Full text of Commercial and Financial Chronicle : May 3, 1919, Vol. 108, No. 2810

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Bank & Quotation Section
Railway Earninys Section

Railway & Industrial Section
Bankers’ Convention Section

VOL. 108

Electric Railway Section
State and City Section

SA T U R D A Y , M A Y 3 1919

IIic

W e e k en d in g A p r i l 2 6 .

© Ix rv m d x

C le a r in g s a t—

PUBLISHED WEEKLY.

19 19 .

Terms of Subscription—Payable in Advance

A d r i a n ...............................

S
4 8 4 ,4 3 5 ,6 2 7
5 5 ,5 0 6 ,8 1 5
7 5 ,7 7 0 ,9 7 (
5 6 ,7 2 3 ,8 2 7
2 7 ,9 5 7 ,5 5 2
1 2 .5 8 1 .0 0 C
9 ,0 1 5 .7 0 C
8 ,9 9 6 ,7 3 6
5 ,0 7 0 ,8 8 £
4 ,9 3 8 ,8 8 5
3 ,9 0 2 ,8 0 1
3 ,5 4 0 ,6 5 2
1 ,8 9 1 ,9 7 5
1 , 25 3 .3 9 C
2 ,0 0 0 ,0 0 0
3 ,2 1 2 ,3 2 4
8 6 1 ,7 5 2
5 ,9 9 4 ,0 0 C
2 ,1 9 3 ,4 4 2
1 ,3 9 7 ,0 1 4
1 ,1 9 1 ,4 5 2
1 ,0 7 8 ,8 6 1
1 ,0 8 1 ,4 7 3
1 ,0 4 0 ,8 8 2
1 ,1 5 6 ,2 2 7
7 1 5 , 00C
4 4 2 .6 3 S
7 9 0 ,9 8 6
1 ,0 6 1 ,3 7 !)
9 6 5 ,1 0 4
2 4 8 ,2 5 8
8 5 ,0 0 0

T o t .M i d .W e s t .

8 5 0 ,0 0 6 ,0 0 9

S a n F r a n c is c o __
L o s A n g e le s _____
S e a t t l e ............................
P o r t l a n d .......................
S a lt L a k e C i t y . .
S p o k a n e ................... ...
T a c o m a ...........................
O a k l a n d ........................
S a c r a m e n t o _____
S a n D i e g o ______
P a s a d e n a _______
S t o c k t o n _______
F r e s n o ..............................
Y a k i m a ________
S a n J o s e ...........................
R e n o .................................
L o n g B e a c h ................
T o t a l P a c i f i c ..

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

K a n s a s C i t y ____
M i n n e a p o l i s ____
O m a h a ..............................
S t . P a u l ...........................
D e n v e r ............................
S t . J o s e p h .................
D e s M o in e s ................
S io u x C i t y ...................
D u l u t h ................... ..........
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 ...
C o l o r a d o S p rin g s
P u e b l o ...............................
F a r g o .................................
W a t e r l o o ........................
H e l e n a ..............................
A b e r d e e n .......................
F r e m o n t .......................
H a s ti n g s .......................
B i l l i n g s ...........................

1 7 9 ,4 4 6 ,3 0 1
3 8 ,7 8 7 ,7 6 2
4 8 ,1 5 6 ,1 9 4
1 5 ,7 8 5 ,4 2 0
1 9 ,5 1 2 ,3 5 8
1 6 ,0 9 2 ,3 9 5
9 ,6 0 6 ,8 1 3
8 ,4 7 7 ,5 5 1
5 ,9 3 3 ,0 8 5
9 ,2 3 4 ,6 4 6
3 ,9 5 0 ,2 1 1
2 ,7 4 5 ,8 6 7
2 ,2 2 6 ,0 6 2
7 9 6 ,6 2 7
6 3 9 ,9 4 9
2 ,5 8 4 ,8 6 3
1 ,5 7 7 ,8 9 9
1 ,9 0 2 ,7 8 1
1 ,4 1 8 ,2 3 3
6 3 0 ,7 0 7
y 14 8 ,9 5 8
1 ,3 4 3 ,1 0 6

T o t .O t h .W e s t .

7 7 7 ,1 0 2 ,6 1 0

+ 9 .4

7 6 2 ,0 3 5 ,3 6 5

5 5 4 ,4 6 6 ,2 8 5

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

+ 7 .7
+ 4 2 .6
+ 1 2 .4
+ 3 1 .0
+ 1 2 .0
+ 2 1 .4
— 1 7 .7
+ 3 0 .3
+ 1 0 .5
+ 1 2 .6
+ 2 5 .2
— 3 .2
+ 3 4 .8
+ 2 1 .4
+ 2 1 .8
+ 5 4 .5
+ 5 7 .8

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

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

2 2 6 ,7 1 9 ,8 6 1

+ 1 6 .6

1 8 3 ,1 0 4 ,5 5 9

1 4 1 ,6 0 4 ,5 8 7

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

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

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

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

3 7 1 ,3 3 2 ,7 8 8

3 8 3 ,6 9 1 ,2 6 4

— 3 .2

2 9 5 ,9 2 7 ,2 1 3

1 9 8 ,7 2 4 ,6 0 2

S h r e v e p o r t ................

1 4 3 ,1 6 1 ,4 7 2
5 5 ,1 9 1 ,4 0 1
16 ,5 9 0 ,3 8 3
1 5 ,5 0 0 ,0 0 0
4 ,0 9 2 ,6 9 7
4 6 ,1 7 5 ,7 5 6
1 3 ,4 3 9 ,5 2 6
4 1 ,4 2 4 ,7 2 2
1 8 ,9 2 0 ,5 8 6
5 ,4 5 1 ,7 0 1
1 5 ,4 7 2 ,6 4 2
9 ,2 8 2 ,8 4 0
9 ,5 0 0 ,0 0 0
7 ,5 1 7 ,7 8 8
5 ,2 6 8 ,3 6 7
3 ,0 2 9 ,1 1 0
4 ,3 9 2 ,6 2 7
1 ,2 0 0 ,0 0 0
2 ,6 2 5 ,1 0 3
3 ,6 0 0 ,0 0 0
1 0 .3 9 8 ,3 3 4
1 ,3 5 0 ,0 0 0
3 ,0 0 0 ,0 0 0
3 0 4 ,4 3 5
2 ,5 2 3 ,0 2 5
8 ,5 2 3 ,3 8 8
4 1 0 ,9 2 0
2 3 ,7 2 7 ,8 6 0
2 ,7 0 0 ,4 6 4

T o t a l S o u th e rn

4 7 4 ,7 7 6 ,1 4 7

+ 3 .4
1 3 8 ,4 8 4 ,6 8 2
.5 0 ,1 2 6 ,2 2 6 + 1 0 .1
2 1 ,8 1 3 ,6 0 0 — 2 3 .9
1 0 ,5 0 0 ,0 0 0 + 4 7 .6
3 ,1 4 6 ,8 4 0 + 2 6 .9
+ 1 0 .9
4 1 ,6 5 8 ,0 7 9
+ 1 1 .8
1 1 ,9 9 9 ,7 5 3
3 6 ,0 0 4 ,9 0 6 + 1 5 .1
9 ,7 8 4 ,0 6 5 + 9 3 .4
4 ,6 0 1 ,4 0 7 + 1 8 .5
1 2 ,7 6 6 ,0 3 6 + 2 1 . 2
6 ,9 2 6 ,5 5 5 + 3 4 .0
3 ,5 4 3 ,9 0 0 + 1 6 8 .1
4 ,3 9 8 ,4 0 7 + 7 0 .9
+ 1 0 .7
4 ,7 5 9 ,3 9 1
2 ,4 5 9 ,4 0 6 + 2 3 .2
+ 9 .7
4 ,0 0 1 ,4 0 7
1 ,1 7 9 ,9 1 3
+ 1 .7
— 6 .9
2 ,8 1 8 ,0 8 0
3 ,0 0 0 ,0 0 0 + 2 0 .0
8 ,3 8 0 ,9 9 8 + 2 4 .1
1 ,5 0 0 ,0 0 0 — 1 0 .0
1 ,6 3 2 ,9 2 5 + 8 3 .7
+ 1 .2
3 0 0 ,7 8 1
+ 7 .4
2 ,3 4 9 ,9 4 3
10 .6 5 1 ,0 .5 6 — 2 0 .0
5 3 2 .1 1 1 — 2 2 .8
+ 5 1 .7
1 5 ,6 3 9 ,0 3 1
1 ,9 7 0 .4 9 7 + 3 7 . 1
4 1 6 ,9 3 2 ,9 8 9 + 1 3 .9

S p r i n g f ie l d , 1 1 1 . .
F o r t W a y n e ____

P u b lis h e d o v o r y S a t u r d a y m o r n in g b y W I L L I A M
U. D A N A C O M P A N Y .
J a c o b S e ib e r t J r . , P r e s id e n t a n d T r e a s u r e r ; A r n o l d O . D a n a . V l c e - P r e s ld o n t a n d
S e c r e t a r y . A d d re s s c s s o l b o t h , O tt lc e o f th e C o m p a n y .______________

CLEARING HOUSE RETURNS.
T h e f o llo w in g t a b l e , m a d e u p b y t e le g r a p n , A c . , in d ic a te s t h a t t h e t o t a l D a n k
c le a r in g s o f a ll th e c le a r in g h o u se s o f th e U n i t e d S ta te s f o r t h e w e e k e n d in g t o - d a y
h a v e b e e n S 7 , 3 1 7 ,9 7 5 ,5 5 2 , a g a in s t $ 8 ,9 0 4 ,7 6 0 ,2 7 5 la s t w e e k a n d $ 0 ,2 5 5 ,0 2 0 ,0 7 5
th e c o rr e s p o n d in g w e e k la s t y e a r .

19 19 .

19 18 .

P er
C e n t.

N ew Y o r k ------------ --------- - ........... .........
C h i c a g o ............... .....................- ........... ..
P h ila d e lp h ia ..............................................
B o s t o n ............... — --------- ------------------K an sas C i t y ...................... .........................
S t . L ou is------------------------------------------San F ra n cis co -----------------------------------P it t s b u r g h ............... ...................................
D e t r o it ...................... ...................................
B a ltim ore-------------- ------------- - ................
N ew .O rlean s— .......................................

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

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

+ 2 5 .9
+ 4 .8
+ 2 .9
+ 2 .9
— 1 3 .3
+ 1 .5
+ 2 3 .8
+ 1 7 .7
+ 5 8 .0
+ 5 .7
— 1 3 .0

E leven cities, 5 d a y s ...........................
O th er cities, 5 d a y s ..................................

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

$ 4 ,4 5 1 ,7 6 2 ,1 8 5
7 7 6 ,2 4 7 ,9 1 8

+ 1 9 .1
+ 1 0 .8

" ^ T o t a l all cities, 5 d a y s -----------------A ll cities, 1 d a y .........................................

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

$ 5 ,2 2 8 ,0 1 0 ,1 0 3
1 ,0 2 7 ,0 0 9 ,9 7 2

+ 1 7 .9
+ 1 2 .4

“ j i ’ota l all cities for w e e k ........ ...........

$ 7 ,3 1 7 ,9 7 5 ,5 5 2

$ 0 ,2 5 5 ,0 2 0 ,0 7 5

+ 1 7 .0

• P a r t l y e s t im a te d .
—.T h e f u l l d e ta ils f o r th e w e e k c o v e r e d b y th e a b o v e w ill b e g iv e n n e x t S a t u r d a y .
W o c a n n o t f u r n i s h th e m t o - d a y , c le a rin g s b e in g m a d e u p b y t h e c le a r in g h o u se s
a t n o o n o n S a t u r d a y , a n d h e n c e In th e a b o v e t h o la s t d a y o f t h e w e e k h a s t o b e In
a l l cases e s t im a t e d , a s w e g o to press F r i d a y n i g h t .
...^ D e t a il e d fig u r e s f o r t h e w e e k , e n d in g A p r i l 2 6 s h o w :
W e e k e n d in g A p r i l 2 6 .
C le a r in g s at—

19 19 .

19 18 .

$

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

N e w Y o r k ................... 3 .8 9 9 ,8 6 9 ,6 4 0
3 9 6 ,3 6 1 ,6 8 6
P h i l a d e l p h i a ------1 4 9 ,0 5 8 ,9 6 1
P i t t s b u r g h ...................
7 5 ,3 7 3 ,7 6 6
B a l t i m o r e ...................
2 1 ,4 8 4 ,5 5 8
1 4 ,0 3 2 ,2 8 1
W a s h i n g to n ................
4 ,3 0 0 ,0 0 0
7 ,0 6 0 ,0 0 6
3 ,5 6 1 ,9 5 7
3 ,8 6 0 ,7 5 0
2 ,4 3 1 ,9 9 5
3 ,5 0 0 ,0 0 0
2 ,0 4 1 ,7 6 0
3 ,8 9 8 ,5 0 2
1 ,5 2 5 ,1 3 4
3 ,2 0 7 ,1 3 9
2 ,6 4 4 ,7 1 5
2 .0 0 8 ,7 4 1
9 4 9 ,8 0 0
1 ,2 5 0 ,0 0 0
1 ,3 9 4 ,1 9 7
9 1 0 ,4 3 5
3 0 9 ,3 9 1
M o n t c l a i r ...................
T o t a l M i d d l e . . 4 ,6 0 1 ,0 3 5 ,4 7 4 3 ,8 0 5 ,8 2 7 ,6 7 7

I n c . or
D ec.

19 17.

19 16 .

$
S
%
+ 2 2 .2 4 ,0 9 1 ,0 8 0 ,5 0 8 2 ,7 5 5 ,8 3 7 ,7 3 9
2 4 7 ,4 5 7 ,7 4 3
+ 9 .7
3 4 3 ,4 0 3 ,7 5 4
8 3 ,3 4 6 ,5 6 2
+ 2 2 .5
8 8 ,3 2 9 ,5 0 0
4 4 ,3 7 9 ,0 3 0
+ 2 9 .7
4 1 ,0 9 0 ,1 4 3
1 2 ,3 3 4 ,7 8 8
+ 1 1 .5
1 7 ,2 1 1 ,2 0 8
8 ,3 0 4 ,3 2 1
+ 2 4 .4
9 ,9 0 0 ,7 3 1
4 ,5 0 5 ,4 0 3
— 1 1 .4
5 ,0 8 3 ,3 0 1
4 ,8 8 5 ,5 5 5
+ 1 0 .2
5 ,8 5 0 ,9 4 4
2 ,8 5 7 ,4 8 1
+ 7 .9
3 ,3 3 4 ,9 0 3
2 ,8 7 9 ,6 4 2
— 2 .7
3 ,7 9 2 ,5 8 5
2 .3 7 0 ,9 4 9
— 8 .4
2 ,5 9 8 ,1 2 5
2 ,9 1 0 ,5 8 2
+ 1 5 .8
3 ,2 5 1 ,5 8 5
1 ,6 1 4 .4 6 3
+ 0 .2
2 ,0 1 2 ,9 4 4
2 ,7 3 7 ,8 6 8
~ 0 .6
3 ,7 1 2 ,6 0 0
1 ,1 2 7 ,4 5 1
+ 8 .4
1 .2 3 9 ,8 9 7
2 ,5 6 8 ,9 6 0
+ 2 7 .0
2 ,0 2 2 ,9 4 4
1 ,7 1 0 ,2 5 4
— 3 .9
1 ,9 0 3 ,0 8 6
1 ,3 9 4 ,3 6 2
+ 9 .0
1 ,6 8 0 ,0 9 7
7 3 3 ,2 0 0
+ 2 5 .8
8 9 0 ,7 0 0
7 5 0 ,0 0 0
— 6 .2
9 1 7 ,4 5 8
1 ,3 4 7 ,0 9 2
1 ,8 0 6 ,3 8 3
+ 1 .5
6 2 8 ,5 0 9
+ 3 4 .0
7 5 6 ,8 2 6
4 1 0 ,1 6 9
— 1 7 .4
5 3 5 ,2 4 2
+ 2 0 .9 4 ,0 3 2 ,5 3 1 ,5 3 0 3 ,1 8 7 ,0 9 2 ,1 2 9

B a n g o r ..............................

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

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

+ 3 .7
— 1 7 .8
+ 1 5 .6
+ 1 3 .5
— 8 .2
— 7 .4
— 1 7 .6
— 3 5 .6
— 2 7 .0
— 2 6 .6
— 2 5 .4
— 1 0 .6

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

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

T o ta l N e w En g

3 4 3 ,2 8 7 ,9 1 5

3 3 6 ,2 3 8 .0 1 8

+ 2 .1

2 7 7 ,7 5 0 ,6 6 8

2 3 2 ,0 7 0 ,7 2 0




19 16 .
$
3 7 4 ,8 8 9 ,1 4 2
3 0 ,5 8 5 ,8 5 0
3 5 ,6 6 8 ,6 6 4
3 7 ,2 9 5 ,2 7 3
1 7 ,1 4 9 ,7 9 8
9 ,2 8 8 ,7 8 4
8 ,6 0 7 ,2 0 0
8 ,0 0 0 ,6 5 4
3 ,4 3 0 ,9 9 7
3 ,9 8 4 ,9 2 2
2 ,9 2 6 ,8 6 5
1 ,4 0 7 ,6 9 4
1 ,2 8 2 ,1 4 7
1 ,5 2 4 ,5 8 5
1 ,0 9 4 ,7 0 9
2 ,4 7 9 ,6 0 2
7 3 8 ,1 8 4
3 ,8 7 2 ,0 0 0
2 ,3 7 1 ,3 9 0
8 2 5 ,1 5 5
7 4 2 ,4 3 3
1 ,0 1 2 ,2 0 2
5 8 2 ,9 1 0
0 4 3 ,2 4 8
8 6 6 ,0 2 6
6 3 8 ,4 6 4
3 0 6 ,0 2 6
5 8 3 ,5 4 9
8 8 5 ,3 3 2
3 2 3 ,3 8 9
4 1 5 ,0 0 0
7 5 ,4 9 1

Terms of Advertising—Per Inch Space

20
00
00
00
00

19 17.
S
5 0 9 ,6 5 3 ,8 7 7
3 7 ,7 7 7 ,4 8 2
6 1 ,3 8 5 ,08C
5 4 ,5 7 7 ,1 8 5
2 3 ,1 2 4 ,4 4 5
1 2 .9 3 3 .9 0 C
8 ,936.00 C
1 0 ,6 0 1 ,2 1 1
5 .0 0 0 .0 0 C
4 ,8 6 1 ,51C
2 ,6 7 9 ,7 0 6
2 ,8 5 0 ,2 1 7
1 ,6 6 6 ,3 7 8
1 ,2 6 1 ,6 3 7
1 ,6 3 3 ,7 0 9
3 ,4 4 3 ,6 4 6
5 8 7 ,8 8 3
5 ,7 5 5 ,0 0 0
3 ,6 4 9 ,7 5 6
1 ,1 3 9 ,4 8 6
9 2 5 ,2 4 7
9 7 0 ,5 5 2
7 7 6 ,6 2 1
9 0 3 ,6 5 9
1 ,1 2 0 ,7 9 1
6 5 0 ,0 0 0
3 5 3 ,5 7 1
7 0 0 ,0 0 0
1 ,1 4 5 ,6 6 2
5 3 8 ,0 9 9
2 9 7 ,6 4 3
1 3 5 ,4 1 6

C h ic a g o ...........................

$4
22
29
60
87

Inc. or
Dec.
%
+ 6 .1
— 9.C
+ 5.S
+ 6 1 .7
— 7 .6
+ 5 .7
+ 9.6
+ 3 4 .5
+ 1 1 .6
+ 0.6
— 5 .6
+ 1 1 .5
+ 1 3 .2
+ 2 4 .3
+ 2 0 .0
+ 5 .2
+ 4 2 .1
+ 3 7 .8
+ 6 9 .6
+ 2 0 .0
+ 1 9 .2
+ 0 .3
+ 2 .8
+ 2 0 .3
+ 3.6
— 1 .4
+ 1 7 .6
+ 1 0 .2
+ 1 7 .8
— 1 4 .8
+ 2 5 .4
+ 3 3 .1

C i n c i n n a t i ....................
FOr Six Months........................................................................................ 6 00
C l e v e l a n d ______
European Subscription (including postage)......................................... 13 00
D e t r o i t _________
European Subscription six months (including postage)...................... 7 50
M i l w a u k e e _____
Annual Subscription in London (including postage).................................... £2 14s.
I n d i a n a p o l i s ____
Six Months Subscription in London (including postage)...............................J5111s.
C o l u m b u s ______
Canadian Subscription (including postage)......................................... $11 50
T o l e d o __________
Subscription includes following Supplements—
P e o r i a __________
B ank and Quotation (monthly) I R ailway and I ndustrial (twice yearly)
G r a n d R a p i d s ___
E lectbio R ailway (twico yearly)
R ailway E arnings (monthly)
D a y to n
_______
B
ankers
’
C
onvention
(yearly)
State and City (semi-annually)
E v a n s v i l l e _____

Transient matter per inch space (14 agate lines)...................................
(8 times)..........................
Two Months
Three Months (13 times)..........................
Standing Business Cards
Six Months
(26 times)..........................
TwolvoMonths (52 times)..........................
Chicago Office—39 South La Salle Street, Telephone Majestic7396.
London Office—Edwards & Smith, 1 Drapers’ Gardons, E. C.
W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
F ro n t. F in e and D ep e y sto r S ts., N ew Y o r k .

19 18 .

$
5 1 3 ,8 4 4 ,1 6 8
5 0 ,1 8 3 ,5 3 7
7 9 ,8 1 5 ,4 7 6
9 1 ,7 0 7 ,5 4 2
2 5 ,8 4 5 ,2 8 6
13 .2 9 5 .0 0 C
9 , 90 0.00 C
1 2 ,0 9 7 ,2 9 6
5 ,6 6 7 ,9 7C
4 ,9 7 9 ,0 1 6
3 ,6 8 2 ,7 8 6
3 ,9 4 6 ,9 7 3
2 ,1 4 0 ,6 8 5
1 ,5 5 8 ,1 9 3
2 ,4 0 0 ,0 0 0
3 ,3 8 2 ,4 3 5
1 ,2 2 4 ,8 1 0
8 ,2 6 2 ,0 0 0
3 ,7 2 0 ,7 6 3
1 ,6 8 9 ,3 8 3
1 ,4 2 0 ,3 1 5
1 ,0 S 2 ,5 8 3
1 ,1 1 1 ,4 6 3
1 ,2 5 2 ,3 8 1
1 ,2 0 0 ,0 0 0
70 5 ,0 0 0
5 2 0 ,2 5 3
8 7 1 ,6 1 7
1 ,2 5 0 ,0 0 0
8 2 2 ,7 9 6
3 1 3 ,1 6 8
1 1 3 ,1 0 2

For One Year............................................................................................$10 00

C le a r in g s — R e tu r n s bv T e le g r a p h .
W e e k e n d in g M a g 3 .

N O. 2810

Y o u n g s t o w n ____
L e x i n g t o n ______
A k r o n ___________
C a n t o n ..............................
B l o o m i n g t o n ____
Q u i n c y ------------------S p r i n g f ie l d , O h i o .
D e c a t u r . . ....................
M a n s f i e l d ______
S o u t h B e n d ---------D a n v i l l e ________
J a c k s o n v il le , 1 1 1 .
L i m a ___________
L a n s i n g ..........................
O w e n s b o r o ................

S t . L o u i s .......................
N e w O r l e a n s ____
G a lv e s t o n ....................
R i c h m o n d -----------F o r t W o r t h ................
M e m p h i s .......................
N o r f o l k ...........................
J a c k s o n v i l l e ____
C h a t t a n o o g a ____
L i t t l e R o c k _____
M o b i l e ..............................
O k l a h o m a ....................
V i c k s b u r g ______

T o t a l a l l .................... 6 ,9 0 4 ,7 6 0 ,2 7 5 5 ,9 4 6 .5 1 3 ,0 0 9
O u t s i d e N . Y . . 3 .0 0 0 ,8 9 0 ,6 3 5 2 ,7 5 5 ,6 8 2 ,0 5 4

1 3 2 ,3 2 3 ,2 5 6
3 3 ,6 8 6 ,6 9 9
1 8 ,1 8 5 ,3 8 5
1 1 ,5 9 8 ,3 4 7
4 ,2 9 1 ,0 3 8
2 6 ,0 4 6 ,8 4 4
1 1 ,0 0 8 ,4 0 3
2 0 ,0 4 7 ,8 9 5
9 ,3 4 7 ,3 8 2
5 ,4 1 8 ,3 9 7
9 ,1 5 8 ,1 2 4
5 ,2 4 9 ,5 1 7
3 ,0 9 9 ,4 9 6
3 ,5 9 5 ,2 6 4
3 ,2 9 8 ,9 5 9
2 ,5 2 4 ,7 9 6
2 ,8 3 1 ,0 3 8
1 ,3 0 9 ,7 6 2
1 ,8 6 0 ,0 1 2
2 ,7 0 0 ,2 2 7
5 ,3 9 6 ,5 7 4
1 ,1 2 5 ,0 0 0
2 ,4 0 0 ,0 0 0
2 2 9 ,8 2 9
1 ,4 9 7 ,4 7 4
7 ,9 0 2 ,9 8 8
2 9 3 ,4 0 7
1 2 ,6 1 0 ,4 3 8
1 ,6 2 0 ,’ 39

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

3 3 9 ,8 7 9 ,1 7 0

2 3 8 ,8 2 7 ,9 5 3

—

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

1750

THE CHRONICLE

[V ol . 108.

and that unless a radical change is quickly brought
about, a deficit of $1,000,000,000 a year, and per­
In the activity and buoyancy of the stock market, haps more, is staring the country in the face.
which is now extending to the railroad shares, the
fact should not be lost sight of that, under Govern­
This was an eventful week at the Peace Confer­
ment management, the condition of the railroads is ence. Monday, April 28, undoubtedly will be
steadily growing worse. The perfectly frightful way written down in its annals as one of the most memor­
in which expenses are running up furnishes occa­ able days up to that time. That morning the re­
sion for the deepest concern, if not for actual vised draft of the covenant of the League of Na­
alarm, and that circumstance is our reason for pres­ tions, which had been cabled to the State Depart­
sing the subject so constantly upon the attention ment at Washington, and to the leading capitals of
of our readers.
the world, subject to release, was made public in the
It would seem as if the augmentation in expenses, newspapers in all those centres. In the afternoon, at
which is reaching such prodigious dimensions, could 3 o’clock, the Peace Conference assembled in plenary
not be ascribed alone to the increase in wages, albeit session and adopted the document by a unanimous
this is adding enormously to the annual pay-roll of vote, after some rather long speeches by representa­
the roads, but that there is at the same time a great tives of several of the smaller Powers. To President
and growing loss in operating efficiency. As bearing Wilson this ending of weeks, and even months, of
out this theory there are ominous reports from all determined argument on his part, coupled with
parts of the country that under Government control severe criticism from political opponents, both in the
the properties have not been kept in the fine physical United States and Europe, was a distinct personal
condition which was a matter of pride with so many of victory, and unquestionably a source of great satis­
them when under private control— in other words, that faction. He had realized not only the adoption of
physically considerable deterioration is taking place. the covenant of the League of Nations by the Peace
The occasion for again referring to the unfortunate Conference as a whole (with the exception of the
plight of the railroads is the appearance the present Italian delegates), but its incorporation into the
week of the earnings statements for the month of Peace Treaty as well.
March. It had been hoped that by this time some
At M onday’s session Chairman Clcmenceau pre­
modification of the adverse character of these sided. A notable feature from the outset was the
monthly statements would have been accomplished. absence of the five Italian delegates whose regular
Instead of that, the comparisons are even worse seats were at his right hand. According to the rec­
than in the months preceding and it looks very much ords this was the first plenary gathering of the Peace
as if when the results for the month are finally Conference at which Italy had not been represented.
tabulated it will be found that the showing for President Wilson, the chief sponsor of the League of
March is the poorest of any month since the great Nations idea from the beginning, very naturally and
advance in railroad rates made in June of last year. properly moved the adoption of the covenant, after
In many cases the gross earnings are now falling off, having given a detailed explanation of the principal
while at the same time expenses are running up as changes in the revised draft as published by the
markedly as before.
morning newspapers. Baron Makino, head of the
Take a few examples of roads in the Southwest, Japanese delegation, called attention once again to
which, on the strength of the oil developments in the amendment on racial equality, which had been
that part of the country, have become such specu­ proposed previously and discussed frequently at
lative favorites on the Stock Exchange; the Missouri sessions of the Council of Four. The accounts state,
Kansas & Texas for March, as compared with the however, that the amendment was withdrawn on the
corresponding month last year, suffered a decrease understanding that it would be dealt with by the
in gross earnings of $118,932; expenses, on the other League of Nations. Paris dispatches later in the
hand, increased $368,253; therefore net earnings week intimated that the matter would not be post­
have diminished $487,185. The Rock Island reports poned that long, but would be dealt with through
a decrease of a $133,529 in gross, with an increase the medium of private negotiations. M . Bourgeois,
of $1,163,547 in expenses, leaving net diminished representing France, did not press the amendments in
in amount of no less than $1,297,076; the Denver & behalf of his country which have become more or less
Rio Grande loses $112,147 in gross with $382,632 familiar. The “ Old Tiger,” Chairman, then put the
addition to expenses and consequently the net for question of the adoption of President Wilson’s mo­
March 1919 is only $186,816, as against $681,595 in tion. Following his procedure at a similar session of
March 1918; the Southern Pacific shows $1,039,574 the Peace Conference several months before, when
improvement in gross, but this was attended by an the general question of having a League of Nations
augmentation of $2,375,240 in expenses, leaving a was up for consideration and action, he declared
loss in net of $1,335,666.
the adoption of the covenant without a formal vote.
These are typical instances which are duplicated
President Wilson’s motion relative to the covenant
over and over again in all parts of the country. The also included the nomination of Sir James Eric
smaller roads are faring as badly as the larger sys­ Drummond as Secretary-General of the League, and
tems. Thus in the South the Nashville Chattanooga provided, furthermore, for a committee to have in
& St. Louis, while seeing its gross diminished by charge the inauguration of it. Later it became
$85,776, finds its expenses run up $445,152, the two known that Sir James Eric’s salary would be $25,000
together causing a loss in net of $530,928. This a year, and that a like amount would be set aside
little system fell $67,119 short of earning bare oper­ for the expenses of his office. The first official of
ating expenses in March 1919, as against net above the League of Nations to be formally named has
expenses in March 1918 of $463,810.
served as private secretary to Arthur J. Balfour,
It is the literal truth to say that the railroads, in British Foreign Secretary, since December 1916.
their operating results, are going from bad to worse Previously he had occupied a similar position with
THE




F IN A N C IA L

S IT U A T IO N .

M ay 3 1919.]

THE CHRONICLE

Viscount Grey and Herbert H. Asquith, who at that
time was Prime Minister. Paris advices on Tuesday
made it clear that it had been practically decided to
hold the first meeting of the League of Nations in
Washington next October, although Geneva, Switz­
erland, has been agreed upon as its permanent home.
On ^Wednesday Colonel E. M . House gave a lunch­
eon in Paris to the new Secretary-General of the
League, Lord Robert Cecil, and others, at which
plans for launching the undertaking were outlined.
It appears that the preparatory details will be worked
out at temporary headquarters in London during
the coming summer and that, as already indicated,
the inaugural meeting will be held in Washington in
October under the presidency of Woodrow Wilson.
The League will be permanently established in
Geneva during the fall or winter. The working out
of preparatory details will be in the hands of a com­
mittee, such as called for by President Wilson’s
motion, and will consist of nine members. It is
expected that Colonel House and Lord Robert Cecil
will be among that number.
The changes in the covenant of the League of Na­
tions are intended “ to safeguard the Monroe D oc­
trine; to remove domestic questions, such as the
Japanese immigration issue, from the operation of
the League; to permit nations to withdraw upon twro
years’ notice, and to make clear that the rule of
unanimity shall control the decisions of the League
Council.” It develops also that all of the changes
suggested by former President Taft were covered,
and that most of thos.c urged by former Justice
Hughes were adopted. The modifications offered
by those two eminent lawyers and judges, as well as
those of Elihu Root, former Secretary of State, and
United States Senator P. C. Knox, relative to Arti­
cle X , were not carried out by the Commission on the
League of Nations. It is still held by critics of the
covenant that this article obligates the United States
to guarantee the territorial integrity of all nations
joining the League.
The most severe critics of the covenant asserted
that the changes were largely verbal and that only in
the article relating to the Monroe Doctrine did the
revisions meet the many vital objections that had
been made to the first draft. Senator Borah, one
of the most outspoken of the critics in this country
of the League'of Nations idea, and of the draft of the
covenant that President Wilson brought back with
him from Paris, was quoted in Washington dis­
patches as pointing out that “ some of the most objec­
tionable features arc left unchanged,” and that Article
X is a “ breeder of war,” and “ turns the League of
Peace into a league of war.” Tuesday evening in
Washington Senator Lodge, another prominent op­
ponent of the covenant as originally framed, issued
a statement in which he declared that the latter
would require still further amendment. Senator
Curtis, the Republican whip, joined the Massachu­
setts Senator in sending telegrams to Republican
Senators warning them to reserve “ final expression
of opinion until there has been an opportunity for
conference.” Oscar S. Straus, representative in Paris
of the League to Enforce Peace, w as,quoted as ex­
claiming, when asked for an opinion on the revised
covenant, “ Far better than I had ever dared to ex­
pect we should get.”
Both the London and French press appeared to
be about equally divided in their opinion of the cove­




1751

nant as finally adopted by the Peace Conference on
Monday. Some of the Paris papers denounced the
document in plain terms. For instance, the “ Echo
de Paris” went so far as to assert that “ the League of
Nations is dead before birth.” The London “ Chron­
icle,” while not so severely outspoken, said, “ It is
a grave question whether in its present form the
League of Nations covenant will meet any of the
real demands which the future is likely to make on
it.” The “ News” approved the amended draft, but,
referring to the changes proposed by Japan, said:
“ We can have no color bar in the confederacy of na­
tions.”
The adoption of the League of Nations covenant
in final form was not the only important business
transacted at M onday’s session of the Peace Con­
ference. George Nicoll Barnes, a British delegate,
outlined the nine points which the Labor Commis­
sion desired to have incorporated in the Peace Treaty.
It was set forth in the clauses presented that “ the
standard set by law regarding conditions of labor
should have due regard for the equitable economic
treatment of all workers lawfully resident in a coun­
try, and also that a 48-hour week should be aimed
at.” As already indicated, evidently Premier Clemenceau does not believe in formal votes, even on
highly important questions, for after a few explana­
tory remarks by Sir Robert L. Borden, Canadian
Premier, the venerable Chairman of the Peace Con­
ference declared the nine points carried. Yesterday
afternoon in Washington Joseph P. Tumulty, Secre­
tary to President Wilson, gave out a Paris statement
received from the latter in Paris in which he charac­
terized the labor program of the peace treaty as “ one
of the most important achievements of the new day in
which the interests of labor are to be systematically
and intelligently safeguarded and promoted.”
But another matter of far greater public interest
was presented at that eventful session on Monday
by the Council of Three, or the Council of Four as it
was known previous to Premier Orlando’s with­
drawal, but, so far as the accounts show, however,
no action was taken. Reference is made to the text
of a provision of the proposed peace treaty calling
for the prosecution of former Emperor William by a
court of five judges “ for a supreme offense against
international morality and the sanctity of treaties.”
It was stated that the court will be composed of
representatives of the United States, Great Britain,
France, Italy and Japan. Already former President
Taft and former Supreme Court Justice Hughes have
been mentioned as possible members of the tribunal
for the United States. From Paris came the sugges­
tion that Count von Bernstorff might serve as chief
counsel for his former emperor. Banishment to
some spot from which he could take no part in
German affairs was about the only punishment sug­
gested in the gossip on the matter. The State
Department in Washington has made public the
four articles presented at M onday’s session relative
to the prosecution of the ex-Kaiser, and in which it
was declared that he would not be tried “ for an offense
against criminal law.” On Wednesday it was
claimed in a Paris cablegram that doubt had arisen
as to whether responsibility of the former Kaiser for
the war would be included in the peace treaty, inas­
much as no action was taken at the plenary session
of the Peace Conference on Monday on the articles

1752

THE CHRONICLE

presented at the request of the Commission on
Responsibility for the War. The suggestion was
offered, however, that at a secret session of the
Peace Conference to be held before the treaty is
presented to the German delegates final action would
be taken, so that the report would be included in the
treaty. The London “ Evening News” of Tuesday
asserted that it had “ the highest authority for de­
claring that William Hohenzollern will be prosecuted
and tried, not as an originator of the war, but as
one of the instigators of crime as outlined in the
report of the Commission on Responsibility for the
W ar.” It was declared in Paris advices that a
separate tribunal would be appointed to try other
German military officers.
Before taking up the Italian situation, which in
most respects was regarded as constituting the big­
gest problem before the Peace Conference this week,
it may be well to note that it absorbed attention in
Paris and'London, as well as in Italy, to the exclusion
of practically everything else. We reported last
week the withdrawal of Premier Orlando and his
associate delegates from the Peace Conference and
their decision to return to Rome, which they did on
Friday and Saturday. In Paris, while regret was
expressed over the break with the Italians, the
opinion appeared to be entertained and was quietly
voiced, that, in due time, a basis for a settlement
would be found. Rome advices, as early as last
Saturday, stated that popular feeling against Presi­
dent Wilson, but not against the American peo­
ple, was “ running high” in Italy, and that demon­
strations were in progress in the leading cities and
towns. An Italian Senator, who had just returned
to Paris from his country, was quoted the same day
as saying, “ we have no feeling of enmity against the
American people, for whom we feel friendship, but
their President has not treated us justly.” Speaking
specifically regarding Italy’s territorial demands, the
Senator said: “ We desire what the Treaty of Lon­
don promised us, namely the Trentino, Trieste and
Dalmatia, plus Fiume, a town of 50,000 inhabitants,
85% of whom are Italians.”
Just what the position of the British and French
delegates in this controversy has been and is at the
present time, is somewhat difficult to determine.
Last week it was claimed positively— and the asser­
tion was repeated again this week— that the Premiers
of those two countries were in full accord with Presi­
dent Wilson, and had not only read, but approved,
his statement on the Italian matter before it was pub­
lished. That this was an inaccurate statement of
facts was alleged in an official announcement made
in Paris, in which it was claimed that, after listen­
ing to his statement, Lloyd George and Clemenceau
“ were anxious that M r. Wilson should postpone pub­
lication in the hope that an agreement might be ar­
rived at.” According to the announcement, how­
ever, the President, believing that “ the time had
arrived,” issued the statement on his own responsi­
bility. Furthermore, the announcement disclosed
the fact that “ before Orlando left, Clemenceau and
Lloyd George handed him a statement, setting forth
the French and British points of view.” There is
ample evidence that the British Prime Minister is
eager to effect a settlement with Italy. It will be
recalled that late last week, just before Orlando left
Paris, Lloyd George succeeded in persuading him to
attend a session of the Council of Four, after an ab­




[V o l . 108.

sence of several Mays, in the hope of bringing about
a reconciliation between President Wilson and him.
Oh Wednesday of this week it became known in
Paris that Lloyd Geoi’ge had “ again intervened in
the Italian situation by sending one of his trusted
associates— said to have been a member of the
Asquith Cabinet with Lloyd George— to communi­
cate personally with Premier Orlando in Rom e.”
So far nothing hats come to hand regarding the re­
sults of the interview. It will be interesting in the
extreme to note the extent to which the Chief Ex­
ecutive of our nation will be required to bear the fur­
ther onus of the Italian incident, and to what extent,
possibly, he may have to step aside and leave the
clearing up of the muddle to the British and French
authorities.
Tuesday was the day to which the members of the
Italian Chamber of Deputies, Government officials,
and the people generally, had been looking forward
since the break at the Peace Conference occurred.
Then it was that Premier Orlando was scheduled to
address the Chamber on the whole question of Italy’s
demands and of President Wilson’s refusal to grant
them. Apparently the feelings of the people had
been worked up to the highest pitch— by skillful
propogandists, according to assertions in some ad­
vices. The Premier, in his address, declared that
the situation for the world at large was “ grave,” and
for Italy “ very grave.” lie urged his fellow citizens,
nevertheless, “ to preserve the greatest calm and
serenity.” For his assertion that “ Italy believed
her claims were founded on such high reasons of
justice and right that any international treaty should
be set aside so that they might be accepted,” it is
gravely doubted that Orlando will receive general
support outside of his own country, if there even.
Following the Premier, Professor Luigi Luzzatti,
representing the M ajority Sociatist Party in the
Chamber, spoke briefly and asserted “ that the Al­
lies had never rewarded Italy’s sacrifices as they
deserved to be rewarded,” and added that “ Italy’s
restoration ought at least be equal to that of the
other Allies.” In Paris and London, where Or­
lando’s speech was published more fully than in New
York, the belief became more general as the week
advanced that it left the door open for future nego­
tiations. After listening to his address, the Cham­
ber of Deputies gave the Orlando Government a vote
of confidence by 382 to 40. The latter, it was stated,
represented the Socialists. An even stronger en­
dorsement was accorded the Government at an even­
ing session of the Senate the same day, for its vote
was unanimous. A great demonstration was re­
ported to have followed the address of the Premier.
Paris advices have indicated from the beginning
that neither the Peace Conference nor the Council
of Three would make formal overtures to the Italians
for a renewal of -negotiations. As early as Wednes­
day, however, there were indications that “ overtures
from Paris would not be unacceptable and would
receive every attention.”
From Rome came mes­
sages stating that since the vote of confidence by the
Chamber and the Senate the excitement of the
previous days had abated. “ Everybody,” it was
stated, “ was waiting to see what effect the vote would
have on the attitude of President Wilson and the
Allied Powers.” General expression was given to
the hope that a way would be found “ to avoid a
complete rupture.” “ Populo Rom ano,” discussing

May 3 1919.]

THE CHRONICLE

this idea said, “ The world is now confronted with
the following dilemma: Either the five great Powers
must agree on the Italian question, or Italy will be
obliged to act independently of the others.” On the
whole, the newspapers, by Wednesday, were less
vehement in their attacks on President Wilson, al­
though “ Messaggero” sarcastically referred to him
as “ Professor W ilson,” while the “ Tem po” spoke of
his “ obstinate savagery.” United States Ambassador
Page had a long interview with Premier Orlando on
Wednesday, and again the next day. It had been
reported from London on M onday, but apparently
without any foundation in fact, that he had resigned
and was on his way to Paris to confer with President
Wilson. Thursday evening it was claimed in the
latter centre that “ virtually every one” expected an
amicable settlement of the Adriatic controversy.
The French newspapers declared that they found “ a
spirit of conciliation” marking the address of Orlando.
Aside from the Italian matter, about the biggest
question before the Peace Conference early in the
week, after the adoption of the covenant of the
League of Nations, was that presented by the de­
mands of Japan for Kiao-Chau and the Shantung
peninsula. Wednesday evening there were definite
rumors in Paris that “ a formula for the solution of
the problem of Kiao-Chau had been reached by the
Powers which, it is hoped, will remove any possi­
bility of a definite break and prove mutually accep­
table to the Chinese and Japanese.” The details of
the settlement did not become generally known un­
til Thursday morning, when an official statement was
made public. Apparently the Council of Three had
reached the following conclusions: Japan is to receive
without reserve all the German rights at Kiao-Chau
and to the Province of Shantung; Japan, on the other
hand, “ voluntarily engages to hand back the Shan­
tung Province in full sovereignty to China, retain­
ing only the economic privileges granted Germany,
and the right to establish a settlement at Tsing-tao,
south of Kiao-Chau.”
The terms were said to have constituted a compro­
mise that was presented to the Council of Three by
the Chinese delegation. The American delegation
was reported to have been particularly well pleased
with the adjustment, regarding it as the “ best
possible solution of the Far Eastern problem, with­
out risking a break similar to that which resulted in
the Italian delegation leaving Paris.” According to
Thursday’s cablegrams from Paris, “ President Wil­
son and Premiers Lloyd George and Clemcnceau are
all especially eager for the withdrawal of Allied troops
from all enemy colonies, and are confident that the
League of Nations can speedily solve pending disputes
when military forces are eliminated.” There was
said to be considerable difference of opinion in Peace
Conference circles as to the effect of the decision upon
the Far Eastern situation in general. Naturally, the
Japanese delegates were greatly pleased. At the time
the Chinese delegation remained silent, but yester­
day advices from Paris stated that they had re­
quested the Council of Three to give them an official
statement of the Kiao-Chau agreement. Although
they were reported to have been greatly disappointed,
still they withheld comment, pending the receipt of
the official statement. In both European capitals
and throughout this country the opinion was ex­
pressed that some sort of compromise would have to
be made with the Italians also.




1753

A future event in which there was unusual interest
in Paris throughout the week was the coming of the
German peace delegates to Versailles and the prepara­
tions for the reception of them, and also for their
first meeting with the representatives of all the
European Powers, except those of Italy. As noted
briefly in last week’s “ Chronicle,” official couriers for
the German delegates arrived in Paris last Friday
evening. They were Herr von Warendorff, Council­
lor of Embassy; Herr Walter, a postal inspector, and
Herr Duker, of the supply department. They were
received by Colonel Henry and other French officials
and taken to the Hotel des Reservoirs, in Versailles,
which had been specially reserved for the German
plenipotentiaries, their advisers and assistants.
During the next few days the delegation reached such
large proportions that it became necessary to secure
two other hotels in Versailles. A week ago to-day
announcement was made of the decision of the
Peace Conference authorities to allow the German
delegates to use codes in communicating with their
country; to have direct telephonic and telegraphic
communication, and also to use couriers, who would
have full diplomatic immunity.
Monday evening two more installments of dele­
gates reached Versailles. As when the first lot ar­
rived, no untoward incident developed. The main
plenipotentiaries and the technical delegates, who
would complete the delegation, were expected the
following day. It was stated that the only pleni­
potentiary who speaks French is Count von Brockdorff-Rantzau, Foreign Secretary, and head of the
delegation. Consequently, it was announced that
the speeches of the delegation would be made in their
native tongue and immediately translated. Ver­
sailles advices stated that the delegates “ passed freely
through the streets without incident and with no
police guards.” The main section arrived in Ver­
sailles Tuesday evening on schedule time.
Announcement was made the next day that the
first session of the Peace Congress would be held in
the room now used by the Supreme War Council and
would be devoted to the verification of credentials,
while the second session would be held in the dining­
room of the Trianon Palace Hotel. The delegation
was accompanied by fifteen German newspapermen,
upon whom it was stated no censorship would be
imposed, but who would not be permitted to com­
municate with the Allied representatives or news­
paper correspondents. Count von Brockdorff-Rantzau, when asked upon his arrival how he had en­
joyed his trip, replied: “ All right— up to the present.”
Thursday afternoon at 3 o ’clock the preliminary
session of the Peace Congress for the reception of
credentials was held, as had been planned. The
documents for the Germans were presented by For­
eign Minister von Brockdorf-Rantzau and Herr
Landsberg, and were received by Jules Cambon,
Henry White and Japanese Ambassador Matsui.
The formal credentials of the Allied representatives
were handed to the Chairman of the German delega­
tion by M . Cambon. All the advices state that the
meeting lasted scarcely more than five minutes, and
consequently must have been entirely formal. M .
Cambon is reported to have made a brief speech, in
which he expressed the hope that the meeting wouldt
“ lead to a lasting peace.” The Chairman of the
German delegation was described as being almost
unable to control his feelings and to have spoken
only a few formal words. Thursday evening the

1754

THE CHRONICLE

Credentials Committee of the Peace Conference met
for a short time and passed upon the German cre­
dentials. The German delegates were reported in
Versailles advices yesterday as being very well pleased
with the first meeting, with the Allied representatives
on Thursday.
It had been reported that the peace treaty would
be handed to the Germans either yesterday or to-day,
but at the time of the preliminary gathering on
Thursday the opinion was said to prevail in Peace
Conference circles that the document would not be
delivered to the Germans until M onday or Tuesday.
It was suggested that “ questions relative to the
adequacy of the powers of the German delegates and
their qualifications to speak for Bavaria might fur­
nish occasion for deferring the handing over of the
treaty." Yesterday, however, it'was reported from
Versailles that there was “ no disposition on the part
of the Allies and the United States to raise any ques­
tion regarding the competency of the Berlin Govern­
ment to speak for the remainder of Germany."
Paris advices stated positively that the other
great Powers would go ahead with the making
of peace with Germany “ without regard to any
action by Ita ly." An official synopsis of the peace
treaty is said to have been prepared for publication.
Early in the week Washington began to receive in­
stallments of the document by cable. Additional
installments were received yesterday. The present
plans appear to call for a simultaneous publication
of it throughout the world, but as yet the date has
not been made public. In a statement reported
to have been made at the French Foreign Office
on Thursday, it is claimed that Premier Clemenceau “ will publish the text of the American agree­
ment guaranteeing assistance to France, simul­
taneously with the treaty." According to a special
cablegram from Paris received here yesterday,
the treaty will practically present a dictated
peace. It is said that the Germans will be told that
they will have fifteen days in which to file their ob­
jections to it in writing, and that, on the other hand,
the Allied delegates will take five days for the con­
sideration of any counter-proposals that may be made
by the Germans. It was estimated that M ay 27th,
the date that has been spoken of for the signing of the
treaty, would prove to be too early. Marcel Hutin,
in the “ Echo de Paris" of yesterday, said that it
contains from fifteen to twenty chapters. The Coun­
cil of Three is reported to have decided to give some
of the German ships to France, some to Italy and to
destroy the rest.
T h e expected general M ay-day strike in Paris
occurred, but did not prove to be as serious as had
been feared. Paris cablegrams yesterday stated that
more than 100 policemen had been wounded and
that 350 civilians had been wounded and detained in
custody by the police. No unpleasant incident oc­
curred in the vicinity of President Wilson's residence.
Practically the only inconvenience said to have been
suffered by the American delegation was the necessity
of using candles and oil lamps at its headquarters.
It may be interesting to know in a word the demands
of the strikers. According to a statement of the
General Labor Federation of France they are: An
eight-hour day, total amnesty, rapid demobilization,
a just peace and disarmament, opposition to interven­
tion in Russia, protest against income taxes on wages
and against martial law.




[V o l . 108.

With the peace treaty apparently about finished,
and with preparations practically completed for its
presentation to the German plenipotentiaries, natur­
ally there was keen interest all the week, and par­
ticularly toward the close, in Paris, London, the
United States and throughout the world, in fact,
as to what the Germans would do with it. Before
leaving Berlin, Professor Walther M . A. Scheucking,
a prominent member of the delegation, was quoted
as saying that “ the powers of the German delegates
would be quite sufficient to enable them to sign
the peace treaty on the spot," but added that the
“ National Assembly must sanction it." When the
withdrawal of the Italian delegates from the Peace
Conference became known in Berlin, it was claimed
in a special cablegram from that city to a New York
newspaper that there was no intention on the part of
German Government authorities to take advantage
of the Italian situation, but that “ the Germans
would stand squarely on President Wilson's basic
points." Still other advices from Berlin at about the
same time conveyed the impression that, while
mass meetings were being held in various large cities
of Germany, at which the idea was conveyed that
the peace conditions imposed by the Allies could not
and would not be signed, and while in the editor­
ials of some of the newspapers an effort was being
made to shape public sentiment in the same direc­
tion, it was claimed that President Ebert and Count
von Brockdorff-Rantzau would make many conces­
sions in order to secure peace. Those who claim to
know their minds expected before the German dele­
gates left Berlin that the peace treaty would be
signed within a reasonably short time. Marcel
Hutin in “ Echo de Paris" said yesterday that “ there
is every reason to believe the German delegation
will end the negotiations by signing."
Apparently the Germans were relying, qs has been
reported for weeks, upon President Wilson to save
them from “ impossible conditions" being imposed by
the peace treaty. In fact, one prominent German
was quoted in Berlin as saying “ We don't believe that
Wilson will consent to the plan of making Germany
sign her own death sentence at the point of a re­
volver." Count von Bernstorff was reported ^s
being extremely pessimistic over the outlook for a
prompt signing of the treaty, indicating that the
proposals regarding the Saar Valley and Danzig
might prove the greatest stumbling-block to the
representatives of his country. What easily might be
regarded as a significant statement was reported to
have been made to the newspapermen by Herr
Rudiger, private secretary to Count von BrockdorffRantzau, upon the former's arrival in Versailles,
when he said, “ I hope the peace which we are a b o u t
to sign will give satisfaction to all the nations that
participated in the war."
There was considerable speculation in political
circles in London as to the identity of the probable
successor to Lord Reading as Ambassador to the
United States. The “ Evening News" believes that
the successful aspirant will be Herbert H. Asquith,
Prime Minister from 1908 to 1916, when his ministry
was succeeded by that now headed by Lloyd George.
Attention was called to the fact that if he were to
receive the appointment it would be the first case of a
Prime Minister being made Ambassador to Washing­
ton. Among the other possibilities mentioned were
Herbert A. L. Fisher, Minister of Education; Prof.

M ay 3 1919.]

THE CHRONICLE

Hilbert Murray, of Oxford; Sir Auckland Geddes and
Lord Burnham, proprietor and editor of the “ Daily
Telegraph.” London advices revealed above every­
thing else a notable lack of definite and authoritative
information on the subject.
Political opponents of Lloyd George were disposed
to give considerable prominence to the defeat at a
by-election of M r. Davidson, Coalition Unionist can­
didate for Parliament in the Central District of
Aberdeen and Kincardine, by M ajor M . Wood.
The latter received 4,970 votes against 4,764 for
Mr. Davidson, while Mr. Duncan, the Socialist can­
didate, polled 3,842.
By far the most important and interesting finan­
cial document made public in England during the
week was the annual budget of the Government,
which was presented to the House of Commons on
Wednesday by Austen Chamberlain, Chancellor of
the Exchequer. London advices for several weeks
had indicated that various financial undertakings of
more or less importance were being held in abey­
ance and that trading on the Stock Exchange had been
restricted, pending the announcement of the budget.
The Chancellor stated that, of the total expendi­
tures for 1918-1919, 34.4% was realized from revenue
and the remaining 65.6% from borrowings. With
special pride he declared that no other belligerent
nation could equal the record of Great Britain in
the proportion between receipts from revenues and
taxes during the war. According to the official
estimates, the expenditures for the current year will
be £1,434,019,000, while revenues, without new
taxes, are placed at £1,159,050,000, or £270,000,000
in excess of last year’s receipts.
On March 31 the national debt was £7,435,000,­
0 0 0 , compared with an estimate a year ago of £7,980,­
0 0 0 ,000.
At the outbreak of the war the amount was
only £645,000,000. Since N ov. 16 last the daily ex­
penditures of the British Government have been
£6,476,000, against £7,443,000 from April 1 to that
date. As is generally realized, Great Britain has
large sums of money due her on account of advances
made to her allies. The total was placed by the
Chancellor at £1,739,000,000. The excess profits
tax will be continued for one year at the reduced rate
of 40% . While admitting that the floating debt of
the nation could not be permitted to expand indefi­
nitely, he pointed out that “ inflation of currency is
a world-wide phenomenon at the present time.”
William Adamson, Opposition leader, characterized
the budget as “ extremely disappointing,” giving
special attention to “ fresh borrowings, reductions in
excess profits taxes and the introduction of colonial
preference.” The features of the budget that
appeared to cause the greatest discussion were the
continuance of the policy of heavily taxing wealth,
without an increase in taxes for people of moderate
means, and the launching of the scheme of preferences
for imports from the dominions and colonies.”
Trading on the London Stock Exchange was quiet
the early part of the week, in anticipation of the
budget and the holiday on Thursday. In the City
City the budget was well received, and Friday the
stock market was stronger and the tone more cheer­
ful.

1755

of the peace delegates for Versailles. There was
more than passing interest in the reports of serious
differences between members of the German G ov­
ernment, particularly between Matthias Erzberger
and Count von Brockdorff-Rantzau. It was ru­
mored that the National Assembly would be trans­
ferred from Weimar to Berlin next week. Outside of
Munich, conditions were quiet in comparison with re­
cent weeks, at least so far as advices reaching this
centre indicated. The Bavarian troops that had been
approaching Munich for a week or more, gradually
closed in upon it until toward the end of the week it
was said that the city had surrendered, that three of
its ministers had resigned, and that the Government
officials generally were endeavoring to make their
escape in airplanes. Similar conditions appear to
prevail in Budapest. Yesterday it was reported
that the Government, under the leadership of Bela
Kun, had been overthrown and that the Rumanian
and French armies which had surrounded the city
for some days had taken possession under King
Ferdinand.
A Paris dispatch early in the week stated that no
reply had been received from Premier Lenine of
Russia to the proposal cabled to Moscow announcing
the plan for a neutral food commission under Dr.
Fridtjof Nansen to feed Russia.
Evidence was said
to be accumulating that Lenine and Bolshevism were
being financed by Germany. Wednesday Washing­
ton was reported to have received advices through a
neutral source that both Lenine and Trotzky, realiz­
ing that their regime was nearing an end, were plan­
ning to make their escape to some country outside
of Russia. Their forces in the north of the country
appear to be losing. On Monday it was reported
from Archangel that Bolshevist troops that had been
sent there for a new offensive had been withdrawn
and rushed to another point not far distant, where
still more serious trouble existed.
The next day a
National Assembly, it is claimed, had been organized
at Olonetz, 110 miles northeast of Petrograd, and
that the Finns had driven out the Bolsheviki. Yes­
terday word came from Finnish sources that the
Bolsheviki were evacuating Petrograd itself. Wash­
ington had advices yesterday that were said to fore­
shadow the complete collapse of Bolshevism at an
early date.

The British Treasury statement for the week end­
ing April 26 was again somewhat disappointing, and
the national financing for the week showed another
decrease in the Exchequer balance, amounting to
£475,000, and reducing the total to £6,133,000, as
against £6,609,000 last week. The week’s expenses
totaled £32,737,000 (against £22,636,000 for the
week ended April 19), while the total outflow, includ­
ing Treasury bills repaid and other items, was
£89,301,000, against £91,558,000 the week preceding.
Receipts from all sources amounted to £88,826,000,
comparing with £91,195,000 last week. Of this
total, revenues contributed £13,679,000, in compari­
son with £11,595,000; war savings certificates
brought in £1,500,000, against £500,000, while ad­
vances added £10,000,000. From war bonds £5,­
875,000 was obtained, against £4,446,000, and from
other debts only £2,329,000, against £14,403,000
the week previous. New issues of Treasury bills
In Germany the interest of Government officials were £55,342,000, against £45,251,000. This is in
and the people was centred largely in the departure excess of the amount repaid, which totaled £48,064,-




1756

THE CHRONICLE

000; hence, the volume of Treasury bills outstanding
was expanded and now stands at £985,941,000, as
contrasted with £978,872,000 a week ago. Tempor­
ary advances outstanding are reported at £474,392,­
0 0 0 .

War bond sales through the banks last week aggre­
gated £3,887,000, which compares with £3,136,000
last week and brings the total aggregate sales to
£48,853,000. Through the post offices sales during
the preceding week were £263,000, making an aggre­
gate of £2,210,000. The grand total recorded is
£51,063,000.
No change has been noted 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, 63^%
in Sweden and 43^% in Holland and Spain. In
London the private bank rate continues to be quoted
at 3 ^ 4 % for sixty days and ninety days. Call
money in London is still quoted at 3 Y s % . No
reports have been received, so far as can be learned,
by cable of open market rates elsewhere.
The Bank of England announced a gain in gold
this week of £559,435, which contrasts with a small
loss the previous week. There was, however, another
decline in total reserve, this time of £440,000, as a
result of a large increase in note circulation, the
amount being £999,000. Notes reserved were re­
duced £444,000. An additional reduction in the
proportion of reserve to liabilities was shown, to
18.38%, against 19.32% last week and 17.65% a
year ago. Substantial changes were shown in the
deposit items, public deposits having been reduced
£2,660,000, while other deposits were expanded
£7,514,000. Government securities gained £4,863,­
0 0 0 .
Loans (other securities) increaesd £434,000.
The Bank’s gold holdings aggregate £85,675,812, as
against £61,360,987 in 1918 and £55,075,233 the
year before. Note circulation is £77,161,000, which
compares with £49,439,220 last year and £38,849,620
in 1917. Reserves total £26,964,000. A year ago
they were £30,371,767, and in 1917 £34,675,613.
Loans now stand at £82,227,000, as against
£102,862,454, and £114,093,180 one and two years
ago, respectively. Clearings through the London
banks for the week were £459,931,000, compared
with £283,760,000 the previous week and £378,749,­
000 a year ago. Our special correspondent is not as
yet able to give details by cable of the gold movement
into and out of the Bank for the Bank week, inas­
much as the Bank has not resumed publication of
such reports. We append a tabular statement of
comparisons:

[Vol . 108.

before; of these amounts 1,978,308,484 francs were
held abroad in 1919, 2,037,108,484 francs in 1918
and 1,948,706,126 francs in 1917. During the week
increases were recorded in all of the various items;
silver being augmented by 29,553 francs, bills dis­
counted by 19,039,624 francs; advances by 6,021,710
francs, Treasury deposits by 15,216,768 francs, and
general deposits by 303,762,282 francs. An ex­
pansion of 121,861,770 francs was registered in note
circulation, bringing the amount outstanding up to
the new high level of 34,100,311,310 francs and com­
paring with 26,733,126,545 francs last year and with
19,183,388,265 francs the year before. Just prior
to the outbreak of war in 1914 the total 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:
BANK

OF

GoldHoldings—
In

F R A N C E 'S

Changes
for Week
Francs.

F r a n c e ...................I n c .

A b r o a d ...........................

0 ,9 3 3 ,3 5 0
N o ch an ge

C O M P A R A T IV E

STATEM ENT.

Status as of-------------------- >•—
May 2 1 9 1 8 . May3 1 9 1 7 .
Francs.
Francs.

---------------------------

Mag 1 1 9 1 9 .
Francs.

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

3 ,3 4 2 ,5 4 8 ,7 8 2

3 ,3 0 2 ,7 3 0 , 5 1 4

2 , 0 3 7 ,1 0 8 ,4 8 4

1 ,9 4 8 ,7 0 0 ,1 2 0

T o t a l .......................... I n c .

0 ,9 3 3 ,3 5 0

5 ,5 4 7 ,2 5 9 ,4 5 0

5 ,3 7 9 ,0 5 7 ,2 0 7

5 ,2 5 1 ,4 4 2 ,0 4 1

S i l v e r ............................... I n c .

2 9 ,5 5 3

3 1 0 ,7 0 1 ,1 8 2

2 5 0 ,1 1 0 ,8 0 8

2 5 0 ,7 3 4 , 1 0 4

In c.

1 9 ,0 3 9 ,0 2 4

9 1 0 ,2 0 4 ,8 2 1

1 ,3 1 0 ,0 8 1 ,3 3 0

A d v a n c e s ........................I n c .

0 ,0 2 1 ,7 1 0

1 ,2 2 1 ,9 9 4 ,7 1 4

1 ,0 1 0 ,9 0 0 ,0 8 1

B ills d i s c o u n t e d —

N o t o c i r c u l a t i o n . . . I n c . 1 2 1 , 8 6 1 ,7 7 0 3 4 ,1 0 0 ,3 1 1 ,3 1 0 2 0 ,7 3 3 ,1 2 0 ,5 4 5
T rea su ry d e p o s it s ..I n c .

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

1 5 ,2 1 0 ,7 0 8

4 3 ,1 0 0 ,1 0 5

4 0 ,1 0 4 ,8 3 1

7 0 ,0 5 4 ,8 2 2

G e n e r a l d e p o s i t s . . . I n c . 3 0 3 ,7 0 2 ,2 8 2

3 ,1 0 3 ,3 0 2 ,7 0 0

3 , 1 3 5 ,3 0 3 ,0 0 8

2 ,4 5 5 ,4 7 9 , 1 8 2

The Imperial Bank of Germany in its statement,
issued as of April 15, continues to show radical
changes in its leading items. Among the most
sensational of these were an increase of 2,413,599,000
marks in bills discounted and an expansion of 1,783,­
456,000 marks in deposits. Treasury notes showed
a gain of 128,225,000 marks, and note circulation
of 376,303,000 marks, while other securities were
reduced 346,430,000 marks. Other changes were a
decrease of 2,144,000 marks in total coin and bullion,
a reduction of 1,895,000 marks in gold and a decline
of 1,014,000 marks in investments. Notes of other
banks increased 695,000 marks. Advances expanded
13.319.000 marks, while other liabilities registered
an expansion of 46,491,000 marks. The German
Bank reports its holdings of gold at 1,912,036,000
marks, which compares with 2,343,800,000 marks
in 1918 and 2,532,300,000 marks the year before.
Note circulation is given as 26,005,491,000 marks,
as against 11,564,020,000 marks last year and 8,­
144,940,000 marks in 1917.
Late on Friday another statement, issued as of
April 23, was received which gives the latest changes:
The most sensational of these were a decline of
1.233.827.000 marks in bills discounted and a re­
duction of 1,450,162,000 marks in deposits. Other
decreases comprised a loss of 191,000 marks in gold,
of
11,702,000 marks in advances and of 61,013,000
B A N K O F E N G L A N D 'S C O M P A R A T I V E S T A T E M E N T .
1916.
1915.
1917.
1919.
1918.
marks in other securities. There were increases of
May 3 .
May5 .
May 1 .
May 2 .
A v r ll 3 0 .
414.000
marks in total coin and bullion, of 22,658,­
£
£
£
£
£
3 4 ,9 4 4 ,9 5 5
3 4 ,3 3 2 ,7 4 5
3 8 ,8 4 9 ,6 2 0
4 9 ,4 3 9 ,2 2 0
C ir c u l a t i o n __________ 7 7 , 1 0 1 ,0 0 0
000
marks
in
Treasury notes, 390,000 marks in notes
4
8
,4
4
4
,2
3
6
1
3
4
,1
0
5
,1
4
9
4 7 ,2 2 6 ,4 0 2
3 4 ,3 7 2 ,8 6 3
P u b l i c d e p o s i t s _____ 2 1 ,9 3 0 ,0 0 0
8 5 ,1 2 8 ,9 9 9
8 6 ,0 2 3 ,5 7 5
O t h e r d e p o s i t s ______ 1 2 4 ,7 2 1 ,0 0 0 1 3 7 ,6 5 2 ,1 9 5 1 2 8 ,8 5 8 ,9 9 3
of other banks, 68,000 marks in investments, 3,667,­
3 3 ,1 8 7 ,7 9 0
5 1 ,0 4 3 ,4 9 1
4 5 ,0 2 6 ,3 2 8
5 6 ,4 5 9 ,7 3 2
G o v e r n m e n t s e c u r s . 5 5 , 0 8 8 ,0 0 0
000 marks in note circulation and 163,783,000 marks
7 7 ,3 7 6 ,6 4 3 1 4 6 ,1 5 2 ,6 7 9
O t h e r s e c u r it ie s _____ 8 2 ,2 2 7 ,0 0 0 1 0 2 ,8 6 2 ,4 5 4 1 1 4 ,0 9 3 ,1 8 0
3
9 ,8 0 8 ,8 7 2
4
1
,5
8
6
,2
0
3
3 4 ,6 7 5 ,6 1 3
3 0 ,3 7 1 ,7 6 7
R e s e r v e n o t e s & c o i n 2 6 ,9 6 4 ,0 0 0
in
other liabilities. Gold holdings are reported at
5 6 ,3 0 3 ,9 2 7
5 7 ,4 6 8 ,9 4 8
5 5 ,0 7 5 ,2 3 3
8 5 ,6 7 5 ,8 1 2
6 1 ,3 6 0 ,9 8 7
C o in a n d b u llio n —
1,911,845,000, as against 2,343,800,000 marks last
P r o p o r tio n o t reservo
3 0 .9 2 %
1 8 .1 5 %
1 9 .6 9 %
t o li a b i l i t i e s ______
1 8 .3 8 %
1 7 .6 5 %
year and 2,532,300,000 marks in 1917. Note cir­
5%
5%
B a n k r a t e ____________
5%
5%
5%
culation has reached a total of 26,009,158,000 marks,
The Bank of France reports an increase of 6,933,­ which compares with 11,564,020,000 marks in 1918
350 francs in its gold item this week. The Bank’s and 8,144,940,000 marks in the year preceding.
aggregate gold holdings, therefore, now total 5,547,­
Last week’s statement of New York associated
259,450 francs, comparing with 5,379,657,267 francs
banks
and trust companies, issued on Saturday, and
last year and with 5,251,442,641 francs the year




M ay 3 1919.]

given in fuller detail in a subsequent section of this
issue, was about as had been expected, and showed
only relatively minor changes. Loans and discounts
were reduced $12,299,000. Net demand deposits in­
creased $3,427,000, to $4,014,523,000 (Government
deposits of $257,992,000 deducted), although net
time deposits declined $622,000, to $154,489,000.
There was an increase of cash in own vaults (mem­
bers of the Federal Reserve Bank) of $2,128,000, to
$98,090,000 (not counted as reserve), and a decrease
of $10,725,000 in reserves in the Reserve Bank of
member banks, to $552,883,000. Reserves in own
vaults (State banks and trust companies) expanded
$7,000, to $12,307,000, and in other depositories
(State banks and trust companies) the increase
totaled $616,000, to $12,374,000. The aggregate re­
serve registered a loss of $10,102,000, to $577,564,­
0 0 0 ,
in comparison with $568,341,000 last year.
Surplus was reduced $10,608,400, thus bringing the
total of excess reserves to $45,487,900, which com­
pares with $71,705,990, the amount on hand in the
same week of 1918. Reserve required showed only
a nominal increase— $506,400. The surplus reserve
figures given above arc based on 13% reserves for
member banks of the Federal Reserve system, but
do not include cash held by these banks, which
amounted on Saturday last to $98,090,000. Circu­
lation now stands at $38,465,000, a decline of
$350,000 for the week.
There were slight fluctuations in the call money
market, but apparently they represented day-to-day
conditions rather than any new trend. Authorities
state that at least during the Victory Loan campaign
the quotations are likely to range from about 4]/£%
to 6% . There has been no real change in the rates
for time money either. Very little change is pre­
dicted for the near future. It is understood that
some of the largest financial institutions here are
receiving reports from interior correspondents in­
dicating a material increase in general business within
the next month or six weeks. Such a development
would naturally cause increased demand locally for
funds and reduce to the same extent the amounts
that otherwise would be forwarded to this centre
to be loaned. Many students of the situation are
inclined to believe that as soon as the Railroad
Administration and the War Industry Board reach
an agreement with respect to prices there will be a
substantial increase in the buying of steel products
by the general trade, as well as by the Government.
This in turn would require considerable sums of
money on the part of manufacturers. Railroad
equipment builders are looking for substantial orders
from Europe soon after the signing of the peace
treaty, which is likely to be accomplished during the
present month. This would involve still more
money for materials, labor, &c. In short, if the
general revival of business in this country and
Europe that is expected actually develops it would
seem reasonable to look for a fairly firm money
market for an indefinite period. So far as the
market for call money at this centre was concerned,
the feature again this week was the steadiness of
rates, in spite of the enormous transactions in stocks,
both on the Exchange and in the curb market. On
Wednesday the total turnover on the Exchange was
about 1,700,000 shares, while the records for the
other days showed a total well in excess of 1,000,000
shares each?




1757

THE CHRONICLE

Of course the Victorv Loan campaign absorbed
the time and thought of the investment houses to a
considerable extent. There has been a general
understanding with the Secretary of the Treasury
that while it is on the offerings of corporation and
municipal securities will be kept as near the minimum
as possible. When the campaign is over, if condi­
tions are as favorable as at the present time, it is
altogether pro.bable that rather extensive financial
plans will be brought out by the banks and other
financial institutions. This would naturally tend
to add firmness to the money market. Up to Friday
morning the loan was spoken of as dragging, but it
became known then that larger subscriptions not
only at this centre, but throughout the country, had
been turned in during the last twenty-four hours,
and that the outlook was brighter. Yesterday fur­
ther large subscriptions for the account of New York
financial institutions and corporations with head­
quarters here were made public. From this time on
it is believed the campaign will proceed with greater
alacrity and the total of $4,500,000,000 readily
obtained.
Dealing with money rates in greater detail, call
loans this week ranged between 4 J ^ @ 6% , against
5J^@ 6% a week ago. Monday 5 Y % was the high,
and this was also the rate at which renewals were ne­
gotiated, while the low was 5% . On Tuesday and
Wednesday the range was 5 ^ @ 6 % , with renewals
on the basis of 6% each day. Thursday the maxi­
mum was still 6 % , but the ruling rate dropped to
5 j/2% and the minimum to 5 % .
Friday’s range was
4 j/-2@5)/2% and 5 )^ % still quoted for renewals.
The
figures here given apply to mixed collateral loans.
“ All-industrials” continue to be quoted Y i of 1%
higher. For fixed maturities, the market remains
a nominal affair, with transactions small in volume.
A few trades were reported in sixty and ninety-day
money, but beyond this practically no business is
passing. Rates remain as heretofore at 5 ^ @ 6 %
for sixty and ninety days and four months, and
5)/£@ 6% for five and six months. Last year all
periods from sixty days to six months were quoted
at 6 % .
Commercial paper rates have not been changed
from
f° r sixty ancl ninety days’ endorsed
bills receivable and six months’ names of choice char­
acter, with names less well known at 5 ^ % . Highgrade notes continue in limited supply and dealings
were light. Brokers, however, are looking for a
decided increase in activity to follow the distribu­
tion of the Victory Loan.
Banks’ and bankers’ acceptances were quiet and
the volume of business reported was small, although
here also bankers are predicting substantial im­
provement after Government financing operations
have been completed. The undertone was steady
and quotations were not changed. Loans on de­
mand on bankers’ acceptances continue to be quoted
at 414% . Detailed rates follow:
----------------- S p o t D e liv e r y -----------------N in ety
S ix ty
T h ir t y
D ays.
D ays.
D ays.

Eligible bills of non-member b a n k s ........ 4M@4M«

® 4'A *
4 t/i , @ 4 X

4 ^ 8@ 4
4^«@4

I n e lig ib le b i l l s ..............................- ......................... 6 X @ 4 H

6 tf@ 4H

5X@4M

E li g ib l e b il ls

of m e m b e r

b a n k s ..................... 454«@4tf

D e li v e r y
w ith i n
30 D a y s .
4 % b id

4 % bid
6

b id

N o changes in rates, so far as our knowledge goes,
have been made the past week by the Federal Re­
serve banks. Prevailing rates for various classes of
paper at the different Reserve banks are shown in
the following:

• 1758

THE CHRONICLE

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 .

[V ol . 108.




S a n F r a n c is o c .

D a lla s .

K a n s a s C ity .

;

S t. L o u is .

M in n e a p o lis .

C h ica g o .

A tla n ta .

1 R ic h m o n d .

P h ila d e lp h ia .

C le v e la n d .

B o s to n .

| N ew Y ork.

shores, and estimates as to the amount of money
likely to be taken in conjunction with this efflux run
as high as $4,000,000,000.
LOANS
Dealing with the day-to-day rates, sterling ex­
change
on Saturday was firm and higher and demand
i
1
4
S
D is c o u n t s —
W i t h i n 15 ( l a y s , ln c l. m e m b e r
was
again
advanced to 4 6 6 % @ 4 66% , cable trans­
b a n k s ’ c o lla te r a l n o te s ____ 4
4
4
4 % 4 X 4 X 4Xx
4 X 4 X 4Xx 4 % 4
1 6 t o 6 0 clays’ n a t u r l t y ___ 4 « 4 X 4 « 4 'X i H 4 X 4 X \ x 4 X 5
4X L
fers to 4 6 7 % @ 4 67% and sixty days to 4 6 3 % @
6 1 t o 9 0 d a y s ’ m a t u r i t y ___ 4 X 4 X 4 X 4 X \Xx 4 X 4Xx \ x 5
5
5
5
A g r i c u lt u r a l a n d liv e -s to c k
p a p e r o v e r 90 d a y s ................... ... 5
4 64. M onday’s market was strong, and under the
5
6
6
LX 5
LX 5X LX LX LX LX
S e c u re d b y U . 8 . c e rtific a te s
o f In d e b te d n e s s o r L i b ­
stimulus of good buying, also higher cable advances
e rty L o a n bonds—
W i t h i n 15 d a y s , In c lu d in g
from abroad, prices moved up to 4 67@ 4 67% for de­
m e m b e r b a n k s ’ c o lla t­
e ra l n o te s ............................................ 4
4
4
4
nvx 4
4
4c
4
4
mand, 4 68@ 4 68% for cable transfers and 4 64%
4X
1 6 to 90 d a y s ’ m a t u r i t y ___ 4 X 4Xx 4 Yx W x H X - I X 24 X 24Xx 4 X
4 X 4Xx
T r a d e A c c e p ta n c e s —
@ 4 64% for sixty days. Weakness developed on
18 to 60 d a y s ’ m a t u r i t y ___ 4 X 4 X 4 X 412 a 4 X 4130 4 126 4 X 4 X 4 X 4 X 43m
6 1 to 90 d a y s ' m a t u r i t y ___ 4 X 4>4 4 X \ 4 X 4 X 4 X 4 X 4 X 4 X 4 X 4 X 4Xx
Tuesday in consequence of a failing off in the buy­
1 R a t e s fo r d is c o u n te d b a n k e r s ’ 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 , 4 % ;
ing,
coupled with an increase in offerings; demand
w it h i n 16 t o 60 d a y s , 4 X % , a n d w it h i n 6 1 to 90 d a y s , 4 X % .
> R a t e o f 4 % o n p a p e r se c u re d b y F o u r t h L i b e r t y L o a n b o n d s w h e r e p a p e r r e ­
declined
to 4 6 6 % @ 4 66% , cable transfers to
d is c o u n te d h a s be e n ta k e n b y d is c o u n tin g m e m b e r b a n k s a t r a t o n o t e xc e e d in g
in te r e s t r a t e o n b o n d s .
4
6
7
%
@
4
67% , and sixty days to 4 6 3 % @ 4 64. On
• T h e F e d e ra l R e s e rv e B a n k o f S t . L o u is has a n n o u n ce d a ra te o f 5 % fo r m e m ­
b e r b a n k s ’ p r o m is s o ry n o te s m a t u r in g w it h i n 15 d a y s w h e n se c u re d b y W a r F in a n c e
Wednesday sterling rates moved rather irregularly,
C o r p o r a t io n b o n d s ; a ls o 5 % f o r re d is c o u n ts m a t u r in g w it h i n 1 5 d a y s 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 , a n d 5 X % f o r r e d is c o u n ts f r o m 16 to 90 d a y s
early weakness causing a further decline, though
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 .
4
T h e F e d e r a l R e s e r v e B a n k o f M in n e a p o l is a n n o u n c e d o n A p r i l 4 a r a t e o f 5 'A %closing
figures were unchanged; the range was
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 a n d c u s to m e rs ’ n o t e s , d r a f t s a n d b ills o f e xc h a n g e
o f 1 5 d a y s a n d u n d e r 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 ; also L X % fo r
4
6
5
%
@
4
66% for demand, 4 6 6 % @ 4 67% for ca­
c u s to m e rs ’ n o t e s , d r a f t s a n d b ills o f e x c h a n g e o f 16 -6 0 d a y s w h e r e 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 a n d 6 % f o r s u c h p a p e r r u n n in g f r o m 6 1 to 90 d a y s .
ble transfers and 4 6 3 % @ 4 63% for sixty days. Dul‘ T h e B o s t o n F e d e r a l R e s e r v e B a n k o n A p r i l 12 a n n o u n c e d th e fo llo w in g ra te s o n
r e d is c o u n ts se c u re d b y b o n d s o f th o W a r F in a n c e C o r p o r a t i o n : E i t h e r c u s to m e rs ’
ness was the chief characteristic of Thursday’s trad­
n o te s o r p r o m is s o ry n o te s o f m e m b e r b a n k s a n d h a v i n g 15 d a y s o r less to r u n , 5 % ;
c u s to m e rs ’ n o te s h a v i n g f r o m 1 6 t o 90 d a y s t o r u n , 534 % .
ing and changes were slight; demand ruled at 4 66%
‘ T h e F e d e r a l R e s e r v e B a n k o f C h ic a g o a n n o u n c e d , e ffe c tiv e o n A p r i l 2 1 , a r a t e
o f i ' A % f o r m e m b e r b a n k s p r o m is s o ry n o te s m a t u r in g w it h i n 15 d a y s w h e n secured
@ 4 66% , cable transfers at 4 6 7 % @ 4 67% , with
b y U . S . G o v e r n m e n t b o n d s o r V ic t o r y L o a n n o te s , a n d 5 X % fo r such p a p e r o f
1 5 - d a y m a t u r i t y 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 i o n b o n d s ; fo r r e d is c o u n ts
sixty days still at 4 6 3 % @ 4 63% . On Firday the
m a t u r in g w it h i n 1 5 d a y s , 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 , a r a t e o f
L X % w a s e s ta b lis h e d e ffe c tiv e A p r i l 2 1 , w h ile f o r th e s a m e p a p e r w it h m a t u r it ie s
market was more.active and higher; demand went
f r o m 16 t o 90 d a y s th e r a t e Is L X % ; th e r a t e fo r r e d is c o u n ts m a t u r in g w it h i n 90 d a y s ,
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 ,Is 4 X % back to 4 67@ 4 67% , cable transfers were quoted
a F ifte e n d a y s a n d u n d e r, 4 X % c U n t i l fu r t h e r n o t ic e , th e r o Is a u th o r i z 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
at 4 68@ 4 68% and 60 days at 4 64@ 4 64% .
1 6 t o 90 d a y m a t u r i t y , se c u re d 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 o n o t In excess o f th o F o u r t h L i b e r t y
Closing quotations were 4 64% for sixty days,
Lo a n coupon ra te .
N o te 1 . A c c e p ta n c e s p u rc 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 % .
4 67% for demand and 4 68% for cable trans­
N ote 2 . I n case th e 6 0 -d a y tr 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 15 d a y s w ill b e t a k e n a t th e lo w e r r a t e .
fers. Commercial sight bills finished at 4 66% , sixty
N o te 3 . W h e n e v e r a p p lic a tio n Is m a d o b y m e m b e r b a n k s f o 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 rg 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
days at 4 63% , ninety days at 4 61% , documents for
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 rc ia l p a p e r
payment (sixty days) at 4 63% , and seven-day
o f c o rr e s p o n d in g m a t u r it ie s .
grain bills at 4 65% . Cotton and grain for payment
Sterling exchange has shown appreciable improve­ closed at 4 66% . Gold engagements for the week
ment this week, with a further advance in the check included $220,000 in gold coin withdrawn from the
rate to 4 67% . This was mainly due to a continu­ Treasury and consigned to South America. There
ation of the buying movement in progress at the were no imports reported.
close of last week, which, as then pointed out, was
the result of the action of French banks who were
A better feeling has prevailed in the Continental
heavy sellers of francs and have apparently been exchanges this week, and although transactions were
reinvesting the proceeds in sterling, either for the still at a minimum, an upward trend was recorded
purpose of paying off maturing loans in London or at nearly all Allied centres. French exchange, fol­
to accumulate credits at that centre. Later in the lowing the sensational break of a week ago, when
week as these special transactions were completed, franc checks dropped to 6 14, the lowest*point ever
prices sagged slightly, though just before the close recorded, and comparing with 6 10, the extrene low
renewed buying by one large banking house earned on April 12 1916, recovered to the extent of about
quotations back to the high point. Some interest was 13 points, as a result of a lessening in the supply of
displayed in the announcement of the British Board of bills and an improvement in the demand. Toward
Trade on Wednesday that all trade restrictions, with the close of the week a renewal of offerings caused
some trifling exceptions, are to be removed by some irregularity, but final rates were materially
June 1. This is still another step in the direction above the low point of last week. Lire likewise
of the return to normal international conditions and showed substantial improvement over the low figures
should have a decided bearing upon sterling exchange of a week ago, under the stimulus of a better inquiry
levels. Exchange authorities, however, are prac­ for Italian bills. To some extent the firmness was a
tically unanimous in declaring that no direct results reflection of strength shown on the European mar­
can be expected from any action of this sort until kets, and this in turn was due to hopes that the dis­
the decisions of the Peace Conference are made pute over Italian territorial claims was on the way
public and the peace treaties actually signed; hence to satisfactory adjustment. Another favorable in­
dealers continue to adopt a waiting attitude with fluence was the granting by the United States Treas­
all trading operations restricted to bare requirements. ury authorities of an additional credit of $50,000,000
The expectation seems to be still general that peace to Italy, as this was taken to mean that a certain
will be followed by a substantial advance in rates, amount of support was likely to be extended when
but in view of prevailing trade conditions this, actually necessary. Generally speaking, however,
perhaps, is open to doubt. Bankers are refusing trading was not active and operators continue to
positively to venture upon any predictions as to the refrain as much as possible from entering into new
probable course of exchange. In some quarters commitments until the formal declaration [of peace.
a good deal of talk is heard over the influence likely A statement which attracted' some attention was to
to be exercised on the exchange situation by the con­ the effect that American manufacturers interested[m
tinuous and increasing exodus of foreigners from these the French market have reached a decision! to[grant
CLASSES
OF
D IS C O U N T S A N D

M ay 3 1919.]

lorig credits. French industry, it is reported, is
ready and waiting to place orders totaling many
millions just as soon as the ports are opened. Ad­
vices from Paris state that the French authorities
are increasing the restrictions on domestic gold,
having withdrawn permission from French merchants
to pay cash for the goods they are allowed to buy
abroad.
Considerable confusion appears to exist over the
details of the operations of the American Relief Ad­
ministration with regard to Central European coun­
tries, and two new rulings not covered in the original
order have been promulgated. These are to the ef­
fect that American banks having balances in Cen­
tral European countries may dispose of these in any
manner they see fit, although the Federal Reserve
Board has expressly forbidden the buying of ex­
change in lump sums and has ruled that there can
be no speculative purchases, thus making it evident
that transfers will be made only for current needs
and for persons specifically designated, and that
banks having overdrafts outstanding at the time
the Relief Administration commenced operations
must be covered by the purchase of exchange from
the American Relief Administration. It is fur­
thermore explained that no cable payments are to
be made. All transactions call for the use of the
mails and no funds will be permitted via cables.
Every means possible will be taken to expedite the
movement of the exchanges and as a means to this
end transfers will be sent to Paris in the mail pouches
of the State or Treasury Departments. At Paris
the pouches will be opened and the remittances for­
warded to their various destinations by courier where
no other safe means are possible. N o change has
been made from the rates given out last week, which
were 9 % for Finnish marks, 15 for Czecho-Slovakia
kronen, 20 for German-Austrian kronen, 17% for
Jugo-Slavia kronen, 7 for Serbian dinar and 10 for
Rumanian lei. The Russian situation remains un­
changed, and no dealings are as yet being put through
in German and Austrian exchange. On Friday,,
however, announcement was made by Fred I.
Kent, Director of the Division of Foreign Exchange,
that for the first time since the early days of the war,
transfers of funds can be made from the United
States to Germany, provided the proceeds are used
for purchase of food to be shipped to Germany;
“ dealers,” as defined under the Executive order of
the President of Jan. 26 1918, are permitted to
make transfers through the American Relief Ad­
ministration, in accordance with the regulations
issued April 22 1919, covering the making of similar
remittances to various other European countries.
No rates, however, have as yet been given out.
The official London check rate in Paris finished
at 28.42, as compared with 28.37 a week ago. In
New York sight bills on the French centre closed at
6 07, against 6 10; cable transfers at 6 05, against
6 08; commercial sight at 6 08, against 6 11, and
commercial sixty days at 6 12, against 6 16 the
week preceding. Belgian francs, which did not
share in the general firmness, continued weak and
finished at 6 38 for checks and 6 36 for cable re­
mittances, in contrast with 6 32 and 6 30 a week
ago. Lire closed at 7 49 for bankers’ sight bills
and 7 47 for cable transfers. This compares with
7 51
and 7 49 last week. Greek exchange con­
tinues to be quoted at 5 16% for checks and 5 15 for
cable transfers.




1759

THE CHRONICLE

In neutral exchange nothing new has transpired
and movements in rates were slight and devoid of
especial significance, with the volume of business
exceptionally small. Guilders were a shade firmer.
Swiss francs were well maintained, but Copenhagen
remittances and Spanish pesetas were fractionally
lower. Remittance on Stockholm and Christiana
were relatively steadier and finished at a slight net
advance.
Bankers’ sight on Amsterdam finished at 40% ,
against 40 1-16; cable transfers at 40% , against
40 5-16, commercial sight at 40 1-16, against 40, and
commercial sixty days at 39 13-16, against 39% last
week. Swiss francs closed at 4 96 for bankers’ sight
bills and 4 93 for cable remittances. Last week the
close was 4 96 and 4 92.
Copenhagen checks finised at 24.86 and cable transfers at 25.00, against
24.80 and 25.00. Checks on Sweden closed at 26.60
and cable remittances 26.80, against 26.60 and 26.80,
while checks on Norway finished at 25.60 and cable
transfers at 25.80, against 25.60 and 25.80 on Friday
of the previous week. Spanish pesetas closed at
20.25 for checks and 20.35 for cable transfers, against
20.30 and 20.35 a week ago.
With regard to South American quotations, a
firmer tone has been evident, with the check rate on
Argentina fractionally higher. The close was 44.10
and cable remittances 44.25, against 44.06 and 44.17.
For Brazil the rate for checks finished at 27.15 and
cable transfers at 27.25, which compares with 26.25
and 26% in the preceding week. Chilian exchange
continues to be quoted at 9 31-32 and for Peru at
50.125@50.375.
Far Eastern rates are as follows: Hong Kong, 80%
@ 80.40, against 79% @ 80; Shanghai, 118% @ 119% ,
against 114%@115; Yokohama, 5 1 % @ 5 1 % , against
5 1 % @ 5 1 % ; Manila, 50 (unchanged); Singapore,
56% (unchanged); Bombay, 36 (unchanged), and
Calcutta (cables), 36% (unchanged).
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,309,000 net in cash as a result of the cur­
rency movements for the week ending M ay 2.
Their receipts from the interior have aggregated
$8,918,000, while the shipments have reached $4,­
609,000. Adding the Sub-Treasury and Federal
Reserve operations and the gold exports, which
together occasioned a loss of $125,154,000, the
combined result of the flow of money into and out
of the New York banks for the week appears to have
been a loss of $120,845,000, as follows:
____
Out of
Banks.

Into
Banks.

Week ending May 2.
Banks' Interior movement................
Sub-Treasury and Federal Reserve
operations and gold exports-------Total.............................................

Net Change in
Bank Holdings.

$8,918,000

$4,609,000 Gain $4,309,000

23,590,000

148,744,000 Loss 125,154,000

$32,508,000 $153,353,000 Loss$120,845,000

The following table indicates the amount of bullion
in the principal European banks:___________________
M ay 2 19 18 .

M ay 1 19 19 .
B a m s o j—
G old.

|

£

Silver.

£

|

T otal.

G old.

|

Silver.

|

T otal.

£

£
6 1 .3 6 0 ,9 8 7
................... ...
8 5 ,6 7 5 ,8 1 2 6 1 .3 6 0 ,9 8 7
E n g l a n d - . 8 5 ,6 7 5 ,8 1 2
F r a n c e n . . 1 4 2 ,7 5 8 ,0 3 9 1 2 ,4 0 0 ,0 0 0 1 5 5 ,1 5 8 ,0 3 9 1 3 3 ,7 0 1 ,9 5 1 1 0 ,2 4 0 ,0 0 0 1 4 3 ,9 4 1 ,9 5 1
1 ,0 2 5 .5 1 0 9 6 ,6 2 7 ,3 1 0 1 1 7 ,1 9 9 ,6 5 0 1 6 ,0 4 0 ,1 5 0 1 2 3 ,2 3 9 ,8 0 0
G e r m a n y . 9 5 ,6 0 1 ,8 0 0
R u s s i a * . . 1 2 9 ,6 5 0 ,0 0 0 1 2 .3 7 5 .0 0 0 1 4 2 .0 2 5 .0 0 0 12 9 ,6 5 0 ,0 0 0 ) 1 2 ,3 7 5 ,0 0 0 1 4 2 .0 2 5 .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
A u s - H u n c 1 1 ,6 0 0 ,0 0 0
S p a i n -------- 9 0 .4 4 5 .0 0 0 2 5 .7 3 7 .0 0 0 1 1 6 .1 8 2 .0 0 0 8 0 ,8 8 0 ,0 0 0 > 2 8 ,1 7 1 ,0 0 0 1 0 9 .0 5 1 .0 0 0
3 ,0 0 0 ,0 0 0 3 7 ,0 5 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
I t a l y ................ 3 4 .0 5 0 .0 0 0
5 9 6 ,4 0 0 6 1 ,3 8 3 ,4 0 0
7 4 6 .0 0 0 5 6 ,3 0 0 ,0 0 0 1 6 0 ,7 8 7 ,0 0 0 >
N e t h e r l ’ d s 5 5 .5 5 4 .0 0 0
6 0 0 ,0 0 0 1 5 .9 8 0 .0 0 0
6 0 0 .0 0 0 15 ,9 8 0 ,0 0 0 15 .3 8 0 .0 0 0 )
N a t . B e l . h 1 5 .3 8 0 .0 0 0
........................... 1 5 .0 1 4 .0 0 0
2 .6 2 6 .0 0 0 1 9 ,4 1 5 ,0 0 0 > 1 5 ,0 1 4 ,0 0 0 >
S w l t z ’ la n d 1 6 .7 8 9 .0 0 0
1 4 .3 3 1 .0 0 0
........................... 15 ,9 8 2 ,0 0 0 1 1 4 ,3 3 1 ,0 0 0
S w e d e n .. . 1 5 .9 8 2 .0 0 0
13 6 ,0 0 0 1 0 .4 0 5 .0 0 0
1 3 7 ,0 0 ® 1 0 ,5 2 2 ,0 0 0 1 10 ,2 6 9 ,0 0 0 )j
D e n m a r k . 1 0 .3 8 5 .0 0 0
I 6 ,7 3 7 ,0 0 0
• 6 ,7 3 7 ,0 0 0
...........................8 .1 9 9 .0 0 0
8 ,1 9 9 ,0 0 0
N o r w a y ..
T o t . w e e k 7 1 2 1 0 6 9 ,6 5 1
P r o v .w e e k '7 1 2 ,3 5 2 ,6 3 2

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

a Gold holdings ot the Bank of France this year are exclusive of £79,132,339
held abroad.
.
* No figures reported since October 29 1917.
'
- „
c Figures for 1918 are those given by "British Board of Trade Journal for Deo.
7 1917.
h August 6 1914 In both years.

1760

THE CHRONICLE

THE OUTCOMEOF THE PEACE CONFERENCE.

[V o l . 108.

pendence of Italy for credit, in the matter of coal and
food, is bound to continue, and in the allotment of
these very products, which is to be arranged withthe most careful view to rights as well as needs of
the various consuming States, a position of actual
defiance of the unanimous action of her allies is one
which her statesmen would certainly hesitate to
occupy.
As a matter of fact, the reports of a compromise in
the question of Fiume came simultaneously with the
news that the other, though far less acrimonious, dis­
pute with Japan, over Kiao Chau and the Shantung
peninsula, had been adjusted. Japan engages to re­
turn this former German concession to the Chinese
Government in due course, in accordance with the
announcement voluntarily made at Tolcio when the
Japanese captured it at the outset of the war. For
the.present, Japan will continue to administer the
colony’s economic fortunes. Undoubtedly there are
seeds of future difficulty in this matter, as in the
Italian controversy— even though the Japanese dele­
gate at Paris has publicly declared that “ there is
no example of Japan’s breaking her w ord,” that she
proposes to restore the province to China, and that
Japan will certainly remain with the Allies. To
what extent these instances of collision of opinion
among the Governments at Paris, each caused by
motives of personal political interest which may
arise again, foreshadow possible similar difficulties
after the League is formed, it is impossible to
say.
This much at least may be affirmed, however—
that even if there had been no dispute at the Con­
ference itself, that fact of itself would have given no
guarantee that disputes like these would not arise
after the League was formed. In other words, the
Italian and Japanese controversies create no new
position. In some respects, it may be as well that all
members of the League will have entered it with no
illusions and with clear understanding, based on
actual events, as to what their problem actually will
be. Meantime, Germany’s expectation (if her states­
men ever seriously entertained it) of the breaking up
of the Entente on the eve of imposing terms of peace,
is already shown to be unfounded. So far as can be
judged from the information coming this week, both
from Paris and Germany, the German plenipoten­
tiaries have in view as their primary object the end­
ing of the state of war and the resumption of those
commercial activities of ordinary life without which
neither economic nor political security can be re­
gained.
_____________________

The fact that the German delegates have arrivec
at Paris to receive the terms of peace, coincidentally
with the completion of arrangements for the League
of Nations, has been widely and very properly com­
mented on. The dramatic aspect of this journey
from Prussia to Versailles, when contrasted with the
final autocratic laying down of terms to France by
the Prussian statesmen at the same spot in 1871
(and possibly on the identical date, M ay 10), has
escaped no one’s imagination. Meantime, however,
the Italian dispute has created a situation which, to
many minds, seemed to offset much of what had
been achieved by the Allies and to throw an un­
fortunate shadow of doubt over the League of Na­
tions project, if not on the prospect of a conclusive
settlement with Germany.
This has not appeared to us to be in the least a
source of apprehension. Italy can certainly not
afford to stay out, either from membership in such a
League or from the list of the signatories to the treaty.
Her statesmen, even when asking and receiving a
strong vote of approval from the Parliament at
Rome, have been most careful not to commit them­
selves to any such policy. On the contrary, the
speeches of Orlando, the Italian Premier, have not
only admitted that the cession of Fiume to Italy was
not agreed to in the Pact of London with England anc
France, and have not only stated openly that its
exclusion from that document had led to opposition
by those Governments to the present demands of
Italy, but they have carefully explained that a com­
promise on the matter had been possible all along.
The departure of the Italian delegates from Paris
had, it was pointed out in the speeches at Rome,
been designed primarily to get the endorsement of
the Italian Deputies to the general policy and action
of those delegates. All this would seem to be plain
enough preparation for re-adjustment of the whole
matter. It is indeed conceivable that the Italian
Premier may have welcomed the opportunity for
obtaining a vote of confidence at home, at a moment
when his Ministry’s political position seemed to be
growing insecure for other reasons, and when hostile
M ay Day demonstrations by Italian labor were at
least a possibility.
The reasons why Italy cannot break with the
Paris Conference lie on the surface. Politically, her
actual secession would not only leave Italy without
the moral support of other states in her legitimate
aspirations, but it would place her where her oppo­
nents, in such controversies as might arise hereafter,
would, through their membership in the League,
have a prior claim to such support. But this is not
the only determining fact; the economic dependence
of Italy on her allies is even more striking an influ­
Postmaster-General Burleson’s attempt at Gov­
ence. Only this week the United States Treasury ernment ownership has resulted as might have been
advanced 850,000,000 to the Italian Government to expected. On Tuesday he announced that, by direc­
meet payments in this country for foodstuffs and ma­ tion of the President, the marine cable systems and
terial shipped to her from America, and that loan every part thereof “ are hereby returned to their
brought the total of such advances to Italy by our respective owners, managers, boards of directors or
Government up to $1,571,500,000. M r. Austen receivers, to take effect at midnight” of yesterday.
Chamberlain, Chancellor of the British Exchequer, The control of these lines has been exercised amid
stated in his Budget speech of Wednesday that controversies, the companies setting forth that while
£412,520,000, or roughly, $2,000,000,000, had been the proclamation ordering seizure bore date of
advanced to Italy during the war by the British Gov­ N ov. 2, it was not issued until five days after the
ernment. Now, no one supposes that the screws war had ceased, according to official statement to
would be putupon’such a debtor simply to enforce sur­ Congress, by the signing of the armistice, and there­
render in a question of public policy. But the de­ fore after both occasion and legal justification for




MR. BURLESON’S EXPERIMENT IN GOVERN­
MENT OWNERSHIP—RETURN OF CABLE
LINES.

M ay 3 1919.]

THE CHRONICLE

1761

the seizure had passed. Former Justice Hughes ap­ serious treatment, but a few other sentences should
peared for the companies, and a technical point of be quoted:
“ The general public for years suffered a loss of
lack of jurisdiction was raised on behalf of M r.
Burleson; the courts here having declined the re­ millions of dollars by the transportation of secondstraining order asked of them, the case went to the class mail matter at much less than cost. A large
percentage of this mail is not printed and distributed
Supreme Court in Washington.
for educational, but solely for commercial purposes.
Mr. Burleson’s surrender began with a cabled sug­ Even under the zone law, after the maximum rates
gestion or request, probably a merely reluctant ac­ have been reached, there will still be an annual loss of
ceptance of the situation in which he found himself, more than 50 millions to be made up by the general
that the President direct or consent to the return of public; this makes clear the exact interest the owners
the cable systems. It followed a rising wave of of certain papers and magazines have in the effort
now on foot to discredit the Postmaster-General.”
public indignation, mainly caused by the telephone
The subject of the service of the press in a country
strike and stoppage in New England. It also fol­
lowed another outbreak of very sharp criticism start­ where the people are supposed to rule was discussed
ed by the statement of the “ W orld” of April 23 that pretty thoroughly more than a year ago. The mail
on the previous M onday it printed “ a fairly com­ service as a whole is not remunerative as a strict
plete and comprehensive analysis of the conduct of business proposition, and never can b e; carrying firstthe postal department” by M r. Burleson, and, ac­ class matter at one rate for all distances is costly,
cording to existing contracts, had attempted to send and second-class matter is necessarily more costly;
the article by wire to fourteen journals, most of them but to this the unshakable answer is that such com­
of national reputation, in various parts of the coun­ munication is absolutely indispensable to the growth
try, but that the Western Union and the Postal re­ and life of the country. If any portion of the whole
fused to transmit the matter, because the article mass is not entitled to entry as second-class (as one
described “ appeared to be improper.” Ibis action clause above quoted might suggest) that is within
and the publication of it produced a storm, so that the power and duty of the Department to remedy
M r. Burleson, apparently supported by the respon­ forthwith. As for the “ loss” by carrying secondsible heads of the two companies, laid the refusal to class mail at less than cost, it is pertinent once more
superserviceable zeal on the part of under-officials, to mention the tons of stuff which load the mails
and, he said, directed the sending of the matter as under frank, after having been printed at the public
soon as he heard of the stoppage. Whether the night expense. Without the communication per first-class
managers of the wires did or did not exceed their and second-class matter, notwithstanding any “ loss”
orders, it is not doubtful that they acted according in the first instance, there would be no United States,
to their judgment of what was expected of them and and this country would interest Europe only as
that their experience in the last few months went territory for possible absorption.
The telephone strike which caused a dozen zealous
far to justify a decision which must needs be made
quickly. It may also be said that even a war-time Democrats in Massachusetts to cable the President
censorship of matter for publication extends only to that Mr. Burleson should be removed, for he is
the actual publication and not to the transmitting of “ wrecking the party,” was soon followed by even
matter between journals, under customs and con­ more heated protests at the espionage indicated by
the stoppage of the “ W orld” article. Attendants at
tracts of exchange established by*themselves.
It is not quite a year since Congressman Kitchin, the annual convention of the American Newspaper
Chairman of the House Committee on Ways and Publishers’ Association were outspoken in denuncia­
Means, and the man probably most responsible for tion, in which representatives of a number of journals
the obnoxious postal rates on second-class matter in the South took part. The opinion seemed to be
which, unhappily, failed of correction at the late coming in from the country that M r. Burleson had
session, put out a mare’s-nest discovery that the changed from an asset to an intolerable liability in
press of the country had formed a conspiracy to ob­ the party balance sheet; and as a climax came reports,
struct the revenue bill unless the “ zone” rates were this week, that his attempts at economy in the opera­
abolished. The charge was on its face too foolish tion of rural free delivery routes in the interior coun­
to merit serious consideration, but now Mr. Burleson, ties of this State had started another storm of wrath.
in turn, catches it up and enlarges it into even more He has thus not merely found trouble in the new
absurdity. He solemnly tells the country that he directions of effort which he undertook, but in the
was warned, even before the last Congress met, of old ones which he has proved unable to keep up to
the existence of “ an organized propaganda” against even their former line of serviceableness, and he has
himself, having behind it’ no concern for improving clearly passed what engineers call “ the limit of
either mail or wire service, but solely to force a re­ toleration.”
Yet he surrenders unwillingly, reiterating excuses
duction in the mail rates on second-class matter. A
well-known publisher, he says, called on him to urge for failure and his firm belief that to unite all means
him to aid in such reduction, promising him that thus of intercommunication under Government control
he might become the most popular member of the should and can lead to greater efficiency and reduced
Wilson Cabinet, and “ if you do not I fear they will cost. He has a right to such a belief and is welcome
ruin you .” This, says M r. Burleson, was said in to cling to it. There is no reason to question either
the presence of the First Assistant of his Department; his sincerity or his good intentions. Probably he is a
he spurned both bribe and threat, and is “ now con­ sorely disappointed man, for when the wires were
fronted with the effort of these selfish interests turned over to him, a few months ago, the oppor­
through systematic propaganda, stealthily concealing tunity of a lifetime appeared to him about to take
their real purpose by creating and falsifying news,” concrete form. His dream of widening and improv­
and so on. Thus they hope, he adds, to “ resume ing service at steadily lowering cost seemed real to
their enjoyment of a postal subsidy of over 70 millions him, but it has miserably failed, and the country [has
per annum.” Such wild language does not deserve had enough of the dream.




1763

THE CHRONICLE

[V ol . 108.

A decision by the Supreme Court in this State of the press. It is not too much to say, to indulge
follows quickly one by a Federal court in Illinois in a single illustration, that not one of the Liberty
that increased intra-State wire rates cannot be en­ loans could have been floated extensively among
forced as against State authority; and of the an­ the citizens without the aid of the newspapers, and
nouncement that the land lines will be returned as the Government has been quick to acknowledge the
soon as Congress enacts legislation “ safeguarding the service. As matters stand to-day, business men are
interests of the owners thereof,” Secretary Deegan eager readers of the daily news, for upon the pro­
of the Mackay companies says that only nine months cession of events hangs the commerce of a world in
of Governmental control have succeeded in producing which they must move and live and sustain their
a financial stress which must be smoothed out before being. No one could estimate the influence of that
the seized properties can be restored.
arbiter of us all, public opinion, which in its original
We remarked above that “ the country has had forming is so largely in the keeping of newspapers
enough.” It is to be hoped, yet it remains to be and their editorial policies.
shown, that this is correct. For while increased
If as a people we need any revival in American­
charges and decreased efficiency and convenience in ism, the press will be first in the field. If the con'all transportation, passenger, express and freight, tinuance of law and order is threatened by any in­
had called attention and aroused some wrath in the sidious propaganda, conceived in unrest and spread
portion of the public that does the greatest amount in darkness, the light of the press is always shining.
of traveling and shipping, the numerical majority of And while speech is free, and a forum erected in every
the people seemed still neglectful or inappreciative city and town, while our system of political elections
of the present mischiefs and rising dangers of the draws constant attention to our civic relations, while
seizure of the railroads. On the other hand, when education is widespread, and religion and culture
so intimate a facility as the telephone is suddenly are ever active, the continuous stream of suggestive
cut off, there seemed to be signs of awakening thought is poured into the minds of the people first
Therefore, there is some reason to hope* and believe and foremost by the newspapers. The responsibility
that the people really have had enough of Govern­ of the vocation of publisher is therefore of immediate
ment operation of public utilities. The incoming concern to the entire citizenry of the country.
session of Congress will pretty surely not linger about
We do not acknowledge in our system of gov­
making arrangements for the full return of the wires, ernment any favoritism under the law by reason of
and M r. Mackay calls for an immediate return, peculiarities of vocation. But we demand impar­
saying that the past shall be forgiven and nothing tial justice to all. If, however, there is inherent in
need be paid, but he wants his property.
a vocation a direct public interest, that vocation
So, then, after much loss and trouble, the country should be allowed to grow and prosper according to
has its needed lesson, and if the lesson proves to its own needs, for only thus can it function to the
have been sharp enough to stay in the memories and greatest advantage to all concerned. As we look
permanently set the minds of the American public back over the inception and formation of the Postal
against any and all attempts of Government to man­ Zone law, we are admonished that political antag­
age private business, we may count ourselves for­ onism can even affect the freedom of the press.
tunate. We are still to extricate ourselves from the Over the continued protest of publishers, this law
transportation tangle, but we must and shall do it. now remains on olir statute books. It serves to
Let us set about it firmly, sternly, and promptly. penalize a publication in accordance with the spread
And if this upheaval of the past six years has finally of its circulation, which is one measure of its influ­
taught what Government can do and cannot do, the ence. That this subject has received attention at
deliberate historian of the future will n(fte it as one this annual convention of publishers is proper, and
of the compensations for what the upheaval has cost efforts should not cease until the law as it stands is
the world.
wiped out. This, however, is incidental to our
T H E A N N U A L M E E T IN G OF T H E N E W S P A P E R
P U B L IS H E R S ’ A S S O C IA T IO N .
The dependence of the American people upon
their newspapers was never as great as now, and
carries with it a corresponding weight of responsi­
bility on the part of the publishers. For one thing,
the nation has adventured the world in one farreaching enterprise, which has been won; and is
now engaged in another huge task, holding in it
nothing short of the destiny of the human race and
the peace of all the States. For another, the officers
of Government have never before undertaken meas­
ures which so intimately affect the weal or woe of the
people in their daily vocations in the imperative work
of “ making a living.” And for a third, there is
slowly rising a spirit of protest to “ things as they
are” here at home which threatens the stability
of society, the perpetuity of present political insti­
tutions, and the security of property rights and the
liberty of the individual to succeed by his own free
and unhampered efforts.
Recent events and present conditions have demon­
strated in a remarkable manner the power and utility




present purpose and thought. We are concerned
with the public interest in the power of the press.
We have spoken of responsibility. It takes two
forms, the kind and extent of the news printed, and
the editorial utterance. Of the two, it is only jus­
tice to an intelligent reading public to say that the
first is the more important. Readers cannot form
opinions, cannot shape their own civic responsibili­
ties, cannot improve their business conditions, by
reason of news that is never printed, or by news that
either by repression or extension is given bias or col­
oring. There is not a doubt that papers would print
more explicit accounts of world-moving conferences
now being held, if they could get them. And if diplo­
macy ever dies, the press will kill it by unhampered
publicity. On the other hand, it is possible to divert
the public mind unduly by centring all attention on
far events. To use a worn phrase, our newspapers
should be published for people now living on earth,
now engaged in indispensable commercial and civic
activities, now dwelling in homes they have erected
and maintain by their continuous toil. If, per­
chance, the world-convulsion has thrown us all out
of a proper perspective, it is within the power of the

M ay 3 1919.]

THE CHRONICLE

press, by marshaling the news of the day, to lead
the public mind into havens of rest and endeavor that
will conduce to peace and prosperity in the land and
nation that is first in our love and highest in our
regard and respect. Whatever may be said of the
errors of the press in the past, it has led the people
along paths of loyalty, liberty, endeavor and aspira­
tion, to our present high estate, though little con­
cerned with a world without us. And so it may con­
tinue if in the selection of news it place our own civic
and commercial interests before everything else.
If
war is b etw ee n nations, peace is w i t h i n nations. If
world betterment, in the endless advance, brings
upon us new duties, the duty of exmaple, of per­
fection of living and governing at home, precedes and
exceeds them all. And it is not a selfish admin­
istration of an important task when news gatherers
and publishers, by looking within our own land,
free the people from a possible contamination of the
darkness of other lands.
As to editorial policies, the day has happily gone
by when the people can be made to believe that they
are controlled by the business office. The “ inde­
pendent press” is growing in numbers and freedom
all the time. If there be anywhere a denial it is re­
futed by the answer of experience that it is “ good
business.” Papers dependent upon party patron­
age have always leaned upon a broken reed. And in
“ the turmoil” of affairs, which all recognize, which
some seem to feel will shake society “ to its founda­
tions,” the readers want all the domestic news re­
gardless of party, and a free unbiased editorial com­
ment suggestive in its intent and helpful in its
analysis, independent of partisanship, even though
there be a semi-official allegiance to one party or
to another. Thus the mission of “ the press” ex­
pands with its responsibility, and becomes, as we
believe, more intensive as the world itself comes
nearer. To fulfill this high mission, to wisely execute
this responsible trust, is a task, if we may be per­
mitted to say it, that is food for self-congratulation,
and should awaken in legislators a resolve to re­
move onerous restrictions that hamper and even im­
peril the conduct of one of the most important
agencies of our civilization.
Publishers man the listening posts, they are even
on the firing line, they are the lookouts and scouts of
civilization, and woe to a people that cannot depend
upon its press, and a righteous displeasure upon the
publisher who fails to live up to his best conception
of his own beneficent task. Men do not, happily,
think alike. The people expect a division of opinion
among a large body of publishers. And it is well
that there exists a wide diversity of “ views.” Per­
haps we are writing as if we were ourselves outside
the pale of conditions and duties we discuss. But
our theme is solely to^consider the relation of press and
people, and to bespeak upon the part of the latter
the service of the former, and that current interest
on the part of the people that will gain for publish­
ers as a body a recognition that will bring relief from
onerous law by respect for well-doing.

1763

the plans and purposes of Bolshevism. Curiously
enough, we find the following admission in the
course of the interview:
“ A communist State cannot exist in a world of
capitalist States. This is politically and economically
impossible. The communist State must either
convert the capitalist State to communism or suc­
cumb itself to capitalsm. An apparent compromise
between the two is conceivable for a short time, but
it can never be real and lasting. They exclude
each other mutually, but it is with ideas, not with
Armies we shall conquer the world.”
Hence, the necessity of universal destruction of
“ capitalism,” and the advent of iternationalism.
No doubt, this world reformer sees himself as the
Liberator of mankind. He is now engaged, with
what success all men know, in converting his ideals
in to . concrete ideas. Conquering the world with
ideas is “ some” dream, and seems to meet with
difficulties even in Russia. “ At first” it is necessary
to use terrorism and duplicity, false bargaining with
foreign powers, treacherous dealings with the ex­
perts of a hated class, even “ red” armies, but what
ho if good result. On this foundation, by this means,
the infinite justice of communism is to be established.
Was ever fanatical delusion fraught with such sinister
consequences? But nothing deters the mind of
the egotist. He becomes, in his own estimation,
the exponent of his cause. His acts, however
malign, become sacred. He soon, as in this example,
admits the primal need of the autocrat, and ends in
becoming entirely satisfied with himself. And the
asylums are full of men who, obsessed with a cause
(unconscious it is no more than a figment of their
own diseased brains), slip over the line of sanity and
end by believing themselves to be Julius Ceasar or
Jesus Christ. The man with the big idea has a
place in the scheme of things, but the reformer who
would mould the world to his own will is a dangerous
instrument of universal advance and may do irrepar­
able harm by seeking impossible good.
Put by the reformer, and look coldly for a moment
at some of his all conquering reform ideas. Accord­
ing to this account of an interview, Lenine has this
to say of money:

“ Hundreds of thousands of ruble notes are being
issued daily by our Treasury. This is done not in
order to fill the coffers of the State with practically
worthless paper, but with the deliberate intention of
destroying the value of money as a means of pay­
ment. There is no justification for the existence
of money in a Bolshevist State, where the neces­
sities of life shall be paid for by work alone. . . .
“ Already even the hundred ruble note is almost
valueless in Russia. Soon even the simplest peasant
will realize that it is only a scrap of paper not worth
more than the rags from which it is manufactured.
Men will cease to covet and hoard it so soon as they
discover it will not buy anything, and the great
illusion of the value and power of money on which
the capitalist State is based will have been definitely
destroyed.
“ This is the real reason why our presses are printing
ruble bills day and night without rest. But this
simple process must, like all measures of Bolshevism,
be applied all over the world in order to render it
B O L S H E V IS T L E N I N E ’S V I E W OF M O N E Y .
effective. Fortunately, the frantic financial de­
In what purports to be an account of an “ inter­ bauch in which all the Governments have indulged
view” with Vladimir Ulianoff Lenine, to give his during the war has paved the way everywhere for
full name, transmitted by a correspondent’s inter­ its application.”
Money, then, in a socialistic or communistic
vention, from Geneva to the London “ Daily Chron­
icle” and cabled to the New York “ Times,” this world, is no longer to exist. Printed rags, having
master fanatic of the age, makes frank avowal of shown its futility in a relation of brotherhood




1764

THE CHRONICLE

justice, its “power” will be dead forever. Money
gone, the “capitalistic class” will be measurably, at
least, powerless. Was there ever such a distorted
view of the uses, value and nature of money put
forth as the salvation of a people? Suppose we say
that gold is the only true money, as in really it is—
suppose we say that in addition to its own intrinsic
value, it has value in use because it expresses values
in other things, and is a denominator of values when
written into instruments of exchange, what then ?
Destroy ten billions of gold money, or the world’s
gold stock whatever its amount, would that destroy
the value of two hundred and fifty billions of property
(common estimate) in the United States alone?
Destroy all real gold money—and all ragpaper
money, since it is admittedly worthless, and put
property and exchange on a purely work basis, how
6ould the relative values (prices) of this work, and
these commodities, be expressed? We can con­
ceive of barter (only in barbarism it is true), but
how can work for work be exchanged (an indispens­
able thing) when it can be expressed in nothing but
work? An actually moneyless world would seem
an impossibility to any mind but that of a com­
munist.
Now the relation of gold money to the values of
property and labor is direct and easily understood.
If a State or a man had all the gold in the world and
nothing else, that State or man would be the poorest
in it. Gold has an intrinsic value in use in the fine
arts, but commercial experience and adoptionin use
as a measure of values in exchange, and as a denom­
inator of values, gives it its money value in com­
merce. It does not do the business of the world by
passing from hand to hand to supply differences in
exchange, save in a limited manner in the final
cancellation of indebtedness, and hence is often
and rightly called the money of last resort, or final
redemption.
UGold has a more stable value in proportion to its
increase and in proportion to its relation to all other
commodities, than any other metal or thing that has
been used or suggested as money. All over the
world, by reason of this, coupled with the existence
of credit machinery, men now write their own money
on scraps of paper. And these are expressive be­
cause stated in stable terms of gold. It is the
standard and not the quantity which counts most.
Nothing has yet been devised to take its place.
Gold remains one of the supreme advantages to
man. It is not sacred, it is not all-powerful from
within itself, it is not a weapon by which property
holders can extract bloodsweat from those who
work, it is simply a transcendent convenience arrived
at through selection and progress. Credit must
have its medium of expression. And though gold
and rags both be destroyed credit will still exist.
What more then does the world want or need than
credit money expressed in terms of gold? Why
this fatalistic fantasy about the power and mature
of money?
__________________

NEW BUSINESS FORCANADIAN FACTORIES.
Ottawa, Canada, May 2 1919.

[Vol . 108.

war level, and hold the business for several years at
least. The creation of special credits for Balkan
countries has brought to these shores relatively heavy
orders for goods ranging from locomotive parts to
shirts, socks and heavy boots. Encouragement
comes from the Overseas Trade Board in London
in a statement that concerted effort will bring
“big results.” Upon the advice of the Board, the
larger industries have formed export associations.
The Government now is arranging to band together
the smaller manufacturers in groups, each with a
foreign trade boomer. Time is the essence of these
orders, say the Board’s advisers, and business is
lost when prices and samples have to be cabled for.
A special Government representative is now investi­
gating openings for trade in chilled meat and packing
house products. At the beginning of 1919 shipping
equipped with cold storage accommodation was not
to be had; at the same time there was a shortage of
space in British warehouses. Canadian sales of
chilled meats to France are being maintained most
satisfactorily since the end of the war and Rumanian
orders for textiles have exceeded anticipations.

CANADA’SFALLING FOREIGN TRADE.
Ottawa, Canada, May 2 1919.
A Dominion Government announcement on the
country’s trade gives illuminating evidence as to
the reasons for the rapid decline in foreign sales.
The favorable balance of trade for the fiscal year
ending Mar. 31 last, as compared with one year ago,
is little more .than half—$291,169,000, as against
$577,505,200. This tendency has been apparent
during the past three years, but the acceleration in
recent months is hardly encouraging. In the last
fiscal year, ending with March 1919, the aggregate
foreign trade of Canada is found to have receded from
$2,502,549,000 for the previous twelvemonth to
$2,124,057,000, a drop of $378,492,000, or 15%.
Imports account for a slight part of this decline,
falling from $962,521,000 to $916,443,000. Exports
are responsible for a drop of $332,400,000 between
the fiscal years of 1917-18 and 1918-19.
One may draw some comfort from examining the
details of export reductions. Not less than $300,­
000,000 of the $332,400,000 of decrease in foreign
sales is accounted for by agricultural products,
mainly wheat. While it is true that the 1918 crop
was short, the fact that affected the country’s
export showing was the shortage of ships, necessitat­
ing the storage in Canada of an unusually large
proportion of the exportable surplus. On April 11
1919, according to Government returns, there were
held in Canadian elevators 45,237,000 bushels of
wheat, having a value of about $112,000,000. This
will be moved out during the present transportation
season and add substantially to the present year’s
volume of exports.
A comparison of the two last fiscal years demon­
strates that the value of exports in products of the
mines, fisheries, forests, animals and produce, has
advanced materially; manufactures present a de­
cline of about ninety million dollars.

Two hundred trade representatives from Canada
are now in Europe bidding for trade in manufactured CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
goods. The Department of Trade and Commerce
usual offering of ninety-day British Treasury bills
at Ottawa expresses the opinion that as a result of wasThe
disposed of this weok by J. P. Morgan & Co. on a dis­
this propaganda and organization, Canadian manu­ count basis of 5 } ^ % , the rate prevailing in recent weeks.
facturers will build up exports well above the pre­ The bills are dated Monday, April 28.




M ay 3 1919.]

THE CHRONICLE

(& u v x m t % w m t& atxtl d i s c u s s i o n s
NEW CREDIT TO ITA L Y .

A new credit to Italy of $50,000,000 by the United States
Treasury, to cover a number of obligations incurred by the
Italian Government on contracts for war materials and food­
stuffs from American producers, was announced on April
30. According to press dispatches from Washington, the
credit extension brings Italy’s total borrowings from the
United States to $1,571,500,000. We also quote as fol­
lows from these advices:
Tho loan has been under negotiation for several weeks and recent devel­
opments at Paris resulting from the Flume situation, it was stated, offi­
cially, have not entered into the financial discussions o f representatives of
the Treasuries o f the United States and Italy.
Total loans to all Allies now are $9,238,829,000. Congross has author­
ized total loans of 310,000,000,000, and indications at this time are that
the balance o f this authorization will bo sufficient to caro for Allied needs
between now and tho declaration o f peaco. After that date no further
loans to Allied Governments may bo mado. Rut tho War Finance Cor­
poration has authority to finance exports by American firms. This may
take tho place to some extent o f Government loans in providing credit by
which foreign interests may purchase In tho United States.

PROPOSED FRENCH-AM ERICAN BANKING CORPORA­
TION IN N EW YORK.

The filing at Albany on April 29 of incorporation papers
for tho Fronch-American Banking Corporation discloses an
alliance of French and American banking interests, repre­
senting combined resources of over one and a quarter billion
dollars, organized to promote trado botweon France and tho
United States. An official announcement concerning the
projoct says:

Ilalf tho stock o f tho corporation will bo held by American interests and
half by French. Tho plan of operation, it is declared, by tho organizers of
the now corporation, means that hereafter American business men will be
able to avail thomselvos of banking facilities in Franco as advantageously
as Frenchmen themselves enjoy.
. . „
, , —T .,
,
Tho French participant in tho alliance Is tho Comptoir National d Escompto do Paris, which takes half tho capital stock. Tho American In­
terests aro tho First National Rank o f Roston and tho National Rank of
Commerco in Now York, each holding onc-fourth tho capital stock of tho
now corporation.
Tlio French American Ranking Corporation Is capitalized at $2,000,000
with a surplus of $500,000. all paid in. Tho incorporators arc James S.
Alexander, President o f tho National Hank of Commerco in New York;
Daniel G. Wing, President of tho First National Rank o f Roston; Maurice
Silvester, American representative of tho Comptoir National d’ F.scompte
do Paris! and others. Mr. Silvester will bo President o f tho new com­
pany Thoro will bo twelve directors, six to represent tho American
group and six tho French group.
7

The names of those who will make up the board of direc­
tors of tho Fronch-American Banking Corporation wero
announced on May 1. Tho directors representing tho Amer­
ican
interests will bo:
James S. Alexander. President o f tho National Rank of Commerce in
Now York; Daniel G. Wing, President o f tho First National Dank o f Ros­
ton- John R. Itovensky, Vlco-Prosldent of tho National Rank o f Com­
merce in Now York; F. Abbott Goodhue, Vice-President of tho First N a­
tional Rank of Roston; Harry D. Thayer, President of the Western Elec­
tric Co. New York; and Owen D. Young, Vice-President of tho General
E lectric'C o., New York.
.

The Froncli interests in the corporation will bo ropresontod
by tho following directors:

Paul Royer, President of tho Comptoir National d ’Escompte do Paris;
Mauttce Silvester, American representative o f tho Comptoir National
d’Escompto do Paris; Paul Fuller Jr. of New York, a member of tho firm of
Coudert Pros., attorneys; Edgar Llewellyn, Manager of tho Comptoir Na­
tional d'Escompto do Paris; Maurice Lowandowski, Manager o f tho Comp­
toir National d’ Escompto do Paris; and Stanislas Simon, Managing D i­
rector of tho Ranrtuo do l’ lndo-Chine, Paris, and director o f tho Comp­
toir National d’ Escompto do Paris.

It is stated that tho Banque do l’lndo-Chino, of which Mr.
Simon is Managing Director, is tho most powerful and im­
portant of the French colonial banks.
James S. Aloxandor, President of tho National Bank of
Commerco in Now York, in discussing tho now corporation,
said:
,
America’s now position as tho world s chief source o f capital for inter­
national commerce necessitates tho development of tho foreign business of
this country’s banks to meet tho unprecedented conditions. This allla.ico of great French and American banks represents, wo believe, an effi­
cient instrumentality to facilitate and foster tho trado relations between
tho United States and Franco which tho new era demands. Wo consider
It a most practical way to rcalizo tho necessary co-operation between
French and American banking, and to glvo America’s business men tho
benefit of tho experience and connections o f natlvo French bankers that
could bo given to thorn in no other way.
Tho Frcncli American Ranking Corporation is an organization which
has behind it tho good-will of tho threo great established institutions
which hold its stock. It is primarily a commercial bank, as aro all tho
institutions which control it. It is expected that it will engage in tho
acceptance business, and in general assist in financing trado between the
United States and Franco, including tho French colonics In all parts o f tho
world.

Prcsidont Daniol G. Wing of tho First National Bank of
Boston, is quoted as follows:

Tho French American Ranking Corporation will foster tho develop­
ment of French and American trado in a broader and bigger way than has
over been possible boforo. Tho threo banks uniting in this enterprise




1765

have the same general policy and are strictly commercial institutions.
The new corporation will be operated along the same lines, and its man­
agement will devote all its energies to the development of commercial re­
lations, particularly between America and France.
The entire facilities and connections of the National Bank of Commerce
in New York and the First National Bank of Boston will be placed at the
disposal of the French American Banking Corporation, which will en
able tho Comptoir National d’Escompte de Paris to extend the best of
terms and services to the French importers and exporters who are inter­
ested in developing or extending their trade with America. Facilities of
tho Buono3 Aires branch of the First National Bank of Boston will simi­
larly b * placed at the disposal of the Comptoir and tho French American
Banking Corporation. In a like manner the National Bank of Commerce
in Now York and tho First National Bank of Boston, through the French
American Banking Corporation, will be able to offer unexcelled services
to the American merchant who is interested in foreign trado.
In addition to the two hundred-odd branches of tho Comptoir Na­
tional d’Escompte de Paris located throughout France, this institution
has branches also in Spain, England, Belgium, Australia, New Zealand
and India, and is preparing to open further branches in Alsace and Lor­
raine. Tho Comptoir also has close working arrangements with the
French Colonial banks in Algeria, Egypt, East Africa, Madagascar, Mar­
tinique and Indo-China. The extensive services of this Institution will
similarly bo available to tho customers of the new corporation and the
American group.
Mr. Goodhue, our Vice-President, who has recently returned from
France, where he has been in active negotiation with the officials of the
Comptoir, has been greatly impressed by the need for just such a prac­
tical co-opreative organization as this new corporation affords. He be­
hoves, as we all do, that this new step in international banking will con­
tribute in no small measure to the upbuilding of French-American com­
mercial relations.

The capital, surplus and undivided profits of the Nationa
Bank of Commerce in New York aro over $50,000,000, and
tho resources over $558,200,000. The capital and surplus
fund of tho Comptoir National d’Escompte de Paris are over
$48,000,000 and the resources over $500,000,000, while those
of the First National Bank of Boston are respectively over
$27,800,000 and $222,500,000. This makes a total capital,
surplus and undivided profits of tho institutions back of the
French-American Banking Corporation of more than $25,­
000,000, with total resources of over $1,280,000,000. The
Comptoir National d’Escompte de Paris is one of the three
greatest banks in France. The French-American Banking
Corporation represents the first important alliance of this
type between American banking institutions and foreign
institutions.
A PLEA FOR P H IL IP P IN E PROVINCIAL BANKING.

Pennsylvania Hotel, New York City, May 1.
To the Editor of the “ Financial Chronicle
Dear Sir.— Tho Filipinos would like to encourage American investments
in tho Philippine Islands and one of tho most promising and wide-open
fields of investment there is that of provincial banking. There is only
one bank operating in the provinces at tho present time, and there aro
45 provinces which could support banks. The interest rates are from
8 to 1 2 % , ordinarily, but 15% is a frequent rate and 18% is lawful by
agreement.
Tho Provincial bank now in operation is located at Dagupan in the
Provinco of Pangasinan. It is capitalized, if memory serves, at $125,000.
It has been in operation for more than a year and has been very successful,
its stock oven so early in its history being very hard to obtain. Pan­
gasinan is tho leading rice-producing Province of tho Philippine Islands.
It also produces large quantities of tobacco and a considerable amount
of sugar.
Tho Pangasinan Bank, in which both Americans and Filipinos aro
jointly interested, makes chattel loans. Tho security is usually the crops,
either growing crops or produce in warehouses and the camarines of tho
farmers. Notes are mado in the usual way, on a conservative basis, and
it is believed that the bank has not suffered a single loss. Tho profits
have boon most satisfactory. Tho bank administration now proposes to
oxtend tho business to cover real estate loans. This will bo long-time
paper at 8 and 1 0 % per annum.
Commercial loans are to Chinese merchants, who do almost tho entiro
small retail business of tho Archipelago. Their business is absolutely
reliable and is to bo had in every part of tho Islands.
Additional Provincial banks in the Philippine Islands would b 9 a boon
to both commerce and agriculture. They would save tho people from
exploitation by usurers, who now wring extortionate rates from the farmers
— often as high as 60 and 70% per annum. Millions o f dollars of American
capital could easily be turned to this field. The movement would result,
almost inevitably, in handsome profits for tho investors and an unpre­
cedented development of agriculture. These have been tho results of the
pioneer enterprise in Pangasinan. Even tho patient, plodding Philippine
peasants dislike to sweat throughout tho year, producing for money-sharks.
In tho other Provinces of Central Luzon— Luzon is tho island upon
which Manila is built— conditions aro similar to those in Pangasinan.
In southeastern Luzon the chief crop is hemp. In the Cagayan Valley,
still on tho Island of Luzon, tho chief crop is tobacco, tho export tobacco
which goes into the millions of cigars shipped annually to the United
States. In Negros the chief crop is sugar. In Leyte, another large island}
tho chief crop is hemp. On both these islands and on Luzon itself, there
aro extensive cocoanut plantations, producing the much-prized copra}
raw juaterial for cocoanut oil, which is, in turn, a raw material for a hun­
dred indispensable manufactures commonly on tho markets of the world
to-day. It will bo seen that Philippine agriculturel products are basic
staples. As security on chattel loans they aro unsurpassed.
Filipino farmers are not slow to meet their just financial obligations.
All that is necessary for successful banking in tho Islands is the exercise
of the usual banking precautions.
The field for good, safe real estate loans is very large. Tho Philippine
National Bank, with about $140,000,000 resources, has not found it pos­
sible to nearly meet tho demand* for this class of loans. It is locatod in
Manila, has important branches in the United States, and, like the other
Manila banks, handles a large volume of commercial paper. The other
Manila banks do not specialize at all on Provincial loans, particularly real
estate loans, and tho Philippine National Bank has not met the expectations
hold of it upon its organization.

1766

THE CHRONICLE

[Vol . 108.

One difficulty has been the trouble and expense o f Inspection of real
CARTER GLASS CONTRASTS FEDERAL RESERVE
securities. But the Pangasinan Bank has found this inspection very
feasible, being on the ground— i. e .t being convenient to its field— and it has
SYSTEM W ITH FORMER BANKING METHODS.
a growing business in the making o f real estate loans for the Philippine
National. It is certain that similar arrangements could bo made by
other Provincial banks if they were to be established, to the profit of the
new enterprise and the developing of a greater field for short-time loans.
In short, for country banking the Philippine Islands are an unprocedentedly rich field. A movement to cover it with a portion of the
enormously largo investment fund in America this year, would bring
immediate returns to investors and result in such a stimulus to Philippine
agriculture and Industry as would swell America’s trade with the Archi­
pelago to an amount not to bo anticipated. Now is the timo to get the
movement under way.
Tho conducting o f the Provincial banking o f the Philippines by Ameri­
cans would accrue directly to tho interests of American shipping and
American trade, in constantly increasing volume. This, in view of the
fact that tho Philippine Islands have a superficial area of 12
square
miles o f territory, very little o f which is not potentially productive, and
very richly so. They are supporting at the present time a population of
ten millions o f people developing a high state of civilization which is rapidly
augmenting their foreign trade. This has now become no negligible
In the panic of 1907 New York could not let a country bank have 350,000
quantity, but above thi3 it ought to be remembered that the Islands are of cuirency to meet the ordinary requirements of trade. In 1915 New
capable o f supporting a population o f forty millions, which it is quite York loaned two European nations 3500,000,000 for the prosecution
possible they will be doing within half a century.
of war. Before the advent of the Federal Reserve banks tho financial
Very truly yours,
system of the country, in times of exigency, could not minister to ordinary
W ALTER J. ROBB,
/
domestic needs. To-day, besides taking care of these, the United States
(of the Editorial Staff of
has brought back from foreign nations in excess of 3 3 ,0 0 0 ,0 0 0 ,0 0 0 of
•'Cablenews-Amerlcan. Manila, P. I.)
American securities, has loaned foreign nations 311,000,000,000 for
purposes of war, has floated on Government account $18,000,000,000 of
Liberty bonds and War Savings certificates, not to mention tho billions
REM ITTAN CES TO GERMANY PER M ITTED .
of dollars of Treasury certificates of indebtedness issued in anticipation
of the Liberty Loans. Aside from the tremendous volume of discounts
by member banks of tho system and by banks not members, tho twelve
Reserve banks alone have engaged in commercial rediscount operations
approximating $1,500,000,000, and have made open market purchases
amounting to 31,818,000,000. The regional banks hold a gold reserve
of $2 , 1 0 0 ,0 0 0 ,0 0 0 , an increase over last year of $402,000,000; and, not­
withstanding tho splendid provision made for the tremendous military
and commercial needs of the country, the system maintains to-day a gold
reserve of 64% behind its notes and of 54.76% behind its combined note
and credit issuo.
April 30 1919.
Keeping pace with this great regional reserve bank system, tho National
Tho War Trade Board, at the request o f tho Supremo Economic Council, and State banking systems of the United States have made amazingly
has issued a general license through the Bureau o f Enemy Trade, which rapid strides during the same war period.
authorizes the transfer o f funds to Germany, provided the proceeds aro
Notwithstanding this unparalleled situation with respect to tho resources
used for the purchase of food to be shipped to Germany, and until other­ of the banks, it is extremely important that there should be a very wide
wise instructed, “ dealers” as defined under the Executive Order of tho distribution of this last Liberty Loan among tho people of tho country.
President o f Jan. 26 1918, are permitted to make transfers of funds to Tho commercial banks should never bo cluttered up with investment
Germany through the American Relief Administration, in accordance with securities but should bo left free to respond at all times and promptly to
regulations issued April 22 1919, covering the making o f similar remittances tho current demands of comerce and industry. Just to tho extent that the
to various other Central European countries.
banks subscribe to this Liberty Loan, in that degree their ability to aid
.
F. I. KEN T, Director.
current business enterprises of every description is impaired.
Moreover, it is important that tho people should subscribe tho loan in
order that we may further cultivate the virtuo of thrift. All classes of
people in tho United States should be encouraged to take a material interest
in their Government, to feel more consciously than over before that it is
This is the first timo that it has been possible to remit funds to Germany their Government, both sentimentally and practically, and nothing would
since the suspension o f tho foreign exchange market for reichmarks tho last more speedily conduce to this end than subscriptions to tho Government's
week in March 1917. At that time the quotation was about 70 cents for financial obligations. It is tho surest means in the world of shooting to
four marks, a quotation which represented a depreciation in German death tho spirit of Bolshevism and of impressing upon tho people the
exchange of about 2G}4%. Recently German exchange has been selling supreme importance of good order in government.
at a discount of approximately 70% in Holland and other European neutral
countries. To be on a parity with these quotations, reichmarks here
would have to sell at about 28 cents for four marks, the way German
exchange was formerly quoted in this country, or at the rate o f 7 cents for
one mark, which compares with a mint par o f 23.8 cents.
The present arrangement does not provide for transfer o f funds for
I1
or fifty years under the old system wo proceeded upon the assumption
commercial purposes, and probably no commercial arrangements will bo that the country always needed a volume o f currency equal to its bonded
made until the Allies lift the blockade on Germany. However, individuals indebtedness, and never at any time required less, whereas wo frequently
who desiro to remit funds to individuals in Germany may now do so. Tho did not need near as much as was outstanding, and just as often could havo
scheme, which is the same as was announced on April 22 for the benefit of absorbed vastly inoro than was available. Hence, when it happened that
other countries in Central and Southeastern Europe, provides that the the circulating medium was redundant, when its volume was too groat to
comparative value o f food in the United States and in tho European be used in local commercial transactions, instead of taking it through tho
countries shall govern the rate o f exchange.
expensive process of retirement it was bundled off to tho great rosorvo
centres at a nominal interest rate, to bo thrown, into tho vortex of stock
speculation.
In a different way and to an immeasurably greater extent tho business
FOREIGN EXCHANGE DEALERS ADVISED OF REVO­
of tho country was made to suffer by this rigid currency system in times of
CATION OF REGULATION GOVERNING CABLE
stirring development and enterprising activity. It could not begin to meet
CONFIRM ATIONS.
the commercial and industrial requirements of tho country. Tho total
capitalization of the national banks, under the old system, measured their
m
full capacity to respond to tne currency requirements of tho country.
Thus in time of panic, such as that which convulsed tho country in 1907,
these banks found it impossible to utilize their gilt-edge, short timo com­
mercial paper in exchange for currency wherewith to respond to tho re­
quirements of business. Practically all the banks wero in tho samo desper­
ate plight, every one, with rare exceptions, looking out for itself, with no
other sourco of supply.
tt ...
• ,
April 2 9 1919until otherwise instructed, tho requirement issued by tho Division of
Tho Federal Reserve Act revolutionized this wretched currency system,
Foreign Exchange on June 11 1918 prohibiting "dealers,” as defined under the unhappy victims of which are without number, and tho losses boyond
the Executive Order of the President o f Jan 26 1918, from acting upon human approximation. It substituted for a rigid bond-socurod circulating
confirmations o f cablegrams received by them where the original cablegram medium, unresponsive at any time to the commercial requirements of tho
in part or in whole has never been delivered, and also requiring that all nation, a perfectly elastic currency, based on the sound, liquid commercial
confirmations of cablegrams be delivered to certain Federal Reserve banks, assets of the country, responsive at all times and to the fullest extent to
dependent upon their destination, is hereby revoked, with the exception every reasonable demand of legitimate enterprise.
of confirmations referring to any cablegrams which might cover transactions
Another fundamental defect of the old system was its fictitious bank
either directly or indirectly with territory not formally opened to trade and reserve, created by that provision of the National Bank Act which author­
transfers o f funds.
ized a deposit or book credit of individual country banks with banks in
reserve and central reserve cities to bo counted as reserve, just as if hold
F. I. KEN T, Director.
in the vaults of the interior banks. On these reserve balances, subject to
a process of multiplication, the big banks of the money centers would
E X PA N SIO N IN BRITISH CURRENCY.
. pay tho nominal interest, which operated as magnet to attract tho reserve
funds of tho entire country; so that eight months beforo tho Federal Reserve
system was put in actual operation, the Now York banks alone held nearly
a billion dollars of the funds of outside banks, while they wero loaning
outside banks only $192,000,000. Already tho Congressional monotary
inquiry had disclosed tho startling fact that on Nov. 24 1912 tho legal
There is much dissatisfaction at tho continued expansion o f the currency. custodians of these reserve funds had put 3240,000,000 of them in tho
The increase last week was £11,000.000. mainly due to tho fact that tho maelstrom of Wall Street stock operations. That means that tlieso millions
Governme ,t paid the miners £8,000,000, representing arrears of payments and many millions more were withdrawn from tho reach of mercantile and
since the beginning of the year. The outlay, of course, was accomplished industrial uses throughout the United States at a fair rato of interest and
by a clear manufacture of currency. The present total o f the notes out­ loaned to stock speculators at an abnormally low rato of interest. Tho old
standing is £346,000,000, representing an increase for the year of £114 - system was a rank panic breeder. In periods of greatest business activity
0 0 0 ,000.
the country was made to suffer desperately for lack of adequate facilities.

b,000

A speech by Secretary of the Treasury Carter Glass in
which he seeks to contrast the old banking system with tho
Federal Reserve system was delivered before the Chamber
of Commerce of the United States in session at St. Louis on
April 29. In one of his statements therein Secretary Glass
says: “The whole startling contrast between the old system
and the new may be summed up in the single statement
that in 1907, under the old system, the failure of two banks
in New York City precipitated the greatest financial panic
that ever afflicted the nation, whereas under the new sys­
tem the greatest war of recorded history failed to create
a r pple of alarm in the banking community of the United
States.” Secretary Glass added:

The issuance by the War Trade Board, at the request of
the Supreme Economic Council, of a license authorizing the
transfer of funds to Germany, provided the proceeds aro
used for the purchase of food, was announced on Thursday,
May 1. This was made known by F. I. Kent, Director of
the Division of Foreign Exchange of the Federal Reserve
Board, in the promulgation of the following regulation:

With regard to the lifting of the restrictions affecting
transfer of funds to Germany, the New York “Times” on
May 2 said:

The War Loan organization of Richmond recently circu­
lated a speech by Secretary Glass for use in tho Liberty
Loan campaign embodying observations conta ned in the
above, and the following additional remarks:

A regulation announcing that tho order of last June affect­
ing cable confirmations of foreign dealers had been revoked,
was issued as follows by F. I. Kent, Director of tho Division
of Foroign Exchange of tho Federal Reserve Board, on
April 29:
.

With regard to the continued expansion in British cur­
rency, a special cable dispatch to the New York “Evening
Post” from London, April 26, said:




M

1767

THE CHRONICLE

3 1 9 1 9 .]

a y

A s t h is p r o c e s s o f d e fla t io n t a k e s p la c e , p r ic e s w ill f in d t h e ir p r o p e r le v e ls

T h o F e d e r a l R e s e r v e A c t c o r r e c t e d t h is v i c io u s b a n k r e s e r v e s y s t e m b y
e s ta b lis h in g r e g io n a l r e s e r v o

banks and

m a k in g

th e m ,

in s t e a d

o f p r iv a te

a n d o u r p r o b le m s o f e q u it a b le a n d r e a s o n a b le t a x a t io n w ill s o lv e th e m s e lv e s .

o f th o

T h o c r e a t io n o f n e w a s s e t s , h o w e v e r , is p r e d i c a t e d u p o n in d iv id u a l a n d

U n it e d S t a t e s ; b y m a k in g t h o s e r e g io n a l b a n k s , in s t e a d o f p r iv a t o c o r r e s ­
p o n d e n t b a n k s , t h e g r e a t r e d is c o u n t a g e n c ie s o f t tio c o u n t r y ; b y r e q u ir in g

n a tio n a l e c o n o m y .
T h o m o r e w e k e e p o u r “ o p e r a tin g e x p e n s e s ” d o w n ,
t h o lo s s in t h o p r o d u c t i o n o f t h is n e w w e a lt h w e s q u a n d e r t h r o u g h u n ­

th o s e r e g io n a l b a n k s t o m in is te r t o c o m m e r c e a n d in d u s tr y r a th e r t h a n t o
th e s ch e m e s o f s p e c u la tiv e a d v e n tu r e .
U n d e r th o o ld re g im e w o h a d b o o n

a n d p r o d u c t i v e t h in g s , t h e fa s t e r th is h e a lin g p r o c e s s w ill t a k e it s c o u r s e .

banks

in

th o m o n e y

cen tres,

th o

c u s to d ia n s

o f th o

rcserv o

fu n d s

t a u g h t t o b o lio v o t h a t th o b a la n c e o f t h o c o u n t r y w a s d e p e n d e n t o n th o
m o n e y cen tros.
U n d e r th o n o w d is p e n s a t io n t h e fa c t w a s q u ic k ly r o v e a le d
th a t t h o m o n e y c e n tr o s a re d e p e n d e n t o n th o b a la n c e o f th o c o u n t r y .
U n­
d e r th o o ld s y s te m th e c o u n t r y b a n k s w o r o s u b s e r v ie n t t o th o m o n e y c e n tr o s ,

co n s u m p tio n ,

I t is n o t a n
r e a s o n a b le

and

th e

m ore

m oney

a u t o m a t i c p r o c e s s ; i t is o n e

tim e

i f c a r r ie d

by

a

we

spend

th a t ca n

n a tio n -w id e

o n ly

w ill a n d

fo r

perm an en t

su cceed

w ith in

u n d e r s t a n d in g .

d o e s n o t c o n t e m p la t e m a k in g u s a n a t io n o f m is e r s ; b u t r a t h e r

a
It

a n a t io n

o f in t e llig e n t s p e n d e r s .

U n d er th o n ew s y s ­

W e b e g a n t h e V i c t o r y L o a n c a m p a i g n w i t h , i t is e s t i m a t e d , a p p r o x i m a t e l y

it is n o lo n g e r a q u e s t io n o f f a v o r : it is p u r e ly a q u e s t io n o f b u s in e s s .

$ 4 ,0 0 0 ,0 0 0 ,0 0 0 o f u n d ig e s te d G o v e r n m e n t b o n d s , n o t c o u n t in g t h e b illio n s

fo r o n ly t h e r e c o u ld t h e y r e s o r t fo r r e d is c o u n t fa v o r s .
te m

n ecessary

U n d e r t h o o ld s y s te m it w a s a t tim e s a q u e s t io n o f a b il it y t o s e r v o , a n d a t

o f U n ite d

o t h e r t im e s o f w illin g n e s s .

th o u g h

T h o n o w s y s t e m s u p p lie s b o t h th e a b ilit y a n d

S ta tes

th o

t h o in c e n t iv e t o d o b u s in e s s .

a m o u n tin g

PAUL M . WARBURG ON NECESSITY OF THRIFT AND
ADOPTION OF NATIONAL BUDGET SYSTEM.

