Full text of Commercial and Financial Chronicle : November 22, 1919, Vol. 109, No. 2839

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B ank &

Q u o ta tio n

S e c tio n

R a ilw a y &

R a ilw a y

E a r n in g s

S e c tio n

B a n k e rs ’ C o n v e n tio n

V O L .

1 0 9 . _______________________ S A T U R D A Y ,

In d u s tr ia l S e c tio n

N O V E M B E R

3£Ixe © h r m i i t l c

E l e c t r i c R a i l w a y S e c tio n

S e c tio n

S ta te

22,

1919

NOTICE.—On account of the fluctuations in the rates of exchange
remittances for European subscriptions and advertisements must be made
In New York funds.

Subscription includes following Supplements—
B ank and Quotation (monthly) |R ailway and I ndustrial (semi-annually)
R ailway E arnings (monthly)
E lectric R ailway (semi-annually)
State and City (semi-annually) |B ankers’ Convention (yearly)
T e rm s o f A d v e r tis in g — P e r I n c h S p a c e
Transient matter per inch space (14 agate lines).................................... $4
( Two Months
(8 times).......................... 33
Three Months (13 times).......................... 44
O r d in a r y B u s in e s s C a rd s
Six Months
(26 times)........................... 75
TwelveMonths(52 times)...........................130
Chicago Office—39 South La Salle Street, Telephone Majestic 7396.
London Office—Edwards <&Smith, 1 Drapers’ Gardens, E. C.
'W I L L I A M B . D A N A C O M P A N Y , P u b l i s h e r s ,
F r o n t. P in e an d D e p e y ste r S ts ., N e w Y o r k .

20
00
00
00
00

P u b lish ed e v e r y S a tu rd a y m orn in g b y W I L L I A M B . D A N A C O M P A N Y
J a c o b S eibert J r ., P r esid en t a n d T rea su rer; A rn o ld G . D a n a , V ice -P re sid e n t a n d
S e cre ta ry . A d d resses o f b o t h . O ffic e o f th e C o m p a n y .

CL E AR IN G H OU SE RETURN S.
T h e fo llo w in g ta b le , m a d e u p b y teleg ra p h , A c . , Indicates th a t th e to ta l ban k
clea rin g s o f all the clea rin g hou ses o f the U n ited S tates for the w eek en d in g t o -d a y
h a v e b een $ 9 ,7 2 9 ,2 7 3 ,3 1 9 , a g a in st $ 9 ,9 5 8 ,1 7 0 ,9 9 8 last w eek an d $ 7 ,4 2 4 ,1 1 6 ,1 8 4 th e
corre sp o n d in g w eek last yea r.
C l e a r in g s — R e tu r n s b g T e le g r a p h .
W e e k e n d in g N o v e m b e r 22.

1919.

P er
C e n t.

1918.

N e w Y o r k ____
C h ic a g o .............
P h ila d e lp h ia __
B o s t o n ________
K a n sa s C i t y . .
S t. L o u is _____
San F r a n cis c o .
P i t t s b u r g h ___
D e t r o i t _______
B a lt im o re ____
N e w O r le a n s ..

$ 4 ,5 8 4 ,8 0 9 ,6 0 7
565 ,6 9 3 ,8 0 2
4 2 1 ,236 ,11 1
3 7 3 ,2 5 8 ,2 4 9
2 3 0 ,6 2 2 ,3 5 7
164,393,331
1 4 7 ,061 ,93 5
138 ,5 3 0 ,5 9 5
*1 0 2 ,0 0 0 ,0 0 0
7 9 ,6 7 5 ,8 4 4
8 8 ,7 4 8 ,7 5 9

$ 3 ,2 2 3 ,0 9 7 ,8 5 9
4 8 0 ,1 1 5 ,1 5 9
4 0 6 ,2 3 2 ,0 5 6
3 1 9 ,2 4 5 ,2 4 2
1 8 2 ,3 2 6 ,0 2 6
'
1 5 4 ,584 ,02 6
113 ,6 1 9 ,0 8 5
1 2 7 ,601 ,73 9
7 4 ,5 4 9 ,9 4 1
7 2 ,5 9 5 ,8 9 5
6 4 ,2 1 2 ,0 1 9

+ 4 2 .3
+ 17.8
+ 3 .7
+ 16.9
+ 2 6 .5
+ 6.3
+ 2 9 .4
+ 8 .6
+ 36 .8
+ 9 .8
+ 3 8 .2

• E le v e n citie s, 5 d a y s _________________
O th er cities, 5 d a y s _____________________

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

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

+ 32.2
+ 2 7 .9

T o t a l a ll cities, 5 d a y s .
A ll cities, 1 d a y ___________

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

S 6 .1 9 3 ,455 ,85 8
1 ,2 3 0 ,6 6 0 ,3 2 6

+ 3 1 .5
+ 2 8 .8

Inc. or
Dec.

$ 9 ,7 2 9 ,2 6 3 ,3 1 9

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

+ 3 1 .0

T o t a l all cities fo r w e e k .

* E s tim a te d .
T h e lu ll d eta ils for the w eek c o v e r e d b y t b o a b o v e w ill b e g iv e n n e x t S a tu r d a y .
W e c a n n o t fu rnish th em t o -d a y , clea rin g s b ein g m a d e u p b y th e c lea rin g h ouses
a t n o o n o n S a tu rd a y , an d h en ce In th e a b o v e th e la st d a y o f th e w eek h a s t o b e In
all cases estim a te d , as w e g o t o press F r id a y n ith g .
D e ta ile d figu res fo r the w eek e n d in g J a n . 11 sh o w :
___________________
W e e k e n d in g N o v e m b e r 15.

C l e a r in g s a t—

In c. or
D ec.

1919.

New York_____
Philadelphia .
Pittsburgh__
Baltimore___
Buffalo________
Albany_______
Washington___
Rochester_____
Scranton______
Syracuse______
Reading______
Wilmington___
Wilkes-Barre__
Wheeling_____
Trenton______
York.................
Erie..................
Greensburg___
Chester_______
Binghamton___
Altoona______
Lancaster______
Montclair_____
T o ta l M id d le -

i ,8 6 8 ,072,085 3 ,5 1 3 ,9 0 9 ,8 5 7
5 0 7 ,6 2 4 ,2 5 0
4 0 0 ,6 2 3 ,9 9 0
170 ,572 ,58 9
121 ,020 ,97 2
97,272,561
7 7 ,6 30,542
4 5,304,991
2 4 ,1 2 0 ,3 8 7
5,4 2 5 ,4 9 0
5 ,3 5 9,474
1 7,784,682
16,836,742
11,2 6 1 ,0 6 0
8,1 1 7 ,3 5 7
5 ,0 0 1 ,8 9 6
3 ,8 4 7 ,1 4 5
5,5 6 1 ,9 3 9
5 ,042,441
3 .3 0 0 .0 0 0
2,5 9 8 ,8 9 4
4 ,0 0 0 ,0 0 0
3,6 8 5 ,9 6 7
3,1 4 6 ,8 2 4
2 ,200 ,000
6,1 8 9 ,9 9 7
3 ,6 5 1 ,7 6 5
3,9 4 3 ,1 9 4
2 ,5 2 6 ,6 7 2
1 ,423,197
1,2 4 1 ,7 6 9
2 ,6 5 4 ,8 7 5
2 ,186,991
1,134,714
823 ,297
1 ,477,355
1,518,531
1 .291.000
761 ,600
1 ,016,544
799 ,119
2 .8 0 0 .0 0 0
2 ,5 0 0 ,0 0 0
5 4 9 ,109
357 ,328
6 ,7 6 6 ,8 0 8 ,3 5 2 4 ,1 9 9 ,3 6 0 ,8 4 0

%
+ 67.0
+ 26.7
+ 41.0
+ 25.3
+ 87.8
+ 12.3
+ 5.6
+ 38.7
+ 30.0
+ 10.3
+ 27.0
+ 8.2
+ 43.0
+ 69.5
+ 56.1
+ 14.6
+ 21.4
+ 37.8
—2.7
+ 69.5
+ 27.2
+ 12.0
+ 53.7

3 ,7 1 0 ,1 2 8 ,0 0 2 4 ,0 3 9 ,8 0 7 ,2 0 7
3 1 8 ,1 0 1 ,4 5 1
4 1 3 ,5 1 3 ,0 4 6
7 3 ,8 2 2 ,5 4 8
8 4 ,9 4 8 ,3 5 8
4 8 ,8 7 8 ,5 1 9
5 2 ,6 2 2 ,5 6 8
1 9 ,4 7 1 ,1 5 6
2 3 ,2 5 5 ,2 2 2
5 ,9 4 8 ,7 2 0
7,0 8 0 ,3 4 1
1 0 ,0 2 4 ,2 6 6
1 3 ,8 2 3 ,5 6 4
7 .6 0 9 ,4 8 3
9 ,3 0 3 ,8 4 6
3 ,5 1 5 ,3 6 4
4 ,0 9 7 ,2 7 8
3 ,8 6 7 ,6 7 0
4 ,5 0 0 ,0 0 0
2 ,7 9 5 ,4 7 3
2 ,9 5 8 ,7 5 6
3 ,1 0 3 ,9 7 2
3 ,6 7 5 ,6 1 8
2 ,1 8 9 ,5 0 3
2 ,3 5 3 ,6 2 9
3 ,5 0 9 ,6 5 3
4 ,2 8 7 ,8 5 4
2 ,3 7 2 ,3 1 9
3 ,1 7 1 .9 9 2
1,1 1 0 ,3 4 2
1,5 1 1 ,1 2 4
1 ,7 0 8 ,7 4 8
2 ,2 1 4 ,4 3 0
7 2 8 ,609
1,4 3 5 ,2 3 3
1,2 7 3 ,0 3 0
1,5 3 6 ,3 9 4
1 ,0 3 7,300
1,1 2 2 ,4 0 0
6 82 ,807
60 0 ,0 0 0
1,926,351
2,5 9 9 ,2 2 1
554,833
61 4 ,0 6 5

+ 61.1 4 ,3 5 1 ,3 5 2 ,9 4 1 4 ,5 5 4 ,0 3 9 ,3 2 4

B o s t o n ___________
P r o v id e n c e _______
H a r tfo r d _________
N e w H a v e n _____
S p r in g fie ld _______
P o r t la n d _________
W o rce ste r________
F a ll R i v e r _______
N e w B e d fo r d ____
L o w e ll-----------------H o ly o k e _________
B a n g o r -----------------

389 ,124 ,93 1
1 6,757,800
1 1,372,428
7,475,951
4 ,9 0 2 ,5 9 0
2 ,5 0 0 ,0 0 0
4,7 9 0 ,7 0 2
3,2 0 0 ,9 1 8
2 ,412,031
1 ,251,747
813,052
801,294

381,703 ,05 1
1 3,294,400
8 ,1 1 4 ,5 3 2
5 ,4 3 4 ,2 6 3
3,0 5 0 ,4 4 7
2,4 0 0 ,0 0 0
3,1 9 1 ,4 2 8
2,0 5 4 ,7 6 0
2,3 8 4 ,0 6 8
1,1 9 6 ,6 9 9
580,001
652 ,887

+ 1.9
+ 2 6 .0
+ 40.1
+ 37.6
+ 60.7
+ 4 .2
+ 50.1
+ 55.8
+ 1.2
+ 3 .8
+ 4 0 .2
+ 2 2 .8

3 7 4 ,0 0 2 ,7 6 3
1 4 ,4 7 3 ,3 0 0
9 .7 2 0.101
5,6 5 3 ,4 4 1
4.6 5 6 .1 0 1
3 ,1 5 0 ,0 0 0
4 .4 8 1 .9 9 0
3 .2 9 0 .9 9 0
2,5 2 5 ,1 6 4
1 ,8 1 5,833
8 5 7 ,904
9 8 0 ,1 §7

2 7 7 ,3 0 9 ,3 1 8
1 3 ,4 1 9 ,6 0 0
1 0 ,0 2 2 ,9 5 0
5 ,4 1 8 ,2 5 5
3,4 5 2 ,1 5 1
2 ,9 3 1 ,6 1 9
4 ,7 9 2 ,3 2 9
2 ,1 8 3 ,6 2 3
2 ,0 3 9 ,9 4 6
1 ,5 3 3,452
9 7 7 ,1 6 5
7 4 4 ,924

T o t a l N ew E n g .

4 4 5 ,3 9 3 ,4 4 4

4 2 4 ,0 5 6 ,5 3 6

+ 5 .0

4 2 5 ,6 0 7 ,7 5 4

3 2 4 ,8 2 5 ,9 0 2




I

$
6 5 6 ,667 ,29 9
6 6 ,2 5 6 ,8 5 5
127,081,419
114,637,352
32,810,526
19.051.000
16,086,200
15,800,256
5,180,797
7,235,921
4 ,8 2 5,670
5 ,507,107
2 ,232,425
2 ,011,600
11.428.000
1.250.000
4 ,992,218
2,369,747
3 ,000,000
1,820,774
1,652,017
1.400.000
1,662,083
1,713,410
1,529,923
650 ,000
1 ,247,423
2 .0 6 3 .0 0 0
611,436
541 ,278
90,000
609 ,546

T o t . M id . W est 1 ,1 14,015,282
San F r a n cis c o ___
153 ,435,744
L o s A n g e le s_____
58 531 ,000
41 ,904,949
S e a t t l e ___________
38 ,555,269
P o r tla n d ____
S p o k a n e ____
13 ,631,555
20 ,944,257
Salt L a k e C l t y . .
4 963,128
T a c o m a ____
9 ,966,060
O a k la n d ____
S a cra m en to .
7 145,427
2 ,450,000
San D ie g o . .
6 953,596
F r e s n o _____
cst.2 690,232
S to c k to n ____
1 827 ,790
P a s a d e n a ___
3 144,903
San J o s e _____
2 372,277
Y a k i m a _____
1 072,531
R e n o ________
2 235,020
L on g B ea ch .

%

>4 +32.£
>6 +26.
3 +51.J
9 +65.S
8 +10.‘
X) +25.0
0 +37.1
3 +44.7
4 —0.2
5 +34.9
8 +19.5
6 +28.f
2 +17.5
3 +50.2
K) +99.-!
0 +8.7
0 +39.6
7 +20.1
0 +51.5
3 +51.0
4 +52.1
7 +25.5
4 +36.:
2 +77.:
9 +43.2
0
+10.2
2 +38.1
3 +113.9
8
+18.!
6 +60.1
7 +12.5
9 —27.7
815 ,6 4 5 ,1 8 22

778 ,8 8 2 ,5 0 6

129,971,316
31,925,000
28,853,086
22,999,578
11,095,021
10,015,103
4,625,862
6,297,736
4,700,815
2,881,584
3,826,767
2,280,421
1,174,154
1,932,066
1,130,394
555,000
788,995

9 0 ,4 0 4 ,7 6 8
3 0 ,0 6 4 ,0 0 0
2 2 ,9 2 5 ,4 9 0
1 8,121,134
7,5 2 8 ,2 0 7
12,669,093
2,7 4 8 ,4 2 9
5 ,2 3 3,763
3,1 9 5 ,2 4 1
2 ,1 2 6 ,2 7 5
3,1 3 5 ,7 2 4
2,1 6 6 ,2 0 0
1,2 4 2 ,4 4 1
1 ,2 4 8 ,3 4 8
8 8 9 ,7 0 9
540 ,738
6 6 8 ,696

+37.1

274,652,898

210 ,8 9 8 ,2 6 5

+23.8 231,349,352
+13.7
42,013,307
+14.1
47,000,000
+8.1
18,201,959
+26.4
24,386,010
— 17.2
8,909,245
+5.8
15,475,835
+ 37.1
9,825,352
+42.5
8,020,820
+ 28.9
8,652,075
+ 90.7
3,420,719
+52.4
4,670,359
+ 80.3
3,015,200
+ 14.1
2,583,112
+ 30.2
1,118,900
—6.8
843,133
+ 12.1
590,411
+12.1
425,000
+5.4
1,693,894
+ 39.4
2,241,262
2,567,216
+7.2
+ 26.9
1,721,677
+ 18.4 439,402,910

129 ,025 ,49 9
4 0 ,1 2 4 ,4 4 6
3 0 ,0 2 7 ,3 8 8
2 1 ,4 2 7 ,1 7 5
1 7 ,8 83,425
1 1 ,2 58,225
1 1,731,474
6 ,0 2 8 ,3 0 4
5,2 2 2 ,1 1 8
5 ,7 5 0 ,0 0 6
2 ,1 9 3 ,6 6 5
3 ,1 4 2 ,2 4 5
1,7 5 9 ,8 4 0
2 ,4 2 4 ,3 5 6
1 ,266,200
719 ,307
41 6 ,0 6 3
357,971
1 .1 9 2.000
2 .1 1 9 .0 0 0
2 ,3 4 2 ,8 6 2
1 ,135,672

271 ,1 5 8 ,8 0 88
8

T o t a l o t h . W est

485 ,0 4 8 ,5 0 9

St. Louis_____
New Orleans__
Louisville_____
Houston___ . . .
Galveston..........
Memphis_____
Fort Worth____
Richmond_____
Atlanta...........
Savannah______
Nashville______
Norfolk________
Birmingham___
Augusta____
Jacksonville..
Knoxville___
Little Rock____
Chattanooga___
Charleston_____
Mobile...............
Oklahoma___ r.
Macon________
Austin_________
Vicksburg______
Jackson_______
Muskogee______
Tulsa_________
Dallas_________
Shreveport_____
Total Southern
Total all_____
Outside N. Y -.

173,596 ,18 2
8 1 ,1 7 3 ,1 6 8
18,872,313
3 3 ,7 6 8 ,9 7 0
7.1 0 0 .0 0 0
3 8 ,1 7 8 ,5 6 7
2 5 ,4 0 5 ,7 6 3
88,2 4 9 ,4 0 3
96,0 6 1 ,5 2 3
14,984,064
2 2 ,4 5 3 ,8 5 5
13,513,916
1 8,522,297
8,6 7 3 ,6 9 3
9 ,8 1 4 ,4 2 9
3,2 5 1 ,4 4 9
1 3,211,343
7,9 3 5 ,2 9 6
4,0 0 0 ,0 0 0
2,0 5 9 ,1 4 2
17,072,767
4 .5 0 0 .0 0 0
2 ,359,291
768,916
1 ,0 2 5,356
5,4 5 5 ,0 5 7
1 1,731,206
4 6 ,1 4 2 ,0 0 0
5 ,2 0 1,647
7 7 5 ,081 ,61 3
,9 5 8 ,170,998
090 ,0 9 8 ,9 1 3

4 9 6 ,969 ,97 1
40,2.50,550
6 9 ,8 5 0 ,2 5 3
6 4 ,8 2 0 ,8 4 7
2 6 ,8 7 5 ,5 7 9
1 4 ,0 58,962
9 ,7 0 4 ,9 0 0
12,052,461
3 .5 0 0 .0 0 0
6 ,1 8 5 ,0 0 3
4 ,0 2 2 ,7 2 3
2 ,7 6 9 ,1 1 3
1 ,558,624
1,822,134
5 .1 2 7 .0 0 0
735 ,999
3 ,9 9 3 ,3 2 5
1 ,350,784
3,5 8 7 ,6 7 2
1,082,054
1,142,771
1 ,0 7 9,580
905 ,577
8 8 0 ,3 6 0
7 3 9 ,414
4 8 7 ,4 7 0
6 5 0 ,0 0 0
1 ,2 3 5,154
4 9 2 ,704
40 5 ,9 0 9
125,124
4 2 0 ,488

878.054,768

3 7 1 ,823 ,79 8

4 ,2 7 0 ,6 8 5
5,5 7 3 ,4 7 9
3 ,0 7 7 ,4 5 5
3,8 8 6 ,7 8 3
1,116,656
768,885
639,597
638,987
1,686,597
1,984,227
2 ,6 6 0,577
1,600,000

$
566,374,934
42,253,320
91,438;995
62,449,630
32,275,869
16,358,000
11,479,400
11,209,040
3,300,000
5,420,143
3,385,251
3,418,579
1,704,278
1,701,500
5.231,000
1,207,697
3,851,291
2,045,827
2 ,200,000
1.300,000
1,286,775
1,300,000
1,187,785
1,110,337
840,548
585,000
910.986
1,056,725
553,948
370,957
163,742
573,211

+36.6

2 4 3 ,112 ,78 4
5 2 ,2 0 1 ,8 4 6
5 7 ,0 9 6 ,8 8 3
20,5 8 3 ,9 9 6
2 5,305,334
9 ,4 7 2,198
1 6,604,863
11,308,471
10,398.206

1 1 ,000,000

1917.

2 +32.9
0
+81.2
4 +13.J
7 +28.7
0 +62.:
5 +41.C
4 —10.7
4 +27.S
3 +50.S
4 +16.1
6 +110.2
0 +50.3
1 +94.5
7 +187.6
7 +76.5
) +104.3
4 +86.1

K a n sa s C i t y .,
M in n e a p o lis-.
O m a h a ______
S t. P a u l_____
D e n v e r ______
D u lu t h ______
S t. J o s e p h ...
D e s M o in e s ..
S iou x C i t y . . .
W i c h i t a _____
T o p e k a ---------------L in c o ln ________
C ed a r R a p id s .
F a rg o _________
C o lo r a d o S p rln g s.
P u e b l o ______
F r e m o n t_____
H a stin g s_____
A b e r d e e n -----------W a t e r l o o -----H e le n a ______
B illin g s ----------

T o t a l P a cific.

S e c tio n

W e e k en d in g N o v e m b e r 15.

C le a r in g s at—

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 o lis. „
C o lu m b u s ____
T o le d o .............
P eo ria _________
G ran d R a p id s ___
D a y t o n _______
E v a n s v i lle ___
S prin gfield , III___
F ort W a y n e ..
A k r o n . . ...........
L e x in g to n _____
Y o u n g s t o w n _____
R o c k f o r d _________
C a n t o n ........... ..........
Q u i n c y ____________
S prin gfield , O h lo .
S o u th B e n d ______
B lo o m in g t o n _____
M a n s fie ld _________
D e c a t u r __________
D a n v ille ...................
L im a _______________
L a n s i n g __________
J ack son ville , 111__
A n n A r b o r ________
A d r i a n ____________
O w e n sb o r o ..............

C ity

N O . 2839

PUBLISHED WEEKLY.
T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
For One Year............................................................................................... $10 00
For Six Months................................................... ......................................... 6 00
European Subscription (including postage)............................................. 13 50
European Subscription six months (including postage)......................... 7 75
Canadian Subscription (including postage)............................................ $11 50

and

5
1
1

7
S
4
1
)

1
1

’

.
409 ,7 7 1 ,2 6 4

2 9 8 ,483 ,24 1

+ 7.5 189,723,401 142 ,659 ,42 7
55,921,836 4 4 ,5 3 0 ,6 3 7
i +47.9
—15.6 22,702,005
1 9,998,277
15,9 9 3 ,1 7 5
+ 125.1
18,500,000
+ 30.0
6,500,000
7 .3 0 9 .5 2 8
+ 56.9 21,088,747
1 7 ,2 53,233
18,763,796
+ 77.2
13,1 0 2 ,7 7 4
+ 37.2 49,893,164 2 6 ,9 1 5 ,7 4 0
+ 43.6 59,462,021
3 4 ,3 4 2 ,3 9 0
+ 129.9
9 ,4 3 0 ,1 9 4
14,973,545
+ 17.6 15,625,261
1 1 ,0 74,862
+ 41.9
0 ,9 0 3 ,2 1 8
8,492,916
+ 58.0
3 ,0 2 9 ,0 4 2
4,437,070
3 ,2 1 4 ,4 2 4
+ 106.3
5,090,074
+ 35.7
3 ,3 0 0 ,0 0 0
5,101,993
2 ,1 2 2 ,5 0 4
+ 25.2
3,156,054
5 ,2 3 1 ,1 0 6
+ 126.1
8,122,581
4 ,1 5 7 ,6 0 4
5 ,8 9 8 ,2 8 2 + 34.4
5,766,673
3 ,5 5 5 ,0 7 6
+ 7.6
3 ,7 1 7 ,0 1 3
3,706,217
1 ,3 5 1,008
1,6 3 4 ,9 0 6 + 20.0
1,461,066
0 ,3 3 4 ,1 4 8
1 0,457,142 + 03.3
13,124,117
7 ,5 2 4 ,4 8 7
2,666,718
2 ,5 0 0 ,0 0 0 + 80.0
3 ,0 0 0 ,0 0 0
5.000.0(H)
3 ,0 0 0 ,0 0 0 —21.4
4 4 3 ,4 0 0
527 ,486 + 45.7
634,996
7 1 2 .4 1 8
1,000,046
6 21 ,105 + 65.1
2,0 0 0 ,0 5 1
5,139,812
3,2 6 7 ,8 7 3 + 67.0
4 .0 2 3 .5 2 8
7,882,591
8.7 4 7 ,7 4 2 + 34.1
1 7 ,1 38,358
21,937,635
2 5 ,0 0 0 ,0 0 0 + 84.0
3,011.253
3 ,2 1 9 ,5 5 9 + 61.6
678,886.213 4 1 7 ,3 7 7 .8 8 3
5 6 5 ,317 ,02 6 + 37.1
6 ,6 8 5 .3 0 0 ,0 5 7 + 48.0 (.948,557.489 0,584 ,5 0 7 ,1 2 0
3 ,1 7 1 ,3 9 9 .8 0 0 +29J)|l ,238.429.437 2,5 4 4 ,7 0 1 ,9 1 3

THE CHRONICLE

1916

NOTICE— CONTINUED DELAY BECAUSE OF
PRINTERS’ STRIKE.
The troubles in the printing trades have been
modified but little for the better and we regret to
s a y continue to delay the issue of our paper.
The uncompleted portion of our edition of Sept. 27
still remains tied up in the pressroom. We are sending
to our subscribers this week the issue of our “Bank
and Quotation Section” and also our “Railway Earnings
Section,” but both are several weeks late. All our
other Supplem ents we still find ourselves obliged to
omit. The current issue of our “Railway and Indus
trial Section” is long overdue. Our “Bankers’ Conven
tion Section,” too, is still held up in the same way.
THE F I N A N C I A L SITUATION.

Important events have crowded each other in
quick succession the past week. There has been
(1) a renewed break in values on the Stock Exchange;
(2) foreign exchange rates on nearly all the leading
European centres, and in particular Great Britain,
France and Italy, have suffered further sharp de
clines, thereby establishing new and unheard of
low records,, the pound sterling touching S3.993^,
as against $4.86^ when at par; (3) the United States
Senate has rejected President Wilson’s handiwork,
that is the Peace Treaty, entered into with Germany
between the Allies and their Associates, including
the League of Nations Covenant; and (4) Congress
has concluded its extra session without completing
Its work on the Edge Bill designed to provide means
for checking the decline in foreign exchange rates
which is' proving such a serious hindrance in the
conduct of the country’s foreign trade, but not be
fore the passage by the House of Representatives
of the Esch Railroad Bill for the return of the rail
roads to private control. All these have been con
strued as unfavorable events in one sense or another.
As the week closes, the situation has been greatly
modified for the better, and the views regarding
the bearing of these things have been modified with
them. The stock market, though still greatly un
settled, is showing an improved tone, especially as
call loan rates have gradually receded from the
previous extremely high rates. Liquidation has
evidently been drastic and thorough. Governor
Harding of the Federal Reserve Board in his letter
to Senator Owen of Oklahoma uses a very apt phrase
when he refers to the recent sky-rocket performances
witnessed on the stock market as evidence of “un
bridled speculation.” He contends that speculators
took no heed of warnings issued by the Reserve Board
and by the Federal Reserve Bank of New York that
reserves were declining and that a halt must be called;
they continued their speculative performances
and thereupon the Reserve Bank found itself obliged
to intervene for the protection and welfare of business
interests.
While granting the force of what Mr. Harding says
about the speculative fever, it might be added that
this fever couldnever havereachedsuchanacutephase
without the use of the facilities afforded by the Fed
eral Reserve bankingsystemjfurtl.ern.ore, after all has
been said that can be said in behalf of the New York
Federal Reserve Bank, it seems hard to deny that
the Reserve Bank acted in rather belated fashion in
its attempt to curb the speculative furor. Mr.
Harding makes significant admission himself, in that




[V ol . 109.

respect, when in his letter he says that “during the
week ending November 8 the Federal Reserve Board
sold to other Federal Reserve banks $90,000,000
of acceptances for account of the Federal Reserve
Bank of New York, but in spite of this action the
reserves of the New York Bank fell to 40%.” It is
obvious criticism to say in reply to this statement
that things should never have been allowed to reach
such a pass.
If the Reserve Bank is to act as a governor and
regulator of monetary conditions, it should not defer
exercising its authority until its strength is exhausted.
The situation to-day is that as a result of the inordin
ate issue of Reserve notes and their use in extending
accommodation to the member banks, the whole
banking system is in a state of strain—not alone
are the member banks extended, but so also is the
Federal Reserve Bank, and each is at the mercy of
the other. A capital illustration of this was furnished
in last Saturday’s weekly returns of the Clearing
House banks and the Federal Reserve Bank. The
latter greatly improved its condition, but the position
of the Clearing House banks was correspondingly
weakened. Even though Stock Exchange specula
tion should be in great measure suppressed, each of
these two great banking powers will for some time
have to remain at the mercy of the other.
Much the same thing is to be said of the dislocation
of the foreign exchanges. No immediate or sovereign
remedy can be hoped for. Notwithstanding all talk
to the contrary, it is not easy to see how either the
ratification or the rejection of the Peace Treaty can
operate to bring about any great change in the foreign
exchange situation. This dislocation is due entirely
to the circumstance that Europe needs so much of our
goods and wares and is able to send so little in return.
Even the Edge bill at best can prove little more than
a palliative. Paradoxical as it may seem, the decline
in exchange rates is really the best way for restoring
the equilibrium.
In widening the barriers—that is making it more
difficult for Europe to buy of us and and more
advantageous for the United -States to buy from
Europe because of the increased purchasing power of
theAmericandollar—a situation will be created where
through the nearer balancing of exports and imports
the dislocation of the exchanges will be eventually
corrected. In the long run the only salvation for these
European countries is to “work and save” so as to
be able to send us more and take less from us. The
latest foreign trade figures provethat that isprecisely
what is going on. For instance, as we show in the
paragraphs below, for October the value of our mer
chandise imports was $415,000,000 the present year,
against $246,000,000 in October last year and $221,
000,000 in October 1917. Our exports remain excep
tionally large, but the point on which we would lay
stress is that the imports are now growing faster
than the exports. This in the end will provide a
natural corrective.
The value of the merchandise exports from the
United States for October was not only heavier than
in the preceding month but in excess of all preceding
monthly periods, excepting only April, June and
August of the current calendar year. And this not
withstanding considerable interference with the load
ing of freight at New York (the most important ship
ping port of the country) by the marine workers’
strike which continued pretty well through the month.

N ov. 22 1919.]

THE CHRONICLE

1917

This is. rather a surprising outcome, as reports had in 541,815, while since January 1 they have aggregated
dicated that the strike had amounted almost to an $753,296,079 against $760,239,091. The export
embargo. Imports of the month were somewhat less balance for the month at $17,536,337 compares with
than in September but with that exception the heav $54,012,623 in October a year ago, while for the ten
iest monthly aggregate in our history. In both im months of 1919 the net exports stand at $226,004,261
ports and exports, of course, high prices, as for some against $242,333,749 last year and $340,912,000 in
time past, have played a very important part.
1917—the latter the high record by a considerable
The sum of the merchandise exports for October amount.
this year was $631,910,972, this contrasting with
$501,860,550 in the month of 1918 and $542,101,146
Developments in the American Senate with re
in 1917. For the ten months of the current calendar spect to the Peace Treaty have been followed closely
year the aggregate at $6,501,133,313 compares with by both British and French political leaders. Ac
$5,060,964,839 last year and $5,146,049,897 two years cording to the advices from London and Paris, par
ago. How great the expansion has been will better ticularly the latter, there has been grave apprehen
appear when comparison is made with the 2,868 mil sion over the probable effect upon affairs in Europe
lions for the period in 1915, when we had already of the failure of the Senate to ratify the document,
begun to feel the stimulus of the war demand. In the with or without reservations. This was discernible
short period of four years the aggregate has very from even a cursory reading of the Paris cablegrams
much more than doubled. Imports in October while as far back as last Sunday. A special correspon
some 20 millions under the September total, set by dent of the New York "Times” said, for instance,
169 million dollars anewhighrecordfor this particular that "the excitement of the week before election
month. They were $415,665,676 against $246,764, has not diverted French attention from Washington
906 a year ago and $221,227,405 in 1917, with the ten and the Senate debate on the Versailles treaty.”
months’ aggregate at $3,112,596,791 the heaviest He called attention to the unfamiliarity of the aver
ever recorded, and contrasting with $2,569,318,156 age Frenchman with American politics and added
and $2,504,021,908 one and two years earlier. The that "all he knows is that the American President
net result of our foreign trade in October was a bal came to Paris, helped France frame a treaty in
ance of exports of $216,245,306, which compares with which France made many concessions to American
$255,095,644 in 1918 and $320,873,741 in 1917. For demands, and now the American Senate does not
the ten months of 1919 merchandise exports exceeded approve what he did.” The editor of the "Journal
imports by $3,388,536,522 against $2,491,646,683 in des Debats,” writing for "La Presse de Paris,”
1918 and $2,642,027,989 in 1917.
the new composite newspaper that is being pub
The gold movement of the month was of larger pro lished in Paris during the printers’ strikers reported
portions than in September and netted a substantial to have expressed French sentiment pretty “ac
balance against us. Exports reached $44,148,990, curately when he said, "President Wilson, the chief
but imports were only $4,969,595, consequently the of the Democratic Party, appears to have exceeded
net outflowfor the month was $39,179,395, increasing his constitutional powers during the debates at
to $208,847,273 the net loss for the ten months of Paris and Versailles. Are we not to take this oc
1919. This compares with import balances of $21, casion to show that never again can any President
532,075 in 1918 and $172,359,436 in 1917.
commit such an abuse? France and Europe have
Silver exports were moderate during the month, had confidence that America would accept in the
reaching $12,269,679. Against this there was an in hour of peace her responsibilities growing out of the
flux of $8,722,430, leaving a net outflow of $3,547, war. We never distinguished between American
249, and increasing to $116,667,498, the net exports political parties. We regarded the President of the
for the ten months of 1919. This contrasts with a United States as the messenger of America, and
balance on the same side of the account in 1918 of as the holder of a mandate untiljhe had been re
$135,819,741.
called. He stood before all the world as the true
Canada’s export trade in October showed a small representative of his country.” In a special Paris
gain over the preceding month, but compared with cablegram to the New York "Sun” the assertion
the corresponding period in 1918 there is a noticeable was made that according to "information fromsources
falling off, which is accounted for by the decreased close to the Foreign Office here, it appears that
shipments of what are classed as miscellaneous arti France and England are virtually agreed that any
cles. Under that head are included munitions and attempt to put the Peace Treaty into effect without
other army and navy supplies which in 1918 were im the concurrence of the United States would entail
portant items with the war still in progress. Now, so many difficulties that it is advisable to continue
however, they are nil. In the same circumstance we the present status for some time longer in the hope
find explanation of the contraction in the outward that the situation at Washington will clear.”
trade of the Dominion since Jan. 1. Eliminating
In a cablegram from London Monday it was as
shipments of that character fromthetotals, theforeign serted that "reports that President Wilson will prob
exports of Canada for the 10 months would not only ably abandon the Peace Treaty have only added to
show satisfactory growth as compared with 1918 but the confusion into which British opinion has been
likely exceed the record aggregate reached in 1917. cast by the complexities of the American situation.”
The outflow of merchandise from the Dominion for The correspondent added that “one thing, however,
October, as officially announced, had a value of $109, stands out clearly, that is, the apprehension with
446,814 against $129,554,438 in 1918, while for the which the possibility of so radical a step by the Presi
ten months of the calendar year the total is $979, dent is viewed.” Lord Robert Cecil, referring in the
300,340 comparing with $1,002,572,840 in 1918 and House of Commons on Monday to the attitude of the
$1,211,703,000 in 1917. Imports into Canada during Senate towards the Peace Treaty, declared that "it
the month were very much larger than in 1918, the is difficult to exaggerate the gravity of the interna
comparison being between $91,910,477 and $75,- tional situation.” He declared also that if the Senate



1918

THE CHRONICLE

faiied to ratify, “at the best nothing is to be expected
but a long period of negotiations and the possibility
of further regret when the negotiations are com
pleted.” In a Paris dispatch on Tuesday it was de
clared that France would accept the reservations in
the Peace Treaty adopted by the American Senate as
“interpretations,” but not by formal ratification.
In a dispatch from Paris Tuesday afternoon the pre
vailing viewthere was said to have been that “regard
less of the American Senate’s attitude, the Peace
Treaty of Versailles will be put into force.” This
statement was at direct variance with the impression
conveyed in earlier cablegrams to which reference
has already been made. The London “Chronicle,”
which is supposed some times to reflect Premier
Lloyd George’s ideas, declared that “unless the
League is to fail altogether the other nations must go
ahead for some years without America’s participa
tion, and we hope they will promptly decide to do so.”
The announcement that President Wilson would with
draw the treaty from the Senate if adopted with all
its reservations, was declared in Paris advices Mon
day morning to have caused greater consternation
in French political circles thanany previous announce
ment or report from America regarding the Peace
Treaty. The London correspondent of the New
York “Tribune”- cabled his paper Tuesday night
that “France and England will stand firmly together
on the League of Nations question, no matter what
the eventual outcome of the Senate’s reservations
and President Wilson’s threat to pocket the treaty
may be.”
All of the cablegrams from Paris yesterday morn
ing stated that France, England and Italy had
reached a tentative agreement to put the Versailles
treaty into effect December 1, irrespective of its re
jection by the American Senate. In one cablegram,
however, it was said that if between now and that
date there are clear indications of the Democratic
and Republican leaders in the Senate reaching an
agreement, probably the Allies “will await that
action.” According to statements in London advices
political leaders in Great Britain are not disposed to
express an opinion regarding the Senate action on the
Peace Treaty, as “they understand Americans regard
the question as an American domestic political affair
and fear that any expressions from them might give
offense and be taken as attempts to influence Amer
ican policies.” Announcement was made in a Paris
cablegram last evening that the Franco-British pact,
“by which Great Britain agrees to come to France’s
aid in the event of unwarranted German aggression,”
became effective yesterday.
Special interest attached to the French elections
held last Sunday, because of the fact that the con
test, broadly speaking, was between the Conser
vatives, of which Premier Clemencau is the ac
knowledged leader, and the Extremists, more defi
nitely known as the Socialists and Bolshevists. The
prediction was made in a Paris dispatch a week ago
to-day that the latter element “is facing a decisive
defeat at the polls next Sunday.” The results of
the ballotting, as they have come to hand in piece
meal fashion day by day, have demonstrated the
accuracy of this prediction. The opinion was also
expressed in Paris advices last Saturday that the
blizzard which struck Paris and northern France
the night before would reduce materially the total
vote, particularly in the country districts. In any



[V ol . 109.

event complete returns of the elections were not
expected until Wednesday or Thursady of this week,
but it was admitted that they would “begin to
trickle in Sunday night, continuing for three or four
days, because of the complicated system made
necessary by split ballots.” That is just what
happened. Contrary to the fears expressed, the
weather was “fine and clear with a moderate tem
perature,” on Sunday morning. The voting in
Paris, Marseilles and other large centres was said
to have been “heavy in the early hours.” In Paris
the ballotting was spoken of as “unprecedentedly
heavy.” In a ward with 30,000 registered voters,
27,000 had cast their ballots by 4.30 o’clock. The
earliest results were said to have indicated “vic
tories for ex-Premiers Briand and Viviani and
Finance Minister Klotz.”
In spite of the snow-fall, the people apparently
came out very well, “trudging through snow that
reached a depth of eight inches.” No disorders were
reported. Incomplete reports received Monday aft
ernoon indicated that “the Radicals havelost through
out the Republic.” Among the candidates for the
office of Deputy who were believed to have been
elected wefe the two former Premiers already men
tioned and Captain Tardieu. The cablegrams from
the French capital received here Tuesday morning
stated that there could be no doubt that what is
known as the “Bloc National,” representing “the
grouping of non-Socialist parties,” had “swept the
Republic and will have perhaps three-quarters of
the votes in the Chamber of Deputies.” Premier
Clemenceau, who was credited with having developed
the “Bloc National” out of the parties that had sup
ported him, was quoted as having declared to his
associates in the Supreme Council on Monday that
“I am the happiest man in the world.” There was
saidtohavebeengeneral rejoicing“becausethecloudof
BolshevismthatseemedtohangoverFraneehas proved
to be a mere mist of propaganda and empty words.”
As the days passed the advices indicated increasing
majorities for the Conservatives. In one Paris
cablegram the results were spoken of “as a sweeping
victory for the policies of the followers of Premier
Clemenceau.” These results were declared to have
been received with unqualified satisfaction by the
British, only the Extremists and the Labor press
displaying any opposition to the overwhelming defeat
of the Socialists. Tuesday’s figures indicated that
in 548 districts the Extremists elected only 54 Depu
ties, against 494 for the Conservatives. “Bon
Soir,” a Socialist organ in Paris, was said to have
conceded the defeat of its party in the following
words: “Clemenceau is victorious, terribly and
appallingly victorious.” A special correspondent of
the New York “Times” cabled his paper Tuesday
night that “the rumor is all over Paris that Premier
Clemenceau will be the next President of France.”
It was noted in Paris cablegrams that on Monday,
the day following the elections, 6,000,000 copies of
“La Presse de Paris” were distributed. Several
prominent men have been mentioned in the Paris
dispatches already as possible successors to M.
Clemenceau as Premier. Among them are former
Premier Viviani and Paul Deschanel, President of the
Chamber of Deputies. It was stated emphatically
in Paris advices that ways of reducing the high cost
of living was the first question that would be taken
up by the now Chamber.

Nov. 22 1939.1

THE CHRONICLE

.

1919

The week opened with no improvement in the had actually left Fiume the Thursday before, that
printers’ strike in Paris. The assertion was made he was on “a new expedition,” and that, moreover,
that the Socialists had started it in the hope of para he had landed at Zara, on the Dalmatian coast.
lyzing the newspapers opposing them in the cam He was said to have made a~“triumphal entry” into
paign for the elections which were held last Sunday. the latter city and to have “received an enthusias
‘It seems that their scheme failed, largely because the tic welcome from the Italians who had been await
principal non-Socialist newspapers own their printing ing his coming.” It was expected at that’time that
plants, whereas this was not true of a single one of the he would “continue his expedition to other Dal
ten Socialist journals. As a consequence “La Presse matian ports.” Word came from both Rome and
de Paris” was printed without special difficulty on Washington on Monday morning that d’Annunzio
the presses of the “Petit Parisien.” The proprietors had returned to Fiume from his expedition to Zara,
of the large dailies persuaded the owners of the private where he was said to have left “an officer of his
printing plants that it would be against their interests staff with shock troops and carabinieri ” In a
to handle the Socialist organs. Consequently it was cablegram direct* from Fiume the opinion was ex
impossible for the latter to come out with individual pressed that apparently the expedition had “made
issues as usual, and only with a composite paper, as him master of the entire Dalmatian coast.” The
the" big papers were doing. At that time it was be assertion was even made that “four warships, in
lieved in Paris that the strike would continue until cluding a dreadnaught and four torpedo boat de
after the elections, but that it would be settled during stroyers, also have been added, to the d’Annunzio
the week just closing. Several days later the asser naval command, giving him a formidable weapon
tion was made .hat the struggle was likely to last for with which to maintain his present position.” Ad
a much ionger time—perhaps three months, inasmuch miral Millo, Italian Commander of the Dalmatian
as the strikers said that they had sufficient funds to occupation forces, has gone over to the d’Annunzio
last that long. The general labor situation in Paris side, it was announced in a Fiume dispatch D’An
was spoken of in a dispatch from that centre a week nunzio had been given the title “Commander of
ago as “delicate.” It was said that “a strike in the Fiume and Commander of Dalmatia” by the offi
greit xdepartment stores is slowly but surely ex cers of his command He was reported to have a
tending.” The proprietors of the French newspapers, combined land and naval force of 50,000 men.
at a meeting on Wednesday night, were reported to Thursday morning announcement was made in a
have “decided to continue their refusal to accede to cablegram from Belgrade that d’Annunzio was pre
the demands of the strikers and to continue the pub paring for a raid on Spalato.
lication of the joint sheet ‘La Presse de Paris’.”
Belgium was the third country in Europe that
Elections were held in Italy last Sunday also. A held elections last Sunday. The returns up to a late
novel and striking feature was .he presence of Mon- hour that night showed “Socialists gains of 22 seats,
’signors, priests and monks at the polls, it being of which the Catholics lost 15 and the Liberals 7 ”
pointed out that, the spectacle was “in contrast with There were said to have been “indications of Socialist
former elections, when no ecclesiastic voted.” An progress everywhere.” Owing to the abolition of
other new feature of the campaign was that “for the what, is known as “plural voting,” it was estimatedin
first time, Italian Catholics participated as a party— advides from Brussels Monday morning that the
the Popular Party—with the approval of the Vati total vote for the whole country would be at least
can.' The advices stated that “extraordinary mea 800,000 less than in the last general election in 1914.
sures were adopted by .the authorities to insure the The Belgian Cabinet tendered its resignation to
safety of the voters.” Late Sunday night it was be King Albert, but heaskeditsmembers tocontinueuntil
lieved that 119 Ministerialists, 27 members of .the after the definite results of the elections were avail
Constitutional Opposition Party, 45 Socialists, 32 able. It was stated that in the new Chamber of
Catholics, 21 Nationalists and 14 Republicans had Deputies no party would have an absolute majority,
been elected. These figures were changed consider but it was thought that it “\vould consist of from
ably by the later reports, it being claimed on Wednes 80 to 85 members of the Catholic Party, 00 to 05
day that the Socialists and Catholics had elected more Socialists and 35 to 40 Liberals and 5 to 10 members
than 100 members each. According to the still later elected from the smaller groups ”
devised figures the Constitutionalists had won 300
Spats in the Chamber of Deputies, the Socialists 120
The campaign of Lady Astor for a seat in the
and the Catholics 90. The belief was said to have House of Commons^ from Plymouth, which was char
been general that “Premier Nitti had been re-elected acterized in a cablegram from that centre as “one
by a large majority.” As might have been expected, of the most unusual political battles ever fought in
success at the recent elections was reported to have Plymouth, ’ came to a close a week ago last night
turned the heads of the Socialists, and it was stated Mrs. Lloyd George came out publicly in support of
that they were disposed to take advantage of the of Lady Astor by making an address in her behalf
situation to the extent of trying to bring about a revo in Guildhall in Plymouth during the final day of the
lution. Dispatches from Rome yesterday morning campaign She was said to have endorsed the candi
stated that Signor Tittcni insists upon resigning as date “warmly” and to have cited two reasons why
Foreign Minister and that probably lie would become she should be elected. The first -was “because the
President of the Sen’ate.
election of a few women to Parliament nowadays
should be most advisable, and second, because I am
As last week came to a close the Stock Exchange convinced that no lady could discharge the duties
in Trieste received a report that Gabriele d’Annun of a member of Parliament more thoroughly than
zio had left Fiume, but at that time his destination Lady Astor ” Continuing, she said: “Ihavealways
was not known. In another dispatch from Trieste maintained that the right kind of woman candidate
made public here on Sunday it was stated that lie should be a wife, mother and politician.” After.



1920

THE CHRONICLE

the closing of the polls at 8 o’clock a week
ago to-night Lady Astor was quoted as having
estimated that she had won by a margin of 5,000.
It was pointed out, however, that all three can
didates in this parliamentary contest must wait
until November 28th for an official announcement
of the result.

[Vol . 109.

city.” The State Department at Washington re
ceived advices on Thursday that General Gaida, who
had organized the revolt, had surrendered, with about
one dozen members of his staff. The putting down
of the revolt in Vladivostok was confirmed again yes
terday morning in long dispatches direct from that
centre. London heard on Wednesday afternoon that
an attempt had been made upon the life of Admiral
Kolchak by the throwing of hand grenades, which
were said to have caused the death of six soldiers and
the wounding of twelve others. Apparently the
Admiral escaped. London was concerned over his
fate because of the receipt of reports that he had
“decided to remain in Omsk,” after the general evacu
ation was supposed to have taken place.

Late last week Premier Lloyd George offered the
British Railwaymen’s Union “membership in com
mittee management of the roads, with railroad direc
tors and Government officials.” James Henry
Thomas, General Secretary of the Union, in a speech
in Bristol last Sunday outlined the plan, and ex
pressed the hope that the arrangement would be ac
cepted. London advices declared that it was well
Official announcement was reported to have been
received in labor circles. The “Daily Mail” of that
city continued to attack the Premier because of his made in Paris on Wednesday that “the American
speech in the House of Commons last week with re Peace Commission and its staff will leave Dec. 6th,
spect to Russia. He made another speech on the same sailing for the United States on the transport Amer
subject in the House this week in which he said: “In ica.” The troubles of the Supreme Council of the
whichever direction we go we are marching into a Peace Conference were added to by the receipt of re
fog.” He admitted that France and Great Britain ports indicating the possibility of a monarchial coup
“were in agreement to withhold further supplies from d’etat in Hungary. Sir George Clerk, emissary of
Russia, because it was impossible longer to burden the Council to Budapest, was said to have been won
the French taxpayers.” The Premier made it clear over completely by the'Royalists and “to have per
also that he did not believe Great Britain was called mitted their troops to occupy the capital after the
upon to extend additional aid to Russia. Elaborating Rumanian evacuation.” It was even stated that
his position he said: “Our own country is our first the elections to be held this week “will be under the
consideration and there is no surer road to Bolshe supervision of the Monarchist army.”
Paris has received reports that Premier Stephen
vism at home than financial bankruptcy.”
London heard a week agoto-day that theBolsheviki Friedrich had turned his office over to Karl Huzzar,
had captured Yamburg, situated 68 miles southwest Minister of Public Instruction, who, it was claimed,
of Petrograd, the afternoon before. On the other would attempt “to form a Coalition Cabinet accept
hand, their forces w’ere reported to have been over able to the Allies.” According to a dispatch from
thrown in Brest-Litovsk. At the beginning of the Vienna yesterday morning a Cabinet under Julian
week reports came from various centres of the fall of W. Lissat, former President of the Court of Justice,
Omsk, the seat of the Kolchak Government. In a is being formed in which Count Esaky is to be the
public meeting in that city on November 1, the Ad Foreign Minister. Among the other probable mem- •
miral was said to have made an impassioned appeal bers mentioned were Count Jean Zichy, M. Fried
to the people to join him in defending the city, and rich and Karl Huzzar, M. Garami and Jules Peidll,
to have asserted that “if Omsk is taken all the work & former Premier.
accomplished in the hope of restoring Russia will have
The British Treasury statement of national finances
gone for naught.” The capture of Omsk was re
asserted in advices received from London from Mos for the week ending November 15, showed an in
cow on Monday. Later in the week the Soviet Gov crease in income over outgo. Expenditures for the
ernment at that centre claimed the capture of ten week were £27,035,000, against £26,193,000 the
Generals and more than 100 other officers at Omsk. week previous. The total outflow, including repay
The “Daily Mail” of London received a special dis ments of Treasury bills, advances, and other items,
patch from Helsingfors on Sunday stating that Gen amounted to £122,051,000, which compares with
eral Yudenitch had resigned as commander of the £92,735,000 a week ago. Receipts from all sources
Russian Northwest Army, and that General Laidoner, totalled £122,265,000, in comparison with £92,709,
Commander-in-Chief of the Esthonian army had suc 000 in the preceding week. Of this total, revenues
ceeded him. The claimwas made in a special London yielded £15,526,000, against £15,138,000, other
cablegram to the New York “Tribune” that “his debt no less than £41,506,000, against £9,200,000
resignation had nothing to do with the failure of the and savings certificates £1,150,000, against £1,150,
offense against Petrograd, but was to avoid intern 000. From the new funding loan £600,000 was re
ment by the Esthonian authorities.” His army was ceived; the Civil Contingencies fund repaid £5,000,
reported as being “undismayed” and as looking for 000; sundries brought in £407,000and Victory bonds
ward “to a winter campaign, confident of success.” £6,900,000, as against nothing on any of these items
According to a report received in London from Hel a week ago. Advances contributed £3,000,000,
singfors “20,000 troops of General Yudenitch’s against £12,000,000 the week before. Sales of
Northwestern Russian army have surrendered to the Treasury bills were £48,176,000. Last week they
Bolsheviki.” A delayed dispatch from Vladivostok, totaled £55,226,000. As repayments were only
dated November 12th, and made public here Wednes £38,705,000, the volume of Treasury bills outstand
day morning, stated that a revolution had broken ing was again augmented, and now aggregates £1,
out in that city. It was added, however, that “the 091,961,000, in comparison with £1,082,504,000 a
68,000 rifles which an American detachment was con week ago. Net temporary advances outstanding
veying by train from Vladivostok to Admiral Kol are reported at £213,580,000, a decline of £11,502,000
chak’s forces at Irkutsk, went through intact to that for the week. The increase in the Exchequer balance



Nov. 22 1919.]

THE CHRONICLE

of £214,000 brings the total to £4,097,000, com
paring with £3,884,000 the week previous.

BANK OF FRANCE’S
Changes
for Week.
Gold Holdings—
Francs.
In France............... Inc.
298,000
Abroad...................
No change

1921
COMPARATIVE STATEMENT.
---------------------- Status as of---------------------Nov. 20 1919. Nov. 21 1918. Nov. 22 1917
Francs.
Francs.
Francs.
3,598,295,839 3,415,151,549 3,294,347,932
1,978,278,416 2,037,108,484 2,037,108,484

N6 change has been noted in official discount rates
at leading European centres from 5% in Paris, Berlin, Total.................. Inc. 298,000 5,576,574,255 5,452,260,034 5,381,456,417
Dec.
845,047
284,781,678
318,949,895 248,517,065
Vienna, Spain and Copenhagen; 5%% in Switzer Sllver....................
Bills discounted----- Dec. 44,662,927
932,900,156
758,731,820 7 1 8 ,8 43 ,098
land, 6% in London, Sweden, Norway and Petrograd, Advances............... Inc. 555,228 1,337,532,199 859,187,801 1,143,223,638
Note circulation...Inc. 31,763,695 37,056,745,260 30,191,584,565 22,414,455,440
and 4}^% in Holland. In London the private bank Treasury
deposits..Inc. 34,315.437
79,038,700
274,495,722
52,626,028
irate has been further increased to 6% for both sixty General deposits...Dec. 17,861,392 2,949,608,233 2,964,650,320 2,800,325,963
and ninety days, against 5^% for 60 days, and 5%%
In its statement for the week ending November 7,
ifor ninety days, last week. Money on call in London
Las been further advanced to 4%%. No reports the Imperial Bank of Germany shows the following
have been received by cable of open market discount changes: A further reduction of 311,000 marks in coin
and bullion, a loss of 719,000 marks in gold, and an
rates at other centres.
other huge contraction in bills discounted, in round
The Bank of England reports an additional de numbers 1,750,673,000 marks. Deposits were also
crease in its gold holdings of £21,650. Total re heavily reduced, 2,325,503,000 marks, while notes of
serves, however, again expanded, this time £205, other banks decreased 1,898,000 marks, and other
000, in consequence of another reduction in note securities, 148,201,000 marks. Treasury notes were
circulation of £226,000, while the proportion of expanded 56,412,000 marks, advances, 670,000 marks
reserve to liabilities has been advanced to 17.49%, and investments, 2,974,000 marks. There were also
as against 16.43% a week ago and 16^% last increases in circulation of 146,656,000 marks and in
year. Further substantial declines in the deposit liabilities of 337,820,000 marks. The gold holdings
items were indicated, including £7,435,000 in “other” of the German Bank are now reported at 1,092,830,
deposits and £7,725,000 in Government securities, 000. This compares with 2,550,260,000 marks a year
although public deposits gained £1,107,000. Loans ago and 2,403,780,000 marks in 1917. Note circula
(other securities) were increased £1,199,000. Thread- tion stands at 31,075,274,000 marks, against only
needle Street’s stock of gold on hand aggregates 16,959,260,000 marks in 1918 and 10,403,740,000
£87,964,791. In the corresponding week of 1918 marks the year preceding.
the total held was £75,170,519 and £55,856,322 the
year previous. Circulation stands at £85,677,000,
While last week’s bank statement of New York
as against £65,222,965 last year and £42,472,485 Clearing House members, issued on Saturday, was
in 1917. Reserves now stand at £20,737,000, on the surface less favorable, in that while loans were
which compares with £28,397,554 and £31,833,837 substantially reduced—$65,847,000—reserves never
one and two years ago, respectively. Loans total theless recorded a material falling off, the fact is,
£71,816,000. Last year they stood at £99,879,779 borrowings at the Federal Reserve Bank were mate
and in 1917 £91,928,028.
rially cut down, thereby effectually strengthening the
We append a tabular statement of comparisons:
position of that institution and also showing that ’
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
member banks are persevering in their efforts to
1919.
1918.
1917.
1916.
1915.
compel reduction of loans. The heavy loan contrac
Nov. 19.
Nov. 2 0 .
Nov. 21.
Nov. 22.
Nov. 24.
£
' £
£
£
£
tion
which occurred is taken to reflect extensive
C i r c u l a t i o n . . . ........... 8 5 ,6 7 7 ,0 0 0 6 5 ,2 2 2 ,9 6 5 42,472,485 36,919,590 33.301,750
P u b lic d e p o s its .......... 2 3 .2 6 7 ,0 0 0 29,6 6 8 ,3 7 6 42,175,307 55,580,473 52,148,990
liquidation
on the Stock Exchange. A decline of $10,
O th e r d e p o s it s .......... 9 5 ,3 2 4 ,0 0 0 1 4 2 ,672 ,63 4 122,596,062 105,417,900 84,649,258
C o v e r n m ’ t secu rities 3 4 ,7 8 9 ,0 0 0 6 1 ,7 8 8 ,0 3 5 58,735,870 42,187,582 18,895,068
547,000 in net demand deposits was recorded, to
O th e r secu rities____ 71 ,8 1 6 0 0 0 9 9 ,8 7 9 ,7 7 9 91,928,028 98,634,422 98,116,125
R e s ’ v e n o t e s * c o in . 2 0 ,7 3 7 ,0 0 0 2 8 ,3 9 7 ,5 5 4 31,833,837 37,938,443 37,605,297
$4,203,020,000 (Government deposits of $149,780,
C o i n and b u l l i o n . . . 8 7 ,9 6 4 ,7 9 1 7 5 ,1 7 0 ,5 1 9 55,856,322 56,403,033 52,457,047
P r o p o r tio n o f reserve
000
deducted), while net time deposits were reduced
t o lia b ilitie s...........
1 7 .4 9 %
1 6 .5 0 %
19.32%
23.56%
27.48%
B a n k r a t e ....................
6%
5%
5%
6%
5% $467,000, to $273,852,000. Among the other changes
were a reduction of $2,178,000 in cash in own vaults
The Bank of France in its weekly statement reports (members of the Federal Reserve Bank) to $98,230,
a further small gain of 298,000 francs in its gold item 000 (not counted as reserve), a contraction of $50,
this week. The Bank’s total gold holdings, there 383,000 in reserves in the Reserve Bank of member
fore, now aggregate 5,576,574,255 francs, comparing banks which accounts in considerable measure for
with 5,452,260,034 francs last year and with 5,381, the loss in surplus—to $583,194,000, and a falling off
456,417 francs the year before; of these amounts of $503,000 in cash in vaults of State banks and trust
1,978,278,416 francs were held abroad in 1919 and companies, to $10,856,000. Reserves in other de
2,037,108,484 francs in both 1918 and 1917. Duringpositories, (Statebanks andtrust companies) increased
the week advances increased 555,228 francs, while $350,000, to $12,143,000. The loss in aggregate re
Treasury deposits were augmented to the extent of serves totaled $50,536,000, which carried that ac
34,315,437 francs. Silver, on the other hand, fell count to $606,193,000. Surplus was reduced $49,
off 845,047 francs, bills discounted decreased 44, 182,200, and now stands at $47,119,050, as against
662,927 francs, and general deposits were reduced $96,301,250 the week preceding. The above figures
17,861,392 francs. An expansion of 31,763,695 or surplus reserves are on the basis of 13% legal re
francs occurred in note circulation, bringing the total serves for member banks of the Federal Reserve sys
outstanding up to 37,056,745,260 francs. This con tem, but do not include cash in vault amounting to
trasts with 30,191,584,565 francs in 1918 and with $98,230,000 held by these banks on Saturday of last
22,414,455,440 francs the year previous. Just prior week. The bank statement will be found inmore com
to the outbreak of war, in 1914, the amount out plete form on a later page of the “Chronicle.”
standing was only 6,683,184,785 francs. Compari
sons of the various items in this week’s return with
The rates for call money at this centre gradually
the statement of last week and corresponding dates declined until an 8% renewal figure was reached
lin 1918 and 1917 are as follows:
yesterday. On Thursday and yesterday the late



1922

THE CHRONICLE

[Vol . 109.




N ew

York.

| K a n s a s C ity .

accommodations were arranged at 6%, although the were entertained by acceptance dealers that the Fed
prevailing quotation for the greater part of the pre eral Reserve Bank would again raise its rediscount,
vious day ha'd been 10%. Yesterday considerably rates, but after the meeting of directors of tiie Reserve
larger offerings of call money were reported These Bank it was announced there would be no change in
developments are perfectly natural in view of the existing rates. The claim is made that with the
heavy liquidation in stocks running over a period Federal Bank buying bills at
^4%, bankers’
of. ten days or more Although the general mone acceptances are at a serious disadvantage, buyers
tary situation in this country is not satisfactory not being inclined to pay the extra margin when they
by any means there has been improvement There can sell direct to the Federal Reserve Bank. 'Loans
is still a large amount of money in loans on specula on demand for bankers’ acceptances continue to be
tive operations in stocks, cotton and other com quoted at 434% Quotations in detail are as follows:
------------- S p ot Delivery ---------Delivery
modities A generally inflated condition exists
’ Ninety
Sixty
Thirty
within
The deflation and liquidation must be carried fur
Days.
Days.
Days.
0 9 Days.
bills of member banks................. 4*le@4H 4J6@4J{'» 4H@4H
4H bir!
ther before a sound financial condition can be re Eligible
Eligible bills of non-member banks.........4)j@ 4H 4H@4H
4H @ 4 M 451 bid
established This is expected to be accomplished to a Ineligible bills______________ ___________ G (3 5H 6 @5!-$ 5H@6 6 bid
further extent during the remaining weeks of this ■ Following the recent changes in the discounUrEtes.
year In some circles yesterday there was a disposi-f of the New York and other Federal Reserve banks,
tijOnto predict a materially easier money market even*' which we have referred to in the past two weeks,
before the turn of the year The failure of the United practically all of the Reserve banks haVe similarly
States Senate to ratify the Peace Treaty, it is though changed their rates; in the following table showing,
by some, may adversely affect foreign exchange rates the prevailing rates for various classes of paper at the
3o long as the present levels continue we cannot different Reserve banks, so far as our knowledge goes,,
expect Europe to buy more than absolute necessi we have this week changed the figures in the case of
ties in this country, and only on a moderate scale at Cleveland, Richmond, Atlanta, Minneapolis, and
that. Labor conditions, particularly the bitumin Kansas City to conform to the rates now in force at
ous coal s’trike, unless there are material changes those Reserve banks.
DISCOUNT RATES OF FEDERAL RESERVE BANKS. _______
for the better in the near future, are bound to bring
o’
i
about a curtailment of industrial production in this
*
&
o.
CLASSES
1
4
country This in turn would naturally help to ease
1
S
'
o
OF
a
&
3
c
D IS C O U N T S A N D L O A N S . i
1
5
l
o
the money market New securities are ndt being
8
s
S3
•c:
a
Q
S3
1
a.
a:
§
e
offered in as large a volume as they were a fe\£ weeks
1
Discounts—
ago. The Federal Reserve Board and the Federal Wltbln 15 days. tncl. member
5
collateral notes____ 4 >A 4*A 4
4 H 4 H < H 4H 4H 4H 5
4 ’i
5
6
Reserve banks apparently have learned a lesson banka’
4 y. 4 )1 4 H 4 h 5
10 to 0 0 days’ maturity___ 1 % 4 K 4 H 4 H 4
5’
5
5
01 to 90 days’ maturity__ 4 * i 4 « 4 ‘A 4 X 4
451 4 ‘A 4 )1 5
and llvo-stock
from the recent wild speculation in stocks. Ac Agricultural
paper, 91 to ISO days lncl.. 5
5
0
5 )1 5
0 'A 5 H 5 H 5 H 5 H 5 H 5 H
by 4 ) 1 % U. S . certi
cording to Washingtbn advices they are determined Secured
ficates of Indebtedness—
15 days. Including
to keep speculative activities more in check in the Within
member banks' collateral
notes___________________
future and to give industries the first chance at the Secured by 4 H % U. S. Cer 4 H 4 « 4 « 4 ’ i 4 4 ’ i 4 )1 4 )4 4 ) 1 4 51 4 4 M
tificates of Indebtedness,
facilities of the Federal Reserve banks.
Lib. bonds Sc Vic. notes—
15 days. Including
Referring to money rates in detail, loans cm call Within
member banks’ collateral
notes___________________ < H 4 H 4 M 4 H 4 K < H 4 H 4 H 4 H 4 H 4 H 4 H
ranged during the week between 6@12%, for both 10 to 90 days’ maturity___ 4 H 4 'A 4 ‘A 4l2X 4 H
4 H 4 H 4 H 4 H 4 H 4 )1
ra d e Acceptances —
mixed collateral and all-industrials alike, as against 15Tdays’
maturity......... .......... 4 K 4 !< 4 H 4 H 4 H 4 H 4 H 4 H 4 H 5
4H 4 H
10 to 90 days’ maturity......... 4 H 4 H
6@30% a week ago. Monday the high was 12%, 1 R a t c a f o r d is c o u n t e d b a n k e r s ' a c c 4e pHt a n< c e s ,4 H4 H 4%H. 4 H 4 H 4 H 5 4 H 4 « ‘
with the low and ruling at 10%. There was no range N o t e I . A c c e p t a n c e s p u r c h a s e d In o p e n m a r k e t , m in i m u m r a t e 4 % .
on Tuesday, 12% being the only rate quoted andThe t h Na no toen 2c.o mRmaet recsiaolnp pa ap pe re ro fs eccour rr ee ds p bo ny dWin ag rmFaint uarnitciee sC. o r p o r a t i o n b o n d * , 1 % h ig h e r
high, low and ruling for the day On Wednesday N o t e 3 . W h e n e v e r a p p l ic a t io n la m a d o b y m e m b e r b a n k a f o r r e n e w a l o f 1 6 -O a y
the maximum was still 12% but the low wT
as reduced pp aa ppeerr , otfh ot hFe e sdaemr aol cRlae ss es .r v e b a n k s m a y c h a r g e a r a t e n o t e x c e e d in g t h a t f o r 0' 0 - d a y
to 10% Renewals w'ere negotiated at 1£%. Thurs o f Rc oa rt rees s pf oorn dc oi nmg mmo ad ti tuyr itpi ae sp.e r h a v e b e e n m e r g e d w it h t h o s o f o r c o m m e r c ia l nv a vn e r
day a further easing was noted and the minimum L oxa n'■ Ab oHn d%s oinr tVh iec tco“rsyc onf orteeds is. c o u n t s o f n o t m o r e th a n 0 0 days, s e c u r e d b Jv i ih e r t*v
dropped to 6%, with renewals at 10%. This was ( a ) 4 H % f o r m e m b e r b a n k s ’, c o ll a t e r a l n o t e s w it h in 13 d a y s .
also the high. Friday’s range was G@8% and 8%
the renewal basis In time money the situation re
Sterling exchange suffered a further severe break
mains about the same. Funds for fixed date loans and after repeated declines early in tho week had
continue scarce so that trading was dull and the vol carried rates to within a few cents of $4, the quota
ume of business transacted small The range is still tion op Thursday, following news from Washington
nominally 6@7% for mixed collateral, with dealings that the Senate had succeeded in defeating the
confined to the shorter maturities All-industrial Peace Treaty, broke through tho $4 mark and
money is now quoted at 7@7^%, as against 7j^@ sterling demand bills for a brief period sold as low'
8% a week ago.
as $3 9934, by far the lowrcst level ever recorded;
Mercantile paper has been moderately active at thus more than fulfilling the gloomy anticipations
the higher range Sixty and ninety days’ endorsed of certain interests who have long been predicting
bills receivable and six months’ names of choice that sterling would go as low as 84 before any change,
character are now quoted at 53d2@ 5 %%, against for tho better could be looked for Whether this
5K®5}/2% Names not so well known now require improvement is now in sight, or whether still more
against 534%, the quotation previously cur drastic losses will have to be faced, is purely a mat
rent Most of the business is being done with out- ter of conjecture and much uncertainty. On Friday
of-town institutions.
the undertone was firmer and there was a recovery
Banks and bankers’ acceptances continue firm to 4 0534 for demand bills and 4 06 for cable transfer#.
with comparatively little doing in any direction
While many interests sfill hold to the belief that
No improvement is looked tor until there is a material the abnormal increase in the supply of commercial
easing in the general money situation. Some hopes bills caused by accumulations incidental to the liar*
h

h

N ov. 22 1919.]

THE CHRONICLE

1923

bor difficulties of a few weeks ago has been largely were chiefly conspicuous by their^absence. At the
responsible for the alarming weakness of the past opening on Thursda}', following announcement that
two weeks, it is now quite generally conceded that the Senate had rejected the Treaty pact, sterling
fears of the President’s inability at the last moment rates went below $4 00, and for a time demand bids
to force the Treaty through the Senate may have were quoted at 3 99%; subsequently, however, there
had much to do with the lowering of rates abroad was a rally to 4 03, with the range 3 99%(&
403, cable
that has played so important a part in depressing transfers at 4 00%@4 03% and sixty*days at 3 96%
prices here. No attempt is being made to conceal @3 99%. Friday’s market was firmer and rates
the discouragement felt over the present situation, were fairly well maintained, with the range for de
or that it is likely to result in materially curtailing mand 4 03%@4 05%, cable transfers at\4 04%@
American exports, which last, however, would in time 4 06, and sixty days 4 00@4 01%. Closing quota
work a corrective.
tions were 4 00 for sixty days, 4 04 for demand, and
Another adverse factor of almost equal importance 4 04% for cable transfers. Commercial sight bills
was the failure of Congress to pass the Edge Bill be finished at 4 00%, sixty days at 3 98, ninety days at
fore adjournment, after that measure had been favor 3 97, documents for payment (sixty days) at 3 98%,
ably reported to both Houses by the conferees on and seven-day grain bills at 4 03%. Cotton and
November 17. This means further delay in arrang grain for payment closed at 4 03%. The gold move
ing for the creation of the powerful foreign trade ment continues small, the only engagement reported
corporations which are expected to set in motion being $700,000 in gold coin withdrawn from^the Sub
machinery for the investment of capital reaching Treasury for shipment to South America. It is
many millions along lines sorely needed for the re learned that the Bank of Montreal is shipping pU
habilitation of Europe and also the maintenance of bars to the amount of $200,000 to Bombay, India.
our own export trade. To developments such as
Sensational weakness also again marked all deal
these must be attributed the almost total absence of
banking support which has been such a noticeable ings in the Continental exchanges and fresh declines
feature in the recent trading. As to Great Britain, were recorded which carried quotations to almost
a recent despatch from London credits Austen Cham inconceivably lowlevels. Francs wrere heavy through
berlain, Chancellor of the Exchequer, with the state out and receded steadily under a continued outpour
ment that he is consistently opposed to any attempts ing of bills until a new low rate of 9 79 was reached—
at reverting to the policy of artificially supporting 27 points off for the week and 55 points below the
exchange which had been abandoned in'March last, former low record established late in September.
and sees no necessity for such action. As a matter The same is true of German exchange, which broke
of actual fact, some prominent financiers at the Brit to 2.10, a loss of 49 points, while Belgian francs
ish centre appear to take the view that the present touched a new low of 9.08, a decline of 40 points dur
low rates of exchange offer an exceedingly favorable ing the week. Austrian kronen shared in the general
opportunity for the development of foreign markets weakness, breaking to 00.71, which is 17 points lower
and the reconstruction of home industries. It is than a week ago. Lire, after a brief interval of
argued that low exchange and high labor costs should comparative firmness early in the week, when the
stimulate the importation of finished goods from all rate was advanced 58 points to 11.52 on an improve
European markets, and that the present situation ment in the inquiry, turned weak and sagged off
with all its drawbacks is not without its compensating to 12.52, a drop of 100 points within a few days.
features. Needless to say, these views are not shared Just before the close covering of shorts brought about
to any considerable extent by American business a recovery of several points in nearly all of these
men. However, while the outlook is unpromising, currencies.
it is pointed out that Congress is to reconvene very
Undoubtedly, as has already been explained, the
shortly—on December 1st—and at that time another primary cause of this phenomenal collapse in prices
determined effort will likely be made for a com may be attributed partly to the rush of export business
promise on the Treaty, and also for the speedy passage which has followed the settlement of the recent
of the Edge Bill.
.
harbor tie-up. For upward of a month during the
As regards the day-to-day rates, sterling exchange continuance of the longshoremen’s strike at this port,
on Saturday of the previous week was again sensa the movement of commodities was practically halted
tionally weak, with a further decline to 4 10@4 10*4 and it was impossible to sell bills against shipments
for demand, 4 10%@4 11 for cable transfers and because of the uncertainty of deliveries. With the
4 06%@4 06% f°r sixty days; this reflected continued resumption of normal shipping activities the release
heavy offerings of cotton and other commercial bills. of these accumulated offerings caused an outpouring
On Monday increased weakness developed and prices of enormous quantities of bills far in excess of the
broke to 4 05%@4 05% for sixty days, 4 08%@ market’s powers of absorption. In addition to this
4 08% for demand and 4 09%@4 09%for cable trans the current tightness in money is said to have brought
fers; lower quotations from London coupled with the about a substantial curtailment in the volume of
selling movement in this market were the main factors commercial credits extended to foreign customers,
in the decline. Quotations collapsed spectacularly with the result that the proportion of trade to be
■onTuesday, largely as a result of a further lowering in financed through selling of bills in the open market
the London rate and continuous selling at this centre; has been correspondingly increased; while of course
demand dropped to 4 04%@4 06%, cable transfers the rejection by the Senate of the Peace Treaty and
to 4 05%@4 07% and sixty days to 4 01%@4 03%. the fact that Congress adjourned without passing
Wednesday’s market was heavy and prices again re the Edge Bill, putting an end to all hopes for the
coded sharply, with the result that demand sold down present at least of the inauguration of prompt reme
to 4 02%@4 03%, cable transfers to 4 03@4 03% dial measures in the foreign credit situation, served
and sixty days to 3 98% @4 00%; it was a noteworthy to aggravate the prevailing depression and presum
fact that while offerings were in huge volume, buyers ably militated against any attempt on the part of



1924

THE CHRONICLE

[V o l . 109.

banking interests to support or “stabilize” exchange/ 22 15, reacted and finished at 19 80 for checks and
values.
19 95 for cable transfers. A week ago the close was
The official check rate in Paris on London closed 19 75 and 19 85.
at 39 10, as against 39 45 a week ago In New As to South American quotations, very little change
York sight bills on the French centre finished at 9 63, has been noted, and the check rate on Argentina con
against 9 49; cable transfers at 9 61, against 9 47; tinues to be quoted at 42% and cable transfers 42%,
commercial sight at 9 66, against 9 52, and com unchanged. For Brazil the rate for checks remains at
mercial sixty days at 9 74, against 9 60 on Friday 25% and cable transfers 25%, the same as a week ago.
of the preceding week. Belgian francs closed at Chilian exchange is still quoted at 19 88 and Peruvian
9 00 for checks and 9 00 for cable transfers. Last at 4 81@4 82.
week the close was 8 70 and 8 68. The final range
Far Eastern rates are as follows: Hong Kong, 1 03
for German reichsmarks was 2 29 for checks and @1 04, against 99@99%; Shanghai, 165@165%,
2 33 for cable remittances, as compared with 2 62 against 148@148%; Yokohama, 50%@51, against
and 2 64 last week. Austrian kronen finished 50%@51; Manila, 49@49%, against 48%@49;
at 00.82 for checks and 00.84 for cable transfers, Singapore, 50%@50% (unchanged); Bombay, 43
against 00.88 and 00.90 a week ago. Exchange @43%, against 43%@43%, and Calcutta, 43@
on Czecho-Slovakia closed at 1.95, against 2.70; 43%, against 43%@43%. The material stiffening in
on Bucharest at 3.20, against 4.45; on Poland at Far Eastern rates, notably China and India, is held
1.85, against 2.45, and on Finland at 3.60, against to be directly attributable to the sensational rise in
4.55 the week before. In a recent dispatch from the price of silver.
Warsaw it is stated that trading with Poland, and
The New York Clearing House banks, in their
in fact all of the new Central European Republics,
is being seriously hampered by the adverse move operations with interior banking institutions, have
ment of exchange. For instance, in Poland mer gained $6,639,000 net in cash as a result of the
chants are obliged to pay for one dollar’s worth currency movements for the week ending Nov. 21.
of American goods in the neighborhood of 40 Their receipts from the interior have aggregated
marks, thus rendering business all but prohibi $9,937,000, while the shipments have reached $3,
tive. For lire the close was 12 25 for bankers’ sight 298,000. Adding the Sub-Treasury and Federal
bills and 12 23 for cable transfers. This compares Reserve operations and the gold exports, which
with 12 10 and 12 08 a week ago. Greek exchange together occasioned a loss of $136,487,000, the com
was firmly held and closed at 5 55 for checks and bined result of the flow of money into and out of the
New York banks for the week appears to have been
5 53 for cable transfers, unchanged.
For the first time in several months the neutral a loss of $129,848,000, as follows:
exchanges have shared to a measurable extent in the
W e e k e n d in g N o v . 2 1 .
In to
Out o f
N e t C h a n ge in
B a nks.
B a n k H o l d in g s .
B anks.
violent fluctuations taking place at the former
* 9 ,9 3 7 ,0 0 0
* 3 ,2 9 8 ,0 0 0 G a in * 6 , 6 3 9 , 0 0 0
belligerent centres. This was most noticeable in SB uu bn-kTsr’ eIanstue rrioy r amnodv eFmeedne rt ........................
al R eserve
o p e r a t io n s a n d g o l d e x p o r t s -----------2 3 ,4 6 9 ,0 0 0
1 5 9 ,9 5 6 ,0 0 0 L o s s 1 3 6 ,4 8 7 ,0 0 0
Scandinavian rates, which broke quite sharply—
all touching new low records. Guilders were easier T o t a l .................................................................. * 3 3 ,4 0 6 ,0 0 0 * 1 6 3 ,2 5 4 ,0 0 0 L o s s * 1 2 9 ,8 4 8 ,0 0 0 - •
on freer offerings, although Swiss francs remained The following table indicates the amount of bullion
about steady. Pesetas, which have shown an un in the principal European banks:
usual degree of strength lately, turned weak and
N ov. 20 1919.
NOV. 2 1 1 9 1 8 .
lost several points. An interesting explanation DUTIKSUJ' “ G o ld .
S ilv er.
T o ta l.
G o ld .
S ilv e r.
T o ta l.
regarding the recent advance in Pesetas coupled
£
£
£
£
£
£
8 7 ,9 6 4 ,7 9 1
7 5 ,1 7 0 ,5 1 9
with the heavy decline in German marks is that the EF rnagnl ac ne ad .. .. 15443,6,933 61 ,7,8 53 03 1 11 .3,0 01 07 .0,8 00 00 18575,9,269 41 ,7,8 93 13 11 32 67 ,6,5 01 51 ,6,7 6010 1 2 .7 2 6 ",6 6 6 17459 ,1,3 72 05 ,5,6 61 19 '
5 5 ,6 5 4 ,5 5 0
1 ,0 1 9 ,5 6 0
Spanish people who for some time have been specu GR ue rs ms i aa n y - 1 12 09 .8,6 65 50 .0,0 00 00 1 22 .3.3 67 35 .0.0 00 00 1 14 32 .2.0 22 85 .0.0 00 00 1 12 19 ,0,6 05 80 ,0,0 00 00 122.2.3 87 95 .0.0 00 00 11 24 82 ,5.0 32 15 .0.2 06 00
A u s -H u n c
1 3 . 2 9 7 .0 0 0
_____ 9 6 .7 7 8 .0 0 0 2 5 . 0 8 0 .0 0 0 1 2 1 .8 5 8 .0 0 0 8 8 .7 6 7 .0 0 0 2 5 .8 8 5 .0 0 0 1 1 4 .6 5 2 .0 0 0
lating freely in German exchange, have been com IStpaal yi n______
2 .9 9 7 .0 0 0 3 5 .1 9 9 .0 0 0 3 7 .4 1 3 .0 0 0
3 2 .2 0 2 .0 0 0
3 .1 0 0 .0 0 0 4 0 . 5 1 3 . 0 0 0
4
4
6
,0
0
0
5
2
.6
8
0
.0
0
0
5
8
.5
3
5
.0
0
0
5
3
.1
2
6
.0
0
0
pelled by an edict of their Government to discon NN ae tt h. Be rell’.dhs 1 0 .6 5 3 .0 0 0 1 .0 8 5 .0 0 0 1 1 .7 3 8 .0 0 0 1 5 .3 8 0 .0 0 0 66 00 00 ,0,0 00 00 51 95 .1.9 38 50 .0.0 00 00
1 5 .2 0 1 .0 0 0
tinue these speculative operations and are now SS ww letdz ’elann. .d. 11 69 .6.0 41 71 .0.0 00 00 3 .4 1 2 .0 0 0 21 26 .4.6 24 37 .0.0 00 00 11 55 .2.1 08 16 .0.0 00 00
1 5 .1 8 6 .0 0 0
' 182",666 1 0 .8 1 6 .0 0 0 1 0 .3 2 5 .0 0 0
1 0 .6 3 4 .0 0 0
"
’3'
‘,6
6
6
1 0 .4 5 5 .0 0 0
D
e
n
m
a
r
k
.
unloading their holdings of marks in this country N o r w a y . . 8 ,1 5 2 ,0 0 0
8 ,1 5 2 ,0 0 0
6 ,7 3 8 ,0 0 0
6 ,7 3 8 ,0 0 0
and with the proceeds buying pesetas. According T o t . w e e k . 6 7 3 ,8 0 5 .3 7 4 6 0 , 3 1 7 ,8 0 0 7 3 4 ,1 2 3 ,1 7 4 7 2 7 ,4 9 0 ,8 8 0 5 8 ,7 1 8 ,5 6 0 7 8 6 ,2 0 9 ,4 4 0
to a cablegram from Geneva, Switzerland is ex P r e v . w e c k 6 7 4 ,2 4 7 ,0 5 4 6 0 , 5 3 7 .4 0 0 7 3 4 ,7 8 4 ,4 5 4 7 2 6 ,2 1 7 ,4 4 9 5 9 ,2 2 8 ,0 1 0 7 8 5 ,4 4 5 ,4 5 9
periencing much discomfort from her increasing gold h e lda Gaobl dr o ahdo.ld in g s o f t h e B a n k o f F r a n c e t h is y e a r a r e e x c l u s i v e o f £ 7 9 ,1 3 1 , 1 3 7
reserves and the high rate of exchange in her favor. c* FNigo u frige su rf oe sr 1r 9e 1p 8o rat reed t shino scee gOi vcetno b ebry 2 9" B r1i9t1i s7h. B o a r d o f T r a d e J o u r n a l " f o r
Swiss exchange at present stands at 100 marks for D ehc .F 7ig u1r9e1s7 .f o r 1 9 1 8 a r e t h o s e o f A u g u s t 0 1 9 1 4 .
14 francs and 100 crowns for four francs, which is
THE VOTE OF THE PEOPLE.
said to be the highest in Europe and seriously crip
Two weeks ago, circumstances so guided the situa~
pling Swiss export trade.
Bankers’ sight on Amsterdam closed at 37%, tion that the electoral campaign in Massachusetts
against 37 11-16; cable transfers at 37%, against was accepted as a typical measurement of American
37 13-16; commercial sight at 37%, against 37%, voting sentiment, as between ultra-radical union
and commercial sixty days at 36 15-16, against 37% labor of Bolshevist proclivities and the opponents
a week ago. Swiss exchange finished at 5 50 for of such tendencies. The great majority of 124,000
bankers’ sight bills and 5 49 for cable remittances. for Governor Collidge settled that question, as far
A week ago the close was 5 52 and 5 50. Copenhagen as such a campaign could settle it. Last Monday
checks closed at 20 35 and cable transfers 20 50, occurred the quadrennial elections for the French
against 21 00 and 21 15. Checks on Sweden finished Parliament. The last previous national vote had
at 22 40 and cable transfers at 22 55, against 23 20 been taken in France in 1914. Since that election,
and 23 35, while checks on Norway closed at 21 70 there had occurred on the one hand the Great War,
and cable remittances at 21 85, against 22 20 and with its impetus to national patriotism; on the other
22 35. Spanish pesetas, after touching 22 05 and hand, the machinations of a powerful Socialist Party,,



i

o

Nov. 22 1919.]

THE CHRONICLE

1925

the unrest and sense of grievance due to loss of life
The result of the French elections, then, need not
and property, the aggressiveness of organized labor be regarded as in the least out of line with the real
common to all the world, and the propaganda of a trend of normal public opinion. The people’s verdict
new social order in which bodies of workmen should, in France has been the verdict in every other nation
after the fashion of Russia, control the State, seize where the question of Governmental stability as
the property of other classes, and establish their own against social or political revolution has been sub
dictatorship.
mitted to a vote. To this general conclusion, indeed,
The pretentions of the political extremists, of the Russia itself is no exception. The present dictators
social revolutionaries, present themselves in different of that unfortunate country have been consistent
ways in differenct countries. In Russia it is dictator in at least one policy—that they will not submit their
ship by a small group of harsh and bloody tyrants; system of government to popular vote. When the
in Germany and Austria it is assertion of the right Bolshevists were seizing power, there was a Consti
of an armed minority to rule; in England and the tuent Assembly in Russia, elected by popular vote
United States it is the claim that organized labor has in November 1917, and about to be convened.
a higher prerogative than all or any of the other classes
When its members undertook to assemble at the
of society. In France it has been a vague combination appointed meeting-place, the hall was invaded by
of all these other programs. But the ultimate purpose sailors of the Bolshevist party, who forcibly dispersed
has been substantially the same, varied by surround the delegates. They were not allowed to return.
ing circumstances in one or another nation, and Many were imprisoned or killed, and no free popular
France, whose Chamber of Deputies as elected in 1914 election of any kind has been permitted since that
was already more predominantly socialist than in time by the dictators at Petrograd. Lenine and
almost any other country, provided a peculiarly Trotzky have shown by their own published declara
interesting test for the appeal to the popular vote. tions that they do not believe they could trust their
The returns of Monday’s election give a quite un government to a vote of the Russian people. Again,
mistakable idea of the people’s attitude. Not only with perfect consistency, they have accordingly de
have the party groups and individual candidates who clared their disbelief in democracy and their intention
had identified themselves with the general theory of to maintain the forcible rule of the minority.
Bolshevism been rejected by heavy majorities, but
1he attitude of the voters outside of Russia is
-even members elected as Socialists four years ago, therefore no necessary matter of surprise. We be
and suspected now of radical leanings, have lost their lieve they would have voted thus in any case; but
seats. The extremist faction has lost fifty of the with the experience of the Russian Government and
memberships which it held by the vote of 1914, out people before them, it was inconceivable that the
of a Chamber’s total membership of 602. The Radi voters of other countries would have taken any other
cal Socialists have lost 85; the Moderates and Liberals course than to strike down the advocates of such
have gained something like 130. The most conspic propaganda at their first opportunity. The re
uous men in the radical wing of Socialism, including assuring fact is that this opportunity for the real
oven some who from political necessity had been public to vote came before an armed minority should
made members of the Cabinet, have been retired to have gained even momentary possession of the gov
private life.
ernment. Furthermore, when every community of
The victory for sane political conservatism is ad the world has seemed to be falling more or less under
mitted on all hands to have been overwhelming. It the influence of those restless agitators and sickly
will not be ignored that this election has occurred in sentimentalists who always come to the surface in
perhaps the darkest hour through which, in the such times as these, it is in every respect reassuring
matter of present prosperity or hopefulness for the that the voice of democracy as a whole should have
future, France has ever passed. Her losses in war made itself heard with an emphasis so unmistakable.
have been so great that the nation has appeared to For one thing, we cannot doubt that even financial
be left economically prostrate, and financially all and industrial recuperation will proceed more rapidly,
but hopeless. She is confronted with a huge burden after the overshadowing dread of destruction of
of taxation, and her industries, in the year after the political institutions or property rights shall have been
armistice, have revived more slowly perhaps than removed.
those of any other people. It is in precisely this situa
tion that her people have administered so emphatic
THEAMERICANIZINGOFAMERICANS.
a blow to the forces of political disintegration.
France, at any rate, has no wish for experiments with
Many plans are on foot to Americanize the for
Bolshevism.
eigners who live among us. There are numerous
When, however, one considers what has happened indications that the need is as evident and even
elsewhere during the past twelve months, there will more imperative for Americanizing Americans.
be less occasion for surprise. It, is nearly a year since
Two suggestive incidents deserve to be joined.
all the correspondents were telling us how the “Spar- One is the saying of John L. Lewis, the President
ticides” were bound to get control of the German of the United Miners Union, “We are Americans.
Government. And indeed, in the existing case, fol We cannot fight our Government;” the other the
lowing the crushing military defeat and the Kaiser’s testimony of the officers of the Department of
flight, the prediction seemed plausible enough. The Justice investigating the “Reds,” that a large amount
Provisional Government appealed to the people in of their money is ‘supplied by wealthy Americans.
the national election of candidates for the new legis The one—if it may be accepted as sincere—is evi
lative body, and the result was an overwhelming dence that a true patriotism is to be found deep
majority for the three groups of Conservative Liber in the heart of most Americans; the other that at
als and Socialists, with a minority vote for the Radi the same time (if the allegations may be accepted
cals (who elected only 24 candidates out of the total as well founded) there are those who under one in
421) so to be politically negligible.
fluence or another are perverted and just now are



1926

THE CHRONICLE

[V o l . 109.

arrayed on the side of the men who are bent on rlnvolonincr sentimentality and a field for its opera
destroying all that Americans hold most dear. tion such as the country has never known.
There have always been those who become maud
Because of their superior position and generally
far greater intelligence these are more dangerous lin over condemned murderers, and the many who
than the foreign Reds. In sympathy with them see nothing in any war but the bloodshed and hor
are a number, principally young people, and some rors over which they wax eloquent, and the still
older ones, who because of a peculiar bent of mind greater number who hold the world remote and are
seem to have cast aside their patriotism or are in concerned only to resent whatever disturbs their
ease or interferes with their plans.
terpreting it to justify disloyalty.
But after all is said there are also the rest of us,
That American spirit which is so large a part of
the
great mass of humanity who are not always wise
ourselves, which makes us love our country, cherish
its institutions, draw inspiration from its history, nor always animated by patriotic or lofty motives.
be proud of its flag, honor its good name, value and It is easy for us to overflow with enthusiasm on great
respond to its ideals, is the common inheritance occasions and to shout when flags wave and the
of us all to whatever section of the country we belong procession passes, but as a shrewd American has
or with whatever motive our ancestors came to said “The good Lord would find much of the best
this country. It is hard for us to believe that any work of the world undone if He waited until men
of our fellows are not animated by it or that it need did it who were guided by purely altruistic motives
to be explained to them. Certain it is that some and inspired by new impulses. The world’s work
thing more than force or an appeal to the law is is done by ladies and gentlemen who for the most
needful to restore the peace which is disturbed by part are largely clay, working in the clay, for clay
their siding with its enemies or to deliver them from rewards, with just enough of the divine impulse
moving them to keep their faces turned forward
their vagaries.
We have every reason for wanting to understand and not back.”
Here is the real reason for advocating to-day an
the causes of their state of mind. One cause un
intensive
Americanizing of Americans. We glory
questionably is -wrong views of what constitutes
in
the
“Am
erican spirit” without knowing exactly
patriotism. Love of country has come to mean
w
hat
it
m
eans
or caring to meet the responsibilities
to them a narrowness of mind which excludes a
it
assum
es.
We
have an inheritance such as has not
true humanity. Nationalism is belittled and dis
credited for them by internationalism which they been given to others. It involves a trust which we
hold to be alone Christian or right. Men are ready cannot decline. It enfolds opportunity and blessings
to go far when they can make their course a matter adequate for all. It presents a motive for fidelity
of conscience. Some young enthusiasts are dis one of the strongest that can appeal to a human
heart, the desire of a father to see his children
appointed to-day if they cannot be made martyrs.
Here lies the great responsibility of our news eventually better off then himself, socially, finan
papers and the colleges. To them the country must cially, morally, according to their nature. Here
look for sound economic and social teaching and in in the eyes of every American and of all those who
these turbulent times they cannot be held to too are longing to become Americans is the land where
strict account. They are conducting a distinctly in all the world this can most readily be achieved.
hostile propaganda even in the schools and with the The heart of the world because of the wide accep
children, and their policy of “boring from withiIT, tance of this fact beats in unison with ours. To
justify this faith and answer to this hope we must
may be expected in the higher institutions.
The real test of service lies in one’s relation to be true Americans, as those only are who love their
his neighbors, his country and his kin. As Mazzini country and unselfishly array themselves against
said: “To talk of one’s duty to humanity and to all that would injure its fame or disturb its peace.
ignore the nation is as if one bade men climb a ladder Only so can we do our part in bringing peace to the
but took away the rounds.” “Nationalism, he world. There is much pertinent truth in the saying
said, “is the conscience of the people, which assigns of an ancient divine: “Jesus Christ walked in a con
to them their share of the work, their office in hu stant persuasion of His excellent state.” This was
manity, and hence constitutes their mission on the prime condition ofHis ministryto the world,
earth, their individuality. It is the force that makes and this is the basis ofthe appeal of the leaders of
the nations to-day. Premier Nitti is picssing it
for true internationalism.”
The war at its beginning developed a peculiar upon his countrymen in Italy, and it was the bur
form of sentimentalism, which persists to-day. It den of Premier Clemenceau’s address to the Cham
appears in much of the talk about the Bolsheviki ber of Deputies when he presented to them the
and the promise they represent for Europe and the Treaty of Peace. Hesaid “When we are still
world. Bismarck said early in his career “I fear under the emotion of supreme duties magnificently
the sentimentality of our country which discovcis a accomplished, the first impulse of our souls should
martyr in every fanatical rebel and in every discon be of hope for France as much as for humanity—
tented fighter at the barricades.” Protagonist the French ideal, the humanitarian ideal. Too long
of force as he was, if he recognized the seriousness have we dispensed our forces in social conflicts. In
of sentimentality, even that which he could call peace as in war social union remains the very foun
“whimpering,” as an obstacle in his path, how much dation of the country that we shall not have saved
more is it to be reckoned with when “the times are from the barbarian to rend it asunder by parricide
out of joint,” as they are to-day. The mass oi hands. The tears, the suffering and the blood from
foreigners ignorant of our institutions, far from their our wounds have left us better, higher, greater
homes, unable to speak our language, can be played and more completely French.”
What shall save us from eternal shame if we also
upon by any breath; and the mass of our ignorant
voters, now suddenly increased by a multitude in similar condition are not more nobly and com
little taught in public affairs, supplies a medium for pletely American?



Nov. 22 1919.] v

THE CHRONICLE

THE TIME OF THANKSGIVING.

1 9 27

a little and spend a little less, to follow in the furrow's
of our fathers, to think and toil in humble ways though
we plan mighty engineries of production and farreaching agencies of good, no, NO! In union there
is pow'er, in class there is courage, in coercion there is
success—here and nowrand complete.
The witty Lady Astor said the other day in her
can\ ass } ou cannot have peace in the world until
you have it in your own hearts.” Will a national
commission to seek the causes of unrest search the
human heart? When in solemn supplication for
divine guidance will the people give thanks for the
piivilege to labor, or for the wages of labor and the
theories of an economic Utopia? Shall we bind up the
w'ounds of war with the worries of a W'orld? Not
egotism man needs, but humility. Not belief in the
strength of his own power, but doubt in the presence
of the divine Omnipotence. From the heights of his
political eminence Clemenceau cries out to the masses-,
“Work.” But there are many vdio will not w'ork,*
and moie who will not wrait. Tens of thousands of
Coal Oil Johnnies scatter the w-ages of incredible war
in extravagant living. And though men in Englarid
strive to communicate with the spirits of dead sol
diers, in the common relations of life greed o’ermasters
justice, the big profiteers cat the little ones, and the
dignity of labor trails in the dust of desperation.
The bells in the towers of worship call men to the
altars of thanksgiving is it for what they have or
wrhat they want, is it for privilege or possession, is
it for the salvation of deeds or the success of demands.,
is it for the earth they have, or the heaven that should
be here? Prostrate before the crucifix;and the creed
does the solitary soul ask for tears of tenderness to
others that they water his own hot heart, or for the
tyranny of power through majorities that he may com
pel justification at the hands of men? Two evils
stalk the world in the shadow's of war—the greed of
desire and the enmity of hate. To what God if He
bo not the God of labor and of love shall, man give
thanks? If He set these complex and intertwining
real activities in motion, if He made sacrifice possible
only to the individual, then he set His altar of plenty
and peace in every human heart. And if in his unrest
man shall still go there for his guidance he will find
that in toil itself is triumph.

A woman once wrote a poem in which she gave
thanks to God for two hands with which to work.
These obedient friends had never deserted her in a
life filled witli change and not without its misfortunes.
And she hoped for hands even in heaven—for the
shadows were then gathering about her. There is
never a.,time when man may not give thanks, for
there are compensations always if we will but look
for them. Too often the hardships and difficulties
of life, in our thought, obscure the blessings and
advantages.
We read that a wave of spiritualism sweeps over
.England. Those who “believe” see life stretching on
into infinity. There is time for everything'. Wisdom
and love and joy that have not been gained here will
be known there. Those who do not believe or who
■do not accept may look upon this vision of destiny as
a simple creed void of the complexities and contra
dictions of doctrine. Like the beauty of the flower in
Emerson’s “Rhodora,” the immortality of the soul is
its own excuse for being. Not only is there room in
the infinite for all things but there is endless oppor
tunity for triumph. As the harvester gathers, ever
new fields await him. If it appear that some reap
who do not sow, still it is true that none enjoy who do
not harvest, and that labor becomes not only love
but thanksgiving. Spiritual energy, life and truth,
are like the surge of the sea, swelling and breaking on
an endless shore and falling back into the boundless
deep, to reappear forevermore.
With something of this feeling, for it is philosophic
rather than religious, may the analyst look out upon
the condition of a world in the after-tumult of a.
terrible war. Are men obsessed with the flaming
ideals of.perfection, pressing for a millenium now?
Of what use can be the poet’s two hands where there
is nothing to do? How may wisdom feast on the
flow of soul when there is no knowledge undiscovered,
no love unbestowed, no labor for thought and deed?
At the moment the President issues his annual
Thanksgiving“Proclamation men are talking of a
national commission to inquire into the causes of
unrest. Sometimes, the causes do .not seem far to
seek. The fact is undisputed—unrest, dissatisfac
tion, disorder. Men are not thinking of to-morrow.
They want everything in to-day. Comfort, plenty,
THE DIGNITY OF LABOR.
ease, now; equality, justice, the humane, now; aye,
wealth, place, success, now. Slow centuries must
What is to become of the worth of labor in the
give way to flying hours. Can the masses give thanks public mind? Labor leaders protest against con
for manifold blessings, mercies, opportunities, when sidering labor a commodity, then proceed by wagethe heart is seething with protest against “things as estimates of its worth to sell it in a restricted market,
they are” ? There are those who cannot wait the the closed shop, at the highest price obtainable,
working out of natural laws, of competitive forces of regardless of quality. Is this not true? Do not
divine orderings. Has man suddenly become a colos unions endeavor to set its value by arbitrary es
sal egotist believing that nothing that is, is right?
timates backed by coercive measures? What mys
Out of the mouths of self-righteous prophets speak terious element is added to the real w'orth of labor
the voices of omnipotence: “we shall legislate into to man by pointing out that it is human? How can
existence the indefeasible rights of man; by stan the spiritual value of the helpfulness of labor to man
dardization of commercial, economic and social life be determined in terms of wage-scales set up through
we shall destroy inequality, oppression, and make the power of strikes? Was there ever a time when
men free; by nationalization and internationalization labor by wholesale was so much a commodity as at
we shall escape environment, give all to each, and set present manipulated by unions? Who is respon
up a supernal realm of heavenly harmony where once sible for degrading a divine endow'ment of man for
were toil-filled days, eager endeavor, and tireless his owrn and his fellows’ good to a thing told off by
thought.” If a man say, “the longer I live the more dollars? Is this presentation of the estimate of
I come to believe in the ordering of Almighty God,” labor’s w'orth by union manipulation overdraw’n?
he but utters an ancient heresy. We are omnipotent.
We ask in seriousness what all this present forcing
Give thanks for a life of opportunity to work, to earn process in wages has to do with that higher view




1928

THE CHRONICLE

which looks on labor as a divine means to a divine
end? And who in this economic orgy of physical
contest and dream-spun theory, is engaged in show
ing that from the lowly efforts of millions to produce
something that clothes and feeds and comforts a
race there rises a civilization of content and a liberal
government of protection? Can we only illustrate
what labor does by ceasing to work? D o idle hands
produce warm hearts? D o idle minds erect about
us the art and architecture of a century? Does he
who would keep his family in increasingly better
life stifle his thought and paralyze his arm, in an
attempt to make the high cost of labor equal the
high cost of commodities? Are we to forget utterly
that estimate of labor, of work with mind and en
ergy, which whether at a high or low level of wages
fashions the material presentment of our spiritual
content as a people?
W ho has brought this beneficent endowment
of a puissant people down to the dead thing of barter
and sale, something to be sold at the highest price,
(sold we say, as well as bought), a price that will not
recognize quality or even quantity in its fundamental
estimate? Once it was capital that had no thought
of this spiritual worth in hard labor, it has been
alleged time and again. But if it was true then
this soulless and spurned thing has come to its senses
in that if finds it politic if not humane to secure the
best effort from toilers by improved conditions and
to pay more for quality and quantity in advancing
needs and wants, because that added consideration
and cost produces the utmost value as judged by
ultimate consumers the world around. Is it true
now the tables would seem to be turned ? In this
bargain between capital which at least partially
and it may be reluctantly has seen the light, has
come in larger degree to estimate the worth of labor
in terms of culture and content through product,
labor so-called now ignores the spiritual benefits in
quality and quantity production, and is endeavor
ing through shorter hours and arbitrary wage scales
to do less work for more m oney.
As between capital and labor, in the present day s
; urmoil, which is chargeable with reducing labor to
the level of inanimate things and lowering the tone
of society? Is it progress to disregard the quality
of labor and reduce the quantity of production? Is
labor anywhere organizing to march on capital to
demand employment? Is organizing to march
away from mines and factories because of wage
scales in dispute a recognition of the dignity in labor
itself? Or is labor a commodity to be cornered in the
market when most of need and worth to the con
sumers though they who pay the price of wages by
buying its products are left to freeze and starve be
cause they cannot buy at any price ?
We are sometimes upset over vocational schools
and technical education. What estimate of the
worth and dignity of labor in the economy of things
and in the content of a cultured civilization will the
youth of the land receive from strikes, refusals to
work, that actually endeavor to sell labor at their
own price. If the laborer, mark this statement,
i s w o r th n o m o r e to the c o m m u n i t y th a n h is h ir e , that
priceless something which is a part of the general
uplift and attainment, th en it must be right to
huckster that labor to the highest bidder, by com
pulsion if necessary, regardless of the duty as
well as right to labor, and in scorn of the public
welfare.




U N IO N IS M

[V ol . 109.
AS

THE

CAUSE

OF

UNREST.

Stripped of all propaganda and phrasing, the lateLabor Conference split and foundered on the rock o f
the right of a man to own property and manage it in
his own way, subject only to the law of the land
Taking the question of man’s labor in its world-scope,,
it is difficult to account for the “ unrest” prevalent
everywhere. One would expect labor to seize upon
the opportunity for increased production. The de
structive processes of war have ’ceased, leaving a
dearth everywhere that cries to be filled. T he
methods of work are practically unchanged, and
labor faces no such modifying factor as was the ad
vent of machinery. The stringent and imperative
need of war not only raised the wages of labor, but
these remain at a high level, and by a natural law
employers are actually “ running after” employees.
What then is the trouble, when the whole situation
may be summed up in “ more work to do, and at
better wages than ever before.”
^
Undoubtedly if the cause of unrest be not found in
real conditions it must be found in imaginary ones.
Here enters in the question of whether or not the
appointments of labor have become intolerable. And
the answer must swiftly be in the negative. Taken
as a whole the physical conditions, the physical
agencies, in which and by which labor performs its
work, are more healthful and more safe than ever
before. They are not perfect, but are growing better
all the time, taking labor as a whole. The hours of
labor have not been unfeelingly increased, and the
voluntary movement for shorter hours, holidays and
half-holidays, has been steadily growing. We find
here no sanction for widespread unrest. The facts
in the case are not more onerous. “ Reconstruction”
in the wake of world-war cannot be a moving cause,
since the State does not anywhere conscript labor,
as yet. It is true that the ranks of labor have been
depleted, millions have died in battle, and while that
imposes a burden on the workers who are left, it is
one that tends to create opportunity for the worker
and to increase the value of his service to the public
good— constituting no reasonable cause for this
consuming unrest.
We must look further then for cause— and it is not
hard to find. And it undoubtedly lies in the fact
and theory of what is known as labor unionism. The
natural laws and conditions as we have enumerated
them, not being chargeable with the unrest (there
being no natural cause save a condition created by
war), it must originate in unions and unionism for
the bald fact is that if these did not exist all the tre
mendous pull of war’s dearth and decimation would
exert itself and there would be no good reason, no
sufficient cause, for men ceasing to work. The
truth is that, emboldened by the need of work, past
and present, labor unions are to-day taking ad
vantage of conditions in order to force into practice
theories of “ human relations” that do not and cannot
obtain, that are fantastic in their nature and these
same labor unions are making in behalf of these
theories selfish and arbitrary demands and striving
to enforce them by wilfully ceasing to work unless
they be granted. And perhaps the chief of these
demands is contained in “ collective bargaining” by
unions and for unions, outside the plant, for therein
is contained the means not only to operate in production
against the will and wish of the owner, but to name
the wage-scale and determine the share in profits.

N ov. 22 1919.]

THE CHRONICLE

1939

Now it is said that if no “ strike” be allowed, no union sary part of the “ justice of the miners’ cause” on
can long exist. And it may equally be said that if which the Federation of Labor appealed “ to the
no “ union” be allowed, no strike can long exist, or is workers and the citizenship of our country” for
likely to exist at all. Yet “ organization” for lawful moral support.
purposes finds little specific denial anywhere. But is
M r. Harrison B. Smith, President of a life insur
“ striking” a legitimate purpose of “ organization” ? ance company located in Charleston, W . Va., and
Here we are compelled to consider the liberty of personally familiar with coal mining, uses the
property, if we may so state it, (it is in fact only the monthly letter to his company’s agents, printed in
liberty of property owners). Under the Constitution the current number of the company’s little journal, for
and the law property has a right to function in and what seems to him the timely purpose of “ clearing
for production. That includes the right of its owners the atmosphere as to when a coal operator becomes a
to employ labor. As we have previously pointed ‘coal baron.’ ” It is not generally known, he says,
out, if there were no unions, with their super-theories “ that in some portions of West Virginia coal seams
of proper human relations, natural conditions would crop out on every mountain farm .” So it is not
exist between employer and employee, though they unusual for a farmer to have “ his own coal mine
might not always be just to the satisfaction of all within a short distance of his kitchen and produce
men. On the contrary, the unions exist, and they therefrom fuel for domestic purposes when and as
strike, and they demand the right to strike and en needed;” it is not unusual for one who owns a team
force the strike at ttye will of the union made up alone to start “ a wagon mine,” using his own team and
of employees, thereby interfering with the Constitu his own labor for getting out coal and taking it to
tional right and guaranty of property to function, or, a ready market. There are many instances, he says,
to put it more succinctly, the right of mills to run.
of two or three miners starting and working success
.
The union, therefore, in this view of the case, fully a small but profitable coal mine; “ are these coal
becomes an organism for the purpose of fostering barons?” Yet M r. Smith does not consider mining
and ordering strikes which prevent the operation of a profitable business on the whole, for he further says:
property in industry for production needed by the
I have been in the coal business all my life, and
people— in order that “ human relations,” born of so have all my West Virginia friends and associates.
fantastic theories, may obtain. If ownership of prop I have been president, secretary, treasurer of coal
erty does include the right of operation in production, companies actually operating coal mines or owning
“ unionism,” advocating strikes and stoppages of pro coal piopeities and demising them for coal mining
duction, by means of outside and class interference, purposes. So far, I have not had an interest in a
though that be peaceful, takes on the nature of un coal property that consistently earned 6 % . If the
lawful organization against not only the Constitu market is good, there are no cars. If there are cars,
tional rights of employers, but also against the there is no market. If there are both cars and
public good, since if all production should cease, the market, there are no miners. If there are cars,
people would perish. Unlawful, be it borne in mind, miners and market, the market price is below the
not because men may not associate together for their cost of production. M y experience is that the only
joint good, but because the moment this association way to make money , from the coal business is to sell
together interferes with the rights of others it becomes out, and that the mines which pay best are those
contrary in spirit and in fact to law.
started by the miners themselves and which are so
Unrest? Turmoil, idleness, loss, suffering, hun small that when conditions are not propitious they
ger, and that despair which presages whatever revo can be nailed up and the coal barons go to their farms
lution lurks under the surface— because four millions nearby and raise potatoes and chickens until condi
or four and a half (nearer two millions if those who tions are better.”
want to strike and those who don’t could be sep
He adds that the West Virginia Legislature recog
arated inside the unions) cannot have their own way nized the hazards of the coal business when it forbade
about proper “ human relations.” And inside these insurance companies to invest in the securities of
numbers, the radicals, wild dreamers of dreams! coal companies. If the coal operators in his State
The chief matter is the baleful effect of war— only to are barons, he says the farmers there are earls
be met by increased effort. The rest is mainly and the grocers are kings. Coal mining he admits
imagination. Again we say the wages and condi to be dangerous, and good wages and safe conditions
tions of labor are better than ever, in themselves. are due those who work in it, but it is an error to
When bales and bushels increase prices decrease. deem operators in West Virginia to be wealthy. Any
Strikes butter no man’s bread. The unrest is b ec a u se miner with a few hundreds saved can set himself up
of unions, that foment false theories and promote as a coal baron, but the miners know better, and it
foul strikes. Salus populi, suprema lex esto.
is unsound to depict controversies between operators
and miners as a “ conflict between labor and capital.”
O P P R E S S IO N I N
CO AL M IN IN G — O N W H IC H
The Virginia field is of course only one, and an
S ID E ?
exactly truthful sketch of conditions there might not
In the struggle over fuel it was assumed on the
fit other fields; moreover, M r. Smith is addressing
side of the miners that the line was between wealthy
the agency force of his insurance company, and
operators and oppressed laborers, profiteering capital
possibly he lays his sombre tints a bit freely; indeed,
on one side and needy workers on the other; it was
he gives a humorous touch which recalls the farmer’s
particularly alleged, in disregard of the existence of
plaint that there is no profit in farming because when
a compromise contract still having a half-year to
his bins overflow with crops they won’t bring any
run, that the operators were taking advantage of
thing worth while and when prices are high he has
scarcity to exact higher prices for coal yet would not
had a bad season and has nothing to sell.
allow the miners any share in those advanced prices.
Yet this latest testimony to the abundance of
This is the usual assumption and it is a part of the
coal in one important field at least has a bearing on
“ setting” of the stage for the occasion; it is a neces
another plaint from the striking miners. One of




1930

their oppressive burdens, they say, is that they
cannot get work continuously or anything like it.
They have been demanding a 6-hour day with a
5 -day week, and they say (or some say for them)
that they are not able, because not permitted, to use
a longer work term. To demand a term of 30 hours,
coupled with a higher pay for that, and assign as a
reason that a longer work time is not permitted or
not obtainable, seems absurd on the face of it, and
as an offset to it the operators are likely to say Of
may say that the men are prevented only by their
Own unwillingness. At least, here is a question of
fact which should be susceptible of indisputable
Settlement, one way or the other. And if there is
not employment obtainable for a full working week
or for the whole or chief part of the year. whv is there
not, and by whose fault?
pr. There may be some fault in the habit of concentrat
ing buying by the 6onsumer in a short time of the
’ year, and it may be that the movement from mine
vmouth to the consumer’s bin is not as regular as
>might be; yet nobody will venture to suggest that
there is too much coal in or moving to market or
that the price is not burdensome and halving it
lipuld be a boon; “ too much” are unknown words
£ere, and the G ov ep m en t’s intervention was put
distinctly on the ground that scarcity in a com
modity as indispensable as food (for fuel is practically
Oven a part of food) was threatened and this threat
was equivalent to a hostile movement against the
’whole country. In. the investigation and inquiry
which every recurrence of evety large trouble sets
going, let us have the forgotten party in interest, the
public, brought in for distinct and real representa
tion. Let it be understood that cpa lis wanted, aiid
'coal enough. Let us have discovered— for any in
quiry worth spending time on 'dan discover— why
mining cannot be carrjed on through longer time.
Why is it there is •a shortage. •in' supply ? If the
miners are the ones i& fault, lekiis know it; if the
operators are the greedy ^profiteers they are accused
of being, let us know that. The public, let it be
understood, is a party, and;is really the “ party of the
first part,” first-in importance.
<v
M r. Smith’s testimony to the abundance of coal
is timely and helpful in another way by being reas
suring.’ The tim ehas been when the doleful question
was raised, what would become of mankind when all
the coal is gone. Let us put that away with another:
what will become of us when the soil has Ipst its last
bit of fertility and the sun himself has cooled off?
' We have not yet learned the first letter in the alpha
bet of the discoveries wc dignify by the term “ in
ventions,” and we may settle down finally on the
assumption that the Creator did not place man on
this earth without planning in advance a full provision
for his support. “ Provision?” It is all here; the
materials were supplied and the natural laws enacted,
long ago; it is for us to use the materials by discover
ing and applying the processes. The great process
is labor, m ultiplied/and .qualified by machinery.
The fault is not in our stars but in ourselves that we
are in trfouble. We have been so spoiled by abund
ance that we are forgetting the source and condition
of abundaUce; so our conduct makes for scarcity, yet
we howl over the high prices and call on Government
to replace what the individual is sacrificing by
shirking. It should be brought to us at every hour
in.the day that what we need is to halt clamor and
quarreling and buckle down honestly to hard produc




[Vol. 100V

THE CHRONICLE

tive work. This is what the pressure of the cost of'
living is trying to teach.
NO

S Q U E A M IS H N E S S
THE

IN

D E A L IN G

W IT H

REDS.

The discovering of undesirable non-citizens con
tinues, the one just now most prominently displayed
to view being Martens, who has claimed to be a
Bolshevist Ambassador. That he is a Bolshevist
emissary seems clear from his own admissions to
the Lusk Legislative Committee whom he had pre
viously defied by refusing to answer questions. He
had pretended to be solely a business agent, and
he now asserts that a large number of prominent
corporations, including among them the Chicago
packers, are behind him with support and funds,
anxious to begin the trade which is awaiting the
recognition of the Bolshevist government by Wash
ington; these ’ corporations, he says, are satisfied
“ with our ability to pay-’
This statement, which has. been promptly denied
by the concerns whose names are' used, is absurd on
its face. Opening up of new trade is desirable, but
before there can be trade there must be traders.
Sins galore have been charged on the Chicago pack
ers, for example, but they have not yet been accused
of being idiotic enough not to know what has been
made patent to the entire commercial world, that
-Bolshevism is- nothing more than riot a^d misery
and has ho responsibility, in any sense nor any hope
about it except that it wjll soon come to an erid.
Martens’s story.of his own'doings in the last five
years .sounds like-, a ’ true confession. 'H e paints
himself-as a “ lied. TerrorV' leader*, telling of his in
timacy with Lenine1and .Trotzky; says he served
two years as a common soldier in the German army
and was an active member of the Russians who
broke down the Czar to aid the Kaiser; to a ques
tion as to how deeply he was concerned he replied
“ the Russian revolution was my life.” Talking
about building up a trade with a “ government” that
i§ nihilisin and nothing beyond except vacancy, he
avowed his devotion to . pulling-down. He would
overthrow capitalists and capital and set up the
workingman, but when asked whom he considers
capitalists he could not explain. “ T h at,is rather
a metaphysical question,” he said.. “ I could not
make exactly a definition of where the capitalist
starts and the workingman finishes.”
So here is a man who goes about appealing to
passions, fomenting hatreds, and starting confla
grations'even more dangerous'than those caused by
ordinary incendiaries; he calls on the ^unthinking to
rise and free themselves by- overthrowing some
thing, and he cannot define the something; he-beats
a drum' under people’s windows, and when they
come out can tell them only to run amuck and strike
any person and any property they can see. In this
he is merely a little wilder, a little more vague, and
much more prominent, than others who have been
denouncing capital and wealth, these many years,
sowing seeds of bitterness and aimless revolt, while
the rest of us have looked on and have refused to
see anything alarming in it all. We have permitted
this vehement and indefinite mouthing at classes
that do not exist and lines which cannot be found,
and it is all no more definite although far more dan
gerous now than it long has been. It is easy to
repeat such rubbishy talk as that “ there is nothing
so bad as a million of dollars, except two millions;

N ov. 22 1919.]

THE CHRONICLE

1931

but nobody has been able to say at what point ac stop closing its eyes to their existence; even the
cumulation ceases to be commendable and becomes strikes which have become really epidemic are in
hostile to the general welfare. In this country, a large part traceable to them. We must recognize
new field for man’s accomplishments, there is neither the evil, must set down a stern foot against it and
natural nor Governmental restriction on any per must keep the foot down.
son’s reaping the utmost benefit from all the physical
and mental equipment he has; it is also true, as it
G h x v x m t % m n t s and § i s t u $ s i o n s
has been for ten thousand years, that unless a man
can feel reasonably sure of protection for his prop
CO N TIN U ED OFFERING OF B R IT ISH TREASURY
erty he will not produce beyond his daily needs.
BILLS.
Suppose the farmer adopted Bolshevism and decided
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on a dis
to grow only food enough for his own household?
Yet it is well to have this delirium of mingled count basis of 6%, the figure to which the rate was recently
advanced from 5 % % . The bills in this week’s offering
destruction and idleness understood; it is necessary are dated Nov. 17.
to have it understood, for to this present hour we
CO N TIN U ED OFFERING OF FRENCH TREASURY
have underrated its spread and have not realized
BILLS.
its insane blend of impossibilities. From time to
Another block of the French Treasury bills which are being
time we have been told of an organized propaganda,
offered in the market up to an amount of $50,000,000, as
of journals and periodicals, of textbooks for chil market conditions justify and on much the same scheme as
dren even, and (worst of all) of persons actaully the British Treasury bills, was disposed of by J. P. Morgan
teaching chaos to the children. We have heard of & Co. this week. The offering in any one week is limited to
this, and have passed it by, either in incredulity $5,000,000. These French Treasury bills were again dis
posed of on a discount basis of 6%, the figure to which the
or in the old placid faith that error may be left to rate was recently advanced. The bills in this week’s offer
run along if truth is given opportunity to meet it. ing are dated Nov. 21.
Truth has not received that opportunity, because
SUBSCRIPTIONS TO CA N A D IA N LOAN OVER
the evil has burrowed and wormed its way under
$600,000,000.
the surface, but now the city Superintendent of
I t w as announced this week that a total o f $ 6 7 3 ,1 9 9 ,7 9 0
Schools says he will ask immediate dismissal of six
had been subscribed to C an ad a’s V icto ry L o a n , for which
female teachers whose membership under the gen subscriptions were received up to N o v . 1 2. T h e figures for
eral comprehensive term of Reds is known.
the various Provinces were announced as follow s:
Ole Hansen tells the Board of Trade that William O n t a r i o , I n c lu d in g T o r o n t o . $ 3 5 4 , 6 2 4 , 6 0 0 M a n i t o b a ________________
$ 4 0 ,6 4 2 ,0 0 0
Q u e b e c , in c l u d i n g M o n t r e a l 1 6 1 ,1 0 2 ,2 0 0 N e w B r u n s w ic k ________
1 4 .7 6 0 .0 0 0
Hayward (a person quite well known as a mischief- B r it i s h C o l u m b i a . . . .............. .. 3 6 ,0 0 0 ,0 0 0 N o v a S c o t i a _____________
2 8 ,0 0 0 ,0 0 0
A l b e r t a ...............................................
1 6 .1 8 1 ,0 9 0 P r i n c e E d w a r d I s l a n d .
3 ,0 0 0 ,0 0 0
worker) is turning out five tons of poisonous printed S a s k a t c h e w a n _________________ 2 0 ,0 0 0 ,0 0 0
T h e results in various cities in the D om inion are reported
stuff every Saturday at 1,001 Madison Avenue in
s in the M o n tr e a l “ G a zette” :
Chicago. He would deport the leaders, preferably Taso r ofollow
n t o ___________
$ 1 4 6 ,3 7 9 ,6 0 0 N e w W e s t m in s t e r ......................
$ 1 ,6 4 2 ,5 2 7
1 2 6 ,1 0 2 ,2 0 0
in a very leaky vessel, and it is not to be denied that MH ao mn tirl teoanl _________
_________
2 0 ,4 6 6 .6 0 0 C a l g a r y .............................................
6 !m jK )6
1 2 ,4 1 9 ,2 0 0
the thought of sending them down among the wrecks OL ot tnadwo an ____________
___________
1 0 ,2 6 1 ,0 0 0
_________
2 ,0 5 0 ,9 5 0
strewn on the ocean bed is attractive to a natural GK ianl tg______
s t o n ..................
2 ,9 7 6 ,2 5 0 S a s k a t o o n ____________ ________
213021800
O s h a w a ___________
3 ,9 8 8 ,5 6 0 W i n n i p e g .......................................
2 3 ,7 8 7 ,2 6 0
feeling of indignation. Yet there are some draw S a r n i a ............ .......
1 ,7 1 5 ,3 0 0
. M a r ie .
2 .1 6 7 .8 0 0 Q u e b e c ( T h u r s d a y ) ...................
2 ,i 3 8 , ’ l 6 0
backs in deportation, for any country has a right to SS at rualtt f oSrtde...........
..
1 .5 0 0 .0 0 0
a r in e s ___
3 .8 1 2 .0 0 0 C h a r l o t t e t o w n ________________
1 ,1 7 0 ,’ 6 6 6
refuse these undesirables and if they reached Russia SV ti .c tCo raitah___________
6 .4 7 4 .8 0 0 S u m m e r s id e ___________________
7 5 0 ,0 0 0
1 3 ,8 1 3 ,2 1 0 Y u k o n ................................................
2 3 7 ,8 6 0
or Germany they would still breed trouble. Is V a n c o u v e r ________
Sir Henry Drayton, Canadian Minister of Finance, in
there not a safer as well as more curative method? i making known the totals at a meeting at Massey Hall,
A Red is dirt out of place, and in this scanty time Toronto, on the 17th inst., said: “This is our final windup,
it is a pity to waste even Reds. They dislike both the final making-good of Canada’s pledges, the final chapter
soap and labor; why not trim down their hirsuteness of our war effort. Every single Province of Canada has
and turn the hose on their uncleanness (not being gone over its objective this year.” The chapter was fin
ished, he said, according to the “Toronto Globe,” “but may
needlessly gentle about either) and then put them the book never be close.”
at roadmaking, under a proper guard, for we greatly
C H IN ESE CONSORTIUM A N D CH IN ESE GOVERN
need more good roads? Inexpert labor can be
M EN T LOAN FLOATED I N LONDON.
utilized thus, and if these fellows were experimen
Latest ad\ ices concerning the Chinese consortium were
tally made to discover the relation of work to eating
to the effect that it had been dropped, the New York “Times”
they might recover their mental vision and become being authority for this in the following special advices from
safe to be at large. Is not the attempt worth mak Washington, Nov. 19:
ing?
T h e p r o p o s e d lo a n o f S 3 0 .0 0 0 .0 0 0 b y a C h ic a g o b a n k t o th e C h in e s e G o v 
At least, it is clear, and daily becoming clearer, e( rnnimn eesnet Giso vuenr dn emr se tnoto dt o tgo u ha raavne t ebee et nh e dsruorpppl ue ds sbael tc arue svee nouf e st hwe hf iacihl u hr ea do fb etehne
that our policy (more correctly speaking, our no o f f e r e d a s o n o o f t h r e e s e c u r i t i e s .
( liin a , in t h e o r ig in a l n e g o t i a t io n s , o f f e r e d a s s e c u r it y t h e w in e , t o b a c c o
policy) of incredulity about this thing or of mini a n d s u r p l u s s a l t r e v e n u e s . T h e o l d c o n s o r t i u m f o r f i n a n c i n g C h i n a h e l d
a n o p t io n o n t h e s a lt r e v e n u e s , b u t it w a s n e v e r ta k e n u p . A ll p r e p a r a t io n s
mizing its consequences and therefore permitting h a d b o o n c o m p l e t e d a n d o n l y r a t i f i c a t i o n o f t h e c o n t r a c t b y t h e d i r e c t o r s
it to spread as a neglected fire spreads, has carried o f t h e b a n k r e m a i n e d b e f o r e f l o a t i n g t h e l o a n , w h e n t h e C h i n e s e G o v e r n 
m e n t in d ic a t e d t h a t it c o u ld n o t g u a r a n te e th e s a lt r e v e n u e s .
T h e a c tio n
us long beyond the utmost lines of tolerance and o f t h e b a n k i s u n d e r s t o o d t o h a v e b ( e n t a k e n w i t h t h e a p p r o v a l o f t h e
A m e r ic a n G o v e r n m e n t .
safety. Something we must do, and we must begin
A disagreement between the United States and Japan on
doing it quickly; we should also do it very sternly.
the
question of the territories to be excluded from the scope
Heretofore, Reds have been given a place in the of the Chinese consortium, had been reported in the following
day’s news, have been denounced, have been special advices from Washington Nov. 11 to the New York
“ rounded up” and then, after a few days more or “Times:”
less, the public attention has been challenged by o f Tt ehrer i St otraitees Dt oe pb ae r temx cel nu td ehda sf rdo ims a pt hp er osvceodp et hoef pt hr oe p coosne sdo Jr taipu amn efsoer df ienf iannict ii no ng
some other exciting topic and the gathered-up ene C h i n a .
T h e te r r ito r ie s w h ic h J a p a n w a n t e d e x c lu d e d fr o m t h e s c o p e o f th e c o n 
mies have been turned loose, to resume their “ bur s o r t i u m i n c l u d e d S o u t h M a n c h u r i a , c o m p r i s i n g a t e r r i t o r y w h o s e n o r t h e r n
rowing” with increased boldness. Society must bC ohuanndga rCyh ui sn ga * cl irnoes s de rs a twhne tLhersosue gr hS ut hn eg apr oi i nR ti vwe rh earne d t, h ee a rs at i larno da d wlei ns et , f pr oamr .




a lle lin g
r ito r y
th e

th e m a in
d iffic u lt

d is tr ic t

S ib e r ia n

to

r a ilr o a d ; a ls o

d e fin e b u t u n d e r s to o d

o c c u p ie d

by

th e

fo u r

E a ste rn
to

tr ib a l

In n e r M o n g o lia ,

c o m p r is e th e

le a g u e s

a

te r

The

B r itis h
as

G ov ern m en t,
d e sc r ib e d ,

w h ic h

proposed

o ffe r in g a s o lu t io n o f th e c o n s o r tiu m
c e p ta b le t o J a p a n .
re s p e ctin g

o b t a in e d

th re e

it o p p o r tu n e n o w

to

r e g a r d in g D a n is h c o n d it io n s u p t o J u ly 1 9 1 9 .

n earest

fr o m

p o s s ib le

M a n c h u r ia ,

Japan

th e

a lte r n a tiv e s

t e r r it o r ia l
as

p o s s ib le '

d e a d lo c k , o n ly o n e o f w h ic h w a s a c 

G r e a t B r ita in p r o p o s e d t h a t t h e J a p a n e s e r e s e r v a tio n

E a stern

In n e r M o n g o lia

be

r e je c te d

becau se

o f it s

u n d e fin e d

c h a r a c t e r a n d o w in g a ls o t o t h e a b s e n c e o f s u c h s p e c ia l c o n d it io n s a s m ig h t
b e r e g a r d e d a s p e r t a in in g t o S o u t h M a n c h u r ia .
T h e L o n d o n F o r e ig n O ffic e p r o p o s e d t h a t w it h
C h in e s e

G ov ern m en t,

th e

U n ite d

S ta te s,

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

G r e a t B r it a in ,

F ran ce and

J a p a n a d v a n c e im m e d ia t e l y t o C h in a a lo a n n o t e x c e e d in g $ 2 5 ,0 0 0 ,0 0 0 a n d
h o ld d is c u s s io n s r e la tin g t o fu t u r e lo a n s u p o n fu r t h e r c o n d it io n s .
T h e s e c o n d it io n s I n c lu d e d p r o p o s a ls f o r t h e d is a b a n d o n m e n t o f t h e C h in e s e
t r o o p s r a is e d d u r in g t h e w a r , t h e d is b a n d o n m e n t o f fo r c e s n o w

b e in g e m 

p lo y e d a g a in s t C u t e r M o n g o l ia , t h e d is b u r s e m e n t o f s u c h o f t h e p r o c e e d s
o f t h e p e r p e t u a l lo a n a s a re a p p lic a b le t o t h e d is c h a r g e o f t r o o p s t o b e c a r 
r ie d

o u t u n d e r t h e o b s e r v a t io n

o f m ilit a r y r e p r e s e n ta tiv e s o f th e p a r t ic i

p a t in g G o v e r n m e n t s , a s o lu t io n o f t h e d is p u te s b e t w e e n N o r t h a n d S o u th
C h in a a n d t h e d is p o s a l o f t h e b a la n c e o f t h e lo a n

The book besides treating of financial questions also deals
with the subject of agriculture, and its various phases, ship
ping, etc. Some of the financial data given therein we quote
as follows:
*
A t t h e b e g in n in g o f t h e w a r t h e f i v e le a d in g C o p e n h a g e n b a n k s , w h ic h a r e
p a r t ic u la r l y u s e d b y b u s in e s s p e o p l e , h e ld d e p o s it s a m o u n t in g t o K r . 6 2 3 ,

t o b e u n d e r t h e d ir e c t

J u ly
S e p t.
D ec.
M ar.
June
S ep t.
D ec.
M ar.
June
S ep ts
D ec.

t h o s e m a d e in c o m n n e r t io n w it h t h e r e o r g a n iz in g lo a n .

31
30
31
31
30
30
31
31
30
30
31

.-K r .6 2 3
..K r .6 1 6
_ -K r .6 f> 9
_ -K r .7 2 1
--K r .7 5 4
.K r . 841
-K r . 907
.K r . 95 8
.K r .1 0 6 0
.K r .1 3 1 8
.K r .1 4 7 3

1914.
1914.
1914.
1915.
1915.
1915.
1915.
1916.
1916
1916
1916-

,7 0 0 ,0 0 0
,8 0 0 .0 0 0
,4 0 0 ,0 0 0
,6 0 0 .0 0 0
,8 0 0 ,0 0 0
,9 0 0 ,0 0 0
,4 0 0 ,0 0 0
,2 0 0 ,0 0 0
7 0 0 .0 0 0
6 0 0 .0 0 0
2 0 0 ,0 0 0

M ar.
June
S e p t.
D ec.
M ar.
June
S e p t.
D ec.
M ar.
M ay

31
30
30
31
31
30
30
31
31
31

1 9 1 7 . .............K r . 1 4 2 3 , 3 0 0 , 0 0 0
1 9 1 7 ________ K r . 1 4 9 3 , 5 0 0 , 0 0 0
1 9 1 7 --------------K r . 1 6 4 6 . 4 0 0 , 0 0 0
1917
------------------------ K r . 1 7 9 8 . 8 0 0 , 0 0 0
1918
............................ K r . 1 8 6 9 , 6 0 0 , 0 0 0
1 9 1 8 .............- I C r . 2 0 2 4 . 7 0 0 , 0 0 0
1 9 1 8 _________K r . 2 1 7 4 , 1 0 0 , 0 0 0
1918
________________I C r .2 2 9 6 , 0 0 0 , 0 0 0
1919
............................ IC r . 2 2 9 4 , 3 0 0 , 0 0 0
1 9 1 9 . ---------- K r . 2 3 6 2 , 5 0 0 , 0 0 0

D u r in g t h e w a r t h e s t o c k o f g o l d a n d is s u e o f n o t e s o f t h e N a t i o n a l B a n k
h a s b e e n as fo

s u p e r v is io n o f t h e p a r t ic ip a t in g G o v e r n m e n t s u n d e r a r r a n g e m e n ts s im ila r
to

t o g i v e o u r fr ie n d s in t h e A ll ie d c o u n t r ie s a s m a ll r e p o r t

7 0 0 ,0 0 0 , a n d a f t e r t h a t t h e d e v e lo p m e n t w a s a s fo ll o w s ;
su ch

a n d a g r e e m e n t , a n d in o r d e r t o r e lie v e t h e p r e s e n t fin a n c ia l s t r in g e n c y o f
th e

F o ll o w in g u p o u r b o o k o f 1 9 1 8 w e h a v e in s p it e o f a ll t h e d iffic u l t ie s fo u n d

g re a te r p a rt o f

w h ic h le a g u e s a r e a llie d a n d a r e q u a s i-in d e p e n d e n t.
d e fin itio n

[V ol . 109

THE CHRONICLE

1932

Approximative
proportion ( % ) .

Circulation.

Stock o f gold.

Date.

7 8 ,3 0 0 ,0 0 0

K r . 1 5 6 ,4 0 0 .0 0 0

5 0 .0 6
5 3 .8 7

J u ly

30 1914

K r.

Jan.

31 1915

K r . 1 0 4 ,5 0 0 ,0 0 0

K r . 1 9 4 ,0 0 0 ,0 0 0

Jan.

31 1916

K r . I l l , 5 0 0 ,0 0 0

K r .2 1 3 ,5 0 0 ,0 0 0

5 2 .2 2

Jan.

31 1917

K r . 1 6 2 ,0 0 0 ,0 0 0

K r .2 6 6 ,0 0 0 ,0 0 0

6 0 .9 0

31 1918

K r . 1 7 3 ,7 0 0 ,0 0 0

K r .3 2 9 ,0 0 0 ,0 0 0

5 2 .7 4

F e b . 28 1918

K r . 1 7 3 ,5 0 0 ,0 0 0

K r .3 2 2 ,6 0 0 ,0 0 0

5 2 .1 6

M a r . 31 1918

K r . 1 8 4 ,8 0 0 ,0 0 0

K r . 3 5 1 ,0 0 0 ,0 0 0

5 2 .6 5

A p r. 30 1918

K r . 1 8 4 ,1 0 0 ,0 0 0

K r .3 4 7 ,7 0 0 ,0 0 0

31 1918

K r . 1 8 4 ,1 0 0 ,0 0 0

K r .3 4 4 ,9 0 0 ,0 0 0

5 3 .3 8

Ju n e 30 1918

K r . 1 8 8 ,8 0 0 ,0 0 0

K r .3 7 2 ,4 0 0 ,0 0 0

5 0 .7 0

C h in a r e c e n t ly s ig n e d w it h a n A m e r ic a n b a n k in g g r o u p re p r e s e n te d b y th e

J u ly

31 1918

K r . 1 8 9 ,7 0 0 ,0 0 0

K r .3 6 5 ,3 0 0 ,0 0 0

5 1 .1 1

C o n t in e n t a l C o m m e r c ia l B a n k o f C h ic a g o w a s p r o v id e d f o r u n d e r a w in e

A u g . 31 1918

K r . 1 8 6 ,6 0 0 ,0 0 0

K r . 3 9 1 ,9 0 0 ,0 0 0

4 7 .6 1

It

is u n d e r s t o o d

th a t th e

r e p ly o f th e A m e r ic a n

S t a t e D e p a r t m e n t in

e f f e c t is t h a t t h is G o v e r n m e n t a p p r o v e s t h e p r o p o s e d l o a n o f $ 3 0 ,0 0 0 ,0 0 0
t o t h e C h in e s e G o v e r n m e n t b y
fir s t s c r u tin iz e d b y

a C h ic a g o b a n k , t h e te r m s o f w h ic h w e r e

th e S ta te D e p a rtm en t.

Delayed Associated Press advices from Peking Nov. 9,
but only published by the press in the United States on Nov.
16 had the following to say regarding the consortium:
F u lle r in f o r m a t i o n n o w a v a ila b le s h o w s t h a t t h e $ 3 0 ,0 0 0 ,0 0 0 lo a n w h ic h

and
th e

to b a cco

le a n

bank, and

c o n t r a c t , s ig n e d b y

th e

C h in e s e

John

G o v e r n m e n t in

Jan.

M ay

J . A b b o t t , V ic e -P r e s id e n t o f

S ep t. 30 1918

K r . 1 8 8 ,2 0 0 ,0 0 0

K r .4 0 2 ,4 0 0 ,0 0 0

4 6 .7 7

N ov em ber 1916.

O ct.

K r . 1 8 8 ,4 0 0 ,0 0 0

K r . 4 2 4 ,2 0 0 ,0 0 0

4 4 .4 1

T h e term s

31 1918

o f t h i s c o n t r a c t g a v e t h e b a if i k s a s i x t y d a y s ’ o p t i o n o n a l l f u t u r e l o a n s w h i c h

N o v . 30 1918

K r . 1 8 7 ,6 0 0 ,0 0 0

K r . 4 4 0 ,2 0 0 .0 0 0

t h e C h in e s e G o v e r n m e n t m ig h t w is h t o r a is e o n t h is s e c u r it y .

D e c . 31 1918

K r . 1 9 4 ,6 0 0 ,0 0 0

K r . 4 5 0 ,0 0 0 ,0 0 0

C o n s e q u e n t ly , th e p r e s e n t lo a n
ra th er

th a n

a

n e w ly

n e g o tia te d

p r o v id e s s a fe g u a r d s o n

is a

c o n tin u a tio n

t r a n s a c t io n .

o f an

o ld

M oreover,

in t e r e s t e d

in

re p o rts fr o m

31 1919

K r . 1 8 7 ,3 0 0 ,0 0 0

K r .4 3 0 ,8 0 0 .0 0 0

F e b . 28 1919

K r . 1 8 7 ,2 0 0 .0 0 0

K r .4 2 1 ,2 0 0 .0 0 0

4 4 .4 4

M a r . 31 1919

K r .1 8 6 ,9 0 0 .0 0 0

K r .4 3 4 ,4 0 0 ,0 0 0

4 3 .0 0

A p r. 30 1919

K r . 1 8 6 ,7 0 0 ,0 0 0

K r . 4 3 4 ,1 0 0 ,0 0 0

4 3 .0 0

M ay

K r .1 8 6 ,4 0 0 .0 0 0

K r .4 3 4 ,0 0 0 ,0 0 0

4 2 .9 5

y o u r s id e as

T h e r e is n o r e a s o n t o t h in k t h a t a C h in 

e s e lo a n , in w h ic h o u r b a n k e r s w o u ld p a r t ic ip a t e , is im m in e n t .

We also take occasion here to give the following from the
“Wall Street Journal” of Nov. 8 regarding the Chinese
Government loan floated in London, details of which ap
peared in our issue of Nov. 8. page 1743.
In

4 3 .4 8

Jan.

On the subject of Chinese financing in the United States
a special cable from London on Nov. 8 to the New York
“Evening Pose” said:
C h in e s e fin a n c in g .

4 3 .2 0

agreem en t

t h e e x p e n d it u r e o f t h e m o n e y , w h ile a n A m e r ic a n

O u r fin a n c ia l c ir c le s h a v e b e e n

4 2 .6 2
•

agreem en t

th e

a d v is e r w ill b e a p p o i n t e d t o t h e w in e a n d t o b a c c o B u re a u .

t o im p e n d in g

5 2 .8 3

t h is c o n n e c t i o n i t is in t e r e s t in g t o n o t e t h a t C h in a h a s m a d e a s u c 

31 1919

T h e t o t a l o f c a p it a l d e p o s it e d in a ll t h e s a v in g s b a n k s o f t h e c o u n t r y h a s
a m o u n te d t o t h e fo llo w in g :
M a r . 31
M a r . 31
M a r . 31

1 9 1 4 ______ K r .
1 9 1 5 ............ K r .
1 9 1 6 ______ K r .

8 5 8 , 0 0 0 , 0 0 0 1M a r . 3 1
9 0 0 .4 0 0 ,0 0 0 M a r . 3 1
9 8 0 ,7 0 0 ,0 0 0 I

1 9 1 7 ...............
1 9 1 8 .................K r . 1 2 5 4 , 7 0 0 , 0 0 0

N o t in o r d e r t o e n c o u r a g e c o m p a r is o n w it h o u r N a t io n a l B a n k , b u t s im p ly
b e c a u s e it p r e s e n ts r a th e r a c u r io u s fe a t u r e fr o m a b a n k e r s p o in t o f v ie w , w o
a p p e n d a fe w fig u r e s p u b lis h e d a s h o r t t im e a g o b y t h e A u s t r o -I I u n g a r ia n
b a n k , t h e b a n k o f is s u e o f t h e fo r m e r H a b s b u r g d u a l m o n a r c h y (t h e fig u r e s
q u o t e d in A u s t r ia n K r o n e r ) :

Circulation.

Stock o f gold.

Approximative
proportion ( % )

1 1 9 5 ,0 0 0 ,0 0 0

2 3 .4 0

8 1 1 ,0 0 0 .0 0 0

1 1 .5 0

u lt. 1914

K r . 6 1 3 7 ,0 0 0 ,0 0 0

w e ll-k n o w n

u lt . 1915

K r.

B r it i s h m a n u fa c t u r e r s o f a ir p la n e s , h a v e s e c u r e d a n o r d e r f r o m t h e C h in e s e

u lt . 1916

I C r .1 0 8 9 9 ,0 0 0 ,0 0 0

3 5 4 ,0 0 0 ,0 0 0

3 .2 0

G overn m en t

ac

u lt . 1917

K r . 1 8 4 4 0 ,0 0 0 ,0 0 0

3 8 2 ,0 0 0 ,0 0 0

2 .0 0

n o te s,

u lt. 1918

K r . 3 5 5 8 9 .0 0 0 ,0 0 0

3 4 3 ,0 0 0 ,0 0 0

0 .9 1

c e s s fu l

cep ted

appeal

in

fo r

fo r

a

paym ent

b e a r in g 8 %

c a p it a l
la r g e

to

London.

num ber

$ 9 ,0 1 6 ,5 0 0

V ic k e r s ,

L t d .,

th e

o f c o m m e r c ia l a ir p la n e s ,
of

C h in e s e

G overn m en t

and

have

s t e r lin g

in t e r e s t a n d r u n n in g f o r te n y e a r s t o 1 9 2 9 , b u t r e d e e m a b le b y

d r a w in g s a t p a r in f iv e e q u a l in s ta llm e n ts , b e g in n in g w ith

O cto b e r

1925.

7 1 6 2 ,0 0 0 ,0 0 0

S t ill m o r e in t e r e s t in g it w o u ld u n d o u b t e d l y b e t o s e e a c a n d id s t a t e m e n t
a s r e g a r d s t h e n a t io n a l b a n k o f P e t r o g r a d d u r in g t h e r e ig n o f t h e

B o ls h e v ik s .

T h e V ic k e r s c o n c e r n h a v e o ffe r e d t h e n o t e s f o r p u b lic s u b s c r ip t io n a t 9 8 .

