Full text of Commercial and Financial Chronicle : May 31, 1919, Vol. 108, No. 2814

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fin a n c ia l

ontmemfl

INCLUDING
Railway & Industrial Section
Bankers’ Convention Section
SATURDAY, MAY 31 1919

Bank & Quotation Section
Railway Earnings Section
VOL. 108

(f r lix o n u lz

W e e k en d in g M a y 2 4 .

C le a r in g s a t—

P U B L IS H E D W E E K L Y .

o J X ? * ° f SubsCr“*1,on- P“yuM= lo Advance

1919.

F o r S i x M o n th s ".* ."."."."” ."” .**” .............................................................................................. ...
6
E u r o p e a n S u b s c r ip t io n (I n c lu d in g p o s ta g e )
____________ 1 3
E u r o p e a n S u b s c r ip t io n s ix m o n th s (in c lu d i
n u a l^ S up b s¥c r i po t i n
o n ri n aL oUn d o nn ( «i n c l u d i n g
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C a n a d i a n S u b s c r i p t i o n ( i n c l u d i n g p o 8t e g e )

.........

SubscrlI>tion includes fo llo w in g S u p p le m e n ts -.........

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C h i c a g o _________
C in c in n a t i____
C le v e la n d ...............
D e t®r o« i. t ___________
M ilw a u k e e _______
In d ia n a p olis___
C o lu m b u s ____
T o l e d o .............
P e o r ia ..................11
G ra n d R a p id s .
E v a n sv ille . . .
D a y t o n _______
S p rin g field , 111 . . .
F o r t W a y n e ...........
Y o u n g s t o w n ____
R o c k f o r d ____
A k r o n _______
L e x in g to n ...............
S ou th B e n d . . .
Q u in c y ___________
C a n t o n ________ ”
P lo o m in g t o n ____
S p rin g field , O . . .
D e c a t u r .............
M a n s fie ld ...............
D a n v ille
J a ck so n v ille , i l l . .
L im a .........................
O w e n s b o r o _____
L a n s in g _______ I
A n n A r b o r _______
A d r i a n _______

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T erm s o f A d vertisin g— Per Inch Space

T r a n s i e n t m a t t e r p e r i n c h s p a c e ( 1 4 a g a t e l i n o s ) ____
(
S t a n d in g B u s in e s s C a rd s <
)
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T w o M on th s
(8 t i m e s ’) ’. ” ” " " " . ................ 2 2 0 5
T h r e e M o n t h s ( 1 3 t i m e s ) .............................” ” 2 9 0 0
S ix M o n th s
( 2 0 t i m e s ) ...................................... 6 0 0 0
T w o l v o M o n t h s ( 5 2 t i m e s ) ...................................... 8 7 0 0

C h ic a g o O f f ic e — 39 S o u t h L a S a lle S t r e e t , T e le p h o n e M a je s t ic 7 3 9 0 .
L o n d o n ’ O f f i c e — E d w a r d s <& S m i t h , 1 D r a p e r s ’ G a r d e n s , E . C .

AnLLU M

B . D A N A C O M P A N Y , P u b lis h e r s ,

F r o n t , F in e a n d D c p o y s t e r S t s ., N e w Y o r k .
a y * ? S a t u r d a y m o r n in g b y W I L L I A M
B. DANA CO M PAN Y
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S e cre ta ry .
A d d r e s s e e s o f b o t h , O t f lc e o f t h e C o m p a n y .
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CLEARING HOUSE RETURNS.
T h o f o ll o w in g t a b l e , m a d e u p b y t e le g r a p h , A c . , I n d ic a t e s t h a t t h e t o t a l b a n k
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h a v e b e e n $ 6 ,1 8 7 ,9 7 3 ,5 9 2 , a g a in s t 3 7 ,7 2 9 ,2 1 2 ,2 3 0 la s t w e e k a n d $ 5 6 0 7 2 6 4 511
t h e c o r r e s p o n d in g w e e k la s t y e a r .
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T o t a l M i d .W e s t

---------------C le a r in g s — R e tu rn s b y T e le g r a p h .
W e e k e n d in g M a y 3 1 .
N o w Y o r k . . .......................... ................................
C h i c a g o .....................................................................
P h il a d e l p h i a _________________________________
B o s t o n _____________________________________
K a n s a s C i t y _________________________________
S t . L o u i s _____________________________________
S a n F r a n c is c o _______________________________
P i t t s b u r g h ______ ______ _________________
D e t r o i t __________________________________
B a l t i m o r e .................................................................
N o w O r l e a n s - ..................... .. ...................... ..........

1910.

1918.

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

4 5 ,8 6 7 ,0 8 0
4 8 ,8 5 4 ,3 3 8

E le v e n c it i e s , 5 d a y s ____________________
O t h e r c it i e s , 5 d a y s .......................... .............. "

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T o t a l a ll c it i e s , 5 d a y s ________________
A l l c it i e s , 1 d a y ....................................................

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T o t a l a ll c it i e s f o r w e e k ..........................

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7 8 5 4 0 0 91 Q

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+ 6 .9

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+ 3 9 .7
— 4 .3
+ 2 0 .3
+ 11 .1
+ 5 6 .5
+ 6 .0
+ 3 0 .9

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

+ 1 3 .3
+ 1 9 .6

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

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

+ • 1 4 .2
— 5 .5

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

5 5 ,6 0 7 ,2 5 4 ,5 1 1

+ 1 0 .4

W e e k e n d in g M a y 2 4 .

1917.
$
3 ,6 1 9 ,8 7 5 ,1 7 7 2 ,9 6 4 ,2 9 3 ,4 1 4
3 1 1 ,9 5 2 ,8 7 7
2 3 2 ,4 9 7 ,5 4 9
8 8 .4 7 2 ,8 5 1
0 9 ,7 1 7 ,4 4 4
3 9 ,5 1 6 ,9 8 3
3 8 ,7 6 9 ,1 8 0
1 8 .7 8 7 ,4 5 0
13,990,S(>2
1 0 ,4 5 0 ,7 4 3
9 ,3 5 2 ,9 7 8
4 ,3 0 6 ,7 3 9
5 ,1 5 1 ,6 1 4
6 ,0 2 7 ,0 3 0
5 ,3 7 0 ,8 7 1
3 .3 7 3 .5 8 2
2 ,8 1 7 ,3 3 5
3 ,6 4 5 ,7 8 4
2 ,0 5 6 ,0 3 0
2 ,5 7 1 ,7 4 2
2 ,1 8 7 ,1 2 1
3 ,0 8 3 ,8 4 7
2 ,9 9 2 ,9 8 9
2 ,0 1 5 .8 0 5
1 ,6 8 5 ,1 3 6
3 ,7 9 8 ,5 0 0
2 ,6 1 6 ,0 0 0
2 ,1 8 4 ,3 1 0
1 ,9 3 2 ,3 0 7
1 ,9 9 3 ,7 2 4
1 ,7 2 4 ,3 1 2
1 ,1 9 5 ,3 1 4
1 ,1 6 3 ,3 3 4
1 ,6 9 1 ,9 0 4
1 ,1 4 4 ,9 6 0
9 1 0 ,4 0 0
8 4 8 ,2 0 0
1 ,1 0 0 ,0 5 5
1 ,0 5 0 ,0 0 0
1 .2 1 0 .5 8 2
1 ,0 2 2 ,0 0 8
7 7 6 ,4 0 4
5 7 0 ,1 5 1
5 6 4 ,9 1 7
3 9 8 ,8 0 1
4 ,1 5 9 ,4 9 2 ,7 5 0 3 ,3 6 3 ,9 8 8 ,0 0 2

N e w Y o r k ..............
P h i l a d e l p h i a _____
P i t t s b u r g h ..............
B a l t i m o r e ................
B u f f a l o ........... .
W a s h i n g t o n _____
A l b a n y _______
R o c h e s t e r ...............
S c r a n t o n ..........
S y r a c u s e ..........
R e a d i n g ..........
W i l m i n g t o n ...........
W i l k e s - B a r r e _____
W h e e l in g , W . V a .
T r e n t o n ______
L a n c a s t e r ____ :___
Y o r k ..........................
E r i e .....................
B in g h a m t o n ..
G r e c n s b u r g ...........
C h e s t e r .....................
A l t o o n a ---------------M o n t c l a i r ................
T o ta l M id d le ..
B o s t o n .....................
P r o v i d e n c e ..............
H a r t f o r d ...................
N e w H a v e n ...........
S p r i n g f i e l d ..............
P o r t l a n d . . . ---------W o r c e s t e r ................
F a ll R i v e r ..............
N o w B e d f o r d _____
L o w e l l ........................
H o l y o k e __________
B a n g o r .....................
£ T o t. N ew E n g .




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

+ 2 3 .2

2 0 2 ,9 5 2 .8 5 1

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T h o fu ll d e t a ils f o r t h e w e e k c o v e r e d b y t h o a b o v e w in h n
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.
W o c a n n o t fu r n is h t h e m t o - d a y , c le a r in g s b e i n g m n d o n n h v t h P n e x t S a t u r d a y ,
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 t h e a b o v e t h e la s t d a y Po f t h e w w k ^ h i’l 8. h sUS?^
a l l c a s e s e s t im a t e d , a s w e g o t o p r e s s F r i d a y n i g h t . • V 0 t t b ° W cck b a a t0 1,0 ln
D e t a il e d fig u r e s f o r w e e k e n d in g S a t u r d a y n o o n , M a y 2 4 . f o r t e n .
f o ll o w :

C le a r in g s a t -

Electric Railway Section
State and City Section
NO. 2814

2 2 7 .7 9 1 .7 2 3

c
s
s
p
p
r e s n o ____________
s.
S
y
r

Li

5 5 1 ,6 7 8 ,6 5 3
6 1 ,9 5 1 ,2 4 1 :
9 8 ,3 8 0 ,1 1 2 '
9 8 ,7 0 4 ,72 7 i
3 0 ,8 1 1 ,2 7 6
1 4 .6 3 4 .0 0 0
1 2 ,2 0 5 ,7 0 0
1 4 ,0 7 6 ,8 4 1
4 ,9 1 9 ,7 7 7
4 ,8 9 4 ,5 4 3
4 ,5 6 6 ,9 9 1
4 ,4 7 7 ,2 1 7
2 ,2 1 5 ,6 4 3
1 ,5 4 0 ,7 1 5
3 ,6 5 6 ,6 7 4 '
2 ,0 0 0 ,0 0 0 ,
1 0 .6 2 8 .0 0 0
9 0 0 .0 0 0
1 ,1 5 0 ,0 0 0 '
1 ,4 6 5 ,9 5 1
3 ,4 4 7 ,5 0 9
1 ,3 0 0 ,8 2 3 '
1 ,1 6 7 ,0 2 6 '
1 ,1 5 2 ,5 3 1 1
1 ,2 1 0 ,3 1 7
5 0 0 .0 0 0
7 0 2 ,2 1 2
9 8 6 ,4 8 9
7 6 4 ,6 1 3 1
1 ,2 0 0 ,0 0 0
3 4 2 ,2 1 5
9 6 ,8 6 6
9 3 7 ,7 2 8 ,8 3 5
1 4 2 ,9 7 9 ,3 0 3
4 0 .2 6 2 .0 0 0
3 6 ,9 0 3 ,9 1 0
3 3 ,0 3 1 .1 2 4 !
1 5 ,8 6 2 ,3 3 0
9 ,7 3 9 ,2 9 6 '
4 ,2 9 4 ,7 2 6
8 ,9 1 6 ,9 9 2 ;
2 .1 0 0 .0 0 0
4 ,3 8 5 ,1 9 3
1 ,2 8 8 ,5 2 9
2 ,6 0 4 ,3 4 2
1 .1 0 0 ,0 0 0
1 ,9 4 1 ,7 4 4
1 ,0 5 1 ,2 2 2
8 3 7 ,1 8 2
1 ,3 5 7 ,8 7 2

! I n c . or
\ D ec.

1918.

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

%
+ 2 0 .9
+ 1 8 .2
+ 3 1 .6
+ 6 .6
+ 2 4 .0
+ 1 7 .2
+ 3 8 .6
+ 4 6 .2
+ 2 5 .7
+ 1 .6
+ 3 9 .2
+ 1 4 .5
+ 1 5 .5
+ 2 6 .0
+ 1 8 .7
+ 9 .6
+ 9 5 .4
+ 1 2 .5
— 1.1
+ 4 6 .3
+ 1 4 .9
+ 2 1 .4
+ 2 8 .2
+ 4 3 .1
+ 1 4 .5
— 3.21
+ 4 9 .3
+ 2 .l|
— 1 7 .1
+ 1 0 .4
+ 3 9 .5
— 17.81

1917.

1916.

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

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

+ 2 6 .3 !

7 2 2 , 549,519

5 5 0 ,5 3 2 ,5 5 4

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

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

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

7 4 2 ,2 3 9 ,7 6 8

T o ta l P a c ific ..

3 0 8 ,6 5 5 ,7 6 3

2 2 0 ,4 7 3 ,8 8 3

+ 4 0 .0

1 8 7 ,5 7 3 .6 5 2

1 3 4 ,1 5 7 ,4 7 7

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

+
+
+
+

D e s M o i n e s ______
D u l u t h ____________
S io u x C i t y
W i c h i t a ...................
l n c o l n ____________
T o p e k a ......................
C e d a r R a p id s . . .
F a r g o ................ ..
W a t e r l o o _________
C o l o r a d o S p r in g s
P u e b l o ____________
H e l e n a ____________
" ’ r e m o n t ........... ..
A b e r d e e n ................
B i l l i n g s . . . ........... ..
H a s t i n g s ______

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

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

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

£
M
O
?!
d

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

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

4 2 3 .5 6 6 ,2 5 7

3 2 7 ,8 5 9 ,3 6 2

+ 2 9 .2

2 7 7 ,8 6 5 ,8 9 4

1 8 7 ,0 6 8 ,5 2 4

Louts______
New Orleans___
lOulsville______
Houston.............
ilveston......... .
Richmond_____
Atlanta________
Memphis......... .
7ort Worth____
Nashvtllo...........
Savannah...........
Norfolk...............
Birmingham___
Jacksonville____
Chattanooga___
Knoxville______
Augusta.............
Little Rock........
Charleston_____
Mobile_____
Oklahoma__
M acon_____
Austin......... .......
Vicksburg...........
Jnckson _______
Tulsa.................
Muskogee______
Dallas.................
Shreveport_____
Total Southern

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

1 3 4 ,3 3 4 ,5 0 8
+ 1 9 .5
4 5 ,8 3 5 ,5 7 7
+ 2 5 .7
2 1 ,4 9 3 ,8 0 7 — 2 0 .9
1 2 ,4 6 4 ,9 0 2
+ 4 4 .9
3 ,9 8 7 ,5 1 9
+ 4 5 .4
4 1 .1 4 4 ,0 0 3
+ 3 4 .1
3 7 ,4 3 2 .3 0 4
+ 5 7 .0
9 ,0 3 1 ,4 2 9 + 1 1 0 .5
1 1 ,0 8 3 ,5 7 6
+ 4 0 .3
1 2 ,3 2 1 ,9 3 6
+ 2 5 .3
5 ,0 4 4 ,8 6 7
+ 6 2 .8
6 ,7 5 0 ,9 1 9
+ 6 8 .9
3 ,9 5 8 ,5 0 6 + 2 3 8 . 8
5 ,0 3 3 ,7 3 3 , + 7 1 . 4
‘
---4 ,4 3 4 ,1 5 2
+ 4 8 .0
2 ,5 0 1 ,6 8 9
+ 4 .0
2 ,0 1 5 ,7 3 7 + 8 1 . 6
4 ,0 0 0 ,0 0 0
+ 5 .0
2 ,6 0 6 ,0 0 0
+ 3 .8 '
1 ,4 5 9 ,9 7 3
+ 1 3 .0
8 ,0 6 9 ,5 8 2
+ 3 8 .9 !
1 ,4 0 0 ,0 0 0
— 3.61
2 ,1 5 9 ,3 3 4
+ 1 5 .8
2 3 7 ,7 2 0
+ 4 7 .5
4 2 0 ,0 3 7 !
+ 3 .3
1 1 ,7 1 6 ,8 3 7 — 2 1 .7
1 .9 7 5 ,7 8 7
+ 4 2 .0
1 7 ,0 0 0 ,0 0 0
+ 4 7 .1
1 ,8 4 9 ,6 2 6 ' + 4 7 . 8

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

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

6 4 0 ,6 3 2 ,2 2 3

4 1 1 ,7 5 8 ,0 6 0

+ 3 1 .3

T o t a l a l l ..............17 ,7 2 9 , 2 12 ',2 3 0 5 ,9 5 2 ,2 1 47459 ' + 2 9 .C

Outside N Y . . 3,340,282:778 2,6487808^43 T T T T I '2,286.366!l49

2164:

THE CHRONICLE

THE FINANCIAL SITUATION.
Dealings in the Victory Liberty Loan 4%% notes

[Vol. 108.

and financial exhaustion, and one dreads to think
what the consequences might be all around.

There is a continued accumulation of evidence
began onthe Stock Exchange onTuesday of this week,
of
increase in the speculative buying of industrial
and, contrary to general expectations, these obliga­
stocks,
especially oil, and in the chase and capture
tions have been selling at a trifle below par. ihe
of
the
Liberty
bonds which have been bought by so
opening sale was at 99.90 and the range for the week
m
any
inexperienced
persons. In some parts of
has been between 99.88 and par. The last price
Texas
a
m
ania
is
reported
in stocks of newly-driven
on Thursdayfwas at 99.96. It is not difficult to
or
alleged
w
ells
of
the
“gusher”
class, and it was
perceive why this fractional deviation below par
inevitable
that
conscienceless
prom
oters and traders
should have occurred. No doubt many persons
w
ould
seize
the
opportunity
presented
by the enor­
subscribed in order to make sure of the unqualified
m
ous
increase
in
the
distribution
of
bonds; it is
success of the loan and had no intention of retaining
estim
ated
that
there
are
now
20
m
illions
of bond­
the full amount of what they subscribed for. Such
holders
and
that
12
m
illions
bought
in
the
latest
persons naturally are now disposing of their excess
campaign, whereas formerly there were not more
holdings.
Again not a few subscribers counted on heavy than 200,000 holders in all. This means tempta­
oversubscriptions with the possible cutting in half tion for human birds of prey, and danger to the
of their own subscriptions, since the Secretary general as well as the individual welfare.
Some very striking stories of this pursuit of the
of the Treasury had announced that allotments
unsophisticated
have been told. In one, a French
would be limited as nearly as possible to an ag­
governess
w
as
duped
out of her savings of many
gregate of 84,500,000,000. But the oversubscrip­
years
by
a
faker
in
oil.
In another, a clerk in a
tion, while substantial, being $749,908,300, or
grocery
w
as
called
to
the
telephone by a smooth­
16.66%, did not prove nearly as heavy as had
spoken
stranger,
w
ho
claim
ed
to have been prompted
been generally looked for. Therefore the larger
by
a
friend
of
the
clerk;
he
had
just joined a broker­
subscriptions did not, on allotment, have to be
age
house,
h
e
said,
and
w
as
trying
to at once make
pared down nearly as much as had been counted
a
hit
w
ith
his
em
ployer
and
do
a
good
turn to his
upon. In that way, too, therefore, some subscribers
friends.
Just
now
,
he
had
nothing
to
offer
except
got more bonds than they really wanted, and pre­
an
oil
stock
that
w
as
yielding
12
%
but
he
expected
sumably are disposing of their surplus at slight con­
cessions. It does not seem likely that liquidation ol to be able to report something even better soon.
this sort will keep up very long, and with this endec The clerk sought to say that he was not interested,
but the stranger rang off, calling up again in a few
the quotations ought to go above par.
There is some compensation for the failure of the days to say that he had discovered his 12% stock
notes to rule above far from the very start and for was really very much better and he would like to
the failure of the oversubscriptions to reach the call on the clerk at his home. Curiosity moved the
phenomenal proportions hoped for, in the circum­ clerk to consent to the call, and the benevolent
stance that it may have the effect of tempering salesman proved very agreeable; the clerk grew
somewhat unduly-sanguine views as to the general interested, but unhappily he had nothing to buy
outlook for the immediate future. There is not a with. But had he not, possibly, some bonds? Yes,
little danger that as a result of this overconfidence he was buying two $50 Liberty bonds, on which
the bull movement on the Stock Exchange may be he had paid $88. Well, said the smooth one, the
carried to unsafe limits. Buying on the Exchange company does not sell less than 100 shares, at $1
is certainly no longer being conducted with discre­ each, but the stock was bound to go much higher,
tion or in accordance with sound judgment. In and as the clerk was a friend of So-and-so he would
that sense, too, the address of Frank A. Vanderlip, make up the difference himself rather than that the
in which he speaks so frankly of the unfortunate clerk should have to lose such a good thing. So
economic conditions prevailing in Europe, should the clerk yielded; handed over his interest in the
have a sobering effect. Mr. Vanderlip may have bonds; waited for the dividend; when it failed to
overdrawn the picture somewhat, but at the best it come he made inquiry and was told of unexpected
must be admitted that the situation in Europe has expenses in drilling, and then went to a Government
agency with his story. It appeared that the well
few encouraging aspects.
Mr. Vanderlip’s candid disclosure may also make was mythical and the unsavory reputation of the
it easier for President Wilson and the representatives parties real; but as no provable promise of dividends
of the Allied Powers at the Peace Conference to had been made the District Attorney saw no hope
modify the terms of the Peace Treaty sufficiently in prosecution.
Lists of possible buyers of various things have
to secure the assent of the Germans if this can be
long
been in market, and these may be made to
done without sacrificing any principle. Public
sentiment, both in the United States and in the serve in legitimate and honest trading. Of course,
Allied countries, is hostile to any important modi­ the fakers get lists; it is said that they deliberately
fications, the general feeling being that the Ger­ turned themselves into the various bond campaigns
mans are simply getting their desserts. Neverthe­ for the purpose of compiling addresses of suckers,
less it would be nothing less than a calamity if the and it is reported that in a few instances here holders
peace negotiations should fail at the present junc­ of bonds have been approached by the same persons
ture. The Allies could then proceed to enforce a who sold them the bonds, now trying to talk them
new blockade of the German States and to entci into exchanging for oil stocks.
The public danger in all this is very real. The
upon the complete occupation of German territory.
thrift
habit which has been begun and is so important
That would undoubtedly be a serious matter for
to
the
country is threatened; the confidence which
Germany. But it would also be a serious matter
m
ust
underlie
all transactions and ought always to
for the Allies, in their present state of economic



M a t 31 1919.]

THE CHRONICLE

S "“ ‘ - f r r * “ : “ =

SLT.T?.^y- f "!”

* »

2165
2

s r r i r ~

11*“■

scandals to occur, discrediting future issuesTd fZ- regaZ7t\\%ric^^^^

securities
ZtoZndh“fw
nLdthat
Z!°P
Tntinvest'0tT profit
bet5CTtore‘U
mgrow
thaD
°W
eCUredthe
isesnrosneritv
s“tial toofaffo
rd
sec rities m
arket, and he thinks
unless
the
ern
andS
assure
the
ment houses themselves devise some remedy “con- South. While many cotton growers \iave made
s ir ilT a tZ ”
g
VCry “
Fcderal 0r mT y f‘'°m the Cr0P 0f
the vast marpi tv- + •+ \++
i•
j°nty, he contended, white and black tenants esr(3 hc Dlstrict Attorney explains at some length the pecially, has merely eked out a scanty existence
di iculties before a successful prosecution of dis- largely by the work of their wives and chddren in the
loncst promoters and salesmen. For instance, a cotton fields. There can be little doubt that there
the I<ccleral Court of Appeals prohibits have been seasons in the past, with the supply re­
raiding the offices of these parties, holding that dundant and the demand for it anything but^active
evidence thus obtained is illegal and convictions |where the resulting low price level has meant absence
based upon it must be reversed; next, it has been of profit or actual loss. But it is hard to believe that
held that a County Clerk’s certificate, authenticated at the plane of prices prevailing the past two seasons
by ^ judge in another State, is not competent evidence [ planters as a rule have not fared exceedingly
here that the defendant owns no oil wells or real well. Not as well, of course, as the wheat raisers,
estate and has no lease recorded in his favor; further, with a high price guaranteed by the Government to
that the prosecution meets the great difficulty of stimulate production in order to relieve the world’s
proving the real mineral wealth of the properties distress, but nevertheless well.
glitteringly vaunted. So this prosecuting officer
thinks the newspapers have the remedy in their own
Canada’s foreign exports for April, due mainly to
hands.
a marked decline in the shipments of manufactures,
Obviously, this comes under the cover of the Act
showed a considerable decrease from March and
creating the Federal Trade Commission, and the
were 63^ million dollars less than for the correspondCommission long ago asked all persons approached
mg period a year ago. The outflow of merchandise
by offers of exchange of bonds for “speculative or
doubtful stocks and securities” to send‘to it tte'ai I
052 T m s Z f
toe8”\ 1 t6r o m S r e ’i s t o \ T f 1 T "
i” the *>“ ”“>“«» °f « »
calenZ year at
ev d “ yZ e s
, f ^ 899’399’ “
>“ d b7 f
margin a new
tion of the “Blue Sky” class has the drawback* rf hiving^Ten ^
594
in W l ^ r t l ” T
possibly being too sweeping and too interfering; 1354^ million dollars.’ Imports fL the mon^were
it is also likely to be tardy in arriving, and it is
usually slower-footed than the offenders it wishes also smaller than a year ago, $54,255,219 contrasting
with $78,623,941, and the total since January 1 is
to overtake and suppress. To ourselves it has seemed
$263,871,311,
against $278,763,501. The favorable,
from the first that the speediest and surest check
or export, balance for the month this year is
on this nefarious trading lies in a general voluntary* 231 om
&
°r ..\e month tllls year is $1(V
intervention by all financial institurioL t d ^ «
Tr” £ ^
T T °f

XJSZSSZX

in placing the bonds. The pure Lsers “
fecorrf
as readily reached for warning as for
Why should not each of these institutions fim s or
persons, without awaiting concerted action warn
these neophytes in saving not to nart wth Z
Imnds or consider
; 1 tlleir

T

*

^

a‘ $91f ? 79- aSain8t 374,831,039.
temZZe for" Coanef 10n. * 'th thls la
f t - , 0 tha country> “ ‘f »f interest to
week
t announced at Ottawa this
? V
t” ! T
“T be,011 made by the
Canftdian Trade Commission for the allocation (by

suitingthesourcethrough
wWclfth^tmlk
th^r^onds1
tend^t’^Ti^
°f “ “ countries.
S10°/000'090
credits
be
______
ytooktneir
bonds ^
r tended
to European
Stating
thetodivision
At the twenty-third annual convention of n J l ! , 1* , 21? foodstuffs, 20% raw materials and 60%
American Cotton Manufacturers’ Assocktion hHd
Commission ra">arks, in effect,
on Tuesday and Wednesday of the
tn
eru
cw
oe t no t r
f y7 g
!sm0!e to secure
Atlantic City,
Citv. m
many
any topics
tonics of
of interest
i„tL<n were discussed
,I
a| nent,footmg for the Dominion intheforeignfieldthan
Atlantic
to take advantage of the orders that may come as a
and elucidated with particular attention centred on
result of the credits. It is felt in fact that manufac­
the addresses of Vice-President Marshall and Richard
turers must shoulder a far larger share of the financial
H. Edmonds, editor of the “Manufacturers’ Record ”
burden which the Dominion will have to bear as a
of Baltimore. Mr. Marshall during the course of his
remarks voiced his opposition to Government opera result of the enormous increase in debt during the
For U
the. guidance of the various
tion of shipping and favored the sale of the ShinnW tfour years of war. • \°r
Board’s tonnage to private corporatioL at a W e Iart ^
orgam^taons in making allotments of
which would permit operating at a profit the Govern bv if Sp U r C t r U C S °Tcomlltions have been adopted
ment to Docket anv financial
the Commission to assure an equitable sharing
t?
4. !
at at i ,,,
^1
U
S
resulting.
of
them
bycmanufacturers.
With
Excerpts from Mr. Marsha l’s address annenr rm o
±
, the proviso
proviso that
tnat
subsequent page.
PP °n a GVer+
y ™a»ufacturer faring to share in the business
Mr. Edmonds, in speaking on “The Relation of th e m!!i
+ -G prcsen . tlm e ^)e aefuftPy engaged Jn
South’s Cotton to the NatL’s We
farc
-’
eneZl
^
° ;feqU
,pP
cd t0
out
simila^ all,
vveuare, repeated 1 ot goods as ^
that
for w
hich
antu™
order
isasolicited,



THE CHRONICLE
under certain conditions, will have an opportunity to
share on the same terms. Power is reserved to take
proper action if product is unsatisfactory, if standards
are not conformed to, or failure or unwillingness to
complete goods. Finally there will be an opportunity
to exhibit samples at a Canadian exhibition just
opened in Paris.

[V o l . 108.

really doubted it deep down in their hearts. After
the Spa conference Paris authorities changed their
opinion. Apparently they had received informa­
tion that led them to believe that Chancellor Scheide­
mann and the other prominent Germans who had
come on from Berlin had told their Peace Commis­
sioners that, while personally they were not in favor
of signing the treaty, they had coma to the con­
clusion that the demands of the German people for
peace were so general and urgent that the document
would have to be signed, and that all that remained
was to get the greatest concessions possible. Berlin
advices received just at the close of last week and
at the beginning of this week seemed to confirm this
idea. One special cablegram to a New York news­
paper stated that it was worth noting that “ much
les3 stress than formerly was placed on the proba­
bility of not signing, and that there was much more
talk of what modifications would be necessary to
induce Count von Brockdorff-Rantzau and his
colleagues to sign.”

With the beginning of this week the Germans
entered upon the third and final stage of their
handling of the peace treaty, preparatory to filing
their final reply and counter-proposals, which had to
be submitted to the Allies not later than Thursday
afternoon. Broadly speaking, this stage, or period,
may be characterized as that in which denunciation
of the peace terms was carefully avoided and in
which a determined effort was made to secure every
concession possible. Roughly, these stages com­
prise a week each. The first was devoted laigoly to
a wholesale denunciation of the treaty by Peace
Commissioners, Government officials in Berlin and
the people of Germany as a whole, with the exception
There had been rumors of serious differences of
perhaps of the Independent Socialists.
_
opinion between members of the peace delegation
During the second period there were fewer vocifer­
and between that body and the leaders in the G ov­
ous protests, and all in authority devoted themselves
to the framing of “ observations,” or notes, in which ernment, and also suggestions that von Brockdorffexpression was given to some of the principal objec­ Rantzau would resign. Following the Spa confer­
ence Berlin issued a statement in which it was claimed
tions of the Germans to the treaty. Much time was
that a perfect understanding had been reached be­
given also to the drafting of specific counter-pro­
tween all having to do directly with the peace nego­
posals. During that period the attitude of the Ger­
tiations. Whatever may have been true regarding
mans toward the treaty, as originally submitted, was
still that it was unsignable and unworkable. Toward these various suggestions, it was stated in Veisailles
the end of last week, however, there were evidences advices last Saturday that “ all the members of the
of fear upon the part of the Peace Commissioneis and party were smiling and seemed in good spirits,
Government leaders that the practically unlimited when they arrived that morning. This statement
denunciation of the peace terms had been canied too refers to the Peace Commissioners who had gone to
far. In fact, there were indications that certain fac­ the Spa conference. Certain it is that nothing
tions in Germany would demand the signing of the was heard during this week, not even from London,
treaty. It appeared to be realized also that an ef­ of friction among the German peace representatives
fort must be made to prepare the minds of the people or between members of Chancellor Scheidemann’s
of the country as a whole for what might happen if Cabinet.
the treaty were actually rejected by the peace pleni­
In Berlin and in Germany generally the cable­
potentiaries. Unmistakable evidence of the attitude
grams indicated that “ the protest excitement is dying t
of the Independent Socialists became known in Paris
out and that a thoughtful mood is replacing the
and in this country last Saturday through advices
demonstrations of a few days ago.” In other words
from Berlin, which stated that some 500,000 people
it was evident that the Germans realized their posi
had made a demonstration in the principal streets
cion, and that they were devoting the closing days of
of that city, shouting as they marched, “ Sign the
their negotiations to obtaining every concession pos­
Peace Terms! Sign the Peace Terms!” One of the
sible from the Allies. The first of any account
banners that they carried read: “ We have had
actually obtained was with respect to the Sarie Val­
enough; peace, for G od’s sake,” while another de­
ley. It was characterized in Paris advices as
manded “ Sign anything that brings us peace.
“ minor.” In brief, it provides that “ Germany may
set up a prior charge upon her assets or revenues for
It will be recalled that on Thursday evening of last
the payment of the mines in the Sarreregion, if the
week Count von Brockdorff-Rantzau, head of theGerplebiscite goes against France. If, however, the
manPeace Commission, and several other members
sum agreed upon is not paid within a year from the
left hurriedly for a conference at Spa with Chancellor
day it is due, the Commission on Reparation is to
Scheidemann, Count von Bernstorff and othei
effect payment under instructions from the League
prominent representatives of the Government. It
of Nations.” It was explained in Paris advices that
was expected that the Versailles representatives
the “ alteration was made in view of Germany’s
would be back there Sunday, but they came Satur­
declaration that it was impossible for her to accumu­
day instead. The opinion was expressed in Paris
late a sufficient sum of gold with which to pay for the
at the time that this conference, though brief, really
mines in fifteen years before the plebiscite is taken,
represented the turning point in the attitude and
since other reparations would constitute a constant
policy of the German Peace Commissioners and the
Government officials with respect to the treaty. drain.”
Up to that time, while it had been claimed in Paris
Replies and counter-proposals were exchanged at a
and Versailles, London and Washington that even­
rather lively rate during the early days of the week.
tually the treaty would be signed, there were indi­
Bv Sunday morning the Germans had handed Chaiications that the best informed in the French capital



M ay 31 1919.]

THE CHRONICLE

2167

man Clemenceau no fewer than thirteen notes. The
convince the Allied and Associated Governments
communication bearing this supposedly unlucky num­
that they are really dealing with a new Germany
ber was a rejoinder to the reply of the Allied Council to
which will threaten no one as did the old regime ”
the Germans’ note regarding responsibilities. Count
llu s would seem a little difficult to believe in view
von Brockdorff-Rantzau still insisted that “ Ger­
ot the fact that Berlin advices stated that Count
many’s only responsibility is for the violation of
von Bernstorff, together with Matthias Erzberger,
Belgian neutrality, for which it is ready to make
had most to do with drawing up the reply and the
reparation.” He declared that “ all the Powers were
numerous notes.” According to the correspondent
lesponsible for the war, and that the material damage
quoted it was decided also at the conference at Spa
done was the work of the Allied armies as well as the
that no matter what decision the Allied representa­
German armies.” In their contentions regarding the
tives might reach upon the requests and demands
question of western boundaries apparently the Ger
Ot the Germaa negotiators, the latter “ will not in
mans did not succeed, even in a small way. Chair­
any case oppose any action that the other side may
man Clemenceau in his reply, which was made public
take.” “ The resistance,” it was declared, “ would
in Washington M onday, denied the assertion of the be purely passive.”
head of the German peace mission that “ German
As to the principal features of the counter-pro­
teiritories are the subject of shifting from one sov­
posals that would make up the main reply of the
ereignty to another like pawns in a game.” He also
Germans, it was claimed in advices from both Ver­
called attention to the fact that “ the desire is that
sailles and Berlin as early as last Saturday that they
the inhabitants of the countries in question shall be
were agreed upon at the Spa conference the day betaken into consideration, the only exception being
ore, although it was stated that it lasted only six
that part of Prussian Moresnet, inhabited by only
hours. In a message from Berlin dated Saturday it
oOO persons, which is transferred to Belgium as partial
was asserted that this work was so far advanced that
reparation for the destruction of Belgian forests by
the
reply would be ready by Tuesday of this week,
the Germans.”
iiie prmeipai work remaining was said to be the
technical production of the document, which proba­
On luesday and Wednesday further concessions on
bly will be typewritten.” On Monday afternoon
the part of the Allies were not indicated in the ad­
word came from Paris that the French Government
vices received here. It was claimed, however, in a
had received from the German peace delegation
special cablegram on the former day to a New York
,. e as®urance that it will ask no further extension of
newspaper that is opposed to President Wilson and
time for consideration of the peace terms.” Anhis policies, that undoubtedly the Allies are weak­
nounement was made in Berlin that the reply “ is
ening somewhat with regard to standing pat on the
based on the principles of right contained in Secre­
treaty. Whether this is due to President Wilson or tary Lansing’s note.”
Lloyd George, or to both, is not clear, although the
political situation in England unquestionably is a
Most of the documents that have been handed in
factor.” The correspondent said also that the
British Premier had been “ informed that a big trade i ° i.i1G .^eace Conference authorities have been
lengthy in the extreme. The most notable excep­
union conference to be held this week will oppose the
tions have been the replies of Chairman Clemenceau
treaty ^as too severe.” The meeting, he added,
to the German notes and counter-proposals, which
would take place simultaneously with the presenta­
have been gratifyingly brief and lucid. On Monday
tion of the German counter-proposals,” and that it
it was stated in Berlin advices that the main reply
was impossible to minimize the conjunction of those
oi the Germans to the peace treaty “ would be a docu­
events.” According to this correspondent, also, the
ment equivalent in length to some 70 or 80 fools­
Germans were “ unwilling to sign the treaty unless
cap sheets of typewritten matter.” Lest this should
modified, and therefore request that their counter­
seem long, it was added that “ all of the somewhat
proposals be made the basis of negotiations, expressing
ponderous repetitions and quotations had disap­
themselves as confident that in that manner a treaty
peared,” and that “ the new reply will deal pointedly
can be worked out that will insure a world peace of
with all the most important questions and propos­
justice.” Against the making of verbal “ observa
als.
It was gratifying to note the expression of
tions” on the treaty and to the granting of negotia­
opinion in Paris that a formal answer could be
tions on its provisions, the Allied representatives had
dratted by the Allies within a week.
been unalterably opposed ever since Chairman
Clemenceau, on M ay 7, outlined to the German
Throughout the week cablegrams came to hand
Peace Commissioners the course of procedure they
particularly
from Berlin, that purported to give
must adopt in dealing with the treaty.
an outline of what the main German reply would be
Reference has been made to the policy apparently Even last Saturday it was set forth in one such mes­
adopted at the conference at Spa last Friday sage that “ Germany is trying to save her large mer­
Briefly, as already stated, it was to obtain all the chant fleet now in possession of the United States
concessions possible and to quiet the people at home and the Allies by a daring proposal,” namely that
who were demanding peace. Whether the Germans she would give up her mercantile fleet provided it
would actually sign the treaty, and if so, whether the become part of a world shipping pool, of which
Government and the people would live up to its Germany will be a component part, and in which
terms, was not made clear in any of the advices that sue will be a participant and stockholder.” The
came to hand during the week from Berlin and other plan was said to provide also that “ the United States
centres. A special cablegramreceived from the Ger­ and the Allies would receive and divide among them­
man capital on Monday stated that in their effort selves 50% of the stock of all the German shipping
to secure concessions the representatives of the Ger­ companies, Germany retaining the other half n.This
man Government would do all in their power to would include the German docks in Hoboken
Baltimore, Hamburg, Bremen, Cuxhaven and else


2168

[V ol . 108.

THE CHRONICLE

where in every country.” Through their holdings
of stock it was claimed that the United States and
Great Britain would have control of the pool, but
that Germany would be enabled to carry on her own
commerce, which would help her to meet the heavy
financial obligations and reparations resulting from
the war.
At first sight this might seem a plausible
proposition from the German point of view, but it was
not one to which the Allies could have been
expected to give serious consideration. Monday
afternoon word came from Washington that the
Council of Four had “ reached a full understanding by
which the United States will retain the 700,000 tons
of German shippnig seized in American ports when
this country entered the war.”

occupied territory *to be evacuated within six months,
under the League of Nations, with Germany as a
member, she shall “ continue to administer her colo­
nies in accordance with the principles of the League
as its mandatory” ; Germany to pay “ 20,000,000,000
marks in gold by 1926 as an indemnity and to make
annual payments from 1927 onward to a total not
in excess of 100,000,000,000 marks in gold.
From
Versailles came the word Wednesday afternoon also
that the German peace delegates had inserted aclause
in the reply in which there was demanded 12,850,*
000,000 marks for “ damage from Allied blockades,
as an offset to the reparation demands of the Allied

From Copenhagen a synopsis of the German reply
was sent out the first of the week that was said to
have appeared in the Hamburg “ Fremdenblatt.
It
claimed, among other things, that Germany would
“ demand that the administration of the Rhine dis­
trict shall remain German, Germany to deliver the
coal to the French from the Sarre and Ruhr districts,
but would not acknowledge the plebiscite proposed
for 1934, and also that Danzig should be a free harbor
at the disposal of Poland.” From Berlin came the
report on Tuesday that Germany was willing to re­
duce her army to 100,000 “ as soon as the stability
of the government is established.” Wednesday
morning there was received a long cablegram from
Berlin containing an alleged outline of the German
reply in greater detail than anything that had ap­
peared up to that time. The author of the message
went so far as to say that “ the question whether
Germany will sign the peace treaty depends alto­
gether whether the Allied and Associated Powers will
agree to plebiscites in all disputed territories and the
reception of Germany into the League of Nations as
a member with an equal vote.” “ Both these issues,
he added, “ are made cardinal features of the German
reply.” With respect to the part that the League
of Nations might be called upon to play in German
affairs Count von Bernstorff was quoted as saying
that- “ if all our counter-proposals are rejected there
will be nothing to do but to ask the League of Nations
to come in and take over the administration of

Powers.”

.

According to a cablegram received in New York
Thursday afternoon the volume containing the Ger­
man counter-proposals, and which bears the caption
“ Observation of the German Delegation on the Gonditions of Peace,” was informally delivered to Col.
Henry, the French liaison officer, at 12:20 o clock that
afternoon by Baron von Lersner of the German delega­
tion. The volume was not bound, but was held to­
gether by corner fasteners and consisted of 146 pages.
The counter-proposals were in German, the repre­
sentative of the peace delegation explaining that
there had been no time for translations, which would
be sent later. The German newspapers generally
supported the terms of the reply, but denounced the
stipulation of the peace treaty that was submitted
to the Germans by the Allies on May 7.

From Versailles a cablegram was received Wednes­
day afternoon stating that Count von Brockdor Rantzau would leave for Spa immediately after the
presentation of the German counter-proposals. Ear­
lier in the day the advices stated that his private
secretary had left the night before with a copy of the
German reply “ in manuscript form for the Germa
Government.” About 20 other subordinates left
with him, and they were to be followed by 50 inoie
in a special train to Cologne Wednesday afternoon.
Thursday morning an announcement came from
Paris to the effect that the “ present German peace
delegation will be materially changed in personnel,
as the German Government has given too many as­
surances that the peace terms will not be acceptable
Germany.”
______
for the delegation as at present constituted to yield
its contentions.” It was stated also that Count von
As the time for the delivery of the German reply Bernstorff was forming a new peace delegation an­
to the Allies drew nearer naturally the alleged out­ nouncement of which^would be made in a few days
lines of the document became more comprehensive and that it would be sent to Versailles, instructed
and specific. Word came from Versailles Wednes­ to sign the treaty immediately.” A Versailles ca eday morning that, while the Germans’ counter­ gram received Thursday evening stated that Ilerr
proposals possibly might be ready that afternoon, Lansberg and Herr Geisbert planned to leave for
probably they would not be submitted to the Supreme Berlin during the night, but that Count von BiockCouncil before Thursday, the final day. In the late dorff-Rantzau would not go until yesterday or to day.
cablegrams Wednesday afternoon appeared the most
definite statements up to that time as to what the
Copenhagen heard on Monday that Dr. Renner,
reply actually would contain with respect to the most head of the Austrian peace delegation, had addressed
vital features. The outline given in these messages a formal note to Chairman Clemenceau complaining
was said to have been taken from an official summary
over the delay in delivering the Austrian peace treaty
made public in Berlin during the day. Apparently and asserting that it “ is arousing grave anxiety
this was done before the reply was in the hands of regarding the maintenance of peace and order in
the Peace Conference authorities.
the Fatherland.” The note was said to have called
The following are some of the most important
attention also to the expense of maintaining the
points mentioned: The disarmament of all German
Austrian peace delegation at St. Germain so long,
battleships “ on condition that a part of the fleet be
and to have purged the “ Peace Conference to open
restored to her” ; no territorial changes without con­ » a t i o n s > speedily as possible.” The same day
sultation of the populations affected; Danzig to be
Announcement^was.lmade in Pans that the treaty
a free port and the River Vistula to be neutralized




M at 31 1919.

THE CHRONICLE

2169

held been completed with the exception of financial
pioblem, namely that America "’control the famous
clauses and the southern boundary, regarding which
Straits and the capital for the benefit of European
some details aie to be straightened out.” According
peace and the interests of the new Eastern peoples.”
to this announcement Wednesday of this week was
This proposal was reported to have called also for
the day set for delivering the treaty, and the belief
“ an American Governor-General and American
was expressed at that time that this would be possible.
administrators to be responsible directly to the
Monday afternoon it became known in Paris that
League of Nations.” This, it was suggested, would
the credentials of the Austrian delegation had been
require no mandate, “ the Senate being left free to
approved by the Credentials Commission of the
assume a mandate later.” In a special cablegram
Peace Conference and that “ the Austrians had sent
from Constantinople that reached here Tuesday the
their first note to the Allied and Associated Powers,”
city was pictured as being in “ gloom.” The people
which had to do with Carinthian affairs. Then it
were said to “ feel acutely the manner of occupation
was feared that the peace terms would not be pre
of Smyrna and to have begun despairingly to realize
sented to the Austrian delegates “ until next week,
that the Empire is in shadow.” Oscar S. Straus, a
the main cause of the delay being with respect to
former American Ambassador to Turkey, in an inter­
reparation.” The opinion was expressed that the
view with a special correspondet of a New York
Allied and Associated Powers would, in the mean­
evening newspaper on Wednesday took issue with
time, “ execute a decided change of front,” directing
Henry Morgenthau, more recently Ambassador to
that the States formerly within the Austro-Hun­
lu rk ey , on the latter’s suggestion that “ the United
garian Empire, and now liberated, be relieved from
States accept a mandate for a large part of the Otto­
bearing their proportionate share of the reparation
man Empire.” In Mr. Straus’s judgment such an
payments.” What was represented as being “ the
undertaking would prove “ a barb-wire entanglement.”
prime factor in the negotiations,” up to that time
was that about 3,000,000,000 francs of the Austrian
Russian affairs came into prominence in Peace
pre-war debt was held in France, .the repayment of
onference deliberations, not so much perhaps be­
which to Austria’s nationals had been secured by cause of what was going on within the limits of that
the French Government. Naturally, it is pointed country, or because of what she was doing for her­
out, the latter wished to “ distribute the financial self, as by reason of what those outside of Russia
burden in order to prevent the bankruptcy of the were trying to do for her and her people. The very
new Austria and Hungary.” The latest cables fact that the Lenine Government had demonstrated
received here Wednesday evening did not contain its inability to bring about and maintain peace and
an announcement that the peace terms had been order in Russia undoubtedly was a big factor in the
submitted to the Austrian delegates that day as consideration that was given by Peace Conference
originally planned. The advices of the day before authoiities of the question of recognizing Admiral
indicated that, as a result of Dr. Renner’s protest, Kolchak as head of the Omsk Government. Some
a part of the treaty might be submitted before the weeks ago reports came from Paris that President
end of the week. On Thursday morning it was Wilson favored the recognition of the Lenine Gov­
stated definitely in Paris advices that a part of the ernment. Events developed so rapidly in Russia
Austrian treaty would be presented formally to them that the unwisdom of such a step was established
that afternoon and that during the day, at a plenary conclusively. Food and other conditions became
session of the 1 eace Congress, in the French Foreign so bad in Petrograd and. Moscow that the people
Office, the terms of the treaty would be made known were reported to be leaving as rapidly as possible.
to the icpiesentatives of all the countries which Finnish troops were said to be close toth efo *mer city,
broke diplomatic relations with Austria. The plenary while the anti-Bolshevist forces were reported as
session was held, but announcement was made that having made “ great and rapid successes north,
the ticaty had not yet been completed. The session south and west of the capital.” As a result of the
was adjourned until to-day (Saturday), “ when the rapid crumbling of the Soviet Government, London
completed treaty is expected to be ready.” Accord­ heard at the beginning of this week that “ a great
ing to a report in circulation in Paris Thursday after­ change had come over the situation in Russia.”
noon, the peace terms will not be presented to the
Austrians until Monday.
Monday London received the report that Lenine
had offered an armistice to Admiral Kolchak, but
Announcement was made in Paris on Tuesday of that the latter had declined it promptly. A Paris
a new Commission on Reparation. The American cablegram received here on Monday stated that the
members are Norman Davis, Thomas W . Lamont, Council of Four was “ considering the Russian situa­
Vance McCormick and A. W . Dulles. The former tion at every session,” and that it was specially in­
American members were Bernard M . Baruch terested in the reports of explosions in Petrograd,
John W. Davis and Mr. McCormick.
which were said to have been heard the day before.
It was reported likewise in London that Great Britain,
There was less in detail this week than last relative largely for commercial purposes, was considering the
to the plans of the I eace Conference authorities for recognition of the Kolchak Government, a step said
the future of lurkey. Apparently the opposition to be favored by Lloyd George. President Wilson,
to the British proposal of allowing the Sultan to on the other hand, was spoken of as still inclined to
remain in control of Constantinople did not lessen maintain “ an extraordinarily amicable attitude
with the passing days. One of the chief difficulties toward the Russian Bolsheviki.” Paris claimed
in the way of completing the plans for partitioning that in French circles the impression prevailed that
Turkey into five parts was said to have been the “ the Council of Four had decided unanimously to
inability of President Wilson to pledge America to a recognize Admiral Kolchak.” In American quar­
mandate. A suggestion was reported to have been ters it was claimed, however, that a decision had not
made that it was thought might solve the difficult been reached. Monday afternoon Paris advices



2170

THE CHRONICLE

[V ol . 108.

stated that the Council had decided “ conditionally to thought that there was a fair chance “ that an adjust­
recognize the anti-Bolshevik Governments of Ad­ ment might be reached during the day.” The
miral Kolchak and General Denikine.” Among the following morning word was received from Paris
conditions mentioned were that “ those Governments that “ the question of Fiume and the southern
agree to convoke and accept the verdict of a genuine territorial boundaries of Austria has been settled b y
Constituent Assembly, which is to determine the the Allied Council.” It was stated also that an
future form of Government for Russia.” It was agreement had also be reached “ on the general Ad­
claimed that this plan would “ enable the Allies to riatic question, except regarding economic arrange­
Thursday evening a Paris cablegram stated
recognize and assist any force in Russia co-operating ments.
that,
according
to the understanding at that centre,
in the struggle against Soviet rule.” While it was
specifically stated that “ the Allies will not furnish Fiume becomes “ an independent city” and “ theAdmiral Kolchak and General Denikine with troops,” Italians will receive certain Dalmatian islands,” but
it was asserted that “ they would supply them with neither Zara nor Sebenico. According to still other
arms, munitions, money and food on a larger scale advices, no settlement of the Italian situation had
than heretofore.” Thursday’s advices stated that been reached.
the “ Allied Council on Food Supply now has eight
Louis Klotz, French Finance Minister, introduced
ships loaded with pork products and flour at Helsing­
a bill in the Chamber of Deputies Tuesday provid­
fors, Danzig and other Baltic ports, which could be
ing new taxation. The measure calls for an in­
delivered in Petrograd within seven days.” It was
crease in succession taxes; a super-tax on war for­
said, however, that their delivery “ will have to await
tunes, additional taxes on gas and electricity, an
joint orders from the Allied Powers, and these are
increa*se in the tax on tobacco of 25% , a super-tax of
not as yet forthcoming, pending the outcome of events
5 % on incomes over 10,000 francs, increased duties
in Russia.” On Tuesday a cablegram from Omsk,
on wines, liquors, sugar and coffee, a State monopoly
Russia, stated that “ the work of reorganizing the
of oil products, and a wholesale revision of customs
All-Russian Government is proceeding.” Day by
tariffs. M . Klotz expects to collect at least 250,­
day reports were received of further decisive defeats
000,000 francs “ from more vigorous proceedings
of the Soviet forces at several important centres.
against those attempting to defraud the Govern­
Wednesday advices came from Stockholm saying
ment.” From the new proposals he estimated that
that a heavy bombardment had been heard again
the revenue would be 1,280,000,000 francs, making
in the vicinity of Petrograd. It was even reported
the total collectible revenue 8,196,000,000 francs.
that the city was in the hands of the Chinese, Lett
and Finnish Reds, who were said to have mastered
The week opened with the British markets still
the formerly established Bolshevists, after heavy
waiting
for an official announcement of the new
street fighting. London heard that “ the Allied and
Government
loan. At that time it could not be
Associated Powers have made arrangements to feed
learned
whether
it would be floated this week in
Petrograd after the expulsion of the Bolsheviki
and that Herbert C. Hoover had the details in hand.” order to attract the reinvestment of the large June
Wednesday afternoon word came from Paris that dividends, or be held back until after the signing of
while both France and Great Britain were ready the peace treaty. According to the latest rumors
to recognize General Kolchak immediately, “ the in circulation in London, it was proposed to issue a
United States is not willing to recognize him at all.” 4 % loan at 80, redeemable in 50 years by annual
President Wilson was said to be “ not yet satisfied drawings, to be begun at an early date. It was
that such recognition would not mean the imposition said that the amount of the issue would be £750,­
000,000. During the first half of the week there
of a reactionary regime in Russia.”
was special activity in the shipping and oil shares.
M onday afternoon Paris cablegrams stated that Thursday the standard stocks were firmer on rumors
“ there were indications to-day in Peace Conference that the Government loan would be postponed.
circles that the negotiations for the settling of the Profit taking in the Canadian and Argentine rails
Italian problems were being resumed after a week’s was in evidence. The market as a whole was ir­
suspension.” According to those advices the opinion regular. This tendency was notably true of the oils,
prevailed in well-informed Paris circles that “ a which had advanced rapidly.
strong effort is being made by the French, British
and Italians to have the treaty of London, signed
by those powers in 1915, just before Italy’s entrance
into the war, serve as the basis of the settlement.”
Tuesday it was reported also from the French capital
that “ the Italians have effected a further landing of
troops at Sokia, in Asia Minor, 50 miles southeast of
Smyrna.” It would seem that this step might easily
have complicated further a situation already seriously
mixed up. The same day it was claimed that the
attitude of President Wilson toward the Italian prob­
lems was adding to the difficulty of the its solution,
which at that time to the casual observer, seemed
practically impossible. Wednesday afternoon the
statement was made in Paris that the Council of
Four was making a determined effort to effect a
settlement of the Italian question. Col. House,
Captain Tardieu and Premier Orlando were present
at the Council meeting in the forenoon, and it was



The report from Paris that Premier Lloyd George
“ was considering favorably a proposal from the
American peace delegation to visit America this
year,” was read with much interest in the United
States, and the hope was generally expressed that
he would actually decide to come. It was assumed
that if he did make the trip it would be primarily
in order to attend the first meeting of the League of
Nations to be held in Washington next October. If
he were to come, it was pointed out that he would
be the first British statesman to visit the United
States while at the head of the Cabinet.
No change has been noted in official discount
rates at leading European centres, from 5% in Lon­
don, Paris, Berlin, Vienna and Copenhagen; 5 ^ % in
Switzerland, 6 % in Petrograd and Norway, 6 ^ % in
Sweden and 4 ^ % *n Holland and Spain. In Lon-

M at 31 1919.]

THE CHRONICLE

don the pi ivate bank rate continues to bo nnotorl nt I

5

TTn*.+Vw-,

2171
*

.

,

.

—

~*

—*

tlr* * - °'b“ ?

1 he Biitish Freasury statement for the week end­
ing M ay 21 indicated a nominal increase in the Ex­
chequer balance £60,000 so that the balance on
hand is now £0,734,000, as compared witl, £0,073,000
a week ago. The week’s expenses totaled £15,545,­
CIS a s .
000 (against £18,749,000 for the week ended May 17),
while the total outflow, including Treasury bills re­
paid and other items, was £91,058,000, in contrast
with £86,272,000 in the week preceding. Receipts
from ^11 sources were £91,118,000, comparing with
£86,125,000 the week before. Of this total, revenues
brought in £13,009,000, against £13,223,000; war
bonds contributed £5,841,000, against £4,730,000,
and other debt £8,287,000, against £2,236,000. War
Savings certilicates yielded £800,000, against £1,­
000,000, while from sundries a total of £50,000 was
leceived, against £284,000. Nothing was received
fiom advances this week. Last week they amounted

000 marks in coin and bullion and of 25,207,000
marks in gold, and a reduction in deposits of 965,­
453,000 marks. Treasury notes increased 117,789*000 marks, notes of other banks *476,000 marks
, u,11(a uullt!r uaomiies v ^k ui, u nna
^
m
and other liabilities 256,959,000 marks. There
were d e ^ a s ^
M 7 434 non
,
■„
I
« '
i ’
?
m bllls dls
counted, 1,381,000 marks in advances, 1,465,000
marks in investments and 45,917,000 marks in other
securities. 1he Bank’s gold holdings were not
reported.

Advices received here under date of M ay 24 state
that the annual report of the German Reichsbank
ndicates a total of transactions for the year 1918 of
3,343,000,000,000 marks, which exceeded by 1,313,­
000,000,000 marks the total in 1917. Gold reserves
were reduced 144,000,000 marks, compared with a
decrease of 114,000,000 marks in the previous year.
An enormous expansion in note circulation, rendered
necessary by the imperative monetary needs of the
Slll0S 0 f , Tr“ S“ ry hills aggregated I country, was noted, raising it in round numbers'to

2 ’ 18&
£
,
“ WCCk 22’ 1|
8 7’000’000
» in -ea se of 10,270,000 000
ago. repaym ents totaled £59,824,000; hence a |marks over the total on Dec. 31 1917. At the end
further increase is shown in the volume of Treasury
of 1918 the Reichsbank held 13,218,000,000 in foreign
bills outstanding, which now stands at £1,022,097,­
money, this sum being an expansion of 5,230,000,000
000, in comparison with £1,018,789,000 the previous
marks over the figures for 1917.
week. Temporary advances outstanding are given
In 1918 the gross profits amounted to 814,000,000
as £459,391,000.
marks, which contrasts with 364,000,000 the preced­
\\ ai bond sales through the banks last week
ing year. Of this total 330,000,000 marks was
showed an appreciable increase, amounting to £6,­
carried to reserves against losses caused by the war.
499,000, against £4,869,000 a week ago. This
The net profits reached a total of 111,000,000 marks,
brings the aggregate of sales to £69,991,000. Through
of which• 15,600,000
was
to stock­
stockthc Post Offices sales during the week nrecedinf? hr,u
’
,marks
1
" as distributed
cllstnbuted to
, . , , rorK nnn
,.
1
" cck preceding holders m the form of a dividend of 8 68% fns ap-nined
aeirreeate of £3,364,000.
£3 SfU non a
m
*
_ 00/0 ^as aSainst
totaled £255,000, making an aggregate
8.72% in 1917). The Imperial Treasury received
The total recorded is £73,355,000.
390,500,000 marks, compared with 207,000,000 in
1917.
I he Bank of England this week announces a sub­
stantial gain in its gold holdings, viz., £556,634,
Saturday’s statement of New York Associated
which compares with a small loss last week. Note
banks and trust companies, which is given in greater
circulation, however, expanded £621,000 and con­
detail on a subsequent page of this issue, was some­
sequently there was a reduction in total reserves of
what of a surprise to many, showing as it did a
£65,000. Hie proportion of reserves to liabilities
contraction of no less than S133,109,000 in the loan
declined to 19.20%, as against 20.10% the week
account. This brings loans down near to the low
preceding and 17*$% last year. Public deposits
point reached in the first week of April. No ade­
registered a decline of £5,071,000, although other de­
quate
explanation was forthcoming; while there has
posits showed the large increase of £11,250,000,
been
considerable
liquidation in the stock market)
and Government securities expanded £ 6, 183,000.
Loans (other securities) gained £94,000. The Bank’s neither that nor payments on the Victory Loan
/ agg r e p fr M ^ s o , 2^ , against £63,­ could, it is thought, account for so large a decline.
451,474
1J18 £97
and qr«
£ oo,100,226
year Pluvluuoprevious. I 1.,iere was aIs0 a reduction in net demand deposits,
Rnsprvpqintnt.il
hnn~’ “ T - the Jfvai
£27,368,000, which compares with viz., $18,796,000, to $4,100,168 000 (Government
£30,274,405 a year ago and £34,535,170 in 1917. |deposits of *126,970,600* deducted), aUh™“
Loans now stand at £81,476,000. In 1918 the total
was £106,846,000 and £115,055,100 the year before. time deposits increased S5,087,000 to $150,192,000.
Note circulation has reached a total of £77 161 000 Other changes were a reduction of $415,000 in casli
A y e e r ago it was £51,051 240 and £39,015,050 in in own vaults (members of the Federal Reserve
1917. Clearings through the London banks for the Bank) to $97,142,000 (not counted as reserve); an
week were £511,830,000, against £515,810,000 a increase of $1,609,000 in the reserve in Federal
week ago and £387,528,000 last year. We append Reserve Bank of member banks, to $572,538,000,
a tabular statement of comparisons:
and a decline in reserves in own vaults (State banks
B A N K O F E N G L A N D ’S C O M P A R A T IV E S T A T E M E N T .
1919.
1918.
1917.
and
trust companies) of $209,000, to $11,791,000.
1910.
1915.
M ay 28.
M a y 29.
M a y 30.
M ay 31.
June 2.
£
£
£
Reserves
in other depositories (State banks*and
&
£
C i r c u l a t i o n ................... 7 7 ,1 0 1 ,0 0 0
5 1 ,0 5 1 ,2 4 0
3 9 ,0 1 5 ,0 5 0
3 5 ,3 8 8 ,7 8 0
3 3 ,5 3 0 ,8 7 5
P u b li c d e p o s i t s ........... 2 1 ,0 3 3 ,0 0 0
4 1 ,0 5 5 ,7 1 2
trust
companies)
expanded $658,000, to $12,881,000.
6 7 ,4 3 8 ,6 5 7
S 3 -6 3 4 ,3 7 5 1 3 1 ,7 5 2 ,5 7 8
O t h e r d e p o s i t s ........... 1 2 1 ,5 8 3 ,0 0 0 1 3 5 ,2 0 9 ,9 0 1 1 1 9 4 8 1 * 2 2 5
G o v c r n m ’ t s e c u r it ie s 5 2 , 5 2 2 ,0 0 0
5 0 ,7 3 7 ,7 3 2
45 080*400 8 2 ,8 5 7 ,5 5 7 8 4 ,0 2 5 ,0 7 0
Reserves
showed
a
gain this week— $2,058,000 in the
3 8 ,1 8 7 ,4 7 4
5 1 ,0 4 3 ,4 9 1
O t h e r s e c u r it ie s ------- 8 1 , 4 7 6 ,0 0 0 1 0 6 ,8 4 0 ,0 0 0 115*,055*100
7 2 ,0 5 2 ,0 5 7 1 3 8 ,8 8 3 ,1 0 8
R e s v o n o t e s A c o i n . 2 7 ,3 0 8 ,0 0 0
3 0 ,2 7 4 ,4 0 5
3 4 535 170
aggregate;
and
$4,439,760
in surplus. This brings
4 3 ,2 7 5 ,8 7 7
4 3 .5 0 2 ,7 2 0
C o i n a n d b u l l i o n . . . 8 0 ,0 8 0 ,2 0 4
0 3 ,4 5 1 ,4 7 4
5 5 *1 0 0 * 2 2 0
0 0 ,2 1 4 ,0 5 7
6 8 ,0 4 3 ,6 0 1
P r o p o r tio n o f re se rv e
the totals to $597,210,000 in the case of the former,
t o l i a b i l i t i e s ...........
1 9 .2 0 %
1 7 .5 0 %
1 9 .5 2 %
3 1 .7 2 %
2 0 .2 0 %
B a n k r a t e ......................
5%
5%
5%
5%
compared with $534,671,000 last year, and $54,­
5%
157,580, against $41,963,640 for excess reserves



2172

THE CHRONICLE

[V o l . 108.

been seeking employment?^ this market. All periods
These figures are based on reserves of 13% for
from sixty days to six months are still quoted at
member banks of the Federal system, but not in­
51^ % . Last year the rate was 6% for these matu­
cluding cash in vault held by these banks, which on
Saturday last amounted to $97,142,000. Reserve rities.
Commercial paper rates continue to be quoted at
requirements registered a decrease of $2,381,760,
5 % @ W % for sixty and ninety days’ endorsed bills
while circulation declined $54,000, to $38,764,000.
receivable and six months’ names of choice character.
Names less well known remain at 5 % % - Some
The local money market scarcely moved out of the
increase in activity was reported, but the total volume
grooves in which it has been running, with only slight
of business transacted was not large.
fractional variations, for several weeks. The state­
Banks’ and bankers’ acceptances have been in
ment that stock brokers’ loans totaled more than
fairly good demand with both local and out of town
$ 1 ,000,000,000 apparently had no effect upon the
institutions in the market. The market was called
money market, and was not a disturbing factor in the
steady and quotations continue at the levels pre­
stock market. In fact, the heads of financial insti­
viously current. Loans on demand for bankers
tutions did not seem at all apprehensive over the fact
acceptances are still quoted at 4 % % . Detailed
that this large volume of money was outstanding m
loans for speculative purposes. Following the an­ rates follow:
D elivery
------------------Spot D eliv ery-

. Louis.

within
Thirty
Ninetv
Sixty
nouncement there was no change of any account in
30 D a ys.
Days.
D a ys.
D ays.
4 At bid
either the rates for money or in the tone of the money Eligible bills of member banks............... 4 » /.@ 4 k 4 A ® 4 At *A>®4
4 At bid
market. The prevailing quotations for call loans Eligible bills of non-member banks....... 4% @4 At 4 / 6 @ 4 « ^ @ 4
0 bid
Ineligible bills..........................................S X @ 4 X
BK &4 H * « ® 4 H
were 5 and 5% % , according to whether the collateral
No changes in rates, so far as our knowledge goes,
was “ mixed” or “ all industrial.” Time money was have been made the past week by the Federal
in fairly free supply, but the demand was compara­ Reserve banks. Prevailing rates for various classes
tively light, most borrowers believing that still easier of paper at the different Reserve banks are shown
quotations would prevail within a short time. Bank in the following:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
ers generally stated that the greater part of the
i
3
money that was being loaned at this centre for specu­
2
3
*3
l
ft.
S
CLASSES
lation in securities or commodities was still coming
8
|
§
OF
1
s
i
g
8
£
DISCOUNTS
AND
LOANS
1
M <1 1
from the Central West, where the supply seemingly
Q 3
1 «ft* §
1 *5
S
was much larger than had been realized, except by a
i
Discounts—
relatively small number of money experts, who Within
15 days, Incl. member
4 k 4 k 4 k 4).
4
4
4k 4k 4k 4k 4
banks’ collateral notes----- 4
4k 5
k 4k 4k 5
naturally were in close touch with the facts. Even
16 to 60 days’ naturlty... 4 k 4 k 4% 4 k 4 k 4% 4
5
6
5
6
61 to 90 days’ m aturity... 4H 4 k 4 k 4 k 4% 4% 4% 4H
they may have been surprised at the large volume of Agricultural and live-stock
5
5k 5k 5k 6k 5k 5k
5
5k 6
5
nonpr OVfir 00 cl&VS—
—5
available funds in a big area, of which Chicago and Secured by U. 8. certificates
of Indebtedness or Lib­
St. Louis are the chief points. The attention of the
erty Loan bonds—
Within 15 days. Including
member banks’ collatfinancial district was called once again to the foreign
4 •4A 4
4
4k
4 >4k 4 *4
4
4
Pfnjnntffl
________ 4
H x 4k 4k
16 to 90 days’ maturity. . . 4 k 4 k 4 k 4 k 4 k *4k '4 A ‘4 k 4 k
financial situation this week by Frank A. VanderTrade A cceptances—
4 x 4 k 4*\a
16 to 60 days’ m aturity... 4 k 4 k 4 k 4120 4 k 4120 4i26 4 k 4 k 14 k \4H 4 k
lip, President of the National City Bank, in an ad­
61 to 90 days’ m aturity... 4 k 4 k 4 k 4 k 4 k 4 k 4>d 4 k 4 k
dress that he delivered before the Economic Club
■Rates for discounted bankers’ acceptances maturing within 15 days, 4% :
16 to 60 days. 4 k %• and within 61 to 90 days, 4 k %•
Monday evening and by the conference of bankers within
■ Rate of 4% on paper secured by Fourth Liberty Loan bonds where P
»
that was held at the office of J. P. Morgan & Co. on discounted has been taken by discounting member banks at rate not exceeding
Wednesday for the purpose of discussing Russian
r p t cent on la p er secured by United States certificates
•Rate of 4% on paper secured by Fourth Liberty Loan bonds where paper redis­
finances, particularly as they relate to the Russian
counted has been taken by discounting member banks at rate not exceed ng Interest
Government 6% % bonds that mature June 18 next, rate on bonds; also on paper secured by United States certificates of Indebtedness
a Fifteen days and under, 4 k %•
and of which there are $50,000,000 and on which the
Note 1. Acceptances purchased In open market, minimum rate 4% .
Note 2. Rates on paper secured by War Finance Corporation bonds. 1% higher
semi-annual interest is $1,625,000.

Dealing with specific rates for money, call loans
this week ranged between 4 % and 6% , comparing
with 3H>@6% last week. Monday there was no
range, 4^ % being the high, low and ruling rate for
the day. On Tuesday the maximum was advanced
to 5% , and this was also the figure at which renewals
were negotiated. The minimum was still at 4% % *
Wednesday 6% was the highest, the low was 5% ,
with renewals at 5}/2%* Thursday’s range was
5 @ 6 % and 5 }^ % the renewal basis. Friday was
a holiday (Decoration D ay). The figures here
given apply to mixed collateral loans.
All-In­
dustrials” continue to be quoted at % of 1 % higher.
For fixed maturities the situation remains without
essential change. Trading was again quiet, though
some business was done in sixty and ninety day
money. There has been talk of a new money pool
being formed to restrict speculative operations,
but bankers look upon this as highly improbable
and assert that there is a sufficient amount of funds
available to meet all present requirements. It is
claimed furthermore that recently large amounts
of surplus funds from out of town institutions have




than on commercial paper of corresponding maturities.
Note 3 In case the 60-day trado acceptance rate Is higher than the 15-day dis­
count rate, trade acceptances maturing within 15 .lays will be taken at the lower rate.
Note 4 Whenever application Is made by member banks for renewal of 15-day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90-day
^Ratea ImT.mmmodlty' paper have been merged with those for commercial paper
ol corresponding maturities.

The sterling exchange market has been marking
time this week, and transactions were smaller in
the aggregate than for some time past. This was
not surprising in view of the fact that Thursday was
the date set for Germany’s reply to the Allies’ peace
terms. Coming, furthermore, as it did just before
a legal holiday (Decoration Day) operators showed a
distinct indisposition to risk any new commitments
over the week-end. As a result whatever business
was put through was of a strictly routine character
and confined to the barest necessities. Following
the improvement shown at the close of last week,
there was an advance on Saturday to 4 6434 for
demand bills, against 4 61% , the low point of that
week, although subsequently fractional declines were
noted and the close was slightly below that figure.
The somewhat pessimistic utterances of President
Yanderlip of the National City Bank on his return

M ay 31 1919.1

THE CHRONICLE

2173

fiom abroad, as to the extreme seriousness of the
export trade upon a firm basis and at the same time
Euiopean situation, had some influence in lowering
do our proper share to aid in the restoration of nor­
quotations and for the time being offset the favorable mal conditions in Europe.
effect of the foreign exchange conferences now going
Another suggestion which aroused active discussion
on in Washington.
was that the $1,000,000,000 authorized by the late
Referring to the day-to-day rates, sterling exchange
Congress to assist American exporters in financing
on Saturday was firm and fractionally higher;
foreign sales, be used as a guarantee fund in place
demand ruled at 4 64@ 4 64% , cable transfers at
0 dividing it up into direct loans to shippers and
4 65@ 4 6534 and sixty days at 4 62@ 4 63. Mon­
manufacturers. This guarantee or protection fund,
day’s trading was only moderately active and rates
it is argued, could easily be made to support credits
showed some irregularity, although the close was
of from $5,000,000,000 to $10,000,000,000 to foreign
steady; the day’s range was 4 6 3 % @ 4 6434 for
countries during the next five years. However, no
demand, 4 6 4 % @ 4 65% for cable transfers and
definite information is available as to what is actually
4 62@ 4 63 for sixty days. There was nothing new
being planned, and it is not expected that any formal
to report on Tuesday and rates remained all day at
announcement will be made for some little time yet.
the levels of the preceding day; transactions were
A development which is causing a good deal of
light. On Wednesday weakness developed and
quiet satisfaction is that while franc exchange con­
demand declined to 4 6 3 % @ 4 63% , cable transfers
tinues to move against Paris, the Bank of France is
to 4 6 4 % @ 4 64 13-16 and sixty days to 4 6 1 % @
making substantial reductions in its note circulation.
4 62% . Thursday’s market was largely a pre­
As the volume of notes outstanding is of such huge
holiday affair (Friday was a holiday— Decoration
dimensions, there is room for considerable further
Day) and trading much of the time was almost at a
improvement in this direction, but the present
standstill. Quotations, however, which were more
movement for the curtailment of paper inflation, if
oi less nominal, were easier; demand declined to
continued, gives ground for hope of sounder mone­
4 6 3 % @ 4 63% , cable transfers at 4 64 5-16@4 64%
tary conditions^ in France than have prevailed for
and sixty days at 4 6 1 % @ 4 62% . Closing quota­
a very long period. The contraction above referred
tions were 4 62% for sixty days, 4 63% for demand
^10 first attempt along these lines since the
and 4 64% for cable transfers. Commercial sight ?
signing of the armistice. In conjunction with this
bills finished at 4 62% , sixty days at 4 61, ninety days
comes a report (not officially confirmed) that the
at 4 60, documents for payment (sixty days) 4 60%
ian on exports of gold, effective since Sept. 10 1917
and seven-day grain bills at 4 62% . Cotton and
may shortly be removed.
grain for payment closed at 4 62% . There were no
The American Relief Administration announces
consignments of gold either tor export or impoit
J?.at the following exchange rates have been fixed by
arranged this week.
Director General Hoover at its Paris office, to go into
Trading in the Continental exchanges this week
c
feet June 1 and remain until further notice: Finland
was quiet and devoid of new features. Offerings of
T6o
mrks. per dollar; Czechoslovakia, 15.50 kronen*
French and Italian bills showed an appreciable
German
Austria, 24 kronen, and Jugo-Slavia, 23 kro­
diminution, hence, though the quotation for francs
nen.
A
dispatch
received by the Department of Com­
and lire was still far below the figures prevailing
merce
under
date
of May 27 states that the Vladivos­
before the “ peg” was removed, it was well above the
tok
Chamber
of
Commerce
has adopted a resolution
low levels of a week ago. Movements, however,
po
itioning
the
Omsk
authorities
to close all free ports
were still irregular, and a good deal of nervousness
|
temporarily
against
imports
of
foreign
commodities,
and hesitancy was apparent, undoubtedly due to
except provisions, and to take measures for the
uncertainties governing the foreign exchange situ­
utilization of merchandise now stored in customs
ation generally. On Wednesday firmness developed
warehouses at that centre. It also appeals to Russian
which was attributed to the encouragement felt by
international bankers over the conferences now being merchants to refrain from buying foreign bills of
held with Treasury officials in Washington, and it exchange, to place no further orders for foreign com­
is asserted that hopes for a plan looking to the sta­ modities and to cancel orders already placed. The
object of this is to increase the exchange value of
bilization of foreign exchange and the adequate sup­
ruble
currency and to promote the restoration of
port of America’s export trade are in a fair way of
Russian exports.
being realized. While the utmost secrecy is being
1 he official London check rate in Paris finished at
observed by the Washington authorities as to the
In
methods likely to be employed, it is learned that 44.93, as compared with 30.85 a week ago
New
York
sight
bills
on
the
French
centre
closed
at
Senator Owen’s bill is receiving serious consideration
In substance the bill calls for the establishment of a 6 46, against 6 60; cable transfers at 6 44, against
huge organization to be known as the Foreign Finance 6 08; commercial sight bills at 6 47, against 6 61,
Corporation and backed by a capital of not less than and commercial sixty days at 6 52, against 6 66 last
$1,000,000,000, of which $250,000,000 will be taken week. Belgian francs ruled dull and without essen­
by the Government through the War Finance Cor­ tial change, finishing at 6 72 for checks and 6 70 for
poration, $250,000,000 by the banks of the countrv cable remittances, unchanged. Lire closed at 8 42 for
and $500,000,000 by the public. Its purpose would bankers’ sight bills and 8 40 for cable transfers
be to extend long-time credits to foreign purchasers this compares with 8 62 and 8 60 on Friday of the
preceding week.
of American goods, aid in making a market for them
In the neutral exchanges the trend has been toward
and exercise control over foreign exchange. Con­
siderable opposition is likely to develop to this still lower levels, which is in line with general expec­
scheme, as opinions differ very widely as to its feas­ tations, although the volume of transactions recorded
was exceptionally small and dulness may be said to
ibility, but it is almost unanimously agreed that it
have
been the predominant feature of the week’s
will be absolutely necessary to arrange some form
operations. Swiss francs were again weak, as also
of accommodation speedily, if We arc to place our
were Copenhagen remittances. Rates on Sweden



2174

THE CHRONICLE

[V ol . 108.

It is on these points that the German reply appears
and Norway, however, were relatively steadier,
to rest. It begins by confessing judgment m the
while guilders showed only slight fractional reductions
matter of reparation, and it seems to accept the
for the week. Pesetas were fairly well maintained
specific terms of money payment as laid down m the
up to Thursday, when a decline of 7 points was
Allies’ proposals. That is to say, the answer is
noted, though without specific activity.
stated to offer payment of 20 billion marks m go c
Bankers’ sight on Amsterdam finished at, 6 3 , value, and annual payments thereafter, sufficient
against 39% ; cable transfers at 39% , against 39/6, eventually to bring the total payment up to 100
commercial sight bills at 38 13-10, against
o
> billion marks. According to the dispatches, the
and commercial sixty days at 38 9-10, agains
% Germans ask that the first cash payment be spread
last week. Swiss francs closed at 5 17 for bankers over the period up to and including 1926, instead
sight bills and 5 16 for cable remittances. Last of being required prior to M ay 1 1921. Furthermore
week the close was 5 11 and 5 09. C o p e n h a g e n the German reply appears to stipulate that the tota^
checks finished at 23.40 and 23.60 for
transfers, payment shall be “ not in excess of 100 million marks,
against 23.80 and 24.00. Checks on Sweden closed whereas the Allied terms had rather indefinitely
at 25.30 and cable transfers 25.50, against 2o.30 anc provided that “ the total obligation of Germany to
25.50, while checks on Norway finished at 25.10 ana pay, as defined in the category of damages, was to
cable transfers at 25.30, against 25.20 and 25.40 the be determined and notified to her after a fair hearing
week previous. Spanish pesetas closed at 20.03 toi and not later than M ay 1 1921, by an Inter-Allied
checks, and 20.10 for cable remittances, m com­
Reparation Commission.”
parison with 20.10 and 20.18 last week.
Now it is true that this commission apparent y
With regard to South American quotations, an would have the power to reduce instead of increasing
•easier undertone was noted for Argentine exchange the total exaction; but the power to increase it none
and the check rate closed at 44.00 and cable transfers the less remained, and the German delegates are
at 44% , as against 44.05 and 44.17 a week ago.
' oi hardly to be blamed for objecting to sign an agree­
Brazil, however, there was an advance and the ia
ment which might commit them to payments of an
for checks finished at 28.00 and cable transfers at indefinite and unforeseen amount.
So of the re­
281/6, comparing with 27% and 27% l a s t week. quest for extension of the period for the h r s t c i i s h
Chilian exchange continues to be quoted at J 31-3
payment; that is a question of practicability.
ltl
and for Peru, 50.125@50.375.
ever may have been the Allies’ basis for their stipula­
Far Eastern rates are as f o l l o w s : Hong Kong, 83@ tion, the Germans had a right to present a different
83% , against 8 3 @ 83% ; Shanghai, 123 % @ 124,
w .
against 123@123% ; Yokohama, 5 1% @ 52, against v i eIn
so far as Germany professes to rest her case on
51% @ 52; Manila, 50 (unchanged); Singapore, 56A President Wilson’s “ fourteen points,” we have here­
(unchanged); Bombay, 36 (unchanged), and Cal­ tofore expressed our judgment that, m protesting
cutta (cables), 36% (unchanged.)
against the terms as in violation of those stated

ca b le

The New York Clearing House banks, in their
operations with interior banking institutions have
gained 84,316,000 net in cash as a result of the cur­
rency movements for the week ending i
!
Their receipts from the interior have aggicga ec
$7 889,000, while the shipments have reached 83,­
573,000. Adding the Sub-Treasury and ' eceia
Reserve operations, which together occasioned a
loss of ©86,181,000, the combined result o the ‘ low
of money into and out of the New York banks fo
the week appears to have been a loss of 481,805,00 ,

principles, she is under an illusion. Where i i .
Wilson’s statement of purposes was explicit (as re
garding Alsace-Lorraine and Poland), it is exac y
fulfilled by the Allied terms, and the principle avowed
in the indemnity terms of the Entente treaty text is
in entire accordance with his own conditions as en­
larged by our European allies before the armistice

was signed.
, .
.
In so far as Germany makes the r e p o r t e d counter
claim for a 12 ,850,000,000 marks indemnity lor dam­
ages done by the Allied blockade of Germany
through impairment of the population s vitality be­
cause of lack of f o o d - i t is hardly possible that this
as follows
could be considered, or that it was submitted in
WeekendingMag29.
serious expectancy of consideration. Even to dis­
cuss the question would involve the consent of the
Hanks’ Interior m ovem en t..--------Sub-Treasury anil Federal Reserve
Entente Powers to reopening the question as to the
operations
lawfulness of the blockade itself; and that, from t leir
T o ta l........................ ........................... 1 $32,172.000;
point of view, is a chapter long since closed m the
diplomacy of the war. The essential fact appears to
G ER M AN Y, THE PEACE TERMS A N D
be that Germany, while putting her best contentions
•
AFTERWARDS.
forward, both in the matter of territorial sequestra­
It was a foregone conclusion that the German tion and of money indemnity, and while striving to
delegates would submit counter-proposals lor the evade the imputation of full moral responsibility, is
terms of peace. That was not only their right as conceding the main conditions of peace.
conferees, but their duty as representatives of their
The question of what would be Germany s answer
Government. It is true that the President of the to the Allies and what would be the eventual terms
Allied Conference had excluded from the discussion of peace has divided interest this week with the
and counter-proposals any controversy over the other question: what will be Europe’s economic situ­
responsibility of Germany, or the right of her enemies ation even with peace re-established, and how her
to exact their terms; but this did not preclude argu­ exhausted energies will be restored. I his double
ment on the basis of popular rights m transferred problem was brought strikingly to the front on
territory, on the financial reasonableness of money Monday night in Mr. Vanderlip’s speech to the
indemnities imposed, or on the possibility ot Ger­ Economic Club. M r. Vanderhp’s description of
many’s meeting them.




M ay 31 1919.1

THE CHRONICLE

2175

existing economic conditions in Europe lias been industry with the energy born of necessity, and
criticised as painted in colors unduly black. To an second, by advances of goods or money to the
extent, and especially in some of the points specially exhausted States, on the basis of investment, by
emphasized, we think that his picture was overdrawn. markets of countries which had escaped the worst
We can hardly subscribe, for instance, to the effects of war. The outcome in the present case
statement that England’s past supremacy in interna can hardly be otherwise, and that effect is recognized
tional trade was acquired wholly by underpaid labor; by Mr. Vanderlip in his conclusions. “ I believe,”
that this was “ her differential/’ and that now, with he says, “ that we must furnish those things that are
the differential gone, “ the British Government will essential to the re-starting of industry in Europe,
have to get five or six million Englishmen out of and I believe that we must furnish those things to
England and nearer to the source of food supply
all Europe. It will not do to use the usual methods
In what degree the English laborer has been under of money-lenders, pick out the best security and
paid is a question by itself; but that English labor was say we will take a chance on this and let the rest go.
worse paid than labor in Continental Europe will We have got to loan in the measure of the necessity
hardly be contended, and there is surely something rather than in the measure of the security.” Further­
to be said for the energy of England’s exporting mer more, as to particulars, “ there should be a group of
chants, the intensive industry of her manufacturers, nations that can furnish the things that Europe
the enterprise of her shipping trade, and the world needs, make an international loan to those countries,
wide activities of her investors, as reasons why she not of money; I would not put any money into those
outstripped competitors in the most highly competi­ treasuries at the present time, but a loan of the
tive of all fields.
credits that pay for the things that must be had to
Troublesome as the currency situation of England start the wheels of industry. I Avould send Europe
may turn out to be, it does not seem fair to us to machinery, equipment for the railroads, raw ma­
describe the English currency notes as “ practically terial; send it on time; have the payments secured
fiat money” because so small an amount of gold is by the very best security that they can give, and
held against them. In addition to the £28,000,000 that means special security.”
gold, they are secured to the full remaining total by
Mr. Davison, of J. P. Morgan & Co., returning,
British Government securities and by balances at like Mr. Vanderlip, from a visit of inquiry and
the Bank of England, and arc, therefore, at least as investigation to Europe, confirms the view that the
sound a currency in form as were our own national United States must have a very great share in this
bank notes, between the Civil War and the enact­ program of financial reconstruction, and that there
ment of the Federal Reserve Act. T o say, as Mr. must be close financial co-operation among all our
Vanderlip does, that Europe, despite her immense own financial interests and all our investing com­
increase of population, “ probably does not raise any munity. That the United States will be supple­
very much greater amount of food than she did a mented in this task by England and the European
hundred years ago,” is to ignore very singularly the neutrals, who have already shown willingness to
fact that Russia’s best production of wheat before participate, Mr. Davison believes. He adds that
the war was fully 500,000,000 bushels, larger even
the greatest factor in that work will be labor, and
than in the early seventies; the increase of the Balkan Europe will find its own labor. Our part of it, the
output in the same period being perhaps 200,000,000 supplying of the bricks and motar, so to speak, will
bushels more, while the enlargement of the French not be so large as many believe. In fact, I am
and German output fully counterbalanced the de convinced that the whole operation will be infinitely
crease of the British.
The total increase over.a smaller than most persons now expect.”
century ago is, beyond quesaon, vastly greater.
These are not altogether minor considerations. All
P R O G R E S S IV E S A N D R E A C T I O N A R I E S I N
of them bear on the general problem. Mr. Vanderlip
T O -D A Y .
speaks more convincingly in pointing out the diffi­
There lived once an Ex-Confederate soldier, a very
culties created not only by the disordered and in­ good man, too, carrying several bullets of the fray in
flated currencies of Continental Europe, by the dissi his body, who, on being elected to office, lost his
pation of labor through army service and the actual mind. When he came back from the asylum, he
loss of man power, and by ‘the sweeping away of appeared on the streets carrying a bible under his
cattle and of woik horses.
lie emphasizes the arm. During his incarceration and treatment, he
natural obstacles thereby created to resumption of had worked out the chief cause of all the trouble in
induftiial activity and to the consequent command the world, and this, supported by many Scriptural
of producers over the necessary raw materials and injunctions, he declared to be: “ Not telling the exa ct
foreign exchange.
What really needed to be em­ truth.” Accompanied by a guard, to see how his
phasized, however, even in these regards, was the former associations would affect him, he was pro­
close similarity of the circumstances in which nations nounced cured and allowed to stay— save for his one
have emerged in the past from destructive and ex obsession, perfectly normal in thought and speech—
hausting wars, and how they achieved their subse­ and some of his friends were bold enough to say
quent economic rehabilitation and prosperity.
“ blame near right in that.”
None of the existing phenomena presents a more
We presume there are not many who would deny
gloomy aspect than the situation of Germany after that a proneness to conceal, exaggerate or evade, on
the Thirty Years War, of all Central Europe after occasion, constitues a sort of propensity of our erring
the twenty years of Napoleonic wars, and of the and imperfect human nature. On the other hand,
Southern half of the United States when the War of it is not wise or expedient to go into particulars at
Secession ended. History tells us that the remark­ every moment, be it “ crucial” or otherwise. We
able and eventually complete economic rehabilita­ have a somewhat tarnished procedent for this in the
tion of those countries on all these various occasions adage, “ speech is silver, silence golden.” Though an
was achieved, first by resumption of productive idealist may be a man obsessed with one idea, he



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108.

usually spreads its light over everything; while a True progress is not the product of one man or one
purely practical man may have one fixed idea which plan, but the forward moving of the whole mass.
to him is the whole world in itself. Progress is not The way in which evolved principles are applied
entirely in the keeping of either— there arc many men determines the course of action and forecasts the re­
sult. A burning zeal to urge peoples and States into
of many minds.
Progressives and reactionaries, therefore, are not harmony may only serve to chain them apart. The
always at opposite poles, have something in common, mad Progressive produces the rebellious Reactionary,
and sometimes change their positive and negative and the reverse. Ideals a re to be worshipped— but
positions; and between them lies a world in the process afar, the light that guilds the mountain peaks of
of making. We apply these two terms usually in aspiration and endeavor. Ideas and laws and
politics, but they run through the whole gamut of governments, on the other hand, are sometimes the
life. Progressives might well embrace the saying heavy burdens men cast aside who adventure the
“ a rolling stone gathers no moss,” while reactionaries heights. But what we term “ inalienable rights” and
could learn much from the weathervane which is the fundamentals of helpful institutions and free and
ever turning upon itself and yet never gets anywhere. protective governments are never sacrificed without
One of the most instructive lessons of life, illustrated destroying progress by destroying men.
It may be said of the individual and of peoples, as
in words, is “ the rolling snowball.” And if only the
it
is so commonly said of business ventures, they do
man who is ever busying himself with his special
not
stand still, and if they do not go forward they are
brand of reform and the man alarmed into stolid and
obstinate inaction, would remember that the collective going backward. And this is the condition of every
But this riot of reform, this eternal
a d va n ce o f m a n k in d i s ir r e s is t ib le , each would be nation to-day.
sad refrain that “ nothing is the same,” this seeming
saved much trouble and heartburning.
We are likely to hear much of these two terms in antagonism between the new and the old, produce no
the future, especially in a politico-economic sense. results. It matters not how deep we dig into the
There are those who out of “ the turmoil” would build past if we sec u r e a f i r m f o u n d a t i o n . Once secured we
a whole new world, there is another class that would may build into the empyrean of perfectness by the
never let go of our moorings in the old things. Action use of the plumb-line of the actual, feasible, possible.
and reaction may be equal, but the latter does not Otherwise, even in our building we shall bring the
mean going backward to the same ways and works house down on our liberties and be destroyed.
nor the former always going forward into imagined
PROHIBITION AND THE MANNER OF ITS
destinies and delights. As we come into a near view
ENACTMENT.
of these two classes we perceive that neither is sta­
The
President
in
his Message lias awakened re­
tionary, and a something behind moves them on—
the Progressive concerning himself most with policies newed interest in the “ liquor question.” Pie now
and the Reactionary with principles. In the end favors (demobilization having been practically ac­
nothing is static but the principles, though these may complished) a removal of the war-time ban on light
suffer from a changed viewpoint. And so it is that wines and beer. He feels, is advised, that he has
the Progressive may lose his liberty by seeking it, not proper Executive authority to do this, and
and the Reactionary may find his liberty by losing it. recommends that Congress take action. If such a
When men talk in the affairs of to-day, and in our own law be enacted, it will serve to extend the life of
country of standing by the old institutions, purposes wines and beer to the first, of January, 1920, when
and uses of Government, they are not staying the the Prohibition Amendment goes into effect. Com­
inevitable march of events on the “ upward move­ ment on this feature of the Message has been varied
ment” of the people, they are not reacting into and widespread. At present opinion seems to be
inertia, mossbackism or opposition to progress, they that Congress will take no immediate step, if indeed
are merely asserting that the liberty and civilization it pass any law at all. One recurring thought ex­
we have gained must be good since they have sus­ pressed is that this movement or act “ has nothing
tained us, and furnish the only sure means and foun­ to do with prohibition proper.” This is true, in one
dations of future growth. But your true Progressive sense, as a matter of law— it has much to do with
lives in the future he conjures up, he is as much blind the principle involved.
Admitting that the war is over, as an active con­
to the prescience of the present as to the momentum
moving in the past. He becomes, therefore, dis­ suming power upon labor, foodstuffs and munition­
satisfied with everything that now is, rather glorifies making, that the business of the country is anxious
himself in being a breaker of idols, and ends a to resume, and that the social l if e of the people
devotee at the shrine of revolution. If we suppose swiftly reverts to normal channels, does it not follow
these two forces now to be playing upon mankind, that if light wines and beer are good for the people
we ought, on reflection, to perceive that the individu­ for the six months now coming on, they are good for
al cannot attain to equilibrium, by taking upon him­ the people all the time? Why this short extension
self an attitude midway between. The man who is of an evil, if it is an evil, merely because the war is
forever compromising with principle ends by de­ over? What had the war to do with nation-wide
prohibition, that its ending should again fasten upon
stroying it.
In the midst of the flaming ideals, the multiform the country this malign evil, if it be an evil? A little
changes, the world-gripping movements, the dis­ wine may be good for “ the stomach’s” sake, as an­
ordered conditions, and diverse endeavors, that are nounced by the great Christian expositor, but if so
seething in every continent and country, the indi­ in the days of the Apostles, why not now— why good
vidual, if he is to preserve his freedom, must take his for the latter half of 1919 and not good for the first
stand upon truth and principle. He cannot become half of 1920?
Let us suppose, with proper respect, that the Pres­
the puppet of so-called movements whether they seem
to go backward or forward. Liberty and democracy ident has sensed something the people want, and has
do not change, though the whole world be in ferment. recommended that it be given them. D o they not



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know “ what they want and when they want it” ? to cal objections lawfully enacted, ^personal liberty
use a somewhat slouchy phrase. And further sup­ (whether susceptible of harmful use or otherwise) is
posing there is a preponderating sentiment in the seen to be gone. And if one, why not another?
country supporting the use of wines and beer as
It is never too late to 'correct a mistake. It is
beverages, is the politics in prohibition to be measured never too early to do justice. The political party
by the amount of alcohol in bourbon versus beer? that always harped upon ^the wrongfof sumptuary
Put aside the never settled controversy as to whether laws is largely responsible for national prohibition.
alcohol is food or poison, forget for the moment The party now playing for the high stake of the
that in minute or detailed form it exists in so many Presidency may fight shy^of so-called “ dynamite.”
products consumed as foods, cannot four per It matters not. This is, or ought to be, still a
cent beer be made to equal ninety per cent bourbon “ Government by the people.” The war is n o t over
if the quantities consumed be allotted properly? until its collateral good is established and its evil
W hy, then, ban the bourbon and not the beer? Why nullified. Parallel reasoning would declare that if
not an equilibrium in intoxication by diminishing it is right to return the railroads to th eir o w n e r s it is
quantity-whiskey to equal quantity-beer? Rivers of proper to return wines and beer. Property can
beer flowing free (if for six months, then forever), never be more sacred than liberty. If wine and beer
but the trickling drops in the worm of the still should be returned— b eca u se taken away in the
stopped summarily by Federal invervention. Is it exigencies of war, they should remainjijperm anent
not a fact that men have argued long time past that possession and privilege—unless, and here is the crux,
temperance must fail because it lets down the bars to it can be shown that prohibition passed by direct
drinking, and that the only hope of controlling the intent of the people on its merits. If it did not, then
evil is by complete universal prohibition— of all in­ it should be speedily repealed, as a righteous act of
toxicating drinks— prohibition that knows not local reconstruction, that the people may then do with it
option or State lines, and stops only at the national as they please. No law surreptitiously enacted can
borders? Now, if the principle of prohibition is ever bring harmony and peace to the domestic life
wrong, and second thought on the part of the people of any people. No special liberty can be taken while
seems to declare it so, by an ostensible sanctioning of the people are awake to nothing but abstract liberty,
wine and beer, then why not repeal the Prohibition without danger to the Republic.
Amendment?
It is very much to be doubted, if to-day the peo­ T H E G O V E R N M E N T ’ S W A R R I S K I N S U R A N C E .
ple could give personal expression to their wishes,
The retirementJof the head of the Bureau of War
they would by a majority vote sanction national Risk Insurance, with the possibility of grave harm
prohibition. There is reason to believe that prohibi­ from the rather acrimonious correspondence over the
tion rode into power upon the needs of war. Certain retirement and from a Congressional investigation of
it is prohibition was never enacted by direct vote the whole subject which may follow, brings up anew
of the citizens. It was put through by Congress and the dangers of the socializing drift towards expansion
the Legislatures at a time when a marvellous sacri­ of Governmental operations which is now upon us.
ficial spirit was upon the people and when all thought
When, about two years ago, the idea of a provision
was absorbed in fighting and winning a war, that, against both injury and death for the persons about
it not war threatened the peace and liberty of peo­ to risk themselves for the country’s sake, came up,
ples, the perpetuation of our Government in fact the insurance companies were consulted, but the im­
and form, and set before every mind the possibility movable fact at once came out that they could not
that if the foe won it would not make much differ­ undertake the risks except on a strict mathematical
ence whether prohibition existed or not.
basis, and any idea of joint work by them and
The war was won— and on the wave of reaction, Government also had to be dismissed. Unhappily,
prohibition (there can be no doubt of this) in the the counsel of the companies was flung aside as soon
popular mind is being tried on its merits. It is as found unpalatable, and the compensation and in­
equally true that the war being won, the manner of surance scheme was driven through Congress. The
its enactment under cover of wartime needs, while criticisms upon it, as including an' insurance scheme
two million soldier-voters were overseas fighting, is when it should have stopped with the other part and
being considered. And as this consideration takes as being too indefinite in terms, were well taken; but
root in the heart and mind, there grows up a sus­ inexperience would not hearken to experience. The
picion that political fear lent wings to the measure, companies, however, accepted the situation unsel­
and that while the people were consecrated to human fishly and patriotically. They loaned their own
liberty as a whole, their own personal liberty suffered agents for explanatory and propaganda work with
in the toils and temptations of legislation. Hence men in camp, to the neglect of their own affairs; they
(we believe this is indicated) a tacit acceptance of aided in every possible manner the taking and holding
wines and beer.
of the insurance to its limit, and to this day have
Our purpose here is to ask rather than answer this done all in their power to make the undertaking suc­
question. Does not this whole train of popular cessful. The volume written has been vast, approxi­
reconsideration lead the people to a realization that, mating 40,000 millions, and this great excess over the
somehow or other, their Government, and while total in force in all regular companies has been cited,
they were most zealous in its preservation, has got again and again, by the Bureau as a triumphant
beyond them, has overcome them, has fastened upon proof of success, and, moreover, of superiority. The
them by perfectly lawful means something that they apparent cheapness of the insurance offered was
do not want, something that, whether a deprivation quickly caught up by advocates of schemes which
or not, takes away a personal privilege, something, in do not use and stand upon accumulation of reserves;
fact, that destroys personal liberty, a liberty they the fact, they said, that Government can furnish in­
thought to be guaranteed by the Constitution? By surance at such rates proves that the rates exacted
an amendmentJtofthat Constitution, omitting techni­ by the companies are exorbitant and unnecessary.



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[V ol . 108.

Even the Treasury officials seemed to have lost their prodigious war work into which the country had to
mental balance over the rush to this new thing, and enter unprepared. Much can be said in extenuation
when M r. Ide, of the Home Life, ventured some very of its faults. To investigate them, with no motive
sound and moderately expressed criticism of the except to cure them, may be worth while. Order
worst defects in the scheme as enacted, M r. M cAdoo should be brought out of its chaos; its arrears must be
publicly objected to the criticism as unbecoming, closed; its pretensions should be dropped, and its
and hinted unmistakably that managers of companies operations be reduced to the minimum consistent with
might do well to consider their ways lest they find the obligations already assumed.
Let us now seriously set about discovering our
the ground cut from under their feet by the newer
national mistakes; let us learn their lesson, accept the
dispensation.
The fact is that this newer dispensation proves minimum of evil from them, and then brace ourselves
nothing except that very much can be done for the against repeating them or drifting into others that
individual as a gift, provided it is done at the general may prove still worse. The situation of this Govern­
expense. The Governmental insurance is called such mental insurance is a cumulative demonstration of
for lack of a convenient and more accurate term, but the folly of urging or even permitting Government to
it is not strictly insurance. Insurance men have felt undertake private business.
impelled, as a matter of public duty, to correct as far
A G R E A T E N G I N E E R ’ S P L E A FOR S C I E N T I F I C
as they could, from time to time, the confusing of this
B U S IN E S S E D U C A T IO N .
scheme, the intended alternative to and escape from
M r. Georges Hersent, one of France’s most dis­
a scheme of pensions, with real insurance which bears
its own burdens and not only gets nothing from the tinguished engineers, with a world-wide reputation,
public treasury but is made to pay heavy taxes into has an article in the new French magazine, “ Franceit. And now Director Lindsley himself says it is Etats-Unis,” in which he sets forth his views as to the
“ very important that the true facts be thoroughly improvement needed in both French and American
understood,” and issues a statement of them. If the technical commercial training, which should arise
mortality experienced, he says, exceeds that of the from the better mutual acquaintance resulting from
regular tables used by the companies, “ the cost of the war and which is necessary if either nation is to
such excess mortality will be borne by the Govern­ secure its share in the trade of the world.
After bearing generous testimony to the two things
ment.” If the Government gets less than 3 % % on
in
particular which France should learn from us,
what reserves it may accumulate, the deficit will be
technique,
and its popularization in the adjustment
borne by the Government. The difference to the in­
of
labor
to
it,
in which America in its development of
sured is that the country pays all expenses out of
production
by
machinery, and in industrial organ­
general taxation, but in private companies this is
ization,
leads
the
world, and, commenting on the
done by the policyholders. So he says, and with
absolute correctness. The excess or war mortality, boldness and enterprise even of very young American
and the extra cost of compensation for injuries re­ engineers, he proceeds to point out certain directions
ceived, fall on the taxpayers, where, we may admit in which French methods would help us. This
without cavil, they belong; but because all deficits section of his article we produce, as it will have general
and all expenses are thus borne it is probable, says interest. He says:
The very advanced and intense scientific study
M r. Lindsley, that there will be a difference of 15%
which
is found in the French higher schools is the
to 20% in favor of the individual policyholder.
The scheme has succeeded so well, in respect to essential condition of the scientific progress of which
volume, that the Bureau has been overwhelmed. manufacture is the first beneficiary. It would be
M r. Lindsley writes to Secretary Glass his conviction easy, by a lengthy enumeration of French discoveries,
that the Bureau cannot live without a helpful co­ to show that France continues at the head of the
operation from the Treasury which it has not had. great nations in inventive genius. She has, how­
In consequence of this letter of April 8 M r. Lindsley ever, known but poorly how to exploit her inventions
retires by request, leaving a feeling of acrimony industrially, precisely because her scientific in­
behind him and not necessarily having smoothed the struction has not been reinforced with sufficient
way for his successor. It is, of course, well known practical application. But one is convinced that
that since his accession to office, M r. Glass has had on their side the Americans would find benefit in
his hands full of other problems, and there seems no giving both their engineers and their business men a
reason for imputing neglect to him as to this one. more advanced scientific instruction. The engineers
It may be urged in extenuation that the Bureau has whom France has sent to America on various mis­
almost from the first been overwhelmed by the mass sions during the war have surprised our allies by the
extent and solidity of their information. Positions
of detail thrown upon it and by its own lack of ex­
perience and organization. Its settlements with of the most tempting kind have been offered to more
soldiers and their families are far behind, and have than one of these men.
Beyond question technical education in both
been impeded by the unintentional faults of its
countries
cannot but profit by their learning from
correspondents. Many letters containing remittan­
from
each
other. How to establish a system of
ces come without clue to the senders; letters are left
interchange
between the two national methods is the
unsigned; poorly educated persons, unaccustomed to
immediate
problem.
Missions of investigation should
letter-writing, have sent checks, currency, postal
orders and stamps, without data for crediting them; be organized to study on the spot American edu­
and the funny column of the newspapers has been cational institutions to prepare the great reform
enriched by examples, improperly supplied by Bureau which France finds necessary in her national system
as the result of the war; and groups of selected
employees, of popular ignorance as thus exhibited.
This work of war insurance and compensation was students should be sent in both directions for their
planned too hurriedly and on too broad a scale; it own immediate benefit, and to prepare them for the
has been done without experience and in the rush of a developing conditions. Provision should be made



M ay 31 1919.]

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2179

for regular courses of technical teaching in both the trade, publicity, banking operations, elements
French and American schools [that is in a larger and of credit, sampling, exhibition of goods, inter­
more thorough way than is the case to-day]; and such national transport, all lines of information indispen­
business relations should be established between the sable to any man engaging in the business of export.
two countries as shall automatically produce a more
In this, as in every trade, the chief means of
exact knowledge of the institutions and the men, and education is the school, of varying type and degree,
of what the men owe to their schools.
with the attached condition that study in the school
Economic expansion will be a necessity for both shall be united with early and constant connection
France and America. The secret of economic with the bank, the factory, the business house.
success in the foreign field must be sought in edu­ Above all, our power of commercial expansion will
cation. International exchanges are essentially a depend chiefly upon the number and the ability of
. commercial affair, of buying, selling and transport­ our employees, that is the staff of the exporter.
ation. Hitherto we have imperfectly understood the
In France, at least in the middle classes, and
conditions of expansion which are specifically com­ especially among the common people, business
mercial. Inadequate credit for foreign trading, poor expansion will find its best recruits; because there is
adaptation of the exported article to the foreigners’ the best store of energy and the strongest purpose to
needs, imperfect information about foreign markets, succeed. Chief attention should to-day be given to
incompetency of representatives, both in number the earlier forms of an education which is directed
and quality, have been far too common.
toward opening a career in foreign business. If this
A numerous and accomplished staff, specialists is done we should soon produce an army of youths,
in both the science and practice of exporting kept in 16 to 17 years of age, capable of rendering immediate
permanent contact with the foreign markets, is the service in all the branches of export activity.
motor-nerve of all expansionary enterprise. We need
The work of the schools could be forwarded by the
a pleiad of active, persistent, enterprising men publication of annual commercial and economic
possessed of vigorous bodily health, thoroughly reports on the different foreign countries, brief,
informed as to the peculiarities of each market, readable tracts, level to every intelligence, supplying
familiar with the speech, the customs and the taste details of business in each country. In this way
of peoples beyond the sea, as also with the various France may secure the half million trained men, of
technical, industrial, commercial and financial oper­ whom one-half would be settled permanently abroad,
ations with which export affairs are conducted. In who are needed to assure to France a place in the
short, the problem is mainly a matter of education.
front rank of the commerce of the world. They
Specific professional education should not be would constitute a pledge of prosperity far better
regarded as sufficient in itself. It should be the than any protective tariff, which only tends to stifle
crown and complement of a general education at national production in the torper of a false security.
once physical, moral and intellectual. Health and
At the same time it would establish a real bond
vigor, devotion and integrity, good sense and system, among the industries of the Allied nations, especially
the fundamental qualities essential for success in between those of America and France, which, joined
other lines, are equally essential in this. Buying and to-day in the economic mobilization of the war
selling in a foreign market demand a considerable would continue in a mutually beneficient and pacific
outlay of effort, of initiative, of boldness. Inter­ cumulation.
•
national transactions are based on mutual faith;
our representatives will have to maintain a reputation
The foregoing article reveals the courage and
for absolute business integrity. In short, penetrating eagerness with which France proposes to turn her
foreign markets successfully demands highly de­ habitual thoroughness of procedure into the newly
veloped qualities of assimilation and of system. We opening field of world commerce; and it makes very
shall be compelled to demand this group of funda­ clear what must be the line of American training and
mental qualities from a scheme of education needing action if we expect to compete successfully.
to be thoroughly revised.
As a single illustration of our situation Mr. Joseph
The first element of a proper equipment is un­ Pennell, who has just returned from France, is
questionably the possession of modern languages. reported as telling his fellow American artists at a
Both France and America have suffered seriously from recent banquet that while hundreds of French posters
a profound ignorance in this direction that is hard to have been brought to this country to exhibit, not a
justify. For this reason all higher education ought single American one of the many made for the Liberty
to bestow at least two modern languages. Every Loans is worthy to be set alongside the French,
lad of 1G should have sufficient command of these and that every one of them (even when made by an
to make himself understood in common conversation. artist) had to be redrawn because of technical
Instruction in them must therefore be vital, rather requirements before it could be reproduced; and
than too exclusively literary.
moreover that there is not a school in the country
After this in importance comes geography, of that could teach an artist what he needs to know in
which too little has been generally made. It should that direction.
be physical and political, and, above all, economic,
covering productions, methods of agriculture, soil, T H E R U S S I A N M O N E Y M A R K E T A N D T H E
raw materials, industries, lines of domestic trade,
ROLE OF T H E C O M M E R C IA L B A N K S .
By EUGENE M A R K KAYDEN.
external commerce, ports, shipping, current prices,
exchange, currency, tariffs, taxes, &c. Not less
Industrial and financial circles in America and in
important for success is acquaintance with what may the Allied countries are torn by conflicting emotions
be called commercial technique, the methods of with regard to Russia. There is, on the one hand,
transaction between different countries, the ways of a desire to participate in the economic rehabilitation
drawing contracts, allowance for delays in delivery, of Russia, and reap for American business a fair share
facilities and forms of payment, information about in Russia’sjhnarkets; there is, too, the uncertainty




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as to the outcome in the present political and economic
chaos, and the fear that Germany may secure anew
her former supremacy in Russia. Financial circles
in America show too much inertia, too much conser­
vatism, a mental attitude rooted no doubt in the
belief that the re-capture of the Russian markets
by German manufacturers and exporters is a thing
of the distant future. Let it be remembered that
the march of democracy in Germany will not inter­
fere with the productive powers of Germany, but,
on the contrary, will stimulate them. We pay too
much attention to politics, and we allow our judgment
to be misled and twisted, forgetting the true Russia,
the Russia of enormous resources and unsatisfied
thirst for manufactured articles. Work, and the
possibility of exchange of goods, will in themselves
defeat disorder and anarchy.^ Shall we let Russia
drift, driving her into the hands of Germany? It is
forgotten that German supplies of iron and steel,
machinery, chemicals, &c., would, with the conclu­
sion of peace, at once become available for export
trade; that Germany will bend all her energies to
develp her trade with Russia, because of the raw
materials there to be secured on advantageous
terms, the great profits that could be earned with
Russian prices for goods at such inordinately high
levels, sales for cash in view of the closing of banks
in Russia and sales in exchange for the stocks and
bonds of important commercial and industrial enter­
prises. All these factors will tend to strengthen
the German rate of exchange, give Germany sub­
stantial profits at present, and a sound basis for an
export policy in the future. Let Germany gain
Russian markets, and she wins her former position
in the world’s commerce; perhaps more.
It is admitted in all circles that the key to Russia’s
industries and commerce is the Russian bank. If
Germany captures the banks, she would recover her
former position in Russia in little time. It is in
the belief that we are too little acquainted with the
distinguishing role of the commercial banks in the
Russian money market, that this paper is written.
The role of the Russian commercial banks in the
economic life of Russia cannot be discussed without
a preliminary survey of the peculiarities of the
Russian money market. It must be realized that
Russia’s industrial development is of recent growth.
The extent of the country, the lack of accumulated
capital, the wide differences in the degree of economic
development and the well-being of the different
regions, and the dependence of borrowers and lenders
in the various sections of the Empire on some reliable
central agency, have combined to place the banking
institutions of Russia in a peculiarly strategic posi­
tion. In Russia, not only private credit institutions
but the Imperial State Bank operated in the sphere
of short-term commercial and industrial credit,
besides carrying on ordinary banking operations.
Long-term credit used to be supplied by special
institutions, such as two State land banks, a series
of joint-stock land banks, and other mutual societies.
In granting short-term credit, the Imperial State
Bank differs little from private banks with which it
used to compete in the market, and partly continued
this competition down to the Revolution. It was
due to Russia’s peculiar economic conditions that
the State Bank had to provide direct commercial
credit on a greater scale than any other central bank
of issue in Europe. But it is worth observing that
the direct credit of the State Bank, as expressed in




[V ol . 108.

ordinary banking operations “with the public, gradu­
ally fell from 1,050.2 million rubles in 1910, to 998.7
million rubles in 1915, or from 34.6% of all sums
paid out in connection with loan and discount opera­
tions of the State Bank to 16.4%; while the sums
supplied to intermediary agencies, such as Zemstvos
and small credit institutions, and the credit given to
private banks in the form of rediscounting bills of
exchange and by granting short-term easily realizaable advances, increased from 1,988.4 million rubles
in 1910, to 5.101.5 million rubles in 1915, or from
65.4% of all payments to 83.6% .
The credit
to private banks was especially heavy, being 4,902.4
million rubles in 1915, or 80.3% of total. This shows
that the development of the commercial operations
of the State Bank was not due to the direct activity
of the Bank with the public, or to the increased
demands made upon it as upon a central bank by
various agencies of the money market. The increase
was due almost entirely to loan and discount opera­
tions with private banks. Apparently the State
Bank was undergoing an evolution from an ordinary
banking institution into a central reservoir for the
money market.
It remains now to glance at the role of the commer­
cial banks in the Russian money market. The
decade preceding the war shows their remarkable
growth as institutions entrusted with large amounts
of capital, and still more as great and active organiz­
ing forces in the whole economic life of the country.
The number of commercial banks and branches
increased from 315 in 1904, to 882 in 1916. The
services which they performed were very significant;
they mobilized the never-too-large capital of the
country, rendering it of highest service; they extended
the limits and the capacity of the money market,
continually bringing new circles of the population
within the sphere of credit relations. The large
commercial banks of the industrial centres, especially
those of Petrograd and Moscow, engaged in opera­
tions which in England or America are usually left
to financial syndicates, finance companies, or trusts.
This is very natural, in view of the fact that the
Russian public is generally poor and therefore little
interested in industrial shares as a field of invest­
ment for capital. A new joint-stock industrial
undertaking must look for active support to the
banks. Naturally, in Russia, unlike in America,
the commercial banks were allowed to own stocks
and bonds, real estate, mines, factories, forests,
and to lend money against such values. Their
power was great, and their motives too often selfish
and narrow. They constituted a powerful money
trust, with power to charge extravagant rates of
interest, taking a share in the profits of any enter­
prise they assisted to establish, over and above the
regular charge; the rates of interest on deposits ran
from 3 to 7% for sight deposits, and even more Tor
time money. The discerning economist will'agree
that many of the sins of these banks were “ thrust
upon” them, sins growing out of the •,economic
aspects of Russian life. But the chief >point T °
remember is this: Russia’s economic weakness jm d
backwardness has turned out to be an T'element
of strength in the organization of its^banks. ”|To
make the financing of industry unattended with
risk as far as possible, also in order to create attractive
conditions for foreign investments, the banks were
forced to create adequate machinery of protection;
to this end, they specialized along i n t e n s i v e lines,

M ay 31 1919.1

THE CHRONICLE

such as grain, petroleum, flax. &c.; they became
leaders in given trades and industries; they occupier
a unique position in collecting and furnishing credit,
trade information, and special services, with the
beneficent result that, as if by the law of least
resistance, it became necessary for the particular
trade and affiliated industry to settle around the
bank. The benefit was two-fold: An economically
backward country without accumulated capital was
helped towards development, and the banks, having
specific duties to perform in providing fertile fields
for investment and extending the capacity of the
money market, tended to become specialized. The
bearing of this will become evident at the end of this
paper. It is necessary, however, to add here that
the role of the banks in financing industries did not
always imply actual ownership of the securities of
the industries which they helped to establish; controll­
ing the money market of the country, they found it
more profitable to render their aid in establishing
industries, disposing of the stock, or the largest share
of it, as soon as the business was on its feet, and
then using their money in other transactions of the
same sort.
The following table shows the consolidated balance
sheet of the joint stock commercial banks on Jan. 1
1904, 1909, 1915 and 1916. The extraordinary
growth made by these banks since 1909 is of especial
interest:

2181

It is impossible at This period of unsettlement in
Russia to say anything positive on the subject of the
future position of the commercial banks in that
country. No doubt the future Government will have
a larger degree of control over banks and financing in
general. But, to the present writer at least, it seems
very doubtful if the relative position of the money
market to industry will be seriously changed. Russia
to-day is economically weaker and more backward
than before the war; perhaps weaker than she was
at any time in this century; her reserves of capital
less, her poverty greater; her recovery from the
position into which the revolution has thrown her
will be gradual and slow. It is only natural that the
banks should play the same part in mobilizing the
money market of the country, with the attended
specialization and specific services in the collection
and furnishing of credit, that they did in the period
before the Revolution of 1917. In fact, the tendency
to specialization and leadership on the part ol banks
in given trades and industries should become greater
if, with disrupted industrial life the w^orld over,”
with markets in a state of exhaustion, and with in­
dustries worn out by a general]lack of raw material
and machinery, Russia would be a successful com­
petitor in the money markets of London and New
York.
I am now prepared to show the bearing of the con­
siderations
above. It has already been pointed out
. ,
1904. 1909.
1915.
1910.
Assets—
, ------------------------------------------------------------------Million Rubles
Cash and current accounts in banks......... 74.6 92.1
339.0
394.8 that the economic weakness of Russia added an ele­
501.0
Securities belonging
- - to banks____________ 109.3
____ 114.1
____
____
695.2 ment of strength to the commercial banks— they ten­
Discounts........................................................ .631.2 715.8 1,667.3 1,967.1
Advances.......................................................... 352.5 481.1 1,522.9 1,749.4 ded to become specialized, they became industrial
Correspondents.......................................... ...2 8 2 .8 418.9 1,645.7 2,343.4
leaders, and foreign capital found its way into Russia
Liabilities—
Capital..............
268.8
322.0
908.1
930.6 through them.
It is my belief that this feature of
Doposits and curront accounts____________ 722.1 976.8 2,873.2 3,931.1
Rediscounts...................................................... 71.3
85.1
363.3
432.1 the large commercial banks would and must grow, if
Correspondents................................................ 402.6 498.4 1,548.1 1,985.5
Russia is destined to recover from her present eco­
This progress is founded entirely on a corresponding
nomic chaos at all. It is commonly asserted that
economic development of the country, and although this sort of specialization and leadership in trade or
the growth of capital and savings in recent years industry is a thing wanted more and more in Ameri­
has been extremely rapid, the Russian money market can banks, in order to provide more adequate assist­
is still comparatively inadequate. Nevertheless, ance to the public in the various particular branches
thanks to the increase of funds, their concentration of foreign business and investment opportunities
and mobility, the Russian banks have been able to abroad; that we are not equipped, as the English
solve many national economic problems. The growth trust companies, for example, arc, or the Banques
of the funds at the disposal of the Russian money
’ ’Affaires in France, or the Bank Gcschafte in Ger­
market may be seen from the following table:
many, to conduct broad investigations and research
1905..
1910.
1913.
Private Credit Institutions
-------Million Rubles------so as to put ourselves in a position to offer expert
Own Capital________
371
589
1,047
Deposits____________
service to investors. If foreign financing is to be
969
2,227
3,332
The Imperial State Bank:
made profitable, intimate information is essential,
Capital______________
55
55
55
Deposits____________
204
263
261
and this can best be obtained by financial agencies
Total capital and deposits................................. j ,(}G0
3 12°
4 697
with extensive foreign connections. The growth of
One of the characteristic features of the activity our merchant marine should be an added reason for
of the institutions granting short-term credit has foreign connections. This means specialization in
been the growth of deposits during the war. The banking. The old system of “ linear” banking, along
State Bank and State savings banks show a particu­ extensive lines, trying to accommodate all kinds of
larly large increase. On Jan. 1 1914 the total de­ business, should give way to i n t e n s i v e banking
posits in all the banking institutions of Russia equipped to furnish credit, trade information, special
amounted to 5,442 million rubles; on Jan. 1 1916 the services, and able to assume leadership in trade and
deposits rose to 7,765 million rubles, and on Nov. 1 industry. The conclusion is now evident, that an
1916 they amounted to 12,201 million rubles. The active American interest in Russian banks would be
national capital of Russia cannot yet meet the profitable to all concerned. We would find there
rapidly growing national needs for internal develop­ specialized credit institutions experienced in indus­
ment, to say nothing of foreign investments. The trial financing and leadership and in position to per­
capacity of the Russian capital market may be seen form specific duties in providing safe fields for in­
from the record of the issues of securities. For the vestment, and Russia would get the capital she so
period 1908-1912, the money market met the yearly badly needs for internal development. It is not
home demand for capital with 731,400,000 rubles necessary to have a direct control over industries; it is
while the annual average total was 1,033.2 millon sufficient to profit by the specialized functions and
rubles; 29.2% of Russia’s yearly issues have been the machinery for profitable investment possessed
placed abroad.
' and exercised by the Russian banks.




2183

THE CHRONICLE

[V ol . 108.

In presenting our detailed statement for the last
two calendar years, it is proper to say that as in the
case of preceding annual reviews, we have sought to
procure comparative returns from all the street and
electric railways in the country. The success at­
tending our efforts can be judged from the tables
themselves. Manifestly, any compilation dealing
with electric railways is made up in considerable
part of street railways, since these latter are now
practically all operated with electricity as motive
power. And yet the tables include many other elec­
tric roads, for electric lines connecting various sub­
urbs have become quite common, and there arc also
numerous electric interurban roads of large magnitude.
COURSE OF E LE C T R IC R A I L W A Y E A R N IN G S
We may repeat what we have said in previous
I N 1918.
yearly reviews, that the task of obtaining these fig­
As was the case the previous year, our annual
ures for the twelve months of the calendar year is not
compilation of the gross and net earnings of the
altogether easy. Where companies furnish monthly
electric railways of the United States again reveals
returns, it is, of course, not difficult to make up the
the presence of high operating costs. In the gross
figures. But the number of electric railways supply­
the record is the same as in the past, and betokens
ing monthly returns is still exceedingly meagre—
continuous growth. In the net, however, heavy
notwithstanding that, with the increase in the capital
losses appear as a result of the great augmentation
invested in these properties, the policy of secrecy in
in expenses. Our statements, which are very com­
their affairs, which formerly prevailed so widely, has
prehensive, cover the calendar year 1918 (in com­
in large measure given way to more enlightened
parison with 1917) and the falling off in net now
revealed comes on top of a moderate contraction the methods.
The totals given all relate, as already stated, to
previous year. The shrinkage in net in these two
oads which have favored us with statements for the
years marks a complete change in the character ol
calendar year, or whose figures we have been able to
the results, which previously had been satisfactory
make up for that period of twelve months. In order
as to both gross and net. It is true that in 1914,
to carry the investigation a step further, we have
and again in 1915, the upward course of the gross
thought it best, as in previous years, to furnish an
earnings had been interfered with by the fact that
indication of what the totals would amount to it we
these electric railways had suddenly become subject
took into account the roads whose figures are avail­
to a new form of competition in the appearance of
able for other periods, and particularly for the fiscal
the jitneys. Even the effect, however, of the jitney
year ending June 30. In the summary we now fur­
(treating the entire body of electric railways as a
nish we start with the total of gross and net for the
whole, irrespective of the conditions in particular
calendar years 1918 and 1917, as given above, and
localities and on particular roads) went no further
then add the earnings of all the roads for which we
than to hold in check the steady growth which
have returns for the twelve months ending June 30.
previous experience had shown could be confidently
The two combined make a very comprehensive aggre­
counted upon.
gate, as follows:
-m i-O'rossAfter the standstill in revenues in 1914 and 1915
1918.
1917.
1918.
1917.
s
s
s
s
the upward trend in gross was resumed, and in 1916
For cal. yrs. as abovo (310 roads) .660,636,824 015,610,396 107,163,721 199,595,850
1917 and 1918 was carried still further. The net For years end. June 30 (17 roads) 35,429,761 33,940,594 11,002,935 12, J/o,080
Grand total (327 roads)......... 696,060,585 640,550,990178,226,716 212,570,930
on the other hand, in both 1917 and 1918, underwent Increase....................................
(7.16%) 46,515,595
........... ..........
(1G.10%) 34,311,^11
reduction, as already stated, because of the great Decrease_________________________________________
The total of the gross earnings (comprising 327
increase in expenses. In our present compilation tor
1918 we have complete comparative figures for 310 roads) for 1918 is $696,066,585, and for 1917,
roads and the total of the gross earnings of these $649,550,990, an increase of $46,515,595, or 7.16%.
roads in 1918 was $660,636,824, as against $615,­ Aggregate net earnings, however, are only $178,­
610,396 in 1917, giving, therefore, an increase in 226,716, against $212,570,930, a decrease of $34,­
the substantial sum of $45,026,428, or 7.31% . The 344,214, or 16.16%.
To guard against misleading the reader, we wish
net earnings for the same roads, however, are only
to
reiterate what we have said in previous annual re­
$167,163,721 for 1918 as against $199,595,850 for
views
of the earnings of these electric railways,
1917, thus recording a loss of $32,432,129, or 16.25%.
namely
that this is not an attempt to indicate the
In other words, a gain of $45,026,428 in gross was
attended by an augmentation of no less than $77 ,­ aggregate of the gross and net earnings of all the
458,557 in expenses. Similarly in 1917 (as com­ street and electric railway undertakings in the United
pared with 1916) a gain of $49,209,561 in gross was States. It is simply making use of all the figures
attended by an augmentation of $57,001,906 in ex­ that have been placed at our disposal, or which are
penses, causing $7,792,345 loss in net. In these available. Large though the totals in our final sum­
figures we are dealing with the general totals. In mary are, they fall considerably short of recording
the case of the separate roads the unfavorable charac­ the entire earnings of electric railways in the United
ter of the net is still more strongly emphasized. For, States. The minor roads not represented would not
altogether, out of the 310 roads included in our de­ swell the amount to any great extent, but it happens
tailed statement at the end of this article, only 94 that a few large companies are also missing, because
show a decrease in gross but 223 have suffered a no data concerning their income could be obtained.
decrease in net. While in the previous year, with Among these may be mentioned the Bay State
only 39 roads showing a decrease in gross, there Street R y ., the Denver Tramway System, Cincinnati
Traction Co., the Fort Wayne & Northern Indiana
were 190 falling behind in net.

In other words, the problem should be viewed as it
would have been viewed, say, in 1913, if we had then
been seriously seeking a field for capital investments
in Russia. Of course the political situation is dis­
turbing, but economic forces are more inexorable.
Russia, even Socialistic Russia, cannot live in con­
tinual chaos, and without banks. And Russia s in­
dustrial and commercial recovery is contingent on a
banking system organized as it practically was befoie
the revolution, minus some of its glaring and regret­
table faults and abuses of power.




M ay 31 1919.]

THE CHRONICLE

2183

.

.

-

.

.

NET EARNINGS.
Traction Co. and the Wilkes-Barre Railways Co.
Current
Previous
Per
Even with these roads and many minor ones missing,
Period—
Year.
Year.
Increase.
Cent.
our total of the gross for 1918, it will be observed, is 1 9 0 5 c o m p a r e d w it h 1 9 0 4 ................. $ 1 3 0 ,8 8 4 ,9 2 3 $118,221,741 $12,663,182 10.71
1906
1 2 6 ,5 8 0 ,1 9 5
1905
114,024,076
12,556,119 11.01
over $696,000,000, and the total of the net over 1907
1906
1 2 6 ,0 0 2 ,3 0 4
121.050.703
4,951,601
4.09
1908
1907
1 4 2 ,2 6 2 ,4 1 7
141,144,213
1,118,204 0.79
$178,000,000.
1909
1908
1 6 0 ,3 9 4 ,7 6 5
140,647,906
19,746,859 14.03'
1909
1 7 8 ,0 3 7 ,3 7 9
Of course, many of the electric railways furnish 1910
167,100,351
10,937,028 6.54
1911
1910
. 1 8 0 ,0 0 1 ,4 3 9
175,527,542
10,473,897 5.96
electricity for lighting and power purposes, besides 1912
1911
. 1 9 4 ,3 0 9 ,8 7 3
179,915,760
14,394,113 8.00
1913
1912
. 2 0 4 ,4 2 2 ,4 2 9
193,393,045
11,029,384
5.70
being engaged in the railway business, and the earn­ 1914
1913
. 2 1 1 ,0 2 0 ,0 8 8
212,146,403
*1,126,315 0.53
ings from that source form part of their total income. 1915
1914
..2 1 4 ,3 1 9 ,3 0 3
217,440,533
*3,121,230 1.43
1916
1915
. 2 3 4 ,4 0 2 ,4 5 0
215,917.573
18,484,877 8.56
On the other hand, in a number of cases the earnings 1917
1916
. 2 2 1 ,0 9 0 ,7 4 0
228.585.929
*7,495,189
3.28
1917
. 1 7 8 ,2 2 6 ,7 1 6
212.570.930 *34,344,214 16.16
from lighting and other sources have been separated 1918
* Decrease.
from the street railway income, and the latter alone is
included in our table. This is true, for instance, of
It will be observed that, while in the first year, our
the Public Service Corporation of New Jersey, where final total showed aggregate gross of only $306,067,­
we take simply the results from the operation of the
145, the aggregate for 1918 reaches $696,066,585.
railway properties; it is also true of the Philadelphia
The
net, due to unprecedentedly high operating
Company (of Pittsburgh), the Pacific Gas & Electric
costs,
has fallen off considerably, but notwithstand­
Co., the New Orleans Railway & Light Co., the Little
ing
this
fact amounted in 1918 to $178,226,716. Of
Rock Railway & Electric Co., the Birmingham Rail­
course,
to
some extent, our exhibit is more compre­
way, Light & Power C o., the Knoxville Railway &
Light C o., the San Joaquin Light & Power Corpora­ hensive now. In the main, however, the increase is
tion, the Pine Bluff C o., the Union Railway, Gas due to the growth of traffic and revenues in the in­
& Electric Co., the Southern Public Utilities Co.
terval. It will be noted that each and every one of
and some others.
,
the fourteen years, except 1915, shows some increase
We have been making up these annual compila­
in
gross earnings, that even 1908— the year following
tions continuously for fourteen years now, and to
the
panic proved no exception, though the increase
show how constant and general the increase has been
from year to year and how the totals have been grow­ then was relatively small, and that the total of the
ing in magnitude, we furnish the following summary gain in gross for the whole fourteen years, taking the
of the comparative totals of gross and net for each aggregate of the increases for the separate years,
of the years back to 1905:
amounts to no less than $384,494,194. In the net
GROSS EARNINGS.
Current
Per
Previous
Period—
Year.
Year.
Cent.
Increase.
1905 compared w ith 1904______ $300,007,145 $281,008,936 $24,458,209 8.08
1900
“
" 1905........... 300,507,453 209,595,651 30,971,902 11.49
1007
“
“ 1900........... 300,200,315 280,139,044 26,127,271 9.33
1908
"
•• 1907........... 351,402,104 348,137,240
3,204,924 0.94
1909
"
" 1908........... 374,305,027 345,006,370 29,298,057 7 49
“ 1009........... 435,401,232 406,010,045 30,461,187 7.51
1910
"
1011
••
M 1910........... 455,740,300 428,031.259 27,115,047 6.33
1912
"
“ 1911........... 480,225,094 457,140,070 29,079,024 0.36
1913
"
“ 1912........... 529,097,522 500,252,430 29,745,092 5.94
1914
“
" 1913........... 653,095,404 548,296,520
4,798,944 0.87
*• 1914........... 507,901,052 569,471,260 *1,569,608 0.28
1915
"
1910
"
•• 1015........... 020,840,449 574,382,899 52,457,550 9.13
1917
"
M 1910........... 070,309,709 018,529,309 51,780,400 8.37
1918
"
“ 1917........... 090,060,585 649,550,990 40,515,595 7.16
* Decrease.

earnings, however, growth has ceased, the augmen­
tation in expenses and rise in operating cost having
caused decreases in net in four out of the last five
years, notwithstanding the continued expansion in
the gross and notwithstanding higher fares allowed
in not a few instances.
The following is the detailed statement already
referred to for the last two calendar years, which
shows separately the comparative figures for each
road contributing returns of gross and net in the
two years:

ELECTRIC R A ILW AY QROSS AND NET EARNINGS FOR CALENDAR Y E A R .
QROSS.

ROADS.

1918.

1917.

In crea se.

$
Albany Southern Railroad C o .a ____________________
652,872
574,665
78.207
Albia Light & Railway C o .a _______________________
101,268
20,871
American Railways C o .a ...................................... .........
14,234,405 12, 8 «
1,371,000
Arkansas Valley Interurban Railway.a_____________
328,611
36,591
Atlanta Northern Itailway.a---------------------------------181,567
P I?
43,030
Atlantic Coast Electric R ailway.b__________________
407,709
445,825
Atlantic City & Shore Railroad C o .a _______________
145,213
160,764
Atlantic Shoro Railway (Kennebunk, M o .).b __________
171.638
•*231.757
Auburn & Syracuse Electric Railway.!)________________
724,237
686,403
37,834
Augusta-Aiken Railway Sc Electric Corporation.a.
1,023,044
97,520
o
??§>524
Aurora Elgin & Chicago Railroad.a________________
2,140,210 2-158,478
Austin Street Railway.b.................................................
273,184
257,373
15,811
Bangor Railway & Electric C o .a __________________
923,122
886J20
37,002
Baton Rouge Electric C o .a — .......................... ...........
267,809
231. ,965
35,844
Bonton Ilarbor-St Joe Railway & Light C o .b ______
509,003
.
494,402
14,601
Berkshire Street Railway.a________________________
1,058,007
1,212,906
Biddeford & Saco Railroad.a__________________________
86,815
85,417
1,398
Birmingham R y., Light & Power Co. (R y. Dept. only)_b
1,996,557 2.056)028
Bluo Ilill Street Railway______________________________ „
78,304
88,474
Boston Elevated R ailway.b___________________________ 21,062,693
19,818,407 1,244,286
Bristol & Plalnville Tramway Co. (Railway only)_b__
151.748
148,512
3,236
Brockton & Plymouth Street Railway.a_______________
101,430
124,316
Brooklyn Rapid Transit—
Brooklyn Heights Railroad C o .a ____________________
8,167.017 8,770,536
Brooklyn Queens County & Suburban R ailroad.a___
1,350,309
1-576,134
Coney Island & Brooklyn Railroad.a_______________
1,750,820
1.902,991
Coney Island & Gravesend R ailway.a_____________
79,966
J 88,178
Nassau Electric Railroad C o .a ......................................
4,592,037
New York Consolidated Railroad, a _________________ 14,359,820 4,985,481
12,015,097 2,344,723
South Brooklyn Railway C o .a ----------------- ---------------839,351
902,087
Buffalo Lockport Sc Rochester Railw ay.b_____________
460,651
442,882
17)709
Buffalo Southern Railway C o .a ____________________
88,958
95,699
Buffalo & Willlamsville Electric R ailw ay.a ....................
36,538
41,013
Burlington Railway & Light Co. (Railway o n ly ).a .........
178.748
180,615
Calais Street Railway.a------------------------------------- ------ 43,154
42,264
890
California Street C able.!)-----------------------------------------455,219
9,566
„ 445,653
Capital Traction (Washington). b ____________________
3,529,855
2.783,538
746,317
Carolina Power <&Light C o .a .................................... .........
1.015,382
915,401
99,981
Chambersburg Grconcastlo & Waynesboro Street Ry.a
222,665
37,899
184,766
Ohamborsburg & Gettysburg Electric R ailw ay.b.............
46,376
7,722
38,654
Charleston Consolidated Ry. & Lighting (Ry. o n ly ).a .
589,862
•9 1 .8 3 8
95,024
Charlcston (W . Va.) Interurban Railroad.a
.
578,189
159,334
418.855
Charlottesville & Albemarle Ry. (Railway Dept, o n ly )’ b
„ 40,107
, 42,610
Chattanooga Railway Sc Light C o .a _____
1.843,947
1.356.732
48*7*215




NET.
D ecrease.

38,116
15,551
60,119
18,268

154,899
59,471
10,170
22,886
603,519
225,825
152,171
8,212
393,444
122,733
6,741
4,475
1,897

2,503

1918.

1917.

$
142,450
125,870
30,465
28,650
C3,537,668 c3.636.687
128,954
123,495
46,745
27,790
49,653
102,611
defm25,652 defm2,200
20,593
133,317
137,535
217,152
458,286
402.424
265,512
600,815
96,696
97,712
326,387
384,067
121,156
112,551
169,952
170,482
def242,971
81,725
10,835
16,215
634,671
802,876
def4,077
6,956
3,066,596
6,271,283
43,186
50,170
defl4,889
def463
1,988,935 2,836,244
179,482
401.424
321,072
532,724
16,131
11,963
816,040
1.234,594
4,314,876 4,676,929
193,500
300,373
101,062
109,414
def4,636
6,257
2,278
10,576
46,813
60,158
7,931
8,321
157,361
255,602
c l,446,794 cl ,250,209
333,284
349,159
70.334
78,645
10,404
9,072
96,390
98,754
234,995
176,215
6,858
10,851
402,334
218,039

In crea se.

16,580
1,815
5,459
18,955

55,862
8,605

4,168

D ecrease.

99,019
52,958
23,392
12,724
79,617
335*303
1,016
57,680
"**530
324,69ft
5,380
168,20ft
11,033
3,204,687
6.984
14,42ft
847,309
221,942
211,652
4*18*654
362,053
106,873
8,352
10,893
8 ,2 9 8

196,585
15,875
1,332
58,780
184*295

13,345
390
98.241
8.311
’ *2*364
’ 3*993

[V o l . 108.

THE CHRONICLE

3184

NET.

GROSS.

ROADS.

1918.

$

1917.