In an address on “Government Loans and Taxation” de­
livered on April 30 at the annual meeting of tlieU.S. Cham­
ber of Commerce at St. Louis, Paul M. Warburg, formerly
Vice-Governor of the Federal Reserve Board, dilating uppn
the necessity of the practice of thrift by the masses, declared
that “the fundamental remedy for our economic ills lies in
thrift.” “Thrift,” ho continued, “spells increased produc­
tion and decreased consumption; tho resultant saving, in
goods or money, furnishes tho means for the country’s re­
cuperation and future growth.” According to Mr. War­
burg, “ the most immediate and most tangible result of suc­
cessful economy would bo the elimination of the item loans
on Government securities’ from tho balance sheets of both
our banks and trust companies and tho 1*ederal Reserve
banks.” In eliminating these items, he said, “we strike at
tho very root of inflation.” Pointing out also that a more
careful and scientific study of our national receipts and ex­
penditures is required than has been given heretofore, Mr.
Warburg referred to tho fact that the Chamber of Commerce
of tho United States stands committed to the recommenda­
tion of a national budget system, and ho observed, “it would
appear most timely to renew our efforts in thi respect.”
At the outset of his remarks Mr. Warburg noted that “when
tho war began two schools of thought were dividing the social
economists of the world with respect to tho question of war
finance. On the one side,” he said, “there was arrayed tho
apostles of tho ‘all tax’ dogma; on the other were found tho
preachers of the ‘all loan’ gospel.” Continuing he said in
part:
C o u n tr ie s

s ta r t in g

out

c e r tific a te s

V ic to r y

L oan

o f in d e b te d n e s s

s h o u ld

h e ld

be absorbed

by

our

e n t ir e ly

by

banks.

E ven

t h o s a v in g s

of

t h o p e o p l e , a s w o e a r n e s tly h o p e it w il l b o , t h e c o s t o f w in d in g u p t h e w a r ,

on

t lio

“ a ll t a x ”

th eory

havo

boon

ta u gh t

by

to

m any

a d d it io n a l b illio n s ,

w il l s t ill r e m a in

to

b e fin a n c e d .

I t is l i k e l y t h a t s h o r t t im e c e r t if i c a t e s w il l b e u s e d f o r t h a t p u r p o s e , t h a t
t h e y w ill la r g e ly
b o p a id o f f b y

b e c a r r ie d

by

r e c e ip t s fr o m

th e b a n k s, an d

ta x a tio n .

th a t u ltim a te ly

t h e y w ill

S h a ll i t b o o n e y e a r ’s t a x a t i o n

or

t w o y e a r s , o r m o r e , o r s h a ll a p o r t io n o f t h e s e fu t u r e s h o r t lo a n s u lt im a t e ly
b o fu n d e d

in to

som e

lo n g

term

bon d s?

T h e s e a r e in te r e s tin g

w h o s e p r o p e r s o lu t io n w ill la r g e ly d e p e n d u p o n

q u e s tio n s

th e s p e e d a n d s c o p e w ith

w h ic h t h e s e b a n k lo a n s a n d h o ld in g s w ill b e liq u id a t e d t h r o u g h v o l u n t a r y
s a v in g s .

T h o t h o r o u g h a b s o r p t io n o f th e s e G o v e r n m e n t b o n d s is t h e m a in

o b j e c t t o b o a c c o m p lis h e d , a n d i f d is t r ib u t io n is n o t e f f e c t e d b y v o l u n t a r y
e ffo r t , it w ill h a v e t o b e b r o u g h t a b o u t t h r o u g h ta x a tio n .
T h o m o r e r a p i d l y o u r n a t io n a l d e b t is g e n u i n e ly p a id f o r b y s a v in g , t h e
s o o n e r s h a ll w o b o a b le t o g e t a w a y fr o m ih e n e c e s s ity o f d r a s t ic t a x a t io n .
W h e n o n c e o u r G o v e r n m e n t lo a n s a r e d e fin it e ly a b s o r b e d , t h o q u e s t io n o f
ta x a tio n

fo r

th e p u r p o s o o f a m o r tiz a tio n

d iffe r e n t p o in t o f v ie w .

m a y b e c o n s id e r e d fr o m

a very

W h e t h e r it th e n w ill b e a d v is a b le t o t a x P e t e r t o

p a y o f f P a u l, w ill d e p e n d u p o n th e q u e s tio n o f w h e th e r w e s h a ll th e n f in d
th a t w o w o u ld b o ta x in g th e p o o r t o p a y o f f th e r ic h , o r th e r ic h t o p a y o f f
th e p o o r.

W e s h o u ld a ls o h a v e t o c o n s id e r w h e th e r P a u l w o u ld b e lik e ly

t o s q u a n d e r th o m o n e y h o w o u ld r e c e iv e fr o m

P e te r , o r w h e th e r h o w o u ld

a p p l y it t o t h e g r e a te r a d v a n t a g e o f t h e c o u n t r y a s a w h o le .
w is e ,

th e re fo re ,

th a t

b e fo r e

th o

G o v e r n m e n t ’s

liq u id a t e d w o s h o u ld n o t e m b a r k u p o n
o u r lo n g t e r m lo a n s .

sh ort

I t w o u ld s e e m
b o r r o w in g

is

a g e n e r a l p la n o f a m o r t iz a t io n

tim e

of

T h a t , e x c e p t a s f a r a< d e s i r a b l e f o r t h e p r o t e c t i o n o f

t h e p r ic o o f o u r lo a n s , w o u ld b e u n d u ly o v e r lo a d in g o u r b u r d e n o f t a x a t i o n .
T h e g re a te r th o w a ste o f G o v e rn m e n t
m in e d m u s t b e t h o e ffo r t

d u r in g th e w a r , t h e m o r e d e t e r ­

o f th e in d iv id u a l b y in c r e a s e d s a v in g t o c o u n t e r ­

a c t t h o d is a s t r o u s c o n s e q u e n c e o f t h e G o v e r n m e n t ’s f is c a l o p e r a t io n s .
B u t a c o u n t r y c a lle d u p o n
ta x a tio n

is e n t i t l e d

to

t o s u b m it t o th e h e a v ie s t p o s s ib le b u r d e n o f

a v e r y d e fin it e a s s u r a n c e t h a t a ft e r th e e s ta b lis h ­

m e n t o f p e a c o its G o v e r n m e n t w ill, w it h e q u a l c a r e , w e ig h t e v e r y p e n n y
it 'a p p r o p r ia t c s a n d s p e n d s , a n d t h a t G o v e r n m e n t w il l t h u s d o it s o w n

fu ll

s h a r e in r o -a d ju s t ln g t h e w a t e r e d b a la n c e s h e e t .
I b o lio v o th a t I a m
A m e r ic a n ;r e fo r m .

w hen

A

I

v o ic in g th e s e n tim e n t o f th e m a jo r it y o f a ll th in k in g

say

th a t

in

t h is

respect

th e

hour

c a lls

fo r

th orou gh

m o r o c a r e fu l a n d s c ie n t ific s t u d y o f o u r n a t io n a l r e c e ip t s a n d

e x p e n d it u r e s is r e q u ir e d

th a n

h as b e e n g iv e n

h e r e to fo r e .

C on gress m u st

r e le g a t o t o t h o p a s t it s h a p h a z a r d m e t h o d s o f a p p r o p r ia t i n g e x p e n d it u r e s
t h r o u g h n u m b e r le s s c o m m it t e e s , a ll a c t in g in d e p e n d e n t ly f r o m o n e a n o t h e r ,
and

w it h o u t h a v in g a n y c o m p r e h e n s iv e p ic tu r e o f w h a t a re t h o a v a ila b le

reven u es.
I t is h ig h t im e t h a t a n a t io n a l b u d g e t s y s t e m b o a d o p t e d , s u c h
as e n jo y e d b y e v e r y o th e r g r e a t c o u n tr y , a n d th a t b e fo r e g r a n tin g th o
a p p r o p r ia t io n s c a lle d fo r b y d e p a r t m e n t s , b o a r d s o r c o m m it t e e s , a th o r o u g h
in v e s tig a tio n a n d r e p o r t b o m a d e a s t o w h a t r e v e n u e s m a y s a fe ly b e c o u n te d
upon.

e x p e r ie n c e t h a t it w a s im p o s s i b le f o r t h e m t o r a is e t h o f u n d s r e q u ir e d w it h o u t

R e c e ip t s a n d e x p e n d itu r e s s h o u ld b e b r o u g h t in t o
p le t e

a m o n g s t th o n a tio n s fo u n d , m u c h

w h o w o u ld m a k e th e ir r e p o r t t o t h e P r e s id e n t , b e fo r e t h e la t t e r s e n d s th e

to

th e ir o w n

d e t r im e n t , t h a t it w a s a

f o o l h a r d y a n d s u ic id a l u n d e r t a k in g t o t r y t o f in a n c e a w a r w it h o u t r a is in g

budget

s h o u ld

bo

e x a m in e d

and

r e p a ie d

h arm on y an d a co m ­

r e c o u r s e t o lin g o lo a n o p e r a t io n s a n d , c o n v e r s e ly , t h o “ a ll lo a n " c h a m p io n s

by

n o n -p a r tis a n

ex p erts

b u d g e t t o C o n g r e s s fo r fu r th e r a c t io n .

T h o e n d o f th o s tr u g g le

C o n g r o s s , it is h o p e d , w il l t a k e t h e n e c e s s a r y s t e p s t o c o n s e c r a t e in a f e w

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

c o n u n t t t e e s t h o r e s p o n s ib ilit y o f p a s s in g u p o n a n d p e r fe c t in g s u c h b u d g e t

t h a t in f in a n c i n g a w o r ld w a r e x c l u s i v e r e c o u r s o m u s t n o t b o t a k e n e it h e r

and

to

a n d b e fo r e a d d it io n a l a p p r o p r ia t io n s c a n b e c o n s id e r e d .

a la r g o p o r t io n o f it s c o s t b y in c r e a s e d t a x a t i o n .

lo a n s o r

to

t a x a t i o n ; b u t t h a t i t is t h o t a s k o f w is e s t a t e s m a n s h ip

to

o f s e c u r in g a c t io n

upon

th e sam e a t an

e a r ly p e r io d

o f th o s e s s io n ,

T h o C h a h ib c r o f C o m m e r c e o f th e U n ite d S ta te s , th r o u g h a p r e v io u s v o t e ,

a s c e r t a in t h o p r o p e r p r o r t io n t o b o o b s e r v e d in r e s o r t in g t o b o t li m e t h o d s
in r a is in g t h o n e c e s s a r y f u n d s .
W h i le it m a y b e a c c e p t e d a s a b e n e f it t h a t t h r o u g h t h o is s u e o f lo n g t e r m

sta n d s

G o v e r n m e n t b o n d s th o fin a l d is t r ib u t io n o f th e b u r d e n o f p a y in g t h o w a r

In

c o m m itte d

to

th o

r e c o m m e n d a tio n

of a

n a t io n a l

b u d g et sy stem ;

i t w o u l d a p p e a r m o s t t i m e l y t o r e n e w o u r e f f o r t s in t h i s r e s p e c t .
v ie w

of

th o

g r o w in g

m a g n itu d e

of

our

G o v e r n m e n t ’s

o p e r a tio n s ,

c o s t is s p r e a d o v e r a p e r io d o f y e a r s a n d t h e r e b y s h a r e d , t o a c e r t a in e x ­

d i r e c t l y a n d in d ir e c t l y a f f e c t i n g t h e p o c k e t b o o k o f e v e r y c it i z e n , i t is n o
m o re th a n

w is e a n d ju s t t h a t th e r e s h o u ld

b e e s ta b lis h e d a s t a f f o f m e n

t e n t a t le a s t , b y t h e c o m in g g e n e r a t io n , it m u s t b o c o n c e d e d t h a t e x c e s s iv e
G o v e r n m e n t lo a n s , c o n t r a c t e d f o r n o n -p r o d u c c iv e p u r p o s e s , a n d is s u e d ,

c o r r e la tin g th e fis c a l o p e r a tio n s o f th e v a r io u s d e p a r tm e n ts a n d b r a n c h e s o f

t h a n t h o s a v i n g s o f t h o p e o p l o c a n a b s o r b t h e m , a r e c o n t r i b u t i n g f a c t o r s in

G ov ern m en t,

c r e a t in g p c r n lc o u s in fla t io n

rep ort

o f p r ic e s , w h ic h in t u r n c o n s t it u t e s t h e m o s t

s u b c io a n d th o m o s t in e x o r a b le fo r m
w o u ld

have

r e s u lte d

fr o m

t r ib u t io n

th rou gh

ta x a tio n .

fis c a to r y

fo r m

ta x a tio n

of

an

a ttem p t

to

is

o b v io u s

th a t

It

w o u ld

d estroy

r a is e

th o

ou r

any

very

e n tir o

o x tre m o
sou rco

w ar

con ­

and

con ­

fr o m

w h ic h

G o v e r n m e n t 's r o v c n u c s m u s t b o e x p e c t e d t o f lo w .
D isa stro u s r e s u l t s f o l l o w , t h e r e f o r e , f r o m e x c e s s i v e G o v e r n m e n t l o a n s a s
w e ll a s fr o m

e x c e s s iv o t a x a t io n .

Tho

p r o b le m

and

th o a rt

is ,

th e n ,

by

a p p l y in g b o t h m e t h o d s a n d b y c o -o r d in a t in g t h e m , t o r e d u c e t o a m in im u m
t h o o v ll c o n s e q u e n c e s o f t h o e x c e s s iv o u s e o f e ith e r , a n d t o d is t r ib u t e u n ­
a v o i d a b l e h a r d s h ip s in a s c q u it a b l o a m a n n e r a s p o s s ib le .
T h a t t a s k is o n e n o t o f t h e o r y , b u t o n o o f e x p e r i m e n t a n d
I u n d e rsta n d ,

th o

o b j e c t o f th is d is c u s s io n

w it h o u t

a fte r

fe a r

or

fa v o r .

is t o

p r a c t ic e , a n d ,

e lic it I n fo r m a tio n

as to

S e c t io n

3 o f an

A ct approved

r e a d s a s fo llo w s :

lo o k t o th o s e p r o s s e s s e d o f s m a lle r in c o m e s a n d s u b je c t e d t o o n ly m o d e r a t e
t a x a t io n , t o p r o d u c e t h e m a in p o r t io n o f t h e s a v in g s a v a ila b le fo r in v e s t ­

L oan

T h is c a n
and

W ar

b o d o n e o n ly i f w o s u c c e e d in le t t in g t h o g o s p e l o f t h r ift
I h e L ib e r t y a n d

V ic t o r y

S a v in g s S ta m p c a m p a ig n s w e r e a b le t o r e n d e r in a v lu a b lo

s e r v ic e s in tills r e s p e c t a s lo n g a s t h o G o v e r n m e n t w a s th o m a in e m p lo y e r
an d b orrow er.

W i l l it b o p o s s ib le t o c o n v i n c e th o w o r k in g m a n , th e fa r m e r

a n d s t o r e k e e p e r , t h a t i t w i l l b o n e c e s s a r y f o r h im t o c o n t i n u e t o f i n a n c e h is
e m p lo y e r w h e n p r iv a t o e n te r p r is e r e s u m e s t h o p la c e o c c u p ie d b y

fa r t o a p p ly

e x a m in a t io n ,
a p p ly

m a k in g

ta x a tio n ,

how

t h e ir
fa r

to

ta x a tio n t o a m o r tiz a tio n , a re

Tho following ruling of tho Federal Reserve Board relative
to tho rodiscounting by Federal Reservo banks for member
banks up to 20% of tho latter’s capital and surplus appears
in tho Federal Resorve Bulletin for April:

v i t a l f o r t h o fu t u r o h e a lth a n d g r o w t h o f th o c o u n t r y .
I f t h o la r g o in c o m e s m a y n o m o r e b o r e lie d u p o n t o fu r n is h th e b u lk o f

to

REDISCOUNTING OF RESERVE BANKS FOR MEMBERS
UP TO 2 0 % L IM IT .

F ederal R esorvo A ct b y

t h o in v e s tm e n t fu n d s n e c e s s a r y t o fin a n c e o u r e c o n o m ic g r o w t h , w o m u s t

fa r

o f t h o s o c h a r g e d w it h th e d u t y o f p r e p a r in g a n d p a r in g a n a tio n a l b u d g e t .

t o c e r t a in in d u s tr ie s o r t r a d e s , e n d a n g e r in g t h e r e b y c c n o o m ic d e v e lo p m e n t

m en t.

H ow

expert

o n l y a fe w o f th e m a n y p u z z lin g p r o b le m s th a t w o u ld e n g a g e th e a t t e n t io n

w h e t h e r o r n o t t a x a t i o n i n I ts p r e s e n t f o r m a n d s c o p e is d o i n g u n d u o v i o l o n c o

p e n e t r a t o d e e p l y in t o th e m in d s o f t h e m a s s e s .

fa ir -m in d e d

r o s o r t t o lo a n s , w h e n a n d h o w

o f ta x a tio n .

O n t h o o t h e r h a n d , w o c a n r e a d ily s e e th o a b s u r d a n d im p o s s ib le s itu a tio n
th a t

and

M ar. 3

th o s u b s titu tio n

1919

am ends

o f a new

S e c tio n

s u b s e c tio n

11 o f t h e
( m ) , w h ic h

“ (in ) U p o n t h o a f f ir m a t i v e v o t e o f n o t le s s t h a n f i v e o f it s m e m b e r s t h e
F e d e r a l R e s e r v e B o a r d s h a ll h a v o p o w e r t o p e r m it F e d e r a l R e s e r v e b a n k s
t o d is c o u n t fo r a n y m e m b e r b a n k n o t e s , d r a ft s , o r b ills o f e x c h a n g e b e a r in g
t iie s ig n a t u r e o r I n d o r s e m e n t o f a n y o n e b o r r o w e r in e x c e s s o f t h e a m o u n t
p e r m it t e d b y S e c t io n 9 a n d S e c t io n 13 o f th is A c t , b u t in n o c a s e t o e x c e e d
2 0 % o f th o m e m b e r b a n k s ’ c a p ita l a n d s u r p lu s; P r o v id e d , h o w e v e r . T h a t
a ll s u c h n o t e s , d r a ft s , o r b ills o f e x c h a n g e d is c o u n t e d f o r a n y m e m b e r
b a n k in e x c e s s o f t h e a m o u n t p e r m it t e d u n d e r s u c h s e c t io n s s h a ll b e s e c u r e d
b y n o t le s s t h a n a lik e f a c o a m o u n t o f b o n d s o r n o t e s o f t h e U n it e d S t a t e s
is s u e d s in e o A p r il 2 4 , 1 9 1 7 , o r c e r t if i c a t e s o f in d e b t e d n e s s o f t h o U n i t e d
S ta te s : P r o v id e d fu r t h e r , T h a t t h o p r o v is io n s o f th is s u b s e c t io n (m ) s h a ll
n o t b e o p e r a t iv e a ft e r D e c . 3 1 , 1 9 2 0 .”
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m it t e d u p o n t h o a f f ir m a t i v e v o t o o f n o t le s s t h a n f i v e m e m b e r s o f t h e
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T i l e w o r l d b a l a n c o s h e e t h a s b e e n w a t e r e d b y t h e is s u e ( f o r u n p r o d u c t i v e

d r a f t s , o r b i l l s o f e x c h a n g e o f a n y o n o b o r r o w e r in e x c e s s o f t h o s e l i m i t s

m e n t d u r in g

th o

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years?

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b o a c c o m p lis h e d ,

f u t u r e p r o g r e s s is i n s e r i o u s d a n g e r o f b e i n g r e t a r t e d .
p u rposes)

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th a t th o a g g re g a te

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s e t f o r t h In S e c t i o n s 9 a n d 1 3 s o t h a t i n o r d e r t o g i v e f u l l f o r c o t o t h a t p a r t
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th a t

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t o t h o a m o u n t t h e b o r r o w in g b a n k m a y a lr e a d y h a v e lo a n e d t o Its b o r r o w e r

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s t a n c e , t h e r e s e r v e b a n k c o u ld r e d is c o u n t a ll o f t h o 9 % , a n d in a d d i t io n 11 %
o f th o p a p e r se cu re d b y

G o v e r n m e n t o b lig a t io n s , m a k in g a t o t a l o f 2 0 %

o f th e c a p ita l a n d s u rp lu s o f t h e m o m b e r b a n k .

LOANS BY BRANCH BANKS OF NATIONAL BANKS
UPON THE SECURITY OF GROWING SUGAR CROPS.

Tho following is taken from the April’nnmbor of the Federal
Reserve Bulletin:
T h o F e d e r a l R e s e r v o B o a r d is o f t h o o p in io n t h a t t h o b r a n c h o f a n a t io n a l
bank

lo c a te d

in

a s u g a r -p r o d u c in g

su gar grow ers u p on

cou n try

m a y p r o p e r ly

m a k o lo a n s

th o s e c u r ity o f g r o w in g s u g a r c r o p s c o n v o y e d

to

to th e

b a n k f o r t h a t p u r p o s e , in a c c o r d a n c e w it h t h e u s u a l b a n k i n g c u s t o m o f t h o
lo c a lity

in w h ic h

th o b r a n c h

is s it u a t e d .

A lth o u g h

th o c o n v e y a n c e m a y

b e a b s o lu t e in f o r m , n e v e r t h e l e s s , b e c a u s e o f t h o c u s t o m
and

th o

u n d e r s ta n d in g

b otw een

fo r th o s e c u r ity o f th e lo a n .

th e p a r t ie s

tit le

p asses

o f th o co u n try ,
in

e q u ity

s o le ly

T h o B o a r d is o f t h e o p in io n t h a t u n d e r s u c h

c ir c u m s t a n c e s th e tr a n s a c t io n d o e s n o t c o n s t it u t e a n u ltr a v ir e s p u r c h a s e
of a

su gar cro p .

It

is

ra th er

a

le g it im a t e

lo a n

upon

th o

s e c u r ity

of a

g r o w in g c r o p c o n v e y e d s o le ly fo r th a t p u r p o s e .
A s a s u g a r c r o p is g o n e r a l c o n s id e r e d fr u c t u s i n d u s t r i a l s a s d is t in g u is h e d
f r o m f r u c t u s n a tu r a le s , a lo a n s e c u r e d b y s u c h a c r o p is n o t s u b je c t t o t h o
lim it a t io n s im p o s e d b y S e c t io n 2 1 o f th o F e d e r a l R c s e r v o A c t r e la tin g t o
lo a n s u p o n re a l e s t a t e .

I t s h o u l d b o u n d e r s t o o d , h o w o v e r , t h a t i t is s u b je c t

t o th e lim it a t io n s I m p o s e d b y S e c t io n 5 2 0 0 o f th e R e v is e d S ta tu te s .

A PPLICABILITY OF SECTION 8 OF THE CLAYTON
A N TI-TRU ST ACT TO BANKS LOCATED IN
SUBURBAN DISTRICTS.

In tho April number of the Federal Reserve Bulletin the
Federal Reserve Board says:
A n y b a n k lo c a t e d w ith in
2 0 0 ,0 0 0
to n

t h o c o r p o r a t e lim its o f a n y c it y o f m o r e th a n

I n h a b ita n ts c o m e s w it h in th o p r o h ib it i o n s o f S e c t io n 8 o f th o C la y ­

A n ti-T r u s t

I f th e b a n k

A ct,

even

th ou gh

is a c t u a ll y lo c a t e d

c o m o s w ith in

th a t p a rt

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in

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su bu rban

d is t r ic t .

t h o c o r p o r a t e lim its o f th o c i t y

th o p r o v is io n s o f S e c t io n

8

it

o f th o A c t w h ic h

th o w o rd

“ a n d ,”

t h o le tte r

A R T IC L E

th o

X X X IV .

"d ”

to

“ 1 ,”

s o t h a t s a id s e c t io n

as

X X X IV .

C o m m is s io n s .
S ec. 1.

C o m m is s io n s s h a ll b e c h a r g e d a n d p a id , u n d e r a ll

c ir c u m s ta n c e s

u p o n a ll p u r c h a s e s o r s a le s o f s e c u r it ie s d e a lt in u p o n t h o E x c h a n g e (e x c e p t
a s p r o v id e d

in s u b d i v is io n

(h )

and

(1) o f S e c t i o n

2 o f t h is A r t ic l e ) ; a n d

s h a ll b o a b s o lu t e ly n e t a n d fr e e f r o m a ll o r a n y r e b a t e m e n t r e t u r n d is c o u n t
o r a llo w a n c e

in a n y s h a p e o r m a n n e r w h a t s o e v e r ,

or b y

any

m eth od

or

a r r a n g e m e n t d ir e c t o r in d ir e c t: a n d n o b o n u s o r a n y p e r c e n t a g e o r p o r t io n
o f t h o c o m m is s io n s h a ll b o g iv e n , p a id
o r a s a s a la r y o r p o r t io n

o r a llo w e d , d ir e c t ly o r in d ir e c t ly ,

o f a s a la r y , t o a n y c le r k o r p e r s o n

f o r b u s in e s s

so u g h t o r p ro cu re d fo r a n y m e m b e r o f th e E x ch a n g e .
S t r ik e o u t S e c t io n 2 a n d a ll s u b d i v is io n s t h e r e o f a n d in s e r t in li e u t li c r e o
th e fo llo w in g :
S e c . 2 . C o m m is s io n s s h a ll b e c a lc u l a t e d o n t h o b a s is o f s e llin g p r ic e s a s
h e r e in a ft e r s p e c ifie d :
(a )
O n b u s in e s s f o r p a r tie s n o t m e m b e r s o f t h e E x c h a n g e , in c lu d in g jo in t
a c c o u n t t r a n s a c t i o n s i n w h i c h a n o n - m e m b e r is i n t e r e s t e d ; t r a n s a c t i o n s f o r
p a r t n e r s n o t m e m b e r s o f th e E x c h a n g e ; a n d fo r fir m s o f w h ic h t h e E x c h a n g e
m e m b e r o r m e m b e r s a r o s p e c ia l p a r t n e r s o n ly , t h e c o m m is s io n s h a ll b o n o t
le s s t h a n
o f l % o n t h o p a r v a l u e o f b o n d s a n d n o t le s s t h a n t h o f o l l o w i n g
ra tes o n s to ck s :
O n s t o c k s s e l l i n g b e l o w $ 1 0 p e r s h a r e _____________________________ 7 M c . p e r s h a r e
O n s t o c k s s e llin g a t $ 1 0 p e r s h a r e a n d a b o v e , b u t u n d e r
$ 1 2 5 p e r s h a r e ___________________________________________________________ 1 5 c . p e r s h a r e
O n S t o c k s s e l l i n g a t $ 1 2 5 p e r s h a r e a n d o v e r _______________________ 2 0 c . p e r s h a r o
p r o v id e d , h o w e v e r , t h a t th e m in im u m c o m m is s io n o n a n I n d iv id u a l tr a n s ­
a c t i o n s h a ll b o n o t le s s t h a n o n e d o l l a r .
( b ) O n b u s i n e s s f o r m e m b e r s o f t h o E x c h a n g o w h e n a p r i n c i p a l is g i v e n
u p t h o c o m m i s s i o n o n b o n d s s h a ll b o n o t le s s t h a n o n t h o f o l l o w i n g b a s is :
2 5 c . p e r $ 1 ,0 0 0 p a r v a l u e o n b o n d s s e llin g b e lo w 1 2 5 % .
3 0 c . p e r $ 1 ,0 0 0 p a r v a lu e o n b o n d s s e llin g a t 1 2 5 % a n d a b o v e .
a n d n o t le s s t h a n t h o f o l l o w i n g r a t e s o n s t o c k s :
O n s t o c k s s e l l i n g b e l o w $ 1 0 p e r s h a r e ____________________________l M c - p e r s h a r o
O n s t o c k s s e llin g a t $ 1 0 p e r s h a r o a n d a b o v o , b u t u n d e r
$ 1 2 5 p e r s h a r e __________________________________________________________ 2 H c . p e r s h a r e
O n s t o c k s s e l l i n g a t $ 1 2 5 p e r s h a r e a n d o v e r _____________________ 3 c . p e r s h a r e
E x c e p t t h a t w h e n t h e a m o u n t d e a l t In is l e s s t h a n 1 0 0 s h a r e s , t h o c o m ­
m is s io n s h a ll b o n o t le s s t h a n :
O n s t o c k s s e l l i n g b e l o w $ 1 0 p e r s h a r o _______________________________l c . p e r s h a r e
O n s t o c k s s e l l i n g a t $ 1 0 p e r s h a r e a n d o v e r ________________________ 2 c . p e r s h a r e
( c ) O n b u s i n e s s f o r m e m b e r s o f t h o E x c h a n g e w h e n a p r i n c i p a l is n o t
g i v e n u p t h o c o m m i s s i o n o n b o n d s s h a ll b o n o t le s s t h a n o n t h o f o l l o w i n g
b a s is :
3 7 H c . p e r $ 1 ,0 0 0 p a r v a lu e o n b o n d s s e llin g b e lo w 1 2 5 % .
5 0 c . p e r $ 1 ,0 0 0 p a r v a lu e o n b o n d s s e llin g a t 1 2 5 % a n d a b o v o .
a n d n o t le s s t h a n t h o f o l l o w i n g r a t e s o n s t o c k s :
O n s t o c k s s e l l i n g b e l o w $ 1 0 p e r s h a r e . . __________ _________________ 1
p or sh are
O n s t o c k s s e llin g a t $ 1 0 p e r s h a r e a n d a b o v e , b u t u n d e r
$ 1 2 5 p e r s h a r e __________________________________________________________ 3 A
3 c . p er sh aro
O n s t o c k s s e l l i n g a t $ 1 2 5 p e r s h a r o a n d o v e r ________________________ 5 c . p e r s h a r e
(d ) In tr a n s a c tio n s w h e r e o r d e r s a r o r e c o lv c d fr o m a n o n -m e m b e r ,
w h e r e in t h o b r o k e r f il lin g t h o o r d e r is d ir e c t e d t o g i v o u p a n o t h e r b r o k o r o r
c le a r in g h o u s e , th e r e s p o n s ib ilit y o f c o lle c t in g th o fu ll c o m m is s io n , s p e c ifie d
in S u b d i v i s i o n
t lin g

th o

(e )

(a ) h e r e o f, s h a ll r e s t w it h th o b r o k e r o r c le a r in g h o u s o s e t ­

tr a n s a c tio n .

In tr a n s a c tio n s w h e r e o r d e r s a r o r e c e iv e d fr o m a m o m b e r , o n w h ic h

a c le a r in g fir m
b ility

of

is g i v e n u p b y s a i d m o m b e r o r b y h i s o r d e r , t h o r e s p o n s i ­

c o lle c t in g

th o

fu ll

c o m m is s io n ,

as

s p e c ifie d

h e r e o f, s h a ll r e s t w it h s a id c le a r in g fir m ; a n d
b ro k e r w h o e x e cu te s su ch o rd e rs
fir m

a n d ren d er to th em

in S u b d i v i s i o n

in

S u b d iv is io n

(f)

(c)

it s h a ll b o t h o d u t y o f t h e

t o r e p o r t s u c h tr a n s a c tio n s t o th o c le a r in g

a n d c o ll e c t h is b ill th e r e fo r a t t h o r a t o s p e c ifie d

(b ) h e r e o f; a n d a ls o t h a t w h e r e a b r o k e r e x e c u te s a n o r d e r

f o r a m e m b e r a n d c le a r s th o s e c u r it y h im s e lf, h o m u s t c h a r g o
s p e c i f i e d in S u b d i v i s i o n ( c ) h e r e o f .

r e l a t e s t o b a n k s l o c a t e d in c i t i e s o f m o r e t h a n 2 0 0 ,0 0 0 in h a b i t a n t s .

th o ra tes

W h e n e v e r a n o n - m e m b e r o f t h is E x c h a n g o s h a ll c a u s o t o b o e x e c u t e d

in a n y m a r k e t o u t s i d e o f t h o U n i t e d

PROPOSED CHANGE IN COMMISSION RATES OF
STOCK EXCHANGE ON STOCK DEALINGS.

by

a m e n d e d w ill r e a d a s fo llo w s :

o f th o c a p it a l a n d s u rp lu s o f

o n h is r e g u la r lin e o f c r e d it a n d 1 5 %

a d op ted

C h a n g o in S e c t io n 1 , a ft e r t h e w o r d “ s u b d i v is io n ,” t h o le t t e r “ c ” t o “ h , '
a n d a fte r

th e m em b er b a n k .
m e m b e r b a n k A h a s lo a n e d 1 5 %

w ere

C o m m is s io n s .

u n d e r h is r e g u la r lin e o f c r e d it ; p r o v id e d , h o w o v e r , t h a t t h o a g g r e g a t e o f
a ll r e d is c o u n t s m u s t in n o c a s e e x c e e d 2 0 %

Y ork , A p ril 3 0 1919.

c o n s titu tio n

in a c c o r d a n c e w it h t h e p r o v is io n s o f A r t i c l e X X X V I I I o f t h o c o n s t it u t io n ,

n o t le s s t h a n a l i k o

S ta te s , w it h o u t r e g a rd

th e

a n d w ill b e c o m o la w o n M a y 7 1 9 1 9 , i f n o t d is a p p r o v e d p r io r t o t h a t d a t e
b y a m a jo r it y v o t e o f th o e n tir e m e m b e r s h ip :

fa c e a m o u n t o f b o n d s o r n o t e s o f th o U n ite d S t a t e s Issu e d s ln c o A p r il 2 4
1 9 1 7 o r c e r t ific a t e s o f in d e b te d n e s s o f th o U n it e d

to

G o v e r n in g C o m m it t e o o n A p r il 3 0 1 9 1 9 , a n d a r o s u b m it t e d t o th e E x c h a n g e

T h e B o a r d t h e r e f o r e r u le s , u n d e r a u t h o r it y g r a n t e d in t h is a m e n d m e n t ,
t h a t th o F e d e r a l R e s e r v o b a n k s m a y r e d is c o u n t, u n til D e c . 31

. 108

STO C K E X C H A N G E .

c a p it a l

r e d is c o u n t

o l

eighth of 1% of the par value of purchase or sale. For floor
brokers tho new commissions will be 81 25 per 100 shares of
stock under 810, 82 50 per 100 shares on 810 to 8125 stocks,
and 83 per 100 shares on stock over 8125 a share, when a
principal is given up and business is done for a member of
the Exchange. When a principal is not given up the rates
are to be 81 75, 83 75 and 85. When the amount dealt
with, however, is less than 100 shares, tho commission shall
not be less than 1 cent per share on stocks selling below 810
and two cents per share on stocks selling at 810 or over.
The following is the announcement made by Secretary Ely:

G o v e r n m e n t o b lig a t io n s o f th o k in d s s p e c ifie d , p r o v id e d t h a t th e a g g r e g a te
o f a ll r e d is c o u n t s
a n d s u r p lu s .

[V

S ta tes a n y o rd e r o r o rd e rs, fo r th o

p u r c h a s e o r s a le o f s e c u r it ie s lis t e d o n
in S u b d i v is io n s
cep ted b y

(h ) a n d

t h is E x c h a n g o (o x c o p t a s p r o v id e d

(1) h e r e o f , a n d s a i d p u r c h a s o o r s a l o s h a l l b o a c ­

a m e m b e r o r fir m

w h o a r o m o m b o r s o f th is E x c h a n g e , f o r th o

The proposed readjustment of Stock Exchange commission
rates recommended by a special committee of tho New York
Stock Exchange was approved at a meeting of tho Governing
Committee on April 30, and if not disapproved by a majority
vote before May 7 will becomo effective on that date. The
new schedule proposes that on business for parties not mem­
bers of the Exchange, including joint account transactions in
which a non-member is interested, transactions for partners
not members of tho Exchango^and for.|firms of which Ex­
change members are special partnersjonly, the commission
is to bo not less than 87 50 perJflOO shares on stocks under
810 a share; 815 on stocks at 810 ajsharo but under 8125 for
each 100 shares bought or sold, and 820 per 100 sharos on
stocks at 8125 a share and over. Tho minimum commission In stating that tho new schedule is based on the sliding
for an individual transaction is set at 81. These commissions
of commissions charged by brokers in othor exchanges
compare with the existing rates of 80 25 per 100 shares on scale
stocks under 810, and 812 50jpor|100 shares on stocks above of tho world, tho New York “Timos” of May 1 added: ^ J
810 a share. The commissionjonfbonds remains at one-




a c c o u n t o f s a id n o n -m e m b e r , th e c o m m is s io n s p e c ifie d

h e r e o f s h a ll b e

ch arged

s a id

n o n -m e m b e r

in a d d i t io n

in S u b d i v i s i o n

(a )

t o a n y c o m m is s io n

c h a r g e d b y th o p a r t y o r p a r t ie s m a k in g th o tr a n s a c tio n .
(g )

W h e n s e c u r itie s a r o r e c e iv e d o r d e liv e r e d

m em ber,

th e

c o m m is s io n

s p e c ifie d

o n a p r iv ile g e fo r a n o n ­

In •S u b d i v i s i o n

(a )

h e r e o f,

m ust

bo

c h a r g e d w h e t h e r s a id s e c u r it ie s a r o r e c e iv e d o r d e liv e r e d u p o n t h o d a y o f

e x p ir a tio n
(h )

o f s a id p r iv ile g e o r p r io r t h e r e t o .

O n S u b sc r ip tio n

R ig h t s ; B o n d s o r N o t e s o f F o r e ig n C o u n t r ie s h a v ­

in g f i v o y e a r s o r le s s t o r u n ; N o t e s o f C o r p o r a t i o n s h a v i n g f i v o y e a r s o r le s s

t o r u n ; b o n d s h a v i n g f i v o y e a r s o r le s s t o r u n ; s u c h

n o n -m e m b e rs a s m a y b e

ra tes to m e m b e rs o r

m u t u a lly a g r e e d u p o n ; p r o v id e d , h o w o v e r ,

th a t

th o C o m m it t e e o n C o m m is s io n s w ith th o a p p r o v a l o f t h o G o v e r n in g C o m ­

m it t e e m a y h e r e a ft e r d e t e r m in e s p e c ia l r a te s o n a n y o r a ll o f th o a b o v e -

m e n tio n e d
(i)

s e c u r itie s .

S e c u r itie s o f th o U n ite d S ta te s , P o r t o R ic o a n d th o P h ilip p in e I s la n d s ,

a n d o f S t a t e s a n d m u n ic ip a lit ie s th e r e in a r o e x e m p t e d fr o m
of

t h is

th o p r o v is io n s

A r tic le .

G E O RG E

AV. E L Y ,

S ecreta ry .

W h ile it d o e s n o t e m b r a c e n e a r ly a s m a n y d iffe r e n t c h a r g e s fo r b u y ln g ’ o r

s e llin g s h a r e s 0 f s t o c k

a t d iffe r e n t le v e ls a s d o

t h o c o n t in e n t a l r a t e s ,S t h e

M

3 1919.]

a y

1769

THE CHRONICLE

p la n J u st a d o p t e d w a s s im p lifie d o n ly a ft e r a g r e a t d e a l o f d is c u s s io n .

F or

th ey com m a n d ed

a

w as

a g e p r ic e w a s o v e r 1 0 8 a n d in 1 9 0 0 t h e a v e r a g e p r i c e w a s 1 0 9 .7 2 .
A f t e r e v e r y o t h e r c r is is in t h o c o u n t r y ’s h is t o r y t h e a m o u n t

of

o u ts ta n d in g

s in k in g

tim e

th e

a d v is a b ilit y

o f p la c in g

c o m m is s io n s

on

a

d e c im a l b a s is

t a lk e d o v e r .
A m e m b e r o f th e G o v e r n in g C o m m it t e e s a id a ft e r th o m e e t in g t h a t th e
in c r e a s e a t t h is t im e Is c h i e f l y d u e t o t h e b i g in c r e a s e s in e x p e n s e s w h i c h

fu n d

b r o k e r s h a v e h a d t o f a c e in t h e p a s t t w o y e a r s .

e ffe c t

W ir e h o u s e s p a r tic u la r ly ,

in

has

1 8 9 8 a n a v e r a g e p r ic e o f 1 0 5 .3 1 .

been

r a p id ly

o f $ 5 0 0 ,0 0 0 ,0 0 0
b e g in n in g

a

w ith

year,

J u ly

decreased .
w h ic h

The

1899 th e a ver­

o p e r a tio n

C on gress

1 9 2 0 , s h o u ld

In

has

b r in g

of

d ecreed

about

a

th e

debt

s h a ll g o

in to

s im ila r r e s u lt

in

h o s a id , h a v e m o t in c r e a s e s In t e le g r a p h a n d t e le p h o n e r a t e s o f 2 0 a n d 3 2 % .

c o n n e c tio n

In

a lw a y s h a s b e e n t o r a p id ly liq u id a t e d e b t w h ic h h a s b e e n m a d e n e c e s s a r y

a d d i t io n . E x c h a n g e m e m b e r s h a v e r a is e d w a g e s a n y w h e r e fr o m

30% .

T h e new

c o m m is s io n s a r e e x p e c t e d

15

to

t o o ffs e t th e s e ite m s .
L ondon

th e L o n d o n

S to ck

E xchange

A m e r ic a n

fo r

S h a res

D e a lt

in

in

m ark ed d egree,
L i b e r t y is s u e s .

th e

M a rk et:

th e h is t o r y

P r i c e $ 5 o r u n d e r . ........................................... .................................. ............................... A t d i s c r e t i o n
s.

6
9

O v e r 5 0 t o 1 0 0 ................- ....................1

0

s.

6
0

A s In e v e r y p r e v io u s in s t a n c e ,

th a t su ch

is r e p l e t e w i t h
The

oth e r

L ib e r ty

in m a r k e t v a lu e t o a

w ill b e

th e

c a s e w it h

in te r e s tin g d a t a

bonds

and

a re d e s c r ib e d , th e ta x -e x e m p tio n s

in fo r m a t io n g iv e n o f v a lu e t o in v e s t o r s .

d.

O v e r $ 1 0 0 t o $ 1 5 0 .............................. 1
O v e r 1 5 0 t o 2 0 0 .............................. 2

b e exp ected

o f th e d e b t.

S ta tes b o n d s

P er S h a re,

d. I

O v e r $ 5 t o $ 2 5 . . ................................. 0
O v e r 2 5 t o 5 0 - - - ........................... - 0

it m a y

“ O u r P u b lic D e b t ”

P er S h are. I

o f th e A m e r ic a n n a tio n

a ft e r a c r is is h a s p a s s e d , t h e b o n d s h a v e a d v a n c e d

S to c k E x c h a n g e a re p r o v id e d :
on

T h e a im

b y s p e c ia l c r is e s in t h e c o u n t r y 's h i s t o r y .

I n c o m p a r is o n w it h th o n e w s c h e d u le th e fo llo w in g r a te s o n t h e

C o m m is s io n s

w ith o u r p r e se n t w a r d e b t .

in

th e

regard

to

o t h e r is s u e s o f U n i t e d

a r e e x p la in e d , a n d

oth er

T h e r e a r o a ls o t a b le s f o r u s e in

c a lc u la tin g t h e in c o m e y ie ld a t a w id e r a n g e o f m a r k e t v a lu e s .

W e u n d er­

s ta n d t h a t t h e b o o k h a s b e e n p r e p a r e d a s a n a id t o t h e d is t r ib u t io n o f th e
V ic t o r y N o t e s , a n d t h a t c o p ie s m a y b e h a d u p o n r e q u e s t.

W i t h 6 d . r is e f o r e v e r y $ 5 0 o r p o r t io n t h e r e o f in p r ic o .
On

th o P a r is

B ou rco

tw o

m e t h o d s o f tr a d in g

aro

c a s h , o r r e g u la r d e liv e r y , s u c h a s e x is ts in t h e N o w

e m p lo y e d — th o fir s t

Y o r k m a r k e t, a n d th o

o t h e r a d e fe r r e d d e liv e r y .

C o m m is s io n s f o r c a s h d e liv e r ie s a r e b a s e d o n

p ercen ta g e,

s lid in g s c a le w h ic h d iffe r s f o r d iffe r e n t F r e n c h

and

th e re

G ov ern m en t stock s

is a

and

bonds

and

oth er

s e c u r it ie s .

D e la y e d

d e liv e r ie s

a ls o a r o b a s e d o n a s lid in g s c a le o f p e r c e n t a g e s .
T h e fo llo w in g t a b le s h o w s c o m m is s io n s c h a r g e d a t A m s t e r d a m :
A l l S e c u r itie s —
S e l l i n g u n d e r 25................................................

% of 1 % o f a m o u n t

in v o lv e d .

S e l l i n g 2 5 t o 1 0 5 .................................................................. 3 - 1 6 o f 1 % o f a m o u n t I n v o l v e d .
S e l l i n g a b o v e 1 0 5 ............... ................................................ 3 - 1 6 o f l % o f a m o u n t i n v o l v e d .
W h ile it w a s a d m it t e d t h a t s o m e m e m b e r s fa v o r th o d e c im a l c o m m is s io n ,
i t is g e n e r a l ly b e li e v e d t h a t t h o s c a le a d o p t e d b y t h e G o v e r n i n g C o m m i t t e e
w ill b o a c t e d u p o n fa v o r a b ly .

VICTORY LIBERTY LOAN CAM PAIGN.

With the second week of the Victory Liberty Loan drive
nearing its close, it was stated last night that with indicated
subscriptions of $1,500,000,000, the country lagged behind
the record made in the Third and Fourth Liberty loans.
The three-week campaign to raise $4,500,000,000 through the
sale of Victory Liberty notes will end on May 10—a week
from to-night. The New York Federal Reserve District
yesterday reported its subscriptions as over $300,000,000—
$323,781,050. On Thursday, May 1, the totals for the
various Reserve Districts were announced as follows:
D is tr ic t—

COURSE OF PRICES OF U N ITED STATES BONDS
AFTER OTHER WARS.

S u b s c r ip tio n s .

S t . L o u i s .........................

%

$ 1 0 9 ,7 8 8 ,1 5 0

M i n n e a p o l i s .............................................

5 6 .3 0

6 3 ,1 3 0 ,4 5 0

4 0 .0 8

C h i c a g o ..........................................

2 6 1 ,4 5 6 .7 5 0

4007

B o s t o n . . .....................................................................................................

1 4 5 ,1 8 7 ,8 0 0

3 8 .7 1

A book bearing the title “Our Public Debt,” giving a
historical account of the public debt and a description of
the United States bonded debt as it exists to-day has been
written for the Bankers Trust Co. of this city by Harvey E.
Fisk of their bond department. The book, in answering
in the affirmative the question as to whether the price of
Government bonds advanced after other wars, points out
that after every critical period in the history of tho country
Government bonds have advanced in market value to a Several appeals for the redoubling of£efforts to insure the
marked degree. On that point the publication says:
success of the loan were issued during] thoUweek. On Mon­
day, April 28, George W. Hodges, Assistant Director of the
Government Loan Organization, in charge of sales through­
out the New York Federal Reserve District, issued the
following:
K a n s a s C i t y ............................................................................

6 2 ,5 0 6 ,4 0 0

R i c h m o n d .........................

6 0 ,4 3 9 ,3 0 0

3 2 .0 5

2 8 .7 8

C l e v e l a n d ____________ __________________________________________ • 1 2 1 , 9 7 7 , 6 0 0
A t l a n t a ___________

N o w Y o r k .........................

2 7 .1 0

3 0 ,8 9 8 ,6 0 0

2 1 .4 5

2 8 9 ,3 0 0 ,0 0 0

2 1 .4 2

S a n F r a n c i s c o __________________________________________________

6 1 ,1 9 0 ,7 5 0

2 0 .2 9

P h i l a d e l p h i a . . ......................

7 4 ,5 2 0 ,9 5 0

1 9 .8 7

D a l l a s ________ __________________________________________________

1 6 ,6 0 3 ,0 5 0

1 7 .5 6

T o t a l ............................................ .. .........................................................$ 1 , 2 9 6 , 9 9 9 , 8 0 0

F o r in s t a n c e , a f t e r th o fu n d in g o f t h o R e v o l u t io n a r y d e b t in

f ir s t t r a n s a c t io n s in t h o n o w
b o n d s s o ld u p t o

6%

b on d s w ere m ade a t 70.

In

1790, th o

1791

111 a n d in F e b r u a r y o f 1 7 9 2 t h o y s o ld u p t o

2 8 .8 2

th e se

128.

T h is

a d v a n c e , h o w e v e r , w a s s o su d d e n a n d c a u s e d b y s u c h a n a c t iv e s p e c u la tio n

t h a t th e r o w a s a r e a c t io n t o a lo w e r fig u r e , b u t a ll t h r o u g h t h o y e a r 1 7 9 2
th o p r ic e s r a n g e d fr o m

105 to 110 o r fro m

3 5 t o 4 0 p o in t s a b o v e t h o p r ic e s

a t w h ic h t h e y s o ld w h e n f ir s t is s u e d .
F o r s e v e r a l y e a r s p r io r t o th o W a r o f 1 8 1 2 th o r e la tio n s o f th o

U n ite d

S t a t e s w it h b o t h E n g la n d a n d F r a n c e w o r e m u c h s t r a in e d a n d th is u n d o u b t ­
e d ly h a d a n e ffe c t u p o n th o m a r k e t p r ic e o f G o v e r n m e n t s e c u r itie s , h o ld in g
th e m
in

in t h e n e i g h b o r h o o d

1812

w h ic h

p r ic o s d e c lin e d

of

101%

very

to

h e a v ily

th o G o v e r n m e n t fo u n d

103.

in

W hen

c o n n e c tio n

it n e c e s s a r y

to

is s u o .

th e w a r c lo u d

brok e

w ith

bonds

th e

now

Tho 6%

stock

a s it

w a s t h e n c a ll e d s o ld a t a s lo w a s 8 8 in 1 8 1 3 , w e n t d o w n t o 8 5 in 1 8 1 4 a n d
t o u c h e d t h o l o w p r i c o o f 7 6 in 1 8 1 5 .
1 8 1 5 th e p r ic e s a d v a n c e d

t o 9 7 % ; in

o r th ir ty p o in ts a d v a n c e fr o m
A t

th o

tim e o f

th o

P r ic e s d id

W ar

th o

o f arou n d 3 % % .

th o G o v e r n m e n t s o ld 6 %
101 %

a n d in

1818 to

G o v e r n m e n t ’s c r e d it

J u s t p r io r to th e w a r U n ite d S ta te s 5 %

s o ilin g a t a p r e m iu m
t o o b t a in

1816, to 9 9 %

w as

100 to

101.

In

1 847 it w a s a b le

T h e w a r e n d e d in S e p t e m b e r o f t h a t y e a r .

a d van ce,

in

fa c t

e a r ly p a r t o f t h a t y e a r h a d b e e n s o ilin g a t

th o 6 %

108%

stock

w h ic h

s o ld d o w n

107% .

In

1849 th o 6 %

th ey rea ch ed 115.
T h o sto ry o f th o cou rse

of

Is

in v o lv e d

very

s im ila r .

T h is

w a*

o f th o fo rm e r w a rs, a n d
d is r u p tio n

of

T reasu ry,

e s p e c ia lly

ch a ra cte r.

th o

Tho

at

and

th o

to

th e
as

and b y

11 1 a n d in J u n o

th o m a r k e t d u r in g a n d a ft e r t h e C iv il W a r
m u ch

h e a v ie r fin a n c in g

t h i s f i n a n c i n g w .a s c a r r i o d

U n io n ,
groat

b o n d s s o ld u p

in

t o a s lo w

1 0 0 , b u t b y A u g u s t o f th o fo llo w in g y e a r it h a d a d v a n c e d t o 1 0 4 %
D e c e in b o r t o

m u ch

th e r e fo r o

b e g in n in g

m is ta k e

w as

th o
of

m ade

on

in

d iffic u lt ie s

th o

w ar,

of

is s u in g

th a n

th o
w h ic h

w ere

of

le g a l

e ith e r

fa c o o f th o
beset

th o

th o

gravest

ten d er

n otes,

w h ic h s o o n s o ld a t a h e a v y d is c o u n t , o r , t o u s e t h o la n g u a g o o f t h o tim e ,
g o ld s o ld a t a

“ p r e m iu m ,”

n o m in a lly p la c e d
th e

w it h

w as

m u ch

groat and
1864 6 %

le s s

th o r e s u lt t h a t , a lt h o u g h

a t p a r , y e t a c t u a lly , o n

v a lu e o f th e le g a l t e n d e r s ,
th a n

100%

in

g o ld .

th e b o n d s w ere

a c c o u n t o f th e d e p r e c ia t io n

th o p r ic e w h ic h
Tho

th e

p ressu re

in

G o v e r n m e n t r e a liz e d
fo r

fu n d 3

becam e

so

t h e d e p r e c ia t io n o f - t h o d o lla r w a s s o p r o n o u n c e d , t h a t in J u ly
b o n d s , n o m in a lly q u o t e d

b a s is o n l y

about

40,

at

102, w e re a c tu a lly w o r th o n a g o ld

m a k in g t h o r e a l in te r e s t

cost

o f th o m o n e y

to

th o

T reasu ry over 1 5 % .
I » J a n u a r y 1 8 6 5 t h e g o l d p r ic o o f t h o S ix e s o f ’ 8 1
w as 5 0 % .
T h o w a r e n d e d in A p r i l o f t h a t y e a r a n d i n M a y t h o b o n d s a d ­
v a n ce d o n a g o ld
in J a n u a r y a n d
F rom

b a s is t o 8 0 , o r n e a r ly 6 0 %

100%

t h is t lm o o n

a d v a n c e fr o m

th o lo w

th o b o n d s flu c t u a t e d

a d v a n co fr o m

th e lo w

p o in t

F r o m a m a x im u m a c t u a l in te r e s t b a s is o f 1 5 % %
w a r in 1 8 6 4 , a n d a 6 %
ily

im p r o v e d u n t il in

b a s is , a n d fr o m

d u r in g th o h e ig h t o f th o

b a s is in 1 8 7 0 , t h e c r e d it o f t h o G o v e r n m e n t s t e a d ­
1879 it w a s o n

a 4%

b a s is , a n d in

1880 on a 3 % %

th e n o n it c o n t in u a lly I m p r o v e d u n t il fin a lly b o n d s s o ld a t

th e

t im e

of

th e

c a m p a ig n

e x p ir e d ,

s u b sc r ip tio n s
T h is e m p h a ­

t io n i f w e a r e t o a c c o m p lis h o u r ta s k w ith in t h e t im e lim its .
Tho

great a rm y

o f m o d e r a te -s iz e d

in v e s to r s

a m o u n t o f th e ir s u b s c r ip t io n s a r e v e r y
a c tiv e

in te r e s t a n d

in d iv id u a l
s it u a t io n

sh ow

r e s p o n s ib ility

th a t
and

th ey
a

who

a r e in

s lo w ly b e g in n in g

r e a liz e

p a tr io tic

is u n iq u e in t h a t t h is d u t y t o

th e

fo r tu n a te

th a t

d u ty

th ey

to

to

have

p e r fo r m

th e n a tio n

ta k e a
not
but

m ore

o n ly

an

th a t

th e

m a y b e p e r fo r m e d

at

t h e s a m e t im e t h a t t h e y g a in a d ir e c t p e r s o n a l a n d s e lfis h .b e n e fit t o th e m ­
s e lv e s in o b t a in i n g
F rom

tru ste e s

t h e s o u n d e s t a n d b e s t i n v e s t m e n t in t h e w o r l d .

and

la r g e r

in v e s to r s

who

are

m ore

fa m ilia r

w ith

th e

p r o v ile g e s o f t a x e x e m p t io n , m a n y in q u ir ie s a r e d e v e lo p in g w h ic h u n q u e s ­
t io n a b ly m u s t r e s u lt v e r y s o o n

in s u b s c r ip t io n s t o

la r g e a m o u n t s .

On April 29 an appeal for volunteers was issued by Benja­
min Strong, Chairman of the VictoryJjiLoan Committee,
Second Federal Reserve District.
A call for volunteer workers who assisted the trades or­
ganizations in tho past Liberty Loan campaigns of the Rain­
bow Division was also made on the same day by Craig Col­
gate, Chairman of the Advisory Trades Committee, the
executive body of the Rainbow Division. It was stated that
with the first half of the campaign over, the Rainbow Di­
vision had up to that date attained only 16% of the quota
allotted to it for the Victory Liberty Loan campaign. In the
Fourth Liberty Loan campaign it had reached 40% of its
much larger quota on the corresponding date. Commenting
on the progress of the campaign of the Rainbow Division to
date and calling for tho aid of the volunteer workers of past
campaigns who were not members of Rainbow committtees
but assisted the committeemen, Mr. Colgate said:
T h e r e s u lt s o f t h e c a m p a ig n t o d a t e in t h e R a i n b o w

D iv is io n s h o w t h a t

th o c o m m it t e e s t h a t a re w o r k in g a c t iv e ly a r e o b t a in in g fa ir ly g o o d r e s u lts .
A

a d v a n c e d u n t il in 1 8 7 0 t h o y w e r e s e llin g a t 102 g o ld v a lu e .

of

p o s it io n o f b e in g a b le t o o b t a in d e f in it e c o n fir m a t i o n u p t o $ 1 0 ,0 0 0 o f t h e

p o in t o f t h e p r o v io u s J u ly .

in v a l u e b u t t h o p r i c o s g r a d u a l l y

o n e -th ir d

s iz e s t h e n e c e s s it y o f t h e m o s t s tr e n o u u s e ffo r t s o u t h e p a r t o f t h e o r g a n iz a ­

b o n d s w e fo

A t t h o o p e n in g o f t h o w a r in 1 8 4 6

b o n d s a t fro m

t o 102 fo r 6 s.

n o t im m e d ia t e ly

106%

th e lo w q u o t a t io n o f J a n u a r y 1 8 1 5 .

M e x ic a n

b e t t e r t h a n in 1 8 1 2 .

F o l l o w i n g t h e d e c l a r a t i o n o f p e a c e in

W ith

a g g r e g a t e a lit t le o v e r o n e -e ig h t h o f t h e a m o u n t o f q u o t a .

n u m b e r o f t h e c o m m it t e e s h a v e m a d e n o r e p o r t s a t a ll a n d m a n y a re

s h o w in g

s m a ll

re tu rn s

to

d a te

in

c o m p a r is o n

to

th e

a m ou n ts

e x p e c t e d t o r a is e .
W e f i n d t h a t a l m o s t a l l o f t h e c o m m i t t e e s 'a r e c o m p l a i n i n g

th ey

a re

th a t th ey

h a v e n o t t h o s e r v ic e s o f t h e la r g e n u m b e r o f v o lu m t e e r w o r k e r s w h o a s s is te d

a s lo w a n in t e r e s t b a s is a s 2 % .
A t t h o t lm o o f t h o c u r r e n c y c r is is in 1 8 9 4 -9 7 , w h e n P r e s id e n t C le v e la n d ,

th e m

by

g i v e a t le a s t a p a r t o f t h e ir t im e d u r in g t h e r e m a in d e r o f t h is c a m p a ig n

snoor

person al

cou rage,

p rev en ted

gen eral

b a n k ru p tcy

by

h is

a b le

in t h o p r e v io u s lo a n s .

w h o h avo w orked

in

s io n h a s h a d in t h e p a s t , i t w ill b e p r a c t ic a ll y im p o s s i b le t o o b t a in t h e k in d

T hese

o f d is t r ib u t io n o f th o n o te s o f th e V ic t o r y L o a n d e s ir e d b y t h o S e c r e ta r y

and

a n o th e r

b o n d s a d v a n c e d in 1 8 9 7 t o 1 2 9 % .
F o r t lx o p u r p o s e o f f i n a n c i n g t h e
In te re st w a s p la c e d

at

100.




O n e la r g e lo t o f 4 s w a s s o ld
in

Jan u ary

S p a n ish

T h ese bond3

W ar

a

1896

at

111.

p o p u la r lo a n

at 3%

Im m e d ia te ly a d v a n c e d s o

th a t

and

h e lp

th e m

reach

W i t h o u t t h e h e lp o f th e s e v o lu n t e e r w o r k e r s t h o R a in b o w

o f th o T re a s u ry .
O n th o c o r r e s p o n d in g
R a in b o w

o r g a n iz a tio n s

w h o can

bonds

1 0 4 .4 9 ,

tra d e

th e p a st a n d

q u ota s.

at

o f th e

in

t h o p r ic o o f s ilv e r , it w a s fo u n d n e c e s s a r y t o s e ll c o n s id e r a b le a m o u n t s o f
1895

h e lp

th e tr a d e s o r g a n iz a t io n

h a n d lin g o f th o s it u a t io n b r o u g h t o n b y t h e e ffo r t t o a r t ic ifia lly b o ls te r u p
fo r th o p u r p o s e o f s e c u r in g g o l d .

th o

w it h

r a lly

F ebru ary

to

I c a n n o t t o o s t r o n g ly u rg e t h a t a ll o f th o s e

D iv is io n

had

day

o f th e

reach ed

F ou rth

n e a r ly 4 0 %

L ib e r ty

L oan

th e ir
D iv i­

c a m p a ig n

th e

o f it s q u o t a , w h e re a s it h a s

THE CHRONICLE

1770

only raised 16% of its much smaller quota for the Victory Liberty Loan to
d a te ._

The largest single subscription of the week was that of J. P.
Morgan & Co. announced on Tuesday—$20,000,000 to be
put through the Second Federal Reserve District and $5,­
000,000 to be subscribed through Drexel & Co., Philadelphia.
Later an additional subscription of $1,000,000 by J. P.
Morgan & Co. was announced. Other large subscriptions
during the week were as follows: $8,000,000, Hayden, Stone
& Co. (for themselves and customers); $5,000,000, Pruden­
tial Life Insurance Co.; $5,000,000, Brown Bros., New York,
Philadelphia and Boston, Kuhn, Loeb & Co., Bethlehem
Steel Corporation; $2,500,000, Atlantic, Gulf & West Indies
Co.; $2,000,000, American Car & Foundry Co., Green­
wich Savings Bank and Lehman Brothers; $1,500,000, Lazard
Freres & Co. (through First National Bank), Williamsburgh
Savings Bank, Delaware Lackawanna & Western Coal Co.;
$1,318,000, New Jersey Zinc Co.; $1,050,000, Wilcox, Peck
& Hughes and allied interests; $1,000,000, Travelers’ In­
surance Co., Brooklyn Trust Co. (additional), W. R. Grace
& Co., Kean, Taylor & Co. (for account of clients), Geo.
Blumenthal & Co. (through First National Bank), P. Lorillard & Co., Bank of Long Island, New York Savings Bank,
Harlem Savings Bank (additional), Utah Copper Co.
Nathan S. Jonas, President of the Manufacturers’ Trust Co.,
reported an increased subscription of $1,500,000 for his insti­
tution, placing that banking firm’s total at $3,500,000.
The People’s Trust Co. has increased its subscription to
$1,900,000.
_______________________

[V ol . 108

would have a very prejudicial effect upon tho banking position by aggra­
vating tho state of credit expansion which already exists.
V I E W

S

O F

W

A L T E R

E .

L I B E R T Y

F R E W

L O A N —

O N

T E R M S

O F

V I C T O R Y

C O R R E C T I O N .

Our attention has been called to tho fact that Walter E.
Frow, President of the Corn Exchango Bank of this city,
was misquoted in an item appearing in our issue of April 19,
page 1564, in which his views on tho Victory Liberty Loan
bonds were presented. Mr. Frew’s remarks, it is proper to
say, were published in tho “Chronicle” just as they came to
us from the publicity department of tho Liberty Loan Com­
mittee. The particular paragraph in which Mr. Frow was
misquoted read as follows in the item reforred to:
From a purely investment standpoint, to those liablo to pay tho normal
income tax, the 4% % notes are equivalent to tho individual of a 5%
investment, and to corporations paying 10% normal tax thoy aro equivalent
to an investment yielding 5% .

What Mr. Frew actually said, we learn, was “the 4^%
notes are equivalent to the individual of a 5 16-100% in­
vestment and to corporations paying 10% normal tax they
aro equivalent to an investment yielding 5 27-100%.”
T I M

E

E X T E N D E D
M

A

Y

L O A N

I N
O N

W

H I G I I

L I B E R T Y

N A T I O N A L

B O N D S

B A N K S

B E Y O N D

10%
Tho issuance of a regulation extending until Jan. 1 1920
the period in which national banks aro permitted to make
loans on the security of Liberty bonds and Victory notes
in excess of 10% of their capital and surplus was made
known in the following statement issued by tho Comptroller
of the Currency under date of April 25, and made public
27:
Referring to the terms of the Victory Liberty Loan and April
By authority of Acts of Congress approved Sept. 24 1918 and Mar. 3
pointing out the advantages possessed by the notes, as con­ 1919,
the Comptroller oL the Currency has to-day issued a regulation,
trasted with bonds, the Federal Reserve Board in its Bulletin approved by tho Secretary of the Treasury, extending until Jan. 1 1920,
tho
period
in which national banks are permitted to make loans to cus­
for April says:
tomers on tho securitj of Liberty bonds and Victory Loan notes in oxcess
F E D E R A L
N O T E S

R E S E R V E

O F F E R E D

B O A R D

N

O N

V I C T O R Y

A D V A N T A G E S
L I B E R T Y

O F

It should be understood that under tho plan of financing which has been
pursued by the Government since the entry o f the United States into tho
war, tho direct source from which public funds aro drawn Is tho commer­
cial banks of tho country. Precisely this same situation exists in tho case
o f the fifth loan, and precisely tho samo obligation rests upon tho com­
munity to participate in tho purchase and absorption o f tho bonds needed
for the funding o f tho certificates. During tho continuance of tho war
ther9 was, of course, the Impetus growing out o f tho beliof that subscrip­
tions made in this way were necessary for tho purpose of aiding In tho Im­
mediate maintenance of tho armies in tho field. Tho Government still
has strong forces in Europo engaged in the important and necessary work
of completing our operations there. The obligations which havo been
met since the opening of the year and are still to bo liquidated aro those
which remain subsequent to tho conclusion of tho war, and which represent
tho obligations or indebtedness incurred for tho conduct o f the struggle.
Essentially, however, tho reason why the public should subscribe for and
take up tho securities offered in ono of theso great periodical loans is that
o f self-interest. If the obligations already takon by tho banks aro not
liquidated, the community at largo will suffer from a continued inflation
o f banking credit and from tho high prices that aro consequent upon this
condition o f affairs. Only ono remedy for the situation now existing can
be applied— that, namely, o f subscribing freely for tho Government obli­
gations when offered and o f paying for them out o f tho proceeds of saving,
either already accumulated or to bo accumulated from time to time. In­
deed, the urgency for adherence to this policy is greater now than it was
during the war, inasmuch as at that time there was strict oversight and
control on the part o f the Government over production, distribution, and,
in a measure, consumption while at present that oversight has naturally
and properly been greatly relaxed or in many branches o f business en­
tirely abolished. The responsibility o f saving and conserving resources
thus remains with those who are tho recipients o f current incomes either
from investments or from salaries and wages in perhaps a higher degreo
than was previously truo.
Neglect on the part o f the public fully to appreciate and fully to perform
Its duty in taking up and paying for tho forthcoming Victory noto issuo




I T .

L O A N .

So clearly are the terms and conditions of tho now Issue set forth In the
statement just quoted that comment would seem to be called for with
respect only to one or two points In connection with the announcement.
Of these the most important is probably tho character o f tho new offering
as an Issue o f “ notes" rather than of “ bonds.”
Tho new notes under the terms which havo been fixed by tho Secretary
o f the Treasury are to run for not over four years. Practically, therefore,
the difference between the old and tho now issues Is that while tho Govern­
ment must redeem or refund the notes after a given petlod it might or might
not, at Its option, refund the older issues. There Is evidently no warrant
whatever for the view that the notes are essentially a different kind of in­
vestment or aro to bo regarded In some special or peculiar way as con­
trasted .vith the bonds. They aro like tho latter Government obligations,
while the period of their life is entirely sufficient to warrant the ordinary
investor in putting his funds into them. Indeed, as is well known, before
tho war one of tho most important conservative investments In tho money
market o f tho United States was offered by a series o f short-term notes
Issued by railroads and public-service corporations. ' These had become a
favorite investment with discriminating buyers, their maturity being from
ono to four years, the preferred life as a rule not exceeding two or three
years. When the investor purchases a Government noto with a maturity
o f five years ho has the assurance that tho obligation thus purchased will
possess greater stability o f value than could possibly bo given by any bond
whose maturity is long or which is subject to tho possibility of redemption
after a specified period, but which has no definite or positive claim for such
redemption upon the maker or issuer of such bonds. Far from its being
true, therefore, that the now “ notes” are not well adapted to private sub­
scription, they aro eminently so adapted, while tho conditions under which
they are to bo issued should bring thorn much closer to tho requirements of
tho Individual buyer than has been truo of any of tho preceding Liberty
loans.

Tlio Board also says:

L I M

of 10% of their capital and surplus as provided for by Section 5200 U. S.
R. S., as amended. Tho ruling substantially romoves all limitation on
loans by national banks, whero Liberty bonds or Victory Loan notes are
deposited as security for loans to the extent of not less than 105% of the
amount borrowed.
An analysis of tho reports of all national banks as of Mar. 4 1919 shows
that although a majority of the seventeen billion dollars of Liberty bonds
issued were placed by national banks, nearly all of tho bonds so placed
wont to tho customers of tno banks and not to tho banks themselves. Tho
total amount of Liberty bonds of all four Issues hold by national banks
Mar. 4 1919 was only 872 million dollars, or less than 5.2% of tho total
amount of Liberty bonds sold. Tho records also tell us that tho total
amount of money which tho national banks wero lending on March 4, on
tho security of Liberty bonds was only 973 million dollars, or 4.86% of
their total resources.
These figures show that if there should be deducted from the total
resources of tho national banks on March 4 1919, their aggregate holdings
of Liberty bonds plus the total amount of money which thoy aro loaning
oa Liberty bonds, thoir resources would still bo 2,193 million dollars more
than they were on Mar. 5 1917, a month before our declaration of war.
In addition to their holdings of Liberty bonds, the national banks
owned Mar. 4 last, 1,870 million dollars of United States certificates of
indebtedness. The amount of money which thoy reported to bo lending
to thoir customers and correspondents on U. S. certificates of indebtedness
was only 40 million dollars.
Liberty Bonds Owned by National Banks.
Of the 872 million dollars of Liberty bonds owned by all the national
banks Mar. 4 last, the threo Central Reserve cities of New York, Chicago
and St. Louis held 135|niillion, and all other Reservo cities hold 225 million:
while the investments of the country banks in Liberty bonds amounted to
512 million dollars.
Tho Central Reserve and Roservo cities whose holdings of Liberty bonds
amounted to 5 million dollars or moro wero: Now York, 123 million dollars;
Pittsburgh, 26 million: Philadelphia, 23 million; San Francisco, 14 million;
Washington, 13 million; Nashvillo and St. Paul, 8 million each; Richmond
and Cleveland, 7 million each; Baltimore, Chicago and Detroit, 6 million
each; Boston, Houston, Kansas City and St. Louis, 5 million each.
The States whose country national banks owned Mar. 4 last, ten million
dollars or moro of Liberty bonds wero, in tho order named: Pennsylvania,
95 million dollars; Now York, 54 million; Now Jersey, 35 million; Illinois,
23 million; Massachusetts, 22 million; Ohio and Indiana, 18 million each;
Virginia and Texas, 15 million each; California, 14 million; Connecticut
and Iowa, 12 million each; West Virginia, Oklahoma, North Carolina,
South Carolina and Michigan, 10 million each.
By geographical sections, tho bonds of tho four Liberty Loans held by the
national banks in tho Now England States aggregated 54 million dollars;
In tho Eastern States, 394 million; in the Southern States, 156 million; in
tho Middlo States, 164 million; in the Western States 49 million; In the
Pacific States 55 million.
Loans on Liberty Bonds by National Banks.
Of the 973 million dollars loaned by tho national banks on Liberty bonds,
103 million dollars wero loaned by national banks in tho Now England
States; 585 million in tho Eastern States; 90 million In tho Southern States;
146 million In tho Middle States; 18 million in tho Western States and
31 million in tho Pacific States.
Tho Central Roservo and Reservo cities whoso national banks on Mar. 4
1919 were lending on Liberty bonds as much as ton million dollars or more,
were. In tho order named: New York, 332 million; Philadelphia, 109 mil­
lion; Boston, 51 million; Chicago, 38 million; Pittsburgh, 34 million; Cleve­
land. 24 million; Richmond, 17 million; San Francisco, 11 million; Baltimore
10 million.
The only States whoso country national banks wero loaning an aggregate
of as much as 5 million dollars or more on Liberty bonds wore: Now York,
30 million dollars; Massachusetts, 29 million; Pennsylvania, 28 million;
New Jersey. 22 million; Connecticut, 14 million; Virginia, 8 million; Texas

1771

THE CHRONICLE

M ay 3 1919.]

•and Ohio, 7 million each; Illinois and California, 6 million each; South
Carolina and Indiana, 5 million each. In no ono of the States o f Maine,
Delaware, Montana, Wyoming, Colorado, New Mexico, Utah, Nevada
and Arizona did the loans made by country national banks on Liberty
bonds amount to as much as ono million dollars.
Banks Well Fixed to Accommodate Borrowers on Victory Votes.
These figures indicate that our national banks have only a small fraction
of their resources invested either in Liberty bonds or in loans secured by
Liberty bonds, and that these banks aro now in a particularly favorable
position to assist in making the present Victory Loan an overwhelming
success.
________________ _____________

glad to tako them. But barfe money is required for other commercial and
industrial uses. Therefore, those who borrow at tho banks tho funds
needed for immediate payments to tho Government should pay off such
loans as soon as possible. The important thing is that the United States
should savo, should continue to produce more than it consumes, in order
that out of its surplus the pressing needs of Europe may be met. Only
when theso needs aro met can a full return to normal conditions in this
country bo looked for.
N A T I O N ’S

P R O S P E R I T Y

V I C T O R Y

L I N K E D

L I B E R T Y
E .

L O A N ,

W

I T H

S A Y S

S U C C E S S
L E W

O F

I S

P I E R S O N .

Lewis E. Pierson, Chairman of tho board of directors of
the Irving National Bank, is of the opinion that the future
prosperity of America is in a large measure dependent upon
the widespread and popular support of the Victory Loan.
Jacob H. Schiff, head of the banking firm of Kuhn, Loeb Mr. Pierson makes the following observations:
Sinco the signing of the armistice there has been a lull in many lines of
& Co., declared on April 29 that the advantages of Victory business,
by many signs of quick recuperation. This is simply a
notes are so many and so important for investors that it is forerunnerfollowed
of a greater period of prosperity which appears sure to come
likely there will be a large oversubscription to the Victory as soon as tho worst influences o f the war start to wear away.
Ono of tho most important things to be cleared up is the financial situa­
Liberty Loan. Mr. Schiff said:
tion of tho country, and the Victory Loan campaign, which is now on, will
V I C T O R Y

N O T E S

M O S T

E V E R

O F F E R E D

B Y

C L A R E S

J A C O B

A T T R A C T I V E

A

II .

C O L O N E L

N

Y

P R O P O S I T I O N

G O V E R N M E N T ,

S C I I I F F —
E D W

R E M A R K S

D E ­

O F

A R D S .

Tho Victory Loan, from a financial point o f view, is the most tempting
proposition that has over been placed by a great Government, o f un­
doubted credit and solvency, beforo tho investor. -If offers 4M % interest,
freo of normal taxation, which, in comparison with corporate bonds, equals
something like 534 % I quite a number of high class railroad bonds return
considerably less income. Peoplo o f very largo income can.freo them­
selves from all surtaxes, and also from State and municipal taxation which,
in some instances, tako away as much as about 80% o f annual income, by
converting the Victory Loan bonds into 3 M % tax free bonds, and with tho
short time tho notes have to run— four years— a larger declino in market
value can hardly bo expected.
If all theso groat advantages shall be generally understood, as tlioy will
be with tho progress o f tho loan campaign, it is not unlikely that subscrip­
tions to tho loan will bo far in excess of thoso of any o f tho earlier Liberty
loans and with limitation in the amount that can bo allotted, it is rather
doubtful wliothor subscribers will obtain as much as they desiro to havo
and shall apply for. Thero is, moreover, no man nor woman in tho
United States who does not feel tho obligation upon themselves to aid our
Government in liquidating tho solemn obligations which it has entered
into, in connection with tho recent war which should go into American
history at tho “ War o f Ideals.”
Blessed be tho generation that has helped to win it, whether in tho
ranks or by freoly furnishing tho means to enablo our Government and our
army to carry tho war to a victorious conclusion.

Spoaking to a gathering in front of tho Sub-Treasury stops
on Monday last, April 28, Mr. Schiff characterized the
Liberty noto as the finest investment ever offerod. “Thero
should bo no need of coaxing a single purchaser,” said Mr.
Schiff. “Tho acquisition of theso bonds should bo a privi­
lege, and evon those who havo saved their small earnings
should fool fully justified in placing their money in tho
bonds.”
Ho added:
Moro than seventy thousand boys were generous enough to us to give
up their lives on French battlefields. It seems almost disrespectful to ask
thoso who remained at homo to bo generous enough with their money to
pay our debts, whilo tho Government pays a liberal interest on tho money.
Evon tho most lowly in life’s station can help in this drive. Only a short
time ago wo were praying to God to mako us victorious in war, to protect
our sons, to end tho war. To-day wo can thank God our prayers were
answered.
To mo tho Liberty noto, is so obviously a safe and real investment that
I declino to boom it. It carries itself. In every coat lapel thero should
bo a button and if tho individual is wiso ho will havo a row o f them. It is
raro indeed that a man can bo patriotic and a shrewd investor at tho same
time.

William H. Edwards (“Big Bill”), another speaker at the
Sub-Treasury meeting, created enthusiasm when ho waved
over the crowd two grand stand seats for tho 69th Regiment
parado. He ofered his personal seats to tho largest pur­
chasers of Victory notes and was rewarded by selling $1,000
worth. Mr. Edwards said:

This is tho groat money district of tho hemisphere. This is tho district
which, in taxes, sent to my offlco last year about $500,000,000. This
year this district will glvo up a billion dollars in taxes and I solemnly warn
you that if tho Victory Loan is not an overwhelming success you men will
havo to come down to my office and lino up for taxation. Tho Govern­
ment will not glvo you any 4 % % interest on your taxes either.
Our boys gavo their all on the other side and I often havo to blush when
they tell mo their experiences. Tho army would not tako a man of 300
pounds into its fold, but that does not savo mo from feeling a void whonover
I hear a Yankoo boy toll his experiences. If those boys gavo their all, it is
preposterous forus to think wo aro patriotic in buying these bonds. Per­
sonally I am firmly convinced tho loan will go over with a whoop that
thousands will not got their notes at all, becauso o f over-subscription. I
havo my own safely tucked away and am hoping they will bo sent to mo.

V I C T O R Y
F O R

N O T E S

N O T

I N D U S T R Y ,

T O

SAFS

B E

S P E N T

J A M E S

S.

F O R

W A R ,

B U T

A L E X A N D E R .

How the money which will bo raised thr ugh the sale of
Victory notes will bo used is pointed out in a statement issued
on April 27 by James S. Alexander, Pre-idont of tho National
Bank of Commerce in Now York. Mr. Alexander said:
Tho funds turned over to the United States Government for Victory
Liberty notes will not bo spent for powder and sholl. They will bo turned
back in largo part by tho Government to Industry. Thoso funds will thus
become a real addition to tho country’s productive capital, making easier
tho flow of goods and supplies for tho rehabilitation o f Europe, tho read­
justment of business and tho return to normal living conditions. Real
capital comes from an excess o f production over consumption.
Tho Victory Liberty Loan should be taken by tho peoplo and paid for out
o f real savings. Tho now notes are good investments. Banks would bo




accomplish that, but only if it meets with most widespread popular sup­
port. Every person in the nation will be affected in one way or another
by tho result of this loan. Tho lowliest worker and tho wealthiest investor
can expect real business progress when tho nation's financial problems aro
cleared up.
It is axiomatic that the man who helps himself is in tho best position
to benefit in a business way, and it is not hard to comprehend how help
will come through universal subscriptions to this loan. It will mean
clearing tho way for all business to go ahead, and in that way tho purchase
of notes will represent as investment measured not by tho interest return
so much as tho ultimate return in widening the scope of all business and
thus increasing each one’s share of prosperity.

S P E E C H

O F

F O R M E R
S H A R P

I N

A M B A S S A D O R
V I C T O R Y

W

W

I L L I A M

G .

A Y

William G. Sharp, fo mcr Ambassador to France, who
recently returned from that country, addressed tho New York
Central RR. employees at Victory Way last Tuesday. In
part he had tho following to say:
The raro privilege has been given me, in that, within tho transition of
events of tho past fortnight, I have seen on the other side of the water tho
marching under the many colors of Allied troops through tho streets of
Paris, and now on yesterday, returning from tho fields of honor, tho in­
spiring parado hero of our own brave boys. After all, tho sight of these
young men, so many o f them wounded in battlo, speaks more eloquently
for tho success of this loan than all the words o f the thousands of speeches
being uttered during this national drivo throughout the country.
They aro the surviving witnesses and actors in tho triumph o f a cause
which has called for tho sacrifice of men and money beyond calculation.
The first and by far tho greatest lias been paid by their fallen comrades.
Tho seond must bo paid by us. I have the greatest confidence that this
responsibility will be fully met.
To-day, sitting in Paris are tho delegates of many nations working to a
common end. In past efforts when Liberty loans have been so success­
fully floated over here, tho result has always been to strengthen our
hand abroad. At a time when a similar result might particularly bo help­
ful over thero, tho people of our country in this, the last loan, should send
a cheering messago to our own delegation headed by our great President
that succoss is assured.
As a luncheon guest, a short time ago, o f one of the proprietors o f one
of tho great Paris daily papers, my host told mo with much pride that the
last lban o f Franco had been floated by tho individual subscriptions of more
than 8,000,000 of her peoplo. Tho same proportion in America would
call for moro than 20,000,000 such subscriptions. Shall wo, in our duty
to our own returning heroes, fall short of tho patriotic example set by our
sister Republic?
______________________________
S I T E

O F

I N T O

G R A N D
G R E E K
.

U N I O N

H O T E L

T H E A T R E

F O R

L O A N

T O

B E

V I C T O R Y

C O N V E R T E D
L I B E R T Y

D R I V E .

Workmen were busy last Monday converting the vacant
land in Park Avenue, between 41st and 42d Streets, into
a now Victory Loan drive feature whi h is to be known as
Pershing Square. The property was formerly the site of
the Grand Union Hotel and is now under control of tho Pub­
lic Service Commission. N. B. Henrotin, Chairman of tho
29th District, Metropolitan Canvass Committee, Liberty
Loan Committee, and his workers conceived the idea of
using the site in the drive. The Public Service Commission
agreed and tho Forty-second Street Association undertook
to finance tho undertaking. The square consists of a hole
30 feet deep and 100 feet across, with a rim of ground around
it, but that rim of ground is just where it is needed, in Mr.
Ilenrotin’s opinion, and the excavation means opportunity.
In telling of his plans on Monday he said:
Wo will mako that hole tho most attractive excavation in the Greater
City of New York. This place is a Greek theatre in tho raw. In the
contro, wo aro erecting a band-stand. No one can get near it and that
will please tho musicians. Some day next week, a theatro o f this district
has agreed to send its cast down here and conduct a complete performance
on tho stand. How they’ll work the scenery, I don’t know.
To keep tho peoplo from falling into the excavation wo will rope it off
and have captured field pieces and other weapons around tho edge. We
aro also going to take down the fence along the Forty-second street side.
Along tho edges of tho square, the contractor is going to erect forty-seven
columns and thoso will be decorated with flags, banners and wreaths.
Thero will" bo plenty of space at the comer o f Forty-first street and Park
avenue for a speaker’s stand. A t Forty-second street and Park avenue
wo will havo a small office at which we will seU Victory notes.

1772

THE CHRONICLE

About 200 young women have volunteered their services to canvass the
crowds and they will be divided into teams. Tho hours in which wo will
do most o f our work will bo at noon and between 4 and 7 p. m. We will
have tho band and speakers hero in those hours every day and whoop
things up.
Pershing Square is not going to interfere with Victory Way on tho other
side o f tho Grand Central Station. Wo will have no oxercises horo in tho
hours that exercises are in progress in the W ay, unless to take caro of the
overflow. A large sign will direct people from Pershing Square to Victory
W ay.

VICTORY LIBERTY LOAN NOTES AND IN H E R IT A N C E
A N D ESTA TE TAXES.

The War Loan Organization of tho Federal Reserve Dis­
trict of Virginia calls attention to the following telegram of
R. C. Leffingwell, Assistant Secretary of the Treasury:
Victory notes of the 4 % % series which have been owned by any person
continuously for at least six months prior to the date o f his death and which
upon such date constitute part o f his estate shall, under rules and regula­
tions prescribed by the Secretary o f the Treasury, be receivable by the
United States at par and accrued interest in payment o f any estate or in­
heritance taxes imposed by the United States, under or by virtue of any
present or future law upon such estate or the inheritance thereof.
Victory notes o f 3% % series are not receivable in payment of estate or
Inheritance taxes. Department Circular No. 132 will bo supplemented
accordingly.

ALL A PPLICATIONS TO VICTORY NOTES DEEM ED
TO BE FOR 4M% SERIES UNLESS OTHERWISE
SPEC IFIED .

The Government Loan Organization, through the Depart­
ment of Sales, has sent word to Chairmen of all local Victory
Liberty Loan committees in the New York Federal Reserve
District that all applications for Victory notes will be deemed
to be for tho 4%% series unless the 3 ZA % series is specified.
The letter sent to local Chairmen reads in part as follows:
The following information has been received from the Terasury De­
partment with reference to the conversion o f Victory Liberty Loan notes:
Federal Reserve banks will observe provisions of subheading entitled
terms o f applications in Department Circular No. 138 to tho effect that all
applications for notes will be deemed to bo for notes of 4 % % series except
applications specifying notes of 3 J£% series but that subscribers may at
any time before completion of payment, by notice in writing, elect to re­
ceive notes of either series in the first instance.
If the subscriber originally applies for 3 % % notes but before comple­
tion of payment elects to receive 4
notes, he will, under terms of sub­
heading entitled “ Interest,” be required to pay accrued interest from May
20 1919 on deferred installment or installments at the rate of 4M % per
annum.
Likewise, if subscriber applied originally for 3% % notes or elects be­
fore completing payment to receive 3% % notes, he will be rquired to pay
Interest from M ay 20 1919, on deferred installment or installments at the
rate o f 3 H % per annum. The election thus given to subscribers before
completion of payment grows out of original application and is not an
exercise o f conversion privilege. Completion of payment ends right to
elect and thereafter transaction requires exercise o f conversion privilege.
Under terms of sub-heading entitled “ Conversion Privilege” in Circular
N o. 138, holders of notes have tho option of having their notes converted
at par with an adjustment in respect to accrued interest into notes of other
series under such rules and regulations as may be prescribed by Secretary
of Treasury. New department circular prescribing rules and regulations
governing such conversions will shortly be issued, probably on or before
M ay 20 and will provide for such conversions with exact adjustment of
interest to date or presentation apd surrender for conversion
This will mean that upon presentation o f 3 % % notes for conversion into
4 H % notes on any date other than an Interest payment date noteholder
will be required to pay the United States an amount sufficient to cover tho
difference between 3 % % interest and 4 % % interest from last preceding
Interest payment date to date of presentation and surrender. Likewiso,
upon presentation o f 4 % % note for conversion into 3H % note on any
date other than an interest payment date the United States will pay to
noteholder an amount sufficient to cover tho difference between 4% %
Interest and 3 K % interest from last preceding interest payment dato to
date of presentation and surrender.
It is intended to prescribe regulations suspending privilege o f conversion
to and including July 15 1919, in order to facilitate deliveries upon original
issue.

WAR DEPA RTM EN T ASKS SOLDIERS TO ACCEPT
VICTORY NOTE AS PART OF $60 BONUS.

$50

Liberty Loan Headquarters in New York announced on
April 28 that arrangements had been made with the War
Department whereby every officer and enlisted man may
receive on application a $50 Victory Note as part of the $60
bonus each receives on being discharged from the army.
The War Department will also deliver notes to men who
were discharged before the bonus plan was adopted. The
remaining $10 will be paid by check. Any soldier who sub­
scribes now for a Victory Note and is discharged before he
has; completed payments through tho army pay roll is as­
sured of at least $60, which he can apply to buying his Vic­
tory N.otq. Brigadier,-General H. M. Lord, Q.M.C., the
Army Victory Liberty Roan, Officer* is making the arrange­
ments for the army’s participation in the Loan by means of
the fyonus.antj othei^yisq. It is stated, that the record of, the
army in the previous loans; bears, out tho astonishing state
ment that virtually all the 72,000' dead and of the 250,000
wounded, wore subscribers, tq Liberty bonds, literally giving
their money and their lives. In connection! with the $6




[V ol . 108

bonus for officers and men, the War Department requests
that when application is made for tho bonus the beneficiary
should ask for a Victory Note as part payment. The Zone
Finance Officer, Leman Bldg., Washington, D. C., is paying
about 25,000 bonuses per day, and at that rate it, is pointed
out the sales of Victory notes, if all tho recipients of bonuses
took notes, would amount to more than $1,000,000 daily.
On the assumption that there are still 1,000,000 outstanding
beneficiaries, and that 25% of these will ask for notes, tho
War Department hopes to sell $15,000,000 in notes by this
means alone.
$20,150,000

I N 4M% COUPON VICTORY NOTES
DELIVERED TO BANKS IN T H IS DISTRICT.

The Bond Issue Division of the Federal Reserve Bank of
New York stated early in the week that it had delivered
$20,150,000 in 4%% coupon Victory Notes to banks in vari­
ous parts of the Second Federal Reserve District, including
institutions in New York City. These notes are for sale
“over the counter” to subscribers to the Victory Liberty
Loan who wish to pay cash and who find immediate dolivery
more convenient than any other method arranged by tho
Government. Last week thero were 100,000 pieces of $50
notes of the 4%% issue and coupon form, in addition to
13,000 pieces of $100 notes, available throughout tho dis­
trict. Now there are 225,000 of the $50 notes and 88,000
of the $100 notes. The value of the $50 notes is $11,250,000
and of the $100 notes $8,800,000. The application for
Victory Notes, made by banks in all parts of tho Second
Federal Reserve District, which includes all of Now York
State, tho twelvo northern counties of Now Jersey, and Fair­
field County in Connecticut, has grown in volume with
every day of tho campaign. The end of tho first weok
found subscribers, not only in the cities and towns, but also
in the smaller communities and the country districts, asking
for tho notes at their banks and offering cash for immediate
delivery.
175 BANK'S A N D TRUST COM PANIES AGREE TO
ACCEPT LIBERTY BONDS FOR SAFEKEEPIN G .
The Government Loan Organization announced on
April 28 that 175 banks and trust companies in New York
City have agreed to accept Liberty bonds for safekeeping
from those who lack proper facilities for caring for theso
securities. Thirty-two of these institutions are national
banks and branches in Manhattan. Thirty-three aro trust
companies and branches in Manhattan and the Bronx.
Sixteen are savings banks in Manhattan and tho Bronx.
Seventeen aro State banks in Manhattan and the Bronx.
Thirty-three are safe deposit companies in Manhattan. In
Brooklyn there are twenty-one savings banks on tho list of
tho Government Loan Organization, as woll as sovon trust
companies, two safe deposit companies, four national banks
and two State banks. There are four institutions in Queens
County and an equal number in Richmond County. Moro
than five hundred institutions in Now York State outsido
of New York City have consented to take Liborty bonds for
safekeeping. Thoro are forty in Fairfield County, Conn.,
and 194 in the twelvo northern counties of New Jersey.
In giving out the list of New York City institutions, tho
Government Loan Organization issued this statement:

In buying Liberty bonds tho people have placed their money in tho
safest form of investment the world knows.
We wish to urge holders of Liborty bons not to soli them under any cir­
cumstances, unless dire need renders this imperative. Even then thoy
may find it possible to meet tho emergency by borrowing on tho security
of their bonds, instead of selling them.
Tho Savings Bank law authorizes savings banks to make loans on prom­
issory notes specifically secured by Liberty bonds up to 90% of tho cash
market valuo thereof.
Tho United States Government bellovcs in thrift, believes that thrift Is
ower, believes that ho who saves will succeed and will bo at the samo time
uilding American prosperity.
.
b
.....
............

MESSAGE OF A M ERICAN NEWSPAPER PUBLISHERS'
ASSOCIATION TO PRESID EN T WILSON ON
VICTORY LOAN.

A cabled message assuring President Wilson that tho pub­
lishers are solidly supporting the Viotory Liborty Loan, was
sent to the President in Paris by tho American Nowspaper
Publishers’ Association during' the annual dinner of tho
Association at the Waldorf-Astoria on, April 24. The
message said:
The membership o f the American Newspaper Publishers! Association In
convention assembled send, greetings and wish,you to know that the press
of this country, mindful of its national responsibility, is solidly behind, tbe
Victory. Liberty Loan bond sale, which Is.tho huppy liability of a,people in
victory.

R E V E N U E A C T P E R M IT S CONTRACTORS TO DEPOSIT
L IBE R TY BONDS A S S E C U R I T Y .

An enlargod uso for Liberty bonds as security for the full
performance of public contracts on the part of contractors
and whenever a penal bond of any kind is required by any
Act of Congress, is permitted under tho Rovonuo Act of
Feb. 24 1919, according to a lotter receivod by A. M. Ander­
son, Director of War Loan Organization in tho New York
Federal Reserve District, from Lewis B. Franklin, Director
of War Loan Organization in Washington, on Thursday of
this week. The letter follows:
T h o R o v o n u o A c t o f F e b . 24 1 9 1 9 p e r m it s t h o u s e o f L ib e r t y b o n d s , o r
o t h e r s e c u r itie s o f th o U n it e d S ta te s , w h e r o v e r a n d w h e n e v e r a p e n a l b o n d
o f a n y k i n d is r e q u i r e d b y a n y A c t o f C o n g r e s s o r a n y r u l e o r r e g u l a t i o n o f
any

d ep a rtm en t

p ar, an d

of

th o

G ov ern m en t.

T h ese

if c o u p o n b o n d s a re d e p o s ite d

bonds

w ill b e

a ccep ted

at

th e d e p o s it o r s w ill b o a llo w e d

th o

p r lv ile g o o f h a v in g th e s e b o n d s c o n v e r t e d I n to r e g is te r e d b o n d s d u r in g th o
t im e t h a t t h e y a r o h e ld o n d e p o s it b y

t h e G o v e r n m e n t a s s e c u r i t y , o r in

t h o o v e n t t h a t t h e y p r e fe r t o r e ta in t h e ir c o u p o n b o n d s , a r r a n g e m e n ts w ill
b o m a d o fo r

d e ta c h in g

w a r d in g s u c h

th o in te r e s t c o u p o n s

cou pon s

to

th o d e p o s it o r s

a t sta ted

in te r v a ls , a n d

u n d e r r e g u la tio n s w h ic h

fo r ­

w ill b e

p r o s c r ib e d b y th o T r e a s u r y D e p a r t m e n t fo r th o G o v e r n m e n t a s a w h o le .
T h is le g is la tio n o ffe r s a n

o p p o r tu n ity fo r

t h o e n la r g e d

u se o f b on d s o f

t h o G o v e r n m e n t b y c o n t r a c t o r s w h o m a y p r e fe r t o d e p o s it s e c u r it ie s o f th is
k in d in s te a d o f r e s o r tin g t o t h e u s e o f in d iv id u a l o r c o r p o r a t e s u r e t y b o n d s .
It

is

behoved

en cou rage

th a t

th e

a c tio n

m u n ic ip a lit ie s ,

o f th e

c o u n tie s

G o v e r n m e n t in

and

in s t it u t io n s

in

t h is

respect

a c c e p tin g

w ill

L ib e r ty

b o n d s a s s e c u r it y fo r t h e p e r fo r m a n c e o f p u b lic c o n tr a c ts o r th o fu lfillm e n t
o f p u b lic tru s ts.

R e g u la t io n s c o v e r in g th o u s e o f L ib e r t y b o n d s a n d o th e r

s e c u r itie s o f t h o

U n ite d

S ta te s

are n ow

b e in g p r e p a r e d

by

t lio T r e a s u r y

D e p a r t m e n t a n d w ill b o p u b lis h e d fo r t h e in fo r m a t io n o f t h e b o n d -a p p r o v i n g
o ffic e r s o f t h o G o v e r n m e n t a n d o th e r s w h o m a y b o in t e r e s t e d , in a fe w d a y s .

VICTORY L IB E RTY NOTES W I L L NEVER GO BELOW
PAR, I N OPINIO N OF F RA NCIS II. SISSON.

Speaking to 15,000 persons from the Sub-Treasury stops on
Wednesday last, Francis H. Sisson, Vice-President of the
Guaranty Trust Co. of Now York, expressed tho opinion that
tho Victory Liberty notes would never go below par and
would increaso in value. Mr. Sisson said:
T h ero h avo

been

ru m ors

th a t som e p o o p lo w ere ch a ry

n o t e b e c a u s e p r e v io u s b o n d s d e p r e c ia te d .
s a y t h e c o m p a r is o n is n o t w e ll t a k e n .
w ill g o a b o v o p a r a n d s t a y t h e r o .
y o u w ill se o a r u s h fo r th e m

As a

b a n k in g

of

th o

m an

V ic to r y

I w is h

I f it s h o u ld h a p p e n t h a t t h e y g o b e lo w

a n d a c o n s e q u e n t ju m p .

is t h o i r m i s f o r t u n e , n o t U n d o

S a m ’s fa u lt.

U n fo r tu n a te ly fo r

H e sta n d s re a d y

That

t o p a y h is

b ills a n d t o p a y th o In te r e st.
T h o t a x - e x e m p t i o n f e a t u r e o f t h e V i c t o r y L i b e r t y n o t e is t h o b i g t h in g
s ig n ific a n c e o f It.

I fe a r m a n y p e r s o n s h a v o fa ile d t o c o m p r e h o n d t h o

As

soon

L ib o r t y n o t e w ill g o fa s t .

as th ey

a r o a c q u a in t e d

it,

th o

V ic to r y

T h o G o v e r n m e n t is b a c k o f i t , a n d i t is a c a s e

o f to n a g a in st o n e , c r e d it a g a in s t lia b ilit y .
O u r G o v e r n m e n t is w o r t h t w o h u n d r e d
ow es bu t

w it h

t w e n t y -fiv e b illio n .

Tho

and

fifty

exp en ses o f th o

b illio n

d o lla r s

and

fis c a l y e a r a ro r a te d

a t e ig h te e n b illio n d o lla r s a n d w o a r o a s k e d o n ly t o le n d s ix b il lio n .
r o s t w ill c o m o fr o m ta x e s .
T h o G o v e r n m e n t w is h e s
n a t u r a l.
up

th o

Tho

p e o p lo

to

ta k e

th e se

n otes,

and

th a t

is

T h o p e o p lo n o t o n ly

s h o u ld

r e a liz o th e w o n d e r fu l

a d v a n t a g e t h e y a r e g e t t i n g in f i r s t c a l l o n t h e n o t e s , b u t t h o y s h o u l d t h i n k
o f w h a t w ill h a p p e n i f t h o b a n k s h a v e t o j u m p in a n d h e lp o u t .

The largest portrait of President Wilson, measuring
40 by 35 feet, was dedicated last Monday in the Pennsyl­
vania Station under the auspices of the Liberty Loan Com­
mittee. Abram I. Elkus, former Ambassador to Turkey,
was tho principal speaker at the ceremonies. He said it is
fitting that this portrait should be the largest in the world.
Mr. Elkus had the following to say:

a n in fla t io n o f c r e d it .

m o s t d o m in a t in g f ig u r e in t h e w o r ld a t t h is t im e , b u t t h e y a r e c o m p e lle d
to

a d m it

it .

E ven

w o r ld s it u a t io n .

h is

e n e m ie s

con cede

t h a t h is w o r k

M o n e y w ill h a v o t o b o h a d fr o m

d o m in a te s

every

L i v i n g i n t h e t i m e t h a t w o d o i t is o u r p r i v i l e g e t o s u s ­

ta in o u r s e lv e s a n d t h is g r e a t A m e r ic a n w h o s ta n d s a s o u r r e p r e s e n t a t iv e .
W o m u s t o v e r s u b s c r ib e th e V ic t o r y L ib e r t y L o a n .

J u s t a s s o o n a s t h e b a n k s p u t t h e ir m o n e y in t h o n o t e s , j u s t s o s o o n w ill
th e r o fo llo w

PORTRAIT OF P R E S ID EN T U N V E I L E D I N P E N N S Y L ­
V A N I A S T A T IO N A T VICTORY L IB E R TY LOA N
EXERCISES.

T h e r e m a y b e p e r s o n s w h o d o n o t w is h t o a d m it P r e s id e n t W i ls o n is t h e
th e

L ik e w is e i t is n o t s u r p r is in g t h a t t h e b a n k s s t a n d r e a d y t o t a k e
w h o lo q u o t a .

He will speak at the noon and night exercises. MajorGeneral David C. Shanks and Rear Admiral Charles Sigsbee
will be other speakers at the noon meeting. The Mayor of
Seattle is approaching New York on a schedule which calls
for a number of addresses in large cities. A telegram
received on April 30 from Pueblo, Colorado, where he
opened his speechmaking drive, reported an enthusiastic
reception by a capacity audience. His appeal for Victory
Loan subscribers is proving so effective that a request has
been made that his appeal be reproduced in cities where he
does not appear, as Victory Loan propaganda. Mayor
Ole Hanson, “the fighting mayor,” gained this appelation
by his determination to stamp out the Bolshevik tendencies
of labor organizations in Seattle. In February the unions
called a strike. The purpose was to tie up completely the
industries of the city, but Mayor Hanson’s decided stand
that business should not be interrupted, or property
or life endangered by the strikers, broke the effort and the
strike died. Mayor Hanson always has been a radical.
For twenty years preceding his election ho was leader of the
radical constructive element of tho Northwest. At the time
John Wanamaker opposed Matthew Stanley Quay in the
race for United States senator from Pennsylvania, Mayor
Hanson was brought East by Wanamaker for campaign
purposes. He spoke in every county of tho Keystone State.
Again in the days when F. Augustus Heinze and other
copper kings of Montana were striving for political control
of that State, Mayor Hanson championed the cause of the
progressive capitalists and was Heinze’s chief defender at
miner’s meetings. In 1916 he was tho independent candidate
for the Washington State Legislature, but was defeated by
Wesley L. Jones. As a member of the Legislature he had
been largely responsible for the initiative, referendum and
recall in that State. Before his election as Mayor of Seattle,
Hanson had been affiliated with the radicals of the city and
State.
_____

to

I fir m ly b e lie v e th o p r e s e n t n o te s

s o m o I n v e s t o r s in p r e v io u s lo a n s , t h e y h a d t o g e t r id o f t h o ir b o n d s .

a b o u t t h is d r iv e , a n d

1773

THE CHRONICLE

M ay 3 1919.]

o n e t o h e lp p a y

I t is t h o d u t y o f e v e r y ­

th e b ills .

th o

F e d e r a l R e s e r v o b a tik s , t h e c o s t o f liv in g w ill g o s k y w a r d , a n d t h e r o w ill
b o f in a n c i a l s t r in g e n c y in t h e e c o n o m ic w o r ld .
I t c o s t a lo t o f m o n e y to ru n a w a r a n d o u r ex p en ses w ere h e a v y .
th o so

expenses

lo a th

to

m eant

b o llo v e

th o

s a v in g

of

th o re a l A m e r ic a n

T h e U n i t e d S t a t e s t o - d a y is o n
o r a in it s h i s t o r y .
in g .

E very

1 0 0 ,0 0 0

A m e r ic a n

But
I

am

w ill b e g r u d g e a p e n n y o f it .
t h e t h r e s h h o ld o f t h o g r e a t e s t b u s in e s s

B u t t e a m - w o r k is e s s e n t i a l I n t h o g a m e w o h a v o h a v ­

A m e r ic a n

m ust k n ow

fo llo w th o rn .

h is s ig n a ls

in

th o g a m e a n d

__________________

VICTORY

b o y s ,^ a n d

LOAN

ho m ust

-

PURCHASERS URGED
L O A N BUTTONS.

TO

WEAR

All purchasers of Victory notes have been urged to wear
prominently thoir Victory Loan button, showing thoy have
helped “finish tho job” and as an incentive to those not in
tho great patriotic army, to qualify for membership before
it is too lato. Gcorgo W. Hodges, Vice-Director in charge
of sales and Chairman of the Liberty Loan Committee of
Sub-District No. 2, tho Rochester District, has sent a lotter
to' all of local chairmon urging thorn to wear thoir Victory
Loan button and to got all their subscribers to do likewise.
Ho said:
M W ear

your

m em ber

of

V ic to r y

th o

L oan

V ic to r y

b u tton ,

L ib e r ty

so

L oan

everybody
arm y.

A ny

w ill k n o w
m an

or

you

w om an

are

a

who

is ln o t w o a r in g a b u t t o n w ill b o p r o m in e n t in t h o ir c o m m u n it y a s o n e w h o

CAPTUR ED U-BOATS TO V IS IT BOTH COASTS, GR EAT
L A K E S A N D M IS S IS S IP P I RIVER FOR VICTORY
LO A N .

Opportunity is about to be given to the people in the towns
and cities along the Atlantic seaboard from Maine to Florida
on tho Pacific Coast from southern California to Puget
Sound, and to those of the inland towns on the Hudson
River, the Great Lakes and the Mississippi River as far
north as St. Louis, to see tho captured German submarines
brought to America to aid the Victory Liberty Loan. A
comprehensive schedule arranged for the five “U” boats
was announced last Monday by the Liberty Loan Com­
mittee of the New York Federal Reserve District. The
program is as follows:
U -lll,

P o r tla n d , P o r ts m o u th , B o s to n , N e w

B e d fo r d , N e w p o r t, P r o v i­

d e n c e , N e w H a v e n a n d la y u p a t N e w L o n d o n .
U -B 1 4 8 , N o w Y o r k a n d H u d s o n R iv e r , B r id g e p o r t , C o n n ., a n d la y u p
at

N ew L on don .
U -1 1 7 , P h ila d e lp h ia ,

W ilm in g to n ,

D e l.,

C h a r le s to n ,

t o n , N . O ., N o r fo lk , V a ., B a ltim o r e , A n n a p o lis a n d
U -O

97, N ew

to u c h in g

Y ork

to

H a lifa x , th e n

th rou gh

a t th e G re a t L a k e p o r ts a n d la y u p

S.

C .,

W ilm in g ­

W a s h in g to n .

th e S t. L a w re n ce R iv e r ,

a t th e G re a t L a k e s N a v a l

is f n o t p a r t o f t h o f in a n c i a l f o r c e t h a t is p a t r i o t i c a l l y s u p p o r t in g t h o G o v e r n ­

T r a in in g S t a t io n .
U -B 8 8 , S a v a n n a h ,

m e n t . ’^

M o b ll o , A l a ., a n d u p th e M is s is s ip p i R iv e r t o S t . L o u is : th e n t o G a lv e s t o n ,

G a .,

J a c k s o n v ille ,

Tam pa

and

P e n s a c o la ,

F la ..

T e x ., K e y W e s t , F la ., th r o u g h th e P a n a m a C a n a l t o P u g e t S o u n d , W a s h ­

0 LE

IIA NSON, V SEA TTL E’ SJt FI Oil TIN G M A YOR,
S P E A K i m N E W YORK. FOR VICTORY LOAN.

TO

Olo’iiHanson, Mayor of Seattle, tho man whose stand in
tho'striko which threatonod to tie up tho Northwest attracted
national attention, is coming to Now York to speak for the
Victory Liborty Loan. Mayor1 Hanson will speak at
Victory Way, tho chief speotaclo.of the local drive, onPark
i^oTitPorty-Fifth and Fiftyothj[Streets, on Friday, May 9.




in g t o n

a n d la y u p a t S a n P e d r o .

More than ten thousand people massed along the sea
wall at the Battery on Tuesday last, April 29, to witness the
dedication of four captured German submarines to the peace­
ful purposes of the Victory Liberty Loan. Led 1 y he ubmarino mother ship Bushnell, commanded by Con nt Tay­
lor, the undersea craft came over from the Brooklyn Navy
Ya.’u. arriving a the Batty y short y before noon. Lead-

t

1774

THE CHRONICLE

ing submersibles U-117, UB-148, UB-88 was tko UC-97,
Lieutenant-Commander C. A. Lockwood. While the re­
maining vessels stood by off the Battery, the UC-97 was
docked at Bronx Landing, just west of the Barge Office.
Sharing the narrow conning tower of the UC-97 with its
commander was Mrs. John T. Pratt, Chairman of the
Women’s Liberty Loan Committee, the first American
woman to board one of the captured pirate craft. On the
deck of the giant undersea boat were Benjamin Strong,
Chairman of the Liberty Loan Committee; A M. Ander­
son , director; Guy Emerson, Vice-Director of the Govern­
ment Loan Organization, and the Rev. Roland Cotton
Smith of Washington, D. C.
When the UC-97 was tied up (o the dock the band from
the battleship North Dakota played the “Star Spangled
Banner,” while the throng stood with bared heads. Gov­
ernor Strong raised the official Victory Liberty Loan em­
blem on the masthead of the one time pirate craft. Simul­
taneously the crews of the remaining submarines performed
a similar ceremony. Almost at the same moment a squad­
ron of giant seaplanes from the Rockaway Naval Station
swirled down from the skies, the roar of their engines adding
to the thrill of the occasion. The aircraft circled and dipped,
careening above the drifting hulks of the submarines. One
of the hydro-airplanes dropped down, skimmed over a peri­
scope and then struck the crowded waters. At the ond of
the flag-raising ceremonies, guests and newspaper men were
permitted to board the UC-97. Among the guests to de­
scend the vessel’s hull, in addition to those who came over
aboard her, wero Byron R. Newton, Collector of the Port,
and Martin Vogel, Assistant Treasurer of the United States.
G R A IN CORPORATION TO D I S C O N T I N U E W H E A T
FLOUR P UR CH ASES FOR E X P O R T - E F F E C T ON
MARKET.

An announcement made on April 29 by the Grain Corpora­
tion of the United States Food Administration that it would
discontinue until further notice, purchases of wheat flour
for export, with the exception of First Clears and Victory
flours, brought about an upsetting of prices on the Chicago
Board of Trade. While the announcement coming to us
from the office in New York of United States Wheat Direc­
tor Julius H. Barnes, makes no mention of the price the Grain
Corporation will resell to the trade from its current stocks at
such points as New York, Baltimore or Philadelphia, the
daily papers report the Grain Corporation as announcing “a
resale price for domestic use of $11 50 jute per barrel for the
standard flour purchased by the Grain Corporation in its
export trade.” The following is the announcement of the
Grain Corporation as received by us under date of the 29th:
T o A l l M i l l s a n d O th er I n t e r e s t e d S e lle r s o f W h e a t F lo u r a n d C e r e a l P r o d u c ts :
T h e F o o d A d m in is t r a t io n

G r a in C o r p o r a t io n a n n o u n c e s , in v ie w o f th e

t r e n d o f t h e d o m e s t ic flo u r m a r k e t , t h a t u n t il fu r t h e r n o t ic e it w ill d is c o n ­
t in u e p u r c h a s e s o f w h e a t f lo u r fo r e x p o r t , w it h t h e e x c e p t io n o f fir s t c le a r s
a n d v ic t o r y flo u r s .
is

m ade
M ills

N ew
th e

of

P le a s e d is c o n t in u e w e e k ly o ffe r s u n t il a n n o u n c e m e n t

r e s u m p tio n

w ith

of

u n s h ip p e d

b u y in g .

G r a in

C o r p o r a t io n

con tra cts

m ay

Y o r k o f f i c e o r z o n e o f f i c e s , t h e p o s s ib le r e s a le , w it h
G r a in

C o r p o r a tio n ,

o f su ch

u n s h ip p e d

ta k e

up

w it h

th e a p p ro v a l o f

b a la n c e s , p r o v id e d

s u c h m ills

a r e d e s ir o u s o f o ffe r in g t h e e q u iv a le n t t o t h e ir d o m e s t ic t r a d o f o r im m e d ia t e
s h ip m e n t .

The

G r a in

C o r p o r a t io n

r e g a r d in g p r o p o s e d r e s a le .

s h o u ld

bo

p r o v id e d

w it h

a ll d e ta ils

P r ic e s o f flo u r t o b e b a s e d o n o r ig in a l c o n t r a c t

p r i c e o r i t s e q u i v a l e n t i f f l o u r o f d i f f e r e n t g r a d o o r i n d i f f e r e n t p a c k a g e s , is
t o b o fu r n is h e d .
T h o G r a in C o r p o r a t io n w il l o f f e r t o r e s e ll, in c a s e o f n e e d , t o t h e d o m e s t ic
tra d e fro m
p h ia

cu rren t stock s a t B o sto n , N e w

Its f l o u r , p u r c h a s e d

p r ic e o f w h e a t t o

fo r

Y o r k , B a lt im o r e a n d P h ila d e l­

ex p ort, a t a

fa ir p r ic e , r e fle c tin g

t h e m ills , f . o . b . c a r s t r a c k in c a r lo t s .

it s r e s a le

S u c h re s a le w ill

o n l y b e m a d e t h r o u g h t h e r e g u la r c h a n n e ls o f t r a d e o n p r o p e r a f f id a v i t t h a t
th e

flo u r

bu yers

p u rch a sed

a r e in

w ill

be

s e r io u s n e e d

u sed

fo r

d o m e stic

o f flo u r , a n d

c o n s u m p tio n ;

a r e u n a b le t o

th a t

su ch

s e c u r o im m e d ia te

r e q u ir e m e n t s t h r o u g h r e g u la r c h a n n e ls ; a n d t h a t f l o u r p u r c h a s e d b y d e a le r s
s h a ll o n ly b e r e s o ld o n a b a s is o f p r o f i t s a t is fa c t o r y t o t h e G r a in C o r p o r a t io n .

As indicating the effect on the Chicago market of the
announcement of the Grain Corporation, we quote as follows
from the press dispatches from Chicago on the 29th:
T r e m e n d o u s p r ic e -s m a s h in g

took

p la c e t o -d a y

on

th o B o a rd

o f T rad e.

H o ld e r s o f g r a in a n d p r o v is io n s c o m p e t e d o n a b ig s c a le In e f f o r t s t o u n lo a d
and

to stop

lo s s e s o n

a d e c lin in g m a r k e t.

m e n t o f co rn a n d h o g s fr o m
g e n e r a l r u s h t o s e ll.

A

lo n g -t h r e a t e n e d

fr e e m o v e ­

r u r a l s o u r c e s w a s la r g e ly r e s p o n s ib le fo r th o

B re a k s as s h o w n a fte r m id d a y a m o u n te d t o 8 % c . a b u sh e l o n co rn a n d
$1 3 0 a b a rrel o n p o rk .
M a y d e liv e r y o f c o m

s h o w e d th e g r e a te s t w e a k n e s s , d r o p p in g t o $1 5 7 % ,

as a g a in st S I 6 5 %

to

$ 1 6 6 y e s t e r d a y ’s f in i s h .

w a s o f f m o re th a n

1 3 c. fr o m

y e s t e r d a y ’s t o p

J u ly d e liv e r y a t S I 5 7 %

le v e l.

T r a d in g in t h e c o r n

m a r k e t w a s e s p e c ia lly o n a b r o a d s c a le , w it h In d iv id u a l o p e r a tio n s c o u n t in g
f o r lit t le .
A c c o m p a n y i n g t h e b r e a k in p r ic e s a n d f o r m in g a p o w e r f u l a id t o t h e s e n t i­
m e n t fo r a g r e a t ly c h e a p e r le v e l o f v a lu e s w a s a n o t ic e fr o m

th o F ed era l

[V ol . 108.

h o w e v e r , t h a t t h e r e w a s p le n t y o f A m e r ic a n w h e a t a n d f lo u r I f t h e s p e c u ­
la t iv e t e n d e n c y w a s s t o p p e d .
T h o a n n o u n c e m e n t o f th e F e d e r a l W h e a t D ir e c t o r w a s fo llo w e d
d ia t e ly

by

fu rth e r d r o p s

m a r k e t fe ll t o S I 5 5 %
A c c o r d in g
w o u ld

to

in

th o corn

m a rk et.

A s an

im m e ­

e v id e n t r e s u lt,

th e

fo r J u ly c o r n , a d e s c e n t o f 9 % c . o v e r n ig h t.

n o tic e

of

th o

F ederal W h ea t

u n d e r t a k e t o r e s e ll fr o m

D ir e c to r ,

th e

G overn m en t

its c u r r e n t s t o c k s a t s u c h p o in t s a s N e w

Y o r k , B a lt im o r e a n d P h ila d e lp h ia s ta n d a r d flo u r a t $ 1 1 5 0 a b a r r e l, w h ic h
h a d b e e n p u r c h a s e d fo r e x p o r t b u t w h ic h
t o b o n a fid e u sers su ch as b a k ers.

th o

G o v e r n m e n t w o u ld

fu r n is h

D r a s t i c l i q u i d a t i o n c o n t i n u e d in t h o c o r n m a r k e t r i g h t u p t o t h e c l o s e o f
t h e s e s s io n a n d p r ic e s f e ll v i o le n t ly w it h b u t fe w r e a c t io n s .
t h e lo w p o in t o f th e d a y w e r e o f f a b o u t
y esterd a y .
S to p -lo s s o r d e r s t o s e ll o w in g t o

15 ce n ts fr o m

ex h a u sted

P r ic e s a r o u n d

th e h ig h p o in t o f

m a r g in s w e r o u n c o v e r e d

in

p r o fu s io n a s th o m a r k e t p lu n g e d d o w n -g r a d e , a n d b u y in g s u p p o r t w a s d e ­
c id e d ly

lim it e d

if n ot

w h o lly

absent

at

tim e s .

N o tic e

fr o m

th o

w heat

d ir e c t o r d id n o t b e c o m e g e n e r a lly k n o w n u n t il a ft e r th o la t t e r p a r t o f t h e
d e c lin e o f p r ic e s h a d ta k e n p la c e , b u t th e n s e r v e d t o a c c e le r a t o th o b r e a k .

The Chicago “Herald & Examiner” on May 1 had the
following to say regarding Mr. Barnes’s policy:
J u liu s H . B a r n e s , P r e s id e n t o f t h e F o o d IA d m i n i s t r a t i o n G r a in C o r p o r a ­
t io n , c u t q u it e a s w a t h in t h o c o a r s e g r a in m a r k e t s a t C h ic a g o y e s t e r d a y .

M r . B a r n e s is k n o w n a s a c o n s e r v a t i v e m a n i n h i s i d e a s a n d h o i s a l s o k n o w n
a s a m a n w h o is a n x i o u s t o c o n d u c t b u s in e s s in a m a n n e r t h a t w il l p r o v e o f
b e n e f it n o t o n l y t o h is f e ll o w m a n b u t t o t h e G o v e r n m e n t .
I n a t a lk a t S t. L o u is y e s t e r d a y m o r n in g M r . B a r n e s s a id t h a t a n y fu r t h e r
tre n d

o f to o

h ig h

p r ic e s

fo r

corn

and

o a ts w ill b e fr o w n e d

upon

by

th o

F o o d A d m i n i s t r a t i o n , a n d t h a t i t is w i t h i n t h o p o w e r o f t h o G o v e r n m e n t
s t ill t o u s e m e th o d s t o s t o p th o w ild a d v a n c e s c r e a te d b y o v e r s p e c u la tio n .
T h is s t a n d t a k e n b y M r . B a r n e s , w h ic h is a g a in s t h ig h e r p r ic e s f o r t h e
m o m e n t , w a s r e fle c te d

in

th e c o in

a n d o a ts p its o n

th o B o a rd

o f T rad e.

M a n y o f t h o s e w h o b o u g h t g o o d -s iz e d lo t s o f c o r n d u r in g th o m o r n in g w e r o
o n t h o s e llin g s id o la t e r , in t h e w a y o f li q u id a t in g t h e ir h o ld in g s .

A speech yesterday (May 2) at Duluth, Minn., by Mr.
Barnes, in which he said that ho looked for a shortage of
300,000,000 bushels of food grains as the result of the sus­
pension of exports from Russia, Rumania and India,
had an opposite effect on the market, the New York “EveningPost” of last night, in special Chicago advices, saying:
T r a d e r s p u t a b u llis h c o n s t r u c t i o n o n t h o B a r n e s s t a t e m e n t e a r ly in t h e
d a y , a n d c o r n ju m p e d 4 c e n ts , b u t b r o k e a fte r s h o r ts h a d c o v e r e d a n d th o
o p in io n

r e g a r d in g th o B a r n e s s t a t e m e n t w a s r e v e r s e d .

cen t over N o . 2 grades, an d
w h it e

at

2

cen ts

over

f.

o.

N o. 3
b.

%

cars.

of

C ash corn

1 cen t u n der.

Tho

cou n try

had

w as

1

M illo r s b o u g h t
stop p ed

s o ilin g .

O m a h a h o u s e s w e r o la r g e s y b u y e r s o n b r e a k s a n d s e lle r s o n b u lg e s .

S e n ti­

m e n t w a s m ix e d .
R e p o r t s o f c u t t i n g o a t s i n S o u t h e r n T e x a s c a u s e d b r e a k in f u t u r e s .
ad van ced

to

now

c o n s id e r a b le b o x e d

h ig h ,
la r d .

$34 05

fo r

M ay.

R ib s a r o a t

E n g lis h

to p

of

tra d ers

have

L ard
bought

th o se a so n .

Mr. Barnes said that this country would have to supply
the grain shortage referred to. He said he hoped to make
such arrangements as would provido for a moderate arrying
charge on tho 1919 wheat crop, so that the grain would not
be rushed to market and cause congestion. He pointed out
that many problems remained to be settled, and added that
there would be a conference with tho trado to adjust them, as
tho occasion arose. Ho wanted, it is reported, torminal
markets to handle the grain as much as possible without
using the Government. He called attention to the fact that
between now and July 1, when the new crop will be avail­
able, the United States must supply 850,000 tons a month
to feed neutrals and others. In spite of this, he said, the
United Stat s consumer will have plenty.
A jump in the price of corn also followed the announce­
ment from Paris on April 25 that “war bread” would be
again the rule for Europe. Tho steepest rise was in the
July delivery of corn, which soared to $1 70 a bushol, an
advance of 6J4 to 6 % cents overnight. The plan to again
put Europe on a war bread basis was made known in these
columns last week, page 1676; in addition to what was there
reported as being contained in the Paris cablegrams, we
quote the following from the same source:
Tho

C o u n c il h a s a rra n g e d

to

s u p p ly

N orth ern

and

C e n tra l E u ro p e a n

c o u n t r ie s la r g e ly w it h r y o in s t e a d o f w h e a t a n d fo r n e u tr a ls t o lo o k f o r th e ir
s u p p ly m a in ly

t o A r g e n tin a a n d A u s t r a lia .

T h o e ffe c t o f th eso a rra n g e ­

m e n t s is t o t a k e t h o p r e s s u r e o f f t h o w h e a t m a r k e t in t h o U n it e d S t a t e s .
L a r d s u b s t i t u t e s w il l b e u s e d in p la c e o f f o o d p r o d u c t s f o r la r g o s e c t io n s
o f E u r o p e , w h ile o le o m a r g a r in o f a c t o r ie s w ill b o s t a r t e d a g a in in G e r m a n y ,
u s in g v e g e t a b le o il s .
S om e E u ropean

c o u n tr ie s h a v o d e ie d e d

th is y e a r , w it h o u t a n y c o r n

fr o m

t o g o t a lo n g fo r

th o U n ite d

th o b a la n c e o f

S ta tes.

E X E C U T I V E OFFICERS OF CHICAGO BOARD OF TR AD E
TO CONTROL F U TU R E S TR AD IN G.

Tho Chicago “Herald & Examiner” of May 1 states that
the executive officers of tho Chicago Board of Trado will
hereafter have full control over tho trading in grain futures,
with power to direct adjustments or curtailments of such
contracts wherever in their judgment tho exigencies of the
war and the good name of tho association demands. The
foregoing, it states, was embodied in a resolution reaffirming
an action taken on March 26 1919.

W h e a t D ir e c t o r t h a t t h e G o v e r n m e n t w o u ld d is c o n t in u e u n t il fu r th e r a n ­
n ou n cem en t,

fu rth e r p u rch a se s

c le a r s a n d V ic t o r y m ix e d f lo u r s .

o f w h e a t flo u r

fo r

exp ort

e x c e p tin g

fir s t

T h e p u r p o s o o f t h is n o t ic e w a s s t a t e d t o b o

t o s t o p s p e c u la t iv e fe v e r .
I t w a s d e c la r e d b y t h e F e d e r a l W h e a t D ir e c t o r t h a t I f n e c e s s a r y a ll Im ­
p o r t r e s t r ic t io n s o n fo r e ig n w h e a t a n d flo u r w o u ld b e ta k e n o f f .




H e s a id .

F.

G. CROWELL S A ILS TO R E V I E W A C T I V I T I E S OF
G R A IN CORPORATION.

According to ‘ Financial America” of May 1, Frank G.
Crowell, Vice-President of tho Grain Corporation, will sail

THE CHRONICLE

M ay 3 1919.]

for Europe on the Aquitania to-day, on a special mission to
review the activities of the Grain Corporation organization
in Europe. The paper quoted says:
M r . C r o w e ll w ill g o fir s t t o L o n d o n , t h e n t o P a r is .
C o p e n h a g e n , R o t t e r d a m , H a m b u r g , a n d T r ie s t e .

L a t e r h e w ill v is it

M r . C r o w e ll w ill r e tu r n

t o N e w Y o r k in s ix w e e k s .
A n e x t e n d e d s u r v e y o f a l l g r a i n p r o d u c i n g c o u n t r i e s in E u r o p e , t o a s c e r ­
ta in th e s t a t e o f th o g r a in c r o p s a b r o a d f o r t h e in fo r m a t io n

o f J u liu s I I .

B a r n e s , U n i t e d S t a t e s W h e a t D i r e c t o r , is t o b o m a d e a t o n c e b y J o h n D .
S h a n a h a n , c e r e a l e x p e r t o f th o G r a in
w eek fo r E u r o p e .

C o r p o r a t io n , w h o w ill a ls o s a il th is

M r . S h a n a h a n w ill b e a c c o m p a n ie d b y t h r e e a s sista n ts

a p p o in t e d fo r t h o p u r p o s e b y th o D e p a r t m e n t o f A g r ic u lt u r e a t W a s h in g to n
th ro u g h th o c o u rte s y o f S e cre ta ry H o u s to n .

PROPOSAL

TO RE S TR AIN G R A IN SP EC UL A TIO N I N
M ANITO BA.
.

Press advices from Winnipeg, May 1, state that a bill
prohibiting speculation in grain and other food products on
Canadian grain exchanges has been prepared by tho Manitoba
Grain Growers’ Association and submitted to its parliamen­
tary representative at Ottawa, R. C.jHenders, of Macdonald,
Manitoba. These advices also state:
F o r s e v e r a l w e e k s th e r e h a s b e e n a g it a t io n fo r d r a s t ic le g is la t io n .

Tho

G r a i n G r o w e r s ’ A s s o c i a t i o n a d o p t e d r e s o l u t i o n s d e c l a r i n g “ t h e r e is a c e r t a i n
c lo m e n t o n

th o g r a in

e x c h a n g e a t W i n n ip e g w h o a r o a b lo in a

v e r y la r g o

m e a s u r e t o c o n t r o l t h o g r a in t r a d e , d e p r e s s in g p r ic e s t o t h o p r o d u c e r w h e n
t h e y se e f i t , a n d b o o s t in g p r ic e s a ft e r t h e y h a v e g a in e d c o n t r o l o f t h o g r a in
c r o p ."

------------------- -------- -------- ----------------- ----------- --

M I N I M U M C O M M IS S IO N RA TES FOR G R A IN FOR
D E L IV E R Y APPROVED B Y CHICAGO BOARD
OF TR AD E DIRECTORS.

1775

“ T h e a c t io n o f th o a s s o c ia te d G o v e r n m e n t s h e r e in a b o v e r e fe r r e d t o , a s
a n n o u n c e d in W a r T r a d e B o a r d R u li n g 7 1 1 , d o e s n o t a u t h o r iz e tr a d e w it h
r e s p e c t t o a n y p r o p e r t y w h ic h h e r e t o fo r e , p u r s u a n t t o th e p r o v is io n s o f th e
T r a d in g w it h t h e E n e m y A c t a s a m e n d e d , h a s b e e n r e p o r t e d t o th e M ie n
P r o p e r t y C u s t o d ia n , o r s h o u ld h a v e b e e n r e p o r t e d t o h im , o r a n y p r o p e r t y
w h ic h h e r e t o fo r e , p u r s u a n t t o t h e p r o v is io n s o f s a id A c t , th e A lie n P r o p e r t y
C u s t o d ia n h a s s e iz e d , o r h a s r e q u ir e d t o b o c o n v e y e d , t r a n s fe r r e d , a s s ig n e d ,
d e liv e r e d o r p a id o v e r t o h im .
,
“ E x c e p t f o r t h o fo r e g o in g r e s e r v a tio n a ffe c t in g p r o p e r t y w h ic h , p r io r t o
A p r il 2 9 1 9 1 9 a n d p u r s u a n t t o th e p r o v is io n s o f th o T r a d in g w it h th o E n e m y
A c t a s a m e n d e d , h a s b e e n r e p o r t e d o r s h o u ld h a v e b e e n r e p o r t e d , o r h a s
b e e n s e iz e d , o r h a s b e e n r e q u ir e d , t o b e c o n v e y e d , tr a n s fe r r e d , a s s ig n e d ,
d e liv e r e d o r p a id o v e r t o th e A lie n P r o p e r t y C u s t o d ia n , a ll n e w c r e d it s
w h ic h m a y b o e s ta b lis h e d in , a ll n e w a s s e ts w h ic h m a y b e c r e a t e d in , a n d
a ll p r o p e r t y w h ic h m a y b o in t r o d u c e d in t o t h e U n ite d S ta te s o n o r a ft e r
A p r il 2 9 1 9 1 9 , b y , fo r , o n a c c o u n t o f , o n b e h a lf o f , o r fo r t h e b e n e fit o f ,
a n y p e r s o n w it h w h o m t r a d e is a u t h o r iz e d b y t h o a c t io n s e t f o r t h in W a r
T r a d e B o a r d R u lin g 711 w ill n o t b o s e iz e d b y , o r b e r e q u ir e d t o b e c o n v e y e d ,
t r a n s fe r r e d , a s s ig n e d ,d e liv e r e d o r p a id o v e r t o t h e A lie n P r o p e r t y C u s t o d i a n .
“ I n c o n f o r m it y w ith t h o a c t io n o f t h e S u p r e m o E c o n o m ic C o u n c il a n d
in a c c o r d a n c e w it h t h e p r o v is io n s o f t h o a g r e e m e n t o f M a r c h 13 a n d 14
191 9 b e tw e e n th e re p r e se n ta tiv e s o f t h o a s s o c ia te d G o v e r n m e n ts a n d th o
r e p r e s e n ta tiv e s o f th o G e r m a n G o v e r n m e n t , k n o w n a s th e B ru s se ls a g r e e ­
m e n t , a n d p u r s u a n t t o th e a n n o u n c e m e n t p u b lis h e d b y t h e W a r T r a d e
B o a r d o n A p r il 2 3 1 9 1 9 in W a r T r a d e B o a r d R u li n g 7 0 7 , w h e r e b y s h ip ­
m e n ts o f fo o d s t u ffs fr o m th e U n ite d S ta te s t o G e r m a n y w ill b e p e r m it t e d
u n d e r lic e n s e o f th e W a r T r a d o B o a r d w ith in t h e lim its p r e s c r ib e d b y th e
B ru s se ls A g r e e m e n t , a ll c r e d its e s ta b lis h e d in , a ll a s se ts c r e a te d in , a n d a ll
p r o p e r t y in t r o d u c e d in t o th e U n ite d S ta te s w h ic h h a s b e e n p r o p e r ly e a r ­
m a r k e d a n d s e t a s id e fo r t h o s o le p u r p o s e o f p a y in g fo r s u c h p u r c h a s e s o f
f o o d s t u f f s t o b e im p o r t e d in t o G e r m a n y w ill n o t b o s e iz e d o r b e r e q u ir e d
t o b e c o n v e y e d , tr a n s fe r r e d , a s s ig n e d , d e liv e r e d o r p a id o v e r t o t h e A lie n
P r o p e r ty C u s to d ia n .
.
..
“ T h e f o r e g o i n g a c t io n d o e s n o t in a n y w a y r e li e v o a n y p e r s o n f r o m t h e
d u t y , im p o s e d u p o n h im b y s e c t io n 7 (a ) o f th e T r a d in g w it h th e E n e m y A c t , o f filin g r e p o r ts w ith t h e A lie n P r o p e r t y C u s t o d ia n o f a ll c r e d it s e s t a b ­
lis h e d , a ll a s se ts c r e a te d a n d a ll p r o p e r t y in t r o d u c e d , p u r s u a n t t o e ith e r o f
t h e a b o v e - m e n t i o n e d r u lin g s o f t h e W a r T r a d e B o a r d .
“ I n m a k in g th e fo r e g o in g a n n o u n c e m e n t t h e A lie n P r o p e r t y C u s t o d ia n
r e s e r v e s t h e r ig h t , in r e s p e c t t o t h e s e c r e d it s , a s s e t s a n d p r o p e r t y , t o e x e r ­
c is e a ll a u t h o r it y g iv e n h im b y t h e T r a d in g w it h t h e E n e m y A c t a s a m e n d e d
a n d t h e P r o c la m a t i o n s a n d E x e c u t i v e O r d e r s is s u e d t h e r e u n d e r , s h o u ld
th e a u th o r itie s o f th o a s s o c ia te d G o v e r n m e n t s r e v o k e o r m o d if y t h e a c t io n
h it h e r t o t a k e n b y t h e m .”
,
_
, ..
F R A N C I S P . G A R V A N , A l i e n P r o p e r ty C u s to d ia n .

Cablegrams to the daily press from London April 27
the announcement by the Foreign Office of the
The following is taken from the Chicago “Tribune” of reported
abolition of all trade blacklists on April 27.
April 0:
On the 28th Associated Press advices from Berlin said:
M in im u m

c o m m is s io n

ra te s

fo r

g r a in

fo r

d e liv e r y

in

store

have

boon

a p p r o v e d b y th o B o a r d o f T r a d e d ir e c t o r s , a n d a ro t o b o p o s t e d fo r b a llo t .
T h e y a r o t o b o r a is e d fr o m

$ 7 5 0 t o $ 1 0 0 0 p e r 5 ,0 0 0 b u . o f w h e a t , c o r n

a n d o a t s , o r m u lt ip le s t h e r e o f, a n d 5 0 c . p e r 1 ,0 0 0 o r m u lt i p l e s f o r d e liv e r y
o f le s s t h a n 5 ,0 0 0 b u .

O n fo r e ig n o r d e r s w h e r o c a b le g r a m s d o n o t e x c e e d

2 5 c. p e r w o r d , ra te s t o n o n -m e m b e r s a ro t o b o
3 -1 6 c .

per

bu.

W h ere

c a b le

ra tes

exceed

ra tes a re to b o 5 -1 6 c. p e r b u . a n d m e m b e rs

A c . p e r b u ., a n d m e m b e rs

2 5c.

per

w ord,

n o n -m o m b e r s

A c . per bu .

GREAT B R I T A I N REVOKES A R A W COTTON ORDER.

London cablegram advices to the daily press on April 1
stato that the Board of Trado has revoked its order relative
to raw cotton, issued in 1918, as far as American cotton is
concerned. The order, which regulates tho prices of raw
cotton, applies in futuro, it is announce 1, only to tho Egyp­
tian product. ____________ ____________

T h e P r e s id e n t o f t h o B r itis h C o m m is s io n in G e r m a n y h a s n o t if i e d

th e

G e r m a n A r m is t ic e C o m m is s io n o f t h e w it h d r a w a l o f a ll b la c k lis t s a n d th e
a b o lit io n

o f a ll t r a d in g d is a b ilit ie s .

a n d a s s o c ia te d

H e a d d e d , h o w e v e r , t h a t t h o a llie d

G o v e r n m e n t s r e s e r v e d t h e r ig h t t o r e in t r o d u c e a ll o r a n y

s u c h b la c k lis t s s h o u ld tills b o c o n s id e r e d n e c e s s a r y .
T h e r e s o lu t io n o f th o a llie d a n d a s s o c ia te d G o v e r n m e n t s w a s ta k e n
th e p ro p o s a l o f th o

on

G o v e r n m e n t . ________________

B r itis h

W IR E L IN E S TO BE R E TU RN ED TO O W NE RS — CABLES
R E L IN Q U IS H E D .

Control of all cable lines was relinquished by the Post
Office Department at midnight last night (Friday), and
announcement is]made that the telephone and telegraph lines
will be restored to!their owners as soon as necessary legisla­
tion can be secured from Congress. These developments
followed an announcement by Postmaster-General Burleson
on April 28 that he had recommended to President Wilson
W I T H D R A W A L OF E N E M Y T R A D IN G LISTS.
that the cables bo turned back to their private owners forth­
Tho withdrawal of all onemy trading lists was made known with
and the land wires as soon as legislation could be secured
by tho War Trado Board in an announcement on April 27, to protect
the financial interests of their owners. Coming
which said:
so soon after Mr. Burleson’s annual report to Congress, in
which he recommended permanent Government ownership
of the wire and cable systems, tho announcement created a
great deal of comment. The promptness -with which Presi­
dent Wilson endorsed the new recommendations of the Post­
master-General strengthened the general impression that the
original impulse had in fact come from the President himself.
In his announcement on April 28 Mr. Burleson explained
that lessening of the traffic borne by the cables and other
circumstances arising from transition to a peace basis, had
resulted in his recommendation to the President that the
lines be no longer operated by the Government. His an­
nouncement follows:
A p ril 28 1919.

( W . T . B . R . 7 1 1 .)

A c tin g

c o n c u r r e n t ly

w ith

th o

co m p e te n t

a u t h o r it ie s

of

th e

a s s o c ia te d

G o v e r n m e n t s , t h o W a r T r a d o B o a r d a n n o u n c e s t h a t , o n A p r i l 2 9 1 9 1 9 , a ll
o n o in y t r a d in g lis t s h e r e t o f o r e is s u e d o r c o m p i l e d b y t h e W a r T r a d o B o a r d
w ill b o w ith d r a w n .
a tta ch e d

O n a n d a fte r A p r il 2 9

t o tr a d o a n d c o m m u n ic a t io n

1 9 1 9 a ll d is a b ilit ie s -h e r e to fo r e

w it h p e r s o n s in c lu d e d

in s u c h lis t s

s h a ll c o a s o t o o p e r a t e a n d a ll p e r s o n s in t h o U n i t e d S t a t e s w i l l b e a u t h o r iz e d
s u b je c t

to

t h o o t h e r r u le s a n d

r e g u la t io n s o f t h o

W ar

T rad o

B oard

and

o x c o p t a s h e r e in a fte r p r o v id e d , t o t r a d e a n d c o m m u n ic a t o w it h a ll p e r s o n s
o u t s id o o f th o U n ite d S ta te s w ith w h o m

t r a d o a n d c o m m u n ic a t i o n is p r o ­

h ib it e d b y t h e T r a d in g w it h th o E n e m y A c t .
T h o fo r e g o in g a c t io n d o e s n o t m o d i f y o r a f f e c t in a n y r e s p e c t t h o p r e s e n t
r e s tr ic tio n s ' a g a in s t tr a d e a n d

c o m m u n ic a t io n

b etw een

th e U n ite d

S ta tes

a n d G e r m a n y o r H u n g a r y , n o r d o e s t h is a c t io n a u t h o r iz e t r a d o w it h r e s p e c t
t o a n y p r o p e r t y w h ic h h e r e t o fo r e , p u r s u a n t t o t h o p r o v is io n s o f t h o T r a d in g

w it h th o E n e m y A c t a s a m e n d e d , h a s b e e n r e p o r t e d t o th o A lie n P r o p e r t y

C u s t o d ia n o r s h o u ld h a v e b o o n s o r e p o r t e d t o h im , o r a n y p r o p e r t y w h ic h
h e r o to fo r o ,

p u rsu an t

to

th o

p r o v is io n s

of

s a id

A ct,

th o

A lie n

P rop erty

Tho

P o s tm a s te r -G e n e r a ll h a s

recom m en d ed

to

th o

P r e s id e n t

G o v e r n m e n t r e t u r n t h e c a b le lin e s t o t h e ir r e s p e c t iv e o w n e r s .

th a t

th e

T h is a c t io n

C u s t o d ia n h a s s o iz e d o r h a s r e q u ir e d t o b o c o n v o y e d , t r a n s fe r r e d , a s s ig n e d ,

is m a d e p o s s ib l o b y t h o f a c t t h a t t h e c o n g e s t io n r e s u lt in g f r o m w a r c o n d i ­

d e liv e r e d o r p a id o v e r t o h im .
T h o a s so c ia te d G o v e r n m e n ts ,

t io n s
In

ta k in g

th e

fo r e g o in g

a c tio n , h a v o

re­

has

la r g e ly

passed .

Tho

cn om y

c o m m e r c ia l

b la c k lis t

has

been

a b o lis h e d a n d t h e t r e m e n d o u s v o lu m e o f G o v e r n m e n t c a b le m e s sa g e s fr o m

s e r v e d t h o r ig h t t o r o is s u o t h o c n o m y t r a d in g lis t a n d t o r e v l v o t h o d is a b ili­

and

to

th o W a r T ra d e

tie s h e r e ln a b o v o m e n t io n o d , s h o u ld s u c h a c t io n b c c o m o n e c e s s a r y .
V A N C E O . M c C O R M I C K , C h a ir m a n .

m essag es

has

been

B oard

rem oved,

h as ceased.
th u s

T h o bar to

m a t e r ia lly

le s s e n in g

c o m m e r c ia l c o d e
th o

c a b le

lo a d s .

T h o u s e o f t h e c a b le s In c o n n e c t i o n w i t h t h e P e a c e C o n f e r e n c e h a s b e e n

Following tho issuanco of the above, tho War Trado Board,
at tho instance of Francis P. Garvan, Alien Property Cus­
todian, on April 28 issued tho following statement rolative An hour after the foregoing appeared, the Postmasterto tho restrictions still in effect, with a view to avoiding General announced his intention of recommending the return
confusion as to the significance of tho withdrawal of tho of the telegraph and telephone lines, as soon as suitable
legislation could be secured. His information convinced
enemy trading lists:
him, ho said, that legislation to protect the financial stand­
ing of thejeompanies was necessary before they could be
safely returned. The statement read:
TradingLists,”
g r e a t ly d im in is h e d .
T h o P o s tm a s te r -G e n e r a l h o p e s th a t th e r e tu r n o f th e c a b le s m a y b e e ffe c ­
t iv e n o t la te r th a n M a y 1 0 .

A t t h o r e q u e s t o f t h o A l i e n P r o p e r t y C u s t o d i a n , t h e r e is t r a n s m i t t e d t h e

fo llo w in g

C u sto d ia n

a n n o u n ce m e n t,
w ith

E n em y

Issu ed

on

A p r il 2 8

1919 b y

th o A lie n

P rop erty

re fe re n ce t o W .T .B .R . 7 1 1 , c a p tio n o d “ W ith d r a w a l o f
a n n o u n c e d b y th o W a r T r a d e B o a r d A p r il 2 8 1 9 1 9 :

' “ Tn r n n f n r m i t v w i t h t h o a c t i o n o f t h o a s s o c i a t e d G o v e r n m e n t s p u b l i s h e d
b v t h e W a r T r a d e B o a r d in W a r T r a d e B o a r d R u l i n g 7 1 1 , A p r i l 2 8 1 9 1 9 ,
w iH ifir a w in g a ll o n o m y t r a d in g lis ts h e r e t o fo r e is s u e d o r c o m p ile d , a n d
a h o lls h ir n r a l l t h o d i s a b i l i t i e s w h i c h w e r e h e r e t o f o r e a t t a c h e d t o t r a d o a n d
c o m m u n ic a t i o n w ith p e r s o n s in c lu d e d in s u c h lis ts , a n d a u t h o r iz n g a ll
' In t h e U n it e d S t a t e s , s u b je c t t o t h o o t h e r r u le s a n d r e g u la t io n s o f
t h o W a r T r a d e B o a r d , t o t r a d o a n d c o m m u n ic a t o w it h a ll p e r s o n s o u t s id e
o f t h e U n i t e d S t a t e s w i t h w h o m t r a d e a n d c o m m u n i c a t i o n is p r o h i b i t e d
b v t h e T r a d in g w it h t h e E n e m y A c t , b u t w h ic h in n o r e s p e c t m o d ifie s o r
a ffe c t s th e p r e s e n t r e s tr ic tio n s a g a in s t t r a d o a n d c o m m u n ic a t io n b o tw e o n
th e U n ite d S ta te s a n d G e r m a n y o r H u n g a r y , th e A lle n P r o p e r t y C u s t o d ia n ,
a fte r c o n s u lta tio n w ith th o W a r T r a d o B o a r d , h a s m a d o th o fo llo w in g a n ­
n o u n ce m e n t:




Tho

P o s tm a s te r -G e n e r a l w ill r e c o m m e n d

th a t

th o

te le g r a p h

and

te le ­

p h o n e lin e s b o r e s t o r e d t o t h e ir r e s p e c t iv e o w n e r s a s s o o n a s le g is la t io n c a n
b o s e c u r e d fr o m C o n g r e s s s a fe g u a r d in g t h o in t e r e s t s o f t h o o w n e r s in e v e r y
w a y t h a t i t is p o s s ib lo t o s a f e g u a r d t h e m .
T h o in fo r m a tio n o f t h o P o s tm a s te r -G e n e r a l a s t o

th e c o n d it io n

w ir e c o m p a n ie s c o n v in c e s h im

t h a t s u c h le g is la t iv e

a c t io n m u s t b e h a d b e fo r e
retu rn ed .
T h is is n o t t r u e
retu rn od

at on ce.

as

to

t h a t i t is im p e r a t iv e

th e v a r io u s t e le p h o n e a n d t e le g r a p h

o f th e

lin e s a r e

,
. til
t h e c a b le lin e s , w h ic h a r o in a c o n d it io n

.
.
to b e

1776

THE CHRONICLE

The next day (April 29), following the receipt of a cable­
gram from President Wilson concurring in Mr. Burleson’ss-s
recommendations, the Postmaster-General issued an order
for the return of the cable lines to their owners at midnightrt
on May 2. The order was as follows:
O r d e r N o . 3 ,0 4 7 .
T h e m a r in e c a b le s y s t e m s o f t h e U n it e d S t a t e s , a n d e v e r y p a r t t h e r e o f.
In c lu d in g

a ll

e q u ip m e n t a n d

a p p u rte n a n ce s

th ereto

w h a tsoev er,

m a t e r ia l a n d s u p p lie s , t h e p o s s e s s io n , c o n t r o l, s u p e r v is io n

and

[j
a
r
g

a ll

a n d o p e r a t io n

o f w h ic h w a s a s s u m e d b y th e P r e s id e n t b y h is p r o c la m a t io n o f th e 2 d d a y

o f N o v e m b e r 1 9 1 8 , t o b e e x e r c is e d b y a n d t h r o u g h th e P o s tm a s te r -G e n e r a l,

A lb e r t S . B u r le s o n , a r e h e r e b y r e tu r n e d t o th e ir r e s p e c t iv e o w n e r s , m a n a g e r s
b o a r d s o f d ir e c t o r s , o r r e c e iv e r s , t o t a k e e ffe c t o n m id n ig h t . M a y 2 1 9 1 9 .