B u t t h e la t t e r a r e b u s y s p r e a d in g th e ir s o c ia l s y s t e m t o o t h e r c o u n t r ie s , a n d

T h e d e a l is h a ile d in G r e a t B r it a in a s a g r e a t t r iu m p h f o r B r it is h in d u s t r y ,

h a v e n o t im e t o s e t f o r t h a p r a c t ic a l illu s t r a t io n o f it s b le s s in g s .

p a r t ic u la r ly

a s th e s u c c e s s fu l b id d e r s m e t w ith

o t h e r c o u n t r ie s .

c o m p e titio n

fr o m

several

O n a m u c h lo w e r s c a le th a n in th e c a s e o f A u s t r ia -H u n g a r y a n d R u s s ia ,
t h e n e c e s s a r y d e m a n d s o f t h e w a r h a v e in c r e a s e d t h e is s u e o f n o t e s a n d r e 

___ ________ _______________________________

d u c e d t h e g o l d r e s e r v e in o t h e r b e llig e r e n t c o u n t r ie s , b u t b y n o m e a n s in a ll

H IG H RATE OF EXCHANGE A N D INCREASING GOLD
RESERVES I N SW ITZERLAND.

Under date of Nov. 16 the Associated Press had the follow
ing to say in advices from Geneva:
r a t e o f e x c h a n g e in

h e r in c r e a s in g g o l d r e s e r v e s a n d t h e h ig h

h e r f a v o r , a c c o r d in g t o fin a n c ia l w r ite r s .

S w is s e x 

c h a n g e n o w s ta n d s a t 1 0 0 m a rk s fo r 14 fr a n c s a n d 1 0 0 c r o w n s fo r 4 fr a n c s ,
w h ic h is t h e h ig h e s t in E u r o p e .

N e ig h b o r in g n a t io n s , b e 

c a u s e o f t h e l o s s in e x c h a n g e , a r e r e f u s in g t o b u y S w is s g o o d s , b u t a r e t r y 
i n g t o s e ll a t p r ic e s w it h w h ic h t h e S w is s a r e u n a b le t o c o m p e t e .

G erm an y

is s a id t o b e p r o f i t i n g b y t h e o p p o r t u n i t y .
_
T h e S w is s g o v e r n m e n t , d e s ir in g t o a i d h o m e in d u s t r ie s , is p e r p l e x e d b y
t h e s it u a t io n , a s a re o t h e r n a tio n s .

F o r e x a m p le , F r a n c e a n d I t a ly , b e c a u s e

o f e x c h a n g e r a te s , c a n b u y fr o m G e r m a n y a t a b o u t o n e -t h ir d th e p r ic e a s k e d
b y th e U n ite d S ta te s a n d E n g la n d .
R e c e n t ly t h e S w is s g o v e r n m e n t a s k e d b id s f o r t h e c o n s t r u c t i o n o f a b r id g e
G e r m a n c o n t r a c t o r s o ffe r e d th e c o m p le t e

b r id g e a t a l o w e r p r ic e t h a n S w is s f ir m s s a id w o u ld b e r e q u ir e d t o b u y t h e
r a w m a te r ia ls f o r t h e s t r u c t u r e .
e x p erts to b e a n ew

A t th e o u t b r e a k o f th e w a r th e t o t a l c ir c u la tio n o f n o te s a m o u n te d t o a b o u t
M k . 3 ,0 0 0 ,0 0 0 ,0 0 0 . w it h a g o l d r e s e r v e o f M k . 1 ,6 0 0 ,0 0 0 ,0 0 0 , o r in o t h e r
w o r d s a v e r y h ig h g o ld s t a n d a r d .

T h e fin a n c ia l c o n d it io n

is c o n s id e r e d b y

e c o n o m ic d a n g e r fo r E u r o p e , e s p e c ia lly a s w a g e s a n d

t h e c o s t o f li v in g a r e c o n t in u in g t o in c r e a s e .

S o o n a fte r th e o u tb r e a k o f th e w a r th e

R e ic h s b a n k b e g a n t o in c r e a s e it s is s u e o f n o t e s , a n d a t t h e s a m e t im e b e g a n
t h e is s u e o f t h e s o - c a lle d " D a r le h n k a s s e n s c h e in e .”
n o t e s a n d D a r le h n k a s s e n s c h e in e a m o u n t e d t o :

T h e t o t a l o f R e ic h s b a n k

Approximately.

T h is is c o n s id e r e d t o o h e a v y , r e s u lt in g in

t h e c r ip p lin g o f S w is s in d u s t r ie s a n d e x p o r t t r a d e .

a c r o s s th e r iv e r A a r , n e a r B e r n e .

H o w e v e r , G e r m a n y h a s a ls o m a d e g r e a t s t e p s in t h e d ir e c t io n o f e x t e n d in g
h e r c ir c u la t io n o f n o t e s a n d d im in is h in g t h e p e r c e n t a g e o f t h e g o l d r e s e r v e .

S ep t.
S ep t.
S ent
S ept

1 9 1 4 _______M k . 4 , 0 0 0 , 0 0 0 , 0 0 0
1 9 1 5 _______M k . 7 , 0 0 0 . 0 0 0 . 0 0 0
1 9 1 6 _______M k . 9 , 0 0 0 , 0 0 0 , 0 0 0
1 9 1 7 M k . 1 5 ,0 0 0 ,0 0 0 ,0 0 0

Approximately.
S ep t.
1 9 1 8 --------- M I c . 2 3 , 0 0 0 , 0 0 0 , 0 0 0
D ec.
1 9 1 8 _____ M k . 2 9 , 0 0 0 , 0 0 0 , 0 0 0
A p r . 2 3 1 9 1 8 ______M k . 3 6 , 8 8 5 , 3 0 0 , 0 0 0

_

S w itz e r la n d is s u ffe r in g fr o m

o f t h e m t o a n e x t e n t w h ic h g iv e s a n y c a u s e f o r a n x ie t y .

A t t h e s a m e t im e t h e g o ld r e s e r v e o f th e R e ic h s b a n k , a c c o r d in g t o th e
b a la n c e s h e e t o f N o v e m b e r 3 0 1 9 1 8 , w a s o n ly M k . 2 ,3 0 8 ,3 5 5 ,0 0 0 .

Though

t h e R e ic h s b a n k is n o t li a b le f o r D a r le h n k a s s e n s c h e in e , b u t o n ly f o r it s o w n
n otes,

w h ic h

on

N ovem ber

30

a m ou n ted

to

about

M k.

1 8 ,6 0 0 ,0 0 0 ,0 0 0 ,

t h e r e is h o w e v e r a v e r y s e r io u s d is p r o p o r t io n , a n d e v e n t h a t is n o t t h e e n d .
T h e w h o le o f t h e G e r m a n s y s t e m , in s p it e o f th e g o o d o r d e r , w h ic h in m a n y
w a y s it p r e s e n t s , h a s in v a r io u s r e s p e c t s b e e n m u c h m o r e c o s t l y , t h a n o n e
is a p t t o im a g in e .
o f th e G erm a n

A s a n e x a m p le it m a y b e m e n t io n e d , t h a t t h e p r e s id e n t

R e ic h s b a n k d u r in g t h e e a r ly d a y s o f N o v e m b e r la s t y e a r

p o in te d o u t th a t fr o m

S e p t e m b e r 2 4 t o O c t o b e r 2 3 , in o t h e r w o r d s b e fo r e

t h e o u t b r e a k o f t h e R e v o l u t io n , t h e t o t a l c ir c u la t io n o f p a p e r c u r r e n c y in
G e r m a n y h a d in c r e a s e d b y M k . 2 6 5 .0 0 0 ,0 0 0 a n d t h a t t h o p r in t in g p r e s s e s

F IN A N C IA L D EN M A R K , PAST A N D FUTU RE— NOTE
CIRCULATION I N GERMANY AND
OTHER COUNTRIES.

T. Mikkelsen & Co. of Copenhagen, have under date of
July 1919, furnished important information dealing with
“ Financial Denmark, Past and Present.” In its foreword the
bank says in part:
T h o u g h t h e w a r is o v e r n o w th e g e n e ra l h o p e th a t n o r m a l tr a d e c o n d it io n s
w o u ld r e tu r n b y c o n c lu s io n o f p e a c e h a v e b e e n d is a p p o in t e d .
A q u e s t io n w h ic h is d a i l y a t t a i n i n g in c r e a s e d i m p o r t a n c e , is t h e r a t e o f
exch a n g e.

T h e e x c h a n g e r a te s h a v e a ll l a t e l y m o v e d a g a in s t t h e im p o r t in g

c o u n t r i e s , a n d i f t h i s m o v e m e n t is n o t v e r y s o o n r e v e r s e d , w e a p p r e h e n d
s e r io u s c o n s e q u e n c e s a n d n e a r ly s t o p p in g o f a ll t r a d e a n d fin a n c ia l in t e r 
c o u r s e , a s in c r e a s in g p r ic e s o n m e r c h a n d is e a n d d e c r e a s in g p u r c h a s in g p o w e r
o f t h e b u y e r s e x c h a n g e s o o n e r o r la t e r m u s t m a k e b u s in e s s im p o s s ib le a n d a t
t h e s a m e t im e in e v it a b ly c r e a t e p o lit i c a l d is t u r b a n c e s h e r e a n d in C e n t r a l
E u r o p e , a n d c o n s e q u e n t ly w o r k in t h e f a v o r o f B o ls h e v is m .




w e r e n o t n e a r ly a b le t o fu lfill th e d e m a n d s m a d e b y th o R e ic h s b a n k .

And

s in c e t h a t t im e t h e G e r m a n n o t e p re sse s a r e g r o a n in g s t ill m o r e h e a v ily , a s
i t s e e m s t h a t t h e G e r m a n s y s t e m o f r e v o l u t i o n is a s w o n d e r f u l in r e s p e c t o f
e x p e n s e s a s in a n y o t h e r r e s p e c t .

In th e co u rs e o f N o v e m b e r 1 918 o n ly , th o

c ir c u l a t io n o f n o t e s w a s in c r e a s e d b y M k . 2 ,0 0 0 ,0 0 0 ,0 0 0 .
A t t h e s a m e t i m e , t h e d e p o s it s in t h e c o m m e r c ia l b a n k s o f G e r m a n y h a v e
d u r in g t h o w a r in c r e a s e d t o t h r e e t im e s t h e ir a m o u n t b e f o r e t h o w a r .
A c c o r d in g t o t h e b a la n c e s h e e t o f th o R e ic h s b a n k o f A p r il 2 3 1 9 1 8 , th e
g o l d r e s e r v e h a d b e e n r e d u c e d .t o M k . 1 9 3 3 ,0 0 0 ,0 0 0 a p p r o x im a t e ly , w h e r e a s
t h e c ir c u l a t io n o f n o t e s a m o u n t e d t o 2 5 ,7 8 0 ,0 0 0 ,0 0 0 ; b e s id e w h ic h t h e t o t a l
o f t h e D a r le h n k a s s e n s c h e in e a m o u n t e d t o a b o u t M k . 1 1 ,0 0 0 ,0 0 0 ,0 0 0 M a y 7
1 9 1 9 , t h e s t o c k o f g o l d h a d b e e n fu r t h e r r e d u c e d t o M k . 1 ,7 5 0 ,0 0 0 ,0 0 0 a p 
p r o x im a te ly .
T h e c o in a n d

b u llio n

stock

c o v e r in g

th e

R e ic h s b a n k

n otes a t th o en d

o f 1916 a m ou n ted to a b o u t 3 1 % , a t th e en d o f 1917 to a b o u t 2 1 % , a t th o
e n d o f 1 9 1 8 t o a b o u t 1 0 % , a n d o n A p r il 2 3 1 9 1 9 t o a b o u t 7 H % I n F r a n c e t h e t o t a l c i r c u l a t i o n o f n o t e s is f i v e t i m e s a s l a r g e a s i t w a s a t
th e o u tb re a k o f th e w a r.

A t t h e e n d o f F e b r u a r y la s t it h a d r e a c h e d 3 2 ,

7 5 0 ,0 0 0 ,0 0 0 F r ., a s c o m p a r e d w it h a b o u t 6 ,5 0 0 ,0 0 0 ,0 0 0 F r ., b e f o r e t h o w a r .

N ov, 22 1919.]

THE CHRONICLE

In E n g la n d t h e c ir c u la t io n o f B a n k o f E n g la n d n o t e s h a s b e e n in c r e a s e d

v id e

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th e

1933

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

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R eserve

banks,

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b y £ 2 7 ,0 0 0 ,0 0 0 (a p p r o x im a t e ly ) , b u t a t t h e s a m e t im e c u r r e n c y n o t e s h a v e

c u r r e n c y , t o a f f o r d m e a n s o f r e d is c o u n t in g c o m m e r c ia l p a p e r , t o e s ta b lis h

b e e n c ir c u l a t e d , a m o u n t in g , in a ll t o a b o u t £ 3 0 0 ,0 0 0 ,0 0 0 .

a m o r e e f f e c t iv e s u p e r v is io n o f b a n k in g in t h e U n it e d S t a t e s .”

A l s o in o t h e r n e u t r a l c o u n t r i e s t h a n D e n m a r k a c o n s i d e r a b l e in c r e a s e o f
th e c ir c u la tio n o f n o t e s h a s ta k e n p la c e .

S e c tio n

'

1 3 o f t h o A c t p r o v id e s in p a r t t h a t F e d e r a l R e s e r v e b a n k s m a y

A c c o r d in g t o a n a c c o u n t c o v e r in g

d is c o u n t n o t e s , d r a ft s , a n d b il ls o f e x c h a n g e a r is in g o u t o f a c t u a l c o m m e r c ia l

t h e p e r i o d f r o m J u l y 14 1 9 1 4 t o A u g u s t 1 8 1 9 1 8 , t h e c i r c u l a t i o n o f n o t e s is
a s f o ll o w s ( q u o t e d in D a n is h K r o n e r } :

fo r a g r ic u lt u r a l, in d u s tr ia l, o r c o m m e r c ia l p u r p o s e s , o r t h e p r o c e e d s o f w h ic h

D e n m a r k --------------------------------------------------a b o u
S w e d e n ------------------------------------------------------ a b o u
N o r w a y ------------------------------------------------------ a b o u
H o l l a n d ------------------------------------------------------ a b o u
S w i t z e r l a n d ---------------------------------------------a b o u

t
t
t
t
t

1 5 0 ,0 0 0 ,0 0 0
a b o u t 3 9 2 ,0 0 0 ,0 0 0
2 2 8 ,0 0 0 ,0 0 0
a b o u t 6 6 7 ,0 0 0 ,0 0 0
1 2 3 ,0 0 0 ,0 0 0
a b o u t 3 7 1 ,0 0 0 ,0 0 0
8 0 1 ,0 0 0 ,0 0 0 a b o u t 1 4 1 9 ,0 0 0 ,0 0 0
2 9 4 ,0 0 0 ,0 0 0
a b o u t 4 0 5 ,0 0 0 ,0 0 0

tr a n s a c tio n s :

T h a t is , n o t e s , d r a ft s , a n d b ills o f e x c h a n g e is s u e d o r d r a w n

h a v e b een u sed , o r are to b e u sed , fo r su ch p u rp oses.

I t p r o v id e s fu r t h e r

t h a t n o t h in g c o n t a in e d in t h e A c t s h a ll b e c o n s t r u e d t o p r o h ib it s u c h n o t e s ,
d r a fts , a n d

b ills o f e x c h a n g e , s e c u r e d b y

oth er g o o d s , w ares or

s ta p le a g r ic u ltu r a l p r o d u c t s , o r

m e r c h a n d is e fr o m

b e in g

e lig ib lo f o r

su ch

d is c o u n t

“ b u t s u c h d e f i n i t i o n S h a ll n o t i n c l u d e n o t e s , d r a f t s , o r b i l l s c o v e r i n g m e r e l y

O n e o f t h e g r e a t e s t p r o b le m s w h ic h h a v e b e e n c r e a t e d b y t h e w a r , a n d

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

o n e w h ic h t o u c h e s t h e fo u n d a t io n s o f t h e e c o n o m ic life o f th e w o r ld , w ill n o w

s t o c k s , b o n d s , o r o t h e r in v e s t m e n t s e c u r itie s , e x c e p t b o n d s a n d n o t e s o f

b e t h e a t t it u d e t a k e n to w a r d s t h is e n o r m o u s q u a n t it y o f p a p e r c u r r e n c y .

th e G o v e r n m e n t o f th e U n ite d S ta te s .

T h e fr e e a n d a p p a r e n t ly e a s y w a y a d o p t e d d u r in g t h e F r e n c h R e v o lu t io n
1.

e ., o f r e p u d ia t in g t h e p a p e r c u r r e n c y d e b t n o r e s p o n s ib le s t a t e s m a n

is

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th a t resou rces

o b t a in e d f r o m t h e F e d e r a l R e s e r v e b a n k s s h o u ld n o t b e u s e d fo r s p e c u la t iv e

g o in g t o a d v o c a t e o u t s id e R u s s ia , w h e r e b y th e w a y th e r e a re n o s ta te s m e n

p u rposes,

w it h a fe e lin g o f r e s p o n s ib ilit y .

a c t i v i t y it h a s is s u e d p u b lic w a r n in g s a s t o t h e b a d e f f e c t o f s u c h a c t iv it ie s

N o t e v e n in G e r m a n y o r t h e fo r m e r A u s t r ia -

H u n g a r y a n y o n e b u t S p a r t a c i s t s a n d C o m m u n i s t s w i l l s e r i o u s l y s p e a k in
f a v o r o f a p r o c e e d in g o f t h is k in d .

A ll w h o a r e , in g o o d e a r n e s t , p a r t a n d

and

a t v a r io u s tim e s w h e n th e r e h a s b e e n

u p o n th e b a n k in g s itu a tio n .

u n u su a l s p e c u la tiv e

T h e fir s t w a r n in g o f t h is k i n d w a s I s s u e d a s

lo n g a g o a s O c t . 1 9 1 5 , a n d t h e w a r n in g h a s b e e n r e p e a t e d o n s e v e r a l o c c a s io n s

p a r c e l o f t h e g o v e r n m e n t o f t h e v a r io u s s ta te s q u it e r e a liz e t h a t t h e r e p u d ia 

s in c e t h a t d a t e w h e n c o n d it io n s m a d e it n e c e s s a r y .

t io n o f t h e n o te s in

B o a r d m a d e p u b lic a le tte r w h ic h it h a d a d d r e s s e d t o

c ir c u la tio n , fr o m

a n o r d in a r y e c o n o m ic p o in t o f v ie w

O n J u n e 10 1919 th e
a ll F e d e r a l a g e n t s ,

w ill m e a n e v e n g r e a t e r c o n fu s io n a n d r u in t h a n h a s b e e n c r e a t e d t h r o u g h t h e

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

w a r it s e lf.

“ T h e F e d e r a l R e s e r v e B o a r d is c o n c e r n e d o v e r t h e e x is t in g t e n d e n c y
to w a r d s e x c e s s iv e s p e c u l a t io n . a n d w h ile o r d in a r ily t h is c o u ld b e c o r r e c t e d
b y a n a d v a n c e in d is c o u n t r a t e s a t t h e F e d e r a l R e s e r v e b a n k s , i t is n o t
p r a c t i c a b l e t o a p p l y t h is c h e c k a t th is t im e b e c a u s e o f G o v e r n m e n t f i n a n c i n g .
B y fa r t h e la r g e r p a r t o f t h e in v e s t e d a s s e ts o r F e d e r a l R e s e r v e b a n k s c o n 
s i s t s o f p a p e r s e c u r e d b y G o v e r n m e n t o b l i g a t i o n s , a n d t h e B o a r d is a n x i o u s
t o g e t s o m e in fo r m a t io n o n w h ic h it c a n fo r m a n e s tim a te a s t o t h e e x t e n t
o f m e m b e r b a n k b o r r o w in g s o n G o v e r n m e n t c o lla te r a l m a d e f o r p u r p o s e s
o th e r th a n fo r c a r r y in g c u s to m e r s w h o h a v e p u rch a se d L ib e r ty b o n d s o n
a c c o u n t , o r o t h e r t h a n f o r p u r e ly c o m m e r c ia l p u r p o s e s .”

,

B u t t h e n a g a in a p a y m e n t in n o t e s w it h t h e o b j e c t o f r e d u c in g t h e a m o u n t
o f p a p e r c u r r e n c y c o u ld n o t p o s s ib ly ta k e p la c e t o a n y s a tis fa c to r y e x te n t,
a s t h o c ir c u la tin g

n o t e s a r e n o t , in s u ffic ie n t q u a n t it ie s , in

th e h a n d s o f

t h o s e w h o o w e m o n e y t o t h e b a n k s o f is s u e , a n d b a s id e s c a n n o t v e r y w e ll
b e spared .
T h e g r e a t e s t d e b t o r o f t h e b a n k s o f i s s u e i n a l l t h e b e l l i g e r e n t c o u n t r i e s is
t h o s t a t e , w h ic h h a s r e c e iv e d t h e n o t e s a s a n a d v a n c e t o w a r d s c a r r y in g o n
t h e w a r , a n d w h ic h h a s a ls o u s e d t h e g r e a te r p a r t o f t h e m o n e y a d v a n c e d f o r
th a t p u rp ose.
to

I n F r a n c e , f . i . , t h e s t a t e is t h e d e b t o r o f B a n q u e d e F r a n c e

a n a m o u n t o f 2 4 ,0 0 0 ,0 0 0 ,0 0 0

F r . o u t o f t h e 3 2 ,7 5 0 ,0 0 0 ,0 0 0 F r . w h ic h

c o n s t it u t e th e a g g r e g a te c ir c u la tio n o f th e la tte r .

T h is le t t e r w a s s e n t o u t f o r t h e p u r p o s e o f a s c e r ta in in g t o w h a t e x t e n t
G overn m en t

I t is t r u e t h a t t h e s t a t e in a ll c o u n t r ie s w ill h a v e la r g e c a s h b a la n c e s a t
its d is p o s a l, b u t e v e n a ft e r t h e w a r w h e n it h a s t o fu lfill it s o t h e r ta s k s — a n d
o n t h e t r a n s it io n t o t h e p e r io d o f p e a c e , t h e d e m a n d s o n it w ill b e v e r y h ig h
___i t -w in n o t b e a b l e t o d i m i n i s h t h i s b a l a n c e t o a n y l a r g e e x t e n t , a n d c o n 
s e q u e n t ly t h e b a n k s o f is s u e , t h r o u g h t h is m e a n s , w ill o n l y r e c e iv e p a y m e n t
f o r a s m a ll p a r t o f t h e d e b t s o w in g t o t h e m .
In

ord er to

o b lig e d

pay

its d e b t t o

th o b a n k

t h e g o v e r n m e n t w o u ld

e ith e r b e

t o h a v e r e c o u r s e t o e n o r m o u s ta x e s o r t o t h e r a is in g o f e n o r m o u s

lo a n s , b u t n e ith e r o f th e s e e x p e d ie n t s w o u ld t o a n y la r g e e x t e n t b r in g a b o u t
t h e d e s ir e d r e s u lt— t h e c o ll e c t in g o f t a x e s , b e c a u s e a lr e a d y d u r in g t h e w a r
th o b u r d e n o f ta x e s h a s b e e n v e r y s e v e r e , a n d s t a t e lo a n s , b e c a u s e n o w t h a t
t h e w a r is o v e r , t h i s t r a n s a c t i o n w i l l n o t b e n e a r l y a s e a s y a s i t w a s w h i l e
t h o w a r a p p lie d

its p r e s s u r e o n

to w a r d s b r in g in g i t t o a n e n d .

a ll, t o

m a k e th e m

c o n t r ib u t e th e ir s h a re

A n d b o t h o f t h e s e e x p e d ie n t s w o u ld c a u s e

g r e a t d o u b t, b e c a u s e th e re a re s o m a n y o th e r a n d fo r th e p r e se n t m o r e im 
p o r t a n t t h in g s , f o r w h ic h t h e v a r io u s s ta te s a ft e r t h e w a r w ill r e q u ir e a ll th e
c a s h w h ic h t h e y c a n p o s s ib ly la y h a n d s o n .
B u t e v e n i f e ith e r o f th e s e t w o m e a s u r e s — o r b o t h o f th e m t o g e t h e r — w e r e
a d o p t e d , it w o u ld n o t b r in g a b o u t a n y c o n s id e r a b le d im in u t io n o f t h e n o t e s
In c i r c u l a t i o n .

T h e f a c t is , t h a t h o w e v e r m u c h t h e a m o u n t o f c ir c u la t in g

n o t e s h a s g r o w n d u r in g t h e w a r , i t is w h e n a ll is s a id a n d d o n e o n l y t h e n e c e s 
s ity

fo r

a

c ir c u la t in g

m e d iu m

to

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it

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it s

e x is te n c e .

And

th is

n e c e s s it y w ill n o t , t o a n y la r g e e x t e n t , e n d w it h t h e w a r , b u t w ill p e r h a p s
r a t h e r in t h e t r a n s it io n t o a s t a t e o f p e a c e a n d t h e r e s u m p t i o n o f p e a c e p r o 
d u c t io n a n d c o m m e r c e b e c o m e s till g r e a te r .
N e it h e r p r iv a t e p e r s o n s n o r t r a d e s p e o p le a s a r u le h o ld m o r e n o t e s , th a n
t h e ir d a ily n e e d r e q u ir e s .

N e w ta x e s a n d p a y m e n t s o n n e w s t a t e -lo a n s w ill

c o n s e q u e n t ly t o a v e r y la r g e e x t e n t b e m e t b y d r a w in g o u t m o n e y fr o m th e
s a v in g s b a n k s , a n d t h e s u m s d r a w n o u t fr o m

t h e b a n k s a n d p a id in t o t h e

s t a t e a n d b y t h e la t t e r t o t h e b a n k o f is s u e w o u ld t h e n h a v e t o b e p r o v id e d
b y t h e s a v in g s b a n k s — t h e c a s h b a la n c e o f w h ic h in it s t u r n o n l y c o v e r s t h e
n e e d s o f t h e ir d a ily c ir c u la t io n — b y a p p l y in g t o t h e b a n k o f is s u e f o r n e w
n o t e s , w h ic h h a d t o b e p r o c u r e d t o p r e v e n t a g e n e r a l b a n k c r is is .

T h e r e s u lt

o f t h e w h o le o f t h is c ir c u la r m o v e m e n t w o u ld t h e n b e t h a t t h e s u m s a d v a n c e d
t o t h e s t a t e b y t h e b a n k o f is s u e w o u ld b e r e d u c e d , b u t t h a t t h e a c c o u n t s
b e t w e e n t h e b a n k o f is s u e a n d t h e s a v i n g s b a n k s w o u l d b e i n f l u e n c e d in t h e
o p p o s it e d ir e c t io n t o a n a lm o s t e q u a l e x t e n t , in o t h e r w o r d s , o n ly a t r a n s fe r
o f th e v a r io u s a c c o u n t s , w h e r e a s t h e a m o u n t o f c ir c u la t in g n o t e s — t h e r e 

o b lig a t io n s

R eserve ban ks
s c r ip tio n s .
In

fo r

w ere

oth er

b e in g

th a n

u sed

to

secu re

lo a n s

c o m m e r c ia l p u r p o s e s

its m o n t h ly p u b lic a t io n , t h e F e d e r a l R e s e r v e

fr o m

o r fo r

F ederal

c a r r y in g

" B u lle t in ,”

sub

th e B oa rd

h a s c a lle d a t t e n t io n r e p e a t e d ly s in c e t h a t d a t e t o t h e d a n g e r o u s s p e c u la t iv e
te n d e n c ie s w h ic h h a v e b e e n

p r e v a le n t .

. .

I n a p r i n t e d s t a t e m e n t d u r in g t h e s u m m e r , *th e B o a r d m a d e t h e s p e c i f i c
a n n o u n c e m e n t th a t it w o u ld n o t s a n c t io n a n y p o lic y w h ic h w o u ld r e q u ir e
th e

F ed eral

and

in d u s tr y fo r th e p ro c e ss e s o f p r o d u c tio n

R eserve

banks

to

w ith h o ld

c r e d its

dem anded

by

com m erce

a n d d is t r ib u t io n in o r d e r t o

e n a b le m e m b e r b a n k s t o fu r n is h c h e a p m o n e y f o r s p e c u la t iv e p u r p o s e s .
I n o r d in a r y c ir c u m s t a n c e s a n d n o r m a l tim e s o n e c h e c k w o u ld h a v e b e e n
t o a d v a n c e d is c o u n t r a te s , b u t o w in g t o t h o fa c t t h a t th e G o v e r n m e n t h a s
s o ld

over

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

o f L ib e r ty

bonds

and

V ic to r y

n otes,

m any

of

w h ic h s e c u r it ie s h a v e b e e n s o ld t o p e r s o n s w h o w e r e u n a b le t o p a y fo r t h e m
in f u ll , b u t w e r e o b l i g e d t o p a y f o r t h e m

in in s t a llm e n t s o u t o f s a v in g s o r

a c c r u e d in c o m e s , i t w a s fe lt t h a t a n a d v a n c e in t h e d is c o u n t r a t e o n n o te s
s e c u r e d b y G o v e r n m e n t o b lig a t io n s s h o u ld s o fa r a s p o s s ib le b e a v o id e d .
The

s p e c u la tiv e

m ovem ent

c o n tin u e d ;

it s

dem ands

on

th e

banks

fo r

c r e d it c o m in g o n t o p o f c o m m e r c ia l r e q u ir e m e n t s , o f th e s e a s o n a l c r o p m o v 
in g d e m a n d a n d o f d e m a n d s a r is in g o u t o f t h e u n u s u a l c o n g e s t io n o f e x p o r t
c o m m o d it ie s a t p o r t s o w in g t o th e d e la y s in t r a n s p o r t a t io n .

A s a con se

q u e n c e o f th e s e c o n d it io n s , th e re s e r v e s o f th e F e d e ra l R e s e r v o b a n k -

l> e g a n

t o d e c lin e , a n d t h o s e o f th e F e d e r a l R e s e r v e B a n k o f N o w Y o r k , in p a r t ic u la r
d ro p p e d to su ch an ex ten t th a t th e B o a rd , a b o u t tw o w eek s a g o , a p p ro v e d
an

in c r e a s o in d is c o u n t r a t e s o f t h a t in s t it u t i o n

of 1% .

a v e r a g in g a b o u t o n o -h a lf

A ll o t h e r F e d e r a l R e s e r v e b a n k s s h o r t ly a ft e r w a r d

exp ressed th e

d e s ir e t o p u t in t o e ffe c t a s im ila r a d v a n c e in th e ir r a t e s , w h ic h t h e B o a r d
ap proved.
T h e F e d e r a l R e s e r v e B a n k o f N e w Y o r k o n N o v . 2 , t h o d a t e o n w h ic h th e
ad van ce

in

its

ra te s

w as

m ade

p u b lic ,

is s u e d

th e

fo llo w in g

sta te m e n t,

s u p p le m e n t in g t h e r e p e a t e d w a r n in g s o f t h e B o a r d :
“ T h e r e a s o n f o r t h e a d v a n c e in r a t e s a n n o u n c e d t o - d a y b y t h e F e d e r a l
R e s e r v e B a n k o f N e w Y o r k is t h e e v i d e n c e t h a t s o m e p a r t o f t h e g r e a t
v o lu m e o f c r e d it , r e s u ltin g fr o m b o t h G o v e r n m e n t a n d p r iv a t e b o r r o w in g
w h i c n w a r f i n a n c e r e q u i r e d , a s i t is r e l e a s e d f r o m t i m e t o t i m e f r o m G o v e r n 
m e n t n e e d s , is b e i n g d i v e r t e d t o s p e c u l a t i v e e m p l o y m e n t r a t h e r t h a n t o
r e d u c t io n o f b a n k lo a n s .
A s t h e t o t a l v o l u m e o f t h e G o v e r n m e n t ’s l o a n s
is n o w i n c o u r s e o f r e d u c t i o n , c o r r e s p o n d i n g r e d u c t i o n s in b a n k l o a n s a n d
d e p o s it s s h o u ld b e m a d e in o r d e r t o in s u r e a n o r d e r ly r e t u r n o f n o r m a l
c r e d it c o n d it io n s .”
N o t w it h s t a n d in g th is n o t ic e , a c t iv it ie s o n

th e e x c h a n g e s c o n tin u e d a n d

d u c t io n o f w h ic h w a s t h e o b je c t o f th e t r a n s a c t io n —

th e r e s e r v 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 till d e c lin e d .

m a in u n c h a n g e d .

e n d in g N o v . 8 , th e F e d e r a l R e s e r v e B o a r d s o ld t o o t h e r F e d e r a l R e s e r v e
banks

GOV. HARD TNG OF FEDERAL RESERVE JtOARD ON
STOCK ATTRKET COLLAPSE AND EFFORTS TO
CURB SPECULA T ION.

The action taken by the Federal Keserve Board at various
times since 1915 to combat speculation is discussed in a
letter addressed this week to Senator Owen of the Senate
Committee on Banking and Currency by Governor W. P.
G. Harding, of the Federal Reserve Board, who, in his pre
sentments regarding last week’s collapse in Stock Exchange
prices, says “the high rates for call money which have pre
vailed continuously for two weeks, and intermittently for
several months past, were in themselves very clear indication
of tho strained position into which the unbridled speculation
had thrown the stock market.” Gov. Harding in calling
attention to the proportions attained by the recent specula
tive movement, stated that during the week ending Nov. 8,
the Federal Reserve Board sold to other Federal Reserve
banks 90 million dollars of acceptances for account of the
Federal Reserve Bank of New York, but in spite of this action
the reserves of the New York Bank fellto40%. “ In these
circumstances,” he added, “in order to prevent further
expansion, it became necessary to call the attention of the
large rediscounting banks to the situation.” Gov. Harding’s
lotter in full follows:
M v D e a r S e n a to r : — R e c c i p t is a c k n o w l e d g e d o f y o u r l e t t e r o f t h e 1 4 t h in s t .
T h e F e d e r a l R e s e r v e A c t is i n t e n d e d f o r t h e b e n e f i t o f c o m m e r c e a n d in 
d u s t r y a n d n o t f o r t h e s tim u la t io n o f th o in v e s t m e n t m a r k e t o r o f s p e c u la t iv e
m ov em en ts.

T h e s h o r t tit le o f th e A c t r e a d s, a s fo llo w s :




“ A n A ct to p ro 

n in e t y

m illio n

d o lla r s

R eserve B an k o f N ew
N ew

Y ork

of

a ccep ta n ces

fo r

D u r in g t h e w e e k

accou n t

of

th e

F ed eral

Y o r k , b u t in s p i t e o f t h is a c t io n t h o r e s e r v e s o f t h e

B a n k fe ll t o 4 0 % .

I n th e s e c ir c u m s t a n c e s , in o r d e r t o p r e v e n t

fu r t h e r e x p a n s io n , it b e c a m e n e c e s s a r y
r e d is c o u n tin g b a n k s t o t h e s it u a t io n .

to

c a ll th e a tte n t io n

o f t h e la r g e

T h e h ig h r a te s f o r c a ll m o n e y w h ic h h a v e p r e v a ile d c o n t in u o u s ly fo r t h e
la s t t w o w e e k s , a n d in t e r m i t t e n t ly f o r s e v e r a l m o n t h s p a s t , w e r e in t h e m 
s e lv e s v e r y c le a r in d ic a t io n o f t h e s tr a in e d p o s it io n in t o w h ic h

th e u n b r id le d

s p e c u la tio n

r e a d ju s t m e n t

had

th row n

th e

stock

m ark et

in e v it a b le

u n le s s t h e r e s o u r c e s o f t h e

in d ir e c t ly

d raw n

upon

fo r

stock

and

F ederal

m arket

ren dered
R eserve

pu rposes.

a

ban k s w ere to

Tho

p u b lic

has

be
had

a m p l e n o t i c e o f t h e B o a r d 's p o l i c y .
Y o u a r e s o fa m ilia r w it h t h e F e d e r a l R e s e r v e A c t t h a t i t is h a r d ly n e c e s 
s a r y t o c a ll y o u r a t t e n t io n t o t h a t p a r a g r a p h o f S e c t io n 4 w h ic h t r e a ts o f
t h e d u tie s o f t h e b o a r d o f d ir e c t o r s o f a F e d e r a l R e s e r v e b a n k a n d w h ic h
p r o v id e s t h a t " s a id
and

im p a r t ia lly

board

and

s h a ll a d m in is t e r t h e a ffa ir s o f s a id b a n k fa ir ly

w it h o u t

d is c r im in a t io n

in

fa v o r

of

or

a g a in st

m e m b e r b a n k o r b a n k s , a n d s h a ll, s u b je c t t o t h e p r o v is io n o f la w
ord ers o f th e

F ed eral R eserv e B o a rd , ex ten d

to

any

a n d th e

each m em b er b a n k

su ch

d is c o u n ts , a d v a n c e m e n ts , a n d a c c o m m o d a t io n s a s m a y b e s a fe ly a n d r e a s o n 
a b ly

m a d e w it h

b a n k s .”

T h is

c r e d it s s h o u ld

d u e r e g a r d f o r t h e c la im s a n d d e m a n d s o f o t h e r m e m b e r
w o u ld ,

su ch

an

of

cou rse,

a ffo r d

m eans

fo r

a

s tr ic t

r a tio n in g

e x tre m e co u rs e e v e r b e c o m e n e ce ssa ry .

It

of

is in 

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

a

c o n n e c tio n

b etw een

c a ll

m oney

ra tes

and

th e

c o m m e r c ia l

paper

m a r k e t , a n d i t m u s t b e g r a t i f y i n g t o a ll t h o s e in t e r e s t e d in s o u n d b a n k in g
m e t h o d s t h a t t h e e v e n t s o f t h e la s t w e e k h a v e h a d n o e f f e c t u p o n th e m a r k e t
fo r c o m m e r c ia l p a p e r .
V e r y t r u ly y o u r s ,
_
H on.

R .

L . O w e n , U n ite d

W . P.
S ta te s S e n a te .

G .

H A R D IN G ,

G overn or.

CONFERENCE OF RESERVE BOARD A N D GOVERNORS
OF RESERVE BA N K S—ED IC T ON SPECULATION.

A conference between the Governors of the 12 Federal
Reserve Banks and members of the Federal Reserve Board
was opened in Washington on Nov. 19 and was brought to

a close yesterday (Nov. 21). Very little information regard
ing it has been made available, the conference having been
held behind closed doors. Prior to the coming together of
the Governors and the Reserve Board, members of the
Advisory Council on Tuesday conferred with the Board. In
special advices from Washington Nov. 19 the “Journal of
Commerce” said:
O p e n in g th e c o n fe r e n c e . G o v e r n o r H a r d in g , o f th e R e s e r v e
s e n t e d a lis t o f fin a n c ia l t o p ic s fo r d is c u s s io n b y
s e s s io n s .

I n c lu d e d

in

th ese

w ero

th e

B oard , p re

th e c o n fe r e n c e d u r in g th e

e x p a n s io n

of

th o

c r e d it

stru ctu re,

t h e s p e c u l a t iv e t r e n d , t h e a c t io n o f th e b a n k s in in c r e a s in g d is c o u n t r a t e s a n d
t h e p r o b a b l e f u t u r e o u t l o o k f o r f u r t h e r a c t i o n in t h i s d i r e c t i o n , i m p r o v e m e n t s
in

[V ol . 109

THE CHRONICLE

1934

th e m a n a g e m e n t a n d o p e r a t io n o f t h e b a n k s a s s e p a r a t e u n its a n d a s a

I t b e c a m e k n o w n t h a t t h e a c c e p t a n c e d e a le r s fe e l t h a t it m a y b e n e c e s s a r y
to In crease th e ra tes o n
fu n d s.
The

b a n k e r s ' a c c e p t a n c e s in o r d e r t o a t t r a c t i n v e s t o r s ’

*

•

d e a le r s ,

it

w as

in d ic a t e d ,

su g g ested

m ig h t b e h e lp f u l t o in c r e a s e a g a in

to

th o

bank

o ffic ia ls

th o r e d is c o u n t ra te s n o t o n ly

th a t
on

it

bank

a c c e p t a n c e s b u t a ls o o n t r a d e a c c e p t a n c e s a n d c o m m e r c ia l p a p e r .
A t a r e g u la r m e e tin g o f t h e d ir e c t o r s o f t h e F e d e r a l R e s e r v e B a n k y e s 
t e r d a y i t w a s d e c i d e d t o m a k e n o c h a n g e s f o r t h e p r e s e n t in t h e r e d i s c o u n t
ra te s

o f th o b a n k .

M orton

F . F r y , o f B e r n h a r d , S c h o lle & C o . , is C h a ir m a n o f t h o d e a le r s ’

c o m m it t e e , a n d o t h e r m e m b e r s in c lu d e M a u r ic e F a r r e ll, o f F . S . S m ith e r s &
C o .; A r t h u r K . S a lo m o n , o f S a lo m o n
th e N a tio n a l C ity

C om pany: M .

B r o th e r s & I lu t z lc r ; C h a r le s W a l l, o f

H om er, o f B on d

H u n t o f th e F ir s t N a t io n a l C o r p o r a t io n , a n d

&

G o o d w in

;A r t h u r K .

J e r o m e T h r a lls o f t h e

D is 

c o u n t C o r p o r a t io n .

w h o le , a n d m a h y o t h e r s im ila r ly im p o r t a n t s u b je c t s .
W h ile th e c o n fe r e n c e s a re c o n c e d e d t o h a v e a n im p o r t a n t b e a r in g u p o n th o

P R E S I D E N T

W I L S O N

A N D

P R O P O S A L

F O R

I N T E R 

g e n e r a l fin a n c ia l s it u a t io n , in v i e w o f t h e p r e s e n t u n u s u a l c o n d it io n s p r e v a il
i n g , i t is c o n j e c t u r a l w h e t h e r o r n o t a n y d e f i n i t e a c t i o n
know n,

h ow ever,

th a t

several

f o r fu r t h e r c o n s id e r a t io n
D is c u s s in g

by

s p e c u la tio n

im p o r t a n t

w ill r e s u l t .

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

w ill

fa c to r s

be

le ft

th e B oa rd .

and

oth er

s u b je c t s

ta k en

up

at

th e

co n fe r e n c e

o ffic ia ls d e c la r e d :
“ Tw o

I t is

.

have

c le a r ly

d e v e lo p e d

th e m s e lv e s

d u r in g

th e

m on th

as

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

and

th e p o lic y

r e s u ltin g fr o m

to b e p u rsu od

it .

In

a

w ith r e r p e c t t o th e d e m a n d s o n

te c h n ic a l s e n se

th is c o n d it io n

c r e d it

h a s r e fle c te d

it s e lf

in a w e a k e n in g o f t h e r e s e r v e p o s i t io n o f t h e F e d e r a l R e s o r v e b a n k s . ”

It is reported that on the 20th practically the entire morn
ing was devoted by the Governors to a discussion of the
important financial factors of the present time. Members
of the Federal Reserve Board were present, but, it is said,
took no part in the discussions. The press dispatches from
Washington last night (Nov. 21) had the following to say
as to the conclusions of the Board on the question as to
speculation.:
•
N ever

a g a in

w ill

th e

c r e d it

fa c ilit ie s o f th e

F ederal

R eserve ban k s

N A T I O N A L

F O R E IG N

T h is c o u n t r y w ill n o t j o i n

o r f o r d e v is in g s o m e p la n c a llin g f o r c o m m o n e ffo r t s a n d s a c r ific e s b y
P r e s id e n t
su ch

a

W ils o n

co n fe r e n c e

s o m e tim e
be

part

o f th e

F ed eral

R eserve

B oard

h a s b e e n s t a m p e d u p o n th e m in d s o f th e G o v e r n o r s o f th e t w e lv e F e d e r a l

th e

a d v is a b ilit y

e x c e p tio n

of

I t h a s b e e n m a d e c le a r t h a t th e B o a r d o ffic i a ls fir m ly b e lie v e t h a t m o r e
Y o r k d is t r ic t w e r e b e in g

u s e d f o r s t o c k m a r k e t o p e r a t io n s t h a n f o r c a r r y i n g o n o f b o n a f id e b u s in e s s

th o

proposal

th a t

D ep a rt

of

th o

a p p r o v in g

a

D ep a rtm en t

c o n fe r e n c e

of

of

C om m erco,

t h is
it

ch a ra cter.

b ecam o

W ith

know n

th e

to -d a y ,

T h o o b je c tio n

o f o f f i c i a l s t o s u c h a - c o n f e r o n c o is b a s e d o n

th o ir d o u b t s

t h a t t h e m e e t i n g w o u l d r e s u lt in a n y m a t e r ia l b e n e f i t t o a n y o n e c o u n t r y
o r g r o u p o f c o u n t r ie s w it h o u t s u b je c t i n g t h e o t h e r c o u n t r ie s , p a r tie s t o t h e
c o n fe r e n c e , t o u n d u e s a c r ific e s .
o f th e

U n ite d

E s p e c i a lly w o u ld t h is b o t r u e in t h e c a s e

S ta tes.

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

d is o r d o r o d

L a s t s u m m e r S e c r o ta r y o f C o m m o r c e R e d fie ld

t o t h o P r e s id e n t a p r o p o s it i o n in w h ic h h o p o in t o d o u t t h e

sta to

w h o le fo r o ig n
R e d f i o l d ’s

R e s e r v e b a n k s , w h o h a v e b e e n in s e s s io n h e r e f o r t h e p a s t f e w d a y s .
o f t h e F e d e r a l R e s e r v e c r e d it f a c il it ie s in t h e N e w

h eard

o f th e T re a su ry

r e c o m m e n d a tio n s a d v e r s e t o th e p r o p o s a l w e ro s u b m itte d t o th e P r e s id e n t .

be

a p p a re n tly

a g o , a fte r h a v in g

c a lle d , s o u g h t th e o p in io n

m e n t, th e F ed era l R e s e rv e B o a r d a n d th e D e p a rtm e n t o f C o m m e r c e as t o

p r o p o s o d t o th o P r e s id e n t.

th e

th o

A llie d c o u n tr ie s t o r e s to r e th e fo r e ig n e x c h a n g e s itu a tio n t o n o r m a l.

c o m m u n ic a te d

on

a n y in t e r n a t io n a l o r A ll ie d c o n f e r e n c e c a lle d

fo r th o p u r p o s e o f s tr e n g th e n in g th o w e a k e n e d c u r r e n c y s y s te m s o f E u r o p e ,

u s e d f o r s p e c u la t iv e p u r p o s e s t o th e s a m e e x te n t a s m a r k e d t h e o p e r a tio n s
r e s o lu tio n

C O N F E R E N C E .

Concerning a proposal for the calling by President Wilson
of an international conference on foreign exchango, the
“Journal of Commerce,” through its Washington bureau,
had the folio-wing to say yesterday (Nov. 20):

o f t h e b a n k s in t h e N e w Y o r k d is t r ic t d u r in g t h e p a s t m o n t h .
T h is

E X C H A N G E

o f fo r e ig n

exch an go

tr a d e s itu a tio n

le tte r ,

S e n a to r

w ith

O w en

and

th e

im p o r ta n c e

s c r u p u lo u s

r e c e n tly

caro.

w ro te

th o

o f h a n d lin g

F o llo w in g

th e

S ecreta ry

P r e s id e n t u r g in g

h im

t o c a ll a n in t e r n a t io n a l c o n fe r e n c e f o r t h e p r u p o s o o f d is c u s s in g th e fo r e ig n
e x c h a n g e s it u a t io n a n d

p o s s ib ly a rr a n g e c r e d its b o tw o o n th e

A llie d

cou n 

t r ie s f o r t h o p u r p o s e o f n o c e s s a r y m a t e r ia ls .

t r a n s a c t io n s .
► I t h a s b e e n m a d e c le a r a ls o t h a t t h e r e c o u ld

n o t b e a r e p e t it io n o f t h is

s it u a t io n w it h o u t g e n e r a l b u s in e s s s u f f e r in g , a n d it h a s b e e n m a d e e m p h a t ic
t h a t in n o e v e n t w ill th is b e b e p e r m it t e d

to o ccu r.

F E D E R A L

R E S E R V E

.

B O A R D 'S

L O A N S

O N

A T T I T U D E

T O W A R D S

C O T T O N .

Regarding reports as to the likelihood of the Federal
Reserve Board resorting to measures to curb loans on cotton,
of the Board were said to have stated on Nov. 15
The decision this week of the National City Bank of this officers
that no positive action had been taken or directed by it
city to change its policy of limiting loans on call to 6%, and looking
to a change in tho rediscounting of such loans. Ono
to lend hereafter at prevailing market rates, was referred report bearing
on alleged prospective action by the Board,
to as follows in the New York “Sun” of Nov. 19:
appearedin the New York “Herald” of Nov. 14 and this said
in part:
N A T I O N A L .

C I T Y

B A N K S

L I M I T

A B A N D O N S

L O A N S

T O

P O L I C Y

TO

6 % .

T h e p o lic y m a in ta in e d fo r y e a r s b y th e N a t io n a l C it y B a n k o f n e v e r le n d 

in g

m oney

at

a

an n ou n cem en t

ra te

of

m ade at

m ore

th e

th a n

bank

b a n k 's c a ll a n d t im e m o n e y a n d

6%

has

been

y e ste rd a y , an d

ch an ged ,

in

a c c o r d in g

to

b e p u t o u t a t p r e v a ilin g m a r k e t r a te s .

T h e r a t e o f t h e b a n k 's r e g u la r c u s 

t o m e r s w ill b e lim it e d t o 6 % .
I t w a s e x p la in e d y e s t e r d a y t h a t s e v e r a l r e a s o n s p r o m p t e d th e c h a n g e o f
p o lic y .

In t im e s o f m o n e y s tr e s s , w h e n r a te s h a v e b e e n h ig h , t h e b a n k fre 

q u e n tly

has p u t

le n d in g

ra te,

m o n e y m a rk et.
in g

to

an

p e d ie n t

out

and

c o n s id e r a b le
been

a

o f th e

su m

accu sed

A V h ile t h a t 6 %

o ffic ia l

fr o m

a

has

at
to

6% ,

its m a x im u m

crea te

an

a r tific ia l

it h a s

proved

v ie w p o in t.

n e ith e r s o u n d

O c c a s io n s

m ig h t

nor ex

occu r

w hen

h ig h r a te s f o r m o n e y w e r e w a r r a n te d a n d th e n th e b a n k w o u ld b e h a m p e r e d
by

it s p o l i c y , h e s a id .
O n e o f t h o s e o c c a s i o n s is t h e p r e s e n t o n e , o f f i c i a l s o f t h e b a n k f e e l .

The

d e m a n d f o r m o n e y is g r e a t a n d lik e e v e r y o t h e r c o m m o d i t y it s p r ic e is h ig h .
T h e N a t i o n a l C j t jy B a n k , t h e r e f o r e , h a s d e c i d e d t o r e a d j u s t i t s r a t e s i n a c 
cordan ce

w ith

p resen t

e c o n o m ic

c o n d itio n s .

O th e r

b a n k in g

in s titu tio n s

w h ic h h a v e a d p e r p d . t o a (> % le n d in g p o l i c y h a v e m a d e n o a n n o u n c e m e n t a s
t o w h a t t h e ir f u t i y o c o u r s e w ill b e .

I t is b e li e v e d t h a t s o m e o f t h o s e b a n k s

m a y r e m o v e t h a t r e s t r ic t io n o n th e ir m o n e y o p e r a t io n s .
c lu d e th o
L in c o ln

F a r m e r s ,' L o a n

N a tio n a l jla n k

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

Y .

&

T r u s t C o .,

IN

th e C e n tra l

a n d th e M e c h a n ic s ’ &

D E A L E R S

F E D E R A L

I N

O F

T h o s e b a n k s in 

U n io n T r u s t C o ., th e

M e ta ls ’ N a tio n a l B a n k .

C O N F E R E N C E

R E S E R V E

Q U E S T

B A N K

H I G H E R

W I T H

The

a d v is a b ility
in

v ie w

of

r a is in g

th o

ra te

o f th e fa ct th a t

on

a ccep ta n ces

w as

c o n s id e r e d ,

t h e r e c e n t i n c r e a s e in t h e r e d i s c o u n t

b ills .

A f t e r t h e m e e t in g o n e o f t h e d e a le r s w h o a t t e n d e d e m p h a s iz e d in a

sta te

m e n t t o t h e " T r i b u n e " t h e im p o r t a n c e o f t h e d is c o u n t m a r k e t a s a n e q a liz e r
o f in t e r e s t r a te s b e t w e e n d iffe r e n t s e c t io n s o f th e c o u n t r y .
T h e a c c e p t a n c e d e a le r s t h a t w e r e r e p r e s e n t e d a t y e s t e r d a y 's m e e t i n g i n 
c lu d e d

S a la m o n

B roth ers

ft

H u tz le r ,

F . S . S m ith e r s &

G o ., th e N a tio n a l

C i t y C o m p a n y , th e D is c o u n t C o r p o r a t io n , t h e F ir s t N a t io n a l C o r p o r a t io n
and

B e r n h a r d , S c jio lle &

C o.

H a v i n g s u c c e e d e d in s t o p p in g t h e w il d u p b id d i n g o f s t o c k s b y v i r t u a lly
c u t t in g o f f t h o s u p p ly o f m o n e y , w it h o u t w h ic h p y r a m id in g o f v a lu a s c a n n o t
b e a c c o m p l i s h e d , t h e F e d e r a l R e s e r v e B o a r d , i t is u n d e r s t o o d , w ill t u r n i t s
a t t e n t io n t o t h e s p e c u la t o r s in c o t t o n , g r a in a n d o t h e r c o m m o d it ie s .
H u n d r e d s o f m illio n s o f d o lla r s in c r e d it s a r o t ie d u p in c o t t o n

The following day the same paper said:

h ig h e r p r ic e s .

T h e am ou n t o f co tto n

th r o u g h t h e m e d iu m

h e ld fo r

s o h e ld in t h o S o u t h a n d e ls o w h c r o

is e s t i m a t e d a t b e t w e e n t h r e e a n d f o u r m i l l i o n b a l e s .
o f a ccep ta n ces.

T h i s c o t t o n is f i n a n c e d

It h a s b e e n c u s to m a ry fo r b a n k s to

a c c e p t d r a ft s fo r n in e t y d a y s w ith r e n e w a l p r iv ile g e s o n t h o u n d e r s ta n d in g
t h a t s u c h r e n e w a ls w ill b e r e d is c o u n t a b le a t F e d e r a l R e s e r v e b a n k s .
T o s t o p t h is p r a c t ic e , w h ic h p la y s in t o t h e h a n d s o f c o t t o n s p e c u la t o r s , t h o
F e d e r a l R e s e r v e B o a r d , it is s a i d , is c o n s i d e r i n g t h e a d v i s a b i l i t y o f is s u in g
an

ord er

w h ic h

w ill

p r e c lu d e

m em ber

banks

fr o m

r e n e w in g

a ccep ta n ces

d r a w n a g a in s t c o t t o n s o h e ld u p o n e x p ir a t io n o f th o 9 0 -d a y p e r io d .

S u ch

a p o l i c y , i t is b e l i e v e d , w o u l d r e s u l t i n f o r c i n g l i q u i d a t i o n o f a n e n o r m o u s
a m o u n t o f c o t t o n a n d t h u s r e le a s e c r e d it s n o w t ie d u p in t h o s t a p l e .

A statement denying that the Reserve Board planned to
check the lending of money on cotton, was issued as follows
on Nov. 18 by Representative Heflin of Alabama:
A

r e p o r t t h a t m o n e y c o u ld n o lo n g e r b e b o r r o w e d
by

on co tto n

bear

at F ederal

s p e c u la to r s .

T h is

r e p o r t d e m o r a liz e d t h e m a r k e t a n d c a u s e d a b r e a k in t h o p r ic e o f c o t t o n f r o m

R A T E S .

r a t e o f t h e F e d e r a l R e s e r v e B a n k h a s m a d e i t le s s p r o f i t a b l e f o r d e a le r s t o
r e d is c o u n t

i n g i n f l a t i o n o f s e c u r i t i a s In t h e s t o c k m a r k e t .

R e s e r v e b a n k s h a s b e e n e x te n s iv e ly c ir c u it e d

O F F I C I A L S

A meeting in this city of leading acceptance dealers on the
18th to take steps toward coping with the situation into
which they have been placed by the prevalence of high rates
in the call money market was reported in the New York
“Tribune” of the 19th, which said in part:
p a r t ic u la r ly

in g o v e r t h e c o u n t r y a r e n o t t o b e lim it e d , it w a s le a r n e d y e s t e r d a y , t o t h o
d r a s t i c m e a s u r a s t a k e n b y b a n k s h e r e , u n d e r t h o B o a r d ’s t u t e l a g o , f o r h a l t 

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

in s titu tio n ,

ip o n e y . m a r k e t

o f m oney

o f a tt e m p t in g

E ffo r t s o f th e F e d e r a l R e s e r v e B o a r d t o c u r b t h o s p e c u la t iv e c r a z e s w e e p 

t h e f u t u r e a ll o i t h e

t h a t o f i t s c o r r e s p o n d e n t i n s t i t u t i o n s w il l

$ 1 5 t o $ 2 0 a b a le .

T h o F e d e r a l R e s o r v e b a n k s h a v o n o t d e c lin e d a n d w ill

n o t d e c lin e t o le n d m o n e y o n c o t t o n .
in e x c u s a b le a n d in d e fe n s ib le .

S u ch a c o u r s e w o u ld b o u n w a r r a n te d ,

C o t t o n is n o w

t h e s a fe s t a n d b a s t c o lla te r a l

in t h o w o r ld , a n d t h e P r e s id e n t w ill n o t p e r m it s u c h a g r o s s d is c r im in a t io n
a g a in s t c o t t o n fa r m e r s a n d m e r c h a n ts o f t h o U n ite d S ta te s .

T h o dem and

f o r c o t t o n is s o m u c h g r e a t e r t h a n t h e s u p p ly , p r lc a s a r e b o u n d t o a d v a n c o .

There was also mado public on Nov. 17 a letter to Senator
Smith of South Carolina from Gov. W. P. G. Harding of
the Foderal Reserve Board, in which the latter declared
that cotton loans are safe; that he seeks only larger margins
to protect the banks. Governor Harding said:
T h e b a n k s w ill n o t a s s u m e t h e v a l u e o f o v e n 2 5 c e n t s a p o u n d u n le s s t h o
r e c e ip t s d o I n d i c a t e t h e g r a d e o r o t h e r s a t is f a c t o r y e v i d e n c e is f u r n is h e d a s
t o w h a t t h o g r a d e Is.
sp rea d b etw een

T h e r e a r e s o m a n y d iffe r e n t g r a d e s o f c o t t o n a n d th o

t h e v a lu e o f th o lo w e s t a n d

t h o h i g h e s t g r a d o Is s o g r o a t

t h a t i t s e e m s t o m e t h a t s o m e k n o w l e d g e o f t h o g r a d e is n o c e s s a r y I n l e n d i n g
in t e llig e n t ly o n c o t t o n a s c o lla t e r a l.

Declaring that there was nothing to warrant the inference
A committee of leading acceptance dealers, which was appointed Tuesday
at a meeting called to meet the new situation created by high call money that 25 cents a pound was to be regarded as a maximum
rates, yesterday conferred with officials of the Federal Reserve Bank here. salable value for loan purposes Governor Harding added:



N ov. 22 1919.]

THE CHRONICLE

W e k n o w t h a t s o m e lo n g - s t a p le c o t t o n s o ld in N e w O r le a n s a t 7 5 c e n t s a
pound

and

we

k n o w , a ls o ,

t h a t i t is n o t u n u s u a l f o r t h e f lu c t u a t i o n s in

c o t t o n t o a m o u n t t o a s m u c h a s 2 0 0 p o in t s in a s in g le d a y .
s ta n ce s it se e m s

to

m a k in g lo a n s o n
m u ch

lo w e r

m e

t h a t it is n e c e s s a r y

co tto n

p r ic e

th a n

and

w as

to

fr o m

th e

co tto n

w a s s e llin g

e x t r a o r d in a r y

at a

flu c t u a t io n s

to

w h ic h it is n o w s u b je c t .

The “Wall Street Journal,” in its further reference to
Governor Harding’s advices, said:
'W h i l e b e l i e v i n g

th a t th e

F e d e ra l R e s e rv e sy ste m

s h o u ld d o

e v e r y th in g

p o s s ib le , w it h d u e r e g a r d t o s a fe t y a n d t o t h e “ w a n ts a n d r e q u ir e m e n ts o f
o t h e r c o m m e r c ia l in t e r e s t s in t h e c o u n t r y ,”
m ark et

th e ir

p rod u cts

m ig h t b o fo r c e d
not be

u sed

to

as a

e n tir e ly fr o m

in

a

gradu al an d

to

e n a b le

t h e m a r k e t w ith

m anner so

th e ow n ers o f co tto n

th e v ie w

W e

th a t

no

one

to

o f fo r c in g p r ic e s t o

w ith h o ld

it

fin d

th a t an

en orm ou s a m ou n t o f sp ot co tto n

has been

p u rch a sed

t h r o u g h t h e N e w Y o r k a n d N e w O r le a n s e x c h a n g e s f o r D e c e m b e r a n d J a n u 
a r y a lo n e .

A ll o f t h is c o t t o n w ill b e d e m a n d e d b y t h e b u y e r s o n a c c o u n t o f

th e en orm ou s
cotton .

sh orta g e

I n th e ir d e s p e r a tio n
e x tr ic a te

th e m s e lv e s

b a n k lo a n s c a lle d .

not

o n ly

o f co tto n ,

but

e s p e c ia lly

o f good

grad e

th e m a n ip u la t o r s h a v e u s e d e v e r y k n o w n m e a n s t o
fr o m

t h e ir

p r e d ic a m e n t.

T hey

a tte m p te d

to

have

F a ilin g in t h is , t h e y h a v e b r o u g h t e v e r y p r e s s u r e p o s s ib l e

t o b e a r t o h a v e a r u lin g p u t t h r o u g h lim it in g o r p r o h ib it in g s p e c u la t io n .

t o a id t h e c o t t o n p r o d u c e r s t o

o r d e r ly

s e ll a t a s a c r if ic e , M r . H a r d in g s a id t h e b a n k s s h o u ld

m e d iu m

he said, “will not only stabilize the market, but will force
prices back up.” Mr. Wannamaker also said:

r e q u i r e a l a r g e r m a r g i n in

w as th e case w h en

fr e e

I n th e s e c ir c u m 

1935

A

c a r e fu l c a n v a s s o f t h e e n tir e c o t t o n b e lt r e v e a ls t h e s t a r t lin g f a c t t h a t

t h e r e is n o t t w o m i l l i o n b a l e s o f g o o d g r a d e c o t t o n in s i g h t in t h e c o t t o n b e l t
to -d a y , a n d
o n th e N e w

t h e r e a r e o n ly t w e n t y -t w o th o u s a n d b a le s o f c e r t ifie d
Y ork E xch an ge.

co tto n

an u n reason 

W i t h s a le s o n t h e e x c h a n g e s f o r D e c e m b e r a n d J a n u a r y a r o u n d a m illio n

In still further advices, contained in a telegram to T. T.
McElderry, of the Cotton Committee of the National
Farmers’ Union at Memphis on the 19th inst., Governor
Harding had the following to say:

b a le s , w it h t h e la r g e s t a m o u n t o f c o t t o n a lr e a d y p u r c h a s e d t h r o u g h t h e N e w

a b le le v e l.

F ederal

R eserve

B oard

o p in io n

as to

express an

d o e s n o t u n d e r ta k e t o fix
m e r its o f p r e s e n t p r ic e .

a d m in is te r t h e F e d e r a l R e s e r v e s y s te m

p r ic e o f c o t t o n
Its o n ly

con cern

or to
is t o

in s o u n d , b u s in e s s -lik e m a n n e r , t o

s e e t h a t p a p e r r e d i s c o u n t e d f o r m e m b e r b a n k s is a d e q u a t e l y s e c u r e d , a n d
th a t

F ederal

R eserve

banks

t h o r e q u ir e m e n t o f t h e la w

in

e x t e n d in g

a c c o m m o d a tio n s

s h a ll

observe

t h a t t h e a ffa ir s o f th e F e d e r a l R e s e r v e b a n k s

b o a d m in is t e r e d f a ir l y a n d im p a r t ia l ly a n d w it h o u t d is c r im in a t i o n in f a v o r
o f o r a g a in s t a n y m e m b e r b a n k o r b a n k s , a n d t h a t th e R e s e r v e b a n k s e x te n d
to each m em b er ban k

s u c h a d v a n c e m e n t s , d is c o u n t s a n d a c c o m m o d a t io n s

as m ay

r e a s o n a b ly

b e s a fe ly a n d

m a d e w ith

d em a n ds o f oth er m em b er b a n k s.
resou rces

of

F ederal

R eserve

The

banks

d u e regard

B oard

s h o u ld

fo r th e

c la im s a

d o e s n o t b e lie v e th a t th e

b o u sed

d ir e c t ly

or

in d ir e c t ly

f o r s p e c u la t iv e p u r p o s e s o r fo r fa c ilit a t in g t h e h o a r d in g o f c o m m o d it ie s fo r
su ch

pu rposes.

B oard

h a s c o n s is t e n t ly

m a in ta in e d

th a t th e

grad u al and

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

Y ork and N ew

O r le a n s e x c h a n g e s b y th e a c tu a l c o n s u m e r s o f r a w c o t t o n ,

w e a r e f a c in g t h e a b s o lu t e c e r t a in t y o f t h e m a n ip u la t o r s b e in g p la c e d in a
p re d ica m e n t.

T h e ir o n ly

p a r t w it h h is c o t t o n .
fo lly .
fr o m

The

fa ct

p o s s ib i lit y o f r e li e f is t o f o r c e

th e p ro d u ce r t o

T o s e ll c o t t o n u n d e r t h e s e c o n d it io n s is w o r s e t h a n

th a t th e

m a n u fa ctu re d

p r o d u c t is

b r in g in g

a

p r o fit

of

$ 1 0 0 t o $ 3 5 0 p e r b a le , b a s is m id d lin g , t o t h e m a n u fa c tu r e r , t h a t w e

h a v e t h e s h o r t e s t c r o p in a d e c a d e , t h e s h o r t e s t s u p p ly o f g o o d g r a d e c o t t o n
in p r o p o r t i o n t o t h e c r o p e v e r p r o d u c e d in t h e la s t s ix t y y e a r s , t h e u n h e a r d
o f p r e d ic a m e n t o f th e b e a r s p e c u la to r s o n

th e ex ch a n g es

h a v in g s o ld

an

a m o u n t o f c o t t o n fa r in e x c e s s o f t h e p o s s ib le s u p p ly , a n d t h e s t a r t lin g f a c t
t h a t a c a n v a s s o f t h e e n tir e c o t t o n b e lt s h o w s t h a t th e r e a r e n o t t w o m illio n
b a le s o f g o o d g r a d e c o t t o n in s ig h t t o - d a y , a ll b r in g t o lig h t t h e a b s o lu t e
c e r t a in t y o f m u c h h ig h e r p r ic e s .
I t w a s th e u n d e r s ta n d in g w h e n p r ic e s w e r e s e t b y t h e A m e r ic a n C o t t o n
A s s o c ia t io n t h a t th e s e p r ic e s w e r e s e t b a s e d u p o n a m a r k e t w it h o u t c o m p e t i
t io n , a n d t h a t h ig h e r p r ic e s w o u ld b e r e c o m m e n d e d a s s o o h a s p e a c e w a s
d e c la r e d

or

c o n d it io n s

changed.

T o -d a y

we

have

th e

m o s t a c tiv e

com 

p e t it io n f o r b u y in g o f c o t t o n w h ic h h a s e x is t e d s in c e 1 9 1 4 , a n d t h is c o m p e t i
t io n w ill b e in c r e a s e d t o a n u n t h in k a b le d e g r e e b y t h e t im e t h e t r e a t y is
s ig n e d .
______________________
__________

e x t e n d t o p r o d u c e r s s u c h a c c o m m o d a t io n s a s c a n s a fe ly b e m a d e t o c a r r y th is
p o lic y

i n t o e f f e c t , t h e r e b y a v o i d i n g s a le s a t s a c r if ic e p r ic e s w h ic h

r e s u lt fr o m

u s u a lly

C O N F E R E N C E

fo r c in g u n d u e v o lu m e o f c o m m o d it ie s o n m a r k e t a t o n e tim e .

above was in response to a telegram received by Gov.
Harding from Mr. McElderry, which said:

F O R E IG N

The

N a tio n a l

F a r m e r s ' U n i o n , in s e s s io n

d r a w a l o f t w o m illio n b a le s f r o m

h e re , a sk s if y o u

r e fe r r e d

t o w ith 

m a r k e t o r i f y o u m e a n p r ic e h ig h e n o u g h

a n d r e g io n a l b a n k m o n e y w ill b e w it h h e l d i f h ig h p r ic e is s o u g h t t o b e h a d
b y fa r m e r s .

R E P O R T

A N D

■

D E N I A L

O F

B R I T I S H

A M E R I C A N

B O Y C O T T

O F

C O T T O N .

A warning against a boycott (since denied) by British cot
ton importers of American cotton unless it is insured in British
companies was voiced in a special article in the London
“Daily Mail” on Nov. 14, according to press cablegrams of
that date, which added:
S u c h a b o y c o t t , t h e a r tic le s a id , w o u ld c o n s t it u t e a g r a v e d a n g e r t o A n g lo A m e r ic a n c o m m e r c ia l r e la tio n s .
B r itis h b u s in e s s m e n m u s t d e c id e , t h e a r t ic le s a id , w h e t h e r t o je o p a r d iz e
A m e r ic a n f r ie n d s h ip f o r t h e s a k e o f t h e a n n u a l $ 1 0 ,0 0 0 ,0 0 0 c o t t o n c a r g o in 
s u r a n c e p r e m iu m s a n d p o in t s t o t h e p o s s ib i lit y o f s e r io u s A m e r ic a n r e p r is a ls
in v i e w o f t h e f a c t t h a t B r itis h c o m p a n ie s c a r r y m o r e t h a n 4 0 %
in s u r a n c e in t h e U n it e d S t a t e s .

o f a ll fir e

T h e a r t ic le d e c la r e s t h a t in a d d i t io n t o d e m a n d i n g t h a t c o t t o n b e in s u r e d
in B r it is h c o m p a n ie s B r it is h c o t t o n im p o r t e r s a r e a ls o d e m a n d i n g t h a t A m e r 
ic a n c o t t o n
b rok ers.
“ T o

an

b e c a r r ie d e x c lu s iv e ly in B r it is h
a g g r e s s iv e

and

a m b it io u s

s h ip s a n d h a n d le d b y B r it is h
•

cou n try

lik e

th e

U n ite d

S ta te s

i t is

m o r tify in g , t o p u t it m ild ly , t o fin d it s e lf c h e c k -m a t e d a t th e v e r y o u ts e t o f

O V E R

" E p is o d o s lik e th e s e , u n le s s p r o m p t l y

e x p la in e d

a w a y , a re c a p a b le o f u n 

In reciting the information above, gathered by the corre
spondent of tho “Daily Mail,” London cablegrams of Nov. 15
reported the “Daily Mail” denial of the boycott as follows:
“ T h e D a il y M a i l " h a s c a u s e d in q u ir ie s t o b e m a d e in L o n d o n , M a n c h e s t e r
a n d L iv e r p o o l, a n d d e n ie s t h a t a n y b o y c o t t o f A m e r ic a n in s u r a n c e c o m p a n ie s
e x ists .

T h e n e w s p a p e r s a y s t h e B r i t i s h i n s u r a n c e m a r k e t is w i d e o p e n

to

A m e r ic a n c o m p a n ie s , a s it is t o a n y o t h e r f r i e n d l y c o m p a n ie s , n o t w it h s t a n d 
in g t h o h e a v ie r r a t e s p r e v a il in g in A m e r ic a a s c o m p a r e d w it h B r it is h in s u r 
a n c e o ffic e s .
O n e a u t h o r it y , a c c o r d in g t o t h o “ D a il y M a i l ,” s u g g e s ts a s t h e e x p la n a tio n
o f th o ro p o rte d

b o y c o tt th a t

som e

B r itis h

c u s to m e rs o b je c te d

to

p o lic ie s

d r a w n u p b y n o w c o m p a n ie s w it h w h ic h t h e y w e r o n o t a c q u a in t e d .

O N

E D G E

B IL L

C R E A T I N G

C O R P O R A T I O N S - B I L L

TO

N E X T

G O E S

S E S S IO N .

The Conference report on the Edge bill, providing for
the creation of banking corporations to engage in foreign
banking business, was presented to the House on Nov. 17
by Representative Platt, Chairman of the Committee on
Banking and Currency, but efforts looking to its considera
tion in the House before the adjournment of Congress on
the 19th inst. were unsuccessful, and action thereon goes
over to the December session. Tho bill as was reported in
these columns, Sept. 13, page 1030, passed the Senate on
Sept. 9. A favorable report on the bill was ordered on Oct.
20 by the House Banking and Currency Committee, follow
ing the submission to the latter of a report proposing amend
ments made by a sub-committee of the Banking and Cur
rency Committee. On Nov. 7 the House passed the bill
by a vote of 198 to 27. A number of amendments were
offered on tho day of the adoption of the bill by the House,
but most of them were defeated. Under one amendment
adopted by the House (offered by Representative Cannon)
corporations formed under the bill would be prohibited from
establishing branch banks in the United States. The further
efforts to amend the bill in the House on Nov. 7, were re
ported as follows in the “Journal of Commerce” of Nov. 8:

t h o p e a c e e r a in p u r s u it o f le g it im a t e p e a c e t im o a c t i v i t i e s , " t h e “ M a i l ” s a id .
d o i n g e v e r y t h i n g h i t h e r t o a c c o m p l i s h e d In t h e d i r e c t i o n o f B r i t i s h a n d A m e r 
ic a n fr a t e r n it y .”

R E P O R T

B A N K I N G

A

s lig h t a m e n d m e n t fr o m

B a n k in g ,
A

w as

n e w s e c tio n

a d op ted

M r . W in g o , a m e m b e r o f t h e C o m m it t e e o n

m o d ify in g

th e

p e n a ltie s f o r v io la t io n

w a s a d d e d a t th e e n d o f t h e b ill o n m o t io n

o f th e

A cc.

o f M r . P h e la n ,

o f M a s s a c h u s e tts , m a k in g it a p e n a l o ffe n s e fo r a n y o n e t o

s e ll s t o c k

or

s e c u r itie s o f a n y k in d o ffe r e d b y t h e p r o p o s e d c o r p o r a t io n s w it h t h e r e p r e 
s e n ta tio n

th a t th e U n ite d

S t a t e s G o v e r n m e n t w a s in a n y m a n n e r r e s p o n 

s ib le f o r . o r g u a r a n t e e in g in a n y f o r m , t h e s e c u r it ie s t h u s o f f e r e d f o r s a le .
A n o ffe r w a s m a d e b y M r . D o w e ll , o f I o w a , t o in c r e a s e th e p e n a lt y f o r t h o
c r im e c r e a t e d b y t h e b il l f o r a n y o n e t o f i x p r ic e s o f c o m m o d it ie s in w h ic h
th e

proposed

th o u g h t th e

c o r p o r a t io n s

s h o u ld

p e n a ltie s e n o u g h

engage

a s fix e d

by

in

fin a n c in g ,

th e

but

th e

H ouse

c o m m it t e e , n a m e ly , u p

$ 5 ,0 0 0 f in e o r o n e y e a r 's im p r is o n m e n t , o r b o t h , in
cou rt.

th e d is c r e t io n

to

o f th e

A v ig o r o u s p r o te s t w a s m a d e b y M r . M o r g a n o f O k la h o m a , t o p la c e a lim it
o n t h e s iz e o f t h e fin a n c e c o r p o r a t io n s a n d h e s u g g e s t e d t h a t n o c o r p o r a t io n
o f t h e k in d p r o p o s e d s h o u ld h a v e a c a p it a l s t o c k g r e a t e r t h a n $ 5 0 ,0 0 0 ,0 0 0 ,
but

t h is a ls o

th e

H ouse

regarded

as u n n ecessary .

The

ta x a tio n

c la u s e s

w e r e a t t e m p t e d t o b e c h a n g e d b y s e v e r a l S o u th e rn m e m b e r s w h o h e ld t h a t
f o r t h e g r e a t e r a m o u n t o f s e c u r it ie s t o b e is s u e d u n d e r t h e b il l N e w
./.

S K O T T O W E
M A R K E T

W A N N A M A K E R
B R E A K

J F A S

D E C L A R E S

C O T T O N

M A N I P U L A T E D .

The recent break in the cotton market is decried by J.
Skottowo Wannamaker, President of the American Cotton
Association, who in a statement issued at Columbia, S. C.,
on Nov. 12. declared that “a raid on the cotton market was
engineered by manipulators who, realizing tho desperate
predicament that they were in with an enormous amount of
cotton sold through the exchanges, delivery date fast ap
proaching and no possibility of their being able to fill these
contracts with spot cotton, which is certain to be demanded.”
Mr. Wannamaker called on tho members of the American
Cotton Association to protect themselves by absolutely
refusing to sell a bale of cotton during this absolutely un
justifiable manipulated pro-arranged drive, which was put
in force for tho purpose of beating down prices. “ This,”



Y ork

c it y w o u ld ta x b o t h t h e c a p it a l s t o c k o f t h e c o r p o r a t io n s a n d a ls o t h e s t o c k
h e ld

by

in v e s t o r s in a ll p a r t s o f t h e c o u n t r y .

T h e y u r g e d t h a t t h e s it u s

o f p e r s o n a l p r o p e r t y s h o u ld b e w h e r e th e o w n e r o f s u c h s t o c k m ig h t h a p p e n
t o h a v e h i s r e s i d e n c e a n d n o t in t h e c i t i e s w h e r e t h e b u s i n e s s o f t h e c o r p o r a 
tio n s w a s c o n d u c t e d .

T h e s e a m e n d m e n ts fa ile d b y

d e c is iv e v o t e s .

M r . D o w e ll o ffe r e d a n a m e n d m e n t to b re a k d o w n th e c o m m itte e a m e n d 
m e n t o f t h e d o u b l o l i a b i l i t y c l a u s e p u t In t h e b i l l in t h e S e n a t e a n d s t u b b o r n l y
con tested

th e re .

It

w as u rged

t h a t n a t io n a l b a n k s w e r e h e ld

to

d o u b le

lia b ilit y a n d th e r e w a s n o g o o d r e a s o n w h y th e p r o p o s e d fin a n c ia l c o r p o r a 
t io n

s h o u ld

n o t a ls o .

B u t M r . P la t t a n d o th e r s p o in t e d

o u t t h a t in t h e

c a s e o f n a tio n a l b a n k s t h e y w e r e d e p o s it b a n k s a n d t h e c u s to m e r h a d t h e
r ig h t t o b e p r o t e c t e d w h e r e h e w a s n o t a b le t o lo o k in t o th e r e s p o n s ib ilit y
o f t h e b a n k , b u t t h e e x p o r t in s t it u t io n s w o u ld n o t b e d e p o s it b a n k s a t a ll
a n d th e r e w a s n o t n e e d o f lo a d in g th e m

u p w it h d o u b le lia b ilit y .

B e s id e s ,

h e a d d e d , s u c h a n a m e n d m e n t w o u ld s e r v e t o d is c o u r a g e t h e s m a lle r b a n k s
f r o m in v e s t i n g in t h e s e n e w in s t it u t i o n s a s p r o v i d e d b y r e c e n t le g is la t io n
b y C on gress.
T h e a m e n d m e n t w a s lo s t .
M r . K in g , o f I llin o is , a m e m b e r o f t h e B a n k in g C o m m it t e e , t r ie d t o p u t
on

an

rep ea l

a m e n d m e n t r e s e r v in g t o
th e ch a rte rs g ra n te d

e x p la n a t io n fr o m

C on gress )h e

u n d er th e a ct.

r ig h t t o

m o d ify , a m e n d , o r

T h is w a s d is p o s e d

of by

an

C h a ir m a n P la t t t h a t th e w h o le b ill w a s a n a m e n d m e n t t o

S e c tio n 2 5 o f t h e F e d e r a l R e s e r v e A c t , a n d th e r e c o u ld b e n o q u e s t io n o f t h e

IVol .

THE CHEONTCEE

1936

iop

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

b u r e a u s o r ig in a t e id e a s b e c a u s e t h e y a r e t h e fir s t t o p r e s e n t p la n s t o u s , n o r

a ct.

in

t h e c a s e o f t h is b il l, a lt h o u g h

w r itte n

by

th e a tto rn e y

fo r th e F ed era l

Work on the bill by the conferees was begun on Nov. li
the conferees consisted of Senators McLean of Connecticut
and Page of Vermont, Republicans, and Owen of Oklahoma,
Democrat, and Representatives Platt of New York, McFadden of Pennsylvania and Dale of Vermont, Republicans,
and Phelan of Massachusetts and Wingo of Arkansas, Demo
crats. In its issue of Nov. 18 the New York “Commercial”
reported that out of 3G amendments added by the House
to the original bill as passed by the Senate, the Senate‘con
ferees agreed to recommend that the Senate accept 26 with
out change. The House conferees agreed to the elimination
of three of the amendments. The other seven were ap
proved, with changes. One of the principal points of dif
ference was the provision imposing double liability upon
shareholders of corporations formed under the Act. This
provision was incorporated in the bill by the Senate. The
House Committee, at the instance of the Federal Reserve
Board, amended the provision so as to make the stock
holders liable only to the extent of the unpaid stock subscrip Following Representative King, Representative McFaddcn
tions; the House provision was accepted by the conferees.
at length in defense of the bill, and in large part we
In a statement in explanation of the effect of the action agreed spoke
upon by the conference committee, the Managers on the quote herewith what the latter had to say:
part of the House said:
R e s e r v e B o a r d , is i t t o b e p r e s u m e d t h a t e it h e r h e o r t h e b o a r d o r ig in a t e d

t h e id e a s a n d p u r p o s e s o f th e b il l.

F a r fr o m it.

T h e p a s s a g e o f t h is b ill m e a n s t h e d e s t r u c t i o n o f m a n y A m e r ic a n in d u s 

tr ie s .

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

v e r y e a s y t o s e e t h e r u in o f A m e r ic a n m a n u f a c t u r in g c o n c e r n s w h o d o n o t
o r c a n n o t e n te r th e c o m b in e .

N o s in g le m a n u fa c t u r e r c o u ld c o m p e t e w ith

s u c h a m o n o p o l y , a n d h e w o u ld b e d r iv e n t o t h e w a ll, h is b u s in e s s r u in e d ,

a n d h is f a c t o r ie s fa ll in t o d e c a y , ju s t a s t h e y d id w h e n th e s e g r e a t t r u s ts
w ere fo r m e d

p r io r t o th e e n a c t m e n t o f t h e S h e r m a n a n titr u s t la w .

is h a r d l y a t o w n

in A m e r ic a t o - d a y

w h ic h

can n ot show

you

T h ere

t h e r u in s o f

s o m e fa c t o r y w h ic h u s e d t o h e ln s u p p o r t th e t o w n p r io r t o its r u in a tio n o r
pu rch ase

and

d e m o lit io n

by

th e

tru st.

C itiz e n s

of

th e se

v illa g e s

p o in t

m o u r n fu lly t o t h e d e s e r te d a n d w in d o w le s s b u ild in g s o f w h a t u se d t o b o a
flo u r in g

o r s te e l m ill o r s o m e o t h e r a c t iv e

and

to w n -s u p p o ^ rtin g in d u s t r y

b e f o r e t h e t r u s t la id u p o n it t h e c o l d h a n d o f d e a t h .
I f i t is a f a c t , a s c l a i m e d b y t h e f r i e n d s o f t h is b i l l , t h a t t h e s e in s t i t u t i o n s
f o r m e d u n d e r t h i s a c t w i l l b e t h e m e a n s o f f i n a n c i n g c o r p o r a t i o n s in f o r e i g n

c o u n t r ie s , t h e n w e s h o u ld c a ll a h a lt b e f o r e i t is t o o la t e .

W h y s h o u ld th e

A m e r ic a n C o n g r e s s le g is la t e t o t e a r d o w n in d u s t r y in t h e U n i t e d S t a t e s a n d
b u il d it u p in f o r e ig n c o u n t r ie s ?

Y e t t h a t t h is w ill b e a t t e m p t e d a s s o o n a s

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

sh adow o f a d ou b t.

T h a t is w h a t t h is b ill is f o r .

T h ere never has been a

g r e a t e r b lo w s t r u c k b e h in d t h e b a c k o f A m e r ic a n in d u s tr y th a n th e a t t e m p t
t o f o is t t h is le g is la t io n in t o t h e s t a t u t e s .

I n f a c t , t h is r u in o u s c a m p a ig n h a s

a lr e a d y s t a r t e d .

M r. M cF A D D E N .

M r . C h a ir m a n , I w a s c h a ir m a n o f th e S u b c o m m it t e e

o n B a n k i n g a n d C u r r e n c y , w h i c h h a d u n d e r c o n s i d e r a t i o n t h o b i l l w h i c h is

T o n e a r ly a ll o f t h e r e s t r ic t io n s a n d li m it a t i o n s p la c e d in t h e b il l b y t h e
H o u s e t h e S e n a t e c o n f e r e e s r e a d ily a g r e e d , b u t in
th em

fu rth e r a m e n d m e n ts

c o n fe r e e s a s fo llo w s :
O n N o . 1 4 . th e r ig h t t o

w e r e s u b m itte d

and

a g r e e in g w ith s o m e o f

agreed

to

by

now

b e fo r e t h o H o u s e fo r c o n s id e r a tio n .

a ll o f t h e in t e r e s t s a f f e c t e d

by

E v e r y o p p o r tu n ity w a s g iv e n

t h e b ill t o b e h e a r d

H ouse

T h o o n ly

is s u e d e b e n t u r e s , u n d o u b t e d l y in c l u d e d

in t h e

g e n t l e m a n f r o m I l l i n o i s e x p r e s s e s t h e f e a r t h a t t h i s is g o i n g t o b e a c o m b i n a 

th rou gh

o p p o s it io n
th e

w h ic h d e v e lo p e d

o p p o s it io n

seem s to

o f th o g e n tle m a n

fr o m

have been
I llin o is

t io n in r e s t r a in t o f t r a d e .

is f u r t h e r s a f e g u a r d e d

b e c a u s o I t h i n k i t i s g o i n g t o h e l p t r a d e in t h e U n i t e d S t a t e s .

“ T o

is s u e

d e b e n tu re s,

by

t h e in s e r t io n

o f th e w o r d s

" g e n e r a l c o n d it io n s

s o th a t th e a m e n d m e n t as a greed to

bonds

and

p r o m is s o r y

n o te s

under

w ill r e a d :

su ch

gen era l

m a d e m a n ife s t

[M r .

p o w e r t o b o r r o w , w a s c le a r l y s e c f o r t h a n d lim it e d in t h is a m e n d m e n t , w h ic h
a s t o s e c u r it y a n d s u c h ,”

to

b e fo r e th o c o m m itte o .

th e

K in g ].

The

I t h i n k t h e g e n t l e m a n is i n e r r o r i n t h a t r e s p e c t ,

T h e g e n t le m a n s u g g e s t s t h a t it w ill d r iv e o u t o f t r a d e t h o s m a ll c o n c e r n s
in t h is c o u n t r y , a n d t h a t t h e y w ill b e f o r c e d t o d o b u s in e s s w i t h t h e s e la r g o

c o n d it io n s a s t o s e c u r it y a n d u n d e r s u c h lim it a t io n s a s th e F e d e r a l R e s e r v e

c o m b in a t i o n s o f t r a d e , a n d t h a t t h a t w ill w o r k a g r e a t h a r d s h ip .

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

m in d

e x c e e d in g te n tim e s its c a p it a l s t o c k a n d s u r p l u s .”
N o . 15— T o t h is a m e n d m e n t w a s a d d e d a s e n t e n c e fu r t h e r r e fe r r e d

w h ic h I b e li o v o p e o p l e w h o s t u d y t h e s u b je c t w ill a g r e e w it h m o w h e n I s a y
to

t h i s m a t t e r o f i n t e r n a t i o n a l t r a d e Is a

T o

m y

v e r y s e r io u s m a t t e r a n d

one

t h a t n o s m a l l c o n c e r n in t h e U n i t e d S t a t e s , w i t h c o n d i t i o n s a s t h e y a r e a t

t h e lim it in g o f t h e lia b ilit ie s " o f a n y a n d a ll c la s s e s " b y t h e F e d e r a l R e s e r v e

p r e s e n t, s h o u ld a t t e m p t t o e n te r th o fo r e ig n

B oard .
On N o.

a m e n d m e n t s t o t h e C la y t o n a n titr u s t la w , u n d e r t h o W e b b - P o m e r c n o A c t ,
p e r m it t in g c o n c e r n s t o c o m b in e t o d o in t e r n a t io n a l t r a d e o r b u s in e s s , o n e o f

.
,, .
o f t h e w o r d s " a u t h o r iz e d b y t h is s e c t io n

16— T h e a d d i t io n

th is a m e n d m e n t w a s m a d e t o c o n f o r m

in

w it h t h e r e s tr ic tio n s u p o n d e p o s it s

m a d e a b o v e in t h e s a m e p a r a g r a p h , a n d t h e r e s e r v e r e q u ir e d is r a is e d f r o m
5

to 1 0 % .
,
x , ,
O n N o . 19— M o s t o f t h e a m e n d m e n t in s e r t e d b y t h e H o u s e is s t r ic k e n

o u t a s u n n e c e s s a r y a n d p o s s ib ly h a m p e r in g t o th e s u c c e s s fu l o p e r a t io n o f
th e fin a n c ia l
and

w ith

c o r p o r a t io n s

th e

great

in

p r iv a t e

c o n n e c t io n
b a n k in g

w ith

fir m s .

s im ila r
In

fo r e ig n

c e r ta in

I n s titu tio n s

S o u th

A m e r ic a n

c o u n t r i e s c o n t r o l o f t r a d i n g c o m p a n i e s t h r o u g h o w n e r s h i p o f s t o c k s is d e 
c la r e d t o b e n e c e s s a r y , a n d t h e r e a r e c e r ta in o t h e r c o u n tr ie s w h e r e A m e r i
ca n g o o d s , raw

m a t e r ia ls o r m a c h in e r y c a n n o t b e s a fe ly s o ld o n lo n g t im e

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

b e o b ta in e d .

In

fu rth e r a m e n d m e n t w a s a g re e d

s u b s id ia r y

c o r p o r a t io n s s h o u ld

r e c e d in g fr o m
to ,

m a k in g

engage

in

th e

m o s t o f it s a m e n d m e n t

c e r t a in

th a t n o n e o f th o se

g e n e r a l b u s in e s s o f b u y in g

th e v e ry

tra d e.

W hen

w e p assed th e

p u r p o s e s o f t h e b ill w a s t o fin a n c e b u s in e s s o r ig in a t in g b y a u t h o r it y

o f t h is W e b b -P o m e r e n e A c t .

M any

o f th e s e s m a ll c o n c e r n s h a v e n o t t h o

c r e d it f a c il it ie s , a n d g r e a t r is k s a r e I n v o lv e d s h o u ld t h e y a s s u m e t h e r is k s
in c id e n t t o t h e fin a n c in g o f t h is fo r e ig n b u s in e s s .
T h e U n it e d S t a t e s t o - d a y is o n t h e e v e o f t h o g r e a t e s t p r o s p e r it y t h a t it
c o u ld

ever have h oped

e x p e c ta tio n s
T h is

10

co u n try

fo r .

years

w o r ld ’s s u p p ly

I n d u s t r ia lly e x p a n d e d

ago.

p rodu ces

In

20%

o f w h ea t. 4 0 %

w o r l d ’s s ilv e r , 5 0 %

w o r l d 's

to

ir o n

co p p e r an d op era tes 4 0 %

aro

g o ld .

25%

of

and

s te e l,

40%

o f th o

o f t h e w o r ld ’s c o a l, 6 0 %

T h is c o u n t r y r e fin e s 8 0 %

o f t h o w o r l d ’s r a ilr o a d s .

A h a r v e s t o f w e a lth fr o m

t h o fa r m s o f t h is b r o a d , r ic h la n d s u c h a s h a s

a t t e m p t in g t o c o n t r o l p r ic e s o f c o m m o d it ie s .
O n N o . 3 6 — T h e p r o v i s o i n t h e t a x a t i o n p a r a g r a p h is s t r i c k e n o u t .

s u p p lie d t o A m e r ic a n

“ p r in c ip a ll y e n g a g e d in f o r e ig n b u s in e s s ” a r e in s e r t e d t o p r e v e n t a n a t io n a l
o r S ta te b a n k o f d is c o u n t a n d d e p o s it fr o m

b e in g c o n v e r t e d in t o a n in te r 

n a t io n a l b a n k in g o r fin a n c ia l in s t it u t io n u n d e r t h e t e r m s o f t h is s e c t io n .

In reporting that the bill would go over to the next session
for action “Financial America” of Nov. 18 said:
N o a c t io n w ill b e t a k e n b y t h e H o u s e b e f o r e it r e c o n v e n e s in D e c e m b e r

o n th e E d g e b a n k in g b ill.

A tte m p ts o f R e p r e s e n ta tiv e W in g o , A rk a n sa s*

t o h a v e t h e c o n fe r e n c e r e p o r t o n th e b ill c o n s id e r e d t o - d a y w e r e u n s u c c e s s fu l.
M a jo r it y L e a d e r M o n d e ll d e c la r e d th a t a s su ra n ce h a d b e e n g iv e n m e m 
b ers w h o a re n o w

o u t o f th e c ity

c o n s id e r e d

H o u s e b e fo r e t h e r e g u la r s e s s io n

by

w as opposed

th e

B u t m o s t v a l u a b l e o f a ll t h e s t i m u l u s w h i c h
age,

and

t h a t n o im p o r t a n t le g is la tio n w o u ld

be

a n d th a t th e r e fo r e h e

th e

th o d ir e n e c e s s itie s o f w a r

in v e n t iv e n e s s , r e s o u r c e fu ln e s s , p r o d u c t i v e n e s s , c o u r 

s p ir it o f a d v e n t u r e c o n s t it u t e s a

tra n scen d s

I n th e th ir d p a r a g r a p h , fir s t lin e a ft e r t h e w o r d " in s t it u t i o n ” t h e w o r d s

o f th o

o f t h o w o r l d ’s

n e v e r b e f o r e b e e n r e c o r d e d i n t h e w o r l d ’ s h i s t o r y i s in p r o s p e c t .

h a d r e fe r e n c e t o t h e t a x a t io n o f s h a r e s o w n e d b y n o n -r e s id e n ts .

th o

o f th o w o r ld ’s s u p p ly

a n d s e llin g g o o d s in t h e U n it e d S t a t e s .
O n N o . 2 2 — T h is a m e n d m e n t fu r t h e r s t r e n g th e n s th e s a fe g u a r d s a g a in st
T h is

a ll

su p era b u n d a n t.

of

o f t h o w o r l d 's c o t t o n , 6 6 %

o f t h o w o r l d ’s c o r n .

a p o in t b e y o n d

we

s u p p ly

o f th o w o r ld ’s

o f t h o w o r ld ’s z i n c , 5 2 %

w o r l d ’s a lu m i n u m , 6 0 %
o f o il, a n d 7 5 %

n a tu ra l re so u rce s

o f th o

bounds

n a tio n a l a s se t w h ic h

o f m a te r ia l c o m p u t a t io n ,

but

a ls o

not

o n ly

c h a lle n g e s

th o

b o ld e s t im a g in a t io n .
F in a n c i a lly , w e a r e in t h e b e s t p o s i t io n o f a n y c o u n t r y in t h o w o r ld , a n d
o u r l e a d i n g c o m p e t i t o r s in t h o f i g h t f o r d o m i n a t i o n o f c o n t r o l In f i n a n c e a r o
lo o k in g t o u s t o - d a y fo r lo a n s a n d c r e d it s , a n d a ll o f t h o d e v a s t a t e d c o u n 
tr ie s o f E u r o p e a r o lo o k in g t o u s f o r f o o d p r o d u c t s a n d t h o n e c e s s a r y m a t e 
r ia ls f o r r e h a b il it a t i o n p u r p o s e s .
A l l t h a t is n e e d e d i n t h i s c o u n t r y t o - d a y is s i m p l y
m e n t le a d e r s h ip f o r a n d c o o p e r a t io n

c o n s tru ctiv e

G oven-

w it h b u s in e s s g e n e r a lly t o in s u r e f u l l

a n d fr e e d e v e lo p m e n t o f o u r u n e q u a le d r e s o u r ce s a n ti o p p o r t u n it ie s .
T o r e t u r n t o a n o r m a l b a s i s i m m e d i a t e l y Is w h a t i s n e e d e d , a n d i n o r d o r
t o d o t h is t h is c o u n t r y m u s t s p e e d u p .

W o h a v e th o m a r k e ts a n d t o s u p p ly

t h o m a r k e ts w e h a v e t h o r a w m a te r ia ls , t h o m a c h in e r y , a n d th e la b o r , a n d
th o

in c e n tiv e

s h o u ld

be

a c c e le r a te d

by

e d u c a t in g

th o

e le m e n ts

o f u n rest

in t o a s e n s e o f d u t y t o th e ir c o u n t r y t o g e t b a c k im m e d ia t e ly t o w o r k , a n d

t o b r in g in g t h e c o n fe r e n c e r e p o r t u p .

T h e c o n d it io n o f in t e r n a t io n a l e x c h a n g e , W i n g o r e m a r k e d , m a d e t h e b ill

h ard w ork , an d

fo r g e t fo r t h e m o m e n t th o q u e s tio n o f e q u it a b le r e a d ju s t 

v o t e d d o w n w ith c r ie s o f " N o ” a n d d e m a n d s t h a t a n a d jo u r n m e n t b o ta k e n .

m en t o f w ages.
L e t t h o U n ite d

T h is w a s d o n e o v e r h is p r o t e s t .

m a t e r ia ls , in d u s t r y , la b o r , a n d fin a n c e , a n d w o w ill s o f ix t h o p o s it io n o f t h o

o f v i t a l im p o r t a n c e a n d h e u r g e d t h a t it b e p a s s e d im m e d ia t e ly .

H e w as

On Nov. 3 Representative King of Illinois delivered an
attack against the bill, saying in part:
T h e v i t a l p a r t o f t h e b i l l is f o u n d i n t h e v e r y b e g i n n i n g , w h e r e i n , w i t h o u t

S t a t e s p u ll t o g e t h e r a ll o f h e r r e s o u r c e s . I n c lu d in g r a w

U n i t e d S t a t e s t h a t f o r f u t u r e y e a r s s h e w i l l b e t h o d o m i n a t i n g p o w e r in t h o
w o r ld .

T h e r e is e v e r y s e l f i s h r e a s o n

u p t o h e r fu lle s t c a p a c it y .
0 0 0 ,0 0 0 .

w h y t h e U n ite d

S ta te s s h o u ld s p e e d

W e h a v o a b o n d e d a n d flo a t in g d e b t o f $ 3 0 ,0 0 0 ,

T h e in te r e s t b u r d e n a n d t h o in c r e a s e d c o s t o f d o in g t h o G o v e r n 

fu r t h e r r e s o r t t o t h e C o n g r e s s , it fu r n is h e s a u t h o r iz a t io n e n a b lin g a n y n u m 

m e n t ’s b u s in e s s o c c a s io n e d b y t h e s e n o w c o n d it io n s im p e l u s t o a t t h o e a r lie s t

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

p o s s ib le m o m e n t t o liq u id a t e o u r in d e b te d n e s s .

th e m s e lv e s in t o c o r p o r a 

F ir s t.
S econ d.
T h ir d .

E n g a g in g p r in c ip a ll y in in t e r n a t io n a l o r fo r e ig n b a n k in g ;
E n g a g i n g in o t h e r i n t e r n a t i o n a l o r f o r e i g n f i n a n c i a l o p e r a t i o n s ;
E n g a g in g in

T h e o n ly w a y w o ca n h o p o to

d o t h is is b y I n c r e a s i n g p r o d u c t i o n .
O n e g r e a t t r o u b l e i n t h i s c o u n t r y t o - d a y Is t h a t o v o r y o n o Is l o o k i n g f o r a

tio n s f o r t h e p u r p o s e o f —

b a n k i n g o r o t h e r f in a n c ia l o p e r a t io n s in a d e p e n 

s n a p — s h o r t e r h o u r s , w ith as lit t le re a l w o r k a s p o s s ib le , a n d b ig w a g e s , g o o d
c lo th e s , a u to m o b ile s .

W o h a v e b e e n te n d in g t o w a r d le isu r e a n d e x t r a v a 

g a n c e in s t e a d o f c o m f o r t a n d c o n s e r v a t io n .

d e n c y o r in s u la r p o s s e s s io n o f t h e U n it e d S ta te s ;
P i n g a g i n g in a n y o f t h e f o r e g o i n g e n t e r p r i s e s d i r e c t l y o r t h r o u g h

T h i s b i l l h a s f o r i t s p u r p o s e t h e p r o v i d i n g In p a r t t h o m a c h i n e r y t o f a c i l i 

t h e a g e n c y , o w n e r s h i p , o r c o n t r o l o f l o c a l i n s t i t u t i o n s in f o r e i g n c o u n t r i e s ,

t a t e t h o s a le t o t h e w o r ld o f o u r s u r p lu s o f p r o d u c t i o n a n d t o p r o v id e fa c ili

F o u rth .

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

o r in s u c h d e p e n d e n c y o r i n s u la r p o s s e s io n s ;
F ifth .

T o a c t , w h e n r e q u ir e d , a s fis c a l a g e n ts o f th e U n ite d S ta te s ; a n d

S ix th .

T o e n g a g e i n o t h e r v e n t u r e s n o t i n c o n s 's t e n t w i t h l a w .

in w a r - d e v a s t a t e d E u r o p e .
I n 1 9 2 0 F r a n c e w a n ts $ 7 5 0 ,0 0 0 ,0 0 0 w o r t h , I t a l y w a n t s $ 6 0 0 ,0 0 0 ,0 0 0 . a n d

T h e s e v it a l p a r t s a r e le ft u n d is t u r b e d b y th e r e s t o f th e b ill w h ic h c o n s is t s

B e lg iu m w a n t s $ 2 0 0 ,0 0 0 ,0 0 0 , t o s a y n o t h in g o f t h e d e m a n d o f E n g la n d a n d

o f s t r a g g l i n g a n d g r o t e s q u e a p p e n d a g e s in l e g i s l a t i v e c o u r t e s y c a l l e d s a f e 

t h o o t h e r c o u n t r ie s , a p r o b a b le t o t a l o f $ 2 ,0 0 0 ,0 0 0 ,0 0 0 w h ic h t h e y w ill w a n t

g u a r d s , w h ic h fu r n is h n o p r o t e c t io n t o t h e g e n e r a l p u b lic , b u t r a th e r a c t a s

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

lu b r ic a n ts fo r th e b e t t e r w o r k in g o f th e s e c o n te m p la te d m o n e y -g e ttin g c o n 

k in d o f s e t t le m e n t th e s e c o u n tr ie s c a n g iv e .
T h e y h a v e n o g o l d t o s p a r e in s e t t l e m e n t o f t h o o v e r $ 4 , 0 0 0 , 0 0 0 , 0 0 0 O n e

t r iv a n c e s .
T h e v o i c e is t h e v o i c e o f J a c o b , b u t t h e h a n d is t h e h a ir y h a n d o f E s a u .

u s in b a l a n c e o f t r a d o a s o f J u n e 3 0 l a s t .

A

y e a r 's in c r e a s e le s s o u r i m p o r t s , w h i c h c e r t a i n l y w ill n o t e x c e e d o u r I m p o r t s

s a id ,

c e le b r a t o d g e n tle m a n
“ E very

t im e

we

get

B o a r d i t is f o r e x p a n s i o n . ”

a t th e o th e r en d
a

o f th e C a p ito l th e o th e r d a y

r e c o m m e n d a t io n

fr o m

th e

F ederal

R eserve

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

p o w e r in 2 6 d i f f e r e n t a n d d i s t i n c t i t e m s .
T h is b ill fu r n is h e s a n a d m ir a b le e x a m p le o f lo b b y in g le g is la tio n a n d e x 
p a n sio n b y e x e c u tiv e p r o c e s s .




I t is n o t a n o p i n i o n t o b e i n d u l g e d in t h a t

fo r s o m e y e a r s t o c o m e , if e v e r a g a in .

T o t h is m u s t b e a d d e d t h e p r e s o n t
S o th a t a t th o e n d o f th o n e x t fis c a l

y e a r w e c a n e x p e c t a n u n s e t t l e d b a l a n c e in o u r f a v o r o f p r o b a b l y $ 0 , 0 0 0 ,
0 0 0 ,0 0 0 .
M r. M A D D E N .

I f th e g e n tle m a n

w ill p e r m i t , is t h o g e n t l e m a n

t o d e a l w ith t h e S o u t h A m e r ic a n t r a d e ?

g o in g

Nov. 22 1919.J

THE CHRONICLE

1937

Mr. M cFA D D E N . I was not. I was dealing with it as a whole. That
is tremendously important, however. This bill will care for South American S U I T TO TEST V A L I D I T Y OF F E D E R A L F A R M L O A N
trade as well as European.
A C T TO BE H E A R D B Y U . S. S U P R E M E COUR T
We must not lose sight o f the fact, too, that in the past five years that
— D I S M I S S E D I N K A N S A S COURT.
we have changed from a debtor to a creditor nation: that instead of our
owing the world some $5,000,000,000, that the world owes us at least
$16,000,000,000, made up of direct war loans to our Allies in the war of
$10,000,000,000, as per letter which I insert at this point
TREASURY DEPA RTM E N T.
Office o f Assistant Secretary..
‘
„
Washington. September 15 1919.
M y dear Congressman:— I have your letter o f the 9th instant and tak
pleasure in informing you that the credits established by the Secretary o.
the Treasury in favor o f foreign Governments and cash advanced against
these credits as at the close of business September 11 1919, were as follows
t>o1 . __
Credits established. Cash advanced
- - - ------- ------------------------------- $343,445,000 00 SS3S.745.000 00
10,000.000 00
Czechoslovakia----------------------------------5 5 .3 3 0 . 0 0 0 0 0
52.000.
000 00
G rp ??V V i ---------------------------------------- 3,047,974,777 24 2,782.477.S00 00
4,277,000,000 00
G reece---------------------------------------------48,236.629 05
T th iiiV -------------------------------------------------------.922,872 99 l",606 ?775.945 99
18,000 00
Rmfmnr,-!--------------------------------------------5,000,000 00
25.000. 000 00
hnlill a ----------------------------------------25,000,000 00
187,729.750 00
Serbia-----------------------------------------------26,780,465 56
26,780,465 56
Total----------------------------------------------9,685.419,494 84 9,301,216,961 55
Charges o f $188,236,629 05 have been made against these credits in addi
tion to cash advances shown.
Very truly yours,
tt
T^ , TT„
ALBERT RATHBONE.
Hon. LOUIS T . M cFADDEN ,
House of Representatives, Washington, D. C.

Argument on the constitutionality of the Federal Farm
Loan Act will be heard in the U. S. Supreme Court on Jan.
5 next, according to an announcement of that Court on
Nov. 17. The bill of equity filed in the U. S. District
Court of Kansas City, Mo., by Charles E. Smith, a director
of the Kansas City Title & Trust Company to test the
legality of the tax exemption features of farm loan bonds,
was dismissed on Oct. 31 by Judge A. S. Van Valkenburgh,
thus permitting an appeal to the Supreme Court, by coun
sel for Mr. Smith.—William Marshall Bullitt and Frank
Hagerman. According to the Kansas City “Times” of
Nov. 1, the action was instituted by Mr. Smith when his
company voted to purchase $20,000 of securities under the
act against his wishes, Mr. Smith contending that the law
is unconstitutional in exempting these securities from taxa
tion. As to Judge Van Valkenburgh’s opinion the Kansas
City “Times” said:

In delivering his opinion. Judge Van Valkenburgh virtually said the law
was constitutional. lie asserted he did not consider the arguments offered
against the Act convincing enough to warrant him declaring it unconstitu
tional. He said, however, he realized it was a matter in which the Su
preme C >urt should render the final decision.

Also four billions balance of trade are due, and at least $2,001.000,000
o f privately negotiated loans held by financial institutions and private
investors in the country. A complete turn-over of $21,000,000,000 which
we paid to Europe to help her finance the war. It is interesting to add to
It is admitted that Congress has the power to appropriate money to
this amount the total cost to this country o f the war, as of June 30 1910, of
$30,177,000,000, or a total of $51,177,000,000, which this country has promote the general welfare of the people. It also is admitted that the
Federal Farm Land Bank Act will stimulate agriculture, which will be
financed during the past four years.
In considering this situation we should not overlook the effect of the aiding the people. Therefore Congress has the power to render any aid
or
instrumentality to make this law effective.
change from a debtor to a credit nation. The fact that we no longer pay an
As to the joint stock land banks and stocks, and the other banks, I be
interest charge to the world of at least $250,000,090 and that we will no
lieve there is a difference. It appears as if we should take a knife and cut
longer pay shipping charges to the extent variously paid by us owing to ou
increased shipping facilities o f $150,000,000, and that we will also save out the joint stocks from the bill and the farmers still would function. But
another $150,000,000 in insurance premiums, which used to go abroad, a it also has been pointed out that they serve a certain class of farmers and
total of $550,000,000, and added to this must bo the interest on at least therefire cannot be cut.out.
The farm land banks were created as depositories and financial agents
$12,000,000,000, which is owed the Government o f the United States and
private investors, for which we hold obligations, with interest, which must of the Government, and the arguments given here against them have not
been
clear and convincing enough to warrant this court declaring the n
amount to at least $600,000,000. Add to this what we previously had to
pay Europe and you have $1,150,000,000, which Europe must pay this unconstitutional. If, in designating these banks as financial agents, Con
gress considered them of any degree of importance, th's Court cannot de
country annually more than before the war.
In other words, the world must pay this amount o f gold or merchandise cide that degree.
I do not want to hold up a great public enterprise. Neither do I want to
to the United States, which is, of course, a handicap to Europe in dealing
decide a question which I beleive should be passed on by the Supreme
with this country.
One would certainly think from a careful study o f this entire situation Court. With that in view I will dismiss the bill for want of equity.
that the United States must assume the leadership in finance of the world,
a situation not o f her own seeking but by the necessity of the occasion, a
thing as a country we have a right to be proud of, made possible by the
development of our groat resources under a form o f government such as we
are fortunate enough to possess, due to the foresight of our forefathers in
so wisely providing under the Constitution, which fact should be a strong
argument for the upholding o f this Constitution and our Government under
it, which has protected our country during all this development and per
mitted us to attain the present height and supremacy as a world power.
The war cost has been estimated at over $200,000,000,009. The debts
of allied countries o f Europe are held mostly within their borders the largest
outside credit being to this country.
Germany’s debt is likewise held by her own people, with the exception of
the indemnity which is to be paid to the allied countries in reparation,
which I bclievo has been agreed upon in the peace treaty as twenty-five
billions o f dollars in money besides the replacement of much physical
property.
In this connection it is interesting to note that Germany will be carrying
the burden of paying this country the difference brought about by these
changed conditions between this country and the world. Financially the
interest chargo Germany must pay to our allies will amount to $1,250,000.
000 annually. In other words, she must pay in gold or merchandise.
An interesting conclusion might mean that Germany would be paying
to this country in merchandise the interest which she owes to our allies to
balance that which the Allies may owe us, which she knows so well how toefflciently produce. This, then in view o f the situation makes the state
ment that German labor and industry have gone on a 12 -hour per day time”
quite in contrast with our own situation as regards production very interest
ing and worthy of our careful consideration.
A study of this world-wide financial situation can not but make for serious
thought and in anticipating what the future has in store for this countryone is bound to conclude that the financial requirements of the lesser coun
tries of the world which heretofore have been financed in London and the
other financial centres of the Old World must o f necessity come to this
country for that future relief. And I am not sure but in this lies the solution
of our intertrado relations with the world. Certainly the opportunity is
hero. Will we meet it. It is a case of the survival o f the fittest. Isay that we
will meet the issue fairly and squarely and thus assume the financial leader
ship o f tho world.
This measure is one step to perfect the machinery with which to operate.
We have long been seeking trade with the world and our opportunity is S T A T E B A N K A D D I T I O N S TO F E D E R A L RESER VE
now here, but with that opportunity comes naturally the responsibility of
M E M B E R S H I P I N N E W Y O R K D I S T R I C T — C0M-_
financing it,. Let us meet the challenge as Americans have always met every
challenge and go in to conquer and overcome the obstacles and win the vic
M I T T E E TO F U R T H E R D E V E L O P M E N T .
Cj .
tory in finance and trade.
Therefore I think that a combination of capital such as provided for in
this bill is absolutely necossary to maintain our foreign business.
Now, we all realize, o f course in the financing of this great volume of
business which is knocking at our doors that some instrument must be
created to take care o f the payments that those countries in Europe have to
give us. This instrument is nothing more than a hopper into which will pour
long-time credits which may be in the form o f notes which may be in the
form of bonds o f municipalities or bonds or stocks issued by companies in
France England or other parts o f the world, which may be guaranteed or
secured by tho Governments or municipalities. Into this hopper they will
flow, and out of this hopper will flow obligations of this company in a suit
able form, a desirable form, for our people to invest their savings in. That
is about the sum and substance of what is contemplated under this act.
There are other powers given, but they are incident to this main purpose.




It also quotes from Judge Van Valkenburgh’s conclusions
the following:

The action of the Kansas City Court was defended by
Charles E. Hughes, representing the Federal Land Bank
of Wichita; George W. Wickersham, representing the At
torney-General’s Department and the First Joint Stock Land
Bank of Chicago, and William G. McAdoo, named by the
Attorney-General’s Department, in conjunction with* Mr.
Wickersham to represent the Go
" filing of
the proceedings was noted in our issue of July 20 page 331,
and in these columns Oct. 25, page 1658, we referred to an
opinion of Messrs. McAdoo and Wickersham upholding
the validity of the Act. In his argument before tho Court
Mr. Hughes declared the suit challenged the entire ru ture
of the Act. He asserted it related entirely to the relation'
and application of money, and averred Congress had the
right to raise and appropriate money for the general wel
fare. He referred to appropriations by Congress in aid of
agriculture and asserted that under its power to appropriate
money came the right to organize farm loan banks “for the
systematic support of agriculture.” “The fact that an
individual may be the immediate recipient of benefits does
not destroy the public character of the use,” Mr. Hughes
added. Referring to the question of immunity of land and
bank securities from taxation, Mr. Hughes said vdien Con
gress charters an organization it may, when it sees fit, grant
immunity from taxation for the property of that concern.
This immunity, he added, did not relate to the real estate
f a land bank, but to its mortgages and bonds, capital and
surplus.

The admission to the Federal Reserve system of t^o
more Npw Jersey State banks—the Elizabethport Banking
Company of Elizabethport,’N. J., and the East Orange
Bank of East Orange, N. J., was announced by the Federal
Reserve Bank of N w York in a statement made public on
Nov. 19. Besides stating that each bank had increased its
capital in order to become eligible, the Federal Reserve
Bank of New York added that “that part of New Jersey
which is in the Second Federal Reserve District now has
more State bank members as compared with the total num
ber eligible than any State in the Union except two, and its

1938

THE CHRONICLE

[Vol . 109.

on this resolution was postponed until the meeting hold to-day.
percentage is higher than that of any Federal Reserve AtAction
meeting held to-day it was voted that it would be unwise for theDistrict.” The statement also made known the appoint StocktheExchange
to offer such accommodations to the Curb Association.
ment of a special committee by W. P. Gardner, of the Reference to the appointment of a committee of the
New Jersey Title Guarantee & Trust Company and Presi Exchange to consider the matter was made in our issue of'
dent of the New Jersey Bankers’ Association, to develop July 12, page 128. We quote the following from the New
further the movement of membership. In addition to the York “Times” of the 20th:
informed of the announcement put out by the Governors of the
part quoted above from the statement of the Reserve Bank bigWhen
board, E. R. McCormick, Chairman of the New York Curb Market
we also give the following from it:
Association, who has been one o f the prime movers in the effort to house
The increase in the number o f banks that are members o f the Federal
Reserve System is the result o f a growing recognition o f the advantages
o f membership. National banks are by law members o f the Federal
Reserve System, but State banks can only be admitted upon their own
petition and after approval by the Federal Reserve Board of their high
standing in the banking community. The steady increase in membership
in the Federal Reserv e System is based on an apprecition o f the fact that
State banks by becoming members can give greater assurance of their own
solidity to their depositors; moreover, that the growth o f the system will
enable the mobilized financial strength o f the country to meet better any
difficulties which the future may offer. The value o f the system not only
to member banks but to the country as a whole was demonstrated again
and again during the war and particularly during our participation in it.
Altogether 117 State banks in the Second Federal Reserve District are
now in the Federal Reserve System, o f which 86 are in New York State;
29 in New Jersey and 2 in Fairfield County, Conn. These are in addition
to 630 national banks, making 747 members out of 1,008 banks in the dis
trict which are eligible for membership.
in order to develop further the movement toward membership Judge
W . P. Gardner, Vice-President o f the New Jersey Title Guarantee & Trust
Company and President o f the New Jersey Bankers’ Association, has ap
pointed a special committee on relations with the Federal Reserve Bank.
This committee consists or the following: George M . LaMonte, President,
First National Bank, Bound Brook, N . J., and formerly Commissioner of
Banking for Now Jersey; Henry G. Parker, President, National Bank of
New Jersey, New Brunswick, N . J.; Spencer S. Marsh, Cashier, National
Newark & Essex Banking Company. Newark, N. J.; T . W . Stephens,
President Bank o f Montclair, Montclair, N. J.; Charles E. Blackford,
Jr. Vice-President, Peoples Trust & Guaranty Company, Hackensack,
N . J.
Speaking as a member o f this committee George M . LaMonte said: “ I
observe that New Jersey State banks which are not already members of
the Federal Reserve System are showing an increasing interest in it. Many
o f them find upon careful analysis o f their own condition and practices that
admission to the system will increase their profits. That, o f course, is a
narrow but nevertheless a very potent argument. The facilities of the
Federal Reserve Bank available to members not only give them an oppor
tunity to keep their funds more closely engaged, thereby increasing profits,
but assure a greater safety for their depositors and stockholders. State
banks and trust companies upon becoming members usually find that their
customers’ paper in substantial amount is eligible for rediscount with the
Federal Reserve Bank, which insures them against possible embarrassment
in meeting demands. Adequate supplies of currency are assured at all
times to member banks, and without cost to them for shipment.
“ Another very important free service rendered by the Federal Reserve
Bank is the telegraphic transfer o f funds to any part of the United States
absolutely free. This facility is properly restricted to member banks.
“ By using the par collection system of the Federal Reserve Bank members
can collect checks deposited with them far more rapidly thna ever before.
This collection system reaches 23,000 o f the 30,000 banks of the whole
country and eliminates the old charges for exchange. The time involved
approximates the one-way mail time, and by this scientific method o f col
lection the proceeds o f checks are available In half the time formerly re^C harles iy * Doctor. Vice-President o f the Elizabeth port Banking Com
pany one o f the new members, said that the officers and directors o f his
bank feel that the success o f the Federal Reserve System demands “ the
united support of all the banks throughout the country.”
“ In addition to the many advantages obtained by being a member or the
Federal Reserve System," he went on, “ we feel that our customers find
us able to give better service than ever before with added assurance o f the
bank’s standing in the community.
“ Many o f the leaders among New Jersey State banks are already mem
bers o f the system. In the country as a whole, there were in the month
o f August l,i0 2 State institutions that were members o f the Federal Re
serve System with total resources amounting to 8K billion dollars. This
record appears to me sure evidence that a bank which is making an aggres
sive effort to carry out the principles o f sound and active banking, cannot
afford to stay out of the system.
. . .
“ We unhesitatingly advise every State bank and trust Company to join
the Federal Reserve System.”
David Bingham, Chairman o f the Savings Investment and Trust Com
pany o f East Orange, who is also President o f the East Orange Bank, said
that thero were strong reasons in public service for entering tho Federal
Reserve System. Harry H. Thomas, President o f the Savings Invest
ments and Trust Company, concurred with what M r. Bingham said.
“ The Savings Investment and Trust Company o f East Orango joined the
system about a year ago.” said M r. riingham, “ and after this experience
it is so well satisfied with the advantages .hich have resulted, that it has
arranged for the East Orange Bank (in which it is largely interested) to
join also. It is not so much a question o f the immediate financial results,
as it is the confidence which it inspires in depositors and the feeling that it
has the whole strength o f the system standing back o f it, and that to tho
extent o f its ability it is contributing to the progress o f conservative and
patriotic banking.”

NEW

Y O R K ST OCK E X C H A N G E N O T TO H O U S E CURB
MARKET.

the outside market so that it could be regulated and the dishonest non
member brokers and the illegal promoter eliminated, said;
“ The action of the Governing Committee of the New York Stock Ex
change in rejecting the report and resolution of the special committee will
in no way deter the Reorganization Commltee of the New York Curb
Market Association from resuming and continuing its plans for housing
the curb market.”

C A RT ER GLA SS TO W I T H D R A W A S S E C R E T A R Y OF
T H E T R E A S U R Y TO B E C O M E
U. S. S E N A T O R .

Secretary of the Treasury Carter Glass, who was offered
the seat of U. S. Senator Thomas S. Martin of Virginia, fol
lowing the death on Nov. 12, of the latter, this week decided
to accept the appointment. Senator Martin’s home was in
Charlottesville, Va., while Secretary Glass lives, in Lynch
burg, that State. It became known on Nov. 15 that the
Senatorship had been offered to Mr. Glass, but he withheld
his decision as to acceptance until after he had ascertained
the President’s wishes, and had consulted his predecessor as
Secretary of the Treasury, William G. McAdoo. Secretary
Glass came to New York on Nov. 16 to see the latter, and
with his arrival here he said:
I came here to see my personal and devoted friend, Mr. M cAdoo, to ask
his advice as to whether I should resign my position as Secretary of the
Treasury. As you know. Governor Westmoreland Davis has offered to
mo the office of Senator from my native State. You know that It is a po
sition which is not to be regarded lightly. I will confer with all my closefriends beforo making my decision.

The formal resignation of Mr. Glass was announced
by the Treasury Department on Nov. 18, when, also, cor
respondence between him and President Wilson in the matter
was made public. The President in his letter in advising
his acceptance of the offer, told Mr. Glass that while his
“withdrawal from the Administration as a Cabinet officer
is a matter of deep regret to me and your associates I feel
that your fine ability may again be utilized as a member
of the Senate in advancing the interests of the nation and
the Administration in that great forum.” The following
is the letter addressed by Mr. Glass to the President:

Nov. 16 1919.
Mu Dear M r. President:— The Governor of Virginia has tendered mean
ad interim appointment to the Senate of tho United States ponding the
election of a successor to the late Senator Martin in November of next
year. It is high disctinction and a mark of confidence which I deeply ap
preciate. But dearly as I love my own State, I cannot fail to realize that
my immediate obligation is to you and the country in your hour of Illness.
Hence, if it is your judgment that I had better remain at my post in the
Treasury, you may be sure I am quite prepared cheerfully to accept that
view. Conversely, if it should seem to you advisable, In all tho circum
stances, for me to take service again in the legislative branch of the Gov
ernment, I would desire to accept the honor which Governor Davis has been
pleased to offer me.
With assurances of unabated devotion and great anxiety for your com
plete restoration to health, I am, Mr. President, sincerely yours,
GARTER GLASS.

The President in reply said:

Nov. 17 1919.
Mu Dear Mr. Secretary— It Is most thoughtful and generous of you to
consult my desires in the matter of your selection by Governor Davis for
the Senatorship from Virginia, left vacant by the death of Senator Martin.
Of courso, you must accept the appointment. While your withdrawal from
the Administration as a Cabinet officer is a matter of deep regret to mo
and to your associates, I feel that your flno ability may again be utilized
as a member of the Senato in advancing tho Interests of the nation and the
Administration in that great forum.
No President has had a more loyal, a more devoted or a more resource
ful friend than you have been to me. Your work as Chairman of the Bank
ing and Currency Committee of the House of Representalves in connection
with the establishment of the Federal Reserve Act, and your stout support
of the Administration at every turn while a member of the House caused
us to rely upon you in every emergency.
While your occupancy of the offico of Secretary of tho Treasury has been
brief, the administration of its affairs under your guidance has moved for
ward to the highest levels of efficiency and high devotion to tho public
interest.
Governor Davis has honored tho old State o f Virginia by paying tribute
to so distinguished a son. We shall watch your career in tho Senate with
effectlonato Interest and admiration. Cordially and sincerely yours.,
WOODROW WILSON.

The Governing Committee of the New York^Stook Ex
Nov. 17 Secretary Glass was advised by Gov. Davis
change decided on the 19th inst. that it would be “un in On
the
telegram that his appointment had boon
wise” for the Exchange to provide in its building quarters sent to following
the
Senate.
for the New York Curb Market Association. Announce I have announced your apointment to tho Senate, to succeed Senator
ment of the decision of the Governing Committee was made Martin. I am suro that your career there will bo in accord with Virginia’s
best traditions and o f great value tolour country at this critical period o f
as follows by the Exchange:
A t a meeting o f the Governing Committee held onrNov. 12 1919, tho her history.
On Nov. 19 it was stated that the certificate of Mr. Glass
committee appointed to study the question of dealing in outside securities
presented a resolution in which the question of affording the Curb Asso as Senator had been received and filed in the Senate.
It
ciation a place for dealing in securities not dealt infon tho Now York Stock
was added, however, that unless his presence in the Senate
Exchange was presented for their consideration.^



Nov. 22 1919.]

-was necessary, he would continue to act as Secretary of
the Treasury until the session of Congress which begins Dec.
1, when he would qualify. On Nov. 20 it was reported that
•offered the post of Secretaryship, but had declined the
.appointment. Mr. Glass was named by President Wilson
as Secretary of the Treasury, succeeding Mr. McAdoo, on
Dec. 5 of last year, and on Dec. 16 1919, Mr. Glass assumed
the post. At the time he was named to the Secretaryship,
Mr. Glass was Chairman of the House Committee on Bank
ing and Currency, having served in that capacity for six
.years. He was largely instrumental in devising the Federal
Reserve Act. Mr. Glass is a newspaper owner.
F ED E RA L RESERVE R A N K URGES A C C O M M O D A T I O N S
B Y B A N K S I N B E H A L F OF S M A L L
L IB E R T Y BOND HOLDERS.

Co-operation on the part of banking institutions in af
fording accommodation to small Liberty Bond holders
obliged to part with their bonds was asked by Benjamin
Strong, Governor of the Federal Reserve Bank of New \ork
in a communication addressed on Nov. 3 to the banks and
trust companies of this city, in which he called attention
to a letter of Secretary of the Treasury Glass wherein this
co-operation is sought. Gov. Strong’s letter follows:
Circular No. 218.
FEDERAL RESERVE BAN K OF NEW Y O R K .
Nov. 3 1919.
Dealings in Liberty Bonds.
To All Banks, Trust Companies and Savings Banks in the Second Federal
Reserve District.
Dear Sirs:— Tho following letter from the Secretary of the Treasury is
o f such importance that we believe it deserves your most careful considera
tion:
“ As you know, wo have always urged Liberty Bond holders, particu
larly small bond holders, to sell their bonds, when obliged by urgent ne
cessity through their own bank or trust company or some reputable bond
•dealer ’ In many localities, the bank or trust company is the only reputa
ble medium for effecting sales o f the bonds, and In most places the bank
•or trust company has far more contact with the ordinary small bond holder
than the reputable investment houses and brokers. In these circumstances
it is o f the utmost importance that banks and trust companies co-operate
so far as possible and undertake to buy Liberty Bonds from their customers
or make arrangements for the pnrek.se.
“ Much the same situation exists as to loans on Liberty Bonds. The
Treasury has always told bondholders that their own banks should be will
ing to loan them up to at least 90 ~ o f the face value of tne bonds at reason
able rates of interest and. as J understand it, the policy of the Federal
Reserve Board and the Federal Reserve banks toward loans by banks has
been framed accordingly.
“ Reports which come from time to time, sometimes orally and sometimes
in the newspapers and occasionally by letter, indicate that the banks are
not altogether supporting the Treasury in its attitude in these two respects,
and 1 wonder whether it would not be possible to call upon the banks for
groater co-operation. 1 think (tho City of) . . . is a fair example
o f the situat ion which probably exists in many other cities. As I under
stand it, most o f the banks in . . . refuse to handle even for their
regular customers small sales of Liberty Bonds and in many cases to make
small loans on Liberty Bonds. Many of the banks, for example, custom
arily refer customers to local brokerage and loaning companies rather than
take the trouble of having these small dealings with Liberty Bond holders."
Co-operation on the part of hanking institutions has been so generous in
•connection with the Treasury financing that we would hesitate to suggest
the urgency of the Secretary's proposals, wore the matter one o f less vital
importance to the Government and the public generally. It is believed
that the small amount of time and effort required to accommodate persons
who must either sell their Government bonds or borrow against them would
be more than compensated for in the Improvement of the market position
o f Government issues, which is of course a matter of great interest to all
o f us. We are therefore asking your further co-operation in order that this
■situation may be corrected as promptly as possible. Yours very truly,
BENJAM IN STRONG,
Governor.

SECRETARY GLASS ON E X C H A N G E A N D CONVER
SION OF FIRST A N D SECOND L IB E RTY
L O A N COUPON BONDS.

A statement reminding holders of the 4% coupon bonds
of the Second Liberty Loan that they are convertible into
4 \ i % bonds, as well as exchangeable into permanent bonds,
was issued under date of Nov. 14 by Secretary of the Treas
ury Glass, in which he announced that under the regula
tions promulgated in September there will be no exchanges
for permanent bonds until approximately March 15 1920.
Holders of temporary bonds aro urged by Secretary Glass
•either to present their bonds for exchange into registered
bonds, or to refrain from presenting them for exchange into
permanent coupon bonds or for conversion until the date
mentioned. All 4% coupon bonds presented for exchange
into permanent bonds on and after Nov. 15 will be deemed
by tho Treasury Department to be presented also for con
version into 4 Y \% bonds, unless otherwise indicated by the
holder in writing. The same situation exists as to the 4%
coupon bonds of the First Liberty Loan converted, Secre
tary Glass points out, “except that the last coupon on the
temporary 4% bonds of that loan is payable on Dec. 15
1919, and before that date such temporary 4% bonds may
be converted into temporary 4J4% bonds. It is expected
that tho permanent 4% and 4 M % coupon bonds of the First
Liberty Loan converted will also be ready for delivery on
.approximately March 15 1920.” The following is the state
ment in full as issued by Secretary Glass:



1939

THE CHRONICLE

The 4% coupon bonds of the Second Liberty Loan, which were issued
in temporary form, like other 4% and 4)4% coupon Liberty bonds, have
no interest coupons attached for interest payable after Nov. 15 1919, and
will therefore become exchangeable for permanent bonds with all subse
quent coupons attached. Holders of these bonds are reminded, however,
that the bonds are convertible into 4 )4 % bonds as well as exchangeable
into permanent bonds, and that the Treasury has already prescribed regu
lations, set forth in Treasury Department Circular 158, dated Sept. 8
1919, calculated to provide for both exchanges and conversions with the
minimum of inconvenience and expense to both the Government and the
bondholders.
Under these regulations there will be no exchanges whatever of temporary
for permanent bonds until approximately March 15 1920, the preparation
of permanent 4% coupon bonds having been subordinated, in view of the
extension of the conversion privilege, to the preparation of the permanent
4)4% bonds of the several loans.
Holders of temporary 4% coupon bonds of the Second Liberty Loan
are therefore urged either to present their bonds for exchange into regis
tered bonds, wrhich are already in a permanent form or refrain from pre
senting them for exchange into permanent coupon bonds or for conversion
until approximately March 15 1920, when it is expected that the perma
nent 4% and 4)4 % coupon bonds of the Second Liberty Loan and the
Second Liberty Loan converted will be ready for delivery.
All 4% coupon bonds of the Second Liberty Loan presented for exchange
into permanent bonds on or after N ov. 15 1919, will be deemed to be
presented also for conversion into 4)4% bonds unless otherwise indicated
by the holder in writing, and with the 4 )4 % coupon bonds issued upon
such exchange and conversion special 4% interest coupons will be deliv
ered to provide for the 4% interest accruing after N ov. 15 1919, which
would be payable M ay 15 1920. In the meantime, it is understood that
the temporary 4% coupon bonds will be regarded as good deliveries in the
market.
The same situation exists as to the 4% coupon bonds of the First Liberty
Loan converted, except that the last coupon on the temporary 4% bonds
of that loan is payable on Dec. 15 1919, and before that date such tem
porary 4% bonds may be conveted into temporary 4)4% bonds. It is
expected that the permanent 4% and 4)4% coupon bonds of the First
Liberty Loan converted will also be ready for delivery on approximately
March 15 1920.
The Treasury counts upon the co-operation of holders of the temporary
4% bonds and of the banking institutions of the country in carrying out the
provisions which have thus been made for the exchange and conversion
of the 4% coupon Liberty bonds. Full information as to the manner of
conducting the exchanges of all issues of temporary 4% and 4)4% coupon
Liberty bonds for permanent bonds will be shortly announced by a Treasury
Department circular which is now in course of preparation.

The previous circular of the Treasury Department is
sued on Sept. 8, was published in the “Chronicle” of Sept.
20, page 1128. ________________;_______
Pr e s i d e n t

w il s o n

•

leaves

s ic k b e d

a n d

goes

OUTDOORS.

. On Nov. 17, for the first time in several weeks, President
Wilson was able to leave the White House. He was rolled
in a wheel-chair on to the lawn south of the White House.
The President, the early part of the week, conferred with
Senator Hitchcock, Administration leader, regarding the
Peace Treaty situation in the Senate. It was announced
on Nov. 19 that the daily consultation of physicians over
President Wilson’s condition had been discontinued and that
Dr. Grayson is now handling the President’s case alone,
except the usual consultation with Dr. Dercum of Phila
delphia and the Washington physicians on Saturdays.
A D J O U R N M E N T OF CONGRESS U N T I L DEC EMBER 1.

The House and Senate, having been in special session for
precisely six months, adjourned sine die on Nov. 19. The
session was convened on May 19. While consideration of the
Treaty of Versailles was the chief event of the first session
of the Sixty-sixth Congress—the first in six years in which
Republicans have controlled both branches—considerable
important legislation was completed and many other meas
ures prepared for disposal when the regular meeting begins
Dec. 1. The session closed this week was an extraordinary
one convened May 19, under a call cabled from Paris by
President Wilson, to consider primarily the appropriation
bills which failed at the session ending March 3.
The Senate on Nov. 18 passed a resolution authorizing the
House to adjourn any time before Dec. 1 and the House in
turn on Nov. 19 adopted a similar resolution.
President Wilson paved the way for the immediate ad
journment of the House by signing the bill creating an equip
ment trust to refund the Government the 8400,000,000 ad
vanced to the railroads for locomotive and cars during Fed
eral control and the resolution continuing until next January
the restrictions on dye imports.
According to custom, a committee of the House called at
the White House to inform the President of the intention
to adjourn. This is necessary because under the Constitu
tion the President can sign no bills during the adjournment
of Congress.
The President, through Secretary Tumulty/informed the
committee, which was composed of Republican Leader
Mondell (Wyoming), Democratic Leader Clark (Missouri)
and Representative Towner (Iowa) that he had signed the
two measures and saw no objection to an adjournment of
the House.

THE CHRONICLE

1940

T h is w as com m u n icated to the H ouse b y M r . M o n d ell,
and tw o m inutes later ad journm ent was com pleted b y a vote
of 5 5 to 5 , a few D em ocrats votin g against the resolution.
B efore the ad jou rn m en t of the H ouse M r . M on d ell in
serted a statem en t in the “ R ecord ” declaring th at seventy
bills had been enacted during the special session, the appro
priation measures aggregating $ 2 ,8 2 8 ,2 8 3 ,4 3 2 , or a decrease
of $ 9 4 0 ,6 1 0 ,5 9 8 from estim ates m ade at the last session of
Congress.
E n forcem en t of national prohibition, extension
of the F ood Control A c t , the suffrage am endm ent and the
return of telephone and telegraph lines to private control,
were enum erated.
“ In ad d itio n ,” the statem en t said, “ the
H ou se has considered and passed measures of great im 
portance, w hich the S enate, engrossed in the trea ty , has had
no tim e to con sid er.”

PRESIDENT WILSON CALLS NEW INDUSTRIAL CON
FERENCE FOR DEC. 1.
President W ilso n on N o v . 2 0 called a new industrial con
ference to m eet in W ash in g ton beginning D e c . 1 to undertake
the task which had been assigned to the N a tio n al Industrial
Conference which adjourned O c t. 2 3 follow ing the w ith
drawal therefrom of the labor delegates. T h e new conference
has been called in response to a recom m endation m ade to
the President b y the public group of the old conference.
U n lik e the N a tio n al Industrial Conference, which cam e
to grief over the question of collective bargaining, in the
new b o d y there will be represented no distinctive groups
b u t all the conferees will undertake to act in the interest of
the people as a w hole.
Seventeen persons have been nam ed b y President W ilso n
for the new b o d y .
“ A ll of the new representatives,” said
the President in his letter of in v itation , “ should have concern
th a t our industries m a y be conducted w ith such regard for
justice and fair dealing th at the w orkm an will feel himself in
duced to put forth his best efforts, th a t the em ployer will
have an encouraging profit, and that the public will not suffer
a t the hands of either cla ss.”
T h ose asked to attend the ne\^
m eeting are:
William B. Wilson, Secretary o f Labor; Thomas W . Gregory, former
United States Attorney-General; George W. Wickersham, former United
States Attorney-General; Herbert Hoover, former Food Administrator;
Oscar S. Straus, former Secretary of Commerce; Henry M . Robinson,
Pasadena, Calif.; Professor Frank W. Taussig, former Chairman of Tariff
Commission; Samuel W . McCall, former Governor of Massachusetts;
Martin H. Glynn, former Governor o f New York; Henry C. Stuart, former
Governor o f Virginia; Dr. W . C. Thompson, President of Ohio State
University; Richard Hooker, publisher o f the Springfield ‘ ‘ Republican";
George T. Slade, formerly Vice-President of Northern Pacific R R ., St.
Paul, Minn.; Julius Rosenwald, President of Sears, Roebuck & C o., Chi
cago; Owen D. Young, lawyer. New York City; H . J. Waters, President of
Kansas Agricultural College, Manhattan, Kans.; Stanley King, lawyer
and manufacturer, Boston.
T h e President’s letter of in vitation was as follow s:
In accordance with the suggestion given me by the public group of the
recent industrial conference, I am calling a new body together to carry on
this vitally important work, and I trust you will give me tho pleasure of
naming you as one o f its members.
Guided by the experience of the last conference, I have thought it ad
visable that in this new body there should be no recognition o f distinctive
groups, but that all of the new representatives should have concern that our
industries may be conducted with such regard for justice and fair dealing
that the workman will feel himself Induced to put forth his best efforts,
that the employer will have an encouraging profit, and that the public will
not suffer at the hands of either class. It is my hope that this conference
may lay the foundation for the development of standards and machinery
within our industries by which these results may be attained.
It is not expected that you will deal directly with any condition which
exists to-day, but that you may be fortunate enough to find such ways as
will avoid the repetition o f these deplorable conditions.
The conference will meet at a place to be hereafter designated in this city
on the first o f December next.
_
T h e date set for the opening of the new industrial parley
is the sam e as that of the beginning of the regular session of
Congress.

^

P R I N C E OF W A L E S V I S I T S N E W Y ORK.
E dw ard A lb e r t, Prince of W a le s , follow ing his visit last
week to W ash in g ton as the guest of the U nited States
G overn m en t cam e to N e w Y o r k C ity for a five d ay visit
on N o v . 18.
T h e Prince of W a le s was w elcom ed form ally to the C ity
and State of N e w Y o r k a t a cerem ony in the A lderm anic
C ham ber at C ity H a ll.
Secretary of State Francis M . H u g o welcom ed him for
the G overn or, who was unable to atte n d , and M a y o r Ily la n
for the city .
T h e m eeting was attended b y public m en and m ilitary
and naval officers. M a y o r H y la n conferred upon the Prince
the freedom of the c ity .
In his speech of w elcom e the
M a y o r said:
Your Royal Highness:— As Chief Executive of the City o f Now York, it
becomes my honorable and official function to welcome your Highness to th j




[Vol. 109

metropolis of the Western World in harmony with the cordial reception ac
corded you at the capital of the nation by tho President, of the United States.
New York has been singularly favored during recent days by tho visits
of many illustrious and heroic figures of the world war. Great Britain has
felt the common impulse to send your Highness as her reprresentative to
these shores. Your visit to America at this time wo feel is in the interest of
establishing permanent peace the world over— a peace which will mean the
prosperity and happiness of all nations, all races and every individual
thereof. Those charged to-day with the grave responsibility of govern
ment must assume the burden of working unselfishly and unrestrainedly
for this common and humane ideal, to which we dedicated ourselves during
the past years.
The City of New York recognizes in your person the distinguished repre
sentative of a people who, allied with other powers, fought in deadly strug
gle to vindicate the liberties of mankind. You have recognized the lofty,
principles that inspired Americas action in entering tho conflict, and tho
mighty powers she put forth in responding to the call for men and arms in
the darkest hour of the worlds greatest war. W e now* have tbc oppor
tunity to prove to posterity that we were influenced by no unworthy motive
and that our cause was right and just.
In his reply to the welcome the Prince spoke as follow s:
M r. M ayor, I am very proud indeed to have been made a freoman of the
City of New York, and thank you most sincerely for the high honor which
you have just conferred upon me. I look upon it as a very happy coinci
dence that the last recipient fo this honor should havo been Albert, King
of the Belgians, our gallant ally, to whose vision and courage in the greatest
time of peril the cause of freedom owes so much.
I already have the privilege of being a freeman of the City of London,
and so it is a special privilege and pleasure for me to-day to become a free
man of the City of New York, because London and New York, both great
business centres, both of them great seaports, are so closely connected in tho
financial business of the world.
Upon the stability and upon the prosperity of these two great cities de
pends to an extraordinary degree the welfare of all continents. Wore their
intercommunication to cease for a single business day, the affairs of the
whole world would be upset.
But there is yet another reason, Mr. Mayor, why I am very proud to pecome a New Yorker by adoption. This magnificent city is not only the
gateway of the vast sea-borne traffic which holds in fee the whole of the
Atlantic trade, but it has also the wealth and the energy of a mighty nation
at its back.
. ,
One has only to think of tho immense railway systems which radiate
north, south and west from your fine terminal stations to realize what a vital
part New York plays in the life of the North American Continent. Vast
as it is to-day, the most vivid imagination can never foresee to what bounds
tho wealth and the power of this great continent and the power of this great
city will ono day attain.
Mr. M ayor, I do not feel a stranger in tho United States or in New York.
I already had many American friends before l came to your country a week
ago, and I learned to appreciate your American spirit from my association
with officers and men of your splendid divisions in France, in Italy, and on
the Rhine, and your splendid battle squadron on tho North Sea.
I am very grateful for the kindness and hospitality that havo been shown
to mo. Now that I am here, and I havo looked forward to coming for a
long time, I find that I like the United States oven better than I havo an
ticipated, and I knew that I was going to like it very much, indeed.
I am looking forward most keenly to tho many pleasant engagements
which you have so kindly planned for my first visit to Now York, and again
thanking you for tho great honor that you havo conferred on mo and for
ihe very kind words that you gentlemen have used in reference to myself.
I ask you, Mr. M ayor, to tell your citizens how deeply appreciative and
grateful I am for tho kind and enthusiastic welcome which thoy havo given
me this morning.
•
Secretary of State H u g o , extending to tho Prince tho
welcome of the State of N e w Y o r k , said:
Speaking for the Governor of the State, and, through him, for tho people
of this largest American Commonwealth, I have the honor to bid your
Royal Highness a cordial welcome, and to offer you, during your stay, the
hospitality of the Empire State.
Nothing in the last century and a quarter has so tended to accontuato the
bonds of sympathy and mutual interest that unite our kindred pooplos, as
the recent world conflict, tho anniversary of whoso successful termination
we jointly celebrated but a week ago, on Armistice Day. To this struggle
for the triumph of our Anglo-Saxon liberties the State of New York was
privileged to contribute 425,000 men— the equivalent of twenty-eight
British divisions. And our own New York National Guard, tho 27th
Division, had the honor of serving with your gallant British loglons In
Northern France in the common cause of humanity, resulting in tho glor
ious victory of right over might.
T h e Prince of W a les was the guest of honor the sam e day
a t a dinner given b y M r . and M r s . H enry P . D avison a t tho
W a ld o rf-A sto ria in behalf of the form er W a r Council of the
A m erican R ed C ross, in the work of which M r . D avison
has taken such an active part.
T ho dinner was a notable
affair, attended b y members of tho national, S tate and city
governm ents.
General John J . Pershing, C om m andor of
the Am erican m ilitary forces in the world w ar, was prosent
a t the event and was also one of tho speakers.
E lihu R o o t,
Secretary of S tate, who followed the General, said:
I cannot fully express, but I can indicate tho moaning of tho plaudits
which accompanied you. your Royal Highness, on your progress through
tho city to-day. Tho look of admiration which you saw on many faces
was an expression of genuine feeling, and all tho cries that you hoard were
cries of real enthusiasm at tho pleasure of having an opportunity of offering
you our hospitality. That was partly because of the ongaglng personality,
the charm of your own manhood, and rovoaled grateful appreciation o f
tho compliment you paid us by your visit.
But there is more than the mere pleasure of sightseeing and social In
tercouse in the visit to this great English-speaking city of tho heir to the
British throne. It is a great public, international event. It cannot fail to
have important and far-reaching influence upon the future. It is most use
ful that his Royal Highness should come to America and be seen by Ameri
cans for what he represents.
Ho represents royalty. Wo have had in tills country a vory formal Idea of
royalty. We are now meeting tho representative of an institution of Gov
ernment, and we are able as we look on the face of our guest to roalize that
it is not only a great historic figure we behold, but It is the human side
of kingship.