8

1 4 1 ,0 8 9
1 3 2 ,2 6 5
Chautauqua Traction C o .b .................................................
1 6 6 ,0 1 9
1 6 1 ,2 1 9
Chester & Philadelphia R a ilw a y -a ----.................- .........
3 3 8 ,1 5 8
3 1 6 ,4 8 3
Chicago & Interurban Traction C o . b - . .............................
6 4 7 ,4 6 4
7
6
3
,7
8
2
Chicago Lake Shore & South Bend Railway b -------------1 ,7 5 1 ,3 7 3
2 ,8 9 9 , 9 7 5
/Chicago North Shore & Milwaukee Railroad
------­
7 9 1 ,9 5 6
8 2 0 ,2 1 8
Chicago South Bend & Northern Indiana R a ilro a d -b ...
e 3 5 , 1 1 4 ,6 3 3
e
3
4
,7
1
0
,0
9
8
Chicago Surface Lines, a ---------------------------------------------5 8 7 ,2 9 2
5 9 4 ,7 7 3
Chicago & West Towns Rail way. a - - - - - - - - - - - - - - - r - 2 9 4 ,7 6 1
3 7 0 ,1 6 1
Choctaw Power & Light Co. (incl. Pitts. County. R y .)-1 5 0 ,5 7 1
1
4
8
,5
3
7
Cincinnati & Columbus Traction C o - b - - - - - - - - - - - - - - - 1 2 5 ,0 1 5
1 2 9 .3 2 8
Cincinrati Lawrenceburg & Aurora Elec. Street R y .b - 8 5 ,1 2 7
1
1
0
,9
1
9
oCincinnati Milford & Blanchester Traction C o .a . .........
3 2 2 ,8 5 0
3 5 8 ,3 4 6
Claremont Railway & Lighting C o .a .................................
8 5 ,4 1 1
9 5 ,5 6 8
Cleveland & Chagrin Falls Raihvay.a.............................
2 4 3 ,8 4 3
2 4 6 ,8 0 7
Cleveland & Eastern Traction C o .a ------------ ---------------1 4 5 ,6 0 6
1 6 4 ,5 0 9
Cleveland & E rioRailw ay.b — - - - - - - - - - - - — .............
1 5 4 ,7 7 2
1 6 2 ,7 9 4
Cleveland Painesville & Ashtabula Railroad.b -------------5 0 9 ,8 5 6
,4 5 5
•Cleveland Painesville & Eastern R ailroad.b----------------- 1 2 ,45 41 03 ,9
5 0 1 0 ,2 5 6 ,5 1 4
Cleveland Railway Company, b ------------ ----------------------1 8 2 ,4 1 5
1 8 3 ,6 9 8
Clinton Street Raihvay.a...................................- ...............
1 0 5 ,0 0 3
1 1 2 ,5 9 3
Coal Belt Electric Railway.a ------- -----------------------------3 8 6 ,4 4 3
3 6 7 ,4 7 6
Colorado Springs & Interurban Raihvay.a......................
1 ,1 7 6 ,6 5 8
1
,
5
6
2
,1
5
2
Columbia Railway, Gas & Electric C o .a ...........................
1 ,0 9 6 ,0 6 6
1 ,1 8 1 ,4 1 3
Columbus (Ga.) Electric C o . a - - - -------------------------------3 9 ,6 6 7
4 5 ,8 1 7
Columbus Marion & Bucyrus R a i l w a y - a - - - - - - - - - - -----6 4 ,7 4 2
8 7 ,2 7 4
Columbus New Albany & Johnstown Traction C o .b -----4 , 0 2 4 ,1 8 6
4 ,2 6 4 ,4 8 6
Columbus (Ohio) Railway, Power & Light C o.a
8 0 ,2 1 5
6 6 ,6 0 9
Concord Maynard & Hudson Street Raihvay.a1 ,2 0 6 ,6 3 8
1 ,2 4 3 ,2 0 0
Oonestoga Traction C o .b -------------------------------------------9 , 9 3 5 , 7 5 0 1 0 ,0 2 3 ,1 6 2
Connecticut Company, a ------- ,-------------------------------------2 5 9 ,4 3 4
2 3 7 ,2 0 4
Connecticut Valley Street Railway a .................................
7 3 ,7 1 2
7 7 ,6 8 4
Corning & Painted Post Street R ailway............................
3 ,0 8 1 ,9 2 7
3 ,2 2 6 ,9 0 0
Cumberland County Power & Light C o .a ------------------1 ,3 3 1 ,0 9 5
1 ,7 3 2 ,2 9 8
Dallas Railway C o .a ------- ------------ 1 4 1 ,6 5 3
1 2 8 ,8 7 8
Danbury & Bethel Street Raihvay.b
1 6 6 ,8 9 0
1 6 9 ,8 6 0
Dayton Covington & Piqua Traction C o .a ------------------3 1 9 ,4 5 8
3 5 9 ,9 3 2
Dayton & Troy Electric Railway.b
1 ,5 3 0 ,0 2 0
1 ,7 1 5 ,3 3 7
Des Moires City Railway C o .a -1 9 , 0 1 4 ,0 1 8 1 7 ,4 2 7 ,9 4 0
Detroit United Railway C o .b ----- - — 1 1 4 ,7 6 5
1 1 2 ,4 1 4
Drver Somersworth & Rochester Street Railw ay.a-----1 ,6 4 4 ,3 8 7
1 ,6 8 6 ,4 8 5
Duluth-Superior T ra ction .b -- - - - - - 9 9 5 ,1 8 3
1
,1
9
2
,9
9
5
Eastern Pennsylvania Railways C o.a
9 3 8 ,0 7 4
1 ,1 3 1 ,7 5 3
3Eastern Texas Electric C o .a .....................- ........... - .........
3 ,6 9 2 ,4 7 2
4 ,2 1 5 ,8 8 7

El Paso Electric C o .a ...........- ............. - .........
Escanaba Traction C o .a ..................................
Evanston Railway.a
.......... - ........................
/(Evansville Railways C o .a .- — — - - - - - ­
Evansville Suburban & Newburgh Railway.a
JfcFairmount Park Transit C o .b ------- - - - - - —
Federal Light & Traction Co. and subsidiary c o s .a -----Fort Wayne & Decatur Traction C o .a -------------------------Fostoria & Fremont Railway, a - - - - - - - - - - - 7l— - ...........
Frankford Tacony & Itolmcsburg Street Railway.a-----Fresno Traction C o . a . - - — - — - - - - - - - - r --------- -------- Galesburg & Kewanee Electric R a h w a y .b ..-----Geneva Seneca Falls & Auburn Railroad, In c.a
Gal veston-IIouston Electric C o .a - - - - - - - r- - Georgia Railway & Power Co. (combined companies).a.
Grand Rapids Railway C o .a .........- ....................................
Hagerstown & Frederick Railway, b ...........- .....................
Harrisburg Railways C o .b ----------------------------------------Hartford & Springfield Street Railway.a------------ -------Helena Light & Railway C o .a ...................- ....................
Henderson Traction C o----------------------------------------------Holyoke Street R ailway.a.........- ....................- ............. - - ­
Houghton County Iraction a .............................................
Hudson Valley Railway C o .b ...............- .............................
Humboldt Transit C o .a .......................................................
Illinois Traction System a - - - - - - - - - - - ........................
Indianapolis & Cincinnati Traction C o .b .........................
Indianapolis & Louisville Traction Raihvay.a-------------Indianapolis Traction & Terminal C o.................................
Indiana Railways & Light C o. b ----- - - - - - .......................
Interboro Rapid Transit Co.
.........
International Traction System (Buffalo, N. Y .) .a --------Interstate Consolidated Street Railway C o .a
Interurban Railway C o .a ----------------------------Iowa Railway & Light C o .a ...............................................
Iowa Southern Utilities C o .a -------------------- ......... - .........
Jackson Light & Traction C o .a ...........- .............................
Jackson Railway & Light C o--------------------------------------Jacksonville Traction C o .a - - .................................. - ..........
Jamestown Street Raihvay.b--------------------------------------Jersey Central Traction C o .a .................................. - ..........
Jonlin & Pittsburgh Railway C o .a ------- ---------------------Kansas City Clay County & St. Joseph1Railway.a------Kansas City Kaw Valley & Western Railway.a----------Kansas ElectricUtilities Co. (and" controlled c o s .).a —
Keokuk Electric C o .a ...............................- ..........................
Key West Electric C o.a

K i n g s t o n C o n s o li d a t e d R a il r o a d b . --------K n o x v i l l e R a il w a y & L i g h t C o . ( R a i l w a y D e p t . o n l y ) - b .
L a c o n l a S t r e e t R a i l w a y . a ......... ........................ ....................... .............
L a k e S h o r e E l e c t r i c R a il w a y ( e n t ir e s y s t e m ) . a ---------------L ew \ s b u r g ' M i 1t o n * & W a t s o n t o w n P a s s e n g e r R a i l w a y , a .
L l t t ie * R o V k I t a i h v a y E 1e c . C o . ( R a i l w a y D e p t . o n l y ) . b
L o n g I s la n d E l e c t r i c R a i h v a y . a - - - - - - .............. ............. .............
L o s A n g e le s R a i l w a y C o r p o r a t i o n . b .................- ...........................
L o u is v i ll e R a i l w a y C o . b . - ------------- p e j - v - ' - n ” : ------------L o u i s v i l l e & N o r t h e r n R a il w a y & L i g h t i n g C o . a ..............
M a c o n R a i l w a y & L i g h t C o . a ................. - ............. - .....................M a n C h e s te r ' T r a c t i o n ' L i g h t & P o w e r : C o . a n d s u b . c o s . a
M a n h a t t a n B r i d g e T h r e e - C e n t L i n e . a ---------------------------------M a s ? a c t n is e b t s ' n o r t h e a s t r r n " S t r e e t R a i l w a y C o . a ..............
M e m p h i s S t r e e t R a i h v a y . a ......................... .................. .......................
M e s a b a R a i l w a y . a - - .........................................................................
M ic h ig a n R a ilw a y C o . a . .
................ - ..................................
M i d d l e s e x & B o s t o n S t r e e t R a il w a y b . . . .................... ............
M i l w a u k e e E l e c t r ic R a i l w a y & L i g h t C o . a ------------------------M i l f o r d A t t l e b o r o & W o o n s o c k e t S t r e e t R a i l w a y . a ------M i l f o r d & U x b r id g e S t r e e t R y . a ......... .................................. M i l l v i l l e T r a c t i o n C o - a . - - - — - - - - - - ....................................
M il w a u k e e L i g h t , H e a t & T r a c t i o n C o . a ....................................
M i l w a u k e e N o r t h e r n R a i l w a y . a ......... ............................................
M is s i s s ip p i V a ll e y R a il w a y & P o w e r C o . a ...............................
M o b i l e L i g h t & R a i l r o a d C o . a ......................... ...............................
M o n o n g a h e l a V a ll e y T r a c t i o n C o . a — ------------------------------M o n t o u r s v i l l e P a s s e n g e r R a il w a y ( R y . D e p t o n l y ) . a . .
M o r r i s C o u n t y T r a c t i o n C o . b - - - ............................................
M u s k o g e e E l e c t r i c T r a c t i o n C o . b ....................- ............. —
N a s h v i l l e R a i l w a y & L i g h t C o . a . .............................. ..........
N e w B e d fo r d & O n se t S tre e t R a i l w a y - a - - - - - - - - - - N e w J e rs e y & P e n n a . T r a c t io n C o . (P r in c e t o n D i v . ) - b N e w O r le a n s R y . & L i g h t C o . ( R a i l w a y D e p t . o n l y ) - b . .
N e w p o r t N e w s & H a m p to n R y ., G a s & E le c t r ic C o . a . .
N e w p o r t & P r o v i d e n c e R a i l w a y . a - - - ----------------------------N e w Y o r k & L o n g I s la n d T r a c t i o n C o . a ----------------------N o w Y o r k & N o r t h S h o r o T r a c t i o n C o . a .........................
N e w Y o r k & Q u e e n s C o u n t y R a i l w a y . a ................. - ...............
N e w Y o r k R a i l w a y s . a . - - - - .................................................................
N e w Y o r k & S t a m f o r d R a i l w a y . a ...................... ..........................
N e w Y o r k S t a t e R a i l w a y s , a -------------- -----------------------------------N o w Y o r k W e s t c h e s t e r & B o s t o n R a i l w a y . a -------------------N o r f o l k & B r i s t o l S t r e e t R a i l w a y . a . - - ..............................




Increase.

Decrease.

S

1 1 6 ,3 1 8
1 ,1 4 8 ,6 0 2
2 8 ,2 6 2
‘ *7*481
7 5 ,4 0 0
"4 " , 3 1 3
2 5 ,7 9 2
3 5 ,4 9 6
1 0 ,1 5 7
2 ,9 6 4
1 8 ,9 0 3

8,022

599
2 , 1 8 7 ,4 3 6
1 ,2 8 3
7 ,5 9 0

3 8 5 ,4 9 4
8 5 ,3 4 7
6 ,1 5 0
2 2 ,5 3 2
2 4 0 ,3 0 0
36*562
3 ,9 7 2
1 4 4 ,9 7 3
4 0 1 ,2 0 3
2 ,9 7 0
4 0 ,4 7 4
1 8 5 ,3 1 7
1 ,5 8 6 ,0 7 8
4 2 ,0 9 8
1 9 7 ,8 1 2
1 9 3 ,6 7 9
5 2 3 ,4 1 5
2 7 ,3 0 2

,001,000

1917.

$

Increase.

Decrease.

1 ,8 4 4
1 2 ,5 4 2
1 4 ,3 8 6
3 0 .1 7 2
9 9 ,8 9 5
6 9 ,7 2 3
4 8 ,4 2 5
1 2 5 ,7 8 8
7 7 ,3 6 3
6 ,6 2 5
1 6 5 ,4 0 7
1 5 8 ,7 8 2
4 0 7 ,0 7 5
6 3 6 ,8 6 2
1 ,0 4 3 ,9 3 7
12",451
2 2 0 ,3 6 1
2 0 7 ,9 1 0
3 ,0 3 4 ,7 7 6
e8,9 7 8 ,1 6 1 e l 2 ,0 1 2 ,9 3 7
4 0 4 ,5 3 5
5 4 ,2 9 9
1 7 3 ,1 1 9
1 1 8 ,8 2 0
1 0 ,5 6 5
1 0 7 ,2 2 5
1 1 7 ,7 9 0
2 7 ",332
1 1 ,9 7 7
d c fl5 ,3 5 5
2 ,0 3 4
4 ,2 3 4
2 6 ,0 1 9
3 0 ,2 5 3
1 ,4 3 7
1 3 ,4 6 1
1 4 ,8 9 8
4 3 ,3 9 2
9 9 ,7 1 3
1 4 3 ,1 0 5
6 ,8 0 9
1 6 ,4 8 3
2 3 ,2 9 2
5 ,2 2 5
7 2 ,2 4 2
6 7 ,0 1 7
8 ,3 6 2
3 1 ,7 4 4
2 3 ,3 8 2
6 ,8 9 8
2 1 ,8 6 2
1 4 ,9 6 4
2 4 ,5 9 5
2 1 2 ,4 4 7
1 8 7 ,8 5 2
9 9 7 ,9 5 9
2 , 6 9 4 ,1 7 6
3 ,6 9 2 .1 3 5
" 2*798
7 0 ,2 3 6
6 7 ,4 3 8
2 0 .0 5 0
2 1 ,7 1 5
I , 665
549
9 9 ,0 5 8
9 8 ,5 0 9
1 8 ,9 6 7
1 0 4 ,9 2 9
4 2 0 ,5 5 3
3 1 5 ,6 2 4
6 1 ,5 0 5
6 7 5 ,6 0 5
6 1 4 ,1 0 0
3 ,8 0 3
8 ,5 6 6
1 2 ,3 6 9
6 ,5 3 3
1 4 .3 2 1
2 0 ,8 5 4
7 1 ,1 6 1
1 ,0 8 0 ,2 5 7
1 ,1 5 1 ,4 1 8
8 ,5 8 6
6 ,3 8 9
d e f 2 ,1 9 7
1 3 ,6 0 6
1 0 7 ,5 0 3
5 9 6 ,4 7 0
4 8 8 ,9 6 7
3 9 8 ,2 1 9
1 ,6 0 7 ,6 4 8
1 ,2 0 9 ,4 2 9
8 7 ,4 1 2
4 0 ,7 4 0
5 6 ,2 5 5
15,515
2 2 ,2 3 0
175
2 6 ,6 4 5
2 6 ,8 2 0
102*145
1 ,0 2 7 ,8 8 1
9 2 5 .7 3 6
4 0 ,1 8 7
2 8 9 ,0 2 5
2 4 8 ,8 3 8
1 9 ,0 0 6
1 9 ,1 6 5
15 9
1 2 ,7 7 5
8 ,8 1 7
4 9 ,0 1 6
4 0 ,1 9 9
1 0 ,9 7 4
1 0 7 ,7 0 5
9 6 ,7 3 1
1 6 5 ,7 8 5
4 5 9 ,4 0 4
2 9 3 ,6 1 9
8 7 ,5 3 0
4 , 1 6 8 ,1 4 9
4 , 2 5 5 ,6 7 9
1 6 ,0 7 9
9 ,8 7 7
2 ,3 5 1
1 8 9 ,3 1 3
5 8 2 ,1 1 6
3 9 2 ,8 0 3
3 6 ,2 5 5
3 1 4 ,5 9 1
2 7 8 ,3 3 6
4 8 ,5 1 1
4 2 1 ,0 8 2
4 6 9 ,5 9 3
298*382
1 ,2 1 0 ,9 5 2
9 1 2 ,5 7 0
2 3 ,8 6 0
1 5 5 ,7 7 5
1 3 1 ,9 1 5
9 4 ,4 3 3
4 8 1 ,7 5 5
3 8 7 ,3 2 2
2 5 ,8 9 2
2 0 ,3 0 2
1 0 4 ,4 4 9
8 4 ,1 4 7
1 0 ,4 8 6
1 2 ,0 3 3
C 5 2 .8 6 3
C 4 0 .8 3 0
2 ,7 1 6
1 2 ,4 2 3
8 0 ,3 7 8
6 7 ,9 5 5
9 ,0 1 9
6 5 ,2 6 7
5 6 ,2 4 8
3 ,3 5 1
2 3 ,6 6 0
2 7 ,0 1 1
1 9 5 ,4 6 3
8 5 6 ,8 4 6
1 ,0 5 2 ,3 0 9
5 ,8 3 4
3 ,7 7 3
9 ,6 0 7
1 ,4 6 3
2 9 ,9 6 4
2 8 ,5 0 1
9 .0 7 9
2 5 ,3 1 7
1 6 ,2 3 8
743
1
4
,5 7 6
3
2
,0
1
4
1 7 ,4 3 8
8 ,4 5 9
1 3 ,7 2 6
5 ,2 6 7
53 4
1 8 ,3 5 9
1 8 ,7 1 0
3 7 ,0 6 9
1 ,5 7 3
1 3 7 ,8 3 2
7 0 3 ,2 5 0
8 4 1 .0 8 2
4 0 ,4 7 2
3 ,1 0 4 ,8 6 8
3 ,1 4 5 , 3 4 0
1 3 5 ,8 2 3
3 9 3 .6 8 1
2 5 7 ,8 6 1
2 5 ,5 1 2
556
2 4 6 ,6 8 8
2 4 7 ,2 4 4
*3*828
5 6 1 ,3 6 8
n 5 5 7 ,5 4 0
4 1 ,2 1 0
4 2 .0 4 6
836
1 4 ,8 5 8
7 5 .6 2 5
1 2 4 ,6 9 7
4 9 ,0 7 2
3 1 ,6 9 1
1 ,0 8 5
* 1 0 ,0 9 9
9 ,0 1 4
3 9 ,4 8 4
1
1
5
,3
7
0
7
5
,8
8
6
1 4 ,9 6 5
2 2 ,1 0 3
1 2 6 .6 8 2
1 0 4 ,5 7 9
2 3 ,0 6 7
1 0 6 ,7 6 1
3 4 1 ,6 5 1
2 3 4 ,8 9 0
1 3 ,2 9 9
1 3 ,4 8 1
182
8 6 4 ,5 0 0
5 .3 1 2 ,2 3 2
4 , 4 4 7 ,7 3 2
2 2 ,1 6 4
1 6 4 ,7 9 0
1 4 2 ,6 2 6
14,072
8 4 ,3 6 0
9 8 ,4 3 2
28*6*529
1 ,4 4 2 ,6 2 1
1 ,1 5 6 ,0 9 2
8 1 .1 3 5
1 4 ,0 6 8
3 1 2 ,8 1 2
2 9 8 ,7 4 4
4 ,1 4 4 ,2 8 6
1 4 ,9 9 6 ,9 3 9 1 9 ,1 4 1 ,2 2 5
1 , 7 9 3 ,2 1 7
2 , 8 5 2 ,1 2 2
1 .0 5 8 ,9 0 5
7 5 2 ,5 0 3
3 ,6 1 4
1 6 ,5 0 9
2 0 ,1 2 3
8 ,2 6 4
5 ,3 5 8
1 1 9 ,6 3 8
1 2 4 ,9 9 6
1 3 ,3 0 0
5 9 5 .6 7 1
5 8 2 ,3 7 1
1 5 ,8 3 3
1 0 9 ,1 2 0
1 2 4 ,9 5 3
1*18*387
1 1 6 ,8 5 4
d e f 1 ,5 3 3
5 .4 8 3
4 5 ,5 3 0
4 0 ,0 4 7
7 .4 9 1
2 2 8 ,4 1 1
2 3 5 ,9 0 2
3*3*996
6 6 ,1 8 2
3 2 ,1 8 6
5 2 ,1 7 7
9 0 .6 7 5
3 8 ,4 9 8
3 6 ,4 1 1
1 7 7 ,3 8 1
1 4 0 ,9 7 0
3 5 ,0 1 1
3 4 9 ,7 1 8
3 1 4 ,7 0 7
1 ,6 3 8
7 4 ,5 7 6
7 2 ,9 3 8
9 3 2 ,8 7 5
1 , 7 2 3 ,2 6 9
7 9 0 ,3 9 4
4 2 ,7 3 2
1 2 0 ,0 9 7
7 7 ,3 6 5
285
1 3 ,3 3 5
7 2 .7 6 2
5 9 ,4 2 7
3 3 ,5 3 5
5 0 ,8 2 9
8 4 ,3 6 4
* *5*295
5 5 ,9 0 7
5 0 ,6 1 2
3 2 ,1 1 1
2 1 3 .0 4 6
2 4 5 ,1 5 7
3 ,5 9 7
der685
2 ,9 1 2
6 ,2 5 6
2 0 ,9 2 1
5 7 5 .3 2 1
5 9 6 ,2 4 2
1 4 8 ,1 2 9
(1 8 8 6 .5 2 5 d\ .0 3 4 ,6 5 4
2 .6 1 7
8 ,8 2 0
I I , 437
37*227
1 8 9 ,3 9 4
1 5 2 ,1 6 7
3 9 ,0 3 1
2 8 5 ,5 5 5
2 4 6 ,5 2 4
3 8 ,6 8 7
2 1 ,2 8 0
d e f 1 7 ,4 0 7
2 4 ,1 3 0
4 9 4 ,0 0 8
2 .0 8 4 ,7 9 3
1 ,5 9 0 ,7 8 5
2 2 0 ,3 4 0
1 .5 4 7 .8 2 1
1 ,3 2 7 ,4 7 5
1 ,5 7 3
4 8 ,6 5 4
4 7 ,0 8 1
8 ,0 8 3
2 0 2 ,8 8 2
2 1 0 ,9 6 5
1 4 *5 7 2
9 6 ,9 7 2
8 2 ,4 0 0
6 7 ,4 4 6
6 2 7 ,7 0 4
5 6 0 ,2 5 8
9 ,0 5 0
2 4 ,6 8 0
1 5 ,6 3 0
1 ,7 7 8
d e f 1 ,2 9 3
d c f 3 ,0 7 1
7 ,2 6 9
5
5 ,0 7 0
1
1
4
,2
7
0
5
9
,2
0
0
7 1 ,9 9 1
2 2 5 ,4 7 4
8 0 4 ,2 8 4
5 7 8 ,8 1 0
9 2 ,3 2 1
1 4 ,0 3 3
1 1 2 ,5 1 9
9 8 ,4 8 6
2 6 .9 2 1
3 8 2 ,8 2 9
1 , 4 7 3 ,3 7 0
1 ,0 9 0 ,5 4 1
4 2 .9 2 1
2 2 4 ,3 3 4
1 8 1 ,4 1 3
1 0 8 ,9 1 0
3 2 1 ,6 8 6
c 2 , 1 2 9 ,4 5 4
c l , 8 0 7 ,7 6 8
1 1 ,9 8 9
6 ,2 1 6
d e f 5 ,7 7 3
1*45 9
4 8 ,9 5 1
5 0 ,4 1 0
2 7 ,3 9 6
4 ,1 3 8
d c f2 3 ,2 5 8
46 1
9 8 .2 2 6
C 5 3 9 .6 5 4
C 6 3 7 .8 8 0
*4*537
1 5 7 ,7 4 5
1 5 3 ,2 0 8
■ 4". 2 0 9
5 0 ,1 4 3
5 4 ,3 5 2
3 5 ,7 6 4
1 5 5 ,4 2 3
1 9 1 .1 8 7
2 3 3 ,7 1 9
1 ,4 0 7 ,3 8 8
1 ,1 7 3 ,6 6 9
1 ,3 4 5
d e f6 7 6
669
2 2 ,8 2 2
1 4 2 ,9 1 1
1 2 0 ,0 8 9
2 2 ,5 0 1
6 9 ,0 1 9
4 6 ,5 1 8
1 6 ,8 6 2
1 0 0 ,4 4 3
8 6 8 ,9 0 3
9 6 9 ,3 4 6
7,009
2 9 ,6 2 8
2 2 ,6 1 9
1 2 ,3 5 4
4 ,8 5 2
2 1 ,6 0 7
2 6 ,4 5 9
2*78*526
1 ,9 8 3 ,0 2 7
1 ,7 0 4 ,5 0 7
1 0 3 ,2 6 5
6 0 0 ,9 2 3
7 0 4 .1 8 8
2 0 ,9 0 3
4 7 ,7 3 4
6 8 ,6 3 7
3 6 ,2 1 0
6 9 ,6 5 6
3 3 ,4 4 6
3 0 ,9 2 0
3 5 ,5 5 4
4 ,6 3 4
1 6 ,0 4 7
3 2 .7 1 8
d e f 2 2 1 ,8 8 7 d e f l 8 9 , 1 6 9
1 6 5 ,0 4 3
1 ,3 1 6 ,7 6 3
2 ,9 9 3 ,6 6 0
1 ,6 7 6 ,8 9 7
1 ,1 9 3 ,8 9 1
1 8 ,8 3 5
3 6 ,1 1 8
1 7 ,2 8 3
1 9 ,8 6 7
7 2 8 ,7 6 6
1 .6 0 4 .8 2 1
8 7 6 ,0 5 5
d e f 3 2 , 5 13
3 7 ,3 4 1
d e f 6 9 .8 5 4
1 5 ,3 0 7
8 ,1 2 5
d e f 7 ,1 8 2
6 ,8 0 5
8 ,8 2 4
4 ,8 0 0
2 1 ,6 7 5

4 5 6 ,0 8 4
4 8 3 ,3 8 6
1 ,2 8 3 ,5 2 5
1 ,2 5 7 ,6 3 3
1 9 4 ,4 5 5
1 8 3 ,9 6 9
1 7 4 ,2 0 7
1 7 1 ,4 9 1
3 9 ,5 3 1
2 9 1 ,2 1 2
3 3 0 ,7 4 3
4 5 ,9 2 7
1 9 4 ,2 9 0
2 4 0 ,2 1 7
2 1 ,4 6 4
1 0 7 ,5 1 6
1 2 8 .9 8 0
6
2 9 ,9 2 1
2
,
8
6
7
,3
1
0
3 ,4 9 7 ,2 3 1
4 ,0 5 4
5 3 ,2 4 9
5 7 ,3 0 3
7 ,6 9 1
7 2 ,2 4 6
7 9 ,9 3 7
1 5 9 ,7 2 0
1 5 8 ,9 7 7
4 ,6 6 6
2 3 5 ,6 4 0
2 4 0 ,3 0 6
8 1 ,2 9 0
8 0 ,7 5 6
1 0 7 ,3 8 6
1 0 5 ,8 1 3
6 0 3 ,2 1 0
2 , 0 8 8 .1 2 2
2 , 6 9 1 ,3 3 2
7 ,9 9 6 ,3 0 9 1
8 ,9 9 7 ,3 0 9
1 ,3 0 3 ,8 6 0
1 ,2 7 8 ,3 4 8
1 1 3 ,9 2 1
6 0 4 ,7 1 1
7 1 8 ,6 3 2
1 3 8 ,4 5 0
1 ,1 8 6 ,7 3 1
1 ,3 2 5 ,1 8 1
2 4 4 ,0 5 7
2 2 9 ,1 9 9
3 4 6 ,8 3 5
3 1 5 ,1 4 4
5 ,6 3 7
3 4 ,0 9 8
3 9 ,7 3 5
7 1 7 .1 3 4
7 0 2 ,1 6 9
3 4 3 .1 3 4
3 2 0 ,0 6 7
1 0 0 ,3 4 9
1 ,0 2 5 ,7 1 5
1 ,1 2 6 ,0 6 4
8 ,3 1 9
8 1 ,6 4 3
8 9 ,9 6 2
9 5 3 .3 2 2
1 5 , 4 1 4 ,7 3 0 1 4 , 4 6 1 ,4 0 8
3 5 ,8 5 9
4 9 6 ,2 8 1
5 3 2 ,1 4 3
4 9 ,5 8 2
1 8 5 ,9 6 4
2 3 5 ,5 4 6
3 , 6 5 4 ,6 3 4
3 , 5 7 3 ,4 9 9
62*631
6 1 1 ,3 1 5
6 7 3 ,9 4 ti
3 6 9 ,7 9 8
4 0 , 8 8 1 ,9 3 3 4 0 ,5 1 2 ,1 3 5
8
,
2
5
5
,2
7
9
7 ,5 0 2 ,7 7 6
1 9 4 ,4 3 8
1 8 6 ,1 7 4
5 6 4 ,1 2 9
7 6 0 ,3 9 2
1 ,3 2 4 ,5 2 1
3 1 5 ,2 6 4
1 ,8 0 6 ,7 2 1
2 , 1 2 1 ,9 8 5
7 6 ,9 6 0
3 7 5 ,0 1 9
4 5 0 ,9 7 9
2 ,3 4 5
3 2 5 ,4 9 2
3 2 7 ,8 3 7
1 5 ,6 7 4
1 2 6 .9 P 7
1 4 2 ,5 9 1
2 4 7 ,4 4 0
6 9 8 .1 2 3
9 4 5 ,5 6 9
2 ,4 7 8
4 4 2 ,4 3 5
4 4 4 ,9 1 3
2 7 ,4 8 5
2 5 6 ,1 2 8
2 8 3 ,6 1 3
6 ,4 2 3
6 6 5 ,9 4 3
6 7 2 ,3 6 6
3 8 ,6 8 1
7 9 9 ,3 7 9
8 3 8 ,0 6 0
2 5 ,3 9 2
2 2 1 ,7 4 6
2 4 7 ,1 3 8
3 6 5 ,8 9 1
8 ,0 0 5 ,9 5 5
8 ,3 7 1 ,8 4 6
3 4 8 ,0 8 4
3 4 7 ,7 9 9
1 5 ,6 9 0
2 4 8 ,5 4 6
2 6 4 ,2 3 6
5 6 ,7 8 6
1 4 6 ,0 8 7
2 0 2 ,8 7 3
7 ,7 9 9
1 5 2 ,0 7 9
1 5 9 ,8 7 8
5 1 ,6 6 0
5 8 5 ,2 5 0
6 3 6 ,9 1 0
3 4 ,3 7 3
2 8 ,1 1 7
403 ",313
1 ,7 8 6 ,0 1 2
2 .1 8 9 .3 2 5
4 4 5 ,0 7 1
d 3 , 3 2 0 ,1 4 5 (1 2 ,8 7 5 ,0 7 4
7 ,8 2 3
6 0 ,5 8 3
6 8 ,4 0 6
2 4 ,6 1 9
9 8 0 .0 3 9
1 ,0 0 4 ,6 5 8
1 0 8 ,0 0 8
6 3 4 ,0 4 5
7 4 2 ,0 5 3
2 5 1 .1 2 4
2 2 6 ,9 9 4
4 3 2 ,4 9 6
6 .1 4 8 ,0 1 1
6 ,5 8 0 ,5 0 7
4 2 0 ,4 6 2
3 ,2 8 4 .9 8 4
3 ,7 1 1 ,4 4 6
9 ,3 3 1
2 2 3 ,3 3 0
2 3 2 ,6 6 1
9 8 ,4 1 6
5 5 9 ,0 5 3
6 5 7 ,4 6 9
1 ,5 2 8
2 9 6 ,5 5 0
2 9 8 ,0 7 8
8 1 ,6 5 5
7 33,3
I,
6 15.5
5 ,0
6 81
1 7 ,8 1 6
1 2 7 ,5 3 5
1 4 5 ,3 5 1
2 1 ,1 9 6
1 3 ,9 2 7
8 5 4 ,1 9 5
7 8 2 ,2 0 4
2 ,1 2 6 ,6 4 6
2 . 0 3 4 .3 2 5
2 8 7 ,9 2 5
2 6 1 ,0 0 4
1 0 4 .6 2 6
3 , 9 6 3 ,3 6 6
4 ,0 6 7 , 9 9 2
1 ,0 7 9 ,4 8 1
9 7 0 ,5 7 1
9 8 7 ,4 0 3
7 ,9 6 8 .1 9 2
8 ,9 5 5 , 5 9 5
8 ,0 9 3
1 0 8 ,1 3 2
1 1 6 ,2 2 5
9 ,2 8 7
3 1 5 ,0 9 1
3 2 4 ,3 7 8
6 1 ,2 6 2
6 0 ,8 0 1
8 2 2 ,2 8 8
2 , 2 3 2 ,3 8 8
3 , 0 5 4 ,6 7 6
5 1 ,9 4 8
3 7 1 ,4 9 6
4 2 3 ,4 4 4
4 9 ,3 2 5
2 7 1 .7 4 4
3 2 1 ,0 6 9
2 0 3 ,1 1 5
5 2 2 ,5 1 1
7 2 5 ,6 2 6
7 4 0 ,5 5 9
3 , 0 4 6 ,7 6 9
3 .7 8 7 .3 2 8
2 ,8 4 4
2 6 ,4 1 8
2 9 ,2 6 2
9 ,6 5 3
4 1 0 ,5 7 4
4 2 0 ,2 2 7
1 8 5 ,9 0 4
p i 6 9 ,0 4 2
4 0 7 ,8 9 2
2 ,4 5 8 ,3 2 1
2 ,8 6 6 ,2 1 3
1 4 7 .3 4 5
1 3 4 ,9 9 1
1 5 ,1 9 6
8 4 ,8 1 6
3 2 1 ,7 5 5
4 ,6 6 9 ,3 9 0
4 ,9 9 1 ,1 4 5
8 1 6 ,6 6 1
1 ,3 6 0 ,2 2 5
2 , 1 7 6 .8 8 6
6 4 ,2 2 9
1 3 2 ,5 3 0
1 9 6 ,7 5 9
3 7 ,4 3 1
4 7 0 ,1 9 8
5 0 7 ,6 2 9
1 6 7 ,9 0 6
1 5 1 ,8 5 9
1 ,1 3 2 ,3 6 2
9 6 7 ,3 1 9
II,
2 11 22 ,4
,70660,6 5 1
3 9 4 ,2 5 9
3 7 4 ,3 9 2
1 4 ,1 6 2
8 ,4 6 0 ,0 0 2
8 ,4 7 4 ,1 6 4
2 3 ,1 1 7
5 5 5 .4 1 4
5 7 8 ,5 3 1
1 0 1 ,9 6 2
9 5 ,1 5 7

100,012

1918.

"6*262

M at 31 1919.]

THE CHRONICLE

3185

GROSS.

ROADS.

1918.

1917.

NET.

Increase.

Decrease

N o r t h a m p . T r . C o . ( in c h N o r .- E a s t o n & W a s h T r C o in
N o r t h C a r o l i n a P u b l i c S e r v ic e C o . ( R a i l w a y o n l y ) ' a
^
N o rth e rn M a ssa ch u se tts S treet I ty _ a
N o r t h e r n O h io T r a c t i o n & L i g h t C o a
N o r t h e r n T e x a s E l e c t r i c C o . a _____
N o r t h w e s t e r n O h io R a i l w a y & P o w e r C o ' a
N o r t h w e s t e r n P e n n s y lv a n ia R a il w a y b
'
O a k la n d A n tio c h & E a s te rn R a ilw a y
O c e a n E l e c t r ic R a i l w a y ( L o n g I s la n d ) a
O h io E l e c t r i c R a il w a y C o - b _______
O k la h o m a R a i l w a y C o . a ________
O m a h a & C o u n c il B l u f f s S t r e e t R a i l w a y 'a ......................... "
O m a h a & L i n c o l n R a il w a y & L i g h t C o a
O r a n g e C o u n t y T r a c t i o n C o . a ________"
O r e g o n E l e c t r ic R a i l w a y . b _______
O w e n s b o r o C i t y R a i l r o a d _________ I I
P a c i f i c E l e c t r ic R a i l w a y . a _____
P a c i f i c G a s & E l e c t r i c C o . ( R a i l w a y D e n t 'o n T v ) " h
P e e k s k ill L i g h t i n g & R a i l r o a d ( R a i l w a y Dept, o n l y ) a " '
P e n in s u la r R a i l w a y . a __________
•
v
—
P e n n s y lv a n ia - N e w J e r s e y R a i l w a v 'n
P e n s a c o l a E l e c t r ic C o . a ______
‘
P e t a l u m a & S a n t a R o s a R a il w a v "h
P h il a d e l p h i a & E a s t o n E l e c t r i c R a il w a y

236,662
217,058
196,118
171,337
222,993
. 247,407
24,414
7,224,142 6,389,609
2,929,760 2,582,113
348,615
288,030
358,521
328,509
879,766
745,835
156,929
„ 158,304
14,098,088 4.379,772
1,294,326
1.125,984
168,342
3,344,053 3,395,161
51,108
115,785
54,525
61,260
203,693
, 194,374
9,319
1,021,696
1,025,963
4,267
82,378 „ 74,139
10,331,916 9,267,130
534,067
491,021
61,660
62,389
298,494
257,178
41,316
258,357
229,820
28,537
506,050
350,459
155,591
340,508
292,452
48,056
129,682
113,052
11,630
Philadelphia Company— Pittsburgh Railways' Co 'a ' "
14,056,034 13.644,870
Beaver Bailey Traction C o.a
~
411,164
444,864
426,033
18,831
75,516
75,790
274
• 205,420
137,073
Philadelphia Rapid Transit C o .a .
681347
29,726,926 1,347.501
Philadelphia & West Chester fraction'b"J_'b..................... 31,074,427
630,392
582,070
Philadelphia & Western Railway a
.....................
48,322
619,151
569,064
50,087
(Tho) Pine Bluff Co. (Railway D ept.'onIy)"b.................
128,991
115,051
13,940
870,349
812,021
58,328
33,907 . 38,878
Portland (Ore.) Railway, L i g h t " * P o w e r ' ...............
4,971
7,667,129 6.023,510 1.6431619
Street Railroad & Light o Z a ...............
469,059
nn2’643
29,516
195,404
207,068
11,664
Reading Transit & Light
K lt' D— 19,989,666 i f ,683.035 1,3061631
3,855,228 3,122,557
732,671
5,548,046
4,889,916
Rhodo Island Co a
.........................................
658,130
6,311,285 6,000,602
310,683
Richmond Light & Railroa'd C o ‘ a ...............
444,253
444.538
285
?pC
^ S.tCrA § yracuso Railroad C o l.'in c 'a
882,096
829,416
52",680
Tho™ast°n & Camden Street R y a
274,534
253,458
21,076
Rome Railway & Light C o .a ___
y
.............
200,497
181,709
18,788
Rutland Railway, Light & Power C o la .............................
522,356
480,759
41,597
Saginaw-Bav City RaUway.a— . . .
.............................
684,131
589,478
St. Albans & Swanton Traction Co a
.........
5,347
30,323
28,825
” 1,498
Salem & Pennsgrove Traction C o . a . - I I "
231,341
190,536
40,805
Salt Lake & Utah Railroad a
546,020
487,926
58.094
Sandusky Norwalk & Mansfield' Electric 'Railway ~a-----50,888
54,568
San Franclsco-Oakland Terminal Rys a
-----3,680
5,100,030 4,578,620
52L410
San Francisco Napa & Calistoga Hail'wa'y'a.....................
326,916
245,391
81,525
96,974
102,731
San Joseq RaiIrogid s *
_(®a,,way
°'*iy>-"a
5.757
302,426
309,383
Savannah Electric Company a
6,957
1,182,891
, 968,174
Schenectady Railway C o m p a n y la llll...............................
214,717
1,427,778
1.447.151
Scioto, Valloy Traction C o.a
.................................
19,373
1,023,108
744,232
Second Avenue (Now York C i t y ) .'a I " .............
278',876
820,747
855,600
CarmeI Transit C o .a .— I I I I
216,579
197,961
Shreveport Railways C o .a ..
...........
322.775
312.642
Sioux City Service Co a
.............
10,133
1,013,325
945,374
67,951
655.776
523.613
132,163
209,643
234.299
24.656
410.974
377,200
331774
881,132
697,400
183,732
36,307
, 39,705
Spokane & Inland Emplro R R a
1,223,868
1.324,481
Springfjeld Street Railway C o .a .I .....................................
2,588,461
Springfield & Xenia Railway Co a
2,495.235
93,226
88.641
83,735
Stark Electric Railroad _b
~
4,906
494,161
Staton Island Midland Railway-*
396,185
97,976
281,838
346.642
Stockton Electric Railroad a '
64.804
243,276
240,802
Syracuse & Suburban Railroad'a
'2",474
138,808 . 151,039
T. ampa Electric Com pany.a
I
12',231
1,062,546 1-011.3U
5'l',235
3,882,516 3.455.708
Tex™ I te tr ic 1R ^flw aya
Traction c 6 1 a l II
426.808
2,381,475 2.138,268
Third Avenue System (Now Y o ' r k 'f T l T v T ---------------------243,207
Belt Lino Railway Corporation.a y )~
568,563
, 677,840
1,625,015
1.766,080
484,552
455,616
28,936
680.588
Southern Boulevard Railroad n
vay- a - - ...................
733,081
206,351
Third Avenue Railway a
a .......................................
. 218,643
3,797,105 4.117,833
Union Railway.a
2,662,944 2.910,070
589,783
554,914
34,869
823,621
824.8661
1,245
490,101
486,101
" 4 ,0 0 0
295.698
Toledo Railways & Light C o' a'n'd
----. 272,533
23,165
7,551,931
Trenton Brfstol & Philadelphia Stren/ i^ u 0acls't ! '
6.353,240 1,198,691
170,893
Trenton
County
0t~Ual,way■Trenton &
« Mercer
inerccr U
ounty Traction
On A
-7 b - ............
128,133
42,760
884,349
T ro y & N ow England Railway C o a '
.........................
880,558
3,791
33,037
Tuscaloosa Railway & UtilitiM C o ....................................
29,824
3,213
244,192
T w in C ity Rapid Transit (M inn ean oflsi"h.......................
229,486
14,706
9,711,194
Union R y ., Gas * Electric C o (Railwav tY\£; —
—
496,519
Union Street R ailw a y.a
(h a llw a y D ep t. o n l y ) . b 2,228.324 1 S'S27'7i3
2.024,101
204',223
1,143,912
Unlon Traction C o. o f In d ia n a 'a
1.154,231
101319
3,198,821
3,066.467
132',354
d9,161,198 K .563,148 1,598,050
United Railways & Electric Go a
u s - a ----------------------- 13,639,618 13.125,559
514,059
U nited Traction C om pany (Albanvi” h ---------------------------- 11,929,701 10,560.837 1,368,864
2.530,057 2.458,848
Utah Light & Traction C o a
y , ' b ..................................
71,209
1,601,998 1.597,315
Valloy R a ilw a y s .a _____
4,683
378,843
Vicksburg Light & Traction C o - *
329,809
49,034
209,713
Virginia Railway & Power Co b
„ 198,888
10,825
7,573,394 6.142,886 1,430,508
Wallklll Transit C o .b ..............
..........................................
70,198 - 69,398
W ashington Baltimore & A n n a ' p ' o ' l i s " -----------800
2,902,015
W ashington Railway & E lec. C o fand s.^h ^ /n H 1way\ a 1.560,125 1.341.890
W ashington W ater Power C om pany a ’ •rall way cos.) a
3,982,978 2.879 388 1,103,590
2,927,379 2,833,191
W atorvillo Fairfield & Oaklancf Ralfvva'v'n.........................
94,188
104,108
W est Chostor Konnott & W i lm i n g t o n
---------96,236
7,872
63.588
W ast Chester Street Railway C om pany b ° R ailw ay- a
65,971
2,383
185,464
W estchester Street R ailroad .a
1 y -D -----------------------191,550
6,086
242,829
W estern Ohio R ailw a y.a
246,023
3,194
841,364
Westmoreland County Railway Co "h
803,814
37,550
West Penn Railways Co
60,094 _ 53,387
C o .aa *
' ° .................................
6,707
9,718,201
West Virginia Trac. & Elec. C o '.'('a'nd a f f l l I n 7-----7.690,025 2,028,176
1,161,551
W illc e s -B a r r o & H a z le t o n R R . ( a n d T f m i a r r f n n ^ 3 . 1 'n - 1.062,573
98,978
Winona Interurban Railway b
amnated c o s .).b -----570,248
510,127
60,121
247,745 , 220,907
Wisconsin Gas & Electric Company la
26,838
2,106,440
W scons n Railway, Light & Power C o.a
1.510.679
595.761
488.094
Wisconsin Traction, Light, Ileat & Power CnTn^'T.ViV455,817
32,277
169.295
Wisconsln Valley Electric Co. (Railway only)( a y
,y)a
165,332
3,963
73,705 _ -75,407
Worcester Consolidated Street Railway Co i 3 -----------3,328,705 3.349,075
York Railways Company.a
---------------1.101,699 1.000,208
Youngstown & Ohio River Railroadla
420,967
356,559
Total (310 roads)_____________
Net Increase or decrease.

b

:::::::::

EB b

| = ? ct t

181618

EH f S i l l

.........

341853

1918.

1917.

Increase.

Decrease.

92.865
3,979
53,864
19.799
50,676
46l?94
2,047,147
43,697
1,136.450
90,523
23,972
30,896
39,498
4,461
239,157
48,836
54,332
1,606
1,478,564
281,149
456,765
10,147
1,056,290
369,707
13,651
17,661
51,398
8,096
233,482
261,342
25,032
7,970
2,490,313
798,124
150,649
37,878
defl2,176
3,278
20,137
3,011
51,279
10,777
146,778
73,380
19,260
32,334
""7 8 6
3,803,809
2,124,200
126,200
70.430
10,259
5,351
28,776
28,131
12,609,387
1.274,532
269.998
35,558
274 348
20,648
47, .'64
2,988
278,810
66,144
9.021
1,235
2,446,917
93,177
163,052
371857
33,471
8,287
6,153,253
1,016.787
1,134,963
149,737
cl ,548,732
137,604
826,350
234,866
62,814
24,575
C224.162
34.259
71,424
17,405
60,737
1,245
32.084
12,824
146,076
112,252
2,408
1,155
-57,212
1,481
171,616
464
3.569
1.780
Cl ,001,378
196,992
96,724
67,835
19,374
"7', 187
31,917
11,229
322,582
4.158
372,720
276.684
159,442
21,419
139,914
33,188
55,959
544
70,710
15,248
341,823
1241022
192,579
1241228
105,297
2ll019
121,563
2,776
197,337
10,298
2,105
1.297
34,267
144',968
2~10,388
20,572
” 8',456
156,476
36.916
def5,674
62,212
53,459
23,737
39,841
14,599
437,772
4,498
1.188.873
'll', 113
990,636
45,419
75.250
19,210
559,610
161,195
34,275
8,965
161,099
59,390
40,062
14,556
1,445,764
134,511
657,340
263,572
90,661
15,040
175,347
49,996
166,176
9,545
44,587
4,664
1.900,175
52,048
38,462
121783
300,814
95.012
8,774
4,189
95,318
9,707
3,484.193
776,972
710.268
86,654
191.106
6.084
900.268
76,844
<12,782,303
106,571
c3,071,504
1.047,629
c3.685.676
352,734
403,653
85.013
464,008
4,901
133,813
10,650
59,268
5,740
3,201.593
271,309
12,979
591
718.051
47,444
567,713
247,805
1.392,327
62,575
12.106
7,913
10,496
8,738
J 74,735
5,553
def80,051
21,343
166,818
20,207
25,737
4.158
3,031,615
431,153
477.199
227,447
55,792
310,246
129,918
36,388
21,947
137
686,583
C413.032
119,096

1,110

12,211

___ R ailw ay__ _
York Beach, Maine, the
are for the Atlantic Shore
for the redemption o f rebate slips, pendVng the <^ciskm<o f fa c t i o n 5 o , £ ' After deduct.n^reT Js nS t t f f i 2 4 fM
Wee” Daftbn
Oct. 24 1918 as successor to Cincinnati Milford
Pub,,c Service Commission on the increase hr fere from
Mlde, as a reserve
influenza epidemic. tfName
*
& " & & & to C T S & t o h




chaW K

ln

SB

[Vol. 108.

THE CHRONICLE

2186

FRENCH

(jyurmxi % u m is tmxl d i s c u s s i o n s
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P . Morgan & Co on a dis­
count basis of 5 M % . the rate recently prevailing,
lh e

AM ERICAN

1765 ’

bills are dated M on day, M a y 26.

BANKING

CORPORATION.

It was announced on M a y 23 that State Superintendent
of Banks Georgo I. Skinner had authorized the French
American Banking Corporation, New York City, formed
with a capital of 82,000 ,00 0 and a surplus of $500,000, to do
an international banking business. Several references with
regard to the organization have appeared in these columns
M a y 17, page 1980; M a y 10, page 1874; and M a y 3, page
_______

__________ .

THE BELGIAN EXPORT CREDIT NOT YET OPERATIVE.
PROPOSED BRITISH LOAN.
A copyright cable to the N ew York “ Times” from London
on M a y 24 said:

.

T h e is s u e o f a n o w B r i t is h G o v e r n m e n t l o a n is i m m i n e n t , p r o b a b l y t o
t h e a m o u n t o f J E 7 5 0 .0 0 0 .0 0 0 ( a b o u t $ 3 , 7 5 0 , 0 0 0 ,0 0 0 .)
T h e l o a n w il l b e a t
a t 80 a n d ? a l t h o u g h t h e d a t e o f r e d e m p t io n w ill b o f r o m f o r t y t o
f i f t v y e a r s h e n c e , d r a w in g a t p a r w ill b e g i n a t a n e a r l y d a t e .
T h e s e e a r lv d r a w in g s w il l b e a f e a t u r e o f t h o l o a n , f o r t h e y w ill maKO
t h e n e w l o a n a p r e m iu m b o n d is su e w it h o u t o b j e c t i o n a b l e l o t t e r y f e a t u r e s .
T h u s t h e o u r c h a s e r o f , s a y £ 1 , 0 0 0 o f t h o l o a n , w h o is fo r t u n a t o e n o u g h t o
h a v e h is b o n d o r b o n d s d r a w n in f i v e y e a r s ’ t im e w o u l d g e t £ 2 0 0 in in t e r e s t ,
le s s t a x , a n d £ 2 0 0 p r o f i t o n r e d e m p t io n .

NEW CREDIT AND TAXATION MEASURES PROPOSED
BY FRENCH GOVERNMENT.

The following regarding the commercial export credit of
$5 0,000,000 established in New York for a consortium of
Belgian banks, is taken from the Now York “ Times” of
M a y 27:

'

T h o $ 5 0 ,0 0 0 ,0 0 0 B e l g i a n a c c e p t a n c e c r e d i t , w h ic h w a s a r r a n g e d s o m o
tim e a g o , h a s n o t a s y e t b e c o m e o p e r a t iv e b c c a u s o o f a d iffe r e n c e b e tw e e n
t h o m a n a g e r s o f t h o A m e r i c a n b a n k i n g s y n d i c a t e a n d t h o c o n s o r t iu m o f
B e lg ia n b a n k s o v e r c o n t r o l o f th e s p e n d in g o f th o fu n d s In th is c o u n t r y .
T h e A m e r i c a n m a n a g e r s a r e i n c lo s e c o m m u n i c a t i o n W ith t h o B e l g i a n
i n t e r e s t s a n d i t is e x p e c t e d t h o d i f f e r e n c e w il l b o s t r a ig h t e n e d o u t w it h i n
a fe w d a y s .
I f i t is n o t , h o w e v e r , f u r t h e r n e g o t i a t io n s l o o k i n g t o a n e x t e n t io n s o f t h e c r e d it w il l b o n e c e s s a r y a s u n d e r t h e t e r m s o f t h o o r ig in a l
a g r e e m e n t t h o p r e s e n t c r e d it e x p ir e s o n M a y 3 1 .
n
T h o fir s t b l o c k o f b i ll s , t o t a l i n g $ 1 0 ,0 0 0 ,0 0 0 , a r r iv e d i n t h is c o u n t r y a
w e e k a g o , b u t h a v e n o t b e e n r e le a s e d t o t h o o p e n m a r k e t p e n d in g t lio s i g n g
o f t h e d e f in it i v e c o n t r a c t .
T h o B e l g i a n b a n k e r s , i t is u n d e r s t o o d , h a v e
s u g g e s t e d c e r t a in c h a n g e s in t h e c o n t r a c t a s d r a w n b y t h e A m e r i c a n m a n ­
a g e r s , a n d t h o A m e r i c a n b a n k e r s l ia v o s t a t e d t li c i r a v e r s i o n t o c o m p l y i n g
w it h t h is r e q u e s t .
E v e n If t h o A m e r i c a n b a n k e r s w e r o w illin g t o m a k o t h e
c h a n g e s i t is s a id t h a t t h e r o w o u l d n o t b e s u f f i c ie n t t im o t o g a i n t h o c o n s e n t
o f t h e 1 4 2 p a r t i c i p a n t s in t h o c r e d it b e f o r o t h o e x p i r a t io n o f t h e t im e Urn
on M a y 31.
T h o A m e r i c a n p a r t i c i p a n t s a r o s c a t t e r e d o v e r a ll s e c t io n s o f

A bill was introduced in the French Chamber of Deputies
on M a y 22 asking for credits of 12,948,886,526 francs to
cover military and extraordinary civil expenditures for the
second six months of 1919, not included in the regular
budget. The credits are 4,3 12,662,890 francs less than those
th<It° w a s 's t a t e d y e s t e r d a y t h a t t h o c r e d it p r o b a b l y w o u l d b o e x t e n d e d .
votod for the first six months, making a total for tho year I t w a s e x p la in e d t h a t A m e r i c a n b a n k e r s a r e e x t r e m e ly a n x io u s t o g a in t h o
of 30 210,435,942 francs, or 12,000,000,000 francs less than g o o d w ill o f t h o B e l g i a n fin a n c ia l in t e r e s t s a n d m a y m a k o s o m e c o n c i s i o n s
in 1918. W ith the introduction of the bill ,it was stated, b e c a u s o o f t h is d e s ir e , a s i t is e x p e c t e d t a e r o w ill b e a g r e a t d e a l o f a d d i t i o n s
f in a n c in g t o b o d o n o in t h o n e a r f u t u r e .
H o w e v e r , i t w a s s a id y e s t e r d a y
that tho military expenditures for the second six months are t h a t t h e r e p r o b a b l y w o u l d b o n o m o r o f in a n c in g o f t h is p r e c is e c h a r a c t e r ,
estimated at 0,913, 000,000 francs, which com pared0 000 a s i t is b e l ie v e d t h a t f u t u r e a r r a n g e m e n t s w it h E u r o p e a n c o u n t r ie s w ill D
the first six months, means a reduction of 5,148,00U,UUU c o n s u m m a t e d a s a r e s u lt o f t h e d r a w in g u p o f a c o m p r e h e n s i v e p l a n w b o r o b y
t h e n e e d s o f a ll c o u n t r ie s w ill b o c o n s i d e r e d , r a t h e r t h a n t h o in d i v id u a l
francs, or nearly 4 3 % . The maintenance of troops m n e e d s a n d p ie c e m e a l g r a n t i n g o f c r e d it s t o s e p a r a t e n a t i o n s .
occupied German territory is set down at 1,000,000,000
francs or 150,000,000 francs less than the first six months.
NEW EXCHANGE RATES F IX E D BY HERBERT
A bill authorizing the French Government to borrow
HOOVER, DIRECTOR OF FOOD
3 000 000,000 francs from the Bank of France and empower­
A D M IN ISTR A TIO N .
ing the Bank to raise the limit of its note issue to 4 0 00 0,­
The American Relief Administration, at 115 Broadway,
000 000 francs was endorsed by tho Budgot Committee of issued tho following announcement on M a y 28 respecting
the'Cham ber of Deputies on M a y 9. This measure was new exchange rates fixed by Director-General Hoover:
annroved after Finance Minister Klotz told tho committee
T h e A m e r ic a n R e lie f A d m in is tra tio n a n n o u n c e s th a t th o fo llo w in g e x ­
that tho Government needed tho 3,000,0 00 ,0 00 francs m c h a n g e r a t e s h a v o b e e n f i x e d b y D i r e c t o r G e n e r a l n o o v e r a t it s 1 a r is o f f i c e
p c r d o lla p
order to meet its obligations, and that it probably would be t o b e e f f e c t i v e J u n o f ir s t a n d u n t i l f u r t h e r n o t i c e : ^ ^
the last loan asked. The Finance Minister also promised
C z e c h o S l o v a k ^ ............................- ..........................................™ ° U K r o n c n
p c r d o lla r
to mako a full statement on tho Governments financial
nolicy to Parliament shortly. Ho added that tho tax yield
Under date of M a y 29 the following further announcement
since the beginning of tho year had been most satisfiictory,
mado:
TT , .
tho estimates being exceeded in many cases,
lhe tax on was
T h o A m e r ic a n R e lie f A d m in is tra tio n a n n o u n c e s th a t D ir e c t o r H e rb e rt
“ payments,” he said, had brought in more than forty million H o o v e r h a s c a b l e d a d v i s i n g t h a t t h o e x c h a n g e r a t e f o r P o l a n d a t 1 4 .2 5

?ugTLvia-„:::::::::::::::"--------.-----23 kronen perdouar

P o l i s h m a r k s p e r d o l la r h a s b e e n a g r e e d u p o n t o g o i n t o e f f e c t J u n o l.J a n d

francs.M ay ^

F -nance Minister Klotz introduced in the

Chamber of Deputies a bill proposing now taxation,
lh e
Associated Press in Paris cables gives tho following cables
relative to the bill:
P r o v i s i o n is m a d o

o r t h e s o v e r o p u n is h m e n t o f a t t e m p t e d f r a u d s a g a in s t

w il l h o l d g o o d u n t i l f u r t h e r n o t lc o . ___________________

AMERICAN RELIEF A D M IN ISTRA TIO N EMPOW­
ERED TO TRANSPORT MONEY TO TRANSYLVANIA.
Tho American Relief Administration makes public to­
day (M ay 31) tho following:

t h S u S o 7 d u t l e s a r e t o b o in c r e a s e d , c u s t o m s t a r if f s r e v is e d a n d a s u p e r
on
fo rtu n e s .
A d d l . l o - t « c s t,IU b o p . a c o d o n « . » n d
n W t r i c l t v a n d t h o t a x o n t o b a c c o w il l b o i n c r e a s e d 2 5 % .
M
K l o t z p r o p o s e d a s u p e r t a x o f 5 % o n i n c o m e s o f o v e r 1 0 ,0 0 0 fr a n c s
w i t h c o n s i d e r a b l e in c r e a s e s in t a x a t i o n o n w a r p r o f i t s .
H o ann ou n ced
in c r e a s e d d u t i e s o n w in e s a n d l iq u o r s , a s w e ll a s o n s u g a r , c o f f c o a n d o t h e r
c o m m o d it i e s .
l i e fo r e s h a d o w e d a S t a t o m o n o p o l y in o i l p r o d u c t s a n d a
w h o le s a le r e v i s i o n o f t h o c u s t o m s t a r if f s a s a r e s u lt o f t h o i m p e n d i n g r o 111 F r o m ^ m o r o r ig o r o u s p r o c e e d i n g s a g a in s t t h o s e a t t e m p t in g t o d e f r a u d t h o
G o v e r n m e n t h e e x p e c t s t o c o l l e c t a t le a s t 2 5 0 ,0 0 0 ,0 0 0 f r a n c s .

M Klotz estimated tho revenue from the now p ro p o ^ s ^ 1.2SO.OOO.OOO
francs making a total collectible revenue of 8,195,000.000 flranra
T h e C h a m b er a d o p te d an am en d m en

b y M . J o b e r t d o u b lin g t h o d u t y o n

t h e h i g h e s t c la s s e s o f t o b a c c o s a n d c ig a r s .

'

FRANCE TO DISCO N TIN U E PURCHASING ITS
W HEAT CROP.
Paris cablegrams M ay 28 said:
T h o n o w f in a n c e b i ll o f t h o F r e n c h G o v e r n m e n t f o r e s h a d o w s t lio e a r ly
d i s c o n t in u a n c e o f t h o p o l i c y o f p u r c h a s i n g t h o e n t ir e F r e n c h w h e a t c r o p .
T h i s w o u ld e lim in a t e a n e x p e n d it u r e o f 5 , 0 0 0 , 0 , 0 0 0 f r a n c s , o f w h ic h
2 ,0 0 0 ,0 0 0 ,0 0 0 f r a n c s is a c le a r lo s s t o t v o G o v e r n m e n t . ......

l

. ...

CREDIT FOR FRANCE.
Press dispatches from Washington, M a y 28, said:
T h o C o u n c il o f S t a t o a t T h e H a g u e h a s i n t r o u u c e d a b i l l p r o v i d i n g f o r a
f i v e y e a r c r e d i t a t a p p r o x i n a t c l y $ 5 , 0 0 0 ,0 0 0 f r o m t h e D u t c h T r e a s u r y t o
t h o F r e n c h G o v e r n m e n t f o r u s o in t h o r e s t o r a t i o n , o f t h o d e v a s t a t e d p o r S s o f F r a n c o , a c c o r d in g t o a d v i c e s r e c e iv e d t o - d a y b y t h e S t a t o D e p a r t ­
m en t.




T h e A m e r i c a n R e l i e f A d m i n i s t r a t i o n c a n t r a n s m it m o n o y t o T r a n s y l ­
v a n ia .
T h e r e h a s b e e n s o m o d o u b t o n t h i s s c o r e o n a c c o u n t o f t h o c liH ic u l t y o f c o m m u n i c a t i o n in t h is p r o v i n c e o f R o u m a n ia .
S o ™ a n y rcm l<^
ta n ce s w e re o ffe r e d th a t th e N e w Y o r k o ffic e o f th o A . R . A .c a b k a t o
H e r b e r t H o o v e r f o r d e f i n i t o I n f o r m a t i o n , a n d h o h a s r e p lie d t h a t t h o B u c h ­
a r e s t o f f i c e o f t h o A m e r i c a n R e l i e f A d m i n i s t r a t i o n s a y s i t is p r e p a r e d
h a n d le s u c h r e m it t a n c e s .
. . .
.
__.
R o u m a n ia is o n o o f t h o g r o u p o f c o u n t r ie s t o w h ic h m o n o y c a n b e s e n t
o n ly th r o u g h th o A m e r ic a n R e lie f A d m in is tra tio n b y a n o r d e r o f th o f e d ­
eral R eserv e B

o a r d . _______________________________ __

FILIN G OF INCORPORATION PAPER FOR TEXTILE
BANKING COMPANY OF NEW YORK.
Joint announcement Avas mado on M a y 27 by the Guar­
anty Trust Company of Now York and the Liberty N a­
tional Bank that incorporation papers of tho Textile Bank­
ing Company, In c., has been filed in Albany, and that the
new corporation would open for business as soon as the char­
ter was granted. The company’s headquarters will be
in the uptown wholesale dry-goods district; for tho present
temporary offices will bo in tho Guaranty Trust Company
Building at 140 Broadway. An announcement says: ^
T h o n e w c o r p o r a t i o n w il l h a v o a f u l l y p a i d - u p c a p i t a l a n d s u r p lu s o f
$2 500 0 00 .
I t h a s t h o b a n k in g s u p p o r t o f b o t h t h o c o m p a n i e s n a m e d .
T h o in c o rp o ra to r s aro E . C . C o n v e r se o f N e w Y o r k a n d G ra y so n M .- P .
M u r p h y a n d E u g e n o \V. S to ts o n , b o t h V lc o -r r e s ld o n t s o f th o G u a r a n ty
T r u s t C o m p a n y , a n d H a r v e y D . G ib s o n a n d J o h n P . M a g u i r e , p r e s i d e n t
a n d A s s is t a n t C a s h ie r , r e s p e c t iv e l y o f t h o L i b e r t y N a t io n a l B a n k ,
f 10
o f f i c e r s w ill b o a n n o u n c e d

la t e r .

M a y 31 1919.]

THE CHRONICLE

The Textile Banking Company will perform the functions of banker for
mills in tho textile industry, which functions have been performed for
many years by firms known as factors or commission houses. In addition
the company will finance the fundamental requirements o f mills, such as
their raw material and besides will be equipped in many other ways to offer
to the mills services which will be very helpful in the operation and expan­
sion of their business.

2187

(In the course of an attack upon the United States recently, published
In R io Janeiro, Madeiros de Albuquerque, a prominent Brazilian journalist,
said the United States was desirous of obtaining as part of the payment of
tho debt of France and England a bond for Brazil s debts to those Powers.
Washington dispatches said proposals in Paris by the British and French
Governments that the United States accept as part payment for loans
advanced to them, notes and bonds of South American republics, had been
approved.)

Previous reports from Rio Janeiro (May 11) regarding
an attack made by Madeiros de Albuquerque upon the
A plan whereby control of the British & Foreign Trust, United States said:
accuses the United States of ‘fomenting revolutions in Mexico.” and
Ltd., passes to control of American interests identified with saysHe that
Brazil is considered by the United States only as a possible
Ladenburg, Thalmann & Co., was approved, it was an­ fu ure colony.”
He adds:
nounced on May 19, at the annual meeting of the stockhold­
The United States wants to obtain as part of the payment of the debt of
France and England a bond for Brazil’s debts to those Powers. On the
ers of the British concern. The latter, it is stated, has out­ day
is realized Brazil will be sold to the United States, which on tha
standing £300,000 4% debentures, £300,000 4^% preferred first this
occasion we fail to meet the interest, will do to us as she has done to
stock and £300,000 common stock. On May 22 the New Central American nations."
York “Tribune” said:
Washington press dispatches May 11 had the following
to say in the matter:
Purchase of tho British & Foreign Trust, Ltd., by Interests associated
CONTROL OF BRITISH & FOREIGN TRUST, LTD.,
PASSES TO AM ERICAN INTERESTS.

with Ladenburg, Thalmann & Co. will bo followed by tho Americanization
of the company and the transfer of its activities to this country. The chief
function of the trust corporation has been to invest its funds in securities
throughout tho world.
Benjamin Gulness, member of the New York banking firm, said yester­
day that in bringing tho British company to New York tho interests now
in control would liquidate the present Investment holdings and after that
has been done would confine new investments to the securities of American
corporations. Control o f the foreign investment company, he stated, had
been obtained by the purchase of the common stock of which £300,000 has
been issued.

RESOLUTION OF VLADIVOSTOCK CHAMBER OF
COMMERCE DESIGNED TO INCREASE RUBLE
EXCHANGE VALUE.

Proposals have been made at Paris by the British and French Govern­
ments that the United States accept as part payment for loans advanced
them notes and bonds of some of the South American republics, including
Brazil, which they hold. It was said here to day that there had been no
opposition to the plan, and that the United States had approved it because
it would remove some of the interests of the European Powers in the Ameri­
can continent, and thus accord with the principle of the Monroe Doctrine.
Commenting on tho statement at Rio Janeiro by Madeiros de Albu­
querque regarding this transfer of debts. State Department officials em­
phasized that there was no desire on the part of tho United States to exert
any influence on Brazil’s Internal affairs.
The attack on the United States by the Brazilian journalist caused sur­
prise in official and diplomatic circles in Washington, it being pointed out
that during his stay of seven months in this country he voiced no opinion
of hostility and frequently expressed the friendship of Brazil for the United
States. It was learned to-day at the Brazilian Embassy that while Mr.
de Albuquerque was In New York he sent several dispatches to his paper
praising the United States for its part in tho war and its interest in Pan
American affairs.
__________

A report, the receipt of which by the Department of
Commerce at Washington, was made known May 27, states
that the Vladivostock Chamber of Commerce at a general
N ESE BANKS TO PREVENT BUSI­
meeting adopted a resolution petitioning the Omsk authori­ EFFORTS OF JA PANESS
COLLAPSE.
ties (1) to close all free ports temporarily against imports
A
report
from
the
office
of
the Toldo representative of the
of foreign commodities, except provisions; (2) to take meas­
ures for the utilization of commodities now stored in customs War Trade Board, received at Washington on May 14, had
warehouses at Vladivostock. It is also stated that the the following to sa in part, according to Washington advices
resolution demands that prices of all commodities bo fixod published in the New York “Tribune” of May 15:
The general depression in the Japanese business world continues, al­
and stern punishment authorized for price increases. It though
of steadiness in some lines were visible during the latter
appeals to Russian merchants, pending action on the petition, part of signs
March. However, the tone of most of the markets is nervous,
the wildest rumors of unfavorable trade developments, principally
to refrain from buying foreign bills of exchange, to place no and
overseas, are given credence and find response in falling prices. Po­
further orders for foreign commodities, and to annul orders from
litical news from Paris, analyzed from the Japanese viewpoint, has proved
already placed, and also to develop to the utmost the exporta­ anything
but a strengthening factor to trade. Chairman Hurley's state­
Issued in America outlining the policy of transfer and future control
tion of Russian commodities. The resolution aims^to^in- ment
o f American shipping was cabled in full to the Japanese Foreign Office by
crease the exchange value of ruble currency.
Viscount Ishii in Washington. The policy embodied in this statement was
500,000,000

RUBLES FOR BOLSHEVIK PROPAGANDA
I N FOREIGN COUNTRIES.

The United States “Bulletin” says:

A dispatch to the Department o f State from the Russian frontier reports
that resolutions,wero passed Friday, April 18, by tho Workmen’s Organiza­
tions in Pctrograd demanding ro-establishmont'of the Constituent Assombly.
the freedom of tho]pross]and the right to private ownorshulp of property.
Bolsheviki statistics show that five hundred million rubles have been set
aside for propaganda in foreign countries. Tho Bolsheviki apparently
propose to send this literature by boat through tho Baltic’and into Finalnd
through Lake Ladoga whontnavigation opens.

ISSUANCE OF STOCK BY RU SSIA N BANK.

Advices to the daily press from Omsk, Siberia (Russian
Telegraph Agency), to tho daily press dated [May 17, and
published here on May 27, said:
The Moscow Narodny Bank, the financial c e n t r e d the Russian co
operative organizations has Issued new stock to tho amount o f 65,000,001
rubles. The bank which now has its main office in Siberia, has opened ;
series of branches botween the Urals and Vladivostock. Moro than 5095
or tho new stock already has been taken.
It is announced that the Zemstvos throughout Siberia havo united in on.
organization, similar to the former AlI-RUSslan Zemstvos Union.

MEASURES ADOPTED BY BULGARIAN GOVERNMENT
TO PREVENT FURTHER CURRENCY DEPRECIATION.

The following Washington advices appeared in the “Wall
Street Journal” of May 24:
IUrt/ULT UUpiCUiltlUU U1 LlUlCUt)r.
Persons who propose to enter into commercial relations with Bulgaria
should ascertain, before shipping goods, whether these will be permitted
tolenter the country.

BRAZIL SEEKS INFORMATION AS TO DISPOSITION
OF IT S SECURITIES IN PA Y M EN T OF WAR DEBTS.

A Rio Janeiro dispatch to the daily papers May 15 said:

Deputy Mauricio Lacerda has requested tho Chamber of Deputies to
domand urgent Information from the Government as to whether It has official
knowledge o f tho Intention of Great Britain and Franco to transfer to the
United States Brazilian securities in payment o f war debts. ;•£




viewed gravely by Japanese shipping and foreign trade interests, and was
given an Immediate Interpretation as a serious check to their futue develop­
ment.
The policy of the banks has been to join forces in an effort to avoid col­
lapse of business: accordingly they refrained from closing private loans
already floated.
Every possible step was taken, however, by the banks to prepare funds
for the taxes, and also to be prepared to meet the demand for money at
the turn of the fiscal year in Japan March 31. Now that this critical
period has passed without undue Incident, it is reasonable to expect that
there will be more optimism shown on the part of business interests in Japan
and therefore we may look for a healthier tone during the coming months. ’
Tho big projected shipping merger which has been monopolizing the at­
tention of shipping circles for the last few weeks, judging from reports
from all directions, is at a standstill. The consummation of this huge
merger of shipbuilding yards and wartime steamship lines, with its pro­
jected 600,000 tonnage and 20,000,000 yen capitalization, according to
published reports, is said to bo dependent upon the favorable response of
tho Government to the demands made by the promoters for Government
aid.
Interviews attributed to officials indicate that, while the Government Is
disposed favorably to asisst this new shipping alliance, still there are a
number of extravagant demands made by the interests back o f tho pro­
posed combination which must bo moderated before the Government can
decide upon its progress. A portion of the press and many shipping men.
particularly of the old established service, assert that the combination wili
die ’’a-boming” due to the half-hearted interest in the project shown by
some of the promoters, who, it is said, now regard the proposed merger as
a measure to "pull the chestnuts out o f the fire” for several of the large
shipbuilding companies loaded with new tonnage, but built to order, which
are seeking to capitalize this tonnage built at war-time price to avert severe
losses.

SENATOR OWEN’S PROPOSAL FOR FOREIGN E X ­
CHANGE CORPORATION W ITH VIEW TO
STABILIZING EXCHANGE.

A conference at which was discussed plans looking to the
onactment of a law to create a foreign finance corporation,
which would have for its object the extension of credits to
foreign countries and efforts toward the stabilization of
foreign exchange was held at the office of Senator Owen
in Washington on May 27, retiring Chairman of the Senate
Banking and^ Currency Committee. The meeting was
attended by New York export interests, to whom was sub­
mitted Senator Owen’s bill proposing the formation of the
Foreign Finance Corporation, to be organized with a capital
of 31,000,000,000, of which it is proposed the United States

2188

[V o l . 108.

THE CHRONICLE

take $250,000,000, the banks of the country a similar
amount, and that $500,000,000 be subscribed for by the
public. In a statement issued by him on the day of the
conference, Senator Owen expressed views in accord with
those of Frank A. Vanderlip in the matter of helping Europe.
Not only did the Senator point out that Europe is in dire
distress, but he said if we do not sell our surplus products
we will have a reaction upon the value of these commodities
in America; it will, he observed, in referring to the discontent
in Europe, “be very important of course to declare a treaty
of peace, but it is equally important to establish peace by
providing food, clothing and shelter and profitable employ­
ment.” The following is Mr. Owen’s statement:

W AR BORROWINGS AND THE NATIONAL DEBT.
We show herewith the cash received by the Government in respect or
their borrowings during the past financial year and the 56 months s.nce
the war began, and tho approximate amount of the national debt at the
end of March 1919. Tho net proceeds from all loans, it will bo seen,
amounted to 6,867 millions on March 31 1919, and the national deDt stood
at about £7,430 millions, or £6,780 millions above the pre-war level, after
matring certain adjustments which are not indicated in the weekly Ex­
chequer returns.
W AR LOANS AND D E B T.

I was much pleased with Frank A. Vanderlip’s speech at the Hotel
Astoria last night In which he emphasized the great importance of extend­
ing credits to Europe. M r. Vanderlip is right. Europe cannot pay at this
moment In terms of gold or commodities for American exports. W e have
billions o f dollars of surplus goods which we desire to market, and an enorm­
ous cotton and wheat crop, vast supplies of copper, of steel, of oil, of ma­
chinery, o f manufactured goods, of primary raw materials, such as lumber

Floating debt____- __________ 223,324.000 1,395,610,000 1,411,689.000
Ancfln-Fronph T,nn.n
51,370,000
50.820,000
400,800,000 1,343,524,000 1,344,904,000
Other d e b t __________________
89,500,000 225,700,000 227,250,000
War Savings certificates_______
Exchequer bonds—
16,924,000
34,263,000
5% , duo Oct. 1919(1916issue)
49,744,000
237,829,000
5% , due Dec. 1920
“
75,839,000
62,496,000
5% . due Oct. 1921
“
5% , due Oct. 1919 or April
70,657,000
82,274,000
4,000
1922 (1917 issue)_________
1,000 161,004,000 141,278,000
6% , due Feb. 1920__________
21,660,000
47.942.000
3 % . duo March 1920________
16.685.000
12.825.000
■ "'804'66 o
3 % , due March 1930-----------4 & 5% National War bonds__ 1,066,414,000 1,680,629,000 1,715,824,000
62.746.000
331.798.000
3M % War Loan, 1925-28...........
16.139.000
592.345.000
4 H % War Loan 1925-45 52,372,000
4% War Loan, 1929-42.............
................... 1948,460,0001 2,037,945.000
5% War Loan, 1929-4 7----____
____
304,084,000
2H % & 2% % Consols...............
Debts to Banks of England and
13.646.000
Ireland ( 2 ^ % ) ____________
..............
— .............
21.903.000
Terminable annuities_________
T ota l______________________ 1,780,847,000 7,207,519,000 7,652,659.000
lVTicppllaupniN
iVUbLblidrIUyUllo rPTU
i o miViTlftTlts
e m o . —---95.219,000 340,540,000
Debt cancellations 1918-19 (ap­
223,000.000
proximate) _________________
Net total___________________ 1,685,628,000 6,866,979,000 7,430,000.000
650,000,000
Approximate debt Aug. 1 1914.
Tncrease since Aug. 1 1914—
.................- 6,866.979,000 6,780,000,000

^ E urope Is in dire distress, and Europe with 300,000,000 people and vast
resources has an enormous productive power, if society could be stabilized
and men and women given the opportunity to create values by their labor.
They can create billions o f values if employed. If not employed. Bolshe­
vism and Socialism will grow and affect the peace and stability of the whole
world, and will have a bad effect upon conditions in America.
If we do not sell our surplus products we will have a reaction upon the
value of these commodities in America. W e will have stagnation, we will
have unemployment, growing as a dangerous problem and exciting riots
and political unrest within our own body politic.
No apprehension whatever may be feared that Europe, if assistance be
given, cannot repay fully and completely every dollar of credit extended.
We need to extend these credits:
First. For the sake of our own commerce.
Second. To prevent a break in American prices.
Third. To prevent unemployment in America.
Fourth. To preserve and extend American prestige.
Fifth. T o expand American commerce and industry.
Sixth. To protect loans already made, which amount to $10,000,000,000
and to secure an earlier settlement of these loans.
Seventh. To feed Europe and put the people there on a quicker produc­
tive basis.
, . ,
Eighth. To stop discontent in Europe, to establish the peace of mind or
the people of Europe and, therefore, check rioting, Bolshevism and political
disturbances. This is the true way in which to promote international peace.
It is even more important in establishing international peaco than a reso­
lution of amity and good will. It will be very important, of course, to de­
clare a treaty of peace, but it is equally important to establish peace by
providing food, clothing and shelter and profitable employment. The
European people are anxious to get to work and need the help of America.
Since these credits ought to be extended, and must be extended, the
practical problem for American statesmen is how to do it. M y own opinion
Is that there should be established immediately a very powerful foreign
finance corporation with ample capital with which to extend these credits on
long time, on tho basis of European securities, and that such a corporation
should havo authority to sell its bonds, secured by foreign bonds, foreign se­
curities, which aro sound, as the bonds o f foreign Governments, foreign
cities, like those of Paris, Bordeau, and Lyons: the securities or commercial
syndicates engaged in certain productive enterprises backed by Government
securities whenever available and by the securities o f well known concerns
engaged in productive enterprises.
I have seen evidence that the Italian Import License Boards and the
French Import License Boards are at this time restricting imports from
America, and Great Britain is pursuing the same policy, for the very sound
reason that no arrangements have been made by which to extend time
credits which are essential to protect these people in their purchases.
The lack of long time loans by America to these countries has resulted in
the steadily lowering exchange with Great Britain and France and Italy.
Last week I observed that Italian exchange had dropped from the former
rate o f exchange o f 5.18 lire to the dollar to 8.60 to the dollar, so that an
Italian merchant buying American goods on this rate of exchange would be
losing over 60% on each transaction. This Is an impossible rate. The
American merchant does not gain by this; the Italian merchant and the
Italian consumer suffer a dreadful loss.
Tho bankers who handle this exchange are themselves intimidated Be­
cause o f the exchange, due to the commodity balances being overwhelm­
ingly in favor or America, going constantly lower. It would be an advan­
tage to the banker if these exchanges could be brought back to par because
these bankers have bought large amounts of these foreign exchanges on this
low rate. They would benefit if exchange came back to par and the Ameri­
can merchants would benefit because they would have a very large demand
then for American goods at satisfactory prices.
The Italians would benefit because they would got tho raw materials rrorn
America which would put their people to work. The Italians dare not dis­
band their armies and see their men unemployed because unemployment
is a danger to the stability o f society. The same thing is true in England
and in France.
„
.
.. „
America owes the highest duty to the world to now uso its gigantic re­
sources in putting the world on a sound foundation, and America will by
this system earn the everlasting gratitude of ths world, render a world
service, and without any loss whatever, but with the actual material gain
establish itself as the great servant of mankind.
It is obvious that America, in disposing of its great surplus by the means
proposed, will do so on a basis that will make a great return to America,
commercially and otherwise, in establishing American prestige. Failure
to market the surplus would throw the surplus back upon our own hands
to our own undoing, and we would be faced with a very dangerous problem
o f overproduction in our own country, with its attendant evils. The per­
formance of this world servico, therefore, is not a charity, but is a common
sense business transaction vital to our own interests.

Cash Borrowings during War NationalDebt.
Approximate
Total
Apr. 1 1918- Aug. 1 1914M ar.S l 1919. Mar. 31 1919. Mar. 3i 1919.
£
Treasury bills________ - _______ Cr. 16,464,000
262,720,000
Ways and means advances------War expenditure certificates-.- Cr.22,932,000

£
940,618,000
454,992,000

£
956,697,000
454,992,000

CONFERENCE LOOKING TO PROTECTION OF HOLDERS
OF RUSSIAN BONDS I N EV EN T OF DEFAULT.

A conference with reference to the maturing of $50,000,000
63/2 % three-year external bonds of the Russian Government
was held in this city at the offices of J. P. Morgan & Co., on
Wednesday last, May 27. These bonds will mature on
June 18 next, while the semi-annual interest payment is
due on June 1. The conference was held with a view to
determining what course should be pursued to protect the
holders of the bonds in the event of default of the maturing
obligations. The meeting resulted in the appointment of a
sub-committee of bankers, including in its makeup some of
those present at the conference, which committee has been
delegated to look into the situation and report on plans for
protecting the bondholders. The conference was presided
over by Henry P. Davison, of J. P. Morgan & Co., and is
understood to have been attended by Samuel McRoberts
and James H. Perkins, Vice-President of the National City
Bank; Harold Stanley, Vice-President of the Guaranty
Trust Co.; Charles E. Mitchell, President of the National
City Co.; Thomas Cochran, of J. P. Morgan & Co.; Alvin
W. Krech, President of the Equitable Trust Co., and others.
The “Journal of Commerce” had the following to say
yesterday as to the situation:
The most probable course to be pursued Will bo tho formation of a pro
tective committeo and tho Issuance of a call to bondholders to deposit their
securities with the committee. In this way, it Is believed, an effective cen­
tral organization could be created for taking such action as might be deemed
advisable. This is in lino with the steps taken in Great Britain a year ago.
where protective committees were created, although tho understanding is.
that the circumstances in England at that time and in this country now are
not altoghether comparable.
Whatever may be decided upon, assurances were given yesterday, follow­
ing the conference, that all possible steps for the protection of bondholders
would be taken. Confidence was expressed that ultimately the bonds Would
bo paid, although temporarily, in the absence of any accredited Government
in Russia with which to treat, a solution apparently Is confronted by many
obstacles. In the absence of funds with which to meet the interest and
maturity, it appears that a waiting policy will havo to bo adopted, the
bonds running on Indefinitely and without formal extension.
Exactly what Russian funds or property which might bo applied to tho'
payment of tho bonds is available in this country, it was stated, Is not known
to the bankers. Tho National City Bank is understood to havo on hand
somo money belonging to tho Russian Government, but, in view of tho con­
fiscation of tho property of this institution in Russia, Will probably hold
most, if not all, of these funds to offset tho losses which it has suffered.
Whatever funds can be found will be applied to tho Interest and maturity,
although it is believed certain that the amount which may prove available
will fall far short of the requirements. Tho conference appointed a small
committee to study the situation and to evolve a practicable solution for
the difficulties. Presumably, its efforts will be directed now toward ascer­
taining tho precise amount of money which tho Russian Government has
on hand here.

A statement to the effect that the holders of the Russian
GREAT BR ITA IN 'S WAR LOANS AND DEBT.
From the “Monthly Review” of the London Joint City & bonds had proposed that the United States Government
Midland Bank, Ltd., dated April 12 1919, we take the fol­ consolidate its holdings with theirs and issue its own obliga­
tion against them, appeared in the “Wall Street Journal” of:
lowing concerning Great Britain’s war loans and debt:



M a y 31 1919.]

THE CHRONICLE

May 21. On May 24 the same paper had the following to
say in part as to this proposal:

3189

agriculture little more than compares with the kitchen gardens about a
7 "
/* ■ factones must run if all its people are to live in England.
For the ast twenty years England has held her predominance in inter­
Tho report that holders o f the Russian Government external 6H % bonds
maturing next month, propose to ask tho United States Government to sA le Vhi«Uf y
D° Sm? " Part beCaUse of her comparatively low wage
take over tho obligations and give its own securities in return, was not scale. This low wage scale, in connection with rising living cost has
taken seriously by bankers. They did not believe that any such propo­
bC?n adefluate to meet normal and proper living requirements. Labor
sition could bo entertained in responsible quarters, for to them the idea has not earned enough to keep a roof over its head, and one million houses
appeared preposterous that tho Government shoidd make what might for workmen is made a national demand, and will, in part, be a charge
evontuaHy turn out to bo a pure gift of $50,000,000 to certain private on tho national purse In the future England must have a resumption of
individuals.
wn , T ? \ demr d/ ° r f,'er goods or she cannot get the outside credits with
Just what arrangement will be made with the holders of tho bonds at w h h V n buy food and materials. So her future is absolutely bound up
maturity romains to bo seen. If they are not paid, there is a possibility with the Continent s future. A responsible Minister told me that unless
that they may bo extended and payment of interest continued on them the European demand could be speedily reestablished, so that E n g S
until the Russian funds in this country are exhausted. According to ono men
7
“ 7
‘ at its old M , five or six million EngHsh
banker, theso funds still amount to $11,000,000.
men will of necessity have to be got nearer to the source of food supplies
France is facing an annual budget of twenty-two billion francs. Far
Tho statement made in certain quarters that tho United States Govern­
ment would only pattern after tho example of the British and French more important than her financial difficulties, however, is her industrial po­
Governments if it took the Russian external 0>M% ' onds off tho hands of sition. A great part of her industries were destroyed, but those which had
tlicir present holders and issued against them its own securities is hardly n n °7 Ut7 UC
r rl ln larg0 measure idle. It is the idleness of industry
on all fours with tho facts. In England, Russian securities, issued before on the Continent, the stoppage of production, and the enormous diffiand during tho war, are still in tho hands of privato owners, as is attested cuit es in the way of restarting production that is the most serious feature
by tho fact that they are regularly being dealt in on the London Stock of the after-war situation. Unless industry can be started there will be
Exchange. It is truo that about a year ago tho British Government ex­ idleness, want, and a disturbance of the social order. Tho advance in the
changed its own Treasury bills fo ra comparatively small issue of bills put cost of living has exceeded the advance in wages, great as that has been
out by the Russian Government in tho London market. But there was a and workmen have become suspicious of the efficacy of advances in wages’
moral obligation involved in tho case, as tho British authorities had urged Everywhere there is a serious minority questioning tho fundamental prin­
in tho prospectus tho public subscribe to tho Russian bills. As for tho ciples of property rights and the present social order.
Iho difficulty of several of the Continental nations in balancing their
Russian securities held in Franco, interest on them was for a time paid by
tho French Government, When the Bolsheviki refused to mako payment. international trade is insuperable of solution in a moment There are
things
from other countries that these nations must have to live. There
Whon, however, it becamo evident that tho suspension of tho payments
was likely to bo protracted, tho French authorities declined to mako any are only three possible ways in which they can pay for these things These
aro, by export of goods, by export of gold, or by export of their credit
further advances to tho holders of tho securities.
Italy must have one million tons of coal a month, all her cotton, and most
of her minerals. France must have vast amounts of cotton, wool silk
F. A . V A N D E R LIP ON M E N A C I N G CONDIT IO NS I N and some food, if she is to resume her normal life. Belgium must’ have
EUROPE— -NEED OF U. S. CO-OPERATION.
machinery, raw material, and food. All must have railroad equipment
or their manufactories cannot operate nor their people be fed. None of
theso nations can export enough goods at present, and they have no more
gold to spare. They must have credit. No outside charity can be of any
avail. That only postpones, and does not postpone long. Europe must
get to work if it is to be saved, but it must bo helped even to start work.
It is easy to say that this is too excited a view, that it is seen with too
imaginative a brain, that nothing is ever so good or so bad in the end as
the indications picture. It can be said that the European population is
composed of industrious people, that tho land, houses, and most of the
factories are still there; that thero may be suffering and hardship, but to
talk about a civilization being destroyed is hysterical and unwarrantedthat things will straighten out "in the long run.”
I would answer to this contented view that hungry stomachs will not
wait for things to straighten out “ in tho long run." In past history there
is nothing comparable with the present intricate organization of society.
National lifo is based on international interdependence. Industrial life
is highly specialized. There has been a vast growth in population that
can only bo fed when industry goes on and international trade is continued
Former war debts bore hardly a comparable relation to present war
debts. There is a chaotic currency situation which would alone be an
enormous problem to untangle. There are insolvent governments, judged
by tho old rules of finance, but the industrial paralysis is even of vastly
more importance than the financial confusion.
America must be made to see the facts in their true relations and con­
sequences, for America is almost the sole hope. I f America will under­
stand the situation and will do her duty, she is amply able to give the
necessary help. This aid must be given in a big-spirited, scientific way.
It is useless to give it in grudging measure or piecemeal to a few countries.
We must regard the European situation as a unit; we must be awake to
tho danger of delay. Hundreds of thousands of people have died of star­
vation. These figures are not adjectives. They are statistical facts.
Tho highest authority believes that the food situation will be worse in the
spring of 1920 than it has been this year. The supply of Russia is cut
off. Rumania, which has been a large exporter of grain, has lost her
work cattle, and, because of shortage of work cattle and of seed, has planted
only enough for her own people. Poland has planted only about onethird of her land. In those countries east of Germany transportation is
so broken down that there will be starvation because the food which might
bo available cannot be moved.
nand in hand with America’s duty is America’s opportunity. Never
before in all history has a nation been so fortunate. We are now the
world’s reservoir of capital. Other nations have been that before, but.
Now, o f course there is a great scar across Europo where there has been In addition, we are the reservoir of raw material. The combination of
devastation. I hardly need to speak o f that. You have been told that theso two advantages makes our position relatively incomparable. There
story. I have seen it from the German border to Zecbruggo; no words can is need for charity in America, but It is not a charity of giving; it Is a charity
make you comprehend the awfulness o f tho scar. Complete destruction. of mind. We should charitably view the condition of these European
Insane destruction destruction going beyond military necessities, destruc­ people, mako every allowance for their chaotic state of mind, their de­
tion that destroyed factories for the purpose of destroying commercial pression, their shaken morale. Wo should be charitable toward their mis­
competition. There was a great deal o f that. But after all that is only a takes, charitable of their apparent grasping shown at the Peace Conference,
scar across Northern France and Belgium, destroying a considerable part where they seem to have clutched in every direction for something to ease
of the Industries o f those two countries, It is truo, but it Is not that devas­ their horrible wounds. We must be charitable toward their prejudices,
tated district that I speak of. It is tho idleness all through tho countries toward their chauvinism. Nor will It do for us to feel that wo can stand
apart, and, while sympathizing with these suffering countries, ourselves
whoro tho mailed hand o f war has been laid upon Industry
enjoy uninterrupted prosperity. Wherever want and hunger become
M r . V anderlip’s speech was of considerable length, and in­
sovero enough there will be blazing revolution. If the blaze should become
asm uch as tho pressuro on our colum ns will not permit its widespread tho Atlantic would not be broad enough to keep us safe from
its sparks. The great danger Is in America not understanding, not com­
J
prehending what Is its duty. If it does understand. It is amply able to
After seeing England and all of Europo west of Germany, I know tho supply tho needed remedy. The remedy is by no means purely financial.
views I held regarding tho effect of tho war were absurdly inadequate. What we should supply is not credits to exhausted national treasuries, but
We have not begun to understand tho full import of what has happened the actual things necessary to restart industry. We should supply food,
to Europo There are forces of destruction which might bo lot loose as machinery, raw materials, and railroad equipment, to be paid for in time
a result of after-war conditions that would bo more fearful than tho great and tho payment guaranteed by the best security the nations can give.
war itself. There are starvation Idle industry, crippled transportation, It is unsafe to do that for certain countries and leave others unprovided
paralyzed markets, injured morale, shattered government credits Wo for. Thero is no safety anywhere in Europe until all Europe has been
cannot gauge present chances of recovery by any experience with former started back toward a normal life. Wherever there Is failure to give that
post-war conditions The difficulties are entirely different from those helpful start there will be danger spots that will breed Bolshevik unrest,
existing after tho Napoleonic War. Tho whole industrial ago has devel­ and this unrest is contagious.
If Europe Is once started back toward her normal life then America’s
oped since then. Tho mechanism of society is infinitely more complex .
Tho population of Europo at the close of tho Napoleonic War was 175­ opportunity is beyond all limits. We will be the source of capital for
000,000. Now it is 440,000.000. Europe was able to feed the increase world development. We will supply raw material for much of the world’s
only because she could manufacture and exchange tho products of her industry. In giving ourselves and doing our duty, we can win the greatest
factories for food. A state of society so built up makes tho continuance place that any nation ever held, and perform an incomparable economic
of industry on a pre-war scalo essential to supporting tho life of the peo­ and humanitarian service. I know this situation can be worked out if we
co-operate quickly and forcefully to do it.
ple. Europo is but a great factory community dependent, in tho main
upon world trade for much of its food and raw materials
Take the situation of England. Thero is tho most thickly populated
country in tho world, with seven hundred people to tho squaro mile Its

While ho had on soveral occasions during the past few
weeks pointed out tho obligations resting on tho United
States to co-operato in tho rehabilitation of Europe, Frank
A. Vanderlip, President of the National City Bank of New
York, reserved until last Monday night (May 26) a pre­
sentation of tho details of the monacing conditions revealed
during his recent trip abroad, which have served to paralyzo
tho European nations and make assistance on the part of
the United States imperative. Mr. Vanderlip in his speech
on Monday last stated that ho did not believe that wo can
furnish tho credit to rehabilitate tho Governmental credits of
Europe, but ovincod his belief that wo must furnish those
things that are essential to tho restarting of industry in
Europe. The address was delivered at a dinner of the
Economic Club at tho Hotel Astor, under tho title of “Po­
litical and Economic Conditions in Europe.” At tho begin­
ning of what he had to say Mr. Vanderlip stated that “how­
ever black a background I paint—and it will bo dark—I
would not paint it, I would not tell tho story, except that I
believo Amorica must know it, must comprehend it, must
got it into hoart and mind, because wo must act; and if wo
do act, wo can savo Europe from a catastropho, a catastropho
that ‘will involve us.” “If,” said Mr. Vanderlip, “I were to
try to put into words what I sum up as tho most essential
thing to grasp about tho situation in Europo, tho two words
would be ‘paralyzed industry.’ Thero is an idleness, there
is a lack of pioduction, throughout Europe, and indeod in
England, that you can hardly comprehend. Thero is a
difficulty about a resumption of work on ordinary peace af-*
fairs that I think nobody could be made to comprehend
that did not see it on the ground.” He added:

r^
*
of itr ocasUG^l°n
given out by thefllbank:




tho following& synopsis

In addition to tho above we take occasion to give the
following from Mr. Vanderlip’s speech with regard to the
chaotic currency situation abroad:

3190

THE CHRONICLE

[Vol. 108.

Some o f these nations have a variety of currency at the present time that serves of the United States, in such way as to accomplish deflation in theso
countries, at tho samo timo improving the reservo positions of countries
is almost laughablo except that it is horribly serious.
Take the situation In Poland, for example, and Poland was a great manu­ liko England, Franco, Italy and, possibly, Germany. In other words, a
facturing district about Warsaw. When tho present government was comprohonsive re-allocation of gold reserves is suggested.
During tho war, especially before the United States was drawn into tho
formed, this country, made out of a piece of Germany and a piece of Russia
and a piece o f Austria, had first a currency of the old Czar rubles and the conflict, the gold reserves of the belligerents wero very much deploted by
tho
demands which neutral nations made for payments of goods sold to
Kerensky rubles and the Bolshevist rubles, and Bolshevist counterfeits of
the Czar rubles and the Kerensky rubles; and there wero German marks them and, partly because of this, tho countries at war wero forced into
and an issue of marks that Germany forced tho Warsaw district to mako; excessivo emission of paper currency, which mado for inflation and high
and then, worth least of all, perhaps, wero tho Austrian kronens, with commodity prices. The neutral countries, becauso of their oxpanded
% of 1% o f gold back of them. That Government had to consolidate in gold holdings, also suffered from inflation and high prices. Now it is
some way this terrific mass o f currency, and the difficulties that has proposed to re-allocate tho gold reserves, and it is believed by somo close
thrown upon getting things started thero would in themselves be almost students of the matter that in this way both situations, to a very con­
enough to bring about the paralysis that is found there. But tho currency siderable extent, may be corrected.
A banker who commented on this proposal yesterday said ho believed
situation in other countries, while not quote so intricate, is almost equally
that tho great access of wealth in tho European neutral nations was not
Involved.
In France thero were a little less than 6,000,000,000 franc notes which generally appreciated in this country. He pointed out that since tho
formed the currency o f France prior to the war. To-day there are 36,­ summer of 1914 tho State banks of Spain, Holland, Switzerland and the
Scandinavian countries have increased their gold holdings from approxi­
000,000,000 franc notes of tho Bank of France. Now, 36,000,000,000
francs of paper money is a sum so vast that you could hardly grasp it. mately $275,000,000 to very nearly $1,000,000,000 at tho present timo.
Tho Bank of Spain held about $100,000,000 when tho war started, while
Its effect has been to greatly enhance prices. England itself has an enor­
now it holds about 450,000,000. Tho Bank of Holland has increased
mous issue of what is practically fiat money, about $1,500,000,000 of cur­
its gold from $67,500,000 to $275,000,000, and the others have mado
rency notes, I believe it is, that are secured by a very small amount of gold
proportionate advances in their stocks of tho metal. If world financo Is
comparatively, about £28,000,000.
to bo returned to a sound basis, this banker thought, it would bo necessary
In Belgium, tho Germans forced a bank there to mako a great issuo of
notes; it flooded the country with marks, and when tho Belgian Government to utilize these supplies of gold for the general good.
Tho official banks of the chief Allied nations have not suffered any ma­
got back there they had to take these marks up; had to issuo their own
notes, or, in part, bonds, against tho marks— some 6,000,000 000 marks terial depletion of tholr gold supplies, but they have been forced to issuo very
great amounts of paper currency, which has had an extremely unfavorable
were so taken up. When Franco got Alsace-Lorraine, she got about
influence on prices. Tho restoration of allied currencies to a normal
4,000,000,000 marks along with it, and had to redeem them. It cost
basis has been ono of the chief topics in British and French banking circles
France $1,000,000,000 in her bank note currency. So that currency
for somo time, there having been several committees appointed to investi­
situation makes a great difficulty.
gate and report on the subject. Tho reapportioning of gold supplies
I do not know how much you have seen of it in tho papers here, but tho
among all of tho leading countries is ono of tho suggestions mado, and it
best you know of engraving and printing, that is, monoy factory, in tho
is said that this scheme has mado advocates both in tho United States and
world, next to tho Bureau of Engraving and Printing in Washington, was
abre/ad.
________________________ _ _ _ _
located in Petrograd.
The theory of tho Bolshovikl was that in their order o f society thero
R E A L
P E A C E
T R E A T Y
L I E S
was no place for money. They saw it was difficult, however, to go on F . A . V A N D E R L I P S A Y S
without money, and so they sot to work to print so much money as to
I N
R E S T O R I N G
I N D U S T R I A L
P R O G R E S S O F E U R O P E .
mako money useless, but they wont further than that. They wanted
In com m ent regarding tho peace treaty m ade b y Frank A .
money for their propaganda purposes in other countries. They found
no way so easy to get it as to mako it. They have counterfeited tho pound, V anderlip, President of the N a tio n al C ity B ank of N e w Y o r k
the franc, tho mark, the lire, tho peseta, to what extont I am not able to in L ondon ju st before his departure for N e w Y o r k , he stated
say. That has been dono. There is no question o f that. Somo of tho
English counterfeits have found their way to England, a good many wero th a t “ there are no terms w ritten in the treaty that can
used in tho Near East, because they liked pounds better thero than rubles;
bring peace to E u ro p e .”
“ T h e real treaty of p eace,” said
and so the Bolshevik! supplied the pounds.
M r . V an d erlip , “ will be the plan whoreby Europo will bo
So there is one o f tho difficulties o f currency.
able to get m achinery, rolling stock and raw m aterial and
W ith regard to tho labor situation in E ngland, M r .
be placed in a position to help herself.”
W h at M r . VanV anderlip had the follow ing to say:
dorlip had to say was contained in Associated Press cable­
Let me tell you a little about England, England as I see it. Tho Eng­
land that I saw tho first of February was an England on tho very verge of gram s from L ond on , M a y 10. A m on g otlior things, M r .
revolution. You did'not get that over hero, but it is a fact generally ad­ Vanderlip stated that “ the sw ay of B olshevism is rapidly
mitted by all Englishmen. When I arrived in London— I think it was the w aning in R ussia, its progress is halted in H u n g ary, bu t
second of February— the streets were full of army lorries trying to carry the
people becauso there were strikes on the District Railway and in tho tube; idleness, w ant and hunger are the breeding ground of the
the coal miners were threatening an immediate strike, and the supply of m icrobe of social u n rest.”
T h e hope of E uropo, lio con­
coal was so scarco that life thero was most uncomfortablo.
,
tended, la y in having A m erica comprehend how critical
Up in Glasgow thero wero such riots that they had sent military,tanks to
is tho situation, and he em phasized tho fact that Europo
patrol the streets. The railroad men wero threatening a tie-up of all trans­
port service. Tho electricians wero threatening to put London in abso­ m u st be p u t in a position to help herself.
lute darkness, and all were provided with candles throughout tho evening
expecting tho light any moment to bo cut off.
H .
P .
D A V I S O N
O N
N E E D
O F
F I N A N C I A L
C R E D I T S
Now, happily, thero has been a great change in the situation. Tho (treat
underlying common sense of tho Englishman camo to tho rescue and dif­
F O R
E U R O P E .
ferences wero partly composed.
H en ry P . D a viso n of J . P . M o rg a n & C o . returned last
Tho coal miners demanded and received a royal commission that should
within a very few days examine their claim for higher wages and shorter week after a trip of som e five m onths abroad, having been
hours, and that examination did not leavo a doubt in the minds in England a passenger on the steam er L eviath an , reaching N o w Y o r k
that the miners had made out a case. Tho differences wero,composcd with
Like M r . Vanderlip of tho N a tio n al C ity
tho railroad people, and for the moment the outlook in England is peaceful on M a y 2 2 .
B a n k w ho has also ju st com e back from tho other side.
so far as any revolution is concerned*
But I would ltko to examine for you a little tho English situation. Eng­ M r . D a viso n has had som ething to say since his return re­
land has held the premier position in tho international industrial markets.
America grew, but England grow too. America grew faster. So did Ger­ garding the conditions abroad and to the urgency of the de­
many grow faster. But England had, up to tho outbreak of tho war, held m and th a t tho U n ited States extend credits to m eet the
tho premier position. Now, how did she hold it? She had little raw financial needs of the European nations.
M r . D a v iso n ’ s
material, somo iron, and somo coal; that was all. I will tell you how she
held it. She held it by underpaying labor. That was her differential. view s as to these credit requirements were outlined in a talk
That Is how she competed. She underpaid labor, until to-day labor has to reporters a t his office on the 23rd and the follow ibg as
not a house over its head In England, and tho Government is undertaking
to w hat he had to say is taken from tho N e w Y o r k “ S u n ”
to build a million houses for working mon— a million houses.
English industry made a red ink overdraft on tho future by underpaying of the 2 4th :
labor so that it did not receivo enough to llvo sufficiently, and you know
Every country In Europo with no more than ono or two exceptions, needs
that in tho mill towns of England thero grew up a secondary race of small, credit. Europo must bo considered as an entity. Contrary to tho im­
underfed, uneducated, undeveloped people. Well, England has got to
pression that ssems to have obtained in banking circles I have no definite
pay tho overdraft now. Sho found that a third of her men of military age plan. Tho Governments on tho other sido first must form their plans
were unfit for military servico. One of Mr. Lloyd Georgo’sjmost famous and then we will consider them.
utterances was that "Y ou could not mako an A -l nation out of a C-3 popu­
Up to tho presont timo tho countries themselves havo no plan and havo
lation.” They all see it, and that differential that England has had In had no opportunity to formulate ono, as they aro busy with tho stress of
peace negotiations. In fact they aro devoting all their timo and effort to
nternational trade is gono. But’ that Is not all of it.
tho consummation of peace.
M r . Vanderlip w ent abroad at the end of January and
The first thing that will bo taken up after tho conclusion of peaco is credits.
was in E urope from the 1st of February to tho 9 th of M a y ,
Tho needs aro heavy, but not so heavy as I thought they would bo a month
visiting during th at tim e E n glan d , Franco, Switzerland,
ago and not so heavy that thoy cannot bo provided for in full hero. There
must bo intelligent co-operation and adequate consideration.
I ta ly , Spain , B elgium and H o llan d . H e arrived in N e w
While abroad I had several talks with representatives of noutral Govern­
Y o r k on M a y 18?and at that tim e briefly com m ented upon
ments and I gathered the Impression of a fine spirit and a dcsiro to co-opcrtho needed co-operation of the U nited States in bohalf of ato with America to tho fullest possible oxtont. Tho neutrals aro as much
interested as ahy belligerent in tho restoration of normal conditions, as
E u rope.
.
thoy provide market places. In fact I havo observed that all of tho Gov­
In stating on M a y 21 that plans now being considered ernments aro trying to get out of tho banking business and back to normal
b y leading A m erican and foreign bankers for tho financial conditions.
Bankers cannot bo selfish, but they must co-ordinato their efforts and
and economic rehabilitation of E urope provide for the in­
consider tho interests of America as a whole. Thero will undoubtedly bo a
clusion of the E uropean neutral countries in the inter­ scries of banking conferences, but tho tono of theso meetings must bo co­
national group which it is proposed to create to handle the ordination and preparation.
It is a mistake to assume that wo havo to rebuild Europo. That is only
situ ation , tho N e w Y o r k “ T im e s” said:
a matter of bricks and mortar. Tho biggest item in tho reconstruction of
It is understood that Frank A. Vanderlip, President of tho National Europo is labor, and tho paymont for labor services Is a matter for bankers
City Bank, who returned to Now York on Sunday after an absonco abroad
abroad to solve with local or domestic credit. America will havo to send
of several months, is among thoso who favor this plan.
supplies. Russia cannot bo taken Into consideration until sho has a stable
Tho plan. In its general outllno, calls for tho utilization of tho greatly
govemmont’ and ono that can restoro order.
expanded gold reserves o f tho European neutrals, along with tho goldfro-




M ay 31 1919.]
The

“ S un”

THE CHRONICLE

also said:

Questioned about tho possibility of Government steps to stabilize the ex­
changes. which have slumped so badly, M r. Davison said that he knew of
no international plan to support franc and sterling exchange. lie said also
that the League of Nations would have nothing to do with the financial
side o f restoring Europo to normal.
Mr. Davison added that he thought that there would bo no international
committee to control the extension of credit to Europeans, but that a cen­
tral financial body may be established here. That subject will be con­
sidered at the forthcoming banking conferences.
E U G E N E

M

E Y E R

J R .

O N

F I N A N C I N G

F O R E I G N

T R A D E .

“ T h e Financing of Foreign T ra d e” was dealt with in an
address b y Eugeno M o y e r J r ., M an ag in g D irector of the
W a r Finance Corporation, before tho N a tio n al Foreign
T rade C onvention in Chicago last m o n th . Reference to the
fact th at “ great debts havo beon piled up with our Govern­
m ent b y E n glan d , France and I t a ly ,” was m ade b y M r .
M e y e r , who noted that “ their industries are still very far
from being restored to pre-w ar conditions of production
that would onable them to pay in g o o d s ,” and that “ it is
to our advantage p rom ptly to restore our export trade in
the lines of raw materials and m anufactured g o o d s.”
M r.
M e y e r also said in part:
Government Aid.
With this in mind, the Treasury Department asked and Congress passed
an amendment to tho War Financo Corporation Act whereby the Corpo­
ration is authorized to lend one billion dollars to American exporters to
enable them to sell American goods abroad on long-term credits or to bankers
financing such exporters. The possible .applications of tho funds can easily
be seen to lie along a few well-defined lines. Our credits to Europe will
havo to bo long enough to give the foreign manufacturer timo to restore
his production organization and to renew his normal selling connections.
This may take one year or it may tako soveral. A foreign buyer having
relations With a certain American seller may give his long-term obligation,
or a group of foreign buyers may give a joint obligation to an American
seller or sellers. This grouping might bo done in industries or in groups
of industries. The foreign purchasers in singlo units or groups may act
through a bank or a group of banks in the purchasing country. The obli­
gations would be such as to conform to tho business and tho institutions
of tho buying country, subject, of course, to tho arrangements being satis­
factory to the sellers and lenders in this country.
It is to bo expected that our sellers would require payment in dollar ex­
change, and tho buyers might reasonably figure, in some of tho countries
at least, on a chance to make an additional profit through a prospective
improvement in tho rates of exchango by tho time tho payments come duo.
Ferhaps they could even pay before maturity, should the exchange movo
more rapidly in their favor than anticipated.
Policy of the War Finance Corporation.
The War Finance Amendment is in no sense an attempt to increaso
governmental paternalism, but is in keeping with the policy to which the
War Finance Corporation has constantly adhered, namely to further com­
mercial enterprises only in cases where they cannot obtain tho usual bank­
ing assistance.
Tho Corporation was created in April 1918 with power to extend financial
aid to American industries whose operations were necessary or contributory
to the prosecution of tho war where money could not be obtained through
ordinary banking channels, or to banks that had financed such industries.
Seven-eighths of tho largo total resources were restricted for loans to banks,
but only a small number of sucli loans were applied for or made. Tho
larger number of applications concerned direct loans to corporations and
these were helped by actual loans or contracts to lend to the extent of about
$100,000,000 before tho armistice. Of this total about sixty millions has
been repaid.
In September wo agreed to make advances to the railroads in proper cases.
This was in lino with tho clear intent and purpose of the Act which specifically
mentions railroads under Federal control. Secretary McAdoo in Ids
testimony beforo the Congressional comndttees emphasized tho importance
of this pliaso of the Corporation’s activities. Wo havo loaned to railroads
on bonds and shares as securities in accordance with tho provisions of tho
Act about ninety millions, to the Director-General on similar security fifty
millions, to railroads about twenty-soven millions on tho security of cer­
tificates of indebtedness of tho Director-General. All of our loans beforo
the armistice, as well as after, havo been mado only when it appeared im­
possible for tho companies to obtain accommodation through private
channels at reasonable rates. In many cases we worked in co-operation
with bankers of tho applicant, they taking a part and wo taking a part.
In other cases holders of security issues co-operated by extending tho
maturing obligations in part. In some important cases this co-operation
was mado a condition of our assistance. In all cases, however, wo en­
deavored to maintain an attitude of helpfulness, having regard always to
the limitations of our law as to security and other provisions of the Act.
And now if you gentlemen representing American production should
make satisfactory credit arrangements with foreign purchasers which cannot
be cared for by your bankers, tho War Finance Corporation is ready to
stand behind you in the same spirit, to help you, if you wish it, in creating
and carrying out a system of long-term credits and obligations for the pro­
motion of international trade.
Foreign Loans.
Up to the present only one largo private banking credit, that of $50,000,­
000 for Belgium, has been negotiated, and this is to be repayable in one y.ear.
Obviously, the goods which can be purchased and paid for in tho ordinary
way, within a year, will be small compared with tho needs of tho situation.
Later on there will be tho transfer of largo holdings of securities to our
Investment markets. Theso transfers of securities may be either in the
form of European holdings of investments in neutral countries, or in the
flotation in our investment market of largo foreign industrial issues, or
national loans. The old established and well-known Finance Trust of
England and Scotland is a form of organization that may provo useful in
marketing the securities. But for tho moment, when we ourselves arc
raising thousands of millions of dollars for our own Government, American
investors cannot be expected to absorb foreign industrial and Government
leans in amounts that would make the proceeds a factor for our commerce
and industry.
This power to loan to promote trade has not as yet been used to any
extent. At first, the European countries felt that rigid economy rather




2191

than borrowing should be their principle, but lately they are beginning
to take a different view and I believe the necessary mechanisms will be
devised to make operative this governmental aid.
Apart from tho reluctance of the buying countries, there is a natural
hesitation on the part of our exporters to enter into transactions which
involve long-term credits until the peace negotiations have proceeded
further, and until something approaching a definite political settlement
has been completed. The high price levels are another factor which make
for uncertainty, and therefore deter the development of business.
War Finance Authorization Ads as Stimulant.
But entirely apart from the application of any portion of the fund, tho
passage by Congress of the amendment has served to stimulate the con­
sideration of the necessary credit mechanisms on the part of private inter­
ests. AVhen tho amendment was being discussed before tho Senate Finance
Committee, I stated that we did not contemplate supplanting private bank­
ing, but only supplementing it, and that we thought the passage of this
Act would stimulate our merchants and bankers to greater courage and
prompter action in offering credits to foreigners. Judging from tho great
amount of discussion in the daily press and in banking circles, I believe it
has been successful in this respect. I hope that every facility that is
properly suited to the conditions may be provided by private enterprise,
but if theso methods cannot be made effective, the War Finance Corpo­
ration stands ready to support any plan that it considers sound and within
tho provisions of tho Act.

V A L U E

O F

A

C C E P T A N C E S

D U R I N G

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

P E R I O D .

In its representations w ith respect to the use of trade
and bank acceptances, and their value during the reconstruc­
tion period, tho C om m ittee on Trade A cceptances of the
N a tio n al A ssociation of M anufacturers, in its report pre­
sented a t the annual m eeting of the association on M a y 19
said:
In conclusion your committee desires to bring particularly to your
attention tho fact that, notwithstanding the sound business value of the
I rado Acceptance, perhaps its most important value to-day is its value
n enabling American credit resources to be mobilized and used to meet the
strain of transition from war to peace. American manufacturers, mer­
c ants and others arc faced with the problem of maintained high costs of
raw materials, of finished products and of labor, in tho face of strong
and urgent demands for lower selling price levels and reduced demands for
consumption both at home and abroad. The war severely tried the keen
sense and sound judgment of the business men and of American financial
institutions. The end of the war and the return of business to a peace
time basis promise to try our keen business sense and sound judgment more
keenly. Wo have problems before us to-day that no man could have antici­
pated during tho war, and if sense and good judgment were ever needed
they are to-day imperatively required.
The wider use and, if possible, the general adoption of tho Trade
eptanco method of closing an account— and of the Bank Acceptance, whicn
differs only from tho Trade Acceptance in that it is accepted by tho bank,
the result of tho granting of credit by bank to buyer—-by American manu
facturers should prove a powerful factor in protecting and in stabilizing the
finances of our industrial organizations during this period of after-the-war
reconstruction, when every means must be utilized to maintain our credit
and to strengthen the financial resources of our enterprises both at home
and abroad. Our business in foreign markets must be carefully nourished
and expanded if the American manufacturer intends to benefit from the
situation which to-day lies before him. Given the opportunity the
American manufacturer can enter into foreign markets and can
successfully compete for international trade.
This means not
only a study of business requirements and conditions in foreign
markets and the need to adapt outselves and our products to these
requirements, but it means a study of the financial requirements of inter­
national trade. It will be found that the Trade Acceptance and the Bank
Acceptance will be of great help in the expansion of our foreign business.
It has beon tho practice of many American exporters to require payment in
cash at New York against documents; foreign trade has thus be n handi­
capped. Bank Acceptances drawn by the buyer and accepted by the
New York bank or financial institution of the buyer and discounted at
an agreed fixed rate overcome this difficulty and open to the American
manufacturer tho ability to meet the competition of sellers of other coun­
tries who transact their business in foreign markets in similar manner.
T h o report also said in part:
Thero is still an uncertainty in the minds of many men as to tho relation­
ship of tho Trade Acceptance to the promissory note. The uncertalni
should bo cleared away. Tho promissory note has always stood in tn
minds of men as a sign of weakness. It is usually given in the attemp tto
settle a past-due or weak account— usually given and taken after an account
is unpaid at maturity date and when a loan of the involved amount is needed
by tlie buyer for a further period and when an account receivable stands
upon the books of tho seller as an uncertain asset. The Trade Acceptance
on the other hand represents a current transaction in trade— an indebted­
ness of the buyer that has not reached maturity date and a written obliga­
tion on the part of tho buyer not only acknowledging current indebtedness
but promising its payment at date of maturity.
Tho promissory note tends to weaken the credit standing of tho bank.
The Trade Acceptance serves to definitely enhance the credit value oj the
giver, as both tho acceptor’s bank and the acceptee have notice from the
acceptor, viz., the buyer, that it is his intention to pay the account promptly
upon maturity date and if there be no further value of the Trade Accept­
ance, this value alone of the buyer being able and willing to write ids
name across the face of tho Trade Acceptance gives to him a power that Is
Worth far more than tho payment of his open accounts payable as due dates,
because he has given in anticipation his written promise to pay in a form
available for immediate use by the seller. The buyer has shown not only
his good faith but has placed himself upon records as to his intentions. He
not only commands the esteem of his bank and his seller but he can expect
and command their co-operation in supplying his reasonable business
requirements.
Business men who developed their credit resources through the use of
Trade Acceptances so strengthened and preserved their financial positions
that theso burdens were met with a minimum of inconvenience. The
Trade Acceptance discounted gave to the manufacturer, merchant and
others, tho use of funds formerly tied up in open book accounts and these
funds so released for prompt business uses have enabled many business
firms, during the past year or more, to expand their business and to pre­
serve at tho same time their credit standing. In other instances it has
permitted considerable sums of money to be invested in Liberty loans.

[V ol . 108.

THE CHRONICLE

3192
P R O P O S A L

B Y

G .

S I ,0 0 0 ,0 0 0 ,0 0 0

A .

G A S T O N

F U N D

F O R

E M

A U T H O R I Z E D

E X P O R T

P L O Y M
T O

E N T

O F

D E V E L O P

T R A D E .

President W ilso n ’s suggestion, in his m essage to C o n ­
gress, th a t “ we can facilitate A m erican enterprise in foreign
trade b y opportune legislation and m ake it easy for A m e r ­
ican m erchants to go where th ey will be w elco m e,” has
p ro m p ted , according to the N e w Y o r k “ T im e s” of M a y 2 2 ,
discussion am ong exporting and financial circles of the p os­
sible use to be m ade of the $ 1 ,0 0 0 ,0 0 0 ,0 0 0 which the last
Congress appropriated for the use of the W a r Finance^Cor-

ington, who keep in daily touch with the workings of all the Federal Re­
serve banks, many developments have been made. Notably among them
are:
Bankers’ acceptances, trade acceptances.
Recognition of the dollar as an exchange medium throughout the world.
Stabilizing interest rates against previous flutuation.
Making interest rates more uniform throughout the United States.
Financing the Government in times of war.
On this occasion I shall not take time to go into a detailed discussion of
all these developments, but wish especially to call your attention to two
which I regard as having done a great deal of good especially in this dis­
trict. I refer to the Bankers’ Acceptance and Trade Acceptance.

poration to assist exporters in the U n ited States in fin an c"
ing foreign sales.
I t is learned through the paper quoted
that George A . G a sto p , President of the export firm of
G a sto n , W illia m s & W ig m o re . stated th a t the m o s t practi­
cal m eth od for utilizing the m on ey was in a guarantee fund
instead of splitting it into direct loans to m anufacturers and
shippers.
In this w a v , he said, the funds could be m ade the
basis for a much greater am ount of credit. T h e “ T im e s”
reports M r . G a ston as saying:
The $1,000,000,000 should bo used as a guarantee or protection fund,
which could easily be made to support credits of from $5,000,000,000 to
$10,000,000,000 to foreign countries during the next five years. These
credits could, it seems to me, be arranged somewhat along the three follow­
ing methods:
First— The War Finance Corporation should indicate the amount of for­
eign Government bonds, principal and interest payable in dollars from
three to five years in the United States, which the War Finance Corpora­
tion would guarantee for each foreign government.
Second— The foreign governments,' or their business concerns, could
then place orders in this country with exporters and manufacturers located
in various sections, they to receive their pay in the bonds of the foreign
governments guaranteed by tho War Finance Corporation. The paper of
the exporters and manufacturers with their guaranteed bonds should be
discountable at the banks in the towns where tho manufacturers and ex­
port concerns are located. In other words, the districts thus benefitted by
the receipt of foreign orders should through their banks easily and safely
do the financing, or extend the required credits.
Third—The paper secured by tho guaranteed bonus should in turn be
made eligible for rediscount at tho Federal Reserve banks in any of the
twelve districts.
Further, a fair commission should be allowed to the bankers and brokers
who undertake the sale and distribution of theso bonds to investors in tho
various communities of the country. Such a commission would prove an
incentive to tho bankers to effect sales.
Unless adequate and immediate relief is given to these harassed and em­
barrassed foreign countries against tho diminishing value of their exchange
tho export business of the entire United States is going tp be seriously handi­
capped . Whatever material loss they suffer is certain to be felt here also.
We all recognize that these foreign countries must have machinery and
raw materials in order to rehabilitate themselves; also that this is impossi­
ble without financial assistance from our own Government. Within three
to five years they will all bo producing profitably and be well able either to
liquidate their debts, or at least capable of refinancing themselves in fu­
ture.
. ,
If we are to obtain the much-heralded overseas patronage we must do
something more than merely manufacture goods and seek orders. 1 am
firmly convinced that if we help them in some sensible manner to finance
themselves for tho next few years we will bo helping ourselves at the same
time. Certainly the question of financing our foreign trade is o f para­
mount importance.
All of tho belligerent countries, with the possible exception of Great
Britain, aro seeking financial assistance from America. This is true also
of the now States and Governments that are rapidly being created and
who must also bo financed. There is certainly no country in better posi­
tion to take care of the financing and supplying of raw and manufactured
materials than the United States.

The Bankers’ Acceptance.
The Bankers’ Acceptance especially has been of specific benefit to busi­
ness and banking interests of this district in creating a safer and more
liquid paper for our merchants and manufacturers.
The Bankers’ Acceptance has proven to be a very useful and attractive
form of paper, particularly to the banks of this district whose capital and
surplus is not large. In transactions Involving the importation or expor­
tation of goods, where the accepting bank is secured by attached document
or some other actual security growing out of the same transaction as the
acceptance; or which grow out of transactions involving the domestic ship­
ment of goods, provided shipping documents, warehouse receipts or similar
documents conveying or securing title covering readily marketable staples
are attached at the time of acceptance; member banks can with the ap­
proval of tho Federal Reserve Board accept in the aggregate up to 100%
of their capital and surplus, but in domestic transactions must confine
themselves to 50% of their capital and surplus.
Until the passage of tho Federal Reserve Act national banks woro rorbklden, by law, to enter into these attractive fields of business expansion.
It is a relief to tho banks to be permitted to handle transactions in this
manner, and is a clear recognition of our country’s banking needs which
they had so long been deprived or before the Federal Rseerve banks were
established. As you all know, the bankers were greatly hampered in not
being able to handle the products of their community on account of the
10% limitation on loans, and these Bankers’ Acceptances are performing
a most beneficial function, not only for the bankers but for the commercial
and agricultural Interests of our section. To show you how popular tms
class of paper has become, the Federal Reserve Bank of Atlanta has pur­
chased from Its member banks, since tho first of last Septeinber around
38 million dollars. The proper way for these acceptances to bo handled
is for a member bank to accept for its customer, delivering tho competed
bill to the customer, who should take same in the open market and se
tho best advantage. At the present time, the market for such bills(in o
district is under-developed, and the Federal Reservo Bank is purchasing
theso acceptances from its member banks, acting as selling agent tor cus­
tomers on whose behalf they have accepted. However, there Is a growing
market all over tho country for bankers’ acceptances, and the day is not
far distant when it will also extend into this district. In a number or
States statutes have been amended, permitting savings banks to invest
in this prime class of paper as a secondary reserve, and other banking in­
stitutions aro beginning to realize more and more the advantages or tms
readily liquid class of paper for temporary investments.
S Tho war financing which has taken such a prominent part in tho workings
of tho Federal Reserve banks for the past two years will likely bo over in a
short time, and when that is out of the way, we shall endeavor in this dis­
trict to go thoroughly in to the development of the acceptance business,
which we believe will be of immense benefit to our commercial interests.
T rad e

Acceptances.

T r a d e A c c e p t a n c e s a re r e c e iv in g c o n s id e r a b le a t t e n t io n

fr o m

th e c r e d it

a s s o c ia t io n s , t h r o u g h w h o s o e ffo r t s th e la r g e m e r c a n t ile h o u s e s a r e r a p id ly
in c r e a s in g th e ir u s e .
th e

open

p aper.

book

T h e y p e r f o r m a v e r y u s e f u l p u r p o s e in m a k in g li q u id

accou n t

and

c r e a tin g

a

tw o -n a m e ,

in s te a d

of

o n e -n a m e

T h e m e m b e r b a n k s s h o u ld c o n t in u e t o e n c o u r a g e th o d e v e lo p m e n t

a n d u se o f th e T r a d e A c c e p t a n c e , a n d t h e y m a y w e ll c o n s id e r th e a d v is a ­
b il it y o f g iv in g t o s u c h p a p e r a p r e fe r e n tia l r a t e , w h ic h t h e F e d e r a l R e s e r v e
b a n k s h a v e a lr e a d y d o n e .
.
I n e n c o u r a g in g th e u s e o f th e T r a d e A c c e p t a n c e , w e s h o u ld c o s i n e

.
its

u s e s t o t h e ir l e g i t i m a t e s p h e r e , a n d I d o n o t b e l i e v o i t is w e l l t ° _ g o ^ s c . f a r
a s t o r e ly e n tir e ly o n

t h e n a m e s o f th e d r a w e r a n d a c c e p t o r w h e r e la r g o

tr a n s a c tio n s a r o in v o lv e d — s a y

fo r m ore th a n

10%

o f th o b a n k s c a p ita l

a n d s u r p lu s , a n d e s p e c ia lly f o r m e r c h a n d is e t h a t h a s h e r e t o fo r e b e e n c o n ­
s id e r e d a s c a s h tr a n s a c t io n , s u c h a s c o t t o n , g r a in , a n d

o th er c o m m o d it y .

W h e r e T r a d e A c c e p t a n c e s a r e u s e d in tr a n s a c t io n s r e q u ir in g m o r e th a n

10%

o f t h e b a n k 's c a p i t a l a n d s u r p l u s , I b e l i e v o It is s o u n d b u s in e s s t o r e q u ir e
M . B .

W E L L B O R N

T E M

H A S

O N

W

I I A T

E F F E C T E D —

F E D E R A L

B A N K E R S

R E S E R V E

A N D

S Y S ­

T R A D E

A C C E P T A N C E S .

“ W h a t the Federal Reserve System H as A ccom p lished ”
was the title of an address delivered at the annual conven­
tion of the A la b am a Bankers’ Association at M o n tg o m e ry ,
A la ., on M a y 17 b y M . B . W ellb orn , G overnor of the
F ederal Reserve B an k of A tla n ta . A m o n g other things M r .
W ellborn noted that despite the fear of banks in Central
R eserve cities that their long built up clientele, who had
been previously required b y law to keep their reserves with
th em , would be taken aw ay from them b y the Federal
R eserve ban ks, it has turned ou t that they “ still retain the
deposit accounts of the banks throughout the country and
have n ot had any depreciable loss in this respect b y the
developm ent of the Federal Reserve S y s te m .”
M r . W e ll­
born further said in part:
When the reserves were changed from correspondent banks to the Fed­
eral Reserve banks, it was done in such a careful andlorderly way that its
accomplishment did not result in any jar to their business. It is gratifying
to note that tho deposits and general business of the larger city banks have
increased so enormously since tho second yearlof the world war, that no
one now ever hears,’any complaint'Xrom the city banks on account of their
being deprived by law as legal reserve centres.
New York instead o f being, as in former times, onlyjthe financial centre
of the United States has now attained that position for the wole world,
and from now on by its vantago ground and through the development of
the acceptance business wllllno doubt play the most important part in
inancing the foreign trade of the world.
All that was proclaimed fas to the future benefits and success or the
Federal Reservo System has been proven and in its able and progressive
management, under the guidance of the Federal Reserve P r a ’ l at Wash-




b ills o f la d in g o r w a r e h o u s e r e c e ip t s t o b o a t t a c h e d .

T h e r e is n o o c c a s i o n

t o c h a n g e t h o o l d m e t h o d s a n d s e ll c a s h g o o d s o n lo n g t e r m c r e d it s w i t h o u t
a d e q u a te c o lla tc r e a l

s e c u r ity m e r c l y jo r

th e s a tis fa c tio n

A ccep ta n ce.
N E W

—

Y O R K

L A W
O F

D E A L I N G

B A N K I N G

W

I T H

of

u s in g a

T rad e

.
I N V E S T M

E N T S

I N S T I T U T I O N S .

I t was announced on M a y 7 that Governor S m ith had
signed the bill passed b y the N e w Y o r k Legislature, am end­
ing tho banking act prohibiting institutions to invest in
stock of any private corporation an am ount in excess of
1 0 % of the capital and surplus of a trust com p an y, and also
prohibiting the purcliaso or holding of stock in another
m oneyed corporation if the collateral held exoo ds 1 0 ^
of the stock of such other m oneyed corporation. A s am end­
ed the law exem pts from the application thereto the owner­
ship of the capital stock of a foreign corporation licensed to
transact the business of an investm ent com pany in N e w Y o 4 k
S tate. A nother change made in tho law as it had previously
stood affects the provision prohibiting the deposit b y invest­
m ent companies of any funds w ith any other m oneyed cor­
poration unless such other corporation has been designated
as such depositary b y a vote of a m ajo rity of the directors
of the investm ent com p an y, exclusive of any director w hois an officer, director or trusteo of the depositary so desig­
nated; the am endm ent stipulates that this lim itation shall
not apply to tho deposit of funds b y an investm ent com ­
pany with another m onoyed corporation which owns all or
a m ajority of the capital stock of such investm ent co m -

M a t 31 1919.]

THE CHRONICLE

pany. Tho following is the text of the newly-enacted
measure; the new matter is shown in italics, while the
part in brackets indicates the old matter omitted:

3193

In conference with the Listing Com m ittee your Com m ittee on Business
D evelopm ent has formulated a list o f stocks deemed desirable for listing
and plans are under way to have certain o f them listed

AN ACT
T o amend the Banking Law in relation to the powers o f banks, trust
PROPOSAL TO IMPROVE STOCK E X C H A N G E TR AN S­
companies and investment companies.
A C T IO N S B Y O M I T T I N G C E R T IF IC A T IO N OF
The People o f the State o f New York, represented in Senate and Assembly,
do enact as follows:
CH E CK S U N D ER
Section 1. Subdivision 9 o f Section 190 o f Chapter 369 o f the Laws o f
1914, entitled " A n A ct in relation to banking corporations, and individuals,
partnership, unincorporated associations and corporations under tho
supervision o f the Banking Departm ent, constituting Chapter 2 o f the
Consolidated L a w s," as amondeu b y Chapter 98 o f tho Laws o f 1918, Is
hereby amended to read as follows:
9.
Shall not invest or keep invested in the stock o f any private cor­
poration an am ount in excess o f ten per centum o f tho capital and surplus
o f such trust com pany; nor shall it purchase or continue to hold stock
A S S O C IA T IO N OF S T O C K E X C H A N G E F IR M S .
o f another m oneyed corporation if b y such purchase or continued invest­
42 B roadway, N ew Y ork.
m ent tho total stock o f such other m oneyed corporation owned and held
M a y 27 1919.
b y It as collateral will exceed ten per centum o f tho stock o f such other _
To the Members o f Stock Exchange Firm s:
m oneyed corporation, provided, however, that this limitation shall not ap­
Dear Sirs.— The Com m ittee on Clearing House o f the N ew Y ork Stock
p ly to tho ownership o f the capital stock o f a safe deposit com pany tho
vaults o f which are connected with or adjacent to an office o f such trust Exchango have been engaged in studying various ways and means to
com pany; nor shall it apply to tho ownership o f the capital stock o f an facilitate tho handling o f the large business now being transacted on the
investment com pany qualified to exercise tho powers specified in Sub­ Exchango, and at an informal conference held recently with officials o f the
division 1-a o f Section 293 o f tho Banking Law, to the ownership o f the Bank o f Manhattan C o ., M echanics & M etals National Bank, the C o m
capital stock o f a foreign coropration licensed to transact in this State the Exchango Bank and tho Hanover National Bank, together with the Chair­
business o f an investment company or any part thereof, or to tho ownership man o f the Comm ittee on the Clearing House and tho President o f your
o f the capital stock o f a foroign banking corporation license to d o busi­ Association, it was the opinion o f those present that provided checks o f
Stock Exchango Houses for sums o f $5,000 and under could be deposited
ness in this State.
Sec. 2. Subdivision 4 o f Section 294 o f such chapter is hereby amended without the custom ary certification, it would be o f material assistance in
the transaction o f business, and the banks represented above, together with
to read as follows:
4.
D eposit any o f its funds with any other m oneyed corporation unlessseveral other banks carrying the accounts o f Stock Exchange Houses, are
prepared
to discuss this m atter with their individual customers. T ho
such other corporation was been designated as such depositary b y a vote
o f a m ajority o f tho directors o f tho investment com pany, exclusive o f E xecutive Com m ittee o f this Association, therefore, urgently recomm end
any director who is an officer, director or trustee o f tho depositary so that members imm ediately confer with their respective banks and endeavor
designated L . J ; provided, ho wcver.lhat this limitation shall not apply to to secure their approval to an arrangement such as described above whereby
the deposit o f funds by an investment company with another moneyed cor­ checks received b y them for sums not exceeding $5,000 m ay bo deposited
without the custom ary certification.
poration, which owns all or a majority o f the capital stock o f such investment
Very truly yours,
company.
GEORGE M . W OOLSEY,
h. Sec. 3. This A ct shall'take effect immediately.
_____________ _________
President.

$5,000.
To expedite the handling of transactions on the New York
Stock Exchange it has been proposed that checks of Stock
Exchange houses of $5,000 and under be deposited without
the customary certification. Notice of this was issued as
follows on May 27 by George M. Woolsey, President of the
Association of Stock Exchange Firms:

IN C R E A S E I N THE POSTAL SA VINOS BU S IN E S S A T
N E W YORK POST OFFICE.

A M E N D M E N T TO N. Y. CORPORATION L A W AFF E CT­
IN G VOTING OF STOCK H E LD B Y F ID U C IA R IE S .

Under date of May 15 T. G. Patten, Postmaster at New A bill passed at the recent session of the New York Legis­
York, says:
lature, amending the general corporation law in relation to
T ho N ow Y ork Post O ffice and its branches in M anhattan and tho the manner of voting stock held by fiduciaries, became a
Bronx had on deposit at tho close o f April $40,371,075. This is not only
The
the largest am ount that has over been on deposit here, but is the laigest law with its approval by Governor Smith on May 9.
amount on deposit in any postal savings bank in tho United States new measure, which amends Section 23-A of the law, pro­
T he net Increase in deposits during April was $648,170, and there are
vides that none of the provisions of this section, except the
now 156,543 depositors. T o meet tho requirements o f these, branches
o f tho postal savings bank are maintained at all the stations o f the New first sentence, shall apply to fiduciaries appointed by court
Y ork Post O ffice and aro open for business from 8 A . M . to 8 P. M . A c­ prior to May 6 1918, or by last will and testament of a
counts m ay bo opened with tho deposit o f but one dollar. T he maximum
decedent whose death occurred prior to such date nor to
for any deposit is now $2,500.
D uring the recent drivo for the V ictory Loan hundreds o f persons were corporate stock at any time transferred to or held by fi­
enabled to purchase bonds through their savings in the postal savings duciaries so appointed.
We give herewith the bill as
banks, who, possibly, would not but for this have been in a position to
do so. Experience shows that notwithstanding heavy withdrawals for enacted, showing in italics the new provisions which it
the purchase o f bonds in the V ictory Liberty and other loans, the volum e incorporates in the law:
o f m oney on deposit in tho N ow Y ork Post Office has steadily grown
throughout the war.

NEW

S CH E D U L E OF C O M M IS S IO N S A DOPTED
P H I L A D E L P H I A STOCK E X C H A N G E .

BY

A now schedule of commissions adopted by the Governors
of the Philadelphia Stock Exchange on May 21, was put into
operation on the 22nd. Tho new schedule is similar to that
recently put in forco on the New York Stock Exchange;
according to the Philadelphia “Press” it is as follows:
On stocks selling at less than $10 per share, 7 y cents per share; on stocks
selling at $10 per share and over, but less than $125 per share, 15 cents per
sharo; on stocks selling at $125 per sharo and over, 20 cents per share,
Tho minimum commission is to bo $1 on any transaction. Theso rates
aro identical with tho rates put Into effect in New York this morning.
T ho commission to bo charged on transactions in bonds remains unchanged
at y% o f 1 % . Tho arrangement provides for increased pay for floor brokers
who execute orders for other members o f tho Exchange.

EFFORTS OF P H I L A D E L P H I A STOCK E X C H A N G E TO
RE-EST AB LISH ARBITR AGE W I T H N E W YORK
EXCHANGE.

With regard to offorts on the part of the Philadelphia
Stock Exchange looking to the re-establishment of arbitrage
with tho Now York Stock Exchange, tho Philadelphia
“Ledger” of May 15 quotes as follows from the first progress
report of the Committee on Business Development of the
Philadelphia Exchange, which had circulated among mem­
bers a questionnaire seeking suggestions from members which
would tend to broaden business:
Efforts havo been mado to try out tho idea o f placing orders for stocks
that frequently aro sent to N ow Y ork on the Philadelphia Stock Exchange
for a limited period to seo if they can be executed hero. Tho committee
has found Instances in which orders executed for one Philadelphia house
in N ow York were filed in Now Y ork b y another Philadelphia house.
Freer use o f tho tapo for quotations was recomm ended, and at tho com ­
m ittee’s instanco od d -lot bids and offerings are now printed on the tape.
Negotiations have been instituted with tho Boston Stock Exchango
looking toward an offort to induce tho Now York Stock Exchango to re­
establish arbitraging, and we aro in receipt o f a favorable reply. This
question is now being taken up with Chicago and Pittsburgh.




A N A C T to amend the general corporation law, in relation to the manner
o f qoting stock held b y fiduciaries.
The People o f the State o f New York, represented in Senate and Assembly
do enact as follows:
Section 1. Section 23-A o f Chapter 28 o f the laws o f 1919, entitled " A n
A ct relating to corporations generally, constituting Chapter 23 o f the
Consolidated Law s,” as added b y Chapter 472 o f the Laws o f 1918 Is
hereby amended to read as follows:
Sec. 23-A. Stock held in fiduciary capacity; how qoted. Fiduciaries,
whether appointed b y last will and testament or b y the court, shall have the
same right and power, cither in person or b y proxy, at all corporate meetings
to vote any and all shares o f stock held b y them in a fiduciary ca p a city ;
in any corporation organized under the laws o f this State, as the deceased*
or legal owner thereof had in his lifetime. Unless otherwise directed b y
last will and testament or order o f court appointing such fiduciaries, where
such stock is registered on tho books o f such corporation in the name o f.
or has passed b y operation o f law or b y virtue o f any last will and testa­
ment, to m ore than tw o fiduciaries, and dispute shall arise among them ,
tho said shares o f stock shall be voted b y a m ajority o f such fiduciaries!
and in such manner and for such purpose as such m ajority shall authorize,’
direct, or desire the same to be voted, and if the number o f fiduciaries shall
bo oven and they shall bo equally divided upon the question o f qoting such
stock, it shall bo lawful for tho court having jurisdiction o f their accounts
upon petition filed b y any o f such fiduciaries or b y any party in interest’
to direct tho voting o f such stock in the manner which, in the opinion o f
such court, will be for the best interests o f the parties beneficially interested
in tho stock. Fiduciaries, whether appointed b y last will and testament
filed in any court o f this State, or b y any court o f this state, shall have all
tho foregoing rights and powers, subject to the foregoing limitations, to
vote any and all shares o f stock, held b y them in a fiduciary capacity. In
any corporation, organized under the laws o f any other state, providing
nothing in the laws o f tho State, under which the corporation was organized,
prohibits the exercise o f such rights and powers. But none o f the provisions
o f this section, except the first sentence, shall, after this amendment takes effect
apply to fiduciaries appointed by court prior to M ay 6 1918, or by last will and
testament o f a decedent whose death occurred prior to such date nor to corporate
stock at any time transferred to or held by fiduciaries so appointed.
Sec. 2. This A ct shall take effect immediately.