R e p r e s e n t a t iv e s o f t h e P o s t m a s t e r -G e n e r a l n o w o p e r a t in g s a id p r o p e r t ie s
s
w ill t a k e im m e d ia t e s te p s t o c a r r y t h is o r d e r in t o e ffe c t .
B y d ir e c t io n o f t h e P r e s id e n t:
A .

S.

B U R L E S O N . P o s tm a s te r -G e n e r a l.

In a supplementary statement Mr. Burleson reiterated hiss
be ief in the wisdom of Government ownership of telephoneB
and telegraph lines and their operation in connection with
the postal service. But as the present temporary control
affords no test of the efficiency of Government ownership,
and the incoming Congress is opposed to it, there is, he
said, nothing to do but turn the properties back to their
owners. The statement follows:

Assistant Postmaster-General Koons in charge of organ­
ization and administration. The cable lines have been under the direct control of Newcomb Carlton, President of the
Western Union Company. Proceedings involving the right
of the Postmaster-General to take over control of both cable
and land lin ' systems are now pending in the Supreme Court,
Arguments in cases arising from the Postmaster-General’s
order increasing rates are to be heard by the Court on May 5.
The cases resulted in appeals from South Dakota and Massachusetts, although similar actions have been brought, it is
said, in about twenty-one States,
That the Postmaster-General cannot “turn back” the
cables, because he has, in fact, “never really had possession
of the cables,” was asserted by Clarence H. Mackay, President of the Commercial Cable Co., in a statement is ued on
April 28. Mr. Mackay’s statement read:

1

T h e S u p r e m e C o u r t o f th e U n ite d S ta te s h a s n o t y e t d e c id e d th o a p p e a l

,

in w h ic h t h a t c o m p a n y q u e s t io n e d t h e le g a lit y o f t a k in g o v e r t h e s e c a b le s
f iv e d a y s a ft e r th e a r m is t ic e w a s s ig n e d .

t a k e n b y th o C o m m e r c ia l C a b le C o . a g a in s t P o s t m a s t e r -G e n e r a l B u r le s o n

3
f

B y

d ir e c t io n

o f th e P r e s id e n t , t h e r q u is ite o r d e r s h a v e b e e n

is s u e d r e ­
s t o r i n g t h e v a r i o u s c a b l e l i n e s t o t h e i r r e s p e c t i v e o w n e r s , e f f e c t i v e M a y 2•
1919.
T h e t e l e g r a p h a n d t e l e p h o n e l i n e s w i l l b e r e t u r n e d t o t h e v a r i o u s'
c o m p a n ie s a s s o o n a s le g is la tio n c a n b e s e c u r e d fr o m
in g th e In te r e s t o f th e o w n e r s t h e r e o f.

.
j
f

C o n g r e s s s a fe g u a rd ­

F o r a n u m b e r o f y e a r s th e P o s tm a s te r -G e n e r a l h a s a d v o c a t e d th e G o v ­
e r n m e n t o w n e r s h ip o f th e te le g r a p h a n d t e le p h o n e s y s t e m s a n d h a s u r g e d

t h a t t h e y s h o u ld b o b le n d e d w it h a n d b e c o m e a p a r t o f th o p o s t a l e s t a b ­
lis h m e n t a s e s se n tia l a g e n c ie s o f c o m m u n ic a t io n .
A s t o th e w is d o m
t h is c o u r s e t h e P o s t m a s t e r -G e n e r a l h a s n o t c h a n g e d h is v ie w s .

of

A t t h o t im e t h e G o v e r n m e n t t o o k o v e r t h o c o n t r o l o f th o w ir e s e x t r a o r d i­
n a r y a n d a b n o r m a l c o n d it io n s e x is t e d , r e s u lt in g in a c o n s t a n t ly in c r e a s in g
a n d v e r y h ig h o p e r a t in g c o s t , w h ic h h a s n e c e s s a r ily c o n t in u e d .

T h o e a r ly

c o m in g o f th o a r m is tic e

d im in is h ­

th e a c c e n tu a te d c o s t o f o p e r a tio n

in g r e v e n u e s , t h e u n c e r t a in t y in

th o p e r io d

and

'

,
•
ic
i
|
i

o f G o v e r n m e n t c o n tr o l, p r e ­

s e n t e d s u c h a s i t u a t i o n t h a t t h o s e In c h a r g e f o r t h e G o v e r n m e n t w e r e a b l e

t o a c c o m p lis h b u t li t t le b y w a y o f u n ific a t io n o r t o g o fo r w a r d w it h th e ir
p o lic ie s o f e c o n o m y , a n d c o n s e q u e n t ly w e r e s o o n b r o u g h t fa c o t o fa c e w ith
a v e r y s e r io u s b u t q u it e s im p le p r o b le m , t o w i t :
o p e r a t io n , p lu s d im in is h in g r e v e n u e s ,
one
a n s w e r — in c r e a s e
o f ra te s.
T h is a c t io n w a s ta k e n .

e q u a ls

G iv e n in c r e a s in g c o s t o f

w h a t?

T h ero

can

be

but

I t w a s q u it e u n fo r t u n a t e , a n d w a s ta k e n w ith

d e e p e s t r e g r e t , b u t it w a s im p e r a t iv e .

T o a n in t e llig e n t m in d th is in c r e a s e

o f ra te s c o n s t it u t e s n o s o u n d r e a s o n fo r a c h a n g e o f v ie w

on

th e o r ig in a l

p r o p o s i t i o n t h a t i t is e c o n o m ic a l ly w is o f o r t h o G o v e r n m e n t t o o w n t h e w ir e

>
s y s t e m s a s a p a r t o f t h o p o s t a l e s t a b lis h m e n t , a n d in n o s e n s e t e n d s t o r e ■
f u t o th o s o u n d n e s s o f th e c o n t e n t io n t h a t th r o u g h s u c h o w n e r s h ip s a v in g s
1
w o u ld b o e f f e c t e d t h a t w o u ld r e s u lt in a r e d u c t io n o f r a t e s .
.
.
.
T h e r o is q u it e a d if f e r e n c e b e t w e e n G o v e r 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 c o n t r o l f o r a lim it e d a n d v e r y u n c e r ta in p e r io d .
T h e p resen t co n ­
■
t r o l a ffo r d s n o m o r e a t e s t o f th e v ir t u e s o f G o v e r n m e n t o w n e r s h ip th a n
T h a t th o c o n t e n t io n o f th e P o s t m a s t e r -G e n e r a l f o r a c o m p le t e u n ific a ­
■
t io n o f th e v a r io u s w ir e s y s t e m s is b o t h w is e fr o m a n e c o n o m ic s t a n d p o in t
■
a n d s u p p o r t e d b y s o u n d b u s in e s s p r in c ip le s h a s b e e n c o n fir m e d b y th e
|
a b le s t e x p e r t s o n e le c t r ic a l tr a n s m is s io n in A m e r ic a .
T h a t i t s h o u ld b e
1
b r o u g h t a b o u t th e P o s tm a s te r -G e n e r a l s till b e lie v e s , p r e fe r a b ly th r o u g h
and

o p e r a tio n

as a

p a rt o f th e

p osta l

e s ta b lis h ­

m e n t : b u t i f t h is is n o t d o n e , t h e n t h r o u g h s o m e m e a n s o f u n if i e d c o n t r o l
b y p r iv a t e o w n e r s h ip , o v e r w h ic h t h e G o v e r n m e n t
e x e r c is e a w h o le s o m e r e g u la t o r y s u p e r v is io n .

s h o u ld

at

a ll

A s a m a t t e r o f f a c t , M r . B u r le s o n c a n n o t tu r n a n y t h in g b a c k in th e w a y
o f c a b le s .
op era ted

tim e s

u n dergo a

c h a n g o o f m in d .

H o w e v e r, fo r so m o

t im e it h a s b e e n

p a r e n t t h a t t h o f i r s t o f th e s e a lt e r n a t iv e s d o e s n o t m e e t w it h
b a t io n o f th e n e w C o n g r e s s .

ap­

th e a p p ro ­

S u c h b e i n g t h e c a s e , t h e r o Is b u t o n e c o u r s e

t o p u r s u e , a n d t h a t is t o r e t u r n t h o v a r iu s w ir e p r o p e r t ie s t o t h e ir r e s p e c ­
tiv e

ow n ers

a ft e r u r g in g p r o p o r le g is la tio n

to

s a g e fu a rd

th e in te r e s ts o f

a ll p r o p e r t i s , in fa ir n e s s t o t h e in v e s t o r s , a n d t o in s u r e p r o p e r s e r v ic o t o
th e p u b lic .
H a v in g r e a c h e d th is c o n c lu s io n ,
d o e s n o t h e s it a t e a s t o h is lin e o f a c t io n .

th e

P o s tm a s te r -G e n e r a l

The land wire systems were taken over by proclamation
of the President on July 31 1918 and placed under the direc­
tion of the Post Office Department. The proclamation as to
cable control was signed by the President on Nov. 2, but
no announcement as to this action was made until after the
signing of the armistice on Nov. 11. Taking over of the
cable systems was followed by a controversy between the
Postmaster-General and Clarence H. Mackay, President of
the Commercial Cable Company, which resulted in the dis­
missal of Mr. Mackay by Mr. Burleson. Further con­
troversy involved the Postal Telegraph-Cable Company,
when officials of that company objected to the Postmas­
ter-General’s plan to amalgamate the Postal Company with
the Western Union. As a result of the controversy, Mr.
Burleson dismissed from Government service Edward Rey­
nolds, Vice-President and General Manager of the Postal
Company, and A. B. Richards, General Superintendent of
the Postal Company’s Pacific Coast division. Orders issued
by the Postmaster-General providing for a nation-wide in­
crease in telephone and telegraph rates resulted in additional
controversies, and legal action in a number of States, from
some of which suits have been appealed to the United States
Supreme Court.
The land wire systems under Government control were
under the direction of the Wire-Control Board, with First




nor even

c o n t r o lle d

th em .

The

B r itis h

G o v e rn m e n t fo r -

s o fa r a s th o B r itis h e n d s w o r o

th a t m e a n t a b o u t fo u r -fift h s

o f th e d is t a n c e

covered

by

con corn od
th o

and

c a b lo s .

S u c h a fia s c o a s h a s r e s u lte d fr o m M r . B u r le s o n ’s c o n t r o l o f t h o c a b le s ,
t e le g r a p h s a n d t e le p h o n e s is w it h o u t p a r a lle l in t h o h is t o r y o f t h is c o u n t r y .

Thirteen of the seventeen cables under the Atlantic, tho Paci­
fic ca,ble and the Central and South American cables were, it
is said, taken over by Mr. Burleson on Nov. 16 1918. The
two cables owned by the German Government are being
used by the British and French Governments and the two
French cables have remained in the possession of their owners.
The Postmaster-General’s announcement that the land
wire systems would be returned to their owners as soon as
legislation could be secured to protect the financial interests
of their owners drew from William J . Deegan, Secretary of the
Mackay Companies, a statement that the Postal Telegraph­
Cable Co. was willing to take back its lines at once, providing
the Government would also hand over the profits earned by
the company and re ained, Mr. Deegan said, by the Govornment. Mr. Deegan’s statement, as given in the New
York “Times” of April 30, read as follows:
T h o r e m a r k a b le fe a tu r e a b o u t G o v e r n m e n t c o n t r o l o f th e w ir e s , t o m y
m in d , is t h a t a f t e r n in e m o n t h s M r . B u r le s o n h a s p r a c t i c a l l y c o n f e s s e d t h a t
h e p u t t h o l i n e s in s u c h s h a p e t h a t h e c a n n o t r e t u r n t h e m t o t h o o w n o r s w i t h ­
o u t now

a rra n g em en ts.

T h is , t o o , n o tw ith s ta n d in g

th a t w h on

th o lin o s

w e r e ta k e n o v e r n o n e o f t h e o w n e r s r e q u e s te d t o h a v e th e ir a ffa ir s
s h a p e d a n d n o n e c o m p la in e d a b o u t a n y fin a n c ia l d iffic u lt ie s .
B u r le s o n ’s a w a rd s

to

th e B e ll T e le p h o n e

and

th o

W estern

ro-

U n io n

w e r e s o m u c h i n e x c e s s o f t h e i r r e a l e a r n i n g s , t h a t a p p a r e n t l y h o is g o i n g
to ask C on gress to m ak e u p
oth er h an d ,
0 0 0 , w h ile

ho

aw arded

it w a s

th e

th o d e fic ie n c y t o

th e s o c o m p a n ie s .

P o s t a l T e le g r a p h -C a b le

e a r n in g a p p r o x im a o t ly

th e ir p r iv a t e o w n e r s a t a n y

C om pany

$ 4 ,2 0 0 ,0 0 0 .

th e p o w e r u n d e r th e P r e s id e n t’s p r o c la m a t io n
lin e s t o

tim e .

M r.

On

th e

$ 1 ,6 8 0 ,-

B u r le s o n

has

t o r e tu r n a n y o r a ll o f th e

W o th in k , th e r e fo r e , t h a t h e

s h o u ld tu r n th o P o s ta l T e le g r a p h -C a b le C o m p a n y o v e r t o u s a t o n c e , a n d
w e w ill n o t a s k a d o lla r fr o m
lo w e d
b e n e fit

th o G o v e rn m e n t.

to k eep w h a t h e ea rn .

E v id e n tly

A b o u t th e d e s ir a b ilit y o f t h is th e P o s t m a s t e r -G e n e r a l h a s h a d n o r e a s o n
to

H o h a s n e v e r r e a lly h a d p o s s e s s io n o f th e c a b le s , a n d h a s n o t
th e m

b a d o h is c o n t r o llin g th e m

M r.

c o u l d b e h a d t h r o u g h a t e m p o r a r y r e c e iv e r s h ip in a c o u r t p r o c e e d i n g .

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

[Vol. 108.

of

M r.

th o

B e ll

T e le p h o n e

W e m e r e ly a s k t o b e a l­

T h a t Is a f a ir p r o p o s i t i o n .

B u r le s o n ’s p r o p o s e d
and

le g is la t iv e a c t io n

th e

W estern

U n io n

is

to

be

fo r

T e le g r a p h

th e

com -

p a n ic s , j u s t t h o s a m e a s e v e r y o n e o f h is a c t s in c o n n e c t io n w it h t h o w ir e s
s in c e h e t o o k c o n t r o l o f th e m h a s b e e n f o r th o a d v a n t a g e o f th e s o t w o c o m ­
p a n ie s .

T h e q u e s tio n is . A r e th e A m e r ic a n p e o p le g o in g t o a llo w

tin u e in o f f i c e a
w ir e s it u a t io n ?

m an

w h o has m ad e su ch

a

c o lo s s a l m o s s o f

th o

to con ­
e n t ir e

I f M r . B u r le s o n w is h e s t o c o n t in u e h is c o n t r o l o v e r t h e W e s t e r n U n io n
a n d t h e B e ll T e le p h o n e lin e s , in o r d e r t o h e lp
d o e s n ’t h o tu r n b a c k th e P o s ta l lin e s ?

th e m

o u t fin a n c ia lly , w h y

W e w o u ld b o g la d t o c o m p o t o w ith

a n y c o m p a n ie s o p e r a t e d b y M r . B u r le s o n , a n d w o h a v o n o d o u b t o f t h o
r e s u lt o f s u c h c o m p e t it io n .

FEDERAL JUDGE LA N D IS UPHOLDS CONTROL OF
STATE COMMISSIONS OVER W IRE RATES.

A decision was rendered by Judge Landis in the Federal
Court at Chicago on April 26 to tho effect that Congross, in
empowering the President to take over the telegraph and
telephone lines, as a war measure, did not intend to give*
the President power to fix intra-State rates. Judge Landis
therefore issued an order dissolving the temporary injunc­
tion previously secured by the telegraph companies and the
Federal Wire Board, restraining Attorney-General Brundage of Illinois from interfering with the increase of intra­
State rates. Judge Landis’s decision in part read:
I t is m y o p i n i o n t h a t t h e q u e s t i o n o f S t a t e r a t e s w a s r e g a r d e d b y C o n ­
g r e s s in d r a f t i n g i t s r e s o l u t i o n s a s a t h i n g w h i c h t h e y w o u l d n o t d e v o l v e
on

th e P r e s id e n t p o w e r t o f i x .

T h e o b j e c t o f C o n g r e s s in it s r e s o lu t io n s

w a s t o g i v e t h e P r e s id e n t t h e p o w e r t o o p e r a t e t h e w ir e s t o a id t h o w a r .

The injunction thus set aside was granted early in April
after Judge Foell in the Superior Court had restrained the
putting into effect of an increased schedule of rates rixed by
Postmaster-General Burleson. Immediately after the in­
junction preventing tho Federal authorities from putting
tho increased rate schedule in effect, the estopped parties
replied by filing a petition in the Federal Court restraining

M ay 3 1919.]

THE CHRONICLE

Attorney-General Brundage and the State officials from
interfering with the Federal order as it applied to intraStato business. The Federal order left the State inert, but,
it is pointed out, it also left the wire administration in the
same fix, in regard to this matter*. The increased rate was
not put into effect, and the finding of Judge Foell was that
the rates could not be put into effect without an order per­
mitting them from the State Public Utilities Commission.
The temporary injunction against the Utilities Commis­
sion and the Attorney-General’s office was secured by At­
torney Henry S. Robbins, representing Postmaster-Gen­
eral Burleson, after Federal Judges Page, Baker and Landis
had decided tho constitutionality of a point of law.
The Illinois case is one of a largo number in which State
authorities seek to prevent interference by Federal author­
ities in tho fixing of intra-State rates for public utilities.
The matter will come up in tho Supreme Court next Mon­
day (May 5), on appeals from South Dakota and Massachu­
setts court decrees. To bring about concerted action on the
issue, a conference was held recently at Chicago of thirty
representatives of State utility commissions, who decided to
intervene in tho cases now before the Supremo Court. Pre­
viously, action along this line has been restrained, it is said,
owing to tho desire of the State Commissions not to embar­
rass tho Administration during tho war. The Now York
“Times” of April 27, in special advices from Chicago, quote
Charles E. Elmquist, President of the National Association
of Railway and Public Utility Commissions, who presided
at the Chicago conference, as saying in regard to the case
to como up May 5:
T h o d e c is io n
a u t h o r it y

on

th e c a s e s c o m in g u p

p e r m a n e n tly .

The

q u e s t io n

M a y 5 w ill s e t t le t h o q u e s tio n
Is n o t

one

o f ra tes

p r e s e n t tim e , b u t o n e o f a u t h o r it y t o r e g u la te r a te s .

at

a ll a t

of
th e

T h e S ta te rep resen ­

tiv e o ffic e r

to

p e n sa tio n

fo r

m o re th a n

v io la te

th o

F e d e r a l r e g u la tio n s

r a t o s w it h o u t f ir s t s e e k in g t h o p e r m is s io n

o f th e

c o n c e r n in g

beyond

th P

o f la b o r e r s a n d

it s h o u ld

b e n e f i t o f h is

upon

a

gen erou s

b a s is , in f a c t

c le r ic s s h o u l d b e f i x e d

a t fr o m

15

n ot go.

gra n ted

a g g r e g a t in g

m ore

th a n

$ 1 0 ,0 0 0 ,0 0 0

a n n u a lly .

T h e a t t it u d e o f th e P o s tm a s te r -G e n e r a l to w a r d th o o r g a n iz a t io n o f G o v ­
e r n m e n t e m p lo y e e s a n d th e ir a ffil ia t io n

w it h o u t s id e o r g a n i z a t io n s , u s in g

t h e s t r ik e a s a m e a n s o f r e d r e s s in g g r ie v a n c e s , h a s lo n g b e e n k n o w n , a n d
h a s b e e n f u l l y s e t f o r t h in h is a n n u a l r e p o r t s , a n d n o t w it h s t a n d in g t h e f a c t
t h a t t h e P o s t m a s t e r -G e n e r a l h a s b e e n d e n o u n c e d b y t h e A m e r ic a n F e d e r a ­
t io n o f L a b o r in n a t io n a l c o n v e n t i o n , h is v ie w s o n t h is s u b je c t h a v e u n d e r ­
gone n o
The

change.

»

P o s t m a s t e r -G e n e r a l m a in ta in s

p lo y e e s

o f th o

th a t

th e s tr ik e

G o v e r n m e n t o r th o s e w o r k in g

p e r m is s ib le — in

f a c t , is u n t h in k a b le — a n d

fo r

on

th e

th e p a rt o f em ­

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

th a t th o u tm o s t d a n g er

to th e

G o v e r n m e n t is i n v o l v e d in a n y s u g g e s t io n t h a t t h e r e s h o u ld b e a r e c e s s io n
fr o m

t h is p o s i t i o n , a n d t h a t a s f a r a s h e is c o n c e r n e d

e g a r d le s s o f " p l a n k

w a lk in g ”

th e r e w ill b e n o n e ,

or a n y oth er con seq u en ces.

H o w e v e r ju s t ifia b le a s tr ik e m a y b e a s a n

e ffe c t iv e m e a n s o f s e c u r in g

th o r e c o g n it io n o f p r o p e r d e m a n d s o f la b o r a g a in s t p r iv a t e c o n c e r n s w h o s e
in te r e s ts a r e in v o lv e d , th e p r in c ip le s h o u ld n o t a p p l y t o p e r s o n s e m p lo y e d
b y th o G o v e rn m e n t.
N o w , in t h e m a t t e r o f t e le p h o n e a n d t e le g r a p h
p r e s e n t w o r k in g fo r th e G o v e r n m e n t, a n d
t h a t a s t r ik e o n
th a t it is .

e m p lo y e e s , t h e y a r e a t

t h o P o s t m a s t e r -G e n e r a l in s is ts

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

W h ile t h e y a r e w o r k in g fo r th o G o v e r n m e n t , th o w a g o p a id th e m

is n o t f ix e d a s t h a t o f o t h e r G o v e r n m e n t e m p lo y e e s , a n d h e n c o a d if f e r e n t
t r e a t m e n t o r m e t h o d m u s t b o u s e d in a s c e r t a i n i n g w h a t is a j u s t w a g e .
T h o W a r L a b o r B o a r d in a m a t t e r o f c o n t r o v e r s y b e t w o e n t h o t e le g r a p h
c o m p a n ie s

and

proved b y

th e P r e s id e n t , w h ic h s h o u ld g o v e r n

d o n e b e fo r e
G e n e r a l.
served

t h e ir

e m p lo y e e s p r e s c r ib e d

th o w ir e s w e r e p la c e d

S in c e

ta k in g

con trol

th e

c e r ta in

u n d er th e

r u le s a n d

p o lic ie s

t h e ir r e la t io n s .
co n tro l o f th e

ap­

T h is w a s

P ostm a ster-

P o s tm a ste r -G e n e r a l h a s

s t r ic k ly

ob­

th e s e p o lic ie s .

T h o W i r e A d m in is t r a t io n h a s a t a ll tim e s e n d e a v o r e d

t o b o a b s o lu t e ly

ju s t a n d fa ir t o a ll e m p lo y e e s o f th o w ir e s e r v ic e , t h e o w n e r s o f t h e p r o p e r ­
t ie s a n d
a r is e n ,

th e p u b lic .
S h a ll t h o s e

O ft e n d u r in g t h e p e r io d o f c o n t r o l th o q u e s t io n h a s
in

tem p ora ry

c o n t r o l o f th e s e w ir e p r o p e r t ie s p e r m it

t h e m s e l v e s t o b e d r i v e n b e y o n d t h o j u s t p r i n c i p l e s e m b o d i e d in t h e s e p o l i ­
S h a ll

e s ta b lis h e d
to

G ov ern m en ta l

e m p lo y e e s

becau se o f

p o lic ie s

be

th re a te n e d

abandoned

or

p ow ers

s t r ik e s ?

in tr a -S ta te

T o a llo w t h is w o u ld b o t o c o n c e d e th e a s s u m e d r ig h t o f e m p lo y e e s s e r v in g

F od eral G overn m en t to

th o G o v e r n m e n t t o u s e th e s tr ik e a s a m e a n s o f e n fo r c in g w h a t e v e r d e m a n d s

r e g u la tio n

p rocesses

F o d e r a l C o n t r o l A c t , w h ic h

th e

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

th e y m a y see fit to m a k e .

th o

asked

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

e n te r s u it a g a in s t it.
T h e y w ill a ls o s h o w t h a t th e r e s o lu t io n o f C o n g r e s s a s t o t e le p h o n e r a t e
and

w hen

b y t h o p o s t a l e s t a b l i s h m e n t , in w h i c h w i t h i n t w o y e a r s i n c r e a s e s h a v e b e e n

su rren dered

to

le g is la tiv e b r a n c h

th o s e w h o s e r v e it b e fix e d

th a t th o c o m p e n s a tio n
to 3 0 %

t h e y w ill p r o v o th a t t h e S ta te h a v e a r ig h t t o r e g u la te t h e ir o w n ra te s a n d
a c t io n

th o

a s t h e r e c o r d s h o w s , th a t th o G o v e r n m e n t b e a m o d e l e m p lo y e r , th a t c o m ­

c ie s ?

ta k e

g iv e

ju d g m e n t o n t h is s u b je c t , a n d th e P o s t m a s t e r -G e n e r a l h a s r e c o m m e n d e d ,

t a t i v e s m e e t i n g In C h i c a g o t o d a y w i l l u n i t e t o d r a f t a j o i n t b r i e f , in w h i c h
to

1777

r e la te s

to

r a ilr o a d

ra tes,

a r e n o t b in d in g o n th o S ta te s.
T h i s is t h o f i r s t t i m e t h e S t a t e U t i l i t i e s C o m m i s s i o n s h a v e u n i t e d t o f i g h t
tho d e c i s i o n s o f t h e F e d e r a l G o v e r n m e n t , b u t a r o c o n f i d e n t o u r e f f o r t s a r e
ju s t i f ie d a n d w i l l r e s u lt in a v i c t o r y f o r t h o c o m m is s io n s .

N o s u c h c o n c e s s io n h a s b e e n o r w ill b o m a d e .

T h e q u e s t io n is , a s t h e P o s t m a s t e r -G e n e r a l s e e s i t , w h e t h e r t h e o r d e r ly
of

G overn m en t

s h a ll

be

ig n o r e d ,

w h eth er

la b o r

o r g a n iz a t io n s

c a n d e f y Its a u t h o r it y a n d p u t in t o e f f e c t t h e ir w ill r e g a r d le s s o f t h e r ig h t o f
o t h e r s a n d t h e p u b lic in t e r e s t .

T h o G o v e rn m e n t u n d e rta k e s to see th a t

e v e n - h a n d e d j u s t i c e is m e t e d o u t t o a ll , a n d w h e r e it s a u t h o r i t y is s o u g h t
t o b o e x e r c is e d a n d a n in s is t e n c e is m a d e t h a t a n o u t s id e a g e n c y b o c a ll e d
in t o d e c id e w h a t a c t io n s h a ll b o t a k e n , i f y i e ld e d t o , is t o c o n f e s s t h a t t h e
G o v e r n m e n t h a s f a il e d a n d c a n n o t b o r e lie d u p o n t o d o w h a t is r ig h t .

POSTMASTER-GENERAL BURLESON DEFENDS STAND
ON STRIKES.

That strikes on the part of Government employees as a
moans of redressing grievances are not permissible, and in­
volved the utmost danger to the Government, was asserted
by Postmaster-General Burleson in a statement issued on
April 27, in which ho defended tho labor policy of his De­
partment against attacks by Samuel Gompers, President
of the American Federation of Labor. Mr. Gompers’s at­
tack had been called forth by the general attitude of the
Post Offico Department toward labor organizations, espe­
cially in tho wire service, which drow from Mr. Gompers the
statement that Mr. Burleson has boon carrying out ‘‘an
archaic, autocratic policy in the conduct of the postal, tele­
graph and telephone services of tho United States,” and
“must walk tho plank sooner or later.” Mr. Burleson in his
statement said that ho considered it “little short of silly”
to talk about collective bargaining with an executive officer
of tho Government, and that ho had no intention of receding
from his well-known position, in spite of the attacks levelled
against him. In settling tho recent telephone strike in Now
England, however, Mr. Burleson did, after early refusals,
consent to deal with tho strikers’ organizations. Tho Com­
mercial Telegraphers’ Union on April 27 completed the can­
vass of a strike vote, in connection with controversies now
ponding.
Mr. Burleson’s statement as to his labor policy was as fol­
lows:
T h o v a lu e a n d im p o r ta n c e o f th o s e r v ic e r e n d e r e d b y M r . S a m u e l G o m p e r j d u r in g t h e r e c e n t w a r w a s s u r p a s s e d b y b u t fe w m e n in A m e r ic a .
w as earn est a n d
p r o s e c u tio n .

in d e f a t ig a b le in a ll

R eady

a d m is s io n

w a s n o t m e r o ly a “ fa v o r it e p o s e ”
im p u ls o o f g e n u in e p a t r io t is m .

h is

e ffo r ts

is m a d e

o f th is

to

Ho

fu r t h e r its s u c c e s s fu l

fa ct an d

m o r e , t h a t t h is

o n th e p a r t o f M r . G o m p e r s, b u t w a s th e
H e is e n t i t l e d t o o u r g r a t e f u l a p p r e c i a t i o n

f o r t h is s e r v ic e , b u t t h is d o e s n o t im p ly t h a t th e r e s h o u ld b o a n a c c e p t a n c e
of

h is v ie w s o n a ll o t h e r is s u e s .
T h e P o s t m a s t e r -G e n e r a l u n d o u b t e d l y is a t v a r ia n c o w it h M r . G o m p e r s

o n th o m a t t e r o f th o r e la tio n b e tw e e n t h o G o v e r n m e n t a n d th o s o w h o a r e
e m p l o y e d In i t s s e r v i c e .
A s t h o P o s t m a s t e r - G e n e r a l s e e s i t , i t is l i t t l e
s h o r t o f s ill y t o t a lk a b o u t c o lle c t iv e b a r g a in in g w it h a n e x e c u t iv e o ffic e r
by

c iv il

s e r v ic e

e m p lo y e e s

under

h is

a d m in is tr a tio n .

The

s a la r y

and

In

t h o o p in io n o f th e P o s t m a s t e r -G e n e r a l, s u c h c o n fe s s io n w o u ld b o in d e fe n ­
s ib le .
F r a n k n e s s r e q u ir e s th e fo r e g o in g s t a t e m e n t b y t h e P o s t m a s t e r -G e n e r a l,
b u t h e a g a in d e c la r e s t h a t i f h e c a n p r e v e n t i t t h is la b o r q u e s t io n s h a ll n o t
b e u s e d b y c e r t a in s e lfis h p u b lis h e r s t o o b s c u r e th e r e a l is s u e .
m a s te r -G e n e r a l

sta n d s

ready

t im e a n d w ill n o t a t t e m p t t o

to

m eet

t h is

la b o r

q u e s tio n

at

T h e P o st­
th e

proper

d o d g e o r e v a d e it .

T h o P o s t m a s t e r -G e n e r a l in s is ts t h a t t h o is s u e n o w is . S h a ll th e s e c e r t a in
s e lfis h p u b lis h e r s w h o h a v e b e e n b lo o d s u c k in g th o p o s t a l e s ta b lis h m e n t f o r
y e a r s t o t h e e x t e n t o f $ 7 2 ,0 0 0 ,0 0 0 a n n u a lly b e f u l l y r e s t o r e d t o t h is p r iv i­
le g e , h a v in g b e e n
t h e ir “ p a p e r .”

ch ok ed o ff b y

C o n g r e s s io n a l a c t io n

o f o n e o n e -th ir d o f

T h e P o s t m a s t e r -G e n e r a l s a y s n o : a n d t h o u g h a ll k in d s o f

d e c e it f u l m e t h o d s a n d p la n s m a y b o b r o u g h t fo r w a r d t o
h e in s is ts t h a t i t b e

fa c e d

and

s e t t le d , a n d

e v a d e th e Issu e,

i t is s in c e r e ly h o p e d

th a t it

m a y b o d e c id e d w it h b o t h h o n e s t y a n d c o u r a g e o n th e p a r t o f t h o s e w it h
w hom

it s fin a l d is p o s it io n r e s ts .

EX CESS PHONE CHARGES BY HOTELS , ETC.,
FORBIDDEN.

In an order issued by Postmaster-General Burleson on
April 27, excess charges over the regular toll charge on tele­
phone service in hotels, apartment houses, clubs and simi­
lar institutions are forbidden on messages sent from stations
accessible to the general public or to tenants, members or
guests. The order was made public as follows:
n e r e a f t e r h o t e l s , a p a r t m e n t h o u s e s , c l u b s a n d s i m i l a r in s t i t u t i o n s s h a ll
n o t c h a r g e a n y g u e s t, te n a n t o r m e m b e r fo r t e le p h o n e m e ssa g e s fr o m
tio n s

a c c e s s ib le

to

th e

gen era l p u b lic

or

to

g u esto.

te n a n ts

or

sta ­

m em bers

g e n e r a l ly a n a m o u n t in e x c e s s o f t h a t c h a r g e d f o r s u c h s e r v ic e a t t h e p u b lic
p a y s t a t io n s in

th e sam e exch a n g e.

HIGHER PHONE RATES FOLLOW N EW ENGLAND
STRIKE.

. As forecast by the Postmaster-General at the time o" the
settlement of the recent strike of telephone operatives in New
England, an increase in rates has been announced by Gen­
eral Manager William R. Driver Jr., of the New England
Telephone & Telegraph Co. The new rates became effective
May 1, and are given as follows in dispatches to the daily
papers:
T h o n e w r a te s g o in t o e ffe c t M a y 1 .
m on th

T h e y c a ll f o r a 5 0 c e n t in c r e a s e p e r

fo r b u s in e s s s u b s c r ib e r s , e it h e r f l a t o r m e a s u r e d s e r v ic e , m e a s u r e d

w a g e s t o b o p a id s u c h e m p lo y e e s , t h o h o u r s o f la b o r a n d w o r k in g c o n d it io n s

s e r v ic e b e in g

a ro fix e d

e ith e r f l a t o r m e a s u r e d s e r v ic e , m u s t p a y 2 5 c e n t s m o r e p e r m o n t h , m e a s ­

by

th o le g is la tiv e b r a n c h , a n d

d e p a r tm e n t t o s tr ic tly fo llo w

i t is f o r t h o e x e c u t i v e i i e a d o f a

t h o la w in r e s p e c t t h e r e t o .

u red

Tn t h o m a t t e r o f f i x i n g c o m p e n s a t i o n t h e P o s t m a s t e r - G e n e r a l h a s a l w a y s
b e lie v e d

th a t sou n d

o p in io n

c o u ld

s a fe ly

b o r e lie d

j u s t i c e is d o n e t h o s e w h o s e r v e t h o G o v e r n m e n t .




upon

to

see th a t

fu ll

I t is t h o d u t y o f a n e x e c u ­

s e r v ic e

a llo w e d
b e in g

ten

a llo w e d

m o r e c a lls p e r m o n t h .
fiv e

m ore

m e a s u r e d s e r v ic e c a lls a re m a r k e d

up

c a lls p e r

R e s id e n c e s u b s c r ib e r s ,

m on th .

1 cen t ea ch .

E xcess

b u s in e s s

E x te n s io n s e ts m u s t

p a y 2 5 c e n ts m o r e a m o n th fo r f la t s e r v ic e a n d 17 c e n ts e x tra fo r m e a su re d
s e r v ic e .

B u m m e r r e s o rts m u s t c o n t r a c t fo r a t le a s t s e v e n m o n t h s ’ s e r v ic e .

SAM UEL GOMPERS ON LABOR'S O PIN IO N OF POST­
MASTER-GENERAL BURLESON.

According to Samuel Gompers, President of the American
Federation of Labor, “labor was long ago forced to the
conclusion that Mr. Burleson was completely out of sym­
pathy with the trend of American thought, and was totally
unable to comprehend what America meant when it de­
clared war upon autocracy everywhere.” This expression
of opinion regarding the Postmaster-General was made in
a statement issued by Mr. Gompers on April 20, in which
the latter asserted that any Postmaster-General who fol­
lows the same policy “will inovitably face the same public
condemnation and eventually walk the samo plank that
Mr. Burleson must walk sooner or later.” Mr. Gompers
also said:
Tho

tr o u b le s o f P o s t m a s t e r -G e n e r a l B u r le s o n , w h ic h

m e n t h e a t t r ib u t e s to a p lo t o r c o n s p ir a c y o n

in a r e c e n t s t a t e ­

b e fr a m e d

in t e llig e n t ly a n d

o f th o rea d ers
R e s o lv e d ,

th o

m a ils

M r . B u r le s o n

B u r le s o n ’s a u t o c r a t ic

n a tu re d o e s

not com e

as a

n eed s o n ly

a w id e r fie ld a n d

a b e tte r o p p o rtu n ity

to fit

fr o m

T h o o n l y d i f f i c u l t y in M r . B u r le s o n ’s w a y is t h a t t h o w o r ld h a s

r e a c h e d th o d e c is io n th a t it w a n ts n o m o r e d ic t a t o r s .

T h o U n ite d S ta to s

P o s t O f f i c e D e p a r t m e n t Is o n e o f t h e v e r y f e w p l a c e s in t h e w o r l d n o t y e t
in a c c o r d w it h t h a t d e c is io n .

A m e r ic a n

upon

N ew spaper

P u b lis h e r s ’

by

th e

A ct

of

1917,

in c lu d in g

th o u se o f n ew sp a p er s p a ce fo r

o r su sp en d ed

o f G overn ­

A s s o c i a t i o .,

in

In o p e r a t i o n

th e

d is c r im in a to r y

a d v e r t is in g

fo r a p e r io d

p u rposes

o f a t le a s t t w o y e a r s

J u ly 1 n e x t, a n d

S econ d,

th a t b o fo r e

p e r m a n e n tly
o u tb rea k

th o

in c r e a s e s

of

th e

w ar

en a ctm e n t o f a n y

or

oth er

ch an ges

p r o v is io n

be

now

over

m ade

fo r

le g is la t io n

th e

th e

ra tes

e s t a b lis h in g

In

fo r c e

a p p o in tm e n t

at

of a

th o

com ­

m is s io n o f e x p e r t c h a r a c t e r , w h ic h , u n d e r th e a u t h o r it y o f C o n g r e s s , s h a ll
e x a m in e in t o t h o s o o p e r a t io n s o f t h e P a s t O ffic e D e p a r t m e n t th a t h a v o t o
d o w it h t h o c a r r y i n g o f s e c o n d c la s s m a t t e r , w it h a v i e w t o w a r d a s c e r t a in in g
t h e a c t u a l c o s t s o f t h is s e r v ic e in it s v a r io u s b r a n c h e s a n d o f d e t e r m in in g
t h o p r in c ip le s u p o n w h ic h th o c h a r g e s o f s u c h s e r v ic e s h o u ld b e e q u it a b ly
a s se sse d ; s u c h c o m m is s io n , in c id e n ta lly , t o h e a r th o re p r e s e n ta tiv e s o f th e
s e v e r a l in t e r e s t s a f f e c t e d

a n d t o r e p o r t it s f i n d i n g s a n d r e c o m m e n d a t i o n s

w i t h i n s u c h p e r i o d o f t i m e a s m a y b e f i x e d , f o r t h o g u i d a n c e o f C o n g r e s s in
p r e p a r in g w h a t e v e r le g is la tio n m a y th e n b e d e e m e d a p p r o p r ia t e .
Be

it

fu r th e r

r e s o lv e d ,

P u b lis h e r s ’

ste p s a s m a y

That

th e

P osta l

A s s o c ia tio n

b o n ecessary to

is

C o m m it t e e

a u th o r iz e d

b r in g

of

and

th o

A m e r ic a n

d ir e c te d

th e s u b je c t p r o p e r ly

to

ta k e

b e fo r o

th e

I n c o m in g C o n g r e s s a t t h o s p e c ia l s e s s io n a b o u t t o b e c a lle d .

A statement as follows was issued by Postmaster-General
Burleson on April 26 anent tho resolutions:

f o r s u c c e s s io n t o s o m e o f t h o w o r ld ’s b e s t k n o w n b u t u n la m o n te d o x -

d ic ta to r s .

ch o

e s ta b lis h e d

b e r e p e a le d

N ew spaper

t h o l a b o r m o v e m o n t w h o h a v o c o m e in c o n t a c t w i t h

That

ch arges based

su ch

r e c o n t e x a m p lo o f M r .

t o s e r v e t h o b e s t in t e r e s t s n o t o n ly

th o fu n d a m e n t a l p u r p o s e s

F i r s t , t h a t t h e p r e s e n t i n c r e a s e d r a t e s f o r t h o c a r r y i n g o f n e w s p a p e r s in

th e P o s t m a s t e r -G e n e r a l a n d th o p u b lis h e r s t o w h o m h e r e fe r s .
s u r p r is e t o t h o s e in
h is a d m in is t r a t io n .

but

c o n v e n t io n a s s e m b le d , u rg e s u p o n th e m e m b e r s o f th e in c o m in g C o n g r e s s :

th e p a r t o f la r g e A m e r ic a n
T h e m ost

d e sig n e d

o f n ew spapers,

m e n t its e lf; th e r e fo r e b e it

p u b lis h e r s , a r e n o t d u e s o le ly t o a n y d is p u te th e r e m a y h a v o b e e n b e tw e e n

h im

fVot,. IOS

THE CHRONICLE

1778

R e s o lu t io n s a d o p t e d

at

th e ir m e e t in g

in

N ew

Y ork

y esterd a y

c o m m it

t h e P u b lis h e r s ’ A s s o c ia t io n t o a p e t it io n fo r th o r e p e a l o r s u s p e n s io n o f th e
la w

in c r e a s in g th o r a t e o f p o s t a g e o n

T h is m a k e s t h o is s u e p la in .
p e r m it t e d

to

n e w s p a p e r s a n d m a g a z in e s .

S h o u ld th o la w b e r e p e a le d o r s h o u ld it b e

sta n d ?

L o n g b e fo r e th o U n it e d S ta te s G o v e r n m e n t t o o k o v e r th e te le g r a p h s y s ­

I t is m a n if e s t t h a t e n o u g h o f t h e p u b lis h e r s w e r e in t e r e s t e d t o in f l u o n c o

t e m s o f t h e c o u n t r y , M r . B u r l e s o n 's c o l d a n d a u t o c r a t i c t r e a t m e n t b e c a m e

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

k n o w n t o th e w o r k e r s e n g a g e d in t h o p o s t a l s e r v ic e .

th e m

N a tu ra l re se n tm e n t

h a s f o ll o w e d t h is c o u r s e , a n d t h is r e s e n t m e n t h a s I n c r e a s e d in v o l u m o e x ­
a c tly
The

in p r o p o r t i o n
w orkers

in

to t h o in c r e a s e d fie l d o v e r w h ic h M r . B u r le s o n r u le s .

v a r io u s

bran ch es

m e n t h a v o co m e to u n d e rsta n d

of

th o

P o s t m a s t e r - G o n e r a l ’s

th o ro u g h ly th a t d e m o c r a c y a n d

D ep a rt­

o f a p a r t o f th o s u b s id y t h e y h a d lo n g e n jo y e d .

T h e o ld ta c tic s o f " s t a llin g ” a c tio n
not

be

t o le r a te d .

W e

have

had

th o P o s t

b y a p p o in t in g a c o m m is s io n s h o u ld

th o

th o In s ta n c e o f t h e p u b lis h e r s , a n d

H ughes

C o m m is s io n ,

th e y re fu s e d

a p p o in te d

at

t o a c c e p t it s f i n d in g s .

T h o P o s tm a s te r -G e n e r a l d o e s n o t a s su m e th a t a ll, o r o v e n a c o n s id e r a b le

O f f ic e D e p a r t m e n t h a v o n o t h in g in c o m m o n e x c e p t t h a t t h e y e x is t u n d e r

p a r t , o f th e s e p u b lis h e r s w o u ld b e in flu e n c e d t o f a ls ific a t io n o r o t h e r d is ­

th o

h o n o r a b le c o n d u c t

sam e

G o v ern m en t.

T im e a ft e r tim e th e s e e m p lo y e e s h a v o e n d e a v o r e d

to sccu ro th o o p p o r­

ods

fo r th o p u r p o s e o f p r e s e n tin g g r ie v a n c e s o r ju s t ca u s e s o f c o m p la in t .

c le a r .

h a v e s o u g h t t o la y b o fo r o h im

T hey

b y th e ir d o s ir e t o r e c o v e r t h is a d v a n t a g e .

B u t t h e f a c t r e m a in s t h a t t h o s e lfis h fe w d o r e s o r t t o d is r e p u t a b lo m e t h ­

t u n it y t o b o h e a r d b y th o P o s t m a s t e r -G e n e r a l t h r o u g h th e ir r e p r e s e n ta tiv e s
t h e ir c o m p la in t s in o r d e r t h a t t h e y m ig h t

to

a c c o m p lis h

t h is p u r p o s e .

T h e ir

in te r e s t a n d

th o m o tiv e

T h o P o s t m a s t e r - G e n e r a l is i n f o r m e d t h a t a c e r t a i n p e r i o d i c a l in a s in g l e

h a v e h is c o n s id e r a t io n a n d in o r d e r t h a t a n a d ju s t m e n t m ig h t b o b r o u g h t

is s u e r e c e n t ly c a r r ie d $ 8 0 0 ,0 0 0 w o r t h o f a d v e r t is in g , w h ic h

about

of

th ro u g h

th e

d e m o c r a tic

p rocedu re

of

n e g o t ia t io n .

T h ose

p le a d ­

in g s h a v o b e e n a s v a in a s t h o y h a v o b e e n f r e q u e n t .
M y

ow n

n a tu re.
h im

e x p e r ie n c e w it h

I h avo en d eavored

t o in d u c e h im

t o h is e m p lo y e e s t o b o h e a r d t h r o u g h t h e ir
fo r t s o f m y o w n h a v o a ls o b e e n in v a in .

$ 4 0 ,0 0 0 ,0 0 0

a

year.

T h is

w o lg h e d

is a t t h o r a t o

a p p r o x im a t e ly

2 ,0 0 0 ,0 0 0

to g ra n t th o o p p o r tu n ity

T h e sta te m e n t th a t th o p u b lic ,

I t h a s b e o n r a th e r a fa v o r it e p o s e w ith th o P o s tm a s te r -G o n e r a l to a p p e a r

H o w o v e r m u c h s u c h s o lfis h p u b lis h e r s m a y a t t e m p t t o c a m o u fla g e t h o
s i t u a t i o n , t h o t h o u g h t f u l , i n t e l l i g e n t r e a d e r w i l l n o t la s e s i g h t o f t h o r e a l

g e n c e o f th e c o m m u n it y .

s y m p a t h e t ic w it h h is e m p lo y e e s .

A lw a y s , h o w o v e r , tills s y m p a t h y h a s b e e n d e fin e d b y h im

to m ea n th a t if

a n y o n o o f th o e m p lo y e e s h a d a n y t h in g t o p r e s e n t t o h im
m ig h t c o m e a n d p r e s e n t h is c a s e .
w o u ld

bo

u n s a t is fa c t o r y ,

and

T hese

I n t h is In sta n c e th o o t h e r u sers o f th e m a ils w e r o ta x e d t o p a y th o

lo s s o f $ 1 2 0 ,0 0 0 f o r t h o b e n e f it o f o n o p u b lis h e r o n t h is s in g le is s u e o f h is
p e r io d ic a l, a n d h e p r o fit e d t o th a t e x te n t.

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

p erson , gen erou s an d

r e p r e se n ta tiv e s .

pound.

e f­

a s a h ig h -m in d e d

th a t o m p lo y e o

U n d e r a n y c ir c u m s ta n c e s s u c h a c o u r s e

in t e llig e n t

e m p lo y e e s

n ow h ero

a tte m p t

to

d e c o iv e a n y o n o w it h t h a t a n c lo n t a n d lo n g s in c e e x p lo d e d id e a .
O n ly
w ith

In

th e c a s o o f th o P o s t O ffic e D e p a r t­

S ta to s , s u c h a n a t it t u d e a s th a t a s su m e d b y
com es
and

not

an

o n ly

r id ic u lo u s

In su lt t o

and

th o P o s tm a s te r -G o n e r a l b e ­

p rep osterou s,

but

th e in te llig e n c e o f th e m e n

and

c o n s t it u t e s
w om en

an

in h is

is s u e — S h a ll t h e l a w

a ffr o n t

D ep a rt­

m e n t a n d t o t h e c itiz e n s h ip o f th o c o u n t r y a s w e ll.

or

r e p e a le d

in d ir e c t g r a ft t h a t a fe w
T h e ir

a p roton d ed

lo b b y is t s

d e s ir e t o

and

th e s t ile t t o p o is o n e d

fa ile d

to

m ake

th e

S ta tes,

W ar L a b or B oa rd , ap proved b y

c o n c e r n in g

s lig h t e s t I m p r e s s io n

on

c o lle c tiv e

th e

m in d

of

b a r g a in in g ,

th e

th e P o s tm a ste r-

h a r m o n y w it h th o b a la n c o o f t h o G o v e r n m e n t a s it c o u ld w e ll b o .
o f th oso w h om
becau se
fr o m

th o

a r c h a ic ,

fa c t

th a t h o h as a tte m p te d

a u to c r a tic

t e le p h o n e
w ill fo llo w

a t th e d o o rs

h e m a y a s s u m e a r e h is e n e m ie s f o r p o lit i c a l p u r p o s e s o n ly ,

t h e ir s o u r c e is s o m e t h in g d e e p e r .

s e r v ic e s

p o lic y
of

th o

in

th o

U n ite d

M r.

w it h

B u r le s o n ’s t r o u b le s a r is e

s in g u la r z e a l t o

con d u ct

of

S ta tes.

A ny

th o

p o sta l,

carry

ou t an

to le g r a p h

and

P o s tm a ste r -G e n e r a l w h o

th o s a m o p o lic y w ill in e v it a b ly fa c e th o s a m e p u b lic c o n d e m n a ­

tio n a n d o v e n t u a lly
s o o n e r o r la t e r .

w a lk

th o s a m e p la n k

th a t M r .

B u r le s o n
•

m ust

w a lk

A M ERICA N NEWSPAPER PUBLISHERS' ASSOCIATION
CALLS FOR REPEAL OF INCREASED POSTAL RATES.

Resolutions urging upon Congress the repeal or suspension
of tlio Act of 1917, establishing the present increased postage
rates for carrying newspapers, and calling for the appoint­
ment of a commission to inquire into the operations of the
Post Office Department having to do with the carrying of
second class matter with a view to ascertaining actual
costs, were adopted by the American Newspaper Publishers’
Association at its closing session at the Waldorf-Astoria on
April 25. The resolutions follow:
W h e re a s, th e sy ste m
n ew spap ers,

o f secon d

e s ta b lis h e d

c la s s p o s t a l r a t e s , a f f e c t in g t h o c a r r ia g e

under

th e

W ar

R evenue

A ct

of

O ct.

of

con ceal
w ir o

t h e m s e lv e s

s e r v ic e a n d

b e h in d

h u r l th e ir

by

h id d e n

m a lic e

to

h on est o ffic ia ls

w h o a re d o in g
S h a ll

th e p o c k e ts o f o th e r

u sers o f th o m a lls , b e r e s to r e d t o th o fo w p a r a s ite p u b lis h e r s w h o h a v e fo r
th o p o sta l re v e n u e s?

I t s h a ll n o t b e , I f b y t h e u s e o f t h e b lu d g e o n o f t r u t h t h o p r e s e n t P o s t ­
th e

fin a l

th o * h o n e st fa c ts

in to th o m in d s o f th o s o u p o n

r e s p o n s ib ility J r e s ts .

havo

G e n e r a l, a n d h e h a s in s is te d u p o n a lin o o f c o n d u c t a s c o m p le t e ly o u t o f
M r . B u r le s o n ’s t r o u b le s c a n n o t b o s u c c e s s f u lly la id b y h im

p r o fit s fr o m

$ 7 2 ,0 0 0 ,0 0 0 ,0 0 0

th e ir d u t y ; y e t t h e y m u s t n o t b o p e r m it t e d t o o b s c u r o t h o r e a l Is s u e .

w hom

U n ite d

m ay

th e p o sta l o r

t h o o l d - t im e $ 7 2 ,0 0 0 ,0 0 0 p o s t a l s u b s id y , ta k e n f r o m

t h o w o r k e r s , th o d e c la r a t io n s o f th o
th o

h ir e lin g s

im p r o v e

m a s te r -G e n e r a l c a n p o im d

of

th o fu ll b e n e fit o f th o

m illio n a ir e p u b lis h e r s h a v o lo n g e n j o y e d , b o r e ­

D e p a r t m e n t a n d v a r i o u s o t h e r G o v e r n m e n t d e p a r t m e n t s in d e a lin g w it h
P r e s id e n t

p r o v id e s t h a t th e p u b lis h e r w h o

and

p h o s g e n e g a s s h e lls o f fa ls ifie d n e w s o r a t t e m p t t o g i v e a b a c k t h r u s t w it h

y e a r s p lu n d e r e d

T h o p o s it io n ta k e n b y th e S e c r e ta r ie s o f th e W a r D e p a r t m e n t , t h o N a v y

w h ic h

t h is t r a n s a c t io n m u s t b e a r a p a r t o f t h is lo s s t o t h o P o s t a l E s t a b lis h m e n t ,
b e su sp en d ed
sto re d ?

th e m o s t r e a c t io n a r y a n d b r u t a l e m p lo y e r s s t ill e n d e a v o r t o d e a l

t h o w o r k e r s a s in d iv id u a ls .

m e n t , h o w e v e r , w h e r o th o e m p lo y e e s a re s c a tte r e d th r o u g h o u t t h o U n ite d

of

e d itio n

p o u n d s , a n d w a s t r a n s m it t e d t h r o u g h t h o m a ils a t a lo s s o f 6 c e n ts o n e v e r y

th e P o s t m a s t e r -G e n e r a l h a s b e e n o f a s im ila r

A c t in g f o r th o w o r k e r s , I h a v o h a d a n u m b e r o f c o n fe r e n c e s w it h

In w h i c h

is m a d o

.

1917,

POSTMASTER-GENERAL CHARGES “ ORGANIZED PROP­
AGANDA" TO EFFECT REDUCTION I N POSTAL
RATES— SUPPRESSION OF "WORLD" MESSAGE

Charges of an “organized propaganda,” dirocted against
him, wero mado by Postmaster-General Burleson in a state­
ment issued by him on April 23, in which ho asserted that its
purpose was to aid in accomplishing a reduction in rates
on second-class mail. We quote his statement herewith:
T h e o r g a n i z e d p r o p a g a n d a d i r e c t e d a g a i n s t t h o P o s t m a s t e r - G o n e r a l Is
t h o r o u g h ly u n d e r s t o o d b y h im .
n o w a s a d v is e d la s t y e a r t h a t it w o u ld
b o I n a u g u r a te d b e fo r e th o c o n v e n in g o f t h is C o n g r e s s .
It doos n ot have
f o r it s r e a l p u r p o s e a n y d e s ir e f o r i m p r o v e m e n t in t h o P o s t a l o r w ir o s e r ­
v i c e , b u t is in t e n d e d
p osta g o

on

secon d

t o a id

c la s s

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

m a il

(n o w s p a p e rs a n d

o f th o ra tos o f

m a g a z in e s ).

A v ir u le n t a t t a c k fo u n d e d u p o n fa ls e h o o d w a s m a d e o n th o P o s t m a s t e r G e n e r a l b y th o a d v e r t is in g m a n a g e r o f th o N e w

Y ork

" W o r ld ,”

th o p r in ­

c ip a l n o w s p a p e r e n g a g e d in t h is in t r i g u e , a t t h o t im e t h o ln c r e a s o o f t h e s e
p o s ta g e r a te s w a s p e n d in g b o fo r o t h o W a y s a n d M e a n s C o r a m ltto o .
in c r e a s e d r a t e s w e r e b it t e r l y o p p o s e d .

Tho

A ll o p p o s it io n w a s b r u s h e d a s id e

a n d a n in c r e a s e o f th e r a te s w a s m a d o b y

th e C on g re ss.

t h is la w is w h a t is n o w r e a U y d e s ir e d b y t h o s o a t t a c k i n g

Tho
th o

rep eal o f

P ostm a ster-

G e n e r a l.
I t is b e li e v e d b y s o m e o f t h o s e a f f e c t e d t h a t t h is c a n n o t b e b r o u g h t a b o u t
u n le s s “ B u r le s o n

is g o t t e n

r id o f . ”

T h o p r in c ip a l lo b b y is t o m p lo y e d

by

t h i s s e lf is h c o m b i n a t i o n , w h i c h is r e p u t e d t o h a v o r a is e d m a n y t h o u s a n d s
o f d o lla r s t o b o u s e d f o r a c c o m p lis h in g t h e r e p e a l o f t h is la w , in c ir c u l a r
le t t e r s ,(a ft e r it e llin g o f fh o n u m b e r o f D e m o c r a t ic r e p r e s e n t a t iv e s c o m m it t e d

a n d In o p e r a t i o n s in c e J u l y I l a s t , is i l l - s u i t e d t o t h e n e e d s o f t h o c o u n t r y ,

t o t h e 'r e p e a l 'o f t h o la w a n d h o w It w a s h o p e d R e p u b lic a n m e m b e r s c o u l d

cru d e

b e u s e d , u r g e d c e r ta in p u b lis h e r s n o t t o c o n fln o t h o ir a t t a c k

and

u n s c ie n tific

In c h a r a c t e r ,

and

b u r d e n s o m e a lik e

to

th e n ew s­

la w

p a p e r s a n d t o th e ir s u b s c r ib e r s ; a n d
W h e r e a s , th e le g is la tio n e s t a b lis h in g th e s e r a te s w a s a d m it t e d ly p r e p a r e d
In h a s t e , a n d e n a c t e d w it h o u t t h e c u s t o m a r y p r e lim in a r y p u b lic h e a r in g s ,

(t h o in c r e a s e d p o s t a g o r a te s ) b u t t o

Thus

th o

s in is te r

p u rpose

broad on

to th o z o n o

th o ir s c o p o o f c r it ic is m .

Is d i s c l o s e d .

I n fa c t ," a s s t a t e d , n o t ic e w a s g iv e n th o P o s t m a s t e r -G o n o r a l m o r o th a n a
y e a r a g o w h a t c o u ld b e e x p e c t e d i f t h e r o w a s n o t a c q u ie s c e n c e o n h is p a r t

o r o t h e r o p p o r t u n it y fo r o p e n d is c u s s io n ; a n d ,

In t h o s u s p e n s i o n o r r e p e a l o f t h is l a w .

A t

r e la t io n t o t h e c o s t s o f t h o s e c o n d c la s s m a il s e r v ic e , o r a s t o t h o p r o p o r t io n

c o m m itte e

fo r

th o

rop eal u rg ed

o f s u c h c o s t t h a t Is p r o p e r l y c h a r g e a b l e t o t h e c a r r i a g e o f n e w s p a p e r s ; a n d

m a s te r -G o n e r a l

in

th o

cou rso

W h e r e a s , t h e r e Is s t i l l a

la m e n t a b le la c k

o f a c c u r a t e in fo r m a t io n

w ith

W h e r e a s , I t Is o f t h e h i g h e s t i m p o r t a n c e t o t h e c o u n t r y t h a t t h e p e r m a n ­
e n t s e c o n d c la s s r a t o s y s t e m , w h a t e v e r it s u lt i m a t o b a s ic c h a r a c t e r , s h a ll




r e p r e s e n tin g
to

t h o s e c o n te n d in g

a c q u ie s c e

t h e r e in

and

th a t tim o a

m e m b e r o f th o
th o

P ost­

o f c o n v e r s a tio n

b lu n t ly in fo r m e d h im , “ W o h a v o m a d o a n d u n m a d e m a n y C o n g r e s s m e n .
W e r u in e d P o s t m a s t e r -G e n e r a l H it c h c o c k

an d d e stroy ed

M r . T a ft.

W o

M ay 3 1919.]

THE CHRONICLE

1779

realize that without your aid wo may not bo able to secure relief now, but effect for twenty years, but M r. Burleson never for a moment, I am quite
sure, thought of its including personal attacks on himself.
wo will seo what can bo done with tho next Congress.”
Later a well-known publisher called on tho Postmaster-General and also
urged that ho recommend tho suspension or repeal of this law, saying:
“ If you will aid or acquiesce in tho repeal of this law we will mako you tho
most popular man in tho Wilson Cabinet, but if you do not, I fear they
will ruin you ..” These two statements were mado to tho PostmasterGeneral in tho presence of tho present First Assistant Postmaster-General.
Tho Postmaster-General spurned them both and is now confronted with
tho effort of these selfish interests through systematic propaganda, stealth­
ily concealing their real purpose by “ creating and falsifying nows, mis­
representation of facts, and appeals to prejudice” to destroy tho Post­
master-General, thoreby aiding in tho repeal o f tho law, thus enabling
them to resume tho enjoymont of a postal subsidy of over $70,000,000 per
annum, which must bo taken out of tho pockets o f tho other users of the
mail.
It might not bo wise at this timo to suggest it, but as a matter of fact
justice as between tho users o f tho various classes o f mail would require
an increase of this postage rate instead o f a reduction. Tho general pub­
lic for years suffered a loss of millions o f dollars by the transportation of
The amazing official statement by Postmaster-General Burleson in his
second class mail at much less than cost. A largo percentage of this mail is
not printed and distributed for educational, but solely for commercial pur­ own defense, following his refusal to transmit the news dispatch of the
New
York "W orld" because such dispatch reflected upon his incapacity, is a
poses. Even under tho zone law, after tho maximum rates have been
reached, thero will still be an annual loss o f more ,than $50,000,000 to bo challenge to every serious thinking American— even though he rescinded
mado up by tho general public. This makes clear the exact interest tho such an order the following day. That such a Prussian and vicious oneowners of certain newspapers and magazines havo In the effort now on foot man censorship can bo established in the Post Office by Mr. Burleson or
any one else, reveals a menaco to our nation and American ideals so far
to discredit tho Postmaster-General.
I do not object to criticism having behind it an honest purpose. On the beyond M r. Burleson’s point that he thinks he has been criticised too
contrary, it is welcomed; but it is regretted that many conscientious pub­ harshly.
In substance M r. Burleson apparently defends such a censorship— in so far
lishers who desire to bo fair are frequently unwittingly misled by those
willing to resort to baso means for tho accomplishment of sinister purposes. as his angry tirade against publishers may seem to suggest any line of
thought— because of what he alleges is "organized propaganda directed
against the Post Office” and which, ho further alleges, "does not have for
its real purpose any desire for improvement in tho postal or wire service.”
Investigations by sober business men in all lines show that under Mr.
Burleson’s postal administration the postal service has been demoralized
to a degree that did not seem possible under even the worst standards
of political, partisan incapacity. Mr. Burleson’s postal incapacity stands
bluntly demonstrated by its fruits.
What Mr. Burleson thereupon calls organized propaganda is the ex­
pression of sentiment of hundreds and hundreds of responsible business
organizations, with their many thousands of business members. Chambers
of Commerce, educational institutions, labor organizations, religious
organizations, and cultural organizations that have formally condemned
the various inefficient postal methods and principles which he champions.
He specifically upholds the vicious and un-American postal zone law, with
Tho rules governing tho transmission of libelous matter wero adopted
by tho telegraph companies to protect themselves against libel suits long its unfair postage increases against distant American communities, and
alleges that the publishers of the country, newspapers, and periodicals,
before tho wires wero taken over by the Government.
Tho published rules or tho Potal Telegraph system prohibit tho sending are in a conspiracy to ruin him. Those whom Postmaster-General Burleson
of messages containing libelous matter. The telegrams filed by tho Now is attacking by means of the zono law are not publishers, but they are the
York World News Bureau at Now York, which tho night manager of the reading men and women, the reading homes of this nation. For by this
Postal Telegraph system refused to transmit, wero brought to tho attention postal zone law he demands that any periodical shall cost more in postage
of tho representative of tho Postmaster-General in chargo of tho Postal to an American reader because of and in proportion to that reader’s acci­
Telegraph system, who Immediately directed tho General Manager of tho dental remoteness from any point of publication. And when public-spirited
Postal Telegraph system to issue instructions to tho manager of tho operat­ and representative organizations, such as the American Federation of
Labor, tho Merchants’ Association of New York, the General Federation
ing department in New York City as follows:
of Women’s Clubs, the National Grange, the National Education Associa­
Mr A F Adams instructs that tho World Nows Bureau bo notified that tion, and hundreds of others protest against this vicious and un-American
tlio matter has been taken up with him and that, notwithstanding tho law, ho says that such expression of opinion does not have for its real pur­
fact that our night manager construed tho messages as containing libelous
matter and therefore, not transmissible under our rules, and, notwith­ pose any desire for improvement in the postal or wire service, but is intended
standing that it appears to Mr. A. A. Adams that they do contain libelous to aid in accomplishing a reduction of the rates of postage on second-class
matter he lias instructed that messages be transmitted at once at the mail (newspapers and magazines).
p r o p e r ’regular rates, if tho World Nows Bureau desires it.
On tho contrary, the publishers of the country are fighting in order that
M e s s a g e s re tu rn e d h e re w ith .
Very truly yours,
every American shall pay the same postage for the same American period­
(Signed) O. P. BRUCH,
ical or newspaper, no matter where ho happens to live. Publishers are
G en e ra l M a n a g e r , P o s ta l T ele g r a p h S y ste m .
fighting for equal postage to every American everywhere— why does Mr.
Burleson oppose that sound postal principle? It was a just principle
established by Abraham Lincoln and remained until Mr. Burleson over­
throw it.
D i r e c t t h o m a n a g e m e n t o f a ll te le g r a p h s y s te m s t o s u s p e n d in so f a r as
Let the facts bo clearly understood: A postal zone system once existed
in tills country whereby readers paid postage on their periodicals and news­
m e s s a g e s r e f e r r i n g t o t h o P o s t m a s t e r G e n e r a l a r e c o n c e r n e d t h o i r r u le s
p r o h i b it i n g tr a n s m is s io n o f m e s s a g e s c o n t a in i n g lib e lo u s m a t t e r .
•
papers according to their distance from the point of publication. News­
papers and periodicals are primarily sources of information and education,
differing in that respect from ordinary merchandise. After a careful and
broad investigation of the fundamental, social, educational, and economic
factors involved by Postmaster-General Blair, Abraham Lincoln abolished
the postal zone system in 1863. Since then every United States Postal
Mr. Burleson’s statement about the timo honored practices o f tho tele­ Commission appointed to investigate postal questions has absolutely con­
graph companies is all wrong. Such a press telegram as tho New York demned the zone system which Postmaster-General Burleson has revived
“ World” sent out last Sunday night over the wires to different news­ and which he so angrily defends.
papers in the United States would havo been accepted and transmitted by
Mr. Burleson In his statement has, with every evidence of deliberate­
either telegraph company without tho slightest hesitation under tho old ness, endeavored to give the public tho impression that thero is an annual
rules and practices of tho telegraph companies. In fact, wo do not know postal deficit in the Post Office Department of $70,000,000 and that under
o f any press telegram over having been refused by a telegraph company tho postal zone system it will still be $50,000,000 per annum. In his own
on tho ground of Its being libelous.
signed reports since 1916 there appear postal surpluses over and above all
auch a telegram as the New York "W orld” sent out last Sunday night is expenditures as follows: 1916, $5,829,236 07; 1917, $9,836,211 90; 1918,
absolutely unobjectionable from a tolegraph point o f view and it was only $19,979,798 08.
because it referred to Burleson, and Burleson has terrirozed the tolegraph
Those surpluses, mind you, during a war period when tho volume of mail
staff by gag orders, threats of dismissal, spies, &c., that tlio telegraph matter of tho United States Governmental departments, carried absolutely
employees rojccted it. A year ago tho company would no moro havo freo of cost, was gretaer than at any period in the entire history of the
thought of rejecting it than it would think of rejecting any other telegram country; that tho franked mail of Congressmen, consisting of millions of
or press messago. This shows the degradation to which Burleson has pieces and hundreds of thousands of packages of free seeds and free letters
dragged tho telegraph companies.
for keeping their political fences mended, are carried without a penny of
cost; as well as over 58.000,000 pounds of privately owned county news­
papers carried free of any postage whatsoever in the county of publication.
Mr. Burleson in putting forth these figures implying a postal deficit in­
stead o f a postal surplus in his department, did not give good faith to the
The Western Union Manager at tho "W orld” office acted on his own public, for ho did not tell the public that tho fantastic belief in the $70,­
initiative regarding tho message, having in mind one of tho oldest rules of 000,000 deficit and the $50,000,000 annual deficit was made up by guess­
tho company. I think any fair-minded man would have dono Just what work eleven years ago and submitted to the United States Postal Com­
ho did. Knowing tho rule perfectly well, do decided that tho news was mission known as the Hughes Commission— the most recent Postal Com­
libelous.
Perhaps ho was oversensitive because tho Postmaster-General mission to pass on the subject— and that this Postal Commission, after
is the head of tho tolegraph system. IIo did what any intelligent man careful investigation and analysis, utge y ondemned these figures as
would have done under the circumstances. Ho communicated with his unreliable and furnishing no adequate basis for a finding of costs of separate
superiors at tho Walker Street office, who confirmed his judgment and sug­ classes of mail.
Mr. Burleson’s naive tirade and guesswork figures, well known by him
gested that tho message should bo modified. I don’t understand that tlio
message was declined or that he refused to handle It, but I think tho request to havo been condemned as unreliable, are boldly deceptive, but without in­
genuity.
IIo renders himself ridiculous when he alleges that some pub­
that it bo modified resulted in its being withdrawn.
It was an error in Judgment to have mado any comment about tho mes­ lisher promised to make a great man of him in public estimation if he would
sage, and tho matter should havo been sent out. But to suggest that Mr. acquiesce in tho repeal of the zone law; it may be pointed out that what a
Burleson or any ono in authority in the Western Union knew anything wise Providenco did not do could hardly bo accomplished by a publisher.
Ills revival of a postal zone system abolished by Abraham Lincoln and
about it is utterly beyond tho fact. No instructions have ever been roeelved from Mr. Burleson that wo should exercise any censorship over any­ also condemned by United States Postal Commissions does not conform to
thing said about him or any criticism of tho Western Union coming to us typical American Ideals. It is not the publishers or their organizations or
In tho regular course of business. Tho rule about libelous matter has been in their readers that need defense in the eyes of the American people.

A reply to the charges of Postmaster-General Burleson of
an “organized propaganda” was made on April 24 by Charles
Johnson Post, Director of the Publishers’ Advisory Board,
composed of representatives of about 300 periodicals in the
United States. Mr. Post states that “it is not the publishers
or their organizations or their readers that need defense in
the eyes of the American people. It is the PostmasterGeneral, who uses the powers of his office to discriminate by
unequal postage rates for the same publication against the
spread of information and news, thereby breaking down
habits of reading, and who attempts an irresponsible censor­
ship by barring the use of the telegraph wires to news dis­
patches or articles that criticise him.” Mr .Post also said in part:

On the same day (April 23) Postmaster-General Burleson
issued a statement having to do with suppressed messages
filed by the New York “World” on April 20 with the Western
Union and Postal-Telegraph companies in which fourteen
newspapers wero offered the syndicated story bearing on the
conduct of the Postmaster-General, and published by the
“World” on tho 21st. Mr. Burleson’s statement mado
known tho issuanco of instructions that tho messages be
transmitted "if tho World Nows Bureau desires it”; we give
tho statement herewith:

Tlio Postmaster-General at the same time also directed
the Operating Board to issue the following instructions:

William J. Deegan, Secretary of the Postal-Telegraph
Cable Co., in a statement on April 23 to the effect that the
“World” message was “absolutely unobjectionable,” said:

Newcomb Carlton, President of the Wostern Union, had
tho following to say, according to the Now York “Sun,”
regarding tho suppression of the telegram:




1780

THE CHRONICLE

[Vol . 108

Mr. Post’s statement brought the following from Post­ We give below the bill as passed by the Legislature, showing
in italics the new matter carried in the measure, and in
master-General Burleson on April 25:
The news reaches the Postmaster-General this morning that “ Mr. brackets the old law omitted:

Burleson’s methods” as applied to the postal and wire service will be the
subject matter o f discussion to-day by the American Newspaper Pub­
lishers’ Association.
While this Association is putting in the entire day talking about M r'
Burleson and his methods, the thoughts o f certain selfish members thereof,
during that time, will not be on Mr. Burleson’s methods or on desired
improvements in the postal and wire service, but on their share of the
$72,000,000 they have been enjoying as an annual postal subsidy for
many years, and as to how they may recover the part o f which they were
deprived by Congressional action, and how to remove the danger of losing
more o f it. There may be little said by them about this legalized graft,
but it will be uppermost in their minds just the same.
It is now insisted that this issue be not obscured to deceive the American
people. The real issue is whether certain newspapers and magazines shall
continue to filch from the postal revenues $72,000,000 each year and impose
that burden upon other users of the mail. This presents a test. I welcome
it. Can a Postmaster-General who has the courage to attack an evil de­
nounced by many of his predecessors be driven from office because ho will
not acquiesce or aid in undoing an action that only partially remedied this
evil? Charles Emory Smith, the great Philadelphia editor, said as Post­
master-General that this subsidy was "the one great overshadowing evil
o f the service, because it underlies and overtops all other reforms and ad­
vance.”
It is noted that C. J. Post has promptly identified himself as the chiof
lobbyist o f this coterie o f selfish publishers, to whom I referred in a recent
statement. The others to whom I referred in that statement will be at
this meeting. They are invited also to disclose their identity and to repeat
what they said to me.
M r. Post actually developed hysteria about "Prussianism and vicious
one-man censorship established in the Post Office.” The basis for his
panic Is as infamous a falsehood as was ever published, to wit, the alleged
refusal o f the Postmastor-Goneral to have transmitted over the telegraph
wires certain matter criticising the Postmaster-General. Tho New York
"W orld” know that this was a base lie when It published it.
M r. Post knew this was a base lie when he repeated it. As they well
knew, the Postmaster-General never at any time directed the exclusion of
any matter offered for transmission on the wires, but on the contrary,
has ordered that even libelous matter, as against him, shall not bo refused,
though the sending o f such matter is prohibited by rules o f the companies
enforced for many years
Mr. Post falls to disclose the amount of money raised by him to repeal
this legislation, or in what manner it was spent. I am sure this would be
very illuminating to tho public. Ho indulges in much juggling of figures
relating to postal subsidies and deficits. This shall avail nothing by way
o f confusing the public if the Postmaster-General can prevent it. The issue
is, shall certain newspapers and magazines enjoy a postage rate on their
commodity, a large part of which is not only purely commercial, but
highly profitable, advertising, which entails on the postal establishment
for its trasmlssion an annual loss o f $72,000,000, to be borne by other
users o f the mails in an unjust tax upon them? The Postmaster-General
believes that this is outrageous and indefensiblo, and has said so. The
Congress has partly corrected that wrong. The Postmaster-General has
refused to acquiesce or aid in reversing this action.
The Postmaster-General asserts that the mail service during the war
period has been maintained upon an exceptionally efficient basis and con­
fidently believes that every fairminded , unselfish, honest American,
judging by his own experience and considering the difficulties confronting
tho postal establishment, recognizes this is a fact. But this is not the issue
here. Keep that in mind.

Mr. Post’s reply to the above was in the form of a telegram
to Postmaster-General Burleson, this telegram saying:

I accept your challenge issued in your statement published in to-day’s
newspapers to publicly present all figures o f moneys, expenditures, and all
details in connection with myself and this organization before any repre­
sentatives named by you and at any placo. I place myself enttroly at
their disposition to examination under oath in connection with all these
expenditures.
In return, I challenge you to similarly produce and make public your
records o f the moneys received by you and the profits made by you in
connection with convict labor on properties owned by you, a convict labor,
system which competes with free American labor and in which whippings
brutality and ferocious punishments were tho methods of extracting
adequate labor from its victims.

Mr. Burleson’s telegraphic reply to the above, said:

Answering your wire. Tho full facts in connection with tho lease to
the Stato o f Texas o f tho plantation in which I was interested, upon which
tho Stato used its convict labor, and tho terms o f tho contract in connec­
tion therewith, have been placed before Congress more than once and
have long been a matter o f public record. It would bo quite interesting
for you to publish now and later have laid before Congress the facts In
tho same detail about monoys raised and spent to securo tho repeal of the
zone postage rate law. Of course you know, as the New York "W orld”
did when it published this falsehood, that I did not use convict labor on
my plantation, but that the plantation was leased and cultivated by the
Stato o f Texas, and the convicts used thereon were at all times under the
State’s exclusive control and management.

BILL PASSED B Y N E W YORK LEGISL A TU RE
IN C R E A S IN G T A X ON CORPORATIONS.

As indicated in these columns last week, page 1683, the
New York Legislature, before adjourning on April 19, passed
the bill increasing the tax on net incomes of corporations
from 3% to 4 XA % . The tax, which had previously been
specifically applied to “manufacturing and mercantile cor­
porations,” is now made to apply to business corporations in
general in the State. Another respect in which the newly
enacted measure is changed is the insertion of a paragraph
defining the term “entire net income” as meaning “the total
net income before any deductions have been made for taxes
paid or to be paid to the Government of the United States
on either profits or net income or for any losses sustained by
the corporation in other fiscal or calendar years, whether
deducted by the Government of the United States or not.”




An Act to amend the tax law, in relation to franchise tax on business
corporations.
The People of the State of New York, represented in Senate and Assembly,
do enact as follows:
Section 1. The title of Article 9-a of Chapter 62 of tho Laws o f 1909,
entitled "An Act in relation to taxation, constituting Chapter 60 o f the
Consolidated Laws,” as added by Chapter 726 of the Laws of 1917, is
hereby amended to read as follows:
FRANCHISE T A X ON [M A N U FA C TU R IN G AND M E R C A N T IL E ]
BUSINESS CORPORATIONS.
Sec. 2. Section 208 of such chapter, as added by Chapter 726 of the
Laws of 1917, and amended by Chapter 417 of the Laws of 1918, is hereby
amended to read as follows:
Sec. 208. Definitions.— As used in this article £ . ] : 1. The term
“ corporation” includes a joint-stock company or association;
2. Tho words “ tangible personal property” shall be taken to mean
corporeal personal property, such as machinery, tools, implements, goods,
wares and merchandise, and shall not bo taken to mean money, deposits in
bank, shares of stock, bonds, notes, credits or evidences of an interest in
property and evidences of debt;
3. The term “ entire net income" means the total net income before any
deductions have been made for taxes paid or to be paid to the Government of
the United States on either profits or net income or for any losses sustained
by the corporation in other fiscal or calendar years whether deducted by the
Government of the United States or not.
Sec. 3. Section 209 of such chapter, as added by Chapter 726 of tho Laws
o f 1917, and amended by Chapter 276 of tho Laws of 1918, is hereby
amended to read as follows:
Sec. 209. Franchise tax on corporations based on net income. For the
privilege of exercising its franchise in this Stato in a corporate or organized
capacity every domestic [manufacturing and every domestic m ercantile]
corporation, and for tho privilege of doing business in this State, overy
foreign [manufacturing and every foreign m ercantile] corporation, except
corporations specified in the next section, shall annually pay in advance
for tho year beginning November 1 next preceding an annual franchise
tax, to be computed by the Tax Commission upon tho basis of its entire
net income for its fiscal or tho calendar year noxt preceding, as hereinafter
provided, which entire net Income is presumably tho same as the entire net
income upon which such corporation is required to pay a tax to tho United
States.
Sec. 4. Section 211 of such chapter, as added by Chapter 726 of the
Laws of 1917 and last amended by Chapter 417 o f tho Laws of 1918, is
hereby amended to read as follows:
Sec. 211. Reports of corporations to tax commission. Every corporation
taxable under this article as well as foreign corporations having officers,
agents or representatives within the Stato shall annually on or before
July 1, or within thirty days after tho making of its report of entire net
income to the United States Treasury Department for any fiscal or calendar
year, transmit to tho Tax Commission a report in tho form prescribed by
the Tax Commission specifying: 1. The name and location of tho principal
place of business o f such corporation, the Stato under tho laws o f which
organized, and the date thereof; tho amount o f its issued capital stock and
the kind of business transacted. Any corporation not organized under the
laws of any State within the United States shall state the facts in relation to its
entire net income as though organized under the laws of this State.
2. Tho amount o f its entire net income for its preceding fiscal or the
preceding calendar year as shown in tho last return o f annual net incomo
made by it to the United States Treasury Department[ , and i f ] . I f the
corporation shall claim that [s u c h ] the return [ i s ] made to the United
States Treasury Department was inaccurate, tho amount claimed by it to bo
tho net income for such period shall be specified. I f any deduction has been
allowed for losses sustained by the corporation in prior years the amount so
allowed and deducted shall be specified.
3. The average monthly valuo for the fiscal or calendar year of its real
property and tangible personal property in each city, village or portion of a
town outside of a village within tho State, and tho average monthly value
of all its real property and tangible personal property wherovor located.
4. The average monthly valuo for tho fiscal or calondar year of bills and
accounts receivable for (a) personal property sold by the corporation from
merchandise manufactured by it within this Stato; (b) personal property
sold by the corporation from merchandise owned by it and located within
the State at the time of the acceptance o f tho order, but not manufactured
by it within this State; and (c) services performed, based on all orders
received at offices maintained by tho corporation within this Stato; exclud­
ing bills and accounts receivable arising from sales made from a stock of
morchandiso or other property located at a place of business maintained by
the reporting corporation within this Stato. Also the avorago total
monthly value for the fiscal or calendar year of bills and accounts receivable
for (a) personal property sold by tho corporation from morchandiso manutured by it [ ; ] within and without tho State, (b) personal property sold
by the corporation from merchandise owned by it at tho time of tho accep­
tance of tho order but not manufactured by it; and (c) servicos performed,
based on orders received at offices maintained by tho corporation, excluding
bills and accounts receivable on orders filled from a stock of merchandise or
other property maintained by the reporting company, [ i n case o f a cor­
poration organized under the laws of another country a statement shall bo
made showing its entire net incom e.]
5. The average total value for the fiscal or calendar year of the stock of other
corporations aimed by the corporation, and the proportion of the average value
of the stock of such other corporations within the State of New York, as allocated
pursuant to Section two hundred and fourteen of this Chapter.
6. I f tho corporation has no real or tangible personal property within the
State, the city, village or portion o f a town outsido of a villago in the
State in which is located tho office in which Its principal financial concerns
within the State are transacted.
7. Such othor facts as the Tax Commission may require for the purpose
of making the computation required by this articlo.
8. Any corporation taxable hereunder upon its entire net income may omit
from its report tho statements required by subdivisions 4 and 5 by incor­
porating in its report a consent to bo taxed upon its entire not incomo.
Corporations having no net income shall, however, complete the segregation
of assets in every case.
Sec. 5. Section 212 o f such chapter, as added by Chapter 726 of the
Laws of 1917, is hereby amended to read as follows:
Sec. 212. Reports by corporation on basis of fiscal year. A corporation
which reports to the United States Treasury Department on tho basis of
its fiscal year, may report to the Tax Commission upon tho same basis,
except as provided in Section two hundred and fourteen-a of this chapter.
Sec. 6. Section 214 o f such chapter, as added by Chaptor 726 of tho Laws
of 1917, and last amended by Chapter 417 o f tho Laws of 1918, Is heroby
amended to read as follows:

M ay 3 1919.]

THE CHRONICLE

1781

Sec. 214. Computation o f tax. If the entire business o f the corporation of tax assessment shall be sent by mail to the post office address given in
be transacted within the State, the tax imposed by this article shall bo the report, and the record that such notice has been sent shall be presump­
based upon tho entire net income o f such corporation for such fiscal or tive evidence of the giving of the notice and such record shall be preserved
calendar year as [returned to the United States Treasury Department] by tho Tax Commission.
defined in Section two hundred and eight of this Chapter, subject, however,
Sec. 11. Section 219-c of such chapter, as added by Chapter 726 o f the
to any correction thereof for fraud, evasion or error, as ascertained by tho Laws o f 1917 and amended by Chapter 271 of the Laws o f 1918, is hereby
State Tax Commission. If the entire business o f such corporation be not amended to read as follows:
transacted within the State, the tax imposed by this article shall bo based
Sec. 219-c. When tax payable. The tax hereby imposed shall be paid
upon a proportion o f such [ascertained] entire net income, to be deter­ to tho Stato Comptroller on or before the first day of January o f each year,
mined in accordance with the following rules: Tho proportion o f the entire or within thirty days after notice o f the tax has been given as provided in
net income o f tho corporation upon which the tax under this article shall be Section 219-b of this chapter if such notice is given subsequent to the first
based, shall be such portion o f the entire net income as the aggregate of day o f December o f the year for which such tax is imposed. If such tax
1. Tho average monthly value o f the real property and tangible personal be not so paid, or in the case of additional taxes, if not paid within thirty
property within the State.
days after notice o f such additional tax has been given as provided in
2. The average monthly value o f bills and accounts receivable for (a) Section 219-d o f this chapter and such notice of additional tax is given
personal property sold by the corporation from merchandise manufactured subsequent to the first day of December o f the year for which such additional
by it within this State: (b) personal property sold by the corporation from tax is imposed, the corporation liable to such tax shall pay to the State
merchandise owned by it and located within the State at tho time of the Comptroller, in addition to the amount of such tax, or additional tax, ten
acceptance o f the order, but not manufactured by it within this State; and per centum of such amount, plus one per centum for each month the tax
(c) services performed within this State, excluding bills and accounts re­ or additional tax remains unpaid. [N o such penalty or charge shall be
ceivable arising from sales made from a stock o f merchandise or other added to the amount of such tax or additional tax imposed for the year
property located at a place o f business maintained by the reporting cor­ beginning November 1 1917, if such tax or additional tax is paid within
poration without this State.
thirty days after the passage of this A c t .] Each such tax or additional
3. The proportion of the average value of the stocks of other corporations tax shall be a lion upon and binding upon the real and personal property
owned by the corporation, allocated to the State as provided by this of the corporation liable to pay the same from the time when it is payable
section, but not exceeding ten per centum o f the real and tangible personal until the same is paid in full.
property segregated to this State under this article, bears to the aggregate
Sec. 12. Section 219-d of such chapter, as added by Chapter 726 o f the
of
Laws of 1917 and amended by Chapter 276 of the Laws of 1918, is hereby
4. Tho average monthly value o f all the real property and personal prop­ amended to read as follows:
erty of the corporation, wherever located.
Sec. 219-d. Corrections and changes. If the amount o f the net income
5. The average total value o f bills and accounts receivable for (a) per­ for any year of any corporation taxable under this article as returned to the
sonal property sold by tho corporation from merchandise manufactured by it United States Treasury Department is changed or corrected by the Com­
within and without this State; (b) personal property sold by tho corporation missioner o f Internal Revenue or other officer of the United States or other
from merchandise owned by it at the time o f acceptance o f tho order but competent authority, such corporation, within ten days after receipt o f
not manufactured by it; and (c) services performed both within and without notice of such change or correction, shall make return under oath or affir­
this State, based on orders received at offices maintained by the corpora­ mation to the Tax Commission o f such changed or corrected net incomo, and
tion, excluding bills and accounts receivable on orders filled from a stock shall concede the accuracy of such determination or state wherein it is
of merchandise or other property maintained by tho corporation.
erroneous.
6. Tho average total value o f stocks o f other corporations owned by tho
The Tax Commission shall ascertain, from such return and any other
corporation, but not exceeding ten per centum of the aggregate real and information in the possession of the Commission, the entire net income of
tangible personal property set up in this report.
such corporation for the fiscal or calendar year for which such change or
Real property and tangible personal property shall foe taken at its actual correction has been made by such Commissioner of Internal Revenue or
valuo where located. Tho value o f share stock o f another corporation other officer or authority. All the authority conferred on the Tax Com­
owned by a corporation liable hereunder shall for purposes o f allocation of mission by the provisions of Section 195 of this chapter is hereby granted
assets bo apportioned in and out o f the State in accordance with tho value to it in respect to tho ascertainment of such entire net incomo. The Tax
of the physical property in and out o f the State representing such share Commission shall thereupon reaudit and restate the account o f such
stock.
corporation for taxes based upon the entire net income for such fiscal or
It is further provided that every domestic corporation exercising its calendar year, such reaudit to be according to the entire net income so
franchise in this State and every foreign corporation doing business in this ascertained by tho Tax Commission. Tho proceedings and determination
Stato, other than those exempted by Section 210 o f this chapter, shall bo o f the Tax Commission in the making of such reassessment may be revised
subject to a minimum tax o f not less than ten dollars and not less than ono •and readjusted and reviewed in the manner provided by Sections 218 and
mill upon each dollar o f tho apportionment o f the faco valuo o f its issued 219 of this chapter, as in the case of an original assessment of the tax. If
capital stock apportioned to this State, which shall be determined by from such reassessment it appears that such corporation shall have paid
dividing the amount o f tho real and tangible personal property in this Stato under this article an excess of tax for the year for which such reassessment is
by the entire amount of the real and tangible personal property as shown in made, the Tax Commission shall return a statement of the amount of such
tho report, and multiplying the quotient by tho face valuo of tho issued excess to the Comptroller, who shall credit such corporation with such
capital stock. If such a corporation has stock without par valuo, then amount. Such credit may be assigned by the corporation in whose favor
tho baso o f tho tax shall bo on such a portion o f its paid-in capital as its it is allowed to a corporation liable to pay taxes under this article, and the
real and tangible personal property in this State bears to its entire real and assignee of tho whole or any part of such credit on filing with the Commis­
tangible personal property.
sion such assignment shall thereupon be entitled to credit upon the books
Sec. 7. Section 214-a o f such chapter, as added by Chapter 292 o f tho of the Comptroller for the amount thereof on the current account for taxes
Laws of 1918, is hereby amended to read as follows:
of such assignee in the same way and with the same effect as though the
Sec. 214-a. Taxation o f [merged or consolidated] corporations acquiring credit had originally been allowed in favor of such assignee. If from such
assets or franchises o f other corporations. If any corporation taxable under reassessment it appears that an additional tax is due from such corporation
this article shall [ta k e o v e r ] acquire either directly, indirectly or by merger for such year, such corporation shall, within thirty days after notice has
or consolidation the major portion of the assets or the franchise o f another been given as provided in Section 219-b of this chapter by the Tax Com­
corporation or of corporations exercising any franchise or franchises or doing mission, pay such additional tax.
any business in this Stato during [ t h e ] any year [ending with tho 31st
Sec. 13. Subdivision 3 of Section 219-h of such chapter, such section
day of October, such corporation shall make a consolidated report for all having been added by Chapter 726 of the Laws of 1917 and amended by
tho corporations so merged or consolidated as though tho merged or con- •Chapter 417 of the Laws of 1918, is hereby amended to read as follows:
solicated corporation had existed and done business as an entity throughout
3. I f the corporation has tangible personal property in more than one
tho year for which tho report is made and shall be taxed for tho year to city or town of tho State, as shown by its report pursuant to Section 211,
ensue upon tho basis o f such report and as hereinbefore provided in this such payment shall bo made to tho county treasurers of the counties in
articlo], it shall include in its otvn next annual return, in addition to its which such cities or towns are located in the proportion that tho average
own entire net income, so much of the entire net income of the corporation or monthly value of the tangible personal property of such corporation in the
corporations whose assets or franchises it acquired as shall not have been used cities and towns o f such county bears to tho average monthly value of all its
or included in measuring a franchise tax to this Stale, and shall be taxed upon [real property a n d ] tangible personal property within the State;
such combined entire net incomes for the year to ensue and as hereinbefore
Sec. 14. Section 219-1 of such chapter, as added by Chapter 271 o f the
provided. The provisions for a minimum tax shall be applied only when Laws of 1918, is hereby amended to read as follows:
under such provisions a tax will result in excess of the amount ichich would be
Sec. 219-1. Personal property defined. Tho term “ personal property,”
produced by a tax on entire net income as hrerinbefore provided and then in for the purposes o f the exemption from assessment and taxation thereon
lieu thereof.
locally as granted by Section 219-j of this chapter, shall include [ s u c h ]
This section shall be construed as having been in effect as o f tho date any movable machinery and equipment [affixed to the building as would
o f the original enactment o f Article 9-a o f the Tax Law, as added by Chapter not pass between grantor and grantee as a part o f the premises if not
726 o f tho Laws o f 1917.
specifically mentioned or referred to in the deed, or as would, if tho building
Sec. 8. Section 216 o f such chapter, as added by Chapter 726 o f the Laws were vacated or sold, or the nature of the work carried on therein changed,
of 1917, is hereby amended to read as follows:
bo moved, except] used for trade or manufacture and not essential for the
Sec. 215. Rato o f tax. Tho tax imposed by this article shall be at tho support of the building, structure or superstructure, and removable without
rate of [t h r e e ] four and one-half per centum o f tho entire net incomo of the material injury thereto. The term " personal property,” as uesd in such
corporation or portion thereof taxable within tho Stato, determined as section, shall not include boilers, ventilating apparatus, elevators, [gas,
provided by this articlo.
electric and w ater] plumbing, heating, lighting and power generating
Sec. 9. Section 219-a o f such chapter, as added by Chapter 726 of the apparatus, [ a n d ] shafting other than counter-shafting, equipment for the
Laws of 1917, is hereby amonded to read as follows:
distribution of heat, light, power, gases and liquids, nor any equipment con­
Sec. 219-a. Audit and statement of tax. On or before the first day of sisting of structures or erections to the operation of which machinery is not
[N ov em b e r] December in each year tho Tax Commission shall audit and essential. An owner of a building is entitled to tho same exemption under
stato tho account o f each corporation known to bo liablo to a tax under this section as a lessee [and every assessment o f real property made subse­
this articlo, for its perceding fiscal or tho preceding calendar year, and shall quent to June 4 1917, shall be subject to the provisions of this section as
complete tho tax thereon and forthwith notice tho same to the State Comp­ amended hereby].
troller for collection. The Tax Commission shall determine tho portion of
Sec. 15. This Act shall not affect any action or proceeding now pending.
such tax to bo distributed to tho several counties and tho amounts to be
Sec. 16. This Act shall take effect immediately.
credited to tho several cities or towns thereof, when tho same is collected,
and shall indicate such determination in noticing such tax to tho Stato
NEW
YORK LEG ISLATURE E X T E N D I N G
Comptroller. If the corporation has real property or tangible personal
property located in a vilage, or if it has no real or tangible personal property
I N H E R I T A N C E T A X L A W TO NON­
in tho Stato but tho offico in which its principal financial concerns within
RE S ID E N T DEC EDENTS.
tho Stato aro transacted is located in a village, the Tax Commission shall
indicato such facts to the Stato Comptroller, with the namo o f the village
in which such offico or property is located.
Sec. 10. Section 219-b of sucty:hapter, as added by Chapter 726 of the
Laws of 1917, is hereby amended to read as follows:
Sec. 219-b. Notice of tax.— Every report required by Section 211 o f this
chapter shall contain tho post offico address o f tho corporation and lines
or spaces upon which tho corporation shall enter [th o portion o f ] its
entire net Incomo [w hich it believes to bo tho basis upon which tho tax |
shall bo imposed under this article, and tho amount o f such t a x ]. Notlco




One of the tax bills passed by the New York Legislature
before its adjournment on April 19 extends the operation
of the inheritance tax law to the estates of non-resident
decedents. The full text of the bill is given herewith, the
new provisions in the law .being shown in italics and the old
law, eliminated under the newly enacted bill, being indicated
in brackets:

1782
A N

[Vol. l(k>.

THE CHRONICLE

A C T , t o a m e n d t h e t a x la w , In r e la t io n t o t a x a b le t r a n s fe r s .

T h e P e o p le o f th e S ta te o f N e w
d o en a ct a s fo llo w s:

s h a ll b e ta k e n t o m e a n c o r p o r e a l p r o p e r t y s u c h a s r o a l e s t a t o a n d g o o d s ,

Y o r k , r e p r e s e n te d in S en a te a n d A s s e m b ly ,

w a r e s a n d m e r c h a n d is e , a n d s h a ll n o t b e t a k e n t o m o a n m o n e y , d e p o s it s
in b a n k , s h a r e s o f s t o c k , b o n d s , n o t e s , c r e d it s o r e v id e n c e s o f a n in te r e s t

S e c t io n . 1 . S e c t io n 2 2 0 o f C h a p t e r 6 2 o f t h e la w s o f 1 9 0 9 , e n t it le d “ A n
A c t in r e la t io n t o t a x a t i o n , c o n s t it u t in g C h a p t e r 6 0 o f t h e c o n s o lid a t e d

in

la w s ,”

c lu d in g m o n e y , d e p o s it s in

as

la s t a m e n d e d

am ended
S ec.
upon

to

read

by

C h a p ter 323

of

th e

la w s

of

and

is

1916,

is h e r e b y

a s fo llo w s :

2 2 0 . T a x a b le

in

e v id e n c e s

tra n s fe rs .

th e tra n s fe r o f a n y

p rop erty

as used

A

ta x

s h a ll

be

[t a n g ib le ] p ro p e rty

[w ith in

h ereby

im p o s e d

th e S ta te a n d

of

and

o f an

“ tr a n s fe r ”
p rop erty

e v id e n c e s

t h is a r t ic l e

of

d e b t.

s h a ll b e

The

ta k en

to

w ord s

m ean

“ in t a n g ib lo

b a n k , sh ares o f s to ck , b on d s,

in t e r e s t in

p rop erty

and

e v id e n c e s

a s u s e d in t h is a r t ic le s h a ll b e t a k e n t o

or any

in te r e s t

th e r e in

in

p ro p e rty ”

in c o r p o r e a l p r o p e r t y ,
n otes,

o f d e b t .]
in c lu d e

th e p o s s e s s io n

or

Tho
th o

in ­

c r e d its ,
w ord

p a s s in g

e n jo y m e n t p r e s ­

in t a n g ib lo p r o p e r t y ] r e a l o r p e r s o n a l, o r o f a n y in te r e s t t h e r e in o r in c o m e

e n t o r f u t u r e , b y in h e r it a n c e , d e s c e n t , d e v is e , b e q u e s t , g r a n t , d e e d , b a r ­

t h e r e fr o m in t r u s t o r o t h e r w is e , t o p e r s o n s o r c o r p o r a t io n s In t h e fo ll o w in g

g a i n , s a le o r g i f t , in t h e m a n n e r h e r e in p r e s c r i b e d .

c a s e s , s u b je c t t o t h e e x e m p t io n s a n d lim it a t io n s h e r e in a fte r p r e s c r ib e d :

trea su rer”

1.

W hen

[o f

any

fr o m

th e

t r a n s f e r is b y

w ill o r b y

in t a n g ib le p r o p e r t y , o r

t h e in t e s t a t e la w s o f t h is

o f t a n g ib le p r o p e r t y w it h in

S ta te

th e S t a t e ,]

a n y p e r s o n d y in g s e iz e d o r p o s s e s s e d t h e r e o f w h ile a r e s id e n t o f th e

S ta te .
2.

and

“ d is t r ic t a t t o r n e y ,”

T h e w ord s

"co u n ty

a s u s e d in t h is a r t ic l e , s h a ll b o t a k o n

to m e a n th e trea su rer o r th e d is tr ic t a tto r n e y o f th e c o u n ty o f th o s u r r o ­
g a t e h a v in g ju r is d ic t io n a s p r o v id e d
w ord s

in

S e c tio n

“ th o in t e s t a t o la w s o f th is S t a t e ,”

2 2 8 o f t h is a r t ic l e .

a su sed

in

The

t h is a r t ic l e , s h a ll b e

t a k e n t o r e fe r t o a ll tr a n s fe r s o f p r o p e r t y , o r a n y b e n e fic ia l in te r e s t th e r e in ,

W hen

t h e t r a n s f e r is b y w il l o r i n t e s t a t e la w , o f r e a l p r o p e r t y w ith in

e ffe c t e d b y th e s t a tu te o f d e s c e n t a n d d is tr ib u tio n a n d t h e tr a n s fe r o f a n y

th is S ta te, o r o f g o o d s , w a r e s a n d m e r c h a n d is e w ith in th is S ta te, o r o f s h a r e s

p r o p e r t y , o r a n y b e n e fic ia l in te r e s t th e r e in ,

o f s to c k o f c o r p o r a ti o n s o r g a n iz e d u n d e r th e la w s o f th is S ta te , o r o f n a tio n a l

upon

b a n k in g a s s o c i a t i o n s lo c a te d i n th i s S ta te , a n d th e d e c e d e n t w a s a n o n - r e s i d e n t

in c lu d in g

o f th e S ta te a t th e ti m e o f h is d ea th ; o r o f [ t a n g i b l e ] p r o p e r t y

husband

S t a t e o r o f a n y in t a n g ib lo p r o p e r t y i f ]

[w ith in th e

e v id e n c e d b y o r c o n s is t in g o f s h a r e s

e ffe c te d

b y o p e r a t io n o f la w

t h e d e a t h o f a p e r s o n o m it t in g t o m a k e a v a lid d is p o s it io n It h e r e o f,
a

h u s b a n d ’s

to su cceed

to

r ig h t a s

ten a n t b y

th e

th e p erson a l p ro p o rty

t a t e le a v in g n o d e s c e n d a n ts h e r s u r v iv in g .

cu rtesy

or

th o

r ig h t

o f h is w ife w h o

of

a

d ie s in te s ­

F o r a n y a n d a ll p u r p o s e s o f

o f s t o c k o f a fo r e ig n c o r p o r a tio n , jo in t sto ck c o m p a n y o r a s s o c ia tio n , o r b o n d s ,

t h is a r t ic le a n d

n o t e s , m o rtg a g es o r o t h e r

s h a ll b o d e e m e d t o h a v e d ie d a r e s id e n t a n d n o t a n o n r e s id e n t o f t h e S t a t e

e v id e n c e s o f in t e r e s t in

any

c o r p o r a tio n ,

jo in t

fo r th e ju s t im p o s it io n o f th e tr a n s fe r t a x , o v e r y p e r s o n

s t o c k c o m p a n y o r a s s o c ia t io n w h e r e v e r in c o r p o r a t e d o r o r g a n iz e d , e x c e p t

o f N ew Y ork ,

th e s h a r e s o f s to c k o f a f o r e ig n c o r p o r a t io n , [ f o r e i g n o r d o m e s t i c , o r ] j o i n t

lo d g e d in t h is S t a t e d u r in g a n d f o r t h e g r e a t e r p a r t o f a n y p e r io d o f t w e lv e

stock

com pan y

if an d

w hen

su ch

p erson

s h a ll h a v e

d w e lt

or

s h a ll h a v o

o r a s s o c i a t io n , o r th e b o n d s , n o te s , m o r tg a g e s o r o th e r e v i­

c o n s e c u t iv o m o n t h s in t h e t w e n t y - f o u r m o n t h s n e x t p r e c e d i n g h is o r h e r

d e n c e s o f in te r e s t in a n y c o r p o r a tio n , jo i n t sto ck c o m p a n y o r a s s o c ia tio n , d o­

d e a t h ; a n d a ls o i f a n d w h e n b y fo r m a l w r it t e n in s t r u m e n t e x e c u t e d w it h in

m e s tic o r fo r e ig n , c o n s t it u t in g , b e in g o r in t h e n a t u r e o f a m o n e y e d c o r ­
p o r a t io n , a r a ilr o a d o r tr a n s p o r ta tio n c o r p o r a t io n , o r a p u b lic s e r v ic e o r

o n e y e a r p r io r t o h is o r h e r d e a t h o r b y la s t w ill h e o r s h e s h a ll h a v o d e ­

m a n u fa c tu r in g

c o r p o r a tio n

a s d e fin e d

and

c la s s ifie d

by

t h e la w s

o f t h is

c la r e d h im s e lf o r h e r s e lf t o b e a r e s id e n t o r a c it iz e n o f t h is S t a t e , n o t ­
w it h s t a n d in g t h a t fr o m t im e t o t im e d u r in g s u c h t w e n t y -fo u r m o n t h s

S ta te , a n d th e p r o p e r ty re p re se n te d b y su ch sh a res o f s to c k , b o n d s , n o te s,

s u c h p e r s o n m a y h a v e s o jo u r n e d o u t s id e o f t h is S t a t e a n d w h e t h e r o r n o t

m o r tg a g e s o r o t h e r e v i d e n c e s o f in t e r e s t , c o n s is t s o f r e a l p r o p e r t y w h ic h is

s u c h p e r s o n m a y o r m a y n o t h a v e v o t e d o r h a v e b e e n e n tltlo d t o v o t o o r

l o c a t e d w h o l l y , o r p a r t l y , w it h in t h e S t a t e o f N e w Y o r k , o r o f a n in t e r e s t

h a v e b e e n a s s e s s e d f o r t a x e s in t h is S t a t e ; a n d a ls o i f a n d w h e n s u c h p e r ­

in a n y p a r t n e r s h ip b u s in e s s c o n d u c t e d , w h o ll y o r p a r t l y , w it h in t h e S t a t e

s o n s h a ll h a v e b e e n a c it iz e n o f N e w Y o r k s o jo u r n in g o u t s id o o f t h is S t a t e .

o f N ew

T h e b u r d e n o f p r o o f in a t r a n s fe r t a x p r o c e e d i n g s h a ll b e u p o n t h o s o c la im ­

Y o r k , a n d i f n o t w h o lly w ith in th e S ta te o f N e w

Y o r k , th e n in s u c h

p r o p o r tio n a s th e v a lu e o f th e rea l p r o p e r ty o f s u ch c o r p o r a tio n , jo in t s to c k

in g e x e m p t io n b y r e a s o n o f t h o a lle g e d n o n r e s id e n c e o f th o d e c e a s e d .

com pan y

w id e

or

a s s o c ia t io n ,

or

as

th e v a lu e

o f th e

e n tir e

p ro p e rty

o f su ch

o f a n y p erson

who

w o u ld

be deem ed

a r e s id e n t u n d o r

p a r t n e r s h ip l o c a t e d in t h e S t a t e o f N e w Y o r k b e a r s t o t h e v a l u e o f t h e e n ­

s h a ll a ls o b o d e e m e d a r e s id e n t a n d h e r e s t a t e s u b je c t t o

tir e p r o p e r t y

a

o f su ch

c o r p o r a tio n , jo in t s to c k

com pan y

o r a s s o c ia t io n

or

p a r t n e r s h ip , a n d t h e d e c e d e n t w a s a n o n -r e s id e n t o f t h e S t a t e a t th e t im e
o f h is d e a t h ; o r w h e n t h o t r a n s f e r is b y w il l o r I n t e s t a t e la w o f c a p it a l in ­

tra n s fe r ta x

a s h e r e in

p r o v id e d , u n lo s s s a id

w ife

has a

Tho

t h is s e c tio n

th e p a y m o n t o f
d o m ic ile

sepa­

r a t e fr o m h im .
S e c . 3 . T h is A c t s h a ll t a k e e f f e c t im m e d ia t e ly .

v e s t e d in b u s in e s s in t h e S t a t e b y a n o n - r e s id e n t o f t h e S t a t e d o in g b u s in e s s
in th o S t a t e e it h e r a s p r in c ip a l o r p a r tn e r .
3 . W h e n e v e r t h e p r o p e r t y o f a r e s id e n t d e c e d e n t , o r th e p r o p e r t y o f a
n o n -r e s id e n t d e c e d e n t w it h in t h is S t a t e , t r a n s fe r r e d b y w ill is n o t s p e c ific a lly
b e q u e a t h e d o r d e v is e d , s u c h p r o p e r t y s h a ll, f o r t h e p u r p o s e s o f t h is a r t ic le ,
b e d e e m e d t o b e tr a n s fe r r e d p r o p o r t io n a t e ly t o a n d d iv id e d p r o r a ta a m o n g
a ll t h o g e n e r a l le g a t e e s a n d

d e v is e e s n a m e d in s a id d e c e d e n t ’s w ill, in c lu d ­

in g a ll t r a n s fe r s u n d e r a r e s id u a r y c la u s e o f s u c h w i l l .
4.

W h e n t h e t r a n s fe r is o f [ i n t a n g i b l e ] p r o p e r t y

[ o r o f t a n g ib le p r o p ­

e r t y w it h in t h e S t a t e ] m a d e b y a r e s id e n t , o r i s o f r e a l p r o p e r ty w ith in th i s
S ta le , o r o f g o o d s , w a r e s a n d m e r c h a n d is e w ith in th is S ta te, o r o f s h a r e s

of

s t o c k o f c o r p o r a t i o n s o r g a n i z e d u n d e r t h e la w s o f t h i s S t a t e o r o f n a t i o n a l b a n k ­
i n g a s s o c i a t i o n s lo c a te d i n th is S ta te , m a d e b y a n o n -r e s id e n t-, o r o f [ t a n g i b l e ]
p r o p e r t y [ w i t h i n t h e S t a t e o r o f a n y in ta n g ib le p r o p e r t y , i f ] e v id e n c e d b y
o r c o n s is t in g o f s h a re s o f s t o c k o f a fo r e ig n c o r p o r a tio n , jo in t sto ck co m p a n y
o r a s s o c i a t i o n , o r b o n d s , n o t e s , m o r t g a g e s o r o t h e r e v i d e n c e s o f i n t e r e s t in
a n y c o r p o r a t io n , j o in t s t o c k c o m p a n y , o r a s s o c ia t io n w h e r e v e r in c o r p o r a t e d
o r o r g a n i z e d , e x c e p t th e s h a r e s o f sto c k o f a f o r e i g n
o r d o m e stic , o r ]

jo in t s to c k

com pan y

c o r p o r a t io n

[fo r o ig n

o r a s s o c i a t i o n , o r th e b o n d s ,n o t e s ,

m o rtg a g e s o r o th e r ev id en c es o f in te r e s t in a n y c o r p o r a tio n , jo i n t slo ck co m p a n y
o r a s s o c ia t io n , d o m e s tic o r f o r e i g n , c o n s t it u t in g , b e in g o r in t h e n a t u r e o f
a

m oneyed

c o r p o r a tio n ,

a

r a ilr o a d

or

tr a n s p o r ta tio n

p u b lic s e r v ic e o r m a n u fa c tu r in g c o r p o r a t io n

c o r p o r a tio n ,

a s d e fin e d

and

or

a

c la s s ifie d b y

t h e la w s o f t h is S t a t e , a n d t h e p r o p e r t y r e p r e s e n t e d b y s u c h s h a r e s o f s t o c k ,
b o n d s , n o t e s , m o rtg a g es o r o t h e r e v id e n c e s o f in te r e s t c o n s is ts o f r e a l p r o p ­
e r t y w h ic h is l o c a t e d , w h o ll y o r p a r t l y , w it h i n t h e S t a t e o f N e w Y o r k ,
o f an

in te r e s t in

w it h in
Y ork ,

a n y p a r tn e r s h ip

th o S ta te o f N e w
th e n

in

c o r p o r a tio n ,

su ch

c o n d u c t e d , w h o lly

Y o r k , a n d i f n o t w h o lly w ith in

p r o p o r tio n

jo in t s to ck

b u s in e s s

as

or

o r p a r tly

th e S ta te

o f N ew

th e v a lu e o f th e rea l p r o p o r ty o f su ch

c o m p a n y o r a s s o c ia tio n ,

or as

th o v a lu e

o f th e

e n t ir e p r o p e r t y o f s u c h p a r t n e r s h ip lo c a t e d in t h e S t a t e o f N e w Y o r k b e a r s
t o th o v a lu e o f t h e e n tir e p r o p o r t y o f s u c h c o r p o r a t io n , jo in t s t o c k c o m p a n y
o r a s s o c ia tio n
in

o r p a r tn e r s h ip m a d e b y

a n o n -r e s id e n t o r c a p it a l in v e s te d

b u s in e s s in t h o S t a t e b y a n o n - r e s id e n t o f t h e S t a t e d o in g b u s in e s s in t h o

S t a t e e i t h e r .a s p r i n c i p a l o r p a r t n e r

by

d e e d , g r a n t , b a r g a in , s a le o f g i ft

m a d e in c o n t e m p la t io n o f th e ^ d e a th o f t h o g r a n t o r , v e n d o r , o r d o n o r

or

in t e n d e d t o t a k e e f f e c t in p o s s e s s io n o r e n j o y m e n t a t o r a f t e r s u c h d e a t h .
5.
in

W h e n a n y s u c h p e r s o n o r c o r p o r a t io n b e c o m e s b e n e fic ia lly e n title d ,

p o s s e s s io n

or

e x p ecta n cy ,

to

any

p ro p e rty

or

th o

in c o m o

th ereof b y

a n y s u c h t r a n s fe r w h e th e r m a d o b o fo r e o r a ft e r t h e p a s s a g e o f th is c h a p t e r .

6 . W h e n e v e r a n y p e r s o n o r c o r p o r a t io n s h a ll e x e r c is e a p o w e r o f a p ­
p o in t m e n t d e r iv e d

fr o m

a n y d is p o s itio n

o f p rop erty , m a d e

e ith e r b e fo r e

o r a f t e r t h e p a s s a g e o f t h is c h a p t e r , s u c h a p p o i n t m e n t w h e n m a d e s h a ll
b e deem ed a

t r a n s fe r t a x a b le u n d e r t h e p r o v is io n s o f t h is c h a p t e r in th e

sa m e m a n n e r a s th o u g h

th e p ro p e rty to

w h ic h s u c h a p p o in t m e n t r e la te s

b e lo n g e d a b s o lu t e ly to th e d o n e o o f s u c h p o w e r a n d h a d b e e n b e q u e a th e d
o r d e v is e d b y s u c h d o n e e b y w ill.
7.

W h e n e v e r p r o p e r t y is h e ld

so n s, o r a s te n a n ts b y
s t it u t io n s

in

th e jo in t n a m es o f tw o o r m o re p e r ­

t h o e n t i r e t y , o r is d e p o s i t e d in b a n k s o r o t h e r in ­

o r d e p o s it a r i e s in

th o jo in t n a m e s o f tw o o r m o r e p e rso n s a n d

p a y a b le t o e it h e r o r th o s u r v iv o r , u p o n
th e

r ig h t o f

te n a n ts,

th e

s u r v iv in g

p erson

or

ten a n t b y

person s,

to

th e

th o d e a th o f o n e o f su ch p e rso n s

th e

e n t ir e ty ,

im m e d ia t e

jo in t

ten a n t o r

o w n e r s h ip

or

jo in t

p o s s e s s io n

a n d e n jo y m e n t o f s u c h p r o p o r t y , s h a ll b e d e e m e d a t r a n s fe r t a x a b le u n d e r
th e p r o v is io n s
p rop erty
ceased

to

o f t h is c h a p t e r in

w h ic h

ten a n t

by

b een b eq u ea th ed

su ch
th o

tr a n s fe r

e n t ir e ty ,

th e

sam e m anner as

r e la te s

jo in t

b o lo n g e d

ten a n t

or

th o u g h

a b s o lu t e ly

jo in t

th e w h o le
to

d e p o s ito r

th e
and

de­
had

t o th e s u r v iv in g te n a n t b y th e o n tir e t y , jo in t te n a n t o r

jo in t te n a n ts , p e r s o n o r p e r s o n s , b y s u c h d e c e a s e d te n a tn b y th e e n t ir e ty ,
jo i n t t e n a n t o r jo in t d e p o s it o r b y w ill.

8 . T h e t a x im p o s e d h e r e b y

s h a ll b e

upon

th o

c le a r

m arket

v a lu e

of

s u c h p r o p e r t y a t t h e r a te s h e r e in a fte r p r e s c r ib e d .
S ec.
A ct

2.

in r e la t io n

L a w s ,”
S ec.

243

to

of

to

243.

read

62

of

th e

la w s o f

1909,

e n t it le d

“An

by

C h a p te r 651

o f t h o la w s o f

1 9 1 6 , is h e r e b y

a s fo llo w s :

D e fin it io n s .

t h is a r t ic l e ,

C h a p ter

t a x a t io n , c o n s t it u t in g C h a p t e r 6 0 o f th e C o n s o lid a t e d

a s la s t a m e n d e d

am ended
in

S e c tio n

The

w ord s

“ esta te”
th e

and

“ p r o p e r t y ,”

as

u sed

a s s o c ia te s

to y o u , r e ­

r e s p e c tin g

p r ic e s .

I

r e g r e t th a t m e e tin g o f y o u r a d v is e r s w it h th o I n d u s tr ia l B o a r d T h u r s d a y ,
A p r il 2 4 , fa ile d t o a d v a n c e m a t t e r s , b e c a u s e t iie y c a n d id ly s t a t e d t h e y h a d
n o n e w fa c t s a n d r e s e r v e d th e ir v ie w s r e s p e c t in g p r o p e r p r ic e s .

I s h a ll b o

m o r e th a n g la d t o t a k e a n y fu r t h e r s te p s t h a t w ill b r in g u s in t o a c c o r d a n d
r e lio v e th e e x is tin g b u s in e s s te n s io n .

I am

ready

th e r e fo r e t o r e c o n s id e r

c a n d id ly a ll fa c t s y o u o r y o u r r e p r e s e n ta tiv e s m a y c a r o t o p r e s e n t , a n d t o
g iv e th e s a m e s y m p a th e tic a t t e n tio n .
Y o u a r e c o r d ia lly r e q u e s te d t o a sk y o u r r e p r e s e n ta tiv e s t o c o n fe r a n e w
w it h t h e In d u s tr ia l B o a r d , w it h

th e s p ir it o n b o t h s id o s o f g o n t lo m e n e n ­

g a g e d in a c o m m o n s e r v ic o , s e e k in g a m u t u a l e n d , s p e a k in g w i t h o u t r e s e r v e
a n d w it h e n tir e a b s e n c e o f b a r g a in in g , a n d w it h o u t t h o u g h t o f m a in t a in in g
p r e v io u s ly

e x p re s se d o p in io n s , s a v e s o

d e v e lo p e d ju s t ify .

fa r o n ly

as fa c ts m a y w h e n

fu lly

I a s s u r e y o u in a d v a n c o t h a t t h e I n d u s t r ia l B o a r d w ill

a c t in t h is s p ir it .
K in d ly

a d v is e ,

a c t a s su g g ested .

i f p o s s ib le

by

te le g r a p h , w h e th e r

T h i s is a s k e d b e c a u s e y o u

you

are

w ill a p p r e c ia t e

prepared
t h a t in

to
th e

a b s e n c e o f a c t io n lo o k in g t o d e fin it e r e s u lt s , it w ill b e n e c o s s a r y t h a t th e
m e m b e r s o f th e In d u s tr ia l B o a r d r e s u m e th e ir p e r s o n a l a ffa ir s .

At the same time George N. Peek, Chairman of the In­
dustrial Board, made public tho following letter he had sent
to Director-General Hines:

M y D ea r M r . H in es:

am

p o s itio n .
(a )
T h e p r e v io u s r e c o m m e n d a t io n

or

[T h e




in te r e s t
w ord s

don or, or ven dor,

th e r e in , w h e th e r s it u a t e d

"ta n g ib lo

in te r e s t

and

t e r e s t th e r e in

o f th e d e ce d e n t, g ra n to r,

or

m y s o lf

n e x t o f k in , g r a n te e s , d o n e e s o r v e n d e e s , a n d n o t a s t h o p r o p e r t y o r in ­
a ll p r o p e r t y

p rop erty

w ith

In v ie w o f th o la titu d e o f th e d ls c u s s lo if y e s te r d a y b e tw e e n t h o v a r io u s

S ta te.

m ean

c o -o p e r a t io n

p e r s o n s p r e s e n t a t o u r c o n fe r e n c e , as C h a ir m a n o f t h o I n d u s tr ia l B o a r d I

th e

to

M r . T u m u lt y h a s in fo r m e d m e o f th e P r e s id e n t ’s c a b le g r a m
q u e s tin g

th e r e in

out

ta k en

With a view to making final efforts toward bringing about
an adjustment of the controversy between the Railroad
Administration and the Industrial Board of the Department
of Commerce, the two interests have arranged for a confer­
ence between representatives of the Railroad Administration
and the steel producers in New York on Thursday next,
May 8. At this meeting* it is stated, an endeavor will be
made to reach some agreement on prices for railroad steel
purchases, and thus remove the objection of tho Railroad
Administration to the prices recommended by tho Industrial
Board. Tho break between the Railroad Administration
and the Industrial Board in the price-stabilization plan of
the latter developed on April 2 with tho declination of the
Railroad Administration to accept the steel prices previously
agreed on (March 20) by representatives of tho steel in­
dustry and the Industrial Board. Following the announce­
ment on April 18 that President Wilson had directed the
Industrial Board and the Railroad Administration to re­
open the discussion of price stabilization and endeavor to
find a common ground on which they could agree, confer­
ences were begun on April 24 between members of tho two
Government agencies. They were, however, fruitless, as
was indicated in the following telogram sont by Secretary
Redfield to Director-General of Railroads Walker D. Hines
on April 26, asking that the latter’s representatives be in­
structed to confer anew with the Industrial Board.

p a s s in g o r t r a n s fe r r e d ' t o in d iv id u a ls o r c o r p o r a t e le g a t e e s , d e v is e e s , h o ir s ,

c lu d e

s h a ll b o

F U R T H E R CO N FE REN CES I N STEEL PR IC E CONTRO­
V ERSY OF R A I L R O A D A D M I N I S T R A T I O N A N D
I N D U S T R I A L BO ARD .

p rop erty ”

as

used

and

s h a ll in ­

w ith in

o r w it h ­

in

t h is

a r t ic le

w r it in g y o u t h is le t t e r t o p r e v e n t a n y p o s s ib le m is u n d e r s t a n d in g o f its
o f s te e l p r ic e s w a s m a d o o n ly

a fte r

c a r e fu l s t u d y o f c o s t s p r e p a r e d b y th o F e d e r a l T r a d e C o m m is s io n a n d th e

M ay 3 1919.]

THE CHRONICLE

1783

fig u r e s o f t h e p r o d u c e r s w h ic h w e r e c h e c k e d b y e x p e r t s in t h e s e r v ic e o f t h e

e v e r b e e n , a s i t is t o - d a y , t h a t t h e p r ic e a t w h ic h t h e R a il r o a d A d m in is t r a ­

B oard .
T h e p r ic e s a r r iv e d a t w e r e t h e lo w e s t w h ic h t h e m e m b e r s o f t h e B o a r d

t io n w il l b u y is w it h i n it s o w n d is c r e t io n a n d t h a t in it s o p in io n t h e p r ic e s
a p p r o v e d b y t h e B o a r d a r e t o o h ig h .

b e lie v e d t h o y c o u ld r e c o m m e n d a n d w h ic h w o u ld a t th e s a m e t im e p e r m it
t h e p r o d u c e r s t o m a in ta in th e e x is tin g s c a le o f w a g e s a n d p r e s e r v e t h e a v e r ­
a g e in d e p e n d e n t p r o d u c e r .
(b)

The

P r e s id e n t h a s r e fe r r e d

b e tw e e n b u y e r a n d s e lle r .’ ’
a ttitu d e a n d
R a ilr o a d

is t h a t i t is n o t s o m u c h in t h e m a t t e r o f p r i c e t h a t h e

to

our B oard

c o n c e r n in g th e c o u r s e o f th e

B oard

in

In deed

a p p r o v in g p r ic e s

“ a s a c o u r t o f m e d ia tio n

b a s e d o n c o s t s t u d ie s , r a th e r th a n in c a ll in g s e lle r s a n d G o v e r n m e n t b u y e r s

AVe t h e r e f o r e m u s t d e c lin e t o t a k e a p a r t is a n

to g e t h e r a n d p e r m it t in g th e b e s t p o s s ib le b a r g a in s b y b a r te r , c o n fir m s m e

in t h e a b s e n c e o f n e w

in fo r m a t io n

o r d a ta to u rg e th e steel

m a n u fa c t u r e r s t o m a k e a r e d u c t io n in t h e o ffe r e d
th e

M y c o n c lu s io n

( H i n e s ) d o e s n o t a g r e e w i t h m e a s i t is i n t h e p o l i c y I h a v e s t a t e d .
h is a p p r e h e n s io n

A d m in is tr a tio n

p r ic e s , m e r e ly b e c a u s e

r e q u e s ts it.

in t h is .

T h o la t t e r a lt e r n a t iv e o v e r lo o k s e n t ir e ly t h e c ir c u m s t a n c e s t h a t

p r ic e s s o f o r c e d
s tu d ie s

I f , h o w e v e r , y o u h a v e a n y fa c t s , fig u r e s o r in fo r m a t io n s h o w in g t h a t , o n

o f th e

b u s in e s s

to

to

a

lo w e r le v e l w o u l d , a s is a b u n d a n t ly p r o v e d

B oard,

a fe w

r e s u lt in

lo w e r e d

la b o r

p o w e r fu l p r o d u c e r s ,

or

w ages, or

in c r e a s e d

th o

by

th e

d iv e r s io n

p r ic e s t o

of

th o p u b lic .

a n y g r o u n d w h a t s o e v e r , t h e p r ic e r e c o m m e n d e d w a s t o o h ig h , w o s h a ll b e

M y c o n c l u s i o n is t h a t i f t h e p o l i c y o f s c i e n t i f i c a d ju s t m e n t o f p r i c e s is w r o n g ,

g la d t o a p p r o a c h th o r e p r e s e n ta tiv e s o f s te e l p r o d u c e r s a g a in a n d a tte m p t

i t o u g h t t o b o a b a n d o n e d ; i f i t is r i g h t , t h e n a l l d e p a r t m e n t s o f t h e G o v e r n ­

to

secu re
(c )

a

m o d ific a t io n

C o n fo r m in g

w ith

o f t h e ir o f f e r in
th o

P r e s id e n t ’s

accord an ce

req u est,

I

th e r e w ith .

hereby

m e n t o u g h t t o s u p p o r t it .

te n d e r

to

th e

T h e B o a r d b e lie v e s t h a t a n y im p r e s s io n u p o n t h e p a r t o f a n y o n e a s t o

R a ilr o a d A d m in is t r a t io n t h e s e r v ic e s o f t h o B o a r d t o b r in g to g e t h e r r e p re ­

w h a t c o n s titu te s a

s e n ta tiv e s o f th e R a ilr o a d A d m in is t r a t io n a n d t h o s te e l p r o d u c e r s , a n d th o

n o t b a s e d o n a n in v e s t ig a t io n o f c o s ts u n d e r e x is tin g c o n d it io n s , w it h p r o p e r

B o a r d w ill r e n d e r a ll t h e m u t u a l a id p o s s ib le t o b r in g a b o u t a s a t is fa c t o r y

c o n s id e r a t io n f o r a ll , is n o t v a l id ; t h a t t h e lo w e s t p r ic e o b t a in a b le u n d e r

u n d e r s ta n d in g b e t w e e n

stre ss a t t h is tim e fr o m

th o R a ilr o a d A d m in is tr a tio n a n d th o p r o d u c e r s o f

s t e e l o n t h o b r o a d b a s is o f t h o m a in t e n a n c e o f t h e e x is tin g w a g e s c a le a n d

fa ir p r ic e o r r e d u c t io n

o f p r ic e s a t t h is t im e w h ic h

is

t h e m o s t e f f i c i e n t is n o t a f a i r m e a s u r e o f w h a t is

r ig h t a n d is n o t in t h e in te r e s t o f th e n a t io n .

t h o p r e s e r v a tio n o f t h o a v e r a g e in d e p e n d e n t p r o d u c e r .

Chairman Peek also issued a statement saying:

T h e r e s ig n a t io n s o f a ll m e m b e r s o f th e
th o p o ss e s sio n
lib e r t y

to

o f S ecreta ry

accep t

th em

at

R e d fie ld
any

I n d u s tr ia l B o a r d

s in c e A p r il

tim e

ho

1.

h ave been

in

H e is , o f c o u r s e , a t

b e lie v e s c o n d it io n s

w arran t su ch

a c t io n .

Director-Goneral Hines, who is in tho West on an inspec­
tion trip, issued the following statement with his arrival in
Donver on April 28, expressing his willingness to accept tho
offer of the Industrial Board for the renewal of tho con­
ferences:
O n A p r il 2 6 S e c r e t a r y R e d f ie ld t e le g r a p h e d D ir e c t o r -G o n e r a l H in e s s u g ­
g e s t in g

th a t re p r e s e n ta tiv e s o f t h e

R a ilr o a d

A d m in is t r a t io n

c o n fe r a n e w

w it h t h o I n d u s t r ia l B o a r d r e la t iv e t o s t e e l p r ic e s w it h t h o s p ir it o f b e in g
e n g a g e d in a c o m m o n s e r v ic e a n d s e e k in g a m u t u a l e n d .
D ir e c t o r -G e n e r a l H in e s t o - d a y c a lle d a t t e n t io n t o t h e f a c t t h a t o n A p r il
24 Ju dge R ob ert S. L o v e tt an d

H e n r y W a lte r s , a s r e p r e s e n ta tiv e s o f th o

R a ilr o a d A d m in is t r a t io n , h a d m e t w it h th o In d u s tr ia l B o a r d fo r th e p u r ­
p o s e o f r e a c h in g c o m m o n
c o n c e p t io n s

on

e ith e r

g r o u n d in a p r a c t ic a l s e n s e r e g a r d le s s o f f o r m e r

s id e

and

had

been

prepared

to

o ffe r

c o m p r o m is e

U N I F I C A T I O N OF R A I L R O A D L I N E S F A V O R E D
RAILROAD CO M M ITTEE 0
NVESTMENT
B A N K E R S’ ASSOCIATION.

The members of the Special Railroad Committee of the
Investment Bankers’ Association were the guests of Allen
B. Forbes, of Harris, Forbes & Co., at a dinner at the Metro­
politan Club, this city, last Tuesday night, April 29. A
statement issued on Wednesday regarding the gathering
announces that the committee has since been seriously con­
sidering the railroad situation. Among other thin s this
statement, which was issued at the offices of Harris, Forbes
& Co., reports that “it seems to be generally taken for
granted by the bankers that there should be at least some
measure of unification of existing railroad lines.” We quote
therefrom the following:
Tho

C o m m it t e e

does

not

exp ect

to

b r in g

out

c o m p le t e

p la n

c o n s id e r e d a ll t h e m o s t im p o r t a n t p la n s w h ic h h a v e b e e n

w h ic h ,

in

th o

o p in io n

o f th o

D ir e c to r -G e n e r a l, w e r e e r r o n e o u s

and

th a t

fo r th o r e tu r n o f th e r o a d s a t t h is tim e .

a

s u g g e s tio n s lo o k in g t o a n a g r e e m e n t a s t o p r ic e s , b u t t h a t t h o B o a r d d e ­
c lin e d a t t h o m e e t in g t o

a c t e x c e p t a c c o r d in g t o it s o r ig in a l c o n c e p t io n s ,

BY

s o lu t io n

o f th e p r o b le m

fo r th e

a n d fe e ls t h a t n o p la n th u s fa r b e fo r e t h e p u b lic

th is a t t lt u d o o f t h o B o a r d p r a c t ic a ll y c lo s e d t h e d o o r t o fu r t h e r d is c u s s io n

fu lly

r a t h e r th a n p r o p o s e a p a r t ic u la r p la n o f its o w n ju s t a t t h is t im e , i t c o u ld
in

v ie w

o f ren ew ed

s u g g e s tio n s

fo r

c o n fe r e n c e ,

th o

d e ta ile d

p re se n te d

at

t h a t m e e tin g .
T h e D ir e c to r -G e n e r a l,

m e e ts

or

T h o C o m m it t e e h a s c a r e fu lly

i n d i c a t e d a w il lin g n e s s t o a c c e p t t h e o f f e r m a d o b y t h e I n d u s t r i a l B o a r d in

p re se n te d a n d

a

in to n tio n

te le g r a m

sent b y

s e n t a t iv e s o f th o

C h a ir m a n

R a ilr o a d

P eek on

A p r il 2 6 t o

b r in g t o g e t h e r r e p r e ­

A d m in is tr a tio n a n d th e s te e l p r o d u c e r s .

A mooting of tho Goneral Committee of tho Amoriean Iron
& Steel Institute which had agreed to the stabilization plan
of tho Industrial Board in March hold a mooting in this city
on Tuesday, April 29, at the office of Judgo Gary. Secretary
Reid of tho Industrial Board was also in conference with
Judge Gary on that day; following these conferences it was
announced at Washington on April 30 that the steel industry
had expressed a willingness to confer again on tho question
of prices, this time with representatives of tho Railway Ad­
ministration. The Washington dispatches in announcing
this said:
R e p r e se n ta tiv e s
p u rpose
B oard

to

of

th e

re ce d o fr o m

in d u s tr y ,

th e ir

p r ic e

is

u n d erstood ,

s c h e d u le

th o

d id

ap proved

R a ilr o a d

not

by

in d ic a t e

th o

A d m in is tr a tio n

a

I n d u s tr ia l
r e je c te d

to

th e

s it u a t io n .

It

fe e ls ,

h ow ever,

to g iv e a d v ic e o r a s sista n c e w h e re r q u e s te d .

sta te

c e r ta in

p e r m a n e n t s o lu t io n
Tho

of

ban k ers

g e n e r a l p r in c ip le s u p o n

o f th e p r o b le m

fe e l

th a t

th a t,

i t s e l f in r e a d in e s s t o a n a l y s e in d e t a i l t h e p la n s
w h ic h

I t is a ls o it s

it b e lie v e s

any

m ust b e based.

C on gress

and

th o

A d m in is tr a tio n

are

s in c e r e ly

d e s i r o u s o f r e c e i v i n g c o n s t r u c t i v e a i d in t h is s i t u a t i o n , a n d i t is u n d e r s t o o d
t h a t t h o C o m m it t e e h o p e s t o b e o f r e a l s e r v ic e in t h r o w in g
m a n y c o m p le x p r o b le m s in v o lv e d .
T h e m e e t in g a t th e M e t r o p o lit a n
C o m m i t t e e , r e s u lt e d in a n

lig h t o n

th e

C lu b , w h ic h w a s th e fir s t o n e o f

in t e r e s t in g e x p r e s s io n o f v ie w s f r o m

th e

th e C o m ­

m itte e m e m b e r s p r e s e n t w h o , t o a n u n u s u a l d e g r e e , a re r e p r e s e n ta tiv e o f
t h o s e n t i m e n t in i n v e s t m e n t c i r c l e s t h r o u g h o u t t h e e n t i r e U n i t e d S t a t e s .
T h o C o m m it t e e m e m b e r s w h o w e r e p r e s e n t a t th e m e e tin g e ith e r p e r s o n a lly
or b y

a lte r n a te s , a n d

th e s e c t io n s w h ic h

O tto H . K a h n , N ew

Y ork

W . I I . P orter, N ew

Y ork .

th e y re p r e se n t a re a s fo llo w s :

B r e c k e n r id g e J o n e s , S t . L o u is
J o h n E . O ld h a m , B o s t o n .

C h a r le s I I . S a b in , N o w Y o r k .

R o b e r t W in s o r , B o s to n .

F r a n k A . V a n d e r lip , N e w Y o r k .

W a r r e n S . H a y d e n , C le v e la n d .

J a m e s II. F o r g a n , C h ic a g o .

H . C . M c E ld o w n e y . P itts b u r g h .

G e o r g e M . R e y n o ld s , C h ic a g o .

A . I I . S . P o s t , B a lt im o r e .

F r a n k B . A n d e r s o n , S a n F r a n c is c o .

I t . S . H e c h t , N e w O r le a n s .

G e o r g e I I . F r a z ie r , P h ila d e lp h ia .

as

T h e C o m m it t e e fe e ls s t r o n g ly t h a t e v e r y b u s in e s s iu t e r e s t o f t h e U n it e d

Mr. Peek in an address before tho United States Chamber
of Commorco on April 29 stated that the refusal of Govern­
ment agencies at this time to co-operate in tho movement to
stabilize price at a lower lovel, based upon a scientific de­
termination of costs and a proper consideration of all inter­
ests involvod, would bo fraught with grave consequonces to
tho country. In part ho said:

S t a t e s r e q u ir e s t h o s p e e d ie s t p o s s ib le a d ju s t m e n t o f t h is p r o b le m , a lt h o u g h

too

th re o m o n th s a g o , w h ic h

it

r e q u ir e m e n ts

b o m o r o u s e fu l b y h o ld in g

h ig h .

i t is o b v i o u s t h a t a h a p h a z a r d o r t e m p o r a r y e x p e d i e n t i s t h e l a s t t h i n g t o
b e d e sir e d .
It seem s

to

s h o u ld b o a t

be

g e n e r a lly

ta k e n

fo r g ra n te d

by

le a s t s o m e m e a s u r e o f u n ific a t io n

th e b a n k ers

th a t th ere

o f e x is t in g r a ilr o a d lin e s .

H o w m u c h u n ific a t io n th e r e s h o u ld b e a n d h o w t h is s h o u ld b e a c c o m p lis h e d
a r e q u e s tio n s w h ic h t h e y a r e c a r e fu lly c o n s id e r in g .

A s w e h a v e p r e v io u s ly

a n n o u n c e d , t h e C o m m it t e e a ls o h a s ta k e n a d e fin it e p o s it io n a g a in s t G o v ­
e r n m e n t o w n e r s h ip o r o p e r a t io n .

In fa c t , it w a s a p p o in te d o n

t h is p la t ­

f o r m a n d d e v e l o p m e n t s in t h e p a s t f e w w e e k s o r m o n t h s h a v o n o t c h a n g e d
t h e i r v i e w s in t h a t r e g a r d .

S in c e t h o s ig n in g o f th o a r m is t ic e t h o p la n o f t h o I n d u s t r ia l B o a r d w a s
th o fir s t

con crete,

tow a rd a n

fo r c o fu l a n d

e ffe c tiv e s te p

im m e d ia te a n d g e n e r a l r e d u c t io n

ta k en

by

th o

G overn m en t

in p r i c e s o f c o m m o d i t i e s a n d

th o c o s t o f liv in g .

T h a t p la n h a d p a s s e d s o fa r in t o e x e c u t io n a s t o r e n d e r

its e ffe c t c e r t a in .

G r e a t ly r e d u c e d s te e l p r ic e s h a d

been

d e te r m in e d

on

a s tu d y o f co sts a n d th o th e o ry o f th o B o a rd w as p r o v e d b y th o fa ct th a t
th e ir m c r o a n n o u n c e m e n t m a d o th e m e ffe c t iv e , a n d t h a t th e b o o k s o f s te e l
p r o d u c e r s s h o w b e y o n d q u e s tio n t h a t t h o t id e o f b u y in g h a d b e g u n a n d t h a t
t h e v e r y r e s u lts p r o m is e d

b y th e B o a r d w e r e r a p id ly m a te r ia liz in g .

T h o d is a g r e e m e n t b e tw e e n

th o B o a r d

and

th o

R a ilr o a d

A d m in is tr a tio n

w a s th o in c id e n t th a t s t o p p e d th o o p e r a t io n o f th o B o a r d , b u t th o o s te n s ib le
is s u e s o f t h a t c o n t r o v e r s y a r o r e l a t i v e l y s o i n s i g n i f i c a n t t h a t t h o y c a n n e v e r
b o a d v a n c e d a s th o re a l c o n s id e r a tio n fo r th o o v e r t u r n in g o f a p o lic y s o v it a l.
A m e r e s t a t e m e n t o f t h e m w ill s u f f ic e t o d e m o n s t r a t e th is :
T h e D ir e c t o r - G e n e r a l o f R a il r o a d s c o n t e n d e d t h a t t h o p r ic o o n s t e e l r a ils
w a s t o o h ig h b y $ 2 p e r t o n .

A r e p r e s e n ta tiv e o f th o R a ilr o a d A d m in is tr a ­

t io n is a m e m b e r a n d a p a r t o f t h o B o a r d .

C o n t r a r y t o M r . H in e s ’s im ­

CO N FE R E N C E OF A S S O C I A T I O N OF R A I L W A Y E X E C U ­
T I V E S A N D S W A G E R S H E R L E Y O N RR. E Q U I P M E N T .

The Standing Committee of the Association of Railway
Executives held two sessions in this city on Tuesday of this
week, at one of which, Swager Sherley, Director of the
Division of Finance of the Railroad Administration, was
present. Tho purpose of the conference, as indicated in a
statement given out at its conclusion, was to consider “the
method of dealing with the equipment contracted for by the
Government.” The statement follows:
T h e S ta n d in g C o m m it t e e o f th e A s s o c ia tio n o f R a ilw a y E x e c u tiv e s m e t
a t 6 1 B r o a d w a y , a t 1 1 :1 5 t h is m o r n in g , a n d a g a i n a t 2 :3 0 t h is a f t e r n o o n .

p r e s s io n th is r e p r e s e n t a t iv e d id n o t m a in t a in t h a t t h o p r ic e s o f s te e l g e n ­

T hom as

e r a lly w e r o t o o h ig h .

That

m o r n in g s e s s io n w a s d e v o t e d t o r o u t in e b u s in e s s a n d t h a t a t t h e a ft e r n o o n

is t h a t ,

s e s s io n S w a g a r S h e r le y , D ir e c t o r o f th e D iv is io n o f F in a n c e o f t h e U n it e d

is n o t , h o w e v e r ,

H o fin a l ly d is s e n t e d o n ly o n t h o p r ic e o f r a ils .

t h o c ir c u m s t a n c e o f g r e a te s t s ig n i fic a n c e , w h ic h

th r o u g h o u t th e d is c u s s io n , fr o m

its e a r lie s t w o r d

t o t h is d a y , t h e fig u r e s

D o W itt

C u y le r ,

C h a ir m a n

of

e n c e w a s th o m e t h o d o f d e a lin g w it h th e

A d m in is tr a tio n ’s

G ov ern m en t.

and

th e

b a s is

upon

w h ic h

c o n c lu s io n s

A s s o c ia t io n ,

S ta te s R a ilr o a d A d m in is tr a tio n , w a s p r e se n t.

r e p r e s e n tin g c o s t s o f p r o d u c t io n w e r e c o n s t a n t ly a v a ila b le t o th o R a ilr o a d
r e p r e se n ta tiv e ,

th e

Tho

m a t t e r is t o

sta te d

th a t

th o

T h e s u b je c t o f th e c o n f e r ­

e q u ip m e n t c o n t r a c t e d fo r b y th e

b e fu r th e r c o n s id e r e d

by

a s p e c ia l c o m ­

h a v e b e e n r e a c h e d h a s b e e n r e p e a t e d ly r e p r e s e n te d t o th e a d v is o r s o f th o
D ir e c t o r -G o n e r a l a n d t o M r . H in e s h im s e lf.

m it t e e w h ic h w ill b e a p p o in t e d w ith in a fe w d a y s .
G o n e r a l H e n r y W . T h o r n t o n , w h o w a s in c h a r g e o f t h o E n g lis h r a ilr o a d s

I

d u r in g t h e w a r , w a s a ls o a g u e a t o f t h e A s s o c ia t io n a n d d e s c r ib e d r a ilr o a d

N o v o r h a v o tlio s o fig u r e s b e e n c o n t e s t e d ; n e v e r h a s a d d it io n a l o r c o n t r a ­

d ic to r y

d a ta

been

A d m in is tr a tio n

p resen ted ,

been

never

ad dressed

to

has

th ose

th e

argu m en t

fig u r e s

nor

to

of

th o

th e

R a ilr o a d

c o n c lu s io n s

d ra w n fr o m th e m b y th e B o a r d .
R e p e a t e d ly , a ll o f th e s e m e n h a v o b e e n
u r g e d t o b r i n g f o r w a r d a n y f a c t s w h i c h w o u l d a s s i s t t h e B o a r d in r e a c h i n g
a c o n c lu s io n o n
u r g in g p r o v o d

p r ic e s

lo w e r

fr u itfu l.




th a n

th ose

approved

T h e an sw er o f th o

R a ilr o a d

and

never

has

A d m in is t r a t io n

th is
has

c o n d itio n s .

G en eral

T h orn ton

w as

a

fo r m e r

A m e r ic a n

r a ilr o a d

m an,

p r e v io u s ly c o n n e c t e d w ith t h e P e n n s y lv a n ia a n d L o n g I s la n d R a ilr o a d s .

An outline of the situation with which the discussion dealt
was furnished as follows by a railroad man, according to the
“Journal of Commerce” of Wednesday:

1784:

THE CHRONICLE

T h e R a ilr o a d A d m in is t r a t io n d u r in g 1 9 1 8 c o n t r a c t e d fo r t h e c o n s t r u c t io n
a n d d e l i v e r y o f 1 0 0 ,0 0 0 c a r s o f v a r i o u s t y p e s a n d
e q u ip m e n t w a s a r b it r a r ily a llo c a t e d t o

“ I t is a n t ic ip a t e d t h a t t h e d e f i c i t f r o m

1 ,3 4 0 l o c o m o t i v e s , a n d ,

in a d d i t io n , h a s p la c e d o r d e r s t o d a t e th is y e a r f o r 6 0 0 l o c o m o t i v e s .

£ 1 9 4 ,0 0 0 ,0 0 0 ,
v ie w .”

T h is

t h e c a r r ie r s , t h e a s s ig n m e n t b e in g

ow ed

The

Tho

r a ilr o a d
in

re fu s e d

to

c o r p o r a tio n s

1918

and

have

a llo c a te d

a ccep ted

to

th em .

a b o u t h a lf o f th e
F or

a c c e p t th e r e m a in d e r ; e ith e r it h a s n o t

r e q u ir e m e n ts o r t h e y h a v e n o

n e e d fo r it.

n o t b e e n in a p o s it io n t o p a y f o r it .

been

in

have

s u it a b le t o

respect

th e ir

th e

has

e q u ip m e n t a n d ,

arran ged

to

t h e is s u a n c e o f c e r t ific a t e s

th e

e q u ip m e n t

th e

q u e s tio n

of

th e

u lt im a t e

paym ent

fo r

th e

of

c a r r ie r s .

It

u n t il

r e m a in s

to

d e t e r m in e w h e t h e r c o r p o r a t io n s w h ic h d o n o t d e s ir e th e e q u ip m e n t o r d e r e d
C an b e p e r s u a d e d t o a c c e p t it o r w h e t h e r , in t h e e v e n t t h a t t h is s o lu t io n ,
th e

o r ig in a l

p o lic y

of

th e

m e th o d ca n b e e v o lv e d .

G overn m en t,

can n ot

be

a p p lie d ,

som e

o th e r

T h e u n d e r s t a n d in g is t h a t a c o n s id e r a b le p a r t o f

t h o e q u ip m e n t a lr e a d y c o m p l e t e d is a t p r e s e n t id le b e c a u s e o f t h e r e fu s a l
o f th e c o r p o r a t io n s t o a c c e p t it .
T h e im p r e s s io n o b ta in e d a fte r th e m e e tin g w a s t h a t n o t m u c h p ro g re s s
h a d b e e n m a d e t o w a r d a n a d ju s t m e n t b e y o n d th e d e c is io n o f th o A s s o c ia io n

t o n a m e a c o m m it t e e t o c o n fe r fu r th e r w it h t h e a u t h o r it ie s .

It w as

t h e in itia l m e e t in g , a n d a n a g r e e m e n t w a s , t h e r e fo r e , n o t a n t ic ip a t e d b u t

co m e ta x
m a tter.
M r.
th e ir

OF G R E A T

B R ITA IN .