Nov. 22 1919.J

THE CHRONICLE

Our guest is the representative of a royal line of Kings who have been
ablo to adapt themselves to the needs of mankind in the highest sense of
service. The Hohcnzollerns have fallen, the Hapsburgs have fallen, but
the royal lino o f England remains secure because it has dedicated its power
to the service of mankind.
On the follow ing day (N o v . 19) the Prince of W a le s was
welcomed b y 1 ,2 0 0 business m en a t a luncheon given b y
the N e w Y o r k C ham ber of C o m m erce.
H e also visited
on that date the Stock E xch an ge and S u b -T rea su ry .
In a
speech a t the C ham ber of Com m erce follow ing one b y the
President of th at b o d y , Alfred E . M a rlin g , the Prince said:
The President says that I am five years older than my grandfather was
when ho came here in 1859. M ay 1 say that I am very young both in
knowledge and experience as compared to you. And I ask you to be
lenient if I respond inadequately to the compliment which you have paid
me in welcoming me here.
You gentlemen represent an organization which from very early times has
played a very influential part in the development of this great continent.
But you are also men who are deeply versed, not only in the affairs of the
United States, but also in international business. So I value the compli
ment very highly. I am very much in accord, Mr. President, with what
you have said about the basis of all sound dealing, not only between busi
ness men, but between great nations and between great communities.
I am also much touched by the spirit in which you made the observa
tions on the part which British and American good will and good faith can
play in the world at the present moment. I appreciate it all the more be
cause I know that you gave the fullest evidence of the strength of your good
will during the great war.
I have spoken elsewhere, and I can never speak too warmly of the spirit of
comradeship in which your sailors and your soldiers joined with us in the
fight for freedom and right. We can never overestimate the debt that we
owe to the splendid men who faced death and disablement to make de
mocracy a living and a conquering faith.
No one knows better than you do, gentlemen, that the noble sacricies of
our troops would have been in vam had we lacked the financial means to
maintain the struggle and to equip our armies in the field. That, gentle
men o f the Chamber of Commerce, was your war work, and I am grateful
for this opportunity of expressing on behalf of the British Empire our deep
appreciation of the powerful and decisive assistance which was given to the
Allied forces by American finance. T can assure you that we value and
that wo shall always value most highly, the spirit in which you shared our
troubles and came to our help.
Mr. President, I make this acknowledgment all the more gladly because I
know that your assistance was based not only on sentiments of friendships,
but also on the deep conviction that the aims for which the western allies
were fighting were also tho aims of the United States.
The great war has revealed many things to us, but it has revealed nothing
more clearly than the closeness with which the welfare of our two great na
tions is interlocked. Your prosperity is essential to ours, and ours to yours.
Wo depend upon each other to an extent which no one has realized till tho
war upset the normal business routine of organized communities and made
its impression upon their daily life.
Feeling that very strongly, Mr. President and gentlemen, I am veryproud and delighted to bo the guest of the New York Chamber of Commerce
to-day, and I thank you for your very kind welcome.
In conclusion, I may I wish increasing power and prosperity to the great
business community o f this great city.
O n the reception com m ittee which greeted the Prince at
the C h am ber of C om m erce were:
.
Alfred E. Marling, President of tho Chamber; P. A. S. Franklin, George
F. Baker, Samuel W. Fairchild, John D . Rockefeller, Jr., Jacob H. Schiff,
Frank K. Sturgis, Ilenry P. Davison, all Vice-Presidents of the organiza
tion; Welding Ring, Chairman o f the executive committee; A. C . Bedford,
Delos W . Cooke, Irving T . Bush, Lconor F. Loree, Charles L. Bernheimer,
Howard C. Smith, A. Barton Hepburn, John Claflin, and Eugene H.
Outerbridge, all members of the executive committee; John I. Waterbury,
James Brown, Alexander J. Hemphill, R . Fulton Cutting, Elbert H. Gary,
Franklin Q. Brown, Martin Vogel, Sir T . Ashley Sparks, Charles II. Sabin,
R. A. C. Smith, James A. Alexander, Otto H. Kahn and Dwight W . Mor
row.
In w elcom ing the Prince of W a le s to the S u b -T r e a su ry ,
M a rtin V o g e l, A ssistan t Treasurer of the U n ited S tates,
spoke as follow s:
Ono hundred and thirty years ago on this site Georgo Washington took
oath of office as tho first President o f the United States o f America.
During tho last few turbulent years tho citizens of New York gathered
around this building in enthusiastic patriotism, in launching the drives and
campaigns o f civilians for tho progress o f the War, and to-day your visit
adds another historic incident to this place and forges another band of steel
around tho friendship between our two great nations.
May I express tho hope, aye the assurance, that that friendship, that
brotherhood, bathed in tho common blood of our dead heroes and bovind to
gether by tho heartstrings o f tho peoples of the two great nations, will be
_____
everlasting.

SENATE

FAILS

TO R A T I F Y

PEACE

TREATY.

T lio Peace T re a ty w ith G erm an y w as shelved b y the U n ited
S tates, so far the session which was brought to a close this
week is concerned. A d jo u rn m en t w as taken on N o v . 19,
after three attom pts to ra tify the treaty had failed in the
Senate.
Earlier in the d ay a letter from President W ilso n
urging the Senate supporters of the treaty to vote against
the L odge resolution of ratification , was laid before a con
ference of D em ocratic Senators b y Senator H itch cock , the
m inority leader. A t the conference the decision of the
A dm inistration forces to vo te against the L odge reservation
was affirm ed, Senator H itch cock announcing th at enough
Senators to insure its defeat had agreed to stand against the
Lodgo resolution.
I t is stated th at while no com prom ise
plan w as drafted b y the D em o cra ts it w as suggested that
after tho expected defeat of the L odge resolution a com m ittee
of D em ocrats w ould be appointed to confer w ith Republicans
to th a t en d . T h e President in his letter to Senator H itch 
cock road a t the conference, said:




1941

M y Dear Senator:— You were good enough to bring me word that the
Democratic Senators supporting the treaty expected to hold a conference
between the final votes on the Lodge resolution of ratification and that
they would be glad to receive a word of counsel from me.
I should hesitate to offer it in any detail, but I assume that tho Senators
only desire my judgment upon the all-important question of the final vote
on the resolution containing the many reservations of Senator Lodge.
On that I cannot hesitate, for, in my opinion, the resolution in that form
does not provide for ratification, but rather for nullification of the treaty.
I sincerely hope that the friends and supporters of the treaty will vote
against the Lodge resolution of ratification.
I understand that the door will then probably be open for a genuine reso
lution of ratification.
I trust that all true friends of the treaty will refuse to support the Lodge
resolution.
Cordially and sincerely yours,
•
W OODROW W ILSON.
I t had previously been announced (on N o v . 17) that
President W ilso n w ould pocket the treaty if it should be
sent to him w ith the Lodge reservations. T h is, according
to the newspaper dispatches, was m ade know n b y Senator
H itch co ck , after a conference between the President and the
Senator on the 1 7th .
Senator L odge, on his part, was said
to have stated on the 17th that it would either be the L odge
resolution or nothing.
T h e following as to the P resident’s
conclusions is taken from the N e w Y o r k “ C om m ercial”
of N o v . 17:
When Senator Hitchcock returned to the Capitol he added that the Presi
dent did not term all of the Lodge reservations unacceptable.
“ Did ho say which of the reservations he would be willing to accept?”
the Senator was asked.
“ I know tho President’s ideas on that subject, but I do not feel free to
quote him ,” replied the Senator. “ The one he considers as killing the treaty
without any action from him is the first reservation, requiring three of the
four principal Allied Powers to consent to the reservations adopted by
specific formal action. He regards that reservation as bad as an amend
ment.”
Senator Hitchcock was asked about the reservation to Article X and he
said it was very objectionable.
“ Are your statements with reference to these reservations a reflection
of the President’s ideas?”
“ I do not want to quote him at this time.”
What action will be taken if the Lodge resolution of ratification com 
mands the two-thirds vote necessary for adoption.”
“ I think the President would like to have the treaty defeated in the Senate
rather than to assume all responsibility for its rejection,” the Senator con
tinued. “ And I told him that that would be the probable result. I am
satisfied that the President will withdraw the treaty after the Lodge ratifi
cation resolution is defeated unless the deadlock promises a means of com 
promise. He could then send the treaty back in the next session of Con
gress or later.”
Senator Hitchcock was questioned as to whether he discussed with the
President any means of ending the war in the event that the treaty was re
jected, but he answered in tho negative.
He said that he had informed the President that adjournment might
occur with the treaty pending. T o this the President, according to Senator
Hitchcock, replied:
“ There is merit in that suggestion. I would like to have some of the
Senators go home to their constituents while the treaty is still pending.”
Senator L odge in a statem ent m ade public on the 19th
com m enting on the P resident’s letter to Senator H itch co ck ,
declared th a t the Senate w ould “ not ob ey the orders” o f
President W ilso n w ith regard to the trea ty . H e said:
The Senate has equal power and responsibility with the President in the
making of treaties. The Senate will not, in my opinion, obey the orders of
the President, who undertakes to command the Senate to ratify the treaty
without reservations adopted by a large majority of the Senate, which
Americanize it and make it safe for the United States. What he commends
will not, in my judgment, be done.
Senator H itchcock on the 19th was said to have stated
that the treaty was n ot d ead, and that he presum ed the Pres
ident w ould resubm it it a t the com ing session of Congress
next m o n th .
T h e text of L odge resolution o f ratification
follow s:
Resolved (two-thirds of the Senators concurring therein): That the
Senate do advise and consent to the ratification o f the treaty of peace with
Germany concluded at Versailles on the 28th day of June 1919, subject to
the following reservations, understandings and interpretations, which shall
be made a part of the instrument of ratification, which ratification is not to
take effect or bind the United States until the said reservations and under
standings adopted by the Senate have been accepted by an exchange of notes
as a part and a condition of said resolution of ratification by at least three
of the four principal allied and associated Powers, to wit; Great Britain,
France, Italy and Japan.
1. The United States so understands and construes Article I that in case
of notice of withdrawal from the League of Nations, as provided in said
article, the United States shall be the sole judge as to whether all its inter
national obligations and all its obligations under the said covenant have been
fulfilled, and notice of withdrawal by the United States may be given by a
concurrent resolution of the Congress of the United States.
2. The United States assumes no obligation to preserve the territorial
integrity or political independence of any other country or to interfere in
controversies between nations— whether members of the League or not—
under the provisions of Article X , or to employ the military or naval forces
of the United States under any article of the treaty for any purpose unless
in any particular case the Congress which, under the Constitution, has the
sole power to declare war or authorize the employment of the military and
naval forces of the United •States, shall by act or joint resolution so provide.
3. No mandate shall be accepted by the United States under Article
X X I I , Part 1, or any other provision of the treaty of peace with Germany,
except by action of the Congress of the United States.
4. The United States reserves to itself exclusively the right to decide what
questions are within its domestic jurisdiction, and declares that all domestic
and political questions relating wholly or in part to its internal affairs. Includ
ing migration, labor, coastwise traffic, the tariff, commerce, the suppression
of traffic in women and children and in opium and other dangerous drugs
and all other domestic questions are solely within the jurisdiction of the

1942

THE CHRONICLE

United States, and are not under this treaty to be submitted in any way
either to arbitration or to the consideration of the council or the assembly
of the League of Nations or any agency thereof, or to the decision or recom
mendation o f any other Power.
5 . The United States will not submit to arbitration or to inquiry by the
assembly or by the council o f the League of Nations provided for in said
treaty of peace anv questions which in the Judgment of the United States
depend upon or relkte to its long established policy commonly known as the
Monroe Doctrine; said doctrine is to be interpreted by the United States
alone and is hereby declared to be wholly outside the jurisdiction of said
League of Nations and entirely unaffected by any provision contained in
the said treaty of peace with Germany.
6 . The United States withholds its assent to Articles 156,157 and 158, ana
reserves full liberty o f action with respect to any controversy which may
arise under said articles between the Republic o f China and the Empire of

[Vol . 109.

T h e m otion to reconsider the first v o te on the Lodge resolu
tion w as offered b y Senator R e ed , and was adopted b y a
vo te o f 6 2 (43 D em ocrats and 19 R epublicans) as against
3 0 vo tes in opposition. A fter the m otion to reconsider had
been adopted Senator H itchcock m oved th a t the S en a te
ad jou rn . W ith regard to this and the further Senate pro
ceedings on the T re a ty on the 19th in st. the N e w Y o r k

“ T im e s” said in part:
This move was desired by the Administration forces so as to give theman opportunity, over night, of workmg with the Republican middle-ground ers in an effort at compromise.
The Senate voted down this motion, 51 to 42, it being substantially a.
partisan alignment, with Senators Reed, Gore and Shields of the Dem o
crats voting with the majority.
J&!l
Congress o f the United States will provide by law for the appoint
With tho minority’s effort at adjournment defeated, Vice-President M a r
ment of the representatives of the United States in the assembly and the shall ruled that the Treaty was now back in Committeo of the W hole,
council o f the League o f Nations and may in its discretion provide for the instead c f the Senate, where the Lodge resolution had been voted d ow n ,
participation of the United States in any commission, committee, tribunal, and that it was open to any amendments or reservations or substitute reso
court, counci or conference or in the selection o f any members thereof, and lutions of ratification that might be offered.
for the appointment o f members o f said commissions, committees, tribunals,
This ruling of the Chair, if sustained, would have moant that the m icourts, councils or conferences, or any other representatives under the ority would have an opportunity to put in substitute reservations in an
treaty of peace or in carrying out o f its provisions, and until such partici effort to wean the support of middle-ground Senators and thus save thepation and appointment have been so provided for and the powers and duties Treaty from being defeated.
. „
..
of such representatives have been defined by law no person shall represent
Senator Lodge raised a point of order against the Vice President s ruling.
the United States under either said League o f Nations or the treaty of peace his motive being to obtain a vote to override it. M r. Lodgo questioned the
with Germany or to be authorized to perform any act for or on behalf o f ruling of the Chair, by which the Treaty was held to go back to the Com
the United States thereunder, and no citizen o f the United States shall be mittee of the Whole.
He argued that the majority resolution, upon the
selected or appointed as a member of said commissions, committees tri vote to reconsider, was once more before the Senate and that this alone
bunals, courts, councils or conferences, except with the approval of the could be voted on.
.
., , ^ . ..
__
Senate of the United States.
This juncture in the Treaty fight had long been anticipated by tho ma
8
The United States understands that the reparation commission willjority and it was evident that Senator Lodge was ready for the emergency,
regulate or interfere with exports from the United States to Germany, or the Senator in advance having had the assurance of the Republicans that
from Germany to the United States, only when the United States by act or they would stand with him. Without debate tho point of order against the
Joint resolution o f Congress approves such regulation or interference.
Vice-President’s ruling was sustained by a vote of 51 to 42. exactly tho same
9. The United States shall not be obligated to contribute to any expenses as upon Senator Hitchcock’s motion to adjourn.
of the League o f Nations or of the secretariat, or o f any commission, or
Senator Hitchcock attempted at this point to offer a substitute resolu
committee, or conference, or other agency, organized under the League of tion of ratification without qualification. Senator Poindexter raised a
Nations or under the treaty or for the purpose of carrying out the treaty point of order against it. Tho Vice-President overruled the point. In
provisions, unless and until an appropriation of funds available for such ex doing so, Mr. Marshall once more asserted the right of Senators to offor
penses shall have been made by the Congress of the United States.
any resolution or reservations or amendments to the Treaty. Upon ap 
10. If the United States shall at any time adopt any plan for the limitation peal from the decision of the Chair, the Vice-President was overruled by a
of armaments proposed by the council of the League o f Nations under the vote of 50 to 43.
..
„
provisions o f Article V III., It reserves the right to increase such armaments
Senator McCumber offered an amendment to the preamble or Com 
without the consent o f the council whenever the United States Is threatened mittee Reservation No. 1. providing for the acceptance of all reservations
adopted by tho Senate by three or the principal signatories, the McCumber
with invasion or engaged in war.
11. The United States reserves the right to permit, in its discretion, the amendment eliminating the provision for acceptance. Senator McCumber
nationals o f a covenant breaking State, as defined in Article X V I. of the offered this in an effort to bring the Democrats to the support of the Treaty .
covenant o f the League of Nations, residing within the United States or in the proamblo which had been adopted as Reservation No. 1 having boon
countries other than that violating said Article X V I., to continue their denounced by President Wilson as impossible of acceptance.
commercia , financial and personal relations with the nationals o f the United
Senator Poindexter raised a point of order against the McCumber amend ment and. upon the Chair sustaining Senator McCumber the Senate over
12 68Nothing in Article 296, 297. or in any of the annexes thereto or in any
ruled the Vice-President by a vote of 50 to 43. In ruling that tho M c 
other article, section or annex o f the treaty o f peace with Germany shall, as Cumber amendment was in order, the Vice-President remarkod with a smile:
against citizens o f the United States, be taken to mean any confirmation,
“ It will take three votes like this to convince m o.”
ratification or approval o f any acts otherwise illegal or in contravention of
Senator McCumber, in another effort to save the treaty from final re
t h e rights o f citizens o f the United States.
jection moved to reconsider the vote by which the preamble had been
14. The United States withholds its assent to Part X II I . (Articles 337 adopted by the Senate. Senator Penrose raised tho point of order that
to 427 inclusive) unless Congress by act or joint resolution shall hereafter Senator McCumber could not make the motion Inasmuch as he had not
make provision for representation in the organization establ^hwi by said voted with the prevailing side when the preamblo was adopted. Senator
Part X II I ., and in such event the participation o f the United States will McCumber subsided, making no effort to press the amendment.
be governed and conditioned by the provisions o f such act or joint resolution.
After this the Democrats made frantic efforts to avoid being forced to
15 The United States assumes no obligation to be bound by any election another vote on the Lodge amendment. Huricd conferences among the
decision, report, or finding of the council or assembly in which any member Democrats were In progress in the chamber. Postmaster-General Hurloson,
o f the league and its self-governing dominions, colonies or parts o f empire, in who had been in tho Senate while the votes wero being taken, participated
the aggregate have cast more than one vote, and assumes m> obligation to in them.
be bound by any decision, report, or finding of the council or assembly
Senator Robinson, Democrat, of Arkansas, insisted that tho Senate was
arising out o f any dispute between the United States and any member of “ violating all precedents,” in its handling of the treaty.
the league if such member or any self-governing dominion, colony, empire,
"Having voted down the Lodge resolution,” said Senator Robinson, “ the
or part o f empire, united with it politically has voted.
Senate with a thorough disregard of parliamentary precedents, is now being
called
upon to vote once more on the identical proposition. We might
T h e three efforts to ratify the peace treaty on the 19th
continue indefinitely along this line and reach nowhere. Unless tho Senate
were v o ted dow n b y large m ajorities.
T w o of the three comes to a vote on a substitute resolution it will never reach an agreement
ratification votes were taken on the resolution drafted b y on the treaty of peace.”
Senator Lenroot, replying to Senator Robinson, declared that the Senate
the R epublican m a jo rity , containing the reservations which
was proceeding under parliamentary procedure and that there was no other
President W ilso n had opposed in his letter to Senator H itch 
way.
Senator Underwood, Democrat, of Alabama, in a vigorous speech, de
co ck . O n each of the vo te s m o st of the D em ocratic sup
porters o f the treaty v o ted against ratification.
T h e Lodge clared that the Republican Party would be to blame if the treaty wero
defeated.
,
ratification resolution w as rejected in the first instance b y a
“ R a t i f i c a t i o n o f t h e t r e a t y is i n t h e i r h a n d s ,
e x p l a i n e d Mr. U n d e r w o o d .
Senator Harding, Republican, of Ohio, insisted that tho blame for defeat
v o te of 3 9 for to 5 5 against; a m otion to reconsider brought
the resolution u p for a second vo te , and the result o f this of the treaty would lie with the Democrats for having rejected efforts at
compromise. Senator Fletcher implored the Republicans not to block
v o te was 4 1 affirm ative vo tes against 51 in opposition. an effort to reach agreement on tho treaty.
Senator Lenroot, his face flushed, angrily replied to Senator Fletcher;
A fte r the L od ge resolution w as disposed of a resolution was
"There will bo no compromise. If the President wants this treaty he
offered b y Senator U nderw ood calling for ratification w ith
must take the reservations substantially as adopted to-day.”
ou t an y reservations; this likewise was v o ted d ow n , 53 votes
Senator Pomerene, Democrat, of Ohio, who in the meantime had been
being recorded against it w ith 3 8 in fa v o r of its ad option , in conference with the Administration leaders, moved that the treaty, along
with tho majority resolution of ratification, be referred to a "Committeo of
the m ild reservation R epublicans votin g against it.
Conciliation,” composed of six Senators to be appointed by tho President
In the first vo te on the L od ge resolution tho 3 9 votes in of the Senate. Those on the committeo,#ho proposed, should comprise
favor of its adoption were cast b y 3 5 R epublicans and 4 tho majority leader, Senator Lodgo, who would bo Chairman of tho com
mittee- Senator Hitchcock, the minority leader, and four other Senators
D em o cra ts (Senators G o re , Shields, S m ith of G eorgia and
to be named by the Chair.
W a ls h of M assach u setts), the opposing votes of 5 5 com ing
“ The Committee on Conciliation” would “ prepare and report to the
Senate
such a resolution of ratification and reservation as. in their Judg
from 4 2 D em ocrats an d 13 R epublicans;
In the second
ment, will meet the approval of not less than two-thirds of tho Senate.”
v o te taken on the Lodge resolution the 4 1 affirm ative votes
Senator La Follette, Republican, of Wisconsin, moved to lay tho reso
were m ade up of 3 4 from the R epublican forces and 7 from lution on the table, and his motion was carried, 48 to 42.
In asking for adjournment. Senator Hoko Smith said that he would vote
the D em ocrats (Senators G o re, M y e r s , O w en , P om orine,
for tho Lodge resolution If It came up again, but he believed another at
Shields, S m ith of Georgia and W a ls h of M a ssa c h u stts);
tempt should be made at compromise before final action was taken. He
w hile the negative votes were those o f 3 8 D em ocrats and 13 said that if the treaty were rejected the President could bring it up again
R epu b lican s; the 3 8 votes cast in favo r o f the adoption of at the next session. . . .
A fter the final vo tin g , Senator L odge offered a c o n c u r re d
the U nderw ood resolution were those of 3 7 D em o cra ts and
resolution declaring a state of peace to exist betweon G er
one R epu blican (Senator M c C u m b e r ); the opposing votes
m a n y and the U n ited S tates; as the H ouse had adjourned
o f 5 3 were divided as follow s: 4 6 Republicans and 7 D e m o 
the resolution w ent over to the next session; the resolution
crats, the latter being Senators G o re, R e ed , Shields, S m ith
o f G eorgia , T h o m a s, T ra m m ell and W a ls h o f M assach u setts. read as follow s:




N ov. 22 1919.]

THE CHRONICLE

Whereas, by resolution of Congress, adopted April 6 1917, and by reason
o f acts committed by the then German government, a state o f war was de
clared to exist between that government and the United States; and,
Whereas, the said acts of the German government have long since ceased;
and,
Whereas, by an armistice signed November 11 1918, hostilities between
Germany and the Allied and associated powers were terminated; and,
Whereas, by the terms o f the Treaty of Versailles, Germany is to be at
peace with all the nations engaged in war against her, whenever three gov
ernments, designated therein, have ratified said treaty; now, therefore,
Be it Resolved by the Senate (the House o f Representatives concurring),
That the said state of war between Germany and the United States is hereby
•declared to be at an end.

Inasmuch as our last reference to the progress of the treaty
in the Senate covered only the developments up to Nov. 7
(see “Chronicle” Nov. 8, page 1759), we take occasion to
give the action between that date and the 19th. As was
indicated in our issue of Nov. 8 the first reservation to the
Treaty was adopted by the Senate on Nov. 7, by a vote of
48 to 40, this reservation of the Foreign Relations Committee
to the preamble, reading as follows:
The reservations and understandings adopted by the Senate are to be
made a part and condition of the resolution of ratification, which ratifica
tion is not to take effect or bind the United States until the said reservations
and understandings adopted by the Senate have been accepted by an ex
change o f notes as a part and condition of said resolution of ratification by
at least three o f the four principal Allied and Associated Powers, to wit:
■Great Britain, France, Italy and Japan.

On Nov. 8 a resolution intending to safeguard the right of
the United States to withdraw from membership in the
League of Nations was adopted by a vote of 50 to 35— 15 Re
publicans and 5 Democrats (Senators Chamberlain, Gore,
Reed, Smith of Georgia and Walsh of Massachusetts) voting
in favor of its adoption and 35 Democrats against it. This
reservation stipulated:
The United States so understands and construes Article 1 that in case of
notice of withdrawal from the League of Nations, as provided the said
article, the United States shall be the sold judge as to whether all its inter
national obligations and all its obligations under the said covenant have
been fulfilled, and notice of withdrawal by the United States may be given
by a concurrent resolution o f the Congress o f the United States.

An effor to change the concluding clause of the reserva
tion was made, the Democrats and Senators McCumber
(North Dakota) and Nelson (Minnesota), of the mild reser
vation Republicans, arguing that an Executive should have
a, voice in deciding any question of withdrawal. Three pro
posed amendments on the subject were rejected. Senator
Nelson proposed that a joint resolution instead of a con
current resolution be stipulated for notice of withdrawal, so
that the signature of the President would be required.
His proposal, however, was lost by a vote of 45 to 39. Sena
tor Walsh, Democrat (Montana), proposed to strike out
entirely the. Congressional authorization. His motion was
defeated, 49 to 37. A similar motion, previously by Senator
Thomas, Democrat. Colorado, was withdrawn. A motion
by Senator Gore to empower either the President or Congress
to give notice of withdrawal was voted down, 68 to 18.
Senator King, Democrat, Utah, moved to make the pro
vision relative to judging obligations applicable to all the
league members, but that was lost, 52 to 30. On Monday,
Nov. 10, when the reservation to Article X was taken up,
a Constitutional issue was raised in connection with the
adoption on the 8th of the withdrawal reservation. On
this point the New York “Evening Post” of Nov. 10 said:
The question came up on the reservation's provision that notice of with
drawal from League membership could be given by a concurrent resolution
o f Congress. Under Congressional practice a concurrent resolution is not
sent to tho White House for the President's signature and supporters of the
resolution declared the provision had been put in expressly to permit Con
gress to effect a withdrawal without acquiescence of the President.
Senator Walsh, Democrat, Montana, opposing the provision, called at
tention to a clause o f the Constitution requiring that "every order, resolu
tion or vote to which the concurrence o f the Senate and House or Represen
tatives may be necessary (except on a question of ad ournment), shall be
presented to the President o f the United States, and before the same shall
take effect shall be approved by him ," unless passed over his veto. Under
this provision, Senator Walsh declared, a concurrent resolution could have
no force unit ss signed by the President, even though the Senate had written
the proposed enabling clause into the treaty.
Friends of tho reservation asserted the Constitutional provision applied
only to legislation.

The reservation to Article X drafted by the Foreign Rela
tions Committee whch was almost ident c 1 w h ih t
which President Wilson announced on his Western trip
he would regard as a rejection of the treaty provided that
undor tho article, which pledges member States to preserve
as against external aggrossion, the territorial integrity and
political independence of all other members, the United
States should assume no obligation to use its naval or mili
tary forces except on express authorization of Congress in
every specific case. On the 10th a substitute reservation
offered by Senator Thomas (Democrat), which it was
stated had be n proposed some time ago by Senator Mc
Cumber, was defeated by a vote of 48 to 36; this substitute
read as follows:



1943

That the suggestions of the Council of the League of Nations as to the
means of carrying the obligations of Article X into effect are only advisory .
and that any undertaking under the provisions of Article X , the execution
of which may require the use of American military or naval forces or e co
nomic measures, can under the Constitution be carried out only by the
action of the Congress, and that the failure of the Congress to adopt the
suggestions of the Council of the League, or to provide such military or
naval forces or economic measures, shall not constitute a violation o f
the treaty.

Another substitute, offered by Senator Borah, would
have provided that the United States should accept no obli
gation, legal or moral, under Article X. This was rejected,
6S to 16. An amendment by Senator Walsh to strike out
the words “or authorize the employment of the military or
naval forces of the United States shall by Act or joint resolu
tion so provide,” was defeated, 45 to 38.
On the 11th inst. the entire day was spent in debate, and
on the 12th two petitions to invoke the Senate’s cloture rule,
■ which had never previously, it is said, been used, were pre
pared for submission the following day if it became apparent
that dilatory tactics were being adopted. The first proposal
was drawn by Senator Underwood in behalf of the Democrats,
and the other was proposed by Senators Hale, Spencer and
Kellogg, of the mild reservation group of Republicans. After
the adoption of the reservation to Article X on Nov. 13 (re
ferred to below), Senator Lodge offered a petition, signed by
30 Republicans to invoke the closure rule so as to limit fur
ther debate. The petition event over to the 15th, as the
Senate was not in session on the 14th, the day of the funeral
of Senator Martin of Virginia.
On the 15th Republican and Democratic leaders worked
together to invoke cloture, piling up a majority which far
exceeded the two-thirds necessary for adoption. In the count
of 78 to 16 the Baltimore “Sun” said, “the two parties con
tributed about evenly. The rollcall over, however, and clo
ture a fact, the Republican managers,” it added, “took com
plete charge and swept everything before them. Reservation
after reservation went through just as it came from the com
mittee until the Democrats apparently abandoned hope of
making modifications and resigned themselves to a passive
resistance.” Further reference to the proceedings of the 15th
will be found further below. On the 13th inst. the Senate
adopted the reservation qualifying the obligations of the
United States under Article X exactly as it came from the
Foreign Relations Committee; the vote was 46 to 33; 42
Republicans and 4 Democrats voted in favor of its adoption,
the 33 negative votes "being cast by Democrats. As accepted
by the Senate the reservation to Article X read:
The United States assumes no obligation to preserve the territorial in
tegrity or political independence of any other country or to interfere with
controversies' between nations— whether members of the league or not—
under the provisions of Article X ., or to employ the military or naval forces
of the United States under any article of the treaty for any purpose, unless
in any particular case the Congress, which under the constitution, has the
sole power to declare war or authorize the employment of the military or
naval forces of the United States shall be act or joint resolution so provide.

It is pointed out that in only two particulars does the
language differ from the proposed reservation which the Pres
ident declared he would be obliged to regard as a rejection.
A.s read by the President the phrase “under the provisions
of Article X .” occurred at different a place, and the final
word “provide” was changed to “declare.”
An amendment to the reservation by Senator Walsh, de
signed the other Nations of all obligations to the United
States, was rejected by a vote of 68 to 4. A motion by
Senator Thomas, to assume the Article X. obligations for
five years was rejected 46 to 32; one by Senator Walsh,
Democrat, Montana, to extend the article’s guarantees to
small buffer States of Central Europe, was lost 44 to 32,
and one by Senator McKellar, Democrat, Tennesee, to ex
tend aid in protecting Alsace-Lorraine, went out 45 to 36.
The Senate also rejected by a vote of 41 to 32, a subsitute
by Senator Hitchcock which would declare the recommenda
tions of the League Council to be “merely advisory,” and a
similar proposal by Senator Owen, Democrat, Oklahoma,
fa led 44 to 33. Mr. Hitchcock’s final effort at amendment,
a motion to add a resolution drawn some months ago by
Senator Knox, Republican, Pennsylvania, relative to the
nation’s duty in any European emergency, was rejected
45 to 34, Senator Knox voting with the other Republicans
against it.
Acting under cloture rule on the 15th the Senate adopted
10 reservations, the New York “Times” reporting the pro
ceedings in part as follows:
Immodiatelj. after closure had been Invoked. Senator Lodge moved the
adoption of committee reservation No. 4, providing that no mandate be
accepted by tho United States, except by Congress. After only five min
utes of perfunctory debate this was adopted by a vive voce vote. This was
the first reservation of the majority program, adopted without a roll call.
The Senate next took up reservation No. 5, under which the United

1944

THE CHRONICLE

[V ol . 109

States reserves to itself exclusively the right to determine what questions, rately. An effort by Senator Hitchcock to strike out the preamblo re
including labor, immigration, coastwise traffic, the tariff, commerce, and quirements for acceptance by other nations was voted down 45 to 36, tho
the suppression o f the traffic in women and children, are within its own Republicans opposing it solidly except for Sonator McCumber of North
Dakota.
jurisdiction.
Sonator Hitchcock moved as a substitute the reservation be offered in the
The Senate without a roll call then agreed to all of the fifteen reservations
Senate on Thursday providing that no nation is required to submit any except that relating to mandates.
matters involving domestic questions to the League for decision. The sub
The domestic questions and boycott reservations were agreed to without
stitute, which brough out the first vote o f the entire Senate on any pending a roll call after the Senate had eliminated from the former an amendment
matter within the memory o f any Senator in the body, was defeated by a offered by Senator Hale, Republican, of Maine, and adopted in committeo
vote of 52 to 43.
of the whole, declaring the United States reserved exclusive jurisdiction
After this Senator King, Democrat, o f Utah, offered a substitute reserva over the question of its boundaries. The amendment was stricken out
tion somewhat along the lines o f the Hitchcock proposal and it was voted on motion of Mr. Ledge, who said that after mature consideration he believed
down vive voce.
it went too far.
Senator Hale, Republican, o f Maine, offered an amendment to reservation
A proposod substitute by Senator King, Democrat, of Utah, which would
No. 5, to provide that “ all questions relating to the present boundaries o f the have excluded the United States unconditionally from the labor provisions,
United States and its insular possessions” also should be solely within the was rejected, 48 to 43, the mild Republicans joining the Administration
jurisdiction of the United States. This amendment. Senator Hale explained, Senators to override the votes of the irreconcilables and nine Democrats.
was offered to make sure that the boundary line between Maine and Canada
The proposal relative to voting equality, presented by Senator Lonroot,
would not be violated through any exigency that might arise involving an Republican, of Wisconsin, won 55 to 38, on a motion to submititute it
for
a less sweeping proposal by Senator McCumber. It then was formally
outlet for Canada.
The Hale amendment was adopted, 52 to 40, with this amendment em adopted without a roll call. Previously a reservation on the same subject
bodied. The committee reservation was then passed by a vote of 59 to 36. by Senator Johnson, Republican, of California, had been rejected, 46 to 43 ..
Next the Senate took up majority reservation N o. 6, under which the with eight Democrats voting for it and the mild reservationists lining up
United States declines to submit any question pertaining to the Monroe solidly in opposition.
Doctrine to arbitration or inquiry by the League, reserving the doctrine as
entirely within the jurisdiction o f the United States.
Senator Hitchcock offered the minority substitute to provide that the
Monroe Doctrine was not “ in any way impaired or affected” by the covenant
and not subject to “ any decision, report, or inquiry by the League of Na
tions.” The substitute was defeated by 51 to 43, after which a substitute
The United States withholds its assent to Part X III. (Articles 387 to
o f similar purport by Senator Pittman was defeated by 53 to 42 and one by
427, inclusive) of said treaty unless Congress, by act or joint resolution, shall
Senator Smith of Georgia was rejected vive voce.
The committee reservation was then adopted by 55 to 33, nine Democrats hereafter make provision for representation in the organization established
by said Part X II I ., and in such event the participation of tho United States
voting in its favor.
The majority reservation on Shantung, regarded as one of "deadliest” will be governed and conditioned by the provisions of such act or joint
resolution.
by the minority leaders, next came up. Under this the United States would
reserve "full liberty o f action” in any controversy arising under the treaty
provisions awarding the economic rights in the Shantung peninsula to Japan.
Senator McCumber offered a substitute slightly altering the phrasing of
the committee reservation to provide that “ the United States refrains from
entering into any agreement on its part” regarding the Shantung provisions
o f the treaty, but. like the majority reservation, reserving “ full liberty
of action” in any controversy arising over Shantung. The McCumber sub
stitute was defeated by 50 to 42, Senators McCumber and Nelson being the
only Republicans to vote for it.
Another reservation interpretative in nature proposed by Senator Pittman
was defeated 50 to 39.
The committee reservation on Shantung was then adopted 53 to 41. Sen
ators Gore, Shields, Thomas. Reed, and Smith o f Georgia, and Walsh of
OF P E A C E
TREATY
URGED
BY
Massachusetts voting with the Republicans, and M r. McCumber voting R A T I F I C A T I O N
with the Democrats.
L E A G U E TO EN F O R C E P E A C E Next, the Senate took up Committee Reservation No. 8, stipulating that
C H A N G E S PROPOSED.
Congress “ provide by law” for the appointment o f representatives of the
United States in the Assembly and Council o f the League of Nations and
that “ it may in its discretion” provide for the participation by the United
States in any commission, committee, tribunal, court, council or conference
created under the treaty, and that no appointments could be made except
with the approval and concurrence o f the Senate. This reservation was in
tended to cover the provisions o f the Fall amendments which were voted
down some weeks ago.
.
The reservation was adopted by a vote of 53 to 40.
Majority Reservation No. 9, under which the United States “ understands
that the Reparation Commission will regulate or. interfere with” commerce
.,r
between the United States and Germany “ only upon the assent o f the United
States through action of Congress,” was adopted without debate by a vote of
The League to Enforce Peace, through the action of its Executive Com
54Next° the committee reservation stipulating that the United States shall mittee, urged that the reservation to the treaty introduced by Senator
not be obligated to contribute to any expense o f the League of Nations or any Reed, known as Reservation 15, be defeated as nullifying the treaty. This
body created under it or to the expense of carrying out any of the treaty pro reservation has been defeated. The Senate voted it down 56 to 36.
Those remaining have their objections, and some are harmful; yet they
visions without a special appropriation by Congress, was adopted by a vote
leave a covenant which will create an efficient League equal to tho task of
of 56 to 39.
,
. ^ „
The reservation to provide that the United States reserves the right to preserving the peace of the world. A League of Nations which will enforce
increase its armaments without the consent o f the League o f Nations was and make more secure the peace of the world is the object for which the
League to Enforce Peace was organized, for which it has labored through
quickly adopted, 56 to 39.
Next, reservation No. 12, under which the nationals o f a covenant four and one-half years, and for which alone it exists.
breaking State may continue commercial, financial and personal relations
The treaty, even with the reservations now adopted, can accomplish this,
with the United States with the permission fo the United States Govern purpose, and should be ratified. There is no adequate reason why it should
not be. The world waits. Delay is peril. Any action which casts the
ment was adopted by a vote o f 53 to 41.
The last reservation of the day to be voted on, N o. 13, to preserve the Covenant for a League of Nations for peace into the partisan politics of a
rights of citizens o f the United States under the alien property clauses of Presidential election will delay peace and halt political reorganization and
economic rehabilitation of nations sorely smitten by war, by winter and by
the treaty was accepted, 52 to 41.
famine.
The League to Enforce Peace, speaking for the groat multitude which has
labored for this supreme end. sensible of its responsibility, calls for the im
mediate ratification of the treaty, even with the reservations, but it is most
important that tho preamble bo changed by removing tho necessity for
positive action on tho reservations by nations definitely named, and con
tenting ourselves by acceptance in the ordinary way by silent acquiescence
within a time limit.
Failure to ratify the treaty now would defeat tho world’s hopes for
peace now and always. Such a failure would throw the world back into
worse than pre-war conditions by ro-establishing a balanco of hostlio roup
ing of powers witha n increasing burden of armaments.
If the League be once established and permitted to function with our
country as a member the foundations of a now world order would continue to
grow in beneficent stability, securing for all nations, great and small, peacewith justice.
A. LAW RENCE LOWELL,
OSCAR S. STRAUS,
TIIEO RD ORE M ARBU RG,
W ILLIAM II. SHORT,
Committee of League to Enforce Peace.

Another reservation (offered by Senator McCumber),
making the entrance of the United States into the Interna
tional Labor Conference contingent upon action by Congress,
was also adopted on the 18th by 54 to 35. It reads:

At 10:15 that night, after the Senate had been in continu
ous session over 12 hours, Vice-President Marshall declared
the peace treaty closed to further reservations or amendments
and the Senate adjourned until noon the following day,
when the ratification resolution was taken up with the result
indicated above. After the rejection of the three ratifica
tion proposals on the 20th the Senate adjourned sine die
at 11:10 p. m., the vote on adjournment being 47 to 27.

The immediate ratification of the treaty “even with its
reservations” was called for in a statement issued on Nov.
18 by the Washington Bureau of the League to Enforce
Peace, which, however, declared that “it was most important
that the preamble be changed by removing the necessity
for positive action on the reservations by nations definitely
named and contenting ourselves by acceptance in the or
dinary way by silent acquiescence within a time limit
The following is the statement:

The two final reservations on the Foreign Relations Com
mittee’s program were rejected on the 17th. The first of the
proposals would have declared the umvillingness of the United
States to assume any responsibility for the German over
seas possessions which under the treaty are ceded to the
Big Five Powers pending establishment of the mandatory
system. The vote on the proposal was 64 to 29. The other
committee proposal, rejected 56 to 36, was a blanket reser
vation by which the United States would exclude from League
jurisdiction all questions affecting its honor and vital inter
ests. Three Democrats, Senators Reed, Shields and Gore
of Oklahoma, supported it.
A reservation by Senator Owen, Democrat, Oklahoma,
designed to asure self-government for Egypt, was voted down,
45 to 37, and another presented by him declaring the treaty
was interpreted as perpetuating the principles of the armis
tice and the 14 points was rejected by a vive voce vote.
PLE A R E F A S T LO S IN G P A T I E N C E ”
At 9 o’clock on Tuesday night (Nov. 18) after the Senate had “ A MWEIRT IHC AENX OPEO
T I C T H E O R IE S OF G O V E R N M E N T ,
been in continuous session for eleven hours consideration
S A F S H E R B E R T HOOVER.
of amendments in committee of the whole was completed Herbert Hoover, former head of the Allied Relief Organi
and the treaty was formally reported to the Senate. The zation, in an address to the convention of Americans of
Associated Press dispatches from Washington Nov. 18 also Polish ancestry at Buffalo on Nov. 12, sounded a note of
said in part:
warning to those of the foreign-born populations of this
The question o f approving the fifteen reservations adopted in committee
of the whole was then taken up. each reservation being considered sepa country who “are interesting themselves in the destruction



N ov. 22 1919.]

THE CHRONICLE

of our primary institutions and defiance of our laws.” The
American people are growing impatient with foreign agita
tors, and unless their attitude changes the door that has
always been open to Europe may be shut, Mr. Hoover said
in addressing the convention. His remarks were quoted in
Buffalo press advices of Nov. 12 as follows:
Many foolish ideas are being circulated among the foreign-born popula
tion of the United States. Many of these foreign-born are interesting
themselves in the destruction o f our primary institutions and defiance of
our laws. The American people are fast losing patience with this attitude.
It may develop out of this that the “ open door” towards Europe will bo.
In a largo measure, closed. But, worse than this, there may develop out
o f it a prejudice against every speaker of a foreign language in the United
States. It creates prejudice against extending aid to those countries in
Europe from which our foreign-born population spring.
Any needed reforms in the United States, he asserted, would “ be carried
out by those whose parents have grown up amid our institutions and those
who have become in sentiment and spirit a part of our people.”
“ It is fortunate that the Polish population of the United States has been
but little influenced by these forms of agitation,” he continued.
“ It is the duty of those of you who speak our language and who have
lived under our institutions to see to it that people of your blood do not
associate themselves with movements that are antagonistic to our public
sentiment and to our social and economic institutions.”

WO RKER M U S T BE FREE TO S EEK A N Y E M P L O Y 
M E N T H E DESIRES, SA FS JU STIC E KELLOGG
OF S U PR EM E COURT I N S E N T E N C IN G
S T R IK E LEADERS.

Supreme Court Justice Kellogg of Binghamton recently
sentenced to jail three strike leaders, who were found guilty
of contempt of court for violating an injunction prohibiting
the use of violence and intimidation in connection with the
strike at the factories of the Kayser Silk Co. The strike
leaders were also fined $250 each. In his remarks in the
case Justice Kellogg said:
It is true that men have a right to strike, and that they have a right to
co-operate together, and the organization and co-operation which men form
is not against public policy, but is to be commended when their purposes
are legitimate and lawful, but while they have that absolute right, other
men who are willing to work have an equal right to pursue their labors
unmolested, and the plaintiff has just that same right to employ whomsoever
he pleases, provided ho can get men to enter his employment and this right
cannot be interfered with by threats, intimidation or coercion either singly
or as a result of an organization and conspiracy.
What constitutes peaceful picketing may be answered by any fairminded man if this question is asked: "W ould this be lawful if no strike
existed ? " Would it be lawful for one or more men to use offensive, abusive,
insulting or threatening language to another or others; for one to call another
a "rat,” a "scab,” a "yellow dog,” a “ yellow rat" or a “ Hun” or by any
other name commonly accepted as offensive or degrading, or calculated to
provoke the other to break the peace in resentment, or to so intimidate
them that ho or she would refuso to work ?
Government fails in its duty and liberty ceases to exist when it lies within
the power of one man or group of men to deny to any other man or group
o f men the right to seek and accept such employment as they desire.

The circumstances under which the men were convicted
were set fortli in the Brooklyn “Eagle” of Oct. 15, which said:

Three out of four leaders in the Kayser silk strike now in progress have
been sentenced to jail, and all four have been fined, three in addition to
thoir jail sentences, by Supreme Court Justice Kellogg of Binghamton, for
criminal contempt of court. This is ah echo of the strike in the Kayser
factories, including the main factory at Taaffe Place and De Kalb Avenue,
this Borough. An injunction is now in force in Brooklyn prohibiting dis
order, violence and intimidation. The injunction was granted by Justice
Charles II. Kelby.
The Sidney case, which resulted in the jail sentences and fines, is con
sidered by the lawyers as clarifying tho atmosphere particularly at this time
and establishing a precedent. Kayser & Co. applied for a temporary in
junction in Binghamton, which Justice Kellogg made permanent on July 24.
This injunction expressly prohibited the strikers from pursuing violent
tactics, but the disorder continued. As a result, the leaders were charged
with criminal contempt of court and Justice Kellogg handed the case over
to William II. Johnson of Oneonta as referee. The referee submitted his
findings to Justice Kellogg, who imposed the jail sentences and fines
Tho guilty leaders are Robert F. Stump, Otto Boelke, Harry Wilpers and
Hannah Chrisman. Tho first throe received jail sentences and fines of
S250 each, and tho woman was fined only. They aro members of the Dyers
& Finishers Local Union No. 1120, tho Warpers & Ward Hands Local
Union N o .1122, the Glove Makers Local Union N o .1168 and are affiliated
with tho United Textile Workers of America.

SAMUEL

GOMPERS A G A I N S T TH E
P O L ITIC AL PURPOSES.

S TRIKE

FOR

An admonition to organized labor was contained in a
pronunciamento by President Samuel Gompers of the Amer
ican Federation of Labor published here on Nov. 16. The
labor leader animadverted against the policy of “direct
action,” .i. e., obtaining political demands by use of the
striko, which cannot be secured through political channels.
“It is tho conviction of tho American people, and specifically
of tho American working people,” says Mr. Gompers, “that
political democracy, as we know it is the best form of govern
ment yet devised, and that it must not be endangered, and
cannot be endangered without entailing the most serious
consequences to every one.” Mr. Gompers asserts that the
strike is a weapon “too sacred to be used for any other than
its legitimate purpose. . . a weapon which the workers of the



1945

world will never relinquish, however much they may hope
to decrease the necessity for its use.” Tho statement makes
reference to the failure of the so-called “direct aoctinists” at
the British Trade Union Congress which was held in Glasgow
in September. According to the N. Y. “Tribune” of Nov. 17
the statement was circulated by New York iabor unions tho
day before. As quoted in part by that paper it reads as
follows:
The question of direct action, as brought before the British Trade Union
Congress in Glasgow, was a question bound to be of the deepest interest to
trade unionists everywhere. While it may be regretted that the issue was
not decided in a definite manner by a direct vote, it is certain that the policy
of direct action as advocated by its sponsors was rot sustained in the great
convention of British labor.
Cable reports indicate that action on the proposh'or got no farther than
a motion for the previous question (which under Lriiisli pari.amontaiv rales
means the defeat of the original proposition and to pass to the next order
of business). This motion was carried by 2,255,000 votes against 2 ,080,000
votes.
Persons on both sides of the question will undoubtedly claim something
of a moral victory through a vote of this character, though the fact evidently
remains that there was no vote of approval of direct action, and therefore
British labor has defeated direct action as a means of securing compliance
with its demands.
The constructive forces of American trades unionism will find satisfaction
in the failure of the direct actionists to secure a definite decision in favor of
their policy. They will find this satisfaction because it is the earnest wish
of the American trades-union movement that there should be constructive
progress by labor everywhere, and they are profoundly convinced that the
policy of direct action cannot lead to permanent success.
Once the policy of direct action is embarked upon by any body large
enough to exert a justified influence in the affausof the country, the political
structure is brought face to face with a situation which may lead to con
sequences of reaction of the most critical character.
In a country where the political life is democratic, as it is in England
and the United States, the undermining of the democratic political structure
by direct action methods is not only unwise but impracticable and de
structive. Our own direct actionists in America express their philosophy in
the slogan, “ Strike at the ballot-box with an axe.” There soems little differ
ence between this idea and that expressed by British advocates of direct
action. They interpreted direct action to mean the use of the strike to secure
political demands which could not or had not been secured through political
channels.
The political system both in England and in the United States offers a
periodical and absolutely free opportunity for arriving at decisions on
political questions. It offers a method by which majority decision may bo
registered for or against any proposition within the realm o f politics and any
proposition whether wise or unwise can be carried into effoct providing the
majority can be convinced of its desirability.
The philosophy of direct action contemplates nothing short of substitution
of minority rule for majority rule. It seems incredible that in either Eng
land or America there should be seriously contemplated any system by
which the minority could, through forcible measures, invalidate and over
turn the expressed will of the majority. What is meant by direct action is
this:
In the event that the majority decision at the ballot box goes against any
given proposition, the minority may, by suspending work in a vital indus
try, compel the nation to reverse the decision of the majority and accede
to tho will of the minority. Whether democratic political institutions are
worth maintaining is, of course, a blatter for decision by those who live
under democratic political institutions.
It is the conviction of tho American people, and specifically of the Ameri
can working people, that political democracy, as we know it, is the best form
of government yet devised, and that it must not be endangered, and cannot
be endangered without entailing the most serious consequences to every one.
The destruction of tho democratic political structure by direct action
would inevitably lead to chaos out of which we could not emerge into the
restoration of order without first restoring the political structure that had
been destroyed.
History records but few ideas more tragic and more fantastic than the idea
of government by direct action. It is in fundamental opposition to every
thing that we have learned through experience to cherish and safeguard.
The strike itself is a weapon too valuable and too sacred to be used for any
other than its legitimate purpose. It is a weapon which the workers of the
world will never relinquish, however much they may hope to decrease the
necessity for its use.
-

N A T I O N A L F A R M O R G A N IZ A T IO N D E C L IN E S I N V I 
T A T IO N TO JOIN CONFERENCE OF A M E R I C A N
F E D E R A T IO N OF LABOR.

The attitude of the National Grange, representing GOO,000
American farmers and their wives, toward the much dis
cussed subject of an alliance between organized labor and
agricultural interests was made known quite definitely on
Nov. 15 when delegates to its fifty-third annual convention,
in reply to an invitation extended by Samuel Gompers for
a conference in Washington, adopted the following reso
lution:
The National Grange declines your invitation for a conference in Wash
ington Dec. 13.

The Grange convention opened at Grand Rapids, Mich.,
on Nov. 12. On the following day Oliver Wilson, National
Master, discussing the proposal of a union of organized labor
and farm interests, said:

I cannot, for my part, see that such an alliance would be of any benefit
to the Grange. On thq contrary, there seems to be many reasons why we
should shun any merger. However, that is a question which will have to
be passed on by the Grange as a whole.

The letter of invitation from Mr. Gompers expressed the
desire that the Grange attend a conference of union labor
and farm organizations set for Dec. 13 in Washington. It
followed a meeting in the national capital between officials
of the American Federation of labor and representatives

1946

THE CHRONICLE

[V o l . 109.

of the Society of Equity, whose headquarters are in Wis “ A G R IC U L T U R E M U S T BE INTERCESSOR B E T W E E N
consin, and which is the parent body of various agricultural
T H E W A R R IN G F A C T IO N S ,” CHARL ES S.
and dairy organizations.
BA RRETT TELLS N A T I O N A L F A R M E R S ’
k With reference to the action of the Grange delegates on
U N IO N .
the Gompers letter, press dispatches of Nov. 15 from “Amidst the ocean of pent-up
human passions now raging,
Grand Rapids said:
the
farmer
is
the
only
man
who
has his feet really on the
T h e G om pers letter had been referred to the Com m ittee on G ood o f the
Order and after three d ays’ discussion that b od y late to-day reported, the ground;” and he “must stabilize conditions and make his
reply consisting o f almost 1,000 words. A t once fervid debate began, one great influence felt at this time.”
This message was con
o f the leaders being S. J. Lowell o f Fredonia, N . Y . M em bers declared veyed to the annual convention of the National Farmers’
that attendance at any such conference was fraught with peril to the
G range. Few voices were heard in support o f the invitation, and these Union at Memphis, Tenn., by its president, Charles S.
were from W estern m embers. It was brought out b y opponents that there Barrett, on Nov. 18.
The farmer, he declared, “should by
was nothing in com m on between the agricultural interests and organized
example
and
precept
exercise
such an influence as will tend
la bor. T o attend the W ashington m eeting, it was declared, would be a
to bring calmness to labor and assurance to Capital.” Mr.
tacit admission that there were mutual interests.
T he report as adopted was not the only one subm itted by the com m ittee. Barrett’s remarks at the annual convention of the National
It was signed b y five o f the six members o f the com m ittee. M rs. B rouck
Farmers’ Union were quoted in Memphis press dispatches
o f W ashington State did not sign.
as follows:
T w o substitute reports were offered. Several speakers contended that
the length o f the report was too controversial; that it threw open the doors
to any statem ent union labor might wish to make, and so offer the beginning
to an endless argument. It was held that a mere refusal o f the invitation
effectually closed the case for the present at least.
Opinion on the merits o f the tw o answers was pretty evenly divided,
how ever, and when it cam e to a vote the shorter form won only b y a nar
row margin.

Capital is perturbed, even scared; labor is irritated almost to the boiling
p oin t. Between the contending elements the public is reduced to that
con dition o f uncertainty which causes it to question where it Is going to
get i.s coal, its food , its clothes. C onfronted with these tremendous problems
and amidst the ocean o f pent-up human passions now raging, the farmer
is the only man who has his feet really on the ground.
There is a feeling in W ashington that something is wrong somewhere,
that som ebody or som ething has failed, and in thinking circles there is a
grow ing con viction that agriculture m ust be the intercessor between the
warring faction s, that the farm er must stabilize conditions and make his
great influence felt at this tim e.
In this crisis the farm er must remain firm ly at his post and, while refusing
to surrender any rights which are his, he should by exam ple and precept
exercise such an influence as will tend to bring calmness to labor and assur
ance to capital, at the same tim e making it clear to each that nothing which
makes for industrial progress and com m ercial solidarity can bo accom plished
without the aid o f agriculture.

Opposing any settlement of present-day industrial con
troversies that does not take into account the effect of such
settlement on agriculture, the National Grango convention
adopted resolutions on Nov. 20 declaring that the farmer
cannot be held responsible for increases in the cost of living
that will result from higher wages and shorter working hours.
“If industrial wages are increased and hours of labor de
creased,” said one resolution, “the increase will still further A statement was issued by Charles S. Barrett on Oct. 25,
decrease farm production and increase farm costs.”
appealing to the farmers of the nation to become a groat “con
serving agoncy,” a bulwark against tho revolutionary ten
dencies that are everywhere manifesting themselves and
F O R M A T I O N OF A M E R I C A N F E D E R A T IO N OF F A R M
menacing the peace and progress of the country. Mr. Bar
BUREAUS.
rett
a member of the National Industrial Conference,
A national farmers’ union which will be known as the whichwas
was
dissolved as a result of the withdrawal of tho labor
American Federation of Farm Bureaus was formed at delegates on
22. “Tho failure of tho Industrial Con
Chicago, Nov. 13. Delegates to the number of 500 or more ference,” said Oct.
Mr.
Barrett’s
statement, “makes necessary an
from farm bureaus of thirty-three States claiming to represent offensive and defensive alliance
between all constructive
5,000,000 farms and food producers attended the meeting at forces of the country against tho common
of extrem
which the new organization was formed. In a preamble to ism. It places the question whore it wasenemy
beforo the con
the constitution adopted the object of the association was de ference assembled and leaves an adjustment to tho individual
scribed as “to correlate and strengthen the farm bureaus of and collective common sense, common honosty and common
the several States and to prpmote, protect and represent the patriotism of the people.” The statement continued:
business, social, economic and educational interests of the T h o b oat is rocking. I am not am ong those who believe that revolu
farmers of the nation.” Press dispatches say that force laws tion and all its horrors is upon us. I d o not believe tho American people, if
a few m om ents to think, will ever allow thom selves to bo beguiled
to allow co-operative marketing, collective bargaining for the given
into making a violent assault upon our institutions. But nobody can deny
farmer, the stabilization of markets and food prices an l the that
all the essentials for a revolt are here, that tho fires are smoldering and
assisting of the Government to perfect a more reliable system that in som e places even the flam es can be seen m ounting skyward.
Open threats o f revolution are made in m any places. In New Y ork,
of crop reporting were among the planks of a platform right under the nose o f the authorities, they hold meetings in whiph they dis
adopted.
play the red flag o f revolution. T h ey sing songs in which they laud revolt,
they in concert ridicule and execrate the American flag. Shall tho
The advices also say that upon its formal organization, while
o f the nation permit any such propaganda to grip the cou ntry ? Shall
the Federation issued a statement saying that there was no farmers
we n ot, b y exam ple and precept, force the nation to take its nourishment at
intention on its part to oppose labor or capital, but that the the fountain heads ot pure dem ocracy ?
M enaced b y entrenched privilege on the one hand and perilous “ red "
aim was to “stand solely for the farmers’ interests.” ,
propaganda on the other, the nation is facing the m ost dangerous situation
FAR MER-LABO R C O A L IT IO N C A B I N E T I N ONTA RIO.

A coalition cabinet of members of the United Farmers and
the Independent Labor Party is the noteworthy condition
which the turn of the tide in political affairs has brought
about in the province of Ontario, Canada. The new Ministry
came into power Nov. 14. The significance of the event was
discussed in Toronto correspondence of the N. Y. “Tribune”
of Nov. 15, which said:
T h e G overnm ent o f the Province o f Ontario to-d ay passed into the hands
o f the farm er-labor coalition C abinet headed b y Ernest Charles Drury,
m aking the first break in half a century o f C onservative or Liberal control.
Out o f a Legislature o f 111 members, nearly fifty are members o f the newly
created Farmers’ party, which already Is making plans to extend its influ
ence throughout the D om inion.
T he new Premier and his colleagues were sworn in b y tho Lieutenant G o v
ernor, Sir John Hendrie.
Premier Drury told the correspondent to-d ay that he is strongly opposed
t o racetrack betting, and that he favors another Ontario referendum to deter
m ine whether the people o f the province are ready for prohibition not pro
vid ed for by the Ontario temperance a ct. He said he regarded price fixing
as a vicious principle.
Already farmers in all nine provinces are organizing, and m ake no secrot
o f the fact that they will enter the Federal arena. T h ey say that at the
next general election they will elect a farmers’ m ajority to rule at Ottawa,
as they have throughout Ontario to rule at T oron to, in which case they
will ‘ ‘advocate reciprocity, or at least much freer trade relations with the
U nited States than at present” ; will insist on “ free trade throughout tho
C anadian and American N orthw est with respect to farming Implements,”
and wiU enact legislation o f direct interest to American m anufacturers.
“ T he Farmers' Sun” o f T oron to is the official organ for the Ontario
p a rty, and there is talk o f converting present publications In W innipeg and
N ew Brunswick into organs directly in tho Interests o f the new party.
T h e unique situation in Ontario to-day is that som e forty-fiv e men directly
Interested in agricultural pursuits along with eleven labor men take up the
adm inistration o f a legislature devoted to tw o m illion people.




since the C ivil W ar. Although reveling in plenty, though business was
never better, though em ploym ent was never m ore general, the country is
sitting on a powder magazine which threatens at any m om ent to explode,
bringing devastation and untold suffering in its train.
T he time has arrived when unless there can be reached an agreement be
tween capital and labor, founded upon the m ost advanced concept o f justice,
the farm ers o f the nation, co-operating with other forces, must becom e the
conserving agency. T h ey m ust, if necessary, be the ballast as well as the
helm sm en.
Political partisanship must be eschewed. W hile working through any
and all agencies which prom ise release from the restraints hitherto crippling
industry, farmers must be careful to avoid party entanglements, just as
this nation, in its infancy, was careful to avoid political entanglements with
other powers.
Farmers have no desire to m onopolize leadership. T hey havo no wish to
becom e political or industrial dictators. T h ey d o not want to deny to
another class that which they dem and themselves. But they d o want to
be taken into active partnership with other forces in directing tho affairs o f
the nation.

J. II. BA RN ES D E N IE S REPORTS OF FLOUR S CA RC IT Y
— G R A IN
CORPORATION'S OFFER
TO R E T A IL
TR AD E.

Reports concerning the scarcity of flour and advancing
prices for certain grades havo brought from Julius II. Barnes,
Director-General of the United States Grain Corporation,
a statement to the effect “that stocks of flour are very large,
and production enormous.” Mr. Barnes announces that
he has therefore determined to place in the hands of the retail
trade in the largo cities, particularly, a supply of straight
flour from the immense stocks of the Grain Corporation at
nominal prices.” This flour the statement adds will be
available in about three weeks in the larger cities and it is
expected the retail price will bo about 75 cents for a 12)4 lb.

Nov. 22 1919.]

THE CHRONICLE

sack. Mr. Barnes’ statement issued under date of Nov. 19,
also said:
Following a conference o f the Vice-Presidents o f the Eastern Zones o f the
United States Grain C orporation with M r. Barnes the Corporation has
announced that it will offer to the retail trade, particularly in the large cities,
under its ow n brand, standard pure wheat straight flour in 2 4 H and 1 2H
lb. packages, at prices which will reflect the Grain Corporation buying price
o f the flour.
This will place in the hands o f the consum er a class o f flour m ade from
the best wheat and used in large quantities before the war b y b oth bakers
and the grocery trade. T h e brand offered is the regular straight flou r. It
is in no w ay identified with the war grade flour, a distinction which should
be fully appreciated b y the consumer.
Rum ors, possibly inspired b y over zealous flour salesmen, have been cur
rent in the market from tim e to tim e o f an impending flou r shortage and the
possibility that the use o f substitutes would b e resumed. M r. Barnes
asserts that there is no authority whatsoever in the present food regulations
fo r the reinstatement o f the use o f substitutes or o f war flour.
Owing to the short crop o f spring wheat this year— 203,000,000 bushels
against 359,000,000 bushels last year— certain grades o f flou r are scarce.
H owever, figures for the total crop o f hweat show 918,000,000 bushels
against 917,000,000 bushels last year. In addition to this 57,000,000 bush
els o f old wheat were carried over.
Production o f flour has been extremely heavy and for the season ending
N ovem ber 7th has amounted to 52,433,000 barrels against 43,174,000
barrels last year. Exports have been only abou t the same as last year.
C onsequently flou r stocks are very heavy and amounted to about 5 0% m ore
than a year ago on N ovem ber 1st.

SALE B Y

U.

S. G R A IN CORPORATION OF
HOLDIN GS OF W H E A T .

UNSOLD

1947

cases as the Grain Corporation designates delivery to be m ade in this
m anner, and if not loaded within 10 days, then charges o f one-half cent
(H e .) each. 7 days thereafter to be added to the price until actually loaded.
Very truly yours,
U N IT E D S T A T E S G R A IN C O R P O R A T IO N ,
W A T S O N S. M O O R E , 2d Vice-President.

J U L I U S H . BA RN ES ON A D V I S A B I L I T Y OF REMOVING
W H E A T EMBARGOES.

In recent testimony regarding the existing embargoes on
imports and exports of wheat, before the Senate Committee
on Agriculture, Julius H. Barnes, of the United States
Grain Corporation, while speaking in their support, advo
cated the annulment of the embargoes at the earliest possi
ble moment. The charge that because of these embargoes
no wheat was being exported has brought from Mr. Barnes
a declaration that, contrary to this impression, “export
permits have facilitated the export of wheat and wheat flour
to the extent of 77,000,000 bushels in three and a half months
—an amount that has been exceeded only twice in our his
tory.” Mr. Barnes’s statement on this point was made
on Oct. 28 and was called forth by a Senate resolution.
PRICES F I X E D FOR L O U I S I A N A SUGAR A N D BE E T
S UGAR— I N CREA SED
CON S U M P TI ON— BILL
TO E X T E N D L IF E OF SUGAR BOARD.

The present crop of Louisiana sugar estimated at approxi
mately 100,000 tons will be offered to the retail trade at
about 18Yt. cents a pound, officials of the Department of
Justice announced on Nov. 11 in making public the approval
of Attorney-General Palmer to the maximum price of 17
W e are working out a plan to resell from our stocks o f wheat if needed cents to the refiner, which recently was agreed upon by
for milling so that there need be no anxiety abou t milling supplies in the refiners and the United States District Attorney at New
United States. Stocks o f wheat are larger now than at any time last year,
The price of the Louisiana crop, the official pointed
mill production is very large, and we are glad to help it continue so until Orleans.
out, in no way changes the fixed retail prices on other grades
the flour dem and is thoroughly satisfied.
The above was followed on the 8th inst. by a statement of sugar.
making known the intention of the Grain Corporation to A maximum wholesale price of 10>£ cents a pound for all
sell to millers or agents unsold holdings of wheat of the beet sugars at all points in the United States was established
Corporation. In announcing this the Grain Corporation said: by the Department of Justice on Nov. 14. This price was
fixed at a conference between Howard Figg, special assist
To M ills in the New Enoland Zone
Gentlemen — On requisitions to be filed with the Vice-President o f the Zone ant to the Attorney-General in charge of food prices, and
in which the M ill is located, b y N ovem ber 20, the Grain Corporation will sell
to millers or agents authorized b y millers for bona-fide milling warehouse representatives of the leading beet sugar refiners, who had
receipts, for wheat to the extent o f the unsold holdings o f the Grain C or sought an increase over the then present price (10 cents) on
poration, o f any particular variety o f wheat, at any point at which the
the grounds that they could not make a reasonable profit.
Grain Corporation maintains stocks, the present mill stocks to be con 
The war trade section of the Department of State an
sidered as a factor b y the Vice-President in making the allotm ent. T he
Vice-President’s decision shall be final, and the date o f the allotm ent shall
nounced
on Nov. 7 that general import license PBF 37
be not later than the 24th day o f N ovem ber. W hen any particular class or
(War Trade Board ruling 825, issued Aug. 15 1919) had been
variety has been stipulated, the Grain Corporation reserves the right to
revised and extended, effective Nov. 10, so as to permit the
deliver 1 ,2 . or 3 grade o f that class or variety at the market differences.
free importation thereunder, without individual import
licenses, of sugar from all countries excepting Cuba and those
T h e basis o f sale will be in store 7c. over Grain Corporation buying scale
price in effect at terminal point. D elivery to be b y warehouse receipt in parts of Russia under the control of the Bolshevik authorities.
store within fiv e days after allotm ent has been m ade b y the Vice-President.
A bill to extend the operations of the United States Sugar
W arehouse receipts to carry at least ten days' free storage from date o f de
Equalization Board until Dec. 31 1920 was reported to the
livery. D elivery to be m ade at the terminal point to a buyer or his duly
The
authorized representative, and buyers must be prepared to pay at storage Senate on Nov. 3 by the Committee on Agriculture.
point for the wheat represented b y the warehouse receipt.
measure does not contain a provision for continuing the
I t is the intention to continue sales after N ovem ber 20, at an advance o f
l c . per bushel, for each 10 days, as long as suitable unsold stocks are avail licensing power which is now exercised by the Equalization
The Board under the present law would pass out
able, but the Grain C orporation reserves the right to terminate at any time Board.
w ithout notice, this offer o f further sales.
of existence on Dec. 31 of the present year. In a majority
A t certain points, there are stocks o f sample wheat o f particular varieties,
which will be sold at their relative value, but this will be arranged only b y report Senator McNary, Republican, Oregon, author of the
special negotiation with the Vice-President in charge. In the case o f bill and Chairman of the Senate agriculture' sub-committee
sam ple wheat, acceptance or rejection m ust be provided b y buyer’s repre which investigated the sugar shortage, declared “a serious
sentative, as wheat is placed f.o .b . point o f shipment, and provision will be
m ade b y the Vice-President in charge, for arriving with the buyer at a fair situation will ensue” if the Sugar Equalization Board’s con
trol over sugar is discontinued.”
reflection o f any variation in quality.
The Associated Press in Washington dispatches of Nov. 3
with reference to the bill and the majority and minority
reports thereon said:
At
On Nov. 7 Julius Barnes, Director of the U. S. Grain
Corporation, issued the following statement with reference
to rumors that there is a possibility the Grain Corporation
will offer for resale some of its wheat supply at various points
in the United States:

T h e V i c e - P r e s i d e n t s w ill r e q u ir e in t h e i r j u d g m e n t , p r o p e r e v i d e n c e o r

a ssu ra n c e s t h a t th e se p u r c h a se s a r e m a d e fo r a c tu a l m illin g .

T h e G r a i n C o r p o r a t i o n w ill r e t a in a n y b e n e f i t o f t r a n s i t r a t e s , i t b e i n g

u n d e r s t o o d t h a t m i l l s w i ll p u r c h a s e o n e x p e c t a t i o n , s u c h p u r c h a s e s c o s t i n g
b a s is o f lo c a l o r r e s h i p p i n g r a t e f r o m p o i n t o f s u p p l y .

c e r t a in s t o r a g e p o i n t s , w a r e h o u s e r e c e i p t s a r e a f f e c t e d b y a g r e e m e n t
b e t w e e n G r a i n C o r p o r a t i o n a n d e l e v a t o r o p e r a t o r , a llo w i n g d e l i v e r y o f o n e
g r a d e h ig h e r , o r o n e g r a d e lo w e r a t m a r k e t d i f f e r e n c e s , a n d it is a c o n d i t i o n
of

th is

s a lo

th a t

su ch

agreem ent

p r o v is io n s

m ay

fo llo w

th e

w areh ou se

r e c e ip ts .
B u y e r s in s t a t i n g p r e fe r e n c e f o r g r a d e s h o u l d

a l s o s t a t e p r e fe r e n c e f o r

p o i n t o f o r ig in w i t h a l t e r n a t e i f p o s s i b l e .
P r ic e b a s is i n s t o r e a t o u t s i d e s t o r a g e p o i n t s , w i l l b e a s f o l l o w s :

B uffalo
Erie
Fairport
6K cents over Chicago. (Includes!elevation.)
Cleveland
T oled o
M ansfield, O hio.— Omaha basis, plus freight.
Sheldon, 111.— St. Louis basis, plus freight.
Dos M oines, Iow a.— Kansas C ity basis, plus freight.
M anitow oc, W is.— Chicago price basis.
T h e variety o f stocks available are as follows:
H A R D W I N T E R — Boston, M ass.
H A R D W I N T E R , R E D W I N T E R .— N ew Y ork , Philadelphia, Balti
m ore, N ew Orleans, G alveston, C hicago, M ilwaukee, St. Louis, Kansas
C ity , B uffalo, T oled o, Erie, Cleveland, Fairport.
D U R U M .— M inneapolis, D uluth.
nAUD W I N T E R .— M a n itow oc, M ansfield, Omaha.
R E D W I N T E R .— Des M oines.
For stocks at Sheldon inquire o f C hicago.
T ho Grain Corporation reserves the right also'tordeliver*'w heat f.o .b .
outgoing car or boat at one cent (l c .) higher price, instead o f delivering
warehouse receipts. Shipping orders to be^given^im m ediately^in such




M inority views, presented b y Senator Ransdell, D em ocrat, Louisiana,
expressed agreement in the plan to continue the Sugar B oard, with authority
for its purchase o f C uban sugar, but opposed giving the Board power to b u y
and sell dom estic sugar as an unwarranted interference with natural eco
nom ic laws and as likely to unduly depress price? o f Louisiana and other
dom estic sugar.
Senator M c N a ry ’s report suggested that present conditions were largely
psychological, due to fears o f future shortages.
D ata in the hands o f the com m ittee, the report stated, showed that about
730,000 tons o f C uban and dom estic sugar was available for distribution
until Jan. 1, which should m eet the needs o f the cou n try. T he w orld
shortage o f sugar was estimated at 2,000,000 tons over the pre-war average.
“ T he C uban c r o p ," the report stated, " i f not controlled b y this G overn
m ent working through the Sugar Equalization B oard will supply a field
for com petition with the resultant effect o f extraordinary high prices for
raw sugars, with corresponding reflection o f increased prices to the con 
sum er.”
Senator M cN a ry said the com m ittee believed the tw o-thirds o f the Cuban
o-o p remaining could be acquired reasonably, although at prices higher than
if the Board had b e e p , authorized to b u y it last sum mer. In this connec
tion tho report detailed failure o f President W ilson t o approve recomm en
dations o f the B oard that the C uban crop be purchased.

The majority report in part follows:

W hile serious misgivings are entertained b y the Sugar Equalization Board
o f its ability properly to function w ithout it being given legislative authority
to license m anufacturers and dealers in sugar, it is the opinion o f your

1948

THE CHRONICLE

com m ittee that a serious situation will ensue if the law creating the sugar
board is perm itted to expire.
It is believed that if the life o f the B oard is extended to D ec. 3* 1920,
and b y appropriate legislation the Board is authorized to acquire the d o
m estic and insular crop o f 1920, plus the Cuban crop, that its power to
regulate the refiner and his charge to the broker and their charge to the
final consum er can be fixed, b y the control the Board w ould exercise over
the 1920 crop b y reason o f the regulation o f the crop. H aving acquired
the product it is reasonable that the refiner and the dealer who must have
the sugar will uncom plainingly conform to any rule or regulation imposed
b y the B oard.

A bill was introduced in the Senate on Oct. 9 by Mr.
McNary to extend the life and the powers of the Sugar
Equalization Board, but opposition to renewing the licensing
powers of the present board led to the preparation of the
new bill, from which the authorization of such powers is
omitted. George A. Zabriskie, President of the Sugar Equal
ization Board, in a letter to Attorney-General Palmer was
quoted as saying that he believed the opportunity had gone
by for an en bloc purchase of the Cuban sugar crop at a
reasonable price. He pointed out that inasmuch as the
United States received one-half of its sugar supply from
imports “it cannot obtain foreign sugar except by agreement
with foreign Governments or by competition with them
in foreign markets, and, therefore, in the face of shortage
if there is to be any control of price, some international
agreement is vital.” Mr. Zabriskie’s letter to Mr. Palmer
was quoted in part in the “Wall Street Journal” of Oct. 30
as follows:
Y o u are perhaps aware that the Sugar Equalization Board and M r.
H oover, each acting independently, laid the prospective situation in sugar
before the President in July and August, this year, and sought advice as
to the p olicy o f the G overnm ent.
It appeared to us that there was (subject to the buying power o f Europe)
a prospective shortage o f sugar for the year 1920 and that the anticipation
o f this situation w ould be reflected by speculation in the sugar trades during
the latter part o f 1919. It was our view , therefore, that there were ao
that tim e tw o alternative policies to be pursued b y the G overnm ent, in
the one case to continue absolute control measures b y again entering nego
tiations with European Powers for the join t purchase o f the dom in an t crop,
that is o f C uba, and the practical allocation o f the balance o f the world s
market as was done last year, or as an alternative to cease all Governm ental
control o f sugar and permit the establishment o f absolute free trade.
T h e President has not been able to secure unanim ity o f view amongst
liis advisers as to which o f these policies should bo adopted.
It must be ob viou s that as the United States must secure one-half o f its
sugar b y im ports, it cannot at will obtain foreign sugar except b y agree
ment with foreign G overnm ents or b y com petition with them in the co m 
m on m arkets, and, therefore, in the face o f shortage if there is to be any
con trol o f price, som e international agreement is vital.

A Federal Grand Jury in this city brought in two indict
ments on Nov. 3, one against commission men alleged to
have charged 22 cents a pound for 20,000 pounds of sugar
to a local restaurant keeper, the other against a grocer who
was alleged to have charged an excessive price for 1,000
pounds of sugar. With reference to these indictments,
Arthur Williams, Federal Food Administrator for New York,
was quoted as saying:
U nder the law as it stands now we can prosecute dealers w ho attem pt
to gouge the people o f N ew Y ork . T h e D istrict A ttorn ey in the cases dis
posed o f to-day m oved very rapidly and I think that the indictm ents will
serve as a useful warning to those who w ould profiteer. F or a long time
wo had no w ay to get at a m an w ho persisted in hoarding or gouging except
b y giving him and his practices the widest sort o f publicity. T h a t m ethod
o f procedure generally induced the dealer to cease his profiteering for the
tim e being. B ut we had no way under the law actually to force him to quit.
It is changed now . how ever, and we will turn over all our cases to the D e
partm ent o f Justice as soon as evidence seems to warrant it.

In testimony before the House War Investigating Com
mittee on Oct. 29, Herbert Hoover, former United States
Food Administrator, was reported to have stated that the
sugar shortage was due to the unprecedentedly large increase
in its use which fact apparently was attributable to prohi
bition. Mr. Hoover appeared before the committee in an
inquiry into the sale of 22,000,000 pounds of army sugar
to France. His testimony was quoted in Washington press
dispatches of Oct. 29, which said:
“ Sugar consum ption in tho U nited States has increased apparently bocause the cou ntry has gon e ‘d r y ,’ ” said M r. H oover. T h e present con
sum ption o f 93 pounds per capita a year is the greatest In tho history o f tho
cou n try, he said, last year's consum ption being 73 pounds and tho previous
high consum ption 84 pounds.
“ T h o shortage is n o f l a r g e ," he continued. “ T h e E qualization Board
has stated that for N ovem ber and D ecem ber the supply will bo larger than
in past years, but the increased consum ption leaves a m inor shortage.
Io
m eet all demands we will have to get m ore than half o f the Cuban crop.
M r . H oover told o f disagreements am ong advisers o f tho Administration
as to whether G overnm ent con trol o f sugar should be continued, and said
no agreement had y et been reached.
.
T h e com m ittee was told that the International R elief Com m ission, o f
which M r. H oover was Chairm an, had bought on ly 3,800 tons o f sugar in
the United States, and that this was used to feed “ 4,000,000 sub-norm al,
undernourished children” in E urope.
“ 6,300,000 pounds o f sugar are consum ed daily b y the Americans for
confectioneries— candy and sweet d rinks," he said. “ T h e sugar we got
hero fo r feeding the children was one d a y ’s candy to the Am erican people.
T h e hourly American consum ption is 930," 00 p oun ds.”
“ H ow m any hours consum ption did we sell to France V asked Repre
sentative F lood. D em ocrat, Virginia, referring to t o 22,000,000 pounds
sold b y the W ar D epartm ent.
“ A bou t 23 h ou rs."




[V o l . 109.

The Navy Department announced on Oct. 24 it would
sell 3,000,000 pounds of sugar to hospitals and navy em
ployees throughout the country to assist in relieving the
sugar shortage. A statement comparing the increases in
the retail price of sugar and of coffee since July 15 1919 was
made from the office of the United States Sugar Equalization
Board on Oct. 30. Since that date, it was pointed out,
sugar has risen from 9.2c. per lb. to 10.9c. per lb., an in
crease of 18% in the face of a world shortage of about 2,
000,000 tons. During the same period, the statement said,
the retail price of coffee, according to figures furnished by
the Department of Labor, rose from 30.1c. per lb. to 46.2c.
per lb., an increase of 53%—and there was no decline in the
world’s production of coffee. The statement adds:
W hile G overnm ent control o f coffee b y the F ood Administration ended
with the term ination o f the war, sugar control continued and is still in
existence. There has been this difference also: while the world production
o f sugar has decreased constantly during the w a r, so that it is now about
2,000,000 long tons below norm al, the production o f coffee has increased.
One would norm ally expect, therefore, that sugar prices would rise in the
U nited States, while coffee prices would fall or at least remain constant.
B u t, strangely enough, the reverse has been true.
Since the consum ption o f sugar in the U nited States for the year July 15
1918-July 15 1919 amounted to about 3,583,000 tons, or 8,025,920,000 lb s.,
if tho people o f the United States had paid for the same increase in sugar
that they paid in coffee they would have paid about $256,000,000 m ore
than they actually have paid.
G overnm ent control o f sugar has saved the American people this sum
at least. In addition, the Sugar Equalization Board will turn over to the
Treasury o f the United States over $30,000,000 m ade from its margin o f
38'A c. per hundred lbs. on C uba sugars, a sum which would otherwise
have gone to refiners or Cuban producers or would have been lost in small
fractions somewhere in the long road between producer and retailer.

C A N A D I A N SUGAR EMBA RGO.

All contracts for tho shipment of sugar from Canada to
the United States lvere canceled by the Canadian Trade Com
mission on Oct. 29, and no more licenses for such exportations
will be issued. In reporting this fact press dispatches from
Ottawa said:
T h e export o f sugar at border points, which has been perm itted to som e
extent, has also been stopped. Canada is one o f tho best situated cou n
tries in the world in respect to sugar, i t was stated at the offices o f tho C om 
mission. T he supply is sufficient for dom estic use provided thero are no
strikes in the industry or transportation tie-ups. Canadian refineries have
advised the Commission that tho needs o f the country for 1920 appeared
to be well covered in regard to raw m aterial.

HOUSE F A I L S

TO E X T E N D TIIE FOOD A N D
CONTROL ACT.

FUEL

Chairman Haugen of the House Agricultural Committee
announced on Nov. 15 that no action would be taken during
the remaining part of the present session of Congress to ex
tend the Federal Food and Fuel Control Act which had beon
requested by Attorney-General Palmer. This act under the
provisions of which the Attorney-General recently was
enabled to proceed against the leaders of the soft coal strike
and obtain a Federal court mandate directing withdrawal of
the strike order, expires with the formal proclamation of
peace. Extension of the act for six months after that time
was asked by Mr. Palmer in a letter to Speaker Gillett on
Oct. 31, and published in the “Chronicle” Nov. 8, page 1 75 2 .
Mr. Palmer was before the House Agricultural Committee
on Nov. 7 and urged that extension of the measure would be
necessary to back up the Government in its campaign against
high living costs when peace is declared.
While the Attorney General recommended extension of
tho act as a means of curbing profiteers, as well as to allow
the Fuel Administration to continue to handle tho situation,
it is stated that members of the House Committee on Agri
culture have not been disposed to oxtend Government con
trol over business.
A meeting of the Agriculture Committee was called for
Oct. 14 to take up the bill. A quorum was not present. Rep
resentative Haugen, of Iowa, chairman of the committee,
said he would not attempt to hold another meoting this
session.
In case the coal strike had not been recalled by Court order
the committee might have approved a bill extending the life
of certain sections relating to fuel, it is stated.
P R E S ID E N T SIGNS BILL TO E X T E N D CONTROL OF
W A R TR AD E BOARD OVER D Y E IMPORTS.

The House and Senate on Nov. 18 adopted a joint resolu
tion extending the control over imports of dyes derived from
coal tar under the Trading with the Enemy Act, until Jan.
15 1920. The measure was signed by President Wilson the
following day. The resolution was introduced in the House
on Nov. 17 by Representative Green, acting chairman of the
Ways and Means Committee, in tho absence of Represonta-

Nov. 22 1919.]

THE CHRONICLE

tive Fordney. Mr. Green presented the resolution following
a meeting of the Ways and Means Committee. The text of
the resolution follows:
That notwithstanding the prior termination o f the present war the pro
visions o f the trading with the enemy act, approved Oct. 6 1917, and of any
proclamation o f the President issued in pursuance thereof which prohibit
or control the importation into the United States o f dyes or other prod
ucts derived directly or indirectly from coal tar, are continued until Jan. 15
1920.

A similar resolution sponsored by Senator Penrose was re
ported to the Senate from the Senate Committee on Finance,
of which Mr. Penrose is chairman, on Nov. 11, but no action
was taken on it, and the Green resolution was adopted as a
substitute.
With reference to the passage of the measure and the pur
poses thereof Washington press dispatches of Nov. 18 said:

To prevent the flooding o f the market o f this country with German dyes
immediately upon the proclamation of peace, both the Senate and the House
to-day voted a continuance o f the War Trade Board's import restrictions
on these products until Jan. 15. These restrictions place an absolute em
bargo on the importation o f any of the German dyes.
The action was considered necessary by leaders of both parties, because
all orders o f the War Trade Board automatically cease with the official end
ing o f the war. The House has passed a bill to protect the American dye
industry built up during the war, bu* the Senate has found it impossible to
act upon this because o f the treaty situation. It hopes, however, to take
action in December.
In a brief explanation o f the necessity o f the resolution. Representative
Green, Iowa, acting chairman of the House Ways and Means Committee,
said Germany has a large store o f dyes ready for export to all parts of the
world, as soon as she can resume her trade.
" I t is only natural that much o f this supply would be sent to the American
markets through a desire of the Germans to wipe out the new American in-dustry which is now struggling to its feet, but which, in a few years, with
proper protection, should be a formidable competitor in years to come.”
Senator Penrose, sponsor of the Senate resolution, accepted the measure
prepared by Representative Green, Iowa, which the House had passed, as
offering the only hope o f action by Congress before adjournment. He ex
pects to draw a permanent regulatory bill protecting the American dye in
dustry before the expiration o f the control continued by to-day’s action.

NEW SPAPER PUBLISHERS URGE INCREASED RATES
AND REDUCTION I N SIZE OF PAPERS
TO COMBAT PAPER SHORTAGE.

Concern over the present paper shortage prompted the
adoption on Nov. 12 by the American Newspaper Pub
lishers’ Association of a report urging publishers everywhere
“to materially increase advertising and subscription rates
and at the same time limit the size of their issues. The
meeting at which the resolutions were adopted was a special
one, held in this city at the Waldorf-Astoria. It had been
called by the President of the Association, Frank P. Glass,
of the Birmingham (Ala.) “News.” The report was drawn
up by a resolutions committee, consisting of M. F. Hanson,
of the Philadelphia “Record;” Fleming Newbold, of the
Washington “Star;” D. D. Moore, of the Pittsburgh “Lea
der;” Victor Polachek, of the New York “Sun;” E. H.
Butler, of the Buffalo “News;” E. H. Westphall, of the
Boston “American,” and S. G. McClure of Youngstown,
Ohio. The following were the conclusions of the committee
as adopted by the Association:
Paper manufacturers have told us that there is a world-wide shortage of
paper. At the present rate o f consumption the newspapers are using
about 10% more paper than is being produced. This means an annual
shortage on the present basis o f approximately 200,000 tons. Your com
mittee, therefore recommends:
That the regulations o f the War Industries Board for the Conservation of
Newsprint be strictly adhered to, and that the full text of all these regula
tions be sent to all the daily and Sunday newspapers o f the United States,
whether or not they are members o f the American Newspaper Publishers'
Association.
That publishers everywhere be urged to materially increase advertising
and subscription rates and at the same time limit the size o f their issues.
That no newspaper enter into yearly contract for advertising at a fixed
rate but make rates adjustable monthly or quarterly.
That the American Newspaper Publishers’ Association send out a stand
ard form o f adjustable contract for advertising.
That the paper committee strongly discourage the hoarding o f print paper.
That the white paper committee and the legislative committee of the
American Newspaper Publishers’ Association urge the enactment of such
legislation as will permit the development o f water p o w e r so that our timber
lands may be made fully available for the manufacture o f wood pulp, lumber
and paper, and wo also recommend that Congress be urged to take steps
that will induce the Canadian Government to repeal the Order in Council
prohibiting the export o f wood cut from Crown lands.
We recommend that the President appoint a committee on conciliation
for the purpose o f adjusting differences between publishers in competitive
territories.
That the members o f this committee be selected with a view to governing
the entire country. That this committee formulate such plans and recom
mendations as will assist in adjusting existing differences so far as possible.
That each member o f this committee be given allotment over certain terri
tory and bo authorized to appoint sub-committees to deal with conditions
in cities or competitive territories withiri that area.
It is further recommended that this committee keep the print paper
committee o f the American Newspaper Publishers’ Association informed
as to its problems and accomplishments, that the entire membership o f the
A. N. P. A. co-operate with this committee to the end that It may result
in the greatest benefit to all most vitally concerned.

Mr. Glass is quoted as saying at the meeting:

I have come to the distinct conclusion that publishers themselves are
mainly responsible for this wild market and for the short paper stocks which




1949

are behind this market. The unprecedented prosperity o f the country,
with the extraordinary volume of advertising enjoyed by the daily press
particularly, has resulted in the consumption of the surplus stock both of
the papers and the mills. There is little doubt that this year’s aggregate
consumption of print paper by all the dailies will be more than 35% greater
than that of last year.
It is plain that all of us must come together in this common council and
use our best brains and utmost resolution for the common good. The
general welfare must be considered. Sacrifices are necessary and must be
planned with intelligence and fortitude. The larger papers in this associa
tion have a responsibility for the well-being o f the smaller ones especially.
If the situation is not met with co-operation and sacrifice it is certain that
weaker papers will be unable to get supplies, will be forced to suspend.
And by the weaker papers I do not mean those of smaller circulation only,
but those which are weak financially. There are many small papers that
are strong enough to weather the storm, while there may be bigger papers
that are not strong.
It seems certain that more effective remedies must be devised, perhaps
heroic ones. The cause being plain, the relief is equally plain. The sizes
o f our papers must be severely reduced. But how? Ordinary economies
in reading space and in waste are not sufficient. It seems to us that know
ing the chief cause of our paper shortage, heavy advertising and big issues,
we must turn our attention to an arbitrary reduction of advertising for the
adequate remedy.
How can we go about this restriction of advertising space? In two ways.
First, by a heavy advance in rates. Daily newspaper rates have always
been too low and are still too low. Nearly all papers have made substan
tial advances in the last three years, but they are not sufficient for the
present emergency. It is safe to assert that the costs of newspaper pro
duction have on an average increased 100% In the past year, due to recent
advances in labor and the present advance in the cost o f print paper. Is it
not plain that 25 or 30% advances in advertising rates are not sufficient
to meet the new costs of production? Radical advances should be made,
percentages that will hold back the sluice o f advertising that has poured
into our offices and bids fair to continue to pour during next year.
Every paper should decide and agree that it will cut down its average
number of pages, both weekday and Sunday, by a considerable percentage,
and then hold down its advertising volume to the fixed number of pages.
This will probably necessitate an arbitrary reduction o f at least 33% in
the volume of business.

According to the “Wall Street Journal” of Nov. 14 it
developed during the discussion that while some newspapers
had contracted for newsprint covering requirements well
into 1920 others were depending upon purchases from day
to day in the open market, paying prices up to around
8140 a ton, this comparing, it is observed, with prices fixed
by the Federal Trade Commission, now in effect, of $75 05
a ton.
The Western Pennsylvania Association of Dailies, com
posed of newspaper publishers, adopted resolutions, at a
meeting on Nov. 20 in Pittsburgh, calling for radical in
creases in advertising and subscription rates and the adoption
of plans for the conservation of newsprint paper.
On Nov. 14 a resolution advocating a 25% increase in
foreign and local advertising rates in Southern newspapers
because of the increased cost of newsprint paper, was adopted
by the advertising committee of the Southern Newspaper
Publishers’ Association. On Nov. 12 the following press
advices were received by the daily papers from New Or
leans:
Hundreds of tons of saw-mill waste which could be used for news-print and
other coarse papers are being burned every day and there are millions of
feet o f stumps and small timber in Southern cut-over lands which could be
used for the same purpose, J. F. Kidd of Lake, Miss., to-day told the
annual convention here of the Southern Logging Association.
“ I understand,” said M r. Kidd, “ that many small town weekly and
semi-weekly newspapers have been forced to suspend publication because
of the high cost o f news-print and that even some of the city dailies are
having a rocky road to travel, but it seems that there is inefficiency and
neglect of opportunity somewhere when raw material is being wasted in
quantities with a market crying for the products which could be manufac
tured from it .”

In view of the print paper shortage Senator Watson on
Nov. 14 made known his intention to ask for co-operation
between the Department of Commerce, the Department of
State and the United States Shipping Board to import print
paper from foreign countries. According to the Senator
the chief difficulty is lack of ship bottom. He stated that
unless the Government takes the initiative he intends
calling up his resolution ordering a complete survey of the
wood pulp resources of the Northeast with a view to mak
ing the American supply more available to manufacturers
of newsprint paper.
On Nov. 8 a bill prohibiting the exportation of print paper
was introduced by Representative Christopherson (Re
publican) of South Dakota. Penalty for violation of the
law would be $10,000 or ten years’ imprisonment.
Regarding expected newsprint legislation the “Wall
Street Journal” of Nov. 17 said:

Agitation for legislation controlling the distribution o f newsprint paper
is expected to develop early in the next session o f Congress. A resumption
o f the war-time regulations on newspapers, or the allocation of tonnage,
favored by some o f tbe legislators, particularly those from the
Middle West, whose districts have no large newspapers, and who seek the
restriction o f the big daily papers of the cities in their newsprint consump
tion. The editors of the small rural papers are protesting that they are
being squeezed to the wall because the manufacturers favor the big papers
in the present newsprint famine.
A bill has just been introduced by Representative Christophereon of
South Dakota, prohibiting the exportation o f newsprint for a year. About
10,000 tons are now being sent out each month, and the Congressman wants

1950

THE CHRONICLE

this retained for the domestic market. With the reassembling o f Congress,
the LaFollette probe into the entire newsprint industry will be undertaken,
and this promises to bring about additional recommendations affecting
the paper industry. ^
_ _ _____

PLANS OF CA N A D IA N MANUFACTURERS TO IN 
CREASE N EW SPR IN T OUTPUT.

With regard to plans of Canadian manufacturers to in
crease their output of newsprint, the New York “Sun” in
special advices from Montreal Nov. 18, said:
Price Bros, of Jonquieres and Konogami Mills, Quebec, who manufacture
260 tons o f the 2,200 tons of the newsprint exported daily by Canadian
manufacturers to the United States, have decided to treble their output.
They will erect a new mill at a new town which will be called Saguenay.
Sir William Price amplifies the announcement of the decision in the fol
lowing statement: "M y board has definitely decided to start work on a
largo mill with a capacity of between 400 and 500 tons daily. Work has
already been started on the necessary water power, and by M ay of next year
construction of the mill will be under way. When our new plant is operating
our total output o f paper and board will be in the neighborhood of 800 tons
daily.”
______

EXPORTS OF N EW SPR IN T PAPER FROM CANADA.

We likewise take from the New York “Sun” of Nov. 19
the following relative to Canada’s exports of newsprint paper:
The scarcity o f newsprint paper in the United States cannot be attributed
to largely increased overseas shipments by Canadian concerns, according to
a statement from tho Canadian Export Paper Company, Ltd., of Montreal,
received yesterday by R. S. Kellogg, secretary of the newsprint service
bureau, at 18 East Forty-first Street. Tho figures submitted by the M on
treal company show that Canadian shipments overseas amounted to 42,704
tons in 1918 and 47,860 in 1919, the figures being for the eight months ended
August 30. The exports from Canada for the same months were 395,096
tons in 1918 and 401,488 tons in 1919.
The United States is credited with shipping 69,586 tons of newsprint over
seas in 1918 and 88.933 tons during the current year. Canadian overseas
shipments, according to tho Montreal authority, have increased 12.7%,
while those from the United States have gone up 27.6%.
"These figures from official reports,” said Mr. Kellogg, “ show that for tho
eight months ended August 30 overseas shipments on newsprint paper from
Canada were possibly 5,000 tons heavier in 1919 than in 1918, and that ex
ports of newsprint from the United States were approximately 19,000 tons
greater this year than last. However, tho total quantity of newsprint ex
ported from both countries is a very small proportion of the domestic con
sumption.”
M r. Kellogg points out that it has been stated by President Glass of tho
American Newspaper Publishers Association that theso shipments do not
have a great effect upon the local market.

RECOM MENDATIONS OF COM M ITTEE OF A M ERI
CAN PULP A ND PAPER ASSOCIATION FOR
SOLVING OF FORESTRY PROBLEM.

An increase of 159% from 1899 to 1918 in the production
of pulp wood used by the paper industry of the United
States and an increase of 633% in the cost during the same
period was shown in the report of the Committee on Forest
Conservation presented at the convention in this city oa
Nov. 14 of the American Paper and Pulp Association.
Co-operation of the timber land owner, tho Government and
the public in solving the forestry problem, was asked in the
report, which contained the following recommendations:

A forestry survey and land classification to determine what we have in
the way of present supplies and the areas which may properly be designated
as necessary for watershed protection and as affording opportunity for
future timber supply.
A great enlargement and extension to all appropriate parts of the country
of the public purchase o f cut-over lands, for which ample precedent has
been established in the East, by both Federal Government and by some of
the States. National forests in the West created by the setting aside of
land from the public domain now contain some 135,000,000 acres. The
best Interests of the country would seem ultimately to require at least twice
the present area o f public forests.
A much more vigorous and general extension o f Federal co-operation with
the States in fire prevention along the lines of the Weeks law, coupled with
such additional measures in the different States as will most reduce the fire
hazard and afford opportunity for natural reproduction.
The States, through the adoption of uniformly fair forest taxation laws,
the establishment of forest nurseries and tho preparation of forest working
plans, should offer every possible encouragement to the owner who wishes
to grow timber upon his land.
With a few notable exceptions, forest planting has not yet been seriously
undertaken in the United States. In the Northeastern States 75% of
the region is potentially forest land and should be kept in condition to fur
nish a permanent supply o f raw material and water power for our basic
industries, among which pulp and paper manufacturing takes first rank.

[V ol . 109.

with union domination means death to industry.” The
New York “Sun” of Nov. 15 also quotes Mr. Fish to the
following effect:
He said the employers’ group had no apology for standing out against the
closed shop in tho Washington conference. The leaders of the American
Federation of Labor, realizing that their power was waning, had been
trying to bluff the public with threats, he said. Admitting that the labor
unions, even with their crimes and strikos,” had done good in tho past,
in bringing about better conditions for workers, the public must see to it
that they did no harm in the future. Each manufacturer must set his
own shop in order and prove to the worker that his best friend is his em
ployer.

Besides the above Mr. Fish is quoted' in the “Sun” as
saying:

I am satisfied that there is only one solution for industrial unrest, and that
lies in bringing back the intimate contact of employers and employees.
Absence of knowledge on both sides of the necessities of tho other man’s case
is what is standing in the way of cordial relations. As to wages, tho law of
supply and demand must be supplemented. Should not the prosperity o f
a business be reflected in the wage paid, as long as there is a definite under
standing that no man shall get more than he is worth. An employee is not
a mere machino, to be worn out as soon as possible, but is a man entitled
to get some of the joy out of life.

FEDERAL TRADE COM M ISSION’S COMPLAINT OF
U N FA IR COM PETITION AGAINST U N ITED
U N IT E D TYPOTIIETAE OF AMERICA.

It became known on Nov. 10 that a formal complaint of
unfair competition had been filed by the Federal Trade
Commission against the United Typothetae and seven of its
officers. One of the charges in tho complaint is that tho
“United Typothetae of America, through its Trade Matter
Committee, has adopted the practice of attempting to con
trol the matter of terms on which manufacturers of printing
presses, type, and machinery, sell their output to printing
establishments and has attempted to have such manufactur
ers refuse to place any of their presses, typo and machinery
in any printing establishment until a cash payment oqual
to at least 25% of the amount of the total purchase price
of the articles purchased, bo paid.”
The complaint among other things also rocites:
That a “ Standard Cost System” and "Standard Price List," which
respondents aro constantly urging employing printers to adopt, are largely
devicos calculated to establish a uniform scale of prices throughout tho
printing undustry and aro not merely a system of cost finding.
That respondents have announded in bulletins published and circulated
by them from time to time, that the United Typothetae of America cost
finding system has been approved by tho Federal Trade Commission,
whereas said Commission disavowed a letter of approval of a Commissioner
by an order duly entered by it on December 13 1917, and the request of
tho Commission that tho respondents assure tho Commission that they
would cease using said Commissioner’s endorsement of said cost finding
system has bot been complied with by said respondents.
That said United Typothetae of America, through its officers and mem
bers, inaugurated a campaign known as tho “ Three Year Plan," tho object
of which is to collect assessments from manufacturers and merchants
throughout the United States, who sell paper, printing presses, typo, ink,
and other supplies to employing printers, and from associations allied to
tho printing industry: the money so accumulated to be applied to alleged
educational purposes, but mainly to induce employing printers to use a
uniform system of cost accounting and a standard price list compiled by tho
United Typothetae of America with tho view of teaching tho printer how to
charge adequate prices for his work so that tho alleged "evils of ignorant
and ruinous competition” might bo eliminated, as stated in bulletins pub
lished by said respondents. That coercive methods have boon used by
respondents to obtain subscriptions to said "Throe Year Plan” fund, in
that there was published and circulated by respondents monthly bulletins
containing names and addresses of subscribers, in order that tho employing
printers could discriminate in the purchase fo supplies roquired by them,
in favor of those who had subscribed to said fund and as against thoso who
had not so subscribed. That the publication of tho list of contributors as
aforesaid, has intimidated manufacturers and dealers in printers’ supplies
and has caused them to contribute to said fund against thoir will, in order to
avoid being discriminated against by tho members of said United Typothetae
of America, in tho purchase of supplies roquired by them, tho result of which
has been that manufacturers and dealers in printers supplies havo boon com
pelled to pay a bonus or gratuity as a condition precedent to the sale of
supplies to mombers of tho respondent .association.

Tho seven officers named with the organization in tho
complaint aro Benjamin P. Moulton, Arthur E. Southworth,
Charles L. Kinsley, George H. Gardner, E. H. James,
Fred W. Gage and Joseph A. Bordeu. December 15 has
been set as the date for the hearing by tho Commission.
According to the report tho pulp wood used by tho pulp
IF. II. BARR ON DANGERS TO COMMERCE OF
and paper industry in the United States aggregated 1,986,
CLOSED SHOP.
000 cords in 1899, 4,000,000 cords in 1909, and for the last
five years an average of 5.300,000 cords. Tho pulp and That tho closed shop means death to commorco, was tho
paper mills have, it is stated, been forced to use more than statement mado by William H. Barr, President of tho Na
1,000,000 cords of imported pulp wood annually for tho last tional Founders’ Association, who in discussing in dotail,
at tho annual meeting of tho association this vvook, the na
nine years, owing to the increased demand. •
tionally important problems of labor relations, reconstruc
F. P. FISH A T PULP AND PAPER CONVENTION ON tion and readjustment, had tho following to say on tho
DEM A ND S OF LABOR.
subject of the open and closed shop:
Tho open shop presupposes tho principle of Americanism. It permits
Discussing the “Fundamental Principles Governing the every
to work where he pleases and for what compensation he may
Employing Relations,” Frederick P. Fish, Chairman of tho elect. man
tho principle of individual liberty, the only Incentive to
National Industrial Conference Board, characterized over initiative.It represents
It makes possible individual reward. It eliminates that op
pressing influence which rates all workers according to tho lowest, and
time demanded by labor as a “fraud—mere camouflage stamps
upon them the seal of mediocrity. Tho closed shop, on tho other
to get more wages.” Mr. Fish also declared that “the hand,
an un-American autocracy, and a confiscation of liberty
life of our industries is the open shop” and the “closed shop and of represents
property rights. If the closed shop should superveno in this conn-




Nov. 22 1919.]

THE CHRONICLE

try. the present cost of living would within four years seem low by compari
son, and the domestic as well as the foreign trade o f the United States,
which we now seem to hold securely, would inevitably fall into other hands.
The closed shop means death to commerce. There can be no misunder
standing of that effect and anyone having a primary knowledge of sound
economics will accept it without question. Two years ago the open shop
was a local issue, to-day It is a national principle.
.

President Barr, in his report to the association, whose
•convention was held at the Hotel Astor on Nov. 19 and 20,
referred to the attitude of the militant labor unions, and
declared that “the purpose of labor unionism is as un
American as that of the organizations which are admit
tedly anarchistic.” In part he said:

The right of Government or civic employees to organize, championed by
the American Federation o f Labor emphasizes at least one great public dan
ger; namely, a conflict between the police power of the State and its serv
ants, when issues of wages or hours bring about a strike. Under a weaker
man than the Governor of Massachusetts it might mean civic domination
by labor union organizers. Fortunately the Boston public formed a bet
ter conception of the meaning o f a strike on this occasion, and by the
re-election o f Governor Colidge expresses the realization that it must
reject labor unionism in a fight for self preservation.
Notwithstanding the fact that industry has been brought under the law,
and manufacturers abide by its limitations, organized labor prefers to defy
the law and control these forces whose duty it is to uphold it. In this
attempt they also fall to understand that we do not derive our right to do
business from the Government, but given civil liberty, have developed a
Government to protect all citizens. The serious element in the situation is
tho attitudo of the militant labor unions. A few years ago we did not class
them as radical because there was an element of conservatism Which re
strained their activities. To-day this conservatism has boen abandoned,'
and tho purpose of labor unionism is as un-American as that of the organiza
tions which are admittedly anarchistic. The labor unions have in recent
months given perfect object lessons as to their radicalism, but there is still
that general misunderstanding which provonts us from realizing the sig
nificance of what is still in contemplation.
Tho unfortunate seed was sown in unionism in 1916 when the railroad
brotherhoods exercised their power to force through the Adamson Law.
Tho brotherhoods compelled affirmative Congressional action and the
inovitablo result was the development of a spirit of arrogance among all
unions. Tho European war made it possible to demand abnormal wages.
Government requirements mado tho employers susceptible because they
did not desire to close their shops, and they granted demands which thoy
recognized wero noither economic nor just. Our entrance into tho war
represented tno fruition of this sood of radicalism, and the unions wnich had
pledged their membership to patriotic co-operation with our armies in
Europo immediately utilized the situation to promote their own interests
For evory American soldier in Europe during tho period of tho war there
was a union striker in the United States. Did this represent patriotic
co-operation? And, it is to be regrotted that this proves radicalism has,
as supporters, Americans who, blind to tho result of their actions, con
tinually furnish money and moral encouragement. The question of radical
ism, therefore, goes deeper than agitation and unrest, tho fundamental
factor in tho situation being the attempt of a limited class to assume all
power over industry and Government, of which heretofore they have been
ablo to control only a small part.
In a supremo effort to partially remedy this state of affairs the men who
sat in tho Industrial Conference at Washington, representing tho employers
o f tho country, did their full duty, under tromondous pressure. They
realized their obligations as representatives of the groat industries, and
submitted an intelligible, workablo program wnich was loyally supported
when tho issuo was joined on questions which should not have come before
the conference. Thoy properly declined to bo a party to passing the control
o f our industries, tho fortunes of thirty-five millions of non-union workers,
and the wolfaro of the nation, into tho hands of a few union agents. Gentle
men, you cannot pay too much honor to the employers’ group in the recent
Industrial Conference. They blazed a wider path towards indopendonce
In industry, and it is for you to follow that trail of the open shop, its only
permanent safeguard. The omployer mombers recognized that our gre atest
problem is that of production for the effective maintenance of both our
domostlc and our foreign markets. Thoy understood that production is
decreasing, bocauso of plans which are designed to bring about an industrial
condition whoro radical propaganda may becomo a factor. But the In
ti istrial Conference was not permitted to touch upon production or increased
e ficiency. It was not permitted to indicate tho present relationship bet.voen wages and cost of living. It was allowed only to consldor the question
of a national closed shop, and failing to approve, tho conference was dis
solved bocauso tho labor representatives refused to go further.
That there is no room for anarchy is the gospel which every right-think
ing American should preach, and there is little difference between the radi
cal who preaches revolution under the red flag of confiscation and the or
ganizer who preaches revolution under the black flag of labor unionism.
On tho other hand, I believe that unionism in its inception and original
purpose did represent an humanitarian movement. Forty years ago labor
was, oftlmes nlggardi.v recompensed, improperly taken care of, and the
employers o f tho country did not pursue the broad policy followed to-day.
h or wo have traveled far and fast In a conscientious development of our
duty towards workers, and conditions in most open foundries are all that
humanitarianism could rightfully expect. This is not so true in closed
union foundries where the limitation o f output always practiced, cuts to a
minimum tho earnings of the owner, maIcing it difficult to finance modom
manufacturing Improvements.
On Dec. 13 a significant labor-farmer conference will be held in Wash
ington, and any farmers who may participate will be merely the represen
tatives of paper organizations committed to a familiar type of propaganda.
Tho great, conservative National Grange will cot be represented. Tho
plan is that which the Non-I’artlsan League formerly attempted and In
which it was only partially successful. The present scheme is more am
bitious and Its success depends greatly upon the attitude of the farmers, and
to some extent upon yours. The farmer is to be told that Government
ownership is desirable, that collective bargaining is progression, and that
private ownership of the railroads means increased rates. He is to become
the recipient o f propaganda designed to convince him that a union with
organized labor will mean betterment for himself. The farmer is one
o f the general public. He is not as ramlliar with economic manufacturing
conditions as foundrymen should be, and It is passible that his own over
enthusiastic leaders may attempt to guide him into this unprofitable and
danger alliance. The relationship o f tho manufacturer and the farmer
must be presented to the farmers in its true light. This cannot be done
without funds, for which an appeal will he made. I am emphasizing the
necessity and if you will realize the situation you will give assistance with
out urging and with a full appreciation o f Its advisability.




1951

B IT U M IN O U S COAL M IN ER S FAIL TO RETURN TO
WORK— FUEL SHORTAGE— RAILROAD A D M IN I
STRATION OPPOSED TO FREIGHT EMBARGO.

While the coal situation, especially in the middle West,
has become increasingly serious with tho failure of large
numbers of the soft coal miners to return to work—despite
the issuance last week of an order calling off the strike which
started Nov. 1—no general freight embargo on the rail
roads is contemplated. Announcement to this effect was
made on Nov. 19 by Walker D. Hines, Director-General
of the Railroad Administration, which has charge of the dis
tribution of coal. Mr. Hines held conference! in Chicago
with the seven regional directors of the Railroad Administra
tion on Nov. 18 and 19.
That the present problem confronting the Railroad Ad
ministration is the distribution of coal so as to avoid coal
shortages, and not the placing of a freight embargo, was the
opinion of tho Director-General, and the seven regional
directors. It was decided that the curtailment of trans
portation and industry would be dependent upon future
developments. Possible action considered at the conference
was reported to have included a further reduction in passeng
er-train service and shutting off coal from non-essential
industries.
After discussing with ^he regional directors on Nov. 19
means and methods of arranging for distribution of the avail
able coal supply so as to avoid a possible shortage Air. Hines
said:
The coal situation is serious. Every means possible for conservation will
be employed. Already coal is being supplied only to essential industries
You don t have to be a railroad man to figure that when you are consuming
more coal than is produced an end is coming some time. What we will con
sider is what means will bo employed to conserve our coal reserve by elimi
nation of coal consumption except where it is indispensa le.

Mr. Hines intimated, it was stated, that a detailed list
of restrictions would be made public soon and a drastic
cut in railroad passenger service throughout the country
would be included in it. He also stated that shutting off
coal from non-essential industries would in itself relieve the
railroads from a large amount of freight. During the war
only 25% of the nation’s industries were classed as essential.
_ ^ ton the strike of the 409,003 soft coal miners had been
in progress less than a week, the Central Coal Committee
of the U. S. Railroad Administration, in charge of the situa
tion, ordered discontinued on Nov. 6 the bunkering of foreign
owned ships in American ports. Similar action had been
taken by the British Government a few weeks ago when the
British railwaymen’s strike was in progress.
The preceding daj', Nov. 5, President Wilson signed an
executive order empowering the U. S. Fuel Administrator
to re-establish war-time price regulation;on all coal and coke.
The order directed that the fuel administrator “shall, as
occasion may require, restore, change or make such rules
regulations, orders and proclamations fixing tho prices or
regulating the production, sale, shipment, distribution,
apportionment, storage or use, of all coal or coke, as in his
judgment may be required.”
This gave to Dr. Harry Garfield, Fuel Administrator,
the power at any time to extend his jurisdiction to anthracite
coal. Dr. Garfield re-established offices in the Interior
Building, \\ ashington, and placed Cyrus Garnoy, Jr., his
former assistant, in charge, so as to meet emergencies at all
times.
The strike of the soft coal miners began on Nov. 1.
Notwithstanding the issuance on Oct. 31 of a temporary
restraining order by the U. S. District Court preventing the
heads of the miners’ unions from sending out further orders
or instructions in connection with the conduct of the strike,
the original strike order proved effective and practically all
the miners quit work. Non-union soft coal and anthracite
mines continued in full operation, during the strike and after
it was called off by mandate of the Federal Court, but the
supply of soft coal has been greatly reduced by the failure
of the miners to return to work, and industries, particularly
in the Western part of tho country have felt the effect of the
curtailment. Regional Coal Committees have been estab
lished in the large cities by the Railroad Administration to
supervise the distribution of soft coal. A statement with
reference to the Government’s plans for distributing soft coal
was issued by Walker D. Hines, Director-General of the
Railroads on Nov. 6. It made known that the Regional
irectors of Railroads had been authorized to order tem
porary cut in train service “wherever it seems absolutely
necessary.” The statement said:
™ac^*nerY set UP by the Railroad Administration to distribute the
coal held in transit by the railroads in accordance with the directions of the

195?

THE CHRONICLE

Fuel Administrator, is in full operation and as a result, wherever possible,
coal is being distributed in accordance with the priority list established by the
Fuel Administrator where such coal is absolutely needed. Therefore, where
there is real need for coal the problem should be taken up immediately with
the railroad ordinarily supplying the coal and every effort will be made by
such railroad to meet the demand.
It is, of course, essential both because o f the present bituminous coal
strike and in order that the needs for the coming Winter may be looked after
that fuel be used as economically as possible. It should also be remembered
that the railroads did not interfere with the delivery o f coal to designated
consigness until the day before the present strike began.
In order to conserve coal as much as possible, Regional Directors of Rail
roads have been given authority, wherever it seems absolutely necessary, to
eliminate for the time being train service, but in order to provide for the es
sential business needs of the country no general curtailment of train service
is contemplated. The maintenance of the public transportation service is of
paramount importance in order to serve the countless needs of the general
public ar.d the interruption o f that service should be minimized as far as
possible.
To save loss of time and otherwise facilitate the handling of applications
from consumers who require coal, it should be noted that the arrangements
for such handling provide that applicants for coal make their requests
through the local authorities of the railroad from which they regularly re
ceived their supply, or preferably the Federal manager of that road.

In a statement on Nov. 1, Director-General Hines set forth
the details of procedure to be followed in distribution of soft
coal as follows:

1. Bituminous coal, including lignite, taken and htld in accordance with the
instructions of the Director-General of Oct. 29 and 31 1919, or thereafter,
will bo handled by the Director-General and the Regional Directors through
the agency of a Central Coal Committee at Washington and Regional Coal
Committees which will be established jointly by the Regional Directors and
the Fuei Administration. Such Regional Coal Committees will comprise
tho following representatives: One appointed by the United States Fuei
Administrator, and such others as the Regional Director may select to han
dle matters of purchase, distribution, and accounting.
2. Tho bituminous coal held must be distributed only to those consumers
who have no reserve supply, and must have coal to meet their emergency
needs. The following order of preference shall govern the Regional Coal
Committees in such distribution as they may make within their juris
diction for emergency consumption in the United States and Canada; (A)
Railroads. (B) Army and navy, together with other departi.mnts of the Fedroads. (B) Army and navy, together with other departments of the Fed
eral Government. (C) State and county departments and institutions.
(D) Public utilities. (E) Retail dealers. (F) Manufacturing plants on
War Industries Board s preference list. (G) Manufacturing plants not on
War Industries Board s preference list. (II) Jobbers. (I) Lake. (J) Tide
water.
3. When commercial coal is diverted to other than original consignee,
promptly notify shipper and original consignee o f eacn car and keep ade
quate record for later settlement.
4. Originating coal road should hold a considerable portion of the commer
cial coal near coal waybilling points, available for prompt distribution.
5. Intermediate and terminal carriers should, as far as practicable, move
commercial coal to, and hold it in the vicinity of points most convenient for
prompt rehandling and distribution.
6 . Coal must not be delivered to commercial consumers either in accord
ance with the priority list (established in Rule II.) or otherwise, except with
specific authority from the Coal Committee having jurisdiction.
7. Regional Directors will immediately notify each railroad under Fed
eral control of the Regional Coal Committee with which it shall deal.
8 . Each railroad shall report at once to the Central Coal Committee and
to the Regional Coal Committee the name, title, location, and telephone
address of the representative in whom this whole matter will be centre
for that railroad.
, e *v,
9. In order that the Central Coal Committee may be informed ot tne re
quirements for coal in each region and of the necessity for transferring coal
from one region to another, each Regional Coal Committee will make sue i
daily reports to the Central Coal Committee as are provided for herein and
may be called for from time to time.
10. Each railroad (or each grand division o f a railroad) shall report daily
by wire to the Regional Coal Committee, to be received not later than 9 a.m .
information as to its coal situation for the twenty-four hours ending at 1 a. m.
that day.
_
11. Each Regional Coal Committee will report daily by wire to the cen 
tral Coal Committee, as promptly as information is available, a summary
of the coal situation for the twenty-four hours ending at 1 a. m. that c ay.
12. Applications to Regional Coal Committees for delivery of coa o
commercial consumers must be made through the railroad which will ma e
delivery of the coal; such applications must show complete and accurate
information with respect to the preferred nature of the requirements, the
amount of coal which the applicant has on hand, and the amount which the
applicant requires for the preferred use, together with the rate of consump
tion and the kind and size of coal desired, all as set forth in form C attached
hereto.
..
13. Each Regional Coal Committee will apply a consecutive number to an
orders authorizing the delivery of coal and compliance with such orders mast
be reported promptly by the railroad to the Regional Coal Committee.
1 4 . Coal diverted for commercial uses shall be paid for in accordance
with the Fuel Administrator’s order dated Jan. 14 1918. In order to insure
payments, coal shall be delivered for commercial use to such applicants
only who shall satisfy the Federal or General Manager of their financial
responsibility, or who shall deposit a certified check or other satisfactory
security in such sum as will insure full payment for any coal furnished.
The applicant shall make definite written obligation to pay the shipper for
the coal promptly upon presentation of the bill. The legal transportation
charges, including war taxes, from mines to point of delivery to the appli
cant shall be collected on delivery in the usual way.

Suggestion from the Wholesale Coal Trade Association of
New York that the Government should not fix a maximum
price for coal or interfere with the normal course of supply
and demand during the strike brought from Attorney General
Palmer on Nov. 2 the vigorous assertion that he would take
the same action against persons enhancing prices as was
taken against the union officers.
“The action of the Government was taken solely in the
general public interest,” Mr. Palmer declared, “and I shall
not permit it to be used directly or indirectly for the benefit
of the employers’ side of the controversy.”



[V ol . 109.

W. A. Marshall, president of the association, wrote Mr.
Palmer recommending that miners who want to work be
given protection, and that coal consumers be allowed to
obtain fuel through the usual, normal channels. He asserted
that with adequate protection enough coal would be produced
to meet the emergency, that fixing a maximum price would
curtail the operators’ ability to meet abnormal production
costs caused by the strike and discourage their efforts to con
tinue work, that priority lists would overstock certain con
sumers and allow others to go without, and the fuel control
act could be used to prevent attempts at profiteering.
Mr. Palmer’s reply in part was as follows:
I am in receipt of your letter and am amazed by its contents. While, o f
course, proper protection will be given to all miners who are willing tocontinue at work, it must be perfectly plain to you that even under such
conditions the supply of coal must be far from normal.
Your proposition amounts, in effect, to a declaration that coal dealers
should be permitted to take advantage of these abnormal conditions and
have their prices based entirely upon the law of supply and demand, which
is only another way of saying they should be permitted to charge the public
whatever they please. The demand for fuel will be constantly increasing,
and with the supply decreasing, unless there is Government regulation,
prices charged to the public will be outrageous and the profits accruing todealers unconscionable. You ought to be quite as willing as other citizens
to co-operate in the general public welfare in this emergency, even to the
extent of sacrificing profits.
The action of the Government- in restraining the officers of the M ino
Workers’ Union from furthering the strike order already issued was taken
solely in the general public interest, and I shall not permit it to be used
directly or indirectly for the benefit of the employers’ side of the controversy.
If any advantage shall be taken of present conditions by any arrangement
or agreement of two or more persons to restrict either production or dis
tribution in order to enhance the price of fuel I shall without hesitation take
precisely the same action against such persons as has been taken against
the officers of the Mine Workers’ Union.

The base district prices re-established by the President’s
order of Oct. 30 in Pennsylvania and West Virginia, two of
the large coal producing States, are shown in the tabulations
following. All prices given are net ton f.o.b. mines.
Mine
Run.
Pennsylvania—
District 1. Operations other than Pitts..2
.9 5
burgh field_________________________
District 2. Pittsburgh field........ - .......... -.2 .35
West Virginia—
District 1. Pocahontas field................... ..2 .3 5
District 2. Tug River field..................... ..2 .7 5
District 3. Thacker field......................... ..2 .6 5
District 4. Kenova field-------------------- -.2 .65
District 5. Logan field------------------------ ..2 .5 0
District 6. New River field..................... -.2 .70
District 7. Kanawha field....................... -.2.60
District 8. Putnam County................... ..2 .8 5
District 9. Mason County........ .............. ..2 .7 5
District 10. Coal & Coke & Gauley fields.2.65
State and District—
District. 11. UDDcr Potomac, Cumberland
and Piedmont fields (incl. Maryland) ..2 .7 5
District 12. Fairmont fields................... -.2 .50
District 13. Hancock, Brooke, Ohio and
Marshall Counties................................. ..2 .35

Prepared
Sizes.
2.95
2.60

Slack or
Screenings.
%
2.95
2.35

2.60
3.00
2.90
2.90
2.75
2.95
2.85
3.10
3.00
2.90

2.50
2.40
2.40
2.25
2.45
2.35
2.60
2.50
2.45

3.00
2.75

2.50
2.25

2,60

2.35

2 .1 0

The President’s order by which the above prices wero put
into effect will be found in the “Chronicle” Nov. 1, page
1658.
Washington press dispatches of Nov. 7 announced that
slight changes were made in the Railroad Administration’s
priority list (that established during the war by tho Fuel
Administration) on that date. The revision of the list
and the cause therefor were explained in the Washington
dispatches as follows:
Tho changes ordered make the movement of coal freer and avoid somo
delay in the dispatch of coal shipments.
Under the new regulations, shipments consigned under tho first four divi
sions of the priority list will bejermitted on straight consignment without
permit
This includes, besides tho railroads themselves. Government
departments, the Army and Navy and State institutions and some In
dustries.
,, ,
,
Appeals of sugar refineries in Cuba for coal were met conditionally to-night
through orders issued by the Railroad Administration’s central coal com
mittee, which modify the original export coal embargo. Under the now
regulations the Cuban refiners will be permitted to buy coal hero provided
they sign agreements to ship their sugar production to this country.
The sugar shortage in tho United States was admitted to have been the
deciding factor to change the committee’s embargo. Estimates of the
amount of coal required by the Cuban refiners varied, but officials believed
the amount would not be sufficiently large to affect materially the American
coal stocks.

The priority list was published in the “Chronicle” Nov. 1,
page 1658.
Pittsburgh advices of Nov. 5 to the N. Y. “Times”
announced that five striking coal miners in that city had
been refused citizenship papers in the U. S. Court because
they had joined the strike. The advice in part said:

Five striking coal miners, four of them overseas veterans of tho late war,
wore denied citizenship this morning in tho United States courts by Federal
Judge Orr.
After several score of other applicants for citizenship had been callod and
successfully passed, William McKinstry of Slovan, Penn., a widower with
two children, was examined.
Ho said he had worked for the Erie Coal Company for tho last thirteen
years.

THE CHRONICLE

Nov. 22 1919.]
“ Well, are you working now?
“ N o , S ir ,

asked Judge Orr.

r e p lie d M c lv in s t r y .

"W h y? asked the court.
“ We are on strike, McKlnstry replied.
“ Tho President of the United States and the United States Government
have declared the strike of coal miners illegal and against the Constitution
of tho United States. I cannot let you take the oath of allegiance to this
country while you are on strike, said Judge Orr.
“ You could not faithfully take it and remain on strike in direct defiance or
opposition to the Government,” the court added.
Tho next applicants, four in number, were called, and it developed that
they were overseas soldiers, two of them having been wounded in action.
The men gave their names as Domenico Fornello, an employee o f the Nat
ional Coal Company of Morgan; Angelin Servate of Avonmore, an employee
of the Hicks Coal Company; Battesby Donalli and Amilio Marchesini, both
o f Frederickstown and employees o f the Clyde Coal Company.
“ Are you men working at the present time? asked Judge Orr.
They all replied that they were not, and, when asked why, said they were
on strike.

1953

not be enjoined from continuing the operation of the com
pany’s lignite property at Tasker, N. D.
Following the announcement on Nov. 11 that the nation
wide strike of the bituminous miners had been called off,
Governor Lynn J. Frazier on Nov. 12 declared martial law
in the coal mining districts of North Dakota and on Nov. 13.
State troops were sent out to take control of the mines. On
that date Governor Frazier wired to Attorney-General
Palmer of the United States reciting action taken by him in
taking over the mines, and asking his co-operation in carrying
out the purposes for which he says he acted.
By the terms of an order of Nov. 12 coal operators are to
be allowed a royalty of from 10 to 25 cents a ton on each ton
of lignite mined under State control.

Members of the Brotherhood of Railway Trainmen, the
NSA S SEIZED BY STATE GOV
largest of the railroad brotherhoods, were in full sympathy COAL M IN E S IN K AERN
M EN T.
with the miners in the coal strike, W. G. Lee, President of
the brotherhood, declared in a statement at Cleveland, 0 ., The Supreme Court of Kansas on Nov. 17 issued orders,
placing 150 coal mines under control of the State Govern
on Nov. 1. Mr. Lee’s statement was as follows:
Our organization is fully in sympathy with the miners in attempting ment, and appointing three receivers who are authorized to
to secure a living wage and better working conditions and believes that the fix wages, operate the mines and arrange for sale and distribu
position taken by the Government in connection with the injunction issued tion of the coal.
will probably disturb industrial conditions to a far greater extent than re
The action followed the filing of quo warranto proceedings
cognized by those in charge of governmental affairs.
The railroad brotherhoods will assist the miners in every honorable and by Attorney General Richard Hopkins to bring about the
consistent way, and the officers of the miners organization fully understand
receivership which it was stated is based on the inherent right
the brotherhoods’ position.
I have not assumed to impose my opinion or presence either at the White of the State to protect its citizens.
House or upon the Attorney General in connection with the miners strike,
In connection with the action of the Supreme Court,
because no intimation from tho officers of the miners organization has come
to the Trainmen’s Brotherhood to my knowledge requesting such assistance Governor Allen was quoted as saying at Topeka on Nov. 17:

or the use of our influence.

STATE GOVERNMENT OF NORTH DAKOTA ORDERED
TO RETURN COAL M IN E S TO THEIR OWNERS.

An injunction directing the State authorities of North
Dakota to return to their private owners coal mining prop
erties taken over by order of Governor Frazier Nov. 13
was issued by Judge W. L. Nuessle in the district court a
Bismarck on Nov. 19. The court order fixed Nov. 24 as
the time limit within which the State is required to restore
tho property owned by the Washburn Lignite Co. at Wilton.
“It seems to me that it amounts on one hand to confisca
tion and on the other to involuntary servitude,” declared
the Judge in reviewing the course which Governor Frazier
had followed in military operation of mines taken over by
the State. Continuing, Judge Nuessle said:

The coal famine makes the Question too big to consider from the viewpoint
either of the miners or operators at this time. It is a matter of the life and
comfort for the people of the State, and the mines are being taken over fortheir benefit.

The operators of the mines refused, it is stated, to have
anything to do with the plan and refused even to suggest one
of their number for one of the receivers. Under the order
of the Supreme Court the receivers will sell coal at prices
that will guarantee the operators a fair profit.
B IT U M IN O U S M IN ER S REJECT WAGE INCREA SE
PLAN OFFERED BY OPERATORS—
M A K E COUNTER PROPOSALS.

At the conferences of representatives of the bituminous coal
miners with the operators which have been in progress since
Nov. 14, the operators scale committee on Nov. 20 sub
mitted a proposal for settlement to the miners which the
I realizo that any decree this court may issue, unless tho Government latter flatly rejected. In substance it provided for a wage
chooses to rocognize It, cannot be carried out without civil war. I do not increase of 15 cents a ton to pick and machine miners and a
want that. I will make my order for return of the property to these plain
tiffs at some future date, long enough ahead to permit o f an appeal to the 20% increase for day labor. The increase of 15 cents a ton,
(State) Supreme Court, should defendants elect to appeal. I do not know it is held by the operators, would represent an increase of
whether tho Supreme Court will support my views of this situation. I do 23.2% to pick miners and 35.1% to machine workers.
not believe, however, that the Governor will resist an order of the Su
The plan offered by the operators was summarized as
preme Court.
follows:
With further reference to his decision advices of Nov. 19 The proposal would-extend tho present contract to March 31 1922.
from Bismarck to the New York “Times” said:
Increase the price of mining, pick and machine, fifteen cents a ton esti

Judge Nuesslo dictated tho order from the bench. Ho declared it a mat
ter of great consequence, not only to plaintiff and defendant, but of greater
consequence to tho people of North Dakota, and one which should be deter
mined immediately. Ho discussed tho powers inherent in the people as
dolegated to the threo principal co-ordinated departments o f Government,
declaring that tho people had learned through ages of misgovernment to
so divido the powers of Government as a means of escaping tyranny and to
forestall usurpation of despotic power by any individual or collection of
individuals.
Judge Nuessle declared ho had hesitated to issue an order to show cause
in tho matter because tho petition was a direct attack upon a co-ordinated
department of tho Government. To carry out the mandates of the judicial
arm against tho executive department, said tho Court, special executive
agents would bo required, and if tho executive department should resist
the orders of the judicial department and the judicial department be forced
to appoint such special agents, tho only possible outcome would be civil war.
But aro wo, asked tho Court, to permit tho executive to go ahead and
usurp the powers of the judicial and legislative departments, to make laws,
to construe them and to decree how they shall bo enforced ?
“ That,” said Judge Nuessle, “ would bo despotism."
“ Embarrassing as tho situation is,” tho Court continued, “ I must hold
that in this case a temporary injunction bo issued; that the defendants be
restrained from further interfering with tho property o f tho plaintiffs, and
that the defendants, both of them, be commanded to restore to the plain
tiffs their property.”

Following appeal by the Washburn Lignite Co. AdjutantGen. Angus Fraser and Capt. L. R. Baird of tho North Da
kota Home Guards were ordered by Judge W. L. Neussle on
Nov. 17 to appear before him on Nov. 19 and show cause
why the court should not issue a permanent injunction re
straining the Home Guards from “taking, holding and retain
ing possession” of private coal mines at Wilton, N. D.
Simultaneous with the issuance by Judge Nuessle of the
order referred to at the outset of this article Judge C. F.
Amidon of the U. S. District Court at Fargo, N. D. on the
petition of the McClure Coal Co., a Minnesota corporation,
and the Dakota Coal Co., issued an order, returnable Nov.
24, directing Governor Frazier to show cause why he should



mated by operators as adding $1.50 to the daily pay of the miners.
Increase all classes of day labor 20% , or $1 a day, bringing day labor in th
mines to $ 6 a day.
Be effective when the miners return to work.
Supplies and fuel sold to miners be sold at not less than cost.
The national organization of the United Mine Workers and the National
officers be responsible for the enforcement of the contract.
Establish a uniform automatic penalty clause for strikes in violation o f
contract.
-

Commenting on the offer made by the operators, John L.
Lewis, acting president of the United Mine Workers, and
one of the leading representatives of the miners at the Wash
ington conference was quoted as follows:

The proposals of tho operators aro inadequate and undignifiod. They d o
not mean anything at all. Our conference has produced nothing construc
tive, but we will meet again toTnorrow morning.
I do not think that the operorats themselves take the proposals seriously.
We have thousands of men who only mine a ton or two a day and it wil 1 be
seen that an offered increase of 15 cents per ton means very little.

Thomas T. Brewster, chairman of the operators’ wage
scale committee, said, it was stated, after the wage proposals
had been submitted, that those increases, were based on
rates which had been arrived at by estimating what could
be required to bring the miners’ pay to the point where it
offset the increase in the cost of living since 1914.
He said that the operators had made the counter proposals
by instruction from the Government and that they repre
sented the limit to which the operators could go.
The following day (Nov. 21) tho miners’ representatives
made a counterproposal to the operators, saying they could
accept a 40% wage increase and seven hour day. Prior
to this action the operators served what was said to be
practically an ultimatum on the miners’ representatives,
telling them that tho offer of Nov. 20 of 15 cetns a ton and
20% day wage increases was the utmost that could be given.

THE CHRONICLE

1954

The miners went into a conference immediately to con
sider the offer and later in the day they made to the operators
the counterproposals to which we have just referred.
The original demands of the soft coal miners included a
'60% general increase, a six hour day and five day week.
Failing to obtain these by negotiation, their leaders, against
the expressed wish of President Wilson, called a strike for
Nov. 1. Court proceedings however brought by the Federal
Government, compelled the cancellation of the strike order.
Secretary of Labor Wilson, then called a conference of the
union representatives, and the operators to bring about a
settlement of their differences. The conference as already
noted opened Nov. 14. The sessions held the early part of
this week were unfruitful. Dr. Harry A. Garfield, Federal
Fuel Administrator, appeared at an open session of the
conference on Nov. 19. He made plain that as long as the
Government stands “the people of the United States need,
must have and will have coal, and they will not be prevented
* by anything the operators and miners may do.”
He said that the public, “the chief party in interest in the
present controversy, was not in a mood to tolerate either
excessive prices or prolonged stoppage of production.”
Shortly thereafter, the Joint Wage Scale Conference de
cided to continue its negotiations through a smaller group
in accordance with the usual custom in making the wage
agreements. The following day the operators submitted the
proposals outlined above, and the miners’ leaders rejected
them.
The subcommittee, formed on Nov. 19, is composed of two
miners and two operators from each of the four States in the
central competitive district, together with Mr. Brewster
and Mr. Lewis. The statement of the Fuel Administrator,
which was largely statistical, brought out that in 1918 the
average cost of production of coal was $2 15 per ton, leaving
to the operator an average margin of forty-six cents per ton.
This margin, he said, included interest charges, selling ex
penses and Federal taxes, as well as profit.
In oj)ening the conference on Nov. 14, Secretary of Labor
Wilson warned both operators and miners that the public
would not submit to overt action involving suffering of the
people. He characterized the miners’ demands as submitted
and insisted upon up to that time as impossible. He in
cluded not only the six hour day and the five day week, but
the demand for a G0% wage advance. He also characterized
. as impossible the standpat attitude of the operators and their
insistence upon a working out of the present contract.
He submitted three proposals for settlement of differences
between the miners and operators. These were:
1. Settlement by agreements between scale committees of minors and
operators from all districts in joint session. ^
2. Settlement by committees in each district, acting concurrently.
3. Settlement by the committees of the central competitive fields, such
settlement to be used as a basis for agreement in other districts.

The operators rejected the proposal of Secretary Wilson of
the Department of Labor that a general committee repre
senting all fields get together to work out an agreement.
The miners agreed to accept the proposal. The conference
finally accepted the third suggestion of Mr. Wilson, and a
scale committee representing the operators and miners of the
central competitive fields—Western Pennsylvania, Ohio.
Indiana and Illinois was formed.
VICTOR

L. BERGER REFUSED M EM BERSHIP
HOUSE OF REPRESENTATIVES.

IN

The House on Nov. 10 by a vote of 311 to 1 denied to
Victor L. Berger, convicted of violation of the Espionage
Act, the right to membership in that body and declared
the seat in Congress to which he was elected in the Fifth
Wisconsin District vacant. This action was takon after a
violent speech by Mr. Berger, in which he denounced the
Government, belittled members of the House and declared
that he would take back nothing that he had said in his
speeches and articles, which led to his conviction in a fed 
eral Court. Mr. Berger made his defiant statement to the
House after Representative Dallinger, Chairman of the
. special committee which had investigated the case, had de
nounced him as unworthy of a place in the House and had
reviewed the utterances which led to his conviction.
As to the President, Mr. Berger in the course of his speech
said: “Mr. Wilson has coined more Democratic phrases
than all the Presidents of the United States combined, and
he has taken away more of our liberties than all of the Presi
dents of the United States combined. He is on especially
good terms with Sam Gompers, James Duncan and Frank
Morrison, officials of the American Federation of Labor.
With the help of these gentlemen—all of whom, by the way,



[Vol . 109.

were born under the British flag—he has gloriously fought
this war which is to end by giving Great Britain six votes
in the League of Nations to our one.” The House resolu
tion refusing to seat Berger was as follows:

Resolved, That under the facts and circumstances of this case Victor L.
Berger is not entitled to take the oath of offico as a Representative in this
Houso from the Fifth Congressional District of tho State of Wisconsin, or
•to hold a seat therein as such Representative.

The vote on the above, as already stated, was 311 to 1.
Representative Voigt of Wisconsin, who spoke in favor of
seating Mr. Berger, cast the only negative vote. The
House on Nov. 10 also adopted a resolution authorizing the
Speaker to notify the Governor of Wisconsin that as a result
of the vote excluding Mr. Berger from membership in that
body a vacancy existed in the representation of the Fifth
Congressional District of that State. The resolution said
that Joseph P. Carney, Mr. Berger’s opponent, had not re
ceived a plurality vote and he therefore was not entitled
to a seat in the House. Since the beginning of the present
session in May Mr. Berger, although never permitted to take
the oath, drew the regular pay of a House member, enjoyed
the franking privilege and maintained an office in tho House
office building.
A motion by Representative Rucker of Missouri to ex
punge Mr. Berger’s speech from “The Congressional Record”
was offered. Representative Mondell, Republican floor
leader, objected to Mr. Rucker’s motion on the ground that
its passage would deprive Mr. Berger of an opportunity to
have his case put before the public. His proposal to lay
the motion on the table was carried by a vote of 174 to 122.
On Oct. 24 the Special House Committee considering the
Berger case made its report. By a vote of 8 to 1 it recom
mended adoption of the resolution given above. Represen
tative Rodenburg (Republican) of Illinois filed a minority
report recommending delay. The report of the House
Committee in part was as follows:

Tho Houso of Roprosontativos has always Insisted upon its right to exclude
membors-olect and has also consistently refused to oxpol a member once ho
has been sworn in for an offonso committed by him previous to his becoming
a member, on tho ground that the constitutional power of expulsion Ls
limited in its application to tho conduct of members of tho House during
their term of offico.
A mass of testimony was introduced at the hoartngs showing tho nature
and history of Socialism, with which we have no concern, the intimation
being that an attempt was being made to exclude Representative-elect
Berger because ho is a Socialist. Tho fact that in 1911, when he bad been
elected as a Socialist to tho Sixty-socond Congress, no objection was made,
to his being se.atod, and the further fact that in December 1915, when the
Sixty-fifth Congress convened, no objection was mado to the admission
of Representative-elect Moyer London of New York, who had also been
elected as a Socialist, is a sufficient answer to such an intimation.
Tho only question of fact at issue in this case is whether or not Victor L.
Berger was disloyal to tho United States during the war between this
country and the Imperial German Government, and gave aid or comfort
to its enemies. The contention was made by him and his counsel that he
opposed our war with Germany because of tho opposition of the international
Socialists to war in general. As a matter of fact, tho Socialist parlies of
other countries, including that of Germany, supported their Governments,
and the Socialist Party in tho United States might havo dono tho same if it
had not been for tho efforts of Mr. Berger and his assistants.
Furthermore, in a book cntitlod “ Some Anti-Socialist Voices of tho Press,”
published by him in 1911, ho declared that if war should break out between
this country and Japan, “ tho groat mass of tho Socialists would stand by
tho country to tho last ditch." Moreovor, both at tho Chicago trial and
before your committee Mr. Berger admitted that tho Gorman submarine
warfare was an invasion of tho rights of everybody, including American
rights.
I n o t h e r w o r d s , t h e t e s t i m o n y is c o n c l u s i v e t h a t M r . B e r g e r w a s i n f a v o r
o f p r o t e c t in g A m e r ic a n

r ig h ts o x c o p t w h e n t h e y

w e r e in v a d e d b y th e I m 

The first convention of the Amorican Legion in session at
Minneapolis, Minn., adopted resolutions on Nov. 11 de
manding the deportation of Victor Berger of Milwaukee as
“a disloyal citizen,” and asking investigation of the record
of Representative Voight of Wisconsin, who supported
Berger in the recent vote in the Houso of Representatives.
The resolution asking cancellation of Borgor’s citizenship
and his deportation, drawn by Theo lore Roosevelt Post
No. 1 of the District of Columbia, was adopted on motion
of the Wisconsin delegation. A similar resolution requested
Congress “if it finds Representative Voight to bo disloyal,
to take steps for his expulsion from the Houso of Represen
tatives.”
It was announced on Nov. 13, notwithstanding tho action
of the House three days before, that Socialists of tho Fifth
Wisconsin Congressional District had nominated Victor L.
Berger as the party candidate at the special election Deo. 19
to fill the vacancy caused by the House of Representatives’
refusal to seat Berger on his certificate of election obtained
a year ago.
While the method of nominating Socialist candidates is by
referendum, it was explained that lack of time caused the
calling of the mass meeting to nominate. It is said that tho
nomination was by a unanimous vote. When the nomina
tion was filed on Nov.20 at the office of the Secretary of
p e r ia l

G erm an

G ov ern m en t.

t

,

State at Madison it was stated that intimation had been
given that steps would be taken to test the legality of his
candidacy. An opinion it was said might be called for
within a few days, while court action is threatened as a
means of stopping him.
Congressman-elect Victor L. Berger of Milwaukee and
four associates, all active leaders of the Socialist Party, were
sentenced by Judge Landis of the Federal Court at Chicago
on Feb. 20 to twenty years’ imprisonment for violation of
the Espionage Law and conspiracy to obstruct the draft.
All the defendants gave notice of appeal, and, though Judge
Landis refused a stay and bail pending appeal, they were
subsequently released on $25,000 bail each by Judge Alt
schuler, on giving a pledge of silence until their cases were
finally disposed of. In prescribing these conditions for their
release, Judge Altschuler said:
W h ile t h e m in o r it ie s h a v e r ig h t s , t h e m a jo r it ie s a ls o h a v e r ig h t s w h ic h
m u s t n o t e v e n s e e m in g ly b o tr a n s g r e s s e d .

