subsidiary— -------565,620
Capital and surplus— First Pref. stock 7% Cumulative, callablo
facilities to corporations in need of more capital. S. W . Strauss & Co. will
at 115, authorized 100,000 shares, par value $100, of
purchase outright for cash first mortgage bond issues of corporations in
which 97,555 shares are issued.......................... - ........... —
9,755,500 amounts of $250,000 upwards.
2d pref. stock 6% non-cumulative; auth. and issued, call­
ablo at par, $100 a share...................................... ................ 2,000,000
— For purposes of record, all the stock having been sold, F. S. Smlthers
Common, 10,000 shares, par value $ 1 0 0 ...........- - - - - - -------- 1,000,000 & Co. and Colgato, Parker & Co. are advertising in the "Chronicle”
Capital surplus, appropriated for special purposes.$2,800,000
particulars of their joint offering of 41,000 shares American Commercial
Unappropriated surplus............................................ 7,559,863
Total surplus.............
10,359,863 Corporation common stock.
— Dominick & Dominick jointly with Montgomery & C o., Laird & Co.
T o t a l ........................... ............. . - .................................... - - - - - - - - ......................... $ 3 9 , 5 5 6 . 6 4 2
and nayden Stone & Co. are offering $50,000,000 General Motors Corpora­
C o m p a r e d ir e c t o r s , & c .. In V . 1 0 8 , p . 1 7 3 2 , 1 8 1 8 .
tion 6% cum. debenture stock, price 90 flat. See to-day’s advertisement
for general information.
C U R R E N T
N O T I C E .
— Harris, Forbes & Co., this city, have prepared for distribution their
M ay bond circular, which describes over 150 issues of Government, muni­
___T o m e e t t h o n e c e s s i t i e s o f i t s g r o w i n g o r g a n i z a t i o n f o r l a r g e r q u a r t e r s .
cipal, railroad and public utility bonds and notes. Ask for circular E -l.
M e d le y S c o v il, I n c ., th e a d v e r t is in g a g e n t s , h a v o ta k e n a n e n tir e fllo o r a t
— Tho n og Island shipyard has delivered its 15th, 16th and 17th ships—
N o . 2 5 P in o S t ., t h is c i t y , w h ic h h a s b e e n c o n v e r t e d in t o o f f ic e s f o r th e
tho Sarcoxio, tho Schenectady and the Sangamon— to tho Emergency
com pan y.
In m o v in g , n o c h a n g e o f a d d r e s s h a s b e e n m a d o , in v o lv in g o n ly
Fleet Corporation. It will launch its 28th hull to-day, M ay 17.
a tr a n s fe r o f e q u ip m e n t fr o m th e fo r m e r o ffic e s o n th o fift h flo o r t o th o
— Brown Brothers & Co. announce that Alfred B. Meacham, Howard P.
n o w q u a r te r s , w h ic h c o m p r is e t h o e n tir e n in th flo o r o f th o s a m e b u ild in g .
Maeder and Hugh Rankin have been authorized to sign for them “ per
T h o S c o v il A g e n c y h a s b e e n e s p e c i a lly a c t iv e in d e v e lo p in g f in a n c i a l fo r e ig n
procuration” in New York, Philadelphia and Boston.
b a n k in g a n d c o m m e r c ia l o x p o r t a c c o u n t s , a n d w a s o n o o f th e fir s t o f th o
— Eldredgo & C o., 7 Wall St., this city, are offering $500,000 City of
a d v e r tis in g fir m s t o fo r e s e o t h o o p p o r t u n i t y fo r A m e r ic a n fir m s a n d fin a n ­
Portland, Ore,. 4 H % harbor development gold bonds, due serially M ay 1
c ia l in t e r e s t s In t h o f o r e i g n t r a d e f i e l d s .
T h o A g e n c y n u m b e r s a m o n g its
1923 to 1949, inclusive, to yield 4.70%.
c lie n t s m a n y o f t h o m o s t im p o r t a n t a c c o u n t s in t h a t fie l d , a n d h a s d o n e
— IlOlt & Woodward, 71 Broadway, this city, and 200 Devonshire St.,
m u c h t o p r o m o t e b e t t e r u n d e r s t a n d in g b e t w e e n A m e r ic a n a n d fo r e ig n
Boston, has boon dissolved and been succeeded by the now firm of Holt &
Co. at tho same address.
b u s in e s s m e n .
I n Its n o w q u a r t e r s , t h e fa c il it ie s o f t h o o r g a n i z a t io n h a v o
b e e n g r e a t ly e n h a n c e d a n d p r o v is io n s m a d o t o p e r m it fu t u r e e x p a n s io n .
— Kidder, Peabody & Co. of this city and Boston are offering The
Winchester Co. 7% cum. first preferred stock to yield 7K % Descriptive,
— A n n o u n c e m e n t w a s m a d e o n M a y 10 o f th o o r g a n iz a t io n o f a n e w b o n d
circular on inquiry.
h o u s e , t o b e k n o w n a s T u c k e r . R o b is o n & C o ., w it h o ffic e s a t 5 0 6 M a d is o n
— Charles A. Kahl & Co. opened for business at 20 Broad St., this city,
A v o . (G a r d n e r B u ild in g ), T o le d o , O h io .
L e w is B . T u c k e r , w h o h e a d s th o
to trade in stocks, bonds and unlisted securities. Telephones, Rector
fir m , w a s u n til J a n . 1 1 9 1 8 a m e m b e r o f S id n e y S p it z e r & C o . , h a v in g
3264-5-6.
s e v e r e d h is c o n n e c t io n a t t h a t t im e in o r d e r t o c o n t in u o t h o d u t ie s w h ic h
— Moyer & Co., bankers and brokers, N. W . corner 3d and Chestnut
h o h a d p r e v io u s ly a s s u m e d w it h t h o N a t io n a l W a r S a v in g s C o m m it t e e , a t
streets, Philadelphia, Pa., havo issued a circular regarding General Asphalt
W a s h in g t o n .
D a v i d J. R o b i s o n w a s f o r m e r l y S e c r e t a r y o f T h o D a v i d
Co.
— Bernon I. Prentice, of Dominick & Dominick, has been elected to the
R o b is o n J r . & S o n s C o .
H o is a s o n o f t h o la t e J a m e s J . R o b i s o n , o n o o f
board of directors of tho Phillips Petroleum C o., of Bartlesville, Okla.
t h o o r g a n iz e r s a n d u n t il ills d e a t h P r e s id e n t o f t h o O h io S a v in g s B a n k &
T ru s t C o ., o f T o le d o .
T h o fir m , a s s u cce ss o rs to D a v id R o b is o n J r . &
— The Guaranty Trust Co. of New York has been appointed transfer
agent of tho stock of the Mexican-Panuco Oil Co.
S o n s , b a n k e r s , e s t a b lis h e d 1 8 7 6 , w ill t r a n s a c t a b u s in e s s in s e c u r itie s fo r
c o n s e r v a t iv e I n v e s t m e n t , s p e c i a liz in g in m u n ic i p a l , r a ilr o a d a n d c o r p o r a t io n
— McKinley &JMorris announce the removal of their offices to 44 Wall
Street, this city.
bon ds.

White Motor Co

.-—

(The) W inchester Company
.—
A very large proportion of the 20,000 shares of First Preferred
Cumulative 7% stock having already been disposed of,
Kidder, Peabody & Co. are offering the unsold balance, by
advertisement on another page, at 96.55, to net
The bankers as of May 12 report:




THE CHRONICLE

2030

[V ol . 108.

f^jejnrais and gmtrajetiis.__________
T H E D E LAW ARE & H U DSON CO M PAN Y

EIGHTY-NINTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1918.
New York, N . Y., A pril

1 1919.

To the Stockholders of The Delaware & Hudson Company:

The following presents the income account of your Com­
pany for the year 1918, arranged in accordance with the rules
promulgated by the Inter-State Commerce Commission,
with comparative results for the year 1917:
Comparison with
1917.
---------------- 1918----------------- Inc. 4- or Dec.—
Compensation accrued under
Federal Control (on basis of
Standard Return) for pos­
session, use and control of
railway property o f the
Company and Its leased and
operated lines___________

$7,415,148 72 +$1,805,761 95

Other Corporate Income—
Miscellaneous rent incomo__ $137,197 51
102,822 97
Income from lease of road__
Miscellaneous non-operating
22,501 10
physical property________
938,163 10
Dividond income___________
Incomo from funded securities 225,232 83
Income from unfunded securi447,099 95
tios and accounts_________
Income from sinking and
162,168 13
other reserve funds_______
Miscellaneous Income______ 1.152,446 28

+6,529 18
— 54,243 17
+59,272 77
+207,217 83
+ 53,005 80
— 1,560,079 49
$3,187,631 87 — $1,296,629 31

Total other Corp. income.
Gross Income_______________
Deductions from Gross Income—
Railway operating expenses..
$95,770
War taxes__________________
127,027
Miscellaneous tax accruals..
17,636
Rent for leased roads_______ 1,946,986
Miscellaneous rents________
Interest on funded debt_____ 2,938,318
Interest on unfunded debt__
142,728
Miscellaneous incomo charges
619,521

— 649 88
— 7,682 35

$10,602,780 59

+$509,132 64
+95,770
+ 112,899
+ 1,518
— 9,075
— 2,658
+12,959
— 26,371
+602,077

45
52
27
08
26
01
57

45
30
12
63
71
92
16
47

Total deductions from gross
Incom e________________

5,887,988 16

+787,119 76

Net Income— The D. & H.
Co. carried to general profit
and loss__________________

$4,714,792 43

— $277,987 12

Percentage to capital sto ck ..

11.09

— .66

FINANCIAL.
The capital stock of The Delaware & Hudson Company
on December 31 1918 was 842,503,000, there having been
no change during the year.
The total funded debt on December 31 1918 was $66,010,­
000, a reduction of $452,000 having been effected during the
year by the purchase and cancellation of that amount of
First Lien Equipment bonds through the sinking fund estab­
lished in connection with their issue.
The sum of $395,040, being one per cent of the par value
of the First and Refunding Mortgage Gold Bonds outstand­
ing on June 1 1918, was paid during the year to tho trustee
under the First and Refunding Mortgage, making tho total
paid to December 31 1918 $2,846,150. This amount has
been expended in additions and betterments to the mort­
gaged property in accordance with the trust agreement.
There was accumulated in the Coal Department Sinking
Fund during the year, in accordance with the ordinance
passed on May 9 1899, and amended on May 10 1910, $384,­
195 56, which has been applied to reimburse the treasury for
coal lands and unmined coal in Pennsylvania.
The usual payment of $650,000, required under the terms
of the First Lien Equipment Trust indenture, was made,
making the total paid to date $7,150,000. This has been
increased by accumulations of interest on balances and in­
vestments. During the year 1918 $1,288,703 65 was ex­
pended for new equipment, which was made subject to the
indenture, leaving in the hands of the Trustee securities and
cash to the amount of $2,387,393 83.
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 December 1917, and its subse­
quent occupation and use by the United States, the sum of
$4,190,000, and the company borrowed from the Railroad




Administration, without security, $2,100,000, making a total
of $6,290,000. The Inter-State Commerce Commission has
certified to the President, under tho Act of March 21 1918,
that the average income of this company for the threo years
that ended with June 30 1917 was $7,409,600 12. If the
lattor sum is all to which your company is ontitlod, which is
by no means admitted, it has received $1,119,600 12, or
15.11 per cent less than it should have recoivod to Decem­
ber 31 1918.
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 tho major portion of the current
assets and paying the major portion of the current liabilities.
COAL MINING DEPARTMENT.
The anthracite produced by The Hudson Coal Company
during 1918, including tho product of washorios, aggregated
9,059,228 long tons, an increase of 415,505 tons, or 4.81 per
cent over 1917. The year’s output was 11.82 per cent of
the total output of Pennsylvania mines and washories, which
was 76,649,918 long tons. The number of breaker-hours
required for the preparation of this coal was 55,191.
Throughout 1918 the United Statos Fuol Administration
continued to urge the maximum possible production and
those in charge of your operations made ovory practicable
effort to meet their wishes. Underground development was
carried on during the year and the properties were fully
maintained.
The wages agreements effected during 1917 and explained
fully in tho report for last year made full provision, according
to their terms, for the whole period to March 31 lj)20.
Nevertheless, during 1918 a further increase was urged upon
the operators and after conferences in which the Fuel Ad­
ministration, as representative of the Federal Government,
and the employees, participated, a supplementary agreement
providing for very heavy increases in tho wages rates and
effective from November 1 1918 to the end of the war or
until March 31 1920, if peace is not declared prior to that
date, was effected. In consideration of the effect of those
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 relin­
quish most of its functions, states plainly its conclusion that
the prices of anthracite are still too low. Tho following is
quoted:
“By his executive order of August 23 1917, tho President
adopted as maximum prices for anthracite coal, tho schedule
of prices which had been acquiesced in by tho industry while
under investigation by the Federal Trade Commission under
the so-called ‘Calder’ resolution of the Sonato. This in­
volved one price for the railroad-controlled coal companies
and a price 75 cents higher for tho individuals. With tho
exception of a reduction of 60 cents a ton in tho prices for
pea coal made October 1 1917, and two adjustments to cover
increases in miners’ wages, the Fuel Administration allowed
the prices fixed by the President to stand pending examina­
tion of costs such as were made in the case of bituminous coal.
“For the purpose of arriving at a fair increase in price to
cover the increase in wages, recommended by tho War Labor
Board last October, an examination was made to determine
the costs of the various anthracite-producing companies.
Tho result of this examination showed that tho general In­
creases in the price of materials and labor had raisod the cost
of mining anthracite to such an extent that many of tho com­
panies wore not receiving a fair roturn and that some pro­
ducers of necessary coal were actually sustaining a loss on
the sale of coal at the Government prices, in spite of two in­
creases allowed on account of advances to labor.
“At the time this situation was discovered every indication
pointed to an early peace, and it was deemed unwise to in­
crease the maximum prices so near the time when, on account
of the end of the war, price restrictions would, in the natural
course of events, be lifted entirely.

M ay 17 1919.]

THE CHRONICLE

2031

“The above statement is made at this time, when price the Inter-State Commerce Commission and permitted to go
restrictions are about to be lifted, out of fairness to those into effect on April 1 1918.
companies who have patriotically kept up their production to (2) On June 25 1918 the Railroad Administration began
war needs, oven at a cost which resulted in many instances in to enforce an increase of twenty-five per cent applicable to
a loss, not only by the individuals, but also by some of the all classified freight with increases roughly corresponding to
railroad companies, so that the impression shall not exist that percentage on all other articles. Coal rates, for both
that the Government prices of anthracite coal in existence at anthracite and bituminous coal, were advanced on a scale
the time of the lifting of restrictions were prices which the commencing with fifteen cents per ton as to rates formerly
Fuel Administration had fixed on the basis of cost to the under forty-nine cents per ton and ending with fifty cents
operators.
per ton as to all rates formerly $3 00 per ton or higher.
“Had the Fuel Administration’s active control over maxi­ Rates applicable to coke took a scale of advances running
mum prices on anthracite coal been continued, the cost from fifteen cents to seventy-five cents per ton, the minimum
examination above referred to shows that it would have been increase applying where the former rate was forty-nine cents
necessary, on the basis of the present wage scale, to raise or less and the maximum where it was $3 00 or more. Rates
t h e s e maximum prices possibly as much as 50 cents a ton on ores, except ex-lake ores, were increased thirty cents per
above those last fixed by the Government in order to pre­ ton; cement and stone rates, two cents per hundred pounds;
vent financial embarrassment and perhaps the closing of mmber rates,-twenty-five per cent but not over five cents per
companies producing a substantial per cent of the necessary hundred pounds; grain rates, twenty-five per oent but not
anthracite output.
over six cents per hundred pounds; cotton rates, fifteen cents
“Such a curtailment of production would eventually result por hundred pounds. All commodity rates not specifically
in the demand exceeding the supply to such an extent as to indicated were increased twenty-five per cent. The mini­
increase the prices much higher than they would be if that mum charge for any less than carload shipments was raised
supply were continued.”
to fifty cents; the previous minima had been twenty-five,
The increase in prices suggested by the Fuel Administra­ thirty and forty cents for different kinds of shipments. The
tion relates solely to domestio sizes. The reduction in prices minimum charge for a carload shipment was increased to
of other fuels which compete with anthracite steam sizes $15 00, superseding many much lower minima. Before
have necessitated some reduction in the latter. Therefore, these increases were made, an estimate, based on 1917 traffic,
an increase of fifty cents per ton in the price of domestic indicated that they would add about $5,900,000 to annual
sizes will secure to the Delaware & Hudson Company and gross receipts.
The Hudson Coal Company an increase of only 23.55 cents (3) Tho Railroad Administration adopted and has applied
por ton of all sizes produced and marketed.
since May 1 1918 a basis for the apportionment of interline
revenues, differing from the former system resting upon con­
RAILROAD DEPARTMENT.
relations between connecting carriers. While pri­
Late in December 1917 the President of the United States tractualadopted
to reduce the labor of accounting, this change
conceivod it to bo his duty to take possession of substantially marily
is
understood
to
have increased the revenue attributed to
all railways engaged in inter-state transportation, together your railway under
Federal operation. Other changes in
with affiliated boat lines. Your railway property, and that
relations, such as the discontinuance of adjusting
of your system corporations in the United States, with the interline
and undercharges in settlements, are considered
boats operated on Lake Champlain and Lake George, were overcharges
to
have
had
results.
included in this exercise of power and passed out of your From datasimilar
furnished by the United States Railroad Ad­
control at noon on December 28 1917. Since that date ministration,
it would appear that the movement of passen­
these properties have been operated, in accordance with the
over your lines decreased 13.45 per cent, the passenger
President’s proclamation of December 26 1917, and the Act gers
being 112,180,679 compared with 129,620,729 in
of Congress of March 21 1918, for the account of the United mileage
1917,
and
the average receipts per passenger mile increased
States, which have assumed responsibility for all expenses 6.75 per cent
from 2.342 cents in 1917 to 2.500 cents in
of operation, including maintenance, and all taxes, except 1918. Passenger
train mileage was, however, reduced 22.57
war taxes, and have become liable to your company for what­ per cent from 2,660,310
1917 to 2,059,990 in 1918, and
ever just compensation may bo provided for in any contract passenger car miles 24.59inper
cent from 13,080,801 to 9,­
negotiated in pursuance of the Act or otherwise determined 864,219. Passenger receipts per
passenger train mile in­
in accordance with the statutes and the Constitution.
creased
19.30
per
cent
from
$1.14
to
$1.36 and receipts per
Under this condition the income account of your company
car mile in 22.49 per cent from 23.21 cents to
for 1918 was.not affected by the operating revenues, operat­ •passenger
cents.
ing expenses or the ordinary exactions of the taxing authori­ 28.43
The
decrease in passenger travel indicated by the fore­
ties. Your interest in the operating results obtained by the
is probably attributable to direct efforts to discourage
Railroad Administration is, therefore, indirect and restricted going
unnecessary passenger movement, as well as to increased
to their implications as to operations after the anticipated charges
and withdrawal of facilities furnished under cor­
restoration of the properties to your direct control.
porate
management.
One aspect of the reduction of facilties
Data supplied by the Railroad Administration indicate is indicated by the decrease
in revenue from parlor and chair
that tho operating revenues of The Delaware & Hudson
service from $10,340 in 1917 to $3,954 in 1918.
Company’s Railway for 1918 amounted to 834,789,864, an carThe
increase in the average rate per passenger mile re­
increase of $4,800,465, or 16.01 por cent over 1917. Freight sulted from
the increase of the basic mileage rate to three
receipts increased $4,757,563, or 18.77 per cent, and passen cents, effective
on June 10 1918, modified, however, by
ger receipts decreased $232,007, or 7.64 por cent.
the
allowance
of
a
special rate of one cent per mile to soldiers
Froight movemont increased from 3,954,096,760 ton miles and sailors on furlough.
in 1917, to 4,062,078,074 ton miles in 1918; a gain of There was a considerable increase in miscellaneous trans­
107,981,314 ton miles or 2.73 per cent, while the average- portation
revenue, due to augmented switching charges,
receipts per ton por mile increased from 6.41 mills to 7.41 and incidental
revenues were increased by a gain of 109.98
mills, a gain of 15.60 por cent.
por cent in the demurrage charges collected, which amounted
The increased freight movement was principally in anthra­ to
$345,925 as compared with S164.744 in 1917. Prior to
cite, food products and munitions of war. The Railroad February
10 1918 the original rate for demurrage of $1 00
Administration assumed a control over routing of traffic per day, regardless
the length of detention, had been
never exercised by railways under corporate management, superseded by a rate of
of
S2
per day for the first five days,
generally refusing to permit shippers to seleot routes or to with a rate of $5 00 per day00thereafter.
choose the delivering lines and not only diverted to your the rates were increased to $3 00 per dayOnforthethedatefirstnamed
railway, in order to relieve aotual or threatened congestion days, $6 00 per day for the next three days, and $10four
00
at New York Harbor, and elsewhere, considerable traffic per day thereafter. These increased charges had a beneficial
that would otherwise have moved differently, but, also, di­ offect in expediting the movement of cars when a shortage
verted from your linos numerous shipments which they of equipment appeared imminent, and tend strongly toward
would normally have carried.
the elimination of a misuse of facilities that is at times waste­
Several changes, of which the following are considered the ful.
most important, contributed to the increase in tho average Operating expenses amounted to $31,353,784, as com­
receipts por ton por mile:
pared with $23,449,953 in 1917, an increase of $7,903,831,
(1) Advances in freight rates applicable to anthraciteor 33.71 per cent. Subtracting the increase in revenues of
moving to Canadian destinations, cement, stone, sand and $4,800,465 leaves a decrease in operating income, before
similar commodities, asked for in 1917, were sanctioned by tho deduction for taxes, of $3,103,366. Expenditures for