N E W L A W P E R M IT T I N G U N IO N B A N K DEPOSITORS
TO PRESENT C L A I M S A G A I N S T STA TE .

Gov. Smith of New York signed on May 13 the Lockwood-BuiT bill giving the Court of Claims jurisdiction to
hear and determine claims of the depositors and creditors
of the failed Union Bank of Brooklyn and Borough Bank
of Brooklyn for the recovery of losses on the ground that

2194

THE CHRONICLE

the State was responsible. The Brooklyn “Eagle” of May
14 quoted Gov. Smith as saying in explanation of his action:
The bill In question was carefully amended b y the Judiciary Com m ittee
o f the Senate so as to expressly refrain from adm itting any liability on the
part o f the State, but it permits the despoitors to present their claims and
to try out the question.
The Legislature passed this bill b y practically a unanimous vote. 1 see
no reason w hy I should deny to thousands o f our citizens this opportunity
to have their day In court.

The following is also taken from the “Eagle:”

Assistant D istrict A ttorney Louis Goldstein, counsel for the Union Bank
D epositors’ Association, expressed jubilation to-d ay over tho fact that
G overnor Smith had signed the U nion Bank b ill, which will give the d e ­
positors an opportunity to present their claims against the defunct in­
stitution in the C ourt o f Claims and recover from the State o f N ew Y ork
the difference between the am ount o f their deposits and the amount they
have received as dividends. E fforts will be made to prove that the Bank­
. ing D epartm ent, under the administration o f Clarke W illiam s and O. I .
Cheney, was negligent and careless and failed in its du ty, thereby causing
a loss o f $3,000,000 to tho depositors.
M r. Goldstein com m ented on Governor Smith’s action in part as lolUnder the b ill, which now becom es a law, the depositors must file written
claims before the C ourt o f Claims and tho A ttorney-General o f the State of
N ew Y ork . These claims must set forth in detail the cause o f action they
have against the State o f N ew Y ork upon which they demand judgm ent
against the State for the loss they have suffered— nam ely, the difference
between the amount o f their deposits, less the am ount that the depositors
received as dividends.
In tho case o f the Union Bank depositors, this was 2 0 % , and in the
Borough B ank, 2 3 % .
The testim ony o f the Bank Examiners who examined the Union Bank
and certified that it was solvent will also be submitted before the Court
o f Claim s, to show that such examination was made only to suit tho pur­
poses o f tho form er President o f the institution, D avid A . Sullivan, who
was in league with these examiners, and secured from them a favorable
report. These reports show that a great number o f loans o f very large
amounts were passed as O. K . when, as a m atter o f fact, the makers o f
these notes were irresponsible dummies who were controlled b y tho former
President, D a vid A . Sullivan.
W e will prove beyond question, that over $2,000,000 worth o f notes
which the Banking Departm ent passed as good were absolutely worthless.
W e will show that the Banking Departm ent perm itted the Union Bank
to borrow over $2,000,000, for which it was obliged to pledgo all o f its
assets as security. This m oney was used to pay o ff all the old depositors
and when the bank closed for the second tim e, the new depositors were
unable to receive any o f their m oney, for the reason that there were no
remaining assets.
There is no doubt in m y m ind that we can prove that the depositors ot
the Union Bank were defrauded, due to the conduct o f the then Banking
D epartm ent, and notwithstanding the great efforts which were m ade by
Superintendent o f Banks Skinner, Kichards and Van T uyl to liquidate
the bank in the m ost business-like and econom ical manner, only 20%
was realized out o f the Union Bank wreck.
T he depositors fin d no fault with the liquidation o f the Union Bank,
but they d o condem n the conduct o f tho Banking Departm ent which oerm itted the Union Bank to reopen when it was insolvent, and further per­
m itted it to pawn all o f its assets to p ay o ff the old depositors.

The following is the text of the newly-enacted law:

AN ACT
T o confer jurisdiction upon the Court o f Claims to hear, audit and deter­
mine the claims o f tho depositors and creditors o f the Union Bank of
B rooklyn and the Borough Bank o f Brooklyn and to make an award
therefor.
The People o f the State o f New York, represented in Senate and Assembly,
do enact as follows:
Sec. 1. Jurisdiction is hereby conferred upon the C ourt o f Claims to
hear, audit and determine the claims o f tho depositors and creditors of
the Union Bank o f Brooklyn and the Borough Bank o f B rooklyn, against
the State o f N ew Y ork .for damages sustained through the failure o f the
said banks and each o f them , and to make an award and render judgm ent
therefor against the State o f N ew Y ork and in favor o f said depositors.
Sec. 2. The Banking Departm ent shall, within three m onths after the
passage o f this A ct, present p roof to the Court o f Claims o f the amount due
each depositor o f said banks.
Sec. 3. N o award shall bo made or judgm ent rendered against the state
unless the facts proved shall make out a case which would create a lia­
bility were the same established b y evidence in a court o f law or equity
against an individual or corporation; and in case such liability m ay bo satis­
factorily established, then the C ourt o f Claims shall award to, and ender
judgm ent for the claimants for such sum as shall be just and equitable,
notwithstanding the lapse o f tim e since tho accruing o f damages provided
the claim hereunder is filed with the Court o f Claims within ono year
from the time this A ct takes effect, provided, how ever, that nothing in
this A ct nor the passage o f tho same shall be deemed or construed to have
acknowledged or created any liability on the part o f tho State, nor shall
the passage o f this A ct be construed as debarring the State from inter­
posing any legal or equitable defense which it would otherwise have against
the alleged claims except the statute o f limitations.
Sec. 4. This A ct shall take effect imm ediately.

[V ol . 108.

It is now proposed, b y tho addition o f an amendment o f fourteen lines, to
m odify this tim e-honored provision o f law. T he amendment is hi some­
what confused language and somowhat obscure as to its meaning. T he
first and primary effect o f it will certainly bo to stimulate for some years in
order to ascertain just exactly what it does mean if it wero enacted into
It is not entirely clear just what tho effect o f this proposed amendment
would be, but its purpose is to change in some form tho provision o f the
statute, which, hi its interpretation b y tho C ourt o f Appeals, merely pro­
hibits a bank from joining in a diversion o f trust funds for its own benefit,
or participating in a diversion for the benefit o f another being perpetrated
to its own knowledge.
Its purpose, how ever, is said to bo, b y the banking interests, to permit
them to cash checks presented b y'fid u ciaries, payablo to tlieir own in­
dividual order, without requiring bank officials to make inquiry as to the
propriety o f the transaction. It will bo noted from tho quotation ot the
law as at present in force, that the bank would not now bo liable unless it
had actual knowledge o f tho defect o f the Instrument, or unless it had
knowledge o f such facts that its action in taking tho instrument would
am ount to bad faith.
It is stated that b y reason o f tho decisions o f the court, where a bank
presents for paym ent a check o f this sort, signed b y a fiduciary in his repre­
sentative capacity, and payablo to his own order individually, and obtains
tho proceeds thereof, that there is a duty devolving upon the bank to as­
certa in tho bona fides o f the transaction, because on its face it oftentimes
appears questionable.
.
Under tho law as it stands now , tho bank is only liable where it, itseit, o d tains a benefit directly from tho diversion o f tho trust funds, or, In case it
is not interested in such diversion, it has actual knowledge or notice that
the diversion was intended.
It seems to me m ost clearly that tho present statute is all the protection
that tho banks are entitled to request or should bo perm itted to have.
I have been appealed to b y all the banking interests o f tho State, b y all
their organized associations, and b y m any o f their officials, in a series o
letters, requesting m o to sign this bill. I cannot believe that tho bankers
understand its purpose.
I f they d o understand it, and still desire tho en­
actm ent o f this law, they request a m ost unfair advantage over innocent
arties who are entitled!to the protection o f tho law.

D IN N E R TO GOV. STRONG A N D OTHERS ON LIBERTY
LOAN C O M M IT T E E .

A dinner in honor of Benjamin Strong, Governor of the
Federal Reserve Bank of New York and other members
of the local Liberty Loan Committee was held at the Wal­
dorf-Astoria on May 28. The affair was given by the
Liberty Loan organization. Secretary of the Treasury
Carter Glass was to have addressed the gathering but in
his absence Assistant Secretary R. C. Leffingwell repre­
sented the Treasury Department. The principal speaker
was ex-Secretary of the Treasury William G. McAdoo.
The work of Governor Strong and others of the Liberty
Loan Committee in the five Liberty Loan drives was praised
by both the speakers referred to, Mr. McAdoo declaring
it to be the greatest volunteer organization of its kind ever
formed in the United States. The work of the workers
serving the committee was likewise highly commended.
VICTORY

L IB ERTY BONDS TR AD ED I N
YORK STOCK E X C H A N G E .

ON

NEW

Trading in the new Victory Liberty Loan bonds was be­
gun on the New York Stock Exchange on Tuesday May 27.
The initial sale of the 4%% notes was mado at 99.90, and
total transactions at that figure on the first day’s trading
in the bonds aggregated $467,000. Tho tax-exempt 3%%
bonds, into which the 4%% bonds may bo converted, are
not yet available for trading. The closing prico of tho
4/4 Per cents on the 27th was 99.96, with tho low prico for
the day at 99.88. On May 28 tho bonds wont to par; the
closing price of that day was 99.98. On Thursday, May 29
(Friday, Memorial Day, was a holiday), tho highest price
was par, the lowest 99.92 and tho closing prico 99.96.
W A R F I N A N C E CORPORATION BONDS A D M I T T E D TO
-----STOCK E X C H A N G E LIST.

~'The $200,000,000 5% bonds issued by tho War Finance
Corporation were admitted to tho Now York Stock Ex­
change list by tho Governing Committee on May 29, but
trading in the bonds was delayed pending the recepit of
GOV. S M I T H OF N E W YORK VETOES BILL A M E N D I N G
advices
from Washington authorizing dealings. The bonds,
NEGOTIA BLE I N S T R U M E N T L A W .
were authorized at tho last session of Congress, aro
The Malone bill, amending the negotiable instrument which
of New York State, was vetoed by Gov. Smith on May 12. dated April 1 1919 and areldue’April 1 1920.
The amendment, consisting of fourteen lines, was designed
VICTORY L IB ERTY LOA N SUBSCRIPTIONS.
to relieve banks from responsibility for transactions of Subscriptions
of $5,249,908,300 to tho Victory Liberty
administrators of estates and trusts in the matter of drafts Loan were announced
by Secretary of the Treasury Glass
upon such funds. The Brooklyn “Eagle” points out that on
May
26;
the
amount
offered was $4,500,000,000, the
“the bill was introduced to cover, particularly, cases where bonds thus having been oversubscribed
the extent of
a trustee or executor of an estate deposited money in a bank $749,908,300, or 16.66%. Every Federal toReserve
District
and thereafter, in administering the trust, found it necessary but two oversubscribed its quota. Nearly 60% of tho
to draw checks to his own order against the account. Under or $2,663,154,850, was taken by those who subscribedloan,
for
the present law, tho banks claimed that it Vas necessary
in excess of $10,000 each. Subscriptions of tho Federal
for them to approve all such transactions and assume a not
Reserve Bank of New York amounted to $1,762,684,900,
certain degree of responsibility.” In vetoing tho measure or
one-third of the entire loan. Subscriptions by districts,
Gov. Smith said:




M a t 31 1919.1

THE CHRONICLE

after allowing for allocation of credit from one district to
another, were as follows:
District—

Quota.

New York______ ............-$1,350,000,000
Chicago__ _____
Boston_________
375 OOO 000
Philadelphia___
375 OOO OOO
Minneapolis____ ..............
157,500,000
Cleveland______
450 OOO 000
Richmond______
San Francisco__ .............
Kansas City____
Atlanta________ ----------

705 OOO OOO
210 OOO 0O0
30L500.000
105 000 000
144i000i000

Subscriptions.
$1,762,684,900
772.046,550

Per Cent.
130.57
118.32
113.38
112.73
111.82

176,114,850
496,750,650

2195

Our thoughts and purpose now are consecrated to the maintenance o f
the liberty o f the world and o f the union o f its people In a single com rade­
ship o f liberty and o f right. It was for this that our men conscientiously
offered their lives. T hey cam e to the field o f battle with the high spirit
and pure heart o f crusaders. W e must never forget the duty that their
sacrifice has laid upon us o f fulfilling their hopes and their purpose to the
utm ost. This, It seems to me, is the Impressive lesson and the inspiring
mandate o f the day.
(Signed) W O O D R O W W IL SO N .

107.91
107.21
105.84
101.53
99.34
92.60

319,120,800
143,062,050
87,504,250
11,140,300

G R AIN CORPORATION'S W E E K L Y
B U L L E T I N OF
FLOUR M O V E M E N T — A D V A N C E S I N FLOUR
PRICES U N C A LL E D FOR.

In making public on May 26 the first of the weekly bulle­
tins
of the Food Administration Grain Corporation, covering
Grand total__ ............$4,500,000,000
116.66 i the wheat and flour movement throughout the United
$5,249,908,300
.
becretary Glass announced that the basis on which the States (the figures were for the week of May 9) Wheat
allotments will be made will be as follows:
Director Julius H. Barnes stated that these figures show
tO and,
t0
a?d
™cluding
$50'000'
100%what
he had emphasized
four. weeks
previouslv^ 9 mat
that in snitp
and D — Over $50,000 and up and including $200 000 80% but not I
,
..
.
** ,
less than $ 50 ,000.
’ ’ ’
the large contributions
of wheat
and wheat flourintospito
our
E — Over $ 200,000 and up to and including $ 500,000, 7 0% . but not less allies’ needs and to the relieved countries of Europe there
. » d tac,u d,ng S2,5„0 .„0 0 . 6 0 % . b » .
th.» wheat flour for all our people,8 l‘ and
" T .1 t SUPP.‘y ° ! W h e’a ‘ “ d
$ 350,000 notes.
the excitement and adTreasury________

i

Over $2,600,000 and up to and including $15,000,000, 50%. but not less

vance in flour prices created by erroneous statements of the

^
t i m e , warranted.
Mr. Barnes added:
Consumers and the trades have realized this, and flour
prices have relaxed, while the excited buvina which s o m e
I weeks ago bordered on the sensational has entirely quieted.”
Subscribers for notes in excess of $10,000 may, if they so The figures for May 9 showed:
desire, complete payment for the amount of notes allotted R eceipts from farms week ending M a y 9, 2,168.000 bushels, against
so as to reach the appropriate Federal Reserve Bank on 3,007,000
bushels a year ago.
stocks In country elevators, mills and terminal elevators as o f
June 3, otherwise payment may bo compiled only on July 15, M aTyotal
9, 96,000,000 bushels, against 34,000,000 bushels a year ago.
or on some subsequent installment date. The number of
produced week ending M a y 9. 2,553,000 barrels, against 1.569,­
subscribers to the loan is estimated by Secretary Glass at 000Flour
barrels a year ago, making the total production from July 1 to M ay 9
this
year
barrels, against 105,000.000 a year ago.
12,000,000, with the number by districts approximately Exports107,000,000
o f Hour July 1 to April 30, 21,500.000 barrels, against 17,700,000
as follows:
barrels the same period a year ago.
Over $ 15 ,000,000 and up to but not including $30,000,000, 4 5 % , but not
less than $ 7 ,500,000 notes.
*30,000,000 and up to but not including $50,000,000, 4 2.4% : $50,000,000.
.
P US per cen t. $21,196,600.

B oston......... ..
N ow Y ork ___
Philadelphia .
C lev elan d ___ _____________ 1,253,334
R ich m on d ___
A tla n ta _____ _____________ 320,699
T reasury____ ......................... 185.000

C hicago
St. Louis
Minneapolis
TCanaftjq Olty
Dallas .....................................
Erftnpi-SCO

T otal exports wheat and flour July 1 to A pril 30. figured as wheat,
245.000,000 bushels, against 113,000,000 bushels a year ago.
Stocks o f flour in all positions M a y 1, 7,255,000 barrels, against 5,092,000
barrels a year ago.
T he apparent dom estic consumption o f wheat In the United States for
the past ten months averaged 35,700,000 bushels m onthly, against 3 9,­
000,000 average for the same period a year ago.

In announcing the figures, Mr. Barnes stated that similar
authentic information would be given the public each week
Final figures of issues of bonds of the First Liberty Loan and the hope was expressed that the bulletins would be a guide
as affected by the three conversion privileges which have ^10 consumer and the trade. The figures for the week of
arisen with respect to that loan were made by Secretary of
1(5 were made public on Wednesday, May 28, and the
the Treasury Glass on May 26. The figures show that of bulletins will hereafter be given out every Wednesday. The
the total issue of $1,989,455,550, $579,276,650 wore con- I fiSures available on the 28th showed:
Receipts from farms week ending M a y 16, 2.108,000 bushels, against
verted, leaving $1,410,178,900 outstanding of the first 3 ^ s . 3,476,000
bushels a year ago.
The Washington advices with regard to the figures made T otal stocks
o f wheat in country elevators, mills and terminal elevators
public by Secretary Glass this week state:
as o f M a y 16, 83,000,000 bushels, against 31,000,000 bushels a year ago,
L IBE R TY BOND CONVERSIONS.

It will bo recalled that through tho Issue o f tho Second Liberty Loan at
4 % on N ov. 15 1917, tho 3 M % bonds o f tho First Liberty Loan became
convertible into 4 % bonds during tho six-months period extending from
N o v . 15 1917 to M a y 15 1918. During such period tho conversion o f 3 U %
bonds into 4 % bonds amounted to $568,318,450.
Tho second conversion privilege arose with respect to both tho 3 H %
bonds and tho 4 % bonds through tho issue o f tho Third Liberty Loan on
M a y 9 1918, and during tho six-months period extending from M a y 9 to
N ov. 9 1918, 8384,701,600, First Liberty Loan converted 4>i % bonds were
issued, $377,128,650 o f 4 % bonds, and $7,572,950 o f 3 'A % bonds having
been converted.
The third conversion privilege aroso, with respect to tho 3 }$ % bonds
only, through tho issue o f tho Fourth Liberty Loan on Oct. 24 1918, and
during tho six-inontlis period extending from Oct. 24 1918 to April 24 1919

£fsreo°nd^nvS% T % bEST* f" conversIon ,nt0 Flrst Lib^
This is explained as follows:

First 3 « s were, originally................................... $1,989,455,550
Less conversions, were..........................................
579,276,650
Leaves First 3 t f s .
$1,410,178,900
First Convertible 4s were....... .............................. $568,318,450
Less conversions..................- ................................
377,128!o50
Leaving First 4s-------------------------------------------191,189,800
First Convortiblo 4 M s ----------------------------------384,701,600
First-Second Convertible 441s........... * ............

3,385,250

T otal o f original and Convertible 3 ^ s ................................. $1,989,455,550

M E M O R I A L D A Y ME S S AG E OF P RE SID EN T WIL S O N .

In a Memorial Day message to the American people cabled
from Paris May 29 President Wilson pointed out tho day
this year bore an added significance, inasmuch as “wo com­
memorate not only the reunion of our own country but also
now the liberation of the world from ono of tho most serious
dangers to which free government and tho free life of men
were ever exposed.” The message follows:
M y Fellow Countrymen:— M em orial D a y wears this year an added sig­
nificance and I wish, if only b y a message, to take part with you in its o b ­
servation and in expressing the sentiments which it inevitably suggests
In observing tho day wo comm emorato not only tho reunion o f our owii
country but also now the liberation o f the world from one o f tho m ost
serious dangers to which free government and the free life o f men were
over exposed. W e havo burled the gallant and now immortal men who
died in this groat war o f liberation with a new sense o f consecration.




showing a decrease between M a y 9 and 16 o f this year a f 13,000.000 bush­
els, against a decrease for tho similar week a year ago o f only 3,000,000
bushels.
Flour produced week ending M a y 16, 2,671,000 barrels, against 1,662,­
000 barrels a year ago: making a total production o f flour from July 1
to M a y 16 o f 110,000,000 barrels, against 107,000.000 barrels a year ago.

Mr. Julius Barnes in giving out the figures said it was
noticed that, although domestic consumption of wheat was
apparently running lighter a year ago, the heavy drafts
on this country for food shipments to the Allies and to tho
newly liberated regions of Europe were such that the domes­
tic visible had decreased 13,000,000 bushels during the week.
Fortunately, he said, within four weeks there will begin to be
a moderate replacement by tho earlier of winter wheat, and
within six or eight weeks a large movement from the very
promising crop of winter wheat now rapidly approaching
harvest. Mr. Barnes also stated that the shipments in relief
of Europe outside of the Allies were now being rapidly com­
pleted, and within the next week practically the last ship­
ments of foodstuffs for liberated regions will be completed.
COFFEE PRICES H IG H E S T I N

THIRT Y-TW O

YEARS.

Little hope for much lower prices for Santos coffee is held
out by George W. Lawrence, who served as Chief of the
Coffee Section of the U. S. Food Administration, according
to the “Journal of Commerce” of May 26, which in referring
to the fact that tho prices were then the highest in thirty-two
years said:
W ith coffee soaring at the highest prices since 1887, there is considerable
speculation as to whether the long-anticipated break is imminent. That
element which has maintained that the ruling figures are due to fictitious
inflation is insisting that the action o f the Board o f M anagers o f the C offee
Exchango Friday in doubling the margins required for trading in futures in­
dicated that tho precipitate decline— or at least a partial donouem ent o f the
unique situation— is surely com ing. In substantiation o f this prediction,
the leaders point to tho decline Friday [M ay 231 and Saturday (M ay 24|,
which, combined, amounted to about l c . a pound. Brazil coffee quotations
declined, however, only a scant quarter o f a cent.
While the bearish Interests are Insisting that the b ottom m ay drop out
at any time, there is another group, with George W . Lawm ece as one o f i ts

2196

THE CHRONICLE

outstanding figures, which maintains that there will be no marked decline
any tim e soon, and cites several econom ic reasons for the rocent advances.
It is interesting to noto that M r. Lawrence, who was the C hief o f the C offee
Section o f the United States F ood Adm inistration, believes there is little
hope for m uch lowerlprices on Santos coffee for some tim e to com e. Ho has
recently returned from a tour o f the Brazilian coffee producing areas and
predicts that the 1919-20 crop will be the smallest in tw enty years.
The present situation is almost unprecedented, and during the past few
m onths the trade has witnessed a m ost spectacular series o f fluctuations, in
which there is no gainsaying the fact that the purely speculative element has
been a large factor. Santos 4s in N ew Y ork are selling at 24c. a pound,
as against a pre-war price o f 10H ® l l K c
Since M arch there has been
an advance o f 3 M c. a pound.
_
W hile coffee has advanced m ore than 150% during the war, M r. L aw ­
rence stated Saturday that there were tw o econom ic causes contributing to
this ascendancy that are sometimes overlooked b y the grocers and other
interests. The purchasing power o f the dollar, he estimates, is only 49%
o f what it was before the war. W hile this has declined, the exchange value
o f the milreis has increased from 11 % d . to 14 7-16d. B ra zils financial
position is m uch stronger now than it form erly was, M r. Lawrence adds,
because she is no longer largely dependent upon her coffee crop for eco­
nom ic stability. Ilis investigations there have convinced him that Brazil
will soon raise almost as m uch wheat as she can consum o. Sho is raising
m uch live stock. A Chicago packing com pany has com pleted in Sao
Paulo a packing house at a cost o f m ore than $6,000,000. In view o f the
decreased purchasing power o f the American dollar and the increased ex­
change value o f the milreis, ho contends that it is but natural that America
should pay m ore for a pound o f coffee.
On the other hand, the bears are Insisting that the present prices aro due
to inflations that have been caused b y a pernicious speculative circle, with
the future m arket, the Brazilian market and the actual coffee market boost­
ing one another along up the scale. T he foundation o f the advances is gen­
erally conceded to have been the anticipation o f an early opening o f the
great m arket in Central Europe with the signing o f the treaty o f peace.
A t pesent, in addition to the free stocks, there is an accumulation of
about 3,000,000 bags o f coffee in the State o f Sao Paulo held b y the State
G overnm ent. T h e Governm ent purchased it from the growers last year
at very low prices, when it was impossible to get tonnage to ship the bean
to the consuming countries. N ow , in view o f the present high prices, it s
holding it for the developm ent o f the European market.
_
In view o f the present shortage, the cry o f a “ coffee famine’ ’ has been
heard. T he Sao Paulo Governm ent has quieted these alarming fears by
the announcement that it will sell a moderate amount o f its accumulated
stores to prevent such a contingency. This amount will n ot exceed 1,000,­
0 0 0 bags, it is reliably understood, and it is a foregone conclusion that the
Governm ent will not undersell the growers and thereby force them from
the market.
W hile the foundation for the first advances in the prices was unques­
tionably the heavy holding o f the bean for European consum ption, tins
prop was knocked out from under the speculators when D r. Vernon Kellogg
o f the American Belief Administration returned after an extensive stay In
Germany and Austria, and stated that the German Governm ent would
discourago the im portation o f teas and coffees, as the people were not in
financial condition to pay for the im portation o f these much-used beverages.
This announcement tended to cause a lowering in prices. H owever, re­
ports from Brazil as to the extent o f the damage resulting from the frosts
o f June, 1918, furnished the next basis for a bull demonstration. A bout the
m iddle o f M arch M r. Lawrence, then in Brazil, cabled liis firm that the
damage in the producing sections was severe and that ho believed the
com ing Santos crop would be the smallest in twenty years. This statement
was taken seriously b y only a small portion o f the trade. M r. Lawrence
sailed from Brazil for home on April 8 and confessed that ho was much
surprised to find upon his arrival that the market had advanced about 3c.
a pound. Tracing the trend o f affairs, it was found that as the specu­
lative market bought at advancing quotations, tho Brazilian coffeo growers
naturally put up their prices, and this in turn affected tho actual coffee
market in N ew Y ork. W hen the speculative element saw the spot market
advance, they shot the futures up a few points. This sentiment was re­
flected in Brazil again.
W hile this active m ovem ent was on, a high official o f tho C offeo B oast­
ers’ Association was quoted as having said that coffee at 50c. a pound
m ight be expected.
Acting upon this advice, tho roasters, grocers and consumers bought.
The market, already short and near the end o f tho season, was benefited
b y this m ovem ent, which tended to diminish tho stores on tho open market.
Again prices went up. As the result o f this "pernicious" circle, and the
aforem entioned interview, tho market soared to its highest point in thirty
years*.
rp.
B ut now , tho bears believe, tho m oment for tho drop has com e,
tnoy
insist that the "circle” has been exposed, and the admission is gained from
all sides that the speculators are very nervous. W hile it is true that the
coffee crop in Brazil this com ing year will bo short and In all probability
the following crop, the conservative element feels that tho crest has been
reached. I f the sole hope o f the bulls for a further advance is based on
a large demand from Central E urope, it is said that tills is.doom ed to d sappointm ent.

SALE OF SURPLUS COTTON LINTERS BY
GOVERNMENT.

The sale of 700,000 bales of cotton linters by the Govern­
ment was reported in the following Washington dispatch
In the New York “Times” May 24:

The W ar Departm ent through C . W . Hare, its D irector o f Sales, to-day
[M ay 23] made one o f the largest transactions in cotton fibre ever made in
the history o f tho industry, through the sale to tho C otton States Products
C orporation, 71 B roadway, N ew Y ork C ity, o f approxim ately 700,000
bales (327,000,000 pounds) o f cotton linter for approxim ately $15,000,000.
Tho sale embraced both munition and mattress linters. Tho price obtained
for the former was 3.133 cents per pound, and for the latter 4.666 cents
per pound.
„
C otton linter is a short fibre, salvaged from cottonseed after the long
staple cotton has been rem oved, and before cottonseed is crushed to pro­
duce oil and meal. It Is the base o f pratclcally all smokeless powder. T o
obtain a sufficient quantity to provldo for tho needs o f tho United States
and the Allies, tho entire production o f cotton linter o f tho United States
was taken over b y the C otton Linters P ool, a part o f the C otton Linters
Section o f the W ar Industries B oard, through tho agency o f tho du Pont
American Industries, Inc.
T he approxim ate cost o f the linter loft on hand at tho signing o f the
armistice was $20,000,000. Tho quantity waS nearly doublo tho normal
annual production. M anufacturers who used cotton linters prior to the
war had been forced to turn to other materials, and there was practically
no market for cotton linters.




[Vol. 108.

Prior to tho war the cotton fabricators' o f Belgium , Holland and other
European countries were largo users o f short staple cotton, their machinery
being especially adapted to handle short fibre. I t was ascertained that
they had practically no stock o f linters on hand. N egotiations were un­
dertaken witll large exporters, with the result that tho salo o f the entiro
surplus o f cotton linters was put through.
T he new uses for cotton linters developed through tho efforts o f tho W ar
D epartm ent, and the removal from tho dom estic market o f tho surplus
cotton linters, will be o f material benefit to the cotton growers.
, J
This salo is the second largest o f surplus war material that lias; been
cleared through the office o f tho D irector o f Sales, being exceeded.only
b y the recent copper sale.

JUDGE GARY ON A T T IT U D E OF U N IT E D STATES
STEEL CORPORATION TOWARD U N IONS.

Correspondence between M. F. Tighe, International
President of the Amalgamated Association of Iron, Steel
and Tin Workers and Judge Elbert H. Gary, Chairman
of the Board of the United States Steel Corporation dealing
with tho latter’s attitude toward unionism, was made pub­
lic at Judge Gary’s office this week. It was stated in|Pittsburgh dispatches on May 25 that Mr. Tighe’s letter was the
first communication from tho Union that tho Steolj[Corporation had acknowledged and not only its receipt had
aroused enthusiasm at a national iron and steel conference
on May 25 but caused the declaration by Mr. Tighe that
“this letter marks a step in advance of any position toward
organized labor the United States Steel Corporation has
over taken.” It is to be noted, however, that Judge Gary
in his letter not only states that “we do not confer, negotiate
v/ith or combat labor unions as such” but adds wo stand
for tho open shop, which permits a man to engage\im»the
different lines of employment whether ho belongs to aUabor
union or not.” The following is the letter which had]been
addressed to Judge Gary by Mr. Tighe:
N A T IO N A L L O D G E .
A M A L G A M A T E D A S S O C IA T IO N OF IB O N , S T E E L A N D
T IN W O IIK E B S OF N O B T I1 A M E B IC A ,
Pittsburgh, Pa.
Convention Hall,
Louisville, K y ., M ay 15 1919.
Ion. Elbert II. Gary, Chairman, Executive Officers, United States Steel Cor­
poration, Neio York, N . Y .
Dear Sir: T ho Amalgamated Association o f Iron, Stool and T in W orkers
>f N orth America, in national convention assembled by resolution have
nstructed the undersigned to address you as Chairman o f tho Exccutlvo
Officers o f the United States Steel Corporation on a m atter which, in tho
minion o f tho representatives o f tho Amalgam ated Association o f Iron,
iteel and T in W orkers, is o f vital im port to tho Corporation you have the
lonor to represent, and to tho Amalgamated A ssociation.
As you no doubt aro awaro, thero aro serious disturbing elements in tho
ndustrial world at the present tim e, a great spirit o f unrest has spread over
3Ur com m on country, it is becom ing m ore and m ore acute, and there is no
;elling when or where tho storm -clouds will break.
It is the judgm ent o f tho representatives o f tho Amalgamated Assoela;ion that it is the patriotic duty o f all good citizens to use their every effort
So stem the tide o f unrest if possible.
T he Amalgamated Association o f Iron, Steel and Tin W orkers have
admitted m any thousands o f tho em ployees o f tho United States Steel C or­
poration into their organization. These members aro asking that they be
rriven consideration b y tho C orporation you aro tho honorablo Chairman
of in their respective crafts and workings, and also as law abiding <itizens
who desire the privilege o f having their representatives meet with tho
chosen representatives o f tho Corporation you represent to join tly conter
on questions that m utually concern both . Sincerely believing that tho
granting o f their request on your part will not only bo tho means o f allaying
that unrest, but will also prom ote and insure that harm ony and co-opera­
tion that should at all times exist between em ployer and em ployees to the
end that all will share in tho glorious triumphs so lately aehioved In the
late war, thereby adding still m ore to tho lustro and glory o f our com m on
country.
„ ,
,
Trusting that you will give this request on tho part o f tho employees
o f tho aforesaid Corporation your m ost earnest consideration, I await your
pleasure. Yours very respectfully,

(Signed)

TIGHE,

International President.

H otel T yler, Louisville. K y .

Judgo Gary’s answer follows:

U N IT E D S T A T E S S T E E L C O B P O B A T IO N , N E W Y O B K .
M ay 20 1919.
Dear Sir: I have read with interest your letter o f M a y l5 th instant.
I agree that it is tho patriotic d u t> o f all good citizens to use their efforts
in stemming a tide o f unrest in the industrial world whenever and wherever
it exists.
. .
. . .
,
As you know, we d o not confer, negotiate with, or com bat labor unions
as such. W o stand for tho open shop, which permits a man to enago in the
different lines o f em ploym ent whether ho belongs to a labor union or not.
W c think this attitude secures tho best results to tho employees generally
and to tho employers.
In our own w ay, and in accordance with our best judgm ent, wo aro
rendering eflcient patriotic service in the direction indicated b y you . W ith
kind regards, I am, yours respectfully,
E . II. G A R Y ,
Chairman.
M r. M . F. Tighe, International President, Amalgam ated Association
o f Iron. Steel and T in W orkers, Pittsburgh, Pa.

The Pittsburgh “Gazotte” of May 20 reports that pre­
ceding the announcomont by President Tighe of tho Amal­
gamated Association that ho had received a letter from
Judge Gary, the conference adopted a resolution calling
upon the United States Steel Corporation, tho Cambria
Steel Company and other iron and steel companies not now

May 31 1919.1

THE CHRONICLE

2197

doing so, to grant representatives of the national committee
1ist w n r r e nHIf 0 n tHf T C° aI CXports' and recognizing the im portance o f
a conference designed to establish collective bargaining in «this
work, and in order to carry it forward, the Board has authorized t . e
creation o f a new Departm ent o f D ivision o f Operations, to be kno /n as
the iron and steel industry through the trade union, instead the
ent o f Coal Exports
of through so-called “company unions,” or organizations . Departm
tn^ n tio f Comm erce tho Fuel Administration and the Foreign
of employees within a company. It is also stated that co ntSrDepa^
1? eSltIn J t t de Bur®fu o f th0 State departm en t have been asired to
w ith the new departm ent.
other resolutions adopted declared for Government owner­ co operate
ship of railroads; establishment of a universal eight-hour Tho National Coal Association on the same day issued a
day or less in the steel and allied industries, and the or­ statement saying in part:
F or m onths tho coal industry o f the United States has been unable to
ganization of an iron and steel department within the supply
oven a small percentage o f the millions o f tons o f coal needed in
American Federation of Labor.
foreign countries
This has been entirely duo to the shipping situation.
In tho meantime, while almost every nation under the sun has been calling

CONTINUED SUPERVISION BY GOVERNMENT URGED
BY FUEL ADM INISTRATOR GARFIELD—
COAL SHORTAGE.

That Governmental supervision of business controlling
the production of basic raw materials, exercised during the
war, should be continued in some form after peace, was
advocated by U. S. Fuel Administrator, Dr. Harry A. Gar­
field, in addrossing the National Coal Association at its
convention in Chicago on May 22. According to the
Chicago “Tribune” Dr. Garfield also urged a national in­
quiry into everything that affects the cost of living; the
average cost of production of coal, and all basic raw ma­
terials required for foods, fuel products, clothing, shelter,
and transportation, was also urged. He is quoted to the
following effect in the paper referred to:
I a dvocate that agencies o f the Governm ent be definitely directed to
continuo what they have been doing during the war. Thcro should bo an
organization, the personnel o f which should bo drawn from among repre­
sentatives o f industries representing each o f the great basic raw materials.
B oth capital and labor should bo represented, and there should be per­
manent officers o f the Governm ent, so that when tho Cabinot meets with
tho President to discuss econom ic legislation these men would bo able to
speak as representatives o f tho various interests involved.
All o f you ought to be able to go to a certain man and say, “ This is the
thing that is necessary," basing your statements upon facts accurately as­
certained.
M y experience has taught mo the wisdom o f some arrangement o f that
kind.
I am bidding farewell to the o ffice I have filled during the last tw o years
and am returning to m y former occupation. Therefore I can speak with a
mind free from tho influences which ordinarily m ight m ove a public official,
o f those things which seem to m e rock bottom truths in connection with in­
dustry.

From other newspaper sources it is learned that Dr.
Garfield said:

I know that m any o f you feel that the further you can keep away from thGovernm ent the hotter. T hat is fixed in the mind o f the American people
or was beforo tho war. B ut our experiences in the war havo taught us a
groat m any things.
It is n ot a question any longer whether the Governm ent shall go beyond
the very m inim um , but how far shall the Governm ent g o ? I cannot be­
lieve that tho experiences o f the last two years will leave either you or the
public ignorant o f tho great value o f co-operation and its applicability to
times o f peace as well as to war. Those who fear merely that Government
will interfere with things that they desire to d o which they ought not to do
I have nothing to say. They ought to fear and they will be made to fear
but one another, not b y the Governm ent.
Unless that kind o f arrangement is made, and made soon, we o f the United
States will discover that forces havo been let looso that wo would deplore
utterly. I mean the forces o f radicalism that b y and b y will insist that
Governm ent do m ore than supervise your Industry. Capital labor and
tho public, represented through tho Governm ent, should sit down together
and discuss tho problem beforo any action Is taken which affects the vital
things o f Industry.

A different viewpoint from that of Dr. Garfield’s was
taken at the convention by the newly elected President of
the association, Harry N. Taylor of Kansas City, who is
said to have declared that the coal industry had been “so
hedged about by restrictions and regulations” during the
war that short cut methods to co-operation were practically
impossible. Besides recommending a modification of tho
Sherman anti-trust law. Mr. Taylor issued a warning
to the public to buy coal now, citing a 50,000,000 ton short­
ago in bituminus production and ono of 8,000,000 tons an­
thracite up to June 1 next, a shortage of 90,000 miners and
the burden on transportation facilities of handling this
year’s crops. “How in the world,” said Mr. Taylor, “are
wo going to meet this situation and make up the shortage
of 58,000,000 tons at a time in the year when we can t got
transportation and we can’t get men to dig the full output
of our mines?”
DEPARTM ENT OF COAL EXPORTS CREATED BY
U. S. SH IPPIN G BOARD.
A Department of Coal Exports in charge of II. Y. Saint,

of Seattle, Wash., has been created by the U. S. Shipping
Board. J. E . Rossotor, Director of Operations of the Board,
announced the creation of the new department in a state­
ment issued on May 27, saying:

Tho Shipping Board Is greatly interested in developing American coal
exports, but as so m uch o f our tonnage had to bo devoted to food relief
service wo havo not had tho necessary ships to adequately servo the trade
H appily .(tho tim e has now com e, when wo canjplan in a constructive way




t h c f r °full
f i i A/tune
(nCr Coutput;
aT1f m '.nefinhaV°
producing'
from one third to one half
their
som ebCCn
fields
even less.
The situation has now been reached where there must .be a decided in­
crease in production if our own needs are to be m et in this cou ntry
That
increase can bo effected o n ly b y the entrance o f buyers into the market.
M ino forces cannot be kept together and mines cannot operate if there are
not orders to fill. American buyers have not been in the market during
tho past few months to the extent necessary to enable operators to d o m ore
than keep their forces together. The men are gong and have gon e in
m any instances into more regular and less hazardous em ploym ent. Also
thousands o f miners are to day at A tlantic ports, waiting passage to Europe
'T I |°1 ? n‘ ra!1C0,' ta f efore> o f forei« n buyers into American coal markets
should help in keeping together forces necessary to produce coal to meet
Whiter y f° re g ” rCQulrcmentSl bufc needs in th0 United States next fall and
Unless the United States can ship its coal abroad there is every indication
that there will be a Worldwide shortage o f coal next winter. N o other
country can supply the demand.
Tim entire World with the exception o f the United States, is in the throes
o f a universal coal shortago to day, and on ly the m ost sweeping increase in
production wherever coal is mined can avert wor d wide suffering next
Winter. M ore than one hundred million tons o f coal could be sent from the
United States during tho remainder o f the year were there ships enough to
carry it. without m eeting in full the foreign demand

BRITISH COAL M IN ER S ACCEPT N EW WAGE AND
WORK DAY TERMS.

Through the United States “Bulletin” of April 28 it is an­
nounced that Dr. Royal Meeker, Commissioner of the Bu­
reau of Labor Statistics of the Department of Labor, has
just received copies of the three reports of the British Coal
Commission which has had under consideration the de­
mands of the Miners’ Federation for increase of wages, re­
duction in hours and nationalization of the coal mines. The
“Bulletin” says:
The Governm ent announced its acceptance o f what is known as the
Sankoy report, presented b y the Chairman o f the commission and signed
uy tho tlirco commissioners representing employers in general. This re­
port proposes an advance in wages o f tw o shillings per day, retroactive to
Jan. 9 o f tills year, shortening o f the working day underground by one
hour from July 16 1919, and probably b y a further hour from July 13 1921
ultimately making a six-hour day for underground workers.
In tho Governm ent’s announcem ent it was stated that if the terms were
accepted b y tho M iners’ Federation the Governm ent would continue the
commission and would direct that it present a report b y M a y 20 on the
question o f nationalization o f the coal mines. M em bers o f the M iners’
federation have been voting on the terms and the results o f the balloting
show a largo m ajority in fa vor o f accepting the terms, tho votes standing
as follows: For acceptance, 693,004; against acceptance, 76 992
The
conference o f tho Federation, which was held to receive the result o f the
balloting, voted unanimously to accept the terms offered b y the G overn­
m ent.
T w o other reports were presented b y the commission o f the Miners
fed era tion and the three representatives o f workers in general, which was
virtually a reaffirmation o f the miners* demands, and one b y the three
representatives o f the mine owners, which recommended certain conces­
sions but failed to g o as far as the report accepted b y the Governm ent
and later b y the miners.

Announcement was made by Andrew Bonar Law in the
House of Commons on March 20 of the acceptance by the
British Government of the report of the Special Coal Com­
mission of which Sir John Sankey is Chairman, including its
undertaking to report on the question of nationalization by
May 20 and to issue interim reports from time to time on the
problem of improvements in the coal industry. The Asso­
ciated Press on March 20 gave the following account as to
the report and Bonar Law’s statement with regard thereto:
Proposals o f this nature would bo put into immediate operation, declared
Bonar Law. This Involved the continuance o f coal control for two years
With reference to the Sankey report, which ho explained was signed by
throe representatives o f tho employers not directly concerned in the coal
Industry, and granted the miners two-thirds o f their demands in wages
Bonar Law said that the signers o f tho report recommended a further reduc­
tion in hours in 1921 because they assumed that b y then the output o f
1918, namely 287,000,000 tons, would be resumed. The estimated cost
o f what was recomm ended was for the current year £43 000 000
It was proposed that the profits o f the coal masters should'be limited to
14 pence per ton. Taking all things into consideration, the estimated cost
to the taxpayers would be nearly £30,000,000.
M r. Bonar Law also announced that the employers had made what he
himself and the Labor M inister considered reasonable proposals to the
transport workers, and he had reason to believe that these would prove
acceptable to tho men.
Tho negotiations with the railroad men had not been concluded. A de­
tailed statement o f tho m en’s demands and the sum involved, together with
details o f tho Governm ent’s offer, would be published.
Meanwhile, said the speaker, the Government had definitely proposed
that wages, including tho war bonus, should be retained at tho present level
until the end o f tho current year. The men had, in addition to that, how ­
ever, pressed further demands Involving an estimated additional expen­
diture o f m ore than £10,000.000, which, in the present position o f
railroads, was a very serious thing.

[Vol. 108.

THE CHRONICLE
Tho interim report o f the Coal C om m ission, as R s n ^ to n ig h t recom
mends seven hours o f work unerground instead o f eight » o m •July 15.
and six hours from July 13 1921. subject to the econom ic position o f the
“
report recommends an increase in wages o f 2 shilling per shift for
colliery workers now under sliding scales and an advanco o f 1 shilling for
workers under sixteen years.
In tho Interest o f tho cou ntry the colliery workers, it is further recom
m ended, shall have an effective voice in tho direction o f the mines. The
present system o f ownership and system o f working is condem ned and a
substitute must be foun d, either in nationalization or unification, b y
national purchase or join t con trol.
Tho Sankey report points out that tho recomm endations mean the dis
tributlon annually o f £30,000.000 additional in w a g e s a n d that it should
bo considered whether a penny per ton should bo c o n e r t e d a t o n c o o
brought to the surface, to im prove the housing in the colliery districts.
T his w ould be equal to £1,000.000 yearly.
-vroofor
The Sankey report is also signed b y Arthur Balfour w ho was M aster
Cutler o f Sheffield In 1911-12, and has been connected with various advisory
com m issions; Sir Arthur Duckham , Director-General o f Aireraft Produc­
tion, and Sir Thom as R oyden, m ember o f the Shipping C ontrol C om
^ A n o th e r report, b y tho mine owners on the com m ission, recommends an
Increase o f eighteen penco a day in wages and a reduction o f working hours
t0 A°third report, b y tho miners’ representatives, signed b y R obert Smilllo
tho miners’ leader; Frank H odges. Sir Leo Chiozza M on ey. Sidney W ebb
and others, recommends acceptance in full o f tho miners dem ands,
eluding nationalization

On March 26 cablegram advices to the daily papers from
London said:

SH IPM EN T S OF COAL TO SW ITZERLAND.

The War Trade Board announced on May 20 that hence­
forth shipments of coal to Switzerland may be consigned to
the Societe Co-operative Suisse dTmportation du Charbon;
and furthermore, that it is no longer necessary for the im­
porters in Switzerland to obtain certificates from the Societe
Suisse do Surveillance Economique covering such importa­
tions. Applications on Form X-A should be filed with the
War Trade Board, Washington^_________
TRA N SSH IPM EN T REGULATIONS IN NORTHERN
NEUTRAL PORTS.

On May 19 the War Trado Board said:

T ho AVar T rade Board announco, for tho inform ation o f exporters, that
com m odities m ay bo re-exported from Scandinavia and H olland to coun­
tries which havo been opened for trado witli tho Associated Governments
under tho same regulations which govern tho exportation o f these com ­
modities directly from tho United States to tho ultimate deettaation.
These regulations aro administered b y tho Inter-Allied Trade Com
mlttees at Christiania, Stockholm . Copenhagen and T ho H ague. E x­
porters who desire to ship via Scandinavia or Holland m ay now d o so,
but thoy should direct their agents in theso countries to apply to tho ap­
propriate Inter-Allied Trado C om m itteo so that thoy m ay act in com pli­
ance with theso regulations.
_______________

The miners’ conference has decided to recommend to Its members that
they accept the Sankey report for tho settlement o f tho miners demands
on the Governm ent and that a ballot bo taken on tho question.
A resolution passed b y tho conference unanimously calls upon the G ov­
ernment immediately to withdraw tho British troops from Russia and to
lnduco tho Allies to d o likowise. Tho resolution also declares for the with­
drawal o f tho M ilitary Service bill before Parliament. Otherwise the
resolution declares, the conference will take steps in conjunction ^ ith
other labor bodies to com pel Parliament to withdraw the bill.
The men aro urged to continue at work on d ay-to-day contracts, pend­
ing a further conference after tho ballot is taken

REMOVAL OF RESTRICTIONS AFFECTING IMPORTS
OF T IN .

John Hughes, Chairman of the sub-committee on Pig
Tin of the American Iron & Steel Institute, made public
on May 28, the folloAving announcement of the War Trade
Board respecting tho removal of restrictions on imports
of tin ore and tin concentrates:

We also quote the following Associated Press accounts from
London on March 26:

Tho official report o f the conference yesterday at tho Board o f Trade
between G overnm ent representatives and tho Executive Comm tttoo o f
tho miners shows that tho Governm ent declined to accede to the m odifica­
tions o f tho Sankey report, as suggested b y tho minors, who asked that
the six-hour day bo brought into forco in July 1920 instead o f July 1921,
and that tho wago advanco be 2s. 6d. Instead o f 2s.
Andrew Bonar Law , for tho G overnm ent, argued that tho miners had
gained enorm ously b y tho Sankey report, and that b y striking they would
loso m any prospective advantages from tho continuance o f tho Sankey
Com m ission.

WAR TRADE BOARD ANNOUNCE POLICY W ITH RE­
SPECT TO IM PORATITON OF GERMAN DYES

In regulations issued May 20 the War Trade Board said.

The arrangement mado on M arch 14 1919 between tho representatives
o f tho Associated Governm ents and tho German delegates (known as tho
"Brussels Agreem ent” ) provides that Germany shall bo perm itted to
export a certain portion o f her oxportablo surplus of dyes and dyestuffs, as
woli as other com m odities, to tho associated countries if those countries
wish to purchaso and import tho same. Under tho provisions o f the Trad­
ing W ith tho Enem y A ct it is mado unlawful to import any com m odities
from Germ any except under the license o f tho W ar Trado Board, and the
W ar Trado Board have determined, in viow o f tho policy so declared by
Congress, that German dyes shall not bo permitted to bo imported into
tho United States except to the oxtent that thoy aro needed in tins coun­
try.
.
T o assist in the study o f tho dye situation and in determining tho extent
to which tho im portation o f German dyes will bo to tho Interest o f this
country, tho W ar Trado B oard have appointed an advisory com m ittee on
dyes. Tills com m ittee will consist o f eight members, o f whom four will
bo representatives o f tho dye producing industry nad four o f the indus­
tries Interested in tho utilization o f dyes. Tho com m itteo is now con­
stituted as follow s:
Henry B . Thom pson , N ew Y ork C ity.
Frank D . Cheney, South M anchester, Conn.
Franklin W . H obbs, B oston, M ass.
M orris B . Poucher, W ilm ington, Del.
August M erz, Newark, N . J.
W . H . AVatkins, B u ffalo, N . Y .
D r. C . H . Ilerty, N ew Y ork C ity.
An additional member o f tho com m itteo will bo appointed within the
next few days.
.
.. .
As soon as tho necessary arrangements liavo been com pleted tho w ar
Trado Board will issue an announcement with respect to tho character and
quantity o f German dyes which will be licensed for im portation into tho
United States and tho conditions under which such importations m ay tie
made.

N ITRA TE OF SODA AND N ITRATE OF POTASH TO BE
REMOVED FROM CONTROLLED LIST ON JU LY 1 1919.

AVAR T R A D E

BOARD,
Washington, M ay 28 1919.
(AV. T . B . R . 761).
import Restrictions Removed on Tin Ore and Tin Concentrates on July l 1919.
T ho AVar Trado Board announco that, on and after M a y 28 1919, appli
cations will bo considered for licensos to import tin ores and tin concentrates
subject, hoicever, to tho following conditions and limitations:
1 . That such licensos will permit tho Im portation only o f shipments
m ade from points o f origin on or after June 8 1919; and
2
That such import licenses will not bo valid for entry until July 1 1919.
V A N C E O . M c C O R M I C K , Chairman.

At tho same time Mr. Hughes called attention to the
ruling last December of tho War Trade Board respecting
its policy as to tho relaxation of import restrictions, this
ruling dated Dec. 14 stating:
T ho AVar T rado Board announco that tho following policy has been de­
termined upon in tho relaxation o f restrictions upon imports. A ll announce­
ments o f relaxations will rolato only to shipments mado from tlio country
o f origin after tho dato o f tho announcement and will not validate tn any
manner shipments mado prior to such tim e in violation o f tho import resitrlctions 1T he AVar T rade Board will tako up separately on its own merits
each caso o f shipment mado in violation o f tho regulations and will permit
entry is perm itted at all, only undor such conditions as will, acc° r/ 1'ng ^
tho particular circumstances o f each caso, d o justlco to importers who havo
obeyed tho regulations, b y preventing those who have not from obtaining
anv discriminatory advantage as a result o f such shipments.
' In regard to tho largo shipments o f restricted articles which have boon
made to Canada during tho time tho restrictions were effective, tho AVar
T rado Board annouheo that tho relaxations will not authorize tho censlng
or such shipments. T he policy will bo against licensing such shipments
until the lapse o f a very considerable interval after tho lifting o f tho re­
striction upon Importation from tho country o f origin. T ho purpose is^ to
allow ample time to importers who havo obeyed both tho letter and tho
soirit o f tho regulations to com plete shipments from the country o f origin
before any consideration if given those who attem pted to circum vent the
restrictions b y making shipments Into Canada. It is tho purpose o f tho
AVar T rado Board throughout to prevent tho accrual o f any unfair advan­
tage to importers who havo disregarded cither tho letter or thei spirit; o f
tho regulations over those importers who havo co-oporated patriotically
with tho AVar T rado Board b y yielding scrupulous obedience to tlio import
restrictions and assisting in accom plishing tho objects o f tho restrictions.

Commenting on this
announcement tho “Journal
of Commerce” yesterday said:
A voek’s

Interests In tho local trado yesterday had very little to say on ^ s u b j e c t
o f tho AVar Trado Board’s announcement. It was pointed out that tho
step announced b y M r. Hughes cleared up some o f tho ^ n g le ^ h lch has
existed in tho industry, but tho hope was expressed that within a short
time there would bo m ore and definite announcem ents as to Just when
price restrictions would bo rem oved and open trading granted to tho 11
dUOn>Saturday o f last week M r. Hughes announced that supplies o f tin
allocated to this country by tho Inter-Allied T in E xecutive at London
amounted on M a y 25 to 2,199 tons. T ho trade estimates that it w l re­
quire until tho end o f Juno to dispose o f this supply since it lias been an
nounced that tho m onthly consum ption during tho first four m onth,
o f tho current year was 3,713 tons. Basing their estimates on this rato
it would seem to bo almost cortaln that all o f tho allocated supplies shouh
bo liquidated b y tho end o f next month at tho latest, ovon making allow­
ances for a slowing up in tho call for supplies b y private Interests. The
S. Steel Products C om pany was appointed solo importer for the Unite
States at tho tim e tho allocation was mado.

On May 19 tho War Trade Board announced that on and
after July 1 1919 nitrate of soda and nitrate of potash will u.
bo permitted to be imported into tho United States without
restriction under a General Import License when coming
M IN E OPERATORS AFTER EXPORT TRADE.
from countries with which general trade is authorized. Iho
In an announcement made public May 26 the Anthracite
Board says:
Importers aro advised that any shipments o f nitrate o f soda or nitrate Bureau of Information says:
o f potash which arrive prior to July 1 1919 will not bo released for entry
until such dato, except undor Individual import licensos as now required,
and that such licenses will bo issued only in accordance with tho presont
rules and regulations governing tho importation o f theso com m odities.




AVeston D odson & C o .. In c., o f Bethlehem. P a ., havo announced the
form ation o f tho Dodson International Coal Corporation, chartered in
Delaware, through which firm thoy oxpect to conduct their export business

M ay 31 1919.]

THE CHRONICLE

2199

In the future. Officers o f the new company are: Chairman of the Board, That requires quick decision, sudden changes of policy, and power to fix
Alan C. Dodson o f Bethlehem; President, Sterling J. Joyner; Vice-Presi­ rates as circumstances require.
dents, John T . Morrow and W . R. Coyle; Treasurer, G. R. Radford;
The British Government carried English wares from Liverpool to Shang­
Secretary, II. AV. Kessler; Manager, J. H. Davison.
hai for S12 50 a ton, while charging American shippers $30, $40 and $50 a
For sixty years tho Dodson firm has been identified with the coal in­ ton for tho same service. That’s why I say this Government should sell
dustry of Pennsylvania, operating in both anthracite and bituminous the magnificent merchant marine we have created to men who will know
fields. The new corporation marks an important extension to the parent how to make it pay, and thus give our manufacturers the chance they must
firm’s activities, as it begins with a strong equipment for export work. have to get Into tho markets of the world.
Tho Dodson interests have associated with themselves two men who have
I do not think we need be unduly concerned about a great influx of for­
specialized in the export field, especially in South America— Sterling J. eign made goods in this country. I do not believe they are in position
Joyner of the American International Corporation, formerly President over there to start their factories or to make enough goods for home con­
of the Amalgamated Steel Products Corporation, member of tho Degnan sumption, let alone flood our markets.
Construction Company, and other interests identified with engineering
AVe’ve paid a pretty high price to help the Allies win this war, and that
and exports; and John T. Morrow, formerly Vice-President of the Factory is why I hope the Tariff Commission, while refraining from giving bonuses
Products Corporation, and now associated with large engineering firms. for service unperformed by the manufacturers of this country, will take
Tho American International Corporation, with which Mr. Joyner is asso­ care to see that they have an even start in the race for the commercial
ciated, is one of tho National City group, and it has been particularly supremacy of the world.
active in tho development o f trade and financial relations with South
Time was when, theoretically, I was a tariff for revenue Democrat,
America.
practically a Free Trader, but every principle known to economic man has
With the completion of this organization the Dodson firm, whoso head­ been jostled out of position by the war and our views are being broadened
quarters are in Bethlehem, will move its New York offices to tho fortieth upon many lines.
floor of the AVoolworth Building. They will be in charge of J. II. Davison
As to the railroads of this country, I want them run by their owners. I
as tidewater and export sales manager M r. Davison was Now York think, nevertheless, that the powers of the Inter-State Commerce Com­
manager for Weston Dodson & C o., Inc., for several years prior to entering mission should be enlarged. I believe the Inter-State Commerce Com­
Government service in 1917.
mission should have control, not only of the physical property, but of the
securities of inter-State transportations. I think that body should have
the right to say no more railroads shall be built through territories already
OTTO II. K A H N SEES NO I M M E D I A T E OR R A D IC A L adequately served.
RECESSION I N PRESENT PRICE LEVELS.
It is my opinion also that the waterways should be linked Up with the
railroads in the creation of a complete transportation system. This plan
In essaying th at the conclusion is inevitable that we have
might go a long way toward overcoming ratemaking combinations by
arrived at a new price level, O tto I I . K a h n , of K u h n , Loeb
railroads whenever a river or other waterway is improved.
I hope there will be no more remedial legislation in this country for the
& C o ., in a letter to Secretary of L abor W ilso n , states that
benefit of any class, I do not think it is going to make much difference
“ this level in the early future m a y go som ew hat loiver, or it from this time forward who rides the Government.
m a y even go som eivhat higher than at present prevailing,
I am here to tell you that you cannot reduce wage scales in America.
bu it seems to mo certain that there cannot be any im m ediate It would be idle to attempt It while the present high cost of living continues.
It is foolish to think that men will be willing to go back to things as they
and radical recession.”
W o give M r . K a h n ’s letter, m ade
were before the war. If the League of Nations ever is to be for us more than
public M a y 2 4 , herewith:
a painted ship on a painted ocean, it must be backed up by peace and
Prices aro determined In tho main by tho volume o f production, of con­ prosperity among our people.
But peace between capital and labor cannot be brought about by legis­
sumption and (probably more than by either o f these of the circulating
lation. Anybody can hire a hand or a head, but it is more difficult to hire
medium, i. e. currency, bank credits, &c.
1. Production.— After the Civil AVar tho return of prices to tho pro-war a heart. It Is up to you manufacturers whether there can be that goodwill
level, though it took thirteen years to accomplish, was Immensely aided and friendship between employer and employee that will put into the inby the development of entirely novel methods of production in tho shape dutry o f America the hands, the heads, and the hearts of all the American
of new forms of machinery and new kinds of business organizations (as people.
I don’ t know what Congress is going to do about it, but I am pretty
more fully discussed in a recent address by M r. C. 8. Iloldon). No one
will seriously contend that tho possibilities of the immediate future for certain Congress will not be able to do anything. To my mind it is up to
capital.
The advice I give you is this: Pay as high wages as you want to.
increased efficiency or novel methods in production and distribution are
likely even to approach those which came between 1865 and 1890— a period stick the cost on the finished product.
It requires neither wisdom nor prophetic vision to see that an attempt
which marked the transformation of our entiro business structure from
hand methods to machine methods, from "pound methods” to "tonnage to procure the maximum of service at a minimum of Wage will result only
in
strikes, lock-outs and bickerings, perhaps in riot, tumult and disorder.
methods.”
2. Consumption.— In view of the vast destruction wrought by the war That seems to me to be a self-evident fact. On the other hand, an attempt
and now to bo made good by reconstruction, and in view of the accumula­ upon the part of labor to produce a minimum of output at a maximum of
tion o f the demand for many things which could not bo supplied during expense will result only in bankruptcy to our business institutions.
It Is very easy to state the problem. It is very difficult to suggest its
tho war, demand in'many fundamental lines is bound to be large and urgent
solution. There are heads aplenty and hands innumerable in all tho manu­
for some time to come.
3. Circulating Medium.— Tho credit expansion and currency inflation facturing industies of the country. Tho real query is, how many hearts
of tho leading countries of the world, including our own,1.during the past aro there?
No ono can dispute tho proposition that if manufacturers have a right to
five years has been on an entirely unprecedented scale. Tho process of
contraction and deflation, to the extent that It is possible and likely to be consult and combine for their common profit those who labor for them
have a like right to consult and combine. AVe must get away from the idea
approved by public opinion, will take many years.
The conclusion is inevitable that we have arrived at a new price level. of mine and thine and adopt instead the idea of ours.
By consultation, advice and open and fair dealing the manufacturers
This level in the early future may go somewhat lower, or it may even go
somowhat higher than at present prevailing, but It seems to mo certain of this country must convince the laboring men that they do not look
that there cannot be any immediate and radical recession. Thoso who upon them as mere machines nor as mere accessories to machinery, but
hope for or fear materially lower prices will, I am convinced, have to wait that they look upon them as moral, intelligent and patriotic partners in a
great work which has to do, first, with the success of both the owner and
a long time.
The situation which confronts us is, in my opinion, correctly summed up tho employee and, secondly, with tho commercial supremacy of the republic.
in the following quotation from a recent address by Professor Irving Fisher
of Yale University:
•
PROGRESS I N S E T T L E M E N T OF W A R CO NTRACTS.
"Business men should face the facts. To talk reverently o f 1913-14
prices is to speak a dead language to-day. Tho buyers of tho country,
A report b y A ssistant Secretary of W a r B enedict CroAvol
since the armistice, have made an unexampled attack upon prices through
their waiting attitudo, and yet price recessions have been insignificant.
Tho reason is that wo are on a now high-price level, which will bo found a on the progress of the settlem ent of Avar contracts Avas m ade
stubborn reality. Business men are going to find out that the clover man public b y tho W a r D ep artm en t on M a y 2 7 .
T h e report
is not tho man who waits, but tho ono who finds out the new price facts
presented before M r . CroAvell’s departure for E urope bears
and acts accordingly.”
(Signed)
OTTO n . KAHN.
date M a y 2 0 and says in part:
Review of supply contracts outstanding in the United States and Canada
VIC E-PRESIDENT M A R S H A L L OPPOSED TO GOVERN­ at tho date of the armistice in the light of the reduced military requirements
led
to the adoption of a program of suspension of performance in whole or
M E N T O W N E R S H IP — RE L A TIO N S OF C A P IT A L
in part of approximately 24,000 contracts, which, if completed, would
A N D LABOR.
havo involved a total expenditure thereunder of approximately S6,000.000.Vice-President John R . M arsh all placed himself on record 000. This curtailment of performance required (1) the adoption o f a
basis of settlement of the rights of contractors affected by this program:
as “ unalterably opposed to G overn m en t ownership of any­ (2) tho creation of procedure for adjustment and an organization to operate
thing the G overnm ent should not h a v e ,” in an address tho same.
Of tho 24,199 contracts, formal and informal, performance of which has
delivered before tho A m erican C o tto n M an u factu rers’ A sso­
been curtailed by the AVar Department sinco tho armistice, 15,756 contracts
ciation in A tlan tic C ity on M a y 2 7 . N o t only did ho ex­
havo been finally disposed o f by release, supplementary agreement or award
pressly declare himself against G overn m en t operation of In addition, the contractor and District Boards have reached a definite
agreement
as to approximately 2,500 more. Of tho remaining, substan­
ships, b u t he also asserted th a t tho railroads should be run
tially all have been formally or informally taken up by tho Claims Boards
b y their owners. In part lie said:
and aro in process of examination and verification and many of them in an
Tho world to-day is in a chaotic condition with reference to trade. AVhat advanced stage of negotiation. Of these, however, claims which it Is est­
I thought years ago has nothing to do with what I think now. AVlien tho imated will amount to $150,000,000 havo not yet been formally presented
shipping program of the republic shall have been completed wo shall have by tho claimants, owing ordinarily to their extent and complexity. In
resting upon tho oceans of tho earth tho finest merchant marine of any addition to the 24,000 contracts, formal and informal, reviewed above un­
der which performance has been curtailed, there will be some additional
nation. It will have cost enormous sums of money.
I do not believe that government was instituted to do business, and when claims under tho Act of March 2 1919, on agreements express and implied.
It engages in business I do not believe It conducts It as cheaply as private As these claims may bo presented up to June 30 1919. their number cannot
enterprises. The carrying of tho trade of tho world requires a largo limit now be stated or accurately estimated.
Certain of the Settlement Boards aro rapidly nearing tho end of their
of discretion which cannot bo exercised through Congressional action.
I want the Government to dispose o f the greatest merchant marine in the work. The Construction Division, Chemical AVarfare Service Director
world to private corporations, pocket whatever loss there may bo as a part of Explosives have practically completed their work. The Engineers and
of the losses of the war, and give tho American manufacturer an opportunity Signal Corps should complete their settlements before tho end of June.
Air Service and Purchase and Storage should practically complete their
to get into tho world markets.”
Ordnance, which has had by far tho heaviest task,
Tho real weakness of Government ownership o f anything is that there is work during July.
nobody to cuss, nobody to sue and nobody to reward. I never knew much should havo put behind it all but a difficult residue before September.
It is estimated that the total cost to complete the eliminated portions of
good to como out of anything in which men had no hope of reward or honor.
the contracts up for settlement would bo $3,600,000,000. The estimated
It is utterly impossible to run a shipping business by Act o f Congress.




[V ol . 108.

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3200

amount claimed and to bo claimed In settlement of this elimination is
$700,000,000, tho claims being based on the expenditures and commit­
ments o f prime contractors and not including any prospective profits to
them. Up to this time $153,476,000 has been finally awarded, of which
approximately $125,000,000 has been paid. Up to M ay 17 1919, 568
awards had been made under the Act of March 2 1919. the total amount
to be paid under tho same amounting to $38,081,623, of which $33,596,168
had been paid to the claimants. Tho uncompleted portion of tho original
agreements as to which these awards were made amounted to $201,231,479.
The foregoing awards are included in tho general figures given above in re­
gard to the adjustment of formal and informal contracts, performance under
which has been curtailed. The total number of claims filed under the Act
of March 2 1919. at this time is 2,844.
,
. .
In considering tho amounts paid in settlements which have already been
approved and those which it is estimated will have to be paid on account
of contracts under which performance has been curtailed, it must bo remem­
bered that in tho course of these settlements the department is taking over
considerable quantities of material and equipment and various plants. Tne
value to the Government o f this material and equipment can only bo de­
termined as the result of salvage operations, but it is undoubtedly sub­
stantial.
_________ ^ _ _ _ _ _ _ _ _ _
192 0 FOREIGN TR AD E CO NV E NTIO N.
T h e Seven th N a tio n a l Foreign T rade C onvention will be
held in San Francisco, C a l., on M a y 1 2-15 1920.
I t will
be the first of these im portant conventions to be held on the
P acific C o a s t, previous conventions having been held at
W a sh in g to n , D . C ., N e w Orleans, S t. L ou is, P ittsb urgh,
C incinnati and C h icago.
In deciding on San Francisco
for the convention c ity , the N a tio n a l Foreign Trade Council,
it is said, was influenced b y the growing importance of the
Pacific C o ast in the foreign com m erce of the co u n try , and
b y the enthusiastic support w hich the F ar W e s t has given
all previous foreign trade gatherings. A n announcem ent

expert builder of machine tools Is by the fact qualified to determine the
validity of a patent. Sound law demands qualified administration. Courts
by their nature, are not fitted to administer business operations and are
inherently prohibited from advisory direction. In an age in which com­
bination is tho order of operative activity, it is in tho public and private
interest that those who originate, operate and live by them, in them and
from them, and those who do so constitute the great majority of society,
who shall clearly understand what they may be permitted to do before they
undertake to do it but the test of what they may be voluntarily permitted
to do by agreement among themselves and without arbitrarily imposing
their will upon others, is not whether they produce a restraint but whether
the restraint produces injury. Only administrative tribunals provide the
ready means of access for examination and a continuouslmeans of meeting
changing circumstances by administrative order.

READJUSTMENTS

issued b y the N a tio n a l Foreign Trade Council says:
Manufactufacturers from the East welcome the prospect of a San Fran
cisco Convention at which the problems of the "Twentieth Contury Ocean
wUl be fully discussed. With many o f the markets of Europe restricted by
embargoes, it Is natural for manufacturers to expand their trade in South
America, and to look toward new fields among the great populations of
China, Japan, India. Siberia and Australasia.
W h ilo the convention itself will beheld in San Fran­
cisco, it will really be a Pacific C o ast gathering, and the
- cities of Seattle, T a c o m a , P ortan d , and Los Angeles will
share w ith San Francisco in the atten tion of the visiting
delegates.

_____________________________

R E A D J U S T M E N T S A S A F F E CTE D B Y R E L A T IO N S OF
G O V E R N M E N T TO TR AN SPORTA TION A N D
IN DUSTRY.
T h e report of the C om m ittee on R ead ju stm en ts A fto r the
W a r of the N a tio n a l Association of M anufacturers presented
a t last w eek’s convention of the Association in N e w Y o rk
em bodied several reports b y su b-com m ittees, one of which
dealt w ith “ R ead ju stm en t as A ffected b y the R elations of
G overn m en t to Transportation and In d u stry .”
T h is com ­
m ittee, of which A . B . Farquhar is C h airm an , gives voice
to its belief th at “ the expansion, im provem ent and pro­
gressive betterm ent of transportation and com m unication is
best assured under private ownership and control, soundly
regulated in tho public interest so that service which is
truly national shall be relieved from local restrictions, and
that w hich is exclusively local relieved from national inter­
feren ce.”
T ho report also declares: “ Public attention has
been too long concentrated upon the repression of evil in
business. W o sadly need stim ulation and encouragem ent
of the g o o d .
Indu stry is to be n ot m erely chastened, but
p ro m o ted .”
T h e follow ing is taken from the report:
During the war the Government has exercised unprecedented control
over person and property. It exceptionally restricted each for the protec­
tion o f all. As the causes which justified this authority ceased to operate
authority itself should subside into the well springs o f its origin.
Neither the nature, the history nor the development o f our form of gov
ernment suggest that It was originated, shaped or modified to engage In
business, especially In competition with its own citizens. On the contrary,
its material progress irresistibly demonstrates that its fundamonta theory
that the Individual is the dynamic force of social growth Is a natura truth.
Our Government, by its nature, is not fit to engage in business, and the
circumstances o f political administration cannot assure economic manage­
ment and expansion only in response but la concordance with devolopolng
necessity
Government ownership destroys Individual competition of
service the most distinctive feature of American development in trans­
portation and communication. We believe that the facts of Government
control o f transportation and communication during the period of tho war
amply demonstrate its inferiority to tho private management which pre­
ceded t. and that such management, possessed o f like legal and economic
privileges and relieved of artificial and impractical handicaps to which it
was subjected, assure under rational regulation, a far more efficient service.
We realize that not the least o f these handicaps Is predicated upon the
false economic concept that all restraints of trade are injurious to the public.
On the contrary, we believe it to be an axiomatic truth that wo have passed
the period of compelled competition and entered the era o f regulated co­
operation. N o man or combination o f men should be permitted to deter­
mine whether hi* own conception o f restraint is legal or moral. This is a
function of administrative government. Tho test of lega ity in the public
Interest should not be the existence of a restraint o f trade but the fact or
whether or not It is injurious to the public. A public tribunal can alone
determine that, but it must obviously be a body whose personnel is qualified
to pass upon the subject matter o f adjudication. Astronomers are not
qualified to Judge the value of a manufacturing process any more than an




AS

R ELATED

TO

MATERIALS.^

W ith regard to “ R eadju stm ents as R elated to M aterials,
the sub-com m ittee of the N a tio n al Association of M a n u ­
facturers expresses the opinion th a t “ pressure should bo
brought to bear on the G overnm ent officials in releasing
raw m aterials, to see that all m aterial released should bo
sold directly to people interested in the particular line
affected, and in such quantities to each buyer as they can
uso to the best advantage in their ow n business.
In other
w ords, to eliminate speculation. T o allow the speculators,
whether in or outside of business to obtain control of the
large quantity of raw m aterial, would sim ply be a loss to the
G overnm ent w ithout a resultant gain to the consum er.”
T h e report continues:
One suggestion to the practical solution of this problem is that where it
is at all possible each contractor should be allowed to dispose of tho material
at his plant or in his possession as though it were his own, using such portion
or all of it, if possible, and disposing of the balance in such a way as to realize
a fair price for same. lie would then credit back to the Government what
ho received for such material, or what It was worth td him, before using,
less tho cost of handling and storage.
. , ,
The contractor should be allowed plenty of time to dtsposo of materials
and make settlement with the Government. From an economical stand­
point, this would be a much better plan for the Government to pursue than
if they should undertake to move such materials and storo them, who one
takes into consideration the cost of moving, storing, &c., and would have
the further advantage of preventing this material from being thrown on
the market in largo lots with the possibility of injury to such markets,
and more or less affecting industry
Your committee wishes to make a special recommendation regarding the
wheat covered by the agreement between the farmers and the Government.
We all realize that It is impossible for this country to compete with
European countries on our present scale of wages. At the samo time, it Is
not possible to materially reduce wages in this country until a lower cost
of living obtains, and to bring about this condition we recommend that the
Government be urged to keep their contract with the farmers, taking tho
wheat off their hands at tho agreed price and absorbing tho loss, which is
a loss of all the people, but immediately putting this wheat on the market
for sale In the United States at a competitive price or at a price not to
exceed $1 25 per bushel.
.
, ,
, ,
This will be tho first step to reduce the cost of living, and by so doing
help bring back pre-war conditions.
The amount or money involved is large, but the loss is made up in taxes
which fall largely oj tho people who can best afford to pay them, and the
good effect In reducing the cost of living will benefit the large mass of people
_____
who will be affected by reduction in wages.

POSTMASTER-GENERAL'S R E C O M M E N D A T IO N S
RETURN OF WIRES— URGES MERGER OF
C O M P A N IE S .

FOR

In a letter to Representative M o o n , retiring D em ocratic
Chairm an of the H ouse C o m m ittee on P o st Offico and P ost
R oads and now tho ranking D em ocratic m em ber of that
com m ittee, P ostm aster-G eneral B urleson, on M a y 2 2 ,
transm itted recom m endations of the W ire Control Board
for legislation returning the telephone and telegraph com ­
panies to their owners. T h e recom m endations would pro­
vide am ong other features (1) for tho co-ordination of the
various wire system s as to operation, and for permission,
subject to the approval of the In ter-State Com m erce C o m ­
m ission, for any wire com pany to purchase or merge with
any other com p any; (2) for regulation of rates b y the Inter­
State Com m erce Com m ission on a basis providing for a
reasonable return to the owners; (3) a tribunal representing
capital, labor and the public to hear grievances and adjust
wages and working conditions, subject to final approval by
tho Com m erce Com m ission, which w ould readjust rates to
correspond w ith wage increases. T h e letter of the P ost­
m aster-G eneral to M r . M o o n follow s:
I have berore me the House resolution No. 2, Introduced by the Chairman
of the Committee on Post Offices and Post Hoads, proposing the termin­
ation of Government supervision, control, and operation or the telegraph
anin tray*opinion^hTonactmont of this resolution without legislation to
properly safeguard the various interests involved would be very unwise.
The vexatious problems confronting tho wlro companies will not be sattafactorily solved by a mere roturn ot thoso properties to their owners. The
extraordinary increased cost of operation and maintenance which has been
fastened onjthem as a result of tho war will continue for some time after
control passes from the Government. Thoso Increased costs of operation
and other difficulties confronting thoso companies aro not the result or
Government control, but had boon imposed on these companies as a result
°^That this is true is conclusively shown by an examination of tho con­
ditions of the stroot rallwaylsystoms’ of the country or of any other public

M

a y

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1 91 9 .1

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2 2 0 1

utility. These wire properties cannot In fairness to the owners or the
mechanics,
general public be returned under the burden o f these increased costs o f I
,s u P ftrvisOrs, clerks,
----- — , operators, m
TOUo u « jo,
operation without assurance of revenue sufficient t o ^ e t T u c h ^ n c ^ s ^
j,?_andx0Utsj‘1®, vXiremen are. said to have
cost, for otherwise deterioration o f the properties and the service will
their readiness to quit their posts at the first call.
inevitably result, and the public as well as the owners and investors in the
The demands of the union are set forth as follows:
securities o f these companies will be disastrously affected.
1. The right to belong to a labor union without any restriction and no
Manifestly the former rates are inadequate to produce the necessary interference with legitimate trade union activities.
revenue to meet existing requirements to maintain and operate these
2. The right of collective bargaining through the trade unions represent­
properties. New materials must be purchased at market prices and skilled ing the telegraph and telephone workers and not through company con­
labor employed at prevailing wages. Because o f these extraordinary trolled associations.
changes in the operating conditions of these properties a serious responsibility
3. The reinstatement of all workers discharged in 1918 and 1919 for
rests on the Government to adopt every means possible, consistent with membership in a trade union or for legitimate trade union activities.
sound policy, to protect tho public and enable the owners to operate tholr
4. Compensation for time lost by all workers who were discharged for
properties free from dangers o f recoivership or the serious impairment of tllee reason given in the foregoing paragraph.
paragraph,
their values or the deterioration o f this important service. In my opinion
“
1915 An lnCTeaSe in Pay 8uffic,ent to meet the increased cost in living since
some legislation to meet this situation is imperative.
In response to your verbal request I will give you the views of the Wire
6. Standardization of salaries, with a wage scale which wUl stop the
Control Board on the legislation which it is believed should be enacted individual wage reductions now being put into effect.
before those properties pass from tho control o f the Government. Tho
7. Rules governing working conditions whereby the rights of the workers
members of the Board are unanimously o f the opinion that in order to pro- w111 be defined and guaranteed, which is the only means of stopping petty
most efficient ”wire
service
the various
systems
should bo co­ tyrannies and persecutions now being practiced in many sections of the
*---------"
‘
........................
”vide
''1" tlio -----ordinated as to operation. This does not require monopoly o f ownership country.
but is necessary so that there can be a consistent and harmonious regulatory
Under the caption, “ W h y a Strike is Necessary,” President
policy. Through this means only can the attempts at wasteful competition
Konenkamp said:
and the economic loss occasioned by duplication o f plant and force be
avoided.
The telegraph workers were assured nearly a year ago that if we did not
It is believed that this desirable end can bo reached by amending the law strike at that time justice would be granted. Tho workers who had been
so as to provide that, subject to tho approval of tho Inter-Stato Commerce discharged for taking President Wilson’s proclamation giving them the
Commission, any telegraph or telephono company doing an inter-State right to organize at its face value were promised reinstatement. All of us
business may purchaso the property of any telegraph or telephone company, wore assured there would be no discrimination against union workers and
or any part thereof, or consolidate with any other telegraph or telephone wo were also led to believe there would be an adjustment of wages.
None of these promises has been kept. We have appealed to Congress
company, or pool its traffic and facilities with any other telegraph or
telephone company, under provisions which will protect the interests of but our appeal was of no avail.
the public and of nearby companies.
Tho Wire Control Board is also convinced that it is impossible to secure
any uniformity o f rates or to maintain adeqaute rovenuo for the service CLARENCE H. M A C K A Y R E N E W S D E M A N D FOR
whore a multiplicity o f unassociated, independent authorities or com­
RETU RN OF POSTAL-TELEGRAPH CO.
missions with full authority to act, are attempting to function. Whereas
.............
« traffic purely .....
..
, TT h \ ? 1®tter addressed to all m em bers of Congress, Clarence
.it. is rocognlzed that tho State _has ...
control
over
intra-State,
yet It is believed that it Is no longer open to tho question that this power
M a c k a y , President of the P ostal-T elegrap h C able C o .,
cannot be exercised so as to interfere with inter-state traffic.
criticized the plan outlined b y P ostm aster-G eneral Burleson
In tho matter of electrical communications the intra-State and Inter-State
fj
.
.
, ,
,
,
^
■D u rie» ° 11
activities are so interdependent that what affects one affects tho other, and .
Ule returu ot tn e telegraph and telephone Companies as
tho character oT this traffic has so changed through development that tho likely to create a m onopoly of all wire service and destroy
interstate features havo becomo tho dominant and controlling factors, the effect of competition between his e o m n n n v nnH th o
Ilenco it is believed that the law should bo so amended as to empower the rxr .
TT .
Jt
, 0t
1 t> company and the
Inter-State Commerce Commission to fix rates for telegraph and telephone . Gs UTil Union. M r. Mackay renewed his demand for the
companies subject to tho provisions o f tho Act, and that any telegraph or immediate return of the Postal to its owners, and reiterated
arrangements with other lines should bo mado subject to tho Act.
Tho public interests demand tho most efficient wire servico possible,
I order that this end may be attained adequate revenue must be provided.
Tho plant and equipment must bo of the best constructed and o f the very
latest development of the art and must bo properly maintained, and de­
preciation and obsolescence, with reasonable reserves for surplus and
contingencies, must be provided, and also a rcsonablo return on tho value
of tho property used to furnish the service.
In order to make certain tho maintenance of these conditions tho rates of
tho telegraph and telephone companies falling under its jurisdiction should
1)0 fixed by the Inter-Stato Commerce Commission so that they shall pro­
duce revenues sufficient to yield a reasonable return on tho value of the
property used in rendering service, after paying operating and maintenance
of such adjuncts as may bo necessary for tho development of the art and
reservation out of income for surplus and contingencies.
Tho Board is also convinced that in order to provide satisfactory wjre
servico, the most efficient personnel must bo secured. In order to sccuro
and retain tho servico of such employees thero must bo assured proper
working conditions, advancement o f wages on the basis of demonstrated
efficiency or capability, and these conditions can only be brought about by
tho adoption o f a sound policy in tho treatment of such employees. In
order to assure this a tribunal should bo provided upon which tho public,
tho employee, tho managerial force, and capital shall bo fairly represented,
and beforo which all parties may be heard, so that prompt redress may
bo had for just grievances.
Tho WIro Control Board also suggests that it bo provided by legislation
that hereafter when any change of wage schedules for employees is con­
templated the same shall not become effective until submitted to and ap­
proved by tho Inter-Stato Commerce Commission. Tho Commission
shall contemporaneously order such modification or rates as will meet tho
proposed changes in tho wage schedules.
I feel constrained by sense o f duty to urgo upon the committee dealing
with this important matter that before action is taken a serious and un­
biased consideration bo given to the necessity of some such legislation before
these properties are returned to their owners.

TELEGRAPH A N D TE LEPHON E WORKERS TH R E A T E N
SIT7/? 1 K V
rm,0 t th o rrrnii m i in r i t v r,F
„ l
.
,,
. .
,
That the great majority Of the workers in the telegraph

and telegraph industry in the United States have voted for a
nationwide strike, unless efforts for a neaeeful s e t tle m e n t
. . . .

,

j

i

• „

.

P

e e iu i beiiie ii e i

of their demands now being mado are successful, was assorted
by H . J. Konenkamp, President Of the Commercial Telegraphers’ Union, in a notice sent to local unions on M a v 22

T i
,•
,
,,
|
,
„ t.,
,
° U11 -“ -‘■‘’v
_’
I lie International isrotherhood Of Electrical W orkers is
also in volved .
T h e warning sent ou t b y K on en k am p read
in part:
’’A telegraph and telephone striko is near at hand,” tho “ get ready”
order.to tho Washington local declares. “ The great majority of the workers
engaged in the industries havo voted to strike. Tho Commercial Teleg­
raphers’ Union of America and tho International Brotherhood o f Electrical
Workers have completed their vote and aro now making a final effort to
reach a peaceful solution.”
"Should this fall, tho date for a strike will then be set.”
M em bers of the tw o unions are told that they “ are vitally
interested in this striko, because you are going to be a part
of it.
Y o u cannot help yourself, since it includes all tele­
graph and telephone workers em ployed by commercial
telegraph and telephone com p an ies.”




his

that tl,e <T pai y wouW at onoe oanceI th»

recent 2 0 % increase m telegraph rates. M r . M a c k a y urged
the passage of the Steenerson resolution providing for the
|
™ t „ ,n
ir :„
, ,,

immediate return of the wire lines.

His letter in full follows:

New York. May 24 1919.
To the Members of Congress:
We beg to urgo of you the importance of the prompt passage of the
joint resolution introduced by Congressman Steenerson in the House of
Representatives on May 19 1919, providing for the immediate and un­
conditional return to the owners of the telegraph and telephone systems
taken over by the Government under the joint resolution of July 16 1918.
Immediately upon the return of the telegraph lines to us we shall reduce
tho telegraph rates by 20%, thus restoring those rates to what they were
before tho Postmaster-General announced the increase of 20%, which
took effect April 1 1919, and thus saving the American public over 1,000,000
a month. We shall not ask the Government to pay to tho Postal Telegraph
Cable Company one dollar for the use of its lines during the period of
Government control, but shall merely ask to bo allowed to keep what our
lines have actually earned from the transaction o f the telegraph business
during the period of Government control.
Postmaster-General Burelson in a letter to Representative Moon, dated
M ay 21 1919, setting forth the recommendations o f Mr. Burleson’s Wire
Control Board as to what it considers necessary legislation to accompany
the return of the wires to the owners, announces a program which, if enacted
into legislation, will mean the legalizing of a country-wide monopoly of
wire communications and will mean increased rates, just as was advocated
for many years by M r. Theodore N. Vail, the President of the American
Telephone & Telegraph C o., who is Mr. Burleson’s personal adviser. Mr.
Burloson proposes that any telegraph or telephone company may purchase
any other telegraph or telephone company, or consolidate, or pool their
traffic.
It would take just about twenty-four hours for the American Telephone
& Telegraph Co. and the Western Union Telegraph Co. to get together
under any such act of Congress. The voice is tho voice of Mr. Burleson,
but the hand is the hand of Mr. Vail. Six years ago the present Admlnls^
tration broke up just such an attempted monopoly by forcing the Western
Union and the American Telephone & Telegraph Co. to separate. Mr.
Burleson now proposes to re-establish that monopoly. What ho and Mr.
Vail are aiming at is to wipe out the competition of tho Postal Telegraph and
I Commercial Cables and to prevent the Postal Telegraph-Cable Co‘. from
making the 20% reduction in the telegraph rates. This country knows
what a monopoly is in the telegraph business, because it had such a inonoppoly by the Wostem UnIon Prior
when tho Postal TeiegraphCommercial Cable system came into existence. It formerly took twentyfour hours to send a telegram to California and get a reply. The deteriorI atin8 service and the increasing rates during the last ten months of control
of th0 wires by Mr’ Burles?n aiK! \Ir- v? n aro just a samPlc of wl>at the
country would have to endure if the wire communications were allowed
to pass into the control of one man or set of men. The American people
aro opposed to monopoly in the wire service— they want competition
restored,
with its superior service and its reasonable
rates,
and such com­
* '*
|jj
~
petition can only be restored by returning the wires to the owners im­
mediately and unconditionally, and without any qualifying legislation.
Mr. Burleson lias done four things:
(1) Ho has deadened the telegraph service.
(2) Ho has Increased the telegraph rates by 20%
(3) Ho has given the Postal Telegraph-Cable Co. only $1,680,000.
although ho admits it earned $4,269,000, even before the recent 20%
increase, while he has given the Bell Telephone and Wostem Union more
than they earned.
(4) He has removed from the operation of our lines our General Manager,
Mr. Reynolds, our General Superintendent, Mr. Richards, our General'
Counsel, Mr. Cook, and myself as President, and ho has placed in charge
of such lines Mr. A. F. Adams, a Kansas City telephone man, whose com­
pany is now being consolidated with the Bell Company.

[V o l . 108.

THE CHRONICLE

3302
A ll t h is is a g r o s s a b u s e .

y e a r e n d in g J u n e 3 0

I t is in y o u r p o w e r t o c o r r e c t i t , a n d im m e d i­

a t e ly u p o n y o u r d o in g s o w o w ill c u t a w a y t h e 2 0 %

1917.

T h e B e th le h e m

S te e l C o m p a n y fu r n is h e d

re p o rts th a t g iv o a n y in fo r m a tio n a s t o th e p r o fits p e r t o n .

in c r e a s e in t e le g r a p h

no

I n c o n s id e r in g

a ll th e s e p r o fit s it m u s t b e r e m e m b e r e d t h a t t h o r e d u c t io n s fr o m w a r p r ic e s ,
w h ic h w e r e p r o p o s e d b y

W e r e s p e c t fu lly a s k fo r th e q u ic k p a s s a g e o f th e S te e n e r so n A c t , w h ic h

t h o s te e l in te r e s ts a n d a r e n o w

b e in g a d h e re d t o

b y th e m a s th e g r e a te s t r e d u c tio n s t h e y a re w illin g t o m a k e , a r e p r a c t ic a lly

w ill r e s to r e o u r lin e s t o u s a u t o m a t i c a lly .
Y ou rs
r e s p e c tfu lly ,
C L A R E N C E H . M A C K A Y .

c o m p le t e ly o ffs e t b y

t h e g r e a t f a l l in t h e p r i c e o f s c r a p i r o n a l o n o

(w h ic h

c a n b e a n d is u s e d la r g e ly a s a s u b s t i t u t e f o r p ig ir o n in t h o m a n u f a c t u r e
o f s t e e l ) , w it h o u t r e g a r d t o t h e v a r io u s o t h e r r e d u c t io n s in c o s t w h ic h a r e

P r e s id e n t.

c o m in g a b o u t a s a r e s u lt o f r e a d ju s t m e n t t o p e a c e c o n d it io n s .
A s e v e n t h s t e e l c o m p a n y , t h e M i d v a l e S t e e l a n d O r d n a n c o C o m p a n y , in

A C C E P T A N C E OF B I D S FOR STEEL R A I L S B Y R A I L ­
ROAD A D M I N I S T R A T I O N — C R IT I C l S M
OF PRI CES B Y M R . H I N E S .

r e s p o n s e t o th o r e q u e s t o f t h e R a ilr o a d A d m in is t r a t io n f o r b id s , p r o p o s e d
p r ic e s $ 1 0 in e x c e s s o f t h e p r ic e s p r o p o s e d b y t h e o t h e r s ix c o m p a n ie s .

While announcing on May 23 that the contracts for 200,­
000 tons of steel rails had been placed at $47 a ton, DirectorGeneral of Railroads Walker D. Hines stated that the ac­
ceptance of the bids at this figure was “taken not only
without approval of the prices but . . . with em­
phatic disapproval of the prices and the manner in which
they have been established.” The price at which the orders
are placed are the same as those approved by the Industrial
Board of the Department of Commerce and which the Radroad Administration declined to accept in April, the con­
troversy finally leading to the dissolution of the Industrial
Board, as indicated in these columns May 17. The bids
for the 200,000 tons of steel rails were asked for on May 16
by Director-General Hines in accordance with his intention
declared on May 8. When, following the failure of the
conference with representatives of the Railroad Admin­
istration and steel producers held in an effort to adjust
the steel rail price controversy, Mr. Hines stated that ho
would proceed to ask for competitive bids for steel ma­
terials, thus it was said creating an open markot for steel.
In criticising the steel companies for making “uniform
bids” “under the leadership of the United States Steel
Company,” Air, Hines in his announcement of Alay 23
said:
W hen

th e

In d u s tr ia l B o a r d

approved

th e p r ic e s p r o p o s e d

by

It

is in t e r e s t i n g t o n o t e t h a t t h e c o m p a n y w h i c h m a d e t h i s p r o p o s a l s h o w e d o n
a ll it s s te e l p r o d u c t s n e t e a r n in g s in

1916

o f $24 62 p er

$ 4 4 2 3 p e r t o n a n d in 1 9 1 8 o f $ 3 5 9 3 p e r t o n .
is t h a t

it

ton ,

in

1917

o

I t s a p p a r e n t p o s itio n n o w

c a n n o t a ffo r d t o m a k o a n y r e d u c t io n

in

t h e p r ic e o f s t e e l r a il

w it h o u t r e d u c in g w a g e s o f la b o r .
I t is im p o r t a n t t o r e m e m b e r t h a t t h o p r e s e n t p o l i c y o f t h o s t e e l in t e r e s t s
in a d h e r in g t o h ig h p r ic e s o n t h e g r o u n d t h a t t h e p r e s e n t h ig h c o s t s n e c e s it a t e t h e s e p r ic e s is a p o l i c y t h a t d o e s n o t w o r k b o t h w a y s .
t o k e e p p r ic e s fr o m

I t is a p o

cy

g o in g h ig h e r a s b u s in e s s in c r e a s e s a n d c o s t s d im in is h .

I t w ill b e r e m e m b e r e d t h a t th e I n d u s tr ia l B o a r d a n n o u n c e d t h a t th e p u b lic
c o u ld n o t e x p e c t p r ic e s t o b e lo w e r d u r in g t h is c a lo n d a r y e a r , b u t It g a v e
th o p u b lic n o

hope

th a t th e y

w o u ld

not go

h ig h e r .

Tho

r e s u m p tio n

of

b u s in e s s in t h e c o u n t r y w ill p r o b a b l y r e s u lt in t h o s u b s t a n t ia l d im in u t i o n
in

t h e c o s t o f s te e l p r o d u c t i o n , b u t u n le s s t h o a t t e n t io n

c o n s ta n tly c e n tr e d

on

o f t h o p u b l i c is

t h e s it u a t io n t h e r e is d a n g e r t h a t t h o s t e e l in t e r e s t s

w ill t a k o a d v a n t a g e o f th e In cre a se d d e m a n d t o in c r e a s e th e p r ic e s o f s te e l
s t ill f u r t h e r , e v e n in t h o f a c e o f d e c lin in g c o s t s .
T h e s it u a t io n in t h o s t e e l in d u s t r y is o f g r e a t e s t m o m e n t t o t h o A m e r ic a n
p u b lic .

T h o U n i t e d S t a t e s S t e e l C o r p o r a t io n is t h e la r g e s t p r o d u c e r , a n d

c o n tr o ls

a p p r o x im a te ly

50%

o f th o

ou rp u t.

It

ta k es

tlio

lo a d

n

m a in ­

ta in in g a p r ic e w h ic h , if it s r e p o r t s t o s t o c k h o ld e r s a r o r e lia b le , in d ic a t e s
a g r o s s ly e x c e s s iv e p r o f it , a n d it d o e s t h is f o r t h o a v o w e d p u r p o s o o f p r o ­
t e c t in g a lle g e d h ig h c o s t p r o d u c e r s , w h ic h , h o w e v e r , s o fa r a s t h e y m a k e
d e ta ile d

rep orts

p r o fits .

In

on

th e s u b je c t

oth er w ord s,

th e

to

th e ir s t o c k h o ld e r s , a ls o

S te e l C o r p o r a t io n

appears

to

in d lc a t o
ta k o

s itio n t h a t fo r th o p r o t e c t io n o f o t h e r p r o s p e r o u s s te e l p r o d u c e r s

la r g e

th e p o­
t Is u n ­

w illin g t o in it ia t e a n y c o m p e t it io n in t h o s te e l I n d u s t r y , a n d n a t u r a lly th e s e
o th e r p r o d u c e r s a r o g la d t o fo llo w

t h is le a d , a n d in c id e n t a lly t h is p o s it o n

e n a b le s it t o c o n t in u e th e e n jo y m e n t o f v e r y h ig h p r o fit s .
lh ,s
o p e r a t e s t o s u s p e n d t h e l a w o f s u p p l y a n d d e m a n d w h e n i t c o u l d _ w o r k in
f a v o r o f t h e c o n s u m e r , b u t it le a v e s t h a t la w fr e e t o o p e r a t e w it h t h e g r e a t ­
e s t e f f e c t w h e n It c a n w o r k in f a v o r o f t h o m a n u f a c t u r e r .

T h is B ju a tto n

a ls o w o r k s t o d e p r i v e th e p u b lic o f t h o b e n e fit s o f t h e l n c r e a s ^ e f f l c l e m c y
d u o t o t h e g r e a t c o m b in a t i o n s in t h e s t e e l b u s in e s s .

T h o s e c o m b in a tio n s

a r o t h e r e s u lt o f p u b lic a c q u ie s c e n c e , a n d y e t a ll t h o b e n e fit s ° f th e ™

th o s te e l

t o th o p u b lic , b u t t o th o p r iv a te o w n e rs .

“ ot

T h e m o r o p o w e r fu l th o c o m b in a ­

in te r e s ts it b e c a m o a t o n c o a p p a r e n t t o m e , a n d I s o in d ic a t e d in v a r io u s
d is c u s s io n s w it h r e p r e s e n t a t iv e s o f t h o G o v e r n m e n t , t h a t t h a t a p p r o v a l

t io n s b e c o m e t h e m o r e s u c c e s s fu l t h e y a r o in k e e p in g u p p r ic e s .
T h e s e r e a s o n s le a d m e t o r o it e r a t e t h a t t h o p r ic e s in q u e s t io n a r o u n r e a ­

w o u ld e n c o u r a g e t h e s t e e l in t e r e s t s t o s t a n d t o g e t h e r o n t h o s o p r ic e s e v e n

s o n a b ly h ig h a t p r e s e n t , a n d w ill b e c o m e p r o g r e s s iv e ly m o r e u n r e a s o n a b le

t h o u g h G o v e r n m e n ta l a p p r o v a l w a s w ith h e ld .

a s b u s in e s s im p r o v e s a n d c o n d it io n s b e c o m e m o r e n e a r ly n o r m a .

I fe lt , h o w e v e r , th a t o v e n

p r o t e s t , r a th e r t h a n e n d o r s e t h o p r ic e s , a n d t h a t , t o o , fo r t h o e n tir o c a le n ­
dar year, as w as p rop osed

by

th o In d u s tr ia l B o a r d , a n d

th e re b y g iv e an

o ffic ia l s a n c tio n t o p r ic e s w h ic h w e r e u n r e a s o n a b ly h ig h , a n d w h ic h w o u ld
m e r e ly s e r v e a s a s ta r t in g p o in t f o r s t ill h ig h e r p r ic e s la te r o n .
T h o r e s u lt h a s b e e n in e x a c t a c c o r d a n c e w it h th is fo r e c a s t .
le a d in g

steel

in t e r e s t s ,

in

respon se

to

th e

R a ilr o a d

S ix o f t h e

A d m in is t r a t io n ’s

q u e s t fo r b id s fo r s te e l r a il, h a v e s u b m it t e d b id s , w h ic h a r o u n ifo r m
r e s p e c ts a s t o p r ic e s a n d
cord an ce

w it h

th e

c o n d itio n s o f m a n u fa c tu r e a n d

p r ic e s

p rop osed

to

and

approved

re­

In a ll

a r e in s t r ic t a c ­

by

th o

I n d u s t r ia l

B ° l n v ie w o f t h e im m e d ia t e n e e d f o r 2 0 0 ,0 0 0 t o n s o f s te e l r a ils , o r d e r s h a v e
b e e n p l a c e d a t t h o p r i c e t h u s i n d i c a t e d ( t h a t Is $ 4 7 p e r t o n p e r o p e n - h e a r t h
r a il) f o r t h a t q u a n t it y w it h t h e C a m c g i o S te e l C o m p a n y , th o I llin o is S te e l
C om pany

and

th o

T en n esseo

C oal and

Iron

C om pany,

a ll o f w h ic h

a ro

s u b s id ia r ie s o f t h e U n it e d S ta te s S te e l C o r p o r a t io n , a n d w it h t h e C o lo r a d o
Fuel and
w anna

Iron

C o m p a n y , t h e B e th le h e m

S teel C o m p a n y .

T h is a c t io n

S teel C o m p a n y

Is t a k e n

and

th o L a ck a ­

n o t o n ly w it h o u t a p p r o v a l

o f th o p r ic e s b u t fo r th o re a s o n s s h o w n b e lo w , w it h e m p h a t ic d is a p p r o v a l
o f th e p r ic e s a n d t h e m a n n e r in w h ic h t h e y h a v e b e e n e s ta b lis h e d .
T h a t a c t io n o f th e s e s ix s te e l c o m p a n ie s in m a k in g u n ifo r m b id s w a s
t a k e n u n d e r t h e le a d e r s h ip o f t h o U n it e d S t a t e s S t e e l C o t r o r a t i o p is c le a r
fr o m

th e

fa c t

th a t,

im m e d ia te ly

a fte r

th o

R a ilr o a d

A d m in is t r a t io n

^

On May 26 the Railroad Administration made public the
details of the allotment of 200,000 tons of steel rail con­
tracts; 100,000 tons were assigned to the Carnegie Steel
Company, Illinois Steel Company and Tennesseo Coal and
Iron Company as subsidiaries of tho United States Steel
Corporation; 40,000 tons each were allotted to tho Lacka­
wanna and Bethlehem Steel Companies, and 20,000 tons
to the Colorado Fuel and Iron Company for Pacific Coast
needs.
A reply to Director-General Hines’s assertion that the
steel interests bid on exactly the samo basis as recommended
by the Industrial Board, thereby demonstrating, lie said,
the efficacy of that body as a price fixing board, maintain­
ing an “entente cordial” with tho steel interests was made
as follows on May 25 by George N. Peek, who had served
as Chairman of tho Industrial Board:

s o , i t w o u ld b o f a r m o r e in t h o p u b l i c in t e r e s t f o r t h o G o v e r n m e n t t o w it h ­
h o ld a p p r o v a l a n d , if n e c e s s a r y p a y s u c h p r ic e s , fo r th e tim o b e in g u n d e r

an­

T h o s t a t e m e n t o f t h o D ir e c t o r - G e n e r a l o f R a il r o a d s is p e r h a p s m is le a d ­

n o u n c e d fin a lly t h a t it w o u ld n o t a p p r o v e t h e p r ic e s fix e d b y t h e I n d u s ­
t r i a l B o a r d , J u d g e G a r y f o r t h o S t e e l C o r p o r a t i o n t o o k t h o i n i t i a t i v e in

in g

a n n o u n c in g

p a s t th r e o y e a r s w h e n s te e l m ills w e r o c r o w d e d t o c a p a c it y o n a c c o u n t o

p u b lic ly

th a t th o

S te e l C o r p o r a tio n

w a s s tr ic tly

th o p r ic e s a p p r o v e d b y th o In d u s tr ia l B o a r d , a n d
th a t w o u ld b e th e a ttitu d e o f o th e r m a n u fa c tu r e r s .
o f th e S te e l C o r p o r a tio n

m a in t a in in g

t h a t it s e e m e d t o h im
T h o s u b s e q u e n t a c t io n

p a y in g

a ll

f ix e d b y t h o G o v e r n m e n t , w it h t h o id e a t h a t p r o d u c t i o n m u s t b e s t im u la te d

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

b id s h a s a c c o r d e d c o m p le t e ly w ith J u d g e G a r y s a n n o u n c e m e n t
T h o S te e l C o r p o r a t io n ’ s a n n u a l r e p o r t t o its s t o c k h o ld e r s s h o w s
a fte r

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

w a r d e m a n d s , a n d d u r in g a c o n s id e r a b le p a r t o f w h ic h p e r io d p r ic e s w e re

w ages

and

oth er

o p e r a tin g

and

m a in te n a n c e

t 0 I f ht h o D i r e c t o r - G e n c r a l d e s i r e s t o b o f a i r ,
th a t

expenses

w h y d ocs

p r ic e s f o r th o p r e -w a r p e r io d o n r a ils , f o r e x a m p le

ho

n o t t a k e s o ilin g

a n d a d m it th a t t o th e

p r e -w a r p r lc o o f r a ils , $ 3 0 a t o n . th e r e m u s t b o a d d e d a p p r o x im a t e ly $ 2 0

of

p e r t o n o n a c c o u n t o f t h o in c r e a s e in d ir e c t la b o r c o s t a lo n o , e x c l u s i v e o f t h e

s u b s id ia r y c o m p a n ie s a n d a ls o ta x e s o t h e r th a n w a r ta x e s a n d e x c e s s p r o f it s

i n c r e a s e i n c o s t o f l a b o r in t r a n s p o r t a t i o n ?
A n d . fu r t h e r , w h y d o e s h o ig n o r e th o f a c t t h a t s in c e t h e s ig n in g o f th o

and

a llo w in g

m o s t lib e r a lly

fo r

r e n e w a ls a n d

p a y in g

In terest o n

debt

ta x e s it h a d n e t e a r n in g s o n a ll r o lle d s te e l p r o d u c t s o f $ 2 1 5 8 p e r t o n n
1 9 1 6 $ 3 5 7 3 p e r t o n in 1 9 1 7 , a n d $ 3 3 5 3 in 1 9 1 8 .
I t is a r e m a r k a b l e f a c t
t h a t in t h o c a le n d a r y e a r s 1 9 1 7 a n d 1 9 1 8 t h o n e t e a r n in g s o f t h e S t e e l C o r ­

a r m is t ic e s te e l p r ic e s g e n e r a lly h a v e b e e n r e d u c e d b e t w e e n 1 5 a n d 2 5 % .
T h e s t a t e m e n t is f u r t h e r m i s l e a d i n g i n t h a t M r . H i n e s n e g l e c t s t o i n f o r m

p o r a tio n

ex cess o f th e

t h o p u b l i c t h a t t h e p r i c e a t w h i c h h o f i n a l l y c o n c l u d e s t o p iir o h n s q r a il s , $ 4 7

a n n u a l r e n ta l w h ic h C o n g r e s s h a s s a n c t io n e d a s r e a s o n a b le f o r p r a c t ic a lly

p e r t o n ( t h o f ig u r e a p p r o v e d b y t h o I n d u s t r ia l B o a r d ) , is $ o a t 0 ”
th a n th o b e s t th o R a ilr o a d A d m in is t r a t io n w a s a b le t o s e c u r e fo r Itse lf b e fo r e

a g g reg a ted

a p p r o x im a t e ly

$ 1 ,0 0 0 ,0 0 0 ,0 0 0 . b e in g

t h e e n t ir e r a ilr o a d m ile a g e In t h e U n it e d S t a t e s .

I t is t r u e t h e S t e e l C o r ­

p o r a t io n h a d t o p a y o u t o f th e s e n e t e a r n in g s h e a v y
to

in

e x ce ss p r o fit s

ta x es

t h e G o v e r n m e n t , b u t e v e n a f t e r p a y in g t h e s e t a x e s , m a k in g lib e r a l a l­

th o I n d u s t r ia l B o a r d c o n s id e r e d p r e s e n t c o s t s o f p r o d u c t io n .
I q u o t e t h o fo llo w in g fr o m p a g e 2 7 o f th o m in u te s o f th o m e e t n g: o f A p r i l

lo w a n c e f o r d e p r e c ia t io n , a n d e x tr a o r d in a r y r e p la c e m e n t fu n d s , a n d a fte r

5

p a y in g

L ov ett,

in te r e s t o n

e a r n in g o f 3 9 .2 %
s t o c k in 1 9 1 8 .

bonds

and

7%

on

p re fe rre d

s t o c k , th e r o r e m a in e d

o n it s c o m m o n s t o c k in 1 9 1 7 a n d o f 2 2 %

an

o n it s c o m m o n

T h o fa c t th a t e x ce ss p r o fits ta x e s w e re p a id o u t o f th o n e t

e a r n in g s in 1 9 1 7 a n d 1 9 1 8 d o e s n o t in a n y w a y d e t r a c t f r o m

th o a ccu ra cn

o f t h o s e n e t e a r n in g s a s a m e a s u r e o f t h o p r o d u c t iv e n e s s o f t h o w a r p r ic e s
w h ic h w e r e c h a r g e d b y t h o S teel C o r p o r a t io n .
.
T h e s e fig u r e s o f a c t u a l n e t e a r n in g s p e r t o n o n th o e n tir o o u t p u t o f tn o
S te e l C o r p o r a t io n a r e m u c h m o r e c o n v in c in g t h a n e s tim a te d c o s t s o f r o ilin g
a p a r tic u la r s te e l p r o d u c t a t a p a r t ic u la r m ill.

T h o e s tim a te d c o s t s m a y

s h o w t h o g r e a t e s t v a r i a t i o n , b u t t h o u l t i m a t o r e s u l t is a n
t o th e s to c k h o ld e r s o f th e c o r p o r a t io n .
en dan gered b y

a r e a s o n a b le p r ic e o n

v in c ln g .
H eavy

p r o fits

c o n fin e d

aro

not

to

e n o r m o u s p r o fit

T h o c la im t h a t th o w a g e s o f la b o r

w o u ld b o

s t e e l is t h e r e f o r e n o t c o n -

.
S te e l C o r p o r a tio n .

th o

It

ap pears

t h a t t h o n e t e a r n in g s o f t h o L a c k a w a n n a S t e e l C o m p a n y w e r e $ 1 2 4 0 p e r
ton

in

1 9 16, $ 2 4 81

in

1917 an d

S te e l w e r o $ 1 3 8 8 p e r t o n
1918

$19 88

C o lo r a d o

in t h e y e a r e n d in g J u n o 3 0




1918: o f th o

In 1 9 1 6 a n d $ 2 5 9 2 in

a r o n o t y e t a v a ila b le ; o f th o

S9 57 p er ton

in

R e p u b lic I r o n

&

1 9 1 7 , a n d it s p r o fit s fo r

Fuel &

Iron

C om p a n y w ero

1 9 1 6 a n d $ 1 3 9 1 p e r t o n in th e

b e tw e e n

th o

H en ry

In d u s tr ia l

n.

B oard

W a lte r s a n d

and
B .

M r.

H in e s ’s r e p r e s e n ta tiv e s . J u d g e

S p e n c e r , D ir e c to r

P u r c h a s e s o f t h o R a ilr o a d A d m in is t r a t io n :
1 M r . P e e k — I u n d e rsta n d t h o b e s t p r ic e y o u
w eek s a g o w as $52 a to n .
M r.

o f th o

w e r o a b lo

to

D iv is io n

of

se cu re th ree

T h i s p r i c e Is $ 5 u n d e r t h a t ?

S pen cer— T ru e.

$1,200,000,000

A P P R O P R I A T I O N OF
SO UG HT B Y R A I L
ROAD A D M I N I S T R A T I O N .

An appropriation of $1,200,000,000 to bo added to and
considered a part of the Railroad Administrations $500,­
000 000 Revolving Fund was asked for by Director-General
Walker D. Hines in an estimate of tho 1918-19 requirements
submitted to the House on May 24. Tho appropriation
includes the $750,000,000 sought at tho last session but
which Congress failed to provide as a result of a filibuster

M ay 31 1919.]

THE CHRONICLE

2203

engaged in just before the adjournment on March 4. The advices from its Washington bureau May 28 quoted Direc­
requirements of the railroads as presented to Congress this tor-General of Railroads Walker D. Hines to the following
week were outlined in a letter addressed to Secretary of effect:
the Treasury Glass; this reveals an operating deficit of
$230,184,940 during the calendar year 1918, and of $250,
000,000 for the first four months of 1919. Director-Gen
eral Hines points out that including the original fund the
total appropriations with the present amount sought, will
amount to $1,700,000,000; of this, he says, $1,214,000,000
will represent amounts which should be returned to the
Government $425,000,000 thereof being temporarily tied
up in working capital and $775,000,000 representing amounts
which have been and will bo advanced for the account of
the railroad corporations and which it will be their duty to
repay as rapidly as practicable. The following is Mr
Hines’ letter to Secretary Glass as transmitted to Congress
C o m m e n t in g u p o n
t io n s o o n w ill p u t in

g e n e r a l e x p e c t a t io n s t h a t th e R a ilr o a d A d m in is tr a ­
e f f e c t h ig h e r fr e ig h t a n d p a s s e n g e r r a te s t o in c r e a s e

r a ilr o a d r e v e n u e s t o

th e e x t e n t o f w ip in g o u t th e a c c u m u la t in g o p e r a t in g

d o f i c i t ’. o f t h e r o a d s u n d e r G o v e r n m e n t c o n t r o l , t h e D i r e c t o r - G e n e r a l s a i d
t h a t :n o d e c is io n a s y e t h a s b e e n m a d e o n t h is q u e s t io n .

O ffic ia ls , h e s a id ,

a r e e n g a g e d in a t h o r o u g h s t u d y o f a ll fa c t o r s w h ic h m ig h t a f f e c t th e fu tu r e

r e v e n u e s o f th e r o a d s , w it h a v i e w t o d e t e r m in in g e x a c t ly
n c c e s a r y t o p u t t h e r o a d s u p o n a s t a b le o p e r a t in g b a s is .
The

su rvey

o f g e n e ra l c o n d it io n s

A d m in is tr a tio n ,

th e

th u s

fa r

D ir e c t o r -G e n e r a l s a id ,

c o m p le t e d

w h a t ste p

by

c o n c lu s iv e ly

is

th e

R a ilr o a d

sh ow s,

h ow ever,

t h a t t h e in c r e a s e d r e v e n u e s o f t h e r o a d s , r e s u lt in g f r o m a n in c r e a s e d v o l u m e

o f b u s in e s s , d o e s n o t o f f s e t t h e d im in is h e d p u r c h a s in g p o w e r o f t h e r a ilr o a d

d o lla r .
w h ile

R a tes

th e

have

p r ic e s

of

h a v e In crea sed fr o m

been

in c r e a s e d

r a ilr o a d

a p p r o x im a t e ly

m a te r ia ls ,

w ages

o n ly

and

25% ,

r a ilr o a d

he

S a id ,

e x p e n d itu r e s

50 to 7 0 % , a n d a n e v e n g re a te r p e rce n ta g e .

B e c a u s e o f th e w id e s p r e a d a n d v ig o r o u s o p p o s it io n t h r o u g h o u t th e c o u n ­

t r y a g a in s t th e c o n tin u e d

M y

D ea r

M r.

D ir e c t o r -G e n e r a l

S ecr eta ry .

I h a v e t h e h o n o r t o s u b m it h e r e w it h a n e s t im a t e in th e s u m o f $ 1 ,2 0 0 ,­
0 0 0 ,0 0 0

to

be

m a d e im m e d ia t e ly a v a ila b le

and

t o r e m a in

a v a ila b le u n til

H in e s

o p e r a tio n

fu r th e r

o f t h e r a ilr o a d s b y

d e c la r e d ,

th e

th e G o v ern m en t,

R a ilr o a d

A d m in is t r a t io n

h a s a b a n d o n e d t h e id e a o f a t h r e e t o f i v e p e r io d f o r G o v e r n m e n t o p e r a t io n
o f th e r a ilr o a d s , s o fa r a s t h a t q u e s t io n

is s u e .

R a ilr o a d

G o v e r n m e n t o p e r a t io n o f t h e r o a d s is t h e o n l y m e a n s o f a p e r m a n e n t s o lu ­

in

S e c tio n

6

o f th e A c t a p p ro v e d

M a r . 21

1918.

T h is a d ­

th a t a d o p tio n

A lth o u g h

A d m in is t r a t io n

fo r

o ffic ia ls a re c o n v in c e d

is a n

e x p e n d e d , a n d t o b e a d d e d t o a n d c o n s id e r e d a p a r t o f th e R e v o lv in g F u n d
p r o v id e d

o f a fa ir p e r io d

fo r

th e sa m e

t io n o f th e r a ilr o a d p r o b le m , i t is n o t lik e ly t h a t a n y fu r t h e r f ig h t w ill b e

p u r p o s e a n d u n d e r t h e s a m e c o n d it io n s a s t h e a m o u n t a p p r o p r ia t e d in th e
a b o v e m e n t io n e d s e c t io n .

m a d e b y t h e R a il r o a d A d m in is t r a t io n f o r m o r e t im e in w h ic h t o w o r k o u t
t h e r a ilr o a d o p e r a t io n * e x p e r im e n t s .

d it io n a l s u m

•

T h is

w o u ld

be

a p p r o p r ia t io n

expen ded

is n e e d e d

in

th e

sam e m anner an d

fo r

fo r :

R e q u irem e n ts f o r 1 9 1 8 .
A m o u n t n e c e s s a r y t o d e fr a y o p e r a t in g d e fic it — th e d iffe r e n c e
b e t w e e n th e s t a n d a r d r e n t a l p a y a b l e t o th e r a ilr o a d c o m p a n i c s a n d t h e n e t o p e r a t i n g i n c o m e f o r t h e y e a r 1 9 1 8 . .............$ 2 3 6 , 1 8 4 , 9 4 0
F o r n e t e x c e s s o f c u r r e n t a s s e ts o v e r c u r r e n t lia b ilitie s , p a r t ly
a v a i l a b l e f o r t h e i m m e d i a t e w o r k i n g c a p i t a l r e q u i r e m e n t s ____ 2 0 1 , 9 3 8 , 1 9 8
I m p r o v e m e n t s o n i n l a n d w a t e r w a y s ___________________________________
2 ,6 4 1 ,8 8 6
A m o u n t s a d v a n c e d fo r a c c o u n t o f r a ilr o a d c o m p a n ie s t o e n a b le
t h e m t o p a y i n p a r t t h e i r c u r r e n t l i a b i l i t i e s ________________________ 1 0 0 , 0 0 0 , 0 0 0
A m o u n t o f a d d it io n s a n d b e t t e r m e n t s ’ e x p e n d it u r e s , in c lu d in g
e q u ip m e n t m a d e t o th o r a ilr o a d c o m p a n ie s ' p r o p e r t ie s d u r in g
1 9 1 8 , w h ic h m u s t b o c a r r ie d b y th o R a ilr o a d A d m in is t r a t io n
f o r t h e t i m o b e i n g ------------------------------------------------------------------------------------------ 3 6 2 , 5 5 3 , 4 5 5
L o a n s d u r in g 1 9 1 8 t o r a ilr o a d c o m p a n ie s n o t im m e d ia t e ly r e ­
p a y a b l e ................................................................................................................................
4 8 ,4 8 3 ,9 5 9
T o t a l r e q u i r e m e n t s f o r 1 9 1 8 ---------------------------------------------------------------$941,802,438
L e s s a m o u n t h e r e t o f o r e a p p r o p r i a t e d ----------------------------------------------------- 500,000,000
B a l a n c e r e q u i r e d f o r 1 9 1 8 .......... ...................... .............................................$ 4 4 1 , 8 0 2 , 4 3 8
E s tim a ted R e q u irem e n ts f o r 1 9 1 9 .
F o r a m o u n t o f a d d itio n s a n d b e tte r m e n ts e x p e n d itu r e s ’ , in c lu d ­
in g e q u ip m e n t , m a d e a n d t o b o m a d e t o t h o r a ilr o a d c o m ­
p a n i e s ’ p r o p e r t i e s d u r i n g 1 9 1 9 , w h i c h , i t is b e l i e v e d , w i l l h a v o
t o b o c a r r ie d b y th o R a ilr o a d A d m in is t r a t io n fo r th o tim e
. . . . . . . . . . .............................. ...............................$ 2 5 3 , 4 3 5 , 7 6 0
b e i n g ..........
n fo o 000
I m p r o v e m e n t s t o d e v e l o p i n l a n d w a t e r w a y s __________________
F o r fin a n c in g B o s t o n & M a in e R R . C o m p a n y ’s r e o r g a n iz a t io n "
2 0 ’0 0 o ’onn
O p e r a t i n g d e f i c i t f o r f i r s t f o u r m o n t h s o f 1 9 1 9 _______
2 5 0 0 00 ’ onn
A d d i t i o n a l w o r k i n g c a p i t a l .................................................. .. ..............I l l : : : : 2 2 3 ; 0 6 1 , 8 0 2
T o t a l e s t i m a t e d r e q u i r e m e n t s f o r 1 9 1 9 _________________________ $ 7 5 8 , 1 9 7 , 5 6 2
G r a n d t o t a l r e q u i r e m e n t s f o r 1 9 1 8 - 1 9 1 9 ...................................... SI,200,000,000
T h o o p e r a t in g d e f ic it o f $ 2 3 6 ,1 8 4 ,9 4 0 fo r t h o y e a r 1 9 1 8 w a s la r g e ly d u e
t o t w o fa c ts .
a n d its c o s t ly

F i r s t , t h o w i n t e r o f 1 9 1 8 w a s u n p r e c e d e n t e d in i t s s e v e r i t y
e f f e c t o n r a i l r o a d o p e r a t i o n s , a n d , s e c o n d , t h e in c r e a s e s in

p a s s e n g e r a n d f r e ig h t r a t e s , a v e r a g in g a b o u t 2 5 % , w e r o in e f f e c t f o r o n ly
a fe w

d a y s in e x c e s s o f s ix m o n t h s , w h il e h e a v i l y in c r e a s e d e x p e n s e s d u e t o

w a r c o n d it io n s w e r e e ffe c t iv e o n a n a s c e n d in g s c a le t h r o u g h o u t t h o t w e lv e
m on th s.
Tho

o p e r a tin g

d e fic it

o f a p p r o x im a te ly

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

fo r

th o fir s t fo u r

N A T I O N A L A S S O C I A T I O N OF M A N U F A C T U R E R S
URGES R E T U R N OF R A I L R O A D S A N D W I R E S
TO O W N E R S .

Resolutions urging that Congress return to their owners
tho railroad, telephone and telegraph properties taken over
by the Government -were adopted by the National Asso­
ciation of Manufacturers in session in this city last week.
The resolutions recommend the enactment of “such legis­
lation as will provide for the incorporation under Federal
laws, and subject to a single regulatory body, of all rail­
roads, telephone and telegraph land other public service
companies engaged in inter-State commerce.” The reso­
lution reads as follows:
W h e r e a s , p r io r t o th e e n tr a n c e o f th e U n ite d

S ta tes in to th e E u ro p e a n

w a r , a n d p r io r t o th e t a k in g o v e r b y t h e G o v e r n m e n t o f t h e o p e r a t io n o f
t h o p r o p e r t y o f th o r a ilr o a d , a n d t h e t e le p h o n e a n d te le g r a p h c o m p a n ie s ,
su ch

c o m p a n ie s

engaged

in

in t e r -S t a t e

com m erce

or

in t e r -S t a t o

s e r v ic e ,

w e r e r e q u ir e d t o o r g a n iz e a n d m a in t a in s e p a r a t e c o r p o r a t io n s in e a c h o f th e
S t a t e s in w h ic h t h e y o w n e d p r o p e r t y o r c o n d u c t e d o p e r a t io n s ; a n d
W h ereas,

su ch

p u b lic

s e r v ic e

c o r p o r a tio n s

engaged

in

r e n d e r in g

In te r­

S t a t e s e r v ic e , w e r e s u b je c t t o r e g u la tio n s a s t o is s u e s o f s t o c k s a n d b o n d s
and as to

ra tes a n d

c o n d itio n s

S t a t e s in w h ic h t h e y
C o m m is s io n , a n d

o f s e r v ic e b y

c o m m is s io n s in

o p e r a t e d , a s w e ll a s b y

th e

each

In te r -S ta te

o f th e

C om m erce

W h ere a s , it w a s n o t u n c o m m o n fo r a c o m m is s io n o f o n e S ta te t o g r a n t
p e r m is s io n f o r a b o n d is s u e w h ile t h e c o m m is s io n o f a n o t h e r S ta te w o u ld
r e fu s e it, a n d r a te s fix e d b y th e s e v e r a l c o m m is s io n s w e r e g e n e r a lly d iffe r e n t
a n d c o n flic tin g , a n d
W h ere a s , s u c h p r a c t ic e s a r e e x t r a v a g a n t , w a s te fu l a n d in ju r io u s t o s u c h
p u b lic s e r v ic e c o r p o r a t io n s , a d v e r s e ly a ffe c t in g b o t h

t h e q u a lit y a n d c o s t

m o n t h s o f 1 9 1 9 is d u o i n p a r t t o a c c u m u l a t i v e h i g h l e v e l s o f c o s t s b r o u g h t

o f th e s e r v ic e r e n d e r e d , a n d w e r e la r g e ly r e s p o n s ib le f o r th o d e m o r a liz e d

a b o u t b y t h e w a r f o r la b o r a n d m a t e r ia ls , a n d in p a r t t o t h e s u d d e n a b n o r ­

c o n d it io n in w h ic h t h e r a ilr o a d s w e r e f o u n d a t t h e b e g i n n in g o f t h e w a r ; a n d

m a l f a llin g o f f o f b u s in e s s a s a r e s u lt o f t h e c e s s a t io n o f w a r a c t iv it ie s , t h o

W h e r e a s , t h e p r o s p e r it y o f m a n u f a c t u r e r s o f t h e U n i t e d S t a t e s , in la r g e

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

m e a s u r e , d e p e n d s u p o n th e e ffic i e n c y a n d p r o s p e r it y o f s u c h p u b lic s e r v ic e
c o r p o r a t io n s ; n o w .

g e n e r a l s t a t o o f h e s it a n c y d u e t o t h o tr a n s it io n fr o m w a r c o n d it io n s t o p e a c e
c o n d itio n s .
.
T h o f a c t t h a t t h o p r e s e n t p e r i o d is t r a n s i t i o n a l a n d a p p a r e n t l y o n t h e e v o

T h e r e f o r e , h e i t R e s o l v e d , b y t h e N a t i o n a l A s s o c i a t i o n o f M a n u f a c t u r e r s in
a n n u a l c o n v e n tio n

a s s e m b le d ,

th a t C on gress

be

r e s p e c tfu lly

u rged

upoa

o f im p o r t a n t c h a n g e s h a s m a d e i t e x p e d ie n t t o d e f e r , u n t il t h o m a t t e r c a n b o

r e t u r n in g t h e s e p r o p e r t i e s t o t h e ir o w n e r s , t o e n a c t s u c h le g is la t io n a s w ill

a c c u r a t e ly m e a s u r e d , th o c o n s id e r a tio n
r a is e d , o f a n in c r e a s e in r a t e s .

p r o v id e fo r th e in c o r p o r a t io n

of

th e

q u e s t io n ,

now

fr e q u e n tly
*

I n m y ju d g m e n t t h e d e f ic it f o r 1 9 1 8 a n d f o r t h o r e a d ju s t m e n t p e r io d o f
1 9 1 9 a n d c le a r l y lo s s e s d u o t o t h o w a r , a n d o u g h t t o b o t r e a t e d a s s u c h .

B y

u n d e r F e d e r a l la w s a n d s u b je c t t o

a s in g le

r e g u la t o r y b o d y o f a ll r a ilr o a d s , t e le p h o n e a a d t e le g r a p h a n d o t h e r p u b lic
s e r v ic e c o m p a n ie s e n g a g e d in in t e r - S t a t e c o m m e r c e o r in r e n d e r in g in t e r ­
s t a t e s e r v ic e .

re a s o n o f th o a b n o r m a l a ft c r -t h e -w a r fa c t o r s , te n d in g t o im p o r t a n t c h a n g e s
in t h o s it u a t io n , t h o e s t im a t e h e r o w it h s u b m it t e d d o e s n o t a t t e m p t t o f o r e ­
c a s t r e s u lt s b e y o n d t h o f ir s t f o u r m o n t h s o f t h is c a le n d a r y e a r

GEORGIA

I f t h o a m o u n t h e r o r e q u e s t e d s h a l l b o a p p r o p r i a t e d , t h e t o t a l 'a p p r o p r i a ­
tio n s fo r
th is

th o R a ilr o a d A d m in is t r a t io n

am ount

$ 1 ,2 1 4 ,0 0 0 ,0 0 0

tu rn ed

to

up

w o r k in g

in

th o

G ov ern m en t,
c a p ita l

and

w ill h a v o

been

w ill r e p r e s e n t a m o u n t s
$ 4 2 5 ,0 0 0 ,0 0 0
$ 7 7 5 ,0 0 0 ,0 0 0

$1 7 0 0 0 0 0 0 0 0
w h ic h

t h e r e o f b e in g
th e re o f

s h o u ld

O f

bo

re

te m p o r a r ily

r e p re se n tin g

t ie d

a m ou n ts

w h ic h h a v o b e e n a n d w ill b o a d v a n c e d f o r t h o a c c o u n t o f t h o r a i l r o a d c o r ­
p o r a t io n s , a n d w h ic h i t w ill b o t h e ir d u t y t o r e p a y a s r a p id ly a s p r a c t ic a ­
b le .
A b o u t $ 1 4 ,0 0 0 ,0 0 0

w ill r e p r e s e n t e x p e n d i t u r e s f o r e q u i p m e n t o f in l a n d

w a terw a y s.
O f t h o e n tir e $ 1 ,7 0 0 ,0 0 0 ,0 0 0 , $ 4 8 6 ,0 0 0 ,0 0 0 r e p r e s e n ts th o
a g g r e g a t o lo s s t o t h e G o v e r n m e n t u p t o A p r il 3 0 1 9 1 9 , o n a c c o u n t o f t h e
t w o d e fic it s a b o v e e x p la in e d .
Tho
Is

sum

req u ested

w o r k in g

o f a p p r o x im a te ly
becau se

c a p ita l

$ 2 2 3 ,0 0 0 ,0 0 0

e x p e r ie n c e

a c tu a lly

has

a v a ila b le

fo r

in c r e a s e d

d e m o n stra te d

fo r cu rre n t u se

w o r k in g

th a t
on

th e

c a p ita l

am ount

D e c . 31

1918

of

w as

I n s u ffic ie n t t o a d m it o f t h o fr e e a n d u n r e s tr ic te d p a y m e n t o f p a y r o lls a n d
v o u c h e r s f o r m a te r ia ls a n d s u p p lie s t h r o u g h o u t th o c o u n t r y
*
T h e r e is m a n i f e s t l y g r e a t a d v a n t a g e b o t h
m a te r ia ls a n d s u p p lie s a n d

in t h o e c o n o m ic a l p u r c h a s e o f

th o h a n d lin g o f s u c h

tr a n s a c tio n s t o t h o

f a c t io n o f t h o b u s in e s s p u b lic in h a v i n g a n a m p le s u p p ly o f
s o a s t o a v o i d d e la y s in m a k in g p a y m e n t s .
W A L K E R
D ir e c to r -G e n e r a l

D .
of

s a t is ­

w n r k im r n

*

H IN E S ,
R a ilr o a d s .

The Georgia Bankers’ Association in convention at Savan­
nah, Ga., on May 28, unanimously endorsed the plan of
the National Association of Owners of Railroad Securities—
known as the Warfield Plan—for the return and regulation
of the railroads, and went on record as unalterably opposed
to Government ownership of the railroads and to methods
that have been proposed for their return which involve new
companies, years of valuation and serious legal complica­
tion, in the following resolutions:
W h erea s,

With regard to tho likelihood of increased freight am
passenger rates, and the continued operation of tho rail
*oads by tho Government tho ‘‘Journal of Commerce” ii



The

eral c o n tr o l a n d

r a ilr o a d

system s

o p e r a tio n

o f th e

fo r p u rposes

co u n try

w ere

o f w ar, a n d

in te r e s ts o f t h e p u b lic c a n b e s t b e s e r v e d t h r o u g h
c o n t in u e d p r iv a t e o p e r a t io n a n d o w n e r s h ip ; a n d

aken

wo

under

F ed­

b e lie v e t h a t th o

p r iv a t e

co n tro l

and

W h e r e a s , I n d i v id u a l in c e n t i v e a n d in i t ia t iv e s h o u ld b e p r e s e r v e d in t h e
o p e r a tio n

o f t h e r a ilr o a d s a n d w e b e lie v e

fo r m a t io n o f n e w , la r g e r r a ilr o a d
a n t y o n s e c u r itie s ;

h ese ca n n o t b e secu red

c o m p a n ie s w it h

th e

b y th e

G overn m en t gu ar­

l i e it r e s o lv e d . T h a t t h e G e o r g i a B a n k e r s ’ A s s o c i a t i o n in c o n v e n t i o n
s e m b lc d d e c la r e s a s f o ll o w s :
(1 )

W A L K E R D. H I N E S ON Q U E S T I O N S OF H l G H E i
RAILROAD RATES A N D CO N T IN U A N C E
OF G O V E R N M E N T CONTROL.

B A N K E R S ' A S S O C I A T I O N E ND O R S E S
W AR FI EL D RAILROAD PLAN .

as

W e a r e u n a lt e r a b ly o p p o s e d t o G o v e r n m e n t o w n e r s h ip , a n d t o F e d ­

e r a l c o n t r o l a n d o p e r a t io n lo n g e r t h a n th o t im e n e c e s s a r y f o r C o n g r e s s t o
e n a c t a d e q u a t e le g is la t io n f o r t h e r e tu r n o f t h o r a ilr o a d s t o t h e ir o w n e r s ,
W h ich s h a ll p r o v id e f o r t h e ir s u c c e s s fu l c o n t in u e d a d m in is t r a t io n b y p r iv a t e
o p e r a t io n .
(2 )

T h is

c o n v e n tio n

o f t h o r a ilr o a d s
w it h

w h ic h

y e a r s o f v a lu a t io n

d e c la r e s
in v o lv e
and

a g a in st m e th o d s
th e fo r m a tio n

proposed

o f new

le g a l c o m p lic a t io n s , a n d

fo r

r a ilr o a d
w h ic h

th e

re tu rn

c o m p a n ie s ,

w o u ld

r e s u lt

in s u c h c o n c e n t r a t io n o f fa c ilit ie s a s w o u lu b e d e s t r u c t iv e o f in c e n t iv e a n d
in d iv id u a l in it ia t iv e .

(3 )

[Vol . 108.

THE CHRONICLE

2204:

President of tho First National Bank; a representative of
J. P. Morgan & Co. and one of the Guaranty Trust Co.
The following regarding the plans is taken from the “Wall
Street Journal” of May 28:

W o a r o o p p o s e d t o t h e r e t u r n o f th e r a ilr o a u s w it h o u t a d e q u a t o le g is ­

la tio n ,

a s t h is w o u ld

be

d e tr im e n ta l t o

th e

b u s in e s s a n d

fin a n c ia l in te r ­

e sts o f t h o c o u n t r y a n d t o th e g e n e r a l p u b lic .
t* ) W e a r o in f a v o r o f p r e s e r v in g t h o p r e s e n t o p e r a t in g s tr u c tu r e s o f
r a ilr o a d s ,

th rou g h

cu red, an d

w h ic h

th e

fa v o r le g is la tio n

d e v e lo p m e n t

by

A s s o c ia t io n o f O w n e rs o f R a ilr o a d
w it h

th e

p r o v is io n s

retu rn , th r o u g h
c o m b in e d

in

to

m a k e it

ra tes, t o

of

th e

cou n try

C o n g r e s s u n d e r th o p la n
S e c u r itie s

e ffe c t iv e ,

has

th e

been

o f th e

se­

N a tio n a l

(W a r fie ld P l a n ) , a n d w h ic h ,

is b a s e d

t h e r a ilr o a d s , c o m p u t e d

on
on

a fix e d

p e rce n ta g e

r a ilr o a d in v e s t m e n t

e a c h o ' t h e th r e e c la s s ific a t io n te r r ito r ie s o f t h e c o u n t r y , as

la id o u t b y th e I n t e r S ta te C o m m e r c e C o m m is s io n .
R e s o lv e d , T h a t a c o p y o f t h e s e r e s o lu t io n s b e s e n t t o

It

lia s

been

a

o u r S e n a to rs a n d

ex p ected

th a t

one

e q u ip m e n t

tru st,

c o r r e s p o n d in g
An

am ount

of

th e

cost o f th o

in it ia l p a y m e n t

c e r t ific a t e s

e q u ip m e n t ,

in

cash ,

in

annual

is u s u a l in

a m o u n t in g

c r e a t in g

an

to

t o th o

in s ta llm e n ts .
15

accru ed
in

d e p r e c ia tio n

on

e x istin g

or

e q u ip m e n t

b e e n s u g g e s t e d t h a t t h o R a ilr o a d A d m in is t r a t io n a llo w

F R A N K II. F A Y A N T O N N E E D OF R A I L R O A D S FOR
A D D I T I O N A L REVENUE.

e m b r a c in g

b o c r e a t e d , t h o e q u ip m e n t b e in g a llo t t e d

In

a d d i t io n , e a c h r o a d w o u ld h a v o t o p a y t h e in te r e s t o n t h e o u t s t a n d in g c e r ­
t ific a t e s .

R e p r e s e n t a t iv e s in C o n g r e s s .

g e n e r a lly

a ll t h o e q u ip m e n t , w o u ld

f o r t y o r f i f t y in d iv id u a l r o a d s , e a c h o f w h ic h w o u ld p le d g e it s e lf t o p a y o f f

20%

of

th e

tru st.

It

has

th e ro a d s to a p p ly

e q u ip m e n t a g a in s t s u c h in itia l p a y m e n t ,

w h ic h c a s e th o R a ilr o a d A d m in is t r a t io n w o u ld h a v o t o c o n v e r t t h o a c ­

c r u e d d e p r e c ia t io n c h a r g e s in t o c a s h . "
S o m o d iffe r e n c e s o f o p in io n s till e x is t a s t o th o e x t e n t t o w h ic h , i f a t a ll,

According to Frank IT. Fayant, Assistant to the Chairman
also quote the following from the New York “Times”
of the Association of Railway Executives, it seems inevitable of Wo
that the Government must soon advanco railroad rates suf­ May 29:
ficiently to provide at least from $300,000,000 to $400,000,­
additional revenue to meet the greatly increased cost of
railroad labor, as well as labor in industries supplying coal,
steel and other materials to the carriers. A statement to
this effect was made by Mr. Fayant in an address before
the Chamber of Commerce at Carlisle, Pa., on May 29. In
part Mr. Fayant said:
t h o G o v e r n m e n t s h o id d a s s is t in t h e fin a n c i n g o f th o n e w e q u ip m e n t .

I t is r e a liz e d t h a t a n y p la n s u g g e s t e d , e it h e r

b y th e b a n k ers

or

by

th o

r a ilr o a d e x e c u t iv e s , m u s t m e e t t h e a p p r o v a l o f th o R a ilr o a d A d m in is t r a t io n ,
a n d a ls o , in a ll p r o b a b ili t y , t h a t o f C o n g r e s s .