E v e n th o u g h th e se d e fe n d a n ts

m a y fe e l t h e y h a v e a c o n s c ie n t io u s r ig h t t o d o t h e th in g s fo r w h ic h t h e y
h a v e b e e n c o n v ic t e d , a c o u r t h a s d e c id e d th a t t h e y w e r e g u ilt y o f a n o ffe n s e .
T hey

m a s t r e fr a in

t h in g s fo r w h ic h

a b s o lu te ly

fro m

th e y h a v e b e e n

d o in g

th ose

c o n v ic te d .

t h in g s a n d

s a y in g

th ose

I f t h e i r p r o m i s e is n o t k e p t

u n t il th e ir c a s e s a r e d is p o s e d o f , t h e ir e n la r g e m e n t u p o n b a il w ill t e r m in a t e .
T h e ir a t t o r n e y s w ill b e h e ld

r e s p o n s ib le fo r t h e ir a c t io n .

Besides Berger, who is Editor and publisher of the Mil
waukee .“Leader,” the other convicted men were:
The

R e v . I r w in

A d o lp h

S t. J o h n

T u c k e r , le c tu r e r a n d

w r ite r .

s ta n tia lly

S in c e t h e
been,
a ll,

President Wilson vetoed on Nov. 18 the Cummins bill,
which would have amended the Railroad Control Act so as
to restoro the rate making power to the Inter-State Com
merce Commission. In setting out his reasons for vetoing
the proposed legislation the President stated that the bill
would deprive the Government, while the roads are still
under Federal control, of any power to make any change in
any intra-State rates, fare, charge, classification, &c., the
immediate effect being to deprive the Government “of the
ability to cope promptly and decisively with operating emerg
encies which are now arising and must continue to arise
during the existing period of heavy traffic.” While stating
that “the leading principle of this bill, which is to give the
Inter-State Commerce Commission power . . . to suspend
rates, practices, &c., initiated by the President” is entirely
acceptable to him, the President added that “if in the
futuro the bill should be repassed I should hope to see some
modifications in detail which would avoid attaching a
presumption of unreasonableness (as this bill appears to do)
to changes so initiated in rates, practices, &c.” The Presi
dent also evinced the hope “to see another modification
which would avoid any possibility of bringing in question
the validity of orders which already have been made by the
Railroad Administration.” Senator Cummins, Chairman
of the Committee on Inter-State Commerce and author of
the bill, stated on the 18th that it was not likely that any
attempt would be made to pass the bill over the President’s
veto, inasmuch as the rate making powers of the Commission
would be restored when the roads are returned to private
operation on Jan. 1. The bill had passed the Senate on
June 12 last, and the House on Sept. 24. (Reference to the
action of the House was made in our issue of Sept. 27,
page 1236.) Differences between the two sent the bill to
conference, the House on Oct. 30 accepting the conference
report and tho Senate adopting it on Nov. 3. In his message
of Nov. 18 vetoing the bill, the President said:
T o th e S e n a t e —
I r e tu r n h e r e w ith w it h o u t m y a p p r o v a l S e n a te b ill 6 4 1 , e n t it le d “ A n a c t
t o a m e n d s e c tio n 10 o f a n a c t e n title d ‘A n a c t t o p r o v id e fo r th e o p e r a t io n
o f t r a n s p o r t a t io n s y s t e m s w h ile u n d e r F e d e r a l c o n t r o l , f o r t h e ju s t c o m p e n s a 
t io n o f th e ir o w n e r s , a n d f o r o t h e r p u r p o s e s ’ , a p p r o v e d M a r c h 21 1 9 1 8 .”

.

T h i s b ill d e p r i v e s t h e G o v e r n m e n t o f t h o U n i t e d S t a t e s , w h ile s t ill c h a r g e d
w it h t h e e x c lu s iv e r e s p o n s ib ilit y f o r o p e r a t in g t h e r a ilr o a d s d u r in g F e d e r a l

th e

a p p rov a l o f th e p rop er

or

p r a c t ic e

S ta te r e g u la tin g

F e d e r a l C o n t r o l A c t a s o r ig in a lly e n a c te d

a n y in tr a -S ta te r a te ,

w it h o u t

h a v in g

t r ib u n a l,

fa r o ,

fir s t s e c u r e d

w h erea s u n d e r th e

th e G o v e r n m e n t o f th o U n ite d

S ta te s h a s t h e s a m e p o w e r t o d e t e r m in e t h e in t r a -S t a t e m a t t e r s a s it h a d t o
d e t e r m in e s im ila r m a t t e r s o f a n in t e r -S t a t e c h a r a c t e r .
T h e im m e d ia t e e f f e c t o f s u c h a c h a n g e in t h e la w w o u ld b o t o d e p r i v e
th e
w ith

F ederal

G overn m en t

o p e r a tin g

a r is e d u r in g

o f th e

a b ility

e m e r g e n c ie s w h ic h

th o e x is tin g p e r io d

are

to

cope

now

o f heavy

p r o m p tly

a r is in g

tr a ffic .

and

and

d e c is iv e ly

m u s t c o n t in u e

R e c e n tly

th e

to

R a ilr o a d

A d m in is t r a t io n fo u n d t h a t r e fr ig e r a to r c a r s w e r e b e in g u n d u ly d e ta in e d b y
c o n s ig n e e s a t a t im e w h e n t h e r e w a s u r g e n t d e m a n d f o r a n e n la r g e d tr a n s 
p o r t a t io n

u se

o f su ch




cars.

The

R a ilr o a d

ste p

c o u ld

by

not have

t h e im p o s it io n

been

ta k e n

o f an

p r o m p tly

if

a u th o r itie s o f e a c h

S ta te w o u ld

u n d e r t h is b ill h a v e t h e f u ll

i f t h is b ill h a d

n o tw ith s ta n d in g

been

in

e ffe c t, t o

th e fa ct th a t th e

p reven t a n y

u n ifo r m

p r a c t ic e

at

F ed era l G o v e rn m e n t w a s th e s o le

o p e r a t o r o f t h e r a ilr o a d s a n d a s s u c h c o n d u c t in g t h e in t r a -S t a t e o p e r a t io n s
a s w e ll a s t h e in t e r -S t a t e o p e r a t io n s .
A t t h e p r e se n t tim e t h e R a ilr o a d
im p o r ta n t m e a s u re t o

secu re th e

A d m in is tr a tio n

h e a v ie r lo a d in g

is p r o c e e d i n g w i t h

o f cars

w it h

gra n

an
and

g r a in p r o d u c t s s o a s t o m e e t m o r e f u l l y t h e u r g e n t n e e d f o r a g r e a te r tr a n s 
p o r t a t io n

o f th o s e c o m m o d it ie s .

in d e p e n d e n t ju d g m e n t o f e a c h

I f it s h o u ld

b e n ecessary to

S ta te tr ib u n a l, th e

d e la y

o b ta in

th e

w o u ld

p r o b a b ly

p r e s s in g

p r a c t ic a l

b e s o g r e a t a s t o d e fe a t t h e p u r p o s e o f t h e p la n .
The

m a tters

I

have

m e n tio n e d

a re

illu s t r a t iv e

of

e m e r g e n c ie s w h ic h m u s t b e d e a lt w it h p r o m p t l y i f t h e y a r e t o b e d e a lt w it h
e f f e c t i v e l y , a n d w h i l e t h e F e d e r a l G o v e r n m e n t a l o n e is r e s p o n s i b l e f o r r a i l 
r o a d o p e r a t io n , it o u g h t t o h a v e w ith in it s e lf t h e p o w e r t o d e a l w it h t h e s e
p r o b le m s .

The

p r a c t ic e

of

th e

R a ilr o a d

A d m in is tr a tio n

to

secu re

th e

a d v ic e o f t h e I n te r -S t a t e C o m m e r c e C o m m is s io n u p o n m a tte r s o f im p o r t 
a n c e r e a s o n a b ly in s u r e s a n
and

a v o id s t h e d iv id e d

a d e q u a te r e p r e se n ta tio n

a c t io n

o f t h e p u b lic in te r e s t

a n d in e v it a b le d e la y w h ic h

w o u ld r e s u lt i f

e a c h S ta te a u t h o r it y s h o u ld h a v e e x c lu s iv e a n d fin a l p o w e r a s t o r e g u la t io n
o f a ll m a t t e r s o f in t r a - S t a t e t r a f f i c w it h in it s b o r d e r s .
B e y o n d t h e s e p r e s s in g p r a c t ic a l e x ig e n c ie s I fe e l t h a t it is a f a r s o u n d e r
g e n e ra l p r in c ip le t o
reven u e to

v e s t in

op era te th e

th e

F ed eral G ov ern m en t

r a ilr o a d s w h e n

th e

pow er

to

r a is e t h e

F e d e r a l G o v e r n m e n t a lo n e

is

r e s p o n s ib le f o r p a y in g th e b ills f o r t h e ir o p e r a t io n .
I n a c o u n t r y o f s u c h g r e a t e x t e n t it is u n d o u b t e d l y d e s ir a b le t o g e t t h e
fu lle s t p r a c t ic a b le b e n e fit o f lo c a l a d v ic e u p o n

lo c a l m a tte r s , a n d

t h is i s

e q u a ll y a s m u c h t o b e d e s ir e d in r e s p e c t o f l o c a l in t e r - S t a t e r a t e s a n d p r a c 
t ic e s in a g i v e n p o r t io n o f t h e c o u n t r y a s in r e s p e c t o f in t r a - S t a t e r a t e s a n d
of

th e

R a ilr o a d

A d m in is t r a t io n ,

w h ic h

I

I t is t h e p o l i c y a n d
h e a r tily

en d orse,

to

a u t h o r it ie s , b o t h a s t o in t r a -S t a t e ra te s a n d a s t o lo c a l in t e r -S t a t e r a t e s , b u t
i n t h e l a s t a n a l y s i s , w h i l e t h e F e d e r a l G o v e r n m e n t is s o l e l y r e s p o n s i b l e , i t
s e e m s t o m e t h a t e n t ir e ly in d e p e n d e n t a n d fin a l p o w e r a s t o a la r g e p r o p o r 
t io n o f th e s e v it a l m a t t e r s s h o u ld n o t b e tr a n s fe r r e d t o th o r e s p e c t iv e S ta te s .
The

PRESID ENT WILSON VETOES BILL RESTORING RATE
M A K IN G POWER TO INTER-STA TE COMMERCE
COMMISSION.

r e g u la tio n

t o c o r r e c t t h is s it u a t io n

S u ch

p o w e r t o e x e r c is e a n in d e p e n d e n t j u d g m e n t , t h e p r o b a b le r e s u lt w o u ld h a v e ’

p r a c t ic e

F . K r u s e , h e a d o f th e Y o u n g P e o p le ’s S o c ia lis t L e a g u e .

c h a r g e , c la s s ific a t io n ,

p r o m p tly

ch arge.

it h a d b e e n n e c e s s a r y t o c o n s u lt a ls o S t a t e a u t h o r it ie s t h r o u g h o u t t h e U n io n .

s e c u r e a s fa r a s p r a c t ic a b le t h e fu ll b e n e fit o f t h e s u g g e s tio n s o f t h e S t a t e

The Berger case is now pending in the United States Cir
cuit Court of Appeals for the Seventh Circuit.

c o n t r o l , o f a n y p o w e r t o m a k e a n y c h a n g o in

and

em ergen cy

p r a c t ic e s c o v e r i n g a s im ila r e x t e n t in t h e s a m e l o c a l i t y .

G e r m e r , N a t io n a l S e c r e ta r y o f t h e S o c ia lis t P a r t y .

J . L o u i s E n g d a h l , E d i t o r o f t h e ‘ • A m e r ic a n S o c i a l i s t . ”
W illia m

1955

THE CHRONICLE

N ov. 22 1919.]

A d m in is tr a tio n

w a s a b le

sub

broad

q u e s tio n

of

gen eral

p r in c ip le

w h ic h

I

have

ju s t

d is c u s s e d 1

m ig h t p e r h a p s b e w a iv e d in v i e w o f t h e s h o r t d u r a t io n o f F e d e r a l c o n t r o l,
b u t th e

p r a c tic a l e m e r g e n c ie s t o

w h ic h

I

h a v e fir s t r e fe r r e d

are m a tte rs

w it h w h ic h t h e F e d e r a l G o v e r n m e n t m u s t d e a l d a y b y d a y in t h e d is c h a r g e
o f it s r e s p o n s ib ilit y a n d I d o n o t th in k its a b ilit y t o d e a l w it h t h e m p r o m p t l y
a n d c o n c lu s iv e ly s h o u ld b e im p a ir e d e v e n d u r in g a b r ie f p e r io d o f F e d e r a l
c o n tr o l.
T h e le a d in g p r in c ip le o f t h is b il l, w h ic h is t o g i v e t h e I n t e r - S t a t e C o m 
m e r c e C o m m is s io n p o w e r , p e n d in g its p r o v is io n t h e r e o n , t o s u s p e n d r a te s ,
p r a c tic e s ,
a lth o u g h

& c . , in it ia t e d

o f u n r e a s o n a b le n e s s

th e

P r e s id e n t ,

a v o id

d e ta il w h ic h

w o u ld

is

be

e n tir e ly
reca st

a v o id

(a s t h is b ill a p p e a r s t o d o )

r a te s , p r a c t ic e s , & c .
w o u ld

by

i f in t h e fu t u r e t h e b ill s h o u ld

s o m e m o d i f i c a t i o n s in

a c c e p ta b le

to

m e,

I s h o u ld h o p e t o s e e

a tta c h in g

a p r e s u m p tio n -

t o c h a n g e s s o in it ia t e d in

I s h o u ld a ls o h o p e t o s e e a n o t h e r m o d ific a t io n w h ic h

a n y p o s s ib i lit y o f b r in g in g in q u e s t io n

th e v a lid ity o f o r d e r s

w h ic h a lr e a d y h a v e b e e 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 in t h e d is "
c h a r g e o f it s r e s p o n s ib ilit ie s .
W O O D R O W

W IL S O N .

T h e W h i t e H o u s e . 1 8 th N o v e m b e r 1 9 1 9 .

BILL FOR RAILROAD E Q U IP M E N T FIN A N C IN G
SIGNED BY PRESID EN T WILSON.

On Nov. 19 President Wilson signed the bill authorizing the
formation of an equipment trust to enable the railroads to
reimburse the Government to the amount of approximately
$-400,000,000 advanced for locomotives and freight cars
bought by the United States and allocated to the carriers
during Federal control. The bill passed the House this week
(Nov. 18) and its passage by the Senate on Oct. 30 was
noted in our issue of Nov. 1, page 1668. Some minor amend
ments to the bill made by the House Committee on Inter
State and Foreign Commerce were rejected by the House,
at tho suggestion of Representative Esch, Chairman of that
committee, the bill thus having passed the House in the form
in which it went through the Senate. In explaining the pur
pose of tho bill in the Senate on Oct. 30, Senator Cummins
had tho following to say:
I a s k u n a n im o u s c o n s e n t t h a t t h e

S e n a te p ro ce e d

to

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

o f O r d e r o f B u s in e s s 2 3 7 , b e in g S e n a te b ill 3 3 1 9 : b u t b e fo r e t h e r e q u e s t is
g r a n t e d I t h i n k i t is d u e t o t h e S e n a t e t h a t I s h a ll e x p l a i n , b r i e f l y , t h e n a t u r e
a n d o b je c t o f th e b ill.
M r . P r e s id e n t , t h e G o v e r n m e n t h a s e x p e n d e d in b e t t e r m e n t s a n d a d d i 
t io n s a n d f o r e q u ip m e n t in t h e r a il w a y s e r v ic e s o m e t h in g lik e a b illio n d o lla r s
s in c e it h a s b e e n in o p e r a t io n o f th e s e p r o p e r t ie s .

I t w ill b e im p e r a t iv e ly

n e c e s s a r y t h a t t h e G o v e r n m e n t s h a ll c a r r y f o r a c o n s id e r a b le t im e , p r o b a b ly
f o r 1 0 y e a r s , a la r g e p o r t io n o f t h e s e a d v a n c e s , f o r t h e r a ilw a y c o m p a n ie s
w ill b e u t t e r ly u n a b le t o r e p a y th e s e e x p e n d it u r e s w h ic h h a v e b e e n m a d e
u p o n a n d f o r t h e ir p r o p e r t ie s a n d w h ic h a r e p r o b a b ly c h a r g e a b le t o c a p it a l
a ccou n t.

A m o n g t h e e x p e n d it u r e s I h a v e m e n t io n e d t h e r e a r e in t h e a g g r e 

g a t e a b o u t 5 3 7 5 ,0 0 0 ,0 0 0 f o r e q u ip m e n t : t h a t is t o s a y , f o r e n g in e s , c a r s , a n d
t h e lik e .
T h e P r e s id e n t,

th e r a ilw a y

c o m p a n ie s a n d

c e r t a in

ban kers h a ve

nego

t ia t e d a n a r r a g e m e n t t h r o u g h w h ic h a b o u t $ 2 2 5 ,0 0 0 ,0 0 0 o f t h o e x p e n d it u r e
f o r e q u ip m e n t c a n b e fu n d e d fo r a p e r io d o f 15 y e a r s .

I t is t o b e a c c o m 

p lis h e d t h r o u g h t h e o r g a n i z a t io n o f a c o r p o r a t io n w h ic h is t o a c q u ir e t h e
t i t l e o f t h e e q u ip m e n t w h ic h is n o w

in t h e G o v e r n m e n t a n d t r a n s fe r t h a t

e q u ip m e n t t o th e s e v e r a l r a ilw a y c o m p a n ie s , w h ic h a r e t o e x e c u t e s e c u r itie s
u p o n w h ic h t h e c o r p o r a t io n w ill is s u e w h a t- is k n o w n a s c a r - t r u s t - e q u ip m e n t
c e r t ific a t e s .

The

ban kers

have

agreed

to

a m o u n t s u b s t a n t ia lly e q u a l t o $ 2 2 5 ,0 0 0 ,0 0 0 .

ta k e

of

th e se

c e r tific a te s

an

T h a t w ill r e tu r n t o t h e G o v 

e r n m e n t a t t h is t im e ,t h a t a m o u n t o f m o n e y .
T h e G o v e r n m e n t w i l l b e c o m p e l l e d t o c a r r y in s o m e f o r m t h e r e m a i n d e r ,
o r , t o g e t h e r w i t h t h e r e s e r v e f u n d t h a t is t o b e e s t a b l i s h e d , s u b s t a n t i a l l y
$ 1 5 0 ,0 0 0 ,0 0 0 .
______ ,
W h e n th e a r r a n g e m e n t h a d b e e n m a d e a n d e v e r y th in g h a d b e e n a g r e e d
u p o n b e tw e e n

t h e p a r tie s , in c lu d in g th e G o v e r n m e n t , th e c o u n s e l fo r th e

b a n k e r s w h o w e r e t o u n d e r w r it e t h e s e s e c u r itie s r e a c h e d t h e c o n c lu s io n t h a t

1956

THE CHRONICLE

th e r e w a s n o a u t h o r it y in t h e a c t o f M a r c h 2 1
w h ic h

w as

proposed .

The

R a ilr o a d

1918, fo r th e

A d m in is tr a tio n

arran gem en t

w a s o f th e

o p in io n , t h a t t h e P r e s id e n t a lr e a d y h a d t h e a u t h o r it y r e q u ir e d

con tra ry
to

e n a b le

[V

d if f e r e n t c la s s e s o f r a ilr o a d

e m p lo y e e s h a s p r o p o s e d

to

. 109.

o l

th e fo u r

b ro th e r

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

h im t o c a r r y o u t t h e p la n w h ic h h a d b e e n p r o p o s e d a n d w h ic h w a s a g r e e a b le

f r e ig h t s e r v ic e , t im o a n d o n e - h a l f w ill b o p a id f o r

to

m ake

a n d s a t is fa c t o r y t o a ll w h o w e r e c o n c e r n e d .

r u n s in e x c o s s o f w h a t w o u ld b e r e q u ir e d i f a n a v e r a g e s p e e d o f 1 2 H

m ile s

th e

n e g o t ia t io n s

v ie w

w ere

su sp en d ed,

and

no

I n t h a t d iffe r e n c e o f o p in io n
m a tter

how

w e ll fo u n d e d

tim e r e q u ir e d

th e

a n h o u r w e r e m a i n t a i n e d , p r o v i d e d , h o w e v o r , t h a t a ll a r b it r a r i o s a n d s p e c i a l

o f t h e P r e s id e n t a n d h is a d v is o r s m a y b e , i f t h e b a n k e r s w h o a r e t o

a llo w a n c e s n o w p a id in v a r io u s f o r m s o f f r e ig h t tr a in s e r v ic e a r e e n t ir e ly
e lim in a t e d f r o m th e r a ilr o a d s a s a w h o le .

a d v a n c e t h e m o n e y o r t o u n d e r t a k e t h e a r r a n g e m e n t fe e l t h a t t h e a u t h o r it y
d o e s n o t e x is t , t h e n e g o t ia t io n m u s t c o m e t o a n e n d a n d t h e p la n m u s t b e
abandoned.

T h e p r o p o s a l th u s m a d e w h ic h b e a r s o n th e m o s t im p o r t a n t m a t t e r u n d e r
c o n s i d e r a t i o n w i t h t h e r e p r e s e n t a t i v e s o f t h e t r a i n a n d e n g i n e m e n ’s o r g a n i 

T h e b il l w h ic h h a s b e e n in t r o d u c e d a n d w h ic h h a s r e c e iv e d t h e u n a n im o u s
r e c o m m e n d a tio n

of

th e

C o m m it t e e

on

In tersta te

C o m m e r c e , is d e s i g n e d

z a tio n s , h a s b e e n ta k e n u n d e r c o n s id e r a tio n b y th e s e r e p r e s e n ta tiv e s w ith a
v i e w t o c o n s id e r a t io n a n d fu r t h e r d is c u s s io n .

s i m p l y t o s u p p l y t h e a u t h o r it y w h ic h it is f e a r e d t h e p r e s e n t la w d o e s n o t
■ c o n ta in , a n d t h a t w ill e n a b le t h e P r e s id e n t t o g o f o r w a r d w it h t h is fu n d in g
o p e r a tio n .
The

G overn m en t

c e r tific a te s .

does

not

d ir e c tly

or

in d ir e c t ly

g u a ra n tee

T h e G o v e r n m e n t , it w ill b e u n d e r s t o o d , is n o w

o f t h e r a ilr o a d c o m p a n ie s .

th e

tru st

L a s t A u g u s t t h o P r e s id e n t s u g g e s t e d t o C o n g r e s s t h a t in v i e w o f t h e e a r ly
approach

o f th e

te r m in a tio n

of

F ed eral

con trol

I n t e r s t a t e C o m m e r c e t o o k t h e p o s it io n t h a t s u c h le g is la t io n w a s n o t n e e d e d

I t is o n l y a b o u t t w o - f if t h s

o f t h e e n t ir e s u m w h ic h t h e r a ilr o a d c o m p a n ie s o w e t h e G o v e r n m e n t u p o n
T h e G o v e r n m e n t w i l l n o t o c c u p y a n y le s s a d v a n t a g e o u s
o c c u p ie s .

T h e b a n k e r s t a k e t h e s e c e r t ific a t e s , a n d t h e G o v e r n m e n t w ill g e t a b o u t
I t w ill b e r e m e m b e r e d t h a t t h e G o v e r n 

m e n t m u s t th e n a c c e p t a s u b o r d in a t e p o s it io n fin a n c ia lly t o th e s e c e r t ifi
ca tes s o

fa r a s t h e r e m a in in g $ 1 5 0 ,0 0 0 ,0 0 0 a r e c o n c e r n e d ; b u t it h a s t h a t

p o s itio n

now , and

g e ts in to

th e

T reasu ry

o f th e

U n ite d

S ta tes a b o u t

$ 2 2 5 ,0 0 0 ,0 0 0 t h a t o t h e r w is e it w o u ld b e u n a b le t o s e c u r e .

A similar statement was made in the House on Nov. 18 by
Representative Merritt on behalf of the Committee on Inter
State and Foreign Commerce.
DIRECTOR-GENERAL H IN E S OFFERS $36,000,000 PAY
INCREA SE TO RAILROAD EMPLOYEES—BROTHER
HOODS W ILL PRESS FURTHER DEM ANDS.

An increased wage scale, amounting, it is estimated, to
approximately $3,000,000 a month or $36,000,000 annually,
was submitted to representatives of the four big railroad
brotherhoods on Nov. 15 by Walker D. Hines, DirectorGeneral of the Railroads.
The proposal was laid before the Brotherhood chiefs at
the closing session of a wage conference which began Nov. 11.
Equalization of the earnings of railway train service opera
tives engaged in the slow freight service so as to remove pre
sent objections to employment of this character by various
brotherhood men is the object of the proposed change in
the wage system. Under the new order employees of the
railroads engaged in service on trains scheduled to proceed at
a pace slower than twelve and a half miles an hour be paid
time and a half for such fraction of the time consumed in
making the run as could be saved if the train made twelve
and a half miles or better an hour.
The brotherhood chiefs met in conference on Nov. 17 in
Cleveland. After the meeting a telegraphic call for a joint
conference on Nov. 24 of the 500 general chairman of the
four great brotherhoods to consider Director-General Hines’
offer, was issued by the brotherhood chiefs.
The brotherhood chiefs were also in conference on Nov.
18, discussing among other subjects the new offer of the
Railroad Administration. The attitude of the brother
hoods toward the offer was indicated in the following com
ment made thereon by Timothy Shea, President of the
Brotherhood of Locomotive Firemen and Enginemen at
Chicago, Nov. 16:
T h e r e w ill b e n o s t r ik e u n t il o u r la s t e f f o r t t o r e a c h t h e d e s ir e d e n d

by

a r b i t r a t i o n is e x h a a s t e d .
G overn m en t

is g i v i n g

us

a b o u t $ 3 6 ,0 0 0 ,0 0 0

a

year

in

t im e a n d o n e - h a lf p a y f o r o v e r -t i m e a n d t a k in g a w a y $ 3 0 ,0 0 0 ,0 0 0 in a r b i
tr a r ie s a n d s p e c ia l a llo w a n c e s .
T h is d e c is io n is s p e c i f ic a ll y o n t h e d e m a n d o f t h e r o a d s e r v ic e w o r k e r s f o r
tim e a n d o n e -h a lf fo r o v e r tim e .
Jan u ary

upon

th e D ir e c to r -G e n e r a l u n d e r th o

T h e p o lic y w a s th e r e u p o n a d o p t e d b y th e R a ilr o a d A d m in is t r a t io n t h a t
w h ile i t c o u ld n o t c o n s id e r in c r e a s e s in t h o g e n e r a l le v e l o f r a ilr o a d w a g e s u n til a r e a s o n a b le o p p o r t u n i t y h a d b e e n a f f o r d e d t o a s c e r t a in t h o r o s u lt s o f t h o

$ 2 2 5 ,0 0 0 ,0 0 0 o u t o f t h e o p e r a t io n .

th e

to

h o w e v e r , w a s u n w illin g t o a d o p t t h is c o u r s e a n d t h e S e n a te C o m m it t e o o n

F e d e r a l c o n tr o l a c t t o d o a l w it h th e s e m a tte r s .

A p p a r e n tly

d a s ir a b lo

T h o C on gross,

t h e c r e d it o r

b e c a u s e a m p le p o w e r w a s c o n fe r r e d

it

be

I t h a s n o w a y o f s e c u r in g p a y m e n t e x c e p t fr o m

a t t h is t im e o f p a y in g th is v a s t s u m o f m o n e y .
c a p ita l a c c o u n t .

w o u ld

m it t e d t o a s p e c ia l tr ib u n a l t o b o c r e a t e d b y a c t o f C o n g r e s s .

t h e r a ilr o a d c o m p a n ie s , a n d t h e r a ilr o a d c o m p a n ie s a r e e n t ir e ly in c a p a b le

p o s itio n th a t it n o w

it

h a v e th e s e q u e s tio n s o f fu r t h e r c o m p e n s a t io n f o r r a ilr o a d e m p lo y e e s c o m 

T h e y a r d m e n w e r e g r a n t e d th is s c h e d u lo

1.

I f t im e a n d o n e - h a l f is g r a n t e d t h e b r o t h e r h o o d s a r e p r e p a r e d t o r e n e w
th e ir f ig h t fo r g e n e ra l in cre a s e s a lo n g

t h e e n t ir e lin e o f r a ilw a y

w ork ers.

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

e ffo r t s th e G o v e n m e n t w a s m a k in g t o r e d u c e t h e c o s t o f liv in g , n e v e r th e le s s
t h o R a ilr o a d A d m in is t r a t io n w o u ld e n d e a v o r t o c o r r e c t u n ju s t in e q u a litie s a s
b e t w e e n d if f e r e n t c la s s e s o f r a il r o a d la b o r .
I t h a s f r e q u e n t ly b e e n t h e p r a c t ic e t o m a k e t o e m p lo y e e s in f r e ig h t t r a in
s e r v ic e v a r io u s a r b it r a r y

p a y m en ts a n d

s p e c ia l a llo w a n c e s in

a d d itio n

to

th e ir m ile a g e r a t e s , a n d t h e p r o p o s a l o f t h e R a il r o a d A d m in is t r a t io n c o n 
te m p la t e s t h a t a ll o f th e s e a r b itr a r ie s a n d s p e c ia l a llo w a n c e s m a s t b o e li m i
n a te d fr o m

a ll f r e ig h t s e r v ic e o n a ll r a il r o a d s u n d e r F e d o r a l c o n t r o l.

F o r m a n y y e a r s t h e t r a i n a n d e n g i n e m e n h a v e u r g e d t h a t t im e , a n d a h a l f
o u g h t t o b e a llo w e d f o r e x c e s s t im e a s a p u n it iv e m e a s u r e t o c o m p e l tr a in s t o
be ru n

at a

h ig h e r a v e r a g e

speed.

The

D ir e c to r -G e n e r a l,

h ow ever,

has

d e c id e d t h a t t h is s t o p is n o t ju s t i f ia b le a s a p u n it iv e m e a s u r e b e c a u s e i t is
n o t , g e n e r a lly s p e a k in g , fe a s ib le o r r e a s o n a b le t o r u n e c o n o m ic a l ly th e h e a v y
fr e ig h t t r a in s a t a s p e e d a s h ig h a s 1

2

mi l e s a n h o u r .

T h o p resen t p r o 

p o s a l , t h e r e f o r e , is n o t a d o p t e d a s a p u n i t i v e m e a s u r e , b u t s i m p l y t o o n a b l o
a n im p o r t a n t c la s s o f tr a in s e r v ic e e m p lo y e e s t o e a r n a r e a s o n a b le m o n t h ly
w a g e a s c o m p a r e d w ith o t h e r s e r v ic e e m p lo y e e s w it h o u t w o r k in g a n a b n o r m 
a lly lo n g n u m b e r o f h o u r s .
T h e c o n d itio n s a b e rn

e x p la in e d g r o w o u t o f th e f a c t t h a t fo r m a n y y e a r s

tr a in s e r v ic e e m p lo y e s h a v o b e e n p a id a c c o r d in g t o t h e n u m b e r o f m iio s t h e y
h a v e m a d e , w it h a g u a r a n t y o f a m in im u m n u m b o r o f m ile s p e r h o u r , w h ic h
m in im u m w a s fo r m e r ly te n m ile s , a n d b y r e a s o n o f th o A d a m s o n a c t b e c a m e
123^ m ile s p e r h o u r .

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

w h ic h h a b it u a lly m a k e 1 2 M m ile s p e r h o u r o r m o r o g e t a n im p o r t a n t b e n e fit
fr o m

th e

d e n ie d

a d d itio n a l

to

m ile a g e

th e y

m ake,

th o s e e m p lo y e e s w o r k in g o n

w h ereas

th is

b e n o fit

is

e n tir e ly

t r a i n s w h i c h h a b i t u a l l y m a k e s lo s s

t h a n 1 2 J 4 m ile s p e r h o u r , a n d th is in e q u a l it y w ill b e s u b s t a n t ia lly c o r r e c t e d
b y th e p ro p o sa l n o w

m ade.

In d is c h a r g in g th o r e s p o n s ib ilit y w h ic h t h u s u n a v o id a b ly r e s te d u p o n t h o
R a ilr o a d A d m in is t r a t io n c o n s id e r a tio n h a s b e e n g iv e n t o th o c la im t h a t v a r ioas

c la s s e s

of

tr a in

and

e n g in e

e m p lo y e e s

are

r e la tiv e ly

u n d e r p a id .

In

c o n s id e r in g t h e s o c la im s t h e c o n c lu s io n h a s b e e n r e a c h e d t h a t t h e t r a in s e r v c e e m p l o y e e s in f r e i g h t t r a in s e r v i c e , w h o a r e h a b i t u a l l y a v e r a g i n g le s s t h a n
t w e lv e a n d a h a lf m ile s p e r h o u r , d o n o t g o t a n o p p o r t u n i t y t o e a r n a r e a s o n 
a b le m o n t h ly w a g e , a s c o m p a r e d
e m p lo y e e s

in

p assen ger

tr a in

w it h e m p lo y e e s in f a s t fr e ig h t s e r v ic e o r

s e r v ic e ,

h o u r s , fr e q u e n t ly a m o u n t in g t o fr o m

w ith

out

w o r k in g

a b n o r m a lly

lo n g

275 to 300 h ou rs or m oro per m o n th ,

a n d th o a b o v e m e t h o d h a s b e e n d e c id e d t o b o th o b o s t w a y
m a k o a fa ir e q u a liz a t io n o f th is c o n d it io n .

in

w h ic h

to

I t is i m p o r t a n t t o e m p h a s i z e t h a t t h is p r o p o s a l w ill o p e r a t e e x c l u s i v e l y
f o r t h e b o n o f i t o f e m p l o y e e s in t h e s l o w f r o i g h t t r a i n s o r v i c o .

T heso e m 

p lo y e e s h a v e a ll t h o d is a d v a n t a g e s o f s p e n d in g a la r g o t im o a w a y f r o m h o m o
a t th e ir o w n p e r so n a l e x p e n s e a n d y e t h a v e n o t th e a d v a n ta g e s o f th o la r g e r
c o m p e n s a t i o n e n j o y e d b y e m p lo y e e s in f a s t f r e ig h t s e r v ic e a n d a ls o in p a s 
s e n g e r s e r v ic e , m a k in g m u c h
tim e .

l a r g e r m i l e a g o i n t h e s a m o o r lo s s l e n g t h o f

I t is t h e s e e m p lo y e e s m a k i n g la r g e m ile a g e in a c o m p a r a t iv e l y s h o r t t im o
w h o a r e fr e q u e n t ly a c c e p t e d b y th o p u b lic a s in d ic a t in g
c o m p e n s a t i o n f o r m e n in a ll t r a in s e r v ic e .
It

is e s t i m a t e d

t h a t w ith

th o a v era g e sp eed s n o w

th e sta n d a rd

m ade b y

of

th e s lo w e r

f r o ig h t t r a in s t h o n e t c o s t o f t h is p r o p o s a l w ill b e a p p r o x im a t e ly $ 3 0 0 0 0 0 0
p er m on th .

U n d o u b te d ly , h o w o v e r ,

th e p ro p o sa l

w o u ld

havo

th e

e ffe ct

o f c o r r e c t in g m a n y e x t r e m e c a s e s o f tr a in s b e in g k e p t a n a b n o r m a ll y lo n g
t im e u p o n t h e r o a d a n d t o th e o x t e n t t h a t th is c o n d it io n c a n b e s o c o r r e c t e d
t h e c o s t w ill b e r o d u c e d .

In testimony before the Railroad Administration’s Board of
Wages and Working Conditions, President Shea of the Bro
therhood of Locomotive Firemen and Enginemen was quoted
as saying that he regarded an automobile as a “necessity,’*
and he further said:
j . L iiiiiK w u u a v u r u a u n c u
.
_
u u r m e w n e n th e la b o r in g m a n m u s t
e n j o y s o m e o f t h e n e c e s s a r ie s a n d lu x u r ie s o f lif e .
I d o n o t t h in k t h e tim e

Is a t h a n d w h e n t h e A m e r i c a n w o r k i n g m a n s h o u l d b e r e q u i r e d t o m a k o a n y
g r e a t s a c r ific e s .
T h e y h a v o m a d e th e ir s a c r ific e s .

reference to the increase in wages which he said was
On the preceding day Mr. Shea was reported as having dueWith
to
the
members of his brotherhood, Mr. Shea told tho
told the Public Ownership Conference in Chicago that he Railroad Board:
and the other brotherhood chiefs had decided that President
Wilson could not make good his promise to reduce the high
cost of living by the methods he had elected to pursue.
Chicago advices to the N. Y. “Times” further quoted his
HOUSE PASSES ESCH RAILROAD BILL.
remarks as follows:
The Esch Railroad bill, providing for the return of the
railroads to private ownership, under Federal supervision,
was passed by the House on Nov. 17 by a vote of 203 to
160. Following the completion of the bill by the House
Committee on Inter-State Commerce on Nov. 8 (as an
nounced in these columns last week, page 1855), it was
called up for consideration in the House on the 11th, the
Director-General Hines explained the proposed change in bill being given the right of way in the House under an
wage rates in the following statement given out by the Rail agreement reached on the 10th. The bill will bo taken up
by the Senate Committee on Inter-State Commerce Commis
road Administration Nov. 15:
sion at the December session. The important features of the
bill, as it came from the House Committee, were outlined in
D ir e c t o r -G e n e r a l le a v e s a lo o p h o le .

I f I c a n n o t g e t it o u t o f th is c o n fe r e n c e . It m a y b o n e c e s s a r y t o u s e o t h e r
m e a n s , b u t I a m g o in g t o g e t it.

In

con sequ en ce,

M r.

S hea

s a id ,

th e

2 ,0 0 0 ,0 0 0

r a ilr o a d

e m p lo y e e s

o f

A m e r ic a n r o a d s w o u ld p r e s s t h e ir d e m a n d s f o r a n in c r e a s e in p a y p r o p o r 
t io n a t e t o t h e h ig h e r p r ic e s o f n e c e s s it ie s a n d f o r a n a c t u a l in s t e a d o f a b a s i c

e ig h t -h o u r d a y , w ith tim e a n d a h a lf fo r o v e r t im e .

“ A n d t h o s e d e m a n d s ," h e d e c la r e d , “ m u s t b e g r a n te d w h e th e r th e U n it e d

S ta te s r e t a in s c o n t r o l o f t h e lin e s o r tu r n s t h e m
D ec. 31.

back

to

th e ir o w n e r s

on

In th e la tte r e v e n t , h o w e v e r , th e d e m a n d s m u s t b e s e t t le d f ir s t

a n d th e ir fu lfillm e n t m a d e o n e o f th e c o n d it io n s u n d e r w h ic h th o r o a d s a r e
s u r r e n d e r e d .”

T h e R a i l r o a d A d m i n i s t r a t i o n in d i s c h a r g i n g it s r e s p o n s i b i l i t y t o m a k e a d 

ju s tm e n ts

n ecessary

to




a v o id

u n ju s t

I n e q u a lit ie s

in

th e

co m p e n sa tio n

of

THE CHRONICLE

Nov. 22 1919.J

the report of Chairman Esch and were given by us a week
ago. The changes in the bill made by the House last week
were indicated by us in last Saturday’s issue, page 1680.
As therein stated, the House (among other amendments of
the week) rejected on the 14th the Committee’s proposal
for a plan of compulsory arbitration of railroad labor dis
putes, and adopted by a vote of 161 to 108 a substitute plan
(presented by Representative Anderson), approved by rail
road workers, for voluntary conciliation of labor disputes.
The New York “Times” of Nov. 15 said:
T h e r e w e r e t h r e e p la n s b e fo r e t h e H o u s e .
d e c la r in g

p la n w r it t e n

in t h e b il l a s s e s s in g d a m a g e s o n t h e r a ilr o a d s f o r e n f o r c in g a

lo c k o u t

upon

and

r a ilr o a d

th e

s tr ik e s

O n e w a s t h e r a d ic a l W e b s t e r

am endm ent

u n io n s

fo r

ille g a l;

a n o th e r

n o n -p e r fo rm a n ce

of

th e
a

c o m m itte e ’s

co n tra ct.

[N o v . 12

a n d w e r e m o s t a c t iv e in in flu e n c in g v o t e s a g a in s t it u p

t o th e h o u r o f ta k in g th e v o t e t o -d a y .
U nder

th e

o p e r a tio n

o f c o m p lic a t e d

r u le s o t h e r p la n s

to

c o n t r o l la b o r

t r o u b le s , s u c h a s t h e C a n a d ia n a d ju s t m e n t la w , c o u ld n o t b e s u b m it t e d t o
th e

H ouse.

T h is

s itu a tio n ,

w h ic h

a ls o

p rev en ted

W e b s t e r a n t i-s t r ik e c la u s e , a r o s e t h r o u g h
p r e s e n te d la s t n ig h t [ N o v . 13 .

a

th e w a y

d ir e c t

th e

v ote

on

th e

a m e n d m e n ts w e re

R e p r e s e n t a t iv e W e b s t e r o ffe r e d h is a m e n d 

m e n t t o t h e c o m m it t e e ’ s p la n , a n d t h e A n d e r s o n p r o p o s a l c a m e a s a s u b s ti
tu te.

The

H ou se a d op ted

A n d erson ,
cord ed .

and

The

th en

th e

a ccep ted

la t t e r ’s

W eb ster a m en d m en t as a m en d ed
th e

am endm ent

A n d erson

am endm ent

e lh n in a t e d

a ll o f

by

th e

by

th e

M r.

v o te

o r ig in a l

The

a d o p tio n

h a v e eq u a l re p r e s e n ta tio n .
C o m m is s io n

ju r is d ic tio n

T h e b ill w o u ld

g iv e th e In te rsta te C o m m e r c e

o f u s e , c o n tr o l, m o v e m e n t,

c h a n g e o f lo c o m o tiv e s a n d

d is t r ib u t io n

c a r s , a n d s u p p ly , m o v e m e n t a n d

and

ex

o p e r a tio n

of

tr a in s , a n d e x t e n s io n o r a b a n d o n m e n t o f r a il lin e s .
T h e a u t h o r it y o f t h e c o m m is s io n w o u ld b e e x t e n d e d t o p r e s c r ib e m in im u m
a s w e ll a s m a x im u m

r a te s , t o o r d e r t h e d iv is io n o f jo in t r a te s , t o r e -r o u te

s h ip m e n ts , a n d lim it s u s p e n s io n o f r a t e s c h e d u le s .
T h e a n t i-t r u s t la w m a y b e s e t a s id e b y t h e c o m m is s io n t o p e r m it t h e c o n 
s o lid a t io n o f r a ilr o a d s o r p e r m it t h e m t o p o o l e a r n in g s o r e q u ip m e n t .
T o in s u r e fr e ig h t m o v e m e n t a s d ir e c t e d b y a b ill o f la d in g , a r o a d s u ffe r 
in g t h e lo s s m u s t b e p a i d a s t h o u g h it h a d c a r r i e d t h e s h i p m e n t .
T h e b ill a ffe c t s w a t e r c a r r ie r s b y r e p e a lin g p a r t o f t h e P a n a m a C a n a l A c t
s o a s t o p e r m it r a ilr o a d s , o n a p p r o v a l o f t h e c o m m is s io n , t o o w n a n d o p e r a t e
b o a t s o n t h e G r e a t L a k e s a n d L o n g I s la n d S o u n d , a n d g iv e s t h e c o m m is s io n
a u t h o r it y t o o r d e r c o n n e c t io n s b e in g m a d e b e t w e e n r a il a n d w a t e r lin e s .

re

HOWARD ELLIOTT ON INA D EQ UA CY OF RAILROAD
REVENUE.

“The Revenue Needs of the Railroads” were dealt with
in an address by Howard Elliott, President of the Northern
Pacific Railroad, before the Academy of Political Science
at the Hotel Astor last night. Mr. Elliott spoke at length
on the utter inadequacy of present revenues and in sum
marizing the situation said:
F o r t h e fir s t n in e m o n t h s o f t h is y e a r ,

m o tio n ’s

10 8 o u t o f 169 im p o r ta n t c o m 

p a n ie s a n d s y s t e m s a r e n o t e a r n in g t h e ir f ix e d c h a r g e s , e n t ir e ly e x c lu d in g ,

d r a s tic fe a tu re s .
m en ts a n d

s t r ik e o r l o c k o u t , a n d o n a ll b o a r d s t h e w o r k e r s a n d t h e r a il o w n e r s w o u ld

The

b r o t h e r h o o d s o p p o s e d t h e c o m m i t t e e p la n in a lo n g s t a t e m e n t is s u e d W e d 
n esday

1957

of

r u le d

th e

A n d erson

am endm ent

p r e c lu d e d

o u t t h e a m e n d m e n t s u b m it t e d

by

fu r th e r

am end

R e p re se n ta tiv e

o f P e n n s y lv a n ia , t o m a k e s t r ik e s ille g a l u n t il f if t e e n

S te e le

d a y s a ft e r a d e c is io n

o f c o u r s e , a n y d iv id e n d s

on

th e ir s t o c k o r a n y c o n t r ib u t io n s t o i m p r o v e 

m e n t s t h a t f o r m e r ly w e r e m a d e o u t o f e a r n in g s .

F o r t h e s a m e p e r io d 1 3 0

c o m p a n ie s a r e n o t e a r n in g th e ir s t a n d a r d r e t u r n ; in o t h e r w o r d s , a r e n o t u p

b y a n a d ju s t m e n t b o a r d , t h e p la n w h ic h h a s b e e n in s u c c e s s f u l o p e r a t io n in

to

C a n a d a fo r m a n y y ea rs.

e a r n in g th e ir s t a n d a r d r e t u r n , o r b e t t e r in g i t , a n d t h a t o n ly t o t h e e x t e n t

On the 14th also an amendment, offered by Representative
Sweet (Republican) expressly providing that State railroad
commissions would retain authority, as limited only by State
police powers, to require “just and reasonable freight and
passenger service,” and distribution of equipment of intra
state traffic was adopted by a vote of 85 to 39. In op
posing the amendment Chairman Esch declared that it
would “take the vitality of the car service act.” A pro
posal by Representative Maden, Republican, Illinois, de
signed to prevent discrimination between white and negro
workers was defeated. On the 15th inst. several provisions
relating to water lines were approved by the House. As
to these the Associated Press said:
U n d e r o n e s e c tio n a p p r o v e d t h e
o w n e r s h ip
on

o f ste a m b o a ts, w as a m en d ed

C anal

A ct,

pow er

to

a ls o

d ir e c t

a d op ted ,
c it h e r

g iv e s

w a te r

or

o f about

to

p e r m it c a r r ie r s t o

Sound.

th e

th o

to

o f A r iz o n a p r o p o s e d

In te r-S ta te

C om m erce

C om m erce
e s ta b lis h

C o m m is s io n

c o n n e c t io n s

th a t th e fo u r th

by

s e c t io n

of

C o m m is s io n

to

a u t h o r iz e

U nder

th e

roads

o ld la w

2 . T h a t t h e r e s u lts , a s t h e y e a r 1 9 1 9 d r a w s t o a n e n d , g i v e n o e n c o u r a g e 
m e n t t o t h e h o p e t h a t r a t e s , xv a ges, c o s t s a n d v o l u m e o f b u s in e s s w ill p r o 
d u ce

to

a n ti-tr u s t p r o s e c u t io n .

On the 17th, the day of the adoption of the bill by the
House, an effort was made to eliminate the provisions in
the bill for the Government guarantee of the revenues of the
carriers for the first six months of private operation, but
this was defeated by a vote of 200 to 165. On the same day
the House reaffirmed, 253 to 112, its stand on the labor
sections providing for the voluntary conciliation of labor
disputes. Tho proposed rule for rate making finally was
eliminated on tho 17th. A proposal, by Representative
Sims, Democrat, Tennesee, that not more than $20,000
salary of any one officer could be counted in the fixing of
rates was defeated 80 to 38. The principal features of the
bill as passed by the House on the 17th were summarized as
follows in the Associated Press account:
P r o v i d e s c a p it a l a n d in s u r e s t h o f in a n c i a l f u t u r e o f t h e lin e s d u r in g t h e
p e r io d

im m e d ia te ly a ft e r p r iv a t e o p e r a t io n

is r e n e w e d ; c r e a t e s m a c h i n e r y

fo r th e v o lu n t a r y c o n c ilia tio n o f la b o r t r o u b le s , a n d e x te n d s F e d e ra l a u th o r 
it y

over

r a il

tr a n s p o r ta tio n

by

in c r e a s in g

th e

p ow ers

of

th e

In tersta te

C o m m e r c e C o m m is s io n .
F e d e r a l c o n t r o l w o u l d e n d w i t h t h e m o n t h i n w h i c h t h e b i l l is e n a c t e d a n d
r a t e s c m t i n u e d in e f f e c t f o r s ix m o n t h s u n le s s c h a n g e d .
to

ask

th e

In tersta te

C om m erce

C o m m is s io n

fo r

R oa d s are ord ered

gen eral

ra te

ad van ces

w it h in s ix t y d a y s a n d G o v e r n m e n t g u a r a n t y is d e n ie d c a r r ie r s f a llin g t o d o s o .
A s a g u a r a n t y , t h e G o v e r n m e n t a g r e e s t h a t t h e r e v e n u e s o f t h e c a r r ie r s
f o r t h e f ir s t s ix m o n t h s o f r e n e w e d p r i v a t e o p e r a t io n s h a ll e q u a l t h e s t a n d a r d
r e tu r n p a id d u r in g F e d e r a l c o n t r o l a s r e n ta l f o r t h e u s e o f t h e lin e s .
S h o r t lin e r a ilr o a d s , a n d e x p r e s s c o m p a n ie s , w o u ld a ls o r e c e iv e th is g u a r 
a n ty .
G o v e r n m e n t fiv e -y e a r

lo a n s a t 6 %

a ls o

m ay

be

o b ta in e d

by

t h e lin e s

w ith in t w e n t y -s ix m o n t h s .
A ft e r t h o e n d o f F e d e r a l c o n t r o l, a n d t o c a r r y o u t t h e p r o v is io n $ 2 5 0 ,0 0 0 ,
0 0 0 is m a d e a v a i l a b l e .
T h e fu n d in g p la n f o r s e t t le m e n t o f $ 7 7 5 ,0 0 0 ,0 0 0 t h e r o a d s w ill o w e t h e
$ 1 0 0 ,0 0 0 ,0 0 0 t h e a m o u n t o f G o v e r n m e n t r e n t a l.

P a y m e n t o f t h is u n liq u i

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

n e g o t ia t io n s ,

F e d e ra l c o n t r o l fo r e m p lo y e e a n d e m p lo y e r v o lu n t a r ily
w it h

an

added

p r o v is io n

b o a r d t o r e a c h d e c is io n s if th e fo r m e r fa lls .




o p e r a tin g

in c o m e

equal

even

to

th e

sta n d a rd

b e $ 3 5 0 ,0 0 0 ,0 0 0 a n d $ 4 5 0 ,0 0 0 ,0 0 0 , c o m p a r e d

d oes n o t rep resen t a su m

la r g e e n o u g h t o a t t r a c t n e w

The

th e

year

c a p it a l n e e d e d fo r

fu t u r e e x p a n s io n , a n d t h e n e t o p e r a t in g in c o m e fo r th e
30

retu rn .

w ith

June 30 1917.
T h a t t h e s o - c a lle d “ S t a n d a r d R e t u r n ” o f $ 9 3 5 ,0 0 0 ,0 0 0 ( f o r a ll r o a d s )
year

1 9 1 7 w a s $ 1 ,0 3 5 ,0 0 0 ,0 0 0 , o r $ 1 0 0 ,0 0 0 ,0 0 0 m o r e t h a n

ended

June

th e s ta n d a rd re 

t u r n . S in c e t h e n t h e p la n t h a s b e e n in c r e a s e d in v a l u e a n d c a p a c i t y a n d it s
fa ir l y e n t it le d t o a m u c h la r g e r r e t u r n .
4.

T h a t m a n y m il lio n s o f d o lla r s m u s t b e s p e n t in d o in g w o r k o n e q u ip 

d it io n a l c h a r g e s n o t in c lu d e d in
a n d la r g e in c r e a s e in t a x e s .

fo r

That

a fa ilu r e t o

1 9 1 9 a c c o u n t s , a n d t h a t t h e r e is a

o b t a in

a d d itio n a l r e v e n u e

stea d y

w ill m e a n

b a n k ru p tcy

f o r m a n y r o a d s a n d s e r io u s fin a n c ia l d if f ic u l t ie s f o r a ll.
6 . T h a t t h is c o n d it io n w ill c h e c k t h e e x p a n s io n o f fa c ilit ie s ju s t a t a t im e
w h e n t h e c o u n t r y s h o u ld b e g e t t i n g r e a d y f o r a n in c r e a s e d p a r t ic ip a t io n in
w o r ld a ffa ir s .
7.

That

it is b e t t e r f o r

th e co u n try ,

fo r th e

r a ilr o a d s t o

b e su p p orted

t h r o u g h r a te s r a th e r b y c o n t r ib u t io n s fr o m t h e S ta te a n d n a t io n a l t r e a s u r ie s .
8.

That

th e

la r g e fig u r e s ,

to ta l
is

not

a d d itio n a l r e v e n u e
la r g e

c o n s id e r in g

needed
th e

w h ile

needs

r u n n in g

and

pow ers

in to
of

very

a

v ir ile

n a t io n o f 1 0 5 ,0 0 0 ,0 0 0 , t h a t h a s a b s o r b e d $ 2 1 ,0 0 0 ,0 0 0 ,0 0 0 o f L ib e r t y b a n d s
in

tw o

years.

T hey

can

w e ll a ffo r d

to

have

a

good

tra n s p o rta tio n

m a

c h in e , a n d t o e n c o u r a g e r a th e r t h a n t o d is c o u r a g e t h e o w n e r s t o c r e a t e a n d
m a in t a in it .
F o r th e p u r p o s e o f m a k in g g o o d t h e d is p a r ity b e tw e e n in c o m e a n d o u t g o
t h a t h a s g r o w n u p a s a r e s u lt o f t h e c o n d it io n s d e v e lo p e d b y

th e w a r, fo r

t h e p u r p o s e o f r e s t o r in g t h e e a r n in g p o w e r o f t h e r o a d s w h ic h h a s b e e n im 
p a ir e d , fo r t h e p u r p o s e o f e s ta b lis h in g t h a t e a r n in g p o w e r o n
w ill

crea te

a

c r e d it

fo r

th e

im m e d ia te

m a c h in e , th e r a ilr o a d s a re n o w
H ow

u p b u ild in g

p r e p a r in g t o a sk fo r

m u c h t h is in c r e a s e s h o u ld b e I a m

w ill r e q u ir e p a t ie n t , c a r e fu l s t u d y .

of
an

th e

a b a s is t h a t

tra n s p o rta tio n

i n c r e a s e in

ra ta s .

n o t p r e p a r e d t o s a y to -n ig h t.

T h e r a ilr o a d

It

o f f cers h a v e a p p o in te d

a c o m m it t e e o f e ig h t e x e c u t iv e s , r e p r e s e n t in g a ll p a r t s o f t h e c o u n t r y , o f
w h ic h

I h a v e t h e h o n o r t o b e c h a ir m a n .

T h i s c o m m i t t e e is n o w

a c tiv e ly

a t w o r k t a k i n g p r e lim in a r y s t e p s in a n e f f o r t t o a n s w e r t h e q u e s t io n
w h a t “ T h e R e v e n u e N e e d s o f th e R a ilr o a d s ” a re a n d h o w
ta in e d

th rou gh

a ssu re y o u ,
p o s itio n

s u ita b le t a r iffs .

a re fu lly

a liv e t o

o f tru st th e y o c c u p y

as to

th ey can b e o b 

T h is c o m m it t e e a n d its a s s o c ia te s , I c a n
t h e s e r io u s n e s s o f t h e s it u a t io n

in t r y i n g t o s o lv e t h e p r o b le m

and

fa ir ly

o f th e in t h e

in t e r e s t o f t h e p u b lic , t h e g r e a t a r m y o f e m p lo y e e s , t h e v e r y la r g e n u m b e r
o f o w n e r s , a n d t h e s t ill la r g e r n u m b e r o f p e o p l e w h o a r e v i t a l l y in t e r e s t e d
b e c a u s e o f t h e ir s a v in g s b a n k d e p o s it s a n d in s u r a n c e p o lic ie s .
I b e lie v e t h e s o b e r j u d g m e n t o f t h e p e o p l e w ill r e a liz e t h e j u s t i c e o f t h e
r e q u e s t a n d w ill s u p p o r t i t .

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

o r g a n iz a t io n s a s t h is w it h m e m b e r s o f C o n g r e s s a n d w it h r e g u la t o r y b o a r d s
w ill b e m o s t b e n e fic ia l.

Mr. Elliott observed during the course of his remarks
that “even before the war the net earnings of the roads were
not sufficient to attract the new capital needed each year,
and these net earnings are even less to-day although nearly
S500,000,000 has been spent in the last two years in adding
to the plant, not counting equipment.” “It is,” he said,
“fair to say that the net earnings of the railroads under
present conditions are plainly inadequate to meet the ab
solute necessities and to provide at all for the future.”
part he added:
T h e r a ilr o a d o f f ic e r s b e li e v e t h a t it w o u ld b e a w is e a n d p r o p e r e x e r c i
of

P r e s id e n tia l

pow er

and

in

th e

in te r e s t o f a n

a d eq u a te

tr a n s p o r ta tio i

m a c h in e f o r t h e u s e o f th e p e o p le f o r t h e U n it e d S ta te s R a ilr o a d A d m in is tr a 

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

net
m ay

e n d in g
o.

G o v e r n m e n t a t t h e e n d o f th is y e a r , p r o v id e s f o r a s e t o f f o f a p p r o x im a t e ly

c o n d u c tin g

a

d e fic it

su ch

T h e c a r r ie r s r e c e iv in g s u c h a u t h o r it y w o u ld , u n d e r

th o b ill, b e r e lie v e d fr o m

In o th e r w o rd s, ra tes h a v e n o t

in c r e a s e d in p r o p o r t i o n t o t h e in c r e a s e in w a g e s a n d p r ic e s o f c o m m o d i t i e s .

th e H ou se a d o p te d an a m en d m en t

c o n s o lid a t e o r p o o l th e ir e a r n in g s a n d fa c ilit ie s .
a c t s w e re p r o h ib it e d .

to

t i o n a l e x p e n s e s m u s t b e m e t in 1 9 2 0 , s u c h a s h ig h e r p r ic e s f o r f u e l a n d a d 

A i r . H a y d e n ’ s m o t i o n w a s d e f e a t e d , 9 7 t o 5 0 , a n d M r . S i m s 's 1 0 1 t o 6 5 .
p e r m it

$ 5 7 ,0 0 0 ,0 0 0

m e n t a n d t r a c k s t h a t c o u ld n o t b e d o n e d u r in g th e w a r p e r io d , a n d a d d i

t h e C o m m e r c e A c t b o m a d e m a n d a t o r y , a n d R e p r e s e n t a t i v e S i m s o f T o n n e ?-

to

n e a r ly

p u r c h a s e fa r m o r e t r a n s p o r t a t io n , b o t h fr e ig h t a n d p a s s e n g e r , t o - d a y t h a n

5.

w a s m a n ife s t w h e n

by

v e s s e ls

s e e p r o p o s a l th a t n o d e p a r tu r e b e p e r m itte d b e c a u s e o f w a te r c o m p e t it io n .
L ittle o p p o s it io n

1 6 5 r o a d s fa ile d

e v e r b e f o r e in t h e h is t o r y o f t h e c o u n t r y .

b u ild in g d o c k s o r t r a c k s .
R e p r e s e n ta tiv e H a y d e n

T h ese

O n ly 3 5 c o m p a n ie s a r e

A n oth er am en d m en t to th e

In te r -S ta te

r a il c a r r ie r s

ow n

$ 4 1 ,5 0 0 ,0 0 0 .

$ 2 8 6 ,0 0 0 ,0 0 0 .

e a r n th e ir f ix e d c h a r g e s .
I th in k t h e fo llo w in g s ta te m e n ts a re s o u n d :
1 . T h a t a d a y ’s p a y , o r a u n it q u a n t it y o f a n y a r t ic le o f c o m m e r c e , w ill

P a n a m a C a n a l A c t , fo r b id d in g r a ilr o a d

th o G r o a t L a k e s a n d L o n g Isla n d

t h e ir p r e -w a r e a r n in g p o w e r b y

a secon d

or

appeal

N o p e n a lt y is p r o v id e d a g a in s t

tio n

t o r e s to r e th e b a la n c e b e tw e e n

d o n e b y in c r e a s in g t h e r a t e s .
h e took

in c o m e a n d o u t g o , w h ic h c a n o n ly b e

T h e s p ir it o f th e P r e s id e n t ’s s ta te m e n t w h e n

th e r o a d s s eem s t o ju s tify s u ch a c tio n .

T h e F e d e r a l a d m in is t r a 

t io n h a s th e k n o w le d g e , p o w e r a n d a b ilit y t o a c t a n d c a n d o t h e w o r k m o r e

[Vol.

THE CHRONICLE

1958

109.

p r o m p t l y th a n th e o w n e r s , a n d th e in flu e n c e o f th e G o v e r n m e n t w o u ld b e

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

m u ch

c o m m u n ity

m o r o c o n v i n c in g in b r in g in g a b o u t a p r o p e r r e s u lt .

T h e P r e s id e n t

-a n d t h e D ir e c t o r - G e n e r a l , h o w e v e r , h a v e d e c id e d o t h e r w is e , a n d t h e b u r d e n
o f o b t a in i n g a n in c r e a s e in r a t e s n o w
oth er w ay

o f o b t a in in g

revenue.

rests u p o n th e o w n e rs , w h o h a v e n o

In

fa ct, th e

E sch

B ill, ju s t p a ss e d

by

n eed s,

and

th e s e co n d

th a t w h en

th e c o m m u n ity

needs an y

c o m m o d i t y , la n d , o r la b o r it w ill p a y a fa ir p r ic e f o r it— y o u m u s t g e t th e s e
t w o t h in g s in t o th e m in d s o f th e w h o le o f th e p e o p le — th e n fr o m
s p r in g c o -o p e r a t io n .

th a t m u st

W e h a v e m a d e it c le a r t h a t t h e n a t io n m e a n s t o

be

t h e H o u s e , im p o s e s u p o n t h e o w n e r s t h e b u r d e n o f fil in g t a r iffs w ith in 6 0

m a s t e r in it s o w n h o u s e — a f ir m m a s t e r , a s t r o n g m a s t e r .

d a y s a f t e r G o v e r n m e n t c o n t r o l c e a s e s , f o r a n y in c r e a s e s n e c e s s a r y .

it c le a r t h a t it m e a n s t o b e a ju s t m a s te r , a fa ir m a s te r , a g e n e r o u s m a s te r ,

can n ot

c o n tr o l th e

• w ages, a lt h o u g h
in o p e r a t io n .

p r ic e s o f m a te r ia ls , n o r c a n

I b e lie v e t h e y c a n , little b y

th ey

T hey

m a k e r e d u c t io n s in

lit t le , g e t g r e a te r e ffic ie n c y

T h e y m u s t , th e r e fo r e , a s k t h e c o u n t r y v o p e r m it a n in c r e a s e

b u t a lw a y s a m a s t e r in it s o w n h o u s e .
r e ls , n o t s u s p ic io n s , w h ic h
m om en t w hen

you

need

T h is w ill b r in g n o t s t r ik e , n o t q u a r 

a r e p a r a ly z in g

a ll,

w hen

W e m ust m ake

th e a c tiv ity

th e n a tio n

o f th o n a tio n

is s t a g g e r in g

at a

under h eavy

in r a t e s , a n d th e C o n g r e s s t o p e r m it t h e in c r e a s e t o t a k e e ffe c t p r o m p t ly ,

b u r d e n s a n d w a n ts e v e r y s h o u ld e r t o lift it a lo n g , b u t c o -o p e r a t io n w o r k in g

"w ith o u t u n d u e in t e r fe r e n c e fr o m

to g eth er.

I n th e o ld p h ra se , w e w a n t to s tr e n g th e n a c o m m o n fr o n t.

ITEM S

ABOUT

S ta te a n d F e d e r a l r e g u la t o r y b o d ie s .

W i t h o u t a n in c r e a s e in r a t e s a v e r y la r g e n u m b e r o f r a ilr o a d c o m p a n ie s
•will f a c e b a n k r u p t c y , a n d v e r y f e w
p lig h t c a n

p a y a n y re tu rn to

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

H in e s ,

o f t h o s e w h o e s c a p e t h is u n fo r t u n a t e

t h e s h a r e h o ld e r s .

in

several

p u b lic

u ttera n ces,

has

seem ed

to

a s s e n t t o t h e p r in c ip le a d o p t e d b y t h e A d m in is t r a t io n in 1 9 1 8 o f a d ju s t in g
e a r n in g s t o e x p e n s e s .

H e h a s , h o w e v e r , in d ic a t e d t h a t t h e r e s u lts o f t h e

r o a d s in 1 9 1 9 u p t o t h e t im e o f h is p u b l i c a d d r e s s e s , c o u l d n o t b e u s e d a s a
b a s is f o r c a lc u l a t in g t h e in c r e a s e s n e c e s s a r y .
T h e r a il r o a d o f f ic e r s a g r e e t h a t i t is v e r y im p o r t a n t n o t t o in c r e a s e r a t e s
a n y m o r e t h a n is n e c e s s a r y .
p lic a te d

t r a n s p o r t a t io n c o n d it io n s , a n d r a ilr o a d o ffic e r s a p p r e c ia t e a s w e ll

a s a n y c la s s o f m e n in
ju s t e d

T h i s is a c o u n t r y o f v a s t d is t a n c e s a n d c o m 

in d u s t r ia l li fe t h e d e s ir a b ilit y o f h a v i n g r a t e s a d 

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

on

in t h e c o u n t r y .

T hey

a ls o r e a liz e , a s t h e y n e v e r h a v e b e fo r e , t h a t it is t h e ir d u t y t o t h e p u b lic
to

t a k e e v e r y r e a s o n a b le s te p t o h a v e r a te s s o a d ju s t e d t h a t g o o d

■ca n b e g i v e n t o t h e p u b l i c , g o o d

c o m p e n s a tio n t o

s e r v ic e

e m p lo y e e s , a n d r e tu rn s

m a d e t o p r e s e n t a n d p r o s p e c t iv e o w n e r s o f s e c u r itie s s o

h a t c a p it a l c a n b e

■ o b ta in e d f o r t h e n e c e s s a r y e x p a n s io n o f t h e p la n t .
M r . H in e s a t I n d ia n a p o lis o n O c t . 1 5 , in c o m m e n t in g o n t h e s it u a t io n ,
s a id :
•
f
” 1 w a n t t o s a y b r o a d ly w t h o u t a t t h e m o m e n t u n d e r t a k in g t o

g o in t o

■ d e t a il t h a t t h e r a i l r o a d s o f t h e c o u n t r y a t t h e p r e s e n t t i m e a r e h a n d l i n g a
la r g e r b u s in e s s t h a n t h e y h a n d le d la s t y e a r , a n d t h e b u s in e s s t h e y h a n d le d
la s t y e a r w a s la r g e r t h a n t h e b u s in e s s t h e y h a d h a n d le d in p r e v io u s y e a r s .
T h ey

are

d o in g

th a t

a t r a te s w h ic h

rep resen t a

lo w e r p r o p o r t io n

o f th e

• v a lu e o f t h e t h i n g s t r a n s p o r t e d t h a n I b e l i e v e h a s e v e r b e e n t r u e i n t h e p a s t .
W e know

fr o m

e x p e r ie n c e t h a t t h e p r ic e o f n e a r ly e v e r y t h in g h a s g o n e u p

f a r m o r e t h a n th e c o s t o f its p r o d u c t io n h a s ju s t ifie d , b u t t h e p r ic e o f tr a n s p o r t a t 'o n h a s g o n e u p in le s s p r o p o r t i o n t h a n h a s t h e c o s t o f p r o d u c i n g i t . ”
The

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

r a t e s t h a t m ig h t b e m a d e b y

exp ressed

t h e f e a r t h a t a n y i n c r e a s e in

th e G o v e r n m e n t w o u ld b e r e fle c t e d in a fu r 

t h e r in c r e a s e in t h e c o s t o f li v in g o n t h e g r o u n d t h a t t h o s e w h o s e ll v a r io u s
a r tic le s

w o u ld

add

to

fr e ig h t ra te s ju s t ifie d .

th e

p r ic e s

very

m u ch

m ore

th a n

any

in c r e a s e

in

A n in c r e a s e in t h e p r ic e o f a n y t h in g w ill, o f c o u r s e ,

h a v e a b e a r in g o n t h e c o s t o f liv in g , b u t k e e p in g th e r a ilr o a d s o n s ta r v a t io n
w a g e s w il l, in t h e lo n g r u n . in c r e a s e t h e c o s t o f liv in g b e c a u s e p r o d u c t i o n
and

d e v e lo p m e n t w ill b e

tra n s p o rta tio n
in c r e a s e in

fo r

ch ecked

h a n d lin g

ra te s b e

used

th e

th ro u g h

n e c e s s itie s

u n fa ir ly

to

la c k

o f s u ita b le a n d

o f life

and

in c r e a s e p r ic e s ,

a d e q u a te

in d u s tr y .

i t is s u r e l y

If

an

a b etter

n a tio n a l p o lic y t o c h e c k th a t t e n d e n c y b y th e fo r c e o f p u b lic o p in io n o r b y
la w t h a n t o c o n t in u e a p o lic y w h ic h w ill m e a n a c r ip p lin g o f t h e t r a n s p o r t a 

S h a res.

B A N K — N ew

Y ork .

TRUST

C O M PAN IES, .& C .

L ow .

H ig h .

C lo se.

996

996

996

N o v . 1919—

999%

776

776

N o v . 1919—

776

48

F i r s t N a t . B a n k o f N . Y _______

10

N . Y . L ife In s u r a n c e & T r u s t .

T R U ST

C O M P A N Y — N ew

L a s t p r e v io u s sa le.

Y ork .
776

Three New York Stock Exchange memberships were re
ported posted for transfer this week, the consideration being
stated for two of them at $101,000 each and the third for
$100,000. The last previous transaction was at $110,000.
At meetings of the directors of The Chase National Bank
and Chase Securities Corporation on November 19, resolu
tions were adopted calling special meetings of the share
holders of both corporations for December 26, 1919, for
the purpose of voting upon proposals to increase tho number
of shares of each company 50%. In its announcement with
regard thereto the bank ‘says:
A ll o f th e s h a re s o f th e B a n k a n d o f th e S e c u r itie s C o r p o r a t io n a r e n o w
d e p o s it e d p u r s u a n t t o

th o p r o v is io n s o f a

D e p o sit A g re e m e n t b e tw e e n

a ll

o f th e s t o c k h o ld e r s , b e a r in g d a t e M a r c h 21 1 9 1 7 , u n d e r t h o to r m s o f w h ic h
e a c h d e p o s it r e c e ip t re p re se n ts o n e s h a re o f B a n k s t o c k
S e c u r itie s C o r p o r a t io n
d e p o s it

r e c e ip ts

to

th e

stock .
ex ten t

Tho
of

p la n

50%

c o n t e m p la t e s

of

th e

am ount

and

o n e sh are o f

is s u in g
now

a d d itio n a l

o u ts ta n d in g .

T h o p r e s e n t h o ld e r s o f e a c h d e p o s it r e c e ip t w ill h a v e t h o p r iv ile g e o f s u b 
s c r ib in g t o t h e e x t e n t o f o n o -li a lf o f th e ir p r e s e n t h o ld in g s o n p a y m e n t o f
$ 2 5 0 fo r e a c h n o w d e p o s it r e c e ip t r e p r e s e n tin g o n e s h a r e o f B a n k s t o c k a n d
o n e s h a r e o f S e c u r itie s C o r p o r a t io n s s t o c k .

U p o n c o m p le t io n o f t h is p la n

T h e C h a s e N a t i o n a l B a n k w ill h a v e a c a p it a l o f $ 1 5 ,0 0 0 ,0 0 0 a n d t h e C h a s e
S e c u r it ie s C o r p o r a t i o n w ill h a v e a c a p it a l o f
It

t i o n m a c h in e , m a k in g it u n a b le t o m e e t t h e n e e d s o f t h e p u b lic .

BANKS,

Forty-eight shares of bank stock were sold at auction this
week and no sales were made at the Stock Exchange. The
auction sales also included ten shares of trust comapny stock.

is p r o p o s e d

D e p o sit

R e c e ip ts

to

is s u o

a s s ig n a b le

o f record

at

th e

1 5 0 ,0 0 0 s h a r e s o f n o p a r v a l u e .

s u b s c r ip tio n

c lo s o

w a rra n ts

o f b u s in e s s

to

D ecem bor

h o ld e r s
26

of

1919,

c o v e r i n g t h e r ig h t t o s u b s c r i b e f o r o n e o f s a id a d d i t io n a l s h a r e s o f s t o c k o f

THE

B R ITISH

RAILW AY M EN 'S

RECENT STRIKE.

There are some points of analogy between the action of
the leaders of the soft coal miners in ordering a general strike,
and the act of the British railwaymen in tying up the trans
portation system of Great Britain at the end of September.
The methods of dealing with the two cases were not the same;
in the one a Federal Court order was necessary to cause the
•calling off of the strike while in the other the labor leaders
called the strike off, after having compromised their demands.
But the point at issue and the underlying principles involved
were alike. The primary purpose was domination by a
class of the interests of the people as a whole. The British
“Railway Gazette” for October sets forth the chief result of
the railwaymen’s strike as follows:

t h o B a n k a n d o n e o f s a id a d d it io n a l s h a r e s o f t h e S e c u r itie s C o r p o r a t io n f o r
e v e r y t w o s h a r e s o f s a id c o r p o r a t io n s r e p r e s e n t e d b y s a id D e p o s i t R e c e ip t .

In our issue of Nov. 1, announcement was made of the
purchase by the Chase Securities Corporation of tho stock
controlled by the Metropolitan Life Insurance Company,
in the Metropolitan Bank of this city.
An increase of the capital of the Bankers Trust Company
from $15,000,000 to $20,000,000 was recommended by
the directors on Nov. 18, and a special meeting of tho stock
holders has been called for December 15th to vote upon it.
A resolution was also adopted by the directors, subject to
the increase of stock becoming effective after approval by
the stockholders, offering the new stock for subscription at
the price of $100 per share pro rata to the stockholders,
as their names appear on the books of the company at the
closo of business on Decembor 4 1919. This represents a
right to subscribe for the new stock on the basis of one share
of new stock for every throe shares of old stock. Since tho
Bankers Trust Company was organized in 1903 with a capital
of $1,000,000, it has increased its capital stock fivo times as
follows: Aug. 3 1909, to $3,000,000; Aug. 7 1911, to $5,
000,000; March 18 1912, to $10,000,000; April 23 1917, to
$11,250,000 and Dec. 27 1918 to $15,000,000. Tho last
published statement of the company reporting its condition
as of September 12 1919, shows Capital of $15,000,000,
Surplus Fund of $11,250,000, and Undivided Profits of
$7,536,520.09,
with Total Resources of $417,578,754.16.
We take occasion to give herewith a portion of a speech
made by Premier Lloyd George at London on Oct. 7, in The Forum Section of N. Y. Chapter, American Institute
which he spoke on the railwaymen’s strike as follows:
of Banking (Section American Bankers’ Association), com
prising bank officers and heads of departments in banks which
meets by-weekly from October to April for the consideration
of topics of special interest to banks and bankers, will hold
its annual dinner in honor of the newly elected Preside
of the American Bankers’ Association at the Hotel Astor
at 7 o’clock to-night. The speakers will be Hon. W. P. G.
Harding, Governor-General Reserve Board, Washington;
Richard S. Hawes of St. Louis, Mo., President American
Bankers’ Association; Rev. Dr. Wm. W. Bellinger, Vicar
St. Agnes’ Chapol, Trinity Parish and Chaplain to the Forum.
Romaine A. Philipot, Secretary & Treasurer of the Foreign
Credit Corporation, Chairman of tho Section, will preside.
W h a t d o e s v e r y p r o m in e n t ly e m e r g e f r o m t h e e x p e r ie n c e o f t h e n in e d a y s

s t r ik e is t h e m o r a l v i c t o r y o f t h e G o v e r n m e n t a n d t h e c o m m u n i t y o v e r a n

a t t e m p t o n t h e p a r t o f a c o m p a r a t iv e ly s m a ll b u t v it a l s e c t io n t o h o ld u p t h e

life

of

th e

n a tio n .

Few

p e o p le

I m a g in e d

th a t

su ch

e ffic ie n t

tra n s p o rt

a r r a n g e m e n t s c o u ld b e s o r a p id ly a n d c o m p le t e ly p u t in t o o p e r a t io n f o r th e

• d is t r ib u t io n o f m ilk a n d o t h e r e s s e n t ia l f o o d s t u f f s , a n d t h e h o s t s o f v o l u n t e e r
w o r k e r s w h o in u n d a t e d t h e G o v e r n m e n t w it h o ffe r s o f s e r v ic e t e s t ifie d t o

t h e g e n e r a l u n p o p u la r it y o f t h e “ lig h t n in g ” s t r ik e id e a .

T h e B r itis h N a t io n ,

a s a w h o le , h a s a n in n a te d is lik e o f a n y a t t e m p t s , w h e th e r fr o m

w ith in o r

w it h o u t , t o a p p ly d r a g o o n in g m e t h o d s , a n d r e s e n te d t h e “ r u s h in g ” t a c t ic s

o f t h e u n io n s , a n d it m u s t b e r e a liz e d b y b o t h C a p it a l a n d L a b o r t h a t t h e
s y m p a th y o r a n ta g o n ism
a n d s tr ik e s .

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

I n t h is c a s e t h e s t r ik e w a s d ir e c t e d a g a in s t t h e G o v e r n m e n t

• of t h e c o u n t r y , a n d s e e m e d

to

b e s o lig h tly u n d e r ta k e n

by

th e N a tio n a l

U n io n o f R a ilw a y m e n t h a t t h e o t h e r c o n s t it u e n t b o d ie s o f t h e T r ip le A ll i

a n c e , a s w e ll a s t h e A s s o c ia t e d S o c ie t y o f L o c o m o t iv e E n g in e e r s a n d F ir e 
m e n , a p p e a r e d t o b e in ig n o r a n c e o f t h e d e c is io n .

Y ou

re fe rre d , m y

L ord

M ayor,

to

a n o th e r lit t le

e p is o d e o n

th e

H om e

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

o v e r I w o u ld n o t lik e t o u t t e r o n e w o r d w h ic h w o u ld p r o lo n g t h e s t r ik e , o r

In t h e le a s t le a v e a n y s e e d s o f .b it t e r n e s s b e h in d .

W e h ave g o t to

t o g e t h e r n o w , m e n o f a ll c la s s e s a n d m e q o f a ll r a n k s .

it.

W hen

fa r t o o lim ite d .

(C h e e r s .)

w ork

T h e cou n try n eeds

I h e a r o f t h e w o r k i n g c la s s e s I a lw a y s t h in k

th a t th e term

is

W e a ll b e lo n g , I t h in k , t o t h e w o r k in g c la s s e s .

I c e r t a in ly w o u ld c la im t o b e a w o r k m a n w e r e it n o t f o r th e f a c t t h a t I h a v e

n o t y e t s e c u r e d a n e ig h t-h o u r d a y .
The

h o ld

t w o le s s o n s o f t h e s t r ik e a r e t h e s e .

u p th e c o m m u n ity , a n d

The

f ir s t is t h a t y o u

can n ot

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

• c o m m u n it y m u s t m a k e i t c le a r t o a ll c la s s e s , f o r t h e r e is a g o o d d e a l o f s u s p i
c io n

a t th e b o tto m

o f t h e s e m o v e m e n t s , a s u s p i c i o n w h i c h is r o o t e d i n a n

u n ju s t ifia b le p a s t , t h e c o m m u n it y m u s t m a k e it c le a r t h a t it m e a n s t o d e a l

j u s t l y a n d f a ir l y w it h t h e c la im s o f a ll c la s s e s .
fo rm

it t a k e s , w h e t h e r it t a k e s t h e fo r m

A m a n ’s p r o p e r t y , w h a t e v e r

o f la n d , o r b u ild in g s , o r la b o r , if

t h e c o m m u n it y n e e d s it , it m u s t p a y a fa ir p r ic e f o r it .

O n ce y ou h ave got

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




Nov. 22 1919.]

THE CHRONICLE

It was announced this week that Staughton B. Lynd has
been elected President of the Industrial Bank of New York,
the new institution to be started at 24th Street and 4th
Avenue. Mr. Lynd has heretofore been senior Vice
President of the Citizens Union National Bank of Louisville,
Ky. R. A. Stephenson, formerly Vice-President of the firm
of Harris, Forbes & Co., has been elected Vice-President
of the Industrial Bank, the Cashier of which will be Junius
B. Close, formerly with the Guaranty Trust Co. and the
Bankers Trust Co. The organization of the Industrial
Bank was referred to in the “Chronicle” of Aug. 30 1919
and Sept. 27 1919. It is to start with a capital of $1,000,000
and surplus of $500,000, and is expected to begin business
about Dec. 15.

1959

Trust Company, the Cross of Officer of the Order of Leopold
II. Baron de Cartier, the Belgian Ambassador, made the
presentation in person.
Robert C. Wyse has resigned as manager of the London
branch of the Guaranty Trust Company of New York, to
accept an appointment as Deputy Manager of the Union
Discount Company of London, to take effect in January.
Mr. Wyse has been connected with the London offioe of the
Guaranty Trust Company for twenty-three years.

At the dinner to the stockholders and employees of the
Manufacturers Trust Company of Brooklyn, at the Hotel
Pennsylvania, on November 8, Nathan S. Jonas, President
of the institution, in taking the guests of the occasion into
his confidence, told of plans for increasing the capital and
James S. Alexander, President of the National Bank of the dividend to the stockholders, and of a profit sharing
Commerce in New York, was elected Chairman of the board arrangement in behalf of the employees. In part Mr. Jonas
of directors of the French-American Banking Corporation said:
at a meeting of the board on Nov. 19. As heretofore has
been announced, the French-American Banking Corporation,
which is located at 67 William Street, this city, was organ
ized last April with a capital of $2,000,000 and a surplus of
$500,000, all paid in. Half of the stock is held by American
interests and half by French. The American interests are
the First National Bank of Boston and the National Bank of
Commerce in New York, each holding one-quarter of the
stock. The French participant is the Comptoir National
d’Escompte do Paris, which holds one-half of the stock. It
was organized to promote trade between France and the
United States, aiming to place at the disposal of American
business men banking facilities in France as advantageous
as Frenchmen themselves have. The officers of the cor
poration are as follows: Maurice Silvester, President;
Roger P. Kavanagh, Vice-President; F. Abbot Goodhue,
Vice-President; John E. Rovensky, Vice-President; Thomas
E. Green, Secretary, and Arthur Terry, Treasurer.
The

o c c a s io n

is m e m o r a b le f o r

se v e ra l r e a s o n s b u t p r in c ip a lly

b ecau se

o f t h e i n n o v a t i o n a n d t h e i m p o r t a n t p r e c e d e n t t h a t is b e i n g e s t a b l i s h e d h e r e
t o n ig h t b y t h e M a n u fa c t u r e r s T r u s t C o m p a n y in in v it in g a ll o f it s s t o c k 

h o ld e r s t o a s s e m b le s o t h a t w e m a y s p e a k w it h t h e m d ir e c t ly o f t h e a ffa ir s
o f o u r c o m p a n y in s te a d o f m e r e ly t h r o u g h c o ld , p r in t e d fig u r e s .

W e a r e h e r e in a c o m m o n in t e r e s t a n d it w o u ld n o t b o a m is s f o r m e t o

d w e ll f o r a m o m e n t o n

back

th a n

Bank on

t h e p r o g r e s s o f o u r in s t it u t io n .

t h e fir s t s ta te m e n t p u b lis h e d

J u ly

a fte r ta k in g

T o

go

over

n o fu r th e r

t h e W e s t S id e

1 s t 1 9 1 8 , o u r r e s o u r c e s a t t h a t t im e w o r e S 2 6 .3 6 5 .0 0 0 , o u r

d e p o s it s 8 1 9 ,5 4 4 ,0 0 0 , t h e s u r p lu s S 7 5 6 .0 0 0 a n d v a u l t s , fu r n it u r e a n d f ix t u r e s

c a r r ie d

at

$ 5 5 ,0 0 0 .

F ift e e n

m o n t h s la te r , o n

O ctob er

1st

1919.

we

fin d

t h a t o u r r e s o u r c e s h a v e in c r e a s e d t o $ 4 5 ,8 7 5 ,0 0 0 o u r d e p o s it s t o $ 3 0 ,5 5 9 ,
0 0 0 , t h e s u r p lu s t o $ 9 0 5 ,0 0 0 , w h ile v a u lt s , fu r n it u r e a n d fix t u r e s h a v e b e e n
r e d u c e d o n o u r b o o k s t o $ 3 0 ,0 0 0 .

I n t h e W e s t S id e o f f i c e , w h e r e o u r la r g e s t

p e r c e n t a g e o f in c r e a s o h a s ta k e n p la c e , o u r d e p o s it s o n J u ly

1st 1 918 w e re

$ 4 ,1 0 0 ,0 0 0 w h ile o n O c t o b e r 1 st 1 9 1 9 , t h e y w e r e $ 1 0 ,5 0 0 ,0 0 0 .
T h is e x 
t r a o r d in a r y im p r o v e m e n t a n d in c r e a s e w a s a c h ie v e d u n d e r t h e s p l e n d i d
m anagem ent o f M r.

H en ry

C .

V on

E lm , w h o h a s r e c e n t ly

been

m ade a

V ic e -P r e s id e n t o f t h e c o m p a n y .
T ii e b id p r ic e f o r o u r s t o c k w h e n w e t o o k o v e r t h e W e s t S id e B a n k w a s
1 6 0 , w h ile th e b id p r ic o n o w

is 2 0 0 , a n in c r e a s e o f 2 5 %

in t h e s h o r t s p a c e

o f fift e e n m o n t h s , in a d d i t io n t o t h e a n n u a l d iv i d e n d o f 8 %

r e c e iv e d

on

t h e ir s t o c k .

O u r p r o g r e s s in

fu t u r e s h o u ld

w h ic h t h e y h a v e

be

even

g re a te r,

a n d i t s h o u ld b o b o r n e in m in d b y s t o c k h o ld e r s t h a t t h e s t o c k is n o w s e llin g
a t a p r ic e w h ic h re p r e s e n ts a p p r o x im a t e b o o k v a lu e o n ly , m a k in g n o a llo w 

The National Bank of Commerce of this city announces
the appointment of Gurden Edwards as Assistant Manager
of its service department. Mr. Edwards came to the Bank
of Commerce in July 1918. He was formerly connected
with the Associated Press.
The enlarged capital of the Fifth National Bank of this
city, making it $1,000,000, became effective on Nov. 14.
The capital is increased from $250,000. As heretofore stated,
the proposition was ratified by the stockholders on Sept. 18.
The now stock, par $100, was sold at $150 per share.

a n c e f o r t h e g o o d w ill a n d s p le n d id e a r n in g p o w e r o f t h e in s t it u t io n , w h ic h
is v e r y

v a lu a b le

a c c o m m o d a t e t h e la r g e r c u s t o m e r s w e a r e s e c u r in g w ill m a k e a n in c r e a s e in
o u r c a p it a l s t o c k

im p e r a t iv e in

who

s to c k h o ld e r s a n d o t h e r n e w

are n o t n o w

th o n e a r fu tu r e .

M any

o f o u r cu stom ers

in te r e s ts a r e a s k in g fo r th e

o p p o r t u n i t y o f p a r t ic ip a t in g w it h u s a n d in v e s t i n g in o u r s t o c k .

W e s h a ll

p r o b a b l y , t h e r e f o r e , s o o n p r o p o s e a n in c r e a s e in o u r c a p it a l, o f f e r in g p a r t
o f th o sam e to

p r e s e n t s to c k h o ld e r s a n d

r e s e r v in g a s h a r e fo r

oth ers.

I

th in k it a ls o f a ir t o s t a t e a t t h is t im e t h a t I s h a ll r e c o m m e n d a n in c r e a s e d
d iv id e n d

to

s to c k h o ld e r s p a y a b le

Jan u ary

p la c e t h e s t o c k e ith e r o n a l 0 o r a l 2 %
m a y d e c id e .

1st

1 9 2 0 , w h ic h

w ill p r o b a b l y

a n n u a l b a s is a s th e B o a r d o f D ir e c t o r s

I a m e s p e c ia lly g r a t ifie d o n t h is o c c a s io n o f r e jo ic in g o v e r th e p r o g r e s s o f
ou r co m p a n y , to sa y to y o u

t h a t I h a v e b e e n a u t h o r iz e d b y

th e B o a rd o f

D ir e c t o r s t o te ll y o u t o n ig h t o f t h e a d o p t i o n o f a p r o f i t s h a r in g p la n f o r y o u r
b e n e fit.

Thomas L. Farrar, formerly manager of the Investment
Department of the Industrial Finance Corporation, has been
elected a Vice-President and Director of that Corporation.
The Industrial Finance Corporation is the parent organiza
tion of the 103 Morris Plan banks, located throughout the
United States.
-

in d e e d .

O u r g r e a t in c r e a s e in b u s in e s s a n d t h e n e c e s s it y o f b e in g in a p o s i t io n to -

In

fu tu re

t h e fir s t p a y m e n t b e g in n in g

Jan u ary

1

1920. an d

in

a d d it io n t o t h o u s u a l a n n u a l in c r e a s e s , s u b je c t t o s u c h r u le s a n d r e g u l a t io n s
a s m a y b o a d o p t e d , y o u w ill r e c e iv e t h e s a m e r a te o f d iv id e n d o n th e a m o u n t
o f y o u r a n n u a l s a la r ie s a s t h e s t o c k h o ld e r s w ill r e c e iv e o n t h e ir s t o c k h o l d 
in g s .

F o r e x a m p le , a s s u m e a s a la r y o f $ 2 ,0 0 0 a y e a r , i f t h e s t o c k h o ld e r s

r e c e iv e a n a n n u a l d iv id e n d a t th e r a te o f 1 2 %
on th e su m

y o u w ill r e c e iv e t h e s a m e r a te

o f $ 2 ,0 0 0 o r a p r o f i t s h a r in g p a y m e n t o f $ 2 4 0 a y e a r .

U nder

th is p la n y o u h a v e a n in c e n t i v e o r in d u c e m e n t , i f s u c h w e r e n e e d e d , t o b e
e c o n o m ic a l, e ffic ie n t , a n d s e r v ic e a b le , a s t h e g r e a te r th e
c o m p a n y t h e la r g e r w ill b e y o u r p r o f i t s h a r in g .

e a r n in g s o f o u r

The completion of its first year in business was celebrated
on Nov. 11 by the Italian Discount and Trust Company with
a dinner at the Hotel Pennsylvania, given by the Idatco
Club, which is composed of the officers and staff of the com
pany. Addresses were made by Charles H. Sabin, President,
and Eugene W. Stetson, and Francis H. Sisson, Vice-Presi
dents, of the Guaranty Trust Company of New York; Judge
John J. Ereschi; George P. Kennedy, and Gaetano Biasutti,
President and Vice-President respectively, of the company.
The Italian Discount and Tmst Company opened for busi
ness on Nov. 11 1918—the day the armistice was signed—
and in the past twelve months has rolled up depqsits totalling
more than $20,000,000.

Plans for the merger of the Bank of Long Island, operating
thirteen branches in Queens County, with the Bank of the
Manhattan Company of this city have been agreed upon
by the directors of both institutions, and will shortly be
submitted to the stockholders for ratification. Since 1910
the Bank of the Manhattan Company has been a large
stockholder in the Bank of Long Island. The Bank of
Manhattan Company has a capital of $2,500,000, surplus
and profits of over $8,000,000 and net deposits of approxi
mately $80,000,000. The Bank of Long Island has a capital
of $7,200,000; its surplus and profits exceed $1,100,000 while
its deposits are in the neighborhood of $24,000,000. The
Bank of Long Island was organized in 1903 as a consolidation
of the Flushing Bank, the Bank of Jamaica and the Far
At a meeting of the Executive Committee of the Board Rockaway Bank. Its main office is in Jamaica. Samuel
of Directors of the Guaranty Trust Company of New York, R. Smith is President and G. S. Downing, Cashier. The
Nov. 13 1919, the following appointments were made:
Bank of the Manhattan Company was organized in 1799, by
Aaron Burr and is one of the oldest institutions in the coun
try. It is a member of the Federal Reserve System and has
acted as transfer agent of the State of,New York since 1818.
K e n n e th W a r d -S m it h , A s s is ta n t T r e a s u r e r , a n d a s s u c h t o b e M a n a g e r ,

S e c u r itie s D e p a r t m e n t .
W illia m

M . F a llo n , J r ., A s s is ta n t S e c r e ta r y , a n d a s s u c h t o b e A s sista n t

M a n a g o r , S e c u r itie s D e p a r t m e n t .
Joseph

D . H e rr, A s sista n t S e c r e ta r y .

C h a r le s M . S c h m id t , A s s is t a n t S e c r e t a r y .

George W. Taylor, Jr., and Benjamin V. Norton were ap
pointed Assistant Secretaries of the Guaranty Trust Co. at
a meeting of the Directors on the 19th inst.
Announcement was made on Nov. 6 through the Belgian
Embassy at Washington that King Albert of Belgium had
bestowed upon Charles H. Sabin, President of the Guaranty



Major Henry Lee Higginson, well known as head of the
banking firm of Lee, Higginson & Co., died unexpectedly
on Nov. 14 following an operation. His death occurred
at the Massachusetts General Hospital at Boston, to which
he had been removed from his home following the attack
with which he had been stricken earlier in the day. Major

THE CHRONICLE

I960

Higginson was in his eighty-fifth year, having been born in
New York City on Nov. IS 1834. He was a descendant
of Francis Higginson, who came to the United States in
1629 and settled in Salem, Mass. With the outbreak of the
Civil War Major Higginson left the banking house of S. & E.
Austin of Boston, in whose employ he then was, and entered
the war as a Second Lieutenant of Massachusetts Volunteers
in May 1861. Four years later he was discharged on the
ground of disability (he was wounded in the battle of Aldio),
having reached the rank of Major and been brevetted Lieu
tenant-Colonel.
In 1865 Major Higginson was admitted to partnership in
the firm of Lee, Higginson & Co. (originally founded in
1848) and later became head of the firm, continuing in that
capacity until his death. Major Higginson was also widely
known as founder of the Boston Symphony Orchstra, which
gave its first concert in October 1881. The organization
set a standard of the highest artistic excellence under a line
of famous conductors. Some years ago, after the complete
separation of the members of the orchestra from the musi
cians’ union, their patron announced thiat his will provided
SI,000,000 to perpetuate the organization. Major Higgin
son relinquished his active connection with the organization
in April 1918.
Major Higginson was one of the most generous bene
factors of Harvard University. In 1891 he presented to the
University the athletic ground known as Soldiers’ Field as a
memorial to the friends of his youth who gave their lives
in the Civil War. In 1899 he provided $150,000 for the
building of the Harvard Union, a club to which all members
of the University are eligible. Besides being a member of
the Boston and New York Stock Exchanges, Major Higgin
son was identified with numerous industrial organizations.
A statement in behalf of the Boston Exchange, issued on
Nov. 15 by its President, Philip W. Wrenn, said:

(V ol

109.

Overbrook Bank, of Philadelphia, a new State institution,
was opened for business in Philadelphia on Monday (Nov.
17 1919), with a capital of $100,000, in $50 shares. The
stock was sold at $55 per share, thus creating a surplus of
$10,000. L. W. Robey is President; Harry F. Seiber and
A. L. Skilton are the Vice-Presidents, and G. A. Wells,
Jr., formerly with the Tioga Trust Co., is Cashier of this
bank, which is located at Sixtieth and Master streets.
G. P. Richards and J. It. Jones have been olected Assist
ant Cashiers of the City Deposit Bank of Pittsburgh.
A meeting of the stockholders of the United States Fidelity
& Guaranty Co. of Baltimore will be held to-day (Nov. 22
1919) for the purpose of acting on the question of increasing
the capital from $3,000,000, divided into 60,000 shares,
to $4,500,000, divided into 90,000 shares. It is proposed to
issue the 30,000 new shares to stockholders of record Nov. 29
1919 at $100 per share.

Stacy B. Rankin, prominent in Ohio banking circles, died
suddenly of apoplexy on November 10 1919. Mr. Rankin,
at the time of his death was a Vice-President of the FifthThird National Bank of Cincinnati, President of the Bank
of South Charleston, South Charleston, Ohio, Director of
the State Savings & Trust Co. of Columbus, Ohio, and was a
member of the Board of Directors of the Federal Reserve
Bank of Cleveland from date of organization until January
1st 1919. Mr. Rankin was one of the organizers of the Ohio
Bankers Association formed in 1891 and served for 27 years
as Secretar3r of the organization. When he retired as Secre
tary of the Ohio Bankers Association, he was elected Secre
tary Emeritus. He had been a Vice-President of the Amer
ican Bankers Association, representing Ohio and served as
President of the Secretary Section of the American Bankers
Association and at the time of his death, was a member of the
Executive Committee of the American Bankers Association.
A silent period was observed on the floor of the Exchange Mr. Rankin was named during the St. Louis Exposition by
at the time of Major Higginson’s funeral.
Ex-Governor Myron T. Herrick to take charge of the Ohio
Building. At the time of his death, Mr. Rankin was 64
An increase of $1,000,000 in the capital of the Massa years of age.
chusetts Trust Co. of Boston was voted by the stockholders
on Nov. 12 1919. The capital will thereby be raised from On November 11 the following changes occurred in the per
$500,000 to $1,000,000. The new stock (par $100) was sonnel of the Union Savings Bank & Trust Co. of Cincinnati,
sold at $175 per share. The enlarged capital will become the affiliated institution of the Fifth-Third National Bank:
effective on Jan. 1 1920.
Clifford B. Wright, heretofore President of the institution,
was elected Chairman of the Board, succeeding Jacob G.
At a meeting of the directors of the Bank of Buffalo at Schmidlapp, retired, and Charles A. Hinsch, President of the
Buffalo, N. Y., on Nov. 11 Frank M. Hickok was appointed Fifth-Third National Bank, was made President in lieu of
Secretary and Trust Officer, assigned to duty at the City Mr. Wright, thus becoming the active head of both institu
Trust Co. branch. Mr. Hickok has acted for the past six tions. Mr. Schmidlapp, whose resignation as Chairman of
years as Executive Secretary for the Chicago Jewelers’ the Board, marks his withdrawal from all active business in
Association. He was also Western manager for the National Cincinnati, was one of the founders of the Union Savings
Jewelers’ Board of Trade, one of the strongest trade organi Bank & Trust Co. and its Chief Executive from its organiza
zations in the United States. Before his appointment as tion in the early nineties until 1907 when he was succeeded
Western manager he was in charge of the commercial de by Mr. Wright and became Chairman of the Board. Mr.
partment of the Board of Trade at its New York headquar Schmidlapp will continue to serve as a director. The Mo
ters. Mr. Hickok has devoted himself in recent years largely hawk State Bank and its branch, and the Security Savings
to executive work in the organization and reorganization of Bank & Safe Deposit Co., were opened for business on
business enterprises and the adjustment of the financial November 11 as branches of the Union Savings Bank &
difficulties of merchants in various lines. He has also had a Trust Co.
wide experience in the analysis and granting of commercial
■ credits. Arthur J. Hall was appointed Assistant Cashier of The consolidation of the American National Bank, the
the bank; James T. Gunning and Hugh McRae wore ap Second National Bank and the Citizens Trust Co. of Vin
pointed Assistant Secretaries.
cennes, Ind., under the titles of the American National
Bank and the Citizens Trust & Savings Co., reforrod to in
The First National Bank of South Amboy, N. J. has in our issue of June 21, went into effect on Oct. 27. Tho Second
National Bank has moved to the now building of tho National
creased its capital from $50,000 to $100,000.
Bank, recently completed at a cost of $400,090, while the
Co., now tho Citizens Trust & Savings Co.,
An increase of $25,000 in the capital of the Irvington Citizens Trust
in the Second National Bank building. The capi
National Bank of Irvington, N. J., making the amount istallocated
of the consolidated institution is $325,000, with surplus
$125,000 instead of $100,000, is announced by the Comp of like
amount and undivided profits of $61,000. The
troller of the Currency.
American National Bank was organized in 1888 under tho
title of the German National Bank.
UJ
An addition of half a million dollars to the capital of the
Mechanics National Bank of Trenton, N. J., is reported in The stockholders of the Noel State Bank of Chicago at a
the weekly bulletin of the Comptroller of the Currency, the special meeting held on Nov. 18 voted to increase tho capital
increase raising the capital to $1,000,000.
of the bank by $200,000 from $300,000 to $500,000 as of
Jan. 2 1920, permitting present stockholders to subscribe
T. W. Bull has been elected Assistant Cashier of theat par for two shares of tho new stock for every threo shares
Broad Street Bank of Philadelphia.
now owned.
M a jo r

H ig g in s o n w a s th e o ld e s t m e m b e r o f th e E x c h a n g e , jo in in g

J a n . 2 1868.

it o n

I n e a r lie r y e a r s h e w a s a c t i v e in a ll it s a ff a ir s , a n d in la t e r s

y e a r s , w h e n e v e r e m e r g e n c i e s o f a n y k i n d r o s e in t h e S t r e e t , h e w a s a n a c t i v e

p a r tic ip a n t, a n d

m o s t h e lp f u l in h is c o u n s e l.




Nov. 22 1919.]

THE CHRONICLE

John A . N y lin , Cashier of the Peoples Stock Y a rd s State
B ank of C hicago, has been chosen V ice-P residen t and Cashier
of the newly organized Fidelity T ru st & Savings B a n k of
Chicago, to be located in the W ilso n A ven u e T heatre buildin ? , 1050 W ilso n A v e n u e.
F or the last fifteen years M r .
N y lin has been connected with the Peoples Stock Y ard s
State B a n k ; com m encing his banking career at the Live Stock
E xchange N a tio n al B a n k , C hicago, in 1899.
M r . N y lin
is also Secretary and Treasurer of the C hicago B ankers’
A ssociation , form erly know n as the C o ok C o u n {y B ankers’
C lu b , which is an organization of all the ou tlyin g banks in
C hicago.
H e will continue as Cashier of the Peoples Stock
Y a r d s State B ank until the Fidelity T ru st & Savings B ank
opens for business; w hen he will be succeeded b y N o rm a n O .
G e y e r, now A ssistan t Cashier.
W e are advised that a syndicate interested in the R ockford
N a tio n a l B a n k , R ockford. 111., recently purchased tw o-thirds
o f the capital stock of the W in n eb ago N a tio n al B an k of that
place w ith a view to ultim ately acquiring the entire assets,
business and good-w ill of the institution.
T h e am ount paid
for the shares, it is said, approxim ates 8 7 5 0 ,0 0 0 .
T h e en
larged R ockford N ation al B a n k , it is contem plated, will have
a capital of $ 7 5 0 ,0 0 0 w ith surplus of like am ou n t and un
divided profits of from $ 8 0 ,0 0 0 to $ 1 0 0 ,0 0 0 .
W illia m T .
R ob ertson , President of the W in n ebago N a tio n al B a n k , will
retire, bu t will be connected with the enlarged institution
as a m em ber of its board of directors.
T h e officials of the
Rockford N ation al B a n k are: W . F . W o o d r u ff, President;
C . F . H en ry and Judge R . K . W e lsh , Vice-P residents; H . S.
Burpee, Cashier; W . E . B u rw ell, M . E . B aker, J . D . T ay lo r
and A . E . A nderson, A ssistn t Cashiers, and John A . S m ith ,
M an ag er of the T ru st D ep artm en t.
Donald N . Sw eeny and G ilbert W . Beasley have been
elected A ssistant Cashiers of the Peoples State B ank of
D e tro it. M r . Sweeny was form erly m anager of the b a n k ’s
D elw a y branch and M r . Beasley was form erly chief clerk
Theodore T orn ey succeeds M r . Sweeny as m anager of the
D elray branch.
T h e First N ation al B ank of R acin e, W i s ., has increased
its capital from $ 2 0 0 ,0 0 0 to $ 3 0 0 ,0 0 0 .
T h e conversion of the Am erican B an k & T ru st C o . of
B illin gs, M o n t ., into the A m erican N a tio n al B an k (Capital
$ 1 5 0 ,0 0 0 ) is announced b y the Com ptroller of the Currency
in his w eekly bulletin dated N o v . 15.
A consolidation has been arranged betw een the S tate
N a tio n al B ank of T exark an a, A r k ., and the S tate Savings
& T ru st C o . of that place, effective Jan . 1.
T h e resulting
institution will continue the nam e of the State N a tio n a l
B a n k and will have a capital of $ 4 0 0 ,0 0 0 , surplus and undi
vided profits of over $ 2 0 0 ,0 0 0 and deposits of approxim ately
$ 4 ,0 0 0 ,0 0 0 .
In the notice announcing the proposed plans
the banks concerned in the m ovem en t state:
Sinco the enactment of the Federal Reserve Act, national banks have been
authorized to make loans on real estate and to act in overy trust and fiduciary
capacity granted to Stato banks or trust companies. For these reasons,
together with the many advantages offered by one largo bank, the officers
and directors, a majority o f whom are interested in both banks, decided
that the customers of the two banks and the entire community would
best be served by a consolidation.
T h e officers of the State N a tio n al B an k are E . W . F rost,
Chairm an of the board; E . A . F ro st, President, and Stuart
W ilso n , Cashier.
T h e officers of the State Savings & T ru st C o . are E . W .
F rost, Chairm an of the Board; E . A . Frosfc, President;
C . M . Blocker and C . It. Johnson, V ice-P residen t.
Recent advices from Savannah state th at W . F . M c C a u le y ,
President of the Savannah B a n k & T ru st C o ., has purchased
5 1 % of the stock of the C h ath am B a n k & T ru st C o . of that
C ity from Leopold A dler, President of th at institution, with
the approval of the Board of Directors and w ith the under
standing th at he becom e President of the institution, and
M r . A dler, Chairm an of the B o ard , and that the B a n k shall
continue in business with the sam e directors and such addi
tional directors as M r . M c C a u le y m a y suggest.
T h e price
paid for the shares, it is stated, was $12S per share and all
the stockholders have been given an opportu n ity to dispose
of 5 0 % of their holdings. T h e capital of the C h ath am B ank
& T ru st C o . is $ 5 0 0 ,0 0 0 w ith surplus and undivided profits
$ 1 2 1 ,0 0 0 .




1

<M»1

M r . Snowden M c G a u g h y , form erly Cashier of the Pacific
B ank of N e w Y o r k , has been elected V ice-President of th e
A tla n ta T ru st C o m p a n y , A tla n ta , G a .
M r. M cG au gh y
is in charge of the com m ercial banking departm ent.
He
was form erly associated with banks in the city of Birm ing
h am , A la ., was one of the organizers of the Sheffield N a t 
ional B a n k , Sheffield, A la ., and active V ice-P resident of
the First N a tio n al B a n k , of G a dsd en , A la ., and N a tio n al
B a n k E xam iner.
Ow ing to the resignation on accoun t of advancing years
of J . A . O m berg as President of the First N a tio n al B ank of
M e m p h is, the follow ing changes were m ade recently in the
personel of the institution: P . S . Sm ith w ick, heretofore
V ice-P resident of the ban k, was elected President; C . H .
C raig, form erly Cashier, was m ade V ice-P resid ent and J . A .
D e n to n , form erly A ssistant C ashier, was elected C ashier.
M r . O m berg had been in active service for more than fo rty
years.
H e will continue his connection w ith the bank as
C hairm an of the B oard of Directors.
In order to provide for the future needs of its rap idly
increasing business, the Central S tate B a n k of D a lla s re
cently purchased the Sum pter B uild ing, an eight story
and basem ent structure, situated in the centre of the busi
ness district of D a lla s.
T h e b a n k , we und erstand, will n ot
m ove to its new quarters until the leases on the ground floor
of the Sum pter B uilding expire, which will not be for tw o
years or m ore.
T o m eet the present requirem ents of the
bank additional tellers’ windows have been installed in its
present quarters.
T h e Central State B ank was organized
in 1914 and now has a capital of $ 5 0 0 ,0 0 0 w ith surplus of
$ 1 7 0 ,0 0 0 .
L . L . Henderson is President of the in stitution.
A t a recent m eeting of the directors of T h e M ission B a n k
of San Francisco, the follow ing changes were m ade in the
personnel of the institution: Stuart F . S m ith , form erly
Cashier, w as prom oted to a V ice-P residency; H erbert A .
T h a y er, heretofore A ssistant Cashier, was elected Cashier
and B y ron G . M o b b s was m ade an A ssistant Cashier.

T H E E N G L I S H GOLD A N D

SILVER M A R K E T S .

W e reprint the follow ing from the w eekly circular of
Sam uel M on ta gu & C o . of L ondon , w ritten under date o f
N o v . 6 1919:
GOLD.
The Bank of England gold reserve against its note issue is £86,297,605.
a slight increase of £5,610, as compared with last week’s return. New York
reports the arrival of $400,000 gold, the source of which is not specified.
Owing to the late arrival of dies, the Bombay Mint did not commence the
coinage of sovereigns until September 1918. Between then and January
1919 its output amounted to £1,295,372, which, however, did not reach
the hands of the public. Issues had been made in the late spring which
resulted in a net absorption of nearly £2,000,000 in 1918-19, about £200,000
more than in the preceding financial year. Although open dealing in sov
ereigns has ceased since the prohibition of their use otherwise than as cur
rency, the official Indian report states that there is no doubt that melting
has taken place behind the backs of the police. It is common knowledge
that speculators have acquired new mohurs and sovereigns from cultivators
and that the coins have now been lost to currency, probably forever.
SILVER.
Again the price has touched an absolute new record— 67d. on the 4th
inst. Yesterday a reaction carried the quotation to 66
The stock
in London has been reduced to such small figures that any temporary pres
sure, such as shipment by this week’s steamer for China which will carry
a considerable amount, has a considerable effect upon the price. These
purchases have been the initial cause of the high prices. Considerable
business has been done in silver for forward delivery, for which demand is
far less keen. The difference betw'een the prices for cash and two months’
delivery widened yesterday to 2% d. Export has again been prohibited
except under license. This step is obviously a precaution against an illegal
use of silver currency. The French Government has placed an embargo
upon the export of silver, a restraint which may prove but temporary.
IN DIAN CU R R EN C Y RETURNS.
In Lacs of Rupees—
Oct. 15.
Oct. 22.
Oct. 31
Notes in circulation_________________ ___ 17472
17421
17529
Silver coin and bullion in In d ia ____ ___ 5090
5069
5092
____
Silver coin and bullion out of India. Gold coin and bullion in India______ ___ 1829
1910
1925
Gold coin and bullion out of India . . ___
600
489
559
Securities (Indian Government). . . ___ 1703
1703
1703
Securities (British Government)_____ ___ 8250
8250
8250
The coinage for the week ending 31st ult. amounted to 28 lacs of rupees.
The stock in Shanghai on the 25th ult. consisted of about 19,850,000
ounces in sycee, $11,’000,000, and 4,000 bars. No fresh news has come to
hand. The Shanghai exchange is quoted at 6s. 7d. the tael. Statistics
for the month of October are appended:
Highest price for cash...........66Hd. IHighest price for 2 m o s ____ 64»£d.
Lowest
“
“
______ 62%d.
Lowest “
“
____ 62d.
Average “
“
...........64.048d. Average “
“
___:.63.141d.
Quotations for bar silver per ounce standard:
Cash.
2 Mos.
Cash.
2 Mos.
65 Jad .
64d.
63 H d . Nov. 6 ____ ______ 66M d.
65H d.
6 6d .
.67d.
G6Md.

6 3 14 d .
63 M d.
644£d.
64d.

63.875d.
Average _ _ ______ 66.25d.
_____ 6%
Bank ra te.
Bar gold per fine o z ., about _____ 99.

The prices to-day for cash and 2 months’ delivery are respectively J^d.
above and ll-16 d. below those fixed a week ago.

•

E N G L I S H F I N A N C I A L M A R K E T S — PER C A BL E .
T h e daily closing quotations for securities, & c ., a t L on d on ,
as reported b y cable, h ave been as follows the past w eek:
L ondon,

N ov. 15. N ov .

Sat.
%

17. Nov. 18. Nov. 19. Nov. 20. Nov. 21.

W e e k e n d in g N o v . 21—
M on.
Silver, per oz.......................d . 67
69
Consols, 2
per cents______ Holiday 5 0 %
British, 5 per cents__________ Holiday 9 0 %
British, 4 % percents_______ Holiday 8 5 %
French Rentes (In Paris), fr............
61.50
89.50
French War Loan(InParls),fr...........

%

T u es.

W ed .

70
51

70%

71%

73%

51

T h u es.
51%

F r l.
--------

90%

90%

91%

--------

85%

85%

85%

--------

61.50
89.30

61.40
89.45

61.50
89.47

61.30
89.10

T h e price of silver in N e w Y o r k on the sam e day has been:
Silver In N . Y ., per oz___cts.124

T R A D E

A N D

127

125%

T R A F F I C

127

134

132%

M O V E M E N T S .

to N o v . 1:
------------------------ October------------------------------------------To

Port—
1919.
Escanaba.............
M arquette-..........
Ashland.................. Total
Superior...................
only
Duluth............ ..
available
Two Harbors____

November 1------------------

1918.
1917.
1919.
1918.
1917.
1,015.089
995,052
6,052,311 6,162,774
437,229
461,284
3,250,207 2,870,100
1,285,176
978,029
Total
6,934,371 6.603,238
1,887,284 1,876,525
only
13.064.201 12,253,271
2,920,070 2,497,629 available. 19.281,792 17,686,997
1,026,745 1,385,373
8,287,989 8,677,218

Total.................. 6,201,883 8,541,593 8,193.892 43,978,414 56,870,871 54,253,598

<£oimnevc ta l a lirlT& isceU aiu'ous JJetxrs
Y o r k

C ity

B a n k s

a n d

T r u s t

C o m p a n ie s .

A ll prices n ow d ollars per share.
Banka — N Y
A m erica * ____
A m er E x c h ___

Bid

625
325
200
B a ttery P a r k . 2 1 5
B o w e r y * _____ 4 2 5
B ro a d w a y C en 1 4 0
B ronx B o r o * . 10 5
B ron x N a t ___ 1 5 0
B ry a n t Park* 1 4 5
B u tch A D ro v
35
C en t M e r c ___ 1 7 5
05)
C hat A P h en. 325
C h elsea E x ch * 1 3 0
C h e m ic a l____ 5 8 5
C i t i z e n s _____ 2 7 0
C i t y _________ 4 3 5
C oa l A Iron _ . 2.50
C olon ia l * ____ 3 5 0
C o lu m b ia * ___ 2 0 5
C o m m e r c e ___ 2 4 8
C o m m ’ l Ex*. 3 9 5

C om m onw e a l t h * ___
C o n tin e n t a l* .
C orn E x c h * ..
C o e m o p 't a n * .
Cuba (B k o f ) .
East R iv e r ___

H a r d m a n ____

Imp A T r a d . .

660
335
140
595
280

252
410
220

no

130

190
380
820
365
600

Bid

Ask

380

388
500
290
245
480
212

B a nkers T rust

485
450

C o lu m b ia ____
C o m m e r c ia l..
E m p ire .............
E q u ita b le T r .

375

210
149
470

F u l t o n _______
G u a ra n ty T r .

285
235
465
237
425
200
140
450
135
760
400
315
625
400
290
125
185
209
350
170
340

P a r k ..................
P rod E x c h * ..
P u b lic ________
8 ea b oa rd ____

445

210
115
460
95
17 7
150

F ift h _______ . <150
F i r s t _________ 9 9 0
G a r fi e ld .......... 2 2 0
G reen w ich * . .

Banks
JIrv in g (trust
certificates)
L ib e r t y .............
L in c o ln _______
225
____ M an h a ttan * .
159
M ech A M e t.
125 (M erch a n ts___
160
M u t u a l* _____
155
N ew N e t h * ..
45
N ew Y o rk C o
190
N ew Y o r k ___

A sk
635

S t a t e * ________
23d W a r d * ...
Union E x c h . .
U n ited States*
W a sh H 't s * _ .
W estch A v e * .
Y o r k v llle * ___
B r o o k ly n

100
182

140
200
150

C o n e y Isla n d*
F ir s t _________
Green p o in t___
H illsid e * ..........

no
80
85
85
205
115
195
137

M e c h a n ic s '* ..
M o n ta u k * ___

165
1020
280
200

N o rth S i d e * . .

T r u s t C o ’s

New York

Bid

150
295
480
440
220
245
425
135

Irv in g T r u s t . /S e e
\N at
L a w T it A T r 1 3 2
L in coln T ru st 175
M e rca n tile T r 2 3 5
425
249
M e t ro p o lit a n . 3 4 5
M u tu a l (W est135
ch ea ter)____ 1 0 5
192
____ N Y L ife Ins
A T r u s t ___ 7 7 6
450
____ N Y T r u s t . . . 6 1 5
T it le Gu A T r 4 2 9
U 8 M tg A T r 430
U n ited States 9 0 0
155
W e s tch e s te r . . 1 3 0
780

215
165
120

B r o o k ly n T r .

95
95

H a m ilt o n ____
K in gs C o u n ty

A sk
495
460
385
160
305
490
450
230
252
415
145

Irv in g
Bank
137

____
355
125

___ _
625
427
440
925
140

Y o r k

215
130
20.5
147

505
255
262
650
205
305

265
272
700
315

380
610

C ity

R e a lt y

a n d

S u r e t y

C o m p a n ie s .

A l l p r ic e s n o w d o l l a r s p e r s h a r e .

Bid Ask

Alliance R'lty
70
7.8
Amer Surety.
Bond A M G . 2 4 3
City Investing 3 7
Preferred. .
82

A u c t io n

80
82
243
42
86

Bid Ask

Lawyers Mtge 125
Mtge Bond..
92
Nat Surety.. 2 5 3
N Y Title A
M ortgage.. 137

S a le s .—

130
97
258
145

Bid

Realty Assoc
(Brooklyn). n o
U 8 Casualty. 1 8 5
U 8 Title Guar 8 0
West A Bronx
Title A M G 1 5 0

A ll
116
200
_____
170

A m o n g other securities, the follow ing,

not usually dealt in at the Stock Exchange , were recently sold
a t auction in N e w Y o r k , B o ston and Philadelphia:
B y M e ssr s. A drian I I . M u lle r & S on s. N e w Y o rk :
S h ares.

Stocks.

P ercen t.

Shares.

Stocks.

Per ce t.

10 N . Y . Life Insur. & Trust____776
£0 Inter-Oceanic Steam Nav__ $3 lot
50 Mortgage Bond....... ............ ..
, 5 Electric Invest. Corp., com.$26 1 >t
1.000 Railway Storage Battery Car,
20 United Gas A Elec., 1st pref. 20
common, trust ctfs_____ $100 l»t
20 N. Y . Cons lldated RR.,com. 15
4,890 The Permutit Co., com. .52,045 lot
500 The Permutit C o ., prof____ $85 i ,t
Bonds.
Per cent.
48 First Nat. Bank of N . Y ____996
$56,000 Det. Tol. A Ironton RR.
485 Det. Tol. & Ir. R R ., pf_S2 per sh.
adjust. 5s, 1951________ 1 0 %
485 Det. Tol. & I. R R.,com .40c. persh. 33,700 Chicago Elev. Ry. deb. 6s. 3
100 Redden Motor Truck. Inc..
50,000 Chic.Elev.Ry.5s(notextd.) 10)S
50c. per sh.
16,500 Maxim Munitions Corp. 6s,
600 Edith Mining________ 10c. per sh.
Nov. 1919 coupons on. .525 lot
500 Green Monster Mining.20c. per sh.
5,000 Tampa & Jacksonville Ry.
779 Chicago Elev. R y ., p f..70 c. per sh.
1st 5s, 1949, certf. dep____10




92

10
20
5
1
9
6
10
100

Slocks.

S

per sh.

National Shawmut Bank_____ 270
Naurnkeag Steam Cotton..... 212
U. S. Worsted, 2d pref.......... .. 83
Dwight M fg., $500 par........... 1384
Berkshire Cotton M fg ......... .215
Plymouth Cordage...............
233
Union Twist Drill, pref______ 97
Louis Dejonge A Co., pref_9 7 %

Bonds.

%

$20,670 Costilla Estates Devel. 1st
6s, 1927, series B, and
1,178 shares Costilla De
velop. Co., com____$8,000 lot
■,000 Anglo-Amcr. Develop. Ltd.
4% vendors' partlc. ctf.$10 lot

B y M essrs. R . L . D a y & C o ., B oston :
Shares.
20
2
10
20
2
50
3
16
17
10

Slocks.

$

per sh.

Home Nat. Bank, Brockton. 164
Foxboro, Mass., Nat. Bank.100
Tremont & Suffolk Mills____278
Naurnkeag Steam Cot.212H-215
Fitchburg Yarn_____________ 176
Brookslde Mills______ 208'A-210%
Draper Corporation________ 148
Essex Co., $50 each________ 200
Sullivan Machinery________ 180
Plymouth Cordage_________ 233

%

&
UUICH.

225
385
385
40
15
5
20
54
8,000
1

OtC/CA.O .

«>

yvyi

o » * ..

Mass. Bonding A Insur. ..81-86)4
Federal Power A Lt., pref____ 30
Federal Power A Lt., com__
1
Thompson Elec. Welding..60-65)4
Milford Water............................. 50
Scituate Water, p r e f................ 65
N.Y.AW oodhav.ARock.RR. 1-4
Bernstein El. Lt., $50 e a ..$ l!4 lot
Molybdntim Co.. $1 e ich.$10K lot.
Boston Atheneum, $300 par.450)4

Stocks.

725
100
660
3 .0 0 0
25
50
50
20
100

C h crry fleld M in in g , $10 e a c h ..........................................................
R a v en M in in g , $1 e a c h . . -------- ------------------------------------------In tern ation al Sew er D isp o sa l, $10 e a c h _____________ ______
L ev er Susp ension B ra k e, $ 5 0 e a c h ------------------------ ----------- P u tn a m N a il, p referred ..............................................- .....................
A m erican M c K e n n a P ro ce ss, p referred .....................................
A m erican M c K e n n a P rocess, c o m m o n -----------------------------M in era l H ill M in in g , $5 e a c h ______________ ________________
M ill B rook Silver M in in g , S5 e a c h -------------------------------------43% G eneral T e le p h o n e M a n u fa ctu rin g o f M a in e ---------------300 Aerial S e rv ice , S10 e a c h _____________________________________
4 .0 0 0 L a ck a w on d a G o ld A C o p p e r , SI e a c h -------------------------------4 0 0 E a stland M in in g . ........................... .......................................... .........
350 A m erican P n eu m a tic T o o l , S10 e a c h ---------------------------------550 V erm on t A C o lo r a d o M in in g C o ., $10 e a c h — ....................
865 N e w b u ry M in in g , $10 e a c h _________________________________
2 0 0 A m erica n P n e u m a tic S erv ice, c o m m o n , $25 e a c h ------------150 In tern a tion a l R o t a r y M o t o r s -------------------- -----------------------2 0 A m erican Sien n a M a r b le , $ 5 0 e a c h -----------------------------------20 T a x i M o t o r C a b , p referred _________________________________
1.0 0 0 A n ti-G erm D rin k in g F’ ou n ta in , S10 e a c h -------•-------------------250 B oston U m b rella S u p p ly , $10 e a c h ....................................... ........
3 ,7 5 0
In te rcity U m b rella R e n ta l, $2 e a c h .................................. ..
109 B o sto n , Q u in cy A N a n ta sk et P o in t S te a m b o a t, $10 each.
60 A t t le b o r o F a lls C o r p o r a tio n , $10 e a c h ......................................
825 In tern a tion a l O re S ep a ra tion , $10 e a c h . .'--------------------------4 ,3 4 0 C a m p b ell M a g n e tic Sep a ra tin g C o ., $1 e a c h ....................
140 R o u n d M ou n ta in M in in g , $1 e a c h ............................................ ..
175 U niversal V e n tila to r, c o m m o n , $5 e a c h ---------------------- ------12
S h oe P r o t e c t o r , $5 e a c h ___________________________________
50 E d ison P h on og ra p h T o y M a n u fa ctu rin g , $10 e a c h ---------2 0 D o n E n riq u e M in in g , $1 e a c h _______________________________
8
N e w E n g la n d T a b le F o o d ___ ___________ ___________ ______
1,116 B o sto n A S h eep M o u n ta in M in in g , $10 e a c h .......................•
1.000 J osep h on e G o ld A C o p p e r M in in g , 1 cen t e a c h ---------------150 N o rth A m erica n R u b b e r , $ 1 0 e a c h . . .......................................
20 N e w Jersey C o n s tr u c tio n .................................................................. .
1.0 0 0 N e v a d a G o ld T ra il M in in g , $1 e a c h _______________________
3 ,5 0 0
L eslie M a n u fa ctu rin g , $10 e a c h . ......................................... ..
100 B oston A u to m a tic M a ch in e , $10 e a c h _____________________
50 U n iv ersa l V e n tila to r, preferred , $5 e a c h . . ......................... ..
$ 2 ,0 0 0 A m erica n Sienna M a r b le 1st 6s, 1919___________ ______ . . .
B onds.

P e r c e n t ..

$25,000 Imperial Russian Government 6H s, 1919..... ...........................................35 flat

B y M essrs. Barnes & L ofland, Philadelphia:
Shares. Stocks.
$ per sh.
HuppMotorCarCorp.,$10e.i. 11
175 Delaware Laundry, pref......... 90
262 Delaware Laundry, common. 12
19 Girard T r u s t .............. ...809-800,4
3 Excelsior Tr. A S. F ., $59 ea. 60)4
25 Wayne Title A Trust________105
10 Fire Assn, of Phila., $50
each..................................328-329
8 Victory Insurance, $50 each. 115
10 13th A 15th Stieets Pass. Ry.lSO
300 Am. Public Utilities, pref___22
100 Western Power Corp., com .. 20
100 United Rys. A Elec, of Balt.,
common, $ 50each________ 12 4
50 Enterprise Mfg. of Pa______ 5 5 4
170 Common we dth Power, Ry.
A Light, pref........................ 46
37 John B. Stetson, pref________150
200 Hudson County Gas............... 85
l Pa. Acad, of Fine Arts........... 32
10 Baker Cocoanut, pref_________7 0 4

10

%

S h a r es.
S lo ck s.
5 per s n .
65 N . Y . R e i l t y O w n e r s . $ 1 0 e a .$ 5 l o t
1 .0 0 0 G o l d f le l 1 C o n s o l. M i n e s ------- 1 7 c .
177 L a w ren ce Barnutn A C o .,
N . Y . , p r e f ________________
1
12 1 L aw ren ce B arn u m A
C o .,
N . Y . , c o m m o n ___________
1
1 P a r k w a y T r u s t .............................. — 1 2 1
33
M u t u a l T r u s t ( N . Y . ) .................85
342 0 0 A m e r ic a n C i t i e s , p r e f .......................
B onds.

P er ce i t -

$ 2 ,0 0 0 R e e l B l d g . 1 s t 4 .9 s , g u . , ’ 2 0 90
5 .0 0 0 E m p i r e G a s A
F 'u e l 6 %
n o t e s , 1 9 2 4 ...................................— 9 4
10 .0 0 0 C o u n t ie s G a s A E l e c . g e n .
5 s . 1 9 3 2 .................................................... 7 9
1 5 .0 0 0 A t l a n t i c C . G a s 1 s t 5 s , 1 9 6 0 ,
c t f . o t d e p o s i t............ ..........................50
4 .0 0 0 E . P . G a g e A C o . ( B o s t o n ) ,
series A n o t e s , 1 9 1 9 _____ $5 l o t
500 M f r s . C l u b o f P h i l a . 1 s t 6 s,
1940............................................ 7 8 4

B r o o k ly n

• Banks marked with a (*) are State banks, t Sale at auction nr at Stock Ex
change this week, t Includes one-hall share Irving Trust Co
t New stock.
»E

N e w

B y M essrs. W is e , H o b b s & A rn o ld , B o ston :
Shares.

Shares.

L A K E S U P E R I O R I R O N O R E S H I P M E N T S — Ship
m ents of L ake Superior iron ore during the m onth of O ctober
1919 am ou n ted to 6 ,2 0 1 ,8 8 3 to n s, a decrease of 2 ,3 3 9 ,7 1 0
tons from the shipm ents of O ctober 191 8 .
T h e season’s
shipm ents to N o v . 1 total on ly 4 3 ,9 7 8 ,4 1 4 tons, as against
5 7 ,8 7 0 ,8 7 1 tons m oved during the corresponding period last
y e a r , a falling o ff of nearly 1 3 ,0 0 0 ,0 0 0 tons.
B elow we com pare the shipm ents from different ports for
O ctob er 1 91 9 , 1918 and 1917 and for the respective seasons

N e w

[Vol . 109.

THE CHRONICLE

1962

N a t io n a l
B a n k s . — T h e follow ing inform ation regarding
national banks is from the office of the Com ptroller of the
Currency, T reasury D ep artm en t:
APPLICATIONS FOR CHARTER.
For organization of national banks:
Capital.
The Farmers National Bank of Garnett, Kans...........................
.$25,000
Correspondent, C. E. Bean, Garnett.
The First National Bank of Minidoka, Idaho.............................
25,000
Correspondent, F. J. Toovs, Minidoka.
The Scandinavian;Commercial National Bank of Boston .Mass 1,000,000
Correspondent. John H. Powers, Boston.
Tho Exchango National Bank of Porum, Okla---------------------25,000
Correspondont, H. R. Plunkott, Porum.
The Mutual National Bank of Middloport, Ohio.......................
50,000
Correspondont, A. W. M cK ay, Middleport.
Tho Cliffsido Park National Bank, Cliffsido Park, N. J--------50,000
Correspondont, Warren E. Sammis, Grantwood, N. J.
r .
The First National Bank of Caney, Okla.....................................
25,000
Correspondont, I). D. Henderson, Caney.
For conversion of State banks:
Tho First National Bank of Onlda, S. D __________ _________
25,000
Conversion of Tho Farmers Bank of Onida.
Correspondont, The Farmers Bank of Onida.

T o t a l ....................................................................................... -$1,225,000
CHARTERS ISSUED.
Original organizations:
First National Bank of Pescadero, Calif.....................................
$25,000
President, J. C. Williamson; Cashier, M . J. Bettencourt.
Tho Fanners & Merchants National Bank of Charlottosvillo, Va
100,000
President, N. T . Shumate; Cashier, H. D. Dinwiddio.
The Citizens National Bank of Freeport, N. Y ...........................
100,000
President, Stephen I*. Pettit; Cashier............................
Tho Exchange National Bank of Shroveport, La___________
100,000
I’rosldont, Wado E. Hampton; Cashier, W. E. Hall.
The First National Bank of Los Altos, C a l i f .. ..........................
25,000
IhHsident, R. M . Tookor; Cashior, W. T . Clements.
Tho First National Bank of Bertram, Tex___________________
25,000
Succeeds Barton Bros. Bank of Bertram.
President, Sam H. Munn; Cashier, Walker Barton.
The First National Bank of Waltonvillo, III_________________
30,000
Succeeds The Farmers Bank of Waltonbiilo.
Prosidont, Walter J. Gilbert; Cashier, John D. Hirons.
Conversion of State banks:
The First National Bank of Poetz, C olo_____________________
25,000
Conversion of Tho Peetz State Bank, Peetz.
lYesidont, C. C. Hansen; Cashier, M . A. Shipman, Jr.
Total

$430,000

N ov. 22 1919.]

THE CHRONICLE

R E-EXTEN SION OF CH A R TE R.
The Franklin National Rank, Franklin, N. H. Charter re-extended unti1
close of business Nov. 21 1939.
' INCREASES OF CAPITAL.
The First National Bank of Olanta, S. C. Capital increased 'Amount'
from $25,000 to $50,000--____________________________
$25 000
Tho Moshannon National Bank of Philipsburg, Pa. Capital
50,000
Jncreasod from $100,000 to $150,000___________________
The First National Bank o f Gregory, S. D. Capital increased
from $25,000 to $50,000________________________________ 25 000
First National Bank at Turlock, Calif. Capital increased from
’
$50,000 to $75,000_______________________________ __________
25,000
Tho Pikevillo National Bank, Pikeville, Ivy. Capital increased
from $50,000 to $100,000-.............................................. ..............
50,000
Tho First National Bank of Acadia Parish at Crowley, La.
100,000
Capital increased from $50,000 to $150,000_________________
Tho Hamilton National Bank of Denver, Colo. Capital in
creased from $250,000 to $350,000.................................. ............
100,000
Tho Wyoming National Bank of Casper, W yo. Capital in
creased from $50,000 to $100,000--________________________
50,000
Tho First National Bank of Grand Rapids, Wis. Capital in
creased from $100,000 to $200,000__________________________
100,000
T o t a l______ ________ ______ _______ ________ ___________ $525,000
CHANGE OF TITLE.
Tho Burrill National Bank of Ellsworth, M e., to “ The Liberty Nationa'
Bank of Ellsworth.”
.
VOLUNTARY LIQUIDATIONS.
Tho York County National Bank of York Village, Me. Capital.
$60,000
Liquidating committee, A. M . Bragdon, York Villago, and
W . W. Duffott, Salem. Succeeded by tho York County Trust
Company, York Village.
CHARTERS E X T E N D E D .
T ho First National Bank of Canyon, Texas.
Charter extended until close of business Nov. 13 1939.
C a n a d ia n B a n k C le a r in g s .— Tho clearings for the week
ending N o v . 13 a t Canadian cities, in com parison w ith the
sam e week in 1 91 8 , show an increase in the aggregate of
3 8 .6 % .
W e e k en d in g N o v e m b e r 1 3 .
C le a r in g s at—

or
Dec.

In c.
1919.

M o n t r e a l ----------------------------T o r o n t o ------------------------------W i n n i p e g ........ ..................—
V an cou ver.
--------------------O t t a w a ------ -- - ......................
Q u e b e c .......................................
H a l i f a x - . . --------- ----------------C a l g a r y .....................................
H a m i l t o n ................ ..................
S t . J o h n . ----------------------------V ic t o r i a
.............................
L o n d o n ____________________
E d m o n t o n _________________
R e g i n a — ................................
B r a n d o n ..............- .................
L e t h b r i d g e .............................
S a s k a t o o n ................................
M o o s e J a w . ........................
B r a n t f o r d ...............................
F o r t W i l l i a m _______________
N e w W e s t m i n s t e r ..............
M e d i c i n e H a t ........... ............
P e t e r b o r o u g h ........................
S h e r b r o o k e .............................
K i t c h e n e r ...............................
W i n d s o r . .................. ...............
P r i n c e A l b e r t - - ...................
T o t a l C a n a d a ______

1918.

$
%
S
1 3 1 ,4 5 2 ,6 2 2 1 0 0 ,7 3 5 ,6 6 5
+ 3 0 .5
1 0 0 ,9 2 4 ,6 9 6 5 7 ,9 5 7 ,7 6 0
+ 7 4 .1
6 8 ,1 3 9 ,5 4 1
6 6 ,3 6 8 ,8 2 0
+ 2 .7
1 3 ,6 2 7 ,7 8 3
9 .9 6 0 ,8 6 7
+ 3 6 .8
1 5 ,1 0 5 ,1 2 1
6 ,2 8 7 ,4 3 5 + 1 4 0 .3
6 ,4 3 5 ,3 7 9
5 ,4 4 8 ,0 8 7
+ 18.1
4 ,6 4 1 ,3 4 9
3 ,1 9 5 ,5 6 7
+ 4 5 .3
1 0 ,6 9 8 ,9 3 4
6 ,8 5 4 ,8 9 6
+ 5 6 .1
7 ,3 8 7 ,1 3 1
4 ,1 0 7 ,0 7 5
+ 7 9 .9
3 ,1 4 8 ,9 2 4
+ 4 4 .0
2 ,1 8 6 ,0 3 3
2 ,5 4 2 ,0 2 9
1 ,6 9 2 ,8 9 1
+ 5 0 .2
3 ,6 8 0 ,0 7 0
2 .5 4 7 ,1 9 4
+ 4 6 .5
6 ,2 7 7 ,6 9 3
3 ,0 2 9 ,1 1 6 + 1 0 7 .2
6 ,0 5 0 ,2 5 5
4 ,5 3 8 ,2 4 6
+ 3 3 .3
1 ,1 2 6 ,3 4 3
8 2 3 ,3 6 1
+ 3 6 .8
8 3 9 ,5 2 1
6 2 0 ,5 0 0
+ 3 5 .3
2 ,6 5 4 ,7 1 7
1 ,8 9 6 ,3 1 5
+ 4 0 .0
2 ,1 9 6 ,9 7 5
2 ,1 9 3 ,5 0 7
+ 0 .2
1 ,4 7 4 ,2 4 8
1 ,0 7 8 .2 9 0
+ 3 6 .7
1 ,0 4 3 ,8 8 6
6 8 7 ,7 4 4
+ 5 1 .8
5 5 2 ,4 9 5
4 2 9 ,2 6 5
+ 2 8 .7
5 5 1 ,5 0 9
4 6 9 .6 5 8
+ 1 7 .5
1 ,2 1 3 ,9 5 8
8 2 2 ,6 3 1
+ 4 7 .5
1 ,1 4 7 ,7 3 4
8 0 5 ,8 8 5
+ 4 2 .5
1 ,6 7 2 ,5 7 5
6 3 3 ,9 3 6 + 1 6 3 .9
2 ,5 6 0 ,3 9 2
1 ,1 0 2 ,3 7 9 + 1 3 2 .3
4 8 3 ,4 7 8
3 1 2 ,5 8 5
+ 5 4 .7

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

1917.

1916.

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

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

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

D IV ID E N D S .
T h e following shows all the dividends announced for the
future b y large or im portant corporations:

Dividends announced this week are printed in italics.
N am e o f C om pany.
R a ilr o a d s (S te a m ).
A l a b a m a G r e a t S o u t h e r n ( o r d i n a r y ) _____
P r e f e r r e d ----------- -----------------------------------------A t la n t ic C oast L i ■e R R .. c o m m o n _______ j .
B o s to n A A lb a 'V ( g u a r . ) . -----------------------------B u f f a lo A S u s q u e h a n n a , c o m . ( q u u r .) _ _
P r e f e r r e d ...............................................................
C a n a d i a n P a c i f i c , c o m m o n ( q u a r . ) ...........
C le v e la n d & P it t s b u r g h , g u a r . ( q u a r . ) . .
S p e c ia l g u a r a n t e e J ( q u a r . ) ______ _______
C o l o r a d o A S ou th er i, f i r s t p r e fe r r e d ...........
S cco d p r e f e r r e d . .................................... . .
C r ip p le C re e k C e n tr a l, p r e f. ( q u a r . ) . .
C u b a R a ilr o a d , p r e f e r r e d .................................. ..
t D e l a w a r e & H u d s o n C o . ( q u a r . ) ________
I lli n o is C e n t r a l ( q u a r . ) ........................................
M a i e C e n tr a l, p r e fe r r e d (g u a r .)
. ____
M o b i l e A R ir m i .gh a rn , R e f e r r e d ---------------N e w Y o r k P h il a d e l p h i a & N o t f o l k —
.
N o r f o l k A W e s t e r n , c o m m o n ( q u a r . ) _____
N o r t h P e n n s y lv a n ia ( q u a r . ) . ........................
P e n n s y lv a n ia ( q u a r . ) -----------------------------------P h i t a . d e r m a .to w n A N o r r is to w n ( g u a r . ) .
E x t r a ..................... .............................. - - .............
P it t s b u r g h B e s s e m e r A L a k e E r i e , p r e f . _
P i t t s b . A W e s t V a . , p r e l . ( q u a r . ) .............
P lt t s b . Y o u n g s t o w n A A s h t a b ., p f . ( q u . )
R e a d in g C o . fir s t p r e f e r r e d ( q u a r . ) _____
S o u t h e r n P a c if i c ( q u a r . ) ---------------- ---------U n i o n P a c i f i c , c o m m o n ( q u a r . ) . .................
S tr e e t a n d E le c t r ic R a ilw a y s .
C e n t r a l A r k a n s a s R y . A L t . , p r e f . ( q u .)
C it i e s S e r v ic e , c o m . A p r e f . ( m t h l y . ) ___
C o m m o n ( p a y a b l e In c o m . s t o c k ) _____
C i t i e s S e r v ic e , c o m . a n d p r e f . (m o t h l y ) . .
C o m m o n (p a y a b le in c o m m o n s t o c k ) _____
C o m m o n a d p r e fe r r e d ( m o n t h ly )_______
C o m m o •> (p a y a b ’e i n c o m m o n s t o c k ) _____
C i t i e s S e r v ic e , p r e f . B ( N o . 1) ( m o n t h l y ) . .
C i t i e s S e r v ic e , B a n k e r s ’ S h a r e s ( m t h l y .)
D e t r o i t U n i t e d R y . ( q u a r . ) ........................
E a s te r n W i s c o s i r E le c . C o . , p r e f. (g u a r.)
I n d i a n a p o l i s S treet R y . , p r e f . ( g u a r . ) ____
I r o n tr o o d A R e ssm e r R y . A L .. p f . ( a u . ) .




P er
C e n t.

W h en
P a y a b le .

S I .75

D on.
Fob.
Ia n .
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
D ee.
D ec.
D ec.
Feb.
D ec.
D ec.
D ec.
Ia n .
N ov.
D ec.
N ov.
N ov.
D ec.
D ec.
D ec.
N ov.
D ec.
D ec.
Ia n
la n

3
151
2
2>4
8 7 J-4
5 9c.
2
4
1
3
21i
154
1.54
*2
$3
154
2
7 5c.
S I .50
85b.
S I .50
H4
154
50c.
HI
254

D ec.
D ec.
D ec.
54 J a n .
n
Ia n .
fo b .
54
Feb.
/1 5 4
5c.
Tan.
5 1 .4 c D e c .
2
D ec.
D ec.
154
D ec.
154
D ec.
1*4
154
54

n

B ook s C lo sed .
D a y s I n c lu s iv e .

1
29 H o ld e r s o f r e c . D e c .
2(1 H o ld e r s o f r e c . J a n . 2 2
10 H o ld e r s o f r e c . D e c . 19a
31 . H o ld e r s o f r e c . N o v . 2 9 a
to
Jan.
1
30 D e c . 16
to
Jan.
1
3 0 D e c . 10
H o ld e r s o f r e c . D e c .
1
31
1 H o ld e r s o f r e c . N o v . 10a
1 H o ld e r s o f r e e . N o v . 10a
4a
15 H o l le r s o f r e c . D e c .
4a
15 H o ld e r s o f r e c . D e c .
1 H o ld e r s o f r e c . N o v . 15a
2 H o ld e r s o f r e c . D e c . t l a
2 0 H o ld e r s o f r e c . N o v . t 2 k i
1 H o ld e r s o f r e c . N o v . 1()«
1 H o ld e r s o f r e c . N o v . 15a
1 ♦ H o ll e r s o f r e c . D e c .
1
2 9 H o ld e r s o f r e c . N o v . 1 5 a
19 H o ld e r s o f r e c . N o v . 2 9 a
to
N o v . 19
25 N o v . 14
29 H o ld e r s o f r e c . N o v . l a
4 N o v . 21
to
D ec.
3
A N o v . 21
to
D ec.
3
H o ld e r s o f r e c . N o v . 15
i
2 9 H o l d e r s o f r e c . N o v . 3a
i H o ld e r s o f r e c . N o v . 2 0 a
11 H o ld e r s o f r e c . N o v . 25a
2 H o ld e r s o f r e c . N o v . 2 8 a
la
2 H o ld e r s o f r e c . D e c .