THE CHRONICLE

2032

maintenance of w ay and structures increased $ 1 ,2 1 5 ,5 5 4 ;
for m aintenance of equ ipm en t, $ 2 ,8 7 3 ,8 3 1 ; for transporta­
tion , $ 3 ,8 0 9 ,8 8 7 .
T h e following figures, which should be understood as
approxim ate on ly , indicate, as closely as com putations now
practicable perm it, the relation of the various changes in
operating conditions to the total increase of $ 7 ,9 0 3 ,8 3 1 in
expenses.
Increase Due to

Amount.

Higher wages rates_________
34,345,025
Increased number o f employees
1,700,000
Higher prices of materials_____
1,043,183
Increased quantities o f matetials and miscellaneous_____
815,623
T o ta l___________________

57.903,831

Per Cent
Per Cent of
of
Total Operating
Total Increase.
Expenses.
54.97
21.51
13.20

13.86
5.42
3.33

10.32

2.60

1 0 0 .0 0

25.21

Considerably m ore than one-half the increase in expenses,
and alm ost one-seventh of the total operating cost of the
year, is attribu table, therefore, to higher rates of wages than
were in force in 1917.
T h e new scalo of w ages, w ith changes
in hours an d working conditions, which has h ad this result,
w a s put in force b y General Order N o . 27 issued b y the
Railroad A dm in istration . T h is ordor established eight
hours as the basic d a y for all classes of labor and in m a n y
instances provided bonuses for tim e in excess of eight hours
or in excess of the num ber of hours which had theretofore
constituted a d a y .
T h e following table shows som e of
the typical and controlling rates in com parison w ith those
in force in 1917:
Hate per Hour, in Cents.
Employees—
1917.
1913.
Machinists_________________________________________
40
93
Boilermakers_______________________________________
45
53
Blacksmiths________________________________________
43
93
Tinsmiths............................................................." I l l ”
43.25
68
43
gg
Pipe fitters_________________________________________
Car repairers......................................................................
27.25
58
Carpenters, locomptive and coach_________________ 3 0 to 34
68
29.75
58
Car inspectors_____________________________________
Laborers________________________________
233 5
Section forem en_________ •
____________________ _
77 5 0 *
mo 4 0 *
40
Sectionmen............................. ........................................22.5 to 23.5
Carpenters, bridge and building____________________
30
53
Signal repairers_____________________________________
34
93
23
3 5 .5
Station laborers_____________________________________
Elgineers:5
Freight.............................................................................
63
73
Passenger________________________________________
74
37
M ixed..................................................................." I l l
62.5
73
Yard.................................................................................
54
67
Firemen :b
41.5
56
rreiKht..................................................... L..................
Passenger________________________________________
45
33
40.5
52.6
Mixed..............................................................................
Yard- ...............................................................................
34
47.2
Conductors :&
Freight.............................................................................
5 2 .3
33
Passenger.........................................................................
3 3 .7
8 3.5
M ixed...............................................................................
58
77
Yard.................................................................................
48.7
63.6
Brakemen:&
Freight.............................................................................
35
49
41
59
Passengera_______________________________________
M ixed............
I"
39
55
Yard.................................................................................
45
60
* Dollars per month, a Includes other trainmen,
classes of engines and service.

b Averages for all

Increases of $ 25 0 0 per m on th over the p a y received on
January 1 1918, w ith a m in im u m of $87 5 0 per m o n th , were
also granted to all em ployees who were receiving on January
1 1918, prior to the application of General Order N o . 2 7 ,
a basic rate of $62 50 per m onth and devoting m ajor portions
of their tim e to clerical work of an y character, including not
only clerks bu t also train announcers, gatem en, checkers,
baggage and parcel-room em ployees, callers for train and
engine crews, & c.
Substantially all the increases noted were
m ade retroactive to January 1 1918, thus requiring h eav y
paym ents to adjust the wages actually paid during the
early m onths to the new standards.
A pp aren tly the operating expenses thus stated are still
subject to increases on account of further w age increases
which are under discussion, and that are likely to be m ade
retroactive a t least to Septem ber 1 1918. These projects
include an increase of approxim ately 15 per cent in favor of
engine and train crews w ith, in addition, provision for p ay­
m en t of one and one-half tim es the standard rates, instead
p roportionately, for all tim e in excess of eight hours, and
an increase in favor of telegraphers.
A D D IT IO N S A N D B E T T E R M E N T S .
One of the early decisions of the R ailroad A dm inistration
was to provide for a reconsideration, b y an agency of its
ow n , of every program for additions and bettorm ents that
had been approved and adopted b y the owners of the prop­




[V o l . 108.

erties which had been taken under Federal control. A s
applied to your railw ay, this reconsideration resulted in
determ ination to continue m ost of tho w ork in progress at
the end of 191 7 , w ith the exception, how ovor, of the now
third track botween Sehenevus and R ichm ondvillo S u m m it,
which was under construction as a principal feature of tho
general trade revision betw een Oneonta and M o h a w k Y a r d .
T h e om ission of this portion of the plan for adapting this
part of you r railw ay to the m ovem en t of trains of heavier
tonnago would so seriously reduce the benefits obtained b y
h eav y capital expenditures a t other points, in addition to
rendering useless the considerable ou tlay upon the par­
ticular project, that it was deem ed necessary to request a
rehearing, which was accorded. U p on this rehearing the
form er action was reversed. B u t before this occurred tho
contractors had been paid and tho work stopp ed .
T he
com pletion of the work during 1918 w as, therefore, hold to
be im practicable, and nothing was done toward its resum p­
tion.
T o the end of 1917 the total expenditure on this
third track was $ 4 1 4 ,5 5 5 7 4 , and tho am ount paid in the
settlem ent w ith tho contractors w hen the w ork w as suspended
was $ 1 2 5 ,7 7 0 0 9 , so that it now represents a capital invest­
m ent of $ 5 4 0 ,3 2 5 8 3 , all of w hich remains idle and un­
productive.
T h e suspension of this im provem ent has also
involved losses in the necessary ad justm ents w ith contractors
and tho natural deterioration resulting from tho exposure
to erosion of unfinished grading.
T his interruption of tho
developm ent program led to the postponem ent of the grade
reduction betw een Cobleskill and Barnervillo, which was
authorized in 1917, b u t could n ot bo placed in operation
until the com pletion of this section of the third track.
T ho
Railroad A dm inistration also determ ined not to continue
during 1918 tho erection of now stations or tho elim ination
of grade crossings in accordance w ith tho ordinary program
for tho general developm ent of your property.
F ro m N ineveh to W in d so r, a distance of nino and onehalf miles on the N inevoh Branch, a new second track was
com pleted and placed in operation during June.
D uring
the year $ 3 0 5 ,0 3 1 63 was oxponded on this w ork, of which
$ 2 9 7 ,3 7 3 2 0 was cHarged to cost of property and $ 7 ,6 5 8 43 to
operating exponses. A new second track betw een L anesboro and State Line, a distance of 2 .3 m iles, was undertaken
and the grading com pleted, at a cost of $ 9 3 ,1 2 2 2 6 , of which
$ 8 6 ,5 2 2 21 was for now capital and $ 6 ,6 0 0 05 for operating
expenses. Bridge-w ork and track laying should be com ­
pleted early in 1919.
T ho new third track betw een O neonta and Cooperstow n
Junction, six m iles, and the revision of grades between
Sehenevus and Cooperstown Junction, nine m iles, referred
to in last year’s report, were finished during 1 91 8 .
The
cost, $ 5 4 0 ,3 2 5 8 3 , included $ 5 1 1 ,7 7 5 2 8 , chargeablo to cost
of property and $ 2 8 ,5 5 0 55 chargeable to operating ex­
penses.
T h o enlargem ent and rearrangement of the Carbondale
Y a r d , in progress for several years, was substantially ad­
vanced and placed in operation during tho yoar.
Changes
y e t to bo m ade at tho southern end, near D u n d a ff Streot,
will be undertaken w hen the grade crossing at that point
can be elim inated. A n enlarged yard office is now under
construction. T his yard now has a capacity of 3 ,1 3 9 cars,
an increase of substantially 5 0 per cent over the form er
capacity of 2 ,1 0 0 cars.
T h e expenditure during the yoar
was $ 8 9 ,4 8 1 3 8 , of which $ 6 6 ,3 1 7 97 was a capital exponse
and $ 2 3 ,1 6 3 41 a charge to operating expenses.
A t W h ite h a ll, three sidings w ith capacity for oigty cars
each, were com pleted during O ctober, providing storage
space that was greatly needed. T h o expense was $ 4 1 ,9 2 5 2 2 ,
of which $ 3 9 ,9 2 9 45 was charged to cost of property and
$ 1 ,9 9 5 7 7 to operating expenses.
A t Rouses P oint additional yard tracks are under con­
struction. T h e grading was practically com pleted during
October and they should be in service early in 1 91 9 .
Tho
expenditure was $ 2 4 ,4 0 5 9 5 .
A t F ort E dw ard additional land was purchased, tho
engine house enlarged, a now ash pit and coaling platform
constructed, and a rearrangement of tracks is in progress
T h o expenditure of $ 1 8 ,8 5 6 69 was distributed in the sum*
of $ 1 7 ,9 7 0 19 to cost of property and $ 8 8 6 5 0 to operating
expenses.
A t the Colonio shops, tho installation of tw o new 400
horse-power boilers, m entioned in 1 91 7 , was com pleted at
a total cost of $ 2 2 ,9 5 6 1 8 , of which $ 2 2 ,9 2 2 93 represents
new capital and $33 2 5 operating expenses.
T h e addition to the general office building a t A lb an y
was com pleted during 1918 and occupation began in M a y .

THE CHRONICLE

M vy 17 1919.]

T lie whole building, m odern in construction and equipm ent,
and suitable for your corporate purposes, now supplies office
space of 1 89 ,0 79 square feet.
T h e addition to its cost
during 1918 was 8 5 0 ,5 1 6 19.
Other im provem ents to your proporty include new water
tanks for locom otives, w ith capacity for 1 0 0 ,0 0 0 gallons
each, a t Central Bridge and R ouses P oin ts; a restaurant
and w om en’s rest-room at Colonie shops; a “ W y e ” track for
turning locom otives at D elanson; a new freight station at
M ech anicsville, begun beforo 1918; an addition to the
freight statiop at Glens F alls; reconstruction of lioating
system s in round houses at W ilk es-B a rre, Green R idge,
Carbondalo, O neonta, M o h a w k , W h iteh all and Rouses
P oin t and in other buildings at Green R id ge, Carbondale
and O neonta, this reconstruction to bo com pleted early in
1919.
H e a v y repairs to 3 ,4 3 4 freight train cars, including the
application of E con o m y draft arm s, 5x7 couplers and heavy
friction springs, referred to in the report for 1917, were
continued during 1918 and are approxim ately tw o-thirds
com pleted.
T h e equipm ent of tw o hundred steel under­
fram e fla t cars w ith tem porary sides and rem ovable dropends was com pleted. A ll freight train cars m u st be equipped
w ith safety appliances approved b y the In ter-State C o m ­
merce Com m ission not later than Septem ber 1 1919; of
1 8 ,7 9 4 cars, 1 8 ,5 3 4 , or 9 8 .6 2 per cont, have received this
equipm ent. A statute requiring the equipm ent of loco­
m otives with electric headlights b y July 1 1920 was the
occasion of the equipm ent in that m anner of 123 locom otives.
B y tho samo date all cabooses operated in N o w Y o rk m ust
have eight wheels and steel under-fram es; 8 4 ou t of 2 12
such cars have received this equipm ent and 7 2 are to bo
provided for during 1919.
T h e conversion of 135 w ooden
underframe gondolas into com pan y service cars is in progress
and about 3 8 per cent com pleted. A pplication of “ Z ” bar
reinforced ends to 5 0 0 box cars is in progress and about
one-third com pleted, and raising of tho sides and ends of
5 0 0 low-side gondolas is proceeding and abou t 8 2 per cent
com pleted.
A L L IE D

T R O L L E Y L IN E S .

Tho gross operating revenues of the U n ited T raction C o m ­
pany am ounted to $ 2 ,5 3 0 ,0 5 7 , operating expenses to $ 2 ,2 1 1 ,­
4 1 7 , and not operating income to $ 1 2 4 ,8 3 5 .
These figures
show an increase in operating revenues, as com pared with
1917, of $ 7 1 ,2 0 9 ; an increase in operating expenses of $ 9 4 ,5 2 8 ,
and a decrease in net income from operations of $ 2 3 ,0 0 8 .
Com pared w ith 1913, operating revenues decreased $ 1 6 ,5 6 6 ,
operating expenses increased $ 5 4 5 ,7 6 7 , and net operating
income decreased $ 5 5 2 ,9 2 6 .
T h o year 1918 shows a net deficit,
after p aym en t of fixod charges, of $ 1 3 2 ,7 4 0 , an increase over
1917 of $ 7 8 ,6 3 4 , or 1 4 5 .3 3 per cont.
T h o operating revenues of tho H u d son V alley R ailw ay
C o m p a n y am ounted to $ 8 0 3 ,3 4 4 , tho operating expenses to
$ 6 9 5 ,1 5 3 , and tho net operating incomo to $ 6 2 ,1 2 7 .
Com ­
pared with 1917, operating rovonucs increased $ 1 0 0 ,9 6 9 ,
operating expenses increased $ 1 7 4 ,0 5 2 , and net operating
incomo decreased $ 7 6 ,9 6 7 .
Com paring 1918 w ith 1 9 1 3 , the
later year shows an increase in operating rovonues of $ 9 7 ,2 3 6 ;
operating expenses, an increase of $ 2 2 0 ,2 6 6 , and net operat­
ing income a decrease of $ 1 3 2 ,9 2 5 . T h e net deficit of 1918,
after paym en t of fixed charges, was $ 1 1 8 ,3 6 4 , an increase
of $ 1 3 ,2 3 9 , or 12.5 9 per cont.
T h o operating rovenues of the P lattsburgh T raction C o m ­
p an y were $ 3 3 ,9 0 7 , operating oxponses, $ 2 4 ,4 9 8 , and net
operating income $ 7 ,7 8 6 .
These data show a decrease in
operating receipts, com pared w ith 1917, of $ 4 ,9 7 2 , a decrease
in operating expenses of $ 3 ,9 1 9 and a decrease of $ 1 ,2 3 5 in
net operating incom e. T h o not incom o, after p aym ont of
fixod charges, was $ 1 ,6 9 5 .
T ho T ro y & N ow England Railroad C o m p a n y had gross
operating rovonues aggregating $ 3 3 ,0 3 7 , operating expenses
of $ 2 7 ,0 9 0 and not operating incomo of $ 4 ,5 8 5 .
Com pared
w ith 1917, there was an incroaso in theso revenues of $ 3 ,2 1 3 ,
an increase in operating expenses of $ 7 ,4 4 2 , and a decrease
in not operating income of $ 4 ,2 2 9 .
T h e net deficit, after
fixod charges, was $ 5 ,7 2 9 .
T ho period covered b y tho report for last year was one in
which all street and interurban electric railways encountered
extromo difficulties and suffered great hardship. A s such
it w as, at that tim e, b u t tho culm ination of a long period
in which rising expenses had pressed closoly upon diminishing
or stationary receipts.
H ow ever, nothing in tho situation
that had developed to tho close of 1917 approxim ated tho
difficulties and hardships of 1918. Theso liavo been nation­