In presenting to the British House of Commons on April 30
the annual statement on the Government’s budget, Austen
Chamberlain, the Chancellor of the Exchequer, reported
the national debt of Great Britain on March 31 as £7,435,­
000,000, compared with the estimate of a year ago of £7,­
980,000,000 and £645,000,000 at the outbreak of the war.
The budget for the year is placed at $7,500,000,000—£1,500,000,000—and it is stated that the expectation is that
the Chancellor will attempt to raise £1,000,000,000 by
taxation and the remainder by loans. The press accounts
from London regarding the presentation of the budget in
announcing that it was Chancellor Chamberlain’s third
appearance before the House in that capacity—he previously
having outlined the budget in 1904 and 1905—gave the
following details:
On

t h e p r e v io ijs

o c c a s io n s

th o

b u d g e ts w e r e c o m p a r a t iv e ly

e a sy ta sk s

a n d t h e r e w a s n o d if f ic u l t y in m a k in g t h o n a t io n a l r e v e n u e s a n d e x p o ld itu res

b a la n c e .

F or

t h is fin a n c ia l

E x c h e q u e r h a s t o fin d
o f ta x a tio n , h e ca n
excess p r o fits ta x .
T h e r e fo r e ,

som e

h ow ever,

th e

C h a n c e llo r

o f th o

£ 1 ,6 0 0 ,0 0 0 ,0 0 0 t o m e e t w h ic h , o n t h e p r e s e n t b a s is
c o im t

on

£ 9 2 6 ,0 0 0 ,0 0 0 ,

in c lu d in g

th e

ta x a tio n

as

to

is n e c e s s a r y

w h a t fo r m

and

t h is w o u ld

ha3 b een

th ere

ta k e.

Tho

m u ch

e x p e c t a t io n

3 4 .4 %

C h a m b e r la in

s a id

th a t

of

h a d b e e n p r o v id e d fr o m

th e

to ta l

e x p e n d it u r e s

fo r

1 9 1 8 -1 9 1 9 ,

r e v e n u e a n d th e r e s t b y b o r r o w in g .

w h ic h n o o t h e r b e llig e r e n ts c o u ld e q u a l.
The

C h a n c e llo r

e s tim a te d

th a t

th e

revenues

in

th e

c u r r e n t y e a r w o u ld b e £ 1 ,1 5 9 ,0 5 0 ,0 0 0 , w it h o u t n e w t a x e s , o r £ 2 7 0 ,0 0 0 ,0 0 0
m o r e t h a n l a s t y e a r ’s r e c e i p t s .
The

n a tio n a l

debt

on

M arch

31,

he

c o n t in u e d ,

c o m p a r e d w it h t h e e s tim a te o f a y e a r a g o
0 0 0 ,0 0 0 a t t h e o u t b r e a k o f t h e w a r .
The

C h a n c e llo r

e x p e n d itu r e

has

sta ted

been

th a t fr o m

£ 7 ,4 4 3 ,0 0 0 ,

A p r il

and

in

th e

5%

w ar

by

£ 1 7 1 ,0 0 0 ,0 0 0 w e r e

S e r b ia a n d

£ 4 7 ,9 1 5 ,0 0 0

by

th e C h a n c e llo r a d d e d , “ th e lia b ilit y o f I n d ia
lo a n ,

a m o u n t in g

to

about

£ 3 0 ,0 0 0 ,0 0 0 ,

but

T h e b u r d e n Is

T h is e x te n s io n c o u ld n o t b o a llo w e d

p e n d in g

th e

C h a m b e r la in
ou tp u t

by

rep ort

sta ted

50%

of a

th a t

over

th e

b e n o c h a n g e in t h e in ­

R o y a l C o m m is s io n

b rew ers
1918

w o u ld

be

b a r r e la g e ,

d e a lin g

a llo w e d

b r in g in g

w ith

to

th e

t h is

in c r e a s e

a u t h o r iz e d

s e to ff

has

h a s r e d u c e d t h o d e b t o f C a n a d a t o t h is c o u n t r y b y t h o s u m o f £ 8 0 ,6 5 0 ,0 0 0 .
I a m n o t w it h o u t h o p e t h a t w e m ig h t b o a b le t o c a r r y t h r o u g h a s im ila r
t r a n s a c t io n in t h e c o m in g y e a r . ”
T h e C h a n c e llo r s a id h e p r o p o s e d
W ar

C a b in e t

and

th o

t o c a r r y o u t t h e d e c is io n s o f t h e I m ­

c o n fe r e n c e

on

im p e r ia l

p r e fe r e n ce .

The

r e d u c t io n s f r o m t h is w o u ld b e s u b s t a n t ia l in a m o u n t w it h t h o r a te s fe w a n d
s im p le .
P r e fe r e n c e o n c o m m o d it ie s t o b o c o n s u m e d , e x c e p t a lc o h o l, w o u ld
b e a s ix t h o f t h e d u t y , a n d o n a r tic le s lik e c lo c k s , w a t c h e s a n d m u s ic a l
in s t r u m e n t s

It w o u ld

be

o n e -th ir d .

The

p r e fe r e n ce

a g re e m e n t,

t in u e d , w ill p a r t ic u la r ly a ffe c t t e a , c o c o a a n d r u m .

A

ho

con ­

c o m m it t e e w ill b e

a p p o in t e d t o c o n s id e r t h e r a te s o n f o o d c o m m o d it ie s , m o t io n p ic t u r e film s
a n d a n u m b e r o f o t h e r a r tic le s .
P r e fe r e n c e , M r . C h a m b e r la in c o n t in u e d , s ta r te d fr o m A p r il 1, e x c e p t o n
t e a , w h ic h w ill c o m e u n d e r th e o p e r a t io n o f th e r u le o n J u n e 2 .
a ffe c ts

o n ly

im p e r ia l c o m m o d it ie s .

c la r e d , w o u ld b e d r o p p e d .

Tho

lu x u r y

w ill b o a llo w e d a t th e p r e s n t p r ic e s .

th a t

th e

P r e fe r e n c e

C h a n c e llo r d e ­

o n s p ir its w il l b o in c r e a s e d fr o m

T h e p r in c ip a l c o lo n ia l p r o d u c t s a ffe c t e d b y
in

th o

T h e d u t y o n b e e r w ill b o r a is e d fr o m

5 0 s . t o 7 0 s . a s t a n d a r d b a r r e l, w h ile
3 0 s . t o 5 0 s . a p r o o f g a llo n .
p re fe re n ce

ta x ,

A n i n c r e a s e in t h e s u p p l y a n d q u a l i t y o f b e e r

b u d g et,

as an n ou n ced

th o in t r o d u c t io n o f c o lo n ia l

to -d a y

b y A u ste n

C h a m b e r la in ,

C h a n c e llo r o f th o E x c h e q u e r , w ill b e te a , c o c o a , a n d r u m , b u t th e ro a re
o t h e r p r o d u c t s , l i k o c o t t o n , s u g a r , t o b a c c o , a n d w i n e , in w h i c h
b e g r e a t o p p o r tu n itie s fo r th e d e v e lo p m e n t o f tr a d e .
n e v e r w a s th e r e a t im e

t h e r o w ill

I t is c o n s i d e r e d t h a t

w h e n th e I m p e r ia l d e v e lo p m e n t w a s s o im p o r t a n t .

T h o p r e f e r e n c e o n a l c o h o l is o n e - t h i r d , w h i l e t h o p r e f e r e n c e o n t e a , n e a r l y
9 2 % , o f w h i c h is g r o w n w it h i n t h e e m p i r e , w i l l b e e q u i v a l e n t t o r e d u c i n g t h e
d u t y a n d i n v o l v e a l o s s o f £ 2 . 2 0 0 , 0 0 0 in r o v e n u o .
I t is e x p e c t e d t h o p r e f e r ­
e n c e w il l g r e a t l y in c r e a s e t h e c o n s u m p t i o n o f t e a .
5 0 % o f t h e c o c o a is
p r o d u c e d w ith in th e e m p ir e , a n d a t a p r e fe r e n c e o f 7 s h illin g s a h u n d r e d ­
w e ig h t t h e lo s s in r e v e n u e w il l b e £ 2 0 0 ,0 0 0 .
T h e p r e fe r e n ce

on

m a n u fa c tu r e d

is c o n s i d e r e d

a

to b a cco

p r o d u c t i o n in I n d ia a n d t h e c o lo n i e s .
is

£ 4 7 .0 0 0 ,0 0 0 , b u t o n l y 2 %

w ill b e

1 s h illin g

s u b s ta n tia l c o n c e s s io n

and

4

p en ce

s h o u ld

a

In crea se

T h e e s tim a te d r e v e n u e fr o m t o b a c c o

o f it c o m e s fr o m

e m p ir e s o u r c e s .

T h e e s t i m a t e d s u g a r r e v e n u e is £ 3 9 . 0 0 0 , 0 0 0 .
e m p ir e .
T h e p r e fe r e n c e w ill b e w o r th
m e a n in g a lo s s o f £ 5 0 0 ,0 0 0 in r e v e n u e .

4

7%

o f it c o m e s fr o m

s h illin g s

per

th e

h u n d r e d w e ig h t,

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

P re fe r­

e n c e is g i v e n b y a r e d u c t i o n o f s i x p e n c o o n t h e l o w e r c l a s s a n d a s h i l l i n g o n

T h o e x p e n d itu r e s fo r th e c u r r e n t y e a r , h e a d d e d , h a d b e e n e s tim a te d a t
£ 1 ,4 3 4 ,0 1 9 ,0 0 0 .

£ 1 8 ,6 4 3 ,0 0 0

“ I n a c c o r d a n c e w ith a p r o p o s a l o u tlin e d b y a p r e d e c e s s o r , a

Tho

B r it is h r e c o r d in th is r e s p e c t d u r in g t h e la s t f i v e y e a r s , h e a d d e d , w a s o n e

d e fic it

b e e n e f f e c t e d b e t w e e n t h e C a n a d ia n a n d B r it i s h G o v e r n m e n t s in r o s p e c t
t o o u r li a b ili t y t o t h e m a n d t h e ir s t e r lin g o b lig a t io n s t o t h is c o u n t r y .
It

o u ts ta n d in g

is t h a t t h e C h a n c e l l o r w i l l a t t e m p t t o r a is e £ 1 ,0 0 0 ,0 0 0 ,0 0 0 b y t a x a t i o n a n d
t h e r e m a in d e r b y lo a n s .
M r.

of

p o u n d , w h ic h

new

a n x io u s s p e c u la t io n

year,

a

T h e n e w t e a d u t ie s w il l b e t e n p e n c e p e r p o u n d o n t e a s g r o w n In B r it i s h
p o s s e s s io n s , a n d a s h illin g o n a ll o t h e r te a s .

p e r ia l

BUDGET

su ch

b a r r e l a g e f o r t h e y e a r t o 2 0 , 0 0 0 ,0 0 0 b a r r e l s , a s c o m p a r e d w i t h a p r e - w a r
b a r r e la g e o f 3 6 ,0 0 0 ,0 0 0 .

t h e o u t l o o k is t h a t i t w il l b e s o m e t im e b e f o r e a s e t t le m e n t c a n b e r e a c h e d .

NEW

and

M r . C h a m b e r la in a n n o im c e d t h a t t h e r e w o u ld

in ­

an .
B u t t h is d o e s n o t s e t t le

a d d i t io n a l a p p r o p r ia t i o n b y C o n g r e s s is a v a i la b l e .

c o m p a n ie s

B e lg iu m

b e r la i n , h a v e r is e n t o £ 3 4 9 ,0 0 0 ,0 0 0 .
t o c o n t in u e in d e fin it e ly .

T h e R a ilr o a d A d m in is tr a tio n h a s

by

fin a n c e

w it h

C u r r e n c y n o t e s , w h ic h la s t y e a r s t o o d a t £ 2 2 8 ,0 0 0 ,0 0 0 , s a id M r . C h a m ­

T h e a m o u n t i n v o lv e d in t h e d is p u t e w h ic h w a s u p f o r c o n s id e r a t io n y e s ­
fo r

budget

f o r t h e m , n e c e s s a r ily m a k e s u n c e r ta in th e b u r d e n o f d e b t .
s t ill a v e r y fo r m id a b le o n e .”

t h a t t h e G o v e r n m e n t n o w r e a liz e s it s in a b i lit y t o e n fo r c e s u c h a d is t r ib u t io n .

con tra cted

a n o r m a l y e a r , th e r e fo r e , w ill b e

y e a r ’s

o f t h e m , a s w e ll a s th e d a t e a t w h ic h w e m ig h t e x p e c t t o r e c e iv e p a y m e n t

I n s o m e c a s e s , t h e c a r r ie r h a s

c o n n e c t io n w it h t h e a llo c a t io n s , a n d th o o p in io n w a s e x p re s se d y e s t e r d a y

d eb ted n ess,

t h is

w h e n p r o p e r a ll o w a n c e is m a d e f o r a ll t h e s e a s s e t s , t h e a m o u n t a n d v a l u e

S e v e r a l s u its h a v e b e e n in s t it u t e d in

t e r d a y , is a p p r o x im a t e ly $ 2 4 0 ,0 0 0 ,0 0 0 .

propose

“ T h e r e is a l s o r e m a i n i n g ,”

e q u ip m e n t

v a r io u s r e a s o n s t h e y

I

b y t h e D o m in i o n s , £ 4 3 4 ,0 0 0 ,0 0 0 b y F r a n c e , £ 4 1 2 ,5 2 0 ,0 0 0 b y I t a l y ,

£ 8 6 ,7 9 9 .0 0 0 b y
o th e r A llie s .

t o t a l v a lu e o f t h e e q u ip m e n t s o c o n t r a c t e d f o r is a p p r o x im a t e ly $ 4 0 0 ,0 0 0 ,­
000.
ord ered

and

O f th e a m o u n ts d u o th e G o v e r n m e n t, h e c o n tin u e d ,

g o v e r n e d n o t s o m u c h b y t h e n e e d s o f th e p a r t ic u la r r a ilr o a d c o r p o r a t io n
a s b y t h e s tr e n g h o f th e ir fin a n c ia l p o s it io n a n d a b il it y t o p a y fo r it .

[Vol. 108

of

w as

£ 7 ,4 3 5 ,0 0 0 ,0 0 0 ,

£ 7 ,9 8 0 ,0 0 0 ,0 0 0 a n d

£ 6 4 5 ,­

th e

h ig h e r c la s s .

A u s t r a lia .

T h is w ill p r o v e

T h e C h a n c e llo r s a id

of

im p o r t a n c e

h o w a s u n w illin g

1918
th e

to

N ov.

la t t e r

16

d a te

th e

d a ily

£ 6 ,4 7 6 ,0 0 0 .

T h e n a t io n a l a s s e ts , M r . C h a m b e r la in a n n o u n c e d , in c lu d e d £ 1 ,7 3 9 ,0 0 0 ,­

to

A m e r ic a

r a is e t h o

and

d u tie s

on

T h e C h a n c e llo r a d d e d

th a t s p ir its p r e s e n te d th e h a r d e s t p r o b le m .

E x­

c is e ta x e s p r o d u c e d a la r g e r e v e n u e a n d p r e fe r e n c e c o u ld n o t b o in t h e fo r m
o f r e d u c in g t h is r e v e n u e , a n d t o g i v e p r e fe r e n c e b y r e d u c t io n w o u ld n e c e s ­
g iv e n b y
g a llo n .

T h e r e d u c t io n , h o s a id , w o u ld h a v e b e e n g r e a te r b u t fo r t h e e x p e n d itu r e
In c o n n e c t io n w it h d e m o b ili z a t i o n , t h o p a y m e n t o f £ 5 2 ,0 0 0 ,0 0 0 f o r g r a t u it ie s
a n d £ 1 3 ,0 0 0 ,0 0 0 f o r u n e m p lo y m e n t a llo w a n c e s .

S ou th

a c c o u n t o f t h e in t e r e s t o f G r e a t B r it a i n ’s a ll ie s . F r a n c o a n d P o r t u g a l .

s it a t e a c o r r e s p o n d in g r e d u c t io n in e x c is e r a te s .
1

s in c e

to

Tho

in c r e a s in g

in c r e a s e d

th e

d u ty

d u ty

on

on

beer,

fo r e ig n
th e

s p ir its

C h a n c e llo r

T h e r e fo r e p r e fe r e n ce w a s

2 s h illin g s 6 p e n c o p e r
e s tim a te d ,

£ 3 1 ,2 0 0 ,0 0 0 in a f u l l y e a r a n d £ 2 2 ,2 0 0 ,0 0 0 t h is y e a r .
d u t y o n s p ir it s w il l p r o d u c e t h is y e a r £ 1 9 ,8 5 0 ,0 0 0 .

w ill

p rodu ce

T h e in c r e a s e o n t h o

R u s s ia a lo n e , h e s a id , o w e d

T h e e x c e s s p r o fit s t a x w ill b e c o n t in u e d fo r o n e y e a r a t th e r e d u c e d r a te
of 40% .

£ 5 6 8 ,0 0 0 ,0 0 0 .
O th e r a s s e ts w e r e in d e m n itie s d u e fr o m e n e m y n a t io n s .
T h e C h a n c e l l o r s a i d t h e E x c h e q u e r i s s u e s l a s t y e a r w e r e le s s t h a n h a d

T h o r e v e n u e s a ls o w ill in c lu d e t h e s u m o f £ 3 0 0 ,0 0 0 ,0 0 0 o n a c c o u n t o f th e
e x ce s s p r o fit s d u t y f o r a c c o u n t in g p e r io d s a lr e a d y c lo s e d o r r u n n in g o u t a n d

been
been

t h o s u m o f £ 2 0 0 , 0 0 0 ,0 0 0 r e p r e s e n t i n g r e c o i p t s f r o m r e a l i z a t i o n o n t h o v o t e s
o f c r e d it a n d a sse ts.
I f th e ex cess p r o fits ta x w a s b r o u g h t t o a n en d n o w ,

0 0 0 d u e fr q m

t h e A llie s a n d t h e D o m in io n s .

e s t im a t e d b y £ 3 9 3 ,0 0 0 ,0 0 0 .
T h o e s tim a te d d a ily
£ 8 .1 4 3 ,0 0 0 a n d t h o a c t u a l e x p e n d it u r e £ 7 ,0 6 7 ,0 0 0 .

e x p e n d itu r e h a d

O f t h e a c t u a l d e b t in c u r r e d t h e in te r n a l d e b t a c c o u n t e d f o r a p p r o x im a t e ly
£ 6 ,0 8 5 ,0 0 0 ,0 0 0 a n d t h e e x t e r n a l d e b t f o r £ 1 ,3 5 0 ,0 0 0 ,0 0 0 .
W a r s a v i n g s c e r t i f i c a t e s , t h e C h a n c e l l o r c o n t i n u e d , w e r e is s u e d a t 1 5 s .

6d . a n d a ro r e p a y a b le a t 2 0 s .
£ 6 5 ,0 0 0 ,0 0 0 .

A

T h is in v o lv e s a n a d d it io n a l o b lig a t io n

la r g e p a r t o f th e in te r n a l d e b t , h e s a id , w a s re p r e s e n te d

b y n a t io n a l w a r b o n d s r e p a y a b le a t a p r e m iu m , a n d t h is p r e m iu m
se n te d
The

a

fu r th e r

d u ty

on

of

lia b ility
ben zol

of

w ill

rep re­

£ 5 1 ,7 1 6 ,0 0 0 .
be

w it h d r a w n ,

C h a n c e llo r

d e c la r e d ,

in

T h e lic e n s e d u t y o n g a s o lin e a ls o w il l b e

w it h d r a w n .
T h e la n d t a x
p e n d in g a d e ta ile d r e v ie w .

t h e g a s o lin e t a x

n o t b e a llo w e d

and

w ill r e m a in

u n ch an ged ,

t o c o n t in u e in d e fin it e ly .

T h e ro h a d b e e n n o fo r c e d

is s u o

C o n t in u in g , M r . C h a m b e r la in s a id t h e fir s t r e m e d ia l m e a s u r e fo r I n fla te d
c u r r e n c y w a s t o r e d u c e e x p e n d it u r e s ; s e c o n d , t o p a y e x p e n d it u r e s a s q u ic k ly
a s p o s s ib le o u t o f r e v e n u e s , a n d th ir d , t o b o r r o w a s m u c h a s p o s s ib le fr o m
t h e r e a l in v e s t o r s a n d fu n d s h o r t d a t e d s e c u r it ie s .
M r . C h a m b e r la in s a id
in c r e a s e d

by

an

th e e x p e n d it u r e s d u r in g t h o c o m in g y e a r w o u ld

o v e r la p

o f w ar ch arges, an d

t h a t n e it h e r s id e o f th e

b a la n c e s h e e t w o u l d g i v e a t r u e id e a o f t h e p o s t - w a r f in a n c i a l s it u a t io n .
“ I n d e a lin g w it h t h e fu t u r e I h a v e t o im a g in e t h e t im e w h e n w o s h a ll h a v e
retu rn ed

The
th e

th e re

w o u ld

r e m a in

to

be

c o lle c t e d

e x ig e n c ie s

H ouse

of

o f b u s in e s s li m it e d

C om m on s.

The

c h ie f

in

t o - n i g h t ’s d e b a t e
c r it ic

w as

th e

th a t

cu rren t

th o

on

sum

year
to

be

th o b u d g e t

W illia m

A dam son ,

in
th e

o p p o s it i o n le a d e r , w h o c h a r a c t e r iz e d t h e b u d g e t a s e x t r e m e l y d is a p p o in t i n g ,
a n d t h e in t r o d u c t io n o f c o lo n i a l p r e f e r e n c e , w h ic h h o r e g a r d e d a s t h o t h in
e d g e o f t h e p r o t e c t io n w e d g e .
I t w a s e x p e c te d t h a t th e o p p o s it io n L ib e r a ls m ig h t c h a lle n g e d iv is io n o n
th o

t h a t t h o e x p a n s io n o f t h e f lo a t i n g d e b t c o u ld

o f cu rre n cy n o tes.
T h e in fla t io n o f c u r r e n c y w a s a w o r ld -w id e p h e n o m ­
e n o n a t th e p r e s e n t tim e , h e a d d e d .

be

c o n tin u e d ,

£ 3 0 0 ,0 0 0 ,0 0 0 .
T h e C h a n c e llo r s a id h e a n t ic ip a t e d
c o l l e c t e d w o u l d b o £ 1 0 0 , 0 0 0 ,0 0 0 t h o y e a r a f t e r .

a n d s t r o n g ly c r itic is e d fr e s h b o r r o w in g s , r e d u c t io n o f th e e x ce s s p r o fit s ta x
th e

o rd e r to e n co u ra g e p r o d u c tio n .

T h o C h a n c e llo r d e c la r e d

he

t o s o m e t h in g lik e n o r m a l a n d e s tim a te t h e r e v e n u e o f th e fu t u r e

n o r m a l y e a r o n t h e e x is t in g b a s is o f t a x a t io n a t £ 6 5 2 ,0 0 0 ,0 0 0 ,”
c e llo r d e c la r e d .

q u e s tio n

a p p e a le d

of

c o lo n ia l

p re fe r e n ce ,

and

w hen

C h a n c e llo r

C h a m b e r la in

t o th e H o u s e t o a d o p t th o r e s o lu t io n s n e c e s s a r y t o p u t th o n e w

p r o p o s a ls in f o r c e . S ir D o n a l d M a c L e a n , t h e L ib e r a l le a d e r , d e c la r e d t h a t
th e L ib e r a ls w e r e o p p o s e d r o o t a n d b r a n c h

t o th e p r in c ip le o f p r e fe r e n c e

a n d d i d n o t d e s i r e t o p r e ju d i c e t h e i r p o s i t i o n in t h o d e b a t o .
T h e r e u p o n M r . C h a m b e r la in g a v e a s s u r a n c e th a t t h e r o w o u ld b e a m p le
o p p o r t u n it y la te r o n t o c h a lle n g e th o p r e fe r e n c e
a d o p t e d th e r e s o lu tio n s w it h o u t d iv is io n .

p o lic y ,

and

th e

H ouse

Further press advices from London on May 1 regarding
the budget said:
T h e fe a t u r e s o f t h e G o v e r n m e n t 's B u d g e t , w h ic h

w a s d is c u s s e d

in

th o

H o u s e o f C o m m o n s y e s te r d a y b y A u s te n C h a m b e r la in , C h a n c e llo r o f th o

th e C h a n ­

E x c h e q u e r , t h a t a r e e x c it in g m o s t d is c u s s io n h e r o a r o th o c o n t in u a n c e o f

M r . C h a m b e r la i n e s t im a t e d t h e e x p e n d it u r e s o f a n o r m a l y e a r a t £ 7 6 6 .­
0 0 0 ,0 0 0 , s a y in g :

o f m o d e r a t e m e a n s a n d t h e la u n c h in g o f th e s c h e m e o f p r e fe r e n c e f o r im ­
p o r t s f r o m t h e d o m in io n s a n d c o lo n ie s .




t h e p o l i c y o f h e a v i ly t a x in g w e a lt h w it h o u t a n in c r e a s e o f ta x e s f o r p e o p le

M ay 3 1919.]

THE CHRONICLE

Tho taxation on wealth and business is illustrated by the increase on
Inheritance taxes, beginning with 5% on S75.000 estates, so that thoy
pay 10 instead o f 5% as at present, while an estate o f $5,000,000 pays 30
instead o f 20%. Business is taxed by tho retention o f an excess profits
tax of 40%, which is half tho existing rate, but which brings complaint
from business men, who arguo that it discourages enterprise.
Tho policy of imperial preference on imports begins, after years of dis­
cussion with the colonies, without any arrangement for reciprocal favors by
the colonies for British products. This is tho first wedge for tho intro­
duction o f tho protective system, becauso preference for tho colonies means
a tariff on goods from other countries.
Free trade sentiment, however, is far from dead, and tho old lino free
traders promise a strong fight. Tho popular demand for more and hotter
beer Is granted, with tho allowance increased by an output o f 50%, Winch,
with a 25% increaso sanctioned in January, means 75% more in 1919.
This means a total of 20,000,000 barrels a year, which many consider to bo
favorable to the profiteers.

TEXT OF REVISED COVENANT OF LEAGUE OF
NATIONS AS FINALLY ADOPTED.

1785

Baron Makino o f the Japanese delegation followed President Wilson and
proposed the Japanese amendment for racial equality. He said there was
a possibility of the race question becoming ute and that equality of na­
tions should bo a fundamental principle of the League o f Nations. He
regretted, he said, that President Wilson’s speech had not been translated.
It was the first time, he declared, that any delegate had overlooked the
formality o f a translation.
Baron Makino said the original Japanese amendment asked for just and
equal treatment o f all subjects of States members of the Leaguo. n o must
mako it clear that the clause he was presenting enunciated principle only
and left application to the governments concerned. The Japanese invited
the governments merely to recognize the seriousness of tho question. The
military liability imposed by the League, the Baron added, mado equality
between the members of the League necessary.
Continuing, Baron Makino reminded the Conference that the amend­
ment presented to tho League committee April 11 asserting equality of
nations was rejected, although there was a strong majority in its favor,
lie said he now took the opportunity to declare plainly tho Japanese po­
sition expressed in tho amendment declaring equality o f nations should be
a fundamental principle of the League, the high contracting parties agreeing
to afford subjects of member nations equal and just treatment, without
any discrimination against either race or nationality.
In an ago of democracy, Baron Makino said, the peoples themselves must
see that they are the guardians of these principles. I f that idea was re­
jected then their faith in the justice and righteousness which were the
guiding principles of the League would be shaken. He said ho felt it his
duty to express poignant regret over the failure of tho committee to do
justice to tho Japanese demands, which were based on a deep rooted na­
tional conviction.
M . Ilymans of the Belgian delegation expressed disappointment that
Brussels had not been chosen as the seat of the League. Tho head of the
Uruguayan delegation then rose. He said that in tho Leaguo of Nations
ho observed a great instrument toward tho realization of industrial and
commercial prosperity in Latin America.
It was here that M . Bourgeois of the French delegation declared that
fran co would sign tho pact, although Franco’s amendment requesting an
international police force and the limitation and verification of tho arma­
ments of all nations had failed of adopion. M . Bourgeois said France did
not want to create what had been described as an international army, but
simply a high military council to advise the Leaguo council what should
bo done to limit armaments. He reiterated that tho French delegation
would sign tho pact, although they regretted that arbitration had not boen
mado compulsory.
Tho soats of the Italian delegates were empty.
hollowing M . Bourgeois tho delegates of Panama, Honduras and Por­
tugal spoko.
Before M . Clemenceau mado the announcement that tho revised points
had been carried and that the sitting was ended, Emilo Van Dor Veldo
delivered a brief address on behalf of tho Belgian delegation. Ho said tho
peaco delegates had boon able to realize the almost impossible and get the
unanimity of all tho nations attending the Conference without considerably
modifying tho principles laid down.
At tho adjournment of tho session many of tho delegates and friends of
President Wilson congratulated him on tho formation of tho League11of
Nations.

On motion of President Wilson the revised covenant of
tho League of Nations was adopted at a plenary session of
tho Peaco Conference on Monday, April 28, without amend­
ment and without division. Baron Makino for Japan and
Leon Bourgeois for France spoko in favor respectively of
the racial equality and international army amendments, but
these amendments were afterward withdrawn, and it is
understood that they have been left for decision by tho
Leaguo of Nations itself. Premier Clemenceau announced
tho withdrawal of the amendments, and President Wilson’s
proposal that tho covenant of tho League of Nations be
adopted was carried.
President Wilson in a brief speech (given in full below)
presented tho final report of the League of Nations Com­
mittee and explained tho changes mado in the original draft
of tho covenant. Ho announced that Sir Eric Drummond
of Great Britain had been named as first Secretary-General
of tho Leaguo, and that Belgium, Brazil, Greece and Spain
had been chosen for representation on the League Council
and also on the committeo to prepare plans for tho first
meeting of tho League. Tho name of Italy appears as one
of tho membors of the League and of tho five great Powers
represented in the League Council, but the seats of tho
Italian delegation at tho meeting which adopted the League
covenant woro significantly vacant.
Following the adoption of the League covenant tho Coun­ Below is the full text of the document as given out by the
cil considered and adopted a series of labor clauses to bo State Department revised in several minor particulars to
inserted in tho peaco treaty. Reference is mado to these correct errors in the wording as first published. Tho
in another article. A provision for the prosecution of former original text of the covenant, as laid before the Conference
Emperor William of Germany by a court of five judges last February will be found in our issue of Feb. 15, page
“for a supreme offense against international morality and 051. An official summary of the changes made by the
tho sanctity of treaties” was also laid before the session on League of Nations Commission will be found in the “Chroni­
Monday, but no action was then taken. Tho court is to be cle” of April 19, page 1575.
composed of representatives of tho United States, Great
FULL T E X T OF LEAGUE OF NATIONS COVENANT.
’
Britain, France, Italy and Japan. It will fix the punish­ In order
to promote international co-operation and to achieve inter­
ment of tho accused, whoso extradition is to be demanded national peace
and security, by the acceptance o f obligations not to resort
to war, by tho prescription of open, just and honorable relations between
of Holland. A separate tribunal will try other military nations,
by the firm establishment of the understandings of international
officers.
as to actual rule of conduct among Governments and by the main­
Tho text of tho revised covonant, which had been cabled law
tenance of justico and a scrupulous respect for all treaty obligations in the
of organized peoples with ono another, the high contracting
to this country in advance, was mado public by tho Stato dealingsagreo
to this covenant of the Leaguo of Nations.
Department at Washington on Sunday afternoon. It was parties
{In the original preamble the last sentence read, "adopt this constitution,'
pointed out in special advices to tho New York “Times” instead of “ agree to this covenant.” )
that all of the changes suggested by ex-Presidont Taft have
ARTICLE ONE.
boon covorod in tho rovision of the covenant. Most of tho The original members of tho League of Nations shall bo those of the
which are named In the annex to this covonant and also such
changes urged by ex-Justice Charles E. Hughes were also signatories
other States named in the annex as shall accede without reservation
adopted, but tho recommendations of Messrs. Hughes, ofto those
this covenant. Such accessions shall bo effected by a declaration de­
with tho secretariat within two months o f tho coming into force
Root, Knox and others for a revision of Articlo X. were not posited
f tho covenant. Notice thereof shall bo sent to all other members of the
carried out by tho commission in ohargo of the redraft. Ar­ oLeaguo.
ticlo X. is tho ono in which nations entering tho Leaguo Any fully self-governing State, Dominion or colony not named in the
may become a member of tho League if its admission is agreed by
would mutually agree to guarantee the territorial integrity annox
of tho assembly, provided that it shall give effective guarantees
and existing political independence of all members of tho oftwo-thirds
its sincere intentions to observe its international obligations and shall
Loaguo against external aggression.
accept such regulations as may bo prescribed by the Leaguo in regard to its
and naval forces and armaments.
Tho Associated Press accounts of Monday’s session gave military
Any member of the League may, after two years’ notice of its intention
the following additional details:
so to do, withdraw from the League, provided that all its international
A sleot storm was raging at tho time, and tho ico particlos beat a tattoo
on tho windows o f tho conference room throughout tho session. President
Wilson was tho first o f tho delegates to arrive. lie appeared to bo in re­
markably good spirits.
David Lloyd Gcorgo, tho British I rime Minister, was absent at the com­
mencement o f tho proceedings, but entered tho chamber during President
Wilson’s speech. Tho program included, in addition to tho Leaguo cove­
nant, clauses for tho peace treaty regarding international labor. M .
Clemenceau, tho French Premier, opened tho proceedings at 3 o ’clock in
tho afternoon.
President Wilson then explained the revised covenant. Ho said most of
tho alterations that had been made in tho document were changes In
phraseology and not substanco.
Tho President then moved that tho
first Secretary-General bo Sir James Eric Drummond, and that tho Powers
name representatives to form a committee o f nino to prepare plans for
organizing tho Leaguo and establishing the seat o f tho Leaguo.
President Wilson said it was unnecessary to emphasize tho significance of
tho great covonant and tho liopo entertained by tho Conference that tho
freo nations o f tho world would maintain Justice in international relations
and peaco between nations.




obligations and all its obligations under this covenant shall have been
fulfilled at tho timo of its withdrawal.
{This article is new, embodying with alterations and additions the old
Article Seven, it provides more specifically the method of admitting new
members and adds the entirely new paragraph providing for withdrawal from
the League. No mention of withdrawal was made in the original document.)
a r t ic l e t w o .
The action of the Leaguo under this covenant shall be effective through
tho instrumentality of an Assembly and of a Council, with a permanent
secretariat.
{Originally this was a part of Article One. It gives the name Assembly
to the gathering of representatives of the members of the League, formerly
referred to merely as “ the body of delegates.” )
a r t ic l e t h r e e .
Tho Assembly shall consist of representatives of the members of the
Leaguo.
Tho Assembly shall meet at stated intervals, and fromftime!,to time as
occasion may require, at the seat of thejLeaguo*or at such other place as
may bo decided upon.

1786

THE CHRONICLE

[V ol 108.

ARTICLE TEN.
The Assembly may deal at its meetings with any matter within the
The mombers of the League undertake to respect and presorve, as
sphere o f action o f the League or affecting the peace o f the world.
against
external
aggression,
tho territorial integrity and existing political
A t mootings o f the Assembly each mombor o f tho League shall have
independence o f all members of tho League. In case of any such aggression
one vote, and may have not more than three representatives.
(This embodies parts o f the original Articles One, Two and Three, with only or in case of any threat or danger o f such aggrossion tho Council shall advise
minor changes. It refers to “ members of the League” where the term “ high upon the means by which this obligation shall be fulfilled.
contracting parties” originally was used, and this change is followed through­
(Virtually unchanged.)
ARTICLE ELEVEN.
out the revised draft.)
ARTICLE FOUR.
Any war or threat of war, whether immediately affecting any of tho
This Council shall consist o f representatives of tho United States of mombers of tho League or not, is hereby declared a matter of concern of
America, of the British Empire, o f Franco, o f Italy and o f Japan, togothor tho wholo League, and the League shall take any action that may bo
with representatives of four other members o f tho League. These four deemed wise and effectual to safeguard tho peace of nations. In case
members of the League shall be selected by tho Assembly from time to time any such emergency should ariso tho Secretary-General shall, on tho request
in its discretion. Until tho appointment o f the representatives of the four of any member of tho League, forthwith summon a meeting of tho Council.
It is also declared to bo tho fundamental right of each member of tho
members o f the League first selected by the Assembly, representatives of
League to bring to the attention of tho Assembly or of the Council any
(blank) shall bo members of the Council.
With tho approval o f tho majority o f tho Assembly the Council may circumstance whatever affecting international relations which threatens
name additional members of the League, whose representatives shall always to disturb either tho peace or the good understanding botwcon nations
be members o f tho Council. The Council with like approval may increase upon which peace depends.
(In the original it was provided that the " high contracting parties reserve
tho number of members o f the Leaguo to bo selected by tho Assembly for
the right to take any action,” &c., where the revised draft reads, “ the League
representation on tho Council.
Tho Council shall meet from time to time as occasion may require, and shall take any action” )
ARTICLE TW ELVE.
at least once a year, at tho seat o f tho League or at such other place as may
Tho members of the League agree that if there should arise botween
bo decided upon.
Tho Council may deal at its meetings with any matter within the sphere them any dispute likely to lead to a rupture they will submit tho matter
o f action o f tho Leaguo or affecting tho peace o f the world.
either to arbitration or to inquiry by tho Council, and they agreo in no
Any member o f tho League not represented on tho Council shall be case to resort to war until threo months after the award by tho arbitrators
invited' to send a representative to sit as a member at any meeting of tho or tho report by the Council.
Council during the consideration o f matters specially affecting the interests
In any case under this article tho award of the arbitrators shall bo made
within a reasonable time, and tho report of tho Council shall bo made
of that member of the Leaguo.
At meetings o f the Council each member o f tho League represented on within six months after the submission of tho dlsputo.
the Council shall have one vote, and may have not more than one repre­
(Virtually unchanged except that some provisions of the original are eliminsentative.
nated for inclusion of other articles.)
(This embodies that part of the original Article 3 designating the original
ARTICLE T H IR TEE N .
members of the Council. The paragraphs providing for increase in the member­
ship of the Council is new.)
The members of tho League agreo that whenever any dispute shall
ARTICLE FIVE.
arise botween them which they recognize to bo suitablo for submission
Except whero otherwise expressly provided in this covenant, decisions to arbitration and which cannot bo satisfactorily sottled by diplomacy
at any meeting o f tho Assembly or o f the Council shall require tho agreement thoy will submit the whole subject matter to arbitration. Disputes as
of all the members o f tho Leaguo represented at the meeting, or by tho terms to the interpretation of a treaty, as to any question of international law,
as to tho existence o f any fact which if established would constitute a breach
of tho treaty.
All matters o f procedure at meetings o f tho Assembly or tho Council, of any international obligation or as to tho extent and nature of tho repar­
the appointment o f committees to investigate particular matters, shall be ation to bo mado for any such breach aro declared to bo among thoso which
regulated by tho Assembly or by tho Council and may bo decided by a are generally suitablo for submission to arbitration. For tho consideration
of any such dispute tho court of arbitration to which tho case is referred
majority o f the members o f the League represented at tho meeting.
Tho first meeting o f the Assombly and tho first mooting of tho Council shall be tho court agreed upon by the parties to tho disputo or stipulated in
any convention existing botween thorn.
shall bo summoned by the President o f tho United States o f America.
Tho mombers of the Leaguo agree that thoy will carry out in full good
(The first paragraph requiring unanimous agreement in both Assembly
and Council except where otherwise provided, is new. The other tivo paragraphs faith any award that may bo rendered and that they will not resort to
war against a member of tho League which complios therewith. In tho
originally were included in Article 4.)
ovent of any failure to carry out such an award tho Council shall propose
ARTICLE S IX .
Tho permanent secretariat shall be established at the seat of tho Leaguo what stops should bo taken to give effect thereto.
(Only minor changes in language.)
Tho secretariat shall comprise a Secrotary-Genoral and such secretaries and
staff as may bo required.
ARTICLE FOURTEEN.
The first Secretary-General shall bo the person named in tho annex;
The Council shall formulate and submit to tho mombers of tho League
thereafter tho Socretary-Goneral shall bo appointed by tho Council with
for adoption plans for tho establishment of a permanent court of inter­
tho approval o f the majority o f the Assombly.
The secretaries and the staff o f tho secretariat shall be appointed by tho national justice. Tho court shall bo competent to hear and dotormino
any dispute of an international character which the parties thereto submit
Secretary-Goneral with the approval o f tho Council.
Tho Secretary-General shall act in that capacity at all meetings of tho to it. The court may also give an advisory opinion upon any disputo or
question referred to it by tho Council or by tho Assombly.
Assembly and o f the Council.
(Unchanged except for the addition of the last sentence.)
The exponses o f the secretariat shall bo borno by tho members of tho
Leaguo in accordance with tho apportionment o f the expenses of tho inter­
ARTICLE FIFTEEN.
nation bureau o f the Universal Postal Union.
If thoro should ariso between members of tho Leaguo any dispute likely
(This replaces the original Article 5. In the original the appointment
of the first Secretary-General was left to the Council, and approval of the majority to lead to a rupture which is not submitted to arbitration as above, tho
members of tho Leaguo agree that thoy will submit tho matter to tho
of the Assembly was not required for subsequent appointment.)
Council. Any party to tho dispute may effect such submission by giving
ARTICLE SEVEN.
notico of the existence of the disputo to tho Secretary-General, who will
The scat of the Leaguo is established at Genova.
make all necessary arrangements for a full investigation and consideration
Tho Council may at any time decide that tho scat of tho Leaguo shall thereof. For this purpose the parties to tho disputo will communicate
be established elsowhero.
to tho Secrotary-General, as promptly as possible, statements of their
All positions under or In connection with tho Leaguo, including tho
case, all. tho relevant facts and papers. Tho Council may forthwith direct
secretariat, shall bo open equally to men and womon.
tho publication thereof.
Representatives of tho mombers o f tho Leaguo and officials of tho Leagu
The Council shall endeavor to effect a settlement of any disputo, and
when engaged on tho business of the Leaguo shall enjoy diplomatic privileges if such efforts are successful a statement shall bo mado publicly giving
and immunities.
such facts and explanations regarding tho disputo, terms of settlement
Tho buildings and other property occupied by the League or its officials thereof as the Council may deem appropriate.
or by representatives attending its meetings shall bo inviolable.
If the dispute is not thus sottled tho Council olthcr unanimously or by
(Embodying Parts of the old Articles 5 and 6, this article names Geneva a majority vote shall make and publish a report containing a statement
instead of leaving the seat of the League to be chosen later and adds the provision of tho facts of tho disputo and tho recommendations which aro deemed
for changing the seal in the future. The paragraph opening positions to just and proper In regard thereto.
women equally with men is new.)
Any member of tjio Leaguo represented on tho Council may make public
ARTICLE EIGH T.
a statement of the facts of the disputo and of its conclusions regarding the
The mombers of tho League recognize that tho maintenance of a peace same.
requires the reduction o f national armaments to tho lowest point consistent
If a report by the Council is unanimously agreed to by tho mombers
with national safety and tho enforcement by common action of Inter­ thereof other than the representatives of one or more of the parties to tho
dispute tho members of the League agree that thoy will not go to war with
national obligations.
Tho Council, taking account o f the geographical situation and circum­ any party to the dispute which complies with tho recommendations of the
stances of each, shall formulate plans for such reduction for the considera­ report.
If the Council fails to roach a report which is unanimously agreed to by
tion and action o f tho several Governments.
Such plans shall bo subject to reconsideration and revision at least overy tho members thereof, other than tho representatives of ono or more of tho
parties to tho dispute, tho members of tho Leaguo reserve to thcmselvos
ten years.
After those plans shall have been adopted by the several Governments, tho right to take such action as thoy shall consider necessary for tho main­
limits o f armamonts therein fixed chall not bo exceeded without tho con­ tenance of right and justice.
If the disputo betweon the parties is claimed by ono of them, and is
currence of tho Council.
Tho members of tho League agreo that tho manufacture by private enter found by tho Council to arise out of a matter which by international law
prise of munitions and implements o f war is open to grave objections. Tho is solely within the domestic jurisdiction of that party, tho Council shall
Council shall advise how tho evil affects attendant upon such manufacture so report, and shall make no recommendation as to its settlement.
can bo prevented, duo regard being had to tho necessities of thoso mombers
The Council may in any case under this articlo refer tho disputo to
of the Leaguo which aro not not able to manufacture tho munitions and the Assembly. The dispute shall be so referred at the request of either
party to the dispute, provided that such request bo mado within fourteen
implements o f war necessary for their safety
Tho members o f tho League undertake to interchange full and frank days after the submission of tho disputo to the Council.
information as to tho scalo of their armaments, tholr military and naval
In any case referred to the Assombly all tho previsions of this articlo
programs and tho condition o f such of their industries as aro adaptable and of Article Twelve relating to tho action and powers of tho Council shall
apply
to the action and powers of the Assombly, provided that a report
to warliko purposes.
(This covers the ground of the original Article 8, but is rewritten to make made by tho Assembly, if concurred in by tho representatives of thoso
it clearer that armament reduction plans must be adopted by the nations affected members of the Leaguo represented on tho Council and of a majority of
the other members of tho League, exclusive in each caso of tho represen­
before they become effective.)
ARTICLE N IN E.
tatives of the parties to tho disputo, shall have tho same forco as a report
A permanent commission shall be constituted to adviso tho Council on by the Council concurred in by all tho mombors thcroof other than the
h <execution o f tho provisions o f Articles 1 and 8 and on military aud representatives of one or more of tho partios to tho disputo.
(The paragraph specially excluding matters of "domestic jurisdiction" from
avalquestions generally.
action by the Council is new. In the last sentence the words " I f concurred in
(Unchanged except for the insertion of the words " Article 1.” )




M ay 3 1919.]

by the representatives of those members of the League represented on the Council,
&c.,*' have been added.)
AR TIC LE SIXTE E N .
Should any member o f the League resort to war in disregard o f its cove­
nants under Article Twelvo, Thirteen or Fifteen, it shall ipso facto be
deemed to have committed an act o f war against all other members of the
League, which hereby undertake Immediately to subject it to the severance
of all trade or financial relations, tho prohibition o f all intercourse between
their nationals and tho nationals o f the covenant-breaking member of tho
Leaguo and tho prevention of all financial, commercial, or jiersonal inter­
course between tho national of tho covenant^breaking member of tho
Leaguo and tho nationals of any other Stato, whether a member of tho
Leaguo or not.
It shall be tho duty o f tho Council in such case to recommend to the
several governments concerned what effective military or naval forces tho
members o f the Leaguo shall severally contribute to tho armaments of
forcos to bo used to protect tho covenants of tho League.
Tho members o f the League agree, further, that thoy will mutually
support ono another in tho financial and economic measures which are
taken under this article, in order to minimize tho loss and inconvenience
resulting from tho abovo measures, and that they will mutually support
ono another in resisting any special measures aimed at one o f their number
by tho covenant-breaking member o f the Stato, and that thoy will take tho
necessary stops to afford passage through their territory to the forces or
any of the members o f tho Leaguo which are co-operating to protect the
covenants of the League.
Any member of the League which has violated any covenant of tho
League may bo declared to bo no longer a member of the League by a vote
of tho Council concurred in by tho representatives of all tho members of
tho League represented thereon.
( Unchanged except for the addition of the last sentence.)
A RTICLE SEVENTEEN.
In tho event of a disputo between a member of the Leaguo and a Stato
which is not a member o f the League or between States not members ol
tho Leaguo, tho Stato or States not members of the Leaguo shall be invited
to accept tho obligations of membership in tho Leaguo for tho purposes of
such disputo, upon such conditions as the Council may deem just. If
such Invitation is accepted tho provisions of Articles 12 to 10 inclusive shall
bo appliod with such modifications as may bo deemed necessary by the
Council.
Upon such invitation being given the Council shall immediately instituto
an inquiry into tho circumstances of tho disputo and recommend such
action as may seem best and most effectual in tho circumstances.
If a Stato so invited shall rofuso to accept tho obligations o f membership
in tho Leaguo for the purposes of such dispute, and shall resort to war against
a member or the League, the provisions of Article 16 shall bo applicable as
against the State taking such action.
If both parties to tho dispute, when so Invited, refuse to accept the
obligations of membership in the Leaguo for the purpose o f such dispute,
tho Council may take such measures and make such recommendations as
will provont hostilities and will result in the settlement o f the dispute.
(Virtually unchanged).
ARTICLE EIGHTEEN.
Every convention or international engagement entered into henceforward
by any member of tho Leaguo shall bo forthwith registered with tho Secre­
tariat and shall as soon as possible bo published by it. N o such treaty
or international engagement shall bo binding until so registered.
(Same as original Article 23.)
ARTICLE NIN ETEEN .
Tho Assembly may from time to time adviso the reconsideration by
members o f tho League of treaties which have become inapplicable and the
consideration o f international conditions whoso continuance might endanger
the peace of the world.
(Virtually the same as original Article 24.)
ARTICLE TW E N TY.
Tho members o f the Leaguo severally agree that this covenant is ac­
cepted as abrogating all obligations or understandings inter so which aro
inconsistent with tho terms thereof, and solemnly undertake that they will
not hereafter enter into any engagements inconsistent with tho terms
thereof.
In caso members o f tho Leaguo shall, before becoming a member o f the
League, have undertaken any obligations inconsistent with the terms of
this covenont, it shall bo tho duty o f such member to take immediate
stops to procure its release from such obligations.
(.Virtually the same as original Article Twenty-five.)
a r t i c l e t w e n t y -o n e .
Nothing in this covenant shall be deemed to affect tho validity of inter­
national engagements such as treaties o f arbitration nr regional under­
standings like tho Monroo Doctrlno for securing tho maintenance of peace.
(Entirely new.)
ARTICLE TW E N TY-TW O .
To those colonies and territories which as a consequence of tho late
war have ceased to bo under the sovereignty of tho States which formerly
governed them, and which aro inhabited by peoples not yet ablo to stand by
thomsolvos under the strenuous conditions o f tho modern world, there
should bo applied the principle that tho well being and development of
such peopios form a sacred trust o f civilization, and that securities for the
performance o f this trust should be embodied in this covenant.
Tho best method of giving practicable effect to this principle is that the
tutolago of such peoples bo intrusted to advanced nations who, by reason
of their resources, their experience or their geographical position, can best
undertake this responsibility, and who aro willing to accept it, and that this
tutelage should be exercised by them as mandatories on behalf of the
League.
Tho character of tho mandate must differ according to the stage of the
development of tho pooplo, tho geographical situation of tho territory, its
economic condition and other similar circumstances.
Certain communities formerly belonging to tho Turkish Empire havo
reached a stage of development whore their existence as independent
nations can bo provisionally recognized subject to tho rendering o f adminis­
trative advice and assistance by a mandatory until such tlmo as they aro
ablo to stand alone. Tiro wishes of those communities must bo a principal
consideration In tho selection of tho mandatory.
Other pooplos, especially those o f central Africa, aro at such a stage
that the mandatory must bo responsible for the administration of the
territory under conditions which will guarantee freedom of conscience or
religion subject only to the maintenance o f public order and morals, the
prohibition of abuses such as the slave trado, tho arms traffic, and the
liquor traffic and the prevention of tho establishment of fortifications or
military and naval bases and of military training of the natives for other




1787

THE CHRONICLE

than police purposes and the defense of territory and will also secure equal
opportunities for the trade and commerce of other members of the League.
There are territories, such as southwest Africa and certain of the south
Pacific islands, which, owing to the sparseness of their population or their
small size or their remoteness from the centres of civilization or their
geographical contiguity to the territory of tho mandatory and other circum­
stances, can be best administered under tho laws of the mandatory as
integral portions of its territory subject to the safeguards above mentioned
in the interests of the indigenous population. In every case of mandate
tho mandatory shall render to the Council an annual report In reference
to the territory committed to its charge.
Tho degree of authority, control or administration to bo exercised by
tho mandatory shall, if not previously agreed upon by the members of the
Leaguo, be explicitly defined in each case by the Council.
A permanent commission shall be constituted to receive and examine the
annual report o f tho mandatories, and to advise the Council on all matters
relating to tho observance of tho mandates.
(This is the original Article 19, virtually unchanged, except for the insertion
of the words “ and who are willing to accept," in describing nations to be given
mandatories.)
ARTICLE TAVENTY-THREE.
Subject to and in accordance with the provisions of international con­
ventions existing or hereafter to be agreed upon, tho members of the
Leaguo (A) will endeavor to securo and maintain fair and human conditions
of labor for men, women and children, both in their own countries and in
all countries to which their commercial and industrial relations extend,
and for that purpose will establish and maintain the necessary international
organizations, (B) undertake to secure just treatment of tho native in­
habitants of territories under their control, (C) will entrust the League
the general supervision over hto execution of agreements with regard to
the traffic in women and children, and the traffic in opium and other
dangerous drugs, (D) will entrust the League with the general supervision
of tho trado in arms and ammunition with tho countries in which the
control of this traffic is necessary In tho common interest, (E) will make
provision to secure and maintain freedom of communication and of transit
and equitable treatment for the commerce of all members of the League.
In this connection the special necessities o f tho regions devastated during
tho war of 1914-1918 shall bo in mind, (F) will endeavor to take steps in
matters of international concern for the prevention and control of disease.
(This replaces the original Article 20, and embodies parts of the original
Articles 18 and 21. It eliminates a specific provision formerly made for a
bureau of labor and adds the clauses (B) and (C) .)
.
ARTICLE TAVENTY-FOUR.
There shall be placed under tho direction of tho League all international
bureaus already established by general treaties if tho parties to such
treaties consent. All such international bureaus and all commissions for
tho regulation of matters o f international interest hereafter constituted shall
be placed under the direction of the League.
In all matters of international interest which are regulated by general
conventions but which are not placed under tho control of international
bureaus or commissions tho secretariat of the League shall, subject to
the consent of the Council and if desired by the parties, collect and distribute
all relevant information and shall render any other assistance which may be
necessary or desirable.
The Council may include as part of tho expenses of the secretariat the
oxpenses o f any bureau or commission which is placed under the direction
of the Leaguo.
(Same as Article 22 in the original, with the matter after the first two sen­
tences added.)
ARTICLE TAVENTY-FIVE.
The members of the League agree to encourago and promote the estab­
lishment and co-operation of duly authorized voluntary national Red
Cross organizations having as purposes Improvement of health, the preven­
tion of disease and the mitigation of suffering throughout tho world.
(Entirely new.)
ARTICLE TAVENTY-SIX.
Amendments to this covenant will take effect when ratified by the
members of the League whose representatives compose the Council and by
a majority of tho members of tho League whose representatives compose
tho Assembly.
No such amendment shall bind any member of the League which signifies
its dissent therefrom, but in that caso it shall cease to bo a member of the
Leaguo.
(Same as the original, except that a majority of the League instead of threefourths is required for ratification of amendments, with the last sentence added.)
AN N EX TO THE COVENANT.
Ono— Original members of the League of Nations.
Signatories of the treaty of peace:
Panama,
Guatemala,
New Zealand,
United States of
Hayti,
Peru,
India,
America,
Poland,
nedjaz,
China,
Belgium,
Honduras,
Portugal,
Cuba,
Bolivia,
Italy,
Rumania,
Czecho-Slovakia,
Brazil,
Japan,
Serbia,
Ecuador,
British Empire
Liberia,
Siam,
France,
Canada,
Nicaragua,
Greece,
Uruguay.
Australia,
South Africa,
States invited to accede to the covenant:
Sweden,
Argentine Repub- Denmark,
Persia,
Salvador,
Switzerland,
Netherlands,
lie,
Spain,
Norway,
Venezuela.
Chilo,
Colombia,
Paraguay,
Two— First Secretary-General of the League of N ations,-----------------(The annex was not published with the original draft of the covenant.)
P R E S I D E N T

W

I L S O N ’S
L E A G U E

A D D R E S S

I N

P R E S E N T I N G

C O V E N A N T .

President Wilson’s address in presenting the revised text
of tho League of Nations covenant to the plenary session of
tho Poaco Conference on April 28 avus as folloAvs:

M r. President—AVhen the text of the covenant of the League of Nations
was last laid before you I had the honor of reading the covenant in extenso.
I will not detain you to-day to read the covenant as it has now been al­
tered, but will merely take the liberty of explaining to you some o f the
alterations that have been made.
Tho report of the Commission has been circulated. You yourselves have
in hand the text of the covenant, and will no doubt have noticed that moat
of the changes that have been made are mere changes of phraseology,inot
changes of substance, and that, besides that, most o f the changesjAr*
intcndedlto’ clarlfy the document, or, rather, to make explicit what wtTall

1788

h a v e a s s u m e d w a s i m p l i c i t in t h e d o c u m e n t a s it w a s o r i g i n a l l y p r e s e n t e d
to y ou .

B u t I s h a ll t a k e th e lib e r t y o f c a llin g y o u r a t t e n t io n t o t h e n e w

fe a tu r e s , s u c h a s th e y a r e .

S o m e o f th e m a r e c o n s id e r a b le , t h e r e s t t r iv ia l.

T h e fir s t p a r a g r a p h o f A r tic le I

is n e w .

I n v ie w o f t h e in s e r t io n o f t h e

c o v e n a n t in t h e P e a c e T r e a t y , s p e c i f i c p r o v i s i o n a s t o t h e s i g n a t o r i e s o f t h e
t r e a t y , w h o w o u ld b e c o m e m e m b e r s o f th o L e a g u e , a n d a ls o a s t o n e u tr a l
S ta te s t o b e in v it e d t o a c c e d e t o th e c o v e n a n t , w e r e o b v io u s ly n e c e s s a r y .
T h o p a r a g r a p h a ls o p r o v id e s fo r th e m e t h o d b y w h ic h a n e u tr a l S ta te m a y
accedo

to

th e

co v e n a n t.

T h e t h ir d p a r a g r a p h o f

A r t i c l e I is n e w , p r o v i d i n g f o r t h e w i t h d r a w a l o f

a n y m e m b e r o f th o L e a g u e o n a n o tic e g iv e n o f tw o y e a r s .
T h o s e c o n d p a r a g r a p h o f A r tic le I V

is n e w , p r o v i d i n g f o r a p o s s i b l e i n ­

c r e a s e in t h o C o u n c i l s h o u ld o t h e r p o w e r s b o a d d e d t o t h e L e a g u e o f N a ­
t io n s w h o s e p r e s e n t a c c e s s io n

is n o t a n t ic i p a t e d .

T h o t w o la s t p a r a g r a p h s o f A r t ic le I V
o n e v o te fo r ea ch

a re n e w , p r o v id in g s p e c ific a lly fo r

m em b er o f th e L ea gu e

in

t h e C o u n c il , w h ic h

w as un­

d e r s t o o d b e fo r e , a n d p r o v id in g a ls o fo r o n e r e p r e s e n t a t iv e o f e a c h m e m b e r
o f th e L eagu e.
The

fir s t

paragrap h

o f A r tic le

V

is

new ,

e x p r e s s ly

in c o r p o r a t in g

th o

p r o v is io n a s t o t h e u n a n im it y o f v o t i n g , w h ic h w a s a t fir s t ta k e n f o r g r a n t e d .
T h o s e c o n d p a r a g r a p h o f A r t ic le V I h a s h a d a d d e d to it th a t a m a jo r it y
o f t h o A s s e m b ly m u s t a p p r o v e th e A p p o in t m e n t o f t h e S e c r o t a r y -G e n e r a l.
Tho

fir s t

paragrap h

L oague, and

o f A r t ic le

is f o l l o w e d

by

V II

a secon d

nam es

G eneva

p aragrap h

as

w h ic h

th e se a t o f th e

g iv e s

t h o C o u n c il

p o w e r t o e s t a b lis h t h e s e a t o f t h e L e a g u e e ls e w h e r e , s h o u ld it s u b s e q u e n t ly
deem

[Vol. 108

THE CHRONICLE

counts in the daily papers, which also gave tho following
in regard to his career:
S ir

(J a m e s )

E r ic

S e c r e t a r y , s in c e D e c e m b e r
F rom

Tho
ta k e s

secon d
to

g iv e

m is s io n

to

t ic ia b le ”
Tho

p aragrap h

o f A r tic le

X III

is n o w ,

in s t a n c e s o f d is p u t e s w h ic h

a r b it r a t io n ,

in s ta n c e s

in a s m u c h

as it

u n d er­

a r e g e n e r a lly s u it a b le fo r

o f w h a t h a v e la tte r ly

been

sub­

c a lle d

“ ju s ­

q u e s tio n s .

e ig h t h

p aragraph

o f A r tic le X V

is n e w .

T h is

is t h o a m e n d m e n t

r e g a r d in g d o m e s t ic ju r is d ic t io n , t h a t w h e re t h e C o u n c il fin d s t h a t a q u e s tio n
a r is in g

out

o f an

in te r n a tio n a l d is p u t e

a ffe c ts

m a tte r s w h ic h

a r e c le a r ly

u n d e r t h e d o m e s t i c ju r is d i c t io n o f o n e o r o t h e r o f t h e p a r t ie s it is t o r e p o r t
t o t h a t e f f e c t a n d m a k e n o r e c o m m e n d a t io n .
The

la s t p a r a g r a p h

o f A r tic le X V I

,

is n e w , p r o v i d i n g

fo r a n

e x p u ls io n

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

A r t i c l e X X I is n o w .
T h o secon d

paragrap h

m a n d a to r ie s , a n d

o f A r tic le X X I I

in s e r ts t h o

" w h o a r e w illin g t o a c c e p t i t , ”

w ord s

w ith

regard

th u s e x p lic it ly in tr o ­

d u c in g t h o p r in c ip le th a t a m a n d a te c a n n o t b e fo r c e d

u p o n a n a tio n

un­

w illin g t o a c c e p t it .
A r tlc lo

X X III

is

a

c o m b in a t io n

c o n t a in s t h o fo llo w in g : A

of

several

fo r m e r

a r t ic le s ,

and

a ls o

c la u s e p r o v id in g fo r th o ju s t tr e a t m e n t o f a b o r i­

g in e s ; a c la u s e lo o k in g to w a r d a p r e v e n t io n o f th e w h it e s la v e t r a f f ic , a n d
t h e t r a f f i c I n o p iu m , a n d a c la u s e l o o k in g t o w a r d p r o g r e s s in in t e r n a t io n a l
p r e v e n t io n a n d c o n t r o l o f d is e a s e .
A r t ic le X X V s p e c ific a lly m e n t io n s

th e

R ed

C ross as on e

o f t h o in te r ­

n a t io n a l o r g a n iz a t io n s w h ic h a r o t o c o n n e c t t h e ir w o r k w it h th e w o r k o f th e
L eague.
A r tic le
of

th o

X X V I

S ta tes

S ta tos, th ou g h
regard

to

p e r m it s

th e a m e n d m e n t o f th o c o v e n a n t b y

c o m p o sin g

th e

A s se m b ly ,

in s te a d

th o v o t e

in

request

of

th e

a

m a jo r ity

th r e e -fo u r th s

of

th a t m a tter

th e
w ith

th o C o u n c il.

B r a z ilia n

s tit u t io n a l d iffic u lt ie s .
fr o m

of

it d o e s n o t c h a n g e t h o r e q u ir e m e n t s in

T h e s e c o n d p a r a g r a p h o f A r tic le X X V I
th e

d e le g a tio n ,

is a ls o n e w , a n d w a s a d d e d
in

ord er

to

a v o id

c e r ta in

at

th e

A n d t h o a n n e x is a d d e d , g i v in g t h e n a m e s o f t h e s ig n a t o r ie s o f t h o t r e a t y ,

P re v io u sly

to Ju n e

he had

served

S ir E d w a r d

1915 h o w a s p r iv a te s e c r e ta r y

to

S ir E r i c w a s b o r n o n A u g . 1 7 1 8 7 6 , a s o n o f t h o e ig h t h V is c o u n t S t r a t h a lla n , a n d is a h a l f b r o t h e r o f a n d h e ir p r e s u m p t iv e t o t h o E a r l o f P e r t h .
b e c a m e a c le r k in t h e F o r e ig n O f f i c e in 1 9 0 0 a n d f r o m
v a te

secreta ry

to

He

1906 to 1908 w a s p r i­

L o r d F itz m a u r ic e , P a r lia m e n ta r y

U nder

S ecreta ry

of

S t a t e f o r F o r e ig n A ffa ir s a n d c o n t in u e d u n d e r v a r io u s U n d e r S e c r e ta r ie s
u n til 1 9 1 2 , w h e n h e b e c a m e p r iv a t e s e c r e ta r y t o P r e m ie r A s q u it h .
S ir E r i c a c c o m p a n ie d F o r e ig n M in i s t e r B a lf o u r t o t h o U n i t e d S t a t e s in
1 9 1 7 a s a m e m b e r o f a B r itis h H ig h C o m m is s io n .
I n 1 9 0 4 S ir E r ic m a r r ie d A n g e la M a r y , y o u n g e s t d a u g h t e r o f t h e e le v e n t h
B a r o n H e r r ie s .

T h e y h a v e tw o

d a u g h te rs a n d o n o so n .

C a p t . M a ld w in

D r u m m o n d , w h o m a r r ie d t h e w id o w o f M a r s h a l F io l d , J r . , o f C h i c a g o , is a
d is t a n t r e la t i v e o f S ir E f i c .

The salary of the Secretary-General has boon fixod at
$25,000, it is said, with a similar amount for the expenses of
tho office.
STATEMENT

B Y B R ITISH
PEACE
MONROE DOCTRINE.

M ISSION

ON'

In a series of commentaries on the covenant of the League
of Nations, expressing their definito views and making some
changes from the official analysis issued on April 27, the
British delegation to tho Peace Conference expressed the
opinion that the Monroe Doctrine had proven, not an instru­
ment of national ambition, but a guaranty of peace. “At
first a principle of American foreign policy, it has become
an international understanding,” tho statement said. The
announcement in so far as concerns the Monroe Doctrine
read as follows:
A r t i c l e 2 1 m a k e s i t c le a r t h a t t h e c o v e n a n t is n o t in t e n d e d t o a b r o g a t e
or w eaken
ow n

a n y o th e r a g r e e m e n ts , s o lo n g a s t h e y a r o c o n s is te n t w ith

its

t e r m s , in t o w h ic h m e m b e r s o f th e L e a g u o m a y h a v e e n te r e d o r m a y

h e r e a fte r e n te r fo r th e a s s u r a n c e o f p e a c e .

S u c h a g r e o m o n ts w o u ld in c lu d e

s p e c ia l t r e a tie s fo r c o m p u ls o r y

and

a r b it r a t io n

m ilit a r y c o n v e n t io n s th a t

a r e g e n u in e ly d e fe n s iv e .
T h e M o n r o e D o c t r in e a n d s im ila r u n d e r s ta n d in g s a r o p u t in t h o s a m e
ca te g o ry .
T h e y h a v e s h o w n t h e m s e lv e s in h is t o r y t o b o , n o t in s t r u m e n t s
o f n a tio n a l a m b it io n , b u t g u a r a n te e s o f p e a c e .
D o c t r i n e is w e l l k n o w n .
fr o m

I t w a s p r o c la im e d

T h o o r ig in o f t h o M o n r o e

in

1823 to

p r e v e n t A m e r ic a

b e c o m in g a th e a tr e fo r in tr ig u e s o f E u r o p e a n a b s o lu t is m .

A t fir s t a

p r in c ip le o f A m e r ic a n fo r e ig n p o l i c y , it h a s b e c o m e a n in t e r n a t io n a l u n d e r ­
s ta n d in g , a n d
say

th a t th o

it is n o t ille g i t im a t e f o r t h e p e o p l e o f t h o U n i t e d
c o v e n a n t s h o u ld

re co g n iz e

S ta tes to

th a t fa c t.

I n it s e s s e n c e i t is c o n s is t e n t w it h t h o s p i r it o f t h e c o v e n a n t , a n d , in d e e d ,
t h e p r in c ip le s o f t h e L e a g u o a s e x p r e s s e d in A r t i c l o 1 0 r e p r e s e n t t h e e x t e n ­
s io n t o t h e w h o le w o r ld o f t h e p r in c ip le s o f t h is d o c t r in e , w h ile , s h o u ld a n y
d is p u te a s t o
and

E u rop ean

t h e m e a n in g o f t h e la t t e r e v e r a r is e b o t w e e n

th o A m e r ic a n

P o w e r s , t h e L e a g u e is t h e r e t o s o t t le it .

b o c o m e m e m b e r s , a n d th o n a m e s o f th e S ta te s in v ite d to a c c e d o t o th o

co v e n a n t.
M r.

T h o s e a r e a ll th o c h a n g e s , I b o lle v e , w h ic h a r o o f m o m e n t .

P r e s id e n t— I

ta k e

th e

o p p o r tu n ity

to

m ove

th e

fo llo w in g

t io n s in o r d e r t o c a r r y o u t t h e p r o v is io n s o f t h o c o v e n a n t :

r e s o lu ­

Y o u w ill n o t ic e

t h a t t h o c o v e n a n t p r o v id e s t h a t t h o fir s t S e c r e t a r y -G e n e r a l s h a ll b e c h o s e n
by

1912

H e r b e r t I I . A s q u it h , th e n th e B r it is h P r e m ie r .

con ­

I t p e r m it s a n y m e m b e r o f t h e L e a g u e t o d is s e n t

a n a m e n d m e n t , t h e e ffe c t o f s u c h d is s e n t b e in g w ith d r a w a l fr o m

L eague.
who

M arch

it n e c e s s a r y .

T h e t h ir d p a r a g r a p h o f A r t ic l e V I I is n e w , e s t a b lis h in g e q u a li t y o f e m ­

to

1916.

( n o w V i s c o u n t ) G r e y in t h e s a m e c a p a c i t y w h il e S ir E d w a r d w a s F o r e ig n
S e creta ry .

p l o y m e n t o f m e n a n d w o m e n , t h a t Is t o s a y , b y t h e L e a g u e .

fr o m

D r u m m o n d , S e c r e ta r y -G e n e r a l o f th o L e a g u o o f N a ­

t io n s , h a s b e e n p r iv a t e s e c r e t a r y t o A r t h u r J . B a lfo u r , th e B r it is h F o r e ig n

t h is

C o n fe r e n c e .

It

a ls o

p r o v id e s

th a t

th e

fir s t

c h o ic e

of

th e

fo u r

m e m b e r S ta te s w h o a r o t o b o a d d e d t o th o fiv e g r e a t p o w e r s o n th o C o u n c il
Is l e f t

to

t h is

C o n fe r e n c e .

I m o v e , t h e r e fo r e , t h a t t h o fir s t S e c r e t a r y -G e n e r a l o f th e C o u n c il s h a ll b o
t h o h o n o r a b le S ir J a m e s E r i c
tim o

as

th o A s se m b ly

D ru m m on d , an d , secon d,

s h a ll h a v e

s e le c t e d

th o fir s t

t h a t , u n til s u c h

fo u r m e m b e rs o f th o

L o a g u o t o b o r e p r e s e n t e d o n t h o C o u n c il in a c c o r d a n c e w it h A r t i c l e I V

of

t h o c o v e n a n t , r e p r e s e n t a t iv e s o f B e lg iu m , B r a z i l, G r e e c e , a n d S p a in s h a ll
b e m e m b e r s , a n d , th ir d , t h a t th e p o w e r s t o b e r e p r e s e n te d o n th o C o u n c il
o f t h o L o a g u o o f N a t i o n s a r o r e q u e s t e d t o n a m e r e p r e s e n t a t i v e s w h o s h a ll
fo r m

a

c o m m itte e

o f n in e

to

prepare

p la n s

fo r

th e

o r g a n iz a t io n

of

th e

L e a g u e a n d f o r t h o e s ta b lis h m e n t o f th o s e a t o f th e L e a g u e a n d t o m a k e
a r r a n g e m e n ts a n d t o p r e p a r e th o a g e n d a fo r t h o fir s t m e e tin g o f th o A s ­
s e m b ly , t h is c o m m it t e e t o

rep ort b o th

to

th o C o u n c il a n d

th o A s s e m b ly

o f th e L e a g u e .
I th in k it n o t n e c e s s a r y t o c a ll y o u r a tt e n t io n t o o t h e r m a tte r s w o h a v e
p r e v io u s ly d is c u s s e d — th e c a p it a l s ig n ific a n c e o f t h is c o v e n a n t ; th o h o p e s
w h ic h a r o e n t e r t a in e d a s t o t h o e f f e c t it w ill h a v e u p o n s t e a d y in g th o a ffa ir s
o f th e w o r ld , a n d th e o b v io u s n e c e s s it y t h a t t h e r e s h o u ld b o a c o n c o r t o f
t h e fr o o n a t io n s o f t h e w o r ld t o m a in t a in j u s t i c e in in t e r n a t io n a l r e la t io n s ,
th o r e la t io n s b o t w e e n p e o p le s a n d b e t w e e n

th e n a t io n s o f th o w o r ld .

I f B a r o n M a k in o w ill p a r d o n m o f o r I n tr o d u c in g a m a t t e r w h ic h

I ab-

U N I T E D S T A T E S RECOGNIZES B R I T I S H PROTECTOR­
A TE IN EGYPT.

Violence in the promotion of tho nationalist movement in
Egypt is deprecated by President Wilson and tho United
States in a note recognizing tho British protectorate there,
which was communicated on April 22 to General E. II. II.
Allenby, Special High Commissioner for Egypt and the
Soudan, by the United States Consul-Genoral at Cairo.
The toxt of the note as given in London dispatches under
date of April 24 read as follows:
I h a v e t h e h o n o r t o s ta te th a t I h a v e b e e n d ir e c t e d b y m y G o v e r n m e n t
to

a c q u a in t y o u

w ith

th o

fa ct

th a t

th o

P r e s id e n t

o f th o

U n ite d

S ta te s

r e c o g n iz e s th o B r it is h p r o t e c t o r a t e o v e r E g y p t , w h ic h w a s p r o c la im e d b y
H is M a je s t y ’s G o v e r n m e n t o n D e c . 18 1 9 1 4 .
th e

P r s ld e n t

m ust

of

n e c e s s ity

roservo

I n a c c o r d in g t h is r e c o g n i t io n ,
fo r

fu r th e r

d is c u s s io n

d e ta ils

t h e r e o f, a lo n g th e q u e s tio n o f th o m o d ific a t io n o f a n y r ig h ts w h ic h m a y b e
e n ta ile d in t h is d e c is io n .
In t h is c o n n e c t io n , I d e s ir e t o s a y t h a t t h o P r e s id e n t a n d t h o A m e r ic a n
p e o p le h a v e e v e r y s y m p a t h y w it h th e le g it im a t e a s p ir a tio n s o f t h o E g y p t ia n
p e o p le fo r a fu r th e r m e a s u r e o f s e lf g o v e r n m e n t , b u t t h e y v io w w it h r e g r e t
a n y e ffo r t t o o b t a in a r e a liz a tio n o f th o s e a s p ir a tio n s b y a r e s o r t t o v io le n c e .

s e n t - m in e d ly o v e r l o o k e d , i t is n e c e s s a r y f o r m e t o p r o p o s e t h o a lt e r a t i o n
o f s e v e r a l w o r d s in t h e fir s t lin o o f A r t ic l e V .

L e t m e s a y t h a t in s e v e r a l

p a r t s o f t h o t r e a t y , o f w h ic h t h is c o v e n a n t w il l fo r m a p a r t , c e r t a in d u t ie s
a r e a s sig n e d t o t h o C o u n c il o f th o L e a g u e o f N a t io n s .

I n s o m e in s t a n c e s

i t is p r o v i d e d t h a t t h o a c t i o n t h e y s h a ll t a k e s h a ll b o b y a m a j o r i t y v o t o .
I t is , th e r e fo r e , n e c e s s a r y t o m a k e th e c o v e n a n t c o n fo r m
p o r t io n s o f th e
and

add

th e

trea ty b y

a d d in g

th e se w o rd s.

w ord s:

w ith

I w ill r o a d

th e o th e r

t h e fir s t lin e

•

“ E x c e p t w h e r e o t h e r w is e e x p r e s s l y p r o v id e d in t h is c o v e n a n t , o r b y

th e

t e r m s o f t h is t r e a t y , d e c is io n s a t a n y m e o t in g o f t h o A s s e m b ly o r o f th e
C o u n c il s h a ll r e q u ir e th e a g r e e m e n t o f a ll th o m o m b o r s o f th o L e a g u o r e p r e ­
w h ere

o t h e r w is e

A M B A S S A D O R TO F R A N C E P R E S E N T S
CRED EN TIALS.

Hugh C. Wallace, U. S. Ambassador to Franco in place
of William G. Sharp, resigned, presented his credentials to
President Poincare on April 22. In greoting the French
President Mr. Wallace said:
M r . P r e s id e n t:

I h a v e th e h o n o r t o p r e s o n t t o y o u r E x c e lle n c y th o le tte r s

w h ic h a c c r e d it m e a s A m b a s s a d o r E x tr a o r d in a r y a n d P le n ip o t e n t ia r y o f th e

s e n t e d a t th e m e o t in g .”
"E x cep t

NEW

e x p r e s sly

p r o v id e d

in

th is

co v e n a n t”

is

th e

U n ite d S ta te s t o th o F re n c h R e p u b lic .

I am

in d e e d h o n o r e d , fo r I c o m e

p r e s e n t r e a d in g , a n d I m o v e t h o a d d i t io n " o r b y t h e t e r m s o f t h is t r e a t y .”

a t t h e e n d o f a w o r l d w a r t o s a lu t o v i c t o r i o u s F r a n c e in t h o n a m e o f t h o

W ith

A m e r ic a n p e o p le .

t h a t a d d it io n

I m o v e th e a d o p tio n o f th e c o v e n a n t.

I n t h a t s t r u g g lo F r e n c h m e n a n d A m e r ic a n s fo u g h t s id o

b y s id o u n t il th e fin a l v i c t o r y w a s w o n o n F r e n c h s o il, u n d e r F r e n c h c o m ­
m a n d ; a n d P a r is , f o r a t im o t h o c a p it a l o f t h o w o r l d , is n o w w it n e s s in g t h e
e r e c t io n o f th e t e m p le o f p e a c e .

SIR E R I C D R U M M O N D F I R S T S E C R E T A R Y -G E N E R A L
OF L E A G U E OF N A T I O N S .

Sir Eric Drummond, who was chosen tho first SecrotaiyGeneral of tho Leaguo of Nations at Monday’s session of the
Peace Conference has been private Secretary to Arthur J.
Balfour, the British Foreign Secretary, according to ac­




W e h o p e t o d e d i c a t e t h a t t e m p lo in t h o n a m e o f t h o L e a g u o o f N a t i o n s ,
a n d m a k e i t it s h o m e ; f o r t h o g r e a t w a r w h ic h w a s f o u g h t in t h o d e f e n s e o f
c iv iliz a t io n s h o u ld b o th o la s t c o n f li c t o f m a n k in d .
w a s c o m p le t e , a n d t h e p e a c e w h ic h is t o f o l l o w

'W h e n v i c t o r y c a m o it

s h o u ld b o e n d u r in g .

I t is

n o w th e ta s k o f th o A llie d n a t io n s t o c o n fe r t h a t p e a c o u p o n h u m a n it y , b u t
f ir s t t o u n it e t h o w o r ld in s u p p o r t o f i t .

A t th a t la b o r a n d th o g r e a t ta sk

o f r e c o n s t r u c t io n F r a n c o a n d A m e r ic a , o n o in a im a n d p r in c ip le , a r o w o r k in g
w it h u n ite d e n e r g y .

M ay 3 1919.]
I am

THE CHRONICLE

fo r t u n a t e , M r . P r e s id e n t , t o c o m o t o y o u a t s u c h a t im e , f o r m y

o p p o r t u n i t y is g r e a t .
s h o u ld b o e a s y .

G r e a t a ls o is m y r e s p o n s ib i lit y , b u t m y t a s k it s e lf

T h e d eed s w o h a v e d o n e an d are y e t to d o tog e th e r n oed

n o in t e r p r e t a t io n .
W o r d s f a l l f r o m o u r l i p s in d i f f e r e n t a c c o n t s , b u t a s
fr lo n d s a n d a llie s in w a r a n d p e a c e w o s p e a k t h o c o m m o n la n g u a g e o f t h e
h ea rt.

FO RMER G E R M A N E M P E R O R TO BE T R I E D FOR
“ S U P R E M E O FF E N SE A G A I N S T H U M A N I T Y . ”

Tho State Department at Washington on April 28 made
public tho text of the four articles to be inserted in the peace
treaty dealing with the punishment of those held responsible
for starting the world war. As stated elsewhere, those
articles were laid before tho plenary session of the Peace
Conference on Monday by the Council of Four, but no action
was then taken. The announcement issued by tho State
Department said:
F o ll o w in g a r o t h o p r o p o s e d a r t ic le s r e g a r d in g p e n a lt ie s f o r in s e r t io n

in

t h o t r e a t y o f p e a c e , t o b o c o n s id e r e d a t a p le n a r y s e s s io n o f c o n fe r e n c e t o ­
d a y , M o n d a y , a t 3 o ’ c lo c k p . m ., P a r is tim o :
“ A r tic le 1.
of

T h o A llie s a n d a s s o c ia t e d P o w e r s p u b lic l y a r r a ig n W illia m I I

H o h e n z o lle m ,

fo r m e r ly

G erm an

E m p eror,

not

fo r

an

o ffe n s e

a g a in s t

c r im in a l la w , b u t f o r a s u p r e m e o ffe n s e a g a in s t in te r n a tio n a l m o r a lit y a n d
t h e s a n c t it y o f t r e a tie s .
“ A s p e c ia l tr ib u n a l w ill b e c o n s t it u t e d t o t r y t h o a c c u s e d , t h e r e b y a s s u r ­
in g h im t h o g u a r a n t e e s e s s e n t ia l t o t h o r ig h t o f d e f o n s e .

I t w ill b o c o m p o s e d

o f f iv o ju d g e s , o n e a p p o in t e d b y e a c h o f th o fo llo w in g f iv e P o w e r s , n a m e ly :
T h o U n ite d S ta te s o f A m e r ic a , G r e a t B r ita in , F r a n c o , I t a ly a n d J a p a n .
“ In

it s d e c is io n

th o t r ib u n a l w ill b o g u id e d

in te r n a tio n a l p o lic y , w it h a v io w

by

th e h ig h e s t m o t iv e s o f

t o v in d ic a t in g t iio s o le m n o b li g a t i o n s o f

in t e r n a t io n a l u n d e r ta k in g s a n d th e v a l id it y o f in t e r n a t io n a l m o r a li t y .
w ill b o it s d u t y t o
p osed .

fix jth o

p u n is h m e n t

w h ic h

it

c o n s id e r s s h o u ld b o

It
im ­

“ T h o A llie d a n d a s s o c ia t e d P o w e r s w ill a d d r e s s a r e q u o s t t o t h o G o v e r n ­
m e n t o f T h e N e th e r la n d s fo r th e s u rre n d e r to th e m
“ A r tic lo

2.

Tho

G erm an

On April 24 it was reported that the Supreme Economic
Council had approved the proposal for a more extensive use
of the water route through Germany by way of Hamburg
and the River Elbe. It has abolished the existing limitation
of 8,000 tons of food and material in order to supply the
present needs of the Czecho-Slovaks. It was estimated that
the traffic through the Elbe would probably amount to
25,000 to 35,000 tons at a timo.
LABO R CL A USES TO BE I N S E R T E D I N P E A C E TREA T Y .

The plenary session of the Peace Conference on April 28
adopted a series of labor clauses to be inserted in the peace
treaty, embodying the recommendations of the Commission
on International Labor Relations, whose report was adopted
by the plenary session held on April 11. These clauses, which
have been referred to as the “Magna Charter of Labor,”
include among other provisions, the endorsement of the
eight-hou • day, equal pay for equal work for women and
men, and non-employment of children under 14. The
adoption of the labor clauses was moved by George Nicoll
Barnes, the English labor delegate, and carried unanimously.
Sir Robert Borden, the Canadian Premier, a member of the
Labor Commission, stated that certain changes in the phrase­
ology of the clauses as originally drawn were the result of
suggestions by different delegations, and that they had been
accepted by all the great industrial nations. The text of
tho labor clauses was made public by the State Department
on April 29, as follows:

o f t h o e x - E m p c r o r in

o r d o r t h a t h o m a y b o p u t o n tr ia l.

T h o h ig h c o n t r a c t in g p a r tie s , r e c o g n iz in g t h a t th e w e ll-b e in g , p h y s ic a l,
m oral an d

G o v e rn m e n t n o t h a v in g

assu red

th o p u n is h ­

1789

in t e l le c t u a l, o f in d u s t r ia l w a g e e a r n e r s is o f s u p r e m e in t e r n a ­

tio n a l im p o r t a n c e , h a v e fr a m e d

a

p e r m a n e n t m a c h in e r y

a s s o c ia te d

w ith

m e n t o f th o p e r s o n s a c c u s e d o f h a v in g e x e r c is e d a c t s in v i o la t io n o f t h o la w s

t h a t o f t h o L e a g u e o f N a t io n s t o fu r t h e r t h is g r e a t e n d .

a n d c u s t o m s o f w a r , s u c h p o r s o n s w ill b e b r o u g h t

th a t d iffe r e n c e o f c lim a te , h a b its a n d c u s to m s o f e c o n o m ic o p p o r t u n it y a n d

b e fo r e m ilit a r y tr ib u n a ls

b y th o A llie d a n d a s s o c ia te d P o w e r s a n d if fo u n d g u ilt y s e n te n c e d t o
p u n is h m e n t s la id d o w n b y m ilit a r y la w .

th o

i n d u s t r i a l t r a d i t i o n m a k e s t r i c t u n i f o r m i t y in t h o c o n d i t i o n s o f l a b o r d i f f i ­
c u lt o f im m e d ia t e a t t a in m e n t .

" T h o G o r m a n G o v e r n m e n t s h a ll h a n d o v e r t o t h o A ll ie d a n d a s s o c ia t e d

T h e y r e c o g n iz e

d ie s

[p r o b a b ly

B u t , h o ld in g a s th e y d o , t h a t la b o r r e m e ­

e r r o r in t r a n s m is s io n ] b o r e g a r d e d

m e r e ly a s a n a r t ic le o f

P o w e r s , o r t o s u c h o n o o f th e m a s s h a ll s o r e q u e s t , a ll p o r s o n s a c c u s e d o f

c o m m e r c e , t h e y th in k t h a t t h e r e a r e m e t h o d s a n d p r in c ip le s f o r t h e r a t if i­

h a v i n g c o m m i t t a l a n a c t in v i o la t io n o f t h o la w s a n d c u s t o m s o f w a r , w h o

c a t io n

a r o s p e c i fie d e ith e r b y n a m e , o r b y th o r a n k , o f f i c e o r e m p lo y m e n t w h ic h
t h e y h e ld u n d e r th o G e r m a n a u t h o r it ie s .

e n d e a v o r t o a p p l y s o fa r a s th e ir s p e c ia l c ir c u m s t a n c e s w ill p e r m it .

A r tic lo 3 .

P e r s o n s g u i lt y o f c r im in a l a c t s a g a in s t t h o n a t io n a ls o f o n o

o f th o A llie d a n d a s s o c ia te d
tr ib u n a l o f t h a t P o w e r .

P o w e r s w ill b o

b ro u g h t b e fo r e

of

A m ong

la b o r

c o n d itio n s

w h ic h

th e se m e th o d s a n d

a ll

in d u s tr ia l

p r in c ip le s

c o m m u n ic a tio n s

th e fo llo w in g

seem

to

s h o u ld

th e

h ig h

c o n t r a c t in g p a r tie s t o b e o f s p e c ia l a n d u r g e n t im p o r t a n c e :

th o m ilit a r y

F ir s t— -T h e g u id in g p r in c ip le a b o v e e n u n c ia te d t h a t la b o r s h o u ld n o t b e
r e g a r d e d m e r e ly a s a c o m m o d it y o r a r t ic lo o f c o m m e r c e .

“ P o r s o n s a c c u s a l o f c r im in a l a c t s a g a in s t th o n a tio n a ls o f m o r e th a n o n o
o f th o A ll io d a n d a s s o c ia t e d P o w e r s w ill b o b r o u g h t b e f o r o m ilit a r y t r ib u n a ls

S o c o n d — T h e r ig h t o f a s s o c ia t io n fo r a ll la w fu l p u r p o s e s b y th o e m p lo y e d
a s w e ll a s b y th o e m p lo y e r s .

c o m p o s e d o f m e m b e r s o f th o m ilit a r y tr ib u n a ls o f th o P o w e r s c o n c e r n e d .

T h ir d — T h e p a y m e n t t o th e e m p lo y e d o f

“ In e v e r y c a s o t h o a c c u s e d w ill b o e n t it le d t o n a m o h is o w n c o u n s e l!

a w a g e a d e q u a t e t o m a in ta in

a r e a s o n a b le s t a n d a r d o f li f e a s t h is is u n d e r s t o o d in t h e ir t im e a n d c o u n t r y .

“ A r t ic lo 4 . T h o G e r m a n G o v e r n m e n t u n d e r ta k e s t o fu r n is h a ll d o c u ­
m e n t s a n d in fo r m a t io n o f e v e r y k in d , t h o p r o d u c t i o n o f w h ic h m a y b o c o n ­
s id e r e d n o c o s s a r y t o in s u r e th o fu ll k n o w le d g e o f th o in c r im in a t in g a c t s , t h o
d is c o v e r y o f th o o ffe n d e r s , th o ju s t a p p r e c ia t io n o f th o r e s p o n s ib ilit y .”

F o u r t h — T h e a d o p t io n o f a n e ig h t -h o u r d a y o r a fo r t y -e ig h t -h o u r w e e k
a s th e s ta n d a r d t o b e a im e d a t w h e r e it h a s n o t a lr e a d y b e e n o b t a in e d .
F ift h — T h o a d o p t io n o f a w e e k ly r e s t o f a t le a s t t w e n t y -fo u r h o u r s , w h ic h
s h o u ld in c lu d e S u n d a y w h e n e v e r p r a c t ic a b le .
S ix t h — T h o a b o li t io n o f c h ild la b o r a n d t h e I m p o s it io n o f s u c h lim it a t io n s

FOOD I M P O R T S I N T O G E R M A N Y F A C I L I T A T E D B Y
SUPREM E E C O N O M IC COUNCIL.

Further easing of the food blockade and extension of the
fishing rights of Gorman fishermen in tho North Sea were
decided upon by the Supreme Economic Council at a meeting
on April 28. Hereafter shipments of foodstuffs from tho
northern neutral nations into Germany may be mado without
approval by the Inter-Allied Trade Committee in tho respec­
tive countries. An official statement issued after the
mooting read as follows:
T h o S u p r e m o E c o n o m ic C o u n c il m e t a t 10 a . m . o n A p r il 2 8 u n d e r th o
c h a ir m a n s h ip o f L o r d R o b e r t C e c il .
C o n c e r n i n g G e r m a n fi s h i n g in t h o S k a g e r r a k a n d C a t t c g a t , t h o C o u n c i l
w a s a d v is e d

t h a t a ft e r its a c t io n

at

th o

la s t m e e t in g

upon

th o

G erm an

r e q u o s t f o r p e r m is s i o n t o fis h in t h o s e w a t e r s t h o n a v a l a r m i s t i c e a u t h o r i t i e s
h a v o r o m o v a l r e s tr ic tio n s a s t o th o C a t t c g a t a n d h a v o e x t e n d e d th o N o r t h
S o a lim it s s o a s t o p e r m it th o G o r m a n fis h e r m a n t o m a k o u s o o f a p a s s a g e
fr o o o f m in e s t o a n d fr o m t h o s e v e r a l fis h in g a r e a s .
I t w a s r o p o r t a l t o th o C o u n c il t h a t th o b lo c k a d o s e c t io n h a s ta k e n a p p r o ­
p r ia t e s to p s t o g iv e e ffe c t t o th o d e c is io n o f th o C o u n c il t h a t th o r a tio n in g
r e g u la t io n s e s ta b lis h e d d u r in g th e w a r w it h r o s p e c t t o t h o im p o r t a t io n o f
c o m m o d it ie s
su sp on d od.

in to
In

th o

n orth ern

con sequ en t

n eu tra l

h e re a fte r

c o u n t r ie s
a ll

and

S w itz e r la n d

c o m m o d it ie s

oth er

th a n

bo
a

s p e c i f i a l lis t o f w a r m a te r ia l m a y b o im p o r t e d in t o t h o s e c o u n t r ie s w it h o u t
r e s t r ic t io n o n q u a n t it y .
I t lia s a ls o b e e n d e c i d e d t h a t s h i p m e n t s o f f o o d ­
s t u f f s f r o m t h o c o u n t r i e s in q u e s t i o n t o G e r m a n y m a y b o m a d o w i t h o u t t h o
r e q u ir e m e n t p r e v io u s ly e x is tin g t h a t e a c h

s h ip m e n t r e c e iv e

o n th o la b o r o f y o u n g p e r s o n s a s s h a ll p e r m it t h e c o n t in u a t io n
e d u c a t io n a n d a s s u r e t h e ir p r o p e r p h y s ic a l d e v e lo p m e n t .
S e v e n th — T h e p r in c ip le th a t m e n a n d
m u n e r a tio n f o r w o r k o f e q u a l v a lu e .

N in t h — E a c h S t a t e s h o u ld m a k e p r o v is io n f o r a s y s te m

m e n ts m a y b o m a d o th r o u g h G e r m a n y o f a ll c o m m o d it ie s e x c e p t u n fin is h e d
c o m m it t e e e x is ts , b y

a

T h e C o u n c il c o n s id e r e d th e im p o r t a n t q u e s t io n o f fa c ilit a t in g c o m m e r c ia l
a n d r e li e f t r a f f ic o n t h e D a n u b o R iv e r , b u t d e f e r r e d f in a l a c t io n in o r d e r t o
p e r m it th o fu r t h e r s t u d y o f th e s e v e r a l m e t h o d s o f r e g u la tio n w h ic h w e r o
proposed.
In p u r s u a n c e o f its p la n s o f im p r o v in g c o a l p r o d u c t io n a n d d is t r ib u t io n
t o m o o t t h o p r e s e n t g e n e r a l d e f i c i t in t h o E u r o p e a n c o a l s u p p l y t h o C o u n c i l

in

th o

th a t
fo r m e r

th o

D ir e c t o r -G e n e r a l

a l l m a t t e r s in a n
e m p ir o

of

G e n e r a l o f R o l i e f is t o w o r k
s e c tio n

of

th o

th rou gh

C o u n c il, w h ic h

r a ilr o a d s e r v ic e s fo r

of

R e lie f

endeavor

to

A u s t r ia -H u n g a r y

la w s a n d r e g u la t io n s f o r th e p r o t e c t io n o f t h e e m p lo y e d .
W i t h o u t c la im in g t h a t th e s e m e t h o d s a n d p r in c ip le s a re e ith e r c o m p le t e
o r fin a l th o h ig h c o n t r a c t in g p a r tie s a r e o f o p in io n t h a t t h e y a r e w e ll fit t e d
to g u id e th o p o lic y o f th e L e a g u e o f N a tio n s a n d th a t if a d o p te d b y
in d u s t r ia l c o m m u n it ie s w h o
in

p r a c t ic e

by

an

a d eq u a te




fo r

sy stem

o f su ch

th e

a n d s a fe g u a r d e d

in s p e c tio n ,

th ey

w ill c o n fe r

la s t in g b e n e fit s u p o n t h e w a g e -e a r n e r o f t h o w o r ld .

Yesterday (May 2) Secretary Tumulty gave out the fol­
lowing statement received at Washington from th Presi­
dent at Paris:
T h e la b o r p r o g r a m , w h ic h th e C o n fe r e n c e o f P e a c e h a s a d o p t e d a s p a r t
o f th o T r e a t y o f P e a c e , c o n s t it u t e s o n e o f th e m o s t im p o r t a n t a c h ie v e m e n t s
o f t h o n o w d a y in w h ic h t h e in t e r e s t s o f la b o r a r e t o b e s y s t e m a t ic a ll y a n d
in t e llig e n t ly s a fe g u a r d e d a n d p r o m o t e d .
A m id s t t h o m u lt it u d e o f o t h e r in te r e s ts t h is g r e a t s t e p

fo rw a rd

is a p t

t o b o o v e r l o o k e d , a n d y e t n o o t h e r s in g le t h in g t h a t h a s b e e n d e c id e d w ill
h e lp m o r e t o s ta b iliz e c o n d it io n s o f la b o r t h r o u g h o u t th e w o r ld
m a t e ly

r e lie v e

th e

unhappy

c o n d it io n s

w h ic h

in

too

m any

and

p la c e s

u lt i­
have

p r e v a ile d .
P e r s o n a lly , I r e g a r d it a s o n e o f th e m o s t g r a t ify in g a c h ie v e ­
m e n ts o f th o co n fe re n ce .

LABOR

th o

p resen t

bo

AT

PEACE

CON­

The full report of the Commission on International Labor
Legislation of the Peace Conference was made public in
this country on April 27 by the Committee on Public Infor­
mation. The report of the Commission was adopted by the
plonary session of the Peace Conference held on April 11,
and referred to in our issue of April 19, page 1579. From a
summary of the report given in the New York “Tribune” of
April 28 wo take the following extracts:
M u ch

o f th e c o n te n ts o f t h e r e p o r t , in c lu d in g th e in te n tio n

o f h o ld in g

a n n u a l in te r n a tio n a l c o n fe r e n c e s , m a d o u p o f r e p r e s e n ta tiv e s o f th e n a tio n s
i n t h o L e a g u e o r h e r e a f t e r a d m i t t e d , b e g i n n i n g w i t h o n o n e x t O c t o b e r in

th o

Tho

CO M M IS SIO N
FER ENC E.

t h o m is s io n o f th o c o m m u n ic a t io n s
w it h

P o la n d .

are m em b ers o f th o L ea g u e

D ir e c to r -

is c h a r g e d

th o d is t r ib u t io n

q u e s t io n .

s h o u ld

in c r e a s e t h o c o a l p r o d u c t i o n
and

o f i n s p e c t i o n in

w h ic h w o m e n s h o u ld t a k e p a r t in o r d e r t o I n s u r e t h e e n f o r c e m e n t o f t h e

REPORT OF

m u n itio n s o f w a r , p r o v id a l th o s h ip m e n ts a r o c o v e r e d b y a lic e n s o o f a n

c h a r g e d w ith

e q u a l re­

d it io n s o f la b o r s h o u ld h a v e d u e r e g a r d t o th e e q u it a b le e c o n o m ic t r e a t ­
m e n t o f a ll w o r k e r s la w fu lly r e s id e n t th e r e in .

T o fa c ilit a t e c o m m o r c e a n d th o fo r w a r d in g o f r c lio f s u p p lie s , th o C o u n c il
a g r e e d t o th o r e c o m m e n d a tio n o f th o b lo c k a d e s e c t io n t h a t h e r e a ft e r s h ip ­

d e c id e d

s h o u ld r e c e iv e

E ig h t h — T h e s t a n d a r d s e t b y la w in e a c h c o u n t r y w it h r e s p e c t t o t h e c o n ­

th o a p p r o v a l

o f t h o I n t e r - A lli e d T r a d o C o m m it t e e in t h o r e s p e c t i v e c o u n t r ie s .

I n te r -A llie d T r a d e C o m m it t e o o r , w h e re n o s u c h
lic e n s e f r o m t h o r e li e f a d m in is t r a t io n .

w om en

o f th e ir

o p e r a tio n

o f f o o d s u p p l i e s in

of

th rou gh

t h o t e r r it o r ie s in

W a s h in g to n ,

w as

m a d e p u b lic

E u rop o tw o w eek s a g o.

by

S am uel G om p ers

on

h is

a r r iv a l fr o m

A t t h a t t im e M r . G o m p e r s d id n o t m e n t io n th e

p e r m a n e n t h e a d q u a r t e r s f o r t h e la b o r c o n fe r e n c e , n o r t h e m a n n e r in w h ic h

1790
m e m b e r s o f th o c o n fe r e n c e a r e t o b o s e le c t e d .
fr o m

O f th e s o th e r e w ill b o fo u r

e a c h s ig n a to r y t o th o L e a g u e o f N a t io n s , tw o t o b e s e le c te d b y

G o v ern m en t, an d on e each
F rom

th e se

r e p r e s e n tin g e m p lo y e r s a n d

tw e n ty -fo u r

govern ors

w ill b o

ch osen

th e

e m p lo y e d .

tw e lv e

r e p r e s e n tin g

g o v e r n m e n t s a n d s ix e a c h e m p lo y e r s a n d e m p lo y e d .

a n d M . C o llia r d , o f F r a n c e , V ic e -P r e s id e n ts ;
G en eral

S ecreta ry ;
B aron

H .

B .

B u tle r ,

C a p e lle ,

of

B e lg iu m ;

A rth u r

G reat

S ig n o r

F o n t a in e , o f F r a n c e ,

B r ita in ,

di

A s s is ta n t

P a lm a

G en eral

C a s tig lio n e ,

I ta ly ;

G u y O c s t e r , U n it e d S t a t e s , a n d M r . Y o s h is a k a , o f J a p a n , S e c r e ta r ie s .
I n a d d it io n

th o s e le c tio n

o f h is s t a ff.

Tho

m e m b e r s o f th o s t a f f w ill

in c lu d e s e v e r a l w o m e n .
T h e fu n c tio n
v e n tio n

of

in t h o c o n ­

t o t h o p e a c e c o n fe r e n c e , s h a ll I n c lu d o t h e c o ll e c t io n

I n fo r m a tio n

on

a ll

s u b je c t s

a n d p e r s is te n tly re fu s e d t o c a r r y o u t it s o b lig a tio n s
I t c a n h a r d ly b e d o u b t e d th a t it w ill s e ld o m , if o v e r ,

r e la tin g

to

th o

c o m m is s io n c o n ­

s id e r t h a t t h o f a c t o f t h e ir e x is t e n c e is n e v e r t h e le s s a m a t t e r o f a lm o s t v i t a l
im p o r t a n c e t o th o s u c c e s s o f th o s c h e m o .
"T h e

r e p r e se n ta tiv e s

of

th o

w o r k in g

c la s s e s

in

som e

c o u n tr ie s

have

p r e s s e d t h o ir d e le g a t e s t o u r g e m o r o d r a s t i c p r o v is io n s in r e g a r d t o p e n a lt ie s .
T h o c o m m is s io n , w h ile t a k i n g t h e v i e w t h a t i t w ill in t h e l o n g r u n b o p r e f e r ­
o p in io n r a th e r th a n o n e c o n o m ic m e a s u r e s , n e v e r th e le s s c o n s id e r s it n e c e s ­
s a r y t o r e t a in t h e p o s s ib i lit y o f t h e la t t e r in t h o b a c k g r o u n d .
o f s a n c t io n

o f t h o in t e r n a t io n a l la b o r o f f i c e , a s d e s c r ib e d

rep orted

d is tr ib u tio n

S ta te h a s fla g r a n t ly
u n d e r a co n v e n tio n .

a b le a s w e ll a s m o r o e ff e c t iv e t o r e ly o n th e p r e s s u r o o f in t e r n a t io n a l p u b lic

t h e r e is t o b e s e le c t e d a d i r e c t o r o f t h o g o n e r a l l a b o r o f f i c e ,

w h o w ill h a v e

“ I t w i l l b o s e e n t h a t t h e a b o v e p r o c e d u r e h a s b e e n c a r e f u l l y d o v i s e d in
o r d e r t o a v o i d t h o im p o s it io n o f p e n a lt ie s , e x c e p t in t h o la s t r e s o r t , w h e n a

b o n e c e s s a r y t o b r in g th e s e p o w e r s in t o o p e r a t io n , b u t th o

T h e c o n fe r e n c e s t a r t s w it h S a m u e l G o m p e r s a s P r e s id e n t a n d th e s e s u b ­
o r d in a t e o ffic e r s : G e o r g e N . B a r n e s , M . P . , r e p r e s e n tin g t h o B r it is h E m p ir e ,

S ecreta ry ;

[Vol. 108

THE CHRONICLE

and

in te r n a tio n a l

I f a ll fo r m s

w e r o r e m o v e d , t h e e f f e c t i v e n e s s o f t h o s c h e m o , a n d , w h a t is

a lm o s t e q u a ll y im p o r t a n t , t h o b e l i e f in it s e f f e c t iv e n e s s , w o u ld b o in a g r e a t
m e a s u re d e s t r o y e d .”
B y t h e te r m s o f a g e n e r a l c h a p t e r it is p r o v id e d t h a t B r it is h D o m in io n s

a d ju s t m e n t o f c o n d it io n s o f in d u s t r ia l life a n d la b o r , m o r e p a r t ic u la r l y o n

and

s u b je c t s p r o p o s e d

d e e m e d t o b e f u l l y s e l f g o v e r n in g s h a ll h a v e th e s a m o r ig h t s a n d d u t ie s a s

f o r d is c u s s io n

by

th o a n n u a l in te r n a tio n a l c o n v e n t io n s

a n d th e p r e p a r a t io n o f d a t a f o r m e e tin g s o f th e c o n fe r e n c e .
w ill p u b lis h

I n a d d it io n it

a jo u r n a l in F r e n c h a n d E n g lis h a n d s u c h o t h e r la n g u a g o

as

A ll th e e x p e n se s o f th o o ffic e a n d
and

th o c o n fe r e n c e s , o t h e r th a n b ills fo r

s u b s is t e n c e , w ill b o

m et

out

o f th e

gen era l fu n d s o f

b lo c k s .

o f th e

th e

s o v e r e ig n S ta te s.

c o lo n ie s

or

p o s s e s s io n

of

any

n a tio n

w h ic h

m ay

be

In th o c a s e o f c o lo n ie s n o t s e lf g o v e r n in g t h o o b lig a t io n

t o a p p l y l a b o r r u l e s t o t h e m is u n d e r t a k e n b y t h o m o t h e r c o u n t r y , “ u n l e s s , ”
e it h e r w h o l l y o r in p a r t . ”
" I t ,”

sa y s th e re p o rt,

‘s h o u ld b e r e m a r k e d t h a t a f t e r a lo n g d is c u s s io n

o n t h o q u e s t io n o f a d o p t i n g c e r t a in m e a s u r e s in t h o in t e r e s t o f s e a m e n , t h o

th o L e a g u e o f N a tio n s .
M em bers

and

t o q u o t e th e r e p o r t , “ lo c a l c o n d it io n s r e n d e r it im p o s s ib le t o a p p l y th e m

m a y la te r b o a g r e e d u p o n .
tr a n s p o r ta tio n

In d ia

c o n fe r e n c e w ill v o t o

T h is d e p a r tu r e fr o m

in d iv id u a lly

and

not

in

n a tio n a l

tr a d itio n a l p r o c e d u r e , th o r e p o r t s ta te s , w a s

c o m m is s io n

th o u g h t t h a t ‘ th o v e r y s p e c ia l q u e s tio n s c o n c e r n in g t h o m in i­

m u m c o n d it io n s t o b o a c c o r d e d t o s e a m e n m ig h t b o d e a lt w it h a t a s p e c ia l

n e c o s s a r y i f th o c o n fe r e n c e w a s t o b o r e p r e s e n t a t iv e o f a ll c o n c e r n e d w ith

m e e t in g o f t h o I n t e r n a t io n a l L a b o r C o n fe r e n c e d e v o t e d e x c lu s iv e ly t o th o

In d u stry a n d

a ffa ir s o f s e a m e n ,’ a t w h ic h t h e d e le g a t e s a n d t e c h n ic a l
a c c o r d in g ly b o c h o s e n fr o m t h o s h ip p in g c o m m u n it y .

s it io n

on

g iv in g

com m and

th e ir c o n fid e n c e .

th e p a r t o f F r e n c h , A m e r ic a n ,

T h e r e w a s , i t is s t a t e d , o p p o ­
I t a lia n

and

C uban

d e le g a te s t o

th o r e p r e s e n ta tiv e s o f G o v e r n m e n t la r g e r r e p r e s e n ta tio n

a d v is e r s

c o u ld

th a n em ­

“ T h e c o m m is s io n w e r o u n a n im o u s in t h in k in g t h a t t h o ir w o r k w o u ld n o t

p lo y e r a n d e m p lo y e d , o n th o g r o u n d t h a t it g a v e th e n a t io n s a v e t o o n th o

b o c o m p le t e i f it w e r e s im p ly c o n fin e d t o s e t t in g u p a p e r m a n e n t m a c h in e r y
f o r in te r n a tio n a l la b o r le g is la t io n .
I t w a s n o t w ith in th e ir c o m p e t e n c e o r

p ro c e e d in g s .

T h is o p p o s it io n w a s b a s e d o n t h o t h e o r y t h a t t o d o s o w o u ld

c r e a t e d is t r u s t a m o n g w o r k o r s a n d

t h e r e b y p r e ju d ic e

it s in flu e n c e .

Tho

w ith in

t h e ir te r m s o f r e fe r e n c e t o d e a l w it h s p e c ific q u e s tio n s r e la tin g t o

v ie w p r e v a ile d , h o w e v e r , t h a t if th e c o n fe r e n c e w a s t o b o m o r e th a n a b o d y

in d u s t r ia l c o n d it io n s a n d t o

to

th e fr a m in g o f p r o p o s a ls w h ic h c o u ld b o a c c e p t e d

p a ss , r e s o lu t io n s

th o

G ov ern m en ts

have

at

le a s t a n

eq u a l v o ic e

w ith

In d u stry .
U n d e r th o h e a d in g o f p r o c e d u r e t h o c o n v e n t io n t r e a ts o f th o o b lig a t io n s

e x p lic it ly

c e r ta in

o f t h o s e v e r a l c o u n t r i e s In r e g a r d t o t h o a d o p t i o n a n d r a t i f i c a t i o n s o f f i n d ­

th a t th ey

d e c id e d

in g s a g r e e d u p o n b y t h o in t e r n a t io n a l c o n fe r e n c e .

p eace

T h o o r ig in a l d r a ft , s a y s

t h e r e p o r t , p r o p o s e d t h a t a n y a g r e e m e n t ( d r a f t c o n v e n t i o n Is t h e t e c h n i c a l
term

used)

a d op ted

r a t ifie d b y

every

L e g isla tu r e

s h o u ld

T h is

w ork

th e m

o u t w ith

th o d e ta il n e c e s s a r y fo r
in a b i n d i n g f o r m .

" S o im p r e s s e d w e r o t h e y , h o w e v e r , w it h t h e u r g e n t n e e d f o r r e c o g n iz in g

I m p lie d

L e g is la tu r e

by

an

a tw o -tliir d s m a jo r it y m u s t b o

p a r t ic ip a t in g , u n le s s w it h in

exp ress
th o

a y e a r th o n a tio n a l

its d is a p p r o v a l.

o b lig a t io n

w h oth er

abandoned on

th e co n fe r e n c e b y

n a t io n

to

s u b m it

G overn m en t

th o th e o r y th a t

tre a ty .

fu n d a m e n ta l
to

p r in c ip le s

as

n ecossary

s u b m it a s e r ie s o f d e c la r a t io n s

T hey

d id

not

fe e l

c a lle d

upon,

to

fo r

s o c ia l p r o g r e s s
in s e r t io n

h ow ov er, to

c h a r t e r c o n t a in i n g a ll t h o r e f o r m s w h ic h m a y b o h o p e d f o r in a
d is t a n t
w h ic h

fu tu re ,
m ay

bo

b u t c o n fin e d

th e m s e lv e s

c o n t e m p la t e d

in

to

p r in c ip le s

th o

in

d raw
m ore

th o

up

a

o r le s s

r e a liz a tio n

or

th o n e a r fu tu r e .

" I t w ill b o s e e n t h a t th o h ig h c o n t r a c t in g p a r tie s a r o n o t a s k e d t o g iv e

any

agreem en t

ap proved

of

it

to

or

its

n a t io n a l

n o t.

T h is

w as

" i f a n a t t e m p t w e r o m a d e a t th is t im o t o

d e p r i v e n a t i o n s o f a la r g e m e a s u r e o f t h e i r s o v e r e i g n t y in r e g a r d t o l a b o r

im m e d ia t e e ffe c t t o t h e m , b u t o n ly t o e n d o r s e th e m g e n e r a lly .

I t w ill b o

t h e d u t y o f t h o I n te r n a tio n a l la b o r c o n fe r e n c e t o e x a m in e t h e m t h o r o u g h l y
a fid

to

put

th em

in

th e

fo rm

o f r e c o m m e n d a tio n s

or

d r a ft

c o n v e n tio n s

e la b o r a t e d w it h t h o d e t a il n e c e s s a r y fo r th o ir p r a c t ic a l a p p lic a t io n .

le g is la t io n a la r g e n u m b e r m ig h t p r e f e r t o r e s ig n t h e ir m e m b e r s h ip in t h e

“ I t s h o u ld b o a d d e d , in c o n c lu s io n , t h a t a m a j o r i t y , b u t n o t a t w o th ir d s

L e a g u e o f N a t io n s r a th e r th a n je o p a r d iz e th e ir n a tio n a l e c o n o m ic p o s it io n

m a j o r i t y , w a s o b t a in e d fo r a p r o p o s a l c o u c h e d in v e r y g e n e r a l t e r m s w h ic h

b y b e in g o b lig e d t o c a r r y o u t th e d e c is io n s o f th e c o n fe r e n c e .”

su g g ested

T o

m e e t th o s it u a t io n

e x is t in g in

th o U n ite d

S ta te s a n d o t h e r n a tio n s

th o a p p lic a t io n

t o a g r ic u ltu r e o f t h o g e n e r a l p r in c ip le s o f la b o r

le g is la t io n , a n d w h ic h a r o s e o u t o f a n I t a lia n p r o p o s a l in r e g a r d t o t h e li m i­

b u il t o n th o fe d e r a t io n o f S ta te s p la n it w a s a g r e e d th a t th o fin d in g s o f th e

t a tio n

co n fe r e n c e

a g a in s t t h is p r o p o s a l w e r o , a s t h e y

s h o u ld

bo

e ith e r

in

th e

fo r m

of

r e c o m m e n d a t io n s

or

d r a ft

co n v e n tio n s.
a n d e a c h n a tio n

th o L e a g u o o f N a tio n s

th o ca se o f a F e d e ra l S t a t e ," s a y s th e r e p o r t, "w h o s e p o w e r t o e n te r

i n t o c o n v e n t i o n s o n l a b o r m a t t e r s is s u b je c t t o li m it a t i o n s it s g o v e r n m e n t
m a y tr e a t a d r a ft c o n v e n t io n t o w h ic h s u c h lim it a t io n s a p p l y a s a r e c o m ­
m e n d a tio n o n ly ."
“ T h o e x c e p t io n In t h o c a s o o f F e d e r a l S t a t e s ,”
o f g r e a t im p o r ta n c e .
under

a

t h e r e p o r t c o n t i n u e s , “ Is

I t p la c e s t h o U n it e d S t a t o s , w h ic h a r e in a s im ila r

le s s

degree

to d r a ft co n v e n tio n s.

of

o b lig a t io n

th a n

oth er

S ta tes

In

regard

B u t it w ill b o o b s e r v e d th a t th e e x c e p t io n e x te n d s

o n l y t o t h o s e F e d e r a l S t a t e s w h ic h a r e s u b je c t t o l i m it a t i o n s in r e s p e c t o f
th e ir

t r e a ty -m a k in g p o w e r s o n

la b o r m a tte r s , a n d , fu r t h e r , t h a t it o n ly

e x t e n d s in s o f a r a s t h o s e li m it a t i o n s a p p l y in a n y p a r t ic u la r c a s o .

I t w ill

n o t a p p l y in t h o c a s e o f a c o n v e n t i o n t o w h i c h t h o l i m i t a t i o n s d o n o t a p p l y ,
o r a ft e r a n y s u c h lim it a t io n s a s m a y a t p r e s e n t e x is t h a v e b e e n r e m o v e d .
T hough
w o u ld

r e lu c ta n t t o

c o n t e m p la t e a n a r r a n g e m e n t u n d e r w h ic h a ll S ta te s

n o t b o u n d e r id e n t ic a l o b lig a t io n s , th e c o m m is s io n fe lt t h a t i t w a s

I m p o s s ib le n o t t o r e c o g n lz o th o c o n s t it u t io n a l d iffic u lt ie s w h ic h u n d o u b t e d ly
e x iste d

in t h o c a s o o f c e r t a i n

F e d e ra l S ta te s , a n d th e r e fo r e p r o p o s e d

th o

in

a g r ic u ltu r e .

The

d e le g a t e s ,

e x p la in e d , b y

who

v oted

n o m e a n s h o s tile t o

Its

s u it a b le fo r in c lu s io n a m o n g th o d e c la r a tio n s t o b o p u t fo r w a r d .”

fe a r w a s ex p re sse d

th a t th o a r t ic le o n

M E M O R A N D U M I N R EGARD TO F I U M E G I V E N B Y
P R E S I D E N T W I L S O N TO I T A L I A N D E L E G A T I O N .

In addition to the statement mado public at Paris last
week by President Wilson, s e t t i n g forth tho President’s
reasons for his stand in regard to Fiumo, thore was issued
at Paris on April 29 a statement dealing with the memoran­
dum sent by President Wilson to tho Italian delegation on
April 14 with permission to make it public in Italy. Tho
statement had been given out in Rome earlier on tho samo
day, and read as follows:
T h ere

is n o

q u e s t io n

th o u g h t th a n

to

w h ic h

I h a v o g iv o n

to

I

havo

g iv e n

m ore

c a r e fu l, o r

t h i s , b c c a u s o In c o m m o n

w ith

a n x io u s

a ll m y c o l ­

le a g u e s i t is m y e a r n e s t d e s ir e t o s e o t h o u t m o s t d o n o t o I t a l t y .
T h r o u g h o u t m y c o n s id e r a t io n o f i t , h o w o v e r , I h a v o f e lt t h a t th o r o w a s
o n o m a t t e r in w h ic h I h a d n o c h o i c e a n d c o u l d w is h t o h a v o n o n o .

a b o v e s o lu t io n a s t h o b e s t p o s s ib l o in t h e c ir c u m s t a n c e s .
"T h o

o f w ork

u n d e r ta k e s t o b r in g i t w ith in o n e y e a r b o fo r o c o m p e t e n t

a u t h o r it ie s fo r th o e n a c t m e n t o f le g is la tio n o r o t h e r a c t io n .
I f n o fa v o r a b lo
a c t i o n f o ll o w s n o f u r t h e r o b li g a t i o n w ill r e s t o n t h o S t a t e in q u e s t io n .

p o s itio n ,

h ou rs

g e n e r a l i d e a , b u t t h e y t h o u g h t t h a t a p r o p o s a l in s u c h w i d e t e r m s w a s n o t

E it h e r , s a y s th o r e p o r t , m u s t b o d e p o s it e d w it h

"In

o f th e

p r o c e d u r e m ig h t b o in te r ­

bound

to

squ are

c o n c lu s io n

I

s h o u ld

reach

I fe lt

seq u en t ad dresses.

m ake

It q u it o

c le a r

th a t su ch

in t e r p r e t a t io n

w as

so t fo rth

in

as

a d d r e s s t o t h o C o n g r e s s o f t h o U n i t e d S t a t e s o n J a n . 8 1 9 1 8 , a n d in s u b ­

ord er to

I

a c c u r a t e ly

o f a r e c o m m e n d a tio n o r d r a ft c o n v e n t io n b y th o c o n fe r e n c e , a n d a p r o t o c o l
in

p r in c ip le s o f p e a c o , w h ic h

as

a lr e a d y a ffo r d e d t o th o w o r k e r s b y it s le g is la tio n a s a r e s u lt o f th o a d o p t io n
added

th o fo u r te e n

th a t

p o s s ib lo

w as

w ith

overy

p r e t e d a s im p ly in g t h a t a S t a t e w o u ld b o r e q u ir e d t o d im in is h th o p r o t e c t io n

m y

T h e s e f o u r t e e n p o i n t s a n d t h o p r i n c i p l e s l a i d d o w n in t h o s u b s e q u e n t a d ­
d r e s s e s w e r e fo r m a lly a d o p t e d w it h o n ly a s ln g lo r e s e r v a t io n b y t h o I ’ o w o r s

in a d m is s ib le .
" I t s h o u ld b o a d d e d t h a t t h o J a p a n e s o d e le g a t io n a b s ta in e d fr o m v o t i n g

a s so c ia te d

o n t h is a r t ic le , a s t h e y h a d n o t y e t r e c e iv e d in s t r u c t io n s fr o m th e ir G o v e r n ­

G erm an y.

m e n t in t h e m a t t e r .

G e r m a n y a n d a n o th e r fo r p e a c o w ith A u s tr ia .

T h o I t a lia n d e le g a t io n a ls o a b s t a in e d o n th o g r o u n d

a g a in s t
I

P e r s o n a lly

o f th o in a d e q u a c y o f th o p o w e r s g iv e n t o th o c o n fe r e n c e .”

do

G erm an y

not

I am

fo ci a t

and

w ill c o n s t it u t e

lib e r t y

to

th o

su ggest on o

q u it o w illin g t h a t I t a ly

s h o u ld

b a s is o f p e a c e
b a s is

fo r

w ith

p e a c o w it h

b o a c c o r d e d a lo n g th o

e n fo r c e m e n t p r o v id e m a c h in e r y w h e r e b y a s t a t o w h ic h

w h o le fr o n t o f h e r n o r th o r n fr o n t ie r , a n d w h e r e v e r s h o c o m e s in t o c o n t a c t

fa ils t o c a r r y o u t its o b li g a t i o n s a r is in g u n d e r t h e a r t ic l o o n p r o c e d u r e , o r

w it h A u s t r ia n t e r r it o r y a ll t h a t w a s a c c o r d e d h e r in t h o s o - c a lle d P a c t o f

w h ic h

L ondon, but

T h e a r t ic le s o n
fa ils

to

e n fo r c e a

s u b je c t t o e c o n o m ic
r e p o r t a s fo llo w s :

co n v e n tio n

m easu res.

w h ic h

T h is

it h a s r a tifie d , m a y

m a c h in e r y

is

bo m ade

s u m m a r iz e d

in

th o

I am

lo n g e r a p p l y t o

o f th o c le a r o p in io n

th a t th o P a c t o f L o n d o n

can

no

th o s e t t lo m o n t o f h e r e a s te r n b o u n d a r ie s .

T h o li n o d r a w n in t h o P a c t o f L o n d o n w a s c o n c e iv e d f o r t h o p u r p o s e o f
m ake

e s ta b lis h in g a n a b s o lu t e ly a d e q u a t o fr o n t lo r o f s a fe t y f o r I t a ly a g a in s t a n y

r e p r e s e n ta tio n s t o th o In te r n a tio n a l L a b o r O ffic e w h ic h th o g o v o m in g b o d y
m a y a t it s d is c r e t io n c o m m u n ic a t e t o th o S t a t e c o m p la in e d o f f o r it s o b s e r ­

p o s s ib lo h o s t ilit y o r a g g r e s s io n o n th o p a r t o f A u s t r ia .
B u t A u s t r ia H u n g a r y n o lo n g o r o x is ts .
T h o s e e a s te r n fr o n t ie r s w ill t o u c h c o u n t r ie s

v a tio n s .

s tr ip p e d

"A n

in d u s t r ia l

If

no

a s s o c ia t io n

s a t is fa c t o r y

of

e m p lo y e r s

r o p ly

is

and

r e c e iv e d ,

w ork

th e

p c o p lo

m ay

g o v e r n in g

body

m ay

o f th o m ilita r y

and

n a v a l p o w e r o f A u s tr ia ,

s e t t le d

In i n t e r d e ­

p u b lis h t h e c o r r e s p o n d e n c e w h ic h in m o s t c a s e s w ill p r o b a b ly c r e a t e s u f f i­

p e n d e n c e o f A u s t r ia a n d o r g a n iz e d f o r th o p u r p o s e o f s a t is fy in g le g it im a t e

c ie n t p r e s s u r e b y p u b lic o p in io n t o c a u s o th e c o m p la in t t o b e r e m e d ie d .

n a tio n a l a s p ir a t io n s , a n d c r e a t e d S ta te s n o t h o s t ilo t o

" T h o g o v e r n in g b o d y a ls o h a s th e p o w e r , e ith e r o n it s o w n m o t io n o r o n
r e c e ip t o f a c o m p la in t fr o m
fe r e n c e ,

to

a p p ly

to

th e

a g o v e r n m e n t o r fr o m

a d e le g a t e t o th e c o n ­

S e c r e ta r y -G e n e r a l o f th o L e a g u o

n o m in a t e a c o m m is s io n o f I n q u ir y .

o f N a tio n s

to

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a c c o m m o d a t io n b y th o c o v o n a n t o f th o L e a g u o o f N a t io n s .
I t is w it h t h e s e f a c t s in m in d t h a t I h a v o a p p r o a c h e d t h o A d r i a t i c q u e s ­
tio n .

a n d o n e p e r s o n o f in d e p e n d e n t s t a n d in g , a n d e a c h c o m m is s io n s h a ll c o n s is t

m e n t , th a t th o p o r t s o f T r ie s t a n d P o la , a n d w ith

o f o n o p e rso n d ra w n fr o m

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w ill r e p o r t o n

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th o s t e p s w h ic h

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It

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p e n in s u la ,

s h o u ld

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ceded

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to

fo r m a tio n

c o n s i d e r s w o u l d b o a p p r o p r i a t e In t h e e v e n t o f

c o n d itio n

c o p la in e d

of

her

r u n n in g a lo n g t h o n a t u r a l s t r a t e g ic lin o e s t a b lis h e d b y
w it h s o m o d e g r e e o f a c c u r a c y o n th o a t t a k e d m a p .

th o

adh oro

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of

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cou n try — a

t h is lin o o n

lin o

w h ic h

it h a s

to

th o

agree­

th orn th o g r e a te r p a r t

I t a ly ,

m e e t th e c o m p la in t , a n d in d ic a t o t h o e c o n o m ic m e a s u r e s , i f a n y , w h ic h it
n o t b e in g r e m e d ie d .

E u ropean

th o c u lt iv a t io n o f fr ie n d s h ip s a n d b o u n d t o a c o m m o n p o lic y o f p e a c o a n d

h ig h c o n t r a c t in g p a r t y u n d e r ta k e s t o n o m in a t e o n e e m p lo y e r , o n o w o r k m a n
e a ch o f th e s o th ro e c a te g o r ie s .

th o n ow

o r d e r , b u t a r is in g o u t o f i t , I n t e r e s t e d in it s m a in t e n a n c e , d e p e n d e n t u p o n

boon

e a stern

fr o n tie r

th o p h y s ic a l c o n ­

a tte m p te d

to

d raw

t h o I t a lia n s id e w ill lio c o n s id e r a b le b o d ie s o f n o n ­

I t a lia n p o p u la t io n s , b u t th o ir fo r t u n e s a r o s o n a t u r a lly lin k e d b y

th o n a ­

o f t h o L e a g u o o f N a t i o n s , w h ic h s h a ll h a v o p o w e r t o r e v ie w t h o fin d in g s o f

tu r e o f th o c o u n t r y Its e lf w ith

I th in k

th o c o m m is s io n .

t io n s o f th e c o m m is s io n o r th o p e r m a n e n t c o u r t , a s th o c a s o m a y b e , w ith in

t h e ir in c lu s io n is f u l l y J u s t ifie d .
T h e r e w o u l d b o n o j u s t i f i c a t i o n In m y J u d g m e n t in i n c l u d i n g F i u m o , o r

th o s p e c ifie d

a n y p a r t o f th o c o a s t lin o t o th o s o u t h o f F iu m o , w ith in th o b o u n d a r ie s o f

"A p p e a l m ay bo m ado to

th o p e r m a n e n t c o u r t o f in te r n a to in a l ju s t ic e

I f th e d e fa u lt in g S ta te fa ils t o c a r r y o u t th o r e c o m m e n d a ­

tim o , it w ill th e n

be

opon

e c o n o m ic m e a s u re s In d ic a te d a g a in s t it .




to

th o o th e r S ta te s

to

ta k e th o

th o I t a lia n k in g d o m .

th o r c s t o f th o I t a lia n p c o p lo t h a t

F iu m o Is b y s i t u a t i o n a n d b y a ll t h o c ir c u m s t a n c e s

M ay 3 1919.]

THE CHRONICLE

of its development not an Italian, but an international port, serving the
countries to the cast and north of the Gulf o f Fiumo.
Just bccauso it is an international port and cannot with justice bo sub­
ordinated to any one sovereignty, it is my clear jusdgmcnt that it should
enjoy a very considerable degreo o f gcnuino autonomy, and while it should
be included, no doubt, within the customs systems of the new Jugo-Slavic
State, it should, nevertheless, bo left frco in its own interest, and in tho
interest of tho States lying about it, to dovoto itself to the service o f the
commerce which naturally and inevitably soelts an outlet or inlet at its
port.
Tho States which it serves will bo now States. They will havo complete
confidence in their access to an outlet on the sea. Tho friendship and tho
connections o f tho futuro will largely depend upon such an arrangement as
I havo suggested, and friendship, co-operation and froedoin o f action must
underly every arrangement of peaco if peaco is to bo lasting.
I believe there will bo common agreement that tho Island o f Lissa should
bo ceded to Italy, and that she should retain the port o f Volpna. I beliovo
that it will bo generally agreed that tho fortifications which the Austrian
Government established upon tho islands near tho eastern coast of tho
Adriatic should bo permanently dispensed with under international guar­
antee, and that tho disarmament which is to bo arranged under tho Leaguo
of Nations should limit tho States on tho eastern coast o f tho Adriatic
to only such minor naval forces as aro necessary for policing tho waters
of tho islands and tho coast. These aro conclusions which I am forced to
by compulsion o f tho understanding which underlie tho whole initiation
of tho present peaco.
No other conclusions seem to bo acceptable to being rendered concise
with those understandings. They wero understandings accepted by the
wholo world, and bear with peculiar compulsion upon tho United States
bccauso tho privilege was accorded her of taking tho initiative o f bringing
about tho negotiations for peaco, and her plans underdo tho wholo difficult
business.
And certainly Italy obtains under such a settlement tho great historic
object which her peoplo havo so long had in mind. Tho historical wrongs
inflicted upon her by Austria-Hungary and by a long series o f unjust trans­
actions, which I hope beforo long will sink out o f the memory o f man, aro
completely redressed. Nothing is denied her which will complete her
national unity.
Hero and thero upon tho islands o f tho Adriatic and upon tho eastern
coast o f that sea there aro settlements containing largo Italian elements
o f population, but tho pledge under which tho new States enter tho family
of nations will abundantly safeguard tho liberty, tho development and all
tho just rights o f national and racial minorities, and back o f these safe­
guards will always lie tho watchful authority of tho Leaguo o f Nations.
And at tho very outset wo shall have avoided tho fatal error o f making
Italy’s nearest neighbors on her east her enemies and nursing just such
a sonse o f injustice as has disturbed tho peaco o f Europo for generations
together and played no small part in bringing on tho terrible conflict through
which wo havo just passed.

IT A L IA N STATEM ENT IN REGARD TO V IU M E.

A Washington dispatch to tho Now York “Tribune,”
under dato of April 25, gave tho following extracts from an
“officially made summary” of tho statoment re d by Signor
Barzilai to the Peaco Conference on behalf of tho Italian
delegation, in which Italy’s claims wero defined and ad­
vocated:
Tho memorandum begins by explaining that tho Italian claims aro
based on justlco and moderation, and fit absolutely into tho framo work of
Presklont Wilson’s fourteen points, which wero the basis of tho armistice.
If a certain part o f Italian public opinion would like to seo them to some
slight oxieMt reduced, another part demands that they bo considerably
increased.
After thoso prefatory remarks tho memorandum proceeds to state exactly
what Italy does want. Italy went to war with two aims: Tho liberation of
her oppressed sons and tho attainment o f safe frontiers by laud and sea.
Victory has cost her much more than she expected and she is therefore all
tho loss likely to repudiate tho principles which determined her inter­
vention.
Tho concroto application o f these principles might bo summed up as tho
Alpino frontier, which includes tho Upper Adige, tho Trontino and Julian
Vonotia, and an improvement of her Adriatic position which, without
prejudicing tho legitimate aspirations o f tho new Stato, will allow Italy to
escapo from tho position o f absolute inferiority and danger in which she
finds herself.
Tho memorandum proceeds to claim the watershed o f tho Julian Alps as
far as tho Quarncro. Hero again geographers of all lands and ages havo
indicated this as tho natural Italian frontier. The evidences of Roman
and Venetian culturo aro everywhere, and despito foreign Infiltration tho
population is mainly Italian in spirit and customs.
Gorizia, Trieste, Fiumo, Pola, tho chief centres, aro, tho document
continues, Italian not only by their past but by tho great majority of their
present population, as sot forth In Austro-Hungarian official statistics.
Tho smaller towns aro also Italian, as aro the big rural centres, whoso
economic and cultural existence is completely bound up with that of tho
towns.
Evon if questions o f military safety and necessary geographical compact­
ness aro loft asido, a compromise frontier, a frontier not based on clear
topography, could not sottlo tho race conflicts completely or havo any
oconomlc solidity. Tho natural outlets o f tho mountain zones aro tho
Venetian Friulian plain and the Italian ports of Julian Venetia from
Triosto to Fiumo.
The memorandum then turns to tho Adriatic problem. Tho frontier
of tho Julian Alps, including Istrla from Pola to Fiumo, reduces but doos
not eliminate Italian Adriatic inferiority. This can only bo eliminated by
restoring to Italy an adequate part of Dalmatia. Conditions havo changed
and Italy can now limit herself to demanding not tho absoluto possession,
but tho freedom of that sea. That is to say. sho will not exclude a now
Jugo-Slav Stato from possessing a part of tho Adriatic coast, claiming for
herself not moro, but not loss, than sho needs to insure her peace of mind
and eliminate foreign menaces.
Tho Treaty of London gives to Italy 6,326 squaro kilometers o f the total
aroa o f Dalmatia, which is 12,085 squaro kilometers and 44% of tho popu­
lation o f Dalmatia: while of tho wholo coast from Fiumo to tho Boyana,
Italy will only havo one-sixth. That Is to say, tho Jugo-Slav Stato will
havo si^ times as much o f tho coast as Italy and will havo more than half
of tho population and half of tho total area of Dalmatia and its islands.
Evon if historical right and national reality were otherwise, Italy could
not for reasons of safety In tho futuro renounco having a part of Dalmatia.
Italy would bo threatened from Dalmatia if tho wholo o f it fell to another
Stato, wheroas Italy’s claim to a part o f Dalmatia threatens no one. ,




1791

The memorandum turns to the special question of Fiume. Russia’s
defection imposed on Italy a much greater burden than that stipulated'in
tho Treaty of London. American intervention did nothing to relieve the
pressure on Italy, whereas on the Western front It more than compensated
for Russian defection. Not onlv Trieste but Fiume must cease to function
in favor of indirect German domination of the Adriatic.
I'M
Leaving aside the damage to Trieste which Would result from the com­
petition of Jugo-Slav Fiume and to tho economy of tho Hinterland resulting
upon the inevitable attempt to deflect all of Its trade to a non-Italian
Fiumo, it is necessary to insist on tho anti-German part which Italy alone
can play at Fiume, a part which can bo played 1 1 such a way as to benefit
the Croatian and Hungarian Hinterland.
At this point the memorandum insists on the natural aptitudes and the
technical resources of a seafaring nation like Italy, which by placing both
Fiume and Trieste at tho entire disposal of the Hinterland would con­
ciliate In tho best possible fashion her two interests with those of the com­
mercial clientele of the two ports. The memorandum emphasizes the fact
that these two ports have got to serve Germany, Austria, Bohemia, the
Jugo-Slav countries and Hungary.
It is not true, the memorandum proceeds to argue, that Crotia needs
Fiume. Crotian trade In the port represeted only 7% , the remainder
coming from other regions, and especially Hungary. The total trade^of
Slovenia. Crotia, Dalmatia, Bosnia and Herzegovina in the port of Fiume
hardly reached 13%; the remainder went toward the ports of Lower Dal­
matia.
The memorandum explains why Fiume was given to Crotia in"the
Treaty of London. At that time the fall of tho Hapsburg monarchy was
not foreseen. It was, therefore, natural that to a population of 50,000,000
Inhabitants one independent Adriatic port should be left, but Italy’s
decisive victory of 1918 has effectively destroyed this argument. Besides
Buccari and Segna, Crotia— another fact unforeseen in the Treaty of
London— has at her disposal other outlets in the Lower Adriatic, outlets
which it was thought would bo reserved for Montenegro and Sei^aia.

IT A L IA N PREMIER UPHELD BY PA R LIA M EN T ON
F IU M E IS S U E .

Tho Italian Parliament on April 29, by a vote of 382 to 40,
in the Chamber of Deputies and unanimously in the Senate,
endorsed the action of Premier Orlando and the Italian peace
delegates in withdrawing from tho Paris Conference, rather
than yeild on the question of Fiume. Preceding the vote of
confidence Premier Orlando addressed the Chamber, assert­
ing that Italy believed her claims as put before the Peace
Conference in Paris wero founded on such high reasons of
justice and right that any international treaty or agreement
should bo set aside so that they might be accepted. Premier
Orlando constantly was interrupted by applause and an
ovation was given him at tho close of his address. Former
Premier Luzzati followed tho Premier and was also unani­
mously applauded, except by the intransigeant Socialists,
whoso spokesman, Deputy Turati, explained why the
Socialists could not givo a vote of confidence to the Cabinet.
Tho Associated Press gave the following account of Premier
Orlando’s address and tho further proceedings:
Premier Orlando admitted that he received on April 14 the American
memorandum dealing with the Adriatic question, and added that until
that time he always had been assured that tho American delegation had
not readied any definite conclusion regarding Italy.
[Tho memorandum (given In full elsewhere) contained tho salient points
of the text of tho statement issued by President Wilson on April 13 in which
tho President asserted that Fiume must not bo granted to the Italians.]
Continuing his address Premier Orlando said:
“ Tho principal duty in this grave hour for the world, and very grave for
Italy, is to preserve the greatest calm and serenity.
“ This statement aims to be only an impartial declaration of facts, so
that Parliament may havo all tho elements necessary to pass judgment
on tho work of tho Government and of the Italian delegation at the Peace
Conference, as well as on the situation created by the last painful events.
“ I think it opportune to recall briefly tho attitude of tho Italian delegation
in that phase of the negotiations which began about the middle of March.
At that time tho preparatory work was finished and a program for definite
deliberation had to be decided upon. Questions concerning peace with
Germany received precedence, but it was agreed that thoso regarding Italy
should follow immediately.”
Premier Orlando said that all through the period of negotiation to framo
peace terms with the Germans the relations of the Italian delegation with
tho Allied and Associated Powers could not havo been more amicable or
cordial, adding:
“ If it was possible to derive from our conversations the divergencies of
views between tho Governments, and above all between tho Italians and
Americans, thero never had been reason to believe these divergencies were
absolutely irreconcilable; but up to the time of handing over the memoran­
dum of April 14 by President Wilson setting forth tho American view
assurances had been given that the American delegation had not reached
a definite decision regarding tho Italian question.
“ Thero wero certainly divergencies of viows between the two Governments
(Italy and tho United States) but never did I beliovo that such differences
wero irreconcilable. Indeed, until April 14, when tho American memo­
randum was delivered to us, I had always been assured that the American
delegation had not reached any definito conclusions regarding us. Several
times I stated with firmness, consistent with courtesy, that tho program
of tho Italian territorial claims was based on essential cardinal points of
acceptance, which was an absoluto condition for the Italian Government.
"This is synthetically the history of the activity of tho Italian delegation
from tho middlo of March to April 13, when the convocation of the German
delegates was agreed upon, with a reserve provision. On April 14 I had
two long conversations with President Wilson, in which the whole Italian
territorial question was profoundly discussed. Mr. Wilson concluded by
handing mo a memorandum, saying it represented tho decision o f tho
American Government on the question and authorizing me to communicate
tho same to tho Italian Parliament. I have distributed it to-day to all
members.”
Following Premier Orlando, Professor Luigi Luzzati, as spokesman for
tho majority party in the Chamber, declared that tho Allies had never re­
warded Italy’s sacrifices as they deserved to bo rewarded. Italy’s restora­
tion, ho added, ought at least to bo equal to that of tho other Allies.

1792

THE CHRONICLE

The speaker said President Wilson’s message had hurt every Italian
heart, and that the chamber must give a firm and clear reply which would
constitute a ronewed expression o f its confidence in the Government.
“ Too much blood has been shed and too many sacrifices, both for the
present, and for the future, havo we made,” continued Professor Luzzatl,
“ for us not to be entitled to demand that our sons along the Adriatic shall
be able to feel themselves under the protection of their longed-for mother­
land.”
The speaker again declared that it was the duty of all tho Deputies to
rally ’round tho Government.
Deputy Turati, the official leader of tho Socialist Party, declared that
the Socialists would not only be defenders of the sacred right o f self-de­
termination in tho case of Fiume, but also o f the equally sacred right of
revolutionary Russia.
“ For the same reason," continued Signor Turati, “ we cannot range our­
selves with tho Socialists o f other States, who in accordance with the
Entente ideology, have applauded the new African and Asiatic Empiro of
Great Britain, American domination in Europe, and tho occupation of the
Saar region, where there is not a soul who speaks French, just as in Fiunio
there is not a soul who does not speak Italian.”

Later reports by the Associated Press state that in discuss­
ing the American memorandum, which was handed to him
on April 14, Signor Orlando said:

“ Inasmuch as this memorandum denied Italy’s rights over the Dalma­
tian Islands, accorded only incomplete liberty to Fiume and even wont so
far as to break up the unity of Istria, I told M r. Wilson it was absolutely
impossible for me to agrco to peace on the conditions indicated. I added
that, under such conditions, the Italian delegation felt it could not continue
to participate in the Conference with any benefit for others or dignity for
Italy, but said I would communicate with representatives o f tho Allied
Powers with which Italy was bound by special agreements.
“ President Wilson showed great regret for such a hypothesis, adding that
ho would do everything possible to prevent it. He said he thought it op­
portune and useful that France and England should undertake to find a
means o f conciliation, while he would havo tho question re-examined by his
experts to see if further concessions could be made to Italian aspirations.
“ Fiume proclaimed herself an Italian town. Can our great nation re­
main inert and unmoved by the vehement and despairing appeal of this
people whoso blood is of our blood? No. Italy does not need to put
forward a formal thesis in support of her demands, feeling sure that violence
will not bo done to tho will of this Italian town.”
Premier Orlando reiterated that tho Treaty o f London did not prevent
the Allies from considering the Fiume question from the Italian view, and
that, moreover, the Allies had admitted they were in no wise bound re­
garding Fiumo, since they considered themselves capable o f agreeing to tho
freedom o f the city.
“ It is our desire and firm resolve,” ho said, “ that the alliance shall not bo
broken up. Wo wish to remain loyal to it for the sako of the solemn pledge
which binds our word o f honor, but still more for the holiness of blood
shed in a comrqon cause.”

Tho press accounts also gave tho following details, tending
to show the extent to which the Italian masses support the
Government in its stand:

The Italian Socialist Union yesterday (April 28) sent tho following tele­
gram to the proletariat o f Fiume:
“ The Socialist Union, emphatically declaring tho integrity and the lib­
erty o f the nation to bo the essential basis o f tho Socialist Internationale,
shares the noble passion o f our proletarian brethren in Fiume and promises
to struggle valiantly to prevent violation of their rights.”
Further details o f the meeting held in Fiume on Sunday show that tho
National Council of the Adriatic city notified Premier Orlando that all tho
political powers, stato and municipal, had been placed in the hands of Gen.
Graziola, who was asked to exercise supreme authority in the name of
King Victor Emmanuel.
It was stated that by this action Fiume intended officially to weld its
annexation to Italy.
A message from the British Labor Party to tho Italian Intransigeant
Socialists, urging them to uphold President Wilson’s fourteen points, has
been received. Thirteen Intransigeant Socialist deputies, representing
their group, met in tho chamber Saturday to discuss what attitude should
bo adopted regaiding tho situation which has arisen through President
Wilson’s message. This attitude was summarized in tho reply to the
British Labor Party, in which tho Italian Socialists said:
“ Tho Wilsonian ideals are daily spoiled by capitalistic governments,
which, including the English and American governments, vio in being
Wilsonians in the affairs o f other countries, but imperialistic in tho affairs
of their own country.”
The reply ends:
“ We condemn the policy o f all capitalistic governments and urge the
proletariat world to follow tho principles proclaimed at Zimmerwald.”
Demonstrations hero yesterday in support of the Government’s stand on
the Adriatic question culminated in a great mass meeting, convoked by
Princo Colonna, tho Mayor, on the Capitoline Hill. The citizens gathered
at the meeting passed unanimously a resolution asking the annexation of all
territory given to Italy by the Treaty o f London and also Fiume. The
resolution also urged the Government to remember the “ sufferings and
hopes of Spalato and Trau.”
While the famous Capitoline bell was rung the assemblage took a solemn
oath to remain united. Prince Colonna presided at tho meeting and
municipal officials attended.
A procession afterward went to the Quirinal, where the King and Queen
appeared on the balcony of the palace. With them were soldiers who had
been wounded in the war. The crowd cheered and cried, “ Fiume. Dal­
matia.”
A telegram from Sebenico, in Dalmatia, seventy miles southeast of
Trieste, published in tho “ Epoca,” says that Dr. Anton Koroseo, President
of tho Jugo-Slav Party, has arrived at Spalato, a seaport in Dalmatia,
accompanied by Serbian officers, and has organized an anti Italian demon­
stration there. The telegram adds:
Jfel “ Tho Italians at Spalato blame tho weak attitude of the American naval
authorities for permitting public anti Italian manifestations notwithstanding.the orders o f tho Inter Allied Council of Admirals.”

ORLANDO NOT TO RETURN TO PARIS, SAYS
AMBASSADOR PAGE.

In a telegram from Romo to Paris on Tuesday (April 29),
American Ambassador to Italy Page reported that he had
gathered from Premier Orlando in a long conference Monday
that the Premier did not intend to return to Paris for the




[V o l . 108

signing of the peace treaty. The Premier expressed regrot
that the time was so short before the arrival of the Germans.
A dispatch to the daily papers in reporting this fact said
further:
The Italian Premior, tho telegram from Ambassador Pago added, felt
that his action either way would have serious consequences, but it was
preferable to havo troublo from without Italy rather than from within
Italy, because tho present stato of public feeling in Italy would not justify
tho signing of a treaty which did not include Italian aspirations. Am­
bassador Pago said ho had taken steps to havo tho Italian authorities sup­
press manifestations directed against President Wilson. As a result one
of the principal demonstrations in Romo was given up.
Should Premier Orlando not return for tho signing of tho treaty, it would
givo the situation a more serious aspect than the departure of the Italian
delegation, as the Allies would be required to take final action without tho
participation of Italy. While there is every desire to avoid this result, the
indications are that tho Allies will proceed with tho signing if Italy de­
cides to withhold participation.
Ambassador Page said he thought tho situation had been aggravated by
Italian newspaper criticism based on a wrong interpretation of President
AVilson’s attitude, and added that all those interested in preserving good
relations between tho two countries should do their best to prevent such
disturbing factors from having play.
Premier Orlando said ho considered tho situation serious, but that his de­
sire was to ameliorate it and restore calm. The Premier said ho deeply re­
gretted that tho breach had occurred and had been much disturbed.

BRITISH LABORITES ENDORSE PRESID EN T’S STAND
ON F IU M E .

A press dispatch from London under date of April 24, in
reporting that English labor leaders aro supporting Presi­
dent Wilson’s stand on the question of Fiume, said:
Prominent British labor leaders have sent a telegram to President Wilson
congratulating him “ on your magnificent declaration for peace based on
the fourteen points,” and adding: “ AVe are cetrain that tho Italian workers
will asociate themselves with tho international workers in supporting you.”
Among those signing the telegram aro Arthur Henderson, former member
of tho AVar Cabinet: Charles AV. Bowerman, Secretary of tno Trade Union
Congress: John Hodgo, former Minister of Pensions; George Lansbury,
former Socialist member of tho House fo Commons: Robert Smillio, the
miners’ leader; James Henry Thomas, General Secretary of the National
Union of Railwaymen, and Sidney AVebb, economist.
A message was also sent to Premier Lloyd George, commending him for
the support he was giving to President AVilson, and another tolegram was
sent to Deputy Turati, leader of the Intransigeant Socialists at Rome,
appealing to the Italian woikers to support tho President of tho United
States.