1 H o ld e r s
1 H o ld e r s
i H o ld e r s
1 H o lle r s
i H o ld e r s
l H o ld e r s
1 H o lle r s
I H o ld e r s
1 H o ld e r s
1 H o ld e r s
1 H o lle r s
1 N o v . 22
d N o v . 16

of
of
of
of
of
of
of
of
of
of
of

rec.
rec.
rec.
rec.
rec.
rec.
rec.
rec.
ree.
rec.
rec.
to
to

N o v . 14
N o v . 15a
N o v . 15a
D e e . 15a
D e c . 15a
J a n . 15a
J a n . 15a
D e c . 15a
N o v . '1 5 a
N ov If a
N o v . 20a
D ec.
1
N o v . 30

N a m e o f C om pany.
S t r e e t & E l e c t r i c R y s . — C o n c lu d e d .
N o r f o l k R y . A L i g h t . ........................... ............
N o r t h e r n O h io E l e c . C o r p . , p r e f. (q u a r .)
R o c h ester G a s A E l e c . C o . (fo r m e r ly )
R o c h ester R y . A L ig h t ), p r e f . ( g u a r , ) . .
P r e fe r r e d B (g u a r .)
S an J o a q u in L ig h t A P o w e r , p r e f . (g u a r .)
R a s h in g to n ( D . C .) R y . A E l e c ., p f . (g u .)
11 i s c o m i h - M i n n . L t . & P o w e r , v v e f. (q u .)
T r u s t C o m p a n ie s .
M a n u f a c t u r e r s , B r o o k ly n ( q u a r . ) __________

1963
P er
C e .t .

W h en
P a y a b le

75c
*154

D ec.
D ec.

B o o k s C lo s e d .
D a y s I n c lu s iv e .

i H o ld e r s o f r e c . N o v . 1 5 o
1 ♦ H o ld e r s o f r e c . N o v . 18

154
154
154
1*4
154

D ec.
1
D ec.
1
D e c . 16
D ec.
1
D ec.
1

H o ld e r s
H o ld e r s
H o ld e r s
N o v . 23
H o ld e r s

3

Jan.

H o ld e r s o f r e c . D e c . 2 0

2

o f rec.
o f rec.
o f rec.
to
o f rec.

N ov.
N ov.
N ov.
N ov.
N ov.

15a
15 a
30
24
20

M is c e lla n e o u s .
A c m e T e a . 1st p r e f . (g u a r .)
D ec.
1 ♦ H o ld e r s o f r e c . N o v . 2 0
*154
A j a x R u b b e r, I n c . (q u a r .)
S I . 50 D e c . 15 H o ld e r s o f r e c . N o v . 2 9 a
A m e r ic a n B osch M a g n e t o ( q u a r .) _________
Jan.
1 ♦ H o ld e r s o f r e c . D e c . 15
*S2
A m e r ic a n C o t t o n O il , c o m . ( q u a r . ) _____
1
D ec.
1 N o v . 14
to
D ec.
4
P r e fe r r e d .
D ec.
1 N o v . 14
3
to
D ec.
4
A m e r ic a n E x p r e s s (g u a r )
Jan.
2 H o ld e r s o f r e c . N o v . 2 9 a
154
A m c r . G as it- E l e c ., c o m . (q u a r .) __________
2 H o ld e r s o f r e c . D e c . 15
•SI.25 J a n .
C o m m o n (p a y a b le i n c o m m o n s t o c k ) _____ / S I
Jan.
2 H o ld e r s o f r e d . D e c . 15
P r e fe r r e d ( g u a r . ) .
2 H o ld e r s o f r e c . J a n . 16
154 F e b .
A m e r ic a n H i d e & L e a t h e r , p r e f. (q u a r .)
2 H o ld e r s o f r e c . D e c . 13a
15-4 J a n .
A m e r . I . te r , a t . C o r p ., c o m . A p r e f . (g u .)
D e c . 31 H o l d e r s o f r e e . D e c . 16
154
A m e r . L a u n d r y M a c h i n e r y , c o m . ( q u a r .)
D ee.
1 N o v . 22
to
D ec.
1
1
u%
A m e r i c a n L in s e e d , c o m . ( q u a r .) ( N o . l i
D e c . 15 H o ld e r s o l r e c . D e c .
la
P r e fe r r e d ( q u a r .)
2 H o ld e r s o f r e c . D e e . 15
r l 54 J a n .
D e c . 31 ♦ H o ld e r s o f - r e c . D e c . 13
A m e r ic a n L o c o m o tiv e , c o m . (q u a r .) ______
*154
P r e fe r r e d (g u a r .)
D e e . 31 ♦ H o ld e r s o f r e c . D e c . 13
*154
D ec.
1 N o v . 21
A m e r ic a n M u l t ig r a p h , co m m o n ( g u a r . ) . .
to
D ec.
1
C om m on (e x tr a ).
D ec.
1 N o v . 21
to
D ec.
1
2
A m e r ic a n P o u e r A L ig h t, c o m . ( q u a r . ) . .
D ec.
1 H o ld e r s o f r e c . N o v . 2 1
1
A m e r ic a n R a d i a t o r , c o m m o n ( q u a r . ) ___
D e c . 31 D e c . 2 3
to
D e c . 31
3
A m e r . S m e lt . A R e f g . , c o m . ( q u a r . ) _____
D e c . 15 N o v . 2 9
to
D ec.
7
1
P r e fe r r e d ( q u a r .)
1 N o v . 18
to
N o v . 25
154 D e c .
A m e r i c a n S u g a r , c o m m o n ( q u a r .) ______
2 H o ld e r s o f r e c . D e c .
la
154 J a n .
C o m m o n (e x tra )
Jan.
2 H o ld e r s o f r e c . D e c .
la
H
P r e fe r r e d ( q u a r .)
2 H o ld e r s o f r e c . D e c .
la
1 54 J a n .
A m e r . T e l e g . A C a b l e ( q u a r . ) ____________
D ec.
1 ♦ H o ld e r s o f r e c . N o v . 2 9
*154
A m e r ic a n T e le p h o ■ e & T ele g r a p h ( q u a r .) .
J a n . 15 H o l d e r s o f r e c . D e c . 2 0 a
2
A m e r ic a n T o b a c c o , c o m m o n ( q u a r . ) . .
D ec.
1 H o ld e r s o f r e c . N o v . 1 5 a
5
A m e r . W a t e r - W o r k s A E l e c . , p r e f. ( q u .)
154 N o v . 2 5 H o l d e r s o f r e c . N o v . 1
A n a c o n d a C o p p e r M in in g ( q u a r .) . .
N o v . 24 H o l d e r s o f r e c . O c t . 1 8 a
$1
A r iz o n a S ilv er M i r e s
1
3 c . D e c . 15 H o l d e r s o f r e c . D e c .
A s s o c i a t io n D r y G o o d s 1st p r e f . ( q u a r . ) _
la
1 H o ld e r s o f r e c . N o v
154 D e c .
S e c o n d p r e fe r r e d ( q u a r . ) . . .
1 H o ld e r s o f r e c . N o v . l a
154 D e c .
A t l a n t i c G u l f A W . I . S S . L in e s , p f . ( q u .)
1 H o ld e r s o f r e c . D e e . 10 a
154 J a n .
A t l a n t i c R e f in i n g ( q u a r .)
D e c . 15 H o ld e r s o f r e c . N o v . 2 4 a
5
A t l a s P o w d e r , c o m m o n ( q u a r .)
to
D ec.
9
D e c . 10 N o v . 3 0
3
A . T . S e c u r itie s C o r v . ( N o D
to
D ec.
4
6 N o v . 21
S I .25 D e c .
A v e ry C o ., co m m o n
to
N o v . 25
N o v . 25 N o v . 16
10
B e t h le h e m S t e e l, c o m m o n ( q u a r . ) . .
2 H o ld e r s o f r e c . D e c . 15 a
154 J a n .
C o m m o n B (q u a r .).
2 H o ld e r s o l r e c . D e c . 1 5 a
154 J a n .
P r e fe r r e d ( q u a r . ) .
2 H o ld e r s o f r e c . D e c . 15 a
154 J a n .
E i g h t p e r c e n t p r e fe r r e d ( q u a r . ) ____
2
Jan.
2 H o ld e r s o f r e c . D e c . 1 5 a
B o o t h F is h e r ie s , p r e fe r r e d ( q u a r . ) ___
2 ♦ H o ld e r s o f r e c . D e c . 13
*154 J a n .
B o r d e n ’ s C o n d e n s e d M i l k , p r e f . ( q u a r .)
la
D e c . 15 H o l d e r s o f r e o . D e o .
154
B r o o k l y n E d i s o n ( q u a r . ) ........... ....................
2
D ec.
1 H o ld e r s o f r e c . N o v . 2 0 a
B r o w n S h o e , c o m m o n ( q u a r . ) ____________ d l 54 D e c .
1 H o ld e r s o f r e c . N o v . 2 0 a
B u c k e y e P i p e I .in e ( q u a r . ) ________________
$2
D e c . 15 H o ld e r s o f r e c . N o v . 2 2
C a lif o r :.i a P a c k i g , c o m m o n ( g u a r .) ______ *S1
D e c . 15 ♦ H o ld e r s o f r e c . N o v . 2 9
C a lu m et A A r iz o n a M i n i n g ( g u a r .) ........... * 5 0 c .
5
D e c . 22 ♦ H o ld e r s o f r e c . D e c .
C a m b r ia S teel ( q u a r .) ___
7 5c.
D e c . 15 H o ld e r s o f r e c . N o v . 2 9
E x t r a ________
25c.
D e c . 15 H o ld e r s o f r e c . N o v . 2 9
C a n a d ia n C a r A F o u n d r y , p r e fe r r e d ______
M 54
D e c . 10 H o ld e r s o f r e c . D e c .
1
C a n a d ia n G e e r a l E le c tr ic ( g u a r .) ..............
2
Jan.
1
C a se (J . I . ) T h res h in g M a c h i e , p f . (g u .)
Ian .
1
154
C e r r o d e P a s c o C o p p e r ( q u a r . ) __________
SI
D ec.
1 H o ld e r s o f r e c . N o v . 2 1 a
C l e v e . A S a n d u s k y B r e w in g , c o m . A p r e f.
6
D ec.
l
C o l o r a d o P o w e r , c o m m o n ( q u a r . ) ________
54 D e c . 15
P r e fe r r e d ( q u a r . ) _________________________
154 J a n . 15
C o n n e c tic u t P o w e r , p r e fe r r e d ( g u a r .) ...........
D ec.
1 H o ld e r s o f r e c . N o v . 2 0 a
154
C o m e c tic u l R iv e r P o w e r , p r e fe r r e d
_____
3
D ee.
1 H o ld e r s o f r e c . N o v . 15a
o n 8 o li d a t e d G a s ( q u a r . ) ................................
D e c . 15 H o ld e r s o f r e c . N o v . 1 2 a
154
C o n s o lid a ted G a s. E le c . L . A P ., B a lt.(q u .)
*2
Jan.
2 ♦ H o ld e r s o f r e c . D e c . 1 5 a
C o n ti t o t a l O il A R e fin in g (m o n t h ly )_____
2
H o ld e r s o f r e c . N o v . 5
C o p p e r R a n g e C o . ( q u a r . ) ________________
5 0 c . D e c . 15 H o ld e r s o f r e c . N o v . 2 0
t o s d e n C o m p a n y , p r e fe r r e d ( q u a r . ) _____
1 H o ld e r s o f r e c . N o v . 1 5 a
8 5 4 c. D e c .
C r e s c e n t P i p e L in e ( q u a r . ) ________________
7 5 c . D e c . 15 N o v . 2 3
to
D e c . 15
C r e x C a r p e t ___________________________________
3
D e c . 15 H o ld e r s o f r e c . N o v . 2 8 a
C r u cib le S tee l, p r e fe r r e d ( g u a r .) ____________
D e c . 22 H o ld e r s o f r e c . D e c .
8a
154
C u b a C o m p a y , p r e fe r r e d ______ _____
F eb.
2 H o ld e r s o f r e c . D e c . 3 1 a
354
C u b a n - A m e r ic a n S u g a r, c o m m o n ( g u a r . ) .
Jan.
2 H o ld e r s o f r e c . D e c . 1 5 a
254
P r e fe r r e d ( g u a r .) _____________________ . .
Jan.
2 H o ld e r s o f r e c . D e c . 1 5a
154
C u m b e r la n d P i p e L i n e ______ ________ .
12
D e e . 15 H o ld e r s o f r e c . D e c .
1
D a v l s - D a l y C o p p e r C o ________________
5 0 c. D e c . 20 H o ld e r s o f r e c . N o v . 20
D e e r e A C o . , p r e fe r r e d ( q u a r . ) __________
D ec.
1 H o ld e r s o f r e c . N o v . 15a
154
J la m o n d M a t c h ( q u a r . ) .....................
2
D e c . 15
D o m i n i o n o i l ( m o n t h l y ) _____
1 0 c. D e c .
1
D o m i in n S teel C o r p ., c o m m o n ( g u a r .) ___
Jan.
1
*154
P r e fe r r e d ( g u a r .) ................... ..
Jan.
1
*154
D o m i ion T e x tile , c o m . ( q u a r . ) .
2
Jan.
2
E a st C oa st F is h e r ie s , c o m . (g u .) ( N o . 1 ) . _
10c,
Jan.
1 H o ld e r s o f r e c . D e c . 2 7
P r e fe r r e d ( g u a r . ) . . .
Ia n .
1 H o ld e r s o f r e c . D e c . 2 7
154
h-astern S t e e l, c o m m o n ( q u a r .)
1254 J a n . 15
F ir s t a n d s e c o n d p r e fe r r e d ( q u a r . ) . .
D e c . 15
154
E a s tm a n K o d a k , c o m m o n ( e x t r a ) . .
D ec.
1 H o ld e r s o f r e c . O c t . 3 1 a
254
E a s t m a n K o d a k , c o m m o n ( q u a r .)
Jan.
2
254
C o m m o n ( e x t r a ) .............................
2
7 54 J a n .
P r e fe r r e d ( e x t r a ) ..................... ............
Jan.
2 H o ld e r s o l r e c . N o v . 2 9 a
1H
E d m u d A Jo> e s C o r p ., p r e f . ( g u a r . ) ___
1 ♦ H o ld e r s o f r e c . D e c . 2 0
*154 J a n .
E l s e lo h r (O tto) A B r o s ., I r e . , p r e f . (g u .)
Ia n .
1 H o ld e r s o f r e c . D e c . 2 0
154
E le c t r i c I n v e s t m e n t , p r e f . ( q u a r .) .
154 N o v . 22 H o l d e r s o f r e c . N o v . 12
F a ir b a n k s . M o r s e A C o ., p r e fe r r e d (g u a r.)
D ec.
1 N o v . 21
to
N o v . 39
154
F a st fe e d D r il l A T o o l C o r p ., p r e f . (g u a r.)
2
D ec.
1 N o v . 26
to
N o v . 30
F e d e r a l M i n . A S m e lt in g , p r e f . ( q u a r . u
54 D e c . 15 H o l d e r s o f r e c . N o v . 2 5 a
F e d e r a l U t i lit i e s , p r e fe r r e d ( q u a r . ) ______
D ec.
1 H o ld e r s o f r e e . N o v . 15
154
F r e e p o r t T e x a s C o . ( q u a r . ) ___ _______. .
•SI
N o v . 28 H o l d e r s o f r e c . N o v . 1 4 a
G a len a -S ig n a l O il, o ld A n ew p r e f . (g u a r .)
*2
D e c . 31 ♦ H o ld e r s o f r e e . N o v . 2 9
G a s A E le c tr ic S ecu rities ( f t c o m . s t o c k ) . . * / 3
D ec.
1 ♦ H o ld e r s o f r e c . N o v . 15
G e n e r a l A s p h a l t , p r e fe r r e d ( q u a r . ) ______
D ee.
1 H o ld e r s o f r e c . N o v . 1 4 a
154
G e n e r a l C h e m ic a l , c o m m o n ( q u a r . ) _____
2
D ec.
1 H o ld e r s o f r e c . N o v . 2 0 a
G e e r a l C h e m ic a l, p r e f . ( g u a r . ) ____________
Jan.
2 ♦ H o l le r s o f r e c . D e c . 19
*154
G e n e r a l C ig a r , I n c . , p r e fe r r e d ( q u a r . ) . .
154
D ec.
1 H o ld e r s o f r e c . N o v . 24 a
D e b e n t u r e p r e fe r r e d ( q u a r . ) ........... ..........
2 H o ld e r s o f r e c . D e c . 2 4 a
154 J a n .
G e t e r a l E le c tr ic ( g u a r .) ........... ...........................
*2
J a n . 15 ♦ H o ld e r s o f r e c . D e c .
6
E x tr a (p a y a b le i n s t o c k ) ___________________ * « 2
J a n . 15
G il le t t e S a f e t y R a z o r ( q u a r . ) _____________
1 H o l d e r s o l r e c . O c t . 31
2 54 D e o .
G lob e R u b b er T ir e M f g . , c o m . ( g u a r . ) ___
D e c . 15
154
G o o d r ic h (B . F\) C o ., c o m m o n ( q u a r . ) . .
1
F e b . 16
G o o d r i c h ( B . F . ) C o . , c o m . ( q u a r . ) _____
1
F e b . 16
P r e fe r r e d ( q u a r .),___ __________
l
154 J a n .
G rea t N o rth ern P a p e r . .
D ec.
1
154
G u l f S t a t e s S t e e l, fir s t p r e f. ( q u a r . ) ___
154
Jan.
2
H a r b is o n -W a lk e r R e fr a c t ., c o m . ( q u . ) .
D ec.
l
154
P r e fe r r e d ( q u a r . ) _______
154
Jan. 20
H a r t m a n C o r p o r a t i o n ( q u a r . ) ___
D e c . 31
154
H a r t, S c h a ffn e r A M a r x , c o r n . ( q u a r . ) . .
1
N o v . 29
H o m e P etr o le u m C o r p . ( o f D e n v e r ) (g u a r .)
5
D e c . 10
I lli n o is P i p e L i n e . . .
8
D e c . 31
I n d i a h o m a R e f i n i n g C o . ( m o n t h l y ) ___
*5c. D e c .
1
in la n d S te e l ( q u a r . ) _______
2
D ec.
1
I n t e r n a t io n a l C o t t o n M i l l s , c o m . ( q u a r .)
SI
D ec.
1
P r e fe r r e d ( q u a r . ) ____________
D ec.
1
154
’ n t e r n a t lo n a l H a r v e s t e r , p r e f . ( q u a r .)
D ec.
1
154
K e llo g g S w itch b oa rd A S u p .( t n L .L .b d s .)
15
N o v . 29
K ir s h b a u m ( A . B .) & C o ., c o m . ( q u a r . ) . .
*1
D ec.
1
L a k e o f th e W o o d s M iU i-ig , c o m . (q u a r .) _
3
D ec.
1
P r e fe r r e d ( g u a r .) ______
D ec.
1
154
L a n s t o n M o n o t y p e M a c h i n e ( q u a r . ) _____1
154 1N o v . 2 9 H o l d e r s o f r e c . N o v . 1 9 «

1964
Name of Company.
Miscellaneous (C
ontinued)

Lehigh Coal & Navigation (quar.)--------Liggett & Myers Tobacco, com. (quar.) _
Mahoning Investment Co. (quar.)--------

Per When
Cent. Payable
SI
3

14

Books C
losed.
Days Inclusive.

Nov. 2C Holders of rec. Oct. 31a
Dec.
Holders of rec. Nov. 17a
Dec. : Holders of rec. Nov. 24

2H
4 3 34c
2 ' Dec.
Nov. 16
to Nov. 30
Dec. : Holders of rec. Nov. 17a
l
Jan. 2 Holders of rec. Dec. 15a
Dec. 31 Holders of rec. Dec. 3a
Dec. 1 Holders of rec. Nov. 16
Dec. 1 Holders of rec. Nov. 20a
10c Dec. ] Holders of rec. Nov. 20a
10c Jan. 1 Holders of rec. Dec. 20a
Dec. 1 Holders of rec. Nov. 17a
Dec. 1 Holders of rec. Nov. 17a
Dec. 15 Holders of rec. Nov. 29
Dec. 15 Holders of rec. Nov. 29
Dec. 1 Holders of rec. Nov. 15a
Jan. 1 Holders of rec. Dec. 15a
National Biscuit, com. (quar.)________
Jan. 15 Holders of rec. Dec. 30a
Nov. 2( Holders of rec. N or. 15a
Preferred (quar.)---------------------- -------National Cloak & Suit, pref. (quarT) . . .
Dec. 1 Holders of rec. Nov. 21a
National Enamel A Stamping, com. (qu.;
Nov. 2£ Holders of rec. Nov. 10
Dec. 31 Holders of rec. Dec. 11
Preferred (quar.)------------------------------Dec. 31 ‘ Holders of rec. Dec. 19
National Grocer, common (quar.)............
Dec. 31 ♦Holders of rec. Dec. 19
Preferred------ ---------- -------------------------- *3
Dec. 31 Holders of rec. Dec. 12
--------------Dec. 15 Holders of rec. Nov. 21a
National Lead, pref. (ouar.)----------------National Sugar (quar.)------------------------Jan. 1 Holders of rec. Dec. 8
3
Tan. 2 Holders of rec. Dec. 19a
______________
*59c. Dec. 15 •Holders of rec. Nov. 29
_______________
$1.50
Dec. 1 Holders of rec. N ov. 20
Nebraska Power, preferred (quar.)-------Jan. 2 Holders of rec. Nov. 24
-----------------Dec. 1 Holders of rec. Nov. 24
--------- --------------------------------Dec. 1£ Holders of rec. Dec. 2a
......... ........
2
Dec. 2C Holders of rec. Dec. la
Niles-Bement-Pond, com. (quar.)---------Ogilvic Flour*Mills, Ltd., pref. (quar.)..
Dec. 1 Holders of rec. Nov. 21
Dec. 1 Holders of rec. Nov. 15a
)hio Cities Gas, common (quar.)--------- $1
-------------------------------------- *S1.25 Dec. 31 ♦Holders of rec. Nov. 29
*84.75 Dej. 31 •Holders of rec. Nov. 29
Jan. 6 Holders of rec. Dec. 26
59c. Dec. 15 Holders of rec. Dec. la
----------- ---------------Dec. 15 Holders of rec. Dec. la
$1
Packard Motor Car, preferred (quar.)..
Dec. 15 Holders of rec. Nov.d29a
Jan. 2 Holders of rec. Dec. la
Peerless Truck A Motor Corp. (No. 1 ) ..
1
Jan. 2 Holders of rec. Dec. la
E x tr a ______ _________________________
Philadelphia Electric (quar.)----------------- 43.75 Dec. 15 Folders of rec. Nov. 20a
50c. Dec. 15 Holders of rec. Dec. la
Pittsburgh Brewing, common (quar.). ..
Nov. 29 Holders of rec.Nov.dl9a
Preferred (quar.)------------------------------Dec. 31
Pittsburgh Plate Glass, common (quar.) *2
*5
Dec. 1 Holders of rec. Nov. 15a
Pittsburgh Steel, preferred (quar.)-------Dec. 3 Holders of rec. Nov. 12a
Pressed Steel Car. common (quar.)------Nov. 26 HoUle;s of rec. N ov. 5a
Preferred (quar.)____________________
Dec. 15 Holders of rec. Nov. 25a
6%
1).
Jan. 15 ♦Holders of rec. Dec. 31
------------------ *3
Feb. 28 ♦Holders of rec. Feb. 2
---------------------- . -------Nov. 29 Holders of rec. Nov. la
Quaker Oats, preferred (quar.)................
Dec. 31 ♦Holders of rec. Dec. 17
........... *2
Dec. 20 ♦Holders of rec. Dec. 6
......... .............................
Jan. 1 ♦Holders of rec. Dec. 15
----------------------------Feb. 2 Holders of rec. Jan. 15a
fan. 2 Holders of rec. Dec. 15a
--------------------------------Riordan Pulp A Paper, pref. (quar.)-----Dec. 31 Holders of rec. Dec. 24a
*1
Jan. 1 ♦Holders of rcc. Dec. 15
to
Dec. 21
25c. Dec. 20 Dec. 10
St. Joseph Lead (quar.)_______________
Dec. 15 Holders of rec. Nov. 30
Savage Arms Corporation, com. (quar.).
Jan. 15 Holders of reo. Nov. 30
Common (extra)......... .............................
Dec. 15 Holders of rec. Nov. 30
First preferred (quar.)_______________
Dec. 15 Holders of rec. Nov. 30
Second preferred (quar.)_____________
15c. Dec. 10 Holders of rec. Dec. 1
_______ _____ _________
Jan. 2 ♦Holders of rec. Dec. 20a
Solar Refining.. ______ _
___________
Dec. 29 ♦Holders of rec. Nov. 29
Dec. 1 Holders of rec. Nov. 15
Southern Pipe Line (quar.).......................
Dec. 31 Holders of rec. Dec. 10
2
Dec. 31 Holders of rcc. Dec. 10
_________ __________
Dec. 1 Holders of rec. Nov. 22
20c. Nov. 25 Holders of rec. N ov. 15a
Spencer Petroleum Corp. (monthly)-----2
Nov. 29 Holders of rec. Nov. 18a
Standard Milling, com. (q u a r .) .............
Nov. 29 Holders of rec. Nov. 18a
Preferred (quar.)------------------------------Dec. 15 Holders of rec. Nov. 15
Standard Oil (Calif.) (q u a r .) ............ ..
Dec. 15 Holders of rec. Nov. 15
1
Dec. 15 ♦Holders of rec. Nov. 17
Standard Oil (Ind.) (q u a r.)........... ........
Dec. 15 ♦Holders of rec. Nov. 17
E x tra __________________ ______________
Dec. 15 Holders of rec. Nov. 29a
Standard Oil (Kansas) (quar.,--------------Dec. 15 Holders ot rec. Nov. 29a
E x tr a _________________ ______ _____
Dec. 20 ♦Holders of rec. Nov. 20
Standard Oil (Nebraska)------------------------ *10
*5
Dec. 15 ♦Holders of rec. Nov. 20a
Dec .15 ‘ Holders of rec. Nov. 20a
1)_____________
4
Dec. 15 Holders of rec. Nov. 21a
Standard Oil of N . Y . (quar.)_____ _____
to
Dec. 17
Standard Oil (Ohio) (quar.)____________
3
Jan. 1 Nov. 29
1
to
Dec. 17
E x tra________________________________
Jan. 1 Nov. 29
Steel Products, preferred (quar.)_______
Dec. 1 Holders of rec. Nov. 15
Dec. 1 Holders of rec. Nov. 28a
Studebaker Corp.. com. (quar.)................
Dec. 1 Holders of rec. Nov. 28a
2
Common (extra)....... ................................
Dec. 1 Holders of rec. Nov. 28a
Preferred (quar.).....................................
Symington (T. H.) Co., com. (No. 1 ) . . .
Jan. 1 Holders of rec. Dec. 15
Preferred (quar.)....... ...........................
Feb. 14 Holders of rec. Feb. 5
2
_______ _ _______
Dec. 31 Holders ol rec. Nov. 29
Underwood Typewriter, common (quar.)
2
Jan. 1 Holders of rec. Dec. 6a
Common (extra)..................................... ..
Jan. 1 Holders of rec. Dec. 6a
Preferred (quar.).....................................
Jan. 1 Holders of rec. Dec. 6a
A
_____________
2
Dec. 15 Holders of rec. Dec. 5
Union Tank Car (quar.).............................
Dec. 24 Holders of rec. Dec. 1
6
......................
Jan. 2 Holders of rec. Dec. 15a
Dec. 15 Holders of rec. Nov. 28a
United Cigar Stores, pref. (quar.)______
United Drug. 2d pref. (quar.)--------------Dec. 1 Hoi 'ers of rec. Nov. 15
United Dyewood, common (quar.)------Jan. 2 Holders of rcc. Dec. 13a
Preferred (quar.)_________ . . . -----Jan. 1 Holders of rec. Dec. 13a
. . -----Jan. 15 Holders of rec. Jan.
1
United Profit Sharing.................................
Dec. 1 Holders of rec. Nov. 10a
E x tra_______ ______ _________________
Dec. 1 Holders of rec. Nov. 10a
U . S. Cast Iron Pipe A Fdy., pref. (qu.)
Dec. 13 Holders of rec. Dec. 1
U. S. Gypsum, common (quar.)......... ..
*1
Dec. 31 ♦Holders of rec. Dec. 15
Preferred (quar.)____________. . . ____
Dec. 31 ♦Holders of rec. Dec. 15
2
__
Dec. 15 Holders of rec. Dec. la
Jan. 1 ♦Holders oi rec. Dec. 21
U. S. Playing Card (quar.)........................ •3
Extra . . ......... . .......................... .......... ..
*5
Jan. 1 ♦Holders of rec. Dec. 21
U. S. Steel Corporation, com. (quar.)..
Dec. 30
Dec. 2
Preferred (quar.).....................................
to Nov. 5
Nov. 29 Nov. 4
_____________
3
Dec. 15 Holders of rec. Nov. 29
V. Vivadou, Inc., (quar.) (No. 1)______ *50c. Jan. 2 ♦Holders of rec. Dec. 15
Vacuum Oil............................. ....
*3
Nov. 29 ♦Holders of rec. Nov. 1
Valvoltne Oil, common (quar.)................
Dec. 15 Holders of rec. Dec. 10a
Wabasso Cotton (quar.)..
.
2
Jan. 2 Holders of rec. Dec. 15
____ *15c.
Dec. 10 •Holders of rec. Dec. 1
Weber A Hellbroner, pref. (quar.)______
Dec. 1 ♦Holders of rec. Nov. 15
i ) ._
Dec. 1 ♦Holders of rec. Nov*. 20
2 ) _____________
Dec. 1 ♦Holders of rec. Nov. 29
Western Grocers, common_____________ *4
Dec. 31 ♦Holders of rec. Dec. 19
Dec. 31
West India Su ir finance Corp.. com ..
Dec. 1 Holders of rec. Nov. 15a
Preferred ____________________________
2
Dec. 1 Holders of rec. Nov. 15a
White (J. G.) A Co., Inc., pref. (quar.).
Dee. 1 Holders of rec. Nov. 15
White (J. O.) Engineering Corp.,pf .(qu.)
Dec. 1 Holders of rec .Nov. 1.
White (J. G.) Manag’t Corp., pf. (quar.)
Dec. 1 Holders of rec. Nov 1"
1
(quar.)............................
Dec. 31 Holders of rec. Dec. 15
1st
1) $1.232 Dec. 1 H> 1 'ers of rec. N >v. 20
50c. Jan. 2 Hoi 'ers of rec. Dec. 6
_______
1» fl
Woolwnrth
W Po..
.
2
Dee. 1 TfnMpra r*f w .
Massachusetts Gas Companies, pref____
May Department Stores, com. (quar.)..
Preferred (quar.)________ ________—
..................
).
Middle States Oil Corp. (pay. in stock)
Middle States Oil Corp. (monthly)-------M onth ly_____________________________
Moline Power, 1st pref. (quar.)......... —
Second preferred (quar.)_____________
____
_____________________
National Aome (quar.)_________________

Merge thaler Linotype (quar.).
Michigan Stamping, common(monthly

Montreal Cottons, Ltd., com. (quar.)
Preferred (quar.)
National AnilineAChemical, pref. (quar.)

National Lead, common(quar.)
National Surely(quar.)..
National Transit (quar.)

NewNiquero Sugar, common
Preferred
NewYorkAir Brake(quar.)..

Ohio Oil (quar.)
Oklahoma Producing A Refining (quar.)
PacificMall Steamship

X
IX
2‘A
124c
elOc
IX
14
IX
7IX
5c.
IX
IX
IX
IX
14
*2IX
IX
IX
IX

IX
34
34
24
IX

24

IX
14

374c

IX
2
IX
Procter AGamble pref. (qu.) (No.
14
QuakerOats, common(quar.)
*14
Preferred (quar.)
14
Railway Steel Spring, com. (quar.)
Preferred (quar.)
•
*25IX
?.
ReoMotor Car (quar.)
RepublicIronASteel, common(quar.)... 14
Preferred (quar.)
IX
Root A Var.dcrwoorl EngWg (qu.) (NoA) IX
14
5
IX
14
Savoy Oil (quar.)
Sloss-SheffieldSteel A Iron, pref. (quar.) •IX
•5
5
SouthPortoRicoSugar, common(quar.).. 5
Preferred (quar.)
SouthwesternPower ALight, pref. (quar.) IX
14
24
•3
•3
3
3

Sta•dardOil of NewJersey, com. (quar.).
Preferred (quar.) (No.
•IX

TexasCompany (quar.)

UrionBag Paper (quar.)
UnitedCigar Stores, common

UnitedPaperboard, pref. (quar.)

U. S. Industrial Alcohol, com. (quar.)
Ur.itedStalesTitleGuara ty

IX
IX
X
IX
24
24
5
IX
14
IX
14
14
IX
14c.
lX
3Xc.
IX
•IX
IX
IX

24

aylandOil A Gas. comma (quar.)
WelchGrape Juice Co., common(No.
Preferred (quar.) (No.

White Motor Co.
Willys Corporation pref. (qu).(No.
Wolveri e Copper Ml i g (quar.)
(V }




[V ol . 109,

THE CHRONICLE

*IX
75c.
•IX
IX
14
IX
IX

(X)

Books Closed.
Days Inclusive.

Per When
Cent. Payable.

Name of Company.
Miscellaneous (C
oncluded)

IX
5

Wool worth (F. W .), preferred (quar.)__
Yale A Towne M fg.. special.................... ..

Ian. 2 Holders of rec. Dec. 10a
Nov. 15 Holders of rec. Nov . 7

* From unofficial sources, t Declared subject to the approval ofDlrector-Geoir
of Railroads, f The New York Stock Exchange has ruled that stock will not be
quoted ex-divldend on this date and not until further notice.
a Transfer books not closed for this dividend,
Less British income tax.
Cor
rection.
Payable in stock. /Payable In common stock. (/Payable In scrip.
On account of accumulated dividends,
Payable In Liberty Loan bonds. I Red
Cross dividend,
Payable In U. S. Liberty Loan
bonds.
Payable
March 1 1920.
Leas 10c. on account of war Income taxes,
Declared
o»
common stock, payable
% each on Dec. 15 1919. March IS 1920, June 13 1920
and Sept. 15 1920, to holders of rec. Dec. 1 1919. March 1 1920, June 1 192* and
Sept. 1 1920, respectively,
Declared 7 % on preferred stock, payable 1 % each
on Jan. 2 1920, April 1 1920, July 1 1920 and Oct. 1 1920 to holders of rec. Dee. I f
1919, March 15 1920, June 15 1920 and Sept 15 1920, respectively.
At rate of 8% per annum from date of Issue, Oct. 6 1919.

b

e

h

t

d

I

m

4X%

X

z

u

v

3%

4

z

The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Oct. 15. The figures for the
separate banks are the averages of the daily results. Tn the
case of totals, actual figures at end of the week are also given:
S t a t e m e n t

a n d

T r u s t

o f

N e w

Y o r k

C ity

C le a r in g

H o u s e

B a n k s

C o m p a n ie s ,—

N E W Y O R K W E E K L Y CLEA R IN G HOUSE RETUR NS.

(Staledin thousands of dollars—that it. three ciphers 1,0001 omitted.)
Reservi\
.War1
Net Loans,
CLEARIN G
with Net Trim
Capital.. Profits Discount, ca
e Bank
HOUSE
Xf
17X* DL’
drsn
t L
egal DCTTldTld i/cip— r\rc*.
»/*
X
VIEiM
L>rL»Dq
rvc5
(.000 om
itted.) Nat’l, Sept. 12! rnents, Vault. Deposi Deposits. posits. lotion
lories.
W eek en din g State, Sept. 12f
Ac.
Nov. 15 1919. Tr.Cos,Sept.l2

Members of
Fed. Res. Bank
Bk Of N Y .N BA
Manhattan Co.
Merchants’ Nat
Meeh A Metals.
Bank of America
National C ity ..
Chemlcal N a t ..
Atlantic N a t .. .
Nat Butch A Dr
Amer Exch Nat
Nat Bk of Comm
Paclftc B a n k ...
Chatb & Phenix
Hanover N a t ..
Citizens N at—
Metropolitan__
Corn ExchangeImp A Trad Nat
National Park..
East River N at.
Second N at-----First National-.
Irving National.
N Y CountyNat
Continental-----Chase National.
Fifth Avenue..
Comm'l Exch..
Commonwealth.
Lincoln N at—
Garfield N at—
Fifth National.
Seaboard N a t ..
Liberty N a t ...
Coal A Iron Nat
Union Exch Nat
Brooklyn Trust.
Bankers Tr Co.
U S M tg e A T r.
Guaranty Tr Co
Fidelity T ru st..
Columbia Trust
Peoples Trust. .
New York Trust
Franklin Trust.
Lincoln T ru st..
Metropolitan Tr
Nassau N, Bkln
Irving Trust Co
Farm Loan A Tr
Columbia Bank.

$
2,000
2,500
3,000
6,000
1,500
25,00'
3,0 0
1,0 i 0
30t
5,00(
25,00(
501
7,00(
3,000
2,550
2,000
4,200
1,500
5,000
1,000
1,000
10,000
6,000
1,000
1,000
10,000
500
200
400
1,000
1,000
250
1,000
/5,000
1,500
1,000
1,500
15,000
2,000
25,000
1,000
5,000
1,200
3,000
1,000
1,000
2,000
1,000
3,000
5,000
1,000

$
6,09131
7,982!
3.27S1
13,027’
7,141
55,345i
10.05Si
1,068!
122!
6,9431
27,8991
1,174:
6,951
18,513;
3.443!
2,674■
8,627
8,378
20,978
633
4,268
33,395
7,845
482
692
20,479
2,316
926
794
2,128
1,465
448
4,248
/6.791
1,511
1,389
2,634
18,786
4,808
29,637
1,348
7,262
1,628
11,129
1,350
783
4,460
1,258
1.571
11,982
853

Average. Averagt Averagt: Average. Averagts Avgt.
$.
$
$
S
$
$
760
56,031
6,324
442
37,567' 3,501:
76,140 2,238 13,1131
88
76,881
38,561
683
3,287
24,9131 1,297’ 1,764
158,830 10,016 23,336i
154,889 3,918! 1,000
34,079
1,049 3,844
26,641
557,721 14,725 86,010 *608,933 31,932i 1,424
429
96,400
3,612!
1,967 9,213
68,564
136
21,062
522:
433 2,117
15,658
295
5,020
121
4,318
701
128,609
5,592! 4,482
1.924 13,298
96,164
355,298 3.003 36,577
278,336 5,300i _____
22,830
50 _____
1,661
22,840
3,619
132,265 5,280 14,483
100,776 10,872 4,091
100
145,133 5,617 19,433
139,915
978
45,432
37,684
612
1,285 5,688
40,803 2,154
5,280
36,052
39
156,007 6,242 21,261
154,226 5,279
43,657
677 3,153
23,733
1,190
210,024
1,686 21,612
165,545 3,806 4,84610,761
50
362
1,364
485
10,159
22,100 1,052
033
2,769
18,346
372,522
1,264 22,970
192,628 lb", 030 7,922
123,496 4,623 16,235
118,364 3,832 1,981
14,193
198
816
1,847
13,837
563
8,138
178
1,457*
7,274
387,758 6,891 45,432
316,007 25,831 1,100
_____
21,834
1,295 3,024
29,035
8,546
361
1.151
8,165
9,476
433
1,220
9,334
17,928 1,038 2,438
210
17.654
16
13,707
395
460
1.764
12,916
56
11,262
247
376
10,532
1.367
401
53,879 1,115 7,404
66
51,846
500
103,188
535 11,214
83,405 5,15$ 1.968
28,565
408
959
1,544
1,996
16,094
19,309
397
632 2,604
20,004
414
42,877
28,921
717 4,987
6,597 _____
291,522
1,091 34,888
256,560 14,340 _____
61,282
928 6,893
47,583 7,295 _____
606,623 3,050 53,899 *458,426 66,354 _____
13,931
318
1,613
10,877
349
93,404
1,278 9,558
79,197 6,303 _____
31,078 1,214 3,024
29,839
1,996 ____
93,628
58,131
476 8,427
2,474 _____
27,940
662 2.697
20,215
1,875
24,302
446 3,131
21,805
1,315 ____ .
50,760
639 4,386
33,869
1,309 _____
16,945
1,163
50
439
11,986
912
59,393 2,260 9,289
64,648
1,142
130,579 4,285 15,133 *143,046 9,594 _____
20,430
732 2,732
19,399
217

"'hi

Average.......... 209.000 399,020 5,115,258 102,128 580,245 c4,087,135 248,511 35.981
Totals, actual co ndition
Totals, actual co ndltlon
Totals, actual co ndition
Totals, actual co ndltlon

Nov. 15 5,079,502
Nov. 8 5,148,111
Nov. 1 5,185,380
Oct. 25 5,155,522

98,230 583,194 c4,071,394 248,650 36,381
100,408 633,577 4.082,679 249,648 36,322
91,114 590,194 4,132,789 248,915 3 6 ,3 ,,
99,849 571,510 4,084,517 251,941 36,261

MembersofFederalReserveBank

State Banks. Not
500
Greenwich Bank
250
Bowery B ank..
1,000
N Y Prod Exch.
2,000
State Bank------

1,674
836
1,328
1,201

17,900
5,637
25,535
61,335

3,750

5,040

Totals, actual eo ndltlon
Totals, actual co ndltlon
Totals, actual co ndition
Totals, actual co ndltlon

Nov. 15
Nov. 8
Nov. 1
Oct. 25

Average..........

2,355
659
2,906
3,658

1,166
320
2,248
2,665

18,704
5,339 . . . . .
27,860
33,686 23,469 ........

110,407

9,578

6,399

85,589 23,540

111,418
109,433
111,625
108,548

8,969
9,489
8,93°
9,263

7,061
6,643
7,109
6,642

86,311
85.228
87,758
85,011

23,731 ..........
23,197
22,716
22,210
==x
=

28,205
17,120

1,038 i . . . . .
435

ot MemhersofFederal Reserve Bank

Trust Compan iesT~jv
5.000 12,825
Title Guar A Tr
Lawyers T A Tr 4,000 5,529
Average..........

9,000 18,355

Totals, actual co ndltlon
Totals, actual co ndition
Totals, actual co ndltlon
Totals, actual co ndltlon

Nov. 15
Nov. 8
Nov. 1
Oct. 25

43,782
25,742

1,048
804

3,188
1,731

69,524

1,852

4,919

45,325

1.473 ..........

69,377
6$,600
67,807
68,207

1,887
1,870
1,915
1,835

5,082
5,150
5,559
5,373

45,315
45.660
44,272
45,201

1.471
1,474
1,394 . . . . .
1,301 . . . I .

Gr'd aggi, avge 222,350 422,416 5,295,189 113,558 591,563 44,218,049 273,524 .35,981
— 87,123 + 6.137 — 2.881 — 17.901 — 1,723 — 77
Comparison, pre v. week
Gr’d aggr, act'l cond'n N ov.15 5,260,297 109,086 595.337 el ,203,0211273,852 36,381
Comparison, pre v. week ............ — 65,847 — 2,681 -50,033 — 10,547 — 467 — 59
Gr’d
Gr'd
Gr'd
Gr’d

aggr,
aggr,
aggr,
aggr.

act'l cond'n
act'l cond’n
act'l cond’n
act'l cond’n

Nov. 8 5 326,144 111.767 645,370
Nov. 1 5.364,8121101,967 602,862
Oct. 25 5,332,277,110.947'58.3,525
Oct. 18 5.372.457 inn.551507.60'

4.213,567
4,264,819
4,214,729
4.212.279

274.319 36,322
273,025 36,377
275,452 ,36,261
276,150 35.627

* Includes deposits In foreign branches not Included In total footings, as follows:
National City Bank, $110,255,000; Guaranty Trust Co , $57,940,000; Farmers' L o o n
A Trust Co , $29,411,000
Balances carried In banks In foreign countries as restive
for such deposits were: National City Bank. $23,191,000; Guaranty Trust C o..
$6,697,000;
Farmers' Loan A Trust Co.. $4,845,090. c Deposits In foreign
branches not Included, d U. S. deposits deducted. $173,894,000. e U. 8. ilepotlts
deducted, $149,780,000. UHts payable, rediscounts, acceptances, and. other lia
bilities. $933,454,000. / A s of Oet. 18 1919.

N ov. 22 1919.]

THE CHRONICLE

ST A T E M E N T S OF RESERVE POSITION OF C LEARING HOUSE
AND TRUST COM PANIES.

BANKS

Cash
Reserve
Reserve
in
otal
InVault. Depositaries RT
eserve.

Total
Total
Total
Total

Nov. 15____
Nov. 8 ____
Nov. 1 . .
Oct. 25____

a

Reserve
Required.

Surplus
Reserve.

S

S
$
S
580,245,000 580,245,000 538,782,880
9,578,666
6.399.000 15,977,000 15,406,020
1,852,000
4.919.000
6,771,000
6,798,750
11.430.000
11.389.000
11.157.000
11.309.000

591.563.000
594.444.000
571.363.000
585.720.000

602,993,000:560,987,650
605,833,0001563,449,880
582.520.000 558,408,970
597.029.000 561,632,820

$
41,462,120
570,980
def .27,750
42,005,350
42,383,120
24.111,030
35,396,180

Actual Figures.

Cash
Reserve
Reserve
in
Total
in Vault. Depositaries Reserve.
Members Federal
Reserve Banks___
:Stato banks*_______
"Trust companies*___
Total
Total
Total
Total

Nov. 15____
Nov. 8 ____
Nov. 1 ___
Oct. 2 5 . . . .

$
8.969.000
1.887.000
10.856.000
11.359.000
10.853.000
11.098.000

b

Reserve
Required.

Surplus
Reserve.

5
5
S
5S3,194.000 583,194,000 536,740,720
7.061.000 16,030,000 15,535,980
6,797,250
5.082.000
6,969,000

5
46,453,280
494,020
171,750

559,073,950
560.427,750
567,167,260
560,627.570

47,119,050
96,301,250
46,547,740
33,995.430

606.193.000
656.729.000
613.715.000
594.623.000

595.337.000
645.370.000
602.862.000
583,525,000

* 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 time deposits, which was as follows:
N ov. 15, 57,455,330: Nov. 8, S7,524,120: Nov. 1, 57,532,820; Oct. 25, $7,533,600.
b This Is the reservo required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank In
cludes also amount of reserve required on net time deposits, which was as follows:
N ov. 15, 57,459,500: Nov. 8, S7.489.440; Nov. 1, $7,407,450; Oct. 25, $7,558,230.
S ta te

B a n k s

a n d

T r u s t

C o m p a n ie s

N o t

in

C le a r in g

— The State Banking Department reports weekly
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
H o u s e .

S U M M A R Y OF STATE B AN KS AN D TRUST COM PANIES IN G REATER
N E W YO R K , NOT INCLU D ED IN CLEARING HOUSE ST A T E M E N T .

Figures Furnishedby State Banking Department.
Differencesfrom
Nov. 15.
previousweek.

Loans and Investments......... .......... ............................. - $811,102,800
Dec. 2,919,300
Specie______________________________________________
8,491,500 Dec.
184,900
Currency and bank notes---------------------------------------19,407,200 Inc. 1,119,400
Deposits with Federal Reserve Bank of New Y o rk ..
76,727,100 Inc. 1,254,000
Total deposits_____________________________
870,116,600 Dec. 17,339,600
Deposits, eliminating amounts duo from reserve de
positaries, and from other banks and trust com
panies In N . Y . City, exchanges and U. S. deposits 814,580,900 Dec. 5,498,300
(Reserve on deposits__________
144,437,800 Dec. 7,990,500
Percentage of reserve, 20.5% .
RESERVE.
----------------—
•Cash In vaults.......................................$25,870,200 15.15%
$78,758,600 14.80%
Deposits In banks and trust cos____ 11,678,500
6.84%
28,130,500
5.28%

State Banks

Total................................................ ..$37,548,700

—Trust Companies

21.99%

$106,889,100

20.08%

B a n k s a n d T r u s t C o m p a n i e s i n N e w Y o r k C i t y . — The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks
and trust companies in Greater N ew York City outside of
the Clearing House, are as follows:
C O M B IN E D

RESULTS OF B AN K S A N D TR U ST
GREATER NEW YORK.

Wttk Ended—
M ay
May
June
June
.June
June
J u ly
July
J uly
J u ly

23.........................

31......................
7 .........................

14

.....

21.........................
28.........................

I2IIIIIIIIIIII

19.........................
26.........................

Aug.
Aug.
Aug.
Aug.

Aug.
Sept.
Sept.
Sept.
Sept.
Oct
Oct.
Oct.
Oot.
N ov.
Nov.
Nov.

23....................
30.........................

20IIIIIIIIIIII
27........................
4........................

18IIIZIZIZIIZI

25.........................

sZZZZZZZZZZZZ

15

.....

Loamand
Investments.

Demand
Deposits.

s
5.750.364.000
5.708.665.600
5.877.228.200
6.929.099.200
5.817.958.200
5.732.760.300
6,804,258.400
6.820.469.000
5.804.693.200
5.698.786.600
5.690.625.100
5.785.809.200
5.741.263.800
5.819.688.000
5.754.798.300
5.864.165.300
5.902.292,900
6 .021.666.000
6.119.282.200
6.148.637.600
0,222,640,800
6,225,364,700
6.157.850.600
6,152,354,000
6.196.334.100
6.100.291.800

S
4.861.516.200
4.885.307.200
4.904.243.900
4.880.382.900
4.846.699.100
4.759.196.800
4,860,090,300
4.804.154.700
4.872.061.700
4.810.097.600
4.819.601.900
4.842.504.500
4.827.551.800
4.829.754.500
4.783.893.900
4.848.125.200
4.938.470.000
5,088,511,400
4.935.788.100
4.959.036.000
4.953.388.900
4.995.626.900
5.011.330.800
5.997.701.600
5.056.029.200
5.032.629.900

C O M P A N IE S

Y o r k

C ity

S ta te

B a n k s

a n d

$
689.984.100
676.577.800
691.657.300
671.663.300
679.994.600
665.490.300
684.431.000
649.207.500
688.989.600
658.572.500
674.886.200
696.304.800
685.210.500
658.155.000
649.535.200
678.190.000
685.555.900
744.346.600
667.665.200
670.761.900
689,598,400
699.093.800
695.812.600
687.726.600
719.905.100
708.102.100

T r u s t

C o m p a n ie s .—

In addition to the returns of “ State banks and trust com
panies m New York City not in the Clearing H ouse," furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of Now York.
For definitions and rules under which the various items
arc made up, see “ Chronicle,” V . 98, p. 1661.
The provisions of the law governing the reserve require
ments of State banking institutions as amended M a y 22
1917 were published in the “ Chroniclo” M a y 19 1917 (V . 104,
p. 1975). The regulations relating to calculating the amount
of deposits and what deductions are permitted in the com
putation of tho reserves were given in the “ Chronicle”
April 4 1914 (V . 98, p. 1045).




Currency & bk. notes
Deposits with the F.
R . Bank of N . Y__
Deposits____________
Reserve on deposits..
P . C . reserve to dep. .

25,000,000
105,550,000
45,708,300
175,548,400
694,547,900 Dec. 27,137,400 2,185,600,500 Dec. 19,265,900
7,237,600 Inc.
342,200
304,100
11.675.600 Dec.
30,549,500 Inc. 1,278,200
22.881.600 Inc.
611,500
72,030,200
881,896,700
128,386,400
20.9%

Inc.
Inc.
Inc.
Inc.

2,170,200
226,876,600 Dec. 4,776,000
1,460,900 2,269,677,300 Dec. 48,622,800
2,420,500 306,095,800 Dec. 16,937.300
0.5%
17.5% Dec.
0.5%

N o n -M e m b e r
B a n k s
a n d
T r u s t
C o m p a n i e s . — Follow
ing is the report made to the Clearing House by clearing
non-member institutions which are not included in the
“ Clearing House Return” on the following page:

R E T U R N OF N O N -M E M B E R INSTITUTIO N S OF N E W Y O R K CLEAR IN G
HOUSE.
[000
.)

(Statedin thousands of dollars—that Is, three ciphers
omitted
Net Loans
C LEARING
Reserve Net Net Nafl
Capital Profits Dlscounts. Cash with Demand Time Bank
Legal De De Circu
Nat.bks.Sep.12 Invest In
Week ending
ents, Vault. Deposi posits. posits. lation.
State bks Sepl2 m
Nov. 15 1919. Tr. cos. Sep. 12 &
tories.
c.
Members of
AverageAverageAverage Average AverageAverage
Fed’l Res. Bank.

Battery Park N at.
Mutual B a n k ...
New Netherland..
W R Grace & Co's
Yorkville Bank___
First Nat, Jer City

$
1,590
200
t600
500
200
400

$
$
1,630 17,013
623 12,203
t676 9,366
997 7,682
728 12,616
1,382 9,269

$
145
244
212
21
332
660

$
1,791
1,629
1,199
949
1,204
948

$
12,075
11,347
7,611
4,659
7,169
6,728

5
148
420
181
1,685
5,558

Total___________

3,400

6,037 68,149

1,614

7,720

49,589

7,992

100
600
500
200

457 2,996
1,192 13,994
259 6,967
244 5,921

392
1,530
822
450

183
1,199
529
330

3,048
15,272
6,870
5,344

'392
320

1,400

2,154 29,878

3,194

2,241

30,534

712

557
295

344
394

6,893
4,379

1,020
4,488

852

738

11,272

$

180

'400
580

State Banks

Not Members of the
FederalReserveBank

Bank of Wash Hgts
Colonial Bank____
International Bank
North Side, Bklyn

:::z
—

Trust Companies

Not Members of the
FederalReserveBank
Hamilton Tr, Bkln
Mech Tr, Bayonne

500
200

1,089
435

8,739
8,979

—

700

1,524 17,718

5,508

—-

Grand aggregate..
Comparison prevlo

5,500

9,717 115,745
+ 1,164

5.660 10,699 *91,395 14,212
+426
+ 14 + 1,846 + 513

580
+ 5

Gr’d aggr, N ov. 8
Gr’d aggr, Nov. 1
Gr'd aggr, Oct. 25
Gr'd aggr, Oct 18

5.500
5.500
5.500
5.500

9.717
9.717
9.717
9.717

5,234
5,580
5,568
5,534

575
574
560
570

Total..................

114,581
111,878
112,794
111.811

10,685
10,125
10,779
10,755

89,549
88,727
90,755
89,594

13,699
13,347
13,280
13,219

* U . S. deposits deducted, $1,046,000.
Bills payable, rediscounts, acceptances and other liabilities, $9,039 000
Excess reserve, S70.450 increase,
t As of Oct. 11 1919.
B o s t o n C l e a r i n g H o u s e B a n k s . — W e give below a s u m 
mary showing the totals for all the items in t h e B o s t o n
Clearing House weekly statement for a series of w e e k s :

BOSTON CLEAR IN G HOUSE M EM B ER S.

Nov. 15.

•Total Cash ReserveIn
in V
ault. Depositaries.
$
136.791.200
133.474.700
138.878.600
137.691.300
134.955.500
134.566.800
131.398.300
144.478.700
142.504.200
145,451.400
133,989,100
132.963.800
133.444.000
134.568.000
132.595.200
131,288,390
134.273.500
131,534,900
132.190.500
133.183.600
136.302.200
135.260.200
136.751.700
136.421.700
134.385.200
141.456.700

YO R K C IT Y .

Trust Companies.
StateBanks.
Nov. 15. Differencesfrom Nov. 15. Differencesfrom
1919.
previous week.
1919.
previous week.
S
$
S
$

Capital as of June 30Surplus as of June 30.
Loans & Investments.

IN

* This Item Includes gold, silver, legal tenders, national bank notes and Federal
Reserve notes.

N e w

STATE B AN KS .A N D TR U ST COM PANIES IN N E W

WeekendedNov. 15.

Averages.

Members Federal
Reserve Banks___
State banks*_______
Trust companies*___

1965

1919.

Changesfrom Nov. 8.
previousweek. 1919.

$
$
3,795,000 Inc.
16,000
Loans, disc'ts
investments. 567.441.000 Inc.
735,000
Individual deposits, lncl. U.S. 454.985.000 Inc. 1,687,000
Due to banks......... ................... 120.796.000 Dec. 5,386,000
Time deposits......... ............ ..
13.148.000 Inc.
132,000
United States deposits*_____ 13.408.000 Dec.
793,000
Exchanges for Clear. House.. 25.985.000 Inc. 1,225,000
Due from other banks______
76.344.000 Inc. 7,797,000
Cash In bank & In F. R. Bank 77.200.000 Inc. 4,181,000
Reserve excess in bank and
Federal Reserve Bank____ 29.461.000 Inc. 5,450,000

&

Nov. 1.
1919.

$
$
3,779,000
3,951,000
566.706.000 563.107.000
453.298.000 455.723.000
13.016.000
14.201.000
24.760.000
68.547.000
73.019.000

12.965.000
15.761.000
24.048.000
73.445.000
70.073.000

24.011.000

21.649.000

* Formerly Included under the head of "Individual Deposits.”
P h i l a d e l p h i a B a n k s . — The Philadelphia Clearing House
statement for the week ending N o v . 15 with comparative
figures for tho two weeks preceding, is as follows. Reserve
requirements for members of the Federal Reserve system
are 1 0 % on demand deposits and 3 % on time deposits, all
to be kept with the Federal Reserve Bank. “ Cash in
vaults” is not a part of legal reserve. For trust companies
not members of the Federal Reserve system the reserve
required is 1 5 % on demand deposits and includes “ Reserve
with legal depositaries” and “ Cash in vaults.”

WeekendingNov. 15 1919.
Twociphers (00) omitted. Membersof Trust
F.R.System Cos.
Total.
Capital_____________
$30,275,0
Surplus and profits_______
84.384.0
Loans, dl3c'ts
investm'is 752.217.0
Exchanges for Clear. House
29.934.0
Due from banks__________ 126.919.0
Bank deposits____________ 149.227.0
Individual deposits_______ 529.626.0
Time deposits____________
6,009,0
Total deposits____________ 684.802.0
U . S . deposits (not Included)
Res’ve with Fed. Res. Bank
53.786.0
Res've with legal deposit’s.
Cash In vault*____________
13,729,6
Total reserve & cash h eld..
67.515.0
Reserve required__________
52.380.0
Excess res. cash In vault.
15.135.0

&

&

53,000,0
8.145.0
30.261.0
1.017.0
16,0
345,0
21.295.0
21,640,0
2.563.0
864.0
3.427.0
3.091.0
336.0

$33,275,0
92.529.0
782.478.0
30.951.0
126.935.0
149.572.0
550.921.0
6.009.0
706.502.0
16.791.0
53.786.0
2.563.0
14.593.0
70.942.0
55.471.0
15.471.0

Nov. 8
1919.

Nov. 1
1919.

$33,275,0 $33,275,0
92.524.0
92.465.0
789.510.0 806.956.0
29.932.0
25.896.0
125.540.0 117.706.0
149.445.0 146.701.0
546.512.0 537.654.0
5.995.0
5.975.0
701.952.0 690.330.0
20.792.0
22.848.0
54.970.0
55.125.0
3.092.0
3.116.0
14.176.0
14,000,0
72.262.0
72.217.0
55.293.0
55.318.0
17.924.0
16.944.0

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

1966

THE CHRONICLE

[V o l . 109

—Following is the weekly statement issued by the Federal Reserve
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the differen items
in the statement were given in the statement of Dec. 14 1917, published in the “Chronicle” Doc. 29 1917, page 2523.
M e m b e r

B a n k s

o f

t h e

F e d e r a l

R e s e r v e

S y s te m .

STATEMENT SHOWING PRINCIPAL RESOURCE AVO LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS NOV. 7 1919

Liquidation o f over 100 millions o f Government securities and war paper,
more than offset by an increase in other loans and investments, is indicated
by the Federal Reserve Board’s weekly statement of condition on Nov. 7
of 783 member banks in leading cities.
Declines for the week are shown in the holdings o f all classes of U. S.
Government securities and war paper, the decreases being in the following
amounts: United States bonds, 2.5 millions; Victory notes, 6.2 millionsTreasury certificates, about 57 millions, and war paper, about 35 millions’
of which 30.4 millions represent the decrease for the New York City banks!
A notable development is that loans secured by stocks and bonds show no
increase for the week, while for the New York City banks a decline of 34.4
millions is reported under this head. All other loans and investments show
an increase of 115.7 millions, largely in the Federal Reserve Bank cities.
I.

Threeciphers (000) omitted.

Data for all reporting bank* In each district.

46
$13,536
15,820
8,931
28,134

112
$48,533
283,569
122,461
399,738

Total 0 . 8 . securities......................
Loans secured by U. 8 . bonds, A c ..
Loans secured by stocks and bonds.
ill other loans and Investments____
..eserve balances with F. R . ban k..
Cash In vault_______________________
Net demand deposits______________
Time deposits________ _____________
Government deposits______________
Bills payable with F. R. bank---------Bills rediscounted with F. R . bank.

$66,421
44,796
218,991
668,765
82,756
24,329
800,938
123,935
19,192
34,642
65,264

$854,301
654,916
1,559,933
3,283,734
759,631
130,186
5,134,522
431,059
197,825
619,432
221,371

71
$38,836
252,510
107,161
374,629

Number of reporting banks---------U. 8 . bonds to secure circulation.
Other U . 8. bonds*-------------------0 . 8 . Victory notes.................. ..
0 . 8 . certificates of Indebtedness

F e d e r a l

56
$11,097
29,572
15,293
43,512

90
$41,441
61,385
29.93S
72,354

82
$26,021
36,854
14,414
21,096

47
$14,015
28,737
10,345
31,165

100
$20,897
48,699
51,351
115,197

35
$17,154
14,935
7,105
19,097

35
$7,120
10,656
4,928
22,568

77
$14,467
25,823
10,755
22,035

42
$19,323
20,489
4,427
15,642

$99,474 $205,118
148,859 102,316
220,757 327,978
478,931 789,562
69,530
90,171
17,901
34,250
680,780 824,421
22,368 321,724
25,431
24,983
73,218
84,314
98.869
37,153

$98,385
38,260
113,143
333,661
40,748
19,039
372,424
96,470
7,580
46,026
17,784

$84,262 $236,144
25,094
92,172
47,931
357,247
350,209 1,290,121
31,876
177,678
13,801
69,791
283,225 1,346,869
120,156 468,711
3,507
25,991
49,675
100,180
31,548
36,788

$58,291
28,187
144,605
293,983
41,822
11,205
330,490
106,615
6,501
26,235
20,789

$45,272
14,201
32,973
262,730
25,443
9,382
257,054
58,836
5,567
22,369
17,912

$73,080
19,013
70,985
473,008
48,475
16,974
454,775
83.375
4,824
52,445
28.375

$59,881 $161,493 $2,042,127
6,348
24,969 1,199,131
28,836
122,759 3,246,138
200,233 714,420 9,139,357
24,530
69,081 1,461,741
10,935
24,886
382,679
217,586 570,552 11,284,244
31,920 343,998 2,209,167
4,227
5,215
330,843
15,208
43,071 1,166,815
621,231
8,005
37,373

773
$268,209
633,950
292,410
847,558

May9.

71
$38,351
254,326
109,770
419,826

44
$1,438
15,341
23,811
58,183

$773,136 $822,273
$618,882 $649,336

$98,773
$66,542

$97,224 $1218126 $1279413 $428,403 $427,711 $395,598 $400,814 $2,042,127 $2,107,938 $3,207,237
$63,954 $960,696 S996.767 $131,989 $125,768 $106,446 $11,522 $1,199,131 $1,234,057 $1,072,498

1,421,159 1,455,617
2,931,040 2,861,690
721,073 668,943
116,124 104,869
4,704,741 4,765,169
348,644 343,534
195,167 211,125
564,766 519,785
203,942
167,234

278,031
714,002
122,921
39,270
904,086
176,238
18,042
40,252
22,974

274,186
693,341
119,841
36,653
878,183
174,440
19,028
41,683
26,734

2,455,714
5,782,667
1,115,146
220,689
8,020,179
1,073,998
279,546
801,393
461,701

14.2

14.2

20.0

R e s e r v e

23.6

B a n k a .—

24.8

44
268
268
$1,439 $101,683 $101,986
14,582 373,477 376,066
24,457
172,183
175,694
56,746 570,783 625,667

178
$65,549
133,764
62,331
166,759

337
337
179
$65,549 $100,977 $101,077
126,709
125,229
134,771
59,718
63,225
57,896
110,016
164,166
114,790

783
$268,209
633,950
292,410
847,558

19.0

18.8

15.4

15.8

19.0

Nov. 14 1919 Nov. 7
Gold coin and certificates__________
Gold settlement fund, F. R . Board.
Gold with foreign agencies________
Total gold held by banks________
Gold with Federal Reserve agen ts...
Gold redemption f u n d ...___________

19.7

27.4

Following is the weekly statement issued by the Federal Reserve Board on Nov. 14:
showing
for the
millions.
------------— week
------ --of .10.2
— .......
..
St. Louis's increase o f
,„
.llT an increase
10 millions in acceptance holdings is likewise duo to purchases from other
Federal Reserve banks.
Treasury certificates on hand increased 5.3 millions, while the volume
of outstanding Federal Reserve bank notes, which are largely socured by
such certificates, shows a slight decline.
Government deposits wont up 14.2 millions, members' reserve deposits
declined 43.5 millions and the ‘‘float” carried by the reservo banks increased
about 3 millions. There has also been a slight increase In all other deposits
including foreign Government credits. As a result net deposits work out
12.3 millions less than the week before. Federal Reserve note circulation
shows an increase for the week of 1.7 millions. Admission of new members
and increase in capital and surplus of existing members account for an
addition of 3502,000 to paid-in capital account, of which 3358,000 is shown
for the Now York Federal Reserve Bank.

C o m b i n e d R e s o u r c e s a n d L i a b i l i t i e s of 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 lose of B u s i n e s s

RESOURCES.

793
784
$268,012 $268,188
678,617
636,066
298,637
904,623 2,260,432

2,467,188 396,167 385.673 394,257
393,198 3,246,138 3,246,059
5,677,386 1,649,079 1,653,149 1,707,611 1,693,131 9,139,357 9,023,666 10,369,872
1,057,324
179,477
179,044
167,118
166,803 1,461,741 1,403,171 1,299,739
205,118
69,328
360,887
64,327
92,662
358,771
382,679
89,326
8,037,717 1,553,459 1,545,469 1,710,615 1,701,717 11,284,244 11,284,903 10,486,764
1,065,256 595.397 591,466 539,772 537,434 2,209,167 2,194,156 1,742.095
300,579
27,929
30,388
551,099
23.363
24,393
330,843
355,36!)
825,607 222,061
217,322 $143,361
151,560 1,166,815 1,191,489 1,254,624
359,345
82,274
75,314
77,256
244,031
621,231
68,821
503,480
20.9

Net liquidation of 70.4 millions o f war paper as against additions of 20.5
millions to other discounts and 22.1 millions to acceptances on hand is
indicated in the Federal Reserve Board’s weekly bank statement issued as
at close of business on Nov. 14 1919. During the week the balance of
19.2 millions o f gold held on the Continent was transferred to London and
added to the Bank’s gold reserves, but because o f some export withdrawals
aggregate gold reserves show a net gain for the week o f only 13.7 millions
and total cash reserves o f 12.7 millions. This gain, coupled with reductions
in deposit liabilities and but a slight increase in Federal Reserve note circu
lation, accounts for the rise in the reserve ratio from 46.8 to 47.1% .
The week saw further rediscounts between Federal Reserve banks,
Chicago reporting among its war paper holdings 21.2 millions of bills dis
counted for other Federal Reserve banks as against 17.8 millions the week
before. Over one-half of the acceptances held by the Chicago bank repre
sents bills purchased from other Federal Reserve banks, the total thus held

Legal tender notes, sliver, A c.

61
$34,605
57,411
12,462
57,020

2. Data for Banks In Federal Reserve Bank and Branch Cities and All Other Reporting Banks.
ll Other
NewYork.
Chicago.
AUP.R.BankCities. F. R. BranchCities. RepA
Total.
orting Banks.
Nov. 7. Oct. 31. Nov. 7. Oct. 31. Nov. 7. Oct. 31. Nov. 7. Oct. 31. Nov. 7. Oct. 31. Nov. 7. Oct. 31.

Three ciphers (000) omitted.

T h e

Three ciphers (000) omitted.

Boston. NewYork Philadel. Cleveland. Richm'd. Atlanta. Chicago. St.Louis. Minneap. Kan. City Dallas. SanFran. Total.

Number of reporting banks................
0 . S. bonds to secure circulation___
Other U . 8. bonds*________________
0 . 8. Victory notes......... ............ —
0 8 . certificates of Indebtedness..

Total U . 8 . securities..............
Loans secured by 0 . 8 . bonds, Ac.
Loans secured by stocks and bonds
other than U . 8. securities_____
All other loans and Investments..
Reserve balances with F. R . bank
Cash In vault.................. ...................
Net demand deposits------------------Time deposits----------------------------Government deposits____________
Bills payable with F. R . bank____
Bills rediscounted with F. R . bank
Ratio of U. 8. war securs. and war
pat>er. total loans A lnvest’t. %

The week saw a further decline from 19.7 to 19% in the ratio of war socuri"
ties and war paper to total loans and investments, the corresponding per
centages for the New York City banks being 24.8 and 23.6% , respectivelyGovernment deposits declined by 24.6 millions, while other demand de
posits showed a slight aggregate decline of .7 million for all reporting banks,
but a decline of 60.5 millions for the New York City banks alone, apparently
owing in part to withdrawals by outside banks In connection with payments
on the British loan. Time deposits increased by about 15 millions. Re
serve balances (all with the Federal Reserve banks) show a growth for the
week of 58.5 millions, 52.2 millions of which represent the increases re
ported for the New York City banks, while cash in vault was 23.9 millions
larger than the week before. Total borrowings from the Federal Reserve
banks show an increase of 90 millions for all reporting banks and of 81.7
millions for the New York City banks.

S
248.601.000
440.078.000
146.176.000

1919.

$ *
244.836.000
429.429.000
127.165.000

Oct. 31

1919

$
254.027.000
444.126.000
129.923.000

Oct. 24

1919

$
248.375.000
465.535.000
132.983.000

Oct. 17

1919

s
251.954.000

461.193.000
106.917.000

Oct.

10 1919

$
245.485.000
496.904.000
108.123.000

Oct.

3 1919

$
242.405.000
516.335.000
108.892.000

Nov. 14 1919.

Sept. 26 1919. Nov. 15 1918.
$
239.168.000
502.506.000
79,370,000

$
375.527.000
433.885.000
5,829,000

834.855.000 801.430.000 828.076.000 846.893.000 820.064.000 850.512,000 867.632.000
815,241,000
1,194,319,000 1,207,275,000 1,205,576,000 1,197,933,000 1,201.302,000 1,186,697,000 1,166,398.000 821.044.000 1,166,579,000
1.196,325,000
104.086.000
110.860.000
104.348.000
107.077.000
101.799.000
94,119,000 101.252.000
74,957,000
100.485.000
2,133,260,000 2,119,565,000 2,138,000,000 2,146,605,000 2,128,443,000 2,131,328,000 2,135.282,000
2,056,777,000
2,117.854,000
66,846,000
67,804,000
67,592,000
70,742,000
67,956.000
70,772,000
53,039,000
70,229,000
69,651,000

2,200,106,000 2,187,369,000 2,205,592,000 2,214,561,000 2,199,185,000 2,202,100,000
2,187,505.000 2,109,816,000
Bills discounted:
Secured by Govt, war obligations_____ 1,700,618,000 1,771,028,000 1,681,082,000 1,666,055,000 1,698,885,000 1.672,797,000 1,654,166,000 1.572,503,000 1,358,416,000
439,000,000 418.461.000 447.465.000 416.084.000 422.842.000 401.058.000 361.771.000
All other-------- ---------- ---------------439.392.000
455,653,000 433.586.000 394.355.000 368.846.000 342.938.000 326.852.000 326.667.000 309.779.000 377.877.000
Bills bought in open market_______
342.491.000
Total bills on hand------------------------------- 2,595,271,000 2,623,075,000 2,522,902,000 2,450,985,000 2,464,665,000 2,400,707.000 2,342,604,000 2,224,773,000 2,175,685,000
27,095,000
U. 8 . Government bonds________
26,846,000
27,097,000
26,845,000
26,846,000
27,096.000
27.095,000
29,478,000
27,097,000
U. S. Victory Notes____________
79,000
87,000
84,000
86,000
84,000
133,000
136,000
137,000
U. S. certificates of Indebtedness______
278,538,000 273,199,000 274,325,000 273,585,000 269,414,000 267.551,000 263,148,000 251,081,000
*93,449,000
All other earning assets___________
28,000
Total earning assets___________________ 2,900,734,000 2,923,204,000 2,824,156,000 2,751.751,000 2,761,263.000 2.695,487,000
Bank premises____________________
' 12|266,000
13,336.000
13,358,000
12,222,000
13,357,000
13,319,000
Gold in transit or In custody In foreign
countries_______________________
46,355,000
19,242,000
19,242,000
19,242,000
46.355,000
Uncolleoted items and other deductions
from gross deposits_____________
1,023,574,000 917,936,000 855,795.000 918,008,000 1,115,812,000 853,658,000
5% redemp fund agst. F. R . bank notes
12.331.000
13.009.000
13,333,000
12,571,000
13,408,000
12,636,000
All other resources_______________________
10.071.000
13.530.000
8,225,000
7,869,000
9,139,000
8.494,000

A
t,U')i ,HDO|UUU 2,503,088,000 2,298,640,000
13.184,000

13,146,000

46,355,000

80.246.000

11.897.000
10.246.000

827,404,000
11.503.000
8,998,000

Total resources_____________________
6,159,760,000 6,081,606,000 5,939,344,000 5,938,630,000 6,161,812,000 5,832,049,000 5,782,131,000
Capital paid In__________________________
86.013.000
85.540.000
86.769.000
86.267.000
85.863.000
85.391.000
85.350.000
Surplus-------------1
81.087.000
81.087.000
81.087.000
81.087.000
81.087.000
81.087.000
81.087.000
Government deposits____________________
77.912.000
63.687.000
100.465.000
133.639.000
83.984.000
80.067.000
78.832.000
Due to members, reserve account_______ 1,863,379,000 1,906,867,000 1,833,481,000 1.813,563,000 1,841,101,000 1.777,859,000
Deferred availability Items______________I 842,047,000 739,384,000 693.766.000 733,227,000 882.156.000 688,734,000 1,765,863.000
691,968.000
Other deposits, lncl. for. Govt, credits..
97.750.000
98.494.000
97.843.000
101.430.000
98.878.000
97.203.000
97,913,00
Total gross deposits___________________ 2,881,832,000 2.807.688.000 2.725.555.000 2.729.652.000 2.958.326.000 2.643.863.000
F. R . notes In actual circulation............. 2,808,456,00!) 2.806.759.000 2.752.876.000 2.753.457.000 2.752.569.000 2.741.684.000 2.634.576.000
F. R . bank notes In circulation— net liab. 257,281,000 257,572,000 254,933,000 251,590,000 249,675,000 247,176,000 2.708.186.000
241,937,000
All other liabilities________________
44,335,000
42,233,000
38.880,000
36,981.000
34,615,000
32,848,000
30,995,000
Total liabilities__________________
6,159.760,000!6,081,606,000!5 ,939,344,000 s.oss.eso .oo o^.iei ,
5.832,049,000 ’5.782.131.000

LIABILITIES.




812,000

717,785,000
4,008,000
18,169,000

5,631,890,000 5,148,418,000
79,903,000
85.296.000
1,134,000
81.087.000
61.276.000 246.401.000
1,731,413,000 1,449,949,000
653,381,000 573.727.000
113.385.000
95.654.000
2.541.724.000 2.383.462.000
2.655.354.000 2.562.517.000
72.930.000
239,451,000
48.472.000
28,978,000
6,631,890,000 5,148,418,000

Nov. 22 1919.]

T H E C H R O N IC L E
N o v ■ 14 1 9 1 9 . N o v . 7 1 9 1 9 .

F . R . n ° t o li a b ili t ie s c o m b i n e d -------------R a t i o o f t o t a l r e s e r v e s t o n e t d e p o s it a n d
F . R . n o t e lia b ilit ie s c o m b i n e d ................
R a t i o o t t o t a l r e s e r v e s t o F . R . n o t e s In
c ir c u l a t io n a f t e r s e t t in g a s id e 3 5 %
a g a in s t n e t d e p o s i t l i a b i l i t i e s . .

Oct.

31 1919.

Oct.

24

1967

1 9 1 9 . O cf. 17 1 9 1 9

Oct.

10 1 9 1 9 . O et.

3

1 9 1 9 . S ep t. 2 6 1 9 1 9 . N o v . 15 1 9 1 8 .

45 7 %

4 5 .3 %

4 6 .3 %

4 7 .0 %

4 6 .1 %

4 7 .0 %

4 7 .7 %

4 8 .4 %

5 0 .9 %

47 1 %

4 0 .8 %

4 7 .9 %

4 8 .7 %

4 8 .3 %

4 9 .1 %

4 9 .7 %

5 1 .0 %

4 9 .9 %

55 2 %

5 4 .6 %

5 6 .6 %

5 7 .6 %

5 7 .1 %

5 3 .1 %

5 9 .1 %

6 0 .8 %

5 9 .6 %

DistributionbyMaturities—

S
S
$
S
S
$
S
S
S
1 0 2 ,4 3 1 .0 0 0
7 6 .6 7 1 .0 0 0
8 3 .5 7 7 .0 9 0
8 3 ,0 1 1 ,0 9 0
9 5 .0 6 3 .0 0 0
1 -1 5 da y s b ills b ou g h t In op en m a r k e t ..
9 5 ,2 2 8 .0 0 0
1 9 4 .4 1 7 .0 0 0
1 0 8 .4 1 4 ,0 0 0 \ 1 3 5 3 3 1 0 ,0 0 0
1
,5
6
3
.7
3
9
.0
0
0
1
,7
2
3
,8
3
3
,0
0
0
1
.7
7
0
,5
2 1 ,0 0 0 1 ,7 2 1 ,2 3 3 ,0 0 9 1 ,7 7 7 ,8 6 3 .0 0 0 1 ,7 5 5 ,6 0 0 ,0 0 0 1 ,6 5 7 .4 5 7 ,0 0 0
1-15 d a y s b ills d i s c o u n t e d ........ ..................
1 ,5 3 2 ,0 5 ,3 ,0 0 0 1
2
1
.0
6
8
.0
0
0
2
1
,7
8
0
.0
0
0
2
0
.0
6
7
.0
9
0
3 1 ,8 1 4 .0 0 0
3 2 .2 9 0 .0 0 0
1 4 .1 5 6 .0 0 J
1-15 d a y s U . S . ce rtlt. o f in d e b te d n e s s ..
2 0 .S 5 6 .0 0 0
1 8 ,4 8 1 .0 0 9
2 3 ,6 0 5 ,0 0 0
1-15 d a y s m u n icip a l w a r ra n t s ....................
7 ,0 0 0
9 9 .4 3 2 .0 0 0 .
9 1 .4 7 1 .0 0 0
9 3 ,7 4 0 .0 1 0
7 9 ,9 5 4 ,0 0 0
5 9 .4 4 3 ,0 0 0
6 0 .7 7 2 .0 0 0
6 9 .7 0 4 .0 0 0
1JV-30 d a y s b ills b ou g h t In op en m a r k e t ..
8 5 .9 3 2 ,0 0 0 l 1 6 8 ,7 6 5 ,0 0 0
1 4 0 ,4 5 5 ,0 0 0
1 1 9 ,9 5 5 ,0 0 0
1 0 3 .4 1 8 ,0 3 0
1 1 5 ,5 S 9 ,0 9 0
1 0 9 ,1 3 2 ,0 0 9
7 7 ,0 3 2 ,0 1 )
1 1 7 ,6 3 9 ,0 0 0
16-30 d a y s b ills d is c o u n te d ........................ ..
1 2 0 .1 8 3 .0 0 0
1 2 .1 0 0 .0 0 0
1 0 .9 9 8 .0 0 0
6 ,4 9 9 ,0 0 0
3 .0 0 3 ,0 0 0
4 ,9 9 9 ,0 0 0
1 5 .5 0 0 .0 0 0
1 6 .8 5 9 .0 0 0
16-30 d a y s U . 3 . c o rtlf. o f In d eb ted n ess..
10 . 000,000
7 3 ,0 0 0

18-30
31-60
81-80
51-00
S l-0 0

d a y s m u nicipa l w arrants ...................
d a y s b ills bou g h t In op en m a rk et.
d a y s b ills d is c o u n te d .......................... d a y s U . 3 . ce r tlf. o f I n d e b te d n e ss..
d a y s m unicipa l w arrants . . ...............
1 1 -9 0 d a y s bills bough t In open m a r k e t ..
81-90 d a y s b ills d iscou n ted .............................
81-90 d a y s U . 8 . ce rtlf. o f In d eb ted n ess..
31-90 d a y s m u nicipa l w a r r a n t s ............ ..
O ver 9 0 d a y s bills bou g h t In open m arket
O ver 90 da y s bills d iscou n ted ........................
O ver 90 da y s certlf. o f Indebtedness..........
Over 90 d a y s m u nicipa l w a r r a n t s ----------

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

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

12 4". 1 2 4 ,6 6 6
1 4 3 ,1 6 3 ,0 0 0
2 5 ,7 .5 2 ,0 9 0

8 1 .OSS .0 0 0
2 2 1 ,0 2 9 ,0 0 0
0 ,7 1 5 ,0 0 0

8 0 .4 6 1 ,0 0 0
1 8 6 ,5 6 1 ,0 0 0
5 .5 1 7 ,0 0 0

6 9 .5 ) 2 ,0 9 0
9 9 .0 1 7 .0 0 0
1 2 ,6 5 5 .0 9 0

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

1 6 .SI 6.000
2 1 5 ,2 2 1 ,0 0 0

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

1 1 .6 4 3 .0 0 3
2 1 1 ,6 0 7 ,0 0 0

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

'

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

1 2 0 , IS C ,0 9 0
1 6 7 ,1 1 7 ,0 0 0
1 3 ,4 0 7 ,0 0 0

1 1 6 .3 4 9 .0 0 0
1 6 7 .5 7 0 .0 0 0
9 .4 9 9 .0 0 0

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

4 1 ,1 4 4 ,0 3 0
6 4 .4 4 4 .0 0 0
2 4 .1 7 7 .0 0 0

3 4 .9 )4 ,0 0 0
6 5 .3 2 0 ,0 0 0
.2 8 ,2 2 9 .0 0 0

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

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

5 2 2 ,0 0 0
7 ,9 1 2 ,0 0 0
2 0 0 ,2 2 1 ,0 0 0

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

7 9 3 ,0 0 0 l
6 ,5 5 5 ,0 0 0 /
1 7 9 ,4 3 9 ,0 0 0

1 7 ,7 5 5 .0 0 0
6 3 ,5 6 9 .0 0 0

6.0 0 0

F ed era l R eserve N o t e s —

O utstan din g------- --------------- —

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

3 ,0 3 6 ,6 9 0 .0 0 0 3 ,0 0 0 .8 6 7 ,0 9 0 2 .9 5 8 ,7 0 3 ,0 0 0 2 ,9 3 0 ,6 1 0 ,0 0 0 2 ,9 7 0 ,1 3 2 ,0 0 0 2 / ) T l j T l / ) 0 0 2 .8 9 9 ,1 2 2 ,0 0 0 2 .8 7 5 .2 5 9 ,0 0 0 2 ,7 6 1 ,8 1 2 .0 0 0
1 9 4 .1 0 3 ,0 0 0
2 0 5 ,8 2 4 ,0 0 0
2 0 7 ,5 5 0 ,0 0 0
2 2 7 .1 5 3 ,0 0 0
1 9 0 ,9 3 0 ,0 0 0
2 2 8 .2 3 4 ,0 0 0
2 1 7 ,5 6 3 .0 0 0
2 1 9 ,9 0 5 ,0 0 0
1 9 9 ,2 9 5 .0 0 0

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

♦Held by banks.......... - ............................

2 ,8 0 3 ,7 5 9 ,0 0 0 2 ,7 5 2 ,8 7 6 ,0 0 0 2 ,7 5 3 .4 5 7 .0 0 0 2 ,7 5 2 .5 6 9 .0 0 0 2 ,7 4 1 ,6 8 4 ,0 0 0 2 .7 0 8 .1 8 6 ,0 3 0 2 .6 5 5 ,3 5 4 .0 0 0
I n a c t u a l c i r c u l a t io n --------------------------------- 2 ,8 0 8 ,4 5 6 .0 0 0
2 ,5 6 2 ,5 1 7 ,0 0 0
F e d . R e s . N o t e s (A g e n t s A c c o u n t s )—
R e c e iv e d f r o m t h e C o m p t r o l l e r ................ . 5 7 4 S .2 S 0 .0 0 0 5 .6 6 5 .3 8 0 .0 0 0 5 .6 2 0 .1 8 0 .0 0 0 5 .5 7 7 1 6 0 ,0 0 0 5 .5 1 1 .6 2 0 .0 0 0 5 .4 6 1 .9 4 0 .0 0 0 5 ,3 8 9 ,1 2 3 .0 0 0 5 .3 2 8 ,0 0 0 .0 0 0 3 ,6 2 9 ,1 4 0 ,0 0 0
R e t u r n e d t o t h e C o m p t r o l l e r ..................... . 2 ,3 1 4 .9 6 8 .0 0 0 2 .2 8 1 .8 6 4 .0 0 0 2 .2 4 1 .8 9 2 .0 0 0 2 .1 8 7 .2 4 3 .0 0 0 2 .1 5 4 .1 6 9 .0 0 0 2 .1 2 2 .2 8 3 .0 0 0 2 ,0 S 5 .3 3 5 .0 0 C 2 ,0 4 0 .8 1 9 ,0 0 0
5 8 0 ,1 8 3 .0 0 9
A m o u n t c h a r g e a b le t o F e d . R e s . a g e n t 3 .4 3 1 .3 1 2 .0 0 0 3 ,3 8 3 ,5 1 6 ,0 0 0 3 ,3 7 8 ,2 8 8 ,0 0 0 3 .3 8 9 ,9 1 7 ,0 0 0 3 ,3 5 7 ,4 6 0 ,0 0 0 3 .3 3 9 ,6 5 2 ,0 0 0 3 ,2 9 4 ,7 8 5 .0 0 0 3 .2 8 7 ,1 8 1 ,0 0 0 5 ,0 4 8 ,9 5 7 .0 0 9
3 S 2 ,6 4 9 ,0 0 0
3 9 4 ,6 2 2 ,0 0 0
4 1 9 .5 8 3 .0 0 0
3 3 0 ,4 0 3 ,0 0 0
3 9 5 .6 6 3 ,0 0 0
4 0 9 .3 0 7 ,0 0 0
3 8 7 ,3 2 8 .0 0 0
z o h a n d s o f F e d e r a l R e s e r v e a g e n t ------4 1 1 ,9 2 2 .0 0 0
2 8 7 .1 4 5 ,0 0 0
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 . ------- 3 ,0 3 6 ,6 9 0 ,0 0 0 3 ,0 0 0 ,8 6 7 ,0 0 0 2 ,9 5 8 .7 0 0 ,0 0 0 2 .9 S 0 ,6 1 0 ,0 0 0 2 .9 7 0 ,1 3 2 .0 0 0 2 ,9 4 9 .2 4 4 .0 .1 0 2 .8 9 9 ,1 2 2 .0 0 0 2 ,8 7 5 ,2 5 9 .0 0 0 2 ,7 6 1 ,0 1 2 .0 0 0
H o w S ecu red —
2 3 8 ,2 4 8 ,0 0 0
2 3 8 .2 4 S .0 0 0
2 4 2 ,2 4 9 ,0 0 0
2 4 2 .2 4 8 .0 0 0
2 4 2 ,2 4 8 ,0 0 0 " 2 4 7 ,2 4 8 .0 0 0
2 4 2 ,2 4 8 .0 0 0
2 4 4 .2 4 3 ,0 0 0
•ty g o l d c o in a n d c e r t i f i c a t e s . . . . . . . . . . .
2 1 0 ,1 7 6 .0 0 0
n y la w f u l m o n e y . . . .......................... - - - - - - 1 ,8 4 2 ,3 7 1 .0 0 0 1 .7 9 3 ,5 0 2 .0 0 0 1 ,7 5 3 ,1 2 4 ,0 0 0 1 ,7 8 2 ,6 7 7 ,0 0 0 1 ,7 6 8 .8 3 0 ,0 0 0 1 ,7 6 2 ,5 1 7 .0 0 0 1 .7 3 2 ,7 2 4 ,0 0 0 1 ,6 7 8 ,9 3 4 ,0 0 0 1 .5 9 5 ,2 3 3 .0 0 9
O y e lig ib le p a p e r ........................- - - ............ ..
1 0 5 .2 6 7 .0 0 0
9 3 .3 6 8 ,0 0 0
8 3 .6 6 8 ,0 0 0
9 0 ,-9 9 9 ,0 0 0
8 3 ,1 0 3 ,0 0 0
9 3 ,6 0 3 ,0 0 0
9 1 .9 4 9 ,0 0 0
9 9 ,9 3 3 .0 0 0
H old r e d e m p t io n f u n d -----------7 8 ,3 5 2 .0 0 0
8 7 5 ,6 5 9 ,0 0 0
8 5 0 .8 0 4 .0 0 0
2 4 2 .2 4 9 .0 0 0
8 5 4 .3 4 1 .0 0 0
8 6 4 .6 S 6 .0 0 0
8 6 7 ,1 0 5 .0 0 0
8 3 0 ,5 4 2 .0 0 0
v i t h F e d e r a l R e s e r v e B o a r d . --------8 4 9 ,1 4 4 ,0 0 0
8 7 8 .0 5 1 .0 0 0
3 ,0 3 6 ,6 9 0 .0 0 0 3 .0 0 0 ,8 6 7 .0 9 0 2 .9 5 S ,7 0 0 .0 0 0 2 ,9 8 0 .6 1 0 ,0 0 0 2 ,9 7 0 ,1 3 2 .0 0 0 2 .9 4 9 .2 4 4 .0 0 0 2 .8 9 9 .1 2 2 ,0 0 0 2 ,8 7 5 .2 5 9 .0 0 0
2 .7 6 1 ,8 1 2 .0 0 0
2 .2 6 4 8 4 3 .0 0 0 2 .1 3 4 .5 5 3 .0 0 0 2 .1 2 0 .2 9 6 .0 0 0

WXEKLV STATEMENT OF RESOURCES AND LIABILITIES OF EACH OP THE
T w o c ip h e r s (0 0 ) o m itted .

12

FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 14 m *

Boston. Nets York. Phlla. Cleveland Richmond Atlanta. Chicago. St. Lotis Mlnnsap Kan.CUy Dallas. SanFran
S
S
S
S
$
S
S
S
S
S
i
*

RESOURCES.
J o l d c o in a n d c e r t if i c a t e s -----------•3old S e t t le m e n t F u n d , F . R . B 'd
G o ld w it h F o r e ig n A g e n c i e s -------

8,372,0
3G.008,0
10.671,0

151.835.0
101.143.0
53,647,0

T o t a l g o l d h e ld b y b a n k s ...........
J o l d w it h F e d e r a l R e s e r v e a g e n ts
G o ld r e d e m p t i o n f u n d ------------------

55.051.0
68.596.0
21.054.0

306.625.0 42.055.0 63.350.0
284.417.0 81.009.0 113.319,0
1.6S7.0
8,922.0
24,773,0

T o t a l g o l d r e s e r v e s ........................
L e g a l t e n d e r n o t e s , s ilv e r , A c . . .
T o t a l r e s e r v e s ----------- ----------------p i l l s d is c o u n t e d : S e c u r e d b y G o v 
. e rn m e n t w a r o b lig a tio n s ( a ) .
A ll o t h e r ------------------ --------------------B ills b o u g h t In o p e n m a r k e t ( b ) .

1,165,0
29.199.0
11.694.0

15.503.0
2.305.0
35.861.0 36,210,0
11.986.0
7.163.0

Total.
S

24.017.0
64.547.0
17.395.0

6.495.0
12.700.9
6.870.0

8.352.0
20.781,0
3.917.0

214.9
6.897.0
33 855.0 25.403.0
7.015 * 3.801.0

24.727.0 109.959.0
55.210.0 257.909.0
6.418,0 13.529.0

25.063.0
75.135.0
4,737.0

33.030.0
33.312.0
611.0

11.935.0
41.524.0
3.861.0

31.101,0 51.075.0
834.855.0
20,0)3.1 117.321.0 1.194.319.0
2.523X
5,728.)
104.056.0

144,731,0
5,151,0

615,815,0 131.9S9.0 178,355,0 104,425,0 86.355.0 381,397,0 105.937.9
825,0
49.750.0
161,0
176.0
4 844.0
.
2,419.0

61,932.0
81.0

85.478.0
294,0

64,672.0 154.123,C 2.133.269.0
1.634,0
309,0
65,846,0

149.8S2.0

665.565,0 132.150,0 179,181,0 104,601.0

87.566.0 383.816,0 110.731.0

70.033.0

85.772X

60.393,0 164.423,0 2.200,106.0

130,236,0
28,715,0
42.0G9.0

721,344,0 182,962,0 122.339.0
98.759.0 20.894.0 26.744.0
1.297.0 07.811.0
77.596.0

68.165.0 180.941.0 43.055.0 20.519.0
37.691.0 72.097.0 21.192.0 22.073.0
12 520.0 103.674.0 28.58 l.C 22.013.0

201 020.0

T o t a l b ills o n h a n d _____________
,
O.
8 . G o v e r n m e n t b o n d s ............
539,0
0 . 8 . G o v e r n m e n t V ic to r y b o n d s
O.
8 . c e r t if ic a t e s o f I n d e b te d n e s s 21,931.0

45.679.0
48.535.0
.

10211.0

8.097.0
11,368.0
5.262.0

1 211.0

86.531.0
12.571.0
6.835,0

897,999,0 205,153.0 216.894.0 105.937.0 118,377.0 356.715.0 92.S2S.0
844,0
1.153,0
1,385.0
1,234,0
1,257.0
4.477.0
375.0
50,0
4.0
. p
75,212,0 31.046.0 24.984,0
15,665.0 39.7S1.0 17.076.0

11 86 .0

1

49.743.C 29.227.0
52.52J,
17.830.0
451,1
2,870.0

73.651.0 102.7 n .o
116.0
S.30S.G
25.0
8.451,0 12,823,1)

974,518.0 237.581,0 242.722.0 119,031.0 134.421.0 400.973,0 111.057.0 82.251.0 124.41 l.C
889.0
500.0
491.0
i)l ,v
492.0
3,994,0
508.C 2,936,0

T o t a l e a r n in g a s s e t s ___________
B a n k p r e m i s e s . . ........... ................
G o ld In t r a n s it o r In c u s t o d y In
F o r e ig n C o u n t r ie s .......................
O n c o ll e c t e d I t e m s a n d o t h e r d e 
d u c t io n s f r o m g r o s s d e p o s i t s . .
#%
r e d e m p t io n
fu n d
a g a in st
F ed eral R eserve b a n k n o t e s ..
A ll o t h e r r e s o u r c e s ................ ...........

223,490.0
1,078,0

T o t a l r e s o u r c e s _________________
L IA B IL IT IE S .
C a p it a l p a id I n __________ _________
S u r p l u s ---------------------------------------------G o v e r n m e n t d e p o s it s ______ ______
D u e t o m em b ers, reserve a cco u n t
D e f e r r o d a v a i la b i lit y I t e m s ______
A ll o t h e r d e p o s it s _________________

170,226,0 1.894.228,0 462.693.0 504.96S.0 314.205

6

94,216,0

245,816,0

89,895,0

1.072,0
488,0

2.874.0
1.461.0

1.450.0
1.114.0

S0.3S0.O 8S.669.0
1.127.0
659.0

719.0
694.0

41,794,0 115.379.0 69,103,0
831.0
739.0

1.926.0
1.282.0

24,07p,0

531.0
247.0

0265.854.0 906.312.0 292.415.0

318.0
173.0
176.875

0 .’ 9J.351.J

7.103.0
5.206.0
4.096.0
116,605,0
87,022,0
7.322.0

248.601.0
440.078.0
146.176.0

55.592.0 1.700.618.0
27.914.1
439.009.0
89.632,(
455.653.0

49.927.0 174,048,0 1,595,271.0
3.933.0
2.632,0
26,845.0
79,0
9.925,0 10,630.1. 278,538,0
“ ‘3S2.0

7S.315.P 52.174.0
957.0
5)1.0

15.348.0
29.003.0
6.724.0

549.0
413.0

400.0

2,900,734.0
12,263,0

43.758,0 1.023X74,0
655.C
2.235.0

13.003.0
10.071.0

132,747.9 198,881.0 5.159.760,0

9.449.0
4.038.0
7.774.0
4.355.C
3.448.0 12.259.0
3.057.0
22.440.0
3 .-97,1.0
3.113.9
5.443.0
56.769.0
2.519.0
5.860.0
3.S0u.O 2.505.0
9.710.0
32.922.0
5.311.0
2.329.0
3.95 7..'
2.029.0
4.578.0 . 81.0S7.0
9.220.0
2.153.0
5.661.0
1.036.0
30.609.0
5.789.0
1.846.0
2.433.0
4.1 O t.* 1.922.0
5.233.0
77.912.0
131.727.0
257.412.0
50.597.0
66.720.0
63.575.0 55.911.1. Ss.7 ;1
751.665.0 104.009.0
1 1.45 5,0 111.611.0 1,863.379.0
185.709.0 81.202.0 73.244,0 79.221.0 36.857.0 95.835.0 51.926.0 18.857.0 05.4 » ».o 35,231 X 27.427,0 842.017.0
6.132.0
3.576.0
2.728.0 10.160.0
6.733.0
3.94 4,0
43.796.0
4..) 12.,.
2 .24 JX
.
5.8H .0
98.494.0
T o t a l g r o s s d e p o s i t s ..................... 215,045,^0 1,011,779,0 197.742.0 216.764.0 151.363.0 91.808.0 173.677.0 129.013.0 73.591.0
1 1 2 ,1 1 1 . 0 91.507.0 153.387.0 2.881.832.0
W . R . n o t e s In a c t u a l c i r c u l a t io n . 218,358,0
141.311.0
!(>4,S90,0
220.593.0
248.080.0
151.376.0
138.282.0
755,745,0
53.612.0 93,95 J.O 63.271.0 120.974.0 2.808.456.0
*
R . b a n k n o t e s In c ir c u la t io n
— n o t l i a b i l i t y .................................... 21,332,0
7 039.0 18,918.0 10,971.0 11,329,0 257.281.0
55.365.0 27,669.0 21.602.0 11.532.0 14.525.0 49,693.0 15.250.0
A ll o t h e r l i a b ili t ie s ...............................
3,182,0
8.213.0
1.844.0
3.604.0
1.832.0
5.077,0
15.977.0
1.617,0
.39 l.o
2,213.0
3.170,0
1,217.0
44.335.0

2 011.1

1

T o t a l li a b ili t ie s ...............................
M e m o r a n d a — C o n t in g e n t lia b ilit y
D is c o u n t e d p a p e r r e d is c o u n te d
w it h o t h e r F . R . b a n k s ...........
B a n k e r s ' a c c e p t a n c e s s o ld to
, oth er F . R . b a n k s ...

B; 111UUUDO Utita uiowuuvuu

aw*

o t h e r F . R . b a n k s , v i s _________
b ) in c l u d e s b a n k e r s ' a c c e p t a n c e
W i t h t h e ir e n d o r s e m e n t ...........
W i t h o u t t h e ir e n d o r s e m e n t . .

T w o c ip h e r s ( 0 0 ) o m itted .

470.226,0 1.894,228,0 462,693.0 594,908.0 314,205.0 265,854,0 306,312.0 292,415.0 176,875.0 190,355.0 182,747.0 398.831,0 5.159,700,0
as endors er on:
...........
20,245.0

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

2.1,155.0

...........

...........

...........

..........

......

...........

......

..........

..........

P h lla .

C lev ela n d

21,155,6
,10,164,0
45.034.0

25.065.0

N e w Y o rk .

21.155,0
20.245.0

bought fr om other F. R "banks:

B o s to n .

..........

....

R ich m on d

A t la n t a .

C h ica g o .

21.155.0

..........
10.081,0
15.070,0

...........

...........
8.494.0

S t. L o u is . M l n n e a p . K a n .C U y .

D a lla s .

San F ra n .

20.245.0
93.571.0

T o ta l.

Tad e ra ] R e s e r v e n o t e s : ,
t
S
S
S
S
S
i
S
*
i
S
S
S
R e c e iv e d f r o m C o m p t r o l l e r . . . 4 5 0 .6 8 0 .0 1 .S 7 2 ,3 0 0 ,0 4 5 6 .7 5 0 .0 1 4 8 .5 6 0 .0 2 9 0 , IS C ,0 2 8 7 ,0 0 0 .0
7 8 8 .5 0 0 .0 2 8 1 .7 8 0 .0 1 4 5 ,4 8 0 ,0 1 9 0 ,8 6 9 .0 1 3 1 ,7 4 0 ,0 3 7 2 .1 2 0 .0 5 . 7 4 6 .2 8 0 . 0
R e t u r n e d t o C o m p t r o lle r ______ 1 7 5 .8 1 7 .0
9 0 4 ,4 4 9 .0 2 2 5 .4 5 4 .0 1 5 8 .6 1 4 .0 1 1 9 ,2 3 2 ,0 8 3 ,2 7 1 ,0 2 5 9 .3 1 6 .0 1 0 1 .8 7 1 .0 5 0 ,8 7 2 ,0 7 9 ,2 9 9 ,0
4 5 ,2 6 7 ,0 1 1 1 .4 7 6 .0 2 .3 1 4 .9 0 8 . 0
C h a r g e a b le t o F . R . A g e n t . . . 2 7 4 ,8 6 3 ,0
I n h a n d s o f F . R . A g e n t _______
4 4 ,4 8 0 ,0
I s s u e d t o F . R . B a n k , le e s a m t .
r e t u r n e d t o F . R . A g e n t fo r
re d e m p tio n :
2 3 0 ,3 8 3 ,6
O o lla t 'l s e c u r it y f o r o u t s t 'g n o te s :
G o l d c o in a n d c t f s . o n h a n d . .
O o l d r e d e m p t i o n f u n d _________ 13",596,6
G o l d S o t 'm 't F u n d , F . R . B ’ d . 5 5 ,0 0 0 .0
E li g ib l e p a p e r , m ln 'm r e q u ire d 1 6 1 ,7 8 7 ,0
T o t a l ___________________________ 2 3 0 ,3 8 3 ,0
A m o u n t o t e ll g lb l o p a p o r d e llv e r e d t o F . R . A g e n t ___________ 2 01 ,020,0
F . R . n o t e a o u t s t a n d i n g ___ . . . . . 2 3 0 ,3 8 3 ,0
1 2 ,0 2 5 ,0
F.

R.

n o t e a (n a c t u a l c ir c u l a t io n . 2 1 8 .3 5 8 ,0




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

9 4 ,6 0 8 ,0 1 1 1 .5 6 1 ,0
9 .2 S 0 .0
6 , 210,0

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

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

8 5 .2 3 8 .0 1 0 5 .3 5 1 ,0

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

3 0 .1 2 5 .0
1 8 3 .7 4 0 .0
1 5 ,6 7 7 ,0 15’ ,6 2 0 .6 1 3 .1 9 4 .0
8 5 .0 0 0 ,0 6 5 .3 S 9 .0 7 0 ,0 0 0 ,0
5 5 8 .4 3 4 .0 1 5 1 .7 0 7 .0 1 4 6 .1 8 7 .0

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

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

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

5,204,6
6 9 .9 3 1 .0
8 5 .3 0 4 .0

3 .'6 3 4 “6
3 6 .8 6 0 ,0
C 4 .S 2 7 .0

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

8 5 .3 2 8 .0 1 0 5 .3 5 1 ,0

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

8 9 7 .0 1 8 .0 1 0 6 .4 8 8 .0 2 1 5 .9 3 5 .0 1 0 1 .8 4 4 .0 1 0 5 .4 2 7 .0 3 5 6 ,0 0 0 .0 9 2 ,7 6 4 ,0
8 4 2 .8 5 1 .0 2 3 2 .7 1 6 .0 2 5 9 .5 0 6 .0 1 4 6 .0 9 1 .0 1 5 8 .1 7 4 .0 4 9 2 ,8 0 4 ,0 1 0 0 ,4 3 9 ,0
1 1 ,4 2 0 ,0
4 ,7 9 8 .0 27 ,00&»U 2 2 ,1 5 7 ,0

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

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

7 5 5 .7 4 5 ,0 2 2 0 .5 9 3 ,0 2 4 8 ,0 8 0 .0 H * 1.31,1,0 1 5 1 ,3 7 6 ,0 4 6 4 .8 9 6 ,0 1 3 8 ,2 8 2 ,0

8 3 ,6 1 2 ,0

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

9 8 ,9 5 9 ,0

T H E C H R O N IC L E

1968

an k ers'

© a le tte

♦

W all Street, Friday N ight, N ov. 21 1919.
Railroad and Miscellaneous Stocks.—The echo, so to
speak, of last week’s drastic fall in prices was distinctly felt
in Wall Street on Wednesday, when some of the speculative
industrial issues dropped from 10 to 15 points and reached
a level below that of the first decline. As on the former
occasion, however, the market rebounded with vigor and in
a few cases prices have fully recovered. It is easier to de
scribe this movement than to tell of its causes. By some
they are attributed to the rejection of the Peace Treaty by
the U. S. Senate, by others to the depression of European
exchange in this market to less than $4 00 per pound sterling
and by still others it is regarded as the logical result of ex
cessively inflated prices in the stock market itself. Perhaps
all these and other factors have had an influence.
Southern Pacific declined 12 3^ points on the announce
ment of a Supreme Court decision adverse to the Company,
in the matter of ownership of extensive oil lands and at the
same time, perhaps in sympathy, Union Pacific was 7% and
Texas & Pacific 6% points lower than early in the week.
Otherwise the railway list has been relatively steady, although
closing an average of 1 to 2 points below the best prices.
On the other hand, with widely varying net results, Cru
cible Steel has covered a range of 45 points, General Motors
24, American Tobacco 22, Mex. Petroleum 15, Atlantic
G. & W. I. 11% and Baldwin Locomotive and U. S.Ind.
Alcohol 10, as a result of the week’s operations.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
W eek e d in g N o v .2 1.

R ange fo r

S ales
fo r
W eek

L o w e s t.

W eek .

R a n ge s in ce J a n . 1.

H ig h e st.

L o w e s t.

P a r S h a res S p e r s h a re .
S p e r sh a r e .
5 0 0 85
N o v 21 8 654 N o v 2 0
A m B rake S & F d y _ -1 0 f
A m e r i c a n E x p r e s s . . . 1 0 ( 2 ,7 0 0 8 5 H N o v 20 8 9 5 4 N o v 18
1 ,0 0 0 TO
N o v 15 1354 N o v 18
A n n A r 'o o r .............. — 10(
300 20
N o v 15 21
N o v 17
P r e f e r r e d ___________ 10(
1 0 0 10514 N o v 18 10554 N o v 18
B a l d w i n L o c o m p r o f . 1 Of
N o v 20
100 93 . N o v 20 93
B a r n e t L e a t h e r , p r e f ------3 0 0 5 4 M N o v 21 5 4 5 4 N o v 21
B u f f & S u s .j , p r e f v t c . l O f
2 0 0 120.
N o v 19 1 2 0
N o v 15
C a l i f Packing p r e f . . . 1 0 0
100 46
N o v 19 4 6
N o v 19
C e n t F o u n d r y p r e f . .1 0 0
N o v 19
1 0 0 181
N o v 19 181
C e n tra l R R o f N J — 100
N o v 18 1 0 'A N o v 17
3 0 0 10
C h i c a g o & A l t o n --------1 0 0
8
200
N o v 17
8 5 4 N o v 17
C h i c & E I lls c t f s d e p . .
N o v 17
800
9
N o v 17 10
P r e f c t f s o f d e p -------------N o v 19
N o v 21 9 9
4 0 0 98
C S t P M & O m p r e f . 100
N o v 18 5 6
N o v 18
100 56
C r e x C a r p e t ----------------- 1 0 0
5 V% N o v 17
5 5 4 N o v 17
100
D u lu t h S S & A t la n .,1 0 0
854 N o v 17
200
S X N o v 18
P r e f e r r e d _____________1 0 0
154 N o v 15
X N o v 18
F a m o u s P ln y - L a s k r ig h t s 2 1_ ,9 0 0
,3 0 0 9 4 X N o v 21 955 4 N o v 17
G e n C ig a r d e b p r e f . . 1 0 0 1 ,3
N o v 19
N o v 18 6 7
3 0 0 66
H o m e s ta k e M in in g . .1 0 0
1 0 0 9 2 J * N o v 18 9 2 5 4 N o v 18
In te r n a t N ic k e l p r e f. 100
6
5
N
o v 19
6
5
N
o
v
19
1
0
0
I n t e r n a t i o n a l S a lt — 1 0 0
100 95
N o v 17 9 5 54 N o v 17
K e lly S p r in g ! 6 % p f.1 0 0
N o v 17
N o v 17 9 9
100 99
K e ls e y W h e e l p r e f — 100
54 N o v 15
X N o v 19
L e e R u b b e r & T r i g h t s . . 3 .5 0 0
N o v 18
N o v 21 7 4
M a r l i n - R o c k v t c . n o p a r 1 .5 0 0 68
3
8
5
4 N o v 17
3
8
1
4
N
o
v
17
ICO
M a t h i e s o n A lk a li W k s 5 0
N o v 15
M a x w e l l M o t o r c t f d e p . . 1 ,6 0 0 3 7 X N o v 2 0 4 3
N o v 19 6 9 3 4 N o v 18
5 0 0 66
1s t p r e f c t f s d e p -----------N o v 18
3 0 0 3 2 5 4 N o v 19 3 3
2 d p r e f c t f s d e p -----------N o v 18
2 0 0 9 5 J 4 N o v 18 9 6
M St P & S S M pref. 100
N o v 19
5
5
5
5
N
o
v
19
2
0
0
Leased line stock. .100
N o v 17
N o v 17 100
100 100
Montana Power pref. 100
_
N o v 18
N o v 18 7. 0
13 7 0
M o r r i s & E s s e x ------------5 0
N o v 17 11254 N o v 2 0
4 0 0 111
Nash Chatt
St L ..1 0 0
N o v 18 6 954 N o v 21
40 0 67
Norfolk <fc West pref. 100
1 ?4 N o v 15
54
N o v 19
,0
0
0
4
0
Pan-Am P & T righ ts...
N o v 17
N o v 17 16
2 0 0 15
Peoria & Eastern------ 100
1 0 0 9 2 J4 N o v 17 9 2 5 4 N o v 17
Pitts Steel pref----------100
N o v 18
N o v 18 101
4 0 0 101
Remington 2d pref.-100
1 0 0 10 4 J 4 N o v 19 10 4 5 4 N o v 19
Royal Dutch Am shares .
N o v 20
N o v 2 0 18
1 8 0 18
Rutland, pref------------ 100
N o v 20
1
N o v 20
1
150
Saxon Motor rights-------N o v 17
N o v 2 0 118
1 0 0 117
Sears, Roebuck, pref.100
N o v 21
N o v 21
7
7
Seaboard A L tr ctfs------ 6 ,2 0 0
N o v 21
N o v 21 15
Preferred trust ctfs— 2 ,6 0 0 15
N o v 15
2 0 0 2 1 5_
N o v 18 2 2 5_
So Porto Rico Sjigar.100
854 N o v 20
854 N o v 20
100
Standard Mill rights-----N o v 21
N o v 19 7 0
5 ,8 0 0 6 3
Texas Co rights.......... ..
U
Ind Alcohol rights.. 9 ,9 0 0 3 9 5 4 N o v 17 4 2 5 4 N o v 15
N o v 17
N o v 19 2 5
300 20
Vulcan Detinning---100
5 0 0 6 5 3 4 N o v 19 6 5 5 4 N o v 21
West'h’se E & M pref .50
200100'
N o v 19 1 0 0
N o v 19
Weyman Bruton pref 100

'A

&

H ig h e st.

3 p e r sh a r e . $ p e r s h a r e .
85
N o v 97
J u ly
M ay
7 654 S e p t 103
1
A p r 1 3 14 N o v
O ct 21
N ov
J a n 11154 J u n e
O c__t 9 5
N ov
A p r 5454 N o v
M a r 12 0 5 4
Oct
A p r 7454 J u ly
S e p t 213
Aug
754
J a n 1254 M a y
554
O c t 1354 J u ly
854 N o v 1754 J u l y
98
"
N o v 107
J u ly
48
M a r 79
J u ly
254 F e b
634 J u ly
5 3 4 A p r 1154 J u ly
1
N ov
134 N o v
9 4 5 4 N o v 101
Aug
Feb
O c t 100
O ct 9734 M a y
F eb 65
N pv
June
9054
Jan 100
89
J a n 10054
O ct
34 N o v
154 N o v
6 154 J u ly 8 0 3 4 A p r
O ct
25
M a r 43
N ov
3734 N o v 43
66
N o v 6934 N o v
N ov
3254 N o v 33
9 5 5 4 N o v 10954 M a y
55
O c t 6054
O ct
100
N o v 106 5 4 F e b
M ay
7154
Jan 72
111
N o v 11954 M a y
J u ly
67
N o v 76
354
O ct
34 N o v
J u ly
454 M a r 2 0
9054
Jan 9954 M a y
N ov
9 5 5 4 A u g 101
7034
J a n 1 2054 J u ly
N ov
17
A u g 18
N ov
1
1
N ov
M ar
11554 N o v 1 2 0
N ov
7
7
N ov
N ov
N o v 15
15
O ct
Jan 257
132
O ct
N ov
8
N ov
N ov
63
O ct
O c t 4634
34
Jan 2954
O ct
12
M ay
F eb 70
61
N ov
N o v 100
100

[V o l . 109

in a few issues. Among the latter Southern Pacific conv..
5s are conspicious for a drop of over 7 points on the success
of the Government in its action to recover possession of
oil bonds claimed by the S. P. Company. Inter. Rapid
Transit 5s and Inter. Met. 4%s were also notably weak,
showing a loss of 2% and 4 points respectively. Some of theindustrials have shown a tendency to decline including Am,
Tel. & Tel., Rubber and Wilsons. On the other hand
Consol. Gas and New York Centrals have been relatively
strong and Union Pacific 4s and U. S. Steels are unchanged.
United States Bonds.—Sales of Government bonds at
the Board are limited to $1,000 4s conf. and the various
Liberty Loan issues.
To-day's prices are given below.
see fourth page follow in g.

For weekly and yearly range-

D a i l y R eco rd o f L ib e r t y L o a n P r ic e s . N o r . 1 5 . N o v . 1 7 . V o r . 1 8 . AT00.19. N o v . 2 0 . N o v . 2 1 .
F ir s t L ib e r t y L o a n
3 M s , 1 5 -3 0 y e a r , 1 9 3 2 -4 7

(H ig h
(L o w .
(C lo s e
T o t a l s a le s In $ 1 ,0 0 0 u n i t s -----------S e c o n d L ib e r ty L o a n
f H ig h
4 s , 1 0 -2 5 y e a r c o n v , 1 9 4 2 ( L o w .
I C lo s e
S e c o n d L ib e r t y L o a n
4 s , c o n v e r t i b l e , 1 9 3 2 -4 7

( H ig h
(L o w .
(C lo s e

T h ir d L ib e r ty L o a n
4 > fs o f 1928

( H ig h
(L o w .
(C lo s e

T h ir d L ib e r t y L o a n
( H ig h
4 ) ^ 8 o f 1 s t L L c o n v , ’ 3 2 -’ 4 7 ( L o w .
(C lo s e
T h ir d L ib e r t y L o a n
( H ig h
4 > i s o f 2d L L c o n v , ’ 2 7 -’42 (L o w .
(C lo s e
F o u r t h L ib e r ty L o a n
4 J i s o f 1 9 3 3 -3 8

( H ig h
( Low .
(C lo s e

F o u r t h L ib e r t y L o a n
( H ig h
4 > £ s ,ls t L L 2 d c o n v ,’ 3 2 -4 7 ( L o w .
(C lo s e
T o t a l s a lo s In $ 1 ,0 0 0 u n i t s ________
V ic t o r y L ib e r ty L o a n
(H ig h
4 j ^ s c o n v g o l d n o t e s ,’ 2 2 - 2 3 ( L o w .
(C lo s e
T o t a l s a le s In $ 1 ,0 0 0 u n i t s ________
V ic t o r y L ib e r t y L o a n
( H ig h
3 X b , c o n v g o l d n o t e s , ’ 2 2 -2 3 ( L o w .
(C lo s e
T o t a l s a le s In $ 1 ,0 0 0 u n i t s ________

1 0 0 .4 4
1 0 0 .2 C
1 0 0 .4C
216
93.1C
9 2 . 9C
9 3 .0C
84
9 4 .7 0
9 4.7C
9 4 .7C
15
9 4 .6 8
9 4 .5 4
9 4 . 6C
741
9 4 .7 0
9 4 .7 0
9 4.7C
13
9 3 .1 2
9 3 .0 0
9 3 .0 8
629
9 3 .1 8
9 3 .0 6
9 3 .1 2
1 ,8 0 9

1 0 0 .4 0
1 0 0 .3 0
1 0 0 .3 0
268
9 3 .0 4
9 2 .5 0
9 2 .5 0
239
9 4 .7 0
9 4 .7 0
9 4 .7 0
87
9 4 .6 0
9 4 .4 8
9 4 .5 4
2 ,1 2 6
9 5 .0 0
9 4 .6 0
9 4 .8 6

9 9 .3 6
9 9 .2 2
9 9 .3 4
881
9 9 .3 8
9 9 .3 6
9 9 .3 6

110

1 0 0 .4 0

1 0 0 .3 0

100.12
100.12

100.00
100.12
1 ,7 6 8
9 2 .5 0
9 2 .3 0
9 2 .5 0
374
9 4 .4 0
9 4 .4 0
9 4 .4 0
26
4 9 .4 0
9 4 .3 0
9 4 .3 8
3 ,3 4 1
9 4 .5 0
9 4 .5 0
9 4 .5 0

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

1 ,1 5 9
9 2 .8 0
9 2 .4 0
9 2 .4 0
288
9 4 .5 0
9 4 .5 0
9 4 .5 0
69
9 4 .5 0
9 4 .3 6
9 4 .4 0
2 ,8 1 4
9 4 .6 0
9 4 .5 0
9 4 .5 0
92
9 3 .1 2
9 2 .9 2
9 3 .0 0
1 ,7 8 1
9 3 .0 6
9 2 .9 6
9 3 .0 6
3 ,5 4 1

9 9 .4 0
9 9 .2 8
9 9 .3 4
1 ,5 0 2
9 9 .3 6
9 9 .2 8
9 9 .3 2
827

9 9 .3 0
9 9 .2 6
9 9 .3 0
2 ,4 6 6
9 9 .3 8
9 9 .2 8
9 9 .2 8
854

100

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

1 0 0 .1 2

1 0 0 .0 8

100.00

1 0 0 .0 4

1 0 0 .0 8
1 ,3 8 5
9 2 .4 0
9 2 .3 0
9 2 .4 6
408
9 4 .4 0
9 4 .3 0
9 4 .3 0
15
9 4 .4 2
9 4 .3 0
9 4 .3 6
1 ,9 0 6
9 4 .6 4
9 4 .5 0
9 4 .5 0
123
9 3 .0 0
9 2 .8 4
9 2 .9 2
1 ,6 9 5
9 2 .9 8
9 2 .8 6
9 2 .9 4
3 ,0 4 9
_____
....
---....
9 9 .3 2
9 9 .2 4
9 9 .2 8
2 ,3 0 1
9 9 .3 2
9 9 .2 0
9 9 .2 6
287

100 .10
556
9 2 .4 6 9 2 .2 8
9 2 .3 0
186
9 4 .4 0 ’
9 4 .3 0
9 4 .3
6S
9 4 .3 6
9 4 .2 0
9 4 .2 2
2 .6 9 a
9 4 .5 0
9 4 .4 0
9 4 .4 7

66
9 2 .8 0
9 2 .7 0
9 2 .7 0
2 ,1 5 4
9 2 .9 2
9 2 .7 4
9 2 .7 7
2,90(5.
1 0 0 .9 ,.
1 0 0 .9 „
1 0 0 .9 ®

1
9 9 .3 2
9 9 .2 2
9 9 .2 8
2 ,4 4 8 9 9 .3 0
9 9 .2 4
9 9 .3 0
955

Foreign Exchange.—Sterling, this week broke through
the $4 rate, and at one time touched $3 99%.
T o -d a y ’s (Friday's) actual rates for sterling exchange wore 4 0 0 @ 4 0134
for sixty days, 4 0 3 3 4 @ 4 0534 for checks and 4 0 4 3 i@ 4 06 for cables.
Comm ercial on banks, sight, 4 0 4 3 4 @ 4 0454: sixty days, 3 9 8 3 4 @ 4 0 0 3i
ninety days, 3 9 6 3 4 @ 3 9 8 )4 . and docum ents for paym ent (sixty d a ys),
3 9 8 3 4 , @ 4 0 0 a n d ir r a i n f o r n a v m o n t

d OdXC trhd 0.1 V i ' r n t .t n n f n r n n v m n n t .

4 0 4 % @ 4 0454T o -d a y ’s (F riday’s) actual rates for Paris bankers’ francs were 9 7 4 @ 9 82
for long and 9 6 6 @ 9 74 for short. Germ any bankers’ marks are not y e t
quoted for long and short bills. Amsterdam bankers’ guilders were
36 15-16@ 36 13-16 for long and 37 5-16 @ 37 3-16 for short.
Exchange at Paris on L ondon , 39.10 fr.; week’s range, 39.01 fr. high and
39.35 fr. low .
T he range for foreign exchange for the week follows:
S te r lin g A c tu a l—

H igh for the w eek__________________
L ow for the w eek___________________

S ix ty D a y s .

C h eck s.

C a b les.

4 0634
3 9634

4 1034
3 9934

4 11
4 0034

9 64
9 90

9 53
9 79

9 51
9 77

-----------

2 50
2 10

2 12

P a r is B a n k ers' F ra n cs— •

High for the week__________________
Low for the w eek___________________
G erm a n y B a n k ers’ M a r k s ~

H igh for the w eek---------------------------L ow for the w eek-----------------------------A m s ter d a m

2 52

B a n k e r s ’ G u ild ers—

H igh for the w eek__________________
37
36
L ow for the w eek___________________
Domestic Exchange.— C hicago, par.
discount. B oston, par. San Francisco,
$1,000 prem ium . Cincinnati, par.

5-16
3734
3754
11-16
37 34
37 5-16
St. Louis, 1 5@ 2 5c. per $1,000
par, M on treal, $45,625 p er

Outside Market.—Heavy selling pressure in the foro part
of the week was responsible for an exceptionally weak tone
in “curb” stocks and declines were pronounced. Later a.
better tone developed and part of the losses wore recovered.
Allied Packers sold down from 41 to 35 and sold finally at
36%. A. T. Securities lost almost 7 points to 60% and ends
tho week at 61. General Asphalt com. dropped from 138 to
119 and recovered finally to 123%. Indian Paoking re
ceded from 21% to 18 and closed to-day at 18%. Mercer
Motors was down six points to 32, a new low reoord, but
recovered finally to 36. Hendeo Mfg. broke from 53% to 42
and sold finally at 47. Loow’s, Inc., was conspicuous for a,
decline from 33% to 30. It closed to-day at 31. Loft, Inc.,
from 27% weakened to 23% and recovered to 25%. Root
& Vandervoort after early advance from 54 to 55 fell to 50%
and recovered finally to 53%. Submarine Boat moved up
at first from 16% to 18%, then down to 16, with tho final
figure to-day 17%. Tobacco Products Exp. dropped five
points to 27 and recovered to 28%. United Retail Stores
Candy reacted from 19% to 15 and closed to-day at 15%.
Vanadium Steel lost six points to 50% but recovered to 54%.
In oil shares Simms Petroleum was erratic. Advancing at
first from 41% to 45% it fell to 41% and again moved
upward, reaching 46%. The close to-day was at 45%.
Carib Syndicate, new, sold down from 49% to 41% and up
to 47%, the final figure to-day being 46%. Commonwealth
Petrol, lost 3% points to 43% and ends the week at 46.
declined from 36 to 31% and recovered to
State and Railroad Bonds.—No sales of State bonds Guffey-Gillespie
34%. Internat. Petrol, dropped from 60 to 53 and ends tho
have been reported at the Board this week.
The market for railway and industrial bonds has been week at 53%. Invincible Oil lost five points to 35 and
dull and generally heavy, notwithstanding unusual activity finished to-day at 38.
8

T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K E X C H A N G E
D A IL Y . W E E K L Y A N D Y E A R L Y .

W e e k e n d in g
N o v . 21 1 9 1 9 .

T u e s d a y ---------------------

F r i d a y _______________

T o t a l ...........................

S ta te, M u n .
& F o r e ig n
B onds.

S h a r es.

P a r V a lu e .

R a ilr o a d ,
A c .,
B onds.

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

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

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

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

$ 1 4 ,4 7 3 ,0 0 0

S to ck s.

N e w Y o r k S tock
E xch an ge.

1919.

1918.

$ 9 2 0 ,0 0 0
7 8 1 .0 0 0
5 4 2 .0 0 0
9 9 8 .0 0 0
7 8 7 .0 0 0
1 ,8 9 0 ,0 0 0

U n ite d
S la tes
B on d s.

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

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

1919.

1918.

1 2 8 ,6 3 6 ,2 7 9
2 8 6 .3 0 7 ,1 7 3
3 ,0 1 5 ,2 6 0
S to ck s— N o . sh a res—
6 ,8 7 3 ,6 5 2
$ 1 2 ,0 2 3 ,4 0 7 ,9 1 5
P a r v a l u e . .............. —
$ 6 2 4 ,4 2 6 ,7 0 0 $ 2 8 0 ,2 3 5 ,2 5 0 $ 2 6 ,1 1 8 ,3 1 1 ,2 8 0
$ 1 9 ,7 0 0
$ 4 7 ,2 0 0
B a n k s h a r e s , p a r ---------B onds.
$
1
,0
8
0
,1
0 7 ,0 0 0
$
2
,2
7
9
,8
9
7
,8
0
0
G overn m en t b on d s—
$ 6 8 ,3 7 0 ,0 0 0 $ 4 2 ,4 3 5 ,0 0 0
2 4 4 .0 3 0 .0 0 0
2 4 8 ,7 7 1 ,5 0 0
6 .7 1 5 .0 0 0
5 ,9 1 8 ,0 0 0
S t a t e , m u n ., < t c ., b o n d s
3 0 1 .5 4 7 .0 0 0
4
8
3
,2
3
2
,0
0
0
9
.5
9
5
.0
0
0
1 4 ,4 7 3 ,0 0 0
R R . a n d m ls c . b o n d s . .
T o t a l b o n d s -----------------




$ 8 8 ,7 6 1 ,0 0 0

$ 5 3 ,7 4 5 ,0 0 0

$ 3 ,0 1 1 ,9 0 1 ,3 0 0

$ 1 ,6 2 5 ,6 8 4 ,0 0 0

New York Stock Exchange— Stock Record, Daily, Weekly and Yearly

19G9

O C C U P Y IN G T H R E E P A G E S
F o r r e c o r d o f s a le * d u r i n g t h e w e e k o f a to c k a u s u a lly In a c t ! r e , a e e p r e c e d i n g p a g e

B IQ B
S a tu rd a y
N o v . 15

A N D L O W S A L S P R IC K S — P E R S H A R E , N O T P E R C E N T .
M onday
N o v . 17

T uesday
N o v . 18

W ed n esd a y
N o v . 19

T h u rsd a y
N o v . 20

F r id a y
N o v . 21

$ p e r sh a re
$ p e r s h a re
* per sh a re
S p e r sh a re
$ p e r sh a re
% p e r sh a re
9012 9 1 l2
91
9112
90*2 92*8
88*8 89*4
88U 90
88*4 89*4
79
795g
7 8 78 7 9
78*4 7 9 U
79
79U
7 8 78 7 9
78*4 7 9
9
Q
12
10
*9
9
93s
10*4
*9*8 11
* 8*2
9
9 4 7s 9 5
94
94*2
943g 94*2
9 5 ig 9 6
9 5 78 9 5 78
9 4 l j 9412
40
40
40
39U
391 2 4 0
39
393s
383s 3 9
38*4 3 8 78
51
51
*51
50
51*2
51
50
50
4 9 78 5 0
50*8 50*8
19
19*8 19*8
1 8 'g
19
20*8
18*2 19
1 9 78 1 9 78
18*4
19
14*2
1 4 l2
14
14
1478 1 4 78 * 1 4
15
15
15
14*s
15
148
14812 14 7 U 149
1 4 4 7s 145*4
1 4 0 t4 1 4 8 '4
146
147*2 144"g 1 4 7
58
58
5734 5S*2
59*8 6 0
59
59
611*
61*2
5 7 7s 5 S 7s
9 7s
9*4
9*2
9*2
9*4
9*2
93 4
9*4
9 78
9*4
9*4
9 78
*27
28
25
26
*26
*26
271*
25*8 2 6
28
25
25
42
423 4
44
42*8 43*4
43
42
42*g
45*s
43*2 4514
4412
62*8 6 3
65*4 65V3
64
62*2 62*2
63
62
63
6 5 78
64*8
92*2 9 3
92
93
92
92
92*4 931*
93
94
91*2 92*2
*120
122
*120
122
121*8 123
121
121
*120
122
*120
122
27*2 2 8
27*2 2734
29*8 3 0
29
28
27
2 8 38
30
29*8
76
74
75
74
74
7614
73*2 7434
75
76*8
75R
76*8
*65
63
63
63
66
63*4
64
63
63
64>8 6 5
64U
*62
64
64
64
45
45
47
*42*2 4 8
47
47
4 8 l2
43*4 4 5
49
48
*66
70
*65
68
68
*66
68
66*4 66*4 * 6 6
*23
25
24*2
24
25>4
24*4
23*8 23*8
2 5 l8 25*8
*52
54
—
—
52
53
53
52
53
53
52
*46
104
*101
104*4 104
10 4
102
1023 4 1 0 4
104
10 4
1 0 2 78 1 0 3
*182
187*2 187*2
190
*182
189
189*4 190'.[ 187*4 187*4 189*2 1 9 0
*8
10
*8
8*2
8*2
*8
*8
*8
9*2
9<2
9*2
014
1534 16*4
15*2 16*2
17*2 17*2
17
1 7 i2
15*2 16*8
1 7 78
1 6 '2
15*8 15*4
15*4 153s
16*8
15
15*4
15*4
1 5 7s 16*8
15*8 16
2 4 78 2 5
24*4 2434 *24*4 2 4 78
26*4 203 4
25
2 5 lg 26*8
2512
1 7 78 18
17*8 17*8
18*4
18*4
18*4 *17*2 18*2
18*4
1 8 iS 18*8
84*s
841
2
84*8 8 4 78
84
853S
86
85*2 8078
8
7
85*8
8512
40
403 4
39
40*2
41
4 U .i
401*
39
38*2 39*4
4 0 U 40*4
* 8*2 10
* 8*2 10
8*2
8*s
10
*8*4
9
* 8*2 10
8i2
*
3
4
35*2
*
3
4
35*2
*34*2
35*2
3512
3 6 1 2 36*2 * 3 2
37
*3412
903g 9 1 U
91*4 92
92
93*.|
91
93
9 3 78
9 3 U 93*2
5 i2
5*4
5*4
5*8
5*8
5*.<
.Vs
5*4
5*4
5*8
5U
514
16
16
16*2 163 4
16i*
16
16
16*3
1 6 78 1 8
16*4 1 6 78
*6
8
*1 8
1 8 l2
18
1S12 19
ls u
19
1S U
19*4
1 9 7s 20
*48
50
49
49
52
49
48U
49
* 4 8 l2 49
*48
*9
11
93 4
9*4
9*4
*9
10
*9*4
* 9 78 IO I 2
9 78
9 78
*17*2 22
22
*1 7 1 2 22
*17>2 22
* 1 7 1 2 22
*1712 20
443 4 45*4
441» 46*8
451*
4 4 78 4512
45*8 46*8
45*4 4612
114
114
109
11 3
116*8 114
1 1 4 7s 1 147s 1171 s 1161s 116*4
50
51
5 3 *4
531 2 5 4 's
54
52
5 2 7s
541 2
54
53U
16
17
15*4 15*4 * 1 5
151*
17
17*4
16
18
18
84*2 841 2
8 f>
86
86
84
84
12
12*4
12
11*8 1134
12
1278
I H 4 1H 2
1234 13
16*1
16*4
*17
19
1GU *16*4 18
• lG lg ' 18
*1612 19
2 9 7s
27*8 281S
28U
29*2 3012
2 S 12
29*8 30*4
2714 2 8
46
4 61» 4 8
47*4
46*4
48*8 48*8
47*8 48*2
4512 46*4
63 4
63 4
0*4
S4
7
7
4612 46*8
46*8
4 6 '4 4 6 i 4 * 4 6
47
74
73
73
731 2 751 2
73*4
73*4 7 5
75*4
73*4
73
73>2
*30
30
*28
30
*28
30
31
30
30*2 3012
29
*28
*04
70
*04
*64
*6 3
*6 3
70
70
70
70
*63
70
*4 3
40
*4 3
*43
47
44
44
45
45
46
*43
46
34
3
3
34
31*4
34*4
3314 34*4
3 2 i2
32
33R
3 2 l2
19
19*4
19
19
19*4
19
1 9 iS 19*8
1S78
19
*18*4
14
14
14
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1 .2 0 0
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8 .6 0 0
3 .3 0 0
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STOCKS
N EW Y O R K STOCK
EXCHANGE

R a ilr o a d s
Par
A tc h T o p e k a A S a n ta F e .,1 0 0
Do
p r e f ____________________ 100
A t l a n t a B i r m & A t l a n t i c . .1 0 0
A t l a n t i c C o a s t L in e R R . . 1 0 0
B a l t i m o r e & O h i o ___________ 1 0 0
Do
p r e f ___________
100
B r o o k l y n R a p i d T r a n s i t . . 100
C e r t i f i c a t e s o f d e p o s i t ________
C a n a d ia n P a c i f i c .......................100
C h e s a p e a k e & O h i o _______1 1 0 0
C h ic a g o G r e a t W e s t e r n . . . 100
D o p r e f ..................................... 100
C h ic a g o M llw A S t P a u l . . 100
D o p r e f ____________________ 100
6 .2 0 0 C h i c a g o A N o r t h w e s t e r n . . 1 0 0
1 .1 0 0
D o p r e f ..................................... 100
1 9 ,7 0 0 C h i c R o c k I s l A P a c ________ 1 0 0
2 .6 0 0
7 % p r e f e r r e d ______________ 1 0 0
3 .2 0 0
6 % p r e f e r r e d ______________ 1 0 0
100 C h ic S t P M in n A O m a h a
100
3 .1 0 0 C l e v C ln C h i c A 8 t L o u i s . . 1 0 0
100
D o p r e f ..................................... 100
1 .4 0 0 C o l o r a d o A S o u t h e r n _______1 0 0
300
D o 1 s t p r e f _______________ 1 0 0
Do
2 d p r e f _______________ 100
1 ,6 0 0 D e la w a r e A H u d s o n ________1 0 0
7 0 0 D e la w a r e L a c k A W e s t e r n . . 5 0
3 0 0 D e n v e r A R i o G r a n d e ___ 1 0 0
Do
p r e f ...................................100
1 1 ,5 0 0
7 .0 0 0 E r i e .................................................... 100
Do
1st p r e f ______________ 100
3 .4 0 0
Do
2 d p r e f _______________ 100
700
1 8 ,0 0 0 G r e a t N o r t h e r n p r e f ________1 0 0
Iron O re p r o p e r tie s . . N o pa r
1 6 ,1 0 0
7 0 0 G u l f M o b A N o r t r c t f t ___ 1 0 0
P r e fe r r e d ______ _____________ 100
100
3 .4 0 0 I lli n o is C e n t r a l ______________ 100
4 .0 0 0 I n t e r b o r o C o n s C o r p _ _ .V o P a r
Do
p r e f .......... .. ..................... 100
3 ,6 0 0
I o w a C e n t r a l _________________ 100
1 ,4 0 0 K a n s a s C i t y S o u t h e r n _____1 0 0
Do
p r e f .......................
100
500
6 0 0 L a k e E r ie A W e s t e r n ______ 100
P r e fe r r e d ____________________1 0 0
1 2 .2 0 0 L e h ig h V a l l e y __________________ 5 0
4 ,9 0 0 L o u is v i lle A N a s h v i l l e _____1 0 0
4 ,5 0 0 M a n h a t t a n R y g u a r ________1 0 0
1 ,2 0 0 M l n n e a p A S t L ( n ew ) _____ 1 0 0
9 0 0 M in n S t P A 8 8 M ..............1 0 0
6 ,1 0 0 M is s o u r i K a n s a s A T e x a s . 1 0 0
Do
p r e f ____________________1 0 0
300
2 5 ,5 0 0 M is s o u r i P a c i f i c t r u s t c t f s . 1 0 0
Do
p r e f t r u s t c t f s ______ 1 0 0
4 ,7 0 0
6 0 0 N a t R y s o f M e x 2 d p r e f ___ 1 0 0
40 0 N e w O rl T e x A M e x v t O ..1 0 0
2 1 ,3 0 0 N e w Y o r k C e n t r a l ___________ 1 0 0
N Y C h ic a g o A S t L o u i s . . 100
F ir s t p r e f e r r e d ____________ 1 0 0
S e c o n d p r e f e r r e d _________ 100
200
2 1 .0 0 0 N Y N H A H a r t f o r d _____1 0 0
5 0 0 N Y O n t a r io A W e s t e r n ___ 1 0 0
9 XX 1 N o r i o l k S o u t h e r n . . ............ . 1 0 0
6 inn* N o r f o l k A W e s t e r n _________ 1 0 0
2 4 | 7 5 o! N o r t h e r n P a c i f i c .......................100
2 2 ,8 0 0 P e n n s y l v a n i a __________________ 5 0
2 3 ,1 0 0 P e r e M a r q u e t t e v 1 0 ________ 1 0 0
Do
p r io r p r e f v t 0 _____ 1 0 0
1 .3 0 0
Do
p r e f v t c ____________ 1 0 0
600
1 .3 0 0 P i t t s C ln C h i c A S t L o u i s . . 1 0 0
6 ,5 5 0 P it t s b u r g h A W e s t V a _____ 100
Do
p r e f . . ________________ 1 0 0
300

PER SH ARE
R a n g e S in c e J a n . 1
O n b a s is o f lO O -s t o r t lo ts
L ow est

H ig h est

$ p e r sh a re
% per s to r e
86
N o v l2
104 M ay27
78*8 N o v 3
89 Jan
4
6
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15*2 J u l y 24
M ay29
90*2 S e p t 0 1 0 7
38
N o v l3
55*4 M a y 2 7
49*4 S e p t 2 7
59*2 M a y 2 7
33*8 J u ly 2 3
18*8 N o v l 2
13
N ov 7
28*4 J u ly 2 3
1 7 0 7s J u l y 10
1 4 4 78 N o v 2 0
68*2 M a y l 7
63*2 A u g 21
12
J u ly l7
7*8 J a n 2 1
3 0 7 g M a y l9
22*8 A u g 2 1
3 4 * t F e b 15
52*4 J u l y l 7
76
J u ly l7
60*8 A u g 21
105 M a y 26
89
S ep t2 3
117*2 N o v 1 133 J a n 17
32*4 J u ly 17
22*8 J a n 21
84
June 6
68*4 A u g 8
73
J u ly 17
5514 A u g 2 1
64
N ov20
82
Jan 7
5 4 7g J u n e 6
32
F e b 17
74
J u ly 12
63
S e p t 11
31*4 M a y 5
19*4 J a n 2 2
48*4 J a n 3
581s J u ly 2 4
45
F eb 4
51*2 M a y 2 9
100
O ct2 3
116 M a y 2 9
172*2 M a r l 8 2 1 7 M a y 7
3*4 J a n 8
15*2 J u l y l 4
6*8 F e b 3
24
J u ly l4
1434 N o v l 2
20*4 M a y l 9
23*2 A u g 2 1
33
J u ly ie
16*4 A u g l 8
23*4 J u l y 17
83
N o v 13 100*8 M a y 2 7
31*4 J a n 2
52*4 J u ly lO
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S ep t2 0
1 2 7t J u ly 2 5
31*4 J a n i e
40*2 J u l y l 8
90
A ug21
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3*8 M a r 2 4
9*8 J u n e 2
11*8 M a r 2 9
3 H 4 J u n e l2
2*2 F e b l 3
9*4 J u ly 2 1
163 4 J a n 3 0
2 5 U M a y l9
4 4 7s N o v l 3
57
M a y 21
7
Feb26
14
J u ly 2 1
16*2 A p r 21
25
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44*2 N o v 18
60*8 J u n e 2
1 0 4 7g A u g l 9
122*4 M a y l 7
47
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88
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9*8 J a n 2 1
24*2 J u l y l 7
84
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98*4 M a y 2 9
4^8 F e b 10
165g J u l y 22
8*2 J a n l 3
25*8 J u l y l S
2234 J a n 2 1
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43*1 N o v l 3
58*4 J u n e 7
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14
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60
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83*4 J u n e 6
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62
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70
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49
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2534 F e b l 3
4 0 78 J u l y l 7
18*2 J a n 2 1
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13
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20
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98*8 S e p t 22 112*2 M a y 19
835s N o v l 3
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42*4 A u g 2 7
48*2 M a y l 9
12*8 J a n 2 1
26*4 J u n e l l
56
M ar27
67*4 J u l y l 6
39
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50
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44
A p r29
72
S e p tl6
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77
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22
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37
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100
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25
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2712 J a n 2 1
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19*8
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13
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64
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40
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5 ,4 0 0 A d v a n c e K u m s l j ____________ 1 0 0
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712*2
701a 71*8
31
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68*8 J u ly 3
70*2
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70*4 70»4
1 ,7 0 0
Do
p r e f __________________ 100
8 5 I4 86
82
86
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33
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1 0 XX, A m e r ic a n B e e t S u g a r ______ 100
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p r e f __________________ 100
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56
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52*4 55*2
84*2 M a y 7 1 4 3 78 N o v 8
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p r e f ................................ 1 0 0
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134*2 135*4 13312 136*2 1 3 0
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115
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32
33*8
A m e r ic a n H i d e A L e a t h e r . 1 0 0
126*2 124
125*2 12278 1241* 120*8 12234 119*4 12212 1 2 3
13*8 J a n 4
43*8 J u ly 3 1
124*2
Do
p r e f ................................ 100
451«
40
44
46*8
47
42
45
71*4 J a n 2 142*8 O c t 22
4 1 84 ' 423 4
4434 4 5
A m e r ic a n I c e _________________ 1 0 0
65
*01
64
65
64
62
6334
37*2 A u g 2 1
62*2 621a *63*4 6 5
76*2 J u n e 6
Do
p r e f ...........................Z IlO O
110
112*2 1 14*4 111*2 1 14*4 107*2 H 2 I4 1 0 8
64*4 J a n 2 0
112*4 112*2 11434
70*4 J u n e 6
72
A m e r In te r n a tio n a l C o r p _ . l 0 0
70*4 72*4
73*4 73*4
68*2 70*2
62*g F e b 8 132*4 O c t 3 1
6 8 78 70*4
70*4 72*2
A m e r ic a n L i n s e e d ___________ 1 0 0
97
93
*95
97
94*8
94
94
44*8 M a r 1
*93
95
89
N ov 7
*93
95
D
o
p
r
e
f
...........................ZZlOO
99
94*2 96*4
93
901*
90
931,
85
M ar 1
9 1 U 94*8
98*8 A p r 15
94*4 9 6 78
100
A m e r ic a n L o c o m o t i v e ______ 1 0 0
107
106*2 * 1 0 6
107*2 106
58
Jan21
107*2 1 “0 7
107 ; 107«4 10734
117*2 O c t 7
Do
p r e f __________________ 100 1 0 0
52
*5 2
53
*5H 2 53
50
51 | 5 0
J a n l4
50
109*4 J u l y 2
51*2 51*
31
341*
30.12
3 3 78 3 5
29
2 9 7* 3 2 *?l i n u a 97oi
A m e r M a l t A G r a i n _____ N o p a r
33
50
N o v l9
63
Aug 3
82
*82
85
*80
85
*80
*80
84
.8 0
84
' m o A m S h ip A C o m m C o r p .
29
N
o v l9 ,
47*2 O c t 2 2
____ __ 1
I
100 A m
PU/vitT*
™
80
O c t3 ll
94*2 J u n e l 2
a n d a s k e d p r ic e s ;
no sales on this day. J Ex-rights. J L e s s tnu. 1 0 0 shares, a E x ^ l l v . and rights. ,
E x -d lv ld e n d .
» F u ll p a id .