2033

w ide, b u t relief available elsewhere has been denied, in m any
instances, in the State of N e w Y o r k , because of lack of power
in the Public Service Com m ission to approve reasonable rates
in substitution for plainly inadequate rates fixed in franchises
accepted under to ta lly different conditions.
T h e legislative
power to correct this condition is believed to be plenary and
a measure for th a t purpose has been passed b y the A ssem b y
and is now pending in tho Senate.
I t ought to be ad opted .
Tho U nited T raction C o m p a n y , in 1 91 6 , entered into a
contract w ith its m otorm en and conductors under which it
was agreed that the m axim um or standard rate of p a y from
July 1 1916 to June 3 0 1919 should be 3 0 cents per hour.
E arly in 1918 the officers of the co m p a n y , recognizing changes
in conditions which m aterially affected the cost of living of
these em ployees, consented to the substitution of 31 cents
for 3 0 cents, w ithout otherwise m odifying this contract.
This contract and the 31 cents rate were in full force in M a y
1918, w hen the contracting em ployees dem anded a further
increase and the officers offered to m ake a second substitution
of a higher rate and to fix the m axim um at 3 5 cents per hour.
T h e em ployees declined this proposition and inaugurated a
strike on the m orning of June 1 1918.
U nd er h eavy pressure
from Federal authorities, based principally upon the use of
the co m p an y’s facilities b y em ployees of the W a te rv liet
A rsenal, then largely engaged in war w ork, a settlem ent was
effected on the second d ay of the strike, the term s of which
required the im m ediate advance of the rate of p ay to 3 7
cents per hour and provided for an arbitration b y the W a r
L abor B oard which was given power to award not to exceed
4 0 cents per hour. T h e arbitration resulted in an award
of 4 0 cents, m ade retroactive to June 1. W a g e s of other
classes of labor were increased b y the sam o aw ard, a m inim um
of 4 0 cents per hour being prescribed for all m em bers of the
labor organization m aintained b y tho em ployees, the ad­
vances in individual cases running from 6 per cent to 100
per cent.
Prior to this change, application had been m ade to the
Public Service Com m ission for authority to collect a 6 cents
faro wherever a 5 cents fare was then in force. A ll im pedi­
m ents thought to exist in local franchises to the proposed
change were abrogated b y action of tho local legislative
bodies and within the m axim um of six cents, the power of
the Public Service C om m ission was thus rendered com p lete.
Hearings were held while the platform em ployees were
receiving 3 7 cents per hour and it was dem onstrated th a t,
on that basis of w ages, the average car-m ile o f service cost
the co m p an y, in w ages, other operating expenses, taxes and
interest on debt, 3 5 cents, while it was collecting from pas­
sengers and other sources an average of only 2 8 .1 2 cents per
car m ile. T h e decision of the Public Service C om m ission,
rendered on A u gu st 13 1918, perm itted the advance to 6
cents fares, and the now rate w ent into effect on A ugust 19.
T h e U nited T raction C o m p a n y was thus the first am ong
those operating in the larger cities of N e w Y o r k , to obtain
any substantial readjustm ent of fares in recognition of the
greatly increased cost of rendering service.
W ith the u tm ost econom y in operation, the new rate is
inadequate to reimburse the com p an y for its actual outlay
in w ages, other operating expenses, taxes and interest on its
d eb t.
During 1918 the new wages rates being in force for
seven m onths and the higher rate of faro for nearly four and
one-half m onths, these expenses exceeded all operating reve­
nues b y $ 1 3 2 ,7 3 9 6 6 , this d eficit exceeding the deficit of
1917 b y $ 3 7 ,3 8 3 5 0 , or 3 9 .2 0 per cen t.
Y o u r corporate inter­
est w holly aside, this condition is unhealthy and unwarranted
from every economic and public point of view .
T h e chief
obstacle to its rectification, already referred to , is that the
Public Service C om m ission, nom inally endowed w ith statu­
tory power to deal ju stly in all m atters of rates and servie
between the users of such services and the corporations sup­
plying them , is held, b y tho Court of A pp eals, to be w ithout
power to do so in instances in which the corporations operate
under franchises, how ever antiquated, which establish m axi­
m um rates lower than the rates than are now ju st and
reasonable. In such cases the C om m ission can aot only
when and to the extent that it derives authority to do so
from the action of the legislative bodies of the municipalities
directly concerned.
W h ile it was practicable to obtain such
action, where it was essential, as to the application for 6 cents
fares, it is not y e t clear that it will be obtainable as to and
further ad justm ent.
In any evont, it is anom alous any
improper that the authority of a State com m ission should
depend, not upon the S tate C onstitution or an y S tate sta t­
ute, bu t upon acts of m unicipal bodies whose standards and
course of action m ay differ w idely in different com m unities.

2034

THE CHRONICLE

T h e power o f the Public Service C om m ission to fix reasonable
rates lower than those established b y local franchises has
been repeatedly upheld and justice and public interest alike
require th a t the rule w hould w ork in favor o f, as well as
again st, the capital invested in these public service enter­
prises.
I t should be understood th at the condition
sidiary, in this respect, is n ot different from
enterprises in the State of N e w Y o r k . W h ile ,
the increase to 6 cents, the Public Service
said that—

of your sub­
other similar
in approving
Com m ission

“ probably . . . the possible incom e will yield m uch less
than a fair retu rn ,”
the statem ent w ould be equally true if applied to alm ost
an y street railw ay enterprise in the S tate.
T h e W a r Labor
B o ard , in awarding higher wages rates, added, in m an y
instances the follow ing, all of which is fu lly applicable to
the U n ited T raction C o m p a n y:
“ T h is increase in wages will add substantially to the
operating eost of the com p an y and will require a recon­
sideration b y the proper regulating authority of the fares
which the com p an y is allowed b y law to collect from its
passengers.
“ . . . . we urge upon the local authorities and the people
of the locality the pressing need for such an increase adequate
to m eet the added cost of operation. . . .
“ T h e increase in fare m u st be given because of the im m edate pressure for m on ey receipts now to keep street railways
running so th at they m a y m eet the local and national de­
m and for their service. . . .
“ T h e credit of these companies in floating bonds is gone.
T heir ability to borrow on short notes is m ost lim ited.
In
the face of added expenses which this and other awards of
needed and fair com pensation to their em ployees will invilv e, such credit will com pletely disappear. B a n k ru p tcy ,
receiverships and dem oralization w ith failure of service,
m u st be the result. H ence our urgent recom m endation
on this h e a d .”
Such are the words of form er President W illia m H . T a ft
and H onorable Frank P . W a lsh , som etim e chairm an of the
Federal Industrial C om m ission.
T h e H u d son V alley R ailw ay C o m p a n y was compelled to
ap p ly to its em ployees the wages ad ju stm en t awarded to
the em ployees of the U n ited Traction C o m p a n y and its
operating expenses were unfavorably affected b y the same
advances in cost of m aterials.
In a decision rendered on
N o vem b er 19 1918, approving the application of this com ­
p any for 6 cents fares, wherever the rate had been five
cents, the Public Service C om m ission said, in part:
“ I t m u st be evident th at this road is a necessary part of
the transportation facilities of the com m unities which it
serves, and it should n ot be perm itted to cease operations
and go out of business.
It is equally evident that it cannot
continue to be operated unless the receipts from such opera­
tion are a t least sufficient to p ay the expenses thereof and
the fixed charges to which it is subjected, nor can it be ex­
pected to be operated indefinitely unless som e return is m ade
for the capital invested in the enterprise . . . the on ly other
alternative is such an increase in rates th at the incom e will
be sufficient to ju stify the continued operation of the line.
“ A lth ou gh it is apparent that the com pan y is entitled to
and m u st.h av e an increased revenue, it is n ot asking in this
proceeding th at an order be m ade fixing rates a t such a sum
as will yield an adequate return upon the capital invested,
as is its right. . . . T h e m atter of return on capital m ust
w ait until the war is over and m ore normal conditions
p revail.”
Concerning the real value of this property the Com m ission
said:
“ W h ile no form al or detailed valuation has been m ade or
attem p ted in this proceeding, there is m uch evidence in
the record from which its value can be inferred, which makes
it not unreasonable to assum e a value for rate purposes of
$ 5 ,0 0 0 ,0 0 0 , which is practically the am ou n t of the interest­
bearing indebtedness.
Certainly no one could complain
o f this valuation except the com pan y itse lf.”
G EN ERAL R EM ARKS.
T h e tem porary relinquishment of possession of your
railway property •to the Federal G overnm ent suggests a
review of the eleven years’ period of developm ent which
began in 1907.' W ith in a brief period which ended w ith
the year 1906 or early in 1907, there had been acquired in
your interest additional coal lands in Schuylkill C o u n ty of
large exten t, your present Canadian railway holdings as




[V c l . 108.

well as additional railway properties in N e w Y o r k , and your
interests in street and interurban electric railw ays, greatly
expanding your several interests. T h is expansion had not
been currently financed, and adequate provision therefor,
as well as for future developm ent, was the first problem
which confronted your present m anagem ent.
I t was m et
b y the issue of the First Lien E qu ip m en t B onds of 1922,
bearing date as of July 1 1907, and the First and Refunding
M o rtga ge G old B onds of 1943, issued as of July 190 8 .
These
provisions m ade it practicable to consider the im provem ent
and better adaptation of your railway to the economic
potentialities of the com m unities and industries which it
serves.
W h ile your com pany was the first to operate a steam loco­
m otive on the Am erican continent and in 1917 w as probably
the oldest Am erican corporation operating a railw ay under
its original charter, its com m on carrier functions w ere, until
a few years ago, secondary to its function as a producer of
fuel.
Its railway system was inaugurated and expanded
as an agency for the m arketing of its anthracite, and the
com m on carrier duties which it undertook were m erely
incidental to this principal purpose. A s recently as F eb ­
ruary 19 1906 the Supreme C ourt of the U n ited S tates,
deciding the m atter of Inter-State Commerce Com m ission v.
Chesapeake cfc Ohio Railway (200 U. S. 3 6 1 ), determined
that a corporation which was at once a com m on carrier and
an extensive owner of coal lands could not be charged
with unjust discrimination in respect to an y transportation
undertaken for its own account as a producer and although
the com m odities clause of the H epburn law was m ade b y its
term s to take effect on M a y 1 1908, it was at first held to be
unconstitutional (164 Fed. 215) and did not becom e actually
effective until after the decision of the Suprem e C ourt in
United Stales v. Delaware & H udson Com pany (213 U. S.
3 66 ) which was rendered on M a y 3 1909.
T h is decision
sanctioned the relations then existing between your railroad
an d coal departm ents although for the first tim e it was held,
in that case, that your com p any is a “ railroad co m p an y”
w ithin the intendm ents of such a statute (213 U. S. 4 1 7 -8 ).
F ro m the date of the last m entioned decision it becam e desir­
able to develop the com m on carrier functions of your railway
upon lines w holly independent of your interest as a coalproducing enterprise.
M odernization of m otive power began in 1907 w ith the
adoption of a new and heaier type of freight locom otive,
know n as the E -5 looom otive, which is of the consolidation
type w ith a weight on the drivers of 2 2 7 ,0 0 0 pounds. N in e ty
of these locom otives are now in service. In 1 9 1 0 , six
M a lle t articulated locom otives were purchased and fifteen
are now owned and in use. T h e following locom otives
have been bought since 1906:
Year.
Number.
Type.
1907 .........................................................
18
E-5
1908 .........................................................
30
E-5
..............................................
6
Mallet
1 9 10
1911 ........................................................
4
Mallet
1 9 11........................ ........................... .
6
Ten-wheel
1911
-------------------------------------1
Oil-burning consolidation
1912
.......
12
E-5
1 9 12
..............................................
3
Mallet
1 9 13
...................
15
E-5
1914
..............................................
15
E-5
19 1 4
..............................................
10
Pacific
1915
.......................................
1
K-0
19 17
...........................
2
Mallet
19 18
.........
20
E-6
(Ordered in 1917)
T h e E -6 locom otive, shown ab ove, purchased in 191 5 ,
w as for experimental purposes and it was in consequence
of this experimentation th a t tw enty more of the same
character were ordered in 1917 and received during 1 9 1 8 .
Com m encing in 191 1 , specifications for new locom otives
required that they should be equipped with superheaters.
In 1914 the equipm ent w ith superheaters of the locom otives
purchased prior to the adoption of this policy was begun
and prosecuted as rapidly as the engines could be spared
from service or as they were shopped for general over­
hauling. T h e following authorizations for equipm ent w ith
superheaters were m ade and largely com pleted before the
end of the year 1917:
Year.
Number.
Type.
1 9 1 4 ----------------------------------------10
E-5 Locomotives
19 15 ---------------------------------------38 ■
E-5 Locomotives
1 9 1 5 -----------------------------------------6
II Locomotives
1915-----------------------------------------4
E-3-A Locomotives
19 15 ----------------------------------------4
D-3 Locomotives
12
E-3-A Locomotives
19 16 ---------------------------------------1917 ---------------------------------------30
E-3 and E-3-A Locomotives
B y the end of 1917 this w ork had resulted in greatly
increasing the efficiency of the power equipm ent, enabling

M a y 17 1919.]

THE CHRONICLE

the m ovem en t of equal tonnage a t m aterially lower operating
cost.
T h e increaso in tractive power of locom otives between
1907 and 1917 affords a measure of the augm ented efficiency
which had been obtained.
Average Tractive Power of All
Year.
Locomotives in Pounds.
1907........................................................... ................................
28.876
1917............................................................ - .............................
38,616
Increaso, per cent______________________________________
33.73
A t the beginning of 1907 the num ber of freight cars in
service was 1 3 ,7 8 3 ; on D ecem ber 1 1917 the num ber was
1 8 ,3 0 2 , an increase of 3 2 .7 9 per cent.
T h e mere numbers
fail, how ever, to state the actual increase in car capacity.
T h e increaso in the num ber of cars has been b y the addition
of larger cars and has been accom panied b y the retirement
of m any cars which were below average capacity and their
replacement b y cars of greater than average capacity. T h e
averago ca p a city ’ of all freight cars in 1909 was 3 5 .7 7 not
tons, while the average of the year 1917 was 3 7 .6 9 ton s, an
increaso of 5 .3 7 per cent.
In order further to increase the
efficiency of freight equipm ent, a program of substitution
of steel underframes for wooden underfram es was in­
augurated in 1909 w ith an authorization covering 5 0 0 cars.
T his iwas followed in 1910 by an authorization of 4 0 0 cars;
in 1 9 1 1 ,4 0 0 were authorized; in 1912, 8 0 0 and in 1 91 7 , 1 ,0 0 0 .
On D ecem bor 1 1917 there were, as already stated, 1 8 ,3 0 2
freight cars, of which 8 ,5 4 3 , or 4 6 .7 per cen t, had steel
underframes and 9 ,8 8 8 , or 5 4 .0 per cent, had each a capacity
of 8 5 ,0 0 0 pounds or greater.
T h e principal increase in passenger equipm ent after 1906
was b y the purchase, in 1916, of tw enty-four steel passenger
cars and three steel mail and baggage cars.
In addition a
num ber of baggage and mail cars were equipped w ith steel
underfram es. T h e steel passenger cars added in 1916 are
provided w ith sm oking com partm ents and their use fre­
quently enables a singlo car of this type to perform services
for which tw o cars of the form er type were necessary.
A dditional m ain tracks constructed during the period
under review includo the following:
D elanson to Schenectady.— A second track, over a now line,
was constructed betw een these points during 1907 and 1 90 8 .
T h e location was determined with relation to southbound
grades and it is operated as a southbound track, thus m a­
terially reducing the grade against southbound traffic
betw een these points and greatly increasing <the capacity
of the railroad over this distance.
W at ervliet to W aterford Junction. — A second track betw een
these points was authorized in 1907 and the work was
prosecuted during 1907 and 1908 and finally com pleted
early in 1910.
Owing to the heavy passenger traffic betw een
A lb a n y and Saratoga, traffic botween these points had
form erly been greatly congested and this im provem ent
greatly facilitated operation.
Green Ridge to Carbondale.— 'T hird and fourth tracks
between theso points wero authorized during 1907 and
com pleted in 1909.
T h e frequent passenger servico botween
Scranton and Carbondale and the large volum o of coal
traffic originating at breakers in this territory had rendered
operation with the double-track line extrem ely difficult.
T h e two added tracks have largely eliminated d elays, and
enablo the railroad to handle increased tonnage betw een
these points.
B i n g h a m t o n . — A second track, one mile long, was con­
structed on Bovier S treet, in this C ity during 1 91 1 .
T his
permits freight trains to advance out of the B ingham ton
yard w ithout blocking the main track or interfering with
yard operations and has m aterially augm ented efficiency
at this point.
Schoharie_ Junction to D elanson. — A s part of a plan of
grade rovision between these points, a third track becamo
necossary in order to perm it slow -m oving freight trains to
advance w ithout interference with faster m oving passenger
trains traveling in the same direction. T h is track was
put into service on D ecem ber 1 1916, and has m aterially
benefited operation.
Oneonta to Schenevus.— Construction of a third track
between these points was authorized in 1917 and a portion
botween Oneonta and Cooperstown Junction was put in
operation during October 1917.
This additional track was
also provided for as a part of the general plan for reduction
of grades betweon Oneonta and R ichm ondville S u m m it.
T h e ruling grado between the tw o points last nam ed is now
0 .8 por cent; when the plan is com plete the m axim u m grado
will bo 0 .5 per cent. T h is work was not ontirely com pleted
at the end of 1917, bu t the additional track now enables
heavy freight trains from the Oneonta yard to advance a
considorablo distance w ithout interference w ith passenger
trains and has greatly improved yard operations.
Schenevus to Richmondville Summit.— A third track with a
m axim um grado of 0 .5 per cent between these points is a
part of the general plan for grade revision and w&s partly
constructed during 1917.
Nineveh Branch.— A second track on this branch was
authorized late in 1917 and construction has continued
during 1918.
N o benefit to operations resulted from this
work prior to January 1 1918. A ll the h eavy coal trains
m oving ou t of the A nthracite R egion are operated over this
branch and the singlo track heretofore existing was the cause
of serious congestion in the p ast. T h e second track was
necessary in order to increase the capacity of this portion of