LEAGUE TO ENFORCE PEACE OPPOSED TO REVISION
OF LEAGUE OF NATIONS BY SENATE.

A statement urging the ratification of tho Loague of Na­
tions Co.enant in its revised form, on tho ground that fur­
ther amendment by the United States Scnato would in­
definitely postpone peace, was issued on April 30 by the
Emergency Campaign Committee of the League to Enforce
Peace, according to the New York “Tribune,”
re­
ports that the statement says:
A v h ic h

The covenant for a League of Nations in tho amended form adopted by
tho Paris Peace Conference should satisfy all except thoso who oppose any
League whatever.
It is now a thoroughly American instrument— thoroughly American and
thoroughly non-partisan. Recent amendments included tho moro im­
portant changes proposed by tho leaders of tho Republican party.
Tho covenant asks the American people to surrender neither thoir honor
nor their independence nor their dominant position in tho New AVorld.
It involves no obligations that we should not be ready to assumo to losscn
tho danger of future wars.
0|)ponents must now show their true colors. Tho old argument, "AVe
aro for a League, but not tho League,” will no longer servo. The issue
now is: "Tho League or none.”

’ The statements Avasj signed 1y William Howard Taft,
ProsidentHof&thojforganization; A. Lawronce Lowell, Presi­
dent of Harvard University; Hamilton Holt, Judge William
II. Wadhams, William II. Short, Charles II. Strong and
Glenn Frank.
LEAGUE

TO ENFORCE PEACE ON A T T IT U D E OF

PEPS SENATORS TOW ARP,LEAGUE OF NATION S . m m
ffiThc League tojEnforce Peace issued a statement on April
30 at Washington in Avhich it reported that out of tho 96
United States Senators, 64 were for the Leaguo of Nations
as compared Avith 12 against it and 20 Avhose attitude Avas
doubtful. A tAvo-thirds vote is necessary to ratify the
League. These conclusions as to the stand of the Senators,
as reported by the League to Enforce Peace Avero gleaned
from newspaper reports, communications to the League,
interviews, &c. Its statement said:
A half dozen polls and a conservative estimato, based upon statements
that havo been made by Senators for and against tho Leaguo of Nations
covenant, assures tho ratification of a peace treaty if tho only objection is
the L eagu oof Nations covenant.
IfPiSj
&■» <>,. t* ,* fai

k* The

poll as predicted by the LeagueAAvas as followsT™

For tho League of Nations— Bankhead and Underwood, Alabama;
Ashurst and Smith, Arizona; Robinson and Kirby, Arkansas; Phelan,
California; Thomas, Colorado; AVolcott, Delaware; Flotchor and Trammel,
Florida ;Smith and Harris, Georgia; Nugent, Idaho; Cummins and 'Kenyon,
Iowa; Curtis and Capper, Kansas; Beckham and Stanley, Kontucky;
Ransdell and Gay, Louisiana; Smith, Maryland; Townsend, Michigan;
Nelson and Kellogg, Minnesota; AVilliams and Harrison, Mississippi;

M ay 3 1919.]

THE CHRONICLE

Spencer, Missouri; Walsh and Myers, Montana; Hitchcock and Norris,
Nebraska; Pitman and Henderson, Nevada; Koyes, Now Hampshire;
Edge, New Jersey; Jones, Now Moxico;
Simmons and Over­
man, North Carolina; McCumbor and Gronna, North Dakota;
Pomereno, Ohio; Gore and Owen, Oklahoma; Chamberlain and
McNarry, Oregon; Gerry, Khode Island; Smith and Pollock, South Caro­
lina; Sterling and Johnson, South Dakota; Shields and McKellar, Ten­
nessee; Culbertson and Shoppard, Texas; Smoot and King, Utah; Swan­
son and Martin, Virginia; Jones, Washington; Sutherland and Elkins,
West Virginia; Kendrick, Wyoming— Total, 64.
Against tho League o f Nations— Borah o f Idaho; Sherman, Illinois;
Now, Indiana; Lodge, Massachusetts; Reed, Missouri; Moses, Now Hamp­
shire; Frelinghuysen, New Jersey; Fall, Now Moxico; Wadsworth, Now
York; Penrose and Knox, Pennsylvania; Poindexter, Washington—
Total, 12.
Doubtful— Johnson of California; Phipps, Colorado; Brandegoo and
McLean, Connecticut; Ball, Delaware; McCormick, Illinois; Watson,
Indiana; Fernald and Halo, Maino; Franco, Maryland; Walsh, Massa­
chusetts; Nowborry, Michigan; Calder, Now York; Harding, Ohio; Colt,
Rhode Island; Pago and Dillingham, Vermont; Lcnroot and LaFollotto,
Wisconsin; Warren, Wyoming— Total, 20.

Tho League, in analyzing the poll, it is learned from the
New York “Times,” said:

There may bo listed in tho doubtful group those who aro not doubtful at
all. But also there are three listed as “ against” who may bo said to bo
doubtful. Again there aro names in tho “ for” column that may cause
somo surprise. Tho name of Senator Smoot is one o f theso, but reports
declare that Utah is firm in support o f tho covenant.
Moreover, it is asserted that tho changes in the covenant meet tho ob­
jections heretofore expressed by both o f tho Senators from Utah. Senator
King, who was opposed to tho original draft, in an interview in Salt Lake a
fow days ago expressed his belief that tho Senate would ratify tho poaco
troaty, including the League o f Nations.
Senator Now o f Indiana expressed his conviction that tho United States
should keep out o f any League o f Nations and that ho does not believe tho
people o f Indiana favor tho League. “ But this does not mean that I will
not vote for ratification,” ho said. “ I have only read the covenant once,
and I havo not heard all of tho explanations nor tho arguments for it.”
Perhaps Senator Now could-be listed as "undecided,” but his opinion is
expressed so strongly that it seems fairest to put him in tho “ against”
column, for tho time boing at loast. Somo o f Senator Lodgo’s frionds
assort that tho changes in tho covonant will meet his objections. Senator
Lodgo most vigorously urged them. And ho has not, to date, declared
that he will opposo ratification. However, it also seems only fair to list
him as against tho covenant in endeavoring to figure out tho array of pro­
ponents and opponents.
Sonator Sterling o f South Dakota, ono o f tho signors o f tho so-called
“ round robin,” has not expressed himself in favor o f tho now covenant, but
with tho strong favor o f tho Leaguo o f Nations that has developed in South
Dakota it is assumed that ho will respond to tho will o f his constituents.
Senator Watson o f Indiana does not entirely agroo with his coilegue,
Sonator Now. Ho is for " a ” Leaguo o f Nations, and ho urged tho amend­
ments that wore made. Ho is, therefore, placed in tho "doubtful” group,
with many of his friends confident that ho will bo won over.
Tho list as given seems to balance. Perhaps the list of those who aro
unalterably against the covenant may bo simmered down to Senators Reed
Borah, Poindexter and Shertnan. Those in tho doubtful group most likely
to swing over to support of the covenant aro Senators Harding of Ohio,
Page and Dillingham of Vermont, Phipps o f Colorado, Johnson of Cali­
fornia, and La Follette of Wisconsin.

SENATOR LODGE SEES FURTHER A M E N D M E N T
NECESSARY TO LEAGUE OF NATIONS—
ADVICES TO REPUBLICAN SENATORS.

1793

on that day with Senator Lodge, declared that the more
he studied the new League covenant the more infamous
som ■ of its provisions appeared to him. Senator Borah
was quoted in the “Tribune” as saying:

From my standpoint I would regard the acceptance of the League by
any representative of the United States, with Article X . included in the
covenant as nothing short of treason.

The following regarding Senator Borah’s views is taken
from the New York “Times” of April 39:

Senator Borah attacked Article X . as the “ most dangerous one in the
League covenant.”
“ To my mind, the adoption oY the covenant with Article X . in it would
be treason,” he declared. “ Under Article X . the United States would be
obliged, along with other members of the League, to undertake to protect
all the members from external aggression against their territorial integrity
and existing political independence. Under this provision the United
States would bo perpetually dragged into the territorial quarrels of European
nations. Our men might be called upon to fight in wars in which this
country would not have a particle of interest.
‘Unless Article X . is taken out of the covenant, the whole document
ought to bo rejected without further consideration. It is the most in­
famous character of entangling alliance over conceived.
“ Another feature of this covenant that ought to come out is Article X I.,
touching upon a dispute that may be regarded as a threat of war. Under
this articlo there is not an affair of national import that the United States
now has, or any other nation has, under its own control which could not be
determined by the League o f Nations. Questions could be raised as to
immigration or anything else and thrown at once to the League of Nations.
Any dispute, under Article X I ., could be taken by the Leaguo to constitute
a threat o f war.
“ As to Article X X I ., which pretends to safeguard tho Monroe Doctrine,
tho phraseology is so vague that it means absolutely nothing. It must be
clarified if the Monroe Doctrine is to be preserved. President Wilson, in
ills statement last night at Paris, merely referred to Articlo X X I . as “ new.”
Ho did not undertake to explain it. Tho fact is, probably, that tho article
as it appears was all that the President could get the delegates of European
powers to accept. That may explain his failure to attempt any explana­
tion of it.”
Senator Borah made his criticism after a talk with Senator Lodge, which
ho characterized as “ entirely satisfactory.”
Senator New of Indiana agreed that Article X X I . was ambiguous.
“ It ought to specify, without circumlocution,” he said, “ that tho Monroc Doctrine is to be immune from control by the Leaguo. As it is now,
there is uncertainty whether the Monroe Doctrine is safeguarded."

SENATOR LODGE ON ITA LY 'S CLAIMS TO F IU M E .

In reply to a message received by him from prominent
Italians in Boston asking that he stand by Italy in her
claims for Fiume, Senator Henry Cabot Lodge of Massa­
chusetts who will be Chairman of the Foreign Relations
Committee in the next Senate, s ates that “if Italy is of the
opinion that it is necessary to her safety and for her pro­
tection that she should hold Fiume, I am clearly of the
opinion that it should be hers.” Tho request for an ex­
pression of opinion by Senator Lodgo and other Massa­
chusetts representatives in Congress was sought in a tele­
gram to them which said:
Undersigned American citizens personally and as representatives of

thousands of members, being awaro of your sense
Besides issuing a st tement on April 29 in which he de­ organizationsandnumbering
fairness, urge you to stand by Italy. Fiume is essen­
clared that he was not prepared at present to express his oftial justice
to tho future safety of Italy. Fiume is Italain by population, history,
views on tho revised covenant of the League of Nations, geography, language and recent plebiscite. Italy asks one-third of the
coast of Dalmatia; Jugo-Slavia will have two-thirds, with seven ports,
Senator Henry Cabot Lodge of Massachusetts, Republican like
Spalato, Cattaro and Ragusa. Fiume was not included in the London
loador in the U. S. Senate and Chairman of the Foreign ' treaty,
Russia claimed it for herself. Italy stood by America and
Relations Committee, in conjunction with Senator Curtis, the causobecause
of righteousness; Italians here stood by America; let America
tho Republican whip, requested tho Republican Senators stand by Italy. Your statement in support of Italy is respectfully urged.
to refrain from discussing the covenant until the draft had According to the Boston “T anscript” of April 30 among
been carefully studied. The following is the statement those signing the telegram were Dr. Rocco Brindisi, Presi­
dent of tho Dante Aleghieri Society; Ubaldo Guidi, Gabriele
which came from Senator Lodge:
I am not prepared to make a statement in regard to the now draft at Stabile, Anthony Laureana, President of the Federation
this moment, because I desire to examine it carefully, and compare it
of Columbus Republican Clubs; Saverio Romano, President
with tho former draft and also to confer with my colleagues, for it is o b ­
vious that it will require further amendments if it is to promote peace of tho Federation Figli di Italia; Andrea Baderacco, Pasand not endanger certain rights o f tins United States, which should never quale Galassi of the State Immigration Board; Dr. Gerado
bo placed in jeopardy.
Balboni, Eernesto Martini, Felix Forte, Victor De Beilis,
The following wore the advices sent by telegraph to the Giovanni
Oddo, Michael Bellusci, Joseph Santosuosso,
Republican Senators by Messrs. Lodge and Curtis:
Wo suggest that Republican Senators reserve final expressions o f opinion Americo Brogi, Joseph Zotoli, Charles Pastene, Judge
respecting tho amended Leaguo covenant until tho latest draft has been Frank Loveroni, James Bacigalupo, James Donnaruma,
carefully studied, and until there has been opportunity for conference.
Petitti, Edward Scigliano and Frank Oberti. The
On tho day the telegram was sent out Senator McNary of Jerome
reply made by Senator Lodge was as folows:
Oregon, Republican, announced that he would support tho
April 29 1919.
Gentlemen: I havo received your telegram. In the discussions of the
League covenant as finally adopted. He is quoted as terms
of peaco I have always declared that the region known as Italia Irre­
saying:
denta and all adjoining regions where Italian culture and Italian population
I read the revised covenant or the Leaguo of Nations with sufficient care
to say that I will give it my support when it comes beforo tho Senate for
consideration. Whether it is perfect in all its details is insignificant as
compared with tho high principle it is calculated to serve, which in time
will bo perfected as far as human efforts can achieve and will be as de­
votedly respected as tho Constitution o f our own country. That feeling in
itself will bo a sufficient force to guarantee everlasting peaco.

Ex-Spoaker Clark, in a statement on the 29th, endorsed
th > Loaguo of Nations Covonant as finally adopted, and
said ho believed the amendments made to the original
Covenant strengthened it. He said:
I am glad that they inserted the Monroe Doctrine amendment and tho
withdrawal provision. While I think two years is toolong, it is better
'than nothing.

Tho Now York “Tribune” in Washington advices April 29
;statod that Senator Borah (Republican) after a conference




are dominant, should be returned to Italy, and that Italy should have
military and naval control of the Adriatic, not only for her own protection
but as an essential barrier against any future attempt of Germany to at­
tack the rest of tho world as she did in the recent war. I have also said
repeatedly that the Jugo-Slavs ought to have access to the Adriatic, which
I regard as economically essential to their independence. To both these
opinions I adhere, and I can see no reason why the matter could not have
been arranged.
From information given me by an Italian deputation whom I saw last
spring in Washington I was assured that Italy was entirely willing to give
portions of the Dalmatian coast containing good ports to tho Slav popula­
tion of that region. If this be true, as I have no doubt it is, I cannot see
why this arrangement should not have been made.
The Pact of London, according to the President’s statement, provided
for the return of Fiume to Croatia, but the dissolution of the Austrian Em- <
piro has vitally changed the situation contemplated by the secret treaty
of London, and to that secret treaty the United States was not a party.
I repeat that I think Italy should make arrangements to secure an access

1794

to the Adriatic to the Slavic populations which I hopo will form a united
independent barrier State.
As to Fiume, if Italy is o f the opinion that it is necessary to her safety
and for her protection that sho should hold Fiume I am clearly of the opin­
ion that it should be hers, especially as tho people of Fiume, I understand,
havo voted to join with Italy. Italy regards Fiume as the founders of
our own republic regarded tho mouth of tho Mississippi when it was said that
any other nation holding tho mouth o f the Mississippi was o f necessity an
enemy o f tho United States. That which we desire to do for tho Slavs is
purely commercial and economic. Italy’s demand for Fiume rests on the
ground of national safety and protection.
Italy has fought side by sido with France, England, and tho United
States and has helped enormously in repolling the German onset. Sho has
sacrificed a half million o f her people. Sho has burdened herself with
heavy debts. Sho has suffered grievously hi her industries and in her food
supply. Sho has taken possession o f Fiume, which was part of the enemy
territory, by her victory in tho war. I do not see how tho United States
and the other nations with whom she was allied can properly refuse her
request.
I earnestly hope that Fiumo may becomo an Italian possession so as to
give her that security to which her armies and her sacrifice entitle her.
Very truly yours,
II. C. LODGE.

M E X I C A N GO V E R N M E N T REFUSES TO RECOGNIZE
A R M I S T I C E C L A U S E FORBIDDING TRANSFER OF
GERM A N - 0 W N E D PROPERT Y— REJECTS
MONROE DOCTRINE.
Advices from Washington under date of April 28 an­
nounced that Mexico had declined to recognize tho financial
clause of the armistice terms by which Germany pledged
herself o tho Allies not to dispose of any of her stocks in
specie or any of her foreign title deeds or bonds abroad,
whether in tho possession of the Government, banks or pri­
vate individuals or companies. The matter, it was said,
is being discussed in Paris, but any action taken will bo for
the present directed by tho reprcsenttaive; of the associated
Governments, and not by the United States on its own
initiative. Action of some kind, however, is looked for as
soon as the peace treaty is out of the way.
It wjis made known at the State Department that in a note
to th French Government the Mexican Government has
taken the stand that it cannot recognize the effects of tho
armistice engagements of Germany because it is regarded as
contrary to the Mexican constitution and to the terms of a
treaty between Germany and Mexico.
Information in regard to the Mexican Government’s atti­
tude was revealed shortly after an announcement had been
made at Mexico City that the Carranza Government re ected
the Monroe Doctrine, as recognized in the covenant of the
League of Nations, on the ground that it “ attacks the sov­
ereignty and independence of M exico.” Later dispatches
from Mexico stated that the announcement in regard to the
Monroe Doctrine was made as the result of requests by other
Governments friendly to Mexico for an expression of opinion
in regard to the Monroe Doctrine. It was intimated in offi­
cial circles in Washington that diplomatic investigations
might be made to ascertain he identities of the nations re­
ferred to in the Mexican official statement.
• A t the same time the declaration was made repudiating the
Monro ■Doctrine so far as Mexico is concerned, the Mexican
Government ann unced that Alberto J. Pani, Mexican M in ­
ister to Franco, had been instructed to leave Paris and await
further instructions in Spain. Senor Pani, it was stated,
had been in Paris since last December, but had been un­
able to pre ent his credentials, “ in spite of the fact that the
French Government last November expressed its willingness
to accept Senor Pani’s nomination.” The failure of the
French Government to receive tho Mexica r presentative
is generally connected with the refusal of the Carranza
Government to co-operate with tho Allies in egard to Ger­
man-owned property in Moxico. M exico, it will bo re­
called, was not invited to participate in the recent confer­
ence of neutral States called to consider tho League of N a ­
tions covenant, neither was she named among the States
invited to become signatories of the League of Nations.
The correspondence between the French and Mexican Gov­
ernments in regard to German-owned property in Mexico was
referred to in special advices to the New York “ Times”
of April 28, which said:
Under instructions from the French Government, tho French Legation in
Mexico City, on Dec. 26 last, apprised tho Carranza Government of the
terms of the financial clause in tho armistice and M . F. Dojean, the French
Charge d ’Affaires, added in his communication:
“ I am likewise Instructed to draw your special attention to the importance
which the Allied Governments attach to the prevention of any loss to them,
by any means whatsoever, of property belonging to the German Govern­
ment or Gorman subjects. Measures will bo taken to prevent the con­
tracting parties from making a profit out of any transaction which may
be considered to be fraudulent.”
E. Garza Perez, Mexican Under Secretary for Foreign Affairs, in ac­
knowledging receipt o f the communication, wrote in part:
“ In reply.and by agreement with tho President o f the Republic, I have to
observe to you that from the first clause it appears that Germany has




[Vol. 108.

THE CHRONICLE

undertaken that no negotiable stock, whether belonging to private persons
or companies, shall bo disposed of without previous agreement with the
Allies. If this is tho correct interpretation of the clause aforesaid, I take
tho liberty of remarking that the Mexican Government is unable to recognizo any of the effects of this engagement, inasmuch as it is contrary to our
Constitution and to the terms of the friendly treaty signed between Mexico
and Germany.
“ In effect our Magna Charta allows all the inhabitants of the Republic,as
fundamental guarantee, tho free disposal of their properties, and states that
this freedom can only be restricted by a judicial act dictated by tho law
courts of tho nation. For greater clarity Article 33 of our political con­
stitution extends to foreigners the guarantees allowed in Chapter 1 of the
same, in which is included tho article aforementioned. On tho other
hand, the Treaty of Friendship', Trade, and Navigation entered into be­
tween tho United States of Mexico and the German Empire on July 30
1883 stipulates that the citizens or subjects of each one of tho contracting
parties shall enjoy in the territory of the other with respect to their person,
property, profession, industrial, or commercial calling, as well as in roligion, the same guarantees and rights as are granted, or may hereafter
bo granted, to the citizens or subjects of the more favored nation.
“ Consequently, tho Mexican Government is unable to take any steps to
prevent German companies or individual subjects from disposing of their
financial investments, particularly as the Mexican Government has no
knowledge of any legally constituted Government in Germany at the
present time and neither has it received any communication to the effect
that it has agreed to the restrictions referred to .”
A second French note was presented which informed tho Mexican Gov­
ernment “ that although Marshal Foch has not had occasion to imposo on
Austria-Hungary the same economic conditions referred to, as there is no
authority at present in the former empire with whom contracts of this
nature can bo signed, France, and with her all tho Allies, is resolved to in­
terpret in tho same manner as in regard to Germany, any disposal of deeds,
mortgages, or liens constituted on Austro Hungarian property which may
be useful to the Allies to recover pecuniary losses.”
Senor Garza Perez, in his reply to this, wrote:
“ I have to state, as I had tho honor of saying in my note of tho 3rd Inst.,
that the Mexican Government is unable to take any steps of a general
character to prevent Austro-Hungarian subjects from disposing of their
property, provided they aro eutitled to do so in accordance with tho pro­
visions of Article 4 of our Constitution.”

The Mexican Government’s statement in regard to the
non-recognition of the Monroe Doctrine and announcement
of the recall of its Minister from Franco were published simul­
taneously in all the Mexico City papers on April 23, as havi g been given out officially by Salvador Diego Fernandez,
Chief of Staff in charge of the Department of Foreign Re­
lations. Tho former statement read:
The Conference now meeting at Paris has considered tho recognition
of the Monroe Doctrine. Sonme governments, friends of Moxico, have
asked Mexico for its opinion regarding tho Doctrine, and tho Mexican De­
partment of Foreign Relations has answered that tho Mexican Government
has not r. cognized, and will not recognize, tho Monroo Doctrine, or any
other doctrine that attacks tho sovereignty and Independence of Moxico.

The recall of Minister Pani was announced as follows:
Since December last, Alberto J. Pani has hold credentials as Minister
to Franco signed by tho President o f Mexico. Notwithstanding tho fact
hat the French Government, last November, expressed its willingness
to accept Senor Pani’s nomination, he has been unablo to present his
credentials to tho French Government throughout his long stay in Paris.
In view of the above circumstances. President Carranza, through this
department, has ordered that Senor Pani, together with tho legation corps,
proceed from Franco to Spain, there to await cabled instructions.

P A Y M E N T OF R U S S IA N DEB TS TO N O R W A Y .
The Department of Commerce reports tho receipt of the
following from Commercial Attache Erwin W . Thompson,
at Copenhagen, Denmark:
The Copenhagen “ Finanstidende,” Jan. 22 1919, published tho following
nows item relative to the settlement of Norwegian claims on Russia:
“ The Central Offico for Norwegian Interests in Russia recently hold
an important meeting in Christiania, at which Capt. Prytz, who has been
for about a year connected with the Norwegian Legation in Pctrograd,
gave Information about the financial situation in Russia. lie said that
all Russians of any importance, both bolsheviks and others, wanted all
foreign debts owed by Russia to bo paid: and as this was not possible at
present in cash, he suggested that all Norwegian claims bo mado into one
great general claim, which, througli diplomatic channels, should be acknowl­
edged in Russia. It was agreed to appoint a committee for this purposo.
At tho samo time representatives were chosen for a Norwegian-Russian
Chamber of Commerce to prepare for future co-operation between these
countries.
“ It is possible that claims on Germany will bo arranged through tho
banks, as has been done by tho Copenhagen institutions. Tho larger
Christiania banks aro unanimous in saying that German and Austrian
debts in Norway aro insignificant.”
ITEM S

ABOUT

BANKS,

TRUST

CO M P AN IE S,

ETC.

Tliirty-fivo shares of bank stock woro sold at auction this
week and no sales were mado at tho Stock Exchange. Sixty
shares of trust company stock were also sold at auction.
Extensivo tables reporting bid and asked quotations, de­
posits, surplus, & c ., of banks and trust companies in all
important cities in the United Statos aro published monthly
in tho “ Bank and Quotation” Section, tho M a y issue of
which accompanies to-day’s “ Chroniclo.” Bid and asked
quotations for all Now York City bank and trust company
stocks are also published weekly in another department of
this paper, and will be found to-day on pago 1812.
Shares. BANK— New York.
Low. High. Close. Last previous sale.
225
225
Jan. 1916— 252
35 Fifth National Bank_______ 225
TRUST COM PANY— New York.
„
60 Title Guar. & Trust C o___ 394K 394X 394M
July 1916—371

The Board of Governors of tho Now York Stock Exchange
voted on April 30 to observe next Tuosday, M a y 6— tho
day of tho parado of the 77th Division— as a holiday. Tho
Cotton Exchange will also close in honor of tho occasion.

M

a y

3 1 9 1 9 .]

THE CHRONICLE

Three Now York Stock Exchange memberships wero
reported posted for transfer this week the consideration in
each case being stated as $76,000. The last previous sale
was at $75,000.
Jacob M . Van Fleet this week rounded out fifty years
of service in the Irving National Bank of this city. To
mark the occasion the entire organization assembled in the
main lobby to congratulate M r . Van Fleet and witness the
presentation to him of two purses of gold— $500 from the
bank and $500 from his fellow employees. Vice-President
B . F . Werner, who represented the bank, has been an Irving
man himself for forty-six years; whilo A . C . Hardy, who was
spokesman for the employees, has been part of the Irving
organization for fifty-five years. When M r. Van Fleet
entered tho Irving Bank in 1869 it possessed assets of about
$2,000,000 and omployed about fifteen people. To-day
tho bank has assets of over $150,000,000 and a personnel of
800.

1795

iana di Sconto, at Rom e, which is the correspondent of the
Italian Discount & Trust C o ., left to settle the estate of his
father, who died recently.
Augustus D . Juilliard, capitalist and senior member of
tho dry goods commission firm of A . D . Juilliard & C o .,
died on April 25 after a brief illness. M r . Juilliard Avas born
in Canton. He came to New York in his early youth
and became an important factor in many important inter­
ests. He was a member of the board of directors of the N a ­
tional Bank of Commerce, the Chemical National Bank,
the Bank of America, the Atchison Topeka & Santa Fe
R R ., the Southern Railway, Realty Associates, and the
North British & Mercantile Insurance Co. He Avas a
trustee of the Guaranty Trust Co. of N cav York, Central
Trust C o ., Title Guarantee & Trust C o ., NeAV York Life
Insurance & Trust Co. and the M utual Life Insurance Co.
of N oav York. He Avas also President of the Metropolitan
Opera & Real Estate C o., a trustee of the American Museum
of Natural History, a member of the Board of Governors
of the NeAV York Hospital, and a member of the American
Geographical Society, the Ohio Geographical Society, Am er­
ican Fine Arts Society and the Metropolitan Museum of
A rt. He Avas likewise Chairman of the American Protec­
tive Tariff League, a member of the Union League Club and
a director of the Chamber of Commerce.

Orlando II. Harriman, Cashier of the Harriman National
Bank of this city, was elected Vice-President at a meeting
of the board of directors held on M a y 1. A t the same
meeting, William A . Burke, Assistant Cashier and Hubert
F . Thomas, formerly Assistant National Bank Examiner
for the New York District, were elected Vice Presidents;
H . B . Fonda, Assistant Cashier, was elected Cashier, and
Haley Fiske, Vice-President of the Metropolitan Life In­
Morton Waddell, Assistant Cashier, will assume tho ad­
surance Co. for over tAventy seven years, with which he has
ditional duties and title- of Trust Officer.
been connected for nearly forty-six years, lias been elected
President of tho company, succeeding John R . Hegeman,
A t a meeting of the board of directors of tho Bank of New
Avhose death Avas noted in these columns April 12, page 1483.
York, N . B . A ., held April 29, Geo. W . Garretson was
Frederick H . Ecker, Avho has been Avith tho company for
appointed an Assistant Cashier.
nearly thirty-six years, and its Treasurer for thirteen years,
has been chosen to succeed M r. Fiske as Vice-President
Sidney W . Noyes, heretofore Assistant Cashier of the
Henry W . George, Avho has beon in the service of the com­
Liberty National Bank of this city, has been elected Vice­
pany ovor twenty-nine years and its Assistant Treasurer for
President of the bank. M r. Noyes is Vice-President of tho
over six years, has been made Treasurer. Francis O.
Liberty Securities Corporation and is also in chargo of the
Ayres, in tho service of the company for nearly tAventy-seven
Bond Department of tho Liberty National Bank.
years, and for over tAvo years one of its Third Vice-Presi­
dents, has become a Second Vice-President. George B .
Ernest S. Cubberloy, Daniel Washington and John F .
Scott, identified Avith the company for nearly thirty-six
Feely have been elected Assistant Secretaries of tho Foreign years, an officer for fifteen years, and one of its Fourth
Trade Banking Corporation of this city.
Vice-Presidents for the last two years, and James E . K avanagh, Avho has been in the service of the company for over
Tho Guaranty Trust Company of New York has beon
tAventy-one years and for about tAvo years one of its Fourth
appointed transfer agent of the stock of the Foreign Bond
Vice-Presidents, has been made Third Vice-President.
& Share Corporation which was recently organized to deal
in foreign securities.
The Comptroller of the Currency has approAred an increase
of $50,000 in the capital of the First National Bank of Hemp­
As a part of its program to extend its business in foreign
stead, N . Y . , the amount thereby becoming $100,000.
countries the Bankers Trust Co. of this city will send James
W . M cCrosky the latter part of this month for an extended
Recent advices from Utica, N . Y . , state that the Utica
trip through all tho important commercial centres in South
Trust & Deposit C o. is planning to add extensively to the
America. An announcement made by' the trust company
size of its present home in order to meet the needs of its
says:
largo and ever increasing volume of business. To this end
In addition to developing and extending tho Bankers Trust Company’s
present connections, and providing new facilities for financing American contracts will shortly be let for the razing of the four-story
trade, Mr. McCrosky will secure information and data that will bo usoful building at N os. 166-168 Genesee Street, Avhich adjou ns the
In answering many questions which are being received constantly from
present building on the south and Avhich has been owned by
American exporters and importers concerning South American^ trade
conditions. Ho will also gather Information on the opportunities for tho Utica Trust & Deposit Co. since 1917. On the site a
Investing American capital In South American securities. Mr. McCrosky building similar in material and style o architecture to the
has been connected with Soutli American enterprises for more than twenty
years, principally In tho construction o f public utilities and railroads. lie old building (erected in 1913) A v i l l be built and by removing
has been both South American importer and a United States exporter for the intervening Avail the tAvo structures throAvn into one.
South American countries. As chief engineer of companies controlled Moreover, it is very probable that two stories will bo added
by Now York interests, ho built tho first electric street railway and tho
first hydro-electric power plant in tho Argentines Republic. Beforo coming to the entire structure so that the result will be a handsome
to the Bankers Trust Company Mr. McCrosky had been serving volun­ building adequate to meet all the requirements of the institu­
tarily in Washington as a member o f tho Contraband .Committee and tion. The Utica Trust & Deposit Co. began business in
advisor on South American affairs o f the War Trado Board.
Oct. 1899 Avith a capital of $200,000 and surplus of like
amount, with no depositors and in a community then un­
Samuel S. Conover, President, will be givon a testimonial
acquainted Avith the merits and advantages of trust company
dinner by tho directors of tho Fidelity Trust Co. of this city
service. It now has a capital of $600,000, surplus and
at tho Hotel Biltmoro on M a y 22d, tho occasion being the
undivided profits of $693,170 and deposits of $10,886,194.
twelfth anniversary of the Fidelity. Amongst the speakers
J. Francis Day is the President of the institution.
will bo Martin W . Littleton, Gerard M . Dahl and Charles E .
Rushmore.
Tho Central National Bank of Philadelphia declared a
First Lieutenant Walter G . Kimball has returned to his
desk at tho Columbia Trust Co. of this city, whoro ho is
Assistant Treasurer. Lieutenant Kimball served in Franco
eighteen months, was wounded once and won the D . S. C.
Gerardo T . Quagliotti, Assistant Secretary of tho Italian
Discount & Trust Co. of this city, sailed for Naples April 30
on tho steamer Dante Alighieri. M r . Quagliotti, who was
formerly connected with the head office of tho Banca Ital-




semi-annual dividend of 1 2 % . This is an increase of 2 %
ovor the payment six months ago and places the stock on a
2 4 % annual basis as compared Avith 2 0 % heretofore. In
addition the dividend period is to be changed from semi­
annual to quarterly (Feb., M a y , August and November).
Norman T . Hayes, heretofore Manager of the Transit
Department of tho Philadelphia National Bank of Philadel­
phia has been elected Assistant Cashier of the bank.

1796

THE CHRONICLE

The N inth National Bank of Philadelphia on April 23,
by the declaration of a semi-annual dividend of 8 % , instead
of 7 % as formerly, increased its regular dividend rate from
a basis of 1 4 % per annum to 1 6 % .
Lewis Van Court has been made Assistant Treasurer of
the Central Trust & Savings C o. of Philadelphia, Pa. M r.
Van Court has been connected with the company for thirteen
years.
William S. Diamond of Bush & Diamond has been elected
a director of the Oxford Bank, Frankford, Philadelphia,
succeeding A . L . Skilton, resigned. M r . Diamond is also
identified with the Victor D ye W orks.
John K . M cK ee has been elected Assistant Cashier of the
Peoples’ National Bank of Pittsburgh, P a . M r. M cK ee
recently returned from active service abroad. Before en­
listing he had been acting auditor of the Peoples’ National
Bank.
The merger of the Home Savings Bank of Washington,
D . C . (capital, $100,000) with the American Security &
Trust Co. of that city has been consummated; the banks
operated by the former are now known as the Home Saving
Branches of the American Security & Trust C o. The latter
has increased its capital from $3,000,000 to $3,400,000, the
increase having been sanctioned by the Comptroller of the
Currency. The following are the officers and directors of
the continuing institution, representing the interests of the
combined banks:
Officers.— Charles J. Bell, President; Corcoran Thom, noward S. Reoside, B. F. Saul, Howard Moran, Vice-Presidents; James F. Hood, Secre­
tary; Charles E. Howe, Treasurer; Alfred B. Leet, Trust Officer; John G.
Holden, Auditor and Bond Officer; F. G. Addison Jr., Manager of Branches;
Martin R. West, Assistant Secretary; David N. Houston, Alfred C. Flather,
Arthur G. Nichols, Kenneth Brooks, Assistant Trust Officers; William W.
Keck, Lohn L. Fugitt, Edward E. Swan, Hans W . Ireland, Richard E.
Harris, Dale S. Venables, Assistant Treasurers.
Board of Directors.— Eugene E. Ailes, Charles J. Bell. John C. Boyd,
George W . Brown, Albert Carry, William M . Coates, Murray A. Cobb,
William S. Corby, William C. Eustis, William W. Everett, William J.
Flather Jr., Daniel Fraser, James M . Green, Gilbert II. Grosvenor. R.
Harrison Johnson, Joseph Leiter, Howard Moran, G. Percy McGlue,
Edward B. McLean, Clarence F. Norment, Newbold Noyes, Myron M .
Parker, Albert M . Read, Howard S. Reeslde, B. F. Saul, James F. Shea,
Charles A. Spalding, Corcoran Thom, John F. Wilkins, Clarence R. Wilson,

The proposed merger was referred to in our issue of
March 29.
On April 21 the consolidation of the Cleveland National
Bank with the Guardian Savings & Trust Co. of that city
under the titlo of tho latter (referred to in these columns
March 8) was consummated when tho enlarged institution
opened for business in the Guardian Building, 623 Euclid
Avenue. Tho Guardian Savings & Trust Co. states in its
announcement of tho merger that it now has combined re­
sources of $65,000,000 and maintains departments to meet
the requirements of all phasds of commercial and business
life.
A n interesting brochure, entitled “ A Brief History of
Banks and Banking,” being “ a brief sketch of tho bank
as an institution and its evolution from tho earliest dawn
of history until tho present day,” has been issued by tho
Cleveland Trust Company Library of Banking. Tho
brochure, which is Volume 2 of a series, can, wo believe, bo
obtained upon application to tho Cleveland Trust Co. of
Cleveland, Ohio.
The State Bank of W est Pullman, Chicago, announces
that the entire 750 additional shares of stock (par $100)
authorized at the annual meeting on Jan. 14 whon it was
voted to increase the capital from $25,000 to $100,000 has
been sold at $150 per share, making a total of $112,500
which has been credited to tho capital account of the bank.
It is further announced that at a special meeting of the
directors on April 25 it was voted to pass to surplus out of
undivided profits the sum of $30,000.
Application has been made to the Comptroller of the Cur­
rency for a charter for the National Trust Bank, of Charles­
ton, 111. (capital $200,000) to succeed the Second National
Bank of Charleston.
An application has been made to tho Comptroller of tho
Currency for a charter for the American National Bank of
Muskegon, M ic h ., capital $200,000.




[V ol . 108.

Advices from Milwaukee state that a proposed union of
the First National Bank and the Wisconsin National Bank
of that city, which is to include their affiliatod institutions,
the First Trust Co. and the Wisconsin Trust C o ., respec­
tively (the union of tho latter company with the Wisconsin
National Bank under a joint stock ownership plan being
referred to in our issue of March 15) has been endorsed by
the directors of the institutions and as soon as tho approval
of the stockholders is secured the consolidation will be
assured. In tho meantime the consent of the Comptroller
of the Currency to tho proposed merger will be asked and
the working out of the details of the plan carried on. Tho
unification of these four important institutions will give
to Milwaukee one of the largest and strongest financial
organizations in the Middle W est with a combinod capital
and surplus of nearly $9,000,000 and total resources aggre­
gating $100,000,000. The combined trust companies, we
understand, will bo operated indepedently of tho combined
banks; tho latter which will operate under the name of the
First National Bank will be housed in tho First National
Bank Building and the former in tho banking quarters in
the Pabst Building now the home of tho Wisconsin National
Bank and the Wisconsin Trust Co. W o also understand
that tho officials and employees of all the institutions con­
cerned will be retained by tho new organization. Oliver
C . Fuller, President and organizer of the Wisconsin Trust
C o ., has been chosen chief executive of tho now institution.
M r . Fuller is 58 years of age and a native of Georgia, grad­
uating from the university of that State in 1880. Ho began
his business career as a clerk in the wholesale grocory firm
In Atlanta of Fuller & Oglesby, subsequently changed to
II. A . Fuller & Son when ho became a partner. In 1887
M r. Fuller gave up tho grocery business and ontored the
banking investment field in Atlanta as a mombor of the
firm of Jones & Fuller. Three years later ho moved to
Milwaukee and started the firm of Oliver C . Fuller & C o.,
bond dealers, which upon the organization of tho Wisconsin
Trust Co. in 1893, was takon over by that concern. M r.
Fuller has been active in the affairs of tho American Bankors’
Association, holding at one time tho position of President
of the Trust Company Section, and has been prominently
identified with many important banking and industrial
institutions in Milwaukee.
A consolidation of tho First National Bank of Stillwater,
M in n ., and the Lumbermen’s National Bank of that placo,
under the charter and title of the former institution, is
announced by the Comptroller of the Currency. Tho capital
of the enlarged First National Bank is $350,000, which
equals tho combined capitals of the banks prior to consoli­
dation.
Oliver Filley Richards has been elected a director of the
Mercantile Trust Co. of St. Louis, M o ., succeeding tho late
William J. Kinsella. M r . Richards is Assistant Secretary
and Treasurer of the Simmons Hardware Co. and Vice­
President and director of many subsidiary companies of tho
hardware concern.
The approval of the Comptroller of tho Currency has beon
obtained to a merger of the First National Bank of Abing­
don, V a ., with the Citizens National Bank of that place
under the <barter and name of tho latter. Tho enlarged
institution has a capital of $100,000, which is $25,000 less
than the combined capitals of tho banks prior to consoli­
dation.
The Texas State Bankers’ Association will hold its annual
conven ion at Galveston on M a y 27, 28 and 29.
On M a y 1 a now financial institution will bo opened in
Houston under the title of tho Gulf Stato Bank. Tho now
bank will have a capital of $250,000 in shares of $100, and
will be located in the Beatty Building, at 817 M ain Street.
The officials chosen for the new institution are: Jacob Em bry,
President; George C . Em bry, Viee-Pres dont, and D . D .
Krahl, Cashier. M r. Jacob Em bry, who is a formor Stato
Bank Examiner, recently operated a chain of banks in oast
Texas, and is at present head of tho bank at Lovolady hat
State. M r . George C . Em bry, a brother of tho former,
until recently was Cashier of the M arfa (Tex.) Stato Bank,
and M r. Krahl held a similar position with tho Houston
N a t :onal Exchango Bank.

Ma y

THE CHRONICLE

3 1 9 1 9 .1

Announcement was made recently of the purchase by the
Bank of Italy (head office San Francisco) of a controlling
interest in the First National Bank of Hayward, C al., and
in its affiliated institution, the Farmers & Merchants Bank
of that place. The purchase was made in the name of the
Stockholders’ Auxiliary Corporation, which is a subsidiary
corporation of the Bank of Italy. W o understand the offi­
cials, which are the same for both banks, w illabo retained.
Ultimately these banks are to be united to form a branch
of the Bank of Italy.
A t a recent meeting of the directors of the Farmers &
Merchants Bank of Long Beach, Calif., a special dividend
of 1 % was declared in addition to the regular quarterly
dividend of 3 % , making 4 % for the first quarter of the year.
A t tho^same meeting it was decidedfto sell 250 additional
shares of the authorized capital stock of {the institution,
thereby making the paid-in capital o ' the bank $225,000.
The issuance of the new stock is made necessary by the large
increaso in deposits, which now exceed $3,000,000.

ENGLISH FIN A N C IA L MARKETS—PER CABLE.
The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows the past week:
London,
Apr. 2 6 .
Week ending M ay 2.
Sal.
S ilv er, per o z ____________ - d . 48**
C o n so ls, 2*4 per ce n t s ___ ------H o lid a y
B ritish , 5 per ce n t s _____
B ritish , ‘I X per c e n t s . . . ____ H o lid a y
F ren ch R en tes (In P a ris ). - fr . 6 2 .4 5
F ren ch W a r L oa n (In
P a r is )__________________ - fr . 8 9 .2 0

Apr. 28. A pr. 2 9 . A p r. 30. M ay 1.
M on.
Tues.
Wed.
Thurs.
48**
55**

M ay 2 .
Fri.

48**
55*4

98**»
62

48 11-16
55**
93 J* ♦
0 8 *4 *
6 1 .90

93** *
9 8 ***
6 2 .5 0

48 13-16
____
____
....
0 2 .4 0

48 11-10
55 **
94
98**
02 .9 0

89.12

89

8 9 .6 5

8 9 .6 5

8 9 .5 5

Name o f Company.
M is c e l la n e o u s (Concluded)
C ed a r R a p id s M fg . & P ow er ( q u a r . ) . .
C lev ela n d A u to m a tic M a c h ., c o m . (qu

Colorado Fuel <& Iron, common ____ ___
P referred _____________________________
C olu m b ia G as & E le c , (q u a r .)________
C o n so lid a te d G as (N . Y . ) (q u a r .)____
Continental Guaranty Corp. (guar.) ___

Continental Motors Corp., com. (guar.)
Continental Paper Rag com. (gu.) (N o. 55)
Preferred (guar.) (N o. 7 5 )......................
C on tin en ta l R efin in g , co m m o n (q u a r.)
Crescent Pipe Line (guar.) ......................
Cresson C o n s . G o ld M . & M . (m on th ly)
Deere & Co., pref. (guar.) ________
D ia m o n d M a tc h (qu ar.)
D om in io n B rid g e, L t d . ( q u a r . ) . . .
Dow Chemical, common (guar.) ___
Common (extra) ..................................
Preferred _________________________
Eastern Steel, common (guar.)_____
First and second preferred (guar.) _____
E lscn loh r(O tto) & B r o s .,i n c .,c o m . (q u .
...............
Emerson Shoe, pref. (guar.)
Fall River Gas Works (guar.) (No. 9 8 ) . . .
Gate ( Robert) Co., pref. (guar.)_________
G a ston , W illia m s & W ig m o re , I n c . (q u ..
G eneral C h em ica l, co m m o n (q u a r .)____
G eneral C ig a r, I n c ., p ref. (q u a r.)
G illette S a fety R a z o r (q u a r .)____
E x t r a ___________________________________
G ood rich (B . F .) C o ., co m m o n (q u a r .).
Preferred (q u a r .t .......... .............................
G o o d rich (B . F .) C o . , c om m on (q u a r .).
G rea t W estern Sug ar, c o m m o n ( q u a r .).
C om m on (e x t r a )________________
P referred (q u a r.)
I I ________
Ila rb lso n -W a lk e r R e fr a c t ., c o m . (q u a r.)
Preferred (q u a r.)
________
Hart, Schaffner <£ M arx.'Inc.'.'com. (gu.)
H ercu les P o w d e r , p referred (q u a r .)____
Iliu m . & P o w . S e c ., p ref. (q u .) (N o . 2 7 ) .
Indiana P ipe Line ( q u a r . ) . . . ....................
Inland Steel (guar.) _______________________
Internal. Harvester, pref. (guar.)'(No. 3 ) "
In tern at. M erca n tile M a rin e ( e x t r a ) . . .
K a m ln lstlq u la P ow er (q u a r .)__________
K err L a ke M in e s, L t d . (q u a r.) ( N o . 7)
K ey ston e T ir o * R u b b er—
C om m on (p a y a b le In co m m o n stock )

1797
Per
When
Cent. Payable

Rooks Closed.
Days Inclusive.

X M a y 15 H o ld e rs o f re c . A p r . 30
7 5 c. M a y 15 H o ld e rs o f r e c . M a y l a
5* M a y 2C H o ld e rs o f re c . M a y 5a
2
M a y 2C H o ld e rs o f rec. M a y 5 a
1
M a y 15 H old ers o f re c . A p r. 30a
15* J u n e 16 H o ld e rs o f re c . M a y 9a
2
M a y 2 H o ld e rs o f re c . A p r . 29a
to
M a y 15
1*4 M a y 15 M a y 11
1*4 M a y 15 H o ld e rs o f r e c . M a y 8
1*4 M a y 15 H o ld e rs o f re c . M a y 8
30c M a y 15 H old ers o f re c . A p r . 30a
75c Jun e 16 M a y 23
to
J u n e 16
10 c M a y 10 H old ers o f re c . A p r. 30
*15* J u n e 2 ♦H olders o f r e c . M a y 15
♦2
Jun e 10 ♦H old ers o f r e c . M a y 31
2
M a y 15 H old ers o f re c . A p r. 30
15* M a y 15 H o ld e rs o f re c . M a y 5a
15* M a y 15 H old ers o f rec. M a y 5a
15* M a y 15 H old ers o f rec. M a y 5a
2*4 J u ly 15 H o ld e rs o f rec. J u ly
1
2
15* Jun e 10 H o ld e rs o f rec. J a n .
1
M a y 15 H old ers o f rec. M a y
la
15* M a y 1 H o ld e rs o f re c . M a y 1
3
M a y 1 H o ld e rs o f rec. A p r. 26a
15* M a y 1 A p r . 26
to
A p r. 30
50c. M a y 15 H old ers o f rec. M a y la
2
J u n e 2 H o ld e rs o f re c . M a y 22a
15* Jun e 2 H o ld e rs o f re c . M a y 26a
$2
M a y 31 H old ers o f re c . M a y
1
M a y 31 H old ers o f rec. M a y l
SI
1
M a y 15 H o ld e rs o f re c . M a y 5
1 H old ers o f re c . Jun e 20a
15* J u ly
1
A u g . 15 H o ld e rs o f re c . A u g . 5a
1 ♦H old ers o f r e c . J u n e 15
*15* J u ly
>10
J u ly
1 ♦H old ers o f re c . J u n e 15
1 ♦ H olders o f re c . J u n e 15
*15* J u ly
1*4 Jun e 2 H old ers o f r e c . M a y 23a
9a
1*4 J u ly 19 H o ld e rs o f re c . J u ly
♦1
M a y 31 ♦H olders o f rec. M a y 20
15* M a y 15 M a y 6
to
M a y 15
15* M a y 15 H old ers o f re c . A p r. 30
SI
M a y 15 H old ers o f rec. A p ril 24
♦2
June 2 ♦H old ers o f re c . M a y 10
15* Jun e 2 H old ers o f rec. M a y 10
10
M a y 15 H old ers o f re c . M a y l a
2
M a y 15 H old ers o f re c . A p r. 30
25C. J u n e 16 H old ers o f r e c . J u n e 2a
15
3

M ay
Jun o
Jun e
M ay
$i
3
Jun e
3*4 M a y
2*4 Jun e
July
25 c
M ay
2
2
June
50c. M a y
1*4 M a y
I X J u ly
IX M ay
IX M ay
Jun e
*2
♦3
Jun e
I X June
M ay
fi
3
M ay
4
M ay
*1*4 M a y
Juno
SI
15* M a y
hX M a y
87 *4 C. M a y
3
M ay

20
2
2
31
2
10
2

H olders o f rec. M a y
la
H o ld e rs o f rec. M a y 15
H o ld e rs o f re c . M a y 15
H old ers o f re c . A p r. 30a
H o ld e rs o f re c . M a y 15
H old ers o f re c . A p r . 30a
H o ld e rs o f re c . J u n o 15
Jun e 2
t.o
Jun e 14
20 H old ers o f re c . J a n . 31
2 M a y 16
to
Jun e 2
15 H old ers o f re c . M a y
la
31 H o ld e rs o f re c . M a y 15a
15 H old ers o f re c . J u n e 30a
31 H old ers o f rec. M a y 17a
The following shows all the dividends announced for the
31 H o ld e rs o f rec. M a y 10a
30
♦H olders o f re c . J u n e 19
futuro by largo or important corporations:
30 ♦H olders o f re c . J u n e 19
14 H old ers o f rec. M a y 23a
National Refining com. (pay. in com. Stic')
15 H old ers o f rec. M a y l a
N ew E n gla nd In v estm en t C o .
6 H o ld e rs o f re c . M a y 1
Per
When
Rooks Closed.
N e w Jersey Z in c (q u a r .)_______
10 H old ers o f re c . A p r . 30
Name o f Company.
Cent. Payable.
Days Inclusive.
N ew R iv e r C o m p a n y , pref e r r e d .. I I I I I
29 ♦H olders o f rec. M a y 17
Ohio Cities Gas, common (gu a r.)..
1 H old ers o f re c . M a y 17
R a il r o a d s (S t e a m ).
Ontario Steel Products, pref. (g u a r.)..'..'.
15 H o ld e rs o f rec. M a y 2
A tc h . T o p e k a & San ta F e, comm<
.. )
1*4 J u n o 2 H old ers o f re c . M a y 2 a
Pref. (accrued accumulated dividend)..
15 H o ld e rs o f re c . M a y 2
A tla n tic C oa st Line H R,., p referred ____
2*4 M a y 10 M a y
1
to
M a y 10
P a cific D e v elop m en t C o r p . (q u a r .)____
15 H old ers o f re c . A p ril 15
Cleveland & Pittsburgh, reg. gu. (guar.)
* 1 ** June 2 ♦H olders o f rec. M a y 10
Pacific Lighting Corp., common (gu a r.)..
15 H o ld e rs o f rec. A p r . 30a
Special guaranteed (gu ar.). .................
♦1
Jun e 2 ♦H olders o f re c . M a y 10
Preferred (gu ar.). _____ ________________
H o ld e rs o f re c . A p r. 30a
5 c. A p r. 30 H old ers o f rec. M a r . 2 2 a
fo n m a n s . L im ited, co m m o n (quar )
154 M a y 15 H olders o f rec. M a y 5
Georgia Southern it: Florida
P en n sy lv a n ia C oa l & C o k e ( q u a r .)_____
SI
M a y 10 H old ers o f r e c . M a y 6
First and second preferred.
2*4 M a y 13 H o ld e rs o f re c . M a y 8
P en n a. R u b b e r , c o m . (q u .) ( N o . 1 1 ).
Jun
o
30
H old ers o f rec. Jun e 15
1*4
t Illinois Central (guar.) ..........
♦1 ** Jun e 2 ♦H olders o f rec. M a y '.)
Preferred (q u a r.) (N o . 1 1 ) .............
15* J u n e 30 H old ers o f re c . Jun e 15
1
M a y 19 H old ers o f rec. A p r. 30a
Pennok Oil (N o. I ) . .
♦25c. Jun e 5 ♦ H olders o f r e c . M a y 23
Jun e 19 H old ers o f re c . M a y 31a
Pittsburgh O il & G as ( q u a r .)____ I I I I I I
2*4 M a y 15 H old ers o f rec. A p ril 30a
Pennsylvania (quar.).
75c M a y .31 H old ers o f re c . M a y
la
Pittsburgh Steel, pref. (guar.) _____________
15* Jun e 1 H o ld e rs o f rec. M a y 15
1*4 M a y 31 H olders o f re c . M a y 15a
Porto Rlcan-Amerlcan Tobacco (guar.) ___ 03
Jun e 5 H o ld e rs o f re c . M a y 15
R ea d in g C o m p a n y , com m on (q u a r .).
$1
M a y 8 H olders o f re c . A p r. Ilia
Pressed Steel C a r, c o m . (q u .) (N o . 3 5 ) . .
2
J u n e 4 H old ers o f re c . M a y 14a
R e a d in g C o m p a n y , 1st pref. (q u a r .).
50c. Jun o 12 H old ers o f re c . M a y 27 a
Preferred (q u a r.) (N o . 8 1 ) ____________
M a y 27 H old ers o f rec. M a y 6 a
15*
♦1
M a y 15 ♦H olders o f rec. M a y 9
P rocter & G a m b le C o ., c o m m o n ( q u a r .).
5
M a y 15 H old ers o f rec. A p ril 25a
P u llm a n C o m p a n y (q u a r.) ( N o . 2 0 9 ) . . .
2
M a y 15 H old ers o f rec. A p r. 30a
S t r e e t a n d E le c t r ic R a ilw a y s .
Q uaker O a ts, p ref (q u a r .) ...........................
M a y 3 ! H olders o f rec. M a y
la
1*4
A m erican R a ilw a y s, preferred ( q u a r .)..
1 ** M a y 15 H old ers o f rec. M a y 10a
Itlord a n P u lp & Pa per, L t d ., c o m m o n ..
2*4 M a y 15 H old ers o f rec. M a y 9
C ities S ervice, c o m . & pref. (m o n th ly )..
, X Jun e 1 H old ers o f rec. M a y 15
P referred ( q u a r .)________ ______ ______
15* Jun e 30 H old ers o f rec. J u n e 20
C om m on (p a y a b le In com m on sto ck ).
n
Jun o 1 H old ers o f re c . M a y 15
Riverside Eastern Oil, pref. (guar.) ____
8 5 * c. M a y 5 M a y 1
to
M ay 5
C on n e cticu t R y . & L t g ., c o m . (q u a r .)..
i** M a y 15 M a y 1
to
M a y 15
Riverside Western Oil, pref. (guar.) ........... 43 5* e. M a y 5 M a y 1
to
M ay 5
P referred ( q u a r .)_______________
I X M a y 15 M a y 1
to
M a y 15
Savage Arms Corp., common (guar.) ____
June
15
1*4
H
old
ers
o
f
re
c
.
M
a y 31
2
Detroit United Ry. (guar.) (N o. 60).
Jun e 2 H old ers o f rec. M a y 16
First preferred (guar.) ................................
15* Jun e 15 H old ers o f rec. M a y 31
3
H a v a n a E le c. I t y ., L . & P ., c o m . & prof.
M a y 15 A p r. 23
to
M a y 15
Second preferred (guar.) __________ I . .
1*4 Jun e 15 H old ers o f rec. M a y 31
1
M a y 15 H old ers o f rec. A p r. 30
Scars, R o e b u c k & C o ., c o m . ( q u a r .)___
2
M a y 15 H old ers o f re c . A p ril 30a
1*4 M a y 15 H old ers o f rec. A p r. 30
Silversmiths Co., common .............................
2
M a y 15 H old ers o f rec. M a y 8 a
Original preferred (guar.).
1*4 M a y 15 H old ers o f rec. A p r. 30
Preferred (guar.) ______________________
1*4 M a y 15 H old ers o f re c . M a y 8
1*4 M a y 15 H old ers o f rec. M a y 1
S loss-S heffield Steel & I ro n . c o m . (q u .)_
1*4 M a y 10 H old ers o f re c . A p ril 25a
Sm ith (A . O .) C o r p ., pref. (q u .) (N o . 10)
la
15* M a y 15 H old ers o f rec. M a y
R anks.
Southern California Edison, com. (guar.).
M a y 15 H old ers o f rec. A p r. 30a
15*
Westchester Avenue (guar.).
2
M a y 1 H o ld e rs o f rec. A p r. 30a
Southern Pipe Line (guar.) ...........................
June 2 ♦H olders o f rec. M a y 15
*5
Stand ard M illin g , c o m . (q u .) (N o . 1 0 ).
M a y 31 H old ers o f re c . M a y 21
2
M is c e lla n e o u s .
P referred (q u a r.) (N o . 3 8 ) ....................
1*4 M ay 31 H old ers o f re c . M a y 21
Alaska Packers' Assn, (guar.).....................
*2
M a y 10
Standard Oil (Calif.) ( g u a r .) ... ...............
2*4 June 16 H old ers o f re c . M a y 15
A m erican R ank N o te , c om m on (q u a r.)
7 5c. M a y 15 H old ers o f rec. M a y
la
S tan d ard O il (In d ia n a ) ( q u a r .)________
June 14 M a y
3
8 to
Jfune 14
A m erican Brass ( q u a r .).............................
1*4 M a y 15 H old ers o f rec. A p r. 30
E x t r a _______ ______ ____________________
June 14 M a y
3
8 to
J u n e 14
E x t r a __________________________________
1*4 M a y 15 H old ers o f re c . A p r. 30
S tand ard Oil o f N . Y . (q u a r .).................
June 16 M a y
4
20 t o
M a y 28
American Caramel, pref. (guar.) ------------2
M a y 10 M a y 2
to
M ay 9
Standard Parts, common (guar.)...............
M a y 15 M a y
6
to
M a y 15
1*4
1 ** J u ly
l H old ers o f rec. Juno 14
Standard Sanitary M fg. common (g u a r.)..
M a y 10 H old ers o f rec. M a y 2
2
Am. La Franco Fire Eng.. Inc., com. (uu.) 2
M a y 15 H old ers o f rec. M a y 8 a
Preferred
(guar.)
__________________
15* M a y 10 H o ld e rs o f rec. M a y 2
American Radiator, common (guar.)
♦3
Jun e 30 ‘ H olders o f rec. June 21
Steel P ro d u cts , pref. ( q u a r . ) . _____
__
15* Bine l H olders o f rec. M a y 15a
Preferred (guar.) -------------------------♦ 1 ** M a y 15 ‘ H old ers o f rec. M a y 7
S tew a rt-W a rn er S p eed om eter C o r p .(q u .)
M a y 15 M a y
2
1 to
M ay
5
American Soda Fountain (quar.)..
1*4 M a y 15 H old ers o f rec. M a y
1
Sup erior Steel 1st & 2d pref. ( q u a r . ) ___
M a y 15 H old ers o f rec. M a y
2
la
3*4 S ep t. 1 H old ers o f rec. A u g . 15a
T o b a c c o P rod u cts C o r p ., c o m . ( q u a r .). 01*4 M a y 15 H old ers o f rec. A p r. 30a
1 ** M a y 15 H old ers o f rec. M a y 1
U nited C igar Stores o f A m ., c o m . (q u .)
2*4 M a y 15 H old ers o f re c . A p ril 28a
A n a co n d a C o p p e r M in in g (q u a r .).............
Si M a y 20 A p r. 20 t o M a y 14
U n ited D ru g 2d pref. (q u a r.) (N o . 1 3 ) . .
I X Itine 2 H olders o f rec. M a y 15a
A ssociated D ry G o o d s , 1st p referred -----1*4 Jun e 2 H old ers o f rec. M a y 3a
United Profit-Sharing....................................
l * * c June 2 H old ers o f rec. M a y 10a
Second p referred .........................................
15* Jun e 2 H old ers o f rec. M a y 3a
E x tr a ................................................................
1**C Tune 2 H old ers o f re c . M a y 10a
B ethlehem S teel, co m m o n (q u a r .).............
1 H old ers o f rec. Jun e 10a
1 ** J u ly
U. S. Steel Corp. common (g u a r .).. ...........
Tune 28 M a y 30
13*
to
June 2
Common (e x tra )...........................................
J
u
ly
1
,5 *
H old ers o f rec. Jun e 10a
Preferred (guar.) ...........................................
M ay 6
15* M a y 29
Common B ( q u a r .)..................................l H old ers o f rec. Jun e 10a
1 ** J u ly
V a cu um O il----------------------------------------------3
M a y 15 H old ers o f rec. M a y 1
Common B (e x tra )....................................
X Ju ly 1 H old ers o f rec. Jun e 10a
E x t r a ___________________________________
2
M a y 15 H old ers o f re c . M a y 1
N o n -cu m u la tlv o preferred (q u a r.) —
l H old ers o f re c . Juno 10a
\ x Ju ly
W a rw ick Iron & S teel___________________
3 0 c. M a y 15 M a y
1
to
M a y 15
2
C u m u la tiv e con v ertib le pref. ( q u a r .).
July
1 H old ers o f rec. June 16a
W estern G ro ce r, c o m m o n ________________
4
une 30 H olders o f rec. Jun e 20
B o n d & M ortg a g e G uarantee ( q u a r . ) . . .
M
a
y
15
H old ers o f rec. M a y 8
*
P referred ................. .......................................
3
une 30 H olders o f rec J u n e 20
l
B o r d e n 's C o n d . M ilk .p r e f. (q u .) ( N o . 70)
bine 14 H old ers o f rec. M a y 31a
White (J. S.) <fe Co., Inc., pf. (gu.)(No. 64)
une 1 H olders o f rec. M a y 15
1*4
B ritlsh -C olu m b ia F ish. & P a ck . ( q u a r .).
i* * M a y 21 M a y 10
to
M a y 20
White (J.G.) Engineering Corp.,pf. (g u .)..
une 1 H olders o f rec. M a y 15
15*
B rltlsh -C oIu m b la P a ck . Assn..corn, (qu
2*4
M ay 21 M a y 10
to
M a y 20
White (J. G.) Management, pref. (guar.).
une 1 H olders o f re c . M a y 15
15*
B ro m p to n P u lp & P a p er, ltd . ( q u a r . ) . .
1 ** M a y 7 H old ers o f rec. A p r. 30
W ilson At C o ., I n c ., c o m . (q u .) ( N o . 1 ) .
M ay 1 H old ers o f rec. A p ril 26a
1*4
2
B r o o k ly n E d ison C o ., I n c. (q u .) (N o .7 7 )
lune 2 H old ers o f rec. M a y 21a
W o o lw o r th ( F . W .) C o . , c o m . ( q u a r . ) . .
2
une 1 M a y 2
to
M a y 21
B ru n sw lck -B a lk e-C ollen d er, c o m . ( q u . ) . *15*
d a y 15 *
•s o f rec. M a y 5
Y a le & T o w n o M fg . (extra) (N o . 1 0 1 ) . .
5
M
ay 5 H old ers o f re c . A p r. 29
B u ck ey e P ipe Lino (q u a r .)........................... S2
lune 14 H old ers o f re c . M a y 31
•
From
u
n
officia
l
sou
rces,
t
D
ecla
red
s
u
b
je
c
t
t
o
th
e
a
p
p
rov
a
l
of
D
ire
cto
r-G
e n e ra l
2*4 M a y 15 H old ers o f rec. M a y
B u rn s B ro s ., c om m on (q u a r .)---------------In
o f R a ilroa d s,
t T h e N ew Y ork S tock E x ch a n g e has ruled th a t s to ck will n ot b e
C om m on (extra p a y a b lo In com .stock) /2 * 4
M a y 15 H olders o f rec. M a y In
q u oted ex -d lv ld en d on this d a te and n o t until further n otice.
C a n ada E x p losiv es, c om m on (extra) —
12*4
Oily 31 H old ers o f rec. J u n o 30a
a T ra n sfer b o o k s n ot closed for this d iv id e n d , b Less British In com e t a x . d C o r ­
3
C a n a d a F ou ndries & F o r g ., c o m . ( q u . ) .
M a y 15 H o ld e rs o f rec. A p r. 30
rection . e P a y a b le In s to c k . / P a y a b l e In co m m o n sto c k , g P a y a b le in scrip .
15* M a y 15 H old ers o f rec. A p r. 30
I’ referred ( q u a r .)--------------------------------h On a ccou n t o f accu m u lated d iv id en d s. < P a y a b le In L ib erty L oa n b on d s
1 R ed
C a nadian C on v erters, L td . ( q u a r .)-------1 ** M a y 15 H old ers o f rec. A p r. 30
C ross d iv id en d , m P a y a b le In U . S . L ib erty Loan 4 Q % b on d s
6
C a rb on S teel, secon d pref. (a n n u a l)-----July 30 H olders o f rec July 26
n T ra n sfer b o o k s closed for annual m eeting from M a y 3 t o M a y 2 2 , b o th Inclu sive.

The price of silver in Now York on tho same day has been:

Silver In N . Y . , per o z ._ c t 8 .1 0 1 H
* E x -in terest.

101*4

101H

101*4

101*4

101*4

C o m m e r c ia l atxdI$XtsceUaiteuits JJjems

DIVIDENDS.

Dividends announced this week are -printed in italics.




\x

Lakeofthe Woods M illing, com. (g u a r.)..
Preferred (guar.) _______ ________________

L eh igh C o a l& N a v ig a tio n (q u .) ( N o . 162)
Liggett A- Myers Tobacco com. (guar.) ___
L im a L o c o m o tiv e W o rk s, I n c ., p r e f . . .
Alanatl Sugar, common (guar.) _________
M arconi W ireless T e le g . of A m e r ic a ____
M a son T ir e & R u b b e r , c o m . ( q u a r .).
M assachusetts G as C o s ., pref
M ia m i C op p er C o . (q u a r.) (N o . 27)
N ation a l A cm e C o . (q u a r .)........................
N ation a l B iscu it, c o m . (q u a r.) (N o S4)
P referred (q u a r.) ( N o . 8 5 ) ......................
N a t. E n a m el. & S ta m p in g , c o m . (q u a r.)
N a tion a l G ro ce r, c o m m o n ..........
P r e fe r re d .................................." H I
N ationa l L ea d , preferred (q u a r " )I ..........

15 *

National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:

APPLICATIONS FOR C H A R TE R.
For organization of national banks:
Capital.
The Farmers National Bank o f Stamps, Ark---------------------------$25,000
Correspondent: J. A. Thomas, Stamps.
Tho First National Bank of Winter Garden, Fla------------------- 25,000
Correspondent: J. D. McMillan, Winter Garden.
Tho Audubon National Bank, Audubon, N. J -------------------------- 50,000
Correspondent: I. Grafton Sieber, Audubon.
The First National Bank o f Dixie at St. George, Utah------------ 50,000
Correspondent: A. L. Woodhouso, St. George.
The American National Bank of Muskegon, M ich------------------- 200,000
Correspondent: John Q. Ross, Muskegon.
The Farmers National Bank o f Tonkawa, Okla---------------------- 25,000
Correspondent: J. N. Starr, Tonkawa.
__
The National Trust Bank o f Charleston, 111----------------------------- 200,000
To succeed the Charleston Trust & Savings Bank and the Sec­
ond National Bank o f Charleston. Correspondent: II. A.
Neal, Charleston.
— ___ T otal_________________________________________________ $575,000
CH ARTERS ISSUED.
Original organizations:
„„„
The First National Bank of Pandora, Ohio---------------------- f------$30,000
President, C. Henry Smith; Cashier, L. Shirl Hatfield.
The First National Bank of Rock River, Wyoming................... 25,000
President, Alvy Dixon; Cashier, L. H. McAlister.
Tho Security National Bank of Hisseton, So. Dak------------------- 50,000
President, O. T . Axness; C ash ier,-----------„„
Tho First National Bank o f South Charleston, W. Va------------- 35,000
President, Quince Jones; Cashier, J. M . Schwonder.
Conversions of State Banks:
_
,,
___ „ „ „
The Fidelity National Bank & Trust Co. o f Kansas City, M o .-1,000,000
Conversion of the Fidelity Trust Co. of Kansas City. Presi­
dent. Henry C. Flower; Cashier, A. D. Rider.
------------T o ta l_________________________________________________ $1,140,000
INCREASES OF CAPITAL APPROVED.
Amount.
First National Bank of Bakersfield, Calif. Capital increased
from $150,000 to $200,000.................................. ........................ - $50,000
The First National Bank o f Iowa Park, Tex. Capital increased
from $25,000 to $100,000............................ ................................. - 75,000
Tho First National Bank of Hempstead, N. Y . Capital increased
from $50,000 to $100,000.....................................
50,000
Tho Emaus National Bank, Emaus, Pa. Capital increased from
$100,000 to $125,000________ ________ - ........................................ 25,000
T otal.................1............... - ........................... — ........................... $200,000
VOLUNTARY LIQUIDATIONS.

Capital.

The Cleveland National Bank, Cleveland, O------------------------- $1,500,000
Liquidating Committee: W. R. Green and R. I*. Selirs, Cleve­
land. Absorbed by the Guardian Savings & Trust Co. of
Cleveland.
__ . . .
The Tonkawa National Bank, Tonkawa, O k la ............................
25,000
Liquidating agent: Ray See, Tonkawa. Succeeded by the
American State Bank of Tonkawa.
—
T o ta l___________ __ ________ __________________________ $1,525,000

C an ad ian B an k C learin gs.— The clearings for the week
ending Apr. 24 at Canadian cities, in comparison with the
same week in 1918 show a decrease in the aggregate of 8.7 % .
Week ending April 24.

Clearings at—
Canada—
Montreal......................Toronto______________
Winnipeg____________
Quebec....................... -

Calgary..........................
Victoria______________
Edmonton.......... ..........
Regina.......... ...............
Lethbridge___________
Saskatoon____________
Fort William....... .........
New Westminster.........
Peterborough........... —
Sherbrooke....................
Kitchener............. .........
Windsor . ______ _____

1919.

1918.

Inc. or
Dec.

$

$

%

8 7 ,7 3 0 ,7 2 5 8 1 ,4 3 6 ,6 7 4
5 4 ,7 7 4 ,6 3 8 6 0 ,5 64,704
3 1 ,9 1 0 ,2 4 0 4 8 ,0 0 6 ,8 7 8
9,7 5 1 ,6 7 9
9,9 0 9 ,9 0 0
6,2 9 9 ,4 3 4
5 ,229,601
4,8 9 1 ,2 7 8
4 ,3 0 3 ,6 3 1
3 ,9 3 5 ,8 3 3
3 ,6 6 9,610
5,2 9 3 ,5 8 5
4 ,5 3 1 ,1 6 5
2,3 8 6 ,8 7 3
2 ,0 6 7 ,1 8 5
2 ,3 0 9 ,3 6 8
1,636,457
6 ,1 4 7,717
4,6 5 5 ,8 0 4
2 ,4 4 3 ,4 8 0
1,572,685
3 ,0 1 1 ,0 2 3
3 ,1 1 9,163
3,5 0 2 ,0 7 4
2,7 0 4 ,9 1 8
46.5,571
481 ,293
8 2 0 ,333
590,833
1,677,262
1,728,089
9 1 0 ,059
854,001
1,187,344
1,653,499
555,941
545 ,030
4 6 1 ,035
356,827
342 ,499
478 ,659
660 ,388
661 ,949
687 ,598
824,471
732,982
683,373
1,223,41(1
1,098,307
‘2 33.7fi7i
305 ,218

+ 7.7
— 9.6
— 33.6
+ 1.6
— 17.0
— 12.0
— 6 .7
— 14.4
— 13.4
— 29.2
— 24.3
— 35.6
+ 3 .0
— 22.8
+ 3.2
— 28.0
+ 9.6
— 6.2
+ 39.2

+ 2.0
+ 29.4
— 2 8 .9
— 0 .7
+ 19.9
+ 5.8

— 10.2

1916.

1917.
$
9 0 ,9 8 0 ,5 8 6
6 7,181,431
7 1 ,8 1 5 ,8 7 5
8,0 2 4 ,2 0 2
5,7 0 7 ,0 5 7
4,8 8 7 ,0 8 9
3 ,1 9 6,784
4 ,8 0 5 ,3 4 0
2,2 3 1 ,0 2 6
2 ,0 9 5 ,5 0 3
7 ,6 5 3,637
1,668,413
2,6 6 2 ,1 8 4
2,8 3 2 ,7 7 5
558,892
995 ,620
1 ,802,134
811,942
1,259,637
491 ,089
321 ,588
791 ,506
029 ,379
638 ,932
020,884

S
49,152,771
3 8,128,675
3 3 ,9 99,516
4 ,339,777
3 ,7 9 3,885
3,149,911
1,937,831
3 ,548,784
1,470,659
1,497,150
3,1 0 9 ,6 4 5
972,580
1,789,247
1,361,533
433 ,754
368,760
827,522
550,876
649,544
390,812
194,438
271,715
392 ,666
570,944
570,000

_______

4 - 30.(3

T o t a l C a n a d a ............... .. 2 2 8 ,1 0 5 ,8 6 9 2 4 9 ,816 ,82 1

— 8 .7 2 8 4 ,6 6 3 ,5 0 5 153,384 ,99 5

at auction in New York, Boston and Philadelphia:
B y Messrs. Adrian H . Muller & Sons, New York:
S h a r es.

S tock s.

P e r c e n t.

50 G arfield S afe D e p o s it -----------90
60 T itle G uarantee & T r u s t ------394 K
35
229
20
50
3,1 2 0
1,000

Shares.

Stocks.

1,000 C a rlton I n v e s t., 2d p re f.

93 K n o x H a t, I n c ., 1st p ref____ 43
F ifth N a t . B ank o f N . Y ------ 225
Industrial D e v e lo p m e n t.......... $5 lot
U n ited G as & E le c ., 1st p r e f. 25
Bonds.
Per cent.
L o r d & T a y lo r , 2d p r e f.......... 51
G o ld e n R ew a rd C on s. G M .8 3 0 lot$ 3 ,0 0 0 T re n to n P en n in g ton & H o p e ­
C a rlto n I n v e s t ., 1st p r e f— $10 lot w ell S t. R y . 1st 5s, g u a r., 1 9 4 3 .. 5814

By Messrs. R. L. Day & Co., Boston:

S h a r es.

1
10
7
10
10
8
3
2
20
1
10

S to ck s.

S per sh .

N a tion a l S ha w m ut B a n k -------- 228J4
F irst N a tion a l B a n k . B o s t o n . .4 7 0
M errim a ck M fg ., p r e f..................78
P ep p ered M f g _____________ 1 9 1 -19 1K
L u d low M fg . A s s o c ., e x -d lv — 1 3 8 'A
R ich a rd B ord en M f g ___________159 VS
N aum keng S team C o t t o n -------- 16514
M errim a ck M fg .. c o m ............... .. 72 VS
H a m ilton M f g ., e x -d lv ................ 125VS
C en tra l V erm on t R y .......... ......... 1.05
B o s to n C o -O p e r .B ld g .,$25 e a . . 10V£

S h a res.

7
25
10
3
100
154
700
10
5
13

S tock s.

N cw b u r y p o r t G as & E l e c t r ic .. 105
M e rrim a ck C h e m ., $50 e a c h — 95
W estern R ea l E sta to T r u s . 113 VI fla
D ra p e r C o r p o r a tio n ------------------11814
W a lth a m W a tc h , c o m m o n ------ 26VS
N ew E n gla n d F u el O il------------ 80
W e s t P o r t o R ic o Sugar, p r e f . . 20
W . L . D ou g la s Sh oe, p r e f_____ 97
P ly m o u th C o r d _______________ 220
B ig elow C a rp e t............................... 8854

By Messrs. Millet, Roe & Hagen, Boston:

Shares.
1
25
2
1
3
3
15
3

Stocks.
$ per sh.
M erch a n ts N ation a l B a n k ------- 275
N a tion a l S ha w m ut B a n k ........... 229VS
S a lm on Falls M fg ., c o m -------------80
Sha rp M fg ., p referred _________ 106)4
D a rtm o u th M fg . C o r p ., p r e f .. 90
L u d low M fg . A ssocia tes_______ 140
C .uffey-G lllespto O il, p r e f--------- 100
N a tion a l U n ion B a n k __________210




[Vol . 108

THE CHRONICLE

1798

Bonds.
$ 1 ,0 0 0 N o . A tla n tic O yster F arm s!
1st 5s, 1924.......... ............................|
3 ,225 N o . A tla n tic O yster F a rm s !•$2,000
ln c o m o __________________________ I
lot
20 shs. N o . A t l. O ys. F ., c o m . stk .j
$1 0 ,0 0 0 D e t. T o l. & I ro n . c o ll. 5 s ,1
1 90 8...................................................... 1S1.000
58 shs. A n n A r b o r R R . , c o m ____ I
lot
$0 shs. A n n A r b o r R R . , p r e f____ j

B y Messrs. Barnes & Loflancl, Philadelphia:
Shares.
500
1
4
100
50
5
10
33
1
25
10
15
20
20

$ per sh. Shares.

Stocks.

N a t . O il, N . J ., p r e f., S10 e a c h .
7 'A
D e l. C o . T r u s t , S . D . & T . I . . 81
P h il. B ou rse, co m m o n , $50 e a . 7
L oa n S o c . o f P h lla ., S10 e a c h . .
1)4
4tli S treet N a t . B a n k . . . 3 1 0 )4 -313
P r o v id e n t L ife & T r u s t ________ 430
F id e lity T r u s t ........ ...................— 510
rig h ts to su b scrib e to F ran klin
T r u s t @ $ 1 2 5 .........................2 6 -3 1 )4
P h ila d elp h ia T r u s t ............... ......... 705
M e d ia T itle & T r u s t, $25 e a c h . 55
F ire A ssn , o f P h il., $50 e a c h ..3 3 0
P h il. L ife In su r., S io e a ch ____ 10
C on tin en ta l L ife In su ra n ce,
W ilm in g to n , D e l., $10 e a c h . 20
R elia n ce In su ra n ce, S50 e a c h . . 6 0 )4

2
10
2
29
1
12
12
117
5
220
112

Stocks.
$ per sh.
P h il. C it y P assenger R y -----------115
G erm a n tow n P assenger R y — 91
W est P h il. P assenger I t y -------- 165)4
C a m b ria I ro n , $50 e a c h ---------- 4 0 )4
13tli & 15th S ts. P a ss. R y -------204 )4
J oh n B . S tetson , c o m ____ 3 35 -33 6)4
I I . K . M u lfo r d , $50 e a c h -------- 5 8 M
T h o W clsb a ch C o .................... 5 0 -5 0 )4
B e lm o n t D riv in g C lu b , $50 e a . 52
P en n W y o m in g OH____________
1)4
U n ited G as & E le c ., 1st p f . . 2 4 -2 5 )4

Bonds.
$100
1 .000
1 .000
2 .0 0 0

Per cent.

P h iladelphia C it y 4s, 1 9 6 7 .
P a . W a ter & P o w . 1st 5 s ,’40
N a t . U tilities c o ll. 6s, 1 9 2 6 .
W e s t . N . Y . & P a . In c. 5s, '4 3

9 5 )4
9 0 )4
10
50

Sta tem en t of Hew Y o rk C ity C learing H ou se B anks
and T ru 3t C om p an ies.— 'The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending April 26. The figures for the
separato banks are tho averages of the daily results.
In tho
case of totals, actual figures at ond of tho week are also given.
N E W Y O R K W E E K L Y C L E A R IN G H O U SE R E T U R N .

(.Staled in thousands o f dollars— that is, three ciphers (,0001 omitted.)
Net I Loans,
^apltal. Profits. Discount, Cash
in
IncestVault
metus.
,t-r.

C L E A R IN G
H OUSE

M EM BERS.
( U00 vrntUid.) N at’ l, M a r . 4
W e e k e n d i n g -hate.
•cl). 21
A p r il 26 1019. lr .C o s ,F e b . 21
M en bcrs o f
F ed . R e s . B a n k
Bk o f N Y . N B A
M a n h a tta n C o .
M erch a n ts’ N a t
M e c h & M eta ls
Bk o f A m e r ic a .
N a t ’ l C l t y Batik
C h e m l c a l N a t ..
A tla n tic N a t —
N a t B u tch & D r
A m er E x ch N a t
N B kof C om m .
P a c ific B a n k —
C h a th & P h en lx
H a n ov er N a t . .
C itizen s’ N a t . .
M etro p o lita n . .
C orn E x ch a n g e.
Im p & T r a d N .
N a tion a l P a rk .
E ast R iv e r N a t.
S econ d N a t B k .
First N a t Bank
Irv in g N ational
N Y C o u n ty N a t
C o n t in e n t a l___
C h ase N a tion a l.
F ifth A v e n u e ..
C om m er’ l E x ch
C om m onw ’ t h . .
L in coln N a t 'l . .
G arfield N a t ’ l . .
F ifth N a tio n a l.
Seab oard N a t ’ l .
L ib erty N a t ’ l . .
C o a l& Iron N a t
U n ion E x ch N a t
B ro o k ly n T r C o
B a nkers T r C o .
U S M tg e & T r
G u a ra n ty T r C o
Fidelity T r C o .
C olu m b ia T r C o
P eop les T r C o .
N ew Y ork T r C o
F ranklin T r C o .
L incoln T r C o .
M e t ro p o llt a n T r
N assau N , B k ln
Irv in g T ru st C o
F a rm L oa n & T
C olu m b ia Bank

Reserve
with |
Net
Demand
Legal
1), /Hist- Deposits
lories.

Average. \cerae> ■1 veragt
3
2,0 0 0
2,500
2 ,000
6,000
1,500
25,000
3 ,000
1,000
300
5,000
25,000
500
3,5 0 0
3 ,000
2 ,550
2 ,000
4 ,200
1,500
5,000
1,000
1,000
10,000
4 ,500
1.000
1,000
10,000
200
200
400
1,000
1,000
250
1,000
3,00C
/1.50C
1.00C
1,50C
15,000
2,000
25,000
1,000
5,000
1,000
3,000
1,000
1,000
2,000
1,000
02,250
5,000
1,000

£
5,739
7 ,210
2 ,836
11,643
6 ,780
54,132
9,578
958
109
6,107
25,651
1,134
2,822
17,363
3,286
2,404
8,290
8,103
19,439
026
4,066
31,297
6,112
421
642
16,870
2,301
858
762
2,067
1,342
397
3,782
4,704
/ 1 ,333
1,271
2,289
17,361
4,551
2 8 ,525
l ,284
6,904
1,412
10,677
1,305
063
4,402
1,220
ffl,1 97
12,000
672

§
S
4,442
625
49,397
9,211
02,064
1,431
502
3 ,145
33,973
159,795 10,215 20,059
1,060
3 ,246
3 1 ,2 8 5
578 ,848 14,144 102,101
1,705
8,211
86,744
510
1.980
16,954
132
717
3,692
1,973 11,808
118,953
2,043 30,106
402,171
1,230
2,550
15,110
5,868 1 1 ,889
108,394
5,097 18,716
127,160
923
5,458
40.308
2,203
4,145
50,276
6,284 19,889
126,691
662
3,392
30,607
1,449 21,713
204 ,183
277
1,058
7,707
927
2,3 9 9
20,545
1,509 20,139
291,978
4,226
10,434
122,710
725
1,560
11,832
1,002
155
7,434
7,513 46,726
340 ,895
2,612
1,229
21,058
322
1,249
7,758
401
1,183
8,388
1,316
2,143
10,030
348
1,959
13,458
326
900)
7,693
1,004
6,524
52,025
013
8,108
76,089
761
1,657
19,896
007
10,709
2,482
754
3,904
41,616
1,080 28,599
279,592
611
6,158
69,727
3,222 54,159
508,567
297
1,270
11,898
9,199
1,015
88,501
1,052
2,822
28,517
421
9,793
100,205
527
2,496
30,196
419
2,888
23,912
804
4,274
40,858
16,060
111
1,183
2,308
0,013
44,338
4,152 15,708
131,5011
609
2,281
16,522

A cerage
$
3 1 ,884
01,737
23,427
146,880
25,584
*669 ,566
58,957
14,781
3 ,865
88,948
276,020
10,250
88,340
124,861
36.15C
30.6SC
132,21!)
25,554
164,856
7,925
16,847
150,782
124,851
11,544
5,810
282,395
19,498
7,334
8,380
10,061
12,583
7,910
46,811
58,458
11,883
17,065
27,800
220,528
54,662
*461,975
9,627
69,014
20,958
65,326
17,670
20,297
32,700
11,541
45,318
*152,798
16,3031

Time

Dc-

posits

a

Nat'l
Bank
rtrcu lotion.

w ag* Acga.
<

1,842
782
_______
____
2,733 1,832
4 ,023 3,761
_____
____
25,423 1,434
5,804
442
142
507
295
5,368 4,957
____
4 ,629
150 ____
9 ,318 2,7 1 7
' 150
989
227
____
45
____
2,924
50
51
3,353 4,952
132
50
_______
643
2,209 8 ,217
1,129 1,363
735
199
_______
____
11,390 1,900
_______
____
_______
____
_______
___ _
210
47
395
40
446
248
70
140
1,947 1,713
412
421
396
393
____
6,177
9,3 5 0
____
1,160
2 4 ,290 ____
519 ____
____
0,784
1,800
2,716
____
___ _
1,613
1,398 ____
____
1,238
887
50
____
1,149
____
9,183
397
—

A v e ra g e ________ 200,350 367,044 4,747,031

99,203 558,221 c 3 , 876,617 154,164 38,370

T o ta ls .a ctu a l
T o ta ls ,a ctu a l
T o ta ls .a ctu a l
T o ta ls .a ctu a l

9 8 ,090 552,883
95,962 563,60?
96,515540,11C
94,225 659 ,040

c 3 ,877,212
*3,876,015
3,797,37c
3 ,8 8 6,093

< / Federal Reserve Hank
2,50-:
1,23f
1,551
1 6 ,6 +
33C
712
812
5,927
2 ,0 6 !
2 ,65‘
1,242
2 4,35:
4,882 , 3.414
607
50,270

16,771
5,69:
2 6 , 111
45,972

35

co n d ltlon
c o n d it io n
c o n d it io n
c o n d it io n

A p r. 26 4,7 4 1 ,1 7 0
A p r. It 4,7 5 4 ,2 2 0
A p r. 12 4 ,7 8 4 , ISC
A p r. 6 4 ,622,863

153,170 3 8 ,4 6 5
153.76C 38,815
151,355 3 8 ,475
151.659 38,250

State Hanks. Not Members
G r e e n w ic h ____
B o w e r y ________
N Y P ro d E xcl
State __________

500
250,
1,000
2 ,0 0 0

A v era g e............... I

3,750

4,221

97,170

10,752

7,055

94,458

127

c o n d it io n
c o n dltlon
c o n dltlon
cc ndltlon

A p r. 26
A p r. 1!
A p r. 12
A p r. 5

96,800
96,277
90,365
90,317

10,626
10,519
10,70.'
10,382

7,300
7,195
6.94J
7,039

94,887
93,70!
9 3 ,35:
92,805

127
127
117
103

T o ta ls .a ctu a l
T o ta ls .a ctu a l
T o ta ls .a ctu a l
T o ta ls .a ctu a l

Trust Com pun
T it le G u a r & T i
L a w yers T & T i
A v e ra g e .......... ..
T o ta ls .a ctu a l
T o ta ls.a ctu a l
T o ta ls .a ctu a l
T o ta ls .a ctu a l

les. A
5.000
4 ,0 0 0
9 ,0 0 0

c o n d it io n
co ndition
c o n d it io n
c o n d it io n

89

____
____
____

ot Mem hers of Ft derul R' serve. Bn nk.
12,03:
5,264

4 i,is ;
23,792

93!
76C

2,957
1,536

25,737
15,560

75!
441

17,297

04,975

1,704

4,493

41,297

1,194

A p r. 2f
A p r. i:
A p r. 12
A p r. S

66,227
64,99!
05,44;
64,807

1,681
1,781
1,591
1,631

5,068
4,56:
4,94!
4,882

42,4241,32
41,867
41,831

1.1SC
l ,221,17! ...........
1.30C . . . . .

G r ’ d a g g r . ,avge 2 13,100 3S8,56- 4,909,771 111,71! 509,70!) d 4 ,012,372 1 5 5 ,4 8 ’ 3 8 ,370
+ 39,041 + 1.54C — 108
C o m p a ris o n ,p rv (v . w e e k ______ — 30,125 + 1,812 + 1,59<J
O r ’ d a g g r , a c t ’ l c o n d ’ n A p r. 2C 4 ,9 0 3 ,2 0 : 110,397 505,257 e 4 ,0 1 4 ,52! 154,48! 3 8 ,465
+ 3,42"
— 027 — 350
C o m p a r is o n ,p r o v . w e e k ______ — 12,291 + 2,13£ -1 0 ,1 0 8
G r’d
C r 'd
C r ’d
C r 'd

a g g r,
a ggr,
a g g r.
ag g r,

a ct’l con d’ n
aet'l cond’n
a ct’ l con d ’n
a c t ’ l c o u d 'n

A p r. I f 4,915,605
A p r. 12 4,945,997
4,777,98!
A p r.
M ar.2 a l4 .8 1 7 ,4 3 8

108,207
108,81:
106,23?
108.+37

5 7 5 ,36<
552,002
571,561
538,77c

4,011,091
3,9 3 2 .5 9 :
4 ,0 2 0 ,7 2 !
3,9 3 4 ,2 7 .

155,11 38,815
152,65 3 8 ,475
163,067 3 8 ,260
15 2 ,7 4 6 8 7 .6 0 9

* In clu d es d ep osits In foreign bran ch es n o t Included in tota l footin g s as follow s:
N a tion a l C it y B a n k , $94 ,6 8 6 ,0 0 0 ; G u a ra n ty T r . C o ., $ 5 9 ,117 ,09 0: F arm ers' Loan
<& T r . C o ., $ 3 5 ,4 7 6 ,0 0 0 . B a lan ces carried In ban k s In foreign cou n tries as reserve
for such d ep osits w ere: N a tio n a l C it y B a n k , $ 2 5 ,9 3 1 ,0 0 0 ; G u a ra n ty T ru st C o .,
$ 1 5 ,6 9 0 ,0 0 0 ; Farm ers' L oa n & T ru st C o . , S l l ,58 2 ,0 0 0 . c D ep osits In foreign branches
n ot Inch d U . 8 . d ep osits d e d ., $ 2 9 2 ,7 7 3 ,0 0 0 . o U . 8 . dep osits d e d ., $ 2 5 7 ,9 9 2 ,0 0 0 .
Bills p a y a b le, red iscou n ts, a ccep ta n ces an d oth er liab ilities, $ 7 0 2 ,3 8 3 ,0 0 0 .
f As o f A p ril 3 1910. g A p ril 2 1019.

1799

THE CHRONICLE

M ay 3 1919.]

(S T A T E M E N T S O F R E S E R V E 'P O S I T I O N O F C L E A R I N G H O U S E
AN O T R U S T C O M P A N IE S .

HANKS

STATE BAN KS AN D

T R U S T C O M P A N IE S IN N E W

State Banks.
Week Ended April 2 0 .

A v era g es.

Cash
Reserce
in Vault.
M em b ers F ed eral
R eserv e B a n k -----S ta te b a n k s * .......... ..
T ru s t co m p a n ie s* —
T ota l
T ota l
T ota l
T ota l

April 2 6 .
Reserve
Required.

Total
Reserve.

Surplus
Reserce.

$
$
$
55S ,2 2 1 ,000 5 5 8 ,221 ,00 0 508 ,5 8 5 ,1 3 0
10',752',665
7.0 5 5 .0 0 0 17,807,000 17,0 0 2 ,4 4 0
6,1 9 7 ,0 0 0
0 ,1 9 4 ,5 5 0
1,704,000
4 .4 9 3 .0 0 0

$
4 9 ,0 3 5 ,8 7 0
804 ,500
2 ,459

531 ,7 8 2 ,1 2 0
520 ,5 4 3 ,1 1 0
527 ,9 2 4 ,5 3 0
531 ,2 7 8 ,7 9 0

50,442,8S0
5 4,202,890
3 2 ,9 7 1 .4 7 0
5 3 ,1 3 4 ,2 1 0

$

A p r. 2 6 -----A p r. 19-----A p ril 1 2 ___
A p r. 5 ____

1 2.456.000
1 2.570.000
1 2.401.000
1 1.916.000

5 6 9 .7 6 9 .0 0 0
5 6 8 .170 .00 0
54.8.495.000
572 .4 9 7 .0 0 0

Cash
Reserve
la Vault.

Reserve
U
Depositaries

582 .2 2 5 .0 0 0
580 .7 4 0 .0 0 0
5 0 0 .890 .00 0
584 .4 1 3 .0 0 0

A c t u a l F ig u r e s .
b

Reserve
Required.

Total
Reserve.

$
$
$
552 ,8 8 3 ,0 0 0 5 5 2 ,883 ,00 0 5 0 8 ,632 ,S 4 0
7 .3 0 0 .0 0 0 17,932,000 1 7,079,000
6,3 6 3 ,6 0 0
0 ,7 4 9 ,0 0 0
5 .0 0 8 .0 0 0
1,081,000
S

M em b ers F ederal
R eserv e B a n k ------

i 6,"o 2 o',665

T r u s t c o m p a n ie s * —
T ota l
T ota l
T ota l
T ota l

12.307.000
12.300.000
12.298.000
1 2.013.000

A p r. 2 6 -----A p r. 19-----A pr. 1 2 -----A p r. 5 ------

505 .2 5 7 .0 0 0
5 7 5 .300 .00 0
552 .0 0 2 .0 0 0
571 .5 6 1 .0 0 0

5 7 7 .504 .00 0
5 8 7 ,000 ,00 0
504 .3 0 0 .0 0 0
583 .5 7 4 .0 0 0

5 3 2 ,070 ,10 0
5 3 1 ,509 ,70 0
521 ,2 8 2 ,7 3 0
5 3 2 ,721 ,41 0

Surplus
Reserve.
S
4 4 ,2 5 0 ,1 0 0
852 .340
3 35 ,400
45,4,87,900
5 0 ,0 9 0 ,3 0 0
4 3 ,0 1 7 .2 7 0
5 0 ,8 5 2 ,5 9 0

* N o t m om burs o f F ed eral R eserv e B a nk.
a T h is Is the reserve required on net d em an d dep osits In the ease o f S ta te banks
and trust c im pantes, but In th e caso o f m em bers o f the F ed era l R eserv e banks in
c h ile s also a m ou n t o f reserve required on net tim e d ep osits, w hich w as as follow s
A p r. 20, $4,0 2 1 ,0 2 0 ; A p r. 19, $4 ,5 7 9 ,0 5 0 ; A p r. 12, $4 ,5 0 7 ,0 8 0 ; A p r. 5 , $ 4 ,5 8 8 ,5 0 0 .
l>Tnl< Is the reserve req liro.I on net dem an d dep osits In the c ise o f S ta te ban ks
and trust com p a n ies, but In the ease of m orabers of the Federal R eserv e Bank includ es
also am ou n t o f reserve required on net tim e d ep osits, w h ich w as as follow s: A p r. 20,
$ 4 ,5 9 5 ,2 8 0 ; A p r. 19, 81 ,0 1 2 ,3 0 0 ; A p r. 12, $4 ,5 4 0 ,0 2 0 ; A p r. 5 , $ 4 ,5 4 9 ,7 7 0 .

State Banks and Trust Companies Not in Clearing
House. —'The State Banking Department reports weekly
figures showing the condition of State hanks and trust
companies in N’ev York City not in the Clearing Ho ire., a,follows:
S U M M A R Y O F S T A T E B A N K S A N D T R U S T C O M P A N I E S IN G R E A T E R
N E W Y O R K , N O T I N C L U D E D IN C L E A R I N G H O U S E S T A T E M E N T

(Figures Furnished by Stale Banking Department.)
April 20.

Differences from
precious week.

L oa n s and In v estm en ts............................................................ $ 7 8 4 ,8 3 4 ,0 0 0
D e c. S o ,538 ,000
S p ecie___________________________________________________
8 ,2 5 3 ,0 0 0 D e c .
2 ,0 0 0
C u rren cy and ban k n o te s ..............................- .....................
10,451,100
In c.
4 8 8 ,400
D e p o s its w ith F ed era l R eserv e B ank o f N e w Y o r k . .
0 5 ,3 2 5 ,5 0 0
I n c . 0,2 1 1 ,9 0 0
T o t a l d e p o s it s ..............................................................- ............ 8 0 3 ,2 9 8 ,2 0 0
In c.
1 ,810,000
D e p o s its , elim inating a m ou n ts du e from reserve d e ­
positaries a n d from oth er ban ks an d tru st c o m ­
panies in N . Y . C it y , exchang es and U . S . d e p osits 7 2 4 ,110 ,10 0 I n c . 7 ,3 4 5 ,8 0 0
R eserv e on deposlt.s..........................
130,976 ,90 0
I n c . 8,7 5 1 ,9 0 0
P ercen ta ge o f reserve, 2 1 .1 % .
RESERVE.
--------- Slate Banks--------—-Trust Companies----C ash In v a u l t s . . ............... ............. ..$19,921,400
14.59%
$ 7 0 ,1 1 3 ,8 0 0 1 3 .5 0 %
Deposits in banks and trust cos----- 10,722,500 7.86%
3 0 ,2 1 9 ,2 0 0
7 .0 1 %
T o t a l ................................- .....................S 3 0 .0 4 3 .9 0 0

2 2 .4 5 %

jDifferences from
i previous week.

1919.

a

Reserve
In
Depositaries

Y O R K C IT Y .

Trust Companies.

$ 1 0 0 ,3 3 3 ,0 0 0

2 0 .5 7 %

C a p ita l as o f F e b . 2 1 .
Surplus as o l F e b . 2 1 .
L oa n s & Investm ents
S p e c ie _____ __________
C u rren cy A b k . n otes
D e p o sits w ith th e F .
R . B a nk o f N . Y _ .
D e p o s it s .......... ..............
R eserv e on d e p o s its .
P . C . reserve t o d e p .

April 2 6 .
1919.

Differences from
previous week.

S
(
$
1
$
$
2 5 ,9 0 0 ,0 0 0 ’
____________ 1 101 ,600 ,00 0
4 3 ,5 59,900 !
____________ 1 1 7 2 ,770 ,00 0
5 9 6 .3 0 9 .4 0 0 I n c .
1 ,8 1 6 ,3 0 0 2 ,0 5 2 ,5 4 8 ,4 0 0 D e c . 5 0 ,0 2 7 ,0 0 0
4 4 ,000
8 ,5 3 6 ,4 0 0 I n c .
115 ,200
11,004,700 I n c .
2 7 ,0 8 0 ,3 0 0 I n c .
5 5 2 ,4 0 0
2 1 ,1 9 1 ,0 0 0 I n c .
4 5 5 ,9 0 0
6 1 ,1 7 1 ,9 0 0
700 ,6 8 2 ,6 0 0
115 .147 .40 0
2 1 .2 %

I n c . 1 0 ,7 1 4 ,7 0 0
2 0 0 ,5 8 7 ,0 0 0
I n c . 2 0 ,6 0 1 ,9 0 0 2 ,0 3 0 ,0 2 2 ,6 0 0
I n c . 1 0 ,8 2 3 ,9 0 0
2 9 8 ,0 0 0 ,8 0 0
In c.
1 .0 %
1 7 .7 %

D e c . 1 ,0 9 2 ,7 0 0
D e c . 1 2 ,9 6 2 ,3 0 0
I n c . 2 ,2 9 1 ,8 0 0
In c.
0 .4 %

Non-Member Banks and Trust Companies.—Follow­
ing is the report made to the Clearing Mouse by clearing
non-member institutions which are not included in the
“Clearing Mouse return” on the following page:
R E T U R N O F N O N -M E M B E R IN S T IT U T IO N S O F N E W Y O R K C L E A R IN G
H OU SE.

(Stated In thousa ids of dollars— that U. three ciphers 1000! omitted.)
Net

Loans,

C L E A R IN G
Capital. Profits. D Iscounts.
N O N -M E M B E R S
N a t.b k s .M a r. 4 InvestW eek e n d in g
3 ta teb k s.F ci> 2 l ments.
Fee.
A p r il 26 1919.
T r . co s. F e b .2 1

Reserve
Net
Net
Cash
with
Demand Time
in
Legal
DeDeVault. Deposl- posits. posits
lories.

NaTX
Bank
drew lotion.

1v‘ rage Average 4 rerage Arerfiffe .4tcrag* Averag*
|
S
$
S
$
$
s
S
$
1,520 12.9S1
233
1,333
8,809.
OS
191
1,500
500 11,208
200
1,599
11,125
337
200
0,511
195
211
S41
5,5711
109
200
6,103
835
13
697
3 ,6 7 0
622
500
033 10,717
1,090
6,292| 4 ,6 5 7
200
435
7 ,254
607
920
—
397
4 0 0 l 1,379 11,411

M e m b e rs o f
F c d ’l R es. B a n k .
B a ttery P a rk N at
M u tu a l B a n k ____
N ew N oth erland .
W R G ra ce A C o ’ s
Y ork v llle B a n k .
First N at’ l, J er C y
T o t a l ....................

5 ,130

3 ,0 0 0

S ta te B u nks

59,051

Not Members of the
Fed'l Reserve Bank.

1,699

6 ,497

4 2 ,722

5,793

2,4 1 7
12,951
0,004,
5,202

455
320

20,094

775

—
—

588

"1

1

Bank of W ash H ts
C olon ia l B a n k . . . .
International Bank
N orth S ide. B k lyn

100
500
500
200

441
1,137
222
220

2 ,483'
12,288
0,003;
5,402

331
1,416
712
480

145
984
323
328

T o t a l ----------------

1,300

2,021

2 6 ,836

2 ,939

1,780

H a m ilton T r . B k ln
M e c h T r , B a y on n e

500
200

1,045
3S4

8,501
8 ,589

407
273

289
363

5 ,783
4,038)

1,092
4 ,2 0 2

—

T o t a l ....................

700

1,430

17,090

740

652

9,821

5 ,294

—

8,581 102,977
— 70

5 ,378
+ 274

8 ,929
— 79

a79 ,237
+ 1,195

11,862
+ 12

588
— 1

5,101
5,888
5.570
7,521

9 ,008
11,041
10,626
14,166

78,012
9 2 ,542
8 9 ,973
129.073

11,850
12,215
12,424
13,733

589
590
587
1.011

T r u s t C o m p a n ie s

Not Members o f the
Fed’l Reserve Bank.

5,0 0 0
G ra n d a g g r e g a t e ..
C om p a rison p re v lo us w eek
G r’d
O r’d
G r’d
G r’d

a g g r,
a g g r.
a g g r,
a g g r.

A p r il 18
A p ril 1 1
April 4
M a r . 29

5 ,0 0 0
0 ,0 0 0
6 ,000
8 ,400

8,581
9,253
9.253
11,435

103,017
116,955
115,499
160,131

Banks and Trust Companies in New York City,—The
averages of the New York City Clearing House banks and
trust companies combined with those for the Stato banks
and trust companies in Greater New York City outside of Boston Clearing House Bank.—We give below a sum­
the Clearing House, are as follows:
mary showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
a U . S. d ep osits d e d u cte d , $ 4 ,0 2 1 ,0 0 0 .
B ills p a y a b le, r e lls e o u n ts , a ccep ta n ces a n d o th er lia b ilities, $ 7 ,5 1 9 ,0 0 0 .
E x cess reserve, $ 1 1 0 ,9 6 0 d ecrease.

C O M B IN E D

R E S U L T S O F B A N K S A N D T R U S T C O M P A N I E S IN
G REATER NEW YORK.
.

BO STO N C L E A R IN G H OU SE M E M B E R S .

i
j
j

Week ended—
N ov. >
H.
N ov
N ov . 10
N o v 2.1.
N ov 3 0 .
D eo. 7 .
D eo 1 1.
D eo. 2 1 .
D eo. 2 8 ..
4.
Jau.
11 .
Jan
Jan . 1.8..
Jan 2 6 .
F o b . 1 ..
F eb . 8 ..
F e b . 1 5 ..
•»;
M a r . L.
M a r.
M a r . 15.
M a r. 22 ..
M ar. 29...
A p r. 5 . .
A p ril 1 2 ..
A p ril 19
A p ril 2 0 ..

Loans and
Inrestmcnls/

.
.
.
.
.
.
.
.
.
.
.

1 ,4 99,400,200
5 .4 7 1 .1 0 4 .4 0 0
5 . W ) , 226 .000
5 .4 7 0 .2 0 3 ,8 0 0
5 ,3 6 0 ,1 7 7 .9 0 0
5.3 3 0 ,1 3 3 .0 0 0
5 .3 8 4 .1 0 7 .7 0 0
5,3 7 3 ,1 3 4 ,0 0 0
5.378 730.500
5 ,4 1 0 ,9 6 0 ,5 0 0
5 ,4 7 3 .4 9 3 ,2 0 0
5.1 9 5 .5 3 9 ,4 0 0
. 5,5 4 4 ,7 1 4 ,0 0 0
5 .5 2 5 .7 0 5 .3 0 0
. 5 ,4 9 2 ,2 0 9 ,0 0 0
5.50 9 .7 8 4 ,0 0 9
5 .5 7 1 ,0 3 1 ,8 0 9
. 5 .5 8 3 ,2 2 1 ,6 0 0
5 ,0 2 9 ,5 4 1 ,7 0 0
5 .0 4 9 .1 2 3 .5 0 0
5 .0 9 8 ,0 7 0 ,8 0 0
5 .6 3 3 .7 3 0 .0 0 0
5 .5 9 0 .2 2 9 .3 0 0
5 .6 3 0 .3 0 5 .5 0 0
5 .7 3 0 .2 7 0 .0 0 0
5,G 94,010,000

Demand
Deposits.

S
4.304.815.300
4.430.932.200
4.515.340.900
4.511.208.200
4.419.150.000
4.453.973.900
4.527.415.100
4.592.634.000
4.587.455.700
4,650,393,400
4.635.056.500
4.073.410.100
4.650.053.300
4.630.229,809
4.539.150.100
1.504.885.000
4 .5 2 7 .3 8 9 .8 0 0

4.566.358.800
4.571.345.100
4.033.702.900
4.733.61.3.800
4.618.029.500
4 .7 4 7 .9 9 3 .0 0 0

4.722.740.700
4.089.495.300
4.730.482.100

* Total f i s h
in Vault.

Reserve In
Depositaries.

139.9.35.700
137.095 .90 0
I 11,922,100
I 41.98.3,700
1 1 1 ! 0 5 .200
1 42,319,200
1 4 2.105,'((Ml
141.455.900
146 .531 .40 0
147,2 45,300
1 4 8 .938 .90 0
141.934.500
135,313 ,10 0
133.677 .30 0
130 ,508 ,70 9
133.207 .70 0
1 3 3 ,633 .80 0
1 3 1 .342 .20 0
1 2 8 ,952 ,60 0
1 3 2 .655 .20 0
130.905 ,09 0
134,11.3.000
1 3 0 .736 .90 0
135 .497 .50 0
1 3 4 .131 .30 0
1 3 6 .425 .70 0

083,211,60(1
6 4 8 ,003 ,10 0
8 6 7 .2 3 0 .50b
6 0 1 .071 .40 0
061 ,755 .70 9
6 4 6 .818 .30 0
001 ,730 .00 9
0 7 8 ,028 ,90 9
049 .133 .50 0
097 .931 .00 0
663 .1 9 6 .7 0 0
676 .3 5 5 .7 0 0
6 4 6 .837 .00 0
648,1 43,600
0 4 3 ,124 ,80 9
6 2 8 .112 .40 0
625 .1 0 9 .7 0 0
0 43,701.000
0 4 7 .180 .00 0
658 .2 7 5 .5 0 0
092 .4 0 5 .0 0 0
697,34)5,900
682 .8 0 5 .2 0 0
051 .0 4 9 .2 0 0
0 7 2 .170 .70 0
082 .0 3 0 .2 0 0

* T h is Item Includes g o ld , silv er, legal ten d ers, n ation al b a n k n otes and F ederal
R eserv e n otes.

New York City State Banks and Trust Companies. In addition to the returns of “State banks and trust com­
panies in Now York City not in the Clearing H om e,” furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
aro made up, see “Chrouicle,” V, 98, p. 1601.
The provisions of the law governing the reserve require­
ments of Stato banking institutions as amended Mav 22
1917 were published in the “Chronicle” May 19 1917 (V.
104, p. 1975). The regulations relating to calculating the
amount of deposits and what deductions are permitted in
the computation of the reserves were given in the “Chroniolo” April 4 1914 (V. 93, p. 1045).




April 26
1919

8
C ir c u la tio n ........................ ............
Loans, d lsc'ts A In vestm en ts.
In dividu al d ep osits. ln c l.U .S .
D ub to b a n k s _________________
T im e d e p o s its ..............................
E x ch an ges for C lea r. H ou se.
D u e from oth er b a n k s _______
C a sh in bauk A in F . R . Bank

Reserve excess In hank and
Federal R eserv e B a n k ____

Changes from
previous week.

April 19

April 12

1919

1919.

$
$
i
$
4 ,6 7 2 ,0 0 0 D e c .
4 0 ,0 0 0
4 ,7 1 2 ,0 0 0
4 ,7 1 6 ,0 0 0
5 4 4 .4 7 0 .0 0 0 l a c .
2 ,2 9 3 ,0 0 0 5 4 2 .1 7 7 .0 0 0 5 3 2 .9 5 0 .0 0 0
417 .8 2 0 .0 0 0 D o c. 1 0 ,8 70,000 4 3 4 .0 9 0 .0 0 0 4 1 1 .8 5 2 .0 0 0
113 .181 .00 0 D e c . 2 ,3 9 0 ,0 0 0 115 .577 .00 0 109 .742 .00 0
12.330.000 D e c .
17,000 1 2 .3 4 7 .0 0 0 12.425.000
1 3 .1 15.000 D e c . 3 ,9 8 8 ,0 0 0 1 7 .1 0 3 .0 0 0 14.095.000
6 1 .8 9 5 .0 0 0 D e c . 5 ,6 4 8 ,0 0 0 0 7 .5 4 3 .0 0 0 5 7 .2 2 9 .0 0 0
0 2 .5 0 1 .0 0 0 D e c . 2 ,0 7 4 ,0 0 0 0 4 .5 7 5 .0 0 0 6 0 .7 2 1 .0 0 0
1 0 ,5 3 1 ,0 0 0 D e c .

1 ,111,000

1 7 ,6 4 2 ,0 0 0

1 5 ,3 21,000

Philadelphia Banks.—The Philadelphia Clearing Mouse
statement for the week ending April 26 with comparative
figures for the two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
aro 10% on demand deposits and 3% on time deposits, all
to bo kept with the Federal Reserve Bauk. “Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes “Reserve
with legal depositaries” and “Cash in vaults.”
Week ending A p l l 20 191'
Two ciphers (09) ovM ed. M timber* o) i
F R.S;Siem\
C a p lt.il— ................................

Surplus and profits. -----flails. dlsc’ts.V Investm'ts
Exchanges for <dear.House
Pue from banks...............
Bank deposits..................
Individual d ep o s its _____ .

Time deposits............. ....
Total deposits........... ..
U.S.depostt*(ribt Included)
Res’vc with Fed.Res Bank
Rea ve with leii.d deposit’s
Cash In vault*............. .
Total reserve A ciah held.
Reserve required___ ___
Kxi’ ess res. A cash In vau lt

$ 2 9 ,0 7 5 ,0
7 9 ,9 9 7 ,0
7 4 5 ,8 9 9 ,0
2 0 ,7 8 3 ,0
1 00 ,755 ,0
150 .141 ,0
4 7 5 ,0 >2,0
6 ,0 3 8 ,0
6 3 2 ,1 4 1 ,0
5 5 ,2 9 4 ,0
15,543,0
7 0 ,8 3 7 ,0
5 0 ,037,0!
2 0 ,8 0 0 ,0

April 19
Trust
Cot
$3 ,0 0 0 ,0
7 ,0 3 1 ,0
2 7 ,3 2 9 ,0
4 26 ,0
15,0
2 8 7 ,0
1 9,630,0

1

ioiy

Total

April 12
1919

]

$ 3 2 ,6 7 5 ,o '
8 7 ,0 2 8 ,0
7 7 3 ,2 2 8 ,0
21,2 0 9 ,0
100,770 ,0,
150 ,4 2 8 ,OS
4 9 5 ,0 4 2 ,0
|
0 ,0 3 8 ,0
1 9,907,0 6 5 2 ,1 0 3 ,0
2 4 ,9 4 4 ,0
___ | 55,294,01
3 ,9 3 2 ,0
3 ,9 3 2 ,0
10,419,0)
870 ,0,
75.0 4 5 ,0
4 ,8 0 3 ,0
52,9 6 5 ,0
2 ,9 2 8 ,0
22,680,01
1,880,0

$ 3 2 ,6 7 5 ,0
8 7 ,0 2 8 ,0
7 7 4 ,6 4 0 ,0
2 3 ,2 8 9 ,0
1 1 0 ,2 5 4 ,0
1 5 2 ,6 9 2 ,0
4 3 4 ,4 3 4 ,0
0 .0 5 8 ,0
6 5 3 ,1 8 4 ,0
3 0 ,4 8 4 ,0
5 0 .7 5 9 ,0
,0 25,0
1 5,945,0
7 0 ,3 2 9 ,0
5 1 ,8 8 7 ,0
18,4 4 2 ,0

3 3 2 ,0 7 5 ,0
8 7 ,0 2 8 ,0
7 7 9 ,2 4 4 ,0
2 1 ,4 1 2 ,0
9 8 ,8 2 9 ,0
1 43 ,394 ,0
4 8 5 ,4 1 5 ,0
0 ,0 7 3 ,0
039 ,SS 2,0
3 0 ,4 1 2 ,0
5 2 ,8 3 6 ,0
3 ,0 8 1 ,0
1 5 ,8 3 9 ,0
7 1 ,7 5 0 ,0
5 2 ,4 0 0 ,0
1 9 ,2 9 0 ,0

♦Cash in vault Is not counted as reserve for Federal Reserve bank members.

1800

THE CHRONICLE

[V ol . 108

M e m b e r B a n k s o f t h e F e d e r a l R e s e r v e S y s t e m . — F o l l o w i n g is t h e w e o k ly s t a t e m e n t i s s u 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 g i v i n g t h e p r i n c ip a l i t e m s o f t h e r e s o u r c e s a n d l i a b i li t i e s o f t h e M e m b e r B a n k s .
D e fin itio n s o f th e d iffe r e n t i t e m s
o o n ta in e d in t h e s t a t e m e n t w e r e g iv e n in th e w e e k ly s t a t e m e n t is s u e d u n d e r d a te o f D e o . 1 4 1 9 1 7 a n d w h ic h w a s p u b lis h e d
In t h e “ C h r o n i c l e ” o f D e o . 2 9 1 9 1 7 , p a g e 2 5 2 3 .
STATEM ENT

SH O W IN G

PRINCIPAL

RESOURCE AND L IA B IL IT Y ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS A T CLOSE OF BUSINESS APRIL 18 1919.

•
f
T o t a l U . S . w a r s e c u r itie s a n d w a r p a p e r d e c r e a s e d f r o m 3 ,8 6 7 .1 m illio n
t o 3 ,8 1 0 .7 m illio n s a n d c o n s t it u t e 2 6 .6 % o f t h e lo a n s a n d in v e s t m e n t s o
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 . 9 % t h e w e e k b e f o r e .
F o r th e N e w Y o r k
m e m b e r b a n k s a d e c lin e in t h is r a t io f r o m 3 1 .2 t o 3 1 % , a n d f o r t h e m e m b e r
b a n k s in a ll t h e 1 2 F e d e r a l R e s e r v e b a n k c it ie s a d e c lin e f r o m 2 8 .2 t o
2 7 .8 % a re s h o w n .
G o v e r n m e n t d e p o s it s s h o w a d e c lin e o f 7 1 .1 m il lio n s , w h ilo o t h e r d e m a n d
d e p o s it s ( n e t ) in c r e a s e d 1 3 9 m il lio n s , t h e s h a r e o f t h e N e w Y o r k b a n k s in
t h is in c r e a s e b e in g 6 0 .7 m illio n s .
T i m e d e p o s it s s h o w a g a in o f 1 6 .5
m illio n s , r e s e r v e b a la 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 — a n in c r e a s e o f
2 3 .5
m illio n s (t h e N e w Y o r k b a n k s r e p o r t in g b y fa r t h e la r g e r p o r t io n o f
t h is in c r e a s e ) , w h ilo c a s h in v a u l t d e c lin e d 6 .1 m illio n s .

F u r th e r w ith d r a w a ls o f G o v e r n m e n t d e p o s it s , la r g e ly fr o m N e w Y o r k
m e m b e r b a n k s , a n d c o n s id e r a b le g a in s in o t h e r d e m a n d d e p o s it s a r e in d i­
c a t e d in 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 A p r il 1 8 o f 7 7 3 m e m b e r b a n k s in le a d in g c it ie s .
T h e w e e k s a w s o m e liq u id a t io n o f b o t h L ib e r t y b o n d s a n d T r e a s u r y
c e r t if i c a t e s h e ld b y t h e b a n k s , a s w e ll a s a s lig h t c u r t a il m e n t o f lo a n s
se c u r e d b y G o v e r n m e n t w a r o b lig a tio n s .
L i q u i d a t i o n o f c e r t i f i c a t e s is
c o n f in e d la r g e ly t o t h e N e w Y o r k b a n k s , w h ic h r e p o r t a d e c r e a s e in th e ir
h o ld in g s o f 2 8 .1 m il lio n s , o u t o f a t o t a l d e c r e a s e f o r t h e w e e k o f 2 9 .9
m illio n s .
O th e r lo a n s a n d in v e s t m e n t s w e n t u p 3 1 .8 m illio n s a s t h e r o s u lt
o f g a in s s h o w n u n d e r th is h e a d b y t h e b a n k s o u t s id e o f N e w Y o r k C it y .

1. Data for all reporting banks in each district.

Number of reporting banks..
U.S.bonds to secure circulat’n
Other U. S. bouds, including
Liberty bonds_____________
U. S. cortifs. of indebtedness.
Total U. S. securities..........
Loans sec. by U. 3 . bonds. A c .
All other loans A Investments
Reserve bal. with F . It. bank.
Cash In vault.............................
Net demand deposits................
Time deposits........... ..............
Government deposits________
2.

Two ciphers (00) omitted.

Boston. NewYork. Phtladel. Cleveland. Richm'd. Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. -San Fran.
56
45
106
90
83
47
101
76
44
53
37
35
S
S
S
S
S
S
S
S
S
S
S
$
14,409,0
49,671,0 11,597,0 40,915,0 25,241,0

Member Banks.

15,265,0

19,910,0

16,908,0

6,870,0

18,336,0 288,281,0 33,288,0 63,327,0 45,011,0 30,390,0
54,183,0 17,14S,0
116,625,0 957,000,0 132,908,0 135,569,0 75,824,0 70,870,0 262,003,0 74,112,0
149,370,0 1,294,952,0 177,793,0 239,811,0 146,076,0 116,525,0 336,096,0 108,168,0
85,284,0 544,536,0 140,402,0 93,463,0 37,173,0 22,839,0
91,029,0 25,462,0
793,482,0 4,021,758,0 611,895,0 992,851,0 376,392,0 300,191,0 1,401,535,0 391,442,0
65,668,0 662,121,0 53,870,0 85,546,0 34,618,0 30,640,0
161,477,0 41,523,0
22,752,0 119,160,0 19,009,0 35,462,0 16,835,0 14,197,0
60,712,0
9,660,0
731,264,0 4,751,827,0 615,700,0 770,550,0 326,965,0 243,128,0 1,211,073,0 299,346,0
112,057,0 276,500,0 22,728,0 295,763,0 80,505,0 112,538,0 427,727,0 98,178,0
52,692.0 336,997.0 36,193,0 58,521,0 18,539,0 13,342,0
76,304,0 21,340,0

,
46,120,0
63,878,0
11,614,0
248,054,0
21,931,0
8,238,0
214,664,0
55,236,0
10,417,0

13,984,0

18,324,0

Total.
773
3
268,779,0

35,685,0

10 888,0

22,577,0 20,241,0 33,594,0
637,264,0
58,491,0 36,311,0 113,656,0 2,079,489,0
95,052,0 74,876,0 182,935,0 2,985,532,0
12,365,0
6,815,0 22,700,0 1,093,982,0
441,388,0 177,030,0 513,196,0 10,269,214,0
43,372,0 18,126,0 52,094,0 1,275,986,0
15,041,0
8,682,0 20,204,0
349,952,0
384,100,0 161,888,0 445,604,0 10,180,109,0
67,036,0 29,375,0 136,886,0 1,714,579,0
..............
12,964,0 15,362,0
652,671,0

Data for Banks In Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks.

Chicago.
All F. R. Bank Cities F. R. BranchCities. AH OtherReport’gBanks
Total.
April 11. April 18. | April 11.
April 11. April 18. April 11. April 18. April 11. April 18. | April 11.
I

No. reporting banks______
65
65
O. S. bonds to secure cir3
$
eulatlon_______ ________
39,256,0i
39,580,1
Other U. S. bonds, tncludlng Liberty bonds______
251,489,0, 247,177,1
U. S. ctfs. of Indebtedness 881,911,0 910,015,1
Total U. . securities... 1,172,656,0 ,196,772,1
Loans sec. by U. . bds.,Ac. 505,796,0 511,151,1
All other loans&investm’ts 3,613,301,03,632,539,1 !
Res. balances with F.R.Bk 626,406,0 603,466,1 !
Cash In v a u lt .................... 104,977,0 106,448,1
Net demand deposits......... 4,337,478,04,276,755,1
Time deposits____________
215,988,0 211,024,1
Government deposits......... 318,400,0 386,906,(
Ratio of U.S. war securities
and war paper to total
loans and investments??,
31.2
31.0'

1

8

The

CO

New York.
April 18. |

8

44
3
1,168,0;
21,438,0
151,141,0
173,747,0
65,738,0
863,028,0
110,846,0,
35,311,0
808,835,0
164,056,0
44,418,0

44
$
1,169,0

256
256!
160
160
357
357
772 1
773
$
3
3
$
3
3
3
3
103,642,0, 103,967,0
208,779,1
268,950,0
54,829,0 110,308,0 110,154,0
54,829,0
|
22,428,0 361,528,0 363,896,0, 108,462,0 113,758,1
637,264,1
647,493,0
167,274,0 169,839,0
152,267,0 1,416,072,0 ,451,961,0 313,682,0 312,76.3,( 349,735,0 344,716,0 2,079,489,0 j 2,109,440,0
175,864,0 1,881,242,0 ,919,824,0 476,973,0 481,350,1 627,317,0 624,709,0 2.985.532.C 3.025,883,0
67,605,0 861,128,0 876,660,0 108,275,0 107,993,1 ! 124,579,0 125,479,0 1,093,982,0 1,110,132,0
849,253,06,703,251,06,749,195,01,535,091,0 1,525,392,1 1,970,872,0 1,962,790,0 10,269,214,010,237,377,0
101,811,0 954,312,0, 929,282,0, 150,406,0 150,592,1
171,268,0 172,603,0 1,275,986,0; 1,252,477,0
37,455,0 200,217,0 206,270,0
59,570,0
56,695, (
90,165,0
93,180,0
349,952,0
356,145,0
794,988,07,167,179,0 7,084,205,( 1,284,139,0 1,264,003,( 1,734,791,01,698,844,0 10,180,109,0 10,047,102,0
163,057,0 696,111,0 685,031,1
500,025,0 496,395,1 518,443,0 516,691,0 1.714,579,0 1,698,117,0
36,445,0 493,591,0 570,260, (
81,391,0
69,375,(
77,689,0
052,671,1
723,775,0
84,140,0

1

22.2

21.6'

27.8!

28.2

25.0

F e d e r a l R e s e r v e B a n k s . — F o l l o w i n g is t h e w e e k ly s t a t e m e n t i s s u e d

In c r e a s e d b o r r o w in g s b y m e m b e r b a n k s s e c u r e d b y U . S . w a r o b lig a ­
tio n s a n d fu r t h e r g a in s o f g o ld b y t h e r e s e r v e b a n k s t h r o u g h d e p o s it b y
t h e U n it e d S t a t e s T r e a s u r y a r e in d ic a t e d in 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 b a n k s t a t e m e n t is s u e d a s a t c lo s e o f b u s in e s s o n A p r il 2 5 1 9 1 9 .
T h e b a n k s r e p o r t a t o t a l in c r e a s e o f 3 9 .7 m illio n s o f w a r p a p e r o n h a n d
a s a g a i n s t n e t l i q u id a t io n o f 1 1 .6 m il lio n s o f o t h e r d is c o u n t s .
A b o u t 91
m illio n s o f p a p e r is h e ld a t p r e s e n t b y fo u r b a n k s u n d e r d is c o u n t f o r o t h e r
F e d e r a l R e s e r v e b a n k s , c o m p a r e d w it h 9 8 .6 m illio n s t h e w e e k b e fo r e .
In
a d d i t io n t h r e e b a n k s h o ld 7 .2 m illio n s o f a c c e p t a n c e s , a c q u ir e d 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 th e ir e n d o r s e m e n t , c o m p a r e d w it h
1 0 .1
m illio n s s o h e ld o n A p r il 1 8 .
T o t a l a c c e p t a n c e s o n h a n d s h o w a d e c lin e o f
1 1 .1 m i l l i o n s .
T r e a s u r y c e r t ifi c a t e s in c r e a s e d a b o u t 2 .5 m illio n s , la r g e ly
t h e r e s u lt o f t h e is s u e t o t h e b a n k s o f 2 % c e r t ifi c a t e s t o s e c u r e F e d e r a l

25.3

by

23.6

26.0

23.6

26.9

th e F e d e r a l R e s e r v e B o a r d o n A p r il 2 5 :

R e s e r v e b a n k n o t e s , t h o c ir c u la t io n o f w h ic h In c r e a s e d a b o u t 3 .8 m illio n s
d u r in g th o w e e k .
N e t d e p o s it s s h o w a n in c r e a s e o f o v e r 17 m illio n s , n o t w it h s t a n d in g th e
n e t w it h d r a w a l o f 1 4 .8 m il lio n s o f G o v e r n m e n t f u n d s r e p o r t e d f o r t h e w e e k .
A d d i t io n s t o t h e b a n k s ’ c a s h r e s e r v e s t o t a le d 9 .3 m illio n s , o f w h ic h o v e r
7 m illio n s w a s g o ld .
A s th e r e s u lt o f th e s e g a in s th o b a n k s ’ r e s e r v e p e r ­
c e n ta g e o f 5 2 .1 %
r e m a in s u n c h a n g e d , n o t w it h s t a n d in g th o In c r e a se o f
o v e r 17 m illio n s in n e t d e p o s it s a n d o f 5 .8 m illio n s in F e d e r a l R e s e r v e n o t e
c ir c u la t io n .
M a i n l y a s t h o r e s u lt o f a d m is s io n o f n o w m e m b e r s in t h e N e w Y o r k ,
C le v e la n d , A t la n t a a n d D a lla s r e s e r v e d is t r ic t s , t h o c a p it a l a c c o u n t s h o w
a n in c r e a s e o f $ 2 4 1 ,0 0 0 f o r t h e w e e k .
S in c e th e b e g in n in g o f t h o y e a r th e
p a i d - i n c a p i t a l o f t h e R e s e r v e b a n k s h a s in c r e a s e d b y o v e r 1 .3 m il lio n s

T h e f i g u r e s o f t h e c o n s o l i d a t e d s t a t e m e n t f o r t h e s y s t e m a s a w h o le a r e g i v e n in t h e f o l lo w i n g t a b l e , a n d in a d d i t i o n w e p r e s e n t
t h e r e s u lt s f o r e a c h o f t h e s e v e n p r e c e d i n g w e e k s , t o g e t h e r w i t h t h o s e o f t h e c o r r e s p o n d i n g w e e k o f l a s t y e a r . t h u s f u r n is h i n g a u se ­
f u l c o m p a r i s o n . I n t h e s e o o n d t a b l e w e s h o w t h e r e s o u r c e s a n d l i a b i li t i e s s e p a r a t e l y f o r e a c h o f t h e t w e l v e F e d e r a l R e s e r v e b a n k s .
T h e s t a t e m e n t o f F e d e r a l R e s e r v e A g e n t s ’ A c c o u n t s ( t h e t h i r d t a b l e f o l l o w i n g ) g i v e s d e t a ils r e g a r d i n g t h e t r a n s a c t i o n s in F e d e r a l
R e s e r v e n o te s b e tw e e n th e C o m p t r o lle r a n d th e R e s e r v e A g e n t s a n d b e t w e e n th e la t t e r a n d th e F e d e r a l R e s e r v e b a n k s .
F E D E R A L R E S E R V E B A N K O F N E W Y O R K . — T h e w e e k ly s t a t e m e n t is s u e d b y t h e b a n k s u b d iv id e s s o m e c e r t a in ite m s t h a t a r e I n c lu d e d
n n d e r a m o r e g e n e r a l c la s s ific a t io n in t h e s t a t e m e n t p r e p a r e d a t W a s h in g t o n .
T h u s , " O t h e r d e p o s it s , & c . , ” a s o f A p r il 2 5 , c o n s is te d o f " F o r e ig n
G o v e r n m e n t d e p o s i t s , ” $ 9 6 , 0 4 5 , 9 7 6 ; “ N o n - m e m b e r b a n k d e p o s i t s , ” $ 7 , 4 3 4 , 8 2 6 , a n d "D ue t o W a r F i n a n c e C o r p o r a t i o n , " $ 1 1 , 4 9 8 , 4 3 0 .
C o m b in e d

R e so u r c e s

a n d

L ia b il it ie s

o f

t h e

F e d e r a l

April25 1919. Apr. 18 1919. Aprilll 1919.
RESOURCES

$
340.022.000
605.809.000

S
346.145.000
612.365.000

S

R e s e r v e

B a n k s

a t

t h e

C l o se

April 4 1919 Afar. 28 1919. Afar.21 1919.

$
335.162.000 $333,384,000
010.196.000 612,711,000

$
326.791.000
563.577.000
5.829,000

o f

B u s in e s s

Mar. 14 1919.

$
$
329.741.000 332,749.000
566.864.000 . 501,078,000
5.829.000
5,829,000

A p r il

2 5

1919.

Afar.71919. Apr. 26 1918.

S

$
341.070.000
511.227.000
5,829,000

486.820.000
439.477.000
52,500,000

Total gold held by banks..... .......... ..
945.831.000 958.510.000 945.358.000 946.095.000 896.197.000 902.434.000 839.656.000 858.126.000
Oold with Federal Reserve agents______ 1,109,949,000 1,085,519,000 1,082,444.000 1,100.173,000 1,113,070,000 1,112,938,000 1,170,601.000 1,103.840,000
115.078.000
Gold redemption fund__________________
113.436.000
104.682.000 133.038.000
118.128.000
125.470.000
119.277.000
117.513.000

978.797.000
824.218.000
23,985,000

Gold coin and certificates______________
Gold settlement fund. F. R . Board_____
Gold with foreign agencies_____________

Total gold reserves___. . . . . . . . _____ 2,169,216,000 2,162,157,000 2,142,880,000 2,150,950,000 2.142.305.000 2,140,842,000 2,129,534,000 2,139,479,000 1,827,000,000
69,109,000
Legal tender notes, silver, Ac..................
70,936,000
68,702,000
67,678,000
68,219,000
65,983,000
67,736,000
67,203,000
63,945,000

1

7

99

77

2

o 9in
nnn
OQQ nnn 9 9 i q Abu nnn 9 9in
w ik.U
nnn
> onfi (\ ft nnn ii inn <i nnn •
I on*
nnn
*in
non 9 911 ,JoJ|WU
1 UOA OiS AAA
Total reserves
IU.OUU •
«,iU3,OfO,UUW
4,
£UOl‘*Os ,U
UU l,ovU,745,000
Bills discounted:
Secured by Govt, war obligations____ 1,760,672,000 1,720,960,000 1,767,459,000 1,674,916,000 1,691.010.000 1,691,878,000 1,702,351,000 1,701,487,000 642.429.000
All other_______ ____________________
189.740.000 201.314.000 200.465.000
193.066.000
195.230.000
180,861,000 184.012.000 180,210.000 259.314.000
Bills bought In open market....................
185.822.000 196.885.000 218.590.000 240.790.000 248.107.000 261,924,000 262.139.000 273.493,000 302.844.000
Total bills on hand__________________ 2,136,234,000 2,119,159,000 2,186,514,000 2,108.772.000 2,134,347.000 2,143,463.000 2,148,502,000
27,135,000
27,137,000
U. . Govt, long-term securities_______
27,136,000
27.134,000
27,138,000
27,222,000
27,223.000
U. S. Govt, short-term securities______
191,501,000 189,038,000 185,711,000
178,646,000 173,797,000
168,348,000
172,471,000
All other earning assets_______________
3,000
3.000
4,000
4.000

8

22,000

2, 101
, 220.000 1,204,587,000
27,057.000
159,835.000
4,000

41.446.000
37.407.000
2,722,000

Total earning assets____________ ____ 2,354,870,000 2,335,334,000 2,399.383.000 2,314,555,000 2,335,285,000 2,343,160,000 2,344.077,000 2,348,116.000 1,286,162,000
Bank premises.................... .........................
10,574,000
10,558,000
10,558,000
9.712.000
9.713.000
9.711.000
9.720.000
9.720.000
Uncollected Items and other deductions
from gross deposits.............................
630,614,000 655,446,000 636,384,000 644,959,000 680,066,000 797.303.000 683,017,000 599.197,000 388,845,000
% redemp. fund agst. F. R. bank notes
8.176.000
8.454.000
6.988.000
7.067.000
6.792.000
6.901.000
528.000
7.429.000
6.745.000
8.301.000
7.995.000
7.332.000
7.274.000
All other resources_____ _______________
7.738.000
359.000
7.772.000
.
7.507.000

6

8210.000

Total resources....................................... 5.252.687.000 5.248.640.000 5.272.634.000 5.202.385.000 5.229.928.000 5.373.425.000 5.247.803.000 5.178.134.000 3.566.839.000

LIABILITIES.

Capital paid In_________________________
81.750.000
81.774.000
81.490.000
81.562.000
81.641.000
82.015.000
74.963.000
81.658.000
81.612,000
Surplus_______ __________ _____ ________
49.406.000
49.466.000
49.466.000
49.468.000
49.466.000
49.466.000
49.466.000
1,134,000
49,466.000
Government deposits.................................
150.7.83.000 195.559.000
106.561.000
169.972.000
85.008.000
130.668.000
16.3.147.000 285,785,000
91.726.000
Due to members, reserve account............ 1.664.320.000 1.655.360.000 1.628.693.000 1.655.298.000 1.631.167.000 1.604.719.000 1.675.045.000 1.620.076.000 1.497.416.000
Deferred availability Items____________
491.605.000 496.788.000 487.153.000 487.593.000 484.906.000 • 553,383.000 509.112.000 450.289.000 235.174.000
Other deposits, lncl. for. Govt, credlts.
135.057.000
131.307.000 128.481.000 120.426.000 117.271.000 *120.062,000
81.890.000
117.522.000 123.383.000

rn-Total

gross deposits________________ 2.382.708.000 2.390.516.000 2.414.299.000 2.348.325.000 2.401.491.000 2.565.949.000 2.452.462.000 2.401.287.000 1.945.148.000
F. R.notes In actual circulation.............. 2.549.552.000 2.543.704.000 2.548.588.000 2.547.670.000 2.521.776.000 2.510.087.000 2.503.095.000 2.488.537.000 1.526.232.000
F. R . bank notes In circulation— netrllab 158,818,000 155,071,000
151,560,000
145.540,000
149,449,000
139,479.000 136.591.000
7,895,000
142.442.000
All other liabilities.....................................
30,098,000
28,112,000
26,971,000
21,739,000
30,014,000
20,763.000
11,467,000
25,817,000
23.269.000
Total liabilities....................................... 5,252,687,000 5,248,640,000 5,272.634.000 6.202.385,000 5.229,928.000 5,373.425.000 5,247.803.000 5,178.134,000 3,566,839,000
•Amended figures.




THE CHRONICLE

M ay 3 1919.]

April25 1919. Apr. 18 1919. April111919. April 4
Gold reserve against net deposit lla d..
Gold res. agst. F. It. notes In act. clrc’n
Ratio ot gold reserves to net deposit and
F. R . note liabilities combined______
Ratio o! total reserves to net deposit and
F. R . note liabilities combined______
Ratio ol gold reserves to F. R. notes In
circulation alter setting aside 35%
against net deposit liabilities______

55.2%
47.3%

53.2%
47.0%

50.4%

50.5%

52.1%

52.1%

54.0%
48.0%

63.8%

DistributionbyMaturities—

63.8%

Mar. 28 1919. Mar. 211919. Mar. 14 1919. Mar. 7 1919.

1

r u

Apr. 26 1918.

55.5%
47.3%

51.5%
49.4%

51.0%
49.3%

47.3%
51.1%

47.6%
51.4%

62.9%
55,6%

49.5%

50.6%

50.3%

50.0%

48.9%

49.9%

59.3%

51.1%

62.2%

51.9%

51.6%

51.4%

51.4%

61.3%

63.7%

63.5%

63.3%

63.0%

63.3%

62.4%

$

3

1919.

1801

$

$
$
$
$
S
$
1,531,100,000 1,529,010,000 1,529,079,000 1,525,076,000 1,530,432,000
75.751.000
78.660.000
87.157.000
99.651.000
83.799.000 } 673,064,000
24.704.000
23.919.000
24.242.000
23.503.000
19.745.000
5.719.000
3,000
40,000
154,729,000
58.574.000
168,881,000
55.292.000
54.691.000
61,563,000
72.289.000
71.99S.000
68.850.000
81.948.000 } 194,238,000
6.621.000
3,000
3,000
4,000
108.788,000
115,670,000 221,949,000 225,629,000 207,151,000
87,303,000
81,882,000
81,343,000
76,312,000
90,833,000 } 217,535,000
4,078,000
518,000
4,248,000
513,000
52.050.000
50.922.000
51.427.000
59",319,000
74.323.000
16.173.000
21.135.000
15.567.000
17,326,000
16.913.000 J 106,431,000
3,890,000
6,506,000
6,466,000
2,815,000
2,816,000
6,454,000

1-15 days bills bought In open market..
1-15 days bills discounted_____________
M.VoSooo
~78,832”000
687050.566
1-15 days U. S. Govt, short-term secs. 1,648,426,000 1,667,271,000 1,731,817,000
1-15 days municipal warrants________
28,738,000
29,890,000
29,375,000
16-30 days bills bought In open market..
16-30 days bills discounted_____________
"sT,327^666
SO*,859",566
■46,792,566
16-30 days U. 3. Govt, short-term secs.
74,823.000
76,460,000
57,467,000
16-30 days municipal warrants________
103,000
250,000
1,611,000
31-60 days bills bought In open market..
31-60 days bills discounted....... ............ ..
"527688
67,867,666
78'.5bV.666
31-60 days U . S . G ovt. short-term secs. .
80,574,000
96,412,000
103,634,000
31-60 days municipal warrants________
0,715,000
3,826,000
3,624,000
61-90 days bills bought In open market..
21,105,000
61-90 days bills discounted_____________
14.176.000
10.398.000
58.325.000
61-90 days U. S. Govt, short-term secs..
123,022,000
52.742.000
373,000
3,184,000
61-90 days municipal warrants________
3,749,000
Over 90 days bills bought In open market
21,315,000
21,015,000
21,252,000
21,047,000
21,130,000 \
23,806,000
Over 90 days bills discounted____
13,319,000
23,567,000
151,882,000
Over 90 days U. S. Govt, short-term secs
22,264,000 145.974,000
141,542,000
142,854,066
141,828,000 137,072,000
14,365,000
155,572,000
Over 90 days municipal warrants______
147,352,000
3,000
—
Issued to the ban ks..______ ___________ 2,732,403,000 2,736,384,000 2,724,097,000 2,714,089,000 2,705,708,000 2,696,544,000 2,679,024,000 2,670,903,000 1,640,656,000
182,851,000
192,680,000
175,509,000
Held by banks_________________________
166,419,000 183,932,000
185,857,000
175,926,000 182,366,000
114,424,000

",666

1,000

1,000

221,000

202,000

202,000

1

1,000

Federal Reserve Notes

In circulation________________________ 2,549,552,000 2,543,704,000 2,548,588,000 2,547,670,000 2,521,776,000 2,510,687,000 2.503,095,000 2,488,537,000 1,526,232,000
)—
Received from the Comptroller................ 4.358.520.000 4.316.560.000 4.268.400.000 4.212.880.000 4.192.440.000 4.141.060.000 4.117.600.000 4,071,740,000 2,276,700,000
Returned to the Comptroller___________ 1.211.172.000 1.173.891.000 1.143.348.000 1.103.556.000 1.071.062.000 1.044.331.000 1.023.629.000 985,686,000 352,604,000

Fed. Res. Notes (Agents Accounts

Amount chargeable to a ge n t............. 3,147,348,000 3,142,669,000 3,125,052,000 3,109,324,000 3.121,378,000 3,096,729.000 3,093,971,000 3.086,054,000 1,924,096,000
414,945,000 406,285,000 400,955,000 395.235,000 415,670,000 400,185,000 414,950,000 415,150,000 283,440,000
In hands of agent______________________
Issued to Federal Reserve banks____ 2,732,403,000 2,736,384,000 2,724,097,000 2,714,089.000 2,705,708,000 2,696,544,000 2,679.021,000 2.670,903,000 1,640,656,000
—
By gold coin and certificates___________
236,498,000 232,747,000 235,747,000 237,747,000 245,147,000 243,006,000 240,146,000 232,146,000 245,954,000
By lawful money______________________
By ellglblo paper______________________ 1,622,454,000 1,650,865,000 1,641,654,000 1,613,916,000 1.592.638,000 1,583,606,000 1,508,420,000 1,507.063,000 816.438.000
75,595,000
84,538,000
Gold redemption fund________________
84,829,000
88,520,000
78,633,000
78,005,000
78,718,000
79,457.000
50,521,000
With Federal Reserve Board................
788,622,000 777,177,000 762,158,000 773,906,000 789,290,000 791,927,000 851,737,000 852,237,000 527.743.000

HowSecured

T o t a l.._______ ____ _____________ . . .

2,732,403,000 2,730,384,000 2,724,097,000 2.714,089,000 2,705,708,000 2.696,544,000 2,679.021.000 2,670.903,000 1,640,656,000
2',044,106,000 2,064,724,000 2,111,610,000 2,037.260,000 2.080.228.000 2.084.708.000 2.080.990.000 2,101.419.000 1,170,359,000

W FEKLV STATEMENT OF RESOURCES AND LIABILITIES OF BACH OF TUB 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 25 1119

Two ciphers (00) omitted.
RESOURCES.

Gold ooln and certificates______

Boston. NewYork PMla. Cleveland Richm'nd Atlanta. Chicago. St. Louis Minneap Kan.City Dallas. SanFran Total.
S
$
S
t
S
%
$
s
% 8,061,0
$
$
*
S
2,975,0 256,236,C
125,C 19,0S9,C
22,960,0
3,961,0
8,380,0
27,792,0

99 ,C
33,535,0

29,172,0 36,172,0
40,393,C 28,207,0
5,873,0
3,520,0

33,634,0
34,614,0
7,728,0

12,771,0 45,366,0 945,831,0
16,789,C 107,404,0 1,109,949,0
2,512,0
2,185,0
113,436,0

08,424,0 424,901,0
1,348,0 T ,321,0

75,438,0
2,279,0

67,899,0
72,0

75,976,0
137,0

32,072,0 154,955,0 2,169,216,0
2,275,0
327,0
70,936,0

69,489,0

69,772,0 426,222,0

77,717,0

67,971,0

76,113,0

34,347,0 155,282,0 2,240,152,0

91,138,0
11,692,0
7,474,0

70,682,0 195,872,0
11,474,0 16,510,0
5,713,0 24,556,0

71,774,0
9.074.C
5,976,0

37,705,0
9,552,0
18,781,0

42,309,0
42,855,0
4,273,0

26,350,0
28,591,0
1,813,0

172,138,0
539,0
16,716,0

755,970,0 192,496,0 149,291,0 110,304,0
1,305,0
1,385,0
1,083,0
1,234,0
68,821,0 17,276,0 15,498,0
5,360,0

87,869,0 236,938,0
377,0
4,476,0
8,974,0 19,612,0

86,824,0
1.153.C
13,068,0

66,038,0 89,497,0
116,0
8,867,0
6,479,0
8,824,0

56,754,0 132,115,0 2,136,234,0
3,967,0
2,633,0
27,135,0
4,900,0
5,973,0
191,501,0

189,393,0
800,0

826,096,0 211,157,0 165,872,0 116,898,0
3,372,0
875,0
500,0
312,0

97,220,0 261,026,0 101,045,0
217,0
541,0
2,936,0

74,978,0 104,843,0
400,0
..............

65,621,0 140,721,0 2,354,870,0
400,0
10,574,0

51,099,0

157,974,0

64,377,0

50,794,0

41,799,0

30,512,0

77,437,0

41,034,0

13.5S0.0 49,065,0

27,173,0

25,770,0

630,614,0

816,0
264,0

1,836,0
1,846,0

850,0
989,0

827,0
452,0

65,0
c l ,096,0

423,0
251,0

1,266,0
727,0

487,0
304,0

348,0
660,0

358,0
1,027,0

8,176,0
8,301,0

2,226,0
24,119,0

37,738,0

189,501,0

42,122,0

Total gold held by banka...
Gold with Fed. Reserve Agents.

40,713,0
60,405,0
11,492,0

445,737,0
276,335,0
25,000,0

,
42,247,0 75,331,0 26,345,0
138,221,0
76,069,0 138,796,C 31,515,0 43,699,0 255,723,0
4,603,0 30,957,0
7,636,0
844,0 11,086,0

Total gold reserves__________

112,610,0
6,150,0

747,072,0 125,952,0 214,971,0
54,539,0
643,0
1,302,0

68,946,0
543,0

Total reserves............................ 118,760,0
Bills discounted: Secured by Gov
157,068,0
5,376,0
9,694,0

801,611,0 126,595,0 216,273,0

Total bills on hand---------------All other earning assets.
Bank premises----------------Uncollected Items and ott
duettons from gross deposits..
5% Redemption fund t ' '
F. R. bank notes-------All other resources-----------

56,242,0

12,061,0 115,261,0

20 122,0

685,022,0 182,169,0
24,045,0
9,501,0
46,903,0
826,0

122, 102,0
5,935.0
21,254,0

25,211,0

211,0
171,0

7,150,0
5,621,0

8,760,0
36,606,0

340,022,0
605,809,0

78,421,0 1,760,672,0
15,135,0 189,740,0
38,559,0 185,822,0

221,0

689,0
514,0

Total resources---------------------- 361,132,0 1,792,735,0 404,468,0 435,093,0 229,659,0 198,395,0 769,614,0 221,128,0 156,911,0 231,624,0 128,370,0 323,558,0 5,252,687,0

LIABILITIES.