0 0 0

b e lie v e

it

w ill b o

n ecessary

fo r

th o

s is t a n c e in w h a t o v e r is d o n o , a n d

M a n y b a n k e rs a n d o th e rs

G overn m en t

one

w ay

in

to

le n d

w h ic h

s u b sta n tia l

as­

t h is a s s is ta n c e m a y

b o g i v e n , it is a s s e r t e d , is t o h a v o t h e G o v e r n m e n t w r it e o f f a p e r c e n t a g e
o f th o c o s t o f th o e q u ip m e n t , w h ic h w a s c o n t r a c t e d fo r a t t o p p r ic e s d u r in g
t h o w a r , a s w a s d o n o in th o c a s e o f th e s h ip s c o n s t r u c t e d
S h ip p in g B o a r d .
S w a g e r S h ir lo y a n d

T h e in c r e a s e d c o s t o f r a il r o a d l a b o r s i n c e 1 9 1 7 is 5 1 ,0 0 0 ,0 0 0 ,0 0 0 a y e a r ;
th e

a v e r a g e a n n u a l e a r n in g s p e r m a n

h a v o r is e n

fr o m

5 1 ,0 0 0

to

$ 1 ,5 0 0 .

o th e r s o f th e R a ilr o a d

o n o rd e r o f th o

A d m in is t r a t io n

o p p o s e t h is ,

p a r t ly o n th o g r o u n d t h a t C o n g r e s s c a n n o t b o p e r s u a d e d t o a u th o r iz e a n y
s u c h p l a n , b u t i n s o m o w e l l i n f o r m e d q u a r t e r s i t is b o l i o v e d t h a t t h o p r e s ­

T h e in c r e a s e d c o s t o f m a te r ia ls c o n s u m e d in t h e p r o d u c t io n o f t r a n s p o r t a ­

e n t C o n g r e s s m a y se o w is d o m

t i o n is m o r e t h a n $ 5 0 0 ,0 0 0 ,0 0 0 a y e a r , a n d t h e b u l k o f t h is in c r e a s e d c o s t

As indicated in these columns May 17, page 1988, of tho
$400,000,000 of equipment contracted for, $293,000,000
represents cars and $107,000,000 locomotives.

goes to

th e w o r k e r s in

c o a l m in e s , s te e l p la n ts , a n d

p r o d u c in g r a ilr o a d m a te r ia ls .

t h o o t h e r in d u s t r ie s

I t is f a i r t o s a y t h a t o f t h e $ 1 , 5 0 0 , 0 0 0 , 0 0 0

a d d e d t o t h o c o s t o f p r o d u c i n g t r a n s p o r t a t i o n a l l b u t a v e r y s m a l l p a r t is
in w a g e s .
T o m e e t t h is in c r e a s e d o p e r a t in g c o s t t h o G o v e r n m e n t h a s t h u s f a r in ­
c r e a s e d r a ilr o a d r e v e n u e s t h r o u g h a d v a n c e s in r a te s b y a b o u t $ 1 ,0 0 0 ,0 0 0 ,0 0 0 ;
so

th a t

th ere

is le f t

p r o v id e d fo r .
trea su ry.
on

$ 5 0 0 ,0 0 0 ,0 0 0

o f in c r e a s e d

costs

th a t h a v e

not

been

F o r t h o t im o b e in g t h o d e f ic it is b e in g m e t o u t o f t h o p u b lic

O b v io u s ly

t h is

th e p r e s e n t d is lo c a te d

cannot

lo n g

c o n tin u e .

The

r a ilr o a d s

to d a y,

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

w h o le , b a r e ly e a r n in g t h o in t e r e s t o n

as a

th e ir b o n d s a n d p r a c t ic a lly n o t h in g

f o r th e ir o w n e r s .
W h e n t h o G o v e r n m e n t t o o k c o n t r o l o f th e r a ilr o a d s f o r w a r p u r p o s e s , it
w a s p r o v id e d , o n th o r e c o m m e n d a t io n o f th e P r e s id e n t, t h a t th e re s h o u ld
b e p a id f o r t h e ir u s e a b o u t $ 9 0 0 ,0 0 0 ,0 0 0 a y e a r , o r a li t t le m o r o t h a n 5 %
on

th e v a lu e o f th e p r o p e r tie s .

In

th e fir s t y e a r o f G o v e r n m e n t c o n t r o l

P L A N S OF R A I L R O A D A D M I N I S T R A T I O N FOR T R A N S ­
P O R T A T I O N OF G R A I N CROPS— USE OF
PE R M IT SYSTEM.

A statement with respect to the plans of the Railroad Ad­
ministration for the movement of the grain crops was given
out as follows by Director-General of Railroads Walker D.
Hines on May 26:
Tho

R a ilr o a d

A d m in is t r a t io n

t h o n e t o p e r a t in g in c o m o fe ll t o a b o u t 4 % , a n d t h is y e a r , w it h o u t a n in c r e a s e

m easu res n ecessa ry fo r

in r a t e s , i t is l i k e l y t o b e le s s t h a n 3 % .
T h e r e tu r n o f th e r o a d s t o th e ir o w n e r s o n

la r g o c r o p s o f g r a in s .

b a s is w o u ld
r a ilr o a d

s u c h a n in a d e q u a t e in c o m e

n o t o n ly m e a n t h e r e d u c t io n o r e lim in a t io n o f a la r g e p a r t o f

d iv id e n d s ,

b u t w o u ld

u n d o u b te d ly

m e n ts o n m a n y r a ilr o a d b o n d s .

m e a n d e fa u lt in in tr e e s t p a y ­

A s S e n a to r C u m m in s , C h a ir m a n

of

th o

th o

y ie ld

year

r a ilr o a d

b a n k ru p tcy ,

but

w o u ld

u n d e r m in o

our

stru ctu re.
T h o D ir e c t o r G e n e r a l o f R a il r o a d s in a n a d d r e s s a f e w
W e s t sta te d th a t o n
m a te r ia ls w a s fr o m
25% .
costs

to

m ig h t

bo

to

t h r o u g h a n a d v a n c o in r a te s .
I n p u ttin g th o fig u r e a s lo w

fin d

$ 3 0 0 ,0 0 0 ,0 0 0

3 0 0 .0 0 0 ,0 0 0

o f cou rse,

at

th is

la b o r

but

N o

p rovoked
q u ic k ly

a d e sir e o n

th o p a rt

o f p rodu cers to

r e a liz e o n

a s p o s s ib le , a n d s in c o a s ta b le p r ic e h a s a g a in

G overn m en t
o b ta in .

fo r

th is

L ast year

y e a r ’s c r o p ,

th is

r e s u lt e d

in

su ch

an

it

is a s s u m e d

e c o n o m ic a l c o n d it io n ,

a

at

th o

in te r io r g r a in

c o n d it io n s

o f G o v e r n m e n t o p e r a tio n ,

but

to
th e

be som e
m o n th ly

s ta te m e n ts o f la b o r c o s t s s in c e th e s ig n in g o f th e a r m is tic o s h o w v e r y little
g a in in t h is d ir e c t io n .

A s f o r a r e d u c t io n in t h e c o s t o f m a te r ia ls , it m u s t

b o b o r n e in m in d t h a t th e s e in c r e a s e d c o s t s f o r c o a l, s te e l a n d o t h e r m a ­
t e r ia ls a r o

based

on

a

new

lo v e l o f w a g e s ,

and

th o

con cen su s

o f exp ert

m oro

th o
w ill

or

le s s

in s h ip p in g ,

m a rk e ts a n d

at

s e a p o r t s t h a t it b e c a m e n e c e s s a r y t o in s t a ll t h e s o - c a lle d “ p e r m it s y s t e m ,"

th e s o u r c e s t o p r e v e n t s e r io u s c o n g e s t io n o n

t h o u n s e ttle d

ought

by

c o n d it io n

w it h

t o n n a g e , a n d c o n s e q u e n t d is r u p tio n

a c u te s itu a tio n

der

c e r t a in ly

Tho

h is e a r n in g s a s

s im ila r

t h o p r in c ip a l in te r io r m a r k e ts .
T h o p e r m i t s y s t e m is a h i g h l y b e n e f i c i a l s y s t e m

th e re

e s t i­

a c o n s id ­

b e e n fix e d

c o u p le d

in

c o n u it io n s

fa ir

u n u s u a l c lim a t ic

t h is y e a r w ill e x c e e d t h a t o f la s t y e a r b y

r e c o v e r y o f lo s t la b o r .e ffic ie n c y t h a t c a m o in t h e w a k e o f t h o w a r , a n d u n ­

p eace

A

e s tim a te o f o t h e r

b a r r in g

w h ic h w a s e a r ly m a d o o p e r a t iv e a t th e p o r t s , a n d

U nder

th o

t h a t th o t o n n a g e in g r a in

a n d s o m o r e d u c t io n in th e c o s t o f c o a l, s te e l a n d o t h e r p r o d u c t s c o n s u m e d
o p e r a tio n .

to

a n tic ip a te d

e r a b le m a r g in .
T h o s t a b le p r ic e f ix e d la s t y e a r b y t h o G o v e r n m e n t o n w h e a t n a t u r a lly

d is a r r a n g e m e n t in o c e a n
r a ilr o a d

o f th o

b u s h e ls .

b u s h e ls .

tim o ,

t h a t w ill b o p r o d u c e d

D ir e c to r G e n e r a l u n ­

d o u b t e d l y h a d in m in d th e g s s lb ilit y o f g r e a t e r e f f ic i e n c y in

4 0 0 ,0 0 0 .0 0 0

fin a n c ia l

o f a d d it io n a l r e v o n u c s

a s $ 3 0 0 ,0 0 0 ,0 0 0 , t h e

to

p o s s ib le

w h o le

9 0 % , w h i l e t h o i n c r e a s o i n r a t e s w a s le s s t h a n

n ecessary

fr o m

is ,

c o n d it io n s , it c a n p e r h a p s b o p r o p e r ly e x p e c t e d

d a y s a g o in t h e

c o n s id e r a tio n

9 0 0 ,0 0 0 ,0 0 0

n o t o n ly

l i e s u g g e s t e d t h a t t o r o -e s ta b lis h th e e q u U lb lr u m b e t w e e n r a te s a n d
it

w ill e x c e e d

w o u ld

t h o v a r io u s r a ilr o a d s t h o in c r e a s e d c o s t o f la b o r a n d
50

ca re fu l

tr a n s p o r ta tio n

T h o D e p a r t m e n t o f A g r lc u lt u r o h a s e s tim a te d t h a t

o f w in te r w h e a t

by

g ra in s

m ean

g iv in g

t o t a l y i o l d o f w h e a t t h is y e a r w il l in a ll p r o b a b i l i t y e x c e e d t h o t o t a l o f la s t

S e n a to I n te r S ta te C o m m e r c e C o m m it t e e , h a s s a id , a r e tu r n o f th o r o a d s
p r o p e r fin a n c ia l r e a d ju s t m e n t

is

th o s a tis fa c to r y

m a t e o f t h o y i e ld o f s p r i n g w h e a t a p p r o x im a t e s 3 0 0 ,0 0 0 ,0 0 0 b u s h e ls .

to

th e ir o w n e r s w it h o u t a

in t h e s u g g e s t io n a n d a c q u ie s c e in it s a d o p -

in

S e p tem b er

1918 at

o f c o n tr o llin g tr a ffic a t

th o r o a d a n d a t d e s tin a tio n .

T h is s y s t e m p r e v e n t e d in t h e fa ll o f 1 9 1 8 a s e r io u s tr a n s p o r t a t io n p a r a ly s is
o f fo r m e r y e a rs , d u e t o

w id e s p r e a d

c o n g e s t io n

o f t r a ffic w h ic h

s h ip p e d b u t w h ic h c o u ld n o t b e d is p o s e d o f a t d e s t in a t io n .

had

been

T h is p a r a ly s is

o f t r a f f ic in fo r m e r y e a r s w a s m o s t a p p a r e n t in t h e E a s t , b u t it s in ju r io u s

o p in io n is t h a t t h e r e w ill b o l i t t le c h a n g e in t h e le v e l o f p r ic e s f o r s o m o t im o

e ffe c ts w e re

to com e.
T h o g e n e r a l a d v a n c o in r a ilr o a d r a te s m a d o a y e a r a g o b y th e D ir e c t o r

c a r s h o r t a g e s in e v e r y p a r t o f t h o c o u n t r y a n d s lo w e d d o w n t h o in o v e m o n t

G en eral w as

on

th e

a s s u m p tio n

of a

p o s s ib lo

t o t a l in c r e a s e

in

w ages

of

fe lt th r o u g h o u t th e c o u n t r y .

It

w as

th o

p r in c ip a l c a u s e

o f t r a ffic a n d im p a ir e d th e tr a n s p o r ta tio n s e r v ic e e v e r y w h e r e .
W h ile th e p e r m it s y s te m

at

t h o p o r t s is s t ill in

o p e r a t io n , it w a s su s ­

$ 3 5 0 ,0 0 0 ,0 0 0 , b u t s in c o t h o L a n e W a g e B o a r d m a d e it s r e p o r t , $ 6 5 0 ,0 0 0 ,0 0 0

p e n d e d a fe w

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

s h ip p in g , a n d th e f a c t th a t th e b u lk o f th e g r a in h a d b e e n m o v e d .

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

h ow ever, to

m o n t h s a g o a t t h o in te r io r m a r k e ts , d u o t o im p r o v e d o c e a n
be

ex p ected

th a t th e sy stem

th o o p e n in g o f th o n e w

PLANS

FOR F I N A N C I N G R A I L R O A D E Q U I P M E N T
T HROUGH T R U S T C E R T I FI CA T E S .

Further discussion of the plans looking to the financing
of railroad equipment valued at approximately $400,000,000
was had at a conference in this city on Tuesday last (May 27)
of members of the Association of Railway Executives, bank­
ers and representatives of both the Railroad Administration
and the War Finance Corporation. While no official an­
nouncement has been made regarding the proceedings, the
New York “Tribune” of the 28th stated that it was learned
that Jerome J. Hanauer, of Kuhn, Loeb & C o . , outlined a
plan for financing the Government’s purchases of railroad
equipment which met with general approval. Mr. Hanauer
is said to have declined later to divulge the details of his
proposal. It is also understood that the conference author­
ized the appointment of a committee of bankers, of which
it is said, Mr. Hanauer will be tho head, to investigate and
report on the form of equipment trust certificates which would
prove most acceptable in the market. The other members
of the committee, it is stated, will include Charles E. Mitchell,
President of the National City Company; E. B. Sweezy, Vice


of

R a ilr o a d

w ill a g a in

bo

A d m in is t r a t io n

I t Is,

i n a u g u r a t e d W ith

w h e a t s e a s o n , a n d in v ie w o f t h a t

p r o b a b ility th o

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

t h a t it m a y b e p r e p a t e d t o

a c t w it h o u t d e la y

a t th e p r o p e r t im o .

so

C on­

fe r e n c e s h a v e a lr e a d y b e e n h e ld w it h r e p r e s e n ta tiv e s o f th e G r a in C o r p o r ­
a tio n .
A s g r a p h ic a lly illu s tr a tin g t h e n e c e s s ity o f r e g u la t in g th o t r a n s p o r t a t io n
o f t h is t o n n a g e , a n d t h e r e s u lt s o b t a in e d f r o m
in g fa c t s a r o
y e a r J u ly
fa c ilitie s
b u s h e ls
k in d s

o f v a lu e

of

th o

any

in t e r e s t in g ; F o r

one

a lth o u g h

tim e

s u c h r e g u la tio n , th e fo llo w ­

th o

n in e

m on th s

o f th o

crop

1 1 9 1 9 , th e re p a s s e d t h r o u g h th o g r a in -h a n d lin g

c o u n t r y — e le v a to r s

o f a ll g r a in s ,

at

and

1 1918 to M a y

in

th e

th a t

is , in n in o m o n t h s , t h e f l o w

and

m ills — a

h ig h e s t

p e r io d

p o in t

w as

tota l

of

o f g r a in

4 8 0 ,0 0 0 ,0 0 0

3 ,4 4 0 ,2 3 6 ,0 0 0
sto ra g o

of

b u s h e ls .

a ll

That

o f g r a in w a s s e v e n t im e s th o q u a n t it y w h ic h

a c c u m u la t e d in s t o r a g o a t t h e h ig h e s t p o in t d u r in g t h a t p e r io d .

T h i s is a

d ir e c t illu s t r a t io n o f t h e n e c e s s ity o f k e e p in g t h e g r a in h a n d lin g fa c ilitie s
o f t h e c o u n t r y li q u id , t o a v o i d t h e d is t r e s s t o a ll in t e r e s t s t h a t w o u ld fo llo w
t h o b lo c k in g o f t h is f lo w o f g r a in .
T iie p e r m it s y s te m a s o p e r a te d

la s t y e a r c o n t e m p la t e d

th e

c lo s e s t c o ­

o p e r a t io n b e tw e e n th o R a ilr o a d A d m in is t r a t io n a n d th o U n ite d S ta te s F o o d
A d m in is tr a tio n

G r a in

C o r p o r a tio n .

The

lo c a l

re p re se n ta tiv e s

of

th o

G r a in C o r p o r a t io n w e r e in d a ily c o n t a c t w it h t h o g r a in c o n t r o l c o m m it t e e s
a t e a c h m a r k e t , a n d in v i e w o f t h e v e r y c o m p r e h e n s i v e d a t a a n d i n f o r m a ­
t i o n in t h e i r p o s s e s s i o n a s t o s t o r a g e f a c i l i t i e s , a n t i c i p a t e d m o v e m e n t s o u t
o f m a r k e ts , th o n e e d s o f d iffe r e n t s e c tio n s o f th o c o u n t r y , n o t o n ly a s t o
w h e a t b u t a s t o o t h e r c e r e a ls , t h a t f lo w c o in c id e n t a lly w it h w h e a t , & c ., w e r e
o f in v a lu a b le a id in t h o a c c o m p lis h m e n t o f t h e p e r m it s y s t e m w it l i a m in i­
m u m e c o n o m ic d is tu r b a n c e .
T h o s a m e c h a r a c t e r o f a s s i s t a n c e is b e in g
a rra n g ed fo r fr o m

th o G r a in

C o r p o r a tio n , o r

th o

W heat

D ir e c t o r , in

an­

t ic ip a t io n t h a t it w ill b o n e c e s s a r y t o r e in a u g u r a te th o p e r m it p la n w ith in th e
n ext o n e o r tw o m o n th s.

'

M ay 31 1919.]

THE CHRONICLE

The Wheat Director is as vitally interested as the Railroad Administra­
tion that the grain tonnage shall bo handled with tho least possible friction
as between all interests concerned, and is in entire harmony with tho Rail­
road Administration as to the plans proposed in that direction.
It is tho intention to keep tho public fully informed of tho plans for the
transportation of tho enormous grain crop, and through the co-operation
of all interests concerned it should bo possiblo to meet what otherwise
might prove a difficult situation.

N EW YORK BANKERS CONCERNED AS TO CONDI­
TION OF METROPOLITAN TRACTION LIN ES.

At tho spring meeting of Group VI of the New York State
Bankers’ Association, held at Lake Mohonk on May 23 and
24, the condition of the traction lines in the Metropolitan
District was up for consideration and was seriously discussed
since a largo majority of the banks of this group hold these
securities. A resolution was passed urging the governing
officials of the several cities where default has been made
and where receivership now and soon may exist to expedite
changes of existing laws so that commensurate fares may
be allowed which will safeguard the securities of the public
service corporations referred to. A letter to the Governor
of the State and Mayor of New York City informing them
of the above action was ordered, and it was the sentiment
of those bankers present that they would not invest or recom­
mend investment in securities of any community where
such action was not being furthered. An address on the
railroad problem was delivered by Nathaniel L. Amster of
Boston. Group VI comprises the banks in the counties of
Westchester, Putnam, Dutchess, Rockland, Ulster, Orange,
Sullivan and Delaware. At the banquet on Friday ovening
May 23 tho toastmaster was tho Chairman of the group,
F. PL Bridges, President of the National Bank of Liberty,
Liberty, N. Y., and tho speakers were Mr. Robert II. Bean,
Executive Secretary of the American Acceptance Council,
and tho Rev. Albert L. Longley, rector of Grace Churchj
Nyack.

2205

Mr. Warburg considers next in importance the problems
of railroad and foreign financing, and he contends that “a
satisfactory solution of our railroad problem, going hand in
hand with the absorption of our floating Government bonds,
should in due course bring about an enhancement in the
price of our Government and railroad obligations which, in
turn, should lay a sound foundation for the development of
an important market for foreign securities.” Mr. Warburg
took occasion to reiterate his belief “that it would be of
gloat ad\antage if by the creation of powerful investment
trusts, we could develop a machinery enabling the timid
investor, and particularly the ‘little fellow’ in a modest and
safe manner to become a holder of foreign securities ” In
calling attention to the importance of the problems of rail­
road and foreign financing. Mr. Warburg continued in part:

Both, strange to say, are closely inter-related. For as long as our rail­
road securities sell on an abnormally high interest basis, it is evident that
we cannot, on a comprehensive scale, offer good foreign securities at prices
that would make them attractive to our own investors, without at the same
time appearing prohibitive to the foreign borrower, or exhorbitant as com­
pared to the prices which other competing countries might bo able to offer
It is most important, therefore (for this and for many other reasons which
I need not enumerate), that our railroad problem be solved in a way that
will firmly re-establish our at present badly mangled railroad credit.
I think that I am voicing the views of most of those who have followed
the trend of the discussion o f remedial legislation when I express to you
my own firm belief that a just solution is honestly being sought by those on
whom the duty and responsibility rests in the first degree, and that we may
well hope to see satisfactory results accomplished in the near future.
It is most encouraging to note how rapidly and how firmly during these
last few months public opinion has crystallized into the impatient and
determined demand that the railroads bo returned to private operation
after enactment of legislation assuring for them proper protection and a
basis permitting them to live and expand. In this respect, the President’s
message has put a quietus upon the apprehension harbored by some that
tho railroads might be returned to private operation abruptly and without
previous remedial legislation. On the other hand, the President has now
squarely placed the responsibility upon Congress to frame and pass a
railroad reform law within the next six months. I believo that this can be
done.
A general agreement appears, furthermore, to have been reached on the
part of most students of the question that future legislation must contain a
clear and binding definition of what is to be considered the fair value of
tho carriers and as to what is to constitute an adequate return on such
value, and, furthermore, that tho law must contain an unqualified
FU N D S OF RAILROADS SUBJECT TO GA RN ISH M ENT fair
assurance that this adequate return cannot be regulated away from the
PROCEEDINGS.
carriers. Finally, there seems to bo a consensus of opinion that railroad
reform must bring about<i unification of our hundreds of individual railroads
into a small number oD argo systems operating under Federal charters
15
and competing in service though not in rates.
Wo may take it as admitted. I believo, that the majority of the American
people do not favor regional railroad monopolies, but desire a system of
strong and competing railroads. This leads to tho inevitable conclusion
that the law must leave an opportunity for earnings sufficient to preserve
and encourage private enterprise and rivalty, though on the other hand,
it is conceded that the interest of the public requires a restriction of railroad
profits in case they exceed certain limits.
This action docs not make wages or other money subject to attachment
This is great progress auguring well for the finding of a sound and fair
or garnishment if tho same are not made subject to garnishment or at­ solution even though we must realize that it is one thing to announce the
tachment by the laws of tho Stato as modified or affected by tho Act of broad principles and another to master the intricate ques ions of technique
Congress known as tho Federal Control Act. establishing Federal control and detail. These, however, will appear much less puzzling when the comof railroads. It leaves tho matter to bo governed by tho Act of Congress lex problem is properly dissected into its three phases, in which it must be
and tho State statutes where applicable, so that wages and other money treated. They are: the final stage of possibly between 20 and 30 consoli­
in tho possession o f carriers under Federal control will not bo subject to dated Federal railroad systems operating under a rate making rule based
garnishment or attachment unless tho State law provides for it and tho final on the established aggregate value of the properties grouped in traffic
construction by the courts of the Federal Control Act of Congress permits sections; tho intermediate stage covering the time necessary to complete
it
The Supreme Court of Tennessee recently held that by reason of tho consolidations and valuations, and finally, the first stage, including the
Federal Centre Act of Congress, money i„ possession of tho It ail road immediate steps necessary to disentangle the railroads from Government
Administration is not subject to attachment or garnishment, and that this operation and to put them back on their own feet. I am very confident
was tho law regardless of General Order No 43
that where there now appears to prevail on all parts a fair spirit, a clearer
In view of this and other decisions, tho Director-General concluded that understanding and the earnest desire to find the proper remedy, that we
t was wise to leave the matter to bo determined by the law. rather than shall succeed in securing it at a fairly early date and on a sound basis.
by any action of his.
’
No doubt some attempts will be made in Congress to reduce further
than wise and equitable the adequate return to be permitted to private
capital. But safety lies in the consideration that any policy of undue
PAUL M . WARBURG ON PROBLEMS OF RAILROADS niggardliness would defeat the very object of the legislation, which Is the
re-establishment of railroad credit and the preservation of a healthy spirit
FOREIGN FIN A N C IN G , &C.
of private efficiency and enterprise. Private capital realizes that it must
bo satisfied with the very minimum that will accomplish these ends; on
the other hand, any encroachment upon that minimum must needs iead
to Government ownership and operation. Any unwise attempts in that
direction are, therefore, bound to defeat themselves. The country begins
to understand that where the price of goods increased by about 200%
slnco 1890, the cost of transportation in the samo period is estimated to
have risen only by about 40% for passenger fares and 20% for freight rates.
It begins to comprehend, furthermore, that one year’s increase In wages,
estimated at SI,250,000,000, equals about three times tho total amount
of the annual railroad dividends paid by all railroads combined. And
when it is fully appreciated that the question of a successful or abortive
legislation may depend upon tho grant or denial of an additional return
of less than $100,000,000, tho people will leave no doubt as to their wishes
in tho matter. That addition, if it results in establishing a healthy apd
permanent basis for private railroad operation, in its direct and indirect
results would prove one o f the greatest savings ever made by the country.
A satisfactory solution of our railroad problem, going hand in hand
with tho absorption of our floating Government bonds, should, in due
course, bring about an enhancement in the price of our Government and
railroad obligations, which in turn should lay a sound foundation for tho
devclopmetn of an important market for foreign securities. If our Gov­
ernment bonds should go back to par and our railroad securities gained
back only half of the shrinkage in value sustained during these last years,
the nation would recover about $3,000,000,000 in taxable wealth.
The large sums the world owes us for interest on our foreign bonds, and
Not only must those bonds be absorbed, but after they have found their
the sums due us in payment for raw materials and goods, as wo all know,
solid resting places, a healthy demand for them must bo continually stimu­
will force American money into foreign investments in order to keep our
lated so as to Increase their price level, and to create for them that attitude
goods moving and the balance sheet of the world reasonably square.
of a preferred investment necessary in due time to bring about conditions
As wo succeed in training the masses, not only to absorb tho floating
favorable for tho conversion of the Victory notes. The alternative of such
Government bonds, but, beyond that, gradually to become investors in
voluntary absorption would bo a comprehensive plan of amortization
other first class securities, to that extent should we relieve the banks and
which could be carried out only by means of heavy taxation
tho large investors.
'
,

Tho Director-General of Railroads has issued an order
effective May
1919, rescinding General Order No. 43,
made during tho war, which provided that money in tho
possession of carriers under Federal control shall not be
subject to attachment, garnishment or like process. In
announcing the issuance of tin order the United States
“Bulletin” of April 28 says:

Tho belief is expressed by Paul M. Warburg that it is one
of the gravest and at tho same time most puzzling problems
of the investment banker to find ways and means of further­
ing tho absorption by tho savings of tho people of approxi­
mately four billions of undigested Government securities
estimated to liavo been carried by banks and bank loans
at the time of tho start of tho Victory Loan campaign Mr
Warburg’s observations on the subject, unuer the caption*
“Some Probloms of tho Investment Banker ” were ad­
dressed to members of tho Bond Club at their monthly
luncheon, held at tho Bankers’ Club on May 23. Following
up the remarks just quoted, Mr. Warburg said: “Unless
that task is accomplished it is to be feared that these un­
digested ^bonds will throw a chronic blight on the investment
market.” Adding that he was “confident that money rates
and the purchasing power of tho dollar will not find their
healthy and faiily permanent level until this process of
absorption is completed,” ho said:




THE CHRONICLE

2206

The billions thus released could go into foreign and other new ventures.
But it will take time to develop a market for foreign securities commensurate
with the offering with which we may have to deal, and it is highly de­
sirable to devise ways and means to bridge the interval. I believe, there­
fore, that it would be o f great advantage if by the cr^ tlon o f powerfui
investment trusts we could develop a machinery enabling the timid in­
vestor, and particularly the “ little fellow” in a modest and safe manner
to become a holder o f foreign securities. It would lead too far to go jnto
a detailed discussion of this interesting problem. Moreover, it would be
reiterating what I have stated on several occasions.
To a group of experts, such as constitute this audience it ls obviou
that when large investment trusts are organized, whose stock caPita^ for“ .
a substantial guaranty fund, and whose investments are largely diversi
fied and made only after careful investigation, the obligations of such
trusts might well be considered a proper investment for a moderate pOTtion
of the savings o f the people. While the purchaser would not enjoy the
full benefit o f the higher interest return, as would accrue to him from a
direct investment in these foreign securities he would be so m udi more
effectively protected by the guarantee o f the stock capital, by the J ""®
spread o f the risk and by the expert examinations applied in selecting the
investments securing his bonds.
I believe it to the interest o f the investment bankers to consider steps
jointly to deal with these foreign problems, which require a “ ° re
and expensive examination than any individual house
venture. M y own experience in Europe has taught me that tbe operation
of investment trusts or syndicates of this character are likely to lead to dis­
appointments unless they are organized on a basis broad enough to Permit of
av ery liberal attitude, not only in studying new projects, but also in aban­
doning them freely, in spite o f the expense incurred, in case the result of an
Investigation does not prove the venture to be sufficiently s a f e ^ t o create
ing. But has it occurred to you that perhaps it may be possible
create
a fink between the problems o f the investment trust and the campaign for
the ultimate absorption o f our Government bonds?
The question is still unsolved, who, after the dissolution o f the Liberty
Loan organization?, is to shoulder the task of placing the b a tin g : Govern­
ment bonds and o f regulating the market in a manner permitting of a
moderate remuneration for those effecting the sales. It ‘ nvoivee a giganUc
task one in whose successful accomplishment the country is vitally in
teres'ted and not the least, the Investment bankers themselves. I f the
investment houses all over the country joined in the formation of a huge
investment trust, and if that organization would concentrate
efforts
unon the distribution of Government bonds, taking them from the War
Finance Corporation (which would regulate the market) and Pacing a
series of trust obligations, secured by Government bonds, where small
denominations or different maturities should be requlred weuld they not
lay the foundation for a continuous ‘ safe and invest campaign o f un
nrpeedented effect and scope? And would they not create an organization
which, if properly safeguarded, after the absorption o f the floattog G ow m ment bonds, could become an investment instrument o f the
importance to the country? Might not that prove worth while even though
it involved a year’s work, or two or three, at probably very insignificant
remuneration? I am not presuming to recommend a
cannot blink that we are facing here two very real problems which will
have to be dealt with, and I felt that it might not be amiss to suggest a
thought which possibly may appeal to your imagination.
But Irrespective o f whether or not we deal with these problems singly
or combined? in teaching twenty million people to become investors we
are taking upon ourselves a very grave responsibility, because in doing so
ar®
the risk o f making them the targets o f unscrupulous promoters.
We are all familiar with the attempts recently made to induce small owners
^ Government bonds to exchange their holdings for worthless oil stocks
and similar securities, or rather insecurities.
The more foreign investments of excellent quality are introduced, the
greater will be the temptation for crooks to slip in and palm off fake bonds
H t o c k s o n innocent victims. The era of expansion o f our foreign trade

E 2 S& .

s H

S

SZ

^In^hese'clrcuinstancea, I should like to renew a suggestion made last

and that statements printed in the documents be supported by facts
It would soon be generally understood that, like the Capital Issues Com
^ n L a th e ^ e w Securities Committee would not bo passing upon the
merits’o f the offer but that It would simply bo seeing to it that certain
Sfoim ation must be given and that such facts as are stated in the prospectus

^ T ^conm ittees'of this character were organized, the public could soon be

something o f this sort be done, it is only a question of time for
and interior ng

^

handf the strong and reputable investment

run best protect their own interests.




REPLY OF PEACE CONFERENCE TO G E R M A N PRO­
TESTS A G A I N S T ECO NO M IC TERMS OF T R E A T Y .

The text of the German protest against the economic
clauses of the peace treaty and the answer thereto of the
Peace Conference were given out at Washington last Friday
(May 23), too late to be included in the “Chronicle” last
week. Brief reference to the early summaries was made,
however, on page 2092 of last week’s issue. The reply to
the German protest, according to the Paris dispatches, was
drafted by the American delegates. The full text of the
German note signed by County Brookdorff-Rantzau, was
asMr.
follows:
President.— In conformity with my communication of tho 9th instant.

have to include all security issues.
Present methods are frequently loose and there does not eixist f 11?
chlnery by which bad practices can be curbed. Writers o f advertlscments

5 X & E S Z W

[V ol . 108.

I have the honor to present to your excellency the following roport of the
economic commission charged with the study of the effect of the conditions
of peaco on the situation of the German population:
In the course of the last two generations Germany has become trans­
formed from an agricultural State to an industrial Stato. As long as she
was an agricultural State Germany could feed 40,000,000 inhabitants. In
her quality of an industrial state she could insure tho nourishment of a
population of 67,000,000. In 1913 tho importation of foodstuffs amounted
in round figures, to 12,000.000 tons. Before the war a total of 15.000,000
of persons provided for their existence in Germany by foreign trado and by
navigation, either In a direct or an indirect manner, by tho use of foreign
raw material.
_
According to the conditions of tho treaty of peace, Germany wil sur­
render her merchant tonnage and ships in course of construction suitable
for overseas trade. German shipbuilding yards will build for fivo years
in the first instance tonnage destined for the Allied and Associated Govern­
ments. Germany will, moreover, renounce her colonies, all her overseas
possessions, all her interests and securities in the Allied and Associated
countries and in their colonies, dominions and protectorates; will, as an
installment of the payment for part of the reparation, bo subject to liquida­
tion and may be exposed to any other economic war measure which the
Allied and Associated Powers think fit to maintain or to tako during the
y By thoPputting into force of the territorial clauses of the treaty of peace
Germany would lose, to the east, tho most Important regions for the pro­
duction of corn and potatoes which would bo equivalent to tho loss of
21% o f the total crop of those articles of food. Moreover, the intensity
of our agricultural production would diminish considerably. On the one
hand, the Importation of certain raw material indispensable for the pro­
duction of manure, such as phosphates, would bo hindered; on the other
hand, this Industry would suffer like all other industries from lack of coal.
The treaty of peace provides for the loss of almost a third of the production
of our coal mines. Apart from this decrease, we are forced for ten years
to deliver enormous consignments of coal to various Allied count!rtes.
Moreover, in conformity with tho treaty, Germany will concede to her
neighbors nearly three-quarters of her mineral production and more than
three-fifths of her zinc product.
After this diminution of her products, after the economic depression
caused by the loss of her colonies, of her merchant fleet and of her posses­
sions abroad, Germany would not be in a stato to ‘ “ P
f
a. ^ ° ad ®
sufficient quantity of raw material. An enormous part of German Industry
would, therefore, inevitably be condemned to destruction. At the same
time the necessity of Importing foodstuffs would increase considerably
while tho possibility of satisfying that demand would diminish in the same
PrAt°thenend of a very short time German would, therefore noti be Ini a
position to give bread and work to her numerous millions of Inhabitants,
who would bo reduced to earning their livelihood by navigation and by
trade. Those persons would have to emigrate: but that is a material to possibllity, all the more so because many countries, and the most ImpOTtant
ones wiU oppose any German immigration. Moreover, hundreds of
millions (?) of Germans expelled from the territories of the Powers now at
war with Germany, from the colonies and territories which Germany mast
surrender, will return to their native land.
The putting into execution of the conditions of peaco would, therefore,
logically bring about tho loss of several millions of persons in Germany.
This catastrophe would not bo long in coming about, seeing that the health
of the population has been broken down during the war by tho blockade,
and during the armistice by the aggravation of tho b ockad®
fa™1” ®'
No help, however Important, or over however long a period it might bo dis
tributed would prevent these deaths en masse. Peaco would imposo on
Germany numberless human sacrifices that this war of four yoars anda half
d id ^ o t demand of her pride (1,750.000 killed, nearly one million dead
Vl W ^do^not°know.&and indeed wo doubt, whether the delegates of the
Allied and Associated Powers reallzo the inevitable consequences which will
take place in Germany. An industrial Stato, thickly P®P^at^ ’
bound up with the economic system of tho world, and reduced to the o
gation to import enormous quantities of raw material and foodstuffs sud­
denly finds herself pushed back in tho phase of her development which
would correspond to her economic conditions and thenum bersofherpopulation as they were half a century ago. Thoso who will sign this treaty will
sign the death sentence of many millions of German men. women and
ChIthough t it my duty, before entering upon a discussion of other details
of thTtraaty. to bring to tho knowledge of tho Allied and Associated d ele
gitions this summary expoee of the problem of the German
I have at the disposal of your excellency statistical proofs of tho above
statements.
I have the honor, &c.
BROOKDORFF-RANTZAU.

The reply of the Peace Conference, signed by President
Clemenceau, is in effect a refusal of tho Gorman plea for
mitigation of tho peace terms and a stern reminder that the
suffering and privation which not only Germany, but alj
the world must bear, are tho result of Germany s own actions,
and that she cannot hopo to escape tho penalty of her con­
duct.
The full text of the reply follows:
Tho Allied and Associated Powers have received and have given careful
attention to the report of tho commission appointed by the German Govern­
ment to examine the economic conditions of tho treaty of peace.
TWs report appears to them to contain a very inadequate Presentation
of tho facts of tho case, to be marked in parts by great exaggeration, and
to Ignore the fundamental considerations arising both out of the incidents

M ay 31 1919.]

THE CHRONICLE

and the results o f tho war, which explain and justify the terms that It is
sought to impose.
Tho German noto opens with the statement that tho industrial resources
of Germany were adequate before the war for tho nourishment of a popu­
lation of 67,000,000, and it argues as though this were tho total for which,
with diminished resources, she will still be called upon to provide.
This is not tho case. The total population of Germany will be reduced
by about 6,000,000 persons in tho non-German territories, which it is
proposed to transfer. It is tho needs o f this smaller aggregation that wo
are called upon to consider.
Complaint is made in the German note that Germany is required to
surrender her merchant tonnage, existing or in courso of construction, and
that a prior claim is made upon her shipbuilding capacity for a limited
term of years. No mention, howover, is made of tho fact that a consider­
able portion of tho smaller tonnago of Germany is left to her unimpaired,
and it seems to havo entirely escaped the notice of her spokesman that the
sacrifice of her larger shipping is tho inevitable and necessary ponalty im­
posed upon her for tho ruthless campaign which, in definanco of all laws
and precedent, she waged during the last two years of tho war upon the
mercantile shipping of tho world.
As a partial offset against tho twelve and three-fourths million tons
o f shipping sunk, it is proposed to transfer four million tons of German
shipping. In other words the shipping which it is proposed to take from
Germany constitutes less than one-third of that which was thus wantonly
destroyed. Tho universal shortage of merchant shipping is tho result,
not of tho terms of peace, but of tho action of Germany, and no surprise
can reasonably bo felt if she is called upon to bear a share— and it is a very
moderato share— of a loss for which her own criminal deeds havo been
responsible.
Great stress is laid on tho proposal that on tho eastern side Germany
shall bo deprived of tho regions specially devoted to the production of
wheat and potatoes. This is true. But the noto fails altogether to ob­
serve that there is nothing in tho peace treaty to prevent either tho con­
tinued production of those commodities in tho areas in question, or their
importation into Germany.
On tho contrary, tho free admission of these products o f tho eastern dis­
tricts is provided for during a period of three years. Moreover, it is for­
tunate for Germany that those regions havo lost none of their productivity
owing to tho ravages o f war. They have escaped tho shocking fate which
was dealt out by tho German armies to tho corresponding territories in
Belgium and Franco in tho west, and Poland, Russia, Rumania and Serbia
on the cast. There appears to bo no reason why their produce shold not
continue to find a market on German soil.
Stress Is laid upon tho proposed restrictions of tho import o f phosphates.
It is, however, forgotten that Germany has never produced but has al­
ways imported tho phosphates of which she stands in need. Nor is there
anything in tho terms of peace which will prevent or hinder tho Importa­
tion of phosphates into Germany in tho futuro. Other countries which
do not produce phosphates are also compelled to import them in common
with many other products from tho outside; and tho only difference In tho
two situations wll arise from tho relative degree of wealth or impoverish­
ment in tho countries concerned.
Tho German note makes special complaint of tho deprivation of coal
and asserts that noarly one-third of tho production of tho existing coal
mines will bo lost. But it omits to notico that one-fourth of tho pre-war
consumption of German coal was in tho territories which it is now pro­
posed to transfer. Further it fails to tako into account tho production
before the war, and nono of which wero produced annually in Germany
beforo the war, and nono of which is derived from tho transferred territory.
Neither is any reference mado to tho fact that tho output of coal in tho
non-transferred districts was rapidly Increasing beforo tho war, and that
there Is no reason to doubt that under proper management thero will bo
a continuing increaso in tho future.
But should not tho coal situation bo viewed from a different and wider
standpoint? It cannot bo forgotten that among tho most wanton acts
perpetrated by the German armies during tho war was tho almost coinploto destruction by her of tho coal supplies of Northern Franco.
An entire industry was obliterated with a calulati'on and a savagery.
which it will tako many years to repair. The result lias been a grave
and prolonged shortage of coal In Western Europe. Thero can bo no
reason in equity why tho effect of this shortago should bo borne exclusively
by tho Allied nations who wero its victims, or why Germany, who delib­
erately made herself responsible for tho deficiency, should not, to the
full limit of her capacity, mako it good.
Stress is also laid upon the hardships alleged to bo inflicted upon Ger­
many by the necessity of importing in futuro iron ores and zinc. It is not
understood why Germany should bo supposed to suffer from conditions
to which other countries contentedly submit. It would appear to bo a
fundamental fallacy that the political control of a country is essential in
order to procure a reasonable share of Its products. Such a proposal finds
no foundation in economic law or in history.
Tho Allied and Associated Powers cannot accept tho speculative ostlmato presented to them in tho German note on the futuro conditions of
German industry as a whole. This estimate appears to them to bo charac­
terized and vitalized by palpablo exaggerations. No noto is taken of tho
fact that tho economic disaster produced by tho war is widespread and
indeed universal. Every country is called upon to suffer. Thero is no
reason why Germany, which was responsible for tho war, should not suffer
also.
Similarly, as regards tho population of tho futuro, no reliance can be
placed on the data which are contained in tho German note. On tho one
hand it is sought to prove that emigration from Germany will be neces­
sary, but that few countries will receive tho intending immigrants. On
tho other hand, it is sought to show that there will bo a flood of Germans
returning to their native land and live under tho conditions which havo
already been described as intolerable. It would bo unwlso to attach too
much weight to either speculation.
Finally, tho German noto rashly asserts that tho peace conditions will
logically bring about tho destruction (“ loss” in original) of several mil­
lions of persons in Germany, in addition to those who havo perished in the
war or who are alleged to have lost thoir lives in consequence of tho block­
ade. Against tho war losses of Germany might very fairly bo placed tho
far greater losses which her initiative and conduct of tho war havo inflicted
upon tho Allied countries and which have loft an ineffaceblo mark upon tho
manhood of Europe. On the other hand, tho figures and tho losses al­
leged to havo been caused by tho blockado aro purely hypothetical. The
German estimate of futuro losses could bo accepted only If tho premises
upon which it is presumed to rest aro accepted also.
But they aro entirely fallacies. Thero is not tho slightest reason to
believe that a population is destined to bo permanently disabled because
it will bo called upon in futuro to trade across Its frontiers instead of pro­
ducing what it requires from within. A country can both becomo and
can continue to bo a great manufacturing country without producing
tho raw materials of its main industries. Such is tho case, for instance,
with Great Britain, which Imports at least ono-half of her food supplies




2207

and the great preponderance of her raw materials from abroad. There is
no reason whatever why Germany, under the new conditions, should not
build up for herself a position both of stability and prosperity in the Euro­
pean world. Her territories have suffered less than those of any other
Continental belligerent State during the war. Indeed, so far as pillage or
devastation is concerned, they have not suffered at all. Their remaining
and untouched resources, supplemented by tho volume of Import trade,
should be adequate for recovery and development.
Tho German reply also ignores the immense relief that will be caused
to her people in the struggle for recovery by the enforced reduction of
her military armaments in future. Hundreds of thousands of her inhabi­
tants who have hitherto been engaged either in training for armies or in
producing instruments of destruction will henceforward be available for
peaceful avocations and for increasing the industrial productiveness of the
nation. No result should be moro satisfactory to the German people.
But the first condition of any such recuperation would appear to be that
Germany should recognize the facts of the present state of the world,
which she has been mainly instrumental in creating, and realize that she
cannot escape unscathed. The share which she is being called upon to
bear of tho enormous calamity that has befallen the world has been ap­
portioned by the victorious powers, not to her deserts, but solely to her
ability to bear it.
All tho nations of Europe are suffering from losses, and are bearing,
and will continue to bear, burdens which aro almost more than they can
carry. These burdens and losses have been forced upon them by the
aggression of Germany. It is right that Germany, which s responsible
for tho origin of these calamities, should mako them good to the utmost
of her capacity. Her hardship will arise not from the conditions of peace,
but from the acts of those who provokod and prolonged the war. Those
who were responsible for the war cannot escape its Just consequences.

G E R M A N PROTESTS A G A I N S T FRONTIERS A N D S A AR
B A S IN S E T T L E M E N T S D E N I E D BY
PEACE CONFERENCE.

The State Department at Washington on May 25 made
public the text of a further series of notes exchanged be­
tween the German peace delegates and the Council of Four,
in which the Germans protest against various features of
the peace treaty. In a note dated May 13, Count Brockdorff Rantzau deals with the proposed new frontiers of
Germany as affected by the principle of the right of popu­
lations to choose their own sovereignty. The text of the
note was as follows:

Versailles, May 13 1919.
From the German Peace Delegation to His Excellency, the President of the
Peace Conference:
Sir: Tho German peace delegation has inferred from the note of your
Excollency, dated the 10th instant, that the Allied and Associated Govern­
ments have formed the terms of tho treaty with constant thought of the
principles upon which, at the time, the armistice and the negotiations for
peace were proposed. The German delegation will not, of course, cast
doubts upon this basis; they must, however, reserve to themselves the
right of pointing out these conditions, which, according to their views, are
inconsistent with the intention of the Allied and Associated Governments.
Such inconsistency is principally obvious with regard to those conditions
of tho draft of the treaty which bear upon the cession of different parts
of the territory of the empire inhabited by a German population.
Apart from tho restitution of Alsace-Lorraine to France and from the
occupation of ICehl, which points I reserve to myself to treat later on the
temporary or permanent surrender of the following fractions of German
territory is required from Germany, the Saar Basin, the districts of Eupen
and Malmedy, as well as Prussian Moresnet, Upper Sliesia, German
districts of Middle Silesia, Posnania, West Prussia and East Prussia. The
provisions mado for the administrative department (Regierungsberzirk) of
Schleswig, also mean in the end a cession of parts of German territory.
The German delegation fully realizes that for a number of provisions on
changes in territory, contained in the draft of tho treaty of peace the prin­
ciple of national self-determination may indeed be assured, as certain
groups of tho population up to now under German dominion, e .g., Poles,
look upon themselves as non-Germans. In the Schleswig problem, too,
reasons of nationality may be alleged, albeit the German delegation can­
not seo whence tho Allied and Associated Governments derive the authority
for making the question of the boundary, to bo settled between Germany and
Denmark, an object of the peace negotiations. The neutral Danish Govern­
ment knows tho present German Government always to have been ready
to como to an understanding with it about the new frontier corresponding
to tho principle of nationality. In case the Danish Government should,
nevertheless, prefer urging its claims by taking the circuitous way of the
peace negotiations, tho German Government is not of a mind to object to
this.
But this willingness of tho German Government does not extend to those
territories of the empire which are not undoubtedly inhabited by a popu­
lation of foreign extraction.
Above it all, it deems it to be inadmissable
that by the treaty of peace German populations and territories should be
“ bartered about from sovereignty to sovereignty as if they wero mere
chattels and pawns in a game” for the purpose of giving guarantee for
financial or economic claims of the adversaries of Germany.
This especially holds good of the Saar basin. Nobody denies that an
unalloyed German population is living here. In spite of this the draft of
tho treaty of peace provides for a transfer of sovereignty over this partly
Prussian, partly Bavarian territory to France, which needs must lead up
to a completo coalescence with regard to the management of customs, the
coinage, administration, legislation and jurisdiction, or which, at the very
least, will in all these respects put an utter end to the contact of the Saar
district with tho rest of the empire. The authorities of the occupying
Powers cannot bo ignorant of the fact that the whole pouplatlon is resisting
with tho utmost determination such a severing from the old home country.
Tho few persons pretending to think otherwise, because they either fawn
upon the existing power or hope to secure for themselves illicit gains, do not
count.
It would bo all to no purpose to object that the occupation is only meant
to last for fifteen years, and that on the expiration of this day a plebiscite
is to decide on the future nationality, for the return of the territory to
Germany has been made dependent on the German Government then being
ablo to buy within short delay all the coal mines of the territory from the
French Government against (word obscure) in gold, and if payment can­
not bo affected tho country is finally to pass over to France, even though
tho population should unanimously have voted for Germany. Consider­
ing tho financial and economic conditions of the treaty, it appears to be
impossible that Germany would within fifteen years have the requisite

THE CHRONICLE

2308

quantity of gold at her disposal; moreover, even should the gold be in the
possession of Germany, the Inter-Allied Reparation Commission, which
then would still bo reigning over Germany, would hardly permit such a use
of tho gold to be made. In the history of modern times thero will probably
exist no instance whatever that one civilized Power has obliged another to
surrender its national (word obscure) to foreign sway as an equivalent for
a sum of gold.
In tho public opinion of the hostile countries the cession of the Saar
Basin is represented as being just compensation for the devastation of
mines in Northern France. Tho German delegation acknowledge that
Franco must be compensated for these damages. They also admit that
compensation in money alone would not meet tho present impaired economic
position of France. Tho claim to compensation in kind being thus acknowl­
edged as justified, such compensation in kind should and can bo affected
in another way than by submitting a territory to a foreign rulo which,
notwithstanding the most humane intentions of those in power, always
remains odious.
Tho German delegation is prepared immediately to enter into discussions
with the Allied and Associated Governments on tho question how the de­
ficiency in tho output of coal in the provinces formerly occupied by Germany
may bo compensated, as has been promised by Germany, till the devastated
mines are repaired. In this respect they propose that in lieu of the primitive
and disproportionate form of restitution through surrendering the Saar
coal basin and transferring its coal mines to Franco a more equitable arrange­
ment be sought.
The deficiency in coal existing in Northern Franco and Belgium should
not alone be compensated with Saar coal, but with Ruhr coal. Apart from
the fact that it would bo inexpedient on grounds of transport policy to
devote only Saar coal— which up to now had a totally different natural
market— to this purpose of compensation, it appears essential also to resort
to the Ruhr territory, as tho departments which have suffered damages
depend for their coal supply just as much on tho product of tho Ruhr
territory as of tho Saar territory.
Tho German delegation is convinced that it would not bo difficult to
arrive at an arrangement in this question of supplying coal which would
satisfy all legitimate claims o f Franco. To this end it only would be
necessary that the experts of both parties enter into direct relations with
each other and discuss tho terms of delivery on a business footing.
As to Belgium, Germany is prepared to make full reparation for tho
damages suffered by her. Therefore, sho sees no reason why she is to bo
forced to cede Prussian Moresnet and tho districts of Eupen and of Malmedy.
It is Impossible to prove that these districts are inhabited by an un­
doubtedly non-German population. Tho plebiscite through which it is
intended to give the inhabitants a seeming right of taking part in tho
determination of their futuro destiny would find no base in the principles
of peace agreed upon between tho belligerents. According to tho draft
of the treaty of peace, however, such plebiscite is not oven to bo decisive;
instead, a body in which Germany is in no way represented, is called
upon to determine tho futuro of the territory as it may think fit, oven
though the population have expressed their desiro to remain part of Ger­
many.
This provision is in itself inequitable and at variance with the principle
that no national tendencies should be satisfied if by such satisfaction now
eloments of discord and connection are created us.
Tho German delegates reserve for themselves liberty of returning to tho
provisions of tho treaty draft concerning territorial changes in tho East of
Germany in a special note.
Accept, sir, the assuranco of my high esteem.

B.— Which quantities of coal aro to bo supplied to the different regions,
in particular, of Franco?
We are prepared immediately to ascertain to what extent wo aro capable
of supplying tho required quantities and for this purpose to draw up a plan
of delivery. In so doing regard will have to be taken to tho necessity o f
providing for increased transport by sea, in view of tho long expanse of
time over which tho obligation to deliver coal is oxtonded.
It would bo necessary to fix tho details of delivery in viva voce negotiations
between the experts of tho Powers interested.
2. As to reparation of tho war damages suffered by tho coal mines we
proposo the following: Tho concerns damaged in northern Franco to par­
ticipate by shares to an extent agreed upon in such German coal mines as
are charged with tho delivery of coal to tho regions mentioned.
The details of this transaction to bo settled mutually by tho GermanFrench experts.
3. The object of the measures provided for in Article 49 and in Chapter 2
of tho annox to Part 3, Section 4, concerning tho Saar territory is, just as
that of occupation of the territory to the left of the Rhine and of tho bridge­
heads, to insure the fulfillment of the obligation whicli will be undertaken
by Germany.
These measures, as well as tho measuro of control, carried out and com­
pleted up to now by the Allied and Associated Governments, measures
which mean a restriction or cancellation of tho liberty of German cancel­
lation of tho liberty of German economic life, would, apart from tho heavy
political danger, moreover paralyzo tho concerted capacity of Germany,
tho entire maintenance of which is of the utmost importance also for her
neighbors. In lieu of these measures wo are ready to proposo a system of
guarantees of economic nature perfectly on a par with tho former.
As far as suppllos of coals enter into account, wo allow ourselves to bo
guided by the following principles:
Tho desired guarantees for regularity of production and of dolivory may
be given in the following way:
A— By tho participation of French concerns (mentioned sub voce two)
which is to bo realized to an extent insuring to them a considerable influence
upon tho administration of the German concerns in question.
— By tho grant of a right of precedence as to tho surplus of tho ontiro
German output in coals over and abovo tho homo requirements. Should
this surplus not suffice for tho discharge of tho quantities of supplies agreed
upon, tho consumption of coals from Germany, Franco and Belgium will
be rationed in duo proportion; for the purpose of superintendent tho put­
ting into execution of tho abovo-mentioned measuro a committee consisting
of representatives of Germany, France and Belgium is to bo established.
This agreement would likowiso have to tako into account tho interests of
Italy.

B R O C K D O R F F -R A N T Z A U .

In a further note, dated May 16, dealing specifically
with the Saar Basin the German plenipotentiary criticized
the Allied proposals for tho control of tho coal fields and
submitted counter proposals that Germany be allowed to
retain control of the region but that shares in German
mines be issued to French industries. This note read:
G e r m a n P e a c e D e l e g a t i o n , V e r s a i l l e s , M a y 16 1919.
S i r . — In my note of the 13th Instant on the territorial

provisions of tho
peaco draft relating to tho west of Germany, I pointed out in tho namo
of the German delegation that tho guarantees which are required, especially
for tho reparation of tho damages caused to tho coal mines of northern
Franco, could best bo given by economical agreements that should bo
discussed viva voce by tho experts of both parties. It does not appear to
tho German peaco delegation to bo advisable that such agreements should
be delayed to tho extent provided for by Paragraphs 38 of tho annex to
Articles 46 to 50 of the conditions of peace; i. e., till tho fifteen years’ period
of occupation intended for tho Saar Basin has expired.
In connection herewith, I beg to transmit to your Excelloncy tho inclosed
draft, a proposal which has been elaborated by tho experts of tho German
peace delegation, requesting you to submit tho samo to the experts of the
Allied and Associated Governments for examination and to let me have a
reply as to whether viva voce discussion of tho proposal can be taken into
view.
.
>
Tho German delegation would only contemplate publishing tho experts'
proposal if tho Allied and Associated Governments should on their part
attach value thereto.
Accept, sir, tho assurances of my highest esteem.
(Signed) BROCKDORFF-RANTZAU.
P r o p o s a l o f G erm a n E x p erts.
T o I l l s E x c e l l e n c y , th e P r e s i d e n t o f t h e P e a c e C o n f e r e n c e , M .

C lem en c ea u :

Proposal of tho German experts:
According to Article 45 of the peace treaty, tho chief object of tho meas­
ures proposed in Part 3, Section 4, concerning tho Saar Basin, is to furnish
compensation for the destroyed coal mines in the north of Franco and to
make good in part tho war damages caused by Germany. According to
Article 46 tho full freedom of exploitation is to bo insured by the provisions
contained in Chapter 2 of tho annex.
Tho point at issue is therefore to satisfy and safeguard economic interests
of France. In a like sense the provision of Paragraph 38 of tho annox
could bo taken, provided that the agreements therein mentioned between
Franco and Germany are to bo understood officially as being of an economic
nature.
W o are of opinion that this end could bo attained by other measures
than those mentioned above, namely, by such as are conducive to an adjust­
ment of tho interests of tho parties. We therefore propose tho following:
1. Having in view tho necessity of adequately supplying Franco with
coal, it does not seem advisablo to treat tho question of tho Saar territory
without having regard to the coal supplies to France and somo of her allies
provided for in Part 8, Annex 5. In order to meet the interests in question
as completely as possible tho following questions must bo answered;
A.— Which quantities of tho different kinds of coal aro required to meet
e total Inland demand in France and Belgium?




[V ol . 108.

Tho reply of tho Peace Conference to the foregoing notes
sent by Premier Clemenceau on May 24. denied the Gor­
man request in regard to the Saaro Valley, but providod a
plan whereby Germany may redeem tho region in caso tho
proposed plebescite goes in lior favor. In responso to pro­
tests against the changes in the frontiers of Germany, M.
Clemenceau declared that in not caso would tho principle
of self-determination be denied under tho peace treaty.
The note read as follows:

M a y 21 1919.
S ir :
I beg to acknowledge receipt of your letter of M ay 13 1919, and
also of your further letter of May 16. As the two communications concern
the samo subject, it will bo convenient that I should arrange thorn in ono
letter.
.
With regard to tho more general observations contained in your first let­
ter, I must emphatically deny on behalf of tho Allied and Associated Gov­
ernments tho suggestion contained in it that “ German territories aro by tho
treaty of peace mado the subject of bargains botweon ono sovereignty and
another as though they wero mere chattels and pawns in a game.” In fact,
tho wishes of tho population of all tho territories in question will be con­
sulted and the procedure followed in such consultation has boen carefully
settled with special regard to local conditions.
Territories ceded to Belgium— Full liberty is insured for popular opinion
to express itself within a period of six months. Tho only exception that has
been made applies to that part of tho territory of Prussian Moresnet lying
west of tho road from Liege to Aix la Chappello, tho population of which
numbers less than 500 inhabitants in tho woods aro transferred to Bel­
gium as part reparation for tho destruction of forests by Germany on Bel­
gian territory.
As to Slesvlg, I am to explain that this question was taken up by tho
Peaco Conference on the request of the Danish Government and tho popu­
lation of Slesvlg.
As regards tho inhabitants of the Saar Basin, tho “ domination” which is
termed “ odious” in your letter is the administration of the Leaguo of Na­
tions. Tho scheme contained in Section 4 has been drawn up with tho
greatest caro so that, while it provides compensation for tho destruction
of tho coal mines in tho north of France, it also secures tho rights and welfaro of tho population. They aro assured of tho maintenance of all their
present liberties, and in addition thero aro guaranteed to them in financial
and social matters a number of special advantages; moreover, definite
provision is mado, after a period of fifteen years, for a plebiscite which will
enablo this population, which is of so complex a character, to determine
tho final form of government of tho territory in which it lives, in full free­
dom, and not necessarily to tho advantage either of Franco or Germany.
As a larger part of your two communications is dovoted to observations
on tho schemo concerning tho Saar Basin, I must explain that tho Allied
and Associated Governments have chosen this particular form of repara­
tion because it was felt that the destruction of tho mines in tho north of
France was an act of such nature that a definite an exemplary retribu­
tion should bo exacted; this object would not bo attained by tho mere
supply of a specified or unspecified amount of coal. This scheme, there­
fore, in its general provisions must bo maintained and to this tho Allied and
Associated Powers aro not prepared to agree to any altcrnativo.
For this reason the suggestions you mako in your first letter for somo
other means of making good the deficiency of coal— a suggestion which is
developed with more precision in the annox to your second letter cannot
bo accepted. In particular, I would point out that no arrangement of the
kind put forward could give to Franco tho security and certainty which
she would receive from tho full exploitation and freo ownership of tho mines
of tho Saar.
Similarly, the proposed handing over of shares in German coal mines
situated in German territory and subject to German exploitation would bo
of doubtful value to French holders, and would creato a confusion of French
and German interests which, under prosont circumstances could not bo
contemplated. Tho completo and iminedlato transfer to Franco of mines
adjacent to tho French frontier constitutes a moro prompt, secure and
business-like method of compensation for tho destruction of tho French coal

M ay 31 1919.]

THE CHRONICLE

2209

mines; at tho same time, by stipulating that the value o f the mines should
bo credited to the reparation account duo from Germany, it makes full uso N E W C O M M I S S I O N O N R E P A R A T I O N A P P O I N T E D .
o f them as a means of payment on the general account o f reparation.
In some points your letter of the 15th seems to have been written under
a misapprehension as to the meaning and purport o f certain articles in
tho schomo. There is not, as you suggest, in the treaty any confusion
between trade contracts to be established for delivery of coal from tho
Norman Davis, Thomas W . Lamont, Vance McCormick and A. W .
Ruhr district, and the cession of the Saar mines, tho two questions are es­ Dulles of the United States.
sentially distinct.
Lord Cunliffe, General Jan Christian Smuts, John M . Keynes, and Mr.
The interpretation which you in your letter place upon Clause 36 of Summer of Great Britain.
tho annex assumes that the effect o f this clause will bo to bring about a
Louis Klotz, Captain Andre Tardieu, Louis Loucheur and M . Jouseset
result which emphatically is not one which the Allied and Associated Gov­ of France.
ernments ever contemplated. In order to remove any possibility of mis­
Signor Crespi and Signor d ’Ameglo of Italy.
understanding, and in order to avoid the difficulties which you apprehend
as to Germany’s ability to effect tho payment in gold, contemplated in this
clauso, the Allied and Associated Governments have decided that some al­
ternation is desirable; they propose, therefore, to substitute for tho last
United States—Bernard M . Baruch, John W. Davies and Vance M c­
paragraph o f the said clause tho following:
Cormick.
Tho obligation of Germany to make such payment shall be taken into
Great Britain— William Morris Hughes, Sir John Simon, and Lord Cunaccount by the reparation commission, and, for tho purpose of this pay­ liffe.
ment, Germany may create a prior charge upon her assets or revenues
France—L. L. Klotz, L. D. Loucheur and A. F. Lebrun.
upon such detailed terms as shall be agreed to by the reparation commis­
Italy— Antonio Salandra and General Badogiio.
sion
Japan— Baron Makino and Baron Nobuakl.
If, nevertheless, Germany after a period o f one year from the date of
which the payment becomes duo shall not have effected the said payment,
the reparation commission shall do so in accordance with such instructions
W . C. B U L L I T T ' R E S I G N I N G F R O M P E A C E C O M ­
as may be given by the League of Nations, and, if necessary, by liquida­
tion that portion o f the mines which is in question.
M I S S I O N , SEES C E N T U R Y OF W A R F A R E .
I havo, &c.,
(Signed)
G. CLEMENCEAU.

The appointment of a new Commission on Reparations
was announced on May 26 by the Peace Conference. The
members of the new Commission are:

The Commission on Reparations as originally constituted
had the following members:

RUMOR T H A T PR ES ID EN T W ILSO N REQUESTED
W I T H H O L D I N G OF T R E A T Y T E X T — S U M M A R Y
S A I D TO BE “ B A D L Y M U D D L E D . ”

Tho roason for the failure of the “Big Four” to authorize
the publication of the full text of the German peace treatylias aroused much discussion in the press, both here and in
Europe. Intimations have appeared in some quarters
that the decision to withhold publication was taken at the
instance of President Wilson for the alleged reason that ho
did not want the full text published in tho United States
until his return. This statement appeared in tho “Echo
de Paris,” but has been flatly denied by the President’s
friends. A special dispatch from Washington to the New
York “Sun” on May 26 quoted Administration officials
as saying that “it was not President Wilson” who initiated
tho move for secrecy, but furthor than this officials declined
to go. A copyrighted dispatch to the “Sun” from Paris
under dato of May 26 discussing the reason for withholding
the treaty, said:
The demand o f the Senate that tho treaty be made public has many sym­
pathizers in the American delegation here, also in France and England.
Copies o f the treaty reprinted from German papers are now selling in Rot­
terdam for 40 cents; yet the Big Four is standing by the decision not to
publish the document until tho Germans sign or refuse to sign.
Those who have seen the treaty say that the official summary was a bad
Job. the worst features being the economic and reparation summaries,
which aro said to havo been hopelessly muddled. It is also said that tho
summary is too brief to give oven a faint conception of what tho treaty
really contains, and that if published many would be convinced of its ab­
solute unworkability.
This is held to bo the chief reason the Big Four hesitates to publish tho
treaty, but having chloroformed point one long ago Europe is not sur­
prised that Wilson consented to road the burial service.
Tho President's frlonds Insist that he wanted certain parts printed, but
that ho was blocked by Premiers Clemencoau and Lloyd Georgo, princi­
pally the latter. On tho other hand tho French papers virtually accuse
tho President of saying that Clemenceau is to blame. Tho “ Echo do Paris”
gives the following explanation:
Tho publication of tho treaty wouldn’ t inconvenience tho Big Four
if each would submit it to his respective Parliament. Premier Clem­
enceau could easily answer all interpellations and Premier Lloyd George
could roach homo quickly If his policy were attacked In tho IIouso of Com­
mons. The same is truo o f Orlando. But with Wilson it would bo impos­
sible for him to roach America quickly.
This is tho basis of his stand against publication, as ho knows his politi­
cal enemies would make tho treaty a basis of attack on his policies.
This explanation is flatly denied by the President’s friends. According
to them tho President, when ho learned the German papers were printing
the treaty, gave orders to havo copies prepared for sending to America. Ho
then reconsidered, saying ho must consult Lloyd Georgo, who is said to
havo objected on tho ground that ho feared that publication would bring
on a terrific attack on him, as already the Liberals and Laborites had signed
a protest, and that the Manchester “ Guardian.” In a bitter attack, had
called tho treaty monstrous. On the other hand. Premier Lloyd-George
is said to havo pointed out, the Conservatives do not want any changes
at ail.

Advices from Washington to the “Tribune” of this city
on May 22 stated that while the full text of the treaty had
boon received at the State Department, it would not be
available, even for members of the Foreign Relations Com­
mittees of tho Sonato without express orders from President
Wilson. The dispatch added:
It was suggested in one quarter that the publication o f tho treaty at this
time, when minor changes in tho text may be made because of inconsistcn.
clos In certain paragraphs or contradictions in some o f the terms of the
pact, Immediately would be seized upon by opponents o f both Lloyd George
and Clemenceau as political thunder. It was pointed out that withholding
the treaty until all these minor changes are made would prevent embarrass­
ment to tho loaders of tho French and British Governments, in tho Houses
of which thoro prevails substantial opposition parties to tho present Gov­
ernments, who, it was said, would hold the Primo Ministers accountable
for any change in the treaty, no matter how unimportant.




W. C. Bullitt, attached to the American Peace Mis­
sion, as an expert on Russian affairs, whose resignation was
referred to in our issue of last week (page 2092) sent a letter
to President Wilson explaining the reasons for his action, in
which he predicted that, as a result of unjust territorial
settlements and the inability of the proposed League of
Nations to prevent wars, the peoples of the world were
about to be delivered over to “new oppression, subjections
and dismemberments—a new century of warfare.” Mr.
Bullitt who recently returned to Paris after an investiga­
tion of Russian conditions, said in his letter of resignation:

I have submitted to the Secretary of State my resignation as assistant in
the Department of State and attache to the American commission to nego­
tiate peace. I am one of the millions who trusted implicitly in your leader­
ship and believed you would take nothing less than “ a permanent peace"
based on unselfish, unbiased Justice." But the Government has con­
sented now to deliver the suffering proples of the world to new oppressions,
subjections and dismemberments— a new century of war.
I can convince myself no longer that effective labor for a “ new world
order” is possible as a servant of this Government. Russia, the “ acid test
of good will” for mo. as for you, has not ever been understood. Unjust de­
cisions regarding Shantung. Tyrol, Thrace, Hungary. East Prussia, Danzig
and the Saar Valley and abandonment of the principle of freedom o f the
seas make now international conflicts certain.
It is my conviction the present League of Nations will be powerless to
prevent these wars, and tho United States will be involved in them by ob­
ligations undertaken through the Covenant of the League and in a special
understanding with Franco. Therefore the duty of tho Government of the
United States to its own people and to mankind is to refuse to sign this un­
just treaty; refuse to guarantee its settlements by entering the League of
Nations, and refuse to entangle the United States further by an under­
standing with France.
That you persistently opposed most o f the unjust settlements; that you
accepted them only under great pressure is well known. Nevertheless it
is my conviction that if you had made your fight in tho open instead of
behind closed doors you would have carried with you tho public opinion
o f the world, which was yours; you would have been able to resist the
pressure and might have established the “ new international order, based
upon broad universal principles of right and Justice" of which you used to
speak.
I am sorry you did not fight our fight to a finish and that you had so
little faith in the millions of men like myself in every nation who had faith
in you.
______________________

U N ITED

S T A T E S TO K E E P S E IZ E D G E R M A N A N D
A U S T R IA N SHIPPING.

Tho United States is to keep the 700,000 tons of German
and Austrian shipping seized in American ports when this
country entered the war, according to an announcement
made at Washington on May 26, which stated that President
Wilson had sent word from Paris that the Council of Four
had reached a full understanding on tho subject. Great
Britain, it was said, had proposed that this tonnage, as well
as German ships seized in other countries, be placed in a
common pool and allotted on the basis of tonnage lost
through action of enemy submarines, but the United States
steadfastly refused to accede to this plan. The British are
said to have exhibited extreme dissatisfaction when it be­
came known the United States was to get this great fleet,
and there were rumors that they might persuade the Peace
Conference to a distribution, which would give Great Britain
a larger share in view of her heavy losses through the activi­
ties of the German submarines.
Tho United States, it is stated, will buy the ships which
now are being used mostly for transport purposes, but which
are to be converted into cargo and passenger carriers for
the world’s trade. It is considered unlikely that there will
bo any cash payment, as the value of the ships, estimated
at $126,000,000, will be set off against the claims which the
United States has against the German Government for U-boat
destruction and for the confiscation of property in Germany
owned by American citizens. The Germans sank about

3210

THE CHRONICLE

350.000 tons of American shipping during the war, for which
they are to bo held accountable, and they have a heavy score
to meet because of the sinking of the Lusitania and the loss
of many American lives.
Twelve Austrian ships seized in American ports are like­
wise to be retained by the United States under the terms of
the treaty of peace.
#
Ninety-one German passenger and cargo ships were in­
terned in ports of the United States when war broke out in
1914. All of them were soized by the United States Govern­
ment when America entered the war. The seized ships
range from the giant Vaterland, of 54,000 tons, now the
Leviathan, to vessels of only 900 tons. Included in the list
is the George Washington, 25,378 tons, used by President
Wilson on his voyages to and from Europe^President Grant,
18.000 tons; the America, 22,622 tons; Mount Vernon,
formerly the Kronprinzessin Cecilie, 19,503 tons; Aeolus,
formerly the Grosser Kuerfurst, 13,102; Mercury, formerly
the Barbarossa, 10,893 tons, &c. The full list of the seized
ships and the ports at which they were laid up is as follows:

[V ol . 108.

Mr. Taft’s defense of the treaty came after the Rev.
Henry W. Pinkham had urged the adoption of a resolution
attacking the treaty as a violation of the principles upon
which a lasting peace could be obtained. The resolution
is tabled.
RECOMMENDATIONS OF TAXATION COMMITTEE OF
NATIONAL ASSOCIATION OF MANUFACTURERS.

The Committee on Taxation of the National Associa­
tion of Manufacturers in its report submitted at the annual
convention on May 20, stated that its investigations “have
convinced it that an unfair proportion of Federal revenue
is now raised through the taxation of personal and industrial
corporate income.” Continuing it said in part:

We believe this to be not only an unfair but an unsound public policy
for in addition to the unequal distribution of tlio tax burden, by consoll
dating rather than distributing contribution to the support of Govern­
ment, it tends to relieve a vast proportion of our population of personal
interest in, or concern about, the cost of Government or the system through
which it Ls met. Direct contribution to tho support of the rovonuo system
interests every individual to tho oxtont of his participation and emphasizes
a responsibility of citizenship.
A
T
B
A
L
T
I
M
O
R
E
.
A T N EW Y O R K .
Your committee observes, with concern, that tho tondoncy established
G ross T o n s .
V a lu e .
Gross Tons.
Value.
out of wartime necessity to rest the great burden of taxation upon per­
V a t e r l a n d ( L e v i a t h a n ) .5 4 ,2 8 2 8 8 ,0 0 0 ,0 0 0 R h o i n ........................................................10 .0 5 8 S I . 5 0 0 ,0 0 0
sonal
and corporate incomo by direct excise threatens to continue and
G e o r g e W a s h i n g t o n — 2 5 ,5 7 0 4 ,5 0 0 ,0 0 0 N c c k a r ________________ 9 ,8 3 5 1 ,3 5 0 ,0 0 0
become crystallized into a peace time policy. Wo believe that public and
K a is e r W ilh e lm I I .
_
B u l g a r ia ______________ 1 1 ,4 4 0
1 ,7 5 0 ,0 0 0
2 ,5 0 0 ,0 0 0
( A g a m e m n o n ) ._____ 1 9 ,3 6 1
political attention should bo earnestly and emphatically directed toward
P r e s i d e n t G r a n t _______ 1 8 ,0 7 2 3 ,5 0 0 ,0 0 0
A T S A V A N N A H , G A .
tho imposition of sales, tariff and consumption taxes, which tend to oper­
P e n n s y l v a n i a __________ 1 3 ,3 3 3 3 ,0 0 0 ,0 0 0
H o h c n f e l d e ___________ 2 ,9 7 4
8 4 0 0 ,0 0 0
ate upon expenditure, as well as Incomo, are simple in operation and con­
G r o s s e r K u e r f u r s t _____ 1 3 ,1 0 2 1 ,5 0 0 ,0 0 0
B a r b a r o s s a _____________1 0 ,9 8 4 1 ,7 5 0 ,0 0 0
veniently and Inexpensively administered. This is particularly true of
A T N O R F O L K ,V A .
P r in c e s s I r e n e __________1 0 ,8 9 3 1 ,7 5 0 ,0 0 0
a well-devised non-cumulativo sales tax.
8 6 5 0 ,0 0 0
F r ie d r ic h d e r G r o s s e . . l 0 , 7 7 1
1 ,7 5 0 ,0 0 0 A r c a d i a ______________ 5 ,4 5 4
The present law is in immediate need of correction and modification to
H a m b u r g _______________ 1 0 ,5 3 1 2 ,5 0 0 ,0 0 0
insure certainty of definition, convenience and promptness in tho making
K o e n i g W i lh e lm I I ____ 9 ,4 1 0 2 ,0 0 0 ,0 0 0
A T S O U TH PO R T, N . C.
B o h e m i a ______________ 8 ,4 1 4 1 ,2 5 0 ,0 0 0 N i c a r l a ................................................8 .9 7 4
$ 5 0 0 ,0 0 0
of returns, expedition in ultimate accounting and flexibility of adminis­
A r m e n i a _______________ 5 ,4 6 4
7 5 0 ,0 0 0 K i e l __________________ 4 ,4 9 4
5 7 5 .0 0 0
tration, which is essential to the interest of both the taxpayer and the Gov­
6 0 0 ,0 0 0
A d a m s t u r m ____________ 5 ,0 0 0
ernment.
P i s a ..................................................... 4 ,9 6 7
6 0 0 ,0 0 0
A T C H A R LES TO N , S. C.
We recommend tho adoption of tho following specific suggestions for tho
P r in c e J o a c h i m ________ 4 ,7 6 0
6 0 0 ,0 0 0 L l e b e n f e l s ______ _____ 4 ,5 2 5
$ 5 7 5 ,0 0 0
P r i n z E l te l F r i e d r i c h . . 4 ,6 6 0
6 0 0 ,0 0 0
immediate revision of the existing Revenue Act:
5 5 0 ,0 0 0
A l l e m a n n i a ____________ 4 ,6 3 0
A T JA C K S O N V ILLE . F L A .
M a g d e b u r g ____________ 4 ,4 9 7
5 7 5 ,0 0 0
1. Basis for Determining Gain or Loss (.Section 202).
$ 3 5 0 ,0 0 0
H a r b u r g ________
4 ,4 7 2
5 7 5 ,0 0 0 F r i e d a L e o n h a r d t _____ 2 ,7 8 9
It should be provided that when a person owning property exchanges
N a s s o v la ____________ 3 ,9 0 2
4 0 0 ,0 0 0
that property for stock of a corporation issued against it, no gain or loss
A T N EW LO N D O N .
P o r t o n l a ............................................. 2 ,7 7 8
3 5 0 ,0 0 0
8 6 5 0 ,0 0 0
M a l a ....................................................... 2 ,5 5 5
3 5 0 ,0 0 0 W l l l e h a d ......................................... 4 ,7 6 1
should bo deemed to result from tho exchange.
C l a r a M e n n l g _________ 1 ,6 8 5
2 0 0 ,0 0 0
Thero should bo no attempt to tax stock or securities received for other
A T N EW O R LEA N S .
I n d r a ( s h ip ) ___________ 1 ,7 4 6
1 5 0 ,0 0 0
stock or securities in connection with a reorganization, merger or con­
M a t a d o r ( b a r k ) ....................... 1 ,4 6 8
1 0 0 ,0 0 0 B r e s l a u ............................................. 7 ,5 2 4 $ 1 ,0 0 0 ,0 0 0
solidation,
even though tho par value of the securities received exceeds
A
n
d
r
o
m
e
d
a
___________
2
,5
5
4
3
0
0
,0
0
0
A T BO STON.
A m e r i k a ................................................2 2 ,6 2 2 8 4 ,0 0 0 ,0 0 0
that of the securities exchanged.
A T S A N F R A N C IS C O .
_
C i n c i n n a t i _____________ 1 6 ,3 3 9 3 ,0 0 0 ,0 0 0
2. Net Losses (Section 201).
* ^ '2 2 2
K r o n p r in z e s s in C e c ilie . 1 9 ,5 0 3 3 ,0 0 0 ,0 0 0 S e r a p ls ...........................- ................. 4 ,7 5 6
K o l n ..............................................
7 ,4 0 9
1 ,0 0 0 ,0 0 0 O t t a w a ( b a r k ) ................... 2 ,6 5 9
Tho net loss provision should bo made applicable to any year beginning
19 7
5 0 ,0 0 0
W i t t e k i n d ....................................... 5 ,6 4 0
6 5 0 ,0 0 0 N e p t u n (s c h o o n e r )-------after Oct. 31 1918.
O c k e n fe ls _____________ 5 ,6 2 i
6 5 0 ,0 0 0
A T A S T O R IA , O R E .
A T M A N IL A .
Limitation of Tax Upon Gains Resulting from Sale of Capital Assets
$ 1 5 0 ,0 0 0
S a c h s e n .................................................. 8 ,0 0 7 8 1 ,0 0 0 ,0 0 0 A r n o ld u s V I n n c n (s h ip ) 1 ,8 6 0
(Section 211 b).
1 7 o ,0 0 0
6 75 ,0 0 0 K u r t ( b a r k ) _____________3 ,1 0 9
M a r k ............ ...................................... 6 ,5 7 9
Tho gains resulting from the sale of capital assets should for purposes
B o c h u m _______________ 6 ,1 6 1
6 75 ,0 0 0
A T P O R T LA N D , O R E.
T u b i n g e n ______________ 5 ,5 8 6
6 5 0 ,0 0 0
of
taxation
be
pro-rated
through
tho years during which the asstes havo
$ 2 5 0 ,0 0 0
A n d a l u s i a ___- ________ 5 ,4 3 3
6 5 0 ,0 0 0 D a l b e k ( b a r k ) _________ 2 ,7 2 3
been owned.
C a m il la R l c k m c r s ____ 5 ,1 3 0
6 0 0 ,0 0 0
A T W IN S LO W , W A S H .
S a m b l a .................................................. 4 ,7 0 5
6 0 0 ,0 0 0
4. Income of Proceeds of Life Insurance Policies— Premiums Paid by Cor­
8 2 0 0 ,0 0 0
E a s ll n g e n ______________ 4 ,9 0 2
6 0 0 ,0 0 0 S te ln b e k ( s h ip ) ________ 2 ,1 6 4
porations for Employees' Insurance.
E l m s h o r n _____________ 4 ,5 9 4
5 7 5 ,0 0 0
A T S EA T T LE , W ASH.
S u e v la ______________ 3 ,7 8 9
5 5 0 ,0 0 0
The proceeds of life insurance policies received by corporations should
S
a
x
o
n
l
a
_______________
4
,4
2
4
$
5
7
5
,0
0
0
C o b l e n z .............................................. 3 ,1 9 0
5 0 0 ,0 0 0
not bo taxed.
R a j a h .......................................
2 ,0 2 8
3 0 0 ,0 0 0
Premiums paid by employers on accident, health or life Insurance poli­
A T C R IS T O B A L , C . Z .
L y c e m o o n ____________ 1 ,9 2 5
2 5 0 ,0 0 0
cies In favor of tho employees ought not to be treated as additional com­
C l a r a J e b s o n __________ 1 ,7 3 5
2 0 0 ,0 0 0 P r i n z S lg ls m u n d ..................... 4 ,6 8 9
$ 6 0 0 ,0 0 0
P o n g T o n g ___________ 1 ,6 3 1
2 0 0 ,0 0 0 S a c h s e n w a ld ...........................- 3 ,5 5 9
pensation of such employees, unless they aro in fact specifically charged
®99’2 9 9
J o h a n n e ______________ 1 ,5 3 1
2 0 0 ,0 0 0 G r u n e w a l d ___________ 4 ,7 0 7
4 0 0 ,0 0 0
to the employee.
C a r l D l c d r lc h s e n ................ 1 ,2 4 3
1 7 5 ,0 0 0
5. Contributions by Corporations.
A T SAN JU A N , P. R .
___
A T P H ILA D E LP H IA .
O d e n w a l d _____________ 3 ,5 3 7 8 5 0 0 ,0 0 0
Contributions or gifts made by corporations to corporations operated
K r o n p r ln z W ilh e lm
(a u x i li a r y c r u i s e r ) .. 1 4 ,90 8 8 2 ,0 0 0 ,0 0 0
exclusively for religious, charitable, scientific or educational purposes
A T H IL O .
„„„
P r i n z E l t e l F r ie d r ic h
should be deductible as in tho case of indlvluals.
J . D . A i d e r s ................... 7 ,4 9 0
$ 7 5 0 ,0 0 0
(a u x i li a r y c r u i s e r ) .. 8 ,7 9 7
1 ,5 0 0 ,0 0 0 O .
R h a e t l a _______________ 6 ,6 0 0
70 0 ,0 0 0
6. Inventory Losses [Section 214 (12); Section 234 (14)].
A T PAGO PAG O .
__________
P r i n z O s k a r ___________ 6 ,0 2 6
6 7 5 ,0 0 0
E ls a s s ......................................................... 0 ,5 9 1
$ 70 0 ,0 0 0
Inventory losses deductible should bo defined as tho difference between
A T H O N O LU L .
tho inventory value of tho goods on hand at tho closo of tho taxablo year,
P o m m e r n ______________ 6 ,5 5 7
8 7 0 0 ,0 0 0
A T C EB U , P . I.
__________
H o l s a t i a _______________ 5 ,6 4 4
6 5 0 ,0 0 0
and the replacement cost of such goods at the timo when they aro taken
S e t o s ...................................................... 4 ,7 3 0
4 0 0 ,0 0 0 P rin c e s s A li c e ............................. 1 0 ,9 8 1 8 1 > 75 0 ,00 0
into manufacture, or sold, or at the end of tho succeeding year.
T
s
i
n
t
a
u
..............................................
1
.6
8
5
2
0
0
.0
0
0
V o g e s e n _______________ 3 ,7 1 6
5 5 0 ,0 0 0
499
7 5 ,0 0 0
P r i n z W a ld e m a r ................... 3 ,2 2 7
5 0 0 ,0 0 0 W I e g a n d ______________
7. Limi ation of Period of Examination and Assessment (Section 2.50 d).
S ta a ts e k r e t a r K r a e t k o . 2 ,0 0 9
3 0 0 ,0 0 0
A T ZA M B O A N G A , P . I.
___
The period within which examinations and assessments can be made
L o o n g M o o n _________ 1 ,9 7 1
2 7 5 ,0 0 0
____
2 ,1 6 8
$ 3 0 0 ,0 0 0
R u d o l f B l u m b o r g ............... 1 ,7 6 9
2 5 0 ,0 0 0 B o r n e o
or suits brought should bo limited to threo years, instead of the five-) ear
2 0 0 ,0 0 0
G o u v e r n e u r J a e s c h k e .. 1 ,7 3 8
2 0 0 ,0 0 0 D a r v e d i : : ....................................... 1 .3 0 8
2 0 0 ,0 0 0
period now permitted.
2 0 0 ,0 0 0 M a r u d u _______________ 1 ,5 1 4
L o c k s u n ______________ 1 ,6 5 7
Such legislative action should bo taken as is necessary to insure tho
maintenance in the Bureau of Internal Revenue of a force of auditors
competent to pass on all tax returns within a three-year period. I ho
furnishing of sucli a forco ls a correlative of tho limitation of the period
of assessing additional taxes to threo years as abovo suggested. At the
C
l
a
r
a
.
2
,5
4
1
,
a
t
N
e
w
O
r
l
e
a
n
s
.
D o r a , 7 ,0 3 7 , a t N e w Y o r k .
present timo there is great difficulty in tho Bureau in getting assessments
T e r e s a . 2 ,3 8 1 . a t N e w O r l e a n s .
I d a , 4 ,7 3 0 , a t N e w Y o r k .
definitely settled. In no way could tho satisfactory administration of
M o r a w l t z , 3 ,1 0 6 a t G a lv e s to n
H i m l a a g a , 4 ,9 4 8 , a t N e w a r k .
the tax bo so promoted as by seeing that an adequate forco is at all times
C
a
m
p
a
n
i
a
,
2
,2
6
7
,
a
t
G
a
l
v
e
s
t
o
n
.
E m y , 6 ,5 1 5 , a t B o s t o n .
A n n a , 9 8 9 , a t N e w O r le a n s .
F r a n c o n i a , 4 ,6 3 7 , a t P h ila d e lp h ia .
maintained in the Bureau.
B o r n e o , 2 ,3 3 7 , a t T a m p a .
8. Withholding in the Case of Non-Resident Aliens (Section 221).
Tho requirements that employers withhold 8% from the compensa­
T
o
n
n
a
g
e
o
f—
tion
of non-resident aliens in excess of SI,000 per annum should either be
T o n n a g e o f—
„„„ „ . .
H a n s a L i n e ____________________ 2 2 ,6 3 6
H a m b u r g - A m e r lc a n L i n e ------------ 2 8 9 ,2 4 5
abandoned or made more easily workable. Non-resident aliens should in
K o s m o s L i n o ____________________ 9 ,4 8 6
N o r t h G e r m a n L l o y d ...............................2 3 3 ,7 5 8
all cases bo given tho benefit of the same personal exemptions as aro given
O t h e r lin e s .................................................................. 2 7 ,9 8 4
G e r m a n - A u s t r a ll a n L i n e ---------------2 9 ,1 2 0
to residents.
War Profits and Excess Profits Taxes.
This tax should be eliminated and a straight corporation Incomo tax
W. II. TAFT DESCRIBES TREATY AS RECITAL OF should bo substituted.
FACT THAT 11 WAGES OF SIN IS D E ATH .”
Estate. Transportation and Insurance, Beverages, Cigars, Admissions and
Dues.
All these miscellaneous taxes would seem to be desirable from the stand­
point of business. They securo the spreading of taxes over a broader
base and can, to some degree, prevent laying upon incomes still greatet
The treaty is a recital of tho fact that tho wages of sin ls death, and that
burdens.
people who have violated and outarged justice and right as tho German
Excise Taxes.
people have, should bo restrianed by a treaty that will keep them on their
If the taxes imposed by Section 900, in respect of various manufactured
knees to which they have been driven in order that they may bo kept in a
useful attitude o f reflection until they bring forth fruits meet for repen­ articles, cannot be abolished, doubtful points should bo cleared up. For
example:
ance.

The largest of the Austrian ships seized at the outbreak
of war was the Martha Washington, a vessel of 8,132 tons.
The other Austrian ships were:
By companies the seized vessels are listed as follows.

Former President William H. Taft in defending the Ver­
sailles peace treaty at a meeting of the American Unitarian
Association in Boston on May 20 is reported as saying:




M ay 31 1919.]
(а ) I t s h o u l d
ce s so rie s ” ;

THE CHRONICLE

b o m a d e c le a r a s t o

A v h a t is c o v e r e d

by

“ a u to m o b ile a c ­

2211

C o n fe r e n c e r e c e n t ly h e ld

(б ) N o s u c h g e n e r a l la n g u a g e a s “ s p o r t i n g g o o d s ” s h o u ld b e e m p lo y e d ,
b u t th e s p e c i fic a r t ic le s in t e n d e d t o b e t a x e d s h o u ld b e m e n t io n e d ;

a t W a s h in g to n

and

th e p r o g r e s s t h a t w a s b e in g

m a d e b y t h e c o m m is s io n in d e p a r t m e n t a l iz i n g it s w o r k .

C h a ir m a n I lir s c h

an n ou n ced

th in g s ; F ir s t, th e

t h a t t h e c o m m is s io n

is b e g in n in g t h r e e n e w

m a t t e r o f im p r o v e d r u ra l e d u c a t io n ; s e c o n d , b e t t e r m a r k e t in g fa c ilitie s
(c )
A ll d if f ic u l t y a s t o th e d e fin it i o n o f “ a r tic le s m a d e o f f u r ” s h o u ld b e
fo r fa r m s ; th ir d , th e p r o b le m o f la n d lo r d a n d t e n a n t .
T h o c o m m is s io n
corrected .
w a s g iv e n a v o t e o f th a n k s fo r its e x c e lle n t w o r k .
s o -c a lle d
s e m i - l u x u r y t a x e s , ” i m p o s e d b y S e c t i o n 9 0 -1 , s h o u l d b e
A n o t h e r b r o a d s u b je c t w h ic h in te r e s te d th e c o u n c il w a s e d u c a t io n — b o t h
e n tir e ly a b o lis h e d .
o f th o b a n k e r a n d th e p u b lic .
F r o m t h e f i r s t a n g l e t h o m a t t e r w a s in ­
S p e cia l T a x es .
t r o d u c e d b y P r e s id e n t J . C . T h o m s o n o f t h e A m e r ic a n I n s t it u t e o f B a n k in g ,
T h e c a p it a l s t o c k t a x s h o u ld b e a b o lis h e d .
w h o s p o k e o f t h e s e r v i c e t h e i n s t i t u t e h a d r e n d e r e d in t h e p a s t i n t h e a r m y
'I h i s t a x u p o n
t h e f a i r v a l u e o f c a p i t a l s t o c k ” Is o n e w h ic h c a u s e s g r e a t
a n d n a v y , in t h e f l o t a t i o n o f L ib e r t y lo a n s , & c . , a n d t h e s e r v ic e it e x p e c t s

rho

d if f ic u l t ie s o f a d m in is t r a t io n a n d in v o lv e s c o r p o r a t io n s in t r o u b le in m ilk ­

to

in g re tu r n s w h ic h a re o u t o f p r o p o r t io n t o th e a m o u n t o f t h e t a x .

m e n t a l a le r t n e s s o n

p o r a t io n s h a v e

been

s u b je c t e d

o th e r s , it w o u ld s e e m
th e

b a s is o f it s h o u ld

to

h e a v y s p e c ia l ta x a tio n

A s cor­

n o t a p p ly in g t o

t h a t t h is t a x c o u ld in ju s t ic o b e a b o lis h e d .

r e n d e r in t h e f u t u r e t h r o u g h

its in s is te n c e o n

e d u c a tio n a l

t h e p a r t o f t h e r is in g g e n e r a t io n

t h e S t a t e S e c r e t a r i e s S e c t i o n , in c o - o p e r a t i o n w i t h G e o r g e E . A l l e n , E d u c a ­
tio n a l

D ir e c t o r

of

th e

I n s titu te

and

D r.

P.

p .

C la x to n ,

b o o k v a lu e o f a s s e t s ,” w h ic h w a s a d o p t e d in t h e S e n a te d r a ft .

C o m m is io n e r o f E d u c a t io n , t o p r e p a r e a t e x t b o o k o n

A C T IO N T A K E N A T SPRING M E E T I N G OF E X E C U T I V E
COUNCIL OF A M E R I C A N B A N K E R S ’ ASSOCIATION.

is t o e d u c a t e t h e p u b lic m in d

and

fin a n c e

s u ita b le

fo r

u s e in

th e

e le m e n ta r y

and

U n ite d

e le m e n ta r y
h ig h

s c h o o ls

s e c u r e it s in t r o d u c t io n in t o s u c h s c h o o ls o f t h e U n it e d S t a t e s .

P r o b le m s
d e ta il

by

p a r tic u la r ly a ffe c t in g

P r e s id e n t

P r e s id e n t M a d d o x

R obert

m ade

a

F.

th e a s s o c ia tio n

M addox

num ber

in

w ere tre a te d

h is

a d dress

o f c o n s tr u ctiv e

to

w ith

th e

s u g g e s tio n s

great

C o u n c il.
in

regard

t o a s s o c ia t io n a ffa ir s a n d h is a d d r e s s w a s r e fe r r e e d t o a c o m m it t e e o f f iv o
w i t h i n s t r u c t io n s t o p r e p a r e a n d p r e s e n t r e c o m m e n d a t i o n s f o r t h e C o u n c i l ’s
g u id a n c e .

T h is

c o m m itte e

b r o u g h t in

th e fo llo w in g r e c o m m e n d a tio n s :

F i r s t . T o p o s t p o n e u n t il t h e a n n u a l m e e t i n g in S e p t e m b e r c o n s i d e r a t i o n
o f th e p r o p o s a l t o r e m o v e th e h e a d q u a r te r s o f th e A s s o c ia t io n t o W a s h in g ­
ton .
S e c o n d . T o c o n f i r m t h e a c t i o n o f t h e A d m i n i s t r a t i v e C o m m i t t e e in d e f i n ­
in g t h e e lig ib ilit y o f m e m b e r s t o in c lu d e b e s id e b a n k s , c o r p o r a t io n s a n d
f ir m s e n g a g e d in t h e f o ll o w in g lin e s : D e a le r s in c o m m e r c ia l p a p e r d e a le r s
in I n v e s t m e n t s e c u r it ie s ; d e a le r s in r e a l e s t a t e m o r t g a g e s e c u r it ie s
t itle
c o m p a n ie s ; s a fe d e p o s it c o m p a n ie s ; a n d M o r r is P la n b a n k s
T h ir d . T o e n d o r s e a n a tio n a l b u d g e t s y s te m fo r th e
U n ite d
S ta tes
G ov ern m en t.
F o u r t h . T o a m e n d t h e c o n s t it u t io n a n d b y - l a w s in t h e f o ll o w in g p a r t ic u ­
la r s a c c o r d in g t o d r a f t s p r e p a r e d b y J u d g o B a t o n :
(а ) S o a s t o p r o v id e f o r a n A s s is t a n t T r e a s u r e r
(б ) S o a s t o r e q u ir e t h e r e p o r t o f t h e N o m i n a t in g C o m m it t e e a t t h e a n n u a l
m e e t in g t o b o m a d e b e f o r o t h e la s t s e s s io n .
(c ) S o a s t o p r o v id e t h a t t h e S e c o n d V ic e - P r e s id e n t s h a ll b e a m e m b e r
o f th e A d m in is tr a tiv e C o m m it t e e .
O f) S o a s t o p r o v i d e t h a t in m a t t e r s o f s p e c i a l i n t e r e s t t h e S t a t o o f
F e d e r a l L e g is la t iv e C o m m it t e e o f a n y s e c t io n m a y p r o c e e d in d e p e n d e n t ly
o f t h\o AS
cd
L e g isla Y
t i v’ e- C
o m m“/vvw
i t t e e o f ttuu
h e aoauvjicitiun
a s s o c i a t i o n ill
in w
h ic h
i t a t ev noorn sl<
ve r a I no.
'-''—
wilicn
h eo _ o
v tt h
n o u t o f ii +
en vv epnn tf tt h
e x p e n .sn
e shrill
s h a ll b
e nrvirl
p a id h
by
ho
e c
so
eo
c ttin
io n
t s o_____
w n a_____
p p r o p r i•a t i o n
a n d th e S ta te o r h cd cra l u
L te sgw
i silaa ut ivv ue v
C^oumi m
muiittttee e o if it n
h e a s s o c i a t i o n s h a ll
ta k e n o a c t io n e x c e p t u p o n th e o r d e r o f th e a s s o c ia tio n .
T h o r e c o m m e n d a tio n s a s o u tlin e d
In a d d it io n , a t th e r e q u e s t o f th e
fo llo w in g r e s o lu tio n s w e r e p a s s e d :

above

w ere a d op ted

C o m m itte e o n

S ta te

u n a n im o u s ly .
L e g is la tio n , th e

“ R e s o lv e d , T h a t th e G e n e r a l C o u n s e l o f th e a s s o c ia tio n b e In stru ete
. t o d r a ft a n d th e C o m m it t e e o n S ta te L e g is la tio n t o r e c o m m e n d fo r e n a c
m e n t in t h e v a r io u s S t a t e s w h e r e n e e d e d a n a m e n d m e n t o f t h e N e g o t ia b
I n s t r u m e n t s A c t o r o t h e r f o r m o f s t a t u t e w h i c h w ill m a k e i t s a f e f o r b a n !
t o r e c e iv e o n d e p o s it o r t o p a y c h e c k s d r a w n b y o ffic ia ls o f c o r n o r a t lo n s c
o t h e r fid u c ia r ie s to th e ir p e r s o n a l o r d e r .
18 01 c o r I > o r a t i o n s c
“ F u r t h e r , T h a t t h e G e n e r a l C o u n s e l e n d e a v o r t o p r o c u r e th e m -r m im o m lt fo n o f s u c h le g is la tio n b y t h e C o m m is s io n e r s r a U n ^
“ R e s o l v e d , '1 h a t t h e G e n e r a l C o u n s e l b e i n s t r u c t e d t o d r a f t a n d t h e C o i r
m itte e o n S ta te L e g is la tio n t o r e c o m m e n d f o r e n a c t m e n t i n t h e v a r l o n
S t a t e s w h e r e n e e d e d a p r o p o s e d la w w h ic h w ill m a k e it l a w f u ? f o r b J n k s t
p a y a c h e c k w it h in t e n d a y s a ft e r d e a t h o f th e m a k e r .”
1
D a n fcS 1
The

c o u n c il a ls o

p a ssed

a r e s o lu tio n

u r g i n g t h e a m e n d m e n t o f S e c t io i

5 2 0 9 o f t h e R e v i s e d S t a t u t e s s o a s t o r e s t o r e t h e p e n a lt y o f im p r is o n m e n
fo r fr o m

fiv e t o

ten

o f n a tio n a l b a n k s .

y e a rs fo r m e r ly im p o s e d fo r

s p e cia l

by

o ffic e r

c o m m it t e e

a p p o in te d

to

d is c r e tio n a r y

c o n s id e r

th o

w ith

m a tte r

of

th e

and

ITEM S

ABOUT

BANKS,

TRUST

CO M P AN IE S,

ETC.

No sales of bank or trust company stocks were made at
the Stock Exchange or at auction this week.
Four New York Stock Exchange memberships were re­
ported sold this week, the consideration in each case being
$85,000, $87,000, and the last two $90,000, respectively.
The various local exchanges will remain closed to-day
(Saturday, May 31) following yesterday’s Memorial Day
holiday. The action of the Governors of the New York
Stock Exchange in deciding to observe to-day as a holiday
was reforred to in these columns last week, similar action
was taken this week by the New York Cotton and the New
York Coffee & Sugar Exchanges. Outside New York the
Boston, Philadelphia and Baltimore Stock Exchanges are
among those which will close for the two days. The New
Orleans Cotton Exchange, while open yesterday (May 30)
will be closed to-day.
The business of the Sherman National Bank of this city
was taken over by the Irving Trust Co. on May 24 and the
bank is now known as the “Irving Trust Co., Sherman
Office.” Reference to the fact that interests connected
with the trust company had purchased control of the Sher­
man National was made in these columns May 17. Formal
action on the question of placing the bank in voluntary
liquidation will bo taken by its stockholders on June 26.
James F. McClelland, Professor of Mining and Metal­
lurgy of the Sheffield Scientific School of Yale University,
and a Director of Engineering Research of the Hammond
Laboratory, has joined the staff of the industrial department
of the Liberty National Bank of New York. The bank says:
M r . M c C le lla n d h a s h a d a w id e e x p e r ie n c e c o v e r i n g e n g in e e r in g p r o b le m s
b o t h in t h e fie ld

and

in t h e r e s e a r c h l a b o r a t o r y , t o g e t h e r w it h s e r v ic e a s

h ea d o f th e d e p a rtm e n t o f p ro d u ctio n

e n g in e e r in g f o r t h e A ir c r a f t B o a r d

W a s h in g t o n , d u r in g th e w a r .

A s a n e x p e r t e n g in e e r

th e d e v e lo p m e n t a n d b r o a d e n in g o f s c o p e o f t h e in d u s tr ia l d e p a r t m e n t

o f th o b a n k .

H e w ill s e r v e a s c o n s u lt in g e n g in e e r o n q u e s t io n s o f in d u s tr ia l

research an d
C o r p o r a t io n .

p r o d u c tio n ,

b oth

fo r

th e

bank

and

th e

L ib e r t y

S e c u r itie s

d e fin it e p o lic y fo r t h o fu t u r e c o n d u c t o f t h e o ffic ia l jo u r n a l o f t h e a s s o c ia t lo i
b r o u g h t in t h e f o l l o w i n g r e p o r t , w h i c h w a s u n a n i m o u s l y a d o p t e d ;
“ T h e c o m m it t e e v o i c e s it s h e a r t y a p p r o v a l o f t h o o r c .H .m t
m a d e b y P r e s i d e n t M a d d o x i n h is a d d r e s s t o t h e C o u n c i l o n t h e gs u b j e c
o f th e J o u r n a l, a n d a ft e r c a r e fu l c o n s id e r a t io n o f h is r e m a r k s a n d t h o s u f f
g e s tio n s o ffe r e d b y th e E d to r o f th e J o u r n a l th e c o m m it t e d u n n in n S
r e c o m m e n d s t o t h o C o u n c il th e a d o p t i o n o f t h e f o llo w in g r e s o lu tio n s ‘
“ 1. T h a t th e p a g e s o f th e J o u r n a l b e r e o p e n e d t o c o n t r ib u t e d a r t c lc s
“ 2 . T h a t th e C h a ir m a n a p p o in t a s e c r e t c o m m it t e e o f th r e e b a n L r
r e a d ily a v a ila b le t o th e o f f ic e o f p u b lic a t io n , s u c h c o m m it t e e t o n a ss m
a r t i c l e s s u b m i t t e d a n d t o a c t in a n a d v i s o r y c a p a c i t y U t l i e G e n e r a l S e c r e t a r !
a n d t h e E d i t o r i n m a t t e r s c o n n e c t e d w i t h t h e p o l i e v o f t lm J o u r n a l
t
J
" 3 . T h a t th e a d v e r tis in g o f fo r e ig n a n d d o m e s t ic b a n k in g in s t it u t io n '
b e a d m it t e d t o th e jo u r n a l, w ith th e p r o v is o th a t th e s n a r e S
in ™
d o m e s t i c b a n k s h a ll n o t e x c e e d o n e - q u a r t e r p a g e , a n d w it h t h e fu r tlu n
p r o v is o t h a t n o c o v e r p o s i t io n o r a n y o t h e r p r e fe r r e d p o s i t io n b e a s sig n e d
t o a n y s u c h d o m e s tic b a n k a d v e r tis in g , a n d th a t n o s u ch c o n t r a c t b e m a d ,
fo r a lo n g e r p e r io d th a n o n e y e a r .
tra ct m. m auc

A capital increase of $1,000,000 was voted at a special
meeting of the stockholders of the Liberty Securities Cor­
poration held on May 23. This increase was authorized
in tho form of 10,000 shares of 8% cumulative preferred
non-voting stock of $100 par value. The new issue is pre­
ferred both as to dividends and distribution. It is redeem­
able at $105 on any dividend date and will be offered for
subscription at par pro rata to the holders of the present
30,000 shares capital stock, which becomes common stock
without par value. The officers of this company are Har­
vey D. Gibson, President; Sidney W. Noyes and Joseph A.
reading
*
Bowor,
Vice-Presidents; Frederick P. McGlynn, Secretary
In addition to the above the association makes tho follow­ and Treasurer,
and H. S. Bartow, Assistant Secretary and
ing roport:
Assistant Treasurer.
“ 4 . T h a t I t b e th e d e c la r e d p o lic y o f th e jo u r n a l th a t c o m p lim e n ta r y
n o t ic e s o r e d ito r ia ls c o n c e r n in g e ith e r m e m b e r b a n k s o r a d v n rH a e rs *h n b
n o t b o p u b lis h e d in t h e c o lu m n s d e v o t e d t o
m a tte r "
41

T h o c o u n c il g a v e c lo s e a tte n tio n to th e r e p o r t o f th e C o m m it t e e o n C o m ­

m e r c e a n d M a r i n e , t h e n e w e s t a c t i v i t y o f t h o a s s o c i a t i o n , v o i c i n g it s h e a r t y
a p p r o v a l o f t h e c o m m i t t e e 's f i n d i n g s a g a i n s t
o p e r a tio n
p la n
th e

of

th e

A m e r ic a n

t o r a is e 3 5 0 ,0 9 0 b y
cou n try

lis t e n e d

in

in t e n t ly

order
to

a

m erch an t

m a r in e

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

a p p r o v in g

m e a n s o f c o n t r ib u t io n s fr o m

to

carry

on

p re se n ta tio n

th e

c o m m i t t e e ’s

o f th e r a ilr o a d

W a r fie ld , P r e s id e n t o f th e N a tio n a l A s s o c ia tio n
S e c u r it ie s , b u t w it h o u t t a k in g a n y a c t io n .

w ork .

q u e s tio n
of

a

and

p roposed

t h e la r g e r b a n k s o f

O w n ers

The
by
of

S

c o u n c il
D a v ie s
R a ilr o a d

T h e c o u n c il a ls o g a v e c o r d ia l r e c e p t io n t o th o r e p o r t o f C h a ir m a n J o s e p h
H ir s c h

o f th e

A g r ic u ltu r a l




C o m m is s io n ,

who

t o ld

about

th e

A g r ic u ltu r a l

*

Memorial resolutions on the death of Robert J. Lowry
and Janies K. Lynch, former Presidents of the association,
were passed by the council.

in

•

to

T h e o b je c t

b a n k in g a n d fin a n c e s o th a t th e p e o p le

h e c o m e s t o t h e L ib e r t y p e c u lia r ly w e ll e q u ip p e d t o b e o f g r e a t a s s is ta n c e

cou r

o u tlin in g

in

S ta tes

b a n k in g

a s a w h o le , m a y a p p r o a c h b a n k in g p r o b le m s w it h g r e a t e r u n d e r s t a n d in g .

in D a y t o n , O ., a n d

A s t h e s t a t u t e w a s c h a n g e d in 1 9 1 8 , t h e o l d d e t e r r e n

p e n a lt y w a s s tr u c k o u t a n d it w a s m a d e
w h e th e r t o im p o s e a fin e o r im p r is o n m e n t .
A

embezzlement

and

B e fo r e

t h e m e e t in g o f th e c o u n c il c a m e t o a c lo s e , a r e s o lu t io n w a s p a s s e d a s k in g

I f n ot,

b e m a d e s im p le , a s f o r e x a m p le , t h e b a s is o f " n e t

Details of the proceedings of the spring meeting of the
Executive Council of the American Bankers’ Association,
held at White Sulphur Springs, W. Va., on May 19, 20 and
21 are made public to-day (May 31) by the Association.
The latter reports that the meeting was notable in many
ways—the attendance was the largest in the history of the
association at any similar function, the meetings were
characterized by absolute harmony, and, last but not least,
constructive action was taken on matters of policy affecting
the association, not only in its own affairs but in its points
of contact with present problems of the nation. Among
other things the association has the following to say as to
the proceedings:

fit n e s s

o f b an k ers.

Tho Bankers Trust Co. of this city purchased on May 21
from the Central Union Trust Co., through the real estate
firm of Albert B. Ashforth, Inc., the property at 25 East
57th Street, formerly the home of Cornelius Vanderbilt,
together with the adjoining house, 23 East 57th Street,
at one time the residence of E. L . Marston, the combined
properties forming a plot having a frontage of 49 ft. on

2212

[Vol . 108.

THE CHRONICLE

57th St. and ofJlOO.5 ft.ron*Madison Avenue. It is the in­ A request for a charter for the Capitol National Bank of
tention of the Bankers Trust Co., we understand, to erect Boston, capital $200,000, has been made to the Comptroller
branch office building on the site. The company already of the Currency.
conducts an uptown office in the Astor Trust Building,
at 42d Street and 5th Avenue, which was established when Although it was only a year ago last March that the
the Bankers Trust Co. absorbed the Astor Trust Co. in Hanover Trust Co. of Boston moved into spacious banking
April 1917. The Union Trust Co. (merged with the Central quarters in the Journal Building at the corner of Washington
Trust Co. in June of last year) acquired the properties in and Water streets, that city, occupying at the outset only
question several years ago with the intention of erecting a half the floor space, the growth of the institution has been so
branch bank building, but since the Central Union Trust extensive during the period as to have made it necessary to
Co. now maintains an uptown branch at 5th Avenue and add still further to its quarters. To do this, a store adjoining
the Journal Building was taken over and the entire premises
60th Street, the project was abandoned.
were rebuilt. This work was completed prior to May 1,
on that date the officers of the institution held a recep­
According to an announcement made May 23 by the and
for their patrons and guests from 9 a. m. to 4 p. m.,
Guaranty Trust Co. of New York, its subscription to the tion
during which hours the commodious new quarters were open
Victory Liberty Loan for itself and customers amounted to for
followed by a dinner at the Hotel Georgian in
$124,407,750 at the close of business on May 20, the date the inspection,
evening, at which the directors entertained a company
for filing final reports with the Federal Reserve Bank. of
prominent State and city officials and invited guests,
This, it is claimed, is the largest subscription made known among
those invited being Governor Coolidge, Lieutenantto date by any bank or trust company in the country.
Governor Cox, State Treasurer Charles L. Burrill, Mayor
and men prominent in financial and commercial cir­
“Trading with the Far East,” a companion volume to Peters,
cles.
The
is ornamented with bronzo pillars with
“Trading with Latin America,” is a new title in the foreign green marblefacade
trimmings and bronze grill work. The bank­
trade series issued by the Irving National Bank of this city. ing quarters are
located on the first floor and aro finished in
It marshals facts and information for the man who is too Italian marble with
Ionic columns. Here are tho receiving
busy to gather them first hand, and outlines effective ways and paying tellers and
and bond departments, as
of meeting the problems arising in connection with the well as rooms for officerssavings
and customers. A modern safe
routine of trade activity in the Orient. In acquainting the deposit vault, with a capacity
of 400 deposit boxes, is placed
manufacturer or exporter with outstanding factors in trade
beyond the Pacific, it provides an interpretation for com­ in the basement as are also rooms for women customers and
mercial purposes of conditions in what promises to be one the officers.
of our most exceptional markets for years to come.
The opening on May 12 of a Pittsburgh office by tho Phila­
The International Banking Corporation at 55 Wall Street, delphia banking house of Cassatt & Co. is announced. The
office, which is located in Suite 1315, Union Bank Build­
this city, announces the receipt of a cablegram reporting the new
ing, is in charge of S. N. Richardson, for the past six years
opening on May 16 of the new branch at Rangoon, Burma, associated
with the bond department of the Union Trust Co.
The corporation now has 25 branches, of which 16 are in of Pittsburgh.
Besides its Philadelphia and Pittsburgh
Asiatic countries.
offices the firm also has an office in Baltimore. With regard
The American Foreign Banking Corporation announces the to the firm’s entry into the Pittsburgh field, Pittsburgh
removal of its offies to larger quarters at 53 Broadway, “Money and Commerce” on May 10 said in part:
this city, where it has leased the entire premises.
The growing interest of American investors in foreign
securities and the belief that more information should be made
available regarding foreign conditions and places, particu­
larly those of South America, has brought about the prepara­
tion by Imbrie & Co. of this city of a booklet giving briefly
some historical facts with regard to the City of Rio de
Janeiro, Brazil, together with a table showing the prices
of that city’s external bonds as traded in on the London
Stock Exchange during the past 29 years.
The depositors with the Lafayette Trust Co. of Brooklyn
are to receive a substantial dividend, probably 30%, within
few weeks, according to an announcement made on May 17
by State Superintendent of Banks George I. Skinner. Mr.
Skinner has directed his attorneys, as soon as several pending
matters are disposed of, to make application to the Supreme
Court for authorization to pay the additional dividond.
Dividends aggregating 55% have already been paid to the Isaac Warner Roberts has been elected a director of the
depositors of the Lafayette Trust Co., and, with tho addi­ Real Estate Title Insurance & Trust Co. of Philadelphia.
tional moneys to be disbursed, the total dividends paid Mr. Roberts is Vice-Prosident of tho Lumbormon’s Insur­
probably will reach 85% of the claims of these depositors. ance Co. and is tho son of George B. Roborts, who at one
The large distribution in the form of a dividend at this time time was President of the Pennsylvania RR. Co.
is made possible by the recoveries from stockholders on their To commemorate “a half century of progress and pros­
statutory liability and the proceeds from the widely adver­ perity,” the Miners Bank of Wilkes-Barro has issued an
tised sale of a second mortgage, which sale was finally closed artistically printed and illustrated book, bound in cloth,
on May 15 last. Every effort, it is stated, will be mado to giving
history of tho institution from its inception
reduce the remaining assets to cash with a view to closing in 1868a completo
to
1918.
On July 9 1868 we are told, the original
this liquidation and paying a final dividend.
institution, then known as the Miners’ Savings Bank of
began business with a capital of $75,000, only
The Comptroller of the Currency has issued a charter for Wilkes-Barro,
half of which was paid in, Augustus C. Laning, one of
the proposed Liberty National Bank of Jamestown, N. Y. about
the foremost citizens of Wilkes-Barre at that time, being its
Capital, $200,000.
_
first President. In January 1871 it was decided to call upon
The Comptroller of the Currency announces the issuance the stockholders to pay in tho balanco ($37,500) of their
of a charter to the City National Bank of Perth Amboy, subscriptions, and two years lator (January 1873) at the
N. J. Capital, $100,000. Josoph E. Strieker is President annual meeting of the stockholders action toward increasing
the capital to $150,000 was takon. In 1912 the Anthracite
of the institution and J. F. Ten Broeck, Cashier.
Savings Bank was merged with tho institution, and tho
Tho Kingston National Bank of Kingston, N. Y. (capital, following year its present handsome bank building was
$150,000), has been placed in voluntary liquidation, having erected. Again in 1915 the Peoples Bank (organized in
1871) was consolidated with tho Minors Bank, and still later
been succeeded by the Kingston Trust Co.
(1916) the steamship ticket agency and foreign oxohange
a

T h o o p e n in g o f t h o o f f i c e s h e r o b y t h is f ir m is o f p e c u lia r in t e r e s t a n d im ­

p o r t a n c e in P it t s b u r g h , in v i e w o f t h o f a c t t h a t t h e r e is a n in t e r e s t in g h is ­
t o r ic a l c o n n e c t io n b e tw e e n

P it t s b u r g h a n d C a s s a t t & C o . , a n d t h a t w h ile

t h e h o u s e is w e l l k n o w n in t h i s d i s t r i c t i t is w i t h p a r t i c u l a r p r i d e t h a t t h e y

c a n s a y t h e y a r e r e t u r n in g h o m e .
A le x a n d e r J o h n s o n , g r e a t-g r a n d fa th e r o f t h o p r e s e n t h e a d o f th o fir m ,
w a s th o fir s t C a s h ie r o f t h o B a n k o f P it t s b u r g h , n o w

th o B a n k o f P itts ­

b u rgh . N . A .
C a s s a tt & C o . w a s fo u n d e d b y R o b o r t S . C a s s a tt, o n o o f th e fir s t M a y o r s
o f A lle g h e n y , w h o r e m o v e d t o

P h ila d e lp h ia a t th e c lo s e o f t h o C iv il W a r

a n d e s t a b lis h e d t h e b a n k in g h o u s e in 1 8 7 2 , h a v i n g a s p a r t n e r s J . O . G a r d ­
n e r C a s s a t t a n d J o h n L lo y d o f A lt o o n a .
Tho
h is t o r y o f t h e h o u s e h a s b o e n in t e r e s t in g .

On

M arch

31

1881

P r a n k A . D ic k a n d E r a u s I t. D ic k w o r e a d m itte d t o p a r tn e r s h ip s a n d th e

fir m

tir e d

a




c o n t in u e d a s C a s s a tt, D ic k & C o .
and

w ere su cceeded

changed

to

C a ssa tt,

C a ssa tt

and

R obert

by

R obert

T ow nsend

II.

&

T ow nsond

O n F e b . 1 1882 M o ssrs. D ic k re ­

II.

C o .,
Jr.

T ow nsend

th o

In

Jr.

m em bers

1893

J o lin

Tho

b o ln g

nam e

J.

L lo y d

w as

G ard n er

rc -o n te r e d

th e fir m .
O n M a y 1 1 9 0 6 R o b e r t K . C a s s a tt, s o n o f th o la t e A . J . C a s s a tt, fo r m e r ly
P r o s id o n t

of

th o

P e n n s y lv a n ia

R a ilr o a d ,

and

W .

P lu n k o t

S tew a rt

w ere

a d m itte d a s p a rtn e rs.
O n M a y 1 1 907 J . G a r d n e r C a s s a tt a n d J o h n L lo y d r e tir e d .
T h e p r e s o n t m e m b e r s o f t h o fir m a ro : R o b e r t K . C a s s a tt, W . P lu n k e t
S to w a r t, T . J o h n s o n W a r d , O . P . C o lw e ll, W . W . C o n n e lly .

THE CHRONICLE

M ay 31 1919.]

business conducted by Ellis & Roichman, of Wilkes-Barre,
was added to the organization and now forms the Foreign
Department of tho bank. To-day the Minors Bank of
Wilkes-Barre lays claim to being the largest financial insti­
tution in Luzerne County, Pa., with a capital of $750,000
backed by surplus and undivided profits of $2,367,977.
Fred M. Kirby is its President. Mr. Kirby was the organ­
izer of the firm of F. M. Kirby & Co., which‘.in}1912 was
morgod into tho colossal corporation styled “Tho Woolworth
Co.,” of which ho is Vice-President and a director.
James Dunn, Jr., for two years past Head of the Income
Tax Department of the Citizens Savings & Trust Co. and
the Union Commerce National Bank of Cleveland, has been
elected to a Vice-Prosidency of “Tho Citizens.” The two
banks are under joint ownership. Mr. Dunn will continue
to direct tho income tax activities of tho two banks which
are undertaking to render their customers a specialized ser­
vice along the lines of preparing and checking Federal
tax returns. Mr. Dunn came to Tho Citizens from the
United States Internal Itovenuo Service, where for seven
years ho had been speciliazing in income tax work. Beforo
that tiino ho was connected with Corrigan McKinney & Co.,
one of tho largest steel concerns in the Cleveland district.
Mr. Dunn is tho author of “How The New Federal Incomo
and War Revenue War Laws Affect Your 1918 Income,”
and has also prepared a number of Incomo Tax Record
blanks designed to facilitate the preparation of war oxcoss
profit tax returns. Tho Citizens Savings & Trust Co. at tho
same time appointed E. C. Genee an Assistant Secretary,
succeeding It. R. Lee, who has engaged in business in Now
York.
Tho $40,000 increase in tho capital of the Citizens National
Bank of Gabon, Ohio, raising tho amount from $60,000 to
$100,000, has been approved by the Comptroller of tho
Currency.
Tho National Bank of tho Republic of Chicago has ap­
pointed James S. Baloy, Manager of its new Department
of Analysis and Statistics. This department was recently
installed for tho purpose of oxtending to tho bank’s customers
a larger service, which will includo furnishing statistics on
tho progress of business in various sections of tho country,
analysis of special buying, selling and cost problems, and
other helpful counsel and information to moot the specific
requirements of firms or individuals. Mr. Baley comes to
his now work from tho A. W. Shaw Co., where ho supervised
special financial investigations for the Shaw Bureau of Busi­
ness Standards. Ho was joint author and supervising oditor
of tho Shaw Banking Series and has written extensively on
other financial and businoss subjects.
On May 14 1919, pursuant to the policy established twenty
years ago, at which time “The Bank Pension Fund” was
inaugurated, tho First National Bank of Chicago and its
affiliated institutions, tho First Trust & Savings Bank and
the National Safo Deposit Co., entered into an arrangement
with tho Equitable Life Assurance Society of the United
States under which approximately 700 employees of these
institutions are insured for a total sum of $2,000,000. In
its announcement regarding this the First National Bank says:
U n d e r t h o a r r a n g e m e n t o f f ic e r s a n d e m p lo y e e s a r e in s u r e d f o r a n a m o u n t
e q u a l t o 3 5 0 0 fo r e a c h y e a r o f s e r v ic e w it h c ith e r o f th o th r e e in s titu tio n s ,
w it h

a m a x im u m

in s u r a n c e u n d e r th is p la n o f 3 5 ,0 0 0 f o r a n y in d iv id u a l;

t h u s , a n e m p l o y e e w i i o li a s b e e n c o n n e c t e d w i t h t h e b a n k f o r s i x y e a r s is
e n t it l e d t o 3 3 ,0 0 0 o f in s u r a n c e , w h ilo o n e w h o lia s s e r v e d t h o in s t it u t i o n f o r
t e n y e a r s is e n t it l e d t o 3 5 ,0 0 0 o f I n s u r a n c e , a ll o f w h i c h is w i t h o u t c o s t t o
th e

in d iv id u a l.

In su ran ce.

e lig ib lo

fo r

C le r k s w it t i o n o y e a r o f s e r v ic e t o t h e ir c r e d it a r e in ju r e d

fo r

$ 5 0 0 , w h ic h

Ono

year

o f s e r v ic e

is

n ecessary

to

becom o

a m o u n t a u t o m a t i c a lly in c r e a s e s a t t h e r a t e o f 3 5 0 0 p e r y e a r

fo r e a c h y e a r o f s e r v ic e .
T h o g r o u p In s u r a n c e p la n e x p la in e d a b o v e in n o w a y a ffe c t s " T h e B a n k
P e n s io n
fu n d

F u n d ,”

w h ic h w a s e s ta b lis h e d o n M a y

b o c a m o o p e r a t iv e It w a s o p t io n a l w it h

w h e th e r

or n ot

th ey

r e q u ir e d t o d o s o .

s h o u ld

e n ter,

1 1899.

A t th o tim e th o

th o o ffic e r s a n d c le r k s a s to

b u t s u b s e q u e n t e m p lo y e e s

have

been

U n d e r tiio p la n o ffic e r s a n d e m p lo y e e s c o n t r ib u t e 3 %

o f t h e ir m o n t h ly s a la r y t o t h o f u n d , t ills a m o u n t b e in g d e d u c t e d f r o m t h e ir
m o n t h ly p a y .

A n e m p l o y e e u p o n a t t a i n i n g t h e a g o o f s i x t y y e a r s is p e r ­

m it t e d t o r e tir e a n d t a k o t h o b e n e fit s p r o v id e d , w h ilo r e t ir e m e n t a t s ix t y f l v o y e a r s Is c o m p u l s o r y o x c e p t w h e n t h o e m p l o y e e i s s p e c i a l l y
t o r e m a in .

req u ested

E m p lo y e e s w h o h a v e b o o n w it h t h o in s t it u t io n f o r t w e n t y - f i v o

y e a r s o r m o r e a r e e n t it le d t o life p e n s io n , w h ile t lio s o w h o s o t e r m o f s e r v ic e
has been

u n d e r t w e n t y -fi v e y e a r s s h a ll n o t b o e n t it le d

t o a p e n sio n fo r a

lo n g e r t im e th a n t h o t im e o f th e ir s e r v ic e .
T h e a m o u n t o f t h o p e n s i o n a l l o w e d is o n a b a s is o f o n o - f i f t i e t h
s a la r y

a t th o

m a x im u m
p lo y e o

o f th e ir

d a t e o f r e tir e m e n t f o r e a c li y e a r o f s e r v ic o g r a d u a t e d

p e n sio n

is e n t i t l e d

o f $ (> ,0 0 0 p e r a n n u m .
to

r e c e iv e o n o -iia lf th o

Tho

w id o w

am ount

to

of a
w h ic h

deceased

to

a

om -

her hu sban d

w o u ld h a v o b e e n o n t lt le d . b u t d o e s n o t r e c e iv e a p e n s io n fo r a lo n g e r p e r io d
o f y e a r s t h a n h e r h u s b a n d ’s te r m o f s e r v ic o .

lle s id o th o p e n s io n p r o v id e d ,

th o w id o w w o u ld a ls o r e c e iv e t h o in s u r a n c e m e n t io n e d a b o v e a s t h o g r o u p
p o lic y

in c lu d e s e m p lo y e e s a ft e r t h e y




becom e

p e n sio n e r s.

In

a d d it io n

to

b a n k s ’ lia v o fr o m
b o n u s e s in

2213
th o

in s u r a n c e a n d

p e n s io n

fu n d

b e n e fits ,

th e

a ffilia t e d

t im e t o t im e s in c e th e o u t b r e a k o f th e w o r ld w a r d e c la r e d

v a r y in g

a m o u n ts fr o m

5%

to

12}<J % .

a t w h ic h t h o in s u r a n c e a r r a n g e m e n t w a s c o m p le t e d
e m p lo y e e s w a s d e c la r e d .

A t t h e s a m e m e e tin g
a n o th e r b o n u s t o th e

T i l l s b o n u s is p a y a b l e o n J u n e 1 a n d e m p l o y e e s

w it h m o r e t h a n t w o y e a r s o f s e r v ic e t o t h e ir c r e d it w ill r e c e iv e 1 0 %
y e a r ly s a la r y , w h ilo t h o s e w h o s e te r m
r e c e iv o 5 %

o

o f th e ir

e r v l c e is l e s s t h a n t w o y e a r s w i l l

o f th e ir y e a r ly s a la r y .

Plans to increase the capital of the Calumet National Bank
of Chicago from $100,000 to $300,000 have been approved
by tho Comptroller of the Currency.
A meeting of the stockholders of the First National Bank
of Milwaukee, which, as stated in our issue of ]May 3 and
May 24, is about to merge with the Wisconsin National
Bank of that city, has been called for June 19 1919 to con­
sider and act on merger plans.
A chart defining the salient features of the outstanding
Liberty Loan issues up to the Fifth Loan, was recently issued
by the bond department of the First National Bank of Mil­
waukee. On tho back of the chart are tables from which
the yield on present holdings might be ascertained.
The directors of the National State Bank of Boulder,
Colo., at a meeting on May 24 voted to increase the capital
from $50,000 to $100,000, effective July 1, subject to the
approval of the Comptroller of the Currency. The ad­
ditional stock will be taken up by the present stockholders.
The bank has added a savings department.
Application has been made to the Comptroller of the
Currency for a charter for the Kew Valley National Bank of
Topeka, Kans., capital $100,000.
Jake Easton, formerly President of the Citizens National
Bank of Antlers, Okla., has been elected as an active Vice­
President of tho Exchange National Bank of Tulsa, Okla.
The American National Bank of Little Rock, Ark. (capital'
$750,000) has been placed in voluntary liquidation having
been succeeded by the American Bank of Commerce & Trust
Co., which, as noted in these columns May 10, has been
created through the consolidation of the American National,
tho Bank of Commerce and the American Trust Co.
Guy C. Philips of Fayetteville, Ark., who had been acting
as Arkansas representative of the Mississippi Valley Trust
Co. of St. Louis, Mo., has been elected Assistant Executive
Officer of the company.
At the annual meeting of the Citizens-Union National
Bank of Louisville (the result of the union of the Citizens
National Bank and the Union National Bank) held on May
, W. C. Montgomery of Elizabethtown, Ky., and J. W. Barr,
Jr., were added to the directorate of the institution. Mr.
Montgomery is a director of the Louisville Branch of the
Federal Reserve Bank of St. Louis and has served a number
of terms as a member of the Executive Committee of the
Kentucky Bankors’ Association. Mr. Barr is President
of the Fidelity & Columbia Trust Co. of Louisville which
recently became unified (see our issue of April 26) with the
Citizens-Union National Bank.
Tho Comptroller of the Currency announces his approval
of an increaso of $50,000 in tho capital of the State National
Bank of Maysville, Ky., the amount thereby becoming
$150,000 instoad of $100,000 as previously.
Tho First National Bank of Mayfield, Ky., and the
Farmers’ National Bank of that city have been consolidated
undor tho charter and title of the First National Bank, with
a capital of $150,000. The combined capital of the uniting
banks was $200,000.
The Atlanta Trust Co. of Atlanta, Ga., announces the
recent election of seven new trustees as follows:
6

C h a s . I I. B la c k , W in . J . L o w e n s te in . J . R u s se ll P o r t e r a n d G . F . W illis ,
A t la n t a , G a .; M .

L . C annon,

K a n n a p o lis , N .

C .; G e o .

II.

L a n ie r , W e s t

P o in t , G a ., a n d B illu p s P h ln iz y , A t h e n s , G a .

Approval by the Comptroller of the Currency of plans
whereby tho capital of the Capital National Bank of Sacra­
mento, Cal., is raised from $300,000 to $500,000 is an­
nounced.
---- •---A permanent profit-sharing policy, applicable to all em­
ployees in tho banking departments of tho First National
Bank and tho First Federal Trust Co. of San Francisco, was
adopted by tho directors on Dec. 18. The plan is applicable
to all who have been in the service of the two institutions

[Vol. 108.

THE CHRONICLE

2214:

for one year or longer. It included the profits for the year
1918, and the following method of computation was approved:
F r o m t h e n e t p r o f i t s f o r t h e y e a r t h e r e s h a ll b e d e d u c t e d a n a m o u n t e q u a l
t o 7 % o f t h e c a p i t a l s u r p lu s a n d u n d i v i d e d p r o f i t s , a s o f t h e 1 s t d a y o f
J a n u a ry o f th e cu rren t y e a r.
A ft e r m a k in g th e a b o v e d e d u c t io n , 2 0 % o f
t h e r e s id u e o f t h e n e t p r o f i t s s h a ll b e a p p r o p r i a t e d a s t h e s h a r e o f t h e p r o f i t s
in w h ic h e m p l o y e e s ’'s h a l l p a r t i c i p a t e .
T h e f u n d s o c r e a t e d s h a ll b e a l l o t t e d t o t h e r e s p e c t iv e e m p l o y e e s in t h e
b a n k in g d e p a r t m e n t s u p o n t h o f o l l o w i n g b a s is : O n e - h a lf o f t h e f u n d s h a ll
b e d i s t r i b u t e d in t h e p r o p o r t i o n t h a t t h e s a la r y o f e a c h o f f i c e r o r e m p l o y e e
b e a r s t o t h o t o t a l s a la r ie s p a i d t o e m p l o y e e s in t h o b a n k in g d e p a r t m e n t s :
t h e o t h e r h a l f s h a ll b e d i s t r i b u t e d in s u c h p r o p o r t i o n a s t h e m o n t h l y s a la r y
m u l t i p l i e d b y t h e y e a r s o f s e r v ic e b e a r s t o t h e t o t a l o f s u c h a m o u n t s f o r
a ll e m p l o y e e s w h o s h a ll p a r t i c i p a t e in t h e f u n d .
T h o t o t a l o b t a in e d fro m
t h e t w o c o m p u t a t i o n s s h a ll b e t h e a m o u n t t o b e p a i d t o e a c h o f f i c e r o r
e m p l o y e e a s t h e ir p r o p o r t i o n o f t h e p r o f it - s h a r in g f u n d f o r t h o y e a r .

ENGL I S H F I N A N C I A L M A R K E T S — PER CABLE.

Tho daily closing quotations for securities, &c.. at London,
as reported
by cable, M
have
been as follows the past week:
London, '
ay24. May26. May27. May28. May29. May30.
Week, endingMay

Sat.

Mon.

Tues. Wed. Thues. Fri.

30—
Silver, per oz......................d. 51%
51%
Consols, 2% per cents_____ Holiday 55%
British, 5 per cents................ Holiday 94%
British, 4% per cents............ Holiday 99%
French Rentes(ln Paris), f r .. 62.50
62.45
French War Loan(lnParis),fr. 88.15
88.15

52%
55
94%
99%
62.00
83.50

52%
55
94%
99%
62.10
88.12

52%
-----55%
-----94%
-----99%
---------------......................

The price of silver in New106%
York 107%
on the 108%
same dav
hasHoliday
been:
108%

Silver in N . Y ., per oz__ cts.105%

I MPORTS A N D EXPORTS FOR APRIL.

Tho Bureau of Statistics at Washington has issued the
statement,
of the country’s foreign trade for April and from
It is announced that employees entering the service of the it and previous
statements we have prepared the following:
banks during the current year shall be paid a sum ecpiivalent
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers are In all cases omitted.)
to 5% of their monthly salary, for each three months or
M E R C H A N D I S E ____________________________
portion thereof, of their employment
Imports.
Exports.
1917.
1919.
1917.
1918.
1919.
1918.
Announcement was made recently of the amalgamation of
the Producers’ National Bank of Bakersfield, Cal. (a con­ January______
$622,553 $504,797 $613,325 $212,993 $233,942 $241,794
199,480
411,362
235.171
207,715
467.648
588,080
version of the Producers’ Savings Bank of Bakersfield re­ MFebruary.........
242.162
267,588
270,257
604,912
522,900
553.986
arch_______
253,936
278.981
500,443
529,928
272,955
714,513
ferred to in these columns in our issues of March 22 and MApril_________
549.674
322,853
280,727
550,925
ay................
260,350
306,623
483,799
573,467
April 19) and the First National Bank of that city. The JJuno................
241.878
225,926
507,468
372,758
u ly................
enlarged bank, which will continue the title First National August............
273,003
267,855
527,162
488,656
261,669
550,396
236,197
454,507
Bank, will have a capital of $400,000, with surplus of $120,­ September___
240,765
221,227
501.861
542,101
October..........
251,008
220,535
487,328
522,236
000 and assets of more than $5,000,000. The branches of November___
227,911
210,887
600,100
565,886
December___
the Producers’ National Bank at Maricopa, Taft and Wasco, T o t a l..........
.......... $3,031.213:$2.952,468
$6,149,245 $6,233.478
Cal., will hereafter become branches of the enlarged First
GOLD.
National Bank.
Imports.
Exports.
1917.
1919.
1918.
1917.
1919.
1918.
The Union Bank of Canada (head office Winnipeg) an­
nounces the following recent changes in its staff:
$4,404
$58,926
$20,720
$2,113
$3,396
$3,746
January...........
103.766
2,549
3,110
3,803
1,770

K.
F . G i l m o u r , f o r m e r l y m a n a g e r a t H a m i l t o n , O n t ., a n d p r i o r t o t h a tFobruary.........
M arch............
t im e A s s is ta n t E a s te rn S u p e rin te n d e n t, h a s b e e n a p p o in t e d m a n a g e r a t
April_________
M o n t r e a l , Q u o ., in p l a c e o f J . B . W a d d e l l , r e s ig n e d .
M ay................
P.
D ’ E . S t r i c k la n d , f o r m e r l y A s s is t a n t M a n a g e r a t T o r o n t o , O n t . , h a sJune_________
Ju ly................
b e e n a p p o i n t e d M a n a g e r a t H a m il t o n , O n t . , in p l a c e o f K . F . G il m o u r .
August............
C.
H . P e n n e f a t h e r , f o r m e r l y M a n a g e r a t P e t e r b o r o u g h , O n t ., h a s b e e n
September___
a p p o in t e d A s s is ta n t M a n a g e r a t T o r o n t o , O n t.
October______

At a meeting of the directors of the Bank ofJMontreal
on May 9 E. W. Beatty, K.C., President of the Canadian
Pacific Ry., was elected a director.

November___
December___

GOLD.
T h e B a n k o f E n g la n d g o l d r e s e r v e a g a in s t it s n o t e is s u e is £ 8 1 ,4 8 9 ,4 7 0 ,
a n in c r e a s e o f £ 2 8 5 ,1 2 0 , a s c o m p a r e d w it h la s t w e e k ’s r e t u r n .
T h e D ir e c t o r
. o f t h e U . S . M i n t h a s is s u e d t h e f o ll o w i n g e s t im a t e s o f t h e w o r l d ’s p r o d u c t i o n .

T o t a l B r it is h E m p i r e .......................................................$ 2 6 5 ,6 4 8 ,0 0 0
U n it e d S t a t e s o f A m e r i c a __________________________
8 3 ,7 5 4 ,0 0 0
R u s s i a .....................
1 8 ,0 0 0 ,0 0 0
A ll o t h e r s o u r c e s ______________________________________
5 6 ,1 8 8 ,0 0 0

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

T o t a l w o r l d ........................................................................... $ 4 2 3 ,5 9 0 ,0 0 0

$ 3 7 6 ,7 7 5 ,0 0 0

J a n ..

T h e R h o d e s ia n g o l d o u t p u t f o r M a r c h 1 9 1 9 a m o u n t e d t o £ 2 2 5 ,8 0 8 , a s
c o m p a r e d w it h £ 2 3 0 ,0 2 3 f o r M a r c h 1 9 1 8 a n d £ 2 2 0 ,8 8 5 f o r F e b r u a r y 1 9 1 9 .

M ar .

IN D IA N C U R R E N C Y R E T U R N S .
A p r i l 1 5 . A p r il 2 2 .
(7 n Lacs o f Rupees ) —
...1 5 4 0 9
15352
. . . 3 51 1
3453
...
285
285
1444
. . . 1 44 3
312
...
312
. . . 1608
1608
. . . 8250
8250

A p ril 3 0 .
15372
3474
285
1455
300
1608
8250

i w eek.
T h o s t o c k in S h a n g h a i
o n t h e 2 6 t h u l t . c o n s i s t e d o f a b o u t 3 1 , 4 0 0 ,0 0 0 o u n c e s in s y c e e a n d $ 1 8 ,9 0 0 , ­
000.
N o fr e s h n e w s h a s c o m e t o h a n d .
Q u o t a t io n s f o r b a r s ilv e r p e r o u n c e s t a n d a r d :
M ay
M ay
M ay
M ay
M ay

2 ___
3 ...
5 ___
6 ___
7 ...

. c a s h . 4 8 1 l - 1 6 d . M a y 8 _____________ c a s h . 4 8 % d . n o m .
“
4 8 .6 4 5 d .
“
4 8 l l - 1 6 d . A v e r a g e _______________
“
4 8 l l - 1 6 d . B a n k r a t e ____________________________5 %
"
4 8 9 - 1 6 d . B a r g o l d p e r o z . s t a n d a r d ___ 7 7 s . 9 d .
“
48% d.

N o q u o t a t i o n f i x e d f o r f o r w a r d d e l iv e r y .
T h e q u o t a t i o n t o - d a y f o r c a s h d e l iv e r y is 3 - 1 6 d . b e l o w t h a t f ix e d a w e e k

ago.




T o ta l..........

10.000. 000

Feb..
April.

+
+
+
+

M ay.
Ju n e .
Ju ly .
Aug .

$62,043

$552,454

|

1918.

i

1917.
$3,346
2,478
2,977
2,376
4,741
2,235
3,420
5,681
5,796
5,050
9,086
6,155

______
$71.375'
$252,8461 $84,131
EXCESS OF EXPORTS OR IMPORTS.

$53,341

$6,628
6,519
13,432
12,251
46,381
8,566
40,686
20,549
10.340
32.03S
7,150
48,306

Sllcer.

Gold.

$
+
+
+
+
+
+
+
+
+
+
+
+

$5,576
6,757
8,198
7,007

$5,887
7.694
5,556
4,353
6,272
8,965
5,538
7,50-1
10,465
6,983
4,789
10,125

19 17.

19 18 .

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

1919.

| 1917.

M erchandise.
19 19 .