2035

the road and thus to rem ove difficulties which tended to
restrict the capacity of the whole system .
T h e W ilk es-B arre Connecting Railroad C o m p a n y was
organized in 1 91 2 , b y the join t action of your com p an y and
the Pennsylvania Railroad C o m p a n y for the purpose of
establishing a connection between the lines of the respective
com panies, near W ilkes-B arre.
R igh t of w ay w as acquired
and construction commenced during 1913, and the line was
opened for operation, although not entirely com pleted, on
M a rc h 2 9 191 5 . T his line is used to handle traffic which
was form erly m o ved , under trackage rights, over a line owned
b y the Lehigh V alley Railroad C o m p a n y and in addition
to saving in expenditure, has greatly expedited the m o ve­
m ent of trains. T h e question of grade crossings, which
promised to be a very troublesome one, has also been avoided
by this construction. Prior to Federal control it was
operated b y your com p any under an agreement w ith the
other parties in interest. T h e cost of the one-half interest
secured b y your com pany has been S I ,1 31 ,8 38 6 5 .
F rom 1906 to 1917, im provem ents in yard facilities were
m ade at m any points upon the system .
T h e yard at
Oneonta was remodeled and enlarged during 1906. A t
G lenville, N . Y . , a new yard was constructed in 190 7 .
The
yard
at
B ingliam pton
was enlarged in 1 90 8 .
D uring 1909 new yards were constructed at B lu ff P oin t,
N . Y . , and Jerm yn, P ennsylvania, the latter for use as an
interchange yard w ith the N e w Y o r k Ontario & W estern
R ailw ay.
T h e yards at Plattsburg and R ouses P oint were
enlarged during 1912 and that at M echanicville was re­
modeled and enlarged in 1913.
A principal im provem ent of this character, in progress
throughout the years from 1913 to 1917, inclusive, was
the reconstruction and enlargement of the yard at Carbon­
dale. T his yard is one of the m ost im portant facilities in
the operation of the C o m p a n y’s railroad, as it is located at
tho concentration point of all northward bound anthracite
passing over the lines, and the centre of distribution for
e m p ty cars returning to the collieries for reloading w ith
coal.
Carbondale is located at substantially the extreme
north end of the Lackaw anna C oal B asin, only one anthracite
m ining operation, that at Forest C ity , Pennsylvania, being
farther north. A ll bu t one of the mines of T h e Delaw are
& H udson C o m p a n y ’s system are within the region between
P lym outh and Carbondale, in the Susquehanna and L acka­
w anna V alleys, and are well distributed over the inter­
vening distance of about thirty-eight miles.
E m p ty cars,
destined to tho anthracite m ines, are taken out of the
Carbondale yard b y road engines which deliver them a t the
breakers and, picking up the cars which have been loaded,
return to the yard .
In the yard , theso loaded cars are
sorted and arranged in trains w ith regard to convenience in
delivery at destination and junction points.
In addition
there is handled in this yard , a considerable tonnage of
general freight, other than anthracite, principally consisting
of traffic m oving in car loads, which is interchanged w ith the
Pennsylvania Railroad a t W ilk es-B arre.
T h is yard is also
used for handling business of the Erie Railroad from and
to anthracite mines in the sam e region. T h a t com pany
owns tho railroad extending northward from Carbondale,
which is used b y T h e Delaw are & H udson C o m p a n y as
far as Jefferson Junction, under a long term agreem ent,
.and in consideration of the paym ent of trackage charges.
T h e Erie Railroad has no direct connection w ith these
mines over its ow n rails and has, therefore, arranged to use
T he Delaw are & H udson C o m p a n y’s railroad between
Carbondale and A v o c a , handling thereover a considerable
tonnage which passes through Carbondale yard and is there
sorted and arranged in trains substantially as this C o m ­
p an y’s ow n traffic is handled. T his yard was established
in 1872 and successively enlarged during 1888, 1893, 1895
and 1899.
T ho growth of the work there accom plished is
indicated b y the following which shows the average tonnage,
during each period, m oving northward out of this yard on
which this C o m p a n y has paid trackage charges to the
Erio Railroad for use of the Jefferson Branch.
Average Tons
Period—
Moved per Year.
Years 1874 to 1879.
.
289.750
Years 1880 to 1889.
.
1,076,164
Years 1890 to 1899.
.
1.975,219
Years 1900 to 1909.
.
4.713,499
Yoars 1910 to 1917.
.
8,621.985
Provious to 1910 the expansion of this yard had been
b y the addition of new tracks wherever the topography
perm itted and there had been, apparently, no well con­
sidered plan of developm ent.
I t was not properly co­
ordinated w ith the balance of the system , its capacity was
insufficient and it was not economical in operation. T he
tracks were too short to hold entire trains. T h e Erie Rail­
road had also constructed a yard , of limited capacity, on
land leased from this C om pan y and this yard was of inade­
quate capacity and unsatisfactory design.
In these circuim
stances a study of the situation, locally and as related to th6
ontiro operation of the C o m p a n y’s railroad, was undertaken
in 1910 and a comprehensive plan, contem plating progressive
developm ent over a considerable period and w ith the mini­
m u m interference with regular operations was ultim ately
form ulated and adopted.
T ho initial step was the reconstruction of the engine ter­
minal in co-ordination with tho general plan for the develop­
m ent of the whole railroad. T h e old roundhouse, turntable
and coal and ash-handling facilities were too small for the

2036

THE CHRONICLE

m otive power contem plated b y this developm ent, particularly
for the M a lle t locom otives intended for use as pushers on the
h eavy grade im m ediately north of Carbondale. These M a lle t
locom otives are ninety-tw o feet lon g, while those for which
provision had form erly been m ade were about seventy-three
feet lon g, and the weight of this new power exceeded that of
the old b y about fifty per cent. T h is part of the w ork was
authorized in 1910 and com pleted during 1911. A t the tim e
of this authorization, the officers were empowered to p ur­
chase the land necessary to the enlargement of the yard and
purchases were begun, b u t the whole area necessary was not
im m ediately obtained owing to difficulties in dealing with
certain of the owners and those incident to the elimination
of certain grade crossings. A further step in the program ,
the construction of storage tracks for locom otives, car repair
tracks and the rearrangement of w ater-tanks and w ater
supply lines was com pleted in 191 4 . T h e earliest authoriza­
tion covering reconstruction of the actual yard itself w as
granted during October 1914 and covered the construction
of tw o m ain tracks beyond the western lim its of the yard
as it then existed and of certain new tracks w ithin the
existing yard.
T o obtain space for the new tracks it was
necessary to level a large section of the hill lying west of
the yard and to rem ove the old yard of the Erie R ailroad.
T h e latter was provided for b y perm itting the Erie to use
the new yard upon paying part of the cost of its operation
and m aintenance. T h is work was prosecuted throughout
the whole of the calendar year 1915. T h e new tracks were
n ot available for use during th at year and the w ork inter­
fered som ew hat w ith the operation of the old facilities as the
m aterial taken from the hill had to be m oved southward
through the southern end of the yard and about one and
one-half miles on the m ain tracks to “ D u ffy ’s F ield” where
it was planned to erect a new plan t for the storage of an­
thracite. T h e new coal storage plant at “ D u ffy ’s F ield ”
was a part of the general plan of reconstruction. In 1899,
a storage plant for coal had been provided on a location ju st
north of the yard as it then existed and east of the L ack a­
w anna R iver. T o straighten the channel of the river in
order to permit the lengthening of the yard tracks it was
necessary to utilize this space and therefore to rem ove and
reconstruct the storage plant upon another location.
A u th o rity to do this was issued in M a y 1915, and the work
com pleted during D ecem ber 1916.
E ve ry effort was m ade
to accom plish this rem oval w ith the m inim um interference
w ith the use of the plant bu t a heavy reduction in its capacity
during a portion of the tim e was unavoidable. A s an
incident of this yard im provem ent it was necessary to
eliminate a grade-crossing b y constructing a highway bridge
over “ Sim pson’s R o a d .”
T h e final plan of the yard re­
quired tw o additional m ain tracks across this road for which
the consent of the local authorities was required. T h e high­
w ay was occupied b y a street railway track and the traffic
on both the street railway and on the highway was h e av ^, so
that the continuance of the grade-crossing, w ith additional
railway tracks, was considered b y the authorities exceeding­
ly dangerous. A n overhead bridge, to carry the street
railway and the highw ay, w as constructed under an agree­
m en t by which its cost, together w ith that of the necessary
approaches, was unequally divided b y the Scranton Railw ay
C o m p a n y and T h e Delaw are & H u dson C o m p a n y.
The
portion borne b y this C o m pa n y was properly a part of the
cost of the yard im provem ent. T h e work was com pleted
and the overhead structure placed in use on D e c. 7 1917.
T h e com pletion of the yard im provem ents was provided for
b y an authorization issued during October 1916, and the
final w ork progressed throughout the whole of the year 1917.
T h e new m ain tracks were placed in operation in October
1917, an d some of the new yard tracks becam e available
during the preceding sum m er. A ctu a l benefit did not
accrue from these heavy outlays until the new m ain tracks
could be utilized and full use of the im proved yard could
n ot be attained during the brief remainder of the calendar
year.
D u rin g D ecem ber 1917, how ever, the new facilities
began greatly to facilitate the operation of the property as
a w hole. T h e cost of these im provem ents to the Carbondale
yard exceeded SI ,5 0 0 ,0 0 0 0 0 . Before the work began in
191 0 , the yard had an approxim ate length of 5 ,0 0 0 feot and
an aggregate capacity of 2 ,1 0 0 cars. T h e new yard turned
over to the Railroad Adm inistration on January 1 191 8 ,
has an extreme length of 7 ,2 0 0 feet and capacity fo r 3 ,1 3 9
cars, an increase in car capacity of 4 9 .4 8 per cen t. T h is,
how ever, b y no means measures the gain accruing from this
expenditure. N o t only has nom inal capacity been greatly
increased, b u t an uneconomical yard, difficult and costly
to operate, has been replaced b y one thoroughly m odern and
efficient in design and arrangem ent.
T h e relation of the
old yard to the railway system was such th at its inadequacy
was reflected over the entire system ; that of the enlarged and
im proved yard is such that its operation increases the capacity
and efficiency of the entire railroad.
T h e developm ent of the railroad required new locom otivo
sh op s.
Previous to 1911 h eavy repairs to locom otives were
distributed betw een shops at Carbondale, Oneonta and
Green Island. W ith the large increase in the num ber of
locom otives and in the size and w eight of the power units
these shops becam e inadequate.
I t was considered necessary
to locate shops of m uch greater capacity at a single point as
near as possible to the centre of locom otive distribution.
Such shops were erected at Colonie, a short distance north
o f A lb a n y , during 1911 and 191 2 . T h e design of these shops




[VOL. 108.

was new and presents m an y novel features in shop econ om y.
A b a y for the transfer of engines b y cranes takes the place
of the old -style transfer-table and is located in the centre
of the shop.
I t has b ays on both «ides for erecting p its,
behind which are bays for machine tools, the ligh t tools being
placed in galleries. W h e n first m ade available for use these
shops were considered to be tho m ost advanced and com plete
of their kind in the country.
In order to provide for their
erection the C o m p a n y acquired 1 1 1 .8 7 acres of additional
lan d , of which about 104 acres are occupied b y building and
track developm ent and the balance available for expansion.
T h e buildings are so located that they m a y be doubled in size
b y end extension. T h e to ta l cost has been $ 2 ,5 9 2 ,8 5 6 6 3 .
T h e new shops have effected a considerable saving in expense
b y (1) concentrating this kind of labor under proper and uni­
fied supervision and (2) b y reducing the tim e required for
repairs and more p rom ptly returning locom otives to service.
In connection w ith this d evelopm ent, the com p an y provided
a yard for use in connection w ith passenger service of the
A lb a n y district, including facilities for the repair of passenger
and freight cars.
t
Proper handling of the larger and heavier locom otives,
particularly at the ends of runs, has m ade necessary the re­
placem ent of m any of the older enginehouses b y structures
of greater size; m any of the old turntables were too short and
of insufficient strength, while ash-pit and coaling facilities,
adequate under form er conditions, becam e obsoleto.
At
Oneonta a new roundhouse with fifty -tw o stalls was built
in 1 9 0 6 , together w ith a 7 5-fo o t turntable and a new coaling
trestle.
In 1912 new ash-pits were built as those in existence
were too short and caused serious d elay.
In 1916 this round­
house was further enlarged, and in 1917 a p lant for tho storage
of locom otive fuel was erected in order to avoid dolays in
tim es of coal shortage. B ingham ton was provided with a
new 10-stall roundhouse, 9 0-fo o t turntable, modern ash-pit
and mechanical locom otive fuel station in 191 0 .
A t Car­
bondale a new 41-stdll roundhouse, a 9 0 -fo o t turntable,
ash-pits and coaling station were provided in 1911.
A
30-sta ll roundhouse, 9 0 -fo o t turntable, ash-pits and loco­
m otive coaling trestle Avere built at tho Colonie shops in 1911.
In 1913 a new 5 -sta ll roundhouse w ith a 100-foo t turntable,
ash-pits and mechanical locom otive fueling plant were
erected at M ech anicville. A ll these structures aro of tho
m ost modern design and capacity sufficient for the longest
locom otives. ,
.
.
M o tiv e power of greater capacity of course increased the
normal length of trains and passing sidings Avhich sufficed
Avith lighter poAver Avere rendered inadequate. A dditional
sidings of sufficient length for the heaviest trains became
necessary in the co-ordination of a railroad of developed
capacity. N e w sidings Avere constructed at Schenevus,
Sidney, W ells Bridge, Bainbridgo and Cobleskill in 1909;
at Castleton and Cam bridge in 1910; at F ort EdAvard, Sum ­
m it (tAvo), F ort A n n (tw o) and B allston (tAvo) in 1911; at
M o n tc a lm L anding, CroAvn Point, W a d h a m s and C anada
Junction in 1912; at Cobleskill and W e s t R ichm ondville in
1915.
Old sidings Avere extended, during the sam e years
and tho year 1916, at E a st W orcester, R u p ert, W e s t PaAvlot,
T u n n el, ScheneArus and E ast E n d .
_

Tho earliest effort, on a comprehensive scale, to obtain
more favorable grades, Avas the reduction of tho grades against
north-bound traffic betAveen Nineveh and Oneonta. This
Avas accomplished in 1911 Avith tho result that the former
maximum of 0 .7 6 per cent Avas replaced by a maximum of
0 .3 per cent. W ith this reduction it beoame possiblo to move
full trains from Carbondale to Oneonta without, in any Avay,
breaking the load and for one locomotivo to haul from the
summit north of Carbondale to the ond of tho division any
train which can be taken to tho summit by a singlo locomotive
reinforced by a M allet pusher. W ork Avas next undertaken
upon the lino betAveen Oneonta and Delanson, the ultimate
object in view being the attainment of a maximum of 0 .5 .
It Avas practicable, hoAvever, to adjust the program in such
a Avay as to obtain, as a preliminary step, a maximum of
0 .8 .
The adverse grades formerly encountered ran as high
as 1 .1 6 per cent. This Avork Avas in progress during 1916,
tho Avork of that year including tho sections botween Worces­
ter and Richmondville Summit, Cobleskill and Barnorville,
and Schoharie Junction and Delanson. These portions of
the improvement became available for service on Decem­
ber 1 1916, and have resulted in considerable economies
since that dato. The completion of this work so as to obtain
tho 0.5 per cent maximum, in accordance with a plan devel­
oped after a great deal of study, Avas authorized in 1917. It
Avill requiro revisions of grades on the sections betAveen
Oneonta and Schenevus and Cobleskill and Barnorville and
tho construction of a neAv lino on an entirely noAv location
from Schenevus. During 1917 part of tho Avork betAveen
Oneonta and Schenevus Avas accomplished and tho noAv lino
from Schonevus to Richmondvillo Summit Avas placed under
construction but not completed. W ith tho completion ofs
this phase of tho Avork, the tonnage capacity of locomotive,
on the Susquehanna Division will bo materially augmented
thus considerably reducing operating expenses. With the
maximum of 0.5 attained it will be possiblo to haul trains
of tho maximum tonnage from Oneonta to Schenectady Avith
the use of a pusher locomotive between Schohario Junction
and Esperance only.
The grado revisions referred to aro all upon tho Susquohanna Division Avhich extends from Binghamton to Albany
andjMechanicville. This is the area of greatest traffic denL

'

M ay 17 1919.]

THE CHRONICLE

sity for the railroad as it is traversed not o n ly b y t h o greator
portion of the anthracite shipm ents originating at the mines
adjacent to its tracks and tho bitum inous coal and general
merchandise traffic interchanged w ith the P ennsylvania R ail­
road and Central R ailroad of N e w Jersey at W ilk es-B arro,
bu t also by heavy general merchandise and bitum inous coal
traffic interchanged w ith the Erie and Lackaw anna railroads
at B ingh am ton , and w ith the Lehigh V alley at O w ego.
This
com bined tonnage is m oved to O neonta on through trains
either from B in gh am ton or from the Pennsylvania Division
via N inoveh.
A t O neonta tho traffic is sorted and m oved
northw ard, through D elan son , to A lb a n y or M ech anicville
or through Saratoga into C an ad a.
Local business, while
considerable, constitutes a relatively small proportion of the
total tonnage and under normal conditions tho northbound
business greatly exceeds that m oving southw ard.
Conse­
quently there is a heavy southward m ovem en t of e m p ty
cars, tho preponderating portion of tho anthracite cars going
back to the coal region w ithout loads.
E xcept under ex­
traordinary conditions the greater part of the power m oving
toward the south is not loaded to capacity.
T h o lino be­
tween Oneonta and D elanson was built as a single-track
road in 1865 an d , in conform ity w ith tho custom and neces­
sities of that period, was located w ith regard to econ om y in
capital expenditures rather than to the economies in opera­
tion which m ight have been gained with a greater first cost
and moro attention to securing a low-grado line.
L ater this
was made a doublo track line but without relocation or re­
duction of grades. ,O neonta lies in the valley of tho Susque­
hanna R iver and to reach Delanson it is necessary to cross
tw o water sheds, first, that separating the Susquehanna
and Schoharie V alleys, next that dividing tho latter from the
valley of tho H udson R iver. E xhaustive studies of tho
topography and possibilities of this region were necessary
before actual work was undertaken.
On Juno 3 0 1913 an agreement was m ade with the C ity of
A lb a n y in pursuance of which the co m p an y’s term inal facili­
ties in that city for both passengers and freight have been
greatly enlarged and im proved and a now office building
anil freight terminal obtained.
T his contract was tho result
of long consideration and represented tho desire of tho m unici­
p ality to improve tho appearance of tho w ater-front and tho
lower portion of State S treet, as well as the wish of the com ­
p any to obtain enlarged facilities. Prior to theso changes
tho operation of tho property was ham pered b y grade cross­
ings, inadequate trackage, badly located freight terminals
and insufficient office room under its own ow nership. N o t
only have these defects been remedied b y tho im provem ents,
bu t provision has also been made for furthor expansion to
m oet additional requirements of tho future.
I t is necessary to understand that all the foregoing im ­
provem ents were related from tho beginning and th at the
full benefit of none could have been obtained until all were
com pleted.
T h e problem was to increaso freight-train
efficiency. T h is in volved , prim arily, bettor grades, loco­
m otives of greater tractive power and larger cars.
Larger
locom otives required better road bed and stronger bridges as
well as larger roundhouses, turntables and ash -pits.
Longer
trains, made possible b y better grades and moro powerful
ongines, required larger and more capacious terminal and
assorting yards, longer passing tracks and moro second and
third tracks.
N ew and additional power and cars required
new shops. A il these changes and im provem ents had to
bo balancod and co-ordinated so that tl\e com pleted property
w ould function efficiently as an on tity.
It was a real process
of reconstruction and developm ent resulting in the creation
of a property, turned over to Federal control at the end of
D ecem ber 1917, which was of m uch greater capacity and
ontiroly different from that which was oporated during tho
period of developm ent.