__ __

*8

S a les
fo r
th e
W eek




__

—

—

PER SH AR E
R a n g e f o r P r e v io u s
Y ear 1918
L ow est

H ig h e s t

$ per sto re
81
M ar
80
Jan
5
D ee
89*8 A p r
48*2 D e c
63
Apr
2 5*8 D e o

$ per s to r e
99*4 N o v
92*2 N o t
10*2 J u n e
109
N ot
62
N ot
64*2 N o t
48*4 J a n

135 "
49*4
6
18*2
37*4

M ar
Jan
Apr
Apr
Apr
66*4 A p r
89*2 M a r
125
J u ly
18
Apr
56*4 J a n
46
Jan
69
Sept
26
F eb
58*4 M a y
18
Apr
47
Apr
40
Apr
100*2 A p r
160
Apr
2 U Jan
5
Apr
14
Apr
23*8 J a n
18*2 J a n
86
Jan
25*8 J a n
8
M ar
27
M ar
92
Jan
4*4 D e c
17U D e c
2*g J a n
15*8 A p r
45
Jan
7*4 O c t
18
Apr
63*8 D e c
110
Jan
80
D ec
7*2 A p r
80*s J a n
4*8 J a n
6*2 J a n
20
Jan
41
Jan
4*8 M a y
17
Apr
67*2 J a n
13** O c t
55
J u ly
40
O ct
27
Apr
18*4 J a n
14
N ov
102
Jan
81*8 J a n
43*4 J u n e
9*2 M a y
62*2 A p r
30
Apr
2 5 7s J u n e
22*8 j an
61
Jan
70*8 J a n
35
Jan
36
M ar
9*8 A p r
21
Apr
19
O ct
28
O ct
7
Apr
15*8 A p r
80*t Jan
20*8 A p r
67
Jan
14
M ay
12*4 D o c
4
June
8 *t M a r
32
D ec
109*4 J a n
69
Jan
4*4 J a n
10*t A p r
7
Apr
30*8 D e c
19*e D e c
1»
D ec
20
Jan
13
Jan
46
Jan
8
Apr
1718 A p r
297s D e c
42
D ec
11
Jan
2 5 7s J a n
49
Jan
1*4 A p r
1*2 A p r
17*4 J a n
72*4 J a n
78
Jan
89*8 J a n
31*2 M a r
41*4 J u n e
48
N ov
*82
Sept
34*8
89*4

68*4
106
26
78
i i ’ 7s
60

Jan
Jan
Jan
Jan
Jan
M ay
Jan
Jan

11*2 J a n
38*4
6U2
27
69*4

Jan
Sept
Jan
Jan
53*2 J a n
x95
Jan

89

M ay

1 7 4 7;
62*g
11
32
54*4
8 6 *s
107
137

"O ct
N ov
N ot
N ot
Sept
N ot
N ot
Jan
3212 N o t
88
N ot
75
N ot
82
D ec
40
N ot
70
N ot
27*2 N o t
65
N ot
48
D ec
119*4 N o v
185
Sept
7
N ot
13*8 J a n
23*8 N o t
3612 N o t
27*4 N o t
IO 6 I 2 N o t
3412 N o t
10
M ay
35*8 D e o
10512 N o t
912 J a n
4712 J a n
5*2 N o v
2414 N o t
59i j N o v
1 1 78 N o t
25
O ct
65*8 N o t
124*4 N o t
100*8 D e o
1 5 7s N o t
9712 N o t
6*4 N o t
1312 N o t
3168 N o t
62
N ot
10*8 N o t
3612 D e o
84*g N o t
34
N ot
65
N ot
48
N ot
4 5 78 M a y
24*8 N o t
2114 D e e
112*4 N o t
105
N ot
60*8 N o t
187, N ot
64
N ot
60
N ot
68*2 N o t
4 0*8 N o t
82
N ot
96*4 O c t
39
M ay
40
J u ly

17*4 Deo

33*2 N
25

40*2
12
25*4
110
34*8

75*4
291,

ot

N ot
Jan
N ot
N ot
N ot
N ot
N ot
D ee

21*4 Jan
7*4 A u g
16
Aug
65*4 J a n
187 1 s O c t
76*4 N o t
12 J u n o
20
M ay
11*4
44*2 J a n
261, Juno

17*4 Feb

32

June

24*4 Nov
66

June
12*4 N o t
26
N ot
39*4 O c t
80
Jan
26*4 N o t
627, N ot
72*4 D e o
6*8 N o t
3*2 J o n *
37
M ay
86i i M a y
106
O ct
101
'A u g
35*2 M a y
42*2 A u g
84
Feb
9H2 M ay
60*4
99
93
115

M ay
D ee
D ec
D ec
44*4 O c t
88
D ee

* 2 2 '.; S e p t
9 4 7s A u g
49
O ct
61
O ct
60*2 O c t
47*2 D e c
92
D ec
71*4 M a y
102*8 D e o

96

N ot

New York Stock Record— Continued— Page 2

19^0

For record of sales during the week of stocks usually Inactlre. see second page preceding.
B ia a AND

M onday
, N o v . 17

S p e r sh a re
70
70%

101

sh a re
70%
98%
118
41%
92%
1387*
117
89

l 6 6 * 100 % 1 6 6 '
*210
257
*240
*100
101
99%
1 2 0 % 125
120
*102
106
104
. 6 0 % 61
57
1 7 % 18 %
18
*53
56
*55%
65
65%
617*
6%
9%
6%
52
5 2%
50%
*73%
74% *73%
*70
76
*7 2 7*
112
121
113
1 6 3 % 166
163%
*69
72
*69
16
16
15
31
31
*30
1 0 4 % 10 9
103
1 2 0 % 123
120 %
*114
1 14% 114
1%
1-2
1%
3 0 % 31%
297*

i o o ‘7*
257
9 9%
124%
104
59%
18%
5 §665*
9
52
74 %
76%
115
170
72
15%
31
109%
121 %
114
1%
31%

967*

967*

*100

10 0
12 6
♦10 3%
61
18%
*53
65
6%
51%
74%

139
116%
95
94%
101 %

200
100
129
104%
62
18%
56
65%
7%
53
747*

121*
168%
*03
*16
*31
10 7
120 %
*113%
1%
30%
95
90

1 5%
*97
*61
....

170
70
17
34

110 %
124
1 14%
1%
31%
95
967*

111

138
1 39%
1 1 6 % 1 16%
8 5 % 88

95%

15%
9S%
64
....

15
....
*GJ
10 3

15%
____
65
108

9%
9%
•*123
13 5
10 % 10 %
*26
28
20% 23
29%
78
78%
4 5 % 46%
77*2 77 %
'* 6 #
71

9
125

9%
125%
10 %
277*
23
29%
77%
45%
77%
69%

98*8
53%
117
••1
40%
*85
413*

—
*62
‘ *80
94%
18
35%
*90

10
277*
227*

.1
76%
43 %
77
67%

9 9%
9 7 % 98 %
10S
*1 0 7
108%
59%
59% 61%
55%
55
55%
119%
110 % 1 16%
107
1 0 6 % 107
21
20 % 21
40%
40
41%
87
88
93
41%
41
41%
43
43%
—
____
6 5 7g
62% 65
—
94% 94%
*53
57
63%
61
61%
81
80
80
94%
93% 94
18
17 %
IS
37
35
35%
90%
90
90

93%

113% 114%
15
15%
• 97
98 %
60
62%
109
109%
9
125

101*
*26

21%
29
7 6%
43%
♦77%
68%
98%
95%
•1077*
60
50
111 %
106
20%
40
90
40%
42
61%
62
93
53%

9
125

10 %
28
227*
29%
78
44%
80
69
9S %
98%
103%
63
50
117
106

W ed n e sd a y
N o v . 19

T h u rsd a y
N os. 20 .

87*
87*
124
125
0 % 10 %
25% 26%
2 0 % 21 %
28
29
7 4 % 773*
41
44 %
7 6 % 77
*6 5
69

SO
923,
13
35
90%

1312 13%
13
13%
*S 0
85
*80
85
85% 86 %
81% 85%
1 0 6 % 1 0 6 % *1 0 5
103
205
220
178% 2 0 9

133*
•SO
85
7 9%
83 %
107
107
175% 187%

....

79%
92
17%
3 4%
87%

22
42%
93
413*
43%
6 2%
61%
93
5 3%

12 %

8%
8%
122
123%
93 4
97*

11

*10

31
31*8
'• 1 2 5
140
4 3 34 4 5
42
. 2o 3V 2 237*
74%
7 5%
*171
171
,3 0 6
315
90
90

:8 6

•86

82% 83%
1U4% 1 0 4 %
O l »8 6 1 %
*38% 40%
67% 69
* S 6 i* 8 7
60*2
57
5 7%
24
85
85.

-

—
53^8
105%
26
73*2
79

317g

3U 4

45
3 4 *8
11 5
75
11 5

11

31
31
13 0
130%
4 3 % 447*
417* 42
22% 23
73
75%
171
171%
301
32 1
____
____
857* 8 6 %
8 2%
80%
_____
61
61
*39
39%

*25

_

68

68

*87
' 59%
56%
* 22 %
*84
132%
114
51%
1037*
2oU
70
*77
407*
* 22 %
*60
31%
ia y i2
10 5
87
30%
49%
86U
*45
34
z i y y '8

91
60%
57t.t
26
85
134%
114
53 %
105%
257*
72%
79
407,
24

*110
*68
*107

66
31 %
142
105%
90
31 %
53 %
89 %
56
34%
205
11 5
74
11 5

•10

11

31
125
43
40
72
169
308
897*
85%
80
1041*
62
39%
60
*87
58%
56

31
125
45%
42
22%
74
171
320
90
86%
82
104%
62
4016S
90
59%
58%

30%
125
39%
39
20 %
697*
16 6 %
29 7
8 9%
85%
78
104
57
39%
57
*87
57%
55

22

22

22

84 %
83
84
1307* 133
127%
114
114
52
4 9%
54%
1077* 102 %
105
247*
2 5 % 25 %
717*
65
68
*77
*7 5
79
40
40%
35%
2 2 % 23 % •22
•60
65
*6 0
3 0 % 301- * 2 9 %
138
140%
127
105
105
*103%
81
87
80
31
31%
30%
49%
51%
47%
8 5%
89
83
45
46
*45
3 3 % 34
33%
*1 9 7
200
197
•108
111
110
*63
74
66 %
107
107
*1 0 6

934

100

11

*10

11

3 0%
31
*28
130
135
*1 2 5
43%
3934 4 2
40%
3 8 % 41
2 17,
22
21
71%
71% 75
169
168% 168%
31 2
327
304
89%
89 % 89%
853*
8534 863*
8 0%
78 % 8 1 %
104
1043* 1043*
GO
5 7% 6 0
40
39% 40
62 •
57% 64
90
*8534 9 0
53
57% 57%
56%
551* 5 6
22
2 0 % 21%
8 3%
84
*8 3
132
129% 132
114
114
5 2%
53
50%
105%
10 3 % 106
25%
2434 2 5%
69
71
65%
79
76
75
40
36% 36%
25
23
*21
67
*6 2
33
32
*29
136
13 2
137%
105
10 5
10 5
81
83
80
31%
3 0 % 307*
507*
49%
46
87
87
85
50
55
♦45
34
3334 3 5
197
200
*1 9 0
n o
♦100
110
67%
68
68
n o
*106
115

• B id a n d a s k e d p r io e s ; n o s a le s o n th is d a y .

10
28

21*4
28%
771451,
78
65
9S7*
9S%
110 %
603 4
53
118*4
107
203 4
40
91
41%
43
65
65%
94
55
63%
80
91%
18
35
88%

110
13

86
85%

1,200
10,100
4 ,1 0 0
9 ,4 0 0
1 5 ,1 0 0
800
800
192
4 5 ,4 0 0
500
4 9 .4 0 0

1,000
2 3 ,4 0 0
1 .3 0 0
1 ,3 9 0
8 ,3 0 0
3 ,6 0 0
1 0 ,4 0 0
3 ,2 0 0
2 9 ,6 0 0
6 0 ,4 0 0
600
500

1,100
800
5 ,3 0 0
5 ,7 0 0
1 1 ,9 0 0
3 ,0 0 0

9 0 ,5 0 0
500
1 4 0 ,2 0 0

214

100

4 6% 4 7 %
83%
83
400
*370

*100

3 ,2 0 0
1 ,7 0 0
8 ’300

8 ,2 0 0
100

110

72^ 400
3 ,7 0 0

102

200

13%.
13%
34
33
42
*40
32
*30
95
.* 9 2
136%
133
*1 0 5 1 - 1063,

3 ,3 0 0
2 ,3 0 0

1,000
400
1 3 ,6 0 0
300

86

86

1,200

92

94

10

10

1 7 ,4 0 0
300

30
*125
41%
40
21 %
73
1697*
326
9 0%
867*
80%
*1 0 4 %
*5 8
39 %
64%
*85*4
58%
55%
* 21 %
83
*131%
11434
517*
1051,
247*
70
773)
36

30
135
43
411-

22
74

170
339%
9 0%
89%
82
104%
60
39%
65
90
60
56

86

800
6 5 ,8 0 0
1 2 ,3 0 0
4 ,6 0 0
7 ,0 0 0
5 ,6 0 0
1 4 1 ,8 0 0
900
1 5 ,2 0 0
3 2 ,0 0 0
500
1 ,8 0 0
7 ,3 0 0
5 ,2 0 0
1 9 ,1 0 0

22

88*4

55
*45
34% 35
210
*197
115
*108
70
70
115
♦ 107

1,100

1,200

83
133
114*4
537*
1063.)
2 5 i*
72
77*4
37
23
*21
67
*6 2
32
*30
137%
134
105
*104
80
84
301.) 307*
4 7 % 6 1%

{ L e s s t h a n . 100 s h a r e s .

■5 For fluctuations la rights see second PM9 preceOiM.




12 3 % 124

27%
20%
. 21%
2S%
28
76%
70.
4 1%
44
77
*77
6 4% 68
•63
§9£7* 937* §9S7*
94
97
96
1077* 108% * 1 0 8 %
59»4 6 1 % z 5 S 7*
*51
116%
116
103
*106
105
105
20%
20% 20%
.39%
39
38%
84
91
84
41
41
40
417* 4 2 %
4?
637*
607* 623 4
63
5 7 % 63>4
93%
*93
93
55
55
*51
63%
63%
63
80
*79%
80
90%
9 0 % 91
1634
173)
17%
32%
33
33%
88
88 % 8 3%
*1 0 4
104
1234
12 % 127,
8334 8.33? * 8 2
807* 8 3%
83
♦107
* 1 0 6 % 108
182
199
198

100

*10

22

the
W eek

934

8%

2 7%
21%
28%
7 7%
437*
77

43%
44%
453*
43% 44%
41
44% 46%
44
46%
83*2 8 3 %
827* 8 3
83
83
827* 8 3%
83
83%
*350
400
*350
400
•350
400
400
400
*350
*3 5 0
•100
104
102
102
*100
105
104
101
101
♦100
13>4 13%
12 % 127*
12 % 13%
12 % 13
13%
13%
34
34
33% 33%
32% 33
32
32
33
33%
*41
42
*
* ____
45
*41
42
42
42
*34
30% 30%
30
30
30%
*30
32
30%
30 .
30
*91% 93
93
93
*91% 95
93
93
♦91% 9 7
130
131
1 2 9 - 13 0
127% 134
133
1 3 1 % 135%
131
1U4I8 U H ls
101% 104%
105
105
86
86 .
85
85
82
84% 84%
83
84
85%
97
94
97 %
92
8 6 % 91
96
93
88

11

F rid a y
N o v . 21

S p e r sh a re
8 p e r sh a re S p e r sh a r e Shares
67-% 69 %
68 % 6 9 %
65
6 9 % 2 5 .5 0 0
9 8 % 9 8%
*98
99
9 8 % 987*
600
114
114% * 1 1 0
125
1197* 1197*
1 ,4 0 0
38% 40
38
40%
41
42% 1 6 ,2 0 0
.9 2 % 9 2 %
9 2 % 9 2% * 9 2 % 93
400
13 6 % 1387* 13734 1403 4 2 1 ,8 0 0
134% 137%
117
117
11 7
117
* 1 1 6 % 118
400
8 6 % 927*
84% 87%
8 7 % 92% 5 9 .9 0 0
93% 93%
*90
94
*9 1
9 4%
100
997* 1001)
1 00 % 100 % 100
100 % 1 8 .5 0 0
233
2197* 2 4 7
255
251% 255
2 .S 00
* 9 7 % 100
*97% 99%
99
99%
1,000
115% 120%
1 1 7 % 1 2 4 % 121 % 12 6 % 4 0 ,4 0 0
103% 103%
103% 1033* 1 0 3
103%
1 ,3 0 0
5 6 % 57
53
58
59
59
3 ,7 0 0
17%
17%
17
17%
17%
1734
3 ,1 0 0
5 3 % 54
57% 57% *55
57%
800
627* 6 5 .
63
64%
62% 64%
3 4 ,7 0 0
5
6%
4%
6
5
5 % 3 0 .9 0 0
50
51
51
51
5 1 % 52
4 ,1 2 0
*68% 75
72
727* * 7 1
72
550
* 68 % 78% * 6 S% 7 6 % * 6 8 % 73
110
110
*108
120
T .766
1 5 8 % 165%
1G 1' 1 8 0 * 1 6 5
1 6 9 % 2 0 ,6 0 0
* 6 9 % 72
70
70
*70
71
100
1 4%
15
15
15
*14
16
1,200
30
30
*20
31
489
9 9 % 104%
1 6 6 % 107% 1 0 5 % 109% 2 7 0 .7 0 0
120
120 % 118% 121 % 122
122 %
6 ,8 0 0
114
114% *1 1 3
114
114
114
600
1%
1%
1%
1%
1%
1%
1 ,9 0 0
27
30
27% 32%
307* 3 2 % 1 7 ,0 0 0
8 3 % 91
90
90
92
93%
1 ,8 0 0
90
94%
01%
9 5%
9 3 % -96
1 3 1 ,2 0 0
*100
1021,
1133* 113%
11 3 % 113*% * 1 1 3 % 113%
1,200
14
14%
13%
14%
14%
14%
3 r5 0 0
*97
98%
*97
98% *95
99
53
60
*59
G5
60
60
10 7
103

92
96%
108% 103%
50
61%
51
51
106% 113%
105% 10512 0 % 20 %
39% 40%
83
8S
3 9 % 407*
41%
42
CO
61%
57 % 6 2 %
93
93
541?
*5 2
62
62%
79
73
9 0 % 91
17%
16%
31%
34
87%
83

....

13%
13%
*80
85
86% 87
-* 1 0 6
10 3
217% 222

T u esd a y
N o v . 18
S per
6 9%
9S %
11 4 %
40
92%
136
117
84

S p e r sh a re
69
70

-* 1 2 0
130
1 1 4 % 12 0
417* 4 2 % , 4 1
42%
*135
*115%
8 S%
*90
997*
*25 2

Sales
JOT

S a tu r d a y
N ov . 15

101

L O W S A L E PRICES— PER S H A R E , N O T PER C E N T .

1,200
1,000
4 ,7 0 0

1,200
5 0 ,8 0 0
3 3 ,9 0 0
2 2 ,6 5 2
4 0 ,9 0 0
1 ,6 0 0
2 ,4 0 0
300
300
1 4 ,3 0 0
400
4 ,9 0 0

2 1,0 00
3 8 ,9 0 0
3 9 ,5 0 0
300
4 ,3 0 0

1,200
100
800

200

8TOCKS
NSW YORK STOCK
EXCHANGE

PER SHARE

Lowest

I n d u s . & M ls c c ll. (C o n ) P ar
A tn e r S m e lt in g & R e f i n i n g . 100
Do
p r e f____________________100
A m e r ic a n .S n u ff___ . . . ____.1 0 0
A m S te e l F o u n d t e m c t f 3 .S 3 '«
P r e f t e m p c t f s . . . ____ N o p a r
A m e r ic a n S u g a r R e f i n i n g . . 100
Do
p r e f................................... 100
A m e r S u m a t r a T o b a c c o . . . 100
Do
p r e f e r r e d ____________ 100
A m e r T e le p h o n e & T e l e g . . l 0 0
A m e r ic a n T o b a c c o _________ 100
Do
p ic f
______ . . . 1 0 0
A m e r W o o l e n o f M a t s ______ ICO
Do
p r e f ___________________ 10 0
A m e r W r i t in g P a p e r p r e f . . 1 0 0
A m e r Z in c L e a d & S m e lt— .2
Do
p r e f ............. ............... . . . 2 5
A n a c o r d a C o p p e r M i n i n g . . 50
A s s e ts R e a l i z a t i o n ____________ 10
A s s o c i a t e d D r y G o o d s _____100
Do
1 s t p r e fe r r e d ________ 100
Do
2 d p r e fe r r e d ________100
A s s o c i a t e d O i l _______________ 100
A t l G u lf & W X S 3 L i n e — .1 0 0
Do
p r e f ___________________ 1 0 0
A u t0 3 a le 3 C o r p o r a t i o n ______ 5 0
0 % p r e f t e m p c e r t l f s ______ 5 0
B a ld w in L o c o m o t i v e W k s . 1 0 0
B a r r e t t C o ( T h e ) ....................100
Do
p r e f e r r e d ____________1 0 0
B a t o p lla s M i n i n g . . . _________ 2 0
B p th le h e m M o t o r s _____N o p a r
B e t h le h e m S t e e l C o r p _____10 0
Do
C la s s B c o m m o n . . 10 0
Do
p r e f e r r e d ____________ 10 0
Do
c u m c o n v 8 % p re flO O
B o o t h F is h e r ie s _________ N o p a r
B r o o k l y n E d is o n . I n c ______ 100
B r o o k l y n U n i o n G a s ..............100
B r o w n S h o e , I n c ____ _______100
Do
p r e f e r r e d ____________100
B r u n s w ic k T e r m <fc R y S e c . 100
B u r n s B r o s . . . . ........... ............. 100
B u tte C o p p e r & z i n c v t c . . 5
B u t t e r l c k ..................................... 100
B u t t e & S u p e r io r M i n i n g . . 10
C a d d o C e n t r a l O il <fc R e f . . 100
C a li fo r n ia P a c k i n g _____N o p a r
C a li f o r n ia P e t r o le u m ______ 100
Do
p r e f ............... ................. 100
C a lu m e t & A r iz o n a M i n i n g . 10
C a s e (J I ) T h r e s h M p t c t f . 1 0 0
C e n t r a l L e a t h e r ______________100
Do
p r e f ________________ . . 1 0 0
C e r r o d e P a s c o C o p . . . N o Par
C e r t a in - T e e d P r o d u c t s . N o p a r
C h a n d le r M o t o r C a r . . N o Par
C h ic a g o P n e u m a t ic T o o l . . 100
C h ile C o p p e r ................................25
5
C h in o C o p p e r ......................
C l u e t t , P e a b o d y & C o _____ 1 0 0
C o c a C o l a ............................n o p a r
C o l o r a d o F u e l & I r o n . _____ 100
C o lu m b i a G a d & E l e c ............100
C o lu m b i a G r a p h o p h o n e .n o pa r
Do
p r e f .................................100
C o m p u t i n g - T a b - R e c o r d i n g 100
C o n s o lid a t e d C i g a r --------N o p a r
Do
p r e f e r r e d ------------------- 100
C o n s o lid a t e d G a s ( N Y ) _ _ 100
C o n s I n t e r - S t a t e C a ll M g . . 10
C o n s o lid a t e d T e x t i l e . . . n o p a r
C o n t in e n t a l C a n , I n c ______ 100
Do
p r e f e r r e d ____________ 100
C o n t ln e n t a l C a n d y C o r p \ N o p a r
C o n t in e n t a l I n s u r a n c e .. . . . 2 5
C o r n P r o d u c t s R e f i n i n g . . 100
Do
p r e f ................................ 100
C r u c ib l e S t e e l o f A m e r io a .1 0 0
Do
p r e f .................................100
C u b a C a n e S u g a r ______ N o p a r
Do
p r e f . . ------------------------100
C u b a n -A m e r lc a n S u g a r . . . 1 0 0
D e e r e & C o p r e f --------------------- 100
D o m e M in e s , L t d ____________ 10
E lk H o r n C o a l C o r p _________ 50
Do
p r e fe r r e d . . . . . . . . . . 5 0
E m e r s o n -B r a n t ln g h a m . . . . 100
Do
p r e f e r r e d ___________ 100
E n d l c o t t - J o h n s o n _____ . . . . . 5 0
Do
p r e f e r r e d ----------------- 100
F a ir b a n k s C o ( T h e ) .................2 5
F a m o u s P la y e r s L a s k y N o p a r
F e d e r a l M in i n g A S m e lt in g 100
Do
p r e f e r r e d ___________ 100
F ls b e r B o d y C o r p _____. N o p a r
F isk R u b b e r ...................................25
F r e e p o r t T e x a s C o ------- N o p a r
G a sto n W & W I n c . . . N o par
G e n e r a l C i g a r , I n c --------------- 100
G e n e r a l E l e c t r i c ------------------- 100
G e n e r a l M o t o r s C o r p ----------100
Do
p r e f __________________ 100
Do
D eb en tu re s t o c k ...1 0 0
O o o d r l c b C o ( B F ) ................. 100
Do
p r e f __________________ 100
G r a n b y C o n s M 8 & P ------- 100
G r e e n e C a n a n c a C o p p e r . . 100
G u lf S t a t e s S t e e l t r c t f s . . 100
H a r t m a n C o r p o r a t i o n ______ 100
H a sk el & B a rk e r C a r . . - N o par
in s p ir a t io n C o n s C o p p e r . . . 2 0
I n t e r n e t A g r l c u l C o r p ------- 100
Do
p r e f ................................. 100
I n t e r H a r v e s t e r ( n ew ) -------- 100
Do
P r e fe r r e d ,
____ 100
I n t M e r c a n t il e M a r i n e ------- 100
Do
p r e f __________________ 100
I n t e r n a t io n a l N i c k e l ( T h e ) . 2 5
I n t e r n a t io n a l P a p e r . . . . . . 1 0 0
Do
s t a m p e d p r e f _______10 0
I r o n P r o d u c t s C o r p ------- n o p a r
J e w e l T e a , l n c . . . . . . . -------- 100
Do
p r e f e r r e d ___________ 100
J on es B r o s T e a , I n c ------------100
K e ll y - S p r l n g f le l d T i r e ........... 2 5
T e m p o r a r y 8 % p r e fe r re d 100
K e ls e y W h e e l . I n c ___________1 0 0
K e n n e c o t t C o p p e r ------- N o p a r
K e y s to n e T ir e & R u b b e r . . 1 0
L a c k a w a n n a S t e e l ___________100
L a c le d e G a s ( S t L o u i s ) ------- 100
L e s R u b b e r A T i r e ___ N o p a r
U g g s t t & M y « r s T o b a c c o — 100
Do
p r e f e r r e d ------------------- 100
L e o s a -W ils a B is c n lt t r c t f s . 100
Do
W p r e f ........................... 100

(new)

new

PE R S H A R E
Range f o r Previous
Y ear 1918

Range Since Jan . 1
On basis o f 100-rAsrs lots

I per share

62 % F e b _
977* O ct2S
105
J a n ll
33% M a y lO
91*4 N o v 13
111U Jan21
113U J a n 6
73
A ug21
92% A u glO
96*4 A u g l4
1917* F eb
96% M a y l 4
45U JanlG
94% F o b 8
27% Jan _
II
Jan31
40
Jan21
SOU F e b C
1
Jan 2
17U J a n 6
61
M a r l9
58% F e b 8
68
Jan 2
92
F eb 8
64
Jan29
14% N o v l9
29
O ct25
647* Jaa29
103
Jan 2
110
F eb lO
1U Jan20
26 Sspt22
551* Jan20
55% Jan21
90% J a o3 0
101% Jau22
13% N o v 29
97
AprlO
57
N o v lO
71
F eb 5
97
A u g lS
8 % M .ir22
117
N )v l3
5% Feb20
16
Jan27
lr>7g F eb 11
27U N > v l2
4SU Jan 2
20% Jan 2
64% Jan 2
6 6 % M a r ls
OH* J-in U
6 6 % Feb 8
104% Jan 7
31
Jan22
30% A p rl2
90
N iv l2
63
A p rlO
17% Jan21
32% F eb 6
60% Feb27
39% N o v l3
34% F e b :" '
39% F eb 1
60% O ct 18
93
N o v 18
37% Jan 4
54
A u g l8
*78
A u g 15
87% Jan27
57* A pr23
31% N ov lO
65% FeblO
lOOl* O ct 18
10% Sept20
68
Jan 3
40
Jan21
102
Jan23
621* F eb 7
91
Jan 2
20% Jan27
69% M a r 1
160
Jan 8
93% F e b l7
10% Jan31
27
Ja o2 3
40 Sept 5
28% A u g 8,
92
O ct lO 1
8 0 June30
1017 * Aug21
73 SeptlO
8 6 % N o v 19
9% Feb20
28
N o v l2
33% Jan 8
39% N o v l3
38% N ov 2 0
2 0 % N o v l9
47
Jan 3
14U* F eb 2
1131* Jan21
82
Jan 6
82% Feb 17
56>* JanlO
102
Aug 7
57 N ov lO
35
N o v l3
49% F eb 8
•64% Jan 8
40
F eb 6
42% F ob 6
10% Jan 2
48
Jan 4
110% Jan21
113
O ct30
2 1 % Jan 3l
92% F eblO
24% Fob 3
30% Jan 3
62
J a n l3
3 5 % N ovlO
18 SeptSO
59% O ct 1
28% N o v 12
63
Jao21
1027* Aug21
39
Jan24
29% F e b l3
46
N ov 2 0
7 2 % Jan21
40% N o v l2
21
Jan22
197 N o v lS
107
Jan27
40% F e b l7
04
F eb 5

I I tgbest

Lowest

* per share

$ per share

8 9 % J u ly 16
109% J u ly l7
140
3 e p tl8
47
J u ly 7
93% A u g l4
143% O ct2 9
11 9
M ay21
120% J u n e l2
100
M a y 12
1 0 8 % M a r lO
314% O ct2 4
106
Jan
6
1497* O C t20
110% J u n o 5
C9
O ct 2
29
J u l y 14
65
J u ly 2 4
777* J u ly 13
9% N o v l7
60
O ct 8
82
A u g l4
80% M a y l3
142
N ov 7
1 9 2 % O c t3 1
76% M a y S
20% O c t 20
34% N ov
156% O c l
!
115
J u ly
119
M ay_.
2% M a y l 3
45 , O c t l"
10 7 % J u l y l .
U2
O c t2 3
108
J u ly 2 1
116
25
J u ly 2 1
102 A llg 1
92
M ay29
1121; l J u ly lB
101 M a y 14
17
O n 6
16 6
Apr 23
17
O ct 6
37%
54%
84%
667*
86%
86%
101
116%
114
67%
65%
141%
113%
2u %
607*
95%
43%

J u ly 11
M uy27
O c t3 1
O c t iO
8 e p tl7
J u ly 2 4
A u g l9
J u ly 2 4
J u ly l6
J u ly ll
N ov 7
N ov 5
N ov 3
J u ly ll
J u ly 16
J u ly 2
N ov 7
66 J u ly 14
69
O c t ll
70% O ct2 7
9 5 % O c t2 S
63% J u ly l4
75 June27
80% J u ly ll
106% J u ly l5
23
O c t l4
37% N o v l4
1 0 3 4 June 7
HO Juqg17
15 % O ct2C
84% N o v 7
99
O o t2 2
1097* J u l y 2 i
261
O ct2 <
10 5
J u ly 3
47% N ov 2 1
8 7 % J u ly 2
410
O ct3 1
103
J u ly 2 8
18% M a y 12
43
J u ly lP
49
J u ly 2 3
43
June27
101
June26
141 m OC128
10 6 % N o v 6
91
O c t ll)
12 3
J u ly 17
23% J u ly lS
48% J u ly H
H3
O ct b
55
O ct 9
64% J u l y u
38% J u ly l 1
8 3 % J u ly J 3
17.0
O ct2 0
406% N ov 5
95
Jane 3
« 4 % A p r l4
9 3 % O o t2 9
10 9 % A p r 16
80
Jan
3
47% J u ly H
89% O ct2 0
96% J u ly l6
71% J u ly H
6 8 % J u ly lB
37% J u ly H
01% J u ly H
149% J u ly 7
1 2 0 J im o23
67% J u ly ll
128% M a y 2S
337* J u n e 2 6
82
N ov 6
50
JiU y2 2
05
N ov 7
43
M a r l5
01
M ar 6
44
J u l y 16
164
N ov 3
110 % O ct2 1
1 1 4 % O c t2 8
43
J u ly 15
12 6 % J u l y H
107% N o v 1
83
Jan21
40
O c t2 1
259% A u g 8
115
J u ly lO
81
J u ly I t
12 0 J u a « 2 0

S Ex-rlghts. aEx-dlv. and rights, ft 80% paid. * Full paid, n Old

73
103
85

M ay
B ept
O ct

93 - Jan

Higheet
Ipere
04%
110%
107

hare
Oct
Nov
Deo

Jan
\pr
11 Dec
38% Dec
59 Dec
% Dec
12 May
61 May
36% Jaa
54 Apr
97% Jan
58
Jan

116
114%
146
103
109%
198%
100%
607*
96%
33%
21%
53%
*74%
2%
18%
63
36%
71
120%
67%

66% Jan
85
Jan
99% June

110
107%

D ec
Deft

D ec
ja n
Jan

90
94
94
1067*
28%

M ay
M ay
S ept
Apr
Sept

Aug
June
Jan
Jan
F eb
D ec
M ay
Jan

03%
74
98
16%
01%
127*
1 8%
33%

N ov
N ov
Apr
Juna
O ct
J u ly
N ov
M ay

3 6 % j ftn
12
Jan
36
Jan
61
D ec
73
Jan
64*4 D e c
101 % D ec
29% M a r
30
O ct

60
247*
70%
71
92%
73%
108
39 '
40%

N ov
N ov
D eo
M ay
D eo
F eb
N ov
NO V
N ov

108% Mar
60% Jan
81
Jan
90% Aug
140% Jan
92% sept
447*

ja n

92

20%

60

D ec

59*4 N o v
84
96%
21
78
62
95

6%
10 8

6%
7%
61%

M ay
D eo
M ay
Juno
F eb
D eo
D eo
M ay
D eo
Aug
J u ly
J u ly
O ot
N ov
D eo
D eo
Jaa
O o»
F eb
V ot

101*4 l a y

June
Apr
D ec
Jan

707* j u n a
24*4 O c t
47
M ay
65% N o v

34% ja n
28*4 M a r

64
M ay
44% D eo

68
14%
31%
45

! ________
ja n

397* J u ly

82*4 J u ly
7% S ept

105% N o v
13
Juna

05% O ct
09
J u ly

05
107

30

4 4'
297*
z90%
62

Feb
D eo

F eb
j an
Jan
Jan
Jan
86
27% A pr
77% D eo
136
Aug
90
June
6 June
22
Jan
37
M ar

GO
60%
04
747*
91%
34
83
162
96
15
31%
43%

" o '
27
26

D ec
Jan
Jan

” 15 " ' d o t
4 4 % O0t
43
Juna

25*4
34
127*4
106*4
75%

O ct
Jan
Jan
Jaa
O ct

39
Feb
68 June
158% O o t
164 AUB
88 Feb

33
95%
74 .
38%

697* O o t
104
D ee
86
O ct
63% N o v
11 1 % A p r
65
Dm
4 0 % J u ly
681* O e t
19
Juna
05 J u n o
121
N ov
114% D e o
33
O ct
125% N o v
35
N ov
65% M a y
65% Jan

68

Jon
D ec
Jan
ja n
D ec
M nr
Jan
D ec
Jon
Jan
O ct
O ct
Jan
ja n
Jan
Jan
Jan

27
88

D e«
Apr

40%
07%

4l"

Apr

72

68*4
37
34
41%
10
38
104
107
21'
833*
27
24%

2 4 % J u ly
29
M ar
86%

D ec
J u ly
12
Apr
164% A u g
1001- J u a e
17% J a n
63
Feb

82

D eo
N ov
D eo
M ay
Juna
N ov
Feb
Jan
F eb
N ov
N ov
N ov

NoV
Jon
D cO

85
O ct
4 1 % NOV
91% M a f
00
MM
24
D*
210
W»
110
Nat
45 % Daa
9G
D «*

1971

New York Stock Record— Concluded-Page 3
K,»r record of **<e« during the wee* of st KJfce uvu-ilty inactive, see third page preceding.
HM H

A N D LOW

S a tu rd a y
N o v . 15

S A L S P R IC E S — PER S B A R E , N O T P E R C E N T .
T u esd a y
N o v . 18

M ond ay
N ov. 17.

W ed n esd ay
N o v . 19

T h u rsd a y
N ov. 20

F r id a y
N o v . 21

S ed a
tHt
W o ek

STOCKS
O T f T O SK STOCK
EXCHANGE

PER SH AR E
R a n e e S in c e J a n . 1
O n tr isis o f 1 0 6 -sh a re lots
L ow est

Highest

PER SH AR E
R a n g e f o r P r ev io u s
Y ea r 1918
L ow est

H ig h e s t

5 p e r sh a re $ p e r sh a re
$ p e r sh a re
% p e r sh a r e
le l f c M l s c ( C o n .) Par
S p e r sh a r e
S p e r sh a r e
i p e r sh a re
$ p e r sh a re
$ p e r sh a re
$ p e r sh a r e
M ar
144% A u g 2 0 0
1 4 7 * 4 A p r 15 2 4 5 J u ly 2 3
4 .7 0 0
( F ) ................................. 1 6 0
17 9
1 8 2 l2
179*4 1 8 6
163
171*4 1 7 0 % 1 7 5
1 8 9 i2 19 1
1 9 0 % 19 3
110
N ov
98
Jan
115
J u l y 29
Jan23
I»o
p r e f e r r e d ____________ 1 0 0 1 0 7
208
5 1 1 0 7s H O 7* * 1 1 0
11 5
*1 1 0
11 5
*110
115
110
116
78*2 F * b
7 9 78 M a y 27
70
D ec
70
Jan22
M a e k a y C o m p a n i e s ________160
73
80
*73
80
73
80
80
*73
80
*73
* 7 3 '8 8 0
65
M ay
57
Jan
66
J u l y 11
June 6
" ” 900
De
p e e f . ................................ 1 0 0 * 6 3
64
64
*64
6 4 i4 * 6 4
64
64
64
64
64%
6 4 i4
*64
28
Aug 5
38*2 J u l y l 7
1 ,8 0 0 M a n h a t t a n S h i r t _____________ 2 5
34
*311* 3 2
*32U 34
34
3 3 i2 3 4 i2
3 1 12 3 2 U
317g N o v 7
26*4 N o v 2 1
2,000 M a r t i n P a r r y C o r p _____ n o p a r
263 4 2 7
27
27
27
27U
2714 2734
4212 NOV
61
J «ly 2 8
22*2 J a n
26-4 J a n 2 2
1 0 .7 0 0 M a x w e l l M o t o r , I n c ________1 0 0
40
41
43%
4334
42U
43
38
40<2
4 0 i2 4 2 i4
3714 401*
u97* N o v
841- J u ly 28
50
D eo
1 ,8 0 0
5 0 *s J a n 2 2
Do
l e t p r e f .........................1 0 0
68
68*4
65*4 66>2
*69%
71
67
67
68i2 70
6912 6912
46*2 J u n e 3
19
M ay
400
32*8 N o v
19*4 J a n 2
Do
3 d p r e f ........................... 1 0 0
34
3414
35
*33
35
*33
35
*31>2 3 3
3 2 l 2 32*8 * 3 3
32*8 N o v
1
9
M
a
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131*4
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1
6
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120
120
1
1
6
122
*121
125
119
x l l 8 % 12014 1 1 9
1 157s 1 1 5 7s
M ay 2
6 3 i 2 DOC
47
Jan
J a n 2 110
Do
p r e f e r r e d ____________ 1 0 0 1 0 4
*108
110
104
11 0
*104
110
*104
110
104
n o
*1 0 5 1 2 1 1 0
O ct2 2
194
O oi
79
Jan
163*4 J a n 2 * 2 6 4
2 0 8 l 2 151",6 5 5 M e x i c a n P e t r o l e u m _________ 1 0 6
201
20612 197>2 20334 19212 2 0 4
1 8 9 U 198*4 1921* 2 0 H * 1 9 9
107
D oe
F e b 7 118*4 8 e p ( 3 0
87
Jan
Do
p r e f ______ _____________ 1 0 0 1 0 5
*106
110
33% Jan
32*4 J u » y l 7
2214 D e c
2 1 -4 F e b 7
241* 2 4 78 ‘ ¥ 8 0 0 M i a m i C e p p e r __________________5
25
25
25>2 2 6
25% 26
25
2 5 iS
2 5 »2 2 6
71*4 N o v l 8
32
O ct
9
60
6212 8 7 .8 0 0 M i d d l e S t a t e s OU C o r p ..............10
*58
60*4
61
62%
64
68
6458 71*4
6112 7112
6 2 14 J u l y l 4
61
M ag
41
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40U F e b 7
51U
523s 6 3 .2 0 0 M i d r a l e S t e e l & O r d n a n c e . . 5 0
503* 5 1 78
51«4 523 4
50%
5112
5 1 78 523 4
501 2 5 2 l 2
83
J u ly 2 9
81164
June
2,200 M o n t a n a F e w e r _____________ 1 0 0
60
N ov20
60
60
60
60U
62
62
62
62
61
6H2
6278 6 2 78
5
3
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2
0
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0
N
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3
1,200
*
4
4
4
5
M
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ll
in
s
B
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_________________
n
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p
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r
4 3 7* 4 4
4534 46*4
43
43
45
4512
45
4 5 i2
4 3 lx J u l y 12
33
M a.
26*4 J a n
5 .7 0 0 N a t i o n a l A c m e ________________ 5 0
3 5 7s 3 6
29*2 J a n 2
3 5 7s 3 6
35*8 3 6
363s 363s
36
3 6 l2
36*8 3 6 78
75
N ov 7
1 8 .2 0 0 N a t A n il in e f t C h e m r t c . n o p a r
64
67
4 1- S e p t 18
631 2 66
6 2 l 2 66
66
70
7 0 's 7 2
6834 7 1 U
9 1 i2 O c t 7
500
87
N o v l3
*88
90
Do
p r e fe r r e d r t c ______ 1 0 0
89
89
8912
8 9 78 8 9 78 *88
8812 8 8 I 2
8 9 7s 8 9 78
O ct 7
90
A u g 1 1 0 i2 D o t
A n g 2 0 139
2 .3 0 0 N a t i o n a l B l s e u i t ____________ 1 0 0 1 0 7
120
1 1 5 U 11514 * 1 1 7
115
11 6
116
117
11512 1 1 6
114
M ar
M a r l4
106*4 S i p t
100
115
Do
p r e f e r r e d ____________ 10 0 1 1 2 -4 N o v 2 0 * 1 2 1
112*4 112*4 * 1 1 2
92
J u l y 26
67*2 D o t
55
S ept
100 N a t i o n a l C l o a k * S u i t _____ 1 0 0
70
Jan22
77
80
*77
80
82
*76
80
79
79
*79
80
*77
104
DOC
lO S U M a y 26
100
Jan
*103
107
Do
p r e f e r r e d ____________ 1 0 0 103*8 F e b 2 0
*105
108
105
103
106
n o
*105
1035s 1035s * 1 0 4
24*4 J u ly 15
21*8 J u ly
13
N ov
12U N o v l 2
1212 12*8 1212 1234 ‘ 2 * 4 0 0 N a t C o n d u i t b C a b l e . . V o p a r
13
13
13
12*8 13 '8
13U
8 8 *s J u n e 7
54*2 M a p
77
7734
37*4 J a n
3 .8 0 0 N a t E n a m 'g * S t a m p ’ s . . .1 0 0
4 5 ig F e b 8
767* 7 7
7734
7 4 l2 76
75
7712 78
7514 7 7 ' 4
104
M ay27
102
102
99*2 F e b
88
N ov
300
93
J a n l6
Do
p r e f ____________________1 0 0
*100
10 3
*99
103
100 1 0 3
*100 10 3
94*2 0 9 1 2 3
69*4 D efc
43U Jan
7 .8 0 0 N a t i o n a l L e a d ............................ 1 0 0
54
J a a ll
80
821*
81
8 3 l4
79
82
84
8 4 34
82
83
84ig * 8 2
J u ly l8
400
99*4 M a r 10512 M a y
S e p t 8 11 2
*108
110 * 1 0 6 U 1 0 6 U
Do
p r e f ____________________1 0 0 10 2
107
110
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10 7
n o
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2
1
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J
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7
217g M a y
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..............
5
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1634 17
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5 .2 0 0 N e w Y o r k A i r B r a k e _____1 0 0
118
12 3
9812 D e c
91*4 F e b 3 145*4 O e t 2 2
I I 6 I2 I I 5 I4 1 1 7
I I 8 I4 1 1 5
118
11912 1 1 7
1 1 9 U 121
5 .3 0 0 N e w Y o r k D o c k ______________ 1 0 0
487g 51
27
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70*4
J
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ly
3
0
18*2
J
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4
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2
51
5
0
1
2
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4 9 i2
75
J u ly 2 9
400
42
Jan
*59
65
6 0 l2 6 0 l2
Do
p r e f e r r e d .......................1 0 0
45*2 D e c
44U M a r l3
*59
65
60
60
60
60
67
J u ly 2 8
4 0 0 N o r t h A m e r ic a n C o ________ 1 0 0
*54
571 N ov
57
*54
57
87*2 A u g
47
J a n ll
54
55
*54
58
55
55
*56
60
3 .7 0 0 N o v a S c o t i a S t e e l & C o a l . . 1 0 0
70
.A u g
97
June 2
69
7H s
46
Jan S O
5 2 lg D e c
69
7112
681* 7 0
7012
70
69
71
6 9 78 71
5 0 34 4 5 ,5 0 0 O h io C it i e s G a s ( T h e ) ______ 2 5
50
48
O ct
617 8 J u ly lO
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48>2 5 0 %
035*4 F e b 14
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50
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51
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6 0 0 O h i o F u e l S u p p l y ______________2 5
4 6 '- J u n e
65
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507* 5 0 78 * 4 9 l 2 5 H 2
40
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43
J a n 18
50
50
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M
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912
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4 .8 0 0 O n t a r io S liv e r M i n i n g _____ 1 0 0
13
June
IU 4 N ov 5
414 J a n
5*2 M a r l S
10
107s 10*4 1 0 7s 10*4 11
10 l 2 10 i 2
10
IOI 4
9 7S 10%
1 .7 0 0 O t is E l e v a t o r _________________ n o p a 1r 2 8
140
149
N ov 3
1441* 1441* 1 4 0
N o v l2
131
135
137
137
136
13 6
14 2
140
3 6 i 4 37*4 1 5 ,0 0 0 O t is S t e e l ------------------------------------ n o p a r 34*8 N o v 19
39*4 N o v l 4
3514 361 2
343* 3734
38
37
3734
37
37*8 3 9
6,000 O w e n s B o t t l e __________________ 2 5 4 6 M a r 3 7 4
Q c tl7
61
62
70% A u g
58
62
44
D ec
57
60
6H2
60
6 1 7s 6 3 U
65*2 6 5 l t
5 0 0 P a c i f i c D e v e l o p m e n t ___ __ _____
*7 6
75
75
78
80
O c t 18
73
O c t 23
7534 75*4
76
76
1 .6 0 0 P a c i f i c G a s b E l e c t r i c ........... 1 0 0
61
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76*4 J u ly 2 4
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61
7 0 0 P a c i f i c M a l l 8 8 .............................. 5
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37*8 3 7 78
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42*8 J u l y l l
2312 J a n
361g 3618 *363* 3 8
3758 37*4
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4 0 0 P a c i f i c T e l e p h f t T e le * _____1 0 0
37
27
O ct
22
Jan21
4 0 l2 A u g l5
35*8 35*8 * 3 5
36
36
18U D e c
38
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1 1 4 ,5 0 0 P a n - A m P e t f t T r a n s 1 _____ 5 0
109
67
Jan21
1 4 0 U O c t 22
72U O ct
63U O ct
10012 IO 6 I4 1 0 2 U 1071* 1 0 6
110 i 2 11212 1691 f i l l * 10614 111
5 .1 0 0 F e a n - S e a b o a r d S t ’ l v 1 0 N o p a r
32*4 3 6
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68
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3
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3
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2 .7 0 0 P e o p l e ’ s G L f t C ( C h i c ) . . 1 0 0
67
39
40
39
40
M a y 2 tl
61
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38*4 N o v l 3
3 »* i Jan
3 8 ‘ * 39
3 9 ls
39
39
39
41
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43
2 .8 0 0 P h il a d e l p h i a C o ( P l f t a b ) . . . 5 0
30
Jan .
A p r 28
3 H * 32
35U O ct
*3214 321S
31
3 2 .*
21
Apr
325s
32
*3212 3312
3 2 i 2 3 2 7s
1
5
7
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34
Jan
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69
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300
O o t20
Do
p r e f ____________________1 0 0 1 0 1 U J a n 3
* 1 0 4 l4 106
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105
105
89*4 J a n 1 0 *
104
104
10 6
10 6
9 .7 0 0 P le r o e O il C o r p o r a t i o n ........... 8 5
16
Jan _
31*4 A p r 17
'1 8 1 * *181*
I 8 I4 19*8
1 8%
19
19*8 O e t
15
S ept
191s 191*
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104
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p r e f ...... .............
1 0 0 1017g N o v l 2
105*2 O c t 2 8
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5 .4 0 0 P it t s b u r g h C o a l o f P a ............1 0 0
74*8 J u ly 2 9
601* 6 2
45
Feb _
61*4 6 2 l 2
42
Jan
58*4 F o b
601* 617*
6 1 5 , 62
618s 6 2
62
62
98
M a y 28
Do
p r e f ....................................1 9 0
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93
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92
79*4 J a n
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95
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23
231 2 ’ ¥ ,266 P o n d C r e e k C o a l ....................... 10
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20
June
15
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221* 2 3 78
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25
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p r e f ....................................1 0 0 1 0 4
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7IU M a y
7H 2 73
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70
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85
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Feb
300
Do
p r e f e r r e d ____________ 1 0 6
9314 J u ly
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84
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120
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145
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145
9 4 ig J u n e l2
41
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June
Do
p r e f e r r e d ______ _____ 10 0
89
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*85
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90
92
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92
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200
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p r e f ____________________1 0 0
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_____
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275
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270
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178
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275
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111
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96
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*Vew YorK StocK BxcaHa^e —Bon 1 Record, Friday. Weekly and Yearly
P r ic e
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f i r s t L ib e r t y L o a n
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4s
1 s t L L c o n v ___ 1 9 3 2 -’ 4 7
4s
2 n d L L ..................1 9 2 7 -’ 4 2
T h ir d L ib e r t y L o a n
4 X 3 1st L L c o n v . „ 1 9 3 2 - '4 7
4X3
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f o u r t h L ib e r ty L o a n
4 X 3 1 s t L L 2 n d o o n v 1 9 3 2 -'4 7
4X8
4 t U L L .................... 1 9 3 3 -’ 3 8
V ic t o r y L ib e r ty L o a n
4X8
c o n v g n o t e s ___ 1 9 2 2 -’ 2 3
3X8
c o a v g n o t e s ___ 1 9 2 2 -’ 2 5
I s c o n s o l r e g i s t e r e d _________ <11930
l a o o n 3 o l c o u p o n ____________ 4 1 9 3 0
4a r e g i s t e r e d ____________________1 9 2 5
4a o o u p o n _______________________1 9 2 5
F a n C a n a l 1 0 - 3 0 - y r 2 s ............ * 1 9 3 6
F a n C a n a l 1 0 - 3 0 - y r 2a r e g . . l 9 3 8
P a n a m a C a n a l 3a g ___________ 1 9 6 1
R e g l s t e s e d _____________
1961
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S
4 X 8 C o r p o r a t e s t o c k _____ 1 9 6 6 A
4 X a C o r p o r a t e s t o c k J u ly 1967
4 X 8 C o r p o r a t e s t o c k ______ 1 9 6 5 J
D
8
4 X s C o r p o r a t e s t o c k _____1 9 6 3 M
4 % C o r p o r a te s t o c k . . . . . 1959 M N
4 % C o r p o r a t e s t o c k ______ 1 9 5 8 M N
4 % C o r p o r a t e s t o c k ______ 1 9 5 7 1*1 N
4 % C o rp o ra te stock r e g ..l9 5 6 M N
N e w 4 X 8 ...................................1 9 5 7 M N
4 X % C o r p o r a t e s t o c k ___ 1 9 5 7 M N
3 X % C o rp o ra te a t o o k . . . 1954 M N
■ T S t a t e — 4 s ...................... . . . 1 9 6 1 M
8
C a n a l I m p r o v e m e n t 4 s ___ 1 9 6 1 J
J
C a n a l I m p r o v e m e n t 4 s ___ 1 9 6 2 J
J
C a n a l I m p r o v e m e n t 4 s ___ I 9 6 0 J
J
C an al Im p rov em en t 4 % s .l9 6 4 J
J
C a n a l I m p r o v e m e n t 4 % a .1 9 6 5 J
J
H ig h w a y I m p r o v ’ t 4 X 8 . . 1 9 6 3 M
S
H ig h w a y I m p r o v t 4 X B ..1 9 6 5 M
8
V ir g in ia f u n d e d d e b t 2 - 3 8 . - 1 9 9 1 J
J
6i d e f e r r e d B r o w n B r o s o t f s ___
R a ilr o a d .
A i n A r b o r 1 s t g 4 s ___________ * 1 9 9 5 Q J
A t c h is o n T o p e k a A S a n ta F e —
O
G e n g 4 s _____________________ 1 9 9 5 A
O
R e g i s t e r e d _________________ 1 9 9 5 A
A d ju s t m e n t g o l d 4 s ______ M 9 9 5 N o v
R e g i s t e r e d _______________* 1 9 9 5 N o v
S t a m p e d _________________ 4 1 9 9 5 M N
D
O o n v g o l d 4 s _______________ 1 9 5 5 J
D
O o n v 4a Iss u e o f 1 9 1 0 _______1 9 6 0 J
E a s t O k la D lv 1st g 4 s . ..1 9 2 8 M 8
R o c k y M tn D lv 1st 4 s — 1965 J
J
T ra n s C o o S h o rt L 1st 4 s .1958 J
J
C a l - A r l i 1 s t A r e f 4 X a " A ’ T 9 6 2 «*
8
S F e P r e s A P b 1 s t g 5 s . . .1 9 4 2 M
S
A l l C o a s t L 1 s t g o l d 4 s _____ 4 1 9 5 2 M 8
G e n u n if i e d 4 X a ....................1 9 6 4 J
D
A la M id 1 st g u g o ld 5 s . „ 1 9 2 8 M N
B ru n s A W 1st gu g o ld 4 s . 1938 J
J
J
C h a r le s A 8 a v 1 s t g o l d 7 s . 1 9 3 6 J
L A N c o l l g o l d 4 a .............. 0 1 9 5 2 M N
S a v F A W 1 s t g o l d 5 s _____ 1934 A
O
l i t g o l d 5 s ....................................1 9 3 4 A
O
« a u A O h i o p r i o r 3 X 8 ............ 1 9 2 5 J
J
J
R e g i s t e r e d _______________ 4 1 9 2 5 Q
1 s t 5 0 - y e a r g o l d 4 s ________ 419-48 A
O
R e g i s t e r e d _______________ 4 1 9 4 8 Q
J
1 0 - y r c o n v 4 X s ____________ 1 9 3 3
D
R e f u n d A g e n 5 s S e r ie s A . 1 9 9 5
J
T e m p o r a r y 1 0 - y r 6s ______ 1 9 2 9
J
P i t t s J u n e 1 s t g o l d 6s _____ 1 9 2 2 J
P J u n o A M D lv 1st g 3 X s 1925 M N
P L E A W V a S y s r e f 4 a — 1941 M N
J
S o u th w D lv 1st g o ld 3 X 8 -1 9 2 5 J
O e n t O h io A 1 st o g 4 X 8 — 1 9 3 0 M
S
OI L o r A W e o n 1 s t g 5 s . .1 9 3 3 A
O
O h io R i v e r R R 1 s t g 5 8 . . . 1 9 3 6 J
D
G e n e r a l g o l d 5 e ___________ 1 9 3 7 A
O
P itts C lo v A T o ! 1st g 6 s — 1922 A
O
T o l A C l n S l v 1st r e f 4s A . 1959 J
J
( B u ffa lo R A P g e n g 5 s ........... 1 9 3 7 M
S
C o n s o l 4 X s ................................. 1 9 5 7 M N
A ll A W e s t 1 s t g 4 s g u _____1 9 9 8 A
O
C le a r A M a l i 1 s t g u g 5 s . . 1 9 4 3 J
J
R o c h A P it t s 1 st g o ld 6 8 — 1921 F
A
r * C o n s o l 1 s t g 6 s ___________ 1 9 2 2 J
D
C a n a d a S o u o o a s g u A 5 a . . .1 9 6 2 A
O
G a r C l i n c h A O h i o 1 s t 3 0 - y r 5a '3 8 J
D
C e n tr a l o f Q a 1st g o ld 5 s . . . p l 9 4 5 F
A
C o n s o l g o l d 5 s ......... ............... 1 9 4 5 M N
1 0 - y r t e m p s e c u r 6 s J u n e 1 9 2 9 ______
C h a t t D l v p u r m o n e y g 4 s 195 1 J
D
M a o A N o r D l v 1 s t g 5 a . .1 9 4 6 J
J
M i d G a A A t l D l v 5 s ............1 9 4 7 J
J
J
M o b i l e D l v 1 s t g 5 s .............. 1 9 4 6 J
G s n t R R A B o f O a c o U g 6 8 .1 9 3 7 M N
O s n t o f N J g e n g o l d 5 s ______ 1 9 8 7 J
J
R e g i s t e r e d ........................... 4 1 9 8 7 Q
J
A m D o c k A Im p gu 5 s ...1 9 2 1 J
J
L e h A H u d R l v g e n g u 5 8 .1 9 2 0 J
J
N T * T cn r H r r m « «»
1 9 *1 M
S
■

No prise Friday: latest this week,

a

9 9 .2 8
9 9 .3 0

105*2 1 0 9
105*2 106*4

88%
88%

91

97
77
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t 57
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92%
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S a le
S a le
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S a le 7 0 %
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51
57
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95
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84
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85
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April,

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4
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11

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90
105

100*8 102
------—

BONDS
N . Y . STOCK EXCH AN G E
W e a k e n d in g N o v . 2 1

98 % 100

i
C e n t V e r m o n t 1 s t g u g 4 s . . e l 9 2 0) y
O h e s a A O t e n d A t m p t 5 s . . 1 9 2 9y J
1 s t e s n a o l g o l d 5 s _________ 1 9 3 99 M i>
H a g t r t e r e d ..............................1 9 8 9) M Is
G e n e r a l g o l d 4 X s _________ 1 9 9 22 M
R e g i s t e r e d ________________ 1 9 9 2> M
A
2 0 - y e a r c o n v e r t i b l e 4 X s — 1 9 3 03 F
C
3 0 - y e a r c o n v s e c u r e d 5 s . .1 9 4 61 A
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B i g S a n d y 1 s t 4 s . . ________1 9 4 4 : J
E
C o a l R i v e r R y 1 s t g u 4 s . .1 9 4 5 J
.
C r a ig V a l l e y 1 s t g 5 s ______ 1 9 4 0 ) J
J
P o t t s C r e e k B r 1 s t 4 s _____ 1 9 4 6 i J
J
R A A D l v 1 s t c o n g 4 s ___ 1 9 8 9 J
J
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 . 1 9 4 0
S
W a r m S p r i n g s V 1 s t g 5 s . .1 9 4 1 M
0
C h l o A A l t o n R R r e f g 3 s ___ 1 9 4 9 A
Railway 1 s t H en 3 X s ______ 1 9 5 0 J J
C h i c a g o B u r li n g t o n A Q u i n c y —
A
D e n v e r D l v 4 s .........................1 9 2 2 F
J
I lli n o is D l v 3 X s ...................... 1 9 4 9 1 J
J
I lli n o is D l v 4 s ............................1 9 4 9 J
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 i o n 4 a ___ 1 9 2 7 M N
R e g i s t e r e d _________________ 1 9 2 7 M h
£
G e n e r a l 4 s ___________________ 1 9 5 8 M
J
C h l o A E 111 r e f A I m p 4 s g — 1 9 5 5 J
U S M t g A T r C o o tfs o f d e p . .
0
1 s t o o n i o l g o l d 6 s ___________ 1 9 3 4 A
G e n e r a l o o n s o l 1 s t 5 s ______ 1 9 3 7 M N
U S M tg A T r C o ctfs o f d e p .
G u a r T r C o o tfs o f dep^
P u r t h m o n e y 1 s t c o a l 5 s . .1 9 4 2 F
C h lo A l n d C R y 1st 6 s . . . 1936 J
C h i c a g o G r e a t W e s t 1 s t 4 s . .1 9 5 9 M
C h lo l a d A L o u la v — R e f 6 8 .1 9 4 7 J
R e f u n d i n g g o l d 5 s _________ 1 9 4 7 J
R e f u n d i n g 4 s S e r ie s C _____ 1 9 4 7 J
I n d A L o u la v 1 s t g u 4 a ___ 1 9 5 6 J
C h l o I n d A S o u 6 0 - y r 4 s _____ 1 9 5 6 J
C h l o L S A E a s t 1 s t 4 X s _____1 9 6 9 J
C h M A S t P g e n g 4a s e r A . e l 9 8 9 J
R e g i s t e r e d _______________ e l 9 8 9 Q
Q e n 'l g o l d 3 X s S e r B _____ «1 9 8 9 j
G e n e r a l 4 X s S e r ie s O _____ e l 9 8 9 j
G e n A r e f S e r A 4 X s _____ a 2 0 1 4 A
G e n r e f c o n v S e r B 6 s ___ a 2 0 1 4 F
C o n v e r t i b l e 4 X * — ________1 9 3 2 J
P e r m a n e n t 4 s ______________ 1 9 2 5 J
2 5 - y e a r d e b e n t u r e 4 s ______ 1 9 3 4 J
C h i c A L S u p D l v g 5 s _____ 1921 J
O h io A M o R l v D l v 6 s . . . 1 9 2 6 J
O h io A P W 1 s t g 5 s .............. 192 1
O M A P u g e t S d 1st g u 4 s . 1949 J
D u b u q u e D l v 1 s t s f 6 s ___ 1 9 2 0 J
F a r g o A S o u a s e u m g 6 s . .1 9 2 4 J
M l l w A N o r 1 s t e x t 4 X s — 1934 J
C o n s e x t e n d e d 4 X s _____ 1 9 3 4 J
W la A M in n D l v g 5 s ............1 921 J
W I s V a ll e y D l v 1 s t 6 a _____ 1 9 2 0 J
C h i c A N 'w e s t E x 4 s ___ 1 8 8 6 -'2 6 F
R e g i s t e r e d _________1 8 8 6 -1 9 2 6 F
G e n e r a l g o l d 3 X 8 - . - . . . __ 1 9 8 7 M
R e g i s t e r e d _______________y l 9 S 7 Q
G e n e r a l 4 s ___ ___ ___ . . . . . 1 9 8 7 M
S t a m p e d 4 s _______________ 1 9 8 7 M
G e n e r a l 5 e s t a m p e d ________198 7 M
S in k i n g f u n d 6 s ............1 8 7 9 -1 9 2 9 A
R e g i s t e r e d ................. 1 8 7 9 -1 9 2 9 A
S in k i n g f u n d 6s ............1 8 7 9 -1 9 2 9 A
R e g i s t e r e d ................. 1 8 7 9 -1 9 2 9 A
D e b e n t u r e 6s _______________ 1 9 2 1 A
R e g i s t e r e d . . __________. . . 1 9 2 1 A
S in k i n g f u n d d e b 6 s ________1 9 3 3 M
R e g i s t e r e d _________________1 9 3 3 m
D e s P la i n e s V a l 1 s t g u 4 X * '4 7 M
F r e m E lk A M o V 1 s t 6 s . .1 9 3 3 A
M a n G B A N W 1st 3 X s .1 9 4 1 J
M l l w A S L 1 s t g u 3 X s ___ 1 9 4 1 J
M i l L 8 A W e s t 1st g 6 s ___ 192 1 M
E x t A I m p s f g o l d 5 s ___ 1 9 2 9 F
A s h la n d D l v 1 s t g 8 s ___ 1 9 2 5 M
M l o h D l v 1 s t g o l d 6 s . .1 9 2 4 J
M i l S p a r A N W 1 s t g u 4 8 .1 9 4 7 M
S t L P e o A N W 1st g u 5s 1948 J
C h ic a g o R o c k Isl A P a c —
Railway g e n e r a l g o l d 4 s ___ 1 9 8 8 J
R e g i s t e r e d _________________ 1 9 8 8 J
R e f u n d i n g g o l d 4 s __________1 9 3 4 A
2 9 - 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 l s t 4 X S — 1 9 3 4 M
B u r l C R A N 1 s t g 5 s _____ 1 9 3 4 A
O R I F A N W 1 s t g u 5 S ..1 9 2 1 A
C h o O k la A G g e n g 5 e ..p l 9 1 9 J
C o n s o l g o l d 5 s ___________ 1 9 5 2 «
K e o k A D e s M o i n e s 1 s t 5a 1 9 2 3 A
S t P a u l A K C S h L 1 s t 4 X u '4 1 F
C h l o S t P M A O c o n s 6 s _____ 1 9 3 0 J
C o n s 6a r e d u c e d t o 3 X 9 — 1930 J
D e b e n t u r e 5 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
S u p e rio r S h o r t L 1st 5 s g .c l 9 3 0
C h lo T H A S o E a s t 1 st 58— 1 9 6 0 j
C h l o A W e s t I n d g e n g 6 s . .( 1 9 3 2 Q
C o n s o l 5 0 - y e a r 4 a ______ . . . 1 9 5 2 J
O ln H A D 2 d g o l d 4 X s _____1 9 3 7
O F in d A F t W 1 s t g u 4 s g 1 9 2 3 M
D a y A M i c h 1 s t c o n s 4 X s 193 1 J
C le v C ln C h A S t L g e n 4 8 — 1 9 9 3 J
2 0 - y e a r d e b 4 X s ___________ 1 981 J
G e n e r a l 5 s S e r ie s B . . . . . . 1 9 9 3 J
C a i r o D l v 1 s t g o l d 4 s ______ 1 9 3 9 J
C l n W A M D l v 1 s t g 4 s . .1 9 9 1 J
S t L D lv 1st c o ll tr g 48— 1990 M
B p r A C o l D l v 1 s t g 4 s --------1 9 4 0 M
J
W W V a l D l v 1 s t g 4 s --------1 9 4 0
M
C I S t L A C c o n s o l 6s --------1 9 2 0
1 s t g o l d 4 s _______________ * 1 9 3 6 Q
R e g i s t e r e d ------------------- * 1 9 3 6 Q
O l n 8 A C l c o n s 1s t g 5 8 — 1 9 2 8 J
O O O A I g e n c o n s g 6 a . .1 9 3 4 J
In d B A
O In d A
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W 1 s t p r e f 4 s --------1 9 4 0
W 1st p re f 5 s — -d l9 3 S
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P r is e
F r id a y
N o v . 21

•Sr.

H ig h

J

F o r e ig n G o v e r n m e n t
A n g lo -F r o n o h 5 -y r S e E x te r lo a n . A
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A r g e n tin e In te r n a l 5s o f WOO—
M
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B o r d e a u x ( C it y o f ) 1 5 -y r 6 s . 1 9 3 4 M N
C h in e s e ( H u k u a n g t t y ) 5 s o f 1 9 1 1
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E x t e r d t SB o f 1 9 1 4 s e r A . .1 9 4 9
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1949
D o m i n i o n o f C a n a d a g 5 s ___ 1 9 2 1
do
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1926
do
do
...1 9 3 1
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do
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S t e r lin g l o a n 4 s ---------------- ,.1 9 3 1
L y o n s ( C i t y o f ) 1 5 -y T 6 s --------1 9 3 4
M a r s e ill e s ( C i t y o f ) 1 5 y r 6 s l 9 3 4 M N
M e x i c o — E x tie r l o a n £ 5 s o f 1 8 9 9 Q
J
G o l d d e b t 4a o f 1 9 0 4 ............ 1 9 5 4 J
D
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P a r is ( C i t y o f ) 5 - y e a r 6 s _____1 9 2 1 A
T o k y o C i t y 5 s l o a n o f 1 9 1 2 ______ M
5
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A
1 0 - y o a r o o n v 5 X s _________ 1 9 2 9 F
O
3 - y e a r e o n v 5 X s _________ p l 9 2 2 F
A
t T i e s e a r e p r ic e s o n th e b a n s o f $ 5 t o £




R a n ge
S in ce
Jan. 1

1

BONDS
N . Y . STOCK EXCH AN GE
W e e k e n d in g N o v . 2 1

B onds
S old

J a n . 1 9 0 9 th e E z eh a n g e m eth od o f q u o tin g b a n d s ions eh a n g e d a n d p r ic e s a r e n o te — " a n d in t e r e s t " — e t c o p l f o r in t e r e s t a n d d e fa u lte d b o 'id s.

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07*2
70
82
05
79

71
84
90%

101 %
7 6 * 2 ______
76
50
51
23*2 2 7 %

o

___
_____

48
3

2

3

100

96%

97%

96*g
97
90

98
08
96%

105

109

100 * . 101
100*2 N o v T 9
96
90
99
1 90
100
100
S e p t ’ 19
104
101% 104
1 0 1 7j A u g T 9
76
70
12 7 5 % 7 8 %
91%
98
93*4 O c t T 9 —
70
73
73*2
17
76%
7 6 % M a y '1 9
66
67% 224
70*i
7 0 * i M a r ’ 19
61
63
64%
30
90
90
S e p t ’ l!)
97%
97% F eb T 9
97
M a y '1 8
89
89
O ct T 9
05
6 9 % N o v ’ 19
1 66
67
07
106
106
5 104
82*4
83*2 N o v '1 9
90*2
91
O ct T 9 —
118
N o v '1 6
95
M a y '1 8
58
67*2 J u n e ’ 19
1 0 2 % O c t T 9 _____ 102 %
58
31
58
58*4
90
M a y '1 7
88
M a r 'l l
80
80
S e p t ’ 19
1 60*4
67%
0712
78
79
79
4
82 %
8 2 % S e p t ’ 19
72
N o v ‘ 19
71*4
___
06%
O0*g O c t T 9
67
___
67*4 N o v '1 9
74**
___
74% Jan T 9
84
N o v ’ 16
99*4
101
O ct T 9
82%
84
O ct T 9
82*4
8 2 % S e p t ’ 19
93
9 3 % M a y ’ 19
102% O c t T 9
102*4
76*4
70*4
1 70*4

66%

79%

8 5 *« 8 e p t '1 9 —

72%

71%
100%
98%
93%
102*8

93

64
84%
74*4
81%
81%
85
737*
98*i
93
99%
74
100
102
89
82
08*i
99%
93
92
71
70*i
82%
78*2
10 1

1

21
64
55
147
13
19

70

J

63%
53
9 8*i 103%
85*4 85*4

57
75
62
71
71%
75
67*4
98
93
8 97
05
99%
99%
88*4
80
96*4
99
___
89
92
63%
17
09
75
31
78*2
22 9 5 %
101 %

4

71*2
100*4
95
92%

82
_
97%

90*2
90%
70
25

« .i
81
80
76%

68

F e b '1 6
61%
70%
64
73*2
74*2
78%
69
N o v ’ lfl
O c t 'ID
98
N ovTD
N o v ‘ 19
102
8 e p t ’ 19
89
M a y '1 9
82
O c t 'i n
9 7 % N o v '1 9
09% O ct T 9
93
Aug T 9
92
O ct T 9
67%
08
70*i A p r T 9
78*2
79*8
78*2 N o v '1 9
97
98
106
O ct T 9
1 0 9 * i A p r '1 6
96% O ct T 9
96
N O V '1 8
97*2 N o v ‘ 19
98
M a r ’ 19
91
92
97
N o v '1 8
101*2 O c t T O
105*2 N o v '1 9
88 J a n '1 7

99*|
76%
857*

60%
75
83*2
06*4

2

S a le
77*8
99

86*2

U
A o

DueJune. * DueJJuly. * Due Aug.

18
_____
45
_____
2C

92%
61%
75%
62
71%
72*2
77*2
63
98
93
98
6512
99%

N o v ‘ 19
100 %
J u n e ’ 19
Aug T 9
F e b '0 8

1

50

4

83
82
77%
98%

1

12

85

79%
76%
76*i
70*|
72
96
97%
89
70%
71
108
85
97

67%
104%
65

80
72%
84*i
87
81 %
70
76*4
74%
in i
84
82%
937.
107
70*4
‘ 60%
31
89
89*4

81*1
99*4
* 85*4

70
73
19 1 0 0 % 10 07,
95*4 101
9 2 * i 92
___
|

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

Dus May.

92*4
O ct ’ ll
80
N ov’ K
26
J u l y ’ lfl
N o v ’ 19
O c t *11
A ug ’ ll
F e b '1 3
M a r ’ 17
54%
98%
85*4
A p r '1 7
M a y ’ 19
75
O c t 'U

51%
S I *2
24
N o v '1 9
86% O ct T 9
82
8212
77%
77%
9 S *4 O c t T 9

A
N

D
M o r r is A E s s 1st g u 3 X 8 — 2 0 0 0 J
J
N Y L a c k A W 1 s t 6 s ______ 1 9 2 1 J
A
C o n s t r u c t i o n B e --------------1 9 2 3 F
T e rm A Im p r o v t 4 a . . — 1923 M N
A
W a rre n 1st r e f g u g 3 X 8 — 20 0 0 F

“

67
78
78*2
71%
03
67*2
70

Apr

J

S a le

86
68

100*2
91
91
80%

A o

R e f u n d A E x t 4 X s .............. 1 9 3 6 M
F t W A D e n C 1st g 6 s . . .1 9 2 1 J

77%

93%
85

97
104
92
97% 98

O
J
J
s
A

A
o
A o
F

93%
90%
83*j
30
36*4
22
08
104
71*2 8 0
70*4 8 0
78
75

100
96*4
66%
99%
98*4
79*8
79%
96%
99
90
89
60*4
63%
78*2
______
98
______

H ig h
Illg h N o . L ow
O ct T ) . . . .
«B
51
O ct T > . . . .
93%
85
933 I
83%
99*2
JAn ’ 1 r
-75*
727a 8 3 %
4 ()
M ar’ l ’
85%
7 7*
4{
77
853
82*2 9 1 %
O c t T< —
78%
| 75
M a y ’ ll ' _____
82*4 82*4
F eb Ti _
J u n e 'H _____
60
69
S e p t 'K _____
75
80
O ct T ( . . . .
70%
70%
S e p t ’ K _____
F eb TJ
47*4
•
r ! 46% 68%
32
23
40
29%

91*8
90%
79
25%
25%
98
71%
71
78
97%
32
53*4
98%
85*4
84*2
63
75

66%
75
82%
63

R a n ge
S in ce
Jan l

j

95%
71%
80%

72
72

53
96%

g J*
sS

9 5 % S e p t 'K _____
74%
74*4
1
8 2 7g
83
11

9 2 % S a le
_____
*90
79
S a le
25*2 2 7
2 5 % S a le

8

J
J
o
J
s
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o
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W e e k 's
R a n ge or
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q

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v

Due Not.

Due Deo. t Optlonsals

St

Y o r k B o n d R e c o r d — C o n tin u e d — -P ag e 2

P r ic e
F r id a y
N o v . 21

W e e k 's
R a n g e or
L a st S ale
1

BONDS
N . Y . STOCK E XCH AN G E
W e e k e n d in g N o v . 2 1

N ew

B onds
Sold

Nov. 22 1919.

1

R ange
S in ce
Jan. 1

P r ic e
F r id a y
N o t. 21

BONDS
N . Y . STOCK E X C H A N G E
W e e k e n d in g N o v . 2 1

B id
h N o j L ow
H ig h
D e la w a r e * H u d s o n —
L e h V T e r m R y 1 s t g u g 5 s . .1 9 4 1
1
97% 97% 97
9 -------- ! 9 6
J
1 s t li e n e q u i p g 4 H s ________1 9 2 2 J
97
R e g i s t e r e d ___________________ 1 941
2
15
813s S a le S U s
1st A r o l 4 s ................................. 1 9 4 3 M N
78*2 85*4
L e h V a l R R 1 0 -y r o o ll 6 s . . n l 9 2 8
8 5 % 8 6 % 855$
2 0 - y e a r c o n v 6 s ____________ 1 9 3 6 A
O
8
1 8 4 78 95*4
L e h V a l C o a l C o 1st g u g 6 s . 1933
2
5
7
0
%
72
7
2
A lb & S u a q c o n v 3 H s _____ 1948 A O
72
78*2
R e g i s t e r e d . . ______ __________1 9 3 3
9 -------- 102*4 102*4
102*s 102%
R en a s A S a r a to g a 1 st 7 s . .1 9 2 1 M N
1 s t l n t r e d u c e d t o 4 s ........... 1 9 3 3
D e n v e r & R io G r a n d o —
L e h A N Y 1 s t g u a r g 4 s _____ 1 9 4 5
6312
S
a
le
8
3
4
6314
6
3
1 s t o o n s g 4 s ____________ . . . 1 9 3 8 J
63
75*4
J
R e g i s t e r e d ___________________ 1 9 4 5
6 9 % --------- 6 9 i 2
69 2
C o n s o l g o l d 4 H « ___________ 1 9 3 6 J
J
69
76*2
f
L o n g la id 1 s t c o n s g o l d 5 s . . » 1 9 3 1
75
74
--------- 733s
D
73*8 8 0
I m p r o v e m e n t g o l d 6 s _____ 1 9 2 S J
1 s t c o n s o l g o l d 4 s __________/I1931
_____
52% 57
N o v ’ 19
9 -------45
60*2
1 s t & r e f u n d in g 6 s _________ 1 9 5 5 F
A
G e n e r a l g o l d 4 s ______________ 1 9 3 8
6 -------87*4 N o v ' 16
R i o G r J u n e 1 s t g u g 6 s ___ 1 9 3 9 J
D
F e r r y g o l d 4 X 8 ......... ............ 1 9 2 2
1
—
6
1
U
A
p
r
'1
1
39*2
—
R i o G r S o u 1 s t g o l d 4 s _____ 1 9 4 0 J
J
G o l d 4 s ______________________ 1932
34
J u l y '1 77 —
G u a r a n t e e d _______________ 1 9 4 0 J
J
U n i fie d g o l d 4 s ..........................1 9 4 9
65
63*4 73*2
65*2 S a le 6 4
R io G r W e s t 1st g o ld 4 a . .1 9 3 9 J
J
D e b e n t u r e g o l d 5 s ..................1 9 3 4
2
11
11
S
a
le
.
53
60
53
53
53
V Itge A c o ll tr u s t 4 s A . .1 9 4 9 A O
2 0 - y e a r p m d e b 6 s __________1 9 3 7
6 -------D e o ' 16
55
. 55% 82
D e l A M a c k — 1 s t li e n g 4 s . . 1 9 9 5 J D
G u a r r e f u n d i n g g o l d 4 s ___ 1 9 4 9
6 -------7 5 i2 J u l y ’ 16
50
G o l d 4 s .........................................1 9 9 5 J
D
R e g i s t e r e d ________________ 1949
2
2
75*8 84*4
75*2 S a le 75h
D et R lv T u n T e r T u n 4 H S --1 9 6 1 M N
N Y B A M B 1s t c o n g 5 8 .1 9 3 5
S ------9434 _____
96*4 J u n e ’ 18
D u l M ls s a b e A N o r g e n 6 s . . 1 9 4 1 J
J
N Y A R B 1 s t g o l d 5 s _____ 1 9 2 7
89*4 9 5
89%
“ 4
D u l A I r o n R a n g e 1 s t 5 s _____1 9 3 7 A
O
90
N o r 3 h B 1st c o n g g u 5 s .o l9 3 2
-----------------------1 0 5 % M a r '0 85
R e g i s t e r e d _________________1 9 3 7 A O
L o u is ia n a A A r k 1 s t g 5 s _____ 1 9 2 7
9 —
83
J u n e ’ 19
83
83
8 4 i2
75
J
D u l S o u S h o r e A A t l g 6 s ___ 1 9 3 7 J
L o u is v ille A N a s h v g e n 6 s . . 1930
_____
9
—
8 9 % S e p t ’ 19
89*8 96
90*2
G o l d 5 s ----------------------------------- 1937
E l g i n J o li e t A E a s t 1 s t g 6 s . . 1 9 4 1 M N
9 —
9 9 % O c t ’ 19
100
97
98*4 1 0 0 7s
E r ie 1 s t c o n s o l g o l d 7 a ________1 9 2 0 M S
U n i f ie d g o l d 4 s ______________1940
7 8 ig O c t '1 8s -------82
N Y A E r ie 1 s t e i t g 4 s ___ 1 9 4 7 M N
R e g i s t e r e d ________________ 1940
9 —
9 1 % O c t ’ 19
91*8 9 1 %
2 d e x t g o l d 5 s _______________ 1 9 1 9 M S
C o l l a t e r a l t r u s t g o l d 5 s ___ 1931
9 -------92
S e p t ’ 19
91*8 92
9 1 % _____
L C ln A L e x g o l d 4 H s ____1 931
3 r d e x t g o l d 4 ) 4 s ___________ 1 9 2 3 M S
7
-------99>2
J
u
l
y
’
17
96%
N O A M 1s t g o l d 6 s _______1 9 3 0
4 t h e x t g o l d 5 s ______________ 1 9 2 0 A O
9434 N o v ’ 15
5 -------2 d g o l d 6 s ______
1930
6 t h e x t g o l d 4 s ______________ 1 9 2 8 J
D
100
98*2 A u g ’ 199 - - - *98*2 *98*2
98
N Y L E A W 1st g f d 7 s . . 1920 M S
P a d u c a h A M e m D i v 4 s .1 9 4 6
^
58*22
56
70*2
5 6 78 S a le 5 6
S t L o u is D lv 1st g o ld o s . . 1921
E r ie 1 s t c o n s g 4 s p r i o r ___ 1 9 9 6 J
J
84
D e c ’ 16
2 d g o l d 3 s _________________} » S 0
R e g i s t e r e d _________________1 9 9 6 J
J
108
S a le 4 5
47
45
57*2
45
A t l K n o x A C ln D l v 4 s ___ 1 9 5 5
1 st c o n s o l g e n H en g 4 8 .1 9 9 6 J
J
55
73
J u n e ’ 16i ------A tl K n o x A N o r 1st g 5 s . .1 9 4 0
R e g i s t e r e d ______________1 9 9 6 J
J
5
85*2 81
82
77*8 8 3
H e n d e r B d g e 1st s f g 6s . . 1931
P e n n c o ll tru s t g o ld 4 s . . 1951 F A
4134
40
52
41*4 S a le 4 1 '8
6 0 -y e a r c o n v 4 s S er A . .1 9 5 3 A O
K e n tu c k y C e n tr a l g o ld 4 s . 1987
*
41344
S a le 4 0
51
40
52
40
do
8 e r le s B ___________ 1953 A O
L ex A E a s t 1st 5 0 -y r 5s g u 1965
163
46
44*2 S a le 44>2
44*2 55
G e n c o n v 4 s S e r ie s D — 1 9 5 3 A
L A N A M A M 1st g 4 X s 1945
d
-------8
5
N
o
v
’
19
89
84
95*8
C h i c A E r ie 1 s t g o l d 5 s . . . 1 9 8 2 M N
L A N - S o u t h M J o in t 4 s . . 1 9 5 2
1 0 6 78 J a n ’ 177 -------C l e v A M a h o n V a il g 6 s . . 1 9 3 8 J
J
R e g i s t e r e d _______________ 5 1 9 5 2
—
9
4
l
2
O
c
t
’
19
9
3
%
9
4
l
2
101
E r ie A J e r s e y 1 s t s 1 6 s — 1 9 5 5 J
J
N F l a A S 1 s t g u g 5 s _____1 9 3 7
97
N o v ‘ 193 -------95
95
101
94
G e n e s e e R iv e r 1 s t s X 6 s — 1 9 5 7 J
J
N A C B d g e g en gu g 4 X s . 1945
100
108*2 S e p t ’ 193 -------- 1 0 7
109
L o n g D o o k c o n s o l g 8 s _____1 9 3 5 A O
P e n s a c A A t l 1 s t g u g 6 s . .1 9 2 1
Jan T 8
93
9 3 % 103
C o a l A R R 1st c u r g u 6 a . . 1922 M N
S A N A la c o n s g u g 5 s ___ 1 9 3 6
90*4 . . . . 102*2 J u l y ’ 17 —
D o c k A I m p t 1st e x t 5 s — 1943 J
J
G e n c o n s g u 5 0 - y e a r 5 8 .1 9 6 3
85
J a n ’ 18 . . . .
80*4 _____
N Y A G r e e n L g u g 5 s . . . 1 9 4 6 IW N
L A J e f f B d g e C o g u g 4 s ___ 1 9 4 5
N o v ’ 19 —
64% 65
60
64*4 78*4
N Y S u s q A W 1 s t reX 6 s . . 1 9 3 7 J
J
M a n il a R R — S o u lin e s 4 s ___ 1 9 3 0
55
100*4 D e o ’ 06 —
2 d g o l d 4 H s . .......................1 9 3 7 F
A
M e x I n t e r n a t 1 s t c o n s g 4 s . .1 9 7 7
50
60
J u n e ’ 18 —
G e n e r a l g o l d 6 s ______ . . . 1 9 4 0 F
A
S t a m p e d g u a r a n t e e d ______ 1 9 7 7
.......................
D e c ’ 18 —
88 ____ _ 9 7
T e r m in a l 1 s t g o l d
1943 M N
M id la n d T e r m — 1 s t s f g 5 s . 1 9 2 5
. .. . . 10S
Jan T 7 —
72
M id o f N J 1 s t e x t 6 s --------- 1 9 4 0 A O
M in n S t L o u is 1 s t 7 s __________1 9 2 7
—
5
5
5
5
N
o
v
’
19
D
*55** 7 2 '
W l lk A E a s t 1 st g u g 5 s . . 1 9 4 2
P a c i f i c E x t 1 s t g o l d 6 s _____1921
23*2 J a n T 7
J
v A I n d 1 st c o n s g u g 6 s . . 1 9 2 6
1 s t c o n s o l g o l d 5 s ___________ 193 4
95*4 A u g ’ 19 —
J
9 5 % 97
95’
98
E v a n s v A T H 1 st c o n s 6 s . . 1 9 2 1
1 s t A r e fu n d in g g o l d 4 s ___ 1 9 4 9
—
O
6 6 % 68*4 70*4 A u g ’ 19
1 st g e n e r a l g o l d 5 s --------------- 1 9 4 2
70*4 70*4
R e f A e x t 5 0 - y r 5 s S e r A . .1 9 6 2
108
N ov’ll —
O
M t V e r n o n 1 st g o l d 6 s — 1 9 2 3
D e s M A F t D 1 s t g u 4 s . .1 9 3 5
95
J u n e ’ 12 —
o
B u ll C o B r a n c h 1 s t g 6 s . . 1 9 3 0
I o w a C e n t r a l 1 s t g o l d 5 s . .1 9 3 8
2 ‘ 7 6 ’ *85~*
78
78
78
D
77
F lo r i d a E C o a s t 1 s t 4 ) 4 “ — 1 9 5 9
R e f u n d in g g o l d 4 s ........... 1951
92
A u g ’ 10 _____
J
F o r t S t U D C o l s t r . m S . . 1 94 1
M S t P A S 8 M o o n g 4 s ln t g u T 9 3 8
—
88
J
55
60*2 J u l y ’ 19
F t W o r t h A R io G r 1st g 4 s . 1928
60*8 60*2
1 s t o o n s 5 s ____________________ 193 8
81
783s N o v ‘ 19 —
70
o
O a l v H o n s A H e n 1 s t 6 s _____1 9 3 3
7S*s 78*8
1 s t C h i c T e r m s f 4 s ________ 1941
953s 3 5 2
J
94*4 S a le 9434
G r e a t N o r C B A Q c o ll 4 s . .1 9 2 1
94*8 9 7 78
M S S M A A 1st g 4 s ln t g u . ’ 2 6
9 4 14 9 5 % 94*2
94*2
J
R e g i s t e r e d _________________ 4 1 9 2 1
94
9 6 78
M is s is s ip p i C e n t r a l 1 s t 5 s . . .1 9 4 9
J?
S a le 8 2
82
84
J
82
89
1 s t A r e f 4 ) £ s S e r ie s A _____1961
M is s o u r i K a n s a s A T e x a s —
96
J u n e ’ 16 — . .
J
R e g i s t e r e d _________ _____. 1 9 6 1
1 s t g o l d 4 s ............................. . . 1 9 9 0
88
J
86*4 O c t ’ 19, . . . .
85
S t P a u l M A M a n 4 s ........... 1 9 3 3
86*4 88*2
2 d g o l d 4 s .................................p l 9 9 0
1 104
105
105
J 105*4
1 st c o n s o l g 6 s ___ _____. . 1 9 3 3
108*2
1 s t e x t g o l d 5 s ______________1 9 4 4
—
118
A p r ’ 17
J
R e g i s t e r e d _____________ 1 9 3 3
1 s t A r e fu n d in g 4 s ________ 2 0 0 4
12 91
S a le 9 2
92*2
92
J
R e d u c e d t o g o ld 4 ) 4 s . 1933
95*s
T r u s t C o c e r t f s o f d e p ________
99
102*2 M a y ’ l o
J
R e g i s t e r e d __________ 1 9 3 3
G e n s in k i n g f u n d 4 X 8 - - 1 9 3 6
8 4 % N o v ’ 19 —
D
M o n t e x t 1 s t g o l d 4 s ___ 1 9 3 7
83*s —
84
8 8 7s
S t L o u is D l v 1st r e f g 4 s . .2 0 0 1
80
S e p t ’ 19 —
D
80
80
R e g i s t e r e d _____________ 1 9 3 7
5 % secu red n otes ’’e x t” T 6
75
77
N o v ’ 19 —
J
P a c i f i c e x t g u a r 4 s £ _____1 9 4 0
77
81
D a li A W a c o 1st g u g 5 s . .1 9 4 0
E M in n N o r D l v 1 s t g 4 s . . 1 9 4 8
O
7 7 % S I *2 74*4 O c t ’ 19 —
74*4 74*4
K a n C it y A P a o 1st g 4 s . . 1990
99
A u g ’ 19 —
J
99
99
M in n U n i o n 1 s t g 6 s ______ 1 9 2 2
M o K A E 1st g u g 5 s . . . . 1 9 4 2
—
J 103
M o n t O 1 s t g u g 6 s ___ . . . 1 9 3 7
103
10 S *8
M K A O k la 1st g u a r 5 s . . 1942
—
J
R e g i s t e r e d ________________ 1 9 3 7
M K A T o f T 1 s t g u g 5S 1 9 4 2
—
9534
O
c
c
’
19
J
1 s t q u a r g o l d 6 s _________ 1 9 3 7
93*8 94*2
8 h e r S h A S o 1 s t g u g 6 s . .1 9 4 2
D
W i ll A S F 1 s t g o l d 5 s . . l 9 3 S | J
98*4 95*8 N o v ’ 19
95*8 95*8
T e x a s A O k l a 1 s t g u g 5 s . .1 9 4 3
5 2 % N o v ‘ 19 —
G r e e n B a y A W d e b c t f s " A " _____ F e b
52*2 57
51
66
M is s o u r i P a c i f i c ( r e o r g C o ) —
9*2 N j v ’ 19 —
8%
D o b e n t u r e o t l s “ B " ___ _________ F e b
6*8 15*8
8*4
1 s t A r e fu n d in g 6s S e r A . . 1 9 6 5
73
73
O c t ’ 19 . . .
J
G u lf A S I 1st r e f A t g 6 s . . 619 5 2 I
73
82*2
1 s t A r e fu n d in g 5 s S e r B o 1 9 2 3
H o c k in g V a l 1st e o n s g 4 ) 4 a 1999 f
7 0 78 83
7 1 78
7 1 * i 7 1 % 71*4
6
J
1 s t A r e fu n d in g 5 s S e r C . . 1 9 2 6
73*2 J u n e ’ 18
R e g i s t e r e d ___________________ 1 9 9 9 I
J
G e n e r a l 4 s ___ . . . ________ 1 9 7 5
73*2 O c t ’ 18 ____
C o l A H V 1 s t e x t g 4 s _____1 9 4 8 A
O
7 3 % _____
M is s o u r i P a o 1 s t c o n s g 6 s . . 1 9 2 0
_____
—
76U A p r T 9
C o l A T o l 1 s t e x t 4 s .............. 1 9 5 5 F
A
71 %
76*4 76*4
4 0 - y e a r g o l d lo a n 4 s ___ . . . 1 9 4 5
1 80
H o u s t o n B e lt A T e r m 1 s t 6 8 . 1 9 3 7 J
S a le 8 2
82
82
82
J
3 d 7s ex te n d e d a t 4 % . . . . 1 9 3 8 M
83
N o v ’ 19 —
I lli n o is C e n t r a l 1 s t g o l d 4 s . . 1 9 5 1 J
83
88
B o o n v S t L A S 1st 5 s g u . 1951 F
R e g i s t e r e d .................................. 1951 j
92
S n p t ’ 17
C e n t B r U P 1 s t g 4 s _____1 9 4 8
1 st g o l d 3 ) 4 s ..............................1 9 5 1 J
74*8 N o v ’ 19 —
74
76
72*2 7 4
P a c R o f M o 1st e x t g 4 S ..1 9 3 8
R e g i s t e r e d ....................... . . 1 9 5 1 J
84
N o v ’ 15
2 d e x t e n d e d g o l d 5 s _____1 9 3 8
E x te n d e d 1st g o ld 3 ) 4 s . . . l 9 5 1 A O
73*4 N o v ‘ 19 —
73*4 73*4
72*2 . . . .
S t L I r M A S gen c o n g 5s 1931
R e g i s t e r e d ------------------------- 1951 A O
G e n c o n s ta m p gu g 5 s . . 1931
1 st g o l d 3 s s t e r lin g .................1 9 5 1 M
80
J u ly ’ 09
U n i fie d A r e f g o l d 4 s . . 1 9 2 9
R e g i s t e r e d ..............................1 9 5 1 M
S
R e g i s t e r e d ______________ 1 9 2 9
10 71*2 79
C o ll a t e r a l t r u s t g o l d 4 s . . . 1 9 5 2 A o
72*8 7 5
74
74
R lv A G D lv 1st g 4 s . ..1 9 3 3
R e g i s t e r e d ------------------------- 1 9 5 3 A O
953$ S e p t ’ l
V e r d i V I A W 1st g 5 s . . . 1 9 2 6
20 7 6
1 s t r e f u n d in g 4 s -------------------1 9 5 8 M
79
81
84*4
79*8
81
M o b A O h i o n e w g o l d 6s _____1 9 2 7
p u r c h a s e d lin e s 3 ) 4 s ______ 1 9 5 2 J
65
6 9 % 71
71
75
A u g ’ 19 _____
1 s t e x t g o l d 6 s ______________ 5 1 9 2 7
12 6 9
L N O A T e x a s g o l d 4 a ___ 1 9 6 3 M N
69*2 70*2 7 0 »s
77*8
G e n e r a l g o l d 4 s ______________ 1 9 3 8
—
R e g i s t e r e d -------------------. . . 1 9 5 3 M N
66
71*8
00
_
M o n t g o m e r y D l v 1 s t g 6s . 1 9 4 7
23
1 6 - y e a r s e c u r e d 8 ’ afl______ 1 9 3 4 J
93
S a le 92*8
91*4 9 7 U
93*2
S t L o u is D l v 5 s _____ _ _____ 1 9 2 7
C a i r o B r id g e g o l d 4 s ----------1 9 5 0 J
78*2
78*2 7 9
7 8 * i N o v ’ 19 . . . .
S t L A C a i r o g u a r g 4 s _____1931
L it c h f i e ld D l v 1 s t g o l d 3 s . 196 1 J
57
61
61
61
A u g ’ 19
N a s h v C h a tt A S t L 1st 5 s . . 1928
L o u ls v D l v A T e r m g 3 M » 1 9 5 3 J
66
73*2
67*s —
67*4 N o v ’ 19
Jasper B ra n ch 1st g 6 s . ..1 9 2 3
R e g i s t e r e d _________ ______ 1 9 6 3 J
83
A u g ’ 12
N a t R y s o f M e x p r H en 4 X s . 1 9 5 7
M i d d l e D l v r o g 5 s ................. 1 9 2 1 F
97%
102
J u n e ’ 16
G u a r a n t e e d g e n e r a l 4 s _____ 1 9 7 7
O m a h a D l v 1 s t g o l d 3 s ___ 1 9 5 1 F
A _. ._
65
58*4 S e p t ’ 18
N a t o f M e x p r io r H en 4 H s 1 9 2 8
J
S t L o u is D l v A T e r m g 3 s . 1 9 5 1 J
57
62
O ct T 8
1 s t o o n s o l 4 s _________________ 1951
J
G o l d 3 ) 4 s .............................. 1951 J
67*8 71
68
68
63
O ct T 9 . . . .
N e w O r le a n s T e r m 1 s t 4 s ___ 1953
J
R e g i s t e r e d ______________1951 J
80
J u n e ’ 16
N O T e x A M e x ic o 1st 6s . ..1 9 2 5
J
S p r ln g f D lv 1st g 3 X s . _ - . 1 9 5 1 J
74
8 0 % N o v ’ 18
N o n - c u m I n c o m e 6s A _____ 1935
A
74
W e s t e r n L in e s 1 s t g 4 s _____ 1 9 5 1 F
85
79*s 79*2
79*2 M a y T 9 . . . .
N ew Y o r k C e n tra l R R —
A
R e g i s t e r e d --------------------------1 9 61 F
92
N o v ’ 10
C o n v d e b 6 s _________________ 1 9 3 5
D
B e lle v A C a r 1 s t 6 s .............. 1 9 2 3 J
94*4
1 7 * i M a y ’ 10 ------O o n s o l 4 s S e r ie s A __________1 9 9 8
C a r b A S h a w 1 s t g o l d 4 s - . 1 9 3 3 1*1 8
73%
73
M a r ’ 19
* 7 3 * *7 3
R e f A I m p 4 V 4 s “ A ” ............ 2 0 1 3 A
D
C h ic S t L A N O g o ld 6 S ..1 9 5 1 J
93
95*4 93*2 O c t T 9 - - - 91
99*4
N ew Y o r k C e n t A H u d R lv —
D
R e g i s t e r e d ________________ 1 9 61 J
95*8 F e b T 9
95*2 95*8
M o r t g a g e 3 X a ______________ 1 9 9 7
D
65
G o l d 3 ) 4 8 .............................. 1 9 5 1 J
—
65*2 J u l y ’ 18
R e g i s t e r e d _________________ 1 9 9 7
D
R e g i s t e r e d _________ . . . 1 9 8 1 J
D e b e n t u r e g o l d 4 s _________ 1934
2 * 8 5 * 95
D
J o in t 1 s t r e f 5 s S e r ie s A . 1 9 6 3 J
~ 85
S a le 8 5 *
*85*
R e g i s t e r e d ........................ . . 1 9 3 4
D
M e m p b D lv 1 s t g 4 s . . .1 9 5 1 J
71
S a le 71
71
71
77
L a k e S h o r e o o ll g 3 ) 4 * _____ 1 9 9 8
3!
D
R e g i s t e r e d ___ _____
1 9 51 J
65
N o v ’ 17
R e g i s t e r e d _________________ 1 9 9 8
SC L o u is S o u 1 s t g u g 4 s . . 1 9 3 1 M S
74% SI
7 7 't A u g ’ 19 _____ I 77*2 79*4
M ic h C e n t o o ll g o l d 3 ) 4 * . . 1 9 9 8
J
l n d IU A I o w a 1 s t g 4 s . . . . . . 1 9 5 0 J
7
9
%
'
1
77 %
79*8 82
79*8 O c t T 9
R e g i s t e r e d . . ..........................1 9 9 8
91
1 s t A G r e a t N o r 1 s t g 6 s _____1 9 1 0 M N
S a le 9 3
3 93
96
93
B a t t l e C r A S t u r l e t g u 3s . 1 9 8 9
D
J a m e s F r a n k A C le a r 1 s t 4 s . 1 9 5 9 J
76*4 7**2 8 OI4 A u g lO _____ i 89*4 82
B e e c h C r e e k 1st g u g 4 * . . 1 9 3 6 .
J
56*4 57*8 5'»*2
K an sas C it y S o u 1st g o ld 3 s . 1950 A
8 50*g 64*8
57*4
R e g i s t e r e d _______________ 1 9 3 6 J
____ I 7 8
R e g t s ’. e r o d . . . . . . . . ____. . . 1 9 5 0 A O
O c t ’ 09
2 d g u a r g o l d 5 s .................... 1 9 3 6
J
R e f A I m p t 5 s _________ A p r 1 9 5 0 J
75
S a lo 1 7 5
26
75
88
7)38
R e g i s t e r e d ______________ 1 9 3 6
K a n s a s C i t y T e r m 1 s t 4 s ___ 1 9 6 0 J
J
73*2 9 ilo 71*2
73*2
I 3 , 73*2 81
B e e c h C r E x t 1st g 3 ) 4 8 .6 1 9 5 1 ..
J
L a k e E r ie A W e s t l i t g 5 s . . 1 9 3 7 J
83
8 3 % 83>* N o v ’ l o . . . .
83*s 9 0
C a r t A A d 1st g u g 4 s _____1 9 8 1 J
J
65
2 d g o l d 5 s .............................. 1 9 4 1 J
78 , 8 0 % F e b *17 j
O o u v A O s w e 1 s t g u g 5 s . .1 9 4 2 J
N o r th O h io 1st g u a r g 5 s . . 1 9 4 5 A o
65
60
65
AigTfl]
65
85**
M o h A M a i 1 s t g u g 4 s ___ 1 9 9 1 M
J
L e b v a l N Y 1st g u g 4 ) 4 8 .- 1 9 4 0 ]
82*2 8 7 * 4 ! 88
N o v ’ 19
80
92
N J J u n e R g u a r 1 st 4 s . . . 1 9 8 6 F
J
R e g i s t e r e d . . . ____
80*4 78
...1 9 4 0 J
S e p t ’ 19 _ J
78
78
N Y A H a r le m g 3 ) 4 s _____ 2 0 0 0 64
L e h ig h V a l X P a) c o n s g 4 l _2 0 03| M N
703 4
4
70*4 7 2 | 70*4
70*4 8 0 * :
n V A N o rth e rn 1st g 5 s . 1923 A
G e n e r a l • » n « 4 V4s . . .
2 0 0 3 a*
78% 79
_____
79
99

1973

: Lout
99
113
100*2
100
105
70*8

—

—

______




ft D u e J u l y ,

n D u e S ep t.

94*2

95

74
38%

80
49

68
80*4
89
90

68
82
89
97*2

93*2

62*2
31*4

63*2
35

20*4 A u g ’ 19 .
40*4 N o v ’ 19 .
4214 N o v ’ 19 .
30
30
27
J u l y ’ 19 .

30

*69*2 A p r * T 7
53
O c t ’ 19
40
N o v ’ 19
69
O ct T 9
55*8 A u g ’ 19
51
D e o '1 6
40
O ct T 9

67*2

80
91

N
A
84*4
97*8
95

1 0 )1 4
95*8
68*8
*76**4

837s

*72*8 *76*8
96*4 9 8
101
104*4
40

487*
64

6 6 78

95*2

S a le
52*4

52*2

O

93
69
74

69*2

69*4
71
80
79
64*2
60
621*
75

6 9 78

*62**1 *63*i
60
62
02*2 6 3
46
8 5 7s

52
93%

8 8 * s --------

0 D u e O ct.

86*2

56*8
5 7 7s
98*4 N o v ’ 19 68 O c t T 8 82
Apr T 7 .
100
F e b '1 3 .
68 J u n e ’ 19 .
81
N o v ’ 19 .
89
M ayT9 .
90
N o v ‘ 19 .
102
J u l y ’ 14 .
75*2
76*4
8 0 's O c t T 7 .
70
72*4
92
J u l y ’ 19 101*4 O c t T 9 .
96*8 N o v ‘ 19 60*2
60*2
84*4 N o v ’ 19 82
A p r '1 9 .
75*2 N o v ’ 19 .
96*4
96*4
H 0*4 M a r ’ 1 7 .
50
M a r ’ 19 .
35
A u g '1 6 * .
9 6 7s F e b ’ 13 21
A u g '1 8 .
68*2 N o v ’ 19 .
95*2
95*2
52*2
53*4

93
S a le
69
_____
75*4 S a le

N ” 85 " 81

I
.
.
.
.
.

80
N o v ’ 19 .

86*2

—

9 D u e June,

l 0 2 7»
100

971g
3 9 78
3934
55
7 2 7s
S a le
83
95

72
41*2
81*2
9 2 78
88
92*4
80

__

» D ue F eb.

H ig h
102 **

• 70

—

a D ue Jan.

H ig h N o .''L o w
O c t T 9 ------- 1 9 8
M a r ’ 17
101*4 * 2 2 l o o ”
S e p t ’ 19
97*4
O ct T 3

92*2 S e p t T 9
86
A u g '1 9
75
N o v ‘ 19
92
O ct T 9
99*4 O c t ’ 0 6
69*4 N o v ’ 19
81
J u n e ’ 19
72*4 N o v ‘ 19
7 0 :4 N o v ’ 19
95
Jan ’ l l
92
A u g ’ 19
92
Apr T 9
90*8 J u n e '1 9
81*2 O c t T 9
99*4 N o v '1 9
99
99
82
84
81*2 S e p t ’ 19
97
O ct T 9
92
N o v '1 9
104
8 e p t ’ 19
100
Jan T 9
79*2 J a n T 9
99*4 N o v ’ 19
51*8 N o v ‘ 19
74
74
95*2
9 5 -2
101*2 O c t T 9
75
O ct T 9
92
O ct T 9
86*8 J u l y '1 9
6 5 l2
65*2
95
F eb ’05
94*2 S e p t '1 9 _____
977s M a y ’ 16
1016s J u l y ’ 19
100
O ct T 9
85*4
85*4!
70
O ct T 9 .

—

• N o p r ic e F r i d a y ; la t e s t b id a n d a s k e d t h is w e e k ,

R ange
S in c e
Jan. 1

87*4 " f d ” J u T y 'I i

—

j

W e e k 's
R ange or
L a s t S ale

9 * 7 3 * *82*2
15

9 3 78
69*8
7e

69*4 77 * *
92
92
100*4 105*4
96
98*260*2 68
83
91
86 7* 8 7
73*8 81*2
96*4 1 0 0
50* *59*

70
97*2
69*2
93
100*2
6812 78*4.
74
86

24
68
73
70*4
O ct T 9 . —
6 8 I 2 71
80
3
78
86
N o v ’ 18
N o v ‘ 19
* 6 2 * *6 8 *
S e p t ’ 19
59
67
N o v ’ 19
6 0 *s 7 0
M a r ’ 17

82
A u g ' 1 9 _____
95*4 N o v * 16 . .
104
M a y ’ 16 .,

49

N o v ’ 16

*80*
89*2
80
96*2

M ayTQ
F eb T 6
M a y ’ 17
N o v ’ 19

sO p t io n

s a le .

82

82

80

80

96*2

98*41

N ew

1974
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov 21

<3•2
<*>
n.

Price
Friday
Not 21

Y ork
Week's
Range or
Last Sale

Bond
■33

[V o l . 109.

R e c o r d — C o n tin u e d — P a g e 3
Range
Since
Jan. 1

BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 21

g
a.

Price
Friday
Noo. 21

Week's
Range or
Last Sale

■§3
3S

R a n ge
S in ce
Jan. 1

Low
High H o . L o w H ig h
High No. Low High
Bid
Ask Low
P. O. O. A St. L (Con.)—
'N Y Cent 1 H R R R (Con)—
91 Sept'18
J D
7 2U ____ 78'-4 Apr T9 —
78
80
N Y A Pu lat cons gu g 49.1993 A 0
8 8 U 91
90*8
Aug
’ 19
113
May'15
N
M
10314____
Pine Creek reg guar 6a------1932
91
91
91 Apr ’ 19
95
99U July'19 ___
99
F A
97 ' 99
99's
R W A O con 1st ext 5a..hl922 A 0
101
102
_
.
’
you
ioo
101
June'19
77
Oct
'19
O
75
____
67
A
J
j
77's
Rutland 1st con g 4 Via— 1941
93 100 June’ 17
56
567* 60 Aug T9 . . . . 60
J j
61*8
q F 90
87 Mar’ 10
67 Feb T9 . . . . 67
M N
67
J j
15
83 90
85
84'2 Sale 8 U2
82U So 101 Nov’ H ___
St Lawr A Adlr lat g 6a— 1990 J j
1 |
60 72U
67•'8 6 8 U 67*8
103 Nov‘ 16
07*8
2d gold 6a.......................1996 A
3
4 5 55
45
45
45 50
y *j
9 5 'g ------ 96 Aug T9 ___
i
95*8 90
atloa A Blk Rlv gu g 4 a ..1922 j
A O 9 7 * 8 ______ 99 Jan ’ 18
69U
89'4 74
Lake Shore gold 3Ha.........1997 j D 69U Sale 69U
70U Nov'19 - - - - 70U 707*
j
J 9 5 'g ------ 97U Deo ’ 17
69
71
Reglatered_____________1997 j D
4
80
36*4
S2'g
86'2
87U
84'*
j
J 81 U Sale 81*8
90
86
U
Sale
M
s
Debenture gold 4 a ..___1928
17 82'* 89
78 Aug '19
78
8H2
S5'g
J
Reglatered____________ 1997 j
25-year gold 4a________ 1931 M N 8434 Sale 81U
7934
79U 85
8H2 Nov‘19 —
8 U4 8H4
Jersey Central coll g 4s__ 1951 A O 7918 7912 79l2
Reglatered__________ 1931 M N ____ 87
Atlantlo City guar 48 g __ 1951 J J
. Ka A A Q R lat gu c 5a.-.1938
59U 08
62
60U N ov‘ 19
9 3 's ------ 101U Deo ‘ 15
St Jos A Grand Tal lat g 4a ..1947 J J 60
Mahon C’l RR lat 5a___ 1934
103
May’
17
St
Louis A San Fran (reorg Co)
Pitta A L Erie 2d g 5a. —al928
55
64
5734
130'* Jan ‘09
J 56-fa Sale 56U
Prior Hen Ser A 4 a . ..____ 1950 J
Pitta McK A Y lat gu 6e..l932
68
67
79
J 6778 Sale 67
101 ’ ____ 123U Mar’ 12
Prior lien Ser B 5a___ ...1 9 5 0 J
2d guaranteed 6a__ ...1 93 4
58
713,
69
Sale
5IU
01
941
*
____
A
O
99',
Aug
T7
Cum adjust Ser A 6a___ 51955
Mlohlg&n Central 6a_____1931
393* 5 6
4534
43U Sale 43U
9234____ 98U Nov’ lS
Income Series A 0a__ ...51960 Oct
Reglatered_____________1931
101
N
ov‘
19
___
101
10 6
J
82
Nov‘
19
_____
1
0
1
*
8
J
____
817g
84
81
J
j
St
Loula
A
San
Fran
gen
6a.
1931
4a.....................................1940
913* 931*
92U Sept’ 19
91
87 Feb ’ ll
General gold 5a________ 1931 J J 93
78 May 16
7012 ____
J J
J L A S lat gold 3 Via— 1951
90
M
a
y'
1
7
___
O
74U
Aug
T9
A
G7U
74U
741,
N
M
70-U
lat gold 3 Via................... 1952
991* 1 0 3 U
1 74'g 85
101
M N 1 0 0 78 Sale 1 0 0 7s
74's
74'a
20-year debenture 4 a ..1929 A O 74U 77
6 3 7s 7 5 U
657s
9 73'* 84
A O 6-112 Sale 64'*
79*8
7978
N Y Chi A St L lat g 4a ..1937 A O 797* 82
8 8 'g 901*
90‘2
Oct
’
19
877
a
39
O
85
Nov‘
17
A
Reglatered____________ 1937
61
74
62*8
M N 62*8 Sale 62 U
727g 7 5 Nov'19 ___
71
76U
Debenture 4 a . . . ______ 1931 M N 71
57 U 03
u 70
J J ____ 59 <8 6.3 Sept'19
71U
73
81'*
Weat Shore lat 4a guar— 2361 J J 72U 75
5
7
6
5U
57
57U
57
57U
8
D
J
70
70U
78*4
70
Reglatered_____________2301 J J 70'* 71
583* 64>2
61
J J 60 Sale 59'*
99U 99U
N Y C Unee eq tr 5 a ..1919-22 M N 97'g ____ 99'* Feb T9 —
98U
Jan
’
14
D
J
J
93U
102
J
98*8
July‘
17
Equip trust 4 Ha. .1919-1925
68
60
6078
3 73
J J ____ 62
81U 81U
81U
80*4
N t Connect let gu 4148 A . .1953 F A 80
72
66 Oct ’ 19
A O ____ 62
•* f N H A Hartford—
74
63
03
63
647
s
A
O
m S 57U ____ 55'* Aug T9 ___ 53
5112
53U
477s
49 ____ 50'* July'19 . . . . 50
51
Non-oonv deben 3 Mia------1947 M s
Adjustment 5 a . . . . . . __ 01949 F A 44 Sale 44
60
45
47
___
45___45*8
O
50
Aug
T9
A
____
50
A
52
0
Non-oonv deben 3 K 8 ....1 9 5 4
50
80
71 Oct T9
M 8 ____ 70
52'2 1 0 . an* 507*
Non-oonv deben 4 a . . . . —1955 J J 52 U Sale 51'2
70
2
52
J J 70U ------ 76 Apr T9
49 591*
Non-eonv deben 4 a . . . . —1956 m N 52 Sale 52
IOO
14
100*4
100U
Apr
T9
_
_
997
s
1017
s
J
50
Oct
T9
J
J 48U 50
Oonv debenture 3 H
— 1956 j
Fla Cent A Pen lat ext 0s. 1923
4914 52
101 D e o '15
39 73 8 8
76
Oonv debenture 6a------...1 94 8 j
J 75 Sale 75
lat land grant ext g 5 s..1930 J J ____ 100
87U 92*2
50 Oct '17
Cons Ry non-cenv 4 a ....1930 F
Consol gold 6a________ 1943 J J ____ 897s 87U Oct T9
93 July’ 19
91U 93
1
51 ____ 91U Jan '12
Non-conv deben 4 a ....1954 J
Ga A Ala Ry lat con 5a..ol945 J J ____ 92U
94
94
94U Apr T9
60 July'18
Non-eonv deben 4 a .._1955
Ga Car A No lat gu g 5a..1929 J J 83
95'4 96U
95U
May*
19
95<
s
*9512
J
J
A
Non-oonv deben 4a___ 1955
Seaboard A Roan lat 6a..1926
49 Occ T9 ___ 49
50'*
Non-eonv deben 4a___ 1950 7 J
Southern Paolflo Co
08
797»
70^4
70
Harlem R-Pt Ches lat 4a. 1954 m N 70 ____ 70 Oot T9 . . . . 70
Gold 4a (Cent Pao c o ll)..*1949 J D 697s Sale 0934
90 Feb T4
79'* Dec '17
B A N Y Air Line lat 4a..1955
Registered...__ .....5 1 9 4 9 J D
877,
59 Oct '09 —
81'2 160 80
62 >*
Cent New Eng lat gu 4a..1961 J J ____ 59-U
58
20-year oonv 4 a ..______ 01929 M S 80>t Sale 80
109 1280 99*4 115
Hartford 8t Ry lat 4a___ 1930
20-year conv 5a__ . . . ____ 1934 J D 1 0 2 U Sale 101
75*8 117, 72U 83
70 . . . . 1001* May'i5
Housatonlc R oona g 6a..1937
Cent Pac 1st ref gu g 4a..1949 F A 7434 Sale 71*4
87U Sept'16
63 . . . . 87 July'14
Naugatuck RR lat 4a___ 1954
Registered____________ 1949 F A
81
8534
82*8
82
83
Aug
'13
D
82U
82
J
80l2 ____
N Y Prov A Boston 4a...1942
Mort guar gold 3 H a ..51929
72*8 80
72** Nov’ 19
43'2 30 42
54
NYW'cheaAB lat aer 1 4 Ha’ 46 J J 42 Sale 42
Through St L lat gu 4a. 1954 A O 70i| 71
G H A 8 A M A P 1st 5sl931 M N 93 101 100 Oct T8
Boston Terminal lat 4a__ 1939
99
9634 Jan T8
2d exten 6a guar_______ 1931 J J
New England cone 5a___ 1945
95 Nov T8
67 . . . . 70 Bept’ 17
Gila V G A N lat gu g 58..1924 H N *92 *2 102
Consol 4s____________ 1945
.
.
.
.
92>4 92**
40
Oct
T9
92*| July'19
M
N
38'g
40
40
40
85U
M
N
Houa
E
A
W
T
lat
g
6a...1938
Providence Secur deb 4a.. 1957
Oot TO
100
80 ____ 997* Doe ' 13
lat guar 5a red____ ...1 93 3 M N 85U
Prov A Springfield lat 5a. 1922
94
9834
67*8____ 883* Feb 14
H A T C 1st g 5a lot gu__ 1937 J J 9 H 4 91U 94 Oct T9
Providence Term lat 4a. . .1956 M 8
93
94*8
Gen gold 4a Int guar___ 1921 A O OH2 93U 94 Nov'19
W A Con East lat 4H »---1943
5 6134 70
63
94
94
94 Mar'19
641* 63"
Waco A N W dlv lat g 6a *30 M N 90
•N T O A W ref lat g 4s___ *1992 M S 62
02'* Juoo'12
93 N ov’ 18
A A N W 1st gug 5a.......... 1941 J J 87*4
Registered 95,000 only..;1992
3 00<4 62
60'4
607*
1 0 0 U Oot '17
Louisiana Woat lat 6s___ 1921 J J 99l2
General 4a______________ 1953 J D ____ 61
9 60
6H4
09*t Aug TO
99*8 99*8
Morgan’s La A T 1st 6 a .. 1920 J J 99U 100
69'*
Norfolk Sou lat A ref A Ua..l901 F A 61U Sale 614
—
97
95ia
83ig
N
ov‘l9
951*
O
9 5 U 951*
A
89
83
'g
9512
81U
83
N
'Norf A Sou 1st gold 5a______1941
3 1017g 109U
1017*
941*
92*8 9 9 U
Ore A Cal lat guar g 6 a ... 1927 J J 94U 94U 94U
Norf A Weat gen gold 6a___ 1931 •m * 103U____ 10178
97*8 July, 19
122 Nov'in
97*8 97*8
So Pao of Oat—Gu g 6s__ 1937 M N 95
Improvement A ext g 6a..1934
02U 93
So Pac Coast lat gu 4a g ..l9 3 7 J J 9 0 l i "fli7* 92U June'19
New River lat gold 6a___ 1932 A O 103U - - - - 100U Aug T9 —12 1001 * 108'*
75
75
79U
80'*
80*4
77
78U Salo 78
Ban Fran Terml lat 4a__ 1950 A O 73H 70
N k W Ry lat oona g 4a..1996 A 0
. . . . 79
85
83
July’
19
J
J
85
79
Oct
T9
81
Tex
A
N
O
con
gold
Ss_
_
1948
A
O
Registered____________ 1996
7 74U 82
781*
831,
79
So Pac RR lat ref 4a......... 1958 J J 7712 Sale 77U
78*8 80U 783*
Div'l lat Hen A gen g 4a. 1944 J j
871*
96*,
84'*
787S 84U Feb T9 . . . . 84
Southern— 1st oona g 5s____1994 J J SOU Sale 80U
10-26-year oonv 4a . . . ..1932 J D 75
86
85 U Sept’ 19
117U May'19
85U 85U
Reglatered____________ 1994 J J 84
10-20-year oonv 4a_____1932
63
62
09
100 Aug T9 —
1 0 U*
100
Develop A gea 4s Ser A__ 1956 A O 02*4 Sale 62-2
10-25-year oonv 4 H r— 1938 M s ____ 100
03
01
01
61
68*4
105'2 63, 103 110*4
105
Sale IOH4
Mob A Ohio coll tr g 4s__ 1938 M ■ 61
10-year eonv 0s (w l)— 1929
5 81*8 80
901* July’ 19
90'a 91U
81*8
Mem Dlv 1st g 4Hs-5s— 1996 J J 85U 89
D 80*4 817* 81*8
Pocah C A C Joint 4a— 1941 j
74
70
70
97
69*a 741*
St Louis dlv 1st g 4a_____ 1051 J J 69
J 98 ____ 97 Aug T9 - - - - 97
0 O A T lat guar gold 5a.1922 j
8 9 '2 927s July’ 19
927* 93
81
74
Ala Gt Sou lat cons A 5 a ..1943 J D 8 6
Solo V A N E 1st gu g 4a..1989 M N 74*8------ 74 N ov‘19 —
847* 88U
Atl A Chari A L lat A 4 Ha 1944 J J 83U 847s 847g N ov’ 19
•Northern Paclflo prior lien rail
293 70
88*4 87
J J 87
80
87
773*
Sale
87
97 U
77
73U
1st
30-year
5«
Ser
B
____1944
Q
J
way A land grant g 4a------1997
1
J J 66
717s 70 Oct T9
70
74
76*8
701, 82
Reglatered-..................... 1997 q J 7734____ 76*8
34
J J 65
8H1 Mar’ 10
017*
56
55
2d 4a..........................
General lien gold 3a__ _ .32047 q F 553.| Sale 55
64
1
A
O
68
Oct
T9
57'*
55
55
55
03
08
Atl
A
Yad
lat
g
guar
4a..l940
54
55>2
0
F
Registered.....................e2047
831* 85 Oct T9 . . . . 823* 90
E T Va A Ga Dlv g 5a...1930 J J 91*8 8 5 78 95 Sept'19
95
97
J 82
Ref A Imp 4 Ha aer A_____2047 j
9234 91
76
76 May'19 . . . . 70
91
79
Cons lat gold 5e__ ....1 9 5 6 M M 91
897a 97
St Paul-Duluth Dlv g 4a.. 1996 j O 70
.
.
.
.
92 July’ 19
101
Oct
T9
100'a
104'*
E Tenn reorg lien g 6a___ 1938 M S 80
101
102
92
95U
St P A N P gen gold 6 a ...1923 F A
A
O
49U
‘ af
52 Jaa 19
52
52
Ga Midland lat 3a............. 1946
Registered certificate*..1923 q A 1 0 0 ____ 100 Nov'19 . . . . 1 0 0 100*8
lOOU
J
100
.
.
.
.
J
lOOU
9SU
Aug-19
.
9
5
'*
____
97
Feb
T9
97
Ga
Pac
Ry
lat
g
6s..........
1922
1
0
0
U
101
F
F
•t Paul A Duluth lat 5a..1931
100
Oot T8
K n ow A Ohio lat g 6 a ...1926 J J 9734
lat eonsot gold 4a______1968 1 D 6 9 'a ____ 76'* Oct T9 . . . . 76'* 70'a
37'? Den T6
Mob A Blr prior lion g 6s. 1945 J J 85U "97' 9 1 l j Oot T8
Waah Cent lat gold 4a____1948
00
05 Aug T9
05
65
Mortgage gold 4a______1945 J J 0 0
Nor Pao Term Co 1st g 6a..1933 J J 106U____ 108U Nov'19 . . . .7 100'* 107*8
95*4 July’ 19 .
72
95** 95*4
Rich A Dan deb 5a stmpd.1927 A O 92U 102
09-4 797|
Oregon-Wash lat A ref 4 a ...1961 J J 71 SalaJ 71
. . . . 84'* 8 8
M
N
09
61
84't
Sept'19
69
71
____
84
Rich
A
Meek
lat
g
5s------1948
June’
19
J
D
Paclflo Coast Co lat g 5a...1946
9 9 1 j Apr T9 .
99 100
100'* Fen T7
So Car A Ga lat g 5s......... 1910 M N
____ 93
Paducah A Ilia lat a f 4Ha—1955
95** Apr T9 ___ •57* 95*8
1021* Jm e’ U
Virginia Mid SerD 4-5S..1921 *1 8 95U
Pennsylvania RR lat g 4a. .1923 M N
91
903*
91 N ot‘ 10
997* Apr T9 . . . . 997a 997*
Series E 5s.......................1926 *1 fl 91U 1 0 0
Consol gold 6a__________ 1919 M %
104l| Deo TO
99U Feb T9 . . . . •9*4 99*4
Berts* F 5a.......................1926 H H 90U
Registered....................... 1919 Q M
M N 92U *95* 9 3 Joly’ 19 . . . . 87U 8 8
90
97
87U
June'19
General
5s____________
1936
83U
87U
H
I
N
Consol gold 4s................... 1943
. . . . 82
89*1
81*8 Bnpt’ 18
Va A So’ w’n lat gu 5 a ..2003 J J 8 2 l s 92
Consol gold 4a__________ 1948 m N 85U 8SU 84'* Oct T9
3 91
67u ~ n '
6 8 U 07U Oot T9 .
90'4
lat com 50-year 8 s..1958 A O 07
91'4
9l'2
Consol 4 Ha_____________I960 p A 91U 91U 81*4
r
269
85i|
A
95
82*4
897
,
9
3 7* Mar‘ 17
W
O
A
W
lat
ey
gu
4s------19*4
81
82U
Salo
j
D
General 4 Ha_____________1965
78U 75<t Apr T9 .
J 70
Spokaae Internet 1st g 5a..1956 j
92'2 143 89<4 97'«
75U 75U
B 9134 Sale 01>2
General 8a_______________1968 j
87
—
85
807* 87U
Term Assn of St L lat g 4 Ha.193* A e
75
91U
80>a
87
Alleg Val gen guar g 4a__ 1942 M 9 84 ____ 871! Aog '10
OS's
93 Oct TO
lat cons gold 5s____ 1894-1944 F A 871* 90
D R RR A B*ge let gu 4a g 1936
77
Gen refund * f g 4 a . ..------19BB J J 72 Sale 72
72
Pblla Balt A W lat g 4 s .. 1943 M H 82 ____ 87*8 Jan T9 ____ 87U 87U
A B
92
9
t'g
92
Jaae’
19
.
St
L
M
Bridge
Ter
gu
g
68.1999
102
Jan
‘93
Bodu* Bay A Boa 1st g 0a. 1934
851*
93
Texas A Pae 1st gold 5s----- 30** J D * 8 4 " 8 H4 84
Banbury A Lrwla lat g 4a. 1936
52*8 — ._J 41 Bopriis
2nd gold Income 5a.. ....f2 0 9 * Mar
92 Deo ’ 17
U N J RR A Can gen 4a..1944
80 May’ 1 8 -----La Dlv B L lat * 6s______1931 J J 0 0 U
'Pennsylvania Co—
100<8 Nov’t t i -----9 •7
W Mia W A N W lat gu flslOTO F A
93'a
98
9734 Sale 97*4
j
Guar lat gold 4 Ha...........1931 j
89>t
92 Km 1 9 ____ 92
82
J
J
92
98
.
.
.
.
Tol
A
Ohio
Cent
lat
gu
6
s
..1930
95**
95*8
Oct
T9
90ia
____
j
Reglatered...................... 1931 j
84*4 Nov’ 1 9 ___
83
87
Western Dlv 1st g 5a------- 193* A B 80U 87
Guar 3 Ha ooll trust rag A .1937
81
70 Oat T 9 ___ 70
73
78
Osneval gold 5e----- ----------10W J D 70
Guar 3 He ooll trust aer B.1941 F A 73U 75U 78 Jan T9 . . . . 78
A
707
*
73
O
Oet
T
9
___
04U
Kan
A
M
1st
gu
g
4a------1996
.
.
.
.
77U
70U
76U
77'*
77U
Oet
TO
Guar 3Ha trust etfa O__ 1943 J B 7 3 U ____
90'* 02 Sept’ 1 9 ____ 88
93
2
77
2d 2<> year 5 e . . . . --------19*7 J J 87
77
77
76'2 77
Guar 3Ha trust etfa D __ 1944 J B 73
36 Feb T 9 ___
30
J J
SO
36
88*4
83*4
Tol
P
A
W
lit
gold
4a...........1917
.
.
.
.
85
Oct
T9
82U
847
j
A
O
Guar 15-25-year gold 4a..1981
751* N ov‘ 1 9 ____ 75U 70U
J ” 731*
Tol St L A W or Hen g 3H a.l999 1
dO-yaar guar 4a etfa Her E . 1942 M N SO7* ____ 85U Feb T9 . . . . «5U 87
A O 47U Sate 47'a
47U
1 45
50
Oln Lob A Nor gu 4s g__ 1942 M N 8 1 '* ____ 81U Oct T9 . . . . 81>* 82*8
347* 19U Mar T O ___
Coll trust 4a g Ser K........ 1917 F A
9914 M *y’ 17
01 A Mar 1st gu g 4H *___1935
19
18 Aug T 8 ___
Trwrt eo etfa of deposit— —
Muy'lS
OI A P gea gu 4 Ha ser A .1942
71U 80 Apr T 7 -----Tor Ham A Buff lat g 4 s ..51946 y D 65
104 Dee *15
Bertag B________
1943
85U
j
D
80**
75
Nov‘ 1 9 ___ 80** 85*8
d
e
te
r
A
Del
lat
oona
g
68..19B3
WI4 F0t) *12
Int redneed to 3 Ha. .1943
58 Sept* 17
85
lat refunding * 4s-------------198* A S
70 „ . . 90-* Oct *12
iSeries C 3 H*...................1948
Sale
84U
J
J
*8434
85U 103 82*4 897a
Union
Pacific
lat
g
4
s......1
9
4
7
8
8
U
VWb
'17
F
A
3erlea D 3H*_________ 1996
847s S3'* Oat U
Registered__ . . . -------- ...1 94 7 J J
79'* Oet T9 - . . . 79U 79'1
j
Erie A Pitta gu g 3 H a B ..1940 j
76
84
82
89U
85
20-year eonv 4a-------------- 1927 J J *84*7» Sale 8 3 lg
Series O...........................1940 1 j
76 ____ 7914 May'19 . . . . 79-U 79*t
1st A refunding 4a--------- 112008 M B 77** Sale 77U
87
77*4' 40 70U 83U
Or R A I ex lat gu g 4 H a.1941 j
j
8 0U ____ 87 Juaa'19 . . . . 87
10-year perm secured 6a.1936 J J 1021* Sale UU'i
102*4 271 102 106
85**____ 8534 Nov'19 ____ 83U 85*4
Ohio Connect lat gu 4a__ 1943 M s
77 U 78U 78U N o v '1 9 ___ 1 70U 86
Ore RR A Nav con g 4 s .. 1946 J D
Pitta Y A Ash lat eons 6a.1927 M H 97H__
93 MUt *1I
100
12 997* 101U
Ore Short Line lat g 6 a ...192* F A 1 0 * Sale 100
Tol W V A O gu 4 Ha A ..1931 J J 8713 9114 93«4 Apr *17
93
987*
94U N ov‘ 19,___
94
lat consol g 5 a ... . . . . . . 1946 J J 93
j
Series B 4 H s.................1933 j
87'a 877* 87's ' 87's
3, 87', 87'g
82
82'*
13 SO** 38
Ouar refund 4a------- ...1 9 2 0 J O 82*8 S a le
81
8 8 *n A^di *17 ____1
Series C 4 a ..................... 1942 M s
98
Utah A Nor gold 5a___ 1926 J J 93's 9U* 9 3 U Oct T 9 .___ 93
P O C A St L gu 4 Ha A ..1940 A 0
9U* 92U 91*4 Nov'19
•1*8 91's
89 Feb T 8 ----lat extended 4 a . ....1933 J J S2U 84
Series B guar_________ 1942 A 0
91
91 Nov‘ 19
92*4
80U Apr T 9 ------ 30'* 30U
N 883*____ 99 June*!?
Vandalla eons g 4e Ser A . . . . 1955 F A
Berlea C guar_________ 1942
8I 34' 80U June'18___
90*8
Consols 4a Series B . _ ___1957 M N
Series D 4a guar_______ 1945 M N
90U Oct T9 . . J 90
35
___ I 35 M a y'io!------ 35
90
Vera O* * % P 1st «ru 4 Ha 1934 J J
00
Berlea E 3H* guar gold .1949 F A --------------- 90 Oct T9
• No price Friday; Itte-at bid anl aakel. a Due J»u. • Due Feb. t Due June, a Die July t D te Aug 0 D ie Oct. y Due Nov. < Due Doc. * Option tile.




Nov.

2 2 1919.]
BONDS

Y. STOCK EXCH AN GE
'W e e k e n d in g N o v . 2 1

P r ic e
F rid a y
N o d . 21

.
•

lid
84*2
90
79«2

6

Virginian 1st a series A
Wabaah lot gold 5a______
2d gold 5a_____________
Debenture aeries B ____
lot Hen equip a Id g a____ 1921fM
lai lien 60-yr g term 4a___1954. J
Det A Cb Ext lBt g 5a____ 1941. J
Dee Moines Dlv 1st g 4a,.1939 i
Om Dlv lot g 3 Ha..............1941A
Tol A Ch Dlv 1st s 4s____ 1941 ft!
Terml 1st gu 3 Ha____ 1946 F
st 40 yr guar 4a................ 1945. F
West Maryland 1st g 4a____1962 A
West N Y A Pa 1st g a____19371J
Oen gold 4a......................... 1943 A
Income a...........................p i
No
Western Pao 1st eer A a___1946 fW
Wheeling A L E 1st g 5s____1926 A
Wheel Dlv lat gold 5a____ 192S J
Extcn A Impt gold a____1930 F
Refunding 4H s aerlee A _.19G6 M
RR let consol 4a__________ 1949 M
Winston-Salem
B 1st 4 s .-I960 J
Wla Cent Chyr 1st gen a .. . 1949 J
Bup A Dul dlv A term lat 4a ’ 36 M

6

97?*
90
—

6

943

6

6

8

6

77

64
93U
—

95

54'2
93

82
91<s
. . . .