139,499
32,372
52,202
91,339
27.304
18,692
4,172
4,150
2,906
17,066

$5,998
4,449;
6,963
5,081,
7.29S
5,351
5.220;
7,257
7,172
6,760
5,490
4,330,

$19,015
33,100
23,106
25,077

January’ ...........
February.........
March . ...........
April................
M ay............ ..
June................
J u ly................
August---------September___
October______
November___
December___

lin o .
SI 8 7 ,5 0 0 ,0 0 0
3 1 .0 0 0 .
000
1 4 ,7 8 2 ,0 0 0

1918.

1.912
2,746
6,621
31,892
2,597
1,555
2.611
1,470
1.920
1,766

Imports.

Exports.
1919.

.
1917.
( S o u t h A f r i c a ......................................... $ 2 0 3 ,7 4 8 ,0 0 0
B r it is h E m p i r e ! A u s t r a l i a __________________________
3 5 ,9 4 4 ,0 0 0
C a n a d a ______________
1 5 ,2 0 0 ,0 0 0
(B r it is h I n d i a .............................
1 0 ,7 5 6 ,0 0 0

S IL V E R .
T h e A m e rica n G o v e rn m e n t a n n o u n ce d o n M o n d a y th a t th e m a x im u m o f
101 % c e n t s t h e fin e o u n c e , h it h e r t o o f f i c i a l l y I m p o s e d , w a s r e m o v e d .
The
m a r k e t o n T u e s d a y w a s t h e r e fo r e fr e e f r o m r e s t r i c t io n , a n d b u s in e s s w a s
d o n e u p to 1 0 2 % cen ts.
I n t im a t i o n a p p e a r s t o h a v e b e e n g i v e n a t t h o
s a m e t im e t h a t lic e n s e s t o e x p o r t w o u ld b e f r e e l y g r a n t e d .
A lth o u g h tw o
d a y s h a v e e la p s e d s in c e t h is a n n o u n c e m e n t w a s k n o w n o n t h is s id e , c o n t r o l ,
a t t h e t im e o f “ f i x i n g ” t o - d a y , h a d n o t b e e n r e m o v e d f r o m t h e L o n d o n
m a rk et.
B u s in e s s m e a n w h ile Is in a b s o l u t e s u s p e n s e , a s t h e L o n d o n q u o ­
t a t io n s , c a l c u la t e d a s t h e y a r e u p o n t h o n o w f i c t i t i o u s b a s is o f 1 0 1 % c e n t s
( A m e r ic a n p r i c e ) , h a v e n o r e la t i o n w h a t e v e r t o t h o a c t u a l v a l u e o f s i lv e r .
T h e S h a n g h a i e x c h a n g e h a s r is e n t o 5 s . % d . t h e t a e l .
O w in g t o t h e a c t i v i t y
o f t h e I n d ia n e x p o r t t r a d e , t h e I n d ia n C o u n c il r e c o m m e n c e d o f f e r i n g r e ­
m it t a n c e s f o r t e n d e r .
T h e a m o u n t t h u s d e a l t w it h o n T u e s d a y w a s 6 0 l a c s .
A s im ila r a m o u n t w ill b o p u t u p f o r t e n d e r n e x t w e e k .
A b o u t a th ou san d
m o r e la c s o f s ilv e r a r e h e ld in t h e n o t e r e s e r v e s t h a n o n O c t . 1 5 , t h e la s t
o c c a s io n w h e n t e n d e r s w e r e s o l ic i t e d .

3.945
10,481
6,692

22,068
17,920
16,905
57.698
67,104
69,052
46,019
31.333
11,154
7,223
4,538

$41,070 $371,884
SILVER.

T o ta l..........

THE ENGLI SH GOLD A N D SILVER M A R K E T S .

We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 8 1919

5.0S4
2,810
3,560
3,599
2,704
7,200
3,277
2,284
2,178
3,048
1,580

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

+
+
+
+
+
+
+
+
+
+
+
+

19 19 .

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

Sept.
O c t ..
Nov .
D ec..

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

T o ta l

......... ...... + 3 .1 1 8 .0 3 2 ; + 3 ,2 8 1 ,0 1 0

S
+ 1 ,2 8 3
— 835
— 6 ,6 7 8
— 4 ,9 2 2

19 18 .

$
— 658
+ 2 ,5 3 5
+ 898
+ 814
— 3 ,0 2 2
— 2 9 ,1 8 8
+ 4 ,6 0 3
+ 1 ,7 2 2
— 327
+ 70 8
+ 1 ,1 2 8
— 18 6

1919.

I 1918.

S
I
$
+ 14,039
+630
+26,343 +2,070
+ 14,908 +6,469
+ 18,010 +7,170
.......... I +39,083
.......... 1 +3,215
.......... +35,466
.......... +13,292
.......... i +3,108
.......... +25,272
_____
+1,660
.......... +43,976

.................... — 2 0 ,9 7 3

.......... +181,471

Totals for merchandise, gold and silvor for ten months:

+ Exports.

10

— Imports

(000s

omit­
ted).

Ex­
ports.

Im­
ports.

Sllcer.

Gold.

Merchandise.

MOS.

Excess
of
Exports.

s

Ex­
ports.

$

Im ­
ports.

Excess
Ex­
of
Exports ports.

$
$
$
S
$
18-’ 19 5,704,919 2,473,916 3,231,003 31,647 35,150 /3 ,503 259,967
’ 17-’ 18 4,884,987 2,362,452 2,522,535184,549 85,901 98,648 84,234
’ 16-’ 17 5,166,907 2,072,005 3,094,902167,060 833,575 /665515 63,043
’ 15-’ 16 3,393,993 1,722,899 1,671,094 70,019 343,953 (273934 4 8 .938
’ 14-’ 15 2,225,824 1,374,190 851,634 142,125 88,091 54,034 42,232
’ 13-’ 14 2,045,774 1,572,114 473,660 47,096 60,749 13,653 45,481
/ Excess of Imports.

Im ­
ports.

Excess
of
Exports

$
S
63,833 196,134
57,679 26,555
28,023 35,105
28,247 20,688
23,136 19,096
26,749 18,732
#

Similar totals for the four months since Jan. 1 for six
years make the following exhibit:
4

Gold.

Merchandise.

M os.

(000s
omit­
ted) .

Ex­
ports.

1919..
1918..
1917..
1916..
1915..
1914..

S
2,530,069
1,939,502
2,164,886
1,541,131
1,159,0-13
728,038

Im ­
ports.

Excess
of
Exports.

$
S
988,708 1,541,361
962,801 976,701
965,466 1,199,420
810,112 731,019
565,830 593,213
69,733
659.105

Excess of Imports.

Ex­
ports.

Im ­
ports.

Sllcer.
Excess
o f \ ExExports^ ports.

Im ­
ports.

Excess
of
Exports

$
$
S
$
$
3
12,079 23,231 / l l , 152 100,898 27,597 73,301
15,200 11,611 3,5891 38,830 22,491 16,339
77,673 334,564 /256891 23,490 11,176 12,314
46,176 36,922 9,254 20,186 9,505 10,681
3,483 61,446 /57.903 16,139 9,767 6,372
19,032 24,954 /5,922 16,026 9,013 7,013

M ay 31 1919.1

THE CHRONICLE

2215

Auction Sales. Among other securities, the following
were recently sold
at
auction
m
New
\ork,
Boston
and
Philadelphia’
National Banks.—Tlie following information regarding By Messrs. Adrian H. Muller & Sons. New York:
national banks is from the office of the Comptroller of the Shares.
Stocks
p er cent. Bonds.
Per cent
Currency, Treasury Department:
RR.
6
d ta m u e v c ia l a x u i m X s t M & m o u s g jw u s

not usually dealt in at the Stock Exchange

.%$
2 0 N a t . T h r i f t B o n d C o r p ____90
7 5 N o r f . & S o u . R y . , p r e f .,
c t f s . o f d e p .....................................$8 lo t
10 F in c h S ch o o l o f N . Y . , 5 %
P r e f .................................................... . . S 5 0 lo t
5 0 R e d d e n M o t o r , I n c . , c o m . .$ 5 0 lo t
5 00 C u b a n M o t o r S p ir it s , p r e f . $ 2 5 lo t
1 0 1 s t M t g e . G u a r a n t e e ................... 85
5 00 U n i t e d C o p p e r C o . , p r e f .
c t f s . o f d e p ., 2 a s s ts . p d S 1 0 lo t
1 ,0 0 0 H u d s o n C o s ., p r e f ., a n d
1
62 G r e e l e y - H u d s o n S e c u r’ ie s ) $ 2 ,2 7 0
C o r p ................................................J lo t
440 R y . S to r . B a t t . C a r , p r e f ..l
8 8 0 R y . S t o r . B a t t . C a r , c o m .) $ 1 4 5
c o m ., t r . c t fs ___________■ lo t
2 4 ,5 0 0 K o r n K o b M g . & D e v . , $5
e a c h ..........................................................$ 5 0 lo t
8 S c o t m in t s , I n c . , p r e f______ \ S 2 0
8 S c o t m in t s , I n c ., c o m m o n ../ lo t

$ 1 7 ,0 0 0 2 d A v .

re c’ rs’ c t fs .

s . 4S K*

$ 1 1 ,0 0 0 2 d A v . R R . , 1st 5s, 1948,
„
. .•
a p p l ic a t io n s f o r c h a r t e r .
c t fs . d e p o s it ........................... ......... $710 lot
For organization o f national banks:
Capital
$3
1 ,0 0 0 T h e E x p o sitio n C a terin g
Tho Citizens National Rank o f Narrows. Virginia
sb.R non
Correspomlent, I. W . Chambers, Narrows. .........................
'
* 0 ? ™ ^ “ “. Y 9 ---------- ------------- $ 5 ,0 0 0 lot
$9 1 ,0 0 0 G a . C oa st & P ied m on t R R .)
The First National Bank o f Hanna, Oklahoma
25 000
s. f. 5 s, c t fs . d e p ________
1$105
^ C orresp on d en t, S. J. Spillman, Hanna.
.......................
$ 4 ,5 5 0 G a . C o a st & P ie d . R r !| lo t
The C ity National Bank o f Atchison, Kansas
100 000
In c. d e b e n tu ie s _____ ____________ |
Correspondent, C. \V. Ferguson, Atchison.
................
$455 G a . C o a st & H ied . ~ R R
T he First National Bank o f Fort Kent, M aine
25 000
c o m . v . t . c ....................................... '
Correspondent Paul D . Thibodeau, Fort K e n t.'................
$25 ,501 F ellsm ere F a rm s gen s f 1
I he Capitol National Bank o f Boston, Mass
200 000
6 s, 1925_______________________ J |
Correspondent, Thom as Nutile, B oston.
...........................
S I 93 F ellsm ere
F a rm s 11-yr
1 $50
The Northern National Bank o f Great Falls, M on tana............
100,000
n o te s, 6 s, 1925.............
i iot
Correspondent, J. M . R yan, Great Falls.
170 shares F ellsm ere F a rm s, c o m 1 1 1
The First National Bank o f Evans M ills, N . Y
25 000
25 shares F ellsm ere F a rm s, p r e f . . j
Correspondent, Orln S. Pickard, Evans Mills'."....................................
Tho First National Bank o f Rutherford C ounty at Rutherfordton, N orth Carolina____
50 000
T o succeed the Commercial Bank'o'f'Ru'th'erfor'd't'o'n'...............
Correspondent, T . F. Oates, Itutherfordton.
$
F or convension o f State banks:
Shares. Stocks,
g per sh
1 7 N a t i o n a l S h a w m u t B a n k ._ 2 3 5 - 2 3 5 K
The First National Bank o f Stoutland, Missouri
25 000
3 E ssex C o ., $50 e a ch , e x -d iv .
188 ’
1 0 L u d l o w M f g . A s s o c ., e x - d i v ___ 14 9
Conversion o f tho State Bank o f Stoutland
..................
1 B o s to n W h a r f____
gg
2 A r l i n g t o n M i l l s ............................................ .1 3 2
Correspondent, O. E . Carlton, Stoutland.
10 Merrlmac Chem., S50 e a ch llll 96
2
M
a
v
e
r
i
c
k
M
i
l
l
s
,
p
r
e
f
___________85
I ho hirst National Bank o f M inneola, Kansas
25.000
bIo,0<1 R u b b e r , p referred ___ 105-105 K
1 C o n e . & M o n . R R . , C la s s 3 _______ 6 2 K 75 Q u in cy M k t . C . S. & W . r ig h t s . 1 5 K
Conversion o f tho First Stato Bank o f M inn eola.....................
1 C o n e . & M o n . R R . , C la s s 4 ____ 6 8 K
Correspondent, First State Bank o f Minneola.
5 Y o r k M fg ., e x -d lv _______
135
1 0 N a s h u a & L o w e l l R R . ..........................1 4 7 K
Tho Peoples National Bank o f Pulaski, Virginia.........................
100,000
7 N y a n z a M ills ................. ............. 11138
2 4 W o rc e s te r C o n s . S t . R y . , p r e f .,
Conversion o f tho Peoples Bank o f Pulaski.
5 P ly m o u th C o r d a g e ____
224
$
80
e
a
c
h
____________________
3
0
K
m.Co^T,spondonfc' Peoples Bank o f Pulaski.
5 R e e d P re n tice ..................
87™
4 U n i o n S t . R y . , N e w B e d f o r d . . 95
50,000
I ho Citizens National Bank o f Smithfield, N orth Carolina____
4 7 N . H . E le c t r ic R y s . , p r e f______ 1 2 K
Conversion o f tho Johnston C ounty Bank & T r u s t I C o .,
$ 1 3 ,000 B a rr e & M o n tp e lie r T r a c &
88 N . H . E le c t r ic R y s . , c o m _____
1'/$
Smithfield.
P o w e r, e x td . 5s, 1 9 3 7 .. .....................25
6 2 W o r e . E l e c . L i g h t r ig h t s ______
4K
Correspondent, T . C . Evans, Smithfield.
Ih o St. Louis Union National Bank, St. Louis, M o ___________ 2,500,000
Conversion o f tho St. Louis Union Bank, St. Louis.
Shares. Slocks.
$ per sh.
Correspondent, St. Louis Union Bank.
/ ^cks.
$ per sh.

By Messrs. R. L. Day p&erCo..
Boston:
sh.

Shares. Stocks.

IIIIIII
Per rent

Bonds,

By Messrs. Millet, Roe & Hagen, Boston:

8 N ashaw ena M ills ............................150

15
25
12
7
3
2
20
3

T o ta l............................... ..............................................................$3,250,000
^ ,
C H A R T E R S ISSU ED .
Original organizations:
The Liberty National Bank o f Jamestown, N . Y ____________
$200,000
President, Elm er E. Wellman: Cashier, J. M . Dunbar.
Tho American National Bank o f Cisco, Texas___________
100,000
President, W . E . Morris; Cashier, F. A . Van Deren.
Tho First N ational Bank o f Pittsburg, California _
50.000
President, O. A . Pearce; Cashier.
The First National Bank o f Simla, Colorado
25.000
President, C . S. Steinmetz; Cashier, S. C . W ifUs.............."
The Farmers National Bank o f Remington. Indiana
30.000
muPr$$ki?ntl ,W,m Smalley; Cashier, Elmer Johnson?..........
The National Trust Bank o f Charleston, Illinois
200,000
Succeeds Charleston Trust and Savings B a n k 'a n d 'se c o n d
National Bank o f Charleston.
President W . II Shubert; Cashier, J. W . Gannaway
Conversions o f State banks;
y
Tho First National Bank o f Lancaster, Minnesota
25.000
Conversion o f tho First Stato Bank o f Lancaster ....................
President, T . M . George; Cashier. T . W . Shogren
First National Bank o f W oodworth. N orth Dakota
25.000
Conversion o f tho First Stato Bank o f W ood w orth ................
President, O. J. Rued; Cashier, F. E . Aberle
'
T ota l.
,
_ _ ..c h a r t e r s e x t e n d e d .
T ho Bloomsburg National Bank. Bloom sburg Pennsvlvania
Charter extended until close o f business M a y 23 1939 Van a '
IN C R E A S E S OF C A P IT A L A P P R O V E D .

2 John B. Stetson, common__ 360 K

$655,000

200,C

1

2UU,t

1

200 f

V O L U N T A R Y L IQ U ID A T IO N S .

Succeeded b y a
........... .$1,000,000

for ttio
ending May 22 at Canadian cities,noinclearings
comparison
withweek
the
of1”!') o y ° k ^
s 10ws an increase in the aggregate
Week ending M ay 2 2 .

Clearings at—

1918.
C anada— ■
M o n t r e a l______________
T o r o n t o ________________
W in n ip e g ______________
V a n c o u v e r _____________
O t ta w a _________________
V ic t o r ia .............................
C a l g a r y .............................
H a m ilto n ..........................
E d m o n t o n .. I I I I I I I?
Q u e b e c ..
S t . J o h n _____I I ...............
H a lifa x ____________I
L o n d o n _____H I
R e g in a ........... I
S a sk a to o n . I H I I I I I I
M ooso J a w ..
L e th b rid g e
B r a n t f o r d ____ H i l l *
B r a n d o n _____
F o rt W i l l i a m . . . H i l l . . .
N e w W e s tm in s te r _____' *
M e d lc ln o iH a t _________
P e te r b o r o u g h __________
Sherbrook o
..............I
K i t c h e n e r ______________
W in d s o r ___________

$
126,194,719
8 3 ,5 94,898
3 8 ,0 00,000
11,612,026
8,4 8 0 ,9 2 4
2,0 9 7 ,5 3 3
5,965,071
5 ,625,917
4,502,874
5 ,454,645
3 .094.898
4 ,253,854
2 ,904,983
3 ,467,118
1,945,774
1.486.898
730,063
1,077,109
500.000
575 .000
590 ,815
498 ,467
493 ,009
1,010,916
8 8 0 .195
1,807,308

8 0 ,6 71,489
60,190,521
3 9,349,428
10,156,268
6,0 7 8 ,9 8 4
1.847.490
5.777.491
5 ,3 1 9,316
3,385,421
4,1 8 1 ,1 9 0
2 ,218,922
3,9 8 0 ,3 0 3
2,244,681
3 ,175,619
1,621,654
1,356,981
727,236
1,063,494
512,097
563 .830
422 ,875
413.831
745,948
994 ,392
671 ,667
1,473,724

T o t a l C a n a d a ................. 3 1 0 ,965 ,07 4 251 ,144 .85 2




Inc. or |
D ec.

1917.

%
S
+ 45.6 7 3 ,7 7 0 ,0 9 7 6 3 ,6 8 9 ,1 1 5
+ 26.3 5 4 ,9 0 3 ,3 2 5 4 0 ,7 1 5 ,8 9 8
— 3.4 5 1 ,7 7 5 ,2 1 0 3 5 ,8 0 8 ,0 6 7
+ 13.4 6,4 4 4 ,4 0 0
5 ,010,452
+ 39.5 4 ,5 2 8 ,8 3 4
3,9 4 1 ,3 0 7
+ 13.5
1,083,591
1,181,100
+ 3.2 5 ,8 2 8,292
3,9 3 8 ,7 0 0
+ 5.8 4 ,8 8 1 ,2 0 5
3 ,2 1 9,717
+ 33.0 2,1 1 2 ,7 5 3
1 ,861,483
+ 30.4 4 ,1 4 0 ,5 7 0
2,8 7 7 ,9 7 6
+ 39.5
1,692,540
1,635,733
+ 0.9 3 ,4 6 4 ,8 4 5
1,840,987
+ 32.1
1,801,710
1,499,128
+ 9.2 2,5 7 0 ,1 4 7
1 ,030,360
+ 20.0 1,324,102
9 3 9 ,157
+ 9.6
9 3 2 ,334
6 7 8 ,147
+ 0.4
033 ,808
3 9 4 ,700
+ 1.3
6 97 ,845
541 ,874
— 2.4
42 7 ,2 2 7
414,091
+ 2.0
556 ,917
427 ,990
+ 39.7
288 ,005
213 ,730
+ 20.5
5 0 8 ,995
312,901
— 33.8
514 ,563
371 ,898
+ 1.6
750,171
3 9 2 ,477
+ 32.6
551 ,626
454,951
+ 26.7
+ 2 6 .2 220 ,1 8 9 ,1 7 8 180,002 .13 7

Shares.

10
20
15
50
2 ,1 0 0

Stocks."

5 per Sf,_

Geo. B . Newton Coal, 1 st p f . 40
P h ila . B ou rse, c o m ., S50 e a . 5 K
P h ila . B ou rse, p r e f., $25 e a . 20
P h ila . W a r e h o u s e ..
10 1
M o n t e C riste O il & Devel” ,

rnn ^ 51

............................ -$12 lot

500 Q ucsn elle
H y d ra u lic
G o ld
$ 2 lo t
M in in g , p ref________
1.000 Q uesnelle H . G . M g ., com_Is2 lot

Bonds.

p er cent

$200 S pringfield W a te r 5 s, 1926
70 Vi
500 A m . P ip e M fg . tr. c t fs . 5s, A ,
1927 ................................
52
1.000 C rosstow n S t. R y ., C olu m b u s.
1st 5s, 193 3_________________________ 75

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporationsName 0/ Company.

Per
Cent.

When
Payable.

Books Closed.
Days Inclusice.

Railroads (Steam).
A t c h . T o p e k a & Santa F e, c om m on (q u .
A tla n tic C o a st L in e R R . , c o m m o n .
Atlantic Coast Line Co. (guar.) ...............
B oston & A lb a n y ( q u a r .)......................
,

T h o Kingston N ational Bank, Kingston, N ew Y ork

Per cent

$ 1 0 ,000 N o rth A tla n . O y ster F a rm s
’
1st 5s, 1924_______________________ 15H
$ 5 ,000 K ansas G as & E le c . 5s, 19221 9 2 K
$ 5 ,000 R u ssian G o v t . 5 K s , 1 9 2 1 . . . 55

By Messrs. Barnes & Lofland, Philadelphia:

T otal.

Stato bank.
T o ta l.........

Bonds.

Shares. Stocks.
$ per sh
10 Provident Life & Trust.......... 436
25 Media Title & Tr., S25 each. 55
117 Elmira & W'msp’t RR., com­
mon, $50 each_____ ______ 40
5 Philadelphia Nat. Bank_____421
2 Girard Nat. Bank.................. 406
17 Philadelphia Trust_________ 651
50 Aldine Trust............................ 160
4 Tioga Trust, $50 each........... 100
5 2d 3d Streets Pass. Ry___ 220K
3 13th & 15th Sts. Pass. R y__ 200K
12 Tonopah & Goldf. R y., pref. 75
5 Fire Assoc, of Phlla., $50 each330
80 H. K. Mulford, $50 each___ 58J4

T ho Farmers and Merchants N ational Bank o f N ashville Tinned Amount.
„ Capital increased from $25,000 to $50,000.
*IUinolsT ho First National Bank o f Amsterdam N Y
on
)
Capital increased from $125,000 to $150,0007...............................
40'

Capital increased from $100,000 to $360 000 .............................
T ho Capital National Bank o f Sacramento, California
Capital increased from $300,000 to $500 000
................

10 H o o d R u b b e r , c o m .........................167 K
1 W a lth a m W a t c h , c o m m o n
40K
550 Q u in cy M k t . C . S. & W . r t s . . 'l 5 - 1 5 U

H a m ilton M a n u fa ctu rin g ........... 136
L ow ell B le a e h c r y ............................ 145
D a rtm o u th M fg ., c o m ., e x - d i v .209
N ew m a rk et M f g .............................. 150
E sm on d M ills, p referred................ 95
N a sh u a M a n u fa ctu rin g ................280
W a lth a m B lea ch ery & D . W ___ 172
L u d low M fg . A ssocia tes..............149

Buffalo & Susquehanna, com. (guar.)..
Common (extra) ....................................
Preferred.....................................................
C a nadian P a cific, c o m . (q u a r.) ( N o . 92)
fCVifc. & North W est., pref. (quar.).
C ln . N . O . & T ex a s P a c ., pref. (q u a r.)
C levelan d & P ittsb u rg h , reg . g u . (q u a r .)
Special guaran teed (q u a r .)___________
tD e la w a ro & H u d son C o . (q u a r .)___
D e tr o it & M a ck in a c, p referred____
Erie
Pittsburgh (quar.).......... ...........

Fonda Johnstown & Olov., pref. (guar.).
G reen B a y & W e ste rn ______________

Hocking Valley.............................................
tIllin o is C en tral (q u a r .)_____ ___________
M a in e C en tra l, preferred (q u a r .)___
M o b ile & B irm in gh a m , p r e fe rr e d ..
N ew Y o r k P h iladelphia & N o r fo lk .
N o rfo lk & W estern , com m on (qu ar.)
P en n sylva n ia (q u a r .)......................
P ittsb u rg h B essem er & L a k e E rie. Dref
P ittsb u rg h & W est V lr g ln la ,p r e f.(N o . 8 )
R oa d ln g C o m p a n y . 1st p ref. (quar.)
R ea d in g C o m p a n y , 2d p ref. (qu ar.)
Southern P a cific (q u a r.) ( N o . 51)
U nion P a cific , c o m m o n (auar.t

Street and Electric Railways.
American Railways, common _____________
Arkansas Vat. Ry., L. <fc P ., pref. (guar.)
B a ton R o u g e E lectric C o . , c o m . ( N o . 8 )

•P referred ( N o . 1 6 )......................................
C en tra l A r k . R y . & L . C o r p ., pref. (q u .)
C ities S ervice, c o m . & p ref. ( m o n t h ly ) ..
C om m on (p a y a b le In com m on s t o c k ) .
Cities Service, com. <1- pref. (monthly) ____

Preferred (payable in common s to c k )...
Cities Service, com. <£ pref. (monthly)____
Preferred (payable in common stock) . .
C ities S ervice, B a nkers’ Shares (m tlily .)
C olu m b u s (G a .) E le c . C o ., pref. (N o .2 6 )
D e tro it U n ited R y . (q u a r.) (N o . 6 0 ) . . .
E a stern W iscon sin E le c . C o ., pref. (q u .)
El Paso Elec. Co., com. (gu ar.) ________
I ro n w o o d & B ess. R y . & L t ., pref. (q u .)
N o rfo lk R a ilw a y A L ig h t.......... ..............
N orth ern O h io E le c . C o r p ., p ref. (q u a r.)
N orth ern T ex a s E le c . C o ., c o m . (q u a r.)
R o ch e ste r R y . & L ig h t, p ref. ( q u a r . ) . .
P referred , Scrlos B (q u a r .).............
San J oa q u in L ig h t & P o w e r, pref .(q u a r.)
T w in C it y R . T ., M in n e a p ., pref. (q u .)
United Rys. & Elec. (Balt.), pref.................
W a sh in gton ( D .C .) R y . & E l . , p f. (q u .)
W est P en n R a ilw a y s, p ref. (q u .) ( N o . 8)
W lscon sln -M ln n . L . & P . , pref. (q u a r.)

Jun e 2
IK
3 K J u ly 10
$1 .5 0 Jun e 20
2 K J u n e 30
* 1 K June 30
Jun e 30
*2
Jun e 30
2 K June 30
*2
J u ly
1
I K Jun e 2
Jun e 2
IK
l
June 2
2 K Jun e 20
1
2 K J u ly
8 7 K c .June 10
IK
5

*2
IK
IK

2

$3
IK
7 5c.
$1 50
IK
50c.
5 0c.
IK
2K
87K c
*1K
4
3
IK
K

H old ers o f rec . M a y 2a
H old ers o f rec . J u n e 19a
June 1
to
June 9
H old ers o f rec . M a y 31a
o f rec , J u n e 19
o f rec Jun e 19
o f rec Jun e 19
H old ers o f rec. M a y 30a
'H o ld e r s o f rec, Jun e J2a
H old ers o f rec, M a y 26a
H old ers o f rec, M a y 10a
H old ers o f rec, M a y 10a
H old ers o f rec , M a y j2 8 a
H old ers o f rec Jun e 15a
H old ers o f rec , M a y 31a
H old ers o f rec , J u n e 10a
H old ers o f rec M a y 29a
'H o ld e rs o f rec, Jun e 13
H olders o f rec. M a y t9a
H old ers o f rec. M a y 15a
June 1
to
J u n e 30
M a y 31 H old ers o f rec. M a y 15a
H olders o f rec. M a y 31a
H old ers o f rec. M a y l a
H old ers o f rec. M a y 15
H old ers o f rec. M a y 15a
H olders o f rec. M a y 27a
J u ly 10 H old ers o f rec. J u n e 24a
J u ly
1 H old ers o f rec. M a y 31a
J u ly
1
o f rec. J u n e 2a

Jun e 14
J u n e 10a
June 16 *
M a y 31
Jun e 2 H old ers o f rec. M a y 23a
Jun e 2
. M a y 23a
June 2
. M a y 15a
June 1
, M a y 15
June 1
n
M a y 15
July
1
K
, Jun e 14a
July
1
/1
Jun e 14a
Vug. 1
K
J u ly 15a
/I
A ug. 1
J u ly 15a
4 1 c.
M a y 15
3
July
1
J u n e 18a
2
M a y 16a
June 1
IK
M a y 20a
June 16 *1
*2 K
Jun e 4a
IK
M a y 15a
7 5 c.
M a y 15a
IK
M a y 22a
1
M a y 17a
IK
M a y 24a
IK
M a y 24a
rune 14
M a y 31
IK
1
IK
•ruly
Jun e 14a
•2
H a y 31 »I
M a y 31
un e 1
M a y 21
IK
une 16 I
IK
Jun e 2 a
I K J un e 1 I
M a y 20a

[Vol. 108.

THE CHRONICLE

2216
Name of Company.

Per When
Cent. Payable.

Books Closed.
Days Inclusive.

Per When
Cent. Payable.

Name of Company.
Miscellaneous (C
ontinued)

Books Closed.
Days Inclusive.

July 2 Holders of rec. June 14a
July 2 Holders of rec. June 14a
July 2 Holders of rec. June 14a
June 2 Holders of rec. May 31a
June 2 Holders of rec. May 23a
Miscellaneous.
I
X
1% June 1 May 21 to M ay 31
Acme Tea, first preferred (quar.)..
I X July 19 Holders of rec. July 9a
May 31
to
I X June 1 May 21
May 31 Holders of rec. May 20a
1
Second preferred (quar.)------------May 31
to
I X June 2 May 22
A
*1M June 30 ♦Holders of rec. June 20
Holders of rec. May 31a
June
16
$1.50
Ajax Rubber, Inc. (quar.)................- - ­
I X June 1 Holders of rec. May 20®
♦Holders of rec. June 16a
♦75c. July
♦51 July 1 ♦Holders of rec. Juno 16
$1.50 June 30 Holders of rec. June 16a
July 15 Holders of rec. June 30
1
American Bosch Magneto (quar.)-------Holders of rec. June 17a
Juno 30
I X July
......................
I X July 15 Holders of
Holders of rec. June 21a
I X July
June 30 June 1 to Juno 22
American Chicle, preferred (quar.)-----8
Holders of rec. May 15a
June
1
♦Holders
of
rec.
May 28
June
2
American Cotton Oil, common (quar.).
♦83
to
June 15
3
Juno 2 Holders of rec. May 15a
50c. Junedtl May 31
Preferred____________________________
to
M ay 30
IX
. uly 1 Holders of rec. May 31a
May 31 May 21
American Express (quar.)------------------I
X
IX
<une 15 Holders of rec. June 5a
Juno 16 Holders of rec. Juno 2a
A
3
IX
. uly 1 Holders of rec. June 14a
Amer. Hide A Leather, preferred (quar.)
I X June 16 Holders of rec. June 2aAmer. Internat. Corp., com. & pref.(qu.) $1.20 . une 30 Holders of rec. June 16a
June 2 Holders of reo. May 10a
2
to
June 2
1
. uno 2 May 24
Amer. Laundry Machlnery.com. (quar.)
May 31 Holders of rec. May 15
$1
3 Holders of rec. Juno 18a
IX
- uly
American Locomotive, common (quar.)
May 31 Holders of rec. May 15
I
X
uly 22 Holders of rec. July 3a
IX
Juno
2 Holders of rec. May 10a
Preferred (quar.)--------------------------- - ­
IX
to June 1
2
. uno 1 May 21
Holders of rec. May 31o
American Multigraph, common (quar.).
50c. June
1
. une 2 Holders of rec. May 22
May 21
to
May 31
Amer. Pow. & Light, com. (qu.) (No.26)
June
I
X
uly 1 ♦Holders of re<
Holders of rec. Juno 20®
—
I X July
June
22
June
30
to
une
30
3
.
Holders of rec. May 22a
American Radiator, common (quar.) —
June
1
to
June 8
une 16 May 30
1
Amer. Smelting & Refining, com. (quar.)
25c. June 30 Holders of rec. Juno 6a
May 25
une 2 May 17 to
IX
25c. June 30 Holders of rec. June 6a
Preferred (quar.)......... - - - - - - - - — uly 2 Holders of rec. June 2a
IX
Amer. Sugar Refln., com. (qu.) (N o .Ill)
June 16 Holders of rec. June 2a
250.
uly 2 Holders of rec. June 2a
Holders of rec. July 19a
X
Aug.
1
Common (extra)-----------------------July 2 Holders of rec. Juno 2a
Holders of rec. Juno 20a
IX
Preferred (quar.) (No. 110)-----I X July
Holders
of
rec.
Aug.
15a
dept.
1
3X
June 30 Holders of rec. June 16a
Amer. Sumatra Tobacco, pref. (No. 19).
1
(une 2 Holders of rec. May 31a
Holders of rec. Juno 16a
IX
June
30
American Telegraph & Cable (quar.) —
1
-------------------------------July 15 Holders of rec. June 20a
2
June 30 Holders of rec. Juno 16a
American Telephone & Teleg. (quar.)..
2
.............................. —
Juno 2 Holders of rec. May 15a
June 30 Holders of rec. Juno 10a
Am. Tobacco, com. (qu.) (pay. In scrip)
I
X
Lackawanna
Steel,
common
(quar.)-----June 6 Holders of rec. May 23
7
Amer. Window Glass Machine, common
--------------------------- *2X June 16 ♦Holders of rec. June 2
June 2 Holders of rec. May 3a
Holders of rec. May 15
IX
June
Associated Dry Goods, 1st preferred-----3
Lake of the Woods Milling, com. (qu.).
June 2 Holders of rec. May 3a
Holders £f reo. May 15
IX
Second preferred.--------------------------I X Juno
Preferred (quar.)------------------------------Aug. 1 ♦Holders of rec. June 30
♦5
Atl. Gulf & W . I. SS. Lines, common..
I X May 31 Holders of rec. May 21®
Lanston Monotype Machine (quar.)-----Holders
of
rec.
May
24a
June
16
5
May 31 Holders of rec. Apr. 30a
Atlantic Refining (quar.)......................
$1
Lehigh
CoalANavlgatlon(qu.)
(N
o
.162)
June 10 June 1 to June 9
3
Holders of rec. May 27
July
Atlas Powder, common (quar.)......... $2
50c. Juno 30 Holders of rec. June 14a Lehigh Valley Coal Sales (quar.)............. $2 .50 June 16 Holders of reo. May 27
—
Special (payable In L. L.
% bonds)
July 1 ♦Holders of rec. June 7
*3X
July 15 ♦Holders of rec. Juno 21
Baldwin Locomotive Works, preferred
♦50c
A
.........
.......................
July 1 Holders of rec. Juno 16a
2
♦Holders of rec. Juno 20
Barrett Co., common (quar.).............
------------- *1X July
July 15 Holders of rec. June 30a
♦Holders of rec. Juno 20
IX
July
Preferred (quar.)--------------------------_____________________ *2
June 14 Holders of rec. Juno 2
Holders of rec. May 15®
3X
June
3
Liggett A Myers Tobacco, com. (q u .)..
July 1 Holders of rec. June 16a
IX
Bethlehem Steel, common (quar.)-----A
........... * I X July 1 ♦Holders of rec. Juno 16
Holders
of
rec.
June
16a
July
1
X
Juno 30 Holders of rec. May 31®
Common (extra)----------------------------5
Lindsay
Light,
common
(quar.)..............
July 1 Holders of rec. Juno 16a
IX
June 30 Holders of rec. May 31a
Common B (quar.)-----------------------Preferred (quar.)------------------------------July 1 Holders of rec. June 16a
Holders of rec. May 20a
X
Common B (extra)-----------------------I X Juno
A
...........
July 1 Holders of rec. Juno 16a
Holders of rec. June 7a
IX
Non-cumulatlve preferred (quar.)..
July
I
X
Mackay
Companies,
com.
(qu.)
(No.
56)
July 1 Holders of rec. June 16a
2
Holders of rec. June 7a
Cumulative convertible pref. (quar.)
July
1
Preferred (quar.) (No. 62)......... ..........
Juno 2 Holders of rec. May 23a
Holders of rec. M ay 23
$1
June
Blackstone Val. Gas & E l., com. (quar
I
X
Mahoning
Investment
(quar.)--------------Holders
of
rec.
May
23a
Juno 2
3
Holders of rec. May 15
June
Preferred (No. 14)........... ............
2
X
Manatl
Sugar,
common
(quar.)------------July 1 ♦Holders of rec. June 14
Holders of rec. May 26a
*1X
...........
I X Juno
Manhattan Shirt, common (quar.).........
June 14 Holders of rec. May 31a
IX
July 18 Holders of rec. July 3
Borden’s Cond. Milk.pref. (qu.) (No.70)
3
-----------------Juno 30 Holders of Coup. No. 72s
6
Holders of rec. July 3
July
18
................
I
X
........... .................. ........
June 2 Holders of rec. May 21a
2
to
Juno 14
Brooklyn Edison Co.. Inc. (qu.) (No.77)
Marconi Wireless Teleg. of America------ 25c. July 1 Juno 2
July 1 Holders of rec. June 13a
IX
Brooklyn Union Gas (quar.) (No. 7 3 ) -.
June 17 ♦Holders of rec. Juno 10
*$1
June 1 Holders of rec. May 20a
May
16
to
June
2
IX
Brown Shoe, Inc., common (quar.) —
June
2
2
Massachusetts Gas Cos., pref--------------June 14 Holders of rec. May 31
$2
Buckeye Pipe Line (quar.)----------I X May 31 Holders of rec. May 15a
May Department Stores, com. (quar.)..
Juno 30 Holders of rec. Juno 20a
2
Holders of rec. Aug. 15a
—
Sept.
I
X
Common
(quar.)----------------------------June 16 Holders of rec. May 31a
$1
California Packing Corp., com. (quar.)
2 X June 30 Holders of rec. Juno 4a
July 1 Holders of rec. June 16a Mergenthaler Linotype (quar.) (No. 94)
IX
Holders of rec. May 30
Preferred (quar.)--------------------lo. June
Middle States Oil Corp. (monthly)-----75C. June 14 Holders of rec. May 31a
Cambria Steel (quar.)----------------June 30 ♦Holders of rec. June 10
♦$2.50
Midland
Securities
(quar.)...........
25c. Juno 14 Holders of rec. May 31a
Holders of rec. May 17a
Extra_________________________
I X June
Moline Plow, first preferred (quar.)-----Holders
of
rec.
June
30a
July
31
Holders of rec. May 17®
12X
Canada Explosives, common (extra) —
I X Juno
Second preferred (quar.)......... ............
June 16 Holders of rec. June 2
1
Holders of rec. Juno 14a
Canada Steamship Lines com. (quar.).
July
I
X
Montana
Power,
com.
(quar.)
(No.
27)
July 2 Holders of rec. June 16
Holders of rec. June 14a
IX
Preferred (quar.)----------------------------I X July
Preferred (quar.) (No. 27)................
July 30 Holders of rec. July 20
6
Carbon Steel, second pref. (annual)-----Juno 14 Holders of rec. May 31
1
-----July 1 Holders of rec. June 16a
Holders of rec. May 31
IX
June
14
I
X
............. ........ ............ July 1 Holders of rec. Juno 10a
IX
Juno 16 ♦Holders of rec. May 31
A
35c June 1 Holders of rec. May 27
May 31 Holders of rec. May 15»
Century Steel (quar.)--------I
X
National
Acme
Co.
(quar.).....................
June 2 Holders of rec. May 21a
Holders of rec. June 16a
$1
I X July
A
June 19 Holders of rec. May 31a
3
Chesebrough Manufacturing (quar.)..
I X July 15 Holders of rec. June 30a
50c June 19 Holders of rec. May 31a National Biscuit, com. (quar.) (No. 84)
May 31 Holders of rec. May 17a
Extra--------------- ------------------------------I
X
Preferred
(quar.)
(No.
85)----------------June 30 ♦Holders of rec. June 28
♦2
to
Juno 2
..........................
I X June “ May 15
Nat. Breweries, Ltd.(Canada), com.(qu)
May 30
to June 10
Holders of rec. May 23a
X
...........
I X June
Nat. Cloak A Suit, pref. (qu.) (No. 20).
to June 10
Holders
of
rec.
May
10
1 X Juno 10 May 30
May
31
....... ......................... ..
I
X
Nat. Enamel. A Stamping, com. (quar.)
to
June 30
I X Juno 30 Juno 23
............
June 30 Holders of reo. June 19
2
National Grocer, common (quar.)..
I X June 16 Holders of rec. May 31
June 30 Holders of reo. June 19
Colorado Power, preferred (quar.)-----3
Preferred____________
_____
______
Holders of rec. June 10a
$2.50 July
Columbia Graphop., com.(qu.) (No. 5)
I X rune 30 Holders of rec. June 13a
Holders of rec. June 10a National Lead, common (q u a r.)...
July
(r)
Common (payable In common stock).
I X rune 14 noldcrs of reo. May 23a
Holders of rec. June 10a National Lead, preferred (quar.)..
I X July
Preferred (quar.) (No. 5)------------------I X July 2 Holders of rec. June 9
National
Sugar
(quar.)-----------------July 10 ♦Holders of reo. June 25
*1
July 1 Holders of rec. Juno 20a
3
June ' Holders of rec. May 17a National Surety (quar.)----------------3
Connecticut River Power, preferred-----50c. Juno 16 Holders of rec. May 31a
National
Transit
(quar.)..................
1X June 16 Holders of rec. May 9a
June 16 Holders of reo. May 31a
Consolidated Gas (N. Y.) (quar.)...........
50c.
Extra-------- ----------------- --------------Holders of rec. June 14a
July
2
A
I X Juno 1 Holders of rec. May 20
Power, preferred (quar.).
50c. June 16 Holders of rec. May 21a Nebraska
Tune 2 Holders of rec. May 26a
Copper Rango Co. (quar.)-----------------3
X
Ncw
Nlquero
Sugar,
preferred------Holders of reo. May 15a
Cosden A Co., preferred (quar.) (No. 8) SXe June
2 X Juno 2u Holders of rec. Juno 3a
New York Air Brako (quar.) (No. 6 6 ) ..
to
June 16
75c June 16 May 23
Crescent Pipe Lino (quar.)--------— - - - 2 X July 15 Holders of rec. Juno 5
.........
..................
Holders
of
rec.
May
31
10c June 10
Juno 2 Holders of rec. May 23a
Cresson Cons. Gold. M . A M . (mthly.)
1
N . Y . A Queens El. Lt. A P ., pref. (qu.)
Juno 14 Holders of rec. May 29a
irs of rec. July 1
3
July 15
Crex Carpet-----------------------------------------.............. *$1
♦Holders of rec. Juno 1
Juno 20 Holders of rec. June 2a
2
...................... * I X June
Nllcs-Bcment-Pond.
com.
(qu.)
(No.
68)
1 M Juno 30 Holders of rec. June 16
July
21
♦25c.
Crucible Steel, pref. (quar.) (No. 6 7 ) - -..............................
Holders of rec. June 16a
2 X July
Cuban-American Sugar, common (quar.)
-------------------------------------------------- * 25c. July 21 noldcrs of rec. June 16a
Holders of rec. June 16a
I X July
July 1
Preferred (quar.)------------------------------Holders of rec. May 15a North American Co. (quar.).................... *5I X July 1 Holders of rec. Juno 11
I X June
Deere A Co., pref. (quar.).........................
Northern Pipe Line.....................................
June 16 Holders of rec. May 31a
2
Diamond Match (quar.)........................ ..
I X Juno 2 Holders of rec. May 22
Ogllvle Flour Mills, Ltd., pref. (quar.)..
Holders
of
rec.
June
30
July 15
Juno 1 Holders of rec. May 17
Dictograph Products Corp., pref. (No.l) $2
Ohio Cities Gas. common (quar.)---------- $1
Holders of rec. Juno 14
Juno 24
I X July
Dominion Iron A Steel, Ltd., pref. (qu.)
Ohio Oil (quar.)........................................... $1.25 Juno 30 Juno 1 to
Holders of rec. Juno "
Juno 24
I X July
Dominion Steel Corp.,con.(qu.) (No. 21)
$4.75 Juno 30 Juno 1 to
E
xtra_______________________________
Holders
of
rec.
June
14
2
July
Dominion Textile, Ltd., com. (quar.)
June 16 ♦Holders of rec. May 31
*1X
A
Holders
of
rec.
Juno
14a
I X July 15 Holders of rec. June 30
July
2
Preferred (quar.)--------------------------12
Me
Oklahoma Produc. A Rcfg., com. (qu.)
* 4 X June 14 ♦Holders of rec. May 31
A
♦75c. July 1 ♦Holders of rec. Juno 21
July 1 ♦Holdors of rec. Juno 21
------------- ---------- *1 X July 25 ♦Holders of rec. July 10
*1X
_______________
*1X Aug. ' ♦Holders of rec. July 19
I X Juno 14 Juno 6 to Juno 15
Pabst Brewing, preferred (quar.).
♦Holders of rec. July 19
* I X Aug.
------------- -------------50c. June 16 Holders of reo. Juno 2a
Pacific Mall Steamship, com. (quar.)..
Holders of rec. May 26
I X June
A
Juno 16 Holders of reo. Juno 2a
$1
Common (extra)...................................2 X July 15 Holders of rec. July '
Eastern Steel, common (quar.)----------I
X JunedlO noldcrs of rec. May 31a
Packard Motor Car, preferred (quar.).
Holders
of
rec.
Jan.
2
I X Jnne 16
Juno 30 Holders of reo. Juno 15
First and second preferred (quar.) —
I
X
Penna.
Rubber,
com.
(qu.)
(No.
11)
—
Holders of rec. May 31a
2 X July
Eastman Kodak, common (quar.)
I X Juno 30 Holders of reo. June 15
Preferred (quar.) (No. 11)--------Holders of rec. May 31a
7 X July
Common (extra)------------------------25c. Juno 5 Holders of rec. May 23
Pennok
Oil
(No.
1)----------------------Holders
of
rec.
May
31a
I X July
Preferred (quar.)----------------------I X July 1 Holders of rec. Juno 19
A
Holders of rec. June 20
50c July
Edmunds A Jones Corp., common
* I X July 1 ♦Holders of rec. Juno 19
1 A
Holders of rec. Juno 2a
75c Juno
Elk Horn Coal Corp., com. A pref.(qu.)
42.75C. Juno 14 Holders of rec. May 22®
Philadelphia
Electric
(quar.)..................
♦Holders
of
rec.
June
June 16
♦3
July 1 Holders of rec. June 16
..............
2
May 22
to May. 31
I X June
Fairbanks, Morse A Co., pref. (quar.).
50c. June 14 Holders of rec. May 31a
Pittsburgh Brewing, common (quar.).
Juno 14 Holders of rec. May 24a
1
May 31 Holders of rec. May 19a
Federal Mining A Smelt., pref. (quar.)
I
X
Preferred
(quar.)----------------------------Holders of rec. May 15
I X June
Federal Utilities, preferred (quar.)-----I X Juno 1 Holders of reo. May 15®
Pittsburgh Steel, pref. (ouar.)................
Holders of rec. Juno
I X Juno
Juno 5 Holders of rec. May 15a
..................
Porto Rlcan-Amerlcan Tobacco (quar.). g3
Holders
of
rec.
M
ay
31a
Juno 30
2
Juno 4 Holders of reo. May 14a
Galena-Signal Oil, old A new pref. (qu.)
2
Pressed Steel Car, com. (qu.) (No. 3 5 ) ..
Holders of rec. May 17a
I X June
General Asphalt, pref. (quar.) (No. 48).
I X May 27 Holders of rec. May 6a
Preferred (quar.) (No. 81)----------------Holders of rec. May 22a
June
2
General Chemical, common (quar.)-----I X May 31 Holders of rec. May la
Quaker
Oats.
pref.
(quar.)........................
Holders
of
reo.
June
18a
I X July
June 30 Holders of rec. Juno 17®
General Chemical, preferred (quar.)-----2
Holders of reo. May 26a Railway Steel-Spring, common (quar.)..
I X Juno
General Cigar, Inc., pref. (quar.)
I X Juno 20 Holders of rec. Juno 7a
Preferred (quar.)------------------------------Holders of rec. June 7a
July
2
July 15 Holders of rec. July 5
3
General Electric (quar.)................
.
33)........................
Holders of rec. Juno 7a
July
e2
Extra (payable In stock)...........
IM Aug. 1 Holders of rec. July 16a
I X July 1 Holders of rec. June 20
24)
I X July 1 Holders of rec. Juno 16a
Preferred (quar.) (No. 63).
1
Holders
of
rec.
June
20
I X July
60)------I X Juno 1 Holders of rec. May 15®
Republic Rubber Corp., first
Holders of rec. May *
May
Juno 1 Holders of rec. May 15®
2
Gillette Safety Razor (quar.).................... *2
Second preferred (qu a r.)...
Holders of rec. May
May
$1
Extra-----------------------------------------------I
X Juno 30 Holders of reo. Juno 20
Rlordon
Pulp
A
Paper,
Ltd.,
I
Holders of rec. May 25
Juno 20
Juno 2(1 June 10 to
25c.
Globe Oil (quar.)......................................... 4Mc June
Holders of rec. June 20a St. Joseph Lead (quar.).........
I X July
Preferred (quar.)--------------------------- - ­
I X Juno 15 Holders of reo. May 31®
Holders of rec. May 31
Globe Rubber Tiro M fg., com. (quar.)..
I X June
I X June 16 Holders of rec. May 31®
First preferred (quar.)------------I X Juno 15 Holders of reo. May 31®
Second preferred (quar.)---------Juno 1 to
Juno 16
I X June
-------------------- -------------------------I X July 1 Holders of rec. Juno 14
♦Holders of rec. June 30
A
........................ *1 X July
25c July 19 Holders of rec. Juno 30a
Holders of red. June 20a
I X July
Goodrich (B. F.) Co., preferred (quar.).
I X June 30 Holders of rec. Juno 15
Holders of rec. May 15a
June
3
Goodyear Tire A Rubber, com. (quar.).
Juno 2C June 1 to Juno 20
5
Solar
Refining_________________________
May
30
to
Juno
1
to Juno 20
I X June
Great Atlantic A Pacific Tea, pref. (qu.)
Juno 20 Juno 1
5
Extra_______________________________
Holders of rec. May 24a
I X June
Great Northern Paper------------------ -------Banks.

July
July

Greenpolnt National (Brooklyn).
Extra_______________________

Acme White Lead Color Works,pf.(qu.)
AmericanBankNote, preferred(quar.)..
AmericanCan, pref. (quar.)

1 Juno 24
1 June 24

to
to

July
July

1
1

Great Western Sugar, common (quar.).
Common (extra)--------------------------------Preferred (quar.) — ................ ...............
-------Harblson-Walker Refract., com. (quar.)
Preferred (quar.)------------------------------Hart, Schaffner A Marx, Inc., com. (qu.)
Hart, Schaffner A Marx, Inc., pref. (qu.)
Hartman Corporation (quar.)--------------A
......................
Hillcrest Collieries, common (quar.)-----Preferred (quar.)---------------------Illinois Pipe Line--------------------------------------Indep. Brewing, Plttsb., com. (quar.)..
Preferred (quar.).....................................
------------......... .............................
Inland Steel (quar.)-------------------- --------International Cotton Mills, com. (quar.)
Preferred (quar.)____________ ________
Internat. Harvester, pref. (qu.) (No. 3)
International Petroleum, Ltd. (No. 3 ) ..
Interstate Iron A Steel, pref. (quar.).
Jewel Tea, preferred (quar.) ...............
Klrshbaum (A. B.) A Co., com. (quar.)
-----....................
Kerr Lake Mines, Ltd. (quar.) (No. 7 ).
Kress (S. II.) Co., common (quar.)-----Preferred (quar.)-----------------------------

HackensackWater, commonandpref

IX
10
IX

87Xc

Haskell BarkerCar(quar.)

r:e.

Imperial Oil, Ltd. (quar.)

AmericanFork Hoe, common(quar.)..

IndianRefining, common(quar.)
Preferred (quar.)

■

AmericanPublic Service, pref. (quar.)

*ix ■

Kennecolt Copper Corp. (quar.)
Capital distribution

gt>
m

Autosales Corporation, pref. (quar.)

BeldlngPaul Corticelli, pref. (quar.)...

LaBelleIron Works, common(quar.)...
Common (extra)
Preferred (quar.)
LacledeGasLight, pref
4X
Libby, McNeil Libby
LibraryBureau, common(quar.)
Preferred (quar.)
Liggett MyersTob., pref. (quar.)

LouisvilleGas Elec., pref. (quar.)

BoothFisheries, pref. (quar.)
British-Amer. Tobacco, ordinary

IX

Maple Leaf, common (quar.)
Preferred (quar.)
Marlln-Rockwell Corporation(monthly)...

BuffaloGeneral Electric (quar.)

Central Leather, pref. (quar.).

Montreal Cottons, Ltd., com. (quar.)
Preferred (quar.)
MuskogeeGas Electric, pref. (quar.).. *ix
National Aniline Chemical, pref. (qu.).

ChicagoTelephone(quar.)
Childs Company, common (quar.)
Preferred
r.)
Clev
eland-Ak(q
rou
naB
ag, com.(quar.)

a

Computlng-Tabulallng-Recording (quar.).
Cons'dGas, Elec. L. P. (Balt.) (quar.).
CrowsNest PassCoal (quar.)

duPont (E.I.) deNemours Co.,com.(qu.)
Debenture stock (quar.)
duPont(E.1.) deNem.Poicder.com.(quar.)
Preferred (quar.)
EasternShoreGas Elec., pref. (quar.).

Equitable111.GasL„ Phila., pref

NewYorkDock, preferred
N. Y. ShipbuildingCorp. (quar.)
NiplssingMines (quar.)
Extra

OklahomaGas Electric, pref. (quar.)...
Owens Bollle-Mach., com. (quar.)..
Preferred (quar.)

PennsylvaniaWater Power(quar.)
Pettlbone, MulllkenCo., si 2dpf. (qu.)
Pierce-ArrowMotorCar, pref. (quar.)...

FreeportGas, preferred(quar.)

Really Associates (No.

GeneralRailwaySignal, com.(qu.) (No.
Preferred(quar.) (No.

GlobeSoap, com., 1st, 2dandspecial pref.
(quar.)
Gold StockTeleg. (quar.)




Sears, Roebuck&Co., pref. (quar.).
Sherwin-WilliamsCo. ofCanada,pf.(qu.)

M a y 31 1919.]

THE
Per
Cent.

Nameof Company.
(Concluded)

Miscellaneous
Southern Pipe I.lne (quar.)_______
South Penn Oil (quar.)________
Preferred (quar.)______________

SouthWest Pa. Pipe Lines (quar.)_
Southwestern Power & Light, pref.
StandardGas<(: Elec., pref. (quar.)

Standard Milling, com. (qu.) (No."
Preferred (quar.) (No. 38)_____
Standard Oil (Indiana) (quar.).
Extra________________________
Standard Oil (Kansas) (quar.)"
Extra................ .................... ......
(
Standard Oil (Nebraska)______
Standard Oil of N. .J. (q u a r.)...
Standard Oil of N. Y . (quar.)..
Standard OH (Ohio) (quar.)____
Extra______________ _____

StandardOil (Kentucky) quar')'.

Common (extra).
Steel Products, pref. (quar.).....
Stromberg Carburetor, Inc. (quar')'.
Preferred (quar.)....... ............

Submarine Signal............... .......... "
Sw
iftIn
ternaatio
nal (CompaniaSwiftIn-’
tern
acion
l)________________

June
June 3
July
July
- - *3
July
•) IX Juno
June U
2
May 3
May 3
. 50c. June
2X June li
.
3
June 1Juno 1*3
June 1£
June 1£
. *3
July
June 21
Juno 1(
June If
July :
July ]
.) 1
July ]
July 1
- IX July 1
June
- 31
July 1
_
1
June 1
June 1
June 30

-

)
)

.
Tonopah Extension Mining (quar.) " .
Extra.
"
Tooke Bros., Ltd., pref. (qu.) (No*. 28)""/ '
TTrulOMDAn/l
.... ...... /

Tonopah-Belmont Development (quar) '

UnionCarbide Carbon(quar.)

UnitedDrug, common (quar.)_________

United Drug 2d pref. (quar.) (No. 13)".".
United Dycwood Corp., common (quar.
United Profit-Sharing___________
Extra__________________ ______
U. S. Gypsum, preferred (quar.).

West'house, Church, Kerr&Co.,com.(qu.)
Preferred (quar.)_________ ___________

Westlnghouse Eleo. A M fg., com.(quar.)
Preferred (quar.).....................................
WhIte(J.G.)ACo.,Inc., pf.(qu.) (No.64)
White(J.G.)Englneerlng Corp., pf. (qu.)
WhIto(J.G.)Management, pref. (quar.).
White Motor (quar.)...................................
Wolverine Copper Mining (quar.).........
nWoods Manufacturing, com. (qu a r.)...
Woolworth (F W .) Co., com. (quar.)..
Woolworth (F. W .) Co., pref. (quar.)..

WorthingtonPump&Mach., pf. A(qu.).
PreferredB(quar.).......................... ..........

Books Closed.
Days Inclusive.

Holders of rec. May 15
♦Holders of rec. June 12
Holders of rec. June 16a
Holders of rec. Juno 10a
♦Holders of rec. June 16
Holders of rec. May 20
Holders of rec. May 31
Holders of rec. May 21a
Holders of rec. May 21a
Holders of rec. May 7
Holders of rec. May 15
May 8 to
June 14
May 8 to
June 14
♦Holders of rec. May 31
♦Holders of rec. May 31
♦June 15 to July 1
♦Holders of rec. May 20
Holders of rec. May 19a
May 20 to
May 28
♦Holders of rec. May 29
♦Holders of rec. May 29
Holders of rec. June 15
Holders of rec. June 15
Holders of rec. June 15
Holders of rec. May 15a
Holders of rec. June 16
Holders of rec. May 20a
Holders of rec. May 20a
Holders of rcc. May 22

Juno 20 Holders of rcc. May 31a
July 1 ♦Holders of rec. May 31
i'A June 2 Holders of rec. May 19a
2 'A June 3(1 Holders of rec. June 10a
IX July 1 Holders of rcc. June 16
*S1 .75 Juno 20 ♦Holders of rec. June 6
*10c. July 1 ♦Holders of rcc. June 14
5c. July J June 11
to June 20
5c. July 1 June 11
to June 20
IX June 14 Holders of rec. May 31
2
July 1 Holders of rec. June 5a
July 1 Holders of rec. June 5a
IX July 1 Holders of rcc. June 5a
IX June 16 Holders of rcc. June 6
*81.25 Juno 16 ♦Holders of rcc. June 1
IX Juno 25 Holders of rec. Juno 5
IX Juno 15 Holders of rec. May 29a
IX July 1 Holders of rec. Juno 16a
IX Juno 6 Holders of rec. May 15a
IX July 2 Holders of rec. Juno 14a
* i x July 15 ♦Holders of rec. July 1
l « c Juno 2 Holders of rcc. Mav 10a
lX c June 2 Holders of rcc. May 10a
*1X Juno 30 ♦Holders of rec. June 15
4
June 16 Holders of rec. Juno 2a
IX Juno 28 May 30 to June 2
3
July 25 June 26 to
July 25
1)4 July 2 Holders of rec. Juno 13
3
June 2 Holders of rec. Mav 20a
10c. June 11 Holders of rcc. Juno 2
4
Juno 30 Holders of reo. June 20
3
Juno 30 Holders of rec. June 20
*IX Juno 10 "Holders of rec. May 31
*1X June 10 "Holders of rec. Mav 31
$1
uly 31 Holders of rec. June 30
J1
1uly 15 Holders of rcc. June 30
1)4 June 1 Holders of rec. Mav 15
une 1 Holders of rec. Mav 15
IX
une 1 Holders of rec. May
IX
$1
une 30 Holders of rec. Juno 14a
50c. uly 1 Holders of rec. June 14a
1X June 2 Holders of rcc. May 26
2
June 1 May 2
to
May 21
IX July 1 Holders of rec. June 10a
IX |July 1 Holders of rcc. June 20a
IX Duly 1 Holders of rcc. Juno 20a

15

d

m

n

r Ono-twentleth of a share In common stock ? ah
,
London on or beforo June 4 will be In time to be passed for D^mmit ^dlvIdcnd Jo
transferees, t Also declared $ 1 2 0 . payablo D e c . ^ O t o h o fd e ra of rM N o v 8
S S T c X

X

o . T

1” "*

■>«*. V r . K l e No»Vi £

All prices now dollars per share.
Bid.

Ask

A m e r ic a * ___
A m er E x c h .

555
255
185
203
425
135
125
150
145
30
160
475
410

570 't Irvin g (trus
____ ! certificates

B a ttery Park
B ow ery *___
B roa d w a yC er
B ron x B oro*
B ronx N a t . .
B rya nt Park*
B u tch A D rov
C en t M e r c ___
Chat A Ph en.
C helsea Ex ch *
C h e m ica l____

100

515
235
442

C i t y ..................
C oa l A I r o n .. 2 1 0
C o lo n ia l* ____ 400
C o lu m b ia * ... 175
C o m m e ro e ___ 248
C o m m ’l E x * . 390
C om m onw ealth * - . - 215
C o n tin e n ta l* . 11 0
C orn E x c h * ..
C o s m o p ’ ta n * . 1 0 0
C u b a (B k o l ) . 178
East R iv e r ___ 150
E u ro p e ............. 120
F ifth A v en u e* 2 0 0 0
F ifth ...............
225
F ir s t................. 1000
G a rfie ld ........... 190
G o th a m .......... 190
G r e e n w ic h * .. 360
H a n ov er.......... 775
H arrlm an____ 310
Imp A T r a d .. 560

1

210

____
145
175
160
155
35
170
490
425
115
630
245
447
220

230
120

390
105
183

010
200
200

790
340

585

iL in c o ln ..

M a n h a tta n *
M c ch A M e t
M erch a n ts.
M etrop olitan*
[M u tu a l *
N ew N eth *
N ew Y o r k Co

Bid.
360
265
215
385
145
185
375
200

140

P a clflo *___
P a r k . . ........
P rod E x c h * ..

160
705
350

S ea b oa rd ___
S e c o n d ____

500
475

State *____
128
23d W a r d * . .
115
U nion E x c h .. 195
U n ltedS tates* H 65
W ash l l ’ t s * .
275
W eatch Ave*. 190
Y ork v llle * . .
300

185*
254
410

130
2400

Banks.

370
076
285
225
305
155
200

21*5
150

250
625’
135
138
130
205
176

140
190
150

200

110

120

70
78
85

80
85
05

200

210

130
195
130

137
205
140

155
165

'Bankers Trus
Central Unloi
.Columbia___
Commercial..
Empire...........
[Equitable Tr.
Farm L A Tr.
Fulton______
Guaranty Tr.
- Hudson.........
jIrving Trust.
Law Tit A Tr
Lincoln Trust
Mercantile Tr
Metropolitan.
MutuaKWestcheater)___
N Y Life Ins
A Trust___
N Y Trust....
Scandinavian
Title Gu A Tr
U 8 Mtg A Tr
United States
|Westchester__

Bid.

Aik.

420
425
453
458
340
350
105
290
305
480
485
460
470
220
230
240
200
412
417
135
145
/See Irving
INat Bank
135
145
175
185
230
365
376
105

125

790
610
315
395
445
910
130

810
630
330
405
455
930
140




Bid.
130
Mtge Bond.
94
Nat Surety.. 260
N Y Title A
Mortgage.. 110

Ask.
140
98
268

....

Bid.

Realty Assoc
(Brooklyn).
95
U 8 Casualty. 185
U S Title Guar
60
West A Bronx
Title A M G 150

At k.
105
195
170

S t a t e m e n t o f N e w Y o r k C it y C le a r in g H o u s e B a n k s
a n d T r u s t C o m p a n ie s .— T h e follow ing detailed statem ent
shows the condition of the N e w Y o r k C ity Clearing H ouse
members for the week ending M a y 2 4 .

T h e figures for th e

separate banks are the averages of the daily results.

In th e

ease of totals, actual figures a t end of the week are also giv e n .
N EW YO R K W EE K L Y CLEARING HOUSE R E T U R N .

(Statedinthousandsofdollars—that is, threeciphers [,000] omitted.)
CLEARING
HOUSE
M EM BERS.
(.000
Nat’l, May 12
Week ending State, Feb. 21
May 24 1919. Tr.Cos.Fcb. 21

Capital

omitted.)

Members of
Fed. Res. Bank
J
B kof N Y , NBA
2 ,000
Manhattan Co.
2.500
Merchants’ Nat 2 ,000
Mcch A Metals.
6 ,000
Bk of America.
1.500
National C ity .. 25.000
Chemical N a t ..
3.000
1.000

300
5.000
25.000
500
3.500
3.000
2,550
2.0 0 0

4,200
1.500
5.000
1.000
1,000
10.000

4.500

(
1
1
(
1
1
c
1
J
Guaranty Tr Co
Fidelity Tr Co
Columbia Tr Co
Peoples Tr Co.
New York TrCo
Franklin Tr Co.
Lincoln Tr Co.
Metropolitan . .
Nassau N, Bkln
Irving Trust Co
Farmers L A Tr
Columbia_____

1,000
1,000
10,000
200
200

400
1,000
1,000

250
,
!
3,000|
1,500!

1 000

1 ,0 0 0 !

1.500
15,000
2,000;
25,000!
1.000
5.000
h i ,200
3.000
1.000

17,361
4,551
28,525
1,284
6.904
h i ,612
10,677
1,305

Average_______ 200,550370,841

500
220
265
650
160
275
70

510
230
275
700
165
2&5
80

Greenwich____
Bowery____
N Y Prod Exch
State B a n k ....
Average_______

3,750

Totals,actual co nditlon May 24
Totals.actual co ndition May 17
Totals,actual co ndition |May 10;
Totals.actual co

Nol Members of Pe

Trust Compan les.
Title Guar A Tr 5.000 12,033
Lawyers T A Tr 4.000 5,264'
Average____

42,801
---------

9,OOo! 17,297)

Totals.actual co nditlon iMay
Totals.actual co ndition May
Totals.actual co nditlon May
Totals.actual co ndition May

24
17
10
3

Gr’d aggr., avge,213,300:392,3604,936,154 111,046
,6 5 5 d l,10°,4 6 6 H 8 ,159 38,706
Comparison,prey, week1--------- — 87,823— 2,160 573
+ 15019 — 7,668(— 2,177( — 110

764

Gr'd aggr, act’l Jcond'n May 24 4,879,621 108,933)585,419^,100 168450 192 38
Comparison,prey, w e e k ......... .-1 3 3 .1 0 9 ; — 624j+2.267 — 18,796 +6,087| — 54

Brooklyn.

1
Brooklyn Tr
Franklin___
Hamilton___
Kings County
Manufacturers
People's___
Queens Co___

’ Banks marked with a (*) are State banks, t Sale at auction or at Stock Exchango this week,
t Includes one-half share Irving Trust Co.
New stock
1/ tSXm

70
70
263
40
80

State Banks.
Ask. |Trust Co’s.
NewYork.

Brooklyn.
C on oy Isla nd*
F irst...............
G reen poln t . .
Hillside * . .
H om estead •_
M echanics’ * .
Montauk*___
Nassau_______
National C ity
"forth S i d e * ..
1 "eople’ s ______I

Ask

Totals,actual co nditlon
Totals,actual condition
Totals,actual co ndition
Totals .actual co nditlon

N e w Y o r k C it y B a n k 3 a n d T r u s t C o m p a n ie s
Banks—N.Y

Bid.

|
y 60
65
Bond A M O - 256
g 35
J 70

*2

i

C it y R e a lt y a n d S u r e ty C o m p a n ie s
All prices now dollars per share.

of * I ^ Z d r H t T h ? N ^ - Y o tr ? ^
^
^
^
ruled \hat.f stocl^'wll^not Fbe
quoted ex-dlvklend on this date and not until further notice
**
a Transfer books not closed for this dividend, b Less British Income ter
nor
reotlon. e Payable in stock. /Payable In w m m ^ stock
oPa^abfein s^Hn"
On account of accumulated dividends,
Payable In Liberty LoMbonds* n i l
Cross dividend. _ Payablo In U. S. Liberty Loan 4 t
r
Trona/nf hnn Wn
closed for annual meeting from M a y ^
'inclusive” Tranafer
books
p Payable
In
U. S. Government Victory Notee.
'
inclusive.

h

2217

New Y o rk

po

Preferred (quar.)..........................
Union Bag & Paper (quar.)______
<{;
__
Union Tank Lino (quar.)_______

U. S. Steel Corp., com. (quar.)..
Virginia Iron, Coal A Coke______ _____
Wabasso Cotton, Ltd. (quar.) (No. 0 ) ..
Waltham Watch, preferred.........
Wayland Oil A Gas, common__
Western Grocer, common________
Preferred ______________________

5

1

_
Texas Company (quar.).

Wh'-n
Pay ble■

C H R O N IC L E

t

* Includes deposits in foreign branches not Included In total footings as follows
National City Bank, 896,676,000; Guaranty Trust Co., 858,504,000; Farmers' Loan
A Trust C o., 835,287,000.' Balances carried In banks In foreign countries as reserve
for such deposits were: National City Bank, $23,778,000; Guaranty Trust Co
813,279,000; Farmers’ Loan A Trust Co.. $8,517,000. c Deposits in foreign
branches not Included, d U. S. deposits deducted, $137,912,000. e u . S. deposits
deducted, 3126,970,000. Bills payable, rediscounts, acceptances and other lia­
bilities, $768,823,000. g As of April 2 1919. li As of May 16 1919.

THE

3218

STATEM ENTS OF RESERVE POSITION OF CLEARING HOUSE
AND TRUST COMPANIES.

[Vol. 108.

C H R O N IC L E

STATE BANKS AND TRUST COMPANIES IN NEW

BANKS
_______

Week EndedMdg 24.
Reserve
Cash
Total
In
Reserve
in Vault. Depositaries Reserve
Members Federal
Reserve Hank-----State banks*----------Trust companies*___
Total
Total
Total
Total

May 24-----May 17-----May 10____
May 3------

a

Reserve
Regulred.

S
$
$
561,366,000 561,366,000 519,445,510
7.507.000 17,758,000 17,161,380
6,493,200
6,701,000
4.782.000
1,922,000
S

i 6,25Y,656

12.173.000
12.516.000
12.194.000
12.345.000

573.655.000
558.636.000
561.827.000
552.778.000

585.828.000
571.152.000
574.021.000
565.123.000

Surplus
Reserve.
3
41,920,490
598,620
210,800

543,100,090 42,727,910
544,168,750 26,983,250
538,363,700 35,657,300
533,906,400 31,216,600

Actual Figures.

Reserve
Cash
Total
In
Reserve
in Vault. Depositaries Reserve.
Members Federal
Reservo Bank____
State banks*----------Trust companies*___
Total
Total
Total
Total

May 24-----May 17-----May 10-----May 3 ------

b

Reserve
Required.

Surplus
Reserve.

lo.osT,665
1,707,000

$
3
3
572,538,000 572,638,000 519,632,200
7.859.000 17,943,000 16,892,820
6,527,400
6,729,000
5.022.000

3
52,905,800
1,050,180
201,600

11.791.000
12,000,000
12.785.000
11.989.000

585.419.000
583.152.000
568.521.000
560.277.000

543,052,420
545,434,180
546,183,010
535,521,820

54,157,580
49,717,820
35,122,990
36,744,180

3

597.210.000
595.152.000
581.306.000
572.266.000

* Not members of Federal Reserve Bank.
. . . .
,
„
a This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve banks In­
cludes also amount of reserve required on net tlmo ‘leposits. which was as follows.
May 24, 34,406,700 May 17, $4,472,730; May 10, $4,632,810, May 3, $4,583,910.
b This 13 the reserve required on net demand deposits In the case of State hanks
and trust companies, but In the caso of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: May 21,
$4,467,810; May 17, S4.315.170; May 10, 34,633,170; May 3, 34,616,280.

S

Capital as of Feb. 21-'
Surplus as of Feb. 21.
Loans & Investments'
Specie..........................
Currency
bk. notes
Deposits witb the F.
R. Bank of N. Y _ .
Deposits......................
Reserve on deposits.
P. C. reserve to dep.

&

Inc. S7,238,300
Loans and Investments-------------------------------------------Dec.
111,900
Specie.......................................................................
i ? ’->ai’nno
Currency and bank notes......................
i7,2Jt,uuu Dec. 2,403,880
Deposits with Federal Reserve Bank of New Y o rk ..
67,644,000 Inc. 1,762,600
Total deposits_________________________
838,345,600 Dec. 3,337,800
Deposits, eliminating amounts due from reserve dcposltarles and from other banks and trust companlcslnN .Y . City, exchanges and U . S. deposits 761,0o0,200 Dec. 4,427,000
Reserve on deposits............................................................. 142,074,300 Inc.
1,360.400
Percentage of reserve, 2 0.7% .
RESERVE.
—
---------------373,951,800 13.71%
Cash In v a u lts..____. . . _______ — 3 19,437,400 13.52%
36,394,400
6.75%
D e p o s its In banks and tr u s t cos------ 12,290,700
8.54%

.

Week, ended—

3

5,360,1 77 ,9 00
Dec. 7 ______________ 5.330.1 33 .6 00
Deo. 14_______________ 5,384.1 07 ,7 00
Deo. 2 1 ----------------- 5.373.1 34 .6 00
Deo. 2 8 ........................... 5.378.7 36 .5 00
Jan. 4 _______________ 5.4 16.9 60 .5 00
Jan. 11 ----------------- 5,4 73,4 92 ,2 00
Jan. 18 ----------------- 5,495,5 39 ,4 00
Jan. 2 5 ______________ 5,544,7 14 ,0 00
5,525,7 68 ,3 00
5,492,2 69 ,0 00
Feb. 15........................... 5.509.7 84 .6 00
Fob. 2 1 _______________ 5,571,6 31 ,8 00
Mar. 1 ......................... 5.583.2 21 .6 00
Mar. 8 ........................... 5.629,5 41 ,7 00
5,649,123,500
5,6 98,0 70 ,8 00
5,633,7 30 ,0 00
5,596.2 29 ,3 00
5,6 30.3 05 ,5 00
April 19 ----------------- 5,7 30,2 76 ,6 00
April 2 6 ______________ 5,604,6 10 ,0 00
May 3 ........................... 5.735.1 52 .0 00
May 10 .................... 5,817,6 06 ,3 00
May 17 ........- .......... 5,830,9 48 ,7 00
May 2 3 ............. .......... 5.7 50.3 64 .0 00

3

4,449,1 50 ,6 00
4,4 58,973,900
4.527.4 15 .1 00
4,592,834,000
4,5 87.4 55 ,7 00
4,650.3 93 ,4 00
4,635,056,500
4.673.4 10 .1 00
4,650,0 58 ,3 00
4,630,229,800
4,539,1 50 ,1 00
4.504.8 85 .0 00
4.527.389.800
4.5 66.3 58 .8 00
4,571,345,100
4.633.702.000
4,733,6 13 ,8 00
4.618,0 29 ,5 00
4,7 47,9 93 ,0 00
4.722,7 46 ,7 00
4,689,4 95 ,3 00
4,736,4 82 ,1 00
4,773,6 17 ,4 00
4,8 22,2 02 ,6 00
4.873.6 11 .2 00
4.8 61.5 16 .2 00

Bank of Wash Hts
Colonial Bank-----International Bank
North Side, Bklyn

100
500
500
200

$
1.55S
1.55S
879
1,009
1,142
906

$

$
9,369
11,132
5,838
4,533
0,386
7,004

82
361
92
702
4,727

44,262

5,964

405
312

2,571
13,311
6,132
4,965

463
320

3,043

1,992

26,979

783

$

11,268
11,770
7,143
6,528
11,587
12,298

5,183 00,594

1,594

441 2,838
1,137 13,105
222 6,854
220 5,512

321
1,456
806
460

T o ta l__________

1,300

191

388
579

154
1,121

Not Membersofthe
Hamilton Tr, Bkln

20.46%

500
200

1,045
384

8,596
8,446

462
352

303
308

6,073
3,849

943
4,211

700

1,430 17,042

814

611

9,922

5,154

i

Gr'daggr, May

5,000
5.000
5.000
,1 5,000

661.755.700
646.812.500
661.730.000
678.028.900
649.133.500
097.931.000
688.198.700
676.355.700
646.887.000
648,143,600
645.124.800
028,112,400
625.109.700
643.761.000
647.186.900
658.275.500
692.405.000
627.395.900
682.805.200
651.649.200
672.170.700
682.036.200
665.625.800
677.399.900
671.089.000
689,984,100

New Y o rk C ity State B an ks and T ru st C om p an ies.—
In addition to the returns of “ State banks and trust com­
panies in New York City not in the Clearing House,” furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in tho City of New Y ork.
.
For definitions and rules under which tho various items
are made up, see “ Chronicle,” V . 98, p. 1GG1.
The provisions of tho law governing the reserve require­
ments of State banking institutions as amended M a y 22
1917 wore published in tho “ Chronicle” M ay 19 1917 (V .
104 p. 1975). The regulations rolating to calculating the
amount of deposits ancl what deductions are permitted in
the computation of tho reserves were given in the Chron­
icle” x\pril 4 1914 (V . 98, p. 1045).

8,581
8,581
8,581
8,581

579

5,451 9,655 a81,163 11,901
— 83f 1 — 58
— 2081
+7

5,000 8,634105,945
us w e e k ........... — 857
106,802
107,005 1
105,080 !
102,977 |

5,659
5,551
5,320
5,379

9,648
9,008
9,221
8,929

81,999
81,617;
80,853
79,237

11,959
11,957
11,901
11,862

585
581
583
588

a U. S. deposits deducted, 35,150,000.
a 7 , 1Rnon
Bills payable, rediscounts, acceptances and other liabilities, 37,616,000.
Excess reserve, $4,0i0,000 Increase.

B osto n Clearing H ou se B a n k .— W e give below a sum­
mary showing the totals for all the items in the Boston
Cloaring House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE M EM B ER S.

Reserve In
*Total Cash D
InVault. epositaries
141.405.200
142.319.200
142.105.300
141.455.900
146,531,400
147.245.300
148.938.900
141.934.500
135,813,100
132.677.300
130.568.700
133.267.700
133.632.800
131.342.200
128,952,600
132.655.200
130.905.000
134.143.000
130.736.900
135.497.500
134.131.300
136.428.700
139.041.500
134.432.800
141.466.900
136.791.200

i

Trust Companies

* This Item Includes gold, sliver, legal tenders, national bank notes and Federal
Reserve notes.
__________________________ _




$

1,607
560
195
835
633
1,351

State Banka

Mot Membersofthe
Fed’l Reserve Bank.

COM BIN ED RESULTS OF BAN KS AN D TRUST COMPANIES IN
G REATER N E W YO R K .

Demand
Deposits.

s

I

T o ta l................... _ 3 ,0 0 0

B an ks a n d T r u st C om panies in New Y o rk C ity .— The
averages of the New York City Cloaring House banks and
trust companies combined with those for the State banks
and trust companies in Greater New York City outside of
the Clearing House, are as follows:

Loans and
Investments.

|

56,772,900 Dec.
670,500 192,946,900 Inc. 10,710,000
722,531,800 Dec. 16,519,200 2,100,004,700 Dec. 4,023,900
112.179.000 Dec. 2,532,300 313,467,600 Inc. 11,291,500
2 0 .6 % !Dec.
0.3%
1S% Inc.
0-5%

$
Fed’l Res. Bank.
1,500
Battery Park N at.
200
Mutual Bank-----200
New Netherland..
500
W R Grace & Co's
200
Yorkvllle Bank— !
400
First Nat'l. Jer Cy

—Trust Companies

S110,346,200

S

(.Stated Inthousands of dollars—that is, three ciphers [000] omitted.)
Mel Loans,
et Nat’l
Reserve Netand TN
is­
C LEARING
Capital Profits. coD
Bank
ime C
unts, Cash with Dem
N ON -M EM BERS
ircu­
e­ De­ la
in . Legal poD
Nat.bks May 12 Investeposi­ sits. posits. tion
erits, Vault. D
Week ending Statebks.Feb21 m
to
ries.
Tr. cos. Feb. 21 <fcc.
May 24 1919.
AverageAverageAverage Average AverageAverage
Members of

(F
ljures Furnishedby Slate BankingDepartment.) Defferencesfrom
v ‘
previous week.
Mag24.

22.06%

S

R ETUR N OF N O N -M E M B E R INSTITUTIO N S OF N EW YO R K CLEAR IN G
.
HOUSE.

SU M M AR Y OF STATE BANKS AND TRUST COMPANIES IN GREATER
N EW YO R K , N OT INCLU D ED IN CLEARING HOUSE ST AT EM E N T .

Totai .................................................. 331,728,100

I

....................
104,600,000
....................
25.900.000
43 559,900
....................
172,776,000
.................. 616,137,900 Dec. 86,760,000 2,107,543,700 Dec. 15.370,300
8,343,100 Dec.
46,900
11,823,600 Inc.
14:0,800
27,459,700 Dec. 1,949,300
21,809,900 Inc. 2,353,900

N on-M em ber B an k s an d T ru st C om p an ies.— Following is the report made to the Clearing House bv clearing
non-member institutions which are not included m the
‘Clearing House return” on the following page:

S tate B an k s and T r u st C om panies N o t in Clearing
H o u se .— The State Banking Department roports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:

StateBanks

YORK C IT Y .

Trust Companies.
State Banks.
cesfrom
ay 24 \Dpifferen
May21 ,Differences from M
revious week.
1919.
| previous w
eek.
1919.

May 24
1919.

Changesfrom
previous week.

May 10

May 17

1919.

1919.

3

4.730.000
Circulation..........................
Loans, disc'ts & Investments. 549.557.000
Individual deposits, lncl. U.S. 432.069.000
120.661.000
Duo to banks......................
11.270.000
Tlmo deposits....... ............
Exchanges for Clear. House. 17.284.000
Due from other banks........... 65.793.000
Cash In bank & In F. R. Bank 63.640.000
Reserve excess In bank and
16.337.000
Federal Reserve Bank.

Dec.
Dec.
Inc.
Dec.
Dec.
Dec.
Dec.
Inc.
Inc.

4,769,000
4,739,000
9,000
1,008,000 550.565.000 553.037.000
5,912,000 426,147,000 424.739.000
7,255,000 127,916,000 121.406.000
691,000 11,967,000 11.705.000
51,000 17,335,000 15.813.000
2,962,000 08,755,000 59.070.000
1,095,000 02,545,000 62.284.000
948,000

15,389,000

14.807.000

P h ila d elp h ia B a n k s.— The Philadelphia Cloaring House
statement for the week ending M ay 24 with comparative
figures for the two weeks preceding, is as follows.
Reserve
requirements for members of tho Fodoral Reserve system
are 1 0 % on demand deposits and 3 % on tiino deposits, all
to bo kept with the Federal Reserve Bank. ‘ Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reservo system the reserve
required is 1 5 % on donumd deposits und includes IvOSor.VG
with legal depositaries” and “ Cash in vaults.”

WeekendingMay 24 1919.
embersof Trust Total.
Twociphers (00) omitted. M
F.R.System Cos.
Capital------------------------Surplus and profits------Loans, disc'ts <fe lnvestm’ts
Exchanges for Clear.IIouse
Duo from banks...........
Bank deposits..............Individual deposits...
Time deposits________
Total deposits------------U;S.dcpostts(not Included)
Res’vc with Fed.Res.Bank
Rcs've with legal deposit's
Cash In vault*___________
Total reserve & cash held.
Reserve required................
Excess res. & cash In vault

329.775.0
80.189.0
777.802.0
22.724.0
108.906.0
152.404.0
483.534.0
5,349,0
041.287.0

51,503,6
15.290.0
66.799.0
50.590.0
10.209.0

33,000,0 $32,775,0
87.820.0
7,631,0
29.555.0 807.357.0
23.363.0
639.0
12,0 108.918.0
281.0 152.085.0
21.435.0 504.909.0
5.349.0
21,716,0 603.003.0
51.364.0
51.503.0
3.644.0
3.044.0
10.241.0
945,0
71.388.0
4.589.0
53.749.0
3.159.0
17.639.0
1.430.0

May 17 May 10
1919.

$32,775,0
87.804.0
785.008.0
21.404.0
110.787.0
154.559.0
505.061.0
5.009.0
665.229.0
22.114.0
52.942.0
3.894.0
15.784.0
72.620.0
53.916.0
18.704.0

1919.

332.775.0
87.657.0
785.264.0
21.364.0
100.731.0
151.637.0
498.581.0
5.790.0
650.008.0
27.716.0
56.178.0
3.399.0
15.231.0
74.808.0
53.960.0
20.848.0

Cash in vault Is not counted as reservo for Federal Reserve bank members.

M a y 31 1919.]

T H E ! -C H R O N I C L E

3219

Member B an k s o f th e Federal Reserve System .— M o w i n g ig the weekly atatement issued by the Federal Reservo
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the different items
contained m the statement were given in the weekly statement issued under date of Deo. 14 1917 and which was published
la the “ Chronicle’ ' of Deo. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAI RFSFRVF ANn o t h f r
SELECTED CITIES AS AT CLOSE OF BUSINESS MAY 16 1919.
RESERVE AND OTHER
Further reduction in the holdings o f Treasury certificates, more than per cent o f the total loans and investments of all reporting banks as ae:ainst
offset by an increaso o f other loans and investments, is
indicated by the
............................
week
before.
the
New
York
City
an even h
Federal Reserve Board’s statement o f condition on M ay 16 of 773 member decline in tins percentage from“31 .4 to" 30.9% Vs n obanks
t ™ “ “ UVB“ ^
banks in leading cities.
Net
withdrawals
of
Government
deposits
totaled
116.3
millions, while
U. S. bonds other than circulation bonds on hand show an increase during time deposits declined 23.2 millions, largely in the 12 Federal
Reserve
the week of 3.9 millions, all outside Federal Reserve bank cities. Loans cities. It is likely that the amounts of time deposits withdrawn were used
secured by Government war obligations, including Victory notes, show an largely to pay on subscriptions to Victory notes. On theother hand n ^
addition o f 7.6 millions, notwithstanding a reduction of 4.7 millions under
n"Leas5dK8 4 ’,7 ^ P 0113- the increase being more or Ir a
this head reported by the New York City banks. Other loans and in­ general for all classes
o f banks. As a result reserve balanpft? with
vestments went up 6 8 .6 millions, all classes of banks sharing in the increase. Federal Reserve banks show an increase of 18 f S llion s
No matenM
Aggregate U. S. war obligations and loans secured by such obligations change appears in the total of cash in vault.
material
("war paper” ) declined from 4.011.6 to 3.984.9 millions and constitute 27.1
I. Data for all reporting banks In each district.
Boston.

Member Banks.

Two ciphers (00) omitted.

New York. Phtladel. Cleveland. Richm'd.

Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
Total.
45
108
83
56
89
101
36
35
76
44
53
773
$
S
S
S
s
S
S
S
S
S
$
S
U.S.bonds to secure circulat’n 14,402,0
49,646,0 11,597,0 40,960,0 25,270,0
19,912,0 17,056,0 6,870,0 14,009,0 18,324,0 34,599,0
268.095.0
Other U. 8 . bonds. Including
Liberty bonds............... . 23,244,0 300,795,0 34,595,0 63,195,0 48,250,0 41 ,658,0
56,947,0 18,668,0 12,729,0
22,089,0 35,713,0
682.490.0
ET. S. certlfs. of indebtedness. 124,835,0 1,014,446,0 142,781,0 151,767,0 83,283,0 73 ,6 6 6 ,0 288,128,0 74,961,0 46,150,0 24,607,0
68,035,0 37,841,0 116,439,0 2.222.332.0
Total U. 8 . securities......... 162,481,0 1,364,887,0 188,973,0 255,922,0 156,803,0 130 ,774,0 364,987,0 110,685,0 65,749,0 106,651,0
78,254,0
186,751,0
3.172.917.0
80,383,0
523,367,0
Loanssco. by U. 3. bonds, Ac.
141,913,0 99,960,0 37,954,0 23 ,142,0
93,633,0 25,241,0 12,419,0
6,978,0 22,305,0 1.080.080.0
All other loans A Investments 791,296,0 4,134,789,0 624,097,0 994,052,0 380,030,0 300 ,116,0 1,428,926,0 381,565,0 234,294,0 12,785,0 179,318,0
523,647,0 10.423.511.0
Reserve bal. with F. R. bank. 71,933,0 678,826,0 62,341,0 91,432,0 33,582,0 29 ,248,0 167,814,0 42,455,0 22,365,0 450,381,0
46,177,0
18,855,0
52,732,0
Cash In vault.................... . 24,336,0 121,743,0 19,300,0 34,711,0 16,518,0 13 ,282,0
66,263,0 9,581,0 9,436,0 15,137,0 9,477,0 20,812,0 1.317.760.0
360.596.0
Net demand deposits----------- 741,332,0 4,926,248,0 661,559,0 802,557,0 322,424,0 249 ,658,0 1,276,433,0 308,679,0 232,690,0 418,132,0
174,199,0 457,636,0 10.571.547.0
Time deposits_____________ 109,458,0 279,189,0 21,214,0 294,578,0 78,744,0
... 114 ,540,0 431,801,0 97,731,0 55,641,0 71,337,0 28,796,0] 135,865,0
Government deposits_______ 35,056,0 188,890,0 27,166,0 30,179,0 21,125,0' 20 439.0
55,511,0 18,281,0 9,093,0 16,424,0 8,780,0' 3,854,0 1.718.894.0
434.848.0
2. Data for Banks In Federal Reserve Bank Cities, Federal Reserve Branch Cities and Other Reporting Banks.
Number of reporting banks..

New York.
May 16.

May 9.

No. reporting banks_____
65
65
U. 3. bonds to secure clrS
S
culatlon_____________
39.228.C
39,377,0
Other U. 8 . bonds, lucludlng Liberty bonds-------- 259,030,C 259,741,0
U. 8 . ctfs. of indebtedness 922,183,C 943,232,(
Total U. 8 . securities... 1,220,447,0 1,242,350,0
Loans sec. by U.8 . bds„Ac. 484,003 ,C 488,754 ,C
All other ioansAinvestm’t? 3,084,800,03,657,201.C
Res. balances with F.R.Bk 636,849,6 622,607,0
Cash ln vault................. 106,461,0 108,210,0
Not dornand deposits........ 4,476,790,0 4,455,300,0
Time deposits.................. 214,231,0 223,858,0
Government deposits____ 161,749,0 223,272,0
Ratio of U.8 . war securities
and war paper to total
loans and Investments'^
30.9
31.4

Chicago.
May 16.
44

S
1,169,0

23,185,0
162,467,0
186,821,0
69,064,0
882,353,0
115,678,0
39,581,0
863,891,0
162,566,0
31,988,0
22.4

AU F. R. Rank Cities

May 9.
44

May 16.

May 9.

255

F. R. Branch Cities.

All Other Report’y Banks

May 16. [ May 9. j May 16.
159
S
I
54,979,0,

May 9.

Total.
May 16.

May 9.

159,
359
359
S
:
S
S
54,880,0 109,503,0 109,546,0

S
103,613,0 103,762,0
268,095,0
24,005,0 382,030,0, 382,313,0 118,014,0; 115,059,0 182,446,0 181.245.0 682.490.0
163,690,0 1.494.142.01.523.627.0 352.441.0] 356,359,0 375,749,0 380.446.0
188,864,0 1.979.785.02.009.702.0 525,434,0 526,298,0, 667,698,0 671.237.0 2.222.332.0
67,092,0 839.913.0] 839,004,0 114.625.0] 109,247,0 125,542,0 124.247.0 3.172.917.0
1,080,080,0
870,912,0 6.862.038.0
6,826,623,0
1,547,164,0 1,531,884,0 2,019,309,0 2,011,365,0
10,369,872,0
117,407,0 980,393,0 971,048,'' 155,682,0, 148,262,0 181,685,0j 180,429,0 10.428.511.0]
1,317,760,0] 1,299,739,0
38,739,0 206.962.0] 207,350/
57,297,0 56,997,0] 96,337,0 96,540,0 360.596.0 360,887,0
851,708,0 ^’rn?’vno’97,406,214,0 !,310,420,01,29!,'874]t) 1,801,394.'o i,788[676.0 10.571.547.0]
104,599,0 691.792.0 711,644,0 503,339,0] 502,519,0 523,763,i 527.932.0 1,718,894,0I 1,742,095,0 10,486,764,0
41,805,0 295.075.0 387,278/
69,411,0 81,741,0 70,362,0] 82,080,0 434,848,0 551,099,0
S
1,169,0

2 2.6

28.1

28.41

26.81

24.3!

27.1

T h e F e d e r a l R e serv o B a n k s .— Following Is the weekly statement issued by the Federal Reserve Board on M a y 23given
less fha"
than the week before. The banks’ capital -*
ac­
t h f r S ° o f th^ lffrat^pa^icnT 'on^c^u nt^f'vIctory^otra'^iso'tm n sk^ count
*lvfm as
** 67.8
fi7‘8a millions
gain of $156,000,
the banks at Philadelphia, Cleveland St
orablo decreases In Government deposits and in Federal iteserve noto Louis shows
and
San
Francisco
reporting
substantial
additions
to
their
pai’d-in
circulation, are indicated by the Federal Reserve Board’s weekly bank capital. ledoral Reserve notes in circulation declined 27.8 millions, the
statement issued as t close of business on M ay 23 1919
reporting considerable)gains of notes on hand, mainly
As against the large reduction in war paper, the banks show a slight banks and agents
from circulation, while redemptions by the Treasury were in
increaso in other discounts on hand and a gain o f 8 . 5 millions in their ac­ withdrawn
of 7 millions. The banks’ aggregate liabilities on account of F. R.
ceptance holdings. On the other hand, certificate holdings fell off 4.3 excess
in circulation likewise show a slight decrease. On the other hand
millions, the larger decrease in this item reported by the New York bank notes
reserves show a gain o f 2.9 millions, while cash reserves went up 2.1
being offset in part by fresh investments in 2 % certificates shown for four gold
millions. The banks reserve percentage, because of the reductions in both
other banks.
and note liabilities and the simultaneous increaso in cash reserves
Members’ reserve deposits declined 15.8 millions, while net deposits are deposit
shows a rise from 51.1 to 52.3%.

The figures of the consolidated statement for the system as a whole are given in the following table, and in addition we
we present
pre
the results for each or the seven preceding weeks, together with those of tho corresponding week of last year. thus furnishing
" ’ „ a usefhl comparison. Ln the second table we show the resources and liabilities separately for each of the twelve Federal Reserve
Reserve banks,
ba
The statement ol hoderal Reserve Agents’ Acoounts (the third table following) gives details regarding the transactions in
in Federal
Fee
Reservo notes between the Comptroller and the Reserve Agents and botweon the latter and the Federal Reserve banks.
ge^cral^daasifictefnrf in
Y O R K ’— The weekly statement issued by the bank subdivides some certain items that are Included
Oov mmenTdoDodls ’ S95 3
8tatemont prepared at Washington. Thus. ' ‘Other deposits. & c..” as of May 23. consisted of “ Foreign
Government uepo.iw, i'jo.355,377, Non-member bank deposits," $10,063,868. and “ Due to War Finance C orporation / $2,877,715.
8
C o m b in e d

R esources an d

L i a b i l i t i e s o f t h e F e d e r a l R e s e r v e B a n k s a t t h e C l o s e o f B u s in e s s M a y 2 3 1 9 1 9 .

May 23 1919. May 16 1919. May 9 1919. May 2 1919. April 25 1919. Apr. 18 1919. April 111919 . April 4 1919. May 24 1918.
RESOURCES.
$
S
$
S
$
S
S
%
S
Gold coin and certificates__________
346.997.000 335.224.000 345.797.000 340.707.000 340.022.000 346.145.000 335.162.000I $333,384,000
478.460.000
Gold settlement fund, F. R. Board.......
572.001.000
569.082.000
548.954.000
600.989.000
605.809.000
612.365.000
610.196.000
612.711,000 407.767.000
Gold with foreign agencies....................
52,500,000
Total gold held by banks..................
918.998.000 884.178.000 914.879.000 047.690.000 945.831.000 958.510.000 945.358.000 946.095.000 938.727.000
Gold with Federal Reserve agents........ 1,139,825,000
1,134,198,000
1,150,903,000
1,104.699,000
1,109,949.000 1,085,519,000 1,082,444,000
Gold redemption fund.................... ..I ]
930.181.000
119.916.000 140.750.000 125.271.000 114.223.000 113.436.000 118.128.000 115.078.000 1,100,173,000
104.682.000
29,115,000
Total gold reserves........................... 2,178,739,000 2,175,837,000 2,174,348,000
2,160,618,000
2,169,216,000 2,162,157.000 2,142,880,000 2,150,950,000 1,898,023,000
Legal tender notes, silver, &o...............
60,194,000
68,436,000
70,020,000
70,601,000
70,938,000
68.702,000
69,109,000
67,678,000
58,033,000
Total reserves___________________ 2.247.933.000 2.245.857.000 2,248,784,000 2.237.219.000
2.240.152.000 2.230.859.000 2.211.989.000 2,218.628,000 1,956,056,000
Bills discounted:
Secured by Govt, war obligations__ 1.762.487.000 1.863.476.000 ♦1795 735 000 1.788.068.000
1.760.672.000 1.720.960.000 1.767.459.000
600.499.000
All other...........................................
170.379.000 175.464.000 * 172,568,000 178.715.000 189.740.000 201.314.000 200.465.000 1.674.916,000
193.066.000 322.800.000
Bills bought In open market................. 193.187.000
184.717.000 182,036,000 195.284.000 185.822.000 196.885.000 218.690.000 240.790.000
278.221.000
Total bills on hand_______________ 2,132.053,000 2,223,057,000 2,150,339,000 2.102,067,000
2,136,234,000 2,119,159,000 2,186,514,000 2,108,772,000 1,201,520,000
U. S. Government bonds__________
27,149.000
27,144,000
27,131,000
27,132,000
27,135,000
27,137,000
27,136,000
27.134,000
42,067,000
U. S. Victory Notes.............................
17,000
19,000
U. S. certificates of indebtedness......... 199,748,000
204,082.000 202,363,666 194,282,666 191.5*0/666 189,038',000 185,711^666 178,646,666 *32,47/000
All other earning assets_______ _____
22,000
3.000
1,151,000
Total earning assets--------------------2,454,889,000 2,379,846,000 2,383,461,000 2,354,870.000 2,335,334,000 2,399,383,000 2.314,555.000 1,277,214,000
Bank promises...................................... 2,358,967,000
10.976.000
10,974,000
10.970.000
10,974,000
10,574,000
10,558,000
10,658,000
9.713.000
Uncollected Items and other deductions
626,034,000
from gross deposits.......................
679,798,000 709,355,000
653,926,000 630,614,000 655.446,000 636,384,000 644,959,000 351,407,000
5% redorap. fund agst. F. R. bank notes
8,271,000
7.858.000
8,924,000
8.636.000
8.176.000
8.454.000
6.988.000
6.792.000
537,000
All other resources...............................
10.289.000
9.227.000
10.242.000
8 .010 .000
8.301.000
7.995.000
7.332.000
7.738.000
89,000
Total resources................................ 5.316.234.000 5.440.243.000 5.276.723.000
5.302.226.000
5.252.687.000 5.248.646.000 5.272.634.000 5.202.385.000 3.585.303.000
LIABILITIES.
Capital paid in______ ____ _______
82.553.000
82,228,000
82.397.000
82.198.000
82.015.000
81.774.000
81.750.000
81.658.000
75,465,000
Surplus............................... ................
49.466.000
49.466.000
49.466.000
49.460.000
49.466.000
49.466.000
49.406.000
49.466.000
1,134,000
Government deposits........... ..............
99.999.000 185.841.000
89.761.000
143.273.000
91.726.000
106.561.000
169.972.000
85.008.000 122.350.000
Due to members, reserve account_____ 1.697.524.000 1.713.341.000 1.688.906.000 1.044.434.000
1.664.320.000
1.055.860.000 1.628.693.000 1.655.298.000 1.435.284.000
Deferred availability Items.................. 537.642.000 549.702.000 483.501.000 512.703.000
Other deposits, lncl. for. Govt, credits. 142.138.000 125.786.000 129.175.000 128.406.000 491.605.000 496.788.000 487.153.000 487.593.000 242.488.000
135.057.000 131.307.000 128.481.000 120.426.000 107.903.000
Total gross deposits......................... 2.477.303.000
2.391.343.000 2.428.876.000 2.382.708.000 2.390.516.000 2.414.299.000 2.348.325.000 1.909.025.000
F. R.notes ln actual circulation........... 2.504.253.000 2.574.670.000
2.556.749.000 2.549.040.000 2.549.552.000 2.543.704.000 2.548.588.000 2.547.670.000
F. R. bank notes In circulation—net Ilab 167,208,000 2.532.039.000
168,045,000 164,415,000 161,450,000 158,848,000 155,074,000 151,560,000 149,449,000 1.578.621.000
7,764,000
All other liabilities...............................
35,451,000
33,626,000
32,522,000
31,190,000
30,098,000
28.112,000
26,971,000
25,817,000
13,294,000
Total liabilities............................... 5,316,234,000 5,440,243,000 5,276,723,000 5,302,228.000
5,252,687,000 5.248.646,000 5,272.634.000 5.202.385.000 3.585.30.1 nan
amended insures. ** includes One-Year Treasury Notes.--------------------------------- ------------------------------------------ ------------ -------- ----------------------;----------




[V ol . 108

THE CHRONICLE

2220

April 111919. April
May 24 1918. May 16 1919. May 9 1919. May 2 1919. April 25 1919. Apr. 18 1 9.
53.2%
55.2.%
54.0%
53.4%
51.8%
47.4%
51.7%
Gold reserve against net deposit UaD..
47.0%
4*af*
48.0%
47.8%
49.2%
51.0%
50.3%
Gold res. agst. F. R. notes In act. ciro’n
Ratio of gold reserves to net deposit and
49.5%
50.5%
50.4%
50.1%
50.3%
50.9%
50.6%
F. R. noie liabilities combined-------Ratio of total reserves to net deposit and
51.1%
52.1%
52.1%
51.7%
51.9%
51.1%
52.3%
F. R. note liabilities combined.........
Ratio of gold reserves to F. R. notes In
circulation after setting aside 35%
62.4%
63.8%
63.8%
63.4%
63.5%
62.9%
64.6%
against net deposit liabilities-------$
S
S
$
DistributionbyMaturities—
78.832.000
68.050.000
60.702.000
64.796.000
62.919.000
57.255.000
57.635.000
1 - 1 5 d a y s b il ls b o u g h t In o p e n m a r k e t . .
1,765,491,000 1,706,881,000 1,677,868,000 ,648,426,000 1,667,271,000 1,731,817,000
29.375.000
1 -1 5 d a y s b il ls d i s c o u n t e d .............................. 1,675,512,000
29.896.000
28.738.000
29.234.000
33.827.000
34.655.000
30.746.000
1 -1 5 d a y s U . S . c e r t l f . o f I n d e b t e d n e s s .
M*.*8*5*9*,666
1 -1 5 d a y s m u n ic i p a l w a r r a n t s ------------------46,792,666
61,327^666
”49,955,666
"
4*2”,458",666
*40,139,666
”37,957,666
1 6 -3 0 d a y s b il ls b o u g h t In o p e n m a r k e t . .
57.467.000
76.460.000
74.823.000
58.491.000
49.507.000
64.850.000
42.344.000
1,611,000
1 6 -3 0 d a y s b il ls d i s c o u n t e d ......... ....................
250,000
103.000
68,000
3.331.000
3.392.000
681,000
1 6 -3 0 d a y s U . S . c e r t l f . o f I n d e b t e d n e s s .
1 6 -3 0 d a y s m u n ic i p a l w a r r a n t s ------------------*
7
*
8'.*5”0l”.666
*67,867,666
52,688,666
’
5
3
,
634
”
,666
"55,580”
,666
65,767,666 *66,78*7*.666
3 1 - 6 0 d a y s b il ls b o u g h t In o p e n m a r k e t . .
96.412.000 103,634,000
80.574.000
84.453.000
70.308.000
70.024.000
138,435,000
3 1 - 6 0 d a y s b il ls d i s c o u n t e d ........... - ...............
3.624.000
3.826.000
6,715,000
7,017,000
3.846.000
3.971.000
3.209.000
3 1 -6 0 d a y s U . S . c e r t lf. o f I n d e b t e d n e s s .
3 1 - 6 0 d a y s m u n ic i p a l w a r r a n t s . _•-------------6 1 - 9 0 d a y s b il ls b o u g h t In o p e n m a r k e t . .
6 1 - 9 0 d a y s b il ls d i s c o u n t e d ......... ....................
6 1 -9 0 d a y s U . 3 . c e r tlf. o f in d e b te d n e s s .
6 1 - 9 0 d a y s m u n ic i p a l w a r r a n t s ------------------O v e r 9 0 d a y s b il ls b o u g h t In o p e n m a r k e t
O v e r 9 0 d a y s b i l l s d i s c o u n t e d ......... ............ O v e r 9 0 d a y s c e r t l f . o f I n d e b t e d n e s s -------O v e r 9 0 d a y s m u n ic i p a l w a r r a n t s --------------

Federal Reserve Notes—

O u t s t a n d i n g ---------------------------------------------------H e l d b y b a n k s -----------------------------------------------g I n a c t u a l c i r c u l a t i o n --------------------------------

■'

Fed. Res. Notes (AgentsAccounts)—

R e c e i v e d f r o m t h e C o m p t r o l l e r ----------------R e t u r n e d t o t h e C o m p t r o l l e r --------------------A m o u n t ch a r g e a b le t o F e d . R e s . a g e n t
I n . h a n d s o f F e d . R e s . a g e n t ........................
I s s u e d t o F e d e r a l R e s e r v e b a n k s ...........

How Secured—
By g o l d c o in a n d c e r t i f i c a t e s ......... ............
By la w f u l m o n e y ------------------------------------------By e li g ib l e p a p e r ........................................... —
G o l d r e d e m p t l o n 'f u n d ........................................
W i t h F e d e r a l R e s e r v e B o a r d .............. ..........
T o t a l .......................................................
E li g ib l e p e r d e liv e r e d t o F . R . a g e n t —

4 1919. May 24 1918.
60.3%
61.2%

55.5%
47.3%
50.6%

60.5%

52.2%

62.4%

63.7%
/ 713,043,000
2.292.000
32,000
/ 118,118,000
204.000
455.000
191,411,000
15/15,000
■4,000

'31,828*666
60.492.000
2.097.000

26,536,666
119,991,000
109,000

”2 1 ,679 ",666
123,761,000
270,000

”2 7 ,496 ”,666
120,060,000
101,000

*21,105*666
123,022,000
373.000

”14,1*76.666
58.325.000
3.184.000

”1 6 ,*398*666
52.742.000
3.749.000

/ 148,' 54,000
3.397.000

22,083
163,015

18,584,000
161,955,000

17,846,000
161,089,000

25,905,000
157,842,000

23,567,000
155,572,000

23,806,000
151,882,000

22,264,000
147,352,000

30.894.000
10.968.000

2.714,089,000 ,724,685,000
2,741,265,000 2,735,798,000 2,731,274,000 ,732,403,000 ,736,384,000 2,724,097,000
146,064,000
209,226,000 179,049,000 182,234,000 182,851,000 192,680,000 175,509,000 160,419,000
1.578.621.000
2,647,670.000
2,548,588,000
2,504,253,000 2,532,039,000 2,556,749,000 2,549,040,000 2,549,552,000 2,543,704,000
4.212.880.000 2.382.660.000
4.455.660.000 4.419.140.000 4.390.120.000 ,358,520,000 ,316,560,000 4.268.400.000
4,484,140,
389,075,000
1.311.640.000 1.279.342.000 1.241.901.000 ,211,172,000 ,173,891,000 1.143.348.000 1.103.656.000
1,347,634
,993,585,000
3,109,324,000
3,125,052,000
,142,669,000
3,144,020,000 3,139,798,000 3,148,219,000 ,147,348,000
3,136,506,
395.235.000 268,900,000
402,755,000 404,000,000 416,945,000 414,945,000 406,285,000 400,955,000
410,715,
1,724,685,000
2,714,089,000
2,724,097,000
2,736,384,000
2,725,791,000 2,741,265,000 2,735,798,000 2,731,274,000 2,732,403,000
228.449.000
237,747,000
235.747.000
232.747.000
236.498.000
228,498,000 240.498.000 232.498.000 230.498.000
794.564.000
1,613,916,000
1,641,654,666
,6*50,”
865',666
,622,454,666
1,626,575”
,666
l,6
”
6
l
"
,
"
6
"o
”
o
'
,
6
6
6
1,590,362*,666
1,585,966
53,080,000
88,520.000
84,538,000
75,595,000
84,829,000
84,094,000
84,133,000
85,084,000
81,219
773,906,000 648.652.000
825.321.000 817.567.000 790.107.000 788.622.000 777.177.000 762.158.000
830,108
2,724.097,000 2,714,089.000 1,724,685,000
2,725,791,000 2,741,265.000 2,735,798,000 2,731,274,000 2,732,403,000 2,736,384,000
2,111,610,000 2,037,260,000 1,155,877 000
2,069,765.000
2,044,106,000
2.064.724.000
2,052,784,000 2,135,541,000 2,087,062,000
2,725,791
221,538

CTFF.KI.Y STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 23 1919
Boston.

Two cipher* (00) omitted.

S
RESOURCES.
3,475,0
Gold coin and certificates----- - - ­
Gold Settlement Fund, F. R. B d 38,814,0
42.289.0
Total Gold held by banks----Gold with Fed. Reserve Agents.. 59.975.0
Gold redemption fund------------ 11.282.0

New York.

Phtla.

Cleveland. Richm'nd. Atlanta.

S
S
S
606,0 27.263.0
253.779.0
178.524.0 40,852,0 50.691.0
432.303.0 41.458.0 77,954,0
287.679.0 71.137.0 129,677,0
690,0
24,942,0 11.236.0

Chicago. St. Louis. Minneap. Kan.City.

Dallas.

$
%
s
t
S
S
%
135,0 7.245.0
2,166,0 7,876,0 23,046,0 3,921,0 8,345,0
34,185,0 12,633,0 111,062,0 18,493,0 13,961,0 38,835,0 6.513.0
36.351.0 20.509.0 134.108.0 22.414.0 22.306.0 38.970.0 13.758.0
28.178.0 41.699.0 267.507.0 58.198.0 41.310.0 30.567.0 16.391.0
7,138,0 6,021,0 33,071,0 5,239,0 5,324,0 11.341.0 2,653,0
71,667,0 68,229,0 434,686,0 85,851,0 68,940,0 80,878,0 32,802,0
133,0 2,165,0
116,0
436,0 1,800,0 1,052,0 2,208,0
72,103,0 70,029,0 435,738,0 88,059,0 69,056,0 81,011,0 34,967,0

San Fran.

*
9,140,0
27,438,0

Total.

$
346.997.0
572.001.0

36,578,0 918.998.0
107,507,0 1,139,825,0
979,0 119.916.0

145,064,0 2,178,739,0
208,321,0
69,194,0
215,0
Total gold reserves................. 113,546,0 744,924,0 123,831,0
571,0 1,070,0
51,712,0
7,716,0
legal tenPer notes, silver, A o ...
145,279,0 2,247.933,0
209,391,0
Total reserves............. . . . . . . 121,262,0 796,636,0 124,402,0
Bills discounted: Secured by Gov­
19.354.0 70.855.0 1,762,487,0
81.413.0 70.909.0 201,723,0 61,625,0 47,345,0 51.720.0 26.986.0
14.478.0 1.70.379.0
ernment war obligations (a). 144,102,0 708,974,0 170,315,0 134,152,0
8.094.0 31.339.0
23.422.0 12,378,0 5,206,0 12.190.0 13.479.0 14.882.0 8.726.0
5,199,0
1,063,0 54.822.0 193.187.0
1,061,0
All other.....................
8.469.0
918,0 21,562,0 7,083,0 5,151,0 28.332.0 4.443.0
44.424.0
Bllls bought In open market (b). 15,859,0
140,155,0 2,132,053,0
160,920,0 100,686,0 89,539,0 244,937,0 74,794,0 63,908,0 84,120,0 47,403,0
27,149,0
Total bills on hand...... .......... 165,160,0 776,820,0 183,611,0
116,0 8,868,0 3,966,0 2.632.0
377,0 4,476,0 1,153,0
1,303,0 1,385,0 1,083,0 1,234,0
556,0
17,0
U.S. Gov’t Bonds....................
10,0
7,0
199,748,0
7.320.0
U. 9. Gov’t Victory Bonds........
4
,*
9
*
o
ib
’
6
6,
453
',6
9,028,0
14,682,0
68,336,0 19,690,0 10,442,6 5”,860,6 9,509,0 20,612,0
U. 9. Certlf. of Indebtedness.. 16,916,0
150,107,0 2,358,967,0
107,780,0 99,432,0 270,025,0 90,629,0 73,062,0 99,441,0 56,269,0
10,976,0
400,0
Total earning assest----------- 182,632,0 846,459,0 204,686,0 178,445,0
221,0
401,0
541,0
218,0 2,936,0
875,0
312,0
500,0
3,772,0
800,0
Bank premises---------------------679,798,0
33,136,0
Uncollected Items and other de­
26,581,0
56,968,0
17,312,0
45,894,0
83,142,0
37,638,0
ductions from gross deposits.. 57,948,0 155,917,0 65,539,0 55,886,0 43,837,0
8,271,0
5% Redemption fund against
358,0
379.0
730.0
415.0
469.0
886,0
450.0
770.0
196.0
925,0
1.852.0
841.0
10,289,0
723.0 1,000,0
F. R. bank notes-------440.0
204.0
433.0
312.0 1,205,0
700.0
606.0
3.043.0 1,205,0
418.0
All other resources----------160,049,0 238,991,0 119,140,0 330,280,0 5,316,234,0
363,901,0 1,807,679,0 397,257,0 446,067,0 224,834,0 208,079,0 793,932,0 226,025,0
Total resources---------82.553.0
LIABILITIES.
2.977.0 3.784.0 3.235.0 4.770.0
3.861.0
11.441.0
3.241.0
9.225.0
4.195.0
7.630.0
21.345.0
6.849.0
49.466.0
Capital paid In----------------------1.603.0 1.415.0 2.421.0 1.184.0 2.448.0
21.117.0 2.608.0 3.552.0 2.196.0 1.510.0 6.416.0 6.864.0
2.996.0
99.999.0
3.399.0
1.677.0
4.237.0
Surplus-------------- ----------------2.845.0
7,215,0 11.194.0 9.032.0 7.518.0 7.386.0 29.027.0 58.947.0 48.070.0 71.545.0 40.794.0 87.786.0 1,697,524,0
9.605.0
Government deposits-------------133,287,0 51.291.0 44.673.0 235,195,0
537.042.0
20.354.0
17.693.0
Due to members, reserve account 103,744,0 733.225.0 88.967.0
36.267.0
11.509.0
36.294.0
61.670.0
36.131.0 28.455.0
Deferred availability Items------ 50,875,0 126.889.0 63.801.0 47,704,0
318,0 6.167.0 142.138.0
748,0 1.510.0 10.919.0
293,0 4.608.0
401,0
863,0
742,0
1.045.0 114.624.0
All other deposits............. ........
117.706.0 2.477.303.0
60.482.0
122,968,0
63.934.0
102.853.0
164.704.0 190.886.0 95,341,0 80,807,0 330.500.0
2.504.253.0
P Total gross deposits— . ---- 165.269.0 981.853.0 201.362.0
224.788.0 115,902,0 112,264,0 419.554.0 103.365.0 85.006.0 94,767,0 46.066.0 196.070.0
F. R. notes In actual circulation. 169.647.0 735.462.0
107,208,0
F. R. bank notes In cirulatlon
6.774.0
6,862,0
13,104,0
5.703.0
35.163.0 18,066,0 15,176.0 5.425.0 8.894.0 22,472,0 13,103,0
36,451,0
2.512.0
—net liability-------------------- 16,466,0
12.739.0 2,887,0 2,440,0 1.775.0 1.363.0 3,549,0 1,240,0 1.014.0 1,947,0 1,311,0
All other liabilities..................... 2,674,0
5,310,234,0
330,280,0
119,140,0
238,991,0
363,901,0 1.807.679,0 397,257,0 446,067,0 224,834,0 208,079,0 793,932,0 226,025,0 160,049,0
Total liabilities............
as endor ser on:
109,274,0
36,933,0
45,000
27,341,0
1,800,0
__
___
—
..........
_____
..........
..........
..........
..........
1,860,0 - - - - - - - other F. R. banks.
_____
.......... 109,274,0
54,788.0 10,000,0 15,000,0
29,486,0
bought fr om other F R. bank:
1,800,0
_____
.......... 28,4*13*,6
1,860,0
..........
..........
..........
28,483,0
” 70”,6
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUSINESS MAY 23 1919.
Total.
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City. Dallas. San Fran.
*
S
t
t
S
S
%
t
S
S
$
S
S
4.484.140.0
Federal Reserve notes:
353,400,0 222,720,0 222,000,0 604.480.0 196,220,0 130,880,0 162,300,0 103,160,0 276,260,0
Received from Comptroller— 307.200.0 1,546,780,0 358.740.0
119.918.0 58,308,0 30,664,0 47,756,0 31,369,0 52,289,0 1.347.634.0
46,881,0
72,589,0
82,256,0
132.856.0
571,310,0
101.438.0
Returned to Comptroller-----484,562,0 137,912,0 100,216,0 114,544,0 71.791.0 223,971,0 3,136,506,0
Chargeable to F . R. Agent.. 205,762,0 975.470.0 225,884,0 271,144,0 150,131,0 175,119,0
58,660,0 30,360,0 18,980,0 13,340,0 13,580,0 23.925.0 6,000,0 410,715,0
In hands of F. R. Agent.......... 28,520,0 143.600.0 12,240,0 32,520,0 28,990,0
Two cipher* (00) omitted.

Issued to F. R. Bank, less amt.
returned to F. R. Agent for

Boston.

New York.

Phila.

177,242,0 831,870,0 213,644,0 238,624,0 121,141,0 116,459,0 454,202,0 118,932.0
Collat’l security for outst’g notes:
2.500.0
17.625.0
183.740.0
Gold coin and otfs. on hand...
13,939,0 13,248,6 12.052.0 2,178,6 4.199.0 5,162",6 2,767,6
Gold redemption fund........— 9 ,975 ",6
262,345,0 55.431.0
26,000,0
35,000,0
100,000,0
57,889,0
90,000,0
50,000,0
Gold Set’m’t Fund, F. R. B’d.
86,695,0 60.734.0
Eligible paper, mln’m required 117,267,0 544.191.0 142,507,0 108,947,0 92,963,0 74,760,0
118,932,0
454,202.0
116,459,0
121,141,0
238,624,0
213,644,0
831,870,0
177,242,0
Amount of eligible paper dellv55.280.0
244.916.0
84,034,0
159.048.0
96,609,0
144.864.0
776.820.0
165.160.0
|* ered to F .R . Agent.................
238.624.0 121,141,0 116,459,0 454.202.0 118,932,0
F. R. notes outstanding----------- 177.242.0 831.870.0 213.644.0
96,408,0 12,282,0 13,836,0 5,239,0 4,195,0 34,648,0 15.567.0
F. R- notes held by bank---------- 7,595,0
1,69647,0 735.462,0 201,362,0 224,788,0 115,902,0 112,264,0 419,554,0 103,365.0




86,876,0 100,964,0 47,866,0 217,971,0 2,725,791,0
228.498.0
11.581.0
13.052.0
81,219,0
2,658,0 1 ,267”,6 2,626,0 11,208,6
830.108.0
96,299,0
2,184,0
25.600.0 29.360.0
45.568.0 70.397.0 31.475.0 110,464,0 1,585,966,0
86,876,0 100,964,0 47,866,0 217,971,0 2,725,791,0
60.171.0 84,120,0 47.403.0 123.359.0 2.052.784.0
86.876.0 100,964,0 47.866.0 217.971.0 2.725.791.0
1,870,0 6,197,0 1,800,0 21,901,0 221.538,0
85,006,0 94,767,0 46,066,0 196,070,0 ,2504.253,0

M ay 31 1919.]

THE1CHRONICLE

2221

to 60%. Trading in mines was dominated by the silver
issues. Bonds dull.
A complete record of “curb” market transactions for the
week will be found on page 2230.
Wall Street, Thursday Night, May 29 1919.
Railroad and Miscellaneous Stocks.—The strength and For daily volume of business see page 2230.
The following sales have occurred this week of shares not
activity which have characterized the stock market for some represented
in our detailed list on the pages which follow:
time past were again in evidence and practically all repre­
STOCKS.
Sales
sentative issues show substantial advances for the week.
Range for Week.
Range since Jan. 1,
for
The railway list was stronger than it has been for some Week ending Mag 30. Week]
Lowest.
Highest.
Lowest. | Highest.
time and a majority of issues record good gains, particularly
Par.\Shares\ $ per share. $ per share. S per share $ per share.
Express____ 100 4,900; 50
May28 61** May26 29** Apr 64 May
Southern Pacific and Union Pacific, the former having ad­ Adams
Amer Bank Note____ 50 200i 42 May26 46 May29, 33
Jan 46 May
vanced over 4 points and the latter about 3.
Am Bosch Magn.no par20,300| 95** May24 103** May26 84** May 103**
May
American Express...100 300101
May28 103 May2G 82** Apr 103 May
In the miscellaneous list the marine and oil issues proved Amer
Smelters Securities!
pref series A_____ 100
May26 93** May26 92** Feb 94 fMar
the exception to the rule of continued strength, while the American
Snuff____ lOOj
May29 125 May24 105
Jan 130 May
Sumat Tobac, pf.100
May27 94** May26; 93
motors, on tho other hand, furnished the chief display of AmRights........................22,3151
Jan
May
** May24 5** May27i 2}* May 100
5}* May
activity and higher prices. General Motors closed the week Assets
Ann Arbor________ 100| 200 4** May29
May28| 1
Apr 5
Apr
Realization___ 10 6,200
May27 iMMay27! 1
Jan 3** Mar
with a net gain of 21 points and Studebaker has advanced Assoc Dry
Goods___ 100.30,550 49
May24 55}* May29 17** Jan 55}* May
100;
300:
79
First
preferred___
May28 79 May28 61
23 % to a high record of 107%.
Jan 79}*f May
2d preferred..........100, 460 75 May28 75** May29 58** Feb 80***
May
Associated Oil..........100 1,800; 89** May27 91 May28 68
The chief characteristic of to-day’s market, aside from the Atlanta
Jan 96** May
BIrm & A tl.. 100 200j 9 ** May29 10 May24 6
Mar 11 May
strength of the motor stocks, was the weakness in Interna­ Baldwin
Locom, pref. 100 GOO105}* May24 108** May29 102
Jan 108J* May
Barrett pref___ •___ 100, 300118 May29 119 May29 110
Feb
May
tional Mercantile Marine, the preferred losing over 2 points Batopllas
Mining____ 20 3,000
}* May24 2 May28 1** Jan 119
2**? May
Bethlehem Steel, pref
100100** May27
** May27 90** Jan 100**! May
and the common about 1% points.
Bklyn Edison, Inc__ 100
225!100 May27 100 May28 97
Apr
May
Bklyn R Tran ctfs dep.J 4,800: 25 May28 26** May29; 19}* Mar 100}*
State and Railroad Bonds.—There were no sales of ntrlim
27*4-May
AA fifin’
Bklyn TTnlnn
Union Gas___ 100
900 nn
89 May24 92 May29 77}* Apr
SMay
State bonds on tho Board this week.
Brunswick Terminal. , 1,000 9** May24 OH May28! 8** Mar 92
11** May
Buff Roch & Pittsb. . 100
23 60 May28 60 May28i 60 May 72*4
Feb
The general bond market remained fairly active and cer­ Butterlck.................1001
Buff
u u u &Susq
a ou suext
civv ic.iu
tc. u
1UU 75
70 May29 75 May29 70
Apr 75 May
600 27}* May26 27 H May28 16
Jan 30 May
tain of the traction issues continued their upward trend, Caddo Cent Oil & R . 70,300 48** May26 54** May27; 48**fMay
54**{May
& Arizona... 10
May26 65** May29 56}* iMar 65** May
notably Interboro R. T. Ref. 5s, Inter-Met. 4 Ms, and Third Calumet
Canada Southern___ 100
100! 48
May26 48 May26: 46
Apr 48 t May
Case (J I), pref........100] 300 99** May26 100 May29 91H Jan 100 May
Ave. Adj. 5s. A number of the railway issues showed a Central
Foundry___ 100; 1,400: 22
May28 26 May26 21 May 28 f May
stronger tone, Ches. & Ohio Conv. 4%s gaining 2 points, Cert-Teed
Preferred...............100 4,800 48** May28 51 May26 27
Apr 51**|May
Prod..no pari 1,100, 40** May27 43 May29; 30** Apr
50**|May
Chgo. Milw. & St. Paul 4%s 1% points and Southern Pacific 1st preferred.........
! 100 90
May29 90 May29 85
Jan 90 May
Chicago & Alton, preflOO 200
May27 14**
10** May 16}* May
5s and 4s 4 and 3 points, respectively. Certain of "the steel Chic
& Eastern Illinois
1,100 <*** May26 7}* May28
May27 4 May 7** IMay
Preferred............... 100 4,900: 7y. May24 11*< May27;
issues also displayed a firmer tone.
4 May ll**lMay
C St P M & Omaha..
300|
* May26 75 May28 65** May 82
Jan
Cluett,Peabody&Co..l
300'
United States Bonds.—Trading in the Victory Loan Computing-Tab-Rec.lOO;
May26 74** May29 60 H Feb 75 May
500 45 May27 45 May28 37}* Jan 47}* Apr
Gas, E L & Pow,
bonds began this weok, opening at 99.90.&The bonds ranged Consol
Baltimore__ __
700110** May26 111}* May29 110*4 May
May
between 99.83 and par, closing the weok at 99.95. For Cons
Interstate Cali..
3,500! ‘ ** May24 9** May28 5** Apr 111}*
9** May
3

1*4

1

100

10 0

1

100

100

100

100

2 ,2 0 0 64

100

14

..1

to-day s prices of all the different issuesandfor the week's range
see third page following.

Foreign Exchange.—The market for sterling exchange
has ruled quiet and a shade easier. Continental exchange
moved irregularly, though showing recoveries from the recent
ow igures. In the rates on the neutral centres the changes
were unimportant.
4 < W ? fo ^ s l^ d M B I ' f t i ^ ^
for cables "
’- @4161
4 59** @ 4 „„
ment 4 61 J* # 4 62**.
for Io n ia n d f i ' i i Y J n £or
■quoted8
?bort.
and 38 1 3 16@39 H 6 f e s t o r t ! ^

0rA

lin* c h a n g e , were J 61 *4@
-— -

1> ris bankers’ francs were 6 48@ 6 53
Germany bankers' marks were not
^ Were 3 8 9-16@38 11-16 for long

30®0CfraDlowat l>arlS ° D London- 2 9-93 fr.; week’s range, 29.93 fr. high a'nd

Low for tho weok.........
Paris Bankers' Francs— ..........."
High for tho week_______
Low for the week__
Amsterdam Bankers' Guitde'rs— "
High for tho week_______
Low for the week....................." I ”

4

a,

4o
2 2?
-rs tn
If

4 64 5-16

6 42.
6 58

6 40
6 56

39^

d lsco Z t 3 t l l l i XtC
ona7 a ® \ ~ ^ ^ r ri nPcYSco
$ 1,000 premium. Cincinnati, par.
' P

Cables.

4 64**
4 63**

4 65**

on, .
39^

-m
Montreal. $27.1875 per

Outside Market.

Trading on the “ curb” a t tho opening
of tho week was in h eavy volu m e, bu t later dwindled until
to -d a y , when it,w a s characterized b y pre-holiday dulness
T h e undertone of, th e;m ark et continues strong, profit-taking
while causing irregularity in price m ovem en ts, m aking very
little impression in values. Business seemed to be m ore
evenly divided between the oils'and’ tholndustrial properties
Chalm ers M o to r was’ ini dem and and m oved up from
to
but reacted to
fin ally.
now m otor issue ap ­
peared for tho first tim e, tho M a rtin P arry C o rp ., and sold

15M,

12%

A

11

29% F isk
“ 35 A . Tirc°Savold
ad ™n™d f'°m 3 3 h t0 «
week
at
Tire Corp after early and
loss end8
fromthe
57%
to
56 rose to 60, but reacted to 57, with the final figure to-day
back to 57%. Intercontinental Rubber improved from 28%
to 33 and closed to-day at 32. Consolidated Cigar, prof
lost 4 points to 87 and sold finally at 90. Cramp Ship!
building gained 10 points to 135. General Asnlnlt nnm
moved up from 67 to 70% and closed to-day at 76 The
preferred gained 8 points to 114. Nat. Ice & Coni
points to 71% and finished to-day at 71 In oils I l S o n
Oil in tho early trading sold up from 137 to 143 a new hieh
point, but fell back finally to 130%. The “rights” were
traded in up from 7 to 7% and down to 5 with tho close
to-day at 5 A- Sholan Oil dropped from 52 to 44% and
finished to-day at 47%. Cosdon & Co. com. from rf® rnn
up to 12% and ends the week at 11 %. Ertel Oil sold dowS
from 8 to 7, but to-day moved up to 9, with the close n ts
Sinclair Gulf Corp. fell from 63 to 59%, recovering finalfy
up from 2 8 M * t o L 3 U w it h it h e close to -d ay a t

8




100
00

731
73

100
10

8

Continental Insurance.25 300: 71 sx May29 72 May26 58
Jan 74
Apr
£ rex Carpet............. 100
100 ‘i 56
May29 z56 May29
Mar 62** >May
Elk Horn Coal............50 1,100! 29}* May26 30** May27 48
Jan 30**fMay
Federal Mg&SmeltglOO 1,900 15 May24 17** May27 27
9** Feb 20 May
Preferred............... 100 ; 2,400 4 2 }* May29 46}* May26 33
Jan 47 May
Famous-Playersj
Lasky.............no par 14,100110 May29 114 May29 110 May 114 May
Fisher Body Corp.no par] 4,450' 78 May24 82 May27 38** Jan 82
May
loolioi
Preferred............... 100
May27 101 May27 91
Feb 101}* May
General Chemical... 100 300190 May24 195 May29 163*4 Feb 195
May
General Cigar, I n c ... 1 0 0 3 4 ,600 ' 7 9 «* May27 84** May28 47
Jan 84J*‘ May
Gen Motors deb stk.. 100 1.900 90 May28 90 H May24 82** Feb 94}*
Apr
Gulf Mob & Nor ctfs. 100 200 11 May29 ll**.May29 7** Feb 11*4 May
Preferred------------ 100 ! 400 35*4 May26 38 May29 31**? Jan 38 May
Gulf States St'1,1st pf100 100 95** May26 95** May26 94** May 95*4
May
Hartman CorporatlonlOOl 600! 83 May29 84}* May29j 54** Jan 84}* May
Int Harvester, pref.. 100 100:116
May27
May27| 115
Feb 118
Jan
100 9 7 }* May28 116
Int Nickel, pref____ 100:
97}* May28
May 97}* May
International Salt__100
100, 54 May26 54 May2G 97}*
Feb 57
Mar
Iowa Central______ 100|
200 4 }* May29 5 May29 53
2** Feb 6 May
Jewel Tea, Inc_____ loo! 8,800 38** May24 41** May27 28
Feb 48
Mar
Preferred.............. 100, 1.1001 85** May28 87}* May26 80
Apr 91
Mar
Kayser (Julius) & Co.lOO 100124 May28 124 May28 105
Apr 130
Apr
Kelsey Wheel, Inc__ 100| l,100j 56 May29| 59 May26 34
Jan 59** May
Preferred...............100
600 96 May28 100 May26 89
Jan 100 May
Keystone Tire & Rub. 10 28,700 91
May24 96 May27 88** May 109
Apr
Kress (SII) & Co___ 100
100 7 1 ** May26 71** May26 60
Jan 71** May
Lacledo Gas............ 100! 2,100! 65** May26 71}* May24 65**
83
Jan
Lake Erie & West__ 100
200 11 May28 11** May27 7 May
Feb 11** May
Preferred________ 100
400' 22}* May24 25
"
May26 16** Apr 25 May
Liggett & Myers____ 100 400209** May29215 May29, 201
Apr 224}* Jan
Preferred................ 100 100'inj* May28 111** May28
Jan 113** May
Loose-Wiles, 1st pref. 100 100102 }* May28 102}* May28 107
94** Jan 103 ‘ May
Lorlllard (P)........... 110010,300165
May26 181 May29 147}* Apr] 181 i May
Preferred............... 100 IOO110 May28 110 May28 107
Jan 110
Apr
Manhattan Beach__ 100:
100 1 ** May26 15* May26 1% May
l}*[May
Manhat (Elev) guar.l00| 600 85 May24 87**
May29, 70
Mar
88
Jan
Manhattan Shirt___ 100 600116** May29 zll8**May26) 100
Apr zll8*4May
Mathieson Alkali Wks.50 100 40
May28 40 May28]
Mar 40 May
May Dept Stores___ 100 2,300 9 5 }* May24 98 May28 25
60
Jan 99** May
M St P & SS Marie.. 100 300 96** May29 98** May29 85
Mar 98** May
Moline Plow, 1st pref 100 100 96 May27 96 May27 96 H May
96 May
National Acme____ .50) 8,900! 36}* May24 38 May29 29**
Jan 39*4 Apr
National Biscuit___ 100 1,600123
May27 124}* May28
Jan 126 Mar
Natl Cloak & Suit... 100 300 82
May26 83** May26
Jan 87**£May
Preferred ............... 100 200106** May29 108** May26,
Feb 108**jMay
Nat Rys Mex 2d pf..l00 1,300! 9 ** May28 10 May24 103**
5*4 Feb 14 Mar
N O Texas & Mex v tclOO; 2,700 35** May24 37** May27 28}*
Apr 37*4 May
N Y Chic & St Louis-100 1,900 31
May24
„ •
32** May27
Apr 32** May
First preferred___ 100
200 69}* May27 69}* May27, 25
Apr 70
Apr
New York Dock___ 100: 4,000! 31 u May26 33*4 May26 63
19*4 Feb 35
Apr
Preferred-------------100] 500' 52** May28 54*< May26 44**
Mar 55 May
Norfolk Southern__ 100
400 18** May27 20 May29 15 Mar
20 May
Nova Scotia S & C .. 10019,700 73 May24 78** May29 46
Jan 78}* May
Ohio Fuel Supply........25' 100 51
May29 51 May29 43
Jan 51 i May
Owens Bottle-Mach_.25 2,700, 53** May29 56** May26 45
Mar 57}*[May
Pacific Tel & Tel___ 100
400 26}* May27 27*4 May26 22
Jan
29
Feb
Pcnn-Seab St’l vtc no par\ 2,900 36}* May28 39** May26 27**
Apr
May
Peoria & Eastern____loo!
500 12
May29 12** May27i 4}* Mar 39*4
14 May
Pitts Cln C & St L___100 300: 57 May29 59 May29, 44
May
Pittsburgh Steel, pref 100 : 100 97}* May27 97}* May27: 90*4 Apr
Jan
May
Pond Creek Coal........10 1,700, 17 ** May24 18 May28!
12
%
Apr
May
Punta Alegre Sugar...50: 2,200 54** May24
May26 51
Apr 60*4 Apr
St Joseph Lead.............10 4,200 13** May27 56}*
15
May28:
St L-San Fr pref A ..100
200! 33 May26 33 May27 ! 13*4 May 15 May
22
Jan
May
Savage Arms Corp.. 100
100 61** May26
- 6 1 * * May26 53 H Jan
Mar
Scars, Roebuck, pref. 100 !300120
May27[ 120 May28
Mar 120
Mar
Sloss-Sheffield,pref.. 100
35 9 1 ** May27 91** May27 120
Mar 90 May
So Porto Rico Sug, pf 100! 200112 May24112 May24 85
107
Jan 112 May
Standard Milling-----100,
100135 May27135 “May27, 124
Jan 149
Apr
Preferred............... loo1 100 93 May28; 93
85*4 Jan; 94 May
Texas Co full paid rects.! 200278 May27 278 May28
May27 200
Mar 282}* May
Tex Pac Land Trust. 100 ,
35360 May27425 _
_
180
Jan 470 May
Third Avenue Ry__.100, 9,700 1 9 t< May24| 24** May27
May29
Tol St L & W trust rects. 100 8** May27i 8** May27 13** Jan 24** May
Preferred trust rects..! 100 16*4 May26 16** May26 5 May 8H May
10 Mar 17 May
TransueA W’m s..no par 3,300 52*4 May24| 58*4 May26 37}*
Jan 58*4 May
Underwood............... 100 ! 400184 May26187 May27 115
United Drug..............100 !
477120}*May24 123 May26 90*4 Jan 187 May
Jan 130 t Apr
Second preferred.. 100! 200121 May26|121 May26 91
Jan 122 lApr
U S Express............. 100! 3,000 29}< May29 32}* May24 16H Feb
32}* May
U S Realty & Impt.. 100 ' 1,600 42}* May28 44** May29 17**
Jan 46}* May
Wells, Fargo Express.100 2,300 66 May28 75** May26 53
79 May
Wcstingh Air Brake..50 300114** May27[ll4}* May27 94** Apr
Jan 116 May
Wilson & Co, pref. . .1 0 0
80hl01** May26103 May29
96*4 Feb 103 May

2232

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
a

»

w

O C C U P Y IN G

TW O

PAGES

„

_

Vo* **cord o f aale* durlna the week of stocks usually Inactive, sea preceding page.___________

PERSHARE
Range Since Jan. 1.
sfOT N E W STOCKS
BIOS ANDLOWSALEPRICES—PERSBARB, NOTPERCENT. Sale
Onbastsof 100-sharelots.
YORK STOCK
the
EXCHANGE
Friday SWeek
ednesday Thursday M
uesday W
Highest.
Saturday Monday T
Lowest.
ay30 hares
May 29
May 28
May27
May26
May24
$
share
$
p
er
sh
a
re
Railroads
P
a
r
per share $ pershare 3 pershare 71,100 Atch Topeka & Santa F e.,100 90 Feb 3 104perMay27
pershare S pershare S101*4
$ persh
are S100
102*2 101*4 103%
10334 102*4 104
89
Jan 4
9812 100
85 May 2
Do
pref_______________100
3,400
87*4 88*4 87*2 88
87% 88
873s 88
87
87
95 Mar27 107 M ay 29
1.700 Atlantic Coast Lino R R --100
105 107
55% May27
105 105*2 105*2 1053i 104 101
105 105
44
Jan21
Baltlmoro &Ohio_________ 100
13,133
54
51*4
54
64%
54*i
55*4
5434 55
59*2May27
5412 5134
50
Apr21
Do
pref_______________ 100
2,000
58*2 59*2
58*2 59*2
5812 59*2
29% May 29
58*2 58*2
58
58
27
29*4
26% 2612 26*4 2678 26*4 2734 26% 27%
167*4 168*4 167% 168*4 166% 167 2163*2 104%
166*4 167
67*8 08%
67*4 67%
6712 68%
6734
67*4
10
10
10*2 10*4 10% 10*8 10% 10
103s
29*s 29%
29*2 29*2
29*2 29*2
2978 30
*28
29
45% 47
45*4 46*4
46
47
46
47*8
4558 46
71% 72%
71*2 72
72
72*4
7178 73
71*2 71%
102% 104% 103*2 104*2
103*4 105
104*8 105
's
132
132
131*4
132
*132
133
132*8 132*2
130*2 132
29*i 30%
29% 30%
30' 30*2
30
30*2
2934 30*4
83
83
82*4 83*2
83*2
I 83*4 83
81% 82
70*4 71
70*2 70%
71
71
70*2 71
70*2 71
*47
48
47*2 48
4778 4778 47% 48
*46
48
*69
74
70
70
*
6834 *08*2 74
74
29% 29% . . . . . . . .
58
58
58
58
51*2 51%
114% 116
115% 115*2
113*2 113*2 114U 115
208 208
210 210 *202 210
*210 214
.
7%
8*2
8
8*2 *8
*7*2
8*4
%
% 10*4
10*2 1134 10*1 10%
*11
11»4
19
19
19*8
19*8
18% 19*2
19*8 19%
19
19*4
30*4 31%
30*4 30%
3034 31*4
30*2 31*4
*
22
22*2 22*2 22
98*2 99%
98*2 99%
983s 993s
99*4 100*8
98
98*4
46
47
46*2 47
46%
47%
47*4
4734
47*8 47*8
103% 104
103*4 104
10378 10378 103*4 10t
•101 103
%
7
7%
7*4
7*8
6*2 678
634
27
29%
27%
2378 2534 24*2 2738 26
24
24*.
23% 24
23% 23%
24
24%
2334 2378
57
*56
57% *54
*56
57
56*2 57
56
56
59*2 60
59*8 59%
59*4 59%
59
59*2
58»4 59

10*8

68*2

68

101 101

824
68*2

*68

*202 210
8 8
10

8
10 10

21*2 22

22 22

8

6*2

6*2

2334 2414

122

14*4 14*4
9*2 9*4

20

20*2

32*2
56*2
81*4
323S

ill'
9734
471*8
23
63
"38*8
*8014

88*8

*37*4
*38*2
22*>s

*20

33
57
8134
33*4

121 121

122

14*2
9*4

14%
10

32*4
57*4
82*2
32*4
23
110*4
99
47%
22%
62*4

33*2
58*8
83*2
33*2
23%
112
99%
48
23%
623

14
10

20*4 21%

21

22

32*4
57%
81%
32*2

33*2
58*2
82*4
33

14%
9*8

20%
32%
56*2
82
32%

22%

14%
9*4

14%
9*4
21*4 20*2
32%
33%
57
57
82%
82
32%
32%
22*2 23
111% Zl09%
993S 98*4
4734 47*4
21%
23
62%
62

111*4
T i " iii% 112"
98*2
98*2 99
98*8
47%
4778 4734 48
22
23
23%
23*8
62*2
63
46
46
37% 38
38
39
37*i 38
383s
81
81
*81
82
81
82*2 81
88% 8934
89
90*8
88*4
89*4
8878
*3734 38
237*4 37*4 *36*2 37*2
38
*38% 39
*39
39*2
40
22% 23%
'2 3 ' 24*4
22% 24
2234

4

22

*35

10
*20

14
9%

37

10
20*2

10*8 10*4
21*2 21%

14%
9%
2012
333g
57
83%
33
23
110
99%
47%
2234
6212

37*2 38*2
82
82
89% 91
22%

*20

22

*21

*35

37

*35%

10% *10
10*2 10% *10
21*2 21*2 *20*4 20*2 *21

22
38

10%
21%

113 Z l l l
31%
31%
71
72
51%
53%
52
51
137*2 137%
73%
73%
12%
13%
27*2 26*2

114
32
72
52%
54
138%
73%
13
26%

36*4
23%
13%
13
13
*24
*23
26
22
22*2 22
56
56
55*4
10%
10*2 103s
10*2 10*2 10*2 10% 10% 10% *22
*22
24
*22
24
*23
25
*21
24
*38
*38
41
*39
41
*39
41
*39
41

36%
23%
13%
26
22%
55*2

10914
31
70%
49*8
*48
135*4
*73
14
28
1U2
36*2
*23*2
13*4
*24
23
*55

109*8 109% 110%
3134 31% 32
70*4 71%
70*4
4978 48*4 54
4934
136% 137%
136
73*4 73*2
73*2
14
13*4 13*2
26*4 2734
28
11% 12
11*4
36% 37
36*8
23*i 24
24
13% 13*2
13*8
*23
26
27
22% 23
23
56*4 57
57

32
3212
6978 6978
87
89*2
37s
378

212

2*4

42%
94
109*2
lU
%
101*2 *
81
8t
*93
95
56%
56*a
102% 102%
%
102*4
116%
56*4
56%

46*2
94
110*4
%
82
95
59*4
103
104*8
116%
57*4

4134 42*8
94
94

110*8
*100*2
80*4
*92*8
55*2

102*8
102
'55%

102

13%
33%

55*2
71
91%
63*4
*94
81%
*106
3*2
57*4
79*8
*107
36%

56%
71
92%
64
96
S3
108
4%
57*4
79*2
10712
37*8

120% 122

*100

2%

2%

11% 11%

36%

32
33
6934 70
92
923i
3%

2%

11% 12

36*2

334
2*2

10%

24
40

32
32%
70
70
z90
90%
3%
3%

2%

2%

44
45*4
44
4612 4334 45
95*4 95*2
95
95
94
95
108% 110% 109*4 110% 109 110*4
*
% *100% 101 *100% 101
82*2 83*4
82
83%
8134 82%
95
95
*93
95
*93
95
58% 593S
58*2 60
58% 61
102 101 103% 101 *103 104
103% 101% 103*2 104% 103% 10134

100 101 100*2 101

13
33%

119*
107
106
209*4

32% 33%
70
70
91*4 92%
3%
3%

32
33%
69% 70
89% 91%
3*4
3%

2%

2*8

111 113%
31*2 32*4
71% 72*2
51
53
48*2 50
136 138
73*2 73*2
*13% 14
*27
2734
11*4 11%
35% 37%
23
23%
13
13%
*24
26
23
23
56*4 56*2

112
31%
71
51*4
49%
136%
73*8
13
*26%

23*2

13
35%
122*2
56
*70
91%
63*2
95
83*4
*107*4
3%
*56*2
81
106%
37*4
131
*117
107*4
106

fib'
107%
106*4
210*2 211

101

84%

86*4

44
*16*2
*49%
6834
163%
*72
100*4
136%
78*4
78*4

44
17
50*2
69*2
163%
73%
101*4
137*2
78*4
79

101% 102

112% 112%

23*8 24
*150 155
13
13*4
24*2 24%
* Dio and

*100
88
102

13*4
34%
123*2
56*2
71
94%
63%
96
85*4
108
4
58
82
106%
3734
132%
119
108
108

212
101

91%
10234
44*2
44
16% 17*4
50
50*2
69% 71%
163% 167
*74
76
100% 103
136*4 138*2
78% 80
79
80%
112% 112*2
23*4 23%

55%

57%

12% 13
33*4 34%
121*2 123%
55% 56*2
7034 70%
92
94
6234 64%
*95
96
83
85*2
107*2 10734
3*4
4
56*2 5634
80% 82*8
107% 107%
37*4 39
130% 131%
*117 119%
108% 111*2
107*4 108*2
*207 212

100
89

101
92

102% 102*2
44
45*2
16*4 1738

56%

59*2

'69% V l "
164 165
74% 74*2
100*2 102%
133*2 136*4
79*8 80%
79*4. 80%.
112 112*4
22
23%
'151 153
'l3 % ’14**1 13*2 14%
24% 25*2' 24% 25%
asked prices; no sales on this day.