2037

slight section of the public to utilize the em ergency action,
in violation of solemn pledges a t the tim e it was taken, as
a m eans to perm anent ownership b y the G overn m en t, it is
plain that the great m ajority of the public desires as prom pt
return as possible to normal m ethods and conditions.
T his
is especially true of those w ho, as travelers and shippers, have
m ost frequent occasion to require railw ay services.
T he
discussion of the legislative changes w hich should accom pany
tho return of the properties to their owners is now in progresss,
m any and varied programs have been suggested, and within
a short tim e the consideration of measures is likely to becom e
detailed and definite.
Intelligent discussion of these prob­
lems ought to proceed from initial recognition that the soli­
tary basis of necessity for the radical action of D ecem ber 1917
was the destructive character of the regulative measures and
m ethods th a t had accum ulated, rather than developed, up
to that tim e.
I t was the financial weakness o f the carrier
corporations caused thereby th a t, in the face o f a great
national em ergency, impelled towards the proclam ation of
Decem ber 2 6 1917.
On the side of financial resources the
regulative measures had left no m argin of sa fe ty .
Inde­
pendent and conflicting authorities, none of them w ith defi­
nite or recognized responsibility for obtaining an equation
between required expenses and perm itted incom e, had regu­
lated expenses (chiefly b u t not b y any m eans w holly those
reflecting rates of w ages), upward, while rates of fare and
freight were regulated in the opposite direction, or held
nom inally stationary while the m edium of p ay m en t was
rapidly declining in purchasing pow er.
Prior to the war
these conditions had induced sporadic disasters, in other
cases they had m erely threatened; bu t w ith the enormous
inflation of the war period and w ith the sudden pressure
upon the reduced supply of labor and resultant high w ages,
the situation becam e unworkable and im possible.
T h e only
relief lay in the direction of a prom pt ad ju stm en t of rate
schedules to the new conditions and betw een such an ad ju st­
m ent and the corporate managers the m achinery of regulation
seemed to interpose as an insurm ountable obstacle.
By
m eans of Federal possession the President conceived that
an adequate adjustm ent of rates could be obtained w ithout
excessive delay and th at, pending such a d ju stm en t, the in­
evitable losses of operation could b e, in the m ain, shifted
to the public treasury.
If the form er could have been ac­
com plished w ithout Federal possession, the latter would
have been unnecessary.
T h e problem is the elimination of the conditions of which
this weakness in face of em ergency was the inevitable result.
T h e mere form of the regulative system determined upon is
of minor consequence. T h e essentials are that it should be
com plete and system atized, prom pt and sym path etic.
If
rates of wages are to be controlled b y public au th ority, in
consideration of the obligation of em ployees as well as owners
not to interrupt the public services rendered b y the facilities
they operate, it is necessary that there should be co-ordina­
tion betw een the regulation of wages and the regulation of
rates.
Otherwise the carriers are not unlikely to be required
to p ay wages in am ounts in excess of any income available
for that purpose, in effect out of capital, w ith the early result
of im pairm ent of service and the ultim ate consequence, if
uncorrected, of its discontinuance.
T here h ave, in recent
years, been m any instances in w hich one public or quasi­
public authority has coupled w ith a direction to increase
wages the declaration that to m eet the added expenses there
m ust be com pensatory changes in rates, only to have the
proposed com pensation refused b y a second authority actually
constituted b y the same public— that is, deriving its powers
from the same source.
R ailw ays and all public service enterprises are now re­
quired to operate for moderate returns to their owners and
theso returns secured b y but narrow margins of safety.
Such has been the public attitude in the more recent p ast,
FED ER AL CONTROL.
where it has not appeared to be even less favorable, and there
T o the end of M a y 1918 tho railway properties under F ed­ is no evidence of a change of tem per in this respect.
If this
eral control wore operated through their managing boards attitudo is not to be fatal to private m anagem ent the recti­
and tho officers selected b y these boards or directly b y the fication of conditions that w ould destroy the m argin be­
owners. A t the beginning of June, how ever, the D irector- tween solvency and insolvency m ust bo im m ediate, the
General, w ithout assigning any definite roasons thorefor, rem edy m ust alw ays be applied before the margin has been
rolioved the corporate managers and officers of theso re­ absorbed. T his implies a degree of rapidity in the processes
sponsibilities and appointed “ Federal M a n a g ers,” who were of regulation which the past has shown them not to posses^.
required to separate them selves w holly from relations with Railw ays and other public service enterprises have been
tho owning and form erly operating corporations.
Y o u r com pelled to w ait for justice until action w hich, if prom ptly
form er Vice-President and General M an ag er, M r . F . P . taken, would have sufficed, has becom e w holly insufficient.
Gutolius, was designated as tho Federal M an ager of you r rail­ T h e correction of this defect is am ong the plainest necessi­
w ay and its affiliated railway and boat lines in tho U nited ties of the situation.
M oreover, regulation to be consistent
States, and im m ediately ceased to bo an officor of your cor­ with tho public interest m ust be applied in the light of sy m ­
poration and its subsidiary corporations.
Coincident with pathetic realization of the problems and needs of the in­
this change, a com plete separation of the railway and cor­ d ustry. T h e scales of justice m ust be held in balance w ith­
porate m anagem ents was required involving a rigid classifi­ out partiality to the purchasers of transportation and with
cation of the personnel and in som e instances the distribution adequate comprehension th a t, in the long run, the interests
of duties formerly performed b y single officers.
N o com ­ of those who desire transportation services and those w ho are
m ent upon tho w isdom of these requirements is m ade or equipped to render such services are identical.
Econom ic
intended.
It m ust be noted, how ever, that it adds another efficiency reposes in ability and intention to create and dis­
to tho problems of readju stm en t, tho solution of which must pose of som e com m odity or service on terms w hich afford a
accom pany or precedo tho restoration of the properties to just profit to both parties to each transaction, the seller
their owners.
and tho buyer.
If either the railways or the purchasers of
Tho A c t of M arch 21 1918, under which tho railways aro railw ay services fall below this standard the condition m ust
now operated, permits Federal control for no longer than speedily bo corrected or the whole industrial fabric will be
one ;y oar and nine m onths after the “ proclamation b y tho unfavorably affected.
President of the oxchango of ratifications of tho troaty of
B y order of the Board of M anagers,
p eace.”
N otw ith stan d in g cortain efforts to prolong tho
L. F . LO R EE,
poriod, and an apparent dosiro on tho part of a numerically
President.




2038

THE CHRONICLE
IN T E R N A T IO N A L

H ARVESTER

[V ol . 108.

COM PANY

A N N U A L R E P O R T — F O R T H E F I S C A L Y E A R E N D I N G D E C E M B E R 31 191 8 .

To the Stockholders:
T h e B oard of D irectors subm its the follow ing report of
the business of the International H arvester C o m pa n y and
affiliated com panies for the fiscal year ending D ecem ber 31
1 9 1 8 , together w ith a statem en t o f the financial condition
a t th a t d ate.
T h e report embraces the operations of Inter­
national H arvester C o m p a n y of N e w Jersey and International
H a rvester Corporation for the period January 1 1918 to
Septem ber 19 191 8 , on which date these tw o companies
were m erged into the International H arvester C o m p a n y .
I N C O M E A C C O U N T F O R 191 8 .
Income from Operations, after providing for taxes, but
before making deductions for Interest on Loans, Plant
Depreciation, Losses on Receivables, and other reserves
and appropriations...................................................... ........... $31,648,856 77
Deduct—
.
Interest on Loans______ ___________________
$882,454 22
447,631 93
Ore and Timber Extinguishment___________
Reserve for Plant Depreciation____________
2,385,942 45
Reserve for Special Maintenance.....................
219,637 34
Reserve for Losses on Receivables................ .
999,865 71
Appropriation for Pension Fund..................... 1,000,000 00
Appropriation for Employees’ Savings P la n ..
250,000 00
---------------------- 6,185,531 65
$25,463,325 12
Deduct—
War Losses Charged off in 1918................................................. 10,478,000 00
Net Profit for Season 1918.....................................................$14,985,325 12
S U R P L U S D E C E M B E R 31 191 8 .
Balance at December 31 1917—
International Harvester Company of New
Jersey______ ______ ________ ______ ______ $43,140,217 95
International Harvester Corporation (Subject
to foreign war losses not yet determined and
not covered by Reserves)........................... 17,911,119 60
--------------------- $61,051,337 55
Add—
Net Profit for Season 1918_________________$14,985,325 12
Deduct Dividends—
On Preferred Stock of I. H. Co. of
N. J..................
$1,050,000
On Common Stock of I. H. Co. o f
,
N. J ....................
1,400,000
On Preferred Stock of I. H. Cor­
poration........................................ 1,050,000
On Preferred Stock o f I. II. C o___ 2,100,000
On Common Stock of I. H. C o___ 2,400,000— 8,000,000 00
---------------------- 6,985,325 12
Surplus at Dec. 31 1918 (Subject to foreign war losses not
yet determined and not covered by Reserves)________ $68,036,662 67
C O M B I N E D B A L A N C E S H E E T D E C E M B E R 31 1918.
ASSETS.
Property—
Real Estate and Plant Property, Ore
Mines, Coal and Timber Lands, &c____$86,274,716 11
Deduct:
Reserves for Plant Depreciation........................ 20,580,46572
----------------------- $65,694,250 39
Deferred Charges.................................................. .....................
335,934 04
Reserve Fund Assets—
Fire Insurance Fund_______________________ $1,258,95000
Pension Fund.................
1,000,000 00
----------------------2.258,950 00
Current Assets—
Inventories:
Raw Materials, Work in Process, Fin­
ished Products, &c_____________________ $114,516,30228
Receivables:
Farm ers’ and D ealers’
N o te s________________$25,311,096 96
Accounts Receivable..$16,405,637 22
$41,716,734 18
Deduct:
'
Reserves for Losses............ 5,915,808 63
--------------------- 35,800,925 55
Funds withheld in Europe
by war conditions:
At normal exchange rates.$45,432,972 18
Less War Losses charged
o ff....... ............................ 20,598,000 00— 24,834,972 18
Investments:
Liberty Bonds.............
$9,626,710 40
Canadian and Australasian
War Bonds.....................
870,823 53
Miscellaneous__________
1,240,062 70
--------------------- 11,737,596 63
Cash_______
28,040,060 47
----------------------- 214.929,857
$283,218,991
LIABILITIES.
Capital Stock—
Preferred........................................................... $60,000,000 00
C o m m o n .............
80.000,000 00
--------------------— $140,000,000
1* Current Liabilities—
Bills Payable...................
$10,370,000 00
Accounts Payable:
Current Invoices, PayroUs, tax provision, in­
terest accrued, &c_____$35,882,911 60
Preferred Stock Dividend
(payable March 1 1919). 1,050,000 00
Common Stock Dividend
(payable Jan. 15 1919). 1,200,000 00
--------------------- 38,132,911 60
— — —— — 48,502,9*
Reserves (Appropriated Surplus)—
Special Maintenance-. ................................ $2.761,757 27
Collection Expenses-------------------------------2,000,000 00
Fire Insurance Fund____________________
6,223,751 22
Pension Fund_______________
4,237,391 00
Industrial Accident F un d............................
950,000 00
Employees’ Savings Plan_________________
1,100,000 00
Contingent, for foreign war losses not yet
determined.......... ....................................
9,406,517 78
----------------------- 26,679,417
Surplus (Subject to foreign war losses not yet determined
and not covered by Reserves)__________________________ 68,036,662
$283,218,991

11
54

00

60

27
67
54

Note.— In addition to the funds withheld in Russia and onemy countries,
the Company’s investment in those countries, included in the balanco
sheet, is plant property and inventory at Lubertzy Works, Russia, $4,750,­
000, and at Neuss Works, Germany, $2,100,000. This investment is
carried at the same amount as last year.




GENERAL.
T h is report of the International H arvester C o m p a n y ,
form ed b y the m erger, effective Septem ber 19 191 8 , of
the International H arvester C o m pa n y of N e w Jersey and
the International H arvester C orporation, records the com ­
bined results of the buiness of the tw o merged companies
from January 1 to Septem ber 19 1918 and of the new C o m ­
p any for the remainder of the year.
SE TTLE M E N T OF THE “ HARVESTER CASE.”
In January 1918 the Supreme C ourt of the U n ited S tates,
on m otion of the A tto rn e y G eneral, continued the H arvester
case and other anti-trust suits then pending before it.
The
H arvester case had already been ponding in th a t court for
three years, h ad been twice argued there, and w as aw aiting
the third argum ent.
T h e decree of the Lower C ourt was
entered in A u gu st 1914.
T w o judges hold against the
C o m p a n y , while the third filed a strong dissenting opinion
upholding the legality of the C o m p a n y .
E v e n the adverse
opinion was not based upon any wrongful practices or in­
jurious acts, b u t upon the C o m p a n y’s alleged, though un­
exercised, pow er to dom inate the agricultural im plem ent
trade. T h e action of the court in postponing the case on
account of w ar conditions m ade it plain that no decision
could be expected until after the return of peace.
T h is further delay left a very serious situation. T h e
assets and business of the International H arvester C om pan y
had been equally divided in January 13 between the original
C o m p a n y and a new C o m p a n y, the International H arvester
Corporation, the latter taking over the foreign plants and
business and the new lines, such as tractors, gas engines,
w agons, cream separators, & c. T h e war had seriously
impaired the Corporations’ assets in E urope, especially in
Russia and the Central Em pires, and it lacked the capital
required adequately to develop the new lines and prepare
for business abroad at the end of the w ar. N o dividend had
been paid on its com m on stock for four year. A t the same
tim e, the uncertainties of the litigation w ith the G overnm ent
had prevented the old C o m p a n y from m aking any per­
m anent plans for the developm ent of its trade.
In view of this situation, the C o m p a n y felt constrained
to dismiss its appeal to the Supreme C ourt upon the torms
of an agreem ent m ade with the G overnm ent in J u ly 1918,
under which an agreed decree was entered in the D istrict
C ourt a t S t. Paul on N o ve m b e r 2 191 8 .
T h is decree pro­
vided: (a) T h a t after D ecem ber 31 1919 the C o m p a n y shall
not have more than one agent or representative in any city
or tow n in the U n ited States for the sale of any of its agri­
cultural im plem ents; (b) that it shall presently endeavor to
sell, and shall sell w ithin one year after the close of the w ar,
three (the Osborne, C ham pion and M ilw aukee) of its five
lines of harvesting m achines, and , in connection therew ith,
if possible, its Osborne and C ham pion harvesting-m achine
plants; and (c) that if com petitive conditions in agricultural
im plem ents shall not have been established at the end of
eighteen m onths after the expiration of the w ar, the G overn­
m ent shall have the right to such further relief as m a y be
necessary to secure duch conditions.
T w o lines of harvesting machines have already been sold
to com peting manufacturers— the “ Osborne” line to E m erson-Brantingliam C o m pa n y of R ockford , Illinois, and the
“ C ham pion” line to B . F . A v e ry & Sons of L ouisville,
K e n tu ck y .
M E R G E R OF THE TWO HARVESTER COMPANIES.
W h ile the term s of the settlem ent w ith the G overnm ent
were accepted w ith reluctance and regret b y the directors,
they believed th a t the losses resulting from the partial dis­
integration of the C o m p a n y ’s business in harvesting machinos
would be largely com pensated for b y the reuniting of the
dom estic and foreign resources and business of the two
com panies.
Such a reunion was im m ediately effected b y an agree­
m ent of merger m ade b y the directors of the two companies
in Ju ly, and duly approved and ratified b y the alm ost
unanim ous vote of their respective stockholders on Septem ber
10 191 8 .
I t was approved b y the Public U tilities C o m ­
mission of N e w Jersey on Septem ber 18 1918 and became
effective Septem ber 19 1918 in tho International H arvester
C o m p a n y, a new corporation under the laws of N e w Jersey.
T h e reunion has enabled the C o m pa n y to m ake perm anent
plans for adequate developm ent of foreign trade, and of new
lines as to which there can be no com plaint of insufficient
com petition.
T hus the C o m pa n y has established a firm
basis for its business at hom e and abroad.
1918 EARNING S.
Earnings from the year’s operations show a slight increase
over the com bined results of the tw o merging companies
for the year 1917.
T h e percentage of earnings from the
current year’s operations to the net investm ent before
deducting war losses is about 1 1 % .
A fter deducting war
losses charged off in 191 8 , it is less than 7 % .
A considerable portion of the earnings was derived from
the steel properties, including extensive sales in tho general
m arket, from jsales of m otor trucks, and from G overnm ent

M ay 17 1919.]

THE CHRONICLE

contracts.
On the sale of farm im plem ents the percentage
of profit to the capital engaged in th at branch of the business
exhibits on ly slight variation from form er years.
T h e inventories are abnorm ally h e a v y .
T hree principal
factors have caused this condition: the stim ulation of produc­
tion in certain lines required under the G o vern m en t’s war
program ; the high prices of m aterials, coupled w ith further
advances in labor costs; and the continued dulness of the
im plem ent trade, due to the belief that prices of materials
and labor w ould soon recede after the cessation of hostilities—
a belief n ot y e t realized.
In the balance sheet the “ basic”
inventory, representing a normal qu a n tity, has been valued
at 1916 inventory prices, which were adopted in 1917 as a
fair and stable basis for inventory valuations during the
period of the w ar.
T h e “ excess” inventory has been valued
at reasonable m arket prices.
M AN UFACTU RIN G CON DITION S.
M an u factu rin g operations prior to the armistice of N o ­
vem ber 11 1918 were carried on w ith great difficulty owing
to shortages of labor, material and transportation caused
b y the co u n try’s war dem ands.
T h e reliance of the Allied
countries upon the U n ited States for food stu ffs, imposed
upon the agricultural im plem ent industry the responsibility
of furnishing labor-saving farm machines that were pecu­
liarly needed after tho nation called to the colors hundreds
of thousands of m en from the farm s.
I t is gratifying to look back upon the war period and to
see how w ell, in spite of tho m anufacturing difficulties, this
industry was able to m eet the dem ands of the A m erican
farm er an d , to a large exten t, the needs of our allies.
T h e basic eight-hour day was m ade effective April 1 1918
at all the C o m p a n y ’s W ork s in the U nited S tates. There
were tw o general increases in wages during 1918, w ith tho
result that the average hourly earnings are now, 1 0 0 % above
those of 191 4 .
IN DU STRIAL RELATIONS.

2039

FOREIGN BUSINESS AND CONDITIONS.
Scarcity of shipping space for com m odities other than
war materials and fo o d , and the dem oralization in E uro p e,
especially in Russia and Siberia, greatly restricted the
C o m p a n y ’s exports of farm m achinery and tw ine.
In
view of all the conditions, how ever, the volum e of trade
secured m a y be regarded as fairly satisfactory.
T he Croix W o r k s , near Lille, F rance, after four years in
G erm an han ds, has been restored to French control.
The
buildings had suffered little dam age, b u t the eq uip m ent,
tools and m aterials had been w holly rem oved or d estroyed.
N ew equipm ent is being secured in the U n ited S tates and
every effort is being m ade to resume operations at an early date.
T h e W o rk s a t N e u ss, G erm an y, on the w est bank of the
Rhino, opposite D usseldorf, is undam aged and has m anufac­
tured im plem ents continuously under G erm an control.
T he plant is now w ithin the territory controlled b y the A r m y
of O ccupation.
Its final disposition depends upon the term s
of tho Peace T re a ty .
T h e Russian W o rk s a t L u bertzy, near M o sc o w , so far as
we are inform ed, is still being operated b y the C o m p a n y ’s
Russian representatives. N early all the A m erican managers
in both the m anufacturing and sales organizations were
obliged to leave R ussia last year.
T h e operation of the
W o rk s has called for the u tm ost skill, tact and courage on
the part of the C o m p a n y ’s em ployees. M o s t of the Russian
branch houses are closed, although a few are still m anaged
b y A m erican citizens, w ho loyally rem ain a t their posts in
the face of daily hardships and dangers.
T h e directors
specially desire to record their appreciation of the courage
and fidelity which has been show n during a yoar of the
greatest conceivable difficulty and danger b y all the m em bers
of its Russian organization.
Because of increasing disorder in R ussia’s internal affairs,
and a consequent depreciation in the value of its indebtedness
and currency, the directors found that a revaluation of the
C o m p a n y ’s holdings of approxim ately 9 0 ,0 0 0 ,0 0 0 of paper
rubles in bank credits— w hich, valued at norm al rates of
exchange for gold rubles, w ould be about $ 4 5 ,0 0 0 ,0 0 0 —
required a further depreciation. Therefore, they have
directed that $ 1 0 ,4 7 8 ,0 0 0 be charged off for that purpose
against the year’s earnings, m aking the total am ount charged
off against these holdings to D ecem ber 31 1918 $ 2 4 ,2 0 5 ,0 0 0 .
T he net value a t which these credits are now carried in the
balance sheet is approxim ately $ 1 6 ,6 0 0 ,0 0 0 .
T h e Russian
investm ent in plant properties, equipm ent and inventories,
as carried on the C o m p a n y ’s books and in the balance sheet,
is $ 4 ,7 5 0 ,0 0 0 , which includes the plant properties and
equipm ent a t original cost after standard deductions for
depreciation from year to year.