Salt*
94
95

6 7 's

iy>
71
go's

71

73*2

8 6

90**8
53
CO
677*8
0 3 34
7 2 >g

?
p
p

1

6

6
6
6

?

g6
g
g
g
6
6
nt6a

a

8

6

8

1

6

F

J

a

6

6

6
6
6

3 3
3 3

3 3
3

6
8

66

3 3
0

6
4

1

3 3

Gas anrf Electric Llfht
Atlanta Q L Co lat g s ____1947 j d
Bklyn Un Oaa lBt cons g a. 1945
n
C lncln Gas A Elec latAref » 1950 a O
Columbia Q A E 1st 5 s .....1 9 2 7 j j
Columbus Oos 1st gold 6a..1932 j
j
Oonaol Oaa conv deb s ____1020 q F
Cona Oaa ELAP of Balt -yr e
m n
Detroit City Oaa gold 6 a ; . . 1023 j j
Detroit Edison lBt eoll tr s . 1933 j
j
1st A ref 5a ser A------------41940 M
Eq Q L N Y 1st con# g 6 s . . 1932 * b
Oaa A Eleo Berg Co e g 6 s . . 1949 J D
Havana Elec consol g s ------ 1952
a
Hudson Co Oas 1st g s ------ 1949
N
Kan City (Mo) Oas 1st g s . 1922 a O
Kings Co El L A P g s ..........1937 A O
Purchase money a---------- 1997 a O
Convertible deb s . . -------1926 at
Ed El Ilf Bkn 1st con g 41.1939 J
j
Lao Oaa L of St LRef A ext a *34 A O
Milwaukee Gas L 1st 4s------ 7327 rvf N
Newark Con Gas g a............1948 J D
N Y O E L II A P g 5a......... 1948 J D
Purchase money g 4a......... 1949 F A
Ed Elec 111 lat cona g 5 s .. 1995 J
N YAQ El LAP 1st con g a. 1930 F A
Pacific O A El Co— Cal Q A E—
Corp unifying A ref s ------1937 M N
Pacific O A E gen A ref s . .1042 J J
?ac Pow A Lt 1st A ref 20-yT
s International 8erlca...l930 F A
Pat A Passaic G A El 5s------ 1949 M
Peop Gas A C let cona g Ga.1943 A O
Refunding gold 5f»_______ 1947 M S
Ch O -L A Coke lat gu g s 1937 I
J
Con G Co of Ch latgu g 5al936 J J
Ind Not Oaa A Oil 30-yr 6al936 M H
Mu Fuel Gas lat gu g 68..1947 M N
Philadelphia Co conv g 6 s ..1922 M N
Btand Gas A El conv o f 6a ..l9 2 6 J D
Syracuse Lighting lat g 5 s .. 1951 J D|
ByracuBO Light A Power a .. 1954 I J
Trenton O A El 1st g a____1949 •Vf
Union Eleo Lt A P 1st g 6a..1932 \I S
Refunding A extension 58.1933
N
United Fuol Gas lat s f a . . . 1936 J J
Utah Power A Lt 1st s ------- 1944 F A
Utica Elec L A P lat g 6 s ...I 9 6 0 I J
J
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Westchester I-tg gold s-------1960 J D

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Friday; • No prtco latest bid andasiod, a Duo Jan. ft Duo April,




BONDS
N . Y . STOCK EXCH AN G E
W e e k e n d in g N o v . 2 1

_____
....
2
....
147
....
....
3
—

88
9 3 '2
80
85
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96

Street Railway
Brooklyn Rapid Tran g 68.-1945:^
32
35
32
1st refund conv gold 4 a . .. 2002 j
30
3 0 '4 31
S-yr 7 % secured notes..61921 j
S a le 5 0
59
Certificates of deposit_______
■13
52*4 4 5
Certificates of deposit stmp'd
•4 4-s 4 5
Bk City lat cons 53..1916-1941
77
70
70
Bk Q Co A con gu g 6a..1941 vi
80
70
Bklyn Cl Co A lat a____1941 j
101
Bklyn Un El lat g 4-68...1950
64 '4 S a le f i l ’ t
Btampod guar 4-5a_____ 1959 f
70>4 S a le 7J*4
Kings County E st g 4S..1949
eo
60
Stamped guar 4a_______ 1949
68
62
50
Nassau Elec guar gold 4a. 195) j
32
30
Chicago Itya lat a................. 1927 f
G7'2 72
7 0 's
O *nn Ry A L lat A ref g 4 Hal961 j
Stamped guar 4 Ha_______ 1961 j
7 7 '2 77
Det United let cona g 4HH--1932 J
OS'2 S a le G 3'2
Ft Smith Lt A Tr let g 5S-..T93S rvT
7iH8 8G
Hud A Manhat a acr A _____1967 p
5 3 /8 S a le 5 3
S ale
Adjust Incoma a ________ 1957 . .
12
12
99
N Y A Jersey 1st a............. 1932
70
90
Interboro-Metrop coll 4H»-i05G A
19*4 S a le
W ’4
S a le 19
19
Certificates of deposit----------- ---Interboro Rap Tran 1st 68..196C J
5 0 's S a le 5 0
S a le 53*4
57
MAnhat Ry (N Y) cons | 4S.199C A
Stamped tax-exempt______ 1990 A
57*s S a le 57*8
—
Manila Elec Ry A Lt a f 6 a..1953 M
75
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a. 1943 J
4514 5 2
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jl A 9th Av 1st gu 68.-1993 M
58
Lex Av A P F lat gu 68.-1993 M
—
48"s 57*2
Met W El (Chic) 1st 4 s..l93^ F
93
Mllw Elec Ry A Lt cons g s 192G
9G
Refunding A exten 4 H a ..1931 J
8 4 '2 81*2
Montreal Tram 1st A ref s. 1941 J
73
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79
New Orl Ry A Lt gen 4 H * - - 1035
61
53*4 GS
If Y Munlclp Ry 1st
A 1906 J
40
52
57
If Y Rya lat R E A ref 4 s . . . 1942 J
3 1 '. S ale 34"*
Certificates of deposit_______ —
3 6 's 3 478
30-year adj Ino a_______ 1942 A O
7
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7
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7
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N Y State Rys lat cona 4 H b 1902 M N 5G
_____
Portland Ry lat A ref a____1930 ^ N
75
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Gl
94
Portland Con Elec lat s . 1935
_____
90*2
t Job Ry L I I 4 P lat g 5 s . . 1937 M N
8 2 ->8 9 5
817* 102*2
Bt Paul City Cab cons g s . .1937
Third Avo lat ref 4s.................I960 J J
4 9 '2 S a le 4 9
Adj Income 58___________ a I960 A O
d.v’ l S a le 2S*|
Third Ave Ry let g a........... 1937
8 8 '2 8 6
92
Trl-CIty Ry A Lt st s f s . . 19231A O
92
Undergr of London 4 H ____1933
70
9 G 's 7 3
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income s..............................1948 - G5
75
75*2
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Pitta Isa..1926 ^ N
United Rys St L 1st g 4s____1934
61>4 5 3 <8 53*4
St Louis Transit gu s ____1924 A
5a
33
26
United RRs San Fr s f a . . . 1927 A O
Union Tr (N Y) otfs dep......... — —
25
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„ Eqult Tr (N Y) Inter ctfs__________
25
25
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75
71
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Price
Friday
Nov. 2 1

“*

B id
M is c e lla n e o u s
A d a m a E x c o l l t r g 4 s ________1 94S
A la s k a G o l d M d e b 6 e A _____1 9 2 5
C o u v d e b Qa a e rie s B ........... 1920
A m 8 3 o f W V a l a t 5 s ..............1 9 2 0
A r m o u r A C o 1 s t r e a l e a t 4 H » *39
B a o t h F is h e r ie s d e b s f 6 a ___ 1 9 2 6
B r a d e n C o p M c o l l t r a f 6 a . 1931
B u a b T e r m i n a l 1 s t 4 a ________1 9 5 2
C o n a o l 5 a ..................
1955
B u il d i n g ? 6a g u a r t a x e r _ _ 1 9 G 0
C h i c C A C o n n R y s 8 f Cb . . - 1 9 2 7
C h i c U n S t a t 'n 1 s t g u 4 H a A 1 9 6 3
C h il e C o p p e r 1 0 - y r c o n v 7 s . 1 9 2 3
R 9 c t s ( p a r ; p a id ) n t a v 6 s s e r A
C o l l t r & c o n v 6 s e r A ___ 1 9 3 2
C o m p u t i n g - T a b - E .“ c a f 6 a . . 1 94
G ra n b y C on s M d i P c o n 6e A 2
S t a m p e d ____________________ 1 92
G r e a t F a ils P o w 1s t a f 5 a ___ 1 9 1 0
I n t .v te rca n M a r i n e s f 6 s . . .1 9 4 1
M o n t a n a P o w e r l e t S j a _____1943
M o r r is A C o l e t s f 4 H 3 _____1 9 9 9
M t g e B o n d s ( N Y ) 4 3 s e r 2 ._ 1 9 t j
l d - 2 0 - y c a r 5a s e r ie s 3 _____1 9 3 2
N Y D o c k 5 0 - 7 r 1 s t g 4 a _____1951
N i a g a r a F a lls P o w e r l a t 5 a . . 1932
R e f A g e n 8 a _______ _______a 1 9 3 2
N ia g L o c k A O P o w le t 5 a ..1 9 5
N o r S t a t e s P o w e r 2 6 - y r 5a A 1911
O n t a r io P o w e r N F l o t 5 a _ _ l 9 4 3
O n t a r io T r a n s m is s i o n 5 s _____191
P a n - A m P e t A T r l s t c o n v C a ’ 1 9 -’ 27
P u b S orv C o r p N J gen 5 s . .1 9 5 9
T enneaseo C o p la t c o n v 6 s . . 1925
W a 3 h W a t e r P o w e r l s t ' o 3 . . 1 9 3 ,>
W J 'a on A C o 1 s t 2 5 - y r s f 6 s . l P 4 l
1 0 -y r c o n v a f 63 .................... 1923

s

M a n u fa c tu r in g
& In d u s tr ia l
A m A g r l c C h e m l a t c 5<J_____ 1 9 2 8
C o n v d e b e n 5 s _________. . . 1 9 2 4
A m C o t OH d e b e n t u r e 5 s . . . 1 9 3 1
A m H id e A L 1 s t s f g 6 s _____1910
A m 3 m A R 1 s t 3 0 - y r 5 s s e r A ’ 47
A m T o b a c c o 4 0 -y e a r g G s . . . l f l l 4
G O id 4 s . ......................................1951
A m W r i t P a p e r a f 7 -0 9 _____ 1 9 3 9
1 s t s f 53 c t f a o f d e p o s i t ______
B a ’ d w L o r o W o r k s 1st 5 8 ..1 9 4 0
C e n t F o u n d r y l 9 t a f 6 a _____1931
C a n t L e a t h e r 2 0 -y e a r g 5 a . . 1 9 2 5
C o n s o l T o b a c c o g 4 s _________ 1951
C o r n P r o d R e f* g a f g 5 a _____1931
1 s t 2 3 - 7 « a r g f 5 a ___________1 9 3 4
D i s t i l S vj C o r c o n v 1 s t g 6 0 .1 9 2 7
E I d u P o n t P o w d e r 4 H * . . -1 9 3 6
G e n e r a l B a k i n g la t 2 5 - y r 6 i . l 9 3 6
G e n E le c t r i c d e b g 3 H a . . . . 1 9 4 2
D e b e n t u r e 5 3 _______________ 1952
I a g a r s a !l - R s n 1 1 s t 5 s .............. 1935
I n t A g r i c C o r p 1st 2 0 - y r 5 3 . . 1 9 3 2
I n t P a p e r c o n v 3 f g 5 a _____193.5
1 s t A r e f s f c o n v 5 s 3fir A . 1947
L lg z e t : A M y e r s T o b a o 7 s . .1 9 1 4
. 0 * ..................................................... 19 51
L o r il la r d C o ( P ) 7 s . ..................1 9 **
1951
. 5 S ....................-...............
N | F o a m A S t a m p * 1 s t 5 a . 1939
N i t S t a r c h 2 0 - y e a r d e b 6 s . . l 9 ’in
N a t i o n a l T u b e Is*. 5 s ................. 1 9 4 2
N Y A ir B r a k e 1 s t c o n v 6 a . .1 9 ;•
P ie r c e O il 5 -y o a r c o u 7 C a ..( r l9 :G
1 0 - y e a r c o n v d > b C § ........... A 192J
S in c la i r O il A R e fin in g 1 s t 8 t 7 s 1 9 2 9 w a r r a n ts a tta c h
do
w i t h o u t w a r r a n ts a tta c h
S t a n d a r d M il lin g l q t 5 3 _____193')
T h 9 T e s a s C o c o n v d e b 6 s . . 1 9 )1
U n io n B a g A P a p e r la t 5 a ..1 9 3 '
S t a m p e d . . . . .................. . . 1 9 3 °
U n i o n O il C o o f C a l l e t 5 s . . 1 9 3 )
U 9 R e a l t y A I c o n v d e b g 53 1 9 3 1
U S R u b b e r 5 -y e a r Bee 7 3 . . . 1 9 2 ?
l a t A r e f 56 aeries A ...............1947
U 8 S m e lt R e f A M c o n v O s.1 9 2 6
V a - C a r o C h e m l a t l o - y r 5 a . 1923
C o n v d e b Ga______________ e l 9 2 4
W e s t E le c t r i c l a t 6a D e o _____1 9 2 2
C o a f, Ir o n & S tea l
B e t h S t e e l l a t e x t a I 6 a ______ 1 9 2 0
l a t A r e f 5 s g u a r A _________ 1 9 4 ;
2 0 - y r p m A I m p a f 6a___ 1936
B u f f A S u a q I r o n a f 5 « _____1932
D e b e n t u r e 5 s ____ ________ a 1926
C a h a b a C M C o 1st 3 ’J 6 a . . 1 9 2 2
C o l o F A I C o g e o 3 f 5 s _____1 9 4 3
C o l I n d u s 1 s t A c o ll 5 s g n . , 1 9 3 4
C o n e C o a l o f M d la tA r e l 5 s . 1950
E l k H o r n C o a l c o n v Ga______ 1 9 2 5
I lli n o is S te e l d e b 4 H « ________ 1 9 4 0
I n d i a n a S te e l l a t 6 a ___________1 9 5 2
J e f f A C le a r C A I 2 d 6 a _____1 9 2 6
L a c k a w a n n a S teel la t g 5 s ..1 9 2 3
1 s t e o n s 6a s e r ie s A ________ 1 9 5 0
M id ? ale S t e e l A O c o n v a f 5 s lS 3 6
P l o ; n t V a l C o a l l a t a f 6 8 ..1 9 2 S
P o o a n C o n C o ll ie r l a t a f 6 a . 1957
R e p u b I A 8 1 0 -3 0 -y r 5a s f .1 9 4 0
S t L R o c k M t A P 5a a t m p d .1 9 5 5
T e n n C o a l I A R R g e n 6 a . -1 9 5 1
U 8 S te e l C o r p — I c o u p
61983
s f 1 0 -6 0 -y e a r S a l r e g _____ <11933
U t a h F u e l l a t s f 5 a ....................1931
V i c t o r F u e l l a t s f 5 a _________ 1953
V a I r o n C o a l A C o k e 1 s t g 5 j 1949
T e le g r a p h & T e le p h o n e
A m T o l e p A T e l c o ll t r 4 a . . . 1 9 2 0
C o n v e r t i b l e 4 a _____________ 1930
2 0 - y r c o n v e r t i b le 4 H s _____1933
3 0 - y r t e m p c o ll t r 5 a . . . , , 1 9 4 6
7 - y o a r c o n v e r t i b le 6 s . . . . . 1 9 2 5
C e n t D l s t T e l 1 s t 3 0 - y r C S ..1 9 4 3
C o m m e r c ia l C a b le la t g 4 J . . 2 3 9 7
R e g l r t e r e d ...................................2 3 9 7
C '.im b T A T 1 s t A g e n 5 a . . . 1 9 3 7
K e y s t o n e T e le p h o n e l o t 5 a . . 1 9 3 5
M i c h S t a t s T e l e p h 1st 5 a . . . 1924
N Y A N J T e te p n o n * 5 ? e ..1 9 2 0
N Y T e l e p 1 s t A g e n 3 f 4 H e . 1939
3 0 - y r d e o e n s f Cs . . . F e b 1919
P a c ific T o l A T e l l e t 5 3 . .
1937
S o u t h B o ll T e l A T 1 s t a f 5 3 .1 9 4 1
W e s t U n io n c o l l t r c u r 5 s _ _ _ 1 9 3 3
F u n d A ren l ea t g 4 H a _____1 9 5 0
M u t U n T e l g u e i t 53 _____ 1041
N o rth w e s t T o l g u 4 H a e ._ 1 9 3 *

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Range or
Last Sale

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86
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BO STO N

1976

STO CK

E X C H A N G E — S to c k R e c o rd

S B A R E P R IC E S — N O T P E R C E N T U M P R IC E S .
S a tu r d a y
N o v . 15

M onday
N o v . 17

T u esd a y
N o v . 18

W ed n esd a y
N o v . 19

T hu rsd ay
N o v . 20

F r id a y
N o v . 21

122

126
125
67
67
90
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80
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50
48
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145
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85
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103
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42
193
106
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644
196

R a ilr o a d s
B o sto n
& A l b a n y _________ 100
B o s t o n E l e v a t e d . . . . ________ 100
D o p r e ... ................
100
B o sto n
& L o w e l l _________ 100
B o sto n
<fe M a i n e _________ 100
Do
p r e f _____________________1 00
B o s t o n & P r o v i d e n c e ______ 100
B o s to n S u b u rb a n E le c ..n o par
Do
p r e f _______________ n o p a r
B o s t & W o r e E le c p re n o par
O h io J u n o R y & U S Y _____ 100
D o p r e f ____________
100
C o n c o r d & M o n t c la s s 4 . . 100
C o n n e c t i c u t R i v e r ___________ 100
F i t c h b u r g p r e f _______________ 100
G e o r g i a R y & E le o s t a m p d .1 0 0
D o p r e f _____________________100
M a i n e C e n t r a l _______________ 100
N Y N H & H a r t f o r d ______ 100
N o r t h e r n N e w H a m p s h i r e . 100
O ld C o l o n y ..................
100
R u t l a n d p r e f _________________ 100
V e r m o n t & M a s s a c h u s e tts 100
W e s t E n d S t r e e t __________ 50
D o p r e f ....................................50

M is c e lla n e o u s
4 ,3 8 0 A m O il E n g i n e e r in g ___________10
130 A m e r P n e u m a tic S e r v i c e .. 25
5
D o p r e f ___________________ 50
4 ,4 9 4 A m e r T e l e p & T e l e g ______ 100
1 ,4 6 7 A m o s k e a g M a n u f a c t u r i n g ___
40
D o p r e f ______________ ________
3 6 5 A n g lo -A m C o m m l C o r p .n o par
1 3 0 A r t M e t a l C o n s t r u e I n c . . . 10
1 .5 6 2 B l g h e a r t P r o d & R e f g _____10
6 ,7 0 5 B o s t o n M e x P e t T r u s t e e s _____
1 1 0 C e n t u r y S t e e l o f A m e r I n c . 10
9 2 5 C u b a n P o r t l a n d C e m e n t . . 10
4 0 0 E a s t B o s t o n L a n d ____________ 10
8 7 5 E a s t e r n 8 S L in e s I n c ______ 2 5
275
Do
p r e f ....................................100
4 0 6 E d is o n E le c t r i c I l i u m ______ 1 0 0
6 ,4 2 6 E ld e r C o r p o r a t i o n _____ n o p a r
3 5 5 F a ir b a n k s C o m p a n y .. ______ 25
2 8 5 G o r t o n - P e w F is h e r ie s ______ 50
1 1 ,6 6 1 G r a y & D a v i s I n c ____________ 2 5
2 0 0 I n t e r n a l P o r t l a n d C e m e n t . 10
40
Do
p r e f _________ . . . _____ 50
1 ,6 2 0 I n t e r n a t P r o d u c t s ______n o p a r
6 3 5 I s l a n d OH & T r a n s C o r p _ . 10
3 ,6 8 5 L i b b y , M c N o l I l A L i b b y . . . 1 0
5 4 L o e w ’ s T h e a t r e s ____________ 10
1 1 6 M o E l w a t n ( W I I ) 1 s t p r e f . 100
1 ,4 7 5 M a s s a c h u s e t t s G a s C o s ___ 100
140
Do
p r e f _______________ . . . 1 0 0
6 2 M e r g e n t h a l e r L i n o t y p e ___ 100
5 8 8 M e x i c a n I n v e s t m e n t I n c . . 10
4 2 7 M u l l i n s B o d y C o r p ___ n o p a r
4 9 6 N e w E n g la n d T e le p h o n e . .1 0 0
18 P a c l f l o M i l l s ........................................
6 ,3 2 1 P a r is h & B in g h a m C o r p . n o p a r
2 0 P l a n t ( T h o s G ) p r e f .............. 100
8 5 R e e c e B u t t o n - H o l e ___________ 10
5 ,5 0 5 R o o t A V a n D e r v o o r t C la s s A

L o w e s t.

H ig h e st.

121
S ep t2 2
63 % S ep t2 0
86
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78
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130
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86
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97
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95
Jan
381* J u ly 2 9
50
Jan27
168
Jan 6
70c N ov 5
11
J a n l4
30
Feb
135
Jan 4
9 0 J u n e lO
77
Jan 6
115
Apr 9
58
Jan 2
110 J u n e 2 4
7 8 % J u ly 2 9
83
Jan 6
40*4 J u l y 2 9
9 9 >2 | A u g 6
105
Jan 3
23
M ay27
100 J a n l 8
50
Apr 3
58 J u n e l3

32>*
115
52%
44
25*,

Jan23
Jan30
J a n lJ
J a n l3
O ct2 S
734 J a n 2 1
16 M a y l C
28
A ug26
17
M ar24
15
F e b 14
37
Jan 2
38
Jan23

59*4 O c t 2 4
150 M a y 5
74% N o v 7
55 M a y 6
31
Jan25
2 0 s* N o v 3
2 1 % J u ly lO
43
O ct2 3
25
J u ly 2 4
83
J u ly l4
72% M a y 2
80
J u ly lO

.5 0
A p r22
62% M ar22
10c A p r30
33% M a y 1
1034 F e b 2 8
63* N o v 2 1
B u i t e - B a l a k l a v a C o p p e r . . 10
20c Jan30
350
M a r l4
12 % M a y 5
12 M a r 21
39
M ar 5
2
M a r ll
434 F e b 13
10
8
F e b 28
25
is * M a y 9
25
4 M ay 1
20c Feb20
25
6 O0 M a r 8
1
42
A p r l0
Isla n d C r e e k C o a l .
1
78
A p r l2
Do
p r e f _________
25
24
Jan 2
5
3 % O c tlO
25
99c M ar 4
25
3
Jan25
25
2
A p r l6
21* A p r 2 3
4
*3*4
4
Feb 7
25
*6%
6%
2
J a n l3
25
7
6*2
2
%
F
eb24
25
*8
8*?
25
49% F eb 7
61
61*2
1
M ar 8
25
3
3
1434 M a r 5
5
20*2 20»4
0% M a y 2
100,Now Idrla Quicksilver------ 5
100
87* F o b l l
26
N o v ’ 19
100
67*4 M a r 1
85
N o v ’ 19
Do
p ref
8 % J a n l5
11%
11*2
16
9
F ob20
10%
16
2 5 c A pr22
1%
N o v ’ 19
75o M a r l5
2**
O c t ’ 19
25
30*2 M a r 5
37
*35
25
45
M a r l7
52
53
25
52
M ar22
63
60
25
40
M ar 4
52
*50
par
13
Jan22
10
1% M a r l s
2
2%
25
40c
J a n l3
11.
*1%
5
8o J a u l l
.2 1 N o v '1 9 l _______ S o u t h U t a h M A 8 ---------------*534
25
4
M ar 8
6*2
10
5
1
M ar28
5 A il
25
*2
2% l
1*2 S e p t 9
5
1%
74c A pr 1
1 ‘A t
234
5
*2*2
1*4 M a y 9
9
1
0
7% J a n l8
3
1
3
1% J a n 2 S
*2*4
2b
3*2
1% M a r l 3
*1%
1*4
2 5 1 50o
Jan 9
23
N o v ' 10
25
15
M ar 5
II 4 N o v ’ tO
25
40o M a r l3

2 % J u ly 2 5
91
J u ly 2 9
1% J u ly 3 0
62
J u ly 2 8
18
J u ly 3 0
10% M a y l 2
90c M a y l4
480
J u ly l7
281* O c t 6
20
J u ly 2 8
62
J u ly 2 8
3 *4 M a y l 4
14% O ct2 0
21
Aug 9
6*4 J u ly 2 6
9*2 J u ly 2 8
7*4M ay2 1
2
J u ly 2 6
55*4 J u ly 2 8
8 8 % J u ly 3 0
41
J u ly 2 9
0** M a y 9
23* J u ly 3 1
7»* J u ly 2 8
5*2 J u ly 2 8
45 g O c t3 1
10
J u ly 2 8
13% J u n e 2
10
J u ly 2 0
83
J u ly 2 8
6*2 J u ly 2 8
2 9 % J u ly 3 1
1 2 % J u ly 3 1
28
O ct 4
87
N o v lO
13*2 M a y 12
203 * J u ly 2 3
1»4 J u ly 3 0
4*4 J u ly 2 9
6 2 % J u ly 2 8
73
J u ly 2 8
83
J u ly 2 8
75
J u ly 2 9
26*2 J u ly 2 9
4*4 J u ly 3 0
3*2 J u n o 0
50c A u gH
11*4 J u n e 5
5*2 N o v l O
5*4 J u n o 2
2 % S e p tl7
3% J u n o 2
12*4 J u ly 2 9
5
J u ly 3 0
4»4 J u l y a s
3
J u ly 2 8
31
J u ly 3 1
l% M a y 2 7

8
13*2

1934 20
35*

3*4

13*2

137*

6

17
74
146
146
34
33U
83
83
29
29
4834
47%
*33 4
1 !
*25
28
46
46%
7
7>*
29U
30%
*10
10 %
*96
96%
67%
69
62
62
140
140
49
50
44
44
87%
87%

*68

44
43U
9 7 >2 9 7 %
*151 2 16
523 4
51
2 U 2 23
50%
49%
133
135
70
70
49%
50
25%
25%
10 i 2 17
17
17%
35
35%

*17**2 *1*8*34
70
70
147
148
337* 3 5
85
85
*481*2 *5*0*12
3*4
3*4
*25
28
46*2 4 7 U
67*
7

*16...........
10i2
♦96
96*2
69
62
138
50

70

6214
138
531*

87*2 8 9
195
197
44
45
*151*2 *1*0*
53
54*2
23*2 2 4
50
50*2
134
135
*49*4
26
17U
17

*5*0*
26
17*2
17*2

*21* *2*1*

L a s t S ite 7 6
N o v ’ 19
*65
67
67
68*2
L a s t Sale 7 6
N o v ’ 19

1
1
1%
1%
73
75
74
74
.80
.80
12
* l2
12
*%
*34
*37
39
36
35
35
14
14
14%
14
14
14%
*634
7
7
7
7
7%
* .3 2
* .3 2
.4 0
.4 0
* .3 2
.40
*395
400
390
397%
390
390
25 3 ,
25
23%
25
25 %
25*2
*15
*15
17
17
L a s t S ale
46%
47%
48%
48
x46
47
*3
3
3
3%
3%
3%
1134 12% i l l %
127*
12%
11%
1434 15%
1534
15%
15
15%
*4
4%
4
4
4%
4%
*6
6
0
6
6
6%
*334
4
4
334
4%
3%
*1
*1
*1
U*
1%
1%
4034
44
*45
45%
45
47
*83
84
*8 3
84
L a s t Sale
*33%
34
33%
33%
33
33*2
4
4
4
334
*3>4
3*4
*1%
*1%
L a s t Sale
1%
1%
4%
*4
4
4
4%
4%
*3
3
3
*3
3%
3%
4
3%
*3%
3%
3%
3%
634
6%
*6%
7
*6%
7
67*
7
7
7%
7%
6%
8%
8%
8%
8%
8%
8*4
62
63
63
63%
60*2 61
334
3%
3%
4
3%
*3%
2134
21
20*4 21
21%
21%
9
9
*8%
*8*2
9*2
9%
*22
*2 2
26
26
L a s t S ale
86%
L a s t S ale
*83%
85%
*83%
1134
11 %
11%
11%
113* 11%
1534 16%
16%
17%
15*2
16*2
*1
*1
L a s t S ale
1%
1%
*1%
2
*1%
2
L a s t S ale
*
*
*38
39
39
40
53
53
53
53
*53
55
64
64
*62
64
*62
64
52
52
49
53
52
52
*16%
17
15
16%
15
15
2
2
*2
2
2
2%
*
♦ __
2
2
2
1*4
* .2 0
.2 5
* .2 0
.2 5
L a s t S ale
*6
6
6
6%
*5*2
6%
37*
4
47g 5 A t
4%
5%
2
2
2
3
2
2
1%
*1%
1%
1%
1%
1%
2%
*2%
2%
2*4
2*4
2’4
9
9
*9
9%
9
9
3
3
3 'At 3 'At
3
3%
*3
3%
*3
3
3
3%
*1%
134
1'4
1%
1%
1%
♦ ___
24
24
L a s t S ale
*
1%
L a s t S ale
1%
*1

75

52
1 .5 6 2

R a n g e S in c e J a n . 1 .

7U N ov 8
2
A u g l4
9U A u g l4
1 0 8 i2 M a y 2 7
152
N ov21
84
M ar22
2 U 2 N ov 5
24
N ov 5
131* M a y l 9
47* N o v l O
1512 M a r l 7
18*4 M a y 6
07g J u n e l 9
20
O ot3 0
77
O ct3 0
172
Jan 2
38*4 N o v 7
931* N o v 0
38
M a y l7
5 4 l2 N o v lO
9<j M a y 6
30
O ct2 4
581 2 O c t 2 2
93* F o b 2 0
3 5 O c t 20
J a n l5
M ar26
Jan 9
J a n l3
J u n e l.S
J u l y 17
O c t 20
M a r l6
N ov 1
55U O ct2 4
99
M ar29
10 M a y l 5
59>2 O c t 20

8

21

252
555
17
301
1 ,3 2 5
10
36
800

STOCKS
BOSTON STOCK
EXCH ANGE

N ov20
Jan 2
Apr 8
A u g l4
F e b 15
Jan 9
S e p tll
J a n 21
N o v l2
314 N o v l 3
7 % A u g 22
10
M ar26
41* J a n 4
6
Jan22
39
A p r il
138
O ct2 4
23% O c t
9
5212 J a n 2 1
28
A p r il
537
S e p tll
33* O c t 2 4
18
Jan 4
19 M a r 2 0
6
Jan 2
28** N o v l 3
83* F e b 10
90
J a n l7
6 7 V N o v 19
0 H 2 N o v l7
1 3 0 F o b 10
49
N ov20
3218 S e p t 3 0
83
S ep t2 0
145
Feb24
34
A ug21
93
Jan 6
14
Jan 3
35
J u ly 1

13%
*5%
167*

21

6
61*
*1*4
1*4
*7
8
1003* 1005*
149
152
82*2 8 3

S ales/ or
th e
W eek.
S h a res.

BONDS
Sm Next Pag*

1

72
♦I d

1

72
.,80
35
35
143*
*14
63*
0»4
.4 0
* .3 2
391
390
26*2
25
15*2 N o v ’ 19
457* 4 7 %
*234
3%
107* 12
1434 15
4*2
4
*534
0*8
4
*3*2
*1
1%
47
46
84
N o v ' 19
33
33
37*
334
1%
N o v ’ 19
*4
4*2

. 10(1
. 25
. 25
195
Do
p r e f __________
5
5 ,3 0 3 V e n t u r a C o n s o l O il F i e l d s .
. 1(1
.1 0 0
5 9 5 W a l t h a m W a t c h ......................100
2 ,5 1 7
. 20

.10 0

Do

. 10(1

Do

.1 0 0

765 A d v en tu re

M in in g
C o n s o l i d a t e d . -. 25
. 25

53*
55c
2 tj
97
79
784
181,
1 7 i2
9

and asked prices, b Ex-stock dividend, d Hi-dividend and rights. « Assessment paid, ft Kx-rlgbts. 1 Bx-glvtdead. • Half-pal*.




[V o l . 1 0 9 .
R a n ge f o r P rev io u s
Y ear 1918.
H i g h e s t.

1221* A p r
37
Jan
911* D e o
80
Jan
19
Jan
27
Feb
150
Apr
50
D ec
ro% M a r
25
J u ly
138
J u ly
821* A p r
73
N ov
104
F eb
53
Jan
106
S ept
70
O ct
7 7 i2J u n e
27
F eb
84
O ct
1 88 % J u n e
20
Jan
80
Aug
37
F eb
47
Jan

148
80
98
104
40
60
170
3
15
3 01*
147
8 5 i*
80
125
65
116%
81

N ov
N ov
N ov
Nnv
Sept
N ov
Aug
June
June
N ov
Apr
D eo
F eb
N ov
Jaa
Jan
F eb
88
N ov
46 M a y
95
N ov
1121* D e o
25
Jan
90
O ct
50
J u ly
63
Apr

40
J u ly
4
S ept
90*4 A u g
601* J a n
76
Jan

21* M a r
15** M a r
1 091* O c t
92
N ov
82 June

11

*19

F eb

D eo

IO I 4 M a y
l l l t N ov
4
Jan
6 N ov
39
O ct
134 J u n o

147* D e c
17% M a y
5>4 M a y
13
M ar
68
M ar
186
N ov

271* J u n e
27
Aug

64U N ov
35
Aug

41* O c t
11
Apr

71 j O o t
23
N ov

31* A u g

«* * D o c

7*4 J u n e

10 M a y
93
N ov
911* N o v
71
N ov
147
N ov

83

S ept

*7714 J a n
62
107

June
June

8 2 % J u ly
1*0
F eb
91
11

Aug
Jan

O ct
27
Aug
Jan
45
38*2 J u ly
24*4 A u g
Jan
5

101

17
9
35

N ov
Feb
D oo

%
09
15e
40%

June
D eo
J u ly
D ee
Jan
11
N or
»
20 o O o t
425
D eo
10* j J u n e
D oo
40
1% A p r
4*1 D e o
8 *. M a r
3 June
4.% D e o
15o M a r
J u ly
40
447* D e o
79*2 O o t
19% J a n
Jnn
5
80c S ept
3*4 D e o
Jan
2
2*4 D e o
3*4 S e p t
05o M ar
40o Juno
60*2 D e e
1% A u g

9*4 D e o
Aug
D ec
Jan
D ec
F ob
Juno
32
D oo
40% June
59
1)00
38
D oo
Jan
7
2*4 D o c
% Sopt
lO o D e c
Feb
4
1% A u g
2% S ept
7 3c I)e «
1% M a y
D eo
7
D eo
t
1% D o o
N ov,
18
1 >«o
40c M ay,
13
631*
n 'A .
10%
25c

100*%
160

N ov

100

Feb

137* M a r

41%
149%
56
48%
26%

9

N ov
Aug
D eo
M ay
M ay
N ov

25

S ept

12% F e b
42

Apr

1*4 J a n
86
N ov
45e M a y
64
Feb
16% A u g
10*4 M a y
48o N ov
470
IT co
14%

F eb

51% N o v
3

S ept
67* M a r
12
N ov
0
F eb
10% J a n
30o S ept
1
Jan
70 M a y
84
Feb
29
J u ly
6% O ot
i «4M *f
8*4 M a y
3% M a r
6
F eb
7
Jaa
4% N o v
4% O ot
00% M a y
2 % J u ly
17%
20
80
* 7*
17>*
95c
1%
45%
65
78
67
16*4

M ar
Jan
Jan
Apr
M ay
M ar
D eo
J a il
Jaa
M ay
J»n
D ec
534 J a n
2
Jan
20c
Jau
87* N o v
4*4 S e p t
4% F eb
1% A u g
4** N o v
12
Jan
3 At Apr
3
J*»n
2
Jan
30
Jnn
1 x ; M ac

Nov. 22 1919.]

THE CHRONICLE

1977
Friday
Sates
Last Week's Range
for
Sale.
o f Prices.
Week.
Price. Low.
High Shares.

O u ts id e S to c k E x c h a n g e s
S t o c k s ( Concluded) Par

B o s t o n B o n d R e c o r d .— Transactions in bonds at Boston
Stock Exchange N o v . 15 to N ov . 21, both inclusive:
Friday
Last Week's Range
B on ds.

Price. Low.

r u S L ib L oan 3 4 4 s. 1932-47
1st L ib L oa n 4 s . . 1932-47
2d L ib L oa n 4 s . . 1927-42
1st L ib L ’ n 4 44s. 1932-47
2 d L ib L ’ n 4 448.1927-42
3d L ib L oa n 4 4 4 s___ 1928
4 th L ib L ’ n 4 44s. 1933-38
V ic t o r y 4443____ 1922-23
V ic t o r y 3 4 4 s____ 1922-23
A m T e l A T e l c oll 4s__192 9
C o n v e rtib le 6s .......... 1925
C olla tera l tru st 5 s . . 1926
A t c h T o p A S F e 4 s . . . 1995
A t l G A W I SS L 5S. . 1959
C a rson H ill G o ld 7 s . . . 1923
C h ic June A U S Y 5 s . 1940
4 s _________ __________ 1940
K C A M R y A B d g 5 3 .1 9 2 9
M is s R iv e r P o w e r 5 s . . 1951
N E T e le p h o n e 5 s____ 1932

8444
83 44
10044
85

87

N o rth P a cific 4 s _______ 1997
F o n d C reek C oa l 6s ___ 1923
S w ift A C o 1st 5 s ____ 1944
U S S m elt, R A M c o n v 6s .

High.

9 9 .7 4 1 0 0 .2 4
94.14 94.64
9 2 .2 4 92.54
9 4 .14 94.34
9 2 .2 0 93.10
94.14 9 4 .6 0
9 2 .74 93 .2 4
99.04 99.44
99 .2 6 9 9 .2 6
8044 8044
99 44 99 44
8444 8444
7844 7844
83
8344
9944 10144
85
85
71
71
8744 8744
85
85
78
78
87
87
70
79
77
77
9444 9444
94
94 44
10544 106

Sales
for
Week.

Range since Jan. 1.
Low.

$ 2 1 ,300
10,550
15,850
9 .5 0 0
2 2 ,5 6 0
4 1 ,8 5 0
113,650
6 5 ,700
5 ,000
17,000

1,000
1,000
1,000
7 ,500
6 5 ,000

2,000
6,000
1,000
2,000
5 ,0 0 0

8,000
2,000
5 ,000

11,0 0 0
16,500

10,000

9 8 .04
9 1 .64
9 2 .04
9 3 .24
9 2 .2 0
9 4 .14
9 2 .54
9 9 .04
9 9 .2 6
8044
9944
8444
7644
79
9944
8444
71
8744
83
73

Feb
Jan
Jan
Jan
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
Aug
F eb
N ov
O ct
N ov
N ov
Apr
O ct
86
N ov
77
M ay
77
N ov
92
Jan
9244 O ct
99
Feb

H igh.
100 .64 O c t
9 5 .9 0 M a r
9 6 .5 0 Jan
9 6 .5 0 Jan
100.04 Jun e
9 9 .9 0 S ep t
8744 S ep t
10344 M a r
92
M ay
8344 Jan
84
M ay
10244 N o v
9444 Jan
77
M ar
8844 J u ly
8754 M a r
80
M ay
9344 F e b
82
June
77
N ov
9844 M a y
98 44 J u n e
10744 O c t

C h ic a g o S t o c k E x c h a n g e .— Record of transactions at
’Chicago Stock Exchange N ov . 15 to N o v . 21, both inclusive,
•compiled from official sales lists:

S tock s—

Par

A m e r ic a n R a d i a t o r ------- 1 0 0
A m e r ic a n S h ip b u ild in g . 1 0 0
A r m o u r A C o , p r e f ------B o o t h F is h , c o m — n e w ( * l
P r e f e r r e d _______________100
B r i s c o e , c o m . ...................
B u c y r u s , c o m m o n ---------P r e f e r r e d ........... - ............
B u n t e , c o m m o n _________
B u t l e r B r o s . ........................
• C h ic C y & C R y p r e f . . ( * )
C h i c P n e u m a t ic T o o l - - 1 0 0
C h ic R y s p a rt c t f " 2 ” .
• C h ic R y s p a r t c t f ' ‘ 3 ’ ’ .
•C h i c a g o T i t l e & T r u s t . . 100
' C o m m o n w c a lt h - K d ls o n .1 0 0
• C o n t M o t o r s , c o m . ........... 10
P r e f e r r e d _______________
•C u d a h y P a c k C o , c o m . 10 0
•C a s e (J I ) ......................—
F ir s t p r e f e r r e d _______
D e c k e r A & C o __________(* )
P r e f e r r e d .............. ............
D e e r e & C o , p r o f .............. 100
D i a m o n d M a t c h ________10 0
E d J o n e s ...... .........................
• G re a t L a k e s D & D ------H a r tm a n C o r p o r a t io n ..1 0 0
H a r t S h a ft A M a r x , c o m lO O
H o l l a n d - A m e r S u g a r ___
H u p p M o t o r ........................... 10
P r e f e r r e d _______________
I l l i n o i s B r ic k ...................... 1 0 0
I n la n d S t e e l C o _________
L i b b y ( W I ) ............................10
.L in d s a y L i g h t ____________ 10
P r e f e r r e d _________________ 10
M i d d l e W e s t U t i l , c o m . 100
P r e f e r r e d _______________ 10 0
M i t c h e l l M o t o r C o _____( * )
N a t i o n a l L e a t h e r _________ 2 0
P u b S e r v o f N 111, c o m . 10 0
P r e f e r r e d ............................100
• Q u a k e r O a t s C o __________100
P r e f e r r e d - ..........................1 0 0
R e o M o t o r _______________ ( * )
R e p u b l i c T r u c k __________(* )
R o o t A V a n ................................
:S ln c la l r O H ..................................
S e a r s - R o o b u c k , c o m ___ 100
,S h a w \V \V, c o m ..............10 0
S t a n d a r d G A E ...................... 5
P r e f e r r e d ---------------------------- 5
: 8 t e w a r t M f g ......................... (♦)
S t e w a r t M f g r i g h t s ................
.S t e w W a r n S p e e d , c o m . 10 0
do
W I A A ..................100
S w i f t A C o ............................1 0 0
S w i f t I n t e r n a t io n a l................
T o m t o r c A !•' “ A ” -------- ( * )
T h o m p s o n , c o m — ............ 2 5
U n io n C a r b A C u rb C o . ( * )
U n i t P a p B o a r d , c o m . . 100
W a h l C o .................................( » )
W a rd , M o n tg A C o , p r e f..
'W l l s o n A C o , c o m ______ ( * )
P r e f e r r e d _______________ i o o
W r l g l e y J r , c o m m o n ..............
B onds—
A r m o u r A C o 4 5 4 s _____ 193 9
■ C h ic C i t y A C 01 R y s 5 s ’ 2 7
M o r r is A C o 4 5 4 s _____ 193 9
;S w lf t A C o 1st g 5 s _____1 94 4

Friday
Last IF eci’ s Range
o f Prices.
Sale.
High
Price. Low.
119
103

1354

100

105

109

20 54
97
45
98

101
120
3754

88
17 y»
1354
75
30

8
8M

25
4954
1854

80
83
250
96
31
55
46

21S
245
51
157
40
13454
56
4254
77 54
49 54

112

12

0

9844
1444
76
55
1944
80
944
250
644
6044
5
54
178
107
844
100
10044

100

3
i
5
3

20

22
97 54
45
98

)
)

10 154

)

3754

1
)

121

1

)
•

754
25
4854
4254
1754
SO
83
250
96
30 M
50
•r)2M
46
215
245
2854
42
4854
,
54
14654
37
132H
54
49
4141
75H
23 44
4944

854
25
7154
43
19 %
85
85
250
97
32
58
M 54
46
221
250
3 1 54
43
51
54
170
43
138W
58 54
4954
4254
80
2344
5544
1114 4 1 1 2 •
81
81

100

83

82

85

83
47
82 44
9344

83
47
8244
9344

37
82
5444

68

>
)

854

100

97
3844
98
78

101

88

100

8254

275

85 54 8854
93
96
1754 1754
1254 1354
78
102
75
78
263
263
29
3154

8

Low.

0
')
0
0
0
5
9
5
5
3
J

271
272
954 10
103
106
6
6 54
54
54
205
207
110
11054
1254 1354

100

Range since Jan. 1 .
.

325
335
119
125
10254 10354
1 4 H 15
76
7654
60
65
33
33
9654 9654

12

110

Sales
for

)
'
)
l
)
i
I

i

1

12 >4
1044
7S
55
263
1954
744
744
24
4844
33
10 J4
80
83
240
96
2854
44
52 44
46
168 *4
112 44
2844
4154
45
44
84
37
11544
4144
49
34
56
1754
19 44
105
81
95
7444

Apr
F eb
Aug
N ov
N ov
O ct
Apr
Ju ly
June
O ct
M ar
F eb
Apr
N ov
F eb
Aug
Apr
N ov
Feb
O ct
O ct
O ct
O ct
A pr
June
N ov
O ct
F eb
F eb
Aug
Sept
N ov
F eb
N ov
Jar.
N ov
N ov
F eb
N ov
Apr
Sept
N ov
N ov
Sept
N ov
M ay
Sept
N ov
N ov
Feb
M ay
N ov
N ov
Apr
N ov
Jan
N ov
Jan
Jan
O ct
Aug
Jan
Jan
Sept
July
N ov
F eb
Sept

8244 N o v
Apr
41
8244 N o v
9244 Sept

High.
345
138
10544
25
S3 44
6844
33
9644
15
278
1844
115
1054
3

212
118
14
1001/4
123
27 54
9844
4 8 )4
9844
105

12 2
4054
96
97
10044
2154
17
103
8044
280
3644
17
1044
40
7144
5544
25
9544
105
300
105
3544
74
58
46
232
250

3144
43
59
44
185
43
14954
65 44
5044
44
8554
29 44
55 44
11244
104
104
89

88
55
84
9844

N ov
O ct
Aug
J u ly
June
N ov
N ov
N ov
Ju ly
N ov
Aug
N ov
Aug
Ju ly
Jun e
J u ly
O ct
Aug
M ay
O ct
N ov
O ct
N ov
J u ly
O ct
O ct
O ct
Ju ly
N ov
O ct
Aug
S ep t
S ep t
N ov
O ct
Aug
Apr
M ay
N ov
J u ly
A lls
M ay
M ay
J u ly
M ay
O ct
N ov
N ov
N ov
N ov
O ct
N ov
N ov
O ct
N ov
N ov
N ov
M ay
O ct
O ct
N ov
J u ly
Ju ly
N ov
Jun e
J u ly
J u ly
O ct
F eb
Aug
O ct
Jan

( * ) N o par v a lu e .

of transactions at
N ov. 21, both ins:

S tock s

Friday
Sales
Last Week's Range
for
Sale.
o f Prices.
Week.
Par. Price. Low.
High. Shares.

Arum.el C o r p o r a tio n .............
A tla n tic P e tro le u m ______ 10
B a ltim o re T u b e . . ............100
B o sto n Sand A G r a v e l____
P referred ................................
C elestln e Oil v t ......................
C e n t T eresa Sug ar, p r e f . . .
C om m crcla l C r e d it........... 25
Preferred B ....................... 25




344
53
4 .0 0
1044

3844
344
65
2344
53
4 .0 0
10
45
24

3944
344
65
24
53
4.30
1044
4544
25

50
85
67

12

5 ,886
660
15
90

Range since Jan. i.
Low.
N ov
Jan
2
65
Sept
Apr
6
44
A pr
1.00 M a r
944 N o v
40
Ju ly
24
N ovi
3844

High.
3944
4 44
90
24
53
4 .9 0
1244
47
26

N ov
July
M ay
N ov
N ov
J u ly
O ct
N ov
J u ly

C on sol G as, E L A P ...1 0 0
C o n s o l i d a t i o n C o a l _____100
C o s d e n A C o ______ ________ 5
P r e f e r r e d __________________ 3
D a v is o n C h e m ic a l..n o par
E l k h o m C o a l C o r p n _____50
P r e f e r r e d _________________50
H o u s t o n O il p r o f tr c t f s . 100
I n d i a h o m a R e f i n i n g _______
M o n o n V a il T r a c , p r e f . .2 5
M t V - W o o d b M i l i s v t r 100
P r e fe r r e d v t r ........... .1 0 0
P e n n s y lv W a t e r A P o w .1 0 0
R o b i n s o n O il , p r e f .
10
U n i t e d R y A E l e c t r i c . . . 50
W a s h B a l t A A n n a p ___ 50
W a y l a n d O il A G a s .............. 5
B onds—
A m e r T e l A T e l 5 s _________
A t l a n t a C o n s o l S t 5 s . . 1939
B a lt A O h io c o n v 4 4 4 s
B a l t T r a c t i o n 1 s t 5 s . . 192 9
C a r o li n a C e n t r a l 4 s . . . 1 9 4 9
C e n t r a l L e a t h e r 5 s ______
C h e s A O h io c o n v 5 s _______
C it y A S u b u r b 1st 5 s . .1 9 2 2
C o n s o l G a s g e n 4 4 4 s . . 1 954
C o n s G , E L A P 4 4 4 s . 1 935
5 % n o t e s _______________
7 % n o t e s _______________
C o s d e n A C o S e r A 6 s . 193 2
S e r ie s B 6 s . ................ 1932
E lk h o r n C o a l C o r p 6 8 .1 9 2 5
F a ir A C la r k s T r a c 5 s . 193 8
F la C e n t A P e n ln e x t d 6 s
H e r r C o r p 6 % n o t e s .. 1920
I n t e r b o r o R a p T r a n s it 5 s . .
L a c l e d e G a s r e f 5 s __________
M a r y ’ d E le c R y 1 s t 5 s . 1931
M i d v a l e S t e e l 5 s _________
M ll w E lR y A L t 4 4 4 s .l9 3 i
M i n n G e n E l e c t r i c 5 s ...........
M o n o n V a i l T r a c 7 s _______
S t L I M A S o R I v A G u l f 4s
S e a b o a r d A ir L in e 4 s . .1 9 5 0
S o u t h P a c i f i c c o n v 4 s ______
T r i - C i t y R y A L ig h t 5 s _____
U n ite d R y A E le c 4 S ..1 9 4 9
I n c o m e 4 s ..................... 194 9
F u n d in g 5 s , s m a l l . .1 9 3 6
W e s t M a r y l a n d 4 s ____ 195 2
W i l m A W e l d o n 5 s . . .1 9 3 5

103
1044
444
29
33

8044

444

84
82 "

99J4
97

88

10144 103
84
85
10
1054
454
454
29
30
32 44 33 44
4044 4054
88
90
11
1144
16
1644
49
50
9444 95
8044 82
7
7
13
14
20
20 44
4 54
444
8354 8354
94
94
68 44 68 44
97
97
74 44 74 44
97 54 97 54
84
84
95 44 95 44
8354 8354
82
82
96 44 9644
10044 10044
99
9954
99
9954
97
97
88
8944
9954 9954

1

1

52
8744
87
8554
78
95
97
70
63
8644
9244
67
49
67
5544
9954

52
87 44
87
8554
78
95
97
70
63
8644
92 44

68

4954
67
5554
9954

401
26C
597
43C
908
195

110
207
448

100
1.077
306
191
5
150
70
724
S2.000

6,000
2,000
1,000
2,000
1,000
3,000
27,000
3,000

6,000
1,000
6,000
22,000
2 6 ,000

1,000
10,000
1,000

Range since Jan. 1.
Low.
10 1

88
9954

1

52
8744
S7
8554
78
95
97
70
63
8644
92 44
67
48
6644
5544
9954

1,000
1.000
1,000
2,000
3 ,000

1,000
1,000
20,000
3 1 ,000
300

1,000
2.000

8354 N o v
9844 F eb
7054 A u g
10044 F eb
Jan
78
97 54 N o v
N ov
84
Jan
100
Jan
89
8544 Jan
9954 June
10154 Ju ly
10544 Sept
10544 S ep t
9944 June
9554 Jan
F eb
10 1
Ju ly
6
N ov
52
8744 N o v
8944 M a y
8554 N o v
June
82
N ov
95
9854 Jan
N ov
70
N ov
63
8644 N o v
92 44 N o v
7644 Jan
5544 M a r
M ar
76
5854 O c t
Jan
10 1

344

1,000
1,000
3 ,000

N ov
Aug
N ov
N ov
O ct
N ov
N ov
N ov
O ct
Aug
Jan
June
M ar
Jan
N ov
N ov
N ov
N ov
N ov
N ov
O ct
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
Apr
Aug
N ov
N ov

20

1,500

4 ,000

11144
92
1244
5
4044
43
50

78 44
654
4
28
27
39
72 44
554
16
16
71
77 44
644
1144

8354
93
6844
97
74
97 54
84
9544
8244
82
9544
10044
84 44
8554
97

High.

N ov
Apr
F eb
Jan
N ov
M ar
June
Jan
June
Ju ly
Jan
F eb
Jan
A ug
N ov
O ct
F eb

10 1
1244
30
5144

100

8844
754
2044
2954
454

M ay
Jun e
M ay
M ay
F eb
J u ly
J u ly
M ay
O ct
Apr
Aug
Aug
M ay
J u ly
Jan
June
Aug

P h ila d e lp h ia S t o c k E x c h a n g e .— Record of transactions
at Philadelphia Stock Exchange, N o v . 15 to N o v . 21, both
inclusive, compiled from official sales lists:

S tock s—

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

A l l i a n c e I n s u r a n c e ________10
A m e r ic a n G a s .................... 100
A m e r ic a n R y s , p r e f _____100
A m e r ic a n S t o r e s _____n o par
B a ld w in L o c o m , p r e f . .1 0 0
B e r g n e r A E n g e l ..............100
P r e f e r r e d _______________ 100
C o n g o l e u m , I n c _____ no par
E l e c S t o r a g e B a t t e r y ___ 100
G e n e r a l A s p h a l t __________100
H u n t A B d T o p p ref c tf dep
J G B r ill C o ........................1 0 0
P r e f e r r e d ........................... 100
K e y s t o n e T e l e p h o n e _____50
P r e f e r r e d _________________50
L a k e S u p e r i o r C o r p _____100
L e h ig h N a v i g a t i o n ______ 50
L e h ig h V a l l e y ______________50
L e h ig h V a il T r a n s i t , p r e f 50
L i t t l e S c h u y l k i l l ______ ____ 50
M i d v a l e S t e e l A O r d _____50
M t n e h ll l A S H . ................. 50
N o r r i s t o w n ________________ 5 0
N o r t h e r n C e n t r a l ________5 0
N o r t h P e n n s y l v a n i a _____5 0
P e n n s y l v S a lt M f g _______ 50
P e n n s y l v a n i a ______________ 5 0
P h il a d e l p h i a C o ( P i t t s ) . . 50
P r e fe r r e d ( 5 % ) ...............5 0
P r e f ( c u m u la t i v e 6 % ) . 5 0
P h ll a E l e c t r i c o f P a ______ 2 5
P h il a R T v o t t r u s t r e c . . 5 0
P h il a d e l p h i a T r a c t i o n ___ 50
P h ll a A W e s t e r n _________ 50
R e a d i n g ....................................50
F ir s t p r e f e r r e d ................. 50
T o n o - B c l m o n t D e v e l _____1
T o n o p a h M i n i n g ___________ 1
U n i o n T r a c t i o n ....................5 0
U n i t e d C o s o f N J ______ 100
U n i t e d G a s I m p t _________ 5 0
U S S teel C o r p o r a t io n .. 100
W a r w i c k I r o n A S t e e l . . . 10
W e s t J e r s e y A S e a S h o r e . 50
W e s t m o r e la n d C o a l ______ 0
B on ds—
U S L ib L o a n 3 4 4 8 .1 9 3 2 - 4 7
3 d L i b L o a n 4 .44 s ___ 192 8
4 t h L ib L ’ n 4 4 4 8 .1 9 3 3 - 3 8
V i c t o r y 4 4 4 8 _____ 1 9 2 2 -3 2
A ll e g h e n y V a i l g e n 4 s . 194 2
A m e r G a s A E le c t r i c 5 s 2 0 0 7
do
s m a l l . ........... 2 0 0 7
B a ld w in L o c o m 1s t s . 1 9 4 0
E le c A P e o p t r c t f s 4 s . 1 945
L a k e S u p e r i o r C o r p 5 s . 1924
L c h C A N c o n s 4 4 4 s . . 195 4
L e h ig h V a ll e y c o l l 6 s . . 192 8
C o n s o l r e g ls 6 s ........... 1 9 2 3
G e n e r a l c o n s o l 4 s ___ 2 0 0 3
G e n e r a l c o n s o l 4 44 s .2 0 0 3
L e h ig h V a l C o a l 1st s .1 9 3 3
P e n n R R g e n 4 4 4 s _____ 1 9 6 5
C o n s o l 4 4 4 s __________i9 6 0
P W A B c t f s 4 s _____1921
P a A M d S t e e l c o n s 6 s .1 9 2 5
P h ll a C o 1 s t 5 s ................ 1949
do
s t m p d s f A r e d . 194 9
C o n s A c o ll tr s s t p .1 9 5 1
P h il a E l e c t r i c 1 s t 5 s . .1 9 6 6
do
s m a l l ..............196 6
P h ll a A R e a d I m p t 4 s . 194 7
R e a d i n g g e n 4 s __________1997
S p a n l s h - A m e r I r o n 6 s . 192 7
U n ite d R y s g o ld tr c t f 4s ’ 49
W e l s b a c h C o 5 s ________1 9 3 0

50
4144
106

13854
22444
55

2144
64
45

22
---------—
_______
7944
4254
- - ____

2454
2744
—
—

2344 2344
50
55
6444 65
40
4354
106
106
444
2054 2054
35
35
128
143
123
130
9
9
55
57
90
90
11
1144
45
45
2044 2254
63 54 6454
45
4654

22

55
104 44
—
.............
_______

86
8344
IOO44
64

10054

_______
9954
9154
84
8144
9954
50

21

7,874

10

24
50
50
8,871
1,260
100
70

11

560,
6
6,555
963
1.594
100
17
100

10

11
74
6
69
6,585
87

10

7954 82
3444 3454
3
254
3
254
37
3S
197
197
54
5544
102 44 10544
854
854
4044 4044
74
74

250
3,840
3,442
130
50
175
110
1.531
2,700
791
4
6,007
2,920
10
10
5

1 0 0 .0 0 1 0 0 .2 6
9 4 .3 6 9 4 .40
9 2 .7 0 9 3 .10
99.32 99.32

214,300
500

6
3
254
38

22

42 44 4244
52 44 5244
5044 51
119
119
7054 7054
ISO
z80
7944 80
4244 43 54
3244 33
2744 2744
32 44 33
2454 25
2654 2744
6244 63

15
471

86

8344
83
10044
6344
64
9044
10144
ICO 5s
7054
7854
9954
82
9144
9754

100

6

86
84
83
10044
64
6444
9054
10144
10054
7054
7854

100
8244
9144
9754

100

9954 9954
9954 99 54
8144 8144
9154 9254
9344 9344
84
84
8144 8154
9954 100
50
50
9854 9844

*3,100

6,000
1,000

3.000

1,100

7.000
13.000

10.000

3.000
3.000
4.000
5.000
16,000

2.000
20,000
10,000
2,000
2,000
2,000
1,000
13.000

22.000
1,800
1,000

12,000
2,000
7.000

1.000

Range since Jan. 1.
Low.
19
44
6244
2044
10044
444
2044
35
5144
39
7 44
1944
78

8
45
17
6344
44 J4
22
4044
41
50
117
6944
79
79 44
4244
30
25
3144
2444
23
6244
544
76
3444
244
244
37
185
53
8844
844
4044
7244

High.

Jan
2344 M a y
N ov
74
Jun e
M ay
6944 Jan
Apr
43 44 N o v
Jan 110
N ov
N ov
444 N o v
N ov
204-4 N o v
N ov
35
N ov
Jan 153
O ct
Jan 161
O ct
19
O ct
F eb
Feb
6444 J u ly
Jun e
95
M ay
M ar
18J4 J u ly
N ov
59
J u ly
Jan
2544 J u ly
N ov
73
Jan
N ov
6044 J u n e
N ov
26
Jan
45
M ar
June
Jan
61J4 J u ly
Jan
5744 S e p t
Jan 123
Apr
75
Jan
Sept
Apr
82
N ov
N ov
84»4 F e b
Aug
4844 M a y
Jan
4244 J u ly
N ov
30
M ay
Jan
3744 A p r
Jan
26 44 M a y
Apr
2944 J u n e
71
Jan
O ct
8
M ay
M ay
Aug
9344 Jun e
3844 N o v
N ov
Jan 3 1 5 -1 6 M a y
4
M ay
Sept
41
M ay
Jan
F eb 19744 O c t
7444 Jan
O ct
F eb 11544 J u ly
9
Apr
Jan
46
Jan
O ct
75
Jan
Apr

9 8 .2 0 A p r 100.26 N o v
9 6 .3 8 Jan
9 4 .3 6 Sept
9 5 .7 0 M a y
9 2 .7 0 N o v
9 9 .3 0 Sept 1 00 .04J u n e
8444 O ct
86 44 J u ly
8344 N o v
8844 Jan
82
N ov
8844 Jan
100
A p r 101
J u ly
6344 N o v
71
Jan
58
Jan
74
Aug
95
Aug
9044 N ov;
101
N o v 10244 Jan
10044 Sept 10244 Jan
8044 Jan
7044 N o v
7844 N o v
93
Feb
9944 N o v 10044 M a r
82
N ov
8944 Jan
9644 F eb
9144 N o v
95
F eb
97 44 N o v
100
Sept 10244 Jan
9944 A p r 10044 A p r
9944 N o v 10044 M a r
89 44 F eb
80
Sept
96
J u ly
9144 N o v
9744 Jan
93 44 M a y
84
N ov
84
N ov
8644 Jan
8044 A u g
Aug
9944 O ct 102
57
Jan
50
N ov
9844 June
95
Jan

THE CHRONICLE

1978

P it t s b u r g h S to c k E x c h a n g e .— Record of transactions at
Pittsburgh Stock Exchange N o v . 15 to N o v . 2 1 , both in
clusive, compiled from official sales lists:
Friday
Sales
Range since Jan. 1,
Last H'ecAjs Range for
Stocks—

■ Par. Price. lou>

Amer Rolling Mill, com.25
Amer Wind Glass Mach 100 126X
Preferred.................. 100
94
Amer Wind Glass, pref.lOO
Arkan Nat Gas. com ... 100 350
B&rnsdall Corporation..25 44 X
Carbo-IIydrogen Co, com.5
3X
Preferred......................5
4X
10
Carnegie Lead & Zinc___ 5
Columbia Gas & Elec.. 100 C4X
Guffey-Glllesple OIKno pan 34 X
Harb-Walker Rcfrac, pflOO
Indcp Brewing, com___ 50
10
Preferred....................50
Lone Star Gas........... 100
Mfrs Light & Heat........50 02)4
Marland Petroleum......... 5
6K
Nat Fireproofing, com ..50
9M
■' Preferred_____ _____ 50
Ohio Fuel Oil.................. 1 32
Ohio Fuel Supply___ . . .25 51
Oklahoma Nat Gas....... 25 49
9
Oklahoma Prod & Ref___ 5
Plttsb Brewing, com___ 50 .........
Plttsb Coal, com......... 100
Preverrcd.................. 100 -----...
Fittsb & Mt Shasta C op.. 1 60c
16
Plttsb Oil & Gas........... 100
Plttsb Plate Glass, com.100
Riverside East Oil, com ..5
8c
San Toy Mining............. 1
Standard San Mfg, pf..l00 105
Union Natural Gas-----100 123
56
U 8 Glass.................... 160
U S Steel Corp, com. . . 100
West'house Air Brake.. .50 11874
West'house Elec & Mfg__
53 X
Fittsb Brewing 6s___ 1949
Plttsb June RR 1st Gs. 1922 ‘ ioox
Mon Rlv Con C & C 6sl949

Low

High Shares

High.

52
135 44)4 Api
Nov
19
16C 18
Jan
2,000 79
13IX
11C 77X Jan
95)4 ’
Mar
50 98
104
July
1.095 53
300
2,220 32 June
.47
2 M Aup
2,730
G4
4,570
3X Aug
J'4X
1,447
G Sept
10X
1.30 39 X Feb
64 X
35)4 15,650 31X Nov
Jan
10 99
101 X
515
5
IX Jar*
11
463
5X Jan
10 165 Nov
170
C5
2,065 48 X Jan
7
7,357
GX Nov
810
5
Jan
■10
17X
150 10
Jan
34
1,505 16
Jan
52 X 2,315 42X Feb
50 X 9,348 28)4 Jan
200
9X
8)1 Mar
2
800
7X
Jan
17
7
50
Jan
200 45
Feb
62 X
93
42 85 H Feb
13.000
58 c6 0 c
10.000 2lc Jan
15
8
Jan
17X G.C7G
152 152
32 116
Jan
2.0G5
5X C
X Feb
- 8c
9c
2.750
6c Feb
105 ' 105- 0.000 100
Oct
438 122
Jan
122)4 125
200 30
54X 56
Feb
103 10IX
520 8SX Feb
115 118 X
925 93
Jan
55
53
800 40)1 Jan

64 X July
20
157 July
103X Oct
105
Aug
400
Nov
50 X Oct
4 M Oct
4 X Oct
13.X Oct
67 X Oct
35)5 Nov
102)4 July
7 May
16. May
300 May
CG Nov
8)4 Oct
11)4 May
24. May
35
Nov
54 X Julv
50 X Nov
13 X May
10H July
20 June
73
July
93 May

51
18
120
94
103 X
320
43 X
3X
4X
9-X
64 X
31 X
101X
4X
10X
170
62 X
GX
9H
17
31X
50 X
47
9
7X
16
61
93

55
75
100X
107)4

85
59
75
ioox
107X

55Q0
5.000 3G
4,000 52
18,000
1.000 ioo.

70c
1SX
153
6)4
13c
105
135
63
114)1
124)1
OS

Nov

Sept
June
Nov
Oct
May
Nov
May
Oct
July
June
Oct

S3 Sept
65
Oct
75X July

Jan

May 107X Nov

F o r record of transactions on Boston, Philadelphia an d .
B altim ore Exchanges see page 1977.
f DAILY TRANSACTIONS AT THE BOSTON-. -PHILADELPHIA AND
BALTIMORE EXCHANGES.
Weak ertitr-o
Hoe‘2\ 1019.
Saturday.............
TUtsday...............
Wednesday.........
Friday .’. ........... r
Total................

New

Philadelphia

Boston.

Shores, iEond Sales. Snares. Bond
17,987i $47,059
20,4391
77,950
25,810
106,309
42,6fy5
S5.750
30,010! 127,650
28,4511 27,000
1 6 5 .3 6 2 :

S471.70ol

Suits.

Baltimore.
Shares. Bond Sales.
2.084
'8.474
2.053
1.885
1,852
2.505

f-74.000
'77.800
39.000
19,500
23.000
31.000

59,7861 S395,80ol ' 13.S58

$214,300.

6.273
10,431
10 151
13.787
11,485
7.356

S6.G00
26.100
•54.000
132,100
146,000
31,000

Y o r k '“ C u r b ” M a r k e t .— Below w e'giv e a record of

the transactions in the outside security m arket from N o v . 15
to N o v . 2 1 , both inclusive. It covers the week ending F riday
a fte rn o o n .
w hatever.

On the ’ “ C u rb ” there are no restrictions
A n y security m a y be dealt in and an y one can

nieet there an d m ake prices and have them included in the
lists of those who make it a business to furnish daily records
of the transactions. T h e possibility that fictitious transac
tio n s'm a y creep in, or even th a t dealings in spurious securi
ties m a y be included, should, hence, always be kept in m ind,
.particularly as regards m ining shares. In the circumstances,
it is ou t of the question for an y one to vouch for the absolute
trustworthiness of this record o f “ C u rb” transactions, and

we

give i t for what it m a y be w orth.

Stocks—

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

Acme Coal.r___ — _ - - l
2X
Aetna E*pIoslvea_r(no par)
9)<
Air Reduction r . . . (no par)
Allied Packers, r .. (no par)
15
Amalg Tire Stores.r...(t)
Amer Candy Co, com.r(t)
!»' Preferred r .............100
An-La France Fire Eng rlO 12
Ateer Safety R azor.r...25 18X
61
A T Securities Corp w l.(t)
Amer .Writ Paper, com. 100
Attetin Nichols * Co.Inc(t) ‘ 29 X
_____
Beaver Board Cos com. r (t)
BrlscoeMotorCorp.comr(t)
Brit-Am Cbem Corp__ 10
8X
BrR-Am Tob ordinary..£1
Ordinary bearer_____ £1 ' 26)4
Buovrus Co.r..
100
Buddy Buds, Inc.r___ (t)
6X
Carbo-Hydrogen Co.com.5
Preferred......................5
Car Ltg & Power, r
25
3X
Cent Teresa Sug com.r. 10
9X
Cities Serv, pref B w 1__ 10
7X
Cities Scrv Bankers shs (t) 43X
Colonial Tire &Rub.r._(t)
Columbian Emerald.r___ __
Columbian Emerald, hew.r ___
Dafoe-Eustlce Co Ine..(t)
11)4
Delatour Beverage.r._.10 _____
DurhamHoslcry com B.r 50
Farrell (Wm) & Son.Inc(t) 53
FircstonreTIrc* R.pf.rlCO 100
General Asphalt com.* 100 123X
Gen Motors w i.._(no par) 35 X




2
8X
- 53 X
36
14 X
7
100
11X
18X
56 X
12
29 X
47 X
60
8X
24 X
24 X
33
5X
4)4
4X
3X
8)4
7X
40X
13
700
15X
11X
13
CO
SI
98 X
119
32 X

2X
ox
63 X
40
15 >4
7X
100
12
19X
67 X
12X
30
47)4
65
9H
25
20 X
33
6)4
4X
4 ii
3)4
10X
7X
46 X
15
750
18
12X
13X
60
55
100
133
39-X

10,700
8,200
200
4,400
4,700
2,200
500
5,400
73,700
33,100
300
COC
100
500
2.000
200
11,500
200
1,700
600
100
4.300
4,600
7,100
27,400
500
7
1,500
10,000
900
400
2,800
300
23,300
57,400

Range since Jan. 1
Low.
IX
ex
61
30
14
7
100
11X
16)4
55 X
2)4
28
45
53
7X
20 X
20
12X
SX
2)4
3)4
2
8X
7X
35
9
700
151,
11
14
38
5L
9SX
39
30

Oct
Jan
June
Nov
Nov
Nov
Nov
Nov
Oot
Nov
Jan
Sept
Oct
Oci
Sept
Aug
July
Mar
Nov
Scpl
Sepl
Feb
Nov
Oct
Feb
Nov
Nov
Nov
Sept
Oct
Aug
Nov
Nov
Jan
Nov

High.
3X
12)4
65
07 X
17H
7)4
100
12
20 X
so
18
38
51
cs
11X
27 X
28
35
7
4X
4)4
6X
12 X
7)8
50X
45
950
13
14 X
25
60
66 X
100
162
41X

Jnly
July
May
July
Nov
Nov
Nov
Nov
Sept
Oct
July
Aug
Oct
Nov
July
May
May
Oct
Sept
Oct
Oct
July
Oct
Oct
Sept
July
Oct
Nov
Oct
Aug
Nov
oct
Nov
Oct
Nov

[V ol . 109,

Fridai1
Last Week's Rang■
e
Sale.
of Prices.
Stocks (Concluded) Par.\ Price. Low. High .

Sales
for
Week.
Shares.

Range since Jan. 1.

Low.
High.
40
41
490 25 Sept 41
Nov
1
IX: 10,800
X Oct
IX Nov
IX
IX 15,500
1
Oct 2)5 Nov
47
51
1,500 47
Nov 55
Nov
24 X 25
1,700 24
Nov 26
Nov
99 X 100
1,100 99
Nov 100
Nov
3 * 314
400
1X JaD
OX July
12)4 13 X
600
2X Feb 29 July
42
53 X 5,100 42
Nov 62
Oct
7
8
6,900
6 May 10X Aug
12 X 13)4 22.300
454 JaD 14X July
12 X 14
300 12 V, Nov 25
Aug
IS
21)4 11.500 1.8 . Nov
July
IS
20
2.100 10 X Jan 50X
35 May
2 X 2 X 3,900
2X Nov
3X Oct
30)4 31
30C 19
Jan 30
Oct
S3
Lima Locom com .r.. -if" .........
85
600 27 X Feb 98 Sept
39
Loew's Incorp___ (no par 1 31
33 X 21,200 28X Nov 33 X Oct
Loft Incorporated r(no par < 25 X 23)4 27 X 24.000 17
Oct 34 X Oct
80
80
) .........
1.100 45
Aug SO
Oct
14
13
.VLilbohm Moto-a.r___ I:'
700 12X Nov 10
Oct
7
MarconlWIrcLTeLofAmcr; i
7
6X
24,200
4
Jan
7X
Oct
32
38
Mercer Motoia.r..(no pa. i 33
9,000 32
Nov 43
Oct
9
3,900
10
1 .........
7
Feb IC July
) .........
9)4 10)4
800
6)4 FebJ 12X May
) .........
18X 19K 1.000 13)5 Jan 24 May
■ .
62
55
493
Jan 78
July
i ’ 4)4
3X 4 X 15,000
2 X JaD
7X Apr
i .........
29 X 31 X
290 29)5 Nov 37
Nov
29 X 39)4 3.500 14 X Auz 32
Overland T ir e ._______H . 30
Oct
97
99
1 97
1.100
Oet 99)4 Oet
44 U
44
490 35 Nov 47
Oct
1 "2 7 X 27
28
500 33
Apr SO Sept
X 11-16 13-ie 21.700
Perfection Tire* Rutb.r.l
X Feb
1)4
Apr
94
i .........
94
100 94
Rcla(Robt)* Co 1st pf
Nov 97
Oct
7
Repettl, Inc.r.tv 1........... !• .......
6X
2,000
6)5 NovNov
50
53
5.00( 50 Nov
Rcplogle Steel.r.(no par) 53 .
Oct
S’--.
5)4 6
19.101
Republic Rubber r (no par
July
5X Nov
0
10
3.50C
Rockaway Roll Mills. r.( ) ID
9
Nov
Sept
5.20Root i Van Dt-rvoort r lCi- 53 X 59 X 55
37
Aug
Oct
10X
10
12
10.39:
Snow's Fount Hold Corp !•'
9
Oct
Nov
28
30
400 24
Stand G ts & El com .r.. 5)
Aug 44)5 May
2.20C
Sfanwood Rubber, com.(t) ” i7*’
15 X IS
10)4 NovIS
Nov
75
82
■Stearns Motors_________
49.'
51
Oct 93
Nov
42
45
703 39
Stewart-WornerSpeed w I t
Oct 47
Nov
i 7M 16
IS-/* 27.00'
Submarine Boat v t c ..(t)
10
Feb 20)4 July
11
12
Sweets Co of America r 10
2.101
6X July 15 X July
57
69
i,3or
Swift International.!-... 15 .........
40X Jan 05)5 Mar
1(K 49
49 X 49 X
Tcmtor Corn A Fr, pf Aft)
Oct 51X Oct
6,15f 25 June 40 X July
Tobacco Products ESp (♦)
26 X 32
__ 2.30 :210
Todd Shipyards Corp..(t)
585 102
Nov
Feb 220
Onion Carbide* Carb..(t) .........
75
79
1.40
July
60 X Feb 86
55
United Motors.r..(no par)
10;
33 X Jan 681, Oct
13
11
18
X
6.691
UutdPIctureProdCorp.r(t)
11
Sept 28
Oct
United Profit 8harlntr..23e — -2X ~ - ‘2 X — 7-X '27,500
7-16 Jan
3x July
15)4
19 X 34.201
Un Retail St's Candy.r.(t)
15
14
Nov- 30)*' Aug
U S Distributing com__ 50 52
52
50
3.50Oct
49
Nov- 59
U S High SpcoJ Steel & Tool 27
27
27 X 2,94£ 27
Nov 28
Oct
U S Lt & lit Corp, com.r 10 .3 ).
3
3); • 9,55i
4)4 Oct
IX Jan
5
U 9 Steamship................10
4)4 6X 90,000
2
Mar
8X Oct
51)4
50
Vanadium Steel of Am.r(t)
56 X 17.200 37X Aup 68)4 Oct
V Vlvadou, Inc.r..(no par) 24
22)4 25)4 11,300 21
Sept
Nov 33
Warren Bros.r______ 100 65
05
CS
701 42 X May 90
Oct
Wayne Coal___________ 5
5
6,050
4H 5X
6X July
3X Mai
World Film 2d pref.r___ 5 .........
•34
X 2.00o
IX June
X Nov
Rights
Columbian Emerald.........
100 1125
105 100
Nov
Nov 125
I Texas Company............. . . . . .
07
71
2,800 67
Oct
Nov 82
Former Standard Oil
Subsidiaries
Anglo-Amorlcau Oil.r. £1 32
33
31
3,100 16X Jan 30 X Nov
Ifldlana Pipe Llne.r___ 50 . . . . . .
97
97
10 97
Apr
Nov 107
Ohio Oil.r......................2 375
370 380
45 ;
Jan 401
Apr
Prairie Oil & Gas.r.X.lOO . . . . . . 712 *712
5 {
M ilJan
S00
South Penn Oil.r......... lUa ......... 349 340
ic :
Apr 350 May
Standard Oil (Calif) -r . lih 297
293 300
81 ;
Jan 319
July
Standard Oil of N J.r..l0t til)
705 720
98 1
Apr
July
798
Standard Oil of N Y.rH* 123
428 447
93 ;
Jan 417 Nov
Union Tank Car.r____ 105 . . . . . . 123 i123
10
Jan 138 July
Vacuum O i l . r . . __ ,10'j
440 441
20 ;
Jan 490 May
) .........
Grape Ola common.
1
IX
1
Di
5 51
1).........
0 .........
0
3x
(i 13 X
0 47
)
714
• 13);
1 .........
Indian Packing Corp r ft-- 18)4
3 .........
1
2)4

Other Oil Stocks.
fax Oil r .....................10
Ilianee OH & Ref.r........5
ll'ed Oil.r------------ -— 1
malgamatcd Royalty.r. 1
nn-a Beil_____ . . . . . .
rllcx Oil.r...................... 1
saoclatcd Oil of Texas. ..1
,11 Lobos Oil, com .r..(1.
larnett OH&GaS.r........1
icll Petroleum, r-----------itg Heart Prod....... ........
loono OU.r________ ...6
loston-Mex Petrol--------1
lostOD-Wyomlng O il.r..i
nazes OU Corp t (no par)
lurknctt Van CleavOII--t
!an-Amer O & O .r......... 1
inrlb Syndicate r new w I.
Central Oil Develop.r.. 10
Commonwealth Pctroi.r(l)
losdon * Co. com.r----- 1
lushing Potr Corp com J..I
iomlnion Oil.r.........— “
:ik Basin Petrol _ r ___
Inglnccrs Petrol Co-------1
h’tcl Oil.r-----'...............•
;smeralda OH * Gas.*—-1
edcral OU Corp.r-------- f
cnsland OU......... ...........
ilenrook Oil Corp.r-----It
iuffcy-GIHesple OU*r. (t>
Icrcules Petrol Class A r 1!
[omeOll&Refg . r -----1'
lome Petrol of Denver. 10louston OU com.r----- 10t
ludson Oil.r......... . . . ' . .
ndlaboma Ref Co.r___ £>
nternat Petrol.r__ ...£1
nvlnclhle Oil.r___ ____61
dandOll * Transp.r..lt
dvingston OH Corp.r__ I
largay Oil Corp.r. (no par)
faraculbo Oil Explor.r (t)
lerrltt OU Corp.r— ..lb
lctropolltan Petroleum.2.'
lexlcan-Panuco Oil___ lt
lluweat Refining.r—..5i
Ildwest-Toxaa Oil.r___ 1
lorton Pet of Me.r------ 1
rational Oil.r............... lt
forth American OU.r___ {
forthern Texas Otl.r----- 5
hlo-Uanger.r________ .1
mar Oil & Gas new.........
Tlent OU & Gas.r_____ 1
eage Nation Oil Synd.r.i
ennok Oil.r_______ -.It I

15-16
HI
GiiC

X
2X
GO
X
lu

GJ-S

3X
S4c

2'Yt
46 X
....
47
19)*
3A
33),
4X
U
2K
o;
3x
34 y.
11
30c
U'J

X

ii x
53 X
33
7
2X
8H
28 X
22
3
17
165
X
3X
‘ih

ng
8
"i:2x\

11
11
1,000 10
Oct
Aug 12
13X 14 X 4.500
4)4 Apr 14 X Nov
G7,00'J
X
1
X July
1)5 Sept
1
IX 12.000
1
Aug
2X Apr
C7c C9c
4,000 G00 Oct
70o Nov
2,200
X
X
X 6ct
2X Sept
2J< 2X 13.000
IX Nov
2X Nov
03
03
925 CO Nov
88 Sept
X 3-10 11.000
X Aup 6-16 Jan
4 ,5Ju
1J< 2
IX Nov
2 x C7tt
9)( 10 X 5,103
9X Nov
11
Nov
G
OP. 11 .'dJ
3
Mar
10X May
3)e 11 ,59o
3
Nov
4JJ Aug
83c Djc 90.005 18o Jar
1)4 Nov
23
25
1,40v 20*..-' Nov
32X July
2)4 2 >4 37.100
1 Sept
2 X Nov
52,009
)»
X
X Nov
1)4 May
41X 49)* 22,59a 28
Oct
52
Oct
100 11X Maj
29 X 20 X
23
Oct
47
4.100
4.JX
37
Mat
63 JuLe
10
10X 10,690
12)4 Sept
6)4 Jat
4
7.290
3X
3 X Nov
5J4 Oct
43.59-; 32 X Nov 38
32 X 37
Oct
8
834 47.30a
0
Jan
l l X May
IX
0,400
1)
IX Nov
IX Nov
4 X 5X
3.00a
4 X Oct
11
July
M
M 8.000
X Sept 1 1-10 Aug
17.000
2X
2
Jai
4
Apr
6X 7
10.500
OX Nov
7
Nov
2X 3 X 14.300
3X
Nov
8X
Apr
31)4 36
21.000 18 Aug 40X Nov
16
16
450 10 Mar 23 X July
10)4 12X 8.000 10
Fei
X May
34c 3ilc 29.600 300 Aug 40
42o Oct
131 142
1.000 75
Jan 107
Oct
x
v, 3,900 65o Feb
6 X Apr
11
lly,
3.100
5X June 12X Oct
52 X CO
31.900 16 X Jan 6)
Nov
36
40
22,400 30 X Aug 49)4 Oct
0)4 7X 13.200
6)4 Jan
9.X Mar
2Vx 2)5 •46.000
IX June
4)4 July
8)4 9
12.900
8X Nov
9X oct
27 X 30
22,000 26 X Nov 30
Nov
21
23
8.300 20
Aug .
May
2X 3X 14.000
IX Sept 4 6-18 Mar
16
20
3.200 10X May 29
Oot
100 170
35,550 124
Jan ICO May
34 1
5.900
X
Nov
IX
May
3
3)4 8,800
1 Mar
5X Apr
6)4 GX 3.500
2 X Aug
7
Apr
5)4 0
5,150
5) i Nov
OX
Aug
6
400
5X
5
Nov
6X Oot
X 1
5.500
X Sept
2X May
10
12)4 8.500
6) 4 Sept 15
Oct
7H 8.X 1.800
1)4 Apr 10)4 Oct
0,000
X
..
X Nov
2H May
12 X 13)4 5.20(1 11X Feb 17 X Apr

Nov. 22 1919.J
Other Oil Stacks
(C etee lu d e d )

Par

THE CHRONICLE

P rid a g
W e e k 's R a n ge
L a st
S a le.
o f P r ic e s .
P r ic e . L a w .
H ig h

Phillips Petrol com.r __(T)
74
Producers A R ef.r_____ 10
11
Ranger G ulf.r.....................5 27
Ranger O ll.r____________ 1 11-16
Red Rock Oil A G as.r____
Rickard Texas C o.r
...5
5
Ryan Petroleum.r______ l
Salt Creek P rod.r______25
Sapulpa Refining.r______ 5
5
Savoy OH__________
Sequoyah Oil A R e f..
Shell Transp A T r a d .r ..£2
Simms Petroleum r(no par'
45
Skelly Oil C o . r . . . .......... 10
Southern Oil A Trans.r. 10
South States Cons Cerp r 1
Spencer Petrol Carp____ 10
10
Stanton O ll.r____________ 1
Star-Tex P e t.r............. .1 0
14
Superior OS Corp (no par)
Texana Oil A R ef.r____ I
60
Texas Company new. ..2 5
Tex Pac Coal A Oil w 1. . 10 170
Texas-Ranger Prod A R ..1
1H
Texas Steer O il.*...............1
Tex-Ken Oil Corp.r......... 5
Texon OH A Land.r..........1
1
Trinity Oil Corp.r............1
Tropieal O ll.r...................25
20
United Tex Petrol.r_____ 1
1H
Valverde Oil P r o p .r._.(f)
Victoria OH.r_____ _____ io
1H
Vulcan OH.r....... ...........
10
Vfayland Oil A Gas, eom.5
4H
Whelan O ll.r___,_________
White Eagle Oil A Ref r . t
Whit* OH Corp. r . . (no par)
36
Woodburn OH Corp.r.wl(t)
9H
Wyoming Cons OH.r____1

Sales
fo r
W eek .
S h a res.

4X
x
ix

X
IX

21

IX
7X 8
IX 111H
X
4X 5
X 27IX
25
1 1-16
0

35
9
35c

38

OH
40c

s in c e

2X

X
11X
2X
X
X
X
X
X
X
3X
X
1

1,200

35.700
13.800
8,600
11.500
800
9.900
3.800

15
50c

6.300
5.300
21.800
5.300
40.000

35

6

IX
*X
X
8

12.100
2

%x

35e

Jan.

1

N ew

L ow .

73
76
6.500
58
10
12 H 104,900
7
21
27
2,200 14
9-16
12.900
3-16
4.700
55c
'
6
2.700
4
5H
42.100
45
49
9.800
38
7
9.300
6H
9
10
2 ,COO
6H
7-16 H 17.000
7-16
74H 80
30.700
66
46
41
37.500
28
52,300
11
1.500
4.300
1
19
14.700
13
26,400
1H
2,940
13
13 K 14H
15
17
1,400
15
1,200 llo
H
55
63
7.700
55
168
170
20 168
2
1H
15.000
700

X
X Vs IX
ax
47ax
X
7X
7X
79X
X X X
11X X 17
2X
ax ax
IX 1X IX
20X
X
IX
X
X
X
X

...5

R ange

Aue
81
Oct
Aug
12 H Nov
Apr
36
June
Oct
2H Mar
Sept
Nov
Nov
24H June
Apr
7H May
Mar
65 H July
Nov
9H May
Jan
14
Apr
Aug
X May
Aug
84
Oct
Aug
46
Nov
Nov
14H Oct
Apr
9
Oet
Oct
Nov
IX
July
21
Oct
Mar
*2H May
Nov
14H Sopt
Nov
20 X Oct
J!
1
June
Nov
68
Oct
Nov 195
Oct
Oet
6
June
Sept
1H May
July
6H Aug
Jar*
1H Oct
Nov
1H aub
July
25 H Oct
June
1H Nov
June
10
Sept
0
Apr
Nov
Oet
13H Aug
Jan
5
July
Nov
1H Oct
Aug
29 H Nov
Nov
40 H Oct
Oct
10H Aug
Sept
40e Sept

IX

'At

X

X

X

X

2X
IX
X

X

"2X

X
X

X

X

X
X X
IX IX

X

IX BX
IX
3X
4X
2X
78IX
2%
2X
2
2

X

1

X
X

X
X

X

9m

IX

X

X

X
3X
BXc &Xc
7 7X
2X 2X
IX IX
X X
X X
X
X
11
X

X X
2Xe
2X
BX BX
2X 2X
2X

V

X Oet
X

BX

60

2XIX
c

X

X X
lx
IX

w




X
X

X 07X
X0
7X
X X
X
X X
X

X

03X

X

v

Q u o ta tio n s

M

o

Standard OH Stocks
Anglo-American OH new.
PTef. new.

R ights..............
Preierred new.

Preferred new.

AGas.

50
150
90
120
*430
* 66
1S5
124
100
71

Preferred.

Colt's Patent Fire Arms
M fg..................................
duPont (E I) de Nemours

Preferred.

X

H

0 479
) *95
) 290
*2
. 108
) 555
) *32
) 170
) 150
) 85
) 110
107
) 180
>. *94
l *54
) *37
) 165
105
5*370
*79
700
1 275
1 380
165
335
95
295
745
585
475
625
718
113
426
515
118
125
437
•40

1550
112
490
97
310
4
112
575
35
180
160
89
115
112
188
96
56
39
175
110
*80
81
710
280
400
170
340
98
298
760
600
490
550
722
1131,
430
530
123
130
445
45

hare.

H
H

6H

S e c u r itie s

tr Sha t
R R . Equipments —
PtrCi B a t u .
r Bid Atk. Baltimore
A Ohio 4 H s ..
5.90
1 313, 32h Buff Roch A Pittsburgh 4H s 5.87
3x1525

1
1
1
1
1
1

2H

A

fo r S u n d r y

All bond pricer are “ and lnterart’ ’ except where marked *‘f .”

BX

H

T r u s t C o m p a n ie s .

For statements usually given here see page 1962.

X

7X

B an ks an d

Y o r k C ity R e a lt y a n d S u r e t y C o m p a n ie s .

X

94
Sept
99 H Oct
100H May
100
May
100
Sept
98 H Oct
98
Aug
93 H Aug
92 H Feb
72
Feb
100H June
96 H July
• Odd lots, t No par value. < Listed as a prospect. I Listed on the Stock
Exchange this week, where additional transactions win be found,
New stock
(Unlisted,
When issued, z Ex-dlvtdend.
Ex-rights. s Ex-stock dividend
I Dollars per 1,000 lire. flat.
* Correction.

8'22

N ew

Prairie Oil
2
Jane
1H June
1 9-10 Fab
Mar
1H May
6H e Mur
84e JUTy
52e Oct
15-16 Jan
36c
Apr
93c July
Oct
45e Sept
H Jan
2H Feb
1 8-16 S o u
20
Nov
15H« Mar
5H Nov
Jaa
3H JtST
5H May
May
95
Oct
2H Oct
6H Feb
4H May
25c
Oct
Jan
24c
8c Mar
Apr
1H
July
1
Jan
6c
6H June
9-16 Oct
Jan
53c
Feb
44c
160 Mar
Jan
8c
37c July
Oct
Oct
49e July
1H May
May
42c Nov
4H July
6 HO Nov
Sept
50c May
15
May
48e
Jan
4H Oct
1H Oct
23c July
lH Aug
1
Aug
26
May
July
1H June
1H May
S7e Mar
14e
Apr
14H June
May
34c May
7c
Jan
42c
Oct
4
May
•12
Aug
3 X May
4H May
Mar
19c May
53c June
99c
Oct
3
May
7e
Apr
35o
Apr
13He Aug
1
June
3H Aug

C ity

For statements usually given here see page 1962.

X

Par

IX IX
X X
X
2Xc

Y o rk

H ig h .

Mining Stocks—
Alaska-Brlt Cel M eta ls..!
1)
48.300
31e May
AmerHond Min Corp.r .1
4.200
May
America Mines.*_________ 1 1 1-16 1 1-16 1 1-16 11,000
X May
Amer Tin A Tu ngsten .r..l
500
Mar
Arizona Silver.r
13-16
...1
13-i6 24.400
JMv
, 1
Atlanta M ines...
3c
3c
20.700
2c Nov
.100
35c
38c
41c
3ge Sept
18,600
41c
37c
Belcher Extension.r.. .100
44c
28.400
22* A w
Big Ledge Capper C o .. .
9-16
H
24,950
Mat
-.1 OHc
5c
Booth.r . . . . ___
7c
Nov
18,100
r ..6
70c
68c
75c
Feb
28,000
..1 ______
H
May
100
Caledonia Mining.
3Sc
37c
40c
27 s
Jaa
18.300
______
r .l
6,000
Aug
Canada Copper Co, Ltd...A 1 7-10
10.400
lH Nov
Caadalarta Silver _r___ . I 15-10
13-16 1
Jm
26,850
f2C
17
20
11 A M
2.700
Cash B o r .. . . . . . . ..1
7c
5H c 7c
Feb
5c
12,200
Ceasol Virginia Silver.ir..6
5H
3.300
3H Oet
Cresson Oon GoM M A 1M .l
2
1H
1.500
ik
EMvlde Extenstoo.r____ - .1
1H
1H
48,240
1M Nov
K1 Salvador SHvor Min. -.1
3H
4.400
1H Mar
--1
1 11-16
85.500
1
AW
___
50
80
20,000 50
Nov
„ .1
2K
15.800
1
Jnae
. .6
2
1H
1,600
Nov
2
1H
2.200
IH Nov
.10
18c
17c
19c
16,200
11c July
Goldfield Dewal.r.. . . 10c
12c
12c
14c
33.200
iic
Juli
..1
4c
3H c 4c
11.700
a n s Aug
Gold Zone D ivide.r. . .1
49c
47c
55c
29.000
35c
Aug
. .1
35c
42c
8,200 35e Nov
..1
4c
3c
4c
3.500
2 He Aug
25e 3 7-16
3H
4H 28,345
3H Nov
r .
2,000
Nov
10;7-16
2.700
X Sept
21c
. .1
25c
26c
24.400
21e
Nov
Jumbo Extension.
. .1
8c
9c
14.200
8c Sept
-.1
4c
3c
4c
16.000
2 Ho July
10c
lGc
18c
19c
28.900
15c June
- .5 .........
H
1,250
16e
Apr
. .1
2,000
1-10 Apr
MacNamara Crescent. r .. 1 33c
32c
36c
29.000
24e
June
..1
47c
49c
50c 112,000
34o Mar
7-16
2,600
22c
Feb
Marsh Mining___________ l
20c
42c 153,600
39o
3e
Feb
Mason Valley...............
5
3H
500
2
Apr
Mother Lode new.r_____ 1 " 6 c
12.800
3
He
Mar
National Tin Corp.r___50c
7
3.500
H Mar
Nevada Ophlr M ln .r ..l0 c
29c
29c
29c
5.500
Apr
15o
Niplaslng Mines_________ G
11H 12H 3.800
8H Jan
Nixon Nevada................
18c
18c
500
Apr
17e
Onondago Mines C orp.r. 1
2,600
Jan
8
Ophlr Silver M lnee.r____ 1
1.500
1H Oet
Rex Consolidated Min___1
Uc
llo
12c
6,200
9e June
Roper Group M Co......... 1
H
67,100
3-10 Oct
St Croix Cons M tn e s.r_..l
6,000
Seneca Copp Corp. (no par)
15 H
15
16 H
900
13H Feb
Seven Metals M tn .r .____)
____
7-16
5.800
Aug
BUver Dollar M .r — . . . . 1
7-16
4.700
H Nov
Bllver King of A r lio n a ...l
-u
35.000
13-32
Feb
Silver King Divide.r------ 1
15c
Pic
17c
25.500
12e Sept
Bllver Plok Cons'd.r_____ 1
7c
6c
7c
4e
Apr
15.000
Sou Am Gold A Plat.r . . 10
8
«H
8H
3.800
Sept
Standard Silver-Lead____ 1
3.500
H Jan
Stewart.................................. 1
29c
49.000
14c
Mar
Success M ining_________ l
3c
10.500
2e Nov
Toggery Divide.r........... 10c
30o
30c
3.400
Oet
29c
Tonopah Belont Iievel.r.l 2 15-16
3
Jan
1.875 i 9-16
Tonopab Divide.r______ 1
«H
10.900
Aug
5
Tonopah Extension_____ 1
6,570
Jan
IX
Tonopah Mining_________ 1
3
1.300
2H Jan
United Eastern__________ 1
4
3H
4H
5,630 8 8-10 Jan
8 Continental Mlnee.r I H H c
10c llH c
22.300
Jan
Victory Divide.r_________ 1 27c
20c
30c
13.500
20c Nov
Washington Gold Quartz. 1 98c
97o
99c
Apr
8,900
71c
West End Consolidated..8
1 7-10 1
Mar
8.800
1
White Caps Extension. lOe
2c 2H c
Jan
2S
11.700
13c
White Cape Mining___lOr
12c
14c 24,700
Jan
10
e
WUbert Mining...................1
Go
6c 6H c
Jan
14.500
5e
Wilson Silver Mlnee.r___1
200
H Aug
Yukon Cold......................... 5
1.500
1H Sept
Bonds—
Allied Pack eonv deb 0 . '29
85
85
87
579.000
85
Nov
Amer Tel A Tel 6 s . r.
96
96
73.000
96 H Nov
6% notes.r.................1924
95
22.000 95 H Nov
Anaoonda Cop Min 6s r ’29
98
98
2,009
97 H Feb
Canada (Dom of) 6H s.r '21
98
98
20,000 98 H Nov
90
5H s . r ......................... 1929
97
97
38.000
96 H Nov
C C C A S t L o u is.r.. 1920 94
93
94
4.000
93 H Nov
Copenhagen (City) 5H s'44
83
83
84
25,00,9
83
Nov
Interboro R T 7s......... 1921
66
66
68 X 130.000 66
Nov
Russian Govt 6H s.r_.1919
40
41
5.000
34H Sept
Swedish Govt 6sJ’nc 15 '39
92
93
52.000
92
Nov
■wltrerl’d. Govt of. 5Hs'29
90
90
91 H 43.000
00
Nov

1979

2nd preferred .
Woodward Iron.
Preferred . ____

60
154
92
122
470
75
190
126
108

—

*61

65

385
91
88
22
64
225
106
114
95
245
400
•30
375
95
60
50
80

400
94
93
28
69
230
110
117
100
260
425
35
99
65
55
90

Equipment 4s________
Equipment 6 s ________
Canadian Pacific 4 H s ._ .
Caro Cllnohfleld A Ohio 6 s ..
Central of Georgia 4 H a..
Chesapeake A Ohio_____
Equipment 5s________
Chicago A Alton 4 H s __
Equipment 5s________
Chicago A Eastern 111 5 H b. .
Chlo Ind A Loulsv 4 H s ____
Chic St Louis A N O 5s____
Chicago A N W 4 H s ............
Chicago R I A Pac 4 H s ____
Equipment 5s___________
Colorado A Southern 6 i___
Erie 5s____________________
Equipment 4 H s_________
Hocking Valley 4i*s__. . . . .
Equipment 5s___________
Illinois Central 5s______ . . .
Equipment 4 He................ .
Kanawha A Michigan 4H »-.
Louisville A Nashville 6 s ...

Equipment 6s.......................
Minn S tP A 8 8 M 4H s____
Missouri Kansas A Texas 6s.
Missouri Pacific 5s............
Mobile A Ohio 6s_______
Equipment 4 H s ..................
New York Central Lines 6s .
Equipment 4 H s ............
N Y Central RR 4i*a . . .
N Y Ontario A West 4H s
Norfolk A Western 4 H s .
Pennsylvania RR 4 H e ..
Equipment 4s_____
Bt Louis Iron M t A Sou Sail
St Louis A San Francisco 6i
Seaboard Air Line 5s____
Equipment 4 H s_____
Southern Paclflo Co 4 H i .
Southern Railway 4 Ha..........
Equipment 6s__________ _
Toledo A Ohio Central 4s___

Tobacco Stocks

—Per Shart.
Par\Bid. ah
100 130 135
85
90
109 1x2

American Cigar common.
Preferred......................... 100
Amer Machine A F d ry ..l0 0
Brltlsh-Amer Tobac o r d ..£ l
Ordinary, bearer_______ £1
Conley Foil______________100
Johnson Tin Foil A M e t .100
MacAndrews A Forbes..100
Preferred......................... 100
Reynolds (R J) Tobacco.100
B common stork___. . . 1 0 0
Preferred...............
100
A dividend scrip_____
99
B dividend scrip_____
99
Young (J S) Co__________ 100
Preferred______________ 100

Term

6 00
6.50
5.87 5 50
5.87 5.50
6.10 5.70
6.50 5.87
6.50 6 .00
6.00 5.65
6.00 6.65
7.25 6.25
7.25 6.25
7.25 6.25
6.50 6.00
6 00 5.50
5.80 5.30
6.50 5.87
6.50 5.87
6.50 6.00
6.50 6.00
0.50 6.00
6.25 5.65
0.25 5 65
5.75 5.36
5.75 6.36
6.35 5.75
5.75 6.35
5.95 5.65
5.95 5.65
5.95 5.60
7.00 6.00
7.00 8.00
6.40 5.76
6.40 5.75
5.90 5.70
5.90 5.70
5.95 5.75
6.35 6.76
5.75 6.35
5.75 5.30
5.75 5.30
7.00 6.00
7.00 6.00
6.75 6.00
0.75 6.00
5.75 6.35
6.30 5.70
6.30 5.70
6.50 5.75

*25*4 261s
*25*4 26»*
210 240
105
155 165
95 loo
500 540
450 500
104 109
lo i

115

125
95

101

135
105

—Per
2

SLort
Notes
C en t
Am Cot OH 6s 1924..M A S
971* 981*
Amer Tel A Tel fls 1924. PAA 96
961*
Public Utilities
6 % notes 1922......... .A A O
961* 97
Amer Gas
Elec com ..
•120 125
AnaooDda Cop Min '2 9 .JAJ 971* 98
Preferred_______________ 60 •391* 40i* Canadian Pac 6s 1924.M AS 2 981* 99
Amer Lt A Trao com____ 100 210 |213
Del A Hudson 58 1920. . FA A
SJ
Preferred______________ 100 94
96
Federal Sag Rfg 6s 1924MAN
90*4 97*4
Amer Power A Lt oom___100
62
57
General Elec 0s 1920____ JAJ 100 100**
Preferred______________ 100 70
73
0% notes (2-yr) 1919.JAD
100
Amer Pnbllo Utilities oom 100
10 Great North 6a 1920___ M AS 9954
981* 991*
Preferred______________ 100 22
27
K C Term Ry 4H s 1921 .JAJ
95
90**
Carolina PowALlght com 100 34
37
6s Nov 15 1 9 2 3 ..M AN 15 99
991*
Cities Service Co oom___100 418 420
LiggettAMyersT 0bOS*21JAD 99** 997*
Preferred______________ 100 751* 761* N Y Cent 6s 1 9 2 0 ..M AS
997*
Colorado Power com____100
12 17 Penn Co 4H s 1921..J A D 16 971* 977*
Preferred______________ 100 96 100
Pub Ser Corp NJ 7s '22.MAS
90
Com’Wtb Pew Ry A H ..1 0 0
22 24 Sloss-Shef 8 A I 6s '29.F A A *93 94**
Preferred______________ 100 46
48
Southern Ry 0s 192J . . .
95*4 96*4
Elec Bond A Share pref.,100 592
95
SwlftACo 0a 1 9 2 1 ... FAA 15 99S* 997*
Federal Light A Traetlon.100
8 11 Utah Sec Corp 0s '22 .MAS 15 87**,
Preferred______________100 40
46
Great Weet Pow 5s 1946.JAJ 80
85
Mississippi Rlv Pow com. 100
9
11
Preferred______________ 100 491* 521*
In d u s tr ia l
First Mtge 6s 1961...J A J
79
78
a n d M is c e l la n e o u s
Northern Ohio Eleo Corp.(t) •dl8
21 American B rass_________ 100 228 232
Preferred______________100 58
02
American Chide com____ 10®
90
96
North'n States Pow oom .100 64
67
Preferred_____ ________ lo t
80
86
Preferred____ „________ 100 90
92
American Hardware..___100 154 158
North Texas Eleo Co oom 100 GO
Amer Typefounders oom. 100- 47
50
Preferred..........................100 70
75
Preferred..................... ..1 0 0
89
93
Pacific Gas A Elec 1st prel 100 87
90
Borden's Cond Milk com. 100- 106 109
Puget Sd Tr L A P oom ..100
1U*
9
Preferred______________
96
99
Preferred______________ 100 52
55
Celluloid Company_____ 1061 130 145
Republic Ry A Light____ 10®
14
17
Havana Tobaooo C o____100
*3
*3U
Preferred___________
100 49
52
Preferred__________ ... 1 0 0 *12*4*13**
South Calif Edison oom ..100 871* 89
1st g 5s June 1 1922. J - D
Preferred__________
100 102
Intercontlnra Rubb oom. 100
18
2t
Standard Gas A El (D el). 60 •281* 291* International Salt________ 100 65
70
Preferred___________
60 •41
1st gold 6s 1951............A-O' 69
73
Tennessee Ry L A P oom .100
3
International Silver pref.100 95 100
Preferred..................... 100
10 Lehigh Valley Coal Sales. 50 •89** 91
7
United Gas A Eleo C orp.100
Royal Baking Pow o om .. 100 140 145
1st preferred___
1 0 0 ____ *20
! Preferred______________ 100 95 100
d preferred................1 0
0 __
100!
Singer Manufacturing___100 180 185
United Lt A Rysoom____lO
O
i
lOO! 4H* 44
Singer Mfg L t d .................. £1
____
. .
d2** 3*4
1st preferred......... ........lO
....
Oj 68
71
Texas Pac Coal A OH____1001625 J1675
■Vestern Power common. 100!
100 20
2U* W'houseChurchKerrACo lOOi 50 i 55
Preferred . .
100' 70
73
Preferred______________100! 8 0 ______

A

9 4 9914

15 99X

88*1

100

SB4

2

• Per share.
/F la t price

6 Basis

nNominal

e

d Purchaser also pays accrued dividend,
New etock
r Ex-dlvldend. * Ex-rights,
(t) Without par valut

THE CHRONICLE

1980

\ n m stm m i

a

m

i

g

l a

i t o

a

x

V ol . 109.]

l

R A IL R O A D G R O S S E A R N IN G S
The following table shows the gross earnings of various S T E A M roads from which regular weekly or monthly returnsc a n be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last t w o columns the earnings for the period from Jan. 1 to and including the latest week or month. The retu rn s o f the electric ra ilw a y s-

___

a re brought together separately on a subsequent p a ge.

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to Latest Date.
Current
Year.

Previous
Year.

$
$
S
8
Alabama & Vicksb. September
230,351 232,345 2,040,303 1,750,865
Ann A r b o r __________ 1st wk Nov
92.309 3,679,1001 2,942,914
92,786
Atch Topeka Sc S Fe September 17873535 15354828 126797079 118135608
Gulf Colo & S Fe. September 2,153,320 1,938,129 14,876,900 14,028.418
Panhandle & S Fe September
670,345 501,969 4,420,152 4,382,662
Atlanta Birm & A tl. September
444,781 465,997 3,701,458 3,309,678
Atlanta & West F t. September
222,304 251,876 2.001,849 1,790.341
Atlantic C ity______ September
415,338 466,542 3,629,113 3.152,813
Atlantic Coast Line. September 4,754,206 4,778,365 46,276,518 41,390.761
Baltimore Sc O h io.. September 18708038 18816993 132609922 125042186
B Sc O Ch T e rm .. September
217,785 160,144 1,418,798, 1,359,294
Bangor & Aroostook September
449,705 456.917 3,721,675 3,491.758
Bellefonte C entral.. September
11.083
7,339
74,755
65,038
Belt R y o f Chicago. September
403.134 332,985 2,722,2381 2.937,747
Bessemer & L E rie .. September 1,340,520 1.638.357 9,981,922 9,935,698
Bingham Sc Garfield September
84,249 316,482
847,188, 2,598,556
Birmingham South. September
42,524
87,112
4.32,638 1,136,923
Boston Sc Maine__ September 7,140,558 7.133.759 52.451,126 51.792.036
Buff Roch & Pittsb. 2d wk Nov 193,475 344,894 12.583,034 16,791,334
Btiffalo Sc Susa __ September
221,763 190,537 1,696,794 1,695.503
Canadian Nat R ys. 2d wk Nov 1,961,003 1,719,030 77,868,526 68,408,623
Can Pac Lines in Me September
150.916 138.454 2.013.442 1,585,539
Canadian Pacific__ 2d wk Nov 4,085,000 3,247,000 147195000 130336000
Caro Clinch & Ohio. September
550,451 488,1113 4,369,816 3,453,235
Central o f Georgia. September 1,855,972 1.822,792 15,737,993 15,027,373
Central R R o f N J . September 4,131,525 4,249,786 32.895.634 33.091,906
Cent New England. September
671,898 597,364 4,851,775 4,602,209
Central Vermont__ September
587,314 529,768 4.267,450 3,788,750
Charleston & W Car September
278,904 282,023 2,211,722 2,074,629
Chee & Ohio Lines.. September 6,546,830 7,339.545 53,673,732 51,900,335
Chicago & Alton__ September 2.414.784 2,501.247 18.691,456 17,735.341
Chic Burl Sc Quincy September 15487099 14017204 112204197 104032713
Chicaso Sc East III.. Vugust
2,244,754 2.841.806 15,909,698
Chicago Great West September 2,204,613 1,880,449 16,108,560 16.691,992
Chic Ind Sc L oulsv.. September 1,152,262 1.043.759 8,979,268 14,096,588
7,904,621
Chicago Junction.. September
329,440 280,116 2,697,530 2,464,417
Chic MUw Sc St Paul September 15137097 1357i>320
110262256 95.766,153
Chic Sc North West. September 14504392 13344958 102112652 91,427,090
Chic Peoria & St L . September
181,883 180,564 1,221,495 1,636,831
Chic R I & Pacific.. September 11386285 9,758,725
80.405.489 72,620,188
Chic R I Sc G u lf.. September
505,498 392,032 3,470,078 3,257,297
Chic St P M Sc Om. September 2.639,485 2,406,687 19,863,310 17.739,388
Chic Terre H & S E. September
483,720 525,206 3,068,136 3,631,105
Chic Ind Sc Western September
2sf,,r,f,i 306,478 2.256,174 2,333,978
CIn N O & Tex Pac. September 1,243,337 1.376.930 11,912,564 11,195,974
Colo Sc Southern... 1st wk N ov 498,413 467,481 21,459,643 17,979,457
Ft W & Den C ity. September 1,049,89V 728,311 8.029,924 5.548.259
Trin Sc Brazos Val September
958,803
836,334
149,148 107,961
Colo Sc
W;
_ September
c Wyoming_
822,934
836,603
77,636
84,614
Cuba Railroad_____ September 1,094,970 875,550 10,341,654 10,062,260
Delaware Sc Hudson September 3,131,892 3.768.930 25.690,260 26.082,585
Del Lack Sc West__ September 6,213,780 6,540,659 52,974,984 49,736,310
Denv & Rio Grande September 3,498,069 3,227,953 23,543.080 22,289,450
Denver Sc Salt Lake September
309,371 217,567 2,104,577 1,592,498
Detroit Sc Mackinac September
152,449 137,297 1,186,828 1,153,359
Detroit Tol & Iront. September
339,584 397.454 2,718,193 2,409,857
Det Sc Tol Shore L _. September
268.651 177,370 1,819,222 1,446.686
Dul & Iron R ange.. September 1,106.005 1,250.257 6,794,118 7,311,283
Dul Missabe Sc Nor. September 2.968,017 3.402.821 16,469,543 16,730,437
Dul Sou Shore Sc Atl 1st wk Nov
87.083
80,735 4,062,340 4,119,331
Duluth Winn & Pac September
153.533 126,056 1,412,359 1,267,889
900,349
102.553 113.350
836,675
East St Louis Conn September
Elgin Joliet Sc East. September 1,699,902 2,005.230 14,976.402 14,238.426
El Paso Sc So W e st.. September 1.156,325 1,282,267 9,292,974 11,127,133
September 8.881.185 8.096.843 67,298,016 61.953,958
Erie Railroad
948,420 944,702 7,666,216 7,587,908
Chicago Sc E rie.. September
704,357 508,156 7,448.021 6,722.305
Florida East Coast. September
939.784
109,301 116,327
Fonda Johns Sc Glor September
843,017
157.534 11.3.971 1,130,838
Ft Smith & Western September
924,660
Galveston Wharf---- September
68,194
624,776
790,490
72,878
Georgia Railroad__ September
562,077 775.184 4,453,953 4,722.131
726,899
Georgia Sc F lorida.. September
87,825
745,463
98,405
Grd Trk L in New E September
_165,522
___ 367.621 2,621.310 1.704,522
Grand Trunk S y st.. 2d wk N ov 1,488,716 1.471.654 58,998.596 50.628.614
Grd Trunk West. September 2,141.970 1.796.655 16,31 ;,275 13,296.274
Great Northern Syst September '11077054 10967706 77,235,005 68.566.615
Gulf Mobile Sc N or. September
239,233 224,518 1,991,172 1.771,374
Gulf Sc Ship Island. September
206.335 226.242 1,797.919 1,974,730
Hocking Valley____ September 1,383.081 1.490.827 8,582.985 9.823,592
Illinois Central___ September 9.840.095 10802501 78,895,768 79,224,556
Internat & Grt Nor. September 1,295,424 1,354.734 10,377.559 9,804,121
Kan City Mex & Or September
989,120
156,915 174.320
979,641
K C Mex
o f Tex September
826,917
129,253 115.347
887.956
Kansas City South. September 1,332,293 1,418,203 10,897,290 10,980,044
96,028 1.071,324
886,389
Texark Sc Ft Sm. . September
146,691
Kansas City T erm .. September
129,012 113,615 1,010,412
918,586
277,178 191.753 1,947,440 1,713,073
Lehigh & Hud River September
Lehigh & New E ng. September
418,731 180,680 2.769.777 3,011,752
Lehigh V alley------- September 6,076.055 6.407,870 47,169.810 47,385.830
Los Ang Sc Salt Lake September 1,472,350 1,380,407 12,503,473 10,577.281
Louisiana Sc Arkan. September
178,369 127,078 1,533.753 1,254,337
298,961 268,859 2,583,090 2,253,572
Louisiana Ry Sc Nav September
Louisville Sc Nashv. September 9,846,323 9,991.340 78,592,992 73.368,542
265,067 289.275 2,165,589 2.049.988
Louisv Hend Sc St L September
September 1,603,177 1,646,584 12,852,475 12.127,843
Maine Central.
September
339,244 326,524 2.877,453 2.520.767
Midland Valley
655,264
980,148
20,169
Mineral Range.
14,347
1st wk Nov
Mlnueap & St Louis September 1,371,678 1,255.858 9.692.242 8,737.277
Minn St P * S S M . September 4.186,107 3.978.417 30.679,835 24,354,869
739,535
982,710
Mississippi Central. September
75,946 134,684
Missouri Kan & Tex September 3,291,042 3,205.948 25.092,592 23.513,231
M o K & T Ry o f Tex September 2,429,785 1.931.358 18,117,969 14,225,823
96,874 1,145.087 1.060,868
M o & North Arkan. September
159,896
M o Okla Sc Gulf___ September
139,709 171,283 1,020,706 1,360,087
Missouri Pacific___ September 9,093.852 8,453,365167.483.924 64,787,366

Sc O

A G G R E G A T E

* Weekly Summaries.
3d week Aug (11 roads).
4th week Aug (14 roads).
1st week Sept (14 roads).
2d week Sept (14 roads).
3d week Sept (8 roads).
4th week Sept (14 roads).
1st week Oct (8 roads).
2d week Oct. (13 roads).
3d week Oct (14 roads).
«th week Oct
(9 roads).
1st week N ov. (14 roads).
* W e.no longer include




Current
Year.

O F

Previous
Year.

$
S
7.683.102 7,057,111
12.493.853 11,537,116
7,539.327
8.487,457
9.112.054
7,517 915
5,909.152
7.526,452
13.554,337 10,992.251
8.512.726 7,517,918
8.705,749
7.789,435
9.751.383
8.301.852
13.060,6311 11,621,996
8,852.433
8.110,510
any o f our

G R O S S

Increase or
Decrease.

Latest Gross Earnings.
ROADS.

Current
Year.

Previous
Year.

Current
Year.

Previous
Y.ar.

$
$
S
308,136 288,996 2,620,’814 2,250,901
Monongahela______ September
183,417 241,197 1,316,710 1,787,1511
Monongahela Conn. September
974,089
970,403
M ontour___________ September
130,889 142.550
Nashv Chatt Sc St L September 1,908,985 2,215,232 14,426,089 15,653.628
248,523
277,503
6,094
8.238
Nevada-Cal-Oregon 1st wk Nov
126,276 265,870 1,105,634 1,985,880
Nevada N orthern.. September
999,138
63,196 156,934 1,047,814
Newburgh & Sou Sh September
200,832 199,543 1,722,600 1,653,321
New Orl Great N or. September
546.204 665,186 4,781,506 4,820.489
New Orl & Nor East September
184,866 150,816 1,431,108 1,465,052
N O Texas & M ex._ September
968,624 1,075,632
122,189 127,005
Beaum S L Sc W__ September
512,726 485,479 3,968,998 3,199,828
St L Browns Sc M September
New York C entral.. September 2 9 1S0915 3050^322 229016770 210626888
620,110 536,465i 4,802,942 4,060.328
Ind Harbor Belt. September
966,785 832,1391 7,115,939 6,757,311
Lake Erie Sc West September
Michigan Central September 7,707.648 6,005,574 56,918.226 48.923,700
Cleve O O Sc St L . September 7,474,754 7,503,023 53,092,126 51,822,062
259,606 258,741 2,156,944 1,981,439
Cincinnati North. September
Pitts & Lake Erie September 2.695,502 3,446,082 21,308,436 24,116,756
992,380 871,424 6.850,659 7,186.933
Tol & Ohio Cent. September
417,146 629,713 3,204,564 4,293,445
Kanawha & Mich September
2,230,058 17,707,486 15,633,914
2,067,196
N Y Chic & St Louis September
N Y N H & H a rtf.. September 10216559 10007110 76,728,381 75.702,148
953,330 1,025,943 8,391,819 8,419,533
N Y Ont & Western September
,
.
323,747 344,019 2,870,714 3,084,357
N Y Susq Sc W est.. September
Norfolk & Western. September 7,348,327 7,925,743 56,023,042 59,236,485
590,161 518,804 4,687,080 4,152,072
Norfolk Southern.. September
998,052
842,419
109,423 162.394
Northern Alabama. September
Northern Pacific__ September 9,739.958 10343043 72.543,472 70,615,842
773,371
799,870
77,528
62,603
Minn Sc Internat. September
628,741 560,186 4,789,377 4,292,644
North western Pacific September
486,268 454.395 3,691,108 4,178,597
Pacific Coast_______September
Pennsylvania R R .. September 36906615 37154986 282854124 264201180
158,971 182,669 1,216,506 1,039,684
Balt Ches Sc A t l.. September
755,910
810,079
88,072
101,793
Cine Lcb Sc North September
553,636 626,855 4,233,709 4,111,277
Cumberland Vail. September
Long Island_____September 2,277,173 2,301,729 19,048.549 17,044,260'
788,168
143,217 133.132 1,124.239
Mary Del Sc V a .. September
770,772 767,970 6,098,830 5,399,045
N Y Phila Sc N or. September
137,700 177,830 1,203,479 1,192,609
Tol Poor Sc West. September
W Jersey & Seash September 1,248,189 1,195,870 9,497,455 8,172,355
Pennsylvania C o . . . September 10401552 9.336,260 78,583,585 67,006,845
862,689 716.761 6.021.948 5,324,173
Grand Rap Sc Ind September
Pitts C C & St L . September 9,079,693 8.396,660 68.989,665 63,253,227
99,550 113,333
867,067
941,688
Peoria Sc Pekin Un. September
Pere Marquette___ September 3.332.640 2,815,650 25,427.031 20,439,932
101,419 123.360
779,482
Perkiomen ................ September
813,883
69,889 120,065
Phila Beth Sc N E .. September
010,503 1,107.691
Phila Sc Reading-. . September 6.954,895 7,568.742 53.764,311 59,579,364
116.312 130,911
Pittsb &Shawmut-_ September
862,302 1,027,882
121,432
90,470
834,711
Pitts Shaw & North September
972,393
128,669 167,629 1,005,819 1,411,655
Pittsb Sc West Va._ September
218,347 247,995 1,902,527 1,821,779
Port Reading_______September
101.823
99,306
812,554
Quinev Om & K O .. September
793,707
598,934 830,612 5,927,595 4.958.406
Rich Fred Sc Potom. September
341.168 418,411 3.532.584 2.716,922
Wash Southern.. September
453,720 485,785 3,529,313 3,434,027
R u tlan d ___________ September
272,512 223,212 2.170,707 1,967,971
St Jos & Grand Isl’d September
St Louls-San F ran.. September 7.452.640 7,251,929 56,701,301 50,714,780
181,166 112,364 1.135,757
Ft W & Rio Gran. September
847,043
116,852 102.041 1.120.561 1,038,010
StL-S F of Texas. September
St Louis Southwest. September 1,260.500 1.061,288 9.640,489 9.582.229
641,153 515,513 4,793,212 3,012,393
St L S W of Texas September
129,128 110,171
St Louis Transfer.. September
808,988
848,503
458,831 487,532 3,212,015 3,087,343
San Ant Sc Aran Pass September
Seaboard Air L in e.. September 3,161.082 3,971,221 30,298.801 28.604,483
57,062 111,022
South B u ffalo_____September
778,000 1,161,813
Southern P a c ific ... September 16588992 14583550 121754835 111293855
256.249 403.029 2,715.834 3,333,836
Arizona Eastern . September
Galv Harris & S A September 1,625,227 2,058,876 15,628,046 15,888,500
884,639 913,584 6,561,318 6,726,304
Hous Sc Tex Cent. September
Hous E Sc W T ex. September
223,256 207.132 1,724,336 1.525.613
Louisiana Western September
328,626 402,276 2,988,170 3,235,334
Morg La Sc Texas September
617,405 732,758 5,565,811 6,034,736
Texas Sc New Orl. September
702,658 634,497 5,895,234 5,505,920
Southern R ailw ay.. September 11317589 1339^714 93,426,288 93,110,470
Ala Great South..September
859,854 971.361 7,549,959 6,720,937
Mobile & O h io -.. September 1,405,149 1.383,659 11,130,330 10.917,409
347,454 310,991 3,177,878 2,600,064
Georgia Sou Sc Fla September
155,062 145,679 1,256,929 1,013,057
South Ry in Miss. September
745.237
125,818
811,259
Spokane Internat.. September
93,714
669,869 769,681 5,400,327 6,102,301
Spok Portl Sc Seattle September
192,148 202,197 1,714,896 1.401.613
Staten Island R T ._ September
116,862
114,472
3,307
2,351
Tenn Ala Sc Goorgia 1st wk Oct
213,834 292,087 1,879,923 2,216,977
Tonnessee Central.. September
390.683 368,687 2,832,509 2,828,704
Term R R Assn of St L September
336,038 332,425 2.186,664 2.687,350
St L Mer Bridge T September
Texas Sc Pacific------ 1st wk Nov 750,018 699,263 30!038,584 22,238,102
853,699 790,014 5,822.412 0,034.530
Toledo St L Sc W — September
771,004
891.807
91,370
156,796
Ulster Sc Delaware.. September
Union Pacific______ September 11452998 1052/835 80.740,408 69.858.762
Oregon Short Line September 3,852.204 3,283,076 27.667.468 24,617.870
Ore-Wash RR *Sc N September 2,789,324 2.589,778 20.779.092 19,274,803
654.587 823,772 5,840.105 5,133,946
Union RR (Penn) — September
865.317 1,023,204
139,559 132,882
U tah______________ September
296.684 254,059 2,408.424 1,871,225
Vicks Shreve Sc Pac. September
Virginian R R ........... September 1,280,679 1,180,591 8.628,252 8,679,748
Wabash R R .......... September 4,634,276 4,550,246 34.727.202 34,351.330
Western Maryland. September 1,542,746 1,455.298 10,889.627 11,009,405
Wostern Pacific------ September 1,433.014 1,036.991 9,365.243 8.348,466
190,749 303,932 1,878,537 1,816,042
Western Ry of Ala . September
Wheel & Lake Erie. September 1.237.697 1.434.044 9,518,015 9,992,774
252,745 110.042 1,593,144
763,278
Wichita Falls Sc N W September
Yazoo Sc Miss Valley September 2,462.013 2,109.072 18.000.044,15.933.649

E A R N I N G S —

%

Week or
Month.

Jan. 1 to Latest Date.

W e e k ly

a n d

M o n t h ly .

*Monthly Summaries.

! Mileage.
Curr.Yr.
$
+ 625,991 8.87 : October . . ..230.184
..232,274
Novembor
+956,737 8.29
December ..232,774
+948,130 12.58
+ 1,594,139 21.20 January__ .232.655
+ 1,617,300 27.37 February. .232.957
M arch ___ 226.086
+2.562,0.86 23.42
+964,778 12.78 Apt 1 1 ____ . 232.708
M ay_____ ..233.931
+916,314 11.64
June_____ ..232,169
+ 1,386,531: 16.57
+ 1,438,635 12.38 J u ly ......... ..226,654
August . . ..233.423
+741,923 9.15
totals.

Prev.Yr.
230,676
232.259
232.899
233.199
233.260
225,631
233,251
234,339
232.682
226.934
233.203

Current
Year.

Previous
Year.

Increase or
Decrease.

$
484.824 .750 377 ,867.933 + 100956.817
438.602 .283 356 438,875 +82.103,408
438.305 .327 3.35 ,007,571 4-102757756
395.552 .020 284 131,201 + 111420.819
351.048 ,747 289 392,150 +61,050.597
375,772 ,750 865, 096,335 --10.676.415
388,697 ,894 370, 710,999 + 17.986.895'
413,190 ,468 378, 058,163 +35.132,305
424.035 ,872 393, 265,898 + 30.709.974
454.588 513 469, 246,733 — 14.658,22ft
469.868 678 602, 505.334 — 32,630.050

%
28.30
23 00
30 62
39 22
21.31
2.90
4 85
9.29
7.83
3.13
6.4»

N ov. 22 1919.]

THE CHRONICLE

L a t e s t G r o s s E a r n i n g s b y W e e k s . — In the table which
follows we sura up separately the earnings for the first week
of November. The table covers 14 roads and shows 9 .1 5 %

First Week of November.

■ 1919.

1918.

Increase. Decrease.

$
92,309
344,894
1.717,273
3,437,000
467.481
80.735

Ann Arbor____________________
92.786
Buffalo Rochester & Pittsburgh.
206,9-14
Canadian National Rys________ 1,948.591
•Canadian Pacific______________ 3,821,000
Colorado & Southern__________
498,413
Duluth South Shore & A tl______
87,083
•Grand Trunk of Canada_______
Grand Trunk Western_______ 1,421,706 1,342.941
Detroit Gr Hav & M ilw____
Canada Atlantic____________
Mineral Range.............................
14,347
20,169
N evada-California-Oregon_____
8,238
6,094
Tennessee Alabama & Georgia..
3,307
2,351
Texas & Pacific_____________
599,263
Total (14 roads)____________
Net increase (9.15% )________

8,852,433 8,110.510

8

477

231,318
384,000
30,932
6.348

$
137,950

78,765
2,144
956
150,755
885,695
741,923

R A I L W A Y

A N D

P U B L IC

Latest Gross Earnings.
Name of Road
or Company.

Month.

Adirondack El Pow Co October
Alabama Power C o .. October
Atlantic snore R y— October
Bangor Ry & Elettrie September
Baton Rouge Elec Co September
Blackstone V G & E l. September
6Bra/.ilian Trac.L & P September
•tfBklyn Rap Tran Sys June
Cape Breton Elec C o. September
Cent Miss V El Prop. September
Chattanooga Ry & Lt »S<pt*- ber
•Cities Service C o----- October
Cleve Painesv & East September
Colorado Power C o .. |JuIy
^Columbia Gas & Elec August
Columbus (Ga) El Co September
Com'w'th P, lty & L t September
Connecticut Pow C o. September
Consum Pow (M ich). September
fcum b Co (Me) P & L September
Dayton Pow & Light. September
^Detroit Edison........ September
.^Detroit United Lines September
Duluth-Superior Trao September
East St Louis & S u b .. September
Eastern Texas E lec.. September
Edison El of Brockton September
j Elec Light & Pow Co September
,oEl Paso Electric C o. September
Fall River Gas Works September
Federal Light & Trac. August
Fort Worth Pow & Lt September
Galv-Hous Elec C o .. September
g ( treat West Pow Sys August
llarrisburg Railways. August
Havana El Ry, L At 1* September
Haverhill Gas Lt C o. September
Honolulu R T & Land September
Houghton Co El L Co September
Houghton Co Trac Co September
Hudson & Manhattan July
'b Illinois '1rad ion __ September
l Interboro Rap Tran. September
Jacksonville Trac C o. September
Kansas Gas & Elec Co September
Keokuk Electric C o .. September
Key West Electric Co September
Lake Shore Elec R y .. September
Long Island Electric. July
Louisville Railway— October
Lowell Electric Corp. September
Manhat Bdge 3c Line July
aMilw El Ry & Lt Co September
Mississippi Riv P Co. September
Nasht die Ry & Light September
New England Power. September
Newp N&H Ry,G&E. October
New York Dock C o .. September
N Y & Long Island.. July
N Y & North Shore.. July
N Y & Queens County July
New York Railways. July
Northampton T ra c.. June
Northern Ohio E lec.. September
North Texas Electric. September
Ocean Electric ( L I ) . . July
Pacific Power & Light September
Pensacola Electric Co September
Phila & Western____ August
Phila Rapid Trans Co October
Portland i -as & Coke. September
Port(Ore) R y,L & P C o September
Republic Ry & Lt Co September
Richmond Lt & R R -- July
St L Rocky M t & Pac August
Santiago El Lt & Tr_. August
Savannah Electric Co September
Second Avenue (Rec) July
Southern Boulevard.. June
Southern Cal Edison September
Staten Island M idl'd. July
Tampa Electric C o .. September
Tennessee Power___ September
JkTcnn Ry, Lt & P Co September
Texas Power & Lt Co September
Third Avenue System. September
D D E B J t H UR. . June
4 2 dStM&StNAvRy June
UnionRyCo(NYC). June
Yonkers Railroad.. June
N Y City Inter Ry June
Belt Line Railway. June
Third Avenue.........June
Twin Cltv Rap Tran September
Virginia Ry & Powor. October
Wash Balt A. Annap. . June
Westchester Electric. June
Youngstown A Ohio. September




Current
Year.

Previous
Year.

U T I L I T Y

5,822

143,772

Q O S

Jan. 1 to Latest Date.
Current
Year.

a Includes Milwaukee Light, Heat & Traction Co. h includes all sources.
1 Earnings given in milreis. g Includes constituent or subsidiary companies,
a Subsidiary companies only, j Lewiston Augusta & Watervilie Street Ry.
“ Pen* » - &c-- not included in 1919. k includes Tennessee R y „
Light & Power Co., the Nashville Ry. & Light Co., the Tennessee Power
Co. and the Chattanooga Ry. & Light Co. I Includes both elevated and
subway lines, j Of Ablngton and Rockland (Mass.).
E le c t r ic

R a ilw a y

a n d

O th e r

P u b lic

U tilit y

N e t

E a r n 

— The following table gives the returns of E L E C T R IC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
in g s .

----- Gross Earnings---- --------- Act Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
S
$
$
Alabama Pow Co, In c.a .O ct
275,142
275,827
129,806
114,931
N ov 1 to Oct 31______ 3,099,126 2,828,804 1,725,930 1,521,132
a Net earnings here given are after deducting taxes.
taxes.
Companies.

N e t E a r n i n g s M o n t h l y t o L a t e s t D a t e s . — In our “ Rail
way Earnings” Section or Supplement, which accompanies
to-day’s issue of the l>C h r o n i c l e w e give the Sept, figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
•Commerce Commission. The reader is referred to that Supple
ment for full details regarding the Sept, results for all the
separate companies.
E L E C T R I C

1981

Previous
Year.

8
$
s
161,982 161,932 1.384.573 1,476,803
275,142 275,827 2,359.271 2,434,406
14,480
9,961
152,944
145.514
97,088 83,952
781,331
685.717
31.078 21.909
265,410
193.144
236,955 214,109 1,878,963 1.744.027
£9792000 £9081000 £83559.000 £77730.000
3260,157 2774,333 17.514,662 15,240.907
19.404 46.027
426.493
369.204
35,913
29.84
304.515
249.256
164,031 173,242 1.376,103 1.347.673
1498,677 1784,000 18.606.847 18,652,718
65,471
50,941
521,222
416,826
85.506 103.548
652.726
733.413
804.071 779.687 7,709.114 7.660.977
121.981
95.028
941.370
876.585
2144.857 1920,908 18.639.811 15.916.364
109.617 97,746
912.356
724.434
662,922 569,829 5,837,331 4,679,619
250,318 299,726 2,026,130 2.416,267
219.728 201,457 2,043,279 1.683.768
1302,229 1062,045 11,591.529 9.795.669
2330.351 1710,423 17,862.321 14.103.983
159.634 137.87" 1.434,927 1,270.746
373.893 385,033 3,050.285 3,050,932
124,344 98.293 1.013.892
836.882
87,030 69,610
782,738
579.436
28,511
23,460
209.891
163,963
130.079 104.290 1,130.870
933.514
73,577
64,173
548.045
522.955
303,931 283.088 2.512.378 2.289.886
119.047 110.208 1,041.469
955,663
257,045 243,118 2,302,380 1,986,493
480,215 452.193 3.410.246 2,961.638
138.648 123,474 1.048.189
865,920
792.317 714,696 6.724.847 6,04 2,507
34.769
272.081
30,435
243.436
63.316 60,620
523,803
560,266
35.877
33.881
301.718
318,528
23.020
25.258
221,766
246,917
470.293 385,024 3.484,836 2,844,732
1480. 85 1302135:. 12.492.891 10.853.1 16
3842.198 3176.577 34.218.319 30,264,338
81,609 97.820
756.078
682.791
194.951 171.346 1,884.934 1.501.922
27.130 23.820
229,822
195.889
15.208
19.153
166.779
143.151
232.645 216.053 1,940.763 1,633,751
27.960
26,602
129.487
141.140
264,074 288,175 2,897,580 3,052.532
79,876 79,546
621.142
714.379
12.843
12.301
90,091
81,942
1207.608 1023.287 10,642.189 8,650.007
191,050 183,812 1,694,558 1.660,657
274.181 271.642 2.366,376 2,081,799
382,672 338.160 2 .9 °2 ,123 2.500.482
226,048 187,664 2,305,123 1,766,613
422
455.6;79 3,865.84f 3.98 1 731
55.066
324.217
264,870
54.255
14.431
84,186
88.619
15.838
101.787 91,641
622.443
535,282
1077.896 905.830 8.342.663 6.519.757
20.470
108.999
125.97
19.615
783.873 659.934 6,731.337 5.412,121
292.346 226.617 2,426,933 2.263 466
39.429 30.336
112.196
85.347
204.727 167,678 1.585,325 1.370.630
43.182 47.385
412.857
366.306
69.130 59.268
476.825
100.642
3165,552 2411.986 29,160.984 25,535.542
190.2.. 173.504 1.575.864 1.293.316
706,479 672.791 6,376,094 5,660.876
508.241 443.8631 4.522,471 4.150,660
53,951
310,487
257,114
47.903
368.305 467,825 2.655.636 3,848.370
6-1.367 57.839
495.658
440.507
119.585 101,467 1.031.166
858.150
88,561
502.317
80.718
472,471
22.900 „ _____
16.390
117.898
99.400
1006.01 I 815.183 7.862.637 6.554 912
42.028 31.539
200.023
163.839
102.653 91.614
915.804
785,287
161.296 186,419 1,603,598 1,590,498
527.745 557,768 4,676,971 4.478,401
279.145 326.820
___ 2,426.172 2.299.633
1004.730 857.294 8.398.039 7.457 097
50.426 51.366
286.313
240.805
160.503 140.262
879,231
799.125
274.226 255.823 1.407.661 1.302.869
97 567 72.552
395.598
479.795
68.220 58,271
338 642
367 300
48 577 48.053
292.776
298.470
348.060 316.629 1.999.917 1.909 852
974 964 8*>6 759 8,240.600 7.299 515
811.308 594,948 7,497.023 6.539.814
203.155 242.956 1.175.052 1,199.668
61.089
54.888
306.435
272.214
47.935 •10.657
36'\ 189
314.517

Gross
Earnings.

Net after
Fixed
Balance,
Taxes.
Charges.
Surplus.
?
%
S
dirondack Electric Oct 19
161,982
71.481
26.668
44,813
Power Corp
18
161,932
47,290
21,265
26,025
12 mos 19 1,741,846
622.514
291,124
331,390
18 1,794,745
322,947
256,176
66,771
Cities Service Co
Oct 19 1,498,677 1,440,894
159.206 1,281,688
IS 1,784,000 1,726.988
60.345 1,666,643
12 mos 19 20,234,196 19,542.095 1.714,934 17,827,161
18 22,097,815 21,621,088
160.761 21,460,327
Cleve Painesville & Sept
65,471
23,046
13,185
9,861
Eastern R R System
50,941
20,378
11,785
8,593
9 mos
521,222
181,022
129,211
51,811
416.826
140,600
104,273
36.327
Georgia Light,
Sept
117.632
32.617
45.035
12.418
Power & Railways
109,236
29,278
33,122
def3,844
9 mos
1,037,197
441,275
297.696
143,579
900.455
365.272
297.804
67,468
Lake Shore Elec
Sept
232,645
35,449
71,281
35,832
Railway System
216,053
65.481
35,888
29,593
9 mos
1.940.763
547,359
225,409
321,950
1,633,751
471,227
325,289
145,938
Newport News & Oct
226,048
51.163
27.069
X24.251
Hampton R y, Gas
187,664
21.105
X24.185
4* ,443
& Electric Co 10 mos
2.305.123
x.344,744
244.869
582,185
1,766.613
485,157
206.052
X286.678
Phila Rapid
Oct
3.165.553 1,025,141
1256,806
813.551
Transit Co
2,411,986
617,268
806.39Sxdcfl38.925
10 mos 19 29,160,984 9,131,943 8.109.495 xl .463.759
18 25.535,542 8,651,776 8.017.458 x l,154,797
x After allowing for other income received.
Gross
Net
Fixed Chgs.
Balance,
Earnings. Earnings. & Taxes.
Surplus.
%
S
S
S
Louisville Ry Co
Oct T9
264,074
78,457
82.562
def4,105
T8
288,175
82.252
82.562
def310
10 mos T9 2.897,580
825.756
829,025
def3,869
T8 3,052,532 1.223,866
802.875
420,991
Virginia Railway & Oct T9
811,308
294,612
190,273
1119,032
' Power Co
T8
594,948
128.278
172.420
xdef30,421
4 mos T9 3,104,506 1.213,843
736.458
2535,548
T8 2,666,613
857,204
702.014 z211,349
x After allowing for other income received.

FINANCIAL REPORTS.
F i n a n c i a l R e p o r t s . — An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the “ Chronicle” in which it is
published. Because of the congestion of matter resulting
from the printers’ strike, this index was omitted in October
therefore the latest index will be found in the issue of Sept 27*
The next will appear in that of N ov, 29.
B a lt im o r e

&

O h io

R a ilr o a d .

(93d Annual Report— Year ended Dec. 31 1918.)
President Daniel Willard, Baltimore, M d ., Oct
wrote in substance:

30 1919

federal Compensation. -During the three years ended June 30 1917 and
the six months to Dec 31 1 9 1 ,'. the Baltimore
Ohio RR. Co ex
pended largo sums for additions and improvements to its property a id for
equipment, and had constructed now lines of railroad anS acm ir,5 addi
tional properties, all in order that it might better fulfill its obligations -is a
common earner, and many of those expenditures were not r -fleeted in*the
tia?1norHon1"thereof°PtThenJ? inCOme. of tho t W ^ e a r ^ r i o d o ^ a lb s t a n !
fec ed ad verse v l v J hl
° m? any 8 operating income had also been aftectea adversely by exceptional conditions which prevailed udoo its line
Which-co"dUlons b ^ m e m ^e abnormal after
1
states ontorod tho war in the sprine of 1 Q17
nensationnfo r ‘in
ma4 9 claim for S32.994.510 per annum as comosa jo a £ If railroad properties taken over by the Government,
nriHKTHiK fnr Dm lb OXCeSS
^ 5 average operating i ncoroo of the system
uTtions tbe snm
June 30 1 9 1 After prolonged negoS30.031.009 per annum was fixed by the Diroctormirl,•ra-,u tvH1ZP ax'm,um he was willing to pay. and it a uvared desirable
mi oivw! thu c trcumstances to accept the same. Accordingly on tune 24
L9 *" J", rsKs^ m companies united in an agreement with the Director% Railroads for the control and use of the property>s during Federal
' i 0 allowed compensation for 1918 being apportioned as follows
for the calendar year 1918:
Balt. & Ohio R R . C o ----- $27,744,740|Sandv Val. & Elkh. Ry. Co. $391,921
otaton L Rap. T r. R y.C o.
356.824* B. & O. Ch. Term. RR. C o.1.255.202
Coal & Coko Ry. C o-----282.3221Long Fork Ry. C o...............................
The contract provides further that the compensation is to be increased by
an amount reckoned at a reasonable rate per cent per annum to be fixed by
the 1 resident upon the cost of additions and betterments, less retirements,
aud upon the cost of road extensions mado with the approval or by ord >r of
the I resident. Compensation for additions so madi has not been Included
tn the Income account for the year 1918 for the reason that the amount
thereof has not yet been determined.
ttgsuto.— From the statement of combined Income for the calendar year
1918 It will bo noted that In addition to the aggregate compensation of
f 30,031.009. thero was available from other sources income aggregating
*3,299,806, thus affording a total Income from all sources for the year of
*•33,330,815. The fixed charges and corporate expens**, Including those of
subsidiary companies, were $22,305,412, giving the company a net corporate
. ,°P e p f $11,025,403. From this thero were doducted contributions to
sinking funds, $31 5' 4. and dividends aggregating 4% unon tho I'rif. stock
of the company. $2,354,531, leaving balance transferred to profit and loss
*8,639,358. Dividends on the Common stock aggregating 4£4%. and
amounting to $6,837,433, were declared during the year [2£4% paid March
1918 and 2% In Feb. 1919] and chargod against accumulated surplus.

P r o f i t a n d lo s s a c c o u n t s h o w s a b a la n c e t o c r e d it a t D e c . 3 1 1 9 1 8 o f
$ 2 0 ,1 3 9 ,4 6 5 , a d e c r e a s e o f $ 4 ,7 1 4 ,4 1 5 c o m p a r e d w it h D e c . 31 1 9 1 7 , n o t w i t h 
s t a n d in g t h e b a la n c e t r a n s fe r r e d fr o m in c o m e w a s $ 1 ,8 0 1 ,9 2 5 In e x c e s s o f
d iv id e n d s d e c la r e d .
T h e d i f f e r e n c e is d u o c h i e f l y t o a c h a r g e o f $ 5 , 9 8 3 ,2 9 8
fo r la p -o v e r ite m s o f r e v e n u e s a n d e x p e n s e s p e r ta in in g t o th e p e r io d p r io r t o
F e d e ra l c o n t r o l, ta k e n in to th o a c c o u n t s o f th e R a ilr o a d A d m in is tr a tio n a n d
c h a r g e d t o th e C o r p o r a t io n a fte r J a n . 1 1 9 1 8 .
T h e s e a r e it e m s w h ic h c u s 
t o m a r i l y a r e n o t r e c e iv e d o r a d ju s t e d in t im e t o in c lu d e in c u r r e n t a c c o u n t s
a n d a re la p p e d o v e r in t o th o s u c c e e d in g p e r io d .
B a l a n c e S h e e t .— T h e n e t i n c r e a s e i n i n v e s t m e n t a c c t . i s $ 1 6 , 9 2 4 , 2 9 3 , v i z . :
C o n s t r u c t i o n _______________$ 1 2 , 5 6 7 , 2 3 2 1A d v a n c e s
to
s u b sid ia r y
E q u i p m e n t __________________
1 ,8 2 2 ,6 4 4 | c o s . f o r c o n s t r u c t i o n . . $ 1 ,5 7 0 ,8 9 9
R e a l e s t a t o __________________
2 8 4 , 5 0 5 1 O t h e r i n v e s t m e n t s _________
6 7 9 ,0 1 3
T h o d e c r e a s e i n c u r r e n t a s s e t s o f $ 1 2 , 0 9 0 , 0 5 9 is d u e c h i i f l y t o t h e t r a n s f e r
t o th o D ir e c t o r -G e n e r a l o f R a ilr o a d s , a s o f J a n . 1 1 9 1 8 , o f c a s h , a g e n t s ’
b a l a n c e s , m a t e r i a l o n h a n d , a n d o t h e r w o r k i n g a s s e t s , a n d is r e f l e c t e d i n
t h e it e m c h a r g e d t o t h e U . S . G o v t , in t h e g r o u p in g o f d e f e r r e d a s s e t s , w h ic h
s h o w s a n in c r e a s e o f $ 7 2 ,1 7 0 ,7 6 1 .
D u r i n g t h e y e a r t h e r e w a s a d e c r e a s e in l o n g t e r m d e b t a n d a n i n c r e a s e
in s h o r t t i m e lo a n s w it h n e t in c r e a s e in o b l i g a t i o n s o u t s t a n d i n g o f $ 5 , 7 9 4 , 9 6 8 .
T h o d e c r e a s e in l o n g t e r m d e b t w a s i n c i d e n t t o t h o r e t i r e m e n t o f E q u i p 
m e n t T r u s t o b li g a t i o n s , $ 3 ,8 8 7 ,0 0 0 : O n e a n d T w o - Y e a r n o t e s , $ 7 ,5 0 0 ,0 0 0 ;
m is c e lla n e o u s . $ 4 3 ,2 4 5 ; t o t a l, $ 1 1 ,4 3 0 ,2 4 5 : a n d t h e in c r e a s e i n lo a n s a n d
b ills p a y a b l e w a s $ 1 7 ,2 2 5 ,2 1 3 .
T h e n o t in c r e a s e in o u t s t a n d i n g o b l i g a t i o n s ,
$ 5 ,7 9 4 ,9 6 8 , r e p r e s e n t s m o n e y b o r r o w e d t o c o v e r in p a r t c a p it a l e x p e n d i
tu res m a d e d u r n g th e p r e c e d in g y e a r .
T h e D ir e c t o r -G e n e r a l o f R a ilr o a d s h a s e x p e n d e d a n d c h a r g e d t o t h o c o m 
p a n y fo r a d d it io n s a n d b e t t e r m e n t s th e s u m o f $ 1 5 ,8 4 3 ,5 0 1 , fr o m w h ic h
s h o u ld b o d e d u c t e d fo r r o a d a n d e q u ip m e n t r e t ir e d $ 4 ,1 1 7 ,8 8 9 , le a v in g n e t
c h a r g e $ 1 1 ,7 2 5 ,6 1 3 .
T h e d iffe r e n c e b e t w e e n t h is la t t e r a m o u n t a n d t h o
n e t in c r e a s e in t h e r o a d a n d e q u ip m e n t a c c o u n t s r e p r e s e n ts d ir e c t c h a r g e s
b y th e co m p a n y .
A c c o u n t s w it h t h e U . S . R a i l r o a d A d m i n i s t r a t i o n .— T h e a c c o u n t s w i t h t h e
G o v e r n m e n t in c i d e n t 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 in 1 9 1 8 a r e c a r r ie d
in th e b a la n c e s h e e t g r o u p in g s o f d e fe r r e d a s se ts a n d d e fe r r e d lia b ilit ie s ,
s u b j e c t t o a d ju s t m e n t in f in a l a u d it a s f o ll o w s :
(1 ) D e fe r r e d A s s e ts , A g g r e g a tin g $ 7 1 ,9 7 2 ,2 4 8 —
C a s h p a id o v e r t o U . S . R a il r o a d A d m in is t r a t io n [ D e c . 3 1 1 9 1 7 | . $ 8 ,1 5 6 ,3 4 2
A g e n t s a n d c o n d u c t o r s b a l a n c e s a t D e c . 3 1 1 9 1 7 ____________________
9 ,6 1 3 ,7 3 5
M a t e r i a l a n d s u p p l i e s a t D e c . 3 1 1 9 1 7 _______________________________ __ 1 4 , 6 7 7 , 7 4 7
C o r p o r a t e a s s e t s c o l l e c t e d b y G o v e r n m e n t ____________________________
8 ,9 5 2 ,6 7 3
D e p r e c i a t i o n a c c r u e d o n e q u i p m e n t i n s e r v i c e _______________________
3 ,6 7 3 ,8 2 0
B a l a n c e o f a g r e e d c o m p e n s a t i o n u n p a i d _______________________________ 1 6 , 3 1 9 , 7 4 0
C o r p o r a t e t r a n s a c t i o n s h a n d l e d t h r o u g h F e d e r a l a c c o u n t s _____
6 ,3 5 9 ,1 2 6
R o a d a n d e q u i p m e n t r e t i r e d d u r i n g F e d e r a l c o n t r o l _______________
4 ,1 1 7 ,8 8 9
M i s c e l l a n e o u s a c c o u n t s -------------------------------------------------------------------------------------1 0 1 ,1 7 6
(2 ) D e fe r r e d L ia b ilitie s , A g g r e g a tin g $ 5 7 ,2 0 0 ,4 2 5 —
E x p e n d it u r e s fo r a d d it io n s a n d b e tte r m e n ts t o r o a d a n d e q u ip 
m e n t w i t h o u t d e d u c t i o n s f o r p r o p e r t y r e t i r e d .......... ............................$ 1 5 , 8 4 3 , 5 0 1
C o r p o r a t e l i a b i l i t i e s p a i d b y G o v e r n m e n t ....... ...................... ....................... 1 8 , 1 6 0 . 5 5 5
C o r p o r a t e t r a n s a c t i o n s h a n d l e d t h r o u g h F e d e r a l a c c o u n t s _____
7 ,9 3 0 ,9 5 9
5 ,5 3 8 ,7 9 3
R e v e n u e s a n d e x p e n s e s p r i o r t o J a n . 1 1 9 1 8 ..................... .......................
M i s c e l l a n e o u s a c c o u n t s ...............................
7 2 6 ,6 1 7
L o a n s fr o m G o v e r n m e n t p o n d in g c o n c lu s io n o f c o n t r a c t a n d d e 
t e r m i n a t i o n o f c o m p e n s a t i o n ____________________________________________
9 ,0 0 0 ,0 0 0
A d d i t i o n s t o R o a d .— T h e t o t a l c h a r g e s t o r o a d a c c o u n t d u r i n g t h o y e a r
a m o u n t e d t o $ 1 3 ,6 6 7 ,1 1 5 , fr o m w h ic h s h o u ld b e d e d u c t e d $ 1 ,0 9 9 ,8 8 3 f o r
r o a d p r o p e r t y r e t ir e d , le a v in g n e t in c r e a s e in r o a d a c c o u n t o f $ 1 2 ,5 6 7 ,2 3 2 .
T o m e e t th e r e q u ir e m e n ts o f t r a n s p o r t a t io n m a d e n e c e s s a r y b y th o w a r ,
y o u r c o m p a n y p r e s s e d t o c o m p le t io n th e im p r o v e m e n t s w h ic h h a d b e e n
in a u g u r a t e d p r io r t o F e d e r a l c o n t r o l, a n d a c t iv e ly c o - o p e r a t e d In p r o v id in g
t h o a d d i t io n a l fa c ilit ie s d e e m e d e s s e n tia l.
T h e m o r e im p o r t a n t u n d e r ta k in g s in c lu d e : (a ) S e c o n d d o u b le t r a c k tu n n e l
a n d t w o m a in tr a c k s a t P h ila d e lp h ia .
( b) Y a r d s a t W i lm in g t o n , D e l ., a n d
B a y V ie w , B a lt im o r e , M d . , e n la r g e d , a n d n e w y a r d s w e r e b u ilt in a n d
a r o u n d B a lt im o r e , M d .
(c ) E x t e n s iv e w o r k o n t h e e x p o r t t e r m in a ls a t
B a lt im o r e , M d .
N e w P ie r 6 c o m p l e t e d , a n d P ie r s 8 a n d 9 ( d e s t r o y e d b y
fir e ) r e c o n s t r u c t e d a n d le a s e d t o W a r D e p a r t m e n t ,
(d ) I n d u s t r ia l lin e s
c o n s t r u c t e d t o th e M a r y la n d w o r k s o f t h e B e t h le h e m S te e l C o . a t S p a r r o w s
P o i n t , a n d t o th e la r g e n e w o r d n a n c e d e p o t o f t h e G o v e r n m e n t a t C u r t is
B a y , B a lt im o r e ,
(e ) N e w p a s s in g t r a c k s a n d o t h e r s e x t e n d e d , a n d s id e
t r a c k s w e r e in s t a lle d t o s e r v e t h e m a n y n e w in d u s t r ie s e s t a b lis h e d , n o t a b ly
t h o s e e n g a g e d in w a r w o r k .
( /) E x te n s io n o f r o u n d h o u s e a n d s h o p fa c ilitie s
g e n e r a lly , a n d th e c o n s t r u c t io n o f la r g o n e w s h o p s w a s b e g u n a t C u m b e r 
la n d , M d . , a n d a t th e G le n w o o d te r m in a ls , P it t s b u r g h , P a .
T h e s e s h o p s , w h ic h a r e n £ w a n d m o d e r n in a ll r e s p e c t s , w ill a d d la r g e ly
t o t h e s h o p c a p a c i t y f o r c la s s ifie d e n g in e r e p a ir s a n d w h e n c o m p le t e d w ill
c o s t a p p r o x i m a t e l y $ 3 , 5 0 0 , 0 0 0 , o n a c c o u n t o f w h i c h o v e r $ 2 , 0 0 0 ,0 0 0 w a s
e x p e n d e d d u r in g t h e y e a r .
,
J fi,
M u c h o f th e w o r k d o n e d u r in g th e y e a r w o u ld , u n d e r n o r m a l c o n d it io n s ,
h a v e b e e n d e fe r r e d a n d s o m e n o t u n d e r t a k e n a t a ll e x c e p t f o r w a r n e c e s s itie s .
A d d i t i o n s t o E q u i p m e n t .— D u r i n g t h e y e a r f o l l o w i n g e q u i p m e n t w a s a d d e d :
3 0 l o c o m o t i v e s , 1 p a s s e n g e r c a r , 1 ,1 9 1 f r e i g h t c a r s , 11 w o r k c a r s
1 c a r f l o a t a n d 2 l i g h t e r s , a t a c o s t o f ------------------------------- --- - $ 4 , 1 4 5 , 5 3 6
R e c o n s t r u c t e d — 1 l o c o m o t i v e , 5 2 p a s s e n g e r c a r s , 1 5 5 fr e ig h t
c a r s a n d 7 w o r k c a r s , a t a n e t in c r e a s e d c o s t o f
-------------1 7 1 ,7 9 9
C r e d its w e r e m a d e b y t h e r e t ir e m e n t f r o m s e r v ic e o f 5 5 l o c o m o 
t iv e s . 3 0 p a s s e n g e r c a r s , 2 ,6 9 4 fr e ig h t c a r s a n d 4 5 3 w o r k ca rs
( h a v i n g a v a lu e o f $ 2 ,2 4 5 ,7 2 5 ) . a n d f o r a d ju s t m e n t in v a l u e o f
p a s s e n g e r c a r s a c q u i r e d i n 1 9 1 7 o f $ 2 4 8 , 9 6 7 -------------------------------------- 2 , 4 9 4 , 6 9 2
M a k i n g n e t I n c r e a s e i n b o o k v a l u e o f --------------------------------- ---------------- $ 1 , 8 2 2 , 6 4 4
O f t h e t o t a l e x p e n d it u r e s $ 2 ,0 7 6 ,9 0 3 w a s p a id b y t h e c o m p a n y f r o m
fu n d s o f th e e q u ip m e n t tr u s t o f 1 9 1 7 .
Long Fork Railway.— T h i s r o a d , t h e c o n s t r u c t i o n o f w h i c h w a s b e g u n in
A u g u s t 1 9 1 6 , w a s p la c e d In o p e r a t io n o n M a r c h 1 1 9 1 8 , a n d e q u ip p e d w it h
5 0 0 n e w s te e l h o p p e r ca rs o f 5 5 to n s c a p a c ity e a c h , a n d o th e r n e ce ssa ry
e q u ip m e n t .
T h e ro a d e x te n d s fr o m M a r tin t o W e e k s b u r y , F lo y d C o u n t y ,
K y . , 2 5 m ile s , a n d r e n d e r s a c c e s s ib le a la r g e a r e a o f h ig h q u a lit y b y - p r o d u c t
c o a l w h i c h Is u n d e r g o i n g r a p i d d e v e l o p m e n t .
Y o u r c o m p a n y o w n s th e
e n tir e c a p it a l s t o c k , th e c o s t o f w h ic h , t o g e t h e r w it h a d v a n c e s m a d e fo r
c o n s t r u c t io n a n d e q u ip m e n t , r e p re se n ts a n in v e s tm e n t b y u s t o D e c . 31
1918 o f $2 628 °2 7

Operations Under Federal C ontrol— T h e

r e s u lts o f t h e o p e r a t io n s u n d e r
F e d e r a l c o n t r o l fo r t h e y e a r 1 9 1 8 a re s h o w n b e lo w , b u t a re n o t , o w in g t o
th e s u s p e n s io n d u r in g F e d e r a l c o n t r o l o f
c e r ta in a c o u n t m g p r a c t ic e s ,
a lw a y s a c c u r a t e ly c o m p a r a b le w it h t h e c o m p a n y s fig u r e s o f e a r lie r y e a r s .
F o r th e fir s t f iv e m o n t h s o f F e d e r a l c o n t r o l tn e p r o p e r t y w a s o p e r a te d b y
t h e D ir e c to r -G e n e r a l th r o u g h th e c o r p o r a t e o ffic e r s , a fte r w h ic h ie d e r a l
M a n a g e r s r e p o r t in g t o R e g io n a l D ir e c t o r s a n d r e s p o n s ib le d ir e c t ly t o th o
R a il r o a d A d m in is t r a t io n , w e r e p la c e d in c h a r g e o f t h e p r o p e r t y .
B e c a u s e o f w a r n e c e s s itie s t h e r a ilr o a d s o f t h o c o u n t r y w e r e o r g a n iz e d
I n t o r e g io n s a n d d is t r ic t s , a n d in in s t a n c e s p r o p e r t i e s w h ic h i h a d t h e r c t o f o r o
b e e n o p e r a t e d u n d e r o n e m a n a g e m e n t w e r o r e d is tr ic te d a n d .
™ rr .?-1 n r i
s a m e s y s t e m w e r e a s s ig n e d t o t h e te r r it o r ie s o f d iffe r e n t
T h e p r o p e r t i e s o f y o u r c o m p a n y a n d i t s s u b s i d i a r i e s w e r e s o ( 1iv U 1e d \\1 t h
t h e r e s u lt t h a t p o r t io n s t h e r e o f w e re a s s ig n e d t o fo u r R e g io n a l D ir e c t o r s ,
a n d o p e r a t e d u n d e r t h o ju r is d i c t io n o f s ix d iffe r e n t F e d e r a l M a n a g e r s .
G r o w in g o u t o f th e r e d is t r ic t in g , t h e z o n in g s y s t e m a n d t h e p r e fe r e n c e
g iv e n c o a l, th e tr a ffic d e n s ity o f a b o u t o n e -fo u r th o f y o u r
g r e a t l y in c r e a s e d , n o t a b ly t h a t p o r t io n o f t h o lin e b e t w e e n O h io R iv e r
p o in ts a n d M a r tin s b u r g , W . V a ., w h e r e c o n n e c t io n w a s m a d e fo r C e n tr a l
P e n n s y lv a n ia , N e w Y o r k a n d N e w E n g l a n d , b u t a s a r e s u lt o n t h e la r g e r
p o r t io n o f t h e m ile a g e o f t h e c o m p a n y a n d w h e r e b u s in e s s c a n b e h a n d le d
m o s t e c o n o m ic a lly , th e t r a ffic d e n s ity w a s g r e a tly r e d u c e d , m u c h o f th o
t o n n a g e n a t u r a lly t r ib u t a r y t o t h e lin e s b e in g d iv e r t e d t o o t h e r c o n n e c t io n s .
W h e r e a s t h e r e w a s a n in c r e a s e in b it u m i n o u s c o a l h a n d le d o r o , U 4 / , M /
t o n s , o r 1 2 . 8 3 % , t h e r e w a s a d e c r e a s e in a ll o t h e r t r a f f i c c a r r i e d o f 4 ,4 1 2 ,1 6 3
t o n s , o r 8 . 1 4 % , a n d w h ile t h e r e w a s a n in c r e a s e in b it u m i n o u s c o a l t o n s o n e
m il e o f 3 0 3 ,3 8 9 ,0 4 1 , o r 4 . 0 2 % , t h e r e w a s a d e c r e a s e in a ll o t h e r t r a f f i c t o n s
o n e m ile o f 1 ,5 1 2 ,5 0 7 ,2 7 3 , o r 1 4 .2 7 % .
A s t h e a v e r a g e r a t e p e r t o n p e r m ile
f o r b it u m i n o u s c o a l w a s b u t .5 2 9 c e n t s a s c o m p a r e d w it h a n a v e r a g e o r
.9 6 4 c e n t s f o r a ll o t h e r c la s s e s o f t r a f f i c , t h e s e r io u s d i s r u p t i o n o f t r a f f i c
u p o n y o u r lin e s w a s r e f le c t e d in t h e g r e a t l y in c r e a s e d o p e r a t in g r a t io f o r
t h e y e a r 1 9 1 8 o v e r t h e p r e v io u s y e a r .
,
„
. . .
..
T h e o p e r a t in g r e s u lt s f o r t h e v e a r 1 9 1 8 w e r e a ls o a d v e r s e ly a f f e c t e d b y t h e
p a r t i c u l a r l y s e v e r e w e a t h e r p r e 'v a i l i n g d u r i n g t h e f i r s t t h r e e m o n t h s o f t h e
y e a r , b u t m o r e e s p e c ia lly b y t h e la r g e I n c r e a s e s in r a te s o f p a y g r a n t e d a t
v a r io u s p e r io d s d u r in g t h e y e a r a n d m a d e r e t r o a c t iv e t o J a n . 1 1 9 1 8 ,
w h e r e a s th e In cre a se d p a ss e n g e r a n d fr e ig h t r a te s w e r e e ffe c t iv e o n ly d u r in g
t h e la tte r h a lf o f th e y e a r .
T h e o p e r a tio n s w o r e fu r t h e r a ffe c t e d b y th e
in c r e a s e s in c o s t o f m a t e r ia ls a n d s u p p lie s , p a r t ic u la r l y o f c o a l.
A s a r e s u lt , n o t w it h s t a n d in g a n in c r e a s e in g r o s s e a r n in g s o f $ 3 4 ,3 3 9 ,5 3 8 ,
t h e F e d e r a l n e t r e v e n u e s f r o m r a i l w a y o p e r a t i o n s w a s le s s b y $ 1 8 , 1 5 8 , 9 7 5
t h a n t h a t o f th e p r e v io u s y e a r .