58%

59*4

12% 13
35% 37%
123 123%
595s 60%
73
73*2
91% 93
66% 67
96
96
85
85%
■106*2 107*2
3%
3*2
57
57
z81%
%
‘106% 107%
38
38*2
132 133*4
*117 119
108% 110
106% 107%
209% 211
100 100*2
90*2 97%
102% 102% 103 103
45% 46*4
45’4 46%
17
18%
16% 17*4
50*8 53%
50*8 50%
70
70%
69% 71
164 16634 162% 165
75
74*2 74*2 *73
100*4 10434 103 1043t
135 135% 131% 136%
79% 79*4
80% 81%
79% 81
112*4 112% 112 112%
%
; 21% 22
*152 153
151% 151*8
13% 13% I 13% 11*4
27*2
2434 25 * 25
12% 13*4
3334 3634
121 124%
57*2 60
71
73%
92*s 93%
63% 66%
96
96*4
84
86*2
106% 107*2
3*2
3%
55*2 55*2
81% 84
107 107%
37% 38%
1313i 133*2
118 118
109% 110
107 107%
207% 208*8
100 100%
87% 90*2

82

21 22

t.Ex-rlghts.

PERSHARE
Rangefor Precious
Tear 1918.
Lowest. Highest
$ per share $ per sh
are

81 Mar
99% Nov
80
Jan
92*2 Nov
89% Apr 109 Nov
48*2 Dee
02 Nov
53
Apr! 6412 Nov
25% Deo; 48% Jan
135 Mar 174% Oct
49% Jan! 62% Nov
6
Apr; 11 Nov
18*2 Apr; 32 Nov
37% Apr; 54*i Sept
86% Nov
66% Apr
89i» Marl 107 Nov
125 July | 137
Jan
18
Aprl 3212 Nov
88 Nov
56% Jan
75 Nov
40
Jan
40 Nov
26
Feb
70 Nov
58-% May
27% Nov
18
Apr
55 Nov
47
Apr
48
Deo
40
Apr
100% Apr 11034 N ov
160
Apr 185 Sept7 Nov
Jan
13% Jan
5
Apr
% Nov
11
Apr
30*2 Nov
23*8 Jan
27*4 Nov
1S% Jan
80
Jan lOOlj Nov
34% Nov
25*8 Jan
92
Jan 105*2 Nov
gi» Jnn
4% Dec
47*2 Jan
17ii Dec
24*4 Nov
15*8 Apr
Nov
45
Jan
05*8 Nov
53% Dec
110
Jan 124% Nov
15% Nov
Apr
6% Nov
4% Jan
13% Nov
Jan
31% Nov
20
Jan
62 Nov
41
Jan
84% Nov
67*2 Jan
45% May
27
Apr
24*8 Nov
18*4 Jan
102
Jan 112% Nov
81*8 Jan 105 Nov
50*8 Nov
Juno
18% Nov
0% May
64 Nov
52*2 Apr
50 Nov
30
Apr
40.% Nov
22% Jan
82 Nov
01
Jan
96% Oot
70*s Jnn
39 May
35
Jan
40 July
35 Mar
% Deo
9% Apr
Nov
19
Oct
4012 Jon
28
Oct
12 Nov
7
Apr
25*4 Nov
15*8 Apr
80*2 Jnn 110 Nov
34% Nov
20% Apr
75% Nov
57
Jnn
29*2 Deo
14 May
65*4 Jan
32
Dec
Oct
109% Jan
76*4 Nov
09
Jnn
12 June
4% Jan
20 May
10*2 Apr
11% July
7
Apr
Jan
30% Dec
June
19*8 Dec
17*4 Feb
10 Dec
20 Jan 32 June
24*4 Nov
13
Jan
June
40
Jan
% Nov
8 Apr
26 Nov
Apr
39*4 Oct
29% Dec

18% Jan27
Brooklyn Rapid Transit. .100
Canadian Pacific__________ 100 155% Jan21 170*2 May 7
May 17
53% Jan21
Chesapeake & Ohio______ 100
11% May 19
7% Jan21
Chicago Great Western...1 0 0
30% May 19
23*4 Aprl6
Do
pref_______________100
47% May 19
34% Fcbl5
Chicago Mllw & St P a u l..100
74% Mar 12
65*2 Jan21
Do
prof______________100
93*8 Jan21 105 May26
Chicago & Northwestern..100
133
Janl7
128
Apr22
Do
pref______________ 100
1,100
31 May 19
22% Jan21
30,050 Chic Rock Isl & Pac temp ctfs.
83% May 19
Jan21
7% preferred temp ctfs-----1.900
71*4 M ayl9
61% Jan21
6% preferred temp ctf3-----2,000
M ayl9
1,100 Clov Cln Chic & St Louis.. 100 32 Feb17 48
73 MaylO
64
Apr 2
Do
prof______________ 100
400
31%
May 5
19'%
Jan22
300 Colorado & Southern_____ 100
58 May26
48*4 Jan 3
Do
1st prof___________ 100
700
51*2 May29
45
Feb 4
Do
2d pref___________100
100
Jan20 110 May29
1.900 Delaware & Hudson______ 100 101
7
200 Delaware Lack & Westorn..50 172*2 M arl8 217S% May
May 21
3% Jan 8
1,200 Denver & Rio Grande____100
13% May 5
6*8 Feb 3
Do
pref______________100
5.600
20*i MaylO
15% Jan21
11,GOO Erie........................................ -100
32% MaylO
24% Jan21
Do
1st pref___________ 100
6.500
23 MaylO
17*2 Apr 3
Do
2d pref___________100
700
89% Apr21 100% May27
29.300 Great Northern pref______ 100
47% May27
31%
Jan
2
Iron
Oro
properties..Wo
24,100
Jan21 104 MaylO
1,51 Illinois Central___________ 100
May29
3*8 Mar24
61.900 Interboro Cons Corp._iVo
29% May29
11% Mar29
Do
pref................. ........ 100
50,825
25% MaylO
16% Jan30
2.300 Kansas City Southern____ 100
57 May21
49% Jan21
Do
pref______________ 100
too
60 May29
10,200 Lehigh Valley-------------------- 50 53% Aprl5 122%
Mayl7j
200 Louisville & Nashville____ 100 113 Mar
15% May 2*
9*8
Jan21
-------100
2,200 Mlnneap & St L
Apr25
4% Feb 10
7,100 Missouri Kansas A Toxas.100
25 MaylO
Janl3
Do
pref_______________100
1.900
33%
MaylO:
22%
Jan21
55.900 Missouri Pacific trust ctfs.100
58*2 May20;
Jan21
Do
pref trust ctfs_____100
3,700
83% May27|
69% Jan21
37.500 New York Central________100
34% MaylO,
25% Fob 13
12,150 N Y N II A Hartford____ 100
24 MaylO
18% Jan21
700 N Y Ontario A Western..100
MaylO
103
Mar
6
4,800 Norfolk A Western------------100
99% May 27
88% Jan21
14.700 Northern Pacific__________ 100
48*2 MaylO
43% Apr21
18,240 Pennsylvania____________ .-5 0
24% MaylO
12is Jan21
17.300 Pere Marquette v t c_____ 100
63*2 May 15
2,200; Do prior pref vt ____ 100 56 Mar27 49
May 21
39 Apr
100
Do pref v t __________ 100
40% Feb27
34
Jan21
6,600 Pittsburgh A West Va____ 100
83% May 5
79
Jan31
500
Do pref_______________ 100
91 May29
75
Jan21
85,900 Reading----------------------------- 50
38*2 Feb 4
35% May 2
100
Do 1st pref_____________ 50
39*2 MaylO
36 Apr 30
Do 2d pref______________ 5
25% May
10% Jan21
24,500 St Louls-San Fran tr ctfs.. 100
22% May
16
Apr22
100 St Louis Southwestern------100
37 May 14
28*2 Feb 4
Do
pref_______________100
11% MaylO
7%
Feb
13
1.300 Seaboard Air Lino_________ 100
22 MaylO
300
15% Feb 3
Do
pref_______________100
95% Jan21 z l l 4 May29
345,200 Southern Pacific Co______ 100
33 MaylO
25
Jan21
23,700 Southern Railway--------------100
72%May27
68% Jan21
6.700
Do
pref______________ 100
54 May 20
69,300 Texas A Pacific.----------...1 0 0
27*2 Jan21
2,000 Twin City Rapid Transit..100 38 JanlG 54 May 2 9
38,100 Union Pacific_____________ 100 124% Jan21 138*2 May29
74% Mar 5
Janl4
1.700
Do
pref______________ 100
15% Apr29
7*4 Jan 9
800 United Railways Invest.-.10 0
31
Apr28
15
Janl3
900
Do
pref______________ 100
MaylO
9,000 Wabash.................................. 100
7% Jan20
38 MaylO
7.300
30*2 J»n21
Do
prof A ____________ 100
24% May20
19
Jan23
3,100
Do
pref B ____________ 100
13*2 MaylO
9% Apr21
9.700 Western Maryland (new). 100
27 MaylO
24% Apr22
Do
2d pref___________ 100
24% MaylO
1,700 Western Pacific___________ 100
17
Fob 3
Jan 9
1,200
52*8 Feb20
Do
pref_______________100
12 MaylO
3,639 Wheeling A Lake Erie Uy.100
7% Mar
24
MaylO
17
Jan30
Do
pref_______________100
41% MaylO
30*4 Jan22
Wisconsin Central------------100
Industrial 8t Miscellaneous
34% AprlO
21
Jan21
8,000 Advance Rumcly_________100
70% Apr21
561* Jan20
1,900
Do
prof_______________100
95
Apr28
00
Janl3
8.400 A)ax Rubber Inc___________ 50
4% Jan 15
3*8 Apr 4
4.600 Alaska Gold Mines................ 10
2% May22
1% Jan 2
8.400 Alaska Juneau Gold Mln'g.10
46*2 May27
30
Jnn21
82,100 Allls-Chalmers M fg............ 100
95% Mny29
81% Jan23
1.600
Do
pref......... ................. 100
99% Jan29 113% May l
8,800 Amer Agricultural Chem.-lOO
108
Mar 15
98
Jan
9
Do
pref_______________100
85% May 9
62
Jan 3
.19,300 American Beet Sugar.......... 100
95 May29
84% Jan13
100
Do
pref_______________100
61 May 2 7
42% Fob 11
108,900 American Can------------------- 100
98% Jan 0 104 May23
900
Do
pref..............
100
84*s FeblO 104% May28
19,700 American Car A Foundry. 100
Apr22
Janl8 117
100
Do
prof_______________100 113
59% May28
39% Jan 2
26,800 American Cotton Oil-------- 100
93
Apr 3
83
Jan 7
Do
pref_______________100
14*4 Mar 7
6,000 Amer Druggists Syndicate. 10 10% Jan24 37%May29
13% Jan 4
48.500 American Hide A Leather .100
Jan 2 128 May 14
9,700
Do prof_______________ 100
00% May 29
38
Jan21
13.600 American Ice--------------------- 100
73*2 May28
% Jan20
5,100
Do pref_______________ 100
96% MaylO
52%
Feb
8
82,100 Amer International Corp..100
44% Mar 1 07 May 29
13.400 Amorlcan Linseed--------------100
85 Mar 1 98% Apr 15
1,400
Do p r e f...................— 100
May 28
58
Jan21
76.200 American Locomotive------ 100
Janl4 107% May27
400
Do pref_______________ 100 100
May20
1
Janl7
6,900 American Malting------------100
61% May20
51
Apr 2
500
Do 1st pref ctfs dop stpd.
81 May 28
02% Fob 0
07.400 Amer Smelting A Refining. 100
Fob20 109 May 13
500
Do pref_______________ 100 103
39 May27
33% MaylO
92.400 Am Steel Found tem ctfs 33 *i
9.200 American Sugar Refining..100 111% Jan21 136 May 9
119
May24
113%
Jan
6
300
Do pref...........................-100
96*2 Janl3 118 Marl2
17.500 Amor Sumatra Tobacco— 100
98% Jan29 108% MarlO
11.900 Amer Telephone A Teleg.-lOO
191% Feb 4 2 15*2 M a y 9
3.000
Jan 0
96% M ayl4 100
100
700
97% May29
100
45*4 Janie
42.000
94% Fob 8 103 Mnr29
100
1.000
Do
pref.
27% Jan 2 48 May 5
100
6,800
18% May 5
Jan31
11
.25
11.600
53% May 29
Jan21
40
.25
2,000
Do
pref.
71’s Mny20
56*2 Fob 6
.50
79.200
too 92 Fob 8 177*2 May 9
8,300
64 Jan29 70% May
.100
300
Do
pref.
.100
84% Jan29 104% May28
155,600
Jan 2 138% Mny21
100 103
7.200
80% May2 7
55*2 Jan20
.100
1,700
81% May 29
Jan21
55*s
.100
107.500
f-_- 101% Jan22 113 M aylil
1,100
% M ay
18*4 Janl4
41.400
Feb 0 160 Apr 23
.10* 138
100
14% May27
0--5
5*8 Feb20
32.900
22.000 Ttuttn V Stirvrlnr \f*n1nff .10 16% Fob II 27*2 Mav20

27.400
7.900
14,200
3.300
900
2T.600
11.400
8,800

68*2

73*4

par
96
par

8*1

8

(.new)

8*2
49*4

11*4

112*2

0

0

8
8

72

12*2

01*2

71*4
54

80'2
5*2

8

par

i Less than

100 sharos.

a Ex-dlv.

and rights.

zlEx-dlvIdond,

21

22

2*4

23

5912

7*2
6*2

43*4

17
25

13712

4
4*2
*2
26

17*2

66
12

26% Nov
11
Jan
62% Nov
25% Jan
72% Deo
49
Jan
5% Nov
Apr
June
Apr
37 May
1734 Jan
% May
72*4 Jan
Oct
78
Jan 106
89*8 Jan 101 Aug
84
Feb
48 Nov
91*2
May
Sopt
50*4 May
34% Jan
99
Deo
89*4 Jan
Deo
Jan
106
Jnn 115*2 Deo
44% Oct
25
Jan
Deo
78 May

1*4
1*2

312
86

4*82

88*4

93*4
88

11% Jan
50
Jan
11*2 Jan
38*4 Jan
51*2 Sept
27
Jnn
09*4 Jan
53*2 Jnn
z95
Jan
2*8 Sept
41 Sept
73 May
103 Sopt

22% Sept
94% Aug
49
Oct
61
Oct
60*2 Oct
47% Deo
92
Deo
71% May
102% Deo
13% Feb
48
Deo
94% Oct
110% Nov

98
Jan
108*4 Mar
60*4 Jan
90% Aug
140*2 Jan
92% Sept
44% Jan
92
Jan
20*4 Apr
11
Dec
38*4 Dec
59
Dec
97% Jan
58
Jan
56*s Jan
85
Jnn
CO Dec
59% Nov
96% Jan
21
Jan
108
Feb
5*8 Dec
fin . Inn

116 May
114*2 Dee
145 May
109% Feb
198% Deo
100*2 Deo
60% May
96% Deo
39*8 Aug
21*8 July
53*4 July
*74*4 Oct
120% Feb
07% Nov
101% May
110 Deo
96 May
May
106% Apr
28% Sopt
61*2 Oct
112% July
as*. M ay

94

N ew

Voi record o f

Y ork

S tock

HIGHAND LOW SA LE PRICES—PERSHARE, NOTPERCENT.
Saturday
May 24

|
|

1

Monday
May 26

| Tuesday
\ May 27

Wednesday
May 28

15

Thursday
May 29

per share 3 per share 3 per share
per share $ per share
60
65% 60%
67
60
68%
07*4 09
68*
31% 32%
31% 32%
31*4 32*4
32% 32-%
32
323
79% 79% 1 79% 80
79% 79*4
79% 79%
79% 791
91% 93 i 93% 91%' 91% 93%
92% 96*4
95
90*,
____ *110 111% 111% 1111. *110 1111,
111% 111%
44%
45
44
45*.
44% 45%
44% 45%
179 187-%' 187 191*. ' 185 191% 184% 187
1S8 191
24% 26
2 4*4 25%
23% 24%
25%
25% 25%
38% 38%
39
40* 1 39*4 40%
39% 40%
39*4 40%
47
47% 48 I 47% 48
47%
47
47*8
47
49
53% 54% ! 51*4 53%
53*4 61%
52% 53
52% 53
102 102
101 102% 101% 102
101% 102% 102 102%
87%
80
86
88%
85
88%
85*4 87
%
63% 64%
63
02*4 65*4
03^2
65% 68%
00*8 07%
107 107 *1071 108% ____
*100% 108
*106% 107%
77% 81%
76
79*4 82
79*4 83
81% 84%
____ ____ 100 100
*98
*97% 100
35% 36%
35% 35%
35
35% 36%
36%
351.4 36%
81% 82%
81% 81%
81*4 82%
82% 82%
82
82*4
14% 14%
14*.t 14*4
14% 15%
141
14%
147g 15%
36% 37%
35% 36%
35*4 37
35% 36%
35% 36
105% 166% 160% 108
166*4 1677g 166% 108% 168 168%
201 207
188% 195 U97 205
201*4 204% 203 210
____ ____
90% 90*4
90% 91
91
91
91
91
71% 72*4
73
70%
76
7,3
77
78
76% 78*s
107% 108
107*4 107*. 107% 107*4 100% 103% 103 106
72
71
71
72%
72
71% 72
73%
72
72%
42
42% 45*
42%
44
45
42% 43*4
43% 43*4
73
75
74% 75%
73*4 74%
73% 74*4
73% 74*8
577) 58
58% 59% ____
58
59%
59
59%
56%
58% 59%
58% 59
58 >a 59*4
58
59
i. 6% 27
26% 27
26% 27
26
26
*25
27
85
85
86*8
85% 86*s *85
8f>78 85% 86
87
1313* 132
131% 132% 130 131% 130% 133*4 131% 133*8
47% 47%
47% 48%
47*. 501.4 47% 50%
45
47%
121% 125
124% 125% 124% 125% 124 128% 120% 126*4
20% 27%
27% 28*4
28
29%
28% 29%
28
28*4
531.1 51%
53% 51%
54% 57*8
54
55%
50
56*4
*75% 76l,i
761.4 78%
70% 761.4 76% 77
*77
78
119 122% 123 129
125% 129% 1271.4 128*4 120 128*4
35*2 35*4
38% 37%
36% 37
36*4 37%
36% 37
82% 83%
8
4%
83%
83
83%
81*4
84*8
84
84*4
33% 34%
31
31% 35%
34
34%
3 *'
33% 34
*56
57% ____
57
57
57
58%
57*2 5834
*100 115
*106 115 *106
*70% 80
*76% 80
79% 79% *76
80
*64
65
*64
61% 65
65
*64
65
44% 4612 46% 48%
48
49
51%
50
4.8
51
70% 78%
74
76% 78
75%
75% 78*4
70
77*t
35*4 36%
39% 40%
33*4 39*4
36*4 39%
3,8*8 391,4
180% 181% 181% 184% 182*4 180% 18234 185% 184 189%
*107ii 10,8%
27% 27*4
27% 28%
27% 28%1 27% 28"
271.4 27*8
49
52*41 51
52%' 52% 53
49%
49% 54%
51
741.1 79 U l 75% 7834'
21
21%
20%
2!
20%
20%
20%
20*8 21
05% 05%
66% 67%
66% 69 1 08% 69%' 6.8*4 69
*100 103
101 101 *100 105 |*100 105
78%
78
78
78
78*4
77*4 78%
79*s
79% 81*4
*10,3% 111 *108% 111 *108% 111 i*109 H I ,*109 111
17% 1,8
17% 17%
17% 17%
17% 17%
17*4 18
122
122% 124
121 124
119% 120
123*4 120% 120%
57
*60
*00
01
60% 60%
01
57
*57
60
51% 55
53
55% 56%
55% 50%
55%
54
55
11*4
12
12
12%
12%
11% 12%
11*4 11%
8%
9%
8%
8%
8*8
8*4
8%
9
38% 38%
39
3S% 38%
39
*38% 39
39
39
94% 963s
94% 91%
94*8 95%
94*8 90%
94% 97*8
103 163 1
1631'. 163%
51*4 55*4 54*2 55*2
5512 56%
55*4 57
54
54*8
40% 41
41
41%
41
41%
40*4 41%
40% 40*4
59% 60 | 58
61%
59
51% 55
55*1 59'8
61*8
110 !
; 20% 26%
26%
26% 27
20% 20%
26^2 26%
00% 01*4
60% 02%
% 61
01% 62%,
60*4 02%
__
92
92 | 94*8 98 ! *96
*89
98
80% 81*4
% 80%
80*4 82 I 81% 81%'
80*4 81
$

251,4

86 86*4

77
99

12
9

PER SHARE
Range Since Jan. 1.
On basis of 100-thare loti.

STOCKS
N E W YO R K STOCK
EXCHANGE

PER SHARE
Range for Previous
Year 1018.

Highest

Lowest

per share $ per share

par
100
5

68

82*4

No par

86

par

6

88

86

Q
►
H
«

1

Q
w

0-1
a
3

0

X
w

7

100
..100
5

88
99*4

86

51*4

79*4

1

947

10
10
,600

100

10

10
No par
.No par

6512

par

pa

12*4

100
No par

100

100
50
100

60

0

100
100

0

6,600

' Bid and asked prices; no sales on this day.




Highest

Par
par
100

Industrlal&M lsc.(Coa.)
California Packing____ .Vo
California Petroleum.........
Do
prof..............
loo
Central Leather....... .......... loo
Do
prof........................-.100
Corro do Pasco Cop___No
Chandler Motor C a r ____
Chile Copper_______________25
Cldno Copper....... ...............
Colorado Fuel A Iron____ 100
Columbia Gas & Elec......... 100
Consolidated Gas (N Y)._100
Continental Can, Inc......... 100
Corn Products Refining.. 100
Do
pref............ ............ 100
Crucible Steel of America. 100
Do
pref...................... .. .100
Cuba Cano Sugar____
Do pref_______ _____ .100
Dorao Mines, L t d ........... .. 10
Gaston W A W Inc_.:Vo
General Electric......... ......... 100
General Motors Corp____100
Do prof________________ 100
Goodrich Co (B F )_______ 100
Do p r e f ..........................100
Granby Cons M A P_____ 100
Greene Cananoa Copper.. 100
Gulf States Steel tr ctfs._100
Haskel A Barker Car..,Vo
Inspiration Cons Copper.. 20
Internat Agrlcul Corp____100
Do prof_______________ 100
Inter Havorster (new)____100
Int Mercantile M a rin e... 100
Do prof.............. .............100
International Nickel (The) 25
International Paper______ 100
Do stampedpref_______ 100
Kelly-Spring field Tiro____25
Kennocott Copper____
Lackawanna Steel................ )
Leo Rubber A Tire___ Vo
Loose-Wiles Blsoult trotfs
Do 2d prof.......................100
Mackay Companlos______
Do pref_______________ loo
ax well Motor, Inc______ 100
Do 1st pref___________ 100
Do 2d pref..................... too
Mexican petroleum..
Do prof........................
Miami Copper________
Midvale Steel A Ordnance 50

S per share
S per share S
28,500
48% Jan 2
69 May28
36% Jan
50 Nov
8,000
20% Jau 2
34% May 12
12
Jan
247* Nov
2,100
64% Jan 2
80%
May22
36
Jan
70% Deo
90,700
56% Feb 8
96** May28
54** Dec
73*g Feb
200
104% Jan 7 112 May 2 101% Dec 108 Nov
13,200
31
Jan22
45% M ayl4
29% Mar
39 Nov
10,300
103
JanlS 1913* May26
% Jan 1097g Deo
75,600
17% Jan21
26 May 2 6
14% Apr
24
Oct
1,8,200
32% Fob 0
40% May27
31*8 Dec
47% May
15,800
31*4 Feb 10
49 May29
34** Jan
541*
May
15,900
39% Feb 1
55 May23
28** Mar
44% Dec
3,000
87% Jan27 103% M ayl6
July 105% Nov
18,100
65% FeblO
88%
May
2
6
65%
Oet
95
Fob
168,800
46
Jan21
68%May28|
2978
Jan
60% Nov
100
102
Jan23 108% May 2 z90% Jan 104
Deo
87,800
52% Feb 7
84% May29
74% May
52
Jan
200
91
Jan 2 100 May29
Jan
91*4 June
33,550
39% May 9
20*8 Jan27
27% Apr
34 Nov
5,700
69% Mar 1 85% May 8
77% Deo
83
Feb
8,100
16% M ayl2
10*8 Jan31
15 Nov
June
20,400
25% Jan21
37% May 19
25*4 Oct
39
Feb
.8,700
144% Feb 3 168% May29
127** Jan 158% Oct
103,300
118% Jan21 210 May29 1O0S* Jan 164 Aug
2,588
82
Jan 6
94% Aprl4
75*8 Oct
Feb
00,500
56% JanlO
78*s
May29
597g Oct
38
Jan
2,10.)
103
Jan 8 109% Aprl6
95% Dee 104 Deo
3,500
04
Apr21
80
Jan 3j
74
Jan
Oct
12,200
3.3% Apr25
40% Jan 9
38% Jan
58% Nov
7,200
49% Feb 8
80% May 15
58*4 Dec 111% Apr
12,850
40
61% M ayl5
Feb 0
34
Jan
49% July
01,400
42% Feb 6
59** May27|
41% Dec
58% Oct
2,600
10% Jan 2
271* May 5
10
Jan
19 June
3,700
Jan 4
86% May2 6
48
65 June
38
Jan
13,100
110% Jan21 135% Apr23 104
Oct 121 Nov
157,100
21% Jan31
58*8 May 19
21
Jan
33
Oct
151,600
92*4 FeblO 128% May28
83% Jan 1251* Nov
90,000
32% Jan 3
24% Feb 3
27
Jan
35 Nov
40,300
30% Jan 3
57*8 May28
24% Jan
45% May
500
62
77 May28
Janl3
65% Jan
58
Jan
31,700
Jan21 129% Aprl4
08
41
Apr
72
Deo
44,800
29% Febl3
37% May26
41% Nov
29 Mar
25,300
62% Jan2l
81** May27
91% Ma
65% Dec
6,500
21
37% May 2
Jan22
24
Deo
12
Apr
2,200
58% May 10
40% Feb 17
45% Deo
17% Jan
Aprl7
94
Feb 5 110
90
Deo
53
Feb
200
70
79% May27
Jan22
78% Feb
70
Dec
200
65
Jan 4
64
JanlO
65 May
57
Jan
41,600
51%May27|
26*4 Jan22
421* Nov
23% Jan
17,000
78** May26
50*8 Jan22
69% Nov
1,000
50 Dec
40% May 2 7
19% Jan 2
32% Nov
19 May
139,200
162*4 Jan23 197% Jau 2
Oct
79
Jan 191
105
Feb 7 10S% Aprl9
87
Jan 107 Deo
8,800
28% Mayl9
21*4 Feb 7
33% Jan
22% Deo
96,900
53 May 2 9
40% Fob 7
61 May
41
Dec
79% May27
69 Mar28
81% Nov
64 June
15,400
14
Feb S 21% Apr23
13 Nov
10,100
21% July
69% May 28
45% Feb 8
541* May
37% Jan
200
Do
pref___________" moo
93 Jan15 104 May27
99% Feb
Nov
10,600
64
Janll
81** May29
43% Jan
69*4 Deo
100
Do
pref.
.1 0 0 107
Jan
3
110%
M
ayl9
Mar 105% May
5,500
. 5
18 May29
15% MarlS
217g May
161* Dee
2,500
91% Feb 3 124 May 26
98% Doc 139 May
300
Gl**
May23
47
Janll
37%
Aug
57% Nov
147,625
56%
May26
a35**
Febt4
48
Oet
35% Mar
00,900
1312 May 10
S Feb 3
5,000
10% May 14
5i* MarlS
13 June
4% Jan
800
-----5
40%
May
9
29%
Feb
8
40
Deo
23% Jan
85,2001
------50
87
Jan21
97% May29
72% Oct
63% oet
Do
pref.
____ t o o
117
Jan22 163% May24
Jan 124% Oct
7.800
e)..100j 45% Jan22
57
May26
61 Nov
39% Jan
9,600;
43
Apr28
30
Jan 3
35% Oct
21
Apr
105,970 i
>ar. 33»* Jan22 61% May29
Nov
34
Jan
500|
Do
pref_____ _________ 100: 10U* Jan 3 110 May29
Dec
89*4 Jan 104
30,500' l
31% Aprl7
19% Oct
15 Sept
44.40!)' Pittsburgh Coal of P a ... 100
45 Feb 3 62% May29
42
Jan
58*4 Feb
Do
pref______________
100
12 one
Do
pref........................ 100 851* Mar 17 98 May2S
85% Deo
Jan
12,900’
i-s.JUOj Pressed 3teel
Car..... . 1 0 0 r 5 9
F e b ll
82 May28
Febll
73 Aug
55% Nov
ino 1 „ Oo
pref...................... 100 100 Mar 3 104 Janl4
93
Apr 100 Aug
non1 Puhll°
Serv
82
91** Jan 7
Jan31
toon
a
„ 'Corp
“ ‘ I* of N .J ..1 0 0
jm
ui
85
Oct 109% Mar
’Tr.v 1 nTlruan Company.............100, U l g Febll
129% M ayl9
% Jan 1321* Nov
trtR! Railway Steel Spring.........100
03% FeblO
93% May28
45i* Jan
78% Deo
Feb 4 109% May 14
17fiOO r, D°
Pr° r........................... 100 104
95
Jan 1051* Deo
1'
Ray Consolidated Copper.
19 Mar 4 23 May27
26% May
19% Dec
Republic Iron A Steo!____loo'
89%May26
7li* Janl8
*72% Jan
96 May
Do
pref_______________ 100 100
Jant3 105 Marl9
92% Jan 102% Sept
Royal Dutch Co (Am shares)
70** Jan21 119% May21 *70
Oct
Dec 145
Certfs for New York shares.
86i* Marl3 119% May21
Saxon Motor Car Corp__ lot
12
Feb26
6% Mar21
*4 Aug IS* Nov
Sears. Roebuck A Oo____100 1681* Feb 13 212 M ay2l
133*4 June: 76% Deo
Shattuck Arlz Copper____
15% May 15 *13
10
FebI9
Decl 1,8% Feb
Sinclair Oil A Ref’g ___
33i* j an
69% May 8
39
Feb
25% Apr
Sloss-Slieffleld Steel A Iron 100
May 2 4
46i* FeblO
71% May
39
Jan
Stromborg-Carburetor
55 May27
30** JanlO
Studebaker Corp (T h e ) ... 100
45** Jan22 107% May29
727g Nov
33% Apr
Do
prof---------------------.100
92
Jan22 100 May '
80% July 100 Nov
Stutz Motor Car of Am .N o
42U Feb14
70 May27
3/
Oet
55
Deo
Superior Steel Corp'n____100
32
Jan21
53 May29
34'* Mar
45% May
Do 1st prof____________ 100
97** Mar29 100 May20
95
Feb 100 Sept
fonn Copp A C tr ctfs.No
17% May 5
121* Mar 17
Dec
21 July
Texas Company (The)____100 184
Jan 2 292 May 9 136% Tan 203
Oct
Tobacco Products Corp.,100
72% Jan29
99% May2S
48% Mar
82% Deo
Do pref-----------------------99i* Mar20 108*8 May28 *87% Mar 101% Deo
Union Bag A Paper Corp. 100
75
Jan 3
95% May29
65
Jan
80 May
United Alloy Steel____
37% Janll
55 May24
36% Oct
441* May
United Cigar Stores______ lot) 1071* Jan 2 139% Apr2l
S3** Mar 108*4 Dec
Do prof________________100 106
Feb 5 113 May 2.2 101% Jan 110 July
United Fruit..........................
157
FeblO 189% May 9 116% Jan 166% Deo
U S Cast I Pipe A Fdy____ 100
27*4 May 16
14
Jaat5
11% Apr
19 May
Do pref..................
100
421* Janlti
66 Apr 21
41 Mar
47*4 Feb
U 8 Food Products C orp..100
66
Apr 8
81% May27
U 8 Industrial Alcohol____100
97i* Jan22 167 May27 *96
Dec 137 May
Do prof________________100
961* Jan 2 111 May23
94
Oct
99 Mar
United States Rubber_____100
73
JanZl 115 May29[
51
Jan
80% Deo
i.VT™
Uo 1st preferred.............
109
Jan20 114% May 28 *95
Jan 110
Deo
lOOj U 8 Smelting Ref A M ____50
43i« Jan’ l
70% May22
32% Apr
50** Oct
p |
Do pref________________
45
Janl8
50 Mar 2
42% Apr
47*4 Deo
8-[''500, United States Steel C orp..
88U FeblO 109% May23
% Mar 116% Aug
I l ’Iool
|,ref........................ 11,0 113% FeblO 117% May 2| 108 Mar 113% Deo
8 4 'lOOj Utah Copper_____________ it)
65% Feb 7 82% May26i
71% Dec
93
Oct
I'8pp[ Utah Securities v t _______
13
Jan 2
19% May 9;
11 Sept
16*4 Nov
•M.J>dO| Vlrginla-Carollna Chem .
51
FeblO
74% May27
33-1* Jan
60% Nov
Jan 7 114% Apr 3
9 n^X!
D°
PTOf......... - ................100 110
98
Jan 113% Dec
"•000 Virginia Iron C A C ______ 100
5 4 Mar31
74 May29
50
Jan
73% July
. “ '000 Western Union Telegraph. 100
92% May26
84% Mar27
77% Aug
95% Apr
•’“ '“ 00 Westlnghotiso Elec A M tg.
40% Jan21
59% May26
38% Jan
47% May
"00
Do 1st preferred................50
70 May 16
81
Feb27
59
Jan
64% Feb
White Motor.................
45
Jan 3
63% May 3
36*4 Jan
49 Nov
39% May27
iin R w ,,ly»— Overland (The) "I 25
23% Jan22
151* Jan
30 Nov
,,1.'100
Do pref (now)..................
87** Jan 7 98% May 9
75
Jan
89% Nov
lO'^OO Wilson A Co, Ine, v t No par
91 May28
65% Jan20
45% Jan
77% Deo
700 Woolworth (F W ) ________ loo 120
Feb 7 133% M ayl9
HO Mar 128% Oct
-----Do pref________________ 100 115
Jan22 117% Jaul7
111
Oct 115 Sept
Worthington P A M v t o . .
: 50
Feb 13
73 May 9
34
Jan
69
Aug
500
Do pref A........................ 100
88
Jan 9
98
Apr24
85% Feb
91
Apr
300
Do nrpf R_____________ mo
66
Jan
77% Aor29
701* J'llv
69
Jan
!|Ex-rlgbts. nJEx-dlv. and rights. *jEx-d!rlJend

1

1

27

Week
Shares

No par
10
par
.100
100

77 77

59
79

2233

2

par

14

110

C on clu d e d -P a g e

8

57*8

21 1

Sales/or

May 30

x67

8*4

R ecord —

aatea durlafl the week o f stock* usually lnactlye, see second pa fie preceding

|]Less than 100 shares.

60
50
100

100

86

N ew

Y ork

S to ck

Bond

E x c iia n g e —

R ecord ,

Jan lZ theRxcLgerneihod o, 'noting bond, wa, changedandPrto ,

BONDS
N . y . STOCK EXC H A N G E
W e e 's E n d in g M a y 2 9

P ric e
T h u rsd a y
M a y 29

t .u-

Bid
U. S. G ovorn m a n t.
3 X s 1 s t L i b e r t y L o a n — 1 9 3 2 -4 7
i s 1 s t L ib e r t y L o a n -----------1 9 3 2 -4 7
i s 2 d L ib e r t y L o a n -----------1 9 2 7 -4 2
i X s 1 s t L i b e r t y L o a n . . . 1 9 3 2 -4 7
4 X s 2 d L ib e r t y L o a n _____1 9 2 7 -4 2
<4X9 2 d L ib e r t y L o a n — 1 9 3 2 47
4 X s 3 d L i b e r t y L o a n ________1 9 2 8
4 X s 4 t h L ib e r t y L o a n ..............1 9 3 8
4 X 9 V i c t o r y L ib L o a n . . 1 9 2 2 -2 3
3 X 9 V i c t o r y L ib L o a n . . 1 9 2 2 -2 5
2 s c o n s o l r e g i s t e r e d _________ <11930
2 s c o n s o l c o u p o n ____________ <21.930
i s r e g i s t e r e d ____________________1 9 2 5
i s o o u p o n ______________________ 1 925
P a n C a n a l 1 0 -3 0 -y r 2 s ........... * 1 9 3 6
P a n C a n a l 1 0 -3 0 -y r 2s re g _ _ 1 9 3 3
P a n a m a C a n a l 3 s g ----------------- 198 1
R e g i s t e r e d . -----------1931
P h il ip p i n e I s l a n d 4 s ----------1 9 1 4 -3 4
F o r e ig n G o v e r n m e n t
A m o r F o r e ig n S e c u r 5 s --------- 191 9
A n g lo -F r e n c h 5 -y r 5 s E x te r lo a n .
A rg e n tin e In te r n a l 5s o ( 1 9 0 9 —
B o r d e a u x ( C i t y o f ) 3 - y r 8 s . .1 9 1 9
C h in e s e ( H u k u a n g R y ) 5 s o f 1 9 11
C u b a — E x te rn a l d e b t 5s o f 1 9 0 1 E x t e r d t 5 s o f 1 9 1 4 s e r A . .1 9 4 9
E x t e r n a l lo a n 4 X s ---------------1 9 4 9
D o m i n i o n o f C a n a d a g 5 s — 1921
do
do
— 192 8
do
do
..1 9 3 1
J a p a n e s e G o v t — £ lo a n 4 X 9 - 1 9 2
S e c o n d s o rle a 4 X 9 --------------- 192 5
do
do
"G erm a n s ta m p ".
S t e r lin g lo a n 4 s ____________ 1931
L y o n s ( C i t y o f ) 3 - y r 6 s ........... 1919
M a r s e ill e s ( C i t y o f ) 3 - y r 0 s .1 9 1 9
M o x l c o — E x t e r lo a n £ 5 s o f 1 8 9 9
G o l d d e b t 4 s o f 1 9 0 4 _______1 954
P a r is ( C i t y o f ) 5 -y e a r 6 s ------- 1921
T o k y o C i t y 5 s lo a n o f 1 9 1 2 ------U K o f G t B r it A I r e la n d —
3 - y e a r 5 X % n o t e s -------------- 1 9 1 9
5 - y e a r 5 X % n o t e s ............ . 1 9 2 1
2 0 -y e a r g o ld b o n d 6 X 9 .- 1 9 3 7
T h e s e a r e p r ic e s o n th e b a sis o f

M
M
M

D
D
N
D
N
D
S

O

Q
Q

97

IIII
'

99%
O 97%
82%
IH S
99%
M N
D : 70%
99%
M
S
91%
F
A
8434
97%
98%
0|
97%
A T 91%
J t 91%
I 87%
_
j : 79%
M N 99%
M N 99%
q
j t 69

F

A

R ange
S in ce
J a n . 1.
L ow

H ig h

A t i L ow

9 9 .5 9 S a le 9 9 .4 0
9 9 .6 2
9 5 .5 2 S a le 9 5 .4 0
9 5 .7 0 )
9 4 .8 8 S a le 9 4 .6 0
9 5 .0 0
9 5 .8 4 S a le 9 5 .7 0
9 6 .0 9
9 5 .2 0 S a le 9 5 .0 0
9 5 .3
9 9 .7 4 _____ 9 9 .7 1 M a y ' 19
9 8 .0 5
9 5 .9 8 S a le 9 5 .6 1
9 5 .5 3
9 5 .4 0 S a le 9 3 .0 0
9 9 .9 6 S a le 9 9 .8 0 1 0 0 .0 9

109

J
J
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N
M
M
F

59

W e e k 's
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L a st Sate

9 8 .2 0
9 2 .5 0
9 2 .1 0
9 4 .2 0
9 3 .2 0
9 5 .4 2
s o n 9 4 .9 0
13157 9 3 .1 2
5 6 1 1 9 9 .8 3

3443
160
2155
259
4203

____j - . - ...............

S a le
S a le
85%
S a le
71
____
93%
85
93%
S a le
Hal
S a le
92%
S a le
...
S a le
S a le
S a le

H ig h
9 9 .8 0
9 6 .0 0
9 5 ,1 0
9 6 .6 0
9 5 .3 6
9 9 .7 4
9 6 .6 0
9 5 .7 2
109

Apr T9
M a r ' 19
M a y ’ 19
M ayT9
M a r '1 9
J u l y ’ 18
M ay T9
M a r '1 9
F e b '1 5

97% 99%
98
98
1 0 4 % 1 06%
1 04% 106%
98% 93%

99 %
97%
85
99 %
71%
99%
92
85
93%
93 %
97%
91%
92
87 %
80
99 %
99%
69
55
97%
79%

100
97%
85
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71%
99%
92
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98%
93%
93
92
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99%
99%
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97%
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99
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99%
98%
99%

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99
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106
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99
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are

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98%
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85
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93
89
80%

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4

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9 S :i4 1 02%
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7 9 % S3

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99%

S t a t s a n d C ity S e c u r it ie s .
K Y C i t y —-4 5 * 9 C o r p s t o c k . 190 0
4 X s C o r p o r a t e s t o c k _____1 9 6 4
4 X s C o r p o r a t e s t o c k ------- 1 9 6 6
4 X s C o r p o r a t e s t o c k J u ly 196
4 X 9 C o r p o r a t e s t o c k ----------1 965
4 X 3 C o r p o r a t e s t o c k ------- 1 983
4 % C o r p o r a t e s t o c k ______ 1 9 5 9
4 % C o r p o r a t e s t o c k ----------1 9 5 8
4 % C o r p o r a t e s t o c k ______ 195 7
4 % C o rp o ra te sto ck r e g ..l 9 5 8
N o w 4 X 9 ____________________1 957
4 X % C o r p o r a t e s t o c k — 195 7
3 X % C o r p o r a t e s t o c k — 1 954
R Y S t a t o — 4 s .............................. 1961
C a n a l I m p r o v e m e n t 4 s — 1981
C a n a l I m p r o v e m e n t 4 s — 1962
C a n a l I m p r o v e m e n t 4s — 1960
C a n a l I m p r o v e m e n t 4 X 9 .1 9 6 4
C a n a l Im p ro v e m e n t 4 M s .1985
H ig h w a y I m p r o v ’ t 4 X 3 . . 1 9 6 3
H ig h w a y I m p r o v t 4 5 4 s . . 1 9 6 5
V ir g in ia f u n d e d d e b t 2 - 3 S ..1 9 9 1
6s d e fe r r e d B r o w n B r o s c tfs

97%
97%
97%
97%
9 6 % M a y '1 9
100%
100%
102%
102%
102%
1 02%
9 1 % M a y ’ 19

A
y

d

1Y1 S
M N
M N
M N
M N
M N
M N

1 0 7 % 1 0 8 % 1 0 7 % M a y ’ 19
.......................1 0 2 % D e c '1 8
107% 1 03% 1 06% M a r '1 9
100 » J u n e '1 8
7 8 % D e o '1 8
65%
6 6%
66
69

96
97%
96
98
98
99%
1 0 0 % 102%
1 0 0 % 102%
100
102%
90% 92%
90% 92%
90% 92%
9 0 % 91
1 0 0 % 102%
1 0 0 % 102%
8 1 % 82
98
93%
96% 97%
98% 93%
96% 96%
1 0 6 % 103
106% 1 0 6 %

63

74%

54%

58

R a ilr o a d .
A n n A r b o r 1 st g 4 s ___________ 5 1 9 9 5
Q J 55%
A t c h is o n T o p e k a A S a n t a F e
82%
G e n g 4 s ______ _____________ 1995
81%
R e g i s t e r e d ________________ 1 9 9 5
76%
A d ju s t m e n t g o l d 4 s _______ 5 1 9 9 5 t
R e g i s t e r e d _______________ 5 1 9 9 5 >
761.1
S t a m p e d ___ ____________ 5 1 9 9 5
76%
C o n v g o l d 4 s _______________1 9 5 5 J
100%
C o n v 4 s Issu e o f 1 9 1 0 ______ 1 9 0 0 (J
90%
E a s t O k l a D i v 1 st g 4 s . . -1 9 2 8 M
74
R o c k y M t n D lv 1st 4 s — 1985
78%
T r a n s C o n S h o r t L 1 st 4 s .1 9 5 8
85
C a l- A r t s 1 st A r o l 4 X 3 " A ’ T 9 6 '2
94
8 F a P r e s A P h 1 st g 5 s . . . 1 942
82
A t l C o a s t L 1 s t g o l d 4 s -------- 5 1 9 5 2
83%
G e n u n if i e d 4 > $ s . - ............ .1 9 6 4
93%
A la M i d 1 s t g u g o l d 5 s . . . 1 9 2 8
83%
B r u n s A VV 1st g u g o l d 4 s . 1 9 3 8
113%
C h a r le s A S a v 1 st g o l d 7 S .1 9 3 0
76%
L A N c o ll g o l d 4 s ..............0 1 9 5 2
108
S a v F A W 1 st g o l d 5 s ------ 1 934
96%
1 s t g o l d 5 s ____________________1 934
89
B a lt A O h io p r io r 3 X 8 _______1 9 2 5
R e g i s t e r e d ........................ . 5 1 9 2 5
1 s t 5 0 - y e a r g o l d 4 s _______ 5 1 9 4 8
R e g i s t e r e d _______________5 1 9 4 8 Q
l f r - y r c o n v 4 X « ____________ 1 9 3 3
R e f u n d A g e n 5 s S e r ie s A . 1 9 9 5
P it t a J u n e 1 s t g o l d 6 s ------- 1 9 2 2
P J u n o A M D l v 1 st g 3 X s 1 9 2 5
P L E A W V a S y s r e f 4 s . .1 9 4 1
S o u th w D lv 1st g o ld 3 X 8 .1 9 2 5
C e n t O h io R 1 st c g 4 X S - - 1 9 3 0
C l L o r A W c o n 1 s t g 5 s . . 1 933
O h io R i v e r R R 1 st g 5 s . . -1 9 3 8
G e n e r a l g o l d 5 s ...... ............ 193 7
P it t s C le v A T o l 1 s t g 6 s . . 192 2
T o l A C l n d l v 1 s t r e f Is A . 1 9 5 9
B u f f a l o R A P g e n g 5 s _______1 9 3 7
C o n s o l 4 X s __________________ 1 957
A ll A W e s t 1 s t g 4 s g u ------- 1 9 9 8
C le a r A M a h 1 st g u g 5 s . . 1 9 4 3
R o c h A P it t s 1st g o ld 6 s . .1 9 2 1
C o n s o l 1 s t g 6 s ___________ 192 2
C a n a d a S o u c o n s g u A 5s — 1962
C a r C li n c h A O h io 1 st 3 0 y r 5 s '3 8
C e n t r a l o f O n 1st g o l d o s ____p l 9 4 5
C o n s o l g o l d 5 s ______________1 9 4 5
C h a t t D l v p u r m o n e y g 4 s 1951
M a c A N o r D l v 1st g 5 s . .1 9 4 6
M i d G a A A t l D i v 5 s ............ 1 9 4 7
M o b i l e D l v 1st g 5 s ________ 1 9 4 6
C e n t R R A B o f G a c o ll g 5 s . 1 9 3 7
C o n t o f N J g e n g o l d 5 s ............ 1987
R e g i s t e r e d _______________ 5 1 9 8 7
A m D o c k A I m p g u 5 s ____ 1921
L eh A H u d R lv gen gu 5 s . 1920
N Y A L o n g B r g e n g 4 s . .1 9 4 1
C e n t V e r m o n t 1st g u g 4 s ..« 1 9 2 0
O h e s a A O f u n d A I m p t 5 s . .1 9 2 9
1 s t c o n s o l g o l d 6 a ______________1 9 3 9 M N
R e g i s t e r e d . _____
. 1 9 3 9 51 N

•No price Friday; latest this week,




a

Du«

S a lo

55%

55%

82%
83
80% 85%
82
M a y ’ 19
7 9 % 82
74% 80%
76
76
7 3 % J u n o 18
39
71
79%
76
76%
4
74
76%
76%
76%
32
9 3 % 101
101
S a lo 9 9
9 1 % 9 1 % M a y ’ 19 - - - 9 9 0 % 9 2 %
M a y '1 9
74
80 1
77 %
_____ 1 7 8 % M a y ’ 1 9 -------85
85% 85
M a y 11 9 -------100% 99%
J u l y ’ i7 - - - ' I ------83
| 82%
82%
2 i 8 0 % 851
88
S a lo 8 3 %
83%
4 82
97%
1 0 6 % 9 7 % M a y ’ 1 9 , ------- 1 9 6 %
78
O c t * 13
89
. . . 1 2 9 % A u g '1 5 ,
7.3% 7 8 %
77
77%
78
1 0 7 % A p r T 9 ------- 107% 107%
. . .
105
J u ly 15
89%
88
89%
*8*9% 8 9 %
87
87
F e b T 9 . . 3 5 87
82%
79%
75
"S a le 7 7 %
9 2 % M a r ’ 17 . “ i
80
115 7 3
80
S a le 7812
37| 7 7% 8 2 %
80
S a le 7 9
112
J a n '1 2
8 0 % M a y '1 9 _____1 8 3 % 8 7
87
M a y ’ 19 _____1 7 1 % 7 8
75% 7 5
86%
4
84%
85 %
83
85
8 9 % M a r '1 9 _____1 8 9 % 8 0 %
9 5 % A p r T 9 _____1 9 5 % 9 5 %
96
96
Jan T 9
96
91%
9 1 % M a r '1 9 . . . .
90
—
9 9 % M a r ’ 18
6 4 % 6 5 % M a y ’ 19 ___ -1 6 3 % 0 8
99
99
99
M a r '1 9
100
1 8 7 % 88 %
8 7 % 8 8 % M a y ’ 19
97
N o v '1 0
86
103% F e b 16
102% 100% A p r T 9 ____ 100% 1 00%
101%
101% M a y '1 9
101
2 88
95%
94%
94% 91%
77 % 82
7 7 % M a y '1 9
78
100%
M a r '1 9 _____ in o
104% 100
9 4%
5
89
93
93 % 9 3
7 74.2 75 %
74%
74%
80
90
M a y '1 8
—
9 7 % J u n e '1 7
91% 91%
91% Jan T 9
89
86
8 8 % A p r T 9 ___ _
105
4 102
102%
S a le 102
1 0 0 % M a y ’ l'J ___ _ 100 % 101 %
102
99%
99
1003.1 9 9 % M a y ’ 19 —
100
A p r '1 8
_____ 1 0 0 % J a n '1 3
65
65
65
J a n TO
08
93%
89
9 1 % A p r T 9 ____
95
98%
98%
99
1 97% 99%
98 % 1 0 4 % J a n '1 7
S a lo
81%
77%
86
S a lo

F r id a y ,

W e e k ly

an d

Y e a r ly

no*-"an* interest"-except for inures, and defaultedbon*,.

BONDS
N . Y . STOCK E XCH AN G E
W e e k E n d in g M a y 2 9
C h e s a p e a k e A O h io ( C o n )—
G e n e r a l g o l d 4 X 8 --------------- 1992
R e g i s t e r e d ______ __________ 199 2
2 0 -y e a r c o n v e r tib le 4 X 3 - - 1 9 3 0
3 0 - y e a r c o n v s e c u r e d 5s . . 1 9 4 6
B ig S a u d y 1 s t 4 s ----------------- 1 9 4 4
C o a l R i v e r R y 1 s t g u 4 s . .1 9 4 5
C r a ig V a ll e y 1 s t g 5 s ------- -.1 9 4 0
P o t t s C r e e k B r 1st 4 s _____1 9 4 6
R A A D l v 1st c o n g 4 s — 1 9 8 9
2 d c o n s o l g o l d 4 s ________ 1 9 8 9
G r e e n b r ie r R y 1 s t g u g 4 s . 19 40
W a r m S p r in g s V 1 s t g 5 S ..1 9 4 1
C h ic A A lto n R R ref g 3 S ...1 9 4 9
R a ilw a y 1st Hen 3 X s -----------1 9 5 0
C h i c a g o B u r li n g t o n A Q u in c y —
D e n v e r D l v 4 s ______________ 1922
I llin o is D l v 3 X s ......................1 9 4 9
I lli n o is D iv 4 s ----------------------- 1 9 4 9
I o w a D l v s in k in g f u n d 5 s . 1 9 1 9
S in k in g fu n d 4 s __________191 9
J o in t b o n d s .
S ee G r e a t N o r t h
N e b r a s k a E x t e n s io n 4 s — 192 7 M N
R e g i s t e r e d ______ __________1 9 2 7 IY1 N
G e n e r a l 4 s ____________________1 9 5 8 !W S
J
C h i c A E 111 r e f A I m p 4 s g .. 1 9 5 5 J
(J S M t g A T r C o c t f s o f d e p
1 s t c o n s o l g o l d 6 s . . ______ .1 9 3 1 A* O
G e n e r a l c o n s o l 1 s t 5 s ______ 1 937 M N
U 3 M tg A T r C o c tfs o f d e p .
G u a r T r C o c t f s o f d e p ---------P u r c h m o n e y 1st c o a l 5 s - . 1 9 4 2
C h i c A I n d C R y 1 s t 5s — 1 9 3 6
C h ic a g o G r e a t W e s t 1st 4 s ..1 9 5 9
C h i c I n d A L o u t s v — R e f 6 8 .1 9 4 7
R e f u n d in g g o l d 5 s -------------- 1 947
R e f u n d in g 4 s S e r ie s C -------- 1 9 4 7
I n d A L o u t s v 1 s t g u 4 s — 195 6
C h i c I n d A S o u 5 0 -y r 4 s _____ 1 9 5 6
C h ic L 3 A E a s t 1st 4 X s -------- 196 9
C h i c a g o M il w a u k e e A S t P a u l—
G o n ’ l g o l d 4 s S o r le s A _____ «1 9 S 9
R e g i s t e r e d _______________ e l 9 8 9
P e r m a n e n t 4 s _______________1 9 2 5
G e n A r e f S e r A 4 X s _____ <>2014
G e n r e f c o n v S e r B 5 s ___ a ‘2 0 1 4
G o n 'l g o l d 3 X 3 S e r B _____ «1 9 S 9
G e n e r a l 4 X s S e r ie s C _____ e l 9 8 9
2 5 - y e a r d e b e n t u r e 4 s _______1 934
C o n v e r t i b l e 4 X s ___________ 1932
C h i c A L S u p D lv g 5 s -------- 1921
C h ic A M o R lv D lv 5 s . . .1 9 2 6
C h i c A P W 1st g 5 s ..............1921
C M A P u g e t S d 1 s t g u 4 3 .1 9 4 9
D u b u q u e D lv 1st s f 6 s — 1920
F a r g o A S o u a s s u m g 6s . . 1 9 2 4
L a C r o s s e A D 1st 5 s ______ 1 919
W I s A M i n n D l v g 5 s ........... 1921
W ls V a ll e y D l v 1 s t 63 _____ 1 9 2 0
M llw A N o r 1st e x t 4 X S ..1 9 3 4
C o n s e x t e n d e d 4 X s _____1 9 3 4
C h i c A N o r t h w e s E x 4 s 1 8 8 6 -1 9 2 6
R e g i s t e r e d ............ . 1 8 8 6 - 1 9 2 6
G e n e r a l g o l d 3 X s ___________ 1 9 8 7
R e g i s t e r e d _______________ j>1987
G e n e r a l 4 s ___________________ 1 9 8 7
S t a m p e d 4 s ........................... 1 9 3 7
G e n e r a l 5s s t a m p e d ________193 7
S in k in g fu n d 63 _______1 8 7 9 -1 9 2 9
R e g i s t e r e d __________1 8 7 9 -1 9 2 9
S in k in g fu n d 5 s ______ 1 8 7 9 -1 9 2 9
D e b e n t u r e 5 s _______________ 1921
R e g i s t e r e d ______ __________ 1921
S in k in g fu n d d e b 5 s ________1 9 3 3 1
R e g i s t e r e d ________________ 1 9 3 3 I
D c s P la in e s V a l 1 s t g u 4 X s '4 7 1
F r e m E lk A M o V 1st 6 s . . 1 933
M a n G B A N W ls t 3 X s -1 9 4 1
M ll w A S L 1st g u 3 X s — 1941
M il L S A W e a t 1st g 63 . . . 1 9 2 1
E x t A I m p s f g o l d 5 s ___ 192 9
A s h la n d D l v 1st g 63 ____1 9 2 5 1
M i c h D l v 1st g o l d 0 s . . 192 4
M U S p a r A N W 1st g u 4 S .1 9 4 7
S t L P e o A N W 1 st g u 5s 1 9 4 8 •
C h i c a g o R o c k I sl A P a c —
R a ilw a y g e n e r a l g o l d 4 s — 1 9 8 8
R e g i s t e r e d _______________ 19 8 8 1 J
R e fu n d in g g o l d 4 s ------------- 1 9 3 1 A
2 0 -y e a r d e b e n t u r e 5 s _____ 1 9 3 2 J
R I A r k A L o u is 1s t 4 X 8 - - 1 9 3 4 M
B u r l C R A N 1st g .5s------- 1 9 3 4 A
C R l V A N W 1st g u 53 . . 1 9 2 1 A
C h o O k la A G g en g 5 s ..f f l 9 1 9 J
C o n s o l g o l d 5 s _________ 1 9 5 2 M
K e o k A D c s M o in e s 1 s t 5 s 192.3 A
S t P a u l A K C S h L 1 s t 4 X s '4 1 F
C h ic S t P M A O c o n s 6 s ------- 1 9 3 0 -J
Corns 6 s r e d u c e d t o 3 X 8 . . 1 9 3 0 ■*
D e b e n t u r e 6 s _______________1 9 3 0 M
N o r t h W i s c o n s in 1 s t 6 s — 1 9 3 0 J
S u p e rio r S h o rt L 1st 5s g .c l 9 3 0 M
C h i c T II A S o E a s t 1st 5 s . . I 9 6 0 J
C h ic A W e s t In d g en g 6 s — «1 9 3 2 Q
C o n s o l 5 0 -y e a r 4 s . . ________1 9 5 2 J
C ln H A D 2 d g o l d 4 X s ____ 1 9 3 7 J ,
C F in d A F t W 1st g u Is g 1 9 2 3 M
D a y A M i c h 1 s t c o n 3 4 X s 1931 J
C l e v C ln C h A S t L g e n 4 s . . 1 9 9 3 J
2 0 - y e a r d e b 4 X s __________ 1931 J
G e n e r a l 5 s S e rie s B _______ 1 9 9 3 J
C a i r o D l v 1st g o l d 4 s ........... 1 9 3 9 J
C ln W A M D l v 1 s t g I s . .1 9 9 1 J
S t L D l v 1 s t c o ll t r g 4 s . . . 1 9 9 0 M
S p r A C o l D l v 1st g 4 s _____1 9 4 0 M
W W V a l D l v 1 s t g 4 s _____1 9 4 0 J
C 1 S t L A C c o n s o l 6 s _____1 9 2 0 M
1 s t g o l d 4 s .......................... * 1 9 3 0 Q
R e g i s t e r e d ____________ * 1 9 3 6 Q
C ln S A C l c o n s 1 s t g 5 s . . 1 9 2 8 J
C C C A I gen co n s g 6 S ..1 9 3 4 J
I n d B A W 1st p r e f 4 s _____1 9 4 0 A
O I n d A W 1st p r e f 5 s . . -d 1 9 3 8 Q
P e o r ia A E a s t 1 st c o n s 4 s . 1 9 4 0 A
I n c o m e 4 s _________________1 9 9 0 l
C I o v e S h o r t L 1 s t g u 4 X 8 — 1961 A
C o l o r a d o A S o u 1st g 4 s ------- 1 9 2 9 F
R e fu n d A E x t 4 X 3 ...............1 9 3 5 M
F t W A D e n C 1st g 6 s . . . 1 9 2 1 J
C o n n A P a s R lv s 1 st g 4 s . . . 1 9 4 3 A
C u b a R R 1st 6 0 - y e a r 5s g , . . 1 9 5 2 J
D el L a ck A W estern —
M o r r is A E s s 1st g u 3 X S - - 2 0 0 0 J
N Y L a c k A W 1st 6 s ........... 1 921
C o n s t r u c t i o n 5 s ---------------1 9 2 3 t
T e r m A I m p r o v t 4 s _____1 9 2 3 W
W a r r e n 1 s t r e f g u g 3 X 8 . . 2 0 0 0 1'

Jan. 4Du«AprU . s D u iM a y . # D uaJunj.

h

B onds 1

^ ^

W eek ’s
R ange or
L a s t S ale

P r ic e
T hu rsd ay
M a y 29

L ow
80%
86%
82
90%
78%
82%
96%
84%
80
71
88%
113
52%
37

___ S o la ]

2 *2 4 :

H ig h No.
22
80%
M a i" 17 _____ I
09
8 4%
01% ' 650
M a y ’ 19
M a y ’ 19
F e b T 6 -1 1 1
Jan T 3
M a y ’ 19 . . . .
O ct T 7
S e p t ’ 16
F e b '1 5
13
53
33
38

R a n ge
S in c e
J an . 1.

Low
77

H ig h
83%

77%
84%
78%
8234

84%
91%
78%
82%

75

80

50
35%

53
40

99%
1 73%
2
82%
9 9 % M a y 'P J j ---------1 9 9 %
nm 1 ivr.iv’ 10 I--------'
.
99

99%
76%
85%
9934
99*4

92%

9334

1

20|

1"2 9
39
1 82

0

_____

73%

32
62%
100%
100%
84%
63
80
97%

80
8*3*%
25
35%
22
36%
1 0 3 % 10 4
|
1 75
77
10 7 0 % 7 7
—
75
75
—
M a r ' 1 7 ------59
63%
62% '
"
M a y ’ 1 9 ,--------1 1 0 0 % 1 0 3
A p r '1 7 ; ------A p r '1 7 [
M a y ’ 19
M a y '1 9
D ec TO

7 3 % M a y ’ 19
92 h F e b ' 161--------!
81%
84%
2
71
72%
51
79%
80%
39
06
N o v ’ 181--------1
82
82% '
13
72%
73%
87
78%
79 I
49
9 7 % D e c T 81 -------92
O c t ' 1 8 ------9 8 % M a y ' 1 9 -------70
A p r T 9 . ------9 9 % M a y ' 1 9 '-------1 0 0 M a y ’ 1 9 ,--------9 9 % F e b T 9 ; -------96% A pr T 9
99
Jan T 9
89
M a y '1 9
9 0 % D e o '1 8
89
Apr T 9
95
D ec T 8
71
71
70% A pr T 9
81%
81%
8 1 % O c t '1 8

100 %
104
109%
90%
90
98
98
90%
97
101%
106%

88

76%

89

89

100 %

M a y '1 9
A o r TO
...
96% 96%
M a y '1 9
N o v '1 8
9*8’ " * 9 8 *
M a y '1 9
97
98
M a r '1 9
96% 96%
F ob T 9
N o v ’ 18
O ct TO
M a y ' 1 9 ------- 1 0 3 % 1 0 9
Jan T 7

100 % 101

101

98

98
104
104

1

91

99

97

53
60
1 0 2 % 10 4
61
06
90
88
79
70
79
86%
80%
67%
73
74%
84
99%
83%
88%
93%
104
94

80%
80
99
_____
73%

M a y '1 7
M a r 'l l
N o v ’ 18
M a y ’ 19 .
17
80%
Aug T 8
M a y ’ 19
F eb T 9
73
Jan T 9
N o v ’ 10
M a y '1 9 ) -------M a y ' 1 9 ------M a y '1 5
M a y ’ 19
104
1
J u l y ' 0 8 --------

72%
80%
78%
67%
73
74%

*60%
“ 00 %
9
25
30
23
86
M a y ’ 1 9 -------8 7 % 8 7 % M a y ’ 1 9 ,-------S a lo 7 9 %
80 I
32
9 9 % 9 9 % M a y '1 9
94%

F e b T O -------

74

100 % 101 %
9 7 % _____
93% 95%
0 7 % _____

Due July. tD u e A u g . oD u eO ot. p D u e N o v . 1 Due Deo. lOptlonsale.

M ay 31 1919.]
BONDS
N. Y. STOCK EXCHANGE
Week ending May 29

New York Bond Record— Continued-Page 2
S
fe
^

Price
Thursday
May 29

Week's
Range or
Last Sale

Rang*
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week ending May 29

2225

II

Price
Thursday
May 29

Week’s
Range or
Last Sale

<Sl "

Range
Since
Jan. 1.

Bid
Low
No Low High
\Bid
Ask Low
High No. Low High
Leh V Term Ry 1st gu g 5s.. 1941
93% 101 100% Feb T9 ----- 11 98%
J J 97 ____ 97 May
- ­ 102%
96 97
Registered_____________ 1941
IW 1 83% 84l2 84% 84i2
113
Mar’17
83% 85%
Leh Val RR 10-yr coll 6s..nl928
102 % Sale 101 %
A 0 93 93% 93i2
102
%
"19
;ioi%
102%
94
90% 95%
Leh Val Coal Co 1st gu g 5s.1933
99% 101
A 3
79% Sale 76
97% Mar’ 19 ---- 97% 97%
79i2
73% 78%
Registered_____________ 1933
iW >4 102*8 104 102% Apr
105
Oct
T3
102 % 102 %
1st lnt reduced to 4s____ 1933
Denver & Rio Grande—
7938
Leh A N Y 1st guar g 4s___ 1945
70% 87% *70" JuTy’ 18
J J 72% 74*8 74
74%
% 75%
Registered_____________ 1945
J J 76% 80 7612 May’
76%
Long laid 1st cons gold 5s..51931
96% 97% 98% Apr*T9 ----- j 9634 98%
J 13 80 85 80 May’
80
1st consol gold 4s............ 51931
F \ 56% 57% 56is
87*8 97% 99% June'18
50%
57%
General gold 4s_________ 1938
79 81
J » 77 ____ 87% Nov'
79 May’ 1 9 ___ I 78% 80
Perry gold 4Xs................1922
91% 96% 80% Mar’ 19____| 8 6 % 8 6 %
J J ____ 38 61% Apr
Gold 4s_______________ 1932
75% 85
J J _________ 39 July’
99%
Oct '06
(
Unified gold 4s................. 1949
74% __ 75% May’19
J J 72%____ 72% 72%
63%
Debenture gold 5s______ 1934
81 _
A 3 50% 60
84
Apr
T9
58% May’
50
20-year p m deb 5s______ 1937
75 Sale 75
J 13 65 78 82 Deo
75
Guar refunding gold 4 s ... 1949
77
77% 70 May’19
J 1> 50 78 75% July’
Registered___________ 1949
Det Rlv Tun Ter Tun 4 Ms.. 1961 IW £[ 80% 82% 81% 81%
95 Jan ’ll
80 84%
N Y B A M B 1st con g 53.1935
94 .
Dul Mlssabe <5: Nor gen 5s..1941 J 1 97%___ 96% June-'
94 Jan T9
94 94
N Y A R B 1st gold 5s___ 1927
92% ’o s" 92 Apr T9
Dul & Iron Range 1st 5s___ 1937 A C 93%------ 95
95
92 92
92% "do"
Nor Sh B 1st con g gu 5s.ol932
90% 93% 90% Apr T9
Registered___________ 1937 A C' ________ 105t2 Mar’08
90%
91
Louisiana A Ark 1st g 5s___ 1927
— 87 85% May’19
Dul Sou Shore & Atl g 5s...1937 j
____ 8 6 % 84% Apr '19
S5% 8 8 %
’83" 8412
Louisville A Nashv gen 6s..1930
Elgin Joliet & East 1st g 5s..1941 m r
108 Feb T9
96 100 90
96
108 108
93t2 90
Gold
5s...........................1937
97% 100 97% Apr T9
Erie 1st consol gold 7s_____ 1920 M 1 100 100 % 1001s 1 0 0 %
97% 100%
99% 100%
Unified gold 4s_________ 1940
8 6 % 88
N Y <&Erie 1st ext g 4s. ..1947 M In 81%____ 78% Oot ’18
86
86
23 83% 8 8 %
Registered...... ........ ...1940
2d ext gold 5s__________ 1919 M S 97% 9934 96% June’ 18
96% Jan T7
Collateral
trust
gold
5
s
...
1931
97% 100 97%
3rd ext gold 4Xe..............1923 IW fc 91%____ 93% Jan ’18
97%
’97"%ioo"
L Cin A Lex gold 4XS...1931
93% 95
4th ext gold 5s...... ...........1920 A t
90*8____ 99% July’17
93% Feb T9
93% 93*4
N O A M 1st gold 6 s____ 1930
103% 106 104 Apr T9
fith ext gold 4s................. 1928 J E 82%___ 94% Nov’ 15
103%
105%
„ 2 d gold 6 s..................... 1930
96%____ 100 Jan T9
N Y L E & W 1st g Id 7s..1920 M S 97% 100 100% July'18
100 100
Paducah
A
Mem
Dlv
4
s
..1946
78%
S4
Erie 1st cons g 4s prior__ 1990 J .
6 8 % 69
79%
Jan
T9
68%
a 05 70%
79% 79%
69
St
Louts
Dlv
1st
gold
6
s
..
1921
____
101
%
Registered___________ 1996 J J *68 ___ 84 Dec TO
101
101 %
100 101 %
2d gold 3s.....................1980
55% 57
1st consol gen Hen g 48.1996 J J 56*4 57 56%
55% Apr T9
55% 57
55*4 30 52% 57%
Atl Knox A Cln Dlv 4s...1955
79 83
Registered_________ 1990 J J
79
79
10 75% 79
73 June'16
Atl
Knox
A
Nor
1st
g
5s..1946
98% 100% 95 Nov'18
Penn coll trust gold 4a. . 1951 F A 82 85% 82
20 77% 82
82
Hender Bdge 1st s f g 6s..1931
100 % ____ 103% Sept’18
50-year conv 4s Ser A ..1953 A C 51 52% 52
1 46% 52
52
Kentucky Central gold 4s. 1987
78% 85
do Series B.............. 1953 A C 51% Salo 51
79 May'19
25 46 52
80%
52
Lex A East 1st 50-yr 5s gu 1965
94%____ 94% May’ 19
Gen conv 4s Series D __ 1953 A c; 54 Sale 51
95%
54% 55 47% 55
L
A
N
A
M
A
M
1st
g
4Xs
1945
8 6 ____ 87% Apr T9
Ohio & Erie 1st gold 5s__ 1982 IW N 91% 93 90 May’ 19 —
87%
90 95%
L
A
N-South
M
Joint
4s..1952
72
73%
Clev & Mahon Vail g 5s..1938 J J 92*8------ 1067ft Jan ’ 17
71% May’ 19
73
Registered...................51952
Erie & Jersey 1st a f 63 . . . 1955 J J 99% 101 101 May’ 19 ___ 90% 101
95 Feb ’05
N Fla A S 1st gu g 5s___ 1937 F
94% " 9 9 " 95 Aug T 8
Genesee River 1st a f 6s...1957 J J 98 Sale 98
1 95% 101
98
N
A
C
Bdge
gen
gug
4X8-1945
84%____ 97% M ay'16___ i_________
Long Dock consol g 6 s___ 1935 A O ------109 108 Mar’19 — 108 108
Pensac A Atl 1st gu g 6 s ..1921
------104
Coal A r r 1st cur gu 6 s. .1922 IW N 93%------ 103 Jan ’ IS
101% Jan T 9 ___ 101% 101%
d * N Ala cons gu g 5 s...1936
90%____ 90% Mar’ 19|----- ; 96% 96%
Dook&Iinpt 1st ext 5 s... 1943 J J 90%----.
.
Gen
cons
gu
50-year
58.1963
93 95% 92% Apr T 9 ___ 1 92% 93
N Y A Green L gu g 5s.. . 1946 W N 87 ....... 85 Jan ’ 18
l a Jeff Bdge Co gu g 4s. ..1 9 4 5
71 . . . . 60 July'18
N Y Susa & W 1st ret 5s..1937 J J 71 73% 71 Apr ’ 19
71 78%
Manila RR—Sou lines 4s...1936
2d gold 4X s.................1937
45 55 100% Deo ’00
Mex Intemat 1st cons g 4s..1977 M
I . , "do
General gold 5s............. 1940
------ 00 %
77 Mar’ 1 0 ___
00 June’ 18
. -fRamped guaranteed____ 1977 M
Terralnul 1st gold 5s. ..1943
88% . . .
75 Nov’ lOj___
97 Deo ’ 18
M dland Term— 1st a f g 5s. 1925 j
Mid ot N J 1st ext 5s___ 1940
86 . . .
91% June’ 1 7 ___
108 Jan ’17
Minn St Louis 1st 7s............ 1927 j
101
WUk A East 1st gu g 5s..1942
60 68
101 July’181___
04 Apr ’ 19
64 72
I
aclflc
Ext
1st
gold
6 s___ 1921 a
90
Kv A Ind 1st cons gu g 6 s .. 1926
i
o
i
"
97% Apr T9j___
23% Jan ’ 17
lat
consol
gold
5s...................1934
M
N
Kvansv A T H 1st cons 6s..1921
78 Sale 75%
95 Sale 95
78
22
95
95* *98
1st A refunding gold 4s...1949 iw s 47% Sale 46%
1st general gold 5s........... 1942
70% —
47% 24
85% June’17
Ref A ext 50-yr 5s 8 er A . . 1962 o
46% —
Mt Vernon 1st gold 6 s. ..1923
44 May’ 19___
108 Nov’ ll
Des M A Ft D 1st gu 4s.. 1935 J
Bull Co Branch 1st g 5s..1930
60% Feb T5
95 June’ 12
Iowa Central 1st gold 5s..1938 J
80 Sale 80
Florida E Coast 1st 4X8...1959
83 83% 83% May’ 19
80
81 85
Refunding gold 4s........ 1951 iw
Fort St U D Co 1st g 4XS..1941
46% Sale 46
46%
92
Aug
’
10
Ft Worth A Rio Or 1st g 4s. 1928
86
M
StPASSMcong4alntgu_1938
J
Salo
57
86
86
56% Oct ’ 17
1st cons 5s_____________ 1938
Galv Hous A Hen 1st 5s___ 1933
96%
70% 78 80 Deo ’ 18
97*4 Feb T9
1st
Chic
Term
s
f
4s_____
1941
m
Great Nor C B A Q coll 4s.. 1921
88
96 Sale 95% 96
. . . . 92 Jan T7
95% 96
M 8 S M A A 1st g 4slnt gu.’26 j
Registered..... ................ A1921
__ _ 95*4 95% 95%
93%____ 92 May’ 19
92 94%
95% 95%
Mississippi Central 1st 5s...1949 J
1st A ref 4X8 Series A___ 1901
8 8 % 90
95 Dec T0
87 87
—
87
85
Missouri Kansas A Texas—
Registered___________ 1901
96
June'10
l 8t gold 4s.....................1990 J
8 t Paul M A Man 4s........ 1933
67*4 70% 67%
8 8 % ____ 88
67*4 12 62
09
88
88
88
2d gold 4s-------------------01990 F
1 st consol g 6 s________ 1933
35% 38 35%
35%
105 109 108% Apr ’ 19
4 29 37%
108% 108%
1st ext gold 6s ............... 1944 M N
Registered............... .1933
30 May'19 . . . . 28
102 ____ 118 Anr ’ 17
30
1st A refunding 4 s _____ 2004 M S
Reduced to gold 4X s. 1933
93%____ 94 May’ 19
45% May'19 ___ 42 48
94
Trust Co certfs of dep___
Registered..............1933
41
41
10 41
90% 99 102% May’ 10
43
Gen sinking fund 4 X s.. 1936 j
j
Mont ext 1st gold 4 s... 1937
32%
May’ 19 —
85% Sale 85% 85%
29*4 32%
85'% 88%
St Louis Dlv 1st ref g 4 s..2001 A O
Registered_________ 1937
40 Nov’ 16
83% 86% 95>j Mar’ 10
5% secured notes ’’ext” T 6 . .
Pacific ext guar 4s £___ 1940
25
i
85% Nov’ 16
Dali A Waco 1st gu g 6s .. 1940 M N *65 ____ 69% A p r"!7
EMInn Nor Dlv 1st g 4s.. 1948
7 9 % : : : : 80 Nov’ 18
Minn Union 1st g 6 s____ 1922
Kan City A Pac 1st g 4S..1990 F A *53 ____ 53 Apr T9 ___ 53
100 % ____ 100% Mny’18
53
Mo K A E 1st gu g 6 s___ 1942 A O 40 45
Mont O 1st gu g 6 s..........1937
103% ._
50 Jan T9 ___ 60
50
107%
May’
19
100%
107%
M K A Okla 1st guar 6s..1943 iw N
Registered............
1937
102 ___i 130% May’00
70 Apr T9 ___ 70 71%
M
K
A
T
of
T
1st
gu
g
5s
1942
1st quar gold 5s..........1937
98% . .
58 May’ 19 —
50%
98
Apr
’19
58
98"
*99*%
Sher
Sh
A
So
1st
gu
g
5s..
1942
Will A S K 1st gold 5s.. 1938
95%
51 Dec T 6
109% Aug ’ 10
Toxas A Okla 1st gug 5s.. 1943
Green Bay A W deb ctfs "A "___
46% 70 51% Feb '19
30% Nov’ 18
Missouri Pacific (reorg Co)—
Debenture ctfs " B " . . .........
13% 14
13%
14%
1st A refunding 5s Ser A ..1905
Gulf A S I 1st ref A t g 5s..61952
01*2 87% May’ 19
79 80 Jan ’ 19
83*4 87%
1st A refunding 5s Ser Ba 1923
Hocking Val 1st cons g 4Xs 1999
94
95 93%
94
79% 80% 80 May’ 19
2 91% 94%
Registered_____________ 1999
1st A refunding 5s Ser C..1926
91% 92 91%
92
10 8 8 % 92
73%
June’
18
Col A H V 1st ext g 4s___ 1948
General 4 s ......................1975
62% Sale 62%
63% 309 57% 63%
7o% : : : : 73% Oct ’ 18
Col A Tol 1st ext 4s..........1955
Missouri Pac 1st cons g 6 s .. 1920
99% Sale 99%
74 % ____ 76% Apr ’ 19
99%
1 98% :100
70% 76%
40-year gold loan 4s......... 1945
Houston Belt A Term 1st 5s. 1937
58
85 95
58 Oct T 8
85
Deo
’
18
3d 7s extended at 4% ___ 1933
Illinois Central 1st gold 4s.. 1051
71% . . . I 82 Apr T7
84% 86%
Mar’ 19
80 " ~SS
Registered...................... 1951
Boonv St L A S 1st 5s gu.1951
100 Feb T3
8opt’ 17
Cent B r UP 1st g 4 s___ 1948
1st gold 3X s.................... 1951
66*8 84% 97% Dec T3
76 . . .
May’ 19
70 70
Registered.................... 1951
Pac R of Mo 1st ext g 4s. .1938
83 83% 82 May’ 19 . . . . 80*4 82
71% . . .
Nov’ 15
1938
2d
extended
gold
5s___
.
...
Extended 1st gold 3XS---1951
89
72% . . .
89 May’ 19
80 June’ 17
89 89
Registered......... .......... 1951
8tLIrM ASgencong58 1931
94% 95% 95
71%.
95 ” 16 94 98%
1st gold 3s sterling........... 1951
Gen con stamp gu g 5s.. 1931
102 July'14 ___ |
80
Juiy’09
Unified A ref gold 4s ..1929
Registered.................... 1951
81 81% 81
81
78% 82%
Registered................ 1929
Collateral trust gold 4 s... 1952
80% Oot T7
77 80 ’ 77 * Febv 19
77 79
Rlv A G Dlv 1st g 4 s... 1933
Registered.................... 1952
77% Sale 77
77% 13 72% 77%
95%
Sept
’
12
Verdi V I A W 1st g 5 s... 1926
1st refunding 4s________ 1955
91*4 «... 78 Sept’ 15
"80 " *82 81%
81%
78% "84%
Mob A Ohio new gold 6 s___ 1927
Purchased lines 3X s____ 1952
103%
102% Apr T9 . . . . 102% 105%
72% 75 75
75
71% 75
1st ext gold 6 s_________ 51927
L N O A Texas gold 4s__ 1953
96
76 Sal 70
95 May’ 18
70
73
77%
Gonera!gold4 8 ................ 193 s
Registered............
1053
68 - - I I 71
Nov’ 18
71% Apr ’ 19
71% 71%
Montgomery Dlv 1st g 58.1947
92 .... 91 May’ 19
Cairo Bridge gold 4 s ...1950
8 6 % 91
78 Nov’ 18
St
Louis
Dlv
5s...............
1927
84
Litchfield Dlv 1st gold 3s. 1951
87
Apr
T9
60
H
Z
'
' 8 6 % 87
79
Feb
’
14
St L A Cairo guar g 4s___ 1931
Loulsv Dlv A Term g 3Xs 1953
80*8 855 80% May’ 19
72 ___Z 73% Nov’ 18
S0 % 81%
Nashv Chatt A St L 1st 6s..1928
9Q
Q
Q
ln
Registered___________ 1953
99
99
98*4 100
83 Aug ’ 12
Jasper Branch 1st g 6s...1923
Middle Dlv reg 5s............ 1921
100*4 101 % 110% Mar’ 17
"97% I ' " 102 June’16
Nat Rys of Mex pr lien 4 Xs.1957
Omaha Dlv 1st gold 3s...1951
01%
* 58% Sept’ 18
50 Mar'19
50 59
Guaranteed general 4s___ 1977
St Louis Dlv A Term g 38.1951
01 . . . " 62 Oct *18
35 Aug'16 m i
Nat of Mex prior Hen 4XS.1926
Gold 3Xa.....................1951
71% 73 051* Oct ’ 18
96% Feb T3
1st consol 4 s...................1951
Registered................. 1951
08 . .
21 Aug T 8 i n i i
80 June’ 10
New
Orleans
Term
1st
4
s...
1953
Spring! Dlv 1st g 3X »___ 1951
J
67%
67% 81% 80% Nov’ 10
70 67% May’ 19
*66 % *68*4
N O Tex A Mexico 1st 6s...1925
Western Lines 1st g 4s-----1951
D 95 Salo 95
80 . . . . 79% May'19
95 * " 3 94
97%
79% 79%
Non-cum Income 5s A .. 1935
Registered............
1951
O 54% 55 54*s 54% 102 60
58%
92
Nov’10
New
York
Central
RR—
Bellev A Car 1st 6 s......... 1923
' 9 5 % m i 117% May’ 10
1
Conv deb 6 s___________ 1935
Carb A Shaw 1st gold 4s.. 1932
N 99*4 Sale 99% 100
73% . . . 1
167 97 100
73 Mar'19
73" *73’
Consol 4s Series A......... 199 ^
Chic St L A N O gold 6 s .. 1951
A 76 81% 77
93 Sale 96
77
1 73% 78%
90
94% 99%
Ref A Imp 4Xs “ A” ........2013
Registered.....................1951
O 84)4 —
85
May’
19
----1 81
95%
Feb
T9
80
95%
95%
New York Cent A Hud Rlv—
Gold 3X8.....................1951
*60% I I H 65% July’18
Registered................. 1951
Mortgage 3X s.................1997
J 71% 71 *4! 71%
71%
5
70
73
Registered...................
1997
Joint 1st ref 5s Series A. 1963
J 71
fdo'% ” 02
72 *4 !
71
91 ~ "gf
1 71
71
87" "95"
Debenture gold 4s........... 1934
Mempb Dlv 1st g 4 s... 1951
N 83% 84% 83*4.
73% . .
84% 67 82 86
70% Oot T 8
Registered...........
........
1934
Registered................. 1951
N
71 78 65 Nov’ 17
'9 Nov’ 18
Lake Shore coll g 3 Xs___ 1998
St Louis Sou 1st gu g 4a..1931
67% Sale 67%
81%____ 79% Jan T9
67%
64%
79% 7934
Registered.................... 1993
Ind 111A Iowa 1st g 4».......... 1950
66
6 6 % 65% May’ 19
81 .
80% Feb T9
62%
80%
82
Mich
Cent
coll
gold
3X
s
..
1998
lnt A Great Nor 1st g 6 s___ 1919
93% 90" 9 3 % May’ 19
67% 74
67%
May’
19
65
93
96
Registered.....................199S
James Frank A Clear 1st 4s. 1969
66
72
81 90
75 Mar’ 17
80% May'19
80% 82
Battle
CrAStur
1st
gu
3s.
1989
Kansas City Sou 1st gold 3s. 1950
60% 61 60
54%___
I
61
60 043s
Beech Creek 1st gu g 4s.. 1936
Registered-------------------- 1050
84%___ 8 6 % Dec_T 8
78 Oct ’09
Registered.................... 1935
Ref A ImptSs........... Apr 1950
80% "fla'le 8 6 %
95*4 Nov’ 16
87%
81%
'8 8 '
2d guar gold 5s..............1936
Kansas City Term 1st 4s. ..I960
79% Salo 79%
79%
104 May’ 16
76
81
Registered................. 1930
Lake Erie A West 1st g 6s .. 1937
85% 8 8 % 8 8 % May’ 19
88
90
Beech Cr Ext 1st g 3X8.61951
2d gold 5s..................... 1941
65 80 ' 80% Feb '17
65%____
Cart A Ad 1st gu g 4s___ 1981
North Ohio 1st guar g 5s.. 1945
65 90
75% ___ 49 Nov’ 16
80% Oct T 8
Gouv A Oswe 1st gu g 6s..1942 _
Leh Val N Y 1st gu g 4 X s .. 1940
90% 95
91
____
90%
May’
19
89 92
Moh A Mai 1st gu g 4s...1991 M
Registered........................1940
82%____ 89 Oct T7
77% . . . . 80 " May’ 19
80 80
N J Juno R guar 1st 4s. ..1986
Lehigh Val (Pa) eons g 4s..2003
71
___
75% 80
89% Feb T 6
80
May’
19
75% 80%
N Y A Harlem g 3Xs___ 2000
General cons 4Xa______ 2003
72 ___ 80 May’ 17
83% 87 87 May’ 19
85 90
N Y A Northern 1st g 58.1923
98%____ 97% Feb T9
97% 97%
Delaware & Hudson—

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333G
BONDS
N . Y . STOC K E X C H A N G E
W e e k e n d in g M a y 29

[Vol. 108.

New York Bond Record— Continued— Page 3
P rice
Thursday
M a y 29

W eek's
Range or
Last Sale

3 a

Range
Since
Jan. 1 .

BONDS
Y

8T O C K E X C H A N G E
W e e k e n d in g M a y 2 9

P rice
T hursday
M a y 29

W eek's
Range or
Last Sals

45 T3 1j

g s ;
I

Range
Since
Jan. 1 .

H igh N o . Low H igh
B id
Ask Low
p . C . C . A S t . L ( C o n .) —
H igh N o . Low H igh
Ask Low
Bid
Y C e n t & F I R R t t (C o r .)—
S e p t ’ 18
91
80
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78
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113
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10 4 *2
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Apr T9
_!l 9 1
91
91
91
____
99
99 A p r T O ____
99
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A
99
R W A O c o n la t e x t 5 a _ _ M 9 2 2
J a n T 9 _____ 1 1 0 2
102
102
1 0 0 % 10 3
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07
67 Ja n T 9
67
77
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F
6 1*8 F e b T 9 ____
6 U 3 01*8
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2 d g o ld 4 H a .....................................6 1 9 2 1 M N
67
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67
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l l u t - C a n a d a 1 s t g u g 4 s .. 1 9 4 9
837S 90
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89
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71
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78
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12 3 *4 M a r T 2
2 d g u a r a n te e d O s ______ 19 3 4
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9334
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84
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4 s ....................................................................19 4 0
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70 1a A p r T 9
S o u t h w D i v 1 s t g 6 a ------- 1 9 4 7
7 0 % 70 *2
74
l a t g o ld 3 H s ___________ 19 5 2
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N
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82
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8 4 *4 M a y T O
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70 %
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83
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89
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66
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69
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S t L S W 1 s t g 4s b o n d c tf3 — 19 8 9 M N
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D e b e n t u r e 4 s ------------------- 1 9 3 1
60
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64
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76
M a y ’ 19 ____
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C o n a o l g o ld I s ............ ..................1 9 3 2 J D
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5
72
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8 e a b o a r d A i r L i n e g 4 s _____ 19 5 0 A
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5 1 % S a le 5 1 *4
47
53*4
52
50%
50 M a y T 9
50
50
52
A
A d j u s t m e n t 5 s __________ 0 19 4 9 F
N o n - c o n v d e b e n 3 H a ------- 1 9 4 7
00
57
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59*8 S a le 58«2
5 ! 50
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R e f u n d i n g 4 a ____________ 19 5 9 A
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7 6 % S a le 7 6 *2
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53
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A t l B l r m 3 0 -y r 1 s t g 4 s ..e l 9 3 3 M 8
56
N o n - c o n v d e b o n 4 s ------------ 19 5 5
76
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70
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7 5 *2
59%
C a r o C e n t la t co n g 4 s — 19 19 J
J
54
557 8 5 2*s A p r T 9 - - - - 1 49
N o n - c o n v d e b e n 4a______ 19 5 6
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12
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l a t la n d g r a u t e x t g 5 a ..1 9 3 0 J
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50 O c t T 7
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C o n a R y n o n -c o n v 4 s --------19 3 0
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9 1%
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J
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9412 A p r T 9
94
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60
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N o n - c o n v d e b e n 4 s ------- 1956
7 G l2
7 0 *2 S a lo 7573
7473
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73-14 D e o 18
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90 F e b T 4
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79*2 D o c T 7 ____
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873.1 5 9 75 8 2 *4 8734
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2 0 -y e a r c o n v 4 s __________ 0 19 2 9 M S
59
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60*4 6 0 *2 A p r T 9 —
C e n t N e w E n g 1 s t g u 4a_ .1 9 6 1 1
1341 1 0 0 1 1 4
1 1 2 % S a le 10 8 *2
114
2 0 -y o a r c o n v 5 s ___________ 1934 J
D
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80
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84
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79
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N e w E n g l a n d c o ns 5 a------- 19 4 5 J
96
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9 1 % 102
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C o n s o l 4 a .........................................19 4 5 J
9 2*8 M u r '1 9
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9 2 98 925g
2
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9 7 % 9 8 % 97*3 M a y T O
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R e g is te r e d $ 5 ,0 0 0 o n l y . .0 1 9 9 2 M
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L o u i s ia n a W e s t 1 s t 6 a ____ 1 9 2 1 J
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97
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M o r g a n ’ s L a A T 1s t 6 a . . 19 2 6 J
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10 21s O c t T 8
89
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89
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N o r f A W e s t g e n g o ld 6 s ------- 1 9 3 1 M
10 7% S e p V I6
9 7%
S o P a c o f C a l— G u g 5 s . . . 19 3 7 M N
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9 2 % 93
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S o P a c C o a s t 1 s t g u 4a g — 1 9 3 7 J
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N e w R i v e r 1 s t g o ld 6 s____19 3 2 A
777S
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77% 78
8034
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N A W R y l a t co n a g 4 s . -1 9 9 5 A
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7 9 *2 83 1 2
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80*2
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9 4 *2 9 134 ' 9 1 58
9 2 *2 965s
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100*4 A u g T O
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69
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D e v e l o p A g e n 4a S e r A __ 1956 A
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M a y T 9 ____
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00*2 9 1*4
M o m D l v l a t g 4 H * - 5 s — 1996 J
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84*2 80
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83*4 8 6
P o c a h C A C J o in t 4 s — 19 4 1 J
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w a y A la n d g r a n t g 4 a -------1 9 9 7 j Q
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70
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92
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95*4 9514
E T o n u re o rg H e n g 5 a____1938 M
9
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101*2 M a y T O ____ 102
102*2 10 9
8 t P A N P g e n g o ld 6 s — 1 9 2 3 ; F
52
52
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5 7 I 62 J a n T O '
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G a M i d l a n d 1 s t 3 s _______ 19 16
1 0 0 ^ M a y * 1 0 ____ ,1003$ 10 0 %
100*3
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100*2 1 00 % 00*2
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J
100*2 101
G a P a c R y 1 s t g 6 s ______ 19 22
97
F e b *1 9
93*2
973g
| 97
9 t P a u l A D u l u t h l a t 68— 1 9 3 1 F
Oct T H i
101% 101% 0 0
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l a t co n s o l g o ld 4 a . - ------ 1 9 6 8 'J
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9 1% 97
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30*2 D o n T O ___ 1! __________
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68 % 68
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J
5 ! 1 0 7*4 1 0 7 %
M o r t g a g e g o ld l a ................... 19 15
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69*2 7 1
88
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R i c h A M e e k la t g 6 s ._ .1 9 4 8
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99*2
A
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I
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S o C a r A G a 1 s t g 5 a................ 1 9 1 9
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10 2 *2 J u n o 'l l
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V i r g i n ia M h l S e r D 4 -5 a . .1 9 2 1
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9 5 % 95 %
95*8
P e n n s y lv a n ia R R 1 s t g 4 8 — 19 2 3 fVI
9 3 % 100
93
Apr T 8
S
9 9 78 A p r T f l
S e rie s E 5 a ..........................................19 2 6
9 9 78 99%
9 9 3 4 10 0
C o n a o l g o ld 5 s _______ - . . 1 9 1 9 M
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1 0 1 *2 D e o *1 6
3
S e rie s F 5 s ...........................................1926
99*4 9 9 U
99*4 99-i4 9 9 U F e b T 9
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96
96*2
0 6 % 9 0 % 9 0 *2 M a y * 19
G e n e r a l 5 s ______________1936
90*4 N o v '1 8 : : : :
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C o n s o l g o ld 4 s ___________19 4 3 M 1
883i 94*2 8158 S e p t ’ iK
J
89%
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13 8 6
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S a le 8 7
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C o n s o l g o ld 4 a .................................19 4 8 |iM !
76
71
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70
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71 ’ 71
943.1
95
1 s t c o n s 5 0 -y e a r 5 s . .1 9 5 8
83 93*2 96*4
91
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C o n s o l 4 H a _____________ 19 6 0 F
,
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87%
A
W O A W 1 s t c y g u 4 s ____19 2 4
8 S I 2 102
8 7 *2 S a le 8 7 *2
8 1*3 89 %
G e n e r a l 4 H « ..............................— 1 9 6 5 j J 1
J
7 5 % 7 8 *2 75*2 A p r T 9
75 12 7 6 *2
9734
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G e n e r a l 5 i ...................... .........................19 6 8 J
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8 7 *2 8 7 %
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U N J R R A C a n g e n 4 a . .1 9 4 4 j61 3
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86
M a y * 18
J
75 % —
L a D l v B L l a t g 5 a ...................19 3 1 J
P e n n s y lv a n ia C o —
A
10 6 *2 N o v ’ 04
98
1 0 7% 98%
W M i n W A N W l a t g u 6 s 19 3 0 F
98
S a le 9 8
G u a r l a t g o ld 4 H a ------------ 10 2 1 J
Apr T9
91
9 1 % 92
92
J
T o l A O h i o C e n t l a t g u 5 a .-1 9 3 5 J
9 6 78 A p r T O
9612 9 6 %
R e g is t e r e d _____________ 19 2 1 J
9 7*4 98
87
Ja u T 9
90
O
84
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W e s te r n D l v 1 s t g 6 s _____ 19 3 5 A
77&S 7 9 *2
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88
88
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88*2 89
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86-14 D e o *16
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7 7 *2 78
36
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30
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86
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'9
90
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75 *8 7 5 *s
85*2 F o b T 9
85*4 8 7
4 0 -y e a r g u a r 4a c tfa H e r E . 19 5 3 M !
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55
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55
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15
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5 0 -y e a r g o ld 4 s . - .................
19 5 0 A
81% A p r T 9
8 1 *4 813 4
82*3
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18 *8 M a r ’ O O
A
20
C o l l tr u s t 4s g S e r A ................1 9 1 7 F
C l A M a r l f l t g u g 4 H b - - - 19 3 5 .\1 i
88*4 *9 5 ~ 9 6 % M a y '1 7
20
18
A u g *1 8
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. . . . . . . .
963| M a y ’ 18
C l A P g e n g u 4 H * ser A 1 9 1 2 j J
80
A p r * 17
70 % 87
T o r H a m A B u ff 1s t g l a ..M 9 4 A J
3 925s
S e rle a B ............................................... 1 9 4 2 ; A
90*4 89*4 D o o *1 8
U ls t e r A D e l 1s t co n s g 58— 19 2 8 J
9 0 *4 F e b *13
I n t re d u c e d t o 3 H 8 - . 1 9 4 2 I A 1
58
S e p t* 1 7
70
l a t r e fu n d in g a 4 s _________ 19 5 2 A
90*8 O c t T 2
73 *8
l4
S e rie s C 3 H * .................................l Q I S ' M
86*4
85 *2 897a
80*3 S a le 86*4
U n i o n P a c ific 1 s t g i s ______ 19 47 J
\
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88*4 F e b * 1 7
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8 0 I 8 5 *2 O O t *1 8
R e g is t e r e d ...................... .......................... 1 9 1 7 J
.. .
88
V » ’ 17
J 70
84
E r l o A P i t t a g u g 3 H a B — 19 4 0 J
88-14
8 5 'a 89*2
88*2 S a le ' S S 38
2 0 -y e a r c o n v 4 a _ - _______ 1 9 2 7 J
7934 M a y ’ ll) ____
79-% 7 9 %
J
79
84
S e rie s C ...............................................1 9 4 0 , J
79
83*2
8058 8 1*4 8 0 *2
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1 s t A r e fu n d in g 4 s _____ 0200 8 M
8 H 3 Ue<J ’ I t ____
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J
85
103*.i Sale 103*4 1037s
10234 100
1 0 -y e a r p e r m s e c u re d C a .1 9 2 .8 J
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J
895s ' 9 4 ' 983 4 A p r T 7
T o l VV V A O g u 4 % * A — 1 9 3 1 J
98
9658 987a
9 7 *2 98*4 9 7 *2
l a t co n s o l g 5 a............................... 19 4 6 J
J
89-58
S e rie s B 4 H s .............................19 3 3 J
80% 8 7
84*2 8 3
803.1
8 7 *8
G u a r r e fu n d 4 s _________ 19 2 9 J
38*8 S e p t ’ 17
S
79
S e rie s C 4 a ........................................19 4 2 | M
98
Dec T 7
0 3*4
U t a h A N o r g o ld 5 s ____19 2 6 J
9 1%
92
81 92
D
92
S a lt 9 2
P C C A S t L g u 4 H a A . . 19 4 0 A
89
Feb T 8
83*4 8 8
l a t e x te n d e d 4 s ................19 3 3 J
9 2 % J a n 'l l
...
)
92
90
92% 92%
S eries B g u a r _________ 1 9 4 2 , A
8 0 *2 A p r T O
7 8 * 2 ____
8 0 *2 80*2
V a n d a l !a c o ns g 4 s S o r A ------- 19 5 5 F
99
S crie s C g u a r .............................19 4 2 M H
91
80*8 J u n e ’ 18
83
____
C o u s o l 9 49 S erlea B ______ 1 9 5 7 M
9 0 % S e p t 'lS
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• N o p rlc o f r l d u y : la te n t til I a u .l t w k e < 1 .2 a l D u « J a n . S & J D u n J F u b . i g j j D u o J u n e .




4 ]D u o J u l y .

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JNew York Bond Record—Concluded— Page 4

BONDS
N. Y. STOCK E X C H A N G E
W eek ending M a y 29

! i

II

Price
Thursday
May 29
hid

V irginia n 1st 6a series A -------1962 /VI
61
F
J
r.l
J
D e t & C h E x t 1st g 6a------ 1941 J
j
A
T o l & C h D lv 1st g 4a____ 1941 IY1
F
F
A
w e s t N Y & P a 1st 8 5 s ____ 1937 J
A

N
IS
A

W estern P a c 1st nor A 6s— 1940 M
A

s
0

J
s
J
J
◦
s
A
O
J

R efu n d in g 4>$s series A . . I 9 6 0 M
M
J

s
s
J
J
J
Bup A D u l d lv A term 1st 4s *30 61 N
S t r e o t R a ilw a y
A
1st refund c o n v gold 4a— 2002 J

o

J
3-yr 7 % secured n otea ..h 1921 J

J
J

B k lyn U n El 1st g 4 - 6 8 . .- I 9 6 0 F
Stam ped guar 4 -5a_____ 1950 F
K ings C o u n ty E 1st g 4s._194C F
F
J
F
C on n R y A L lat A ref g 4 H s l9 5 1 J

J

Ask Low

04 Jan ’ 19 ____
10
641*
64%
3
75
75
10
70
70
1
75%
7 5 ,8

G0l2
4334 43 78

00*2
433.1

83

7512

A

Sale
02
17*4 Sale
93
421.1 Sale
74iJ8 Sale
72
71
72
71
81
78
70
68
65

/2*4

95
77

8 4 'j

A
N

----- —

J
T n lrd A v e la t ref 4 s-------------- 1900 J
Adj Incom e 6 s...................... a 1900
J
T rl-C Ity R y A M 1st 8 r 6 s . . 1923 A O
U ndergr or L o n d o n 4 H » ------ 193.5
— -In co m e 0 s . . ...........- .............
ftl
J
U nited iiy s S t i. 1st n i s —
1931 J
A
U nited U R s San F r s f 4 a . . . 1927 A o
U nion T r (N Y ) ct(8 d e p ..........
E u u ll T r <N Y ) Inter c t f s . . V a R y A P o w 1st A r e ! 5 s . . . 1931

58*8

75

70

82
9 0 '2
01
55
45
45*2
1534 8ale
5 2 '2 58
75.4 —
65
----

O

77*2
77%
68
(12
50
773.1
85%
80%

78
78

J

J
J

SOTi

Salo

23
2

60%
4 3 78

83*4 T 3 1

____

M a y ’ 19
A p r ’ 19
A p r ’ 19
Jan ’ PJ
A p r '19
7734
M a r ’ 19
O ct T 8

—
—
—
6
—
14

75

—

85
61«2
03
10*8
18
90 M a y ’ 19 —
3812
42 >8 965
71
74%
- *- 71 M a y ’ 19
-- —

54 D e c ’ 18
100'2 Ju n e’ 17
81% D eo *18

94%
98
89

88%

88%

67
74
75

67
74
76%

5778 63
9G78 100
81%

86%

64
69%
75
76
72%

64
65%
75
80
75%

62
43

76
53

75

86

72
7134
57
02
50
71%
85%

79%
79%
68
02
5434
81
88

71

81%

54
14
90
27%
65
05%
09
77

05
18%
90%
4334
74*2
72%
74%
77

—
—
29
139
—
—

61
55
39
10%
52

61
63
49
10
0‘2

02%

63%

—

_____

36
328

58%
4 2 '2
D eo ’ 18
M a y ’ 19
M a y ’ 19
M a y ’ 19
D e o ’ 18
6078
J u n o’ 17
M a y ’ 19
333S
33
M a y ’ 19

C olu m b ia G A E 1st 5 s -------- 1927 J
J
C on sol G as c o n v d eb 0 s ------ 1920 Q
C on s O as H E A P o f B a lt 5 y r 5s’ 21 M

J
F

J
J
M S
E ll O I. N Y 1st con s R 5s . 1932 M 8
G as A Elno Berg C o c g 5 8 ..1 9 4 9 J D
r
A
H u dson C o G a s lat g 5 a . . . .1949 61 N
K in g s C o E l T. A P R 58.......... 1937 A
P urchase m on ey 0 s .......... .1997 A

O

E d El ill B k n 1st con R 48-193 9 J
Q
R e f and e x t 1st g 6 s---------- 1934 A
!VJ
.1
N Y O E E H A P g 6 s .......... 1048 J
P urchase m on ey g 4 s --------1949
E d E lec 111 1st con s R 6 s . .1 9 0 5

J

F

o
N
D
0
A
A

95
73
99
01

♦ N o p r lo o F rid a y ; la t e s t b i d a n d a a k t d , « D u e J a n . d




DueAffU*

M a n u f a c t u r in g & I n d u s t r ia l
A m A g r lc C b em 1st c 5 s -------1928
C o n v deben 5 s ...................... 1924
A m C o t OH d eb en tu re 5 s . -.1 9 3 1
A m H ld o A E 1st s f g Bs____1919

A O
F A
M N
M 8
A 0
A m T o b a c c o 4 0 -y ea r g 6 s . . . 1944 A o
F A
J
A m W rit Paper 1st a t 5 s . . -19 1 9 J
B a ld w L o c o W ork s 1st 5 s . . 1940 M
C e n t F ou n d ry 1st s f 6 s ____ 1931 F
C e n t L ea th er 20 -yea r g 5 s . .1 9 2 5 A
F
C o m P rod R e l’ g s f R 6 s ____ 1931 IYI
1st 2 5 -y ea r s f 5s..................1934 M
A
E I du P o n t P ow d er 4 ^ s . . . l 9 3 6 J
O eneral B a kin g 1st 2 5 -y r n s . 193(1 J
G en E lectric d eb g 3 . 4 s ____ 1942 F
In t A g rlc C o r p 1st 2 0 -y r 6 s . .1 9 3 2 M

J
N

A
5 s ................................................. 1951 F
E orlllard C o (P ) 7 s ................. 1911 A
5a........................... .....................1951 F
A
A
J

A
O
A
O
O
I)

o

N a tion a l T u b e 1 st 5 s ...............1942 M N

100%
110
8 9 '2
100*2

82%
98

Sale

23
1
1
27

86

88%

95%

97

71

92*2

97

5
17

79*8

81

82%
82%
81
81
58
M ar’ U
1173s
91

1211$
93%

92
83
S3

912
5
92*2
F eb T 9 . . . .
Apr T4

68*8 A p r T 9
95
95
101
101
S9% O c t T 7
89 M a y T 9

100U

99% 09t2
89% 89*2
101
100
80
80
Sale 96*2
80% 73*2
100% 100
100*2 100
92
90
100
92%
88

M a y '19
89*2
M a y ’ 19
81
97
D eo ’ IS
100
M a y ’ 19
90
M a r ’ 19
F eb T 9
7312 M a y ’ 19

99%

82%
82%
98 A p r T 9

90
97%

99

3234
3434
34%
79

U n ion Bag A P a per 1st 6 s . . 1930 J
J
U n ion O il C o o f C a l 1st 5 s . . 1931 J
U S R e a lty A I c o n v d e b g 5s 1924 J
U S R u b b er 5-year see 7 s ___1923 J
1st A ref 5s series A .............1947 J
U S S m elt R e f A M c o n v 6 s . 1926 F
V a -C a ro Chora 1st 15-yr 68.1923 J

J
J
J
1
D
J
A
U

J

J

88% 93
89% A p r T 9
88
93
94% 94 M a y T 9
76
Sale 76
77*2
103% 103% 103*2
103%
89% 8 a 'e 89
89*2
104
104% 1 04 's
104%
97% Sale 97
97%
102
Sale
97% Sale 97%
98

....

85%

88

82

88

____ 100
l 1 73
3; 85

101
77%
85

____

75

75

34

91
94

94
9fl%

____

1
....

92

94
88

98
89%

90
90

90
92

Duo h t x j .

q

A m T e le p A T e l co ll tr 4s___ 1929 J
C o n v e rtib le 4 s ------------------ 19'J9 M
20 -y r co n v e rtib le 4 4 s ____ 1933 M

J
s
s
D

D
J
J
C u m b T A T 1st A gen 6 s . . . 19371-1
J
J
F A
M N
N Y .T elef) 1st A gen s f 4 H 8 .1 9 3 9 M N
J
J
S ou th Hell T e l A T 1st s f 5 s . 1911 J
J
J
W e st U n ion co ll tr cu r 5 s . . . 1938 J
IYI N
M N
J
N o rth w e st T e l gu 4 4 a K ..1 9 3 4 J
C e n t D b t T e l 1st 3 0 yr 5 s ..1 9 4 3 !J

90

132
109

tfc & a J s jio . h D u o J u l y , k D u e A lik ,

o

96% 100%
101
98
109
112%
89%
87
99% 100%
119

119%

99%
88
90*4
86
101%
100
30 78
82
52 95% 97

::::
1

1
------J
2:
____
____ 1
....
21!
30,

29% 100
99% 100%
91
89
92% 92%
88
88
71% 73%
70%
98

82%
98

135
135*2 M a y T 9
Sale 103*8
110

Isl

100% 145
88% 112%

Sale 145
140
Sale 99%
100
98
95 A p r T 9

13
41
___
2 l'

98% 152*2
100
95
93
95

C o a l, I r o n & S te e l

N
N
J
S

1

Jan T 9 ____ j 182
185
M a y ’ 19 ____
96%
96
____
97% M a y ’ 19
7 f l ' 99*2

52%

12
18

1
118

185
96

97%

22
22
22
74%

91% 94
69
74%
98
LOO

112% 15SU

113% 113% 113
16 ' i l l ' 133%
113%
93% 95
14 90
94*2
95
95
113%
113*2 M a y T 9 ____ | 109% 113%
21' 90% 94
92% 93
92
93*2

43%

S
J
I
o
J
J

87% • f o r

101 M a y ’ 19 . . . J
7\
110
110%
89
89%
S
100% M a y ’ 19
GO
119 M a y ’ 19

2

97
88

68*« 71
I 93% 97
1 101
101

9 9 7s

____
51
33
—

93
87%

95%
83

6

145
99%
93%

J
D
S
D
A
A
D
D
o
O
N
D
O

91
S3

155*2 M a y ’ 19

93U
73
07%

M N

67%
35
35

____ |

A
A
N

2 0 -y r p m A Im p 8 f 5 s . . . 1936 J
J
M
J
F
F
J
J
A
Illinois Steel d eb 4 4 s ____ 1 .1 9 4 0 A
In dian a Steel ltd 5 s . .............. 1952 M
J
L a ck a w a n n a Steel 1st g 5 s . .1 9 2 3 A
y
M id v a le Steel A O c o n v a i 5al93H M
J
J
R e p u b I A S 10-30-yr 5s s f.1 9 4 0 A
S t E Honk M t .V P 5s s t m p d . 1955! J
T e n n C oa l I A R U gen 68. .1 9 5 1 J
M
s f 10-00-year />s\reg ‘.___dlO G 3 M
M
V ic t o r Fuel 1 st s f 5 s ............... 1953 J
V a Iron C o a l A C ok e la t g 58 1949 M

59
25
26

103 105% 121%
124 82% 93%
354
42
97
98%

98% F e b T 9
96% M a y TO

Sale

100
108*2
89%
100
91
118%
78'*
99%
89
99%
79%
97
74
99%
99%
90
94
85
75
98%

n igh

67%
29
30

1st s f 7s 1920 w arrants atta ch F
d o w ith ou t w arrants attach F
S tand ard M illin g le t 5a____ 1930 M

—

I

N
A
O
A
N
N
O
D
I)
A

100

High No.\Low

05%
29
30

97'
73
78

____

M a y ’ 19
M a y ’ 19
A p r T 7 ____ 1
9 3 '2
6
0
7234
M a r ’ 19 ____
Aug T 7

P a cific a A El C o — C al (3 A E—
M
9 3 38 93
93
93%
J
8 0 78 Salo 80%
873g
P a cific a A E ROIL A rof 5 s . . 1942 J
P a c P ow A L t 1st A rer 20 -y r
82 A p r T 9
os In tern a tion a l S c r ie s . . . 1930 F A ___ _ 90
M S
LOO J u ly .17
99*2 993i 100 A p r T 9
P e o p Gaa A C iHt con s g 68*1943 A 0
77
74
7 6 '2
7 6 '2
R efu n d in g g old 5 s ...............1917 M s
85
J
8978 85
C h G -L A C ok n 1st g u g 5o 1937 J
LOO A pr T 7
J
J
89
M a r ’ 17
M N
75 M a y ’ 19
M u F u el O a s 1st RU R 5 s . .1 9 1 7 M N
A
9334
9 3 '2 9334 9 3 '2
M N
90% 9 6 '2 A p r T 9
D
94
S ta n d G aa A El c o n v s f 0 s . .1 0 2 6 J
9 7 '2 M a y ’ 17
88
70
N o v ’ 18
74'4
98% O ct T 7
90
M a r’ 19
U n ion E lec Lt. A P 1st g 5 s . .1 9 3 2 M S
94
101% N o v ’ 16
N
97 M a y T 9
U nited Fuel G aa l s t s f 0 s . ..1 9 3 0 J
95% T>7
U tah P ow er A L t 1st 5a____ 1914 F A
8834 Salo 8834
8S%
J J
J
J
F eb T 9
9 2 '2 90
87
W esteh M ter L tg g old 6 s ____ 1509 J
D
90 M a y ’ 19
86

O

Low

D
J

103
S o o t ’ 1 5 ____
9 l i 8 M a y ’ 19
01% 95
91
D ec ’ 18
38 M a y ’ 19
82
89
97
Feb *15
103% Sale 10314
1043s
93 Too
104U
98 >8 99
90% M a y ’ 19 . . . .
96% 99
96'a
9 6 '2 M a y ’ 19
90% 96%
90
99
96 A p r ’ 19
95% 96%
93% 95
93
93
I 93
94
- - - - _____ 94 F eb ’ 18
85
100 F eb ’ 13
8438
9 2 's N o v ’ 17
8 9 '2 95
90 M ay* 19 ____
90%
90
90
97
9 2 '2 M a y ’ 19
90
93
F ob '19 ___
94
94
100
102
100 M a y ’ 19
100 * LOG
98
A or T 9
_____
803.8
803s M a y ’ 19
79% 84
01
87*4
101%
93
72%
99
9G '2

M is c e lla n e o u s
\Bid
A ik
65% 8 a le
A d a m s E x coll tr g 4 s _______ 194S M S
29
Sale
A laska G o ld M d e b 6s A ____ 1925 M a
M s
30
A m S 3 o f W V a 1st 5 s .............1920 M N
87% 88%
A o
97
B ra d en C o p M co ll tr a f 0 s . 1931 F A
Sale
A CJ
J
J
82% Sale
80% 81
B u ildin gs 5s guar tax e x . .1 9 6 0 A O
A c
40
50
J
J
85%
Sale
C h ile C o p p e r 10 -y r c o n v 7 s. 1923 M N 119
93
Sale
R e c ts (p a rt paid) c o n v 6s ser A A o
A c
92%
J
J
84
102
98
G ra n b y C on s M 3 A P c o n Gs A 28 M N
.Yl N
95
98
M N
93%
A O 103
92
92%
J
M o n ta n a P ow er la t 5s A ------ 1943 J
J
87% 9 3 ' 2
M orris A C o 1st s f 4 H » ____ 193(3 J
A 0
J
J
69
73
N Y D o c k 50 -y r 1st g 4 s ____ 1951 F A
J
95
_____
N ia g a ra Falls P ow er 1st 5 a . . 1932 J
R e f A gen 6 s _____________ a 1932 A O 101
... .
M N
90% 93
89% 90
N o r S ta tes P ow er 2 5 -y r 5s A 1941 A O
F A
90% 93
M N
95
J 145
P a n -A m P e t A T r ls t convO s ’ 19-’ 27 J
A O
76% 78
M N
93% 96
W ilson A C o 1st 2 5 -y r a f 0 s . 1941 A

i Ranoe
Co
Since
O &3 !
1 Jan. 1.

W uk’t
Range or
Last Sal*

P ierce O il 5 -y ea r c o u v fls_.$1920 J
J

93
93%
8 7 '2 89

94

Price
Thursday
M ay 29

68%
42*2

95
87

90
87'2
89
93
69
9 5 '2
89

-2
fa
a-

2237

50
25

G a i a n d E le c t r ic L ig h t
Bklyn Un Gaa 1st con s g 5 s . 1946 61 N

BONDS
N . Y . STOCK E X C H A N G E
W eek E n din g M a y 29

J

9 7 '2 J u ly ’ 17
01
A p r ’ 19
01 M a y ’ 19
45
4512
14%
1534
52
52
88% N o v ’ 10
6 2 >2 A p r ’ 19
9012 F e b ’ 17
95
J u ly T 7

66
3 4 '2
97
933t U 5'2 93%
73
73
73'8
71%
65
5 0 7a 53
507a
50
35
—
32
Sale 32%
Sale 3 2 '2
74 78 74'8
—

High

sou
93%
83

60
70
62
08
6 2lS 74

—
—

Halo
Sale

Rang*
Sine*
Jan. 1.

No. Low

92%
6
14
9 0 '2
4
873a
A u g ’ If"
N o v '18
S e p t’ 18
F eb '1 9 ____
A ug ’ 12
F eb 'ID
Jan ‘ 19 ____
75
1
A u g ’ IS
1
0 2 'a
M a y ’ ll]
D e c ’ IS
O ot '1 7
4
84'4
Oot ’ IS

59
00
G4% Salo
75
77
Sale
76
75*4 79

80
87'g
01
68
60
50
60
7734 Sale
80

1
J

3H3O
3 *

Hiol

91
953.i
88
87
90
9738
98
65
05
91
... .
88'4
7 7 i2 80
09
07
65
74
75
77
82
623s 0 2 '8
02
98
99
9 7 'a
8038 70
30
84*4 Sale 84 R
9 3 "'a 90
93
90
95
Salo

A
A
A
A
J
A
J

N Y * Jersey 1st 6 s ............ 1932 F A
in t o rb o ro -M e t r o p co ll 4 ^ 8 .1 9 5 0 A O
J
J
M a n h a t R y (N Y ) con s g 4 s . 1990 A O
S tam p ed ta x -e x e m p t---------1990 A o
M anila E lec l ly A Lt s f ,1 s.-1 9 5 3 61 8
M e trop olita n S treot R y —
o
B w ay A 7t,h Av la t o g 5a. 1943 J
C o ! * 9th A v 1st gu R 6 s . .1 9 9 3 M s
Lex A v A P F 1st gu g 6 a ..1 9 9 3 M s
F A
F A
J
R efu n d in g A ex ten 4 H 8 --1 9 3 1 1
J
N ow Orl R y A L t gen 4 ^ 9 . - 1 9 3 6 J
N Y M u n lolp R y 1st a f 5a A 1900
N Y Rya la t R E A ref 4 S ..-1 9 4 2 J
3 ft-vear a dj Inc 6 s ............._n l942 A
M
P ortland R y 1st A rer 6 9 ------ 1930 M
PortKI R y Et A P 1st ret 6s 1943
.r
St Jon R y I . H l i P l u t e 58 -19 3 7 M

92 %
901,j
86

1Veek't
Range or
Last Sale

1 Interest II

May 3i 1919.]

90
80%
91

97
Sale
Sale
96

89*2
80

*85 “
111*
32
207;
1
7
60
25

4
90 1 21
86% ' 113

89%

93% 94
77%
60
102% 104%
86
89%
87% 104%
95*4 97%
97

99%

87
SO

90 '
86%

86 I4 July'181

____ i
91
M a y ’ 19 ____ 1 88
G
76
7G%‘
87% A p r ’ 19
98
F eb T 9 ____ 1 95

90% 93*2
76% 77%
90%
94% ____
80
98
96
96%

Sale
Salo

89%
80%
88
95%
92
100%
87
55
85%
85
78%
90%
92
104%
90%
65

85%
97

80
98

97

96%

96%

Sale

89

89%

88*2
90
83
95*2

84%
85%
24
80 M a y ’ 19 ____ 1
8'
90%
91
97|
Sale! 103%
104% 236
90 M a y ’ 19
98
94

Sale

92%
80%
91%

1 94

Sale
92%!
Sale!
93U
91
99

Due N o t .

q

.n
____
91
4
Apr T 9
24'
89%
92U 1
9'
92%|
t°.
M a y ’ 19
S6 1 i o
S e p t'1 7 '
N o v ’ lGl

M ayT9

91
98*2
89
92 U
91%
93%
85*2
101%
94

Duo Deo.

93%
86
98%
98
89%
88
96%
80%
92%

99% 100*4

70
M a r ' 19
70
85% M a y ’ 19 ------ 1 85%

85%
84
91%

91
98%
89
92%
92%
93%
8 5 '2
81%

8 96
32
101 86
____ 1

10
90
90
80% M a r T 9 -------j
92 M a y ’ 19 ------ 1
100
100*8 138
99% A p r T 9

70
88%

03%

D ug O c t . v

6 1 82U
6 95

91

70
87%

85%
80
91
04
003, 1043s
96
98%
83%
77
85%

93

94

90

92%
98%
91%
95%
93%
94
92

87%
90%
90
93
8 5 '*

t O p tio n s a le

BOSTON STOCK EXCHANGE—Stock Record

3328

S H A R K P R IC K S — H O T P E R C E N T U M P R IC E S .

1 T u esd a y

M onday
M ay 26.

S a tu r d a y
M a y 24.

W e d n e s d a y I T h u rsd a y
M a y 29
M a y 281 j

I

M a y 27

F r id a y
M a y 30

2:135*2
135*2
138*2 3
*
13.3
138
138
138*2 1 3 8
73*4 7 4
7334 7 4
73*2 74*2
73*2 74
L a s t Sale 91
95
*9 1
96
95
*91
*91
34
34
34
33
33
31
*33*4 34*4
L a s t Sale 1 6 0
_____
*160
►160
*160
L a s t S ale .5 0
.5 0
.5 0 *
.5 0 *
.5 0 , *
L a s t Sale 6*2
*4
*4
6*2
*4
6*2
6*2
*4
6*2
L a s t Sale 1 3 4
*134
136
136
*134
1 3 6 ,* 1 3 4
•134
13 6
L a s t S ale 8 7
_____
*
8
7
*
8
7
*87*4
*87
L a s t S ale 112
115
*112
111
*112
114 1*112
114
*112
60
*56
53
58
56
56
*54
56
L a s t S ale
—
*101
—
*103*2
*1 03*2
*103
L a st S ale
7 9 3 i 7934
793)
793.) * 7 8
793.) * 7 8
79*4 * 7 8
*78
L a s t Sale
L a st Sale
32*2 3 2 %
32*.) 32*4
323.) 3 2 7s
33*4
33
32*2 32»4
L a s t S ale 88
92
*
*
* _
92
92
92
96
96
9 f,r 2 96*2
96*4
96*2 * 9 6
96*2 * 9 6
*96
233.)
23
* 22 % 2 3
23
* 21*2 2212 *22
L a s t S ale 9 3
*
*
* ____
*
99
99
99
99
45*.) 4 6
46*2 46*2
45*4 45*.)
44*2 45*.)
55
55
*55*2 50*2
5 5 l2 55*2
55
55
133
73
95
33*4

138
71
*91
33
*160
*

*110*4
*100*4
96
* .9 0
*5*4
*132
118*2
10534
*85
10U 2
10 4
81

*20

1103.) 110
110
H U)
1003.)
1 0 0 % *1 00*4 101
101
93*2 100
96
1*4
1*4
1*8
1*4
5*2
5*2
5*2
5*2
133
*131
*1 3 1
133
119
119
*118
119
107*4 106 3 )
106
10 6
8S3 4
903.) 90*4
87
101s8 1013.) 102*2 102
108
109
101*2 1 0 5
*81
80*2 81
81

22*2

*162
16 5
113 4 12
*23*4 2 4
14
14
*15*2 16

6

*20

22*2

*20

6

6

1095s 110

1 0 ll2
1031 2

100*2 100*2
100*2 100*2
15S
1*8

1*8

53)
53)
5*2
*132
133
132
119
118
118
10734
to.S *2 107
89%
8.33)
89%
102*8 103
103
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82
81
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2212

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10

6

110

6

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166
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133)
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16
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16*2

6

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110
101

S a le sfo r
the
W eek
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M a y ’ 19
M
M
M
M
M
M

a y ’ 19
a y ’ 19
a y ’ 19
a y ’ 19
a y ’ 19
a y ’ 19

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M a r ’ 19
A p r ’ 19
A p r ’ 19
M a y ' 19

M a y ’ 19

110
101

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5%
5%
1333s 133*8
116*2 116*2
100*2 107*2
9 1 % 953)
102*2 1023)
115
120

H O L I­
DAY
M EM O­
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DAY

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163
165
11*2 11*4
21 % 22
14
14*2
15*4 15*4

M a y ’ 19

6

1 5 6 " 156""
156
157
157
157
157
157
157
157
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60%
62
62
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61
167
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169
168
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166*2 1 6 7
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31*4 31*2
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8
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7
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27
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28
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34
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8
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78
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L a s t S a e 15
M a y ’ 19
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185*2 18312 187
183
183*2 1 8 4
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53*4 54
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53*2 53*4
28
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108*2 107*4 1075s 109
143S
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16
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43
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32
32
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30
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19
18*2 21 1 20*2
18*2 2 0
19
19
1
1
1
1
1
1
.8 0
* .8 0

• Bid and asked prices,




d Ex-dlvIdend and rights.

•Assessment

paid.

STOCKS
BOSTON STOCK
EXCHANQE

tVoL- 1Q8’

R a n g e S in c e J a n . 1 .