A s a further developm ent of the C o m p a n y ’s policies
looking to tho im provem ent of working conditions, and of
the relations between the em ployees and the m anagem ent,
the “ H arvester Industrial Council P lan ” of em ployee rep­
resentation was form ulated.
T h e purpose of tho P lan is to
establish tho relations of tho em ployees and tho C o m p a n y
“ upon a definito and durable basis of m utual understanding
and con fiden ce.”
T h e m eans of reaching this basis is a
system of W ork s Councils wherein the em ployees a,nd the
m anagem ent havo an equal voice and vote in shaping the
C o m p a n y ’s policies as to working conditions, health, safety,
hours of labor, w ages, recreation, education, and other
similar m atters of m utual interest, while the execution of
such policies romains w ith tho m anagem ent. Provision is
W AR SUBSCRIPTIONS AND ACTIVITIES.
mado b y the P lan for the calling of General Councils to
In response to the urgent need and to assist the G o vern ­
consider m atters affecting more than one W o rk s , and for m en t’ s war program , tho C o m p a n y in 1918 subscribed $ 3 0 0 ,­
arbitration b y m utual consent of matters not otherwise 000 to the A m erican R ed C ross, and $ 5 5 0 ,0 0 0 to the U n ited
decided.
W a r W o rk F u n d , m aking the total of such contributions
T h is Plan was subm itted to tho employees of each W o rk s during the war $ 1 ,3 5 0 ,0 0 0 .
in M arch 1919 an d , upon secret ballot, was adopted b y m ajor­
T h o C om pan y subscribed for a total of $ 7 ,7 0 0 ,0 0 0 of the
ity vote at all bu t one of the C o m p a n y’s tw enty plants in the Third and F ourth Liberty Loans issued during 1918.
It
U n ited States and C an ad a.
In the nom inating ballot for also financed subscriptions of em ployees for purchases of
em ployee representatives which followed, 9 8 % of tho em ­ these bonds, am ounting to $ 5 ,5 0 0 ,0 0 0 .
N in ety -so yen per
ployees v o te d , and in tho election itself, 9 9 % .
T ho avorage “cent of the C o m p a n y ’s em ployees subscribed for bonds of
age of em ployee representatives elected is 3 8 years, and the the Fourth L iberty L oa n , a record of which the entire or­
average length of service is 7 years.
_
ganization is proud.
T h o P lan is now in full operation at those nineteen plants.
ORGANIZATION CHANGES.
,One or more meetings of the Councils have already been
W ith in the past year there have been im portant changes
held at each of these p lan ts, and some im portant m atters
in the organization of tho International H arvester C o m p a n y
involving w ages, hours of labor and working conditions, have
to m eet new circumstances and changed responsibilities.
been discussed. T h e early results indicate intelligent
M r . Cyrus H . M c C o r m ic k , w ho had been President of the
acceptance and fair-m inded use of the Plan b y em ployees as
C om pan y from its organization, becam e Chairm an of the
a practical means toward industrial betterm ent and con­
Board of D irectors, and was succeeded as President b y M r .
tinued industrial peace.
Harold F . M c C o r m ic k . M r . Alexander Legge was elected
govern m en t con tracts.
V ice-P resident and General M a n a g er, and M essrs. H erbert
Governm ent contracts for various war supplies were F . Perkins, W illia m V . C ouchm an, A dd is E . M c K in s tr y ,
entered into during tho year, and on m any of thorn sub­ H enry B . U tley ancl Philip S . P ost have been elected V ice­
stantial deliveries had boon m ade at the time tho armistice Presidents. M r . Perkins becom es V ice-P resident retaining
was signed.
Claim s under all uncompleted contracts are charge of m anufacturing and steel and lum ber properties
in tho U nited States and C anad a. M r . C ouchm an becom es
now noaring settlem ent.
.
T h e m ost im portant of these contracts, ontered into last V ice-President in charge of E uropean business, em bracing
July at the G o vern m en t’s request, involved the erection of all m anufacturing and selling operations, with headquarters
8 8 by-product coke ovens at the Steel M ills at South Chicago, in E urope. M r . M c K in s tr y becomes V ice-P resident in
in order to furnish the facilities for certain materials urgently charge of sales, collections and advertising, except in E urope.
needed by tho G overn m en t in m aking explosives.
T o M r . U tle y was prom oted to V ice-P resident in charge of
provide tho additional supply of coal necessary for this coke purchases, traffic, engineering and p atents. M r . Post was
plant large expenditures wore also required at the C o m p a n y ’s prom oted to V ice-P resident in charge of specially assigned
mines at B en h am , K en tu ck y.
T h e construction of this executive duties, particularly concerning the C o m p a n y ’s
In general the duties of the other officers
plant and work at the mines involve a total investm ent b y public relations.
and lioads of departm ents remain the sam e. A n E xecutive
the C om pan y exceeding 8 5 ,5 0 0 ,0 0 0 .
Council, com prising the President, tho recently elected
PLOW BUSINESS.
V ice-P residents,
the General C ounsel,
the
SecretaryN ear the end of tho year negotiations were concluded Troasuror, and the C om ptroller, has been created to consider
for the purchase of the ontire stock of the Oliver Chilled the general policies of the C o m p a n y , and to exchange views
Plow W ork s of C an ad a, L im ited , at H a m ilton , Ontario. and inform ation upon the C o m p a n y ’s business.
T his property is now in full operation under Harvester
T h e directors desire to express to the entire organization,
m anagem ent.
at hom o and abroad, their w arm appreciation of the con­
M oro recently the C om pan y has purchased the plant and tinued loy alty and energy, and o f the ab ility, fidelity and zeal
business of the Parlin & Orondorff C om pan y at C a nton, displayed in m eeting the abnorm al conditions under which the
Illinois, one of the oldest and m ost successful plow m anu­ C o m p a n y ’s business was carried on during the year 1918.
facturers in the U nited S tates.
These purchases give the
B y order of the B oard of Directors,
H arvester C om pan y a com plete and w ell-established line of
H A R O L D F . M c C O R M I C K , President.
plows for tho dom estic, C a n ad ian , and export trado.
C h ica g o , M a y 2 1919,




THE CHRONICLE

2040
HAVANA

E L E C T R IC

R A IL W A Y

L IG H T

[V o l . 108.

AND

POW ER

COM PANY

S E V E N T H A N N U A L R E P O R T O F T H E D I R E C T O R S F O R T H E Y E A R E N D E D D E C E M B E R 31 1918, F O R
S U B M I S S I O N A T T H E A N N U A L M E E T I N G O F T H E S T O C K H O L D E R S C A L L E D F O R M A Y 15 1919.

To the Stockholders:
Y o u r D iectors beg to su bm it their seventh annual report.
T h e Gross E arnings for the years 1 91 5 , 1916, 1917 and 1918 were as follow s:
1915.
1916.
1917.
So,541,302 72
$6,017,708 59
$6,989,599 33

1918.
$8,176,544 76

A condensed statem en t of the result of the operations during the sam e four years is:
1918.
1917.
Gross Earnings_________________________________________________________________ $8,176,544 76
$6,989,599 33
Operating Expenses and Taxes__________________________________________________ 4,376,655 65
3,385,469 83

1916.
$6,017,708 59
2,443,885 33

1915.
$5,541,302 72
2,337,506 05

$3,604,129 50
149,754 70

$3,573,823 26
144,561 49

$3,203,796 67
147,874 95

$3,940,784 02
. 989,138 16

$3,753,884 20
1,138,623 30

$3,718,384 75
1,297,093 23

$3,351,671 62
1,115,413 99

$2,951,645 86

$2,615,260 90

$2,421,291 52

$2,236,257 63

Net Income________________________________________________________________ $3,799,889 11
Miscellaneous Incomo__________________________________________________________
140,894 91
Total Net Income.
First Charges__________
Net Profit from Operation and Miscellaneous Income.

Out o f the Net Profits from Operation and Miscellaneous Income for tho year under review, namely_____________________________________$2,951,645 86
There has been set asido as Iteservo for Depreciation_________________________________________________________________________________
203,000 00
Leaving Balance o f_______________________________________________________________________________________________________________ $2,748,645 86
The balance at credit o f Profit and Loss Account January 1 1918 was_________________________________________________________________ 2,270,290 19
Total.................................................................................................................................................................................................................................$5,(518,936 05
And the following disposition was made thereof:
Provision for Sinking Fund in respect to English Bonds of Compania do Gas y Electricidad do la Ilabana______________________________
$13,052 33
109,703 50
Provision for Sinking Fund in respect to tho Consolidated Mortgago Bonds of tho Havana Electric Railway Company___________________
Reservo for Bad and Doubtful Debts_________________________________________________________________________________________________
101,541 82
Dividends paid during tho year (6% on tho Preferred and Common Shares)___________________________________________________________ 2,155,612 98
Profit and Loss Account— Balanco carried forward to 1919______________________________ , ____________________________________________ 2,639,025 42
Total......................... ....................................................................................................................................................................................................... $5,018,936 05
T h e follow ing is a su m m ary of the operation of tho various D ep artm ents during the year 1918:
Gross
Operating Expenses Percent
Earnings
and Taxes
of
from
(not including
Gross
Departments—
Operation.
First Charges). Earnings.
Electric Railway.........................................................................................................$3,977,868 39 . $2,174,059 69
54.65
Electric L igh t.....................................- ..................................................................... 2,851,030 61
1,176,510 24
41.25
Gas.................................................................................................................- .............. 1,169,432 02
856,451 47
73.24
Omnibuses.....................................................................................................................
178,213 74
169,634 25
95.18
$8,176,544 76
T h e accom panying report of the General M an ag er shows
n ot only an enorm ous increase in the cost of materials and
supplies required for the m aintenance and operation of your
property, the difficulties which attended the securing of them
and the scarcity of com petent labor, b u t also that the gross
earnings from operation increased IG .9 8 % over those of 1917,
that the net earnings from operation wore 1 2 .3 9 % greater
than last year, notw ithstanding that operating oxpenses
increased 2 2 .8 % and that after deduction of both U nited
States and C u ban taxes there still remains a gain of 5 .4 3 %
in net earnings over the preceding year.
•
T h is satisfactory result was brought about through tho
loyal co-operation and efficient services of the officers and
em ployees of your C o m p a n y , to w hom thanks are due and
cheerfully rendered.
In form er reports reference has been m ade to tho cordial
relations existing between the em ployees of this C om pany
and the m anagem ent, an d , although the stir and bustle of
the great war which cam e to an end in N o vem b er last have
produced unrest am ong the laboring class in C u b a as well
as in m a n y other countries, these cordial relations have not
suffered, b u t, on tho contrary, they have becom e moro closely
cem ented because sound reasoning b y and with your em ­
ployees has convinced them that strikes and Bolshevism and
the panics produced thereby cannot im prove their condition,
but only result in hardship to them selves and injury to tho
enterprise of which they are a m ost im portant part and in
which their welfare is so closely related with yours and that
of the good public of H a v a n a .
T h e gross receipts from all sources wero $ 8 ,3 1 7 ,4 3 9 67.
T h e total expenditures for construction account wero
$ 6 3 7 ,1 4 6 5 8 .
Custom s duties paid on im ports into C u b a am ounted to
$ 1 5 9 ,8 1 4 14.
Y o u r C o m pa n y subscribed to $ 2 0 0 ,0 0 0 U nited States of
A m erica Third L iberty Loan 4 3 4 % B onds and to an equal
am ount of the F ourth L iberty Loan 4 3 4 % B o n ds, and in
addition thereto your C o m pa n y subscribed $ 1 8 ,0 5 0 00 on
behalf of your em ployees to the Fourth Liberty L oan.
Y o u r contributions to W a r Charities during tho year
am ounted to $ 6 ,0 0 0 00.
T h e im provem ent in public lighting has continued and
during the year 153 high-efficiency incandescent lam ps in
1 ,0 0 0 and 6 0 0 c .p . units and 83 less brilliant lam ps were in­




$4,376,655 65

53.53

Net
Per Cent
Earnings
of
from
Gross
Operation. Earnings.
$1,803,808 70
45.35
1,674,520 37
58.75
312,980 55
26.76
8,579 49
4.82
$3,799,889 11

46.47

stalled.
T h e increase in electrical output was 1 5 .3 % and
tho increase in net earnings on account of electric lighting
8 .7 % .
T h e increase in gross earnings in tho Electric Light
and Pow er D epartm en t broke all records, bu t tho operating
expenses were greater than oven last year, duo alm ost en­
tirely to the high cost of fuel and the riso in m aterial prices.
A total of 831 new w ood poles wero sot and 6 0 tubular steel
railway poles wero extended to carry olectric light and power
lines, and in som e cases street lam ps.
The num bor o f electric
meters in service D ecem ber 31 1918 was 2 8 ,2 6 6 , being 3 ,2 3 4 in
excess of those in service on tho sam e dato of tho preceding
year.
T h e statistics of gas service in tho accom panying report
show an increase of 3 7 .6 % in the cubic feet o u tp u t, an in­
crease of 4 3 .1 % in gross earnings, an increase of 4 8 .5 % in
operating oxpenses and an increaso of 3 2 .6 % in not earnings
as com pared w ith 1917.
Tho total length of streot m ains
Decem ber 31 1918 (17 6 .58 m iles) is 2 .2 8 miles in excoss of
1917.
T h o net increaso in the num ber of meters during the
year was 1 ,6 2 8 .
T h e stoves and ranges installed b y your
C o m pa n y at tho end of 1918 total 12,661'— wator heaters,
2 ,4 8 8 ; hot plates, 1 ,8 9 8 , and industrial appliances, 1,44 4 —
a m ost excellent showing when you recall that a few years
ago gas heating appliances in H a v a n a wero a nov elty apd
that difficulties wero encountered in getting tho people to
use th em .
T h e total numbor of passengers carried on tho cars during
the year, 7 5 ,6 1 1 ,7 7 7 , shows an increase of 9 ,1 9 3 ,3 2 7 , or
1 3 .8 % , com pared with 1917.
Tho total earnings from car
operation show an increaso of 1 3 .7 % , and tho num bor of
passenger car miles a decrease of 0 . 6 % as com pared with
1917.
T h e net earnings from operation for tho yoar show
an increase of 1 0 .7 % .
T rack statistics show 8 5 .5 5 miles of
single track, exclusive of yard track miles.
Y o u r consolidated power plant has operated reliably and,
considering tho poor quality of “ pool” coal received at tim es,
very econom ically.
T h e net output was 5 7 ,2 1 5 ,9 5 3 k .w .h .,
an increase of 7 . 8 % as com pared with 1917, in tho production
of which 54,6 9 1 tons of coal were consum ed, or 2 .1 4 lbs.
per k .w .h .
T o m eet the high cost of operating tho O m nibus
of your C o m p a n y , the stago lino organization w as
tinued and its buildings and equipm ent wero turned
the Transportation D epartm ent and thus b y moro

Service
discon­
over to
careful

administration tlio operating cost was decreased and the
accompanying report shows net earnings during the year 1918
as 811,584 99, against loss in operation during 1917 of $21,­
742 70; in other words, an increase of $33,327 69. On
December 31 1918 there were 49 stages and 14 motor buses
in operation.
It is with great sorrow that your Board of Directors is
called upon to record the death on Decembor 1 1918 of one
of its most active and useful members—Mr. Horace E.
Andrews.
To each momber of the Board Mr. Andrews had endeared
himself, both by his genial personality and by the valuablo
services rendered to your Company in his faithful devotion
to its affairs.
The vacancy in the Board of Directors occasioned by the
death of Mr. Andrews was filled by the Board of Directors
through the election on Decembor 5 1918 of Mr. E. N.
Brown, to hold office for the unexpired portion of. the term
of the lato Mr. Andrews, to wit, until the annual meeting
of the Stockholders on the third Thursday in May 1919.
The Employees’ Mutual Benefit Society has continued
sound and prosperous and at the end of 1918 had 1,455 mem­
bers, or 22 less than on December 31 1917. The sum of
$21,921 55 has been expended in assistance to members, and
the object to protect them against loan sharks by advances
at a low rato of interest has not been lost sight of.
The accounts of your Company are audited monthly by
Messrs. Deloitto, Plender, Griffiths & Co., and accompany­
ing this report will'bo found the balance sheet and profit
and loss account as of Decembor 31 1918 with their certifi­
cate thoreon.in connection with which your Board of Direc­
tors desire to state that as all of the power generating and
distributing equipment is comparatively new and up to date
in design and construction and thoroughly maintained, the
amount of $203,000 00 set aside for depreciation during
1918, in addition to the payments to the sinking funds, aggre­
gating $122,755 83, is deemed ample in the judgment of
your Engineers to cover tho loss of value duo to unavoidable
deterioration and obsolescenco.
For tho Board of Directors,
FRANK STEINHART, President.
Havana, Cuba, March 31 1919.
CONDENSED PRO FIT AN D LOSS ACCOUNT FOR TIIE Y EA R
E N D E D DECEM BER 31 1918.
Railway Light and Power
Department. Department.
Total.
G ros 3 Earnings from Oper­
ation .......................................S4.156.082 13 $4,020,462 63 $8,176,544 76
Operating Expenses................... 2,112,200 95 1,662,619 83 3,774.820 78
$2,043,881 18 $2,357,842 80 $4,401,723 98
D ed uct—
Taxes, U. S. A ----------- .........
Taxes, C u b a -------------- ------Trigo Annuities----------- .........
Interest ______________ _____

$216,148
12,000
3,344
572,990

15
00
84
80

$804,483 79

$249,341 88
121,000 00

$465,490
133,000
3,344
989,138

416,147 36

03
00
84
16

$786,489 24 $1,590,973 03

$1,239,397 39 $1,571,353 50 $2,810,750 95
‘

2041

THE CHRONICLE

M ay 17 1919.]