6,793,0
Capital paid In__________________
2,996,0
Surplus_________________________
11,182,0
Government deposits..................
Due to members, reserve account 101,91*2,0
Deferred availability ltorns
40,800,0
645,0
All other deposits-------------

9,225,0
21,099,0
7,585,0
21,117,0
2,608,0
3,552,0
23,189,0
8,838,0
8,904,0
702,830,0 103,265,0 124,554,0
118,009,0 56,151,0 41,402.0
327,0
122,422,0
658,0

3,828,0
1,003,0
5,961,0
59,789,0
33,438,0
327,0

2,977,0
3,749,0
2,421,0
1,415,0
2,074,0
4,923,0
48,334,0 71,468,0
8,897,0 34,913,0
406,0
879,0

3,233,0
1,184,0
5,985,0
39,895,0
22,459,0
63,0

Total gross deposits_________
F. R . notes In actual circulation

966,450.0 168,978,0 175,121,0 91,182,0 68,927,0 301,754,0 99,515,0
738,812,0 206,593,0 230,595,0 125,391,0 115,333,0 426,455,0 104,095,0

59,711,0 112,183,0
86,481,0 98,420,0

68,402,0 115,946,0 2,382,708,0
47,728,0 191,912,0 2,549,552,0

— net liability . . .
All other liabilities.

154,639,0
16,010,0
3,057,0

34,775,0
10,482,0

16,276,0
2,428,0

14,690,0
,

2 010,0

4,184,0
2,196,0
52,942,0
38,190,0
50,0

5,246,0
1,460,0

3,236,0 11,404,0
1,510,0
6,416,0
,
14,603,0
44,381,0 231,043,0
22,628,0 54,184,0
232,0
1,924,0

1 686,0

8,282,0
1,107,0

20,813,0
2,772,0

11,014,0
1,073,0

5,511,0
816,0

13,170,0
1,681,0

6,666,0
1,157,0

4,702,0
82,015,0
2,448,0
49,466,0
4,381,0
91,726,0
83,907,0 1,664,320,0
20,534,0 491,605,0
7,124,0
135,057,0

6,495,0
2,055,0

158,848,0
30,098,0

Total liabilities.
361,132,0 1.792,735,0 404,468,0 435,093,0 229,659,0 198,395,0 769,614,0 221,128,0 156,911,0 231,624,0 128,370,0 323,558,0 5,252,687,0
as endor •icr o n :
Discounted paper rediscounted
with other F. U. banks____
29,496,0
25,000,0
,
26,468,0
Bankers' acceptances sold to
other F. It. banks...
7,159,0
(a) Includes bills discounted for
other F. R. banks, viz..
,
,
50,964,0
,
90,964,0
(b) Includes baukers’ acceptances bought fr om other F. R.banks
With their endorsement__
254,0
6,718,0
187,0
Without their endorsement.
............
3,706,0
8,071,6
14,603,0
26,380|0
c Includes Government overdraft of $610,000.

10000,0

10 000,0

20000,0

10 000,0

STATEMENT o f FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS APRIL 25 t i l l

Twociphers (00) omitted.

Boston. NewYork. Fhila Cleveland Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City. Dallas. SanFran. Total.,
%
$
S
*
%
$
t
$
f
$
222,220,0 219,000,0 587.760.0 190,220,0 128,880,0 160,700,0 101,960,0 269,320,0 4.358.520.0

S
Federal Reserve notes:
S
$
Received from Comptroller— 302,640,0 1,479,980,0 352.820.0 343,020,0
Returned to Comptroller-------- 91,008,0 522,217,0 116.924.0 72,137,0
Chargeable to F. R. Agent.. 211,632,0
In hands of F. R . Agent---------- 27,460,0
Issued to F. R. Bank, less amt.
returned to F. R. Agent for
redemption:_______________
Collat'l security for outst’g notes:
Gold coin and ctfs. on hand —
Gold redemption fund----------Gold Set’ra’t Fund. F. R. B'd.
Eligible paper, mln'm required

64,252,0

41,881,0 104.902.0

51,112,0

28,167,0

43,709,0

29,471,0

45,392,0 1.211.172.0

957.763.0 235,896,0 270,883,0 157,968,0 177,119,0 482,858,0 139,108,0 100,713,0 116,991,0 72.489.0 223,928,0 3,147,348,0
143.600.0 19,360,0 29,820,0 28,460,0 57,800,0 30,440,0 20,580,0 12,740,0 13,380,0 23.305.0
,
414,945,0

8000,0

184,172,0

814.163.0 216,536,0 241.063.0 129,508,0 119,319,0 452,418,0 118,528,0

87.973.0 103,611,0

49.184.0 215,928,0 2.732.403.0

11,405,0
49,000,0
123,767,0

25.625.0
183.740.0
17,595,0 14",180,6 13.171.0
75,000,0 61,889,0
,
537.828.0 140,467,0 102.267.0

13.052.0
2,155,0
3,254,0
13,000,0 31.360.0
59.766.0 68.997.0

11.581.0
236.498.0
2.524.0
84,829,0
9,690,0
2.684.0 97,714,0 788.622.0
32.395.0 108,524,0 1.622.454.0

100000,0

1,515,6
30,000,0
97,993,0

2.500.0
2.199.0
5,178,0
39,000,0 250.545.0
75,620,0 196.695.0

1,963,0
38.430.0
78.135.0

Total.......................................... 184,172,0
Amount of eligible paper deliv­
ered to F. R. Agent___________ 172.138.0
F. R. notes outstanding________ 184.172.0
6,435,0
F. R . notes held by bank_______

814,163,0 216,536,0 241,063,0 129,508,0 119,319,0 452,418,0 118,528,0

87,973,0 103,611,0 49,184,0 215,928,0 2,732,403,0

755.970.0 142.687.0 148.517.0 102.398.0 80,278,0 236.938.0 86.486.0
814.103.0 216.536.0 241.063.0 129.508.0 119,319,0 452.418.0 118,528,0
75,351,0
3,986,0 25,963,0 14.433.0
9,943,0 10,408,0
4,117,0

61.143.0 89,497,0
87.973.0 103,611,0
1,492,0
5,191,0

F. R notes In actual circulation. 177,737,0

738,812,0 206,593,0 230.595,0 125,391,0 115,333,0 426,455,0 104,095,0 86,481,0* 98.420.0l 47,728,0 191,912,0 2,549,552,0




56.754.0 111.300.0 2.044.106.0
49.184.0 215.928.0 2.732.403.0
1,456,0 24,016,0
182,851,0

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O il

th o

c o n s p ic u o u s

o f

o v e r

a

r is e

4834•

en d s

O il

7

th e

4 2 x/ i

&

R e f.
fr o m

fin a lly

to

p o in ts

to

O il
o f

132.

a c tiv e ,

fr o m

red

S ta n d a rd
fo r

to

a d v a n ce d

r e c o v

lo s s

H o u s to n

9 7

a ls » v e r y

5 8 3 ^

in ­

tra d ­

fin a l fig u r e

to

M e r r itt

ir r e g u la r ­

n u m erou s

L o u is ia n a

3 0 %

c o n tin u e s

so m e

fr o m

P e t r o 'e u m

4 8

a c tiv e

ir a n s a c t io n s

is s u e s .

u p

p o in ts

In

th e

th ese

a n o th e r

m a rk e t,

s o ld

a fte r

1 8 4 .

o f

in

th e

7

12

m a rk e t

483^2, w it h
u p

to

w h ic h

o f

D u tc h

ca u sed

w a s

4 4 % .

R e fin in g ,

o ils

la r g o

a d d itio n ,

to -d a y

3 5 K

th o

e s ta b lis h e d

w id e

re ce n t

w ea k en e d

M id w e s t
s o ld

a

to

a n d

ra n g e

w itn e s s e d
e v e n

d e m a n d ,

m o v e d

a

R o y a l

r e a c tio n s

a g a in

4 1 3 4

c lo s e d

a n d

som e

a b o v e ,

w e e k .

w e e k

C o m m o n w e a lth

a n d

im p r o v e d

a

C o rp .

57

4 9 K

3 1 %

fr o m

th e

p r o m in e n t

a d v a n ce .

6 , m a n y

u n d e rto n e

co v e re d

R e f.,

G u lf

to

d o m in a te d

co n sta n t

a d v a n ce d

S in c la ir

to

in

h a v e

th a n

n o te d

e x c e p tio n a l

7 ,

e x c e e d in g

w ere

sto ck s

5

o f

fre q u e n t

re co rd s

a g a in

d a y

a tic

A m . S u m . T o b a c c o

T h is

T h e

w h ile

h a v e

on e

er

A s

c o v e re d

o v e r

fig u r e s

w e e k .

a n d

fo r

th e u p w a rd

u s u a lly

le s s

to b a c c o s

h a s

lis t fr o m

“ c u r b ,”

o n ly

th a n

p h e n o m e n a l
C o .

M a r k e t .—
th e

h a lt in

o n

m u ch

b e e n

th e

a

lo n g

la s t

h ig h

a n d

o f

a n d

a

a n d

s to ck s .

h a v e

P e tr o le u m

o n

C a d d o

in d u s tr ia l

T e x a s

a b a te m e n t
tr a d in g

tr a n s a c tio n s

m o ro

n e a r th e h ig h e s t.

th e

stro n g ,

b e e n

is s u e s

n o

th e

a m o u n t.

M e x .

O u ts id e
m a rk e t

d a ily

a lth o u g h

som e

g ro u p

c lo s e s

ity ,

h a v e

U n u s u a l a c tiv ity

a lm o s t

m o m e n ta ry

sh a res

th a t

w ith

c h a r a c te r iz e d

a

T h e

e x p e r ie n c e d

t h is

p o in ts ,

o r

o n ly

n o te d ,

co p p e r

r e c e n tly
a n d

sh ares

s p e c u la tiv e

a n d

8

rea ch

a d v a n ce

steel

h a s

1 ,5 0 0 ,0 0 0

to

S t o c k s .—

m a rk e t

w h ic h

p r ic e s .

o v e r

R a ilw a y
in

s to ck

p a st a n d

o f

fa ile d

O f

th e

e n th u s ia s m

sev era l w eek s

th e y

M is c e lla n e o u s

in

a b o u t

a

en d s th e w e e k
5 5 % ,

B o s ch

to
lo s t

1 2 1 %

p o in t

a t

S h ip b u ild in g
1 2 0 .

7 5

a n d

4

c lo s e d

p o in ts

to

2 5 %
F or

a n d

d a ily

2 5 %

v o lu m e

fo llo w in g

re p re se n te d

in

STOCKS.

o u r

g ro u p ,

som e

74

M c N e il

a n d

c lo s e d

fr o m

71
fr o m

J o h n so n
a t

to -d a y
to

8 5
118

C o rp .

to

c o m .

7 4 % -

fin is h in g

lo s s o f o v e r a

nopar.

par

a n d

8 4

A m e r.
fin a lly .

1 2 2 %

a n d

ea sed

12

p o in ts

A s p h a lt

6 6 .

p o in t

to

c o m .

I n te r c o n ti­
2 0 % ,

s o ld

u p

fin a lly .

h a v e

d e ta ile d

see

pa ge

o ccu rre d
lis t

o n

1 8 1 1 .

th is

th e

Adams Express_____ 100 4,400 29% Apr 26 32
100 169
Am Brake S & F pref .100
Apr 28 109
American Express___100
400 82% Apr 26 84
Am Malt 1st pref certf
600 55
of dep stamped______
Apr 30 55%
600 114
American Snuff......... 100
Apr 29 114
Am Sumat Tob pref-100
100 95% May 2 95%
Ann Arbor__________100
700 3% Apr 26 5
Assets Realization__ 10
400 2
Apr 20 2
Associated Dry G’ds.100 7,553 42 % May 1 45%
1st preferred_____ 100
ISO 75
Apr 26 75
100 75
2 d preferred______ 100
May l 75
3,300 83% Apr 26 8 6
Associated Oil______
Atlantic Blr & Atl . - 100
500 7% Apr 29 8
Baldwin Locom pref-100
100 105
Apr 30 105
2 0 0 114% Apr 26 114%
Barrett pref............. -100
500
Batopllas Mining____20
1%
1 % Apr 29
Beth Steel pref_____ 100
100 98% Apr 30 98%
Bklyn Rap T ctfs dep—
1,300 2 0
Apr 28 20%
500 80
Apr 30 81
Bklyn Union Gas__ 100
Brown Shoe, Inc____100
400 84
May 1 85%
100 99% Apr 28 99%
Preferred ............... 100
Brunswick Terminal. 100 3,400 9% Apr 28 10%
135 72
Buff & Susq ext v t c.100
Apr 30 72
35 50% May 1 50%
Pref extd v t c ____100
300 24
Buttertck........... ........ 100
Apr 29 24%
Calumet & Arizona___10
2 0 0 59% Apr 20 59%
Case (.1 I) pref........... 100 l ,000 97
Apr 26 99
Cent Foundry pref. .100 3,300 30% May 1 33
Certaln-teed Prod
2,500 41% Apr 28 46%
800 8 % Apr 26 11%
Chicago & Alton____100
Preferred........... .... 100 1,500 13% Apr 20 14%
Cluett,Peabody* Co. 100 4,300 67
Apr 28 75
Computlng-Tab-Rec-100
100 45
Apr 28 45
2 0 0 71
Continental Insur____25
May 1 72
Cuban-Amer Sugar.. 100
625 185
Apr 28 195
400 96% Apr 28 98
Deere A Co, pref____100
Duluth SS & Atl____100 1,400 3
Apr 30 4%
Preferred......... ......100
300 7
Apr 29 9%
Electric Stor B atty.. 100
300 75% Apr 28 77%
Elk Horn Coal............. 50
300 27% Apr 28 27%
Federal Ming & Sm.100
100 12
Apr 29 12
Preferred......... ......100
600 38
Apr 29 39%
Fisher Body Corp
1,300 57% May 1 60
Preferred________ i o o
100 98
May 2 98
Gen Chemical pref.. 100
2 0 0 103
Apr 26 103
General Cigar Ine__ 100 55,900 56% Apr 30 72%
Preferred . ............. 100
300 105
May 2 105%
Gen Motor deb s tk .. 100 1 ,2 0 0 90
Apr 20 90%
Gulf Mob & Nor ctfs.100 1 ,0 0 0
9%
8 % May 1
Int Harvester pref. .100
330 115% Apr 30 110%
Iowa Central............. 100 1 ,2 0 0
3% Apr 20 4%
Jewel Tea Inc______ 100 9,000 36% May 1 39%'
Preferred________ 100
300 S4
May 2 84%
Keystone Tire & Rub. 10 81,700 r93% May 1 109
Laclede Gas________ 100
2 0 0 69% Apr 29 70
Lake Erie & Western.100
800 8 % Apr 20 9%
Preferred ......... .... 100
400 17% Apr 26 19%
Liggett & Myers____100
2 0 0 203% Apr20 210
Preferred ............... 100
100 U l% May 2 111%
Loose-Wiles 1st pref. 100
100 101
Apr 26 101
Lorillard (1>)_______ 100 1,600 152
Apr 30 159
Preferred________ 100
100 110
Apr 26 110
Manhattan (lilev) gulOO
700 74
Apr 28 75
Manhattan Shirt____10C 4,55C 100
Apr 30 113
Preferred................100
100 117
Apr 30 117
Marlin-Rock v t c
800 70
Apr 20 80 %
May Dept Stores__ 100 5,600 85
Apr 29 89%
Preferred______ . 100
100 110
May 2 110
M St P & S S Marie. 100 1,100 89
May 2 90%
National Acme______ 50. 2,000 36% May 1 38
National Biscuit____10C
700 120
Apr 28 123%
too U S
Preferred______ . 100
Apr 30 118
Nat Cloak & S u it ... 10C 1 ,2 0 0 82 % Apr 29 85
Nat Rys Mex 2d pL .100 10.80C 1 0 % May 1 12%
N O Tex & Mex v t C.10C 2,900 31% May 2 35%
N Y C h ic* St Louis. 100
50C 2 0
May 1 28
New YorkTJock____10C 8,40C 25% Apr 26 31
Preferred......... ...1 0 0 1,10C 50% Apr 30 54
Norfolk Southern... 100
10C 16
Apr 26 16
Norfolk & West pref. 100
10C 75
Apr 29 75
Nova Scotia S & C..10C 8,800 53% Apr 24 05
Ohio Fuel Supply____25!
50C 48
Apr 28 50%
Owens-Bottle-Mach. .25 1,700 53 % May 2 55
Pacific Coast Co------100
101 47
May 1 47
Pacific Tel & Tel____100 2.20C 25% Apr 28 27%
Penn-SeabSt’lvtc
50C 27 % Apr 3C 27%
Peoria* Eastern____10C
50C 5% Apr 28 6 %
Pitts C ln C * St L . . . 100
30C 44
Apr 2C 45
Pond Creek Coal......... 10 l,20t 14% Apr 3C 16%
Punta Alegre Sugar..50 10,101 56% Apr 26 60%
St L-San Fran pf A . . 100 8.50C 27% Apr 26 37
Savage Arms C orp.. 100
601 53% Apr 3C 56%
Sears Roebuck pref.. 100
311 120
Apr 29 120
So Porto Rico Sugar. 100; 1,20C 159
Apr 29 175
Standard Milling__ 10C
11C 140
Apr 29 140
Preferred............... 10C
6 C 93% Apr 29 93%
Texas Co full pd rents. _.
Apr 29 223
100 223
Part paid receipts___
Apr 30220
100 220
Texas Pac Land T r .. 10C 1,534 300
Apr 26 400
Third A v e ................ 10(
800 13% Apr 29 14%
Tidewater Oil______ 10C
55C 227
Apr 20 235
Toledo St L & West. 10C
10C 5% May 1 5%
Tel St L & W tr rects. . _ 3.30C
5
May 1 8
Preferred trust rects..
90C 11
May 1 15
Transue & W ’m s. n o
1.20C 45% May 1 48
Underwood......... ...... 10C 1 .10C 158% Apr 26 175%
United Drug............. 10C
31C 126
Apr 29 127
2d preferred........... 10C
201 119
Apr 29 119
U S Express.......... ....10C
Apr 29 24%
60( 24
U S Realty & Impt..l0C 6 ,20( 40
Apr 30 46%
Wells, Fargo Express. 10C
700, 53
Apr 26 54
West Air Brake......... _5(
300 109% Apr 29,110%
Wilson & Co, p r e f... 100
400100% Apr 28101

nopar

3 3

d ro p p e d

g a in e d

a t

w eek

p a g o

Sales
Range for Week.
for
Week. Lowest.
Highest.
Par. Shares 3 pershare. S per share.

nopar

to

L ib b y

6 1 % .
a t

G en era l

to -d a y

WeekendingMay. 2.

100

a t

a n d

w ith

120
&

to

a d v a n ce d

th e

A m o n g

a c tiv e ,
fr o m

5 9

o f b u s in e s s

s a le s

L ib b y ,
2 9 % ,

7 5 0 .

u p

a d v a n ce d

to -d a y

a fte r

a t

to

a t
w ere

sh ares

S w ift I n te r n a tio n a l fr o m

u p

6 5 % ,

sh ares

P a c k in g
fin a lly .

62

E n d ic o tt

n en ta l R u b b e r ,
to

to

s o ld

tr a n s a c tio n

p a c k in g

fir s t

a t 31 % .

re co v e re d

to

fin a l

th e

to

M a g n e to

C ra m p
o ff

th e

C u d a h y

nopar

40%
4 0 5 -1 6

40%
4 0 1 -1 6

lo s t

in

d o w n

w e e k .

c o n fid e n t ly

s u r e ly

a n d

to

w ith

p r o p e r tie s ,

t i ’a d i n g

124

T h e

lis t.

h o w e v e r,

n e v e r

b u t

s a tis fa c to r y

a n d

b e

p r o c la im e d .

w a s

C o n tin e n ta l

d u ll

e a r n in g s

1 9 1 7 .

th e

It

w a r

o f

s to c k .

to

in

b e st

o ffic ia lly

s lo w ly

T h e

w e e k .

fra n cs

ste a d y

th e

w h e a t,

a re

n o t

p o in ts

h o p e fu l.

in c id e n t

E x c h a n g e .—

th ro u g h o u t
w ith

in

n ea r

b e

to

a ffa ir s

d is t u r b a n c e s

co u n try

ea sy

w ill s o o n

o f

r e co v e re d ,

is

th a t

th e m

th ro u g h o u t

a re

p e r io d

$ 5 6 ,9 6 0 ,0 0 0

5 3 ^

a n

m o v e m e n t

o n

re p o rt

o f

T h e

d ir e c to r s ’ a c tio n

sh o w e d

w ith

a

$ 1 1 3 ,1 0 0 ,0 0 0

d ro p

S tre e t

S teel

a

1 9 1 9 .

A fte r

u p w a r i

d iv id e n d

th a t

d e c lin e

p r ic e s

th a t

F o r e ig n

a b o u t

a

S .

b y

31

w ith

w a s

c lo s in g
W a ll

th e

U .

2

S tre e t.
o v e r

th e

e x tra

s u b s e q u e n tly

in

o u tlo o k ,

n o w ,

a n d

m a rk e t

ca ses

S e n tim e n t

th e

co m p a re s

s y m p a th e tic

m a rk e t

m a n y

b y

M a y

S it u a t io n .—

W a ll

e x te n d in g

M a r .

1918

in

e x ce e d e d ,

a c c o m p a n ie d

e n d in g

N ig h t,

F in a n c ia l

w e e k

s ta n d in g

$ 3 3 ,5 0 0 ,0 0 0 ,

e ffe ct

a n d
th is

r a r e ly

lo n g

q u a rte r

F r id a y

a d v a n ce

a n d

te m p o r a r ily

p a s s in g

fo r

M a r k e t

h a p p e n e d

c o n tin u o u s

sev era l

S tre et,

7 5 4 ,

in d u s tr ia l
in itia l

a lm o s t

fVOL. 108.

THE CHRONICLE

1802

o f

sh a res

w h ic h

n o t

fo llo w :

Rangesince Jan. 1.
Lowest. Highest.
S per sh
are S pershare.

Apr 29 29%
Apr 28 t o o
Apr 29 82%

A pi 50
Jan 169
Apr 95

Jan
Apr
Jan

Apr 26 51
Apr 29 105
May 2 93
Apr 28
1
Apr 28
1
Apr 26 17%
Apr 26 61
May 1 58%
Apr 28 68
Apr 29
6
Apr 30 102
May 1 110
May 1
1%
Apr 30 90%
Apr 29 19%
Apr 28 77%
May 1 71
Apr 28 98
May 1 8 %
Apr 30 70
May 1 50
Apr 28 10
Apr 30 56%
May 2 91%
May 2 27
Apr 29 30%
May 2
7%
May ’2 12
May 1 0 0 %
Apr 28 37%
Apr 20 58
Apr 30 150
Apr 26 93%
May 2
May 2
Apr 26 55
Apr 28 27
Apr 29
9%
Apr 28 33
Apr 26 38%
May 2 91
Apr 26 1 0 2 %
May 2 47
Apr 30 103
Apr 30 82%
May 2
7%
Apr 28 115
May 2
2%
May 2 28
May 1 80
Apr 30 89
Apr 30 69%
May 2
7
Apr 28 16%
May 2 201
May 2 107
Apr 20 94%
May 2 147%
Apr 26 107
May 2 70
Apr 30 100
Apr 30 117
Apr 30 70
Apr 26 60
May 2 104
May 2 85%
Apr 26 29%
May 1 109
Apr 30 115%
May 1 70
Apr 26
5 lA
Apr 26 28%
May 2 25
May 1 19%
Apr 28 44%
Apr 20 15
Apr 29 71
Apr 30 46
Apr 30 43
Apr 26 45
May 1 40%
Apr 29 22
Apr 30 27%
Apr 28
4%
May 1 44
May 2 1 2 %
Apr 29 51
May 2 22
May 2 5.3%
May 1 120
May 2 132
Apr 29 124
Apr 30 85%
Apr 29 2 0 0
Apr 30 190%
May 2 180
May 2 13%
Apr 29 207
May 2
r>'A
5
May 2
May 2 10
Apr 28 37 %
May 2 115
Apr 28 90%
Apr 29 91
Apr 26 16%
May 2 17%
May 1 53
May 2 94%
May 1 96%

Apr 55%
Jan 119
Jan 98
Apr 5
Jan 3%
Jan 45%
Mar 75
Feb 75
Jan 80
Mar 8
Jan 1 0 0 %
Feb 115%
Jan
1%
Jan 98%
Mar 24%
Apr 82
Feb 85%
Feb 100
Mar 11
Apr 72
Apr 50
Jan 25
Mar 02
Jan 99
Apr 34
Apr 40%
Jan 1 1 %
Mar 14%
Feb 75
Jan 47%
Jan 74
Jan 195
Feb 98
Feb 4%
Apr 9%
Feb 77 %
Jan 29%
Feb 13
Jan 40%
Jan 04%
Feb 100
Jan 108
Jan 72%
Jan 105%
Feb 94%
Feb 10
Feb 118
Fel) 4%
Feb 48
Apr 91
Apr 109
Apr 83
Feb 9%
Apr 2 0 %
Apr 224%
Jan 1 1 1 %
Jan 101
Apr 108%
Jan 110
Mar 8 8
Apr 113
Apr 117
Apr 80%
Jan 91%
Jan 110
Mar 91%
Jan 39%
Jan 126
Jan 121
Jan 85
Feb 14
Apr 36%
Apr 30
Fel) 35
Mar 54
Mar 18%
Apr 75
Jan 05
Jan 50%
Mar 57
Mar 47
Jan 29
Apr 37
Mar 6 %
Apr 49
Feb 16%
Apr 60%
Jan 37
Jan 63
Mar 120
Jan 175
Jan 149
Jan 93%
Mai 223
Mar 2 2 0
Jan 400
Jan 16%
Jan 235
May
5%
May
8
Mar 15
Jan 48
Jan 175%
Jan 130
Jan 122
Feb 24%
Jan 40%
Apr 75
Jan 1 1 0 %
Fob 101

Apr
Feb
Fob
Apr
Mar
Apr
Apr
May
Apr
Jan
Mar
Mar
Feb
Apr
Mar
Jan
May
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Apr
May
May
May
Apr
Apr
Apr
Apr
May
May
Apr
Jan
Apr
Apr
Apr
Apr
Feb
May
Apr
Apr
Feb
Jan
May
Mar
Mar
Apr
Jan
May
Mar
Jan
Jan
Apr
Jan
Apr
Jan
Apr
Apr
Apr
Apr
May
Mar
Apr
Mar
Mar
May
Mar
Fob
Jan
Apr
Apr
Jan
Feb
Apr
Apr
Apr
May
Feb
Mar
Apr
Mar
May
Apr
May
Mar
Mnr
May
Apr
Apr
Apr
Apr
May
Feb
Apr
May
May
May
Apr
May
Apr
Apr
Mar

2Vs.
5%

M ay

Jan
M ay

Apr

New York Stock Exchange—Stock Record. Daily, Weekly and Yearly
O C C U P Y IN G T W O

1803

PAGES

For record of sales during the vveek of stocks usually inactive, aee preceding page.

PERSHARE
HIOR AM) LOWSALKPRICES—PERSHARK, NOTPERCENT. Sales/or
STOCKS
Range Since Jan. 1.
the
N E W YO R K STOCK
O
n
b
a
sis
oj 100-sharelots.
T
u
esd
a
y
Saturday Monday
Wednesday Thursday Friday Week
EXCHANGE
April 26 April 28 April 29 April 30 ; May 1
May 2 Shares
Lowest.
Highest.
share S pershare S pershare S pershare
$ per sh
are S pershare S 9p3er
Railroads
P
a
'
$
p
er
sh
a
re
$ per sh
are
34 95% 93% 94 I 94% 95 z94 95% 21.400 Atch Topeka & Santa Ee._100 90 Feb 3 96% Apr28
94
96'.|
95% 96%
*86 87 86% 86% 86% 86% *86 86% 85% 80% 85 8534 2,410 Do pref______________ 100 85
May 2
89
Jan 4

97 | 1,800
97
97 I 97
97% 97%
90% 97%
48
48%
-17*i 48 ] 4734 48%' 48% 50
13.900
523 53%
53% 53%
53% 53%; 53% 53*i 1
%
I 3.500
% * %
fl*i
%
%
%'
% 162% 161% 163%! 164
161 1621j 162 163% 162 162
61%
62
63
62*4 60%; 40.400
61% 62%
61
6212 62% 63%
9
9
9%
9% : 5.700
9
9 I
834
9%
%
%
* %
9 I
26
%' 2.400
25
25
25% 26%
25
2512 25*8 26
25% 25*4
38% 39*i' 17.700
38
39
38%
37
38
3734 38%' 38
37% 39
09
69%' 12.900
%
%
69
67
08
% 67*4 08%'
96
96%; 90*i 97
95
9534 953t 961.1 95% 95%
4.500
95
95*i
185
*129 134 *129 134 *129 134 *128 133 | 130 130 !*129 131
25%; 26
27% 35,600
26
26-34 25% 20%
25% 26
25% 2534' 25
78*i 79
2.900
78
78
77% 78 ! 77% 77%
77*4 78
7714 77l
00*i 07%
60
3.200
60% 60%
661.1 663i
65^4 663s
06%
42
42
*38% 42
1.400
41
43%
39% 41%
38li 39
% 60%
600
%
%
*65
' %
%
29
30% 10,730
28
29
28% 29%
27% 29% ’ •29* 30%
26
27
*53
50
*53
55
700
53% 53%
*53
55
53% 54
5312 5312
50
47% 47% *45
*44
48
*45
48
*45
48
800
105" 105% 105% 105% *105 105% 105% 105%
105 105
105 105
180 182
177 179
180 180
*17512 178>2 180 180
0%
7*i
5.600
%
%
%
%
%
7
” 6*4 " V "
5
5>2
% 25.900
%
9%
%
9
l
934
17%
17
17%
17.900
17% 17*i
17
17.3s
17
17%
16*4 17
27% 23%
5.900
28*4 29*4
27% 28
29
29%
28%
.%
2812 29's
18-% 18*t
19
20%
19
193i *19
20% *13
18% 18%
19%
92% 93%
93
94
91% 923.i
92*i 93%
29.700
93
91
93% 91%
43% 43% 24.800
42% 433g 42% 43%
42% 43%
43% 44
43% 441
700
% *99 102
%
4
4
33.4 37
3.500
3*8
4
3%
4
3%
3%
3*4
4
13
13%
13% 13%
123 1234
1.700
13
13
13% 13%
13
13%
21% 23%
23% 24
21.900
%
%
23
23%
22% 23
23
23%
*52
54
54
54
54
*53
54
*53% 54% *53% 54% ♦52
55% 55*4
54% 547$
55% 55*8 55% 55%
55
55%
55
55%
114% 114%
*116 118
11 % 13'%
13% 15% 26.400
11% 123.1
113
12
12% 13
%
%
%
9%
9% 10% 33.800
9% 10
9% 10%
% 1034
%
%
15% 16
16% 17
17% 18*4
5.000
17
18%
18
1938
18
19
27%
29
29% 31% 174.000
27% 28%
28% 29%
28
291.1 28*4 30
53
54%
53% 54%
54
57
0,800
51% 55
55% 55*4
543.1 55%
75
75%
75*1 75% 23.000
75
75*8
75% 76
75
75%
74% 76
29*i 30
29% 29*i
30% 31%
29% 30%
30% 31%
30
31%
%
%
%
*i
*i
*i
%
%
3.200
104% 105
105% 105% 105 105
105 100
104 105% 105% 106
4.000
92% 93*i
92*i 93*i
93
93%
93% 94%
913.1 93%
93
93*8 14.400
44%
44% 44% 144
44% 44%
44
44% 20,054
44% 44%
44
44%
17%
18*4
16
17
15
16%
19
21% 69.500
15% 15%
15
15
% 60% x60% 60%
61%
% 61%
61%
*60
61% *60
500
43
43
*39
45
*40
46
43
43
42% 42%
45
45%
600
36
36*4
36
36%
30% 37
37% 37%
36% 37% 12.600
36% 37%
83
*80
823 *80
82*i 82%
*80
83
82
82
*80
83
83-34 85%
847S
% 8438 85
83*4 84%
84%
85%
% 88.700
36% 36%
36
36
36% *35
36% 36%
36% 36%
35% 36
30
30
*35
37%
30% 30%
37
37
37
37
*36% 37%
500
19% 21%
19-%
%
20% 24*i
17% 19%
1634 17%
23% 25 228,200
*17
18
18
19
*17
19
18% 19%
19% 19%
19
%
2,600
32
32
♦30
34
*30
35
35%
*33
35% *33
35
35
400
9
9%
9
9
9%
9
%
%
9
9%
4.500
19%
18*i 18%
17% 183.1 18*4 1934 19
19
20%
4,300
107% 109% 107% 109% 107% 108% 105% 107% I o% 107% 107% 108% 243.500
28% 293.1 28*4 29%
28% 2834 28% 29*i
28% 29%
29% 30% 65.000
%
%
%
%
% 691.1 08% 69
%
%
3.600
09%
43% 46%
42% 45%
44
43-% 46%
45
48
44% 45*4 144,300
*43
45
*43
45
*43
45
*42
45
*39
45
*42
45
130 132
130*4 131% 130 131% 130% 131*1 131% 132% 25,200
130 132
*73
74
*73
73%
73
73
73
73
73% 73%
*72% 73%
400
14% 15%
14*4 15%
14% 15%
14% 14%
13% 15
14% 14% 14.400
29*i 30%
28% 28%
28*4 29
2934 31
29
30
29
30
8,800
83
9
%
%
8-3.1
%
%
%
9
9%
%
9*4 14.400
32% 32%
32% 33%
33% 3334 32% 32*s
33
33%
32% 34
9.100
%
19% 19%
%
%
%
1.600
%
%
10*4 11%
%
107g 11%
%
%
%
% 13.600
* %
25
26*4
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25
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25
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25
1.700
*18% 19% *18
19
19
19
18
18
19
20
19% 20%
3.100
55% 55% *54
59
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59
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56
55
55
50%
400
8*4
9%
%
9%
9
9%
9
9-%
9*8
9%
9% 10% 10.400
*19
22
*18
*18
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300
*35
38
*35
37
37
37
37
37
36
36
37*1 40
4.200
98
•48
53

98
48>2
53

21 21
8

97% 97%
48
48%
53
53

21 21

8

4
20*4 21 20 21
102
8

68

68

68 68

6
8*4

66
66 66

66
66 66

68

82

20
62181

20

68

2

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2

6
8

8

6
8

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00

100
1,000

6
8

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1734

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2,000

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100 101 8 101 101 *100 100
4
10

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21 22
11

10 11

20 20 *20 20

20 20

20 20

200
8,100
100

8

20 21 21,100

20 20

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4

86

86

11

86

21

8

8*4

8

68 68

4
20 20
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8

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8

8

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22 20
8

22

♦20 22

21

6
68 68 68*1
4534

8 8 8
20 20 20 22
10 10*4 10 11

22

66
21 22

22

4

32
32
32
31
323
31% 31% *31
% 69%
09
69*4
% 09
% 69%
91% 94%
91% 95
92*i 94%
91
95
3%
3%
3%
3%
3%
3%
3%
3%
%
* %
%
%
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37% 39%
37% 39
37% 38
37%
38
38%
93*4 *93% 95
93
94
108%
% iio*i
% 112 113*i
10978 109% 110
100 100%
100
%
76*1 78%
7034 80
76
77
7534
80% 82%
923
92% 92% *92% 93
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93
53
5434
53%
523
52
53%
54
55%
%
%
% +102% 103%
103 ♦102 103
95
90
93% 95%
95%
95
96%
94% 95%
115 117 *116 117
118
55%
56%
55%
% 55
54*8 50% "55% 5*7%
*90
93
*90
93
13
13%
13% 13%
13% 13%
12% 13%
12% 13
273S 27%
28
29%
27% 28%
27% 28
27% 28*4
%
% 111 114% 114 110% 113 114% 113% 116*4
48% 49
48% 49
48
84
48% 50
" *
%
*69
70
% 69
08%
% 69%
84*i 87%
85%
% 83
80
8434 87%
89%
54% 55
54
55%
54% 55%
5334 54
53% 55
95
9534 95
95
967
96
90
96
♦95
96%
70
77%
76%
78
73
761.1
74% 76*i
74% 76%
104% 104% ♦104% 105 *101 105
104% 104% *104% 105
%
%
%
%
%
%
%
*55
57
*55% 56%
*54
55%
71% 72% "71% 72%
71% 72%
70*4 72""
70% 72
106
*105% 106% *105% 106
*105% 107
105% 106
94%
90
95
99*i
95% 96
99% 105
104% 109%
128 129*4 129% 131*8 128*4 131
128% 129
129 130%
118 118 *117% 118% *118 118%
118 118% *117% 118
105% 105*4 103% 105% 10.3% 104% 105 110% 108%
%
% 104 106% 104% 105% 103% 104%
101% 1023,1
% *209 209% 208 208%
207% 207% 20934
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%
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♦100*4 101
10034
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00
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60% 07%
60
667
% 67
06%
9934 99*4 99*t 99*4 99*4 9934 99% 99%
41*i 43%
41*i 44*.
43
43*t
43% 44%
44
46
14
14
14% 1434
13% 14
14
14%
1334 133
48% 48%
48
48
48
47
47% z48
%
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61% 61*j
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134% 1353.1 135*4 138% 139 147*4 140% 146% 143% 151
70*1 71%
72% 74
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71% *70% 72
74
75%
92% 93%
90% 92%
91% 94*4
90% 92%
90*4 91*8
129% 133% 130 1313 129 131
128 129
128*» 129%
*73% 75% *73
74
74
75
*74
76
72% 72%
72*4 74%
74% 75%
73% 74-% 74% 75%
71% 73%
109-34
109% 109% ♦109% 109% 109*1 110
*109% 110%
%
%
%
*,
%
20% 21*4
203 21%
162
103
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158*, 162 zl5S 158
16134 101*4
7%
7%
7%
7%
7%
7%
7
7
7
7%
%
%
%
%
213.1 213
32
6934
90%
3%
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373.1
59334
109
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75
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52
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95%
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5534

32%
693,i

02
3%
1 2

68

1

1

2

68

2

1

110
100 100 100 100

4
4

68

2

113

1

2

5534
1021.1 102 102 102

110 111

2

2

68 68

68
2

2

2

2

68
2

68
86*1

2

2

32%
5.200
69%
3,400
94
30.800
3%
700
39% 36.500
94
450
113*4 30.100
%
650
82% 39.900
93
55% 158.500
103%
400
90
18.500
116*i
300
58% 16.900
93
13
7.800
28*i 51.600
116% 43.000
50%
5.200
71%
3.000
% 205.000
50% 19.300
96%
5.000
77% 112.500
105
%
8.800

2

2.100

81
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54*i
103%
94%
116*1
57%
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12%
27%
115%
49%
70
87%
55%
96%
76
105
%

100

88
2

1.000

71%
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104*i
129%
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107%
102*t
206%
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%
60%
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4438
14
48
61%
148*4
75
91%
130%

72% 24.300
106%
500
107*i 88.400
130% 25.100
118%
300
109% 46.100
104
17.000
208%
2,450
500
67%
7.000
100
600
19,950
15%
4.700
49%
62% 20.700
152 117.600
75
93% 168.600
131%
5,725
206
"72*4 7 4 " 90.500

111*8
210
100 100 1004100*1
100 100 101
8 66
100
100
*8
4534
4
1.000
01*4 02 02 02 01 02
2,100
4

102 102

21 21

21 22

1

2*4 2

100

100*4 101
66

31%
69%
92
3%
* %
38
94
112

*100 100 ♦100 100

66

86
8

200
1.200

8*4

68

68 68

22 22

21 21

110
20 21

22 22

22 22

4

Atlantic Coast Line R R ..1 0 0
Baltimore & Ohio................100

2,100 Do pref______________ 100
20 21
Brooklyn Rapid Transit.. 100
100 10,000 Canadian
Pacific..................100

1,000
"2634 22% 17.900
158 158
1.200
7%
7%
4 21% 23 2,000
5,600

Chesapeake & Ohio.......... 100
Chicago Great Western___100
Do
pref....... ................... 100
Chicago Milw & St P aul.. 100
Do
pref.......................... 100
Chicago A Northwestern.. 100
Do
pref....... ............ ...... 100
Chic Rock Isl
Pac temp ctfs.
7% preferred temp ctfs____
6% preferred temp ctf3____
Clev Clu Chic <fcSt Louis.. 100
Do
pref......... .................100
Colorado
Southern_____ 100
Do
1st p r e f .................100
Do
2d p r o f.................190
Delawaro & Hudson............100
Delaware Lack <fc Western. .50
Denver & Rio Grande____100
Do
p re f........................ 100
Erie..........................................
Do
1st pref.................... 100
Do
2d pref___________ 100
Great Northern pref.......... 100
Iron Ore properties..No
Illinois Central ..................100
Interboro Cons Corp
Do
pref---------------------- 100
Kansas City Southern____ 100
Do
pref.......................... 100
Lehigh Valley_______ _____ 50
Louisville
Nashville____100
Mtnncap
St L
____100
Missouri Kansas & Texas. 100
Do
pref......... .................100
Missouri Pacific trust ctfs. 100
Do pref trust ctfs_____100
New York Central..............100
N Y N H & Hartford____ 100
N Y Ontario & Western.. 100
Norfolk & Western_______ 100
Northern Pacific... ......... 100
Pennsylvania.................. .. .50
Pere Marauette v t c _____100
Do prior pref v t c____100
Do pref v t c..................100
Pittsburgh
West Va____100
Do Jpref....... ...................100
Reading................................... 50
Do
1st pref____________ 50
Do
2d pref........... ............
St Loula-San Fran tr ctfs..100
St Louis Southwestern____ 100
Do
pref...................... ..1 0 0
Seaboard Air Line......... ......100
Do
pref...................... ..1 0 0
Southern Pacific Co______ 100
Southern Railway________ 100
Do
pref............... .......... 100
Texas * Pacific....................100
Twin City Rapid Transit..100
Union Pacific........................ 100
Do
prof______________ 100
United Railways Invest___100
Do
pref______________ 100
W abash................................ 100
Do
pref A ...................... 100
Do
pref B ...................... 100
Western Maryland (new). 100
Do
2d pref___________ 100
Western Pacific....................100
Do pref_____ _________ 100
Wheeling & Lako Erie Ry.100
Do
pref_______ ______ 100
Wisconsin Central_______ 100
Industrial & Miscellaneous.
Advance Rumely________ 100
Do
pref______________ 100
Ajax Rubber Inc....... ............ 50
Alaska Gold Mines________ 10
Alaska Juneau Gold Mtn’g.10
Allls-Chalmers M fg______ 100
Do -pref______________ 100
Amer Agricultural Chcm.-lOO
Do
pref........... ...............100
American Beet Sugar......... 100
Do
pref______________ 100
American Can...................... 100
Do
prof........................ .100
American Car & Foundry. 100
Do
pref.......................... 100
American Cotton Oil_____100
Do
prof.......................... 100
Amer Druggists Syndicate. 10
American Hide A Leather. 100
Do
pref.................... ......100
American Ice........................ 100
Do
prof______________ 100
Amer International C orp.. 100
American Linseed________ 100
Do
pref______________ 100
American Locomotive____100
Do
pref......... ................ 100
American Malting......... ..1 0 0
Do 1st pref certifsof dep..
Amer Smelting & Refinlng. 100
Do
pref.......................... 100
American Steel Foundries. 100
American Sugar Refining..100
Do
prof______________ 100
Amer Sumatra Tobacco___100
Amer Telephone & Telcg_.100
American Tobacco_______ 100
Do pref (n ow )............. 100
Amer Woolen of Mass____100
Do
pref.................... ......100
Amer Writing Paper pref..100
Amer Zinc Lead
Smelt___25
Do
prof......... .................2 5
Ancaonda Copper M ining..50
Atl Gulf A W I SS L in e ... 100
Do
p re f............. .......... 100
Baldwin Locomotive Wks.100
Barrett Co (The)________ 100
Bethlehem Steel Corp____100
Do Class B common. .100
Do cum conv 8% p ro f...
Booth Fisheries_______
Burns Bros........................... 100
Butte Copper A Zinc v t c ..5
Butte A Superior Mining..10

&

&

100

par
..No par

&

(new)

&

5

&

Nopar

Mar27
Jan21
Apr21
Jan27
Jan21
Jan2l
7% Jan21
23% AprlO
% Feb 15
65% Jan21
93% Jan2l
128
Apr22
22% Jan 21
73% Jan21
61% Jan21
32
Feb17
64
Apr 2
19*4 Jan22
48% Jan 3
45
Feb 4
101
Jan20
172% MarlS
3% Jan 8
6% Feb 3
15% Jan21
24*4 Jan21
17% Apr 3
89% Apr21
31*4 Jan 2
96
Jan21
3% Mar24
% Mar29
I
JanlO
49% Jan21
53% Aprl5
113 Mar 8
9% Jan21
4% Feb 10
8% Jan 13
2234 Jan21
49% Jan21
69% Jan21
Feb 13
18% Jan21
103 Mar 0
88% Jan21
43% Apr21
12% Jan21
56 Mar27
39 Apr 7
34
Jan21
79
Jan31
75
Jan21
35% May 2
36 Apr 30
10% Jan21
10
Apr22
28% Feb 4
7% Feb13
15% Feb 3
95% Jan21
25
Jan21
Jan21
27% Jan21
38
JanlO
124% Jan21
72
Janl4
7% Jan 9
15
Janl3
7% Jan20
30% Jan21
19
Jan23
9% Apr21
24% Apr22
17
Feb 3
52% Feb20
Mar 5
17
Jan30
30% Jan22

80
Jan
99
Jan 6
89*8 Apr
50% Mar 12
48% Dec
50% M arll
53
Apr
20% Jan 8
253* Dec
166% May 2 135 Mar
60% May 2
Jan
9% May 2
Apr
27
*ei>27
18% Apr
41% Marl2
37% Apr
74*8 Marl2
% Apr
98 Mar 12
89% Mar
133
Ian17 125 July
27% May 2
18
Apr
SUL ian 3
50*4 Jan
07% May 2
Jan
43% Apr29
26
Feb
70
JanlO
58-% May
3078 Apr 29
18
Apr
51% Mar21
47
Apr
47% Mar 3
40
Apr
109% Marl2
100% Apr
18'-'*4 Jan 2 160
Apr
7% May 2
2% Jan
10% May 2
5
Apr
18 MarlO
14
Apr
31 Mar 3
23% Jan
22
Janl4
18% Jan
95% Jan 2
SO
Jan
45% Apr23
25% Jan
101
Apr26
92
Jan
7% Feb24
Dec
24
Feb24
17% Dec
24 May 2
15% Apr
54 May 2
45
Jan
57% Jan2o
53% Dec
119
Janl3
Jan
15% May 2
Apr
11% Apr25
4% Jan
20% Apr24
% Jan
31% May 2
20
Jan
57 May 2
41
Jan
77% Marl2
67% Jan
34% MarlO
27
Agw
21% May 2
18% Jhn
108% Jan 2 102
Jan
91% Marl2
81% Jan
40
Jan 7
43% June
21% May 2
9% May
61% May 2
52%. Apr
45% May 2
30
Apr
40% Feb27
% Jan
83
Feb27
61
Jan
86% Marl2
70% Jan
38% Feb 4
35
Jan
38% Mar 7
35 Mar
25 May 2
9% Apr
21*8 May 2
19
Oct
35 Apr23
28
Oct
9% Apr28
7
Apr
20% May 2
15% Apr
109% Apr28
Jan
30% May 2
20% Apr
70
Jan
57
Jnn
48
Apr26
14 May
49
Feb28
32
Dee
13234 Mar 3 109*4 Jan
Mar 5
69
Jan
15% Apr29
Jan
31
Apr28
10% Apr
May 2
7
Apr
36% Marl2
3078 Dee
22*8 Mar 3 - 19% Dec
12% Jan 9
10
Dee
20*4 Apr 28
Jan
22% Mar 4
13
Jan
61% Jan 9
40
Jan
10% May 2
Apr
22 May 2
17% Apr
40 May 2
978 Dee

21
56%
60
3%
1%
30
81%
99*8
98
62
84%
42%
9878
84%
113
39%
88
10%
13%
71%
38
54%
52%
44%
85
58
100
1
43%
62%
103
68
111%
113%
96%
98%
191%
100
45%
94%
27%
11
40
56%
92
64
64*8
103
55%
55%
101%
18%
138
5%
16%

34*4 AprlO
70*i Apr21
95
Apr28
4% JanlS
2% M arll
39% Apr29
9434 Apr21
113*i May 1
108 Mar 15
82% May 1
92% AprlO
55*4 Apr30
103% May 2
97% Apr24
117
Apr22
58% May 2
93
Apr 3
14% Mar 7
29% Apr29
116% May 2
50% Apr21
71% Apr21
91% Apr 8
56% May 2
98% Aprl5
78 Apr28
105 Mar 5
4*8 Jan 7
54
Apr22
78% Jan 3
■107
Jan 14
109% May 1
133
Apr 8
118% Apr23
118 Marl2
108% MarlO
215 Marl2
106
Jan 6
69*4 Apr22
102 Mar 12
46 May 1
15% May
49% May 2
63% MarlO
152 May 2
75% May 1
94*4 Apr28
135% Apr 7
76% Apr23
77% Aprl6
110% Apr23
24% Apr23
160 Apr 23
7% AprlO
25% Feb28

95
44
50
18%
155*4

5334

34

11
634

25*4

60*4

734

Jan21
Jau20
Janl3
Apr 4
Jan 2
Jan21
Jan23
Jan29
Jan 9
Jan 3
Jan13
Feb 11
Jan 6
FeblO
Janl8
Jan 2
Jan 7
Jan24
Jan 4
Jan 2
Jan21
Jan20
Feb 8
Mar 1
Mar 1
Jan21
Janl4
Janl7
Febl9
Feb 6
Feb20
Feb 8
Jan21
Jan 6
Janl3
Jan29
Feb 4
Feb24
Janie
Feb 8
Jan 2
Jan31
Jan21
Feb 6
Feb 8
Jan29
Jan29
Jan 2
Jan20
Jan21
Jan22
Janl4
Feb 6
Feb20
Febll

* Bid and asked prices; no sales on this day. J Ex-rights, i Less than 100 shares, a Ex-div. and rights, x Ex-dlvidend.




PERSHARE
Rangefor Previous
Year 1918.
Lowest. | Highest.
$ per share $ per share
99*4Nov
81 Mar

49*4
6

66
46

4*4

110
7*2
6

22

2

7434

80*2

4*4

9*4

20

.8
2

2

11
257g
49
1%

92%
109
02
64%
48%
1747g
62*8
11
32
54%
863
107
137
32%

Nov
Nov
Nov
Nov
Jan
Oct
Nov
Nov
Nov
Sept
Nov
Nov
Jan
Nov
Nov
75 Nov
40 Nov
70 Nov
27% Nov
55 Nov
48
Dec
119*4 Nov
1S5 Sept
7 Nov
13% Jan
23*s Nov
30% Nov
27% Nov
105% Nov
34% Nov
105% Nov
9% Jan
47% Jan
24% Nov
59% Nov
65% Nov
124*4 Nov
1578 N ov
Nov
13% Nov
31% Nov
62 Nov
S4% Nov
45% May
24*8 Nov
112% Nov
105 Nov
50% Nov
187g Nov
64 Nov
50 Nov
40*8 Nov
82 Nov
96% Oct
39 May
40 July
17% Dec
25
Nov
4012 Jan
12 Nov
25% Nov
110 Nov
347 Nov
75% Nov
29% Dec
65% Jan
137% Oct
Nov
12 June
20 May
July
44% Jan
26% Juno
17*4 Feb
32 June
24*4 Nov
June
Nov
26 Nov
Oct

8

88

6*4

8

70*4
11*4

66
12*4
39*4
26*4 Nov
6278Nov

Jan
Jan
Jan
Apr
Apr
17*4 Jan
72% Jan
78
Jan
89% Jan
48 Nov
l82 Sept
34% Jan
89% Jan
% Jan
106
Jan
25
Jan
78 May

72% Deo
5% Nov
3% June
37 May
% May
106
Oct
101 Aug
84
Feb
D May
50*4 May
99
Dec
Dec
115% Dec
Oct
Dec

11*8 Jan
60
Jan
11% Jan
38*4 Jan
51% Sept
27
Jan
69% Jan
53% Jan
x95
Jan
2% Sept
41 Sept
73 May
103 Sept
58
Jan
98
Jan
108% Mar
60*4 Jan
90% Aug
140% Jan
92% Sept
447 Jan
92
Jan
20% Apr
11
Dec
38*4 Dec
59
Dec
Jan
58
Jan
% Jan
85
Jan
60
Dec
Nov
96% Jan
21
Jan
108
Feb
5% Dec
16% Jan

22% Sept
947* Aug
49
Oct
61
Oct
60% Oct
47% Dec
92
Deo
71*4 May
102*8 Dec
13% Feb
48
Deo
Oct
110% Nov
95 Nov
116 May
114% Deo
145 May
109% Feb
198*4 Deo
100% Dec
607g May
90*4 Dec
39% Aug
21*8 July
53% July
r74% Oct
120% Feb
67% Nov
May
110
Dec
96 May
94 May
1007 Apr
28% Sept
61% Oct
July
33% May

1*2

68

8

97*4
66

59*4

86

92

93*4
44*4
88

94*4

101*4

8

11278

1804

New York Stock Record— Concluded— Page 2
For record of sales during the week o f stocks usually inactive, see second page preceding.

PERSHARE
STOCKS
NIGH AND LOWSALEPRICES—PERSHARE, NOTPERCENT Salesfor
Range Since Jan. 1.
N EW YORK STOCK
OnOasisof 100-sharelots.
Solardag Mondag Tuesdag Wednesdag Thursday Friday Week
EXCH A NG E
May 1
May 2 Shares
April 26 April 28 April 29 April 30
Lowest
Highest
Industrlal&.YIlsc.(Coa.) P
ar S per share t pershare
S per sh
are S pershare
$ pershare $ pershare $ per share $ persh
a
re
623* 633g 63
63
64-3* 631* 64
64-3*
48% Jan 2
64-1* Apr 29
6212 63
633S 64% 32,900
27-3* 28%
273* 28*g
5,000
27% 27*8
20-18 Jan 2
293* Apr22
2712 28 72
27'2 2.87g 271* 28
727g
Do pref_______________ 100
72I2 71-3* 72l2 71% 713*
72%
1,300
80
♦HOI*
431*
142
231*
3578
42-7*
45-7*
*93
79

793*
807g
m i . 111
433*
431*
142
143
233*
227g
35Vg 36'g
43
43
455s
461*
97
95*2
79l
79'2
627S
627.
i
106 *
683g
67s8
*92
97
283g 28%
771*
77i
133*
14
2912 29
1621* 1613*
1813* 17812
92
♦901*
713*
71
10Si
65-3*
67
39-3*
40
543*
55
52l2 523*
49'g
4938
181*
19'2
733,
733*
1333* 13212
381*
371*
U77g 117'2
26l2 261*
53l
53%
753*
76
124
124
3212 32l8
72 lg 71
32 lg
33
53
53
115
73
*70
*64
391*
40%
691*
69
32
3U
182
173
107
237g
23%
46
451*
701*
701*
193*
19'g
60
60
104
*96
71
71
*108
161*
16%
1113*
507g
52
431*
4212
%
105s
7
7
341
35
83
80l2
1423*
49
48 "
4212 42
503*
51
105
105
243*
243*
51
50
87
87
741*
741*

675s
*92
28's
7712
14
29
1621*
1801*
*9012
70'2
*107l2

2

2

*66

3912
*53
521*
49
*1812
73's
13314
371
1163*
26'*
521*
*751
1223*
32 lg
70l2
323*
52'2
*105
73

2

2

2

*102

393*

68
I2
313*
176
107
237g
45l
701*
19*2
597g
*96
70's
*109
16%
*109
*50
40'*
*
7
341
80

110
112

101
2
'8

2
8
2

82

2

2

*48
417S
50's
105
243g
50's
*863*
74

22*8
2

2
101 2

6178
* 101l2

72i2
807g
7878
UH2 *110i2
44%
43
143
1444*
237g
361*
36*8
431*
431
46
46
99-3* 96
80l2 79t
6312 625
108
1051
687g
69'2
97
94
303*
31
781*
78
14
14
291*
29
163
161
178-3*
I U
92
901*
72l2 7012
108
657g
65**
40
391,
543*
54-3*
53
53'2
49-3* 491,
177g
18'2
743g
7412
1343* 13212
38'2 38**
119l2 1191*
27
2612
51-3* 521*
75-3* 75
125'2 123
32%
321,
71>2 713*
321*
331*
533*
53
115 *105
75-3g *72
65
*64
4012 40%
69
68-3*
313*
178'2 174
1071*
23-3* 23*8
46
45l
71l2' 71Sg
193*
19
61
601,
104
*96
7U2
7112
*108
161*
16
111-3* 109
52l2 52
43%
43
107g
73g
71
37l
37'2
81-3*
831*
1423.1
50l2 481*
43
5U*
50l2
105
105
265g 251
51
50's
87
87
747S
75

10

2

80's
112l2
437g
1441*
23'*
36'2
43l
473g
98*8
81
63'2
1057g
72/g
94
327g
787g
14
291*
1627S
1S01
91
71*8
108
657g
40'g
54-3*
53i*
493*

2

78's
110*8
391
1421,
213*
36
42 lg
z45%
96
78*8
607*
108

78-3*
79ig
110*8 *U 0l2
38i2
143
227g
22'g
357S
36'2
4U*
431
4514
46
96's *95
79
803*
611,
62*8
106-3* 1067g
,
69*8
94-3*! *94
317g
32*8
78l2 78l2
*
293g *28
160'g
161
183'2 1803*
90i2 *90l2
71-3*
108 *1073*
67
*65
391*
391*
____
53i
52
521*
49
49'2
2012
21
7512
76
131
132
427*
40-38
120*8 110312
263*1 251*
52%
51
75-38
75*8
1277g 125U
317*
321,
70
703*
337
34
52*8 *52
115 *103
*73
78
*63l2
65
39i
42
7012 69
313*
*
1771, 173l2

2 145
4112

29
160
178'2
*89-3*
701,
108
*65
391*
53l
52
49
19'g
751*
75
130
133
401i
421*
120-3* 11812
26
27
53-38 49
75
75-38
125
123l2
32
3212
72-3*
70
32
33
52*8
53%
115 *105
753g *73
*64
65
40-3* 39l
69
69
311,
1771* 1731,
1071* *
*
233*
23'2
45
461*
70'g
72lg
19-3*
19
6012 59-3*
106
*97
72%
72
*108
16%
16lg
1107 109
557g *54
427g
44l
11-38 103g
7lg
7'g
397g 37
813*
831,

2

2

21

2

78

97

8

>8
2

133

73

1312

662

2

2
2

81% 38,050
112
600
401* 32,600
145
2,300
23
40,400
3,100
36%
4,300
43%
46% 13,900
99
81% 11,300
63% 82,000
1,300
108'*
721* 96,300
300
95
93,000
34
9,400
81
3,300
14
297g 6,900
3,600
162%
18212 5(5,000
700
92
731* 46,900
1,750
1081*
300
65
5,375
39%
400
55
55% 13,300
49-38 12,900
25% 14,200
12,400
82
8,600
133'2
42 270,900
111*8 161,000
257g 62,000
52% 38,500
700
75%
127% 22,300
321* 16,950
0,600
71%
37% 25,400
52%
108
78
65
8,500
40%
697gi 2,600
1,900
31%
1811* 322,200
110
2,500
23
45% 30,100
3,100
70
19%
5,000
60%
105
6,400
751i
17
2,600
16%
2,700
no
2,400
55
46% 217,600
%
6,400
7%
12,800
39
87% 121,800
____
4,200
49%
68,700
43
51% 27,100
700
26% 138,200
51% 11,350
600
87%
75% 16,300

8,200

10<2
2 8

2

2

321
1071 110

110

8
2

66

22 2

*100

110 5108

73*

7>2
185*8

7*2

55
*53
4U
75%
*98
55l
39 lg
*97
1412
2173*
l

2
2

2
882

2

86

2

222
*100 101 100 100

2 174

173
*25
63l8
74
14912
*107
87

173
26
637g
75-38
151
10S'2
873*

1731
243*
*60
737g
149l2
*107
87

50
*46
993*
*11612
*75
18
611*
♦1113*
57
86-3g
4958
*6312
573*
32l8
95
823*
*122
*116
69
*96
76’*

50
4712
IOU
117
76
18
62
1121
57
86'2
50
66
58
32'2
95
8312
125
117
69
9,3
77

50
*45

173'2
243*
25
64
62
775a 76
151
150
108i2 *107
881*
87's

2
2
82
112 112 112 112 112 112

2

86*2

8

571

1

2

par

Do
pref.
oodrlch Co
Do
pref.

Do

prof.

10,200

2

110

100

1

100

100
8,100
1,100
200

101

86

1,200

6218

100

'2 112

112 11218 112 112

50
49%
4712 4612
%
's
l
I 971* 997S( 9012
116-3* 116-3* 116-3* 1171s 1163* 117 I 1167g
75lg
76
76l2 764* 773g 75
76
173* IS I 17-3* 173*1 18
617g 623*
017 623*1 01'2 63-3*1 63
l
*1113.1 11212 *112 113 1
*59
* 571*
60
57
60 I 60
8712
86% 86t2 881 891*1 88
89
5038
50'* 5l7g
51*8 52-3* 50'g 521*
*03
66
66 I *63
*6312 06 I *63
59-3g 57%
58
581*1 5713 573*' 5.3
321* 327g 321* 323*
3212 348* 34
._
9173 95's
- -1 *94l2 95'2
831* 83-3* 82-3* 837s1 82-3* 83UI 831*
12412 125l2 125-3* 126 1 126 126 I*122
*116 117
110l2 11612 *116 11612 5116
68
68%
68 lg 67lg 6712' 6712
68
973* 97-3* *96
98 | 97'2 9712' 97l2
771* 771*
77-i8 77%
77
77's1 77

2 100 101 100 2 102

2

& W Ino..,Vo

200

2 12 2 1 2 1212 11*2 121 12 121
593*
62
2
2
433g
2
2
77
2
....
595
5712 57*8

557g 56
54
....
43'g
4212
77
751*
99
563*
55'2
39'a 381* 38-3* 3812
9812 *9612 9812 *96l2
143*
141 151*
141
219
218 230
2257g
8912
881,
I 89
*90l2 101
83
46U
46
46l2 457g
134 zl31% 132l2 1313*

882
*100 101
*75
461*
133

7'2
1867g
* lli
59U
53
42l2
75*8

par

1012 10 110,100

11

2

186
*12 185l2
121* 12 12

V par

2,100
100

2

2
101 101
*101 102 *101 102
*101 102 *101 102
86
*83
121 1213, 12058 122 121% 122 zU9~ 120
88 88
86'2
86 86l2 86-38 87 86I2
86'2
10712 10712*10612
20'g 20% 201* 20*8 20 20*8 20 20 20 20
20
's 201*
82
82l2 815s ,82
82
*102l2 1037S *102-3* 103-1* 1037s
101 1071* IOS'2 114l2 110
1101
108-3* 112
IOOI2 106
107'2 115
73*
185

Central Leather__________ 100
Do pref_______________ 100
Cerro do l>ajeo Cop___1 0
Chandler Motor C a r ____109
Chile Copper_______________25
Chino Copper____________
5
Colorado Enel .t Iron____100
Columbia Gas
Elee_____ 100
Consolidated Gas (N Y )..1 0 0
Continental Can, Ine_____ 100
CornProducts Refining.. 100
Do
pref_______________ 100
Crucible Steel of America. 100
Do pref_______________ 100
Cuba Cane Sugar____No
Do pref_______________ 100

Do
p r e f________________ 100
In tern ation al N ickel (T h e ) 25
In tern a tion a l P a p e r _______100
D o stam ped p r e f_____ 100
K elly -S p rln g fteld T i r e ____ 25
K e n n e c o tt C o p p e r ____ No par
L a ck a w a n n a S te e l__________ 100
L eo R u b b er & T i r e ___ No par
L oose-W iles B iscu it tr c t fs .1 0 0
D o 2d p r e f______________ 100
M a c k a y C o m p a n ie s _______ 100
Do
p r e f________________ 100
M a x w ell M o t o r , I n c _______ 100
Do
1st p r o f____________ 100
D o 2d p r e f...................... 100
M e x ica n p e tro le u m _________100
Do
p r e f________________ 100
5
M ia m i C o p p e r _____________
23*8 *22%
443*
M id v a le Steel & O rd n a n ce . 50
46
M o n ta n a P o w e r ___________ 100
70%' 70
N a t C o n d u it A C a b le .N o par
19i2 191*
60
N a t E n a m 'g & S ta m p ’ s ___ 100
601,
*99
Do
p r e f________________ 100
106
72
N a tion a l L e a d ______________100
721*
Do
p r o f________________ 100
161i
N e v a d a C on sol C o p p e r ___
5
161s
N ew Y o r k A ir B ra k e ____ 100
1097g 109
55
N orth A m erican C o _______100
58
4312
441*
O h io C ities G a s ( T h e ) ____ 25
107-8
O k la h om a P rod & R efin in g 5
*7
O n ta rio Silver M in in g ____ 100
73g
377g
P a cific M a ll S S ....................... 5
39
82i2
P a n -A m P et & T r a n s _____ 50
S3'*
Do
p r e f________________ 100
49
48l2
P eop le’ s G U C ( C h i c ) . . 100
501* 48
48*2 *48
403* 4lSg 417g
Ph iladelphia C o ( P l t t s b ) . . 50
42l2 391 415g
50% 51
50%
P ierce-A rrow M C a r ___ N o par
507g
50-3* 521*
____
Do
p r e f________________ 100
10512 *104% 105 *104 105
25
2512
25%
P ierce O il C o r p o r a tio n ____ 25
24% 253*
26*8
P ittsb u rg h C oa l o f P a ___100
50
51-38 51
50l2 491* 507g
*87
871,
87%
Do
p r e f________________ 100
87
87
871*
74%
74
74l
Pressed Steel C a r __________ 100
731, 74*8
76U
Do
p r e f________________ 100
*83
P u b lic S erv C o r p o f N J . . 1 0 0
3,900 P u llm an C o m p a n y _________100
119% 119%
‘ " 119 119
% 14,300 R a ilw a y Steel S p rin g _____ 100
881*
89
873*
108 103
Do
p r e f________________ 100
108 *10612 108 *10612 108
%
% 6,600 R a y C on solid a ted C o p p e r . 10
's
'*
's
R e p u b lic Iron & S te e l____ 100
827*
80
82 lg 80'2 81 lg 81% 821*
300
Do
p r e f________________ 100
1037g 1037g 10.378 *103 103-3* 1037g 10378
10678
* 109 110'* 108% 109-3* 97,400 R o y a l D u tch C o (A m shares)
113
C ertfs for N ew Y o rk shares.
106'g 109*8 1077g 109-3* 107% 1091* 394,100
73*
77g
7%
Sax on M o t o r C a r C o r p ___100
77g
77g
77g
7'2
1,500 Sears, R o e b u c k & C o ____ 100
1851* 185'2 183 187
185
187 zl85
%
*
*
,
S h a ttu ck A rlz C o p p e r ____ 10
l * U
58'2 60'*
59% 61 406,600 Sinclair Oil A R e f’ g ___ N o par
57
59*8
U
523g 527g 52% 52%
1,700 S loss-S heffleld Steel A Iron 100
52% 52lg
53l
4,000 S tro m b e rg -C a rb u re to r .N o par
43% 44
43l
43
4312 43
43i
76
77l
76% 777g 77,600 S tu deb ak er C o r p ( T h e ) ___ 100
763*
75l 78
900
*98
99
99
99
Do
p r e f________________ 100
*98
99
581*
g 58
6,800 S tu tz M o t o r C a r o f A m .N o par
59%
58
57*8 60
2,400 S u p erior Steel C o r p ’ n ____ 100
37% 38
387g 377g 38
*94
97
Do
1st p r e f____________ 100
98l2
9812 *97
15% 15% 12,500 T e n n C o p p A C tr c t fs .N o par
14% 15'2
147g
14% 141
22312 2273* 2273* 2297g 49,300 T e x a s C o m p a n y (T h e ) ____ 100
226
230
877g 89% 34,350 T o b a c c o P rod u cts C o r p . .1 0 0
873*
89% Z853* 877g
400
1007g 1007g *____
Do
p r e f________________ 100
*75
U n ion B a g A P a p er C o r p . 100
4578 5,600 U nited A llo y S te e l____ N o par
45
451*
45
45
453*
46
1325g 1303* 1321*' 13H2 132% 132% 1341* 26,800 U nited C igar S to re s______ 100
*111
117
Do
p r e f________________ 100
3,900 U nited F r u it _______________ 100
17212 176
174% 1757g
1753* 174 174
7,600 U S C a st I P ipe A F d y ____ 100
25-3* 26%
25
26'2
247g 24l2 253*
633* 633*
62
62
Do
p r e f________________ 100
63
62
75's 77-3* 76-3* 781* 84,500 U S F ood P ro d u cts C o r p . .1 0 0
7412 76
771
1541 150l2 154% 1511* 152-3* 151% 1527g 47,900 U S Industrial A lc o h o l____ 100
Do
p r e f________________ 100
107*2 10712 *107 108%
IO I *1063* 108
93-3* 100% 158,400 U n ited S ta tes R u b b e r _____100
9212 951,
88-3* 87*8 95
I.OIO;
%
%
Do
1st p referred _______ 100
Hl
,
| U S S m elting R e f A M ____ 50
491,' 4878 487g
49
49-38 49
49*8
..................50
Do
pref.
4712 46'2 461, *46% 48
4612 *46

2

110

793*
113
401*
143
223*
361,
42
45
97
7!)7
791,
027g
62-38
108
107
703*
713g
97
95
32-3*
327g
79t
80
13-3*1
29-38- 29'g
16U2 162
1821, 1791,
*91
92
727g
71'2
108% 108
I ' 65
391,
391
____ *52
531,
53t
49%
49
227gl 24%
78-3* 79-3*
131
13112
4212 4U*
1103* llOlg
261*! 25
52-38 51*2
753g
75-ig
127
126
32%
32
70i2 70-3*
37
30
53l
52i2
108 *103
78
*74
*64
41 lg 40
69
69
317g
3U2
ISO's 176-38
*1071*
22_7g * l
451,
44%
691,
70
1912
191*
601,
601*
107
74-3* 7-U
108 *108
161,
16
109
109
5512 *53
45
45
107g
71,
7'g
38
38
84-3*

221

6912 721
2

94-3*
3U
78

7U2
80'2
112
391*
145
*
36'g
41-3*
45*2

1 200
200

97% 99 812,100 fnited States
2,900
117% 117%
Do
pref.
4,900'
76% 76%
1,400
17% 18
63% 32,600!
%
.100
Do
pref.
1,400
____ ____
.100
61
3,100.
877g 88
88
53 158,500
51
U
100
Do 1st preferred______ 50
66
65
65
59
57% 621* 22,400
—Overland (T h e ).. 25
35
34% 34-3* 135,000
600
___- *95
pref (new)________ 100
96 I
843* 85-3*1 16,900,
80
900 Woolworth (F W ) ..............100
125
124 124 1
n il
Do
pref______________ 100
116 *116
2,700,
673* 673*
68
500]
Do pref A ____________ 100
967S 97 I
97'2
Do nrof B . . . __ . . . .100
771,1 771* 77%' 1,600
97%
117%!
7512
18 |
60 1

1

66-8
11212 11212 112 2 11212 *112 112
52

200

74** Mar 7
6418 Jan
82
Apr23
56% Fob 8
1041a Jan 7 112 May 2
31
Jan22
44'* Apr23
103
JanIS 152
AprlO
247s Mar28
17 >8 Jan21
38% Apr 7
32is Feb 6
447s Apr 9
3 1-3* Feb 10
39% Feb 1 4738 Apr29
87>8 Jan27
993* Apr2S
65% FeblO
82% MarlO
46
Jan21
63% Apr21
102
Jan23 108U May 2
72?s Apr29
52ta Feb 7
91
Jan 2
95 M arll
20% Jan27
34 May 2
6912 Mar 1 81 May 2
147s AprI5
10*s Jan3l
333* Mar 3
25<8 Jan21
AprlO
14412 Feb 3 164
1181a Jan21 18312 Apr30
82
Jan 6
Apr 14
74
Apr23
56ia JanlO
103
Jan 8 109l2 AprlO
80
Jan 3
64
Apr21
4612 Jan 9
3878 Apr25
617g Jan 3
49i2 Feb 8
40
Feb 6
55>2 May 2
527g Apr 7|
42'a Feb 6
10t2 Jan 2
251* May
48
Jan 4
82 May 2
110% Jan21 1353s Apr23
211,* Jan31
4278 Apr30
923* FeblO 1203* Apr29
32*8 Jan 3
2412 Feb 3
543* Apr28
30<* Jan 3
62
Jan13
7612 Apr23;
68
Jan21 1297S Aprl4
333* Jan.30
29lj Feb 13
62la Jan21 *72% MarlO
21
Jan22
371* May 2
57
Apr21
401* Feb 17
94
Feb 5 110
Aprl7
733* Feb 4
70
Jan22
65
Jan 4
64
Janl5
42
Apr23
263* Jan22
72 Apr 23
5038 Jan22
19U Jan 2
3378 Apr23
1623* Jan23 1971* Jan 2
105
Fob 7 108% Aprl9
2U* Feb 7
2458 Apr
48 MarlO
40U Fob 7
77 Mar
69 Mar28
14
Feb 8
2 Us Apr23
6133 Apr23
45ls Fob 8
93
Jan15 100 Mar31
64
Jan11
75'* May 2
107
Jan 3 tin's Jan‘25
1S12 Marl8
17'2 Jan '
91'* Fob 3 *115 Mar 14
47
Janll
55'2 May 1
a 53* Feb 14 46% May
113* Aprl4
8
Feb 3
8is Apr21
5i2 Mar 18
40
Aprl5
2912 Fob 8
67
Jan21
87*8 May
Apr 9
117
Jan22 148
523* MarlO
45% Jan22
43
Apr28
30
Jan 3
627s Apr‘22
383* Jan22
10Ua Jan 3 10512 Mar 13
16
Jan 2
31'* Aprl7
5178 Apr24
45
Feb 3
85ia Marl7
87'2 Apr23
z59
Feb11
76'* Apr29
Janl4
100 Mar 3 104
82
Jan31
91** Jan
HUs Feb 14 1223* MarlO
89
Apr29
681a FeblO
104
Feb 4 108
Apr 3
21** Jan
19 Mar 4
86 Marl2
71*2 JanlS
100
Janl3 105 MarlO
703* Jan21 11412 Apr28
Apr28
86i2 Marl3 115
61* Mar21
12
Fob26
1681a Fob 13 187 Apr29
10
Feb19
131* JanlO
331* Jan 2
61 May 2
59 Marl2
46i2 FeblO
363* JanlO
44 May 2
453* Jan22
78'3 Apr21
92
Jan22
99 May 2
42i* Fob 14
60
Apr30
32
Jan21
41% Apr 2
973* Mar29
98 Marl2
12 is Mar 17
I I Apr22
184
Jan 2 230
Apr28
723s Jan29
93 Mar22
99i2 Mar20 106
Jan 8
75
Jan 3
84 Marl2
373s Janll
4778 AprlO
1071* Jan 2 1393* Apr2l
106
Feb 5 111 Mar21
157
FeblO 17678 Aprl5
14
Janl5
2678 Apr23
42ia JanlO
68 Apr 21
66
Apr 8
79*2 Apr21
971* Jan22 1593* Apr 9
96i* jan 2 108 Marl4
73
Jan21 100'2 May 2
109
Jan20 112*2 May 2
43U Jan21
5112 Marl2
45
JanlS
50 Mar 2
88'* FeblO 103
Apr23
11318 FeblO 117U May 2
6518 Feb 7 78
Apr 7
13
Jan 2
187g Apr23
51
FeblO
68*8 May 2
110
Jan 7 114% Apr 3
54 Mar31
60
Apr29
81% Mar‘27
897g Janl3
40% Jan‘21
53 May 2
61
Feb27
65 Apr23
45
Jan 3
62'* May 2
23'* Jan22
35 May 1
87% Jan 7
95'2 Apr2l
6538 Jan20
86
AprlO
120
Feb 7 133'2 Jan 9
115
Jan22 117'2 Janl7
50
Fob13
72*2 AprlO
88
Jan 9
98
Apr24
66
Jan 3
77<2 Apr29

9412

2

3

* Bid and asked prices; no sales on this day. § Less than 100 shares, t Ex-rlghts. oEx-;llv. and rights. * Ex-dlvldend.




2

62

PERSNARE
Rangefor Previous
Year 1918.
Lowest Highest
S per sh
are $ per 1 hart
3612 Jan
12
Jan
30
Jan
54-3* Dec
tOl's Dec
29i* Mar
68'* Jan
14'2 Apr
313S Dec
343* j an
283* Mar
823, July
65*2 Oct
2978 Jan
*9012 Jan
52
Jan
80
Jan
27*2 Apr
771* Dec
6 June
253* Oct
1273* Jan
1003* jan
753g Oct
38
Jan
9558 Dec
74
Jan
38'2 Jan
58** Dec
34
Jan
4118 Dec
10
Jan
38
Jan
104
Oct
21
Jan
83*8 Jan
27
Jan
2412 Jan
68
Jan
41
Apr
29 Mar
65t2 Dec
12
Apr
17i* Jan
53
Feb
70 Dec
57
Jan
23% Jan
50 Dec
19 May
79
Jan
87
Jan
221* Dec
41
Dec
04 June
13 Nov
37i* Jan
88 Nov
43U Jan
993* Mar
IOI Dec
9.8'2 Dec
Aug
35>8 Mar

2
3712

50 Nov
247g Nov
701* Deo
733g Fob
108 Nov
39 Nov
1097g Deo
24
Oct
471* May
541* May
447g Deo
1053g Nov
95
Feb
50ig Nov
104
Deo
747g May
91** Juno
34 Nov
83
Feb
15 Nov
39
Feb
15812 Oct
164
Aug
88
Feb
597g Oct
101
Deo
80
Oot
581* Nov
I I U Apr
* July
5Sia Oct
19 June
65 June
121 Nov
33
Oot
1251* Nov
35 Nov
May

2
491

4512
72 Deo

0512 J»n
411* Nov
915g May
24
Deo
455g Deo
96
Deo
78% Fob
05 May
42ia Nov
697g Nov
323g Nov
194
Oct
107
Deo
33'g Jan
61 May
H Nov
21% July
54ia May
Feb
69** Deo
105'2 May
2l7g May
139 May
Nov
48
Oot

82

9912

5712

41* Jan
23i2 Jan
631* Oct
86
Jan
39*8 Jan
21
Apr
34
Jan
89** jan
15 Sopt
42
Jan
793* Jan
55'2 Nov
93
Apr
85
Oct
100's Jan
45*2 Jan
95
Jan
191* Dec
*72*8 Jan
9258 Jan
*70
Dec

13 Juno
40
Deo
721* Oct
124% Oct
61 Nov
35U Oct
513* Nov
104 Dec
19'8 Oct
688* Feb
857S Deo
73 Aug
100 Aug
109ia Mar
1321* Nov
78% Deo
10512 Deo
26i« May
96 May
102t2 Sept
145
Oct

43* Aug
1333* June
*13
Dec
25'* Apr
39
Jan

18 Nov
170ia Deo
18U Feb
39
Feb
7U* May

727* Nov
337g Apr
100 Nov
37
Oct
55
Deo
4558 May
34i* Mar
95
Fob 100 Sept
** Dec
21 July
Oot
13612 Jan 203
823g Deo
48% Mar
*871* Mar 1047g Deo
65
Jan
80 May
g Oct
44>2 May
833* Mar 1083* Deo
1011* Jan 110 July
1101* Jan 160% Deo
11'8 Apr
19 May
41 Mar
473* Feb

8OI2July
12

387

*98
Dec
94
Oct
51
Jan
*95
Jan
32i2 Apr
423g Apr
8612 Mar
108 Mar
7U* Dec
11 Sopt
33»* Jan
98
Jan
50
Jan
77'* Aug
38*2 Jan
59
Jan
303* j an
15*2 Jan
75
Jan
45'* Jan
110 Mar
111
Oct
34
Jan
85«g Feb
59
Jan

137 May
99 Mar
80 Dec
110 Dec
503* Oct
473* Deo
HO Aug
1135g Deo
93
Oct
163* Nov
60'* Nov
1133s Deo
73'2 July
95*8 Apr
May
6412 Feb
49 Nov
30 Nov
89'* Nov
77U Deo
128'2 Oct
115 Sopt
69
Aug
91
Apr
70's July

'2

'2

4712

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan. 1909 the Exchange methodof quoting bonds was changedand prices are now—""andinterest”—except for interest anddefaulted bonds.
Price
Week's
nge
Friday
Rangeor ! i Rain
ce
May 2
Last Sale S '* JS
an. 1.
Bid AskLow High No. Low High

BONDS
N. Y . STOCK EXCH ANG E
Week Ending May 2

U. S. Government.
3M8 1st Liberty Loan___1932-47
98.68 Sale 98.6)
93.78 2401
4a 1st Liberty Loan_____ 1932-47
95.90 Sale 95.80
96.01 512
4s 2d Liberty Loan____ .1927-42 M N 94.12 Sale 93.32
94 1413547
4% s 1st Liberty Loan___1932-47 J D 96.00 Sale 95.80
96.1( 614
4% s2d Liberty Loan____1927-42
94.18 Sale 93.44
94.2C 5313
4% s 2d Liberty Loan.-.1932-47
96.02 Apr ’ ll
95_ 40 "sale 95.10
4Ms 3d Liberty Loan______ 1928
95.40 15193
94.32 Sale 93.30
4% s 4th Liberty Loan______ 1938
94.3-1 28917
2s consol registered_______ d!930
99i,i
99%
9
99% —
2s consol coupon__________ \930
98
Mar’ ll
106
Sale 106
4s registered.............................1925
106
10
106% Sale 106%
4a ooupon_______ __________ 1925
106%
2
Pan Canal 10-30-yr 2s......... *1930
98% Mar’ 19
Pan Canal 10-30-yr 2s reg._1938
99 July’ IS
90% 93
Panama Canal 3s g _________ 1961
91 Mar’ 19
90% —
Registered________________ 1961
91 M ar'19
Philippine Island 4s_____ 1914-34
100 Feb T5

1
1

d

__

Foreign Government
Amer Foreign Secur 5s------- 1919
Anglo-French 5-yr 5s Exter loanArgentine Internal 5s of 1909—
Bordeaux (City of) 3-yr 6 s ..1919
Chinese (Hukuang Ry) 5s of 1911
Cuba— External debt 5s of 1904.
Exter dt 5s of 1914 ser A . .1949
External loan 4 Ms------------ 1949
Dominion of Canada g 5s___1921
do
do
...1 9 2 6
do
do
...1 9 3 1
French Repub 5M8 secured loan.
Japanese Govt— £ loan 4M8.1925
Second series 4 Ms------------ 1925
do do “ German stamp” .
Sterling loan 4s...................1931
Lyons (City of) 3-yr s--------1919
Marseilles (City of) 3-yr s. 1919
Mexico— Exter loan £ 5s of 1899
Gold debt 4s of 1904.......... 1954
Paris (City of) 5-year Os____1921
Tokyo City 5s loan of 1912
U K of Gt Brit & Ireland—
3-year 6 )4 % notes________1919
5-year 5 M % notes......... ..1921
Convertible 5M % notes..1919
20-year gold bond 5M8— 1937

6

6

F
99%
97%
A
M
82
M N
99%
t 70%
J
IY1
99%
91%
F
84%
F
9734
A
967*
A
A
90%

Sale
Sale
85
Sale
71%
S tie
93%

86

Sale
Sale
Sale

t 90
t 91
x~rT
99%
99%
t 65
47
98%
797*

Q
J
A
M
M
M
F
F

91
91%
79
Sale
Sale
73
60
Sale
80

98.20
92.50
92.10
94.20
93.20
95.42
94.90
93.12
97%
98
104%
104%
98%

99.80
96.00
94.14
96.60
95.32
96.02
96.50
95.72
99%
98
106%
106%
98%

87% 91
91
91

99%
9 9 % 102 99%
97% 2118 9 5 %
96%
82%
2 82%
82%
99%
99%
6 99
70
2 70
70
99
99%
16 92%
91 *3 Apr *19
90%
84%
84%
8 82
97%
97 % 51 96*4
96%
76 963g
96%
96%
34 96%
96%
Mar’ 19 ____ 103
105
90%
91
30 86%
91
24 86
91%
87
43 84
88
77%
2 75
77%
99%
99%
7 99
99%
99%
33 9834
65 Apr T9
61
Apr T9
50
98
98%
61 96%
797g
2 79%
79%

....

55

00

9934
N 9 9 % Sale 99%
N 9 8 % Sale 98%
983,1
A
100% Jan '19
99% Sale 99*8
A
99%

510 99%
%
478 97*4 99
____ 100 101%
693 98% IOH

4

Thesearepricesonthebasisof S5to£

State and City Securities.
N Y City— 4%8 Corp stock. 1960
Corporate stock____ 1964
4 Ms Corporate stock ____ 1966
4 Ms Corporate stock July 1967
4 >4s Corporate stock_____ 1965
4Ma Corporate stock____1963
4% Corporate stock--------1959
4% Corporate stock--------1958
4% Corporate stock_____ 1957
4%Corporate stock reg.,1956
New 4 >4s..............................1957
4 M % Corporate stock— 1957
3M % Corporate stock___1954
N Y State— 4s......................... 1961
Canal Improvement 4s___1961
Canal Improvement 4 s . . . 1962
Canal Improvement 4s___1960
Canal Improvement 4 Ms. 1964
Canal Improvement 4)48.1965
Highway Improv’t 4 M s . . 1963
Highway Improv’t 4> 4s..l965
Virginia funded debt 2-3S..1991
s deferred Brown Bros ctfs___

4)43

96
90%
96

M

IV1
A
3"
M
ni
M
M
M
M

n

N
N
N
N

101 101
101
101 102
91%
91%
91%
90%

101
101

101
:

91%
91%
91%
91

9U2

100

9034
901*
901*
91

94

101%

107% ____ :

1063s 1065*

i

54

96l2 9712

9634 9634

8

787* Deo T
69
70i2

547* 547*

5473

63
14

8214

jhnj O»6

1

100

1
1

112

88

>43

J ill

1

6

84 84

1
1
1

1

6
5
5
945

—

88
100 101 11
101 102
1

5

1

__

1
4

6

6

102 102 111
100 102 1
4
68 100>2
01'4 99

7434

547g 58
8013

8512

82
80
74ig 80«4

74 79%
74 77

93%
90%
74
77%
85

96%
92%
74
81
85

80% 85%
82
88
96% 97%
73% 78%
107% 107%
88
87
75

89%
87
82%

73
80
771* 82%
83%
71%
83
89*4
95%

86%
78
80%
89%
95%

96
90

90
91%

03% 08
99
99

Price
Week's 'a 3
ange
Friday
Rangeor C o : R
Since
May 2
Last Sale
Jan. 1.
Bid AskLow
1 No. Low High
S
781* 7934 79%

3

J

J
J

2

4

Railway

1949

See

1927
1958

1

.193

6

8

1 46

1 4

1925

92

921
1933

95

4

Railway

73

68

....

—

3
7

__

— — —

....
....
—
—

1

100% 1007S

101

IOU2
957g
82

IOOI2

947g
75U 75i4
9134 91%
86
89
02 105
01

IOH4

99

99U

65
89

65
931*
99i2

9714

♦ No price Friday; latest this week, a Due Jan. d Due April, e Due May.




2

92%
921*
91
91

8U2 82

86

6

102

10012 102
1003s IOH2

)A O
Sale 82
82U
1A O
89
82 Mar’19
75
» Nov
77
751.4
75U
; Nov ___ _
731* Juno’ 18
74
M N
79
76
76
74
iJ D
76% 74
75
96
J D
Sale 95
96>4
; iyi S 90% 90% 90i*
90>8
70 % 75
iJ J
74
75% 79
J J
77
83
!M s
85
85
!M s
95%
% 99s4 July’17
M s
81% 83%
0
H
H
80% 82% 82
J D
2
82
! M N 97% 106% 97U Apr T
J
!J
82% 89
78 Oot T8
J J
% ------- :297g Aug T5 1
:M N
74% 75
7412
7434 51
A O 107% .------Apr T9
96% -----1st gold 5s..............................1934 A O
JulyT5
% Sale 88's
Balt A Ohio prior 3M s......... 1925 J J
88U 10
Registered____________ A1925 Q J
87 Feb T9
1st 50-year gold 4s............A1948 A O
75% Sale 75%
75% "*20
Registered......................A194S Q J ____ 75% 92% Mar’17
10-yr conv 4 Ms....... ........... 1933
77% Sale 761*
7712 132
Refund A gen s Series A . 1995 j ' D
77% Salo 7718
7712 56
Pitts June 1st gold s ____1922 J J
98*4 .-----Jan T2
P Juno A M Dlv 1st g 3
1925 M N 847* 87% 8478 Apr T9
P L E A W Va Sys ref 4 s ..1941 M N
72
723 73 Apr T9
Southw Dlv 1st gold 3)48.1925 J J 83% 84
83U
8378
Cent Ohio R 1st c g 4 ) 4 s . . 1930 M S 87% .
893* MarT9
Cl Lor A W con 1st g 5 s .. 193.3 A O 95% .
9512 Apr ’ 19
Mouon River 1st gu g 5 s ..1919 F A
:of
Ohio River RR 1st g 5 s . . . 1936 J D
94% .
96 Jan ’ 19
General gold 5s--------------1937 A O
90 .—
91's Mar'19
Pitts Clev A Tol 1st g s . . 1922 A O 99% .
99's Mar’ 18
J 62%
Tol A Cln dlv 1st ref 4s A . 1959 J
63*2 Apr "19
Buffalo R A P gen g 5s......... 1937 M S 98 .
99 Mar-19
Consol 4 >4s........................... 1957 IVI N
87% .
99% Oot '17 : : : :
All A West 1st g 4s gu------1998 A O
75 .
Nov’ 16
Clear A Mah 1st gu g 5 s .. 1943 J J
% .—I I
Roch A Pitts 1st gold s . . 1921 F A
%
Consol 1st g s.................1922 J D *
%
% l
Canada Sou cons gu A s . . . 1962 A O 91
91%
92
757* 80% :
Car Clinch A Ohio 1st 30-yr 5s ’38 J D
M ar'19
F A
997g . -----Central of Ga st gold s . . . p l
Mar-19
M
N
89% 927g !
Consol gold 5s___________ 1945
9212
74
Chatt Dlv pur money g 4s 1951 J D
74% '
«
Mac A Nor Dlv 1st g s . .1946 J J 83% .
May-18
<
Mid Oa A Atl Dlv 5s.......... 1947 J J 907g .
Mobile Dlv st g 5s______ 1946 J J 92
94
!
89 . . . .
Cen tRR A B of Ga coll g 5s. 1937 IVI N
%
%
Centof N J gen gold 5s.......... 1987 J J
! 102i2
%
<
Registered................. .A1987 Q J
Apr ’ 19
Am Dock A Imp gu 5 s ...1921 J J 99% 1003 '
, Apr ’ 19
J
Leh A Hud Rtv gen gu 5s. 1920 J
Apr -18
N Y A Long Br gen g 4 s ..1941 M S 8 8 * 3 ____
Jan ’ 13
55
Cent Vermont 1st gu g 4s..«1920 Q F
95 Jan ’ 19
Ohcsa A O fund A Impt 5 s ..1929 J J OIL* 92
Apr '19
1st consol gold 5s.....................1939 IY1N 9812 99
98
___ Registered _____. . . . . 103Q (VI N
------ 981* 1641, Jan -17

1

2

100i IOH

10634 108

70
J

98
99U

1003s 101%

91%
U
91 Apr T9
91 Mar’ 19

013s

9714

96
96
96

101i2
101
101
0U2

101

Railroad.
Atchison Topeka A Santa Fe—

9612
96*4
96%
96%
98 Apr T9

01 Apr T9
82
81% Apr T9
96% 9734 99 July’ 18
90%
96*2 Apr T9
96% 97% 9734 Deo T8
96%
9634 Apr T9
106% 107%

6

iQ

96%
96%
. _
%
Sale

I!

Chesapeake A Ohio (Con)—
General gold 4 >4 ...............1992 M
!
8 77
83%
Registered......................... 1992 IY1
73
76
8634 1
20-year convertible 4)4 s .1930 F
81
Sale 80%
47, 7734 81%
30-year conv secured 5s .1946 A
8912 Sale 87%
404 84% 89%
Big Sandy 1st 4s................. 1944 J
78% 75 I
Coal River Ry 1st gu 4 s ..1945 J
72 lg 8234 85% Nov'16
Craig Valley 1st g 5s......... 1940
827g ____ 96% Feb '16
Potts Creek Br 1st 4s____1946
66%____ 84% Jan ’ 13
It A A Dlv 1st con g 4 s . . . 1989 J
76
797g 76
76
14 75
76
J
d consol gold s............1989
695s 73l2 71 Oct ’17
Greenbrier Ry 1st gu g 4 s .1940 M N
74>g ____ 88% Sept’ 16
8034 ____ 113 Feb -15
Warm Springs V 1st g 5 s ..1941
Chic A Alton RR ref g 3 s . . . 1949
523s 52?s 52%
52%
1 60
63
1st lien 3>4s.......... 1950
367* 37
37
37
2 35*4 40
Chicago Burlington A Quincy—
Denver Dlv 4s____
1922
9 9 % ____ 99% Apr '19 ____ 99% 99%
Illinois Dlv 3>4s................... 1949
74l2 7634 75 Apr "19 —
73% 75*4
Illinois Dlv s . . .
83% 84l2 84% Apr ’ 19 —
82% 85%
99% 100
Iowa Dlv sinking fund 5sll919
99% Apr *19 —
99% 99*4
Sinking fund 4s...............1919
99 >8 99i4 99% Apr "19 —
99
99*4
Joint bonds.
Great North.
92% 93% 92%
Nebraska Extension 4 s ...192 7 M N
92%
92% 93%
Registered................
M N
8 8 % ____ 91 Mar-18 . J
General 4s________________
M S
807g 8U4 80%
81%
17 80
83%
Chic A E 111 ref A Imp 4s g_.1955 J J
27
30
28 Mar119
25
29
U S Mtg A Tr Co ctfs of dep.
26% 277g 25 Mar’ 19
22
25
st consol gold s____
A O 100 105 104 Feb -19
103% 104
General consol 1st 5s_____ 1937 M N
71% 84% 75 Feb -18
75
76
U Mtg A Tr Co ctfs of dep.
7 1 % ____ 70% Apr '19
70% 76%
Guar Tr Co ctfs of dep.........
73
75% 75 Nov’ 18
Purch money 1st coal 5 s .. 1942
9734 Feb "13
------- 25
Chic A Ind C Ry 1st 5s. . . 1936
32 Mar’ 17
61
Sale 60%
Chicago Great West st s .1959
62
59
62%
Chic Ind A Louisv— Ref s. 1947
100% 103 103 Jan -19
103 103
83% _ . . 100% Apr T7
Refunding gold 5s...............1947
68%___ 84% Apr T7
Refunding 4s Series C ____1947
56% 65
Ind A Louisv 1st gu 4s. .1956
60% Apr ’ 19
60% 60%
Chic Ind A Sou 50-yr 4s____1956
78
80
78% Feb T9
78% 7834
82 . . .
Chic L S A East st Ms . .1969
97% Dec T6
Chicago Milwaukee A St Paul—
72% 74% 72%
Gen'l gold 4s Series A ____ «1989
73%
72
76%
Registered____________ el9S9
92% Feb -lb
82
Permanent 4s..............
82% 82
82%
81% 84
69% Sale 68%
Gen A ref Ser A 4 Ms____a2014
70
60% 74%
77% 78
Gen ref conv Ser B 5s...a 201 4
77
77%
77
817*
63
Gen'l gold 3Ms Ser B ____el9S9
64
66 Nov-18
80% 83% 80% Apr "19
General 4 Ms Series C ____«1989
80
84%
70
25-year debenture 4s......... 1934
72% 70
72%
70
737*
76% Sale 76%
Convertible 4M s................ 1932
77%
75
817*
96
9834 97% Dec ’ is
Chic A L Sup Dlv g 5s____1921
_
_
_
_
Chic A Mo Rlv Dlv 5 s . . .1926
100
92 Oct -18
97% 99% 97%
Chic A P W 1st g 5s............1921 J J
97%
97
98%
70
C M A Puget Sd 1st gu 4s. 1949
79% 68%
70
68% 70
99%
Dubuque Dlv 1st s f 6 s . . . 1920
99% Apr ’ 19
993* 997*
99*4 l o o " 1047g sept’ 17
Fargo A Sou assum g 6 s .. 1924
98% 100
La Crosse A D 1st 5s......... 1919
99% Feb T9
99
9b%
96*4 Sale 9634
Wls A Minn Dlv g 5s_____ 1921
96-%
96% 98%
97
Wls Valley Dlv 1st 6s____1920
99 Jan '19
99
99
____
89
MUw A Nor 1st ext 4MS--1934 J D
88% Mar’ 19
88S4 88*4
85
00% 90% Dec *18
Cons extended 4M s____1934 J
89
Chic A Nor West Ex 4s 1886-1926 F
89
89
89 " *8 9 "
86%
" 95 Dec -18
Registered............. 1886-1926 F
70% Sale 70%
General gold 3 Ms................ 1987 M N
70%
71
•67
76
Registered...................... P19S7 Q
70% Apr T9
70%
82
General 4s.............................1987 M N
85
81% Apr -19
82%
82
Stamped 4s...................... 1987 M N 81
817g Oct T8
99%
M
N
99%
General 5s stamped............1987
99%
99%
98% 101
102 103 101% Apr T9
Sinking fund 6s_____ 1879-1929 A
101% 101%
Registered..............1879-1929 A
109% Apr T6
96
98
Sinking fund 5s......... 1879-1929 A
96%
96%
96% 96%
96 . .
Registered.............. 1879-1929 A
96 Nov’ 18
98
Sale 98
Debenture 5s.................... »J921 A
98
98
98
97
98
A O
IT
Registered............
98 Mar-19
97 98
93%
% 98% Feb '19
Sinking fund deb 5s______ 1933 M N
9612 96%
913* 100 97 Nov'18
IVI N
Registered........................
8 0 % ____ 101% Oct '16
Des Plaines Val 1st gu 4M* '47 M
10634
Frem Elk A Mo V 1st 6 s ..1933
106% Apr T9
106% 109
61 ____ 88 Jan T7
Man G B A N W lst3M s 1941
Milw A S L 1st gu 3M S ...194 1
10034 . .
Mil L S A West 1st g 6 s ...192 1
1003 Apr T9
100»4 100*4
9 8 % ____ 98 Apr -19
Ext A Imp s f gold 5 s . . . 1929
98
99
104 . . .
Ashland Dlv 1st g 6 s . . . 1925
104 Apr '19
104 104
104 106% 102% May’ 18
Mich Dlv 1st gold 6 s .. 1924
80%
84
Mil Spar A N W 1st gu 48.1947
78% Feb T9
78
78%
94% 9534 93 Apr T9
. St L Peo A N W 1st gu 5s 1948
93
98
Chicago Rock Isl A Pac—
75% 7678 75%
general gold 4s. ..198 8
75%
75% 79%
Registered....................... 1988;J
71% M ay’ l
73
Sale 72%
Refunding gold 4s_______ 1934 A
23 70
76%
20-year debenture 5s_____ 1932 J
70% Mar-19
70% 70%
69
sale
R I Ark A Louis 1st 4 M s ..1934 M
6 67
69
72
9
2
%
____
A
Burl C R A N 1st g 5s____1934
95 Apr "1
94% 96
92% 98%
C R I F A N W 1st gu 5 s . . 1921 A
97% 97%
9 8 % ____ 97
Cho Okla A G gen g 53—01919 J
Consol gold 5s................1952 M N
93 May’ 18
68
Sale 68
Keok A Des Moines 1st 5s 1923
68
65
70%
69
Sale 68%
St Paul A K C S h L 1st 4 Ms-41
69
66% 71
106 106% 106% Apr T9
Chic St P M A O cons 6s____1930
105 107
84% 86% 88 8ept’18
Cons 6s reduced to 3 M s .-1930
92
93% 92% Apr -19
Debenture 5s....... .............. 1930
91
97
104 ___ _ 118 Nov’ 16 —
North Wisconsin 1st 6 s ...1 9 3 0
St P A S City 1st g 6s___ 1919
100 Feb -19 — - 99% 100
9
2
%
____
Superior Short L 1st 5s g.el930
95 May’ 18
58
62% 60 Feb -19
ChicT H A So East 1st 5 s . . 1960
60
60
103% 104 103
Chic A West Ind gen g 6 s ..jl9 3 2
1 102% 103%
103
62
62% 62
Consol 50-year 4s_________ 1952
7 61
62%
65
Cln H A D 2d gold 4 Ms____ 1937
90 May’ 17
C Find A Ft W 1st gu 4s g 1923 M N
88 Mar’l l
Day A Mich 1st cons 4 Ms 1931 J J
79 Nov-18
D
67% 68
CJev Cln Ch A St L gen 4 s .. 1993
66
4 66
67%
72%
.1 78
79
20-yoar deb 4M s_________ 1931
78%
5 76
78%
80
D
82% 8434 86% Aug -18
General 5s Series B ______ 1993
73% 79
J
Cairo Dlv 1st gold 4s......... 1939
7834 Apr "19
78% 78%
J
J
66%
80
Cln W A M Dlv 1st g 4s. . 1991
6734 Feb T9
67% 67%
72% 76% 74 Mar T9
St L Dlv 1st coll tr g I s . . . 1990 M N
74
76%
7 4 % ____ 74% Jan ’ 19
Spr A Col Dlv 1st g 4s____1940
74% 74%
707*____
W W Val Dlv 1st g 4s____1940
84 Nov’ 16
99*4 100% 9934
C I St L A C consol 6s____1920 IVI N
9934
99% 99%
1st gold 4s.......................*1936 Q F 82% 90
87 Dec '17
Registered..... .............*1936 Q F
88% M ay-16
J 93 ____ 93 Apr "19
Cln S A Cl cons 1st g 5 s ..1928
93
937*
J 103 104 103% Apr '19
C C C A I gen cons g 6 s ..1934
103% 107
o
7 5 % ____ 94 July-08
Ind B A W 1st prof 4s____1940
82% . . .
J
O Ind A W 1st pref 5s...<fl938
51
56
Peoria A East 1st cons 4s. 1940 A O
55
55%
50
56
14% Sale 1334
Income 4s_____________ 1990 Apr
15
12
15
86 ____ 86 A p r -19 —
Cleve Short L 1st gu 4 Ms___1961 A O
86
89
87% 87% 87
Colorado A Sou 1st g 4s____1929
87% I
87
89%
Refund A Ext 4M s........... 1935
78% Sale 78%
78%
77% 79%
98% 9934 9934 Apr T9
Ft W A Den C 1st g 6 s ...1921
99
9934
Conn A Fas Rlvs 1st g 4 s ...1943
____ 9434
Cuba RR 1st 50-year 5s g ...l 9 5 2
93 Feb -16
Del Lack A Western—
72
74
Morris A Ess 1st gu3M S--2000
73 Apr ’ 19
73
73
N Y Lack A W 1st 6s......... 1921
100% 1017* 10078 Apr -19
1007g 1007*
Construction 5s________1923
9 7 % ____ 97% Mar’ 19
95*4 101
Term A Improvt 4s____1923
91% 96
92% Apr '19
92% 92%
Warren 1st ref gu g 3M s—2000
6 7 % ____ 102% Feb ’08

4

99%
97%
93
102%
72%
100
93%
84%
99
98
98%
105%
92%
93
89
77%
102%
102%
79%
61
100%
83

__

BONDS
N. Y . STOCK E X CH A N G E
Week Ending May 2

180 5

0

Duo June. 7i Due July. * Duo Aug. 0Due Oct. p Due Nov. q Due Dec. s Option sale.

N ew

1806
BONDS
. Y . STOCK EXCH ANG E
Week ending May 2

2 ! I
S fe

Week's

P r ic e
F r id a y

.S11* I May 2

20

J
J

3
3

43

&

53

53

43

43

43

t6
63

90**
J
831*
N
O 911*
74
O
N 102% 104
J
J
D
A
D
J

J
J

O
D
D
N
J
o
0
J
N
s
N
S
a
o
D
S
J
J
J
J
A
O
O
O
N
J

3

J
0
N
J
N
J
A
A
N
O
D
J
J
O
o
(>
D
J
J
O
J
J
J
J
Registered____
J
t Paul M A Mar
J
1st consolg .
J
J
J
J
D
D
J
A O
J J
J J
J J
J J
J D
Feb
Feb
Debenture ctfa " B ”
J J
J J
J J
Registered_____________
A O
Col A H V 1st ext g 4 s ..
Col A Tol 1st ext 4s______ 1955 F A
J J
J
j
J J
J
j
J J
A o
A o
M s
VI s
A o
Collateral trust gold 4s.
A o
Registered----------------M N
J J
M N
;M N
J D
J
i
J
;J
iJ J
A
F A
J J
J J
J J
J J
1F A
F A
1 J JU
M
1J u
1J D
J D
J D
D
u
D
D
M S
Ind III A Iowa 1st g 4 s___
J J
Int. A Groat Nor 1st g 6 s ..
M N
J D
) A J
1A O
Registered..
1J J
Kansas City Term lat 4s.
)J J
J J
LJ J
5A 0
J
0J
0J J
3M N
3 IV1 N
Gonoral cons 4H 3-

3

63.-1921
6

63

Q
J
J
■1
J
J
J
J
J
J

V

a

1
J

High

96%
90%
84
84
90% Apr T9
73%
74
10234 Apr T9

L010 High

0014

96
83% 85%
90
95%
73% 77

>3

102% 102%

27: 63% 73
63
63
l 72 76
72 %
72
79 Mar T9
--I 79 79%
71 45 57%
45%
43%
87% N V I
38
61% Apr T1
...............
39 July'17
isi 63% 72%
63%
6334 Sale 63
56 Apr ’ 19
57
55
—1 56 59
82 Deo TO
78
65
75% July’ 10
78
50
’ I *80 " ’ 81%
30
81% 80
96% June’ 18
97%
92%
92%
92% 94%
92% 109
105% Mar’03 j
1 83
84%
84%
84%
84% 83
99
N ov'l*
93%
9 99% 100%
100%
9934 Sale 99%
78% Oct ’ 18
81
99% 9 J *4 96% June’ 18
93% Jan T
91%
99% July’ 17
90%
94% Nov'15
82%
97% 100% 100% July’ 18
%
67%
65
70%
Sale
66%
4 Dec To
52% 56%
54%
533.t Sale 53
73 Juno’ 19
82
77% 78
77% Feb ’ 19
79
40% 49
Sale 47
47
47
46
48%
47
46% Sale 46
Sale 43%
47% 52%
50
50
Sale 90
90
05%
90
90
106% Jan T7
91%
90% 101
98% 99% 98 Apr T9
95% 101
97 Apr T9
90%
108 108
107 109 108 Mar’ l ’J
103 Jan T
93%
102% July’ 17
87%
85 Jan TS
87
71 Apr T9
71
78%
76
71
100% Deo ’06
69% 60 JuqoTS
8312 98% 97 Deo T
103 Jan T7
86
70
4
64
60
23% Jan T7
96
98
97
96 Feb T9
94
85% June*17
66%
108 N '.vT l
98% 95 June’ 12
82
82
82% 83
92 Aug ’ 10
56% Oct T7
57
80 Deo T
70% 78
95% 22 4 95% 90
95% Sale 95%
2! 95% 95%
9533 SUe 95%
95%
89
86% 86
86% 15 85
80
96 June'16
89% Apr T
88
103% 108%
104 108 103% Apr T9
118 Apr T7
102
93
95
93
93% 93 Apr T9
90% 99 102% May’ 16
86% ~88%
% Mar’ 19
85 is 86
95% Mar'10
83%
85% Nov’ 15
77
80 Nov’ 18
100%
100% M ayT
106% 106%
107% 10834 106% Apr T9
136% May’OO
102
98 Apr T9
98
9912
OS's-----90% — - 109% Aug TO
51
52
____ 79% 51% Feb T9
6% 8%
7
%
8% Sale
80
82%
____ 76% 80 Jan T9
77
83
771-t
Sale 77%
73% June’ 18
7 0 % ------ 73% Oct TS
76% 70%
76% Apr T9
701* 77
86 88 85 Deo T
87 Mar’ 19
80
88
85 -----92 Sopt’17
Oct TS
72 >8------Nov’ 15
7 1 % ------- 84
7 2 % ------- 80 JuneT7
7 1 % ------80 July'09
Sale
S ile
76
Silo

03%
72 %
75
43
77

'1

0 6

—

'4

8

__

66
8

___

8

__
__
-- . -- --

8

6

—

8

8

__

86

__

8

8

771.1

8

7534

77 Fob T9
95% Sept’ 12
80% 81% 7934 Apr T9
71% Apr T9
72% 73
74 Apr T9
7334 75
71% Apr T9
7 0 % ----78 Nov’ 18
7 8 % -----79 Feb ’ l l
60 —
73% Nov’ 18
67% - - S3 Aug T2
9 7 % ------- 102 June’ lfl
01 - - 58% Sept’ 18
62 Oct T 8
01
05
70% 72% 65% Oct T8
6 4 % ------- 80 JunoTO
07% 81% 80% Nov’ 10
80% Deo T8
76% 80
92 Nov’ lO
9 5 % ------- 117% May’ 10
7 3 % ------- 73 Mar’ 19
9 5 is ------- 9834 Apr T9
* 9 4 % ------- 95% Fob T9
66%___ 65% July’ 18
75% 81

90 Apr TO
70% Oot TS
7234 . . .
05 Noy’ 17
____ 78
Jan ’ 19
80% —
8 0 % ------- 80% Feb TO
93 Apr TO
92% 96
82 Fob TO
8034 90
60% Apr TO
601s 63
73 Oot ’09
85^4 Sale 85
85:«4
77% Sale 77%
77%
88
88
85
90
80% Feb T7
____ 74
80% Oct T8
____ 95
80 Apr TO
8912 - - 89 Oot T7
82% 87
8 0 % ------- 80% Apr T9
85 Apr T9
83% — 88

77

79

7812
71%
73
71%

84%
72%
77%
71%

73
73
94% 9934
95% 95%

91

7934

[Vol . 108

R eco rd — C ontinued— P age 2
R ange
S in ce
J a n . 1.

Range or
Last Sale

,OlO

&

Delaware
Hudson—
1st lien equip g 4 H s ...........192 2 J
1st «& ref 4a______________ 1943 iM
-yoar conv 53_________ 1935 A
Alb & Susq conv 3H ^___ 1946 A
Renas & Saratoga 1st 7 s .. 1921 !YI
Denver & Rio Grande—
1st cons g 4a_____________ 1936 J
Consol gold 4 H * -------------1936
Improvement gold 5s------1923
1st & refunding 53_______ 1955 F
Rio Gr Juno l t gu g 5 3..-193 9 J
Rio Gr Sou l t gold 4s----- 1940 .1
Guaranteed------------------1940 J
Rio Gr West 1st gold 43.-1939 J
Mtge <&coll trust 4s A . .1949 A
Det & Mack—-1st lien g 43.-1995 J
Gold
_________________ 1995 J
Det Riv Tun Ter Tun 4 ^ 3 .-1 9 6 1 M
Dul Mlssabe
Nor gen 53.-1941 1
Dul
Iron Range 1st 5a----- 1937 A
Registered_____________1937 A
Dul Sou Shore «& Atl g
— 1937 J
Elgin Joliet A East 1st g 53.-1911 rd
Erie 1st consol gold 7s---------1920 M
N Y A Erie 1st ext g 4a. . . 19 47 .VI
2d ext gold 5a______ ______1919 M
3rd ext gold 4 Ha________ 1923 fVl
A
4th ext gold
---- ------------ 19:
J
M
Erie 1st cons g
prior— 1996 J
Registered---------------------1996 J
1st consol gen lien g 4s. 1996 J
Registered----------------- 1996 J
Penn coll trust gold 4 s .-1 9 5 1 F
59-year conv
Ser A . -1953 A
do Series B_________ 1953 A
Gen conv
Series D ._ 1953 A
Chic A Erie 1st gold 5 s . . -1982 ai
Clev A Mahon Vail g 53.-1938 J
Erie A Jersey 1st s
s __ 1955 J
Genesee River 1st a f 0 s . - . 1957 J
Long Dock consol g -------1935 A
Coal A RR 1st cur gu 6a_.1922 (VI
J
Dock A Inapt l t ext 5s.
(VI
N Y A Green L gu g 5s..
J
F
F
M
A
J
J
J
Evansv A T H 1st cons
A
lat general gold 5s_____
A
M t Vernon lat gold s.
A
Sull Co Branch 1st g 5s
J
J
J
A
J

&

Y ork Bond

7934 7934
80% 82
93
90
82
82
00
64%
81% 8534
70
81
83
90
89

92

75% 80%
85
90

BONOS
N . Y. STOCK EXCHANGE
Week ending May 2

II

“1 ^

B id

a

Loh V Term Ry 1st gu 53.-1941
Registered__ - ____________ 1941
Loh Val RR 10-yr cull 03—«1923
Leh Val Coal Co 1st gu g 5s. 1933
Registered________________ 1933
lat lnt reduced to 4.s_____ 1933
Leh A N Y 1st guar g 4s____ 1945
Registered________________ 1945
Long laid lat cons gold 5s._/*193t
lat consol gold 4s_______ 51931
General gold ___________ 1933
Ferry gold 4 Ha__________ 1922
Gold Is..............................- 1 9 3 2
Unified gold 4s___________ 19 49
Debenture gold 5s-----------1934
20-year p m deb ________1937
Guar refunding gold 4a — 1949
Registered..........................1940
N Y B A M B 1st con g 5a. 1935
N Y & R B 1st gold 5a____1927
Nor Sh B 1st con g gu 5s.ol932!
Louisiana <&Ark 1st g 5a____ 1927
Louisville & Nasbv gen 6s__1930
Gold
.................................1937 M
Unified gold 4s..................... 1940T
Registered_____________ 1940 jJ
Collateral trust gold ___ 1931 M
L Oln 3c Lex gold 4H 3- — 1931 iM
N O A M st gold s......... 1930!J
2d gold 03......................... 1930! J
Paducah A Meal Dlv 43.-1946] F
St Louis Dlv 1st gold 03._ 192L>.VI
2d gold 3s......................... 1980,51
Atl Knox A Cin Div 4s
1955;IV1
Atl Knox A Nor 1st g 5s. _ 19 46! J
Tender Bilge 1st s f g 6s._193l|M
Keutucky Central gold 4s. 1937; J
Lex A East lat 50-yr 5s gu 1905 A
L A N A M A M 1st g 4 H* 1945 M
L A N-South M Joint 4 a .-1952 J
Registered__________- .519521Q
N Fla A 3 lat gu g 5 s ___ 1937 F
N A C Bdge gen gu g 4H9-1945 J
Pensac A Atl 1st gu g Gs— 1921IF
S A N Ala cons gu g 5s
19361F
Gen cons gu 50-year 5s. 1963! A
L A Jeff Bdgo Co gu g 13---- 1945 M
Manila RR— Sou lines 4s— 1936
Mex Internat 1st cons g 4 s .-1977
Stamped guaranteed-------- 1977
Midland Term— lat a f g 53-1925
Minn Sr Louis 1st 7s------------ 1927
Pacific Ext st gold s____ 1921
lat consul gold 5a_________ 1934
lat A refunding gold 4a . — 19 49
Ref A ext 50-yr 5a Ser A . -1962
Des M A Ft D lat gu 4a-.19 35
Iowa Central l t gold 5a_-193S
Refunding gold 4a_____ 1951
M S t P A S M con g 4s lnt gu. 1938
lat cons 5a________________ 1938
lat Chic Term a f 4s______ 1941
M S S M A A 1st g 4s lnt gu .’ 20
Mississippi Central 1st 5s — 1949
Missouri Kansas A Texas—
1st gold 4a________________ 1990
2d gold 4a_______________(71990
1st ext gold 5a_________ 19 4 4
1st A refunding 4 a ______ 2004
Tru^t Co certfa of dep,
Gen sinking fuud 4 H * - - 1936
St Louis Dlv lat ref g 4s _-2001
secured notes “ ext” TO
Dali A Waco lat gu g 53.-1940
Kan City A Pac 1st g 4 s .-1990
Mo K A E lat gu g ____ 19 42
M K A Okla 1st guar 53.-1042
M K A T of T lat gu g 5a 19 42
Shor Sh A So lat gu g 53.-1942
Texas A Okla lat gu g 5s. .1943
Missouri Pacific (reorg Co)—
lat A refUQdlng 53 Ser A . -1965
lat A refunding 5a Ser Ba 1923
1st A refunding
Ser C —1926
General 4 a ----------------------1975
Missouri Pac 1st cona g 03--1920
40-year gold loan 4a______ 1945
3d 7s extended at 4 % ____ 1938
Boonv St L A S lat 5a gu_195l
Cent Br U P lat g 4 a ____ 1948
Pac R of Mo lat oxt g 4a..1938
d extended gold 5s____1938
S t L I r M A 3 gen con g 5a 1931
Gen con stamp gu g 5a.-1931
Unified A ref gold 4s — 1929
Registered..................... 1929
Rlv A O Dlv 1st g 4 a ... 1933
Verdi V I A W 1st g .58. — 1920
Mob A Ohio now gold s____ 1927
1st ext gold s____ _______51927
General gold 4a___________ 1938
Montgomery Dlv lat g 53.19 47
St Louis Dlv 5a...................1927
St L A Cairo guar g 4s------ 1931
Nashv Chatt A St L 1st 53— 1928
Jasper Branch lat g 6a— 1923
Nat Rys of Mex pr lien 4 H-s-1957
Guaranteed general 4a____1977
Nat of Mex prior Hen 4 H9-1926
1st consol 4s______________ 1951
New Orleans Term lat 4s— 1953
N O Tex A Mexico lat 6a— 1925
Non-oum Income 5s A ------ 1935
New York Central RR—
Conv deb
______________1935
Consol 48 Series A . . . ------- 1998
Ref A Imp 4 Ha ‘‘A ’’ _____ 2013
Now York Cent A Hud Rlv—
Mortgage 3 Ha___________ 1997
Registered______________1997
Debenture gold 4a_______ 193 4
Registered_____________ 193 4
Lako Shore coll g 3 H s ____1998
Registered______________1998
Mich Cent coll gold 3 Ha-1 0 9 8
Registered______________1998
Battle Cr A Stur lat gu 38.1989
Beech Creek 1st gu g 48.-1930
Registered______________1936
d guar gold 5a_________ 1930
Registered___________ 1930
Beech Cr Ext lat g 3H3-51951
Cart A Ad lat gu g 4a------ 1981
Gouv A Oswo lat gu g 53— 1942
Moh A Mai lat gu g 48— 1991
N J June R guar lat 4a— 1986
N Y A Harlem g 3 H s ------ 200D
N Y A Northern lat g 5a. 1923

43

53

53

1

53

1

6

1

6

3

8

5%

53

53

2

6

63

2

6

P ric e
F r id a y
M ay 2

100

W e e k 's
R a n g e or
L a s t S ale

A sk L ow

H ig h

$31

!*

No. Low High

____ 100% Fob T9 ____ | 98% 102%
Mar’ 17

7 101% 102%
102 %!
102% SUo
97% 97%
97>i Mar T9 —
99% 101
Oot T3
79%
76% 79% 70 July’ 18 .
90%
87
76%
S9%
75
74
81

97%
98
7811
96%
75%

. _

76

75
Sale

94
92
90
85

93
93%
88

97%
85
85%
93%
92%
103
90%
78%
99%
55%
76
97%
101%
70%
04%
85
71

97%
95
L0l%
____
84
____
58
78
100%
____
79
73

92% 98
82 34
L0l%
96%
88% 95%
70% —
—
101
96
74%
42%
—
76%
43
84%
96%
88
90%
82%
06
3012
20%
45
40
30
25
53%
40
57%
52
—
8334
91%
89%
01%
99%

98% Apr T9
99% June’ lG;
79 Jan T9
86% Mar’ 10;
99% Oft ’03;
75% Mar’ 19
84 Apr T9
76% Mar T9
76
76
95 Jan ’ l l
94 Jan T9
92 Apr T9
90% Apr T9
86 Apr T9
LOS Feb T9
97% Apr T9
85
85
96% Jan T 7
97% Apr T9
93% Fob T9
L04 Apr TO
LOO Jan T9
79% Jan T9
LOO Apr T9
55%
55%
79 Apr T9
05 Nov’ lS
103% Scpt’ 18
70%
76%
92% Apr T9
87% Apr T 9
73 Apr T9
95 Fob ’05
95 Aug TS
97% May TO
101% Jan T9
06% Mar’ 19
92% Apr T9
60 July’ lS

Mar’ lO 77
75 Nov’ lO 91% JuneT7|_
LOl July’ 18 .
___ 97% Apr *19 76% 70 Apr ’ 19|42’4
SUo 4234
50% Deo '18 50
60% Fob T 5 70%
Sale 70%
43 I
Salo 42
84%l
Sale 84%
9734 Feb TO 92 Jan T 7 94% Jan TO 95 Deo *10 .
90

9034 98%
79
80
86% 80%
75% ’ 75%
76
84
75
77%
75
76%
94
94
92
92
903S 91

86

88%

108 108
97% 100%
83% 88%
97% 100
93% 93%
103% 105%

100 100

79% 79%
160 100%
55% 57
75% 79
75
80%
92% 95%
85% 8712
71
73

101% 1013s
9638 90%
92% 03

60

Salo
Sale
31
45%
40
31
35
40
55
57
59
65
50
87%
Salo
893t
Salo
100

00
03%
31
30
29
29
45
45
43 Feb TO
31 Apr T9
10 Nov’ lG
69%
53
50
70
50%
51
30%

Apr T7
53
Jan T9
70
Mar’ 19
Deo TO
Nov’ 18

87
91%
89

87
91%
89%

00%

02

97% 99
70
78%
41% 47%
70% 7712
42
40%
83% 89

9734 9734
94% 94%
69
34
29
47
43
29% 31

53
50
70
50%

53
50
71%
51

83-14
91%
88%
57%
98%

87%
04%
92
63%
100

99%
99%
58 Oot T 8
82 Apr T7
lOO Feb *13
97% Deo *13
80% Apr T9
10034 Apr *18
94
94%
102 July’ 14
80
80%
80% Oot T7
75%
70%
78 8npt’ 15
102% Apr ’ 19
95 May*18
71 Nov’ 18
80% Apr T9
87 Apr T9
80% Apr T9
98% Apr *19
.10% Mar* 17
50 Mar T9
35 Aug ’ 10
96% Fob *13
21 Aug *18
07% Apr T9
95
95
51
53%

102% 105%

97%
97% Sale 97%
75% Apr T9
70
74
81
82%
82
81

97
9934
73% 78%
81
85%

67% . . . .
06% 84%
80% 90
87% _ - - 94% Sale
80

Sale

76% Sale
91%
102% 103%
95% —
87%
84
80%
98%
10034

83
.31%
100
104%

07% 70
943i 95
51%
51

7034
70% 71% 70%
723.1 00% Aug *18
82%
83
8234 84
79 Nov’ 18
66% 003.1 05 Apr T9
02%
05% 02%
03
00% 00 Apr T9
05
75 Mar’ 17
70
84“ —
88% —

8034 82
94

90%

78% 82%
72%

77

86% 80%
80% 87
80% 80%

9834 100
50

59

06% 0834
94
97%
50
58%

64% 68
02% 07
05
70

80% Deo ’ IS
Nov’ lO
May TO

9534

104

75%

49

Nov’ 10

753i ____
70%
75
97% —

731s
89%
80
97%

Oot *18
Fob *10
May*17
Feb T9

* No price Friday; latest bid and asko l this week. a Duo Jon. 6 Due Fob. » Due Juno. A Duo July, n Due Sept, o Due Oct. s Option Solo.




R ange
S in c e
Jan. 1.

97%

97%

3 1 9 1 9 .1

N Y Cent

St Lawr <& Adlr let g

on..

£

A
J
A
J
J
J
J
A
J
J
J
M
iVI
M
J
J
A
J
J
IN
Q
j

j
M

:n

N Y Chi & St L 1st g 4a .

N Y N II

A Hartford—

A
A
A
M
J
J
M
J
F

Price
Week’s
Range
Fridag Rangeor
Since
Mag 2
Last Sale
Jan. 1.
Bid AskLow High ____
No. Low High
78%
Bonds
\ Sold

AH It [til (Con)-

T3
■J

I

BONOS

N. Y. STOCK EXCHANGE
Weak ending May 2

N ew Y o rk B o n d R ecord— Continued— Page 3

Interest

a y

1

M

0
D

79%
103%
O
98% 99
J
77
62
J
56%
J
J
84%
O 88%
J
95% ___ _
D
71% Salo
D
72%
88% Sale
3
80% 80%
N
N
J
92 ____
J
O
J 103%
J 102%
93%
IVI
82% 83%
j
J
70%
70% 73
N
82-% 83
O
81
Salo
O
O
77
74% 74%
N
76
Sale
J
J 74
99%
N
102
82
A

\)6

s

1

iVI S
IY1 S
A O
J
iVI N
J J
J J

J

53
50
50
53
53
51%
81%

J
J
IVI Nr
K A
J
M s
M N
IN N
A O
J J
A O
j
J
j
J
M N
J J
M S
J J
W A Con East 1st 4M s.
M
M
J D
F A
M N
rd A
F A
A O
A O
A O
J J
J D
M S
M S
_.
Poeah C A C Joint 4 s ...1941 J D
J J
M N
Northern Pacific prior lien rail
Q J
Q J
<1 F
Q F
J J
J D
St P A N P gen gold 0 s...192 3
Registered certificates..1923
8t Paul A Duluth 1st 5 s . . 1931
1st consol gold 4s___...1 9 0 8
Wash Cent 1st gold 4s____1948
Nor Pao Term Co 1st g 0 s .. 1933
Oregon-Wash 1st A ref 4s___1901
Paclflo Coast Co 1st g 5s___1940
Paducah A Ills 1st s f 4M S..1955
Pennsylvania RR 1st g 4 s .. 1923
Consol gold 5s_____ ______1919
Registered_____________ 1919
Consol gold 4s___________ 1943
Consol gold 4s___________ 1948
Consol 4 Ms_____________ 1900
General 4 Ms____ ______...1 9 6 5
General 5s________________ 1968
Alleg Val gon guar g 4 s ...194 2
D R RR A U’gO 1st gu 4s g 1930
Phlla Halt A W 1st g 4 s . . 1943
Sodus Hay A Sou 1st g 5a. 1924
Sunbury A Lewis 1st g 48.1930
U N J RR A Can gon 4 s .. 1944
Pennsylvania Co—
Guar 1st gold 4M8— - — 1021
Regis tered_____________ 1921
Guar 3Ms coll trust reg A . 1937
Guar 3M9 coll trust scr B.1941
Guar 3M» trust ctfs C — 1942
Guar 3 Ms trust ctfs D — 1944
Guar
- -ycar gold 4 s . . 1931
40-year guar 4a ctfs Ser E.1952
Cln Leb A Nor gu 4a g -..1 9 4 2
Cl A Mar 1st gu g 4M 8---1935
Cl A P gen gu 4M8 aer A . 1942
Series B ________________ 1942
Int reduced to 3M 8--1942
Series C 3 M s.....................1948
Series D 3M s.................. 1950
Erlo A Pitts gu g 3Ma B — 1940
Series C ________________ 1940
Or R A I ex 1st gu g 4M*-1041
Ohio Connect 1st gu 4 s . . .1943
Pitts Y A Ash 1st cons 58.1927
Tol W V A O gu 4MS A . .1931
Series B 4M s...................1933
Series C 4s_____________ 1942
P C C A St L gu 4Ms A . . 1940
Series B guar__________ 1942
Series C guar__________ 1942
Series D 4s guar________1945
Series E 3M8 guar gold.1949

J

ss

15 25

78%
113
99
07
61%
67
101
103
95%
71%

Apr T9
May’ lS
Apr T9 ____
Jan T9
Feb T9 ____
Feb T9
Nov’ 10
Nov'16
Apr T9 ___
73
3

78

80

99
99
67
67
61%
%
67
07

01

95% 95%
71% 73

87%
88%
25 86% 90
8034
80%
89
1 86
83% Nov’ 17 ____ |
101%
103
130%
123%

Dec T5
May'17
Jan '09
Mar'12
82

84

____
70%
83
81
85
74%
75%
74
99%
98%
84

Apr T9
Mar'19
82
ii
Nov' 17
74%
70
Apr T9 ___.
Feb T9 ____
July’ 17
'85%

70% 70%
82
85
80
83

73

8634

53
50
53% 50
53
55
52%
50
Sale 49%
Salo 80%
50
91%
60

Feb T9
Apr T9 ____
50
53
52%
51%
81%
46
Oct T7
Jan '12
July’ 18

53
50
50
53
52
49%
80

54
50%
52
50%
59%
52
88

2
7

2

1
1
1
4

50%
74%
7334 Dec' 18
79% Deo T7
72%
60% Apr T9 . . . .
60% 62

71
75
75
81%
7834
74
99% 99%

60% 62%

100

90%
% May’ 16
70%
87 July’ 14
81%
83 Aug T3
44% Sale 44
44%
9034
74%

65%
_ _ __
04%
09%
87%
108
106%
106%
81%
80 %
72
____
107%
83%
97*>8
78

100

80%
93%

86%

82%
Mar’ 19
68%
Oct T8
Apr T9
Aug T8

’19

93

95
84%
81%
87
90%
80%
80% 93% 92
97%
97
77%
77%
77
75%
85

40

40

107

103% 8ept’ 17
97 Feb ’ 19
78 Deo ’ 18
36% Deo ’ 16
107% Mar’ 19
76%
77%
35 Apr
100% Feb ’ 17
05% Apr ’ 19
09% Apr ’ 19
99% Feb ’ 19
88% 90% Nov’ 18
87% 86% Apr ’ 19
94
93%
%
Sale 86
80%
Salo 94%
95%
Nov’18
84% Bept’ 10
87% Jan ’ 19
102 Jan ’93

97%
70
85
71
85
107%
77 _77'%
85
8012 "95
95%
99% "99%
99% 99%

86%

42% 53

Salo 65%
65%
4 65
70
70
92% June’ 12
60 Apr 18
Sale 69%
09%
9 67% 69%
95
81% June'18
109 108 Mar’ 19
108 109*2
122 Nov'10
108% 107% Deo T8
84% 81%
81%
3 81% 86*2
93% Deo TO
81
81
81
5 7978 82
____ 84% Feb T9 ___n 84
841?
117% May’ 17
104% Apr T9
104% 104%
Sale
%
% 141 105% 108%
84% 83% Apr T9
83-33 86 ~
- - -• 103 Bept’ 16
79% 76%
76%
1 76
81

82% Sale 82
___ _ 82% 82
58% 59
68%
68
85% 87
85%
76
80
74

100%

23

70 8eptT7
40 Feb T9
997S Dec '13
88% Feb '14

85
69

12
9

82
86
82
82
58% 61%
8512 90

102 102
97

98%

107% 107%
74% 79%
85
88
95% 95%
99% 99%
99% 99%
86%
93%
84%
94

89%
90%
89%
97%

87% 87%

Deo’ 17

98

97% Apr ’ 19
90%
90%
87 Feb ’ 17
78% 78 Jan ’ 19
81% July’ 17
88 80% Doe ’ 16
80% 85 Apr ’ 19
80%
85% Feb ’ 19
81%
81%
81%
88% 95
90% M ay’17
92%
90% M ay
92%
104 Deo ’ 15
90% Feb ’ 12
73%
90% Oct ’ 12
73%
88% Feb ’ 17
77%
88 Apr ’ 17
77%
90% Juljr’ 12
85%
84% Deo ’ 18
85%
83% Apr ’ 19
97%
93 May’10
89% 94
98% Apr ’ 17
89%
92 Deo ’ 17
79
88% Sept’17
91
94ts 94% Jan ’ 19
90% 90% 92% Jan ’ 19
90% 99
99 June’ 17
89% 90% 90% Sept’ 18
88%
90% 8ept’ 18

(Con

4
89% 93
\
90% 92%
3
104*4
F __________

100-8

6

.
.
J
>
J

1950

1997

3

1950
1950

98% Nov’ 18
84 Mar’ 19
87 Fob ' 14

60

Price
Week's
Range
Fridag
Rangeor
ince
Mag 2
Last Sale a -o JS
an. 1.
iB
id AskLow Hilift No. Lote High
3
89% 93
91 Sept'lS

BONDS
N . Y. STOCK EXCH ANG E
Week ending May 2
P. C. C . A St. L
.)—
Series F guar 4s g o ld ... 1953
Series G 4s g u a r ........... 1957
Series I cons gu 4 M s .. . 1903
C St L A P 1st cons g 5a __1932
Peoria A Pekin Un 1st s g__1921
2d gold 4 Ms....................... 01921
Pore Marquotte 1st Ser A os.1956
1st Series B 4s___________
Philippine Ity 1st 30-yr s f 4s 1937
Pitts Sh A L E 1st g 5s_____ 1940
1st consol gold 5s________ 1943
Roadlng Co gen gold 4s......... 1997
Registered__________. . .
Jersey Central coll g 4 s . . .1951
Atlantic City guar 4s g.__1951
St Jos A Grand Isl 1st g 4 s . . 1947
St Louis A Sau Fran (reorg Co)—
Prior lien Ser A 4s_______
Prior lien Ser B 5s__ __
Cum adjust Ser A 6 s ...I h l9 5 5
Income Series A ______ A1960
St Louis A Sau Fran gen 68.1931
General gold 5s_________
St L A S F RR cons g 4 s .. 1996
Southw Dlv 1st g 5s____ 1947
K C Ft S A M cons g 6s. 1928
K C Ft S A M lty ret g 48.1936
K C A M R A B 1st gu 5s. 1929
St L S W 1st g 4s bond ctfs. .1939
2d g 4s Income bond ctfs.pl9S9
Consol gold 4 s___________
1st terminal A unifying 5s. 1952
Gray’s Pt Ter 1st gu g 5s. 1947
S A A A Pass 1st gu g 4s____ 1943
Seaboard Air Line g 4s_____ 1950
Gold 4s stamped_________
Adjustment 5s__________ 01949
Refunding 4s....................... 1959
Atl Blrm 30-yr 1st g 4s..el933
Caro Cent 1st con g 4 s . . . 1949
Fla Cent A Pen 1st ext 0s. 1923
1st land grant ext g 5 s .. 1930
Consol gold 5s_________
Ga A Ala lty 1st con 5s..ol945
Ga Car A No 1st gu g 5 s .. 1929
Seaboard A Roan 1st 6 s ..1926
Southern Pacific Co—
Gold 4s (Cent Pac c o ll)..161949
Registered____________ *1949
20-year conv 4s__________
20-year conv 5s___________ 1934
Cent Pac 1st ref gu g 4 s .. 1949
Registered______________1949
Mort guar gold 3M 8-.*1929
Through St L 1st gu 4s. 1954
G IX A S A M A P 1st 681931
2d oxten 5s guar________1931
Glia V G A N 1st gu g 5 s .. 1924
Hous E A W T 1st g 5s___1933
1st guar 5s red_________1933
H A T C 1st g 5s Int gu___1937
Gen gold 4s Int guar____1921
Waco A N W dlv 1st g
’30
A A N W 1st gu g 5s______ 1941
Louisiana West 1st 6s____1921
Morgan’s La A T 1st 6 s .. 1920
No of Cal guar g 6s______ 1938
Ore A Cal 1st guar g 6s___1927
So Pac of Cal— Gu g ___1937
So Pac Coast 1st gu 4s g ..l9 3 7
San Fran Terml 1st 4s___1950
Tex A N O con gold 6s___1943
So Pao RR 1st ref 4s_____ 1955
Southern— 1st cons g 5s____1994
Registered........... .............
Develop A gen 4s Ser A ___1950
Mob A Ohio coll tr g 4s___1938
Mom Dlv 1st g 4Ms-5s__ 1996
St Louis dlv 1st g 4s_____ 1951
Ala Gt Sou 1st cons A 5S..1943
Atl A Chari A L 1st A 4 Ms 1944
1st 30-year 5s Ser B ____1944
Atl A Danv 1st g 4s______ 1948
2d 4s.................................. 1948
Atl A Yad 1st g guar 4 s ..1949
E T Va & Ga Dlv g 6 s ...1 9 3 0
Cons 1st gold 5s________1950
E Tcnn reorg lien g 5s____1938
Ga Midland 1st 3s________1940
Ga Pac lty 1st g 6s......... .1922
Knoxv A Ohio 1st g 0s___1925
Mob A Blr prior Hen g 68.1945
Mortgage gold 4s______ 1945
Rich A Dan deb 6s stmpd.1927
Rich A Meek 1st g 6s____ 1948
So Cur A Ga 1st g 5s......... 1919
Virginia Mid Ser D 4-5S..1921
Scries E 5s........................ 1926
Series F 5s______________1926
General 5s______________1930
Va A So’w’n 1st gu 5 s ..2003
1st cons 50-year 5 s ..1958
W O A W 1st cy gu 4s____1924
Spokano Internet 1st g 6 s .. 1955
Term Assn of St L 1st g 4 M b.1939
1st cons gold 5s_____ 1894-1944
Gen refund s f g 4s________1953
St L M Brldgo Ter gu g 58.1930
Texas A Pao 1st gold 6s____ 2000
2nd gold IncomeSs______ J2000
La Dlv B L 1st g 5s_______1931
W Min W A N W 1st gu 6sl930
Tol A Ohio Cent 1st gu 5 s ..1935
Western Dlv 1st g 6s.......... 1935
General gold 5s___________ 1935
Kan A M 1st gu g 4s_____ 1990
2d 20-year 5s__________ 1927
Tol P A W 1st gold 4s............ 1917
Tol St L A W pr Hen g 3 M s. 1925
50-year gold 4s___________ 1950
Coll trust 4s g Ser A _____ 1917
Trust co ctfs of deposit
Tor Ham A Buff 1st g 4s../>1946
Ulster A Del 1st cons g 6 s ..1928
1st refunding g 4s_________ 1952
Union Paclflo 1st g 4s............ 1947
Registered________________ 1947
20-year conv 4s__________ 1927
1st A refunding 4s______ 02008 M
10-year perm secured 6s .1928
Ore RR A Nav con g s . . 1946
Oro Short Line 1st g 0s___1922
1st consol g 5s----------------1948
Guar refund 4s_________ 1929
Utah A Nor gold 5s____ 1926
1st extended 4s_____ 1933
Vandalla cons g 4s Ser A ____ 1955
Consols 4s Series B ______ 1957 M
Vera Cruz A P 1st an M s.1934

97% 98%
90% 907s
78

78

83% 85
85% 87
81% 81%

’18

8312 83%

94% 94%
92% 91%

1931

102
68

1932

1

1950

1

1943

1

gl929

!
3

7
7
3
7
1

63

1
1
1

6a

4

75%
____
84
107%
79
_____
82%
79
913
85
91%
92%
92%
97
93%
94
91
99%
97
94%
97%
96%
92%

Sale
Sale
Sale
Sale
106
98
—

68

75%
75%
Sale
Sale
79%
83%

4
4
101
97
102

93%

97%
94
%
95

100

102
101%

1
1

68
1
1 86
1
88

70%
95% 99%
93% 100
92% 95%
56
57
99
%
1013
91
97
____
%
96% 102
70
____
95%
. 93
92% ____
94% 96%
% 94%
70
78%
l —
____
% 90%
933s Sale
72
74
90% 94%
89
Sale

1

1

88
862
88

7 5 % ____
92
80

95
89%
75%
80

D

D

O
J
J
J

sJ

D
A
J
D
J
J
A
N
J

Mar'16
85
70%
Apr '19
Jan ’ 18
Dec ’ 17
83%
M ar'19
Mar'19
Mar’ 19

102

68%
Aug '18
68%
5S
Apr ’ 19
59%
Jan '14
64%
Mar'19
Apr '19
49%
Apr T9
Apr T9
Apr T9
Apr T9
D e c '15
Jan T9
Juno’ 18
Apr T9
Mar'19

20
20

86

100

86

102

837g 88%
68%
45

72%
47

82% 86%
81% 81%
84% 85
60

60

59
73%
62%
40%
102
96%

64
79%
71
49%
106
98

101% 103%
66% 75%
66
57%
57%
58%

74
581*
61%
02

64%
71
70
47
57
74
76

68

72
74
53%
60
80
70

90

90

94

94%
96

100% 10034

95%

8

893.1
68

8
8

Apr T9
Jan T9
Oct T8
75
Apr T9
—
Apr T9
Feb T9
73
83% 75% Feb T9
52
Sale 52
52
18% Mar’06
18 Aug T8
70% 87
80 Apr '17
92
89% Dec '18
70
58 Sept’ 17
% Sale 86%
86%
84% 85% Oct '18
87% 87% 86%
87%
79% Sale 79%
79%
103% Sale 1
103%
81
82
80 Apr T9
% Sale 1
100%
97% 97% 97%
97%
87
Sale 86
87%
93%
98 Deo T7
83
"
89 Feb '18
7 8 % ____ 80% Apr T9
7 8 % ____ 80% June’ 18
18% 35
35 Sept'17

88

88% 89
91
91

75
75%
90 Feb T4
84
84% 467 82% 85%
106
108% 1142 100 10834
78%
79%
16 78
83
87% Sept'10
80
80
80
85*4
80
80
75% 80
100 Oct '18
96% Jan '18
95 Nov'18
92% Mar’ 19
92% 92%
100 Oct '16
97 Mar’ 19
97
9834
93% Apr T9
93% 93%
94 Mar'19
94
94
93 Nov’ 18
100% Oct T7
100 Apr '18
102% Oct T
97% Apr T9
96
98%
107% 8ept’ 16
93 Jan T9
93
78% Apr T9
8034
94 Nov’ 16
80
OI
79% 83%
92%
%
92% 96%
100% Aug '16
67%
60 68*4
64
64
64
67%
91%
91%
90% 91%
70% Apr T9
70% 74%
93 Jan T9
93
93
87% Apr T9
87% 88
93% Apr T9
93% 97%
74 Apr T9
74
74
81% Mar'16
75 Feb '17
97 Mar’ 19
97
97
96 Apr T9
92% 97
95% Jan T9
95% 95%
52 Jan T9
52
52
100% Apr T9
100% 101
100 Oct '18
91% Oct T
Jan ’ 18
95 Jan T
71 Apr T9
71
99% Apr T9
100
102% June’ l l
93 Apr '18
104­
96 Mar’ 19
81% 8ept’ 18
70% Nov’ 18
93% M arT7
75%
75%
75% 75%
85 Apr T9
85
91%
93%
93%
93% 98%
72 Apr T9
72
77
95% July’ 18
87%
89
87% 92
41 8ept’18
86 M ay’ 18

1
100
4
1 101
1
1
68 68
1
66
100

Apr '1 9 ____
Apr ’ 1 9 ____

62
63
74%
76%
65%
71
40%
49%
103%
103%
97%
97%
78 May’ 16
90 M ay'17

Sale 102
Sale 67%
90
85%
67%
65% 58
62
60
Sale 59
98%
6512 64%
71% 71
72% 72%
Sale 48%
57% 57%
77
76
76
103% 100%
101
95
90
90%
94%
95%
—

—
—
____
80% Sale
92% Sale
____ 94
Sale
64% 65%
90% 91%
1 70% 71
%
82%
%
1 93% 94%
72 —

1994

89
91

102 Jan '1 9 ____ 102
100 Jutie'17|____

87
84% Sala 84%
63% 71% 70%
46% 47
46
98
99
94%
97%
83% 83% 83
____ 83
81%
82% 84
84%
____
60% 70
60

63
76
3
70
49
1 103%
96%
i
70
3 ____
7
3
%
89
67%
I ____
3 60
59%
3 85
64%
3 69
3 70%
49
56%
73%
[ 75%
1 100%
1 ____
90%
90%
1 94%
95%

63

4

1807

92
87
75
89
30
75%
45

75
91
30
75%
52

85% 89%
85%
79
102*4
79%

89%
831*
106
86

100% 101%
96% 98%
84% 88
80% 80%

* No price Friday; latest bid and asked, a Duo Jan. 6 Duo Fob. g Duo Juno. ADuo July, k Duo Aug. 0Due Oct. p Due Nov. t Duo Dec. s Option salo.




N
N
A

f

Price
Week’s
Range
Friday
Rangeor 3 a ' Since
May 2
hast Bate b\ Jan. 1.
ow man
Bid dJt how Utah tfo.\L
4

j

s
)
J
.1
o
s
A

West Maryland 1st g Is ------195 ' A O
West N Y A Pa 1st g 5s____1937 J J
.4 o
Western Pao 1st ser A 5 s .. 1949 IV! s
A o
J
J
F A
Refunding 4 %s series A . .193(1 M 3
RU 1st consol -Is....... .......... 1919 M S
.1 J
WIs Cont 50-yr 1st sen 4 s . . 19 (9 J. J
Sop
Dili dlv ,k torrn 1st 4s '30 M N

&

Stroot Railway
Brooklvn Rapid Tran g 6 s ..1945 A
1st refund conv gold 4 s .. .2002 J
J
J
3-yr 7% secured notes..6 1921 J
J
Bk Q Co A 3 eon gu g 5s. . 1911
Bklyn Un El 1st g t-5.s._. 1950 F
Stamped guar 4-6s......... 1950 F
F
Stamoed guar 4s______ 1949 F
Nassau Elec guar gold Is. 1951 J
Chicago Rys 1st 5 s ............ .1927
Conn Ry A I, 1st A ref g 4 t$st951 J
J
Oat United 1st cons g 4H S--1932 J

V

Hud A Maubat 5s ser A ____1957
N Y A Jersey 1st 5s........... 193?
Interboro-Metrop coll 4 48.1955
Iaterboro Rap Tran 1st os
Manhat Ry (N Y) cons g 48.1990
Stamped tax-exempt_____ 1990
Manila Eleo Ry A Lt s f 5 8 .. 198'
Metropolitan Street Ry—
Bway & 7th Av 1st c 5s 1943

..1955

F
\r

J

Havana Elec consol g 5 s ___ 1952
Hudson Co Gas 1st g 5 a . . . .1919
Kau City (Mo) Oas 1st g os. 1922
Kings Co El T, A P g _____ 1937
Purchase money 6s______ 1997

5a

Ed El til Bkn 1st con g I s .1939

F
VI
A
A
A
!Y1

j

Q

Ref and ext 1st g 5a......... .1931 A
1,1
J
N Y O E L I I A P g 5s......... 1918 J
Purchase money g Is_____ 1949 F
Ed Eleo 111 1st cods g 5 s ..1995 J
N YAQ El LAP 1st con g 5S.1930 F
Pacific O A El Co— Cal G A E—
M
Pacific O A E gen A ref 5 s .. 1942 J
Pao Pow A Lt 1st A ref 20-yr
5s International Series___1935 F
M
Peop Oas A O 1st cons g 6s. 1943 A
Refunding gold 5s_______ 1947 M
Oh G-L A Coke 1st gu g 5s 1937 J
J
Ind Nat Gas A Oil 30-yr 6S19.36 M
M
F
M
3tand Gas A El conv t f 6 s ..1926 J
J
J
M
Union Elec Lt A P tat g 6 s ..1932 M
M
United Fuel Gas.Ists f 6 s ...193 6 J
Utah Power A Lt 1st 5s____1944 F
Utica ElooL A P 1st g 5 s . . . 195(1 J
J
Westchester Ltg gold 5s . . 19fin J

83%

07
74
75

07
74
75%

ii
....