R a n g e f o r P r e v io u s
Y ea r 1918

Highest

Highest

R a il r o a d s )
131
2 1 8 B o s t o n * A l b a n y ------------------1 0 0
6434
6 1 9 B o s t o n E l e v a t e d ------------------- 1 0 0
85
B o s t o n & L o w e l l ____________ 1 0 0
2
8
3 3 4 B o s t o n & M a i n e ------------------- 100
159
B o s t o n & P r o v i d e n c e ______ 1 0 0
B o s t o n S u b u r b a n E lc 0 - . n o p a r 5 0 o
Do
p r e f ____________________ n o p a r 6*2
134
C h i c J u n o R y & U S Y _____1 0 0
84
Do
p r o f _______ ________ . 1 0 0
C o n n e c t i c u t R i v e r __________ 100 111*2
51*2
F i t c h b u r g p r e f ------------------------ 100
99*8
G e o r g i a R y & E le o s t a m p d .1 0 0
70
Do
p r o f __________________ 1 0 0

Jan 8
M ar24
Feb 8
Jan30
A p r l5
A p r28
A p r28
A p r l7
F e b 14
M a y 14
A pr24
M ar15
M a r l5
7934 M a y 6
1
M ar21
4
M a r27
2513 F e b l 3
88 M a y 10
95
A p r l2
18
A p r l4
93
M ay 8
M ar21
49*2 M a r l 3

145
80*4
95
35
168
50o
11
135
88*2
115

Apr 3
Apr 5
Jan 3
M a y lO
Jan 6
A p r28
J a n l4
Jan 4
Apr 8
Apr 9
Jan 2
03
Apr 5
74
F ob27
S3
Jan 6
3*a J a n l 4
17*4 J a n l t
34*2 M a r l O
91
M ar 1
05
Jan 3
23
M ay27
00
J a n l8
50
Apr 3
50
Apr 5

122*2 A p r
37
Jan
J u ly
80
Jan
19
Apr
150
D eo
.5 0
10*4 M a r
138
J u ly
82*2 A p r
104
Fob
53
Jan
106
Sept
70
O ct
77*2 J u n o
1*4 S e p t
8*2 J a n
27
F eb
84
O ct
z 88% J u n e
20
Jan
Aug
F ob

N ov
N ov
N ov
S ept
Aug
June
June
Apr
D eo
N ov
Jan
Jan
Feb
N ov
713 M a y
33
M ay
46 M a y
95
N ov
112*2 D e o
25
Jan
O ct
90
J u ly
50
Apr
62

146
80
10 4
40
170
3
15
147
85*2
125
65
116*4
81
88

M a i n o C e n t r a l ------------------------ 100
M a s s E l e c t r i c C o s ........... — 1 0 0
Do
p r o f s t a m p e d ______ 1 0 0
N Y N I I * U a r t f o r d ........... 1 0 0
N o r t h e r n N o w H a m p s h i r e . 100
11 O ld C o l o n y __________________ 1 0 0
1 0 0 R u t la n d p r o f _________________100
V e r m o n t & M a s s a c h u s e t t s .1 0 0
50
2 8 5 W e s t E n d S t r e e t ___________
Jan
Do
p r e f __________________ 5 0
105
M is c e lla n e o u s
O ct
108
7 S iz J a n
1 14 M a y 2
100
Jan29
8 3 8 A m e r A g r t c u l C h e m i c a l — 100
D eo
8 8 % Jo** 10 0
97*2 J a n 3 102*2 M a r 15
Do
p r e f _________.’ -------------100
60
103*2
M
a
y
2
7
64*4
M
a
r
lO
375 A m er B osch M a g n e t o .n o pa r
2*3 M a r
.4 0 J u ly
134 M a y 2 9
55c
Jan 2
1 ,3 4 0 A m o r P n e u m a t ic S e r v i c e . . 2 5
15*8 M a r
4
S ept.
6
Jan 8
213 A p r 8
Do
p r e f __________________ 5 0
395
115*2
M ay
9
9
J
a
n
1
3
8
M
a
y
9
111
Jan 2
5 0 A m o r S u g a r R e f i n i n g ---------- 100
115
D ec
Apr 5
107 J u n e
J a n 2 119
Do
p r e f __________________ 100 1 1 3
95
109*8 O o t
90*4
A
u
g
108*2
M
a
y
2
7
9
9
J
a
n
2
9
2 ,4 7 0 A m e r T e l o p A T e l e g -------------100
9534 M a y 2 9
45*2 J a n
60*8 M a y
46
Jan20
5 6 0 A m e r ic a n W o o l e n o f M a a s . 100
9712
D
ec
90
Jan
1 0 3 M a y ‘2 7
94
J a n 21
Do
p r o f _______ _________- 1 0 0
575
92
N ov
60*2 J a n
79
F e b 15 1 2 0 M a y 29
567 A m o s k o a g M a n u fa c tu r in g —
8
2
J
u
n
e
76
Jan
84
M a r22
78*2 J a n 9
Do
p r e f ----------- ---------------405
*19
D eo
11
F ob
22*2 M a y 5
17*2 J a n 2 1
A r t M e t a l C o n s t r u e I n o . . . 10
120*4
Feb
174 M a y 9
98
Jan
9
7
F
e
b
3
2 5 At.l G u lf A W I S 3 L i n e s . . 1 0 0
13*2 M a y l 9 j
11 M a y 2 6
6 ,5 7 5 B lg h o a r t P r o d A R e f g ........... 10
28*2 S e p t
2184 M a y 2 2
21
Jan
1 ,5 8 0 B o o t h F is h e r ie s ..........................n o p a r 18*4 F e b 7
147g D e o
15*2 M a r l7 |
10*4 M a y
1338 J a n lO
2 ,9 9 8 C e n t u r y S t e e l o f A m o r I n o . 10
183,1 M a y 6
17ta M a y
11*2 N o v
10
M ar26
4 ,6 2 2 C u b a n P o r t la n d C e m e n t . . 10
5*4 M a y
4
Jan
6*8
M
a
y
6|
4*2
J
a
n
4
7 7 3 E a s t B o s t o n L a n d ---------------- 10
N ov
172
J a n 2i
134
J u n o 186
155
A pr26
2 8 2 E d is o n E le c t r i c I l i u m ........... 100
84*4 N o v
27*3 J u u e
65*2 M a y 6!
52*2
J
a
n
2
1
1 ,0 2 7 F a ir b a n k s C o __________________ 2 5
1673)
N
ov
1
2
8
J
a
n
1683S
M
a
y
2
9
6 4 G o n e r a l E l e c t r i c ------------------- 1 0 0 1 4 6 % F e b 7
35
Aug
27
Aug
38
M a y 17
28
A p r il
1 ,0 1 4 G o r t o n - P e w F is h e r ie s ........... 50
7*2 D o t
4*2 O c t
9*4 M a y 6
4*4
M
a
r
2
8
4 ,3 7 5 I n t o r n a t P o r t C e m e n t --------10
23
N ov
12
Apr
28
M ay 6
18
Jan 4
109
Do
p r o f ................................ 50
40
M a r ‘2 0
M ar20
1 ,1 6 0 I n t e r n a t P r o d u c t s ............ n o p a r
6*8 D e c
9% F ob20
3*s A u g
J
a
n
2
1 ,5 9 5 I s la n d O il A T r a n s C o r p . . . 10
93
N ov
88
S ept
99
M ar26
J a n 17
23 M c E lw a ln (W n ) 1st p r o f-1 0 0
91*4 N o v
Jan 9
86
*77*4 J a n
A p r30
1 ,3 0 1 M a s s a c h u s e t t s G a s C o s — 100
71
N ov
J a n l3
62
June
71
M
a
y
2
2
200
Do
p r e f .................................100
147
N ov
M ay29
145
107
June
F e b lO
10 M e r g e n t h a l e r L in o t y p e — 1 0 0
M a r lO
96
82*2 J u ly 100*8 O o t
Jan22
6 9 0 N e w E n g la n d T o l o p h o n e ..l 0 0
09
Jan
53
D ec
73% M a y 2 7
M ar 5
3 N o v a S c o t i a S t e e l A C -------- 100
51
D ec
Jan
60*4 A p r 2 9
29
F eb 1
6 1 0 P u n ta A lo g r o S u g a r ---------------5 0
137S M a r
Jan
16 M a y l O
11
J
a
n
3
________R e e c e B u t t o n - H o l o ------------------- 10
41*2 N o v
O ot
49
M ay 0
27
32*8 J n n 2 3
1 ,5 6 0 S t o w a r t M f g C o r p n
140U A u g
Aug
150
102
M ay 5
Jan30
2 ,4 2 9 S w ift A C o ....................................100 1 1 5
56
D eo
Jan
08
M ay 2
45
52*2
J
a
n
13
4 5 T o r r l u g t o n _____________________2 5
166
D eo
187
115*2 J a n
M ay 9
1 ,2 2 5 U n it e d F r u i t ............................... 100 157*2 F e b lO
48*2 M a y
55
38*2 J u ly
M ay 0
44
J a n l3
7 ,5 6 7 U n it e d S h o o M a c h C o r p . . 2 5
26*2 M a y
24*4 A u g
Jan25
31
26*4
J
a
n
2
121
Do
p r e f ................................ 2 5
116*2 A u g
87
M ar
88*4 F e b lO 109 M a y 2 6
1 ,5 2 0 I I S S t o o l C o r p o r a t i o n ------- 1 0 0
9
N ov
5
Jan
15*2 M a y l 5
734 J a n 2 1
7 ,5 5 4 V e n t u r a C o n s o l O il F ie ld s
17 38 M a y 2 0
16
M
a
y
l
O
7 ,7 1 5 W a l d o r f S y s t e m , I n o ............... 10
M in in g
1*4 J a n
12 J u n o
178 M a y 2 7
50
A p r22
1 ,8 2 0 A d v e n t u r o C o n _______________ 2 5
86
N ov
69
D eo
77
M ay27
62*2 M a r 2 2
5 9 6 A h m e e k ________________________2 5
5*8 N o v
1*8 A p r
4*4 M a r l l
3
Apr 5
1 8 5 A la s k a G o l d __________________ 10
.45 M a y
9 5 o M a y 14
.1 6 J u ly
1
0
c
A
p
r
3
0
2 0 0 A lg o m a h M i n i n g --------------------- 2 5
54
Feb
44
Jan21
40*2 D e c
33*2 M a y 1
6 7 5 A l l o u e z _________________________ 2 5
10
D oc
21*4 J u ly
18*2 M a y 5
10*4 F e b 11
2 7 5 A m e r Z ln o , L e a d A S m e l t . 2 5
54
J u ly
52
M a y ‘2 9
40*2 D e c
3
9
F
e
b
15
110
Do
p r e f ___________________ 2 5
11
Jan
16*4 A u g
14*8 M n y 2 9
10*4 F e b 2 8
2 ,8 6 0 A r iz o n a C o m m e r c i a l ..............
5
.4 8 N o v
9 0 c M a y 14
.2 0 O c t
20o
Jan30
1 ,3 0 0 B u t t e - B a la k la v a C o p p e r . . 10
33
M ay
163) D e c
27
M a y ‘2 9
17*2
J
a
n
2
3
5 B u t t o A S u p C o p ( L t d ) . . . 10
7312 M a y
61
D en
66 M a y 2 6
57
F e b lO
1,770 C a lu m e t A A r i z o n a -------------10
D eo
445
Jan 3
425
D e c 470
3
5
0
M
a
r
l
4
110 C a lu m e t A H o c l a ____________ 2 5
14*8 M a y l 4
12*4 M a y 5
1 ,2 0 0 C a r s o n I I l ll G o l d -----------------1
14*2 F e b
10*4 J u n e
15*2 M a y 2 8
12
M ar21
4 5 0 C e n t e n n i a l ---------------------------------2 5
51*8 N o v
40
D ec
48
M ay27
39
M ar
2 ,1 2 4 C o p p e r R a n g e C o ____________ 2 5
3
Sept
3*4 M a y 14
1*2 A p r
2
M a r ll
2 5 0 D a ly W e s t ......... ............................ 2 0
6 7s M a r
6*2 M a y 14
4*4 D e o
4*4 F o b 13
.............
10
D
a
v
l
s
D
a
l
y
C
o
p
p
e
r
3 ,0 3 5
12
N ov
12*8
M
a
y
2
9
8*2
M
a
r
8
F
e
l)2
8
7 ,8 4 3 E a s t B u t t e C o p p e r M i n . . . 10
6
F eb
3 June
3*s J a n 6
l* s M a y 9
1 ,1 5 1 F r a n k l in ________________________2 5
84*4 O o t
73*2 J u n e
73*2 F o b l 3
65
A n r ‘2 1
G r a n b y C o n s o l i d a t e d ---------- 100
67*4 N o v
39
Jan
45*4
J
a
n
2
41*4
M
a
y
13
G r e e n e C a n a n e a ____________ 1 0 0
4*4 D o c
10*8 J a n
6*4 A p r
4 M ay 1
2 ,1 3 8 n a n e o c k C o n s o l i d a t e d . . . . 25
Sop
15o M a r 30o
734 M a y 2 1
2 0 c F eb 20
25
9 ,0 5 1 H e lv e t ia t ___________________
JaD
1
.4 0 J u ly
1 M ay22
50o M ar
1 ,1 4 0 I n d i a n a M i n i n g _____________ 25
M ay
70
4 4 7s D e c
50*4 M a y 2 4
A p r l6
42
1
1 ,2 0 6 I s la n d C r e e k C o a l __________
Feb
85
M a y 14
84
A
p
r
l
2
79*8
O
c
t
7
8
Do
p r e f _________________
1
5
J u ly
29
19*8 J a n
32
M ay26
Jan 2
24
1 ,8 3 8 I sle R o y a l e C o p p e r ___________2 5
5
Jan
6*2 O c t
0*8 M a y 9
J a n 17
4
5
1 ,5 6 3 K o r r L a k e ___________________
1*4 M a y
.8 0 S e p t
1*8
M a y 28
9
9
c
M
a
r
4
2 6 0 K e w e e n a w C o p p e r ----------------- 2 5
3*4 D e i
8*4 M a y
5 May27
Jan25
3
2 ,0 4 5 L a k e C o p p e r C o ........ ............ 25
3*4 M a r
2
Jan
May28
A p r 16
2
5 7 5 L a S a lle C o p p e r ...................... 25
0
F eb
2*4 D e o
3 Hi M ay27
A
p
r
2
3
2*8
6
6 5 0 M a s o n V a lle y M i n e ----------7
Jan
3’ 4 S e p t
6 M a y 17
Feb 7
4
1 ,0 1 0 M a s s a c h u s e t t s C o n s o l . . 25
4*2 N o v
.6 5 M a r
2
12*8 M a y 2 9
J a n l3
M
a
y
f
l
o
w
e
r
O
ld
C
o
l
o
n
y
.
.
25
2 2 ,7 3 8
.4 0 J u n e
4*4 O o t
8
M a .v 2 7
F
o
b
2
4
2*1
7 ,0 0 4 M i c h i g a n -----------------------------------2 5
66*2 M a y
65 M a y2 7
50*8 D e c
49*2 F e b 7
5 4 5 M o h a w k _______________________ 25
20*2 M a y
16*2 D e c
17*2 M a y l O
15U M a r 2 9
N e v a d a C o n s o l i d a t e d --------5
21* J u ly
9 . ------3 M ay21
l* i Aug
M
a
r
8
1
8 8 5 N e w A r c a d ia n C o p p e r . . . . 25
20*8 M a y 2 8
14 % M a r 5
2 ,0 3 0 N e w C o r n e li a C o p p e r ..............5
" 914 D e c
17*4 M a r
11*2
M ay26
6*2
M
a
y
2
5
3 ,2 1 5 N e w I d r l a Q u ic k s i lv e r ------20
Jan
12
AUK
20*2 M a y 22
8 7a F e b 11
3 5 N e w R iv e r C o m p a n y ........... 100
80
Jan
63*2 D e c
80
M a y 23
57*2 M a r 1
Do
p r o f __________________ 100
95
9% A p r
13*2 M a y 12
8 M i Jan
J
a
n
15
8*4
5
5 ,8 2 0 N l p b s ln g M i n e s -----------------17 -3 M a y
101 2 D e c
13*4 M a y 2 9
F eh20
9
2 ,8 8 4 N o r t h B u t t e -------------------------- >6
.2 6 F e b
.9 5 M a r
1 M ay29
2 5 c A p r 22
2 ,2 7 3 N o r t h L a k e ................................ 25
1*8 D e o
*2 J u n e
33) M a y l O
M
a
r
15
750
1 ,0 1 5 O J lb w a y M i n i n g ..................... 2 5
32
D ec
45*2 J a n
39
M ay29
30*2 M a r 5
7 8 0 O ld D o m in i o n C o ...................... 25
66
Jan
56
M ay29
40*2 J u n o
M a r 17
45
5 3 8 O s c e o l a _______________________ 25
123) D o c
20*4 F e b
19 M a y 5
12 % F e b 8
5 2 7 P o n d C r e e k C o a l ---------------- 10
78
M ay
69
D oc
66*2 M a y 2 7
M ar22
52
25
168 Q u i n c y _________________
25*) M a y
19*2 D e c
23*8 M a y 2 7
19*2 F e b 8
100 R a y C o n s o lid a t e d C o p p e r . 10
57
Jan
38
D ec
50
M a y 13
M ar 4
40
51 9 t M a r y ’ 9 M lu e r a l L a n d . . 25
15*4 D e o
7
Jan
25*2 M a y l O
Jan22
13
S
e
n
e
c
a
C
o
p
p
o
r
C
o
r
p
.
.
n
o
p
a
r
1 ,8 4 5
6*4 J a n
2% D e c
3 78 M a y ’2 6
1*2 M a r 15
1 ,3 6 0 S h a n n o n ....................................... 10
2
Jan
*• S e p t
2 M ay27
J a n l3
40c
25,
3 3 5 S o u t h L a k e ....................
.2 0 J a n
.1 0 D e c
4 5 c M a y 14
8o Jan 1 1
5
3 .4 3 5 S o u t h U t a h M A S ................
8 78 Nov
4
Fob
7*2 May‘29
M ar S
4
4 7 0 S u p e r i o r .................- ...................
■1*4 S e p t
1*4 A u g
3 % May29
1 M a r 28
1 5 ,1 3 6 S u p e r io r A B o s t o n C o p p e r - 10
4*2 F e b
2*8 S e p t
5 May 29
Feb 3
2
5 ,4 0 0 T r i n i t y ........................................... 2 6
.7 3 D e c
1 % Aug
l*8May28
Apr 1
7
4
e
*
4 ,0 0 0 T u o lu m u e C o p p e r ............ —
60*8 O o t
30
Apr
70*4 May29
J a n ’21
43
U
S
S
m
e
lt
R
e
fln
A
M
i
n
.
.
.
50
1 ,3 6 9
47*8 Nov
42
J u ly
60 May 14
44*4 J a n 2 4
Do
p r e f ........................ —
60
1 .4 3 6
4*8 Nov
May29
1*4 M a y
May 9
5
4 ,3 6 5 U t a h - A p o x M i n i n g ................
12
Jan
7
D ec
May 29
7*j
Janl
U
ta
h
C
o
n
s
o
l
i
d
a
t
e
d
................
5
1 ,2 9 7
3 Hi Apr
1
D eo
3 M ay23
Jan28
1 3 ,9 3 5 U ta h M e t a l A T u n n e l -------------- 1
3
Jan
3
M ay20
158 D e c
Marl3
4 7 6 V i c t o r i a ______________________ 2 6
2
Jan
*2 N o v
l 7s M a y 2 6
50c Jan 9
4 ,1 0 1 W i n o n a _______________________
36
Jan
18
D eo
21 May2S
15
Mar
5
9 6 7 W o l v e r in e ---------------------------------- 2 5
1 * /. M « r
.40 Mav
1 % Mav27
40c M a r ia
425

3*2

1*4
1*4
1*4

6Ex-stoos dividend.

A Ex-rlghts.

* Ex-dlvldand.

3*2
8 10*4

* Half paid.

M

a y

31

1 9 1 9 .]

THE CHRONICLE

............ ......... O u t s i d e

S to ck

E xch an ges

B o s t o n B o n d R e c o r d . — Transactions in bonds at Bos

Thurs.
Last
's Range Sales
Sale. WeekP
rices. for
Price. Loof
w. High. Week.

______

53................................. 1924
Anglo-French 5s___
Atl G & W I S S L 5a. .1959 ______
Chic June & U S Y 53.1940
4a................................. 1940
Masa Gaa 4 % s________1929
92
4 % s---------..1931
Masa Lighting 7a. 1924-28
Mlsa River Power 5a. .1951
80
N E Telephone 5a____1932
Old Colony 4s.............. .1924
Pond Creek Coal Os___1923
90
Punta Alegre Sugar 6s. 1931
Swift & Co 1st 5a_____1944
U S Smelt, It & M conv 6s.
Westcrn Tel & Tel 5a. 1932

99.24 99.50
95.44 95.04
94.44 94.64
95.64 95.04
94.84 95.40
95.44 96.04
94.84 95.50
99.04 100
100
100
109
109
97% 97%
83
83%
91
91
75
75
92
92
86
80
100
100
79
80
89
89%
91
91
90
90
96
97%
97% 97%
103% 105
89% 91

$22,200
2,350
7,700
1,600
27,150
105,S00
96,750
74.450
3,000
1,500
10,000
17,000
3,000
1,000
6,000
1,000
1,000
32,000
4,000
1,000
6,000
36,000
22,000
14,000
7,000

98.04 Feb
91.04 Jan
92.04 Jan
93.24 Mar
93.04 Mar
94.40 Mar
93.04 Apr
99.04 May
98% Jan
100
Jan
96% Apr
79
Feb
90
Apr
74
Feb
89% Apr
83
Apr
99
May
77% Jan
89
May
91
May
92
Jan
87
Jan
95% Mar
99
Feb
89
Jan

■Sales
Last Week's Rangt for
Sale. of Prices. Week.
Par
Low. High Shares

Amer Sewer Pipe______ 100
Amcr Wind Glass Mach 100
Preferred____________ 100
Arkansas Gaa_______
Preferred.................
Columbia Gas & Elec. .100
Consolidated Ico, c o m ..50
Crucible Steel....... ............. 50
Ilarb-Walker ltcfrac, pflOO
Indcp Brewing, com____50
Preferred......... ............... 50
La Bello Iron Wks, com.100
Lone Star G as............... 100
Mfrs Light & Heat............50
Nat Fireproofing, c o m ..50
Preferred........................ 50
Ohio Fuel Oil.......................l
Ohio Fuel Supply............25
Oklahoma Nat’l Gaa____25
Oklahoma Prod & Itef____5
Pittsburgh Brewing, comSO
Preferred_____________ 50
Pittsburgh Coal, com ..100
Preferred....... ............... 100
Plttsb-Jeromo Copper____1
Plttab & M t Shasta Cop__l|
Pittsburgh OH & G a a ... 100
Plttsb Plato Glass, com.100
Riverside East OH, c o m ..5
Preferred_____________
Riverside Western O il ...25
San Toy Mining_________ l
Union Natural Gas____100
U S Glass........................ 100
U S Steel Corp, com___ 100
West'house Air Brake___5u
West’liose Elec
M fg.50
Preferred........................
W Penn Tr W P, com.100

25
85)
85
55
75
53

99.64 Mar
95.90 Mar
94.64 May
96.50 Jan
95.90 Jan
90.50 Jan
90.50 Jan
100.00 May
100
Mar
110% May
97% May
84
May
94% Jan
77
Mar
94
Mar
87% Mar
100
May
80
May
93% Feb
91
May
98% May
100% May
97% May
105
May
91
Mar

&

50

55

A
X

25
87
80
57
75
54%
V%
82%
101%
0
14%
105
285
56
%

Range since Jan. 1.
Loio.
High.

955
16
Jan
370
79
Jai
170
77% Jai
250
55
May
75
25
75
May
52%
455
39% Feb
7
280
3
Jan
"82 %
82%
50
82% May
101%
70
99
Jan
%
4%
2,542
1% Jan
13%
410
Jan
103
185
% Feb
270
265
555 170
Jan
55}
65%
1,905
48% Jan
10
9%
925
5
Jan
18
020
Jan
26% 30
815
16
Jan
50% 51%
3,735
42% Feb
37% 38%
1,931
28% Jan
12
12%
50
8% Mar
%
8%
1,845
2
Jan
16% 17%
720
7
Jan
02
59% 03
425
45
Feb
97%
97
98
158
85% Feb
19c
19c
22c
13,200
8c
Jan
3Gc
35C
3GC
5,300
21c
Jan
16%
15% 17%
8,548
8
Jan
120
120
100 110
Jan
4,037
1%
1%
1%
% Feb
3%
320
3%
2% Jan
0
9
9
9
18
May
10c
10c
12C 34,400
6c
Feb
134
134
105 122
Jan
34
33% 34
30
480
Feb
107
109%
88% Feb
766
113% 113% 114%
93
945
Jan
58
57% 59
40% Jan
1,783
69
70
59
100
Jan
14
13% 14
12% Apr
70

4

95
4A

10
20

10

7

1

&

23%
85%
85

29%
94%
86
57
75

May
May
May
May
May

7%
82%
101%
7
16
105%
300
56
11%

May
May
May
May
May
Mar
May
May
May

31

May

38% May
13% May
18
63
98

May
May
May

46c
17%
120
1%
3%
9
13c
135
40
109%
110
59
70
14

Apr
May
Jan
May
May
May
May
May
May
May
May
Mav
May
May

B on ds.

Plttsb Brewing Os____1949

75

75

$1,000

52

Jan

75
May
-----------------L

C h ic a g o S t o c k E x c h a n g e .— Record of transactions at
Chicago M a y 2 4 to M a y 2 9 , com piled from official sales lists

Stocks-

Thurs.
ales
Last Week’s Range Sfor
S
a
le.
of
P
rices.
W
.
Par. Price Low. High Sheek
ares.

American Radiator____ 100
Preferred .....................100
Amcr Shipbuilding____ 100
Armour & Co preferred___
Booth Fisheries, common
now......................(no par)
Preferred....................... 100
Chic CltyAC lty pt ah com
Preferred....................
Chic Pneumatic T o o l.. 100
Chic Ilya part ctf “ 2” ..
Chicago Title & Trust. 100
Commonweal th-Edison. 100
Con Motor.....................
Cudahy Pack Co oom-.lOO
Deere & Co, prof______ 100
Diamond Match______ 100
Ilartman Corporation.. 100
Hart,Schaff&Marx,com 100
IN Preferred.......................100
Illinois Brick...................100
Libby (W I )______________
Lindsay Light...................10
K Preferred.........................10
Mid West Utilities com .100
Preferred____________ 100
Mitchell Motor Co........... ..
Pago Woven Wire Fenco.20
Quaker Oats Co________100
K Preferred................
100
Reo Motor......................
Republic Tire..................
Scars-ltoebuck common 100
Shaw W W common__ 100
fc Preferred....................... 100
Stcwnrt-Warner Sp com 100
Stewart Mfg.....................100
Swift A Co.......................100
Rights..........................
Swift International____
Union Carbide A Carbon
C o .. ....................(no par)
United Paper Ihl com .. 100
Ward, Montg A Co, prof..
Wilson A Co,[common. 100
N Preferred....................... 100

298
300
90
90
132
135
103%! 103% 104%

208

112

9
119}!




111

8%

120

99
114
79
85

110

137%
7%
58%

68%
30%
20%
8%
38
03%
44%
6%
285
103%
29%
50%
202
120
102%
94
47
130%
6%
58%

70
23%

09%
22%

32%
21

8%

n

P

21% 24
79% 80%
%
%
7% 10%
75
70%
7*
7
205
210

202%
140
98%

90%

110

87%

102

112

9%

121
99
115
83
87

110

Apr 300
48 275
20 85% Apr 92
100
Feb 135
100% Mar 105

220

157
1,420
5,270
825
205

101

l",085
400

20

70%
005
32% 24,320
22
3,105
9%
7,810
38
80
05
307
47%
075
7
378
285
40
105
84
31
285
54
4,930
208%
983
140
1,153
102%
200
99%
9,120
47%
535
147
28,270
7% 23,089
01
9,020
70%
24%

110%
90%

102

Range since Jan. 1.
Low.
High.

130
4,701
7,275
835
1,340
2,300
493

39,195
1,300
25
290
77

B on ds.

Booth Fisheries s f d 6s 1926
Chic City & Con Rys 5s '27
44%
Chic Rys 5s, series “ A ” .
Cldc Ry pr m g 4 s .. _ 1927
Chicago Telephone 5s. 1923
Commonw-Edlson 5s. 1943
Swift & Co 1st g 5s__ 1944 ............

Range since Jan. 1.
Low.
High.

, - ,
its iuui ii ui tra n s a c tio n s ill
Pittsburgh M a y 2 4 to M a y 2 9 , compiled from official sales
lists.

Stocks—

3339

Thurs.
Last Week's Range ales
Sale. ofPrices. Sfor
Price. Low
. High. Week.

18
78
%
0%
00%
5
178
109
8%
100%
78
109
54%
08
108%
50
19%
10
8%
24
49
33
3%
285
100
28%
45
108%
112%
99%
84
45
115%
0%
41%

Feb
Apr
Jan
Mar
Feb
Apr
Feb
Apr
Apr
Feb
Apr
Jan
Feb
Feb
Jan
Feb
Jan
Apr
May
Feb
Mar
Apr
Apr
May
Apr
May
May
Feb
May
Apr
Jan
Apr
Jan
May
Jan

50
Jan
17% Jan
110
Jan
00% Jan
95
Feb

May
Mar
Feb
Feb
May
Feb
May
Jan
Apr
May
May
Apr
May
May
Apr
May
Apr
Apr
Apr
May
May
May
May
Jan
May
May
May
May
May
Apr
May
May
May
May
Apr

73%
24%
112
90%
102

May
May
Jan
May
May

94

63
40
96%
93%
97%

44 53

S2.000
10,000
8,000
4,000
4,000
1,000!
28,000,

89%
41
55
39
90
92%
95%

Feb
Apr
May
May
Feb
May
Mar

95
53
63
40
90%
94%
98%

May
May
May
May
Jan
Jan
Jan

P h ila d e lp h ia S to c k e x c h a n g e .— Record of transactions
at Philadelphia M a y 2 4 to M a y 2 9 , com piled from official
sales lists:

Thurs
Last
's Range Sales
for
Sale. Week
of Prices W
.
Price. Low. High. Sheek
ares.

Rangesince Jan. 1.
Low.
H ig h .

Alliance Insurance______ 10..
22% 22%
50
19
Jan
23% May
American G a s ............... 100 .
71
71
25
60
Jan
71
May
American Milling____ 10
9
9
300
9
May
12% Apr
American Railways_____ 50
19% 19%
14
19% May
19% May
Preferred____________ 100
67% 08%
522
62% May
69% Jan
American Stores____
24
24%
110 20% Apr 28
Feb
Baldwin Locomotive___ 100 104
101% 104
700
65% Jan 104
May
Buff & Susq Corp pf vtc 100
52%
51% 52%
365
50
Feb
53
Jan
Cambria Iron___________ 50
40
40
40
100 40
Jan
41% Feb
Elec Storage Battery___100
74
73% 75%
3,204
Jan
51%
77%
May
General Asphalt________100
70
69% 70%
7,913
39
Jan
70% May
Preferred____________ 100 113
102% 114
3,957
76
Jan 114
May
Insurance Co of N A ____ 10
32%
31% 32%
270
25% Jan
32%
May
J G Brill Co___________ 100
47
46
47%
179
19% Feb
49
May
Lake Superior Corp____100
20% 19% 21% 16,182 17
Jan
26% May
Lehigh Navigation_____ 50
70
69% 71
838
67
Apr
73
Jan
Lehigh Valley....................50; 59%
58% 59%
467
53% Apr
59% May
Midvale Steel & Ord____ 5 0 .........
51% 52
110 41
Jan
52
May
Minehlll & S H _________5 0 .........
51% 52
16
50
Jan
54
Mar
Pennsylv Salt M fg______ 5 0 _____
80% 80%
184
80% May
84% Feb
Pennsylvania...................50,
47%
47% 48%
2,297
44
Mar
48% May
Penn Traffic___________ 2% i_____ _____ 2%
2%
500
2% Apr
3% Mar
Philadelphia Co (Pitts). . 5 0 ______
41% 41%
20 30
Jan
41% May
I’ref (cumulative 0 % ).5 0
35%
35% 36
230
31% Jan
37%
Apr
25%
Phi la Electric of Pa____ 25'
25% 25%
7,124
24% Jan
20% May
Phlla Rap Tran vot tr rec50
27%
26% 27%
7,272
23
Apr
28
Jan
Philadelphia Traction__50 . .
68
68
60
66
Apr
71
Jan
Phlla Wil & Balt_________ | 97
97
97
100 97 May 97 May
Reading_____ __________ 50
90
89% 90%
22*1 76% Jan 90% May
Tono-Belmont Develop’t .i
3%
3%
3%
1,906
2% Jan 3 15-10 May
Tonopah Mining_________ :
3%
3%
3%
680
2% Jan
4
May
Union Traction________ 50
41
40
41
931
37
Jan
41
May
United Cos of N J_____ 100
190% 190%
25 185
Feb
193
May
United Gas Impt_______ 50
09
69
70%
783
07% Apr
74% Jan
U S Steel Corporation.. 100 108
106% 109%
5,880
88% Feb 109% May
W Jersey & Sea Shore__ 50 .
42
42
5
41% May
46
Jan
Wm.Cramp & Sons____100 135
121
137
3,233
75
Feb 137
May
York Railways................. 50
9
9%
105
7
Mar
9%
May
Bonds.
U S Lib T-oan 3 % s . 1932-47
99.10 99.50 $2,250
98.20 Apr
99.70 Jan
1st Lib Loan 4s. 1932-47
95.30 95.30
550
92.30 Feb
95.50 Apr
2d Lib Loan 4 s .. 1927-42
94.20 94.70
4,450
91.80 Jan
95.00 May
1st Lib I/n 4% s.l932-47
95.30 95.60
300
93.80 Mar
95.80 Jan
2d Lib I/n 4 % s l 927-42
94.80 95.28
5,300
93.00 Apr
95.3 0 Jan
3d Lib Loan 4 % s . . . 1928
95.40 96.00 29,350
94.50 Feb
90.38 Jan
4th Lib Loan 4% a. .1938
94.80 95.70 39,300
93.00 Apr
95.70May
\mer Gas Elect 5s. .2007
86
86
80
3.000
83% Apr
88
Jan
]
Baldwin
Locom 1st 5S.1940
100% 100% 2.000 100
Apr 100% Mar
Beth Steel p m Oa_____ 1998
110% 110% 1,000 110
Feb 110% May
(
Choc
Ok & Gulf gen 58.1919
99% 99%
9.000
99% May
99% May
Elec
& Poop tr ctfs 4s. 1945
I
08%
68
68% 8.000 05
Mar
71
Jan
do .small______ 1945
68% 68%
200
65
Mar
75
Jan
IEqult Ilium Gas Lt 5a. 1928
102% 102% 10,000 101% Feb 104
Apr
Lake Superior Corp 5s.1924
64
64
2,000 58
Jan
64% Apr
Lehigh
Valley 0s_____1928
I
102% 102% 12,000 101% Jan 102% Jan
I
Lehigh
Val Coal 1st 5s.1933
100 100
1,000 100
Jan 100% Mar
Natl
Properties 4-6S..1946
>
39%
39
40
18,000
30
Apr
40
May
1
Pennsylvania
ItR 5 s .. 1968
95%
95% 95%
4.000
93% Mar
98
Jan
P W <fc B ctfs 4s____1921
97
97
10,000 95
Feb
97
May
Philadelphia
Co—
I
Cons & coll tr 5s stp.1951
89
88% 89
31,000
85% Apr
89% Feb
I
Phlla
Electric 1st 5 s ..I960
95% 96
26,700
93% Apr
96
Jan
1
Phlla
& Erlo gen 4s__ 1920
97% 97%
2.000 97% May 98 May
Reading
temporary 5s_____ 101% 101% 101%
I
1,000 101% May 101% May
T
United
Rys Invest 5s. 1926
71% 71%
5.000
62% Jan
73
Apr
Wclsbach Co 5s______ 1930
08%
98% 98%
2.000 95
Jan
98% May

no par

1

&

1

1

B a ltim o r e S to c k E x c h a n g e .— Record of transactions at
Baltim ore M a y 2 4 to M a y 2 9 , compiled from official sales
lists:

May
May
May
Apr

24%
83
1
11
78%
9
210
115
9%
123
100
115
83
87
111
70%
34
22
10%
40
05
51
8
300
105
32%
54
212
140
110%
99%
49
149%
7%
05

94

59%
39
96%
93%
97%

Rangesince Jan. 1.
Low.
High.

S tock s—

Thurs.
ales
Last
's Range Sfor
Sale. Week
of
P
rices.
W
.
P ar. P
rice. Low. High. Sheek
ares.

Alabama Co.....................100
80
81
Second preferred____100
08
68
Arundel Sand & Gravel. 100
42
33% 42%
Atlan Coast L (Conn).. 100
96
96
Atlantic Petroleum_____10 “ 3%
3%
3%
Baltimore Electric, pref
42
42
Baltimore Tube________100
82
85
Preferred____________ 100
92% 92%
Boston Sand & Gravel, pref
50
50
"anton Co____________ ioo
100
160
Celestinc Oil v t ___________
1.20 1.25
Commercial Credit_____ 25
42
42
Consol Gas, E L & P ..1 0 0
108% 111%
Consol ldat Ion Coal____100
86% 86
87
Cosden & Co____________
9% 12%
11%
Preferred..............
4%
4%
5
Davison Chemical..no
38
36% 38%
Elkhorn Coal Corp_____50
30%
30
30%
G-B-S Brewing, com ...1 0 0
Houston Oil pref tr ctfs. 100
94
94% 101
Rights.................................
5)1
5
7%
John E Hurst w 1_________
40
40
Mcr A Min Trans V T .100
65
65
M t V-Woodb Mills v t r 100
22
22%
Preferred v t r...........
89% 90%
Northern Central______ 50;
74%
73% 74%
Pennsylv Water * Pow. 100
88
88%
Public Servlco Bldg, pref
96% 96%
United Railway & Elec..50
18% 19
Wash Balt & Annap____50
27% 29
Preferred________
37
38
Wayland OH & Gas...........
4
4
Bonds—
Alabama Cons C & I 5sl933
84% 84%
City & Suburb 1st 5 s .. 1922
98
98
Consolidated Gas 5s__1939
99
99
Consol G, E L <fe P 4% s ’35
84%
84
84%
" % notes......... ............ .
98% 99
% notes....... ..............
97% 97%
7% notes____________
100% 100% 101 !

5
5
par

y.

100

50
5

6

V*.

Vi

420
25
1,136

10

5.S25

20

771

10

25
150
3,575
15
873
053
20,531
9,840
775
2,047
275
1,342

2,220
8
48
138
256
53
485
5

1,220
1,492
170
400

$1,000
10,000
1,000
11,000

Rangesince Jan. 1.
Low.
High.
69
60
34%
89
2
42
70
71%
44
160
1
42
103%
78%
6%
4
32
27
%
72%
5
40
54%
16
71
71
77%
94%
15
24%
35%
3%

81
97%
98%
83%
52,600
95%
3.000
97
6.000 100%

Feb
82
M ay
Feb
70
May
Jan
42% May
May
90
May
Jan
3% May
May
44% Feb
Jan
90
May
Feb
92% May
Apr
50
May
Apr 160
Apr
Mar
1.50 Feb
May
44
Jan
Apr 111% May
Apr
87
May
Feb
12% May
Jan
5
May
Jan
40% Feb
Mar
30% May
May
1% May
Jan 101
May
May
7% May
May
40
May
Mar
72% May
Jan
25% May
Feb
92% May
Mar
80
Feb
Jan
88% May
Jan
96% May
Mar
20% Jan
Mar
29
May
Feb
38
Apr
Feb
4% Feb
Feb
84%
Mar 100
May 100%
May
85%
Jan
99
Mar
98%
Mar 101

May
Jan
Mar
Jan
May
Feb
May

THE CHRONICLE

2230
Thurs.
Last Veek's Range Sales
Sate. ofPrices. for
Price. MW. High. Week.

Concluded)—

Bonds (

Range since Jan. 1.
High.
Low.

Stocks

(Concluded)-

[V
S a les
Thurs.
Last Week’s Range Wf oe erk .
Sale. of Prices. S
Price. Low. High. hares.

o l

. 108.

Range since Jan. 1.
H ig h .
Low.

6% Apr
2.500
6%
7%
Simpson Coal.r--------------10
29% Apr
1,800
38% 41%
39
Stand’d Gas A Elec com r 50
49% May
150
49% 50
49%
Preferred r ___________ 50
10
Fob
16
17% 21.500
16%
Submar Boat Corp v t o . 5
1,000 40% Jan
61
59
Swift Internat’l .r ----------16
% Feb
3.200
1%
1%
1%
Triangle Film Corp vt c.5
7-16 Jan
77.000
3
1%
United Profit Sharing.,26c 2 9-16
1% Jan
2,000
2%
2%
2%
U S Light A Heat com r 10
2
Mar
3% 45,200
2%
3%
U 8 Steamship----------------10
35% May
500
39% 39%
Waltham Watch com.r 100
2.200 42% May
49% 51
50
Warren Bros.r________100
3% May
3,800
4
3%
Wayne Coal______________6
20
16% May
5.300
16% 17%
16%
Weber A Heilbr, com .r.(t)
117
3
Feb
35.500
7
5%
6
Wright-Martin Aire r .(t )
100
65
Jan
700
81
85
Preferred. r__.............. 100 ______
99%
Rights.
15
5
May
3.300
5%
5
5%
Brltlsfi-Amerlcan Tobacco.
93%
3% May
7% 18.000
4%
5%
Houston OH— r------------90%
19% May
600
19% 20
Royal Dutch C o .r----------97
6% May
2.500
7%
7
Swift A C o .r-----------------76%
% May
1,000
1
%
Tennessee Copp A Chem
55%
Former Standard Oil
76
Subsidiaries
96
26% May
5,800
16% Jan
24% • 24% 25%
Anglo-Amer O ll.r---------- £1
83%
May
Jan 197
30 164
197
Illinois Pipe Llne.r____ 100i ............ 195
Apr
404
Jan
315
20
391
390
Ohio O ll.r......................... .25
May
Mar 317
10 263
308
308
Prairie Pipe Line______ 100 308
May
Apr 350
41 292
340
335
335
100
South
Penn
O
ll.r_____
V o lu m e o f B u s in e s s a t S t o c k E x c h a n g e
May
Jan 294
20 258
282
Standard OH (Calif) . r . 100 ............ 281
May
Jan 440
360
440
Stand Oil (Kentucky) .r.lOO ............ 440
May
Apr 761
656 668
TRANSACTIONS AT TI1E N E W YO R K STOCK E X C H A N G E
761
730
Standard Oil of N J .r.1 00 755
Apr
JftD 395
30 310
390
D A !L Y . W E E K L Y A N D Y E A R LY .
Standard Oil of N Y.rlOO ........... 388
May
Jan 136
10 107
136
Union Tank Llne.r____100 ............ 136
May
Jan 490
115 395
454
445
Vacuum O ll.r_________ 100 448
Other Oil Stock*
8 % May
8% May
500
30 1919.
8%
8%
8%
Alama Duke r________
4% Apr
|
% Jan
4
3%
4% 18,055
Allen O l l . r ______________1
6
May
Apr
4%
6,450
6
5
5%
$480,000 $3,802,000 Alliance Oil A R ef.r-------- 5
870,3771 $81,992,200
$1,252,000
2% Apr
1% Apr
Saturday -----1%
1% 52.500
1%
Amalgamated R oyalty.r.l
7.414.000
1.544.000
1,995,3381 181.679,300
3,139,000
10c May
5c May
170,100
10c
Monday_____
5c
Amer
Ventura
O
ll.r_____
1
8.472.000
1.011.000
1,806,341! 167,181,100
3,998,000
May 1 5-16 May
1
4.700
Tuesday-------1 3-16 1 5-16
8.646.000 Atlantic Ores A R ef.r------ 1
456,000
1,610,543, 148,737,800
3,611,000
5-10 Jan
-16 Jan
Wednesday . .
5-16
3-16 5-16 17.200
Barnett Oil A G a s .r ..
9,756,800
659,500
16% May
1,446,931 131,202,725'
6,852,000
Mar
3
39.600
Thursday-----15
13
5
13%
Boone O ll.r_____________
H
OLIDAY
67c
May
Jan
180
66,000
60c
62c
61c
Friday--------Boston-Wyomlng O H -r .-l
1% May
1% May
24.000
1%
1%
1
1%
Can-Amcr
O
A
G
.r
_____
1
55
Mar
Total...................... I 7,729,530 $710,293,125 $18,852,000 $4,150,500 $38,090,800
7
Mar
19.200
49%
55
)
53
Com’nw'th Petr 1 .. w l(t)
16
May
8% Apr
65,550
16
12
16
Continental Refg______ 100
12% May
6%
Jan
66.600
12%
9%
1
30.
6
11%
Cosden
A
Co.
eom
.r____
6
30.
2
Mar
1% Feb
70
1%
1%
Crystal Oil A Refining.r.l1 --------1 5-16 Feb
% May
300
1
1
1918.
1919.
Curman Petroleum, r------ 1L--------1918.
1919.
1% May
1%
May
2.400
1%
1%
1
1%
Duke Cons Royalty
1% May
% May
13.000
1
61,997,179
%
1
1
Elford O ll.r...............
7,729,530
3,572,407,
105.073,721
Stocks— No. shares—
11% May
Jan
9.400
5
10%
9% 10%
Elk Basin Petroleum .r..6
$710,293,125 $336,654,200 $10,223,837,080 $5,806,711,250
Par value..............9
May
May
23.800
9
7
$12,900
8
1
......... i
847,200
Ertel O ll.r.................... — 55
Bank shares, par—
33c May
Jan
49.000
20c
17c
5
19C
Esmeralda OH Corp.r
Apr
Jan
47.000
3%
$392,656,000
3
2%
$973,570,500
Federal
Oil
Corp.r----------6
$38,090,800 $30,613,000
Government bonds.
8% Apr
3% Mar
88,784,500
7% 31.500
7%
7%
160,488,000'
Glenrock O ll.r__________ 10
4,150,500
3,032,500
State, mun., &c., bonds
38c May
29c May
33.500
38c
35c
122,808,500
29c
227,645,000
Gulfport
O
A
R
.r
_____
10c
18,852,000
4,428,500
R R . and mlsc. bonds..
May
May 128
1,815 110
122
124
Gum Cove O ll.r______ 100 124
11 May
Mar
10
4.300
10% 11
11
$61,093,300 $38,076,000 $1,361,703,5001 $604,249,000
Hercules Petrol Class A r 10
Total bonds.
40c Mhy
32.200
20c May
22c
25c
High Gravity O ll.r----------1 ____
20.000 40o Mar 58o May
58c
51c
55c
Homa Oil C o .r__________ 1
D U L Y TRANSACTIONS AT TH E BOSTON. PH ILADELPH IA AND
40% May
Feb
21,000 10
38
37% 39
Home Oil A Refg.r w l.,1 0
BALTIM ORE EXCHANGES.
Jan 144% May
5.700
75
Houston Oil, com .r___100 130% 133% 144%
5% Apr
Feb
3.900
650
2
2%
1%
Hudson Oil . r -----------------1
3,000
10% Jan 35% Apr
31%
31% 32
Internat Potroloum .r..£l
9% Mar
8
6% Jan
8% 26,000
8%
Island OH A T ra n sp .r..l0
25
May
May
15
12,240
24
25
25
Kentucky Oil A R ef.r___5
30 1919
5% Apr
3% Apr
4%
5% 25.700
5
Kentucky Petroleum-r . .
2% May
S85.000
8,815
1% May
$40,500
9,01l|
1%
1% 39.000
1%
$31,450
Lance Creek Royalties.r.l
32,059
45% May
145,500
3.200
23% Jan
21,635
41
42
71,300
12,657i
93,200;
70,381
Louisiana Oil A R e f .r ..50
35
May
Jan
135,500
21
18,477
63,650
30% 32% 14.700
31
19,1371
144,550j
56,058
Merritt Oil Corp.r_____ 10
4%, Mar
19.000
178,200
2% Jan
7,322
4
54,400
3%
3%
14,048!
228,750
Metropolitan Potroloum 25
41,958
11%
May
10%
May
10.500
43,000
5,295
34,000
15,100
11% 10% 11%
21,000j
Mexlcan-Panuco Oil____10
40,208
2% May
1
May
HOLI D A Y
2% 11.000
1%
1%
Middle States Oil C orp.r. 1
F riday___________
May
Jan 196
4,275 124
187
191
Midwest Refining______ 50 188
1% May
35S7.200
61,544
1% Apr
1% 11.800
69,9531 $269,850
1%
1%
Mtdwest-Texas O ll.r------1
Total.................... ! 240,664 $518,95oi
5% Apr
Mar
1
4% 24.700
4%
4%
Morton Pet of Mo.w l . r . l
7
Apr
2,890
4% Apr
6
6
6%
National O i l ...................10
10,000 46c Feb 75c Apr
N e w Y o r k “ C u r b ” M a r k e t .— Below we give a record of Northwestern O ll.r_____ 1 65c
65c
64c
2% May
1% May
32.000
1%
1%
1%
1
Ohlo-Ranger.r___________
the transactions in the outside security markot from M a y 24
6% Apr
Apr
1,000
3
5%
5
5%
Oklahoma A Tex O ll.r— 5
64o Mar
Jan
22c
60,960
to M a y 29, (M a y 3 0 holiday, Memorial D ay) both inclusive
62c
50c
58c
Omar Oil A Gas. com____1
6% May
11.500
1% Apr
6%
6
5%
Orient
Oil
A
G
as.r______
1
It covers the week ending Friday afternoon.
2% May
1% Apr
1% 57.000
1).
1%
Osago Nation Oil Synd.r.l
17% Apr
11% Fob
16% 15.500
16%
16
Pennok O ll.r___________ 10
9
Fob
Feb
11.400
8%
9
9
8%
Plttsb-Texas O A G .r — 5
1.
29.
30o
Jan
Feb
31.800
13o
13c
14c
14c
Queen O ll.r_____________ 1
May
6
35c Mar
2% 13.000
1%
1%
Rangeburnott O ll.r......... 1
May
22
Stocks—
Apr
14
10,600
14
22
22
Ranger G ulf.r................ . . 5
1% May
23c Mar
9-16
% 11-16 18.000
Ranger-Homer O l l .r ------ 1
12% May
0% Jan
10% 11% 16,900
Aetna Explosives.f (nopar)
10%
2% May
Apr
1
1% 44.000
1%
1%
Ranger O ll.r------------------ 1
6% Feb
100
11% May
11% 11%
Guaranty trust ctfs.........
20
Apr
Mar
6
12.800
18%
15
18
Rickard Texas C o .r _____ 5
May
May *65
53
500
60
58
60
Air Reduction.r..(no par)
2
Apr
420 Mar
6,000
1
1
%
Rock
O
ll.r.......................
10c
Apr
Apr
1
1%
400
1-16
1
Amer Chem Prod.r--------1
1%
May
2,000
1%
May
.
.
.
.
1%
1%
Royalty Prod Corp.r------1
19% May
May
18
3,300
18%
18
18’
Anglo-Am Comm’l Corp(t)
7% May
2% Apr
5%
6% 51.200
Ryan Petroleum.r--------- 1
May
28
May
22%
1,100
22%
27
22%
Brlt-Am Tob ord b e a r ...£ l
62
May
Mar
12.900
38
57
55
56
Salt Crk Producers.r...25
May
4% Mar
15% 117,000
12% 11
9% May
Chalmers Mot C orp.r.(t)
Jan
5,450
7
8%
9
9
Sapulpa Refining.r--------5
40% May
Feb
35
8,300
39%
39
39%
Cities Serv Bankers sha.(t)
% May
11-16
% Jan
% 12,600
%
Seuuoyah
OH
A
Ref--------1
May
74
May
800
55
62
63
62%
Consol Cigar, c o m .r.-(t)
51% May
44% May
44% 51% 17.500
47%
Sholan O ll.r.w 1..
May
99
May
87
1,300
91
87
Preferred, r__________ 100
64% May
Jau
40.000 22
60%
59% 63
Sinclair Gulf C o r p .r ...(t )
Cramp (Wm) & Sons S &
52c May
Feb
36c
43.800
52c
46c
52c
Southwest
O
ll.r
..
May
137
Jan
82
4,800
137
125
Engine Bldg------------- 100 135
7
May
Mar
4
32,600
6%
6
5%
Southw Prod A R ef.r------ 5
Feb
9% May
2
7
9% 10,700
Emerson Phonograph— 5
1% May
Mar
1%
1% 28.500
1%
Stanton O ll.r----------------- 1
May
54% Mar
65
400
60
61%
Fairbanks A C o .r----------25
20
May
15.000
4% Apr
20
11% 20
Sterling
OH
A
R
ef.r
.
Famous Players-Lasky
1
Apr
lie
Jan
18.900
55c
50c
48c
Texana Oil A R e f.r--------1
May
Apr *109
40
13,500
94% *109
Corn
..............(no par)
(1)
1% May
% May
1
1% 21.300
•%
Texas
Nat
Petrol.r.........
I
59
May
May
55
41,500
58
55
Farrell (Wm) & Son.Inc(t)
57
5% May
2
Apr
41.000
4%
3%
4%
Texas-Ranger
ProdA
R
r
1
Apr
Apr
39
29
9,800
34
35%
Fisk Rubber new w l .r ..2 6
8% May
7
May
7
8% 20.700
8%
Texas Prod A Refg.r------5
May
Feb *49
33
300
44
43
Freeport Tex Co r (no par)
1% May
% May
%
% 52.200
Texas Steer O ll.r------------1
76% May
39% Jau
76% 25,700
67
General Asphalt com.r 100
76
1
May
%
May
144,000
1
%
%
May
Tcxon
Oil
A
Land.r-------1
111
Jan
83%
114
4,100
106
Proforrcd . r _________ 100 114
1% May
1%
May
27.800
1%
1%
1%
Texyork Producing, r____1
9-16 Apr
% May
2,000
11-16
%
Grape Ola common----------1
2% May
2% May
2% 43.000
2%
2%
Apr
Trl
State
O
A
R
.r
..............
I
1
1-16
Apr
3,000
1%
1
1-16
1%
Preferred_____________ 1
3% Feb
4,600
1% Mar
2
1
1%
Tyopa O ll.r---------------------6
8
May
6,800
4% Mar
8
6
Hall Switch & Signal.r.100
9% Apr
700
7% May
8%
6%
May
Valverdo Oil P r o p .r ...(t )
19
May
15
1,650
19
15
Preferred.r.................-100
2% May
1,900
% Apr
1%
1%
May
Vera-Cons
Pet.r________
1
May
9%
6
18,200
9
7%
Heyden Chemical r(no par)
6
Apr
2% Jan
8.300
3%
2%
3
Victoria O ll.r----------------10
10% May
4% Jan
9% 10% 61,000
Hupp Motor Car Corp. 10
1% May
% May
1
1% 20.500
1%
Vlrkytex Oil A G as.r____1
17% Feb
200
14% Feb
15% 15%
Imperial Tob of GB A Ir£l
10% May
7% May
13.500
8%
7%
8%
West
States
Oil
A
L
new
.r
May
35
Jan
10%
25,700
28% 33
Intercontinental Rubb.100
% May 1 3-16 May
6.300
7 1 3-16
%
West Va Petroleum.r.........
Mar
28
24% Mar
200
24% 24%
Jonc3 Bros Tea r --------100
l% M a y
1% 15-16 1% 22,670 83c Apr
Mar
" Y ” Oil A G as.r................1
36
10% Feb
1,900
22
19
Lackawanna Co Coal r.10
Mining
Stock*.
34%
Apr
Jan
19
1,700
30% 32
34o Apr
Libby, McNeil A LlbbyrlO
8c
May
10,200
30c
220
26c
Adelphla M A M .r ----------1
May
27% Feb *56
1,750
53
50
Lima Locom com .r— 100
1% May
1% 15-16 1% 135,550 31c May
Alaska-Brlt Col M etals..1
May
32
May
30
1,100
30%
30
% Mar
Manhat Shirt com w 1.. . 25
% May
% 60,000
%
%
Alaska Mines Corp........... 1
May
Jan
4
5% 15,000
4%
Marconi WlrelTel of A m .5
% May
%
May
6,400
%
Apr Alaska Zinc A C opper.r..l
Fob
14
7
23,000
13
;
u%
Morrl3 (Philip) A Co------I0i
1% May
66c Mar
13,800
1%
1%
l%
i
.............
1
May
Allied
G
old.r.........
Mar
40
24
10,800
34% *39%
Nat AniltneACh,com.r.100 . .
1
'May
1
May
1,200
1
1
Amer Hond Min Corp w 1.1
71% May
Jan
47
5,600
63% 71%
National Ice A Coal.r.100, '
1
Feb
% May
%
% 2,600
v .
America M i n e s .r ...-------1
6% May
3% A pi
3,000
4
4%
New Mex A Arlz L and.r.l I
82c May
36c
Apr
10,200
60c
76c
65c
I
Arizona
Butte.r
--------------1
May
11%
10
May
3,400
10
11%
New Print Reclaim.r— 10
1%
May
%
May
44,300
%
13-16
Arizona S ilv e r.r.............. 1
May
M aj
60
50
57 ; 9.70C
N Y Savold Tire r (no par)
6%o Mar
3% o Feb
3.500
4% c4% c
"
Atlanta Mines........... ..
Apr
47
Jan
25
5,400
42% 47
N Y Shlpbldg------ (no par) |
1
May 1 5-10 May
5,700
1% 1 3-16 1 5-10
Atlantic Ores A R e f .r ..
Mar
19
Mar
10
100
17
.
17
N Y Transportation------ 10 - ­
16-10
Jan
%
Mar
10,600
11-16
11-16
Big bed go Copper Co------ 5
7% Apr
2% Jan
5% 12,500
5%
% May
No Am PulpAPap. (no par)
% 20,700 1-16 May
% 1-16
Blsbce Copper.r.
May
69
May
63
1,600
.
66
68
Pacific Devel Corp.r— 50 - ­
36c
Apr
9o
May
6.500
11c
11c
10c
Booth.r ................
May
31
28% May
95,600
28% 31
78c
Apr
Parry (Martin)Cor wl r.(t)
42o
Feb
9.500
72c
70c
72c
Boston A Montana D e v ..6
3% Feb
3,300
1% Jan
3%
i
3%
Pearson C oal.r----------------1
% May
11-16
% 3.500 60c May
Buffalo Mines Ltd.......... -1
1% Apr
% Fet
1%
1% 52,500
Mnr
Perfection Tire A Rubb r 1
6c
2c
Apr
15,000i
3c
3c
*
3
c
"
Butte-Detrolt Copp A Z . . 1
May
82
4,350 *41% Apt
.
74% *79
Rem’ton Typew com.r 100
% May
300
% Apr
%
%
%
Butte A N Y Copper------ 1
May
41
36% May
700
41
39
Santa Cecilia Sugar.r. 100
40e May
27c
Jan
23,000
39c
36o
38c
Caledonia Mining
May
64
Apt
24
16,200
60
56
Savold Tire Corp.r___25

87%
Consol Coal ref 4 >$8-. 1934
90%
Refunding 5s______ 1950
100
Convertible 6a_____ 1923
98
Cosden & Co Ser A 6S-1932 102
98
Series I? 6s_________ 1932 101%
99
(Old Co) refund 6 s ..1926
100%
Cosden Oil & Gas 6 s ..1919
98%
99
Elkhorn Coal Corp 68.1925
91%
Fairmont Coal 5s--------1931
92
Georgia & Ala cons 53-1945
2
G-B-S Brew Income 5s.1951
20
Funding 6s_________1934
112
Houston OH dlv ctfsl923-25
98
Indiahoma ref 6s--------99%
99%
Kirby Lumb Contr 6S.1923
12
Md & Penn Income 4 s .1951
88%
Minn St&StPC jt 5S..1928
90
Pcnnsylv \V P 5s___1940
97
Seab & Roanoke 5s___1926
72
73%
United Ry & El 4s____1949
55
55
Income 4s__________ 1949
72%
Funding 5s_________ 1936
93
6% notes___________
80%
Wash Balt <fcAnnap 5s 1941

&

WeekEnding
Mag

88
90%
100
102%
103%
101%
100%
99
91%
93
2%
20
112
100
99%
12
88%
90
97
73%
55
72%
93
80%

Slocks.
Shares. Par Value.

Week ending Mag

Salesat
NewYorkSlock
Exchange.

$9,000
1,000
3,000
99,500,
103,000
5,000
6,000
8,000
11,000
7,000
80,500
1,000
8,000
17,000
5.00C
30,000
6,000
4,000
1,000
12,000
23,000
2,000
2,000
11,000

87%
88%
99%
84%
85%
91
99%
9S
91%
92
1%
20
98%
94
98%
12
88%
89%
96
70
48
69%
92%
80

May
Apr
Jan
Jan
Jan
Jan
Jan
Feb
May
May
May
May
Jan
Apr
Apr
May
May
Feb
Jan
Apr
Apr
Apr
May
May

88
92
100%
102%
103%
101%
100%
99%
91%
95%

3%

Feb
Jan
Apr
May
May
May
May
Jan
May
Jan
May
May
May
May
Feb
Jan
Jan
Jan
May
Jan
Mar
Mar
Jan
Jan

nited
Railroad, State, Mun. U
AForeign Stales
&c.,
Bonds.
Bonds.
Bonds.

Januarg toMag

Bonds.

Weekending
Mag

4

Baltimore.
Philadelphia.
Boston.
Shares. BondSales. Shares. '.BondSales. Shares. BondSales

Week endingMag

Sales
Thurs.
for
Last Week's Range W
eek.
Sale. ofPrices. S
Par. Price. Low. High. hares.

Rangesince Jan.
High.
Low.

15%

l




o}4

i
i
i

$

THE CHRONICLE

M ay 31 1919.]

Mining (Concluded)—

Thurs
Last Week's Kang
Sale.
of Prices.
Price. Low. High

Calumet A Jerome C op.r.l
Canada Copper Co L td -.t 115-11
Candalarla Silver.r____ ;
1H
Cascado SIlv M A M .r_ J
2H
Cash Boy______________ ; 9Hc
Cerbat Sliver (n e w ).r...]
5
Consol Ariz Smelting__ „'E
IK
Consol Copper Mines___ S
Cresson Con Gold M A M ]
4K
Crown Croesus I, G o ld .r ..
34c
Denbigh Mines.r_______ ]
K
Divide Charter.r........ 20c
23c
Divide Syndicate of Ncvrl
El Salvador Silver M ___ 1
4K
Eureka Croesus Min Co.rl
2
Flagg Tunnel M .r ______5
7H
Florence Sllver.r_______I
80c
Fortuna Consolidated.r.l
80c
Qolden Gate Explorer__ 5
3K
Coldfield Consol_______K
18c
Goldfield Merger.r_____1
Gold Zone Divide.r____ 1
84c
Hamilton M A S .l .r ___ ]
IK
Harmllt Divide.r____ 10c
20c
Hasbrouck Dlvlde.r..........
20c
llecla Mining_________ 26c
5K
IIowo Sound Co________1
4K
Jim Butler.r___________ ]
38c
Jumbo Extension_______1
13c
Knox D iv id e .r.......... 10c
19c
I.a Rose Mines Ltd.......... 5
Liberty Bell Dlvlde.r__ 1
16c
I.one Star Cons’d .r ____ l 8K c
Louisiana Consol’d _____ 1
K
MacNamara Cre.sc Mln.r. 1
MacNamara Mining . . r . . 1 1 1-16
Magma Chief.r................ 1
9-16
Magma Copper...... ......... 5
36
Mammoth Dlvlde.r__ 10c
70c
Mangan M of A m .r____ 1
H
Marsh Mining.r________ 1 7Kc
Mason Valley............ ..... 5
3K
McKlnlcy-Durragh-Sav-. 1 62c
Mecca Dlvlde.r____
1
Mohican Copper.......... 1
Mother Lode.r_________ 1
43c
Nat '1 In C o rp .r...........50c
4H
Nevada Dlvlde.r........ 10c
13c
Novada Ophlr Mining.rlOc 38c
Nlplsslng Mines________5
12 K
Nixon N evad a................ l
23c
Onondago Mines Corp.r 1
3K
Potts Canyon . r ______ l
Ray Hercules M lu.r........ 5
2K
l
lied Warrior______
Rochester Mines........ ......1
21 c
Royal Dlvlde.r................ 1
18c
San Toy Mining............ l
Seneca Copp Corp. (no par) 24 H
Silver Dollar M .r .......... 1
IK
Sliver King of Arizona__ 1 1 1-16
Silver King Dlvlde.r___ 1
29C
Silver Plume Consol-re._1
1
Simon Silver A Lead.r___l
6
Standard Silver-Lead___ 1
7-10
Star of tho W est-r____ 1
Stewart ..................
l
30c
Sutherland Dlvlde.r
19c
lonopah Belmont D ev.r 1
ronopah Dlvlde.r
8K c
Touopah Extension____ 1 213-10
l
I'onopah Mining___
Trl-Bulllon S A D . . . . 5
United Eastern........
l 413-10
United Mines of Arizona. 1
United Verde Exten.r_.50c
U 8 Continental Mines r 1
15c
Unity Gold Mines........ . 5
7H
Victor Power A M ining.. 1
5K
Washington Gold Quarts. 1 93c
West Eud Consolidated. 26
2K
West Tree Mines___
l
31o
White Caps M ining... 10c
19c
White Knob Copper, pf. 10
IK
Wilson Silver Mines.r___l
IK
Bonds—
Am T A T 6% notesr.1924 100K
Araer Tob ser 7s____ 1923
Anaconda Cop Min 6s r’29
99 K
Canada (l)om of) 5 s.. 1919 99 K
Central of Georgia Os. 1929 99 K
Chi R I A P a cific.r..
Hocking Valley 6s..........
Ills Cent 5 H s ............ 1934
luterboro R T 7s........ 1921
91H
Laclede Gas Lt coll 7s. 1929
Nat Conduit A Cab Gsrl927
N Y Telephone 6s___ 1949 10 1H
Russian Govt 6H a.r.l919
63
5 H 3.r...................... 1921
55
St Paul Un Dep 5HS-1923
South Ry 6% n otes..1922
Wilson A Co Inc 6s .. .1928

7-1

K
IK
70c

2

IK
2K
10c
5H
IK
5K
4K
35c
K
26c
17
4K
2K
8K
80c
90c
4K
18c
4c
1 1-32
IK
25c
24c

2

9o
4K
1 3-16
5K
4H
34c
20c
23c
16
4
IK
7H
75c
75c
3K
16c
4o
80c
15c
17c
4K
37c
13c
17c
7-16
13c
8K c
K
30c
99c
H
33
65c
K
7Ke
2K
61c
25c
3-1(3
40c
3K
11c
30c

5K
38o
14c
20c
7-1 (
lGe
10c
K
36c
IK
K
36
70c
K
8c
3K
01c
35c
3-16
44o
4K
17c
40c
12
13
20c 25c
3
3K
65c 70c
2K
2K
7-10
14
21 c 22c
18c 22c
lie
12 c
23 K 25H
IK
IK
1
IK
22c 30c
K
IK
3H
7K
7-16
1
IK
28c 30c
18c 28c
3K
3K
8c 9KC
2 15- 0 3
4
V\
M
4K
4K
K
K
38
39
15c 17 Kc
7
7K
6
4K
72c
94c
2
2K
30c
33c
16c
19c
IK
IK
IK 1 5-16

100

in4
99 K
99 K
99 K
9814
9824
97 24
90'
10065
90 H
10 1 K
55
40
99 K
99 K
99 K

Sales
for
Week.
Shares

8.20C
b,70i
86,90(
20,301
19,601
12,701
3,70(
1,806
10, SIX
24,201
56,701
9,000
4,500
18,000
10,200

11,400
7.30C
40,000
37,500

12,201

20(
64,000

1,200

42,300
29,250
3,465
8.801
4,701
7,500
48,000

100

47,000
57,500
4,500
270,400
25,000
700
28,100
25,500
3,000
7,100
17,000
8,500
3,100
13,300
27,950
28,400
40,000
25,200
14,400
2,900
2,800

2,000

13,(XX)
9,000
3,800
47,000
65,500
45,700
34,000

8,000
2,000

58,000
66,600

200

12,300
4,200
350

2,000

2,350
7,000
1,600
17,000
4,900
t ,700
9,700
3,800
14,000

20,000
100
13,200

Range since Jan. 1.
Low.

High.

5-10 Fel
1 5- 6 Jar
Jar
52o
IK May
Fel
5o
3K Apt
Feb
1
4K Feb
4K May
33c May
20c May
21 c May
15
Apr
IK Mar
IK Fob
5 May
Jan
80o
21 c Feb
2 K Feb
15c May
4o May
Apr
79c
Jan
41c
15c May
17o May
4 Hi Jan
3K Mar
30o Apr
10c Apr
17c May
15c Apr
13c May
5c Feb
1-16 Apr
30c
34o Mar
22c Feb
Feb
25
»G2o May
K May
Feb
3c
Apr
2
Jan
45c
25c
3-16
28o Feb
K Mar
llo May
15o Apr
8K Jan
Apr
17o
Jan
3
55c
IK Jan
7-10 Mav
17o Mar
180 May
7c
13K Feb
May
1
13-32 Feb
210 Apr
680 May
3K May
K Jan
K Apr
llo Mar
18c May
2 9-10 Jan
5K c Mar
IK Jad
2%
3-16
3 3-16 Jan
3-16 Jan
31K Mar
60 Jan
4K Mar
4K May
71c Apr
Mar
1
30c May
10c Jan
IK Jan
1 1-16 May

K Jan
2K
Feb
1K May
2K May
15K® Mar
5K May
1 9-10 Jan
6K J»n
5K Jan
42c May
K May
28c May
20
Apr
5K May
2K May
8K May
85c
Feb
90c May
4K May
24c
Jan
So Mar
IK
Aor
1K May
44c
Apr
470 Apr
5K Apr
5K May
44c
Feb
16c Mar
30c May
K May
40c
Apr
30o Mar
K Apr
36c May
1K May
K May
37
May
76c May
2K
Apr
10c May
3K Jan
65c May
63c May
3-16 May
47c
Apr
4K May
25c
Apr
50c May
15
May
48c
Jan
3K May
70c May
3K Jan
K May
32c
Feb
28o May
12c May
26
May
1K Apr
IK May
37c Mar
IK May
7 K May
Mi May
IK May
34c May
47c Apr
4 May
*12c Apr
3H May
4K May
K May
5K Mar
% Apr
39
May
19c May
7K May
6 May
94o Mar
3
May
33c May
35c
Apr
1K Jan
IK May

100K $20,000 98 K Jan 100K May
04
104 K Feb
1 ,000 102K
May
58,000 97 H Feb 100
100
99 H 10,000 98 K May 99 K Feb
1,000 99 K May 99 K May
99 K

25,000
99
0824 54,000
97 Ml 75,000
91H 150,000
100455 3,000
no 65 5,000
10 1 K 9,000
137,000
67
136,000
59
3,500
99 K
5,000
99 K
99 K 81,000

98 K
98
98
83 K
99 K
87 K
99
48
40
97
99 K
92 K

May

99
98 K
97K
May 92 K
Apr 101
Apr
90K
Feb 101K
Jan 72
May 65
Mav
Feb
99 K
Jan 99K

— Columbia Trust Co. has been appointed transfer agent of Consoli­
dated Cigar Corporation.
— Liggett & Drexol have prepared a circular describing the production
of copper and silver by the Anaconda Copper Mining Co.
For New York City Banks and T rust Companies usually given here
see page 2217.
For New York City Realty and Surety Companies usually given
here, see page 2217.

Q u o ta tio n s

Per Share
ar Bid. Ask.
24%
£1 24
)0 1400 1420
Borne-Scrymser C o___
X) 490 510
Buckeye Pipe Line C o .- 50 *.rl<)2 104
1)0 320 340
00 030 650
SO »3G 39
)0 220 240
00 170 175
)0 123 127
00 115 130
. *105 115
Preferred new.
00 184 188
50 102 105
£1 *3B 32
50**231 24%
National Transit Co__ 12.50**23%
JO 185 190
X) 113 117
25 ** 38, 388
73
25 *71
30 770 780
)0 305 310
X) 375 395
Southern Pipe Line C o. )0 168 173
X) 334 338
10 108 112
X) 278 282
X! 810 820
X) 600 625
10 430 450
10 540 560
)0 745 755
)0 388 392
XI 515 525
)0 ioo 110
)0 130 138
)0 445 455
10 *40 44
Standard Oil Stocks

Ordnance Stocks—Per &hare.
10 03
)0
4
0 45
0 147
0 90
0 117
Bliss (E W) Co common. 0*250
0 * 60
0 185
Carbon Steel common..
0 100
O 98
Colt's Patent Fire Arms
M fg...............................
duPont (E I) <le Nemours

Thomas Iron.

Preferred .
Public Utilities

May
May
Apr
Feb
Mar
May
May
Feb
Fob

Mar
May

59

0*163 107
44
1) *42
270 273
99 101
70
3 08
) 75
77
10 15
35 40
35 38
370 380
81
79
27
24
98% 102
25
24
60
58
d9.1 90

— Bank acceptances as an Investment for business purposes aro discussed
In a recent circular prepared by Bond Sc Goodwin, 111 Broadway, N. Y.

• Per share. 6 Basis.
/ Flat price, n Nominal




Preferred...................... 10C
Ordinary, beurer_____ £l

IOC
Preferred_________
loynolds (R J)Tobacco. 10C
| B common stock........... IOC
| Preferred....................... kk
A dividend scrip_____
B dividend scrip_____
Preferred____________ 10(

Basia .

5.S0 5.50
5.85 5.45
5.85 5.45
5.85 5.45
5.90 5.55
6.25 5.75
6.25 5.75
5.95 5.50
5.95 5.50
7.00 6.00
7.00 6.00
7.00 6.00
0.30 5.75
5.85] 5.35
5.65] 5.25
6.37) 5.80
6.37| 5.80
6.501 5.75
6.40 5.85
6.40| 5.85
6.90 5.40
5.90 5.40
5.65 5.30
5.65 5.30
6.25] 5.75
5.75 5.30
5 90 5.65
5.90 5.65
5.80 5.40
7.00 6.00
7.00 6.00
6.30 5.75
0.30 5.75
5.80 5.50
5 80 5.50
5.90 5.70
6.30 5.70
5.65 5.25
5.55 5.25
5.55 5.25
6.85 6.00
6.85 6.00
0.40 5.90
6.40 5.90
5.70 5.35
6.05 5.65
6.05 5.65
6.50 5.70
are.
Bid An.
135 140
88 95
80 90
•26 27
•27 28
205 215
80 100
195 205
90 100
410 440
365 390
111 114
98 100
98 100
125 150

100 110

Short Term Notes—Per Cent
a

7% notes Sept 1919.

,
(

99% 99%

101 101%

1
1

99% 99%
98% 99%

C 6% notes (2-yr) 1919.JAD
r
y
5s Nov 15 1923..MAN 15
,
Is
!
p
g
a
u

A
A

99Sj 100
100i8 100%
100 100%

100% 100%
100% 100%
99% 99%
96
97

100% 101%
100% 10012
99%
97%
97%
99%

99%
97%
97%
99%

100% 100%
91% 92%

Industrial
and Miscellaneous

232 238
108 112
80
85
50 A
46
155 157
88 92 A
43
40
10 12
Preferred____________ 100
88 92
44% ------ B ordon's Cond Milk com. 100 108 110
80
79
Preferred____________ 100 98 100
*d20 24 o
*1575 1600
55 60 C
135 140
72
74 c
*314 318
90 93
Preferred............ ....... 100 90 97
55 p
52
*43
45
75
78
H
2% 3
59
57
Preferred____________ 100
4
5
87 89
1st g 6s June 1 1922..J-D fib
55
16
17
h
32%
31-2
65% 67% U
160 ____
rt
18 20
54
60%
58
1st gold 6s 1951_____ A-O ’ fo” 71%
[r
87 90
88 92
98
02 r.
*88 90
*39
40 o
85 90
*48 49
Preferred____________ 100 90 95
4% 5
Remlngton Typewriter—
20 22
Comm on____________ 100 75 77
6
3
1 st preferred_________ 100 95 97
24 25
2d preferred......... ...... 100 96 98
5
8 R
I Baking Pow com..IOO 135 145
46
48
Preferred____________ 100 97 1100
72
74
SI
205 210
22 23% r
360 I 1880
72
74
W

10

— Georgo W . Myer Jr., certified public accountant, announces tho re­
moval of his office to 2 Rector St., Now York, on M ay 31 1919; telephone
Rector 5441.

Equipment 5s.
T obacco Stocks—Per SI.
Pa

110

0 *285 290
0 92% 94%
0 75
77
0 25 35
75
0 65
0 228 232
0 ioo 110
0 119 122
99
0 96
0 240 200
0 405 420
30
) *25
) 200
98
0 94
48
0 40
85,

Preferred.......................10C
Standard Gas A El (Del). 50
Preferred.........................so
Tennessee Ry L A P com . 100
Preferred____________ ioo
United Gaa A Elec Corp.100
1 st preferred________ioo
2d preferred________ 100
Unlted Lt A Uys com___ 100
1 st preferred________ 100
Western Power oommon.100
Preferred____________ 100

Equipment 4H s.

120

6 *50

— Kidder, Peabody & Co., 115 Devonshire St., Boston, and 17 Wall St.,
this city, adviso the purchase and aro making a specialty of United States
Government bonds. The firm is prepared at any time to buy or sell largo
or small lots o f any issuo.

Missouri Pacific 5s________
Mobile A Ohio 5s___ _____
Equipment 4H s_______
New York Central Lines 6s.
Equipment 4H s..............
N Y Central UK 4% s____
N Y Ontario A West 4 H s ..
Norfolk A Western 4H s___
Pennsylvania RIl 4H s___
Equipment 4s____ _____

350
75
195
105
73

— A new issue of $2,680,000 City of Cleveland 5% coupon public-improveinent bonds, yielding 4.50% for any maturity, is featured by advertisement
In the "Chronicle” by White, Wold & Co., Stacy Sc Braun, Kissel, Kinnlcutt
& Co. and William It. Compton Co. of this city.

— Tho Guaranty Trust Co. of New York has been appointed transfer
agent of the preferred stock of. tho Public Service Corporation of Now
Jersey and Homo Oil Refining Co. of Texas.

S e c u r itie s

RK. Equipments—PtrCt.
Baltimore A Ohio 4K s..
Buff Roch A Pittsburgh 4 H i
Equipment Is.................... '
Equipment 6s ................ .
Canadian Pacific 4H s..........
Caro Cltnchlleld A Ohio 6s .Central of Georgia 4 K s..
Chesapeake & Ohio____
Equipment 5s............ .
Chicago A Alton 4 K b. . .
Equipment 5 s...................
Chicago A Eastern 111 5K s._
Chic Ind A Loulsv 4H s___
Chic 8t Louis A N O 6s___
Chicago A N W 4 Ha...........
Chicago R I A Pao 4H s___
Equipment 5s___________
Colorado A Southern 5s___
Erie 5s________________
Equipment 4H sIIIIH
Hocking Valley 4%s___
Equipment 5s________
Illinois Central 5s______
Equipment 4 H s.......... .....
Kanawha A Michigan 4 H s-Loulsvlllo A Nashville 5 s ...
Ilchlgan Central 5s___
Equipment 6s............ .

65
5 ]
50
155
93

68

0

NOTICES

— The Mercantile Trust Co. has been appointed transfer agent of tho
stock of tho Sholan Co., Inc., and registrar of tho stock o f tho Consoli­
dated Cigar Corporation and of tho Chickasaw Refining Co.

fo r S u n d r y

All bond prices are “ and interest” except where marked "t."

• Odd lota, t No par value. 1 Listed aa a prospect. I Listed on the Stock
Exchungo this week, where additional transactions will he found, o New stock,
i Unlisted, w When Issued, x Ex-dlvldend. g Ex-rlghts * Ex stock dividend,
t Dollars per 1,000 lire. flat.

CURRENT

2231

12

* uivuaoui ttiMU

Preferred____________ 10C

uuuruixi 4 .vidend.

x Ex-dlvldend. • g Ex-rlghts.

e New stock,
(t) Without par value

[V ol . 108

THE CHRONICLE

2232

In m s lm m i

met

^ v d lx o % &

RAILROAD GROSS EARNINGS
T h e follow ing table shows the gross earnings of various S T E A M roads from which regular w eekly or m onthly roturns
can be obtain ed.
T h e first two colum ns of figures give the gross earnings for the latest week or m o n th , and tho last tw o
colum ns the earnings for the period from Jan . 1 to and including the latest week or m o n th .
The returns of the electric

railways are brought together separately on a subsequent page.___________________________________________________________________
ROADS.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.

Latest Gross Earnings.

Jan. 1 to Latest Date.

Latest Gross Earnings.
Week or
Month.

ROADS.

Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

$
I
8
S
$
399.049
602,387
April
101,505 142,696
57,243 M o Okla & G u lf..
10,521
215,778 191.878
Alabama Sc Vlcksb March
6,688,821 7,562.394 27,471,548 27,033,321
63.738 1,481,751 1,141,380 Missouri Pacific— April
75,515
Ann Arbor_______ 3d wk May
804,477
551.740
258,312 210,717
March
12818623 12837146 50,910,056 46,607.274 Monongaliela .
Atch Topeka & S Fo April
661,131
645,000
99,349 193,809
1,404,70“ 1,638,455 4,263,237 4,679,728 Monongahela Conn. April
Gulf Colo & S Fe. March
321,652
305,849
94,870
April
111,366
372,125 520,095 1,141,637 1,417,239 Montour_____
Panbandle & S Fo March
1,599,324 1,605,967 6,016,176 5,822,680
428,660 873,204 1,168,614 1,049,789 Nashv Chatt & St L April
Atlanta Birm & Atl March
92,935
81,262
5,573
5,868
507,657 N ovada -Cal -Oregon 3d wk May
679,003
239,350 175.878
Atlanta & West r t . March
424,706
602,460
114,084 202,047
538,863 Nevada Northern.. March
775,538
263,830 223,298
Atlantic C ity______ March
292,172
553,448
92,873
151,303
April
Newburgh
&
Sou
Sh
17,659,674
22,960,934
6,312,477 4,397,989
Atlantic Coast Line. April
484,880
527,157;
183,607 178,735
13301950 12699042 50,199,190 41,214,284 New Orl Great N or. March
Baltimore & Ohio— April
517,100 503,175 1,995,532 1,922,185
323,930 New Orl & Nor East April
351,247
120,485 160,469
B & O Ck T e rm .. March
568,067
407,182
229,101
March
164,266
N
O
Texas
&
M
e
x
..
■Bangor & Aroostook March
460,175 436,908 1.349.734 1,051,801
386,946
307,066
71,721 141,898
Beaum S L & W . March
18,544
22,824
7,069
6,397
Bellefonte Central. March
946,030
1,171.805
.
308,027
March
402,470
St
L
Browns
&
M
1,122,300
961.095
April
353,149
256,398
Bolt Ry of Chicago.
91,467,178
77,455,747
22305
437
April
22701274
New York Central..
662,015
662,122 642,905 1,950,503 I ,
Bessemer & L Frio. March
468,191 510,184 1,519,781 1,061.872
726,552
Ind Harbor Belt March
355,147
81,592 255,581
Bingham & Garfield March
706,788 745,549 2,939,754 2,638,613
345,809
Lake Erie & West April
169.095
54,219 122,350
Birmingham South. March
5,757,070 5,619,384 22,521,264 18,767,091
Michigan Central April
5,484,928 5,567,873 20,320,399 18,785,400
Boston & Maino— April
5,279,820 5,235,390 20,725,110 18,234.906
115,358
Clev C C & St L . April
135,215
62,152
68,352
Bklyn East D Term February
653,187;
526,363
224,861 217,133
Cincinnati North March
Buff Koch & Pittsb. 3d wk May 221,855 359,993 5,013,443 6,447,412
1,963,786 2,501,947 9,545,589 8,676,493
Pitts & Lake Erie April
585.589
516,499
159,401 192,519
Buffalo & Susu------ March
588,349 736,606 1,715,406 1,729,460
Tol & Ohio Cent. March
Canadian Nat Rys. 3d wk May 1,770,271 1,543,062 31,522,243 26,414.641
745.119
891,878
255,326 350,349
Kanawha & Mlcb March
728,666
963,204
326,875 272,177
OauPac Lines inMo March
1,960,898 1,776,928 8,075,660 5,549,892
Canadian Pacific__ 3d wk May 2,957,000 2,847,000 57,322,000 54,150,000 N Y Chic Sc St Louis April
30,062,653
27,228,592
7.776,823
8,118,783
April
N
Y
N
H
&
Hartf.
1,360,052
1,796.087
347,195
April
446,073
Caro Clinch & Chic.
725,652 795,627 2,712,267: 2,978,203
1,774,179 1,653,298 6,717,673 6,616,804 N Y Ont & Western April
Central of Georgia.. April
875.049
834,809
270,606 325,335
N Y Susq Sc W est.. March
610,765
3,482,129 3,339,617 13,174,502 I I ,
Central RR of N J— April
6,036,030 23,960,945 21,670,719
6,189,619
April
Norfolk
S
c
Western.
1,714,247
April
486,746
1,879,659
468,901
Cent New England.
566,257 492,612 1,506,967; 1,262,053
972,278 Norfolk Southern._ March
397,772 388,683 1,196,574
Contral Vermont _ . March
405,880
368,388
99,831
80,692
672,238 Northern Alabama. April
763,448
Charleston & W Car March
268,433 252,570
7,747,573 7,307,304 29,949,640 27,219,923
Ches & Ohio Lines.. April
5,438,226 5,329,613 21,538,164 18,294,934 Northern Pacific__ April
264,598
265.165
102,954 100,199
Minn & Internat. March
,980,677 1,818,207 7,736,255 6,364,730
Chicago & Alton— April
382,433 362,163 1,128,910 1,025,100
Chic Burl & Quincy. April
1161011 11666499 44,566,854 40,879,322 Northwcst’n Pacific March
337,343
329,074
113,530
March
110,265
Oahu
Ry
&
Land
Co
5,027,910
,806,857 2,101,700 5,626,611
Chicago & East 111. March
415,839 519,848 1,277.895 1,595,670
1,585,432 1,523,525 6,429,861 5,590,766 Pacific Coast______ March
Chicago Great West April
91,465.885
112453769
26986146
28413269
April
Pennsylvania
R
R
..
1,954,072
March
2,576,402
815,314
851,988
Ohio Ind & Louisv.
251,180
399,070
124,813 107,611
Balt Ches & A tl.. April
961,536
Chicago Junction.. April
240,050 289,815 1.063.735
419,957 428,139 1,707,607 1,376,971
Cumberland Vail. April
11967299 10193 964 44,149,524 35,312,650
Chic Milw & St Paul April
5,207,267
6,560,633
1,575,166
,985,636
April
Long
Island_____
32,457,919
9,840,279 9,172,082 38,734,266
Chic & North West. April
192,417
348,333
81,307
103,993
M ary’d Del & Va. April
477,673
360,855
121,843 195,357
Chic Peoria & St L . March
639,208 551,030 2,453,860 1,770,711
N Y Phila & Nor. April
8,272,617 8,058,052 31,882,242 29,066,103
Chlc R I & P acific.. April
344,744
385,600
131,577
111,751
March
Tol
Peor
&
West.
March
360,532 358,831 1,086,189 1,051,495
Ohio R I & Gulf
832,378 634,985 3,020,359 2,265,104
W Jersey & Seash April
2,031,349 1,846,629 8,295,824 7,087,716
Chic St P M & Om. April
8,068,486 6,854,361 29,497,421 22,178,978
876,460 Pennsylvania C o__ April
970,106
330,775 361.188
Chic Terre II & S E March
608,911 580,875 2,239,364 1,961,344
April
Grand Rap & Ind
749,031
660,093
220,452 282.738
Cine Ind & Western March
7,813,282 6,662,298 28,754,044 22,973,681
Pitts C C & St L . April
1,435,788 1,233,329 5,572,445 4,062,865
Gin N O & Tex Pac. April
293,354
293,000
96,510 117,694
March
Peoria
S
c
Pekin
Un.
7,615,743
Colo & Southern.. 3(1 wk May 468,217 364,790 9,076,405
2,690,532 2,323,348 9,982,717 7,409,109
819,964 643,974 2,438,510 1,849,890 Pero Marquette___ April
Ft W & Den City March
180,974
233,791
73,482
78,871
259,602 Perkiomen________ March
309,765
89,074
95,412
Trin & Brazos Val March
469,597
299,931
52,597 112,670
250,609 Phila Beth & N E . April
290,625
93,540
March
93,939
Colo Sc Wyoming
4.471,389 6,603,074 20,656,423 21,641,853
1,283,088 1,233,503 3,614,833 3,629,902 Phila & Reading__ April
Cuba Railroad___ March
384,378
343,090
97,755
84,474
2,557,678 2,602,939 10,193,225 9,236,403 Pittsb & Shawmut. April
Delaware & Hudson April
354,915
242,868
73,978 125,304
5,450,194 5,217,570 21,810,350 18,663.530 Pitts Shaw & N or. March
Del Lack & West__ April
540,121
421,172
100,236 158,537
2,232,121 2,344,268 6,903,886 6.722,032 Pittsb & West Va. April
Denv & Rio Grande March
401,554
589,375
214,323
119,347
March
Port
Reading____
295.877
471,123
March
160,546
169,195
Denver Sc Salt Lake
245,310
245,597
82,247
91,880
March
300,280 Quincy Om Sc K O
343,717
139,267 127,392
Detroit & Mackinac March
662,499 443,901 2,051,372 1,206,768
446,763 Rich Fred & Potom March
914,915
268,145 212,910
Detroit Tol & Iront March
677,416
1,101,476
250,318
382,525
March
Wash
Southern.
434,171
581,113
178,794
215,283
Det Sc Tol Shore L . March
957,385
985,340
359,490 384,730
326,360 Rutland_________ March
377,173
151,206 121,266
Dul & Iron R ange.. March
654,155
637,345
189,921 237,244
455,190 St Jos & Grand Isl’d March
598,117
212,618 169,272
Dul Mlssabe & Nor March
5,855,857 5,455,252 23,370,322 19,275.623
96,868 1,465,937 1,358,041 St Louis-San F ran.. April
Dul Sou Shore & Atl 2d wk May
96,115
284,445
322,575
87,217
126,162
Ft W & Rio Gran March
414,822
539,674
Duluth Winn & Pac March
203,598 158,829
389.264
299,400
105,808 121,874
St L-S F of Texas March
312,259
361,238
88,586
92,205
East St Louis Conn. April
4,379,913
3,998,853
1,216,473
989,182
April
St
Louis
Southwest.
3,350,543
1,838,780 1,447,130 5,637,991
Elgin Joliet & East. March
429,321 482,929 1,856,896 2,238,279
St L S W of Texas April
1,036,795 1,253,909 3,128,871 3.702,165
El Paso & So W est. March
319,394
320,392
86,292
70,823
6,801,844 6.525,179 26,531,361 22,092,892 St Louis Transfer.. April
Erie Railroad______ April
984,916 1,070,119
279,419 367,539
March
San
Ant
&
Ar
Pass.
1,976,938
807,993 870,955 2,436,162
Chicago & E rie .. March
3,359,084 3,047,549 13,766,771 11,375,151
990,131 995,097 2,965,791 2,579,238 Seaboard Air L in e.. April
Florida East Coast. March
470,753
444,133
62,444 168,252
April
334,568 South Buffalo
363,690
90,494
102,313
Fonda Johns & Glov April
12470349 11430774 36,462,151 32,106,742
323.646 Southern Pacific__ March
347,702
122,243 111,497
Ft Smith Sc Western March
304,444 387,944 1 ,012,212 1,097,630
Arizona East___ March
239.647
194,925
92,474
57,001
Galveston Wharf. March
1,581,654 1,734,452 4,967,323 5,046.162
Galv narris Sc S A March
556,564 455,806 1,565.305 1,337,370
Georgia Railroad.. March
656,096 775,217 1,950,567 2,170,497
Hous Sc Tex Cent March
174,318
155,468
88,975
76,622
Georgia & Florida.. February
495,450
549,702
183,664 168,260
March
Hous
E
S
c
W
Tex.
484,804
1,024,211
194,429
March
371,448
Gr Trk L in New E .
988,260
910,416
301,711 347,269
March
Louisiana
West’n
866.931 1.002.937
98,902
89.202
Grand Trunk P a c .. 1st wk Mar
554,819 681,000 1,782,144 1,867,939
Morg La Sc Texas March
Grand Trunk S yst.. 3d wk May 1,214,465 1,167,270 22,887,342 17,402,025
1,725,373
1,747,924
600.136
637,249
March
Texas
S
c
New
Orl
13,571.258
1,080,134
17,820,649
Grand Trk R y __ 3d wk Apr 1,251,730
10110423 10019882 39,214,317 34,606,580
1,736,048 1,552,240 6,392,656 4,605,647 Southern R ailway.. April
Grand Trk West- April
828,982 711,857 3,188,631 2,497,722
Ala Great South. April
7,370,704 6,691,071 29,866,890 24,168,936
Great North System April
1,214,250 1,279,924 4,735,674 4,287,433
April
Mobile
&
Ohio_
_
552,282
573,642
198,480 193,341
Gulf Mobile Sc Nor. March
800,670
370,452 282,948 1,145,876
Georgia Sou Sc Fla March
784,097
721,685
182,473 194,599
Gulf & Ship Island. April
441.475
551.464
131,636 100,751
South Ry in Miss. April
765,559 792,899 2,216,569 3,003,074
Hocking Valley___ April
211,654
205,802
80,645
March
67,389
8,015,774 8,484,010 32,772,806 30,911,071 Spokane Internat’l.
Illinois Central___ April
596,295 542,460 1,609.763 1,836,721
1,033,187 1,150,316 3,168,330 3,191,803 Spok Portl Sc Seattle March
Internal & Grt Nor March
394,109
660,534
188,371
116,111
April
Staten
Island
R
T
_
.
395,928
350,051
97,766
123,633
Kan City Mex & Or April
42,686
47,758
1,806
1,058
406,665 Tenn Ala & Georgia 3d wk May
319,709
81,986 100,416
K C Mex Sc O of Tex April
471,917
645,481
229,174 196,416
1,112,777 1,251,997 3,510,732 3,516,431 Tonnessee Central. March
Kansas City South. March
1,125,932
1,171,523
295,301
290,913
April
Term
RR
Assn
of
StL
292.301
315,478
106,394 113,311
Toxark Sc Ft Srn. March
861,791 1,011,664
206,100 292,172
St L Mer Bdgo T . April
268,683
309,301
91,989
Kansas City Torra. March
104,555
462,902 Texas & Pacific___ 2d wk May 625,788 450,836 11,581,464 8,578,114
578,219
184,451 187,364
Lehigh Sc Hud Rlv. March
1,532,781
1,637,722
650,966
550,1
11
March
Toledo
St
L
S
c
West
968,738
938,433
286,881 286,378
Lehigh Sc New Eng. April
165,699
190,375
63,496
63,761
5,105,030 4,700,621 18,548,829 15,894,371 Ulster Sc Delaware. March
Lehigh V alley------- April
8,402,369 6.899,885 24,612,099 18,247,140
1,431,075 1,120.748 4,036,977 3,104,490 Union P a cific_____ March
Los Aug & Salt Lake March
7.020.535
8.253.419
2,564,239
2,822,116
March
Oregon
Short
Line
437,625
515.860
170,038 157,266
Louisiana & Arkan March
2,344,946 1,920,014 0,257,711 5.054,408
Ore-Wash RR&N March
419,314
558,024
284,779 211,476
Louisiana Ry&Nav February
612,679 530.181 2,382,459 1,584,593
8,600,911 7,260,436 33,606,503 28,084,314 Union RR (P enn).. April
Louisvillo & Nashv. April
301,567
290,820
9 1,248
90,016
March
Utah_____________
602,692
686,181
227,728 226,717
Louisv iiend Sc St I. March
618,653
788.431
253,671 219,70
1,385,944 1,319,669 3,412,745 4,327.870 Vicks Shrove Sc Pac March
Maine Central____ April
3,150.696
2.922.214
903,584
680,346
April
Virginian
RR
181,374
March
70,635; . . .
Midland Terminal12,207,347
14,449,004
3,656,296
3,880,977
April
307,301: 302,490 1,235.612 1,067,127 Wabash R R .
Midland Valley___ April
1,124,868 1,084,656 4,378,019 4,149,512
403,055 Western Maryland. April
352,209
13,738,
18,617
2d wk May
Mineral Range.
763,681 789,326 2,361,116 2,365,537
1,011,632 977,898 2,803,200 2,671,272 Western Pacific___ March
Minneap & St Louis March
539,743
649.465
224,208 190,163
March
3,033.583 2,513.781 8.999,583 6,535.653 Western Ry of Ala
M in n S t P & S S M March
696,772 865,477 2,084,453 2,250,188
382,720 Wheel & Lake Erie. March
309,674
75,353 108,372
Mississippi Central April
256,999
424,485
89,464
1
11
,883
March
Wich
Falls
S
c
N
W.
9,425,870
2,565,830 2,688,870 10,103,488
Missouri Kan & Tex, April
1,798,195 1,681,233 7,336,010 6,569,363
1,830,846 1,620,461 5,312,939 4.485,025 Yazoo & Miss Valley April
Mo K Sc '1’ Ry ofT ex!March
341.616
363.268
128.620 128,362
M o &North Arkan. iMarch

A G G R E G A T E O F G R O S S E A R N IN G S — W eekly and M o n th ly .
* Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

$
$
I
S
+412, 041 7.78
6.124,280 5.082,239
1st week Mar (14 roads)
+741, 817 13.13
6,390,893 5,049.076
2dweek Mar
(14 roads)
+ 507, 852 8.16
6,220,793:
6,728,645
3d
week Mar (14 roads)
10,785.495 9.545.903 + 1,239. 592 12.99
4thweek Mar (14 roads)
+
141, 951; 2.20
0,602,753
6,747,704
1st week Apr
‘
' ‘
+ 130,,843 1.89
6,950,228 6.819.385!
2d
week Apr
+ 172, 657, 2.51
6,872,689
7,015,346
3d
week April
+31, 182 0.33
9,503,940 9,472,758
4th week April
+ 167, 988 2.52
6,839,092 6,671,104
1st woek May
+ 148, 287 2.25
6,719,582 6,571,295
2d
week May .
+549, 454 8,06
6,811,778
7,361,232
3dweek May
(12ro a d s)_ __________________
* We no longer Include Mexican roads In any of our totals.




*Monlhlg Summaries.

Current
Year.

Curr.Yr. Prev.Yr.
8
Mileage.
May . ____ -.230.355 228,892 374.237
June_____ —220,303 219.294 363,105,
J u ly ____ -231,700 230,570 463,684,
August__ ..230,743 230.015 498.269,
September -.232,180 232.378 487,140,
October ._ —230.184 230,670 484,824,
November -2 32,2 74 232,259 438.602,
December ..232,774 232.399 438,305,
January -.232,655 233.199 395,552,
February. ..232,957 233,266 351,048,
M arch __ —226.086 225,631 375,772,

Previous
Year.

Decrease or
Decrease.

8
342 ,140,096
323 ,163.161
346 ,022,857
302 ,509,561
357 ,772.850
377 ,807.933
356 ,438,875
335 ,007,571
284 ,131,201
289 ,392,150
305 ,096.335

+ 32.091.001
+ 40,002.412
+ 117661315
+ 135759,795
+ 129367,931
+ 106950.817
+82,163,408
+102757750
+ 111420,819
+01,056,597
+ 10.670,415

M ay 31 1919.]

THE CHRONICLE

L a t e s t G r o s s E a r n in g s b y W e e k s .— In the table which
follow s wo sum up separately the earnings for the third
week of M a y .
T h e table covers 12 roads and shows 8 .0 6 %
increase in tho aggregate over the sam e week last year.
Third week of May.

1919.

1918.

| Increase. Decrease.

$
$
|
Ann Arbor____________________
73,515
63,738
Buffalo Rochester & Pittsburgh
221,855
359,993
Canadian National Rys_____
1,770,271 1,543.062
Canadian Pacific____________
2,957,000 2,847,000
Colorado & Southern______
468,217
364,790
Grand Trunk o f Canada____.
Grand Trunk W estern..
Detroit Grand Haven & Mil
1,214.465 1,167,270J
Canada A tlantic..
Nevada-California-Oregon
5,868
5,573
Tennessee Alabama & Georgia .
1,058
1,806
Texas & Pacific.........
648,983
458.546
Total (12 road s)...
Net increase (8.06% ).

S
9,777
...........
227,209
110,000
103,427

$
138,138
______

47,195
295
______
190,437

748

7,361,232 6,811,778 688,340
________ 1 549.454

138,886

2233

------ Gross Earnings----- ----- Net Earnings-----Current
Previous
Current
Previous
.
.
Roads.
Year.
Year.
Year.
Year.
N Y Central (Concluded)
$
$
$
%
Clev Cine Ch & St L b.A p r 5,279,820 5,235,390 1,105,472 1,660,328
Jan 1 to Apr 3 0 ..........20,725,110 18,234,906 3,722,043 4,116.047
Lake Erie & W est.a .-A p r
706,788
745,549 def51,541
165,743
Jan 1 to Apr 30--------- 2,939,754 2,638,613 def95,478
302,987
Michigan Central, a ..A p r 5,757,070 5,619,384 1,146,820 1,758,950
Jan 1 to Apr 30...........22,521,264 18.767,091 3,931,336 3,454,632
Pittsb& Lake E r ie.b ..A p r 1,963,786 2,501,947
15,669 1,065,386
Jan 1 to Apr 30........... 9,545,589 8,676,493
------1.274.604 2.327,191
New York Chi & St L .a .A p r 1,960,898 1,776,928
443,481
491,609
Jan l to Apr 30........... 8,075,660 5,549,892 1,814.467
501.160
N Y New Haven
& H .b .A p----------r 8,118,783
----------------------7,776,823
941,997 1.499,967
Jan 1 to Apr 30--------- 30,062,653 27,228,592
945,021 3,781,574
725,652
795,627
N Y Ont & W est.b.........Apr
def6,047
125,892
Jan 1 to Apr 30........... 2,712,267 2,978,203 defl96i946
308,877
N Y Susq & W estern.b_. Apr 314,571
325,289
58
56,153
Jan 1 to Apr 30........... 1,189,621 1.160,098
3,824
78,328
Norfolk & W estern.b__ Apr 6,189,619 6,036,030 1,140,936 1,855,561
Jan 1 to Apr 30--------- 23,966,345 21,670,719 4,234,428 4,889,591
Northern A la b a m a .b ...A p r
80,692
99,831
1,233
30.707
Jan 1 to Apr 30--------405,880
368,388
def 1,642
113,707
Northern Pacific.a........ Apr 7,747,573 7,307,304
1,064,275 1.524,379
Jan 1 to Apr 30--------- 29,949,640 27,219,923 4,666,796 5.433,534
Pennsylvania.b------------- Apr28,413,269 26,986,146 2,419,029 4,298,925
Jan 1 to Apr 30--------- 112,453,769 91,465,885 6,023,537 2,61|,726
Balt Ches & A tl.b ------Apr
124,813
107,611
9,560
14,872
Jan 1 to Apr 30--------399,070
251,180
2,105 def35,059
Cumberland V alley.b.A pr
419,957
428,139
30,924
195,804
Jan 1 to Apr 30______ 1,707,607 1,376,971
135,482
471,510
Grand Rap & In d .b .-A p r
608,911
580,875
19,609
122,700
Jan 1 to Apr 30........... 2,239,364 1,961,344 def48,070
166,648
Long Island.b_______Apr 1,985,636 1,575,166
448,322
497,926
Jan 1 to Apr 3 0 .......... 6,560,633 5,207,267
430,040
830,914
M ary Dela & Va_b___Apr
103,993
81,307
def3,371
1,412
Jan 1 to Apr 30...........
348,333
192,417 defl4,716 def43.005
N Y Phila & N o rf.b -.A p r
639,208
551,030
105,903
109,309
Jan 1 to Apr 30--------- 2,453,860 1,770,711
426.391
158,508
Pennsylvania C o .b __ Apr 8,068,486 6,854,361 1,042,432 1,092,260
_ _
Jan 1 to Apr 30........... 29,497,421 22,178,978
920,273 def529,817
Pitt Cin Chi & St L . b.A p r 7,813,282 6,662,298 1.011,259 1,224,725
Jau 1 to Apr 30--------- 28,754,044 22,973,681 1,602,979 1,740,070
W Jers & Sea Shore.a. Apr 832,378
634,985
def88,012
52,403
Jan 1 to Apr 30........... 3,020,359 2,265,164def534,927 def347,650
Pere M arquette.a_____ Apr 2,690,532 2,323,348
351,089 575,533
as* Jan 1 to Apr 3 0 .......... 9.982,717 7,409,109 1,329,240
---------775,077
Phila & Reading.b____ Apr 5,471,389 6,603,074
321,715 1.735,962
Jan 1 to Apr 30...........20,656,423 21,’641,’853 def947|403 3,025,662
Phila Beth & N E ng.b._A pr
52,597
112,670
def2,336
20,403
299,931
Jan 1 to Apr 30______
469,597
35,171
77,702
Pitts & Shawmut.b_____ Apr
84,474
97,755 def30,763
def2,697
Jan 1 to Apr 30...........
343,090
384,378 def98.128
35,977
100,236
Pittsb & West V a .a ___ Apr
158,537 def95,445
24,940
Jan 1 to Apr 30...........
421,172
540,121 def279,671
10,918
St Louis San Francisco-a Apr 5,855,857 5,455,252
. .
___ 1,059,034 1,020,846
Jan 1 to Apr 30--------- 23,370,322 19i275i623 2,916,598 2,685.919
St Louis Southwestern-b. Apr 989,182 1,216,473
.
283,131
614,127
Jan 1 to Apr 30--------- 3,998,853 4,379/913
595,499 1,922,257
St L Southw of T cx -b .A p r
429,321
482,929 defll9,196 def 11,387
Jan 1 to Apr 30........... 1,856,896 2,238,279 def496,255
233,319
St Louis Transfer, b ______Apr
70,823
86,292
11,956
16:099
Jan 1 to Apr 30...........
320,392
319,394
27,637
43,452
Seaboard Air Line.a_____Apr 3,359,084 3,047,549
191,770
610,233
Jan 1 to Apr 30...........13,766,771 11,375.151
731,166 1,952,227
South B uffalo-b_________ Apr
62,444168,252
24,017
78,244
Jan 1 to Apr
30.
444,133
470,753
117,069
112,135
Southern R y .b ...............Apr 10.110,423 10,019,882
838,170 3,592,393
Jan 1 to Apr
30-39,214,317 34,606,580 3,295,373 10,644,484
Alabama Gt South. b -.A p r 828,982
711,857
113,545
260,190
Jan 1 to Apr
30. 3,188,631 2,497,722
404,014
740,396
Mobile & O h io.b______ Apr 1,214,250 1,279,924 d e n 02,488
284,149
Jan 1 to Apr 30______ 4,735,674 4,287,433 def379,420
435,965
South RR in M iss.b -.A p r
131,636
100,751 def23,778
12,808
Jan 1 to Apr 30______
551,464
441,475 def25,075
86,091
Staten Isl Rap T ra n .b ..A p r
188,371
146,111
18,165
28,529
Jan 1 to Apr 30...........
660,534
394,109
57,353 def59,791
Term RR Assn of St L . b.A p r
290,913
295,301
20,966
87,504
Jan 1 to Apr 30........... 1,171,523 1,125,932 def28,211
244,916
St L M erB d g& T er.b .A p r
206,100
292,172 def80,297
46.582
Jan 1 to Apr 30______
861,791 1,011,664 def310,241
70,971
Union RR of P enn .b___ Apr
612,679
530,181
14,559
____
62,946
Jan 1 to Apr 30........... 2,382,459 1.584,593
237,472 def445,352
Virginian.b...................... Apr 680,346
903,584
84,299
267,458
Jan 1 to Apr 30______ 2.922,214 3,150,696
11,742
782,239
W abash.b.........................Apr 3,880,977 .3,656.296
_
530,660
869,114
Jan 1 to Apr 30........... 14,449.064 12,207,347
826,575 1.344.631
Western M ary la n d .b...A p r 1,124,868 1,084,656
.
17,767
84,212
Jan 1 to Apr 30______ 4,378,019 4,149,512 def321,249
158,013
Yazoo & Miss V alley.b-.A pr 1,798,195 1,681,233
164,717
502,746
Jan 1 to Apr 30______ 7,336,040 6.569,363 1,252,573 1,960,269

N e t E a r n in g s M o n t h ly to L a t e s t D a t e s .— T h e table
follow ing shows the gross and not earnings w ith charges and
surplus of S T E A M railroad and industrial com panies re
ported this week:
------ Gross Earnings-------------- Net Earnings----Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
$
Atcli T opek a & S F o_b -.A pr 12,818,623 12,837,146 2,683,068 5,187,937
Jan 1 to Apr 30--------- 50,910,056 46,607,274 10,035,191 14,719,101
Atlantic Coast L in e.b— Apr 6,312,477 4,397.989 1,498,507 1 503 729
Jan 1 to Apr 30...........22,960,934 17,659,074 4,614,382 5,857,654
Baltimore & O hio.a----- Apr 13,301,950 12,699,042 defl81,063 1 334 079
Jan 1 to Apr 30--------- 50,199,190 41,214,281def5514,091def2096,’235
Belt Ry of Chicago.b— Apr 256,398
353,149
6,057
71,520
Jan 1 to Apr 30...........
961,095 1,122,300 def50.073
45,329
Boston & M aino.a______Apr 5,484,928 5,567,873
241,547
796,650
Jan 1 to Apr 30--------- 20,320.399 18,785,400 def497,119
17,070
Buff Roch & P ittsb .a ...A p r
891,079 1,366,747 def179.998
101,548
Jan 1 to Apr 30........... 4,449,185 4.967,098 dcf383,503
81.544
Canadian Paciflc.a-------Apr 13,108,904 13,328,847 2,088.624 3,455.389
Jan 1 to Apr 30........... 49,575,581 46,121,628 6,162,296
------------- 8,207,061
Caro Clinch & O h io.b-.A p r
446,073
347,195
43,445
112,002
Jan 1 to Apr 30........... 1.796,087 1.360,052
327,881
423,547
Central of Georgia.a----- Apr 1,774,179 1,653,298
192,216
491,236
Jan 1 to Apr 30........... 6,717,673 6,616,804
284,437 1,872,730
Central Now E ngland.b.Apr 466,901
486,746 def47,678
150,610
Jan 1 to Apr 30--------- 1,879,659 1,714,247 def125,094
317,920
Central of Now Jersey.a.Apr 3,482,129 3,339,617
326,571
432,962
Jan 1 to Apr 30--------- 13.174,502 11,610,765
293,371
738,278
Chcsapeako & O h io .a -.-A p r 5,438,226 5,329,613 1,062,078 1.536,554
Jan 1 to Apr 30...........21,538,164 18,294,934 2,747.754 3,493,878
Chicago & A lton .a.........Apr 1,980,677 1,818,207
-----------126,687
328,773
Jan 1 to Apr 30........... 7,736,255 6,364,730
—
374,939
480,924
Chicago Junction, b ........Apr 240,050
289,815 def97,543
46,578
Jan 1 to Apr 30........... 1,063,735
961.536 def425,628 def72,414
Chic & North W cstern.b. Apr 9,840,279 9,172,082
„ , ____
909,782 1.548.755
Jan 1 to Apr 30--------- 38,734,266 32,457,919
~
'
3,186,995 3,001,306
Chic Burl & Q u in cy.b..A p r 11,161,011 11.666.499 1,916,250 3,435,729
Jan 1 to Apr 30...........44,566,854 40,879,322 8,385,977 9,740,519
Chicago Orcat W est.b_.A pr 1,585,432 1,523.525 def32,831
267,280
Jan 1 to Apr 30........... 6,429,861 5,590,766
809,715
457,409
Chic Milw & St P aul.b._A pr 11,967,299 10,193 964
934,582 1,311,375
Jan 1 to Apr 30...........44.149,524 35.312.650 1,895,272 2,787,199
Chic It I & Pacific.b _Apr 8,272,617 8,058,052
981,551 2,112,153
Jan 1 to Apr 30...........31,882.242 29.066.103 2,228,874 5,226,788
Ohic St P M & O m b — Apr 2,031,349 1,846,629
399,902
365,189
Jan 1 to Apr 30........... 8,295,824 ------7.087,716 1,382,851 1,148,657
Oin New Orl & T P a c .b . Apr 1,435,788 1,233,329
390,804
251,740
Jan 1 to Apr 30........... 5,572,445 4,062,865
761,634
973,876
Delaware & nudson_b__Apr 2,557.678 2,‘602,939
97,751
32,689
Jan 1 to Apr 30...........10,193,225 9,236,403
lll,7 4 5 d e f 1188,146
Del Lack & W est.b.........Apr 5,450,194 „5,217,570
u, „ 1,010,826 1,681,739
Jan 1 to Apr 30........... 21,810,350 18;663,530 4,393,370 4,540,170
East St Louis Connect.b-A pr
92,205
8 8 ,5 6 8
def12.622
382
Jan 1 to Apr 30...........
361,238
312,259 def83,060 def36,509
Erie.b . . . . . . . . .
Apr 6,801,844 6,525,179dofl002,914
362,327
Jan 1 to Apr 30...........26,531,361 22,092,892dof2192.008defl470,649
Grand Trunk West a - - - Apr 1,736,048 1,652,240
162,319
247,997
Jan 1 to Apr 30........... 6,392,056 4,605,647
613,876 def583,917
Great Northern.a. ...A p r 7,370.704 6,691,071 defll,378 dcfl82,345
Jan 1 to Apr 30...........29,866,890 24,168,930defl077,558
535,263
° u ,fT* S^ P Island b — Apr
182,473
194,599 d efl 0 ,5 7 5
5 3 ,9 7 6
Jan 1 to Apr 30...........
721,685
784,097 def24,510
216,194
Hocking V a llc y .a ----._ A p r
765,559
792,899
47,763
72,337
Jan 1 to Apr 30--------- 2,216,569 3,003,674 def597,616defl 140.645
Illinois C o n tr a l.a -.-_ .-Apr 8,015,774 8,484,010 def480,047 1,889,447
a Net earnings hero given are after deducting taxes,
^ pl!. 3? - - - - - - 32-772,806 30,911,071 dcf54,854 4,708,437
-----~
b Net earnings here given are before deducting taxes.
Kan City Mox & O r.b -.A p r
123,633
97,766 def 12,329 def32,012
Jan 1 to Apr 30.
Gross
Net after
350.051
395,928 def207,616 def93,414
Other
Gross
Fixed
Balance,
Earnings.
Taxes.
Income.
Kan City M & O o f Tex b Apr
81,986
100,416 def56,105
Income
Charges. Surplus.
def7,910
S
S
Jan 1to Apr 30...........
319,709
406,665 def259,287 def 17,005
%
$
S
$
Lehigh St Now England b Apr 286 881
Fonda Johnstown & Glov RR—
286,378
84.147
64,453
Jan 1 to Apr 30...........
938.433
A p r'19
102,313
35,377
3,553
38,930
111,402
32,058
968,738
6,872
140,968
’ 18
90,494
33,725
2,881
36,606
35,200
Lehigh V alloy.b...............Apr 5,105,030 4,700,621
1,406
471,203
700,590
4 mos '19
363,690
95,236
11,857
107,093
126,711 d e fl9 ,6 1 8
Jan 1 to Apr 30...........18,548,829 15,894,371
765,915
268,837
*18
334,568
111,011
11,559
122,570
131,993
d ef9 ,4 2 3
Louisville & Nashville a.A p r 8,600,941 7,269,436 1,005,785 1,639,926
Jan 1 to Apr 30--------- 33,606,503 28,084,314 3,406,118 5,768,161
E L E C T R IC R A IL W A Y A N D P U B L IC U T I L IT Y C O S .
Maine Central.a..............Apr 1,385 944 1,319,669 def128,609
155,939
Jan 1 to Apr 30........... 3,412,745 4,327,870 dof684;217 def384.590
Midland V alloy.b............Apr 307.301
302,490
46,859
110,601
Latest Gross Earnings.
Jan. 1 to Latest Dale.
Jan 1 to Apr 30........... 1,235,612 1,067,127
320,921
222,201
Name or Road
Mississippi Central, b __ Apr
75 353
or Company.
108,373 def 18,743
Current Previous Current
40,490
Previous
Jan 1 to Apr 3 0 ..........
309,674
Month.
Year.
Year.
382,720 def49,248
117,317
Year.
Year.
Missouri Kan & Texas.b Apr 2,565 830 2.688.870
279,701
644,051
S
Jan 1 to Apr 30...........10,103,488 9.425.870
S
S
704,855 1,631,112
AdirondackElPowCo April
133,574 135,730
554.027
592,758
Missouri Okla & G u lf.b.A p r
101,505
142,696 def76,101 def18,152 Alabama Power C o .. April
220,581
221.901
945,774
854,445,
Jan 1 to Apr 30...........
399,049
602,387 dof265,767 def37,062
/lAmer Pow & Lt Co.[M arch
1254,755 1042,088 3,976,370 3,315,645
Missouri P acific.a............Apr 6,868,821 7,562,394
_____ ____
473,989 2,267,495 Atlantic Shore R y
iApril
10,832
14,285
45,487
46,414
Jan 1 to Apr 30...........27,471,548 27,033,321
289,129 5,828,907
Aurora Elgin & Chic.lM arch
197,567 168,693
563,585!
439,409
Bangor Ry & Electric March
99,349
193,809 dofl0.475
Monong C onnect.b........ Apr
83,717
76,107
248,153
51,499
221,368
Baton
Rouge
Elec
Co
March
Jan 1 to Apr 30...........
661,131
645,000 def77,497
27,408 20,322
87,121)
82,035
61,691
Blackstone V G & El March
191,288 189,580
625,0361 546,693
Montour, b —
.......... Apr
111,366
94,870
___
def8,652
1,096 ^Brazilian
Trac L & P M arch
/9330000 /8094000 /25824.000 /23246.000
Jan 1 to Apr 30...........
321.652
---------- defl00,899 def56,014
305,849
Brock & Plym St R y . March
10,013
7,978
28,5081
22,729
Nashv Chatt & St L .b .-A p r 1,599,324 1,605,967
241,309
412,308
pBklyn Rap Tran Sys February 2501,320 2217,085 5,191,787 4,553.488
Jan 1 to Apr 30........... 6,016,176 5,822,680
------------- def22,469 1,262,638
Capo Breton Elec Co [March
42,924 39,517
138,0781
117,240
Nowburgh St So Shoro.b.Apr
151,303
92,873
7,742
Cent Miss V El Prop March
33,948
33,063 25,983
101,374!
80,013
Jan 1 to Apr 30...........
553,448
292,172
Chattanooga Ry & Lt March
103,877 dof30,935
146,116 151,533
334,586,
422,326
Cities Service C o___ 1April
1807,255 1885,750 7,375,948 7,742,035
Now Orl & Northeast.b.Apr
517,100
503,175
21,911
192,673
Cleve Painesv & East March
49,159 42,253
140.96L
Jan 1 to Apr 30........... 1,995.532 1,922,185
118,422
39.824
606,351
(/Columbia Gas & El.lApril
998,633 968,613 4,380,074 4,436,906
Now York C en tra l.b ...A p r 22,701,274 22,305,437 2,643,140 5,413.119
Columbus (Ga) El Co March
95,307 96,195
303,769
301.634
Jan 1 to Apr 30--------- 91,467,178 77,455,747 11,282,766 11,643.608




Latest Gross Earnings.
Name o f Road
or Company.

Current
Year.

Month.

Colum (O) R y, P & L F e b r u a r y
Com’w’th P, Ry & Lt A p r i l
Connecticut Pow C o. M a r c h
Consum Pow (M ich). A p r i l
j Cumb Co (Me) P&L March
Dayton Power & L t. A p r i l
gDetroit Edison_____ A p r i l
^Detroit United Lines March
Duluth-Superior Trac A p r il
East St Louis & Sub March
Eastern Texas E lec.. M a r c h
g El Paso Electric Co M a r c h
Fall River Gas Works M a r c h
Federal Light & Trac. M a r c h
Ft Worth Pow & L t. M a r c n
Galv-IIous Elec C o .. M a r c h
g Georgia L, P & Rys. M a r c h
Grand Rapids Ry Co D e c e m b e r
a Great West Pow Sys A p r i l
Harrisburg Railways. F e b r u a r y
Havana El Ry, L & P M a r c h
Honolulu R T Sc Land A p r i l
Houghton Co El L Co M a r c h
Houghton Co Tr C o. M a r c h
b Hudson & Manhat. F e b r u a r y
b Illinois Traction---- M a r c h
l Interboro Rap Tran. A p r i l
Jacksonville Trac Co March
Keokuk Electric C o . M a r c h
Key West Electric Co M a r c h
Lake Shore Elec I t y .. M a r c h
Lewist Aug & Waterv J a n u a r y
Long Island Electric. F e b r u a r y
Louisvillo Railway.. M a r c h
Lowell Electric Corp. M a r c h
Manhat Bdgo 3c Line F e b r u a r y
a Milw El Ry & Lt Co A p r i l
Nashville Ry & Light March
New England Power . A p r i l
Nowp N&H Ry, G&E A p r i l
N Y & Long Island.. F e b r u a r y
N Y & North Shore. . F e b r u a r y
N Y & Queens C o__ F e b r u a r y
New York Railways. F e b r u a r y
Northampton Trac. A p r i l
Northern Ohio Elec. A p r i l
North Texas Electric M a r c h
Ocean Electric (L I ). F e b r u a r y
Pacific Power & Light M a r c h
Pensacola Electric Co M a r c h
A p ril
Phila & Western
Portland Gas & Coke March
Port(Ore)Ry,L&PCo M a r c h
Porto Rico Railways. F o b r u a r y
Richmond Lt & RR F e b r u a r y
St L Rocky M t & Pac M a r c h
Santiago El Lt & T r. M a r c h
Savannah Electric Co M a r c h
Second Avenue (Rec) F e b r u a r y
Southern Boulevard- F e b r u a r y
Southern Cal Edison A p r i l
Staten Isld Midland. F e b r u a r y
Tampa Electric C o .. M a r c h
Tennessee Power___ M a r c h
k Tenn Ry, Lt & P Co M a r c h
Texas Power & Lt Co M a r c h
Third Avenue System A p r i l
D D E B & B R R - . F ebru ary
42dStM&StNA Ry F e b r u a r y
UnlonRy Co (N YC) F e b r u a r y
Yonkers Railroad. F e b r u a r y
N Y City Inter Ry F e b r u a r y
F ebru ary
Belt Lino R y __
Third Avenue._ F e b r u a r y
Twin City Rap Tran. A p r i l
Virginia Ry & Power- M a r c h
Wash Balt & Annap.. M a r c h
Westchester Electric. F e b r u a r y
F ebru ary
York Railways
Y o u n g sto w n & O h io . M a rc h

Jan.

Previous
Year.

1

Current

Year.

Previous

Year.

3 4 6 ,1 1 1
3 7 6 ,5 8 7
1 6 9 ,2 0 2
1 8 4 ,6 6 1
6 7 9 7 ,7 1 1
8 .2 6 6 .5 S 2
2 0 0 7 ,0 3 3 1 7 2 1 ,3 5 2
2 3 4 .9 7 4
3 1 7 ,6 8 8
7 8 ,1 7 7
1 0 3 .7 1 8
2 ,0 1 4 ,1 8 5
2 ,6 4 7 ,3 1 6
5 0 1 ,7 2 4
6 4 2 ,7 7 4
6 8 7 ,9 1 3
6 1 7 ,6 3 9
2 4 5 ,2 7 0
2 0 2 ,9 1 9
7 7 1 ,8 5 8
9 9 7 ,6 0 4
1 8 8 ,9 0 1
2 3 3 ,8 2 3
4
,
6
5 0 ,8 0 5
5
,
4
4
0
,
9
6
6
1
0
9
0
,2
9
7
1 2 8 5 ,0 4 7
4 ,3 4 5 ,9 0 6
5 ,2 9 6 ,2 3 1
1 8 7 7 ,3 2 3 1 5 8 4 ,7 1 2
5 5 7 ,0 9 8
6 1 1 ,7 3 6
1 3 6 ,1 7 6
1 5 9 ,5 2 2
9 3 8 ,9 7 2
1 ,0 7 4 ,5 8 7
3 2 8 ,2 2 1
3 6 9 ,7 8 6
2 5 2 ,3 2 7
3 2 0 ,9 4 2
8 7 ,4 5 9
1 0 6 ,7 8 2
3 2 5 ,7 6 7
3 7 6 ,1 4 3
1 0 7 ,5 3 2
1 2 8 ,1 1 3
1 5 9 ,3 6 5
1 6 9 ,8 7 8
5 2 ,8 9 5
5 1 ,5 0 5
9 0 1 ,7 8 3
9 9 5 ,4 0 4
3 0 0 ,8 9 8
3 3 2 ,4 6 1
3 3 8 ,9 3 1
3 2 7 ,2 3 0
1 0 8 ,4 5 8
1 0 1 ,8 5 9
5 9 1 ,5 9 6
7 1 8 ,0 2 8
2 1 5 .5 9 1
2 5 3 ,3 8 7
3 0 0 ,7 7 4
3 5 1 .5 7 2
1 0 2 ,2 9 5
1 1 8 ,2 5 6
1 ,3 0 3 ,8 6 0
1 ,2 7 8 ,3 4 8
1 1 7 ,2 3 8
1 1 7 ,6 5 6
1 ,3 8 8 ,1 9 7
1 ,6 5 0 ,4 1 8
3 4 2 ,2 0 8
4 0 9 ,6 8 2
2 6 0 ,4 8 2
1 8 9 ,6 6 1
8 9 ,8 5 7
1 2 4 ,0 0 4
1 ,9 0 4 ,1 9 1
2 ,0 8 6 ,7 6 9
6 4 2 ,1 1 0
6 5 7 ,2 5 5
2 2 4 ,8 2 1
2 3 7 ,7 8 2
5 4 ,0 3 0
6 0 ,7 7 0
1 0 9 ,6 5 1
1 1 0 ,1 4 2
3 3 ,4 6 8
3 5 ,7 5 0
8 7 ,9 0 2
7 9 ,3 8 8
3 1 ,8 3 4
2 9 ,4 2 9
1 ,0 9 0 ,5 5 2
1 ,2 4 9 ,3 3 7
5 2 7 ,6 3 6
5 9 0 ,3 7 2
3 ,6 1 1 ,5 9 7
4 ,2 1 9 ,2 6 4
1 4 0 4 ,9 9 3 1 2 1 4 ,0 4 4
4 0 1 5 ,0 3 7 3 5 3 9 ,6 6 7 1 5 , 3 2 2 . 0 3 5 1 4 , 0 1 4 , 6 6 9
2 1 0 ,4 6 0
2 5 6 ,9 7 1
7 8 ,9 0 0
9 2 .7 3 8
6 1 ,2 0 3
7 5 ,1 7 8
1 9 ,2 8 3
2 3 ,3 2 8
4 1 ,8 6 5
5 8 .3 2 1
1 4 ,9 4 1
1 9 ,8 7 8
4 4 7 ,6 5 7
5 5 1 ,6 7 8
1 6 4 ,9 4 0
1 8 5 ,8 0 7
4 7 ,1 2 0
7 8 ,0 7 0
4 7 ,1 2 0
7 8 ,0 7 0
2 8 ,6 4 5
2 9 ,5 9 6
1 3 ,9 8 4
1 4 ,4 0 6
8 4 6 ,6 1 8
9 6 3 ,7 5 1
3 0 5 ,2 6 0
3 3 3 ,7 3 5
1 9 6 ,3 9 0
2 5 9 ,2 7 7
6 4 ,6 2 7
7 7 ,0 6 4
2 1 ,1 5 1
2 4 ,1 1 0
1 0 ,4 0 1
1 1 ,3 7 5
3 ,7 5 2 ,2 8 6
4 ,7 6 9 ,8 8 2
1 1 5 8 ,7 9 0 9 0 3 , 5 9 6
6 2 2 ,0 3 3
8 0 2 ,5 9 4
2 1 8 ,5 8 4
2 6 7 ,2 8 4
1 ,0 1 3 ,4 4 3
1 ,2 2 6 ,0 1 6
2 4 2 ,5 6 5
2 8 9 ,8 4 8
5 6 5 ,1 7 1
8 2 0 ,6 6 2
1 5 6 ,2 9 4
2 0 3 ,4 0 1
5 3 ,4 1 5
7 5 ,0 8 0
2 6 .8 8 7
3 4 ,7 9 5
1 7 ,2 6 4
2 1 ,4 4 1
8 ,2 6 9
1 0 ,6 5 9
1 2 4 ,5 6 3
1 5 0 ,6 4 1
6 0 ,7 8 3
7 1 ,9 5 3
1 ,6 9 5 ,7 3 6
1 ,8 7 9 ,8 4 7
8 3 0 ,3 5 9
9 1 7 ,5 8 3
7 0 ,6 8 8
8 3 ,7 3 2
1 7 ,6 7 8
20,120
2 ,2 6 5 ,4 0 1
2 ,8 0 5 ,1 1 0
5 8 4 ,7 1 1
7 2 3 ,3 9 8
7 8 6 ,8 3 7
7 5 2 ,0 1 2
2 9 9 ,1 7 2
2 7 7 ,7 2 1
1 1 ,0 3 2
1 3 ,8 5 3
5 ,7 6 2
6 ,5 7 7
4 3 2 ,3 7 2
4 8 1 ,7 1 3
1 3 4 .2 3 0
1 5 1 .7 3 8
1 0 9 ,4 0 7
1 4 6 ,3 8 5
3 7 ,0 3 6
4 6 ,0 4 7
1 7 7 ,0 9 4
2 1 3 ,3 6 9
4 5 ,8 0 5
5 7 ,5 2 9
4 0 2 ,3 2 2
5 4 4 ,8 6 7
1 2 9 ,1 3 7
1 7 4 ,1 9 6
1 ,7 8 8 ,5 1 3
2 ,1 2 6 ,6 2 5
6 2 1 ,1 4 5
7 3 6 ,1 6 7
1 6 5 ,3 0 7
1 8 2 ,6 0 0
8 3 ,1 8 6
9 2 ,5 6 2
5 8 ,9 8 6
7 3 ,6 0 8
2 9 .6 5 5
3 6 ,2 3 6
1 ,2 6 4 .4 6 3
9 6 8 ,4 6 7
4 1 4 .1 1 8
2 8 2 ,0 7 4
1 6 1 ,8 6 7
1 8 0 ,0 3 5
5 4 ,0 9 6
6 0 ,5 3 9
2 2 ,9 4 9
3 1 8 ,3 5 8
9 4 ,3 7 7
1 0 7 ,8 4 3
1 0 5 ,2 6 7
1 1 5 ,0 5 7
5 0 ,8 7 2
5 5 ,2 6 2
2 9 ,5 0 6
3 4 .3 2 1
1 4 ,2 1 2
1 6 ,3 8 2
2 ,5 4 7 ,7 2 2
3 ,0 3 6 .9 5 7
6 4 2 ,0 5 1
7 8 9 ,8 2 3
3 6 ,2 1 7
4 1 ,8 7 9
1 7 ,8 9 5
2 0 ,6 3 4
2 6 6 ,4 8 3
3 1 4 ,2 9 0
9 2 ,9 3 2
1 0 6 ,6 9 4
4 9 0 ,0 5 0
6 3 9 ,9 2 7
1 6 9 ,3 5 7
2 0 8 ,5 9 4
1 ,3 6 1 ,4 7 7
1 ,6 4 2 ,4 1 0
4 7 8 ,5 2 8
5 4 7 ,6 4 1
7 9 5 ,4 7 5
8 7 1 .8 7 5
2 4 3 .8 8 7
2 6 8 ,7 1 3
3 ,0 8 7 ,7 3 4
3 .3 3 8 ,8 6 7
8 2 3 .1 1 9
9 0 4 ,8 6 2
6 8 ,0 5 0
9 0 ,1 2 5
3 2 ,8 4 3
4 8 ,0 7 9
2 3 2 ,5 3 2
2 5 9 ,8 1 5
1 1 1 ,5 9 0
1 2 9 ,3 2 0
3 7 8 ,9 5 8
4 0 7 ,5 0 0
1 8 2 ,0 9 9
1 9 5 ,7 1 8
1 1 8 ,6 6 0
1 3 2 ,8 8 4
5 7 ,3 0 1
6 4 ,1 9 7
1 0 5 ,9 8 8
1 0 7 ,4 4 6
5 0 ,7 5 5
5 1 ,6 2 5
8 9 ,9 7 8
8 8 ,5 1 6
4 3 ,9 7 9
4 3 ,1 7 6
6 1 8 ,7 3 4
6 2 2 ,9 4 9
2 9 5 .2 3 0
3 0 0 ,8 3 3
3 ,2 3 4 ,3 5 8
3 ,5 0 0 ,7 2 5
7 7 6 ,9 6 7
8 8 2 ,2 2 1
1 ,8 7 2 ,1 3 7
2 ,1 5 1 .0 4 6
6 4 7 .8 2 1
7 3 7 ,3 0 7
5 2 9 ,8 8 1
5 6 8 ,8 9 0
1 9 3 ,1 4 0
1 8 1 ,5 2 4
7 9 ,4 4 5
8 7 ,2 3 9
3 8 ,2 8 5
4 2 ,3 0 0
1 8 9 ,0 7 0
2 2 7 ,4 5 1
9 1 ,5 4 2
1 0 9 ,4 7 9
9 5 ,9 9 2
1 1 0 ,2 2 4
3 5 ,4 0 9
3 8 ,7 9 8

Electric R ailw ay an d O th er P u blic U tility N et E arnin g s .— The following table gives the returns of E L E C 1 1UO
railway and other public utility gross and net earnings with
charges and surplus reported this week:
------ Gross Earnings--------------Net Earnings
Current
Previous
Current
Previous
. Year.
Year.
Year.
Year.

labama Power C o .a ___ Apr
M ay 1 to Apr 30--------Colorado Power C o .a ___ Mar
Apr 30 to Mar 31______
Northamp’n Easton & Wash­
ington Traction C o .a .A p r
Jan 1 to Apr 30--------Philadelphia Company—
Natural Gas C o s.a — Apr
Jan 1 to Apr 30______
Oil Companies.a _____ Apr
Jan 1 to Apr 30--------Coal Companies.a____ Apr
Jan 1 to Apr 30--------Elec Lt & Pow C o s.a .-A p r
Jan 1 to Apr 30______
Street Railway Cos.a.*Apr
Jan 1 to Apr 30--------So Canada P Co Ltd-------Apr
Oct 1 to Apr 30______
Utah Securities Corp (subsidiary cos. o n ly ).a — Apr
M ay 1 to Apr 31---------

220,581
3,111,060
94,708
1,253,525
20,120
83,732
■
1,159,971
5,431,320
112,519
467,344
68,636
282,431
1,037,494
4,225,966
52,025
2i 1,527
47,610
343,649
•
572,157
7,059,369

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

1 7 ,6 7 8
7 0 ,6 8 8

3 ,0 2 3

7 ,9 5 9
2 0 ,6 0 3

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

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

6 2 0 ,4 1 6
2 ,2 1 9 ,5 9 0

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

1 0 0 ,3 4 6
4 0 0 ,2 1 1

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

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

3 6 ,8 7 £
1 1 9 ,5 6 0

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

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

4 4 ,3 6 4
1 6 8 ,2 3 8

9 ,6 4 9
3 9 ,2 7 6

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

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

2 2 ,5 2 7
1 6 1 ,5 1 6

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

5 6 1 ,2 8 5
6 .8 4 6 ,9 6 6

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

3 1 3 ,9 3 5
3 ,6 5 1 ,3 7 0

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

April T9
T8
12 mos T9
T8
Cleveland Paines- Mar T9
villo & Eastern
18
3 mos T9
T8




1,807,255 1,744,179
1,885,750 1,848,496
21,913,980 21,285,187
20,127,716 19,747,715
49.159
14.934
42,253
15,043
140,961
41,113
118,422
36,739

&

G r e a t W e ste rn P o w
A p r 19
S y ste m
'1 8
4 m os T 9
'1 8
In te rb o ro R a p T r a n A p r T 9
Co
T8
1 0 m o s '1 9
'1 8

101,222
1 0 7 ,9 2 8
1 1 2 ,2 0 7
1 ,0 5 5 ,1 8 9
9 1 5 ,8 7 8

5 2 ,0 6 3
5 0 ,7 2 9
6 0 5 ,5 2 3
5 9 6 ,9 2 2

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

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

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

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

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

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

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

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

2 1 2 2 ,3 7 5
1 3 6 ,8 9 6
2 9 1 ,0 8 8
1 3 8 ,4 7 5
2 4 8 0 ,0 8 6
5 4 7 ,8 2 3
2 3 0 1 ,7 1 4
5 5 5 ,1 7 7
1 .6 0 8 ,3 7 6 2 d e f l2 0 ,7 6 6
1 ,1 8 0 ,5 1 2
2 3 8 6 ,5 5 2
1 4 ,9 9 2 ,5 5 l2 d f 3 4 5 7 ,8 3 2
1 1 ,1 7 9 ,1 8 3 2 4 ,0 4 3 ,2 8 5

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

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

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

N ew port N ow s &
Apr T 9
H a m p to n R y , G as
'1 8
& E le c C o
4 m os T 9
'1 8

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

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

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

Apr T 9
'1 8
T9
T8

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

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

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

M ar T 9
'1 8
T9
'1 8

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

6 6 ,5 9 8
i Q I ’ lS o
2 5 5 ,5 2 8
3 2 4 ,4 9 3

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

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

S o u th e r n C a lifo r n ia A p r T 9
E d is o n C o
'1 8
12 m o s T 9
'1 8

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

2 6 8 ,0 6 6
2 4 3 ,8 2 6
3 ,0 4 6 ,3 2 8
2 ,6 3 0 ,0 8 0

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

T h ir d A v e n u e R y
Apr T 9
S y ste m
'1 8
10 m os T 9
'1 8

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

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

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

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

* 3 2 ,1 6 4
* 7 2 ,3 4 3
* 1 2 7 ,7 5 1
1 * 1 8 4 ,6 1 6

N o r t h C a r o lin a
P u b S e r v ic o C o
12

m os

S t L o u is R o c k y M t
& P a c ific C o
3

m os

W a s h B a lt & A n n a p
E le c R I t C o

x

A fte r

M ar T9
'1 8 *
3 m os T 9
'1 8

a llo w in g

fo r

o th e r

1 8 1 ,5 2 4
1 9 3 ,1 4 0
5 6 8 ,8 9 0
5 2 9 ,8 8 1
in c o m e

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

7 ,6 4 3
7 ,1 7 0
8 ,4 6 2
d e f9 ,2 1 4
1 2 5 ,3 3 3
* 2 4 ,3 2 6
* 1 1 4 ,1 5 9
* 8 0 ,9 7 6
1 2 ,7 8 4

12,111

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

r e c e iv e d .

Balance,
Surplus.

Gross
Earnings.

Fixed Chgs.
Net
eft Taxes.
Earnings.
8 8 1 ,6 0 2
7 1 3 ,1 7 8
3 ,5 3 6 ,5 2 1
2 ,4 8 2 ,7 6 8
2 4 ,4 8 7
1 9 .4 8 3
9 5 ,0 5 4
9 1 .4 8 3
1 4 6 ,8 9 5
1 7 4 ,6 2 2
6 2 3 ,2 7 1
7 4 8 ,3 9 8

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

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

N o r t h e r n O h io E lc c A p r T 9
18
C o r p o r a tio n
12 m os T 9
'1 8

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

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

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

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

P h ila & W e s te r n
R y Co

Apr T 9
'1 8
4 m os T 9
'1 8

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

Apr T 9
'1 8
4 m os T 9
'1 8

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

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

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

T w in C i t y R a p id
T r a n s it C o

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

s

C o m m o n w ’th P o w ,
R y & L ig h t C o

Apr T9
'1 8
4 m os T 9
'1 8
H o n o lu lu R a p id
Apr T 9
T r a n s it & L a n d C o
'1 8
4 m os T 9
'1 8
N ew Y ork D ock C o
4

x

Apr T9
'1 8
T9
'1 8

m os

$

S

S

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

A fte r a llo w in g fo r o th e r in c o m e r e c e iv e d .

The United Gas & Electric Corporation

C itiz e n s G a s & F u el M a r ’ 19
C o (T e rre H a u te , In d ) 18
12 m o s ’ 19
18

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

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

$
3 ,6 6 1
3 ,6 3 7
4 4 ,1 0 2
4 6 .0 3 4

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

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

1 4 ,4 9 0
1 2 ,7 4 9
2 2 9 ,6 0 6
2 0 6 ,9 1 6
81
127
6 ,3 7 0
6 ,5 8 2

1 2 ,7 7 8
1 2 ,4 6 0
1 5 1 ,9 6 0
1 4 9 ,5 1 6
346
336
4 ,1 4 4
3 ,9 1 7
2 6 ,8 2 1
2 7 ,2 8 2
3 2 3 ,0 6 1
3 2 4 ,7 1 4
6 ,9 6 9
6 ,8 2 8
8 2 ,6 6 2
8 1 ,0 7 3
1 0 ,3 9 3
9 ,4 4 6
1 2 0 ,4 0 7
1 1 0 ,8 7 8
2 0 ,8 0 5
2 0 ,5 0 8
2 4 8 ,5 6 1
2 3 7 ,2 2 3

1 ,7 1 2
289
7 7 ,6 4 6
5 7 ,4 0 0
d ef 265
def 209
2 ,2 2 6
2 ,6 6 5

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

C o lo S p r in g s (C o lo ) M a r T 9
'1 8
L t l i t & P ow er C o
12 m o s ’ 19
18
C o lu m b ia (P a ) G a s M a r ’ 19
18
Co
12 m o s 19
18
C o n e s to g a T r a c tio n M a r ' 19
C o (L a n ca ster, P a)
' 18
1 2 m o s ’ 19
18
C on su m ers E l L t
M ar T 9
'1 8
& P o w e r C o (N o w
O r l, L a )
12 m o s T 9
'1 8
E d is o n E le c C o
M ar T 9
'1 8
(L a n ca ster, P a)
12 m os T 9
'1 8
E lm ir a ( N Y ) W a t M a r T 9
'1 8
L ig h t & R R C o
12 m o s T 9
'1 8

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

H a r r is b u r g (P a ) L t M a r T 9
'1 8
& P ow er C o
12 m os T 9
'1 8

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

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

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

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

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

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

824
1 ,3 8 2
1 2 ,8 6 9
1 6 ,5 1 8

130
130
1 ,5 6 0
1 .5 5 5

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

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

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

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

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

11,421
46,626
34,062

689
3 ,6 2 2
d e f 5 ,5 1 .3
2 ,6 7 7

L a n c a s te r (P a ) G a s M a r T 9
'1 8
L ig h t & F u el C o
12 m os T 9
'1 8

S

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

: r l l ,1 9 4
M 4 .8 0 8
2 2 1 ,4 5 6
2 4 9 ,2 0 4

L a k e S h o r e E le c tr ic M a r T 9
R a ilw a y S y s te m
'1 8
3 m os T 9
'1 8

172,745
„ 210
872,853
2,635

Balance
Surplus

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

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

M ar T9
T8
12 m os T 9
T8

G e o r g ia L ig h t, P o w M a r T 9
& R a ilw a y s C o
T8
12 m o s T 9
'1 8

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

Apr T9
T8
12 m o s T 9
'1 8
Apr T9
D u l u t h S u p e r io r
T8
T r a c tio n C o
4 m os T 9
T8

H o u s to n (T e x ) G a s M a r T 9
'1 8
& Fuel C o
12 m o s T 9
'1 8
H o u s to n H t s (T e x ) M a r T 9
'1 8
W a te r & L t A ssn
12 m os T 9
'1 8
I n t e r n a t 'l S y s t e m
M ar T 9
'1 8
(B u ffa lo , N Y )
12 m o s T 9
'1 8

* Excluding Pittsburgh Railways Co.
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
Gross ■ Net after
Fixed
Earnings.
Taxes.
Charges.
Cities Servico
Co

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

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

8

C on su m ers P ow C o

F e d e r a l L ig h t
T r a c tio n C o

Fixed
Charges.

N et after
Taxes.

Gross
Earnings.

to Latest Date.

a Includes Milwaukee Light, Heat & Traction Co. b Includes all sources.
/ Earnings given in milreis. g Includes constituent or subsidiary companies
h Subsidiary companies only, j Lewiston Augusta & \\ aterville Street Ry.
earnings, expenses, &c., not included in 1919. It Includes Tennessee R y.,
Light & Power C o., the Nashville Ry. & Light C o., the Tennessee low er
Co. and the Chattanooga R y. & Light Co. /.Includes both elevated and
subway lines.

Companies.

[Vol. 108.

THE CHRONICLE

3234

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

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

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

1 ,5 0 8
8 ,7 6 6
5 5 ,6 9 9
1 4 6 ,2 9 5
694
1 ,2 5 2
1 1 ,3 0 9
1 4 ,9 6 3

1 9 0 ,3 1 1 d e f l 0 1 , 3 5 1
d e f5 5 ,8 9 5
1 5 4 ,0 2 6
2 ,3 1 l ,5 9 9 d e f l l 6 7 ,7 1 5
6 4 6 ,9 1 6
1 ,9 4 3 ,6 8 2
2 ,2 6 6
2 ,2 1 9
2 7 ,1 4 0
2 5 ,6 1 1

1 ,8 1 4
552
5 5 ,6 3 9
4 9 ,3 8 0

M

ay

31

1 9 1 9 .]