D educt—
Reserve for Depreciation___
„

$89,513 23

$113,486 77

$203,000 00

$1,149,884 16 $1,457,866 79 82,607,760 95
$40,981 07
27,034 67
72,879 17
$140,894 91
$2,748,645 86

224,297 65

Net P rofit fo r the Y ear...................................... ........ $2,524,348 21
Balanco at Credit o f Profit and Loss Account Jan. 1 1918 2,270,290 19
Dividends Paid—
On Preferred Shares:
M ay 15 1918 on $20,978,477
at 3 % ........................................ $629,35431
N ov. 15 1918 on $20,978,477
at 3 % .................................... 629,354 31

$4,794,638 40

84
38

42
49

$61,002,610 13
LIABILITIES.
Capital Stock—
Authorized and Issued:
Common— 150,000 Shares, par value
$100 00 each, fuUy paid and non­
assessable___________________________ $15,000,000 00
Less: Held in Treasury:
515.94 Shares, par value $100 00 each.
51,594 00
$14,948,406 00
6% C um ulative Preferred—210,000
Shares, par value $100 00 each______$21,000,000 00
Less: Held in Treasury:
215.23 Shares, par value $100 00 each
21,523 00
20,978.477^00
$35.926,883100
F un ded D ebt—
Consolidated Mortgage 5% Gold Bonds of
Havana Electric Railway Company,
dated Feb. 1 1902, due Feb. 1 1952_____$8,983,111 09
Less: In Treasury_______________________
478,541 09
$8,504,570 00
6% General Consolidated Obligations of
Compania de Gas y Electricidad- de la
Habana, called for redemption on Juno
15 1917.........................................................
56,500 00
Fifty-Year 6% Mortgage Bonds of Com­
pania de Gas y Electricidad do la Ha­
bana, 1904................................................... 3,998.000 00
Thirty-seven-Year 5% English Mortgage
Bonds of Compania de Gas y Electricidad
do la Habana, 1906 (£123.500).................
596,916 69
General Mortgago 5% Sink­
ing Fund Gold Bonds, dated
Sept. 1 1914, duo Sept. 1
1954 - ......................... ..........$6,660,000 00
Less:
Deposited with
Government of
C u b a _________ $52,000 00
In Treasury------763,000 00
815,000 00 5,845,000 00 19.000,986 69
C u rren t Liabilities—
Accounts Payable_______________________
Dividends and Interest due but unpaid____
Accrued Interest on Bonds_______________

$333,580 92
184,903 16
294,197 41

Consum ers’ and O ther Deposits—
Consumers’ Deposits____________________
Other Deposits__________________________

$359,626 85
47,650 84

812,681 49

Sundry Accruals for Taxes, & c------------------------------------C apital S tock of Havana E lectric R ailway
Com pany O u tstan din g— to be exchanged
for Capital Stock of Havana Electric Rail­
way, Light & Power Company----------------$16,235 00
C apital S tock of Com pania de Ga3 y E lec­
tricid ad de la H abana O utstanding— to
bo exchanged for Capital Stock of Havana
Electric Railway, Light & Power Company
2,547 74

407,277 39
556,626 96

Less— C apital S tock of the Havana
E lectric R ailw ay, L igh t & Power
Company, held in reserve in respect
o f above............. ......................... ................

18,782 74

Special Reserve_________________________________________
Corporate Surplus—
Profit and Loss Account— Credit Balance,
as per Statement herewith______________$2,639,025 42
Funded Debt retired through
Income and Surplus:
Consolidated Mortgage 5%
Gold Bonds of Havana
Electric Railway Company$478,000 00
37-Year 5% English M ort­
gago Bonds of Compania
do Gas y Electricidad de
la naban a_______________ 128,083 31
---------------606,083 31
Sinking Fund Reserve___________________
116,208 83
Reserve for Depreciation_________________
426.000 00

510,837 04

3,787,317 56

$61,002,610 13
$1,258,70862

On Common Shares:
M ay 15 1918 on $14,948,406
at 3 % ........................................ $448,45218
N ov. 15 1918 on $14,948,406
at 3 % ................................... 448,452 18
896,904 36

2 , 1 5 5 ,6 1 2

98

Balanco carried to Balanco Sheet________________$2,639,025 42




ASSETS.
Properties, P lant and Equipm ent, as per
December 31 1917 Report______________ $56,095,157 26
Net A d dition s du rin g year______________
637,146 58
--------------------- $56,732,303
Investm ents (at cost)................................ ............... ................
544,213
C urrent Assets—
Cash in Banks and on Hand_____________
$863,718 19
Accounts Receivable after providing for
Bad and Doubtful Debts_____________
1,206,280 71
Stocks and Materials, Merchandise and
Supplies on Hand_____________________
1,406,312 14
Materials in Transit_____________________
112,912 38
3,589,223
Deferred Assets—
Insurance paid in Advance, Deferred
Charges, &c___________________________
136,869

$18,782 74

A dd— M iscellaneous Incom e—
Interest on Deposits-------------- -------------- -------------------------R e n ts__________________________________________________
Other Miscellaneous Income.....................- ................. ............

D educt—
Reserve for Bad and Doubtful Debts______ $101,541 82
Provision for Sinking Fund o f English
Bonds of Compania do Gas y Electricidad
do la Habana----------------------------------------13,052 33
Provision for Sinking Fund o f Havana
Electric Railway Company Consoli­
dated Mortgago Bonds_________________
109,703 50

BALANCE SHEET D ECEM BER 31 1918.

Wo have verified the abovo Balance Sheet as at December 31 1918 and
tho accompanying Profit and Loss Account for the Year ended at that date,
with tho Books o f the Company, and subject to tho sufficiency of the Re­
serve for Depreciation, we certify that, in our opinion, they correctly set
forth, respectively, tho financial position of the Company as at Decem­
bor 31 1918 and tho results of the Operations for the Year.
D E L O ITT E . PLEN DER, GRIFFITHS & CO., Auditors.
navana, April 17 1919.

THE CHRONICLE

2042

[Vol . 108.

AMERICAN BOSCH MAGNETO CORPORATION

(Organized under the Laws of New York.)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF ITS CAPITAL STOCK.
(Without nominal or par value.)
(Certificates transferable in New York am i Boston.)
New York, A pril 23 1919.
The Corporation’s works are located in Springfield and
American Bosch Magneto Corporation hereby makes Chicopee, Massachusetts. Its business is the production
application to have listed on the New York Stock Exchange of electrical apparatus for the use of the automotive indus­
temporary interchangeable certificates for 60,000 shares tries. The corporation specializes in the production of
(total authorized) of its Capital Stock, without nominal or high-grade magnetos of the high-tension type which are
par value, which is issued and outstanding, with authority used in connection with all types of internal combustion
to substitute permanent engraved interchangeable certifi­ motors.
cates on official notice of issuance in exchange for outstand­ The Corporation omploys at present about 1,500 people.
ing temporary certificates therefor. The stock is without The estimated output of magnetos for the year 1919 is
nominal or par value and is full paid and non-assessable, approximately 225,000, which will represent a total value
and no personal liability attaches to shareholders.
of about 86,000,000.
American Bosch Magneto Corporation was organized Tho earnings of the Bosch Magneto Company for the past
under the Laws of the State of New York, January 9 1919, five years have been as follows:
Net Profits.
to acquire and did acquire the assets and property of every months to September 30 1914......................_S5 Sales.
,258,036
$1,586,366
character, whether tangible or intangible, and assumed all 15
12 months to September 30 1915......................... 4 .617,059
1,554,606
12
months
to
September
30
1916.........................
4
,009,022
806,646
liabilities of the Bosch Magneto Company of New York 12 months to September 30 1917......................... 4
,539,408
478,564
City, New York. The amount of capital shown in the 12 months to September 30 1918......................... 3 ,815,786
670,547
certificate of incorporation was 82,400,000. The charter The stock of Bosch Magneto Company was never
in­
of the American Bosch Magneto Corporation is perpetual. creased, the earnings practically in their entirety being put
The entire 250 shares (par value 8100) of the Capital Stock back into the business ever since its inception in September
of the Bosch Magneto Co. and certain patent rights wore 1906. 25% a year was paid on the stock from 1906 to 1913
seized on May 1 1918 by A. Mitchell Palmer, the Alien inclusive. No dividends have been paid since that time.
Property Custodian, and were sold by him on December 7 The land upon which the plant is located is situated part
1918 to H. C. Griffith, acting as agent for Martin E. Kern, within the corporation limits of Springfield, Massachusetts,
who subsequently sold the stock and all of the corporate and part within tho corporation limits of tho City of Chico­
rights, powers, assets, business and property of the Bosch pee, Massachusetts, the total area of land at Springfield
Magneto Company to the American Bosch Magneto Cor­ and Chicopee being approximately 8 A acres, upon which
poration.
are erected main factory building and boiler house with
The Bosch Magneto Company was originally formed by equipment and machinery having been priced at a depre­
Robert Bosch in Stuttgart, Germany, in 1885. In 1906 ciated cost of 81,991,654 67. All of the plant buildings are
the American demand having reached large proportions, of modern, re-enforced concrete, fireproof construction. In
Bosch established a selling agency in the United States, addition, the Corporation has a frame building, known as the
organized as a company called “Robert Bosch, New York, “Casino Building,” for recreation and entertainment of
Inc.” In 1909 the American business had reached such a their employees.
size as to warrant manufacturing in this country and the This property is located on the Boston & Maine Railroad,
property upon whioh the Springfield plant now stands was with a siding running direct to the plant.
purchased. The new plant was completed and placed in The Corporation also owns approximately 2 XA acres of
operation in 1912. The name was changed at this time to land in Plainfield, New Jersey, valued at 846,465 75.
the Bosch Magneto Company.
The Corporation also operates selling and sorvico branches
The predecessor Company on January 10 1919 at a'meeting in New York City, Detroit, Michigan, and San Francisco,
of all the stockholders ratified in all particulars the sale of all California; the machinery and equipment in these three
its assets and property of every character, whether tangible branches being priced at a depreciated cost of 830,071 88.
or intangible, to the “American Bosch Magneto Corpora­ The Corporation also owns and operates its own selling _
tion,” and the American Bosch Magneto Corporation branoh in the City of Chicago, State of Illinois. Tho build­
assumed all the liabilities of the Bosch Magneto Company. ing is of fireproof brick and steel construction and is located
The amount of capital with which the American Bosch at 3737-3741 Michigan Ave. The land, building, building
Magneto Corporation started business on January 9 1919 equipment and machinery at this branch aro valued at 878,­
was 60,000 shares, authorized and outstanding, for 85,755,- 778 84, making a total investment in land, buildings and
8Q2 50 (declarod capital in accordance with the laws of building equipment and machinery of 82,021,717 55 after
New York). The purpose of the issue of Capital Stock was writing off depreciation charges of 8275,772 36.
to acquire, as above recited, all of the assets of every kind
and description of the “Bosch Magneto Company” and STATEM EN T OF OPERATIONS. BOSOH M AGNETO CO M PA N Y ,
M A Y 1 1917 TO A P R IL 30 1918, INCLUSIVE.
additional working capital was secured by the sale of 81,­
65
800,000 Seven Per Cent Serial Gold Notes, maturing Sales.........................................................................83,504,345
Factory cost of sales, including depre­
8600,000 annually—January 15 1920, January 15 1921 and Loss—
ciation on factory equipment, factory in­
surance, factory taxes, &c. (see note below) 2,638,892 60
January 15 1922, which notes are still outstanding. First
National Bank of Boston is Trustee of said Notes.
Gross profit............................................................. $865,453 05
The purposes for which the corporation was formed are: Administration and commercial ex­
To doal in, purchase, manufacture, hold, own, sell or otherwise dispose
of, repair, exchange, import and export all kinds o f magnetos, electric
motors and dynamos (including particularly ignition systems, self-starters,
lighting systems, combined starting and lighting systems and other elec­
trical appliances and supplies for use on automobiles, trucks, airplanes or
internal combustion engines) and other olectrlcal appliances, equipment or
supplies, and motors, machines or contrivances for the generation of power
from electricity, steam, gasoline or other sources now known or which may
hereafter bo discovered, to purchase, manufacture and sell all kinds of
tools, machinery, machine supplies and engineering appliances and acces­
sories and all goods, wares and merchandise necessary or incidental to the
manufacture, purchase, sale, storage, repair, operation or equipment of
magnetos, motors, engines and machinery o f any and all kinds.




1

pense .............................................. $521,642 90
Less— Credits__________________ 56,925 79
----------------

464,717

11

Net profit.

$400.735194

Note.— Tho following were tho amounts charged to ac­
counts mentioned and included In factory cost:
Insurance_____________________________________
$14,64736
T axes.....................................
26,501 92
Depreciation ____________________
Total.

$179,840 13

138,69085

M ay 17 1919.]

THE CHRONICLE

BALANCE SHEET, BOSCH M AGN ETO COM PAN Y, AS OF
M A Y 1 1918.
ASSETS.
Cash In bank and on hand________________________ _________ $476,771 84
Accounts receivable__________________________$2,605,004 16
2,500 00
Less— Reserve for bad debts________________
-------------------- 2,602,504 16
Liberty bonds............................................................ ................. _
113,200 00
Inventories (at cost or loss):
Springfiold..................................................$2,749,039
85
Branches____________________________
454,658
51
Total merchandise Inventory_______ $3,203,698
Manufacturing supplies and fuel (at cost or less)
12,230
Tool manufacturing supplies (at cost or less)___
42,175
16,938
Maintenance supplies (at cost or less)____

Current and accrued liabilities:
Accounts payable_________
$124,334 31
100,000 00
Bills payable........... ..............................
Accrued taxes_____________________________
61,455 15
Accrued Insurance_________________________
9,004 00
23^857 50
Accrued wages and salaries...................
Unearned interest__________________________
969 99
„
,
319,610 96
Contingent liability reserve:
Account Rushmore judgment_______________________________
120,00000
„
, ,
,
$439,610 96
Capital stock-------------------------------------------------------------------------25,00000
8 urPlus.............................................................................- .............. 5,831.091 93

36
61
18
91

$6,295,702 89

Total Inventories_______
3,275,043 06
Prepaid exponses:
Stationery, office supplios and sundries______
$9,265 82
Insurance_____________________________
6,053
87
Total prepaid expenses________________________________
Stocks in other companies_________________________________
Property and plant:
Real estate, building and building equipment $989,650 06
Electric equipment, motor cars, furniture and
fixtures, machinery and tools, tool equip­
ment_______________________________
519,465
28

15,319 69
233,778 16

Total plant and properties____________________________ 1,509,115 34
Patents___________________________________________________
2 00
$8,225,734 25
LIABILITIES.
Accounts payablo_______________________ $140,061
08
Accrued taxes___________________________
4,223
36
647
12
Unearned Interest_______________________
-------------------- $144,931 56
Capital stock_____________________________________________
25,000 00
Surplus___________________________________________________ 8,055,802 69
$8,225,734 25
STATEM EN T OF OPERATIONS. BOSCH M AGNETO COM PANY.
M A Y 1 1918 TO DEO. 31 1918. INCLUSIVE.

BOSCH M AGNETO COM PANY. RECONCILEM ENT CHANGES IN
SURPLUS. DECEM BER 31 1918.
Surplus as o f M ay 1 1918 per opening entries from Harris
Allan & Co. Report........................................................................ $8,055,80269
Profits M ay 1 1918 to December 31 1918...............
532,127 15
$8,587,929 84
Charge to surplus:
Contingent liability account Rushmore_______$120
. $ 1 2 0 ,0 0 0 0 0
Reserve for obsolete m aterial......................... . 299,498
299
24
Reserve for starting and lighting system........... 125
125,000 0 0
Otto Heins account taken over by Alien Prop­
erty Custodian___________________________. 468,283
468
17
Reading Standard Co. account_______________ 411
411,810 40
R.
Bosch, Stuttgart_______________________ 1,048,029
1,048
07
2
Ex. employees______________________________
2,826 59
Reading Standard Investment_______________
24
24,911 50
St. Louis car Investment_______________
1.300 0 0
Boonton Rubber M fg. C o., settlement un­
liquidated damages_______________________
2
2,500
00
Boonton Rubber M fg. C o., loss on sale o f notes1 137
137,129 03
Boonton Rubber M fg. C o., stock account____ 116,566
116
66
2,757,854 6 6
Credit to surplus:
Reinstating part o f ex. employees charge_____
$ 1 2 27
Reinstating part of ex. employees charge_____
174 98
Credit account canceling debit to bad debt
account___________________________________
825 50
Reinstating account Enemy Allen account____
1 00
Reinstating account Reading Standard account>
1 00
Reinstating account St. Louis Stock accou n t..
1 00
Reinstating account Reading Standard stock
a c c o u n t...________________ _________
1 00
1,016 75

Net s a le s ...................................................................................... $2,692,676 91
Less factory cost o f sales:
Including depreciation____$81,672 62
Tax charges______________ 29,30821
Insurance charges---------- 22,360 80
1,723,52633 Surplus
Gross profits-------------------------------------------------------------- $969,150 6 8
Administrative and commercial oxpenses______ $490,072 29
Including Insurance--------- $6,997 97
Resorvo for taxes______ 60,989 00
Depreciation---------------- 12,420 20
Less credits to Income_________________ ______
53.048 8 6
-------------------- 437,023 43
Not profit____________________________________________

2043
L IA B IL IT IE S .

$632,127 15

$2,756,837 91

as show n on balance sheet as of D ec. 31 1918.

.$5,831,091 93

BALANCE SHEET, AMERICAN BOSCH MAGNETO CORPORA­
TION, OPENING ENTRIES AS OF JANUARY 1919 ON TAKING
OVER PROPERTY FROM ALIEN PROPERTY CUSTODIAN.

ASSETS.

Current and working assets:
Cash on hand and in bank_________________________________ $177,37630
Accounts receivable________________________________________
637,04985
717^13992
Liberty Loan Bonds and War Stamps______________________
Inventories at cost:
Springfield.................................................................$3,271,38057
Branches...................................................................
339,97164
On consignment------------------------------------------------------82,524 05’

BALANCE SHEET, BOSCH MAGNETO COMPANY, AS OF
DECEMBER 31 1918.
ASSETS.
Cash in bank and on hand________________________________ $177,181 30
Total merchandise Inventories______________ $3,693,87626
Accounts receivable____________________ $472,252
79
Loss reserves:
Less reserve________
1,769 31
For depreciation of starting and
-------------------- 470,483 48
lighting system______________ $125,000 00
Liberty Bonds and War Stamps_______________________________
717,13992 For obsolete stock_____________ 299,498 24
Inventories (at cost or less):
-----------------424,498 24
Springfield................................................. $3,271,380
57
Total
merchandise
less
reserve______________
$3,269,37802
Branches____________________________
339,971
64
Manufacturing supplies and fuel at cost or less
19,932 46
On consignment______ _________________ . . .
82,52405
Tool manufacturing supplies at cost or less_____
44,43922
Maintenance
supplies
at
cost
or
less___________
18,39992
Total merchandise Inventories___________ $3,693,876 26
Less reserves:
For depreciation of starting and
lighting system_______ _____.$125,000 00
For obsolete material___________ 299,498 24
-------------—

Total inventories less reserves___________________________ 3,352,14962
Accrued interest----------------------------------------------------------------5,74485
424,49824

Total merchandise, loss resorvo_______ $3,269,378
Manufacturing supplios and fuel (at cost or less)
30,290
Tool manufacturing supplios (at cost or less)__
44,439
Maintenance supplios (at cost or loss)____
18,399

02
56
22
92

Total current and working assets________________________ $4,889,46054
Prepaid expenses:
Taxes........................................................................
$14,79573
Insurance..----------18,963 32
Stationery, offlco supplios and sundries_________
27,70002

Total prepaid expenses__________________________________
Stock In other companies__ _______________________________
Proporty and plant:
Land, building and building equipment____ $970,530 60
Total lnvontorios, loss resorvo_______________________________ 3,362,50772 Machinery and tools and tool equipment____ 1,252,744 21
Electric
equipment, motor cars, furniture and
Accrued Interest-------------------------------------------------------------------5,74485
fixture moulds and patterns.............
55,777 31
Total curront and working assets_______________ ________ $4.733,057 27
Prepaid expenses:
Taxes..........................................................
$14,795
73
Insurance____________________________
18,963
32
Stationery, offlco supplios and sundries__ . . .
17,34192

61,45907

1.502 00

Total proporty and plant_________________________________ 2,279,05212
P aints.........................................................................................
500,000 00
Tracings..........................................................................................
255,000 00
Total assets.................................................................................. $7,986,47373

LIABILITIES.