57% 02%
90% 100

10

81%

86%

01
59%
75
7012
72%

04
05
75
80
75

62
45

70
63

90% AuB '18
53 75
81
Sate 79 '
92 Deo T8
80 May’ 12 . . . . —
70

80

____

____
18
....

-------

A
A
A
A
J
A
J
|
J
s
A

J

3

88%

N

A

Detroit Edison 1st coll tr 5s 1933 j
1st A ref 5s ser A . . ......... 61940 M
Eq O L N Y lat ooaa i? 5s 1932 Vi

59

N
J

o

o
__
J

73*2 79
70
78
(50
08
05
54%
45
71% 72%
83
83
74

5

79
79
77% Apr T9 ____

02 Jan T9
50 Apr T9
71%
72%
85% Mar'19
80% Oct T8
75
75
81 Jan ’ l l
01%
6112 Sale 58
17
16t2
90
90 Apr T9
93
29
34
29%
31%
05
67%
Sale 05
05% Apr T9
68's 70
09
72% 09 Apr T9
78
77 Mar’ lJ

75

0L

Silo

00

72%

82
61
40
41%
U%
50
75!4
6412
85
78
85
50
27%
SO
9212
72
7U2
71
50

51
14
90
27%
65
05%
09
77

61%
17%
90t2
43%
74%
72%
74%
77

0

60

70

74 Jan T9 ____
5 1 Doc ' IS ___.
100% Juno’ 17

74
-_.

74
_. _ _

61

01%

72%
61
41%
12
53%
__

97% July'17
61 Apr T9
00 Fob T'.t
41
42%
11%
12%
55 Apr T9
8S1» Nov’ 16
62% Apr T9
90% Feb T7
95 July’ 17
102t2 Mar’ 12
50
50%
27
27%

99%
Sale
Sale
97
93%
91
- 70
90
65
51
0912
28% 32
30
28% 31
28%
30
Site 29%
75
70% 70

103
93%
91
89
97
100%
98
90
93%
91
100
92%
90%
92%
93
102%

91

____
51
104
____
____
---41
147

Deo ’ is ____
Apr T9
30
30
30%
76

Apr T9
July. 17
Apr T9
74%
Seyt’ 17
Apr T7
Mar’ 17
Juiy’ 17

N - 93*8 9312 92U

93
. 87% 90% 90*2 Apr T9
85
97 May’ 17
%
70 " Nov’ 18
90
98% Oct '17
94
90 Mar’ 19
80
82 101% Nov’ lf
94
97
94 Apr T9
88%
S9
88% 89
90
101 June’ 17
021ft 90 Feb *19
i83
90 Fob T9
.85% 90

01
55
39
10%
55

2
12

50
25

54%
32%

93% 97
__
07% 73
43%

93
82
..
100
9012
9(51
%

3
95
93

90%
9212
94
100
79%
991.1
93 '
87%

52'%
32%
33%
33%
79

95
_. __
89
103
09
90-^
96%
94

90%
92%
94
105
98
84
99%
97
88

91% 94
74%
69
98 100

11 93
18

61
63
41%
15%
02

62% 6312
_ . __
__

2 22
21 22
53 22
1 70

Sapt’ 15
Apr T9 _____
Deo TH ___
Apr T9
Feb ’ IS _ _ .
10212 370
1
98
1
Apr T9
2
93%
Fob ’ 18
Feb T3
Nov’ 17
Mar’ 19
5
9212
Feb T9 ____
1
102%

93%
86

82
100
85
99 100 100
_ _ 75
74%
84% 90
82
84% 100
89
94

1

287
410
____
____
....

Apr T9
Mar’ lS ____

101*2 Apr '17
93%
93%
72
72%
99 Mar’ 19
96% Aug T7

A
a

73

134
05

82 Apr T9 ____
99% Apr T9
91%
94%
1

93 % Bale 93
80
87% 80

D
D
J
S
S
N
J
>A
J
J
D

3

02

81%

N
J

J
J
N
N
A

9
____

72
79%
71% 79%
68
57
62
50
51%
71% 81
85% 83

84%

D
Nl 91
93%
O i ____
Ji 8512 87
93
J| 87
F 1017* Sale
N 9012
J
J ------- 99
S
9412 95
s
D
85
A 84% 90
N
90
O
9212 Sale
o
90
o 10012 103
(uu inn
s
j
8012
F
O
93l2 94%
N
D
89
D 93% 95
A
72
Sale
J 95% 98
A
89 101

os

___
____

—

71

1713

05
77

94%
98
89
____
____

____
____
____
---.....

79

J

V
J

1
M
A
J
J
Q
M

59

Fab '19
A u g112
Feb ' 19
Jan ’ 19
Apr T9
A u g’ 18
%
Apr ' 19
D eo’ 13
Oct T7
83%
Oct ' 18
Feb T7
Mar’ 17
Jan T9
Apr T9
Feb T9
78
Apr T9

j
j

a

Gas and Electric Light

88%
77% 80
07
68
05 ___ _ 74
75
75% 75
82U
82
59 ' 00
95% 97% 967*
80% 70
30
83'4 Sale 83
93
93% 90
95% 100
90%
64
69
60
65
65'2 09
75
75
82
77
Sale 70%
75
73>2 78
89

11
6312
65
03*2 65
45
45% 45% Apr ’ 19 ____

J D
M s
Lex av A P F 1st gu g 5 s . . 1993 M s
Mot W 8 El (Clilc) 1st g 4s. .193* F A
A
J
J J
J
j
New o n Ry A Lt gen 4 4 s . .1935 J j
N Y Munlelp Ry Ists f 5a A 1965 J j
N Y Rys 1st, R E A ret 4 3 ... 1942 1 j
30-year adj Inc 6s......... .. .<Jl94‘2 A o
N Y State Rys 1st eons 4 4 s 1962 VI N
M N
Porlld Ry Lt A P 1st ref 53.1942 F A
Portland Ocn Elec 1st 5s. 1935 J j
Sr. Jos Ry L 11 A P 1st g 5 s ..1937 M N
St Paul Clrv Cab cons g 5s. .1937 J J
Third Ave 1st ref 4 s________ I960 J J
o
Ad) Income 5s___________ nioon
J J
Trl-CIty Ry A Lt 1st s f 6 s .-1923 A o
J
Undergr of London 4 4 s ____1933

Bklyn Un Oas 1st eons g 6s. 1945
Clneln Gas A Elec Ist.krof 5s 1956
Columbia Q A E 1st 5s_____1927
Columbus Gas 1st gold 5 s ..1932
Consol Gas conv deb 6 s___ 1920
Oons Oas ELAP of Balt 5-yr 5s'2!

1
m
m
m
m
'

O
J
2

A
A o
J j
A o
A o
>1 s

United Rys Inv 5s Pitts 188.-1925 VI
United Rys St L 1st g la____1934 J
A
United RRa San Fr s f 4s__ 1927 A
Union Tr (N Y) etfa rtep.........
Eg lilt Tr (N Y) Inter ctfs.. ..
Va Ry A Pow 1st A ref 6s__ 1931 J

91%
914 91% 91%
89%
5“ 93%
Sale 94%
95
95
84'3 Sale 84%
84%
83
____
90 Aug 118
97's ____ 98 Nev’ 18 - - - - ____

9318

85%

33'

82

88

100

101

5

74%

77%

9

94

91

93
90%

13

4

90

92

94
88

93
89%

90
90

90
92

RONDS
N. Y. STOCK EKOHVNOE
Week Ending May 2
r/IUcellanoous
Adams Ex coll tr g 4s............19 is
Alaska Gold M deb 0s A ____1925
Conv deb 0s sortes B _____1935
Am 38 of W Va 1st 5s______ 1920
Armour
Co 1st. roat est 4 l^s ’39

IY1
VI
M
M
J
A
F
A
J
A
A
J
M
A
A
J
,M
VI
M
A
j
j
\
j
F

[Vol . 108;

Price
llaoat
(Veek’t
Friday
Range or ■33 Stnot
May 2
Last Salt I* Jan 1
Bid AskLow Utah iV« Low Utah

o
S

|

Vlrglolau 1st, 5s series A ____1962 nfl
M
2d gold 5s.............................1939 F
Debenture series B ______1939 J
1st lien equip s td g 6 s ... .1921 M
2
Dot .k Cb Ext 1st g o s .. ..1941 j
j
Des Moines Dlv 1st g 4 s .. 1939
Orn Dlv 1st g 3 t $ s ............ 1941 A
Tol A Cb Dlv 1st g 43____1941 IY1
Wash Torml 1st gu 3 H s------ 19 to F

|

S3

BONDS
N . Y . STOCK liXCH ANO E
Week ending May 2

Interest

JSIew Y o rk B o n d R ecord — Concluded— Page 4

Interest

1808

59
3
27%
s
s
27%
N ____
l)
37%
o
91
A
Braden Cop M coll tr s f 0s. 1931
O
Bush Terminal 1st Is______ 1953
80%
J
80%
Consol 5 ) ____________ ____ 1955
o
79.i
Buildings 5s guar tax ox .I960
It)
o
Chic C
Conn Rys s f 5s. . 1937
J
8 4%
N 116%
Chile Copper 10 yr conv 7s. 1923
87%
o
Recta (part paid) conv 0s ssr l
87%
o
!
83%
N
98
Granby Coras M 3 k P con 6s A 23
N
94%
M 93%
o
93%
91%
Montana Power 1st 5s A . . . . 1913
j
83'%
Morris .k Co 1st a f n $ s ____1939
o
J
10-20-year 5s series 3 ____1912
A
09
N Y Dock 50-yr 1st g 4s____1951
91
Niagara Falls Power 1st 5 s .. 1932
Ref ,fc gea 6s____________ 1932 A o 101
90%
Nlag Lock ,k O Pow 1st 5s .1951 M N
87
Nor States Power 25-yr os
1911 A O
89%

ft

Sale 59
59
30
’27>4 Apr 1 >
30
20% Apr T9
.Silo 87%
87%
90 Feb T8
3 lie 94
91
81
81
85
85% 80% Apr T9
80
SO Apr T9
50
53
Mar’ 18
80
Silo 110%
118
87%
89
88
Sale 37
88%
83%
83%
1)8% Fob T9
95
95
95
94%
3 lie 99
' 99%
92% 92
92%
87% 83 Fob ’ ll)
83 Apr T4
91 Juue’ 16
70% 08% Apr ’ 19
90
93% .Vlar’ 19
101 Mar’ ll)
98
89% Oct ’ 17
89% 89% Apr TO
91% 90la
90l>
81 Jun r.
95
133
110%
Silo 75
70
93
91 Apf T9

i

) .1

a
\

f

Pan-AmPet&Trlsf. convds ’ 19-”27 J j
A o
Tennessee Cop 1st conv 6s . . 1925 M
Wilson .k Co 1st 25-yr a f 0s. 1911 A

6

0

A o
F A
M N
M 3
A
Am Tobacco 40 year g 0s___1944 A
A
j
Am Writ Paper 1st s f 5s__ 1919 J

Am Agrlc Cbetn 1st 5s____1928
Conv debeu 5 s .. ________1924
Am Cot Oil debenture 5s ...1931
Am H id e* L Ists f g 6 s___ 1919

Baldw Loco Works 1st 5 s .. 1910
Cent Foundry 1st s f 0 s ___ 1931
Cent Leather 20-year g 6 s .. 1925
Consol Tobacco g Is_______ 1951
Corn Prod Ref’g s t g 5s____1931
1st 25-year s f 5 s . . ............1934
Distil Bee Cor conv 1st g 5s. 1927
E I dll Pont Powder 4 H a ... 1930

O
o

F
A
F
iVl
VI
A
j

N
A
0
A
N
N
O
D

Gen Electrlo deb g 3 Ids____1942 F A
Debenture 5 s . _________ .1952 M S
J
IY1 N

.1

140
70
90

99% Sale 99%
99
112
88
100
90
118%
7512
99%
89
99%
80
90
74
99%
99%
90
92%
85
72
100
82%
98
85
112%
90
112%
91%

o
A
O
A
O
o
90%
Nat Enam & Btampg 1st 6s. 1929 j D
J 93%
Nat Starch 20-year deb 5a. . 1930 j
97%
National Tube 1st 5s_______ 1912 VI N
N Y Air Brake 1st conv 6s. .1923 IVl N 100
Pierce Oil 5-year conv 6s ..« l9 2 0 J D 130
J 107%
10 year conv deb 0s_____ 51921 J
Liggett A Myers Tohao 7 s .. 1911
5 s ...........................................1951
Lorlllard Co (P) 7s................ 1944
6 s ............................................1951
Mexican Petrol Ltd eon 6s A 1921

A
F
A
F
A
A

1st a f 7s 1920 warrants attach F
do without warrants attach F
M
The Texas Co conv deb Os. .1931 J
Union Bag A Paper 1st 6a..193(1 J
Stamped _
_ 1030 1
Union Oil Co of Cal 1st 5 s . .1931 J
U 3 Realty A 1 conv deb g 5s 193 4 J
U 3 Rubber 5-year see 7 s ... 1923 J
1st A rel 5s aeries A ______ 1947 J
T.T3 Smelt Ref A M conv 0s. 1920 F
Va-Caro Chem 1st 15-yr 5s. 1923 J
A
West Electric 1st 5s Deo____1922 J

A 130
A
99%
H
93%
102
88
8012
93
73%
103%
88%
99%
A
D 95%
101%
J 97%

J
J
)
.1
J
a
.i

o

Silo
Silo
88%
10012
Silo

94
Sale
Silo
Sale
100
90
101%
Salo

Cool, Iron & Stool
■Beth Steel 1st ext a f 5s_____1920 J
1st A rot 5a guar A _______ 1912 ft!
20-yr p m A Imp s f 5s__ 1330 J

J 95%
N
87%
.1 85%
91
D
Debenture 5s___________<11920, M 3
Cahaba C M Co 1st gu 6a . .1922 I o
niiln F
f Ho i?»»n
5a
1943 F A
90
A
7412
Cons Coal of Md IstAref 5a. 1950, J D 87
D
93
Elk Horn Coal conv 6s_____ 1923, J
___
Or Rlv Coal A C 1st g s_ . 5 19 A
84
Illinois Steel deb 41%s.......... 1940 A
97
Indiana Steel lat 5 i ._ ......... .1952 IVl N
J I)
96
90
Lackawanna Steel lat g 5 s ..1923 A O
M 3
87
83%
Midvale Steel A O conv s f 5s 1030 M S
.J J SOtft
J 83
J
95
Repub 1 A 3 10-30 yr 5a s f.1940 A
St L Rock Mt A P 5s strnpd-1955 J J 80
Term Coal I A RR gen 5 s ..1951 J J 92
M N 100%
a f 10 60-year 5s'(reg____<11903 M N
M N
37
55
Victor Fuel 1st a f 5a_______ 1953 J J
85
Va Iron Coal A Coke 1st g 5a 1949 71 3

fr.

»f

0

oo

19

96
88%
Sale
90
.. „ . _
91
Silo
91
____

o

Am Telep A Tel coll tr la . . . 1929 J
Convertible 4s___________1936 VI
171
J
F
J
o
Q
Cumb T A T lat A gen 5 3 . .. 1937 j

N Y Telep 1st A gon s f 4>$s. 1939
Pacific Tel A Tel lat 5a......... 1937
South Bell Tel A T 1st s f 5a. 1941
West Union coll tr cur 5a. . . 193s
Northwest Tel gu 4

Hng.-JUW!

J

84%
78%
87%
D
91
A 102%
Q
90
J 65
J
J 93
J
F A
91%
M ’N
1)8%
M N
88%
J i
91%
J J 90%
93
' J
(VI N
U
N
j .J
81%

I
PA

S

e

82

84%
97%
90%
92
Sale

05
35
35

86

88%

92% 96
80% 81
80
85%
____ 79% 81
____1 - . .
S512 so
40 105% 120
54 82% 89
111 81% 88*2
7, 82% 85*2
98*2
. . . J 97
1 95
98
____1 93U 95%
251 97 102
91
95%
____ 83
83
2
5

T.i

112
75

100

7812,
99% 99% Apr T9
90
90
90%
100
100% 100
84
80
80
Silo 95%
90
80% 73% Deo T8
100
100
10012
100%
90
Silo 90
92% M ir’ 19
100

Salo
Sale
98
Silo
93

.

59
25
26

__
08% 71
93% 97
101 101
_.
___ 87% 90
2 89
91
j
% 140*2
59
80
17i
. . . J 91
9212
|
74 90%
99%

98%
99%
108%
112%
38%
88'%
100 Apr T9
89%
90
119% Mar’ 19

73% 71%
Sale 99%
,90
81% 8 1
98
90%
92
Silo 112%
93%
93
113 112%
Silo 91%
165
185
90
97
____ 91
Silo 97%
99%
103
Sale 124
Sale 105%

2
____
____
._ . .
8

Apr T9
100
Nov' 18
82%
Apr *19
Nov’ IS
112%
93%
113
92
Nov’ 18
Jan ’ Pi
Apr T9
Aug ’ 13
97%
Apr T9
132
109

121%
132%
98%
9912
95 Apr T9
102
102
88%
89%

16, 98
194! 100
2, 88
99%
17 89%
119
72**»
83 '
30 86
3 100
1 78
53 95%
_ _ _ _ _ ..
1 29%
11 99%
6 89%.
93%
J 88
71%
4 97%
.
87 70%
98
9
2
1
12
----1
__ J

101

112*2
89%
100*2
93
119%
7812

9934

90*4
101*2
82
97
... 100
100*2
91
92*2
88
%

73
101

8234
98

111 113%
90
94
109% 113
90% 94
182

95

____ —
1 04
____1 90%
95 100%
339 S8%
I
200 93%
573 95
1 93
22 100%
22 85

185
90
99*2
101%
132%
110%
132*2
99%
95
103
89%

93% 93%
93% Jan T9
0'i 00
75%
73
75%
103%
103%
34 102% 10134
87%
89
89
242 80
99%
99%
0 973.1 100
95%
90
37 95% 90
101%
lnl%
3 100% 102%
97%
97%
34 97
99*4
95%
00%
23
21
87%
87%
85
85%
29
90 M a.’TS
80% July’ IS ____
101 D eo’ l l
90 Apr T9
7 4%
74%
11
87% Apr T9
93 Fob ’ 19
94 Feb T3 ..
81%
81%
7'
90%
1)7
3,
___________ .
90%
90%
1
89% Apr 'lb
88%
38%
78

88%
Salo
32%
95%
Sale

87%
9412
80%
92
100%
90%

70
85%

70
80

95%
87
80

90%
89%
80
____

88

90*8
77*2
90
98%
___
82% 85%
95
98*j

73%

83
95

90
86
80

1
Apr T9
95%
22
Mar'll) ____
Apr ’ 19
100% 201
Apr T9

87%
02%
80%
91%
99'%
99*8

Mar’ ll) ____
Apr T9

70
80

98
90*2
89%
88
9534
8034
02
101%
100*4
70
87%

84%
Silo 84
24 83% 85%
78%
80
78% Mar’ 19 ____ 77
2j 85*2 90
88
83
90
94
91
Salo 90%
23 90
101%
103% 323 100’ 4 101
Salo 90
90
4 90
98*2
73 Nov’ 17
93%
96%
Salo
99
Salo
Salo
90%
93%
80ta
99

93% Apr T9 ____
93 Apr TO
91%
91%
2
88%
89
90%
91%
90%
90%
93
93
80%
80%
101% Sopt'17
91 Nov’ 10

9
13
11
1
2

93

94

90
98*2
87%
90*1
90
93
80

92*2
98%
91%
95%
93%
94
92

____ rT

•No price Friday; latest bid and aaked. a Duo Jan, d Due April, a Due May, g Duo Juno, ft Due July. * Duo Aug. o Duo Oct. v Due Nov. qDue Deo. * Option sale.




BOSTON STOCK EXCHANGE— Stock Record s..

M a y 3 1919.]

shark prices—not per centum prices.
Saturday
April 26.

Monday
April 28.

Tuesday
April 29.

Wednesday
April 30.

Thursday
M ay 1.

STOCKS

Salesfor
the
Week
Shares.

Friday
M ay 2.

Range Since Jan. 1.

BOSTON STOCK
EX C H A N G E

Lowest

Railroads

*135
*135
72% 72*2 72*2 73
*91
*91
32
303 31*2
31
160 160
*154 160
.50
.50
*
*134
*134
*K7
89
*87
89
l
513
54_
*51
*

4

*1 2
6*2 10

30
*90
95
*

*21

*45
*54

80

*78*2

99*2
91
*80
*21
135

45%
141
61*2
172
51*2
27*4
100*4

31

100

*

834
10*2
*.30
*1 ,
*33
*47
*14*2
*56
*20
*45
14 .
2
*1.
*.11

*5

1%

2*2

*.79

*50*2
47

2*8
*734
1*2
2*8

*21

* -

45*2
65

118
102*2
99%
91
85
135

45
54
109*2
*9934
74
*.75
*5
129*2
*116*2
102%
*66
993.1
92
*80
*21
136*4
72
%
14
14*4
*5*2
158
59
161%
31
7*4
24
333l
8%
95
77
68*2
138

21

30

*21

10912
100*4
78%
1
5*4
129%
118
102%
68
100
92
85

110*4
99%
76%
1
5
130
117
10234
*67
99*2
92
*80
*21
138*4 142
72
21
21*2
14*2
14%
15
14*4
6
5*2
158
157
60%
00*4
161% *160
333.1 33*4
73S
7*2
24
24
3434 *34
8%
8*4
95
*94
79
74*2
OS
68*2
138
138

92
91%
91*2 92%
53^1 *54
____ *53
121
____ *120*4 121
593.1
59
53
56*4
____
15
15*4 *14
46
45% 46*4
46*4
142% 14031 142*4 140%
02
62
63
61*2
174
173
173 174
52
52
51*2 52
27*4
27*4
27*4 27*4
101
100*2 101*4 100%

1
72
334
.25
35*2
14*2
47
12*4
.50
23
59
390
12
42%
3
5*2
8*2
2'8
67
40%
5*2
.60
46
83
25*2

11
.50
71
3*4
*.15
*35
*13%
*46
11%
*.35
*21
59*2
400
*12*2
42*2
*2%
*5*2
8*4
2*2

30*4

11%
.50
71
3*4
.25
35*2
14*2
47
113.1
.50
23
59*2
400
13
43
3

534
8*2

80

29%

21

* ____
45%
54%

6*2

512

*34

93*2
—
121
60*4
____
46*2
141*2
63*8
1703.1
51
27*2
102

93*4
*58

21

35*2

11*2

*21

*212

1*4

10

2*8

*.80 .95
15*2 15*2
*.60 1

*2

.90
15
*.60

8

1

2
734

1

2

2

734

734

%
%
134 *112
*1% 214 * %
2*4
.80 . .80 *.80
.90
*15*2
15*4 *15% 16
1
*.60
*.60
1

* Bid and asked prices.

<t

100 101

92*2 93
80
80
Last Sale 20% Apr’ 19
148% 148% ------ -----21%
14*4
16
6
157
63%
162*2
35
8*2
24
34
8%>
78
68*2
139

72
314
.10

3414

15*2
48
1134
.40
23
59%
395
%

12
43
2%
5%

1

113g 1134

412 New England Telephone..100
Nova Scotia Steel A C ____100
4 Pullman Company..............100
4,481 Punt;; Aiegre Sugar............50
135 Reece Button-Hole----------- 10

33

1

22,191 Ventura Consol Oil Fields.

12

5

6

Jan23

Apr
Jan

146
80

33
163
50c
11
135

Jan
Apr
Dec
Mar
July

40
170
3
15
147

115
58
103
74
83

Apr 9
Jan 2
Apr 5
Feb27
Jan

Feb
Jan
Sepl
Oct
June

6

Janll
MarlO
Mar 1
Jan 3
Apr 21
JanlS
Apr 3
Apr 5

27 " Feb
84
Oct
z % June
20
Jan
80 Aug
37
Feb
47
Jan

114 May 2
102% MarlS

78
Jan
88% Jan

9178

6

2%

.78
493.J
47

*1%
73.4
IXt
2

♦.80
15%
Last

Dec
Jan
Oct
July
Apr

106
100

Oct
Dec

Jan22
Mar 5
Febl3
Feb 1
Jan 3
Jan23
Jan30
Janl3
FeblO
Janl3
Jan 2
FeblO

96 MarlO
54 Apr24
122*2 Janl5
60*4 Apr29
15*4 AprlO
47*2 May 2
149 May 2
68 M ay 2
176% Apr29
54% Apr30
31
Jan25
103
Apr23

82%
53
102
29
11
27
102
45
115*2
38*2
24%
87

7*4 Jan21

123s Apr29

5

90
40
113*2
48
14
32%
115
52%
157%
44
28%

88*4

6*2

At

h

1

x

112%
25
90
50
62

3*8 Aug
88 Sept
*77*4 Jan
62 June
107 June

8*2

1

Ex-rights,

88

21
Jan
2812 Sept
1478 Dec
10*4 May
11% Nov
17% May
% May
4
Jan
134 June 186 Nov
27*» June
64*4 Nov
128
Jan 157% Nov
27 Aug
35
Aug
4% Oct
7*2 Oct
23 Nov
12
Apr

4

ft

8512

23*2 Apr23
15*2 Mar 17
16 Apr29
6% Jan 14
172
Jan 2
63% Apr30
163% Aprl5
35 May 2
May 2
24 Aprl7
40 Mar26
9% Feb20
99 Mar20
86
Jan 9
71
Janl3
140
Apr 16

2

[

Ex-stock dividend,

2

Sept
Aug
June
June
Apr
Dec
125 " Nov
65
Jan
116*4 Jan
81
Feb
Nov
7*» May
33 " Mav
46 May

2% Mar
.40 July
4 Sept
15% Mar
99
Jau 115% May
107 June 115
Dee
90% Aug 109’s Oct
60% May
45*2 Jan
90
Jan
% Dec
92 Nov
60*2 Jan
76
Jan
82 June
11
Feb zl9
Dec
98
Jan 120% Feb

6*4

h

88

Nov
Nov

1% Feb 3
6
Jan 8
132*2 Apr 8
119
Apr 5
108*4 MarlO
69% Apr23
IOU Mar 12
93
A pi 29
84 Mar22
22
Feb20
148% M ay 1

.50 Apr22 .75
Feb 6
Adventure Con......... .......... 25
62% Mar‘22
75 Mar 4
Ah m eek_____ _____________25
3
Apr 5
4*4 Marl 1
Alaska Gold______________ 10
10c Apr30
30c Feb 7
Algomah Mining..................25
33% May 1 44
Jan21
Allouez_______ ____ ______ 25
10% Feb 11
14% AprlO
Amer Zinc, Lead A Smelt. 25
39
Feb15
10
48% May 2
Do pref______________ 25
1034 Feb28
12% Jan 6
1,199 Arizona Commercial______
5
20c Jan30
30c Janl7
Butte-Balaklava Copper.. 10
17*2 Jan23
24*4 Feb28
Butte A Sup Cop (Ltd)___10
57
FeblO
63
Jan 4
535 Calumet A Arizona_______10
350 Marl4 445
Jan 3
177 Calumet A Hocla_________25
12 Mar21
15
Apr 2
80
39 Mar 5
44*2 Apr 4
538 Copper ltange C o________ 25
2 Mar 11
3*4 M arll
100 D aly-W est.. ........................ 20
4% Feb 13
6
Apr 2
1,518 Davls-Daly Copper . — 10
8
Feb28
9*2 Jan 3
601 East Biltto Copper Min___10
2 May 1
2%
3% Jan 6
2*4
2*4
576 Fran kiln....... ............ ............ 25
65
Apr21
73*2 Feb 13
67
30. Granby Consolidated_____ 100
*66
68
42*4 Mar27
45% Jan 2
Sale 44*2 Apr'19
Greene Cananea_________ 100
4 May 1
5
612[ Hancock Consolidated____25
Apr 4
4%
4*2
50c Mar 8
75c Feb18
.50 *.40
50,Indiana Mining___________25
.60
42
Aprl6
45
48
Jan 4
44% 45
95 island Creek Coal......... ...... 1
Aprl2
10
82% Jan21
83
82
82
Do prof______________
1 78
24
Jan 2
26
27
Feb27
654 Isle Koyalo Copper_______ 25
25
25
4
Janl7
5% Jan24
5%
220|ltorr Lako________________ 5
*5U
5®8
99c Mar 4
1*4 Apr 8
50, Keweenaw Copper______ _ 25
1*2
*1
1*4
3
Jan25
4*2 Jan 2
4
50: Lake Cooper C o__________25
*3*2
2 Apr 16
2% Jan 3
Sale 2% Apr’ 19
La Sallo Copper--------------- 25
2% Apr23
234
3
Jan 9
*2*4
234
40 Mason Valley Mine......... .. 5
4
Fob 7
150 Massachusetts Consol____25
5
Apr 3
4*2
*4%
4*2
2
Janl3
1,052 Mayflower-Old Colony___25
e4*4 Aprl4
4
4
4
2*2 Feb24
406 Michigan_________________ 25
4
4*8 Jan23
4
4%
49*2 Feb 7
58*2 Apr 7
56
200
56
56
1G78 Apr’ l!)
15% Mar26
1 Mar 8
2
Apr 9
134
% ■ %
79 Now Arcadian Copper____ 25
1434 Mar 5
17%
630
17% Apr25
17*4 17*4
May 2
7
195 Now Idris Quicksilver____ 5
9*2 Janltt
6%
7
8% Feb 11
9
Feb’ 19
606
57*2 Mar 1 70 May 2
69
69
70
Do
pref______________ 100
8U Janl5
10% Janl3
9
2,746 Nlplsslng Mines--------------- 5
8% 9
9
Feb20
10
2,775 North Butte......................
11% Apr 9
9% 10
15
.25 Anr’ 19
60c Feb'26
75c M arl5
1% Janl3
630 oid Dominion Co________ 25
30*2 Mar 5
37
Apr 3
32*2 31
32
45 Marl7
52
Janl4
49
80
46
49
12% Feb 8
15 Apr 9
14%
1,500 Pond Creek Coal________ 10
14% 16*2
52 Mar22
61
Jan 3
56
65 Quincy___________ ________ 25
*53
54
19*2 Feb 8
21% AprlO
Sale 20*8 Apr’ 19
Ray Consolidated Copper. 10
45
45 St Mary’s Mineral Land.. 25 40 Mar 4
45*8 AprlO
*44
45
13
Jan22
2,445 Scnoca Copper Corp.. no par
15*2 May 1
14% 15%
15*2
1*2 M arl5
1,249 Shannon________ _________ 10
2
2
3*2 Jan 9
2*2
40c Janl3
Sale .75 Apr’ 19
1
Feb 14
South Lake-----------------------25
8c Janll
14c FeblO
Sale
Apr’ 19
South Utah M A S ----------- 5
4 Mar 8
6
Jan 4
l-%
1%
Mar28
3 Jan 4
480 Superior A Boston Copper. 10
1%
2
Feb 3
3
Janl3
2%
2*2 2%
280 Trinity...... ............ .......... 25
1 74c Apr 1 90c Feb11
.85
900 Tuolumne Copper........—
.78 *.79
Jan21
4978 *4834 50
206 U S Smelt Rofln A M in ... 60 43
51% Marl2
44*4 Jan21
258
49*2 Marl4
47
47
Do prof-------------------60
47*2
2
Aprl2
365 TJtab-Apex Mining______
5
3*8 Jan 3
2 ■ *1% 2
552 Utah Consolidated........... 5
7% JanlS
734
7% 7%
8% Jan 2
1*4 Jan28 •;i 2*4 Marl2
138 1*8 2,490 Utah Metal A Tunnel.... 1
1%
1*4 Mar 13
2 • *1% . 2*4
216 Victoria_______________ 25
2*4 Jan 2
50c Jan 9
.85
.85
131 Winona________________ 2 6
1*4 Jan 4
.95
15 Mar 5 19 Janl4
192 Wolverine--------- ----------------25
15*2 15*2
16
60c .Apr 1
Safe .60 Apr’19 ............. Wyandotte..-------------------- 25 40c Marl3

1

104
53
106
70

6 77*2

4 Mar27
17%
34%
25% Febl3
Mar31
94
95 Aprl2 105
21
18 A p ril
95
Jan
100
40 M ar21 50
49% Marl 3
56
100
Jan29
97% Jan 3
64% Mario
55c Jan 2
2% Apr 8
111
Jan 2
113
Jan 2
99
Jan29
46
Jau20
94
Jan‘21
79
Feb15
78% Jan 9
17*2 Jan2I
97
Feb 3
63
Feb15
18*4 Feb 7
13% JanlO
10 Mar26
4*2 Jan 4
155 Apr26
52*2 Jau21
146% Feb 7
28
April
4% Mar28
18
Jan 4
19 Mar20
6
Jan 2
90
Janl7
74
Apr30
63
April
130
Feb10

| Highest

Apr 3 122%
5
37
80 July
Mar 7
19
Jan
150
Apr28
.50
Junl4
10%
Jan 4 138

40
35
51
350
225

8*4 8*4 8*4 8*4

32
49
*46
14
14
56
65
20*4
Last
*42%
14*4
14*4
2*4
2%
1%
Last
.15
Last
5*2
1%
*134

1*4
2*4
.95
16

Swift & C o.............................100
Torrlngton_______________ 25
United Fruit............ ............ 100
United Shoo Mach C orp.. 25
Do p r e f______________ 25
U 3 Steel Corporation____ 100

Jan30
Aprl5
Apr2S
% Apr23
134 Aprl7
84
Feb 14
112
Janl5
51*2 Apr24
99% Marl5

Lowest

80*4 Apr

5934

4
33*8
4

2
778

3,589
536
874
12,570
162
4,065

*.50
1
*.50
1
70*2 71
70*2 70*2
*3*4
334
*3*8
3%
*.10
.20 *.10
.25
33*2 34
34
34
Last Sale 14% Apr'19
*47.
49
48*4 48*4
11*4 11%
11*2 11*2
Last Sale •30 Apr’ 19
Last Sale 22
Apr’ 19
5934
59% 60
390 395
380 385
*12% 12%
12% 12*2
41*2 42%
42
42%
2%
2%
*23.|
2%
53S 538
5%
5%

8*4
3
2
68
*65*2
40
Last
5*2
4
.60
•50
46
*43
83
*81%
25*2
25
5*2
*5*4
l!j
*1
3?a
*3*2
212
Last
2*2
*2%
4*2
*4*4
4
3%
58
56
16*4
134 *1%
17%
17*4
8
7
15
68
67
8%
8%
10
10
.50

47%

11*2

Ex-dividond and rights. « Assessment paid.




10

94

57 *55
2034 *20 2034
47
43
2 214
*1 1*2
*.u
43.4
5*2 *134
Vi
212
*.79
.79
♦4934
50
2

9934100

50

113% 114
%
823.4 85
* ---1*4
*5
5*2
___- ___ _
117 117%
103 101
69*2 Apr’ 19
99% 100
93
93

68*2

1

28
159
59o

100

14114

*.50
1
*71
72
334
3U
.10
.25
34*4
*14
15
49
1134
*.30
.41
*21
23
59*2
59*2 59*2
390 400 *390
*12
13
*1212
*42%
4234 43
3
*2%
2%
5%
5% 5
8*8
*8*4
2i2
2*2
06% (50‘2, *OOl2
40
*39
r
5*2 T*5
*5*4
.60 •*,40
*.40
*45
46
*44
*82
83
*81
25
25*2 *25
*5*4
* %
658
*1
1*4
4
3%
* %
*2*8
* %
2*2
214
23.1
*2*2
*433
4*4
4
4*8
33.1
3%
* %
57% *50
1634
*16
*1%
1*2
17*8
17*2 17*2
*7
7
*6
15
*10*2
*10*2
64%
62*2
61
8*2
8/46 8%
10
1U,}8
*.30
.50
*.30
*1
1*4
*i*4
*32*2
33
33
*47
49
*47
1358
14*2 14*2
56
56

8%
*2

112*4 112%
1003,1 100^4
80*2 83*4
*1
1*4
*5
0
130 130
117 117
10334 105*4
Last Sale

21

5934

43.1

2*8 ’ 2
8
8
1*2
1*2

21

3414

n%

1,043 Boston A Maine_____ __ .100
25 Boston A Providence_____ 10C
150 Boston Suburban Elec..no par
!3o prof----------------- „no par
150
Chic June Ry A U S Y . . .10C

31 Old C olony__________ . _100
60 Rutland prof......... .. .
Vermont A Massachusetts.100
559 West End Street_______ __ 50
150
Do pref ...........................
Miscellaneous
226 Amer Agrlcul C hem ical... 100
368
Do p r o f.......................... G
15,110
255 Amer Pneumatic Service.. 25
90
Do pref_______________50
142 Amor Sugar Refining_____ 10Q
77
Do pref . . . . ________ ion
4,691 Amer Telep A Tcleg______ 100
American Woolen of M ass. 10C
366
Do pref______________ 100
301 Amoskeag Manufacturing____
10
Do pref__________________
Art Metal Construe Inc___10
160.Atl Gulf & W I 88 Lines..100
4
1,850 Booth Fisheries_______ no par
1,483.Century Steel of Amer Ino. 10
3,739 Cuban Portland Cem ent.. 10
684 Bast Boston Land________ 10
116 Edison Electric Ilium......... 100
11,973 Fairbanks Co_____________ 25
105,General Electric..............1 0 0
13,501 Gorton-Pew Fisheries..........50
5,485 Internat Port Cement____10
440
Do pref______________ 50
515
2,890 Island Oil & Trans Corp__ 10
10 McElwaln (W II) 1st pref.100
1,020 Massachusetts Gas Cos__ 100
97 j Do pref______________ 100
40 Mergenthaler Linotype___100

96
24
Sale 95
Feb’ 19
45%
45*2 45
55
55
55

93
93*4
92% - 93
65
Last Sale 54
Apr’ 19
1ZU12 ................
58
59*4
58%
59
60
*15
15*2 *14
....
15
15
45-% 46
45% 46%
46% 47*2
iay*4
143*2 145
146 149
5212 54
*64
65
65
68
173 173
172*2 175
174% 175*4
53% 5438 53
53*2
53*4 53%
37 i2 27% 27*2
27*4 27*4
97*4
96% 97*4
97*2 98%
11*2

145

2934

96
*21
Last
99
45*2 45
54*2 *54*2

8

131
Jan
6434 Mar24

80

Range lor Previous
Year 1918

Highest

23 Boston A Albany_________ IOC
1,115 Boston Elevated__________10C

18 Connecticut River___ _ .100
*110 115
*52
53
35 Fitchburg pref_______
_ 10C
Last Sale 103 Apr’ 19 ........... Georgia Uy A Elec stampd.lOC
70 Mar’ 19 . . . . . .
Do pref..............
IOC
__
17 Maine Central_______ __ .100
*78
80
Last Sale 1
Apr’ 19 ______ Mass Electric Cos______ .10C
Last Sale 5
Apr'19
29*4
! 30
303.i
1,344 N Y N II A Hartford_____ 100

21
21
21
21%
14
14*8
14
14%
1534
14% 15*2
15*4
6
6
6
6*4
158
157 157
157
62*2 63
6312
63
101*2 *160 162
161
33*2 34*2
34
8
7%
7%
8
24
*23% 24
24
3412 *34
34*2
34
8%
S'A, 8%
8%
95
____
*94
95
76
76
78
77%
63
68
63%
142 *139
____ 139

573

7

30
94

Apr’ 19

88*2 Apr’ 19

21*2 21
14*4
14%
15*4
16
5*2
158
157
62*i
02%
162
101*2
34
33*4
734
7%
24
24
34%
8%
8*2
95
95
74
76
68
68
140 *139

5
*1
3
2

3
3
57

6*2

11234
100*8
81*4
1%
5%
131
118
106
68
100
93
85
____
144

2*2
66*2
*39*2 4058
5*2
*5*4
.00
*.40
46
*44
83
*81
25% 25*2
5%
5%
1
1
*334
4
4
*2%
2%
2*2
2%
2%
*2*4
4U
4>i
4U
%
3%
4%
%
*3%
3%
57^4 573.1
16% *10
1034
134
*1*2
1%
17
17%
17*2
*6
7
15
*10*2 15
62*2 *___
62*2
834 8%
83.(
11*8 *10*2 11
.50
.5 * *.31
*1
1*4
1*4
33
34
33
49
49
49
14*4 14^4
15
*56
57
20% *20
53
43
45
*45
47
1378
*1314 14
14
*13*4 14
2
%
2
2*4
2*4
*1
*1
1*2.
1*2
.15 . *.11
.15
*.11
.15
*5
5i2 *
*5
5*2
*i%
*13.1
l's
1%
212
2*2 *2% 2 % *2*2 2%
.85
.79
*.79
.85
.86
50*4 49*2
50 *a 51
51
47
47*4 46% 47*4 4034 47

66*2

76
Apr’ 19
31
32%

Last Sale 134

80

*96

30*2 30*2
*150 160

6% *____

52

*

74
9*

110*4 111
100*2 100*8
80
81%
1%
1*4
*5
5*4
131% 131
117
117
104*2
106
*66
69
100
99*2
93
93
*80
85
*21
143 *141%

1134 12%
*.50
*71
*3%
.25
35
*14
*47
113.1
»

31
160

*110

80

95
95
95
23
23
99 * *
99
45
45*2
45
54
54*2 55

135
135% 135*2
73
74
73*2

89
115
52

102

*78

30*4

10% 11*4
*.50
*71
*3*4
*.15
*35
*13*2
*45
117g
*.35
*21
59
390
12
42%
*2%
5*2
8*2
*2*2
*65*2
*39*2
6*2
*.40
*44
*81
*25
6*2
1
♦334
*2*8
*2*4
4*4
3%
*358
56*2
*16
*H?
17%
*6
*10*2

2

*1121 114
*513.1 53
*
%

95

3034 31*2
7*4
612
24
21
35*2 35*2
8*4
8*8
____
___ ____
____
____ ____

56*2

*87

31

21*2 213.1
14
14%
14
15
6
*5*2
155 155
68*4 58*2

91*2

80'

*134

95
24

100 100
73*4
71
1
*.75
5*4
5*4
118
101

4

6*2 6*2 6*2 6*2 **134

11212 112 2*11212
4 *5134
102*2
80

135 135
135
73
7334
*73
*91
*91
30
30*2 303
160 160 *150

1809

Ex-dlvldend.. to Hall-paid.

97

5

6%
93
91U
71
147

Dec
Nov
Nov
Nov
Nov

July 100*'. Oct
Dec
69
Jan
Jan 130 Nov
Jan
51
Dec
Jao
13% Mar
4U " Nov
Oct
Aug 146*4 Aug
Jan
56
Dec
Dec
Jan 100
48*2 May
July
Aug
26% May
Mar 116*2 Aug
Jan

9

Nov

134
5

% June
Jan
86 Nov
69 Dec
% Nov
1% Apr
45 May
.15 Ju*y
54
Feb
40*2 Dec
10
Dec
21% July
40*? Dec
54 July
11
Jan
16*4 Aug
.20 Oct
.48 Nov
16% Dee
33 May
61
Dec
73% May
425
Dec 470 Dec
10% June
14*j Feb
% Nov
40 Dec
1% Apr
3 Sept
4% Dec
67g Mar
12 Nov
Mar
3 June
6
Feb
73*2 June
84*4 Oct
39
Jan
57*4 Nov
4% Dec
10*s Jan
l
Jan
.40 July
44% Dec
70 May
84
Feb
79*2 Oct
19*2 Jan
29 July
5
Jan
Oct
.80 Sept
1*4 May
3% Dec
May
2
Jan
Mar
2% Dec
0
Feb
3% Sept
7
Jan
.65 Mar
4*2 Nov
4 0 June
4*4 Oct
50*2 Dec
May

51

8*2

6*2
8*4
3*4

66*2

1*4 Aug

2% July

9% Dec

17*4 Mar

63*2 Dec
8*/C» Jan
10% Dec

SO Jan
978 Apr
17% May
95 Mar

32
Dec
46*2 June
12% Dec
59
Dec
19*2 Dec
38
Dec
7
Jan
2% Dec
Sept
.10 Dec
4
Feb
1*4 Aug
2*2 Sept
.73 Dec
36
Apr
42 July

*2

1*4 May

7
Dec
1 Dec
1% Dec

*2 Nov
18 Dec
40 MayJ

15% Jan
20*4 Feb

78 May.
25*4 May
57
Jan
15% Dec
Jan
2
Jan
.20 Jan

5*4

ft7g Nov

4% Sept
4*2 Feb

1% Aug
50*2 Oct

47*2 Nov
4% Nov
12 Jao
3 As Apr
3 Jan
2 Jan
36 Jan
i l'At Mar

Outside Stock Exchanges
B o s t o n B o n d R e c o r d .— Transactions in bonds at B os­
ton Stock Exchange April 26 to M a y 2, both inclusive:
F r id a y
W eek ’ s R ange
L ast
o f P r ic e s .
S a le.
H ig h .
P r ic e . L o w .

Bonds.

98.34
95.44
93.24
95.04
93.24
95.04
93.04
98 %

U S Lib Loan 3 % s . 1932-47
1st Lib Loan 4s. 1932-47
2d Lib Loan 4 s .. 1927-42
1st Lib L’n 4 M s-1932-47
2d Lib L’n 4%s_1927-42
3d Lib L o a n 4% s..-1928
4th Lib Loan 4 % s ._ 1938
Am Agrlc Chem 5 s .. .1928
5s.................... ............ 1924
Am Tel & Tel coll 4 s .. 1929
Collateral trust 5 s .. 1946
Atch Top & S Fe 4 s .. 1995
Atl G & W I SS L 5s. . 1959
Central Vermont 4 s .. 1920
Chic June & U S Y 5s. 1940
K C M & B income 5s. 1934

no
84
81

84
90%
82
81
60
9 0 )4

78
N E Telephone 5s____1932
Punta Alegre Sugar 6s.1931
S w ift* Co 1st 5s......... 1944
U S Smltg R & M conv 6s.
Ventura OH conv 7s......... ..

98 %
96 %

72
84
78
90%
97
96%
99 %
115

S a les
fo r
W eek .

R a n ge s in ce J a n .

H ig h .

L ow .

98.60 522,100
4,200
95.90
8,750
93.74
95.64 23,300
94.22 14,750
95.34 74,450
94.40 86,850
1,000
30,000
no
18,000
84
4,000
90 %
1,000
82
21,000
81
4,000
65
2,000
90%
5,000
72
1,000
84
78 >4 11,000
1,000
90
209,500
100
8,000
96
1,000
99%
1,000
115

98%
%

%
%

98.04
91.64
92.04
93.24
93.04
94.40
93.04
98%
100,
83%
90%
81%
79
60
90
72
83
77%
89%
87
95%
99
94

l.

Feb
Jan
Jan
Mar
Mar
Mar
Apr
Jan
Jan
Jan
Apr
Apr
Feb
Apr
Apr
Mar
Apr
Jan
Apr
Jan
Mar
Feb
Jan

99.64 Mar
95.90 Apr
94.02 Jan
96.50 Jan
95.90 Jan
96.50 Jan
96.50 Jan
100
Mar
Apr
110
84% Feb
91% Feb
83% Jan
83% Jan
Feb
66
94% Jan
Mar
74
87% Mar
79% Jan
93% Feb
May
100
96% Jan
Jan
100
Apr
115

C h ic a g o S t o c k E x c h a n g e .— Record of transactions at
Chicago April 26 to M a y 2, compiled from official sales lists:

Stocks—

S a les
F r id a y
fo r
L a st
W eek ’s R ange
W eek .
o f P r ic e s .
S a le .
H i g h . S h a r es.
P a r . P r ic e . L o w .

American Radiator___ 100
Amer Shipbuilding___ 100
Preferred_________ 100
Armour & Co, pref______
Booth Fisheries—
Common, .new (no par)
Preferred____ _____ 100
ChlcClty & C Ry pt sh com
Preferred............. ........
Chic Pneumatic T ool.. 100
Chic Rys part ctf “2” ___
Chicago Title & Trust. 100
Commonw’th-Edlson . . 100
Consolidated Motors...
Cudahy Pack Co, com. 100
Deere & Co, pref_____ 100
Diamond Match______
Illinois Brick............... 100
Kansas City Light & Pow.
Libby (W I)......................
Lindsay Light................10
Preferred____ ______ 10
Middle West Util, com. 100
Preferred................. 100
Mitchell Motor Co--------Page Woven Wire Fence.20
Prople’s Gas Lt & Coke 100
Pub Serv of N 111, pref. 100
Quaker Oats Co______ 100
Preferred_________ 100
Sears-Roebuck, com__ 100
Preferred_________ 100
Stewart Mfg ....................
Stew Warn Speed,com.100
Swift & Co................... 100
Swift International...........
Union Carbide & Carbon
Co___________ (no par)
Ward, Montg & Co, pref..
Western Stone__________
Wilson & Co, common.100
Preferred ............
100
Bonds.
Armour & Co deb 6 s .. 1939
Chic City & Con Rys 5s ’27
Chicago Rys 5s_____ 1927
Chic Rys 4s..Series ” B’
Commonw-Edison 58.1943
Swift & Co 1st g 5s.-.1944

103%
22%

67
112
9%
121
100
64
31%
21%

38

187%
47
92
148%
61%
69%
n o

275
275
117% 119
86
86
103%
103

1.

H ig h .

L ow .

Apr 290
Jan
117 275
Mar
Feb 120
394 100
86% Feb
85% Apr
25
Apr
2,857 100% Mar 105

%
6%
60%
5
178
109
8%
100%
78
109
56
35
19%
16
9
24
49
33
3%
46
89
295
100
168%
119
45
84
115%
41%

Feb
Apr
Jan
Mar
Feb
Apr
Feb
Apr
Apr
Feb
Apr
Jan
Feb
Apr
Jan
Apr
Apr
Feb
Mar
Apr
Apr
Jan
Feb
Apr
Apr
Feb
Jan
Apr
Jan
Jan
Jan

24
83
1
11
70
9
185
115
9%
122
99
115
68
35
34
22
10%
37
64
38
3%
52
94
300
103
187%
122
47
94%
148%
65

Apr
Mar
Feb
Feb
Apr
Feb
Jan
Jan
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
May
Apr
Feb
Mar
Jan
Feb
May
Apr
May
Apr
May
Apr

10,154
100
365
535
40

56
110
4
66%
95

Jan
Jan
Jan
Jan
Feb

71%
112
12%
85%
101%

Apr
Jan
Apr
Apr
Apr

81,000
33,000
10,000
2,000
2,000
16,500

100% Mar
41
Apr
72
Apr
40
Apr
92% May
95% Mar

102%
49%
81
60
94%
98%

Apr
Jan
Jan
Jan
Jan
Jan

22%
81
%
8%
67
6
185
111
9%
122
98
113%
65
35
32%
22
10%
35%
61
38
3%
49%
94
300
102
187%
120
47
94
148%
62

4,870
225
100
1,042
325
75
60
1,202
35,095
8,241
240
30i
220
253
31,759
7,531
325
245
140
390
250
65
50
45
125
1,015
65
2,369
16,744
23,818
45,138

68% 70
111
110
7%
9%
85%
83
101
101
102% 102%
42
41
72
72
40
40
92% 93
96% 96%

20%
80
%
7
65
6
185
109
8%
112%
96
113
64
35
29%
20
9
35
58
34
3%
48
92%
300
100
185
120
45%
91%
139%
56

R a n ge sin ce J a n .

18
78

P it t s b u r g h S t o c k E x c h a n g e .— Record of transactions at
Pittsburgh April 26 to M a y 2, compiled from official sales
lists.

Stocks—

[V o l . 108

THE CHRONICLE

1810

F rid a y
W e e k 's R a n g e
L ast
o f P r ic e s .
S a le .
H ig h .
P a r . P r ic e . L o w .

American Sewer Pipe...100
Amer Wind Glass MachlOO
Preferred__________ .100
Amer Wind Glass, pf. .100
Columbla Gas * Elec. .100
Consolidated Ice, com..5 0
Preferred - ________ ..5 0
Harb-Walker Refract. .100
Preferred__________ 100
Indep Brewing, com .. ..5 0
Prefcrred__________ ..5 0
La Belle Iron Wks.com.100
Lone Star Gas........... - .100
Mfrs Light & H eat.. ..5 0
Nat Fireproofing, com ..5 0
Preferred__________ -.5 0
Ohio Fuel Oil................ . . . 1
Ohio Fuel Supply____ -.2 5
Oklahoma Natural Gas.25
Oklahoma Prod & Ref -.2 5
Plttsb Brewing, com .. ..5 0
Preferred__________ ..5 0
Plttsb Jerome Conner . . . 1
Plttsb & Mt Shasta C o o .. 1
Pittsburgh OH & Gas. .100
Plttsb Plate Glass.com .100
Riverside East Oil. com ..5
San Toy Mining_____ - - - 1
Union Natural Gas___ .100
Union Storage_______ -.5 0
U S Glass...................... .100
U S Steel Corp, com .. .100
West’house Air Brake..5 0
West’house Elec & M fg .50
West Penn Tr & W P . .100
Bonds.
Cent Dist Telep 5 s . . . 1943
Indep Brewing 6s____ 1955
Plttsb Brewing 6s____ 1949




28%
88
85
________

”

. . .

“295“
53
9%
18%
26
49
36%

"ie "

19c
350
12%
1%

135
” 32”
98%
110
52%

S a les
fo r
W eek .
S h a res.

22%
85
82
100%
46%
6%
26
116
100
3%
10
99
260
52%
8%
16
23
47%
36
10%
5%
15%
190
35c
12%
118%
1%
7CZ
133%
20
32
98%
103
49%
12%

29%
88
85
100%
47
6%
26%
116
100
3%
10
99%
300
53%
9%
18%
26
50
37
11%
6
16
22c
390
13
119
1%
7cZ
135
20
32%
102
110
52%
12%

8,972
795
220
10
50
170
122
20
45
370
50
185
718
1,550
4,910
3,920
2,025
5,130
5,551
122
350
125
26,043
13,800
1,320
50
3,050
500
200
100
370
700
3,306
1,652
100

95%
52
70

95%
54
70

1,000
35,000
1,000

R a n ge s in ce J a n .
L ow .

Jan
16
29%
Jan
88
79
85
77% Jan
Mar 100%
98
47
39% Feb
Jan
7%
3
26%
Feb
15
May 120
116
Jan 100
99
4%
1% Jan
%
5% Jan
94% Fob 105%
170
Jan 300
54
48% Jan
10%
Jan
5
18%
Jan
10
26%
Jan
16
50
42% Feb
37%
28% Jan
11%
8% Mar
Jan
6%
2
16
Jan
7
22o
Jan
46c
210
Jan
13%
8
Jan
Jan 120
116
Feb
1%
9c
6 c 2 Feb
122
Jan 135
20
20
Apr
33
30
Feb
88% Feb 102%
93
Jan 110
52%
40% Jan
13
12% Mar

10

80

X

95% May
Jan
36
Jan
62

1.

H ig h .

99
54
70

May
Jan
May
Apr
Apr
Mar
Apr
Jan
Jan
Mar
Mar
Mar
May
Apr
Jan
Jan
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Jan
Apr
Jan
May
Apr
Jan
Apr
May
Apr
Mar
Jan
Apr
Apr

B a lt im o r e S t o c k E x c h a n g e ,— Record of transactions at
Baltimore April 26 to M a y 2, compiled from official sales
lists:

Stocks—

F rid a y
W e e k 's R a n g e
L ast
o f P r ic e s .
S a le .
H ig h .
P a r . P r ic e . L o w .

S a les
fo r
W eek .
S h a r es.

89
89
3
2%
72% 72%
86
86
1.10 1.25
105%
105
78% 79%
9
9%
4%
4%
34% 36
27% 28
132
125
87% 94%
57
57
18% 18%
77
77%
75% 75%
72
72
85
85
15
15%
26% 26%
4
3%

25
1,990
15
40
4,850
260
512
2,663
340
305
130
80
2,340
13
32
131
100
18
15
1,170
235
215

Atlan Coast L (Conn)-100
Atlantic Petroleum......... 10
Rft|t,lmnrfl Tube _
100
Preferred___________100
Celestine Oil voting trust..
Consol Gas, E L & P ..1 0 0
Consoiidatlon Coal____100
Cosden & C o ............ ........5
Preferred_____ ________5
Davison Chemical..no par
Elkhorn Coal Corpn____50
Houston Oil trust ctfs. .100
Preferred trust ctfs.. 100
Mer & Min Trans V T .100
M t V-Woodb Mills v t rlOO
Preferred v t r . ......... 100
New York Central_______
Northern Central______ 50
Pennsylv Water & Pow. 100
United Ry & Elec........... 50
Wash Balt & Annap____50
Waylaml Oil & Gas........... 5
lBonus.
in n /lo
Anacostla & Potom 5s.1949
Atl Coast L RR conv 4s’39
Balt & Ohio coll 6s w 1____
City & Suburban 1st 5s ’22
Consolidated Gas 5s. .1939
Oeneral
1954
Cons G E L & P 5% notes
6% notes.*____________
7 % notes_____ _________
Consol Coal conv 6S--1923
Small bonds..............1923
Cosden & Co ser A 6s. 1932
Scries B 6s................1932
Cosden Oil & Gas 6 s ..1919
Elkhorn Coal Corp 6s. 1925
Fla Cent & Pen ext 6s____
Georgia & Ala cons 5s. 1945
Hous Oil dlv ctfs. .1923-25
Jamison C & C— G C 5s ’30
Kirby Lum Contr 6 s .. 1923
Pennsylv Wat & P 5s. 1940
United E L & P 4% s._1929
United Ry & Elec 4 s .. 1949
Income 4s_________ 1949
Funding 5s................1936
do
small
.1936
Wash Balt & Annap 5sl941
Wllm & Weldon 5 s . . . 1935

2%

'"7 9 %
9%
4%
35
28
132
93
77%

15
26%
3%

100%

95%

115

48%

87
77%
97%
97%
99
87%
97%
97%
100%
99%
99%
94%
95%
100
99
100%
93%
109
89
99
90%
87%
70
48%
69%
69%
81%
100

R a n ge s in ce J a n . l . f
H ig h .

L ow .

May
89
89
May
2
Jan
3% Apr
72% Mar
70
Jan
Apr
86
71% Feb
1.50 Feb
1.00 Mar
103% Apr 110% Mar
Jan
83
78% Apr
Apr
10
6% Feb
4
Jan
4% Apr
40% Feb
Jan
32
Jan
30
27
Mar
May
72% Jan 132
94% May
72% Jan
Apr
61
54% Mar
Jan
18% Apr
16
78% Apr
71
Feb
75% May
75% May
80
Feb
71
Mar
85% Apr
77% Jan
20% Jan
Mar
15
27% Apr
24% Mar
4% Feb
3% Feb

87
81,000
.87
77%
77% 10,000
97%
3,000
97%
97%
1,000
97%
99
8,000
99
87%
1,000
87%
95%
97% 13,000
2,000
97
97%
3,000 100%
100%
99%
47,000
100
99%
500
99%
84%
5,000
94%
85%
43,000
96
99%
2,000
100
98
1,000
99
3,000 100
100%
93%
1,000
93%
98%
20,000
115
89
3,500
89
98%
5,000
99
89%
3,000
90%
87%
1,000
87%
13,000
70
70
48
48% 25,000
69%
70% 42,700
69%
1,500
70
1,000
81%
81%
2,000 100
100

Apr
Apr
Apr
Mar
Apr
Apr
Jan
Mar
Mar
Jan
Apr
Jan
Jan
Jan
Feb
Apr
Apr
Jan
Apr
Apr
Feb
Apr
Apr
Apr
Apr
May
Apr
Mar

90%
77%
97%
100
100%
89
98%
98%
100%
100%
99%
94%
96
100
99%
101
95%
115
90%
99%
90%
87%
76%
55%
76
76
83%
101

Jan
Apr
Apr
Jan
Mar
Jan
Mar
F’eb
Apr
Apr
Apr
Apr
Apr
Apr
JanFeb
Jan
May
Mar
Feb
Jan
Apr
Jan
Mar
Mar
Mar
Jan
Jan

P h ila d e lp h ia S t o c k E x c h a n g e .— Record of transactions
at Philadelphia April 26 to M a y 2, compiled from official
sales lists:

Stocks—

F r id a y ,
W e e k ’s R ange
L ast
S a le , i o f P r ic e s .
H ig h .
P a r . P r ic e . L o w .

S a les
fo r
W eek .
S h a r es.

4
22
22
Alliance Insurance_____ 10
101
65% 65%
American Gas _______ 100
_______
20
63
63
American Rys, pref— 100
720
94%
91
Baldwin Locomotive.. 100
20
40% 40%
Cambria Iron_________ 50
10
42
42
Catawissa 1st pref_____ 50
15
60
60
Consol Trac of N J------100
9,615
73% 77
74
Elec Storage Battery.. 100
3,341
65% 68%
66%
General Asphalt______ 100
891
102%
99
99%
Preferred___________ 100
486
29
30%
Insurance Co of N A ____10
195
43
46
.T Cl Rrill Co
100
589
10% 10%
Keystone Telephone------50 - - - - - 5
50
50
Preferred
________ 50
2,490
19% 20
19%
Lake Superior Corp— 100
712
67% *67% 68%
Lehigh Navigation......... 50
914
54% 55%
65%
Lehigh Valley..................50
95
41% 42
Little Schuylkill_______ 50
135
44% 45%
Midvale Steel & Ord____50
40
51
51%
Mtnehlll & S II................50 " s i "
24
72
72%
Northern Central--------- 50
75
79
79
North Pennsylvania____50
43
81% 82
Pennsyl Salt M fg........... 50 " 8 1 %
4,008
44%
44
44%
Pennsylvania___________50
Phila Co (Plttsb)—
1,666
36% 37%
36%
Pref (cumulative 6% ) 50
2,291
25%
25% 25%
Phila Electric of Pa------25
7,082
24%
23
24%
Phila Rapid Tran v t r ..5 0
216
66% 67
Philadelphia Traction. . 50
400
5%
5%
Phila & Western..............50 " ” s %
140
29% 29%
Preferred . . . - . - - . . . - 5 0
500
84% 86%
Reading_______________ 50 " 8 6 "
200
35% 35%
1st preferred_____ - - .5 0
1,145
3%
3%
Tono-Belmont Devel------1 " ‘ 3%
1,592
3 1-16 3 3-16
Tonopah M in in g -----___1
456
38
38%
38%
Union Traction________ 60
1,552
68% 68%
68%
United Gas Impt______ 50
7,855
96% 102
98%
U S Steel Corporation. 100
100
47
Welahneh Co
.100
47
148
42
42
42
West Jersey & Sea Sh___50
138
73% 73%
73%
Westmoreland Coal____50
5,420
111
127
W m Cramp & Sons____100 127
16
31
31%
York Railways, pref------ 60 ________
Bonds—
98.30 98.40 $1,750
U S Lib Loan 3 % s . 1932-47
450
95.50 95.50
1st Lib Loan 4 s .1932-47
2,000
2d Lib Loan 4 s .. 1927-42 ___ ____ 93.00 93.40
200
95.50 95.50
1st Lib L’n 4 % s . 1932-47 _______
1,400
93.00 93.50
2d Lib L’n 4% s.l927-42
94.80 95.24 26,250
3d Lib Loan 4 % s . . . 1928 - - - - - 93.20 94.10 62,700
4th Lib Loan 4 % s ..l9 3 8 _______
6 ,0 0 0
83% 83%
Amer Gas & Elec 5 s . . 2007
500
83% 83%
do
small_____ 2007
1 ,0 0 0
100
100
Baldwin Locom 1st 5s 1940
6 ,0 0 0
85
85
Consol Tr N J 1st 5 s .. 1932
69% 2 1 ,0 0 0
60
69
Elec & Peop tr ctfs 4 s .1945
68
800
do
s m a ll
1945
68
61% 63% 2 1 ,0 0 0
Lake Superior Corp 5s 1924
62
62
500
do
s m a ll
1924
3,000
Leh Val coll tr 6s____1928 1 0 2 % 1 0 2 % 1 0 2 %
1 ,0 0 0
101% 101%
Registered 6s........... 1923
3,000
10 0
100
Lehigh Val Coal 1st 6s 1933 100
3,000
95% 95%
Penna RR gen’l 5 s . . . 1968
5,000
96% 96%
P W & B ctfs 4s____1921
2 ,0 0 0
86%
86%
86%
Phila B & W 1st 4 s . . . 1943
2 ,0 0 0
100% 100%
Phila Co 1st 5s stpd-.1949
1 ,0 0 0
86%
86%
86%
Cons & coll tr 5s stpd ’51
14,500
93% 94
Phila Elec 1st 5s
1966
1 ,2 0 0
93% 94
do
small
1966
8 ,0 0 0
83% 83%
83%
Reading gen 4s______ 1997
81
2 0 ,0 0 0
81
Registered 4a
1997
25,000
71% 72
71%
United Rys Invest 53.1926
98
2 ,0 0 0
98
Welsbach Co 5s........... 1930

R a n g e s i n c e J a n . 11.
L ow .

|

H ig h .

Jan
22
19
Jan
60
69
63
Apr
69%
94%
65% Jan
40
Jan
41%
Feb
43
40
Feb
60
59
77
51% Jan
Jan
%
39
Jan 108
76
30%
25% Jan
19% Feb
47
Mar
8
10%
Mar
50
47
Jan
17
21%
Apr
73
67
56%
53% Apr
45
41% Apr
Jan
47
41
Jan
54
50
75
71% Feb
Apr
80
79
84%
81% Apr
Mar
46%
44

Apr
Jan
Jan
Apr
Feb
Apr
May
Apr
Feb
Feb
Apr
Apr
Apr
Jan
Feb
Jan
Jan
Mar
Mar
Mar
Jan
Feb
Feb
Jan

31%
24%
23
66
5%
27
76%
35%
2%
2%
37
67%
88%
40
42
72%
75
31

37%
Jan
25%
Jan
Apr
28
Apr
71
May
5%
29%
Mar
Jan
86%
38%
May
Jan
3%
Jan
3%
39%
Jan
74%
Apr
Feb 103
47
Apr
46
Mar
75
Apr
Feb 127
32
Mar

Apr
Jan
Jan
Jan
May
Apr
Apr
Mar
Feb
Apr
Jan
Jan
Apr
May
Jan
Jan
May
Jan

98.20
92.30
91.80
93.80
93.00
94.50
93.00
83%
83%

Apr
Fob
Jan
Mar
Apr
Fob
Apr
Apr
Apr
Apr
Apr
Mar
Mar
Jan
Jan
Jan
Apr
Jan
Mar
Feb
May
Jan
Apr
Apr
Feb
Apr
Apr
Jan
Jan

72

10 0

85
65
65
58
58
101%
101%
10 0

93%
95
86%
100

85%
93%
93%
82%
81
62%
95

99.70
Uo.oU
93.68
95.80
95.30
96.38
95.64
88
88%
100%

89
71
75
64%
63
102%
102%
100%

98
96%
86%
100%

89%
06
07%
86%

81
73
98

Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Apr
Jan
Jan
Mar
Jan
Apr
May
Mar
Feb
Jan
Jan
Jan
Apr
Apr
Apr

M

a y

1811

THE CHRONICLE

3 1 9 1 9 .]

Sales
Last Week’s Range for
Sale. of Prices.
Price. Low. High. Shares.

Friday

Volume of Business at Stock Exchanges
Stocks
TRANSACTIONS AT TH E N EW 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 .

S to c k s .

w eek e n d in g
M a y 2 1919.
S h ares.

820,500
1,487,110
1,533,620
1,693,055
1,358,911
1,570,515
T o ta l.

R a ilr o a d ,
B on d s.

1 P a r V a lu e .

$78,526,000
142,886,500
148,412,500
163,671,000
131,281,100
149,029,500

$1,875,000
2,267,000
2,310,000
2,214,000
2,270,000
2,060,500

W e e k e n d in g M a y

B onds.

2.

S799.000
314,000
1,142,000
716,500
605,000
1,166,500

$4,659,000
9,241,000
9,547,000
9,570,500
12,555,000
10,933,000

Jan.

1 fo M a y 2 .

1919.

1918.

8,463,711
2,018,378
$813,806,600 $191,261,200
$500

73,389,594
$7,288,674,255
$46,200

41,988,280
83,928,654,050
$12,900

1918.

1919.

Stocks— No shares...

u . s.
B onds.

S12,996,500l $4,743,000 $56,505,500

8,463,71ll$813,80Q.600

Sale* a t
N i w Y o r k Stock
exch a n g e

S ta te, M u n
<£ F o r e ig n
B onds.

Government bonds—
State, mun., &c., bds.
U R. and mlsc. bonds..

$56,505,500
4,743,000
12,996,500

$34,584,000
3,325,500
4,059,000

$800,820,200
143.120.500
158.358.500

$291,769,500
73.093.000
95.622.000

Total bonds............

$74,245,000

$41,968,500

$1,102,298,200

$460,484,500

DAILY TRANSACTIONS AT TH E BOSTON, PH ILA D ELP H IA AN D
BALTIM ORE EXCH ANGES.
P h ila d e lp h ia .

B o s to n .
W e e k e n d in g
M a y 2 1919

Saturday...............
Monday..................
Tuesday..................
Wednesday...........
Thursday...............
Friday ...................
T o ta l..................

S h a r e s . 1B o n d S a les.

S h a r es.

B o n d S ales

$11,000
103,800
110,150
307,300
72,550
56,000

9,033
11,921
12,674
10,946
5,721
6,983

$10,000
31.650
65.650
06,800
41,800
35,000

1,371
2,428
3,011
■ 2,469
4,738
2,072

$63,600
14.400
62,100
56,500
65.400
28,000

$660,800

57,278

$250,900'

16,089

$290,000

18,574
32,183i
42,8311
25,720
22,925
34,6801
176,913

B a ltim o r e .

B o n d S a le s .

S h a r es.

N e w Y o r k “ C u r b ” M a r k e t .— Below we give a record of
the transactions in the outside security market from April 2G
to M a y 2 , both inclusive. It covers the week ending
Friday afternoon.
It should be understood that no such reliability attaches
to transactions on the “ Curb” as to those on the regularly
organized stock exchanges.
On the New York Stook Exchange, for instance, only
members of the Exchange can engage in business, and they
aro permitted to deal only in securities regularly listed— that
is, securities where the companies responsible for them have
complied with certain stringent requirements beforo being
admitted to dealings. Every precaution, too, is taken to
insure that quotations coming over the “ tapo,” or reported
in the official list at the end of the day, aro authentic.
On the “ Curb,” on the other hand, there aro no restrictions
whatever. Any security may bo dealt in and any.ono can
meet there and make prices and have them included in tlio
lists of those who make it a business to furnish daily records
of the transactions. The possibility that fictitious transac­
tions may creep in, or even that dealings in spurious securi­
ties may be included, should, hence, always be kept in mind,
particularlj' a s regards mining shares. In the circumstances,
it is out of the question for any one to vouch for the absolute
trustworthiness of this record of “ Curb” transactions, and
we give it for what it may be worth.

l l V e e k e n d in g M a y

Stocks —

F r id a y
L ast
W e e k 's R a n g e
o f P r ic e s .
S a le.
H ig h .
P a r. P r ic e . L o w .

2.

Aetna Exoloal ves. r (no pan
Preferred r __________ 100
Air Reduo C o.r.(no par)
Araer Bosch Magneto r (t)
Amer & Brit Mfg com. 100
Preferred___________ 100
Amer Chem Prod.r......... 1
Araer Malt & Grain.r-----Am Road Machinery.r 100
Araer Sewer Plpo.r — 100
Amer Steel Foundries w 1..
Brlt-Amer Tob ord bear.£l
Bucyrus C o .r......... — 100
Butt’w’th-Jud C o rp .r.-(t)
Chalmers Mot Corp.r.G )
Chevrolet Motor--------- 100
Cities Scrv Bankers shares.
ClalborneAAnnap Ferry r5
Cramp (Wm.) & Sons S.
& Eng Bldg--------------100
Cudahy Packing, r------100
Emerson Phonograph____5
Endlcott J'nson Corp.r 150
Preferred w l.r _____ 100
Fairbanks & C o .r--------- 25
Famous Players-Lasky
O o r p ..................(no par)
Fisk Rubber new w l . r . . 25
General Asphalt com.r 100
Preferred .r _________ 100
Grape Ola common........... 1
Preferred......................... 1
Hocking Val Products r 100
•Hupp Motor Car Oorp. 10

10)4
84
14*

24

Yi

33
. . . . . .

280
374*
9
1215*
________




74 5*
102
63
364*
66
101
4*
1 1-16

94*

94*
66^
53
71
3
*30
1
40
58
28 4*

S a les
fo r
W eek.
S h a r es.

R ange sin ce Jan . 1 .
L ow .

H ig h .

105*
665*
53
85
7
425*
15*
42
62
30
S2^i
36 5*
•23 Iti 24 5*
22
22
28
33
10
280
280
364* 37
7
10

12,400
100
25
13,100
6,800
2,450
1,800
700
1,000
700
48,000
11,300
100
4,100
8,800
100
18,500
8,900

65*
59
53
*615*
2
23
1
34
8
215*
315*
23
125*
25
454
145
35
7

118
1245*
120
124
45*
5
63
75
1004* 103
585* 63

3,000
40,500
2,000
7,940
2,300
4,700

Jan
82
120
Apr
Fob
2
44
Apr
995* Apr
5454 Mar

126
124
5
75
103
63

40
29
395*
83 5*
9-16
1 1-16
9

88
May
39
Apr
725* Feb
109
Feb
5* Apr
1 116 Apr
1054 May
95* M a r

%

85
88
11,100
355* 36
12,800
65 5* *69
10,100
101
1035*
1,700
9-16
2,600
1 1-16 1 1-16
2,700
105* 1054
700
8%
954 46,000

X
X
X

4 5*

Jan
105*
70
Mar
May
545*
85
Feb
7
Apr
Mar
425*
Apr
15*
42
Apr
67
Feb
30
Apr
Apr
365*
Mar
255*
30
Mar
33
Apr
12
Mar
Jan 280
Feb
3854
10
Apr

Apr
Apr
Jau
Jan
Apr
Apr
Apr
Jan

Apr
Apr
Jan
Apr
Apr
May
Apr
Apr
Apr
May
May
Feb
Apr
May

(Concluded) —

Intercontinental Rubb.100

2554

Lackawanna Co Coal r.10
Libby, McNeil & LlbbyrlO
Lima Locom com .r___100
Marconi Wlrel Tel of A m .5
Morris (Philip) & Co____10
Nat Anlllne&Ch.com.r.lOO
Nat Fireproofing com r 50
Preferred r..... .............. 50

24
3154
43
45*
13
325*
95*
185*

New Mexico & Ariz L d .r .l
N Y Shipbuilding (no par)
No Am Pulp&Pap.(nopar)

654

654

Peerless Tr & M ot Corp.50
Perfection Tire & Rubb r 1 1 3-16
Poulsen Wireless.r_.*..100
55*
Rem’ton Typewr’r r ..l 0 0
625*
Savold T lre.r....... .......... 25
45
Simpson C oal.r________ 10
75*
40
Stand'd Gas & Elec com r 50
Stewart M f g .r ..
465*
Submar Boat Corp v t o. 5
1554
Swift Internat'l.r......... 15
615*
Triangle Film Corp vt c.5
Union Carb & Carbon.r(t)
695*
United Profit Sharing_25c
15*
U S Lt & H t, com .r. 10
U S Steamship________ 10
25*
47
Warren Bros.r_______ 100

205*
245*
23
295*
*35
454
115*
315*
85*
1654
60
35*
41
55*
254
27
15*
45*
61
405*
654
365*
46
15
555*
54
69
15*
2
2)4
425*
354

255*
245*
29
33
44 5*
45*
1354
*3354
95*
19
61
654
45
65*
3
285*
15*
554
65
45
115*
405*
47
1654
62
1
6954
15*
25*
254
48
454

Range since Jan. 1.
Low.
High.

28,700
105* Jan
20C
245* Mar
8,650
105* Feb
19
Jan
21.60C
275* Feb
3 ,10C
Jan
2,50C
Feb
7
31,800
24
Mar
17,600
64* Feb
1,200
134* Jan
1,400
Jan
47
200
106,000
34* Apr
Jan
25
1,500
24* Jan
138,600
4,700
14* Jan
Jan
18
2,200
H Feb
325,000
2,300
45* Apr
6,675 *414* Apr
24
Apr
78,000
64* Apr
69,100
294* Apr
6,400
38
Apr
1,200
Feb
10
10,400
40 4* Jan
23,500
2,500
4* Feb
604* Feb
1,000
7-10 Jan
40,000
6,500
14* Jan
2
Mar
38,500
424* May
1,400
6,850
34* Feb

4

May
Mar
Mar
Apr
Apr
Mar
Apr
Apr
Jan
Jan
Mar
May
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Apr
Apr
May
M ay
Apr
Mar
Apr
Apr
Feb
Apr
Jan
May
Apr

254*
28
36
344*
444*
5
14
*334*
12
204*
674*
64*
47
74*
34*
284*
14*
74*
65
45
114*
404*
47
18
654*
14*
73
2 4*
24*
54*
48
44*
%

Former Standard Oil
Subsidiaries
Anglo-Amer O ll.r............£1
Buckeye Pipe L ln e.r.._50
Cumberland Pipe L .r . 100
Galena-Slg Oil c o m .r ..100
Indiana Pipe Llne.r__ 100
Northern Pipe Llne.r. 100
Prairie Oil & G as.r____100
Prairie Pipe Llne.r____100
South Penn O ll.r......... 100
Standard Oil (Calif).r.100
Standard OH (Ind).r.-lOO
Standard Oil of N J.r.1 00
Standard Oil of N Y.rlOO

225*
102

750
308
281
718

21
101
197
123
105
113
680
276
308
279
815
713
381
438

22 5*
102
198
123
105
113
754
277
309
284
819
724
385
439

9,700
45
45
10
10
10
500
20
30
87
30
295
66
20

45*

2S.150
6,000
175,000
7,400
32,300
170,500
92,200
30,000
12,950
3,300
15,600
22,100
2,700
2,900
15,000
480,600
21,000
57,500
7,900
135,000
4,150
20,400
19,355
7,900
29,000
18.300
7,700
46,400
16,500
49,500
18,500
11,500
17,365
73,000
42,000
14,600
50
55,000
6,500
39,000
18,500
456,000
18,500
40,000
32,000
288,500
460,500
505,000
11,400
77,935
136,000
11,000
4,200
4,400
59,600
755
24,000
10,800
59,400
26,620
14,600
113,300
3,000
10,200
22,300
10,300
2,750
168,600

164*
91
100
88
99
107
630
263
292
258
770
668
310
395

Jan
Mar
Mar
Feb
Mar
Jan
Jan
Mar
Apr
Jan
Apr
Apr
Jan
Jan

224* May
102
Apr
198
Apr
130
Apr
107
Apr
113
Feb
754
May
Apr
278
322
Apr
286
Apr
820
Apr
731
Jan
395
Apr
Apr
443

Other Oil Stock*
Allen O l l . r .........................1
354
Alliance OH & R e f.r_____5 ______
Amalgamated R oyalty.r.l
15*
3-16
Barnett Oil & G as.r......... 1
Boone O ll.r_____________ 5
65*
Boston-Wyomlng O l l . r .. 1 49c
Caddo Oil
R ef..(n o par)
4854
Central Oil D ev .r______ 10
135*
Com’nw’th Petr l.r wl (t)
485*
Continental Petrol Co. r.5
354
Continental Refg______ 10
95*
Cosden <fe Co. com .r____6
954
Crystal Oil A Reflnlng.r.l
15*
Curman Petroleum.r____1
15*
Elk Basin Petroleum .r..5
954
12c
Esmeralda Oil C orp.r___1
Federal O ll.r____________ fi
35*
Glenrock Oll.r__________10
754
Hercules Petrol Class A r 10
105*
36c
High Gravity O ll .r .......... 1
Home Oil A Refg.r w 1. 10
185*
Houston Oil, com .r___100 132
Hudson Oil _ r ......... ..........
35*
Internat Petroleum .r..£l
295*
85*
Island Oil A Transp.r.,10

&

1

Louisiana Oil A R e f.r ..50
Marland Petroleum, r__ 5
Merritt Oil Corp.r_____ 10
Metropolitan Petroleum.25
Midwest Oil, com .r_____ 1
Midwest Refining.r____50
Mldwest-Texas O ll.r____1
Morton Pet of M e.w l .r . l
National O ll.r................10
New Eng Fuel O ll.r__ 100
Northwestern O ll.r_____ 1
Oklahoma A Tex O ll.r__ 5
Omar Oil A Gas, com____1
Orient OH A G as.r______ 1
Osage Nation Oil Synd.r.l
Pennok O ll.r___________ 10
Pennsylvania Gasoline__ 1
Queen O ll.r........................ 1
Rangebumett O ll.r......... 1
Ranger-Home O ll.r_____ 1
Ranger O ll.r......................1
Rickard Texas C o .r _____ 6
Rock O il.. ___________10c
Ryan Petroleum.r____ .1
Salt Crk Produc Assoc r 25
Sapulpa Refining.r......... 5
Savoy O il..
............. ......5
Sinclair Gulf C orp.r___(t)
Southw Prod A R ef.r____5
Stanton O ll.r___________ 1
Sterling Oil A R ef.r......... 5
Texana Oil A Ref.r
.. 1
Texas-Ranger ProdA R r 1
Tyopa O ll.r----------- -------- 5
Valverdo Oil Prop.r__ (t)
Vera-Cons Pet___________1
Victoria O ll.r__________10
Western States Oil A L r 1
“ Y ” OH A G as.r................1

35*
45*
15*
3-16
654
38c
4154
115*
42 5*
354
854
95*
15*
1
954
8c
3 54
65*
10
27c
175*
97
354
29
85*

254
54
7
50c
48 5*
135*
4954
45*
954
95*
154
1 3-16
1054
14c
35*
7 5*
105*
36c
19
132
35*
305*
85*

35*
454
445*
355* 445*
______
75*
65*
315*
3054 335*
3 1-16
25*
35*
______ 19-16 1 11-16
184
170
186
15*
154
15*
5
55*
454
65*
55*
654
______
79
79
65c
60c
75c
6
6
45*
47C
45c
49c
3
3
25*
15*
154
15*
1654
1554 165*
35c
30c
38c
15c
13c
15c
55*
55*
25*
40c
15*
15*
25*
1
15*
15
15
195*
1
2
15*
354
254
354
45
44 54
8
85*
85*
125*
115* 14
5754
515* 585*
225
330
40c
48c
4
5
5
15*
15*
54
8
85*
85*
50c
50c
65c
45*
35*
45*
25*
25*
25*
8
85*
954
15* 13-16
154
4
454
454
55
75
1 7-16
94c 1 7-16

44* Apr
4* Jan
54* Mar
44* Apr
2 H Apr
14* Apr
5-16 Jan
3-16 Jan
Apr
7
3
Mar
50c May
18o
Jan
484* May
374* Apr
134* May
1144 May
37
Mar
514* Mar
4
Apr
34* Apr
94* May
84* Apr
10
Apr
64* Jan
2
Mar
14* Feb
1
Mar
l 5-16 Feb
Jau
6
104* Apr
14c
Apr
4c
Jan
4
Apr
2
Jan
84* Apr
34* Mar
10
Mar
104* Mar
36c May
27c
Apr
19
Mar
10
Feb
May
Jau 132
75
55o
Feb
54* Apr
354* Apr
104* Jan
94* Mar
64* Jan
10e
Jan
5l*o Apr
55* Apr
3 4* Apr
444* May
234* Jan
74* Mar
64* Apr
Jan
21
334* Apr
4/*« Mar
24* Jan
1.12 Jau
15* Mar
121
Jan 186
May
14* Apr
14* Apr
1
Mar
55* Apr
Apr
7
44* Apr
79
79
Apr
Apr
Feb
75c
Apr
400
3
Apr
64* Apr
64c Mar
220
Jan
3
Apr
14* Apr
14* Apr
15* Apr
17 4* Apr
114* Feb
50c
Apr
3-16 Apr
Jan
30c
Feb
13o
35c Mar
54* May
1 May
23o Mar
1
Apr
24* Apr
Apr
20
6
Mar
42c Mar
2
Apr
24* Apr
34* May
45
38
May
Mar
7
Jan
85* Jan
14
Apr
64* Jan
22
Jan
584* May
330
May
38
30C
500
Feb
Apr
5
4
Mar
14* JaD
5* Mar
84* May
44* Apr
lie
Jan
15*. Apr
2
Apr
4 May
34* Feb
14* Mar
8
Apr
95* Apr
14* May
4* Apr
6
Apr
2 4* Jan
30
Apr
Mar
75
83c
Apr
l/*«May

Y%

%

lA

M ar

May
Mar
Apr
Apr
Apr
Apr
May
May
Apr

Mining Stocks.
32c
Adelphta M A M . r ........... 1
Alaska-Brlt Col M etals.. 1 61c
Allied Gold.r......... ............ 1
15*
America M in es.r.______ 1
5*
Amer Tin A Tungsten r . . 1 ______
74
Arizona Butte.r________ 1
55*c
Atlanta Mines___________1
Big Ledge Copper C o____6
5*
10c
Booth, r ........... ........ .......... 1
73c
Boston A Montana D e v ..5
Butte A N Y Copper____1
5*
32c
Caledonia Mining........... .1
Calumet A Jerome C op.r.l
Canada Copper Co L t d ..6
15*
68c
Candalarla Silver.r......... 1
11c
Cash Boy....... ..................... 1
Cerbat Silver ( n c w ) .r ...! ..........

33c
13,900
63c 157,630
154 161,500
6,200
54
5*
3,000
5*
X
66
75
21,300
6c
5c
8,000
3,100
9-16
5*
35c
zlOc
15,500
77c
60c
36,600
200
X
54
34c
32c
26,880
1,900
5*
5*
4,700
154
15*
65c
69c
34,000
10c
12c
16,500
2,800
3 54
35*
31c
31c
69c

26c Mar
31c May
66c Mar
Mar
4*
4* Mar
Apr
36
34*c Feb
4* Mar
zlOcMay
Feb
42c
4* May
Jan
27c
Feb
1 5-16 Jan
Jan
52c
5o
Feb
34* Apr

34c
63c
14*
15*.
5*
75
64*c
15-10
36o
78c
5*
39c

Apr
May
May
Fen
Mar
May
Mar

Jan

Apr
Apr
Apr
Apr
4* Jan
Feb
24*
Apr
69c
154*cMar
44* Mar

1

Friday
M i n i n g (Concluded) —

Sales
Last W eek's Range
fo r
Sale.
W eek .
P rice. Low.
H igh . Shares.

C o n s o l A r i z o n a S m e l t ____ 6
1
C o n s o l C o p p e r M i n e s ____ 5
C re sso n C o n G o ld M A M l
5
C r o w n C ro e su s L G o l d . r . .
38c
D i v i d e S y n d i c a t e .r _____ 1
12 c
D i v i d e S y n d ic a t e o f N e v . r
20
E l S a lv a d o r S ilv e r M ___.1 ___
E u r e k a C ro e s u s M i n C o r l
2
F l a g g T u n n e l M . r ______ 5
GVs
80c
F lo r e n c e S l l v e r . r _______ l
F o r t u n a C o n s o l i d a t e d .r .l
50c
G o l d e n G a t e E x p l o r . r __ 5
3
G o l d e n R u l e . r . ....................... 1
17c
G o l d f ie ld C o n s o l_______ 10
O o ld f le ld M e r g e r . r _____ 1 ______
C o l d Z o n e D i v i d e . r ______
IX
H a m i l t o n M & S . f r ................1
H a r m l l l D i v i d e . r _____ 10 c
35 c
H a s b r o u c k D i v i d e . r ...................
28 c
H e o l a M i n i n g __________26c
5
J i m B u t l e r . r ..................................: )
33
J u m b o E x t e n s i o n ................. . 1
13X c
L a R o s e M in e s L t d ______ 5
Vs
L i b e r t y B e ll D i v i d e . r ___1
18 c
13 c
L o n e S t a r C o n s 'd . r ____ .1
L o u i s ia n a C o n s _________ 1
Vs
M a c N a m a r a M i n i n g .. r .. l 1 1-16
M a g m a C h i e f . r ________ .1
7-16
M a n g a n M o f A r a . r ................1
1a
M a r s h M i n i n g .r .......................... 1
8c
M e c c a D i v i d e . r ________ 1
35 c
M o t h e r L o d e . r _______ .1
45 c
N a t T l u , C o r p . r ______ 60e
3
N e v a d a D i v i d e . r _____ lO e
2 1c
N e v a d a O p h i r M i n i n g .r l O c

Range sin ce J a n . 1 .
L ow .

1
5 ,3 0 0
1V6
4 74
300
446
6 ,0 0 0
544
444
40 c
4 0 ,0 0 0
35c
8c
6 2 ,0 0 0
12 c
2 7 ,4 5 0
15
20
4
1 3 ,0 0 0
144
246 3 7 ,7 8 0
146
7 ,0 5 0
5
644
80c
6 ,5 0 0
60c
24o
55c
3 9 ,5 0 0
346 2 0 ,6 2 0
244
5 00
Vs
44
18 c
7 ,6 5 0
16 c
3 ,5 0 0
5Xc
6o
79 c
1V4 5 6 ,0 0 0
15 0
4 1c
68c
2 7 ,0 0 0
40 c
25 C
6 5 ,3 0 0
20 c
39c
1 ,9 2 7
544
4 *6 *
6 ,7 0 0
30n
33c
5 ,0 0 0
10 c
14 c
4
,0
0
0
5 -1 6
15 c
7 6 ,0 0 0
26c
15 c
7 1 ,0 0 0
14 c
60
8 ,0 0 0
44
X,
1 1 - 1 6 6 3 5 ,0 0 0
34o
2 2c
X 3 1 ,6 0 0
5 0c
144 8 5 ,3 0 0
3 ,8 0 0
8c
3o
9 4 ,0 0 0
35c
25C
2 7 ,8 0 0
45 c
28()
5 2 ,9 0 0
3
44
4 2 ,0 0 0
22c
17c
3 1 ,0 0 0
24c
15 o
1 ,5 0 0
9
8H
20 c
3 5 ,0 0 0
N i x o n N e v a d a ..................................1
20 c
17c
1 ,5 0 0
O n o n d a g o M in e s C o r p . r . l
3
3X
3 44
2 ,0 0 0
R a y H e r c u le s M f n r ___ 5
2X
244
144
14 c
2 4 ,0 0 0
R e x C o n s o lid a t e d M i n ___1
15 c
Ho
3 ,6 0 0
20c
17c
S e n e c a C o p p C o r p . (n o p a r )
3 ,1 0 0
1514
1546
13 44
S ilv e r D o l l a r M . r .......................1
3 ,5 0 0
IX
146
146
S ilv e r K i n g o f A r i z o n a __ 1
1 3 -3 2
Vs
Vs
X 9 0 ,0 0 0
S ilv e r K i n g C o n s o f U t a h r l
7-16
11-3 2
44 7 5 ,0 0 0
S ilv e r K i n g D i v i d e . r ____1
3 1c
26c *3 4 c 1 7 3 ,4 5 0
2 1c
12 c
S ilv e r P i c k C o n s o l .r _____ 1
l l ^ c 13 c
3 ,0 0 0
4c
5 -16
5 -1 6 5 -1 6
3 ,3 0 0
S t a n d a r d S i l v e r - L e a d ___1
Vs
1
S t a r o f th e W e s t . r ................... 1
IVs
146 1 1 2 ,0 0 0
X
S te w a r r
.............................................l
25c
22c
4 0 ,0 0 0
28c
14 o
2
7
c
2
3
c
S u th e r la n d D i v i d e . r _____
30 c
8 5 ,5 0 0
23 c
3
T o n o p a h B e lm o n t D o v .r 1
3
365 2 9 -1 6
344
OXc
T o n o p a h D i v i d e . r _____ .
0 X o 11c
1 7 ,8 0 0
5 44c
4 ,8 5 0
T o n o p a h E x t e n s i o n ____1
2X
2X
2X
146
3
3
10 0
2%
4 13 -16
3 ,3 3 0 3 3 -1 6
444
15 c
14 c
16 c
U 8 C o n t i n e n t a l M i n e s .r 1
2 8 ,4 0 0
0o
6
U n i t y G o l d M i n e s .......................5
4 ,9 0 0
0X
4X
r,x
25 c
22c
25 c
W a rd M in A M i l l i n g .r ..l
7 ,0 0 0
20o
74c
75 c
W a s h i n g to n G o l d Q u a r t z . I
3 ,6 0 0
71c
2
1 3 ,7 0 0
W e s t E n d C o n s o li d a t e d . 5 1 1 5 -1 6
IX
1
26 c
W h it e C a p s M i n i n g ___10 c
25 c
2S c
6 ,0 0 0
10 c
W h i t e K n o b p r e f . r ____10 c
1 ,0 0 0
IVs
144
1X
14 4
Bonds—
A m T A T 0 % n o t e s ..1 0 2 4 1 0 0
A m e r T o b s e ria l 7 s __ 19 23
A n a c o n d a C o p M i n 0s ’ 29
09 Vs
C a n a d a ( D o m o f) 5 s ..1 9 1 9
F e d e r a l F a r m L o a n 5 s ____
G e n e r a l E l e c 6 % n o te s T 9
Ills C e n t 5 V s a .......................1934
97
I n t e r b o r o R T 7 s _____19 2 1
83 X
K a n s a s C i t y T e r m R y 6 s'2 3
L a c le d e G a s L t co ll 7 s 19 29
99 Vs
L i g g e t t & M y e r s T o b 6s ’ 2 1
N Y C e n t r a l 5 s ................... 1 9 1 9
N Y T e le p h o n e 6 s ____19 4 9
10 0 M
59
R u s s ia n G o v t 0 V ) S .r . l 9 1 9
5 H s r ............
.1 9 2 1
S in c la ir G u l f C o r p 6 3 .1 9 2 7
S o u t h e r n R y 6 % n o te s ’ 22
S w if t A C o 6 % n o te s , r 19 2 1 ______
W ils o n A C o I n c fls __ 192.8
98

1
4M
4 Vs
35c
6c
17
3X
IX
5
75 c
50c
2Vs
Vs
16 c
5o
98c
68c
25 c
22o
4 Vs
3 1c
13X c
15 c
15 c
10 c
Vs
75 c
7-16
X
7c
25 c
40 c
2 Vs
19 c
20 c
SX
18 c
3
2
lie
19 c
13Vs
IX

00 x 10 0
10 3 X 10 4
99 Vs 994.4
00 x
9944
10 3 46 10 344
10 0 46 10046
9 6 J4 9 7
8344 8644
10 0 44 10 044
9944 9944
10 0
10 0
00 X 9946
10 0 44 10046
57
61
51
53
10 0
10 3
9944 99 44
10 0 14 10046
9 746 98

3 1 6 ,0 0 0
8 ,0 0 0
1 1 0 ,0 0 0
16 ,0 0 0
1 7 0 ,0 0 0
1 ,0 0 0
3 3 ,0 0 0
2 3 5 ,0 0 0
1 ,0 0 0
4 0 ,0 0 0
1 ,0 0 0
3 ,0 0 0
3 2 ,0 0 0
4 9 6 ,0 0 0
5 0 ,0 0 0
3 8 ,0 0 0
2 6 ,0 0 0
5 ,0 0 0
13 5 ,0 0 0

Fe b
Feb
Apr
M ay
Apr
Apr
M ar
Fab
M ay
Ja n
Fe b
Feb
Fe b
M ay
Fe b
Apr
Ja n
M ay
Apr
Ja n
Apr
Apr
Apr
Apr
Fe b
Apr
M ar
Fe b
Apr
Fe b
Apr
Fe b
M ar
Apr
Apr
Apr
Ja n
Ja n
Apr
M ar
Feb
Apr
Feb
Apr
Apr
Apr
Ja n
Apr
M ar
Apr
Ja n
M ar
Ja n
Ja n
M ar
Apr
Apr
M ar
Ja n
Ja n

9844 J a n
10246 J a n
Fen
97 H
9944 J a n
10 3
Ja n
10 0
M ar
96
M ar
8346 M a y
9944 J a n
9944 A p r
9944 J a n
9944 A p r
9944 F e b
48
Ja n
Ja n
47
83
Ja n
9944 F e b
99 46 F e b
Ja n
02 X

Ja n
1 9 -1 0
046 J a n
Ja n
5H
40 c M a y
Apr
15 c
Apr
20
444 A p r
244 A p r
644 A p r
85o
Fe b
Apr
60c
444 M u r
44
Ja n
24n
M ar
8o
Apr
146
77c
M ar
Apr
44c
Apr
47c
546 A p r
14 c
Feb
M ar
10 c
7-16 Ja n
Apr
40 c
30o M a r
44 a d *
14 6 . M a y
Apr
44
Apr
244
80 A p r
35c
M ay
Apr
47o
3
M ay
Apr
25c
25 c
Apr
946
48c
Ja n
Ja n
OX
3 46 J a n
15 c M a y
32c
Feb
15 44 J a n
146 A p r
46 A p r
44 A p r
37c
M ar
Apr
14c
Vs J a o
144 A p r
30e A p r
47c
Apr
3 13 -16 M a r
*1 2 c A p r
3
Fe b
3 44 A p r
546
16 4 4 o A p r
744 M a r
40 c
Feb
94c
M ar
Apr
2
35 c
Apr
144 J a n
10044
10 4 44
9944
9946
10 4 4 4
10 044
9 7 44
92 44
10 0 44
10 1
10 044
9946
10 14 6
72
65
10 3
9944
10 044
98

Apr
Feb
Ja n
Fe b
M ar
Apr
Apr
Feb
Ja n
M ar
Fe b
M ay
Ja n
Feb
Feb
M ay
M ar
Apr
Apr

Now York City Banks and Trust Companies
A l l p r ic e s n o w d o l l a r s p e r s h a r e .
K id
5 40
245
175
203
425
13 5
12 5
15 0
14 5
25
160
4.55
4 12
10 0
500
235
C ity
................... 4 4 8
Co a l A Ir o n . . 2 10
C o lo n ia l * . . 4 0 0
C o l u m b i a * ... 175
C o m m e rce . .
234
C om m ’l E x *
390
Com m on
w e a lth *
2 15
C o n tin e n ta l*. 110
C o rn E x c h * . 3 75
C o s m o p 'f a n * . 10 0
C u b a (B k o f ) . 175
E a s t R i v e r ___ 15 0
E u r o p e ____ . 12 0
F i f t h A v e n u e * 2 0 00
F ifth .
12 2 5
995
G a r f i e l d _____ 18 5
G o t h a m _____ 18 5
O r o e u w lc h * . . 340
H a n o v o r _____ 7 7 5
U a r r lm a n ____ 325
I m p * T r a d __ 555

Hunks.
Rid.
1 I r v i n g (t r u s t
c e rtific a te s ) 350
18 5
665
L ib e r t y
L in c o ln . .
2 10
265
M a n h a tta n *
2 10
145
M eoh A M et
3 85
M e rc h a n ts .
175
14 5
16 0
M e tr o p o lita n * 17 5
15 0
M u tu a l * . ,
3 75
35
N e w N c th *
20 0
170
N e w Y o r k C o 145
Now Y o rk .
465
440
4 17
P a o lflo * . .
16 0
115
690
P a r k .. . .
5 20
P ro d E x c h *
2 75
245
P u b lic
265
455
490
45 0
220 Second . . .
____S h e r m a n
.
12 5
18 5
12 8
S ta te * . .
237
23d W a r d *
115
4 10
U n io n E x c h
178
U n it e d S t a t e s * 165
230
W ash K ’ ts *
275
120
16 0
W e s tc h A v e *
385
Y o r k v llle * .
300
110
Hronkiyn
18 5
“ * C o n e y I s la n d * 14 0
13 0
F ir s t. .
19 0
2400
G r e e n p o lu t
15 0
H ills id e *
110
70
19 5
M e c h a n ic s ' •
75
19 5
M o n ta u k * .
85
Nassau
. . 20 0
73 5 ' N a t io n a l C i t s 13 0
N o rth S id e *.
19 5
5 70
P e o p le ’ s
13 0
Ask

Ask

T r u s t C o 's
Rid
A ’etc York
B a n k e rs T r u s t 420
680
C e n t r a l U n io n 4 4 3
285 C o lu m b ia
343
220
C o m m e r c ia l
10 0
390
E m p ir e .
280
15 5
E q u ita b le T r
455
Fa rm l A T r
460
F i d e l i t y - ..
215
2 15
F u lto n
. . . 24 0
15 0
G u a ra n ty T r
407
135
____ I r v i n g T r u s t /S e e
710
1Nat
L a w T i t A T r 12.3
175
M e r c a n ti le T r
500
A D e p o s it
220
13 5
M e t r o p o l i t a n . 365
13 8
M u t u a l ! W e e t130
ch eater)
10 5
N Y L i f e Ing
18 3
175
A T ru s t.
79 0
N Y T ru s t.
6 10
175
S c a n d in a v ia n
3 10
350 T i t l e G u A T r t3 9 1> 4
U S M t g A T r 44 5
U n it e d S ta te s 9 1 0
15 5
W e s tc h e s te r
13 0
200
16 5
Brooklyn
12 0
B r o o k ly n T r
495
80
F r a n k l i n .. .
225
20 0
95
K in g s C o u n t v 650
2 10
M a n u fa c tu r e r s 16 0
P e o p le ’ s ............
13 7
2 75
205
Q u e e n s C o __
70
14 0

Ask
42 5
448
3 48
110
295
465
4 70
225
260
4 11
14 5
Ir v in g
Bank
12 8
18 5
3 75
12 5
810
630
320
455
930
140
5 l0
235
2 70
70 0
16 5
290
80

* B a n k s m a r k e d w it h a ( * ) a re S t a t e b a n k s , t S a le a t a u c t io n o r a t S to c k E x ­
c h a n g e th is w e e k .
t In c lu d e s o n e -h a lf s h a re I r v i n g T r u s t C o .
t N e w s to c k .
V E x -r ig h ts .




New York City Realty and Surety Companies
A ll p r ic e * n o w d o lla r * p e r s h a re .

H ig h .

• O<10 l o t s ,
t N o p a r v a lu e . i L is t e d as a p r o s p e c t . I L is t e d o n th e S to c k
E x c h a n g e th is w e e k , w h e r e a d d itio n a l tr a n s a c tio n s w ill h e f o u n d , o N e w s t o c k .
i U n l i s t e d . tr W h e n Is s u e d , x E x - d l v l d e u d .
y E x -r lg h ts . 3 E x -s to c k d iv id e n d ,
t D o l la r s p e r 1 ,0 0 0 li r e , f la t

B a n k s — ,V .y
Y t n e r le u *
lin e r K xc h
A t l a n t ic . .
B a tte ry P a r k .
B o w e ry *
B ro a dw a yC e n
B ro n x B o r o *.
B ro n x N a t . .
B ryan t P a rk *
B u t c h Ac D r o v
Cent M e re . . .
Chase. .
Chat
Phen.
C h e ls e a E x c b *
C h e m ic a l____

l Vol. 108

THE CHRONICLE

>12

A llia n c e R 'l t y
A m e r S u re ty .
Bond A M G .
C i t y In v e s tin g
P re fe rre d . .

Bid.
60
62
260
27
70

A sk . |l
70
La w y e rs M tg e
67
M tg e B o n d ..
267
N a t S u r e t y ..
35 i N Y T it le A
80 '
M o rtg a g e .

II

Bid.
12 5
92
243

Ask
130
97
248

10 5

112

‘
...............
R e a lty Assoo
(B ro o k ly n ).
U S C a s u a lty .
U S T itle G u a r
W est A B ro n x
T itle A M G

Bid.

A ll

90
18 5
60

97
19 5

15 0

170

Quotations for Sundry Securities
A l l b o n d p r ic e s a r e “ a n d I n t e r e s t ” e x c e p t w h e r e m a r k e d " f ’
S ta n d a r d O i l S to c k s
Pt r Sha
Pa Bid.
22
A n g lo - A m e r ic a n O H n e w . £1
13 4 0
500
*1 0 2
C h e s e b r o u g h M f g n e w ___10C 3 1 0
6 75
*3 6
200
16 5
E u r e k a P ip e L i n e C o ____ 10 1
13 4
G a le n a -S ig n a l O i l c o m ___101
P r e fe r r e d o l d __________10C 1 2 0
no
18 4
Illin o is P i p e L i n e _______ 10C
10 2
I n d ia n a P ip e L in o C o ____5C
I n t e r n a t io n a l P e t r o l e u m . £1 *2 9
N a t i o n a l T r a n s i t C o ___1 2 .6C *2 2
18 5
N e w Y o r k T r a n s i t C o __ IOC
N o r t h e r n P i p e L i n e C o . . 10C 1 1 2
O h io O i l C o ........................................25 *3 8 8
*5 5
P r a ir ie O i l A G a s .......................100 75 0
P r a ir ie P ip e L i n e _______ 100 2 7 8
380
S o la r R e f in in g ___________ 10<
16 0
S o u th e rn P ip e L in o C o . .l 0 (
S o u t h P e n n O i l ..............................10C 30 5
98
S o u t h w e s t P a P i p e L i n e s . 100
S ta n d a r d O H (C a l if o r n ia ) .1 0 ) 28 2
S ta n d a r d O i l ( I n d i a n a ) - .1 0 1 8 1 5
S ta n d a r d O H ( K a n s a s ) . . . lo t 0 30
S ta n d a r d O i l ( K e n t u c k y ) 10C 4 1 0
S ta n d a r d O H ( N e b r a s k a ) .10C 540
S t a n d a r d O i l o f N e w J e r .l O C 7 1 8
S ta n d a r d O i l o f N e w Y ’ k .l O f 382
530
S t a n d a r d t i l l ( O h i o ) _____101
110
S w a n A F i n c h ..................................10C
119
U n io n T a n k L in o C o ____10C
45 0
W a s h in g to n O i l _________ 10 * 3 7
O r d n a n c e S t o c k s — Per & ha re
66
A e t n a E x p lo s i v e s p r e f ._ .1 0 C
5
A m e r ic a n A B r it is h M f g .1 0 C
P r e f e r r e d _____ ________ 10C
40
a t la s P o w d e r c o m m o n ___10 0 1 4 5
90
P r e f e r r e d ................................... . 1 0 0
B a b c o c k A W i lc o x ______ 100 12 0
B lis s ( E W ) C o c o m m o n . 60 * ___
P r e f e r r e d ......................................... 50 * _
C a n a d a F d y s A F o r g i n g s . 10 0 185
87
C a r b o n S te e l c o m m o n __ 100
95
1s t p r e fe r r e d ............................. 100
2 d p r e fe r r e d . . _______ 100
65
C o l t 's P a t e n t F i r e A r m s
25 *4 6
M f g ....................................................
d u P o n t ( E I) de N e m o u rs
A. C o c o m m o n ________ 100 2 7 0
94
D e b e n tu r e s t o c k __ . . . 100
E a s te r n S t e e l................................... 10 0
75
25
E m p i r e S te e l A Ir o n c o m . 10 0
65
P r e f e r r e d .......................................1 0 0
H e rc u le s P o w d e r c o m . .1 0 0 2 2 0
100
N i le s - R e m e u t - P o n d c o m . 10 0 1 1 4
P r e fe r r e d _____________ 100
96
P h e l p s D o d g e C o r p _____ 10 0 240
B c o v lll M a n u f a c t u r in g __ 100 360
*2 2
W in c h e s t e r C o c o m w 1 . . 10 0 1 2 0
1 s t p re fe rre d w i ______ 10 0 10 0
45
W o o d w a r d I r o n ________ 10 0
85
P r e fe r r e d ________
P u b lic U tilitie s
A m e r G a s A E le c c o m
. 50
P r e f e r r e d ..................................
50
A ra e r L t
T r a o c o m ____10 0
P r e f e r r e d .............................
100
A m e r P o w e r ,fc L t c o m __ 1(K)
P r e f e r r e d ....................
lfK)
A m e r P u b lic U t i lit ie s c o m 10 0
P r e f e r r e d ..................................... 100
C a r o lin a P o w A L i g h t c o m 100
C itie s S e r v ic e C o c o m
.1 0 0
P r e f e r r e d .. .................................tool
C o l o r a d o P o w e r c o m . . .. 1 0 0
P r e f e r r e d ...... . . .
in o
O o m ’ w 't h P o w R y A L t
10 0
P r e f e r r e d _____ _____ _ u >0
E le c B o n d A S h a r e p r e f .,1 0 0
F e d e r a l L i g h t A T r a c t i o n . 100
P r e f e r r e d ..................................
10 0
G r e a t W e s t P o w 5s 19 4 6 . J A J
M is s is s ip p i R l v P o w c o m . 100
P r e f e r r e d .........................................lo o
F i r s t M t g e 5s 1 9 5 1 . J A J
N o r t h e r n O h i o E le c C o r p . ( t )
P r e f e r r e d ................................. .1 0 0
N o r t h ’ ll S ta te s P o w c o m . 10 0
P r e f e r r e d .........................................100
N o r t h T e x a s E le c C o c o m 100!
P r e f e r r e d ..........................
]Q o |
P a c ific G a s A E le c c o m .. lOOj
1st p r e fe r re d ........................... lOOj
P u g e t 8 d T r L A P c o m . . 100|
P r e f e r r e d ..................................
100|
R e p u b lic R y A L i g h t ___ 100|
P r e f e r r e d .........................................in o ]
S o u t h C a l i f E ills o n c o m
10 0
P re fe rre t 1 ____ _____ ,1 (X )|
S t a n d a r d G a s A E l ( D e l ) . 501
P r e f e r r e d ................................. ....... 50
Tennessee R y I . A P c o m . 10 0'
P r e f e r r e d ........................................100
U n it e d G a s A E le c C o r p . 10 0
1st p r e fe r re d _______
100
2d p r e fe r re d ................... . . . 1 0 0
U n it e d L t A I t y s c o m ____10 0
1st p r e fe r r e d ..............................10 0
W e s te rn P o w e r c o m m o n 10 0
P r e f e r r e d _____________ 10 0

14 8
•4 2
24 6
97
57
74
____
____
30
358
79
22
90
22h
43
d02
10
40
84
10
40
7734
S21
56
70
90
40
05
56
88
15*2
67
20
60
89
98
•3 8
*4 3 12
5
19
3
25
5
40
71
10*2
64

R R . E q u i p m e n t s — PerCt . Basis J
5 .9 0 5 .5 0
5 .9 5 5 .6 5
5 .9 5 6 .6 5
5 .9 5 5 .6 5
5 .9 5 5 .6 0
C a r o C lln c h f le ld A O h i o 5 s .
6 .3 5 ' 5 .7 5
6 .2 5 5 .7 5
7 .0 > 6 .0 0
7 .0 ) 6 00
7 .0
6 .0 0
C h ic a g o A E a s t e r n 111 f> V ia .
0 .2 5 5 .7 5
C h ic S t L o u i s A N O 5 s ___
5 .9
5 .3 5
5 .6 I 5 .2 5
C h ic a g o A N W
C h ic a g o I t I A P a c 4 >$h . .........
0 .4 ) 5 .8 5
6 .4 1 5 .8 5
C o l o r a d o A S o u t h e r n 5 s __
6.5< 5 .7 5
E r i e 5 s . . . _________________
6 .3
5 .7 5
6 .3
5 .7 5
E q u i p m e n t 4 H s . ...................
H o c k in g V a lle y 4 i s s _____ _
5 .9 . 5 .3 7
5 .9 t 5 .3 7
5 .7 , 5 .3 0
5 .7 f 5 .3 0
K a n a w h a A M ic h ig a n 4 V $ s ..
6.3C 5 .7 5
5.01 5 .1 0
L o u i s v ill e A N a s h v ill e 5 s . .
6 .11 5 .7 0
M ic h ig a n C e n t r a l 5 s ______
5.9£ 5 .5 0
M i n n S t P A 8 S M I p / s ____
5 . 9 c 5 .4 0
M is s o u r i K a n s a s A T e x a s 5 s .
7.01 6 .0 0
M is s o u r i P a c ific 5 s ________
7.0< 6 .0 0
M o b il e A O h i o 5 s . . .........................
6.3C 5 .7 5
E q u i p m e n t 4 f s s _____ ____
6.31 5 .7 5
5.9C 5 .5 0
N e w Y o r k C e n t r n l L in e s 5 a . .
5 .9 f 5 .5 0
i E q u i p m e n t 4 t 4 a _________
N Y C e n t r a l R R I I 2S ...................
6 .1 S 5 .7 0
N Y O n ta r io A W e s t 4 H s .
6.31 5 .7 5
N o r f o l k A W e s te r n 4 ) $ » ___
5 .0 5 5 .2 5
P e n n s y lv a n ia R U 4 ) $ s ___ _
5 .6 0 5 .2 5
5.01 5 .2 5
S t L o u is Iro n M t A S o u 5 s .
6 .7 6 6 .0 0
S t L o u i s A S a n F r a n c is c o 5 s .
7 .o r 6 .0 0
'S e a b o a r d A i r L in e 5 s...................
0.51 6 .0 0
| E q u i p m e n t 4 t $ a ............................
0 .5 ( 6 .0 0
6 7*2 S o u t h e r n P a c ific C o 4 v i s . . .
5.7< 5 .3 5
9
S o u t h e r n R a i lw a y 4 F $ e ___
6 .1 5 5 .6 0
45
6 .1 5 5 .6 0
15 5
T o le d o A O h io C e n tr a l 4 s . . .
6.5 0 5 .7 5
93
12 2
T o b a c c o S t o c k s — Fev 8h are.
350
P a’ Bid. A l l .
75
A m e r ic a n C i g a r c o m m o n . 10T 13 0 14 0
19 5
P r e f e r r e d .........................................10 0
87
95
____ A m e r M a c h in e A F d r y .1 0 0
81)
95
100
B r it is h - A m e r T o b a c o r d . . £ l *2 2
24
73
O r d i n a r y , b e a r e r __ . . . . £1
*2 3
24
C o n le y F o i l ......................................1 0 0
205 22 5
47
Jo h n s o n T i n F o i l A M e t . 100
80 10 0
M a c A n d r e w s A F o r b e s .1 0 0 20 0 2 1 0
28 5
P r e fe rre d .........................................in o
95 10 0
96
R e y n o ld s ( R J ) T o b a c c o . 100 400 430
78
B c o m m o n s t o c k .................100 350 380
35
P r e f e r r e d .. . . ...................... 100
114
111
75
\ d iv id e n d s c rip ....................... _ 98 10 0
230
B d iv id e n d s c r i p .. . . ___ _
98 10 0
109
150
116
i P r e f e r r e d ______ _____ 100
10 0 n o
99
28 0
j S h o r t T e r m N o t e * — Per Cent
380
A m e r C o t O i l 5s 19 19 . M A S
9 9 D 9934
32
100*4 lo o t?
1A liter T e l A T e l 63 1 9 2 4 . F A A
0978, 10 0 '
____ B a lt o A O h i o 5s 1 9 1 9 . . . J A J 9 9 % 997g
55
C a n a d ia n P a c 6s 19 2 4 M A S '2 1007a 1 0 D s
95
|l) e l A H u d s o n 5s 19 2 0 . F A A
9STi 99
F o il S u g a r l t f g 5s 19 2 0 . J A J
9314 9 9 U
G e n e r a l E le c 6s 19 2 0 . . . J A J
1003s 100=8
1 0 % n o te s <2 y r ) 1 9 1 P .J A I ) lo o ts 1003a
15 2
G r e a t N o r t h 5s 1 9 2 0 . . . M A S
983,j 99
4312 K C T e r m R y 4 H s 1 9 2 1 . J A J
96
97
250
1 5s N o v 15 1 9 2 3 .. M A N 15 10 0
LOOI 4
10 0
L l g g e t t A M v e r 8 T o l)6 s ’ 2 1 J A D L O O K * 00 %
62
N Y C e n t 5s 1 9 1 9 . . M A S 15
9912 9934
78
P e n n C o 4 l-«>« 19 2 1
J A D 16
97
9714
20
P u b H e r C o r p N J 7 s ”2 2 M A H
90U 97
40
S o u t h e r n R y 6s 19 2 2 w 1 M A S
9 9 ls 9 9 U
40
S w if t A C o 6s 1 9 2 1 w 1 F A A 15 1 0 0 '1 10012
362
U t a h S is ; C o r p Os ”2 2 M A S 16
93
91
80
25
In d u s tr ia l
10 0
a n d M is c e lla n e o u s
231.1 A m e r ic a n B ra s s . . . . ................100 2 1 6 2 19
50
A m e r tc u n C h ic le c o m . . . . 100 1 1 5 1 1 8
95
P r e f e r r e d ______ . . . . 100
84
88
1 U 2 A m e r ic a n H a r d w a r e
. .1 0 0 14 4
146
60
A m e r T y p e f o u n d e r s c o m . 100
43
46
86
P r e f e r r e d ..........................
10 0
88
92
15
H o , d e n 's C o m ! M i l k c o m KM) 10 S
L10
45
P r e f e r r e d ....................................... io n
98 10012
7 9 1 2 C e llu lid d C o m p a n y ................1 00
130
36
2 1 1 2 C o l u m b i a G r a p h o p h M f g ( 1-) *2 4 5 24S
58
P r e fe rre d . . ................... 100
95 1 2 96
72
F r e e p o r t T e x a s C o ...................(♦)
*4 3
44
92
H a v a n a T o b a c c o C o ___ 100
1
212
60
4
P r e f e r r e d __________ .. 1 0 0
314
75
1st g hs J u n e 1 1 9 2 2 . . J D /4 5
55
58
lu te r o im tln e n R u b b c o r n . 100
25<s 2514
90
I n te rn a t B a n k in g C o . . . .1 0 0 16 0
18
I n t e r n a t io n a l S a l t _____ .1 0 0
54
7 1 3,j
09
1s t g o ld 6s 1 9 5 1 ................... A - O
70
In t e r n a t io n a l S ilv e r p r e l .i o u
23
88
92
62
L e h ig h V a ll e y C o a l S ale s . 50 * 8 7
90
91
o tts E le v a to r c o m m o n .
100
80
85
P re fe rre d ......................
. lo o
Dl
90
95
R e m in g to n T y p e w r i t e r —
39
C o m m o n ........................................lo t)
45
6 U 2 63
1st p r e fe r re d .............................100
8
9212 9 5
2d p r e f e r r e d _ lo t)
21
9 ’2 i2 95
R o y a l B a k i n g P o w C o m .. 100 13 5
5
45
P r e f e r r e d .........................................100
27
97
00
H
S in g e r M a n u f a c t u r i n g ., lo t) 190
93
T e x a s P a c C o a l A O i l . . . 10 0 v 18 0 0 18 50
42
73
R i g h t s ...........................................................* 3 1 5
160
18
W ’ h t m s e C h u r c b K e i r A C o lo o
62
64
P r e f e r r e d .................. .
lo o
81
86
00
e
Ask
22h
1360
5 25
10 4
325
68 5
38
2 10
170
13 8
140
115
18 8
10 5
30
23
19 5
115
392
57
76 0
282
390
170
3 10
10 2
28 5
825
650
42 0
500
72 2
3 85
550
115
12 1
455
42

|

B u ff R o c h A P itts b u rg h A X i

* P e r s h a r e . 6 B a s is ,
d P u r c h a s e r a ls o p a y s a c c ru e d d i v i d e n d ,
e N o w s to c k ,
/ F l a t p r ic e , n N o m i n a l ,
x E x -d lv ld e n d .
y E x -rlg h ts .
( t ) W i t h o u t p a r v a lu e .

THE CHRONICLE

M ay 3 1919.]

ami ^ailrxraxl

1813

% n \ z llig m tz .

RAILROAD GROSS EARNINGS

Tho following table shows the gross earnings of various STEAM roads from, which regular weekly or monthly returns
can be obtained. The first two oolumns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period frotft Jan. I to and including the latest week or month. The returns of the electric
railways are brought together separately on a subsequent page.
Latest Gross Earnings.
■ROADS.

Week or
Month.

Current
Year.

Ja n . 140

Previous
Year.

Current
Year.

Latest Date.
Previous
Year.

Latest Gross Earnings.

ROADS.

Week or
M onth.

Current
Year.

Previous
Year.

J a n . 1 to Latest Date.
Current
Year.

Previous
Year.

S
S
■S
S
S
Alabama & Vicksb . M arch
215.778
191.878
459,691
57,243 M o Okla & G u lf___ M arch
10,521
104.929
168,415
298,544
Ann A rb or_________3d wk Apr
67,033
877,816 Missouri P a cific___ M arch
6,737,364 7,338,205 20,602,728 19,470,927
63,306 1.208.469
A tch Topeka & S Fo M arch
12491210 12395100 38,091,433 33,770,128 M o n o n g a h e la _____ M arch
551,740
258,312 210,717
804,477
G u lf Oolo & S F o. M arch
1,404,707 1,638,455 4,263,237 4,679,728 M onongahela C onn. M arch
561,782
173,327
451,191
194,499
Panhandle & S Fe February
366,074
442,971
897.145 M o n t o u r __________ M arch
769,511
210,285
210,980
64,696
70,858
Atlanta Birm & Atl M arch
428,660 373,204 1,168,614 1,049,789 N ashv Chatt & St L M arch
1,533,492 1.619,268 4,416.852 4,216,713
A tlanta & W est Pt_ M arch
239,350 175.878
63.222
679,003
507,057
N evada-Cal-Oregon 3d wk A pr
62,873
4,386
3,470
263,830 223,298
538.803 N evada N orthern. . February
A tlantic C ity ......... .. M arch
400,413
775,538
310.622
127,786
173.280
A tlantic C oast Lino M arch
5,801,391 4,690,707 16,648,457 13,261,085 Newburgh & Sou Sli M arch
199,300
402,145
144,756
94,246
N ow Orl Great N or M arch
12336137 12007286 36,897,240 28,515,242
Baltim ore Sc O h io .. M arch
527,157
484,880
183,607
178.735
B Sc O Oh T e r m .. M arch
120,485
160.409
351,247
323,930 N ew Orl Sc N or East M arch
521,37!) 517,906 1,478,432 1,419,009
N O Texas & M ex
Bangor Sc Aroostook M arch
460,175 430,908 1,349,734 1,051,801
407,182
M arch
164,266 229,101
56S.007
18,544
22,824
Boaum S L & W . M arch
Bellefonto C entral. M arch
6,397
7,069
71,721
307,066
386,946
141,898
704.697
769,152
St L Browns & M M arch
229,014 350,435
B elt R y o f C h ica go. M arch
946,030
402,470 308,027 1,171,805
662,122 642,905 1,950,503 1,002,015 N ew Y ork C entral. M arch
Bessomer & L E rio. M arch
23430720 21920846 68,765,905 55,049,996
146,137
264,349
146,13" 264,349
Ind Harbor Belt M arch
Bingham & Garfield January
510,181 1,519,781 1,061.872
468,191
1 1 1.876
57.972
223,459
Lake Erie & West February
106,148
Birmingham South. February
693.143
564.497 1.457.610 1.086,974
M ichigan Central M arch
4,927,007 5,150,391 14,835,471 13,164,188
B oston Sc M a in e— M arch
5,633,809 5.594,870 16,764,194 13,147,706
62,152
135.215
115.358
§8.352
Bklyn East D Term February
C lov C C & S t L . M arch
5,126,885 5,367,638 15,445,290 12,999.516
Cincinnati North M arch
B u ff R och Sc P ittsb . 3d wk A pr 187,969 342,889 4,105.748 4,920,575
224.861
526,363
217,133
653,187
516,499
Pitts Sc Lake Erie M arch
159,401
192,519
585,589
Buffalo & S u s q . . . . M arch
2,413,921 2,482,821 7,581,803 6,174,545
21,167,11!)
19,756,316
T ol & Ohio C en t. February
Canadian N at R ys. 3d wk Apr 1,561,366 1,686,040
526,076 529,391 1,127,057
992.854
963,204
728,666
Kanawha & M ich February
326,875 272,177
221.829 291.347
C an Pac Lines InM e M arch
489,794
541.529
Canadian P a c ific .. 3d w k A pr 3,037,000 3.016,000 44,596,000 41.089.000 N Y Chic & St Louis M arch
2.035,860 1.665.171 6,114,762 3,772.963
Caro Clinch Sc Ohio M arch
441,947 363,161 1,350,013 1,012,857 N Y N H Sc Ilartf
M arch
7,652,328 7,544,256 21,943,870 19,451,769
1,738,688 1,776,313 4,943,491 4,963,505 N Y Ont & Western M arch
Central o f G eorgia. M arch
577,584 815,944 1,986,614 2,182,576
N Y Susq Sc W e s t .. M arch
3,077,687 3,198,903 9,692,374 8,271,149
Central R R o f N J . M arch
270,606 325,335
834.809
875,049
433,888 480,980 1,412,759 1,227,502 N orfolk & Western M arch
Cont New E ngland . M arch
5.844,392 ,770,591 17,776,726 15,634.688
972,278 N orfolk S o u th ern .. M arch
397,772 388,683 1,196,574
Central Vermont . . M arch
566,257 492,612 1,506,907 1.262.053
763,448
672,238 Northern Alabam a M arch
268,433 252,570
Charleston & W C ar'M arch
325,188
267,556
98,383
105,045
5,271,819 5.188,751 16,099,938 12,965,322 Northern P a cific___ M arch
Ches Sc Ohio Lines. M arch
7,423,001 7,716.353 22,202,067 19.912,620
1,899.167 1,876,521 5,755.578 4,546,523
M inn Sc Internat. M arch
264,598
C hicago & A lt o n .. . M arch
265,165
102,954
100,199
11193853
11279417
33,405.843
M
arch
29,212,823
C hic Burl Sc Quincy
N orthwest'n Pacific February
746,477
662.937
363,072 315,553
1,806,857 2,101,700 5,626,611 5,027,910 Oahu R y & Land C o February
218,809
C hicago Sc East III_ M arch
223,814
99,506
107.217
1,579,748 1,017,002 4.844,428 4,007,242
Pacific C oast______ M arch
C hicago G reat West M arch
415,839
519,848 1,277,895 1,595,670
851,988 815,314 2,576,402 1,954,072
Pennsylvania R R
C hic Ind Sc L ou isv. M arch
M arch
27514360 25704220 84,040.500 64,479,739
257,250 304,073
C hicago J u n c tio n .. M arch
823,685
671,721
Balt Ches & A t l .. M arch
274,257
143.569
97,218
101.812
10970124 9,925,215 31,840,869 24,740,500
C h lcM ilw A St P - . M arch
Cum berland Vail M arch
948,831
432,194 356,645 1,287,649
10034661 9,400,083 28,893.988 23,285,837
C h ic& N orth W est. M arch
L ong Island_____ M arch
3,632,101
1,672,794 1,412,501 4,574,99
121,843
195,357
C hic Peoria & St L . M arch
300,855
477.073
M ary'd Del Sc Va M arch
244.340
111,109
87,312
80,316
8,103,326 8,230,850 23,609,624 21,000,051
C hic R I Sc P a c ific .. M arch
N Y I’ hlla & N orf M arch
622,175 518,173 1,814,652 1,219,680
360,532 358,831 1,086,189 1,051,495
Chic R I & G u lf.. M arch
T ol Peor Sc West February
273,849
213.167
112,116
119.578
2,096,472 1,963,193 6.264.470 5,241,080
C hic St P M Sc O m . M arch
W Jersey Sc Seash February
940,113
677.793 480.805 1,413,680
330,775 301,188
Chic Terre i f & S K M arch
970,100
Pennsylvania C o ___ M arch
870,400
7,180,290 6,541,364 21,428,935 15,324,617
220,452 282,738
Cine Ind Sc W estern M arch
600,093
Grand Rap Sc Ind M arch
749,031
584,197 579,827 1,630,452 1,380,468
1,330,639 1,153,558 4.136.657 2,829,536
Cln N O & T ex P a c. March
Pitts C C & St L . M arch
6,920,968 6,920,657 20,940,762 16,311.683
H H U . . 3d w k Apr 239,007 227,871 3,764,357 3,468,884 Peoria & Pekin U n. M arch
CM
olo O& TSouthern___
293.354
293,000
96,510
117,694
Ft W Sc Den C ity February
814,760 570.675 1.618.545 1,205,917 Pero M a rq u e tte ___ M arch
2.581,811 2,281,208 7,291,185 5,085.761
98.142
Trin Sc Brazos Val February
70,344
214.353
P erklom en_______
170.528
180,974
M arch
233,791
78,871
73,482
C olo & W y o m in g .. M arch
93,939
93,540
290,625
Phila Beth Sc N E _ . M arch
250,609
247,333
356,927
64,281
115,349
tC rip C rk & C olS p g s January
22,40 <
79,035
22.403
79.045 Phila Sc R eading___ M arch
4,539,028 6,064.841 15,185,034 15,038.778
1,165,4 : 1,164,564 2,331,745 2,396,399
C uba R a ilr o a d ____Fobruary
Pittsb & Shawm ut. M arch
258,616
286,622
66,788
107,633
2,698,013 2,552,403 7,635,547 6,633,404
Delaware Sc Hudson M arch
Pitts Shaw Sc N o r .. M arch
242,868
351,915
73.978
125.304
5,275,652 4,855,703 16,330,156 13,445,960
Del L ack Sc W o s t .. M arch
Pittsb 3c West V a_. M arch
100,368
320.935
381,583
150,513
2,232,121 2,344,268 6,903,886 6,722,032
Deuv Sc Rio Grande M arch
Port Reading......... I M arch
589.375
401,554
119,347 214,323
169,195
160,540
Denver & Salt Lake M arch
471,123
Quincy Om Sc K C . M arch
245,597
245,310
295,877
82,247
91,880
139,267
127,392
343,717
D etroit & M ackinac M arch
Rich Fred Sc Potom M arch
300,280
662.499 443,901 2,051,372 1.206,768
268,145 212,910
Detroit T ol & Iront M arch
914.915
Wash S ou th ern .. M arch
446,763
677,416
382.525 250.318 1,161,476
178,794
215,283
581,113
D et & T o l Shore L . M arch
R utlaud___________ M arch
434,171
985.340
957,385
359,490 334.730
151,206
121,200
377,173
Dill Sc Iron R a n g e .. M arch
326,360 St Jos Sc Grand Isl’d M arch
637,345
189,921
654,155
237,244
212,018
109,272
598,117
Dul M issabe & Nor M arch
455,190 St Louis-San Fran M arch
5.913,473 5,243,208 17,514,464 13,820,371
77,308
78,080 1,171,179 1,059,122
Ft W & Rio Gran February
Dul Sou Shore Sc Atl 3d wk Apr
197.228
196,413
105.324
116.837
123,466
169,329
336,076
St L-S F o f Texas February
193,591
Duluth Winn & Pac February
94.127
267.390
255,993
122.034
86,615
76,914
269,032
East St Louis Conn M arch
223,090 St Louis Southwest M arch
1,038,896 1,264,302 3,009,671 3,163.421
1,838,780 1,447,130 5,637,991 3,350,543
Elgin Joliet & East. M arch
St L S W o f Texas M arch
455,877 598.459 1,427,574 1,755,353
1,036,795 1,253,909 3,128,871 3,702,165 St Louis T ra n s fe r.. M arch
El Paso Sc So W est. Marcli
249,568
233.102
55,238
84.710
6,439,134 6,301,952 19,729,517 15,567.713 San Ant Sc Ar Pass. M arch
Erie R a ilr o a d _____ M arch
984,916 1,070,119
279,419 367,539
807,993 870,955 2,430,162 1,976,938 Seaboard Air L in e .. M arch
Chicago & E r ie .. M arch
3,698,777 3,094,174 10,407,686 8.327,602
Florida East Coast. M arch
990.131
995,097 2,965,791 2,579,238 South B u ffa lo_____ M arch
302,501
77,477
381,689
146,560
87,494
Fonda Johns Sc G lov M arch
89,231
261,377
244.074 Southern P a cific__ M arch
12470349 11430774 36,462,151 32,106,742
Ft Smith & Western March
122,243
111,497
347.702
Arizona E a st___ M arch
323,646
304,444
387,944 1,012,212 1,097,630
Galveston W h a rf._ M arch
92,474
57,001
194,925
G alv Harris & S A M arch
239,047
1,581,654 1,734,452 4,967,323 5,046.162
Georgia R a ilro a d .. March
556,564 455,806 1,565,305 1,337.370
Hous & Tex Cent February
608.835 668.632 1,294.470 1,395.280
Georgia Sc Florida . Fobruary
76,622
88,975
155,408
Hous E Sc W T e x . February
174,318
366.038
327.190
173.060
158.592
Or Trk L In New E M arch
371,448
194,429 1,024.211
640.991
Louisiana W est'n February
484.804
608.706.
270.614 329.896
Grand Trunk P a c .. Isi wk Mar
866,93! 1,002.947
89.202
M org La Sc Texas M arch
98,902
554,819 681.000 1,782.144' 1,867,939
Grand Trunk S yst. 3d wk Apr 1,248,310 1,012,491 17,790,190 12,527,381
Texas & New Orl M arch
637,249 600,136 1,747,924 1,725,373
Grand T rk R y . . . 1st wk Apr 1,276,730 1,098,452 15,304,570 11,396,425 Southern R a ilw a y .. March
9,469,761 9.534,254 29.103,894 24,586.698
Grand T rk W ost. March
Ala Great South. M arch
1,703,672 1,309,070 4,056,607 3,053,406
810,894 679.476 2,359,649 1,785,865
Great N orth System M arch
M o b ile * O h io___ M arch
7,411,951 6,584,801 22,490,187 17,477.805
1,168.163 1,089.020 3,521.424 3.007.509
G u lf M obile .It N or. M arch
573,042
Georgia Sou & Fla M arch
198,480
193,341
552,282
370,452 282.948 1,145,876
800.670
G u lf Sc Ship Island. M arch
South R y In Miss M arch
539,211
195,246 209,770
123,306
589,497
419,827
340,723
110.896
H ocking V alley____ February
441.056
732.135
950.820 1.355.250 Spokane Internat ! . M arch
205,802
211,654
67,389!
80,645
Illinois C entral____M arch
Spok Portl * Seattle M arch
8,327,859 8,883,535 24,757,032 22.427.001
596,295 542,460 1,669,763 1,836,721
Intornat & G tt N or Fobruary
Staten Island R T _ . M arch
472,163
247,997
1,029,126 988,964 2,135.143 2,041,487
143,356 103,011
Kan C ity M ex Sc Or M arch
226,418
92,918
298.163 T onn Ala & Georgia 3d wk A pr
106.721
2,092:
40,239
33,848
2.305
IC C M ox & (> o f Tex M arch
237,723
17.3,2691 148.382
416,307
275.501
306,249 Tennessee O eu tral. February
99,910
94,933
Kansas C ity S ou th . M arch
Term R R A ssn ofS tL February
283.871
1,112,777 1,251,997 3,510,732 3,510.431
584,582,
526,329
274 015
Texark Sc Ft Sin. M arch
315.478
St L Mer Bdgo T M arch
292,301
655,691
719,491
106,394
193,439 277,408
113,311
Kansas C ity Term.. M arch
309.301
268,083 Texas Sc P a cific____ 3d wk A pr 605,977! 419,525 9,492.629 7,099.789
104,555
91,989
Lehigh Sc Hud R iv . February
881.816
275.538 T oledo St L & West February
611.955 482.383 1.087.578
393,768
187.362
126,836
Lehigh Sc Now Eng February
409.950
Ulster A Delaware. February
388.027
69.389!
127.379
102,203
191.409
51.177
162.822
Lehigh V alley......... M arch
8.402,369 6,899,885 24,612,099 18,247,140
4,279,073 4,739,973 13,443,799 11,193,750 Union P a c if ic _____ M arch
Los Ang Sc SaltLake February
1,305,160 960.752 2.605,901 1,983.742
Oregon Short Line M arch
2.822.116 2,564,239 8,253,419 7.020,535
Louisiana Sc Arkan M arch
Ore-Wash R RAN M arch
437,625
2,344,946 1,920.014 6,257,711! 5,054,408
515,860
170.038
157,266
Louisiana R yA N av February
Union R R (P e n n ).. M arch
419.314
558.024
281.779 211.476
654,189 423,871 1,769,780 1,051,411
Loulsvillo & N a sh v . M arch
U tah........................... February
99.131:
95.111
200.805:
210.319
8,794,552 7,840,227 25,005,562 20,814,878
Louisv Hend Sc St L February
2 1 9 76 8
Vicks
Shreve
Sc
Pac
376,475
February
533,7571
398.749
264.171! 197.994
458.150
209.722
M aine C entral..........March
Virginian R R ......... February
593.609 765.070 1.551.019 1,430.198
1,338,677 1,160,808 4,026,800 3,008,201
M idland Term inal. Fobruary
60.011
AVabash R R ______ M arch
110.739
3,505.276 3,623,136 10,568,568 8.651,051
M idland V alley____February
309.510 249.361
486.801
Western M arylan d. M arch
013.962
1,038,406 1,212,720 3,253,151 3,064,855
Mineral R an ge------ 3d wk A pr
14.898
Western Pacific____ February
339,024
298,435
20,643
727.577, 717.919 1,598,434 1,576.211
Mlnneap Sc Si Louis M arch
Western Ry o f A la. February
1,011,632 977.89.8 2,803,200 2,671,272
199,348 167.140
425.247
349.580
M inn St P & S S M . M arch
3,033,583 2,513.781 8,999.583 6,535,653 W heel Sc Lake E rie. March
696.772: 865,477 2,084,453 2,250.188
Mississippi C entral. M arch
W lch Falls Sc N W . February
91,713
274,347
282,602
234,320
167,535
150,947!
79.837
Missouri Kan Sc T ex M arch
2.539,440 2,658,372 7.537.658 6,737,000
Y azoo & Miss V ail. February
1.789.615 1.511.963 8.649,782 3.024.464
M o K Sc T R y o fT °x March
1,830,846 1,620,461 5,312,939 4,485.025
M o & N orth A rk a n .'M a rch
128.020
341.616
128.362
303,268

95,070

*W cekl’/ Summaries.

i
!

Current
Year.

\ Previous
| Year.

S
I
6 .0'M ,5611
6 .6 1 1.679
6.422.429
6.812.617,
6.124.280
6.390.893
6.728,615
10.785.495
6,747.704
6,950,228
7.045.346

S
4.638 63 s
5.132 .672
5.316 .165
S;6 16 328
4,682 23!)
5.649 076
6.220 793
9.545 903
6,602 753
6.819 385
6.872 689

Increase or j
Decrease. \ %
F I . 152 ,933 31 32
F 1.479 ,007 28 80
F I . 106 261 20.81
4-1.206 .319,21.52
+ 112 Oi l ! 7.78
+711 817,13.13
+507 852 8.16
-F I.239 592,12.99
+ 144 951 2.20
+ 130 813 1.89
4-172 6571 2.51

*\lnnthl'i Summaries.

%

Curr. Yr. Prev.Yr.
$
S
$
a p r i i ____ . 1 13.731
231.255 363.409 .895 310 27 4.981 + 50.134.914 15.70
M a y . . -.2 3 0 .3 54 22s.892 374.237 097 342 146.096 F 32.091.001 9.38
219 291 363.165 .528 323 ,163.161 F40.0O2.412 12.38
June. . . . .220.301
230 570 463.681 172 346 ,022.857 + 117661315 34.00
J u l y _____ .231.700
2.30.015 498.269 .356 3 6 3 ,509,561 + 135759,795 37.45
A u g u s t . . . . .230.743
232.378 487.140 .781 3 5 7 ,772.8.50 + 129367,931 36.16
S e p t e m b e r ..2 3 2 186
230.576 484.821 ,750 3 7 7 867.933 + 106956.817 28.30
O c t o b e r . . ..2 3 0 .1 8 4
N ovem ber ..2.32.274 232,259 438,602 283 3 5 6 ,438.875 + 82 .16 3 .4 0 8 23.06
Decem ber ..2 3 2 .7 7 1 232.399 438.365 327 335 607,571 +102757756 30.62
January
..2 3 2 ,6 5 5 233,199 395,552 020 28 4 131,201 + 111420.819 39.22
F eb ru a ry. ..2 3 2 .9 5 7 233.266 351.048 747 289 392,150 + 61 .65 6 .5 9 7 21.31
Mileage.

t Road coased to operate all steamlines Dec. 31 1918. ♦We no longer Include Mexican roads In any of our totals.




Decrease or
Decrease.

THE CHRONICLE

Third Week o f A pril.

1919.

A nn A rb or.................... ......
B uffalo Rochester & Pittsburgh
Canadian N ational R y s _______
Canadian P a cific_______________
C olorado & Southern__________
D uluth South Shore & A tlanticG rand Trunk o f Canada"______
Grand Trunk W estern_____
D etroit G r H av & M ih v ____
Canada A tla n tic___________
M ineral R an ge________________
N evada-California-O regon____
Tennessee Alabam a & G eorgia.
Texas & P a cific__________
N et increase (2 .5 1 % ).

1918.

Increase J Decrease.

$
67,033
187,969
1,561,366
3,037,000
239,007
77,308

8
63,366
342,889
1,686,046
3,016,000
227,871
78,080

1,248,310

1,012,494

235,816

14,898
4,386
2,092
605,977

20,643
3,470
2,305
419,525

916

7,045,346

6,872,689

$
3,667

154,920
124,680

21,000

11,136

186*452
458,9871
172,6571

772

5,745
'**213
286,330

N et E arn in gs M o n th ly to L a te st D a te s.— The table
following shows the gross and net earnings with charges and
surplus of S T E A M railroad and industrial companies re­
ported this week:
----- Gross E arnings-------- -------N et Ea rnings------Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
S
S
$
S
A labam a & V ic k s b .b ___M
..M a r
215,778
191,878
10,521
57,243
Jan 1 to M a r 31
663,958
537,485
44,866
123,585
54,594
30,724
A nn A r b o r -b ___________M ar
316,167
267,267
39,711
Jan 1 to M a r 31
969,924
686,301
105,079
.M a r 12,494,210 12,395,100 1,832,591 3,996,276
_____ 38.091,433 33,770,128 7,352,123 9,531,163
525,933
.M a r 1,404,707 1,638,455
113,631
_____ 4,263,237 4,679,728
691,614 1,404,769
Atlanta Birm & A t l.b ._.M
M ar
373,204 d of8 l ,044
20,172
428,660
_____ 1,168,614 1,049,789 def347,479
57,478
Jan 1 to M a r 31............
A tlanta & W est Point b .M a r
87,641
239,349
175,878
55,831
Jan 1 to Ma
679,003
507,657
195,110
151,419
.M a r
15,122
A tlantic C i t y .b .
223,297
37,620
263,830
_____
Jan 1 "to M ar 3 1 ______
538,863
41,779 d ef 27,411
775,289
.M a r 5,801,391 4,690,707
A tlantic C oast L i n e .b --M
765,149 1,618,377
Jan 1 to M ar 3 1 ----.-1 6 ,6 4 8 ,4 5 7 13,261,685 3,115,875 4,353,925
Baltim ore & O h io .b -.M a r 12,336,137 12,007,286defl027,389 1,099,815
Jan 1 to M a r 3 1 ............36,897,240 28,515,242def4241,337def2201,664
B & O C hicago T e r m -b .M a r
120,485
160,469 def73,505 dof24,614
Jan 1 to M a r 31............
351,247
323,930 def297,069 def215,344
Bangor & A roostook .b .M a r
460,175
436,908
55,226
123,639
Jan 1 to M a r 31______ 1,349,734 1,051,801
119.440
126,885
Bessemer & Lake E rie .b M a r
662,122
642,905 def45,907
def2,779
Jan 1 to M ar 3 1 ............ 1,950,503 1,662,015 d e f118,209 def216,114
B oston & M a in e .b _____ M ar 4,927,007
5,150,391 def48,599
449,817
Jan 1 to M ar 3 1 ______ 14,835.471 13,164,187 def220,531 def248,787
194,363
def3,297
B u ff R och & P it t s b -b -.M a r 1,090,230 1,419,578
60,284
Jan 1 to M ar 3 1 ______ 3,558,106 3,600,350 defl22,063
15,474
192,519 def.38,749
B uffalo & S u s q .b _______ M a r 159,401
86,862
516,499
585,589 def72,670
Jan
1 to M ar
31_
1,539,044 2,992,781
Canadian P a c ific .a ____M ar 12,374,182 12,427,915
Jan
1 to M ar
3 1 3 6,466,677 32,792,034 4,073,672 4,751,673
def4,308 def34,434
C an Pac Lines in M e .b .M a r
326,875
272,177
Jan
1 to M a r
3 1_
963,204
728,666 def49,308 defl42 ,4 2 6
110,964
C aro C linch & O h io .b -.M a r
441,948
363,161
94,985
284,436
311,544
Jan 1 to M ar 3 1 ______ 1,350,013 1,012,857
106,976
Central N ew E n g .b _____ M ar 433,888
480,985 def77,594
167,309
1,227,501 def77,415
Jan 1 to M ar 3 1 ______ 1,412,758
591,431
Central o f G e o r g i a . b . . . M ar 1,738,688 1,776,313
92,078
Jan 1 to M a r 3 1 ______ 4,943,494 4,963,505
246,475 1,576,216
620,887
C ent R R o f New Jer b - .M a r 3,077,687 3,198,903 def23,391
864,493
Jan 1 to M a r 3 1 ______ 9,692,373 8,271,148
439,415
14,187
Central V e rm o n t.b _____ M ar 397,772
388,683 def65,017
Jan 1 to M ar 31______ 1,196,574
972,277 def204,325 defl53.813
36,914
83,320
Charleston & W C a r o .b .M a r
268,433
252,570
Jan 1 to M ar 31______
763,448
672,238
85,075
191,564
780,404 1,465,803
Chesapeake & O h io .b ..M a r 5,271,819 5,188,751
2,199,304 2,392,744
Jan 1 to M ar 3 1 ______ 16,099,938 12,965,321
81,471
416,379
C hicago & A lt o n .b ____ M a r 1,899,167 1,876,521
419,692
319,494
Jan 1 to M ar 3 1 ............ 5,755,577 4,516,522
352,863
C hicago & East I l l . b - . - M a r 1,806,857 2,101,699 def269,838
65,991
Jan 1 to M ar 3 1 ............ 5,626,610 5,027,909 def475,181
815,314
121,552
185,394
C hicago Ind & L ou isv.b .M a r
851,988
365,740
133,617
Jan 1 to M a r 31............ 2,576,401 1,954,072
304,073 defl.33,138
27,024
Chicago J u n c tio n .b ____M a r
257,250
671,721 def328,085 d e fl 18,993
Jan 1 to M ar 3 1 ............
823,685
C hicago & N or W e s t .b .M a r 10,034,661 9,406,683 1,106,294 2,026,334
--------------- 2,277,213 1,452,550
Jan 1 to M a r 3 1 ............28,893,987 23,285,837
C hic Burl & Q u in c y .b . .M a r 11,279,417 11,193,853 1,787,364 2,933,207
Jan 1 to M ar 3 1 ............33,405,843 29,212,823 6,469,727 6,304,789
C hicago Great W o s t . b . . M ar 1,579,748 1,617,601
400,508
174,678
542,434
Jan 1 to M ar 3 1 ______ 4,844,428 4,067,242
490,240
C h ic M ilw & St P a u l.b .M a r l0 ,9 7 0 ,123 9.925,214
348,006 1,977,222
Jan 1 to M ar 3 1 ______ 31,840,869 24,740.499 1,074,140 1,419,631
9,854
C hic Peoria & St L . b — M ar
121,843
195,357 def85,385
477,673 def213,653 def47,082
Jan 1 to M ar 31............
360,855
C h ica go R I & P a c .b ___M a r 8.103,326 8,236,856
774,017 2,071,094
Jan 1 to M a r 31............ 23,609,624 21,000,051
-------------1,247,322 3,114,634
119,954
C hic R I & G u l f . b . ..M a r
360,532
358.831
37,245
88,714
351,526
Jan 1 to M ar 3 1 ______ 1,086,189 1,051,495
1,963,193
456,842
C hic St P M & O m .b ___M ar 2,096,472
274,382
748.755
Jan 1 to M ar 3 1 ______ 6,264,475 5,241,086 1,017,661
C h Terre H aute & S E .b .M a r
330,774
4,992
40,843
361,188
Jan 1 to M a r 3 1 ______
970,105
876,459 d ef63,261 def22,851
59,387
def4,822
C in Ind & W e s t ____b . .M a r
220,452
282,737
.
131,519
Jan 1 to M ar 3 1 ............
660.093
749,031 d e f104,085
279,917
Cine N O & Tex P a c .b .M a r 1,330,639 1,153,558
133,715
370,830
Jan 1 to M ar 3 1 ______ 4,136.657 2,829,536
722,135
196.932
243,903
C olorado & S outhern.b .M a r 1,053,027
943,872
872,490
Jan 1 to M a r 3 1 ............ 3,122,998 2,840,350
669,563
93,540
27,652
C olorad o & W y o m .b .. .M a r
93,939
14,030
Jan 1 to M a r 3 1 ............
290,625
62,721
250.609
55,156
D e la w a re * H u d s o n .b _ .M a r 2,698,013 2,552,403
246,855 def89,086
43,993 d f 1,220,835
Jan 1 to M ar 3 1 ........... 7,635,547 6,633,464
918.812 1,129,925
Delaw Lack & W o s t . b . . M ar 5,275,651 4,855,763
Jan 1 to M a r 3 1 ______ 16,330,156 13,445,959
3,352,544 2,858,430
Denver & R io G r a n .b ..M a r 2,232,121 2,344,268
186,815
681,595
Jan 1 to M ar 3 1 ........... 6,903,886 6,722,032
920,811 1,659,227
D enver & Salt L a k e .b _ .M a r
169,195
160,546 d e f111,489 def32,659
471,123
Jan 1 to M a r 3 1 ______
295,877 def318,532 d efl96,798
D etroit & M a c k in a c .b ._ M a r
139,267
127,392
def8,573
27,900
Jan 1 to M ar 3 1 ............
343,717
300,280 def82,522
2,577
D etroit T o l & I r o n t .b ..M a r
268,145
212,910 def71,464 def39,518
Jan 1 to M ar 3 1 ............
914,915
446,763 defl72,231 def283,184




.