THE CHRONICLE

2235

Gross
Net
Earnings. After Taxes. Fixed Chgs.
S
$
27,828
8,177
3,400
22,094
def 872
2,884
282,596
49,154
36,203
243,171
25,579
34,607
41,830
7,360
7,525
38,402
2,966
7,836
459,131
161,061
82,672
394,728
82,835
77,619
10,316
4,975
5,185
11,052
7,828
5,080
114,110
49,455
63,326
155,512
142,729
100,684
38,306
25,375
449
24,545
12,073
3,523
304,234
160,336
7,870
211,519
78,461
23,666
16,297
4,583
4,445
16,411
5,071
4,593
170,939
48,191
54,598
184,796
59,944
56,485
18,536
5,062
3,509
14,005
1,415
3,378
221,624
70,739
42,522
185.918
46,914
42,883
100,765
41,772
21,328
85,489
32,226
21,662
1,033,661
411,397
258,588
856.091
354,029
247,434

Balance,
Depreciation. On Dec. ,11 1917 the accumulated balance credited to re­
Surplus.
Leavenworth (Kan) Mar ’ 19
4,777
Lt Ht & Pow Co
’ 18
def3,756
12 mos ’ 19
12,951
Additions and Betterments.— During 1918 there was expended for addl’ 18
def 9,028 tions and betterments $416,404, but only a small portion was taken into
Lockport (N Y) Lt Mar ’ 19
def 165 the property account during 1918. The most important roadway improve­
Ht & Power Co
'18
def4,870 ments undertaken were the filling in of two trestles, building additional
12 mos ’ 19
33,389 tracks and increasing the interchange facilities at Northern Maine Junc­
'18
5,216 tion and a substantial enlargement of the yard at Van Buron necessitated
the increased traffic moving across the Van Buren bridge
AimroxiLouisiana Gas &
Mar ’ 19
def 2 1 0
Fuel Co, Inc (Shreve- ’ 18
2,748 pdor to^Federa? controfP°UdCd f ° r equipment ordered by the corporation
port, La)
12 m o s’ 19
def13,871
Bonds .— The funded debt remained unchanged except that your company
’ 18
42,045
has acquired all of the outstanding 2d Mtge. bonds. This issue of bonds
Louisiana Gas Co Mar '19
24,926 now may bo retired and proceedings already have been undertaken for
(Shreveport, La)
’ 18
8,550 cancellation of the 2d Mtge. This makes tho Consolidated Refunding
12 mos ’ 19
152,466 M tge. a second instead of a third lien on the company’s main line from
’ 18
54,795 Brownvillo to Caribou and Ashland Junction to Ashland, and on the Fort
Richmond (Ind) Lt Mar '19
138 Fairfield branch. Car trust payments aggregated -SI9.000.
Heat & Power Co
’ 18
478
Dividends.— The regular semi-annual dividends of 3}A% each wero dis­
12 mos ’ 19
def6,407 tributed April 1 and Oct. 1 , respectively, on the 34,800 shares of preferred
’ 18
3,459 stock. The Director-General has authorized the distribution for and on
Union Gas & Elec Mar ’19
1,553 account of the year 1918 of 4% on the 38,600 shares of common stock, and
Co (Bloomington, 111) ’ 18
def 1,963 this amount has been paid under resolutions of the board adopted in March
12 mos '19
28,217 and September. A dividend of 2% for the six months ended Mar 31 1 9 1 9
'18
0,1
4,031 also has been authorized and was paid April 1 1919.
Tho Wilkes-Barre Mar ’ 19
Record 7 raffic.— During 1918 the tonnage handled over the road was the
20,444
Co (Wilkes-Barre, Pa) ’ 18
greatest
In
its
history.
A
continued
industrial
development
has
been
ex­
10,564
12 mos ’ 19
152,809 perienced throughout the territory served.
’ 18
106,595
INCOME STATEMENT FOR CALENDAR YEARS.
Inc. ( + ) or
1918.
1917.
Dec. (— ).
Compensation accr’d 1918 under Fed.
FINANCIAL REPORTS.
Control and same income in 1917..' $1,555,775 $1,625,012
— $69,237
48,199
29,229
A n n u a l, & c ., R ep o rts.— The following is an index to all Railway war tax accruals___________ .
+ 18,97a
Remainder__ _______
annual and other reports of steam railroads, street railways
$1,507,576
$1,595,784 — $88,208
Other
income_____I.
3,741
and miscellaneous companies published since April 20.
20,117
+ 16,376.
This index, which is given monthly, does not include
$1,511,317 $1,615,901 — $104,583
—
uu
x
uuuuu
UUUl____________
reports in to-day’s “ Chronicle.”
987,257
1,090,177 — $102,920
Interest on unfunded debt
14,416
+ 14.416
Full-face figures indicate reports published at length.
Amort, of discount on funded debt"**
24,364
— 24,364
Railroad—
Page.
Miscellaneous Companies ( Concl.) Page. Miscellaneous income charges
9,239
8,186
+ 1,073
corporate general expenses
A la b a m a T e n n e s s e e & N o r t h e r n R R . 2 0 2 1 H o l l y S u g a r C o r p o r a t i o n ______________2 0 2 6
15,076
+ 15,076

A t c h . T o p e k a & San ta F o R y _______2118
A tla n tic C oa st L ino R R _____________ 2118
B a n g or * A ro o s to o k R R ____________2119
B o s to n & M a in o R R .......... ......... ........... 2018
B u ffa lo & Susquehanna R R . C o r p . .1 8 1 6
C h ica g o M ilw au k ee & S t. Paul R y . . 2 0 l 7
C h ica g o N o rth Shore & M llw . R R __2120
C h ica g o & N o rth W estern R y _______ 1928
C h ica g o S t. P a ul M . & O . R y .1 9 2 8 , 2119
C rip p lo Creek C en tral R y .....................1936
D ela w a ro & H u d son C o .............1928, 2017
. G ra n d T ru n k R y . o f C a n a d a ________ 2118
K a n sa s C ity R y s . C o . . . .................. . .2 1 2 0
L eh igh & N ew E n gla n d R y __________ 1936
N a sh v ille C h a tt. & S t. L ou is R y ____ 2119
N a tion a l R a ilw a y s o f M e x ic o _______ 1816
P ittsb u rg h & W est V irginia R y ______2118
U n ion P a cific R R ____________ _______ 2117
W a b a sh R a ilw a y _____________________ 1929

Electric Railways—
C om m on w ea lth R y ., P o w . & L t . C o . 1822
H a v a n a E l e c .R y . ,L t . * P . C o _ . 1822, 2017
I r o n w o o d & B essem er R y . & L t . C o . 2122
L a k e S hore E lectric R y . Co .................. 2123
R e p u b lic R y . Sc L ig h t C o . . . ................2023
Sou th ern N . Y . P o w e r * R y . C o r p ._ 2 1 2 3
T en n csseo R y ., L t . & P ow er C o _____1820
U n ited L ig h t & R a ilw a y s C o ................2123
U n ited R y s . & E le c . C o . o f B a lt_____1929

Miscellaneous Companies—
A llis C halm ers M fg . C o _______________ 1823
A m erican B eet S u g a r .. ......................... .2 0 2 1
A m erica n Bosch M a g n e to C o r p ______2019
A m erica n D ru g g ists’ S y n d ica te ........... 1935
A m erica n H ldo & L eather C o _________1823
A m erica n L ig h t & T r a c tio n C o ______ 1823
A m erica n R a d ia tor C o _______________ 1817
A m erica n Steel F ou n d ries.......................2124
A m erican W in d ow G lass M a c h . C o . 1938
A m erica n W ritin g P a p er C o __________1817
A n a co n d a C o p p e r M in in g C o ________ 2019
A n g lo-A m erica n C om m ercia l C o r p . .2 0 2 4
A n g lo-A m erica n OH C o _______________2024
B r a d e n C op p er M in es C o ____________ 1931
B u rn s B ros, o f N . J ___________________1932
B u tt o * S u p erior M in in g C o ________ 2125
C a liforn ia P a ck ing C o r p ______________1939
C erro d o P a sco C op p er C o r p ________ 1818
C h ica g o P n eu m a tic T o o l C o ............... .2 1 2 5
C h llo C op p er C o . . .....................
1939
C h in o C op p er C o ______________ 1933, 2125
C o lo r a d o Fuel & Iron C o ____________ 2125
C o lu m b ia G ra p h op h on o M fg . C o . . .2 0 2 4
C o n n e cticu t M ills C o .......... ..................... 2125
C r a m p & Sons S h lp b ld g . C o . .1 8 2 4 , 1932
D a v ls -D a ly C o p p e r C o ........ ................... 2025
D a v is o n C h om lcal C o ________________ 1824
D en n ison M a n u fa ctu rin g C o ________ 1824
D ia m o n d M a tch C o __________
- .1 8 2 1
D o m e M in es C o ., L t d ............................. 2126
E le c tr ic B on d & Share C o ____________ 2126
E le c tr ic Storago B a tte r y C o __________1819
F a irb a n k s, M o r s e * C o ________
1939
(R o b e r t ) G a lr C o _____ _______________ 2121
G eneral A sp h a lt C o ____________1824, 1932
G en eral E lectric C o ___________________1816
G en eral M o to rs C o r p o r a tio n ________ 2025
G re a t W estern P ow er S y ste m _______ 1824
G u lf States Steel C o ---------------------------1824
H a y n e s A u tom ob llo C o ........................... 2127
H o ck in g V a lley P ro d u cts C o ________ 2127

H o l t M a n u f a c t u r in g C o _______________ 182 4
H u r s t & C o . , I n c _______________________ 2 1 2 8
I n g e r s o ll- R a n d C o ........... .............
1930
I n t e r n a t io n a l H a r v e s t e r C o . . . 1 9 3 2 , 2 0 1 9
I n t e r n a t io n a l S a lt C o ........... ........
1934
K e l l o g g S w it c h b o a r d & S u p p l y C o . . 1 9 4 0
K e n n e c o t t C o p p e r C o r p ........... ................1 9 3 0
L a n s t o n M o n o t y p e M a c h ln o C o _____2 0 2 6
M t . V e rn o n -W o o d b u ry C o tto n
M i l l s C o ..........................................1 8 2 5 , 1 9 4 0
M a g m a C o p p e r C o ..............................
2026
M a n u f a c t u r e r s ’ L ig h t & H e a t C o . . . 1 9 4 0
M a s o n T i r e & R u b b e r C o .........................2 1 2 8
1940
N a t i o n a l B r e w e r ie s C o .................
N a t i o n a l C o n d u i t & C a b lo C o ________ 2 0 2 7
N a t i o n a l F u e l G a s C o ................................ 2 0 2 7
N e v a d a C a li fo r n ia E l e c . C o r p ________ 194 0
N e v a d a C o n s o lid a t e d C o p p e r C o ___ 2 1 2 9
N e w Y o r k D o c k C o ....................
1934
N . Y . S h ip b u ild in g C o r p ______________1821
N i a g a r a F a lls P o w e r C o _______________ 1 8 2 5
N lp ls s ln g M in e s C o _____________________1941
N o r t h P a c i f i c P u b l i c S e r v ic e C o _____ 1941
N o r t h e r n S t a t e s P o w e r C o ____________ 2 1 2 9
N o r t h w e s t e r n E l e c t r i c C o ______________1 8 2 5
O h io F u e l S u p p ly C o ______ _____________ 1941
O k l a h o m a N a t u r a l G a s C o ____________ 2 1 2 9
O w e n s B o t t l o M a c h ln o C o ____________ 1 8 2 5
P a c i f i c G a s & E le c t r i c C o ........... ............. 2 1 2 0
P e n n s y lv a n ia C o a l & C o k e C o ________ 1941
P le r c o - A r r o w M o t o r C a r C o ....................1941
P it t s b u r g h & A ll e g h e n y T e l e p h . C o . 1 8 2 6
P it t s b u r g h R o ll s C o r p __________________ 193 4
P it t s b u r g h S te e l C o ......................................182 6
(T h o m a s ) P la n t C o ......................................1 8 2 6
P o r t la n d R y . , L ig h t & P o w e r C o _____ 1 8 1 9
P u ll m a n C o .................
2027
Q u in c y M i n i n g C o ................ ....................... 1 8 2 6
R a y C o n s o lid a t e d C o p p e r C o _________ 2 0 2 7
S t . J o s e p h L e a d C o ............................
1817
S a f e t y C a r H e a t in g & L ig h t in g C o . . 1 8 2 6
S a v a g o A r m s C o r p ........................................182 6
S a v a n n a h E le c t r i c C o __________________2 0 2 7
S a w y c r - M a s s e y C o ................................ I I 2 0 2 7
S h a t t u c k A r iz o n a C o p p e r C o _____I I 2 1 3 0
S im m o n s C o ..............................
2130
S lo s s -S h e ffle ld S t e e l * I r o n C o I I I I I l 2 1 2 l I

$485,330
$493,174
243,600
43,167
154,400
154,400
Balance, surplus...............................
$295,607
$87,330
GENERAL BALANCE SHEET DEC. 3 1

Preferred divs. v.
Common divide©

Assets—

1918.

$

1917.

3

I n v . in r ’ d & c q u i p . 2 9 , 5 4 2 ,0 9 3 2 9 ,5 9 1 ,2 9 7
D e p o s i t s In lie u o f
m tg d . p r o p .s o ld .
1 ,2 8 0
9 ,4 6 9
I n v . in a f f l l . c o s . .
2 5 0 .0 0 0
2 5 0 ,0 0 0
O t h e r in v e s t m e n t s
1 5 0 .0 0 0
C a s h ..............................
9 ,3 4 8
5 8 0 ,7 2 4
S p e c i a l d e p o s i t s ___
2 3 2 ,6 2 0
2 2 7 ,0 2 5
L o a n s & b il ls r e c ’ lo
3 0 ,9 0 5
2 4 ,0 0 7
________
105| 776
T r a ffic , & c ., b a ls .
AC
r\tta
.tr c o n d ’ r s .
A
gr
enn
s &
7 7 ,5 2 9
A c c ’ ts r e c e iv a b le ..
1 2 ,7 7 9
9 8 ,7 8 8
M a t ’ l a n d s u p p lie s
6 1 6 ,6 4 9
___
O t h . c u r r e n t a s s e ts
9
6 3_____
,9 4 0
8 ,2 9 3
D e f e r r e d a s s e t s . . _ x l , 7 5 1 ,3 2 7
2 ,3 8 7
U n a d j u s t e d d e b it s y 6 2 6 ,5 6 5
3 8 5 ,0 9 6
T o t a l ........................3 3 ,5 7 0 ,8 5 7 3 1 ,9 7 7 .0 3 9

Liabilities—

— 87,844
+200,433

er annum).
4 % )............

1918.

1917.

s

s

P r e fe r r e d s t o c k . . . 3 ,4 8 0 ,0 0 0
3 ,4 8 0 ,0 0 0
C o m m o n s t o c k . . . 3 ,8 6 0 ,0 0 0
3 ,8 6 0 ,0 0 0
L o n g - t e r m d e b t . . . 2 0 , 9 9 7 ,0 0 0 2 1 ,0 1 9 ,0 0 0
L o a n s & b il ls p a y ’ lo
5 3 5 ,0 0 0

1918.
Liabilities (Con.)
S
T r a ffic , & c ., b a ls .
1 ,6 7 8
V o u c h .A w a g e .p a y .
3 ,1 1 0
A cco u n ts p a y a b le .
6 ,3 2 8
X n t. m a t . u n p a id
2 3 2 ,6 4 3
F u n d e d d e b t m a t’r
u n p a id
U n m a t’d d iv s . d e ­
c la r e d ____________
3 8 ,6 0 0
U n m a t ’d in t . a c c r .
1 6 4 ,3 6 7
O th e r c u rre n t I la b .
536
D e f e r r e d lia b ili t ie s z l , 2 7 7 ,0 6 1
5 2 ,9 5 8
T a x l i a b i l i t y ...........
O p e r a t in g r e s e r v e .
312
D e f ’ d m a in t e n a n c e
1 4 2 ,0 4 6
A c c r . d e p r e . e q u i p . 1 ,0 4 5 ,0 5 4
P r e m . o n fu n d , d ’ t
5 ,2 4 2
O t h . u n a d j. c r e d s .
6 4 ,8 9 6
A d d ’ns to p ro p e rty
th rou g h In c o m e .
1 6 6 ,9 2 4
A p p ro p . su rp. n ot
s p e c i f ic a ll y I n v .
6 1 ,3 7 1
P r o f i t a n d lo s s _____ 1 ,4 3 5 ,7 3 3

1917.

$

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

1 0 ,0 0 0
1 6 4 ,3 5 8
3 2 ,0 8 3
139'
4 3 ,3 9 3
1 ,1 0 5
1 4 2 ,0 4 6
9 8 2 ,2 7 3
5 ,5 6 3
1 6 0 ,8 3 1
1 6 4 ,7 2 0

61,371
1 ,3 5 2 , 3 7 5

Total................ 33,570,857 31,977,039

75n
fn accou.nts " j t 11 U. S. R R . Administration, total $ 1 ,lnvin^i,nnn Increase due principally to costs of new equipment being built,
having been charged to unadjusted suspense accounts and not cleared be­
fore the close of the year, z Credit balances in accounts with 17 q rti
Administration, total SI,275,970 27.— V .1 0 8 . p 2119
U‘ ‘ R R ‘

Louisville (K y .) Railw ay.
(Report for Fiscal Year ending Dec. 31 1918.)
President T . J. Minary, Feb. 4, wrote in substance:
n ^11f f i e io n F
a sddnC
id n a

t

F 7 V,” F ‘

there
been
expenses m
e r e nhas
as D
e e n sset
ee

i o u t h B e n ^ W a t e h ' c o l 11 * I ..............................S
S t a n d a r d OH C o . o f N . Y ......................... 1 8 2 6
S t a n d a r d T e x t i l e P r o d u c t s C o ............. 2 0 2 8
S u n C o . (O il P r o d u c e r s ) .......................... 2 0 2 8
S w a n & F in c h C o . .
S w if t I n t e r n a t io n a l
______ __
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 I i 819

Outlook.— It is impossible to say what will b e ‘the earnings of tho com.
pany for the year 1919,. or how far they will bo affected b W e reduction
S L fe
S
Camp Zachary Tay’lor“ That’th e

I

^

th * ^

° f th *

U . S . L ig h t & H e a t C o r p _____________ 2 1 2 1
U . S . R e a l t y & I m p r o v e m e n t C o _____2 1 3 1
U n i t e d S t a t e s S t e e l C o r p . . ...................1 8 1 7

»

... l8 therefore clear tho stockholders czj}
can’e.lpwt'no
V id ^ X during
d,,r!n^ tho
tho
expect no Ih
dividends
year 1919 under these conditions
1 hat it is absolutely necessary that the
Un?tert*AlhrvUtttpDCorn C° .........I c°mjPany should havo ail increased farew ilfaTSnce apn'ear'
Tin
Corp.................. q2 1%
U n i t£e d A
D r™
u g nl?
C o ......................
3 1.comp‘Y;y (Iocs not want to do anything that will cripplo the service
S ° , ko m ^Raincd unless, relief is af^rded?a^d th©
U n it e d G a s * E l e c t r i c C o r p ___________ 1 8 2 7
necessity of such relief is emphasized by the following ouotatlon’frnni fha
U n i t e d P r o f i t S h a r in g C o r p ........... ........ 1941

*ss s

d^ f t e r * ntativ“ of the

w a fi

the financial condition of these companies was shown to be on a much
Utah Copper Co......... ."........ 1818, 2029 I withdCrTheroShasab e ^ ano
companios we have had to deal

V u lc a n D e t ln n l n g C o __________________ 2 1 3 1
W a l d o r f S y s t e m __________________ ______ 2 0 2 8
W e l ls , F a r g o & C o .......................... 1 9 4 1 , 2 0 2 0
W e s t e r n U n it e d G a s & E l e c t r i c C o . . 2 1 3 1
( J . G . ) W h i t e C o ...........................................2 1 3 1
W i n c h e s t e r C o ......................
2029
W i n c h e s t e r R e p e a t in g A r m s C o _____1818

‘ With the increased wages which this Board has felt it necessary to
make in order that the employees might have a living wage, the companies
would not bo able to pay dividends on their stock, and p o iib ly ml^iit n ^
bo ablo to earn enough to meet all of their operating expenses uhlessthey
B an gor & A roo stoo k R ailroad Co.
be allowed to charge a higher fare than they are now charging
y
We therefore earnestly recommend to the city authorities to nrevpnt
(25th Annual Report— Year ended Dec. 31 1918.)
such a calamity to these companies by permitting them to charge an in­
Acting Prosidont John Henry Hammond says in substance: creased fare which would be sufficient to meet their increased oneratInv
Compensation.— Pursuant to tho Federal Control Act, approved Mar 21 costs, includ ng the increased wages which we have awarded Ind ^ pay I
’ uu 10 pay a
1918, compensation finally was fixed as follows by contract duly executed reasonable dividond on their securities. ’
in March 1919, viz.: Bangor & Aroostook RR. Co., $1,555,775; Van Buron INCOME ACCOUNT OF LOUISVILLE RY. FOR CALENDAR YEARS.
Bridge Co.. $19,397. a total o f $1,575,172 for the system of transportation
Calendar Year—
1918.
1917.
1916.
1915.
owned or controlled by your company, being sufficient to pay fixed charges
Transp. rev. (city lines). $3,556,031 $3,140,446 $3,080,296
$2,940,500
taxes, corporate expenses and miscellaneous charges, the 7% preferred Mail, adv., trackago.&cl
155,416
144,5391
180,000
dividond, and Icavo a balance o f more than 6% earned on the common. L. & Int. R y., net______
190,000
84,657
175,215 /
Roadway Maintenance.— Tlio reports received from the Federal General
Manager indicate tho following roadway maintenance during 1918: Now
Gross income________ $3,796,103 $3,460,200 $3,260,296
steel rail, 80 lbs. per yard, relaid in main lino, replacing 85-lb. rail, 833 tons: Oper. exps.— City lines. $2,383,971
$3,130,500
$1,737,163
1.876.631
1.822.951
5“ * ^ ’ cc4ar No. 1. .79,086. and cedar No. 2, 20,384; ballast, gravel Federal, State, county &
47,372 cu. yds. and cinders 9,356 cu. yds.
city tax for 12 mos__
355,3691
950,206
Equipment.— Tho following units o f equipment wero acquired for tho Int. on debt, pd. & accr.
627,000/
621.750
624’,923
92?lP^uy ’ Rox cars«.89; flat cars, 208: stock cars, 4; and as o f Dec. 31 Div. on prer. stk. (5 % ).
175,000
175,000
175,000
175,000
1918 therei remained to be delivered under contracts executed prior to Div. on common stock_
249.708
496,591
495.650
Jan. 1 1918 23 box cars.
1
495,650
Dlsc’t on notes sold____
5,056
During the year 104 freight cars were equipped with now and additional Depreciation__________
95,215
85',000
aP.p lancoS’ 3 i 6 were raised to standard height, 323 were equipped
with additional sills or other similar strengthening features, and 197 with
T o t a l....... ....................$3,796,103
$3,453,960 $3,254,031 $3,118,524
metal draft arms.
Balanco. surplus
None
6,024
6.265
11.976




In 1918 tho transportation revenue o f the Louisvillo R y. Co. (city lines)
was $3,556,031 and of tho Interurban lines (Louisville & Interurban Ry.)
H, advertising,
$600,4^0,
while mail.
____
„. trackage, &c., for tho city linos yielded
$155,658 and on the Interurban $15,284 Adding other revenue (interest),
tho gross income was $4,327,211.

CONDENSED BALANCE SHEET.

Assets- - "

1918.

§

Cost elec, line, &C.13,072,705
Real est. & bldgs.. 2,516,848
Mach’y & equip't. 4,225,400
L. & I. R Il. and
other lnvestm’ts. 4,181,454
Material & supp-257,506
Cash........................
383,204
B1113 & accts. rec_.
110,477

1917.

5

1918.

Liabilities—

S

1917.

$

13,600,933 Capital stock......... 11,823,600 11,823,600
2,520,407 Bonded debt......... 12,035,000 12,035,000
650,000
600,000
4,215,705 Collateral notes___
Current liabilities.
287,735
122,585
267,312
435,166
4,158,759 Int. coupons accr.
46,843
---------153,322 Dividends accrued.
204,438
185,112
430,819 Tax, Ins., &c., res.
32,732
32,732
88,250 Profit and loss____

Total.................... 25,347,660 25,234,195
- V . 108, p. 878.

Total.................... 25,347,660 25,234,195

L eh ig h & N ew E n g la n d R a ilro ad Co.
(25fh Annual Report— Year ended Dec. 31 1918.)
Pres. S. D . Warriner, Pliila., April 23, said in substance:
Federal Contract.— The standard compensation of your company, under
the Federal Control Act, has beon fixed by the Inter-State Commerce Com­
mission at $1,135,760, and payment of $525,000 on account thereof was
made during tho year. [The Federal Control Contract with this com­
pensation was signed M ay 13 1919.— Ed.]
General.— A dividend of 8 % ($4 per share), amounting to $504,000, was
declared and paid during tho year.
.
Equipm ent trust obligations aggregating $205,000 wore canceled.

Your company subscribed for $200,000 Fourth Liberty Loan bonds,
which were pledged as collateral for a loan o f like amount.
The branch line from Dethlehem to Allentown has been practically com­
pleted and is about ready for operation.
INCOME STATEMENT FOR CALENDAR^YEAR.
Oompen’n accr. under Federal control (see text)— $1,135,761
$79
Miscellaneous ront incomo------------------- -----1,578
Miscellaneous non-operating physical property
1,558
Incomo from funded securities-----------------------387
Incomo from unfunded securities and accounts.
3,106
Income from sinking and other reservo funds..
17,455
Miscellaneous incomo------------------------------------

Inc. orDec.
— $384
— 5,755
+ 1,558
— 15,873
+ 1,558
+ 15,019

.$1,159,766 — $235,764
Deduct-

$15,973
116,619

+$15,973
— 393

.

468
344,088
5.919
8,484
29,632

— 2,127
— 9,225
— 6,583
— 1,167
+26,009

Total deductions______________________________.

$521,182

+$22,275

Miscellaneous rents_________________________
Miscellaneous tax accruals--------------------------Interest on funded d ebt-----------------------------Interest on unfunded debt--------------------------Amortization of discount on funded d e b t.
Mlscoilancous income charges---------------------

Sinking and other reserve funds.

.

.
.

[Tho quarterly dividends declared payable on both stocks in July next
are at tho increased rate of 8 % p. a. V. 108, P- 2029.1
Purchase.— During the year your company acquired the I*ranklin Electric
M fg. Co., manufacturer of incandescent lamps at Hartford and Middle­
town, Conn. The accounts of that company are included in this report
as a proprietary company.
.
New Works at Essinglon, Pa.— Tho equipment of tho Essington Works
with machino tools was completed early in tho year and these works have
been wholly engaged in the manufacture of equipment for cargo and naval
ships for tho if. 8 . Government. Whon this work shall have been com­
pleted, the original plan to remove the manufacture of turbines and reduc­
tion gears from East Pittsburgh to this plant will bo carried out, which
will make available much needed additional manufacturing space for our
other operations at East Pittsburgh.
,
„
, ...
. _ .
New England Westinghouse Co.— The plant of this subsidiary at East
Springfield will hereafter be devoted to the manufacture of industrial
motors and automobile starting and lighting apparatus, which will relieve
an overcrowded condition at Newark and certain departments in Last
Pittsburgh. It is expected that these operations will begin at tho Spring­
field plant about Sept. 1.
,
. . „
,
.
,___ .
Liberty Loans.— Tho increase investments is principally duo to subscrip­
tions made during tho year to Liberty Loan bonds. Tho company and its
employees together subscribed to the five Government bond issues to an
amount in excess of $21,500,000.
„
,
, ,
, English Interests.— Negotiations are in progress for the salo for cash or
your company’s 5% Prior Lien debenture bonds of Electric Holdings, Ltd.,
of London, which were received in payment for your holdings of tho British
Westinghouse Electric & Mfg. C o., Ltd.
.
.
. ,
Inventories.— Every effort has been made to keep tho investment m
Inventories at a minimum amount with the result that they show a reduction
of approximately $ 1 ,0 0 0 ,0 0 0 as compared with last year.
...
Note Issue, &c.— An issue of $15,000,000 Ono Year notes duo Feb. 1 1920
was sold during the year, tho proceeds being used to retire a like amount
duo Feb. 1 1919 (V. 108, p. 387; V. 106, p. 304).
Tho entire outstanding balance $91,000 of debonturo certificates of
the Wcstinghouso Machino Co. and all but $10,000 15-Year notes due
Jan. 1 1924 were retired during the year.
The current bank loans were reduced during tho year by $7,420,000 and
tho balance of $5,280,000 is being paid as it matures.
Federal Taxes.— Tho accruals for taxes includo an estimated amount on
income for January, February and March 1919, calculated under tho
present Federal tax law, which will not bo duo for paymont until 1J20.
Reserves.— Tho balance sheet shows ample reserves for the protection or
accounts and notes receivable, inventories and other adjustments, sub­
stantial amounts having beon added during tho year.
CONSOLIDATED RESULTS FOR YEARS ENDING MARCH 31.
[Including Westinghouse Machine Works sinco merger Juno 15 1917.)
1918-19.
1917-18.
1916-17.
1915-16.
Sales billed.....................$160,379,942 $95,735,407 $89,539,442 $50,269,240
Cost of sales_________ 129,271,556 80,225,937 72,077,751 40,83 J,3 14

— 212

$638,584 — $258,039
+ 1,558
2,706
504,000 — 1 2 0 ,0 0 0

Balance, surplus_______________________________ $131,878
$139,597
INCOME ACCOUNT FOR YEARS ENDING DECEMBER 31.
1917.
1916.
1918.
Coal freight— Anthracite------------------- $2,162,974 $2,291,3541
201,305f $2,855,606
Bituminous-----------------------------------197,984
1,012,614)
Merchandise freight----------------------------1.318,149
190,726
161.294
Passenger, &c., revenue______________
310,788
Total operating revenues---------------- $3,989,895 $3,666,567 $3,046,332
$430,202
$409,841
Maintenance of way, &c------------------- $518,284
425,050
557.315
Maintenance of equipment---------------757,988
25,566
34,268
T ra ffic..............................- ......................11,405.1421
860.152
1,153,906
Transportation, &c--------------------------- 1 „ „ „
80,704
108.315
General...................................................102,706
Total operating expenses---------------- $2,784,120 $2,263,645
Net earnings_________________________$1,205,775 $1,402,922
BALANCE SHEET DECEMBER 31.

$1,821,674
$1,224,658

1917.
1918.
1917.
1918.
5
Liabilities—
S
$
$
—
15,162,130 14,685,870 Capital stock_____ 6,300,000 6.300.000
Road & cqul
119,239 Mortgage bonds.. 5,000,000 5 ,000,000
119,239
Inv. In affll. cos.: .
534,265 Equip, trust obllg. 2,040,000 2.245.000
147,471
Cash-------------------220,545
467
281,657 Traffic, &c., bals.
Agts.& conductors
............
274,071
692
229,574 Accounts & wages.
68
Traffic, &c., bals.
225,357
137,213
110,432 Taxes..................... 620,821
Mlscell. accounts .
127,775
126,350
386,215 Matured Interest.
Material & supp—
27,169
26,660
Unmatur’d
Interest
32,866
Mlsc. phys. prop
Loans, bills, &c.,
200,000
Liberty bonds-----payablo............425,157
100,485
Deferred assets—
U. S. def’d llablls. 1,826,678
U . S. Govt, deferDeferred, unadjus­
1,786,402
163,709
ted, &c., acc'ts.
123,787
149,040
140,550
Accrued deprec’n . 1,196,785 1,033,713
170,140 Profit and loss____ 1,159,907 1,049,092
53,660
accounts..

Assets

&c.,

______

[Vol. 108.

THE CHRONICLE

2236

18,363,698 16,666,431

T otal............... 18,363,698 10,666,431

Y.' 108, p. 2022.
W e stin g h o u se Electric & M a n u fa ctu rin g Co
(Report for Fiscal Year ending March 31 1919.)
The report, which appears in the advertising department
on another page, contains substantially the following com
ments by Chairman Guy E . Tripp as of M a y 23 1919:
Income Account.— Gross earnings (sales billed) aggregated $160,379,943
[contrasting with $95,735,407 in year 1917-18]; cost o f sales, including
factory cost, all expenditures for patterns, dies, now small tools and other
betterments and extensions, also depreciations of property and plant, in­
ventory adjustments and all selling, administration, general and develop­
m ent exponses and all taxes excopt Federal incomo and excess profits taxes,
amounted to $129,271,557; net manufacturing profit, $31,108,387 [against
^ o ’ther Income1 embracing interest and discount $379,954; dividends and
Interest on sundry stocks and bonds owned, $1,106,508; and miscellaneous
royalties, & c.. $136,800, brings the gross incomo from all sources up to
$32,731,648 [against $16,834,733 in 1917-18]; while tho deductions of
interest on bonds and debentures, $378,804: interest on one year notes and
other notes payable. $1,891,478; miscellaneous Interest. $6,512, and
Federal incomo and excess profits taxes, $15,395,846, leaves as net incomo
available for dividends and other purposes, $15,059,008 [against as $15
^ T h e gross earnings (sales billed) includo shipments by Now England
Westinghouse Co. and J. Stevens Arms Co. from Jan. 1 1918.

From the net incomo for the year an amount [$15,395,845] has been
deducted for Federal income and oxcess profits taxes based on statements
prepared in accordance with tho requirements o f the federal tax law.

Unfilled Orders.— After tho elimination of contracts and orders canceled
as’ a result of tho signing of the armistice tho value o f unfilled orders on
April 1 1919 was $76,218,000 [against $147,857,580 on April 1 1918, of
which $110,185,007 was for tho regular products of the company.]
Dividends, &c.— During tho year regular quarterly dividends at tho rate
of 7 % per annum were paid on tho preferred and common stocks resulting
in a cnargo against surplus o f $5,236,784. After deducting this charge anc.
tho reservo for Federal Income and excess profits taxes and miscellaneous
itom 3 , tho not surplus as o f March 31 1919 stands at $36,207,733, an in­
crease for the year of $9,803,038.




Net earnings...............$31,108,387 $15,509,470 $17,461,691
Interest and discount—
Int. and div. received—
M isc., royalties, &c____

379,955
1,106,508
136,800

903,5e9
112,870

no7 'una
1,027,808
60,6o2

1

$9,429,896
r ro ’ 943
66J.243
37,420

Total incomo...............$32,731,648 $16,834,733 $18,848,237 $10,536,626
Deductions from Income—
.
$718,477
$89,333
Int. on bonds and d eb s..
$378,804
$303,917
135,999
136,000
Int. on collateral notos..
529,115
1,108,016
Int. on notes payablo—
1,891,478
15,361
13,900
17,089
Miscellaneous interest-6,512
Federal taxes__________ 15,395,846
Miscellaneous (net)____
19,186
279,909
279,909
279,909
Pref. dividends (7 % )—
279.909
Pref. divs. for Red Cross ------------ (H%)19>9;J4
2,526,951
3,750,000
Common dividends_____ 4,956,876
4,956,876
(6 >4 %)
(6>4%)
Common dividend rate.
(7% )
(7%)
Com. div. for Red Cross. ------------ (14)354,070 ___________
Total deductions.........$22,928,611 $7,039,900 $4,798,257 $3,676,697
Balance, surplus________ $9,803,037 $9,794,833 $14,043,980 $6,859,929
a Includes factory cost, embracing all expenditures
new small tools and other betterments and extensions depreciations of
property and plant, inventory adjustments and all sowing, administration,
general and development expenses, and also In 1917-18, all taxes, in 1J18-1J
all taxes except war taxes.
CONSOLIDATED BALANCE SHEET MARCH 31
1919.
1918.
__
$
$
Property & plant-41,806,414 41,167,874
Sinking fund.............................
34,177
Investments........... 21,592,258 19,212,072
Cash.........................14,127,249 8,918,556
Cash with agents..
675,342
..............
Cash lor redemp.
of matur. deb.
certifs., bonds,
notes and lor Int.
__ „ „
and dividends..
154,264
92,256
Notes receivable.. 2,9S0,343\29,150,830
Accts. receivable..38,500,133)
Working & trading
assets . - - -- - .- - 5 0 ,5 5 0 ,2 6 2 60,548,533
Other a s s e t s .----- 5,507,219 5,590,075

Assets

1919.

Liabilities—

S

1918.

$

Preferred sto ck -.. 3,998,700 3,998,700
Common stock___70,813,950 70,813,950
Fund, debt (Westlngh. Mach. Co.) 6,305,000 6,390,000
1-year notes........... 15,000,000 15,000,000
Long-term notes.10,000
52,500
Real estate mtges.
120,000
175,000
Notes payablo—
Bank loans____- 5,280,000 12,700,000
Subscrlpt’ns to
Lib. bonds___ 8,186,782 2,433,551
Accounts payablo. 10,905,700 8,010,098
Int., taxes, &c.,
accr., not due..15,843,338 3,142,206
Dividends accrued 1,309,221 1,309,221
Adv.pay’ts oncont. 4,013,075 10,624,926
Unp. deb. ctfs.,&c.
154,264
92,256
Reserve
- - - - - - - 6,145,120 3,555,276
Total (eachside). 184,893,483164,714,378 Profit and loss— 30,207,732 20,404,695

—V. 108, p. 2029.

In te rn a tio n a l N ickel C om pany.
(17th Annual Report— Year Ended March 31 1919.)
President W . A . Bostwick, M a y 21 1919, wrote in subst.:
Net Profits.— "Tho net profits for tho fiscal year, after deducting exponsos,
dcpreciatiin. exhaustion of minerals, provision for foreign and United States
taxes and all other charges were $5,922,0.30.
, n im o
' Effect of Armistice.— With tho signing of the armistice on N ov. 11 1918,
the world war was suddenly brought to a successful conclusion. This
created a new set of conditions whicli liavo had an Immediate and marked
lnnuenco Spon the results of our operations for tho year under review
During tho first 8 months of the year tho company s operations were
conducted under tho greatest possible pressuro for maximum production.
Tho demands of tho United States and Allied Governments tor tho supplies
of nicke1Necessary to keep their war material production at a maximum
®f„ rn‘ constantly increasing Tho Port Colborno refinery and additions to
the CoDDer Cliff smelter woro completed and placed In operation during
vea? enabling us to keep paco with this increased war demand so that
H ero was I t no time any shortage of nickel to cause delay in tho war producMon nrograms of tho various countries. At the conclusion of hostilities,
alm ostourentire production was being used for Governmental purposes.
During the fouf months following tho signing of the armistice the de­
i
Aim nrndiK't1 diminished rapidly as tho direct and indirect Gov*
mani nf lP
S w i f f w o r o wncolod, both in this and in tho Allied
countHas'Tntil al th^ ctaso of tho fascul yiar tho company’s plants were
° POu r ‘ earnings° hav o °als o ^ een*3 affected by Government price control,
whereby rnaxinnun prices were established for some of our major comm oditlS .T h ilo labo?, transportation and many necessary materials left
WCIn tho°caso' of* coppor,"tho^esta'b1ishm<)iit of an open market resulted on
by-product *in too production of nickel, the.portion remaining unsold has
b4 a ? & - T & g r y ^ S V a i d a ^ accrued, both in Canada
qtatos have had their effect in very materially reducing
hnth tho cannings*anefthe cash resources of tho company. Under tho terras
of th olatS t revenuebill enacted in March 1919, there has boon created an

M ay 31 1919.]

THE CHRONICLE

additional tax liability for a portion o f the company’s previous fiscal year
viz.: tho first three months of the calendar year 1918. The amount of this
tax has been deducted from surplus account as shown on balance sheet.
Dividends.— Four quarterly dividends of l'A % each on tho preferred
stock of tho company have boon paid out of tho earnings o f tho fiscal year;
on tho common stock there have been declared and paid two quarterly
dividends of $1 per share (equivalent to 4% each) and ono quarterly
dividend of 50 cents per share (equivalent to 2 % ), making a total dividend
distribution on tho common stock for tho year of $ 2 50 per share (equivalent
to 10% ). On account o f tho decreased earnings in the latter part of the
fiscal year, due to the falling off in tho domestic demand, as well as tho
almost complete cessation of buying in tho foreign markets, and because
it was deemed advisable to conserve tho cash resources o f tho company to
meet futuro contingencies, no dividend was declared on the common stock
for tho fourth quarter o f tho fiscal year.
Plants and Reserve Accounts.— During the year a sum o f 33,480,210 was
expended for additional property, construction and equipment as follows
(a) Port Colborne plant 3434,298, (6 ) Copper Cliff plant S2,966,257
(c) Orford works $79,655. Recoveries for tho samo period wero $150,695
making tho not addition to property account, $3,329,515.
There had been provided out o f earnings tho sum o f $2,309,528 for tho
following funds: ltogular allowance, for depreciation, $1,337,644 (which
includes tho initial provision for tho Port Colborno plant), and oxhaustion
of minerals, $971,884.
Inventories.— Tho inventories, amounting to $9,692,421, includo the
following items: Ores, matto and metals in process, $4,220,818; refined
metals, $2,629,240. and goneral supplies, flux, fuel, &c., $2,842,363, valued
at cost, in no caso in excess o f present market value.
Outlook.— It is futile to attempt to forecast tho conditions for tho current
fiscal year. Both hero and abroad, wo must reckon with such temporarily
adverso conditions as tho hesitancy of industry generally, until tho consum­
mation o f tho Peace Treaty; tho presonco o f largo stocks of metal and
scrap metal, both in Governmental and private possession; tho embargoes
against import in foreign countries; tho difficulties of financing and ex­
changing in tho foreign markets, and the possibility of some restrictive
measures as to armaments or trading freely in raw material being incor­
porated in tho Peace Treaty.
On tho other hand, our plants, mines and ore reserves are in splendid
hyslcal condition and there has been provided a capacity badly needed
y tho company to enablo it to advance tho uses of Its various specialty
nickel and Monel metal products for commercial uses. Moreover with
Increasing growth in tho uses of alloy stools an Increased consumption in
that quarter can bo looked for.
Merger of Company’s Canadian Interests.— All tho assets o f the Canadian
Copper Co. have been taken over by the International Nickel Co. of
Canada, Ltd., tho entire stock o f which is owned by the company, and tho
Canadian Copper Co. has been dissolved. There aro now concentrated
in tho hands or tho International Nickel Co. o f Canada, Ltd., whose head­
quarters are in Toronto, tho mining and smelting operations in Canada
formerly conducted by tho Canadian Copper C o., as well as tho refining
operations at tho Port Colborno plant.
Construction.— During tho fiscal year $3,480,210 has been expended
upon additional plant extensions and construction previously under way,
all o f which has been financed out of tho treasury funds. All tills construc­
tion has boon completed except tho dam serving tho hydro-olectric plant of
tho company in Canada.
Number of Stockholders.— 16,058, as compared with 12,824 a year ago.
CONSOLIDATED INCOME ACCOUNT FOR YEARS ENDING M AR. 31
1918-19.
1917-18.
1916-17.
1915-16.
Earnings o f all properties
(mfg. & selling exp.,
&c.. deducted)*........ $11,186,305 $15,791,485 $16,728,913 $14,091,612
Other in com o................
x25,216
390,016
250,695
249,354

g

Total Incomo............... $11,211,521 $16,181,501 $16,979,608 $14,340,996
Goneral expenses.............
750,336
610,024
801,498
670,557
Fed. & State taxos (est.) 2,214,027
3,590,836
628,873
200,303
Net Incomo.................$8,247,158 $11,980,641 $15,549,237 $13,470,106
Deduct—
Depreciation of p lants.. $1,337,644
$984,000
$936,000
$806,000
Mineral exhaustion------971,884
855,515
1,039,941
900.828
15,000
Foreign cos.not included
11,138
15,325
15.000
534,756
Preferred divs. (6 %) —
534,756
534,756
534,756
__
______
C o m . dlvs. (Red Cross).
. ^
(1)418,346
Common dividends......... 4,183,460
7,530,228 10,040,304
9,431,803
Per cent.......................
(10%)
(18%)
(24%)
(25%)
Total deductions.........$7,042,744 $10,333,983 $12,566,327 $11,688,386
Balanco, surplus............... $1,204,414 $1,646,658 $2,982,910 $1,781,720
* After deduction in 1917-18 in addition to tho above, foreign taxes
x After deducting loss Incurred through salo of Government securities. '
CONSOLIDATED BALANCE SHEET MARCH 31.
1919.
1918.
1919.
1918..
Liabilities—
$
$
Assets—
$
S
P r o p e r t y a c c o u n t . a 4 9 , 3 7 2 , 1 5 8 4 8 ,3 5 2 ,1 7 1 Common stock...41,834,600 41,834,600
I n v e s t m e n t s ________ b 9 7 9 ,8 8 5
1 ,6 9 2 ,3 5 3 Preferred stock... 8,912,600 8,912,600
Inventories at cost. 9 ,6 9 2 ,4 2 1 6 ,8 2 4 ,5 3 3 Accounts payable
Accounts rccelv’le.
8 3 6 ,8 8 4
3 ,9 1 5 ,5 5 5
and pay rolls... 1,597,548 2,198,393
Interest receivable.
2 1 ,6 3 1
6 6 ,9 2 1 Accrued taxes___ 1,975,983 3,619,222
Real estato mtgo.,
Prcf. div., dueMay 133,689
133,689
& c . , s e c u r e d _____
6 5 5 ,1 2 4 Com.dlv.dueJuno
_____ 1,673,384
A d v a n c e s . . ___ . . .
6 2 ,8 6 0
8 7 ,6 2 8 Divs. unclaimed..
1,743
6,330
L o a n s ( s e c u r e d ) ___
1 5 ,0 0 0
1 5 ,0 0 0 Accident & Insur­
C e r t if. o f d e p o s i t ..
..............
2 ,0 3 0 ,0 0 0
ance funds........ 275,466
244,702
C a s h .............................. 1 ,9 4 1 ,0 4 4
3 ,0 0 6 ,3 9 8 Profit & loss surp. 8,180,255 7,923,763
Total.................62,911,884 66,545,682 Total.................62,911,884 66,545,682
______
a After deducting amount written off for mineral exhaustion and depre­
ciation, $2,309,528. b Government securities, Including treasury certifi­
cates.— V. 108, p. 1940.

W e st P en n Power C om pany.
{Statement to the New York Stock Exchange Dated May 14 1919).
NET EARNINGS A N D DIVIDENDS FOR CALENDAR YEARS.
(West Penn Powor Co., Butler Light, Heat & Motor C o., Butler Ice Co )
„ 1918.
1917.
1910. '
Gross earnings----------$5,702,027
$4,000,349 $3,039,578
Operating oxponses and taxes -------------- 3,735,120 2.512,237
1,440,129
Net operating income......................... $1,900,900
Deduct— Fixed charges.........................821,105

$1,488,113 $1,593,449
707.910
058.095

„ $1,145,795
$780,203
$934,754
Preferred dividends----------------------- (7%)$192,500 (7)$148,890(5K) 105,000
Common dividends________________ (7%)700,000
(6)000,000 (5)500,000
Balanco, surplus_______ ................... $253,295
$31,307
$329,754
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1917.
1918.
1918.
1917.
Assets—
Liabilities—
$
$
$
S
Plant, prop.* fran.23 ,597,871 21,824,082 Preferred stock... 2,750,000 2,750,000
Conncllsvillo power
Common stock...10,000,000 10,000,000
house pur. acct.
38,011 Sub. comp'y stock.
7,525
7,525
69,732
Tompor’t Invest'ts. 2 ,116,321
Bonds held by pub.13,273,000 10,723,000
1st M. ser. "B” 6 s. .
2,223,000 Coll, gold notes... 1,500,000 x2,000,000
Securities_______
667,334 Notes payable----- 650,3861 1,058,616
127J512
Notes rccoivablo.. 643,3331 797,828 Accounts payablo. 3,192,071/
Accounts rccclv'lo. 1,238,711/
Accrued taxes----- 253,395
145,944
Cash___________ 3 .881,551 1,152,855 Acer. lnt. payablo. 223,145
191,667
Deferred charges.. 1,374,195 1,067,069 Accrued prcf. divs.
32,083
32,083
Material & supplies 351,775
648,512 340,156
257,367 Reserves.................
Surplus...................
759,883 678.555
Total.................33.290,001 27,927,646

Total................. 33,290,001 27,927,546

x l,5/ Pfor
.cc- 31 1918 the abovo-montlonod notes wero paid or otherwise
provided
and the Sorias “B" bonds depositedas collateral weroreturned
to tho company and canceled.—V. 108, p. 2029.



2237

U n ited Shoe M ach in ery C orporation .
{Report for Fiscal Year ending Feb. 28 1919.)
Pres. E . P. Brown, Paterson, N . J ., M a y 24, wrote in sub.:
War Service.— Early in the war tho Corporation’s officers foresaw the call
for a heavier army shoe for service In the trenches which camo to be known
later as the Pershing shoe. They set at work without delay to refit and
produce in large quantities machines, tho demand for which had for some
timo been limited but which came at once into general uso by manufacturers
who had contracts for making tho Pershing shoe. In many other ways
plans were made thus in advance to serve our customers and through them
tho Government.
Besides making army shoes there also devolved upon tho shoo manufac­
turer the duty of supplying tho great secondary army of civilians engaged in
activities having a direct or indirect relation to the successful prosecution
of tho war.
During tho war wo did not seek direct army contracts which might have
netted largo profits, but we held all of our facilities at the disposal of
the Government. Not only were the factory at Beverly and some of the
subsidiary plants utilized at times for purpose of experiment by the Ord­
nance Department, but in spite of handicaps due to the difficulty in securing
labor, material and transportation, the Corporation maintained the service
essential to shoe manufacturers and others of its customers, many of whom
wero engaged on Government business in whole or in part.
During tho war the corporation’s machines wero used not only in the
manufacture of shoes but also to a large extent in the manufacture of mili­
tary uniforms, harnasses and other military equipment. The greater part
of the output of certain of the subsidiary companies during this period also
consisted of articles of military necessity, such as grommets, tacks, eyelets,
nails, dies and other implements and accessories used in the manufacture
of equipment and supplies for the army and navy.
Results.— The volume of domestic business for tho year, including shipprofits and war taxes.
Outlook.— The business outlook for tho period of peaco which now seems
near at hand is good. Signs multiply that tho shoe industry is entering on
prosperous times. There is evident an increase in tho demand of the
consuming public for shoes of higher grades.
Foreign Subsidiaries.— All business abroad is so unsettled that it is not
practicable to embody in this report a comprehensive statement of condi­
tions affecting our affiliated companies in the European countries which
have been at war. Our Vice-President having supervision over our foreign
activities is now in Europe engaged in a careful investigation of the situation
and tho reports he sends from time to timo as to the outlook there are
encouraging.
Favorable Decision.— The suit of tho Government under the Sherman Act,
brought in 1911, seeking the dissolution of the company and complaining
of its leases and business methods has been decided on all points In favor
of tho company. On M ay 20 1918 the U. S. Supreme Court handed down
its decision affirming the favorable decree of the District Court. The
representatives of the Government filed a petition in tho Supreme Court
asking for a re-hearing, but on Oct. 25 1918 the Supreme Court denied such
otition, thus ending one great phase of the litigation against us inaugurated
y the Government in 1911.
Tho following quotations from the opinion of tho Court, which was de­
livered by M r. Justice McKenna, show the view of tho Supremo Court
upon some of the important questions considered in the case, viz.: g*l
‘ ‘Tho company, indeed, has magnitude, but it is at once the result and
causo of efficiency, and the charge that it has been oppressively used is not
sustained. Patrons are given the benefits of the improvements made by
tho company and new machines are substituted for tho old ones without
disproportionate charge. There has been saving as well in tho cost of
manufacture of shoes. These are somo of the results of tho organization
of tho United Company.
“ It approaches declamation to say that the lasseas were coerced to their
making. And, as we have said, there was benefit to the lessee. It is easy
to say that tho leases aro against tho policy of tho law. But when one
tries to bo definite one comes back to tho rights and obligations of the
parties. There is no question in the caso of the uso of circumstances to
compel or restrain; the leases are simply bargains, not different from others,
moved upon calculated considerations, and, whether provident or improvi­
dent, aro entitled nevertheless to the sanctions of tho law.
“ Besides, it is impossible to believe, and the Court below refused to find,
that tho great business of the United Shoe Machinery Co. has been built
up by the coercion of its customers and that its machinery has been installed
in most of tho largo factories of the country by the exercise of power, even
that of patents. Tho installations could have had no other incentive than
tho excellence of the machines and tho davantage of their use, the condi­
tions imposed having adequate compensation and not offensive to the letter
or tho policy of tho law.
Other Suits.— The second suit under the Sherman Act which was brought
in tho U. S. District Court for the District of N. J., has also been dismissed.
Tho suit brought by the Government in October 1915 in the U. S. District
Court for the Eastern District of Missouri under the Clayton Act is still
proceeding, notwithstanding the decision in the Sherman Act suit. Many
hearings have been held before the special examiner, and the taking of such
testimony is now believed to be practically completed. The suit is set down
for argument at Little Rock, Ark., before Judge Trieber in the early fall.
Shareholders.— On March 1 1919 there were 11,106 stockholders of record
an increase of 758 during tho year. Of these 6,202 held common stock only,
3,189 held pref. stock only, and 1,715 wero holders of both pref. and com.
stock.
INCOME ACCOUNT FOR FISCAL YEAR ENDING FEB. 28.
1918-19.
1917-18.
1916-17.
Combined earnings of United Shoe
Mach. Corp. (of N .J . and M aine). $7,495,121 $6,137,323 $8,174,453
War reserve_______________________
________
750,000
________
Excess profits tax__________________ 1,000,000
________
________
Cash dividends paid............................. 4,750,338 3,233,285
4,996,360
Rato on common...................................
(13Ji% )
(8 %)
(14%)

g

Balanco, surplus, for year________ $1,744,783
Previous surplus___________________ 24,854,203

$2,154,038
27,109,966

$3,178,093
14,919.050

T o ta l................................................. $26,598,986 $29,264,004 $18,097,143
Dividends paid on stock (1 0% )_____ ________
3,149.858
1,889,782
Dividends paid in Liberty bonds (4%) ________
1,259,943
________
Balanco .......................................... $26,598,980 $24,854,203 $16,207,361
Add— Roval. of stock of sub. cos_____ ________
________ blO,902,605
Total surplus March 1 . . ................$20,598,986 $24,854,203 $27,109,966
b Stocks and bonds of sub-corporations have been carried on the books
previous to Feb. 28 1917 at a figure which, in tho opinion of the directors,
was less than their actual value. This item has then increased by a re­
appraisal to an amount not exceeding their actual tangible asset value on
March 1 1916.
BALANCE SHEET MARCH 1.
1919.
1918.
1919.
1918.
Assets__
$
§
Liabilities—
$
$
Real estate........... 2,172,691 2,176,260 Preferred stock... 9,890,425 9,818,775
Machinery........... 1,326,969 1,532,460 Common stock__ 34,667,839 34,656,839
Patent rights........ 400,000
400,000 Accounts payable. 1,611,018 1,918,663
Sccurs. other cos.
Federal taxes____ 1,000,000
______
& leased mach’y 42,681,472 40.0S6.149 War reserve.........
335,772
750,000
Cash & receivables 17,802,480 19,987,551 Other reserves___ 1,971,748 1,947,066
Inventories..........11,723,205 9,893,427 United Shoe Mach.
Miscellaneous___
52,514
35,921
Co. stock not
held by corp’n ..
83,573
166,223
Surplus.................26,598,986 24,854,203
Total.................76,159,361 74,111,768
— V. 107, p. 2296.

Total.................70,159,361 74,111,768

Am erican W o o len C o ., B o sto n , Mass.
(20th Annual Report— Year ending Dec. 31 1918.)
Tho report, including the remarks of President William
M . W ood and tho income account and balance-sheet, will
bo published at length another week.

PROFIT A N D LOSS AC C O U N T FOR YEARS E N D IN G DEC. 31.
1915.
1916.
1917.
1918.
N et profits, after taxes. .$12,324,084
N et profits, before taxe.s
________$15,664,985 $8,210,761 $5,160,295
Preferred dividend (7 % ) $2,800,000 $2,800,000 $2,800,000 $2,800,000
C om m on d iv id en d ..(1 0 % )2 ,0 0 0 ,0 0 0 (5)1,000,000 (5)1,000,000
Insurance fu n d _________
750,000
1,250,000
1,250,000
Pension fu n d ___________
750,000
3,000,000
Reserve for taxes___* __
x
2,346,943
1,079,609
3,320,829
D e p recia tion ___________
5,251,557
Balance, surplus..........

x$772,527

$3,044,156

$2,063,819

$1,280,685

x N et profits for 1918 are shown after deducting reserve for taxes and
contingencies.
B A LA N C E SHEET DECEM BER 31.
1917.
1918.
1917.
1918.
$
Liabilities—
S
S
Assets—
S
Common stock. 20,000,000 2 0 ,000,000
Plants and mill
fixtures______ 39,680,719 40,971,860 Preferred stock. 40,000,000 40,000,000
3,346,883 Bank loans------- 3,350,700 19,184,553
Investments----- 4,731,183
2,527,223
Curr. acc’ts, &c. 20,714,316
Wool & fabrics,
Adv. pay’ts.acct.
raw, wrought
U.S.contracts. ________ 16,400,000
and in process
and supplies.. 37,521,105 42,829,234 Accept, disc’ ted
2,610,000
by F. R . Bank ..............
8,715,725
Cash____'______ 12,560,225
583,333
583,333
A ccts.rec. (net). 14,833,339 24,604,299 Accrued pref.dlv
250,000
do common. 1,250,000
U. S. Liberty
1.539.000
2,539,200 Deprec’n res’ves 14,500,000
b on d s_______ 3,306,400
1.250.000
Insur. fund____ 2 ,000,000
U . S. Treasury
1,250,000
Pension fund__ 2,000,000
certificates— 11,490,000
3,000,000
Taxes reserve.....
Undlv. profits..X19.724,623 14,413,096
124,122,972 123,007,202

Total.............. 124,122,972 123,007,202

x A fter crediting reserve set aside for depreciation in 1917, now restored
to surplus, $1,539,000; and reservo set aside for taxes in 1917 also restored
to surplus, $3,000,000.— V . 108, p . 1276.
C a lifo r n ia

P a c k in g

C o r p o r a t io n .

(3rd A nnual Report— Year ended Feb. 28 1919.)
President J. K. Armsby, May 1 1919, wrote in substance;
T he consolidated incom e account subm itted herewith shows a decrease in
b oth the operating profits and incom e from investments, as com pared with
the previous year. In arriving at the operating p rofits, how ever, full pro­
vision has been m ade for all incom e, war and excess p rofits taxes, and the
increase in taxes as com pared with the previous year largely accounts for
the reduced p rofits.
.
,
, ,,
,
..
,
.
In addition, there has been a decrease in the pack o f b oth canned and
dried fruits; owing to short crops on som e varieties, labor troubles during
the canning season, and the serious damage caused b y rains to the fruit
crops during the fall o f 1918.
.
O f the incom e from investments, the sum o f $1,182,185, as com pared
with $2,449,215 for the previous season, represents the proportion o f the
profits o f the Alaska Packers Association applicable to tho 45,471 shares
o f stock owned b y you r corporation. The dividends received on tho above
investm ent during the past year were in excess o f this am ount b y the sum
o f $409,300, which has been applied in reduction o f the b ook value at which
the investm ent Is carried.
, , , , ,
,
. ,
A ll properties and plants have been maintained in good condition during
the year, and depreciation am ounting to $419,510 has been written o ff, in
addition to the cost o f maintenance. Expenditures covering new extensions
have been m ade at a cost o f $872,620.
,
T he financial position o f the corporation at F eb. 28 1919 is sound, and
all outstanding notes payable have been liquidated since the close o f the
fiscal year, and the liability on drafts discounted reduced to a m inimum.
CON SOLIDATED RESULTS— YE AR S E N D . FEB. 28 A N D PERIOD
N OV. 1916 TO FEB. 1917.
1918-19.
1917-18. Period ’ 16-17
P ro fit*......................................................... $2,396,000 $3,614,531 $1,086,522
‘ ‘Incom e from investments” _________ 1,293,279 y 2 ,533,409
-------------T otal incom e........................................$3,689,279 $6,147,940 $1,086,522
Preferred dividends ( 7 % ) . . _________
570,898
592,268
111,089
C om m on d i v i d e n d s . . . . . .................($4)1,355,668 ($2)677,802
................
S u rp lu s................................................... $1,762,713 y$4,877,869

$976,433

* A fter deducting all expenses and taxes and also In 1917-18 and 1918-19
provision for incom e and excess profit taxes, y This item includes in addi­
tion to dividends actually received 81,085,365 earned b u t left Invested in
properties o f Alaska Packers’ A ssociation.
C A L IF O R N IA P A C K IN G COR P— CONSOL. B A L A N C E SH EET FEB. 28.
1919.
1918.
1918.
1919,
Liabilities—
S
5
$
S
Assets—
7% cum.conv.pref.
stock (par $100) .b 8,206,200 8,240,100
.a7,891,570 7,438,461
. 9,592,746 10,002,953 Bal. represented by
338,917 shares of
. 231,759
com. stock with­
. 1,415,245 1,904,962
out par value__ 11,684,255 11,684,255
. 2,787,986 6,897,490
. 2,319,877 1,665,188 Notes payablo___ 1,905,000 4,371,350
. 5,222,519 4,262,242 Accounts payable. 2,279,025 2,090,410
317,617
159,339 Dividends declared 482,630
515,713
Adv. to growers-..
377,500 Prov. for Income &
. 3,073,950
Insur. fund, &c.......................
226,235
exc. profits taxes 2,000,000 1,300,000
Expenditures forr
Surplus.................. 7,467,859 5,705,145
616,001
. 792,928
158,505
.
180,675
34,024,970 33,708,878

Total.................. 34,024,970 33,708,878

" a Includes in 1919 land and buildings, $4,707,196; m achinery and equip­
m ent, $3,753,891; and ranches, $1,303,538; total, $9,764,625; less $1,873,054
reserve for depreciation, b A fter deducting $260,000 pref. stock purchased
f ° There lsaf contingent liability o f $2,354,153 on drafts discounted to which
bills o f lading covering merchandise sold are attached.
ALASKA

[Vol. 108

THE CHRONICLE

2238

PACKERS' A S S O C IA T IO N B A L A N C E SH EET D E C . 31.
1917.
1918.
1917.
1918.
Liabilities—
S
3
S
S
5,126,459 5,162,009 Capital stock_____ 5,750,800 6,750,800
87,784
3,358,901 2,819,822 Curr. indebtedness 882,044
685,000
4,485,951 2,658,125 Lib. bonds unpaid.
2,854,850 2,870,050 Insurance fund__ 5,142,266 4,570,977
165,620 1,734,794 Reserve for taxes.. 1,100,000 2 ,200,000
757,881 Surplus__________ 2,591,727 3,393,120
160,056

Assets—
Canneries,fleet,&c.
Inventories______
Liberty bonds___
Insurance fund__
Accounts recelv’le.
Cash on hand------

Total.................. 16,151,837 16,002,682
— V . 108, p . 1939.
A tla n tic

Total.................. 16,161,837 16,002,682

R e fin in g

C om pany.

{Report for the Fiscal Year ending Dec.

31 1918.)

IN CO M E A C C O U N T FOR C ALE N D AR YEARS.
1916.
1915.
1917.
1918.
Profits after Fed. t a x e s .. $7,409,491
Profits before Fed .ta x e s .
---------- $12,559,500 $9,371,258 $5,381,902
A pprec. o f inventory-----_ - - - - - ­ Or .371,946 Or .256,998 O r.210,523
1 ,000,000
1 ,000,000
1 ,000,000
D ividends paid ( 2 0 % ) - - 1,000,000
Federal income and ex­
3,925,136
cess profits tax____— (see above)
Balance, surplus..........$6,409,491




$8,006,310

$8,628,256

$4,592,425

B A LA N C E SHEET DEC. 31.
1918.
1917.
1918.
1917.
Liabilities—
$
S
Assets—
$
$
Plant account...x27 ,947,280 23,900,473 Capital stock...........5 ,000,000 6.000,000­
252,670
750,995 Accounts payable. 3 ,885,646 4,861,304
Cash____________
...........
Fed. taxes pay____12 ,200,000
,841,5101
Liberty bonds___
...........
10,000
979,080 Mortgage payable.
Foreign war bonds 492,2501
Employees Liberty
595,000)
Stocks of sub. cos.
221,113
102,433­
bond payments.
Other securities—
109,229 J
250,000
119,946­
_____
431,625 Accrued lnt., &c_.
y Reserve fund—
Notes & accts. rec. 16 ,323,186 12,066,065 Insurance, &c_____4 ,728,692 2,219,717
Mdse. & material.21 ,620,898 18,925,150 Profit and loss____50 ,952,88U48.468,526470,201
207,835
Prep’d ins., &c__
Adv. to acct. of
raw materials to
be furnished___ 7 ,026,867 3,232,818
348,129
175,452
Other advances...
221,113
102,433
Employ. Lib. bds.
Total.................. 77,248,33360,771.927

Total.................. 77,248,333 60,771,927

x A fter deducting $11,668,272 depreciation In prior years, and $3,879,243
in present year, y Denotes reservo fund to cover steamships and plant
extensions under construction, z Includes in 1917 $45,907,638 accumu­
lated from incom e and $2,560,889 increase b y revaluation o f plant.—
V . 108, p . 786, 382.
O k la h o m a

N a tu ra l

G as

C om pany.

(12th Annual Report— Year ending Dec. 31 1918.)
The facts regarding the proposed increase in capital and
the income account for 1918 were given in V. 108, p. 2129.
Pres. G. T. Braden, Tulsa, Okla., Feb. 26 1919, wrote in
substanco:
W e have enjoyed the first full year since consolidating the Caney R iver
Gas C o ., the Osage & Oklahoma C o ., the Oklahoma Fuel Supply C o ., the
Peoples Fuel Supply C o . and the Enid N atural Gas C o . (V. 105, p . 824;
V. 108, p. 1057).
Although operating under Federal license, and with extreme difficulty la
securing pipe and materials, you r com pany has laid moro new lines and
connected more now gas than in any other year. W o have also built a
gasoline plant at our Kelleyville compressor station, which is working suc­
cessfully under a new process.
Oklahoma C ity, Tulsa and other distributing centres on our system are
continuing to grow , making necessary m ore extensions to keep pace w ith
their advancem ent.
.
.
On Sept. 18 1918 the Corporation Comm ission o f Oklahoma increased
our rates from 25c. to 31 H e . net per 1,000 for dom estic, and from 10c. to
2 2 H c . for 1,000 for industrial consum ption, effective as o f O ct. 1 1918.
Last summer we sold all the treasury stock at par, am ounting to $1,350,­
000, but owing to the fact that we invested over $ 1 ,000,000 In bettermentsIn 1917 and nearly $2,000,000 in 1918, it was necessary to Increase o u r
floating debt (V. 107, p. 1007; V. 108, p . 1057).
,
j ^
Wells.— W e drilled 49 wells, 11 gas, 22 oil and 16 unproductive; we
purchased 6 gas wells, and we now own 104 gas wells, 77 oil wells and b y­
gas purchase contracts control 126 gas wells; making total gas wells ow ned
and controlled 230; oil wells, 77; total wells, 307.
Acreage.— Acreage operated, 114,435; unoperated, 82,448. T otal ow n ed .
196,883 acres; controlled b y gas purchase contracts, 61,888 acres; total
&°L ines.—-New lines laid this year, 136.65 miles, v iz .: 57.1 miles 8-ln ..
48.3 miles 12-in., remainder 2 to 6-in.
___
T otal lines now owned, 1,128 miles, viz.: 7 m . 1-ln., 210 m . 2-in., 69 m .
3-in., 144 m . 4-in., 16 m . 5-in., 114 m . 6-in ., 270 m . 8-in ., 41 m . 10-in..
257Pr^dncUon.—

(a) Gasoline, 1.432,415 gals.; (b) oil, gross, 231,095 bbls.
Gas Consumers.— T otal 1918. 53,958; increase over 1917, 6,083.
Distributing Plants Owned and Operated D irect— These include: Arcadia,.
D eer Creek, Hunter, Luther, M idlothian, Stroud, Inola, Haskell, Sapulpa.
R ed Fork, Chandler, Depow , Kelleyville, N ardin, Peckham , W ollston.
P orter, Coweta, Tulsa, D avenport, E dm on d, Lam ont, M eeker, P ond
Creek, Claremore, R am ona, Shamrock, Dawson and Turley.
Plants Supplied Through Other D istricting Companies.— (a) Oklahoma
Gas & Electric C o ., El R eno, E nid, Oklahoma C ity, Y u kon , Putnam and
B ritton. ( 6) M uskogee Gas & Electric C o ., M uskogeo. (c) Guthrie Gas,
Light, Fuel & Im pt. C o ., Guthrio. (d) Shawnee Gas & E lectric C o ..
Shawnee, (e) Comm onwealth Public Service C orp ., W agoner. (/) Beggs
Gas C o ., Beggs. (a) Lowland Oil & Gas C o ., B ixby. (h) M idfield Gas C o ..
Ollton. « ) K ay C ounty Gas C o ., Newkirk.
,
O f tho gross earnings o f $4,490,407 in 1918, $3,841,160 cam e from ga s.
$331,295 from gasoline, 310,542 from oil and $7.411 from miscellaneous.

The income account, &c., were given in V. I08,p.2129.

B A L A N C E S H E ET DECEM BER 31 1918.
Liabilities—
.$ 10 ,000,000$19,512,013 Capital stock
359,138 Bonds_______. ____ _______ . x l,651,006
Departmental investment__.
106,300 Notes payablo____ _______ . 1,374,522
Other Investments----809,330845,708 Accounts p a y a b l e . ... ... .. .
Suspense construction.
250,002
187,775 Dividends unpaid_________ .
Suspense purchase----145 Property a d ju s tm e n t...... . 5,394,262
Material and supplies. .
. 1,275,411 Depletion and depreciation. . 2.505,992
.
495,012
__ _
180,220 Surplus Cash ....................
.
13,411
Deferred charges.
Assets—

Total__________________ .$22,480,120

$22,480,120

x Includes 1st ref., now 1st m tge. bonds, $826,000; 1st ref. Caney R iv e r
Gas C o ., $450,000; 1st m tge. Enid Natural Gas, $275,000; and 1st m tge.
Central Light & Fuel, $100.000.— V. 108, p . 2129.
M o n tr e a l L ig h t,

H eat

&

Pow er

C o n s o lid a te d .

30 1919.)
Pres. Sir Herbert S. Holt, Montreal, May 21, wrote in sub.:
{Third A nnual Report— Year ended A pril

Revenue.— The gross and net revenues and surplus earnings show in­
creases over previous year, accrued m ostly from operations prior to the
armistico. The present is a period o f readjustment, affecting your com pany
like m ost other industries, and it remains to be seen if our revenues will b o
maintained during tho transition o f industry to peace conditions. M ean­
time unsettled labor conditions and high cost o f materials would appear
to be retarding the adjustm ent if not preventing the expansion that was
contem plated. Operating expenses continue abnormal with no sign o f relief,
as while supplies in some instances have declined, increased costs o f labor
and taxation have m oro than offset any reductions; taxes alone increased
$176,000 for the year under reviow. Labor is m oro plentiful, but in a gen­
eral state o f unrest due to tho continued high cost o f living, and whllo as a
result wages will undoubtedly further incrcaso, the oxtra supply should
perm it o f better selection and resultant efficiency.
, .
Rates.— For years past you r com pany has been unique In consistently
reducing its gas and electric rates and to-day enjoys an unrivalled positionfor minimum rates, but if operating costs continue to rise it m ay bo neces­
sary to increase rates, as has already been done to a marked degree, and In
somo cases repeatedly, b y practically all other public utilities in this locality
and throughout Canada and tho United States.
Surplus Earnings.— Tho surplus earnings from tho y e a rs operations
amounted to $1,042,891, out o f which $ 20,000 has been appropriated fo r
ponsions; tho balance, amounting to $1,022,891. subject to Income tax, has
been carried forward to general surplus, bringing tlio accrued surplus as a t
the close o f the year to $2,608,204, as per balance shoot.
Depreciation.— Our up-to-dato provision on this account, as noted In
balance sheet, amounts to $6,268,801, which will in duo course bo required
for replacement o f worn-out and obsoloto plant; meantlmo tho fund is in­
vested, with other reserves, in productive plant, and is thus temporarily
em ployed as additional capital on which no dividends or interest charge*
h&F°nancialJ— During the year regular quarterly dividends have been d e­
clared and paid on tho stock at tho rato o f 4 % per annum.
Bonds.— There wero redeemed during tho year for sinking fund purpose®
$34,000 Lachlno division bonds and $21,000 bonds o f Provincial L igh t.
Heat and Power C o.

M a y 31 1919.]

THE CHRONICLE

Additions and Betterments.— Tho extension o f the Cedars Rapids hydro­
electric plant, referred to in tho last annual report, was com pleted, and the
two additional units, aggregating 20,000 h .p ., inaugurated In October last
and have since been in continuous operation.
Y ou r com pany has under construction at its Lasallo gas works additional
retort capacity o f 2 ,000,000 cu . ft. per diom, which it is expected will be
rea d y for operation in the fall.
Properties and Plants.— Thero was expended during tho year on main­
tenance account $541,105, which, with the appropriation for depreciation
and renewal reserve, as noted, represents a total expenditure and pro­
vision in this connection o f $1,485,032.
Fiscal Year.— Y our directors deem it advisable to change the fiscal year
to conform with tho calendar year; accordingly you will bo requested to
ra tify a by-law authorizing this change.
RESULTS FOR YEARS E N D IN G AP R IL 30 1918 A N D 1919 A N D
N I N E M O N T H S OF 1917.
Year end.
Year end.
9 Months to
„
A p r. 30 ’ 19. A p r. 30 ’ 18. A p r. 30 ’ 17.
Gross revenue .......................................... $10,939,273 $10,390,684 $6,783,840
Expenses and taxes.................................... $5,357,493 $4,767,869 $2,866,316
Depreciation and renewal r e s e r v e s ...
943,927
1,039,068
675,000
N et earnings..............................................$4,637,853 $4,583,746 $3,242,524
Fixed charges.............................................. 1,032,671
995,022
756,514
D iv id e n d s .......................
*(4)2,562,291 (4)2,556,025 (3)1,903,395
20,000
20,000
10,000
Pension fu n d ................................
S urplus................................................... $1,022,891

$1,012,699

$572,615

* Includes $641,261 for dividends not paid till M a y 15 1919.
B A L A N C E SHEET A P R IL 30.
1919.
1918.
1919.
1918.
Assets—
*
$
Liabilities—
s
S
Stocks, bonds and
Capital stock........ 64,126,100 63,965,800
interests in other
Contlng. & insur.
companies.........65,428,365 65,320,151
reserve..............
674,304
674,304
Bonds in treasury. 3,526,250 3,162,600 Depreciation and
Adv. to sub. c o s .. 1,765,237 1,010,6S2
renewal reserve. 6,268,801 5,422,252
Prop. & plant lnv. 241,755
222,058 Pension fu n d .........................
118,445
Invest’t securities. 1,117,280 1,208,015 Bills payable..........................
579,802
War loans________
______
381,979 Accounts payable. 944,182
805,591
Accounts and bills
Customers’ depos.
144,796
94,332
collectiblo.......... 1,329,719 1,703,625 Accrued bond lnt. 323,833
313,910
Stores.....................
381,175
388,411 Suspense account. 642,795
730,962
Coal, coke, tar, &c. 364,507
348,946 Div. pay. May 15.
641,261
639,658
Cash....................... 2,219,989 1,327,454 Income war tax.....
..........
143,552
Surplus account..x2,608,204 1,585,314
Total.................. 76,374,277 75,073,921
_______

Total.................. 76,374,277 75,073,921

x Subject to incom e tax for tho current yoar.— V . 108, p . 1278.

Bush Terminal Company.
31 1918.)
President Irving T. Bush, April 15, wrote in substance:
{Report for Fiscal Year ending Dec.

Results under War Conditions.— In spite o f tho difficult period through
which the com pany has been passing, the net surplus for the year is slightly
in excess o f the figures for 1917. During the entire year tho piers and
warehouses o f tho com pany have been in tho possession o f tho U . S. G overn­
ment under a commandeer order issued by tho W ar D ept, on Jan. 3 1918.
Ih o annual com pensation to bo paid this com pany for the property com ­
mandeered was determined b y a commission appointed by tho Secretary o f
W ar
1 he com pany placed all o f its books and records at the disposal o f
tho Comm ission, but did not subm it formal p roof o f damage. In our
opinion, the award made was considerably less than would have been earned
b y the property had it not been com m andeered, but in view o f tho national
crisis tho award was accepted without controversy
M ost o f the property commandeered is still in possession o f the G overn­
ment. It is expected, however, that it will bo gradually returned during
the RfMen t yea r• „ As it is returned. It is being operated b y the com pany
for the account o f the Governm ent, so that any earnings which m ay be
received before the Governm ent is in position to relinquish the com m an­
deered property in its entirety will be passed to tho Governm ent as a credit
upon thei rental paid. Tins is an advantageous arrangement for the
G overnm ent, and at the same tim e permits its release piecemeal from
G overnm ent control.
*
International Sales Building.-—This building on 42d S t., M anhattan,
owned b y the com pany through a subsidiary corporation, has passed the
stage “ .uncertainty. The developm ent o f this enterprise was necessarily
slow v4ujo the country was at war, because o f uncertain business conditions.
During the first three months o f 1919. 231 leases were executed for the
tenancy o f this building, and wo believo it is only a question o f the necessary
tim e required Re negotiate leases for tho entire building, before this enter­
prise wifi be a profit a bi e a nels uccessf u 1 part o f tho com pany’s operations.
(An advertisem ent s a js. M ore than 300 manufacturers have their sales
room s in Bush rerminal Sales B ldg. Y ou can look over their lines and
advantageously as at tho factory. Am ong
the manufacturers here ready to serve you are: Infants and children’s
goods, 87, perfum ery and toilet goods, 75; jewelry and silverware, 55 underwear and negligees, 30; shoes, 20; corsets and brassieres 8
Several
r 111
t^Ur<'riS havo taken space, and the building is
rapidly^becoming the hu gest market place in the world. It is built on the
Idea o f se.rvico to the buyers through tho co-operation o f the manufacturers.” !
Oadoofc. There need be.no fear on tho part o f stockholders that incom o
will shrink because war earnings decrease. Tho com pany has not made
fil: liasJsuffered material loss and tho officers o f
tho com pany take pride in this fact. A return to normal conditions will not
decrease tho earnings but will ultimately reduce operating exponses.
,
010°
g 0U,CnS1 IncomG condition will not materially
change during 1919. b u t during 1920 thero will bo a substantial increase,
aI7ou}ief.Hntern;it. onal Sa,os Building, and other new dePartIRRPiRsj n7,Ci
, n-t h? cost o f coal which has been during the
W3T period (111 importd>nt item o f plunt OT)prn.tinor
tUin r ” 1
en nfnm o nt” ^rn^u
08
lncom o account for maintenance o f
§
r 97 w
lton « rr7 ^ , 7 4 to $398,950. An additional am ount o f
depreciation, which sum included tho am ount
result!ng from the operation o f tho sinking fund. In addition tho U . S.
m a u n d e r Yts^ontrol
” f° r the maintenance o f that portion o f tho p rop IN C O M E AC C O U N T OF BUSH T E R M IN A L CO. FOR CAL. YEARS
.1 9 1 5 TO 1918.
Gross earnings from stor1918‘
1917’
ago, & c., & net income
from Railroad d ep t------ $2,131,571
$2,157 210
Operating expense..........499,069 _ ’546,818

$1 955 f>37
'453:729

o t w . n l rl ngS.................. S I,010,392
Othor incom e.................... 240,067

$1,501,508
128,377

$1,345,177
183,294

198,958

Total net incom e_______$1,872,569
Deduct—
C on. bad debts, accts. rec.
______
Interest on b on d s------------ $191,853
T a x e s -----------------------------359,773
Interest on notes
_
32,560
Am ortiz. disc. coll, notes.
18,750
1917 Income tax------------33,389
Reserve 1918 Income ta x .
91,860
Sinking f u n d . . ..................
29,690
Extraord. repairs, & c____
D ep reciation ..... .......... ......
M isc., p. & 1. chgs., & c ..
73,252
Preferred divs. (6 % ) ____
138,000
C om m on divs. (cash)____
285,959
C om m on divs. (stock )___
286,388

$1,738,770

$1,681,802

$1,544,135

5,000
453,097
292,081

454,437
257,287

$451,858
302,465
13,295
2,500
30,030
36,554
138.000
(5)272,303
(5)272,593

1916’

1915’
$1 032 107
'286:929

10,000

30,412
30,690
57,677
83,849
50,000
100,000
53,105
46,920
138,000
138,000
(5)250,302 (5)250,000
(5)259,453(243) 125,000

Balance, surplus............ b$31,096
$219,172
$86,675
______
$47,952
£ T 1k> special dividends o f 2
in com m on stock paid semi-annually on
tho com m on shares from Jan. 1916 to July 1918 Inclusive were distributed on
account o f increase in value o f property. V. 101. p. 259; V. 107, p. 405.




3239

N ote.— The com pany deducts the dividends from profit and loss accou nt,
but they are shown hero for the sake o f sim plicity.
b The surplus for 1918, as above, was $31,096, adding the accumulated
surplus D ec. 31 1917, $2,842,920, and appreciation o f real estate, $3,154,­
494, and deducting miscellaneous adjustm ents, $16,973, leaves total surplus
D ec. 31 1918 as per balance sheet, $6,028,510.
E A R N IN G S OF BUSH T E R M IN A L BLDGS. CO. FOR CAL. YE AR S.
Calendar
Rentals N et, after Other
Bond
Preferred
Balance.
i n , f ar
Taxes Incom e. Interest.
Dividends.
Surplus] 9 1 8 ............$ 1 ’?2R’|§§ *135,157 $4,637 $432,503 (7% )$175,000 $132,291
1917 ----------- 1,480,939 620,637 6,638 366.242 (7 % ) 175 000
86033
1916 ............. 1,230,931 622,022 7 804 353 908
7%
175 000 100 918
1915 ----------- 1,100,830 660,963 3,726 360 726 7 % ) 175 000 128 963
1914 ............
903,523 527,939 2 ^ 7 1 3 4 ^ 2 5 9 (7 % ) l^O O O
8 1551
n/\LANOE SHEET DEC. 31— C O M P A N Y PROPER (IN C L . SU BS ID S.).
[Bush Terminal C o . & Sub. C os., and eliminating inter-com pany items.]
----- Bush Terminal Co.----- --------- Consolidated--------Assets—
1918.
„ 1917.
1918.
1917.
Real estate.....................
$9,199,347 $6,026,675 $12,157,449 $8,692,978
Warehouses, piers and
other im p rovem en ts.. 6,992,658
7.215,755 18.560,897 17,921,755
Expenses during and in­
cident to construction
______
1,326,852
1,353,297
G ood-w ill........................... 3,000,000
3,000,000
3,000,000
3,000,000
C om . stock, coal m ines.
______
20,536
Securities owned________ 1,989,800 x l , 965,300
m ent______ ______
583,416
819,537
659,918
889,816
;ure and fix tu r e s ..
51,238
50,230
123,302
55,790
Constr. adv. to B .T .R R .
344,765
339,658
Due from (J. S. G o v t___
______
379,317
C ash....................................
307,253
248,473
387,492
284,197
Accounts receivable____ y 2 ,737,834
1,636,912
941,246
1,223,284
Prom otion expenditures.
b _____
b ............
154,072
86,256
Bills receivable................ 1,100,000
1 , 100,000
Dem and loans__________
______
59,615
59,615
C oll. tr. notes (in treas.)
alll.OOO
a504,000
504,000
111,0 00
B . T . B. C o. $1,171,000
(par) 1st 5s_____ ____
______
1,053.900
900,000
A ccrued storage & la bor.
4,752
76,733
4,751
76,733
W ork. adv. to B. T . R R .
147,669
132,276
M aterial, supplies & fuel
216,285
285,189
477,816
415,835
M iscellaneou s..................
1,325,021
121,453
1,414,988
175,015
U . S. G ov t. A gency a cct.
93,529
93,529

»

T o ta l................................$28,204,565 523.581,808 $40,867,067 $35,638,571
Liabilities—
P ref .stk.ln hands o f pub. $2,300,000 $2,300,000 $2,300,000 $2,300,000
do guar, b y B. T . C o ......................
______
1.555,200
1,555,200
C om .stk.in hands o f pub. 5,797.732
5,519,064
5,797,732
5,519,064
First mortgage 4s............ 2,952,000
2,986,000
2,952,000
2,986,000
Consol, m ortgage 5s____ 6,629,000
6,629,000
6,629,000
6,629,000
C oll, trust serial n o t e s ..
633,000
554,000
554,000
633,000
Bond & m tge. Dim e Sav.
Bank quar. b y B .T .C o
______
800,000
775,000
First mtge. s. f. guar, b y
Bush Terminal C o ___
_______
8,813,000
............
8,984,000
Accrued com m on stock
d iv., payable Jan. 15.
144,962
137,976
144,962
137,976
Accounts payable______
1,096,801
1,311,545
1,485,256
1,508,568
Interchange settlements.
34,664
126,134
34,664
126,134
Expenses not paid ______
77,331
2,332
78,458
2,358
Freight agents’ d r a ft s ..
1,079
1,079
1,079
1,079
Bills payable-------- --------- 1,709,150
491,615
1,709,150
C995.615
U . S. Am erica__________
112,514
17,213
112,514
17,213
Accrued interest & taxes
375,610
272,865
409,277
558,203
Pref. d iv. o f B. T . B . C o.
09,000
69,000
96,216
96,216
Com m on d iv id e n d _____
144,736
137,817
137,817
144,736
Reserves, & c___________
98,475
183,247
135,012
206,588
P rofit and loss.................
6,028,510
2,866,776
2,842,920
6,717,572
T otal................................$28,204,565 $23,581,808 $40,867,067 $35,638,571
y Includes accounts receivable, $811,067; accounts receivable inter-com *
pany, $1,547,450, and due from U . S. Governm ent. $379,317.
x Includes pref. stock Bush Terminal Buildings C o ., $1,000,000, and com ­
m on stock, $914,800: com m on stock Bush Terminal R R ., $20,000, and
Bush Advertising Service, $25,000. a Pledged as collateral, b Exhibition
Budding, Inc. (subject to am ortization), c Includes $504,000 Exhibition
Building, Inc.
The total assets o f the Bush Terminal Buildings C o. as o f D ec. 31 1918
were $14,187,509. offset b y $1,000,000 com . and $944,800 pref. owned and
$948,100 pref. guar, by the Bush Terminal C o ., 1st M . s. f. 5s guar, b y the
B . T . C o ., $8,984,000; current, & c., liabilities, $594,149, and profit and
loss, surplus, $1,104,049. The total assets and liabilities o f the Bush
Terminal R R . as o f D ec. 31 1917 were $356,656.— V . 108, p . 173.
A m e r ic a n

W r it in g P a p e r C o ., H o ly o k e , M a s s.

(19th A nnual Report— Year ended Dec. 31 1918.)
The comparative income account and balance sheet were
givon in “Chronicle” of May 3, p. 1817.
President George A. Galliver, Holyoke, Mass., Mar. 24,
wrote in brief:

Income Account.— Our total business am ounted to $21,327,777, being
an increase o f $6,308,213, or 42% over 1917. A fter adding the charges for
depreciation, repairs and maintenance ($1,017,577), tho m anufacturing
cost totals $18,135,259, leaving as actual m anufacturing profits $3,192,518
(as against $1,851,693 in 19171. Other incom o am ounted to $271,220.
General and selling expenses, discount on sales and other incom e charges
total 81,431,749. The net profit from operation, therefore, am ounted to
82,031,989. O f this am ount 8554,359 was consum ed b y interest on bonds
in the hands o f the public (not including bonds in sinking fund and treas­
u ry), and reserves were set up for inventories and war txes am ounting to
$225,000. T he net addition to surplus from p rofits, therefore, am ounted
to $1,252,629 (contrasting with $150,287 in 1917].
Business Conditions.— January and February 1919 saw v e ry little im ­
provement In business. For M arch, increases in sales were brought about,
but raw material costs had made a marked advance, and the trend was
consistently upward. Business during the first half o f 1917 had been the
worst in years, and the last half o f the year was on ly slightly better. It was
not until July 1 1918 that advanced prices put into effect earlier in the year
materialized Into operating profits which warranted a general advance in
wages. An advance o f approxim ately 20% was m ade as o f that date.
This relieved the tension in the labor situation. T he last general advance
in paper prices was m ade on July 21.
Outlook.— Upon the signing o f the armistice on N o v . 11 all dem and for
paper was practically withdrawn. Paper merchants and consumers, m any
o f them carrying unusually heavy stocks, im m ediately set abou t to liquidate
their inventories. Judging from the continued, extrem ely light dem and,
this liquidation is still going on, but a slightly increased volum e in inquiry
now to be observed indicates that it is probably nearing its end. There
is no present indication o f any decline in the prices o f the underlying raw
materials.
Current Working Assets.— N et current assets on D ec. 31 1918 am ounted
to $9,111,267, $1,053,747 being cash. N et current liabilities were $2,­
8 18,046.
Inventories.— On D oc. 31 1918 there was on hand finished and rough
paper valued at $2,229,419 and raw materials and conversion supplies
valued at $3,571,189. making a total value o f $5,800,608; deduct allowance
for contingencies, $330,907; balance, net inventory, $5,469,701. Raw
materials and supplies were priced at cost or market, according to which
was lower. Paper inventory was priced at cost, with due allowance for all
obsolcto stock. Reserves against inventories were m ore than doubled
during tho year. Present condition is regarded as sound and conservative.
Additions.— T he net additions and deductions to D ec. 31 1918 when
taken with the appraisal o f 1917, show:
N et sound value o f property as appraised M arch 31 1917..........$14,590,830
N ew additions and expenditures for reconstruc’n, depletion, & c. 2,129,652
Less: N et depreciation, S693.126, and surplus charges, $393,819

$16 720 482
i:086,’946

N et sound value D ec. 31 1918..........................................................$15,633,536

[V o l . 108.

THE CHRONICLE

2240

T he "surplus charges” ($393,819) principally represent adjustments on
extenslvo reconstruction work which was in progress at the tim o o f the
^The principal additions and im provem ents during the year were the Gill
m ill, which was com pleted last spring and makes us a strong factor in the
production o f b ook and m achine finished papers in large tonnages; the
fourth machine at the Crocker division, for the production o f glazed papers;
additional warehouse capacity at the H urlbut division; rem odeling the
steam power plant at tho Linden division, and Im portant changes at tho
Riverside division, perm itting us to undertake successfully tho manufacture
o f various special papers for which profitable markets had been found.
In the various additions already mado and now under consideration, the
forem ost factor kept in the mind is the im portance o f broadening tho m ar­
kets for our products.
,
,
, , , .
,
Bonded Debt.— A plan for refunding the bond issue duo July 1 has been
approved by your board and is now in activo process o f consum m ation.
(Seo plan in full, V . 107, p. 1674.)
Centralization.— Originally, the com pany was an aggregation o f separate
m anufacturing com panies. Tho operation o f the organization, because o f
the maintenance o f m any m ill units, has not been altogether effective.
During tho past year m any o f the duplications in effort and unnecessary
expenses have been recognized and action has been taken to eliminate them.
Num erous changes in the organization have been put in effect in order to
secure the centralization and com plete co-ordination, interdependence ana
balance o f the whole organization.
. .
...
Sales Department.— Tho sales dopartmont has been reorganized with
departments as follows: (a) W ritings and ledgers, ( 6) specialties and covers,
(c) books and papeteries, and (d) envelope papers. Managers have been
appointed for each section. Offices wore opened in W ashington, Butiaio
and San Francisco which, w ith other branches in N ew Y ork , Philadelphia
and Chicago, afford local, personalized service to the six largest cities and
jobb in g centres. Other sections o f tho cou ntry are covered b y traveling
salesmen.
.
,
,
, ,
__
Accounting Departments.— Substantial changes have been mado during
tho year in tho accounting department, designed to facilitate tho work.
Y o u r executive com m ittee now custom arily receives a m onthly balance sneot
and operating statem ent b y tho 25th o f tho succeeding m onth, which,
considering tno fact that this is a consolidated statement o f 26 soparato
manufacturing plants (seo list below) is com m endable w ork.. W ith tno
aid o f experts wo havo also succeeded very well in the revision o f tho cost
SyPaper Market Prospects.— W hile tho com p any’s sales have shown a
marked failing o ff since the armistice was signed on N o v . 11, and have not
as yet returned to norm al, there are certain features pertaining to the paper
Industry which ju stify sanguine prospects. Paper has not experienced
during tho past tw o or three years tho proportionate rise in P f]f 0-°v*ncea
b y other large staples, and present paper prices are fully justified b y tno
increased cost o f raw materials. Sales in normal volum e and based on
prices which will adequately p rotect our inventories, m ay bo expected
when confidence is restored in the business w orld.
Labor Relations.— Our general advance in wages, amounting to 1 6% , was
m ade on July 1. During the year $4,532,676 was paid to employees in
wages. Operating on a full schedule this com pany em ploys about 3,1UU
men and 1,170 w om en. Tho labor turnover for tho year was 8 2 % , wnicn
is very satisfactory considering last year’s conditions; 5 11 o f our employees
have oeen with tno com pany for 20 years or longer and 384 for at least
ten years
List o f Divisions (26 m ills).— (1) Agawam Paper C o. (N os 1 and 2 m ills),
M ittineague, M ass.; (2) A lbion Paper C o. and (3) Beebe & H olbrook C o.
and M assasoit Paper C o ., H olyoke; (4) ^Chester Paper C o ., Huntington,
M ass.; (5) Crocker M fg . C o ., ( 6) Dickinson G eo. It.. Pape.r Co and ( 8)
G ill, Goo. O ., Paper C o ., H ofyoke; (9) Harding l£ p e r C o. I1rank! in .W a r ­
ren C ounty, and South Excello, Butler C ounty, Ohio; (10) Holyoke T aper
C o ., Holyoke; (11) H urlbut Paper M fg . C o ., South Lee, M ass.; (12) Linden
Paper C o., (13) M t. T om Paper C o ., (14) N onotuck Paper C o. and (15)
N orm an Paper C o ., H olyoke; (16) Oakland Paper C o., M anchester, C onn.;
(17) Parsons Paper C o. (N o. 1), H olyoke, M ass.; (18) Platner & 1 orter
Paper M fg . C o ., U nionviile, C onn.; (19) Riverside Paper C o. (N os. 1 , 2
and 3 m ills), Holyoke; (20) Shattuck & B abcock C o ., D o Pere, W is.: (22)
W auregan Paper C o ., Holyoke; (23) W indsor Paper C o ., W indsor Locks,
C onn.— V . l0 8 . p. 1823, 139.

The comparative income account and balance sheet wero
given in V. 108, p. 1817.
GENERAL INVESTMENT NEWS

RAILROADS, INCLUDING ELECTRIC ROADS.
Government Control of Railroads.— Director General of
Railroads Seeks $1,200,000,000 to be Considered Pari of
Revolving Fund for Meeting Railroad and Other Requirements.
Control of Short-Line Railroads Questioned.—

See under current events on a previous page and com pare pages 4 and 5
o f “ Railway & Industrial Section;” also under Arkansas & Louisiana
M idland R y. below .— V. 108, p. 2122. 2021.

Akron Canton & Youngstown Ry.— Co-oper. Contract.
American Railways Co.— Common Dividend.—
A semi-annual dividend o f 8 7 H cents (1 M % ) has been declared on the
See Chesapeake & W estern R y . below .— V . 105, p . 678.

$9,460,000 outstanding com m on stock (par $50), payable Juno 14 to holders
o f record June 10. This is tho first distribution on the com m on stock since
D ec. 1917, when a semi-annual dividend o f 2 % was paid.
The declaration o f tho dividend insures tho paym ent o f tho semi-annual
interest on the $6,479,750 N ational Properties Collateral Trust bonds duo
July 1. Tho bonds now bear A'A % interest. American Railways com m on
furnishes the collateral for tho-issue o f bonds.— V . 108, p. 1390.

American Railway & Power Co.— Sale.-—
T ho com pany having defaulted in tho paym ent o f interest duo N ov.

1
1918 upon its 6 % Three-year G old C oupon notes dated M a y 1 1916, the
Columbia Trust C o ., trustee under the agreement o f M a y 1 1916, will sen
the securities pledged with it. to wit: $276,000 6 % cumulative pref. stock
o f tho Burlington Railway & Light C o ., a Delaware corporation, at tho
Real Estate Exchange salesrooms, 14 Vesey St., N . Y ., at 12:30 p. m . on
W ednesday, Juno 11, 1919, through Adrian II. M uller & Sons, auctioneers.

Arkansas & Louisiana Midland Ry.— Rail

Control.—

The “ Railway R eview ” o f M a y 24 has tho following: “ In replying to
tho application o f the com pany for tho appointm ent o f a board o f referees
to determine the roa d ’s com pensation from tho Governm ent, the UK.
Administration has raised the point o f whether certain short lines ever have
been under Federal control. Hearing o f tho application was held before
the I. S.-O. Commission recently and should tho ItR. A dm inistrations
contention bo upheld, several hundred short-lino roads would bo affected.
A n order placing the short lines under Federal control was issued about tho
tim e tho larger lines wero taken over, but they subsequently were released
and now tho Railroad Administration takes tho position that they never
were actually under its con trol.” — V . 101, p . 2142.

Arcade & Attica RR. Corp.— Co-operative Contract.
Augusta-Aiken Ry. & Elec. Corp.—Earnings.—

See Chesapeake & W estern R y . below .— V . 107, p . 80.
Calendar Years—
1918.
Gross earnings (all sources)----------------- $1,023,832
Operating expenses and taxes-----------x655,54b
403,434
Interest. A c . . ..........................................
Balance, surplus.

$1,799

1917.
$925,524
523,100
467,894

1916.
$838,4o6
4 3 1 ,/2 l
480,409

$61,954

$58,061

x Includes $90,000 reserved for special depreciation, including obso­
lescence. A similar reservation o f $50,000 was mado in 1917. but was ap­
propriated from surplus after the books for the year wero closed.— V . 107.
p . 1194.
B o o n v i l l e R a i l r o a d B r i d g e C o .— B o n d s C a lle d .—
Thirteen ($13,000) First M tgc. 4 % sinking fund gold bonds of 1901 have
been called for paym ent July 1 at par and int. at the Central Union Trust




C o N . Y . T ho com pany is part o f the M o . K an. & Texas systom .- - v .
107,’ p. 1747.

B o sto n & Maine R R — Reorganization Hearing.—
Justice J. P . Carroll o f tho M assachusetts Supremo C ourt on M a y 28
set June 6 for a hearing on the petition o f Edward F. Brown o f Ipswich and
another stockholder o f tho com pany seeking to have annulled or amended
a decree o f the P. S. Commission under which tho road was authorized
to issuo bonds to pay an unfunded debt o f $13,306,000. (Com pare V . 108,
p . 2122, 2018, 1935.)

B roo k ly n R apid T ra n sit C o.— Time for
Claims Expires This Week (May
—

31).

Filing

Tort

T ho timo for filing claims with tho T ort C reditors’ C om m ittee, it is
stated, will oxpiro to-day M a y 31. This com m ittee, with office at room
309 N o . 38 Park R ow , N . Y . C ity , consists o f Samuel Seabury, Chairman,
John V . B ouvier, Jr., R obert II. Ernest and Charles Steckler.

Ten Cent Fare to Coney Island Legal.—

Public Service Commissioner Lewis N ixon, on M a y 24, announced his
decision, based on a report subm itted to him b y G odfrey G oldm ark, General
Counsel to tho com m ission, that this com pany had tho legal right to chargo
a ton-cent fare to C oney Island. M r. N ixon stated, how ever, that lie would
do everything in his power to bring about the establishm ent o f a tivo-cent
fare b y next spring. W hen tho entire system , including tho city-bun t
lines, is in operation, the contract with the city provides for a five-cent
faro.

Receivers' Clfs. Authorized.—

Judge M ayer in tho U . S. District C ourt on M a y 29 signed an order
granting the application o f Lindley M . Garrison receiver, to issue re­
ceiver’s certificates to the am ount o f $ 20 ,000,000.— V . 108, p . 2 122 , 2021 .

B u ffa lo & S u sq u eh a n n a R ailroad C orp.— Dividends.—
A quarterly dividend o f 1 34 % and an extra o f H o f 1% has been declared
tho com m on stock, both payable Juno 30 to holders o f record M arch 1 J.
A like am ount was paid in M arch last.— V . 108, p . 1816.

B u rlin g to n R ailw ay & L igh t C o.— Sale of Pref. Stock.—
Seo American Railway & Power C o . a bove.— V . 95, p . 1039.

C an a d ia n Pacific R y .— Obituary.—
Director W ilm ot D . M athews o f T oronto died M a y 24.— V . 108, p. 1935.

C en tral o f G eorgia R y .— Offering of Ten-Year 6 % Sccured Bonds.— Kuhn, Loob & Co. announce tho sale at 90
and int., to yield about
tho entire issue of $ 8 ,0 0 0 ,0 0 0
Ten-year 6 % Secured Gold bonds, dated Juno 1 1919, due
Juno 1 1929.
Interest payable J. & D . without deduction for any tax, assessment or
Governm ental chargo (other than incomo taxes exceeding in tlio aggregate
2 % per annu m ), which tho railway com pany or tho trusteo m ay bo required
to pay or to retain therefrom , under, or b y reason of, any present or future
law o f the United States or o f any Stato, cou nty, m unicipality or other
taxing authority therein. Redeemable, in wholo only, on 60 days notico
on Juno l 1924, or any int. date thereafter upon paym ent o f a premium or
H o f 1 % for each six m onths between tho dato o f redem ption and the
date o f m aturity thereof.
_ . ...
D a ta from L e tte r o f P re sid e n t A. R . L a w to n . D ated May 27 1919.
C om pany— C om pany has outstanding $15,000,000 6 % cum ulative p ref.
stock and $ 5 ,000,000 com m on stock, all (except directors shares) owned b y
Illinois Central R R . T ho $15,000,000 pref. stock was paid for in cash at
par b y tho Illinois Central R R . as o f July 1 1912. and tho proceeds used to
acquire Central o f Georgia bonds which have been canceled. Continu­
ously, since July l 1912, tho com pany has paid dividends o f 6 % p . a. on
its pref. stock and 5% p . a. on its com m on stock. T ho com pany owns in fee
1.486 miles o f railroacf and holds 476 miles under perpetual leaseholds; It
aiso owns all tho stock (except directors’ shares) o f Ocean Steamship C o.
o f Savannah, operating steamships between Savannah, O a ., and New
York and Boston.
. ,
,
,
Purpose o f Issue.— T o provide funds for capital expenditures m ade, and
to bo m ade, or to repay tem porary loans mado for these purposes. Other
than a small issue or Equipm ent Trusts sold in 1916, tills is tho first sale
o f bonds mado b y tho com pany since 1907.
Security.— These bonds aro to bo secured b y tho deposit o f the initial
$11,000,000 6 % Refunding & General M ortgage bonds. Series A . due
April 1 1959. T ho authorized maximum o f tho R ef. & Goti. M tge. bonds
(including amounts issued; issuable or reserved to refund $31,462,300 out­
standing prior lien bonds, tho extension o f thoso old bonds beingiforblddon,)
is limited to three times the capital stock, which makes a present limit or
$60,000,000. T ho com p any’s Gen. & Ref. M tge. dated Oct. 1 1912, under
which $11,135,000 bonds have been authorized to bo issued but none o f
which are outstanding, will be canceled.— V . 108, p . 1822, 1164.

C h a tta n o o g a Electric R y .— To Sell Bonds.—
T he com m ittee o f which Charles C . Homer Jr. is Chairman has arranged
to sell all o f the outstanding $625,000 First M tge. 5 % bonds which matured
Jan. 1 1919 at 100% and accrued int. from Jan. 1 1919 at rate o f 6 % p. a.
T ho m oney to pay for theso bonds has boon provided and is subject to the
draft o f the com m ittee with bonds attached, who will collect the amount
due for the bonds without expense or chargo o f any kind to the depositing
bondholders.— V . 108, p. 1510.

C hesapeake & W e ste rn R R .— Co-oper. Contract Signed.
T he Railroad Administration has signed co-operativo short-lino contracts
with this com pany, Pecos Valley Southern R y ., Akron Canton & Youngs­
town R y ., Arcade & A ttica R R . C orp ., M arion & Eastern R It. and the
^ F o r'sta n d a rd form o f contract for short lino railroads see V . 108, p . 235.
— V . 86 , p . 1284.

C hicago & E astern Illin o is R R .— Annual Report.—
Receiver Thom as D . Heed says: “ B y reason o f tho largo expenditures
for tho reconstruction and Improvement o f tho railroad during the test
period, its standard return, as certified by tho I.- 8 . C . Comm ission, was
only $2 946,000, an amount substantially less than tho fixed charges against
the property, and, in tho opinion o f tho receiver, wholly inadequate as a
measure o f just com pensation.” N o contract has yet been entered into
with tho Director-General, and tho amount o f com pensation actually ad­
vanced to the receiver during tho year 1918 was $749,000.
Receiver’s and Federal Combined Income for 1918— Receiver’s Data 1915-17.
Calendar Years—
1918.
1917.
1916.
J S ii’ Gnc
Gross earnings....................$26,753,092 $21,018,985 SH .884.697 51d,871.495
N et, after taxes__________ $1,610,190
$3,786,851 $2,979,60i $2,210,720
Other incom e____________ 1,017,943
1,791,074
1,446,587
650,910
Gross Incom e....................$2,628,133
Interest p a id ......................
$967,831
R ents, & c_______________
1,017,429
Accrued interest not paid 3,310,077

$5,577,925
$1,020,360
862,679
2,356,793

Balance, surplus___ dof.$2,667,204 sr$l,338,092
— V . 108, p . 1511. 1059.

C hicago U n io n S ta tio n C o.—

$4,426,188 $2,861,630
51.045,602 $1,042,418
826,296
777,052
2,384,79o N o t stated
sr.$169,494

Construction.—

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

T ho “ Railway A ge” o f M a y 16 says In part:
"Federal Governm ent railroad and city officers o f Chicago recently held
a conference at which tho pushing o f tho Chicago Union passenger station
p roject was discussed. As a result o f this conference it was announced that
work on the new station will bo rushed and it Is expected that m ore than
3,000 men will be em ployed on tho work within 30 days.
1 ho purpose o f
this conference was to develop co-operation between the city and tho rail­
roads and a number o f contracts will probably bo lot in tho near future for
work on tho station and its approaches.
,
A
"T h o foundations for the headhouso o f tho station aro at present approxi­
m ately 50% com pleted. W ork is now boing done on tho substructurofof
tho Harrison Street viaduct and Is approxim ately 40% com pleted.
Ih e
T aylor Street viaduct is also approxim ately 50% com pleted. Bids for tho
12th Street viaduct aro now in tho hands o f tho Chicago Union Station G o.
Tho steel for tho Folk St. viaduct has been com pleted and will bo on the
ground within 30 days. Rails and ties for tho tracks from Van Burcn to
12th St. have been bought and it is planned to contract tho grading and
track work on this approach within 10 days. T ho steel for tho ralslng’ o f

M ay 31 1919.

THE CHRONICLE

224: L

bo°stlarte(f soon.'••B r illg 0 has a,so bccn delivered and on this the work will
&
pany’s t e ? m S i t u I t ^ n ’L .V . I oIT p^ S tT

^

08 ltS artiCle ° n thiS Com"

Cincinnati Hamilton & Dayton Ry.

ing Assets.—

•Sale of Remain-

0rs0wHhheSld°r C oSpIre v / 108® ^ l l s ! “

Lehigh Valley RR. Co.'—Auth.

PaFt ° f the plan* ^

Listing— Bonds Listed .—

Judson Ilarxnon and Rufus n. Smith, receivers give notice that the re^ alicU o^ a ^ rfn ch rn T trm ^ T ’ <'° o ? i lnB ° f securities, will bo sold at pub&eSouthern D istrictofO W o- V . l ? ^ p f e s l th° U‘ S> ° istrict C° Urt

_rPinw,hiladeiphia Stock Exchange has admitted to the regular list S350 000 "
acouVsitions' 'te c* makh^^m?^ V 7S Bold bonds due May 1 2003, issued for
989^000 — V. 108.™ 2 1 2 2 ,h 17 1 5 amOUnt of bonds ^ te d to date of $26.­

On Juno 1 1919 $95,000 1st M . 5s of the Ohio Central TracUon Co
extende<tho
mriVv°nf n !°n ’ ,''vill,fal 1 duo an<1 an effort ls being made to
extuHl
tbo mat
maturity
of thesei bonds for 14 months, making thorn mature
eonsi d oratE?,i
tho company has other maturing issues. As
of
« irK nw y Pfepeses to make an immediate cash payment
of icy ' ; I r
n1 ’ 2 ?,?*bo,nd ‘l ? 11 t 0 attach three now coupons at tho rate
ThM C h r S t n i
w60, 1 1P19. Juno 1 1920 and Aug. 1 1920.
tonsfon 1°T ^n(1ov^ormHtKt,leiho ders 7 % P- a - during the period of the esomlon Of nnhl w
? f l bondsi®r .any Par* thereof will bo redeemable at
S S v ° n n S i ™ ,a mPi'?r and lnt', ? n <™y interest-paying date, and the
of S200 0 0 0 h all tat t o - bo n E T erve(U,? ov,ery rcsPCct. Of the original issue
bonds maturing *1923 ^ ’° 0° bave c ther been paid or exchanged for other

General*
R ’s ?lTnes^vfls ° ^ ! b e t w e e n this company and Directorsation at *5.367.
* Slgned ° n M ay 2 4 flxing the annual compen-

Cleveland Southwestern & Columbus Rv — Bond Ext

tr,^fnont7imwH?o,t!L shr.uId bo deposited with tho Now Haven Trust Co.,
Conn-; a.nd when all o f tho bonds are so delivered tho
nnfl lviuV.1 fh l be consummated. A large amount of tho bonds has assented
witii
s bnproved showing, duo to increaso in rates, and
n;rrL.Vh°,.'tar,f‘ nanci5 k 0111 o f the way, the company believes it will have no
difficulty in paying these bonds on Aug. 1 1920.— V. 108, p. 1060.

Dallas (Tox.) Ry.— Fare— Business.—

.
=R^ 'i Pvmy .'t1 TwH11?. an. iocreaso in fares calls tho attention of tho
Ily Co Karns M oney” •
f° !OW ng faCtS lmder tho caption “ How the Dallas
Total iiropcrty value, determined in tho manner provided by the
franchise— close of business April 30 1919
«c 082 082
r rn^fne^tfn ^'lT1 - 7 % pe,r annum « n property'valu'e* (for'Apri’l) I ’ 451899
< r< t ' f e o ° ’ ‘i e°urces, in April 1919, $202,239; oper. oxpenses,
$169,602; net earnings_______________ _
_
32 636
Shortago in permitted return, month of"April- 1919111111111111
13,262
Amount in April available for dividends or surplus reservo______
None
Total shortago for 19 mos. (Oct. 1 1917 to April 30 1919, incl.)
on permissible return................... ................................. ..
3 5 5 286
— V. 108, p. 1274.
.............................................
’ 80

Detroit & Mackinac Ry.— Federal

Manager.-

General Manager J. D. Hawks has been appointed Federal Manager
with headquarters at Detroit to succeed F. II. Alfred.— V. 108, p. 2122.

Green Bay & Western RR. Co.— Dividends.—

Tho directors have declared dividends o f 5% on Class A debentures
5% on the capital stock and !/„ o f 1% on Class B debentures out of the
earnings o f 1918, all payable Juno 3. The dividend on the stock will bo
paid to holders or record May 29. Like amounts were paid in Feb. 1918

Federal Treasurer .•—

Acting Federal Treasurer A. H. Mongin has been promoted to Federal
Treasurer for this property, Kewanoo Green Bay & Western, the Ahnapce
Bay Wi's.1— V 108 p im ™ GrCen
Y B y - with headquarters at Green

Hudson & Manhattan RR.— To Issue Bonds __

The P. S. Commission has sanctioned the issue o f $1 036 (inn First r inn
& Refunding bonds, to draw 5% int. proceeds to be used in reimburs ing
V.°108 pU12 0 2 2 r i 6Xf 0end lreS made for rcal cstatc and rolling stock.—

Indianapolis Street Ry.— Merger P lan .—

Tlio meeting of stockholders to consider and act upon a report o f a snecDi
committee of stockholders in tho matter of tho consolidation of thnPTmII
anapolis Street Ry. Co. and tho Indianapolis^^Tractlon^& Terminal Co lid«
been adjourned till Juno 2. Compare V. 108, p 78
lcrnllnal C o- has

International Ry., Buffalo, N. Y.— Service Plan Vetoed
Governor Smith on May 16 vetoed a bill permitting the city o f Buffalo

and the company to agree upon a service-at-cost plan. Governor Smith
said that the contract, one made, could only bo altered hv the
of the parties, tho railway and tho city, and the bid p r o n t o tlSf* the Pan*
road Law and the PubIi(r,Service Commission Law shalPhLve no apphcMfon
to said city, or to any companies parties to tho contract
This m odulo
thus in effect, Governor Smith pointed out, would abrogate Vu I S S J
under the State laws over tho company and’ would toke r e c t o r y powers
away from tho Public Servico Commission.— V. 108, p. 2122 2022 powcrs

International Traction Co. (Buffalo^ N.~’
— Sale
Postponed .—
* y %A.’
>' .

The salo by tho Guaranty Trust Co., as trustee nf ihn
.
ing tho Collateral Trust 4% bonds o f tho company (V
fva'n"
scheduled for M ay 28, was postponed until Juno 25.__\ . l o ^ f e . 1^ :

Jackson (Miss.) Light & Traction Co .-D e p o sit of
B? nJ ST ^ l n l Z-eY-St
Thobonds
committee
of holders
of First Mtge. Sinking Fund 5 % gold
is calling
for the
deposit of theso bonds at once with the Chicago Savings &
Trust Co. as depositary. A circular dated May 14 says:

On March 26 1919 you were notified that April 1 interop r>n
bonds would not bo paid. On March 30 1919 the comnanv fnld a w<5nn°
tary petition in bankruptcy. Tho properties were onorat^ lw
appointed by the U. s. District Judg£ and are now beint operated by
trustees in bankruptcy selected at a meeting o f tho unsecured e d it o r s
Tho undersigned; representing a argo number o f i h n i K f f l
kept in closo touch with tho situation.
ortUo abovo bonds, have
Appraisement of the properties is now being made under direef Inn nf Hm
Court. Salo of the properties will probably take placWduring Juno 1919
It Is, in our opinion, o f great importance that tho committee l>n in a nninoCk
& & S . 1191S' ' " ” ,ds K>p2 S t t S ° , f f i S l S s f u S ^ t S
Committeo: William T. Bacon (Chairman) Lauren™ M
Arthur C. Allyn, Crawford Livingston and Roy If. Thomas wihi^lefreea'
Buckingham & Eaton of Chicago as counsel and^ Roy K.^Thomas S
tary, care Chicago Sav. Bank & Trust Co., State and Madison Sts. ChicTg^
Digest o f Statement by Chicago Savings Bank & T rust C o., Mar 26’
tho past year tho company has been faced with an unusually
difficult situation. Operating expenses, including both tho cost of Hiinr
ami the cost o f fuel. Save increased to such an extent tha? tho company
has failed to earn more than its operating expenses, although for tlm preI n t e r e l ^ i ^ S , n 1244)e.raged
earnln« s o f over twice its 1st M . bond
Tho company lias attempted to negotiato with tho city for rates that
would allow a reasonable return to bo earned on tho investment in the
property but It has been unable to arrive at a satisfactoryTweement
f)n Apr! 1 1918 and Oct. 1 1918, despite tho fact that theTompany was
ow t i rin ng ar; yt lin« toward lts Interest charges, tho owners of the prop­
erty advanceil tho money necessary to nay the interest, although tho
sinking fund for tho year 1918 was not taken care of.
g tno
In like manner, they would now bo willing to advanco tho funds
necessary to pay tho interest due April 1 1919, provided they could make
a satisfactory arrangement with tho city as to contracts, rates &c Thov
havo bent overy effort toward accomplishing this, oven offering to leave all
£ t ? r £ t r S f , i nnHthe P.r°perty for its betterment, over anK
d a b ^ e Ctho
interest on the bonds prior to their own equity in tho pronertv
ThU
S^OOOO^Thn^ifv” r CTtu‘V inv(»tment by the present ownors^of over
arbitrate' tho ma ter f ;elck'son' however, has rejected all their efforts to

Kentucky Securities Corp.— Official Statement.—

J*®
bitter has been sent to tho stockholders under date of M av 10
regarding tho financial plan on which they will vote M ay 24. An issue of




* Wadley RR .— Federal

Contract Signed.—

Marion & Eastern RR.— Co-operative Contract
Memphis Street RR .— Interest Payments.—

See Chesapeake & Western Ry. above.

Signed .—
J

T h e r e c e iv e r s h a v e d e p o s i t e d w it h t h e C e n t r a l U n io n T r u s t C o
N"
fu n d s fo r th e p a y m e n t o f th e J a n . 1919 in te re s t o n th e C ^ s n l M t r o
-V ^ io s f p ^ e lm

i®

Y

m ° n th S ’ i n t c r e s t a t 5 % o n t h e c L ^ T r e d ^ p a f m e n ? .

Missouri Kansas & Texas Ry .— Bond Call.__
Monterey & Pacific Grove Ry .—Opposed Bond Is s u e __

S e e B o o n v il l e R a il r o a d B r id g e C o . a b o v e . — V . 1 0 8 , p . 1 8 2 3 .

See Coast Valleys Gas & Electric Co. under "Industrial & MteJdkuicous below.— V. 107. p. 1670.
.
“ ivnsceiian-

Tho^mrn^eT^Sf ? y* &

C o-— Foreclosure Proceedings.

T h o E m p ir e T r u s t C o ., as m o r tg a g e tru s te e f o r th o R e fu n d in g & G e n e ra l
M o r tg a g e 5 % b o n d s d u e N o v . 1 1 9 4 9 , h a s f ile d f o r ^ l o s T e p r o c e ^ S
a g a in s t t h e c o m p a n y in t h e U . S . D i s t r i c t C o u r t a t ^ w O r l c a M f o r t h l
c o l l e c t i o n o f t h e M a y 1 1 9 1 9 i n t e r e s t .— V . 1 0 8 , p . 2 0 2 3 ; 1 3 9 1 .
Io r ,n e

New York Railways.— Tort

Creditors' Committee.—

> w Vhcommr i ° ° 3 ^ tort creditors named below advises the tort claimants
that the court has directed that all tort claims shall bo filed with the receiver
2 5 before Ju™ 16 1 9 1 9 aLld the committee has prepared forms fcw flIlS
N o ! 13 8 apIa r k R o w * 1

^ C i t y ^ a t t h ° o f f i c e o f t h e c o m m i t t e e . R o o m 309 ^

CommR/ee^—Samuei Seabury, Chairman; John V. Vouvier, Jr., Robert
H.
Ernest, Charles Stockier.— V. 108, p. 2023, 1937.

Northern Ohio Traction & Light Co.— Six-Cent

Ordinance Defeated in City of Akron .—

Fare

n a n lv ^orsfr-Wltwer ordinance, providing for a six-cent fare on tho compaPr' y ' lnes ln , ,kron„v 9 •’ as a temporary relief measure, was repealed at a
used fl^ 'i^ t 0 <
nv ,^ aL 2 0 by a vot? of 10,563 to 2,394. Tho chief arguments
were
the light and power departments were
that iho company had S2 ,0 0 0 ,0 0 0 surplus available f o r
rli>nria
J.wajI *mProvcments, that it had increased common stock divirided «n ?rR w i°US ycar/ rom 5 to 7% , and that the present franchise pro­
service — v ! l08 Pp T e i 1° ^061 P° cxtcIls ons and the givin® of adequate

Philadelphia Company.-

Earnings .—

9 Months,
March 31 YearsDec. 31 T 8 .
1916-17.
1915-16.
Gross earnings.....................$9,636,415 S I L s L ^ O
$9,210,148 $8,028,519
Expenses and t a x e s ------ $4,795,477
$5,881,970 $4,093,992 $3,405,047
Other income— C red-----1,659,796
2,724,088
2,830,882
2,658,048
Interest, &c
.......... 3,067,182
4,034,442
3.555,287
3,424,137
Preferred dividends-----357.264
477,518
476,644
471,966
Com m on dividends.......... 1,932,273
2 898 427
3.005,772
2,363,364

Balance, surplus.........$1,144,015

$764,171

Payment of Coupons Due on April

$909,335

$1,022,053

1.—

f i , ? l 0 WI?,iPr0v?.' i? * 0 0 -’ Philadelphia, announce that they havo received
w?fd ,, a!:h ^ b^ b ta .pay tho coupons duo April 1 1919 of tho M t. Washbonds: Allegheny Bellevue & Perrys§ u S f\ J }y '
i? 4 t5e'
bonds and Morningsido Electric Street
S?,*i
t>onds. Ihese funds havo been received from the
these1^Sesa—^ 0 8 % ’.
° f th° principal and intcrest on

V ajley S o u th ern R y .—

Co-oper. Contract Signed.

See Chesapeake & Western Ry. abovo.— V. 93, p. 1463.

Preston R R .—

Co-operative Contract Signed.—

See Chesapeake & Western Ry. abovo.

R apid T ran sit in New Y o rk C ity .—Effect of New Sub­
Tho P. S. Commission on M a y 5
gave out substantially the following data:

ways on Elevated Traffic.—

The history of transportation in respect of subway and elevated travel
n Maiiliattan and the Bronx following tho opening of the first subway in
1904, seems in a fair way to be repeated as a result o f the opening of the
new subway lines m 1918. After 19Q4 there was a marked slump in ele­
vated travel, and it was not until 1910, or six years later, that the elevated
railroads fully recovered their lost traffic. ■ The subway traffic steadily
increased in volume, and up to tho time of the beginning of operafcion o f tho II system last year, when tho track capacity was doubled,
was far and away in excess of tho traffic upon all of tno elevated lines.
Just now, traffic on the elevated railroads is dropping off as it did foilowj.'Yulb« opening of the first subway, and it is a matter of conjecture when it
will begin to increase again. At present the drift is distinctly toward the
subways. I his is emphasized by the traffic already carried on the recently
opened Broadway subway of tho Brooklyn Rapid Transit Co onerating
TrRnrhVjrnMtrh ' V t n b<3 ^ ati cr7 ■and aIso by the increase in travel on the
ment °viz1‘ Bap d Pransl® Co. s subway system since its recent enlarge-

Subway Traffic—Total Number of Passengers Carried in N. Y. and Brooklyn.
Afnnth
V^dfay Une (BMT.). tnterbor. Rap. Tr.Co.
TotaljC"
Afoniri of
1919.
Itic. over 18. 1919. Inc over '1«8 Increases

JannjUT------------- 4,696,000 2,071,000 42,957,000 4 857 000 6 928 000
February---------- 1,586,000 39,748.000
5!l71,000 61757,000
Marc h ....................o,240,000 1,771,000 45,361,000 7,207,000 8,978,000
T ota l............ --14,455,000

5.428,000128,066,000 17,235,000 22,663,000

Total Decreases In 1919 in No. of Passengers Carried by Manhattan (Elev.) Ry
Decreasefrom
in No. Pass.—Jan.
Feb.
Mar. Tot.Quar.

Third Avenue elevated.................-1,721,000 2,002,000 2.502,000 6.225,000
Second Avenue............................. 172,000
309,000 667.000 1 148 000
Ninth Avenue...........................
251,000
224,000
233.000 708,000
Total .........................

2,144,000 2,535,000 3,402,000 8,081 000
863,000
755,000
453,000 i;07li00O

Increase Sixth Avenue line............

Balance, net decrease............... 1.281,000 1,770,000 2,949,000 6,010,000
In other words, while there was a net loss o f 6,010,000 passengers foriall
of the elevated lines for the first quarter of the calendar year 1919. the subaY increase for the same period was 22,663,000, showing that the new
underground lines not only absorbed tho elevated loss, but developed a
now traffic of their ow n of upward of 16,000,000 passengers.

Pelham Bay Park Subway Contract Let.—

Ihe work of constructing the elevated portion of the I’ elham Bay'Park
branch of the Lexington Avenue subway from Whitlock Ave. to Pelham
Bay l ark has been started, following the execution of a contract between
the City of New \ork and ferry & Tench Co., Inc., whose bid price for
tho work was $586,700. It is hoped to have practically all of the elevated
VOni08‘ pOI1 6 i r P1512 by hC Cnd ° f 1 9 1 9 and a ,arge part in s ^ i c e . —

St. Louis M erchants Bridge & T erm in al R y .—
The Director-General of Railroads Hines has signed thcTFederairoper127 3 Cy D9 ? ° p ^1448*1*IS cornpany Ii*in 8 fbe annual compensation atj$412,-

THE CHRONICLE

2342

St. Petersburg (Fla.) & Gulf Ry.— Reported Sold.—

Press reports state that this company, in the hands of receivers since
M ay 1918 is reported to have been sold to a syndicate headed by Messrs.
Beeching, Webster and Disston, Philadelphia. The company has outstand­
ing 8250,000 First Mtge. 6 % bonds due Aug. 1 1927 and 8300,000 com. stk.

San Francisco-Oakland Terminal Rys.—Earnings .—

Cal. Years—

Cal. Years

—
1918.
1917.
1917.
1918.
$5,100,030 $4,578,620 Mlscell. income— -Cr.S78,539 Cr.$44,356
2,756,453 2,520,391 Bond & other in t.. 1,095,963 1,099,573
Fixed charges____
6,663
8,058
Res've for amort'n
8,838
8,838
of franchises.
Balance, deficit.
8219,701 $61,896
592,268
774,224
Maintenance_____
— Int. charged
178,067
492,291
Reserve for deprec.
to capital assets.
75
2,048
14,143
Cr5,930
8pecial charges.
__
263,535 Reserve for adv. to
269,769
Oakland Ter .Co.
85,817
85,428
.$4,295,644 53,577,241
B a la n c e , d e f i c i t . $ 3 0 5 ,4 4 3
$ 1 4 5 ,2 7 7
S804.3S6 SI,001,378

Add

— V . 10 8 , p . 12 76 .

San Joaquin Light & Power Corp.— Sells Bonds.—

The company has sold to a syndicate headed by Gervin & Miller or San
Francisco and Torrance, Marshall & Co. of Los Angeles, $1,000,000 Series
“ B ” 6 % debentures, duo M ay 1 1929, subject to tho approval of the Cali­
fornia KR. Commission. The proceeds are to bo for extensions to the
system and to reimburse the company’s treasury for improvements and
extensions already made.— V. 108, p. 2123, 1826.

Selma Electric Ry.— New Company.—
Selma (Ala.) Traction Co.— Foreclosure Sale.—
Press dispatches state that this company’s road was sold under foreclosure
See Selma Traction Co. below.

recently to the Selma Electric R y., of which D . L. Gerould, Warren, l a. ,
will be President. W . E. Nees will remain tho Superintendent of the com­
pany and will have general charge of operation
Hugh Mallory will rep­
resent the stock and bond holders and will be Managing Director.
V . 106, p. 1462.

Southern Pacific Co.— Extends

Conversion Privilege.—

The company has notified tho N. Y . Stock Exchango that they have
extended the time for conversion of tho 4% 20-year gold bonds, which ex­
pires by limitation on June 1, until Monday, June 2 (2 p. m .). V. 108, p.
2023, 1938.

Spokane Portland & Seattle Ry — Federal Treasurer.—
Paul M cKay has been appointed Federal Treasurer of this company, the

Oregon Trunk and the Oregon Electric railroads with headquarters at
Portland, Ore., to succeed F. A. Smith, resigned.— V. 108, p. 2123.

Spokane Traction Co.— City Wants M unicipal Owner­
ship Provision in Franchise .—

[V ol . 108.

West Penn Railways Co .— Directors.—
West Penn Traction & Water Power Co.— Directors.—
Seo West Ponn Power Co. under “ Industrials” below.— V. 108, p. 81.
Winona Interurban Ry.— Fare Increase.—
The Indiana P. S. Commission has authorized the company to increase

See West Penn Power Co. under "Industrials” below.— V . 107, p. 2478.

its basic passenger fare from 2.5 cents a mile to 2 . 7 5 cents a mile; to
5 cents straight for street car fares in Peru; to sell 2,000 iwnuy cpupon
books at $17 50, and twenty-coupon books at 15% less than Hie basic faro
and to establish a 10 -cent minimum fare for mterurban service. 1 he
Commission found that the road lias been earning only 4.03% gross on
its tentative value of $26,500 per mile, and authorized the road to increase
fares, but not to the limit proposed feythe company, TheCommission
directed the company to credit its city lines with 2.5 Wits^for each pa.
senger carried to and from the city terminals on mterurban cars. V. lUo
p. 408.

Winston-Salem Southbound Ry.— Valuation .—

The "Railway Age” of May 23 has a five-page article in connection with
the final valuation of tho company’s property as fixed by the i. » . o .
Commission.— V. 108, p. 2124, 1270.

Worcester Consolidated Street Ry.— Bonds Extended.—•

On petition of the company for approval of an extension for two years or
the 20-year First Mortgago bonds to the amount of $ 1 1 5 ,0 0 0 , the Mass,
p . s. Commission on Apr. 11 approved an agreement made botween the
company and the American Trust C o., Boston, trustee, whCTeby the ma­
turity of tho bonds is extended two years from Jan. 1 1 9 1 9 and the interest
on tho bonds is increased from 5% to 7% per annum. V. 108, p. 085.

Wrio-htsville & Tennille RR.— Federal Contract Signed.—

The Federal operating contract bot.vcen this company and DirectorGeneral of R R ’s Hines was signed on M ay 24 fixing tho annual compen­
sation at $41.027.— V. 107, p. 1482.

Yonkers RR.— Favorable

Decision in Fare Case.

Judge Morschauser in tho N. Y . Supreme Court at White Plains, N. Y .,
on May 26 dismissed tho suit brought by Henry Koster, a taxpayer, for
a mandatory injunction to restrain tho company from collecting a ton-cent
fare outside the city limits of Yonkers. It is understood tho caso will bo
appealed.— V. 108, p. 1938. 1276.

INDUSTRIAL AND MISCELLANEOUS.
Abitibi
Power & Paper Co.— Div.Outlook Directors.
Tho “ Financial Post” of Toronto, dated May 24, says in substance.

Tho Abitibi Power & Paper Company is making excellent progress and
that all deferred dividends will be paid before tlio end of tho year. In tho
last few months the common stock, which is not paying a dividond, has
nSMexander8Smith and W. A. Black have been elected directors to succeed
E. M . Mills and lion. George Gordon, resigned.— V. 108, p. 17J.

Terminal RR. Association of St. Louis.— Contract.—

Aetna Explosives Co., Inc.— Reorganization Plan Ap­
proved by Court.— lio n . Julius M . M ayer, Judge of U . S.

Twin City Rapid Transit Co .— Valuation of Property.—
Minneapolis Street R y., a subsidiary of the Twin City Rapid Transit

District Court for tho Southern District of New York, on
M a y 24 formally approved tho plan of reorganization winch
is outlined below and ordered that the terms proposed therein
shall bo the terms for the settlement of tho company s affairs.

See Washington Water Power Co. below.— V. 105, p. 1999.

T h e c o m p a n y h a s s ig n e d th e F e d e r a l c o n t r a c t w ith D ir e c t o r -G e n e r a l o r
R R s H in e s , fix in g t h e a n n u a l c o m p e n s a t i o n a t 5 2 ,5 7 4 ,5 1 0 .— V . 1 0 8 , p . 4 /u.

C o ., on M ay 23 submitted a compromise offer to the City Council, placing
tho valuation of its property as of Jan. 1 1919 at $24,500,000. 1 resident
Horace Lowney in transmitting this offer says:

„ „ „ , .

“ T h e B o a r d o f d ir e c to r s o f t h o M in n e a p o l is S t r e e t R y . m e t o n M a y 1 4
1 9 1 9 a n d g a v e c a r e fu l c o n s id e r a tio n t o y o u r p r o p o s a l o f A p r i l 2 5 1 J .1 J -

“ In view of the acute situation now existing, the company is at this time
willing to make a compromise in order to bring about a prompt settlement or
tho whole problem, but we wish it understood that .unless an agreement is
now reached, the company will have to withdraw the following offer, and
in that case it will in the future be governed by conditions then existing.
“ The city’s -offer of $22,533,150 as of Jan. 1 1916 is lower than it is
possible for the company to accept, and therefore tho directors have decided
to make the city a flat offer o f value as of Jan. 1 1919, as follows:
Value as of Jan. 1 1919 of property inventoried by the city as of
Jan. 1 1 9 16 (excluding the Harriet right o f way)-----------$ 2 3 ,2 3 2 ,9 1 8
V a lu e a s o f J a n . 1 1 9 1 9 o f t h o C o lu m b ia H e ig h ts a n d F o r t S n e ll-

ing lines outside of tho city (not included in city s offer) . . .
Not additions to and withdrawals from the property from Jan.
1 1916 to Jan. 1 1919 (subject to verifications by tho city )—

142,044
1,125,938

Total value as of Jan. 1 1919---------- ------------ ----------------- $24,500,000
"On this valuation we are to bo allowed to earn 7% per year, which is a
lower rato of return than tho company was compelled to pay in its recent
refinancing of $5,000,000 of its bonds.
;
. ,
.
“ Should you accept the above and embody it in a modern cost of scrvico
franchise which the electors ratify, it would be possible for us to re-establish
the former high standards of service and provide such extensions as you
deom needed at this time.”
,,.
...
.__
Mayor J E. Meyers in a brief statement said: Anything above $20,­
0 0 0 ,0 0 0 for a 1919 valuation, it seems to me, is unfair.
I might concede
at this time that the $15,000,000 valuation as o f 1916 is a tnflo low.
— V. 108, p. 1054, 481.

United Gas & Electric Corporation.—Earnings .—

12 M o n t h s e n d e d M a r c h 31 1919.
Balance of subsidiary operating companies—. ...........................S13 oo?’o 9 o
D e d u c t — Reserve for renewals and replacem ents-.------ — ..........
Earnings applicable to stock of sub. cos. owned by public—
oJ7,oUo
$750,360
Net Income from bond investments and other sources.........— 143,017
S u m m a r y o f S ta te m e n t o f E a r n in g s f o r th e

_________ ____ __. . . . . . . . . S893,377
Total
Deduct— Int!" on”the Unfted” 6 as"& Electric Corp. bonds. ......... $558,000
Int. on the United Gas & Elec. Corp. ctfs. of indebtedness-.
134,806
Amortization of debt discount---------------------------------------------58, f Jb

Digest of Circular Issued by R eorganization Comm ittee Dated May 23.
The undersigned committee, appointed by tho Court to adjust the dif"
ferences between the various classes of security holders and to terminate tho
receivership, submits herewith its proposed terms of settlement.
Bonds.—-The holders of tho presont bonds [aggregatIng about $2,188,050]
shall be entitled to receive therefor, at their option, either (a) 85
in cash or (6 ) 100% thereof in 6 % new mortgage bonds [Series JA] n atur ng
in 12 years [i. e., Jan. 1 1931, but one-twelfth to bo retired yearly beginning
*n Hofders^of present bonds who do not accept cither of these alternatives
will hold their present bonds which do not mature until Jan. 21 1945.
P r e f e r r e d S t o c k . — Tho holders of the pref. stock [$.>,322,650]I willl be en
titled to receive for each share of preferred stock $20 75 In cash and $75 In a
6 % new mortgage [Series B] bond maturing in 22 years [I. o., Jan. 1 1941,
their existing
I M
S
S
R
S
S S ' S U arc to he secured by a n ,ort»g e.
and if tho present bondholders shall exercise the privilege to receive 85%
of their holdings in cash, tho bonds offered to tho preferred stMkholdw'S
first mortgage
mortgago bonds.
All m
of tho now bonds wUl have
will be substantially nrst
uoiius. ah
- •
—* of« appropriate
-----------------------requiring
tho company
to maintain
the
benefit
provisions
requiring
the company
to maintain
not quick assets equal to at least 7 5 % of all outstanding new bonds, and tho
sinking
substantial part ui
of the
ikin<* fund will retire a suDSiaiiiuu
tut; bonds
uuimo each year-.
j
•
F l o a t i n g D e b t D i s c h a r g e d . — As the result of theofJmSPTiarmpnISr^eivof tho company’s affairs by George G. Ilolt and Benjamin B. Odey»
ers, the litigations which were pending against tho company at tho inception
of tho receivership have been in practically every caso disposed of at a com­
paratively small percentage of tho faco thereof, and, tno_ heavy current
indebtedness of the company which existed at that time lias, wo under­
stand, been paid in full. Tho company has also been of great benefit to
tho Government and its allies as ono of tho largo manufacturers of military
° X^ e w \ \ h i M ™ m e n l 1
. — 'Efficient managomont for tho company i ^ w e be­
lieve, assured by the terms of settlement, which provide that Messrs. Holt
and Odell shall cause tho election of a board ot directors fatisfartoiv to
them, that they shall bo members of the board, and that Benjamin B.Odell
is expected to become President of tho company, thus assuring a continu­
ance of the present management.
,
,
J u d g e ’ s P l a n . — The terms of settlement are based upon the plan maggested by Judge Mayer with a view to tho equitable protection of all classes

° f fsigried^by'noyaU Victor (Chairman), George Murray Brooks, William
M . Parke, James N. Rosenberg, Samuel Strasbourger and Henry \\ oil­
man, Committee.]
Further Particulars from Terms o f Settlem ent Dated May 23 1919.
__________________________________________ _____SI 4 1,7 74
Balance
A g r e e m e n t s w i t h B e a d i n g I n t e r e s t s . — J . & W . Seligman &
For sub. co. earnings see "Earnings Dept.” above.— V. 108, p. 2023bondholders and preferred stockholders, shall enter into an agreement wit i
Messrs.
Holt and Odell [the receivers] under which the preferred stock
Fares.—
represented by tho firm shall be voted by Gcorgo C. Holt and Benjamin B.
The Company on May 22 filed a petition with the P. S. Commission Odell or their nominees for the purpose of carrying out these terms or
seeking to increase its street car fare to four tickets for 25 cents which settlement and under which tho bond and pref. stock so represented shall at
would be 6 M cents a ticket or 7 cents for a cash faro. Tho company raised a timo or times designated by tho Court be delivered to Messrs. Holt and
its fare from 5 to 6 cents last Oct., its action later being approved by tho Odell or some bank or trust company designated by thorn.
Commission after an investigation.
_____
...
F H. Prince & Co., as large owners of common stock and representing
The company in its petition says in part:
[hat while passenger traffic other common stockholders, shall enter into an agreement undw which tlio
has continued with no diminution sinco the cessation ot hostilities and common stock owned and represented by said firm shall, for
rUt
gross revenues have increased, nevertheless, by reason of increased scrvico carrying out these terms of settlement, either bo delivered to Messrs. Ilolt
at war wages and costs, and increased cost in operating expenses and main­ ami Odell or to some bank or trust company designated by them, or be
tenance, the company since Oct. 1918, when the additional fare became voted by medium of proxies running to Messrs. Holt and Odell and |or their
effective to April 1 1919, has accumulated a deficit of $167,089 as to int. nominees, as the latter may deem advisable.
charges and a deficit of $619,895 as to pre-war surplus and interest. And
The stated capital and |or tho certificate of incorporation of tho company
tho fact is that the usual quarterly dividend for April 1919 was not earned may bo changed or amended as approved by tho Court and tho committee.
or paid."— Compare annual report in V. 108, p. 1929, 1513.
Payments t o D e p o s i t o r s . — The payments In cash may be made in install­
ments, but shall bo completed on or feeforo Dec. 31 1J19, unless such timo
.— Sub. Co. Bonds.—
shall be extended by tho Court.
,
, , „
.
. .
See Potomac Elec. Power Co. under "Industrials” below.— V. 108, p.
Until tho security holders who elect to take cash shall receive payment ,in
full at rate of $850 and accrued interest for each $1,000 bond and $20 t 5
2124, 1267.
(with $75 in “ B” bonds) for each share of preferred stock, no dividend or
City Wants M unicipal other
distribution shall bo made to connnonstockholders.
„
T h e N e w A l o r t g a q e . — The now mortgago will secure (1) Series
A 0%
Ownership Provision in Franchise
due Jan. 1 1931, bearing interest from tho maturity of the last; coupon
Mayor C. M . Fassett, o f Spokane, Wash., is quoted as saying that tho bonds
from the exchanged bonds: and subject to Ser. A. (2) Scries B 6 %
City Council will refuse a franchise to tho proposed consolidated company detached
Jan. 1 1941 and bearing interest from Jan. 1 1919. lh o now
to take over this company and the local lines of tho Spokane 'traction Co., bonds, due
will be for an amount which shall not oxcecd the aggregate amount
unless the city obtains a provision for municipal ownership. Lho city mortgage
of
Series
“
A
” 6 % bonds and Series " B ” bonds necessary to carry out tho
will also renew Its fight for five cent fares. Mayor Fassett states that the
consolidation will not only bring about a price value for tho system, which t0 The'amount o t ° S e r i e s “ A ” B o n d s will bo limited to tho aggregate par value
would be a basis for possibio municipal purchase later on, but will also thereof necessary to provide for tho exchange, par for par, of outstanding
make the justified earnings on the investment less than in tho past.— V . present bonds whose holders shall elect to make the exchange provided for
108, p. 1615, 270.

United Railways & Electric Co. of Balto.—

W ashington Ry. & Elec. Co

W ashington Water Power Co.—
.—




2243

THE CHRONICLE

M ay 31 1919.]

American Malting Co.—

.—

in the plan. The amount of Series “ B” bonds will be limited to the aggregate
Hearing Postponed
par value thereof necessary to provide for the exchange of all o f the out­
The hearing on application of liquidating trustees of the company for
standing preferred stock which shall bo duly presented for exchange for approval of sale of real estate for $995,000 to American Malt & Grain Co.
the existing pref. stock on the basis of one share of stock for $75 in a 6 % has been adjourned to June 5 by Vice-Cha