Total prepaid oxpenses--------------------------------------------------------51,10097
Current and accrued liabilities:
Stocks In other companies (nominal value)__________________
91 [992 00
Accounts payablo------------------------------------------- $124,33431
Property and plant:
Bills payablo.....................
100,000 00
Accrued taxes------------------61,455 15
Land, buildings and building equipment_____ $815,908 17
Accrued Insurance...............................
9,004 00
Machinery and tools andtoolequipment,
Accrued wages and salaries.................
23,857 50
electric equipment, motorcars, furniture
Unearned interest.............................
960 00
and fixtures----------------------------700,873 90
_ it
„„ ,
--------------------$319,610 96
Contingent liability reservo:
Account Rushmore judgment_______________________ 1___
111,010 27
$1,616,782 07
Less reserve for depreciation-----------------------96,241 42
—. . c, _1 »
1
, •»— . T
$430,621 23
7% Serial Gold Note Issues:
Duo as of January 15 1920............................................................
600,00000
Total property and plant-------------------------------------------------65
Duo as of January 15 1921...................
600,000 00
Patents--------- ------------ --------------------------- -------- ----------2 00
Duo as of January 15 1922 .......................................................
600,000 00
Capital Stock issuo 60,000 shares.......................................
5,755,852 50




36.295.702 89

$7,986,473 73

THE CHRONICLE

2044

A M ER IC A N BOSCH M AGN ETO CORPORATION, STATE M E N T OF
OPERATION S, JAN. 1 1919 TO M A RC H 31 1919, INCLUSIVE.
Net sales_________________________________________________ §957,309 14
616,875 77
Less factory cost-------------------------Including depreciation..$32,590 47
*
-------------------Insurance charges____ 4,800 00
Taxes________________ 14,640 00
340,433 37
Gross profit__________________________________________
Administrative and commercial expense--------- $206,587 28
Including insurance charges______$4,050 00
Reserve for taxes_______________ 14,250 00
Reserve for Interest on 7% gold
n o te s ________________________ 26,250 00
Less credit to income______________________
27,279 30
-------------------179,307 98
Net profit_____________________________________________

$161,125 39

A M ER IC A N BOSCH M AGN ETO CORPORATION, BALANCE
SHEET AS OF M A RC H 31 1919.
ASSETS.
Cash in bank and on hand________________________________ $305,030 42
564,156 55
Accounts receivable_______________________________________
692,848 00
Liberty bonds_____________________________________________
Inventories (at cost):
Springfield_________________________________$3,144,964 57
B ranches__________________________________
366,470 49
On consignment___________________________
16,875 29
Total merchandise inventories___________ $3,528,310 35
Less reserves:
For depreciation on starting and
lighting system______________ $125,000 00
For obsoleto material___________ 272,033 98
---------------397,033 98
Total merchandise less reserves----------------$3,131,276 37
Manufacturing supplies and fuel (at cost or
less)_____________________________________
14,150 45
Tool manufacturing supplies (at cost or less).
45,074 14
Maintenance supplies (at cost or less)______
10,958 24
Total inventories less reserve____________ $3,201,459 20
Accrued interest_____________________________
12,956 92
-------------------- 3,: 14,416 12
Total current and working assets______________________ $4,776,451 09
1.502 00
Stocks in other companies_______________________________
Property and plant:
Land, buildings and building equipment____ $968,445 85
Machinery and tools, tool equipment, electric
equipment, motor cars, furniture and
fixtures__________________________________ 1,357,891 18
Less reserve for depreciation________________

$2,326,337 03
35,108 61

Total property and plant______________________________ 2,291,228 42
Patents___________________________________________________
500,000 00
Tracings_____________________________
255,000 00
Deferred assets:
Prepaid expenses:
T a x es_______________________ - _________
$1,083 33
Insurance_______________________________
16,746 34
Stationery, office supplies and sundries____
36,986 82
Total prepaid expenses______________________________
Deferred charges________________________________________

54,816 49
50,727 81
$7,929,725 81

LIABILITIES.
Accounts payable____________________________
Dividends payable___________________________
Accrued taxes_______________________________
Accrued insurance___________________________
Accrued wages and salaries___________________
Unearned interest____________________________
Reserve interest on 7% serial gold notes-------

$103,554 58
90,000 00
57,740 47
4,400 18
19,832 02
970 67
26,250 00
-------------------- $302,747 92
Stock authorized and outstanding, 60,000 shares.
Declared capital, in accordance with the Stock
Corporation law o f tho State of Now York___ 5,755,852 50
Surplus______________________________________
71,125 39
-------------------- 5,826,977 89
7%7,Serial Gold Notes due as of Jan. 15 1920______
600,000 00
600,000 00
7%iSerial Gold Notes duo as o f Jan. 15 1921---------7% Serial Gold Notes duo as of Jan. 15 1922_______________
600,000 00
$7,929,725 81
Note.— The average rates o f depreciation for Amorican Bosch Magneto
Corporation are 2% on buildings, 8% on machinery, equipment and tools,
50% on moulds and patterns, 25% on motor cars. In addition, maintenance
expenses are approximately at rate o f $100,000.

Note.— Depreciation rates under tho Bosch Magnoto Co. showed nothing
for buildings, 20% for equipment and tools, 15% for furnituro and fix­
tures, 25% for machinery, 50% for moulds and patterns and 50% for
motor cars.

American Bosch Magneto Corporation agrees with the
New York Stock Exchange as follows:
Not to dispose of its stock interest in any constituent,
subsidiary, owned or controlled company, or allow any of
said constituents, subsidiary, owned or controlled com­
panies, to dispose of stock interests in other companies unless




[V o l . 108.

for retirement and cancellation, except under existing au­
thority or on direct authorization of stockholders of the
company holding the said companies.
To publish semi-annually an income account and balance
sheet.
To publish at least once in each year and submit to the
stockholders, at least fifteen days in advanco of the annual
meeting of the corporation, a statement of its physical and
financial condition, an inoome account covering the previous
physical year, and a balance sheet showing assots and
liabilities at the end of the year; also annually an income
account and balance sheet of all constituent, subsidiary,
owned or controlled companies; or a consolidated income
account and a consolidated balance sheot.
To maintain in accordance with the rules of the Stock
Exchange a transfer office or agency in the Borough of Man­
hattan, City of New York, where all listed securities shall be
directly transferable, and the principal of all listed securities
with interest or dividends thereon shall bo payable; also a
reigstry office in the Borough of Manhattan, City of New
York, other than its transfer office or agency in said city,
where all listed securities shall be registered.
Not to make any change in listed securities, of a transfer
agoncy or of a registrar of its stock or of a trustee of its bonds
or other securities without tho approval of the Committee
on Stock List, and not to select as a trustee an officer or
director of the company.
To notify the Stock Exchange of the issuance of additional
amounts of listed securities and make immediate application
for the listing thereof.
To notify the Stock Exchange in the event of tho issuance
of any rights or subscriptions to or allotments of its securities
and afford the holders of listed securities a proper period
within which to record their interests after authorization,
and that all rights, subscriptions or allotments shall bo
transferable, payable and deliverable in tho Borough of
Manhattan, City of New York.
To publish promptly to holders of bonds and stocks any
action in respect to interest on bonds, dividends on shares
or allotment of rights for subscription to securities, notices
thereof to bo sent to the Stock Exchange and to give to tho
Stock Exchange at least ten days’ notice in advanco of the
closing of the transfer books or extensions or the taking of a
record of holders for any purpose.
The fiscal year of tho new corporation ends on tho 31st
day of December of each year.
The annual meeting of the stockholders is held at tho
principal office of the new corporation, in the City of New
York, State of New York, on tho first Tuesday of Fobruary
each year.
The Directors, elected annually, are: Arthur T. Murray
and George A. MacDonald, Springfield, Mass.; Martin E.
Kern, Allentown, Pa.; Harry C. Dodge, Clifton H. Dwinnoll,
Henry N. Sweet, Philip L. Spaulding, Boston, Mass.;
Duncan A. Holmes and Henry J. Fuller, New York, N. Y.
The Officers aro: Arthur T. Murray, President; George A.
MacDonald, Vice-President and Treasurer; Arthur H. D.
Altree, Vice-President; Leon W. Rosenthal, Vice-President;
John A. MacMartin, Secretary and Assistant Treasurer.
Certificates of stock are interchangeable between New
York and Boston.
Transfer Agents: Mercantile Trust & Doposit Company,
New York City, and International Trust Company, Boston,
Mass.
Registrars: Tho Chase National Bank of tho City of Now
York, New York City, and First National Bank of Boston,
Boston, Mass.
AMERICAN BOSCH MAGNETO CORPORATION,
By GEORGE A. MacDONALD, Vice-President.
This Committee recommends that the above described
temporary interchangeable certificates for 60,000 shares of
Capital Stock, without nominal or par value, be admitted
to the list prior to July 1 1919 with authority to substitute
permanent engraved interchangeable certificates on official
notice of issuance in exchango for outstanding temporary
certificates therefor, in accordance with tho terms of this
application.
WM. W. HEATON, Chairman.
Adopted by the Governing Committee May 5 1919.
GEORGE W. ELY, Secretary.

THE CHRONICLE

M a y 17 1919.]

£

3 1x
jc ( § o m m z x t m l

^ xm zB o

COMMERCIAL EPITOME

2

045

ward trend during the first quarter of the present year, rose
during April, according to the index numbers. At the end
of April the economical index number was 5,774, or sixty-six
points higher than at the end of March.
LARD firmer; prime Western here nominally 34.20(5)
34.30c.; refined, Continent, 36c.; South America, 36.25c.;
Brazil, in kegs, 37.25c. Futures advanced with higher
prices for hogs and corn. Exports last week, moreover,
wero 82,000,000 lbs. of lard and meats. The cash trade has
somewhat increased in this country. The War Department
has decided to export all of its surplus meat products now
on hand. Later prices eased with lower hog and grain
markets, some liquidation and larger receipts. To-day
prices fell, but they end at a small net rise for the week.

Friday Night, May 1Gth 1919.
A largor business is being dono both at wholesale and
retail. Europe is buying textiles, leather and other com­
modities on a greater scale. There is sharp demand for
wearing apparel. Already buying for the next fall trade is
moro activo. Tho tone is more cheerful. Men look at tho
stock market and its extraordinary activity at steadily
rising prices and are inclined to think that it is a sign of tho
times. Wheat exports aro still very largo. They reached
tho enormous total for tho week of 10,729,000 bushels and
OP LA RD FUTURES IN CHICAGO.
thus far this season somo 342,800,000 bushels, or moro than D A IL Y CLOSING PRICES
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
130,000,000 bushels larger than in tho samo period last year. May delivery.........cts.33.30
33.65
33.60
33.50 33.55
33.35
delivery
.........
32.10
31.95
31.82 31.95
31.72
Tho outlook for the winter wheat crop is still very favorable. July
Tho seeding of tho spring wheat crop is completed. And September delivery------31.60 31.80 31.60 31.45 31.45 31.45
now corn planting is making quick progress. The sales of PORK steady; mess, $57@$58 nominal; clear, $52@$60;
cotton goods are on a big scalo at rising prices. Raw cotton beef unchanged; mess, $35@$36; packet, $38@$39; extra
has advanced within a weok about $5 a bale and there is a India mess, $65@$67; No. 1 canned roast beef $4 50; No. 2,
brisk call for it both from home manufacturers and Europe. $8 75. Cut meats firmer; pickled hams, 10 to 20 lbs.,
It is hoped that tho Juno exports of cotton will increase 33M@34Mc.; pickled bellies, 33@34c. To-day July pork
sharply and certainly a larger supply of ocean tonnage is closed at $49 60, a decline of 90 cents for the week. Butter
oxpected. It is a fact that export trade in commodities is creamery extras 60@60M<3- Cheese, flats, 30@32Me.
Eggs, fresh gathered extras, 50@50Mc.; firsts to extra
large. Tho ronewod collapso of foreign exchange ratos, firsts,
storage packed, 49Me.
including British, French and Italian, has not disturbed tho
optimistic feeling as to tho futuro of the oxport business of GUI PEL on the spot in fair demand and easier; No. 7
this country. It is behoved that credits will be provided and Rio 18Me.; No. 4 Santos 23e.; fair to good Cucuta 22jM@23c.
that as timo goes on oxchango rates will bo stabilized in a Coffee futures declined on liquidation despite rather firm
natural manner. Tho most cheerful roports as to trade Brazilian advices. The advance had been so rapid as to
come from tho great grain States of tho West. But this invito profit taking. But it is said that the Government of
is also true that in tho largor Eastern centres, which for a Sao Paulo is not selling its holdings as was recently reported.
timo lagged bohind tho rest of tho country, tho feeling is Europe has bought to some extent. But American trade
becoming moro confident. At auction somo 235,000,000 interests have sold. Firm offers at times have been lower
pounds of wool havo been sold. A big business is being from Brazil. To-day prices closed unchanged to 34 points
done in silk. Tho tone in tho iron and stool trado is moro higher. Tho ending is slightly higher on July for the week.
clieorful and here and thero business is rather better. Ameri­ Tho Enemy Alien Property Custodian has claimed the
can ship yards will bo allowed to build for foreign noutrals. $4,253,337 estate left by Herman Sielcken, former head
That may prove to bo a big step in advance. Anthracite
the coffee firm of Crossman & Sielcken, who died an
coal is in rathor bettor demand and sales of bituminous t>f
enomy
alien at Baden-Baden, Germany, in 1917. ! -mi
have also increased somewhat. The sales of luxuries is still M a y .........18.20®
18.301October
17.69( 17.711 JanUary __17.20@17.25
on a largo scale. Business failures continue very small. July______18.35®
18.401December. 17.301 17.351 M arch__17.11 @17.15
September.
17.89
®
17.901
Out of 35 Statos reporting to tho Federal Employment
Service, 20 Northern States havo labor surplus, 0 in tho SUGAR remains at 7.28c. for centrifugal, 96 degrees test,
South havo shortage, and 10 an equality. Now York City Cuban and Porto Rican; granulated 9c. Further purchases
owing to tho influx of soldiers and sailors, has a largo surplus. of 65,000 tons aro reported by the Equalization Board. At
Fronch authorities aro considering tho early relaxation of Atlantic ports the receipts are large. Receipts of raw have
import and oxport restrictions. A group of important wool been large. Heavy tonnage has been provided for
manufacturers in tho north of Franco has purchased recently exportation from Cuba. Last week it exported only 97,893
in England about $10,000,000 of raw matorial to restart tons, it was estimated, against 151,963 tons in the previous
tho homo industry in Franco. Belgium will send buyers to week, and 99,958 tons last year. Cuban receipts were
the United States for machinery and raw materials. A 144,699 tons, against 170,729 tons in the previous week, and
movement to kill tho wartime Prohibition Act, in ordor to 101,078 tons last year; stocks 1,080,790 tons, against 1,033,­
enable liquor peoplo to close out their business with as little 984 tons in the previous week, and 777,000 tons last year.
loss as possible, is said to bo gaining headway at Washington. Larger arrivals of Cuban, Porto Rican, St. Croix" and
Large banking interests in New York, Kentucky and West­ Demerara raw sugar have taken place here. Meanwhile
ern cities plan to obtain six months’ grace, bocause they refined sugar is in noticeably better demand. That is one
mado big loans to distillers. Thero aro about 60,000,000 of the brighter features of the situation. The export demand
gallons of liquor in warehouses. A Washington dispatch for refined has increased sharply. Not only the Royal
assorted that for other reasons a proclamation would prob­ Commission, but neutral countries, are buying at 7.82c.
ably bo issued postponing prohibition until Jan. 1 1920. net, f.o.b. New York, in lots of 1,000 tons and 7.88c. for
Tho cost of living decreases but little. In somo things it smaller quantities. Shipments to England, France and
rises. For instance, an advanco in tho wholesale price of Italy aro expected to average 80,000 tons a month in May,
shoes of from 25 to 50 cents will cause, it is said, another Juno and July.
incroaso of from 50 cents to $1 a pair in tho cost to tho OILS.—Linseed easier; city, raw, car lots, $1 61; small
public. Manufacturers assert that this action is imperative,
May, $1 64. Lard, prime edible, steady at 2.70c.
as prices of leather, hides and skins havo advanced during lots,
Coacoanut oil, Ceylon, bbls., firmer at 15M@16c. Corn
tho last two weeks. It is stated that there will bo a linen oil,
crude refined, 19M@20c. Spirits of turpentine, 80@
shortage for soveral years in England, &c. Mills in England, 80Me.
' Common to good strained rosin, $12 25.
Ireland and Scotland aro turning out cotton damask instead PETROLEUM
good demand and steady; refined in
of linen as thero has been no importation of Russian flax barrols, cargo $17in25@$18
New York, $9 25®,
in several years. Prices in England for cotton goods, in tho $10 25; cases, New York, 25;$20bulk.
25. Gasoline in
war period, havo increased 300% to 400% and in some other good demand; motor gasoline in 25@$21
barrels, to garages,
countries the rise has been far greater. Tho domand for 24Me.; to consumers 26Mc. Gas steel
machine 41 Me. In the
low and medium priced goods is enormous. Tho housing Eastland Texas fields there has recently
a decided
quostion has becomo so serious hero that tho recently ap­ increase in the production. No very large been”
wells have been
pointed Reconstruction Commission, with Governor Smith reported in Oklahoma and Kansas. Little
no new
presiding, will meet a group of prominent business men at territory has been opened up there. But all orfields
tho Metropolitan Club hero tonight to doviso plans for tho reported the usual activity for this time of the year.have
rolief of an intolerable situation. Tho program will provido promises to be a lively summer in both States. In southIt
for tho actual financing of building operations by which it
and south Louisiana there has recently been little
will bo possiblo to erect a large number of modern light and Texas
nows; only small wells and salt water holes and production
airy apartments renting at moderate prices. These apart­ has
declined somewhat. Two wells have been reported