[Vol. 109

THE CHRONICLE

TR A FFIC S TA T IS T IC S ( 0 0 0 omitted).
Dec. 3 1 ’ 1 8 . Dec. 3 1 ’ 1 7 . Dec. 3 1

Years ended—
M ile s

o p e r a t e d ____________

4 ,9 9 8

Operations—

’ 16.
4 ,7 1 2

4 ,9 8 9

June

30 ’ 15.
4 ,5 3 5

T o n s f r t . c a r r . ( r e v .o n l y ) 9 4 ,1 5 2 ,5 5 6
6 4 ,3 7 5 ,5 9 5
9 3 ,5 1 6 ,8 8 2
8 7 ,7 8 5 ,8 7 6
T o n s f r t . c a r r d 1 m i l e . . 1 6 ,9 3 5 ,6 9 9
1 2 ,9 7 0 ,8 9 5
1 8 ,1 4 4 ,8 1 7
1 7 ,0 0 4 ,7 0 4
A v . r a t e p e r t o n p e r m ilo
0 .7 6 2 c t s .
0 .5 4 6 c t s .
0 .5 9 1 c t s .
0 .5 6 2 c t s .
P a s s e n g e r s c a r r i e d _______ 2 3 , 6 0 5 , 1 9 9
2 0 ,5 8 1 ,9 9 2
2 4 ,7 8 8 .0 3 4
2 3 ,1 9 4 ,3 4 7
P a s s , c a r r i e d 1 m i l e ____1 , 1 7 0 , 6 9 9 , 7 4 7 9 8 8 , 0 9 6 , 5 6 5 8 3 3 , 5 6 7 , 1 9 2 7 1 4 , 3 6 8 , 4 2 3
A v . ra te p er p ass, p er m .
2 .6 2 0 c t s .
2 .0 9 5 c t s .
2 .0 0 9 c t s .
1 .9 6 8 c t s .
A v e r a g e t r a in -lo a d (to n s )
( r e v e n u e o n l y ) __________
822
692
785
760
E a rn s, p e r p a ss. tr. m ile .
$ 2 .0 8 2 8
$ 1 .2 2 3 6
$ 0 .8 9 4 3
$ 1 .1 8 7 2
E a r n s , p e r f r t . t r a in m ile
( r e v e n u e o n l y ) __________
$ 6.2651
$ 4 .6 3 4 2
$ 4 .2 7 2 2
$ 3 .7 7 8 1
G ro s s e a rn s , p e r m ile ,
in c l. o u ts id e o p e r ’n s . .
$ 3 4 ,8 5 2
$ 2 8 ,0 3 1
$ 2 5 ,8 4 8
$ 2 0 ,2 4 5

FEDERAL i n c o m e s t a t e m e n t a s c o m p a r e d w i t h c o r p o r a t e
S T A T E M E N T I N PREVIOUS YEARS ( Years 1 9 1 7 and 1 9 1 6 Restated.)
Years ending—
Dec. 3 1 ’ 1 8 . Dec. 3 1 ’ 1 7 . Dec. 3 1 ’ 1 6 . June 3 0 ’ 1 5 .
1 ,9 9 8

4 ,9 8 9

4 ,7 1 2

4 ,6 3 5

$

$

F r e i g h t . . . ............................ . . 1 2 9 , 0 4 7 , 3 1 7
P a s s e n g e r ............. ....................... 3 0 , 6 7 6 , 9 4 7
M a i l ...........................................
1 ,3 1 4 ,6 4 4
E x p r e s s ________ ______________
5 ,1 6 8 ,4 0 8
O th e r tra n sp n r e v e n u e .
2 ,4 6 0 ,4 6 4
R e v . fr o m so u rce s o th e r
th a n t r a n s p o r t a t io n ..
5 ,5 2 3 .6 6 7

A v g e . m ile a g e o p e r a t e d .

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

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

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

4 ,4 6 1 ,5 0 4

3 ,1 5 9 ,8 5 3

Operating Income—

$

Total oper. revenues..174,191,448 139,851,910 121,793,842
Operating Expenses—

1 5 .0 2 2 ,5 6 1
Maint. of way & struc.. 25,775,063 15,022,561
2 7 ,1 0 0 ,3 6 1
Maint. of equipment__ 48,903,661 27,100,361
2 ,5 0 5 ,2 6 6
T r a f f i c .....__________
1.964,493
2,505,266
Transportation________ 78,846,090 59,315,842
5 9 ,3 1 5 .8 4 2
9 3 0 ,2 0 4
Miscefl. operations_____ 1,097,111
930,204
3 ,2 4 8 ,4 8 6
General........................... 4,029,045
3,248,486
2 9 ,0 5 4
Transp’n for invest.— Cr._________________________
23.283 _____29,054

15,481,190
24,265,452
2,194,149
42,354,316
840,141
2,723,621
78,716
87,780.154
(72.07)
34,013.688

T o t i l o p e r . e x p e n s e s .. 1 6 0 ,5 9 2 ,1 8 0 1 0 8 ,0 9 3 ,6 6 6
R a t io o f e x p . t o e a r n in g s
( 9 2 .1 9 )
(7 7 .2 9 )
N e t r e v . f r o m r y . o p e r . . 1 3 ,5 9 9 ,2 6 8
3 1 ,7 5 8 ,2 4 4
4 ,1 6 7 ,8 4 5
4 ,7 8 4 ,1 4 6
4 ,6 6 2 ,9 3 0
R a i l w a y t a x a c c r u a l s ____
U n c o lle c t ib le r a ilw a y r e v .
1 9 ,8 2 9
2 5 ,9 0 2 4 1 ,7 5 6
_

1982

Railway oper, income.

8,795,292

27,069,411 29,804,087

$

2 ,2 2 9 .1 3 3

9 1 .8 1 5 ,7 9 8
8 .9 8 5 ,6 2 7
1 6 ,0 0 2 ,5 8 9
1 .9 0 5 ,4 9 6
3 4 ,2 5 4 ,5 7 2
557.613
2 ,2 2 8 ,2 7 4
8 ,6 6 3
6 3 ,9 2 5 ,5 0 8
(6 9 .6 2 )
2 7 ,8 9 0 ,2 8 9
3 ,2 8 9 ,6 1 1
18.981

24,581,697

CORPORATE IN C O M E AC C O U N T , YE AR S E N D E D D E C . 31.
1918 1917 ( S e e N ote). Increase.

Compensation.........................................$27,744,740
$27,744,740
Railway oper. income adjusted to
___ __
basis of standard return__________
________ $22,593,969dec22593,969
Other corporate Income—
1 ,9 4 0 .3 0 9
2 .2 7 4
Dividend income___________________
1,942,583
1 ,9 0 8 .9 7 8 d e c .3 5 1 ,9 7 3
Income from funded securities______ 1,557,005
2 7 5 ,3 3 9
Miscellaneous income______________
1,701,363 __ 1 , 4 2 6 , 0 2 4
Gross corporate income__________ $32,945,691 $27,869,280 $ 5 , 0 7 6 , 4 1 1
$ 1 6 7 ,6 7 8
$ 1 5 6 ,9 6 5
Ront for leased roads_______________
$324,643
6 4 ,0 3 3
4 3 5 ,6 1 4
Miscellaneous rents_________________
499,647
2 5 7 ,5 9 8
Miscellaneous tax accruals__________
501,778
2 4 4 ,1 8 0
d e c . 9 ,8 9 4
Separately operated properties— loss.
56,635
6 6 ,5 2 9
5 8 6 ,9 3 8
Interest on funded debt____________ 19,060,886 1 8 , 4 7 3 , 9 4 8
8 8 0 .7 2 0
Interest on unfunded debt__________
1,229,788
3 4 9 .0 6 8
1 4 1 ,0 8 0
Maint. of investment organization..
141,080
5 8 ,0 8 6
Miscellaneous Income charges_______
105,832
■ '4 7 1 7 4 5
$2,146,239
T o t a l d e d u c t i o n s ............................................ $ 2 1 , 9 2 0 , 2 8 8 $ 1 9 , 7 7 4 , 0 4 9
$ 2 ,9 3 0 ,1 7 3
$ 8 ,0 9 5 ,2 3 1
N e t c o r p o r a t e i n c o m e _____________________ $ 1 1 , 0 2 5 , 4 0 3
In co m e to sk g . & oth e r reserve fu n d s .
$ 3 1 ,5 1 4
$ 6 5 ,8 5 6 d e c .$ 3 4 ,3 4 2
P r e f e r r e d d i v i d e n d s ( 4 % ) ...........................
2 ,3 5 4 ,5 3 1
2 ,3 5 4 ,5 2 7
C o m m o n d i v i d e n d s _____________________x ( 4 ) 6 , 0 7 7 , 7 1 6 ( 5 ) 7 , 5 9 7 , 1 4 8 d e c . 7 5 9 , 7 1 5
B a l a n c e t o p r o f i t a n d l o s s .....................

$ 2 ,5 6 1 ,6 4 2 d f $ l ,9 2 2 ,3 0 1

$ 3 ,7 2 4 ,2 2 6

x R e p r e s e n ts 2 % p a id F e b . 1 1 9 1 9 a n d 2 % p a id M a r c h 31 1 9 1 9 .
[C o m 
p a r e V . 1 0 8 , p . 3 7 7 ; V . 1 0 7 , p . 2 3 7 4 , 1 7 4 7 , 4 0 0 , 2 9 5 — E d .]
T h o p r o fit a n d
lo s s a c c o u n t a s o f D e c . 3 1 1 9 1 8 s h o w s 2 H % p a id M a r c h 1 1 9 1 8 a n d 2 %
F eb. 1 1919.
T h e f o r m e r , h o w e v e r , w a s p a id o u t o f 1 9 1 7 e a r n in g s a n d
th e r e fo r e s o s h o w n a b o v e .
N ote.— T h e I n c o m e a c c o u n t f i g u r e s f o r 1 9 1 7 c o n t a i n t h o o p e r a t i o n s o f t h e
T o le d o A C in c in n a ti R R . C o . fr o m J u ly 19 1 9 1 7 , t h e d a t e t h e p r o p e r t y w a s
a c q u ir e d a n d ta k e n o v e r b y t h o B a lt im o r e A O h io R R . C o .

(a) Staten Island Rapid Transit Co. (Including Staten Island R y.).
Cal.
Gross
N et, After
Compen.
Other
Interest,
Balance
Yrs. Earnings.
Taxes.
Accrued.
Incom e. Rents, A c . Sur. or D ef.
1 9 1 8 ....................................................... ...
1 9 1 7 . $ 1 ,4 9 3 ,5 1 3
$ 2 2 3 ,1 7 3

1 9 1 6 . 1 ,5 5 4 ,4 8 0
1 9 1 5 - 1 ,5 8 4 ,9 5 5

$ 3 5 6 ,8 2 4

3 5 9 ,0 7 4
5 3 6 ,44 3

18,7 70
3 2 ,6 5 9

(6 ) S a n d y V a lle y A
1918.
1917.
1916.
1915.

........................................ ..
$ 3 1 8 ,6 2 2
$ 1 3 ,1 3 4
3 1 8 ,9 4 6
5 2 ,3 5 8
2 6 5 ,4 3 2
8 0 ,0 1 3
(c )

1 9 1 8 ...
1916.
1915-

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

$ 3 9 1 ,9 2 1

B a ltim o r e A

- - - - - - -

$ 3 6 0 ,8 6 9
N one
2 8 4 ,0 8 3 d c f .$ 4 7 ,1 7 6

2 9 0 ,4 5 2 s u r.8 7 ,3 9 2
2 7 5 ,7 9 9 su r.2 9 3 ,3 02

E lk h o r n R y .
$93
6 0 2 ,0 4 8
3 7 5 ,4 4 8
2 6 2 .9 0 5

$392,014
None
252,514sur$362,668
272,729 sur. 155,077
206,896 sur.136,023

O h io C h ic a g o T e r m in a l R R .

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

GENERAL

$ 4 ,0 4 5
1 3 ,7 3 4

B ALAN C E

$ 1 6 9 ,1 2 9
8 1 ,4 2 4 ,3 3 1
N one
1 ,5 2 2 ,2 1 1
1 ,6 1 4 ,0 8 3 d f.$ 4 1 0 ,7 8 8
1 ,4 9 3 ,0 6 1
1 6 0 8 5 9 5 d e f.2 5 ,2 6 9
1 .4 2 9 .5 1 4 1 ,4 7 2 ,2 1 1 s u r .2 4 3 1 4 7 0
SH EET

DEC.

31.

A s se ts—
1918
R o a d a n d e q u ip m e n t , $ 3 7 0 ,6 2 0 ,3 3 9 ; in v e s t m e n t s
'
(s e e x b e l o w ) , $ 3 5 2 ,0 4 1 ,5 1 5 ; m is c . p h y s . p r o p
$ 8 ,7 8 4 ,7 0 8 ; s k . fu n d s , A c . , $ 1 ,0 3 2 ,4 4 5 ; t o t a l . . . x 7 3 2 , 4 7 9 0 0 7
C a s h , $ 3 ,5 6 0 ,6 6 0 ; s p o c d e p o s .. A c .. $ 7 2 9 ,4 6 1 ; t o t a l
4 ,2 9 0 ,1 2 4
T r a f f i c , & c ., b a l . , $ 7 / 1 ,7 4 5 ; m i s c ., C r .$ 1 ,3 2 1 ; t o t a l
770 424
M a t e r i a l s a n d s u p p l i e s ----------------------------------6 .0 9 2 ,3 6 0
S e c u r i t i e s o f c a r r i e r s ’ o w n I s s u e , $391,000: o t h e r
d e fe r r e d , A c . , a s s e t s , $ 5 3 4 ,2 0 3 ; t o t a l
9 2 5 ,2 0 3
U n it e d S t a t e s G o v e r n m e n t d e fe r r e d a s s c t s I I I I " 7 1 ,9 7 2 ,2 4 8
O t h e r u n a d j u s t e d d e b i t s _____________________________
1 ,2 3 7 ,3 7 8
U n p l e d g e d s e c u r i t i e s in t r e a s u r y — b o n d s , $ 3 * 6 8 2 .9 7 0 : s t o c k s , $ 1 , 5 0 8 , 6 4 3 ; t o t a l _______________
5 ,1 9 1 ,6 1 4
P le d g e d s e c u r itie s W a s h in g t o n B r a n c h s t o c k (c o n 
t r a ) , $ 1 , 6 5 0 , 0 0 0 ; b o n d s , $ 1 7 , 7 3 1 , 0 0 0 ; t o t a l ............. 1 9 . 3 8 1 , 0 0 0
T o t a l a s s e t s __________________________________________________8 4 2

Liabilities—

3 3 9 ,3 5 7

1917.

7 1 5 ,5 5 4 ,7 1 4
1
4 . 9 8..5 , ........
230
............

23,579,989
1 4 ,6 7 7 ,7 4 7
7 2 6 ,6 9 0
2 * ,6 4 0 l 9 5 3
1 ,9 3 9 ,0 2 0
1 1 .6 5 0 ,0 0 0

7 8 5 ,7 5 4 ,3 4 3

■

C om m on
s t o c k , $ 1 5 2 ,3 1 7 ,4 6 8 ;
p r e fe r re d
stock ,
$ 6 0 ,0 0 0 ,0 0 0 ; a n d s e p a r a t e s t o c k
W a s h in g to n
B r a n c h ( c o n t r a ) , $ 1 , 6 5 0 , 0 0 0 ; t o t a l __________________2 1 3 ,967,468
F unded
d e b t— E q u ip ,
o b lig a t io n s ,
$ 2 2 ,8 1 3 ,0 0 0 ;
m o r t g a g e b o n d s , $ 3 2 1 ,3 5 4 ,6 8 0 ; c o lla t e r a l t r u s t
b o n d s , $ 6 3 ,7 5 0 ,5 0 0 ; m is c e lla n e o u s o b li g a t i o n s ,
$ 6 6 , 3 8 4 , 8 6 8 : t o t a l ..........................................................................4 7 4 ,30 3 ,0 48
L o a n s a n d b i l l s p a y a b l e -------------------------------------------------------------2 4 ,8 8 1 ,4 28
T r a f f i c , A c . , b a l ., $ 1 3 6 ,7 4 4 ; a c c o u n t s a n d w a g e s ,
$ 2 8 5 , 5 8 1 ; m i s c e l l a n e o u s . $ 1 , 8 3 8 , 6 4 2 ; t o t a l ...................... 2.2 6 0 ,9 67
M a t u r e d i n t ., d i v s ., A c . , $ 3 ,5 4 7 ,0 1 2 ; u n m a t u r o d
i n t . , d i v s . , A c . , $ 7 , 1 7 8 , 5 2 2 ; t o t a l ____________________ i o , ,725,534
A c c r u e d d e p r e c i a t i o n , $ 2 5 , 4 3 4 , 4 1 2 ; in s u r . r e s e r v e ,
$ 8 9 8 ,3 5 4 : t a x li a b ili t y , $ 2 4 2 ,2 4 5 ; u n a d ju s t e d
c r e d i t s , $ 2 , 1 6 2 , 5 7 6 ; t o t a l ........................................................... 2 8 ,73 7 .5 87
L ia b ilit y f o r p r o v id e n t lo a n , $ 2 ,7 7 5 ,0 3 4 ; o t h e r d e 
f e r r e d a c c o u n t s , $ 1 9 3 , 0 2 7 ; t o t a l _________________
2 ,9 6 8 ,0 62
U .
S . G o v t , d e fe r r e d lia b ilit ie s , $ 4 8 ,2 0 0 ,4 2 5 ; lo a n s
fr o m
U . 8 . R R . A d m in is tr a tio n a n tic ip a tin g
c o m p e n s a t i o n . $ 9 , 0 0 0 , 0 0 0 ; t o t a l _______________________ 5 7 ,2 0 0 .4 25
A d d it io n s t o p r o p e r t y th r o u g h in c o m e a n d s u r p lu s ,
$ 7 ,1 5 5 ,3 7 0 ; p r o f i t a n d lo s s , $ 2 0 ,1 3 9 ,4 6 5 ; t o t a l . . 2 7 .2 9 4 .8 3 5
T o t a l l i a b i l i t i e s ..................................................................................8 4 2 , 3 3 9 , 3 5 7
x jln v e s tm e n ts a t b o o k v a lu e as o f D e c . 31 191 8 in c lu d e d .

2 1 3 .9 6 7 .4 6 8

475,454,673
7,656.215
18,825,856
7,759,014
26,366.688
3,765,292

31,959.137
7 8 5 ,7 5 4 ,3 4 3 .

Nov. 22 1919.1
t

.

.

Investments—

THE CHRONICLE

- I n O th er C o m p a n i e s - I n C o n s t it . & A f f i l . C o s .
P le d g e d . U n p le d g e d .
P le d g e d .
U n p le d g e d .

$

$

§

$

S t o c k s ------------------ 2 1 . 4 5 3 , 8 5 3 1 , 2 1 8 . 9 0 9
5 5 .5 8 9 ,2 8 9
B o n d s -------------------9 0 0 ,0 0 0
5 9 8 ,9 2 5 2 0 3 ,7 3 9 ,8 3 0
N o t e s ............................................. ..
1 5 2 .7 2 9
____________
A d r a n c o s ----------------------4 0 7 ,6 7 9
1 7 ,9 8 9 ,1 2 4
M is c e lla n e o u s _ „
__________
3 0 7 ,0 7 2
____________

5 .4 6 2 ,4 1 4
7 1 8 ,1 5 1
_______
4 3 ,5 0 3 ,5 4 1
__________

T o ta l
o f A ll.

M a in e

&

O h io

C e n tr a l

R a ilr o a d .

(58th A nnual Report— Year Ended Dec. 31 1918.)
President Morris McDonald, Portland, Me., March 12
1919, wrote in substance:

$

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

I n c o m e S ta te m e n t— G o v e r n m e n t C o n t r o l.— T h e i n c o m e a c c o u n t o f t h e
c o m p a n y , a s s t a t e d in th is r e p o r t , in c lu d e s u n d e r n o n -o p e r a t in g in c o m e
a g a in s t in c o m e f r o m le a s e o f r o a d t h e a m o u n t o f t h e s o -c a lle d s t a n d a r d r e 
tu rn o r a n n u a l co m p e n sa tio n p a y a b le to th e c o m p a n y b y th e G o v e rn m e n t
a m o u n t in g t o $ 2 ,9 5 5 ,6 9 7 , e q u a l t o t h e a v e r a g e r a il w a y o p e r a t in g in c o m e o f
c o “ P ? n y f o r t h e 3 -y e a r p e r io d fr o m J u ly 1 1 9 1 4 t o J u n e 3 0 1 9 1 7 , in c lu s Iu t t
r te m s o f in c o m e in c o n n e c t io n w it h t h e u s e o f t h e p r o D e r t v b v
t h e U . S . R a il r o a d A d m in is t r a t io n a r e n o t s t a t e d b y r e a s o n o f la c k o f in 
fo r m a t io n a t t h e t im e o f c lo s in g th e a c c o u n t s fo r th e y e a r .
I n t h e m e a n tim e

T o t a l ---------------- 2 2 , 3 5 3 , 8 5 3 2 , 6 8 5 , 3 1 4 2 7 7 . 3 x 8 . 2 4 3 4 9 , 6 8 4 . 1 0 5 3 5 2 , 0 4 1 . 5 1 5
T h p s to c k s o w n e d o th e r th a n th o s e d e p o s it e d w ith tr u s te e s o f m o r tg a g e s
-s e c u rin g m o r t g a g e d e b t f o r t h e y e a r e n d e d D e c . 3 1 1 9 1 8 h a d a n a g g r e 
g a t e le d g e r v a lu e o f $ 2 9 ,6 4 3 ,8 2 0 , a n d a t o t a l p a r v a lu e o f $ 4 3 ,2 8 8 ,0 3 2 , th e
r a t ^ r f i g u r e I n c lu d in g c h ie fly th e fo llo w in g : B . & O . R R . C o . p r e fe r r e d ,
$ 1 ,1 3 6 ,7 2 4 ; c o m m o n , $ 3 7 1 ,9 1 9 : C a lu m e t G r a in & E l e v a t o r C o . , $ 2 0 0 ,0 0 0 :
S r?
3 4 ,5 0 0 ,0 0 0 ; C o n n o ll s v ill t U n i o n t o w n & W h e e l in g
R R . C o . , $ 7 5 0 ,0 0 0 ; R e a d in g C o . 1 s t p r e f . , $ 6 ,0 6 5 ,0 0 0 ; 2 d p r e f ., $ 1 4 ,2 6 5 ,0 0 0 ;
$ 1 0 ,0 0 2 ,5 0 0 ; R ic h m o n d -W a s h in g t o n C o ., $ 4 4 5 ,0 0 0 ; S a n d y V a lle y
& E lk h o r n R y . C o . , $ 5 0 0 ,0 0 0 ; U n io n S t o c k Y a r d s C o . c o m m o n , $ 1 0 0 ,0 0 0 ,
a n d V a ll e y R R . C o . o f V ir g in ia , $ 1 ,7 0 4 ,8 0 0 .
T h e b o n d s o w n e d o th e r ta a n th o s e d e p o s ite d w ith tr u s te e s o f m o r tg a g e s
s e c u r in g m o r t g a g e d e b t f o r t h e y e a r e n d e d D e c . 3 1 1 9 1 8 h a d a n a g g r e g a t e
lo d g e r v a lu e o f $ 2 5 ,1 0 0 ,0 4 5 , a n d a t o t a l p a r v a lu e o f $ 2 6 ,2 9 4 ,0 7 0 , t h e la t t e r
fig u r e in c lu d in g c h ie f l y t h e f o ll o w in g : B . & O . R R . R e fu n d in g a n d G e n e r a l
M o r t g a g e b o n d s , $ 2 0 ,2 8 0 ,0 0 0 ; T o le d o - C in c i n n a t i D iv is io n 1 st L ie n a n d
R e fu n d in g M o r t g a g e b o n d s , $ 2 4 8 ,3 0 0 ; C h e s a p e a k e & O h io C a n a l C o .
b o n d s o f 1 8 4 4 , $ 1 ,3 2 9 ,5 0 0 ; S a n d y V a ll e y & E lk h o r n R y . C o . 1 st M . b o n d s ,
$ 2 ,2 0 0 ,0 0 0 ; a n d V a ll e y R R . C o . o f V ir g in ia 1 s t M . b o n d s , $ 7 5 0 ,0 0 0 .
— V . 109, p . 1460.
M o b ile

1983

p f f n , V c P °rr ti i ! S b e l n g ^ u e d g i v i n g t h e b e s t i n f o r m a t i o n o b t a i n a b l e m t o t h e
^ i r s o f th e c o m p a n y w it h o u t in c lu d in g a n y s ta te m e n ts o r ta b le s o f th e
o p e r a t io n s o f th e p r o p e r t y .
(T o O c t. 8 1919 n o a g re e m e n t h a d b e e n re a ch e d
a s t o th e e x a c t a m o u n t t o b e p a id t h e c o m p a n y b y t h e G o v e r n m e n t a s a n n u a l
c o m p e n s a t io n d u r in g G o v e r n m e n t c o n t r o l— E d .]
C a p i t a l S t o c k .— T h e r e w a s n o c h a n g e d u r i n g t h e y e a r i n t h e a m o u n t o f t h e
e t ~ . P a-n y . £ o u t s t a n d i n g c a p i t a l s t o c k o r i n t h e a m o u n t o f t h e c o m m o n
n k ,,
c o m p a n y ’s t r e a s u r y .
P o r tla n d T e r m in a l C o . N o t e s .— T h e 1 -y e a r n o t e s o f t h e P o r t la n d T e r m in a l
C o
a m o u n t i r g t o $ 7 5 0 ,0 0 0 , g u a r a n t e e d b y t h is c o m p a n y , w h ic h b e c a m e
? u e ° n S e p t . 1 5 1 9 1 8 , w e r e e x te n d e d b y a u t h o r it y o f th e U . S . R R
A d-

iS
.^ H atIon^ ° ¥ arch
u e p a id o n t n e d a te .

7%

15 1919- a t th e r a te o f

per annum

a n d are to

R a ilr o a d .

(75th A nnual Report— Year Ended Dec. 31 1918.)
President Fairfax Harrison, Mobile, Ala., Oct. 1 1919,
wrote in substance:
T h e c o m p a n y ’s r a i l r o a d p r o p e r t y w a s o p e r a t e d d u r i n g t h e e n t i r e y e a r b y
th e U . S. G o v e rn m e n t.
T h o o p e r a t in g s ta tis tic s in t h is r e p o r t s h o w th e
r e s u lts o f s u c h o p e r a t io n .
T h e a v e r a g e a n n u a l r a ilw a y o p e r a t in g in c o m e
o f th e r o a d fo r th e th r e e y e a r s e n d e d J u n e 3 0 1 9 1 7 h a s b e e n c e r t ifie d b y th e
I n te r -S ta te C o m m e r c e C o m m is s io n p u r s u a n t t o th e A c t o f C o n g r e s s t o b e
$ 2 ,6 0 3 ,5 2 6 .
T h e s t o c k h o ld e r s h a v e a u t h o r iz e d t h o b o a r d o f d ir e c t o r s t o
c o n c lu d e a c o n t r a c t w ith t h e U . S . R R . A d m in is t t a t io n o n th is b a s is fo r
its c o m p e n s a t io n f o r t h e u so o f t h e p r o p e r t y b y th o G o v e r n m e n t d u r in g t h e
p e r io d o f F e d e ra l c o n t r o l, b u t th e e x e c u tio n o f th e c o n t r a c t h a s b e e n a n d
s t ill is p o s t p o n e d p e n d i n g n e g o t i a t io n o f d e t a ils .
T h e r e a p p e a r o n t h o b a la n c e s h e e t c e r ta in a c c o u n t s w h ic h a r e s u b je c t t o
a d ju s t m e n t in t h o f in a l s e t t le m e n t b e t w e n e t h e G o v e r n m e n t a n d t h o c o m 
p a n y , v i z . : ( 1 ) U . S . G o v e r n m e n t ( a ) d e f e r r e d a s s e t s a n d (ft) u n a d j u s t e d
d e b it s , a n d (2 ) U . S . G o v e r n m e n t (a ) d e fe r r e d lia b ilitie s a n d (6 ) u n a d ju s t e d
c r e d its .
(O ffs e ttin g th e s e d e fe r r e d a n d u n a d ju s t e d c r e d it s a n d lia b ilit y
ite m s a g a in s t o n e a n o t h e r a t th e a m o u n t s s h o w n o n t h e b o o k s w o u ld in d i
c a t e a n o t a m o u n t o f $ 2 1 2 ,4 6 0 d u e t h o c o m p a n y f r o m t h e G o v e r n m e n t ,
a s id e f r o m $ 1 ,8 2 0 ,5 2 7 d u e o n a c c o u n t o f a c c r u e d c o m p e n s a t i o n .— E d .]

^ H

^ e a to ^
r s w it c h m g lo c o m o t iv e s ; 4 M ik a d o t y p e s u p e r h e a te r fr e ig h t lo c o 8 te n -w h e e l s u p e r h e a te r lo c o m o t iv e s ; 2 0 0 ste e l u n d e r fr a m e r a c k
S ’E ?’ “ P.0 s t e e l u n d e r f r a m e b o x c a r s , a n d 5 0 s t e e l u n d e r f r a m e r e f r i g e r a t o r
c a r s , a ll t h e s e c a r s b e in g o f 8 0 ,0 0 0 lb s . c a p a c it y .
K
anT i x fr f/; ™
m t h p r ^ m en u

n e t a m o u n t e x p e n d e d d u r in g th e y e a r f o r a d d it io n s
le a s e d r o a d s w a s $ 9 4 ,4 8 9 .
T h is a m o u n t , w h ic h w ill

to

a s r e n t <o f >l e a s e d 1 r o a d s 68801" r o a d s ’ h a s b e e n

a g a in s t c u r r e n t in c o m e

O PER ATIN G S T A T IS T IC S FOR C AL E N D AR Y E A R .

Average miles operated
Revenue tons carried

_

Passengers caiTied

7TP f >

r

-----------

3,666,913

1 m i I e ---------.................... 153,392,934
p ?.r m l , e ----------2 .8 3 4 c t s .
e n u e p e r m lle o f r o a d . .
$ 1 3 ,4 9 3

R evenue
g

1^2 i"b QQ

1^2?6 60
8,513,660

R e v e n u e n e r x ^ ! e d 1 -?1116- ........8 7 9 , 6 9 2 , 8 0 4
P
=
ee P e ^
S
e r m U e - - - ..................
1 -2 1 5 c t s .

A7
8 ?159?846

8,523,653

8 4 7 ,9 5 9 ,6 7 3 7 9 3 ,6 4 4 1 1 5
1 .0 5 9 c t s .
1 .0 4 6 c t s .

3,959,847 3,829,181
159,775,222 153,136,502
2 .4 1 6 c t s .
$ 1 1 ,6 0 7

2 .2 8 7 c t s .
$ 1 0 ,5 0 6

C O M B IN E D C O M P A R A T IV E IN C O M E S T A T E M E N T FOR C A L .Y E A R S
lO p ^ a tm g R even u es1918.
1917.
1916.

OPERATIONS. E A R N IN G S A N D CHARGES.

1918.
1,097

A v e r a g e m i l e s o p e r a t e d ----------------

Operations—

1917.
1.160

1916.
1 ,1 4 0

P a s s e n g e r s c a r r i e d ---------------------------2 ,0 0 6 ,9 0 4
1 ,8 9 9 ,2 0 5
1 ,8 7 0 ,6 5 2
P a s s o n g e r s c a r r i e d 1 m i l e ------------8 1 ,3 3 0 ,9 8 9
6 9 ,9 2 1 ,3 6 2
6 3 ,2 4 8 ,4 8 3
A v e ra g e ra te p er p a ss, p e r m ile .
2 .5 8 2 c t s .
2 .2 6 9 c t s .
2 .1 5 9 c t s .
R e v e n u e ton s m o v e d .
_______________________________________________________________
6 ,7 9 3 ,7 2 8 7 ,4 8 3 ,0 3 6 6 ,8 4 8 ,4 2 1
T o n s m o v e d o n e m i l e . . . ................1 , 5 3 9 , 3 4 3 , 7 0 7 1 , 7 6 3 , 2 6 2 , 2 5 2 1 , 6 0 2 , 5 9 8 , 1 2 9
A v era g e ra te p er to n p er m ile ..
0 .7 7 3 c t s .
0 .6 3 9 c t s .
0 .6 3 5 c t s .
A v g e . r e v . t r a i n - l o a d ( t o n s ) --------3 8 7 .7 0
4 5 7 .1 4
4 3 0 .1 2
G r o s s e a r n i n g s p e r m i l e ...................
$ 1 3 ,5 3 3
$ 1 1 ,7 2 6
$ 1 0 ,7 2 8

FEDERAL IN C O M E S T A T E M E N T A S COM PARED W IT H CORPORATE
S T A T E M E N T I N PREVIOUS YEARS.
Operating Revenues—
1918.
1917.
1916.
P a s s e n g e r ---------------------M i s c e l l . p a s s , t r a i n r e v e n u e _____
F r e i g h t .........................................................
O th e r tr a n s p o r ta tio n r e v e n u e ..
M a i l a n d e x p r e s s ....................................
I n c i d e n t a l , & c .........................................

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

$1,586,293
41,061
11,263,406
114,189
377,844
221,713

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

T o t a l o p e r a t i n g r e v e n u e ----------M a i n t e n a n c e o f w a y , & c ................
M a i n t e n a n c e o f e q u i p m e n t _____
T r a f f i c e x p e n s e s .................. ....................
T r a n s p o r t a t i o n e x p e n s e s _________
G e n e r a l e x p e n s e s ____________________
M i s c e l l a n e o u s o p e r a t i o n s _________
T r a n s p o r t a t i o n f o r i n v e s t ________

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

$13,604,506
$1,424,371
3,266,114
454,761
4,818,612
389,605
16,971
Cr.17,456

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

$ 1 4 ,1 3 1 ,1 7 2
$ 7 0 9 ,7 2 9
5 2 5 ,2 3 4
_______
2 .2 4 9

$10,352,977
$3,251,530
685.859
3,157
$2,562,513

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

T o t a l o p e r a t i n g e x p e n s e s _____
N e t e a r n i n g s __________________________
T a x e s a c c r u o d _______________________
U n c o l l e c t i b l e s ............... .........................
O p e r a t in g

in c o m o

-------

$182,246

$2,813,273

CORPORATE IN C O M E S T A T E M E N T FOR C A L E N D A R YEARS.
1918.
1917.
Increase.

C e r tifie d s ta n d a r d r e tu r n u n d e r
F e d e r a l C o n t r o l A c t ____________
O p e r a t i n g i n c o m o r o v i s o d ________
M i s c e l l a n e o u s i n c o m e _____________

2,603,527

T o t a l c o r p o r a t e i n c o m e _______
I n t e r e s t o n f u n d e d d e b t __________
I n t . o n e q u i p , o b l i g a t i o n s .............
I n t e r e s t o n u n f u n d e d d e b t _______
W a r t a x e s -------- ------------------------------------M i s c e l l a n e o u s c h a r g e s ---------------------

2,660,675
1,371,090
141,883
10,066
110,000
39,177

3,267,667
1,377,090
157,018
17,406
174,115
148,347

T o t a l d e d u c t i o n s . . ........................
N e t i n c o m e . ...............................................
D i v i d e n d ( 4 % ) -------------------------------A d d i t i o n s a n d b e t t e r m e n t s _____

1.672,216
988,459
240,672
701

1,873,976
dec.201,760
1,393,691
dec.405,233
240,672
12,957 dec.12,256

I n c o m e b a l a n c e -----------------------------

747.086

$

57.148

$

$

.................
2,603,527
3,219.640 dec.3,219,640
48.027
9,121

-------------------1,140.063

GEN ERAL B A L A N C E SHEET DECEM BER

dec.606,993
dec.6,000
doc.15,134
dec.7,340
doc.64,115
dec.109,170

dec.392,977

31.

1918.
1917.
A s s e ts —
$
S
R o a d & e q u i p m e n t 4 7 ,3 2 5 ,0 7 4 4 7 ,2 5 4 ,9 5 5
141,500
9 5 ,4 1 4
S in k i n g f u n d s --------

C a s h d c p . I n lie u
o f m tg e d . p r o p .
P h y s ic a l p r o p e r t y .
X n v . in a f f i l . co s:

5 ,2 5 0
4 0 1 ,4 4 8

Stocks______ _

163,253

B o n d s ......................
N o t e s ......................

6 0 3 ,0 0 0
1 7 8 ,1 7 2

Advances______

42,267

O t h e r in v e s tm e n ts
5 ,8 2 8
U . 8 . G o v t , ac
c r u e d c o i n p e n . . 1 ,8 2 0 ,5 2 7

Cash-------------------21,788
Special deposits...
638,369
I,oan8 A bills rec—
2,417
Traffic. Ac., bals.
4,775
Agents & c o n d u c .........................
Miscell. accts. rcc. 240,021
M at’l & supplies. .
— ---

O t h e r as s e ts ________
2 8 6 ,4 5 7
D e f e r r e d a s s e ts __
56,381
U ,S .G o v .d e f .a s s e t s 4,153,074
U n a d j u s t e d d e b it s
120,954
U .S .G o v .u n a d .d e b .
814,019

1918.
1917.
L ia b ilit ie s —
s
$
C o m m o n s t o c k . . . 6 ,0 1 6 ,8 0 0
6 ,0 1 6 ,8 0 0
F u n d e d d e b t ........... 2 8 ,4 7 0 ,0 0 0 2 8 ,5 9 0 ,0 0 0
E q u i p , t r . o b l i g . . 2 ,7 8 8 ,0 0 0
3 ,0 9 8 ,0 0 0
250 G o v ’ t g r a n t s ...........
2 ,5 0 0
2 ,5 0 0
406,210 L o a n s & b il ls p a y .
3 5 0 ,0 0 0
1 0 0 ,0 0 0
T r a ffic , A c ., b a ls .
2 9 ,2 7 5
2 9 4 ,9 9 9
1 6 3 ,2 5 3 A c c t s . A w a g e s . . .
2 3 6 ,5 0 4
1 ,9 4 7 ,6 3 9
603,000 M i s c e l l . a c c o u n t s .
2 3 ,1 0 6
1 0 3 ,1 1 7
178,172 I n t e r e s t m a t u r e d .
2 3 4 ,4 5 4
1 9 1 ,7 8 2
41,593 D l v s . m a t u r e d . . .
3 4 5 ,4 3 6
1 1 0 ,9 1 6
493 F u n d , d e b t m a t u r .
8 ,8 0 0
1 6 ,8 0 0
In terest a c c r u e d ..
2 9 7 ,7 2 5
3 0 0 ,6 3 3
O th e r c u r r ’ t lia b il.
2 2 ,5 6 4
2 7 6 ,0 8 4
9 7 9 ,9 8 1 D e f e r r e d l i a b ili t ie s
1 0 2 ,3 7 8
1 0 5 ,8 3 8
7 0 6 ,6 9 0 U . S . G o v . d e f . l i a b i l . 4 ,2 5 2 ,1 4 2
7 0 0 T a x e s ...........................
3 0 9 ,0 4 6
3 3 3 ,0 0 9
4 6 5 ,5 5 6 O p e r . r e s e r v e s _____
2 0 4 ,3 6 4
6 7 9 ,4 8 3
5 4 2 ,5 8 6 A c e r . d e p r . e q u i p . 4 ,0 8 6 ,4 6 7
3 ,7 8 2 ,6 2 0
638,190 S u n d r y i t e m s ...........
2 5 0 ,8 6 8
6 3 1 ,7 7 4
1 ,5 3 2 ,4 4 8 U .S .G o v .u n a d J .c r e d
5 0 2 ,4 9 2
3 3 0 ,8 7 2 A d d . t o p r o p . t h r o .
4 5 ,8 7 1
In c. A s u r p lu s ..
3 1 5 ,3 9 9
3 1 2 ,0 1 1
P r o f i t a n d l o s s _____8 ,1 7 6 ,3 1 3
7 .4 2 2 ,3 8 9
4 3 0 ,1 5 9

T o t a l ......................6 7 ,0 2 4 ,6 3 4 5 4 ,3 1 6 ,3 9 2
T o t a l ......................5 7 ,0 2 4 ,6 3 4 5 4 .3 1 6 ,3 9 2
N ote.— S e c u r i t i e s o f t h o c o m p a n y h o l d b y I t : U n p l e d g e d , 1 9 1 8 , $ 1 , 7 1 4 , 
2 0 0 ; 1 9 1 7 , $ 1 ,7 1 4 ,2 0 0 ; p le d g e d , 1 9 1 8 , $ 5 0 1 ,0 0 0 : 1 9 1 7 , $ 5 0 1 ,0 0 0 ; t o t a l,
1 9 1 8 , $ 2 ,2 1 5 ,2 0 0 ; 1 9 1 7 , $ 2 ,2 1 5 ,2 0 0 .— V . 1 0 7 , p . 2 2 8 5 .




i « f c

* c

:

:

:

M S S S S f f i S S u s x ”

:

:

:

:

:

:

:

; ...................... - ‘ I S - M

:

:

:

:

:

:

:

:

l

iil!

401,458

1,764,219
144,453
4.766,081
392,871

NeTe!arnh?^
g expenses............... -$16,059,998 $10,675,876
xaxes. &c........................... ....................^ 873,606
727|322

$8,800,761
$4,023,915
621,318

b t h K ^ 111001116...............................def.$518,426 ~~
$2,722,379
“
................................
383,672
441,534

$3,402,597
620,240

p

g

2

S

S

^

p m en t- - : ; : ; ; : :

3 s

f

f

srr.n rw

Gross incom e_______

d e f $134 754

Rental* &C___________
funded debt...............'$805’,872
Keiltals,
l 474 r.nn
p- a'.jll — — ’isolooo

c o m m o n dividends ( 6 % p . a . ) _______

720,888

—Balance, surplus.......................... def.$3.286,114

$3,163,913
$816,609
1,245,779
150,000
720,888
_
_
$230,637

$4,022,837
$848,992
1.577,093
1 5 0 ,0 0 0

722,382
$724,370

► CORPOR A T E IN C O M E A C C O U N T FOR C A L E N D A R Y E A R 1918 '

Income^from lease o f road to U . S. F ed. A d m in ., $2,998 417’
dividend income. &c., $145,726...........................«3 144 143
E
op,er- exP * $30,252; ry. tax accruals, $69,401
99 653
&>?noor de(?uct1iIons: Rent for 1eased roads, $905.591; miscellaneous rents
isnlPo-o miscellaneous tax accruals, $4,046; interest on funded debt
i,nterest on unfunded debt, $49,963; miscellaneous income charges’
$189,310; improvements to leased roads, $94,486
$2 079 907
income applied to sinking and other reserve funds” I ' ...........”
7 ifi 045
Dividend appropriations of income.................................—
870 888
Balance, surplus___________________________________

^

COND EN SED

GENERAL

1918.

BALA N C E

$85259
31

SH EET D EC

1917.

’

1918.
1917.
A s se t* —
s
S
L ia b ilitie s —
$ '
t
R o a d A e q u lp m e n t 3 9 ,9 6 5 ,6 8 6 3 8 ,5 9 0 ,5 9 2 P r e fe r r e d s t o c k . . . 3 ,0 0 0 ,0 0 0
3 ,0 0 0 , 0 0 0
S in k i n g f u n d s _____
3 4 3 ,1 2 9
3 4 4 ,9 8 9
C o m m o n s to c k ... 14 ,8 8 8 [4 0 0 1 4 ;8 8 8 ,4 0 0
M ls c e l. p h y s . p r o p
3 9 3 ,0 8 5
3 7 2 ,6 8 4
Stock f o r c o n v e r ’ n
1 9 ,2 1 7
19 2 1 7
S t o c k s o w n e d _____ 6 , 0 7 0 ,9 1 6
6 ,0 7 0 ,9 1 6
F )“ d e d
-----------1 9 ,5 3 4 ,0 0 0 1 9 ,5 3 4 ,'0 0 0
B o n d s o w n e d ........... 1 ,5 1 0 ,7 5 3
1 ,2 9 2 ,7 5 3
L o a n s A b il ls p a y . 1 ,3 0 0 ,0 0 0
C a s h ..............................
3 6 5 ,4 0 7
9 4 3 ,5 1 2
7 8 9 ,8 3 5
A g t s . ’ r e m it in t r a n
..............
1 8 2 ,2 7 3 A c c j f - P a y a b l e . . . 1 ,0 2 9 ,8 0 0
4 1 ,4 6 4
5 5 5 ,4 5 8
A g e n t s A c o n d u c 's
________
4 15 156 T r a f f i c b a l . p a y . _ _
M is c e ll. a c c t s . p a y .
3 3 4 ,7 1 3
5 5 7 ,7 4 5
l o a n s A b il ls r e c . .
2 3 5 .1 0 2
4 5 ,1 0 2 I n t . , d l v s . , A c . . m a t
3 1 1 ,4 4 6
3 0 1 ,0 4 2
S p e cia l d e p o s it s .. .
3 4 ,9 8 2
3 4 ,5 4 2 E q u i p .o f l e a s e .e s t . 1 ,0 7 8 ,8 2 4
1 ,0 7 8 ,8 2 4
T r a ffic , A c ., b a l—
3 ,5 2 8
3 8 4 ,9 7 9 L e a s e a c c o u n t s . . .
1 0 4 ,9 3 4
1 0 4 ,9 3 4
M ls c e l. a c c t s . r e c .
5 7 ,3 8 5
6 3 2 ,2 6 7 I n j u r y f u n d ..............
9 0 ,7 2 2
9 0 ,7 2 2
M a te r ia l A s u p p . .
________
1 ,7 1 9 ,4 0 7 O t h e r d e f . l i a b _____ 3 ,5 0 9 ,8 5 7
I n t . A d lv s . r e c . . .
2 6 .2 0 4
1 4 ,6 3 6 A c e r , d e p r e c i a t i o n 4 ,6 2 1 ,1 5 1
4 ,4 0 1 ,1 6 2
R e n t s r e c e i v a b l e . . 1 ,9 5 3 ,8 3 5
8 .4 8 9 O t h . u n a d j . c r e d i t s
6 6 ,1 9 6
1 8 1 ,4 9 1
E q u i p . o f l e a s e .e s t . 1 ,0 7 8 ,8 2 4
1 ,0 7 8 ,8 2 4 A d d i t i o n s t o p r o p . 1 ,6 1 7 ,0 7 7
1 ,6 0 6 ,0 3 0
O t h e r d e f . a s s e t s . . 4 ,7 6 0 ,8 4 8
F u n d , d e b t r e t ir e d
3 7 8 ,4 6 6
3 7 8 ,4 6 6
U n a d ju s te d d e b its
1 9 8 ,9 4 5
2 6 3 ,7 5 8 S i n k . f d . r e s e r v e s .
3 4 5 ,2 9 4
3 4 7 ,1 5 4
P r o f i t A lo s s .............. 4 ,7 2 7 ,0 6 9
4 ,5 6 0 ,4 0 0
- W

k

i - . - f m

S

8 - ' 3 0 K M 9 1 -“ 8 0

A la b a m a

&

T o t a l ...................... 5 6 ,9 9 8 ,6 3 0 5 2 ,3 9 4 ,8 8 0

V ic k s b u r g

R a ilw a y .

(30th A nnual Report— Year ended Dec. 3 1 1 9 1 8 . )
Pres. Larz A . Jones, Jackson, Miss., April 1, wrote in subst.:
n
e
t ^
, wn< I ~ T b e • u c o m e f o r t h e y e a r a s s t a t e d i n t h e a c c o u n t d o e s
th e am ou n t
? a s h ln t h ® h a n d s o f t h e R a il r o a d A d m in is t r a t io n o r
t n e a m o u n t d u e f o r d e fe r r e d m a in t e n a n c e .
\
$ o n m o SlJv.p l u s u
t b o c o m p a n y h a s b e e n fu r t h e r in c r e a s e d b y t h e s u m
th n f i.,^ » j t r o u g h a n a d ju s t m e n t o f c h a r g e s o n t a x a c c r u a ls t o c o n f o r m

of
to

h e r o to fo r e y e a r ° f t b ° S t a t e o f M is s is s ip p i in s te a d o f t o t h e c a le n d a r y e a r a s
i n I t l Z i i 671/ 3 '
T b e b o a r d h a s d e t e r m in e d t o d e c la r e d iv id e n d s s e m i-a n n u a lly
year:
D iv i d e n d N o . 2 6 f o r 3 H % w a s p a id o n A p r il 4
f n r f ’i l w P P l c a b .l? t o
P e r io d J u ly 1 t o D e c . 31 1 9 1 7 .
D iv id e n d N o . 2 7
r 0 r 4,V ^ % , ^ a S s.p a l d r2 ? S e P t - 1 0 1 9 1 8 , a s a p p l i c a b l e t o t h e f i r s t h a l f o f 1 9 1 8 .
AS ~ T ^ b e a m o u n ts e x p e n d e d fo r a d d itio n s a n d b e tte r m e n ts b y
i f 6 «iA a l r o a d A d m in is t r a t io n a n d c h a r g e d t o y o u r c o m p a n y d u r in g t h e y e a r
t
e
amc ° U n t? a g g r e g a t i n g $ 1 4 4 , 0 6 1 ] , w e r e f o r t h e m o s t p a r t s p e H t i n c o m E
“ ? f ^ ° r k b e g u n p r io r t o F e d e r a l c o n t r o l.
T h e n e w b r id g e a n d tr e s t le
a t B ig B la c k R iv e r c o m m e n c e d la s t y e a r w a s c o m p le t e d a t a fu r was
Sftf 120cnu6 2 i .i T h e t o t a l b e t t e r m e n t c o s t o f t h e c o m p l e t e s t r u c t u r e
T h e b o c k s ig n a ls f r o m m ile p o s t 120 t o m ile p o s t 1 2 8 w e r e
c o m p le t e d a t a c o s t d u r in g t h e y e a r o f $ 1 2 ,5 1 9 .
v l
«
— A c o n t r a c t in th e s t a n d a r d f o r m w a s s ig n e d o n
R c b , 2 5 1919 , e ffe c t iv e J a n . l 1 9 1 8 .
T h is c o n t r a c t p r o v id e s f o r a fix £ d
v v S c o m p e n s a t io n fr o m t h e U . S . R R . A d m in is t r a t io n d u r in g th e n e r io d
o f F e d e r a l c o n t r o l o f $ 3 2 2 , 8 5 4 . w i t h i n t e r e s t u n t i l p a i d , t o g e t h e r W i t h f f i 1-

e s t o n r u n n in g a c c o u n t s , d e p r e c ia t io n o n e q u ip m e n t , p a y m e n t fo r d e fe r r e d
m a in te n a n c e , i f a n y , a n d o t h e r c o n s id e r a tio n s .
I t is b e li e v e d t h a t t h e s u m s t o b e r e c e iv e d w ill b e s u ffic ie n t t o c o n t in u e
th e r o g u la r d iv i d e n d o f 7 % . t o g e t h e r w ith th e s in k in g fu n d p a y m e n t a n d t o
p r o v id e fo r n e c e s s a r y a d d it io n s a n d b e tte r m e n ts .
S T A T IS T IC S

FOR

CALE N D AR

YEARS.

O p e r a tio n s —
1918.
1917.
1916.
1915.
P a s s e n g e r s c a r r i e d _______
4 9 5 ,3 2 6
4 7 0 ,0 1 2
4 2 6 ,2 1 9
3 8 4 ,0 2 3
P a ^ a . c a r r i e d o n e m i l e ____ 2 1 , 8 3 0 . 8 2 5
2 0 ,6 4 8 ,9 5 5
1 7 ,7 3 6 ,1 3 1
1 5 .6 6 3 ,0 7 2
R a te p er p a ss, p er m ile .
2 .8 5 c t s .
2 .5 8 c t s .
2 .5 1 c t s .
2 .4 7 c t s .
T o n s fg t . c a r r ie d ( r e v .) .
1 ,3 7 1 ,9 2 1
1 ,3 7 3 ,9 3 4
1 ,2 3 5 ,0 9 1
1 ,1 1 6 ,5 1 4
• T on s f g t . c a r r ie d 1 m U e .1 3 1 ,2 7 5 .6 9 7
1 3 2 ,7 3 5 ,7 6 0 1 2 2 ,6 1 0 ,2 1 8 1 1 9 ,5 9 5 ,1 7 0
1 .2 2 c t s .
1 .0 7 c t s .
0 .9 8 c t s .
0 .8 5 c t s .
R a t e p r t o n p e r m i l e ____
G r o s s e a r n in g s p e r m i l e .
$ 1 7 ,5 2 4
$ 1 5 ,1 7 2
$ 1 2 ,7 1 4
$ 1 0 ,7 4 7
CORPORATE
O p e r a t i n g i n c o m e __________
S t a n d a r d r e t u r n _________
P ro p , ta xes b y U . S . R R .
A d m i n i s t r a t i o n __________
A d d — H ir e o f e q u ip m e n t D i v i d e n d i n c o m e ____________
O t h e r i n c o m e _______ _________

IN C O M E

1918.
____________
$ 3 2 2 ,8 5 4
9 0 ,0 1 2
____________
1 2 ,9 5 9
3 0 ,7 0 5

G r o s s i n c o m e _____________
$ 4 5 6 ,5 3 1
D ed u c tio n s —
$ 8 2 ,7 5 5
R e n t a l s , A c ____: ...............
I n t e r e s t o n b o n d s __________
1 0 6 ,3 6 4
O p e r . e x p . p r io r t o J a n . 1
571
( n e t ) . . .......................................
D i v i d e n d s __________________ ( 7 % ) 1 4 7 ,0 0 0
B a l a n c e , s u r p l u s _______ _
FED ERAL

$ 1 1 9 ,8 4 0

ACCO U N T.

1917.
$ 4 3 9 ,3 7 7

1916.
$ 3 6 0 ,9 0 8

1915.
$ 1 7 6 ,4 8 8

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

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

5 0 ,9 4 7
1 7 0 ,9 5 9
5 4 ,4 4 6

$ 6 2 5 ,6 6 2

$ 5 7 5 ,2 2 4

$ 4 5 2 ,8 4 1

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

$ 1 5 ,3 3 5
1 1 0 ,3 9 0

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

(7)147,000

(7)147,000

$ 3 5 5 ,8 0 2

(5)105,00p

$ 3 0 2 ,4 9 8

$ 2 2 2 ,2 6 8

OPER. S T A T E M E N T
FOR
1918 A S
COM PARED
C O R P O R A T E A C C O U N T F O R P R E V IO U S Y E A R S .

W IT H

M i l e s o p e r a t e d ______________
R even u es—
P a s s e n g e r ______________________ $ 6 2 2 , 9 5 0
1 ,6 0 3 ,9 7 8
F r e i g h t ............. ..................
M a i l , e x p r e s s , & c __________
2 4 3 ,9 2 8

1917.
141

1916.
143

1915.
143

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

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

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

T o t a l o p e r . r e v e n u e s ..$ 2 ,4 7 0 ,8 5 6
M a in t e n a n c e o f w a y , & c .
$ 2 6 9 ,3 6 8
M a i n t . o f e q u i p m e n t _____
5 9 1 ,6 5 7
T r a f f i c .......... ...........................
4 2 ,9 8 3
T r a n s p o r t a t i o n . . ................... 1 , 0 3 2 , 2 1 4
M is c e lla n e o u s o p e r a t io n s .
2 0 ,8 4 1
G e n e r a l , A c . , e x p e n s e s ____
8 8 ,0 5 5
T a x e s ___________________
1 3 8 ,1 9 5

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

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

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

& tax.$2,183,313
______ $287,543

$ 1 ,6 9 9 ,9 3 9
$ 4 3 9 ,3 7 7

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

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

1918.
141

T ota l op er. exp .
O p e r a tin g in c o m e .

BA LA N C E

SH EET

1918.
1917.
A s s e ts —
S
$
R o a d A e q u l p m e n t . .5 ,8 8 6 ,2 4 3 5 ,7 4 2 ,1 8 1
I n v e s t . in a f f i l . c o s .
1 9 3 ,8 0 0
1 9 3 ,8 0 0
P h y s lc a l p r o p e r t y ..
1 ,6 6 0
1 ,6 6 0
O th e r in v e s tm e n ts .
2 5 2 ,6 8 5
2 2 1 ,9 3 5
152.582
M a t e r l a l s A s u p p li e s
7 ,9 4 8 1 ,0 6 3 ,3 6 3
1 ,8 4 9
S p e c i a l d e p o s i t s _____
2 ,6 2 9
19 0
100
B il ls r e c e i v a b l e _____
5 1 ,8 5 1
3 4 ,2 8 2
1 5 6 ,5 0 2
M ls c e ll. a c c o u n t s ..
2 1 ,5 1 6
3 1 9 ,7 8 3
S in k i n g f u n d s ______
3 5 3 ,5 5 1
6 4 ,1 6 4
1 6 4 ,5 6 9
U n a d ]., A o ., a c c ’ t s ..
U . S . R R . A d m i n . . 1 ,8 9 0 ,0 2 2

T o t a l ........................... 8 ,6 7 4 ,3 1 8 8 .1 0 4 ,5 4 8

DECEM BER

31.

T e n ta tiv e A g r e e m e n t w ith L a k e S u p e r io r C o r p o r a tio n .— A s r e g a r d s t h e r e la 
t io n o f t h e c o m p a n y t o t h e L a k e S u p e r io r C o r p o r a tio n , m u c h n e g o t ia t io n h a s
t a k e n p la c e , b u t o w in g t o th e c h a n g e d c o n d it io n s d u e t o th e t r a n s it io n fr o m
w a r t o p e a c e n o fin a l a g r e e m e n t h a s b e e n r e a c h e d .
T w o o f t h e d ir e c t o r s
o f t h a t c o r p o r a t io n p a id a v is it t o E n g la n d r e c e n t ly , h o w e v e r , fo r th e p u r 
p o s e o f m e e t in g t h e c o m m it t e e .
I t is o b v i o u s t h a t t h e R a i l w a y h a s a d i r e c t
I n t e r e s t in a n y s c h e m e w h ic h w ill n o t o n ly s u p p ly a d d it io n a l t r a f f i c , b u t
w il l p l a c e t h e L a k e S u p e r i o r C o r p o r a t i o n a s t h o o w n e r o f t h e A l g o m a S tee l
C o r p o r a t i o n 's o r d i n a r y s t o c k in a b e t t e r p o s i t io n t o w a r d s m e e t in g it s o b l i 
g a tio n s a s g u a r a n to r o f y o u r b o n d s.
D is c u s s io n s t h e r e f o r e c e n t r e d o n t h e m e a n s o f p la c in g t h e A l g o m a S tee l
C o r p o r a t i o n , in t h e i n t e r e s t o f a ll p a r t i e s , o n a p e r m a n e n t l y p r o s p e r o u s
b a s is , a n d c e r t a in f in a n c i a l p r o p o s a ls w e r e fo r m u la t e d fo r th e r a is in g o f
n e w c a p it a l f o r t h a t u n d e r t a k in g , m a in ly f o r th e c o n s t r u c t io n o f a n e w s te e l
m il l w h ic h is n e c e s s a r y t o e n a b le t h e s t e e l c o r p o r a t io n t o c o p e w it h t h e
d e m a n d f o r a la r g e r r a n g e o f p r o d u c t s .
A t e n t a t iv e a g r e e m e n t w a s a r r iv e d a t , b u t e v e r y t h in g d e p e n d s o n t h e
e f f o r t s n o w b o i n g m a d e t o r a is e t h e n e c e s s a r y c a p it a l in t h e U n i t e d S t a t e s ,
a n d im m e d ia t e l y t h e y a r e in a p o s i t io n t o d o s o t h e c o m m it t e e w ill c a ll t h e
b o n d h o ld e r s t o g e t h e r f o r t h e p u r p o s e o f c o n s id e r in g a n y p r o p o s a ls .
T h e b o n d h o l d e r s ’ c o m m i t t e e c o n s is t s o f S ir A le x a n d e r R o g e r (C h a ir 
m a n ) , C a p t a in J . C . D a l t o n , C . B . B . S m it h -B in g h a m a n d A n d r e w
W illia m s o n .
IN C O M E A C C O U N T

N e t i n c o m e _____
ALG O M A

& H u d . B a y R y .— A lg o m a
(Report f o r Fiscal Year ended June
C e n t.

C e n t.

I n te r e s t.— T h e r e s u lt s o f t h e y e a r ’s w o r k in g
fo llo w s :

R e c e i p t s ____________________________________
E x p e n s e s ...............................................................................................

as com p a red

1918.
1 ,6 8 5 .5 2 6

1919.

o f ____________________________________ - - - - - - —
------------ -d is t r ib u t io n in a c c o r d a n c e w it h th e s c h e m e o f
a p a y m e n t o f 4 % t o t h e T e r m in a l b o n d h o ld e r s
R a i l w a y b o n d h o l d e r s , a m o u n t i n g i n a l l t o ---------

L e a v in g t o b e c a r r ie d fo r w a r d a s u n d iv id e d p r o fit th e s u m o f . .

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

A r r a n g e m e n t s h a v e b e e n m a d e t o p a y t h is in t e r e s t a t t h e B a n k o f M o n 
tr e a l, 4 7 T h r e a d n e e d le S t .. L o n d o n , E . C . , 2 , 6 4 W a ll S t ., N e w Y o r k , U .S .A .,
a n d M o n tr e a l, C a n a d a , o n o i' a fte r N o v . 1 o n p r e se n ta tio n o f th e c o u p o n
N o . 2 in r e s p e c t o f t h e R a i l w a y a n d c o u p o n N o . 4 in r e s p e c t o f t h e T e r m in a l s .
O w in g t o t h e s t a t e o f e x c h a n g e c o n s id e r a b le b e n e f it w ill a c c r u e t o th e h o ld 
e r s i f t h e c o u p o n s a r e p r e s e n t e d in N e w Y o r k .
T h e J o in t n e t e a r n i n g s f o r t h e p a s t f i v e y e a r s e n d i n g J u n e 3 0 , a f t e r
w r itin g o f f d e p r e c ia t io n , h a v e b e e n a s f o ll o w s :
. . . . . .
1 9 1 4 -1 5
1 9 1 5 -1 6 .
1 9 1 6 -1 7 .
1 9 1 7 -1 8 .
1 9 1 8 -1 9
$ 2 3?127
$ 1 6 2 ,4 6 3
«8 lT 9 3 6
$ 4 3 9 ,2 1 9
$ 2 6 3 ,2 9 4
A s th e a m o u n t r e q u ir e d t o p a y th e fu ll in te r e s t o n b o t h th e R a ilw a y a n d
T e r m i n a l c o m p a n i e s b o n d s a t 5 % is $ 7 5 3 , 9 7 6 , t h e d e f i c i t f o r t h e p a s t y e a r
a m o u n t s t o $ 4 9 0 ,6 8 2 .
. . . . . .
____ _
„
A r r e a r s .— A f t e r t h e a fo r e s a id p a y m e n t o n N o v . 1 t h e t o t a l a m o u n t o f
i n t e r e s t in a r r e a r s o n t h e R a i l w a y b o n d s w i l l b e r e d u c e d f r o m * 2 ,3 6 2 ,1 5 5 ,
a s a p p e a r in g in t h e b a la n c e s h e e t , t o $ 2 ,2 6 1 ,3 5 5 , a n d o n t h e T e r m in a l
b o n d s f r o m $ 5 4 1 ,6 1 5 t o $ 3 4 1 ,6 3 4 .
.
.
„ ,
..
T h e s u m o f $ 1 0 9 ,4 3 1 h a s b e e n a d d e d t o ‘ ‘ d e p r e c i a t i o n r e s e r v e
fo r th e
p a s t y e a r , m a k in g a t o t a l o f $ 5 8 1 ,3 4 9 , w h ic h h a s b e e n a c c u m u la t e d e n 
t ir e ly o u t o f r e v e n u e s in c e J u n e 3 0 1 9 1 4 .
, ,
^
...
O p e r a t io n s .— F o r t h e f i r s t n in e m o n t h s o f t h e f i n a n c i a l y e a r t r a f f i c s w e r e
in e x c e s s o f t h o s e f o r t h e s a m e p e r io d in t h e p r e v io u s y e a r .
F o r t h e la s t
th r e e m o n th s t r a ffic s o n t h e R a ilw a y fe ll o fr c o n s id e r a b ly o w in g m a in ly
t o t h e s u s p e n s io n o f a c t iv e m in in g b y t h e A lg o m a S tee l C o r p o r a tio n a n d
oth er ore p ro d u ce rs.
T h e s t e e l c o r p o r a t io n c a m e t o t h e e n d o f it s w a r -s t e e l
p r o d u c t io n a n d h a s n o t y e t b e e n a b le f u ll y t o s u p p ly its p la c e w ith o r d in a r y
c o m m e r c ia l o r d e r s .
F o r s o m e t im e th e ir p la n t h a s b e e n o p e r a t in g a t a b o u t
h a lf c a p a c ity o n ly .
T h e e a r n in g s f o r J u ly a n d A u g u s t 1 9 1 9 s h o w a fu r t h e r
fa llin g o f f .
T h e s t e a m e r e a r n in g s a ls o fe ll o f f o w in g t o r e d u c e d r a te s ,
s tr ik e s a n d s h o r t a g e o f c a r g o e s , o n e b o a t h a v in g t o b e la id u p fo r a tim e .
E x p e n s e s h a v e b e e n c u t d o w n w h e r e p o s s ib le , b u t la b o r c o s t s h a v e in 
c r e a s e d fr o m 1 5 t o 2 0 % d u r in g t h e y e a r , a n d p r ic e s o f m a te r ia l h a v e n o t
d e c lin e d .
T h e G e n e r a l M a n a g e r r e p o r ts th a t th e t r a c k a n d e q u ip m e n t
h a v e b e e n m a in t a i n e d in g o o d o r d e r , a n d t h e c o n s t r u c t i o n o f p e r m a n e n t
b r i d g e s i n p l a c e o f w o o d e n t r e s t l e s is p r o g r e s s i n g .
O w in g t o t h e d r y n e s s o f th e s e a s o n b u s h fir e s h a v e b e e n n u m e r o u s a t
d iffe r e n t p o in t s a lo n g t h e R a il w a y , c a u s in g lo s s e s t o t h e c o m p a n ie s o w n in g
th e tim b e r .




E N D E D

JU N E 30.

H U D .

N e t d e f i c i t ............

B A Y

R Y .

$ 4 9 0 ,6 8 2

$ 3 4 4 ,7 5 7

B A L.

S H E E T J U N E 30.
1919.
1918.
L ia b il it ie s —
$
5
P r e fe r r e d s t o c k . . . 5 ,0 0 0 .0 0 0
5 ,0 0 0 ,0 0 0
C o m m o n s t o c k . . . 5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
1 s t M . 5 % b o n d s . 1 0 ,0 8 0 ,0 0 0 1 0 ,0 8 0 ,0 0 0
2d M . 6 % b o n d s ..
3 1 8 ,8 0 0
3 1 8 ,8 0 0
3 1 2 ,0 0 0
E q u ip , t r . o b llg ’ s . .
2 3 4 ,0 0 0
C r e d it o r s ’ A c r e d i t
7 3 9 ,1 4 0
b a l a n c e s _________
9 9 9 ,0 3 0
A c e r . r e n t . A lg o m a
5 4 1 ,6 1 6
C e n t. T e r ., L t d .
5 4 1 ,6 1 6
2 .0 0 0 ,7 7 5
A c c r . l n t . l s t M . b d s . 2 ,3 6 2 ,1 5 5
G o v t , g r a n t s in a id
o f c o n s t r u c 'n :
C a s h g r a n t ........... 1 ,6 5 9 ,7 2 2
1 . 6 5 9 ,7 2 2
L a n d g r a n t ( a f
t e r e x p e n s e s ) . . . 1 ,2 7 9 ,2 6 2
1 ,2 8 3 ,8 3 3
D e p r e c i a t i o n ........... 1 ,1 4 2 ,3 3 6
1 ,0 6 7 ,8 6 2

T o t a l ............................. 5 ,8 3 5 .0 1 8 5 ,8 2 7 ,7 5 7

A m e r ic a n

T h e
sh e e t
o n

re m a rk s
a n d

o f

p r o fit

su b se q u e n t

P R O F IT

C o t t o n

O il

C o m p a n y .

Ih A n n u a l Report— Year ending A u g .

A N D

P re s.
a n d

W illia m

lo s s

O .

a c c o u n t,

31

T h o m p s o n ,
w ill

b e

1 9 1 9 .)
w it h

fo u n d

b a la n c e

a t

le n g th

p a g e s.

D IS B U R S E M E N T S

YEARS

E N D IN Q

AU G .

31.

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

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

$ 4 2 2 ,8 1 4
1 2 ,8 1 2 ,8 3 7

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

$ 1 1 2 ,6 4 2
1 2 ,4 6 0 ,2 6 7

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

T o t a l s u r p l u s . . . .............$ 1 3 , 2 3 5 , 6 5 1

$ 1 2 ,8 1 2 ,8 3 7

$ 1 2 ,5 7 2 ^ 9 0 9

$ 1 2 ,4 6 0 ,2 6 7

N e t p r o f i t s ........................... - - I n t . o n d e b .b o n d s A n o t p s
P re fe rre d d iv s . ( 6 % ) - . C o m m o n d i v s . ( 4 % ) ---------

1 9 1 8 -1 9 .
$ 2 ,6 9 4 ,2 1 4
8 5 0 ,0 0 0
6 1 1 ,9 1 6
8 0 9 ,4 8 4

FOR

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

$ 2 , 1 2 4 , 7 4 5 $ 2 , 4 0 0 , 4 9 9B a l a n c e , s u r p l u s _______
P r e v i o u s s u r p l u s ...................
2 ,1 3 7 ,2 0 5

N e t e a r n i n g s ..............................................................- ..............o $ 4 3 9 , 2 1 9
A d d t h e b a l a n c e b r o u g h t f o r w a r d f r o m y e a r 1 9 1 8 --------------------------------M a k in g a to ta l
T h is p e r m it s o f a
arran gem en t o f
a n d 1 % to th e

$ 3 4 2 ,5 4 4

A

T o t a l . ............................5 ,8 3 5 ,0 1 6 5 ,8 2 7 ,7 5 7
— V . 109, p . 1792.

T e r m ’ls .

30 1919.)
E. E. Ford, Secretary to the committee of holders of Al
goma Central & Hudson Bay Ry. Co. and also Algoma Cen
tral Terminals, Ltd., 1st M . 5 % 50-year gold bonds, Lon
don, Oct. 20, wrote in substance:
1918 are as

$ 2 4 5 ,7 5 3

CEN T.

1918.
1919.
A s s e ts —
$
$
P r o p . , in v e s t , in
a ffil. c o s ., b o n d
d is c o u n t s , A c . . . 2 3 ,5 7 2 ,8 9 0 2 3 .3 7 4 ,4 5 6
M a t ’ ls a n d s u p p li e s
4 8 3 ,6 2 0
3 9 9 ,2 4 5
D e b t o r s ' a n d d e b it
b a l a n c e s .................
4 7 9 ,6 7 7
4 4 7 ,3 2 1
C a s h , d e m 'd lo a n s ,
in t e r e s t A d l v l .
d e n d s r e c ., A c .
4 1 8 ,6 0 7
6 3 7 ,5 0 7
P r o f i t A lo s s d e b i t
3 ,2 0 5 ,2 1 8
b a l a n c e ................... 3 ,6 6 2 ,1 2 6

(2 9

w ith

YEARS

—

p . 577.

E a r n in g s f o r

FOR

I n c lu d in g A lg o m a C e n t. & H u d s o n B a g R y . a n d A lg o m a C en t. T e r m in a ls , L td .
1 9 1 7 -1 8 .
O th e r In com e—
1 9 1 8 -1 9 .
1 9 1 8 -1 9 .
1 9 1 7 -1 8 .
I n t . b o n d s , A .E .T .
$ 4 5 ,0 0 0
.5 1 ,6 1 8 ,7 4 3 $ 1 ,3 9 1 ,1 2 0
$ 4 5 ,0 0 0
6 1 4 ,3 0 0
I n t . in v . A d e p ro o
6 7 ,5 7 3
6 6 7 ,1 1 4
S t e a m s h i p r e c e ip t sl
6 4 ,9 3 0
M i s c e l l a n e o u s _____
2 ,0 6 9
9 ,3 9 5
.$ 2 ,2 8 5 ,8 5 7 $ 2 ,0 0 5 ,4 2 0
G ross in c o m e ...
$ 3 6 0 ,3 9 4
$ 4 6 1 .8 6 0
In t. e q . tr. b o n d s.
1 7 ,1 0 0
R a ilw a y
w o r k i n g[
2 2 ,0 5 0
8 0 ,0 0 0
e x p e n s e s ................ S$ 1 ,5 9 0 ,6 4 8 $ 1 ,2 7 6 ,3 7 7 S p e c i a l e x p e n s e s . .
S te a m sh ip w o r k in g
J o i n t n e t e a r n s . $ 2 6 3 ,2 9 4
$ 4 3 9 ,2 1 0
2 7 1 ,2 8 1
’
3 3 0 ,1 0 4
7 7 ,4 3 6 I n t . o n A . C . A H .
t
8 6 ,0 3 1
B . R y . od s. 5 % ,
3 7 ,7 8 2
3 3 ,3 2 2
$ 5 0 4 ,0 0 0 , A r e n t
o f A . C . T e r m .,
7 5 3 ,9 7 6
7 5 3 ,9 7 6
L t d . , $ 2 4 9 ,9 7 6 ___

1918.
1917.
L ia b ilitie s — ..............
*
$
C o m m o n s t o c k ______ 2 ,1 0 0 ,0 0 0 2 ,1 0 0 ,0 0 0
B d s .( s e e R . & I . S e c . ) . 1 ,9 3 8 ,8 8 5 1 ,9 3 8 ,8 8 5
T r a f f i c , A c . , b a l s ............................
1 2 7 ,4 3 6
T o t a l e a c h s id e .2 8 ,6 1 6 ,9 2 0 2 8 ,0 6 3 .7 4 7
A ccou n ts and w ages.
2 9 ,2 3 4
2 3 2 ,9 2 9
C o n t in g e n t lia b ilit ie s in r e s p e c t o f (p r io r t o s c h e m e ) p a r t ic ip a t io n in
M ls c e ll. a c c o u n t s ...
2 9 ,6 2 9
9 8 ,3 3 2
C h a r b o n n a g e s d u K e n t S y n d ic a t e , 2 5 ,0 0 0 fr a n c s .
A c c r u e d in t e r e s t , A c .
2 6 ,5 9 0
2 7 ,6 2 1
3 1 ,4 6 5
9 6 ,0 8 2
A c c r u e d t a x e s -----------A L G O M A C E N T R A L T E R M I N A L S , L T D ., B A L . S H E E T J U N E 3 0 .
O p e r a t in g r e s e r v e s . .
4 1 ,7 5 6
3 3 ,2 9 9
1918.
1919.
1919.
1918.
U n a d ju s te d a c c o u n t s
2 6 ,0 2 4
2 4 1 ,6 5 7
L ia b il it ie s —
$
$
$
A s s e ts —
$
U . S . R R . A d m i n . . .1 ,0 7 0 ,0 9 7
____________
1 0 0 ,0 0 0
C a p it a l s t o c k .................. 1 0 0 ,0 0 0
P r o p e r t y , i n v e s t , in
A c c r u e d d e p r e c ’ n ___
4 6 5 ,4 6 6
4 2 3 ,6 5 6
F
ir
s
t
M
.
5
%
5
0
-y
e
a
r
a
f
f
i
l
.
c
o
s
.
,
b
o
n
d
d
is

x A d d ’ n s t o p r o p e r t y - 3 2 9 ,0 8 0
3 2 9 ,0 8 0
c o u n t s , A c _________ 4 ,1 3 6 ,6 6 3 4 ,1 3 2 ,6 0 3
g o l d b o n d s .................. 4 ,9 9 9 ,5 2 7 4 ,9 9 9 ,5 2 7
x F u n d e d d e b t r e t ir e d
5 8 ,0 0 0
5 8 ,0 0 0
I n v e s t , a t c o s t ______ 1 ,0 2 8 ,5 3 7 1 ,0 0 9 ,8 3 1 A c c r u e d i n t . o n 1st
S in k i n g f u n d r e s e r v e s 3 5 3 ,5 5 1
3 1 9 ,7 8 3
M . b o n d s ....................
5 4 1 ,6 1 6
5 4 1 ,6 1 6
A ce r. ren t, o f p r o p ..
5 4 1 ,6 1 6
5 4 1 ,6 1 6
P r o f i t a n d lo s s ----------y 2 ,1 7 4 ,5 4 1 2 ,0 7 7 ,7 8 9
D e b t o r s ’ A d e b it b a l .
7 2 ,5 9 8
8 8 ,8 1 3 C r e d i t o r s a n d c r e d it
..........................,
1
9
3
,8
7
4
1 8 6 ,6 1 4
b
a
l
a
n
c
e
s
C
a
s
h
,
l
n
t
.
A
d
l
v
s
.
r
e
c
.
5
5
,6
0
3
5
4
,8
9
3
T o t a l ...........................8 ,6 7 4 ,3 1 8 8 ,1 0 4 ,5 4 8

x T h r o u g h in c o m e a n d s u r p lu s ,
y T h e s u r p lu s , $ 2 ,1 7 4 ,5 4 1 , a s o f D e c . 31
1 9 1 8 , is a p p r o p r i a t e d a s f o l l o w s : F o r a d d i t i o n s a n d b e t t e r m e n t s , $ 1 ,2 6 4 ,2 0 1 :
in v e n t e d in s t o c k o f a f f il . c o s . , $ 1 9 3 ,8 0 0 ; a n d f r e e s u r . , $ 7 1 6 ,5 4 0 .— V . 1 0 9 ,

A lg o m a

[Vol. 109

THE CHRONICLE

1984

B ALAN CE

SH EET

AU G U ST

31.

A s se ts—
1919.
1918.
1917.
1916.
R e a l e s t a t e , & c ____________$ 1 6 , 3 3 0 , 2 0 0 $ 1 6 , 3 1 7 , 9 1 1 $ 1 6 , 1 2 0 , 2 4 0 $ 1 5 , 9 3 4 , 0 7 4
2 ,3 2 4 ,6 0 3
1 ,3 3 6 ,3 1 0
2 ,7 6 7 ,0 4 5
C a s h ................... .. ......................
7 ,3 7 0 ,4 4 1
B ills a n d a c c t s . r e c . a n d
IM
advs. f o r m e r c h a n d i s e . 6 , 9 2 7 , 3 4 8
7 ,2 1 3 ,7 9 0
4 ,3 6 2 .4 6 1
4 ,0 3 6 ,1 3 8
P r o d u c t s , r a w m a t 1, A c .
8 ,6 4 0 ,3 1 5
1 2 ,7 9 0 ,3 5 3
9 ,6 4 7 ,0 9 7
8 ,3 3 5 ,0 7 6
2 3 ,5 9 4 ,8 6 9
G o o d - w i l i , p a t e n t s , A c . . 2 3 ,5 9 4 ,8 7 0
2 3 .5 9 4 ,8 7 0
2 3 ,5 9 4 ,8 7 0
2...............
,5 0 0 ,0 0 0
......................
C a s h h e l d i n t r u s t ................
T o t a l a s s e t s ........................$ 6 2 , 8 6 3 , 1 7 3 $ 6 4 , 7 4 1 , 5 2 6 $ 5 5 , 0 6 1 , 8 7 8 $ 5 4 , 6 6 7 , 2 0 3
L ia b ilitie s —
C o m m o n s t o c k ------------------ $ 2 0 , ,2 3 7 ,1 0 0 $ 2 0 , 2 3 7 , 1 0 0 $ 2 0 , 2 3 7 , 1 0 0 $ 2 0 , 2 3 7 , 1 0 0
1 9 8 ,0 0 0
P r e f e r r e d s t o c k -----------------1 0 ,1 9 8 .6 0 0
1 0 ,1 9 8 ,6 0 0
1 0 ,1 9 8 .6 0 0
.0 0 0 ,0 0 0
D e b e n t u r e b o n d s -------------5 .0 0 0 .
0 050, 0 0 0 0 0 0
6 ,0 0 0 .0 0 0
T w o - y e a r n o t e s ------------------,0 0 0 ,0 0 0
5 .0 0 0 .
0 050, 0 0 0 , 0 0 0
6 ,0 0 0 ,0 0 0
T e m p o r a r y n o t e ...............
5 .0 0 0 . 0 0 0
O n e - y e a r g o l d n o t e s -------,0 0 0 ' ,6 6 6
2 ,5 0 0 .0 0 0
,0 9 7 5 0 1
R e s .fo r F e d .t a x A c o n t in g
5 0 0 ,0 0 0
A c c o u n t s p a y a b l e ------------737 403
1 ,0 2 7 ,9 8 7
3 6 3 ,5 0 9
2 0 2 ,5 2 1
,4 6 5 ,1 9 3
R e s e r v e s . ..................... ..............
1 ,6 8 5 ,8 4 0
1 ,0 1 4 ,7 6 4
8 9 3 ,7 2 0
383 3 3 3
A c c r u e d i n t e r e s t ---------------1 6 6 ,6 6 7
1 6 6 ,6 6 7
2 7 0 ,8 3 3
P r e f e r r e d d i v i d e n d s --------305 958
3 0 5 .9 5 8
3 0 5 .9 5 8
3 0 5 ,9 5 8
C o m m o n d i v i d e n d s ----------2 ) 2 ,3 7 1
2 0 2 .3 7 1
2 0 2 .3 7 1
2 0 2 ,3 7 1
P r o f i t a n d l o s s --------------------- 1 3 ,2 3 5 ,6 5 1
1 2 ,4 6 0 .2 6 7
1 2 ,5 7 2 ,9 0 9
1 2 ,8 1 2 ,8 3 7
T o t a l l i a b i l i t i e s ................$ 6 2 , 8 6 3 , 1 7 3
— V . 109. p . 678.
F r e e p o r t

T e x a s

C o m p a n y

(In com e Statement fo r

$ 6 4 ,7 4 1 ,5 2 6

a n d

$ 5 5 ,0 6 1 ,8 7 8

S u b s id ia r y

C o m p a n ie s .

Six M onths ending M a y

6 M o s . to
M a y 31 ’ 19.
G r a s s s a l e s ................................................................................................$ 1 , 4 3 8 , 3 7 1
2 3 9 .0 4 1
C o s t o f s a l e s ........................... - ................................................... ........
S e l l i n g a n d g e n e r a l e x p e n s e s ..................................................
4 1 9 ,9 6 0
N et
O th er

$ 5 4 ,6 6 7 ,2 0 3

31

1 9 1 9 .)

4 M o s .'t o
M a r . 31 '19.

$1,163,566
219.090
286,831
$657,645
78.282

p r o f i t ...........................................................................................
i n c o m e ----------------------------------------------------------------------------

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

N e t i n c o m e . ............................
D i v i d e n d s ( 3 % ) ............................................... .. ...............................

$ 8 8 1 ,2 2 7
1 1 2 ,9 8 9

$ 7 3 5 ,9 2 7

B a l a n c e , s u r p l u s __________ _______________ . . . . . . . . . .

$ 7 6 8 ,2 3 8

$ 7 3 5 ,9 2 7

THE CHRONICLE

Nov. 22 1919.]

1985

CONSOLIDATED BALANCE SHEET.

Assets—

Real est., bides.,
equip. & boats..
1st M. bds. II.&B.
Vail. Ry. C o ...
Sec.S.& G .SS.C o.
Mlsc. securities—
Furn. & fixtures..
Cash......................
Call loans..............
U. 8. Gov't secure.
Acc’ts receivable. .
N otes...............
Mdse. & supplies.
Insur. premiums..
Notes & acc’ts rec.
Interest accrued..
Insurance claims. .
Developing work.

May 3 V 19. Nov. 30’ 18
$
$
5,410,840
71,100
25,000
18,975
33,058
208,512
1,250,000
1,454,170
169,893
2,700
2,524,881
53,309
187,702
15,317
61,819
119,309

— V. 109, p. 1613.

BALANCE SHEET JUNE 30.

May 31 ’ 19 Nov. 30 '18
$
S
■
Est. value of sul
5,207,405
phur d ep osit...29,665,758 29,811,720
______
Miscellaneous___
16,905
Total .................41,272,343 42,400,710
Liabilities—
s
S
27,943 Capital stock (no
47,437
par value, less
350,000
treasury stock). 3,499,325 3,499,325
4,384,650 Vouchers payable.
82,068
45,145
786,018 Accounts payable.
131,825
216,125
Meter deposits__
833
502
1,303,091 Accrued value of
45,359
sulphur deposit-29,665,758 29,811,720
189,925 Reserves...... ......... 1,160,415 1,843,448
30,167 Earned surplus__ 6,732,119 6,984,444
114,620
T o t a l.................41,272,343 42,400,710
85,469

1919.
1918.
Liabilities—
S
$
Capital stock is
sued ........., ____15,000,420 15 ,000,420
Funded debt........ 1,799,800 2 ,039,800
Loans payable___ 5,035,243
,173,207
Accounts payable.
518,413
846,763
Accrued charges..
555,089
348,235
Surplus................... 1,124,409
,429,418

.24,033,374 23,837,843

Total ...............24.033,374 23,837,843

a In part assigned in security o f loans.
b The book value o f mines and mineral lands was written down by
$6,580,192 as an allowance for exhaustion. See text above,
c After deducting reserve for depreciation. $3,102,501.
d Assigned at June 30 1919 and subsequently as security for bank loans.
— V .’ 109, p. 1895.

C h a r c o a l I r o n C o m p a n y o f A m e r ic a .

P i t t s b u r g h B r e w in g C o m p a n y .

31 1919.)
President C. H. Ridall, Pittsburgh, Pa., Nov. 12 1919,
wrote in substance:
{Re-port for the Fiscal Year Ending Oct.

The gross earnings amounted to $2,237,965. After allowing for the
payment o f dividends, deductions for depreciation, doubtful accounts,
Interest on bonds and the sums reserved for taxes accrued and unpaid,
amounting in the aggregate to $1,672,025. there remains a credit balance
o f $665,940, which amount has been carried to the surplus account.
The financial statement shows bonds payable by the corporation amount
ing to $5,319,000. From the last mentioned amount should be deducted
546 bonds carried under the head o f investments, and 885 bonds held in the
sinking fund, leaving outstanding bonds o f the net aggregate par value of
S3 8 8 8 0 0 0
The reports o f the Secretary and o f the Treasurer for the fiscal year above
mentioned, will bo submitted to you and will afford more elaborate particu
lars of the operation and finances o f the company.
INCOME ACCOUNT FOR YEAR.
1916-17.
1915-16.
1917-18.
1918-19.
Oct. 31 Years—
702.554
849,200
798,175
Not stated
$6,073,925 $8,845,932 $7,663,428 $6,555,829
6,011,396
5,437,498
4,312,228
4,164.918
General office expenses.

$2,509,008
471,106

$2,834,536
400.735

$2,225,930
460.559

$2,243,601
459.785

Other income.

$2,037,902
300,063

$2,433,801
232,625

$1,765,371
215.577

$1,783,815
194.237

$2,666,426

$1,980,948

$1,978,052

$319,140
Interest*................ .........
$319,140
$319,140
$319,140
Estimated State taxes..
21,000
22,778\
125,000
Res. for Fed. taxes-----------------488,840/
Preferred dividends__ (7%)426,999(8H)518,501
(9) 549,009 (8 H ) 533,757
Common dividends----- (4%)238,490 (1)089,434
---------753,087
666.396
728,958
Depreciation, &c.
687,796
Total deductions .........$1,672,025 $2,191,780 $1,722,107 $ 1.540,693
Balance, surplus
..
$665,940
$474,646
$258,841
$437,359
BALANCE SHEET OCT. 31.
1919.
1919.
1918.
S
Liabilities—
$
S
.16,719,426 17,836,539 Preferred stock__ 6,100,100
625,545 Common s to c k ... 5,962,250
C ash................... - . 614,498
Investments........ . 4,480,S84 2,544,865 Bonds (see text)-- 5,319,000
Notes receivable... 530,275 1,203,911 Sundry accounts..
31,412
Accts. receivable... 171,731
329,383 Mchdse. accts. pay
60,013
51,160
Int.accrued______.
Cereal bev. taxes.
16,983
Inventories______. 718,437
906,513 Acer, taxes (est.). 408,354
417,641 Accrued bond int.
Sinking fund_____. 573,792
106,380
Surplus.................. 5,855,713
_______

1918.
$
9,100,859
6,119,485
579,627
8,000
66,897
2,670,533
5,249,657
42,785

1919.
S
b8,908,444
.c8,689,473
. a682,708
t
..........
.
83,774
. 5,355,008
.
253,304
.
60,662

Assets (Con.)—

.23,860,204 23,864,397

„ . N?.ne£ f ouJL,contracts for charcoal iron at the close o f the war was canceled
SfwvTv!6 k The demands for iron have continued to test our capacity,
,en limlted because o f the necessary repairs referred to above,
led tonnage on our books Sept. 30 stood at 45.062, and, beginning
5?c t; 1: the Purchasing activity, both in the requirements for deliveries
2 J ^ ba'atnCe, 0f the present year as well as the first half of 1920, has far
£ e5 f^ i?L t? ath?fhany °.ther y<? r f Ince organization. This, naturally, has
Ji 0
,<1'r Prices and advantageous contracts have already been
booked. The outlook seems very favorable.
Results for Nine Months ending Sept. 30 1919.
1917.
Net profits________ ___ ______________ $306^427 381 5 4 Q^filtn $1,278,313
Preferred dividends___________
(3%)156 518 (3)156 5181
Common d iv id e n d s....................... I.(2%)56|787 (6)170|36f}
554,733
Balance, surplus__________
«qq ioo $1,222,771
$723,580
— V. 109. p. 479. 75. 70.
...............

1918.

$

G E N E R A L IN V E S T M E N T N E W S

535,000
106,380
5,802,943

A lg o r a a C e n t r a l T e r m in a ls , L t d .— A n n u a l Report.—

5,962,250
5,319,000
38,725

T o t a l................ 23.S60.204 23,864,397

G r a n b y C o n s o l . M in in g , S m e lt in g & P o w e r C o ., L t d .

'{Report for Fiscal Year ending June 30 1919.)
Pret. Wm. H. Nichols, N. Y., Sept. 23 1919, wrote in sub.:

These reports sufficiently reflect the consequences o f a combination of
untoward conditions under which our management has worked during the
year, culminating in a temporary suspension o f dividends.
Special mention may be made of our labor troubles which, beginning in
July of last year, have continued with varying seriousness down to the
present time; the epidemic o f malignant influenza which for the time
practically suspended all operations, and the enormous enhancement of
costs, not only of ordinary operations but also o f the extensive new construc
tion going forward In connection with our coal and coke developments.
These temporary conditions, however, do not touch any one o f the funda
mentals upon which wo base our confidence in the future o f the properties.
We have demonstrated that our concentration process is applicable to
the low grade ores o f which we have some fifteen million tons, the value
o f which has heretofore been regarded as problematical.
We have achieved our independence so far as coal and coke are concerned;
we aro already producing and apparently this is the last year in which we
shall be to any extent dependent upon others.
RESULTS FOR YEARS ENDED JUNE 30.
Sales—
1918-19.
1917-18.
1916-17.
1915-16.'
Copper, fine (lbs.)......... 16,333,137 44,685,001 41,878,568 42.198,083
Average price received
$0.1771
$0,237
$0.2204
$0.2740
Silver, fine (oz.).............
395,915
550,163
599,349
487,845
Average price received
$1.0143
$0,922
$0.7100
Gold, fine (oz.)...............
13.657
30,730
29,821
44,848
Gross Income..................x$6.501,099 $11,644,311 $12,686,733 $11,370,500
Operating expenses........ 5,805,751
7,519,492
6,909.854
7,262,880
Gen. exp. int. & taxes..
774,206
______
__ __
Net profit......................def.$18,858 $4,124,819 $5,776,879 $4,107,620
Deduct—
Dividends paid ( 8 %)$1.312,537(10)$1,500.042(9)$1349,962 (6)$899.911
Bond Interest...................
i 20.884
131,325
211,532
213,821
M i s c e l l a n e o u s ...............80,097
450,870
112,551
74,505
R e s e r v e f o r o r e d e p l e t io n

764,570

2,015,491

1,256,267

______

Total deductions_____$2,278,088
Balance, surplus..........def.$2.296,946
S u r p lu s f r o m p r e v . y e a r . z3,421,355

$4,097,728
$27,091
3,402,327

$2,930,312
$2,846,567
6.587.471

$1,188,237
$2,919,383
3,668.087

Total surplus June 30. $1,124,409

$3,429,418

$9,434,038

$6,587,471

x Includes in 1918-19 net returns for metals produced and estimating
copper in transit and on hand at an inventory price o f 16.23 cts. per lb.,
$4,851,205; metal Inventory of June 30 1918 sold at an advance over in
ventory prices o f $496,318; dividends received, $34,296; premium on
Canadian war bonds, $21,312, and net returns from rents arid commercial
enterprises, $50,491.
z As adjusted.




3 0 1 9 1 9 .)
• P res. F rank W . B lair, D e tro it, N o v . 1 2 , wrote in su b st.:
The precipitate cancellation of contracts for war material by the Govern
ment necessitated a widespread readjustment and compelled a delay o f
several months in shipments, ours among the rest. Then, just as we were
about to prepare our financial statement for the quarter ended June 3 0 .’
a u!r£ at Manistique completely destroyed the still house and apparatus,
which made it necessary to blow out the furnace and cease operations at
that point. The loss sustained was fully covered by insurance, and a
settlement thereof has been made upon a basis thoroughly satisfactory.
Adjustment of the use and occupancy insurance should be completed soon,
•vr Repairs were necessary when the war work ceased. The Boyne City and
Newberry furnaces are now operating to capacity, the repairs to the chemi
cal plants at Newberry and Ashland are about completed, and it is expected
the Ashland furnace will blow in about Jan. 1. The work of rebuilding the
ly m possibFeant ** a*ready under way and will be completed as expeditiousAfter the signing o f the armistice there was a great shortage in the availaDie supply of wood alcohol in the country; this increased the returns on our
production at once, and this situation still obtains. The contrary was true
in the case o f acetate of lime. Of late, however, there has been a steadily
increasing demand for acetate and our own stock is about exhausted. We
are still carrying a large stock for the Government, for which a claim has
o?™,i i lu _?nd a|lowed, although actual payment has not been made,
^ c t o r y tlle demand continue, the returns to the company will be most satis- ,

6 ,100.100

* Includes as o f Oct. 31 1919 mortgages receivable, $135,700; real estate
(other than plant), $466,602; stocks and bonds, $486,867; Liberty bonds,
$1,289,832; U. S. Treasury ctfs., $1,700,000: bonds of War Finance Corp.,
$200,000; U. S. Victory notes, $200,844; and War Savings stamps, $1,039.
Note.— Unsold stocks and bonds in treasury: $181,000 bonds, 7,998
shares o f pref. stock (par $50), or $399,900, and 10,755 shares of common
stock (par $50), or $537,750.— V. 107, p. 2005.

and plant deprec’n__

{Quarterly Report— 9 Months ending Sept.

R A IL R O A D S ,

IN C L U D IN G

E L E C T R IC

ROADS.

l O ^ p ^ f o !?* 1 Central & Hudson Bay Railway under reports above.— V.

A n t h o n y & N o r t h e r n R y . — To Reorganize . —
Application for the reorganization
of tho road as the Wichita North
western R R . was filed Nov. 4 with the Kansas P. U. Commission by O. P.
Byers, President. The company proposes to extend the line 67 miles
through Liberal, Hugoton and Richfield with a new bond issue of $995,000.

A r k a n s a s V a lle y R y ., L i g h t & P o w e r C o . — F ares . —
The Pueblo City Council recently passed an ordinance granting the
company permission to charge 6 -cent fares. This ordinance took effect on
N ov. 11 after the required 60 days after Its passage before becoming law.
The street railway employees who threatened to strike were granted a
12 yi% increase in wages on Sept. 12 and a further increase of 12)4%
when the new ordinance went into effect.— V. 109, p. 71.

A t l a n t i c Q u e b e c & W e s t e r n R y . — N o In terest . —
The company announces that, as certified by the auditors in accordance
with the provisions of the supplemental trust deed dated June 30 1917
there are no funds available for any payment in respect of interest coupons
S.os; 2 J a n d 28. dated respectively, Jan. 1 and July 1 1 9 1 9 , Gf the 5%
First Mtge. Debenture bonds.— V. 109, p. 1460.
/0

A u r o r a E lg in & C h ic a g o (E le c t r ic ) R R . — N otice to
Bond and N ote Holders— Committee and W a r Finance Cor
poration Purchase N ote Collateral.—
In a circular addressed to holders o f First k Refunding Morteace 5 %
Bonds, duo 1946, R. M . Stinson, of R. M . Stinson & Co. Philadelphia,
Nov.T3a s a ^ In°sXstance n0te holders I>r°bation Committee, in circular ol
a.Pd/ he. War, Finance Corporation have purchased the
M ortease 5% Bonds which were deposited
8 Turee Year Collateral Trust Notes
1 he Committee for the First & Refunding Mortgage b°/r Bonds now rex>rwentsa total o r .$4,131,000 or said issue. As for^Tofure p roc^ d in ^ undS
^he depositories will accept further doposits of bonds prior to Nov. 24, without penalty, but, after that date only

c& S-T?£2,°k
&

O k * 0

—

Director— A n n u a l R eport .—

F elix M

W arburg^ haS becn e,ected a director to succeed his brother.
See “ Financial Reports” on a preceding page.— V. 109, p. 1460.

B in g h a m t o n (N . Y .) R y . — Fare Increase Stayed.—
PoJmnVr<S iE harI^Sr?sichols; « of Coblertdll. N. Y .. on N ov. 17 granted the
^ ^ rPiler.v,and Corporation Counsel of Binghamton an alternative writ
S- Commission from increasing street car fares
f amt? n’ The question at issue is whether the franchise clause pro
viding for a 5-cenl fare is a contract,— V. 109. p. 1700.

B o s t o n & M a in e R R . — Government to M ake Promised
Loans in A id o f Reorganization— Early Consum m ation o f Plan
Expected. M ayor Peters of Boston upon his return from
Washington on N o v . 14 was quoted as saying:
^ ''J h iio in Washington I took up with tho RR. Administration the New
luigmnd situation. At the conference I was informed that arrangements for
the reorganization of the Boston & Maine RR. have just been agreed to be
tween the RR. Administration and the Boston & Maine R R ., so that an
advance of $17,606,000 will be made, for which the railroad will give in re
bonds, and an advance of $2,273,000. for which they will give
o % bonds. In addition to these advances for which bonds are to be delivered

1986

THE CHRONICLE

b y th e r a ilr o a d , t h e R R . A d m in is t r a tio n o w e s t h e B o s t o n & M a in e a b a la n c e
o f a b o u t $ 1 1 ,0 0 0 ,0 0 0 c o m p e n s a t i o n .
A p a r t o f t h i s c o m p e n s a t i o n w ill b e
p a id a t o n c e .
[ C o m p a r e la s t i t e m o f t a b l e i n R r p r e s e n t a t i v e S h e r l e y ’s
sta tm e n t.
V . 1 0 0 , p . 1 8 5 9 .— Ed.]
T h e g e n e r a l p l a n is t h e o n e i n d i c a t e d in t h e r e c e n t c ir c u l a r s is s u e d b y t h e
s t o c k h o ld e r s ’ c o m m it t e e t o th e s t o c k h o ld e r s , a n d c o n t e m p la te s th e e x c h a n g e
o f t h e s h a r e s o f t h e le a s e d l in e s , s u c h a s t h e F i t c h b u r g p r e f e r r e d , B o s t o n &
L o w e ll, C o n n e c t ic u t R iv e r , a n d o th e r s , f o r p r e fe rr e d s h a re s o f th e r e o rg a n iz e d
B o s t o n & M a i n e . P a r t o f t h e e a r n in g s a r e t o b e a c c u m u l a t e d t o r e p a y t h e
lo a n t o t h e G o v e rn m e n t.
T h e p r e f e r r e d s t o c k h o l d e r s m a y g e t a s l i g h t l y le s s r e t u r n t h a n t h e y a r e
g e t t i n g a t t h e p r e s e n t t i m e , b u t t h is a r r a n g e m e n t is o f g r e a t a d v a n t a g e t o
t h e m a n d t h e u l t i m a t e s o l u t i o n o f t h e s i t u a t i o n . T h e s e p la n s h a v e a l r e a d y
b e e n a p p r o v e d b y t h e s t o c k h o l d e r s o f t h e v a r i o u s r a i lr o a d s , b u t c e r t a in
d i f f i c u l t i e s in n e g o t i a t i o n h a v e p r e v e n t e d t h e f i n a l u n d e r s t a n d in g in t h e
s i t u a t i o n w it h t h e R a i l r o a d A d m i n i s t r a t i o n .
[Tt is e x p e c t e d t h a t h e a r in g s w il l b e g in s h o r t l y b e f o r e J u d g e M o r t o n in
t h e F e d e ra l D is t r ic t C o u r t o n p e t itio n o f th e c o m p a n y fo r th e d is ch a rg e o f
t h e r e c e iv e r in o r d e r t h a t t e r m s o f t h e r e o r g a n i z a t io n m a y b e c a r r ie d o u t .
T h e p e titio n h a s b e e n o n file fo r s o m e t im e .]— V . 1 0 9 , p . 1 7 9 2 , 1460.

Brooklyn City RR .—Orders

Zone Fare Dropped .—

[V ol . 109.

build and own its subways and other rapid transit structures. (2) That an
agreement including the best features of the Taylor scrvice-at-cost plan
be entered into with the street-car company. That municipal control of
the operation o f the enlarged system be provided for in this agreement
which is to be negotiated by tho Street Railway Commission and to contain
a purchase clause at a fixed valuation. This purchase right to bo exercis
able by the city at its option at the end of any five-year period. That the
people bo given an opportunity to vote upon this plan and at the same
timo upon any amendments to the city charter which tho city’s legal advisors
may find necessary in order to make this plan legally possible.”
The minority report declared for straight municipal ownership and
operation and called for no further negotiations with the company.
The Detroit City Council recently approved tho plans for subway dips in
Woodward Ave. and Fort St., and recommended the plans for adoption.
The total cost of the subways as approved is estimated at about $8,000,000.
It is stated that a popular vote on a bond issue to financo tho work may be
sought before the end of the year.
Tho company, it is said, is negotiating for the purchase of 100 trolley cars
from the Toledo Railways & Light Co.— V. 109, pi 1700, 1527.

E rie R a i l r o a d . —

Officers.—

The following officers have been elected: George F. Brownell, V.-Pres.

P.
S . C o m m i s s io n e r N i x o n is s u e d a n o r d e r , w h ic h w a s s e r v e d o n N o v . 2 0&, Gen. Counsel: George N. Orcutt, V.-Pres. & General Claim Attorney:
d ir e c t in g t h e c o m p a n y im m e d ia t e ly t o ce a s e f r o m ch a r g in g t w o 5 c . fa re s
George II. Minor, V.-Pres. & Sec.; William J. M oody, Treas., and Joseph
-o n i t s F l a t b u s h A v e . l in e .
G e n e r a l M a n a g e r II. H. P o r t e r o n t h e s a m e
L. Packer, Asst. Sec. & Asst. Treas.— V. 109, p. 1700.
d a t e is s u e d o r d e r r e v o k i n g i n s t r u c t i o n s t o c o l l e c t t w o f a r e s , w h ic h s a id in
s u b s t a n c e : “ T h e c o m p a n y d e c i d e d t h a t i t w o u l d t a k e t h i s c o u r s e u n t il
F i t c h b u r g & L e o m in s t e r S t r e e t R y .—
N o v . 2 4 , w h ic h is t h e e a r lie s t t i m e b y w h ic h r e b a t e c h e c k s c o u l d b e r e a d y
The Mass. P. S. Commission will allow the schedule of increased fares as
fo r u se.
O n t h a t d a t e t h e c o m p a n y w il l r e s u m e t h e c o l l e c t i o n o f t h e s e c o n d
filed by the company to become effective shortly after certain ticket ar
f a r e , i s s u in g f o r e a c h a d d i t i o n a l f a r e a r e b a t e c h e c k g o o d f o r 5 c e n t s i f t h e
rangements have been modified. Under the tariff now filed it is proposed
o r d e r o f t h e C o m m i s s io n is f i n a l l y u p h e l d b y t h e c o u r t s . ” — V . 1 0 9 , p . 1 7 9 2 ,
to raise tho fare from 7 to 10 cents and tickets from 6H to 8 1-3 cents: also

Fares .—

to increase 10-trip tickets from $1 to $1 25.— V. 107, p. 1192.

B r o o k ly n
m itte e f o r

Q ueens

F ir s t

C ou n ty

C o n s o lid a te d

&

S u bu rban

M o rtg a g e

5 %

B o n d s

R R .— C o m 
D u e 1941.—

The commitcee named below in a notice to the holders of the First Con
solidated Mortgage bonds says in substance:
The company’s properties being in the hands o f a receiver, and default
having been made in the payment of the interest Nov. 1 , the undersigned
have consented to act as a committee for the protection of the interest of all
o f the bondholders. A deposit agreement is in course of preparation and
when completed will be filed with the Brooklyn Trust Co. depositary 2
Wall St., N. Y. City, and No. 177 Montague St., Brooklyn, where copies
•can be obtained upon application. Bondholders are requested to send to
the Secretary o f the committee their names and addresses and the number
and description of the bonds held by them.
Committee.— Haley Fiske, Elon R. Brown, Chauncey M . Depew William
K . Dick, Willis McDonald, with Austin W. Penchoen, Sec., 177 Montague
N ' ’Y FCUy"— V ' h )9 apd 1792^' Ledyard & M ilburn, counsel, 54 Wall St.,

B r o o k l y n R a p id T r a n s it

C o . —

R e v ie w

in

T ra n sfer

C a s e .—

See Brooklyn Queens County & Suburban Ry. above and Nassau Electric
R R . and New York Rys. below.— V. 109, p. 1891.

C i n c i n n a t i & C o lu m b u s T r a c . C o . —

P r o b a b le

M e r g e r

.—

See Cincinnati Milford & Blanchester Traction Co. bolow.— V. 109! p.981.

C in c in n a ti & D a y to n T r a c tio n C o .—
of U n d e r l y i n g B o n d s .—

N o tic e

to

H o ld e r s

See Southern Ohio Traction Co. below.— V. 107, p. 291.

& B la n c h e s t e r T r a c . C o . —

P r o b a b le

M e r g e r

.—

M r. B. H. Kroger, in connection with the reports that he had been con
sidering a proposition to merge this company with the Cincinnati & Colum
bus Traction Co., is quoted as saying: “ Citizens of Hillsboro submitted the
merger proposal to me a few weeks ago. They were told that it would bo
nec^sary for them to raise $425,000 to bring about the rehabilitation of the
C . & C. line and the installation o f new light cars. This proposition was
presented to the P . U. Committees o f the Chamber o f Commerce and the
Business Men s Club. The local committees were asked on Nov. 11 to see
about raising $300,000 in Cincinnati and $125,000 in Hillsboro, with which
to
Cincinnati & Columbus road. Under the plan the Cincin
nati Milford & Blanchester road would give as security $425,000 1st mtge.
bonds ° f the Cincinnati & Columbus road and $400,000 1st mtge. bonds of
tne Cincinnati Milford & Blanchester company. If the merger is effected,
both the present power plants o f the two lines would be abandoned and the
current supplied b y the Union Gas & Electric C o.”
The Cincinnati & Columbus Traction C o., upon permission granted by the
Ohio P. U. Commission, abandoned service between Hillsboro and Owensville on Oct. 25, but continued to operate that part o f the line between
Owensville and Norwood.— V. 107, p. 1836.

G r a n d T r u n k R y .—

Assumed by Canadian

Liabilities to be Assumed or Virtually
Government.— H on. J. D . Reid,

Minister of Railways, on N o v . 13, was quoted as stating
that the Canadian Government assumes [or will virtually
assume Ed.] the following liabilities by taking over the Grand
Trunk R y viz.:
1. The debenture stock— which really represents bonds against the road—
In perpetuity amounting to a total of $155,373,806.
2. Second mortgage equipment bonds 6 % $1,814,780.
3. Northern third mortgage 6 % bonds, $70,566.
4. Canada Atlantic 4% bonds, $16,000,092.
5. Wellington, Grey & Bruce bonds, $295,893.
6 . Matured bonds unpaid, $3,407.
These two items together amount
to $173,558,544.
,
,
Interest at 4% on tho guaranteed stock of £12,500,000 sterling In per
petuity, with the right at tho end of 30 years to take over that stock. In
the meantime the stock being divested of its voting privileges.
In addition to that there are tho following Pref. stocks: First Pref.
5% stock, $16,644,000; 2d Pref. 5% stock, $12,312,666; 3d Prof. 4% stock,
$34,884,535, or a total of $63,841,201.
.
Tho Government pays no arrears on any of tho stock. Whatever award
is made as to what Interest, if anv, we shall pay will be effective from the
date that the award Is made. The arbitrators then will value this $63,
841,201 of stock, and on that we will pay 4% interest in perpetuity, with
the exception that wo have the right to purchase it after thirty years.
Compare V. 109, p. 1609, 1890.

G u l f F lo r id a & A la b a m a R R .— Successor Co. & c . —
The date for confirming tho sale of tho road has been fixed for Dec. 9.
II. B. Thorne representing the bondholders bought In tho property for
$500,000 at receivers sale on Oct. 14.
It is stated that a new company, tho Gulf Pensacola & Northern, is being
formed to reorganize and manage tho road. Tho directors will include
James II. Fraser, President; Arthur S. Butterworth, Vice-Pros.; Roscoe C.
Greenaway, Sec. & Treas.; Howard Humphreys, George Reeder, James
Franklin Crutcher and Philip Dane Bell. Capital stock, $2,500,000; bonds
authorized, $5,000,000.
It is probable that the plan of reorganization— V. 105, p. 2094— will be
superseded.— V. 109, p. 1527.
G u l f P e n s a c o la & N o r t h e r n R R . —

See Gulf Florida & Alabama R R . above.

I n d ia n a p o lis S t r e e t R y .

Successor Company.—

— Dividend.—

A dividend of $1 50 has been declared on tho $5,000,000 pref. stock for
the quarter Juno 1 1919 to Aug. 31 1919, payablo Dec. 1.
The Indianapolis "News” of Nov. 14 says:
“ Tho preferred is cumulative 6 % and was issued under tho merger con
tract between the old Indianapolis Street R y. Co. and the Indianapolis
C i n c i n n a t i N e w O r le a n s & T e x a s P a c i f i c R y .— E a r n s . Traction & Terminal C o., in exchange for tho $5,000,000 common stock
Calendar Years—
1918.
1917.
of the old Indianapolis Street Ry. C o., on which there was a guaranteed
Certified standard return_________________________ $3,541,040
____
6 % dividend a year when the Indianapolis Traction & Terminal Co. hold
Operating income (revised)_____________________
________ $4,692,307 the lease. In the now company the dividond on tho pref. stock is payable
Other income___________________________________
110,182
164,720 if earned. Tho date for the first quarterly dividend was Sept. 1, but it
was not paid at that time, tho Public Service Commission believing that
Total corporate income________________________ $3,651,220 $4,857,026 the rovenues did not justify it in view of the immediate need of money for
Rents for leased roads__________________________ 1,210,771
1,210,815 improvements. In refusing to authorize tho payment of a dividend at that
War taxes______________________________________
332,022
237,099 time the Commission said it did not wish to be understood as having adopted
Miscellaneous charges___________________________
190,275
130,514 a policy against dividends. It is said that tho payment of the dividend will
Preferred dividends ( 5 % ) ..........................................
122,670
122,670 improve the credit of the company. It is believed the upward tendency
Common dividends (1 3 % ).........................................
388,700
388,700 of Indianapolis Street Ry. Co. stock quotations havo been duo to the in
Permanent improvements______________________
600,000
609,625 creased revenues.” — V. 109, p. 1700.
Balance, surplus_____________________________
— V. 108, p. 2629.

$806,782

$2,157,603

C o lu m b u s N e w a r k & Z a n e s v ille E le c t r ic R a ilw a y C o .
— D efault on General M ortgage 5 % Bonds, D ue 1926 — Com
m ittee . — A com m ittee in circular o f N o v . 12 says in brief:
Default has been made in the payment o f the Interest due N ov. 1 1919,
on the above issue o f bonds and as the railway since 1906 has been operated
by another company under lease, it is o f vital importance that a Protective
Committee represent the interests o f these Bondholders alone, even though
the N ov. 1 interest be paid at a later date. We urge that you forward your
bonds at once to The Land Title & Trust C o., Philadelphia, as depositary.
Protective Committee. R. M . Stinson, Chairman, R . M . Stinson & C o.,
Philadelphia, Pa.; Alba B. Johnson, Philadelphia, Pa.: and Claude A .
Simpler, Trust Officer, The Land Title & Trust C o., Philadelphia, Pa., with
counsel, Roberts, Montgomery & McKeehan, Philadelphia, Pa.
(The property was leased in 1906 to Indiana Columbus & Eastern Trac
tion Co. wnich in turn was leased in 1907 to Ohio Electric R y.— see pages
35 and 36 o f ” E1. R y. Sec.” — Ed.]— V. 106, p. 924.

C u b a R R . — To Use Oil B urners . —

The company has decided to convert 169 locomotives into oil-burners at
a cost o f $600,000, the work to be completed by Dec. 1 1920.

Scrip Dividend to be P a id . —

The scrip dividend o f 3% paid Feb. 1 1918 and duo Feb. 1 1921. has been
called for payment on Feb. 1 1920. Tho regular semi-ann. dividend of 3%
in cash has been declared on the Preferred stock, payable Feb. 2 to holders
o f record Dec. 31.— V. 109, p. 1174.

D e n v e r T r a m w a y C o . — Six Cent Fare O rdinance.—

A new ordinance granting the company to charge a 6 -cent fare with one
free transfer went into effect at midnight N ov. 13. The mayor signed
the ordinance after the company and its employees had agreed to arbitrate
the matter o f increased wages and to abide by the decision of the arbi
trators. The men are now receiving 48 cents an hour and are demanding
an increase to 75 cents, but it is thought that an increasejto 60 cents wlii
be granted, as was granted recently at Pueblo.
In a statement issued by the mayor, he explains that the 6 -cent ordinance
Is subject to repeal by the council or tho people at any time, and that if
examination o f the company’s financial affairs warrant tho restoration of
a 5-cent fare he will take steps for its repeal.— V. 109, p. 1891, 1609.

D e t r o i t U n it e d R y . — Car N egotiation Plan, & c . —

The Detroit Common Council on N ov. 1 1 , by a vote o f 5 to 4, went on
record as favoring the report and recommendations o f the Board of Street
Railway Commissioners, which includes: “ ( 1 ) That the city begin now to




I n te r n a tio n a l & G re a t N o r th e r n R R .

— Extension.—

It is stated that holders of more than $9 ,0 0 0 ,0 0 0 or the 6 % bonds due
N ov. 1 last, out of a total of $11,290,500 outstanding, havo agreed to an
extension to Nov. 1 1922.
It Is stated that the $1,400,000 6 % Receivers certificates, which becamo
due on N ov. 1, have been extended to N ov. 1 1922.— V. 109, p. 1610.

I n t e r n a t i o n a l R y ., B u f f a l o . — Fare

Increase .—

The N. Y . P. S. Commission on Nov. 21 entered an order directing a
ticket rate of 6 H e., with a cash faro of 7c. This order is to bo effective
6 months from N ov. 30.— V. 109, p. 1610.

K a n s a s C i t y R a i l w a y s . — Default on Bonds— Committee
Calls fo r Deposits of All the Company's Bonds and Notes—
Letter from President Kealy. —Tho committee named below

an unuaually strong and representative body, in circular of
Nov. 5 addressed to the holders of all tho company’s funded
obligations, both bonds and notes, presents the lotter from
President Kealy which is cited bolow.
The committee also, “in view of tho burdens upon the
general street railway industry on tho one hand, and upon
the other of the seemingly encouraging factors in said
letter,” asks prompt deposit of tho securities in question
with one of the depositaries named for purposes of mutual
protection. The interest due Nov. 15 remains unpaid and
further defaults aro impending.

Digest o f Letter from Pres. P hilip J. Kealy, Kansas C ity, Mo., Nov. 5.
Financial Status.— The company, with 313 miles o f track, furnishes all
the street car transportation in Kansas City, M o., and Kansas City Kan.,
serving a population of about 450,000. Its valuation, as recognized’ by the
Public Service Commissions o f Missouri and Kansas, is approximately
$35,500,000. There is about $1,000,000 additional value that nrobably
would bo allowed when presented.
The funded debt aggregates $29,606,700, as follows:
First Mtge. bonds (lnt. July 1 and Jan. 1) duo July 7 1 9 4 4 ... $15 917,400
Second Mtge. bonds (lnt. July 1 and Jan. 1) duo July 7 1944.. 4,939,300
3 - Year notes, due M ay 15 1921 (lnt. May 15 and Nov. 15).
7 750,000
2 -Yr. notes, due Dec. 1 1919, secured by $11,925,600 1st M . bds.
1,000.000
The company also owes about $2,500,000 demand notes and accrued ac
counts and vouchers for labor, supplies, &c. Tho equity is represented by
nominal stock of $100,000 held by trustees against which are Issued Preferred

THE CHRONICLE

N ov. 22 1919.]

1987

and Common participating certificates, the owners o f which are for prac
N o r t h a m p t o n E a s t o n & W a s h . T r a c . C o .— R e c e i v e r , & c .
tical purposes stockholders.
William L. Doyle, of Easton, Pa., has been appointed receiver. A pro
Impairment of Earnings.— Until the extraordinary conditions hereinafter
detailed began seriously to impair earnings the company made money. tective committee has been formed and the holders of the First Mtge. bonds
have been asked to deposit them with the Pennsylvania Co. for Insurances
For the fiscal years ending June 30 1915, 1916 and 1917» it made $301 000
$594,000 and $519,000, respectively, above fixed charges including taxes. on Lives & Granting Annuities, Phila., before Nov. 28.
The Bankers Trust Co., New York, has filed suit to foreclose the $539,000
For a number o f years prior it had earned on a comparable basis. While in
June 1918 the first increase o f fare was obtained and a favorable forecast First M tge. 5% bonds of 1910 because of default o f the Nov. 1 1919 interest.
seemed justified, yet labor trouble, influenza epidemic and other unavoid — V. 107, p. 2188.
able conditions prevented this being realized, in 1919 the company failed
N o v a S c o t i a T r a m w a y s & P o w e r C o .—
by $505,000 to make operating expenses without taking into consideration
fixed charges.
The company has petitioned the Board o f Public Utilities for authority
Increased Expenses.— Comparing 1919 with 1917, and using round figures, to issue new securities to the amount o f $440,000. The proceeds from the
‘.ransportation revenues decreased $500,000, and cost o f conducting same sale are to be used as follows: (a) to pay for the property of the Dartmouth
increased $1,000,000. Power revenue increased $450,000 and cost of pro Gas, Electric Light & Power C o., $104,586: (6) to defray engineering ex
duction o f power sold increased $700,000. Maintenance of equipment penses when the present company came into existence after having taken
increased $550,000 and o f power plant and buildings $230,000. Taxes over the Halifax Electric Co.. $280,147: (c) the legal expenses connected
increased $40,000 and fixed charges $400,000.
with the formation of the company, $56,217.— V . 109. p. 270.
Comparing 1919 with 1915, and using approximate figures, labor in
O h io U t ilit ie s C o . — C a p i t a l I n c r e a s e .—
creased 90% , fuel 100% and supplies 100%.
Credit Exhausted— Stockholders Guaranty Prevented Default in July Last.—
Tho company has filed notice of capital increase from $5,000,000 to $7.The deficits were made good out o f equity and by some o f the stockholders 750,000.— V. 108, p. 586.
personally guaranteeing in part the loans. For instance, the last July inter
O m a h a & C o u n c i l B lu ff s S t r e e t R y . — D i r e c t o r .—
est and a large number o f deferred vouchers, the existence o f which threat
Fred P. Hamilton has been elected a director to succeed his brother.
ened receivership, were paid only by the holder o f a part of the equity per
sonally guaranteeing the demand notes o f the company for $ 1 ,0 0 0 ,0 0 0 . Frank T . Hamilton, deceased.— V. 109, p. 677.
Now however, the borrowing power upon the equity is exhausted and the
P a d u c a h ( K y .) E le c t r ic C o . — O f f e r i n g o f B o n d s .—
stockholders naturally say they will do no more.
Impending Defaults.— After careful investigation, there is no reason to
Delieve that the company can, from any source, pay the interest maturing
Nov. 15 or Jan. 1 next, or the principal o f or interest on $1,000,000 due
Dec. 1 next.
Adverse Conditions in 1918-19.— There were present in the fiscal year
ending Juno 30 1919 certain conditions not likely to re-occur, which severely
Redeemable at any time on 30 days’ notice at 100 and int. Int. payable
impaired the company's earnings: (a) a four-month influenza epidemic,
unusually severe and causing closure o f schools, churches and public places: J. & J. in Boston. Denom. $1,000, $500 and $100 (c*&r*). State Street
(o) a prolonged strike causing practical cessation o f service for two weeks Trust C o., Boston, trustee. Company agrees to pay any normal Federal
and impaired service for some months thereafter, accompanied by violence income tax now or hereafter deductible at tho sourco, not in excess of 2 %.
Capitalization (.Nov. 1 1919)—
Auth.
Issued.
and unusual accidents. Its direct cost was more than $1,000,000. It, how
$605 000 $ 6 0 6 non
ever, was completely broken: the present employees are non-union, have Common stock_____________
figiioOO
None
their local organization, are friendly and are co-operating with the company. Preferred stock (7% cum ulative)..........................."
604,500
The company's labor situation is good, (c) Jitney competition has for a First Mortgage bonds-------------------------------------------- *1,000,000
time been unusual, duo to the absence o f regulation, to labor hostility, now Registered debenture 6s, due May 1 1939, conv. after
Jan. 1 1924 into 7% Cum. Prof. stk. provided above
576,000
576,000
dying out, and to impaired service, now restored practically to normal.
* Escrow bonds may only bo issued under conservative restrictions.
As a factor, it is believed this competition will not continue, (d) A hostile
attitude o f part o f the public during the time o f impaired service: this Consolidated Statement, Including Subsidiary and Predecessor Companies, as
is improved.
Reported by Messrs. Bartow, Wade, Guthrie & Co.
Future Prospects Good.— There is every reason to believe that if the com
Sept. 30 Years—
1917.
1918.
1919.
pany is permitted to continue operation uninterrupted and unimpaired by Gross earnings.. ................................
$304,589 $313,570
$390,643
receivership for a minimum o f one and a maximum o f two years, it can Net, after taxes and maintenance___
$75,785
$82,456
$111,987
return to a paying basis.
Annual int. requirement on 1st M . $236,400 5s and $368,100 6s
There are certain encouraging factors leading to a conclusion that the
(this issue)
................................................ ...............................
3 3 ,90ft
company can and will return to a paying basis: (n) The Public Service Com Balance, surplus........................................................ .......................
$78,081
mission of Missouri, holding it could increase the franchise fare with the
Company.— Owns and operates the olectric light, power, gas and steam
Supreme Court affirming its action, had granted a 6 -cent fare, later in heating systems in Paducah, K y., and through ownership of all o f the stock
creased to an 8 and 7-cent basis. We are temporarily charging 7 cents. (except directors’ qualifying shares), of Paducah R v „ controls and also,
Similar action resulted in a 6 -cent fare in Kansas with good prospect of operates tho street railway system. Population served estimated at 35 000.
obtaining there the Missouri rate.
The street lighting is done by a small municipal plant.
(b)
Public co-operation is steadily improving, the Chamber o f Commerce Properties.— Properties owned and controlled include (a) an electric stahaving recently appointed 1 0 0 business men to aid in bettering the situation
capacity of 2.440 h. p.; (ft) gas works, daily generating capacity
(c) Effective jitney regulation has just been made effective and this, with of 490.000 cu. ft.; (c) electric and gas distributing systems; (d) steam-heating
natural causes, will greatly lessen, if not remove, such competition as a mains, serving the central business district: (e) 17 miles of standard gauge
factor, (d) The labor situation from being very bad has become very good. street railways, and a street railway park, comprising 7 5 acres o f valuable
(e)
Negotiations are pending with fair prospect of success for obtainingreal estate and miscellaneous buildings. The present depreciated value of
relief from certain franchise burdens having no relation to service, (f) In properties, exclusive of any allowance for franchises and going value, s
creased revenue is being realized, the gross being the largest in the history estimated at $1,315,202, or 117% in excess of outstanding 1st mtge. bonds..
of the company and is steadily increasing. Improvement in the factors
.Security.— Secured by a first mortgage upon all o f the physical property,
mentioned in this paragraph will further enhance this, (g) The public rights and franchises, also upon all of the stock (except directors’ qualifying
seems beginning to realize that it can not let the operation o f the property shares), of Paducah Railway and Paducah Realty Co.
become seriously Impaired without itself losing thereby.
Franchises.—-The principal franchises are free from burdensome restric
tions and. in the opinion of counsel, extend well beyond the maturity o f
Names o f Protective Comm ittee, Depositaries, &c.
these
bonds.
Protective Committee.— Arthur Reynolds (Chairman), Vice-Pres. Conti
nental & Commercial Nat. Bank, Chicago: II. L. Stuart (Vice-Chairman), W
& ^ ! i7 9Th° j 3^ -agement 18 under the direction of Stone &
Halsey, Stuart & Co., Chicago; Alfred L. Aiken, Pres. National Shawmut
Bank of Boston: John E. Blount Jr., V.-Pres. Merchants’ Loan & Trust Co.,
P e n n s y lv a n ia R a ilr o a d .— O b i t u a r y .—
Chicago: J. F. Downing, Pres. New England Nat. Bank, Kansas City, M o.;
John Wesley Renner, former Comptroller, died on Nov. 10 at his home
Frederick II. Ecker, V.-Pres. Metropolitan Life Insurance C o., N. Y .;
Geo. J. Johnson, Pres. Penn Mutual Life Insurance C o., Philadelphia: In Pittsburgh, Pa.— V. 109, p. 1892.
E. V. It. Thayer, Pres. Chase Nat. Bank, N. Y .; Melvin A. Traylor, Pres.
P h ila . G e r m a n t o w n & N o r r is t o w n R R . — E x t r a D i v .—
First Trust & Savings Bank, Chicago.
An extra dividend of 85 cents per share has been declared, along with the
Secretary o f committee, Harry Benner, 209 South La Salle St., Chicago.
Counsel, Mayer, Meyer, Austrian & Platt, Chicago: Clyde Taylor, Kansas regular quarterly dividend of $1 50, both payable Dec. 4 to holders of record
■Nov. 20. The extra dividend of 85 cents makes up to stockholders the
City, M o.
Depositaries for First Mortgage Gold Bonds.— (a) First Trust & Savings amounts previously deducted from regular dividends pending decision aa
Bank, Chicago: (6 ) Chase Nat. Bank, N. Y .; (c) Pennsylvania Co. for In to excess profits tax.— V. 108, p. 974.
surance o f Lives & Granting Annuities, Philadelphia; (d) Boston depositary
R a p id T r a n s it in N . Y . C it y .— C i t i z e n s ' C o m m i t t e e t o
not named: (e) First National Bank, Kansas City, M o.
Depositaries for 3-Y ear and 2-Year Collateral Gold Notes.— (a) Continental S e e k S o l u t i o n o f F i n a n c i a l P r o b l e m s .—
& Commercial Trust & Savings Bank, Chicago: (6 ) Chase Nat. Bank, N. Y .;
The Merchants’ Association recently announced that it had formed a
(c) Pennsylvania Co. for Insurance o f Lives & Granting Annuities, Phila
and had secured the services of Charles E. Hughes to make a
delphia: (d) Boston depositary not stated; (e) New England Nat. Bank, committee
thorough inquiry Into tho traction situation in N. Y . City. "The committee
Kansas City, M o.— V. 109, p. 1891.
“ ak.° al} adequate, unbiased and wholly dispassionate investigation
fully to develop all the pertinent facts, and to form constructive plans for
L e a v e n w o r t h & T o p e k a R R . — Terminal Tracks
It was stated recently that the Atchison Topeka & Santa Fe UR. will take the reorganization of the city s traffic facilities on a basis which shall be
over and operate the terminal tracks o f this company, pending the final substantially equitable to all interests."— V. 109, p. 1367, 1180.
adjustment o f its financial affairs.— V. 109, p. 577.

Powell,
Garard & Co., New York, Phila., &c., are offering at 95.75
and int., to yield over 7%, by advertisement on another
page, $300,000 First Mtge. 6% 5-year gold bonds dated
July 1 1919, due July 1 1924. The bankers state:

.—

1

Nassau E le c t r ic R R . — Committee for Consol. Mtge. 4 s .—
The committee (V. 109, p. 1462) under date of Nov. 20 says:

The time for the deposit of the bonds above mentioned under the agree
ment dated July 21 1919 has been extended to and including Dec. 15.
Holders who have not heretofore deposited their bonds are requested to do so.
The receiver o f the Brooklyn Rapid Transit Co. has been appointed re
ceiver of this company in proceedings brought in the interest o f holders of
the Brooklyn Rapid Transit Co. The holders of Brooklyn Rapid Transit
securities assert claims that conflict with the interest of the holders of the
bonds of this company.
Tho Nassau company is in default in the payment of the installment of
Interest which became due Oct. 1 on bonds secured by mortgages superior
in lien to its First Consolidated Gold Mortgage bonds and the period within
which tho holders of these bonds may declare tho principal due has already
expired or will oxpiro Jan. 1 1920. Receiver’s certificates for the purchase
of cars superior in lien to the lien o f tho First Consol. Gold Mortgage bonds
have already been authorized and are liable to be issued at a sacrifice unless
tho market for them is properly protected. The company’s liens under
present conditions are not earning operating expenses.
Tho holders o f tho First Consol. Mortgage 4% bonds should be in a
position to cause a suit for tho foreclosure of the mortgage securing their
bonds to be instituted and to make application to have the properties of the
Nassau company operated independently if such independent operation
appears desirable and to make such arrangements as may seem expedient to
supply the financial requirements o f the properties.— V. 109, p. 1462.

N e w E n g la n d I n v e s t m e n t

&

S e c u r it y C o .—

Sub. Co.

The Mass. P. S. Commission has approved the petition o f the Webster
& Dudley Street Ry. for authority to issue $30,000 First Mortgage 5% . 20year gold bonds, for the purpose of refunding an equal amount of bonds dated
N ov. 1 1899. and which matured N ov. 1 1919.— V . 109, p. 776.

N ew Y o r k N ew H a v e n

&

H a r t f o r d R R .—

Argument.—

judge Julian T . Mack, in the Federal District Court on Nov. 17 adjourned
until Dec. 11 tho hearing on the argument o f tho application o f certain
stockholders for a limited receivership.— V. 109, p. 1700, 1527.

N ew

Y ork

R a ilw a y s .—

Review in Transfer Case.—

Corporation Counsel Burr on Nov. 17 obtained a writ of certiorari from
Suproino Court Justlco Dolohanty calling for a review of the action o f P. 8 .
Commissioner Lewis Nixon in abolishing freo transfers on the lines of the
New York Railways and tho Brooklyn Rapid Transit Co. Mr. Nixon has 20
days in which to filo a return and tho case will bo submitted to tho Appellate
Division, which will bo asked to decide whether Mr. Nixon has jurisdiction
to mako an order annulling provisions in the franchises given by the city
to tho railroad companies. M r. Nixon’s order was mado on July 17 last.
— V. 109. p. 1610, 1462-3




R h o d e I s la n d C o ., P r o v id e n c e .—

F a r e s .—

° r.dcT o f .the S,tate Supreme Court, the increase in fares to 6 cents
and 2 cents for transfers will remain in effect until Dec. 29. when the
Supreme Court will give a hearing on the merits of the appeals taken by
two cities and seven towns from the order o f the P. U. Commission allowing
the increased rates to go into effect.— V. 109, p. 1274, 974, 578.
8

S t. P a u l U n io n D e p o t C o . —

N e w

S ta tio n .—

„ ^ f£iclal;s.of thtecorupany inform the "Chronicle” that the new $ 1 1 ,000,000
union station at St. Paul, Minn., will be ready for use by Feb. 15 i920, al
though the concourse which will connect tho main building with the train
sheds will not be completed for at least two years.— V. 107. p. 2477.

S a n D ie g o & A r iz o n a R y . —

P e titio n

to

Is s u e

B o n d s

.—

the California Railroad Commission for
TfR°»isSKe
of bonds to Pay a loan advanced by the Southern
in construction and equipment. It is stated that the
ln p2?d aT1d equipment to Sept. 30 1919 was $15,459,800.
Jet for Nov 1 5 .iL v f° 1 0 8 ? p ? m 6? 1 7 2 ing ^ completion of the road- was

£ ar^

h W in d s o r & A m h e r s t b u r g S t. R y .—

thJmAnV1tnndS^nrS!,c
h.?s v ®J®d to submit to the voters on Dec. 6
IMS road. The total cost is $2,100,000, o f which
W indsors share is about $745,132.— V. 109, p. 1893, 1793.

S o u t h e r n O h io T r a c t i o n C o . —

N o tic e

to

B o n d h o ld e r s .—

R. M. Stinson, of R. M. Stinson & Co., Philadelphia, who
has an office at 319 North America a Building, Philadelphia,
is chairman of Protective Committee for First Consolidated
Mortgage 5% Bonds, Due May 1920, and as such gives
notice under date of Nov. 17, in substance as follows:
$l'350ronffsmqh^?r,do^ ?Sl^ d T.lth !,ho committee $ 1 ,2 1 1 ,0 0 0 of the total
ouLstaAding
h
° ^ ° TractIon c °- 1st & Consol. Mortgage 5% bonds
g n m e ' m i K i ? 1Tw 1 9 i f a? not P ald and the six mo
Full text of Commercial and Financial Chronicle : November 22, 1919, Vol. 109, No. 2839

FRASER