Roads.

------- Gross Earnings----------------N et Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
D et & T ol Shore L in e .b .M a r 215,282
178,794
128,359
94,279
Jan 1 to M a r 3 1 ............
581,113
434,170
327,917
194,679
D uluth & Iron R an ge.b .M a r
151,206
121,266 defl23 ,5 6 2 d e fl3 9 ,459
Jan 1 to M a r 31............
377,173
326,360 def440,980 dcf438,534
D u l Missabe & N or_b __M a r 212,618
169,272 d e fll7 ,9 8 4 def270,733
Jan 1 to M a r 31............
598,117
455,190 def586,727 def782,726
D u l So Shore & A t l .b . .M a r 322,106
323,524
575
13,457
Jan 1 to M a r 3 1 ............
956,953
848,944
def36,549 def53,499
E ast St L ou is.C on n ec.b .M a r
76,914
86,615 def28,773
d e f l ,652
269,032
223,690
def70.437 def36,891
Jan 1 to M a r 31---------Elgin Joliet & E a s t .b ..M a r 1,838,780 1,447,130
511,902
449,432
Jan 1 to M a r 3 1 ______ 5,637,991 3,350,543 1,659,339
230,238
El Paso & South west. b .M a r 1,036,794 1,253,908
364,200
575,823
Jan 1 to M a r 3 1 . .......... 3,128,870 3,702,164 1,160,350 1,685,248
E r i e . b ............................... M a r 6,439,134 6,301,952 def688,615 def43,936
Jan 1 to M ar 3 1 ______ 19,729,517 15,5 67 ,7 1 2 dfl,18 9 ,0 6 4d fl,8 3 2 ,9 77
C hicago & E r i e .b _____M a r
807,993
870,955
77,118
140,995
Jan 1 to M a r 31---------- 2.436,162
1,976,938
273,487 def350,706
Florida East C o a s t .b _ .M a r
990,131
995,097
124,791
543,255
Jan 1 to M a r
31. 2,965,791 2,579.238
480,340 1,247,659
Fonda Johns & G lo v .b .M a r
87,494
89,231
23,278
35,672
Jan 1 to M ar
31
261.377
244,074
76,362
92,580
F t Smith & W e s te rn .b .M a r
122,243
111,497
13,003
18,428
Jan 1 to M ar 3 1 ..........
347,702
323,646
33,728
42,675
G alveston W h a r f.b _____M a r
57,001
92,474
8,358
38,436
Jan 1 to M a r
31
194,925
239,647
43,822
95,187
G e o r g ia .b ______ _______M ar
556,564
455,806
145,995
135,882
Jan 1 to M ar 3 1 ______ 1,565,305 1,337,370
360,998
396,592
Grand T r Lines in N E b M ar
371,448
194,429 dcf22,471
10,800
Jan 1 to M ar 3 1 ______ 1,024,211
484,804 def251,807 def209,971
Grand Trunk W estern .b M a r 1,703,671 1,309,670
339,667
18,747
603,668 dof676,241
Jan 1 to M ar 3 1 ______ 4,656,607 3,053,405
Great N o rth e rn .b ........... M ar 7,411,951 6,584,800
551,169
979,499
Jan l to M ar 31.......... .22,496,186 17,477,864
2,371,862
993,925
G u lf & Ship I s l a n d .b ...M a r
195,246
209,770
887
65,497
Jan 1 to M ar 3 1 ______
539,211
589,497 d cfl3 ,9 6 5
162,218
G u lf M obile & N o r . b . . . M a r
198,480
193,341 d efl6 ,4 7 0
50,658
Jan 1 to M ar 3 1 ---------573,642
552,282 def42,562
134,878
Illinois C entral_b_______ M ar 8,337,858 8,883,534
699,535 2,652,158
Jan 1 to M ar 3 1 ______ 24,757,031 22,427,061
1,665,567 4,028,012
K C M ex & O r ie n t.b — M ar
92,948
106,721 dof52,850 dof25,216
Jan 1 to M ar 31______
226,418
298,162 def 195,287 def61,402
K C M & Or o f T e x . b ..M a r
94,933
99,910 def43,110
def2,994
Jan 1 to M ar 3 1 ______
237,723
306,249 def203,181
def9,095
Kansas C ity S o u t h .b ...M a r 1,112,776 1,251,996
52,133
430,719
Jan 1 to M ar 3 1 ............ 3,510,732 3,516,430
358,097 1,191,487
Texark & F t S m ith .b . M a r
106,394
113,311
10,426
52,115
Jan 1 to M ar 31 ..........
315,479
292,301
54,485
115,699
Kansas C ity T erm ______ M a r
104,555
91,989
13,583
18,716
Jan 1 to M a r 3 1 ______
309,301
268,683
15,632
50,800
Lehigh V a lle y .b ....... M a r
4,279,673 4,739,972
59,939
756,505
Jan 1 to M a r 31______ 13,443,799 11,193,749
294,712 def431,753
170,038
157,266 d efl8,36 4
54,963
L o u is ia n a * A rk . b ______M ar
Jan 1 to M ar 3 1 ______
515,860
437,625
def5,185
139,651
L ou isvillo& N a sh villo.b .M a r 8,794,551 7,846.226 1.410,502 2,393,014
Jan 1 to M ar 31............ 25,005,561 20,814,877 3,157,375 4,962,605
M aine C entral_b_______ M a r 1,338,677 1,160,808 d ofl25,674
51,971
Jan 1 to M a r 31______ 4,026,800 3,008,201 dof328,723 def320,592
M ineral R a n g e .b _______ M ar
73,720
91,428
2,646
2,469
Jan 1 to M a r 31............
251,296
273,705
16,323 def2,567
M inneap & St L o u is .b ..M a r 1,011,632
977,898
27,047
162,361
2,671,272 def253,243
343,834
Jan 1 to M ar 31______ 2,803,200
M inn St P & S S M .b _ _ M a r .3,0.33,582
2,513,781
207,560
543,650
Jan 1 to M ar 31______ 8,999,582
6,535,653 1,128,469
676,955
Mississippi C e n t r a l.b ...M a r
91,713
95,679
2,631
32,258
234,320
274,347 dcf30,505
76,827
Jan 1 to M a r 31..........
Missouri & N or A r k .b ._ M a r
128,620
128,362 def46,744
14,507
Jan 1 to M a r 31............
363,268
341,616 d efl83,153
20,936
M o Kansas & T e x a s.b _ _ M a r 2,539,440 2,658,372
155,272
642,457
Jan 1 to M ar 31______ 7,537,658 6,737,000
425,153
987,060
104,929
168,415 def64,336
3,046
M o Okla & G u lf .b ______ M ar
Jan 1 to M ar 31............
298,544
459,691 d cfl8 9 ,6 6 6 d efl8,91 0
M issouri P a c ific .b ______ M ar 6,737,363 7,338,205
182,174 2,107,208
Jan 1 to M a r 3 1 ............ 20,602,727 19,470,926
620,965 4,382,362
M onongahela C o n n .b ._ M a r
173,327
194,498
def2,500
44,549
Jan 1 to M ar 3 1 ............
561,782
451,191 dcf67,022
30,536
M o n to u r, b _____________ M ar
64,695
70,858 d e fl4 ,2 1 5 def22,456
Jan 1 to M ar 3 1 ______
210,285
210,980 def92,246 d e f 5 7 ,ll l
64,695
70,857 d efl4,21 4 def22,456
M on tou r _ b _____________ M ar
Jan 1 to M ar 3 1 ______
210,285
210,979 def92,240 d e f5 7 ,U 0
N ashv Chatt & St L . b . . M ar 1,533,492 1,619,268 def67,119
463,809
Jan 1 to M ar 3 1 ______ 4,416,852 4,216,713 dof263,778
850,330
Newburgh & So S h .b .- M a r
144,756
94,246
38,566
4,344
402,145
199,300
69,929 def.38,678
Jan 1 to M ar 3 1 ______
N ew Orl G rt N o r t h .b _ .M a r
183,607
178,735
3,544
56,506
Jan 1 to M a r 31............
527,157
484.880
40,216
134,570
N ew Orl & N or E a s t .b .M a r
521,379
517,906
20,339
208,247
Jan 1 to M ar 3 1 ______ 1,478,432
1,419,009
17,883
413,677
N ew Orl T e x * M e x . b__ M a r
164,266
229,101
36,126
113,098
Jan 1 to M ar 31______
407.182
568,067
21,766
216,249
Beau S L & W e s t .b ..M a r
71,721
141,898 def28,435
63,641
Jan 1 to M ar 3 1 ______
307,066
386,946
7,302
160,166
St L Browns & M ox b M a r
402,470
308,027
126,783
113,446
Jan 1 to M ar 3 1 . .......... 1,171,805
946,030
340,997
345,459
Now Y ork C e n tra l.b ._ M a r 23,430,719 21,920,846 2,433,267 4,875,906
Jan 1 to M ar 3 1 ______ 68,765,905 55,049,990 8,039,625 6,131,175
Cincinnati N o r t h .b - .M a r
224,861
217,133
51,143
41,072
Jan 1 to M ar 3 1 ............
653,187
526,363
120,082
39,898
Indiana H arb B e lt .b .M a r
468,191
510,184 def68,S92
70,603
Jan 1 to M ar 3 1 . .......... 1,519,781 1,061,872 d efU 7 ,2 3 4 dof245,727
C lev C i n C h * St L . b M ar 5,126,885 5,367,637
994,762 1,727,813
Jan 1 to M ar 3 1 _______15,445,290 12,999,516 2.616,570 2,445,719
M ichigan C en tra l.b __ M ar 5,633,809 5,594,870 1,008,925 1,815,443
Jan 1 to M ar 3 1 _______16,764,194 13,147,706 3,265,752 2,156,142
P i t t s b * Lake E r ie .b .M a r 2,413,920 2,482,820
96,763
779,591
Jan 1 to M a r 31______ 7,581,802 6,174,545 1,258,935 1,261,805
N Y Chic & St L o u is .b . M a r 2,035,860 1,665,171
552,279
408,655
Jan 1 to M a r 3 1 ______ 6,114,762 3,772,963 1,536,350
182,166
N Y N II & H artford .b .M a r 7,652,328 7,544,256
355,011 1,433,921
Jan 1 to M ar 3 1 .......... .21,943,870 19,451,709
3,023 2,281,606
N Y Ont & W e s t .b _____ M ar
577,584
815,944 def78,670
118,965
182,984
Jan 1 to M ar 3 1 ______ 1,986,614 2,182,576 defl90 ,8 9 9
N Y Susq & W e s t .b ____M ar
270,606
325,335 def32,520
49,082
Jan 1 to M ar 3 1 ______
875,049
834,809
3,765
22,174
N orfolk S o u th e rn .b ____M ar
566,257
492,612
45,946
125,179
Jan 1 to M ar 31______ 1,506,967 1,202,053
def4,535
237,051
N orfolk & W e s t e r n .b .-M a r 5,844,392 5,770,591 1,133,535 1,439,120
Jan 1 to M ar 3 1 _______17,776,725 15,634,088 3,093,492 3,034,029
7,716,353 1,490,582 2,865,266
Northern P a c ific .b ____M ar 7,423,001
Jan 1 to M ar 3 1 ............ 22,202.066 19,912,619 5,155,806 5,434,342
M inneap & Internat b M a r
102,954
100,199
8,484
34,677
Jan 1 to M ar 3 1 ............
265,165
264,598
5,849
53,651
Northern A la b a m a .b -.M a r
98,382
105,045
dof.3,604
38,213
Jan 1 to M ar 3 1 ............
325,187
268,556
def2,875
83,000
Roads.

_

L a te st Gross Earnings by W e ek s.— In the table which
follows we sum up separately the earnings for the third week
of April
The table covers 14 roads and shows 2 .5 1 % in­
crease in the aggregate over the same week last year.

[V ol . 108

.

1814

M

a y

------ Gross Earnings------ ------Net Earnings----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
*
$
$
$
Pacific Coast C o .a ___ Mar
415,839
519,848
76,288
51,052
817,654
569,779
July 1 to Mar 31______ 4,184,756 4,697,331
Pennsylvania.b_______Mar 27,514,360 25,704,219 1,792,987 2,506,571
Jan 1 to Mar 31______ 84,040,500 64,479,739 3 1604,507def1684,198
def4,986
19,658
Balt Ohes & A tl.b — Mar
97,217
101,811
def7,455 dof49,932
Jan 1 to Mar 31--------274,257
143,569
70,653
125,958
Cumberland V all-b .-M ar 432,194
356,645
275,706
104,558
Jan 1 to Mar 31______ 1,287,649
948,831
278,727
119,429
Long Island.b_______Mar 1,672,794 1,412,501
332,988
Jan 1 to Mar 31........... 4,574,997 3,632,100 dcfl8,281
10,909
def5,290
Mary Dcla & V a.b _.M a r
87,312
80,316
Jan 1 to Mar 31______
244,340
111,109 dcfl 1,344 def44,418
72,952
55,353
Monongaheia b ______Mar
258,312
210,717
217,207
100,467
Jan 1 to Mar 31______
804,477
551,740
112,631
74,669
N Y Pliila & N orf.b_.M ar 622,175
518,173
320,489
49,199
Jan 1 to Mar 31______ 1,814,652 1,219,680
498,365
Penn Company, b __ Mar_7.180,289 6,541,363
410,978
Jan 1 to Mar 3 1 ..........21,428,934 15,324,617 dcfl22,158defl622,078
11,423
Grand Bap & In d -b --M a r
584,197
579,827
99,418
43,948
Jan 1 to Mar 31........... 1,630,452 1,380,468 def67,678
219,986 1,311,885
Pitts C C & St L .b __ Mar 6,920,967 6,926,656
591,720
515,345
Jan 1 to Mar 3 1 ..........20,940,762 16,311,383
117,694 def38,518
12,806
Peoria & Pekin Union b Mar
96,510
293,354 def91,933 def 11,199
Jan 1 to Mar 31______
293,000
605,097
Pero M arquetto.b..........Mar 2,581,811 2,281,208
496,351
5,085,761 1,126,245
Jan 1 to Mar 31______7,291,184
355,030
28,376
Perkiomcn b ___________Mar
78,871
73,482
30,835
51,614
Jan 1 to Mar 3 1 ..........
233,791
180,974
95,004
Phiia & Beading.b_____ Mar 4,539,028 6,064,844 dcf973,822 1,282,766
Jan 1 to Mar 31.........15,185,034 15,038,778defl269,l 19 1,289,700
Phil Beth & New Eng b Mar
64,284
115,349
2,672
64,284
13,183
247,333247,333
356,927
37,508
Jan 1 to Mar 31_
57,300
22,720
Pitts & Shawmut.b____ Mar
66,788
107,633 def40,609
66,788
36,674
Jan 1 to Mar 31_
258,616
286,622 def67,364
258,616
25,663
Pitts & West V a .b _____ Mar 100,368
100,368
150,513 def50,595
Jan 1 to Mar 31______
"
~
381,583
'
~ defl47,803
22,665
320,935
def28,643
Pitts Shaw & N orth .b .-M a r
125,304 def20,543
73,978
Jan 1 to Mar 31______
354,915 dcf79,362 def86,857
242,868
214,323
38,337
93,410
119,347
Port Keadlng. b _______ Mar
401,554
157,193
10,659
Jan 1 to Mar 31______
589,375
82,247
91,880
14,522
Quincy Om & Kan C .b .M a r
8,051
Jan 1 to Mar 31______
245,597
245,310
11.790 def13,593
662.499
443,901
Bicli Fred & Potom. b . .M ar
153,482
248,850
Jan 1 to Mar 31______ 2,051,371 1,206,767
912,623
424,134
Washington South.b.M ar
382,525
250.318
99,549
170,775
Jan 1 to Mar 31______' 1,161,475
677,415
554,021
256,961
359,490
384,730
Butlaiul b _____________Mar
34,730
14,197
Jan 1 to Mar 31______
985,340
957,385 def71,346
15,457
St Joseph & Gr Island.b Mar
189,921
237,244 def56,093
53,464
Jan 1 to Mar 31______
637,345
654,155 def79,121
124,344
St Louis & San Fran.b.M ar 1,913,473 5,243,208
942,787 1.197,223
Jan 1 to Mar 31______17,514,464 13,820,371 2,528,790 2,374,431
St Louis Southwest.b..M ar 1,038,896 1,264,302
41,960
596,998
Jan 1 to Mar 31______ 3,009,671 3,163,420
312,317 1,297,624
St L S W of T exas.b.M ar
455,877
598,459 defl48,566
44,325
Jan 1 to Mar 31______ 1,427,574 1,755,353 def377.059
244,706
55,238
St Louis Transfer, b ____Mar
84,710 dof24,492
7,772
Jan 1 to Mar 31______
249,568
233,102
15,681
27,353
San Ant & Aran Pass.b.M ar
279,419
367,539 def 112,063
51,293
Jan 1 to Mar 31--------984,916 1,070,119 def217,239
159,829
South Pac SS Lines b Mar
862,794
897,036
11,750
140,877
Jan 1 to Mar 31______ 2,686,631 2,008,762
73,749 def94,223
Seaboard Air L ino.b___Mar 3,698,777 3,094,174
417,678
769,282
Jan 1 to Mar 31______10,407,686 8,327,602
946,023 1,702,945
South B uffalo.b_________________ Mar77,477
146,561
def7,811
51,807
Jan 1 to Mar 31______
381,689
302.501
93,052
33,891
Southern B ailway.b— Mar 9,469,760 9,534,253
. ____
504,850 3,476,841
Jan 1 to Mar 31______29,103,893 24,586,697 2,457,202 7,052,091
Alabama Gt S outh.b.M ar
810,893
679,475
73,741
223,750
Jan 1 to Mar 31______ 2,359,649 1,785,865
290,468
480,205
Georgia Sou & F ia.b.M ar 370,452
282,948
20,662
58,828
Jan 1 to Mar 31______ 1,145,870
800,670
131,154
135,077
Mobile & O h io.b____Mar 1,168,163 1,089,920 def159,835
97,643
Jan 1 to Mar 31--------- 3,521,424 3,007,509 def276,931
151,816
South By in M iss.b.-M ar
123,306
110,896 dof21,585
2 1 ,2 2 1
Jan 1 to Mar 31--------419,827
340,723
def 1,296
73,282
Southern P acific.b____Marl2,470,349
4,430,774_ 1,131,479 2,467,145
Jan 1 to Mar 31______36,462.151 32,100,742 5,207,538 7,235,732
Arizona Eastern.b_Mar 304,444
387,944
62,709
157.819
Jan 1 to Mar 31--------- 1,012,212
'1,097,630
~~
280,245
467,392
Galv liar & S A n t.b.M ar 1,581,654 1.734,452
265,671
374,439
Jan 1 to Mar 31______ 4,967,323 5,046,162
829,276 1,629,204
Morg La & T ItB&SSbMar 554,819
681.000
54,553
300,333
Jan 1 to Mar 31______ 1,782,144 1,867,939
217,909
751.444
Texas & New O rl.b_.M ar
637,249
600,136
34,601
178,788
Jail 1 to Mar 31______ 1,747,924 1,725,373 def21,909
510,701
Spokane Internat.b___Mar
67,389
80,645
27,322
11,995
Jan 1 to Mar 31______
205,802
211,654
51,767
70,968
Spok Port & Seattle.b_.M ar 596,295
542,460
157,757
242,065
Jail 1 to Mar 31______ 1,669,763 1.836,721
321,874
896.444
Staten Isl Bap T ran.b.M ar 143,356
103,011 def 13,973 def15,995
Jan 1 to Mar 31______
472,163
247,997
39,187 def88,321
Term BB Ass’n of St L System—St L Merch Bdgo & TbM ar 193,439
277,408 def 105,157
22,517
Jan 1 to Mar 31______
655,691
719,491 def229,944
24,389
Texas & Pacific.b____ Mar 2,593,599
2,005,033
49,379
538.819
Jail 1 to Mar 31______ 7,692,096 5,806,762
116,178 1,446,996
Union P acific.b_______Mar 8,402,368 6,899,885
. . . . ___ 2,205,577 2,621.107
Jan 1 to Mar 31______24,012,099 78,247,139 7,400,293 5,711,871
Oregon Short L ine.b.M ar 2,822,116 2,564,239
625,570 1,037,306
Jan 1 to Mar 31______ 8,253,419 -----------7,020,535 1,990,369 2,535,060
Ore-Wash BB & N b Mar 2,344,946 1.920,014
296,660
527,354
(*Jan 1 to Mar 31______ 6,257,711 5,054,408
790,441
978,217
Union BB of P enn.b__Mar
654,189
423,870
136,533 def85,011
Jail 1 to Mar 31______ 1,769,779 1.054,411
222,912 def508,298
W abash .b____________Mar 3,505,276
3,623,135
47,506
852,372
Jan 1 to Mar 31...........10,568,087 8,551,050
295,915
475.517
Wheeling & Lake Erie. b.M ar 696,772
865,476 def59,984
173,433
Jan 1 to Mar 31_______ 2,084,452 2,250,188 def292,001
172,270
Roads.

u Net earnings hero given are after deducting taxes,
b Net earnings here given are before deducting taxes

Gross Net after Other
Earnings. Taxes. Income.
S

1815

THE CHRONICLE

3 1 9 1 9 .]

S

Cuba Batlroad—
328,204
. Feb ’ 19 1,165,744
451,797
\
’ 18 1,164,564
8 mos ’ 19 7,298,170 1,612,128
’ 18 6.947.915 2,042,242
Fonda Johns & Glov HU— tlS-ti
Mar T9
87,494
17,682
T8
89,231
30,418
3 mos T9
261,377
59,859
T8
244,074
77,287




S

Gross
Income.
s

13,385 341,589
1,238 453,035
102,106 1,714,234
10,780 2,053,022
2,896
2,878
8,304
8,677

20,578
33,296
68,163
85,964

Fixed
harges.
S

Balance,
Surplus
$

105,983
235,606
105,004
348,031
859,876
754,358
846,194 1,206,828
31,345 dcfl0,707
525
32,771
94,653 def26,400
96,793 d eflO .8 2 9

Gross
Net after
Earnings.
Taxes.
$
$
Bellefonte Central Mar T9
6,397
def 1,237
7,069
T8
1,254
3 mos T9
22,824
1,062
18,544
T8
def59
E L E C T R IC R A IL W A Y A N D P U B L IC
Name of Road
or Company.

Latest Gross Earnings.
Current
Year.

Month.

Previous
Year.

Fixed
Charges.
$
159
210

477
630

Balance,
Surplus.
f
def 1,396
1,044
585
def689

U T IL IT Y

COS.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

S
S
S
$
136,877 139.652
AdirondackElPowCo March
457,028
420,453
Alabama Power C o .. February
230,193 206,780
412,102
499,334
ZiAmer Pow & Lt C o. March
1254,755 1042,088 3,976,376 3,315,645
Atlantic Shore B y__ March
12,199
13,036
32,129
34,655
Aurora Elgin & Chic. March
197,567 168,693
439,409
563,585
Bangor By & Electric February
81.841
145.261
164,436
67.485
Baton Bouge Elec Co March
27,408
61,699
20,322
87,121
Blackstone V G & El March
191,288 189,580
546,693
625,036
^Brazilian Trac L & P February f7972000 f7315000 f 16494.000 /15152.000
Brock & Plym St B y . March
10,013
22,729
7.978
28,508
dBklyn Bap Tran Syst December 2667,703 2422.455 31,368.395 30,563.718
Cape Breton Elec Co March
42,924 39,517
117,240
138,078
Cent Miss V El Prop March
3.3,063 25,983
80,013
101,374
Chattanooga By & Lt February
142,147 137,791
270,793
188,470
Cities Service C o ___ March
1947,819 1975,212 5,568,693 5,856.285
47,536 40,772
Cleve Painesv & East January
47,536
40,772
{/Columbia Gas & E l. March
1092,048 1035,308 3,381,441 3,468,293
I’olumbus (Ga) E) C o 1February
8 6 ,6 7 7
96.461
2 0 8 .4 6 2
205,439
Colum (O) B y, P & L February
184,661 169.202
376,587
346,111
Com ’w’th I’ . By & Lt March
2073,565 1756,688 6,259,548 5,076,359
Connecticut Pow C o. March
103,718 78.177
234,974
317,688
Consum Pow (M ich). January
682,732 520.963
682.732
520.963
198,998 211.037
ICumb Co (Me) P&L. February
414.720
442,643
Dayton Pow & Light March
244,949 194,294
763,781
582,957
(/Detroit Edison_____March
1375,361 1140,245 4.155,920 3,560,508
(/Detroit United Lines February
1671,025 1354,922 3.418.908 2,761,194
Duluth-Superior Trac March
161,617 146,721
452,214
418,922
East St Louis & Sub. February
338,383 311,063
704,801
610,751
Eastern Texas E lec.. March
106,782 87,459
320,942
252,327
g El Paso Electric Co March
128,113 107.532
376,143
325,767
Fall Biver Gas Works March
51,505
52,895
169,878
159,365
Federal Lt & Trac__ January
333,629 310,344
333,629
310,344
Ft Worth Pow & L t .. March
101,859 108.458
327,230
338,931
Galv-IIous Elec C o .. March
253,387 215,591
718,028
591,596
g Georgia L, P & Bys February
111,952 96,688
233,316
198,480
Grand Bapids By Co December
1 1 7 .6 5 6
117.238 1.278.348 1.303,860
pGreat West Pow Sys March
408,970 332,264 1,240,735 1.045,989
Harrisburg Bailways. February
124,004 89,857
189,661
260,482
Havana El By. L & P February
703,156 617,071 1,429,514 1,262,081
Honolulu B T & Land March
62.023
57,238
177.012
170,791
Houghton Co El L Co March
35,750 33,468
110,142
109,651
Houghton Co Tr C o. March
31,834
29,429
79,388
87,902
h Hudson & Manhat. February
590,372 527,636 1,249,337 1,090,552
l> Illinois Traction__ March
1404,993 1214,044 4,219,264 3,611,597
l Interboro Bap Tran March
3994,180 3649,670 11,306,998 10,475,002
Jacksonville Trac Co March
92,738 78,900
256,971
210,460
Keokuk Electric C o. March
23,328
19,283
75,178
61,203
Key West Electric Co March
19,878
14,941
58,321
41,865
bake Shore Elec B y . January
191.455 141.555
191,455
141,555
Lewist Aug & Waterv January
78.070 47,120
78,070
47,120
Long Island Electric. December
15,917
15,871
226,994
251,122
Louisville B ailw ay.. March
333.735 305,260
963,751
846,618
Lowell Electric Corp. March
77,064 64,627
259,277
196,390
Manhat Bdgo 3c Line December
13.399
1 1 ,0 0 2
145,503
125,713
a Mllw El By & Lt Co March
1219,825 949.756 3,611,093 2.848.690
Nashville By & Light February
252.993 198.928
525,310
403,449
New England Power. March
299,413 260.963
936,168
770,878
Nowp N&II By,G&E March
209,234 146,998
617,261
408,877
N Y & Long Island.. December
45,144 32.785
507,628
470,198
N Y & North Shore.. December
12,079
11,265
151.859
167,906
N Y & Queens C o__ December
81,609 67,830
967,319 1,132,362
New York Bailways. December
979.862 918.775 11,212.760 12,406.651
Northampton T ra c.. February
16.149
20.023
42,418
33.188
Northern Ohio E lec.. March
711,583 599.202 2.081.712 1 .680.690
North Texas Electric March
277,721 299,172
752.012
786,837
Ocean Electric (L I ). December
6,562
156,929
6.828
158,304
Pacific Power & Light March
151.738 134.230
481,713
432,372
46,047 37,036
Pensacola Electric Co March
146,385
109.407
Phiia & Western___ February
48,915 40.564
99.838
8 2 ,0 2 3
Portland Gas & Coke March
174,196 129,137
544,867
402,32o
Port(Ore)Ry,L&PCo. February
686,911 577.581 1,390,458 1.167,36*
Porto Bico Railways. February
92,562 83,186
182,600
165,302
Richmond Lt & B B . December
37,595 30,416
444.253
444,53'
286.520 399,266
St L Rocky M t & Pac February
686.393
850,342
Santiago El Lt & T r. January
59,896 55,477
59,896
55,472
Savannah Electric Co March
107,843 94,377
318.358
272,94'
Second Avenue (Bee) December
62,417 60.617
820.747
855,60?
Southern Boulevard. December
18.758
15.694
218.64?
206.351
Southern Cal Edison. March
732,385 598,872 2,247,134 1,905,67?
Staten Isid Midland. December
22,129
2,81,838
19.321
346,64’
Tampa Electric Co__ March
106.694 92,932
266,482
314,290
Tennessee Power____February
320,69?
209,545 162,124
431,333
k Tenn By, Lt tc P Co February
532,780 442,621 1,094,769
882,94?
Texas Power & Lt Co March
268,713 243,887
795,472
871.875
Third Avenue System March
868.695 822,298 2,434,005 2,264,615
D D E II ft B R R . December
4 ,524
37,254
455,615
484.552
42dStM &StNARy December
133,892 127,651 1,625,015 1,766,086
UnionRyCo(NYC) December
2 2 1 ,8 8 6 209,282 2,662,944 2,910,070
Yonkers Railroad. December
70,263 65.555
824,860
823,621:
N Y City Inter By December
57.491
54.718
733,086
680,588
Belt Lino R y _____December
44,919
568,533!
50,113
677,841
Third Avenue___ December
326,619 336.419 3.797,105 4.117,83n
Twin City Rap Tran. March
914,420 835,294 2,618,503 2,457,393
Virginia By & Power. March
737,307 647,821 2,151,040 1,872,13!
Wash Balt & Annap. February
183,021 164,302
387,366
336,747
Westchester Electric. December
46,106 43,616
589,783j 554,91 n
York Bailways______ February
109,479 91,542
189,07 ,
227,451
Youngstown & Ohio. February
34.126 29,760
60,58 *
71,426
a Includes Milwaukee Light, neat & Traction Co. b I noli ides all sources.
/ Earnings given in milreis. g Includes constituent or subsidiary companies.
h Subsidiary companies only, j Lewiston Augusta & Waterville Street R y.
earnings, expenses, &c., not included in 1919. ft Includes Tennessee R y.,
Light & Power C o., the Nashville Ry. & Light C o., the Tennessee Power
Co. and the Chattanooga Ry. & Light Co. I Includes both elevated and
subway lines.
E le c tr ic R a ilw a y a n d O t h e r P u b lic U t ilit y N e t E a r n ­
in g s .

—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Companies.

------ Gross Earnings-------------- Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year
Year.
$

S

S

Amor Power & Light Co (sub­
sidiary co’s on ly), a __ Mar 1,254,755 1,042,088
443.686
Apr 1 to Mar 31______ 14,335,042 11,785,241 5,411,683
Great West Pow Co .a ..M a r 408,970
332,264
249,152
Apr 1 to Mar 31______ 4,839,154 4,068,102 3,021,408
Illinois Traction C o.a.-M ar 1,404,993 1,214,044
419,919
Jan 1 to Mar 31______ 4,219,264 3,611,597 1.238,089
Philadelphia Company—
Natural Gas D ep t.a .M ar 1,407,934 1,124,749
810,849
Jan 1 to Mar 31........... 4,271,348 3,526,860 2,551,672
Oil Department.a — Mar
122,280
75,751
108,345
Jan 1 to Mar 31...........
354,825
228,783
299,865

$

389,756
4,868,260
209,132
2,530.842
354,407
1,001,466
422,903
1,599,172
63,643
162,305

THE CHRONICLE

1816

-----Gross Earnings----- ------Net Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Companies.
Year.
Phila Co (.Concluded.)
$
70,876
13,487
145,578
Coal D epartm ent.a.-M ar
65,602
82,68
43,310
397,478
Jan 1 to Mar 31______
210,360
254,69®
310,276
873,043
Elec Lt & Pow Dept.a.M ar
999,240
716,934
Jan 1 to Mar 31______ 3,188,471 2,677,195 1,233,493
Street Ry Dept (excluding
5,716
7,324
46,838
Pittsb Rys C o )-a --M a r
55,117
144
29,626
123,875
Jan 1 to Mar 31______
159,502
22,007
23,793
55,477
Santiago El Lt & Tr Co.Jan
59,896
Southwestern Power & Light Co
160,731
173,156
438,203
(sub co ’s on ly )-a _____Mar
492,847
Apr 1 to Mar 31______ 5,863,739 4,878,464 2,110,949 2,058,309
leducting taxes.
Balance,
Net after
Fixed
Gross
Charges.
Surplus.
Taxes.
Earnings.
$
$
$
s
def3,369
35,836
39,205
Mar ’ 19
197,567
Aurora Elgin &
def5,912
30,182
36,094
’ 18
168,693
Chicago RR
82,226
116,828 def34,602
563,585
3 mos ’ 19
29,250
107,400 def78,150
’18
439,409
*51,515
90,319
41,796
244,949
Dayton Power & Mar ’ 19
*21,190
53,611
33,416
194,294
’ 18
Light Co
*40-1,894
898,639
529,809
12 mos ’ 19 2,611,553
612,206
*296,110
328,707
’ 18 1,968,985
dof9,610
25,202
15,592
192,391
Eastern Steam­ ’ Mar '19
5,504
27,750
33,253
ship Lines
239,870
’ 18
75,622 def 119,465
3 mos ’ 19
524,482 def43,843
82,353 def58,630
23,722
632,497
’ 18
Interborough Rap M a r '19 3,994,180 1,368,588 1,556,053*defl39,737
*502,934
T 8 3,649,670 1,624,245 1,175,342
Trans
9 mos 19 31,260,158 9,604,352 13,384,175*df3337,065
18 30,144,018 13,247,027 9,998,674 *3,656,733
Mar T9
28,993
8,010
20,983
35,745
Kaminlstionia
26,844
8,010
18,834
T8
32,638
Power Co
156,093
40,052
116,041
5 mos T9
189,681
148,549
40,052
108,497
T8
176,381
157,333
219,675 *def49,467
Mar T9
868,695
Third Avenue
161,939
219,921 *deM5,057
Ry System
T8
822,298
9 mos T9 7,454,918 1,195 ,162 1,987,969*def676,057
T 8 7,654,713 1,542,539 1,996,000*def335,527
* After allowing for other income received.
Net
Fixed Chgs.
Gross
Earnings. Earnings. & Taxes.
$
$
S
893,191
674,086
Com’w’lth Pow Ry Mar T9 2,073,565
600,754
691,707
& Light Co
T 8 1.756.688
T9 23,101,251 9,385,363 7,788,014
T 8 20,093,104 8,264,151 6,711,038
36,481
Harrisburg Rys
124,004
52,433
T9
32,877
89,857
30,068
T8
260,482
109,961
72,202
T9
65,753
189,661
62,640
T8
10,976
Honolulu Rap Tr
T9
26,427
63,837
10,642
26,237
Co
T8
61,125
32,927
3 mos T9
182,213
75,768
177,712
78,921
31,927
T8
238,286
160,742
North Ohio Elec
T9
711,584
Corp
599,202
221,881
138,791
T8
485,609
686,161
T9 2,081,712
574,447
421,819
T 8 1,680,690
162,156
Twin City Rap Tr Mar T9
241,487
914,420
160,696
835,294
220,902
T8
471,501
642,111
3 mos T9 2,818,503
466,130
576,300
T 8 2,457,391
-------------1919.

Gross-------------1918.

$

$

-

Balance,
Surplus.
$
219,105
90,953
1,597.349
1,553,113
15,952
def2,809
37,759
def3,113
15,451
15,595
42,841
46,994
77,544
83,090
200,552
152,628
79,333
60,206
170,610
110,170

-Net after Taxes— -Surplus after Chges.1919.

$

1918.

%

1919^

1918.

S

Baton Rouge Electric Co—
6,413
5,858
9,872
9,360
M arch____
27,40.8
20,322
73,868
127,478
112,282
85.55S
293,232
230,119
12 mos____
Blackstone Valley Gas Electric Co—
31,583
55,352
14,481
39,836
M arch____
191,288
189,580
356,549
631,893
377,262
664,490
12 mos____ 2,523,077 2,048,557
Brockton & Plymouth Street Ry Co—
def2,494
def 1,705
def1,121
M arch____
10,013
7,978
dot1,552 def25,043 defl6,903
107,210
121,902
def8,517
12 mos____
Capo Breton Electric Co, Ltd—
5,009
4,139
9,393
10,366
42,924
39,517
M arch____
8 6 ,668
149,909
66,823
476,976
130,399
533,84 1
12 mos____
Central Mississippi Valley Electric Properties—
3,703
6,107
6,967
9,314
33,063
25.983
February. .
63,324
87,276
57,256
80,540
353,358
315,026
12 mos____
Connecticut Power Co—
19,664
37,454
29,214
47,983
78,177
103,718
M arch____
193,221
388,523
439,005
213,198
890,743
12 mos____ 1,110,965
Eastern Texas Electric Co—
26,477
38,328
41,106
28,258
87,459
106,782
M arch____
321,104
426,003
332,307
961,980
482,617
12 mos____ 1,200,367
Edison Electric Illuminating Co of Brockton—
20,305
26,229
21,364
M arch____
87,342
63,746
28,200
231,462
282,324
194,762
12 mos____
909,601
738,344
272,601
Electric Light
Power Co of Ablngton & Rockland2,295
2,838
2,062
2,704
20,773
M arch____
16.005
43,135
47,679
43,176
50,968
211,477
12 mos____
248,487
El Paso Electric Co—
32,793
39,183
38,374
31,091
M arch____
128,113
107,532
390,625
459,195
299,548
381,397
12 mos____ 1,308,009 1,273,512
Fall River Gas Works Co—
6,527
6,651
1,399
1,145
M arch____
51,505
52,895
179,885
152,558
180,066
150,866
12 mos____
728,723
609,610
Galvcston-IIouston Electric Co—
47,537
76,012
64,065
30,526
M arch____
253,387
215,591
421,820
758,816
457,048
814,991
12 mos____ 2,817,764 2,210,888
Haverhill Gas Light Co­
dcf2,38l
def2,112
def2,836
March ____
26,704
23,833
def2,147
41,662
30,234
43,573
23,833
12 mos____
348,784
306,844
Houghton County Electric Light Co—
7,602
10,106
11,045
6,376
M arch____
35,750
33,468
126,0S5
163,532
100,650
143,815
12 mos____
434,194
416,202
Houghton County Traction Co—
8,460
14,479
11,686
M arch____
29,429
31,834
5,730
55,095
99,083
128,972
25,633
12 mos____
311,554
346,535
Jacksonville Traction Co—
13,680
7,669
27,819
73,900
def6,478
M arch____
92,738
64,198
232,857
17,148
195,087
733,980
12 mos____
992,080
Keokuk Electric Co—
1,324
2,543
4,812
3,640
19,283
M arch____
23,328
44,387
68,069
251,063
37,787
65,325
12 mos____
278,211
Key West Electric Co—
4,045
6,004
14,941
5,264
7,349
M arch____
19,878
31,878
88,556
55,806
64,072
12 mos____
219,329
154,707
Lowell Electric Light Corporation—
19,485
20,810
21,123
19,070
M arch____
77,064
64,627
267,458
202,160
221,214
279,789
12 mos____
955,734
733,500
Mississippi River Power Co—
17,738
26,472
128,598
121,511
M arch____
174,079
166,705
406,672
542,794
12 mos____ 2,240.242 2,005,237 1,790,766 1,610,702
Northern Texas Electric Co—
110,452
135,731
M arch____
277,721
299,172
88,777
114,015
993,070
804,437
12 mos____ 2,894,935 2,839,723 1,105,717 1,303,812

&

&




(V

ol

I ()£*.

Surp.afterCharges—
Net after Taxes-------- —

Gross-

---------------1918.
1919.
1919.
S
S
$
Pensacola Electric Co—
6,230
37,036
M arch____
46,047
136,437
380,690
12 mos____
543,028
Savannah Electric Co—
94,377
20,546
M arch____
107,843
296,385
12 mos____ 1,228,299 1,019,523
Sierra Pacific Electric Co—
14,703
58,534
M arch____
44,560
323,274
709,388
12 mos____
689,004
Tampa Electric Co—
92,932
43,192
M arch____
106,694
995,354
458,498
12 mos____1,110,354

FINANCIAL

1918.
8

1919.

S

1918.
8

13,249
150,708

def 1,626
47,126

6,155
69,020

30,023
335,711

def4,367
9,459

0,745
62,346

34,290
389,959

7,912
259,172

28,694
320,624

41,987
421,658

38,016
406,240

37,722
372,522

REPORTS.

Financial Reports.— An index to annual reports of steam

railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month.
This index will not
include reports in the issue of the “ Chronicle” in which it is
publish, d. The latest index will be foun 1 in the issuo of
April 26. The next will appear in that of M a y 31.

Buffalo & Susquehanna Railroad Corporation.
(Official Statement to the New York Stock Exchange.)

On subsequent pages will bo found the very full statement
regarding the company’s organization, property, securities,
& c., made to the New York Stock Exchango, in connection
with the listing of the voting trust certificates as oxtendod to
1924.— V . 108, p. 1721.

National Railways of Mexico.
30

(Report for Fiscal Year ended June
1918.)
This company’s properties are still being operated without
compensation by the Mexican Government, and it is presum­
ably true for 1918 as it was in 1.917 that the company’s only
cash disbursement was the relatively small amount ($117,105
in 1917) expended in tho maintenance of offices and office
expenses in the cities of Mexico, Now York and London.
The funds for this purpose in 1916-17 were and presumably
still aro provided by the Citizen President of the Republic.
The only annual earnings reported in rocont reports aro:
Earnings of "Constitutional Raihvaus of Mexico,” Year end. June 30 1918.
Gross.
Oper. Exp.
Net.
July to N ov. 30 1916, infalstficablo
paper currency...........................$304,886,271 $146,725,992 $158,160,279
Dec. 1 1916 to June T7, Mex. gold 27,270,576 20,750,088
6,520,488
July 1’ 17 to Juno 30 T 8 ,Mex.pesos 57,001,692
36,579,667 20,422,026

As it is known that tho property has suffered seriously
in consequence of tho internal disturbances in Moxico, the
following data are of value:

The report for tho fiscal year ended Juno 30 1918 contains much infor­
mation regarding the physical condition of tho property, notably tho fol­
lowing table showing tho 6,831 miles of road operated and 612 miles
not operated (and tho reasons for non-operation) including tho linos which
until recently were known, for operating purposes, as tho "Constitutionalist
Railways of M exico," viz., the National Railways of Moxico, the Inter­
oceanic Railway of Mexico and Mexican Southern Ry. and leased lines
(but not tho Vera Cruz & Isthmus RR. and I’ an-American R y.):
Length of Lines in Operation on June 30 1918 (all in miles).

Divisions
(miles

)—
Aguascallentes . .
Cardenas.............
Chihuahua_____

Standard Narrow Oper- Not
Gauge. Gauge. ated. Operated. Total.
604.48
297.46
473.45

............
______
............

533.19
209.15
Guadalajara . . .

659.87

Mex. Southern..
Mexico (Term’Is)
M onclova...........

162.89
313.42

036.40
29.89
402.47
409.11
446.50
52.91

312.61

Puebla (Interoce307.82
Tamplco (Term’l)

LeasedLines

—
CoahullaCoalRy.
Purlsma Jet. to
Clen.Caballos.
Mexican National
Constnic’n Co.
Mex. Union R y.
Mlcho’n & P ac..
Oaxaca to EJutla
Mexican Eastern

450.91
9.75
732.47

51.54

Saltillo to Orient.

10.50

LinesunderConstruction—

409.11
446.50
365.52

222.01 145.81
450.91
9.75
693.28 39.19

14.60

58.06
44.84
136.93

14.90
10.56
58.06
20.00
125.75

24.84
11.18

7.39

.51.54
5.90

1.49

10.50

367.82 Account of rebels.
450.91
9.75
732.47 Traffic suspended.
24.34

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

30.43
10.56

Pachuca to Zlm’n
Oaxaca Tramw's.

527.35
209.15
564.30
162.89
313.42
454.95
24.92
343.48

Causesfor
Non-Operation.

27.70 604.48 Bad track and rebels
.......
297.46
.......
473.45 Oper. suspended over
266 miles on June 11
5.84
533.19 Trafflcsuspended.
209.15
059.87 Account of rebels.
95.51
162.89
313.42
181.45
636.40
4.97
29.89 Lack of timber A rail
53.99
402.47 Track destroyed s'ce
March 1913.
409.11
446.50
365.52

24.34

24.34
14.66

576.78
297.46
473.45

14.60
15.53

30.43 Bad track.
10.56
58.06
44.84
130.93 Trains unnec’y from
Oriental to Conccp’ n
51.54
7.39 Lack of mules.
10.56

T o ta ls............. 5,880.95 1,613.11 6,881.56 612.50 7,494.00
Avge. length of portion of tracks In
oper. (luring period covered by
this report for years 1917-18______ 6,809.50

Statement Showing Status as Regards Rolling Stock.
June 30 June 30 Differ1918. cnce.
1913.
1.16,661 10,538 (3,123
1,193
(338
. 1,831
440
.. 1,219
779
152
121
273
Mexican Southern, narrow gauge-------------------..
90
345
).
435
ass. Coaches—-Nat. Rys. of Mex., standard ga
34
..
118
84
National Railways of Mexico, narrow gaugo.'
34
54
..
88
Interoceanic Railway, narrow gaugo...............
21
20
.
41
Mexican Southern, narrow gauge__________
-V . 108, p. 1511, 1165.

any.
(27th Annual Report— Year end Dec. 31 1918.■)
The text of the report, signed by C. A. Coffin, Chairman
of the Board, together with tho income account and balance
sheet, will bo found on a subsoquont pago of this issuo. A
comparative income account for tho last four calendar years
will be found in V. 108, p. 1720.

M

a y

THE CHRONICLE

3 1 91 9 .1

CONSOLIDATED BALANCE SHEET DECEMBER 31.
1915.
1918.
1917.
1916.
Assets—
.
$
$
1
aPatents, franchises,.Sic.
1
1
1
Manufacturing plants.. 44,040,154 38,938,410 29,904,764 29,563.332
Real est.,&c.(other than
manufacturing plants)
672,466
996,985
863,188
794,211
Stocks, bonds, &c--------- 40,830,213 37,348,608 33,773,678 32,916,594
Cash__________________ 24,010,024 21,190,675 12,167,707 30,138,913
Notes & accts. recelv’le. 41,548,688 38,406,993 26,816,298 19,619,216
1,248,630
4,196,020
Work in progress-------------------6,244,691
4,739,819 b4,931,585
Advances to sub. cos__ 7,997,689
5,578,518
Firn. & fixtures (other
1
1
1
than in factories)-----1
Inventories (factories). . 71,841,208 71.490,866 43,963,220 24,544,646
(3,251,959
Gen.& local offices,&c. 1
10,360,444
7,197,419 12,066,690
Consignments_______/16,464,472
Installation work--------- 6,526,304
4J4% U. S. Treas. ctfs. 7,500,000
I.ibbey Glass C o_______ 2,265,000
1,277,063
Def. charges to Income. 4,410,346
Total assets_________ 268,106,567 231,630,482 163.622,115 149,278,552
Liabilities—
Capital s t o c k --------------115 ,874,800 101,512,500 101,512,500 101,510,600
2,047,000
2,047,000
2,047,000
3 lA % coupon debentures 2 ,047,000
2 ,0 0 0
500
500
5% coupon dob. of 1907
5% coupon deb. of 1912 10 ,000*665 1 0 ,000.000 1 0 ,0 0 0 ,0 0 0 1 0 ,0 0 0 ,0 0 0
196,519
196,519
254,211
284,269
Accrued int. payable—
Notes payable----------------25 ,0 0 0 ,0 0 0 27,757,721
4,640*,267
7*.874*873
8,009,910
Accounts payable--------- 9 ,716,157
418,677
1,149,256
7,855,748
Accrued taxes (ost.)------15 ,099.185
2.030.156
Dividend pay. in stock. 2 ,316,472
4*.650*559
4*.7*40*577
8,233,881
Adv. pay’ts on contracts 22 ,336,551
2,030,154
2,030,102
2.030.156
Dividends payable Jan. 2 ,316,472
General reserve________ 6 ,1 0 0 ,0 0 0 1 2 ,0 0 0 ,0 0 0
U. S. Government loan. 1 ,500,000
Libbey Glass Co. bonds. 2 ,265,000
Surplus------- -----------------53 ,250.661 49,898,699 34,160,753 23,692,871
Total liabilities...........268,106,567 231,630,482 163,622,115 149,278,552
a After deducting $4,304,972 patent reserve.
b Denotes amounts duo from subsidiary companies.— v . 108, p. 1720.
S t. J o s e p h L e a d C o m p a n y .

(,Statement to New York Stock Exchange— Annual D ata.)

The statement of this company to the New York Stock
Exchange in connection with the listing of its capital stock
will bo found in detail under “Reports and Documents” on
a subsequent page, giving, along with a history of the com­
pany and a description of its properties, its complete divi­
dend record since 1874 and the income accounts and balance
sheets of the company and its several subsidiaries for the
calendar year 1918.—V. 108, p. 1724, 789.
U n ite d

S ta te s S te e l C o r p o r a t io n .

31 1919.)
The financial statement of the Corporation and its sub­
sidiaries, which was given out on Tuesday after the monthly
meeting of directors, reports the total net earnings for the
quarter ending March 31 1919, “after deducting all expenses
incident to operations, comprising those for ordinary repairs
and maintenance of plants, allowances for estimated propor­
tion of extraordinary cost, resulting from war requirements
and conditions, of facilities installed and of inventories of
materials on hand, also estimated taxes (including Federal
income and war excess profits taxes) and interest on bonds of
subsidiary
companies.”
No Intimation is given as to the amount reserved from the earnings of the
(Earnings for Quarter ending March

quarter for Federal taxes.

The reservation on this account, as reported

1817

Finances.— The financial condition of the company is strong. The cash
balance, including U. S. ctfs. of indebtedness, Dec. 31 was $3,395,286: and
in addition thereto the company had on hand Liberty bonds of the par value
of $1,626,885. These items aggregate $5,022,171. Out of the profits of
the year the sum of 3550,000 was set aside for general depreciation.
Foreign Companies.— The constituent companies in Canada, England,
France and Italy have experienced a successful year, devoting the larger
part of their capacity to the manufacture of munitions of war for their
respective countries.
Their net profits aggregated the sum of $765,365 after providing for very
large income and excess profits ta^es in the respective countries. Cash
dividends aggregating $755,278 were paid during the year by these con­
stituent companies to the American Radiator Co.
Results.— After providing for income, excess profits and war profits
taxes, the net profits of the parent company for the fiscal year ending
Jan. 31 1919 were $2,656,213. The combined net profits of the parent
and constituent companies were $2,666,300.
Tho surplus of the parent company Jan. 31 1919 was $6,901,763. The
aggregate surpluses of the constituent companies as of Jan. 31 1919 were
$8,527,560, no part of which is reflected in the balance sheet of the Ameri­
can Radiator Co. The total surpluses o f the constituent companies and
the American Radiator Co. as of Jan. 31 1919 were $15,429,323.
Munitions Activities of the Company.— These comprise 4 and 5-inch
caliber naval guns and spare parts therefor, proof projectiles, hand and
rifle grenades, and various sizes of semi-steel cast shell, conducted especially
at the following plants: Bayonne plant. Bond plant, Equipment plant,
Kansas City plant, Malleable plant and Pierce plant.
At the time the United States entered tho war, the affiliated companies
in England, France and Italy were already numbered among the very
largest producers of semi-steel shells and rifle and hand grenades. Due to
the co-operation of these subsidiary companies, and because of its own
long and successful activity in the production of castings, tho company was
ablo at once to offer its valuable experience to the U. S. Government.
Contracts were obtained for huge quantities of hand and rifle grenades,
and during tho latter part of the year the company was engaged on a large
scale in the manufacture of semi-steel cast shells. ,
The Bayonne plant was equipped as a machining plant for naval guns.
NET PROFITS A N D SURPLUSES OF ALL COMPANIES, INCLUDING
FOREIGN CONSTITUENT COMPANIES.
------------- Net Profits— -------------- Total Accumulated Surplus—
Jan. 31
Parent Co. Const.Cos. All Cos. Parent Co. Const.Cos. All. Cos.
Years—
$
$
$
3
$
$
1918-19____ 2,656,213 765,365 2,666,300 6.901,763 8,527,560 15,429,323
1917-18____ 3,261,871 952,556 4,214,427 6,420,094 8,517,473 14,937,567
1916-17____ 2,604.068 901,500 3,505,568 9,057,215 7,600,532 16,657,747
1915-16____ 2,364,953 302,580 2,667,533 7,972,843 6,699,032 14,671,875
1914-15____ 2.289.075 495,666 2,784,741 7,127,586 6.396,451 13,524,037
The results are shown for the year 1918-19 and 1917-18 after deducting
income and excess profits taxes (estimated),
RESULTS FOR YEARS ENDING JAN. 31 I N UNITED STATES ONLY.
1918-19.
1917-18.
1916-17.
1915-16.
Profits after Fed. taxes. $2,656,213
--------------------------------- Profits before Fed. taxes .............. $4,261,871 $2,604,068 $2,364,953
Income & excess profits
taxes (estimated)___
________ $ 1 ,0 0 0 ,0 0 0
-----------------------7 % dlv. on pref. stock ..
2 1 0 ,0 0 0
2 1 0 ,0 0 0
$2 1 0 ,0 0 0
$2 1 0 ,0 0 0
Cash common d iv ..(1 6 % )1 ,964,544(13)1596,192(16)1309,696(16)1309,696
$1,455,679
9,057,215

$1,084,372
7,972,843

$845,257
7,127,586

$6,901,763 $10,512,893
...............(50)4092,800

$9,057,215

$7,972,843

$6,420,093 $9,057,215
Total surplus.............$6,901,763
xBALANCE SHEET JAN. 31.

$7,972,843

Balance, surplus__
Previous surplus_____
T o ta l.......................
Com. div. in stock__

$481,669
6.420,094

1918.
1919.
1918.
1919.
Liabilities—
$
8
Assets—
S
S
Stock, preferred.. 3,
1,000 ,0 0 0 3,000,000
Real estate.bldgs.,
,:
12,278,400
machinery ,&c.y 13,925,966 13,764,322 Stock, common ..1 22,278,400
Accts. & bills p a y.rl,
1,341,621
810,437
Cash and certtfs.
1,296,407 3,027,913
of indebtedness. 3,395,286 2,681,156 General reserves.. 3,:
Contlng. deprec’n. 1,,250,000 1,250,000
Notes & accounts
receivable.z____ 1,983,169 2,741,163 Res. for Income &
excess prof .taxes 1,500,000 1,000,000
Supplies.................. 8,966,695 8,067,384
Liberty loan bonds 1,626,885
797,754 Res. for pensions,
Ac........... ............
407,876
340,631
Deferred charges.
78,066
76,700
B a la n c e .............. 6,901,763 6,420,094
T o ta l.................. 29,976,067 28,127,475

The directors on March 29 declared the regular quarterly dividend of
1k % on common stock, payable Juno 28 to holders of record M ay 29, but
authorized no extra distribution. See nows item on a following pago.
Unfilled orders on hand March 31 1919 amounted to 5,436,572 tons,
against 9,056,464 tons March 31 1918.
INCOME ACCOUNT FOR QUARTERS ENDING MARCH 31.
1919.
1918.
1917.
1916.
Net Earnings—
$
$
$
$
J a n u a ry *...
12,240,167 13,176,237 36,074,425 18,794,912
February*.................I . . 11,883,027 17,313,883 33,416,171 19,196,396
M a r c h * .......................... 9,390,190 26,471,304 43,630,422 22,722,316

Total...............29,976,067 28,127,475

x Original investment in the constituent companies, as represented by
their capital stock accounts, is included under “ property” account, y After
deducting in 1919 $2,657,102 reserve for general depreciation, z Includes
notes and accounts receivable, $2,317,027, less $333,858 reserve for bad
accounts, r Includes in 1919 notes payable, $837,000, and accrued wages
and current invoices, $504,621.— V. 108, p. 1722.
A m e r ic a n W r itin g ' P a p e r C o .

31 1918.)
The text of the report will be cited fully in a later issue:
(Report for Fiscal Year ending Dec.

INCOME ACCOUNT FOR CALENDAR YEARS.
1918.
1917.
1916.
1915.
Gross sales billed______$21,327,777 $15,019,564\Not shown up separately
Cost of sales.................. x l8 ,135,259 13,167,871/
in these two years.

Total (see text above) 33,513,384 56,961,424all3,121,018
Deduct—
For sinking fund, deprec.
9,790,824
8,511,607
and reserve funds___ 10,638,955
5,360,823
Interest....................
5,177,798
5,271,290
224,615
Prem. on bonds redeem.
215,615
238,250

60,713,624
9,495,065
5,444,687
261,000

Gross profits_________ $3,192,518
Interest, &c----------------y271,220
Pulp duty refund______
______

$1,851,693
194,452

$3,927,941
137,181

$1,185,760
79,202
8,073

Total deductions___ 16,032,368
B ala n ce..
-------------- 17,481,016
Div. on prof. ( l k % ) __ 6,304,919
Dlv. on common--------- 6,353,781
Common dlv. r a t o ... l k % l k & 3

15,200,752
45,512,872
0,304,919
6,35.1,781
ik %

Total net income___ $3,463,738
Interest on bonds______ z$554,359
Expenses.____________
____
571,168
Sinking fund...................
Discount on sales______
671,443
Miscellaneous deduc’ns.
189,138
Reserve for inventories
and war taxes_______
225.000

$2,046,145
$566,530
553,215

$4,065,122
$850,000
5)4,244

$1,273,035
$850,000
449,990

1 0 0 .0 0 0

1 0 0 ,0 0 0

Balance, surplus.........$4,822,316

14,021,147 15,376,262
42,940.277 97.744,756
0,304,919 6,304,919
21,602,856 21,602,856
ext.
IK & 3 ext.

15,032,502

69,836,981

32.854,172

♦After deducting interest on subsidiary cos’ bonds outstanding, viz.:
1919.
1918.
1917.
1916.
January..........................
$738,506
$726,892
$745,853
3805,462
February.........................
738,449
724,867
745,522
796,408
M a r c h e . . . . . - - - .........
738.988
724,848
746,977
795,226
A m e r i c a n R a d i a t o r C o ., C h i c a g o .

(20th Annual Report— Year ended Ja n . 31 1919.)
Pres. Clarence M. Woolley April 22 wrote in substance:

Radiators and Boilers.— Building projects for civilian purposes were but
a small part of the normal aggregate, and tho demand for our products
arising from this sourco was greatly curtailed. Considerable activity con­
tinued with respect to building operations for military and naval purposes:
tho demand from these sources, however, was not so largo as that of tho
preceding year. The sales were, therefore, substantially reduced.
Munitions.— At Government request the company engaged in tho manu­
facture o f munitions and rendered excellent service. Tho contracts per­
mitted only a narrow margin of profit: and the portion o f our profits ac­
cruing from munitions is quite small.
Among tho products supplied for war purposes were 4 and 5-lnch caliber
naval guns and spare parts therefor, proof projectiles, hand and rifle
grenades, and various sizes of semi-steel cast shell. This company was tho
largest producer of certain classes o f these products.
Taxes.— From tho profits of tho year $1,500,000 has been set aside to
provide for tho est. amount o f income, excess profits and war profits taxes.
Relations toith Employees.— The company has established a department of
Industrial relations as a medium for closer and more sympathetic contact
between tho individual employeo and tho company, making definito the
assurance that each employee receives an absolutely square deal.




559,992
45,060

Not shown separately
76,500

171,060

Total deductions___ $2,211,108
$1,895,858 $1,540,744 $1,399,990
Balance, sur. or d ef..su r.S l,252,629sur.$150,287sr$2,524,378def.$126,955
x Includes raw materials, conversion supplies, labor, mill expenses, taxes,
freight, &c., $17,117,682, against $12,454,238 in 1917, and depreciation,
repairs and maintenance, $1,017,577, against $713,633 in 1917. y In­
cludes in 1918 interest and discount earned. $128,902, and scrap sales, &c.,
income, $142,318. z Bond interest, net to public.
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
1917.
Liabilities—
$
$
—
S
S
Property acc’t ___a 15,633,536 15,868,685 Preferred s to ck ...12,500,000 12,500,000
Good-will, &c____18,010,150 18,010,150 Common stock___ 9,500,000 9,500,000
Cash........................ 1,053,747
866,774 5% bonds........... b l l , 000,000 11,118,000
Notes & acc’ts rec. 2,522,003 1,942,284 Trade acceptances
529,772
126,458
Sapp. & materials 5,469,702 4,374,230 Notes pay’le (bank
lo a n s )..............
840,000
400,000
Liberty bonds____
65,810
19,309
Other assets, & c ..
120,979
132,649 Acc’ts payable... 1,320,016 1,184,455
Investments, & c ..
33,555
44,680 Res. for war taxes185,014
20,000
623,627
854,778
Sinking fund.........
120,346
86,074 Bond purch.acc't.
Accr’d wages & tax
128,258
37,755
6,403,146 5,553,387
Surplus......... ..

Assets

T o ta l..................43.029,833 41,344,835

T o ta l..................43,029,833 41,344,835

a Reproduction value of real estate, buildings, machinery, water powers,
&c., as appraised Mar. 31 1917, with subsequent additions and deductions
to Dec. 31 1918, $21,570,687, less $5,937,151 ailowanco for depreciation,
b After deducting in 1918 $3,777,000 purchased, held by trustee, and $2.­
223,000 in treasury, on hand or pledged.

1818

THE CHRONICLE

The profit and loss surplus Dec. 31 1918 was $6,403,146, after adding
$6,806,017 balance per books Dec. 31 1918 (see text above), and surplus
for year 1918, $1,252,629; and deducting (1) $393,819 reduction in book
value o f machinery, real estate, buildings, water power, &c., to conform
with the net sound value as appraised Mar. 31 1917; (2) $9,051 net sundry
adjustments, &c.
The company was contingently liablo on Dec. 31 1918 as endorser on
trade acceptances and notes receivable discounted at banks, $449,452.
Since the organization of the company in July 1899 there has been paid
in all 10% on the cumulative preferred stock.— V. 108, p. 1391.

W in c h e s t e r R e p e a t in g A rm s C o .
{Report for Fiscal Year ending Dec.

31 1918.)
President Thomas G. Bennett, New Haven, Feb. 17
wrote in substance:

Federal Taxes.— The reserve for Federal taxes, obsolescence, amortiza­
tion, &c., and the result o f the year’s operations, are based upon the best
information at hand with reference to the pending Internal Revenue Act
at the time of making the report. They are, therefore, tentative and
subject to modification.
Financial Arrangements.— The company’s issue o f $8,000,000 of 7%
notes matures Mar. 1 1919. It is expected that one-half of these notes
will be retired from funds resulting from operations and the balance from
the proceeds of other financial arrangements.
Operating .Conditions .— The operations during the past year have been
directed primarily to the service o f the Government. Wo have delivered
to the Government substantial quantities o f small arms and ammunition
and have performed important engineering service in connection with the
development o f Government products and projects.
In the meantime our commercial business has necessarily suffered
curtailment; in fact, we contemplated discontinuing it entirely at the time
of the signing o f the armistice.
Since the signing of the armistice we have been actively building up our
commercial business so that to-day it may be considered in an entirely
normal state, both as regards manufacturing and selling. Indications
are that we will have a prosperous year and that our sales will compare
favorably with those o f the pre-war period.
The termination o f Government contracts will find us with a considerable
portion o f our plant idle. The management is active at the present time
investigating and developing new products and new lines o f business.
(Compare also Winchester Company in V. 108, p. 1733.)
The comparative income account was published in V. 108, p. 1733.
BALANCE SHEET, DEC. 31.
Assets—
1918.
1917.
1916.
Land, bldgs., machinery, &c.........a$ll,600,660 $14,493,797 $17,719,079
C ash...............................
2.418,705
3,095,822
1,625,450
Investm ents______________________
3,058,350 y3,948,257
181,591
Accounts receivable________________ 1 5,791,711
J2,797,633
560,293
Notes receivable.................................. /
\ 83,757
94,221
Cash and securities (at cost), depos.
and pledged...............................
._
1,002,290
...........
______
Miscellaneous_____________________
59,959
.........Inven tory_________________________ 13,030,220 11,909,573 20,414,118
Advances to vendors__ _____ ______
______
...........
500,066
Deferred charges_______ „ __________
156,996
475,213
1,283,481

Total
$36,056,642 $37,806,342 $42,438,263
Liabilities—
Capital stock_____________________ $ 1 ,0 0 0 ,0 0 0 $1,000,000 $1,000,000
1- year 7% notes, due Mar. 1 1919.. 6,615,000
2- year 5% notes, due Mar. 1 1918..
15,878'ood
Notes payable_____________________
16,000,000
266,667
Accrued interest___________________
201,124
268,858
Accounts payable__________________ 2,763,629
821,9101
637,795
Accrued taxes_____________________
519,316/
Reserve for taxes, obsolescence,amor­
tization, &c_____________________
6 ,0 0 0 ,0 0 0
320,625
Bank loans_______________________
Pay-rolls due, &c__________ ______ _
311,414
231,856
169.946
Advances on contracts & def’d ship’ts
5,835,090
125',960
Contingent reserve_________________
100,000
123,367
Deferred credits___________________
Reserve for war charges (see “ x” )_ . 2,800,666
Surplus___________________________ xl6,380,983 18,586,219 18,343,488
T o t a l................................ ............... $36,056,642 $37,806,342 $42,438,263
a After deducting $9,910,092 reserve for depreciation and amortization,
as against $7,211,384 so reserved Dec. 31 1917. x The surplus as of Dec.
31 1918, $16,380,984, is reached as follows; Surplus as of Jan. 1 1918,
$18,586,219; less proportion o f reservo for amortization determined at
close of war applying to year 1917, $875,000: balance, $17,711,218. Add
surplus from operations o f 1918 as shown above, $1,469,766; and deduct
$2,800,000 “ wnich tho directors have appropriated to meet carrying
chargas and expenses arising from the termination of the war.” Balance
net unappropriated surplus Dec. 31 1918, $16,380,984. y Includes in 1917
British G ov’t 5% notes due 1919, $3,858,000, and other securities, $96,257.
Inventories have beon valued at cost except that all obsolete items have
been written down to salvage value.— V. 108, p. 1615, 1171, 1733.

U tah C o p p e r C om p a n y .

(14Ih Annual Report— Year ended Dec. 31 1918.)
Pros. C. M. MacNeill, N. Y., April 18, wrote in substance:

Results.— The gross production of copper in precipitates for tho year
was 196,600,165 lbs. The shipments o f crude ore contained an additional
1,378,392 lbs. After making smelter deductions tho net copper produc­
tion was 188,092,405 lbs.; gold, 50,928 oz., and silver, 489,481 oz.
The net cost of production of all copper during tho year, after deducting
miscellaneous income, including dividends from the Bingham & Garfield
Ry. Co. and deducting the value o f the gold and silver contents, but not
including tho dividends received from the Novada Consolidated Copper
C o., was 14.533 cts. per pound, as compared with 10.995 cts. for 1917.
The net operating income was $13,807,303. The income from interest,
rentals and dividends on investments amounted to $5,138,477. A direct
charge was made against income for tho amount contributed to tho Red
Cross and tho United War Work funds in Liberty bonds at their par value,
$500,000. Tho total income applicable to dividends or for other capital
purposes, therefore, aggregated $18,445,780, or $11 35 per share, as com­
pared with $17 66 per share for 1917.
Dividends, A c .— Disbursements wore made to the stockholders during
the year as follows; 1st quarter, $2 50 per share; 2d quarter, $2 50; 3d quar­
ter, $2 50; 4th quarter, as dividend 25 cts. per sharo, plus capital distri­
bution $2 25 per share; or a total disbursement to the stockholders for the
year of $10 per share, or $16,244,900 (100%), of which $12,589,797 were
dividends (77.5%) and $3,655,103 (22.5%) capital distribution.
The total amount distributed to stockholders down to and Including
Dec. 31 1918, was $92,015,782 in cash.
Nevada Consolidated Copper Co.— Tho Novada company’s net production
was 76,607,062 lbs. of cooper, tho result of treating 4,027,887 tons of ore.
Tho net earnings were $3,252,070, as compared with $9,408,892 in 1917.
This shrinkage of over 65% in earnings is due entirely to conditions brought
about by the war. Of the total sum distributed in 1918 your company
received on its holdings [of $5,002,500] the sum of $3,251,625, as against a
total of $4,152,075 in 1917.

Managing Director D. C. Jackling, New York, April 10,
says in substance:

Increased Costs.— The costs o f copper per pound for 1918 before making
credits for miscellaneous income or from gold and silver produced, was
16.331 cts. The cost after crediting theso special items, aggregating
1.798 cts., would bo 14.533 cts. per pound. The increase compared with
1917 approximates 30% . Tho per pound cost for 1914 after crediting
miscellaneous income was 7.245 cts.
The major portion of this increased cost has been due to constantly rising
wages and prices o f supplies, but in 1918, and particularly in the latter part
o f ft. Increased smelting and refining charges and advanced railroad rates
became serious factors.
Moreover, the increase in Federal taxes, which are taken into costs,
added heavily to them and the item of depreciation was included in costs
for 1918, thus vitiating somewhat the comparison with previous years
When depreciation was made a charge against income Instead of being ab­




[Vol . 108

sorbed as a part of operating charges. The charge per ton of ore mined to
cover stripping costs was increased during tho year from 7 to 12 }4 cts.
in order properly to compensate for stripping expense which, of course,
increased proportionately to all other operating costs, but this change only
applied to half the year and did not affect the per pound costs materially.
Status on Peace Basis.— Tho cessation of war requirements not only re­
moved all such demand, but left considerable stocks of copper under control1
of the various Governments. Producers also had unusual stocks; but pro­
duction was under Government direction, continued at full capacity until1
near Dec. 31 when, with the removal of Government control of prices,
demand disappeared entirely for a time and there was no definite market
quotation for the metal anywhere. Curtailment of production could not
be avoided and operations were therefore reduced about 50% and are still
continuing on that basis. Magna, the larger of tho company’s two con­
centrators, was closed down entirely about two months after the end of the
year,’ milling operations thereafter being confined entirely to tho Arthur
plant, which on account of completed improvements is tho more efficient o f
tho two and can readily produce the output desired for tho time being.
Some reductions have been made in operating costs and tho closest economy
possiblo is being employed with a view to further improvement in that
direction.
Data from General Manager Robert C. Gemmcll.
Ore Reserves.— On Dec. 31 1918 an ore area of 226.3 acres had been out­
lined by underground workings and churn drilling. No attempt was made
to add to this area, but some drilling was done in order to obtain data for
futura steam shovel operations. Tho chrun drilling, however, increased
the calculated averago thickness of developed and partially developed
ore from 538 feet to 556 feet.
Revised calculations show that on Dec. 31 there was developed in the
property 453,421,400 tons or oro, averaging 1.375% copper, of which quan­
tity 270,000,000 tons aro classed as fully developed and 183,421,400 tons as
partially developed. There was mined from the entire property prior to
Jan. 1 1919, a total of 79,381,400 tons of oro, averaging 1.397% copper, and
tho reserves, theroforo, amount to 374,040,000 tons, averaging 1.370%
copper. The year’s addition to reserves was 2,288,O0O tons in oxcess of
the tonnago mined during that period.
Bingham A Garfield Ry. Co.— A total of 12,439,394 tons of freight was
transported, being an averago of 34,081 tons daily, as compared with
12,648,225 tons and 34,653 tons, respectively, for tho year 1917. A total of
10,949,278 tons of oro was shipped by tho Utah Copper Co.; 368,473 tons
by other mining companies in Bingham, and 26,484 tons by mining com­
panies in Novada through tho Wostern Pacific connection, making a total
or 11,344,235 tons of ore. The remaining 1,095,159 tons was commercial
freight, as compared with 1,069,894 tons of such freight transported
during 1917. The total number of passengers carried was 617,749, as
against 671,004 for 1917.
Sulphuric Acid.— Some minor additions to tho sulphuric acid plant
wero completed by Juno 1 and after that date operating conditions were
satisfactory. Practically all of the acid produced was used by the Utah
Copper Co. The total production was 37,000 tons of 50-degree acid.
Operating Costs on ConcetUrating Ore, Including All Fixed, General and
Maintenance Charges.
Total.
Year—
Tonnages.
Mining. Transportation. Milling.
$1.1738$0.4663
$0.4097
$0.2978
1910............. . . 4,340,245
1.1239
0.2848
1912............. . . 5,315,321
0.4233
0.4158
0.9550'
0.3536
1914_______ . . 6,470,166
0.3232
0.2782
0.8624
0.3402
0.2441
1915 ............ . . 8,494,300
0.2781
0.9355
0.3782
1916.......... ..10,994,000
0.2781
0.2792
1.4170
0:6930
0.2794
1917............. -.12,542,000
0.4446
1.7630
0.9277
0.5370
0.2983
1918............. -.12,160,700
INCOME ACCOUNT YEARS ENDING DEC. 31.
1915.
1917.
1916.
Sales of—
1918.
Copper, lb s .. .................188,092.405 195,837,111 187,531,824 148,397,006
Average price_______ 22.876 cts. 24.186 cts. 26.139 cts. 17.679 cts.
50,928
51,112
47,648
36,760>
Gold, oz. (at $20)............
Silver, oz______________
489,484
498,820
461,597
371,712
Average prico---------- 97.561 cts. 82.384 cts. 66.682 cts. 49.880 cts.
Operating Revenue—
Sales of copper_________ $43,029,021 $47,364,421 $49,019,308 $26,235,331
Sales of gold.................... 1,018,564
1,022,234
952,960
735,202
Sales of silver_________
477,544
410,768
307,806
185,410'
Total income............$44,525,129 $48,797,423 $50,280,073 $27,155,943
Expenses—
Mining, milling & taxes.$17,076,993 $13,421,407 $6,423,468 $4,314,147
41,009
37,994
12,206
35,392
Mine development_____
Oro stripping, &c______ 1,235,058
940,650
824,550
905,869
Selling commission_____
303,919
...........
491,874
492,299
Treatment and refining. 12,066,466
9,991,706
8,754,024
6,899,888
Total expenses______$30,717,827 $24,886,646 $16,532,334 $12,132,109'
Net operating revenue..$13,807,303 $23,910,777 $33,747,740 $15,023,834
Other Income—
4,951,825
5,636,875
2,787,200
Div. on investment___
1,600,300
Int. & rentals received..
886,852
1,122,523
354,061
109,409
Cap. distrib. Nev. Cons. 2,651,325
Total net profits_____ $18,945,780 $29,985,125 $39,738,675 $17,920,443
Interest paid...________
______
.................................
$6,962
Plant replacements, de­
1,289,630
589,732
546,734
______
preciation, &c______
Red Cross, &c., fu nds..
500,000
6,904,082
Dividends................
xl6,244,900 x23,555,105 19,493,880
x(145%)
(120%)
(4 2H % )
Rato per cent_______
(100%)
Balance, surplus_____$2,200,880

$5,140,391 $19,655,064 $10,462,665

x Includes in 1917 (127)4% ) $20,712,248 dividends and (17)4% ) $2,­
842.857 capital distribution; in 1918, $12,589,798 dividends and $3,655,102
capital distribution.
BALANCE SHEET OF UTAH COPPER CO. DEC. 31.
Assets—

1918.

$

Mining and milling
properties____x'24,151,469
Investments......... 13,109,425
Pat’ts & proc. rts.
312,694
yDefcrred charges 8,943,524
Mat’ls & supplies. 3,996,925
Accts. recclv., &o.
749,412
Copper in transit. 8,099,255
Ore In mill b in s ...
10,536
Marketable secur.l 1,957,489
Cash........... ............ 8,729,047
Due for Dec. dellv.z3,C95,142

1917.

5

21,339,110
12,604,002
300,000
8,300,040
4,579,680
270,558
13,152,066
14,929
4,869,283
11,491,689
3,962,157

T o ta l..................84,354.917 80,883,519

Liabilities—

1918.

S

1917.

$

Capital stock____16,244,900 10,244,900
Accounts payable.
962,155 1,374,170
Reserve for taxes,
acc’t lnsur., A c. 5,972,721 4,750,291
Treatment,
A c .,
charges............... 2,390,113 1,930,000
Surplus from—
Salo of securities 8,290,620 8,290,620
Operations......... 50,494,408 48,293,528

T o ta l..................84,354,917 80,883,519-

x After deducting depreciation reservo, $3,684,523, against $2,833,330.
y Deferred charges to operations, stripping or dumping rights, Ac.
z Cash duo in January for December copper deliveries.
Investments.— These have a face valuo of $13,614,116 and a book value
of $13,109,425. They include chiefly $5,002,500 stock of Nevada Consoli­
dated Coppor Co. carried on the books at $4,453,007, and $7,500,006
stock of Bingham & Garfield Ry. Co. carried at par.
Add’ns to property and plants aggregated $4,119,723 and $2,812,352 not.
Bingham A Garfield Ry.— This company reports total assets of $9,783,358,
including investment in road and equipment, $8,323,984; current assets,
$1,446,692, and unadjusted debits, $12,681; and offsetting tho same,
capital stock, $7,500,000; accounts payable, $422,055; reserve for taxes,
accident insurance, A c., $648,064; reserve for depreciation, $857,602; profit
and loss, surplus, $355,636.— V. 108, p. 1065.

C e r r o d e P a s c o C o p p e r C o r p o r a t io n .
{Report for Fiscal Year ending Dec.

31 1918.)
Pros. Louis T. Haggin, N. Y., April 28, wrote as follows:

Owing to its long and continuous use and its somewhat antiquated type,
it has now bocomo necessary to remodel and in part reconstruct tho cororation’s present smelter, or slse to erect an entirely now one on modern
nes.
Tho directors aro of tho opinion that tho latter courso, tho con­
struction of a new smelter plant, is the moro advisable, as thereby cost of

R

M

a y

3 1919.

THE CHRONICLE

bullion
lion production will be greatly reduced, and a' more dcsirablo location
can bo
booobtained. They
___ ___
_
have, accordingly,
procured, or takon options on. a
site near the town or Oroya the j unotion ’ poinVofThe Cerro* diTpasco R y .
C °. and the Central By. of Peru, a site of some 2.000 ft. lower altitude than
that of the present smelter, and much nearer to the corporation’s Morococha
Mines and to Callao, the port from which its bullion is shipped and at which
its construction materials and supplies aro received
The directors aro also having prepared designs and estimates for a smelter
plant on the most modern and approved lines. When tlieso designs and
estimates are finally submitted to and passed upon by the corporation's
experts, the directors will then definitely decide whether to erect a new
plant, or to remodel and enlarge tho present one. Factors which will
largoly control in arriving at such decision will bo tho costs of structural
material, and of transportation.
. (The company has paid regular quarterly dividends of SI per share since
incorporation in Nov. 1915, with extra dividends aggregating SI 75 in
1917 and SI in 1918. No extra distribution was made in March along with
tho quarterly payment of SI (V. 108, p. 086).]
CERRO DE PASCO R A IL W A Y RESULTS FOR CELENDAR YEARS.
1918.
1917.
1918.
1917.
S
. S
Net earnings......... 5324,857
5350,519
Gross revenues..-SI,069,056 31,043,090 Dividends p a id ...
285,000
484,500
Operating expenses $614,533
S572.633
U .S.A for'n taxes.
6,040
6,326
Balance.............sur.$39,857defS133,981
U . S. Federal taxes
60,000
51,306
Depreciation_____
63,626
62,305 Previous surplus.. 1,147,175 1,281,156
Net earnings___

$324,857
3350,519
Total surplus..51,187,032 51,147,175
Tho balance sheet of tho railway company Dec. 31 1918 shows total
assets o f $4,102,289, offset by $2,850,000 capital stock [all owned by tho
Cerro do Pasco Copper Corp.]; current accounts, $5,256; U S taxes
$60,000; surplus, $1,187,033.
xts'

COMBINED PROFIT A N D LOSS ACCOUNT FOR CALENDAR YEARS.
(.Including Cerro de Pasco Corp. and Operations of Sub. Mining Cos.)
1918.
8

1917.

1918.

$

Sales of copper, sil­
ver, gold & ores.22,867,807 24,974,082
Opcr. smelt., refln.
& admin, oxp__ 9,659,536 7,832,006

MIscell. receipts..
78,865
Increase In inven­
tory ................x def.124,970

Not earnings...13,208,271 17,142,076

499,916
58,000
Dividends p a id ... 4,393,352

Custom ores_____ 3,832,587
U. S. & for’n taxes 1,344,388
Dcplotlon of mines 5,558,424
Depr. of plants,Ac. 600,000
Res’vc for U.S.ino.
oxc. prof, taxes. 2,000,000
Balanco__________defl27,128
DIvs. received____
673,149

5,342,394
1,207,822
4,791,050
600,000

_ T o ta l..................

Deduct— Bond int.

1917.
188.715
780,435
5,613,598
534,730
4,009,471

Bal., sur--------- def.3,951,436
1,069,397
Previous surplus..11,447,916 13,378,519

w S . T ' r ' V 7,496,480 14,447,916
1,848,125 q
Sk.fd.for bond red. 205,650 3,000,000
3,552,685
1,091,764] Surplus Dec. 3 1 . . 7,290,830 11,447,916

x Arrivedatas follows: Inventory on Jan 1 1918 amounted to $3 927 9 5 5
and on Dec. 31 1918, $3,802,985. y Includes previous surrdiw
Pasco Copper Corp., $187,552, and o f its subsidiaries S ’? io n w .7
do
Dividends paid March 1 $820,018; extra, $205 OOP J u n e l & Q S 9 t«$224l 55024’555; AUg' 31 ’ S898,222: oxtra' 5224,555; Dec. 1 , $89^224? citra,'

1819

P o r t la n d R a ilw a y , L i g h t & P o w e r C o .
INCOME ACCOUNT.
Calendar Years—
1913
Gross earnings--------------------------------- $7,667,129
Operating expenses_______ _____ ____ 4 634 992
T ax es--------------------492!o43

1917.
1916.
$6,023,509 $5,483,110
3,080,5381
496,055/ 3,038,254

Net earnings...................... ............. $2,540 094
Interest, &c______
o 019 3 14
Bridge rentals....................." . . . I l l ”
’ l68!843

$2,446,916
2,047,336
104.715

$2,444,856
2.178,258

$294,865

$266,598

1917.
88,610,120
64,000,029
22,229,134
2,380,957
3.89c.
5.39c.
2.59c.
3.58c.
17,320,333

1916.
78,605,246
56,099,497
20,141,459
2,364^99
3.76c.
5.27c.
2.32c.
3.26c.
16,584,524
38,103
91,647,007
17,185,700
1,610

Balance, surplus__________________

$321,907

GENERAL STATISTICS.
Total passengers carried.......................99,805?867
£1°- °*. revenue passengers carried____72,450,060
No. ot transfer passengers carried____25,079,759
wo. ot non-revenue passengers carried. 2,276,048
Receipts per total passengers carried..
4.65c.
Keceipts per revenue passengers carried
6.41c.
Expense per total passengers carried..
3 .2 2 c.
Expense per revenue pass, carried___
4 .4 4 c.
No. of motor car miles run__________ 17,563,145
£!■!?■
a['d, Power customers___
44,974
r n h l e ^ ° n f ai th ®’W

— ----1 3 9 ,8 6 0 ’,303 108,93 i !G08

Cubic feet of gas sold________________19,786.900
Number of gas customers___________
1.731

19 250 109
’ l|700

BALANCE SHEET DECEMBER 31.
1918.
,
1918.
1917.
—
$
Plant, property &
First pref. stock.. 5,000,000 5,000,000
equipment------- 60,325,070 59,844,138 Second prof, stock. 5,000,000 5,000,000
Securities owned . .
,808
644,048 Common stock...1 1 ,2 5 0
11,250,000
Bonds in treasury.
87,000
Funded debt......... 38,652,000 38,733,000
Supplies--------------571,428
485,863 Bills ------payable-------506,785
----------235,891
Bond & note disc't
Accounts payable.
332,712
189,642
being amortized
200,209
257,437 Paving assessments
Def'd & susp.items
67,032
34,689
payable yearly
Cash.....................
122,562
92,147
installments____
630,946
769,830
Bond sk. fd. invest 1,828,806 1,397,317 Renewal & maint. 1,570,985
Bills & acc’ts rec__
751,921 1,027,188 Accrued accounts. 1,020,074 1,154,699
893,147
Lib. Loan subscrip
43,037
Balance Lib. Loan,
not due................
45,650
Surplus..................
553,721
556,658
T o ta l..................64,562,873 63,782,867
Total...............64,562,873 63,782,867

5

Assets—

559

5

Liabilities

,000

— V. 107, p. 2377.

T e n n e s s e e C o p p e r & C h e m ic a l C o r p ., N e w Y o r k C it y .

{Report for Fiscal Year ending Dec. 31 1918.)
Pres. Adolph Lewisohn, N. Y., April 7, wrote in subst •
°,f fLuI.p'llJric acid for 1918, pur record year, amounted to

CERRO DE PASCO COPPER CORP. BALANCE SHEET DEC. 31 1918
An arrangement was made with the International Aovie.iit..,.oi r.
Assets
tQio
' *101*7 ^
tion under which an increased price was paid for all
CorporaMinos and properties—smelter plant & machinery
ij u .
of
17.5 0 0 0 tons during 1918. Under tgte arrLgim ent the fvfrJge S
at Cerro do Pasco and Morococha..................... 0 9 5 799
,,9n A
n
n
received
for
acid
was
$
6
49
per
ton,
but
would
have
been
con
fM erabi
Investments—
.............. 9 A O , t A J , o s i $25,339,400
^ ? h, ^ . 1?ai . n° t_ .5 llLP.roduction during tho last quarter been S
by
Cerro do Pasco Railway Co. capital s t o c k ...
4 001 4 1 4
a nm <lt the influenza epidemic.
Stocks of sundry companies____ ______
2406860
4 -Q?M I5
Pour
increases
in
wages
were
granted,
and
this,
with
the
high
nriees
for
966.596
Cerro do Pasco Copper Corporation bonds ”
’
1,069,000 coal and coke, very largely increased the costs and decreased the net profits^
Materials and supplies on hand____________
3 275 508
1,631,351 Abstract of Report by Arthur L. T u ttle . Gen M eAccounts recoivablo______________________
9 ’9 7 s 8 0 0
1.909,399
Unit. King’m of Grt. Brit. & Ireland 514 % notes'"
'988 7^0
Copper Co., Copperhill, T e n n ’ March 15^ Tennessee
988,750
U. S. Liberty Loan bonds— 3)4% and 4 14% “ “ 9 9 « 7 ’AoX
Burra Burra M ine.— The new crusher house and electriril pnninm™. .
703,500
Copper, silver and gold on hand...............3 802 986
tho
Burra
Burra
Shaft which was put in commission in N ovlm be^of last
3,927,955
Cash at bankers and on hand__________________ “ 3,211 123
3.457,317 year, has proved ent rely satisfactory. In August tho No 2 loading Docket
and puttaoTeraGom
T otal.
$48,950,596 $ 4 3 9 9 4 683 AI1 ,OIV s n°.m h? n4,« i through the two shaft loading pockets which h?s
Liabilities—
’
’
made
possiblebuilding.
to hoist all the
ore on one~ shift, cBminating
eliminating the’
nTght shift
shif?
in thoitcrusher
'
the night
• Capital stock (without nominal or par value)
$5,000,000
$5,000,000
1918.
1917. "
The Burra Burra Shaft has been sunk from the 10th level to tho 12th level
A uthorized_____ 1,000,000 shs. 1,000,000 shs.
and the crosscut started on the 12th level. The north drift on the 10th
Unissued_______ 1 0 1 ,7 7 6 shs.
192,415 shs.
level has been driven 600 ft. north and has upened up good ore
The smith
deift on the 10th level has been driven 400 ft! south, and better ore has been
Outstanding___ 898,224 shs.
807,585 shs.
the06th fevel r°
W° haVG foUnd at any point t0 tho south shice f^ v ta g
Capital surp.(stockholders equity in owned prop.) 18 .545 51 g
London Aline. Tho /th IgvgI is oponinsr un verv well to thn
enri
Convertible 6 % gold bonds (originally $ 1 0 ,0 0 0 ,0 0 0
’
’ 10 14,003,515
issued)___________________________________
Nono
has enabled us to increase the available ore reserves slfghtly over the^l
4,542,000
Reserve— Depreciation o f plant and m achinery.' l 9 0 0 firm
600:000 promising^ 0 ^ S0Uth ° n thU leVCl tho oru has been Varrow I n V n o t
do
U. S. Incotno & Excess Profits Taxes ' 2 ’ 6 4 n’ i 8 i
1,648,125
Cerro do Pasco Railway C o . . . .........................
" 31 i 154
Po/fc County M ine.— No ore was hoisted from this mine during Anril
318,818
Due bankers on letters of credit and current acc’t
350 494
901,309 M ay and Juno as it was of low grade and silicious. In July minhig w-is
Drafts drawn in Peru on Now York office.
*“
874750
resumed on a small scale to supply silicious ore for the converters and the
347,588
Accounts payable (and in 1917 misc., $8 6,907)1" 2 9 3 4 8 9 0
0 . tonnage has been gradually increased. Diamond drilling from a c r o « cut
263,356
Wages accrued and unclaimed__________
199 4 0 a
131 006 s lowecl some ore and comaderablo vein matter, tho oro showing behig^uffi
Property surplus (reserve for depiction of mines)” 10 9 4 9 4 7 4
4 791 050 cleSt t? warrant drifting to same, but not giving unusual promise 8 ^
Surplus, per statement.......................................... ”
7|290,830 11 ’4 4 7 )9 1 6 j
Lureka M ine.— No work was done at this mine during the year!
T otal____
RESULTS OF OPERATIONS A T THE VARIOUS MINES.
-$48,950,596
$43,994,683
V. 108, p. 1513.
Burra Burra.
PolkCounty. All Mines.
Ore production, tons________ 297,083
70,534
22,726
390,236
Mining
per
ton.....................
S1.23368 $1.68661
E le c t r ic S t o r a g e B a t t e r y C o ., P h ila d e lp h ia .
$2.25654
$1.37471
Development per ton________ 0.19693
0.09252
0.60426
0.20167
Total cost per ton__________ 1.43061
{Statement for Fiscal Year ending Dec
')
1.77913
2.86080
1.57638
Estimated ore reserves, ton s..3,182,819
215.919
,
1918.
'
*'
82,173 *3,480,911
„ 1 9 J7.
1916.
1915.
Figures marked * do not include Eureka* Mine.
Sales, loss mfg. cost, & c. $4,825,757 $3,140,560
$2,069,978 $1,770,188
Operating expenses, &c . 1,163,532
The
material
smelted
during
tho
year
aggregated
568
181
tone
ir.„i,mt__
919,947
751,182
581,570
7q'lSoSron,C
in S
m tons,
? aCCS|382^775
tons,
andore
converters
Not earnings______
$3,662,225 $2,220,613 $1,318,796
19,189 tons, c!!!!fer
custom° re
ore,
14,960
converter and
other
slag,in23,825
tons’
$1,188,618
•Other income_______
287,149
quartz, 04,058 tons; matte, 70,970 tons, &c. Smelting costs were 8 9 in rra
257,269
263,257
172,130 per
ton of ore smelted. Converter costs were $0.01061per lb of f fnl conner
Total not income____$3,949,374
Copper Production— The 402.071 tons of Tennessee Copper Comoro
$2,477,882 $1,582,053 $1,360,748
Res. for 1917 Fed. taxes
x
450,000
yl?.Idp£
5?'
™ pp^. or 24,249 lbs. of copper n
649,968
Dividends (4 % )............. ________________
649,966
649
964
I
J
,on
smoited ■ 69,830 lbs. of fine! copper'were a'lso^recSVered^rom the
649*964
04J,Jb4 | flue dust by leaching; total production. 9.819 838 lbs
■ lrom tne
Balanco, surplus.........$3,299,406 $1,377,916
« 7io 7B4
The total cost per ton of Tennessee Copper C o. ore’ was S4 49788 emmi
$932,089
XK,
ha. boon « a.ldo for Fedora, , „ 0,
T be,e
aro estimated to be $2,000,000, will be charged to s t ir p lJ s ^ c c ^ X n paid |
y “ kP' S g f s J ^ ^ l k f e " " ^ Cxpcnse’ ^ 01579; Total' ( e x d S
CONDENSED BALANCE SHEET DEC. 31
Acid Plants.— At tiie'No. 1 sulphuric acid plant six new cooling chambers
1918.
1917.
were completed on the B set and two additional back fans were instelh^d
1918.
1917.
S
at the Gay Lussac Towers. At the No. 2 sulphuric acid plant an add’iHnnni
Liabilities—
front fan was instnlleH anrl not in nnom ioa ..i:.";,.. ' ; . 1
‘in aaaitionai
Plant investment. 4,461,432 3,762,517
X
Capital
stock...16,
249
425
16
249
425
I
|n operation shortfy''after theend of the year*
Stocks and bonds. 1,034,472 1,023,636
U. S. Govt, scours. 1,166,322
990,000 Snn°iUnt?iPayabl°- 8721390 ’s i9[785 tons^ 0 t0ta productIon of 6 0 deg- sulPl>uric acid for the year was 283,092
P a te n ts, trade­
a-llltlCSOne-half mile of new 90-lb. rail was laid on the main track to
Notes payable,
6% 261,1.70 173,949 tholidilway.—
marks, Ac......... 11 ,000,000 11 ,000,000
Burra Burra Mine, completing the main line with 90-lb. rail
The
Cash.........................
533,352
364,697 Dep’ r o r w ! 03- — 1-000.000 2,000,000 b a l l a s t in g w it h b r o k e n s la g w a s a l s o c o m p l e t e d
Ane
Accts. receivable. 3,282,734 2,517,287 R S r V n S l d 1 ' 3 9 2 ' 537 1’ ° 8 0 ' 565
% c s . - F o u r increases in wages were granted as follows: (a) Jan 1 a
Notes receivable..
15,033
121,032
10%
increase
to
all
employees;
(b)
May
l.
a
10%
increase
to
all
men
on
a
288,899
333,614
Inventory accts.. 5,528,592 4,928,760 ,, ®on,^r ’ T* ?ont|ndaily wage basis with some adjustment to those on a monthly bas s’ tel
Surnhw FCd’ taxe3
............
450,000 July 1 , a readjustment of the entire wage scale to meet tho Government
surplus.................. 6,957,510 3,594,592
advance in wages in the vicinity, the increase averaging 18.6%; (d) Oct 1
T o ta l..................27,021,937 24,707,929
tho basic eight-hour day was adopted, the men continuing to work tho
T o ta l..................27,021, 937 24,707,929
same number of hours per day as formerly and receiving time and bnedialf
for overtime
This was equivalent to an increase in wages o f 12%
The
wages Dec. 31 1918 averaged practically 50% higher than at the end of 1917.
Data from Treasurer E. H. W estlake, N. Y ., April 7 1919.
The consolidated balanco sheet shows the assets and liabilities of the two
(Moyer & Co., 3d and Chestnut streets, Philadelphia recently issued »
circular regarding tho company in which they allude t o ’the^argo Imsiness companies. The Tennessee Copper & Chemical Corporation has durine
ro'ufred" advanccd additional moneys to the Tennessee Copper C o fa s
coming to It In consequence of tho use of storage batteries In mino hicomo
t/ves, Industrial trucks and tractors, tho extensive dovolonmont ni^tho farm
lluring tho year 1918 tho Tennessee Copper Co. purchased for the sinking
lighting plant industry, and the increasing uso o f electric starting and°lfghS
ing apparatus for automobiles.]— V. 108, p. 1168.
starting and light- fund $197,000 of its 1st M . 6 % gold bonds, thus r X A n g throutstand n^
bonded debt on Dec. 31 1918 to $1,658,000.
K
outstanding




31 191S

The cost of fine copper in pig, including freight, commission, taxes, legal
and administration expenses, &c., was 20.0c. per lb. All copper unsold at
the end of the year has been inventoried at 16c. per lb., which is below the
cost of production.
CONSOLIDATED FIN AN C IAL STATEMENT DEC. 31 1918.
[Tennessee Copper & Chemical Corp. and Tennessee Copper Co.)
Current assets, $2,669,252, less current liabilities, $642,163; net. $2,027,089
All other assets...................................................................................
Total assets
__ - _____________________________________ $11,712,473
Deduct— First m’tge''bond's issued, $2,658,000; less $79,000
bonds owned by Tenn. C. & C. Corp., and $1,000,000 bonds
pledged with it as collateral; balance outstanding----------------$1,5/»,UUU
Sinking fund accrued, $161,732; less deferred credit for discount
on bonds redeemed, $36,124.......................................................Cr.125,608
Net combined assets______________________________________ $10,259,082
StockTof7' 7'ennessee Copper Co., issued, 200,000 shares; less— owned by
Tennessee Copper & Chemical Corp., 192,947 shares; net outstanding
Stock^of^lrennessee Copper & Chemical Corporation, issued 392,947 shares of
no par value.
TENN COPPER & CIIEM. CORP.— RESULTS FOR CAL. YEARS.
1917.
1918.
-----Income— Interest on securities and bank deposits.........$153,904 $128,533
IA1ttit|pnf)e rPOOl VOfJ

____

— ———————— Oo5

$14,333
45,222

Deduct— General expenses,’ $9,913; taxes, $6,892
$16,805
Amount writton off organization expenses (10% )------ 45,221

Balance— being excess of income over expenditures..$477,512
$68,978
TENNESSEE COPPER CO.— RESULTS FOR CALENDAR YEARS.
1916.
1917.
1918.
$834,571
$1,346,082
Net profits----------------------------------------------- 5922,681
1 2 0 ,0 0 0
113,826
Deduct— Bond interest-------------------- 41,646
Other interest, &c------------------------------------114,763 115,796
85,267
Miscellaneous-----------------------------------------«0,ooo 5,310
2
0 0 ,0 0 0
2
0
0
,0
0
0
Depreciation.....................- ........................3o0,000
(3)150,000
D ividen ds_________________________400,000 ___________ __________
Balance,
sur. or def.......................deJ;^An?’?o
n SU«i'^uo^’in
5 SU|i$7
|57 ’884
Total
sutplus______________
$1,905,409
$1,895,403
$1,717,881
TENNESSEE COPPER & CHEMICAL CORP. BALANCE SHEET.
1917.
Assets—
1918.
Tennessee Copper Co. share account— 192,927 shs.
$ 1 ,0 0 0
$1,000
stated on books at a nominal value o f ................ ..
1,620,000
Loans to Tennessee Copper C o -------------------------------- ^-y'o.OUU
625,229
U . 8. Liberty bonds----------------------------------------------------744,520
25,479
New York City 4.80%^warrants.......- - - - ............
— 75=
185,852
Tennessee C opper C o. 6 % bonsd, cost------------------4

IV o l . 108.

THE CHRONICLE

1820

71,427

14% certificates of indebtedness...................

°0,53»

„.
361,77/
3 » ,» /»

8,808
407,000
390,610

T otal_______________- - _____ - _____________53,354,673
Liabilities—
_____
Stated capital, representing400,000 shares, the full
number of shares authorized, fully paid-----------.$ 2 ,0 0 0 ,0 0 0

$3,269,978

M iscellaneous.................. — - - - - — - ------ - - ..........Organization expense (less 20% written o ff)-----------Cash in ban k_____________________________________ -

$2 ,0 0 0 ,0 0 0

200,000

1 ,2 0 1 ,0 0 0
192,947 shares of Tennessee Copper Co ., $ 1,000. . 1,201,000
68,978
Balance of income over expenditures to Doc. 31—
lo J .o /o
........................................................................ ______ $3,354,673 $3,269,978
TENNESSEE COPPER CO. BALANCE SHEET DEC. 31.

1918.
$
3,407,400
Development, &c.x5,611,754
Cash........................
143,584
Cash, &c., held In
special deposit.. ------------Notes & accounts
rec’d, less res've.
79,005
866,467
Inventories______
Copper on hand, in
transit, &c_____
520,120
Stocks owned, &c.
376,856
Liberty bonds____
z30,661
Unamortlzed bond
expenses_______
114,544
Miscellaneous------ -------------

Assets—
Mine property,&c.

1917.
_$
3,407,400
5,836,290
103,198
_
____
232,392
351,955
783,170
___
773,001
173,250
21,300
______
56,118
54,900

1918.
1917.
S
„ S
Capital stock_ 5,000,000 5,000,000
First mortgage 6%
1,670,099
bonds____ y l ,496,268
1,620,000
Notes payable_ 2,075,000
Accounts, &c..pay­
173,944
able __________ 364,596
Accrued Interest,
123,592
taxes, &c______
115,835
184,901
Accrued sink, fund
161,732
Discount on bonds,
15,035
redeemed______
31,551
1,895,403
Surplus........ 1,905,409
♦Contingent llabll. . . . nnn
ltle s _____
...
1,140,000

T o ta l.................. 11,150,391 11,822,974

Liabilities—

T o ta l................... 11,150,391 11,822,974

x After deducting $843,266 reserve for depreciation, against $1,638,308
in 1917. y After deducting SI ,000,000 treasury bonds pledged as col lateral
and $161,732 sinking fund accrued, z Liberty bond subscriptions of cinPl<*^Sm/irw?nl!UM nM h^s?^R^enre^o^po^sible liability under Russian con­
tract, which liability is disputed, $1,140,000.— V. 108, p. 173-.

T e n n e s s e e R a ilw a y , L i g h t

&

P o w e r C o.

(Report for Fiscal Year ended Dec. 31 1918.)
Pres. C. M. Clark, Philadelphia, Mar. 15, wrote in subs.

Combined Earnings.— Tho combined earnings o f the company and its
subsidiaries, the Nashville Railway & Light C o., Chattanooga
*
Light Co. and Tennessee Power Co. (all inter-company transactions* boi:ng
eliminated) shows an increase for the year in gross of 16.9% and in net of
26.9% , after deducting operating expenses, rentals and taxes. Due to
the great industrial activity in the territory se rv e d a i^ a d y a n cM ln llg h t
and power rates, the increases in gross earnings were more than sufficient
to offset the heavy increases in oxponses and leave a large increase in surplus.
T ennessee Power Company
Results.— The following statement shows results of operations:
1917.
Incr’se
1918.
15.3%
Gross earnings-------------$2,237,151 $1,940,124
$816,159
Operating ex p en ses..............................
»84U,34A
368,936) 8 .1 %
73,000J
Not earnings............- ...............................
Interest.........................................................

^roq’ orb
b29,2bb

Balance (available for renowals, depre­
ciation and financial requirements). .

$247,883

$682,029
X605.485

28.6%
3.9%

$76,544 223.8%

x After d e d u c t i n g $18,107 for interest on undeveloped water powers
phjirffod to c a D it a l in 1017* to income in 1918.
,
,
it'was intended to operate as nearly as possiblei on hydro-electric power,
but the cost of coal and labor so increased that with only about half as much
steam generation, tho total cost was slightly greater than in l.)17.
than half of tho total operating expense is due to operation o f steam plants.

8 n T h oCcam pa[RnWt o

ft c r e a s o ra te s fo r

L, h a R fe P lV lS " D o m e o M

SOInborUer*toSsavo steam generation, arrangements wero raado to reduce
delivery to tho Aluminum Company o f America during the period of low
K m flow, with the result that in 1918 234.591,137 k. w h. wer° deliv­
ered, as compared with 295,209.703 k. w. h in 1917. The delivery is
now about 40,000 h. p., but it will bo reduced, possibly as low as 10,000,
h p., between May 1 and July 1 next, duo to tho lack °.f demand for alum­
inum since tho signing of the armistlco and to the completion by tho Alum-




T $ !? £ .2 * S n r ....M i'M a a >

4 io lJ

jS ;« i

" *«« “ «««

54?<5%

The total rated capacity of tho steam and hydro stations, owned and con­
trolled, remains 168.000 h. p., and the high-tension transmission llnM stUl
534 miles owned and 31 miles leased. Tho largest single item of construc­
tion work was a now 1 0 ,0 0 0 k. v. a. transformer.
Tho sinking fund on the 1st M . bonds, payable M ay 1 1918, amounted
to $119,460. and tho company, exercising its privilege, expended $95,044
thereof for improvements and $23,816 was used for purchase and canccllation of Tennessee Power Co. bonds.
Nashville Railway & Light Com pany.
Earnings.— The following statement shows the.results o^oiiora
Gross earnings----------------------------- bv'nt
Operating expenses---------------------- ^660,608
T a x es_____________ - ____________
236,258
Net earnings after taxes-----------Interest_____________________ - - Preferred dividend_______________

1;350,361 310,247 23.0<:
239,057 dec.2,799 1.2‘

$868,903 $100,444 11.6%
$969,347
490,071 dec.8,416 *1.7%
481,655
125,000_ _______
.........................
125,000 _________
_____

Balance (available for renewals,
S S K S S S it e o ft t S S S p w )1^ ' 3362,692 $253,832 $108,860 42.9%
U S Powder Plant.— Tho construction of the largo Government powder
plant at Hadloy's Bend, 12 miles abovo Nashville, was carried forward so
rapidly that, with ground broken early in March, partial production was in
process about July 1. The Nashville Railway & Light Co. was not re­
quired to make any expenditure for extensions or equipment for this busi­
ness, but many thousands of people wero brought to Nashville and business
of all kinds was greatly stimulated. The street railway was called upon to
carry great numbers of passengers and vacant houses wero occupied and
reqinred^ekctrmj-gt may. bo reasonably said, therefore, that tho very satis­
factory showing for 1918 is due largely to tho increased business caused by
this plant. Tho increases in gross earnings more than offset
largo in­
creases in operating expenses, mostly labor, and left a substantial increase
in the balance after payment of preferred dividend. There were several
increases in wages, and finally it was necessary to adopt a scale of wages
prescribed by tho National War Labor Board. Through the sinking funds
there was a reduction of $37,000 in bonded debt.
Outlook.— Operations at tho powder plant havo practically ceased and tho
stimulation to business from that sourco will not be effective this year.
Tho normal business of the community, however, is in good, healthy con­
dition, and light and power earnings should bo satisfactory. I ho reduced
travol will make it difficult and perhaps impossible to operate tho street
railway lines profitably on a 5-cent fare at the present high wages and a
higher rate of fare will therefore bo necessary.
The gross earnings of all kinds, however, are still showing substantial
increases over last year, partly due to higher power rates, but it is probable
that the surplus earnings in 1919 will bo less than in 1918.
Chattanooga Railway & Light Company.

Earnings.— Tho following statement shows results of operotton^ ^

Capital surplus, being amount in excess of the stated
capital received for
shares at $16 a share,
$ ,
,
; nominal amount entered on books lor

1 200 000

inum Company of its own hydro-electric plant. The power so set free
can then be gradually sold elsewhere at higher prices, while during tneary
season we shall make more net profit with less demand upon our generating
plants. Already several contracts are under negotiation.

\

^

.................$1,843,947 $1,356,342 $487,605 35.9%
Gross earnings
Operating expenses
- - 1 346,310 1,039,537 306,773 29.5%
q l a x e r L i ..::::::::::::::
9 5 :302
9 9 ,3 6 6 dec. *4 , 0 6 4 4 . 1 %
Net earnings after taxes-----------Interest_______________________
B alan co........................................

$402,335
303*95*3

3u9,78odcc.5o*833 1

/o

$98,383df.$142,346 $240,729

x Interest on $2,165,000 Chattanooga Railways Consols accruing after
M ay 1 1918, amounting to $72,167, not included as default, was made on
Nov. 1 1918. Interest to M ay 1 1918 was paid and included abovo, al­
though not earned. Earnings of Chattanooga Ry. lines are included in
above statement, although thoy contributed practically nothing toward
the amount of interest actually paid on the RaRway bonds.
Status as to Interest on Bonds.— For several years tho operation of tho rail­
way lines of Chattanooga has been unprofitable and tlio loss in their oper­
ation and the interest on tho $625,000 Chattanooga Electric R y. 1st M .
bonds and the $2,165,000 Chattanooga Railways Consols has been paid by
the Chattanooga Ry. & Light Co. These two issues are secured by mort­
gages upon the greater part of tho railway lines, but aro not guaranteed or
assumed by the*Chattanooga Railway & Light Co
A small Part o f the
railway linos belongs to tho Chattanooga Railway & Light Co. and is covbo ? " o p e K t f .^ f S Z S S & , linns h » Increased enormously In
the past two years, and as in 1918 thoy earned only a small margin over
operating expenses and taxes, default was made on Nov. 1 on tho coupons
maturing on that dato on tho Chattanooga Railways Consols.
On Jan. 1 1919 the principal of $625,000 Chattanooga Electric Ry. 1st
M . bonds became due and default was made in payment. As tho ultimate
solution of the railway problem in Chattanooga necessarily involves co­
operation between tho representatives of tho several issues of bonds, with
due regard to the proper position and Interest of each, it was decided to
pay the interest on these First Mortgage bonds on Jan. 1 19^ . notwith­
standing the fact that the interest had not been earned, (v . 108, p. 77,
^ “iVaaes.—The^wages^were raised from time to time throughout the year
and finally put upon tho basis of tho awards of the National War Labor
Board
The full amount of tho advance did not becomo effective until
tho latter part of 1918. so that 1919 Is starting off on a maximum wage basis.
Fares.— It is essential that there should bo an increase in tho street rail­
way fares if tho servico is to bo properly maintained and a fair return made
upon the investment. A bill lias just been fi*gned putting the public utili­
ties of the Stato under tho jurisdiction of tho Railroad Commission, and it
is proposed to take steps to ask for increased fares.
Outlook.— Reorganization.— In Chattanooga, on account of tho default
on tho Chattanooga Railways Consols, tho not earnings of tho Chattanooga
Ry. & Light Co. should bo more satisfactory than in recent years, notwith­
standing the elimination of war activities in manufacturing and thogreat
reduction of troops at Fort Oglethorpe. Only a lew industries wore oilgaged exclusively on Government work.
There must bo somo reorganization of tho rail way situation, and in so far
as possible the interests of the Chattanooga Railway & Light Co. will bo
protected. Under tho conditions of the past few years there lias been a
definite loss to tho Chattanooga Ry. & Light
2R 28i
railway linos, and that company will bo decidedly better off relieved of all
responsibility for such operation.
T en n essee

R a ilw a y , L ig h t

&

P ow er C o.

Tho outlook for tho combined earnings of all tho companies in 1919 Is
favorable and it is probablo that the readjustment from war to peace con­
ditions will bo reasonably rapid throughout tho territory serveii.
1 Temporarily the outlook for tho street railway properties is problematical
but either through increased fares or some radically different method of
operation! such £s the introduction of Birney safety cars, a solution must
be found for the maintenance of street railway business on a profitable basis.
Financial — Tho policy of retrenchment in capital expenditures was so
well carried our during 1918 that tho companies wero able to applyalarge
part of tho surplus earnings to liquidation of indebtedness. As of Dec. 31
1918 tho reduction in tho uebt of all tho companies, added to tho increase in
cash on hand, amounted to over $500,000. Tho management proposes
tn mnHntie this Dolicv. In viow of the largo short-tinie debt of all the compa nies! aggr <:gating $5,5 14,277 on Jan. 1 1910 and tho difficulty of selling
bonds or other securities, no other policy should bo considered.
The signing of the armistice stopped all possibility of securing financial
assistance from tho War Finance Corporation. Arrangements were made
to extend for two years from Juno 1191 § • ° n , a, „ ^ n!iafh3„ s 7fin 066
company's $2,500,000 two-year notes duo Juno 1 1918 and the 3750,000
one-year notes of tho Chatt. Ry. & Lt. Co. A large Majority of the'noteholders havo accepted the extensions. (V. 107, p. 502, 1830, v . iuo, p.
8 0 T he 4rejna2lning

Indebtedness of the companies consists of bank loans,
construction loan and additional notes pf the Toniiessee R y., Lt. & low er
Co., tho total present outstanding Issue being $3,375,000.

M ay 3 1919.]

THE CHRONICLE

Our financial requirements are therefore provided for up to Juno 1 1920
by which time the reduction o f tho indebtedness out o f surplus earnings
may materially improve the prospects for a permanent funding o f tho entire
indebtedness.
A N N U A L EARNINGS OF TENNESSEE RY., LIGHT & POWER CO
A N D ITS CONSTITUENT COS. (all inter-co. transactions eliminated).
Years ended
Dec. 31—
1918.
1917.
1916.
1915.
Total genera­
tion, k.w .h. 519,959,383
547,945,475
483,354,102
309,012,468
P. c. generated
by water__
91.4
84.6
82.0
92.0
I’ , c. by steam,
8.0
15.4
18.0
8.0
Maximum hour
demand____
87,800
85.200
81,650
62,000
$
%
$
%
S
%
$
Street railway.2,719,031 44 2,263,457 43 2,260,482 46 2,031,491
Retail power &
lig h t .._____2,219,937
36 1,740,027
33 1,529,122 31 1,339,735
Wholesale p ow .l,207,651 20 1,255,175 24 1,094,032 23 576,042
Total gross
earnings..6,146,619 100 5,258,659 100 4,883,636 100 3,947,268 100
Op. oxp., rents.
and taxes__ 3,863,631
3,459,736
2,789,380
2,267,394
Net earns.. .2,282,988
Interest_____ xl ,469,302

1,798,923
1,510,051

2,094,256
1,340,172

1,679,874
1,320,263

Balance__ .
Dividends y . . .

813,686
108,235

288,872
108,235

754,084
108,235

359,011
108,472

Balance z . . .

705,451

180,637

645,849

251,139

x Interest on $2,165,000 Chattanooga Rys. Consols accruing after M ay 1
1918, amounting to $72,167, not included in 1918, as default was made on
Nov. 1 1918. Seo explanation above, under Chattanooga Ry. & Lt. Co.
Above earnings of Chatt. Ry. lines are included In above statement al­
though they contributed practically nothing toward the amount o f Interest
actually paid on the Railway bonds.
y On stocks o f constituent companies not owned by T. R . L. & P. Co,
z Available for renewals, depreciation and financial requirements of cos.
TENNESSEE RY., LIGHT & POW. CO. DAL. SHEET OF DEC. 31.
1918.
1917.
1918.
1917.
Assets—
$
$
Liabilities—
S
$
Securities owned..30,131,075 30,054,523 Preferred stock...10,250,000 10,250,000
Bills rec.(sub.cos.) 3,804,571 3,728,721 Common stock...20,000,000 20,000,000
22,564 Gold coup, notes. 2,500,000 2,500,000
Acc'ts receivable.
24,812
Bills payable------ 1,157,250 1,040,000
Tenn. Pow. Co. 1st
1
Accruod accounts.
56,910
M. 5% bd. guar.
9,976
20,833 Guar. T. P. Co.
23,722
Disct. charged off.
21,060
1st M. 5s..........
i
24,201
Cash In banks----1
Profit and loss___
44,221
47,727
Total...............34,008,382 38,847,703
Total ...............34,008,382 33,847,703
— V. 108, |>. 1611.

United Alloy Steel Corporation, Canton, O.
(Re-port for Fiscal Year ending Dec. 31 1918.)
RESULTS FOR CALENDAR YEARS.
1918.
1917.
1916
iq ie
Sales...................... ....-$ 4 0 ,0 5 5 ,8 6 4 $34,228,880 $16,704,665 $9,808,506
1918.
1917.
Manufac’g proflts.$4,511,428 $6,505,266 Depreciation------ $935,895 $5UL297
224,873
104,943 Reserved for Fed’l
Other Income___
income & excess
Total...............$4,736,301 $6,610,209
t?xea (oat.) 800,000 1,500,000
Dividends paid... 2,100,000 2,050,000
Profit sharing, Red
($4)
($4 }
Rate per cent___
Cross, &c......... $284,242 $207,842
7,580
Int., discount, &C80,907
Balance, surplus $535,257 $2,328,490
BALANCE SHEET DECEMBER 31.
1918.
Real"estate,
buildings,
machinery, equipment, &c_$15)006,202
S l-w u l V>5 f>
rinola
it wi
Cash am
on hnnrl
hand nnH
and on
on deposit-------------------------, a 9XXtz
1,716,992
Accounts receivable (customers’ accounts)____
3’ 0 5 l’0'50
3;038|597
Inventories—Raw, in process and finished material ’
’
at c o s t ... ...........
6,729,785
6,572,070
Liberty b o n d s_________________________________
311 enq
Trustee of employees' stock, $865,339; personal
and advances, $6,046............
871.385
949,244
Investments— United Furnace C o., representing
50% of tho stock, exclusive o f directors’ qualify­
ing shares, $1,499,700; other stock, $8,000 ____ 1 5 0 7 700
1,667,500
Deferred— Prepaid oxpenses------------------------------4 730
67,403
Total...........
*29,199,624 $28,073,220
Liabilities—
Capital stock— Declared capital in accordance with
stock corp’ n law of N. Y., represented by an
auth. Issue o f 525,000 shares, all outstanding._ $ 2 0 0 5 nnn $2,625,000
Notes payablo, $1,150,500; accounts payable, $2 ,­
612,638; total________________________________ 3 7(53 4 3 0
2,430,806
Personal and miscellaneous-------------------------------’ a ’fiq.i
75,975
Dividend, fourth quarter, payablo Jan. 20______
525’ono
525,000
Accrued accounts— Local taxes, $16,189; reserve
’
for Federal income, war and excess profits tax
(estimated), $800,000; total----- ---------------------sin ion
1,529,442
Reserves— For repairs and renewals---------------17’ 4 4 9
9,602
Capital— Surpl us...................................................... I a21,448’,254 20,877,395
p . - i e i s : .............................................

$29,199,624 $28,073,220

182.1

your corporation s property for the account of the Emergency Fleet Cor­
poration, and received orders for a minimum of 13 transports, with tenta­
tive plans for a large additional number.
Tho cost of this emergency shop is borne by the Government, and title
thereto remains in the Emergency Fleet Corporation until the completion
of nine transports, at which time your corporation will have the option to
purchase at a valuation to be then made, taking into consideration a fair
amortization of emergency cost and the utility of this plant at that date
Tho eF r*ency shop” is now practically completed.
1 he Emergency Fleet Corporation finances the cost of the four emergency
wmysai id auxiliary shops, and will retain title thereto until the completion
ora certain program of transport construction, whereupon we will have the
25iY°Kn„V? I?urchase as in the case of the “ emergency shop.” Tho new yard
will bo finished and in operation during tho spring of 1919.
y
i
s Additions to Plant.—The additions and improvements made
by your corporation to its original plant, and undertaken independently
or tno above-mentioned additions, have now been completed at a total cost
Pf
Producing one of the largest and best equipped yawls
In tho shipbuilding world. We have acquired a further 33 acres, enlarging
the plant area, which now comprises a total of 193 acres.
8 8
J force and Housing-— The working force, which grew from 4,500
of « n<v° lnTl 917, by Def - 2 1 1 9 L8 reapbed a total of 1 2 ,0 0 0 men, an increase
of 00%. It is expected that when the new plant units are put into opera­
tion a force of over 15.000 men will be required.
1
nf ThonCe°intoro o ti w1, ^ the. Emergency Fleet Corporation for the construction
dwellings have since been amplified to include a total of 1,621
brick houses, all of attractive design and planned as a permanent
vinw
\1
£
A IVDIIIIJ village, muiuuiug m e jpairI h n n S fn l
* have been formally annexed to the city of Camden, being
planned to be an ideal workmen s community.
In
2 u*Put of y ?ur P'ant for the 1 2 months, expressed
Thm
expended upon production was three times that for 1917.
ofth e v S /
i1 1 6 serious losses on the battleship Idaho, the operations
p m S r S : » o na f e K „ ‘‘ l„d. ; r,Cr d,XlU“ "J“ o f *1-500.000
the y e .,-.
This amount has been further subject to a charge of $1 250 151 as a
S T th l amortization of the excess cost of plant extensions cirri ed o u t
nronef that « . ^ period and
war prices for labor and materials. It is
proper that such excess cost should be written off out of current earnings
dlfPerent interpretation by the Government and your corptv
F?nJmVi c,°*,ts’ a ™scrve has been provided to meet possible claims.
financial Status.— Heavy d intends have been made on our cash resources
expending $4,000,000 during the last two years for the
improvements out of our own funds, also of making
[2sA % ] Payment for retirement of bonds, and lastly of financing
tho greatly increased volume of business, which, in addition, had to be
supported by largo advances from tho Government
As a result of this policy and on account of the largo amount of unfilled
orders on hand, your corporation is now in a strong position. It is esti­
mated that completion of work in hand, excluding the construction of
certain war vessels of large size, will require at least 18 months’ time.
STATEMENT OF INCOME
1918.
Oper. Income—
$
Shlp&boller contr.. 1,958,872
Scrap&mlsc. sales.. 501,738
Inventory adjust..
58,184
Other income (in­
terest, &c.)___
105,854
2,624,648

A N D PROFIT & LOSS YEARS END.DEC.3l.
1917.
1918.
1917.
S
Deductions—
$
$
527,779 Miscell. charges.. 196,138
203,490
471,384 Amort, plant prop. 1,250,151
105,886 Claims................. x800,000
62,355

. 2,246,289

203,490

1,167,404

Net Income___- *378,358
■x l,791,449

963.915
x38,351
1789,184

. x250,000

Surplus Dec. 31 as per balance sheet............................... 1,919,808 1,791,449
* Note.—No reservo for Federal taxes for 1918 has been Included In above

8t&t6niODt •

x To cover claims on account of Interpretation of costs.
BALANCE SHEET DEC. 31.
1918.
1917.
1918.
Assets—
$
s
Liabilities—
S
Property & plant.13,960,533 10,981,262 Cap. stk., 200,000
Uncompleted plant
shs. of no par val. 7,197,650
additions.......... 781,905 1,337,102 1st Mortgage 5s.. 7,245,000
Securities owned.. 292,929
__ Current liabilities. 2,660,052
Materials & supp. 1,568,867 1,123,337 Accrued int., &c_.
60,375
Production work
Advance collect’ns
In progress:
on contracts...49,263,694
Ship contracts..46,134,418 19,812,796 Special rental acct.
2 0 ,0 0 0
Boiler contracts
80,987
144,667 Reserves for:
Miscellaneous.. 1,006,089
434,593
Amort, of plant. 1,250,151
Current assets:
Deprec. of plant 1,050,413
•Cash.................. 3,618,000
916,162
Premium on bds.
Liberty bonds.. 354,403
85,718
to be retired..
66,937
Notes receivable 180,000
180,000
Res. for claims.xl,050,000
Accts. receivable 2,114,004 1,258,055 Surplus............... 1,919,807
Acer, int., &c__
14,870
5,625
Insur. in advance.
42,722
30,106
Earned profit on
contracts.......... 1,634,352 1,413,802
Total...............71,784,079 37.723,225
______

1917.

S

7,197,650
7,500,000
1,869,984
170,413
18,731,066
.........
_____
462,663
_____
_____
1,791,449

Total............... 71,784,079 37,723,225

x See foot-note to statement of Income and profit and loss above. No reserve
for Federal taxes for 1918 is included In the above statement.—V. 108, p. 585.

Diamond Match Company.
(Report for Fiscal Year ending Dec. 31 1918.)
Pres. W . A . Fairburn, Chicago, April 24, wrote in subst.:

New York Shipbuilding Corporation.
(Report f o r Fiscal Y ea r E n d in g D e c . 31 1918.)

Prost. Marvin A . Noeland, N . Y ., April 10, wroto in sub.:
O perations. — During 1918 your corporation was oikmo-aH
work for tho U. 8. Government. Thfs work was about l ^ n f v X id e d ho
tweon tho construction o f merchant ships and emergcnevV2«n^i*!ioti2n
tho Navy Department. Considerable ^rogress has beon ‘Z d W t h tho
program outlined in our report for 1917.
on raad0 wltu the
The Government assumed virtually complete control np

x s s f a s . 's a ? “ °r" dth"

a s

.1* ®

ings of $2,058,627, after provision for estimated income and excess-profit
taxes, as compared with $2,684,862 for 1917. Our plants were kept in con­
tinuous operation and, during the greater part o f the year, were running
at maximum capacity.
6
■Inventories— Reserve of $2,000,000 Against Declining Prices.— The stocks
of finished product. carried as of Dec. 31 1918, wero $550,057 over 1917
and $923,133 more. than on Dec. 31 1916. The total Inventories o f ma-

o f necessity purchased during an abnormally high market, while during
of tho year, comprising ten building ways and apnurtenam
S
withstanding a fire that gutted tho destroyer plate and anJlo shon and the tho past two years lt has been necessary to carry larger quantities thereof
than during normal times.. A reserve of $2,000,000 has, therefore, been
unprecedented epidemic of influenza, seven vessels were ?aunchei in 1 9 1 8
13 vessels wero on tho ways Dec. 31 and 10 additional v ^ e l s were under provided as a protection against declining prices of such materials, and stocks
will bo reduced as rapidly as manufacturing and general business conditions
construction in the shops, while tho battleship Idaho w a r r a n t r i h rnm
Dieted. The contract lor this battleship was m ad epreviousto & een tev will permit.
Reserve Against Fire Loss.— Your company suffered some small losses by
of tho United States into tho war, and duo to war conditions
heen hn it
at a lo.ss. All other contracts for both merchant and naval work are on a firo In its California timber holdings, and it has been deemed advisable to
cost plus percentage or cost plus fixed feo basis
K
a charge the sum of $420,000 against the earnings for 1918 as a reserve
Emergency Fleet Corporation.— Our foremost task for tho Emereoncv Fleot against possible future losses by forest fires East and West.
Lumber Operations.— The policy of economy and conservation inaugu­
Corporation was the hastening to completion of those requl™tioned vc»se!s
already under way or designed for private customers In m ito ofiu n^ aid! rated in tho fall of 1915 in connection with.the California lumber operation
able delays, wo completed and delivered In 1918 15 steafners (4 bulk oil
carriers, 8 colliers an d 3 for general cargolaggregating over 1 2 0 nnn rlw tons'
Tho keel o f the SS. Tuckahoo, a collier of S
d7 to n W , K n
Bryant A May, Ltd.— Late in the year Bryant & M ay, Ltd., declared a
April 8 1918, and just 27 days later, or on M ay 5 , \v|th9engines afreadv
stock dividend, as a rosult of which your company received 40.000 shares,
Installed, smokestack in place and masts fitted, tho s t e a m e r IvimNmd
virtually completed, a world's record. Ten days later or^n a tota of par value £1 each, ordinary stock. This stock has been entered on our
books at par value, and the Income account correspondingly credited with
b & 8vSular'1eerv7c“ C,ClIVCred l° ^ Govei“
t, and overknee haS
f $194,400. Your company owns and holds 140.000 shares of the ordinary
stock o f Bryant & M ay, Ltd.
Net Working Capital.— The excess o f current and operating assets over
liabilities (except capital stock, surplus and reserves, but Including In 1917




a n d 1 9 1 8 t h e F e d e r a l i n c o m e a n d e x c e s s -p r o f i t t a x e s a s p a i d , o r a s e s t i ­
m a t e d ; h a s b e e n a s fo llo w s :
$ 2 ,6 1 3 ? 3 0 2

$ 4 , 8 2 5 1, 9 2 8

8 6 ,7 ^ 2 ^ 0 5 9

$ 8 ,1 1 0 ,7 4 0

8 1 0 ,6 1 3 ,5 9 4

8 1 1 ,2 0 1 ,7 7 3

s s .f r ’s?

fo r d e p r e c ia t io n .”
T h i s in c r e a se w a s p r in c ip a lly d u e t o im p r o v e m e n ts
m a d e in t h e m a t c h f a c t o r i e s a t B a r b e r t o n , O . , O s h k o s h , W i s . , a n d C h i c o ,
C a l i f . , a n d in c o n n e c t i o n w i t h a n e w f a c t o r y a t S a v a n n a h , G a . , f o r t h e
m a n u f a c t u r e o f t h e t y p o o f m a t c h r e q u ir e d b y t h e G o v e r n m e n t f o r t h e
U se o f it s a r m e d fo r c e s : a p la n t e r e c t e d a t S p o k a n e , W a s h ., to r t h o s to r a g e
o f lu m b e r a n d p r o d u c tio n o f m a t c h b lo c k s w a s a ls o m a d e n e c e s s a r y b y w a r

C°M u ria te o f Potash .— I n t 9 1 5 y o u r m a n a g e m e n t b e g a n t h e c o n s t r u c t i o n o f
th r e e p la n ts lo c a te d a t E a s t W ilm in g t o n , C a li f ., L a w r e n c e , M a s s ., a n d
B u r m e stc r
U t a h , fo r th o p r o d u c tio n o f m u r ia te o f p o t a s h , fo r m e r ly o b ­
ta in e d fr o m a b r o a d .
I f th e se p la n t s w it h th e ir e n t ir e ly o r ig in a l p r o c e sse s
h a d fa ile d o f s a t is fa c t o r y p r o d u c tio n , n o t o n ly w o u ld o u r o p e r a t io n s h a v e
b e e n a f f e c t e d , b u t t h e c o u n t r y w o u ld h a v e su ffe r e d a s e r io u s m a t c h s h o r t a g e .
D u r i n g t h e y e a r t h e c a p a c i t y o f t h o B u r m e s t e r p l a n t w a s in c r e a s e d , a n d is
n o w c a p a b l e o f s u p p l y i n g y o u r c o m p a n y ’s e n t i r e n e e d s .
1' o r t h i s r e a s o n
t h o p o t a s h p l a n t s a t E a s t W i l m i n g t o n , C a l i f . , a n d L a w r e n c e , M a s s . , b e in g
m o r e e x p e n s i v e t o o p e r a t e , w e r e s o l d in D e c e m b e r l a s t .
,
T h e B u r m e s te r o p e r a t io n , lo c a t e d o n t h e G r e a t S a lt L a k e , m u s t b e c o n ­
s i d e r e d a s a w a r p l a n t , a n d u n le s s t h o A m e r i c a n p o t a s h c h e m i c a l i n d u s t r y
is g i v e n G o v e r n m e n t a l p r o t e c t i o n , i t i s p r o b a b l e t h a t t h e p l a n t w i l l c e a s e
t o o p e r a t e w h e n t r a d e w i t h E u r o p e is r e s u m e d .
Business Status .— A s in 1 9 1 6 a n d 1 9 1 7 , y o u r c o m p a n y e n j o y e d a n u n u s u a l
v o lu m e o f b u s in e s s , a n d d u r in g t h e fir s t p a r t o f t h e y e a r e s t a b lis h e d n e w
r e c o r d s in g r o s s v a l u e o f s a l e s .
T o w a r d t lio e n d o t t h e y e a r , h o w e v e r , t h e
v o l u m e o f b u s in e s s d e c r e a s e d , a n d , a f t e r t h e a r m i s t i c e w a s s i g n e d , i t fe ll
o f f s h a r p ly .
M u c h o f t h e g r e a t in c r e a s e i n b u s i n e s s e n j o y e d f r o m 1 9 1 6 t o
1 9 1 8 c a n ‘ b e a t t r ib u t e d t o u n u s u a lly h e a v y , p u r c h a s e s in a n tic ip a tio n o f
e i t h e r a s h o r t a g e o f m a t c h e s o r o f h ig h e r p r i c e s .
Y ou r com pany dul not
b e n e fit d u r in g th o p a s t t w o y e a r s b e c a u s e o f t h e d e t r im e n ta l e ffe c t o f th e
w a r u p o n t h e m a n u f a c t u r e o f m a t c h e s a b r o a d a n d t h e ir i m p o r t a t i o n i n t o
th is c o u n tr y .
F o r e i g n s t r i l c e -o n -b o x m a t c h e s h a v e b e e n i m p o r t e d in in ­
c r e a s in g q u a n tit ie s d u r in g t h o w a r , p a r t ly d u e t o t h e d o w n w a r d t a r iff
r e v is io n o f 1 9 1 3 .
Y o u r c o m p a n y c o n t i n u e s , h o w e v e r , t o e n j o y i t s f a ir
s h a r e o f t h e m a t c h b u s i n e s s o f t h o c o u n t r y , a n d t o h o l d i t s p o s i t i o n in t h e
tra d e .
T h r o u g h o u t t h e p e r io d o f t h o w a r , w h i l e f o r e i g n m a t c h e s g r e a t l y
d e t e r i o r a t e d in q u a l i t y , o u r p r o d u c t w a s m a i n t a i n e d a t a h i g h s t a n d a r d
° f 1V ar * /I us in ess .— D u r i n g t h e s u m m e r o f 1 9 1 8 i t b e c a m e i m p o s s i b l e f o r
o u r w a r d e p a r t m e n t t o s e c u r o t h e d e s ir e d q u a l i t y o f f o r e i g n s t r i k ( > o n - b o x
m a tc h es.
Y o u r c o m p a n y , th e r e fo r e , a ssu re d t h e G o v e r n m e n t ot its w ill­
i n g n e s s t o p r o d u c e t h e d e s i r e d g o o d s in s u f f i c i e n t q u a n t i t y t o s u p p l y it s
e n t i r e r e q u i r e m e n t s a t a p r ic e w e l l b e lo w t h e h i g h p r i c e s ot f o r e i g n g o o d s .
F r o m A u g . 1 8 1 9 1 8 t o t h i s d a t e a ll t h e m a t c h e s s u p p l i e d o u r a r m y h a v e b e e n
o f D ia m o n d m a n u fa c t u r e , o u r e n tire o u t p u t o f t h e fo r e ig n t y p o o f m a t c h ,
fo r a t i m e , b e in g tu r n e d o v e r t o t h e G o v e r n m e n t .
A c o m p a r a t i v e in c o m o a c c o u n t f o r t h o l a s t f o u r c a l e n d a r y e a r s a n d b a l ­
a n c e s h e e t f o r t w o y e a r s w a s p u b l i s h e d in V . 1 0 8 , p . 1 2 7 2 .

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
G overn m en t C on trol of R ailroad s.— Loans by War
Finance Corporation.— Tho W ar Finance Corporation lias
announced the following list of loans mado by it to railroads
up to April 10:
B a l t i m o r e & O i i i o _________ 8 4 , 4 5 0 ,0 0 0
B a l t i m o r e & O h i o _________ 1 ,0 0 0 ,0 0 0
B u f f a l o K o c h . & P i t t s b . . 1 ,0 0 0 ,0 0 0
• C entral o f G e o r g i a _______
9 0 0 ,0 0 0
C h e s a p e a k e & O h i o ________
2 5 ,0 0 0

Chesapcako & Ohio_______

275,000

C h o s a p e a k e & O h i o ________ 2 ,0 7 0 ,0 0 0
C h i c a g o M i l w . & S t . P a u l. 1 1 ,5 0 0 ,0 0 0
C h i c a g o R . I . & P a c i f i c . . 9 .7 0 0 ,0 0 0
C h ic a g o R . I . & P a c i f i c . .
7 3 0 ,0 0 0
I ll i n o i s C e n t r a l _____________ 1 ,5 0 0 ,0 0 0
I ll i n o i s C e n t r a l ______________ 1 0 ,5 0 0 ,0 0 0
N e w Y o r k C e n t r a l . . _____1 3 ,5 0 0 ,0 0 0
N o w Y o r k C e n t r a l ___ . . . 3 , 0 0 0 , 0 0 0
N o w Y o r k C e n t r a l ______ _ 4 ,0 0 0 ,0 0 0
S o u t h e r n _____________________ 5 ,2 6 4 ,4 8 0
S o u t h e r n _____________________
7 3 5 ,5 2 0
S o u t h e r n _____________________
7 9 2 ,7 7 0
S o u t h e r n _____________________
5 6 2 ,5 0 0
B a l t i m o r e & O h i o _________ 4 , 6 0 0 , 0 0 0
B a lt i m o r e & O h i o _________ 2 ,0 0 0 , 0 0 0
B u ffa lo R o c h . & P i t t s b . . .
2 0 8 ,8 0 0

Bay State Street Ry.

C e n t r a l o f G e o r g i a ------------- 8 1 , 1 2 1 , 0 0 0
C h e s a p e a k e & O h i o ------------2 5 0 ,0 0 0
C h o s a p e a k e & O i i i o ------------8 0 0 ,0 0 0
C h ic a g o B u r l. & Q u i n c y .. 3 ,9 7 7 ,6 0 0
C h ic a g o I n d . & L o u is v ille 1 ,4 0 0 ,0 0 0
C h ic a g o M i lw . & S t . P a u l 1 ,6 0 0 ,0 0 0
C h ic a g o R . I . & P a c i f i c .. 2 ,8 0 0 ,0 0 0
C le v o . C in . C h ic . & S t . L .
3 4 0 ,0 0 0
C u m b e r la n d & M a n c h e s t e r
1 7 5 ,0 0 0
E r i c . . ....................
1 2 ,7 6 8 ,4 2 0
L a k e E r i e & W e s t e r n _____
6 2 ,4 0 0
L o h ig li V a l l e y ________________ 2 , 4 0 0 , 0 0 0
M i c h i g a n C o n t r a l ---------------9 9 2 ,0 0 0
M i s s o u r i P a c i f i c _____________ 1 , 1 2 0 , 0 0 0
N e w Y o r k C e n t r a l ________ 2 , 0 0 0 , 0 0 0
W h e e lin g & L a k e E r ie —
6 1 8 ,0 0 0
B o s t o n & M a i n e ____________
7 2 8 ,0 0 0
E r i e _______________ _________ - - - 2 , 5 0 0 , 0 0 0
W e s t e r n M a r y l a n d ------------9 3 1 ,0 0 0
W a lk e r D . H in e s , D ir e c to r
G e n e r a l o f R a ilr o a d s — 5 0 ,0 0 0 ,0 0 0

C o .—

8 1 6 4 ,8 9 7 ,4 9 0

Sale Confirmed.—

Federal Judge James M . Morton Jr., in the U. 8. District Court at Bos­
ton on April 26 confirmed the sale of tho property of the company to Arthur
I. Glidden, in behalf of Leo, Hlgginson & Co Boston, the reorganization
managers. Compare plan, &c., V. 108, p. 1721, 1390, 1273, 1164, 1059,
972, 876, 783.

Bridgeton & Millville Traction Co.— Fare Increase.—

Tho P. U. Commission o f Now Jersey on April 29 granted this company
permission to increase tho trolley fare in each of its zones from oc. to 6c.,
An increase in the rate on school tickets was not allowed. An increase in
tho rates for freight service was also granted.— V. 105, p. 2093.

Butte (Mont.) Electric Ry.— Interest Passed.—

A press dispatch from Butte on April 28 states that the March 1 1919
interest on the outstanding 8700,000 First Mortgago 5% bonds, duo 1925,
remains unpaid.— V. 107, p. 694.

Canadian Northern Ry.— New Notes— No Deb. In t., &c.

Tho company has filed for record at Ottawa a trust mortgago dated
April 7 1919, made between the Canadian Northern Ry. Co. and Lloyds
Bank, Ltd., securing certain 5% Guaranteed Secured Gold notes.
Tho railway directors on April 28 announced that the earnings
for tho last year were insufficient to meet tho interest payment duo May 2
on the 5% Convertible Debenture stock.

Status.— In the House of Commons at Ottawa on April 23,
J. D . Reid in response to enquiries gave the following facts:
The Dominion of Canada purchased 860,000,000 com. stock in the
Canadian Northern R y., being tho balanco outstanding for 810,000,000,
but did not thereby assume the outstanding liabilities which remained as
debts o f tho company. The present mileage of tho road in operation is
9,524 miles, and all the mileage taken over is operated.
It is estimated that the rolling stock of the road is now worth 867,573,0J2.
We have expended 822,233,107 on equipment since the Government took
over tho road. This equipment, o f course, can be used also on the other
° ^ h o n^Umated'cfeffcit o f the Canadian Northern R y ., aff erc
operating expenses and fixed charges for tho current year is *7,000,000.
The estimated amount for equipment for Canadian National Railways
for the current year is 835,000,000. This covers the requirements of the
entiro system o f Canadian Government Railways including sums to bo
r°T h o<revenue for tho calendar year 1918 was 849,201,955, and operating
expenses 845.6o9.652, and net earnings 83,562,303.
Tho total indebtedness o f tho Canadian Northern R y., as o f Dec. 31
1918, Including funded debt, equipment securities, land securities and all
liabilities outstanding, amounted to 8473,174,432. The present indebted­
ness per milo (including equipment, land and all subsidiary companies
securities) represent 846,166.— V . 108, p. 1721, 377.

Central of Georgia R R — New Mtge.— The shareholders
will vote M a y 28 on authorizing a new bond issue, which,
|t is said, may aggregate $50,000,000 to $75,000,000, to pro­




[V ol . 108.

THE CHRONICLE

1833

vide for the retirement of maturing bonds, for improvements,
&c.

The meeting will also act on a proposition to authorize “ an issue of bonds,
notes or other evidences of debt of Central of Georgia Ry. C o., as sole
obligor or as joint obligor with any other person or corporation, to be se­
cured by pledge or deposit of such bonds, stocks or other securities (issued
by tho corporation or otherwise) as the corporation may now or hereaiter
ow n.” — V. 108, p. 1164, 1060.

Chicago Burlington & Quincy RR.— Tenders.—■

Tho New England Trust C o., Boston, as trustee, will, until M ay 15,
receive tenders for the sale of 8294,410 Nebraska Extension 4% bonds due
May 1 1927 at not exceeding 110 and int.— V. 108, p. 479.

Chicago City Ry.— Fare Increase Denied.— Tho P. U .
Commission of Illinois on April 25 denied the application
of the Chicago surface lines for an increase in fare from
5 to 7 cents.
»
The Chicago “ Herald & Examiner” of April 26 says:
Though the commission upheld the city's plea for tho 5-ccnt fare, the
city’s contention that the rate of fare provided in the 1 9 0 7 contract ordi­
nance could not l>e disturbed was specifically overruled. The commission
based its faro ruling on the company’s ability to “ make all ends meet at
5 cents a passenger.
. ,
.. . , ,
In determining the company s financial status as the basis for a rate of
fare decision, the commission mutilated tho much-discussed capital account
of 8156.000,000. They knocked out a rehabilitation account of $14,000,­
000 a 89 000 000 allowance for old franchise purchasers, 88,000,000 in­
tangibles’’’ included in the proposed purchase price, $8,192,750 for superin­
tendence, and $4,096,375 brokerage charges.
. . . . . .
"Our fight for tho continuation of the 5-cont faro supported by the
people is so far victorious,” said M ayor Thompson, when notified of tho
decision. "I congratulate the people of Chicago.”
Tho commissioners contended that the 1919 deficit, if there be one,
will be only a few hundred thousand dollars. They suggested it be met
either by commutation of the city’s share in the profits or by readjustment
of the renewal fund, which runs $8,000,000 annually.
_ ,
Four members of the commission, Thomas E. Deinpcy, I rank II. Funk,
Walter A. Shaw and James II. Wilkcrson, signed tho report, tho fifth,
Patrick J. Lucey, dissented. lie urged a temporary 6-cent fare to permt
needed improvement of tho servico in tho face of tho existing financial
situation.— V. 108, p. 1164, 1157.

Chicago,

Indianapolis

&

Louisville

RR.— Federal

Treasurer,—

Byron Cassel has been appointed Federal Treasurer of the Chicago
Indianapolis & Louisville and tho Cincinnati Indianapolis & Western
railroads, with headquarters at Chicago.— V. 108, p. 267.

Chicago Surface Lines.— Shrinkage in Values.-— An elab­
orate tabular statement, compiled by John Burnham & C o.,
Chicago, regarding tho shrinkage in value of tho securities of
Chicago surface lines, is prefaced as follows:

The 10,000 Chicagoans who represent the ownership of tho local surface
lines have an aggregate market loss, based on latest prices, of SI00,782,377,
of which the bonds represent a shrinkage of 855,512,227 and tho stocks of
845 270 150. The market value of these securities now represents $103,­
608 217’ in bonds and $3,752,550 in stocks, against a market value during
the last 12 years of $159,120,444 and 849,022,700, respectively, making
allowance for all merged properties and extensions in that period.— V. 108,
p. 683.

Cleveland Cincinnati Chicago & St. Louis RR.—
New Mortgage Authorized.-—

Tho stockholders on M ay 1 authorized a Refunding & Improvement
Mortgago, unlimited in authorized amount but issuable only under carefully
guarded restrictions for funding and refunding purposes and other capital
requirements, as may arise from time to time. See V . 108, p. l o l l .

Columbus Magnetic Spgs. & North. Trac. Co .— Sold.—

A press dispatcli from Cleveland on April 25 states that Fishel & Marks
C o., Cleveland, have purchased tho property tor $88,133 4b, two-thi